424B2 1 ea0259267-01_424b2.htm 424B2

Pursuant to Rule 424(b)(2)

Registration No. 333-288640

The information in this preliminary prospectus supplement is not complete and may be changed. A registration statement relating to these securities has been filed with and declared effective by the Securities and Exchange Commission. This preliminary prospectus supplement and the accompanying prospectus are not an offer to sell these securities and are not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.

Subject to Completion

Preliminary Prospectus Supplement dated October 6, 2025

PROSPECTUS SUPPLEMENT

(To Prospectus dated July 11, 2025)

$

BLACKSTONE SECURED LENDING FUND

% Notes due

__________________________

We are offering $ in aggregate principal amount of % notes due , which we refer to as the Notes. The Notes will mature on , . We will pay interest on the Notes on and of each year, beginning on , 2026. We may redeem the Notes in whole or in part at any time or from time to time at the redemption price discussed under the caption “Description of Notes — Optional Redemption” in this prospectus supplement. In addition, holders of the Notes can require us to repurchase some or all of the Notes at 100% of their principal amount upon the occurrence of a Change of Control Repurchase Event (as defined herein). The Notes will be issued in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof.

The Notes will be our direct, general unsecured obligations and rank pari passu, or equal, with all existing and future unsecured unsubordinated indebtedness issued by us, but will rank senior to our future indebtedness that is expressly subordinated in right of payment to the Notes. We are a specialty finance company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). We seek to generate current income primarily through direct originations of senior secured loans and, to a lesser extent, originations of mezzanine and unsecured loans and investments in corporate bonds and equity securities.

Our adviser, Blackstone Private Credit Strategies LLC (the “Adviser”), and our sub-adviser, Blackstone Credit BDC Advisors LLC (the “Sub-Adviser” and, together with the Adviser, the “Advisers”), are affiliates of Blackstone Alternative Credit Advisors LP (the “Sub-Administrator” and, collectively with its affiliates in the credit, asset based finance and insurance asset management business unit of Blackstone Inc. (“Blackstone”), “Blackstone Credit & Insurance” or “BXCI”), which provides certain administrative and other services necessary for us to operate pursuant to a sub-administration agreement between Blackstone Private Credit Strategies LLC, in its capacity as our administrator (in such capacity, the “Administrator” and together with the Sub-Administrator, the “Administrators”), and the Sub-Administrator. We have elected to be treated for federal income tax purposes, and intend to qualify annually, as a regulated investment company (a “RIC”) under the Internal Revenue Code of 1986, as amended (together with the rules and regulations promulgated thereunder, the “Code”).

We will seek to meet our investment objectives by utilizing the experience and expertise of the management team of the Advisers, along with the broader resources of Blackstone Credit & Insurance and Blackstone, in sourcing, evaluating and structuring transactions, subject to Blackstone’s policies and procedures regarding the management of conflicts of interest; employing a defensive investment approach focused on long-term credit performance and principal protection, generally investing in loans with asset coverage ratios and interest coverage ratios that the Advisers believe provide substantial credit protection, and also seeking favorable financial protections, including, where the Advisers believe necessary, one or more financial maintenance and incurrence covenants (i.e., covenants that are tested when affirmative action is taken, such as the incurrence of additional debt and/or making dividend payments); focusing primarily on loans and securities of private U.S. companies including syndicated loans, specifically larger and middle market companies. In many market environments, we believe such a focus offers an opportunity for superior risk-adjusted returns; maintaining rigorous portfolio monitoring, in an attempt to anticipate and pre-empt negative credit events within our portfolio; and utilizing the power and scale of Blackstone and the Blackstone Credit & Insurance platform to offer operational expertise to portfolio companies through the Value Creation Program (as defined below).

__________________________

Investing in the Notes involves risks, including the risk of leverage, that are described in the “Risk Factors” section beginning on page S-10 of this prospectus supplement and page 25 of the accompanying prospectus and the matters discussed in the documents incorporated or deemed to be incorporated by reference in this prospectus supplement and the accompanying prospectus.

This prospectus supplement and the accompanying prospectus contain important information you should know before investing in the Notes. You should carefully read this prospectus supplement, the accompanying prospectus, and any information incorporated by reference into each, before investing in the Notes and keep them for future reference. We file annual, quarterly and current reports, proxy statements and other information about us with the Securities and Exchange Commission (the “SEC”). You may obtain this information by written or oral request and free of charge by contacting us at 34 5 Pa rk Avenue, 31st Floor, New York, NY 10154, calling us at (212) 503-2100 or visiting our website at www.bxsl.com. The SEC also maintains a website at http://www.sec.gov that contains this information. Information on our website and the SEC’s website is not incorporated into or a part of this prospectus supplement or the accompanying prospectus.

|  |  |  | Per Note |  | Total |  |
Public offering price |  | % |  | $ |  |
Underwriting discount (sales load) |  | % |  | $ |  |
Proceeds to us, before expenses |  | % |  | $ |  |

__________________________________

(1) The public offering price set forth above does not include accrued interest, if any. Interest on the Notes must be paid by the purchaser if the Notes are delivered after October , 2025.

(2) Before deducting expenses payable by us related to this offering, estimated at $ million.

THE NOTES ARE NOT DEPOSITS OR OTHER OBLIGATIONS OF A BANK AND ARE NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY.

Neither the SEC, any state securities commission nor any other regulatory body has approved or disapproved of these securities or determined if this prospectus supplement or the accompanying prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

Delivery of the Notes in book-entry form only through The Depository Trust Company for the accounts of its participants, including Euroclear Bank S.A./N.V., as operator of the Euroclear System, and Clearstream Banking S.A., will be made on or about October , 2025.

__________________________

Joint Book-Running Managers

Citigroup |  | Deutsche Bank Securities |  | Morgan Stanley |  | SMBC Nikko |  | Truist Securities

The date of this prospectus supplement is , 2025.

Table of Contents

Prospectus Supplement

|  | Page
ABOUT THIS PROSPECTUS SUPPLEMENT |  | S-1
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS |  | S-2
THE COMPANY |  | S-4
SPECIFIC TERMS OF THE NOTES AND THE OFFERING |  | S-7
RISK FACTORS |  | S-10
USE OF PROCEEDS |  | S-15
CAPITALIZATION |  | S-16
DESCRIPTION OF NOTES |  | S-17
CERTAIN U.S. FEDERAL INCOME TAX CONSIDERATIONS |  | S-30
UNDERWRITING |  | S-34
PORTFOLIO COMPANIES |  | S-41
LEGAL MATTERS |  | S-99
EXPERTS |  | S-100
INFORMATION INCORPORATED BY REFERENCE |  | S-101

Prospectus

|  | Page
ABOUT THIS PROSPECTUS |  | 1
PROSPECTUS SUMMARY |  | 2
OFFERINGS |  | 17
FEES AND EXPENSES |  | 21
FINANCIAL HIGHLIGHTS |  | 23
RISK FACTORS |  | 25
POTENTIAL CONFLICTS OF INTEREST |  | 26
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS |  | 27
USE OF PROCEEDS |  | 29
PRICE RANGE OF COMMON SHARES |  | 30
DISTRIBUTIONS |  | 31
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |  | 33
THE COMPANY |  | 34
SENIOR SECURITIES |  | 35
PORTFOLIO COMPANIES |  | 36
MANAGEMENT |  | 96
PORTFOLIO MANAGEMENT |  | 97
MANAGEMENT AND OTHER AGREEMENTS |  | 101
CONTROL PERSONS AND PRINCIPAL SHAREHOLDERS |  | 102
DETERMINATION OF NET ASSET VALUE |  | 104
DIVIDEND REINVESTMENT PLAN |  | 105
CERTAIN U.S. FEDERAL INCOME TAX CONSIDERATIONS |  | 106
DESCRIPTION OF OUR SHARES |  | 112
DESCRIPTION OF OUR PREFERRED SHARES |  | 118
DESCRIPTION OF OUR SUBSCRIPTION RIGHTS |  | 119
DESCRIPTION OF OUR WARRANTS |  | 121
DESCRIPTION OF OUR DEBT SECURITIES |  | 123
REGULATION |  | 138
PLAN OF DISTRIBUTION |  | 139
CUSTODIAN, TRANSFER AND DIVIDEND PAYING AGENT AND REGISTRAR |  | 141
BROKERAGE ALLOCATION AND OTHER PRACTICES |  | 142
LEGAL MATTERS |  | 143
EXPERTS |  | 144
AVAILABLE INFORMATION |  | 145
INCORPORATION OF CERTAIN INFORMATION BY REFERENCE |  | 146

Table of Contents

ABOUT THIS PROSPECTUS SUPPLEMENT

This document is in two parts. The first part is this prospectus supplement, which describes the terms of this offering of the Notes and also adds to and updates the information contained in the accompanying prospectus and the documents incorporated by reference into this prospectus supplement and the accompanying prospectus. The second part is the accompanying prospectus, which provides more general information about us and related matters. To the extent the information contained in this prospectus supplement differs from the information contained in the accompanying prospectus or any document filed with the SEC prior to the date of this prospectus supplement and incorporated herein by reference, the information in this prospectus supplement shall control. Generally, when we refer to this “prospectus,” we are referring to both this prospectus supplement and the accompanying prospectus combined, together with any free writing prospectus that we have authorized for use in connection with this offering.

You should rely only on the information contained in or incorporated by reference into this prospectus supplement and the accompanying prospectus or in any free writing prospectus prepared by or on behalf of us that relates to this offering of Notes. The Company has not, and the underwriters have not, authorized any other person to provide you with different information or to make any representations not contained in this prospectus supplement, the accompanying prospectus or in any free writing prospectus prepared by or on behalf of us that relates to this offering of Notes. We take no responsibility for and can provide no assurance as to the reliability of, any other information that others may give you. If anyone provides you with different or inconsistent information, you should not rely on it. The Company is not, and the underwriters are not, making an offer to sell these securities in any jurisdiction where the offer or sale is not permitted. You should not assume that the information appearing in this prospectus supplement, the accompanying prospectus or in any such free writing prospectus is accurate as of any date other than their respective dates, or that any information incorporated by reference herein or therein is accurate as of any date other than the date of the document incorporated by reference, regardless of the time of delivery of this prospectus supplement or sale of the Notes offered hereby. The Company’s business, financial condition, results of operations, cash flows and prospects may have changed since such dates.

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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

Some of the statements included or incorporated by reference in this prospectus supplement and the accompanying prospectus and any related free writing prospectus contain forward-looking statements that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. You can generally identify forward-looking statements by our use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “anticipate,” “estimate,” “believe,” “continue” or other similar words. These statements include our plans and objectives for future operations (including plans and objectives relating to future growth and availability of funds), expectations for current or future investments, and expectations for market and other macroeconomic trends, and are based on current expectations that involve numerous risks and uncertainties. Assumptions relating to these statements involve judgments with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to accurately predict and many of which are beyond our control. Although we believe the assumptions underlying the forward-looking statements, and the forward-looking statements themselves, are reasonable, any of the assumptions could be inaccurate and, therefore, there can be no assurance that these forward-looking statements will prove to be accurate and our actual results, performance and achievements may be materially different from that expressed or implied by these forward-looking statements. In light of the significant uncertainties inherent in these forward-looking statements, the inclusion of this information should not be regarded as a representation by us or any other person that our objectives and plans, which we consider to be reasonable, will be achieved. Forward-looking statements in this prospectus are subject to risks, uncertainties and other factors including, but not limited to:

• our future operating results;

• our business prospects and the prospects of the companies in which we may invest;

• the impact of the investments that we expect to make;

• our ability to raise sufficient capital and buy back shares to execute our investment strategy;

• general economic, logistical and political trends and other external factors, including inflation, trade policies and recent supply chain disruptions and their impacts on our portfolio companies and on the industries in which we invest;

• the ability of our portfolio companies to achieve their objectives;

• our current and expected financing arrangements and investments;

• changes in the general interest rate environment;

• the adequacy of our cash resources, financing sources and working capital;

• the timing and amount of cash flows, distributions and dividends, if any, from our portfolio companies;

• our contractual arrangements and relationships with third parties;

• actual and potential conflicts of interest with the Advisers or any of their affiliates;

• the dependence of our future success on the general economy and its effect on the industries in which we may invest;

• our use of financial leverage, including the use of borrowed money to finance a portion of our investments and the availability of equity and debt capital on favorable terms or at all;

• our business prospects and the prospects of our portfolio companies, including our and their ability to effectively respond to macroeconomic effects;

• the ability of the Advisers to source suitable investments for us and to monitor and administer our investments;

• the impact of future acquisitions and divestitures;

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• the ability of the Advisers or their affiliates to attract and retain highly talented professionals;

• general price and volume fluctuations in the stock market;

• our ability to maintain our qualification as a RIC and as a BDC;

• the impact on our business of U.S. and international financial reform legislation, rules and regulations;

• the effect of changes to tax legislation and our tax position; and

• the tax status of the enterprises in which we may invest.

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this prospectus supplement, the accompanying prospectus, any documents we may incorporate by reference herein and any related free writing prospectus should not be regarded as a representation by us that our plans and objectives will be achieved. The factors listed under “Risk Factors” in our annual report on Form 10-K for the year ended December 31, 2024, as amended or supplemented in any subsequent filings with the SEC, which are incorporated by reference in this prospectus supplement, as well as any cautionary language included or incorporated by reference in this prospectus supplement and the accompanying prospectus provide examples of risks, uncertainties and events that may cause our actual results to differ materially from the expectations we describe in our forward-looking statements. The occurrence of the events described in these risk factors and elsewhere in this prospectus supplement or the accompanying prospectus could have a material adverse effect on our business, results of operations and financial position. These forward-looking statements apply only as of the dates of this prospectus supplement, the accompanying prospectus, any documents we may incorporate by reference herein and any related free writing prospectus. Moreover, we assume no duty and do not undertake to update the forward-looking statements, except as required by applicable law. You are advised to consult any additional disclosures that we make directly to you or through reports that we have filed or in the future will file with the SEC including registration statements on Form N-2, annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. Because we are regulated as an investment company, the forward-looking statements and projections contained in this prospectus supplement, the accompanying prospectus, any documents we may incorporate by reference herein and any related free writing prospectus are excluded from the safe harbor protection provided by Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

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THE COMPANY

This summary highlights some of the information contained elsewhere in or incorporated by reference into this prospectus supplement and the accompanying prospectus. This summary is not complete and may not contain all of the information that you should consider before investing in the Notes. You should read this entire document and the other information incorporated by reference into this document and the other documents to which we refer herein before investing.

Blackstone Secured Lending Fund

Blackstone Secured Lending Fund (together with its consolidated subsidiaries, the “Company,” “we,” “us” or “our”) is a Delaware statutory trust formed on March 26, 2018, and structured as an externally managed, non-diversified, closed-end management investment company. On October 26, 2018, the Company elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”). In addition, the Company has elected to be treated for U.S. federal income tax purposes, and intends to qualify annually, as a regulated investment company (a “RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (together with the rules and regulations promulgated thereunder, the “Code”).

We are externally managed by an affiliate of Blackstone Inc. (“Blackstone”). Our adviser, Blackstone Private Credit Strategies LLC (the “Adviser”), and our sub-adviser, Blackstone Credit BDC Advisors LLC (the “Sub-Adviser” and, together with the Adviser, the “Advisers”), are affiliates of Blackstone Alternative Credit Advisors LP (the “Sub-Administrator” and, collectively with its affiliates in the credit, asset based finance and insurance asset management business unit of Blackstone, “Blackstone Credit & Insurance”), which provides certain administrative and other services necessary for the Company to operate pursuant to a sub-administration agreement between Blackstone Private Credit Strategies LLC in its capacity as the administrator to the Company (in such capacity, the “Administrator” and together with the Sub-Administrator, the “Administrators”), on behalf of the Company, and the Sub-Administrator.

Our investment objectives are to generate current income and, to a lesser extent, long-term capital appreciation. We believe that Blackstone’s investment platform provides us with a competitive advantage in selecting investments, and to achieve our investment objectives, we will leverage the Advisers’ investment teams’ and Blackstone’s extensive network of relationships with other sophisticated institutions to source, evaluate and, as appropriate, partner with on transactions. There are no assurances that we will achieve our investment objectives.

BDCs are subject to certain restrictions applicable to investment companies under the 1940 Act. As a BDC, at least 70% of our assets must be the type of “qualifying” assets listed in Section 55(a) of the 1940 Act, which are generally privately-offered securities issued by U.S. private or thinly-traded companies. We may also invest up to 30% of our portfolio opportunistically in “non-qualifying” portfolio investments, such as investments in non-U.S. companies. We generally intend to distribute substantially all of our available earnings annually by making quarterly cash distributions. We use leverage and intend to continue to use leverage for our investment activities. We use and intend to continue to use leverage, which is permitted up to the maximum amount allowed by the 1940 Act (currently limited to a debt-to-equity ratio of 2:1), to enhance potential returns. See “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations — Financial Condition, Liquidity and Capital Resources — Borrowings” in our quarterly report on Form 10-Q for the quarterly period ended June 30, 2025, which is incorporated by reference herein.

Investment Strategy

Our investment objectives are to generate current income and, to a lesser extent, long-term capital appreciation. We will seek to meet our investment objectives by:

• utilizing the experience and expertise of the management team of the Advisers, along with the broader resources of Blackstone Credit & Insurance and Blackstone, in sourcing, evaluating and structuring transactions, subject to Blackstone’s policies and procedures regarding the management of conflicts of interest;

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• employing a defensive investment approach focused on long-term credit performance and principal protection, generally investing in loans with asset coverage ratios and interest coverage ratios that the Advisers believe provide substantial credit protection, and also seeking favorable financial protections, including, where the Advisers believe necessary, one or more financial maintenance and incurrence covenants (i.e., covenants that are tested when affirmative action is taken, such as the incurrence of additional debt and/or making dividend payments);

• focusing primarily on loans and securities of private U.S. companies, including syndicated loans, specifically larger and middle market companies. In many market environments, we believe such a focus offers an opportunity for superior risk-adjusted returns;

• maintaining rigorous portfolio monitoring in an attempt to anticipate and pre-empt negative credit events within our portfolio; and

• utilizing the power and scale of Blackstone and the Blackstone Credit & Insurance platform to offer operational expertise to portfolio companies through the Blackstone Credit & Insurance Value Creation Program (the “Value Creation Program”), a global platform that intends to help Blackstone Credit & Insurance investments create meaningful value by leveraging the scale, network and expertise within the Blackstone platform.

Under normal market conditions, we generally invest at least 80% of our total assets (net assets plus borrowings for investment purposes) in secured debt investments and our portfolio is composed primarily of first lien senior secured and unitranche loans. To a lesser extent, we have and may continue to also invest in second lien, third lien, unsecured or subordinated loans and other debt and equity securities. In limited instances, we may retain the “last out” portion of a first lien loan. In such cases, the “first out” portion of the first lien loan would receive priority with respect to payment over our “last out” position. In exchange for the higher risk of loss associated with such “last out” portion, we would earn a higher rate of interest than the “first out” position. We do not currently focus on investments in issuers that are distressed or in need of rescue financing. Subject to the limitations of the 1940 Act, we may invest in loans or other securities, the proceeds of which may refinance or otherwise repay debt or securities of companies whose debt is owned by other Blackstone Credit & Insurance funds. We generally will co-invest with other Blackstone Credit & Insurance funds.

Although we do not expect a significant portion of our portfolio to be composed of second lien, third lien, unsecured or subordinated loans, there is no limit on the amount of such loans in which we may invest, subject to compliance with our 80% policy. We may purchase interests in loans or make other debt investments, including investments in senior secured bonds, through secondary market transactions in the “over-the-counter” market or directly from our target companies as primary market, directly originated or syndicated investments. In connection with our debt investments, we may on occasion receive equity interests such as warrants or options as additional consideration. We have and may continue to also purchase or otherwise acquire minority interests in the form of common or preferred equity or equity-related securities, such as rights and warrants that may be converted into or exchanged for our common shares or other equity or the cash value of shares or other equity, in our target companies, generally in conjunction with one of our debt investments or through a co-investment with a financial sponsor, such as an institutional investor or private equity firm, or a finance company transaction (such as a joint venture). In addition, a portion of our portfolio may be composed of unsecured bonds, collateralized loan obligations, other debt securities and derivatives, including total return swaps and credit default swaps. Depending on market conditions, we may increase or decrease our exposure to less senior portions of the capital structure or otherwise make opportunistic investments.

Our investment strategy is expected to capitalize on Blackstone Credit & Insurance’s scale and reputation in the market as an attractive financing partner to acquire our target investments at attractive pricing. We also expect to benefit from Blackstone’s reputation and ability to transact in scale with speed and certainty, and its long-standing and extensive relationships with private equity firms that require financing for their transactions.

Use of Leverage

The amount of leverage we use in any period depends on a variety of factors, including cash available for investing, the cost of financing and general economic and market conditions. Generally, pursuant to the 1940 Act, our total borrowings are limited so that we cannot incur additional borrowings if immediately after such borrowing,

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the ratio of our total assets (less total liabilities other than indebtedness represented by senior securities) to our total indebtedness represented by senior securities plus preferred shares, if any, is at or above 150%. This means that generally, a BDC can borrow up to $2 for every $1 of investor equity.

In any period, our interest expense will depend largely on the extent of our borrowing and we expect interest expense will increase as we increase our leverage over time subject to the limits of the 1940 Act. In addition, we may dedicate assets to financing facilities.

Corporate Information

Our principal executive offices are located at 345 Park Avenue, 31st Floor, New York, New York 10154 and our telephone number is (212) 503-2100. We maintain a website at www.bxsl.com. Information on our website or on Blackstone’s website at www.blackstone.com is not incorporated by reference into this prospectus supplement or the accompanying base prospectus.

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SPECIFIC TERMS OF THE NOTES AND THE OFFERING

This prospectus supplement sets forth certain terms of the Notes that we are offering pursuant to this prospectus supplement and supplements the accompanying prospectus that is attached to the back of this prospectus supplement. This section outlines certain legal and financial terms of the Notes. You should read this section together with the more detailed description of the Notes under the heading “Description of Notes” in this prospectus supplement and in the accompanying prospectus under the heading “Description of Our Debt Securities” before investing in the Notes. Capitalized terms used in this prospectus supplement and not otherwise defined shall have the meanings ascribed to them in the accompanying prospectus or in the indenture governing the Notes, as amended from time to time, the “indenture.”

Issuer |  | Blackstone Secured Lending Fund
Title of the Securities |  | % Notes due
Aggregate Principal Amount Being Offered |  | $
Initial Public Offering Price |  | % of the aggregate principal amount of the Notes
Interest Rate |  | %
Yield to Maturity |  | %
Trade Date |  | , 2025
Issue Date |  | , 2025
Maturity Date |  | ,
Interest Payment Dates |  | and , commencing , 2026.
Ranking of Notes |  | The Notes will be our general unsecured obligations that rank senior in right of payment to all of our existing and future indebtedness that is expressly subordinated in right of payment to the Notes. The Notes will rank equally in right of payment with all of our existing and future senior liabilities that are not so subordinated, or junior, including without limitation, our 3.625% notes due 2026, which will mature on January 15, 2026 (the “2026 Notes”), our 2.750% notes due 2026, which will mature on September 16, 2026 (the “New 2026 Notes”), our 2.125% notes due 2027, which will mature on February 15, 2027 (the “2027 Notes”), our 5.875% Notes due 2027, which will mature on November 15, 2027 (the “November 2027 Notes”), our 2.850% notes due 2028, which will mature on September 30, 2028 (the “2028 Notes”), our 5.350% notes due 2028, which will mature on April 13, 2028 (the “April 2028 Notes”) and our 5.300% Notes due 2030, which will mature on June 30, 2030 (the “June 2030 Notes” and, together with the 2026 Notes, the New 2026 Notes, the 2027 Notes, the November 2027 Notes, the 2028 Notes and the April 2028 Notes, the “Existing Unsecured Notes”), rank effectively subordinated, or junior, to any of our secured indebtedness (including unsecured indebtedness that we later secure) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by our subsidiaries, financing vehicles or similar facilities.
|  | As of June 30, 2025, our total consolidated indebtedness, at par, was approximately $7.1 billion, $2.7 billion of which was secured (of which $1.5 billion was indebtedness of our subsidiaries) and $4.4 billion of which was unsecured. See “Capitalization.”

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Denominations |  | We will issue the Notes in denominations of $2,000 and integral multiples of $1,000 in excess thereof.
Optional Redemption |  | Prior to , ( month(s) prior to the maturity date of the Notes) (the “Par Call Date”), we may redeem the Notes at our option, in whole or in part, at any time and from time to time, at a redemption price equal to the greater of (1) (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the notes matured on the Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus basis points less (b) interest accrued to the date of redemption, or (2) 100% of the principal amount of the Notes to be redeemed, plus, in either case accrued and unpaid interest thereon to the redemption date of the Notes.
|  | Notwithstanding the foregoing, at any time on or after the Par Call Date, we may redeem some or all of the Notes at any time, or from time to time, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed plus, in each case, accrued and unpaid interest, if any, to, but excluding, the redemption date of the Notes.
Sinking Fund |  | The Notes will not be subject to any sinking fund (i.e., no amounts will be set aside by us to ensure repayment of the Notes at maturity). As a result, our ability to repay the Notes at maturity will depend on our financial condition on the date that we are required to repay the Notes.
Offer to Purchase upon a Change of Control Repurchase Event |  | If a Change of Control Repurchase Event (as defined herein) occurs prior to maturity, unless we have exercised our right to redeem the Notes in full, holders of the Notes will have the right, at their option, to require us to repurchase for cash some or all of the Notes at a repurchase price equal to 100% of the principal amount of the Notes being repurchased, plus accrued and unpaid interest to, but not including, the repurchase date.
Legal Defeasance |  | The Notes are subject to legal defeasance by us, which means that, subject to the satisfaction of certain conditions, including, but not limited to, (i) depositing in trust for the benefit of the holders of the Notes a combination of money and U.S. government or U.S. government agency notes or bonds that will generate enough cash, in the opinion of a nationally recognized firm of independent public accountants, to make interest, principal and any other payments on the Notes on their various due dates and (ii) delivering to the trustee an opinion of counsel as described herein under “Description of Notes — Defeasance,” we can legally release ourselves from all payment and other obligations on the Notes.
Covenant Defeasance |  | The Notes are subject to covenant defeasance by us, which means that, subject to the satisfaction of certain conditions, including, but not limited to, (i) depositing in trust for the benefit of the holders of the Notes a combination of money and U.S. government or U.S. government agency notes or bonds that will generate enough cash, in the opinion of a nationally recognized firm of independent public accountants, to make interest, principal and any other payments on the Notes on their various due dates and (ii) delivering to the trustee an opinion of counsel as described herein under “Description of Notes — Defeasance,” we will be released from some of the restrictive covenants in the indenture.

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Form of Notes |  | The Notes will be represented by global securities that will be deposited and registered in the name of The Depository Trust Company, or DTC, or its nominee. This means that, except in limited circumstances, you will not receive certificates for the Notes. Beneficial interests in the Notes will be represented through book-entry accounts of financial institutions acting on behalf of beneficial owners as direct and indirect participants in DTC. Investors may elect to hold interests in the Notes through either DTC, if they are a participant, or indirectly through organizations that are participants in DTC.
Trustee, Paying Agent and Registrar |  | U.S. Bank Trust Company, National Association.
Events of Default |  | If an event of default (as described under “Description of Notes”) on the Notes occurs, the principal amount of the Notes, plus accrued and unpaid interest, may be declared immediately due and payable, subject to conditions set forth in the indenture. These amounts automatically become due and payable in the case of certain types of bankruptcy or insolvency events involving us.
Other Covenants |  | In addition to the covenants described in the accompanying prospectus, the following covenants shall apply to the Notes:
|  | • We agree that for the period of time during which the Notes are outstanding, we will not violate, whether or not we are subject thereto, Section 18(a)(1)(A) as modified by Section 61(a) of the 1940 Act or any successor provisions, but giving effect, in either case, to any exemptive relief granted to us by the SEC.
|  | • If, at any time, we are not subject to the reporting requirements of Sections 13 or 15(d) of the Exchange Act to file any periodic reports with the SEC, we agree to furnish to holders of the Notes and the trustee, for the period of time during which the Notes are outstanding, our audited annual consolidated financial statements, within 90 days of our fiscal year end, and unaudited interim consolidated financial statements, within 45 days of our fiscal quarter end (other than our fourth fiscal quarter). All such financial statements will be prepared, in all material respects, in accordance with applicable United States generally accepted accounting principles (“GAAP”).
No Established Trading Market |  | The Notes are a new issue of securities with no established trading market. The Notes will not be listed on any securities exchange or quoted on any automated dealer quotation system. Although certain of the underwriters have informed us that they currently intend to make a market in the Notes, as permitted by applicable laws and regulations, they are not obligated to do so and may discontinue any such market making activities at any time without notice. See “Underwriting.” Accordingly, we cannot assure you that a liquid market for the Notes will develop or be maintained.
Global Clearance and Settlement Procedures |  | Interests in the Notes will trade in DTC’s Same Day Funds Settlement System, and any permitted secondary market trading activity in such Notes will, therefore, be required by DTC to be settled in immediately available funds. None of the Company, the trustee or the paying agent will have any responsibility or liability for the performance by DTC or its participants or indirect participants of their respective obligations under the rules and procedures governing their operations.
Governing Law |  | The Notes and the indenture are governed by and construed in accordance with the laws of the State of New York.

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RISK FACTORS

Investing in the Notes involves a number of significant risks. Before deciding whether to invest in the Notes, you should carefully consider the risks and uncertainties described in the section titled “Risk Factors” in our annual report on Form 10-K for the year ended December 31, 2024, as well as in subsequent filings with the SEC, which are incorporated by reference into this prospectus supplement and the accompanying prospectus, in their entirety, together with other information in this prospectus supplement, the accompanying prospectus and the documents incorporated by reference herein and therein. The risks described in these documents are not the only ones we face. Additional risks and uncertainties not presently known to us or not presently deemed material by us might also impair our operations and performance. The Notes will not be an appropriate investment for you if you are not knowledgeable about significant features of the Notes or financial matters in general. Past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results or trends in future periods. If any of these risks occur, our business, financial condition and results of operations could be materially and adversely affected. In such case, our net asset value, the trading price of our common shares and the value of our other securities could decline, and you may lose all or part of your investment. Please also read carefully the section titled “Cautionary Statement Regarding Forward-Looking Statements” in this prospectus supplement.

Risks Related to This Offering

The Notes are unsecured and therefore are effectively subordinated to any secured indebtedness we have incurred or may incur in the future.

The Notes are not secured by any of our assets or any of the assets of our subsidiaries. As a result, the Notes are effectively subordinated, or junior, to any secured indebtedness or other obligations we or our subsidiaries have incurred and may incur in the future (or any indebtedness that is initially unsecured that we later secure) to the extent of the value of the assets securing such indebtedness. In any liquidation, dissolution, bankruptcy or other similar proceeding, the holders of any of our existing or future secured indebtedness and the secured indebtedness of our subsidiaries may assert rights against the assets pledged to secure that indebtedness in order to receive full payment of their indebtedness before the assets may be used to pay other creditors, including the holders of the Notes. As of June 30, 2025, we had $1.2 billion aggregate principal amount of outstanding indebtedness under our senior secured revolving credit facility (the “Revolving Credit Facility”). The Revolving Credit Facility is secured by a perfected first-priority security interest in substantially all the portfolio investments held by us and each guarantor party thereto; the indebtedness thereunder is therefore effectively senior to the Notes to the extent of the value of such assets.

The Notes are structurally subordinated to the indebtedness and other liabilities of our subsidiaries.

The Notes are obligations exclusively of the Company and not of any of our subsidiaries. None of our subsidiaries is a guarantor of the Notes and the Notes are not required to be guaranteed by any subsidiaries we may acquire or create in the future. As of June 30, 2025, approximately $1.5 billion of the indebtedness, at par value, required to be consolidated on our balance sheet was held through subsidiary financing vehicles and secured by certain assets of such subsidiaries. Except to the extent we are a creditor with recognized claims against our subsidiaries, all claims of creditors (including trade creditors) and holders of preferred stock, if any, of our subsidiaries will have priority over our equity interests in such subsidiaries (and therefore the claims of our creditors, including holders of the Notes) with respect to the assets of such subsidiaries. Even if we were recognized as a creditor of one or more of our subsidiaries, our claims would still be effectively subordinated to any security interests in the assets of any such subsidiary and to any indebtedness or other liabilities of any such subsidiary senior to our claims. Consequently, the Notes are structurally subordinated, or junior, to all existing and future indebtedness and other obligations (including trade payables) incurred by any of our subsidiaries, financing vehicles or similar facilities and any subsidiaries, financing vehicles or similar facilities that we may in the future acquire or establish. Our subsidiaries may incur substantial additional indebtedness in the future, all of which would be structurally senior to the Notes.

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Our amount of debt outstanding may increase as a result of this offering. Our current indebtedness could adversely affect our business, financial condition and results of operations and our ability to meet our payment obligations under the Notes and our other debt.

As of June 30, 2025, our total consolidated indebtedness, at par, was approximately $7.1 billion, $2.7 billion of which was secured (of which $1.5 billion was indebtedness of our subsidiaries) and $4.4 billion of which was unsecured. See “Capitalization.”

The use of debt could have significant consequences on our future operations, including:

• making it more difficult for us to meet our payment and other obligations under the Notes and our other outstanding indebtedness;

• resulting in an event of default if we fail to comply with the financial and other restrictive covenants contained in our financing arrangements, which event of default could result in substantially all of our debt becoming immediately due and payable;

• reducing the availability of our cash flow to fund investments, acquisitions and other general corporate purposes, and limiting our ability to obtain additional financing for these purposes;

• subjecting us to the risk of increased sensitivity to interest rate increases on our indebtedness with variable interest rates, including borrowings under our financing arrangements; and

• limiting our flexibility in planning for, or reacting to, and increasing our vulnerability to, changes in our business, the industry in which we operate and the general economy.

Any of the above-listed factors could have an adverse effect on our business, financial condition and results of operations and our ability to meet our payment obligations under the Notes and our other debt.

Our ability to meet our payment and other obligations under our financing arrangements depends on our ability to generate significant cash flow in the future. This, to some extent, is subject to general economic, financial, competitive, legislative and regulatory factors as well as other factors that are beyond our control.

We cannot assure you that our business will generate sufficient cash flow from operations or that future borrowings will be available to us under our Revolving Credit Facility or otherwise in an amount sufficient to enable us to pay our indebtedness, including the Notes, or to fund our other liquidity needs. We may need to refinance all or a portion of our indebtedness, including the Notes, on or before it matures. We cannot assure you that we will be able to refinance any of our indebtedness on commercially reasonable terms or at all. If we cannot service our indebtedness, we may have to take actions such as selling assets or seeking additional equity. We cannot assure you that any such actions, if necessary, could be effected on commercially reasonable terms or at all, or on terms that would not be disadvantageous to our shareholders or on terms that would not require us to breach the terms and conditions of our existing or future debt agreements, including our payment obligations under the Notes.

A downgrade, suspension or withdrawal of the credit rating assigned by a rating agency to us or the Notes, if any, or change in the debt markets could cause the liquidity or market value of the Notes to decline significantly.

Our credit ratings are an assessment by rating agencies of our ability to pay our debts when due. Consequently, real or anticipated changes in our credit ratings will generally affect the market value of the Notes. These credit ratings may not reflect the potential impact of risks relating to the structure or marketing of the Notes. Credit ratings are not a recommendation to buy, sell or hold any security, and may be revised or withdrawn at any time by the issuing organization in its sole discretion. Neither we nor any underwriter undertakes any obligation to maintain our credit ratings or to advise holders of Notes of any changes in our credit ratings. The Notes are rated by Moody’s Investor Service, or Moody’s, S&P Global Ratings, or S&P, and Fitch Ratings, or Fitch. There can be no assurance that their respective credit ratings will remain for any given period of time or that such credit ratings will not be lowered or withdrawn entirely by Moody’s, S&P or Fitch if in any of their respective judgments future circumstances relating to the basis of the credit rating, such as adverse changes in our company, so warrant. The conditions of the financial markets and prevailing interest rates have fluctuated in the past and are likely to fluctuate in the future.

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An increase in market interest rates could result in a decrease in the market value of the Notes.

The condition of the financial markets and prevailing interest rates have fluctuated in the past and are likely to fluctuate in the future, which could have an adverse effect on the market prices of the Notes. In general, as market interest rates rise, debt securities bearing interest at fixed rates of interest decline in value. Consequently, if you purchase Notes bearing interest at fixed rates and market interest rates increase, the market values of those Notes may decline. We cannot predict the future level of market interest rates.

The indenture governing the Notes contains limited protection for holders of the Notes.

The indenture governing the Notes offers limited protection to holders of the Notes. The terms of the indenture and the Notes do not restrict our or any of our subsidiaries’ ability to engage in, or otherwise be a party to, a variety of corporate transactions, circumstances or events that could have an adverse impact on your investment in the Notes. In particular, the terms of the indenture and the Notes do not place any restrictions on our or our subsidiaries’ ability to:

• issue securities or otherwise incur additional indebtedness or other obligations, including (1) any indebtedness or other obligations that would be pari passu, or equal, in right of payment to the Notes, (2) any indebtedness or other obligations that would be secured and therefore rank effectively senior in right of payment to the Notes to the extent of the value of the assets securing such indebtedness, (3) indebtedness or other obligations of ours that are guaranteed by one or more of our subsidiaries and which therefore are structurally senior to the Notes and (4) indebtedness or obligations (including trade payables) incurred by our subsidiaries, financing vehicles or similar facilities that would be senior to our equity interests in those entities and therefore rank structurally senior to the Notes with respect to the assets of those subsidiaries, in each case other than an incurrence of indebtedness or other obligations that would cause a violation of Section 18(a)(1)(A) as modified by Section 61(a) of the 1940 Act or any successor provisions, but giving effect, in either case, to any exemptive relief granted to us by the SEC;

• pay dividends on, or purchase or redeem or make any payments in respect of, capital stock or other securities ranking junior in right of payment to the Notes;

• sell assets (other than certain limited restrictions on our ability to consolidate, merge or sell all or substantially all of our assets);

• create liens (including liens on the shares of our subsidiaries) or enter into sale and leaseback transactions;

• enter into transactions with affiliates;

• make investments; or

• create restrictions on the payment of dividends or other amounts to us from our subsidiaries.

Furthermore, the terms of the indenture and the Notes do not protect holders of the Notes in the event that we experience changes (including significant adverse changes) in our financial condition, results of operations or credit ratings, as they do not require that we or our subsidiaries adhere to any financial tests or ratios or specified levels of net worth, revenues, income, cash flow or liquidity.

Our ability to recapitalize, incur additional debt and take a number of other actions that are not limited by the terms of the Notes may have important consequences for you as a holder of the Notes, including making it more difficult for us to satisfy our obligations with respect to the Notes or negatively affecting the trading value of the Notes.

Certain of our current debt instruments include more protections for their holders than the indenture and the Notes. In addition, other debt we issue or incur in the future could contain more protections for its holders than the indenture and the Notes, including additional covenants and events of default. The issuance or incurrence of any such debt with incremental protections could affect the market for and trading levels and prices of the Notes.

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The optional redemption provision may materially adversely affect your return on the Notes.

The Notes are redeemable in whole or in part upon certain conditions at any time or from time to time at our option. We may choose to redeem the Notes at times when prevailing interest rates are lower than the interest rate paid on the Notes. In this circumstance, you may not be able to reinvest the redemption proceeds in a comparable security at an effective interest rate as high as that of the Notes being redeemed.

If we default on our obligations to pay our other indebtedness, we may not be able to make payments on the Notes.

Any default under the agreements governing our indebtedness, including a default under our Revolving Credit Facility or under the Existing Unsecured Notes, or under other indebtedness to which we may be a party, that is not waived by the required lenders or holders and the remedies sought by the holders of such indebtedness could make us unable to pay principal, premium, if any, and interest on the Notes and substantially decrease the market value of the Notes.

If we are unable to generate sufficient cash flow and are otherwise unable to obtain funds necessary to meet required payments of principal, premium, if any, and interest on our indebtedness, or if we otherwise fail to comply with the various covenants, including financial and operating covenants, in the instruments governing our indebtedness, we could be in default under the terms of the agreements governing such indebtedness. In the event of such default, the holders of such indebtedness could elect to declare all the funds borrowed thereunder to be due and payable, together with accrued and unpaid interest, the lenders under our Revolving Credit Facility or other debt we may incur in the future could elect to terminate their commitments, cease making further loans and institute foreclosure proceedings against our assets, and we could be forced into bankruptcy or liquidation.

If our operating performance declines, we may in the future need to seek to obtain waivers from the required lenders or holders under the agreements governing our indebtedness, or other indebtedness that we may incur in the future, to avoid being in default. If we breach our covenants under the agreements governing our indebtedness and seek a waiver, we may not be able to obtain a waiver from the required lenders or holders. If this occurs, we would be in default and our lenders or debt holders could exercise their rights as described above, and we could be forced into bankruptcy or liquidation.

If we are unable to repay debt, lenders having secured obligations, including the lenders under our Revolving Credit Facility, could proceed against the collateral securing the debt. Because our Revolving Credit Facility and Existing Unsecured Notes have, the indenture will have, and any future debt will likely have, customary cross-default provisions, if the indebtedness thereunder, hereunder or under any future credit facility is accelerated, we may be unable to repay or finance the amounts due. See “Description of Notes” in this prospectus supplement and “Description of Our Debt Securities” in the accompanying prospectus.

We may not be able to repurchase the Notes upon a Change of Control Repurchase Event.

We may not be able to repurchase the Notes upon a Change of Control Repurchase Event because we may not have sufficient funds. Upon the occurrence of a Change of Control Repurchase Event, as defined in the indenture that governs the Notes, as supplemented, subject to certain conditions, we will be required to offer to repurchase all outstanding Notes at 100% of their principal amount, plus accrued and unpaid interest. The source of funds for that purchase of Notes will be our available cash or cash generated from our operations or other potential sources, including borrowings, investment repayments, sales of assets or sales of equity. We cannot assure you that sufficient funds from such sources will be available at the time of any Change of Control Repurchase Event to make required repurchases of Notes tendered. The terms of the Revolving Credit Facility provide that certain change of control events will constitute an event of default thereunder entitling the lenders to accelerate any indebtedness outstanding under the credit facility at that time and to terminate the credit facility. In addition, the indentures governing our Existing Unsecured Notes each contain a provision that would require us to offer to purchase the respective Existing Unsecured Notes upon the occurrence of a fundamental change.

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Any failure to comply with these provisions would constitute an event of default under each of the other agreements governing our indebtedness, including the indenture. Our future debt instruments also may contain similar restrictions and provisions. If the holders of the Notes exercise their right to require us to repurchase all the Notes upon a Change of Control Repurchase Event, the financial effect of this repurchase could cause a default under our future debt instruments, even if the Change of Control Repurchase Event itself would not cause a default. It is possible that we will not have sufficient funds at the time of the Change of Control Repurchase Event to make the required repurchase of the Notes or our other debt. See “Description of Notes — Offer to Repurchase Upon a Change of Control Repurchase Event.”

We cannot assure that an active trading market will be maintained for the Notes.

The Notes are a new issue of debt securities and there currently is no trading market for the Notes. We do not intend to apply for listing of the Notes on any securities exchange or for quotation of the Notes on any automated dealer quotation system. If no active trading market develops, you may not be able to resell your Notes at their fair market value or at all. If the Notes are traded after their initial issuance, they may trade at a discount from their initial offering price depending on prevailing interest rates, the market for similar securities, our credit ratings, general economic conditions, our financial condition, performance and prospects and other factors. Certain of the underwriters have advised us that they currently intend to make a market in the Notes but they are not obligated to do so. The underwriters may discontinue any market-making in the Notes at any time at their sole discretion. In addition, any market-making activity will be subject to limits imposed by law. Accordingly, we cannot assure you that a liquid trading market will be maintained for the Notes, that you will be able to sell your Notes at a particular time or that the price you receive when you sell will be favorable. To the extent an active trading market is not maintained, the liquidity and trading price for the Notes may be harmed. Accordingly, you may be required to bear the financial risk of an investment in the Notes for an indefinite period of time.

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USE OF PROCEEDS

We estimate that the net proceeds we will receive from the sale of $ million aggregate principal amount of Notes in this offering will be approximately $ million, after deducting the underwriting discount and estimated offering expenses payable by us.

We intend to use the net proceeds from this offering for general corporate purposes, which may include, among other things, investing in accordance with our investment objectives and strategies described in this prospectus supplement and the accompanying prospectus and repaying indebtedness (which will be subject to reborrowing). We may use a portion of net proceeds to repay existing borrowings outstanding. For the six months ended June 30, 2025, the weighted average interest rate on all borrowings outstanding (including unused fees, amortization of debt issuance costs (including premiums and discounts) and the impact of the application of hedge accounting) was 5.02%, and the weighted average all-in cost of debt (including unused fees, amortization of debt issuance costs (including premiums and discounts), amortization of deferred financing costs and the impact of the application of hedge accounting) was 5.09%. The weighted average time to maturity as of June 30, 2025 was 3.3 years. For further information about our borrowings, see Note 7 in our notes to the unaudited condensed consolidated financial statements in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, which is incorporated by reference in this prospectus supplement.

Affiliates of certain of the underwriters are lenders under certain of our indebtedness, including our Revolving Credit Facility and/or our secured financing facilities that our wholly-owned subsidiaries have entered into as of June 30, 2025 (collectively, the “SPV Financing Facilities”). Accordingly, affiliates of certain of the underwriters may receive more than 5% of the proceeds of this offering to the extent such proceeds are used to repay or repurchase such outstanding indebtedness. See “Underwriting” for additional information.

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CAPITALIZATION

The following table sets forth our consolidated capitalization as of June 30, 2025. You should read this table together with “Use of Proceeds” described in this prospectus supplement and our unaudited condensed consolidated financial statements and the notes thereto included in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, which is incorporated by reference in this prospectus supplement.

Dollar amounts are presented in thousands, except share data.

|  | Actual
ASSETS |  |  |
Investment at fair value |  |  |
Non-controlled/non-affiliated investments (cost of $13,299,807) |  | $ | 13,223,290
Non-controlled/affiliated investments (cost of $27,552) |  |  | 29,510
Total investments at fair value (cost of $13,327,359) |  |  | 13,252,800
Cash and cash equivalents (restricted cash of $87,065) |  |  | 273,678
Interest receivable from non-controlled/non-affiliated investments |  |  | 104,702
Interest receivable from non-controlled/affiliated investments |  |  | 6
Receivable from broker |  |  | 11,070
Deferred financing costs |  |  | 19,547
Receivable for investments |  |  | 23,414
Receivable for shares sold |  |  | 5,393
Derivative assets at fair value* |  |  | 20,345
Total assets |  | $ | 13,710,955
LIABILITIES |  |  |
Debt (net of unamortized debt issuance costs of $38,859) |  | $ | 7,090,550
Payable for investments |  |  | 2,340
Due to affiliates |  |  | 5,646
Management fees payable** |  |  | 34,600
Income based incentive fees payable** |  |  | 34,718
Capital gains incentive fees payable** |  |  | —
Interest payable |  |  | 65,174
Distribution payable*** |  |  | 177,007
Board of Trustee payable |  |  | 296
Accrued expenses and other liabilities |  |  | 12,328
Total liabilities |  | $ | 7,422,659
Commitments and contingencies**** |  |  |
NET ASSETS |  |  |
Common Shares, $0.001 par value (230,055,444 shares issued and outstanding) |  |  | 230
Additional paid in capital |  |  | 6,009,106
Distributable earnings (loss) |  |  | 278,960
Total net assets |  |  | 6,288,296
Total liabilities and net assets |  | $ | 13,710,955

__________________________________

(1) The above table reflects the principal amount of indebtedness outstanding as of June 30, 2025. As of September 26, 2025 the principal amount of indebtedness outstanding was approximately $7.7 billion. The net proceeds may be used to repay amounts outstanding under our Revolving Credit Facility and/or the SPV Financing Facilities. See “Use of Proceeds.”

* See Note 6 in our notes to the unaudited condensed consolidated financial statements in our Quarterly Report on Form 10-Q for the period ended June 30, 2025, incorporated by reference into this prospectus supplement.

** See Note 3 in our notes to the unaudited condensed consolidated financial statements in our Quarterly Report on Form 10-Q for the period ended June 30, 2025, incorporated by reference into this prospectus supplement.

*** See Note 9 in our notes to the unaudited condensed consolidated financial statements in our Quarterly Report on Form 10-Q for the period ended June 30, 2025, incorporated by reference into this prospectus supplement.

**** See Note 8 in our notes to the unaudited condensed consolidated financial statements in our Quarterly Report on Form 10-Q for the period ended June 30, 2025, incorporated by reference into this prospectus supplement.

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DESCRIPTION OF NOTES

The following is a description of particular terms of the Notes.

We will issue the Notes under the base indenture between us and U.S. Bank Trust Company, National Association, as trustee, dated as of July 15, 2020, as supplemented by the separate ninth supplemental indenture between us and the trustee, to be dated as of the settlement date for the Notes. As used in this section, all references to the indenture mean the base indenture as supplemented by the ninth supplemental indenture. The terms of the Notes include those expressly set forth in the indenture and those made part of the indenture by reference to the Trust Indenture Act of 1939, as amended.

The following description is a summary of the material provisions of the Notes and the indenture and does not purport to be complete. This summary is subject to and is qualified by reference to all the provisions of the Notes and the indenture, including the definitions of certain terms used in the indenture. We urge you to read these documents because they, and not this description, define your rights as a holder of the Notes. You may request a copy of the indenture from us by making a written request to Blackstone Secured Lending Fund, 345 Park Avenue, 3 1 st F loor, New York, NY 10154 or by calling us at (212) 503-2100. In addition, the SEC maintains a website at ww w.sec.gov that contains information we file with the SEC, i ncluding the indenture.

For purposes of this description, references to “we,” “our” and “us” refer only to Blackstone Secured Lending Fund and not to any of its current or future subsidiaries and references to “subsidiaries” refer to our consolidated subsidiaries and exclude any investments held by Blackstone Secured Lending Fund in the ordinary course of business which are not, under GAAP, consolidated on the financial statements of Blackstone Secured Lending Fund and its subsidiaries. Such references also include entities that engage in investment activities in securities or other assets that are primarily controlled by the Company. The Company complies with the provisions of the 1940 Act governing investment policies, capital structure, and leverage on an aggregate basis with its subsidiaries, and it treats subsidiary debt as its own. The principal investment strategies of the subsidiaries are substantially similar to those of the Company. The Company and its subsidiaries comply with provisions of the 1940 Act relating to affiliated transactions and custody.

General

The Notes:

• will be our general unsecured, senior obligations;

• will initially be issued in an aggregate principal amount of $ ;

• will mature on , , unless earlier redeemed or repurchased, as discussed below;

• will bear cash interest from , 2025, at an annual rate of % payable semiannually in arrears on and of each year, beginning on , 2026;

• will be subject to redemption at our option as described in this prospectus supplement under the caption “— Optional Redemption;”

• will be subject to repurchase by us at the option of the holders following a Change of Control Repurchase Event (as defined in this prospectus supplement under the caption “— Offer to Repurchase Upon a Change of Control Repurchase Event”), at a repurchase price equal to 100% of the principal amount of the Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the date of repurchase;

• will be issued in denominations of $2,000 and integral multiples of $1,000 in excess thereof; and

• will be represented by one or more registered Notes in global form, but in certain limited circumstances may be represented by Notes in definitive form. See “— Book-Entry, Settlement and Clearance” in this prospectus supplement.

The indenture does not limit the amount of debt that may be issued by us or our subsidiaries under the indenture or otherwise. The indenture does not contain any financial covenants and does not restrict us from paying dividends or distributions or issuing or repurchasing our other securities. Other than restrictions described under

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“— Offer to Repurchase Upon a Change of Control Repurchase Event” and “— Covenants — Merger, Consolidation or Sale of Assets” in this prospectus supplement, the indenture does not contain any covenants or other provisions designed to afford holders of the Notes protection in the event of a highly leveraged transaction involving us or in the event of a decline in our credit rating as the result of a takeover, recapitalization, highly leveraged transaction or similar restructuring involving us that could adversely affect such holders.

We may, without the consent of the holders, issue additional Notes under the indenture with the same terms (except for the issue date, public offering price, and, if applicable, the initial interest payment date) as the Notes offered hereby in an unlimited aggregate principal amount; provided that, if such additional Notes are not fungible with the Notes offered hereby (or any other tranche of additional Notes) for U.S. federal income tax purposes, then such additional Notes will have different CUSIP numbers from the Notes offered hereby (and any such other tranche of additional Notes).

We do not intend to list the Notes on any securities exchange or any automated dealer quotation system.

Payments on the Notes; Paying Agent and Registrar; Transfer and Exchange

We will pay the principal of, and interest on, the Notes in global form registered in the name of or held by DTC or its nominee in immediately available funds to DTC or its nominee, as the case may be, as the registered holder of such Global Note (as defined below).

Payment of principal (and premium, if any) and any such interest on the Notes will be made at the corporate trust office of the trustee in such coin or currency of the United States as at the time of payment is legal tender for payment of public and private debts; provided, however, that at our option payment of interest may be made by check mailed to the address of the person entitled thereto as such address will appear in the security register.

A holder of Notes may transfer or exchange Notes at the office of the security registrar in accordance with the indenture. The security registrar and the trustee may require a holder, among other things, to furnish appropriate endorsements and transfer documents. No service charge will be imposed by us, the trustee or the security registrar for any registration of transfer or exchange of Notes, but we may require a holder to pay a sum sufficient to cover any transfer tax or other similar governmental charge required by law or permitted by the indenture.

The registered holder of a Note will be treated as its owner for all purposes.

Interest

The Notes will bear cash interest at a rate of % per year until maturity. Interest on the Notes will accrue from , 2025. Interest on the Notes will be payable semi-annually in arrears on and of each year, beginning on , 2026.

Interest on the Notes will be paid to the person in whose name a Note is registered at 5:00 p.m. New York City time, or the close of business, on or , as the case may be, immediately preceding the relevant interest payment date. Interest on the Notes will be computed on the basis of a 360-day year composed of twelve 30-day months.

If any interest payment date, redemption date, the maturity date or any earlier required repurchase date upon a Change of Control Repurchase Event (defined below) of a Note falls on a day that is not a business day, the required payment will be made on the next succeeding business day and no interest on such payment will accrue in respect of the delay. The term “business day” means, with respect to any Note, any day other than a Saturday, a Sunday or a day on which banking institutions in New York are authorized or obligated by law or executive order to close.

Ranking

The Notes will be our general unsecured obligations that rank:

• senior in right of payment to all of our existing and future indebtedness that is expressly subordinated in right of payment to the Notes;

• pari passu, or equal, in right of payment with all of our existing and future liabilities that are not so subordinated, or junior, including without limitation, our Existing Unsecured Notes;

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• effectively subordinated, or junior, to any of our secured indebtedness (including unsecured indebtedness that we later secure) to the extent of the value of the assets securing such indebtedness; and

• structurally junior to all existing and future indebtedness (including trade payables) incurred by our subsidiaries, financing vehicles or similar facilities.

As of June 30, 2025, our total consolidated indebtedness, at par, was approximately $7.1 billion, $2.7 billion of which was secured (of which $1.5 billion was indebtedness of our subsidiaries) and $4.4 billion of which was unsecured. See “Capitalization.”

In the event of our bankruptcy, liquidation, reorganization or other winding up, our assets that secure secured debt will be available to pay obligations on the Notes only after all indebtedness under such secured debt has been repaid in full from such assets. We advise you that there may not be sufficient assets remaining to pay amounts due on any or all the Notes then outstanding.

Optional Redemption

Prior to the Par Call Date (as defined herein), we may redeem the Notes at our option, in whole or in part, at any time and from time to time, at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of:

• (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the Notes matured on the Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined herein) plus basis points less (b) interest accrued to the date of redemption, or

• 100% of the principal amount of the Notes to be redeemed,

plus, in either case accrued and unpaid interest thereon to the redemption date of the Notes.

Notwithstanding the foregoing, at any time on or after the Par Call Date, we may redeem some or all of the Notes at any time, or from time to time, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed plus, in each case, accrued and unpaid interest, if any, to, but excluding, the redemption date of the Notes.

If we choose to redeem any Notes, we will deliver a notice of redemption to holders of the Notes to be redeemed not less than 10 nor more than 60 days before the redemption date. If we are redeeming less than all of the Notes, the particular Notes to be redeemed will be selected in accordance with the applicable procedures of the trustee and, so long as the Notes are registered to DTC or its nominee, the DTC; provided, however, that no such partial redemption will reduce the portion of the principal amount of a Note not redeemed to less than $2,000. Unless we default in payment of the redemption price, on and after the redemption date, interest will cease to accrue on the Notes or portions of the Notes called for redemption.

For purposes of calculating the redemption price in connection with the redemption of the Notes, on any redemption date, the following terms have the meanings set forth below:

“Par Call Date” means , ( month(s) prior to the maturity date of the Notes).

“Treasury Rate” means, with respect to any redemption date of the Notes, the yield determined by us in accordance with the following two paragraphs.

The Treasury Rate shall be determined by us after 4:15 p.m., New York City time (or after such time as yields on U.S. government securities are posted daily by the Board of Governors of the Federal Reserve System), on the third business day preceding the redemption date based upon the yield or yields for the most recent day that appear after such time on such day in the most recent statistical release published by the Board of Governors of the Federal Reserve System designated as “Selected Interest Rates (Daily) — H.15” (or any successor designation or publication) (“H.15”) under the caption “U.S. government securities — Treasury constant maturities — Nominal” (or any successor caption or heading) (“H.15 TCM”). In determining the Treasury Rate, we shall select, as applicable: (1) the yield for the Treasury constant maturity on H.15 exactly equal to the period from the redemption date to the Par Call Date (the “Remaining Life”); or (2) if there is no such Treasury constant maturity on H.15 exactly

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equal to the Remaining Life, the two yields — one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the Treasury constant maturity on H.15 immediately longer than the Remaining Life — and shall interpolate to the Par Call Date on a straight-line basis (using the actual number of days) using such yields and rounding the result to three decimal places; or (3) if there is no such Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant maturity or maturities on H.15 shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity from the redemption date.

If on the third business day preceding the redemption date H.15 TCM is no longer published, we shall calculate the Treasury Rate based on the rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second business day preceding such redemption date of the United States Treasury security maturing on, or with a maturity that is closest to, the Par Call Date, as applicable. If there is no United States Treasury security maturing on the Par Call Date but there are two or more United States Treasury securities with a maturity date equally distant from the Par Call Date, one with a maturity date preceding the Par Call Date and one with a maturity date following the Par Call Date, we shall select the United States Treasury security with a maturity date preceding the Par Call Date. If there are two or more United States Treasury securities maturing on the Par Call Date or two or more United States Treasury securities meeting the criteria of the preceding sentence, we shall select from among these two or more United States Treasury securities the United States Treasury security that is trading closest to par based upon the average of the bid and asked prices for such United States Treasury securities at 11:00 a.m., New York City time. In determining the Treasury Rate in accordance with the terms of this paragraph, the semi-annual yield to maturity of the applicable United States Treasury security shall be based upon the average of the bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m., New York City time, of such United States Treasury security, and rounded to three decimal places. Our actions and determinations in determining the redemption price of any of the Notes shall be conclusive and binding for all purposes, absent manifest error.

Offer to Repurchase Upon a Change of Control Repurchase Event

If a Change of Control Repurchase Event occurs, unless we have exercised our right to redeem the Notes in full, we will make an offer to each holder of the Notes to repurchase all or any part (in minimum denominations of $2,000 and integral multiples of $1,000 principal amount in excess thereof) of that holder’s Notes at a repurchase price in cash equal to 100% of the aggregate principal amount of Notes repurchased plus any accrued and unpaid interest on the Notes repurchased to, but not including, the date of purchase. Within 30 days following any Change of Control Repurchase Event or, at our option, prior to any Change of Control, but after the public announcement of the Change of Control, we will mail a notice to each holder describing the transaction or transactions that constitute or may constitute the Change of Control Repurchase Event and offering to repurchase Notes on the payment date specified in the notice, which date will be no earlier than 30 days and no later than 60 days from the date such notice is mailed. The notice will, if mailed prior to the date of consummation of the Change of Control, state that the offer to purchase is conditioned on the Change of Control Repurchase Event occurring on or prior to the payment date specified in the notice. We will comply with the requirements of Rule 14e-1 promulgated under the Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control Repurchase Event. To the extent that the provisions of any securities laws or regulations conflict with the Change of Control Repurchase Event provisions of the Notes, we will comply with the applicable securities laws and regulations and will not be deemed to have breached our obligations under the Change of Control Repurchase Event provisions of the Notes by virtue of such conflict.

On the Change of Control Repurchase Event payment date, subject to extension if necessary to comply with the provisions of the 1940 Act and the rules and regulations promulgated thereunder, we will, to the extent lawful:

(1) accept for payment all Notes or portions of Notes properly tendered pursuant to our offer;

(2) deposit with the paying agent an amount equal to the aggregate purchase price in respect of all Notes or portions of Notes properly tendered; and

(3) deliver or cause to be delivered to the trustee the Notes properly accepted, together with an officers’ certificate stating the aggregate principal amount of Notes being purchased by us.

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The paying agent will promptly remit to each holder of Notes properly tendered the purchase price for the Notes, and the trustee will promptly authenticate and mail (or cause to be transferred by book-entry) to each holder a new Note equal in principal amount to any unpurchased portion of any Notes surrendered; provided that each new Note will be in a minimum principal amount of $2,000 or an integral multiple of $1,000 in excess thereof.

We will not be required to make an offer to repurchase the Notes upon a Change of Control Repurchase Event if a third party makes an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by us and such third party purchases all Notes properly tendered and not withdrawn under its offer.

The source of funds that will be required to repurchase Notes in the event of a Change of Control Repurchase Event will be our available cash or cash generated from our operations or other potential sources, including funds provided by a purchaser in the Change of Control transaction, borrowings, sales of assets or sales of equity. We cannot assure you that sufficient funds from such sources will be available at the time of any Change of Control Repurchase Event to make required repurchases of Notes tendered. The terms of certain of our and our subsidiaries’ financing arrangements provide that certain change of control events will constitute an event of default thereunder entitling the lenders to accelerate any indebtedness outstanding under our and our subsidiaries’ financing arrangements at that time and to terminate the financing arrangements. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Financial Condition, Liquidity and Capital Resources” in our most recent Annual Report on Form 10-K and our most recent Quarterly Reports on Form 10-Q for a general discussion of our and our subsidiaries’ indebtedness, which are incorporated by reference into this prospectus supplement. Our and our subsidiaries’ future financing arrangements may contain similar restrictions and provisions. If the holders of the Notes exercise their right to require us to repurchase Notes upon a Change of Control Repurchase Event, the financial effect of this repurchase could cause a default under our and our subsidiaries’ future financing arrangements, even if the Change of Control Repurchase Event itself would not cause a default. It is possible that we will not have sufficient funds at the time of the Change of Control Repurchase Event to make the required repurchase of the Notes and/or our and our subsidiaries’ other debt. See “Risk Factors — Risks Related to the Notes — We may not be able to repurchase the Notes upon a Change of Control Repurchase Event” in this prospectus supplement for more information.

The definition of “Change of Control” includes a phrase relating to the direct or indirect sale, transfer, conveyance or other disposition of “all or substantially all” of our properties or assets and those of our subsidiaries taken as a whole. Although there is a limited body of case law interpreting the phrase “substantially all,” there is no precise, established definition of the phrase under applicable law. Accordingly, the ability of a holder of Notes to require us to repurchase the Notes as a result of a sale, transfer, conveyance or other disposition of less than all of our assets and the assets of our subsidiaries taken as a whole to another person or group may be uncertain.

For purposes of the Notes:

“Below Investment Grade Rating Event” means the Notes are downgraded below Investment Grade by all three of the Rating Agencies on any date from the date of the public notice of an arrangement that results in a Change of Control until the end of the 60-day period following public notice of the occurrence of a Change of Control (which period will be extended so long as the rating of the Notes is under publicly announced consideration for possible downgrade by any of the Rating Agencies); provided that a Below Investment Grade Rating Event otherwise arising by virtue of a particular reduction in rating will not be deemed to have occurred in respect of a particular Change of Control (and thus will not be deemed a Below Investment Grade Rating Event for purposes of the definition of Change of Control Repurchase Event hereunder) if the Rating Agencies making the reduction in rating to which this definition would otherwise apply do not announce or publicly confirm or inform the trustee in writing at its request that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control will have occurred at the time of the Below Investment Grade Rating Event).

“Change of Control” means the occurrence of any of the following:

(1) the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation) in one or a series of related transactions, of all or substantially all of the assets of Blackstone Secured Lending Fund and its Controlled Subsidiaries taken as a whole to any “person” or “group” (as those terms are used in Section 13(d)(3) of the Exchange Act), other than to

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any Permitted Holders; provided that, for the avoidance of doubt, a pledge of assets pursuant to any secured debt instrument of Blackstone Secured Lending Fund or its Controlled Subsidiaries will not be deemed to be any such sale, lease, transfer, conveyance or disposition;

(2) the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any “person” or “group” (as those terms are used in Section 13(d)(3) of the Exchange Act) (other than any Permitted Holders) becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 promulgated under the Exchange Act), directly or indirectly, of more than 50% of the outstanding Voting Stock of Blackstone Secured Lending Fund, measured by voting power rather than number of shares; or

(3) the approval by Blackstone Secured Lending Fund’s shareholders of any plan or proposal relating to the liquidation or dissolution of Blackstone Secured Lending Fund.

“Change of Control Repurchase Event” means the occurrence of a Change of Control and a Below Investment Grade Rating Event.

“Controlled Subsidiary” means any subsidiary of Blackstone Secured Lending Fund, 50% or more of the outstanding equity interests of which are owned by Blackstone Secured Lending Fund and its direct or indirect subsidiaries and of which Blackstone Secured Lending Fund possesses, directly or indirectly, the power to direct or cause the direction of the management or policies, whether through the ownership of voting equity interests, by agreement or otherwise.

“Fitch” means Fitch Ratings, Inc., or any successor thereto.

“Investment Grade” means a rating of BBB- or better by Fitch (or its equivalent under any successor rating categories of Fitch), Baa3 or better by Moody’s (or its equivalent under any successor rating categories of Moody’s) and BBB- or better by S&P (or its equivalent under any successor rating categories of S&P) (or, in each case, if such Rating Agency ceases to rate the Notes for reasons outside of our control, the equivalent investment grade credit rating from any Rating Agency selected by us as a replacement Rating Agency).

“Moody’s” means Moody’s Investors Service or any successor thereto.

“Permitted Holders” means (i) us, (ii) one or more of our Controlled Subsidiaries and (iii) the Advisers, any affiliate of the Advisers or any entity that is managed by the Advisers that is organized under the laws of a jurisdiction located in the United States and in the business of managing or advising clients.

“Rating Agency” means:

(1) each of Fitch, Moody’s and S&P; and

(2) if any of Fitch, Moody’s or S&P ceases to rate the Notes or fails to make a rating of the Notes publicly available for reasons outside of our control, a “nationally recognized statistical rating organization” as defined in Section 3(a)(62) of the Exchange Act selected by us as a replacement agency for Fitch, Moody’s or S&P, as the case may be.

“S&P” means S&P’s Global Ratings Services, or any successor thereto.

“Voting Stock” as applied to stock of any person, means shares, interests, participations or other equivalents in the equity interest (however designated) in such person having ordinary voting power for the election of a majority of the directors (or the equivalent) of such person, other than shares, interests, participations or other equivalents having such power only by reason of the occurrence of a contingency.

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Covenants

In addition to the covenants described in the base indenture, the following covenants will apply to the Notes. To the extent of any conflict or inconsistency between the base indenture and the following covenants, the following covenants will govern:

Merger, Consolidation or Sale of Assets

The indenture will provide that we will not merge or consolidate with or into any other person (other than a merger of a wholly owned subsidiary into us), or sell, transfer, lease, convey or otherwise dispose of all or substantially all our property (provided that, for the avoidance of doubt, a pledge of assets pursuant to any secured debt instrument of Blackstone Secured Lending Fund or its Controlled Subsidiaries will not be deemed to be any such sale, transfer, lease, conveyance or disposition) in any one transaction or series of related transactions unless:

• we are the surviving person, or the surviving person (if other than us) formed by such merger or consolidation or to which such sale, transfer, lease, conveyance or disposition is made will be a statutory trust, corporation or limited liability company organized and existing under the laws of the United States or any state or territory thereof;

• the surviving person (if other than us) expressly assumes, by supplemental indenture in form reasonably satisfactory to the trustee, executed and delivered to the trustee by such surviving person, the due and punctual payment of the principal of, and premium, if any, and interest on, all the Notes outstanding, and the due and punctual performance and observance of all the covenants and conditions of the indenture to be performed by us;

• immediately before and immediately after giving effect to such transaction or series of related transactions, no default or event of default will have occurred and be continuing; and

• we will deliver, or cause to be delivered, to the trustee, an officers’ certificate and an opinion of counsel, each stating that such transaction and the supplemental indenture, if any, in respect thereto, comply with this covenant and that all conditions precedent in the indenture relating to such transaction have been complied with.

For the purposes of this covenant, the sale, transfer, lease, conveyance or other disposition of all the property of one or more of our subsidiaries, which property, if held by us instead of such subsidiaries, would constitute all or substantially all of our property on a consolidated basis, will be deemed to be the transfer of all or substantially all of our property.

Although there is a limited body of case law interpreting the phrase “substantially all,” there is no precise established definition of the phrase under applicable law. Accordingly, in certain circumstances there may be a degree of uncertainty as to whether a particular transaction would involve “all or substantially all” of the properties or assets of a person. As a result, it may be unclear as to whether the merger, consolidation or sale of assets covenant would apply to a particular transaction as described above absent a decision by a court of competent jurisdiction. Although these types of transactions may be permitted under the indenture, certain of the foregoing transactions could constitute a Change of Control that results in a Change of Control Repurchase Event permitting each holder to require us to repurchase the Notes of such holder as described above.

An assumption by any person of obligations under the Notes and the indenture might be deemed for U.S. federal income tax purposes to be an exchange of the Notes for new Notes by the holders thereof, resulting in recognition of gain or loss for such purposes and possibly other adverse tax consequences to the holders. Holders should consult their own tax advisors regarding the tax consequences of such an assumption.

Other Covenants

• We agree that for the period of time during which the Notes are outstanding, we will not violate, whether or not we are subject to, Section 18(a)(1)(A) as modified by Section 61(a) of the 1940 Act or any successor provisions, but giving effect, in either case, to any exemptive relief granted to us by the SEC.

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• If, at any time, we are not subject to the reporting requirements of Sections 13 or 15(d) of the Exchange Act to file any periodic reports with the SEC, we agree to furnish to holders of the Notes and the trustee, for the period of time during which the Notes are outstanding, our audited annual consolidated financial statements, within 90 days of our fiscal year end, and unaudited interim consolidated financial statements, within 45 days of our fiscal quarter end (other than our fourth fiscal quarter). All such financial statements will be prepared, in all material respects, in accordance with GAAP, as applicable.

Events of Default

Each of the following will be an event of default for the Notes:

(1) default in the payment of any interest upon any Note when due and payable and the default continues for a period of 30 days;

(2) default in the payment of the principal of (or premium, if any, on) any Note when it becomes due and payable at its maturity including upon any redemption date or required repurchase date;

(3) default by us in the performance, or breach, of any covenant or agreement in the indenture or the Notes (other than a covenant or agreement a default in whose performance or whose breach is elsewhere in the indenture specifically dealt with or which has expressly been included in the indenture solely for the benefit of a series of securities other than the Notes), and continuance of such default or breach for a period of 60 consecutive days after there has been given, by registered or certified mail, to us by the trustee or to us and the trustee by the holders of at least 25% in principal amount of the Notes a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” under the indenture;

(4) default by us or any of our significant subsidiaries, as defined in Article 1, Rule 1-02 of Regulation S-X promulgated under the Exchange Act (but excluding any subsidiary which is (a) a non-recourse or limited recourse subsidiary, (b) a bankruptcy remote special purpose vehicle or (c) is not consolidated with Blackstone Secured Lending Fund for purposes of GAAP), with respect to any mortgage, agreement or other instrument under which there may be outstanding, or by which there may be secured or evidenced, any indebtedness for money borrowed in excess of $100 million in the aggregate of us and/or any such significant subsidiary, whether such indebtedness now exists or will hereafter be created (i) resulting in such indebtedness becoming or being declared due and payable or (ii) constituting a failure to pay the principal or interest of any such debt when due and payable at its stated maturity, upon required repurchase, upon declaration of acceleration or otherwise, unless, in either case, such indebtedness is discharged, or such acceleration is rescinded, stayed or annulled, within a period of 30 calendar days after written notice of such failure is given to us by the trustee or to us and the trustee by the holders of at least 25% in aggregate principal amount of the Notes then outstanding;

(5) pursuant to Section 18(a)(1)(C)(ii) and Section 61 of the 1940 Act, on the last business day of each of 24 consecutive calendar months, any class of securities must have an asset coverage (as such term is used in the 1940 Act and the rules and regulations promulgated thereunder) of less than 100% giving effect to any exemptive relief granted to us by the SEC; or

(6) certain events of bankruptcy, insolvency, or reorganization involving us occur and remain undischarged or unstayed for a period of 60 days.

If an event of default occurs and is continuing, then and in every such case (other than an event of default specified in item (6) above) the trustee or the holders of at least 25% in principal amount of the Notes may declare the entire principal amount of the outstanding Notes to be due and payable immediately, by a notice in writing to us (and to the trustee if given by the holders), and upon any such declaration such principal or specified portion thereof will become immediately due and payable. Notwithstanding the foregoing, in the case of the events of bankruptcy, insolvency or reorganization described in item (6) above, 100% of the principal of and accrued and unpaid interest on the Notes will automatically become due and payable.

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At any time after a declaration of acceleration with respect to the Notes has been made and before a judgment or decree for payment of the money due has been obtained by the trustee, the holders of a majority in principal amount of the outstanding Notes, by written notice to us and the trustee, may rescind and annul such declaration and its consequences if (i) we have paid or deposited with the trustee a sum sufficient to pay all overdue installments of interest, if any, on all outstanding Notes, the principal of (and premium, if any, on) all outstanding Notes that have become due otherwise than by such declaration of acceleration and interest thereon at the rate or rates borne by or provided for in such Notes, to the extent that payment of such interest is lawful interest upon overdue installments of interest at the rate or rates borne by or provided for in such Notes, and all sums paid or advanced by the trustee and the reasonable compensation, expenses, disbursements and advances of the trustee, its agents and counsel, and (ii) all events of default with respect to the Notes, other than the nonpayment of the principal of (or premium, if any, on) or interest on such Notes that have become due solely by such declaration of acceleration, have been cured or waived. No such rescission will affect any subsequent default or impair any right consequent thereon.

No holder of Notes will have any right to institute any proceeding, judicial or otherwise, with respect to the indenture, or for the appointment of a receiver or trustee, or for any other remedy under the indenture, unless:

i. such holder has previously given written notice to the trustee of a continuing event of default with respect to the Notes;

ii. the holders of not less than 25% in principal amount of the outstanding Notes have made written request to the trustee to institute proceedings in respect of such event of default;

iii. such holder or holders have offered to the trustee indemnity, security, or both, satisfactory to the trustee, against the costs, expenses and liabilities to be incurred in compliance with such request;

iv. the trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding; and

v. no direction inconsistent with such written request has been given to the trustee during such 60-day period by the holders of a majority in principal amount of the outstanding Notes.

Notwithstanding any other provision in the indenture, the holder of any Note will have the right, which is absolute and unconditional, to receive payment of the principal of (and premium, if any, on) and interest, if any, on such Note on the stated maturity or maturity expressed in such Note (or, in the case of redemption, on the redemption date or, in the case of repayment at the option of the holders, on the repayment date) and to institute suit for the enforcement of any such payment, and such rights will not be impaired without the consent of such holder.

The trustee will be under no obligation to exercise any of the rights or powers vested in it by the indenture at the request or direction of any of the holders of the Notes unless such holders have offered to the trustee security or indemnity satisfactory to the trustee against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction. Subject to the foregoing, the holders of a majority in principal amount of the outstanding Notes will have the right to direct the time, method and place of conducting any proceeding for any remedy available to the trustee or exercising any trust or power conferred on the trustee with respect to the Notes, provided that (i) such direction may not be in conflict with any rule of law or with the indenture, (ii) the trustee may take any other action deemed proper by the trustee that is not inconsistent with such direction and (iii) the trustee need not take any action that it determines in good faith may involve it in personal liability or be unjustly prejudicial to the holders of Notes not consenting.

The holders of not less than a majority in principal amount of the outstanding Notes may on behalf of the holders of all of the Notes waive any past default under the indenture with respect to the Notes and its consequences, except a default (i) in the payment of (or premium, if any, on) or interest, if any, on any Note, or (ii) in respect of a covenant or provision of the indenture which cannot be modified or amended without the consent of the holder of each outstanding Note affected. Upon any such waiver, such default will cease to exist, and any event of default arising therefrom will be deemed to have been cured, for every purpose, but no such waiver may extend to any subsequent or other default or event of default or impair any right consequent thereto.

We are required to deliver to the trustee, within 120 days after the end of each fiscal year, an officers’ certificate as to the knowledge of the signers whether we are in default in the performance of any of the terms, provisions or conditions of the indenture.

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Within 90 days after the occurrence of any default under the indenture with respect to the Notes, the trustee must transmit notice of such default known to the trustee, unless such default has been cured or waived; provided, however, that, except in the case of a default in the payment of the principal of (or premium, if any, on) or interest, if any, on any Note, the trustee will be protected in withholding such notice if and so long as the board of directors, the executive committee or a trust committee of directors of the trustee in good faith determines that withholding of such notice is in the interest of the holders of the Notes.

Meetings of Noteholders

The indenture contains provisions relating to meetings of holders of the Notes, voting rights, conduct and adjournment of meetings, quorums, and actions that can be taken at such meetings.

Satisfaction and Discharge

We may satisfy and discharge our obligations under the indenture by delivering to the security registrar for cancellation all outstanding Notes or by depositing with the trustee or delivering to the holders, as applicable, after the Notes have become due and payable, or otherwise, moneys sufficient to pay all of the outstanding Notes and paying all other sums payable under the indenture by us. Such discharge is subject to terms contained in the indenture.

Defeasance

In addition, the Notes are subject to defeasance and covenant defeasance, in each case, in accordance with the terms of the indenture.

Covenant Defeasance

If certain conditions are satisfied, we can make the deposit described below and be released from some of the restrictive covenants in the indenture under which the Notes were issued. This is called “covenant defeasance.” In that event, you would lose the protection of those restrictive covenants but would gain the protection of having money and government securities set aside in trust to repay your Notes. In order to achieve covenant defeasance, we must do the following:

• deposit in trust for the benefit of all holders of the Notes a combination of money and United States government or United States government agency notes or bonds that will generate enough cash, in the opinion of a nationally recognized firm of independent public accountants to make interest, principal and any other payments on the Notes on their various due dates;

• deliver to the trustee a legal opinion of our counsel confirming that, under current U.S. federal income tax law, we may make the above deposit without causing holders of the Notes to recognize income, gain, or loss for U.S. federal income tax purposes as a result of such covenant defeasance or to be taxed on the Notes any differently than if such covenant defeasance had not occurred; and

• deliver to the trustee a legal opinion and officers’ certificate stating that all conditions precedent to covenant defeasance have been complied with.

If we accomplished covenant defeasance, you can still look to us for repayment of the Notes if there were a shortfall in the trust deposit or the trustee is prevented from making payment. For example, if one of the remaining Events of Default occurred (such as our bankruptcy) and the Notes became immediately due and payable, there might be a shortfall. Depending on the event causing the default, you may not be able to obtain payment of the shortfall.

Legal Defeasance

If there is a change in U.S. federal income tax law, as described below, we can legally release ourselves from all payment and other obligations on the Notes (called “defeasance” or “legal defeasance”) if we put in place the following other arrangements for you to be repaid:

• We must deposit in trust for the benefit of all holders of the Notes a combination of money and United States government or United States government agency notes or bonds that will generate enough cash, in the opinion of a nationally recognized firm of independent public accountants to make interest, principal and any other payments on the Notes on their various due dates.

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• We must deliver to the trustee a legal opinion of our counsel confirming that there has been a change in the applicable U.S. federal income tax law or we have received from, or there has been published by, the Internal Revenue Service a ruling that in either case allows us to make the above deposit without causing holders of the Notes to recognize income, gain, or loss for U.S. federal income tax purposes as a result of such defeasance or to be taxed on the Notes any differently than if we did not make the deposit and repaid the Notes at maturity. Under current U.S. federal income tax law, the deposit and our legal release from the Notes would be treated as though we paid you your share of the cash and notes or bonds that were deposited in trust in exchange for your Notes and you would recognize gain or loss on the Notes at the time of the deposit.

• We must deliver to the trustee a legal opinion and officers’ certificate stating that all conditions precedent to defeasance have been complied with.

If we ever accomplished legal defeasance, as described above, you would have to rely solely on the trust deposit for repayment of the Notes. You could not look to us for repayment in the unlikely event of any shortfall. Conversely, the trust deposit would most likely be protected from claims of our lenders and other creditors if we ever became bankrupt or insolvent.

Trustee

U.S. Bank Trust Company, National Association is the trustee, security registrar and paying agent. U.S. Bank Trust Company, National Association, in each of its capacities, including without limitation as trustee, security registrar and paying agent, assumes no responsibility for the accuracy or completeness of the information concerning us or our affiliates or any other party contained in this document or the related documents or for any failure by us or any other party to disclose events that may have occurred and may affect the significance or accuracy of such information, or for any information provided to it by us, including but not limited to settlement amounts and any other information. U.S. Bank Trust Company, National Association’s address is 111 Fillmore Ave., St. Paul, MN 55107. We may maintain banking relationships in the ordinary course of business with the trustee and its affiliates.

Governing Law

The indenture provides that it and the Notes will be governed by and construed in accordance with the laws of the State of New York, without regard to principles of conflicts of laws that would cause the application of laws of another jurisdiction.

Book-Entry, Settlement and Clearance

Global Notes

The Notes will be initially issued in the form of one or more registered Notes in global form (the “Global Note”). Upon issuance, the Global Note will be deposited with the trustee as custodian for DTC and registered in the name of Cede & Co., as nominee of DTC.

Ownership of beneficial interests in a Global Note will be limited to persons who have accounts with DTC, Euroclear or Clearstream or DTC, Euroclear or Clearstream participants or persons who hold interests through DTC, Euroclear or Clearstream participants. We expect that under procedures established by DTC:

• upon deposit of a Global Note with DTC, Euroclear or Clearstream’s custodian, DTC, Euroclear or Clearstream will credit portions of the principal amount of the Global Note to the accounts of the DTC, Euroclear or Clearstream participants designated by the underwriters; and

• ownership of beneficial interests in a Global Note will be shown on, and transfer of ownership of those interests will be effected only through, records maintained by DTC (with respect to interests of DTC, Euroclear or Clearstream participants) and the records of DTC, Euroclear or Clearstream participants (with respect to other owners of beneficial interests in the Global Note).

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Beneficial interests in Global Notes may not be exchanged for Notes in physical, certificated form except in the limited circumstances described below.

Book-Entry Procedures for Global Notes

All interests in the Global Notes will be subject to the operations and procedures of DTC. We provide the following summary of those operations and procedures solely for the convenience of investors. The operations and procedures of DTC are controlled by that settlement system and may be changed at any time. Neither we nor the underwriters are responsible for those operations or procedures.

DTC has advised us that it is:

• a limited purpose trust company organized under the laws of the State of New York;

• a “banking organization” within the meaning of the New York State Banking Law;

• a member of the Federal Reserve System;

• a “clearing corporation” within the meaning of the Uniform Commercial Code; and

• a “clearing agency” registered under Section 17A of the Exchange Act.

DTC was created to hold securities for its participants and to facilitate the clearance and settlement of securities transactions between its participants through electronic book-entry changes to the accounts of its participants. DTC’s participants include securities brokers and dealers, including the underwriters; banks and trust companies; clearing corporations and other organizations. Indirect access to DTC’s system is also available to others such as banks, brokers, dealers and trust companies; these indirect participants clear through or maintain a custodial relationship with a DTC participant, either directly or indirectly. Investors who are not DTC participants may beneficially own securities held by or on behalf of DTC only through DTC participants or indirect participants in DTC.

Euroclear and Clearstream hold securities for participating organizations. They also facilitate the clearance and settlement of securities transactions between their respective participants through electronic book-entry changes in the accounts of such participants. Euroclear and Clearstream provide various services to their participants, including the safekeeping, administration, clearance, settlement, lending and borrowing of internationally traded securities. Euroclear and Clearstream interface with domestic securities markets. Euroclear and Clearstream participants are financial institutions such as underwriters, securities brokers and dealers, banks, trust companies and certain other organizations. Indirect access to Euroclear and Clearstream is also available to others such as banks, brokers, dealers and trust companies that clear through or maintain a custodial relationship with a Euroclear and Clearstream participant, either directly or indirectly.

So long as the Notes are held in global form, Euroclear, Clearstream and/or DTC, as applicable, (or their respective nominees) will be considered the sole holders of Global Notes for all purposes under the indenture. As such, participants must rely on the procedures of Euroclear, Clearstream and/or DTC and indirect participants must rely on the procedures of Euroclear, Clearstream and/or DTC and the participants through which they own interests in the Notes, or book-entry interests, in order to exercise any rights of holders under the indenture.

So long as DTC, Euroclear or Clearstream’s nominee is the registered owner of a Global Note, that nominee will be considered the sole owner or holder of the Notes represented by that Global Note for all purposes under the indenture. Except as provided below, owners of beneficial interests in a Global Note:

• will not be entitled to have Notes represented by the Global Note registered in their names;

• will not receive or be entitled to receive physical, certificated Notes; and

• will not be considered the owners or holders of the Notes under the indenture for any purpose, including with respect to the giving of any direction, instruction or approval to the trustee under the indenture.

As a result, each investor who owns a beneficial interest in a Global Note must rely on the procedures of DTC, Euroclear or Clearstream to exercise any rights of a holder of Notes under the indenture (and, if the investor is not a participant or an indirect participant in DTC, Euroclear or Clearstream, on the procedures of the DTC, Euroclear or Clearstream participant through which the investor owns its interest).

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Payments of principal and interest with respect to the Notes represented by a Global Note will be made by the trustee to DTC, Euroclear or Clearstream’s nominee as the registered holder of the Global Note. Neither we nor the trustee will have any responsibility or liability for the payment of amounts to owners of beneficial interests in a Global Note, for any aspect of the records relating to or payments made on account of those interests by DTC, Euroclear or Clearstream, or for maintaining, supervising or reviewing any records of DTC, Euroclear or Clearstream relating to those interests.

Payments by participants and indirect participants in DTC, Euroclear or Clearstream to the owners of beneficial interests in a Global Note will be governed by standing instructions and customary industry practice and will be the responsibility of those participants or indirect participants and DTC, Euroclear or Clearstream.

Transfers between participants in DTC, Euroclear or Clearstream will be effected under DTC, Euroclear or Clearstream’s procedures and will be settled in same-day funds.

Cross-market transfers of beneficial interests in Global Notes between DTC participants, on the one hand, and Euroclear or Clearstream participants, on the other hand, will be effected within DTC through the DTC participants that are acting as depositaries for Euroclear and Clearstream. To deliver or receive an interest in a Global Note held in a Euroclear or Clearstream account, an investor must send transfer instructions to Euroclear or Clearstream, as the case may be, under the rules and procedures of that system and within the established deadlines of that system. If the transaction meets its settlement requirements, Euroclear or Clearstream, as the case may be, will send instructions to its DTC depositary to take action to effect final settlement by delivering or receiving interests in the relevant Global Notes in DTC, and making or receiving payment under normal procedures for same-day funds settlement applicable to DTC. Euroclear and Clearstream participants may not deliver instructions directly to the DTC depositaries that are acting for Euroclear or Clearstream.

Because the settlement of cross-market transfers takes place during New York business hours, DTC participants may employ their usual procedures for sending securities to the applicable DTC participants acting as depositaries for Euroclear and Clearstream. The sale proceeds will be available to the DTC participant seller on the settlement date. Thus, to a DTC participant, a cross-market transaction will settle no differently from a trade between two DTC participants. Because of time zone differences, the securities account of a Euroclear or Clearstream participant that purchases an interest in a Global Note from a DTC participant will be credited on the business day for Euroclear or Clearstream immediately following the DTC settlement date. Cash received in Euroclear or Clearstream from the sale of an interest in a Global Note to a DTC participant will be reflected in the account of the Euroclear of Clearstream participant the following business day, and receipt of the cash proceeds in the Euroclear or Clearstream participant’s account will be back-valued to the date on which settlement occurs in New York. DTC, Euroclear and Clearstream have agreed to the above procedures to facilitate transfers of interests in the Global Notes among participants in those settlement systems. However, the settlement systems are not obligated to perform these procedures and may discontinue or change these procedures at any time. Neither we nor the trustee will have any responsibility or liability for the performance by DTC, Euroclear or Clearstream or their participants or indirect participants of their obligations under the rules and procedures governing their operations, including maintaining, supervising or reviewing the records relating to, or payments made on account of, beneficial ownership interests in Global Notes.

Certificated Notes

Notes in physical, certificated form will be issued and delivered to each person that DTC, Euroclear or Clearstream identifies as a beneficial owner of the related Notes only if:

• DTC, Euroclear or Clearstream notifies us at any time that it is unwilling or unable to continue as depositary for the Global Notes and a successor depositary is not appointed within 90 days;

• DTC ceases to be registered as a clearing agency under the Exchange Act and a successor depositary is not appointed within 90 days; or

• an event of default with respect to the Notes has occurred and is continuing and such beneficial owner requests that its Notes be issued in physical, certificated form.

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CERTAIN U.S. FEDERAL INCOME TAX CONSIDERATIONS

The following is a summary of certain United States federal income tax considerations of the purchase, ownership and disposition of the Notes. This summary deals only with Notes held as capital assets (within the meaning of Section 1221 of the Code) by persons who purchase the Notes for cash upon original issuance at their “issue price” (the first price at which a substantial amount of the Notes is sold for money to investors, excluding sales to bond houses, brokers or similar persons or organizations acting in the capacity of underwriter, placement agent or wholesaler).

As used herein, a “U.S. holder” means a beneficial owner of the Notes that is, for United States federal income tax purposes, any of the following:

• an individual who is a citizen or resident of the United States;

• a corporation that is created or organized under the laws of the United States, any state thereof or the District of Columbia;

• an estate the income of which is subject to United States federal income taxation regardless of its source; or

• a trust if it (i) is subject to the primary supervision of a court within the United States and one or more United States persons have the authority to control all substantial decisions of the trust or (ii) has a valid election in effect under applicable United States Treasury regulations to be treated as a United States person.

As used herein, a “non-U.S. holder” means a beneficial owner of the Notes (other than an entity or arrangement classified as a partnership for United States federal income tax purposes) that is not a U.S. holder.

If any entity or arrangement classified as a partnership for United States federal income tax purposes holds Notes, the tax treatment of a partner in the partnership will generally depend upon the status of the partner and the activities of the partnership. If you are a partnership or a partner in a partnership considering an investment in the Notes, you should consult your own tax advisors.

This summary does not represent a detailed description of the United States federal income tax considerations applicable to you if you are a person subject to special tax treatment under the United States federal income tax laws, including, without limitation:

• a dealer or broker in securities or currencies;

• a financial institution;

• a regulated investment company;

• a real estate investment trust;

• a tax-exempt entity;

• an insurance company;

• a person holding the Notes as part of a hedging, integrated, conversion or constructive sale transaction or a straddle;

• a trader in securities that has elected the mark-to-market method of accounting for your securities;

• a person liable for alternative minimum tax;

• a partnership or other pass-through entity (or an investor in such an entity);

• a U.S. holder that holds Notes through a non-U.S. broker or other non-U.S. intermediary;

• a U.S. holder whose “functional currency” is not the U.S. dollar;

• a “controlled foreign corporation”;

• a “passive foreign investment company”;

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• a person required to accelerate the recognition of any item of gross income with respect to the Notes as a result of such income being recognized on an applicable financial statement; or

• a United States expatriate.

This summary is based on the Code, United States Treasury regulations, administrative rulings and judicial decisions as of the date hereof. Those authorities may be changed, possibly on a retroactive basis, so as to result in United States federal income tax considerations different from those summarized below. We have not sought and will not seek any rulings from the Internal Revenue Service (“IRS”) regarding the matters discussed below. There can be no assurance that the IRS will not take positions concerning the tax considerations of the purchase, ownership or disposition of the Notes that are different from those discussed below.

This summary does not represent a detailed description of the United States federal income tax considerations for you in light of your particular circumstances, and does not address any United States federal taxes other than income taxes (such as estate and gift taxes), the Medicare tax on certain investment income or any state, local or non-U.S. tax laws. It is not intended to be, and should not be construed to be, legal or tax advice to any particular purchaser of Notes. We expect, and this summary assumes, that the Notes will be issued with less than a de minimis amount of original issue discount.

If you are considering the purchase of Notes, you should consult your own tax advisors concerning the particular United States federal income tax considerations for you of the purchase, ownership and disposition of the Notes, as well as the consequences to you arising under other United States federal tax laws and the laws of any other taxing jurisdiction.

Certain Tax Considerations for U.S. Holders

The following is a summary of certain United States federal income tax considerations that will apply for U.S. holders of the Notes.

Stated Interest. Stated interest on the Notes generally will be taxable to you as ordinary income at the time it is received or accrued, depending on your method of accounting for United States federal income tax purposes.

Sale, Exchange, Retirement, Redemption or Other Taxable Disposition of Notes. Upon the sale, exchange, retirement, redemption or other taxable disposition of a Note, you generally will recognize gain or loss equal to the difference, if any, between the amount realized upon the sale, exchange, retirement, redemption or other taxable disposition (less any amount attributable to accrued and unpaid stated interest, which will be treated in the manner described above) and the adjusted tax basis of the Note. Your adjusted tax basis in a Note will, in general, be your cost for that Note. Any gain or loss will generally be capital gain or loss and will generally be long-term capital gain or loss if you have held the Note for more than one year. Long-term capital gains of non-corporate U.S. holders (including individuals) are eligible for reduced rates of taxation. The deductibility of capital losses is subject to limitations.

In certain circumstances, United States Treasury regulations require losses in excess of a threshold amount to be reported to the IRS. U.S. holders should consult their tax advisors to determine any reporting obligations they may have with respect to the sale, exchange, retirement, redemption or other taxable disposition of a Note.

Certain Tax Considerations for Non-U.S. Holders

The following is a summary of certain United States federal income tax considerations that will apply for non-U.S. holders of the Notes.

United States Federal Withholding Tax. Subject to the discussions of backup withholding and FATCA below, United States federal withholding tax will not apply to any payment of interest on the Notes under the “portfolio interest rule,” provided that:

• interest paid on the Notes is not effectively connected with your conduct of a trade or business in the United States;

• you do not actually or constructively own 10% or more of the total combined voting power of all classes of our voting stock within the meaning of the Code and applicable United States Treasury regulations;

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• you are not a controlled foreign corporation that is actually or constructively related to us through stock ownership;

• you are not a bank whose receipt of interest on the Notes is described in Section 881(c)(3)(A) of the Code; and

• either (1) you provide your name and address on an applicable IRS Form W-8, and certify, under penalties of perjury, that you are not a United States person as defined under the Code or (2) you hold your Notes through certain foreign intermediaries and satisfy the certification requirements of applicable United States Treasury regulations. Special certification rules apply to non-U.S. holders that are pass-through entities rather than corporations or individuals.

If you cannot satisfy the requirements described above, payments of interest made to you will be subject to a 30% United States federal withholding tax, unless you provide the applicable withholding agent with a properly executed:

• IRS Form W-8BEN or Form W-8 BEN-E (or other applicable form) certifying an exemption from or reduction in withholding under the benefit of an applicable income tax treaty; or

• IRS Form W-8ECI (or other applicable form) certifying that interest paid on the Notes is not subject to withholding tax because it is effectively connected with your conduct of a trade or business in the United States (as discussed below under “— United States Federal Income Tax”).

The 30% United States federal withholding tax generally will not apply to any payment of principal or gain that you realize on the sale, exchange, retirement, redemption or other taxable disposition of a Note.

United States Federal Income Tax. If you are engaged in a trade or business in the United States and interest on the Notes is effectively connected with the conduct of that trade or business (and, if required by an applicable income tax treaty, is attributable to a United States permanent establishment), then you will be subject to United States federal income tax on that interest on a net income basis in generally the same manner as if you were a United States person as defined under the Code (although you will be exempt from the 30% withholding tax described above, provided the certification requirements discussed above in “— United States Federal Withholding Tax” are satisfied). In addition, if you are a foreign corporation, you may be subject to a branch profits tax equal to 30% (or a lower applicable income tax treaty rate) of your effectively connected earnings and profits, subject to adjustments.

Subject to the discussion of backup withholding below, any gain realized on the sale or other taxable disposition of a Note generally will not be subject to United States federal income tax unless:

• the gain is effectively connected with your conduct of a trade or business in the United States (and, if required by an applicable income tax treaty, is attributable to a United States permanent establishment), in which case such gain will be subject to United States federal income tax (and possibly branch profits tax) in generally the same manner as effectively connected interest is taxed; or

• you are an individual who is present in the United States for 183 days or more in the taxable year of that disposition, and certain other conditions are met, in which case, unless an applicable income tax treaty provides otherwise, you will be subject to a flat 30% United States federal income tax on the gain derived from the sale or other taxable disposition, which may be offset by certain United States-source capital losses.

Information Reporting and Backup Withholding

U.S. Holders. In general, information reporting requirements will apply to payments of stated interest on the Notes and the proceeds of the sale or other taxable disposition (including a retirement or redemption) of a Note paid to you (unless you establish that you are an exempt recipient such as a corporation). Backup withholding may apply to any payments described in the preceding sentence if you fail to provide a correct taxpayer identification number and a certification that you are not subject to backup withholding.

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Backup withholding is not an additional tax and any amounts withheld under the backup withholding rules may be allowed as a refund or a credit against your United States federal income tax liability provided the required information is timely furnished to the IRS.

Non-U.S. Holders. Generally, the amount of interest paid to you and the amount of tax, if any, withheld with respect to those payments will be reported to the IRS. Copies of the information returns reporting such interest payments and any withholding may also be made available to the tax authorities in the country in which you reside under the provisions of an applicable income tax treaty.

In general, you will not be subject to backup withholding with respect to payments of interest on the Notes that we make to you, provided that the applicable withholding agent does not have actual knowledge or reason to know that you are a United States person as defined under the Code, and such withholding agent has received from you the required certification that you are a non-U.S. holder described above in the fifth bullet point under “— Certain Tax Considerations for Non-U.S. Holders — United States Federal Withholding Tax.”

Information reporting and, depending on the circumstances, backup withholding will apply to the proceeds of a sale or other taxable disposition (including a retirement or redemption) of Notes within the United States or conducted through certain United States-related financial intermediaries, unless you certify to the payor under penalties of perjury that you are a non-U.S. holder (and the payor does not have actual knowledge or reason to know that you are a United States person as defined under the Code), or you otherwise establish an exemption.

Backup withholding is not an additional tax and any amounts withheld under the backup withholding rules may be allowed as a refund or a credit against your United States federal income tax liability provided the required information is timely furnished to the IRS.

Foreign Account Tax Compliance Act

Under Sections 1471 through 1474 of the Code (such Sections commonly referred to as “FATCA”), a 30% United States federal withholding tax may apply to any interest paid on the Notes to (i) a “foreign financial institution” (as specifically defined in the Code and whether such foreign financial institution is the beneficial owner or an intermediary) which does not provide sufficient documentation, typically on IRS Form W-8 BEN-E, evidencing either (x) an exemption from FATCA, or (y) its compliance (or deemed compliance) with FATCA (which may alternatively be in the form of compliance with an intergovernmental agreement with the United States) in a manner which avoids withholding, or (ii) a “non-financial foreign entity” (as specifically defined in the Code and whether such non-financial foreign entity is the beneficial owner or an intermediary) which does not provide sufficient documentation, typically on IRS Form W-8 BEN-E, evidencing either (x) an exemption from FATCA, or (y) adequate information regarding certain substantial United States beneficial owners of such entity (if any). If an interest payment is both subject to withholding under FATCA and subject to the withholding tax discussed above under “— Certain Tax Considerations for Non-U.S. Holders — United States Federal Withholding Tax,” an applicable withholding agent may credit the withholding under FATCA against, and therefore reduce, such other withholding tax. While withholding under FATCA would also have applied to payments of gross proceeds from the sale or other taxable disposition of the Notes, proposed United States Treasury regulations (upon which taxpayers may rely until final regulations are issued) eliminate FATCA withholding on payments of gross proceeds entirely. You should consult your own tax advisors regarding these rules and whether they may be relevant to your purchase, ownership and disposition of the Notes.

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UNDERWRITING

Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Morgan Stanley & Co. LLC, SMBC Nikko Securities America, Inc. and Truist Securities, Inc. are acting as representatives of each of the several underwriters named below. Subject to the terms and conditions set forth in an underwriting agreement among us and the underwriters, we have agreed to sell to the underwriters, and each of the underwriters has agreed, severally and not jointly, to purchase from us, the aggregate principal amount of Notes set forth opposite its name below.

|  | Underwriter |  | Principal Amount of Notes |  |
Citigroup Global Markets Inc. |  | $ |  |
Deutsche Bank Securities Inc. |  | $ |  |
Morgan Stanley & Co. LLC |  | $ |  |
SMBC Nikko Securities America, Inc. |  | $ |  |
Truist Securities, Inc. |  | $ |  |
Total |  | $ |  |

Subject to the terms and conditions set forth in the underwriting agreement, the underwriters have agreed, severally and not jointly, to purchase all of the Notes sold under the underwriting agreement if any of these Notes are purchased. If an underwriter defaults, the underwriting agreement provides that the purchase commitments of the nondefaulting underwriters may be increased or the underwriting agreement may be terminated.

We have agreed to indemnify the underwriters against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”), or to contribute to payments the underwriters may be required to make in respect of those liabilities.

The underwriters are offering the Notes, subject to prior sale, when, as and if issued to and accepted by them, subject to approval of legal matters by their counsel, including the validity of the Notes, and other conditions contained in the underwriting agreement, such as the receipt by the underwriters of officers’ certificates and legal opinions. The underwriters reserve the right to withdraw, cancel or modify offers to the public and to reject orders in whole or in part.

Discount

The following table shows the per Note and total underwriting discount that we are to pay to the underwriters in connection with this offering.

|  |  |  | Per Note |  | Total |  |
Public offering price |  | % |  | $ |  |
Underwriting discount (sales load) |  | % |  | $ |  |
Proceeds to us, before expenses |  | % |  | $ |  |

The underwriters propose to offer some of the Notes to the public at the public offering price set forth on the cover page of this prospectus supplement, and some of the Notes to certain other Financial Industry Regulatory Authority, or FINRA, members at the public offering price less a concession not in excess of % of the aggregate principal amount of the Notes. The underwriters may allow, and the dealers may reallow, a discount not in excess of % of the aggregate principal amount of the Notes. After the initial offering of the Notes to the public, the public offering price and such concessions may be changed. No such change shall change the amount of proceeds to be received by us as set forth on the cover page of this prospectus supplement.

The expenses of the offering, not including the underwriting discount, are estimated at $ million and are payable by us.

No Sales of Similar Securities

Subject to certain exceptions, we have agreed not to directly or indirectly, offer, pledge, sell, contract to sell, grant any option for the sale of or otherwise transfer or dispose of any debt securities issued or guaranteed by us or any securities convertible into or exercisable or exchangeable for debt securities issued or guaranteed by us or file

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any registration statement under the Securities Act with respect to any of the foregoing through the closing date of this offering without first obtaining the written consent of the representatives. This consent may be given at any time without public notice.

Listing

The Notes are a new issue of securities with no established trading market. The Notes will not be listed on any securities exchange or quoted on any automated dealer quotation system.

We have been advised by certain of the underwriters that they currently intend to make a market in the Notes after completion of the offering as permitted by applicable laws and regulations. The underwriters are not obligated, however, to make a market in the Notes and any such market-making may be discontinued at any time in the sole discretion of the underwriters without any notice. Accordingly, no assurance can be given as to the liquidity of, or development of a public trading market for, the Notes. If an active public trading market for the Notes does not develop, the market price and liquidity of the Notes may be adversely affected.

Price Stabilization, Short Positions

In connection with the offering, the underwriters may purchase and sell Notes in the open market. These transactions may include over-allotment, covering transactions and stabilizing transactions. Over-allotment involves sales of Notes in excess of the aggregate principal amount of Notes to be purchased by the underwriters in the offering, which creates a short position for the underwriters. Covering transactions involve purchases of the Notes in the open market after the distribution has been completed in order to cover short positions. Stabilizing transactions consist of certain bids or purchases of Notes made for the purpose of preventing or retarding a decline in the market price of the Notes while the offering is in progress.

The underwriters also may impose a penalty bid. This occurs when a particular underwriter repays to the underwriters a portion of the underwriting discount received by it because the representatives have repurchased Notes sold by or for the account of such underwriter in stabilizing or short covering transactions.

Any of these activities may cause the price of the Notes to be higher than the price that otherwise would exist in the open market in the absence of such transactions. These transactions may be effected in the over-the-counter market or otherwise and, if commenced, may be discontinued at any time without any notice relating thereto.

Neither we nor any of the underwriters make any representation or prediction as to the direction or magnitude of any effect that the transactions described above may have on the price of the Notes. In addition, neither we nor any of the underwriters make any representation that the representatives will engage in these transactions or that these transactions, once commenced, will not be discontinued without notice.

Other Relationships

The underwriters and their respective affiliates are full service financial institutions engaged in various activities, which may include sales and trading, commercial and investment banking, advisory, investment management, investment research, principal investment, hedging, market making, brokerage, valuation services and other financial and non-financial activities and services. Certain of the underwriters and their respective affiliates have provided, currently provide, and may in the future provide, a variety of these services to us and to persons and entities with relationships with us, for which they received or will receive customary fees and expenses. For example, certain of the underwriters and their affiliates are underwriters in connection with the Company’s debt and equity offerings, for which they receive customary fees. Additionally, affiliates of certain underwriters are lenders under the credit facilities of the Company and its subsidiaries.

In the ordinary course of their various business activities, the underwriters and their respective affiliates, officers, directors and employees may purchase, sell or hold a broad array of investments and actively trade securities, derivatives, loans, commodities, currencies, credit default swaps and other financial instruments for their own account and for the accounts of their customers, and such investment and trading activities may involve or relate to assets, securities or instruments of us (directly, as collateral securing other obligations or otherwise) or persons and entities with relationships with us. Certain of the underwriters and their affiliates that have a lending relationship with us routinely hedge their credit exposure to us consistent with their customary risk management policies.

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Typically, such underwriters and their affiliates would hedge such exposure by entering into transactions which consist of either the purchase of credit default swaps or the creation of short positions in our securities, including potentially the Notes offered hereby. Any such credit default swaps or short positions could adversely affect future trading prices of the Notes offered hereby. The underwriters and their respective affiliates may also communicate independent investment recommendations, market color or trading ideas or publish or express independent research views in respect of such assets, securities or instruments and may at any time hold, or recommend to clients that they should acquire, long or short positions in such assets, securities and instruments.

The net proceeds of this offering may be used to pay down a portion of the outstanding indebtedness under the Revolving Credit Facility or the SPV Financing Facilities. Affiliates of certain of the underwriters are lenders under the Revolving Credit Facility or the SPV Financing Facilities. Accordingly, affiliates of certain of the underwriters may receive more than 5% of the proceeds of this offering to the extent such proceeds are used to repay or repurchase outstanding indebtedness under the Revolving Credit Facility or the SPV Financing Facilities.

Certain funds or accounts managed by the affiliates of the Advisers may purchase Notes in the transaction through the underwriters at the public offering price.

Settlement

We expect that delivery of the Notes will be made to investors on or about October , 2025, which will be the business day following the date hereof. Under Rule 15c6-1 under the Exchange Act, trades in the secondary market are required to settle in one business day, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade Notes prior to the business day before the delivery of the Notes will be required, by virtue of the fact that the Notes initially settle in T+ , to specify an alternate settlement arrangement at the time of any such trade to prevent a failed settlement and should consult their own advisors.

Principal Business Addresses

The principal business address of Citigroup Global Markets Inc. is 388 Greenwich Street, New York, New York 10013. The principal business address of Deutsche Bank Securities Inc. is 1 Columbus Circle, New York, New York 10019. The principal business address of Morgan Stanley & Co. LLC is 1585 Broadway, New York, New York 10036. The principal business address of SMBC Nikko Securities America, Inc. is 277 Park Avenue, Fifth Floor, New York, New York 10172. The principal business address of Truist Securities, Inc. is 50 Hudson Yards, 70th Floor, New York, New York 10001.

Disclaimers About Non-U.S. Jurisdictions

Notice to Prospective Investors in the European Economic Area

The Notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the European Economic Area (“EEA”). For the purposes of this provision:

(a) the expression “retail investor” means a person who is one (or more) of the following:

(i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, “MiFID II”); or

(ii) a customer within the meaning of Directive (EU) 2016/97 (as amended, the “Insurance Distribution Directive”), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or

(iii) not a qualified investor as defined in Regulation (EU) 2017/1129 (as amended, the “Prospectus Regulation”); and

(b) the expression “offer” includes the communication in any form and by any means of sufficient information on the terms of the offer and the Notes to be offered so as to enable an investor to decide to purchase or subscribe for the Notes.

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Consequently, no key information document required by Regulation (EU) No 1286/2014 (as amended, the “PRIIPs Regulation”) for offering or selling the Notes or otherwise making them available to retail investors in the EEA has been prepared and therefore offering or selling the Notes or otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPs Regulation. This prospectus supplement has been prepared on the basis that any offer of Notes in any member state of the EEA will be made pursuant to an exemption under the Prospectus Regulation from the requirement to publish a prospectus for offers of Notes. This prospectus supplement is not a prospectus for the purposes of the Prospectus Regulation.

Notice to Prospective Investors in the United Kingdom

The Notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the United Kingdom. For the purposes of this provision:

(a) the expression “retail investor” means a person who is one (or more) of the following:

(i) a retail client as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 (“EUWA”); or

(ii) a customer within the meaning of the provisions of the Financial Services and Markets Act 2000 (as amended, the “FSMA”) of the United Kingdom and any rules or regulations made under the FSMA to implement Directive (EU) 2016/97, where that customer would not qualify as a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of domestic law by virtue of the EUWA; or

(iii) not a qualified investor as defined in Article 2 of the Prospectus Regulation as it forms part of domestic law by virtue of the EUWA (the “UK Prospectus Regulation”); and

(b) the expression “offer” includes the communication in any form and by any means of sufficient information on the terms of the offer and the Notes to be offered so as to enable an investor to decide to purchase or subscribe for the Notes.

Consequently, no key information document required by Regulation (EU) No 1286/2014 as it forms part of domestic law by virtue of the EUWA (the “UK PRIIPs Regulation”) for offering or selling the Notes or otherwise making them available to retail investors in the UK has been prepared and therefore offering or selling the Notes or otherwise making them available to any retail investor in the UK may be unlawful under the UK PRIIPs Regulation. This prospectus supplement has been prepared on the basis that any offer of Notes in the UK will be made pursuant to an exemption under the UK Prospectus Regulation from the requirement to publish a prospectus for offers of Notes. This prospectus supplement is not a prospectus for the purposes of the UK Prospectus Regulation.

This prospectus supplement and any other material in relation to the Notes is only being distributed to, and is directed only at, persons in the United Kingdom who are “qualified investors” (as defined in the UK Prospectus Regulation who are also (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the “Order”), or (ii) high net worth entities or other persons falling within Articles 49(2)(a) to (d) of the Order, or (iii) persons to whom it would otherwise be lawful to distribute it, all such persons together being referred to as “Relevant Persons”. The Notes are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such Notes will be engaged in only with, Relevant Persons. This prospectus supplement and its contents are confidential and should not be distributed, published or reproduced (in whole or in part) or disclosed by any recipients to any other person in the United Kingdom. Any person in the United Kingdom that is not a Relevant Person should not act or rely on this prospectus supplement or its contents. The Notes are not being offered to the public in the United Kingdom.

In addition, in the United Kingdom, each underwriter has represented and agreed the Notes may not be offered other than by an underwriter that:

• has only communicated or caused to be communicated and will only communicate or cause to be communicated an invitation or inducement to engage in investment activity (within the meaning of Section 21 of the FSMA) received by it in connection with the issue or sale of the Notes in circumstances in which Section 21(1) of the FSMA does not apply to us; and

• has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in relation to the Notes in, from or otherwise involving the United Kingdom.

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Notice to Prospective Investors in Canada

This prospectus supplement constitutes an “exempt offering document” as defined in and for the purposes of applicable Canadian securities laws. No prospectus has been filed with any securities commission or similar regulatory authority in Canada in connection with the offer and sale of the Notes. No securities commission or similar regulatory authority in Canada has reviewed or in any way passed upon this prospectus supplement or on the merits of the Notes and any representation to the contrary is an offence.

Canadian investors are advised that this prospectus supplement has been prepared in reliance on section 3A.3 of National Instrument 33-105 Underwriting Conflicts (“NI 33-105”). Pursuant to section 3A.3 of NI 33-105, the Company and the underwriters in the offering are exempt from the requirement to provide Canadian investors with certain conflicts of interest disclosure pertaining to “connected issuer” and/or “related issuer” relationships as would otherwise be required pursuant to subsection 2.1(1) of NI 33-105.

Resale Restrictions

The offer and sale of the Notes in Canada is being made on a private placement basis only and is exempt from the requirement that the Company prepares and files a prospectus under applicable Canadian securities laws. Any resale of Notes by a Canadian investor in this offering must be made in accordance with applicable Canadian securities laws, which may vary depending on the relevant jurisdiction, and which may require resales to be made in accordance with Canadian prospectus requirements, a statutory exemption from the prospectus requirements, in a transaction exempt from the prospectus requirements or otherwise under a discretionary exemption from the prospectus requirements granted by the applicable local Canadian securities regulatory authority. These resale restrictions may under certain circumstances apply to resales of the Notes outside of Canada.

Representations of Purchasers

Each Canadian investor who purchases the Notes will be deemed to have represented to the Company, the underwriters and to each dealer from whom a purchase confirmation is received, as applicable, that the investor is (i) purchasing as principal, or is deemed to be purchasing as principal in accordance with applicable Canadian securities laws; (ii) an “accredited investor” as such term is defined in section 1.1 of National Instrument 45-106 Prospectus Exemptions or, in Ontario, as such term is defined in section 73.3(1) of the Securities Act (Ontario); and (iii) a “permitted client” as such term is defined in section 1.1 of National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations.

Taxation and Eligibility for Investment

Any discussion of taxation and related matters contained in this prospectus supplement does not purport to be a comprehensive description of all of the tax considerations that may be relevant to a Canadian investor when deciding to purchase the Notes and, in particular, does not address any Canadian tax considerations. No representation or warranty is hereby made as to the tax consequences to a resident, or deemed resident, of Canada of an investment in the Notes or with respect to the eligibility of the Notes for investment by such investor under relevant Canadian federal and provincial legislation and regulations.

Rights of Action for Damages or Rescission

Securities legislation in certain of the Canadian jurisdictions provides certain purchasers of securities pursuant to a prospectus (such as this prospectus supplement), including where the distribution involves an “eligible foreign security” as such term is defined in Ontario Securities Commission Rule 45-501 Ontario Prospectus and Registration Exemptions and in Multilateral Instrument 45-107 Listing Representation and Statutory Rights of Action Disclosure Exemptions, as applicable, with a remedy for damages or rescission, or both, in addition to any other rights they may have at law, where the prospectus, or other offering document that constitutes a prospectus, and any amendment thereto, contains a “misrepresentation” as defined under applicable Canadian securities laws. These remedies, or notice with respect to these remedies, must be exercised or delivered, as the case may be, by the purchaser within the time limits prescribed under, and are subject to limitations and defences under, applicable Canadian securities legislation. In addition, these remedies are in addition to and without derogation from any other right or remedy available at law to the investor.

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Language of Documents

Upon receipt of this prospectus supplement, each Canadian investor hereby confirms that it has expressly requested that all documents evidencing or relating in any way to the sale of the securities described herein (including for greater certainty any purchase confirmation or any notice) be drawn up in the English language only. Par la réception de ce document, chaque investisseur canadien confirme par les présentes qu’il a expressément exigé que tous les documents faisant foi ou se rapportant de quelque manière que ce soit à la vente des valeurs mobilières décrites aux présentes (incluant, pour plus de certitude, toute confirmation d’achat ou tout avis) soient rédigés en anglais seulement.

Notice to Prospective Investors in Israel

Sales of the Notes in Israel will be made through the underwriters and/or through an Israeli broker(s) engaged by them. The Notes will not be offered to an Israeli person unless such offeree is a “qualified investor” (as defined in the First Appendix to the Israeli Securities Law) who is not an individual (a “Qualified Israeli Investor”) and who has (x) completed and signed a questionnaire regarding qualification as a Qualified Israel Investor and (y) certified that it has an exemption from Israeli withholding taxes on interest.

Notice to Prospective Investors in Hong Kong

The contents of this prospectus supplement have not been reviewed, approved or endorsed by any regulatory authority in Hong Kong. The Notes have not been offered or sold and will not be offered or sold in Hong Kong, by means of any document, other than (a) to “professional investors” as defined in the Securities and Futures Ordinance (Cap. 571) of Hong Kong and any rules made under that Ordinance, or the professional investors; or (b) in other circumstances which do not result in the document being a “prospectus” as defined in the Companies Ordinance (Cap. 32) of Hong Kong or which do not constitute an offer to the public within the meaning of that Ordinance. No advertisement, invitation or document relating to the Notes has been or may be issued or has been or may be in the possession of any person for the purposes of issue, whether in Hong Kong or elsewhere, which is directed at, or the contents of which are likely to be accessed or read by, the public of Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with respect to Notes which are or are intended to be disposed of only to persons outside Hong Kong or only to “professional investors”. This prospectus supplement is intended solely for the use of the person to whom it has been delivered for the purpose of evaluating a possible investment by the recipient in the Notes described herein, and is not to be reproduced or distributed to any other persons (other than professional advisors of the prospective investor receiving this prospectus supplement).

Notice to Prospective Investors in Singapore

This prospectus supplement has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, this prospectus supplement and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the Notes may not be circulated or distributed, nor may the Notes be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor (as defined in Section 4A of the Securities and Futures Act, Chapter 289 of Singapore (the “SFA”)) under Section 274 of the SFA, (ii) to a relevant person (as defined in Section 275(2) of the SFA) pursuant to Section 275(1) of the SFA, or any person pursuant to Section 275(1A) of the SFA, and in accordance with the conditions specified in Section 275 of the SFA or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA, in each case subject to conditions set forth in the SFA.

Where the Notes are subscribed or purchased under Section 275 of the SFA by a relevant person which is a corporation (which is not an accredited investor (as defined in Section 4A of the SFA)) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor, the securities (as defined in Section 239(1) of the SFA) of that corporation shall not be transferable for 6 months after that corporation has acquired the Notes under Section 275 of the SFA except: (1) to an institutional investor under Section 274 of the SFA or to a relevant person (as defined in Section 275(2) of the SFA), (2) where such transfer arises from an offer in that corporation’s securities pursuant to Section 275(1A) of

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the SFA, (3) where no consideration is or will be given for the transfer, (4) where the transfer is by operation of law, (5) as specified in Section 276(7) of the SFA, or (6) as specified in Regulation 32 of the Securities and Futures (Offers of Investments) (Shares and Debentures) Regulations 2005 of Singapore (“Regulation 32”).

Where the Notes are subscribed or purchased under Section 275 of the SFA by a relevant person which is a trust (where the trustee is not an accredited investor (as defined in Section 4A of the SFA)) whose sole purpose is to hold investments and each beneficiary of the trust is an accredited investor, the beneficiaries’ rights and interest (howsoever described) in that trust shall not be transferable for 6 months after that trust has acquired the Notes under Section 275 of the SFA except: (1) to an institutional investor under Section 274 of the SFA or to a relevant person (as defined in Section 275(2) of the SFA), (2) where such transfer arises from an offer that is made on terms that such rights or interest are acquired at a consideration of not less than S$200,000 (or its equivalent in a foreign currency) for each transaction (whether such amount is to be paid for in cash or by exchange of securities or other assets), (3) where no consideration is or will be given for the transfer, (4) where the transfer is by operation of law, (5) as specified in Section 276(7) of the SFA, or (6) as specified in Regulation 32.

Singapore Securities and Futures Act Product Classification: Solely for the purpose of its obligations pursuant to sections 309B(1)(a) and 309B(1)(c) of the SFA, the Company has determined, and hereby notifies all relevant persons (as defined in Section 309A of the SFA) that the Notes are “prescribed capital markets products” (as defined in the Securities and Futures (Capital Markets Products) Regulations 2018) and Excluded Investment Products (as defined in MAS Notice SFA 04-N12: Notice on the Sale of Investment Products and MAS Notice FAA-N 16: Notice on Recommendations on Investment Products).

Notice to Prospective Investors in Switzerland

The offer and the marketing of notes of the Company in Switzerland will be exclusively made to, and directed at, qualified investors (“Qualified Investors”), as defined in Article 10(3) and (3ter) of the Swiss Collective Investment Schemes Act (“CISA”) and its implementing ordinance, at the exclusion of qualified investors with an opting-out pursuant to Article 5(1) of the Swiss Federal Law on Financial Services (“FinSA”) and without any portfolio management or advisory relationship with a financial intermediary pursuant to Article 10(3ter) CISA (“Excluded Qualified Investors”). Accordingly, the Company has not been and will not be registered with the Swiss Financial Market Supervisory Authority (“FINMA”) and no representative or paying agent have been or will be appointed in Switzerland. This prospectus supplement and/or any other offering or marketing materials relating to the notes of the Company may be made available in Switzerland solely to Qualified Investors, at the exclusion of Excluded Qualified Investors. The legal documents of the Company may be obtained free of charge from the Company by calling us at (212) 503-2100.

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PORTFOLIO COMPANIES

The following table sets forth certain information as of June 30, 2025 for each portfolio company in which the Company had an investment. Percentages shown for class of securities held by the Company represent percentage of the class owned and do not necessarily represent voting ownership or economic ownership.

The Board approved the valuation of the Company’s investment portfolio, as of June 30, 2025, at fair value as determined in good faith using a consistently applied valuation process in accordance with the Company’s documented valuation policy that has been reviewed and approved by the Board, who also approve in good faith the valuation of such securities as of the end of each quarter. For more information relating to the Company’s investments, see the Company’s financial statements incorporated by reference in this prospectus supplement and the accompanying prospectus.

Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and Spread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 6/30/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets |
First Lien Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
First Lien Debt – non-controlled/ non-affiliated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Aerospace & Defense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Aevex Holdings, LLC |  | 440 Stevens Ave., Suite 150, Solana Beach, CA 92075 United States |  | (4)(11) |  | SOFR + 6.00% |  | 10.43% |  | 4/30/2024 |  | 3/18/2026 |  |  |  | $ | 47,071 |  | $ | 46,893 |  | $ | 46,835 |  | 0.74 | %
Corfin Holdings, Inc. |  | 1050 Perimeter Road, Manchester, NH 03103 United States |  | (4)(10) |  | SOFR + 5.25% |  | 9.68% |  | 2/5/2020 |  | 12/27/2027 |  |  |  |  | 261,327 |  |  | 259,921 |  |  | 261,327 |  | 4.16 | %
Corfin Holdings, Inc. |  | 1050 Perimeter Road, Manchester, NH 03103 United States |  | (4)(5)(10) |  | SOFR + 5.25% |  | 9.68% |  | 1/10/2025 |  | 12/27/2027 |  |  |  |  | 1,564 |  |  | 1,551 |  |  | 1,564 |  | 0.02 | %
Fastener Distribution Holdings, LLC |  | 201 East John Carpenter Freeway, Mandalay Tower 3, Suite 700, Irving, TX 75062 United States |  | (4)(7)(10) |  | SOFR + 4.75% |  | 9.08% |  | 10/31/2024 |  | 11/4/2031 |  |  |  |  | 30,860 |  |  | 30,528 |  |  | 30,648 |  | 0.49 | %
Frontgrade Technologies Holdings, Inc. |  | 4350 Centennial Blvd Colorado Springs, CO, 80907 United States |  | (4)(5)(7)(10) |  | SOFR + 5.00% |  | 9.32% |  | 1/9/2023 |  | 1/9/2030 |  |  |  |  | 2,335 |  |  | 2,284 |  |  | 2,335 |  | 0.04 | %
Frontgrade Technologies Holdings, Inc. |  | 4350 Centennial Blvd Colorado Springs, CO, 80907 United States |  | (4)(5)(10) |  | SOFR + 5.00% |  | 9.31% |  | 3/18/2025 |  | 1/9/2030 |  |  |  |  | 354 |  |  | 351 |  |  | 354 |  | 0.01 | %
Horizon CTS Buyer, LLC |  | 490 1st Ave South, Suite 600 St. Petersburg, FL United States 33701 |  | (4)(5)(7)(10) |  | SOFR + 4.50% |  | 8.80% |  | 3/28/2025 |  | 3/28/2032 |  |  |  |  | 1,080 |  |  | 1,066 |  |  | 1,066 |  | 0.02 | %
MAG DS Corp. |  | 3580 Groupe Drive Suite 200 Woodbridge VA 22192 United States |  | (11) |  | SOFR + 5.50% |  | 9.90% |  | 4/1/2020 |  | 4/1/2027 |  |  |  |  | 79,123 |  |  | 77,097 |  |  | 76,551 |  | 1.22 | %
Magneto Components BuyCo, LLC |  | 311 Sinclair Rd, Bristol, PA 19007 United States |  | (4)(7)(10) |  | SOFR + 6.00% |  | 10.30% (incl. 2.57% PIK) |  | 12/5/2023 |  | 12/5/2030 |  |  |  |  | 33,758 |  |  | 33,018 |  |  | 32,972 |  | 0.52 | %
Maverick Acquisition, Inc. |  | 3063 Philmont Ave B, Huntingdon Valley, PA 19006 United States |  | (4)(11)(17) |  | SOFR + 6.25% |  | 10.55% |  | 6/1/2021 |  | 6/1/2027 |  |  |  |  | 18,456 |  |  | 18,305 |  |  | 10,151 |  | 0.16 | %
Maverick Acquisition, Inc. |  | 3063 Philmont Ave B, Huntingdon Valley, PA 19006 United States |  | (4)(5)(7)(11) |  | SOFR + 6.25% |  | 10.69% |  | 3/4/2025 |  | 6/1/2027 |  |  |  |  | 276 |  |  | 276 |  |  | 276 |  | 0.00 | %

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Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and Spread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 6/30/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets |
First Lien Debt – non-controlled/ non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Aerospace & Defense (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
TCFI AEVEX, LLC |  | 440 Stevens Ave., Suite 150, Solana Beach, CA 92075 United States |  | (4)(11) |  | SOFR + 6.00% |  | 10.43% |  | 3/17/2020 |  | 3/18/2026 |  |  |  | $ | 108,517 |  | $ | 108,251 |  | $ | 107,975 |  | 1.72 | %
West Star Aviation Acquisition, LLC |  | 796 Heritage Way, Grand Junction, CO 81506 United States |  | (4)(5)(10) |  | SOFR + 4.50% |  | 8.80% |  | 5/20/2025 |  | 5/20/2032 |  |  |  |  | 2,152 |  |  | 2,136 |  |  | 2,136 |  | 0.03 | %
West Star Aviation Acquisition, LLC |  | 796 Heritage Way, Grand Junction, CO 81506 United States |  | (4)(5)(7)(10) |  | SOFR + 4.50% |  | 8.80% |  | 5/20/2025 |  | 5/20/2032 |  |  |  |  | 60 |  |  | 56 |  |  | 56 |  | 0.00 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 581,733 |  |  | 574,246 |  | 9.13 | %
Air Freight & Logistics |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
AGI-CFI Holdings, Inc. |  | 9130 S Dadeland Blvd Ste 1801, Miami, FL, 33156-7858 United States |  | (4)(10) |  | SOFR + 4.75% |  | 9.20% |  | 6/11/2021 |  | 6/11/2027 |  |  |  |  | 93,889 |  |  | 93,254 |  |  | 93,889 |  | 1.49 | %
AGI-CFI Holdings, Inc. |  | 9130 S Dadeland Blvd Ste 1801, Miami, FL, 33156-7858 United States |  | (4)(5)(10) |  | SOFR + 4.75% |  | 9.18% |  | 3/19/2025 |  | 6/11/2027 |  |  |  |  | 6,118 |  |  | 6,091 |  |  | 6,118 |  | 0.10 | %
ENV Bidco, AB |  | Staffans väg 2A SE-192 78 Sollentuna, Sweden |  | (4)(5)(6)(10) |  | SOFR + 5.00% |  | 9.30% |  | 12/12/2024 |  | 7/19/2029 |  |  |  |  | 1,115 |  |  | 1,100 |  |  | 1,115 |  | 0.02 | %
ENV Bidco, AB |  | Staffans väg 2A SE-192 78 Sollentuna, Sweden |  | (4)(5)(6)(7)(8) |  | E + 5.00% |  | 6.98% |  | 12/12/2024 |  | 7/19/2029 |  |  |  | EUR | 1,337 |  |  | 1,351 |  |  | 1,571 |  | 0.02 | %
Mode Purchaser, Inc. |  | 17330 Preston Rd., Suite 200 C Dallas, TX 75252 United States |  | (4)(11) |  | SOFR + 6.25% |  | 10.70% |  | 12/9/2019 |  | 12/9/2027 |  |  |  |  | 138,170 |  |  | 137,597 |  |  | 134,024 |  | 2.13 | %
Mode Purchaser, Inc. |  | 17330 Preston Rd., Suite 200 C Dallas, TX 75252 United States |  | (4)(11) |  | SOFR + 6.25% |  | 10.70% |  | 2/4/2022 |  | 12/9/2027 |  |  |  |  | 3,944 |  |  | 3,903 |  |  | 3,826 |  | 0.06 | %
R1 Holdings, LLC |  | 1 Kellaway Dr, Randolph, MA 02368 United States |  | (4)(5)(7)(11) |  | SOFR + 6.25% |  | 10.49% |  | 12/30/2022 |  | 12/30/2028 |  |  |  |  | 1,326 |  |  | 1,303 |  |  | 1,278 |  | 0.02 | %
RWL Holdings, LLC |  | 767 5th Ave #4200, New York, NY 10153 United States |  | (4)(10) |  | SOFR + 5.75% |  | 10.20% |  | 12/13/2021 |  | 12/31/2028 |  |  |  |  | 29,862 |  |  | 29,565 |  |  | 26,577 |  | 0.42 | %
SEKO Global Logistics Network, LLC |  | 1100 N. Arlington Heights Rd., Itasca, IL 60143 United States |  | (4)(5)(11) |  | SOFR + 7.00% |  | 11.33% (incl. 6.00% PIK) |  | 11/27/2024 |  | 5/27/2030 |  |  |  |  | 1,983 |  |  | 1,982 |  |  | 1,983 |  | 0.03 | %
SEKO Global Logistics Network, LLC |  | 1100 N. Arlington Heights Rd., Itasca, IL 60143 United States |  | (4)(5)(11) |  | SOFR + 10.00% |  | 14.33% (incl. 9.00% PIK) |  | 11/27/2024 |  | 11/27/2029 |  |  |  |  | 649 |  |  | 641 |  |  | 649 |  | 0.01 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 276,787 |  |  | 271,030 |  | 4.30 | %
Auto Components |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dellner Couplers Group, AB |  | Vikavagen 144 79195 Falun, Sweden |  | (5)(6)(8) |  | E + 5.43% |  | 7.41% |  | 6/20/2024 |  | 6/18/2029 |  |  |  | EUR | 1,000 |  |  | 1,062 |  |  | 1,184 |  | 0.02 | %

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Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and Spread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 6/30/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets |
First Lien Debt – non-controlled/ non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Biotechnology |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Axsome Therapeutics, Inc. |  | One World Trade Center, 29th Floor, New York, NY 10007 |  | (4)(5)(6)(10) |  | SOFR + 4.75% |  | 9.05% |  | 5/6/2025 |  | 5/8/2030 |  |  |  | $ | 11,740 |  | $ | 11,626 |  | $ | 11,622 |  | 0.18 | %
Axsome Therapeutics, Inc. |  | One World Trade Center, 29th Floor, New York, NY 10007 |  | (4)(5)(6)(7)(10) |  | SOFR + 4.00% |  | 8.30% |  | 5/6/2025 |  | 5/8/2030 |  |  |  |  | 6,848 |  |  | 6,815 |  |  | 6,814 |  | 0.11 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 18,441 |  |  | 18,436 |  | 0.29 | %
Building Products |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fencing Supply Group Acquisition, LLC |  | 211 Perimeter Center Pkwy NE #250, Dunwoody, GA 30346 United States |  | (4)(11) |  | SOFR + 6.00% |  | 10.43% |  | 2/26/2021 |  | 2/26/2027 |  |  |  |  | 52,738 |  |  | 52,517 |  |  | 50,761 |  | 0.81 | %
Jacuzzi Brands, LLC |  | 3925 City Center Drive Suite 200, Chino Hills, CA 91709 United States |  | (4)(5)(10) |  | SOFR + 6.00% |  | 10.33% |  | 2/25/2019 |  | 2/25/2027 |  |  |  |  | 11,318 |  |  | 11,270 |  |  | 10,413 |  | 0.17 | %
Jacuzzi Brands, LLC |  | 3925 City Center Drive Suite 200, Chino Hills, CA 91709 United States |  | (4)(10) |  | SOFR + 6.00% |  | 10.33% |  | 2/25/2019 |  | 2/25/2027 |  |  |  |  | 77,867 |  |  | 77,588 |  |  | 71,638 |  | 1.14 | %
L&S Mechanical Acquisition, LLC |  | 1101 E Arapaho Rd, Suite 190, Richardson, TX 75081, United States |  | (4)(10) |  | SOFR + 6.25% |  | 10.58% |  | 9/1/2021 |  | 9/1/2027 |  |  |  |  | 14,982 |  |  | 14,853 |  |  | 14,832 |  | 0.24 | %
Lindstrom, LLC |  | 2950 100th Court Northeast, Blaine, MN 55449 United States |  | (4)(11) |  | SOFR + 6.25% |  | 10.67% |  | 4/5/2019 |  | 5/1/2027 |  |  |  |  | 119,638 |  |  | 119,339 |  |  | 118,442 |  | 1.88 | %
Windows Acquisition Holdings, Inc. |  | 235 Sunshine Road Royal, AR 71968 United States |  | (4)(5)(11) |  | SOFR + 6.50% |  | 10.95% |  | 12/29/2020 |  | 12/29/2026 |  |  |  |  | 53,029 |  |  | 52,782 |  |  | 42,026 |  | 0.67 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 328,349 |  |  | 308,112 |  | 4.91 | %
Chemicals |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
DCG Acquisition Corp. |  | 45 Rockefeller Plaza 20th Floor, New York, NY 10111 United States |  | (4)(7)(10) |  | SOFR + 4.50% |  | 8.80% |  | 6/13/2024 |  | 6/13/2031 |  |  |  |  | 39,068 |  |  | 38,690 |  |  | 38,594 |  | 0.61 | %
Commercial Services & Supplies |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bazaarvoice, Inc. |  | 338 Pier Avenue, Hermosa Beach CA 90254 United States |  | (4)(7)(8) |  | SOFR + 4.75% |  | 8.75% |  | 5/7/2021 |  | 5/7/2029 |  |  |  |  | 238,337 |  |  | 238,337 |  |  | 238,337 |  | 3.79 | %
CFS Brands, LLC |  | 4711 E. Hefner Rd. Oklahoma City, OK 73131 United States |  | (4)(7)(11) |  | SOFR + 5.00% |  | 9.33% |  | 12/20/2024 |  | 10/2/2030 |  |  |  |  | 129,003 |  |  | 126,794 |  |  | 129,003 |  | 2.05 | %
Divisions Holding Corp. |  | 50 W. 5th Street, Suite 300, Cincinnati, Ohio 45202 United States |  | (4)(5)(7)(10) |  | SOFR + 4.50% |  | 8.80% |  | 4/17/2025 |  | 4/17/2032 |  |  |  |  | 1,610 |  |  | 1,593 |  |  | 1,593 |  | 0.03 | %
ELK Bidco, Inc. |  | Elk Bidco, Inc. 9701 E. I-20 Eastland, Texas 76448 |  | (4)(5)(7)(9) |  | SOFR + 4.50% |  | 8.82% |  | 6/13/2025 |  | 6/13/2032 |  |  |  |  | 17,987 |  |  | 17,872 |  |  | 17,871 |  | 0.28 | %

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Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and Spread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 6/30/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets |
First Lien Debt – non-controlled/ non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial Services & Supplies (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
EMB Purchaser, Inc. |  | 35 Philmack Drive, Middletown, CT 06457 United States |  | (4)(10) |  | SOFR + 4.50% |  | 8.82% |  | 3/13/2025 |  | 3/13/2032 |  |  |  | $ | 27,452 |  | $ | 27,190 |  | $ | 27,178 |  | 0.43 | %
EMB Purchaser, Inc. |  | 35 Philmack Drive, Middletown, CT 06457 United States |  | (4)(5)(7)(10) |  | SOFR + 4.50% |  | 8.83% |  | 3/13/2025 |  | 3/13/2032 |  |  |  |  | 6,382 |  |  | 6,241 |  |  | 6,184 |  | 0.10 | %
FusionSite Midco, LLC |  | 5611 Ohio Ave, Nashville, TN 37209 United States |  | (4)(7)(11) |  | SOFR + 5.00% |  | 9.56% |  | 4/30/2025 |  | 11/17/2029 |  |  |  |  | 57,837 |  |  | 56,900 |  |  | 57,501 |  | 0.91 | %
Gatekeeper Systems, Inc. |  | 90 Icon, Foothill Ranch, CA 92610, United States |  | (4)(10) |  | SOFR + 5.00% |  | 9.33% |  | 8/27/2024 |  | 8/28/2030 |  |  |  |  | 44,225 |  |  | 43,654 |  |  | 43,451 |  | 0.69 | %
Gatekeeper Systems, Inc. |  | 90 Icon, Foothill Ranch, CA 92610, United States |  | (4)(5)(7)(10) |  | SOFR + 5.00% |  | 9.33% |  | 8/27/2024 |  | 8/28/2030 |  |  |  |  | 4,945 |  |  | 4,770 |  |  | 4,704 |  | 0.07 | %
Gorilla Investor, LLC |  | 712 Fifth Avenue, 44th Floor, New York, NY 10019, United States |  | (4)(10) |  | SOFR + 5.00% |  | 9.30% |  | 9/26/2024 |  | 9/30/2031 |  |  |  |  | 24,805 |  |  | 24,363 |  |  | 24,557 |  | 0.39 | %
Ground Penetrating Radar Systems, LLC |  | 1901 Indian Wood Cir Maumee, OH 43537 |  | (4)(5)(10) |  | SOFR + 4.50% |  | 8.80% |  | 1/2/2025 |  | 1/2/2032 |  |  |  |  | 2,958 |  |  | 2,931 |  |  | 2,936 |  | 0.05 | %
Ground Penetrating Radar Systems, LLC |  | 1901 Indian Wood Cir Maumee, OH 43537 |  | (4)(5)(7)(10) |  | SOFR + 4.50% |  | 8.80% |  | 1/2/2025 |  | 1/2/2032 |  |  |  |  | 57 |  |  | 51 |  |  | 52 |  | 0.00 | %
Iris Buyer, LLC |  | 1501 Yamato Road, Boca Raton, FL 33431 United States |  | (4)(11) |  | SOFR + 5.25% |  | 9.53% |  | 10/2/2023 |  | 10/2/2030 |  |  |  |  | 25,324 |  |  | 24,802 |  |  | 25,324 |  | 0.40 | %
Iris Buyer, LLC |  | 1501 Yamato Road, Boca Raton, FL 33431 United States |  | (4)(5)(11) |  | SOFR + 5.25% |  | 9.55% |  | 10/2/2023 |  | 10/2/2030 |  |  |  |  | 2,388 |  |  | 2,347 |  |  | 2,388 |  | 0.04 | %
Iris Buyer, LLC |  | 1501 Yamato Road, Boca Raton, FL 33431 United States |  | (4)(5)(7)(11) |  | SOFR + 5.25% |  | 9.58% |  | 10/2/2023 |  | 10/2/2029 |  |  |  |  | 1,102 |  |  | 1,030 |  |  | 1,102 |  | 0.02 | %
Iris Buyer, LLC |  | 1501 Yamato Road, Boca Raton, FL 33431 United States |  | (4)(5)(7)(11) |  | SOFR + 5.25% |  | 9.56% |  | 2/4/2025 |  | 10/2/2030 |  |  |  |  | 907 |  |  | 859 |  |  | 907 |  | 0.01 | %
Java Buyer, Inc. |  | 191 4th St W Ketchum, ID, 83340 United States |  | (4)(10) |  | SOFR + 5.00% |  | 9.28% |  | 12/15/2021 |  | 12/15/2027 |  |  |  |  | 4,158 |  |  | 4,126 |  |  | 4,158 |  | 0.07 | %
Java Buyer, Inc. |  | 191 4th St W Ketchum, ID, 83340 United States |  | (4)(5)(10) |  | SOFR + 5.00% |  | 9.28% |  | 12/15/2021 |  | 12/15/2027 |  |  |  |  | 2,881 |  |  | 2,863 |  |  | 2,881 |  | 0.05 | %
Java Buyer, Inc. |  | 191 4th St W Ketchum, ID, 83340 United States |  | (4)(5)(10) |  | SOFR + 5.00% |  | 9.28% |  | 11/9/2023 |  | 12/15/2027 |  |  |  |  | 1,624 |  |  | 1,598 |  |  | 1,624 |  | 0.03 | %
Java Buyer, Inc. |  | 191 4th St W Ketchum, ID, 83340 United States |  | (4)(5)(7)(10) |  | SOFR + 5.00% |  | 9.28% |  | 6/28/2024 |  | 12/15/2027 |  |  |  |  | 2,438 |  |  | 2,417 |  |  | 2,438 |  | 0.04 | %

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Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and Spread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 6/30/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets |
First Lien Debt – non-controlled/ non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial Services & Supplies (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Java Buyer, Inc. |  | 191 4th St W Ketchum, ID, 83340 United States |  | (4)(5)(7)(10) |  | SOFR + 5.00% |  | 9.33% |  | 5/9/2025 |  | 12/15/2027 |  |  |  | $ | 147 |  | $ | 146 |  | $ | 147 |  | 0.00 | %
JSS Holdings, Inc. |  | 180 North Stetson, 29th Floor, Chicago, IL 60601 United States |  | (4)(10) |  | SOFR + 5.25% |  | 9.57% (incl. 3.00% PIK) |  | 12/17/2020 |  | 11/8/2031 |  |  |  |  | 286,201 |  |  | 283,913 |  |  | 286,201 |  | 4.55 | %
JSS Holdings, Inc. |  | 180 North Stetson, 29th Floor, Chicago, IL 60601 United States |  | (4)(5)(10) |  | SOFR + 5.25% |  | 9.57% (incl. 3.00% PIK) |  | 12/29/2021 |  | 11/8/2031 |  |  |  |  | 4,943 |  |  | 4,907 |  |  | 4,943 |  | 0.08 | %
JSS Holdings, Inc. |  | 180 North Stetson, 29th Floor, Chicago, IL 60601 United States |  | (4)(7)(10) |  | SOFR + 5.25% |  | 9.55% (incl. 3.00% PIK) |  | 11/8/2024 |  | 11/8/2031 |  |  |  |  | 31,474 |  |  | 31,160 |  |  | 31,436 |  | 0.50 | %
Knowledge Pro Buyer, Inc. |  | Country Squire Lane, Princeton Junction, NJ 8550 United States |  | (4)(7)(10) |  | SOFR + 5.00% |  | 9.43% |  | 12/10/2021 |  | 12/10/2027 |  |  |  |  | 8,389 |  |  | 8,295 |  |  | 8,385 |  | 0.13 | %
Knowledge Pro Buyer, Inc. |  | Country Squire Lane, Princeton Junction, NJ 8550 United States |  | (4)(5)(10) |  | SOFR + 5.00% |  | 9.32% |  | 6/11/2025 |  | 12/10/2027 |  |  |  |  | 102 |  |  | 101 |  |  | 102 |  | 0.00 | %
KPSKY Acquisition, Inc. |  | 500 Unicorn Park 3rd Floor, Woburn, MA 01801 United States |  | (4)(10)(18) |  | SOFR + 5.50% |  | 9.88% |  | 10/19/2021 |  | 10/19/2028 |  |  |  |  | 19,905 |  |  | 19,718 |  |  | 17,069 |  | 0.27 | %
KPSKY Acquisition, Inc. |  | 500 Unicorn Park 3rd Floor, Woburn, MA 01801 United States |  | (4)(5)(10)(18) |  | SOFR + 5.50% |  | 9.81% |  | 10/19/2021 |  | 10/19/2028 |  |  |  |  | 2,292 |  |  | 2,271 |  |  | 1,966 |  | 0.03 | %
Onex Baltimore Buyer, Inc. |  | 712 Fifth Avenue New York, NY 10019 United States |  | (4)(10)(18) |  | SOFR + 5.27% |  | 9.60% |  | 12/1/2021 |  | 12/1/2027 |  |  |  |  | 10,804 |  |  | 10,716 |  |  | 10,804 |  | 0.17 | %
Onex Baltimore Buyer, Inc. |  | 712 Fifth Avenue New York, NY 10019 United States |  | (4)(7)(11)(18) |  | SOFR + 4.75% |  | 9.06% |  | 12/1/2021 |  | 12/1/2027 |  |  |  |  | 14,667 |  |  | 14,495 |  |  | 14,667 |  | 0.23 | %
Pye-Barker Fire & Safety, LLC |  | 2500 Northwinds Parkway, Ste 200, Alpharetta, GA 30009 United States |  | (4)(10) |  | SOFR + 4.50% |  | 8.80% |  | 5/24/2024 |  | 5/24/2031 |  |  |  |  | 4,461 |  |  | 4,461 |  |  | 4,461 |  | 0.07 | %
Pye-Barker Fire & Safety, LLC |  | 2500 Northwinds Parkway, Ste 200, Alpharetta, GA 30009 United States |  | (4)(5)(10) |  | SOFR + 4.50% |  | 8.80% |  | 5/24/2024 |  | 5/24/2031 |  |  |  |  | 13,816 |  |  | 13,758 |  |  | 13,816 |  | 0.22 | %
RailPros Parent, LLC |  | 5605 N. MacArthur Blvd, Suite 650 Irving, Texas 75038 United States |  | (4)(5)(7)(10) |  | SOFR + 4.50% |  | 8.82% |  | 5/22/2025 |  | 5/24/2032 |  |  |  |  | 402 |  |  | 397 |  |  | 397 |  | 0.01 | %

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Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and Spread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 6/30/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets |
First Lien Debt – non-controlled/ non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial Services & Supplies (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
TEI Intermediate, LLC |  | 200 Innerbelt Road, Somerville, MA 02143 United States |  | (4)(10) |  | SOFR + 4.75% |  | 9.05% |  | 12/13/2024 |  | 12/15/2031 |  |  |  | $ | 25,799 |  | $ | 25,561 |  | $ | 25,670 |  | 0.41 | %
TEI Intermediate, LLC |  | 200 Innerbelt Road, Somerville, MA 02143 United States |  | (4)(5)(7)(10) |  | SOFR + 4.75% |  | 9.03% |  | 12/13/2024 |  | 12/15/2031 |  |  |  |  | 495 |  |  | 425 |  |  | 437 |  | 0.01 | %
The Hiller Companies, LLC |  | 3751 Joy Springs Drive, Mobile, AL 36693 United States |  | (4)(10) |  | SOFR + 5.00% |  | 9.30% |  | 6/20/2024 |  | 6/20/2030 |  |  |  |  | 8,172 |  |  | 8,105 |  |  | 8,111 |  | 0.13 | %
The Hiller Companies, LLC |  | 3751 Joy Springs Drive, Mobile, AL 36693 United States |  | (4)(5)(7)(10) |  | SOFR + 5.00% |  | 9.26% |  | 6/20/2024 |  | 6/20/2030 |  |  |  |  | 1,950 |  |  | 1,920 |  |  | 1,922 |  | 0.03 | %
Veregy Consolidated, Inc. |  | 23325 N. 23rd Ave, Suite 120 Phoenix, AZ 85027 United States |  | (4)(5)(7)(10) |  | SOFR + 5.00% |  | 9.26% |  | 4/16/2025 |  | 4/16/2031 |  |  |  |  | 27,765 |  |  | 27,513 |  |  | 27,504 |  | 0.44 | %
Water Holdings Acquisition, LLC |  | 2002 West Grand Parkway North, Suite 100, Katy, TX 77449, United States |  | (4)(10) |  | SOFR + 5.50% |  | 9.83% (incl. 3.00% PIK) |  | 7/31/2024 |  | 7/31/2031 |  |  |  |  | 31,551 |  |  | 31,278 |  |  | 31,551 |  | 0.50 | %
Water Holdings Acquisition, LLC |  | 2002 West Grand Parkway North, Suite 100, Katy, TX 77449, United States |  | (4)(5)(7)(10) |  | SOFR + 5.00% |  | 9.33% |  | 7/31/2024 |  | 7/31/2031 |  |  |  |  | 2,286 |  |  | 2,263 |  |  | 2,286 |  | 0.04 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,082,141 |  |  | 1,086,064 |  | 17.27 | %
Construction & Engineering |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consor Intermediate II, LLC |  | 6505 Blue Lagoon Drive, Suite 470 Miami, FL 33126 United States |  | (4)(5)(7)(10) |  | SOFR + 4.50% |  | 8.80% |  | 5/10/2024 |  | 5/10/2031 |  |  |  |  | 6,008 |  |  | 5,946 |  |  | 5,992 |  | 0.10 | %
Gannett Fleming, Inc. |  | 207 Senate Ave, Camp Hill, PA 17011, United States |  | (4)(7)(10) |  | SOFR + 4.75% |  | 8.96% |  | 8/5/2024 |  | 8/5/2030 |  |  |  |  | 64,775 |  |  | 63,880 |  |  | 64,196 |  | 1.02 | %
Home Service TopCo IV, Inc. |  | 3150 E Birch St., Brea, CA 92821, United States |  | (4)(7)(11) |  | SOFR + 4.50% |  | 8.93% |  | 6/9/2023 |  | 12/31/2027 |  |  |  |  | 37,140 |  |  | 36,497 |  |  | 37,102 |  | 0.59 | %
Home Service TopCo IV, Inc. |  | 3150 E Birch St., Brea, CA 92821, United States |  | (4)(5)(11) |  | SOFR + 4.50% |  | 8.92% |  | 2/28/2025 |  | 12/31/2027 |  |  |  |  | 2,906 |  |  | 2,893 |  |  | 2,906 |  | 0.05 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 109,216 |  |  | 110,196 |  | 1.76 | %

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Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and Spread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 6/30/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets |
First Lien Debt – non-controlled/ non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consumer Staples Distribution & Retail |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Crumbl Enterprises, LLC |  | 2570 W 600 N, Ste 200, Lindon, Utah 840 42 |  | (4)(5)(10) |  | SOFR + 4.50% |  | 8.83% |  | 4/30/2025 |  | 5/5/2032 |  |  |  | $ | 1,500 |  | $ | 1,485 |  | $ | 1,485 |  | 0.02 | %
Crumbl Enterprises, LLC |  | 2570 W 600 N, Ste 200, Lindon, Utah 840 42 |  | (4)(5)(7)(10) |  | SOFR + 4.50% |  | 8.83% |  | 4/30/2025 |  | 5/5/2032 |  |  |  |  | 20 |  |  | 18 |  |  | 18 |  | 0.00 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,503 |  |  | 1,503 |  | 0.02 | %
Containers & Packaging |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ascend Buyer, LLC |  | 1111 Busch Parkway, Buffalo Grove, IL 60089, United States |  | (4)(7)(10) |  | SOFR + 5.75% |  | 10.05% |  | 9/30/2021 |  | 9/30/2028 |  |  |  |  | 20,354 |  |  | 20,128 |  |  | 20,354 |  | 0.32 | %
Ascend Buyer, LLC |  | 1111 Busch Parkway, Buffalo Grove, IL 60089, United States |  | (4)(5)(10) |  | SOFR + 5.75% |  | 10.05% |  | 3/20/2025 |  | 9/30/2028 |  |  |  |  | 1,607 |  |  | 1,591 |  |  | 1,607 |  | 0.03 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 21,719 |  |  | 21,961 |  | 0.35 | %
Distributors |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
BP Purchaser, LLC |  | 2650 Galvin Dr, Elgin, IL 60124, United States |  | (4)(10) |  | SOFR + 5.50% |  | 10.08% |  | 12/10/2021 |  | 12/11/2028 |  |  |  |  | 7,530 |  |  | 7,459 |  |  | 6,400 |  | 0.10 | %
Bradyplus Holdings, LLC |  | 7055 S Lindell Road, Las Vegas, NV 89118 United States |  | (4)(11) |  | SOFR + 5.00% |  | 9.28% |  | 10/11/2024 |  | 10/31/2029 |  |  |  |  | 97,331 |  |  | 95,940 |  |  | 97,331 |  | 1.55 | %
Bradyplus Holdings, LLC |  | 7055 S Lindell Road, Las Vegas, NV 89118 United States |  | (4)(5)(7)(11) |  | SOFR + 5.00% |  | 9.32% |  | 10/11/2024 |  | 10/31/2029 |  |  |  |  | 945 |  |  | 901 |  |  | 945 |  | 0.02 | %
Genuine Cable Group, LLC |  | 50 Broadway, Hawthorne, NY 10532, United States |  | (4)(10) |  | SOFR + 5.75% |  | 10.18% |  | 11/1/2021 |  | 11/2/2026 |  |  |  |  | 165,642 |  |  | 164,835 |  |  | 155,703 |  | 2.48 | %
Marcone Yellowstone Buyer, Inc. |  | One City Place Ste 400 St Louis MO 63141, United States |  | (4)(5)(10) |  | SOFR + 7.00% |  | 11.44% (incl. 3.25% PIK) |  | 12/31/2021 |  | 6/23/2028 |  |  |  |  | 4,943 |  |  | 4,898 |  |  | 4,424 |  | 0.07 | %
Marcone Yellowstone Buyer, Inc. |  | One City Place Ste 400 St Louis MO 63141, United States |  | (4)(5)(10) |  | SOFR + 7.25% |  | 11.69% (incl. 3.25% PIK) |  | 11/1/2022 |  | 6/23/2028 |  |  |  |  | 1,580 |  |  | 1,556 |  |  | 1,422 |  | 0.02 | %
Marcone Yellowstone Buyer, Inc. |  | One City Place Ste 400 St Louis MO 63141, United States |  | (4)(5)(10) |  | SOFR + 7.00% |  | 11.44% (incl. 3.25% PIK) |  | 12/31/2021 |  | 6/23/2028 |  |  |  |  | 1,591 |  |  | 1,582 |  |  | 1,424 |  | 0.02 | %
NDC Acquisition Corp. |  | 402 BNA Drive, Suite 500, Nashville, TN 37217 United States |  | (4)(7)(11) |  | SOFR + 5.00% |  | 9.33% |  | 3/9/2021 |  | 3/9/2028 |  |  |  |  | 13,558 |  |  | 13,429 |  |  | 13,558 |  | 0.22 | %

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Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and Spread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 6/30/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets |
First Lien Debt – non-controlled/ non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Distributors (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
PT Intermediate Holdings III, LLC |  | 1200 Greenbriar Dr., Addison, IL 60101 United States |  | (4)(7)(10) |  | SOFR + 5.00% |  | 9.30% (incl. 1.75% PIK) |  | 4/9/2024 |  | 4/9/2030 |  |  |  | $ | 61,984 |  | $ | 61,859 |  | $ | 61,669 |  | 0.98 | %
Tailwind Colony Holding Corporation |  | 269 South Lambert Road Orange, CT 06512 United States |  | (4)(11) |  | SOFR + 6.50% |  | 10.88% |  | 11/20/2018 |  | 11/13/2026 |  |  |  |  | 47,316 |  |  | 47,207 |  |  | 45,778 |  | 0.73 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 399,666 |  |  | 388,654 |  | 6.19 | %
Diversified Consumer Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
American Restoration Holdings, LLC |  | 1585 Broadway, 37th Floor, New York, NY 10036, United States |  | (4)(5)(11) |  | SOFR + 5.00% |  | 9.38% |  | 7/19/2024 |  | 7/24/2030 |  |  |  |  | 4,602 |  |  | 4,524 |  |  | 4,602 |  | 0.07 | %
American Restoration Holdings, LLC |  | 1585 Broadway, 37th Floor, New York, NY 10036, United States |  | (4)(5)(11) |  | SOFR + 5.00% |  | 9.38% |  | 7/19/2024 |  | 7/24/2030 |  |  |  |  | 1,370 |  |  | 1,347 |  |  | 1,370 |  | 0.02 | %
American Restoration Holdings, LLC |  | 1585 Broadway, 37th Floor, New York, NY 10036, United States |  | (4)(5)(7)(11) |  | SOFR + 5.00% |  | 9.38% |  | 7/19/2024 |  | 7/24/2030 |  |  |  |  | 762 |  |  | 740 |  |  | 762 |  | 0.01 | %
American Restoration Holdings, LLC |  | 1585 Broadway, 37th Floor, New York, NY 10036, United States |  | (4)(5)(11) |  | SOFR + 5.00% |  | 9.38% |  | 7/19/2024 |  | 7/24/2030 |  |  |  |  | 3,550 |  |  | 3,490 |  |  | 3,550 |  | 0.06 | %
American Restoration Holdings, LLC |  | 1585 Broadway, 37th Floor, New York, NY 10036, United States |  | (4)(5)(7)(11) |  | SOFR + 5.00% |  | 9.40% |  | 2/19/2025 |  | 7/24/2030 |  |  |  |  | 2,645 |  |  | 2,593 |  |  | 2,645 |  | 0.04 | %
Barbri Holdings, Inc. |  | 12222 Merit Drive, Suite 1340, Dallas, TX 75251 United States |  | (4)(10) |  | SOFR + 5.00% |  | 9.32% |  | 12/20/2024 |  | 4/30/2030 |  |  |  |  | 80,581 |  |  | 79,926 |  |  | 80,581 |  | 1.28 | %
Cambium Learning Group, Inc. |  | 17855 North Dallas Parkway, Suite 400, Dallas, TX 75287, United States |  | (4)(7)(10) |  | SOFR + 5.50% |  | 9.87% |  | 7/20/2021 |  | 7/20/2028 |  |  |  |  | 284,706 |  |  | 283,465 |  |  | 284,706 |  | 4.53 | %
Charger Debt Merger Sub, LLC |  | 375 Northridge Rd. Suite 450, Atlanta, GA 30350 United States |  | (4)(5)(10) |  | SOFR + 5.00% |  | 9.30% |  | 5/31/2024 |  | 5/31/2031 |  |  |  |  | 11,867 |  |  | 11,767 |  |  | 11,867 |  | 0.19 | %
Charger Debt Merger Sub, LLC |  | 375 Northridge Rd. Suite 450, Atlanta, GA 30350 United States |  | (4)(5)(7)(10) |  | SOFR + 5.00% |  | 9.30% |  | 5/31/2024 |  | 5/31/2031 |  |  |  |  | 4,093 |  |  | 4,022 |  |  | 4,062 |  | 0.06 | %
DTA Intermediate II, Ltd. |  | 7430 East Caley Ave, Suite 320E, Centennial, CO 80111 United States |  | (4)(11) |  | SOFR + 5.50% |  | 9.80% |  | 3/27/2024 |  | 3/27/2030 |  |  |  |  | 42,538 |  |  | 41,867 |  |  | 41,900 |  | 0.67 | %

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Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and Spread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 6/30/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets |
First Lien Debt – non-controlled/ non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Diversified Consumer Services (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
DTA Intermediate II, Ltd. |  | 7430 East Caley Ave, Suite 320E, Centennial, CO 80111 United States |  | (4)(7)(11) |  | SOFR + 5.25% |  | 9.51% |  | 3/27/2024 |  | 3/27/2030 |  |  |  | $ | 5,354 |  | $ | 4,989 |  | $ | 4,902 |  | 0.08 | %
Endeavor Schools Holdings, LLC |  | 9350 South Dixie Highway, Suite 950, Miami, Florida 33156 United States |  | (4)(11) |  | SOFR + 6.25% |  | 10.52% |  | 7/18/2023 |  | 7/18/2029 |  |  |  |  | 21,795 |  |  | 21,428 |  |  | 20,324 |  | 0.32 | %
Endeavor Schools Holdings, LLC |  | 9350 South Dixie Highway, Suite 950, Miami, Florida 33156 United States |  | (4)(5)(11) |  | SOFR + 6.25% |  | 10.52% |  | 7/18/2023 |  | 7/18/2029 |  |  |  |  | 4,012 |  |  | 3,955 |  |  | 3,741 |  | 0.06 | %
Essential Services Holding Corp. |  | 139 S. English Station Road, Suite 250, Louisville, KY 40245 United States |  | (4)(5)(7)(10) |  | SOFR + 5.00% |  | 9.28% |  | 6/17/2024 |  | 6/17/2031 |  |  |  |  | 11,889 |  |  | 11,768 |  |  | 11,746 |  | 0.19 | %
Go Car Wash Management Corp. |  | 9801 Troup Ave, Kansas City, Kansas 66111, United States |  | (4)(11) |  | SOFR + 5.75% |  | 10.18% |  | 10/12/2021 |  | 12/31/2026 |  |  |  |  | 22,159 |  |  | 22,018 |  |  | 21,606 |  | 0.34 | %
Seahawk Bidco, LLC |  | 900 East 8th Avenue, Suite 106, King of Prussia, PA 19406 United States |  | (4)(7)(11) |  | SOFR + 4.75% |  | 9.07% |  | 12/18/2024 |  | 12/19/2031 |  |  |  |  | 45,146 |  |  | 44,717 |  |  | 44,850 |  | 0.71 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 542,616 |  |  | 543,214 |  | 8.63 | %
Diversified Telecommunication Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Point Broadband Acquisition, LLC |  | 3120 Fredrick Rd., Suite E, Opelika, Alabama 36801, United States |  | (4)(7)(11) |  | SOFR + 5.50% |  | 9.78% |  | 10/1/2021 |  | 10/1/2028 |  |  |  |  | 124,139 |  |  | 122,718 |  |  | 125,381 |  | 1.99 | %
Electric Utilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Qualus Power Services Corp. |  | 4040 Rev Drive Cincinatti, OH 45232 United States |  | (4)(11) |  | SOFR + 5.00% |  | 9.33% |  | 3/26/2021 |  | 3/26/2027 |  |  |  |  | 32,591 |  |  | 32,365 |  |  | 32,591 |  | 0.52 | %
Qualus Power Services Corp. |  | 4040 Rev Drive Cincinatti, OH 45232 United States |  | (4)(11) |  | SOFR + 5.00% |  | 9.33% |  | 7/27/2023 |  | 3/26/2027 |  |  |  |  | 35,256 |  |  | 34,832 |  |  | 35,256 |  | 0.56 | %
Qualus Power Services Corp. |  | 4040 Rev Drive Cincinatti, OH 45232 United States |  | (4)(7)(11) |  | SOFR + 5.00% |  | 9.29% |  | 5/9/2024 |  | 3/26/2027 |  |  |  |  | 70,748 |  |  | 69,375 |  |  | 70,579 |  | 1.12 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 136,572 |  |  | 138,426 |  | 2.20 | %

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Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and Spread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 6/30/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets |
First Lien Debt – non-controlled/ non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Electrical Equipment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Emergency Power Holdings, LLC |  | 44 S Commerce Way, Bethlehem, PA 18017 United States |  | (4)(7)(11) |  | SOFR + 4.75% |  | 9.03% |  | 8/17/2021 |  | 8/17/2030 |  |  |  | $ | 46,718 |  | $ | 46,268 |  | $ | 46,582 |  | 0.74 | %
IEM New Sub 2, LLC |  | 48205 Warm Springs Blvd, Freemont, California 94539, United States |  | (4)(7)(10) |  | SOFR + 4.75% |  | 9.05% |  | 8/8/2024 |  | 8/8/2030 |  |  |  |  | 58,212 |  |  | 57,385 |  |  | 58,113 |  | 0.92 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 103,653 |  |  | 104,695 |  | 1.66 | %
Electronic Equipment, Instruments & Components |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Albireo Energy, LLC |  | 3 Ethel Road, Suite 300, Edison, NJ 08817 United States |  | (4)(5)(11) |  | SOFR + 6.00% |  | 10.40% |  | 12/23/2020 |  | 12/23/2026 |  |  |  |  | 76,938 |  |  | 76,558 |  |  | 74,630 |  | 1.19 | %
Albireo Energy, LLC |  | 3 Ethel Road, Suite 300, Edison, NJ 08817 United States |  | (4)(5)(11) |  | SOFR + 6.00% |  | 10.36% |  | 12/23/2020 |  | 12/23/2026 |  |  |  |  | 23,093 |  |  | 23,003 |  |  | 22,400 |  | 0.36 | %
Albireo Energy, LLC |  | 3 Ethel Road, Suite 300, Edison, NJ 08817 United States |  | (4)(5)(11) |  | SOFR + 6.00% |  | 10.38% |  | 12/23/2020 |  | 12/23/2026 |  |  |  |  | 6,230 |  |  | 6,212 |  |  | 6,043 |  | 0.10 | %
Duro Dyne National Corp. |  | 13235 Reese Boulevard, West Huntersville, NC 28078 United States |  | (4)(10) |  | SOFR + 4.75% |  | 9.05% |  | 11/15/2024 |  | 11/15/2031 |  |  |  |  | 33,443 |  |  | 33,138 |  |  | 33,443 |  | 0.53 | %
Duro Dyne National Corp. |  | 13235 Reese Boulevard, West Huntersville, NC 28078 United States |  | (4)(5)(7)(10) |  | P + 3.75% |  | 11.25% |  | 11/15/2024 |  | 11/15/2031 |  |  |  |  | 480 |  |  | 405 |  |  | 450 |  | 0.01 | %
Dwyer Instruments, LLC |  | 102 Indiana Hwy. 212, Michigan City, IN 46360 United States |  | (4)(5)(7)(10) |  | SOFR + 4.75% |  | 9.05% |  | 11/15/2024 |  | 7/30/2029 |  |  |  |  | 8,368 |  |  | 8,281 |  |  | 8,316 |  | 0.13 | %
Phoenix 1 Buyer Corp. |  | 13723 Riverport Drive, St. Louis, MO 63043 United States |  | (4)(7)(10) |  | SOFR + 4.75% |  | 9.02% |  | 11/20/2023 |  | 11/20/2030 |  |  |  |  | 25,559 |  |  | 25,324 |  |  | 25,559 |  | 0.41 | %
Spectrum Safety Solutions Purchaser, LLC |  | 13995 Pasteur Blvd., Palm Beach Gardens, FL 33418, United States |  | (4)(6)(7)(9) |  | SOFR + 4.75% |  | 9.05% |  | 7/1/2024 |  | 7/1/2031 |  |  |  |  | 65,698 |  |  | 64,602 |  |  | 65,577 |  | 1.04 | %
Spectrum Safety Solutions Purchaser, LLC |  | 13995 Pasteur Blvd., Palm Beach Gardens, FL 33418, United States |  | (4)(5)(6)(9) |  | E + 4.75% |  | 6.73% |  | 7/1/2024 |  | 7/1/2031 |  |  |  | EUR | 14,989 |  |  | 15,890 |  |  | 17,656 |  | 0.28 | %
Spectrum Safety Solutions Purchaser, LLC |  | 13995 Pasteur Blvd., Palm Beach Gardens, FL 33418, United States |  | (4)(5)(6)(9) |  | E + 4.75% |  | 6.73% |  | 7/1/2024 |  | 7/1/2030 |  |  |  | EUR | 886 |  |  | 1,000 |  |  | 1,043 |  | 0.02 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 254,413 |  |  | 255,117 |  | 4.07 | %

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Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and Spread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 6/30/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets |
First Lien Debt – non-controlled/ non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Energy Equipment & Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
ISQ Hawkeye Holdco, Inc. |  | 10640 Company Highway D20 Alden, IA 50006 United States |  | (4)(5)(10) |  | SOFR + 4.75% |  | 9.13% |  | 8/20/2024 |  | 8/20/2031 |  |  |  | $ | 974 |  | $ | 958 |  | $ | 974 |  | 0.02 | %
ISQ Hawkeye Holdco, Inc. |  | 10640 Company Highway D20 Alden, IA 50006 United States |  | (4)(5)(7)(10) |  | SOFR + 4.75% |  | 9.13% |  | 8/20/2024 |  | 8/20/2030 |  |  |  |  | 64 |  |  | 61 |  |  | 64 |  | 0.00 | %
LPW Group Holdings, Inc. |  | 5775 North Sam Houston Pkwy W Suite 100, Houston, TX 77086 United States |  | (4)(7)(11) |  | SOFR + 6.00% |  | 10.42% |  | 3/15/2024 |  | 3/15/2031 |  |  |  |  | 26,594 |  |  | 25,947 |  |  | 26,594 |  | 0.42 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 26,966 |  |  | 27,632 |  | 0.44 | %
Financial Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Carr Riggs & Ingram Capital, LLC |  | 901 Boll Weevil Circle, Ste 200, Enterprise, AL 36330 United States |  | (4)(5)(9) |  | SOFR + 4.75% |  | 9.05% |  | 11/18/2024 |  | 11/18/2031 |  |  |  |  | 7,425 |  |  | 7,357 |  |  | 7,388 |  | 0.12 | %
Carr Riggs & Ingram Capital, LLC |  | 901 Boll Weevil Circle, Ste 200, Enterprise, AL 36330 United States |  | (4)(5)(7)(9) |  | SOFR + 4.75% |  | 9.08% |  | 11/18/2024 |  | 11/18/2031 |  |  |  |  | 798 |  |  | 766 |  |  | 771 |  | 0.01 | %
DM Intermediate Parent, LLC |  | 305 West Big Beaver Road, Suite 200, Troy, Michigan 48084, United States |  | (4)(5)(7)(10) |  | SOFR + 4.75% |  | 9.08% |  | 9/30/2024 |  | 9/30/2030 |  |  |  |  | 18,130 |  |  | 17,787 |  |  | 17,994 |  | 0.29 | %
Harp Finco, Ltd. |  | Level 1, IFC 1, Esplanade, St. Helier, JE2 3BX, Jersey |  | (4)(5)(6)(8) |  | S + 5.50% |  | 9.72% |  | 3/27/2025 |  | 3/27/2032 |  |  |  | GBP | 14,508 |  |  | 18,426 |  |  | 19,516 |  | 0.31 | %
More Cowbell II, LLC |  | 545 Boylston Street, 6th Floor, Boston, MA 02116 United States |  | (4)(10) |  | SOFR + 5.00% |  | 8.80% |  | 9/1/2023 |  | 9/1/2030 |  |  |  |  | 7,877 |  |  | 7,731 |  |  | 7,877 |  | 0.13 | %
More Cowbell II, LLC |  | 545 Boylston Street, 6th Floor, Boston, MA 02116 United States |  | (4)(5)(7)(10) |  | SOFR + 5.00% |  | 9.24% |  | 9/1/2023 |  | 9/1/2029 |  |  |  |  | 226 |  |  | 199 |  |  | 216 |  | 0.00 | %
PKF O’Connor Davies Advisory, LLC |  | 500 Mamaroneck Avenue, Harrison, NY 10528 United States |  | (4)(5)(7)(10) |  | SOFR + 4.50% |  | 8.81% |  | 11/15/2024 |  | 11/18/2031 |  |  |  |  | 1,045 |  |  | 1,033 |  |  | 1,037 |  | 0.02 | %
RFS Opco, LLC |  | 45 Rockefeller Plaza, Floor 5, New York, NY 10111 United States |  | (4)(7)(9) |  | SOFR + 4.75% |  | 9.05% |  | 4/4/2024 |  | 4/4/2031 |  |  |  |  | 11,827 |  |  | 11,729 |  |  | 11,823 |  | 0.19 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 65,028 |  |  | 66,622 |  | 1.07 | %

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Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and Spread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 6/30/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets |
First Lien Debt – non-controlled/ non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ground Transportation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Channelside AcquisitionCo, Inc. |  | 1208 E Kennedy Blvd Tampa, FL 33602, United States |  | (4)(5)(7)(10) |  | SOFR + 4.75% |  | 9.03% |  | 5/15/2024 |  | 5/15/2031 |  |  |  | $ | 19,604 |  | $ | 19,400 |  | $ | 19,604 |  | 0.31 | %
Health Care Equipment & Supplies |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bamboo US BidCo, LLC |  | 1 Baxter Pkwy, Deerfield, IL 60015 United States |  | (4)(5)(7)(11) |  | SOFR + 5.25% |  | 9.53% |  | 9/29/2023 |  | 9/30/2030 |  |  |  |  | 707 |  |  | 688 |  |  | 707 |  | 0.01 | %
Bamboo US BidCo, LLC |  | 1 Baxter Pkwy, Deerfield, IL 60015 United States |  | (4)(5)(11) |  | E + 5.25% |  | 7.44% |  | 9/29/2023 |  | 9/30/2030 |  |  |  | EUR | 353 |  |  | 365 |  |  | 415 |  | 0.01 | %
Bamboo US BidCo, LLC |  | 1 Baxter Pkwy, Deerfield, IL 60015 United States |  | (4)(5)(11) |  | SOFR + 5.25% |  | 9.53% |  | 11/20/2024 |  | 9/30/2030 |  |  |  |  | 106 |  |  | 104 |  |  | 106 |  | 0.00 | %
GCX Corporation Buyer, LLC |  | 3875 Cypress Drive, Petaluma, CA 94954, United States |  | (4)(10) |  | SOFR + 5.50% |  | 9.95% |  | 9/13/2021 |  | 9/13/2027 |  |  |  |  | 21,178 |  |  | 21,023 |  |  | 20,649 |  | 0.33 | %
GCX Corporation Buyer, LLC |  | 3875 Cypress Drive, Petaluma, CA 94954, United States |  | (4)(10) |  | SOFR + 5.50% |  | 9.74% |  | 9/13/2021 |  | 9/13/2027 |  |  |  |  | 5,363 |  |  | 5,328 |  |  | 5,228 |  | 0.08 | %
Zeus, LLC |  | 3740 Industrial Blvd, Orangeburg, South Carolina 29118 United States |  | (4)(7)(10) |  | SOFR + 5.50% |  | 9.80% |  | 2/28/2024 |  | 2/28/2031 |  |  |  |  | 26,585 |  |  | 26,209 |  |  | 25,702 |  | 0.41 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 53,717 |  |  | 52,807 |  | 0.84 | %
Health Care Providers & Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
123Dentist, Inc. |  | 4321 Still Creek Dr suite 200, Burnaby, BC V5C 6S7, Canada |  | (4)(5)(6)(10) |  | CA + 5.00% |  | 7.75% |  | 8/10/2022 |  | 8/10/2029 |  |  |  | CAD | 2,181 |  |  | 1,677 |  |  | 1,602 |  | 0.03 | %
123Dentist, Inc. |  | 4321 Still Creek Dr suite 200, Burnaby, BC V5C 6S7, Canada |  | (4)(5)(6)(7)(10) |  | CA + 5.00% |  | 7.75% |  | 8/9/2024 |  | 8/10/2029 |  |  |  | CAD | 181 |  |  | 111 |  |  | 133 |  | 0.00 | %
ACI Group Holdings, Inc. |  | 629 Davis Drive, Suite 300, Morrisville, NC 27560, United States |  | (4)(10) |  | SOFR + 6.00% |  | 10.43% (incl. 3.25% PIK) |  | 7/7/2023 |  | 8/2/2028 |  |  |  |  | 130,913 |  |  | 129,632 |  |  | 123,713 |  | 1.97 | %
ACI Group Holdings, Inc. |  | 629 Davis Drive, Suite 300, Morrisville, NC 27560, United States |  | (4)(5)(7)(10) |  | SOFR + 5.50% |  | 9.93% |  | 7/7/2023 |  | 8/2/2027 |  |  |  |  | 2,545 |  |  | 2,464 |  |  | 1,909 |  | 0.03 | %
ADCS Clinics Intermediate Holdings, LLC |  | 151 Southhall Lane Suite 300 Maitland FL 32751 United States |  | (4)(11) |  | SOFR + 6.25% |  | 10.48% |  | 5/7/2021 |  | 5/7/2027 |  |  |  |  | 6,743 |  |  | 6,702 |  |  | 6,743 |  | 0.11 | %

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Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and Spread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 6/30/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets |
First Lien Debt – non-controlled/ non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Health Care Providers & Services (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
ADCS Clinics Intermediate Holdings, LLC |  | 151 Southhall Lane Suite 300 Maitland FL 32751 United States |  | (4)(5)(11) |  | SOFR + 6.25% |  | 10.57% |  | 5/7/2021 |  | 5/7/2027 |  |  |  | $ | 1,616 |  | $ | 1,608 |  | $ | 1,616 |  | 0.03 | %
ADCS Clinics Intermediate Holdings, LLC |  | 151 Southhall Lane Suite 300 Maitland FL 32751 United States |  | (4)(5)(7)(11) |  | SOFR + 6.25% |  | 10.49% |  | 5/7/2021 |  | 5/7/2026 |  |  |  |  | 111 |  |  | 107 |  |  | 111 |  | 0.00 | %
Amerivet Partners Management, Inc. |  | 520 Madison Avenue, New York, NY 10022 United States |  | (4)(7)(11) |  | SOFR + 5.50% |  | 9.97% |  | 2/25/2022 |  | 2/25/2028 |  |  |  |  | 5,512 |  |  | 5,453 |  |  | 5,443 |  | 0.09 | %
Canadian Hospital Specialties, Ltd. |  | 2060 Winston Park Drive, Suite 400, Oakville, Ontario L6H 5R7 Canada |  | (4)(5)(6)(11) |  | CA + 4.50% |  | 7.57% |  | 4/15/2021 |  | 4/14/2028 |  |  |  | CAD | 29,174 |  |  | 23,173 |  |  | 21,210 |  | 0.34 | %
Canadian Hospital Specialties, Ltd. |  | 2060 Winston Park Drive, Suite 400, Oakville, Ontario L6H 5R7 Canada |  | (4)(5)(6)(7)(10) |  | CA + 4.50% |  | 7.57% |  | 4/15/2021 |  | 4/15/2027 |  |  |  | CAD | 2,220 |  |  | 1,628 |  |  | 1,604 |  | 0.03 | %
CCBlue Bidco, Inc. |  | 1148 Main St Saint Helena, CA, 94574-2013 United States |  | (4)(5)(10) |  | SOFR + 6.50% |  | 10.90% (incl. 4.00% PIK) |  | 12/21/2021 |  | 12/21/2028 |  |  |  |  | 12,215 |  |  | 12,110 |  |  | 10,200 |  | 0.16 | %
Commander Buyer, Inc. |  | Commander Buyer, Inc. 650 East 4500 South Salt Lake City, UT 84107 |  | (4)(5)(7)(10) |  | SOFR + 4.75% |  | 9.05% |  | 6/26/2025 |  | 6/26/2032 |  |  |  |  | 31,793 |  |  | 31,346 |  |  | 31,345 |  | 0.50 | %
Compsych Investments Corp. |  | 455 N. Cityfront Plaza Drive, 13th Floor, Chicago, Illinois 60611, United States |  | (4)(7)(10) |  | SOFR + 4.75% |  | 9.02% |  | 7/22/2024 |  | 7/22/2031 |  |  |  |  | 12,064 |  |  | 12,004 |  |  | 12,055 |  | 0.19 | %
DCA Investment Holdings, LLC |  | 6240 Lake Osprey Drive, Sarasota, FL 34240 United States |  | (4)(10) |  | SOFR + 6.41% |  | 10.70% |  | 3/12/2021 |  | 4/3/2028 |  |  |  |  | 32,331 |  |  | 32,176 |  |  | 30,553 |  | 0.49 | %
DCA Investment Holdings, LLC |  | 6240 Lake Osprey Drive, Sarasota, FL 34240 United States |  | (4)(5)(10) |  | SOFR + 6.50% |  | 10.80% |  | 12/28/2022 |  | 4/3/2028 |  |  |  |  | 980 |  |  | 972 |  |  | 926 |  | 0.01 | %
Epoch Acquisition, Inc. |  | 4600 Lena Drive Mechanicsburg, PA 17055 United States |  | (4)(11) |  | SOFR + 6.00% |  | 10.38% |  | 11/20/2018 |  | 10/4/2026 |  |  |  |  | 23,674 |  |  | 23,623 |  |  | 23,674 |  | 0.38 | %
Imagine 360, LLC |  | 444 W. Lake St., Suite 1800, Chicago, Illinois 60606, United States |  | (4)(7)(10) |  | SOFR + 5.00% |  | 9.30% |  | 9/18/2024 |  | 9/30/2028 |  |  |  |  | 17,069 |  |  | 16,909 |  |  | 17,042 |  | 0.27 | %
Inception Fertility Ventures, LLC |  | 4828 Loop Central Dr Suite 900, Houston, TX 77081 United States |  | (4)(7)(10) |  | SOFR + 5.50% |  | 9.78% |  | 4/29/2024 |  | 4/29/2030 |  |  |  |  | 46,496 |  |  | 46,422 |  |  | 45,680 |  | 0.73 | %

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Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and Spread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 6/30/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets |
First Lien Debt – non-controlled/ non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Health Care Providers & Services (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Jayhawk Buyer, LLC |  | 8717 West 110th Street, Suite 300 Overland Park, KS 66210 United States |  | (4)(11) |  | SOFR + 5.00% |  | 9.40% |  | 10/15/2020 |  | 10/15/2026 |  |  |  | $ | 126,345 |  | $ | 125,705 |  | $ | 120,659 |  | 1.92 | %
Kwol Acquisition, Inc. |  | 600 Park Offices Drive, Suite 200, Research Triangle Park, Durham, NC 27709 United States |  | (4)(7)(10) |  | SOFR + 4.75% |  | 9.05% |  | 12/8/2023 |  | 12/6/2029 |  |  |  |  | 6,521 |  |  | 6,383 |  |  | 6,521 |  | 0.10 | %
MB2 Dental Solutions, LLC |  | 2403 Lacy Lane, Carrollton, TX 75006 United States |  | (4)(10) |  | SOFR + 5.50% |  | 9.83% |  | 2/13/2024 |  | 2/13/2031 |  |  |  |  | 23,045 |  |  | 22,859 |  |  | 23,045 |  | 0.37 | %
MB2 Dental Solutions, LLC |  | 2403 Lacy Lane, Carrollton, TX 75006 United States |  | (4)(5)(7)(10) |  | SOFR + 5.50% |  | 9.83% |  | 2/13/2024 |  | 2/13/2031 |  |  |  |  | 2,931 |  |  | 2,893 |  |  | 2,931 |  | 0.05 | %
MB2 Dental Solutions, LLC |  | 2403 Lacy Lane, Carrollton, TX 75006 United States |  | (4)(5)(10) |  | SOFR + 5.50% |  | 9.83% |  | 2/13/2024 |  | 2/13/2031 |  |  |  |  | 3,408 |  |  | 3,385 |  |  | 3,408 |  | 0.05 | %
Navigator Acquiror, Inc. |  | 311 South Wacker Drive, 64th Floor, Chicago, IL 60606, United States |  | (4)(7)(9) |  | SOFR + 5.50% |  | 9.93% (incl. 4.00% PIK) |  | 7/16/2021 |  | 7/16/2030 |  |  |  |  | 261,258 |  |  | 260,319 |  |  | 231,097 |  | 3.68 | %
PPV Intermediate Holdings, LLC |  | 4927 NW Front Ave, Portland, OR 97210 United States |  | (4)(10) |  | SOFR + 5.75% |  | 10.08% |  | 8/31/2022 |  | 8/31/2029 |  |  |  |  | 1,967 |  |  | 1,950 |  |  | 1,967 |  | 0.03 | %
PPV Intermediate Holdings, LLC |  | 4927 NW Front Ave, Portland, OR 97210 United States |  | (4)(5)(7)(10) |  | SOFR + 6.00% |  | 10.33% |  | 9/6/2023 |  | 8/31/2029 |  |  |  |  | 199 |  |  | 195 |  |  | 198 |  | 0.00 | %
Smile Doctors, LLC |  | 295 SE Inner Loop Ste 102 Georgetown, TX, 78626-2141 United States |  | (4)(10) |  | SOFR + 5.90% |  | 10.13% |  | 6/9/2023 |  | 12/23/2028 |  |  |  |  | 10,693 |  |  | 10,570 |  |  | 10,372 |  | 0.16 | %
Smile Doctors, LLC |  | 295 SE Inner Loop Ste 102 Georgetown, TX, 78626-2141 United States |  | (4)(5)(7)(10) |  | SOFR + 5.90% |  | 10.13% |  | 6/9/2023 |  | 12/23/2028 |  |  |  |  | 2,587 |  |  | 2,530 |  |  | 2,467 |  | 0.04 | %
Snoopy Bidco, Inc. |  | 8039 Beach Blvd, Buena Park, CA United States |  | (4)(10) |  | SOFR + 6.00% |  | 10.59% |  | 6/1/2021 |  | 6/1/2028 |  |  |  |  | 344,997 |  |  | 342,192 |  |  | 330,335 |  | 5.25 | %
SpecialtyCare, Inc. |  | 111 Radio Circle, Mount Kisco NY 10549 United States |  | (4)(5)(11) |  | SOFR + 5.75% |  | 10.31% |  | 6/18/2021 |  | 6/18/2028 |  |  |  |  | 11,797 |  |  | 11,647 |  |  | 11,679 |  | 0.19 | %
SpecialtyCare, Inc. |  | 111 Radio Circle, Mount Kisco NY 10549 United States |  | (4)(5)(7)(8) |  | SOFR + 4.00% |  | 8.44% |  | 6/18/2021 |  | 6/18/2026 |  |  |  |  | 580 |  |  | 574 |  |  | 580 |  | 0.01 | %

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Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and Spread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 6/30/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets |
First Lien Debt – non-controlled/ non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Health Care Providers & Services (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
SpecialtyCare, Inc. |  | 111 Radio Circle, Mount Kisco NY 10549 United States |  | (4)(5)(11) |  | SOFR + 5.75% |  | 10.29% |  | 6/18/2021 |  | 6/18/2028 |  |  |  | $ | 102 |  | $ | 101 |  | $ | 101 |  | 0.00 | %
Stepping Stones Healthcare Services, LLC |  | 2586 Trailridge Dr E Suite 100, Lafayette, CO, 80026-3111, United States |  | (4)(10) |  | SOFR + 5.00% |  | 9.30% |  | 12/30/2021 |  | 1/2/2029 |  |  |  |  | 2,685 |  |  | 2,660 |  |  | 2,685 |  | 0.04 | %
Stepping Stones Healthcare Services, LLC |  | 2586 Trailridge Dr E Suite 100, Lafayette, CO, 80026-3111, United States |  | (4)(5)(7)(10) |  | SOFR + 5.00% |  | 9.30% |  | 4/25/2024 |  | 1/2/2029 |  |  |  |  | 203 |  |  | 196 |  |  | 203 |  | 0.00 | %
The Fertility Partners, Inc. |  | 21 St. Clair East, Suite 900, Toronto, ON M4T 1L9 Canada |  | (4)(5)(6)(10) |  | SOFR + 5.75% |  | 10.19% |  | 3/16/2022 |  | 3/16/2028 |  |  |  |  | 5,119 |  |  | 5,076 |  |  | 4,761 |  | 0.08 | %
The Fertility Partners, Inc. |  | 21 St. Clair East, Suite 900, Toronto, ON M4T 1L9 Canada |  | (4)(5)(6)(10) |  | CA + 5.75% |  | 8.80% |  | 3/16/2022 |  | 3/16/2028 |  |  |  | CAD | 4,850 |  |  | 3,770 |  |  | 3,312 |  | 0.05 | %
The Fertility Partners, Inc. |  | 21 St. Clair East, Suite 900, Toronto, ON M4T 1L9 Canada |  | (4)(5)(6)(7)(10) |  | CA + 5.75% |  | 8.80% |  | 3/16/2022 |  | 9/16/2027 |  |  |  | CAD | 278 |  |  | 210 |  |  | 186 |  | 0.00 | %
UMP Holdings, LLC |  | 5669 Peachtree Dunwoody Rd Suite 350, Atlanta, GA 30342 United States |  | (4)(5)(10) |  | SOFR + 5.75% |  | 10.03% |  | 7/15/2022 |  | 7/15/2028 |  |  |  |  | 1,081 |  |  | 1,071 |  |  | 1,073 |  | 0.02 | %
UMP Holdings, LLC |  | 5669 Peachtree Dunwoody Rd Suite 350, Atlanta, GA 30342 United States |  | (4)(5)(10) |  | SOFR + 5.75% |  | 10.03% |  | 7/15/2022 |  | 7/15/2028 |  |  |  |  | 1,480 |  |  | 1,467 |  |  | 1,469 |  | 0.02 | %
Unified Women’s Healthcare, LP |  | 1501 Yamato Road Suite 200 W, Boca Raton, FL 33431, United States |  | (4)(5)(9) |  | SOFR + 5.50% |  | 9.80% |  | 6/16/2022 |  | 6/18/2029 |  |  |  |  | 2,071 |  |  | 2,071 |  |  | 2,071 |  | 0.03 | %
Unified Women’s Healthcare, LP |  | 1501 Yamato Road Suite 200 W, Boca Raton, FL 33431, United States |  | (4)(9) |  | SOFR + 5.25% |  | 9.57% |  | 3/22/2024 |  | 6/18/2029 |  |  |  |  | 22,461 |  |  | 22,333 |  |  | 22,461 |  | 0.36 | %
Unified Women’s Healthcare, LP |  | 1501 Yamato Road Suite 200 W, Boca Raton, FL 33431, United States |  | (4)(5)(7)(9) |  | SOFR + 5.00% |  | 9.31% |  | 3/22/2024 |  | 6/18/2029 |  |  |  |  | 30,526 |  |  | 30,271 |  |  | 30,526 |  | 0.49 | %
US Oral Surgery Management Holdco, LLC |  | 201 E. John Carpenter Freeway Suite 660 Irving, TX 75062 United States |  | (4)(10) |  | SOFR + 5.25% |  | 9.68% |  | 11/18/2021 |  | 11/20/2028 |  |  |  |  | 37,021 |  |  | 36,716 |  |  | 37,021 |  | 0.59 | %
US Oral Surgery Management Holdco, LLC |  | 201 E. John Carpenter Freeway Suite 660 Irving, TX 75062 United States |  | (4)(10) |  | SOFR + 5.25% |  | 9.63% |  | 11/18/2021 |  | 11/20/2028 |  |  |  |  | 15,616 |  |  | 15,532 |  |  | 15,616 |  | 0.25 | %

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Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and Spread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 6/30/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets |
First Lien Debt – non-controlled/ non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Health Care Providers & Services (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
US Oral Surgery Management Holdco, LLC |  | 201 E. John Carpenter Freeway Suite 660 Irving, TX 75062 United States |  | (4)(7)(10) |  | SOFR + 6.00% |  | 10.40% |  | 8/16/2023 |  | 11/20/2028 |  |  |  | $ | 34,187 |  | $ | 33,741 |  | $ | 34,187 |  | 0.54 | %
US Oral Surgery Management Holdco, LLC |  | 201 E. John Carpenter Freeway Suite 660 Irving, TX 75062 United States |  | (4)(5)(10) |  | SOFR + 5.25% |  | 9.64% |  | 12/5/2022 |  | 11/20/2028 |  |  |  |  | 83 |  |  | 83 |  |  | 83 |  | 0.00 | %
WHCG Purchaser III, Inc. |  | 251 Little Falls Drive, Wilmington, DE 19808 United States |  | (4)(5)(7)(10) |  | SOFR + 6.50% |  | 10.80% (incl. 5.40% PIK) |  | 8/2/2024 |  | 6/30/2029 |  |  |  |  | 20,467 |  |  | 20,467 |  |  | 20,467 |  | 0.33 | %
WHCG Purchaser III, Inc. |  | 251 Little Falls Drive, Wilmington, DE 19808 United States |  | (4)(5)(10)(17) |  | 10.00% |  | 10.00% PIK |  | 8/2/2024 |  | 6/30/2030 |  |  |  |  | 16,955 |  |  | 6,354 |  |  | 7,121 |  | 0.11 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,321,438 |  |  | 1,264,161 |  | 20.12 | %
Health Care Technology |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accuity Delivery Systems, LLC |  | 10000 Midlantic Drive, Suite 400W Mount Laurel, NJ 08054 United States |  | (4)(5)(7)(9) |  | SOFR + 5.25% |  | 9.58% |  | 5/29/2025 |  | 5/29/2031 |  |  |  |  | 31,965 |  |  | 31,703 |  |  | 31,699 |  | 0.50 | %
Brilliance Technologies, Inc. |  | 4300 Alpha Rd., Suite 200 Dallas, TX 75244 United States |  | (4)(5)(7)(9) |  | SOFR + 4.50% |  | 8.83% |  | 3/11/2025 |  | 3/11/2032 |  |  |  |  | 1,500 |  |  | 1,483 |  |  | 1,487 |  | 0.02 | %
Brilliance Technologies, Inc. |  | 4300 Alpha Rd., Suite 200 Dallas, TX 75244 United States |  | (4)(5)(9) |  | SOFR + 4.50% |  | 8.83% |  | 3/11/2025 |  | 3/11/2032 |  |  |  |  | 2,400 |  |  | 2,389 |  |  | 2,388 |  | 0.04 | %
Brilliance Technologies, Inc. |  | 4300 Alpha Rd., Suite 200 Dallas, TX 75244 United States |  | (4)(5)(9) |  | SOFR + 4.50% |  | 8.83% |  | 5/16/2025 |  | 3/11/2032 |  |  |  |  | 2,130 |  |  | 2,120 |  |  | 2,119 |  | 0.03 | %
Caerus US 1, Inc. |  | 450 Lexington Ave, C/O Warburg Pincus LLC; New York; 10017 United States |  | (4)(5)(6)(10) |  | SOFR + 5.00% |  | 9.30% |  | 5/25/2022 |  | 5/25/2029 |  |  |  |  | 11,227 |  |  | 11,101 |  |  | 11,227 |  | 0.18 | %
Caerus US 1, Inc. |  | 450 Lexington Ave, C/O Warburg Pincus LLC; New York; 10017 United States |  | (4)(5)(6)(10) |  | SOFR + 5.00% |  | 9.30% |  | 10/28/2022 |  | 5/25/2029 |  |  |  |  | 2,165 |  |  | 2,139 |  |  | 2,165 |  | 0.03 | %
Caerus US 1, Inc. |  | 450 Lexington Ave, C/O Warburg Pincus LLC; New York; 10017 United States |  | (4)(5)(6)(10) |  | SOFR + 5.00% |  | 9.30% |  | 10/28/2022 |  | 5/25/2029 |  |  |  |  | 317 |  |  | 313 |  |  | 317 |  | 0.01 | %
Caerus US 1, Inc. |  | 450 Lexington Ave, C/O Warburg Pincus LLC; New York; 10017 United States |  | (4)(6)(10) |  | SOFR + 5.00% |  | 9.30% |  | 3/27/2024 |  | 5/25/2029 |  |  |  |  | 49,500 |  |  | 49,500 |  |  | 49,500 |  | 0.79 | %

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Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and Spread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 6/30/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets |
First Lien Debt – non-controlled/ non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Health Care Technology (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Caerus US 1, Inc. |  | 450 Lexington Ave, C/O Warburg Pincus LLC; New York; 10017 United States |  | (4)(5)(6)(7)(10) |  | SOFR + 5.00% |  | 9.32% |  | 5/25/2022 |  | 5/25/2029 |  |  |  | $ | 249 |  | $ | 234 |  | $ | 249 |  | 0.00 | %
Color Intermediate, LLC |  | 3055 Lebanon Pike Suite 1000 Nashville, TN 37214 United States |  | (4)(10) |  | SOFR + 4.75% |  | 9.15% |  | 7/2/2024 |  | 10/1/2029 |  |  |  |  | 19,858 |  |  | 19,553 |  |  | 19,858 |  | 0.32 | %
Continental Buyer, Inc. |  | 1 Eden Parkway, La Grange, KY 40031 United States |  | (4)(5)(7)(10) |  | SOFR + 4.50% |  | 8.83% |  | 4/2/2024 |  | 4/2/2031 |  |  |  |  | 26,395 |  |  | 26,044 |  |  | 26,373 |  | 0.42 | %
Cronos Crimson Holdings, Inc. |  | 1050 Winter Street, Suite 2700 Waltham, MA 02451 United States |  | (4)(10) |  | SOFR + 6.09% |  | 10.52% |  | 3/1/2021 |  | 3/1/2028 |  |  |  |  | 71,173 |  |  | 70,360 |  |  | 71,173 |  | 1.13 | %
Cronos Crimson Holdings, Inc. |  | 1050 Winter Street, Suite 2700 Waltham, MA 02451 United States |  | (4)(10) |  | SOFR + 6.09% |  | 10.55% |  | 3/1/2021 |  | 3/1/2028 |  |  |  |  | 14,758 |  |  | 14,661 |  |  | 14,758 |  | 0.23 | %
Cronos Crimson Holdings, Inc. |  | 1050 Winter Street, Suite 2700 Waltham, MA 02451 United States |  | (4)(5)(10) |  | SOFR + 6.24% |  | 10.67% |  | 4/25/2025 |  | 3/1/2028 |  |  |  |  | 17,647 |  |  | 17,476 |  |  | 17,647 |  | 0.28 | %
CT Technologies Intermediate Holdings, Inc. |  | 2222 W. Dunlap Avenue, Suite 250, Phoenix, AZ 85021, United States |  | (4)(7)(10) |  | SOFR + 5.00% |  | 9.33% |  | 8/30/2024 |  | 8/30/2031 |  |  |  |  | 28,204 |  |  | 27,934 |  |  | 28,180 |  | 0.45 | %
eResearch Technology, Inc. |  | 1818 Market Street, Suite 2600 Philadelphia, PA 19103 |  | (4)(10) |  | SOFR + 4.75% |  | 9.08% |  | 1/15/2025 |  | 1/19/2032 |  |  |  |  | 152,793 |  |  | 151,364 |  |  | 151,265 |  | 2.41 | %
eResearch Technology, Inc. |  | 1818 Market Street, Suite 2600 Philadelphia, PA 19103 |  | (4)(5)(7)(10) |  | SOFR + 4.75% |  | 9.08% |  | 1/15/2025 |  | 1/19/2032 |  |  |  |  | 29,405 |  |  | 28,877 |  |  | 28,719 |  | 0.46 | %
GI Ranger Intermediate, LLC |  | 188 The Embarcadero Suite 700 San Francisco, CA 94105 United States |  | (4)(7)(10) |  | SOFR + 5.75% |  | 10.18% |  | 10/29/2021 |  | 10/29/2028 |  |  |  |  | 16,218 |  |  | 16,066 |  |  | 16,218 |  | 0.26 | %
Healthcomp Holding Company, LLC |  | 621 Santa Fe Ave. Fresno, CA 93721 United States |  | (4)(10) |  | SOFR + 6.25% |  | 10.55% (incl. 3.00% PIK) |  | 11/8/2023 |  | 11/8/2029 |  |  |  |  | 101,750 |  |  | 101,044 |  |  | 98,443 |  | 1.57 | %
Kona Buyer, LLC |  | 201 West Saint John Street, Spartanburg, SC, 29306, United States |  | (4)(5)(7)(10) |  | SOFR + 4.50% |  | 8.78% |  | 7/23/2024 |  | 7/23/2031 |  |  |  |  | 78 |  |  | 75 |  |  | 76 |  | 0.00 | %
Kona Buyer, LLC |  | 201 West Saint John Street, Spartanburg, SC, 29306, United States |  | (4)(5)(10) |  | SOFR + 4.50% |  | 8.78% |  | 7/23/2024 |  | 7/23/2031 |  |  |  |  | 1,039 |  |  | 1,030 |  |  | 1,034 |  | 0.02 | %

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Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and Spread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 6/30/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets |
First Lien Debt – non-controlled/ non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Health Care Technology (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Magic Bidco, Inc. |  | 5th Floor 25 Farringdon Street London EC4A 4AB, United Kingdom |  | (4)(10) |  | SOFR + 5.75% |  | 10.05% |  | 7/1/2024 |  | 7/1/2030 |  |  |  | $ | 25,809 |  | $ | 25,335 |  | $ | 25,551 |  | 0.41 | %
Magic Bidco, Inc. |  | 5th Floor 25 Farringdon Street London EC4A 4AB, United Kingdom |  | (4)(5)(7)(10) |  | SOFR + 5.75% |  | 10.05% |  | 7/1/2024 |  | 7/1/2030 |  |  |  |  | 2,759 |  |  | 2,681 |  |  | 2,722 |  | 0.04 | %
Magic Bidco, Inc. |  | 5th Floor 25 Farringdon Street London EC4A 4AB, United Kingdom |  | (4)(5)(7)(10) |  | SOFR + 5.75% |  | 10.05% |  | 7/1/2024 |  | 7/1/2030 |  |  |  |  | 800 |  |  | 745 |  |  | 721 |  | 0.01 | %
Modernizing Medicine, Inc. |  | 4700 Exchange Ct, Ste 225, Boca Raton, FL 33431 United States |  | (4)(5)(7)(10) |  | SOFR + 5.25% |  | 9.55% (incl. 2.75% PIK) |  | 4/30/2025 |  | 4/30/2032 |  |  |  |  | 8,859 |  |  | 8,666 |  |  | 8,771 |  | 0.14 | %
Neptune Holdings, Inc. |  | 4221 W Boy Scout Blvd, Suite 350, Tampa, FL 33607 United States |  | (4)(7)(10) |  | SOFR + 4.50% |  | 8.80% |  | 12/12/2024 |  | 8/31/2030 |  |  |  |  | 6,895 |  |  | 6,752 |  |  | 6,872 |  | 0.11 | %
Netsmart Technologies, Inc. |  | 11100 Nall Avenue, Overland Park KS 66211 United States |  | (4)(7)(10) |  | SOFR + 4.95% |  | 9.28% (incl. 2.45% PIK) |  | 8/23/2024 |  | 8/23/2031 |  |  |  |  | 33,239 |  |  | 32,896 |  |  | 33,218 |  | 0.53 | %
Octane Purchaser, Inc. |  | Octane Purchaser, Inc. c/o New Mountain Capital, L.L.C. 1633 Broadway, 48th Floor New York, NY 10019 |  | (4)(5)(7)(9) |  | SOFR + 4.25% |  | 8.58% |  | 5/19/2025 |  | 5/19/2032 |  |  |  |  | 2,332 |  |  | 2,318 |  |  | 2,318 |  | 0.04 | %
Project Ruby Ultimate Parent Corp. |  | 11711 West 79th Street Lenexa, Kansas 62214 United States |  | (8) |  | SOFR + 3.00% |  | 7.44% |  | 11/20/2024 |  | 3/10/2028 |  |  |  |  | 8,269 |  |  | 8,267 |  |  | 8,288 |  | 0.13 | %
Rocky MRA Acquisition Corp. |  | 541 Buttermilk Pike, Suite 401, Crescent Springs, KY 41017 United States |  | (4)(9) |  | SOFR + 5.25% |  | 9.63% |  | 4/1/2022 |  | 4/2/2029 |  |  |  |  | 9,426 |  |  | 9,349 |  |  | 9,426 |  | 0.15 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 672,475 |  |  | 672,782 |  | 10.71 | %
Insurance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amerilife Holdings, LLC |  | 2650 McCormick Dr, Clearwater, FL 33759 United States |  | (4)(7)(10) |  | SOFR + 5.00% |  | 9.26% |  | 6/17/2024 |  | 8/31/2029 |  |  |  |  | 96,867 |  |  | 96,329 |  |  | 96,867 |  | 1.54 | %
Amerilife Holdings, LLC |  | 2650 McCormick Dr, Clearwater, FL 33759 United States |  | (4)(5)(7)(10) |  | SOFR + 5.00% |  | 9.26% |  | 6/17/2024 |  | 8/31/2029 |  |  |  |  | 1,889 |  |  | 1,813 |  |  | 1,889 |  | 0.03 | %
CFCo, LLC (Benefytt Technologies, Inc.) |  | 15438 North Florida Avenue, Suite 201, Tampa, FL 33613, United States |  | (4)(5)(8)(17)(18) |  | 0.00% |  | 0.00% |  | 9/11/2023 |  | 9/13/2038 |  |  |  |  | 9,566 |  |  | 1,397 |  |  | 0 |  | 0.00 | %

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Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and Spread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 6/30/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets |
First Lien Debt – non-controlled/ non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Daylight Beta Parent, LLC (Benefytt Technologies, Inc.) |  | 15438 North Florida Avenue, Suite 201, Tampa, FL 33613, United States |  | (4)(5)(8)(17)(18) |  | 10.00% |  | 10.00% PIK |  | 9/11/2023 |  | 9/12/2033 |  |  |  | $ | 6,240 |  | $ | 5,559 |  | $ | 854 |  | 0.01 | %
Foundation Risk Partners Corp. |  | 1540 Cornerstone Blvd #230, Daytona Beach, FL 32117, United States |  | (4)(10) |  | SOFR + 4.75% |  | 9.05% |  | 10/29/2021 |  | 10/29/2030 |  |  |  |  | 14,359 |  |  | 14,262 |  |  | 14,359 |  | 0.23 | %
Foundation Risk Partners Corp. |  | 1540 Cornerstone Blvd #230, Daytona Beach, FL 32117, United States |  | (4)(10) |  | SOFR + 4.75% |  | 9.05% |  | 10/29/2021 |  | 10/29/2030 |  |  |  |  | 4,760 |  |  | 4,718 |  |  | 4,760 |  | 0.08 | %
Foundation Risk Partners Corp. |  | 1540 Cornerstone Blvd #230, Daytona Beach, FL 32117, United States |  | (4)(10) |  | SOFR + 4.75% |  | 9.05% |  | 11/17/2023 |  | 10/29/2030 |  |  |  |  | 6,857 |  |  | 6,752 |  |  | 6,857 |  | 0.11 | %
Foundation Risk Partners Corp. |  | 1540 Cornerstone Blvd #230, Daytona Beach, FL 32117, United States |  | (4)(5)(7)(10) |  | SOFR + 4.75% |  | 9.05% |  | 5/21/2024 |  | 10/29/2030 |  |  |  |  | 4,315 |  |  | 4,229 |  |  | 4,236 |  | 0.07 | %
Galway Borrower, LLC |  | 1 California Street, Suite 400, San Francisco, CA 94111 United States |  | (4)(5)(10) |  | SOFR + 4.50% |  | 8.80% |  | 9/30/2021 |  | 9/29/2028 |  |  |  |  | 14,705 |  |  | 14,628 |  |  | 14,705 |  | 0.23 | %
Galway Borrower, LLC |  | 1 California Street, Suite 400, San Francisco, CA 94111 United States |  | (4)(5)(7)(10) |  | SOFR + 4.50% |  | 8.80% |  | 9/30/2021 |  | 9/29/2028 |  |  |  |  | 2,855 |  |  | 2,787 |  |  | 2,855 |  | 0.05 | %
Galway Borrower, LLC |  | 1 California Street, Suite 400, San Francisco, CA 94111 United States |  | (4)(5)(7)(10) |  | SOFR + 4.50% |  | 8.80% |  | 2/7/2024 |  | 9/29/2028 |  |  |  |  | 8,699 |  |  | 8,491 |  |  | 8,699 |  | 0.14 | %
Gimlet Bidco, GmbH |  | Fischertwiete 1, Chilehaus B, 20095 Hamburg, Germany |  | (4)(6)(8) |  | E + 5.75% |  | 7.94% |  | 4/15/2024 |  | 4/23/2031 |  |  |  | EUR | 30,620 |  |  | 31,943 |  |  | 36,069 |  | 0.57 | %
Gimlet Bidco, GmbH |  | Fischertwiete 1, Chilehaus B, 20095 Hamburg, Germany |  | (4)(6)(7)(8) |  | E + 5.75% |  | 7.94% |  | 4/15/2024 |  | 4/23/2031 |  |  |  | EUR | 8,679 |  |  | 9,063 |  |  | 10,223 |  | 0.16 | %
Higginbotham Insurance Agency, Inc. |  | 500 W 13th St, Fort Worth, Texas 76102, United States |  | (4)(5)(6)(11) |  | SOFR + 4.50% |  | 8.83% |  | 7/3/2024 |  | 11/25/2028 |  |  |  |  | 4,950 |  |  | 4,946 |  |  | 4,950 |  | 0.08 | %
High Street Buyer, Inc. |  | 600 Unicorn Park Drive, Suite 208, Woburn, MA 01801 United States |  | (4)(10) |  | SOFR + 5.25% |  | 9.55% |  | 4/16/2021 |  | 4/14/2028 |  |  |  |  | 10,279 |  |  | 10,197 |  |  | 10,279 |  | 0.16 | %
High Street Buyer, Inc. |  | 600 Unicorn Park Drive, Suite 208, Woburn, MA 01801 United States |  | (4)(7)(10) |  | SOFR + 5.25% |  | 9.57% |  | 4/16/2021 |  | 4/14/2028 |  |  |  |  | 70,777 |  |  | 70,201 |  |  | 70,732 |  | 1.12 | %

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Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and Spread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 6/30/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets |
First Lien Debt – non-controlled/ non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
High Street Buyer, Inc. |  | 600 Unicorn Park Drive, Suite 208, Woburn, MA 01801 United States |  | (4)(5)(7)(10) |  | SOFR + 5.25% |  | 9.56% |  | 1/2/2025 |  | 4/14/2028 |  |  |  | $ | 13,065 |  | $ | 12,834 |  | $ | 13,065 |  | 0.21 | %
Integrity Marketing Acquisition, LLC |  | 2300 Highland Village Suite 300 Highland Village, TX 75077 United States |  | (4)(7)(10) |  | SOFR + 5.00% |  | 9.33% |  | 8/27/2024 |  | 8/25/2028 |  |  |  |  | 160,739 |  |  | 159,887 |  |  | 160,739 |  | 2.56 | %
MRH Trowe Beteiligungsgesellschaft mbH |  | Walther-von-Cronberg-Platz 6, Frankfurt am Main, Hessen 60594, Germany |  | (4)(6)(7)(8) |  | E + 5.00% |  | 7.14% |  | 5/15/2025 |  | 5/15/2032 |  |  |  | EUR | 352 |  |  | 389 |  |  | 410 |  | 0.01 | %
Paisley Bidco, Ltd. |  | 1 Minster Court, Mincing Lane, London, EC3R 7AA |  | (4)(5)(6)(8) |  | S + 5.00% |  | 9.22% |  | 4/17/2024 |  | 4/18/2031 |  |  |  | GBP | 6,450 |  |  | 7,993 |  |  | 8,853 |  | 0.14 | %
Paisley Bidco, Ltd. |  | 1 Minster Court, Mincing Lane, London, EC3R 7AA |  | (4)(5)(6)(8) |  | E + 5.00% |  | 7.19% |  | 4/17/2024 |  | 4/18/2031 |  |  |  | EUR | 3,420 |  |  | 3,635 |  |  | 4,028 |  | 0.06 | %
Paisley Bidco, Ltd. |  | 1 Minster Court, Mincing Lane, London, EC3R 7AA |  | (4)(5)(6)(8) |  | E + 5.00% |  | 7.19% |  | 4/17/2024 |  | 4/18/2031 |  |  |  | EUR | 3,016 |  |  | 3,110 |  |  | 3,553 |  | 0.06 | %
Patriot Growth Insurance Services, LLC |  | 5704 Binbranch Ln McKinney, TX, 75071-8475 United States |  | (4)(5)(10) |  | SOFR + 5.00% |  | 9.45% |  | 10/14/2021 |  | 10/16/2028 |  |  |  |  | 4,521 |  |  | 4,490 |  |  | 4,521 |  | 0.07 | %
Patriot Growth Insurance Services, LLC |  | 5704 Binbranch Ln McKinney, TX, 75071-8475 United States |  | (4)(5)(7)(10) |  | SOFR + 5.00% |  | 9.30% |  | 11/17/2023 |  | 10/16/2028 |  |  |  |  | 3,612 |  |  | 3,578 |  |  | 3,554 |  | 0.06 | %
SelectQuote, Inc. |  | 6800 West 115th Street Suite 2511 Overland Park KS 66211 United States |  | (4)(5)(6)(20) |  | SOFR + 6.50% |  | 10.93% |  | 10/15/2024 |  | 9/30/2027 |  |  |  |  | 33,895 |  |  | 33,860 |  |  | 32,539 |  | 0.52 | %
SG Acquisition, Inc. |  | 2635 Century Parkway Northeast Suite 900 Atlanta GA 30345 United States |  | (4)(7)(10) |  | SOFR + 4.75% |  | 9.03% |  | 4/3/2024 |  | 4/3/2030 |  |  |  |  | 130,811 |  |  | 129,816 |  |  | 130,811 |  | 2.08 | %
Shelf Bidco, Ltd. |  | 2 Church Street, Hamilton HM 11, Bermuda |  | (4)(6)(10)(18) |  | SOFR + 5.18% |  | 9.46% |  | 10/17/2024 |  | 10/17/2031 |  |  |  |  | 149,131 |  |  | 148,459 |  |  | 149,131 |  | 2.37 | %
Simplicity Financial Marketing Group Holdings, Inc. |  | 86 Summit Ave, Suite 303, Summit, NJ 07901 United States |  | (4)(5)(6)(7)(10) |  | SOFR + 5.00% |  | 9.30% |  | 12/31/2024 |  | 12/31/2031 |  |  |  |  | 8,524 |  |  | 8,429 |  |  | 8,462 |  | 0.13 | %
Sparta UK Bidco, Ltd. |  | One America Square, 17 Crosswall, London, EC3N 2LB, United Kingdom |  | (4)(5)(6)(7)(8) |  | S + 6.00% |  | 10.22% |  | 9/25/2024 |  | 9/25/2031 |  |  |  | GBP | 17,512 |  |  | 23,073 |  |  | 24,038 |  | 0.38 | %

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Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and Spread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 6/30/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets |
First Lien Debt – non-controlled/ non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
SQ ABS Issuer, LLC |  | 6800 West 115th Street Suite 2511 Overland Park KS 66211 United States |  | (4)(5)(6)(8) |  | 7.80% |  | 7.80% |  | 10/11/2024 |  | 10/20/2039 |  |  |  | $ | 5,403 |  | $ | 5,362 |  | $ | 5,362 |  | 0.09 | %
Tennessee Bidco, Limited |  | 33920 US Highway 19, North Suite 151, Palm, Stoke On Trent, ST4 9DN, United Kingdom |  | (4)(6)(8) |  | SOFR + 5.25% |  | 9.51% (incl. 2.00% PIK) |  | 7/1/2024 |  | 7/1/2031 |  |  |  |  | 84,166 |  |  | 82,596 |  |  | 84,166 |  | 1.34 | %
Tennessee Bidco, Limited |  | 33920 US Highway 19, North Suite 151, Palm, Stoke On Trent, ST4 9DN, United Kingdom |  | (4)(5)(6)(8) |  | SOFR + 5.25% |  | 9.49% (incl. 2.00% PIK) |  | 7/1/2024 |  | 7/1/2031 |  |  |  |  | 5,348 |  |  | 5,323 |  |  | 5,348 |  | 0.09 | %
Tennessee Bidco, Limited |  | 33920 US Highway 19, North Suite 151, Palm, Stoke On Trent, ST4 9DN, United Kingdom |  | (4)(5)(6)(8) |  | S + 5.25% |  | 10.00% (incl. 2.00% PIK) |  | 7/1/2024 |  | 7/1/2031 |  |  |  | GBP | 45,374 |  |  | 61,274 |  |  | 62,282 |  | 0.99 | %
Tennessee Bidco, Limited |  | 33920 US Highway 19, North Suite 151, Palm, Stoke On Trent, ST4 9DN, United Kingdom |  | (4)(5)(6)(7)(8) |  | S + 5.25% |  | 9.95% (incl. 2.00% PIK) |  | 7/1/2024 |  | 7/1/2031 |  |  |  | GBP | 2,608 |  |  | 3,277 |  |  | 3,453 |  | 0.05 | %
Tennessee Bidco, Limited |  | 33920 US Highway 19, North Suite 151, Palm, Stoke On Trent, ST4 9DN, United Kingdom |  | (4)(5)(6)(8) |  | E + 5.25% |  | 8.06% (incl. 2.00% PIK) |  | 7/1/2024 |  | 7/1/2031 |  |  |  | EUR | 1,897 |  |  | 1,988 |  |  | 2,235 |  | 0.04 | %
Tennessee Bidco, Limited |  | 33920 US Highway 19, North Suite 151, Palm, Stoke On Trent, ST4 9DN, United Kingdom |  | (4)(5)(6)(8) |  | E + 5.25% |  | 7.62% (incl. 2.00% PIK) |  | 7/1/2024 |  | 7/1/2031 |  |  |  | EUR | 1,691 |  |  | 1,772 |  |  | 1,992 |  | 0.03 | %
THG Acquisition, LLC |  | 6802 Paragon Place, Suite 200, Richmond, Virginia 23230 United States |  | (4)(5)(10) |  | SOFR + 4.50% |  | 8.83% |  | 10/31/2024 |  | 10/31/2031 |  |  |  |  | 11,623 |  |  | 11,518 |  |  | 11,623 |  | 0.18 | %
THG Acquisition, LLC |  | 6802 Paragon Place, Suite 200, Richmond, Virginia 23230 United States |  | (4)(5)(7)(10) |  | SOFR + 4.75% |  | 9.08% |  | 10/31/2024 |  | 10/31/2031 |  |  |  |  | 179 |  |  | 156 |  |  | 179 |  | 0.00 | %
World Insurance Associates, LLC |  | 100 Wood Ave South, 4th Floor, Iselin, NJ 08830 United States |  | (4)(11) |  | SOFR + 5.00% |  | 9.30% |  | 10/20/2023 |  | 4/3/2030 |  |  |  |  | 34,563 |  |  | 34,136 |  |  | 34,563 |  | 0.55 | %
World Insurance Associates, LLC |  | 100 Wood Ave South, 4th Floor, Iselin, NJ 08830 United States |  | (4)(11) |  | SOFR + 5.75% |  | 10.06% |  | 10/20/2023 |  | 4/3/2030 |  |  |  |  | 33,200 |  |  | 32,845 |  |  | 33,200 |  | 0.53 | %
World Insurance Associates, LLC |  | 100 Wood Ave South, 4th Floor, Iselin, NJ 08830 United States |  | (4)(7)(11) |  | SOFR + 5.00% |  | 9.30% |  | 10/20/2023 |  | 4/3/2030 |  |  |  |  | 3,820 |  |  | 3,490 |  |  | 3,555 |  | 0.06 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,070,605 |  |  | 1,079,996 |  | 17.18 | %

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Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and Spread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 6/30/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets |
First Lien Debt – non-controlled/ non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interactive Media & Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
North Haven Ushc Acquisition, Inc. |  | 1301 Virginia Drive, Suite 300, Fort Washington, PA 19038, United States |  | (4)(5)(7)(11) |  | SOFR + 5.00% |  | 9.38% |  | 8/28/2024 |  | 10/30/2027 |  |  |  | $ | 2,193 |  | $ | 2,160 |  | $ | 2,133 |  | 0.03 | %
North Haven Ushc Acquisition, Inc. |  | 1301 Virginia Drive, Suite 300, Fort Washington, PA 19038, United States |  | (4)(5)(11) |  | SOFR + 5.00% |  | 9.30% |  | 8/28/2024 |  | 10/30/2027 |  |  |  |  | 2,193 |  |  | 2,169 |  |  | 2,149 |  | 0.03 | %
North Haven Ushc Acquisition, Inc. |  | 1301 Virginia Drive, Suite 300, Fort Washington, PA 19038, United States |  | (4)(5)(11) |  | SOFR + 5.00% |  | 9.38% |  | 8/28/2024 |  | 10/30/2027 |  |  |  |  | 1,284 |  |  | 1,270 |  |  | 1,258 |  | 0.02 | %
North Haven Ushc Acquisition, Inc. |  | 1301 Virginia Drive, Suite 300, Fort Washington, PA 19038, United States |  | (4)(5)(11) |  | SOFR + 5.00% |  | 9.31% |  | 8/28/2024 |  | 10/30/2027 |  |  |  |  | 546 |  |  | 540 |  |  | 535 |  | 0.01 | %
North Haven Ushc Acquisition, Inc. |  | 1301 Virginia Drive, Suite 300, Fort Washington, PA 19038, United States |  | (4)(5)(7)(11) |  | SOFR + 5.00% |  | 9.43% |  | 8/28/2024 |  | 10/30/2027 |  |  |  |  | 791 |  |  | 757 |  |  | 685 |  | 0.01 | %
North Haven Ushc Acquisition, Inc. |  | 1301 Virginia Drive, Suite 300, Fort Washington, PA 19038, United States |  | (4)(5)(11) |  | SOFR + 5.00% |  | 9.40% |  | 8/28/2024 |  | 10/30/2027 |  |  |  |  | 635 |  |  | 628 |  |  | 623 |  | 0.01 | %
North Haven Ushc Acquisition, Inc. |  | 1301 Virginia Drive, Suite 300, Fort Washington, PA 19038, United States |  | (4)(5)(11) |  | SOFR + 5.00% |  | 9.38% |  | 8/28/2024 |  | 10/30/2027 |  |  |  |  | 3,912 |  |  | 3,869 |  |  | 3,834 |  | 0.06 | %
Speedster Bidco, GmbH |  | Bothestraße 11-15, 81675 München, Germany |  | (6)(7)(8) |  | E + 3.50% |  | 5.88% |  | 10/17/2024 |  | 12/10/2031 |  |  |  | EUR | 11,009 |  |  | 11,654 |  |  | 13,013 |  | 0.21 | %
Speedster Bidco, GmbH |  | Bothestraße 11-15, 81675 München, Germany |  | (6)(9) |  | SOFR + 3.25% |  | 7.55% |  | 10/17/2024 |  | 12/10/2031 |  |  |  |  | 2,823 |  |  | 2,762 |  |  | 2,843 |  | 0.05 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 25,809 |  |  | 27,073 |  | 0.43 | %
IT Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
AI Altius Luxembourg S.à r.l. |  | 2-4, Rue Beck, 1222 Luxembourg, Luxembourg |  | (4)(5)(8) |  | 9.75% |  | 9.75% PIK |  | 12/13/2021 |  | 12/21/2029 |  |  |  |  | 1,116 |  |  | 1,104 |  |  | 1,116 |  | 0.02 | %
AI Altius US Bidco, Inc. |  | 9350 South Dixie Highway, Suite 950. Miami, FL 33156 United States |  | (4)(7)(10) |  | SOFR + 4.75% |  | 8.99% |  | 5/21/2024 |  | 12/21/2028 |  |  |  |  | 7,531 |  |  | 7,463 |  |  | 7,531 |  | 0.12 | %
Allium Buyer, LLC |  | 321 Inverness Drive South, Englewood, CO 80112 United States |  | (4)(5)(7)(11) |  | SOFR + 5.00% |  | 9.28% |  | 5/2/2023 |  | 5/2/2030 |  |  |  |  | 1,572 |  |  | 1,535 |  |  | 1,565 |  | 0.02 | %

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Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and Spread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 6/30/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets |
First Lien Debt – non-controlled/ non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
IT Services (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cassipoee, SASU |  | 199, Bureaux de la Colline, 92210 Saint-Cloud, France |  | (4)(5)(6)(8) |  | E + 4.50% |  | 6.48% |  | 2/26/2025 |  | 2/26/2032 |  |  |  | EUR | 160 |  | $ | 165 |  | $ | 185 |  | 0.00 | %
Fern Bidco, Ltd. |  | Focus House, Shoreham-by-Sea BN43 6PA, United Kingdom |  | (4)(5)(6)(8) |  | S + 5.25% |  | 9.47% |  | 7/1/2024 |  | 7/3/2031 |  |  |  | GBP | 20,317 |  |  | 25,245 |  |  | 27,401 |  | 0.44 | %
Fern Bidco, Ltd. |  | Focus House, Shoreham-by-Sea BN43 6PA, United Kingdom |  | (4)(5)(6)(7)(8) |  | S + 5.25% |  | 9.47% |  | 7/1/2024 |  | 7/3/2031 |  |  |  | GBP | 2,222 |  |  | 2,676 |  |  | 2,806 |  | 0.04 | %
Infostretch Corporation |  | 28411 Northwestern Highway, Suite 640, Southfield, MI, 48034, United States |  | (4)(5)(10) |  | SOFR + 5.75% |  | 10.20% |  | 4/1/2022 |  | 4/1/2028 |  |  |  | $ | 4,850 |  |  | 4,806 |  |  | 4,438 |  | 0.07 | %
Inovalon Holdings, Inc. |  | 4321 Collington Rd, Bowie, MD 20716, United States |  | (4)(10) |  | SOFR + 5.50% |  | 10.02% (incl. 2.75% PIK) |  | 4/11/2025 |  | 11/24/2028 |  |  |  |  | 182,492 |  |  | 180,309 |  |  | 182,492 |  | 2.90 | %
KEN Bidco, Ltd. |  | 10-14 White Lion St, London N1 9PD, United Kingdom |  | (4)(5)(6)(10) |  | S + 6.00% |  | 10.33% (incl. 2.50% PIK) |  | 5/3/2024 |  | 8/3/2028 |  |  |  | GBP | 9,455 |  |  | 11,623 |  |  | 12,589 |  | 0.20 | %
Monterey Financing, S.à r.l. |  | 41 Boulevard Du Prince Henri, L-1724, Luxembourg |  | (4)(5)(6)(8) |  | ST + 6.00% |  | 8.16% |  | 9/28/2022 |  | 9/28/2029 |  |  |  | SEK | 2,090 |  |  | 186 |  |  | 221 |  | 0.00 | %
Monterey Financing, S.à r.l. |  | 41 Boulevard Du Prince Henri, L-1724, Luxembourg |  | (4)(5)(6)(8) |  | E + 6.00% |  | 7.98% |  | 9/28/2022 |  | 9/28/2029 |  |  |  | EUR | 952 |  |  | 915 |  |  | 1,122 |  | 0.02 | %
Monterey Financing, S.à r.l. |  | 41 Boulevard Du Prince Henri, L-1724, Luxembourg |  | (4)(5)(6)(8) |  | CI + 6.00% |  | 7.95% |  | 9/28/2022 |  | 9/28/2029 |  |  |  | DKK | 4,819 |  |  | 624 |  |  | 761 |  | 0.01 | %
Monterey Financing, S.à r.l. |  | 41 Boulevard Du Prince Henri, L-1724, Luxembourg |  | (4)(5)(6)(9) |  | N + 6.00% |  | 10.36% |  | 9/28/2022 |  | 9/28/2029 |  |  |  | NOK | 5,149 |  |  | 465 |  |  | 511 |  | 0.01 | %
Nephele III, BV |  | Paulus Potterstraat 22 A, 1071 DA Amsterdam |  | (4)(5)(6)(7)(8) |  | E + 5.00% |  | 6.98% |  | 3/31/2025 |  | 1/14/2032 |  |  |  | EUR | 267 |  |  | 285 |  |  | 310 |  | 0.00 | %
Park Place Technologies, LLC |  | 5910 Landerbrook Drive, Mayfield Heights, OH 44124 United States |  | (4)(10) |  | SOFR + 5.25% |  | 9.53% |  | 3/25/2024 |  | 3/25/2031 |  |  |  |  | 112,650 |  |  | 111,823 |  |  | 112,650 |  | 1.79 | %
Park Place Technologies, LLC |  | 5910 Landerbrook Drive, Mayfield Heights, OH 44124 United States |  | (4)(5)(7)(10) |  | SOFR + 5.25% |  | 9.58% |  | 3/25/2024 |  | 3/25/2030 |  |  |  |  | 3,909 |  |  | 3,804 |  |  | 3,909 |  | 0.06 | %
Park Place Technologies, LLC |  | 5910 Landerbrook Drive, Mayfield Heights, OH 44124 United States |  | (4)(5)(7)(10) |  | SOFR + 5.25% |  | 9.56% |  | 3/25/2024 |  | 3/25/2031 |  |  |  |  | 9,220 |  |  | 9,109 |  |  | 9,220 |  | 0.15 | %

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Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and Spread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 6/30/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets |
First Lien Debt – non-controlled/ non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
IT Services (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Razor Holdco, LLC |  | 26 Meadow VW, Victoria, TX, 77904-1676, United States |  | (4)(10) |  | SOFR + 5.75% |  | 10.18% |  | 10/25/2021 |  | 10/25/2027 |  |  |  | $ | 18,885 |  | $ | 18,739 |  | $ | 18,885 |  | 0.30 | %
Red River Technology, LLC |  | 875 3rd Avenue, New York NY 10022 United States |  | (4)(11) |  | SOFR + 6.00% |  | 10.43% |  | 5/26/2021 |  | 5/26/2027 |  |  |  |  | 78,740 |  |  | 78,304 |  |  | 70,276 |  | 1.12 | %
Redwood Services Group, LLC |  | 949 Shady Grove Road, Suite 403, Memphis, TN, 38120, United States |  | (4)(10) |  | SOFR + 5.25% |  | 9.55% |  | 1/3/2025 |  | 6/15/2029 |  |  |  |  | 76,766 |  |  | 76,059 |  |  | 76,766 |  | 1.22 | %
Redwood Services Group, LLC |  | 949 Shady Grove Road, Suite 403, Memphis, TN, 38120, United States |  | (4)(7)(10) |  | SOFR + 5.25% |  | 9.55% |  | 2/5/2024 |  | 6/15/2029 |  |  |  |  | 82,969 |  |  | 81,322 |  |  | 82,844 |  | 1.32 | %
Turing Holdco, Inc. |  | 10-14 White Lion St, London N1 9PD, United Kingdom |  | (4)(5)(6)(8) |  | SOFR + 6.00% |  | 10.38% (incl. 2.50% PIK) |  | 10/14/2021 |  | 9/28/2028 |  |  |  |  | 8,997 |  |  | 8,815 |  |  | 8,727 |  | 0.14 | %
Turing Holdco, Inc. |  | 10-14 White Lion St, London N1 9PD, United Kingdom |  | (4)(5)(6)(8) |  | SOFR + 6.00% |  | 10.40% (incl. 2.50% PIK) |  | 10/14/2021 |  | 10/16/2028 |  |  |  |  | 4,474 |  |  | 4,416 |  |  | 4,340 |  | 0.07 | %
Turing Holdco, Inc. |  | 10-14 White Lion St, London N1 9PD, United Kingdom |  | (4)(5)(6)(8) |  | E + 6.00% |  | 8.01% (incl. 2.50% PIK) |  | 10/14/2021 |  | 9/28/2028 |  |  |  | EUR | 11,598 |  |  | 13,201 |  |  | 13,252 |  | 0.21 | %
Turing Holdco, Inc. |  | 10-14 White Lion St, London N1 9PD, United Kingdom |  | (4)(5)(6)(8) |  | E + 6.00% |  | 8.69% (incl. 2.50% PIK) |  | 10/14/2021 |  | 8/3/2028 |  |  |  | EUR | 4,412 |  |  | 4,993 |  |  | 5,041 |  | 0.08 | %
Turing Holdco, Inc. |  | 10-14 White Lion St, London N1 9PD, United Kingdom |  | (4)(6)(7)(10) |  | SOFR + 6.00% |  | 10.42% (incl. 2.50% PIK) |  | 5/3/2024 |  | 8/3/2028 |  |  |  |  | 21,155 |  |  | 20,701 |  |  | 20,520 |  | 0.33 | %
Turing Holdco, Inc. |  | 10-14 White Lion St, London N1 9PD, United Kingdom |  | (4)(5)(6)(7)(10) |  | S + 6.00% |  | 10.33% (incl. 2.50% PIK) |  | 5/3/2024 |  | 8/3/2028 |  |  |  | GBP | 15,896 |  |  | 22,887 |  |  | 21,165 |  | 0.34 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 691,574 |  |  | 690,643 |  | 10.98 | %
Life Sciences Tools & Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cambrex Corp. |  | One Meadowlands Plaza, East Rutherford NJ 07073 United States |  | (4)(5)(7)(10) |  | SOFR + 4.75% |  | 9.08% |  | 3/5/2025 |  | 3/5/2032 |  |  |  |  | 22,262 |  |  | 22,006 |  |  | 22,105 |  | 0.35 | %
Creek Parent, Inc. |  | 14 Schoolhouse Road, Somerset, NJ 08873 United States |  | (4)(7)(10) |  | SOFR + 5.25% |  | 9.57% |  | 12/17/2024 |  | 12/18/2031 |  |  |  |  | 68,627 |  |  | 67,357 |  |  | 67,939 |  | 1.08 | %
Falcon Parent Holdings, Inc. |  | 3675 Green Level Road West, Suite 208, Apex, NC 27523 United States |  | (4)(5)(7)(10) |  | SOFR + 5.00% |  | 9.26% |  | 11/6/2024 |  | 11/6/2031 |  |  |  |  | 22,614 |  |  | 22,386 |  |  | 22,396 |  | 0.36 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 111,749 |  |  | 112,440 |  | 1.79 | %

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Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and Spread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 6/30/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets |
First Lien Debt – non-controlled/ non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Machinery |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bidco 76 S.p.A. |  | Piazza Fontana 6, 20122, Milan Italy |  | (4)(6)(7)(8) |  | E + 5.00% |  | 7.66% |  | 12/11/2024 |  | 12/10/2031 |  |  |  | EUR | 18,340 |  | $ | 18,910 |  | $ | 21,566 |  | 0.34 | %
Cielo Bidco, Ltd. |  | Unit A2 Cradley Business Park, Overend Road, Cradley Heath, B64 7DW, England |  | (4)(5)(6)(8) |  | S + 4.75% |  | 8.97% |  | 6/30/2025 |  | 3/31/2032 |  |  |  | GBP | 151 |  |  | 206 |  |  | 206 |  | 0.00 | %
Cielo Bidco, Ltd. |  | Unit A2 Cradley Business Park, Overend Road, Cradley Heath, B64 7DW, England |  | (4)(5)(6)(7)(8) |  | E + 4.75% |  | 6.68% |  | 6/30/2025 |  | 3/31/2032 |  |  |  | EUR | 54 |  |  | 63 |  |  | 63 |  | 0.00 | %
Cielo Bidco, Ltd. |  | Unit A2 Cradley Business Park, Overend Road, Cradley Heath, B64 7DW, England |  | (4)(5)(6)(8) |  | SOFR + 4.75% |  | 9.05% |  | 6/30/2025 |  | 3/31/2032 |  |  |  | $ | 76 |  |  | 75 |  |  | 75 |  | 0.00 | %
Cielo Bidco, Ltd. |  | Unit A2 Cradley Business Park, Overend Road, Cradley Heath, B64 7DW, England |  | (4)(5)(6)(7)(8) |  | SOFR + 4.75% |  | 9.05% |  | 6/30/2025 |  | 3/31/2032 |  |  |  |  | 36 |  |  | 35 |  |  | 35 |  | 0.00 | %
MHE Intermediate Holdings, LLC |  | 3235 Levis Common Blvd. Perrysburg, OH 43551 United States |  | (4)(5)(7)(11) |  | SOFR + 6.00% |  | 10.43% |  | 7/21/2021 |  | 7/21/2027 |  |  |  |  | 1,968 |  |  | 1,953 |  |  | 1,941 |  | 0.03 | %
MHE Intermediate Holdings, LLC |  | 3235 Levis Common Blvd. Perrysburg, OH 43551 United States |  | (4)(5)(11) |  | SOFR + 6.25% |  | 10.68% |  | 8/30/2022 |  | 7/21/2027 |  |  |  |  | 76 |  |  | 75 |  |  | 75 |  | 0.00 | %
MHE Intermediate Holdings, LLC |  | 3235 Levis Common Blvd. Perrysburg, OH 43551 United States |  | (4)(5)(11) |  | SOFR + 6.50% |  | 10.93% |  | 12/20/2022 |  | 7/21/2027 |  |  |  |  | 76 |  |  | 76 |  |  | 75 |  | 0.00 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 21,393 |  |  | 24,036 |  | 0.37 | %
Marine |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Armada Parent, Inc. |  | 93 Eastmont Ave Ste 100 East Wenatchee, WA, 98802-5305 United States |  | (4)(5)(7)(10) |  | SOFR + 5.25% |  | 9.56% |  | 10/29/2021 |  | 10/29/2030 |  |  |  |  | 750 |  |  | 727 |  |  | 744 |  | 0.01 | %
Armada Parent, Inc. |  | 93 Eastmont Ave Ste 100 East Wenatchee, WA, 98802-5305 United States |  | (4)(10) |  | SOFR + 5.25% |  | 9.56% |  | 6/9/2025 |  | 10/29/2030 |  |  |  |  | 25,350 |  |  | 25,153 |  |  | 25,350 |  | 0.40 | %
Kattegat Project Bidco, AB |  | Salsmästaregatan 21, Hisings Backa, Sweden |  | (4)(5)(6)(8) |  | SOFR + 5.50% |  | 9.80% |  | 3/20/2024 |  | 4/7/2031 |  |  |  |  | 2,605 |  |  | 2,551 |  |  | 2,605 |  | 0.04 | %
Kattegat Project Bidco, AB |  | Salsmästaregatan 21, Hisings Backa, Sweden |  | (4)(5)(6)(7)(8) |  | E + 5.50% |  | 7.48% |  | 3/20/2024 |  | 4/7/2031 |  |  |  | EUR | 29,819 |  |  | 31,612 |  |  | 35,029 |  | 0.56 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 60,043 |  |  | 63,728 |  | 1.01 | %

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Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and Spread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 6/30/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets |
First Lien Debt – non-controlled/ non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Media |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bimini Group Purchaser, Inc. |  | 1221 Brickell Avenue, Suite 2300 Miami, FL 33131 United States |  | (4)(10) |  | SOFR + 4.75% |  | 9.07% |  | 4/26/2024 |  | 4/26/2031 |  |  |  | $ | 69,534 |  | $ | 68,956 |  | $ | 69,534 |  | 1.11 | %
Bimini Group Purchaser, Inc. |  | 1221 Brickell Avenue, Suite 2300 Miami, FL 33131 United States |  | (4)(5)(7)(10) |  | SOFR + 4.75% |  | 9.01% |  | 4/26/2024 |  | 4/26/2031 |  |  |  |  | 4,434 |  |  | 4,284 |  |  | 4,391 |  | 0.07 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 73,240 |  |  | 73,925 |  | 1.18 | %
Oil, Gas & Consumable Fuels |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Eagle Midstream Canada Finance, Inc. |  | 222 3rd Avenue S.W. Suite 900 Calgary, Alberta T2P 0B4 Canada |  | (4)(6)(10) |  | SOFR + 5.25% |  | 9.57% |  | 8/30/2024 |  | 8/15/2028 |  |  |  |  | 49,396 |  |  | 49,010 |  |  | 49,396 |  | 0.79 | %
KKR Alberta Midstream Finance, Inc. |  | 585 8 Ave SW #4000, Calgary, AB T2P 1G1, Canada |  | (4)(6)(10) |  | SOFR + 5.25% |  | 9.57% |  | 8/30/2024 |  | 8/15/2028 |  |  |  |  | 26,870 |  |  | 26,637 |  |  | 26,870 |  | 0.43 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 75,647 |  |  | 76,266 |  | 1.22 | %
Paper & Forest Products |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Profile Products, LLC |  | 219 Simpson St SW Conover, NC, 28613-8207 United States |  | (4)(10) |  | SOFR + 5.75% |  | 10.11% |  | 11/12/2021 |  | 11/12/2027 |  |  |  |  | 7,180 |  |  | 7,134 |  |  | 7,055 |  | 0.11 | %
Profile Products, LLC |  | 219 Simpson St SW Conover, NC, 28613-8207 United States |  | (4)(5)(7)(10) |  | P + 4.50% |  | 12.00% |  | 11/12/2021 |  | 11/12/2027 |  |  |  |  | 307 |  |  | 303 |  |  | 292 |  | 0.00 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 7,437 |  |  | 7,347 |  | 0.11 | %
Pharmaceuticals |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dolcetto Holdco S.p.A. |  | Via Filippo Turati, 40, 20121 Milano MI, Italy |  | (4)(5)(6)(8) |  | E + 6.50% |  | 8.50% |  | 10/11/2022 |  | 10/27/2028 |  |  |  | EUR | 1,758 |  |  | 1,716 |  |  | 2,071 |  | 0.03 | %
Dolcetto Holdco S.p.A. |  | Via Filippo Turati, 40, 20121 Milano MI, Italy |  | (4)(5)(6)(8) |  | E + 5.50% |  | 7.48% |  | 1/29/2025 |  | 10/27/2028 |  |  |  | EUR | 1,754 |  |  | 1,814 |  |  | 2,066 |  | 0.03 | %
Eden Acquisitionco, Ltd. |  | 1 Occam Court, The Surrey Research Park, Guildford, Surrey GU2 7HJ United Kingdom |  | (4)(6)(7)(10) |  | SOFR + 6.00% |  | 10.17% |  | 11/2/2023 |  | 11/18/2030 |  |  |  |  | 34,485 |  |  | 38,717 |  |  | 34,013 |  | 0.54 | %
Elanco Animal Health, Inc. |  | 2500 Innovation Way Greenfield, IN 46140 United States |  | (5)(6)(8) |  | SOFR + 1.75% |  | 6.17% |  | 1/30/2025 |  | 8/1/2027 |  |  |  |  | 883 |  |  | 883 |  |  | 883 |  | 0.01 | %
Gusto Sing Bidco Pte, Ltd. |  | One Temasek Ave, #04-01 Millenia Tower, Singapore 039192 |  | (4)(5)(6)(7)(10) |  | BB + 4.75% |  | 8.61% |  | 11/15/2024 |  | 11/15/2031 |  |  |  | AUD | 1,000 |  |  | 638 |  |  | 653 |  | 0.01 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 43,768 |  |  | 39,686 |  | 0.62 | %

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Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and Spread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 6/30/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets |
First Lien Debt – non-controlled/ non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Professional Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
ALKU, LLC |  | 200 Brickstone Square, Suite 503, Andover, MA 01810 United States |  | (4)(5)(10) |  | SOFR + 6.25% |  | 10.47% |  | 5/23/2023 |  | 5/23/2029 |  |  |  | $ | 786 |  | $ | 773 |  | $ | 780 |  | 0.01 | %
ALKU, LLC |  | 200 Brickstone Square, Suite 503, Andover, MA 01810 United States |  | (4)(10) |  | SOFR + 5.50% |  | 9.72% |  | 2/21/2024 |  | 5/23/2029 |  |  |  |  | 26,329 |  |  | 25,938 |  |  | 25,802 |  | 0.41 | %
Apex Companies, LLC |  | 2101 Gaither Rd, Suite 500, Rockville, MD 20850 United States |  | (4)(5)(11) |  | SOFR + 5.25% |  | 9.58% |  | 8/28/2024 |  | 1/31/2028 |  |  |  |  | 10,896 |  |  | 10,769 |  |  | 10,896 |  | 0.17 | %
Apex Companies, LLC |  | 2101 Gaither Rd, Suite 500, Rockville, MD 20850 United States |  | (4)(5)(11) |  | SOFR + 5.25% |  | 9.53% |  | 1/31/2023 |  | 1/31/2028 |  |  |  |  | 1,966 |  |  | 1,941 |  |  | 1,966 |  | 0.03 | %
Apex Companies, LLC |  | 2101 Gaither Rd, Suite 500, Rockville, MD 20850 United States |  | (4)(5)(7)(11) |  | SOFR + 5.25% |  | 9.58% |  | 8/28/2024 |  | 1/31/2028 |  |  |  |  | 2,779 |  |  | 2,731 |  |  | 2,779 |  | 0.04 | %
Artisan Acquisitionco, Ltd. |  | 4th Floor, Martin House, 5 Martin Lane, London EC4R 0DP, United Kingdom |  | (4)(6)(7)(8) |  | SOFR + 4.50% |  | 8.80% |  | 9/27/2024 |  | 9/30/2031 |  |  |  |  | 57,154 |  |  | 56,063 |  |  | 56,075 |  | 0.89 | %
Baker Tilly Advisory Group, LP |  | 205 N. Michigan Ave. 28th Floor Chicago, IL 60601 United States |  | (4)(10) |  | SOFR + 4.75% |  | 9.08% |  | 6/3/2024 |  | 6/3/2031 |  |  |  |  | 53,404 |  |  | 52,726 |  |  | 53,404 |  | 0.85 | %
Baker Tilly Advisory Group, LP |  | 205 N. Michigan Ave. 28th Floor Chicago, IL 60601 United States |  | (4)(5)(7)(10) |  | SOFR + 4.50% |  | 8.83% |  | 6/2/2025 |  | 6/3/2031 |  |  |  |  | 3,432 |  |  | 3,265 |  |  | 3,390 |  | 0.05 | %
CFGI Holdings, LLC |  | 1 Lincoln Street, Suite 1301 Boston, MA 02111, United States |  | (4)(7)(10) |  | SOFR + 4.50% |  | 8.83% |  | 11/2/2021 |  | 11/2/2027 |  |  |  |  | 6,848 |  |  | 6,787 |  |  | 6,827 |  | 0.11 | %
Chartwell Cumming Holding, Corp. |  | 485 Lexington Avenue, New York NY 10017 United States |  | (4)(7)(11) |  | SOFR + 4.75% |  | 9.08% |  | 5/26/2021 |  | 11/16/2029 |  |  |  |  | 86,779 |  |  | 86,214 |  |  | 86,698 |  | 1.38 | %
Chartwell Cumming Holding, Corp. |  | 485 Lexington Avenue, New York NY 10017 United States |  | (4)(5)(7)(11) |  | SOFR + 4.75% |  | 9.08% |  | 11/18/2022 |  | 11/16/2029 |  |  |  |  | 9,828 |  |  | 9,571 |  |  | 9,828 |  | 0.16 | %
Chartwell Cumming Holding, Corp. |  | 485 Lexington Avenue, New York NY 10017 United States |  | (4)(11) |  | SOFR + 4.75% |  | 9.08% |  | 2/14/2025 |  | 11/16/2029 |  |  |  |  | 14,003 |  |  | 13,872 |  |  | 14,003 |  | 0.22 | %
Cisive Holdings Corp. |  | 1180 Welsh Rd # 110 North Wales, PA, 19454-2053 United States |  | (4)(7)(11) |  | SOFR + 5.75% |  | 10.15% |  | 12/8/2021 |  | 12/8/2028 |  |  |  |  | 8,357 |  |  | 8,266 |  |  | 8,168 |  | 0.13 | %

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Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and Spread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 6/30/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets |
First Lien Debt – non-controlled/ non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Professional Services (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Clearview Buyer, Inc. |  | 1 Newton Pl Ste 405, 275 Washington Street, Newton, MA 02458, United States |  | (4)(7)(10) |  | SOFR + 4.50% |  | 8.90% |  | 8/26/2021 |  | 8/31/2029 |  |  |  | $ | 7,229 |  | $ | 7,171 |  | $ | 7,229 |  | 0.11 | %
CRCI Longhorn Holdings, Inc. |  | 6504 Bridge Point Parkway, Suite 425, Austin, TX 78730, United States |  | (4)(5)(7)(10) |  | SOFR + 5.00% |  | 9.33% |  | 8/27/2024 |  | 8/27/2031 |  |  |  |  | 11,412 |  |  | 11,282 |  |  | 11,398 |  | 0.18 | %
East River Bidco, GmbH |  | Bennigsen-Platz 1, 40474 Düsseldorf, Germany |  | (4)(6)(7)(8) |  | E + 5.25% |  | 7.23% |  | 3/26/2025 |  | 3/26/2032 |  |  |  | EUR | 90 |  |  | 95 |  |  | 104 |  | 0.00 | %
G&A Partners Holding Company II, LLC |  | 17220 Katy Freeway, Suite 350, Houston, TX 77094 United States |  | (4)(10) |  | SOFR + 4.75% |  | 9.08% |  | 5/6/2025 |  | 3/3/2031 |  |  |  |  | 33,609 |  |  | 33,086 |  |  | 33,609 |  | 0.53 | %
G&A Partners Holding Company II, LLC |  | 17220 Katy Freeway, Suite 350, Houston, TX 77094 United States |  | (4)(5)(10) |  | SOFR + 4.75% |  | 9.08% |  | 5/6/2025 |  | 3/3/2031 |  |  |  |  | 20,665 |  |  | 20,564 |  |  | 20,665 |  | 0.33 | %
G&A Partners Holding Company II, LLC |  | 17220 Katy Freeway, Suite 350, Houston, TX 77094 United States |  | (4)(5)(7)(10) |  | SOFR + 4.75% |  | 9.05% |  | 5/6/2025 |  | 3/3/2031 |  |  |  |  | 658 |  |  | 600 |  |  | 592 |  | 0.01 | %
Guidehouse, Inc. |  | 1676 International Drive, Suite 800, McLean, VA 22102 United States |  | (4)(10) |  | SOFR + 5.00% |  | 9.33% (incl. 2.00% PIK) |  | 10/15/2021 |  | 12/16/2030 |  |  |  |  | 312,623 |  |  | 310,823 |  |  | 312,623 |  | 4.97 | %
IG Investments Holdings, LLC |  | 4170 Ashford Dunwood Road, Northeast, Ste 250 Atlanta GA 30319 United States |  | (4)(7)(10) |  | SOFR + 5.00% |  | 9.28% |  | 11/1/2024 |  | 9/22/2028 |  |  |  |  | 46,115 |  |  | 45,651 |  |  | 46,115 |  | 0.73 | %
King Bidco S.P.E.C. |  | 2 Gambetta, 92400 Courbevoie, France |  | (4)(5)(6)(7)(8) |  | E + 5.25% |  | 7.25% |  | 6/26/2025 |  | 6/26/2032 |  |  |  | EUR | 175 |  |  | 200 |  |  | 201 |  | 0.00 | %
Legacy Intermediate, LLC |  | 3701 FAU Blvd, Suite 300, Boca Raton, FL 33431, United States |  | (4)(5)(10) |  | SOFR + 5.75% |  | 10.23% |  | 2/25/2022 |  | 2/25/2028 |  |  |  |  | 6,663 |  |  | 6,605 |  |  | 6,663 |  | 0.11 | %
Legacy Intermediate, LLC |  | 3701 FAU Blvd, Suite 300, Boca Raton, FL 33431, United States |  | (4)(5)(10) |  | SOFR + 5.75% |  | 10.16% |  | 12/22/2023 |  | 2/25/2028 |  |  |  |  | 1,287 |  |  | 1,270 |  |  | 1,287 |  | 0.02 | %
Mercury Bidco Globe, Limited |  | 3rd Floor, 8 St. James’s Square, London, SW1Y 4JU, United Kingdom |  | (4)(5)(6)(7)(8) |  | S + 5.75% |  | 9.97% |  | 1/18/2024 |  | 1/31/2031 |  |  |  | GBP | 49,724 |  |  | 62,101 |  |  | 68,254 |  | 1.09 | %
Mercury Bidco Globe, Limited |  | 3rd Floor, 8 St. James’s Square, London, SW1Y 4JU, United Kingdom |  | (4)(5)(6)(9) |  | SOFR + 5.75% |  | 10.02% |  | 1/30/2024 |  | 1/31/2031 |  |  |  |  | 4,520 |  |  | 4,228 |  |  | 4,520 |  | 0.07 | %

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Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and Spread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 6/30/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets |
First Lien Debt – non-controlled/ non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Professional Services (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
MPG Parent Holdings, LLC |  | One Vanderbilt Avenue, 53rd Floor, New York, New York 10017 United States |  | (4)(11) |  | SOFR + 5.00% |  | 9.30% |  | 1/8/2024 |  | 1/8/2030 |  |  |  | $ | 10,817 |  | $ | 10,654 |  | $ | 10,817 |  | 0.17 | %
MPG Parent Holdings, LLC |  | One Vanderbilt Avenue, 53rd Floor, New York, New York 10017 United States |  | (4)(5)(7)(11) |  | SOFR + 5.00% |  | 9.29% |  | 1/8/2024 |  | 1/8/2030 |  |  |  |  | 2,656 |  |  | 2,575 |  |  | 2,633 |  | 0.04 | %
NDT Global Holding, Inc. |  | c/o Novacap 3400, rue de l’Éclipse, Bur. 700 Brossard (Québec) J4Z 0P3 |  | (4)(5)(6)(7)(9) |  | SOFR + 4.50% |  | 8.82% |  | 6/3/2025 |  | 6/4/2032 |  |  |  |  | 780 |  |  | 769 |  |  | 769 |  | 0.01 | %
Oxford Global Resources, Inc. |  | 100 Cummings Center, Suite 206L, Beverly, MA 01915, United States |  | (4)(11) |  | SOFR + 6.00% |  | 10.42% |  | 8/17/2021 |  | 8/17/2027 |  |  |  |  | 18,677 |  |  | 18,544 |  |  | 18,677 |  | 0.30 | %
Oxford Global Resources, Inc. |  | 100 Cummings Center, Suite 206L, Beverly, MA 01915, United States |  | (4)(7)(11) |  | SOFR + 6.00% |  | 10.44% |  | 8/17/2021 |  | 8/17/2027 |  |  |  |  | 2,894 |  |  | 2,857 |  |  | 2,894 |  | 0.05 | %
Oxford Global Resources, Inc. |  | 100 Cummings Center, Suite 206L, Beverly, MA 01915, United States |  | (4)(9) |  | SOFR + 6.00% |  | 10.41% |  | 6/6/2024 |  | 8/17/2027 |  |  |  |  | 2,205 |  |  | 2,169 |  |  | 2,205 |  | 0.04 | %
Pavion Corp. |  | 4151 Lafayette Center Dr, Suite 700, Chantilly, Virginia 20151, United States |  | (4)(6)(10) |  | SOFR + 6.00% |  | 10.29% (incl. 2.25% PIK) |  | 10/30/2023 |  | 10/30/2030 |  |  |  |  | 74,167 |  |  | 73,027 |  |  | 73,426 |  | 1.17 | %
Pavion Corp. |  | 4151 Lafayette Center Dr, Suite 700, Chantilly, Virginia 20151, United States |  | (4)(6)(7)(10) |  | SOFR + 6.00% |  | 10.27% (incl. 2.25% PIK) |  | 10/30/2023 |  | 10/30/2030 |  |  |  |  | 15,694 |  |  | 15,474 |  |  | 15,511 |  | 0.25 | %
Petrus Buyer, Inc. |  | 100 Bayview Cir Ste 400, Newport Beach, California, 92660 United States |  | (4)(10) |  | SOFR + 4.50% |  | 8.83% |  | 10/17/2022 |  | 10/17/2029 |  |  |  |  | 1,862 |  |  | 1,828 |  |  | 1,862 |  | 0.03 | %
Petrus Buyer, Inc. |  | 100 Bayview Cir Ste 400, Newport Beach, California, 92660 United States |  | (4)(5)(7)(10) |  | SOFR + 4.50% |  | 8.83% |  | 10/17/2022 |  | 10/17/2029 |  |  |  |  | 333 |  |  | 320 |  |  | 333 |  | 0.01 | %
Petrus Buyer, Inc. |  | 100 Bayview Cir Ste 400, Newport Beach, California, 92660 United States |  | (4)(5)(10) |  | SOFR + 4.50% |  | 8.83% |  | 2/26/2025 |  | 10/17/2029 |  |  |  |  | 645 |  |  | 642 |  |  | 645 |  | 0.01 | %

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Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and Spread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 6/30/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets |
First Lien Debt – non-controlled/ non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Professional Services (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
STV Group, Inc. |  | 350 5th Avenue, Suite 1120, New York, NY 10001 United States |  | (4)(7)(10) |  | SOFR + 4.75% |  | 9.07% |  | 3/20/2024 |  | 3/20/2031 |  |  |  | $ | 24,112 |  | $ | 23,584 |  | $ | 24,042 |  | 0.38 | %
The North Highland Co, LLC |  | 3333 Piedmont Road, NE, Suite 1000, Atlanta, GA 30305 United States |  | (4)(5)(10) |  | SOFR + 4.75% |  | 9.07% |  | 12/20/2024 |  | 12/20/2031 |  |  |  |  | 15,942 |  |  | 15,797 |  |  | 15,863 |  | 0.25 | %
The North Highland Co, LLC |  | 3333 Piedmont Road, NE, Suite 1000, Atlanta, GA 30305 United States |  | (4)(5)(7)(10) |  | SOFR + 4.75% |  | 9.08% |  | 12/20/2024 |  | 12/20/2030 |  |  |  |  | 2,783 |  |  | 2,717 |  |  | 2,732 |  | 0.04 | %
Thevelia US, LLC |  | 9 Raffles Place #26-01, Republic Plaza, Singapore, 048619 |  | (5)(6)(9) |  | SOFR + 3.00% |  | 7.30% |  | 7/29/2024 |  | 6/18/2029 |  |  |  |  | 1,277 |  |  | 1,277 |  |  | 1,279 |  | 0.02 | %
Titan Investment Company, Inc. |  | 6130 Sprint Parkway, Overland Park, KS 66211 United States |  | (4)(8) |  | SOFR + 5.75% |  | 10.20% |  | 3/20/2020 |  | 3/20/2027 |  |  |  |  | 40,947 |  |  | 40,399 |  |  | 38,286 |  | 0.61 | %
Trinity Air Consultants Holdings Corp. |  | 330 7th Ave, New York, NY 10001 United States |  | (4)(10) |  | SOFR + 4.25% |  | 8.48% |  | 6/29/2021 |  | 6/29/2029 |  |  |  |  | 59,901 |  |  | 59,365 |  |  | 59,901 |  | 0.95 | %
Trinity Air Consultants Holdings Corp. |  | 330 7th Ave, New York, NY 10001 United States |  | (4)(7)(10) |  | SOFR + 4.25% |  | 8.48% |  | 6/29/2021 |  | 6/29/2029 |  |  |  |  | 34,698 |  |  | 34,436 |  |  | 34,698 |  | 0.55 | %
Trinity Partners Holdings LLC |  | 230 3rd Ave Prospect Place Waltham, MA 02451 United States |  | (4)(7)(11)(18) |  | SOFR + 6.24% |  | 10.67% |  | 12/21/2021 |  | 12/31/2030 |  |  |  |  | 4,685 |  |  | 4,632 |  |  | 4,685 |  | 0.07 | %
West Monroe Partners, LLC |  | 311 W Monroe St 14th Floor, Chicago, IL 60606, United States |  | (4)(10) |  | SOFR + 4.75% |  | 9.07% |  | 11/9/2021 |  | 11/8/2028 |  |  |  |  | 14,521 |  |  | 14,387 |  |  | 14,376 |  | 0.23 | %
West Monroe Partners, LLC |  | 311 W Monroe St 14th Floor, Chicago, IL 60606, United States |  | (4)(5)(7)(10) |  | SOFR + 4.75% |  | 9.07% |  | 12/18/2024 |  | 11/8/2028 |  |  |  |  | 592 |  |  | 588 |  |  | 587 |  | 0.01 | %
YA Intermediate Holdings II, LLC |  | 12851 Manchester Rd, Suite 160, St. Louis, MO 63131 United States |  | (4)(5)(10) |  | SOFR + 4.75% |  | 8.94% |  | 10/1/2024 |  | 10/1/2031 |  |  |  |  | 7,848 |  |  | 7,788 |  |  | 7,848 |  | 0.12 | %
YA Intermediate Holdings II, LLC |  | 12851 Manchester Rd, Suite 160, St. Louis, MO 63131 United States |  | (4)(5)(7)(10) |  | SOFR + 4.75% |  | 8.99% |  | 10/1/2024 |  | 10/1/2031 |  |  |  |  | 663 |  |  | 635 |  |  | 663 |  | 0.01 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,117,056 |  |  | 1,128,608 |  | 17.92 | %

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Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and Spread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 6/30/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets |
First Lien Debt – non-controlled/ non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real Estate Management & Development |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Castle Management Borrower, LLC |  | 870 Seventh Avenue 2nd Fl New York, New York 10019, United States |  | (4)(7)(11) |  | SOFR + 5.50% |  | 9.80% |  | 11/3/2023 |  | 11/3/2029 |  |  |  | $ | 23,858 |  | $ | 23,566 |  | $ | 23,858 |  | 0.38 | %
Community Management Holdings Midco 2, LLC |  | 8360 East Via de Ventura, Building L, #100, Scottsdale, AZ 85258 United States |  | (4)(5)(10) |  | SOFR + 5.00% |  | 9.28% |  | 11/1/2024 |  | 11/1/2031 |  |  |  |  | 9,626 |  |  | 9,495 |  |  | 9,626 |  | 0.15 | %
Community Management Holdings Midco 2, LLC |  | 8360 East Via de Ventura, Building L, #100, Scottsdale, AZ 85258 United States |  | (4)(5)(7)(10) |  | SOFR + 5.00% |  | 9.28% |  | 11/1/2024 |  | 11/1/2031 |  |  |  |  | 2,316 |  |  | 2,255 |  |  | 2,287 |  | 0.04 | %
Neptune BidCo, SAS |  | 21 Avenue Kleber, 75116 Paris, France |  | (4)(5)(6)(7)(8) |  | E + 5.25% |  | 7.44% |  | 4/1/2024 |  | 4/1/2031 |  |  |  | EUR | 7,097 |  |  | 7,535 |  |  | 8,439 |  | 0.13 | %
Odevo, AB |  | Kabyssgatan 4 D, 120 30 Stockholm, Sweden |  | (4)(5)(6)(8) |  | E + 5.50% |  | 7.45% |  | 10/31/2024 |  | 12/31/2030 |  |  |  | EUR | 251 |  |  | 261 |  |  | 295 |  | 0.00 | %
Odevo, AB |  | Kabyssgatan 4 D, 120 30 Stockholm, Sweden |  | (4)(5)(6)(8) |  | S + 5.50% |  | 9.72% |  | 10/31/2024 |  | 12/31/2030 |  |  |  | GBP | 2,215 |  |  | 2,793 |  |  | 3,040 |  | 0.05 | %
Odevo, AB |  | Kabyssgatan 4 D, 120 30 Stockholm, Sweden |  | (4)(5)(6)(8) |  | ST + 5.50% |  | 7.74% |  | 10/31/2024 |  | 12/31/2030 |  |  |  | SEK | 90,957 |  |  | 8,213 |  |  | 9,614 |  | 0.15 | %
Odevo, AB |  | Kabyssgatan 4 D, 120 30 Stockholm, Sweden |  | (4)(5)(6)(8) |  | SOFR + 5.50% |  | 9.82% |  | 10/31/2024 |  | 12/31/2030 |  |  |  |  | 28,239 |  |  | 28,110 |  |  | 28,239 |  | 0.45 | %
Odevo, AB |  | Kabyssgatan 4 D, 120 30 Stockholm, Sweden |  | (4)(5)(6)(7)(8) |  | E + 5.50% |  | 7.64% |  | 11/28/2024 |  | 12/31/2030 |  |  |  | EUR | 536 |  |  | 492 |  |  | 631 |  | 0.01 | %
Odevo, AB |  | Kabyssgatan 4 D, 120 30 Stockholm, Sweden |  | (4)(5)(6)(8) |  | SOFR + 5.50% |  | 9.80% |  | 6/30/2025 |  | 12/31/2030 |  |  |  |  | 1,694 |  |  | 1,690 |  |  | 1,694 |  | 0.03 | %
Progress Residential PM Holdings, LLC |  | 7500 N Dobson Rd., Suite 300 Scottsdale, AZ 85256 United States |  | (4)(10) |  | SOFR + 5.50% |  | 9.93% |  | 2/16/2021 |  | 8/8/2030 |  |  |  |  | 67,900 |  |  | 67,175 |  |  | 67,900 |  | 1.08 | %
Progress Residential PM Holdings, LLC |  | 7500 N Dobson Rd., Suite 300 Scottsdale, AZ 85256 United States |  | (4)(5)(7)(10) |  | SOFR + 5.50% |  | 9.93% |  | 7/26/2022 |  | 8/8/2030 |  |  |  |  | 833 |  |  | 820 |  |  | 833 |  | 0.01 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 152,405 |  |  | 156,456 |  | 2.48 | %

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Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and Spread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 6/30/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets |
First Lien Debt – non-controlled/ non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Abacus Holdco 2, Oy |  | Kansakoulukuja 1, 00100 Helsinki, Finland |  | (4)(5)(6)(7)(8) |  | E + 4.75% |  | 7.02% |  | 10/11/2024 |  | 10/10/2031 |  |  |  | EUR | 838 |  | $ | 910 |  | $ | 979 |  | 0.02 | %
AI Titan Parent, Inc. |  | 4601 Six Forks Road, Suite 220, Raleigh, NC 27609, United States |  | (4)(5)(7)(10) |  | SOFR + 4.50% |  | 8.83% |  | 8/29/2024 |  | 8/29/2031 |  |  |  | $ | 4,352 |  |  | 4,306 |  |  | 4,343 |  | 0.07 | %
Anaplan, Inc. |  | 50 Hawthorne St, San Francisco, CA 94105 United States |  | (4)(10) |  | SOFR + 4.50% |  | 8.82% |  | 5/20/2025 |  | 6/21/2029 |  |  |  |  | 20,925 |  |  | 20,756 |  |  | 20,925 |  | 0.33 | %
Anaplan, Inc. |  | 50 Hawthorne St, San Francisco, CA 94105 United States |  | (4)(5)(7)(10) |  | SOFR + 4.50% |  | 8.82% |  | 5/20/2025 |  | 6/21/2029 |  |  |  |  | 3,442 |  |  | 3,440 |  |  | 3,438 |  | 0.05 | %
Arnhem BidCo, GmbH |  | Isaac-Fulda-Allee 6, 55124 Mainz, Germany |  | (4)(6)(7)(8) |  | E + 4.75% |  | 7.11% |  | 9/18/2024 |  | 10/1/2031 |  |  |  | EUR | 48,873 |  |  | 53,518 |  |  | 57,505 |  | 0.91 | %
Auctane, Inc. |  | 1990 East Grand Avenue El Segundo, CA 90245 United States |  | (4)(10) |  | SOFR + 5.75% |  | 10.14% |  | 10/5/2021 |  | 10/5/2028 |  |  |  |  | 278,297 |  |  | 275,702 |  |  | 273,427 |  | 4.35 | %
Auctane, Inc. |  | 1990 East Grand Avenue El Segundo, CA 90245 United States |  | (4)(5)(10) |  | SOFR + 5.75% |  | 10.14% |  | 12/14/2021 |  | 10/5/2028 |  |  |  |  | 3,273 |  |  | 3,242 |  |  | 3,216 |  | 0.05 | %
AuditBoard, Inc. |  | 12900 Park Plaza Dr. Ste 200, Cerritos, CA, 90703, United States |  | (4)(7)(10) |  | SOFR + 4.75% |  | 9.35% |  | 7/12/2024 |  | 7/12/2031 |  |  |  |  | 9,270 |  |  | 9,156 |  |  | 9,220 |  | 0.15 | %
Azurite Intermediate Holdings, Inc. |  | 233 Wilshire Blvd., Suite 800 Santa Monica, CA 90401 United States |  | (4)(7)(10) |  | SOFR + 6.00% |  | 10.33% |  | 3/19/2024 |  | 3/19/2031 |  |  |  |  | 36,936 |  |  | 36,433 |  |  | 36,936 |  | 0.59 | %
Banyan Software Holdings, LLC |  | 303 Perimeter Center North, Suite 450 Atlanta, GA 30346 |  | (4)(5)(11) |  | SOFR + 5.50% |  | 9.83% |  | 1/2/2025 |  | 1/2/2031 |  |  |  |  | 9,368 |  |  | 9,282 |  |  | 9,321 |  | 0.15 | %
Banyan Software Holdings, LLC |  | 303 Perimeter Center North, Suite 450 Atlanta, GA 30346 |  | (4)(5)(7)(11) |  | SOFR + 5.50% |  | 9.82% |  | 1/2/2025 |  | 1/2/2031 |  |  |  |  | 3,187 |  |  | 3,132 |  |  | 3,148 |  | 0.05 | %
Bayshore Intermediate #2, LP |  | 1 W Elm St ste 200, Conshohocken, PA 19428, United States |  | (4)(7)(10) |  | SOFR + 6.25% |  | 10.55% (incl. 3.38% PIK) |  | 11/8/2024 |  | 10/1/2028 |  |  |  |  | 96,857 |  |  | 96,723 |  |  | 96,857 |  | 1.54 | %
Bending Spoons US, Inc. |  | 169 Madison Ave, Suite 11218 New York, NY 10016, United States |  | (6)(11) |  | SOFR + 5.25% |  | 9.56% |  | 2/19/2025 |  | 3/7/2031 |  |  |  |  | 14,157 |  |  | 13,926 |  |  | 14,272 |  | 0.23 | %
BlueCat Networks USA, Inc. |  | 156 W. 56th Street, 3rd Floor, New York, New York 10019 United States |  | (4)(10) |  | SOFR + 6.00% |  | 10.32% (incl. 1.00% PIK) |  | 8/8/2022 |  | 8/8/2028 |  |  |  |  | 1,960 |  |  | 1,939 |  |  | 1,930 |  | 0.03 | %
BlueCat Networks USA, Inc. |  | 156 W. 56th Street, 3rd Floor, New York, New York 10019 United States |  | (4)(5)(10) |  | SOFR + 6.00% |  | 10.32% (incl. 1.00% PIK) |  | 8/8/2022 |  | 8/8/2028 |  |  |  |  | 346 |  |  | 342 |  |  | 341 |  | 0.01 | %

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Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and Spread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 6/30/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets |
First Lien Debt – non-controlled/ non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
BlueCat Networks USA, Inc. |  | 156 W. 56th Street, 3rd Floor, New York, New York 10019 United States |  | (4)(5)(10) |  | SOFR + 6.00% |  | 10.32% (incl. 1.00% PIK) |  | 8/8/2022 |  | 8/8/2028 |  |  |  | $ | 238 |  | $ | 236 |  | $ | 234 |  | 0.00 | %
BlueCat Networks USA, Inc. |  | 156 W. 56th Street, 3rd Floor, New York, New York 10019 United States |  | (4)(5)(10) |  | SOFR + 6.00% |  | 10.32% (incl. 1.00% PIK) |  | 10/25/2024 |  | 8/8/2028 |  |  |  |  | 1,591 |  |  | 1,572 |  |  | 1,567 |  | 0.02 | %
Bluefin Holding, LLC |  | 8200 Roberts Drive, Suite 400, Atlanta, GA 30350 United States |  | (4)(7)(11) |  | SOFR + 6.25% |  | 10.57% |  | 9/12/2023 |  | 9/12/2029 |  |  |  |  | 27,291 |  |  | 26,793 |  |  | 27,291 |  | 0.43 | %
Brave Parent Holdings, Inc. |  | 11695 Johns Creek Parkway, Suite 200, Johns Creek, Georgia 30097 United States |  | (4)(7)(10) |  | SOFR + 5.00% |  | 9.33% |  | 11/28/2023 |  | 11/28/2030 |  |  |  |  | 67,447 |  |  | 66,892 |  |  | 67,447 |  | 1.07 | %
Caribou Bidco, Ltd. |  | 70 Gray’s Inn Road, London, WC1X 8NH, United Kingdom |  | (4)(6)(8) |  | S + 5.00% |  | 9.22% |  | 7/2/2024 |  | 2/1/2029 |  |  |  | GBP | 39,280 |  |  | 49,926 |  |  | 53,918 |  | 0.86 | %
Confine Visual Bidco |  | Kistagången 12, 164 40 Kista, Sweden |  | (4)(6)(8) |  | SOFR + 5.75% |  | 10.04% |  | 2/23/2022 |  | 2/23/2029 |  |  |  |  | 15,868 |  |  | 15,623 |  |  | 12,734 |  | 0.20 | %
Confine Visual Bidco |  | Kistagången 12, 164 40 Kista, Sweden |  | (4)(5)(6)(8) |  | SOFR + 5.75% |  | 10.04% |  | 3/11/2022 |  | 2/23/2029 |  |  |  |  | 379 |  |  | 379 |  |  | 304 |  | 0.00 | %
Confluence Technologies, Inc. |  | Nova Tower 1 1 Allegheny Square, Suite 800 Pittsburgh, PA, 15212 United States |  | (4)(5)(9) |  | SOFR + 5.00% |  | 9.31% |  | 2/14/2025 |  | 7/30/2028 |  |  |  |  | 2,215 |  |  | 2,154 |  |  | 2,182 |  | 0.03 | %
Connatix Buyer, Inc. |  | 666 Broadway, 10th Floor, New York, NY 10012, United States |  | (4)(10) |  | SOFR + 5.50% |  | 9.71% |  | 7/14/2021 |  | 7/14/2027 |  |  |  |  | 21,247 |  |  | 21,103 |  |  | 20,928 |  | 0.33 | %
Connatix Buyer, Inc. |  | 666 Broadway, 10th Floor, New York, NY 10012, United States |  | (4)(5)(7)(10) |  | SOFR + 5.50% |  | 10.03% |  | 7/14/2021 |  | 7/14/2027 |  |  |  |  | 2,390 |  |  | 2,353 |  |  | 2,308 |  | 0.04 | %
Connatix Buyer, Inc. |  | 666 Broadway, 10th Floor, New York, NY 10012, United States |  | (4)(5)(7)(10) |  | SOFR + 5.50% |  | 9.97% |  | 10/9/2024 |  | 7/14/2027 |  |  |  |  | 1,305 |  |  | 1,264 |  |  | 1,273 |  | 0.02 | %
Coupa Software, Inc. |  | 1855 S. Grant Street, San Mateo, CA 94402 United States |  | (4)(5)(6)(7)(10) |  | SOFR + 5.25% |  | 9.53% |  | 2/27/2023 |  | 2/27/2030 |  |  |  |  | 1,818 |  |  | 1,784 |  |  | 1,816 |  | 0.03 | %
Crewline Buyer, Inc. |  | 188 Spear St, San Francisco, CA 94105 United States |  | (4)(7)(11) |  | SOFR + 6.75% |  | 11.08% |  | 11/8/2023 |  | 11/8/2030 |  |  |  |  | 61,956 |  |  | 60,646 |  |  | 61,615 |  | 0.98 | %
Denali Bidco, Ltd. |  | 53 rue de Châteaudun,75009 Paris, France |  | (4)(5)(6)(7)(10) |  | S + 5.00% |  | 9.22% |  | 8/29/2023 |  | 8/29/2030 |  |  |  | GBP | 4,022 |  |  | 4,956 |  |  | 5,518 |  | 0.09 | %
Denali Bidco, Ltd. |  | 53 rue de Châteaudun,75009 Paris, France |  | (4)(5)(6)(8) |  | E + 5.00% |  | 6.98% |  | 8/29/2023 |  | 8/29/2030 |  |  |  | EUR | 1,166 |  |  | 1,232 |  |  | 1,373 |  | 0.02 | %
Denali Bidco, Ltd. |  | 53 rue de Châteaudun,75009 Paris, France |  | (4)(5)(6)(8) |  | E + 5.00% |  | 6.98% |  | 2/28/2024 |  | 8/29/2030 |  |  |  | EUR | 263 |  |  | 276 |  |  | 310 |  | 0.00 | %

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Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and Spread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 6/30/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets |
First Lien Debt – non-controlled/ non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Denali Bidco, Ltd. |  | 53 rue de Châteaudun,75009 Paris, France |  | (4)(5)(6)(8) |  | E + 5.00% |  | 6.98% |  | 2/28/2024 |  | 8/29/2030 |  |  |  | EUR | 1,632 |  | $ | 1,757 |  | $ | 1,923 |  | 0.03 | %
Diligent Corp. |  | 61 W 23rd Street, 4th Floor, New York, NY 10010 United States |  | (4)(10) |  | SOFR + 5.00% |  | 9.33% |  | 4/30/2024 |  | 8/2/2030 |  |  |  | $ | 49,683 |  |  | 49,521 |  |  | 49,683 |  | 0.79 | %
Diligent Corp. |  | 61 W 23rd Street, 4th Floor, New York, NY 10010 United States |  | (4)(10) |  | SOFR + 5.00% |  | 9.33% |  | 4/30/2024 |  | 8/2/2030 |  |  |  |  | 8,517 |  |  | 8,489 |  |  | 8,517 |  | 0.14 | %
Discovery Education, Inc. |  | 4350 Congress Street, Suite 700, Charlotte, North Carolina 28209 United States |  | (4)(10) |  | SOFR + 6.75% |  | 10.98% (incl. 5.99% PIK) |  | 4/7/2022 |  | 4/9/2029 |  |  |  |  | 33,638 |  |  | 33,360 |  |  | 28,172 |  | 0.45 | %
Discovery Education, Inc. |  | 4350 Congress Street, Suite 700, Charlotte, North Carolina 28209 United States |  | (4)(5)(10) |  | SOFR + 5.75% |  | 10.17% |  | 4/7/2022 |  | 4/9/2029 |  |  |  |  | 2,960 |  |  | 2,928 |  |  | 2,479 |  | 0.04 | %
Discovery Education, Inc. |  | 4350 Congress Street, Suite 700, Charlotte, North Carolina 28209 United States |  | (4)(5)(10) |  | SOFR + 6.75% |  | 10.88% (incl. 5.94% PIK) |  | 10/3/2023 |  | 4/9/2029 |  |  |  |  | 3,785 |  |  | 3,754 |  |  | 3,170 |  | 0.05 | %
Doit International, Ltd. |  | David Elazar 12 St’, Tel Aviv-Yaffo, 6107408 Israel |  | (4)(5)(7)(11) |  | SOFR + 4.50% |  | 8.83% |  | 11/25/2024 |  | 11/26/2029 |  |  |  |  | 11,577 |  |  | 11,277 |  |  | 11,229 |  | 0.18 | %
Dropbox, Inc. |  | 1800 Owens Street, San Francisco, CA 94158 United States |  | (4)(6)(7)(10)(18) |  | SOFR + 6.38% |  | 10.69% |  | 12/10/2024 |  | 12/11/2029 |  |  |  |  | 35,118 |  |  | 34,330 |  |  | 34,325 |  | 0.55 | %
Edison Bidco, AS |  | Hagaløkkveien 26, 1383, Asker, Norway |  | (4)(5)(6)(7)(8) |  | E + 5.25% |  | 7.30% |  | 12/18/2024 |  | 12/18/2031 |  |  |  | EUR | 345 |  |  | 307 |  |  | 336 |  | 0.01 | %
Elements Finco, Ltd. |  | Heathrow Approach, 470 London Road, Slough, Berkshire SL3 8QY, Great Britain |  | (4)(5)(6)(8) |  | SOFR + 5.00% |  | 9.33% |  | 4/30/2024 |  | 4/29/2031 |  |  |  |  | 5,046 |  |  | 5,027 |  |  | 5,008 |  | 0.08 | %
Elements Finco, Ltd. |  | Heathrow Approach, 470 London Road, Slough, Berkshire SL3 8QY, Great Britain |  | (4)(5)(6)(8) |  | S + 5.50% |  | 9.72% (incl. 2.50% PIK) |  | 3/27/2024 |  | 4/29/2031 |  |  |  | GBP | 19,597 |  |  | 24,307 |  |  | 26,698 |  | 0.42 | %
Elements Finco, Ltd. |  | Heathrow Approach, 470 London Road, Slough, Berkshire SL3 8QY, Great Britain |  | (4)(5)(6)(8) |  | SOFR + 5.00% |  | 9.33% (incl. 2.25% PIK) |  | 3/27/2024 |  | 4/29/2031 |  |  |  |  | 6,127 |  |  | 6,068 |  |  | 6,081 |  | 0.10 | %
Elements Finco, Ltd. |  | Heathrow Approach, 470 London Road, Slough, Berkshire SL3 8QY, Great Britain |  | (4)(5)(6)(8) |  | S + 5.50% |  | 9.72% (incl. 2.50% PIK) |  | 3/27/2024 |  | 4/29/2031 |  |  |  | GBP | 8,783 |  |  | 10,893 |  |  | 11,965 |  | 0.19 | %

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Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and Spread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 6/30/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets |
First Lien Debt – non-controlled/ non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Elements Finco, Ltd. |  | Heathrow Approach, 470 London Road, Slough, Berkshire SL3 8QY, Great Britain |  | (4)(5)(6)(8) |  | S + 5.25% |  | 9.47% (incl. 2.25% PIK) |  | 11/29/2024 |  | 4/29/2031 |  |  |  | GBP | 3,610 |  | $ | 4,475 |  | $ | 4,918 |  | 0.08 | %
Everbridge Holdings, LLC |  | 25 Corporate Drive, Suite 400, Burlington, MA 01803, United States |  | (4)(6)(10) |  | SOFR + 5.00% |  | 9.29% |  | 7/2/2024 |  | 7/2/2031 |  |  |  | $ | 22,111 |  |  | 22,016 |  |  | 22,111 |  | 0.35 | %
Everbridge Holdings, LLC |  | 25 Corporate Drive, Suite 400, Burlington, MA 01803, United States |  | (4)(5)(6)(7)(10) |  | SOFR + 5.00% |  | 9.29% |  | 7/2/2024 |  | 7/2/2031 |  |  |  |  | 2,167 |  |  | 2,141 |  |  | 2,167 |  | 0.03 | %
Experity, Inc. |  | 101 South Phillips Avenue, Suite 300, Sioux Falls, SD 57104, United States |  | (4)(5)(10) |  | SOFR + 6.00% |  | 10.30% (incl. 3.25% PIK) |  | 7/22/2021 |  | 2/24/2028 |  |  |  |  | 12,055 |  |  | 11,962 |  |  | 12,055 |  | 0.19 | %
Experity, Inc. |  | 101 South Phillips Avenue, Suite 300, Sioux Falls, SD 57104, United States |  | (4)(5)(7)(10) |  | SOFR + 6.00% |  | 10.30% (incl. 3.25% PIK) |  | 2/24/2022 |  | 2/24/2028 |  |  |  |  | 3,879 |  |  | 3,819 |  |  | 3,857 |  | 0.06 | %
Gigamon, Inc. |  | 3300 Olcott Street Santa Clara, CA 95054, United States |  | (4)(10) |  | SOFR + 5.75% |  | 10.18% |  | 3/11/2022 |  | 3/9/2029 |  |  |  |  | 7,213 |  |  | 7,137 |  |  | 6,690 |  | 0.11 | %
Gigamon, Inc. |  | 3300 Olcott Street Santa Clara, CA 95054, United States |  | (4)(5)(7)(10) |  | SOFR + 5.75% |  | 10.16% |  | 3/11/2022 |  | 3/9/2029 |  |  |  |  | 349 |  |  | 348 |  |  | 318 |  | 0.01 | %
GovernmentJobs.com, Inc. |  | 300 Continental Blvd., El Segundo, CA 90245, United States |  | (4)(7)(10) |  | SOFR + 5.00% |  | 9.30% |  | 7/15/2024 |  | 12/2/2028 |  |  |  |  | 8,620 |  |  | 8,585 |  |  | 8,620 |  | 0.14 | %
Granicus, Inc. |  | 1999 Broadway, Suite 3600, Denver, Colorado 80202 United States |  | (4)(10) |  | SOFR + 5.75% |  | 10.03% (incl. 2.25% PIK) |  | 1/17/2024 |  | 1/17/2031 |  |  |  |  | 17,618 |  |  | 17,483 |  |  | 17,618 |  | 0.28 | %
Granicus, Inc. |  | 1999 Broadway, Suite 3600, Denver, Colorado 80202 United States |  | (4)(10) |  | SOFR + 5.25% |  | 9.53% (incl. 2.25% PIK) |  | 1/17/2024 |  | 1/17/2031 |  |  |  |  | 4,741 |  |  | 4,721 |  |  | 4,741 |  | 0.08 | %
Granicus, Inc. |  | 1999 Broadway, Suite 3600, Denver, Colorado 80202 United States |  | (4)(5)(7)(10) |  | P + 4.25% |  | 11.75% |  | 1/17/2024 |  | 1/17/2031 |  |  |  |  | 343 |  |  | 320 |  |  | 339 |  | 0.01 | %
Graphpad Software, LLC |  | 225 Franklin Street, Fl. 26. Boston, MA 02110, United States |  | (4)(10) |  | SOFR + 4.75% |  | 9.05% |  | 6/28/2024 |  | 6/28/2031 |  |  |  |  | 23,964 |  |  | 23,810 |  |  | 23,964 |  | 0.38 | %
Graphpad Software, LLC |  | 225 Franklin Street, Fl. 26. Boston, MA 02110, United States |  | (4)(5)(7)(10) |  | SOFR + 4.75% |  | 9.05% |  | 6/28/2024 |  | 6/28/2031 |  |  |  |  | 599 |  |  | 546 |  |  | 588 |  | 0.01 | %
GS Acquisitionco, Inc. |  | 8529 Six Forks Rd, Suite 400, Raleigh, North Carolina 27615 United States |  | (4)(5)(7)(10) |  | SOFR + 5.25% |  | 9.55% |  | 3/26/2024 |  | 5/25/2028 |  |  |  |  | 1,130 |  |  | 1,112 |  |  | 1,104 |  | 0.02 | %

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Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and Spread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 6/30/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets |
First Lien Debt – non-controlled/ non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
GS Acquisitionco, Inc. |  | 8529 Six Forks Rd, Suite 400, Raleigh, North Carolina 27615 United States |  | (4)(5)(11) |  | SOFR + 5.25% |  | 9.55% |  | 3/26/2024 |  | 5/25/2028 |  |  |  | $ | 5,303 |  | $ | 5,288 |  | $ | 5,277 |  | 0.08 | %
Homecare Software Solutions, LLC |  | 130 West 42nd Street, 2nd Floor, New York, NY 10036, United States |  | (4)(10) |  | SOFR + 5.55% |  | 9.87% (incl. 2.93% PIK) |  | 6/14/2024 |  | 6/14/2031 |  |  |  |  | 14,941 |  |  | 14,816 |  |  | 14,866 |  | 0.24 | %
Homecare Software Solutions, LLC |  | 130 West 42nd Street, 2nd Floor, New York, NY 10036, United States |  | (4)(10) |  | SOFR + 5.55% |  | 9.87% (incl. 2.93% PIK) |  | 9/26/2024 |  | 6/14/2031 |  |  |  |  | 6,808 |  |  | 6,748 |  |  | 6,773 |  | 0.11 | %
Homecare Software Solutions, LLC |  | 130 West 42nd Street, 2nd Floor, New York, NY 10036, United States |  | (4)(10) |  | SOFR + 5.55% |  | 9.87% (incl. 2.93% PIK) |  | 6/14/2024 |  | 6/14/2031 |  |  |  |  | 5,550 |  |  | 5,503 |  |  | 5,522 |  | 0.09 | %
Icefall Parent, Inc. |  | 30 Braintree Hill Office Park, Suite 101, Boston, MA 02184 United States |  | (4)(7)(11) |  | SOFR + 6.50% |  | 10.78% |  | 1/26/2024 |  | 1/25/2030 |  |  |  |  | 32,592 |  |  | 32,048 |  |  | 32,592 |  | 0.52 | %
IQN Holding Corp. |  | 5011 Gate Parkway Building 100, Suite 250, Jacksonville, FL 32256, United States |  | (4)(10) |  | SOFR + 5.75% |  | 10.08% |  | 5/2/2022 |  | 5/2/2029 |  |  |  |  | 4,867 |  |  | 4,842 |  |  | 4,867 |  | 0.08 | %
IQN Holding Corp. |  | 5011 Gate Parkway Building 100, Suite 250, Jacksonville, FL 32256, United States |  | (4)(5)(7)(10) |  | SOFR + 5.25% |  | 9.58% |  | 5/2/2022 |  | 5/2/2028 |  |  |  |  | 433 |  |  | 430 |  |  | 432 |  | 0.01 | %
IQN Holding Corp. |  | 5011 Gate Parkway Building 100, Suite 250, Jacksonville, FL 32256, United States |  | (4)(5)(10) |  | SOFR + 5.75% |  | 10.06% (incl. 3.13% PIK) |  | 5/16/2025 |  | 5/2/2029 |  |  |  |  | 600 |  |  | 600 |  |  | 600 |  | 0.01 | %
IRI Group Holdings, Inc. |  | 203 North LaSalle Street, Suite 1500 Chicago, IL 60601, United States |  | (4)(7)(10) |  | SOFR + 4.50% |  | 8.83% |  | 4/9/2025 |  | 12/1/2029 |  |  |  |  | 197,497 |  |  | 195,226 |  |  | 197,497 |  | 3.14 | %
JS Parent, Inc. |  | 135 SW Taylor Suite 200 Portland, Oregon, 97204, United States |  | (4)(7)(10) |  | SOFR + 4.75% |  | 9.03% |  | 4/24/2024 |  | 4/24/2031 |  |  |  |  | 35,399 |  |  | 35,237 |  |  | 35,381 |  | 0.56 | %
LD Lower Holdings, Inc. |  | 8201 Greensboro Drive, Suite 717 Mclean, VA 22102-3810 United States |  | (4)(11) |  | SOFR + 7.50% |  | 11.90% |  | 2/8/2021 |  | 8/9/2027 |  |  |  |  | 83,806 |  |  | 83,595 |  |  | 80,453 |  | 1.28 | %
LogicMonitor, Inc. |  | 820 State Street, Floor 5, Santa Barbara, CA 93101 United States |  | (4)(5)(7)(10) |  | SOFR + 5.50% |  | 9.78% |  | 11/15/2024 |  | 11/15/2031 |  |  |  |  | 15,936 |  |  | 15,732 |  |  | 15,712 |  | 0.25 | %
Magnesium BorrowerCo, Inc. |  | 1 Finsbury Avenue, London, United Kingdom, EC2M 2PF |  | (4)(10) |  | SOFR + 4.50% |  | 8.83% |  | 5/19/2022 |  | 5/18/2029 |  |  |  |  | 5,599 |  |  | 5,530 |  |  | 5,599 |  | 0.09 | %

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Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and Spread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 6/30/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets |
First Lien Debt – non-controlled/ non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Magnesium BorrowerCo, Inc. |  | 1 Finsbury Avenue, London, United Kingdom, EC2M 2PF |  | (4)(5)(10) |  | SOFR + 4.50% |  | 8.83% |  | 3/21/2024 |  | 5/18/2029 |  |  |  | $ | 139 |  | $ | 138 |  | $ | 139 |  | 0.00 | %
Magnesium BorrowerCo, Inc. |  | 1 Finsbury Avenue, London, United Kingdom, EC2M 2PF |  | (4)(5)(10) |  | S + 4.50% |  | 8.72% |  | 5/19/2022 |  | 5/18/2029 |  |  |  | GBP | 3,357 |  |  | 4,134 |  |  | 4,608 |  | 0.07 | %
Mandolin Technology Intermediate Holdings, Inc. |  | Nova Tower 1 1 Allegheny Square, Suite 800 Pittsburgh, PA, 15212 United States |  | (4)(5)(9) |  | SOFR + 3.75% |  | 8.20% |  | 7/30/2021 |  | 7/31/2028 |  |  |  |  | 8,396 |  |  | 8,340 |  |  | 7,346 |  | 0.12 | %
Mandolin Technology Intermediate Holdings, Inc. |  | Nova Tower 1 1 Allegheny Square, Suite 800 Pittsburgh, PA, 15212 United States |  | (4)(5)(9) |  | SOFR + 6.25% |  | 10.70% |  | 6/9/2023 |  | 7/31/2028 |  |  |  |  | 6,860 |  |  | 6,715 |  |  | 6,448 |  | 0.10 | %
Mandolin Technology Intermediate Holdings, Inc. |  | Nova Tower 1 1 Allegheny Square, Suite 800 Pittsburgh, PA,15212 United States |  | (4)(5)(7)(8) |  | SOFR + 3.75% |  | 8.05% |  | 2/14/2025 |  | 4/30/2028 |  |  |  |  | 196 |  |  | 194 |  |  | 154 |  | 0.00 | %
Medallia, Inc. |  | 200 W 41st St, New York, NY 10036, United States |  | (4)(10) |  | SOFR + 6.50% |  | 10.82% (incl. 4.00% PIK) |  | 10/28/2021 |  | 10/29/2028 |  |  |  |  | 386,858 |  |  | 383,808 |  |  | 335,599 |  | 5.34 | %
Medallia, Inc. |  | 200 W 41st St, New York, NY 10036, United States |  | (4)(5)(10) |  | SOFR + 6.50% |  | 10.82% (incl. 4.00% PIK) |  | 8/16/2022 |  | 10/29/2028 |  |  |  |  | 2,270 |  |  | 2,249 |  |  | 1,969 |  | 0.03 | %
Monk Holding, Co. |  | 5473 Morris Hunt Dr Fort Mill, SC, 29708-6523 United States |  | (4)(10)(18) |  | SOFR + 5.50% |  | 9.90% |  | 12/1/2021 |  | 12/1/2027 |  |  |  |  | 4,730 |  |  | 4,684 |  |  | 4,730 |  | 0.08 | %
Monk Holding, Co. |  | 5473 Morris Hunt Dr Fort Mill, SC, 29708-6523 United States |  | (4)(5)(7)(10) |  | SOFR + 5.50% |  | 9.90% |  | 12/1/2021 |  | 12/1/2027 |  |  |  |  | 985 |  |  | 979 |  |  | 985 |  | 0.02 | %
MRI Software, LLC |  | 28925 Fountain Parkway Solon OH 44139 United States |  | (11) |  | SOFR + 4.75% |  | 9.05% |  | 9/22/2020 |  | 2/10/2027 |  |  |  |  | 6,690 |  |  | 6,691 |  |  | 6,665 |  | 0.11 | %
MRI Software, LLC |  | 28925 Fountain Parkway Solon OH 44139 United States |  | (11) |  | SOFR + 4.75% |  | 9.05% |  | 2/10/2020 |  | 2/10/2027 |  |  |  |  | 90,203 |  |  | 89,969 |  |  | 89,864 |  | 1.43 | %
MRI Software, LLC |  | 28925 Fountain Parkway Solon OH 44139 United States |  | (4)(5)(7)(11) |  | SOFR + 4.75% |  | 9.05% |  | 2/10/2020 |  | 2/10/2027 |  |  |  |  | 409 |  |  | 383 |  |  | 207 |  | 0.00 | %
NAVEX TopCo, Inc. |  | 5500 Meadows Road, Suite 500, Lake Oswego, OR, 97035 United States |  | (4)(7)(10) |  | SOFR + 5.50% |  | 9.82% |  | 11/9/2023 |  | 11/9/2030 |  |  |  |  | 60,537 |  |  | 59,538 |  |  | 60,537 |  | 0.96 | %
Nintex Topco, Limited |  | 10800 NE 8th Street, Suite 400 Bellevue, WA 98004 United States |  | (4)(6)(8) |  | SOFR + 6.00% |  | 10.45% (incl. 1.50% PIK) |  | 11/12/2021 |  | 11/13/2028 |  |  |  |  | 34,109 |  |  | 33,788 |  |  | 30,953 |  | 0.49 | %

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Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and Spread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 6/30/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets |
First Lien Debt – non-controlled/ non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Noble Midco 3, Ltd. |  | 2 Seething Ln, London EC3N 4AT, United Kingdom |  | (4)(5)(6)(7)(10) |  | SOFR + 5.00% |  | 9.30% |  | 6/10/2024 |  | 6/24/2031 |  |  |  | $ | 16,985 |  | $ | 16,809 |  | $ | 16,966 |  | 0.27 | %
Optimizely North America, Inc. |  | 119 5th Ave, 7th Floor, New York, NY 10003 United States |  | (4)(5)(10) |  | S + 5.50% |  | 9.72% |  | 10/30/2024 |  | 10/30/2031 |  |  |  | GBP | 863 |  |  | 1,108 |  |  | 1,169 |  | 0.02 | %
Optimizely North America, Inc. |  | 119 5th Ave, 7th Floor, New York, NY 10003 United States |  | (4)(5)(10) |  | E + 5.25% |  | 7.23% |  | 10/30/2024 |  | 10/30/2031 |  |  |  | EUR | 2,875 |  |  | 3,094 |  |  | 3,344 |  | 0.05 | %
Optimizely North America, Inc. |  | 119 5th Ave, 7th Floor, New York, NY 10003 United States |  | (4)(5)(7)(10) |  | SOFR + 5.00% |  | 9.33% |  | 10/30/2024 |  | 10/30/2031 |  |  |  |  | 8,194 |  |  | 8,109 |  |  | 8,079 |  | 0.13 | %
Oranje Holdco, Inc. |  | 33 N Garden Ave, Clearwater, FL 33755 United States |  | (4)(5)(7)(11) |  | SOFR + 7.75% |  | 12.03% |  | 2/1/2023 |  | 2/1/2029 |  |  |  |  | 2,000 |  |  | 1,966 |  |  | 2,000 |  | 0.03 | %
Oranje Holdco, Inc. |  | 33 N Garden Ave, Clearwater, FL 33755 United States |  | (4)(11) |  | SOFR + 7.25% |  | 11.53% |  | 4/19/2024 |  | 2/1/2029 |  |  |  |  | 33,969 |  |  | 33,439 |  |  | 33,969 |  | 0.54 | %
PDI TA Holdings, Inc. |  | 11675 Rainwater Dr., Suite 350, Alpharetta, GA 30009, United States |  | (4)(10) |  | SOFR + 5.50% |  | 9.78% |  | 2/1/2024 |  | 2/3/2031 |  |  |  |  | 43,735 |  |  | 43,268 |  |  | 43,735 |  | 0.70 | %
PDI TA Holdings, Inc. |  | 11675 Rainwater Dr., Suite 350, Alpharetta, GA 30009, United States |  | (4)(5)(7)(10) |  | SOFR + 5.50% |  | 9.78% |  | 2/1/2024 |  | 2/3/2031 |  |  |  |  | 5,355 |  |  | 5,279 |  |  | 5,355 |  | 0.09 | %
Ping Identity Holding Corp. |  | 1001 17th Street, Suite 100, Denver, CO 80202 United States |  | (4)(5)(7)(10) |  | SOFR + 4.75% |  | 9.05% |  | 10/21/2024 |  | 10/17/2029 |  |  |  |  | 6,657 |  |  | 6,657 |  |  | 6,657 |  | 0.11 | %
QBS Parent, Inc. |  | 811 Main Street, Suite 2200, Houston, TX 77002 United States |  | (4)(5)(7)(10) |  | SOFR + 4.50% |  | 8.80% |  | 6/3/2025 |  | 6/3/2032 |  |  |  |  | 13,479 |  |  | 13,407 |  |  | 13,402 |  | 0.21 | %
Rally Buyer, Inc. |  | 5213 Tacome Building C · Houston, TX 77041 United States |  | (4)(5)(10) |  | SOFR + 5.75% |  | 10.06% |  | 7/19/2022 |  | 7/19/2028 |  |  |  |  | 885 |  |  | 876 |  |  | 816 |  | 0.01 | %
Rally Buyer, Inc. |  | 5213 Tacome Building C · Houston, TX 77041 United States |  | (4)(5)(10) |  | SOFR + 5.75% |  | 10.03% |  | 7/19/2022 |  | 7/19/2028 |  |  |  |  | 110 |  |  | 109 |  |  | 101 |  | 0.00 | %
Relativity ODA, LLC |  | 231 South LaSalle Street, 8th Floor, Chicago, IL 60604 United States |  | (4)(7)(11) |  | SOFR + 4.50% |  | 8.83% |  | 5/12/2021 |  | 5/12/2029 |  |  |  |  | 19,337 |  |  | 19,088 |  |  | 19,171 |  | 0.30 | %
Scorpio BidCo SAS |  | 131, Chemin du Bac-a-Traille Caluire-et-Cuire, 69300 France |  | (4)(5)(6)(7)(8) |  | E + 5.75% |  | 7.73% |  | 4/3/2024 |  | 4/30/2031 |  |  |  | EUR | 22,826 |  |  | 24,717 |  |  | 26,836 |  | 0.43 | %
Spaceship Purchaser, Inc. |  | 320 Park Avenue, 33rd Floor, New York, New York 10022 United States |  | (4)(7)(10) |  | SOFR + 5.00% |  | 9.30% |  | 10/17/2024 |  | 10/17/2031 |  |  |  |  | 91,277 |  |  | 90,299 |  |  | 91,103 |  | 1.45 | %

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Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and Spread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 6/30/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets |
First Lien Debt – non-controlled/ non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Spitfire Parent, Inc. |  | 10161 Park Run Drive, Suite 150, Las Vegas, Nevada United States |  | (4)(11) |  | SOFR + 5.50% |  | 9.93% |  | 3/9/2021 |  | 3/11/2027 |  |  |  | $ | 56,571 |  | $ | 56,332 |  | $ | 56,571 |  | 0.90 | %
Spitfire Parent, Inc. |  | 10161 Park Run Drive, Suite 150, Las Vegas, Nevada United States |  | (4)(11) |  | SOFR + 5.50% |  | 9.93% |  | 11/19/2021 |  | 3/11/2027 |  |  |  |  | 20,876 |  |  | 20,742 |  |  | 20,876 |  | 0.33 | %
Spitfire Parent, Inc. |  | 10161 Park Run Drive, Suite 150, Las Vegas, Nevada United States |  | (4)(5)(11) |  | E + 5.50% |  | 7.43% |  | 3/8/2021 |  | 3/11/2027 |  |  |  | EUR | 10,080 |  |  | 12,099 |  |  | 11,874 |  | 0.19 | %
Tango Bidco, SAS |  | 3, boulevard de Sébastopol, 75001 Paris France |  | (4)(5)(6)(8) |  | E + 5.00% |  | 7.28% |  | 10/17/2024 |  | 10/17/2031 |  |  |  | EUR | 11,872 |  |  | 12,692 |  |  | 13,845 |  | 0.22 | %
Tango Bidco, SAS |  | 3, boulevard de Sébastopol, 75001 Paris France |  | (4)(5)(6)(7)(8) |  | E + 5.00% |  | 7.28% |  | 10/17/2024 |  | 10/17/2031 |  |  |  | EUR | 3,252 |  |  | 3,469 |  |  | 3,768 |  | 0.06 | %
Tricentis Operations Holdings, Inc. |  | 5301 Southwest Parkway, Building 2, Suite 200 Austin TX, 78735 |  | (4)(5)(7)(11) |  | SOFR + 6.25% |  | 10.55% (incl. 4.88% PIK) |  | 2/11/2025 |  | 2/11/2032 |  |  |  |  | 23,255 |  |  | 22,989 |  |  | 23,087 |  | 0.37 | %
Triple Lift, Inc. |  | 400 Lafayette St 5th floor, New York, NY 10003 United States |  | (4)(10) |  | SOFR + 5.75% |  | 10.07% |  | 3/18/2022 |  | 5/5/2028 |  |  |  |  | 13,671 |  |  | 13,544 |  |  | 13,124 |  | 0.21 | %
Triple Lift, Inc. |  | 400 Lafayette St 5th floor, New York, NY 10003 United States |  | (4)(7)(10) |  | SOFR + 5.75% |  | 10.22% |  | 5/6/2021 |  | 5/5/2028 |  |  |  |  | 47,086 |  |  | 46,641 |  |  | 44,895 |  | 0.71 | %
Varicent Parent Holdings Corp. |  | 4711 Yonge St., Suite 300, Toronto, Ontario M2N 6K8, Canada |  | (4)(5)(7)(10) |  | SOFR + 5.75% |  | 10.05% (incl. 3.13% PIK) |  | 8/23/2024 |  | 8/23/2031 |  |  |  |  | 12,552 |  |  | 12,365 |  |  | 12,417 |  | 0.20 | %
WPEngine, Inc. |  | 504 Lavaca Street, Suite 1000, Austin, TX 78701 United States |  | (4)(7)(10) |  | SOFR + 5.75% |  | 10.07% |  | 8/14/2023 |  | 8/14/2029 |  |  |  |  | 66,667 |  |  | 65,156 |  |  | 66,467 |  | 1.06 | %
Zendesk, Inc. |  | 989 Market St, San Francisco, CA 94103 United States |  | (4)(5)(7)(10) |  | SOFR + 5.00% |  | 9.32% |  | 7/23/2024 |  | 11/22/2028 |  |  |  |  | 1,724 |  |  | 1,702 |  |  | 1,719 |  | 0.03 | %
Zorro Bidco, Ltd. |  | 740 Waterside Drive, Aztec West, Almondsbury, Bristol, BS32 4UF, United Kingdom |  | (4)(5)(6)(7)(8) |  | S + 4.40% |  | 8.61% |  | 8/13/2024 |  | 8/13/2031 |  |  |  | GBP | 28,916 |  |  | 36,156 |  |  | 39,250 |  | 0.62 | %
Zorro Bidco, Ltd. |  | 740 Waterside Drive, Aztec West, Almondsbury, Bristol, BS32 4UF, United Kingdom |  | (4)(5)(6)(8) |  | S + 4.40% |  | 8.61% |  | 1/30/2025 |  | 8/13/2031 |  |  |  | GBP | 3,165 |  |  | 3,900 |  |  | 4,301 |  | 0.07 | %
Zorro Bidco, Ltd. |  | 740 Waterside Drive, Aztec West, Almondsbury, Bristol, BS32 4UF, United Kingdom |  | (4)(5)(6)(8) |  | ST + 4.40% |  | 6.60% |  | 2/6/2025 |  | 8/13/2031 |  |  |  | SEK | 43,390 |  |  | 3,947 |  |  | 4,540 |  | 0.07 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,677,653 |  |  | 2,640,564 |  | 42.02 | %

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Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and Spread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 6/30/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets |
First Lien Debt – non-controlled/ non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Specialty Retail |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
CustomInk, LLC |  | 2910 District Avenue Fairfax VA 22031 United States |  | (4)(11)(18) |  | SOFR + 5.98% |  | 10.36% |  | 5/3/2019 |  | 5/3/2028 |  |  |  | $ | 175,836 |  | $ | 175,469 |  | $ | 175,836 |  | 2.80 | %
Technology Hardware, Storage & Peripherals |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Lytx, Inc. |  | 9785 Towne Centre Drive San Diego CA 92121 United States |  | (4)(11) |  | SOFR + 5.00% |  | 9.32% |  | 6/13/2024 |  | 2/28/2028 |  |  |  |  | 84,454 |  |  | 83,997 |  |  | 84,454 |  | 1.34 | %
Trading Companies & Distributors |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Paramount Global Surfaces, Inc. |  | 20 Sanker Road, Dickson, TN 37055 United States |  | (4)(11) |  | SOFR + 6.00% |  | 10.40% |  | 4/30/2021 |  | 4/1/2027 |  |  |  |  | 53,764 |  |  | 53,286 |  |  | 43,011 |  | 0.68 | %
Red Fox CD Acquisition Corp. |  | 3916 Westpoint Blvd., Winston-Salem, NC 27103 United States |  | (4)(11) |  | SOFR + 6.00% |  | 10.30% |  | 3/4/2024 |  | 3/4/2030 |  |  |  |  | 73,640 |  |  | 72,321 |  |  | 73,640 |  | 1.17 | %
Red Fox CD Acquisition Corp. |  | 3916 Westpoint Blvd., Winston-Salem, NC 27103 United States |  | (4)(5)(7)(11) |  | SOFR + 6.00% |  | 10.30% |  | 5/31/2024 |  | 3/4/2030 |  |  |  |  | 5,984 |  |  | 5,440 |  |  | 5,984 |  | 0.10 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 131,047 |  |  | 122,635 |  | 1.95 | %
Transportation Infrastructure |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capstone Acquisition Holdings, Inc. |  | 30 Technology Parkway South, Suite 200, Peachtree Corner, GA 30092 United States |  | (4)(11) |  | SOFR + 4.50% |  | 8.93% |  | 8/29/2024 |  | 11/13/2029 |  |  |  |  | 5,432 |  |  | 5,416 |  |  | 5,432 |  | 0.09 | %
Frontline Road Safety, LLC |  | 1125 17th Street, Suite 1575, Denver, CO, United States 80202 |  | (4)(8) |  | SOFR + 4.75% |  | 9.08% (incl. 2.00% PIK) |  | 3/4/2025 |  | 3/4/2032 |  |  |  |  | 15,091 |  |  | 14,949 |  |  | 14,941 |  | 0.24 | %
Frontline Road Safety, LLC |  | 1125 17th Street, Suite 1575, Denver, CO, United States 80202 |  | (4)(5)(7)(8) |  | SOFR + 4.75% |  | 9.08% (incl. 2.00% PIK) |  | 3/4/2025 |  | 3/4/2032 |  |  |  |  | 5,863 |  |  | 5,770 |  |  | 5,746 |  | 0.09 | %
Helix TS, LLC |  | 114 Capital Way Christiana, TN 37037, United States |  | (4)(7)(10) |  | SOFR + 6.25% |  | 10.55% |  | 8/4/2021 |  | 8/4/2027 |  |  |  |  | 24,829 |  |  | 24,528 |  |  | 24,311 |  | 0.39 | %
Helix TS, LLC |  | 114 Capital Way Christiana, TN 37037, United States |  | (4)(10) |  | SOFR + 6.25% |  | 10.53% |  | 8/4/2021 |  | 8/4/2027 |  |  |  |  | 20,804 |  |  | 20,658 |  |  | 20,492 |  | 0.33 | %
Helix TS, LLC |  | 114 Capital Way Christiana, TN 37037, United States |  | (4)(5)(10) |  | SOFR + 6.25% |  | 10.57% |  | 12/22/2023 |  | 8/4/2027 |  |  |  |  | 3,756 |  |  | 3,713 |  |  | 3,700 |  | 0.06 | %
Helix TS, LLC |  | 114 Capital Way Christiana, TN 37037, United States |  | (4)(5)(10) |  | SOFR + 6.25% |  | 10.53% |  | 12/14/2022 |  | 8/4/2027 |  |  |  |  | 978 |  |  | 970 |  |  | 963 |  | 0.02 | %
Italian Motorway Holdings S.à r.l |  | Meif 6 Hra Italian Motorway Holdings SARL, Luxembourg |  | (4)(5)(6)(8) |  | E + 5.25% |  | 7.37% |  | 4/28/2022 |  | 4/28/2029 |  |  |  | EUR | 78,810 |  |  | 81,772 |  |  | 92,834 |  | 1.48 | %

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Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and Spread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 6/30/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets |
First Lien Debt – non-controlled/ non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Transportation Infrastructure (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Roadsafe Holdings, Inc. |  | 3331 Street Rd #430, Bensalem, PA 19020 United States |  | (4)(11) |  | SOFR + 5.75% |  | 10.12% |  | 4/19/2021 |  | 10/19/2027 |  |  |  | $ | 32,910 |  | $ | 32,652 |  | $ | 31,429 |  | 0.50 | %
Roadsafe Holdings, Inc. |  | 3331 Street Rd #430, Bensalem, PA 19020 United States |  | (4)(11) |  | SOFR + 5.75% |  | 9.89% |  | 4/19/2021 |  | 10/19/2027 |  |  |  |  | 20,276 |  |  | 20,168 |  |  | 19,364 |  | 0.31 | %
Roadsafe Holdings, Inc. |  | 3331 Street Rd #430, Bensalem, PA 19020 United States |  | (4)(11) |  | SOFR + 5.75% |  | 9.89% |  | 1/31/2022 |  | 10/19/2027 |  |  |  |  | 4,135 |  |  | 4,101 |  |  | 3,949 |  | 0.06 | %
Roadsafe Holdings, Inc. |  | 3331 Street Rd #430, Bensalem, PA 19020 United States |  | (4)(5)(11) |  | P + 4.75% |  | 12.25% |  | 9/11/2024 |  | 10/19/2027 |  |  |  |  | 1,228 |  |  | 1,211 |  |  | 1,173 |  | 0.02 | %
Safety Borrower Holdings, LP |  | 8814 Horizon Blvd, Northeast, Suite 100, Albuquerque, NM 87113, United States |  | (4)(11) |  | SOFR + 4.75% |  | 9.08% |  | 9/1/2021 |  | 9/1/2027 |  |  |  |  | 5,230 |  |  | 5,214 |  |  | 5,230 |  | 0.08 | %
Safety Borrower Holdings, LP |  | 8814 Horizon Blvd, Northeast, Suite 100, Albuquerque, NM 87113, United States |  | (4)(5)(7)(11) |  | P + 3.75% |  | 11.25% |  | 9/1/2021 |  | 9/1/2027 |  |  |  |  | 140 |  |  | 138 |  |  | 136 |  | 0.00 | %
Sam Holding Co, Inc. |  | 7414 Circle17 South, Sebring, FL 33876, United States |  | (4)(11) |  | SOFR + 5.50% |  | 9.93% |  | 9/24/2021 |  | 9/24/2027 |  |  |  |  | 36,575 |  |  | 36,306 |  |  | 36,575 |  | 0.58 | %
Sam Holding Co, Inc. |  | 7414 Circle17 South, Sebring, FL 33876, United States |  | (4)(11) |  | SOFR + 5.50% |  | 9.87% |  | 9/19/2023 |  | 9/24/2027 |  |  |  |  | 15,720 |  |  | 15,545 |  |  | 15,720 |  | 0.25 | %
Sam Holding Co, Inc. |  | 7414 Circle17 South, Sebring, FL 33876, United States |  | (4)(11) |  | SOFR + 5.50% |  | 9.86% |  | 9/24/2021 |  | 9/24/2027 |  |  |  |  | 11,353 |  |  | 11,353 |  |  | 11,353 |  | 0.18 | %
Sam Holding Co, Inc. |  | 7414 Circle17 South, Sebring, FL 33876, United States |  | (4)(11) |  | SOFR + 5.50% |  | 9.88% |  | 9/19/2023 |  | 9/24/2027 |  |  |  |  | 9,921 |  |  | 9,810 |  |  | 9,921 |  | 0.16 | %
Sam Holding Co, Inc. |  | 7414 Circle17 South, Sebring, FL 33876, United States |  | (4)(5)(7)(11) |  | P + 4.50% |  | 12.00% |  | 9/24/2021 |  | 3/24/2027 |  |  |  |  | 2,600 |  |  | 2,562 |  |  | 2,600 |  | 0.04 | %
Sam Holding Co, Inc. |  | 7414 Circle17 South, Sebring, FL 33876, United States |  | (4)(5)(7)(11) |  | SOFR + 5.50% |  | 9.88% |  | 9/5/2024 |  | 9/24/2027 |  |  |  |  | 9,964 |  |  | 9,882 |  |  | 9,845 |  | 0.16 | %
TRP Infrastructure Services, LLC |  | 2411 Minnis Dr, Haltom City, TX 76117, United States |  | (4)(11) |  | SOFR + 5.50% |  | 9.93% |  | 7/9/2021 |  | 7/9/2027 |  |  |  |  | 38,288 |  |  | 38,030 |  |  | 38,288 |  | 0.61 | %
TRP Infrastructure Services, LLC |  | 2411 Minnis Dr, Haltom City, TX 76117, United States |  | (4)(5)(7)(11) |  | SOFR + 5.50% |  | 9.98% |  | 12/2/2024 |  | 7/9/2027 |  |  |  |  | 22,519 |  |  | 22,332 |  |  | 22,466 |  | 0.36 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 367,080 |  |  | 376,468 |  | 6.01 | %

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Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and Spread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 6/30/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets |
First Lien Debt – non-controlled/ non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Wireless Telecommunication Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
CCI Buyer, Inc. |  | 300 N. LaSalle St, Suite 5600, Chicago 60602 United States |  | (4)(5)(7)(10) |  | SOFR + 5.00% |  | 9.26% |  | 5/13/2025 |  | 5/13/2032 |  |  |  | $ | 22,079 |  | $ | 21,850 |  | $ | 21,846 |  | 0.35 | %
Total First Lien Debt – non-controlled/ non-affiliated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 13,086,125 |  |  | 12,992,428 |  | 206.65 | %
First Lien Debt – non-controlled/ affiliated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Professional Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Material Holdings, LLC |  | 1900 Avenue of the Stars Ste 1600 19th floor Los Angeles, CA 90067 United States |  | (4)(5)(7)(10)(16) |  | SOFR + 6.00% |  | 10.40% (incl. 5.33% PIK) |  | 6/14/2024 |  | 8/19/2027 |  |  |  |  | 22,422 |  |  | 22,281 |  |  | 22,380 |  | 0.36 | %
Material Holdings, LLC |  | 1900 Avenue of the Stars Ste 1600 19th floor Los Angeles, CA 90067 United States |  | (4)(5)(10)(16)(17) |  | SOFR + 6.00% |  | 10.40% PIK |  | 6/14/2024 |  | 8/19/2027 |  |  |  |  | 5,633 |  |  | 5,270 |  |  | 393 |  | 0.01 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 27,551 |  |  | 22,773 |  | 0.37 | %
Total First Lien Debt – non-controlled/ affiliated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 27,551 |  |  | 22,773 |  | 0.37 | %
Total First Lien Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 13,113,676 |  |  | 13,015,201 |  | 207.02 | %
Second Lien Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Second Lien Debt – non-controlled/ non-affiliated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Health Care Providers & Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Canadian Hospital Specialties, Ltd. |  | 2060 Winston Park Drive, Suite 400, Oakville, Ontario L6H 5R7 Canada |  | (4)(5)(6)(8) |  | 8.75% |  | 8.75% |  | 4/15/2021 |  | 4/15/2029 |  |  |  | CAD | 10,533 |  |  | 8,324 |  |  | 7,155 |  | 0.11 | %
Jayhawk Buyer, LLC |  | 8717 West 110th Street, Suite 300 Overland Park, KS 66210 United States |  | (4)(11) |  | SOFR + 8.75% |  | 13.13% |  | 5/26/2021 |  | 10/15/2027 |  |  |  |  | 5,183 |  |  | 5,146 |  |  | 4,820 |  | 0.08 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 13,470 |  |  | 11,975 |  | 0.19 | %
Health Care Technology |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Project Ruby Ultimate Parent Corp. |  | 11711 West 79th Street Lenexa, Kansas 62214 United States |  | (4)(5)(10) |  | SOFR + 5.25% |  | 9.69% |  | 10/15/2024 |  | 3/10/2029 |  |  |  |  | 1,000 |  |  | 996 |  |  | 998 |  | 0.02 | %
Insurance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
SQ ABS Issuer, LLC |  | 6800 West 115th Street Suite 2511 Overland Park KS 66211 United States |  | (4)(5)(6)(8) |  | 9.65% |  | 9.65% |  | 10/11/2024 |  | 10/20/2039 |  |  |  |  | 3,602 |  |  | 3,553 |  |  | 3,584 |  | 0.06 | %

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Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and Spread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 6/30/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets |
Second Lien Debt – non-controlled/ non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interactive Media & Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Speedster Bidco, GmbH |  | Bothestraße 11-15, 81675 München, Germany |  | (4)(6)(8) |  | CA + 5.50% |  | 8.18% |  | 12/10/2024 |  | 2/13/2032 |  |  |  | CAD | 50,654 |  | $ | 35,513 |  | $ | 36,826 |  | 0.59 | %
IT Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Inovalon Holdings, Inc. |  | 4321 Collington Rd, Bowie, MD 20716, United States |  | (4)(10) |  | SOFR + 8.50% |  | 13.04% PIK |  | 4/11/2025 |  | 11/24/2033 |  |  |  | $ | 15,144 |  |  | 14,952 |  |  | 15,144 |  | 0.24 | %
Machinery |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Victory Buyer, LLC |  | 50 East 153rd Street Bronx, NY 10451-2104 United States |  | (4)(9) |  | SOFR + 7.00% |  | 11.44% |  | 11/19/2021 |  | 11/19/2029 |  |  |  |  | 9,619 |  |  | 9,565 |  |  | 9,427 |  | 0.15 | %
Professional Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Thevelia US, LLC |  | 9 Raffles Place #26-01, Republic Plaza, Singapore, 048619 |  | (4)(5)(6)(9) |  | SOFR + 5.00% |  | 9.30% |  | 6/17/2022 |  | 6/17/2032 |  |  |  |  | 4,920 |  |  | 4,829 |  |  | 4,920 |  | 0.08 | %
Software |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
CB Nike Holdco, LLC |  | David Elazar 12 St’, Tel Aviv-Yaffo, 6107408 Israel |  | (4)(11) |  | SOFR + 7.35% |  | 11.68% PIK |  | 11/25/2024 |  | 11/26/2029 |  |  |  |  | 37,757 |  |  | 37,099 |  |  | 37,002 |  | 0.59 | %
Mandolin Technology Intermediate Holdings, Inc. |  | Nova Tower 1 1 Allegheny Square, Suite 800 Pittsburgh, PA, 15212 United States |  | (4)(5)(9) |  | SOFR + 6.50% |  | 10.99% (incl. 6.50% PIK) |  | 7/30/2021 |  | 7/30/2029 |  |  |  |  | 3,607 |  |  | 3,582 |  |  | 3,066 |  | 0.05 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 40,681 |  |  | 40,068 |  | 0.64 | %
Total Second Lien Debt – non-controlled/ non-affiliated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 123,559 |  |  | 122,942 |  | 1.97 | %
Total Second Lien Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 123,559 |  |  | 122,942 |  | 1.97 | %
Unsecured Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unsecured Debt – non-controlled/ non-affiliated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Health Care Technology |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcomp Holding Company, LLC |  | 621 Santa Fe Ave. Fresno, CA 93721 United States |  | (4)(5)(8) |  | 13.75% |  | 13.75% PIK |  | 11/8/2023 |  | 11/8/2031 |  |  |  |  | 12,397 |  |  | 12,153 |  |  | 11,839 |  | 0.19 | %
IT Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
PPT Holdings III, LLC |  | 5910 Landerbrook Drive, Mayfield Heights, OH 44124 United States |  | (4)(5)(8) |  | 12.75% |  | 12.75% PIK |  | 3/25/2024 |  | 3/27/2034 |  |  |  |  | 1,891 |  |  | 1,856 |  |  | 1,882 |  | 0.03 | %
Total Unsecured Debt – non-controlled/non-affiliated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 14,009 |  |  | 13,721 |  | 0.22 | %
Total Unsecured Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 14,009 |  |  | 13,721 |  | 0.22 | %

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Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and Spread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 6/30/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets |
Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity – non-controlled/ non-affiliated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Aerospace & Defense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Micross Topco, Inc. – Common Equity |  | 1050 Perimeter Road, Manchester, NH 03103 United States |  | (4) |  |  |  |  |  | 3/28/2022 |  |  |  | 1.2% |  | $ | 4,767 |  | $ | 4,767 |  | $ | 6,541 |  | 0.10 | %
Air Freight & Logistics |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
AGI Group Holdings, LP – Class A-2 Common Units |  | 9130 S Dadeland Blvd Ste 1801, Miami, FL, 33156-7858 United States |  | (4) |  |  |  |  |  | 6/11/2021 |  |  |  | 30.1% |  |  | 902 |  |  | 902 |  |  | 1,323 |  | 0.02 | %
Mode Holdings, LP – Class A-2 Common Units |  | 17330 Preston Rd., Suite 200 C Dallas, TX 75252 United States |  | (4) |  |  |  |  |  | 12/9/2019 |  |  |  | 9.2% |  |  | 5,486,923 |  |  | 5,487 |  |  | 3,841 |  | 0.06 | %
Red Griffin ParentCo, LLC – Class A Common Units |  | 1100 N. Arlington Heights Rd., Itasca, IL 60143 United States |  | (4) |  |  |  |  |  | 11/27/2024 |  |  |  | 5.0% |  |  | 935 |  |  | 3,968 |  |  | 2,844 |  | 0.05 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 10,357 |  |  | 8,008 |  | 0.13 | %
Biotechnology |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Axsome Therapeutics, Inc. – Common Stock |  | One World Trade Center, 29th Floor, New York, NY 10007 |  | (6) |  |  |  |  |  | 5/6/2025 |  |  |  | 0.0% |  |  | 13,696 |  |  | 1,467 |  |  | 1,430 |  | 0.02 | %
Commercial Services & Supplies |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Genstar Neptune Blocker, LLC – Blocker Units |  | 180 North Stetson, 29th Floor, Chicago, IL 60601 United States |  | (4) |  |  |  |  |  | 12/2/2024 |  |  |  | 3.7% |  |  | 218 |  |  | 343 |  |  | 368 |  | 0.01 | %
Genstar Neptune Blocker, LLC – Class Z Units |  | 180 North Stetson, 29th Floor, Chicago, IL 60601 United States |  | (4) |  |  |  |  |  | 12/2/2024 |  |  |  | 3.7% |  |  | 57 |  |  | 81 |  |  | 87 |  | 0.00 | %
Genstar Neptune Blocker, LLC – Blocker Note |  | 180 North Stetson, 29th Floor, Chicago, IL 60601 United States |  | (4) |  |  |  |  |  | 12/2/2024 |  |  |  | 3.7% |  |  | 8,738 |  |  | 9 |  |  | 9 |  | 0.00 | %
GTCR Investors, LP – Class A-1 Common Units |  | 1501 Yamato Road, Boca Raton, FL 33431 United States |  | (4) |  |  |  |  |  | 9/29/2023 |  |  |  | 4.6% |  |  | 417,006 |  |  | 417 |  |  | 500 |  | 0.01 | %
GTCR/Jupiter Blocker, LLC – Class Z Units |  | 180 North Stetson, 29th Floor, Chicago, IL 60601 United States |  | (4) |  |  |  |  |  | 12/2/2024 |  |  |  | 3.7% |  |  | 41 |  |  | 58 |  |  | 63 |  | 0.00 | %
GTCR/Jupiter Blocker, LLC – Blocker Note |  | 180 North Stetson, 29th Floor, Chicago, IL 60601 United States |  | (4) |  |  |  |  |  | 12/2/2024 |  |  |  | 3.7% |  |  | 6,291 |  |  | 6 |  |  | 6 |  | 0.00 | %
Jupiter Ultimate Holdings, LLC – Class A Common Units |  | 180 North Stetson, 29th Floor, Chicago, IL 60601 United States |  | (4) |  |  |  |  |  | 11/8/2024 |  |  |  | 3.7% |  |  | 1 |  |  | 0 |  |  | 0 |  | 0.00 | %
Jupiter Ultimate Holdings, LLC – Class B Common Units |  | 180 North Stetson, 29th Floor, Chicago, IL 60601 United States |  | (4) |  |  |  |  |  | 11/8/2024 |  |  |  | 3.7% |  |  | 278 |  |  | 218 |  |  | 219 |  | 0.00 | %

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Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and Spread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 6/30/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets |
Equity – non-controlled/ non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial Services & Supplies (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Jupiter Ultimate Holdings, LLC – Class C Common Units |  | 180 North Stetson, 29th Floor, Chicago, IL 60601 United States |  | (4) |  |  |  |  |  | 11/8/2024 |  |  |  | 3.7% |  | $ | 278,074 |  | $ | 221 |  | $ | 253 |  | 0.00 | %
RC VI Buckeye Holdings, LLC – LLC Units |  | 1901 Indian Wood Cir Maumee, OH 43537 |  | (4) |  |  |  |  |  | 1/2/2025 |  |  |  | 1.6% |  |  | 161,291 |  |  | 161 |  |  | 161 |  | 0.00 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,514 |  |  | 1,666 |  | 0.02 | %
Distributors |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Box Co-Invest Blocker, LLC – (BP Alpha Holdings, LP) – Class A Units |  | 2650 Galvin Dr, Elgin, IL 60124, United States |  | (4) |  |  |  |  |  | 12/10/2021 |  |  |  | 11.7% |  |  | 1 |  |  | 702 |  |  | 0 |  | 0.00 | %
Box Co-Invest Blocker, LLC – (BP Alpha Holdings, LP) – Class C Preferred Units |  | 2650 Galvin Dr, Elgin, IL 60124, United States |  | (4) |  |  |  |  |  | 7/12/2023 |  |  |  | 11.6% |  |  | 1 |  |  | 83 |  |  | 0 |  | 0.00 | %
EIS Acquisition Holdings, LP – Class A Common Units |  | 2018 Powers Ferry Road, Suite 400 Atlanta, Georgia 30339 United States |  | (4) |  |  |  |  |  | 11/1/2021 |  |  |  | 60.2% |  |  | 6,761 |  |  | 3,350 |  |  | 6,920 |  | 0.11 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,135 |  |  | 6,920 |  | 0.11 | %
Diversified Consumer Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cambium Holdings, LLC – Senior Preferred Interest |  | 17855 North Dallas Parkway, Suite 400, Dallas, TX 75287, United States |  | (4) |  |  |  | 11.50% |  | 8/3/2021 |  |  |  | 2.6% |  |  | 12,511,857 |  |  | 12,315 |  |  | 18,228 |  | 0.29 | %
DTA, LP – Class A Common Units |  | 7430 East Caley Ave, Suite 320E, Centennial, CO 80111 United States |  | (4) |  |  |  |  |  | 3/25/2024 |  |  |  | 4.8% |  |  | 2,171,032 |  |  | 2,171 |  |  | 1,845 |  | 0.03 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 14,486 |  |  | 20,073 |  | 0.32 | %
Diversified Telecommunication Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Point Broadband Holdings, LLC – Class A Common Units |  | 3120 Fredrick Rd., Suite E, Opelika, Alabama 36801, United States |  | (4) |  |  |  |  |  | 10/1/2021 |  |  |  | 2.2% |  |  | 6,930 |  |  | 5,877 |  |  | 7,211 |  | 0.11 | %
Point Broadband Holdings, LLC – Class B Common Units |  | 3120 Fredrick Rd., Suite E, Opelika, Alabama 36801, United States |  | (4) |  |  |  |  |  | 10/1/2021 |  |  |  | 2.2% |  |  | 369,255 |  |  | 1,053 |  |  | 1,337 |  | 0.02 | %
Point Broadband Holdings, LLC – Class Additional A Common Units |  | 3120 Fredrick Rd., Suite E, Opelika, Alabama 36801, United States |  | (4) |  |  |  |  |  | 3/24/2022 |  |  |  | 2.2% |  |  | 1,489 |  |  | 1,263 |  |  | 1,550 |  | 0.02 | %
Point Broadband Holdings, LLC – Class Additional B Common Units |  | 3120 Fredrick Rd., Suite E, Opelika, Alabama 36801, United States |  | (4) |  |  |  |  |  | 3/24/2022 |  |  |  | 2.2% |  |  | 79,358 |  |  | 226 |  |  | 287 |  | 0.00 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 8,419 |  |  | 10,385 |  | 0.15 | %

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Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and Spread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 6/30/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets |
Equity – non-controlled/ non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Electronic Equipment, Instruments & Components |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
NSI Parent, LP – Class A Common Units |  | 13235 Reese Boulevard, West Huntersville, NC 28078 United States |  | (4) |  |  |  |  |  | 12/23/2024 |  |  |  | 10.8% |  | $ | 578,564 |  | $ | 579 |  | $ | 579 |  | 0.01 | %
Spectrum Safety Solutions Purchaser, LLC – Common Equity |  | 13995 Pasteur Blvd., Palm Beach Gardens, FL 33418, United States |  | (4)(6) |  |  |  |  |  | 7/1/2024 |  |  |  | 17.6% |  |  | 5,286,915 |  |  | 5,287 |  |  | 6,186 |  | 0.10 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 5,866 |  |  | 6,765 |  | 0.11 | %
Financial Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
THL Fund IX Investors (Plymouth II), LP – LP Interest |  | 545 Boylston Street, 6th Floor, Boston, MA 02116 United States |  | (4) |  |  |  |  |  | 8/31/2023 |  |  |  | 13.3% |  |  | 248,786 |  |  | 249 |  |  | 448 |  | 0.01 | %
Health Care Equipment & Supplies |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
GCX Corporation Group Holdings, L.P. – Class A-2 Units |  | 3875 Cypress Drive, Petaluma, CA 94954, United States |  | (4) |  |  |  |  |  | 9/10/2021 |  |  |  | 10.0% |  |  | 539 |  |  | 539 |  |  | 270 |  | 0.00 | %
Health Care Providers & Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
AVE Holdings I Corp. – Series A-1 Preferred Shares |  | 520 Madison Avenue, New York, NY 10022 United States |  | (4) |  |  |  | 11.50% |  | 2/25/2022 |  |  |  | 0.4% |  |  | 625,944 |  |  | 607 |  |  | 721 |  | 0.01 | %
Jayhawk Holdings, LP – Class A-1 Common Units |  | 8717 West 110th Street, Suite 300 Overland Park, KS 66210 United States |  | (4) |  |  |  |  |  | 5/26/2021 |  |  |  | 0.1% |  |  | 2,201 |  |  | 392 |  |  | 29 |  | 0.00 | %
Jayhawk Holdings, LP – Class A-2 Common Units |  | 8717 West 110th Street, Suite 300 Overland Park, KS 66210 United States |  | (4) |  |  |  |  |  | 5/26/2021 |  |  |  | 0.1% |  |  | 1,185 |  |  | 211 |  |  | 16 |  | 0.00 | %
WHCG Purchaser, Inc. – Class A Common Units |  | 251 Little Falls Drive, Wilmington, DE 19808 United States |  | (4) |  |  |  |  |  | 8/2/2024 |  |  |  | 28.2% |  |  | 4,755,436 |  |  | 0 |  |  | 0 |  | 0.00 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,210 |  |  | 766 |  | 0.01 | %
Health Care Technology |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Caerus Midco 2 S.à r.l. – Additional Vehicle Units |  | 450 Lexington Ave, C/O Warburg Pincus LLC; New York; 10017 United States |  | (4)(6) |  |  |  |  |  | 10/28/2022 |  |  |  | 0.0% |  |  | 11,710 |  |  | 12 |  |  | 1 |  | 0.00 | %

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Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and Spread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 6/30/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets |
Equity – non-controlled/ non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Health Care Technology (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Caerus Midco 2 S.à r.l. – Vehicle Units |  | 450 Lexington Ave, C/O Warburg Pincus LLC; New York; 10017 United States |  | (4)(6) |  |  |  |  |  | 5/25/2022 |  |  |  | 0.2% |  | $ | 58,458 |  | $ | 58 |  | $ | 54 |  | 0.00 | %
Healthcomp Holding Company, LLC – Preferred Interest |  | 621 Santa Fe Ave. Fresno, CA 93721 United States |  | (4) |  |  |  | 6.00% |  | 11/8/2023 |  |  |  | 4.0% |  |  | 9,850 |  |  | 985 |  |  | 788 |  | 0.01 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,055 |  |  | 843 |  | 0.01 | %
Insurance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
CFCo, LLC (Benefytt Technologies, Inc.) – Class B Units |  | 15438 North Florida Avenue, Suite 201, Tampa, FL 33613, United States |  | (4) |  |  |  |  |  | 9/28/2023 |  |  |  | 9.0% |  |  | 14,907,400 |  |  | 0 |  |  | 0 |  | 0.00 | %
SelectQuote Inc. – Warrants |  | 6800 West 115th Street Suite 2511 Overland Park KS 66211 United States |  | (4)(6) |  |  |  |  |  | 10/11/2024 |  |  |  | 20.5% |  |  | 601,075 |  |  | 0 |  |  | 144 |  | 0.00 | %
Shelf Holdco Ltd – Common Equity |  | 2 Church Street, Hamilton HM 11, Bermuda |  | (4)(6) |  |  |  |  |  | 12/30/2022 |  |  |  | 0.0% |  |  | 50,000 |  |  | 50 |  |  | 190 |  | 0.00 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 50 |  |  | 334 |  | 0.00 | %
IT Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
NC Ocala Co-Invest Beta, LP – LP Interest |  | 4321 Collington Rd, Bowie, MD 20716, United States |  | (4) |  |  |  |  |  | 11/12/2021 |  |  |  | 3.5% |  |  | 2,854,133 |  |  | 2,854 |  |  | 3,311 |  | 0.05 | %
Life Sciences Tools & Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Falcon Top Parent, LLC – Class A Common Units |  | 3675 Green Level Road West, Suite 208, Apex, NC 27523 United States |  | (4) |  |  |  |  |  | 11/6/2024 |  |  |  | 10.3% |  |  | 772,599 |  |  | 773 |  |  | 773 |  | 0.01 | %
Professional Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
OHCP V TC COI, LP – LP Interest |  | 330 7th Ave, New York, NY 10001 United States |  | (4) |  |  |  |  |  | 6/29/2021 |  |  |  | 35.0% |  |  | 3,500,000 |  |  | 3,500 |  |  | 8,645 |  | 0.14 | %
Tricor Horizon – LP Interest |  | 9 Raffles Place #26-01, Republic Plaza, Singapore, 048619 |  | (4)(6) |  |  |  |  |  | 6/13/2022 |  |  |  | 1.9% |  |  | 402,339 |  |  | 402 |  |  | 426 |  | 0.01 | %
Trinity Air Consultants Holdings Corp. – Common Units |  | 330 7th Ave, New York, NY 10001 United States |  | (4) |  |  |  |  |  | 6/12/2024 |  |  |  | 35.0% |  |  | 2,583 |  |  | 3 |  |  | 6 |  | 0.00 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,905 |  |  | 9,077 |  | 0.15 | %
Real Estate Management & Development |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Community Management Holdings Parent, LP – Series A Preferred Units |  | 8360 East Via de Ventura, Building L, #100, Scottsdale, AZ 85258 United States |  | (4) |  |  |  | 8.00% |  | 11/1/2024 |  |  |  | 10.3% |  |  | 310,331 |  |  | 310 |  |  | 329 |  | 0.01 | %

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Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and Spread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 6/30/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets |
Equity – non-controlled/ non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
AI Titan Group Holdings, LP – Class A-2 Common Units |  | 4601 Six Forks Road, Suite 220, Raleigh, NC 27609, United States |  | (4) |  |  |  |  |  | 8/28/2024 |  |  |  | 3.5% |  | $ | 44 |  | $ | 44 |  | $ | 52 |  | 0.00 | %
Connatix Parent, LLC – Class L Common Units |  | 666 Broadway, 10th Floor, New York, NY 10012, United States |  | (4) |  |  |  |  |  | 7/14/2021 |  |  |  | 23.1% |  |  | 42,045 |  |  | 462 |  |  | 209 |  | 0.00 | %
Descartes Holdings, Inc. – Class A Common Stock |  | 4350 Congress Street, Suite 700, Charlotte, North Carolina 28209 United States |  | (4) |  |  |  |  |  | 10/9/2023 |  |  |  | 4.3% |  |  | 49,139 |  |  | 213 |  |  | 0 |  | 0.00 | %
Expedition Holdco, LLC – Class A Common Units |  | 101 South Phillips Avenue, Suite 300, Sioux Falls, SD 57104, United States |  | (4) |  |  |  |  |  | 2/24/2022 |  |  |  | 9.0% |  |  | 90 |  |  | 57 |  |  | 49 |  | 0.00 | %
Expedition Holdco, LLC – Class B Common Units |  | 101 South Phillips Avenue, Suite 300, Sioux Falls, SD 57104, United States |  | (4) |  |  |  |  |  | 2/24/2022 |  |  |  | 9.0% |  |  | 90,000 |  |  | 33 |  |  | 14 |  | 0.00 | %
Lobos Parent, Inc. – Series A Preferred Shares |  | 300 Continental Blvd., El Segundo, CA 90245, United States |  | (4) |  |  |  | 10.50% |  | 11/30/2021 |  |  |  | 2.9% |  |  | 1,545 |  |  | 1,506 |  |  | 2,155 |  | 0.03 | %
Mandolin Technology Holdings, Inc. – Series A Preferred Shares |  | Nova Tower 1 1 Allegheny Square, Suite 800 Pittsburgh, PA, 15212 United States |  | (4) |  |  |  | 10.50% |  | 7/30/2021 |  |  |  | 10.0% |  |  | 3,550,000 |  |  | 3,443 |  |  | 3,926 |  | 0.06 | %
Mimecast Limited – LP Interest |  | 1 Finsbury Avenue, London, United Kingdom, EC2M 2PF |  | (4) |  |  |  |  |  | 5/3/2022 |  |  |  | 0.7% |  |  | 667,850 |  |  | 668 |  |  | 735 |  | 0.01 | %
TPG IX Newark CI, L.P. – LP Interest |  | 188 Spear St, San Francisco, CA 94105 United States |  | (4) |  |  |  |  |  | 10/26/2023 |  |  |  | 5.4% |  |  | 1,965,727 |  |  | 1,966 |  |  | 1,966 |  | 0.03 | %
Zoro – Common Equity |  | 989 Market St, San Francisco, CA 94103 United States |  | (4) |  |  |  |  |  | 11/22/2022 |  |  |  | 0.1% |  |  | 2,073 |  |  | 21 |  |  | 23 |  | 0.00 | %
Zoro – Series A Preferred Shares |  | 989 Market St, San Francisco, CA 94103 United States |  | (4) |  | SOFR + 9.50% |  | 13.79% |  | 11/22/2022 |  |  |  | 0.1% |  |  | 265 |  |  | 257 |  |  | 368 |  | 0.01 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 8,670 |  |  | 9,497 |  | 0.14 | %
Specialty Retail |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
CustomInk, LLC – Series A Preferred Units |  | 2910 District Avenue Fairfax VA 22031 United States |  | (4) |  |  |  |  |  | 5/3/2019 |  |  |  | 60.1% |  |  | 384,520 |  |  | 5,200 |  |  | 6,368 |  | 0.10 | %

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Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and Spread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 6/30/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets |
Equity – non-controlled/ non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Transportation Infrastructure |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ncp Helix Holdings, LLC – Preferred Shares |  | 114 Capital Way Christiana, TN 37037, United States |  | (4) |  |  |  | 8.00% |  | 8/3/2021 |  |  |  | 24.5% |  | $ | 376,232 |  | $ | 288 |  | $ | 395 |  | 0.01 | %
Total Equity – non-controlled/ non-affiliated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 76,114 |  |  | 94,199 |  | 1.46 | %
Equity – non-controlled/ affiliated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Blackstone Donegal Holdings LP – LP Interest (Westland Insurance Group LTD) |  | 200, 2121 – 160th Street, Surrey, BC Canada |  | (4)(6)(16) |  |  |  |  |  | 1/5/2021 |  |  |  | 18.0% |  |  |  |  |  | 1 |  |  | 6,737 |  | 0.11 | %
Professional Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Material+ Holding Company, LLC – Class C Units |  | 1900 Avenue of the Stars Ste 1600 19th floor Los Angeles, CA 90067 United States |  | (4)(16) |  |  |  |  |  | 6/14/2024 |  |  |  | 8.5% |  |  | 5,898 |  |  | 0 |  |  | 0 |  | 0.00 | %
Total Equity – non-controlled/ affiliated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1 |  |  | 6,737 |  | 0.11 | %
Total Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 76,115 |  |  | 100,936 |  | 1.57 | %
Total Investments – non-controlled/ non-affiliated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 13,299,807 |  |  | 13,223,290 |  | 210.30 | %
Total Investments – non-controlled/ affiliated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 27,552 |  |  | 29,510 |  | 0.48 | %
Total Investment Portfolio |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 13,327,359 |  |  | 13,252,800 |  | 210.78 | %
Cash and Cash Equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
State Street Institutional U.S. Government Money Market Fund – Investor Class |  |  |  |  |  |  |  | 4.19% |  |  |  |  |  |  |  |  |  |  |  | 20,521 |  |  | 20,521 |  | 0.33 | %
BlackRock ICS US Treasury Fund |  |  |  |  |  |  |  | 4.19% |  |  |  |  |  |  |  |  |  |  |  | 360 |  |  | 360 |  | 0.01 | %
Other Cash and Cash Equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 252,797 |  |  | 252,797 |  | 4.02 | %
Total Portfolio Investments, Cash and Cash Equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 13,601,037 |  | $ | 13,526,478 |  | 215.14 | %

__________________________________

(1) Unless otherwise indicated, all debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Condensed Consolidated Schedule of Investments) are denominated in U.S. dollars. As of June 30, 2025, the Company had investments denominated in Canadian Dollars (CAD), Euros (EUR), British Pounds (GBP), Danish Krone (DKK), Swedish Krona (SEK), Norwegian Krone (NOK), and Australian Dollars (AUD). All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount (in thousands) is presented for debt investments, while the number of shares or units (in whole amounts) owned is presented for equity investments. Each of the Company’s investments is pledged as collateral, under one or more of its credit facilities unless otherwise indicated.

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(2) Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either Sterling Overnight Interbank Average Rate (“SONIA” or “S”), Euro Interbank Offer Rate (“Euribor” or “E”), Secured Overnight Financing Rate (“SOFR”), Stockholm Interbank Offered Rate (“STIBOR” or “ST”), Copenhagen Interbank Offered Rate (“CIBOR” or “CI”), Norwegian Interbank Offered Rate (“NIBOR” or “N”), Australian Bank Bill Swap Bid Rate (“BBSY” or “BB”), Canadian Overnight Repo Rate Average (“CORRA” or “CA”) or an alternate base rate (commonly based on the Federal Funds Rate (“F”) or the U.S. Prime Rate (“P”)), which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of June 30, 2025. Variable rate loans typically include an interest reference rate floor feature. As of June 30, 2025, 89.8% of the debt portfolio at fair value had an interest rate floor above zero. Rates on equity instruments represents contractual dividend rates on certain preferred equity positions.

(3) The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method in accordance with accounting principles generally accepted in the United States of America (“GAAP”).

(4) These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by or under the direction of the Board of Trustees, pursuant to the Company’s valuation policy.

(5) These investments are not pledged as collateral under any of the Company’s credit facilities. For other debt investments that are pledged to the Company’s credit facilities, a single investment may be divided into parts that are individually pledged as collateral to separate credit facilities. Any other debt investments listed above are pledged to financing facilities and are not available to satisfy the creditors of the Company.

(6) The investment is not a Qualifying Asset under Section 55(a) of the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”). The Company may not acquire any non-qualifying asset unless, at the time of acquisition, Qualifying Assets represent at least 70% of the Company’s total assets. As of June 30, 2025, non-qualifying assets represented 14.6% of total assets as calculated in accordance with regulatory requirements.

(7) Position or portion thereof is an unfunded commitment, and no interest is being earned on the unfunded portion, although the investment may be subject to unused commitment fees. Negative cost and fair value results from unamortized fees, which are capitalized to the investment cost. The unfunded commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. See below for more information on the Company’s unfunded commitments:

Investments |  | Commitment Type |  | Commitment Expiration Date |  | Unfunded Commitment |  | Fair Value
123Dentist, Inc. |  | Delayed Draw Term Loan |  | 8/10/2026 |  | $ | 104 |  | $ | — |
Abacus Holdco 2, Oy |  | Delayed Draw Term Loan |  | 5/7/2026 |  |  | 177 |  |  | — |
Accuity Delivery Systems, LLC |  | Revolver |  | 5/29/2031 |  |  | 5,327 |  |  | (27 | )
Accuity Delivery Systems, LLC |  | Delayed Draw Term Loan |  | 5/29/2026 |  |  | 15,982 |  |  | (80 | )
ACI Group Holdings, Inc. |  | Revolver |  | 8/2/2027 |  |  | 9,022 |  |  | — |
Acumatica Holdings, Inc |  | Term Loan |  | 7/11/2032 |  |  | 11,497 |  |  | — |
Acumatica Holdings, Inc |  | Revolver |  | 7/11/2032 |  |  | 1,916 |  |  | — |
ADCS Clinics Intermediate Holdings, LLC |  | Revolver |  | 5/7/2026 |  |  | 1,189 |  |  | — |
AI Altius US Bidco, Inc. |  | Delayed Draw Term Loan |  | 12/21/2028 |  |  | 500 |  |  | — |
AI Titan Parent, Inc. |  | Delayed Draw Term Loan |  | 9/30/2026 |  |  | 870 |  |  | (4 | )
AI Titan Parent, Inc. |  | Revolver |  | 8/29/2031 |  |  | 544 |  |  | (5 | )
Allium Buyer, LLC |  | Revolver |  | 5/2/2029 |  |  | 249 |  |  | (7 | )
American Restoration Holdings, LLC |  | Revolver |  | 7/19/2030 |  |  | 547 |  |  | — |
American Restoration Holdings, LLC |  | Delayed Draw Term Loan |  | 2/19/2027 |  |  | 5,635 |  |  | — |
Amerilife Holdings, LLC |  | Revolver |  | 8/31/2028 |  |  | 14,685 |  |  | — |
Amerilife Holdings, LLC |  | Delayed Draw Term Loan |  | 6/17/2026 |  |  | 104 |  |  | — |
Amerilife Holdings, LLC |  | Delayed Draw Term Loan |  | 10/20/2025 |  |  | 31,555 |  |  | — |
Amerivet Partners Management, Inc. |  | Revolver |  | 2/25/2028 |  |  | 589 |  |  | — |
Anaplan, Inc. |  | Revolver |  | 6/21/2028 |  |  | 161 |  |  | (3 | )
Apex Companies, LLC |  | Delayed Draw Term Loan |  | 8/28/2026 |  |  | 5,507 |  |  | — |
Armada Parent, Inc. |  | Delayed Draw Term Loan |  | 6/9/2027 |  |  | 1,250 |  |  | — |
Armada Parent, Inc. |  | Revolver |  | 10/29/2027 |  |  | 2,250 |  |  | — |
Arnhem BidCo, GmbH |  | Delayed Draw Term Loan |  | 10/1/2027 |  |  | 12,332 |  |  | (65 | )
Artisan Acquisitionco, Ltd. |  | Delayed Draw Term Loan |  | 9/30/2027 |  |  | 7,938 |  |  | (79 | )
Ascend Buyer, LLC |  | Revolver |  | 9/30/2028 |  |  | 2,991 |  |  | — |
AuditBoard, Inc. |  | Delayed Draw Term Loan |  | 7/12/2026 |  |  | 4,414 |  |  | (22 | )

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Investments |  | Commitment Type |  | Commitment Expiration Date |  | Unfunded Commitment |  | Fair Value
AuditBoard, Inc. |  | Revolver |  | 7/12/2031 |  | $ | 1,766 |  | $ | (4 | )
Axsome Therapeutics, Inc. |  | Delayed Draw Term Loan |  | 5/31/2026 |  |  | 8,805 |  |  | — |
Axsome Therapeutics, Inc. |  | Delayed Draw Term Loan |  | 5/31/2027 |  |  | 8,805 |  |  | — |
Azurite Intermediate Holdings, Inc. |  | Revolver |  | 3/19/2031 |  |  | 4,104 |  |  | — |
Baker Tilly Advisory Group, LP |  | Delayed Draw Term Loan |  | 6/3/2027 |  |  | 1,484 |  |  | — |
Baker Tilly Advisory Group, LP |  | Revolver |  | 6/3/2030 |  |  | 10,339 |  |  | — |
Bamboo US BidCo, LLC |  | Delayed Draw Term Loan |  | 11/20/2026 |  |  | 146 |  |  | — |
Bamboo US BidCo, LLC |  | Delayed Draw Term Loan |  | 11/20/2026 |  |  | 132 |  |  | — |
Bamboo US BidCo, LLC |  | Revolver |  | 9/29/2029 |  |  | 142 |  |  | — |
Banyan Software Holdings, LLC |  | Revolver |  | 1/2/2031 |  |  | 859 |  |  | — |
Banyan Software Holdings, LLC |  | Delayed Draw Term Loan |  | 12/20/2026 |  |  | 1,986 |  |  | — |
Banyan Software Holdings, LLC |  | Delayed Draw Term Loan |  | 1/2/2027 |  |  | 1,771 |  |  | (9 | )
Bayshore Intermediate #2, LP |  | Revolver |  | 10/1/2027 |  |  | 8,116 |  |  | — |
Bazaarvoice, Inc. |  | Revolver |  | 5/7/2028 |  |  | 37,992 |  |  | — |
Bidco 76 S.p.A. |  | Delayed Draw Term Loan |  | 12/10/2027 |  |  | 3,849 |  |  | — |
Bimini Group Purchaser, Inc. |  | Revolver |  | 4/26/2031 |  |  | 7,337 |  |  | — |
Bimini Group Purchaser, Inc. |  | Delayed Draw Term Loan |  | 5/19/2027 |  |  | 8,580 |  |  | (43 | )
Bluefin Holding, LLC |  | Revolver |  | 9/12/2029 |  |  | 2,244 |  |  | — |
Bradyplus Holdings, LLC |  | Delayed Draw Term Loan |  | 10/31/2025 |  |  | 1,930 |  |  | — |
Brave Parent Holdings, Inc. |  | Revolver |  | 11/28/2030 |  |  | 3,641 |  |  | — |
Brilliance Technologies, Inc. |  | Revolver |  | 3/11/2032 |  |  | 900 |  |  | (5 | )
Brilliance Technologies, Inc. |  | Delayed Draw Term Loan |  | 9/11/2027 |  |  | 1,200 |  |  | — |
Caerus US 1, Inc. |  | Revolver |  | 5/25/2029 |  |  | 1,038 |  |  | — |
Cambium Learning Group, Inc. |  | Revolver |  | 7/20/2027 |  |  | 43,592 |  |  | — |
Cambrex Corp. |  | Revolver |  | 3/5/2032 |  |  | 2,907 |  |  | (29 | )
Cambrex Corp. |  | Delayed Draw Term Loan |  | 3/5/2027 |  |  | 3,323 |  |  | (17 | )
Canadian Hospital Specialties, Ltd. |  | Revolver |  | 4/15/2027 |  |  | 1,232 |  |  | — |
Carr Riggs & Ingram Capital, LLC |  | Revolver |  | 11/18/2031 |  |  | 1,726 |  |  | (9 | )
Carr Riggs & Ingram Capital, LLC |  | Delayed Draw Term Loan |  | 11/18/2026 |  |  | 2,975 |  |  | — |
Castle Management Borrower, LLC |  | Revolver |  | 11/3/2029 |  |  | 2,042 |  |  | — |
CCI Buyer, Inc. |  | Revolver |  | 5/13/2032 |  |  | 1,289 |  |  | (13 | )
CFGI Holdings, LLC |  | Revolver |  | 11/2/2027 |  |  | 1,050 |  |  | (21 | )
CFS Brands, LLC |  | Revolver |  | 10/2/2029 |  |  | 18,177 |  |  | — |
Channelside AcquisitionCo, Inc. |  | Revolver |  | 5/15/2029 |  |  | 3,178 |  |  | — |
Charger Debt Merger Sub, LLC |  | Revolver |  | 5/31/2030 |  |  | 1,522 |  |  | (15 | )
Charger Debt Merger Sub, LLC |  | Delayed Draw Term Loan |  | 5/31/2026 |  |  | 2,404 |  |  | — |
Charger Debt Merger Sub, LLC |  | Delayed Draw Term Loan |  | 5/9/2027 |  |  | 6,235 |  |  | (16 | )
Chartwell Cumming Holding, Corp. |  | Revolver |  | 11/16/2027 |  |  | 18,894 |  |  | — |
Chartwell Cumming Holding, Corp. |  | Delayed Draw Term Loan |  | 11/22/2025 |  |  | 1,629 |  |  | — |
Chartwell Cumming Holding, Corp. |  | Delayed Draw Term Loan |  | 2/14/2027 |  |  | 16,136 |  |  | (81 | )
Cielo Bidco, Ltd. |  | Delayed Draw Term Loan |  | 12/31/2030 |  |  | 35 |  |  | — |
Cielo Bidco, Ltd. |  | Delayed Draw Term Loan |  | 3/31/2030 |  |  | 107 |  |  | — |
Cisive Holdings Corp. |  | Revolver |  | 12/8/2027 |  |  | 1,111 |  |  | — |
Clearview Buyer, Inc. |  | Revolver |  | 2/26/2027 |  |  | 1,142 |  |  | — |
Commander Buyer, Inc. |  | Revolver |  | 6/26/2032 |  |  | 5,781 |  |  | (58 | )
Commander Buyer, Inc. |  | Delayed Draw Term Loan |  | 6/26/2027 |  |  | 8,671 |  |  | (43 | )
Community Management Holdings Midco 2, LLC |  | Revolver |  | 11/1/2031 |  |  | 1,158 |  |  | — |
Community Management Holdings Midco 2, LLC |  | Delayed Draw Term Loan |  | 11/1/2026 |  |  | 1,994 |  |  | — |

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Investments |  | Commitment Type |  | Commitment Expiration Date |  | Unfunded Commitment |  | Fair Value
Compsych Investments Corp. |  | Delayed Draw Term Loan |  | 7/22/2027 |  | $ | 3,471 |  | $ | (9 | )
Connatix Buyer, Inc. |  | Revolver |  | 7/14/2027 |  |  | 3,042 |  |  | — |
Connatix Buyer, Inc. |  | Delayed Draw Term Loan |  | 4/9/2026 |  |  | 848 |  |  | — |
Consor Intermediate II, LLC |  | Delayed Draw Term Loan |  | 5/10/2026 |  |  | 3,218 |  |  | — |
Consor Intermediate II, LLC |  | Revolver |  | 5/10/2031 |  |  | 213 |  |  | — |
Continental Buyer, Inc. |  | Revolver |  | 4/2/2031 |  |  | 2,715 |  |  | — |
Continental Buyer, Inc. |  | Delayed Draw Term Loan |  | 8/14/2027 |  |  | 10,729 |  |  | — |
Continental Buyer, Inc. |  | Revolver |  | 4/2/2031 |  |  | 4,350 |  |  | (22 | )
Coupa Software, Inc. |  | Delayed Draw Term Loan |  | 6/3/2027 |  |  | 164 |  |  | (2 | )
Coupa Software, Inc. |  | Revolver |  | 2/27/2029 |  |  | 126 |  |  | — |
CRCI Longhorn Holdings, Inc. |  | Revolver |  | 8/27/2031 |  |  | 1,912 |  |  | — |
CRCI Longhorn Holdings, Inc. |  | Delayed Draw Term Loan |  | 8/27/2026 |  |  | 2,867 |  |  | (14 | )
Creek Parent, Inc. |  | Revolver |  | 12/18/2031 |  |  | 9,893 |  |  | (173 | )
Crewline Buyer, Inc. |  | Revolver |  | 11/8/2030 |  |  | 6,438 |  |  | (31 | )
Crumbl Enterprises, LLC |  | Revolver |  | 4/30/2032 |  |  | 101 |  |  | — |
CT Technologies Intermediate Holdings, Inc. |  | Delayed Draw Term Loan |  | 8/30/2026 |  |  | 973 |  |  | — |
CT Technologies Intermediate Holdings, Inc. |  | Revolver |  | 8/30/2031 |  |  | 2,433 |  |  | — |
DCG Acquisition Corp. |  | Revolver |  | 6/13/2031 |  |  | 5,937 |  |  | (59 | )
DCG Acquisition Corp. |  | Delayed Draw Term Loan |  | 6/13/2026 |  |  | 2,375 |  |  | — |
Denali Bidco, Ltd. |  | Delayed Draw Term Loan |  | 4/17/2026 |  |  | 300 |  |  | (3 | )
Divisions Holding Corp. |  | Revolver |  | 4/17/2032 |  |  | 140 |  |  | (1 | )
DM Intermediate Parent, LLC |  | Revolver |  | 9/30/2030 |  |  | 5,206 |  |  | (78 | )
DM Intermediate Parent, LLC |  | Delayed Draw Term Loan |  | 9/30/2026 |  |  | 7,809 |  |  | (59 | )
Doit International, Ltd. |  | Delayed Draw Term Loan |  | 11/25/2027 |  |  | 11,606 |  |  | (87 | )
Doit International, Ltd. |  | Revolver |  | 11/26/2029 |  |  | 5,803 |  |  | (87 | )
Dropbox, Inc. |  | Delayed Draw Term Loan |  | 12/10/2026 |  |  | 88,235 |  |  | (441 | )
DTA Intermediate II, Ltd. |  | Delayed Draw Term Loan |  | 3/27/2026 |  |  | 14,000 |  |  | — |
DTA Intermediate II, Ltd. |  | Revolver |  | 3/27/2030 |  |  | 10,769 |  |  | (162 | )
Duro Dyne National Corp. |  | Delayed Draw Term Loan |  | 11/15/2026 |  |  | 6,002 |  |  | (30 | )
Duro Dyne National Corp. |  | Revolver |  | 11/15/2031 |  |  | 5,522 |  |  | — |
Dwyer Instruments, LLC |  | Revolver |  | 7/20/2029 |  |  | 1,106 |  |  | — |
Dwyer Instruments, LLC |  | Delayed Draw Term Loan |  | 11/20/2026 |  |  | 1,069 |  |  | (5 | )
East River Bidco, GmbH |  | Delayed Draw Term Loan |  | 3/26/2028 |  |  | 39 |  |  | — |
Eden Acquisitionco, Ltd. |  | Delayed Draw Term Loan |  | 11/17/2025 |  |  | 29,230 |  |  | (472 | )
Edison Bidco, AS |  | Delayed Draw Term Loan |  | 12/18/2026 |  |  | 687 |  |  | — |
Edison Bidco, AS |  | Delayed Draw Term Loan |  | 12/18/2026 |  |  | 3,161 |  |  | (53 | )
ELK Bidco, Inc. |  | Revolver |  | 6/13/2032 |  |  | 3,373 |  |  | (17 | )
ELK Bidco, Inc. |  | Delayed Draw Term Loan |  | 12/13/2027 |  |  | 3,747 |  |  | (9 | )
EMB Purchaser, Inc. |  | Delayed Draw Term Loan |  | 3/13/2028 |  |  | 10,089 |  |  | — |
EMB Purchaser, Inc. |  | Revolver |  | 3/13/2032 |  |  | 3,294 |  |  | (33 | )
Emergency Power Holdings, LLC |  | Delayed Draw Term Loan |  | 8/17/2025 |  |  | 13,589 |  |  | (136 | )
ENV Bidco, AB |  | Delayed Draw Term Loan |  | 12/13/2027 |  |  | 302 |  |  | (4 | )
eResearchTechnology, Inc. |  | Delayed Draw Term Loan |  | 1/17/2027 |  |  | 24,793 |  |  | — |
eResearchTechnology, Inc. |  | Revolver |  | 10/17/2031 |  |  | 14,414 |  |  | (144 | )
Essential Services Holding Corp. |  | Delayed Draw Term Loan |  | 6/17/2026 |  |  | 2,297 |  |  | (11 | )
Essential Services Holding Corp. |  | Revolver |  | 6/17/2030 |  |  | 1,264 |  |  | — |
Everbridge Holdings, LLC |  | Delayed Draw Term Loan |  | 7/2/2026 |  |  | 3,378 |  |  | — |
Everbridge Holdings, LLC |  | Revolver |  | 7/2/2031 |  |  | 2,222 |  |  | — |

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Investments |  | Commitment Type |  | Commitment Expiration Date |  | Unfunded Commitment |  | Fair Value
Experity, Inc. |  | Revolver |  | 2/24/2028 |  | $ | 1,495 |  | $ | — |
Experity, Inc. |  | Delayed Draw Term Loan |  | 9/13/2026 |  |  | 4,457 |  |  | (22 | )
Falcon Parent Holdings, Inc. |  | Delayed Draw Term Loan |  | 3/5/2027 |  |  | 1,699 |  |  | — |
Falcon Parent Holdings, Inc. |  | Revolver |  | 11/6/2031 |  |  | 2,669 |  |  | (40 | )
Fastener Distribution Holdings, LLC |  | Delayed Draw Term Loan |  | 10/31/2026 |  |  | 11,594 |  |  | (58 | )
Fern Bidco, Ltd. |  | Delayed Draw Term Loan |  | 7/3/2027 |  |  | 10,035 |  |  | — |
Foundation Risk Partners Corp. |  | Revolver |  | 10/29/2029 |  |  | 4,101 |  |  | (62 | )
Foundation Risk Partners Corp. |  | Delayed Draw Term Loan |  | 5/21/2026 |  |  | 252 |  |  | — |
Foundation Risk Partners Corp. |  | Delayed Draw Term Loan |  | 2/26/2027 |  |  | 7,140 |  |  | (18 | )
Frontgrade Technologies Holdings, Inc. |  | Revolver |  | 1/9/2028 |  |  | 516 |  |  | — |
Frontline Road Safety, LLC |  | Delayed Draw Term Loan |  | 3/4/2028 |  |  | 3,835 |  |  | — |
Frontline Road Safety, LLC |  | Revolver |  | 3/4/2032 |  |  | 2,004 |  |  | — |
FusionSite Midco, LLC |  | Revolver |  | 11/17/2029 |  |  | 7,006 |  |  | (158 | )
FusionSite Midco, LLC |  | Delayed Draw Term Loan |  | 4/30/2026 |  |  | 23,773 |  |  | (178 | )
G&A Partners Holding Company II, LLC |  | Revolver |  | 3/1/2030 |  |  | 3,288 |  |  | — |
G&A Partners Holding Company II, LLC |  | Delayed Draw Term Loan |  | 3/1/2026 |  |  | 8,811 |  |  | — |
Galway Borrower, LLC |  | Revolver |  | 9/29/2028 |  |  | 6,247 |  |  | — |
Galway Borrower, LLC |  | Delayed Draw Term Loan |  | 2/7/2026 |  |  | 44,509 |  |  | — |
Gannett Fleming, Inc. |  | Revolver |  | 8/5/2030 |  |  | 6,237 |  |  | (94 | )
Gatekeeper Systems, Inc. |  | Delayed Draw Term Loan |  | 8/27/2026 |  |  | 7,218 |  |  | — |
Gatekeeper Systems, Inc. |  | Revolver |  | 8/28/2030 |  |  | 1,588 |  |  | — |
GI Ranger Intermediate, LLC |  | Revolver |  | 10/29/2027 |  |  | 1,200 |  |  | — |
Gigamon, Inc. |  | Revolver |  | 3/10/2028 |  |  | 87 |  |  | — |
Gimlet Bidco, GmbH |  | Delayed Draw Term Loan |  | 4/23/2027 |  |  | 4,063 |  |  | — |
GovernmentJobs.com, Inc. |  | Delayed Draw Term Loan |  | 12/2/2025 |  |  | 2,086 |  |  | — |
GovernmentJobs.com, Inc. |  | Revolver |  | 12/2/2027 |  |  | 956 |  |  | — |
Granicus, Inc. |  | Revolver |  | 1/17/2031 |  |  | 2,105 |  |  | — |
Granicus, Inc. |  | Delayed Draw Term Loan |  | 8/2/2026 |  |  | 817 |  |  | (4 | )
Graphpad Software, LLC |  | Revolver |  | 6/28/2031 |  |  | 2,264 |  |  | (11 | )
Graphpad Software, LLC |  | Delayed Draw Term Loan |  | 6/28/2026 |  |  | 5,433 |  |  | — |
Grid Alliance Partners LLC |  | Term Loan |  | 7/1/2032 |  |  | 15,333 |  |  | — |
Grid Alliance Partners LLC |  | Delayed Draw Term Loan |  | 7/1/2027 |  |  | 4,718 |  |  | — |
Grid Alliance Partners LLC |  | Revolver |  | 7/1/2030 |  |  | 2,949 |  |  | — |
Griffon Bidco, Inc. |  | Delayed Draw Term Loan |  | 9/30/2027 |  |  | 4,031 |  |  | — |
Griffon Bidco, Inc. |  | Term Loan |  | 7/31/2031 |  |  | 22,170 |  |  | — |
Griffon Bidco, Inc. |  | Revolver |  | 7/31/2031 |  |  | 4,031 |  |  | — |
Ground Penetrating Radar Systems, LLC |  | Delayed Draw Term Loan |  | 7/2/2027 |  |  | 569 |  |  | (3 | )
Ground Penetrating Radar Systems, LLC |  | Revolver |  | 1/2/2032 |  |  | 247 |  |  | — |
GS Acquisitionco, Inc. |  | Delayed Draw Term Loan |  | 3/26/2026 |  |  | 1,653 |  |  | — |
GS Acquisitionco, Inc. |  | Revolver |  | 5/25/2028 |  |  | 1,852 |  |  | — |
GS Acquisitionco, Inc. |  | Delayed Draw Term Loan |  | 5/16/2027 |  |  | 1,429 |  |  | (4 | )
Gusto Sing Bidco Pte, Ltd. |  | Delayed Draw Term Loan |  | 11/15/2027 |  |  | 101 |  |  | — |
Helix TS, LLC |  | Delayed Draw Term Loan |  | 12/20/2026 |  |  | 9,715 |  |  | — |
High Street Buyer, Inc. |  | Revolver |  | 4/16/2027 |  |  | 2,254 |  |  | — |
High Street Buyer, Inc. |  | Delayed Draw Term Loan |  | 3/1/2026 |  |  | 7,878 |  |  | — |
Home Service TopCo IV, Inc. |  | Revolver |  | 12/31/2025 |  |  | 3,509 |  |  | (38 | )
Horizon CTS Buyer, LLC |  | Delayed Draw Term Loan |  | 3/28/2027 |  |  | 200 |  |  | (1 | )

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Investments |  | Commitment Type |  | Commitment Expiration Date |  | Unfunded Commitment |  | Fair Value
Horizon CTS Buyer, LLC |  | Revolver |  | 3/28/2032 |  | $ | 230 |  | $ | — |
Icefall Parent, Inc. |  | Revolver |  | 1/17/2030 |  |  | 3,104 |  |  | — |
IEM New Sub 2, LLC |  | Delayed Draw Term Loan |  | 8/8/2026 |  |  | 13,164 |  |  | (99 | )
IG Investments Holdings, LLC |  | Revolver |  | 9/22/2028 |  |  | 4,416 |  |  | — |
Imagine 360, LLC |  | Delayed Draw Term Loan |  | 9/18/2026 |  |  | 2,413 |  |  | (12 | )
Imagine 360, LLC |  | Revolver |  | 9/30/2028 |  |  | 1,514 |  |  | (15 | )
Inception Fertility Ventures, LLC |  | Revolver |  | 4/29/2030 |  |  | 1,763 |  |  | — |
Inception Fertility Ventures, LLC |  | Delayed Draw Term Loan |  | 4/29/2026 |  |  | 10,488 |  |  | — |
INK BC Bidco |  | Term Loan |  | 7/16/2032 |  |  | 14,512 |  |  | — |
INK BC Bidco |  | Term Loan |  | 7/16/2033 |  |  | 3,239 |  |  | — |
INK BC Bidco |  | Delayed Draw Term Loan |  | 7/16/2028 |  |  | 4,189 |  |  | — |
Integrity Marketing Acquisition, LLC |  | Delayed Draw Term Loan |  | 8/23/2026 |  |  | 11,426 |  |  | — |
Integrity Marketing Acquisition, LLC |  | Revolver |  | 8/25/2028 |  |  | 2,767 |  |  | — |
IQN Holding Corp. |  | Delayed Draw Term Loan |  | 8/16/2025 |  |  | 192 |  |  | (1 | )
IQN Holding Corp. |  | Revolver |  | 5/2/2028 |  |  | 157 |  |  | — |
IRI Group Holdings, Inc. |  | Revolver |  | 12/1/2028 |  |  | 14,316 |  |  | — |
Iris Buyer, LLC |  | Revolver |  | 10/2/2029 |  |  | 2,571 |  |  | — |
Iris Buyer, LLC |  | Delayed Draw Term Loan |  | 8/4/2026 |  |  | 4,594 |  |  | — |
ISQ Hawkeye Holdco, Inc. |  | Revolver |  | 8/20/2030 |  |  | 54 |  |  | — |
ISQ Hawkeye Holdco, Inc. |  | Delayed Draw Term Loan |  | 8/20/2026 |  |  | 151 |  |  | — |
Java Buyer, Inc. |  | Revolver |  | 12/15/2027 |  |  | 367 |  |  | — |
Java Buyer, Inc. |  | Revolver |  | 12/15/2027 |  |  | 735 |  |  | — |
Java Buyer, Inc. |  | Delayed Draw Term Loan |  | 5/9/2027 |  |  | 3,524 |  |  | — |
JS Parent, Inc. |  | Revolver |  | 4/24/2031 |  |  | 3,452 |  |  | — |
JSS Holdings, Inc. |  | Delayed Draw Term Loan |  | 11/8/2026 |  |  | 7,492 |  |  | (37 | )
Kattegat Project Bidco, AB |  | Delayed Draw Term Loan |  | 10/5/2026 |  |  | 7,030 |  |  | (96 | )
King Bidco S.P.E.C. |  | Delayed Draw Term Loan |  | 6/26/2028 |  |  | 88 |  |  | (1 | )
Knowledge Pro Buyer, Inc. |  | Revolver |  | 12/10/2027 |  |  | 1,032 |  |  | — |
Knowledge Pro Buyer, Inc. |  | Delayed Draw Term Loan |  | 6/11/2027 |  |  | 2,031 |  |  | — |
Knowledge Pro Buyer, Inc. |  | Revolver |  | 12/10/2027 |  |  | 406 |  |  | (4 | )
Kona Buyer, LLC |  | Delayed Draw Term Loan |  | 7/23/2026 |  |  | 290 |  |  | — |
Kona Buyer, LLC |  | Revolver |  | 7/23/2031 |  |  | 123 |  |  | (1 | )
Kwol Acquisition, Inc. |  | Revolver |  | 12/6/2029 |  |  | 897 |  |  | — |
LogicMonitor, Inc. |  | Revolver |  | 11/15/2031 |  |  | 1,992 |  |  | (25 | )
LPW Group Holdings, Inc. |  | Revolver |  | 3/15/2030 |  |  | 5,373 |  |  | — |
Lsf12 Crown US Commercial Bidco, LLC |  | Revolver |  | 12/2/2029 |  |  | 4,345 |  |  | (8 | )
Magic Bidco, Inc. |  | Delayed Draw Term Loan |  | 7/1/2026 |  |  | 7,098 |  |  | — |
Magic Bidco, Inc. |  | Revolver |  | 7/1/2030 |  |  | 955 |  |  | — |
Magneto Components BuyCo, LLC |  | Revolver |  | 12/5/2029 |  |  | 5,508 |  |  | (110 | )
Mandolin Technology Intermediate Holdings, Inc. |  | Revolver |  | 4/30/2028 |  |  | 1,004 |  |  | — |
Material Holdings, LLC |  | Revolver |  | 8/19/2027 |  |  | 353 |  |  | (42 | )
Material Holdings, LLC |  | Delayed Draw Term Loan |  | 8/19/2027 |  |  | 2,999 |  |  | — |
Maverick Acquisition, Inc. |  | Delayed Draw Term Loan |  | 7/4/2025 |  |  | 96 |  |  | — |
MB2 Dental Solutions, LLC |  | Delayed Draw Term Loan |  | 2/13/2026 |  |  | 5,315 |  |  | — |
MB2 Dental Solutions, LLC |  | Revolver |  | 2/13/2031 |  |  | 1,382 |  |  | — |
Mercury Bidco Globe, Limited |  | Delayed Draw Term Loan |  | 1/18/2026 |  |  | 8,003 |  |  | — |
MHE Intermediate Holdings, LLC |  | Revolver |  | 7/21/2027 |  |  | 161 |  |  | — |

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Investments |  | Commitment Type |  | Commitment Expiration Date |  | Unfunded Commitment |  | Fair Value
Minerva Bidco Ltd |  | Delayed Draw Term Loan |  | 11/28/2030 |  | $ | 6,556 |  | $ | — |
Modernizing Medicine, Inc. |  | Revolver |  | 4/30/2032 |  |  | 827 |  |  | (8 | )
Monk Holding, Co. |  | Delayed Draw Term Loan |  | 12/1/2025 |  |  | 217 |  |  | — |
More Cowbell II, LLC |  | Delayed Draw Term Loan |  | 9/1/2025 |  |  | 916 |  |  | (11 | )
More Cowbell II, LLC |  | Revolver |  | 9/1/2029 |  |  | 906 |  |  | — |
MPG Parent Holdings, LLC |  | Revolver |  | 1/8/2030 |  |  | 1,339 |  |  | — |
MPG Parent Holdings, LLC |  | Delayed Draw Term Loan |  | 1/8/2027 |  |  | 3,087 |  |  | (23 | )
MRH Trowe Beteiligungsgesellschaft mbH |  | Delayed Draw Term Loan |  | 5/15/2028 |  |  | 131 |  |  | — |
MRH Trowe Beteiligungsgesellschaft mbH |  | Revolver |  | 11/15/2031 |  |  | 35 |  |  | — |
MRI Software, LLC |  | Revolver |  | 2/10/2027 |  |  | 6,953 |  |  | — |
NAVEX TopCo, Inc. |  | Revolver |  | 11/9/2028 |  |  | 5,394 |  |  | — |
Navigator Acquiror, Inc. |  | Delayed Draw Term Loan |  | 7/15/2030 |  |  | 7,762 |  |  | (58 | )
Navigator Acquiror, Inc. |  | Delayed Draw Term Loan |  | 7/15/2030 |  |  | 7,762 |  |  | — |
NDC Acquisition Corp. |  | Revolver |  | 3/9/2027 |  |  | 3,083 |  |  | — |
NDT Global Holding, Inc. |  | Revolver |  | 6/4/2032 |  |  | 173 |  |  | (2 | )
NDT Global Holding, Inc. |  | Delayed Draw Term Loan |  | 6/4/2027 |  |  | 347 |  |  | (2 | )
Nephele III, BV |  | Delayed Draw Term Loan |  | 1/14/2028 |  |  | 28 |  |  | — |
Neptune BidCo, SAS |  | Delayed Draw Term Loan |  | 3/31/2027 |  |  | 1,401 |  |  | — |
Neptune Holdings, Inc. |  | Revolver |  | 8/31/2029 |  |  | 933 |  |  | — |
Netsmart Technologies, Inc. |  | Delayed Draw Term Loan |  | 8/23/2026 |  |  | 4,345 |  |  | (22 | )
Netsmart Technologies, Inc. |  | Revolver |  | 8/23/2031 |  |  | 4,432 |  |  | — |
Noble Midco 3, Ltd. |  | Delayed Draw Term Loan |  | 6/10/2027 |  |  | 3,875 |  |  | (19 | )
Noble Midco 3, Ltd. |  | Revolver |  | 6/10/2030 |  |  | 2,390 |  |  | — |
North Haven Ushc Acquisition, Inc. |  | Revolver |  | 10/30/2027 |  |  | 817 |  |  | — |
North Haven Ushc Acquisition, Inc. |  | Delayed Draw Term Loan |  | 8/28/2026 |  |  | 4,544 |  |  | — |
Octane Purchaser, Inc. |  | Revolver |  | 5/19/2032 |  |  | 491 |  |  | (2 | )
Octane Purchaser, Inc. |  | Delayed Draw Term Loan |  | 11/19/2027 |  |  | 1,227 |  |  | — |
Odevo, AB |  | Delayed Draw Term Loan |  | 12/12/2027 |  |  | 30,152 |  |  | — |
Onex Baltimore Buyer, Inc. |  | Delayed Draw Term Loan |  | 3/19/2026 |  |  | 4,472 |  |  | — |
Optimizely North America, Inc. |  | Revolver |  | 10/30/2031 |  |  | 1,218 |  |  | (12 | )
Oranje Holdco, Inc. |  | Revolver |  | 2/1/2029 |  |  | 250 |  |  | — |
Oxford Global Resources, Inc. |  | Revolver |  | 8/17/2027 |  |  | 3,085 |  |  | — |
Park Place Technologies, LLC |  | Delayed Draw Term Loan |  | 9/1/2025 |  |  | 8,502 |  |  | — |
Park Place Technologies, LLC |  | Revolver |  | 3/25/2030 |  |  | 9,417 |  |  | — |
Patriot Growth Insurance Services, LLC |  | Delayed Draw Term Loan |  | 11/17/2025 |  |  | 679 |  |  | — |
Patriot Growth Insurance Services, LLC |  | Revolver |  | 10/16/2028 |  |  | 469 |  |  | (9 | )
Pavion Corp. |  | Delayed Draw Term Loan |  | 10/30/2025 |  |  | 2,559 |  |  | — |
PDI TA Holdings, Inc. |  | Revolver |  | 2/3/2031 |  |  | 2,280 |  |  | — |
Petrus Buyer, Inc. |  | Delayed Draw Term Loan |  | 10/17/2025 |  |  | 260 |  |  | — |
Petrus Buyer, Inc. |  | Revolver |  | 10/17/2029 |  |  | 272 |  |  | — |
Phoenix 1 Buyer Corp. |  | Revolver |  | 11/20/2029 |  |  | 5,009 |  |  | — |
Ping Identity Holding Corp. |  | Revolver |  | 10/17/2028 |  |  | 671 |  |  | — |
PKF O’Connor Davies Advisory, LLC |  | Delayed Draw Term Loan |  | 11/15/2026 |  |  | 504 |  |  | (3 | )
PKF O’Connor Davies Advisory, LLC |  | Revolver |  | 11/15/2031 |  |  | 141 |  |  | (1 | )
Point Broadband Acquisition, LLC |  | Delayed Draw Term Loan |  | 5/29/2026 |  |  | 36,397 |  |  | — |
PPV Intermediate Holdings, LLC |  | Revolver |  | 8/31/2029 |  |  | 159 |  |  | — |
PPV Intermediate Holdings, LLC |  | Delayed Draw Term Loan |  | 8/7/2026 |  |  | 187 |  |  | — |

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Investments |  | Commitment Type |  | Commitment Expiration Date |  | Unfunded Commitment |  | Fair Value
Profile Products, LLC |  | Revolver |  | 11/12/2027 |  | $ | 373 |  | $ | (7 | )
Profile Products, LLC |  | Revolver |  | 11/12/2027 |  |  | 213 |  |  | — |
Progress Residential PM Holdings, LLC |  | Delayed Draw Term Loan |  | 8/8/2025 |  |  | 16,623 |  |  | — |
Progress Residential PM Holdings, LLC |  | Delayed Draw Term Loan |  | 8/8/2025 |  |  | 333 |  |  | — |
PT Intermediate Holdings III, LLC |  | Delayed Draw Term Loan |  | 4/9/2026 |  |  | 4,338 |  |  | — |
QBS Parent, Inc. |  | Revolver |  | 11/7/2031 |  |  | 1,908 |  |  | (10 | )
QBS Parent, Inc. |  | Delayed Draw Term Loan |  | 6/3/2027 |  |  | 3,472 |  |  | — |
Qualus Power Services Corp. |  | Delayed Draw Term Loan |  | 5/9/2026 |  |  | 12,093 |  |  | — |
Qualus Power Services Corp. |  | Delayed Draw Term Loan |  | 10/25/2026 |  |  | 33,748 |  |  | (169 | )
R1 Holdings, LLC |  | Revolver |  | 12/29/2028 |  |  | 31 |  |  | — |
RailPros Parent, LLC |  | Delayed Draw Term Loan |  | 5/24/2027 |  |  | 124 |  |  | (1 | )
RailPros Parent, LLC |  | Revolver |  | 5/24/2032 |  |  | 62 |  |  | — |
Red Fox CD Acquisition Corp. |  | Delayed Draw Term Loan |  | 11/21/2026 |  |  | 21,879 |  |  | — |
Redwood Services Group, LLC |  | Delayed Draw Term Loan |  | 8/15/2025 |  |  | 3,929 |  |  | — |
Redwood Services Group, LLC |  | Delayed Draw Term Loan |  | 1/3/2027 |  |  | 16,680 |  |  | — |
Relativity ODA, LLC |  | Revolver |  | 5/12/2029 |  |  | 2,966 |  |  | (74 | )
RFS Opco, LLC |  | Delayed Draw Term Loan |  | 6/13/2026 |  |  | 1,881 |  |  | (5 | )
Safety Borrower Holdings, LP |  | Revolver |  | 9/1/2027 |  |  | 233 |  |  | — |
Sam Holding Co, Inc. |  | Revolver |  | 3/24/2027 |  |  | 3,400 |  |  | — |
Sam Holding Co, Inc. |  | Delayed Draw Term Loan |  | 9/5/2025 |  |  | 2,000 |  |  | — |
Scorpio BidCo SAS |  | Delayed Draw Term Loan |  | 3/10/2026 |  |  | 4,386 |  |  | — |
Seahawk Bidco, LLC |  | Delayed Draw Term Loan |  | 12/19/2026 |  |  | 7,288 |  |  | — |
Seahawk Bidco, LLC |  | Revolver |  | 12/19/2030 |  |  | 3,753 |  |  | (34 | )
SG Acquisition, Inc. |  | Revolver |  | 4/3/2030 |  |  | 8,301 |  |  | — |
Simplicity Financial Marketing Group Holdings, Inc. |  | Delayed Draw Term Loan |  | 12/31/2026 |  |  | 1,673 |  |  | — |
Simplicity Financial Marketing Group Holdings, Inc. |  | Revolver |  | 12/31/2031 |  |  | 1,076 |  |  | (11 | )
Skopima Consilio Parent, LLC |  | Revolver |  | 5/12/2028 |  |  | 4,200 |  |  | (84 | )
Smile Doctors, LLC |  | Revolver |  | 12/23/2027 |  |  | 1,233 |  |  | (43 | )
Spaceship Purchaser, Inc. |  | Revolver |  | 10/17/2031 |  |  | 10,894 |  |  | (109 | )
Spaceship Purchaser, Inc. |  | Delayed Draw Term Loan |  | 10/17/2026 |  |  | 5,447 |  |  | — |
Spaceship Purchaser, Inc. |  | Delayed Draw Term Loan |  | 10/17/2027 |  |  | 13,072 |  |  | (65 | )
Sparta UK Bidco, Ltd. |  | Delayed Draw Term Loan |  | 9/25/2028 |  |  | 903 |  |  | — |
SpecialtyCare, Inc. |  | Revolver |  | 6/18/2026 |  |  | 467 |  |  | — |
Spectrum Safety Solutions Purchaser, LLC |  | Delayed Draw Term Loan |  | 7/1/2026 |  |  | 12,901 |  |  | — |
Spectrum Safety Solutions Purchaser, LLC |  | Revolver |  | 7/1/2030 |  |  | 13,135 |  |  | — |
Speedster Bidco, GmbH |  | Revolver |  | 5/13/2031 |  |  | 1,801 |  |  | (8 | )
Stepping Stones Healthcare Services, LLC |  | Revolver |  | 12/30/2026 |  |  | 371 |  |  | — |
Stepping Stones Healthcare Services, LLC |  | Delayed Draw Term Loan |  | 4/24/2026 |  |  | 540 |  |  | — |
STV Group, Inc. |  | Delayed Draw Term Loan |  | 3/20/2026 |  |  | 6,976 |  |  | (70 | )
STV Group, Inc. |  | Revolver |  | 3/20/2030 |  |  | 4,883 |  |  | — |
Tango Bidco, SAS |  | Delayed Draw Term Loan |  | 10/17/2027 |  |  | 962 |  |  | (7 | )
Tango Bidco, SAS |  | Delayed Draw Term Loan |  | 10/17/2027 |  |  | 1,580 |  |  | — |
TEI Intermediate, LLC |  | Revolver |  | 12/13/2031 |  |  | 3,013 |  |  | — |
TEI Intermediate, LLC |  | Delayed Draw Term Loan |  | 12/13/2026 |  |  | 8,256 |  |  | (41 | )
Tennessee Bidco, Limited |  | Delayed Draw Term Loan |  | 7/1/2026 |  |  | 22,998 |  |  | — |
Tennessee Bidco, Limited |  | Delayed Draw Term Loan |  | 5/9/2027 |  |  | 24,577 |  |  | (127 | )
The Fertility Partners, Inc. |  | Revolver |  | 9/16/2027 |  |  | 60 |  |  | — |

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Investments |  | Commitment Type |  | Commitment Expiration Date |  | Unfunded Commitment |  | Fair Value
The Hiller Companies, LLC |  | Delayed Draw Term Loan |  | 6/20/2026 |  | $ | 310 |  | $ | — |
The Hiller Companies, LLC |  | Revolver |  | 6/20/2030 |  |  | 1,432 |  |  | (11 | )
The North Highland Co, LLC |  | Revolver |  | 12/20/2030 |  |  | 1,434 |  |  | — |
The North Highland Co, LLC |  | Delayed Draw Term Loan |  | 12/20/2026 |  |  | 5,903 |  |  | (30 | )
THG Acquisition, LLC |  | Revolver |  | 10/31/2031 |  |  | 1,202 |  |  | — |
THG Acquisition, LLC |  | Delayed Draw Term Loan |  | 10/31/2026 |  |  | 2,515 |  |  | — |
Tricentis Operations Holdings, Inc. |  | Revolver |  | 2/11/2032 |  |  | 2,872 |  |  | (29 | )
Tricentis Operations Holdings, Inc. |  | Delayed Draw Term Loan |  | 2/11/2027 |  |  | 4,595 |  |  | (23 | )
Trinity Air Consultants Holdings Corp. |  | Revolver |  | 6/29/2028 |  |  | 7,269 |  |  | — |
Trinity Partners Holdings, LLC |  | Delayed Draw Term Loan |  | 6/30/2027 |  |  | 1,433 |  |  | — |
Triple Lift, Inc. |  | Revolver |  | 5/5/2028 |  |  | 7,697 |  |  | (308 | )
TRP Infrastructure Services, LLC |  | Delayed Draw Term Loan |  | 12/2/2026 |  |  | 1,346 |  |  | — |
Turing Holdco, Inc. |  | Delayed Draw Term Loan |  | 8/3/2028 |  |  | 28,117 |  |  | — |
Turing Holdco, Inc. |  | Delayed Draw Term Loan |  | 8/3/2028 |  |  | 20,901 |  |  | — |
Unified Women’s Healthcare, LP |  | Revolver |  | 6/18/2029 |  |  | 241 |  |  | — |
Unified Women’s Healthcare, LP |  | Delayed Draw Term Loan |  | 10/25/2026 |  |  | 14,190 |  |  | — |
US Oral Surgery Management Holdco, LLC |  | Delayed Draw Term Loan |  | 12/13/2026 |  |  | 34,998 |  |  | — |
US Oral Surgery Management Holdco, LLC |  | Revolver |  | 11/20/2028 |  |  | 3,735 |  |  | — |
Varicent Parent Holdings Corp. |  | Delayed Draw Term Loan |  | 8/23/2026 |  |  | 2,352 |  |  | (18 | )
Varicent Parent Holdings Corp. |  | Revolver |  | 8/23/2031 |  |  | 1,557 |  |  | (23 | )
Veregy Consolidated, Inc. |  | Delayed Draw Term Loan |  | 4/16/2027 |  |  | 2,436 |  |  | (9 | )
Veregy Consolidated, Inc. |  | Revolver |  | 4/16/2031 |  |  | 5,845 |  |  | (44 | )
Water Holdings Acquisition, LLC |  | Delayed Draw Term Loan |  | 7/31/2026 |  |  | 3,708 |  |  | — |
West Monroe Partners, LLC |  | Revolver |  | 11/8/2027 |  |  | 1,347 |  |  | — |
West Monroe Partners, LLC |  | Delayed Draw Term Loan |  | 12/18/2026 |  |  | 2,500 |  |  | — |
West Star Aviation Acquisition, LLC |  | Revolver |  | 5/20/2032 |  |  | 241 |  |  | — |
West Star Aviation Acquisition, LLC |  | Delayed Draw Term Loan |  | 5/20/2027 |  |  | 451 |  |  | (2 | )
WHCG Purchaser III, Inc. |  | Delayed Draw Term Loan |  | 8/2/2027 |  |  | 7,044 |  |  | — |
World Insurance Associates, LLC |  | Delayed Draw Term Loan |  | 8/14/2026 |  |  | 40,362 |  |  | (199 | )
World Insurance Associates, LLC |  | Revolver |  | 4/3/2030 |  |  | 4,473 |  |  | (66 | )
WPEngine, Inc. |  | Revolver |  | 8/14/2029 |  |  | 6,667 |  |  | (200 | )
YA Intermediate Holdings II, LLC |  | Delayed Draw Term Loan |  | 10/1/2026 |  |  | 2,937 |  |  | — |
YA Intermediate Holdings II, LLC |  | Revolver |  | 10/1/2031 |  |  | 1,262 |  |  | — |
Zendesk, Inc. |  | Delayed Draw Term Loan |  | 11/22/2025 |  |  | 247 |  |  | — |
Zendesk, Inc. |  | Revolver |  | 11/22/2028 |  |  | 169 |  |  | — |
Zeus, LLC |  | Revolver |  | 2/8/2030 |  |  | 3,426 |  |  | (17 | )
Zeus, LLC |  | Delayed Draw Term Loan |  | 2/27/2026 |  |  | 2,284 |  |  | — |
Zorro Bidco, Ltd. |  | Delayed Draw Term Loan |  | 8/13/2027 |  |  | 4,201 |  |  | — |
Total Investments |  |  |  |  |  | $ | 1,866,882 |  | $ | (5,955 | )

(8) There are no interest rate floors on these investments.

(9) The interest rate floor on these investments as of June 30, 2025 was 0.50%.

(10) The interest rate floor on these investments as of June 30, 2025 was 0.75%.

(11) The interest rate floor on these investments as of June 30, 2025 was 1.00%.

(12) The interest rate floor on these investments as of June 30, 2025 was 1.25%.

(13) The interest rate floor on these investments as of June 30, 2025 was 1.50%.

(14) The interest rate floor on these investments as of June 30, 2025 was 2.00%.

(15) For unsettled positions the interest rate does not include the base rate.

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(16) Under the 1940 Act, the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. Under the 1940 Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of June 30, 2025, the Company’s non-controlled/affiliated investments were as follows:

|  | Fair Value as of December 31, 2024 |  | Gross Additions |  | Gross Reductions |  | Change in Unrealized Gains (Losses) |  | Net Realized Gain (Loss) |  | Fair Value as of June 30, 2025 |  | Dividend and Interest Income
Non-controlled/affiliated Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Blackstone Donegal Holdings LP |  | $ | 6,403 |  | $ | — |  | $ | — |  | $ | 334 |  |  | $ | — |  | $ | 6,737 |  | $ | —
Material Holdings, LLC |  |  | 21,547 |  |  | 865 |  |  | — |  |  | (32 | ) |  |  | — |  |  | 22,380 |  |  | 1,151
Material Holdings, LLC |  |  | 1,397 |  |  | 148 |  |  | — |  |  | (1,152 | ) |  |  | — |  |  | 393 |  |  | —
Material+ Holding Company, LLC |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  | — |  |  | — |  |  | —
Total |  | $ | 29,347 |  | $ | 1,013 |  | $ | — |  | $ | (850 | ) |  | $ | — |  | $ | 29,510 |  | $ | 1,151

(17) Loan was on non-accrual status as of June 30, 2025.

(18) These loans are “last-out” portions of loans. The “last-out” portion of the Company’s loan investment generally earns a higher interest rate than the “first-out” portion, and in exchange the “first-out” portion would generally receive priority with respect to payment principal, interest and any other amounts due thereunder over the “last-out” portion.

(19) All securities are exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), excluding Axsome Therapeutics, Inc. — Common Stock, and may be deemed to be “restricted securities.” As of June 30, 2025, the aggregate fair value of these securities is $13,251.4 million or 210.76% of the Company’s net assets. The initial acquisition dates have been included for such securities.

(20) The interest rate floor on these investments as of June 30, 2025 was 3.00%.

ADDITIONAL INFORMATION

Foreign Currency Forward Contracts
Counterparty |  | Currency Purchased |  | Currency Sold |  | Settlement Date |  | Unrealized Appreciation (Depreciation)
Wells Fargo Bank, N.A. |  | USD | 58,793 |  | CAD | 80,000 |  | 9/18/2025 |  | $ | (167 | )
Wells Fargo Bank, N.A. |  | USD | 75,344 |  | EUR | 65,250 |  | 9/18/2025 |  |  | (1,848 | )
Wells Fargo Bank, N.A. |  | USD | 39,958 |  | GBP | 29,500 |  | 9/18/2025 |  |  | (539 | )
Wells Fargo Bank, N.A. |  | USD | 14,098 |  | SEK | 133,956 |  | 9/18/2025 |  |  | (92 | )
Total Foreign Currency Forward Contracts |  |  |  |  |  |  |  |  |  | $ | (2,646 | )

Interest Rate Swaps
Counterparty |  | Hedged Instrument |  | Company Receives |  | Company Pays |  | Maturity Date |  | Notional Amount |  | Fair Market Value |  | Upfront Payments/ Receipts |  | Change in Unrealized Gains/ (Losses)
SMBC Capital Markets, Inc. |  | November 2027 Notes |  | 5.88 | % |  | SOFR + 1.38% |  | 11/15/2027 |  | $ | 400,000 |  | $ | 8,969 |  | $ | — |  | $ | 4,974
Wells Fargo Bank, N.A. |  | April 2028 Notes |  | 5.35 | % |  | SOFR + 1.65% |  | 4/13/2028 |  |  | 400,000 |  |  | 1,913 |  |  | — |  |  | 7,769
Wells Fargo Bank, N.A. |  | April 2028 Notes |  | 5.35 | % |  | SOFR + 1.39% |  | 4/13/2028 |  |  | 300,000 |  |  | 3,718 |  |  | — |  |  | 5,027
Wells Fargo Bank, N.A. |  | June 2030 Notes |  | 5.30 | % |  | SOFR + 1.46% |  | 6/30/2030 |  |  | 500,000 |  |  | 8,391 |  |  | — |  |  | 8,391
Total Interest Rate Swaps |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 22,991 |  | $ | — |  | $ | 26,161

__________________________________

(1) For interest rate swaps designated in qualifying hedge relationships, the change in fair value is recorded in Interest expense in the Condensed Consolidated Statements of Operations.

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LEGAL MATTERS

Certain legal matters in connection with the offering will be passed upon for us by Simpson Thacher & Bartlett LLP, Washington, D.C. and New York, New York. In addition, Richards, Layton & Finger, P.A., as special Delaware counsel to the Company, the Advisers and the Administrators, will pass on certain legal matters for us. Certain legal matters in connection with the offering will be passed upon for the underwriters by Ropes & Gray LLP.

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EXPERTS

The financial statements of Blackstone Secured Lending Fund and subsidiaries as of December 31, 2024 and 2023, and for each of the three years in the period ended December 31, 2024, incorporated by reference in this prospectus supplement, and the effectiveness of Blackstone Secured Lending Fund’s internal control over financial reporting have been audited by Deloitte & Touche LLP, an independent registered public accounting firm, located at 30 Rockefeller Plaza, New York, New York 10112, as stated in their reports. Such financial statements are incorporated by reference in reliance upon the reports of such firm given their authority as experts in accounting and auditing.

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INFORMATION INCORPORATED BY REFERENCE

This prospectus supplement is part of a registration statement that we have filed with the SEC. The information incorporated by reference is considered to be part of this prospectus supplement. Any reports filed by us with the SEC subsequent to the date of this prospectus supplement will automatically update and, where applicable, supersede any information contained in this prospectus supplement and any document incorporated by reference herein.

We incorporate by reference into this prospectus supplement our filings listed below and any future filings that we may file with the SEC under Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act, subsequent to the date of this prospectus supplement until all of the securities offered by this prospectus supplement and the accompanying prospectus have been sold or we otherwise terminate the offering of these securities; provided, however, that information “furnished” under Item 2.02 or Item 7.01 of Form 8-K or other information “furnished” to the SEC that is not deemed filed is not incorporated by reference in this prospectus supplement.

• our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 26, 2025;

• our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2025 and June 30, 2025, filed with the SEC on May 7, 2025 and August 6, 2025, respectively; and

• our Current Reports on Form 8-K filed with the SEC on January 21, 2025, March 4, 2025, July 11, 2025 and September 26, 2025.

See “Available Information” in the accompanying prospectus for information on how to obtain a copy of these filings.

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PROSPECTUS

Blackstone Secured Lending Fund

Common Shares
Preferred Shares
Debt Securities
Subscription Rights
Warrants

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Blackstone Secured Lending Fund (together, with its consolidated subsidiaries, the “Company,” “we,” “us,” or “our”) is a Delaware statutory trust that seeks to invest primarily in originated loans and other securities, including broadly syndicated loans of U.S. private companies, which include larger and middle market companies.

We are a non-diversified, closed-end management investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). Our adviser, Blackstone Private Credit Strategies LLC (the “Adviser”), and our sub-adviser, Blackstone Credit BDC Advisors LLC (the “Sub-Adviser” and, together with the Adviser, the “Advisers”), are affiliates of Blackstone Alternative Credit Advisors LP (the “Sub-Administrator” and, collectively with its affiliates in the credit, asset based finance and insurance asset management business unit of Blackstone Inc. (“Blackstone”), “Blackstone Credit & Insurance” or “BXCI”), which provides certain administrative and other services necessary for the Company to operate pursuant to a sub-administration agreement between Blackstone Private Credit Strategies LLC, in its capacity as administrator to the Company (in such capacity, the “Administrator” and, together with the Sub-Administrator, the “Administrators”), and the Sub-Administrator. We have elected to be treated for federal income tax purposes, and intend to qualify annually, as a regulated investment company (a “RIC”) under the Internal Revenue Code of 1986, as amended (together with the rules and regulations promulgated thereunder, the “Code”).

Our investment objectives are to generate current income and, to a lesser extent, long-term capital appreciation. We will seek to meet our investment objectives by utilizing the experience and expertise of the management team of the Advisers, along with the broader resources of Blackstone Credit & Insurance and Blackstone, in sourcing, evaluating and structuring transactions, subject to Blackstone’s policies and procedures regarding the management of conflicts of interest; employing a defensive investment approach focused on long-term credit performance and principal protection, generally investing in loans with asset coverage ratios and interest coverage ratios that the Advisers believe provide substantial credit protection, and also seeking favorable financial protections, including, where the Advisers believe necessary, one or more financial maintenance and incurrence covenants (i.e., covenants that are tested when affirmative action is taken, such as the incurrence of additional debt and/or making dividend payments); focusing primarily on loans and securities of private U.S. companies, including syndicated loans, specifically larger and middle market companies. In many market environments, we believe such a focus offers an opportunity for superior risk-adjusted returns; maintaining rigorous portfolio monitoring, in an attempt to anticipate and pre-empt negative credit events within our portfolio; and utilizing the power and scale of Blackstone and the Blackstone Credit & Insurance platform to offer operational expertise to portfolio companies through the Value Creation Program (as defined below).

Our common shares of beneficial interest (“common shares”), preferred shares of beneficial interest (“preferred shares”), debt securities, subscription rights to purchase our securities or warrants representing rights to purchase our securities (collectively, the “securities”) may be offered at prices and on terms to be disclosed in one or more supplements to this prospectus. You should read this prospectus and the applicable prospectus supplement carefully before you invest in our securities.

The securities may be offered directly to one or more purchasers, including existing shareholders in a rights offering, or through agents designated from time to time by us, or to or through underwriters or dealers. Each prospectus supplement relating to an offering will identify any agents or underwriters involved in the sale of the securities, and will disclose any applicable purchase price, fee, discount or commissions arrangement between us and our agents or underwriters or among our underwriters or the basis upon which such amount may be calculated. See “Plan of Distribution” in this prospectus. We may not sell any of the securities pursuant to this registration statement through agents, underwriters or dealers without delivery of this prospectus and a prospectus supplement describing the method and terms of the offering of such securities.

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Our common shares are traded on the New York Stock Exchange (“NYSE”) under the symbol “BXSL.” On July 10, 2025, the last reported sales price of our common shares on the NYSE was $31.56 per share. The net asset value per share of our common shares at March 31, 2025 (the last date prior to the date of this prospectus for which we reported net asset value) was $27.39.

______________________

Investing in our securities involves a high degree of risk, including credit risk and the risk of the use of leverage, and is highly speculative. In addition, shares of closed-end investment companies, including BDCs, frequently trade at a discount to their net asset values. Before investing in our securities, you should read the discussion of the material risks of investing in our securities, including the risk of leverage, in “Risk Factors” beginning on page 25 of this prospectus, Part I, Item 1A “Risk Factors” in our most recent Annual Report on Form 10-K, Part II, Item 1A “Risk Factors” in our most recent Quarterly Report on Form 10-Q, as well as in any of our subsequent SEC filings, and in, or incorporated by reference into, the applicable prospectus supplement and in any free writing prospectuses we may authorize for use in connection with a specific offering, and under similar headings in the other documents that are incorporated by reference into this prospectus.

This prospectus contains important information you should know before investing in our securities. Please read this prospectus before investing and keep it for future reference. We also file periodic and current reports, proxy statements and other information about us with the U.S. Securities and Exchange Commission (the “SEC”). This information is available free of charge by contacting us at 345 Park Avenue, 31 st Floor, New York, New York 10154, calling us at (212) 503-2100 or visiting our corporate website located at www.bxsl.com. The SEC also maintains a website at http://www.sec.gov that contains this information. Information on our website and the SEC’s website is not incorporated into or a part of this prospectus.

The information in this prospectus or any subsequently filed prospectus supplement is current only as of the date on its respective cover, and may change after that date. We do not represent that at any time after the date of this prospectus our affairs will be the same as what is described in this prospectus or that the information in this prospectus otherwise will continue to be correct—nor do we imply those things by delivering this prospectus or selling securities to you. Unless otherwise noted, the terms “we,” “us,” “our,” the “Company,” the “Issuer,” the “Fund” and “BXSL” refer to Blackstone Secured Lending Fund, together with its consolidated subsidiaries. In addition, the term “Adviser” refers to Blackstone Private Credit Strategies LLC, the term “Sub-Adviser” refers to Blackstone Credit BDC Advisors LLC and the term “Advisers” refers to the Adviser and the Sub-Adviser. The term “Administrator” refers to Blackstone Private Credit Strategies LLC, in its capacity as administrator to the Fund, and the term “Sub-Administrator” refers to Blackstone Alternative Credit Advisors LP. The term “Administrators” refers to the Administrator and the Sub-Administrator. The term “Blackstone Credit & Insurance” refers to Blackstone Alternative Credit Advisors LP collectively with its affiliates in the credit, asset based finance and insurance asset management business unit of Blackstone Inc. “Blackstone” refers to Blackstone Inc., collectively with its affiliates as the context requires.

Neither the U.S. Securities and Exchange Commission (the “SEC”) nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

This prospectus may not be used to consummate sales of securities unless accompanied by a prospectus supplement.

______________________

The date of this prospectus is July 11, 2025.

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Statistical and market data used in this prospectus has been obtained from governmental and independent industry sources and publications. We have not independently verified the data obtained from these sources. Forward-looking information obtained from these sources is subject to the same qualifications and the additional uncertainties regarding the other forward-looking statements contained in this prospectus, for which the safe harbor provided in Section 27A of the Securities Act and Section 21E of the Exchange Act is not available.

We have not authorized anyone to give you any information other than in this prospectus, any prospectus supplement to this prospectus, any free writing prospectus or any information that we have incorporated by reference herein or therein and we take no responsibility for any other information that others may give you. If anyone provides you with different or inconsistent information, you should not rely on it. We are not making an offer to sell these securities in any jurisdiction where the offer or sale is not permitted. You should assume that the information appearing or incorporated by reference in this prospectus, any prospectus supplements or any free writing prospectus is accurate only as of the date on their respective front covers. Our business, financial condition and prospects may have changed since that date. To the extent required by applicable law, we will update this prospectus during the offering period to reflect material changes to the disclosure herein.

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ABOUT THIS PROSPECTUS

This prospectus is part of an automatic shelf registration statement that we have filed with the U.S. Securities and Exchange Commission (the “SEC”), as a “well-known seasoned issuer” as defined in Rule 405 under the Securities Act of 1933, as amended (the “Securities Act”). Under the shelf registration process, which constitutes a delayed offering in reliance on Rule 415 under the Securities Act, we may offer, from time to time, in one or more offerings or series, our common shares, preferred shares, debt securities, subscription rights to purchase our securities or warrants representing rights to purchase our securities on terms to be determined at the time of the offering.

The securities may be offered at prices and on terms described in one or more supplements to this prospectus. This prospectus provides you with a general description of the securities that we may offer. Each time we use this prospectus to offer securities, we will provide a prospectus supplement that will contain specific information about the terms of that offering. We may also authorize one or more free writing prospectuses to be provided to you that may contain material information relating to these offerings. Such prospectus supplement and/or free writing prospectus (collectively referred to hereinafter as a “prospectus supplement”) may also add, update or change information contained in this prospectus or in the documents we incorporate by reference herein. This prospectus and the prospectus supplement, together with any documents incorporated by reference herein, will include all material information relating to the applicable offering.

Please carefully read this prospectus and the prospectus supplement, together with any documents incorporated by reference in this prospectus and the applicable prospectus supplement, any exhibits and the additional information described or incorporated by reference under the headings “Available Information,” “Incorporation of Certain Information by Reference,” “Prospectus Summary” and “Risk Factors” before you make an investment decision.

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PROSPECTUS SUMMARY

This summary highlights some of the information in this prospectus. It is not complete and may not contain all of the information that you may want to consider. To understand this offering fully, you should read the entire prospectus carefully, including the section in this prospectus entitled “Risk Factors” and any documents incorporated by reference herein in this prospectus, before making a decision to invest in our securities.

Blackstone Secured Lending Fund

Blackstone Secured Lending Fund (together with its consolidated subsidiaries, the “Company,” “we,” “us” or “our”), is a Delaware statutory trust formed on March 26, 2018, and structured as an externally managed, non-diversified, closed-end management investment company. On October 26, 2018, the Company elected to be regulated as a business development company (a “BDC”) under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”). In addition, the Company has elected to be treated for U.S. federal income tax purposes, and intends to qualify annually, as a regulated investment company (a “RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (together with the rules and regulations promulgated thereunder, the “Code”).

We are externally managed by Blackstone Private Credit Strategies LLC (the “Adviser”), and Blackstone Credit BDC Advisors LLC (the “Sub-Adviser” and, together with the Adviser, the “Advisers”). The Advisers are affiliates of Blackstone Alternative Credit Advisors LP (the “Sub-Administrator” and, collectively with its affiliates in the credit, asset-based finance, and insurance asset management business unit of Blackstone Inc. (“Blackstone”), “Blackstone Credit & Insurance,” or “BXCI”). Additionally, Blackstone Private Credit Strategies LLC, in its capacity as the administrator to the Company (in such capacity, the “Administrator” and, together with the Sub-Administrator, the “Administrators”), and the Sub-Administrator provide certain administrative and other services necessary for the Company to operate pursuant to an administration agreement between the Administrator and the Company (the “Administration Agreement”) and a sub-administration agreement between the Administrator and the Sub-Administrator (the “Sub-Administration Agreement,” and together with the Administration Agreement, the “Administration Agreements”), respectively.

Our investment objectives are to generate current income and, to a lesser extent, long-term capital appreciation. We believe that Blackstone’s investment platform provides us with a competitive advantage in selecting investments, and to achieve our investment objectives, we will leverage the Advisers’ investment teams’ and Blackstone’s extensive network of relationships with other sophisticated institutions to source, evaluate and, as appropriate, partner with on transactions. There are no assurances that we will achieve our investment objectives.

BDCs are subject to certain restrictions applicable to investment companies under the 1940 Act. As a BDC, at least 70% of our assets must be the type of “qualifying” assets listed in Section 55(a) of the 1940 Act, as described herein, which are generally privately-offered securities issued by U.S. private or thinly-traded companies. We may also invest up to 30% of our portfolio opportunistically in “non-qualifying” portfolio investments, such as investments in non-U.S. companies. We generally intend to distribute substantially all of our available earnings annually by making quarterly cash distributions. We use leverage and intend to continue to use leverage for our investment activities. We use and intend to continue to use leverage, which is permitted up to the maximum amount allowed by the 1940 Act (currently limited to a debt-to-equity ratio of 2:1), to enhance potential returns. See Part II, Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Borrowings” in our most recent Annual Report on Form 10-K and Part I, Item 2 “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Borrowings” in our most recent Quarterly Report on Form 10-Q, which are incorporated herein by reference.

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The Advisers and the Administrators

The Company’s investment activities are managed by Blackstone Private Credit Strategies LLC and Blackstone Credit BDC Advisors LLC, each an investment adviser registered with the SEC under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). Our Advisers are responsible for originating prospective investments, conducting research and due diligence investigations on potential investments, analyzing investment opportunities, negotiating and structuring our investments and monitoring our investments and portfolio companies on an ongoing basis, in each case with respect to the portion of the assets of the Fund allocated to such Adviser pursuant to the investment advisory agreement between the Fund and the Adviser, effective January 1, 2025 (the “Investment Advisory Agreement”), or the sub-advisory agreement among the Fund, the Adviser and the Sub-Adviser, effective January 1, 2025 (the “Sub-Advisory Agreement” and, together with the Investment Advisory Agreement, the “Advisory Agreements”), as the case may be (in each case, the “Allocated Portion”).

The Advisers are affiliates of Blackstone Credit & Insurance and are led by substantially the same investment personnel as Blackstone Credit & Insurance. As such, our Advisers have access to the broader resources of Blackstone Credit & Insurance and Blackstone, subject to Blackstone’s policies and procedures regarding the management of conflicts of interest. As such, the term “Blackstone Credit & Insurance” may be used when describing advisory services and resources.

Blackstone Private Credit Strategies LLC, as our Administrator and Blackstone Alternative Credit Advisors LP, as our Sub-Administrator, provide, or oversee the performance of, administrative and compliance services, including, but not limited to, maintaining financial records, overseeing the calculation of net asset value (“NAV”), compliance monitoring (including diligence and oversight of our other service providers), preparing reports to shareholders and reports filed with the SEC, preparing materials and coordinating meetings of our Board of Trustees (the “Board”), managing the payment of expenses and the performance of administrative and professional services rendered by others and providing office space, equipment and office services.

Blackstone Credit & Insurance is the credit, asset based finance and insurance asset management business unit of Blackstone, which is the largest alternative asset manager in the world with leading investment businesses across asset classes. Blackstone’s platform provides competitive advantages including scale, expertise across industries and capital structures, and deep relationships with companies and financial sponsors.

Blackstone’s four business segments are real estate, private equity, credit and insurance, and multi-asset investing. Blackstone Credit & Insurance is an expansive, fully integrated credit platform, that includes private and liquid credit, infrastructure and asset based credit and insurance businesses. As of March 31, 2025, Blackstone had total assets under management (“AUM”) of nearly $1.2 trillion and Blackstone Credit & Insurance had total AUM of $389 billion.

Blackstone Credit & Insurance, through its affiliates, employed 647 people headquartered in New York and in offices globally as of March 31, 2025. Blackstone Credit & Insurance’s 385-person investment team also includes a 102-person Office of the Chief Investment Officer (“CIO”) team, which consists of individuals focused on Underwriting & Execution, Capital Formation, Asset Allocation, Structuring, Asset Management, Portfolio Insights, and Portfolio Analytics.

Blackstone Credit & Insurance’s Senior Managing Directors have on average 24 years of industry experience. The Company brings Blackstone Credit & Insurance’s preeminent credit-focused investment platform to the exchange traded BDC industry.

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Market Opportunity

We believe that there are and will continue to be significant investment opportunities in the targeted asset classes discussed below.

Attractive Opportunities in Floating Rate, Senior Secured Loans We believe that opportunities in senior secured loans are significant because of the strong defensive characteristics of this asset class. While there is inherent risk in investing in any securities, senior secured debt is on the top of the capital structure and thus has priority in payment among an issuer’s security holders (i.e., senior secured debt holders are due to receive payment before junior creditors and equity holders). Further, these investments are secured by the issuer’s assets, which may be collateralized in the event of a default, if necessary. Senior secured debt often has restrictive covenants for the purpose of additional principal protection and ensuring repayment before junior creditors (i.e., most types of unsecured bondholders, and other security holders) and preserving collateral to protect against credit deterioration. The senior secured loans we invest in will generally pay floating interest rates based on a variable base rate, such as the Secured Overnight Financing Rate (“SOFR”). By originating predominantly floating rate assets, the majority of which have a reference rate floor, and utilizing predominantly floating rate leverage, we aim to provide attractive yields even as the interest rate environment changes over time. We will seek to identify what we believe are compelling investment opportunities in floating rate, senior secured loans based on prevailing market conditions and continue to focus on current income and capital appreciation in an effort to generate attractive risk-adjusted returns for investors across various market environments.

Opportunity in U.S. Private Companies In addition to investing in senior secured loans generally, we believe that the market for lending to private companies within the United States, is underserved and presents a compelling investment opportunity. We believe that the following characteristics support our belief:

Secular Tailwinds in the Private Market, Including Private Credit. One of the important drivers of growth in the strategy is the increasing secular tailwinds in the private markets (i.e., social or economic trends positively impacting private markets), including growing demand for private credit. Private equity funds with strategies focused on North America had over $1.5 trillion of “dry powder” (i.e., uncalled capital commitments) (as of September 30, 2024, as published by Preqin on July 10, 2025), which should similarly drive demand for private capital. Further, financial sponsors and companies are becoming increasingly interested in working directly with private lenders as they are seeing the tremendous benefits versus accessing the public credit markets. The Company believes some of these benefits include faster execution and greater certainty, ability to partner with sophisticated lenders, a more efficient process, and in some instances fewer regulatory requirements. As a result, Blackstone Credit & Insurance benefits from greater flow of larger scale deals that have become increasingly available to the direct lending universe over traditional banks and other financing institutions.

Attractive Market Segment. We believe that the underserved nature of such a large segment of the market can at times create a significant opportunity for investment. In many environments, we believe that private companies are more likely to offer attractive economics in terms of transaction pricing, up-front and ongoing fees, prepayment penalties and security features in the form of stricter covenants and quality collateral than loans to public companies.

Limited Investment Competition. Despite the size of the market, we believe that regulatory changes and other factors have diminished the role of traditional financial institutions and certain other capital providers in providing financing to companies. As tracked by Leverage Commentary & Data (LCD), as of March 31, 2025, private credit markets financed 58 leveraged buyouts (“LBOs”) (81% of total LBOs in 2025) compared to the publicly syndicated markets, which financed only 14 (19% of total LBOs in 2025). In addition, due to bank consolidation, the number of banks has also declined during the past several decades, furthering the lack of supply in financing to private companies.

We also believe that lending and originating new loans to private companies generally requires a greater dedication of the lender’s time and resources compared to lending to public companies, due in part to the size of each investment and the often fragmented nature of information available from these companies. Further, we believe that many investment firms lack the breadth and scale necessary to identify investment opportunities, particularly in regards to directly originated investments in private companies, and thus attractive investment opportunities are often overlooked.

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Blackstone Credit & Insurance Strengths

Blackstone Credit & Insurance is the world’s largest third-party private credit manager and a key player in the direct lending space. Blackstone Credit & Insurance has experience scaling funds across its platform that invest in all parts of the capital structure. Blackstone Credit & Insurance focuses on transactions where it can differentiate itself from other providers of capital, targeting sponsor-backed transactions and those where Blackstone Credit & Insurance can bring its expertise and experience in negotiating and structuring. We believe that Blackstone Credit & Insurance has the scale and platform to effectively manage a North American private credit investment strategy, offering investors the following potential strengths:

Ability to Provide Scaled, Differentiated Capital Solutions. We believe that the breadth and scale of Blackstone Credit & Insurance’s platform, with $389 billion of AUM as of March 31, 2025, and affiliation with Blackstone provide a distinct advantage in sourcing and deploying capital toward proprietary investment opportunities and provide a differentiated capability to invest in large, complex opportunities. Scale allows for more resources to source, diligence and monitor investments, and may enable us to move up market where there is often less competition and may allow us to negotiate more favorable terms for investments. As of March 31, 2025, Blackstone Credit & Insurance is invested in over 4,900 corporate issuers1 across portfolios globally and has over 400 sponsor and advisor relationships, which we believe provides invaluable insight and access to a broad and diverse set of investment opportunities. Blackstone Credit & Insurance’s focus on larger transactions and larger issuers is often associated with more established management teams and higher quality assets, which, in our experience, tend to better maintain their value through cycles and can serve to reduce investment risk. Blackstone Credit & Insurance offers its clients and borrowers a comprehensive solution across corporate and asset based, as well as investment grade and non-investment grade credit. Blackstone Credit & Insurance expects that in the current environment, where borrowers increasingly value the benefits of private credit, the ability to provide flexible, well-structured capital commitments in appropriate sizes will enable Blackstone Credit & Insurance to command more favorable terms for its investments.

Established Origination Platform with Strong Credit Expertise. The global presence of Blackstone Credit & Insurance generates access to a substantial amount of directly originated transactions with what Blackstone Credit & Insurance believes to be attractive investment characteristics. Over the last several years, Blackstone Credit & Insurance has expanded its origination and sponsor coverage footprint with regional offices in select markets. We anticipate capitalizing on Blackstone Credit & Insurance’s global footprint and broad and diverse origination platform to provide, primarily, senior secured financings.

We believe that Blackstone Credit & Insurance can provide a significant pipeline of investment opportunities for us. Blackstone Credit & Insurance has a strong trading presence and actively monitors thousands of companies across the public and private markets through its $111 billion Liquid Corporate Credit platform, and as a result has deep insight across sectors and industries. Furthermore, we believe that Blackstone Credit & Insurance’s strong reputation and longstanding relationships with corporate boards, management teams, leveraged buyout sponsors, financial advisors, and intermediaries position Blackstone Credit & Insurance as a partner and counterparty of choice, providing us with attractive sourcing capabilities. In Blackstone Credit & Insurance’s experience, these relationships help drive substantial proprietary deal flow and insight into investment opportunities.

The Blackstone Credit & Insurance team has dedicated sector coverage across technology, healthcare and business services and is focused on making investments in what we characterize as “good neighborhoods,” which are industries we believe are experiencing favorable tailwinds. In addition, the Blackstone Credit & Insurance team is able to leverage the expertise of other parts of Blackstone’s business that specialize in these fields.

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​1 Reflects issuers across all asset types within Private Corporate Credit, Liquid Corporate Credit, and Infrastructure & Asset Based Credit.

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Over the last several years, Blackstone Credit & Insurance has expanded its North American origination and sponsor coverage footprint by opening regional offices in select markets. Blackstone Credit & Insurance has investment professionals across North America, Europe, Asia and Australia, and has developed a reputation for being a valued partner with the ability to provide speed, creativity, and assurance of transaction execution. We believe Blackstone Credit & Insurance’s global presence may help Blackstone Credit & Insurance to more effectively source investment opportunities from private equity sponsors as well as directly from companies.

Value-Added Capital Provider and Partner Leveraging the Blackstone Credit & Insurance Value Creation Program. Blackstone Credit & Insurance has established a reputation for providing creative, value-added solutions to address a company’s financing requirements and we believe our ability to solve a need for a company can lead to attractive investment opportunities. In addition, Blackstone Credit & Insurance has access to the significant resources of the Blackstone platform, including the Blackstone Credit & Insurance Value Creation Program (the “Value Creation Program”), a global platform that intends to help Blackstone Credit & Insurance investments create meaningful value by leveraging the scale, network and expertise within the Blackstone platform. Specifically, the Value Creation Program focuses on three areas of improvement: (i) reducing costs by leveraging the scale and purchasing power of Blackstone through the Group Purchasing Organization (GPO), preferred partnerships, and the Blackstone Sourcing Center; (ii) helping to create revenue generating opportunities from Value Creation Program introductions, which includes a network of over 400 Blackstone portfolio companies as of March 31, 2025; and (iii) providing valuable access to industry and functional experts within the Blackstone organization (including the Blackstone Portfolio Operations team which consists of over 100 internal resources as of March 31, 2025) who are focused on areas such as cybersecurity, sustainability, quant solutions, data science, healthcare, human resources, information technology, among others, and the network among portfolio companies. Through the Value Creation Program, which the Company’s portfolio companies can fully access, Blackstone has created $5 billion in illustrative value across Blackstone Credit & Insurance portfolio companies.2

Flexible Investment Approach. Blackstone Credit & Insurance believes that the ability to invest opportunistically throughout a capital structure is a meaningful strength when sourcing transactions and enables the Company to seek investments that provide the best risk/return proposition in any given transaction. Blackstone Credit & Insurance’s creativity and flexibility with regard to deal-structuring distinguishes it from other financing sources, including traditional mezzanine providers, whose investment mandates are typically more restrictive. Over time, Blackstone Credit & Insurance has demonstrated the ability to negotiate favorable terms for its investments by providing creative structures that add value for an issuer. Blackstone Credit & Insurance will continue to seek to use this flexible investment approach to focus on principal preservation, while generating attractive returns throughout different economic and market cycles.

Long-Term Investment Horizon. Our long-term investment horizon gives us great flexibility, which we believe allows us to maximize returns on our investments. Unlike most private equity and venture capital funds, as well as many private debt funds, we will not be required to return capital to our shareholders once we exit a portfolio investment. We believe that freedom from such capital return requirements, which allows us to invest using a long-term focus, provides us with an attractive opportunity to increase total returns on invested capital.

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​2 Numbers presented are since inception of the Value Creation Program in 2016. Figures are presented for illustrative purposes and include underlying information provided by third parties. They do not reflect actual cost savings or realized proceeds to BXCI, a fund, or to the equity sponsor or the company, and there can be no assurance that cost savings or realized proceeds received by Blackstone or any investor in a Blackstone fund will be increased as a result. Figures presented are based on data reported by portfolio companies and assets and not from financial statements of portfolio companies. While the data reported by portfolio companies and assets is believed to be reliable for purposes used herein, it is subject to change, and Blackstone has not fully verified, and does not assume responsibility for, the accuracy or completeness of this information. Represents the sum of (a) estimated identified total cost reduction opportunities at the time cost is benchmarked with portfolio companies multiplied by the average enterprise value multiple across the portfolio, by finding the mean of the enterprise value multiples at time of BXCI’s initial investments, and (b) total revenue from introductions across Blackstone portfolio companies multiplied by earnings before interest, taxes, depreciation, and amortization (“EBITDA”) margin and multiple at investment of the portfolio company, with the exception of significantly longer term projects (projects that are greater than or equal to 10 years in project duration) in which total revenue is multiplied by EBITDA margin. Estimates assume revenue enhancements and costs savings directly improve enterprise value or EBITDA margins and that such revenue gains or cost savings will endure for the period of time implied by multiples.

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Disciplined Investment Process and Income-Oriented Investment Philosophy. Blackstone Credit & Insurance employs a rigorous investment process and defensive investment approach to evaluate all potential opportunities with a focus on long-term credit performance and principal protection. We believe Blackstone Credit & Insurance has generated attractive risk-adjusted returns in its investing activities throughout many economic and credit cycles by (i) maintaining its investment discipline; (ii) performing intensive credit work; (iii) carefully structuring transactions; and (iv) actively managing its portfolios. Blackstone Credit & Insurance’s investment approach involves a multi-stage selection process for each investment opportunity, as well as ongoing monitoring of each investment made, with particular emphasis on early detection of deteriorating credit conditions at portfolio companies, which would result in adverse portfolio developments. This strategy is designed to maximize current income and minimize the risk of capital loss while maintaining the potential for long-term capital appreciation. Additionally, Blackstone Credit & Insurance’s senior investment professionals have dedicated their careers to the leveraged finance and private equity sectors and we believe that their experience in due diligence, credit analysis and ongoing management of investments is invaluable to the success of the North America direct lending investment strategy. Blackstone Credit & Insurance generally targets businesses with leading market share positions, sustainable barriers to entry, high free cash flow generation, strong asset values, liquidity to withstand market cycles, favorable underlying industry trends, strong internal controls and high-quality management teams.

Strong Investment Track Record. Blackstone Credit & Insurance’s track record in private debt lending and investing in below investment grade credit dates back to the inception of Blackstone Credit & Insurance. Since 2005 through March 31, 2025, Blackstone Credit & Insurance has invested approximately $237 billion in capital in privately-originated transactions.3 Specifically within the North America Direct Lending strategy, Blackstone Credit & Insurance has invested approximately $135 billion4 in privately-originated or privately negotiated first lien and unitranche transactions. Corresponding to this North America Direct Lending track record, Blackstone Credit & Insurance has an annualized loss rate of 0.05%.5 We believe maintaining this consistent strategy in the North America Direct Lending strategy across market cycles, with a specific emphasis on combining current yield, downside protection, and inflation protection, will generate compelling investment outcomes for the Adviser. Blackstone Credit & Insurance believes that the depth and breadth of its team provides it with a competitive advantage in sourcing product on a global basis, structuring transactions and actively managing investments in the portfolio.

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​3 Includes invested and committed capital for privately originated and anchor investments across private credit strategies and vehicles since 2005, including Direct Lending, Sustainable Resources, Mezzanine, and Opportunistic. Excludes liquid credit strategy investments.

​4 As of March 31, 2025. The North America Direct Lending track record represents U.S. and Canada first lien and unitranche debt, or non-U.S. first lien and unitranche debt where >50% of the revenue is generated from the U.S. (which may be secured by the applicable borrower’s assets and/or equity) transactions in companies that were originated or anchored by certain Blackstone Credit & Insurance managed, advised or sub-advised funds (including the Fund, Blackstone Credit & Insurance managed mezzanine funds and Blackstone Credit & Insurance sub-advised BDCs, as well as certain other Blackstone Credit & Insurance managed funds and accounts) and, with respect to certain transactions, investments allocated to affiliates of Blackstone Credit & Insurance, which may be sold to Blackstone Credit & Insurance managed funds or accounts in the future (the “North America Direct Lending track record”). The track record includes investments for periods prior to December 31, 2017, in BDCs that were sub-advised by Blackstone Credit & Insurance on a non-discretionary basis until April 9, 2018 (the “Sub-Advised Investments”). With respect to certain transactions, the North America Direct Lending track record includes free equity and/or warrants that accompanied the debt financings, as well as any loans or securities into which the applicable first lien and unitranche debt may have been restructured subsequent to Blackstone Credit & Insurance’s initial investment. The North America Direct Lending track record excludes (i) broadly syndicated, mezzanine, second lien and equity (other than the aforementioned free equity and/or warrants or securities issued upon restructuring) transactions, among others and (ii) transactions where Blackstone Credit & Insurance’s invested capital (net of transactions fees) was under $25 million.

​5 As of March 31, 2025. The annualized loss rate represents annualized net losses for substantially realized investments. Whether an investment is substantially realized is determined in the manager’s discretion. Investments are included in the loss rate if (1) a payment was missed, (2) bankruptcy was declared, (3) there was a restructuring, or (4) it was realized with a total multiple on invested capital less than 1.0x. Net losses include all profits and losses associated with these investments, including interest payments received. Net losses are represented in the year the investment is substantially realized and excludes all losses associated with unrealized investments. The annualized net loss rate is the net losses divided by the average annual remaining invested capital within the platform. Investments sourced by Blackstone Credit & Insurance for the Sub-Advised Investments did, in certain cases, experience defaults and losses after Blackstone Credit & Insurance was no longer sub-adviser, and such defaults and losses are not included in the rates provided. Prior to December 31, 2022, the methodology used by the North America Direct Lending track record for calculating the platform’s average annual loss rate was based on net loss of principal resulting only from payment defaults in the year of default which would exclude interest payments. Past performance is not necessarily indicative of future results, and there can be no assurance that Blackstone Credit & Insurance will achieve comparable results or that any entity or account managed by or advised by Blackstone Credit & Insurance will be able to implement its investment strategy or achieve its investment objectives.

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Efficient Cost Structure. We believe that we have an efficient cost structure, as compared to other publicly traded BDCs, with low operating expenses, and financing costs. We believe our operating efficiency and senior investment strategy enable us to generate greater risk-adjusted investment returns for our investors relative to other publicly traded BDCs.

Investment Strategy

Our investment objectives are to generate current income and, to a lesser extent, long-term capital appreciation. We will seek to meet our investment objectives by:

• utilizing the experience and expertise of the management team of the Advisers, along with the broader resources of Blackstone Credit & Insurance and Blackstone, in sourcing, evaluating and structuring transactions, subject to Blackstone’s policies and procedures regarding the management of conflicts of interest;

• employing a defensive investment approach focused on long-term credit performance and principal protection, generally investing in loans with asset coverage ratios and interest coverage ratios that the Advisers believe provide substantial credit protection, and also seeking favorable financial protections, including, where the Advisers believe necessary, one or more financial maintenance and incurrence covenants (i.e., covenants that are tested when affirmative action is taken, such as the incurrence of additional debt and/or making dividend payments);

• focusing primarily on loans and securities of private U.S. companies, including syndicated loans, specifically larger and middle market companies. In many market environments, we believe such a focus offers an opportunity for superior risk-adjusted returns;

• maintaining rigorous portfolio monitoring, in an attempt to anticipate and pre-empt negative credit events within our portfolio; and

• utilizing the power and scale of Blackstone and the Blackstone Credit & Insurance platform to offer operational expertise to portfolio companies through the Blackstone Credit & Insurance Value Creation Program (the “Value Creation Program”), a global platform that intends to help Blackstone Credit & Insurance investments create meaningful value by leveraging the scale, network and expertise within the Blackstone platform.

Under normal market conditions, we generally invest at least 80% of our total assets (net assets plus borrowings for investment purposes) in secured debt investments and our portfolio is composed primarily of first lien senior secured and unitranche loans. To a lesser extent, we have and may continue to also invest in second lien, third lien, unsecured or subordinated loans and other debt and equity securities. In limited instances we may retain the “last out” portion of a first lien loan. In such cases, the “first out” portion of the first lien loan would receive priority with respect to payment over our “last out” position. In exchange for the higher risk of loss associated with such “last out” portion, we would earn a higher rate of interest than the “first out” position. We do not currently focus on investments in issuers that are distressed or in need of rescue financing. Subject to the limitations of the 1940 Act, we may invest in loans or other securities the proceeds of which may refinance or otherwise repay debt or securities of companies whose debt is owned by other Blackstone Credit & Insurance funds.

Although we do not expect a significant portion of our portfolio to be composed of second lien, third lien, unsecured or subordinated loans, there is no limit on the amount of such loans in which we may invest, subject to compliance with our 80% policy. We may purchase interests in loans or make other debt investments, including investments in senior secured bonds, through secondary market transactions in the “over-the-counter” market or directly from our target companies as primary market, directly originated or syndicated investments. In connection with our debt investments, we may on occasion receive equity interests such as warrants or options as additional consideration. We have and may continue to also purchase or otherwise acquire minority interests in the form of common or preferred equity or equity-related securities, such as rights and warrants that may be converted into or exchanged for our common shares or other equity or the cash value of shares or other equity, in our target companies, generally in conjunction with one of our debt investments or through a co-investment with a financial sponsor, such as an institutional investor or private equity firm, or a finance company transaction (such as a joint venture). In addition, a portion of our portfolio may be composed of unsecured bonds, collateralized loan obligations, other debt securities and derivatives, including total return swaps and credit default swaps. Depending on market conditions, we may increase or decrease our exposure to less senior portions of the capital structure or otherwise make opportunistic investments.

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Our investment strategy is expected to capitalize on Blackstone Credit & Insurance’s scale and reputation in the market as an attractive financing partner to acquire our target investments at attractive pricing. We also expect to benefit from Blackstone’s reputation and ability to transact in scale with speed and certainty, and its long-standing and extensive relationships with private equity firms that require financing for their transactions.

Investment Selection

When identifying prospective investment opportunities, the Advisers currently intend to rely on fundamental credit analysis in order to minimize the loss of the Company’s capital. The Advisers expect to invest in companies generally possessing the following attributes, which they believe will help achieve our investment objectives:

Leading, Defensible Market Positions. The Advisers intend to invest in companies that they believe have developed strong positions within their respective markets and exhibit the potential to maintain sufficient cash flows and profitability to service their obligations in a range of economic environments. The Advisers will seek companies that they believe possess advantages in scale, scope, customer loyalty, product pricing, or product quality versus their competitors, thereby minimizing business risk and protecting profitability.

Proven Management Teams. The Advisers focus on investments in which the target company has an experienced and high-quality management team with an established track record of success. The Advisers typically require companies to have in place proper incentives to align management’s goals with the Company’s goals.

Private Equity Sponsorship. Often the Advisers seek to participate in transactions sponsored by what they believe to be high-quality private equity firms. The Advisers believe that a private equity sponsor’s willingness to invest significant sums of equity capital into a company is an implicit endorsement of the quality of the investment. Further, private equity sponsors of companies with significant investments at risk generally have the ability and a strong incentive to contribute additional capital in difficult economic times should operational issues arise, which could provide additional protections for our investments.

Broad Exposure. The Advisers seek to invest broadly among industries and issuers, thereby potentially reducing the risk of a downturn in any one company or industry having a disproportionate impact on the value of the Company’s portfolio.

Viable Exit Strategy. In addition to payments of principal and interest, we expect the primary methods for the strategy to realize returns on our investments include refinancings, sales of portfolio companies, and in some cases initial public offerings and secondary offerings. While many debt instruments in which we will invest have stated maturities of five to eight years, we expect the majority to be redeemed or sold prior to maturity. These instruments often have call protection that requires an issuer to pay a premium if it redeems in the early years of an investment. The investment team regularly reviews investments and related market conditions in order to determine if an opportunity exists to realize returns on a particular investment. We believe the ability to utilize the entire resources of Blackstone Credit & Insurance, including the public market traders and research analysts, allows the Advisers to gain access to current market information where the opportunity may exist to sell positions into the market at attractive prices.

Investment Process Overview

Our investment activities are managed by our Advisers. The Advisers are responsible for originating prospective investments, conducting research and due diligence investigations on potential investments, analyzing investment opportunities, negotiating and structuring our investments and monitoring our investments and portfolio companies on an ongoing basis, in each case with respect to the Allocated Portion.

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The investment professionals employed by Blackstone Credit & Insurance have spent their careers developing the resources necessary to invest in private companies. Our transaction process is highlighted below.

Sourcing and Origination

The private credit investment team, comprised of 102 dedicated investment professionals as of March 31, 2025, is responsible for establishing regular dialogue with, and coverage of, the financial advisory, corporate issuer, financial sponsor, legal and restructuring communities. The team also has regular contact with Wall Street firms, business brokers, industry executives and others who help identify direct origination investment opportunities. Blackstone Credit & Insurance seeks to be a value-added partner to its counterparties in connection with their capital needs, and believes that these relationships have driven, and will continue to drive, substantial proprietary deal flow and insight into investment opportunities.

The Company seeks to generate investment opportunities primarily through direct origination channels. The global presence of Blackstone Credit & Insurance generates access to a substantial amount of directly originated transactions with what it believes to be attractive investment characteristics. Blackstone Credit & Insurance’s team has over 400 sponsor and advisor relationships with a primary focus on what it believes are the largest, highest quality, and most-well capitalized sponsors and advisors, leading to substantial repeat counterparties and making Blackstone Credit & Insurance a partner of choice to these sponsors. In addition to the depth and breadth of Blackstone Credit & Insurance’s relationships, sponsor and advisor partners also seek to transact with Blackstone Credit & Insurance due to its value-add through the Value Creation Program by not only helping companies with operational support, but also potentially enhancing revenue generation and cost savings opportunities for Blackstone Credit & Insurance’s portfolio companies, all of which further contribute to our origination efforts. With respect to syndicate and club deals, Blackstone Credit & Insurance has built a network of relationships with commercial and investment banks, finance companies and other investment funds as a result of the long track record of its investment professionals in the leveraged finance marketplace. Blackstone Credit & Insurance also has a $111 billion Liquid Corporate Credit platform, which, we believe, allows us access to the secondary market for investment opportunities. Blackstone Credit & Insurance is invested in over 4,900 corporate issuers across its $389 billion platform which we believe offers us deep insight across all sectors and industries in our market.

Blackstone Credit & Insurance aims to leverage the broader Blackstone network to generate additional deal flow. Blackstone’s Private Equity platform has been built over the past 35 years and invests globally across industries in both established and growth-oriented structures. Blackstone’s Real Estate group is the world’s largest owner of commercial real estate. Blackstone’s General Partnership Stakes group seeks to serve as a strategic partner to talented managers at all stages of their life cycles and help them build enduring franchises. Through such other business units of Blackstone, Blackstone Credit & Insurance aims to increase its connectivity and deepen sponsor relationships.

We believe that Blackstone Credit & Insurance’s strong reputation and longstanding relationships with its broad network will help drive substantial proprietary deal flow and provide a significant pipeline of investment opportunities for us.

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Evaluation and Due Diligence

The hallmark of Blackstone Credit & Insurance’s approach to investing will continue to be defined by a rigorous due diligence process focused on downside protection and capital preservation. This process includes a thorough business review of the industry, competitive landscape, products, customers, returns on capital, strength of management team and consultation with outside advisors and industry experts, and benefits from Blackstone’s global platform, offering broad access and insight. When a new investment opportunity is sourced, the Blackstone Credit & Insurance team spends time with management, analyzing the company’s assets and its financial position. This initial assessment is then followed by extensive credit analysis, including asset valuation work; financial modeling and scenario analysis; cash flow and liquidity analyses; and legal, tax and accounting review. Blackstone Credit & Insurance’s diligence process will also include a detailed review of key qualitative factors, including the strength of management, quality / strategic value of the company’s assets, and potential operational risks. Further detail on this process is outlined below.

Initial Review. The investment team examines information furnished by the target company and external sources, including financial sponsors, banks, advisors and rating agencies, if applicable, to determine whether the investment meets our basic investment criteria within the context of proper allocation of our portfolio among various issuers and industries, and offers an acceptable probability of attractive returns with identifiable downside risk. Blackstone Credit & Insurance conducts detailed due diligence investigations. Given its incumbent positions, for the majority of securities available on the secondary market, a comprehensive analysis is conducted and continuously maintained by a dedicated Blackstone Credit & Insurance research analyst, the results of which are available for the transaction team to review.

Credit Analysis/Due Diligence. Before undertaking an investment, the investment team conducts a thorough and rigorous due diligence review of the opportunity to ensure the company fits our investment strategy for originated investments, which may include:

• a full operational analysis to identify the key risks and opportunities of the target’s business, including a detailed review of historical and estimated financial results;

• a detailed analysis of industry and customer dynamics, competitive position, regulatory, tax, legal, environmental, social and governance matters;

• a detailed financial modeling and scenario analysis;

• reference calls within the Blackstone network on the company and relevant industry outlook;

• maintaining rigorous portfolio monitoring, in an attempt to anticipate and pre-empt negative credit events within our portfolio; and

• on-site visits and customer and supplier reference calls, if deemed necessary;

• background checks to further evaluate management and other key personnel;

• a review by legal and accounting professionals, environmental or other industry consultants, if necessary;

• a review of financial sponsor due diligence, including portfolio company and lender reference checks, if necessary; and

• a review of management’s experience and track record.

Third parties are often involved in the Advisers’ due diligence process, whether they are hired by the Advisers or by the lead sponsor in a transaction. Utilizing consultants to help evaluate a business and test an investment thesis is typically very beneficial. When possible, the Advisers seek to structure transactions in such a way that our target companies are required to bear the costs of due diligence, including those costs related to any outside consulting work we may require.

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The foregoing initial assessment is then followed by extensive credit analysis, including asset valuation, financial analysis, cash flow analysis and scenario analysis, legal and accounting review, and comparable credit and equity analyses. A thorough assessment of structure and leverage of a transaction and how the particular investment fits into the overall investment strategy of the portfolio is conducted. Blackstone Credit & Insurance’s typical investment process (including diligence) for an originated investment opportunity typically spans two to six months, from the initial screen through final approval and funding. Depending on the deal, each investment team typically consists of four to five investment professionals, consisting of a senior managing director, managing director, principal or vice president and associate and/or analyst.

The Investment Committee utilizes a consensus-driven approach and includes long-tenured professionals that have been with Blackstone Credit & Insurance on average of approximately 15 years and have approximately 23 years of industry experience: Brad Marshall, Michael Zawadzki, Michael Carruthers, Brad Colman, Justin Hall, Robert Horn, Valerie Kritsberg, Daniel Leiter, Ferdinand Niederhofer, Daniel Oneglia, Robert Petrini and Louis Salvatore. For transactions above certain size parameters, others who participate in the Investment Committee process include members of Blackstone senior leadership, Jonathan Gray, Michael Chae, Vikrant Sawhney, and Kenneth Caplan, as well as others on the investment team responsible for conducting due diligence, and other senior members of Blackstone Credit & Insurance and broader Blackstone. For certain investments, generally smaller investments where the Company is participating alongside other lenders in a “club” deal, providing an anchor order or purchasing broadly syndicated loans, the Investment Committee has delegated the authority to make an investment decision to the CIO or Portfolio Manager of a strategy or fund.

The Investment Committee review process is multi-step and iterative and occurs in parallel with the diligence and structuring of investments. The initial investment screening process involves an Investment Committee “Heads-Up” review presentation by the senior managing director leading a given transaction and members of the investment team. The Heads-Up review involves the production of a short memorandum with a focus on the following diligence items: an early diligence review of the underlying business fundamentals; expected return potential; expected investment size; assessment of key risks; and an appropriate initial diligence plan. At this point in the decision-making process, the Investment Committee will decide whether or not the investment team should proceed with deeper diligence on the investment opportunity.

Once in-depth diligence has commenced, the investment team compiles its findings, credit risks and mitigants, and preliminary transaction recommendation into a memorandum that is presented to a select group of senior managing directors in a weekly forum referred to as “Office Hours.” Office Hours provides a subset of the Investment Committee the opportunity to review the investment team’s detailed diligence findings in advance of presenting to the full Investment Committee, and to pose questions and recommendations to the investment team regarding its credit evaluation.

The ultimate results and findings of the investment analysis, including any follow up diligence items identified at Office Hours, are compiled in comprehensive investment memoranda that are used as the basis to support the investment thesis and are utilized by the Investment Committee (or delegate, if applicable) for final investment review and approval.

Portfolio Monitoring

Active management of our investments is performed by the team responsible for making the initial investment as well as by members of the Office of the CIO. Blackstone Credit & Insurance believes that actively managing an investment allows it to identify problems early and work with companies to develop constructive solutions when necessary. Blackstone Credit & Insurance will monitor our portfolio with a focus toward anticipating negative credit events. In seeking to maintain portfolio company performance and help to ensure a successful exit, Blackstone Credit & Insurance will work closely with, as applicable, the lead equity sponsor, loan syndicator, portfolio company management, consultants, advisers and other security holders to discuss financial position, compliance with covenants, financial requirements and execution of the company’s business plan. In addition, depending on the size, nature and performance of the transaction, we may occupy a seat or serve as an observer on a portfolio company’s board of directors or similar governing body.

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Typically, Blackstone Credit & Insurance will receive financial reports detailing operating performance, sales volumes, margins, cash flows, financial position and other key operating metrics on a monthly or quarterly basis from portfolio companies. Blackstone Credit & Insurance will use this data, combined with due diligence gained through contact with the company’s customers, suppliers, competitors, market research and other methods, to conduct an ongoing rigorous assessment of the company’s operating performance and prospects.

While the initial investment team remains primarily responsible for the collection, analysis, and dissemination of financial information received from portfolio companies, the portfolio managers and members of the Office of the CIO also review portfolio reporting on a daily, weekly, and monthly basis to identify early signs of outperformance or underperformance.

Blackstone Credit & Insurance maintains several formal forums to review and monitor the portfolio. Quarterly portfolio reviews are conducted to identify broad trends across the portfolio and assess recent performance. Blackstone Credit & Insurance conducts industry-specific reviews across both our private and liquids businesses to provide in-depth insights into particular sectors, bringing together comprehensive insights across our platform. In addition, bi-weekly portfolio screening committees and monthly Watch List Committee meetings are used for in-depth reviews of credits.

In instances of weaker than expected performance, members of the Office of the CIO, including over 20 professionals dedicated to asset management as of March 31, 2025, may work closely with deal teams to review and diligence the source of underperformance, re-underwrite the business, and develop a comprehensive strategy for go-forward management of the position. Blackstone Credit & Insurance’s Asset Management Group, housed within the Office of the CIO, comprises a team of functionally-oriented professionals focused on three verticals: Financial Solutions, Operational Asset Management, and Legal / Restructuring. Financial Solutions provides detailed financial analysis, re-underwriting capabilities, and support for portfolio companies such as cash flow estimates or other financial management tools, as needed. Operational Asset Management assesses portfolio company processes, management, and operational capabilities to support and drive operational improvements. Operational Asset Management also is responsible for our Value Creation Program, which leverages the scale of the broader Blackstone platform in order to improve operations and profitability at Blackstone Credit & Insurance portfolio companies.

Financial reporting for portfolio companies is reviewed on a daily, weekly and monthly basis by deal teams and members of the Office of the CIO, including the Asset Management Group. Blackstone Credit & Insurance utilizes a series of proprietary portfolio dashboards and automated reports to ensure responsible parties receive detailed information on a timely basis. Each week, all financial reporting results across the portfolio are aggregated and distributed to the portfolio management team for review. Portfolio company performance updates, including recent developments and go-forward action plans for underperforming assets, are reviewed at bi-weekly portfolio screening committee and monthly Watch List Committee meetings, which include members of the Investment Committee. Our formal Watch List, which is managed by the Office of the CIO, is reviewed at monthly Watch List Committee meetings, with interim updates as needed. The Watch List Committee is comprised of members of the Investment Committee and includes investment professionals from both our Liquid Credit and Private Credit businesses. On a quarterly basis, the watch list is also reviewed in depth with Blackstone senior management including President and Chief Operating Officer Jonathan Gray, Chief Financial Officer Michael Chae, and Global Co-Chief Investment Officer Kenneth Caplan.

Valuation Process. Each quarter, we will value investments in our portfolio, and such values will be disclosed each quarter in reports filed with the SEC. With respect to investments for which market quotations are not readily available, the Board reviews the valuation recommendations of the Audit Committee of the Board (the “Audit Committee”) and determines the fair value of each investment in the portfolio in good faith, based on the input of the Audit Committee, the Advisers’ valuation committee and where applicable, the independent valuation firms and other external service providers, based on procedures adopted by, and subject to the supervision of, the Board.

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Managerial Assistance. As a BDC, we must offer, and provide upon request, significant managerial assistance to certain of our portfolio companies except where the Company purchases securities of an issuer in conjunction with one or more other persons acting together, one of the other persons in the group makes available such managerial assistance. This assistance could involve, among other things, monitoring the operations of our portfolio companies, participating in board and management meetings, consulting with and advising officers of portfolio companies and providing other organizational and financial guidance, including through the Value Creation Program. The Advisers and the Administrators will provide such managerial assistance on our behalf to portfolio companies that request this assistance. To the extent fees are paid for these services, we, rather than the Advisers, will retain any fees paid for such assistance.

Exit

In addition to payments of principal and interest, we expect the primary methods for the strategy to realize returns on its investments to include refinancings, sales of portfolio companies, and in some cases initial public offerings and secondary offerings. While many debt securities in which we will invest have stated maturities of five to eight years, based on Blackstone Credit & Insurance’s past experience, we believe most of these securities will be redeemed or sold prior to maturity. These securities often have call protection that requires an issuer to pay a premium if it redeems in the early years of an investment. However, there is no assurance that our investments will achieve realization events as a result of refinancings, sales of portfolio companies or public offerings and these realization events will become more unlikely when conditions in the credit and capital markets have deteriorated.

The investment team regularly reviews investments and related market conditions in order to determine if an opportunity exists to realize returns on a particular investment. We believe the Advisers’ ability to utilize the entire resources of Blackstone Credit & Insurance, including the public market traders, research analysts and capital markets functions, allows the Advisers to gain access to current market information where the opportunity may exist to sell positions into the market at attractive prices.

Co-Investment Relief

We have in the past co-invested, and in the future will co-invest, with certain affiliates of Blackstone and the Advisers. The Company has received an exemptive order from the SEC that permits the Company, among other things, to co-invest with certain other persons, including certain affiliates of Blackstone and the Advisers and certain funds managed and controlled by Blackstone, the Advisers and their respective affiliates, subject to certain terms and conditions. Pursuant to such order, the Board has approved co-investment policies and procedures describing how the Company will comply with the co-investment exemptive relief. Further, the Advisers have adopted co-investment policies and procedures describing the allocation of co-investment opportunities in which the Company will have the opportunity to participate with one or more Blackstone and Blackstone Credit & Insurance BDCs, other Regulated Funds (as defined below) and other public or private Blackstone and Blackstone Credit & Insurance funds that target similar assets. “Regulated Funds” are other Blackstone or Blackstone Credit & Insurance clients that are closed-end management investment companies that have elected to be regulated as a BDC or are registered under the 1940 Act and who intend to rely on the exemptive order. If Blackstone Credit & Insurance considers an investment that is consistent with our then-current investment objectives and strategies, Blackstone Credit & Insurance must present the Company with the opportunity to participate in the investment. The Company may determine to participate or not to participate, depending on whether Blackstone or Blackstone Credit & Insurance determine that the investment is appropriate for the Company (e.g., based on investment strategy). If the Company does participate, the co-investment is generally allocated to the Company, any other Blackstone Credit & Insurance BDCs and other Regulated Funds (including Blackstone Private Credit Fund) and the other Blackstone and Blackstone Credit & Insurance funds participating in the investment pro rata based on available capital in the applicable asset class. If the Advisers determine that such investment is not appropriate for the Company or that the Company should not participate, the investment will not be allocated to the Company.

Corporate Information

Our corporate headquarters are located at 345 Park Avenue, 31st Floor, New York, New York 10154. We maintain a website at www.bxsl.com. Information on our website or on Blackstone’s website at www.blackstone.com is not incorporated by reference into this prospectus, and you should not consider that information to be part of this prospectus.

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Risk Factors

An investment in our securities involves a high degree of risk and may be considered speculative. You should carefully consider the information found in “Risk Factors” before deciding to invest in our securities. Risks involved in an investment in our securities include:

Risks Related to Our Business and Structure

• Price declines in the medium- and large-sized U.S. corporate debt market may adversely affect the fair value of our portfolio and our market price.

• Our ability to achieve our investment objectives depends on the ability of the Advisers to manage and support our investment process largely through relationships with private equity sponsors, investment banks and commercial banks.

• Our Board may change our operating policies and strategies or amend our Fourth Amended and Restated Declaration of Trust (the “Declaration of Trust”) without prior notice or shareholder approval, the effects of which may be adverse to our results of operations and financial condition.

• We may face increasing competition for investment opportunities, have difficulty sourcing investment opportunities and experience fluctuations in our quarterly results.

• As required by the 1940 Act, a significant portion of our investment portfolio is and will be recorded at fair value as determined in good faith by our Board and, as a result, there is and will be uncertainty as to the value of our portfolio investments.

• There is a risk that investors in our shares may not receive distributions or that our distributions may decrease over time.

• Changes in laws or regulations governing our operations and the possibility of increased regulatory focus on areas related to our business could result in additional burdens on our business.

• General economic conditions could adversely affect the performance of our investments and our market price, including recessionary fears, geopolitical events and inflation.

• We and our portfolio companies and service providers may be subject to cybersecurity risks and our business could be adversely affected by changes to data protection laws and regulations.

Risks Related to Our Investments

• We generally will not control our portfolio companies and our investments in prospective portfolio companies may be risky.

• Economic recessions or downturns or restrictions on trade could impair our portfolio companies and adversely affect our operating results.

• Our portfolio companies may incur debt that ranks equally with, or senior to, our investments in such companies and breach covenants or defaults on such debt.

• We are exposed to risks associated with changes in interest rates.

• Second priority liens on collateral securing debt investments that we make to our portfolio companies may be subject to control by senior creditors with first priority liens.

• Our portfolio may be concentrated in a limited number of industries, which may subject us to specific risks.

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Risks Related to the Advisers and Their Affiliates

• The Advisers and their affiliates, including our officers and some of our trustees, face conflicts of interest caused by compensation arrangements with us and our affiliates, which could result in actions that are not in the best interests of our shareholders.

• We may be obligated to pay the Adviser, and the Adviser may be obligated to pay the Sub-Adviser, incentive compensation even if we incur a net loss due to a decline in the value of our portfolio;

• The Advisers rely on key personnel, the loss of any of whom could impair its ability to successfully manage us.

Risks Related to Business Development Companies

• The requirement that we invest a sufficient portion of our assets in assets of the type listed in Section 55(a) of the 1940 Act (“Qualifying Assets”) could preclude us from investing in accordance with our current business strategy; conversely, the failure to invest a sufficient portion of our assets in Qualifying Assets could result in our failure to maintain our status as a BDC.

• Regulations governing our operation as a BDC and RIC will affect our ability to raise, and the way in which we raise, additional capital or borrow for investment purposes.

Risks Related to Debt Financing

• We borrow money, which magnifies the potential for loss on amounts invested in us and may increase the risk of investing in us.

• Provisions in a credit facility may limit our investment discretion.

• We are subject to risks associated with the unsecured notes and debt securitizations that we have issued and our credit facilities.

Federal Income Tax Risks

• We will be subject to corporate-level income tax if we are unable to maintain RIC tax treatment under Subchapter M of the Code or satisfy RIC distribution requirements.

• Our portfolio investments may present special tax issues.

• Legislative or regulatory tax changes could adversely affect investors.

Risks Related to an Investment in the Common Shares

• Shares of closed-end management investment companies, including BDCs, often trade at a discount to their net asset value.

• An investment in our shares involves a high degree of risk and the market price of our securities could fluctuate significantly.

• There is a risk that investors in our equity securities will not receive distributions or that our distributions do not grow over time and a portion of our distributions could be a return of capital.

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OFFERINGS

Under the shelf registration process, which constitutes a delayed offering in reliance on Rule 415 under the Securities Act, we may offer, from time to time, in one or more offerings or series, our common shares, preferred shares, debt securities, subscription rights to purchase our securities, or warrants representing rights to purchase our securities on terms to be determined at the time of the offering. We will offer our securities at prices and on terms to be set forth in one or more supplements to this prospectus.

We may offer our securities directly to one or more purchasers, including existing shareholders in a rights offering, through agents that we designate from time to time or to or through underwriters or dealers. The prospectus supplement relating to each offering will identify any agents or underwriters involved in the sale of our securities, and will set forth any applicable purchase price, fee, commission or discount arrangement between us and our agents or underwriters or among our underwriters or the basis upon which such amount may be calculated. See “Plan of Distribution” in this prospectus. We may not sell any of our securities through agents, underwriters or dealers without delivery of a prospectus supplement describing the method and terms of the offering of our securities. Set forth below is additional information regarding offerings of our securities:

|  | Symbol on the New York Stock Exchange |  | “BXSL”
|  | Use of Proceeds |  | Unless otherwise specified in a prospectus supplement, we intend to use the net proceeds from the sale of our securities for general corporate purposes, which may include, among other things, investing in accordance with our investment objectives and strategies and repaying indebtedness (which will be subject to reborrowing).
|  |  |  | Each supplement to this prospectus relating to an offering will more fully identify the use of the proceeds from such offering.
|  |  |  | See “Use of Proceeds” in this prospectus.
|  | Distributions |  | We intend to make quarterly distributions to our shareholders out of assets legally available for distribution. Our distributions, if any, will be determined by our Board. All future distributions will be subject to lawfully available funds therefor, and we can offer no assurance that we will be able to declare such distributions in future periods.
|  |  |  | We intend to timely distribute substantially all of our annual income for each year to shareholders in such a manner so as to meet the requirements prescribed under Section 852(a) of Subchapter M of the Code, except that we may retain certain net capital gains for reinvestment and, depending upon the level of annual income earned in a year, we may choose to carry forward income for distribution in the following year and as such pay any applicable U.S. federal excise tax associated with carrying forward such income. The distributions we pay to our shareholders in a year may exceed our taxable earnings and profits for that year and, accordingly, a portion of such distributions may constitute a return of capital to our shareholders for U.S. federal income tax purposes. The specific tax characteristics of our distributions will be reported to shareholders after the end of the calendar year. See “Distributions” in this prospectus.

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|  | Taxation |  | We have elected to be treated for U.S. federal income tax purposes, and intend to qualify annually, as a RIC under Subchapter M of the Code. Our tax treatment as a RIC will enable us to deduct from income any qualifying distributions made to our shareholders, so that we will only be potentially subject to corporate-level U.S. federal income taxation in respect of earnings that we retain and do not distribute, if any.
|  |  |  | To maintain our status as a RIC and to avoid being subject to corporate-level U.S. federal income taxation on our earnings, we must, among other things: • maintain our election under the 1940 Act to be treated as a BDC; • derive in each taxable year at least 90% of our gross income from dividends, interest, gains from the sale or other disposition of stock or securities and other specified categories of investment income; and • maintain diversified holdings as prescribed by Subchapter M of the Code.
|  |  |  | In addition, to qualify and maintain our tax treatment as a RIC, we must distribute (or be deemed to have distributed) in each taxable year dividends, for tax purposes, in an amount equal to at least 90% of our investment company taxable income (“ICTI”) (which is generally our ordinary income plus the excess, if any, of our realized net short-term capital gains over our realized net long-term capital losses) and net tax-exempt income for that taxable year.
|  |  |  | As a RIC, we generally will not be subject to corporate-level U.S. federal income tax on our ICTI and net capital gains, if any, that we distribute to our shareholders. If we fail to distribute for a calendar year at least an amount equal to the sum of (i) 98% of our ordinary income for the calendar year, (ii) 98.2% of our capital gain net income (both long-term and short-term), if any, for the one-year period ending October 31 of the calendar year, and (iii) any ordinary income and capital gains for previous years that were not distributed during those years, on a timely basis, we may be subject to a non-deductible, entity level, 4% U.S. federal excise tax on the amount of undistributed earnings falling short of the aforementioned minimum percentages. See “Distributions” and “Certain U.S. Federal Income Tax Considerations” in this prospectus.
|  | Leverage |  | As a BDC, we are permitted under the 1940 Act to borrow funds or issue “senior securities” to finance a portion of our investments. As a result, we are exposed to the risks of leverage, which may be considered a speculative investment technique.

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|  |  |  | Leverage increases the potential for gain and loss on amounts invested and, as a result, increases the risks associated with investing in our securities. With certain limited exceptions, we may issue “senior securities,” including borrowing money from banks or other financial institutions only in amounts such that the ratio of our total assets (less total liabilities other than indebtedness represented by senior securities) to our total indebtedness represented by senior securities plus preferred shares, if any, is at or above 150% after such incurrence or issuance. This means that generally, we can borrow up to $2 for every $1 of investor equity. The costs associated with our borrowings, including any increase in the management fee payable to the Adviser, are borne by our shareholders.
|  |  |  | As of March 31, 2025, our asset coverage was 184.2%. See “Regulation” in this prospectus.
|  | Dividend reinvestment plan |  | We have adopted an “opt out” dividend reinvestment plan (“DRIP”) for our shareholders. As a result, if we declare a cash dividend or other distribution, each shareholder that has not “opted out” of our DRIP will have their dividends or distributions automatically reinvested in additional amounts of our common shares rather than receiving cash distributions. There will be no up-front selling commissions or dealer manager fees to you if you elect to participate in the dividend reinvestment plan. We will pay the plan administrator fees under the plan.
|  |  |  | Shareholders who receive dividends and other distributions in the form of common shares generally are subject to the same U.S. federal tax considerations as shareholders who elect to receive their distributions in cash; however, since their cash dividends will be reinvested, those shareholders will not receive cash with which to pay any applicable taxes on reinvested dividends. See “Dividend Reinvestment Plan” in this prospectus.
|  | Management Agreements |  | We are managed by our Adviser, Blackstone Private Credit Strategies LLC, and our Sub-Adviser, Blackstone Credit BDC Advisors LLC. The Advisers are affiliates of our Sub-Administrator, Blackstone Alternative Credit Advisors LP. Blackstone Private Credit Strategies LLC, in its capacity as Administrator to the Company, and the Sub-Administrator provide certain administrative and other services necessary for the Company to operate pursuant to the Administration Agreements. For a description of our Advisory Agreements and Administration Agreements, see “Management and Other Agreements” in this prospectus.
|  | Custodian, Transfer and Dividend Paying Agent and Registrar |  | State Street Bank and Trust Company serves as our custodian. SS&C GIDS, Inc. acts as our transfer agent and dividend disbursing agent for our common shares. See “Custodian, Transfer and Dividend Paying Agent and Registrar” in this prospectus.

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|  | Available Information |  | We have filed with the SEC a registration statement on Form N-2, of which this prospectus is a part, under the Securities Act. This registration statement contains additional information about us and the securities being offered by this prospectus. We are also required to file periodic reports, current reports, proxy statements and other information with the SEC. This information is available on the SEC’s website at http://www.sec.gov.
|  |  |  | We maintain a website at www.bxsl.com and make all of our periodic and current reports, proxy statements and other information available, free of charge, on or through our website. Information on our website and the SEC’s website is not incorporated into or part of this prospectus. You may also obtain such information free of charge by contacting us in writing at 345 Park Avenue, 31st Floor, New York, New York 10154, Attention: Blackstone Secured Lending Fund, or by phone at (212) 503-2100.
|  | Incorporation of Certain Information by Reference |  | This prospectus is part of a registration statement that we have filed with the SEC. The information incorporated by reference is considered to comprise a part of this prospectus from the date we file any such document. Any reports filed by us with the SEC subsequent to the date of this prospectus and before the date that any offering of any securities by means of this prospectus and any supplement thereto is terminated will automatically update and, where applicable, supersede any information contained in this prospectus or incorporated by reference in this prospectus. See “Incorporation of Certain Information by Reference” in this prospectus.

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FEES AND EXPENSES

The following table is intended to assist you in understanding the costs and expenses that you will bear directly or indirectly. We caution you that some of the percentages indicated in the table below are estimates and may vary. The following table should not be considered a representation of our future expenses. Actual expenses may be greater or less than shown. Except where the context suggests otherwise, whenever this prospectus contains a reference to fees or expenses paid by “us” or “the Company” or that “we” will pay fees or expenses, you will indirectly bear these fees or expenses as an investor in the Company.

Shareholder transaction expenses: |  |
Sales load (as a percentage of offering price) |  | —%(1)
Offering expenses (as a percentage of offering price) |  | —%(2)
Dividend reinvestment plan expenses |  | None(3)
Total shareholder transaction expenses (as a percentage of offering price) |  | —%

Annual expenses (as a percentage of net assets attributable to common shares)(9): |  |
Management Fee payable under the Investment Advisory Agreement |  | 2.18%(4)
Incentive Fee payable under the Investment Advisory Agreement |  | 2.48%(5)
Interest payments on borrowed funds |  | 5.90%(6)
Other expenses |  | 0.47%(7)
Total annual expenses |  | 11.03%(8)

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(1) In the event that the securities are sold to or through underwriters, a related prospectus supplement will disclose the applicable sales load (underwriting discount or commission).

(2) A related prospectus supplement will disclose the estimated amount of offering expenses, the offering price and the estimated amount of offering expenses borne by the Company as a percentage of the offering price.

(3) The expenses of the dividend reinvestment plan are included in “other expenses” in the table above. For additional information, see “Dividend Reinvestment Plan” in this prospectus.

(4) The Management Fee is 1.0% of our average gross assets (excluding undrawn commitments but including assets purchased with borrowed amounts). We may from time to time decide it is appropriate to change the terms of the agreement. Under the 1940 Act, any material change to our Investment Advisory Agreement must be submitted to shareholders for approval. See “Management and Other Agreements” in this prospectus.

The Management Fee reflected in the table is calculated by determining the ratio that the Management Fee bears to our net assets attributable to common shares (rather than our gross assets). The estimate of our Management Fee referenced in the table assumes that our average gross assets are 2.18x our average net assets.

(5) The Incentive Fee will consist of two components, “Income based incentive fees” and “Capital Gains incentive fees” that are independent of each other, with the result that one component may be payable even if the other is not. The amount included in the table above are estimated by annualizing “Income based incentive fees” expense for the three months ended March 31, 2025, without regard to any impact from the cap applicable to the “Income based incentive fees,” and adding the “Capital gains based incentive fees” accrued in accordance with accounting principles generally accepted in the United States (U.S. GAAP). The table reflects each incentive fee calculated at a rate of 17.5%.

For a more detailed discussion of the calculation of this fee, see “Management and Other Agreements” in this prospectus and Note 3 in our notes to the unaudited condensed consolidated financial statements in our most recent Quarterly Report on Form 10-Q.

(6) We borrow funds to make investments. The costs associated with such borrowing will be indirectly borne by shareholders. The interest payment on borrowed funds referenced in the table above is estimated based on annualizing the actual amounts of interest payment on borrowed funds incurred during the three months ended March 31, 2025, divided by our weighted average net assets. We may also issue additional debt securities or preferred shares, subject to our compliance with applicable requirements under the 1940 Act.

(7) Includes our overhead expenses, such as payments under the Administration Agreement for certain expenses incurred by the Adviser. See “Management and Other Agreements—Administration Agreement” in this prospectus. We based these expenses on estimated amounts for the current fiscal year.

(8) Estimated.

(9) Average net assets employed as the denominator for expense ratio computation is $6,299.5 million.

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The following example demonstrates the projected dollar amount of total cumulative expenses over various periods with respect to a hypothetical investment in our common shares. In calculating the following expense amounts, we have assumed that our annual operating expenses would remain at the levels set forth in the table above. Transaction expenses are not included in the following example.

|  | 1 year |  | 3 years |  | 5 years |  | 10 years
You would pay the following expenses on a $1,000 investment, assuming a 5% annual return resulting entirely from net investment income(1) |  | $84 |  | $243 |  | $391 |  | $718
You would pay the following expenses on a $1,000 investment, assuming a 5% annual return resulting entirely from net realized capital gains(2) |  | $107 |  | $302 |  | $474 |  | $822

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(1) The income based incentive fee is subject to a 6% hurdle. Accordingly, no incentive fee would be payable in this example.

(2) Assumes no unrealized capital depreciation or realized capital losses and 5% annual return on our portfolio resulting entirely from net realized capital gains (and therefore subject to the capital gains incentive fee).

While the example assumes, as required by the SEC, a 5% annual return, our performance will vary and may result in a return greater or less than 5%. There is no incentive compensation either on income or on capital gains under our Investment Advisory Agreement assuming a 5% annual return and therefore it is not included in the example. If we achieve sufficient returns on our investments, including through the realization of capital gains, to trigger an incentive compensation of a material amount, our distributions to our shareholders and our expenses would likely be higher. In addition, while the example assumes reinvestment of all dividends and distributions at net asset value, participants in our dividend reinvestment plan will receive a number of common shares, determined by dividing the total dollar amount of the dividend or distribution payable to a participant by the market price per common share at the close of trading on the valuation date for the dividend. See “Dividend Reinvestment Plan” in this prospectus for additional information regarding our dividend reinvestment plan.

Except where the context suggests otherwise, whenever this prospectus contains a reference to fees or expenses paid by “you,” the “Company,” or “us,” our common shareholders will indirectly bear such fees or expenses.

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FINANCIAL HIGHLIGHTS

The financial data set forth in the following table as of and for the years ended December 31, 2024, 2023, 2022, 2021, 2020, 2019 and 2018 are derived from our consolidated financial statements, which have been audited by Deloitte & Touche LLP, an independent registered public accounting firm whose reports thereon are incorporated by reference in this prospectus, certain documents incorporated by reference in this prospectus or the accompanying prospectus supplement, or our Annual Reports on Form 10-K filed with the SEC, which may be obtained from www.sec.gov or upon request. The financial data set forth in the following table as of and for the three months ended March 31, 2025 is derived from our unaudited financial statements, but in the opinion of management, reflects all adjustments (consisting only of normal recurring adjustments) that are necessary to present fairly the results of such interim period. Interim results as of and for the three months ended March 31, 2025 are not necessarily indicative of the results that may be expected for the year ending December 31, 2025. You should read these financial highlights in conjunction with our consolidated financial statements and notes thereto and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” incorporated by reference into this prospectus, any documents incorporated by reference in this prospectus or the accompanying prospectus supplement, or our Annual Reports on Form 10-K filed with the SEC.

|  |  |  | Three Months Ended March 31, |  | For The Year Ended December 31,
2025 |  | 2024 |  | 2023 |  | 2022 |  | 2021
Per Share Data(1): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net asset value, beginning of period |  | $ | 27.39 |  | $ | 26.66 |  | $ | 25.93 |  | $ | 26.27 |  | $ | 25.20
Net investment income |  |  | 0.83 |  |  | 3.51 |  |  | 3.90 |  |  | 2.91 |  |  | 2.43
Net change in unrealized and realized gain (loss) |  |  | (0.17) |  |  | (0.06) |  |  | (0.24) |  |  | (0.47) |  |  | 0.76
Net increase (decrease) in net assets resulting from operations |  |  | 0.66 |  |  | 3.45 |  |  | 3.66 |  |  | 2.44 |  |  | 3.19
Distributions declared(2) |  |  | (0.77) |  |  | (3.08) |  |  | (2.94) |  |  | (2.91) |  |  | (2.03)
Net increase (decrease) in net assets from capital share transactions |  |  | 0.11 |  |  | 0.36 |  |  | 0.01 |  |  | 0.13 |  |  | (0.09)
Total increase (decrease) in net assets |  |  | 0.00 |  |  | 0.73 |  |  | 0.73 |  |  | (0.34) |  |  | 1.07
Net asset value, end of period |  | $ | 27.39 |  | $ | 27.39 |  | $ | 26.66 |  | $ | 25.93 |  | $ | 26.27
Market value, end of period |  | $ | 32.36 |  | $ | 32.31 |  | $ | 27.64 |  | $ | 22.35 |  | $ | 34.00
Shares outstanding, end of period |  |  | 227,818,928 |  |  | 221,892,184 |  |  | 185,782,408 |  |  | 160,362,861 |  |  | 169,274,033
Total return based on NAV(3) |  |  | 2.8% |  |  | 13.7% |  |  | 14.7% |  |  | 10.3% |  |  | 12.6%
Total Return based on market value(4) |  |  | 2.6% |  |  | 29.8% |  |  | 37.4% |  |  | (26.1)% |  |  | 32.1%
Ratios: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ratio of net expenses to average net assets(5) |  |  | 10.5% |  |  | 11.2% |  |  | 10.9% |  |  | 8.4% |  |  | 7.2%
Ratio of net investment income to average net assets(5) |  |  | 12.2% |  |  | 12.8% |  |  | 14.6% |  |  | 11.1% |  |  | 9.3%
Portfolio turnover rate |  |  | 5.3% |  |  | 6.9% |  |  | 13.4% |  |  | 9.9% |  |  | 35.4%
Supplemental Data: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets, end of period |  | $ | 6,240,869 |  | $ | 6,076,521 |  | $ | 4,952,041 |  | $ | 4,158,966 |  | $ | 4,447,479
Asset coverage ratio |  |  | 184.2% |  |  | 185.7% |  |  | 200.3% |  |  | 174.8% |  |  | 180.2%

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|  |  |  | For the Year Ended December 31,
2020 |  | 2019 |  | 2018(6)
Per Share Data(1): |  |  |  |  |  |  |  |  |
Net asset value, beginning of period |  | $ | 26.02 |  | $ | 24.57 |  | $ | 25.00
Net investment income |  |  | 2.51 |  |  | 2.18 |  |  | 0.17
Net change in unrealized and realized gain (loss) |  |  | (0.22) |  |  | 0.96 |  |  | (0.57)
Net increase (decrease) in net assets resulting from operations |  |  | 2.29 |  |  | 3.14 |  |  | (0.40)
Distributions declared(2) |  |  | (2.30) |  |  | (2.00) |  |  | —
Net increase (decrease) in net assets from capital share transactions |  |  | (0.81) |  |  | 0.31 |  |  | (0.03)
Total increase (decrease) in net assets |  |  | (0.82) |  |  | 1.45 |  |  | (0.43)
Net asset value, end of period |  | $ | 25.20 |  | $ | 26.02 |  | $ | 24.57
Market value, end of period |  |  | N/A |  |  | N/A |  |  | N/A
Shares outstanding, end of period |  |  | 129,661,586 |  |  | 64,289,742 |  |  | 9,621,319
Total return based on NAV(3) |  |  | 6.5% |  |  | 14.4% |  |  | (1.7)%
Total Return based on market value(4) |  |  | N/A |  |  | N/A |  |  | N/A
Ratios: |  |  |  |  |  |  |  |  |
Ratio of net expenses to average net assets(5) |  |  | 6.5% |  |  | 8.5% |  |  | 8.9%
Ratio of net investment income to average net assets(5) |  |  | 10.4% |  |  | 8.5% |  |  | 6.1%
Portfolio turnover rate |  |  | 46.8% |  |  | 31.5% |  |  | —%
Supplemental Data: |  |  |  |  |  |  |  |  |
Net assets, end of period |  | $ | 3,267,809 |  | $ | 1,673,117 |  | $ | 236,365
Asset coverage ratio |  |  | 230.0% |  |  | 215.1% |  |  | 227.8%

__________________________________

(1) The per share data was derived by using the weighted average shares outstanding during the period.

(2) The per share data for distributions was derived by using the actual shares outstanding at the date of the relevant transactions.

(3) Total return is calculated as the change in NAV per share during the period, plus distributions per share (assuming dividends and distributions are reinvested in accordance with the Company’s dividend reinvestment plan) divided by the beginning NAV per share. Total return does not include sales load.

(4) Total return based on market value is calculated as the change in market value per share during the respective periods, taking into account distributions, if any, reinvested in accordance with the Company’s DRIP. The beginning market value per share is based on the initial public offering price of $26.15 per share and not annualized.

(5) Amounts are annualized except for expense support amounts relating to organizational costs, excise tax, and management fee and income based incentive fee waivers by the Advisers. For the years ended December 31, 2024, 2023, 2022, 2021, 2020, 2019 and the period ended December 31, 2018, the ratio of total operating expenses to average net assets was 11.2%, 11.7%, 9.3%, 7.4%, 6.4%, 8.5% and 14.1%, respectively, on an annualized basis, excluding the effect of expense support/(recoupment) and management fee and income based incentive fee waivers by the Advisers which represented 0.0%, (0.8)%, (0.9)%, (0.2)%, (0.1)%, 0.0% and 5.2%, respectively, of average net assets. The Waiver Period ended on October 28, 2023.

(6) The period ended December 31, 2018 represents the period from November 20, 2018 (commencement of operations) to December 31, 2018.

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RISK FACTORS

Investing in our securities involves a number of significant risks. Before you invest in our securities, you should be aware of various risks associated with the investment, including those described in this prospectus, the accompanying prospectus supplement, Part I, Item 1A “Risk Factors” in our most recent Annual Report on Form 10-K, which is incorporated by reference into this prospectus in their entirety, Part II, Item 1A “Risk Factors” in our most recent Quarterly Report on Form 10-Q, which is incorporated by reference into this prospectus in their entirety, any document incorporated by reference herein, and any free writing prospectus we may authorize in connection with a specific offering. You should carefully consider these risk factors, together with all of the other information included in this prospectus, before you decide whether to make an investment in our securities. The risks set out in this prospectus, the accompanying prospectus supplement, Part I, Item 1A “Risk Factors” in our most recent Annual Report on Form 10-K, Part II, Item 1A “Risk Factors” in our most recent Quarterly Report on Form 10-Q, any document incorporated by reference herein, and any free writing prospectus we may authorize in connection with a specific offering are not the only risks we face. Additional risks and uncertainties not presently known to us or not presently deemed material by us may also impair our operations and performance. If any of the following events occur, our business, financial condition and results of operations could be materially and adversely affected. In such case, you may lose all or part of your investment.

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POTENTIAL CONFLICTS OF INTEREST

The information included under the captions “Business—Allocation of Investment Opportunities and Potential Conflicts of Interests” in Part I, Item 1 and “Risk Factors—Various potential and actual conflicts of interest will arise, and there are conflicts that may not be identified or resolved in a manner favorable to us.” in Part I, Item 1A of our most recent Annual Report on Form 10-K is incorporated herein by reference.

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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

Some of the statements in the prospectus, any prospectus supplement, any documents we may incorporate by reference herein and any related free writing prospectus contain forward-looking statements that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about Blackstone Secured Lending Fund (together, with its consolidated subsidiaries, the “Company,” “we,” “us” or “our”), our current and prospective portfolio investments, our industry, our beliefs and opinions, and our assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” “outlook,” “potential,” “predicts” and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including without limitation:

• our future operating results;

• our business prospects and the prospects of the companies in which we may invest;

• the impact of the investments that we expect to make;

• our ability to raise sufficient capital and buy back shares to execute our investment strategy;

• general economic, logistical and political trends and other external factors, including inflation, trade policies, and recent supply chain disruptions and their impacts on our portfolio companies and on the industries in which we invest;

• the ability of our portfolio companies to achieve their objectives;

• our current and expected financing arrangements and investments;

• changes in the general interest rate environment;

• the adequacy of our cash resources, financing sources and working capital;

• the timing and amount of cash flows, distributions and dividends, if any, from our portfolio companies;

• our contractual arrangements and relationships with third parties;

• actual and potential conflicts of interest with the Advisers or any of their affiliates;

• the dependence of our future success on the general economy and its effect on the industries in which we may invest;

• our use of financial leverage including the use of borrowed money to finance a portion of our investments and the availability of equity and debt capital on favorable terms or at all;

• our business prospects and the prospects of our portfolio companies, including our and their ability to effectively respond to macroeconomic effects;

• the ability of the Advisers to source suitable investments for us and to monitor and administer our investments;

• the impact of future acquisitions and divestitures;

• the ability of the Advisers or their affiliates to attract and retain highly talented professionals;

• general price and volume fluctuations in the stock market;

• our ability to maintain our qualification as a RIC and as a BDC;

• the impact on our business of U.S. and international financial reform legislation, rules and regulations;

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• the effect of changes to tax legislation and our tax position; and

• the tax status of the enterprises in which we may invest.

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this prospectus, the prospectus supplement, any documents we may incorporate by reference herein and any related free writing prospectus should not be regarded as a representation by us that our plans and objectives will be achieved. These risks and uncertainties include those described or identified in the section entitled “Item 1A. Risk Factors” in our most recent Annual Report on Form 10-K. These forward-looking statements apply only as of the dates of this prospectus, the prospectus supplement, any documents we may incorporate by reference herein and any related free writing prospectus. Moreover, we assume no duty and do not undertake to update the forward-looking statements, except as required by applicable law.

Because we are regulated as an investment company, the forward-looking statements and projections contained in this prospectus, the prospectus supplement, any documents we may incorporate by reference herein and any related free writing prospectus are excluded from the safe harbor protection provided by Section 21E of the Exchange Act.

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USE OF PROCEEDS

Unless otherwise specified in a prospectus supplement, we intend to use the net proceeds from the sale of our securities pursuant to this prospectus for general corporate purposes, which may include, among other things, investing in accordance with our investment objectives and strategies described in this prospectus and repaying indebtedness (which will be subject to reborrowing). The supplement to this prospectus relating to an offering will more fully identify the use of the proceeds from such offering.

We anticipate that it will take us less than six months for us to substantially invest the net proceeds of any offering made pursuant to this prospectus, depending on the availability of appropriate investment opportunities consistent with our investment objectives, market conditions and the amounts raised. We cannot assure you that we will achieve our targeted investment pace.

Proceeds not immediately used for new investments or the temporary repayment of debt will be invested primarily in cash, cash equivalents, U.S. government securities and other high-quality investments that mature in one year or less from the date of investment. These securities may have lower yields than the types of investments we would typically make in accordance with our investment objective and, accordingly, may result in lower dividends, if any, during such period.

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PRICE RANGE OF COMMON SHARES

Our common shares are traded on the NYSE under the symbol “BXSL.” Historically, our common shares have traded at prices above our net asset value per share since trading began on October 28, 2021, however, our common shares have on occasion traded at or below our net asset value per share and may trade at prices below our net asset value per share in the future. It is not possible to predict whether our common shares will trade at a price per share at, above or below net asset value per share. See Part I, Item 1A “Risk Factors—Risks Related to an Investment in the Common Shares” in our most recent Annual Report on Form 10-K as well as in any subsequent SEC filing for more information.

The following table sets forth the net asset value per share of our common shares, the range of high and low closing sales prices of our common shares reported on the NYSE, the closing sales price as a premium (discount) to net asset value and the dividends declared by us in each fiscal quarter since we began trading on the NYSE. On July 10, 2025, the last reported closing sales price of our common shares on the NYSE was $31.56 per share, which represented a premium of approximately 15.2% to the net asset value per share reported by us as of March 31, 2025.

|  | Period |  | Net Asset Value(1) |  | Price Range |  | High Sales Price Premium (Discount) to Net Asset Value(2) |  | Low Sales Price Premium (Discount) to Net Asset Value(2) |  | Cash Dividend Per Share(3)
High |  | Low |
For the Year Ended December 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
First Quarter |  | $ | 27.39 |  | $ | 34.50 |  | $ | 31.30 |  | 26.0% |  | 14.3% |  | $ | 0.77
Second Quarter |  | $ | * |  | $ | 32.74 |  | $ | 26.88 |  | *% |  | *% |  | $ | 0.77
For the Year Ended December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
First Quarter |  | $ | 26.87 |  | $ | 31.42 |  | $ | 27.87 |  | 16.9% |  | 3.7% |  | $ | 0.77
Second Quarter |  | $ | 27.19 |  | $ | 32.50 |  | $ | 30.45 |  | 19.5% |  | 12.0% |  | $ | 0.77
Third Quarter |  | $ | 27.27 |  | $ | 31.59 |  | $ | 28.75 |  | 15.8% |  | 5.4% |  | $ | 0.77
Fourth Quarter |  | $ | 27.39 |  | $ | 33.27 |  | $ | 29.25 |  | 21.5% |  | 6.8% |  | $ | 0.77
For the Year Ended December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
First Quarter |  | $ | 26.10 |  | $ | 26.25 |  | $ | 22.26 |  | 0.6% |  | (14.7)% |  | $ | 0.70
Second Quarter |  | $ | 26.30 |  | $ | 27.51 |  | $ | 23.95 |  | 4.6% |  | (8.9)% |  | $ | 0.70
Third Quarter |  | $ | 26.54 |  | $ | 28.77 |  | $ | 26.67 |  | 8.4% |  | 0.5% |  | $ | 0.77
Fourth Quarter |  | $ | 26.66 |  | $ | 28.63 |  | $ | 26.06 |  | 7.4% |  | (2.3)% |  | $ | 0.77

__________________________________

(1) NAV per share is determined as of the last day in the relevant quarter and therefore may not reflect the NAV per share on the date of the high and low closing sales prices.

(2) Calculated as the respective high or low closing sales price less NAV, divided by NAV (in each case, as of the applicable quarter).

(3) Represents the dividend or distribution declared and payable in the relevant quarter.

* NAV has not yet been calculated for this period. NAV for the second quarter of 2025 will be available with the filing of the Company’s Quarterly Report on Form 10-Q for such quarter.

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DISTRIBUTIONS

The Company has elected to be treated as a BDC under the 1940 Act. The Company also has elected to be treated as a RIC under the Code. So long as the Company maintains its tax treatment as a RIC, it generally will not pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its shareholders as dividends. Rather, any tax liability related to income earned and distributed by the Company would represent obligations of the Company’s investors and would not be reflected in the consolidated financial statements of the Company.

The Company evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. Management has analyzed the Company’s tax positions taken, or to be taken, on federal income tax returns for all open tax years, and has concluded that there are no material uncertain tax positions through December 31, 2024. As applicable, the Company’s federal tax returns are subject to examination by the Internal Revenue Service for a period of three fiscal years after they are filed.

To qualify for and maintain qualification as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Company must distribute to its shareholders, for each taxable year, at least 90% of the sum of (i) its “investment company taxable income” for that year (without regard to the deduction for dividends paid), which is generally its net ordinary income plus the excess, if any, of its realized net short-term capital gains over its realized net long-term capital losses, and (ii) its net tax-exempt income.

In addition, based on the excise tax distribution requirements, the Company is subject to a 4% nondeductible federal excise tax on certain undistributed income unless the Company distributes in a timely manner in each taxable year an amount at least equal to the sum of

• 98% of its ordinary income for the calendar year;

• 98.2% of its capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year; and

• any income realized, but not distributed, in prior years. For this purpose, however, any ordinary income or capital gain net income retained by the Company that is subject to corporate income tax is considered to have been distributed.

We have previously incurred, and may incur in the future, excise tax on a portion of our income and gains. While we intend to distribute income and capital gains to minimize exposure to the 4% excise tax, we may not be able to, or may not choose to, distribute amounts sufficient to avoid the imposition of the tax entirely. In that event, we will be liable for the tax only on the amount by which we do not meet the foregoing distribution requirement.

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Distributions

We generally intend to distribute, out of assets legally available for distribution, substantially all of our available earnings, on a quarterly basis, as determined by the Board in its discretion. The following table summarizes our distributions declared and payable for the fiscal years ended December 31, 2023 and 2024 and for the fiscal quarter ended March 31, 2025 (dollars in thousands except per share amounts):

|  | Date Declared |  | Record Date |  | Payment Date |  | Per Share Amount |  | Total Amount
For the fiscal quarter ended March 31, 2025 |  |  |  |  |  |  |  |  |  |
February 26, 2025 |  | March 31, 2025 |  | April 25, 2025 |  | $ | 0.7700 |  | $ | 175,421
Total distributions |  |  |  |  |  | $ | 0.7700 |  | $ | 175,421
For the fiscal year ended December 31, 2024 |  |  |  |  |  |  |  |  |  |
February 28, 2024 |  | March 31, 2024 |  | April 26, 2024 |  |  | 0.7700 |  |  | 147,743
May 8, 2024 |  | June 30, 2024 |  | July 26, 2024 |  |  | 0.7700 |  |  | 152,706
August 7, 2024 |  | September 30, 2024 |  | October 25, 2024 |  |  | 0.7700 |  |  | 160,912
November 12, 2024 |  | December 31, 2024 |  | January 24, 2025 |  |  | 0.7700 |  |  | 170,751
Total distributions |  |  |  |  |  | $ | 3.0800 |  | $ | 632,112
For the fiscal year ended December 31, 2023 |  |  |  |  |  |  |  |  |  |
February 27, 2023 |  | March 31, 2023 |  | April 27, 2023 |  |  | 0.7000 |  |  | 112,400
May 10, 2023 |  | June 30, 2023 |  | July 27, 2023 |  |  | 0.7000 |  |  | 115,783
June 20, 2023 |  | September 30, 2023 |  | October 26, 2023 |  |  | 0.7700 |  |  | 133,552
November 8, 2023 |  | December 31, 2023 |  | January 26, 2024 |  |  | 0.7700 |  |  | 143,052
Total distributions |  |  |  |  |  | $ | 2.9400 |  | $ | 504,787

Pursuant to the Company’s DRIP, the following table summarizes the amounts and shares issued to shareholders who have not opted out of the Company’s DRIP for the fiscal years ended December 31, 2023 and 2024 and for the fiscal quarter ended March 31, 2025 (dollars in thousands except per share amounts):

Payment Date |  | DRIP Shares Value |  | DRIP Shares Issued
For the fiscal quarter ended March 31, 2025 |  |  |  |  |
January 24, 2025 |  | $ | 5,130 |  | 165,096
Total distributions |  | $ | 5,130 |  | 165,096
For the fiscal year ended December 31, 2024 |  |  |  |  |
January 26, 2024 |  |  | 5,614 |  | 206,465
April 26, 2024 |  |  | 5,293 |  | 173,614
July 26, 2024 |  |  | 5,074 |  | 173,720
October 25, 2024 |  |  | 5,082 |  | 170,818
Total distributions |  | $ | 21,063 |  | 724,617
For the fiscal year ended December 31, 2023 |  |  |  |  |
January 31, 2023 |  |  | 5,132 |  | 208,510
April 27, 2023 |  |  | 5,439 |  | 213,130
July 27, 2023 |  |  | 4,635 |  | 172,888
October 26, 2023 |  |  | 5,445 |  | 205,149
Total distributions |  | $ | 20,651 |  | 799,677

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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS

The information included under the caption “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of our most recent Annual Report on Form 10-K and Part I, Item 2 of our most recent Quarterly Report on Form 10-Q is incorporated herein by reference.

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THE COMPANY

The information included under the captions “Business—Our Company” in Part I, Item 1 of our most recent Annual Report on Form 10-K and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part I, Item 2 of our most recent Quarterly Report on Form 10-Q is incorporated herein by reference.

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SENIOR SECURITIES

Information about the Company’s senior securities included under the captions “Consolidated Financial Statements and Supplementary Data—Notes to Consolidated Financial Statements—Note 11. Financial Highlights and Senior Securities” in Part II, Item 8 of our most recent Annual Report on Form 10-K and “Financial Statements—Notes to Condensed Consolidated Financial Statements (Unaudited)—Note 11. Financial Highlights and Senior Securities” in Part I, Item 1 of our most recent Quarterly Report on Form 10-Q is incorporated by reference herein. The report of Deloitte & Touche LLP, our independent registered public accounting firm, is included in our most recent Annual Report on Form 10-K and is incorporated by reference herein.

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PORTFOLIO COMPANIES

The following table sets forth certain information as of March 31, 2025 for each portfolio company in which the Company had an investment. Percentages shown for class of securities held by the Company represent percentage of the class owned and do not necessarily represent voting ownership or economic ownership.

The Board approved the valuation of the Company’s investment portfolio, as of March 31, 2025, at fair value as determined in good faith using a consistently applied valuation process in accordance with the Company’s documented valuation policy that has been reviewed and approved by the Board, who also approves in good faith the valuation of such securities as of the end of each quarter. For more information relating to the Company’s investments, see the Company’s financial statements incorporated by reference in this prospectus.

Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and S pread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 3/31/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets
First Lien |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
First Lien Debt – non-contro lled/ non-affiliated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Aerospace & Defense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Aevex Holdings, LLC |  | 440 Stevens Ave., Suite 150, Solana Beach, CA 92075 United States |  | (4)(11) |  | SOFR + 6.00% |  | 10.42% |  | 4/30/2024 |  | 3/18/2026 |  |  |  | $ |  | 47,204 |  | $ | 46,962 |  | $ | 46,967 |  | 0.75 | %
Corfin Holdings, Inc. |  | 1050 Perimeter Road, Manchester, NH 03103 United States |  | (4)(10) |  | SOFR + 5.25% |  | 9.67% |  | 2/5/2020 |  | 12/27/2027 |  |  |  |  |  | 263,362 |  |  | 261,749 |  |  | 263,362 |  | 4.22 | %
Corfin Holdings, Inc. |  | 1050 Perimeter Road, Manchester, NH 03103 United States |  | (4)(10) |  | SOFR + 5.25% |  | 9.67% |  | 1/10/2025 |  | 12/27/2027 |  |  |  |  |  | 1,576 |  |  | 1,561 |  |  | 1,576 |  | 0.03 | %
Fastener Distribution Holdings LLC |  | 201 East John Carpenter Freeway, Mandalay Tower 3, Suite 700, Irving, TX 75062 United States |  | (4)(7)(10) |  | SOFR + 4.75% |  | 9.07% |  | 10/31/2024 |  | 11/4/2031 |  |  |  |  |  | 30,938 |  |  | 30,591 |  |  | 30,725 |  | 0.49 | %
Frontgrade Technologies Holdings, Inc. |  | 4350 Centennial Blvd Colorado Springs, CO, 80907 United States |  | (4)(5)(7)(10) |  | SOFR + 5.00% |  | 9.32% |  | 1/9/2023 |  | 1/9/2030 |  |  |  |  |  | 2,341 |  |  | 2,287 |  |  | 2,341 |  | 0.04 | %
Frontgrade Technologies Holdings, Inc. |  | 4350 Centennial Blvd Colorado Springs, CO, 80907 United States |  | (4)(5)(10) |  | SOFR + 5.00% |  | 9.30% |  | 3/18/2025 |  | 1/9/2030 |  |  |  |  |  | 355 |  |  | 351 |  |  | 355 |  | 0.01 | %
Horizon CTS Buyer, LLC |  | 490 1st Ave South, Suite 600 St. Petersburg, FL United States 33701 |  | (4)(7)(10) |  | SOFR + 4.50% |  | 8.83% |  | 3/28/2025 |  | 3/28/2032 |  |  |  |  |  | 1,080 |  |  | 1,066 |  |  | 1,066 |  | 0.02 | %
MAG DS Corp. |  | 3580 Groupe Drive Suite 200 Woodbridge VA 22192 United States |  | (11) |  | SOFR + 5.50% |  | 9.90% |  | 4/1/2020 |  | 4/1/2027 |  |  |  |  |  | 79,342 |  |  | 77,025 |  |  | 74,260 |  | 1.19 | %
Magneto Components BuyCo, LLC |  | 311 Sinclair Rd, Bristol, PA 19007 United States |  | (4)(7)(10) |  | SOFR + 6.00% |  | 10.30% (incl. 2.57% PIK) |  | 12/5/2023 |  | 12/5/2030 |  |  |  |  |  | 33,583 |  |  | 32,740 |  |  | 32,719 |  | 0.52 | %

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Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and S pread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 3/31/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets
First Lien Debt – non-contro lled/ non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Aerospace & Defense (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Maverick Acquisition, Inc. |  | 3063 Philmont Ave B, Huntingdon Valley, PA 19006 United States |  | (4)(11)(17) |  | SOFR + 6.25% |  | 10.55% |  | 6/1/2021 |  | 6/1/2027 |  |  |  | $ |  | 18,456 |  | $ | 18,305 |  | $ | 10,151 |  | 0.16 | %
Maverick Acquisition, Inc. |  | 3063 Philmont Ave B, Huntingdon Valley, PA 19006 United States |  | (4)(7)(11) |  | SOFR + 6.25% |  | 10.69% |  | 3/4/2025 |  | 6/1/2027 |  |  |  |  |  | 276 |  |  | 276 |  |  | 276 |  | 0.00 | %
TCFI AEVEX, LLC |  | 440 Stevens Ave., Suite 150, Solana Beach, CA 92075 United States |  | (4)(11) |  | SOFR + 6.00% |  | 10.42% |  | 3/17/2020 |  | 3/18/2026 |  |  |  |  |  | 108,803 |  |  | 108,442 |  |  | 108,259 |  | 1.73 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 581,355 |  |  | 572,057 |  | 9.16 | %
Air Freight & Logistics |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
AGI-CFI Holdings, Inc. |  | 9130 S Dadeland Blvd Ste 1801, Miami, FL, 33156-785 8 United States |  | (4)(10) |  | SOFR + 4.75% |  | 9.20% |  | 6/11/2021 |  | 6/11/2027 |  |  |  |  |  | 94,196 |  |  | 93,477 |  |  | 94,196 |  | 1.51 | %
AGI-CFI Holdings, Inc. |  | 9130 S Dadeland Blvd Ste 1801, Miami, FL, 33156-785 8 United States |  | (4)(5)(10) |  | SOFR + 4.75% |  | 9.17% |  | 3/19/2025 |  | 6/11/2027 |  |  |  |  |  | 6,133 |  |  | 6,103 |  |  | 6,133 |  | 0.10 | %
ENV Bidco AB |  | Staffans väg 2A SE – 192 78 Sollentuna, Sweden |  | (4)(5)(6)(10) |  | SOFR + 5.25% |  | 9.55% |  | 12/12/2024 |  | 7/19/2029 |  |  |  |  |  | 1,115 |  |  | 1,100 |  |  | 1,115 |  | 0.02 | %
ENV Bidco AB |  | Staffans väg 2A SE-192 78 Sollentuna, Sweden |  | (4)(5)(6)(7)(8) |  | E + 5.25% |  | 7.61% |  | 12/12/2024 |  | 7/19/2029 |  |  |  | EUR |  | 1,337 |  |  | 1,350 |  |  | 1,442 |  | 0.02 | %
Mode Purchaser, Inc. |  | 17330 Preston Rd., Suite 200 C Dallas, TX 75252 United States |  | (4)(11) |  | SOFR + 6.25% |  | 10.71% |  | 12/9/2019 |  | 12/9/2026 |  |  |  |  |  | 139,345 |  |  | 138,672 |  |  | 135,164 |  | 2.17 | %
Mode Purchaser, Inc. |  | 17330 Preston Rd., Suite 200 C Dallas, TX 75252 United States |  | (4)(11) |  | SOFR + 6.25% |  | 10.71% |  | 2/4/2022 |  | 2/5/2029 |  |  |  |  |  | 3,978 |  |  | 3,934 |  |  | 3,858 |  | 0.06 | %
R1 Holdings LLC |  | 1 Kellaway Dr, Randolph, MA 02368 United States |  | (4)(5)(7)(11) |  | SOFR + 6.25% |  | 10.49% |  | 12/30/2022 |  | 12/30/2028 |  |  |  |  |  | 1,182 |  |  | 1,157 |  |  | 1,148 |  | 0.02 | %
RWL Holdings, LLC |  | 767 5th Ave #4200, New York, NY 10153 United States |  | (4)(10) |  | SOFR + 5.75% |  | 10.20% |  | 12/13/2021 |  | 12/31/2028 |  |  |  |  |  | 29,939 |  |  | 29,620 |  |  | 26,646 |  | 0.43 | %
SEKO Global Logistics Network, LLC |  | 1100 N. Arlington Heights Rd., Itasca, IL 60143 United States |  | (4)(5)(11) |  | SOFR + 8.00% |  | 12.79% |  | 7/1/2024 |  | 12/30/2026 |  |  |  |  |  | 139 |  |  | 139 |  |  | 139 |  | 0.00 | %
SEKO Global Logistics Network, LLC |  | 1100 N. Arlington Heights Rd., Itasca, IL 60143 United States |  | (4)(5)(11) |  | SOFR + 8.00% |  | 12.67% |  | 10/15/2024 |  | 12/30/2026 |  |  |  |  |  | 78 |  |  | 77 |  |  | 78 |  | 0.00 | %

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Table of Contents

Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and S pread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 3/31/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets
First Lien Debt – non-contro lled/ non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Air Freight & Logistics (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
SEKO Global Logistics Network, LLC |  | 1100 N. Arlington Heights Rd., Itasca, IL 60143 United States |  | (4)(5)(11) |  | SOFR + 5.00% |  | 9.32% |  | 11/27/2024 |  | 5/27/2030 |  |  |  | $ |  | 1,953 |  | $ | 1,952 |  | $ | 1,953 |  | 0.03 | %
SEKO Global Logistics Network, LLC |  | 1100 N. Arlington Heights Rd., Itasca, IL 60143 United States |  | (4)(5)(11) |  | SOFR + 8.00% |  | 12.32% |  | 11/27/2024 |  | 11/27/2029 |  |  |  |  |  | 412 |  |  | 404 |  |  | 412 |  | 0.01 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 277,985 |  |  | 272,284 |  | 4.37 | %
Auto Components |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dellner Couplers Group AB |  | Vikavagen 144 79195 Falun, Sweden |  | (5)(6)(8) |  | E + 5.50% |  | 7.78% |  | 6/20/2024 |  | 6/18/2029 |  |  |  | EUR |  | 1,000 |  |  | 1,062 |  |  | 1,085 |  | 0.02 | %
Building Products |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fencing Supply Group Acquisition, LLC |  | 211 Perimeter Center Pkwy NE #250, Dunwoody, GA 30346 United States |  | (4)(11) |  | SOFR + 6.00% |  | 10.42% |  | 2/26/2021 |  | 2/26/2027 |  |  |  |  |  | 52,876 |  |  | 52,606 |  |  | 50,893 |  | 0.82 | %
Jacuzzi Brands, LLC |  | 3925 City Center Drive Suite 200, Chino Hills, CA 91709 United States |  | (4)(5)(10) |  | SOFR + 6.00% |  | 10.31% |  | 2/25/2019 |  | 2/25/2027 |  |  |  |  |  | 11,318 |  |  | 11,263 |  |  | 10,469 |  | 0.17 | %
Jacuzzi Brands, LLC |  | 3925 City Center Drive Suite 200, Chino Hills, CA 91709 United States |  | (4)(10) |  | SOFR + 6.00% |  | 10.31% |  | 2/25/2019 |  | 2/25/2027 |  |  |  |  |  | 77,867 |  |  | 77,546 |  |  | 72,027 |  | 1.15 | %
L&S Mechanical Acquisition, LLC |  | 1101 E Arapaho Rd, Suite 190, Richardson, TX 75081, United States |  | (4)(10) |  | SOFR + 6.25% |  | 10.58% |  | 9/1/2021 |  | 9/1/2027 |  |  |  |  |  | 15,054 |  |  | 14,908 |  |  | 14,903 |  | 0.24 | %
Lindstrom, LLC |  | 2950 100th Court Northeast, Blaine, MN 55449 United States |  | (4)(11) |  | SOFR + 6.25% |  | 10.67% |  | 4/5/2019 |  | 5/1/2027 |  |  |  |  |  | 119,891 |  |  | 119,884 |  |  | 118,692 |  | 1.90 | %
Windows Acquisition Holdings, Inc. |  | 235 Sunshine Road Royal, AR 71968 United States |  | (4)(5)(11) |  | SOFR + 6.50% |  | 10.98% (incl. 8.58% PIK) |  | 12/29/2020 |  | 12/29/2026 |  |  |  |  |  | 53,169 |  |  | 52,880 |  |  | 42,137 |  | 0.68 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 329,087 |  |  | 309,121 |  | 4.96 | %
Chemicals |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
DCG Acquisition Corp. |  | 45 Rockefeller Plaza 20th Floor, New York, NY 10111 United States |  | (4)(7)(10) |  | SOFR + 4.50% |  | 8.80% |  | 6/13/2024 |  | 6/13/2031 |  |  |  |  |  | 35,505 |  |  | 35,112 |  |  | 35,150 |  | 0.56 | %
Formulations Parent Corp. |  | 375 University Avenue, Westwood, MA 02090 United States |  | (4)(7)(10) |  | SOFR + 5.75% |  | 10.07% |  | 11/15/2023 |  | 11/15/2030 |  |  |  |  |  | 8,486 |  |  | 8,327 |  |  | 8,387 |  | 0.13 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 43,439 |  |  | 43,537 |  | 0.69 | %

38

Table of Contents

Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and S pread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 3/31/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets
First Lien Debt – non-contro lled/ non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial Services & Supplies |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bazaarvoice, Inc. |  | 338 Pier Avenue, Hermosa Beach CA 90254 United States |  | (4)(7)(8) |  | SOFR + 4.75% |  | 8.75% |  | 5/7/2021 |  | 5/7/2029 |  |  |  | $ |  | 238,337 |  | $ | 238,337 |  | $ | 238,337 |  | 3.82 | %
CFS Brands, LLC |  | 4711 E. Hefner Rd. Oklahoma City, OK 73131 United States |  | (4)(7)(11) |  | SOFR + 5.00% |  | 9.32% |  | 12/20/2024 |  | 10/2/2030 |  |  |  |  |  | 129,330 |  |  | 127,007 |  |  | 129,330 |  | 2.07 | %
EMB Purchaser, Inc. |  | 35 Philmack Drive, Middletown, CT 06457 United States |  | (4)(10) |  | SOFR + 4.50% |  | 8.80% |  | 3/13/2025 |  | 3/13/2032 |  |  |  |  |  | 27,452 |  |  | 27,180 |  |  | 27,178 |  | 0.44 | %
EMB Purchaser, Inc. |  | 35 Philmack Drive, Middletown, CT 06457 United States |  | (4)(5)(7)(10) |  | SOFR + 4.50% |  | 8.80% |  | 3/13/2025 |  | 3/13/2032 |  |  |  |  |  | 360 |  |  | 244 |  |  | 243 |  | 0.00 | %
FusionSite Midco, LLC |  | 5611 Ohio Ave, Nashville, TN 37209 United States |  | (4)(11) |  | SOFR + 5.75% |  | 10.31% |  | 11/17/2023 |  | 11/17/2029 |  |  |  |  |  | 25,656 |  |  | 25,211 |  |  | 25,656 |  | 0.41 | %
FusionSite Midco, LLC |  | 5611 Ohio Ave, Nashville, TN 37209 United States |  | (4)(11) |  | SOFR + 5.50% |  | 10.06% |  | 11/17/2023 |  | 11/17/2029 |  |  |  |  |  | 11,096 |  |  | 10,907 |  |  | 11,096 |  | 0.18 | %
FusionSite Midco, LLC |  | 5611 Ohio Ave, Nashville, TN 37209 United States |  | (4)(5)(7)(11) |  | SOFR + 5.75% |  | 10.31% |  | 9/25/2024 |  | 11/17/2029 |  |  |  |  |  | 21,219 |  |  | 21,003 |  |  | 21,125 |  | 0.34 | %
Gatekeeper Systems, Inc. |  | 90 Icon, Foothill Ranch, CA 92610, United States |  | (4)(10) |  | SOFR + 5.00% |  | 9.31% |  | 8/27/2024 |  | 8/28/2030 |  |  |  |  |  | 44,336 |  |  | 43,737 |  |  | 44,004 |  | 0.71 | %
Gatekeeper Systems, Inc. |  | 90 Icon, Foothill Ranch, CA 92610, United States |  | (4)(5)(7)(10) |  | SOFR + 5.00% |  | 9.29% |  | 8/27/2024 |  | 8/28/2030 |  |  |  |  |  | 4,953 |  |  | 4,770 |  |  | 4,832 |  | 0.08 | %
Gorilla Investor LLC |  | 712 Fifth Avenue, 44th Floor, New York, NY 10019, United States |  | (4)(10) |  | SOFR + 5.00% |  | 9.30% |  | 9/26/2024 |  | 9/30/2031 |  |  |  |  |  | 24,805 |  |  | 24,345 |  |  | 24,557 |  | 0.39 | %
Ground Penetrating Radar Systems, LLC |  | 1901 Indian Wood Cir Maumee, OH 43537 |  | (4)(5)(10) |  | SOFR + 4.50% |  | 8.80% |  | 1/2/2025 |  | 1/2/2032 |  |  |  |  |  | 2,958 |  |  | 2,930 |  |  | 2,929 |  | 0.05 | %
Ground Penetrating Radar Systems, LLC |  | 1901 Indian Wood Cir Maumee, OH 43537 |  | (4)(7)(10) |  | SOFR + 4.50% |  | 8.80% |  | 1/2/2025 |  | 1/2/2032 |  |  |  |  |  | 38 |  |  | 32 |  |  | 32 |  | 0.00 | %
Iris Buyer, LLC |  | 1501 Yamato Road, Boca Raton, FL 33431 United States |  | (4)(11) |  | SOFR + 5.25% |  | 9.54% |  | 10/2/2023 |  | 10/2/2030 |  |  |  |  |  | 25,392 |  |  | 24,844 |  |  | 25,392 |  | 0.41 | %
Iris Buyer, LLC |  | 1501 Yamato Road, Boca Raton, FL 33431 United States |  | (4)(5)(11) |  | SOFR + 5.25% |  | 9.55% |  | 10/2/2023 |  | 10/2/2030 |  |  |  |  |  | 2,394 |  |  | 2,351 |  |  | 2,394 |  | 0.04 | %

39

Table of Contents

Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and S pread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 3/31/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets
First Lien Debt – non-contro lled/ non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial Services & Supplies (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Iris Buyer, LLC |  | 1501 Yamato Road, Boca Raton, FL 33431 United States |  | (4)(5)(7)(11) |  | SOFR + 5.25% |  | 9.55% |  | 10/2/2023 |  | 10/2/2029 |  |  |  | $ |  | 1,102 |  | $ | 1,026 |  | $ | 1,102 |  | 0.02 | %
Iris Buyer, LLC |  | 1501 Yamato Road, Boca Raton, FL 33431 United States |  | (4)(7)(11) |  | SOFR + 5.25% |  | 9.55% |  | 2/4/2025 |  | 10/2/2030 |  |  |  |  |  | 268 |  |  | 221 |  |  | 236 |  | 0.00 | %
Java Buyer, Inc. |  | 191 4th St W Ketchum, ID, 83340 United States |  | (4)(10) |  | SOFR + 5.00% |  | 9.30% |  | 12/15/2021 |  | 12/15/2027 |  |  |  |  |  | 4,171 |  |  | 4,135 |  |  | 4,171 |  | 0.07 | %
Java Buyer, Inc. |  | 191 4th St W Ketchum, ID, 83340 United States |  | (4)(10) |  | SOFR + 5.00% |  | 9.30% |  | 12/15/2021 |  | 12/15/2027 |  |  |  |  |  | 2,895 |  |  | 2,874 |  |  | 2,895 |  | 0.05 | %
Java Buyer, Inc. |  | 191 4th St W Ketchum, ID, 83340 United States |  | (4)(10) |  | SOFR + 5.00% |  | 9.30% |  | 11/9/2023 |  | 12/15/2027 |  |  |  |  |  | 1,628 |  |  | 1,600 |  |  | 1,628 |  | 0.03 | %
Java Buyer, Inc. |  | 191 4th St W Ketchum, ID, 83340 United States |  | (4)(5)(7)(10) |  | SOFR + 5.00% |  | 9.30% |  | 6/28/2024 |  | 12/15/2027 |  |  |  |  |  | 1,978 |  |  | 1,955 |  |  | 1,968 |  | 0.03 | %
JSS Holdings, Inc. |  | 180 North Stetson, 29th Floor, Chicago, IL 60601 United States |  | (4)(10) |  | SOFR + 5.25% |  | 9.55% (incl. 3.00% PIK) |  | 12/17/2020 |  | 11/8/2031 |  |  |  |  |  | 284,023 |  |  | 281,631 |  |  | 284,023 |  | 4.55 | %
JSS Holdings, Inc. |  | 180 North Stetson, 29th Floor, Chicago, IL 60601 United States |  | (4)(5)(10) |  | SOFR + 5.25% |  | 9.55% (incl. 3.00% PIK) |  | 12/29/2021 |  | 11/8/2031 |  |  |  |  |  | 4,905 |  |  | 4,866 |  |  | 4,905 |  | 0.08 | %
JSS Holdings, Inc. |  | 180 North Stetson, 29th Floor, Chicago, IL 60601 United States |  | (4)(5)(7)(10) |  | SOFR + 5.25% |  | 9.55% (incl. 3.00% PIK) |  | 11/8/2024 |  | 11/8/2031 |  |  |  |  |  | 31,237 |  |  | 30,910 |  |  | 31,200 |  | 0.50 | %
Knowledge Pro Buyer, Inc. |  | Country Squire Lane, Princeton Junction, NJ 8550 United States |  | (4)(7)(10) |  | SOFR + 5.00% |  | 9.42% |  | 12/10/2021 |  | 12/10/2027 |  |  |  |  |  | 8,080 |  |  | 7,904 |  |  | 7,866 |  | 0.13 | %
KPSKY Acquisition, Inc. |  | 500 Unicorn Park 3rd Floor, Woburn, MA 01801 United States |  | (4)(10)(18) |  | SOFR + 5.50% |  | 9.89% |  | 10/19/2021 |  | 10/19/2028 |  |  |  |  |  | 19,957 |  |  | 19,755 |  |  | 17,163 |  | 0.28 | %
KPSKY Acquisition, Inc. |  | 500 Unicorn Park 3rd Floor, Woburn, MA 01801 United States |  | (4)(5)(10)(18) |  | SOFR + 5.50% |  | 9.89% |  | 10/19/2021 |  | 10/19/2028 |  |  |  |  |  | 2,298 |  |  | 2,276 |  |  | 1,976 |  | 0.03 | %
Onex Baltimore Buyer, Inc. |  | 712 Fifth Avenue New York, NY 10019 United States |  | (4)(10)(18) |  | SOFR + 5.27% |  | 9.60% |  | 12/1/2021 |  | 12/1/2027 |  |  |  |  |  | 10,804 |  |  | 10,707 |  |  | 10,804 |  | 0.17 | %

40

Table of Contents

Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and S pread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 3/31/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets
First Lien Debt – non-contro lled/ non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial Services & Supplies (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Onex Baltimore Buyer, Inc. |  | 712 Fifth Avenue New York, NY 10019 United States |  | (4)(7)(11)(18) |  | SOFR + 4.75% |  | 9.08% |  | 12/1/2021 |  | 12/1/2027 |  |  |  | $ |  | 14,724 |  | $ | 14,534 |  | $ | 14,724 |  | 0.24 | %
Pye-Barker Fire & Safety, LLC |  | 2500 Northwinds Parkway, Ste 200, Alpharetta, GA 30009 United States |  | (4)(5)(10) |  | SOFR + 4.50% |  | 8.80% |  | 5/24/2024 |  | 5/24/2031 |  |  |  |  |  | 4,461 |  |  | 4,461 |  |  | 4,461 |  | 0.07 | %
Pye-Barker Fire & Safety, LLC |  | 2500 Northwinds Parkway, Ste 200, Alpharetta, GA 30009 United States |  | (4)(5)(10) |  | SOFR + 4.50% |  | 8.83% |  | 5/24/2024 |  | 5/24/2031 |  |  |  |  |  | 13,816 |  |  | 13,756 |  |  | 13,747 |  | 0.22 | %
TEI Intermediate LLC |  | 200 Innerbelt Road, Somerville, MA 02143 United States |  | (4)(10) |  | SOFR + 4.75% |  | 9.05% |  | 12/13/2024 |  | 12/15/2031 |  |  |  |  |  | 25,799 |  |  | 25,552 |  |  | 25,670 |  | 0.41 | %
TEI Intermediate LLC |  | 200 Innerbelt Road, Somerville, MA 02143 United States |  | (4)(5)(7)(10) |  | P + 3.75% |  | 11.25% |  | 12/13/2024 |  | 12/15/2031 |  |  |  |  |  | 495 |  |  | 422 |  |  | 437 |  | 0.01 | %
The Hiller Companies, LLC |  | 3751 Joy Springs Drive, Mobile, AL 36693 United States |  | (4)(10) |  | SOFR + 5.00% |  | 9.30% |  | 6/20/2024 |  | 6/20/2030 |  |  |  |  |  | 8,193 |  |  | 8,122 |  |  | 8,131 |  | 0.13 | %
The Hiller Companies, LLC |  | 3751 Joy Springs Drive, Mobile, AL 36693 United States |  | (4)(5)(7)(10) |  | SOFR + 5.00% |  | 9.30% |  | 6/20/2024 |  | 6/20/2030 |  |  |  |  |  | 569 |  |  | 544 |  |  | 545 |  | 0.01 | %
Veregy Consolidated, Inc. |  | 23325 N. 23rd Ave, Suite 120 Phoenix, AZ 85027 United States |  | (11) |  | SOFR + 6.00% |  | 10.55% |  | 11/3/2020 |  | 11/2/2027 |  |  |  |  |  | 20,406 |  |  | 20,199 |  |  | 20,457 |  | 0.33 | %
Water Holdings Acquisition LLC |  | 2002 West Grand Parkway North, Suite 100, Katy, TX 77449, United States |  | (4)(7)(10) |  | SOFR + 5.50% |  | 9.79% (incl. 3.00% PIK) |  | 7/31/2024 |  | 7/31/2031 |  |  |  |  |  | 31,674 |  |  | 31,374 |  |  | 31,488 |  | 0.50 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,041,722 |  |  | 1,046,702 |  | 16.80 | %
Consor Intermediate II, LLC |  | 6505 Blue Lagoon Drive, Suite 470 Miami, FL 33126 United States |  | (4)(5)(7)(10) |  | SOFR + 4.50% |  | 8.80% |  | 5/10/2024 |  | 5/10/2031 |  |  |  |  |  | 5,176 |  |  | 5,111 |  |  | 5,160 |  | 0.08 | %
Gannett Fleming Inc |  | 207 Senate Ave, Camp Hill, PA 17011, United States |  | (4)(7)(10) |  | SOFR + 4.75% |  | 9.04% |  | 8/5/2024 |  | 8/5/2030 |  |  |  |  |  | 64,938 |  |  | 63,997 |  |  | 64,357 |  | 1.03 | %
Home Service TopCo IV Inc |  | 3150 E Birch St., Brea, CA 92821, United States |  | (4)(7)(11) |  | SOFR + 4.50% |  | 8.91% |  | 6/9/2023 |  | 12/31/2027 |  |  |  |  |  | 37,319 |  |  | 36,595 |  |  | 37,267 |  | 0.60 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 105,703 |  |  | 106,784 |  | 1.71 | %

41

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Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and S pread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 3/31/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets
First Lien Debt – non-contro lled/ non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Containers & Packaging |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ascend Buyer, LLC |  | 1111 Busch Parkway, Buffalo Grove, IL 60089, United States |  | (4)(7)(10) |  | SOFR + 5.75% |  | 10.05% |  | 9/30/2021 |  | 9/30/2028 |  |  |  | $ |  | 20,407 |  | $ | 20,162 |  | $ | 20,407 |  | 0.33 | %
Ascend Buyer, LLC |  | 1111 Busch Parkway, Buffalo Grove, IL 60089, United States |  | (4)(5)(10) |  | SOFR + 5.75% |  | 10.05% |  | 3/20/2025 |  | 9/30/2028 |  |  |  |  |  | 1,611 |  |  | 1,595 |  |  | 1,611 |  | 0.03 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 21,757 |  |  | 22,018 |  | 0.36 | %
Distributors |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
BP Purchaser, LLC |  | 2650 Galvin Dr, Elgin, IL 60124, United States |  | (4)(10) |  | SOFR + 5.50% |  | 10.06% |  | 12/10/2021 |  | 12/11/2028 |  |  |  |  |  | 7,566 |  |  | 7,490 |  |  | 6,431 |  | 0.10 | %
Bradyplus Holdings LLC |  | 7055 S Lindell Road, Las Vegas, NV 89118 United States |  | (4)(11) |  | SOFR + 5.00% |  | 9.29% |  | 10/11/2024 |  | 10/31/2029 |  |  |  |  |  | 97,595 |  |  | 96,120 |  |  | 97,595 |  | 1.56 | %
Bradyplus Holdings LLC |  | 7055 S Lindell Road, Las Vegas, NV 89118 United States |  | (4)(5)(7)(11) |  | SOFR + 5.00% |  | 9.29% |  | 10/11/2024 |  | 10/31/2029 |  |  |  |  |  | 618 |  |  | 574 |  |  | 595 |  | 0.01 | %
Genuine Cable Group, LLC |  | 50 Broadway, Hawthorne, NY 10532, United States |  | (4)(10) |  | SOFR + 5.75% |  | 10.17% |  | 11/1/2021 |  | 11/2/2026 |  |  |  |  |  | 166,071 |  |  | 165,110 |  |  | 156,107 |  | 2.50 | %
Marcone Yellowstone Buyer, Inc. |  | One City Place Ste 400 St Louis MO 63141, United States |  | (4)(5)(10) |  | SOFR + 7.00% |  | 11.46% (incl. 3.25% PIK) |  | 12/31/2021 |  | 6/23/2028 |  |  |  |  |  | 4,903 |  |  | 4,855 |  |  | 4,388 |  | 0.07 | %
Marcone Yellowstone Buyer, Inc. |  | One City Place Ste 400 St Louis MO 63141, United States |  | (4)(5)(10) |  | SOFR + 7.25% |  | 11.71% (incl. 3.25% PIK) |  | 11/1/2022 |  | 6/23/2028 |  |  |  |  |  | 1,554 |  |  | 1,528 |  |  | 1,399 |  | 0.02 | %
Marcone Yellowstone Buyer, Inc. |  | One City Place Ste 400 St Louis MO 63141, United States |  | (4)(5)(10) |  | SOFR + 7.00% |  | 11.41% (incl. 3.25% PIK) |  | 12/31/2021 |  | 6/23/2028 |  |  |  |  |  | 1,566 |  |  | 1,557 |  |  | 1,402 |  | 0.02 | %
NDC Acquisition Corp. |  | 402 BNA Drive, Suite 500, Nashville, TN 37217 United States |  | (4)(7)(11) |  | SOFR + 5.00% |  | 9.32% |  | 3/9/2021 |  | 3/9/2028 |  |  |  |  |  | 13,250 |  |  | 13,102 |  |  | 13,250 |  | 0.21 | %
PT Intermediate Holdings III, LLC |  | 1200 Greenbriar Dr., Addison, IL 60101 United States |  | (4)(7)(10) |  | SOFR + 5.00% |  | 9.30% (incl. 1.75% PIK) |  | 4/9/2024 |  | 4/9/2030 |  |  |  |  |  | 61,686 |  |  | 61,554 |  |  | 61,681 |  | 0.99 | %
Tailwind Colony Holding Corporation |  | 269 South Lambert Road Orange, CT 06512 United States |  | (4)(11) |  | SOFR + 6.50% |  | 10.89% |  | 11/20/2018 |  | 5/13/2026 |  |  |  |  |  | 47,452 |  |  | 47,311 |  |  | 46,265 |  | 0.74 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 399,201 |  |  | 389,113 |  | 6.22 | %

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Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and S pread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 3/31/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets
First Lien Debt – non-contro lled/ non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Diversified Consumer Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
American Restoration Holdings, LLC |  | 1585 Broadway, 37th Floor, New York, NY 10036, United States |  | (4)(5)(11) |  | SOFR + 5.00% |  | 9.40% |  | 7/19/2024 |  | 7/24/2030 |  |  |  | $ |  | 4,614 |  | $ | 4,532 |  | $ | 4,614 |  | 0.07 | %
American Restoration Holdings, LLC |  | 1585 Broadway, 37th Floor, New York, NY 10036, United States |  | (4)(5)(11) |  | SOFR + 5.00% |  | 9.40% |  | 7/19/2024 |  | 7/24/2030 |  |  |  |  |  | 1,374 |  |  | 1,349 |  |  | 1,374 |  | 0.02 | %
American Restoration Holdings, LLC |  | 1585 Broadway, 37th Floor, New York, NY 10036, United States |  | (4)(5)(7)(11) |  | SOFR + 5.00% |  | 9.40% |  | 7/19/2024 |  | 7/24/2030 |  |  |  |  |  | 524 |  |  | 500 |  |  | 524 |  | 0.01 | %
American Restoration Holdings, LLC |  | 1585 Broadway, 37th Floor, New York, NY 10036, United States |  | (4)(5)(11) |  | SOFR + 5.00% |  | 9.40% |  | 7/19/2024 |  | 7/24/2030 |  |  |  |  |  | 3,559 |  |  | 3,496 |  |  | 3,559 |  | 0.06 | %
American Restoration Holdings, LLC |  | 1585 Broadway, 37th Floor, New York, NY 10036, United States |  | (4)(5)(7)(11) |  | SOFR + 5.00% |  | 9.41% |  | 2/19/2025 |  | 7/24/2030 |  |  |  |  |  | 198 |  |  | 157 |  |  | 158 |  | 0.00 | %
Barbri Holdings, Inc. |  | 12222 Merit Drive, Suite 1340, Dallas, TX 75251 United States |  | (4)(10) |  | SOFR + 5.00% |  | 9.30% |  | 12/20/2024 |  | 4/30/2030 |  |  |  |  |  | 61,387 |  |  | 60,783 |  |  | 61,387 |  | 0.98 | %
Barbri Holdings, Inc. |  | 12222 Merit Drive, Suite 1340, Dallas, TX 75251 United States |  | (4)(10) |  | SOFR + 5.00% |  | 9.30% |  | 12/20/2024 |  | 4/30/2030 |  |  |  |  |  | 19,479 |  |  | 19,386 |  |  | 19,479 |  | 0.31 | %
BPPH2 Limited |  | One Wood Street, London, EC2V 7WS United Kingdom |  | (4)(5)(6)(8) |  | S + 6.75% |  | 11.32% |  | 3/16/2021 |  | 3/16/2028 |  |  |  | GBP |  | 26,300 |  |  | 35,976 |  |  | 33,973 |  | 0.54 | %
BPPH2 Limited |  | One Wood Street, London, EC2V 7WS United Kingdom |  | (4)(5)(6)(8) |  | S + 6.00% |  | 10.46% |  | 6/17/2024 |  | 3/16/2028 |  |  |  | GBP |  | 5,343 |  |  | 6,710 |  |  | 7,075 |  | 0.11 | %
BPPH2 Limited |  | One Wood Street, London, EC2V 7WS United Kingdom |  | (4)(5)(6)(10) |  | CA + 6.00% |  | 8.99% |  | 6/17/2024 |  | 3/16/2028 |  |  |  | CAD |  | 3,289 |  |  | 2,364 |  |  | 2,343 |  | 0.04 | %
BPPH2 Limited |  | One Wood Street, London, EC2V 7WS United Kingdom |  | (4)(5)(6)(10) |  | SOFR + 6.00% |  | 10.31% |  | 6/17/2024 |  | 3/16/2028 |  |  |  |  |  | 1,709 |  |  | 1,675 |  |  | 1,752 |  | 0.03 | %
Cambium Learning Group, Inc. |  | 17855 North Dallas Parkway, Suite 400, Dallas, TX 75287, United States |  | (4)(7)(10) |  | SOFR + 5.50% |  | 9.89% |  | 7/20/2021 |  | 7/20/2028 |  |  |  |  |  | 285,446 |  |  | 284,100 |  |  | 285,446 |  | 4.57 | %

43

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Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and S pread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 3/31/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets
First Lien Debt – non-contro lled/ non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Diversified Consumer Services (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Charger Debt Merger Sub, LLC |  | 375 Northridge Rd. Suite 450, Atlanta, GA 30350 United States |  | (4)(5)(10) |  | SOFR + 4.75% |  | 9.08% |  | 5/31/2024 |  | 5/31/2031 |  |  |  | $ |  | 11,897 |  | $ | 11,792 |  | $ | 11,897 |  | 0.19 | %
Charger Debt Merger Sub, LLC |  | 375 Northridge Rd. Suite 450, Atlanta, GA 30350 United States |  | (4)(5)(7)(10) |  | SOFR + 4.75% |  | 9.05% |  | 5/31/2024 |  | 5/31/2031 |  |  |  |  |  | 3,401 |  |  | 3,345 |  |  | 3,369 |  | 0.05 | %
DTA Intermediate II Ltd. |  | 7430 East Caley Ave, Suite 320E, Centennial, CO 80111 United States |  | (4)(11) |  | SOFR + 5.25% |  | 9.55% |  | 3/27/2024 |  | 3/27/2030 |  |  |  |  |  | 42,646 |  |  | 41,937 |  |  | 42,006 |  | 0.67 | %
DTA Intermediate II Ltd. |  | 7430 East Caley Ave, Suite 320E, Centennial, CO 80111 United States |  | (4)(7)(11) |  | SOFR + 5.25% |  | 9.54% |  | 3/27/2024 |  | 3/27/2030 |  |  |  |  |  | 5,355 |  |  | 4,970 |  |  | 4,941 |  | 0.08 | %
Endeavor Schools Holdings, LLC |  | 9350 South Dixie Highway, Suite 950, Miami, Florida 33156 United States |  | (4)(11) |  | SOFR + 6.25% |  | 10.54% |  | 7/18/2023 |  | 7/18/2029 |  |  |  |  |  | 21,902 |  |  | 21,510 |  |  | 20,588 |  | 0.33 | %
Endeavor Schools Holdings, LLC |  | 9350 South Dixie Highway, Suite 950, Miami, Florida 33156 United States |  | (4)(5)(11) |  | SOFR + 6.25% |  | 10.57% |  | 7/18/2023 |  | 7/18/2029 |  |  |  |  |  | 4,020 |  |  | 3,959 |  |  | 3,778 |  | 0.06 | %
Essential Services Holding Corp |  | 139 S. English Station Road, Suite 250, Louisville, KY 40245 United States |  | (4)(5)(7)(10) |  | SOFR + 5.00% |  | 9.30% |  | 6/17/2024 |  | 6/17/2031 |  |  |  |  |  | 11,946 |  |  | 11,820 |  |  | 11,935 |  | 0.19 | %
Go Car Wash Management Corp. |  | 9801 Troup Ave, Kansas City, Kansas 66111, United States |  | (4)(11) |  | SOFR + 5.75% |  | 10.17% |  | 10/12/2021 |  | 12/31/2026 |  |  |  |  |  | 22,217 |  |  | 22,051 |  |  | 21,661 |  | 0.35 | %
Seahawk Bidco, LLC |  | 900 East 8th Avenue, Suite 106, King of Prussia, PA 19406 United States |  | (4)(7)(11) |  | SOFR + 4.75% |  | 9.05% |  | 12/18/2024 |  | 12/19/2031 |  |  |  |  |  | 42,225 |  |  | 41,780 |  |  | 41,929 |  | 0.67 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 584,192 |  |  | 583,788 |  | 9.33 | %
Diversified Telecommunication Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Point Broadband Acquisition, LLC |  | 3120 Fredrick Rd., Suite E, Opelika, Alabama 36801, United States |  | (4)(7)(11) |  | SOFR + 5.50% |  | 9.79% |  | 10/1/2021 |  | 10/1/2028 |  |  |  |  |  | 124,139 |  |  | 122,609 |  |  | 122,898 |  | 1.97 | %

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Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and S pread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 3/31/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets
First Lien Debt – non-contro lled/ non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Electric Utilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Qualus Power Services Corp. |  | 4040 Rev Drive Cincinatti, OH 45232 United States |  | (4)(11) |  | SOFR + 5.00% |  | 9.31% |  | 3/26/2021 |  | 3/26/2027 |  |  |  | $ |  | 32,703 |  | $ | 32,443 |  | $ | 32,703 |  | 0.52 | %
Qualus Power Services Corp. |  | 4040 Rev Drive Cincinatti, OH 45232 United States |  | (4)(11) |  | SOFR + 5.00% |  | 9.31% |  | 7/27/2023 |  | 3/26/2027 |  |  |  |  |  | 35,387 |  |  | 34,902 |  |  | 35,387 |  | 0.57 | %
Qualus Power Services Corp. |  | 4040 Rev Drive Cincinatti, OH 45232 United States |  | (4)(7)(11) |  | SOFR + 5.00% |  | 9.30% |  | 5/9/2024 |  | 3/26/2027 |  |  |  |  |  | 70,925 |  |  | 69,468 |  |  | 70,636 |  | 1.13 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 136,813 |  |  | 138,726 |  | 2.22 | %
Electrical Equipment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Emergency Power Holdings, LLC |  | 44 S Commerce Way, Bethlehem, PA 18017 United States |  | (4)(7)(11) |  | SOFR + 4.75% |  | 9.04% |  | 8/17/2021 |  | 8/17/2030 |  |  |  |  |  | 45,941 |  |  | 45,458 |  |  | 45,795 |  | 0.73 | %
IEM New Sub 2, LLC |  | 48205 Warm Springs Blvd, Freemont, California 94539, United States |  | (4)(7)(10) |  | SOFR + 4.75% |  | 9.27% |  | 8/8/2024 |  | 8/8/2030 |  |  |  |  |  | 58,361 |  |  | 57,492 |  |  | 57,825 |  | 0.93 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 102,950 |  |  | 103,620 |  | 1.66 | %
Electronic Equipment, Instruments & Components |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Albireo Energy, LLC |  | 3 Ethel Road, Suite 300, Edison, NJ 08817 United States |  | (4)(5)(11) |  | SOFR + 6.00% |  | 10.30% |  | 12/23/2020 |  | 12/23/2026 |  |  |  |  |  | 77,139 |  |  | 76,695 |  |  | 74,439 |  | 1.19 | %
Albireo Energy, LLC |  | 3 Ethel Road, Suite 300, Edison, NJ 08817 United States |  | (4)(5)(11) |  | SOFR + 6.00% |  | 10.39% |  | 12/23/2020 |  | 12/23/2026 |  |  |  |  |  | 23,153 |  |  | 23,048 |  |  | 22,343 |  | 0.36 | %
Albireo Energy, LLC |  | 3 Ethel Road, Suite 300, Edison, NJ 08817 United States |  | (4)(5)(11) |  | SOFR + 6.00% |  | 10.40% |  | 12/23/2020 |  | 12/23/2026 |  |  |  |  |  | 6,246 |  |  | 6,225 |  |  | 6,028 |  | 0.10 | %
Duro Dyne National Corp |  | 13235 Reese Boulevard, West Huntersville, NC 28078 United States |  | (4)(7)(10) |  | SOFR + 5.00% |  | 9.30% |  | 11/15/2024 |  | 11/15/2031 |  |  |  |  |  | 33,548 |  |  | 33,150 |  |  | 33,290 |  | 0.53 | %
Dwyer Instruments LLC |  | 102 Indiana Hwy. 212, Michigan City, IN 46360 United States |  | (4)(5)(7)(10) |  | SOFR + 4.75% |  | 9.05% |  | 11/15/2024 |  | 7/30/2029 |  |  |  |  |  | 8,265 |  |  | 8,172 |  |  | 8,165 |  | 0.13 | %
Phoenix 1 Buyer Corp. |  | 13723 Riverport Drive, St. Louis, MO 63043 United States |  | (4)(7)(10) |  | SOFR + 4.75% |  | 9.04% |  | 11/20/2023 |  | 11/20/2030 |  |  |  |  |  | 25,688 |  |  | 25,441 |  |  | 25,688 |  | 0.41 | %

45

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Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and S pread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 3/31/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets
First Lien Debt – non-contro lled/ non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Electronic Equipment, Instruments & Components (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Spectrum Safety Solutions Purchaser, LLC |  | 13995 Pasteur Blvd., Palm Beach Gardens, FL 33418, United States |  | (4)(6)(7)(9) |  | SOFR + 5.00% |  | 9.31% |  | 7/1/2024 |  | 7/1/2031 |  |  |  | $ |  | 62,153 |  | $ | 61,022 |  | $ | 61,466 |  | 0.98 | %
Spectrum Safety Solutions Purchaser, LLC |  | 13995 Pasteur Blvd., Palm Beach Gardens, FL 33418, United States |  | (4)(5)(6)(9) |  | E + 5.00% |  | 7.68% |  | 7/1/2024 |  | 7/1/2031 |  |  |  | EUR |  | 15,064 |  |  | 15,961 |  |  | 16,167 |  | 0.26 | %
Spectrum Safety Solutions Purchaser, LLC |  | 13995 Pasteur Blvd., Palm Beach Gardens, FL 33418, United States |  | (4)(5)(6)(9) |  | E + 5.00% |  | 7.68% |  | 7/1/2024 |  | 7/1/2030 |  |  |  | EUR |  | 1,170 |  |  | 1,256 |  |  | 1,256 |  | 0.02 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 250,970 |  |  | 248,842 |  | 3.98 | %
Energy Equipment & Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
ISQ Hawkeye Holdco, Inc. |  | 10640 Company Highway D20 Alden, IA 50006 United States |  | (4)(5)(10) |  | SOFR + 4.75% |  | 9.13% |  | 8/20/2024 |  | 8/20/2031 |  |  |  |  |  | 977 |  |  | 959 |  |  | 977 |  | 0.02 | %
ISQ Hawkeye Holdco, Inc. |  | 10640 Company Highway D20 Alden, IA 50006 United States |  | (4)(5)(7)(10) |  | SOFR + 4.75% |  | 9.13% |  | 8/20/2024 |  | 8/20/2030 |  |  |  |  |  | 64 |  |  | 61 |  |  | 63 |  | 0.00 | %
LPW Group Holdings, Inc. |  | 5775 North Sam Houston Pkwy W Suite 100, Houston, TX 77086 United States |  | (4)(7)(11) |  | SOFR + 6.00% |  | 10.42% |  | 3/15/2024 |  | 3/15/2031 |  |  |  |  |  | 26,661 |  |  | 25,983 |  |  | 26,661 |  | 0.43 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 27,003 |  |  | 27,701 |  | 0.45 | %
Financial Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Carr Riggs & Ingram Capital LLC |  | 901 Boll Weevil Circle, Ste 200, Enterprise, AL 36330 United States |  | (4)(5)(9) |  | SOFR + 4.75% |  | 9.07% |  | 11/18/2024 |  | 11/18/2031 |  |  |  |  |  | 7,444 |  |  | 7,373 |  |  | 7,407 |  | 0.12 | %
Carr Riggs & Ingram Capital LLC |  | 901 Boll Weevil Circle, Ste 200, Enterprise, AL 36330 United States |  | (4)(5)(7)(9) |  | SOFR + 4.75% |  | 9.07% |  | 11/18/2024 |  | 11/18/2031 |  |  |  |  |  | 1,046 |  |  | 1,012 |  |  | 1,019 |  | 0.02 | %
DM Intermediate Parent LLC |  | 305 West Big Beaver Road, Suite 200, Troy, Michigan 48084, United States |  | (4)(5)(7)(10) |  | SOFR + 5.00% |  | 9.28% |  | 9/30/2024 |  | 9/30/2030 |  |  |  |  |  | 18,176 |  |  | 17,811 |  |  | 17,948 |  | 0.29 | %
Harp Finco, Ltd. |  | Level 1, IFC 1, Esplanade, St. Helier, JE2 3BX, Jersey |  | (4)(5)(6)(8) |  | S + 5.50% |  | 9.96% |  | 3/27/2025 |  | 3/27/2032 |  |  |  | GBP |  | 14,508 |  |  | 18,412 |  |  | 18,366 |  | 0.29 | %
More Cowbell II, LLC |  | 545 Boylston Street, 6th Floor, Boston, MA 02116 United States |  | (4)(10) |  | SOFR + 5.00% |  | 8.89% |  | 9/1/2023 |  | 9/1/2030 |  |  |  |  |  | 7,897 |  |  | 7,744 |  |  | 7,897 |  | 0.13 | %

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Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and S pread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 3/31/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets
First Lien Debt – non-contro lled/ non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial Services (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
More Cowbell II, LLC |  | 545 Boylston Street, 6th Floor, Boston, MA 02116 United States |  | (4)(5)(7)(10) |  | SOFR + 5.00% |  | 9.20% |  | 9/1/2023 |  | 9/1/2029 |  |  |  | $ |  | 209 |  | $ | 180 |  | $ | 198 |  | 0.00 | %
PKF O’Connor Davies Advisory, LLC |  | 500 Mamaroneck Avenue, Harrison, NY 10528 United States |  | (4)(5)(7)(10) |  | SOFR + 4.50% |  | 8.79% |  | 11/15/2024 |  | 11/18/2031 |  |  |  |  |  | 1,048 |  |  | 1,035 |  |  | 1,040 |  | 0.02 | %
RFS Opco, LLC |  | 45 Rockefeller Plaza, Floor 5, New York, NY 10111 United States |  | (4)(7)(9) |  | SOFR + 4.75% |  | 9.05% |  | 4/4/2024 |  | 4/4/2031 |  |  |  |  |  | 9,873 |  |  | 9,782 |  |  | 9,864 |  | 0.16 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 63,349 |  |  | 63,739 |  | 1.03 | %
Ground Transportation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Channelside AcquisitionCo, Inc. |  | 1208 E Kennedy Blvd Tampa, FL 33602, United States |  | (4)(5)(7)(10) |  | SOFR + 4.75% |  | 9.04% |  | 5/15/2024 |  | 5/15/2031 |  |  |  |  |  | 19,703 |  |  | 19,479 |  |  | 19,693 |  | 0.32 | %
Health Care Equipment & Supplies |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bamboo US BidCo, LLC |  | 1 Baxter Pkwy, Deerfield, IL 60015 United States |  | (4)(5)(7)(11) |  | SOFR + 5.25% |  | 9.54% |  | 9/29/2023 |  | 9/30/2030 |  |  |  |  |  | 695 |  |  | 675 |  |  | 694 |  | 0.01 | %
Bamboo US BidCo, LLC |  | 1 Baxter Pkwy, Deerfield, IL 60015 United States |  | (4)(5)(11) |  | E + 5.25% |  | 7.86% |  | 9/29/2023 |  | 9/30/2030 |  |  |  | EUR |  | 354 |  |  | 365 |  |  | 382 |  | 0.01 | %
Bamboo US BidCo, LLC |  | 1 Baxter Pkwy, Deerfield, IL 60015 United States |  | (4)(5)(11) |  | SOFR + 5.25% |  | 9.54% |  | 11/20/2024 |  | 9/30/2030 |  |  |  |  |  | 106 |  |  | 103 |  |  | 106 |  | 0.00 | %
CPI Buyer, LLC |  | 300 North LaSalle Drive, Suite 5600, Chicago, IL, 60654, United States |  | (4)(10) |  | SOFR + 5.50% |  | 10.07% |  | 11/1/2021 |  | 11/1/2028 |  |  |  |  |  | 27,707 |  |  | 27,423 |  |  | 27,707 |  | 0.44 | %
CPI Buyer, LLC |  | 300 North LaSalle Drive, Suite 5600, Chicago, IL, 60654, United States |  | (4)(10) |  | SOFR + 5.50% |  | 10.07% |  | 11/1/2021 |  | 11/1/2028 |  |  |  |  |  | 2,963 |  |  | 2,943 |  |  | 2,963 |  | 0.05 | %
CPI Buyer, LLC |  | 300 North LaSalle Drive, Suite 5600, Chicago, IL, 60654, United States |  | (4)(5)(7)(10) |  | SOFR + 5.50% |  | 10.07% |  | 5/23/2024 |  | 11/1/2028 |  |  |  |  |  | 2,276 |  |  | 2,240 |  |  | 2,210 |  | 0.04 | %
GCX Corporation Buyer, LLC |  | 3875 Cypress Drive, Petaluma, CA 94954, United States |  | (4)(10) |  | SOFR + 5.50% |  | 9.90% |  | 9/13/2021 |  | 9/13/2027 |  |  |  |  |  | 21,230 |  |  | 21,057 |  |  | 20,699 |  | 0.33 | %
GCX Corporation Buyer, LLC |  | 3875 Cypress Drive, Petaluma, CA 94954, United States |  | (4)(10) |  | SOFR + 5.50% |  | 9.92% |  | 9/13/2021 |  | 9/13/2027 |  |  |  |  |  | 5,376 |  |  | 5,338 |  |  | 5,242 |  | 0.08 | %
Zeus, LLC |  | 3740 Industrial Blvd, Orangeburg, South Carolina 29118 United States |  | (4)(7)(10) |  | SOFR + 5.50% |  | 9.80% |  | 2/28/2024 |  | 2/28/2031 |  |  |  |  |  | 25,965 |  |  | 25,575 |  |  | 25,926 |  | 0.42 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 85,719 |  |  | 85,929 |  | 1.38 | %

47

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Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and S pread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 3/31/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets
First Lien Debt – non-contro lled/ non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Health Care Providers & Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
123Dentist, Inc. |  | 4321 Still Creek Dr suite 200, Burnaby, BC V5C 6S7, Canada |  | (4)(5)(6)(10) |  | CA + 5.00% |  | 7.72% |  | 8/10/2022 |  | 8/10/2029 |  |  |  | CAD |  | 2,187 |  | $ | 1,680 |  | $ | 1,520 |  | 0.02 | %
123Dentist, Inc. |  | 4321 Still Creek Dr suite 200, Burnaby, BC V5C 6S7, Canada |  | (4)(5)(6)(7)(10) |  | CA + 5.00% |  | 7.72% |  | 8/9/2024 |  | 8/10/2029 |  |  |  | CAD |  | 127 |  |  | 61 |  |  | 87 |  | 0.00 | %
ACI Group Holdings, Inc. |  | 629 Davis Drive, Suite 300, Morrisville, NC 27560, United States |  | (4)(10) |  | SOFR + 6.00% |  | 10.42% (incl. 3.25% PIK) |  | 7/7/2023 |  | 8/2/2028 |  |  |  |  |  | 129,891 |  |  | 128,507 |  |  | 124,695 |  | 2.00 | %
ACI Group Holdings, Inc. |  | 629 Davis Drive, Suite 300, Morrisville, NC 27560, United States |  | (4)(5)(7)(10) |  | SOFR + 5.50% |  | 9.92% |  | 7/7/2023 |  | 8/2/2027 |  |  |  |  |  | 1,388 |  |  | 1,298 |  |  | 925 |  | 0.01 | %
ADCS Clinics Intermediate Holdings, LLC |  | 151 Southhall Lane Suite 300 Maitland FL 32751 United States |  | (4)(11) |  | SOFR + 6.25% |  | 10.78% |  | 5/7/2021 |  | 5/7/2027 |  |  |  |  |  | 6,761 |  |  | 6,714 |  |  | 6,761 |  | 0.11 | %
ADCS Clinics Intermediate Holdings, LLC |  | 151 Southhall Lane Suite 300 Maitland FL 32751 United States |  | (4)(5)(11) |  | SOFR + 6.25% |  | 10.57% |  | 5/7/2021 |  | 5/7/2027 |  |  |  |  |  | 1,620 |  |  | 1,611 |  |  | 1,620 |  | 0.03 | %
ADCS Clinics Intermediate Holdings, LLC |  | 151 Southhall Lane Suite 300 Maitland FL 32751 United States |  | (4)(5)(7)(11) |  | SOFR + 6.25% |  | 10.63% |  | 5/7/2021 |  | 5/7/2026 |  |  |  |  |  | 297 |  |  | 292 |  |  | 297 |  | 0.00 | %
Amerivet Partners Management, Inc. |  | 520 Madison Avenue, New York, NY 10022 United States |  | (4)(7)(11) |  | SOFR + 5.25% |  | 9.72% |  | 2/25/2022 |  | 2/25/2028 |  |  |  |  |  | 5,529 |  |  | 5,465 |  |  | 5,529 |  | 0.09 | %
Canadian Hospital Specialties Ltd. |  | 2060 Winston Park Drive, Suite 400, Oakville, Ontario L6H 5R7 Canada |  | (4)(5)(6)(11) |  | CA + 4.50% |  | 7.57% |  | 4/15/2021 |  | 4/14/2028 |  |  |  | CAD |  | 29,242 |  |  | 23,216 |  |  | 20,015 |  | 0.32 | %
Canadian Hospital Specialties Ltd. |  | 2060 Winston Park Drive, Suite 400, Oakville, Ontario L6H 5R7 Canada |  | (4)(5)(6)(7)(10) |  | CA + 4.50% |  | 7.57% |  | 4/15/2021 |  | 4/15/2027 |  |  |  | CAD |  | 2,220 |  |  | 1,661 |  |  | 1,505 |  | 0.02 | %
CCBlue Bidco, Inc. |  | 1148 Main St Saint Helena, CA, 94574-2013 United States |  | (4)(5)(10) |  | SOFR + 6.50% |  | 10.90% (incl. 4.00% PIK) |  | 12/21/2021 |  | 12/21/2028 |  |  |  |  |  | 12,087 |  |  | 11,975 |  |  | 10,365 |  | 0.17 | %
Compsych Investments Corp |  | 455 N. Cityfront Plaza Drive, 13th Floor, Chicago, Illinois 60611, United States |  | (4)(5)(7)(10) |  | SOFR + 4.75% |  | 9.04% |  | 7/22/2024 |  | 7/22/2031 |  |  |  |  |  | 12,094 |  |  | 12,032 |  |  | 12,085 |  | 0.19 | %

48

Table of Contents

Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and S pread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 3/31/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets
First Lien Debt – non-contro lled/ non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Health Care Providers & Services (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
DCA Investment Holdings, LLC |  | 6240 Lake Osprey Drive, Sarasota, FL 34240 United States |  | (4)(10) |  | SOFR + 6.41% |  | 10.70% |  | 3/12/2021 |  | 4/3/2028 |  |  |  | $ |  | 32,420 |  | $ | 32,251 |  | $ | 30,799 |  | 0.49 | %
DCA Investment Holdings, LLC |  | 6240 Lake Osprey Drive, Sarasota, FL 34240 United States |  | (4)(5)(10) |  | SOFR + 6.50% |  | 10.80% |  | 12/28/2022 |  | 4/3/2028 |  |  |  |  |  | 983 |  |  | 974 |  |  | 933 |  | 0.01 | %
Epoch Acquisition, Inc. |  | 4600 Lena Drive Mechanicsburg, PA 17055 United States |  | (4)(11) |  | SOFR + 6.00% |  | 10.53% |  | 11/20/2018 |  | 10/4/2026 |  |  |  |  |  | 23,801 |  |  | 23,739 |  |  | 23,801 |  | 0.38 | %
Imagine 360 LLC |  | 444 W. Lake St., Suite 1800, Chicago, Illinois 60606, United States |  | (4)(5)(7)(10) |  | SOFR + 4.75% |  | 9.05% |  | 9/18/2024 |  | 9/30/2028 |  |  |  |  |  | 17,112 |  |  | 16,940 |  |  | 16,999 |  | 0.27 | %
Inception Fertility Ventures, LLC |  | 4828 Loop Central Dr Suite 900, Houston, TX 77081 United States |  | (4)(7)(10) |  | SOFR + 5.50% |  | 9.79% |  | 4/29/2024 |  | 4/29/2030 |  |  |  |  |  | 46,321 |  |  | 46,280 |  |  | 45,534 |  | 0.73 | %
Jayhawk Buyer, LLC |  | 8717 West 110th Street, Suite 300 Overland Park, KS 66210 United States |  | (4)(11) |  | SOFR + 5.00% |  | 9.40% |  | 10/15/2020 |  | 10/15/2026 |  |  |  |  |  | 126,345 |  |  | 125,581 |  |  | 120,343 |  | 1.93 | %
Kwol Acquisition, Inc. |  | 600 Park Offices Drive, Suite 200, Research Triangle Park, Durham, NC 27709 United States |  | (4)(5)(7)(10) |  | SOFR + 4.75% |  | 9.05% |  | 12/8/2023 |  | 12/6/2029 |  |  |  |  |  | 6,537 |  |  | 6,392 |  |  | 6,537 |  | 0.10 | %
MB2 Dental Solutions, LLC |  | 2403 Lacy Lane, Carrollton, TX 75006 United States |  | (4)(10) |  | SOFR + 5.50% |  | 9.82% |  | 2/13/2024 |  | 2/13/2031 |  |  |  |  |  | 23,104 |  |  | 22,908 |  |  | 23,104 |  | 0.37 | %
MB2 Dental Solutions, LLC |  | 2403 Lacy Lane, Carrollton, TX 75006 United States |  | (4)(5)(7)(10) |  | SOFR + 5.50% |  | 9.83% |  | 2/13/2024 |  | 2/13/2031 |  |  |  |  |  | 2,671 |  |  | 2,634 |  |  | 2,655 |  | 0.04 | %
MB2 Dental Solutions, LLC |  | 2403 Lacy Lane, Carrollton, TX 75006 United States |  | (4)(5)(10) |  | SOFR + 5.50% |  | 9.82% |  | 2/13/2024 |  | 2/13/2031 |  |  |  |  |  | 3,417 |  |  | 3,393 |  |  | 3,417 |  | 0.05 | %
Navigator Acquiror, Inc. |  | 311 South Wacker Drive, 64th Floor, Chicago, IL 60606, United States |  | (4)(7)(9) |  | SOFR + 5.50% |  | 9.92% (incl. 4.00% PIK) |  | 7/16/2021 |  | 7/16/2030 |  |  |  |  |  | 259,276 |  |  | 258,228 |  |  | 229,343 |  | 3.67 | %
PPV Intermediate Holdings, LLC |  | 4927 NW Front Ave, Portland, OR 97210 United States |  | (4)(5)(10) |  | SOFR + 5.75% |  | 10.06% |  | 8/31/2022 |  | 8/31/2029 |  |  |  |  |  | 1,972 |  |  | 1,954 |  |  | 1,972 |  | 0.03 | %

49

Table of Contents

Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and S pread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 3/31/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets
First Lien Debt – non-contro lled/ non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Health Care Providers & Services (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
PPV Intermediate Holdings, LLC |  | 4927 NW Front Ave, Portland, OR 97210 United States |  | (4)(5)(7)(10) |  | SOFR + 6.00% |  | 10.31% |  | 9/6/2023 |  | 8/31/2029 |  |  |  | $ |  | 199 |  | $ | 196 |  | $ | 199 |  | 0.00 | %
Smile Doctors, LLC |  | 295 SE Inner Loop Ste 102 Georgetown, TX, 78626-2141 United States |  | (4)(10) |  | SOFR + 5.90% |  | 10.32% |  | 6/9/2023 |  | 12/23/2028 |  |  |  |  |  | 10,720 |  |  | 10,588 |  |  | 10,452 |  | 0.17 | %
Smile Doctors, LLC |  | 295 SE Inner Loop Ste 102 Georgetown, TX, 78626-2141 United States |  | (4)(5)(7)(10) |  | SOFR + 5.90% |  | 10.32% |  | 6/9/2023 |  | 12/23/2028 |  |  |  |  |  | 1,856 |  |  | 1,802 |  |  | 1,771 |  | 0.03 | %
Snoopy Bidco, Inc. |  | 8039 Beach Blvd, Buena Park, CA United States |  | (4)(10) |  | SOFR + 6.00% |  | 10.58% |  | 6/1/2021 |  | 6/1/2028 |  |  |  |  |  | 344,997 |  |  | 341,952 |  |  | 328,610 |  | 5.27 | %
SpecialtyCare, Inc. |  | 111 Radio Circle, Mount Kisco NY 10549 United States |  | (4)(5)(11) |  | SOFR + 5.75% |  | 10.32% |  | 6/18/2021 |  | 6/18/2028 |  |  |  |  |  | 11,828 |  |  | 11,665 |  |  | 11,591 |  | 0.19 | %
SpecialtyCare, Inc. |  | 111 Radio Circle, Mount Kisco NY 10549 United States |  | (4)(5)(7)(8) |  | SOFR + 4.00% |  | 8.44% |  | 6/18/2021 |  | 6/18/2026 |  |  |  |  |  | 440 |  |  | 432 |  |  | 431 |  | 0.01 | %
SpecialtyCare, Inc. |  | 111 Radio Circle, Mount Kisco NY 10549 United States |  | (4)(5)(11) |  | SOFR + 5.75% |  | 10.31% |  | 6/18/2021 |  | 6/18/2028 |  |  |  |  |  | 102 |  |  | 102 |  |  | 100 |  | 0.00 | %
Stepping Stones Healthcare Services, LLC |  | 2586 Trailridge Dr E Suite 100, Lafayette, CO, 80026-3111, United States |  | (4)(10) |  | SOFR + 5.00% |  | 9.30% |  | 12/30/2021 |  | 1/2/2029 |  |  |  |  |  | 2,692 |  |  | 2,665 |  |  | 2,692 |  | 0.04 | %
Stepping Stones Healthcare Services, LLC |  | 2586 Trailridge Dr E Suite 100, Lafayette, CO, 80026-3111, United States |  | (4)(5)(7)(10) |  | SOFR + 5.00% |  | 9.30% |  | 4/25/2024 |  | 1/2/2029 |  |  |  |  |  | 204 |  |  | 196 |  |  | 200 |  | 0.00 | %
The Fertility Partners, Inc. |  | 21 St. Clair East, Suite 900, Toronto, ON M4T 1L9 Canada |  | (4)(5)(6)(10) |  | SOFR + 5.75% |  | 10.19% |  | 3/16/2022 |  | 3/16/2028 |  |  |  |  |  | 5,145 |  |  | 5,097 |  |  | 4,836 |  | 0.08 | %
The Fertility Partners, Inc. |  | 21 St. Clair East, Suite 900, Toronto, ON M4T 1L9 Canada |  | (4)(5)(6)(10) |  | CA + 5.75% |  | 8.78% |  | 3/16/2022 |  | 3/16/2028 |  |  |  | CAD |  | 4,875 |  |  | 3,786 |  |  | 3,184 |  | 0.05 | %
The Fertility Partners, Inc. |  | 21 St. Clair East, Suite 900, Toronto, ON M4T 1L9 Canada |  | (4)(5)(6)(7)(10) |  | CA + 5.75% |  | 8.78% |  | 3/16/2022 |  | 9/16/2027 |  |  |  | CAD |  | 104 |  |  | 59 |  |  | 58 |  | 0.00 | %

50

Table of Contents

Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and S pread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 3/31/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets
First Lien Debt – non-contro lled/ non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Health Care Providers & Services (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
UMP Holdings, LLC |  | 5669 Peachtree Dunwoody Rd Suite 350, Atlanta, GA 30342 United States |  | (4)(5)(10) |  | SOFR + 5.75% |  | 10.05% |  | 7/15/2022 |  | 7/15/2028 |  |  |  | $ |  | 1,081 |  | $ | 1,070 |  | $ | 1,073 |  | 0.02 | %
UMP Holdings, LLC |  | 5669 Peachtree Dunwoody Rd Suite 350, Atlanta, GA 30342 United States |  | (4)(5)(10) |  | SOFR + 5.75% |  | 10.04% |  | 7/15/2022 |  | 7/15/2028 |  |  |  |  |  | 1,484 |  |  | 1,469 |  |  | 1,473 |  | 0.02 | %
Unified Women’s Healthcare LP |  | 1501 Yamato Road Suite 200 W, Boca Raton, FL 33431, United States |  | (4)(5)(9) |  | SOFR + 5.25% |  | 9.55% |  | 6/16/2022 |  | 6/18/2029 |  |  |  |  |  | 2,076 |  |  | 2,076 |  |  | 2,076 |  | 0.03 | %
Unified Women’s Healthcare LP |  | 1501 Yamato Road Suite 200 W, Boca Raton, FL 33431, United States |  | (4)(5)(7)(9) |  | SOFR + 5.25% |  | 9.57% |  | 3/22/2024 |  | 6/18/2029 |  |  |  |  |  | 39,503 |  |  | 39,149 |  |  | 39,398 |  | 0.63 | %
US Oral Surgery Management Holdco, LLC |  | 201 E. John Carpenter Freeway Suite 660 Irving, TX 75062 United States |  | (4)(10) |  | SOFR + 5.25% |  | 9.68% |  | 11/18/2021 |  | 11/20/2028 |  |  |  |  |  | 37,021 |  |  | 36,694 |  |  | 37,021 |  | 0.59 | %
US Oral Surgery Management Holdco, LLC |  | 201 E. John Carpenter Freeway Suite 660 Irving, TX 75062 United States |  | (4)(10) |  | SOFR + 5.25% |  | 9.66% |  | 11/18/2021 |  | 11/20/2028 |  |  |  |  |  | 15,616 |  |  | 15,525 |  |  | 15,616 |  | 0.25 | %
US Oral Surgery Management Holdco, LLC |  | 201 E. John Carpenter Freeway Suite 660 Irving, TX 75062 United States |  | (4)(7)(10) |  | SOFR + 6.00% |  | 10.52% |  | 8/16/2023 |  | 11/20/2028 |  |  |  |  |  | 30,530 |  |  | 30,067 |  |  | 30,197 |  | 0.48 | %
US Oral Surgery Management Holdco, LLC |  | 201 E. John Carpenter Freeway Suite 660 Irving, TX 75062 United States |  | (4)(5)(10) |  | SOFR + 5.25% |  | 9.65% |  | 12/5/2022 |  | 11/20/2028 |  |  |  |  |  | 83 |  |  | 83 |  |  | 83 |  | 0.00 | %
WHCG Purchaser III Inc |  | 251 Little Falls Drive, Wilmington, DE 19808 United States |  | (4)(5)(7)(10) |  | SOFR + 6.50% |  | 10.83% (incl. 5.40% PIK) |  | 8/2/2024 |  | 6/30/2029 |  |  |  |  |  | 20,191 |  |  | 20,191 |  |  | 20,191 |  | 0.32 | %
WHCG Purchaser III Inc |  | 251 Little Falls Drive, Wilmington, DE 19808 United States |  | (4)(5)(10)(17) |  | 10.00% |  | 10.00% PIK |  | 8/2/2024 |  | 6/30/2030 |  |  |  |  |  | 16,144 |  |  | 6,354 |  |  | 6,458 |  | 0.10 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,267,004 |  |  | 1,208,551 |  | 19.31 | %

51

Table of Contents

Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and S pread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 3/31/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets
First Lien Debt – non-contro lled/ non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Health Care Technology |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Brilliance Technologies, Inc. |  | 430 0 Alpha Rd., Suite 200 Dallas, TX 75244 United States |  | (4)(5)(7)(9) |  | SOFR + 4.50% |  | 8.82% |  | 3/11/2025 |  | 3/11/2032 |  |  |  | $ |  | 1,500 |  | $ | 1,478 |  | $ | 1,482 |  | 0.02 | %
Caerus US 1, Inc. |  | 450 Lexington Ave, C/O Warburg Pincus LLC; New York; 10017 United States |  | (4)(5)(6)(10) |  | SOFR + 5.00% |  | 9.30% |  | 5/25/2022 |  | 5/25/2029 |  |  |  |  |  | 11,257 |  |  | 11,124 |  |  | 11,257 |  | 0.18 | %
Caerus US 1, Inc. |  | 450 Lexington Ave, C/O Warburg Pincus LLC; New York; 10017 United States |  | (4)(5)(6)(10) |  | SOFR + 5.00% |  | 9.30% |  | 10/28/2022 |  | 5/25/2029 |  |  |  |  |  | 2,170 |  |  | 2,143 |  |  | 2,170 |  | 0.03 | %
Caerus US 1, Inc. |  | 450 Lexington Ave, C/O Warburg Pincus LLC; New York; 10017 United States |  | (4)(5)(6)(10) |  | SOFR + 5.00% |  | 9.46% |  | 10/28/2022 |  | 5/25/2029 |  |  |  |  |  | 318 |  |  | 314 |  |  | 318 |  | 0.01 | %
Caerus US 1, Inc. |  | 450 Lexington Ave, C/O Warburg Pincus LLC; New York; 10017 United States |  | (4)(6)(10) |  | SOFR + 5.00% |  | 9.30% |  | 3/27/2024 |  | 5/25/2029 |  |  |  |  |  | 49,650 |  |  | 49,650 |  |  | 49,650 |  | 0.80 | %
Caerus US 1, Inc. |  | 450 Lexington Ave, C/O Warburg Pincus LLC; New York; 10017 United States |  | (4)(5)(6)(7)(10) |  | SOFR + 5.00% |  | 9.33% |  | 5/25/2022 |  | 5/25/2029 |  |  |  |  |  | 32 |  |  | 16 |  |  | 32 |  | 0.00 | %
Color Intermediate, LLC |  | 3055 Lebanon Pike Suite 1000 Nashville, TN 37214 United States |  | (4)(10) |  | SOFR + 4.75% |  | 9.15% |  | 7/2/2024 |  | 10/1/2029 |  |  |  |  |  | 19,908 |  |  | 19,585 |  |  | 19,908 |  | 0.32 | %
Continental Buyer, Inc. |  | 1 Eden Parkway, La Grange, KY 40031 United States |  | (4)(5)(7)(10) |  | SOFR + 4.50% |  | 8.82% |  | 4/2/2024 |  | 4/2/2031 |  |  |  |  |  | 25,654 |  |  | 25,285 |  |  | 25,603 |  | 0.41 | %
CT Technologies Intermediate Holdings, Inc. |  | 2222 W. Dunlap Avenue, Suite 250, Phoenix, AZ 85021, United States |  | (4)(7)(10) |  | SOFR + 5.00% |  | 9.32% |  | 8/30/2024 |  | 8/30/2031 |  |  |  |  |  | 28,208 |  |  | 27,927 |  |  | 28,184 |  | 0.45 | %
eResearch Technology, Inc. |  | 1818 Market Street, Suite 2600 Philadelphia, PA 19103 |  | (4)(10) |  | SOFR + 4.75% |  | 9.07% |  | 1/15/2025 |  | 1/19/2032 |  |  |  |  |  | 154,814 |  |  | 153,311 |  |  | 153,266 |  | 2.46 | %
eResearch Technology, Inc. |  | 1818 Market Street, Suite 2600 Philadelphia, PA 19103 |  | (4)(5)(7)(10) |  | SOFR + 4.75% |  | 9.07% |  | 1/15/2025 |  | 1/19/2032 |  |  |  |  |  | 1,461 |  |  | 1,045 |  |  | 1,033 |  | 0.02 | %
GI Ranger Intermediate, LLC |  | 188 The Embarcadero Suite 700 San Francisco, CA 94105 United States |  | (4)(7)(10) |  | SOFR + 5.75% |  | 10.17% |  | 10/29/2021 |  | 10/29/2028 |  |  |  |  |  | 16,259 |  |  | 16,096 |  |  | 16,259 |  | 0.26 | %

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Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and S pread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 3/31/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets
First Lien Debt – non-contro lled/ non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Health Care Technology (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcomp Holding Company, LLC |  | 621 Santa Fe Ave. Fresno, CA 93721 United States |  | (4)(10) |  | SOFR + 6.25% |  | 10.55% (incl. 3.00% PIK) |  | 11/8/2023 |  | 11/8/2029 |  |  |  | $ |  | 101,371 |  | $ | 100,614 |  | $ | 101,371 |  | 1.62 | %
Kona Buyer, LLC |  | 201 West Saint John Street, Spartanburg, SC, 29306, United States |  | (4)(5)(7)(10) |  | SOFR + 4.50% |  | 8.79% |  | 7/23/2024 |  | 7/23/2031 |  |  |  |  |  | 61 |  |  | 57 |  |  | 59 |  | 0.00 | %
Kona Buyer, LLC |  | 201 West Saint John Street, Spartanburg, SC, 29306, United States |  | (4)(5)(10) |  | SOFR + 4.50% |  | 8.79% |  | 7/23/2024 |  | 7/23/2031 |  |  |  |  |  | 1,042 |  |  | 1,033 |  |  | 1,037 |  | 0.02 | %
Magic Bidco Inc |  | 5th Floor 25 Farringdon Street London EC4A 4AB, United Kingdom |  | (4)(10) |  | SOFR + 5.75% |  | 10.05% |  | 7/1/2024 |  | 7/1/2030 |  |  |  |  |  | 20,059 |  |  | 19,620 |  |  | 19,859 |  | 0.32 | %
Magic Bidco Inc |  | 5th Floor 25 Farringdon Street London EC4A 4AB, United Kingdom |  | (4)(5)(7)(10) |  | SOFR + 5.75% |  | 10.05% |  | 7/1/2024 |  | 7/1/2030 |  |  |  |  |  | 2,812 |  |  | 2,731 |  |  | 2,775 |  | 0.04 | %
Magic Bidco Inc |  | 5th Floor 25 Farringdon Street London EC4A 4AB, United Kingdom |  | (4)(5)(7)(10) |  | SOFR + 5.75% |  | 10.05% |  | 7/1/2024 |  | 7/1/2030 |  |  |  |  |  | 820 |  |  | 751 |  |  | 723 |  | 0.01 | %
Neptune Holdings, Inc. |  | 4221 W Boy Scout Blvd, Suite 350, Tampa, FL 33607 United States |  | (4)(7)(10) |  | SOFR + 4.50% |  | 8.80% |  | 12/12/2024 |  | 8/31/2030 |  |  |  |  |  | 6,913 |  |  | 6,762 |  |  | 6,889 |  | 0.11 | %
Netsmart Technologies Inc |  | 11100 Nall Avenue, Overland Park KS 66211 United States |  | (4)(7)(10) |  | SOFR + 4.95% |  | 9.27% (incl. 2.45% PIK) |  | 8/23/2024 |  | 8/23/2031 |  |  |  |  |  | 33,034 |  |  | 32,677 |  |  | 33,012 |  | 0.53 | %
NMC Crimson Holdings, Inc. |  | 1050 Winter Street, Suite 2700 Waltham, MA 02451 United States |  | (4)(10) |  | SOFR + 6.09% |  | 10.55% |  | 3/1/2021 |  | 3/1/2028 |  |  |  |  |  | 71,173 |  |  | 70,284 |  |  | 71,173 |  | 1.14 | %
NMC Crimson Holdings, Inc. |  | 1050 Winter Street, Suite 2700 Waltham, MA 02451 United States |  | (4)(10) |  | SOFR + 6.09% |  | 10.56% |  | 3/1/2021 |  | 3/1/2028 |  |  |  |  |  | 14,758 |  |  | 14,652 |  |  | 14,758 |  | 0.24 | %
Project Ruby Ultimate Parent Corp |  | 11711 West 79th Street Lenexa, Kansas 62214 United States |  | (8) |  | SOFR + 3.00% |  | 7.44% |  | 11/20/2024 |  | 3/10/2028 |  |  |  |  |  | 8,289 |  |  | 8,290 |  |  | 8,274 |  | 0.13 | %

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Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and S pread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 3/31/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets
First Lien Debt – non-contro lled/ non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Health Care Technology (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rocky MRA Acquisition Corp |  | 541 Buttermilk Pike, Suite 401, Crescent Springs, KY 41017 United States |  | (4)(9) |  | SOFR + 5.75% |  | 10.15% |  | 4/1/2022 |  | 4/1/2028 |  |  |  | $ |  | 9,253 |  | $ | 9,170 |  | $ | 9,253 |  | 0.15 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 574,615 |  |  | 578,345 |  | 9.27 | %
Insurance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Alera Group, Inc. |  | 3 Parkway North, Suite 500, Deerfield, IL 60015, United States |  | (4)(10) |  | SOFR + 5.25% |  | 9.57% |  | 9/30/2021 |  | 10/2/2028 |  |  |  |  |  | 3,619 |  |  | 3,601 |  |  | 3,619 |  | 0.06 | %
Alera Group, Inc. |  | 3 Parkway North, Suite 500, Deerfield, IL 60015, United States |  | (4)(5)(10) |  | SOFR + 5.75% |  | 10.07% |  | 11/17/2023 |  | 10/2/2028 |  |  |  |  |  | 1,283 |  |  | 1,279 |  |  | 1,283 |  | 0.02 | %
Amerilife Holdings, LLC |  | 2650 McCormick Dr, Clearwater, FL 33759 United States |  | (4)(7)(10) |  | SOFR + 5.00% |  | 9.26% |  | 6/17/2024 |  | 8/31/2029 |  |  |  |  |  | 97,112 |  |  | 96,538 |  |  | 97,033 |  | 1.55 | %
Amerilife Holdings, LLC |  | 2650 McCormick Dr, Clearwater, FL 33759 United States |  | (4)(5)(7)(10) |  | SOFR + 5.00% |  | 9.26% |  | 6/17/2024 |  | 8/31/2029 |  |  |  |  |  | 320 |  |  | 238 |  |  | 318 |  | 0.01 | %
CFCo, LLC (Benefytt Technologies, Inc.) |  | 15438 North Florida Avenue, Suite 201, Tampa, FL 33613, United States |  | (4)(5)(8)(17)(18) |  | 0.00% |  | 0.00% |  | 9/11/2023 |  | 9/13/2038 |  |  |  |  |  | 9,566 |  |  | 1,397 |  |  | 0 |  | 0.00 | %
Daylight Beta Parent, LLC (Benefytt Technologies, Inc.) |  | 15438 North Florida Avenue, Suite 201, Tampa, FL 33613, United States |  | (4)(5)(8)(17)(18) |  | 10.00% |  | 10.00% PIK |  | 9/11/2023 |  | 9/12/2033 |  |  |  |  |  | 6,246 |  |  | 5,559 |  |  | 1,453 |  | 0.02 | %
Foundation Risk Partners Corp. |  | 1540 Cornerstone Blvd #230, Daytona Beach, FL 32117, United States |  | (4)(10) |  | SOFR + 5.00% |  | 9.30% |  | 10/29/2021 |  | 10/29/2030 |  |  |  |  |  | 14,398 |  |  | 14,296 |  |  | 14,398 |  | 0.23 | %
Foundation Risk Partners Corp. |  | 1540 Cornerstone Blvd #230, Daytona Beach, FL 32117, United States |  | (4)(10) |  | SOFR + 5.00% |  | 9.30% |  | 10/29/2021 |  | 10/29/2030 |  |  |  |  |  | 4,772 |  |  | 4,728 |  |  | 4,772 |  | 0.08 | %
Foundation Risk Partners Corp. |  | 1540 Cornerstone Blvd #230, Daytona Beach, FL 32117, United States |  | (4)(10) |  | SOFR + 5.00% |  | 9.30% |  | 11/17/2023 |  | 10/29/2030 |  |  |  |  |  | 6,874 |  |  | 6,764 |  |  | 6,874 |  | 0.11 | %
Foundation Risk Partners Corp. |  | 1540 Cornerstone Blvd #230, Daytona Beach, FL 32117, United States |  | (4)(5)(7)(10) |  | SOFR + 5.00% |  | 9.30% |  | 5/21/2024 |  | 10/29/2030 |  |  |  |  |  | 3,591 |  |  | 3,503 |  |  | 3,504 |  | 0.06 | %

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Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and S pread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 3/31/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets
First Lien Debt – non-contro lled/ non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Galway Borrower, LLC |  | 1 California Street, Suite 400, San Francisco, CA 94111 United States |  | (4)(5)(10) |  | SOFR + 4.50% |  | 8.80% |  | 9/30/2021 |  | 9/29/2028 |  |  |  | $ |  | 14,746 |  | $ | 14,663 |  | $ | 14,746 |  | 0.24 | %
Galway Borrower, LLC |  | 1 California Street, Suite 400, San Francisco, CA 94111 United States |  | (4)(5)(7)(10) |  | SOFR + 4.50% |  | 8.80% |  | 9/30/2021 |  | 9/29/2028 |  |  |  |  |  | 3,049 |  |  | 2,975 |  |  | 3,049 |  | 0.05 | %
Galway Borrower, LLC |  | 1 California Street, Suite 400, San Francisco, CA 94111 United States |  | (4)(5)(7)(10) |  | SOFR + 4.50% |  | 8.80% |  | 2/7/2024 |  | 9/29/2028 |  |  |  |  |  | 3,002 |  |  | 2,802 |  |  | 2,736 |  | 0.04 | %
Gimlet Bidco GmbH |  | Fischertwiete 1, Chilehaus B, 20095 Hamburg, Germany |  | (4)(6)(8) |  | E + 5.75% |  | 8.36% |  | 4/15/2024 |  | 4/23/2031 |  |  |  | EUR |  | 30,620 |  |  | 31,912 |  |  | 32,779 |  | 0.53 | %
Gimlet Bidco GmbH |  | Fischertwiete 1, Chilehaus B, 20095 Hamburg, Germany |  | (4)(6)(7)(8) |  | E + 5.75% |  | 8.36% |  | 4/15/2024 |  | 4/23/2031 |  |  |  | EUR |  | 5,655 |  |  | 5,843 |  |  | 5,980 |  | 0.10 | %
Higginbotham Insurance Agency, Inc. |  | 500 W 13th St, Fort Worth, Texas 76102, United States |  | (4)(5)(6)(11) |  | SOFR + 4.50% |  | 8.83% |  | 7/3/2024 |  | 11/25/2028 |  |  |  |  |  | 4,963 |  |  | 4,958 |  |  | 4,963 |  | 0.08 | %
High Street Buyer, Inc. |  | 600 Unicorn Park Drive, Suite 208, Woburn, MA 01801 United States |  | (4)(10) |  | SOFR + 5.25% |  | 9.55% |  | 4/16/2021 |  | 4/14/2028 |  |  |  |  |  | 10,306 |  |  | 10,217 |  |  | 10,306 |  | 0.17 | %
High Street Buyer, Inc. |  | 600 Unicorn Park Drive, Suite 208, Woburn, MA 01801 United States |  | (4)(7)(10) |  | SOFR + 5.25% |  | 9.55% |  | 4/16/2021 |  | 4/14/2028 |  |  |  |  |  | 70,983 |  |  | 70,353 |  |  | 70,938 |  | 1.14 | %
High Street Buyer, Inc. |  | 600 Unicorn Park Drive, Suite 208, Woburn, MA 01801 United States |  | (4)(7)(10) |  | SOFR + 5.25% |  | 9.57% |  | 1/2/2025 |  | 4/14/2028 |  |  |  |  |  | 3,772 |  |  | 3,588 |  |  | 3,600 |  | 0.06 | %
Integrity Marketing Acquisition LLC |  | 2300 Highland Village Suite 300 Highland Village, TX 75077 United States |  | (4)(7)(10) |  | SOFR + 5.00% |  | 9.31% |  | 8/27/2024 |  | 8/25/2028 |  |  |  |  |  | 152,193 |  |  | 151,308 |  |  | 152,150 |  | 2.44 | %
Paisley Bidco Ltd |  | 1 Minster Court, Mincing Lane, London, EC3R 7AA |  | (4)(5)(6)(8) |  | S + 4.75% |  | 9.21% |  | 4/17/2024 |  | 4/18/2031 |  |  |  | GBP |  | 6,450 |  |  | 7,989 |  |  | 8,248 |  | 0.13 | %
Paisley Bidco Ltd |  | 1 Minster Court, Mincing Lane, London, EC3R 7AA |  | (4)(5)(6)(8) |  | E + 4.75% |  | 7.36% |  | 4/17/2024 |  | 4/18/2031 |  |  |  | EUR |  | 3,420 |  |  | 3,633 |  |  | 3,661 |  | 0.06 | %

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Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and S pread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 3/31/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets
First Lien Debt – non-contro lled/ non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Paisley Bidco Ltd |  | 1 Minster Court, Mincing Lane, London, EC3R 7AA |  | (4)(5)(6)(8) |  | E + 4.75% |  | 7.50% |  | 4/17/2024 |  | 4/18/2031 |  |  |  | EUR |  | 3,016 |  | $ | 3,109 |  | $ | 3,229 |  | 0.05 | %
Patriot Growth Insurance Services, LLC. |  | 5704 Binbranch Ln McKinney, TX, 75071-8475 United States |  | (4)(5)(10) |  | SOFR + 5.00% |  | 9.45% |  | 10/14/2021 |  | 10/16/2028 |  |  |  |  |  | 4,532 |  |  | 4,500 |  |  | 4,532 |  | 0.07 | %
Patriot Growth Insurance Services, LLC. |  | 5704 Binbranch Ln McKinney, TX, 75071-8475 United States |  | (4)(5)(7)(10) |  | SOFR + 5.00% |  | 9.30% |  | 11/17/2023 |  | 10/16/2028 |  |  |  |  |  | 3,023 |  |  | 2,992 |  |  | 2,974 |  | 0.05 | %
Patriot Growth Insurance Services, LLC. |  | 5704 Binbranch Ln McKinney, TX, 75071-8475 United States |  | (4)(5)(7)(10) |  | SOFR + 5.00% |  | 9.42% |  | 10/14/2021 |  | 10/16/2028 |  |  |  |  |  | 235 |  |  | 229 |  |  | 225 |  | 0.00 | %
SelectQuote Inc. |  | 6800 West 115th Street Suite 2511 Overland Park KS 66211 United States |  | (4)(5)(6)(20) |  | SOFR + 9.50% |  | 13.92% (incl. 3.00% PIK) |  | 10/15/2024 |  | 9/30/2027 |  |  |  |  |  | 34,201 |  |  | 34,162 |  |  | 32,833 |  | 0.53 | %
SG Acquisition, Inc. |  | 2635 Century Parkway Northeast Suite 900 Atlanta GA 30345 United States |  | (4)(7)(10) |  | SOFR + 4.75% |  | 9.06% |  | 4/3/2024 |  | 4/3/2030 |  |  |  |  |  | 130,811 |  |  | 129,764 |  |  | 130,811 |  | 2.10 | %
Shelf Bidco Ltd |  | 2 Church Street, Hamilton HM 11, Bermuda |  | (4)(6)(10)(18) |  | SOFR + 5.18% |  | 9.48% |  | 10/17/2024 |  | 10/17/2031 |  |  |  |  |  | 149,506 |  |  | 148,805 |  |  | 149,506 |  | 2.40 | %
Simplicity Financial Marketing Group Holdings Inc |  | 86 Summit Ave, Suite 303, Summit, NJ 07901 United States |  | (4)(5)(6)(7)(10) |  | SOFR + 5.00% |  | 9.28% |  | 12/31/2024 |  | 12/31/2031 |  |  |  |  |  | 8,411 |  |  | 8,312 |  |  | 8,309 |  | 0.13 | %
Sparta UK Bidco Ltd |  | One America Square, 17 Crosswall, London, EC3N 2LB, United Kingdom |  | (4)(5)(6)(7)(8) |  | S + 6.00% |  | 10.46% |  | 9/25/2024 |  | 9/25/2031 |  |  |  | GBP |  | 17,263 |  |  | 22,729 |  |  | 22,300 |  | 0.36 | %
SQ ABS Issuer LLC |  | 6800 West 115th Street Suite 2511 Overland Park KS 66211 United States |  | (4)(5)(6)(8) |  | 7.80% |  | 7.80% |  | 10/11/2024 |  | 10/20/2039 |  |  |  |  |  | 5,717 |  |  | 5,673 |  |  | 5,689 |  | 0.09 | %
Tennessee Bidco Limited |  | 33920 US Highway 19, North Suite 151, Palm, Stoke On Trent, ST4 9DN, United Kingdom |  | (4)(6)(8) |  | SOFR + 5.25% |  | 9.51% (incl. 2.00% PIK) |  | 7/1/2024 |  | 7/1/2031 |  |  |  |  |  | 90,453 |  |  | 88,674 |  |  | 90,453 |  | 1.45 | %
Tennessee Bidco Limited |  | 33920 US Highway 19, North Suite 151, Palm, Stoke On Trent, ST4 9DN, United Kingdom |  | (4)(5)(6)(8) |  | SOFR + 5.25% |  | 9.51% (incl. 2.00% PIK) |  | 7/1/2024 |  | 7/1/2031 |  |  |  |  |  | 5,690 |  |  | 5,663 |  |  | 5,690 |  | 0.09 | %

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Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and S pread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 3/31/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets
First Lien Debt – non-contro lled/ non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Tennessee Bidco Limited |  | 33920 US Highway 19, North Suite 151, Palm, Stoke On Trent, ST4 9DN, United Kingdom |  | (4)(5)(6)(8) |  | S + 5.25% |  | 9.95% (incl. 2.00% PIK) |  | 7/1/2024 |  | 7/1/2031 |  |  |  | GBP |  | 45,374 |  | $ | 61,218 |  | $ | 58,612 |  | 0.94 | %
Tennessee Bidco Limited |  | 33920 US Highway 19, North Suite 151, Palm, Stoke On Trent, ST4 9DN, United Kingdom |  | (4)(5)(6)(7)(8) |  | S + 5.25% |  | 9.70% (incl. 2.00% PIK) |  | 7/1/2024 |  | 7/1/2031 |  |  |  | GBP |  | 2,608 |  |  | 3,392 |  |  | 3,250 |  | 0.05 | %
Tennessee Bidco Limited |  | 33920 US Highway 19, North Suite 151, Palm, Stoke On Trent, ST4 9DN, United Kingdom |  | (4)(5)(6)(8) |  | E + 5.25% |  | 7.81% (incl. 2.00% PIK) |  | 7/1/2024 |  | 7/1/2031 |  |  |  | EUR |  | 1,897 |  |  | 1,983 |  |  | 2,051 |  | 0.03 | %
Tennessee Bidco Limited |  | 33920 US Highway 19, North Suite 151, Palm, Stoke On Trent, ST4 9DN, United Kingdom |  | (4)(5)(6)(8) |  | E + 5.25% |  | 7.81% (incl. 2.00% PIK) |  | 7/1/2024 |  | 7/1/2031 |  |  |  | EUR |  | 1,674 |  |  | 1,753 |  |  | 1,810 |  | 0.03 | %
THG Acquisition LLC |  | 6802 Paragon Place, Suite 200, Richmond, Virginia 23230 United States |  | (4)(5)(10) |  | SOFR + 4.75% |  | 9.07% |  | 10/31/2024 |  | 10/31/2031 |  |  |  |  |  | 11,653 |  |  | 11,543 |  |  | 11,653 |  | 0.19 | %
THG Acquisition LLC |  | 6802 Paragon Place, Suite 200, Richmond, Virginia 23230 United States |  | (4)(7)(10) |  | SOFR + 4.75% |  | 9.07% |  | 10/31/2024 |  | 10/31/2031 |  |  |  |  |  | 105 |  |  | 81 |  |  | 92 |  | 0.00 | %
World Insurance Associates, LLC |  | 100 Wood Ave South, 4th Floor, Iselin, NJ 08830 United States |  | (4)(11) |  | SOFR + 5.00% |  | 9.30% |  | 10/20/2023 |  | 4/3/2030 |  |  |  |  |  | 34,650 |  |  | 34,182 |  |  | 34,650 |  | 0.56 | %
World Insurance Associates, LLC |  | 100 Wood Ave South, 4th Floor, Iselin, NJ 08830 United States |  | (4)(5)(11) |  | SOFR + 5.00% |  | 9.30% |  | 10/20/2023 |  | 4/3/2030 |  |  |  |  |  | 33,283 |  |  | 32,896 |  |  | 33,283 |  | 0.53 | %
World Insurance Associates, LLC |  | 100 Wood Ave South, 4th Floor, Iselin, NJ 08830 United States |  | (4)(7)(11) |  | SOFR + 5.00% |  | 9.30% |  | 10/20/2023 |  | 4/3/2030 |  |  |  |  |  | 3,830 |  |  | 3,514 |  |  | 3,564 |  | 0.06 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,053,318 |  |  | 1,051,926 |  | 16.89 | %

57

Table of Contents

Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and S pread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 3/31/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets
First Lien Debt – non-contro lled/ non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interactive Media & Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
North Haven Ushc Acquisition Inc |  | 1301 Virginia Drive, Suite 300, Fort Washington, PA 19038, United States |  | (4)(7)(11) |  | SOFR + 5.00% |  | 9.40% |  | 8/28/2024 |  | 10/30/2027 |  |  |  | $ |  | 1,849 |  | $ | 1,813 |  | $ | 1,827 |  | 0.03 | %
North Haven Ushc Acquisition Inc |  | 1301 Virginia Drive, Suite 300, Fort Washington, PA 19038, United States |  | (4)(5)(11) |  | SOFR + 5.00% |  | 9.40% |  | 8/28/2024 |  | 10/30/2027 |  |  |  |  |  | 2,199 |  |  | 2,172 |  |  | 2,182 |  | 0.03 | %
North Haven Ushc Acquisition Inc |  | 1301 Virginia Drive, Suite 300, Fort Washington, PA 19038, United States |  | (4)(5)(11) |  | SOFR + 5.00% |  | 9.40% |  | 8/28/2024 |  | 10/30/2027 |  |  |  |  |  | 1,287 |  |  | 1,272 |  |  | 1,278 |  | 0.02 | %
North Haven Ushc Acquisition Inc |  | 1301 Virginia Drive, Suite 300, Fort Washington, PA 19038, United States |  | (4)(5)(11) |  | SOFR + 5.00% |  | 9.39% |  | 8/28/2024 |  | 10/30/2027 |  |  |  |  |  | 548 |  |  | 541 |  |  | 544 |  | 0.01 | %
North Haven Ushc Acquisition Inc |  | 1301 Virginia Drive, Suite 300, Fort Washington, PA 19038, United States |  | (4)(5)(7)(11) |  | SOFR + 5.00% |  | 9.40% |  | 8/28/2024 |  | 10/30/2027 |  |  |  |  |  | 791 |  |  | 754 |  |  | 751 |  | 0.01 | %
North Haven Ushc Acquisition Inc |  | 1301 Virginia Drive, Suite 300, Fort Washington, PA 19038, United States |  | (4)(5)(11) |  | SOFR + 5.00% |  | 9.40% |  | 8/28/2024 |  | 10/30/2027 |  |  |  |  |  | 637 |  |  | 629 |  |  | 632 |  | 0.01 | %
North Haven Ushc Acquisition Inc |  | 1301 Virginia Drive, Suite 300, Fort Washington, PA 19038, United States |  | (4)(5)(11) |  | SOFR + 5.00% |  | 9.40% |  | 8/28/2024 |  | 10/30/2027 |  |  |  |  |  | 3,922 |  |  | 3,874 |  |  | 3,893 |  | 0.06 | %
Speedster Bidco GmbH |  | Bothestraße 11-15, 81675 München, Germany |  | (6)(7)(8) |  | E + 2.50% |  | 5.66% |  | 10/17/2024 |  | 12/10/2031 |  |  |  | EUR |  | 11,009 |  |  | 11,655 |  |  | 11,926 |  | 0.19 | %
Speedster Bidco GmbH |  | Bothestraße 11-15, 81675 München, Germany |  | (6)(9) |  | SOFR + 3.25% |  | 7.55% |  | 10/17/2024 |  | 12/10/2031 |  |  |  |  |  | 2,830 |  |  | 2,769 |  |  | 2,830 |  | 0.05 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 25,479 |  |  | 25,863 |  | 0.41 | %
IT Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
AI Altius Luxembourg S.à r.l. |  | Suite 1, 3rd Floor, 11-12 St James’s Square, London, SW1Y 4LB United Kingdom |  | (4)(5)(8) |  | 9.75% |  | 9.75% PIK |  | 12/13/2021 |  | 12/21/2029 |  |  |  |  |  | 1,063 |  |  | 1,051 |  |  | 1,056 |  | 0.02 | %
AI Altius US Bidco, Inc. |  | 9350 South Dixie Highway, Suite 950. Miami, FL 33156 United States |  | (4)(7)(10) |  | SOFR + 4.75% |  | 9.03% |  | 5/21/2024 |  | 12/21/2028 |  |  |  |  |  | 7,531 |  |  | 7,458 |  |  | 7,531 |  | 0.12 | %

58

Table of Contents

Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and S pread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 3/31/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets
First Lien Debt – non-contro lled/ non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
IT Services (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allium Buyer, LLC |  | 321 Inverness Drive South, Englewood, CO 80112 United States |  | (4)(5)(7)(11) |  | SOFR + 5.00% |  | 9.29% |  | 5/2/2023 |  | 5/2/2030 |  |  |  | $ |  | 1,572 |  | $ | 1,533 |  | $ | 1,565 |  | 0.03 | %
Cassipoée SASU |  | 199, Bureaux de la Colline, 92210 Saint-Cloud, France |  | (4)(5)(6)(8) |  | E + 4.50% |  | 6.98% |  | 2/26/2025 |  | 2/26/2032 |  |  |  | EUR |  | 160 |  |  | 164 |  |  | 170 |  | 0.00 | %
Fern Bidco Ltd |  | Focus House, Shoreham-by-Sea BN43 6PA, United Kingdom |  | (4)(5)(6)(8) |  | S + 5.25% |  | 9.71% |  | 7/1/2024 |  | 7/3/2031 |  |  |  | GBP |  | 20,317 |  |  | 25,225 |  |  | 25,786 |  | 0.41 | %
Fern Bidco Ltd |  | Focus House, Shoreham-by-Sea BN43 6PA, United Kingdom |  | (4)(5)(6)(7)(8) |  | S + 5.25% |  | 9.71% |  | 7/1/2024 |  | 7/3/2031 |  |  |  | GBP |  | 2,222 |  |  | 2,670 |  |  | 2,641 |  | 0.04 | %
Infostretch Corporation |  | 28411 Northwestern Highway, Suite 640, Southfield, MI, 48034, United States |  | (4)(5)(10) |  | SOFR + 5.75% |  | 10.20% |  | 4/1/2022 |  | 4/1/2028 |  |  |  |  |  | 4,863 |  |  | 4,814 |  |  | 4,522 |  | 0.07 | %
Inovalon Holdings, Inc. |  | 4321 Collington Rd, Bowie, MD 20716, United States |  | (4)(10) |  | SOFR + 5.75% |  | 10.31% |  | 11/24/2021 |  | 11/24/2028 |  |  |  |  |  | 112,568 |  |  | 111,220 |  |  | 112,568 |  | 1.80 | %
Inovalon Holdings, Inc. |  | 4321 Collington Rd, Bowie, MD 20716, United States |  | (4)(10) |  | SOFR + 5.75% |  | 10.31% |  | 11/24/2021 |  | 11/24/2028 |  |  |  |  |  | 8,180 |  |  | 8,073 |  |  | 8,180 |  | 0.13 | %
KEN Bidco Ltd |  | 10-14 White Lion St, London N1 9PD, United Kingdom |  | (4)(5)(6)(10) |  | S + 6.00% |  | 10.57% (incl. 2.50% PIK) |  | 5/3/2024 |  | 8/3/2028 |  |  |  | GBP |  | 9,417 |  |  | 11,548 |  |  | 11,799 |  | 0.19 | %
Monterey Financing, S.à r.l. |  | 41 Boulevard Du Prince Henri, L-1724, Luxembourg |  | (4)(5)(6)(8) |  | ST + 6.00% |  | 8.35% |  | 9/28/2022 |  | 9/28/2029 |  |  |  | SEK |  | 2,090 |  |  | 185 |  |  | 208 |  | 0.00 | %
Monterey Financing, S.à r.l. |  | 41 Boulevard Du Prince Henri, L-1724, Luxembourg |  | (4)(5)(6)(8) |  | E + 6.00% |  | 8.36% |  | 9/28/2022 |  | 9/28/2029 |  |  |  | EUR |  | 952 |  |  | 914 |  |  | 1,030 |  | 0.02 | %
Monterey Financing, S.à r.l. |  | 41 Boulevard Du Prince Henri, L-1724, Luxembourg |  | (4)(5)(6)(8) |  | CI + 6.00% |  | 8.31% |  | 9/28/2022 |  | 9/28/2029 |  |  |  | DKK |  | 4,819 |  |  | 623 |  |  | 698 |  | 0.01 | %
Monterey Financing, S.à r.l. |  | 41 Boulevard Du Prince Henri, L-1724, Luxembourg |  | (4)(5)(6)(9) |  | N + 6.00% |  | 10.56% |  | 9/28/2022 |  | 9/28/2029 |  |  |  | NOK |  | 5,149 |  |  | 465 |  |  | 489 |  | 0.01 | %
Nephele III BV |  | Paulus Potterstraat 22 A, 1071 DA Amsterdam |  | (4)(5)(6)(7)(8) |  | E + 5.25% |  | 7.61% |  | 3/31/2025 |  | 1/14/2032 |  |  |  | EUR |  | 293 |  |  | 312 |  |  | 312 |  | 0.00 | %

59

Table of Contents

Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and S pread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 3/31/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets
First Lien Debt – non-contro lled/ non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
IT Services (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Park Place Technologies, LLC |  | 5910 Landerbrook Drive, Mayfield Heights, OH 44124 United States |  | (4)(10) |  | SOFR + 5.25% |  | 9.54% |  | 3/25/2024 |  | 3/25/2031 |  |  |  | $ |  | 112,970 |  | $ | 112,105 |  | $ | 112,970 |  | 1.81 | %
Park Place Technologies, LLC |  | 5910 Landerbrook Drive, Mayfield Heights, OH 44124 United States |  | (4)(5)(7)(10) |  | SOFR + 5.25% |  | 9.57% |  | 3/25/2024 |  | 3/25/2030 |  |  |  |  |  | 3,109 |  |  | 2,999 |  |  | 3,109 |  | 0.05 | %
Park Place Technologies, LLC |  | 5910 Landerbrook Drive, Mayfield Heights, OH 44124 United States |  | (4)(5)(7)(10) |  | SOFR + 5.25% |  | 9.57% |  | 3/25/2024 |  | 3/25/2031 |  |  |  |  |  | 9,127 |  |  | 9,012 |  |  | 9,084 |  | 0.15 | %
Razor Holdco, LLC |  | 26 Meadow VW, Victoria, TX, 77904-1676, United States |  | (4)(10) |  | SOFR + 5.75% |  | 10.16% |  | 10/25/2021 |  | 10/25/2027 |  |  |  |  |  | 18,885 |  |  | 18,724 |  |  | 18,885 |  | 0.30 | %
Red River Technology, LLC |  | 875 3rd Avenue, New York NY 10022 United States |  | (4)(11) |  | SOFR + 6.00% |  | 10.44% |  | 5/26/2021 |  | 5/26/2027 |  |  |  |  |  | 78,973 |  |  | 78,478 |  |  | 70,483 |  | 1.13 | %
Redwood Services Group, LLC |  | 949 Shady Grove Road, Suite 403, Memphis, TN, 38120, United States |  | (4)(10) |  | SOFR + 5.25% |  | 9.55% |  | 1/3/2025 |  | 6/15/2029 |  |  |  |  |  | 76,961 |  |  | 76,211 |  |  | 76,961 |  | 1.23 | %
Redwood Services Group, LLC |  | 949 Shady Grove Road, Suite 403, Memphis, TN, 38120, United States |  | (4)(7)(10) |  | SOFR + 5.25% |  | 9.55% |  | 2/5/2024 |  | 6/15/2029 |  |  |  |  |  | 74,682 |  |  | 72,923 |  |  | 74,520 |  | 1.19 | %
Turing Holdco, Inc. |  | 10-14 White Lion St, London N1 9PD, United Kingdom |  | (4)(5)(6)(8) |  | SOFR + 6.00% |  | 10.39% (incl. 2.50% PIK) |  | 10/14/2021 |  | 9/28/2028 |  |  |  |  |  | 8,942 |  |  | 8,745 |  |  | 8,674 |  | 0.14 | %
Turing Holdco, Inc. |  | 10-14 White Lion St, London N1 9PD, United Kingdom |  | (4)(5)(6)(8) |  | SOFR + 6.00% |  | 10.40% (incl. 2.50% PIK) |  | 10/14/2021 |  | 10/16/2028 |  |  |  |  |  | 4,473 |  |  | 4,411 |  |  | 4,339 |  | 0.07 | %
Turing Holdco, Inc. |  | 10-14 White Lion St, London N1 9PD, United Kingdom |  | (4)(5)(6)(8) |  | E + 6.00% |  | 9.06% (incl. 2.50% PIK) |  | 10/14/2021 |  | 9/28/2028 |  |  |  | EUR |  | 11,445 |  |  | 13,014 |  |  | 12,004 |  | 0.19 | %
Turing Holdco, Inc. |  | 10-14 White Lion St, London N1 9PD, United Kingdom |  | (4)(5)(6)(8) |  | E + 6.00% |  | 8.36% (incl. 2.50% PIK) |  | 10/14/2021 |  | 8/3/2028 |  |  |  | EUR |  | 4,404 |  |  | 4,977 |  |  | 4,620 |  | 0.07 | %
Turing Holdco, Inc. |  | 10-14 White Lion St, London N1 9PD, United Kingdom |  | (4)(6)(7)(10) |  | SOFR + 6.00% |  | 10.42% (incl. 2.50% PIK) |  | 5/3/2024 |  | 8/3/2028 |  |  |  |  |  | 20,998 |  |  | 20,507 |  |  | 20,368 |  | 0.33 | %
Turing Holdco, Inc. |  | 10-14 White Lion St, London N1 9PD, United Kingdom |  | (4)(5)(6)(7)(10) |  | S + 6.00% |  | 10.57% (incl. 2.50% PIK) |  | 5/3/2024 |  | 8/3/2028 |  |  |  | GBP |  | 15,797 |  |  | 22,718 |  |  | 19,794 |  | 0.32 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 621,079 |  |  | 614,366 |  | 9.83 | %

60

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Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and S pread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 3/31/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets
First Lien Debt – non-contro lled/ non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Life Sciences Tools & Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cambrex Corp. |  | One Meadowlands Plaza, East Rutherford NJ 07073 United States |  | (4)(5)(7)(10) |  | SOFR + 4.75% |  | 9.07% |  | 3/5/2025 |  | 3/5/2032 |  |  |  | $ |  | 22,262 |  | $ | 21,997 |  | $ | 21,994 |  | 0.35 | %
Creek Parent Inc. |  | 14 Schoolhouse Road, Somerset, NJ 08873 United States |  | (4)(7)(10) |  | SOFR + 5.25% |  | 9.57% |  | 12/17/2024 |  | 12/18/2031 |  |  |  |  |  | 68,799 |  |  | 67,477 |  |  | 67,421 |  | 1.08 | %
Falcon Parent Holdings, Inc. |  | 3675 Green Level Road West, Suite 208, Apex, NC 27523 United States |  | (4)(5)(7)(10) |  | SOFR + 5.00% |  | 9.30% |  | 11/6/2024 |  | 11/6/2031 |  |  |  |  |  | 18,967 |  |  | 18,750 |  |  | 18,784 |  | 0.30 | %
Falcon Parent Holdings, Inc. |  | 3675 Green Level Road West, Suite 208, Apex, NC 27523 United States |  | (4)(5)(7)(10) |  | SOFR + 5.00% |  | 9.30% |  | 3/5/2025 |  | 11/6/2031 |  |  |  |  |  | 3,165 |  |  | 3,123 |  |  | 3,125 |  | 0.05 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 111,347 |  |  | 111,324 |  | 1.78 | %
Machinery |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bidco 76 S.p.A. |  | Piazza Fontana 6, 20122, Milan Italy |  | (4)(6)(7)(8) |  | E + 5.00% |  | 7.66% |  | 12/11/2024 |  | 12/10/2031 |  |  |  | EUR |  | 18,340 |  |  | 18,894 |  |  | 19,449 |  | 0.31 | %
MHE Intermediate Holdings, LLC |  | 3235 Levis Common Blvd. Perrysburg, OH 43551 United States |  | (4)(5)(7)(11) |  | SOFR + 6.00% |  | 10.44% |  | 7/21/2021 |  | 7/21/2027 |  |  |  |  |  | 1,970 |  |  | 1,953 |  |  | 1,959 |  | 0.03 | %
MHE Intermediate Holdings, LLC |  | 3235 Levis Common Blvd. Perrysburg, OH 43551 United States |  | (4)(5)(11) |  | SOFR + 6.25% |  | 10.69% |  | 8/30/2022 |  | 7/21/2027 |  |  |  |  |  | 76 |  |  | 75 |  |  | 76 |  | 0.00 | %
MHE Intermediate Holdings, LLC |  | 3235 Levis Common Blvd. Perrysburg, OH 43551 United States |  | (4)(5)(11) |  | SOFR + 6.50% |  | 10.97% |  | 12/20/2022 |  | 7/21/2027 |  |  |  |  |  | 76 |  |  | 76 |  |  | 76 |  | 0.00 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 20,998 |  |  | 21,560 |  | 0.34 | %
Marine |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Armada Parent, Inc. |  | 93 Eastmont Ave Ste 100 East Wenatchee, WA, 98802-5305 United States |  | (4)(7)(10) |  | SOFR + 5.75% |  | 10.16% |  | 10/29/2021 |  | 10/29/2027 |  |  |  |  |  | 25,663 |  |  | 25,422 |  |  | 25,663 |  | 0.41 | %
Kattegat Project Bidco AB |  | Salsmästaregatan 21, Hisings Backa, Sweden |  | (4)(5)(6)(8) |  | SOFR + 5.50% |  | 9.80% |  | 3/20/2024 |  | 4/7/2031 |  |  |  |  |  | 2,605 |  |  | 2,549 |  |  | 2,605 |  | 0.04 | %
Kattegat Project Bidco AB |  | Salsmästaregatan 21, Hisings Backa, Sweden |  | (4)(5)(6)(7)(8) |  | E + 5.50% |  | 7.86% |  | 3/20/2024 |  | 4/7/2031 |  |  |  | EUR |  | 29,819 |  |  | 31,573 |  |  | 32,155 |  | 0.52 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 59,544 |  |  | 60,423 |  | 0.97 | %

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Table of Contents

Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and S pread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 3/31/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets
First Lien Debt – non-contro lled/ non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Media |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bimini Group Purchaser Inc |  | 1221 Brickell Avenue, Suite 2300 Miami, FL 33131 United States |  | (4)(10) |  | SOFR + 5.25% |  | 9.56% |  | 4/26/2024 |  | 4/26/2031 |  |  |  | $ |  | 50,784 |  | $ | 50,344 |  | $ | 50,784 |  | 0.81 | %
Bimini Group Purchaser Inc |  | 1221 Brickell Avenue, Suite 2300 Miami, FL 33131 United States |  | (4)(5)(7)(10) |  | SOFR + 5.25% |  | 9.55% |  | 4/26/2024 |  | 4/26/2031 |  |  |  |  |  | 2,103 |  |  | 1,978 |  |  | 2,008 |  | 0.03 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 52,322 |  |  | 52,792 |  | 0.84 | %
Oil, Gas & Consumable Fuels |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Eagle Midstream Canada Finance Inc |  | 222 3rd Avenue S.W. Suite 900 Calgary, Alberta T2P 0B4 Canada |  | (4)(6)(10) |  | SOFR + 5.25% |  | 9.57% |  | 8/30/2024 |  | 8/15/2028 |  |  |  |  |  | 49,396 |  |  | 48,979 |  |  | 49,396 |  | 0.79 | %
KKR Alberta Midstream Finance Inc. |  | 585 8 Ave SW #4000, Calgary, AB T2P 1G1, Canada |  | (4)(6)(10) |  | SOFR + 5.25% |  | 9.57% |  | 8/30/2024 |  | 8/15/2028 |  |  |  |  |  | 26,870 |  |  | 26,627 |  |  | 26,870 |  | 0.43 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 75,606 |  |  | 76,266 |  | 1.22 | %
Paper & Forest Products |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Profile Products, LLC |  | 219 Simpson St SW Conover, NC, 28613-8207 United States |  | (4)(10) |  | SOFR + 5.75% |  | 10.29% |  | 11/12/2021 |  | 11/12/2027 |  |  |  |  |  | 7,199 |  |  | 7,148 |  |  | 7,073 |  | 0.11 | %
Profile Products, LLC |  | 219 Simpson St SW Conover, NC, 28613-8207 United States |  | (4)(5)(7)(10) |  | P + 4.75% |  | 12.25% |  | 11/12/2021 |  | 11/12/2027 |  |  |  |  |  | 434 |  |  | 429 |  |  | 424 |  | 0.01 | %
Profile Products, LLC |  | 219 Simpson St SW Conover, NC, 28613-8207 United States |  | (4)(5)(7)(10) |  | P + 4.75% |  | 12.25% |  | 11/12/2021 |  | 11/12/2027 |  |  |  |  |  | 49 |  |  | 49 |  |  | 42 |  | 0.00 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 7,626 |  |  | 7,539 |  | 0.12 | %
Pharmaceuticals |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dolcetto Holdco S.p.A. |  | Via Filippo Turati, 40, 20121 Milano MI, Italy |  | (4)(5)(6)(8) |  | E + 5.50% |  | 8.96% |  | 10/11/2022 |  | 10/27/2028 |  |  |  | EUR |  | 1,758 |  |  | 1,714 |  |  | 1,901 |  | 0.03 | %
Dolcetto Holdco S.p.A. |  | Via Filippo Turati, 40, 20121 Milano MI, Italy |  | (4)(5)(6)(8) |  | E + 5.50% |  | 7.87% |  | 1/29/2025 |  | 10/27/2028 |  |  |  | EUR |  | 1,754 |  |  | 1,812 |  |  | 1,897 |  | 0.03 | %
Eden Acquisitionco Ltd |  | 1 Occam Court, The Surrey Research Park, Guildford, Surrey GU2 7HJ United Kingdom |  | (4)(6)(7)(10) |  | SOFR + 6.25% |  | 10.53% |  | 11/2/2023 |  | 11/18/2030 |  |  |  |  |  | 34,485 |  |  | 38,053 |  |  | 34,041 |  | 0.55 | %
Elanco Animal Health, Inc. |  | 2500 Innovation Way Greenfield, IN 46140 United States |  | (5)(6)(8) |  | SOFR + 1.75% |  | 6.17% |  | 1/30/2025 |  | 8/1/2027 |  |  |  |  |  | 996 |  |  | 997 |  |  | 995 |  | 0.02 | %
Gusto Sing Bidco Pte Ltd |  | One Temasek Ave, #04-01 Millenia Tower, Singapore 039192 |  | (4)(5)(6)(7)(10) |  | BB + 4.75% |  | 9.46% |  | 11/15/2024 |  | 11/15/2031 |  |  |  | AUD |  | 1,000 |  |  | 637 |  |  | 618 |  | 0.01 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 43,213 |  |  | 39,452 |  | 0.64 | %

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Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and S pread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 3/31/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets
First Lien Debt – non-contro lled/ non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Professional Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
ALKU, LLC |  | 200 Brickstone Square, Suite 503, Andover, MA 01810 United States |  | (4)(5)(10) |  | SOFR + 6.25% |  | 10.47% |  | 5/23/2023 |  | 5/23/2029 |  |  |  | $ |  | 788 |  | $ | 774 |  | $ | 788 |  | 0.01 | %
ALKU, LLC |  | 200 Brickstone Square, Suite 503, Andover, MA 01810 United States |  | (4)(10) |  | SOFR + 5.50% |  | 9.72% |  | 2/21/2024 |  | 5/23/2029 |  |  |  |  |  | 26,395 |  |  | 25,979 |  |  | 26,000 |  | 0.42 | %
Apex Companies, LLC |  | 2101 Gaither Rd, Suite 500, Rockville, MD 20850 United States |  | (4)(5)(11) |  | SOFR + 5.25% |  | 9.56% |  | 8/28/2024 |  | 1/31/2028 |  |  |  |  |  | 10,924 |  |  | 10,785 |  |  | 10,842 |  | 0.17 | %
Apex Companies, LLC |  | 2101 Gaither Rd, Suite 500, Rockville, MD 20850 United States |  | (4)(5)(11) |  | SOFR + 5.25% |  | 9.54% |  | 1/31/2023 |  | 1/31/2028 |  |  |  |  |  | 1,970 |  |  | 1,942 |  |  | 1,955 |  | 0.03 | %
Apex Companies, LLC |  | 2101 Gaither Rd, Suite 500, Rockville, MD 20850 United States |  | (4)(5)(7)(11) |  | SOFR + 5.25% |  | 9.56% |  | 8/28/2024 |  | 1/31/2028 |  |  |  |  |  | 2,786 |  |  | 2,727 |  |  | 2,724 |  | 0.04 | %
Artisan Acquisitionco, Ltd. |  | 4th Floor, Martin House, 5 Martin Lane, London EC4R 0DP, United Kingdom |  | (4)(6)(7)(8) |  | SOFR + 5.00% |  | 9.30% |  | 9/27/2024 |  | 9/30/2031 |  |  |  |  |  | 57,154 |  |  | 56,019 |  |  | 56,075 |  | 0.90 | %
Baker Tilly Advisory Group LP |  | 205 N. Michigan Ave. 28 th Floor Chicago, IL 60601 United States |  | (4)(7)(10) |  | SOFR + 4.75% |  | 9.07% |  | 6/3/2024 |  | 6/3/2031 |  |  |  |  |  | 46,494 |  |  | 45,705 |  |  | 46,442 |  | 0.74 | %
CFGI Holdings, LLC |  | 1 Lincoln Street, Suite 1301 Boston, MA 02111, United States |  | (4)(7)(10) |  | SOFR + 4.50% |  | 8.82% |  | 11/2/2021 |  | 11/2/2027 |  |  |  |  |  | 6,867 |  |  | 6,799 |  |  | 6,846 |  | 0.11 | %
Chartwell Cumming Holding, Corp. |  | 485 Lexington Avenue, New York NY 10017 United States |  | (4)(7)(11) |  | SOFR + 4.75% |  | 9.07% |  | 5/26/2021 |  | 11/16/2029 |  |  |  |  |  | 87,023 |  |  | 86,401 |  |  | 86,942 |  | 1.39 | %
Chartwell Cumming Holding, Corp. |  | 485 Lexington Avenue, New York NY 10017 United States |  | (4)(5)(7)(11) |  | SOFR + 4.75% |  | 9.07% |  | 11/18/2022 |  | 11/16/2029 |  |  |  |  |  | 10,487 |  |  | 10,200 |  |  | 10,475 |  | 0.17 | %
Chartwell Cumming Holding, Corp. |  | 485 Lexington Avenue, New York NY 10017 United States |  | (4)(11) |  | SOFR + 4.75% |  | 9.07% |  | 2/14/2025 |  | 11/16/2029 |  |  |  |  |  | 14,038 |  |  | 13,899 |  |  | 14,038 |  | 0.22 | %
Cisive Holdings Corp |  | 1180 Welsh Rd # 110 North Wales, PA, 19454-2053 United States |  | (4)(7)(11) |  | SOFR + 5.75% |  | 10.15% |  | 12/8/2021 |  | 12/8/2028 |  |  |  |  |  | 8,379 |  |  | 8,280 |  |  | 8,231 |  | 0.13 | %

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Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and S pread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 3/31/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets
First Lien Debt – non-contro lled/ non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Professional Services (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Clearview Buyer, Inc. |  | 1 Newton Pl Ste 405, 275 Washington Street, Newton, MA 02458, United States |  | (4)(7)(10) |  | SOFR + 5.35% |  | 9.65% |  | 8/26/2021 |  | 8/26/2027 |  |  |  | $ |  | 7,252 |  | $ | 7,188 |  | $ | 7,252 |  | 0.12 | %
CRCI Longhorn Holdings Inc |  | 6504 Bridge Point Parkway, Suite 425, Austin, TX 78730, United States |  | (4)(5)(7)(10) |  | SOFR + 5.00% |  | 9.32% |  | 8/27/2024 |  | 8/27/2031 |  |  |  |  |  | 11,441 |  |  | 11,323 |  |  | 11,426 |  | 0.18 | %
CRCI Longhorn Holdings Inc |  | 6504 Bridge Point Parkway, Suite 425, Austin, TX 78730, United States |  | (4)(5)(7)(10) |  | SOFR + 5.00% |  | 9.31% |  | 8/27/2024 |  | 8/27/2031 |  |  |  |  |  | 994 |  |  | 977 |  |  | 994 |  | 0.02 | %
East River Bidco Gmbh |  | Bennigsen-Platz 1, 40474 Düsseldorf, Germany |  | (4)(6)(7)(8) |  | E + 5.25% |  | 7.62% |  | 3/26/2025 |  | 3/26/2032 |  |  |  | EUR |  | 90 |  |  | 95 |  |  | 96 |  | 0.00 | %
G&A Partners Holding Company II, LLC |  | 17220 Katy Freeway, Suite 350, Houston, TX 77094 United States |  | (4)(9) |  | SOFR + 5.50% |  | 9.81% |  | 3/1/2024 |  | 3/1/2031 |  |  |  |  |  | 30,020 |  |  | 29,512 |  |  | 30,020 |  | 0.48 | %
G&A Partners Holding Company II, LLC |  | 17220 Katy Freeway, Suite 350, Houston, TX 77094 United States |  | (4)(5)(7)(9) |  | SOFR + 5.50% |  | 9.81% |  | 3/1/2024 |  | 3/1/2031 |  |  |  |  |  | 3,673 |  |  | 3,477 |  |  | 3,542 |  | 0.06 | %
Guidehouse, Inc. |  | 1676 International Drive, Suite 800, McLean, VA 22102 United States |  | (4)(10) |  | SOFR + 5.00% |  | 9.32% (incl. 2.00% PIK) |  | 10/15/2021 |  | 12/16/2030 |  |  |  |  |  | 311,831 |  |  | 309,945 |  |  | 311,831 |  | 5.00 | %
IG Investments Holdings, LLC |  | 4170 Ashford Dunwood Road, Northeast, Ste 250 Atlanta GA 30319 United States |  | (4)(7)(10) |  | SOFR + 5.00% |  | 9.29% |  | 11/1/2024 |  | 9/22/2028 |  |  |  |  |  | 46,231 |  |  | 45,730 |  |  | 46,231 |  | 0.74 | %
Legacy Intermediate, LLC |  | 3701 FAU Blvd, Suite 300, Boca Raton, FL 33431, United States |  | (4)(5)(10) |  | SOFR + 5.75% |  | 10.21% |  | 2/25/2022 |  | 2/25/2028 |  |  |  |  |  | 6,684 |  |  | 6,621 |  |  | 6,684 |  | 0.11 | %
Legacy Intermediate, LLC |  | 3701 FAU Blvd, Suite 300, Boca Raton, FL 33431, United States |  | (4)(5)(10) |  | SOFR + 5.75% |  | 10.20% |  | 12/22/2023 |  | 2/25/2028 |  |  |  |  |  | 1,290 |  |  | 1,272 |  |  | 1,290 |  | 0.02 | %
Mercury Bidco Globe Limited |  | 3rd Floor, 8 St. James’s Square, London, SW1Y 4JU, United Kingdom |  | (4)(5)(6)(7)(8) |  | S + 5.75% |  | 10.21% |  | 1/18/2024 |  | 1/31/2031 |  |  |  | GBP |  | 47,583 |  |  | 59,381 |  |  | 61,292 |  | 0.98 | %
MPG Parent Holdings, LLC |  | One Vanderbilt Avenue, 53rd Floor, New York, New York 10017 United States |  | (4)(11) |  | SOFR + 5.00% |  | 9.30% |  | 1/8/2024 |  | 1/8/2030 |  |  |  |  |  | 10,845 |  |  | 10,672 |  |  | 10,845 |  | 0.17 | %

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Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and S pread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 3/31/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets
First Lien Debt – non-contro lled/ non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Professional Services (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
MPG Parent Holdings, LLC |  | One Vanderbilt Avenue, 53rd Floor, New York, New York 10017 United States |  | (4)(5)(7)(11) |  | SOFR + 5.00% |  | 9.30% |  | 1/8/2024 |  | 1/8/2030 |  |  |  | $ |  | 2,662 |  | $ | 2,577 |  | $ | 2,639 |  | 0.04 | %
Oxford Global Resources Inc |  | 100 Cummings Center, Suite 206L, Beverly, MA 01915, United States |  | (4)(11) |  | SOFR + 6.00% |  | 10.42% |  | 8/17/2021 |  | 8/17/2027 |  |  |  |  |  | 18,725 |  |  | 18,577 |  |  | 18,725 |  | 0.30 | %
Oxford Global Resources Inc |  | 100 Cummings Center, Suite 206L, Beverly, MA 01915, United States |  | (4)(7)(11) |  | SOFR + 6.00% |  | 10.42% |  | 8/17/2021 |  | 8/17/2027 |  |  |  |  |  | 2,907 |  |  | 2,866 |  |  | 2,907 |  | 0.05 | %
Oxford Global Resources Inc |  | 100 Cummings Center, Suite 206L, Beverly, MA 01915, United States |  | (4)(9) |  | SOFR + 6.00% |  | 10.41% |  | 6/6/2024 |  | 8/17/2027 |  |  |  |  |  | 2,211 |  |  | 2,173 |  |  | 2,211 |  | 0.04 | %
Pavion Corp. |  | 4151 Lafayette Center Dr, Suite 700, Chantilly, Virginia 20151, United States |  | (4)(6)(10) |  | SOFR + 6.00% |  | 10.29% (incl. 2.25% PIK) |  | 10/30/2023 |  | 10/30/2030 |  |  |  |  |  | 73,714 |  |  | 72,539 |  |  | 72,977 |  | 1.17 | %
Pavion Corp. |  | 4151 Lafayette Center Dr, Suite 700, Chantilly, Virginia 20151, United States |  | (4)(6)(7)(10) |  | SOFR + 6.00% |  | 10.29% (incl. 2.25% PIK) |  | 10/30/2023 |  | 10/30/2030 |  |  |  |  |  | 15,588 |  |  | 15,357 |  |  | 15,406 |  | 0.25 | %
Petrus Buyer, Inc. |  | 100 Bayview Cir Ste 400, Newport Beach, California, 92660 United States |  | (4)(5)(10) |  | SOFR + 4.75% |  | 9.07% |  | 10/17/2022 |  | 10/17/2029 |  |  |  |  |  | 1,867 |  |  | 1,830 |  |  | 1,867 |  | 0.03 | %
Petrus Buyer, Inc. |  | 100 Bayview Cir Ste 400, Newport Beach, California, 92660 United States |  | (4)(7)(10) |  | SOFR + 4.75% |  | 9.07% |  | 10/17/2022 |  | 10/17/2029 |  |  |  |  |  | 334 |  |  | 320 |  |  | 330 |  | 0.01 | %
Petrus Buyer, Inc. |  | 100 Bayview Cir Ste 400, Newport Beach, California, 92660 United States |  | (4)(5)(10) |  | SOFR + 4.75% |  | 9.07% |  | 2/26/2025 |  | 10/17/2029 |  |  |  |  |  | 645 |  |  | 642 |  |  | 645 |  | 0.01 | %
STV Group, Inc. |  | 350 5th Avenue, Suite 1120, New York, NY 10001 United States |  | (4)(10) |  | SOFR + 5.00% |  | 9.32% |  | 3/20/2024 |  | 3/20/2031 |  |  |  |  |  | 24,173 |  |  | 23,761 |  |  | 24,173 |  | 0.39 | %

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Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and S pread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 3/31/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets
First Lien Debt – non-contro lled/ non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Professional Services (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
STV Group, Inc. |  | 350 5th Avenue, Suite 1120, New York, NY 10001 United States |  | (4)(5)(7)(10) |  | P + 4.00% |  | 11.50% |  | 3/20/2024 |  | 3/20/2030 |  |  |  | $ |  | 1,046 |  | $ | 906 |  | $ | 977 |  | 0.02 | %
The North Highland Co LLC |  | 3333 Piedmont Road, NE, Suite 1000, Atlanta, GA 30305 United States |  | (4)(5)(10) |  | SOFR + 4.75% |  | 9.07% |  | 12/20/2024 |  | 12/20/2031 |  |  |  |  |  | 15,982 |  |  | 15,830 |  |  | 15,823 |  | 0.25 | %
The North Highland Co LLC |  | 3333 Piedmont Road, NE, Suite 1000, Atlanta, GA 30305 United States |  | (4)(5)(7)(10) |  | SOFR + 4.75% |  | 9.07% |  | 12/20/2024 |  | 12/20/2030 |  |  |  |  |  | 2,024 |  |  | 1,956 |  |  | 1,952 |  | 0.03 | %
Thevelia US, LLC |  | Level 15, Manulife Place, 348 Kwun Tong Rd, Ngau Tau Kok, Hong Kong |  | (5)(6)(9) |  | SOFR + 3.00% |  | 7.30% |  | 7/29/2024 |  | 6/18/2029 |  |  |  |  |  | 1,282 |  |  | 1,280 |  |  | 1,279 |  | 0.02 | %
Titan Investment Company, Inc. |  | 6130 Sprint Parkway, Overland Park, KS 66211 United States |  | (4)(8) |  | SOFR + 5.75% |  | 10.28% |  | 3/20/2020 |  | 3/20/2027 |  |  |  |  |  | 41,055 |  |  | 40,425 |  |  | 38,387 |  | 0.62 | %
Trinity Air Consultants Holdings Corp. |  | 330 7th Ave, New York, NY 10001 United States |  | (4)(10) |  | SOFR + 5.25% |  | 9.76% |  | 6/29/2021 |  | 6/29/2028 |  |  |  |  |  | 59,901 |  |  | 59,320 |  |  | 59,901 |  | 0.96 | %
Trinity Air Consultants Holdings Corp. |  | 330 7th Ave, New York, NY 10001 United States |  | (4)(7)(10) |  | SOFR + 5.25% |  | 9.67% |  | 6/29/2021 |  | 6/29/2028 |  |  |  |  |  | 34,698 |  |  | 34,398 |  |  | 34,684 |  | 0.56 | %
Trinity Partners Holdings, LLC |  | 230 3rd Ave Prospect Place Waltham, MA 02451 United States |  | (4)(7)(11)(18) |  | SOFR + 6.24% |  | 10.66% |  | 12/21/2021 |  | 12/21/2028 |  |  |  |  |  | 4,689 |  |  | 4,639 |  |  | 4,689 |  | 0.08 | %
West Monroe Partners, LLC |  | 311 W Monroe St 14th Floor, Chicago, IL 60606, United States |  | (4)(7)(10) |  | SOFR + 4.75% |  | 9.07% |  | 11/9/2021 |  | 11/8/2028 |  |  |  |  |  | 14,558 |  |  | 14,414 |  |  | 14,413 |  | 0.23 | %
West Monroe Partners, LLC |  | 311 W Monroe St 14th Floor, Chicago, IL 60606, United States |  | (4)(5)(7)(10) |  | SOFR + 4.75% |  | 9.07% |  | 12/18/2024 |  | 11/8/2028 |  |  |  |  |  | 498 |  |  | 493 |  |  | 493 |  | 0.01 | %
YA Intermediate Holdings II, LLC |  | 12851 Manchester Rd, Suite 160, St. Louis, MO 63131 United States |  | (4)(5)(10) |  | SOFR + 5.00% |  | 9.31% |  | 10/1/2024 |  | 10/1/2031 |  |  |  |  |  | 7,868 |  |  | 7,805 |  |  | 7,829 |  | 0.13 | %
YA Intermediate Holdings II, LLC |  | 12851 Manchester Rd, Suite 160, St. Louis, MO 63131 United States |  | (4)(5)(7)(10) |  | SOFR + 5.00% |  | 9.32% |  | 10/1/2024 |  | 10/1/2031 |  |  |  |  |  | 427 |  |  | 397 |  |  | 403 |  | 0.01 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,078,208 |  |  | 1,085,571 |  | 17.42 | %

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Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and S pread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 3/31/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets
First Lien Debt – non-contro lled/ non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real Estate Management & Development |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Castle Management Borrower, LLC |  | 870 Seventh Avenue 2nd Fl New York, New York 10019, United States |  | (4)(7)(11) |  | SOFR + 5.50% |  | 9.80% |  | 11/3/2023 |  | 11/3/2029 |  |  |  | $ |  | 24,150 |  | $ | 23,840 |  | $ | 24,150 |  | 0.39 | %
Community Management Holdings Midco 2 LLC |  | 8360 East Via de Ventura, Building L, #100, Scottsdale, AZ 85258 United States |  | (4)(5)(10) |  | SOFR + 5.00% |  | 9.29% |  | 11/1/2024 |  | 11/1/2031 |  |  |  |  |  | 9,650 |  |  | 9,512 |  |  | 9,577 |  | 0.15 | %
Community Management Holdings Midco 2 LLC |  | 8360 East Via de Ventura, Building L, #100, Scottsdale, AZ 85258 United States |  | (4)(5)(7)(10) |  | SOFR + 5.00% |  | 9.29% |  | 11/1/2024 |  | 11/1/2031 |  |  |  |  |  | 379 |  |  | 328 |  |  | 337 |  | 0.01 | %
Neptune BidCo SAS |  | 21 Avenue Kleber, 75116 Paris, France |  | (4)(5)(6)(7)(8) |  | E + 5.25% |  | 7.86% |  | 4/1/2024 |  | 4/1/2031 |  |  |  | EUR |  | 6,495 |  |  | 6,886 |  |  | 6,937 |  | 0.11 | %
Odevo AB |  | Kabyssgatan 4 D, 120 30 Stockholm, Sweden |  | (4)(5)(6)(8) |  | E + 5.50% |  | 8.05% |  | 10/31/2024 |  | 12/31/2030 |  |  |  | EUR |  | 251 |  |  | 261 |  |  | 270 |  | 0.00 | %
Odevo AB |  | Kabyssgatan 4 D, 120 30 Stockholm, Sweden |  | (4)(5)(6)(8) |  | S + 5.50% |  | 9.96% |  | 10/31/2024 |  | 12/31/2030 |  |  |  | GBP |  | 2,215 |  |  | 2,793 |  |  | 2,847 |  | 0.05 | %
Odevo AB |  | Kabyssgatan 4 D, 120 30 Stockholm, Sweden |  | (4)(5)(6)(8) |  | ST + 5.50% |  | 7.84% |  | 10/31/2024 |  | 12/31/2030 |  |  |  | SEK |  | 90,957 |  |  | 8,212 |  |  | 9,004 |  | 0.14 | %
Odevo AB |  | Kabyssgatan 4 D, 120 30 Stockholm, Sweden |  | (4)(5)(6)(7)(8) |  | SOFR + 5.50% |  | 9.80% |  | 10/31/2024 |  | 12/31/2030 |  |  |  |  |  | 28,239 |  |  | 27,282 |  |  | 28,014 |  | 0.45 | %
Progress Residential PM Holdings, LLC |  | 7500 N Dobson Rd., Suite 300 Scottsdale, AZ 85256 United States |  | (4)(10) |  | SOFR + 5.50% |  | 9.92% |  | 2/16/2021 |  | 8/8/2030 |  |  |  |  |  | 67,900 |  |  | 67,138 |  |  | 67,900 |  | 1.09 | %
Progress Residential PM Holdings, LLC |  | 7500 N Dobson Rd., Suite 300 Scottsdale, AZ 85256 United States |  | (4)(7)(10) |  | SOFR + 5.50% |  | 9.92% |  | 7/26/2022 |  | 8/8/2030 |  |  |  |  |  | 833 |  |  | 819 |  |  | 833 |  | 0.01 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 147,071 |  |  | 149,869 |  | 2.40 | %

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Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and S pread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 3/31/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets
First Lien Debt – non-contro lled/ non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Abacus Holdco 2 Oy |  | Kansakoulukuja 1, 00100 Helsinki, Finland |  | (4)(5)(6)(7)(8) |  | E + 4.75% |  | 7.54% |  | 10/11/2024 |  | 10/10/2031 |  |  |  | EUR |  | 838 |  | $ | 909 |  | $ | 900 |  | 0.01 | %
AI Titan Parent Inc |  | 4601 Six Forks Road, Suite 220, Raleigh, NC 27609, United States |  | (4)(5)(7)(10) |  | SOFR + 4.75% |  | 9.07% |  | 8/29/2024 |  | 8/29/2031 |  |  |  |  |  | 4,352 |  |  | 4,304 |  |  | 4,332 |  | 0.07 | %
Anaplan, Inc. |  | 50 Hawthorne St, San Francisco, CA 94105 United States |  | (4)(5)(7)(10) |  | SOFR + 5.00% |  | 9.30% |  | 6/21/2022 |  | 6/21/2029 |  |  |  |  |  | 1,799 |  |  | 1,776 |  |  | 1,799 |  | 0.03 | %
Anaplan, Inc. |  | 50 Hawthorne St, San Francisco, CA 94105 United States |  | (4)(10) |  | SOFR + 5.00% |  | 9.30% |  | 4/25/2024 |  | 6/21/2029 |  |  |  |  |  | 19,179 |  |  | 19,020 |  |  | 19,179 |  | 0.31 | %
Arnhem BidCo GmbH |  | Isaac-Fulda-Allee 6, 55124 Mainz, Germany |  | (4)(6)(7)(8) |  | E + 4.75% |  | 7.11% |  | 9/18/2024 |  | 10/1/2031 |  |  |  | EUR |  | 48,873 |  |  | 53,493 |  |  | 52,258 |  | 0.84 | %
AuditBoard Inc |  | 12900 Park Plaza Dr. Ste 200, Cerritos, CA, 90703, United States |  | (4)(7)(10) |  | SOFR + 4.75% |  | 9.05% |  | 7/12/2024 |  | 7/12/2031 |  |  |  |  |  | 9,270 |  |  | 9,151 |  |  | 9,220 |  | 0.15 | %
Azurite Intermediate Holdings, Inc. |  | 233 Wilshire Blvd., Suite 800 Santa Monica, CA 90401 United States |  | (4)(7)(10) |  | SOFR + 6.50% |  | 10.82% |  | 3/19/2024 |  | 3/19/2031 |  |  |  |  |  | 36,936 |  |  | 36,411 |  |  | 36,936 |  | 0.59 | %
Banyan Software Holdings, LLC |  | 303 Perimeter Center North, Suite 450 Atlanta, GA 30346 |  | (4)(5)(11) |  | SOFR + 5.25% |  | 9.57% |  | 1/2/2025 |  | 1/2/2031 |  |  |  |  |  | 9,391 |  |  | 9,301 |  |  | 9,297 |  | 0.15 | %
Banyan Software Holdings, LLC |  | 303 Perimeter Center North, Suite 450 Atlanta, GA 30346 |  | (4)(5)(7)(11) |  | SOFR + 5.25% |  | 9.57% |  | 1/2/2025 |  | 1/2/2031 |  |  |  |  |  | 1,955 |  |  | 1,912 |  |  | 1,910 |  | 0.03 | %
Bayshore Intermediate #2 LP |  | 1 W Elm St ste 200, Conshohocken, PA 19428, United States |  | (4)(5)(7)(10) |  | SOFR + 6.25% |  | 10.56% (incl. 3.38% PIK) |  | 11/8/2024 |  | 10/1/2028 |  |  |  |  |  | 94,958 |  |  | 94,812 |  |  | 94,916 |  | 1.52 | %
Bending Spoons US, Inc. |  | 169 Madison Ave, Suite 11218 New York, NY 10016, United States |  | (6)(11) |  | SOFR + 5.25% |  | 9.54% |  | 2/19/2025 |  | 3/7/2031 |  |  |  |  |  | 14,338 |  |  | 14,089 |  |  | 14,408 |  | 0.23 | %
BlueCat Networks USA, Inc. |  | 156 W. 56th Street, 3rd Floor, New York, New York 10019 United States |  | (4)(5)(10) |  | SOFR + 6.00% |  | 10.30% (incl. 1.00% PIK) |  | 8/8/2022 |  | 8/8/2028 |  |  |  |  |  | 1,959 |  |  | 1,938 |  |  | 1,950 |  | 0.03 | %
BlueCat Networks USA, Inc. |  | 156 W. 56th Street, 3rd Floor, New York, New York 10019 United States |  | (4)(5)(10) |  | SOFR + 6.00% |  | 10.30% (incl. 1.00% PIK) |  | 8/8/2022 |  | 8/8/2028 |  |  |  |  |  | 346 |  |  | 342 |  |  | 344 |  | 0.01 | %

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Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and S pread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 3/31/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets
First Lien Debt – non-contro lled/ non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
BlueCat Networks USA, Inc. |  | 156 W. 56th Street, 3rd Floor, New York, New York 10019 United States |  | (4)(5)(10) |  | SOFR + 6.00% |  | 10.30% (incl. 1.00% PIK) |  | 8/8/2022 |  | 8/8/2028 |  |  |  | $ |  | 238 |  | $ | 236 |  | $ | 237 |  | 0.00 | %
BlueCat Networks USA, Inc. |  | 156 W. 56th Street, 3rd Floor, New York, New York 10019 United States |  | (4)(5)(10) |  | SOFR + 6.00% |  | 10.30% (incl. 1.00% PIK) |  | 10/25/2024 |  | 8/8/2028 |  |  |  |  |  | 1,591 |  |  | 1,570 |  |  | 1,583 |  | 0.03 | %
Bluefin Holding, LLC |  | 8200 Roberts Drive, Suite 400, Atlanta, GA 30350 United States |  | (4)(7)(11) |  | SOFR + 6.25% |  | 10.80% |  | 9/12/2023 |  | 9/12/2029 |  |  |  |  |  | 27,291 |  |  | 26,764 |  |  | 27,217 |  | 0.44 | %
Brave Parent Holdings, Inc. |  | 11695 Johns Creek Parkway, Suite 200, Johns Creek, Georgia 30097 United States |  | (4)(7)(10) |  | SOFR + 5.00% |  | 9.32% |  | 11/28/2023 |  | 11/28/2030 |  |  |  |  |  | 67,617 |  |  | 67,006 |  |  | 67,595 |  | 1.08 | %
Caribou Bidco Ltd |  | 70 Gray’s Inn Road, London, WC1X 8NH, United Kingdom |  | (4)(6)(8) |  | S + 5.00% |  | 9.70% |  | 7/2/2024 |  | 2/1/2029 |  |  |  | GBP |  | 39,280 |  |  | 49,897 |  |  | 50,740 |  | 0.81 | %
Confine Visual Bidco |  | Kistagången 12, 164 40 Kista, Sweden |  | (4)(6)(8) |  | SOFR + 5.75% |  | 10.06% |  | 2/23/2022 |  | 2/23/2029 |  |  |  |  |  | 15,868 |  |  | 15,606 |  |  | 12,813 |  | 0.21 | %
Confine Visual Bidco |  | Kistagången 12, 164 40 Kista, Sweden |  | (4)(5)(6)(8) |  | SOFR + 5.75% |  | 10.06% |  | 3/11/2022 |  | 2/23/2029 |  |  |  |  |  | 379 |  |  | 379 |  |  | 306 |  | 0.00 | %
Confluence Technologies, Inc. |  | Nova Tower 1 1 Allegheny Square, Suite 800 Pittsburgh, PA, 15212 United States |  | (4)(5)(9) |  | SOFR + 5.00% |  | 9.29% |  | 2/14/2025 |  | 7/30/2028 |  |  |  |  |  | 2,215 |  |  | 2,149 |  |  | 2,171 |  | 0.03 | %
Connatix Buyer, Inc. |  | 666 Broadway, 10th Floor, New York, NY 10012, United States |  | (4)(10) |  | SOFR + 5.50% |  | 10.05% |  | 7/14/2021 |  | 7/14/2027 |  |  |  |  |  | 21,307 |  |  | 21,145 |  |  | 20,988 |  | 0.34 | %
Connatix Buyer, Inc. |  | 666 Broadway, 10th Floor, New York, NY 10012, United States |  | (4)(5)(7)(10) |  | SOFR + 5.50% |  | 10.07% |  | 7/14/2021 |  | 7/14/2027 |  |  |  |  |  | 1,086 |  |  | 1,045 |  |  | 1,005 |  | 0.02 | %
Connatix Buyer, Inc. |  | 666 Broadway, 10th Floor, New York, NY 10012, United States |  | (4)(5)(7)(10) |  | SOFR + 5.50% |  | 10.05% |  | 10/9/2024 |  | 7/14/2027 |  |  |  |  |  | 1,308 |  |  | 1,257 |  |  | 1,275 |  | 0.02 | %
Coupa Software Inc. |  | 1855 S. Grant Street, San Mateo, CA 94402 United States |  | (4)(5)(6)(7)(10) |  | SOFR + 5.25% |  | 9.54% |  | 2/27/2023 |  | 2/27/2030 |  |  |  |  |  | 1,822 |  |  | 1,787 |  |  | 1,820 |  | 0.03 | %
Crewline Buyer, Inc. |  | 188 Spear St, San Francisco, CA 94105 United States |  | (4)(7)(11) |  | SOFR + 6.75% |  | 11.07% |  | 11/8/2023 |  | 11/8/2030 |  |  |  |  |  | 61,956 |  |  | 60,585 |  |  | 61,615 |  | 0.99 | %

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Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and S pread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 3/31/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets
First Lien Debt – non-contro lled/ non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Denali Bidco Ltd |  | 53 rue de Châteaudun,75009 Paris, France |  | (4)(5)(6)(7)(10) |  | S + 5.00% |  | 9.46% |  | 8/29/2023 |  | 8/29/2030 |  |  |  | GBP |  | 4,022 |  | $ | 4,951 |  | $ | 5,193 |  | 0.08 | %
Denali Bidco Ltd |  | 53 rue de Châteaudun,75009 Paris, France |  | (4)(5)(6)(8) |  | E + 5.00% |  | 7.68% |  | 8/29/2023 |  | 8/29/2030 |  |  |  | EUR |  | 1,166 |  |  | 1,231 |  |  | 1,260 |  | 0.02 | %
Denali Bidco Ltd |  | 53 rue de Châteaudun,75009 Paris, France |  | (4)(5)(6)(8) |  | E + 5.00% |  | 7.68% |  | 2/28/2024 |  | 8/29/2030 |  |  |  | EUR |  | 263 |  |  | 276 |  |  | 285 |  | 0.00 | %
Denali Bidco Ltd |  | 53 rue de Châteaudun,75009 Paris, France |  | (4)(5)(6)(8) |  | E + 5.00% |  | 7.68% |  | 2/28/2024 |  | 8/29/2030 |  |  |  | EUR |  | 1,632 |  |  | 1,747 |  |  | 1,765 |  | 0.03 | %
Diligent Corp |  | 61 W 23rd Street, 4th Floor, New York, NY 10010 United States |  | (4)(10) |  | SOFR + 5.00% |  | 9.31% |  | 4/30/2024 |  | 8/2/2030 |  |  |  |  |  | 49,683 |  |  | 49,513 |  |  | 49,683 |  | 0.80 | %
Diligent Corp |  | 61 W 23rd Street, 4th Floor, New York, NY 10010 United States |  | (4)(10) |  | SOFR + 5.00% |  | 9.31% |  | 4/30/2024 |  | 8/2/2030 |  |  |  |  |  | 8,517 |  |  | 8,488 |  |  | 8,517 |  | 0.14 | %
Discovery Education, Inc. |  | 4350 Congress Street, Suite 700, Charlotte, North Carolina 28209 United States |  | (4)(10) |  | SOFR + 6.75% |  | 11.14% (incl. 6.07% PIK) |  | 4/7/2022 |  | 4/9/2029 |  |  |  |  |  | 33,211 |  |  | 32,914 |  |  | 27,980 |  | 0.45 | %
Discovery Education, Inc. |  | 4350 Congress Street, Suite 700, Charlotte, North Carolina 28209 United States |  | (4)(5)(10) |  | SOFR + 5.75% |  | 10.15% |  | 4/7/2022 |  | 4/9/2029 |  |  |  |  |  | 2,960 |  |  | 2,926 |  |  | 2,494 |  | 0.04 | %
Discovery Education, Inc. |  | 4350 Congress Street, Suite 700, Charlotte, North Carolina 28209 United States |  | (4)(5)(11) |  | SOFR + 6.75% |  | 11.04% (incl. 6.02% PIK) |  | 10/3/2023 |  | 4/9/2029 |  |  |  |  |  | 3,738 |  |  | 3,705 |  |  | 3,149 |  | 0.05 | %
Doit International Ltd |  | David Elazar 12 St’, Tel Aviv-Yaffo, 6107408 Israel |  | (4)(5)(7)(11) |  | SOFR + 4.50% |  | 8.82% |  | 11/25/2024 |  | 11/26/2029 |  |  |  |  |  | 17,409 |  |  | 17,089 |  |  | 17,060 |  | 0.27 | %
Dropbox, Inc. |  | 1800 Owens Street, San Francisco, CA 94158 United States |  | (4)(5)(6)(7)(10)(18) |  | SOFR + 6.38% |  | 10.70% |  | 12/10/2024 |  | 12/11/2029 |  |  |  |  |  | 35,206 |  |  | 34,381 |  |  | 34,413 |  | 0.55 | %
Edison Bidco AS |  | Hagaløkkveien 26, 1383, Asker, Norway |  | (4)(5)(6)(7)(8) |  | E + 5.25% |  | 7.91% |  | 12/18/2024 |  | 12/18/2031 |  |  |  | EUR |  | 345 |  |  | 307 |  |  | 315 |  | 0.01 | %
Elements Finco Ltd |  | Heathrow Approach, 470 London Road, Slough, Berkshire SL3 8QY, Great Britain |  | (4)(5)(6)(8) |  | SOFR + 4.75% |  | 9.07% |  | 4/30/2024 |  | 4/29/2031 |  |  |  |  |  | 5,046 |  |  | 5,027 |  |  | 5,008 |  | 0.08 | %

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Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and S pread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 3/31/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets
First Lien Debt – non-contro lled/ non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Elements Finco Ltd |  | Heathrow Approach, 470 London Road, Slough, Berkshire SL3 8QY, Great Britain |  | (4)(5)(6)(8) |  | S + 5.25% |  | 9.7% (incl. 2.25% PIK) |  | 3/27/2024 |  | 4/29/2031 |  |  |  | GBP |  | 19,513 |  | $ | 24,181 |  | $ | 25,016 |  | 0.40 | %
Elements Finco Ltd |  | Heathrow Approach, 470 London Road, Slough, Berkshire SL3 8QY, Great Britain |  | (4)(5)(6)(8) |  | SOFR + 4.75% |  | 9.29% (incl. 1.97% PIK) |  | 3/27/2024 |  | 4/29/2031 |  |  |  |  |  | 6,101 |  |  | 6,039 |  |  | 6,055 |  | 0.10 | %
Elements Finco Ltd |  | Heathrow Approach, 470 London Road, Slough, Berkshire SL3 8QY, Great Britain |  | (4)(5)(6)(8) |  | S + 5.25% |  | 9.83% (incl. 2.25% PIK) |  | 3/27/2024 |  | 4/29/2031 |  |  |  | GBP |  | 8,747 |  |  | 10,839 |  |  | 11,214 |  | 0.18 | %
Elements Finco Ltd |  | Heathrow Approach, 470 London Road, Slough, Berkshire SL3 8QY, Great Britain |  | (4)(5)(6)(8) |  | S + 5.25% |  | 9.70% (incl. 2.25% PIK) |  | 11/29/2024 |  | 4/29/2031 |  |  |  | GBP |  | 3,597 |  |  | 4,455 |  |  | 4,611 |  | 0.07 | %
Everbridge Holdings, LLC |  | 25 Corporate Drive, Suite 400, Burlington, MA 01803, United States |  | (4)(6)(10) |  | SOFR + 5.00% |  | 9.31% |  | 7/2/2024 |  | 7/2/2031 |  |  |  |  |  | 22,167 |  |  | 22,068 |  |  | 22,111 |  | 0.35 | %
Everbridge Holdings, LLC |  | 25 Corporate Drive, Suite 400, Burlington, MA 01803, United States |  | (4)(5)(6)(7)(10) |  | SOFR + 5.00% |  | 9.31% |  | 7/2/2024 |  | 7/2/2031 |  |  |  |  |  | 2,167 |  |  | 2,140 |  |  | 2,147 |  | 0.03 | %
Experity, Inc. |  | 101 South Phillips Avenue, Suite 300, Sioux Falls, SD 57104, United States |  | (4)(10) |  | SOFR + 6.00% |  | 10.30% (incl. 3.25% PIK) |  | 7/22/2021 |  | 2/24/2028 |  |  |  |  |  | 11,957 |  |  | 11,855 |  |  | 11,957 |  | 0.19 | %
Experity, Inc. |  | 101 South Phillips Avenue, Suite 300, Sioux Falls, SD 57104, United States |  | (4)(5)(7)(10) |  | SOFR + 6.00% |  | 10.30% (incl. 3.25% PIK) |  | 2/24/2022 |  | 2/24/2028 |  |  |  |  |  | 3,848 |  |  | 3,781 |  |  | 3,825 |  | 0.06 | %
Gigamon Inc. |  | 3300 Olcott Street Santa Clara, CA 95054, United States |  | (4)(10) |  | SOFR + 5.75% |  | 10.20% |  | 3/11/2022 |  | 3/9/2029 |  |  |  |  |  | 7,232 |  |  | 7,150 |  |  | 6,780 |  | 0.11 | %
Gigamon Inc. |  | 3300 Olcott Street Santa Clara, CA 95054, United States |  | (4)(5)(7)(10) |  | SOFR + 5.75% |  | 10.19% |  | 3/11/2022 |  | 3/9/2029 |  |  |  |  |  | 131 |  |  | 129 |  |  | 104 |  | 0.00 | %
GovernmentJobs.com, Inc. |  | 300 Continental Blvd., El Segundo, CA 90245, United States |  | (4)(7)(10) |  | SOFR + 5.00% |  | 9.30% |  | 7/15/2024 |  | 12/2/2028 |  |  |  |  |  | 8,444 |  |  | 8,406 |  |  | 8,425 |  | 0.13 | %

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Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and S pread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 3/31/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets
First Lien Debt – non-contro lled/ non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Granicus Inc. |  | 1999 Broadway, Suite 3600, Denver, Colorado 80202 United States |  | (4)(10) |  | SOFR + 5.75% |  | 10.04% (incl. 2.25% PIK) |  | 1/17/2024 |  | 1/17/2031 |  |  |  | $ |  | 17,565 |  | $ | 17,424 |  | $ | 17,565 |  | 0.28 | %
Granicus Inc. |  | 1999 Broadway, Suite 3600, Denver, Colorado 80202 United States |  | (4)(7)(10) |  | SOFR + 5.25% |  | 9.54% (incl. 2.25% PIK) |  | 1/17/2024 |  | 1/17/2031 |  |  |  |  |  | 4,726 |  |  | 4,681 |  |  | 4,722 |  | 0.08 | %
Graphpad Software, LLC |  | 225 Franklin Street, Fl. 26. Boston, MA 02110, United States |  | (4)(10) |  | SOFR + 4.75% |  | 9.05% |  | 6/28/2024 |  | 6/28/2031 |  |  |  |  |  | 24,024 |  |  | 23,864 |  |  | 24,024 |  | 0.38 | %
Graphpad Software, LLC |  | 225 Franklin Street, Fl. 26. Boston, MA 02110, United States |  | (4)(5)(7)(10) |  | SOFR + 4.75% |  | 9.05% |  | 6/28/2024 |  | 6/28/2031 |  |  |  |  |  | 601 |  |  | 545 |  |  | 562 |  | 0.01 | %
GS Acquisitionco Inc |  | 8529 Six Forks Rd, Suite 400, Raleigh, North Carolina 27615 United States |  | (4)(5)(7)(10) |  | SOFR + 5.25% |  | 9.55% |  | 3/26/2024 |  | 5/25/2028 |  |  |  |  |  | 584 |  |  | 568 |  |  | 566 |  | 0.01 | %
GS Acquisitionco Inc |  | 8529 Six Forks Rd, Suite 400, Raleigh, North Carolina 27615 United States |  | (4)(5)(11) |  | SOFR + 5.25% |  | 9.55% |  | 3/26/2024 |  | 5/25/2028 |  |  |  |  |  | 5,317 |  |  | 5,301 |  |  | 5,291 |  | 0.08 | %
Homecare Software Solutions, LLC |  | 130 West 42nd Street, 2nd Floor, New York, NY 10036, United States |  | (4)(10) |  | SOFR + 5.55% |  | 9.87% (incl. 2.93% PIK) |  | 6/14/2024 |  | 6/14/2031 |  |  |  |  |  | 14,828 |  |  | 14,698 |  |  | 14,753 |  | 0.24 | %
Homecare Software Solutions, LLC |  | 130 West 42nd Street, 2nd Floor, New York, NY 10036, United States |  | (4)(10) |  | SOFR + 5.55% |  | 9.87% (incl. 2.93% PIK) |  | 9/26/2024 |  | 6/14/2031 |  |  |  |  |  | 6,756 |  |  | 6,694 |  |  | 6,722 |  | 0.11 | %
Homecare Software Solutions, LLC |  | 130 West 42nd Street, 2nd Floor, New York, NY 10036, United States |  | (4)(10) |  | SOFR + 5.55% |  | 9.87% (incl. 2.93% PIK) |  | 6/14/2024 |  | 6/14/2031 |  |  |  |  |  | 5,507 |  |  | 5,459 |  |  | 5,480 |  | 0.09 | %
Icefall Parent, Inc. |  | 30 Braintree Hill Office Park, Suite 101, Boston, MA 02184 United States |  | (4)(7)(11) |  | SOFR + 6.50% |  | 10.79% |  | 1/26/2024 |  | 1/25/2030 |  |  |  |  |  | 32,592 |  |  | 32,018 |  |  | 32,592 |  | 0.52 | %
IQN Holding Corp |  | 5011 Gate Parkway Building 100, Suite 250, Jacksonville, FL 32256, United States |  | (4)(10) |  | SOFR + 5.25% |  | 9.56% |  | 5/2/2022 |  | 5/2/2029 |  |  |  |  |  | 4,879 |  |  | 4,852 |  |  | 4,879 |  | 0.08 | %
IQN Holding Corp |  | 5011 Gate Parkway Building 100, Suite 250, Jacksonville, FL 32256, United States |  | (4)(5)(7)(10) |  | SOFR + 5.25% |  | 9.57% |  | 5/2/2022 |  | 5/2/2028 |  |  |  |  |  | 335 |  |  | 332 |  |  | 335 |  | 0.01 | %

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Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and S pread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 3/31/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets
First Lien Debt – non-contro lled/ non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
IRI Group Holdings Inc |  | 203 North LaSalle Street, Suite 1500 Chicago, IL 60601, United States |  | (4)(10) |  | SOFR + 5.00% |  | 9.31% |  | 4/1/2024 |  | 12/1/2028 |  |  |  | $ |  | 197,025 |  | $ | 194,773 |  | $ | 197,025 |  | 3.16 | %
IRI Group Holdings Inc |  | 203 North LaSalle Street, Suite 1500 Chicago, IL 60601, United States |  | (4)(5)(7)(10) |  | SOFR + 5.00% |  | 9.32% |  | 4/1/2024 |  | 12/1/2027 |  |  |  |  |  | 1,546 |  |  | 1,393 |  |  | 1,546 |  | 0.02 | %
JS Parent Inc |  | 135 SW Taylor Suite 200 Portland, Oregon, 97204, United States |  | (4)(7)(10) |  | SOFR + 5.00% |  | 9.59% |  | 4/24/2024 |  | 4/24/2031 |  |  |  |  |  | 35,488 |  |  | 35,319 |  |  | 35,471 |  | 0.57 | %
LD Lower Holdings, Inc. |  | 8201 Greensboro Drive, Suite 717 Mclean, VA 22102-3810 United States |  | (4)(11) |  | SOFR + 7.50% |  | 11.90% |  | 2/8/2021 |  | 8/9/2027 |  |  |  |  |  | 84,068 |  |  | 83,779 |  |  | 83,437 |  | 1.34 | %
LogicMonitor Inc |  | 820 State Street, Floor 5, Santa Barbara, CA 93101 United States |  | (4)(5)(7)(10) |  | SOFR + 5.50% |  | 9.79% |  | 11/15/2024 |  | 11/15/2031 |  |  |  |  |  | 15,936 |  |  | 15,724 |  |  | 15,712 |  | 0.25 | %
Magnesium BorrowerCo, Inc. |  | 1 Finsbury Avenue, London, United Kingdom, EC2M 2PF |  | (4)(5)(10) |  | SOFR + 5.25% |  | 9.57% |  | 5/19/2022 |  | 5/18/2029 |  |  |  |  |  | 5,614 |  |  | 5,539 |  |  | 5,614 |  | 0.09 | %
Magnesium BorrowerCo, Inc. |  | 1 Finsbury Avenue, London, United Kingdom, EC2M 2PF |  | (4)(5)(10) |  | SOFR + 5.25% |  | 9.57% |  | 3/21/2024 |  | 5/18/2029 |  |  |  |  |  | 140 |  |  | 138 |  |  | 140 |  | 0.00 | %
Magnesium BorrowerCo, Inc. |  | 1 Finsbury Avenue, London, United Kingdom, EC2M 2PF |  | (4)(5)(10) |  | S + 5.25% |  | 9.71% |  | 5/19/2022 |  | 5/18/2029 |  |  |  | GBP |  | 3,357 |  |  | 4,130 |  |  | 4,336 |  | 0.07 | %
Mandolin Technology Intermediate Holdings, Inc. |  | Nova Tower 1 1 Allegheny Square, Suite 800 Pittsburgh, PA, 15212 United States |  | (4)(5)(9) |  | SOFR + 3.75% |  | 8.20% |  | 7/30/2021 |  | 7/31/2028 |  |  |  |  |  | 8,417 |  |  | 8,357 |  |  | 7,323 |  | 0.12 | %
Mandolin Technology Intermediate Holdings, Inc. |  | Nova Tower 1 1 Allegheny Square, Suite 800 Pittsburgh, PA, 15212 United States |  | (4)(5)(7)(9) |  | SOFR + 6.25% |  | 10.70% |  | 6/9/2023 |  | 7/31/2028 |  |  |  |  |  | 6,878 |  |  | 6,721 |  |  | 6,382 |  | 0.10 | %
Medallia, Inc. |  | 200 W 41st St, New York, NY 10036, United States |  | (4)(10) |  | SOFR + 6.50% |  | 10.82% (incl. 4.00% PIK) |  | 10/28/2021 |  | 10/29/2028 |  |  |  |  |  | 383,023 |  |  | 379,710 |  |  | 341,848 |  | 5.48 | %
Medallia, Inc. |  | 200 W 41st St, New York, NY 10036, United States |  | (4)(5)(10) |  | SOFR + 6.50% |  | 10.82% (incl. 4.00% PIK) |  | 8/16/2022 |  | 10/29/2028 |  |  |  |  |  | 2,247 |  |  | 2,224 |  |  | 2,006 |  | 0.03 | %

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Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and S pread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 3/31/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets
First Lien Debt – non-contro lled/ non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Monk Holding Co. |  | 5473 Morris Hunt Dr Fort Mill, SC, 29708-6523 United States |  | (4)(10)(18) |  | SOFR + 5.50% |  | 9.90% |  | 12/1/2021 |  | 12/1/2027 |  |  |  | $ |  | 4,743 |  | $ | 4,692 |  | $ | 4,743 |  | 0.08 | %
Monk Holding Co. |  | 5473 Morris Hunt Dr Fort Mill, SC, 29708-6523 United States |  | (4)(5)(7)(10) |  | SOFR + 5.50% |  | 9.90% |  | 12/1/2021 |  | 12/1/2027 |  |  |  |  |  | 287 |  |  | 280 |  |  | 275 |  | 0.00 | %
MRI Software, LLC |  | 28925 Fountain Parkway Solon OH 44139 United States |  | (11) |  | SOFR + 4.75% |  | 9.05% |  | 9/22/2020 |  | 2/10/2027 |  |  |  |  |  | 6,707 |  |  | 6,715 |  |  | 6,656 |  | 0.11 | %
MRI Software, LLC |  | 28925 Fountain Parkway Solon OH 44139 United States |  | (11) |  | SOFR + 4.75% |  | 9.05% |  | 2/10/2020 |  | 2/10/2027 |  |  |  |  |  | 90,441 |  |  | 90,126 |  |  | 89,761 |  | 1.44 | %
MRI Software, LLC |  | 28925 Fountain Parkway Solon OH 44139 United States |  | (4)(7)(11) |  | SOFR + 4.75% |  | 9.05% |  | 2/10/2020 |  | 2/10/2027 |  |  |  |  |  | 409 |  |  | 379 |  |  | 188 |  | 0.00 | %
NAVEX TopCo, Inc. |  | 5500 Meadows Road, Suite 500, Lake Oswego, OR, 97035 United States |  | (4)(7)(10) |  | SOFR + 5.50% |  | 9.82% |  | 11/9/2023 |  | 11/9/2030 |  |  |  |  |  | 60,690 |  |  | 59,640 |  |  | 60,690 |  | 0.97 | %
Nintex Topco Limited |  | 10800 NE 8th Street, Suite 400 Bellevue, WA 98004 United States |  | (4)(6)(8) |  | SOFR + 6.00% |  | 10.45% (incl. 1.50% PIK) |  | 11/12/2021 |  | 11/13/2028 |  |  |  |  |  | 34,067 |  |  | 33,722 |  |  | 31,342 |  | 0.50 | %
Noble Midco 3 Ltd |  | 2 Seething Ln, London EC3N 4AT, United Kingdom |  | (4)(5)(6)(7)(10) |  | SOFR + 5.00% |  | 9.30% |  | 6/10/2024 |  | 6/24/2031 |  |  |  |  |  | 16,985 |  |  | 16,800 |  |  | 16,966 |  | 0.27 | %
Optimizely North America Inc |  | 119 5th Ave, 7th Floor, New York, NY 10003 United States |  | (4)(5)(10) |  | S + 5.50% |  | 9.96% |  | 10/30/2024 |  | 10/30/2031 |  |  |  | GBP |  | 865 |  |  | 1,111 |  |  | 1,106 |  | 0.02 | %
Optimizely North America Inc |  | 119 5th Ave, 7th Floor, New York, NY 10003 United States |  | (4)(5)(10) |  | E + 5.25% |  | 7.61% |  | 10/30/2024 |  | 10/30/2031 |  |  |  | EUR |  | 2,882 |  |  | 3,100 |  |  | 3,085 |  | 0.05 | %
Optimizely North America Inc |  | 119 5th Ave, 7th Floor, New York, NY 10003 United States |  | (4)(5)(7)(10) |  | SOFR + 5.00% |  | 9.32% |  | 10/30/2024 |  | 10/30/2031 |  |  |  |  |  | 8,214 |  |  | 8,126 |  |  | 8,120 |  | 0.13 | %
Oranje Holdco, Inc. |  | 33 N Garden Ave, Clearwater, FL 33755 United States |  | (4)(5)(7)(11) |  | SOFR + 7.75% |  | 12.04% |  | 2/1/2023 |  | 2/1/2029 |  |  |  |  |  | 2,000 |  |  | 1,964 |  |  | 2,000 |  | 0.03 | %
Oranje Holdco, Inc. |  | 33 N Garden Ave, Clearwater, FL 33755 United States |  | (4)(11) |  | SOFR + 7.25% |  | 11.82% |  | 4/19/2024 |  | 2/1/2029 |  |  |  |  |  | 33,969 |  |  | 33,402 |  |  | 33,969 |  | 0.54 | %

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Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and S pread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 3/31/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets
First Lien Debt – non-contro lled/ non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
PDI TA Holdings, Inc. |  | 11675 Rainwater Dr., Suite 350, Alpharetta, GA 30009, United States |  | (4)(10) |  | SOFR + 5.50% |  | 9.79% |  | 2/1/2024 |  | 2/3/2031 |  |  |  | $ |  | 43,815 |  | $ | 43,326 |  | $ | 43,815 |  | 0.70 | %
PDI TA Holdings, Inc. |  | 11675 Rainwater Dr., Suite 350, Alpharetta, GA 30009, United States |  | (4)(7)(10) |  | SOFR + 5.50% |  | 9.79% |  | 2/1/2024 |  | 2/3/2031 |  |  |  |  |  | 4,342 |  |  | 4,263 |  |  | 4,342 |  | 0.07 | %
Ping Identity Holding Corp |  | 1001 17th Street, Suite 100, Denver, CO 80202 United States |  | (4)(5)(7)(10) |  | SOFR + 4.75% |  | 9.05% |  | 10/21/2024 |  | 10/17/2029 |  |  |  |  |  | 6,674 |  |  | 6,674 |  |  | 6,674 |  | 0.11 | %
QBS Parent, Inc. |  | 811 Main Street, Suite 2200, Houston, TX 77002 United States |  | (4)(5)(7)(10) |  | SOFR + 4.75% |  | 9.05% |  | 11/7/2024 |  | 11/7/2031 |  |  |  |  |  | 9,319 |  |  | 9,270 |  |  | 9,291 |  | 0.15 | %
QBS Parent, Inc. |  | 811 Main Street, Suite 2200, Houston, TX 77002 United States |  | (4)(10) |  | SOFR + 4.75% |  | 9.05% |  | 2/28/2025 |  | 11/7/2031 |  |  |  |  |  | 904 |  |  | 899 |  |  | 902 |  | 0.01 | %
Rally Buyer, Inc. |  | 5213 Tacome Building C · Houston, TX 77041 United States |  | (4)(5)(10) |  | SOFR + 5.75% |  | 10.05% |  | 7/19/2022 |  | 7/19/2028 |  |  |  |  |  | 886 |  |  | 877 |  |  | 818 |  | 0.01 | %
Rally Buyer, Inc. |  | 5213 Tacome Building C · Houston, TX 77041 United States |  | (4)(5)(7)(10) |  | SOFR + 5.75% |  | 10.05% |  | 7/19/2022 |  | 7/19/2028 |  |  |  |  |  | 71 |  |  | 70 |  |  | 63 |  | 0.00 | %
Relativity ODA, LLC |  | 231 South LaSalle Street, 8th Floor, Chicago, IL 60604 United States |  | (4)(7)(11) |  | SOFR + 4.50% |  | 8.82% |  | 5/12/2021 |  | 5/12/2029 |  |  |  |  |  | 19,337 |  |  | 19,153 |  |  | 19,204 |  | 0.31 | %
Scorpio BidCo SAS |  | 131, Chemin du Bac-a-Traille Caluire-et-Cuire, 69300 France |  | (4)(5)(6)(7)(8) |  | E + 5.75% |  | 8.11% |  | 4/3/2024 |  | 4/30/2031 |  |  |  | EUR |  | 22,826 |  |  | 24,697 |  |  | 24,634 |  | 0.39 | %
Spaceship Purchaser Inc |  | 320 Park Avenue, 33rd Floor, New York, New York 10022 United States |  | (4)(5)(7)(10) |  | SOFR + 5.00% |  | 9.30% |  | 10/17/2024 |  | 10/17/2031 |  |  |  |  |  | 91,506 |  |  | 90,487 |  |  | 90,874 |  | 1.46 | %
Spitfire Parent, Inc. |  | 10161 Park Run Drive, Suite 150, Las Vegas, Nevada United States |  | (4)(11) |  | SOFR + 5.50% |  | 9.92% |  | 3/9/2021 |  | 3/11/2027 |  |  |  |  |  | 56,702 |  |  | 56,428 |  |  | 56,702 |  | 0.91 | %
Spitfire Parent, Inc. |  | 10161 Park Run Drive, Suite 150, Las Vegas, Nevada United States |  | (4)(11) |  | SOFR + 5.50% |  | 9.92% |  | 11/19/2021 |  | 3/11/2027 |  |  |  |  |  | 20,930 |  |  | 20,776 |  |  | 20,930 |  | 0.34 | %
Spitfire Parent, Inc. |  | 10161 Park Run Drive, Suite 150, Las Vegas, Nevada United States |  | (4)(5)(11) |  | E + 5.50% |  | 7.86% |  | 3/8/2021 |  | 3/11/2027 |  |  |  | EUR |  | 10,080 |  |  | 12,090 |  |  | 10,900 |  | 0.17 | %

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Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and S pread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 3/31/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets
First Lien Debt – non-contro lled/ non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stamps.com, Inc. |  | 1990 East Grand Avenue El Segundo, CA 90245 United States |  | (4)(5)(10) |  | SOFR + 5.75% |  | 10.14% |  | 12/14/2021 |  | 10/5/2028 |  |  |  | $ |  | 3,273 |  | $ | 3,239 |  | $ | 3,216 |  | 0.05 | %
Stamps.com, Inc. |  | 1990 East Grand Avenue El Segundo, CA 90245 United States |  | (4)(10) |  | SOFR + 5.75% |  | 10.14% |  | 10/5/2021 |  | 10/5/2028 |  |  |  |  |  | 278,297 |  |  | 275,504 |  |  | 273,427 |  | 4.38 | %
Tango Bidco SAS |  | 3, boulevard de Sébastopol, 75001 Paris France |  | (4)(5)(6)(8) |  | E + 5.00% |  | 7.79% |  | 10/17/2024 |  | 10/17/2031 |  |  |  | EUR |  | 11,872 |  |  | 12,685 |  |  | 12,656 |  | 0.20 | %
Tango Bidco SAS |  | 3, boulevard de Sébastopol, 75001 Paris France |  | (4)(5)(6)(7)(8) |  | E + 5.00% |  | 7.79% |  | 10/17/2024 |  | 10/17/2031 |  |  |  | EUR |  | 3,252 |  |  | 3,466 |  |  | 3,435 |  | 0.06 | %
Tricentis Operations Holdings, Inc. |  | 5301 Southwest Parkway, Building 2, Suite 200 Austin TX, 78735 |  | (4)(7)(11) |  | SOFR + 6.25% |  | 10.55% (incl. 4.87% PIK) |  | 2/11/2025 |  | 2/11/2032 |  |  |  |  |  | 22,975 |  |  | 22,699 |  |  | 22,694 |  | 0.36 | %
Triple Lift, Inc. |  | 400 Lafayette St 5th floor, New York, NY 10003 United States |  | (4)(10) |  | SOFR + 5.75% |  | 10.20% |  | 3/18/2022 |  | 5/5/2028 |  |  |  |  |  | 13,738 |  |  | 13,599 |  |  | 13,188 |  | 0.21 | %
Triple Lift, Inc. |  | 400 Lafayette St 5th floor, New York, NY 10003 United States |  | (4)(7)(10) |  | SOFR + 5.75% |  | 10.20% |  | 5/6/2021 |  | 5/5/2028 |  |  |  |  |  | 47,209 |  |  | 46,723 |  |  | 45,012 |  | 0.72 | %
Varicent Parent Holdings Corp |  | 4711 Yonge St., Suite 300, Toronto, Ontario M2N 6K8, Canada |  | (4)(5)(7)(10) |  | SOFR + 6.00% |  | 10.33% (incl. 3.25% PIK) |  | 8/23/2024 |  | 8/23/2031 |  |  |  |  |  | 12,450 |  |  | 12,252 |  |  | 12,314 |  | 0.20 | %
WPEngine, Inc. |  | 504 Lavaca Street, Suite 1000, Austin, TX 78701 United States |  | (4)(7)(10) |  | SOFR + 6.50% |  | 10.82% |  | 8/14/2023 |  | 8/14/2029 |  |  |  |  |  | 66,667 |  |  | 65,065 |  |  | 66,467 |  | 1.07 | %
Zendesk Inc |  | 989 Market St, San Francisco, CA 94103 United States |  | (4)(5)(7)(10) |  | SOFR + 5.00% |  | 9.30% |  | 7/23/2024 |  | 11/22/2028 |  |  |  |  |  | 1,615 |  |  | 1,592 |  |  | 1,610 |  | 0.03 | %
Zorro Bidco Ltd |  | 740 Waterside Drive, Aztec West, Almondsbury, Bristol, BS32 4UF, United Kingdom |  | (4)(5)(6)(7)(8) |  | S + 4.90% |  | 9.36% |  | 8/13/2024 |  | 8/13/2031 |  |  |  | GBP |  | 28,479 |  |  | 35,554 |  |  | 36,373 |  | 0.58 | %
Zorro Bidco Ltd |  | 740 Waterside Drive, Aztec West, Almondsbury, Bristol, BS32 4UF, United Kingdom |  | (4)(5)(6)(8) |  | S + 4.90% |  | 9.36% |  | 1/30/2025 |  | 8/13/2031 |  |  |  | GBP |  | 3,165 |  |  | 3,898 |  |  | 4,047 |  | 0.06 | %
Zorro Bidco Ltd |  | 740 Waterside Drive, Aztec West, Almondsbury, Bristol, BS32 4UF, United Kingdom |  | (4)(5)(6)(8) |  | ST + 4.90% |  | 7.21% |  | 2/6/2025 |  | 8/13/2031 |  |  |  | SEK |  | 43,390 |  |  | 3,946 |  |  | 4,273 |  | 0.07 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,664,014 |  |  | 2,621,274 |  | 41.99 | %

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Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and S pread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 3/31/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets
First Lien Debt – non-contro lled/ non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Specialty Retail |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
CustomInk, LLC |  | 2910 District Avenue Fairfax VA 22031 United States |  | (4)(11)(18) |  | SOFR + 5.98% |  | 10.38% |  | 5/3/2019 |  | 5/3/2026 |  |  |  | $ |  | 163,594 |  | $ | 163,118 |  | $ | 163,594 |  | 2.62 | %
Technology Hardware, Storage & Peripherals |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Lytx, Inc. |  | 9785 Towne Centre Drive San Diego CA 92121 United States |  | (4)(11) |  | SOFR + 5.00% |  | 9.42% |  | 6/13/2024 |  | 2/28/2028 |  |  |  |  |  | 84,454 |  |  | 83,955 |  |  | 84,454 |  | 1.35 | %
Trading Companies & Distributors |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Paramount Global Surfaces Inc |  | 20 Sanker Road, Dickson, TN 37055 United States |  | (4)(11) |  | SOFR + 6.00% |  | 10.43% |  | 4/30/2021 |  | 4/1/2027 |  |  |  |  |  | 53,904 |  |  | 53,359 |  |  | 47,436 |  | 0.76 | %
Red Fox CD Acquisition Corp |  | 3916 Westpoint Blvd., Winston-Salem, NC 27103 United States |  | (4)(11) |  | SOFR + 6.00% |  | 10.30% |  | 3/4/2024 |  | 3/4/2030 |  |  |  |  |  | 73,827 |  |  | 72,420 |  |  | 73,827 |  | 1.18 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 125,779 |  |  | 121,263 |  | 1.94 | %
Transportation Infrastructure |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capstone Acquisition Holdings Inc |  | 30 Technology Parkway South, Suite 200, Peachtree Corner, GA 30092 United States |  | (4)(11) |  | SOFR + 4.50% |  | 8.92% |  | 8/29/2024 |  | 11/13/2029 |  |  |  |  |  | 5,446 |  |  | 5,428 |  |  | 5,446 |  | 0.09 | %
Frontline Road Safety, LLC |  | 1125 17th Street, Suite 1575, Denver, CO, United States 80202 |  | (4)(8) |  | SOFR + 4.75% |  | 9.07% (incl. 2.00% PIK) |  | 3/4/2025 |  | 3/4/2032 |  |  |  |  |  | 15,013 |  |  | 14,864 |  |  | 14,862 |  | 0.24 | %
Frontline Road Safety, LLC |  | 1125 17th Street, Suite 1575, Denver, CO, United States 80202 |  | (4)(5)(7)(8) |  | SOFR + 4.75% |  | 9.07% (incl. 2.00% PIK) |  | 3/4/2025 |  | 3/4/2032 |  |  |  |  |  | 80 |  |  | 33 |  |  | 32 |  | 0.00 | %
Helix TS, LLC |  | 114 Capital Way Christiana, TN 37037, United States |  | (4)(7)(10) |  | SOFR + 6.25% |  | 10.55% |  | 8/4/2021 |  | 8/4/2027 |  |  |  |  |  | 21,029 |  |  | 20,724 |  |  | 20,577 |  | 0.33 | %
Helix TS, LLC |  | 114 Capital Way Christiana, TN 37037, United States |  | (4)(10) |  | SOFR + 6.25% |  | 10.54% |  | 8/4/2021 |  | 8/4/2027 |  |  |  |  |  | 20,861 |  |  | 20,698 |  |  | 20,548 |  | 0.33 | %
Helix TS, LLC |  | 114 Capital Way Christiana, TN 37037, United States |  | (4)(5)(10) |  | SOFR + 6.25% |  | 10.55% |  | 12/22/2023 |  | 8/4/2027 |  |  |  |  |  | 3,766 |  |  | 3,717 |  |  | 3,709 |  | 0.06 | %
Helix TS, LLC |  | 114 Capital Way Christiana, TN 37037, United States |  | (4)(5)(10) |  | SOFR + 6.25% |  | 10.55% |  | 12/14/2022 |  | 8/4/2027 |  |  |  |  |  | 980 |  |  | 971 |  |  | 965 |  | 0.02 | %

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Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and S pread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 3/31/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets
First Lien Debt – non-contro lled/ non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Transportation Infrastructure (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Italian Motorway Holdings S.à r.l |  | Meif 6 Hra Italian Motorway Holdings SARL, Luxembourg |  | (4)(5)(6)(8) |  | E + 5.25% |  | 8.14% |  | 4/28/2022 |  | 4/28/2029 |  |  |  | EUR |  | 78,810 |  | $ | 81,692 |  | $ | 85,217 |  | 1.37 | %
Roadsafe Holdings, Inc. |  | 3331 Street Rd #430, Bensalem, PA 19020 United States |  | (4)(11) |  | SOFR + 5.75% |  | 10.27% |  | 4/19/2021 |  | 10/19/2027 |  |  |  |  |  | 32,998 |  |  | 32,712 |  |  | 31,513 |  | 0.50 | %
Roadsafe Holdings, Inc. |  | 3331 Street Rd #430, Bensalem, PA 19020 United States |  | (4)(11) |  | SOFR + 5.75% |  | 10.14% |  | 4/19/2021 |  | 10/19/2027 |  |  |  |  |  | 20,375 |  |  | 20,221 |  |  | 19,459 |  | 0.31 | %
Roadsafe Holdings, Inc. |  | 3331 Street Rd #430, Bensalem, PA 19020 United States |  | (4)(11) |  | SOFR + 5.75% |  | 10.14% |  | 1/31/2022 |  | 10/19/2027 |  |  |  |  |  | 4,154 |  |  | 4,116 |  |  | 3,967 |  | 0.06 | %
Roadsafe Holdings, Inc. |  | 3331 Street Rd #430, Bensalem, PA 19020 United States |  | (4)(5)(11) |  | P + 4.75% |  | 12.25% |  | 9/11/2024 |  | 10/19/2027 |  |  |  |  |  | 1,235 |  |  | 1,215 |  |  | 1,179 |  | 0.02 | %
Safety Borrower Holdings LP |  | 8814 Horizon Blvd, Northeast, Suite 100, Albuquerque, NM 87113, United States |  | (4)(11) |  | SOFR + 5.25% |  | 9.69% |  | 9/1/2021 |  | 9/1/2027 |  |  |  |  |  | 5,243 |  |  | 5,225 |  |  | 5,243 |  | 0.08 | %
Safety Borrower Holdings LP |  | 8814 Horizon Blvd, Northeast, Suite 100, Albuquerque, NM 87113, United States |  | (4)(5)(7)(11) |  | P + 4.25% |  | 11.75% |  | 9/1/2021 |  | 9/1/2027 |  |  |  |  |  | 93 |  |  | 92 |  |  | 89 |  | 0.00 | %
Sam Holding Co, Inc. |  | 7414 Circle17 South, Sebring, FL 33876, United States |  | (4)(11) |  | SOFR + 5.50% |  | 9.91% |  | 9/24/2021 |  | 9/24/2027 |  |  |  |  |  | 36,717 |  |  | 36,416 |  |  | 36,717 |  | 0.59 | %
Sam Holding Co, Inc. |  | 7414 Circle17 South, Sebring, FL 33876, United States |  | (4)(11) |  | SOFR + 5.50% |  | 9.79% |  | 9/19/2023 |  | 9/24/2027 |  |  |  |  |  | 15,760 |  |  | 15,565 |  |  | 15,760 |  | 0.25 | %
Sam Holding Co, Inc. |  | 7414 Circle17 South, Sebring, FL 33876, United States |  | (4)(11) |  | SOFR + 5.50% |  | 9.79% |  | 9/24/2021 |  | 9/24/2027 |  |  |  |  |  | 11,374 |  |  | 11,374 |  |  | 11,374 |  | 0.18 | %
Sam Holding Co, Inc. |  | 7414 Circle17 South, Sebring, FL 33876, United States |  | (4)(11) |  | SOFR + 5.50% |  | 9.90% |  | 9/19/2023 |  | 9/24/2027 |  |  |  |  |  | 9,945 |  |  | 9,822 |  |  | 9,945 |  | 0.16 | %
Sam Holding Co, Inc. |  | 7414 Circle17 South, Sebring, FL 33876, United States |  | (4)(5)(7)(11) |  | P + 4.50% |  | 12.00% |  | 9/24/2021 |  | 3/24/2027 |  |  |  |  |  | 1,600 |  |  | 1,557 |  |  | 1,600 |  | 0.03 | %

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Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and S pread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 3/31/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets
First Lien Debt – non-contro lled/ non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Transportation Infrastructure (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sam Holding Co, Inc. |  | 7414 Circle17 South, Sebring, FL 33876, United States |  | (4)(5)(7)(11) |  | SOFR + 5.50% |  | 9.89% |  | 9/5/2024 |  | 9/24/2027 |  |  |  | $ |  | 8,185 |  | $ | 8,101 |  | $ | 8,084 |  | 0.13 | %
TRP Infrastructure Services, LLC |  | 2411 Minnis Dr, Haltom City, TX 76117, United States |  | (4)(11) |  | SOFR + 5.50% |  | 9.94% |  | 7/9/2021 |  | 7/9/2027 |  |  |  |  |  | 38,388 |  |  | 38,098 |  |  | 38,388 |  | 0.62 | %
TRP Infrastructure Services, LLC |  | 2411 Minnis Dr, Haltom City, TX 76117, United States |  | (4)(5)(7)(11) |  | SOFR + 5.50% |  | 9.97% |  | 12/2/2024 |  | 7/9/2027 |  |  |  |  |  | 13,189 |  |  | 13,028 |  |  | 13,135 |  | 0.21 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 345,669 |  |  | 347,809 |  | 5.58 | %
Total First Lien Debt – no n-cont rolled/ non-affiliated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 12,714,360 |  |  | 12,579,878 |  | 201.55 | %
Professional Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Material Holdings, LLC |  | 1900 Avenue of the Stars Ste 1600 19th floor Los Angeles, CA 90067 United States |  | (4)(5)(7)(10)(16) |  | SOFR + 6.00% |  | 10.43% (incl. 9.90% PIK) |  | 6/14/2024 |  | 8/19/2027 |  |  |  |  |  | 22,123 |  |  | 21,966 |  |  | 22,082 |  | 0.35 | %
Material Holdings, LLC |  | 1900 Avenue of the Stars Ste 1600 19th floor Los Angeles, CA 90067 United States |  | (4)(5)(10)(16)(17) |  | SOFR + 6.00% |  | 10.43% PIK |  | 6/14/2024 |  | 8/19/2027 |  |  |  |  |  | 5,336 |  |  | 5,291 |  |  | 943 |  | 0.02 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 27,257 |  |  | 23,025 |  | 0.37 | %
Total First Lien Debt – non-controlled/ affiliated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 27,257 |  |  | 23,025 |  | 0.37 | %
Total First Lien Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 12,741,617 |  |  | 12,602,903 |  | 201.92 | %
Second Lien Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Second Lien Debt – non-controlled/non-affiliated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Health Care Providers & Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Canadian Hospital Specialties Ltd. |  | 2060 Winston Park Drive, Suite 400, Oakville, Ontario L6H 5R7 Canada |  | (4)(5)(6)(8) |  | 8.75% |  | 8.75% |  | 4/15/2021 |  | 4/15/2029 |  |  |  | CAD |  | 10,533 |  |  | 8,320 |  |  | 6,715 |  | 0.11 | %
Jayhawk Buyer, LLC |  | 8717 West 110th Street, Suite 300 Overland Park, KS 66210 United States |  | (4)(11) |  | SOFR + 8.75% |  | 13.14% |  | 5/26/2021 |  | 10/15/2027 |  |  |  |  |  | 5,183 |  |  | 5,142 |  |  | 4,795 |  | 0.08 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 13,462 |  |  | 11,510 |  | 0.19 | %

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Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and S pread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 3/31/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets
Second Lien Debt – non-controlled/ non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Health Care Technology |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Project Ruby Ultimate Parent Corp |  | 11711 West 79th Street Lenexa, Kansas 62214 United States |  | (4)(5)(10) |  | SOFR + 5.25% |  | 9.69% |  | 10/15/2024 |  | 3/10/2029 |  |  |  | $ |  | 1,000 |  | $ | 996 |  | $ | 998 |  | 0.02 | %
Insurance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
SQ ABS Issuer LLC |  | 6800 West 115th Street Suite 2511 Overland Park KS 66211 United States |  | (4)(5)(6)(8) |  | 9.65% |  | 9.65% |  | 10/11/2024 |  | 10/20/2039 |  |  |  |  |  | 3,812 |  |  | 3,759 |  |  | 3,783 |  | 0.06 | %
Interactive Media & Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Speedster Bidco GmbH |  | Bothestraße 11 – 15, 81675 München, Germany |  | (4)(6)(8) |  | CA + 5.50% |  | 8.16% |  | 12/10/2024 |  | 2/13/2032 |  |  |  | CAD |  | 50,654 |  |  | 35,488 |  |  | 34,584 |  | 0.55 | %
IT Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Inovalon Holdings, Inc. |  | 4321 Collington Rd, Bowie, MD 20716, United States |  | (4)(10) |  | SOFR + 10.50% |  | 15.05% PIK |  | 11/24/2021 |  | 11/24/2033 |  |  |  |  |  | 14,613 |  |  | 14,414 |  |  | 14,613 |  | 0.23 | %
Machinery |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Victory Buyer, LLC |  | 50 East 153rd Street Bronx, NY 10451 – 2104 United States |  | (4)(9) |  | SOFR + 7.00% |  | 11.44% |  | 11/19/2021 |  | 11/19/2029 |  |  |  |  |  | 9,619 |  |  | 9,562 |  |  | 9,186 |  | 0.15 | %
Professional Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Thevelia US, LLC |  | Level 15, Manulife Place, 348 Kwun Tong Rd, Ngau Tau Kok, Hong Kong |  | (4)(5)(6)(9) |  | SOFR + 6.00% |  | 10.30% |  | 6/17/2022 |  | 6/17/2032 |  |  |  |  |  | 4,920 |  |  | 4,824 |  |  | 4,920 |  | 0.08 | %
Software |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
CB Nike Holdco LLC |  | David Elazar 12 St’, Tel Aviv-Yaffo, 6107408 Israel |  | (4)(5)(11) |  | SOFR + 7.35% |  | 11.67% PIK |  | 11/25/2024 |  | 11/26/2029 |  |  |  |  |  | 36,675 |  |  | 35,995 |  |  | 35,941 |  | 0.58 | %
Mandolin Technology Intermediate Holdings, Inc. |  | Nova Tower 1 1 Allegheny Square, Suite 800 Pittsburgh, PA, 15212 United States |  | (4)(5)(9) |  | SOFR + 6.50% |  | 10.97% (incl. 6.50% PIK) |  | 7/30/2021 |  | 7/30/2029 |  |  |  |  |  | 3,550 |  |  | 3,523 |  |  | 2,947 |  | 0.05 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 39,518 |  |  | 38,888 |  | 0.63 | %
Total Second Lien Debt – non-controlled/ non-affiliated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 122,023 |  |  | 118,482 |  | 1.91 | %
Total Second Lien Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 122,023 |  |  | 118,482 |  | 1.91 | %

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Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and S pread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 3/31/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets
Unsecured Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unsecured Debt – non-controlled/non-affiliated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Health Care Technology |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcomp Holding Company, LLC |  | 621 Santa Fe Ave. Fresno, CA 93721 United States |  | (4)(5)(8) |  | 13.75% |  | 13.75% PIK |  | 11/8/2023 |  | 11/8/2031 |  |  |  | $ |  | 11,985 |  | $ | 11,731 |  | $ | 11,835 |  | 0.19 | %
IT Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
PPT Holdings III, LLC |  | 5910 Landerbrook Drive, Mayfield Heights, OH 44124 United States |  | (4)(5)(8) |  | 12.75% |  | 12.75% PIK |  | 3/25/2024 |  | 3/27/2034 |  |  |  |  |  | 1,832 |  |  | 1,796 |  |  | 1,823 |  | 0.03 | %
Total Unsecured Debt – non-controlled/non-affiliated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 13,527 |  |  | 13,658 |  | 0.22 | %
Total Unsecured Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 13,527 |  |  | 13,658 |  | 0.22 | %
Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity – non-controlled/non-affiliated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Aerospace & Defense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Micross Topco, Inc. – Common Equity |  | 1050 Perimeter Road, Manchester, NH 03103 United States |  | (4) |  |  |  |  |  | 3/28/2022 |  |  |  | 1.2% |  |  |  | 4,767 |  |  | 4,767 |  |  | 6,542 |  | 0.10 | %
Air Freight & Logistics |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
AGI Group Holdings LP – Class A-2 Common Units |  | 9130 S Dadeland Blvd Ste 1801, Miami, FL, 331 56-7 858 United States |  | (4) |  |  |  |  |  | 6/11/2021 |  |  |  | 30.1% |  |  |  | 902 |  |  | 902 |  |  | 1,239 |  | 0.02 | %
Mode Holdings, L.P. – Class A-2 Common Units |  | 17330 Preston Rd., Suite 200 C Dallas, TX 75252 United States |  | (4) |  |  |  |  |  | 12/9/2019 |  |  |  | 9.2% |  | 5,486,923 |  |  | 5,487 |  |  | 5,432 |  | 0.09 | %
Red Griffin ParentCo, LLC – Class A Common Units |  | 1100 N. Arlington Heights Rd., Itasca, IL 60143 United States |  | (4) |  |  |  |  |  | 11/27/2024 |  |  |  | 5.0% |  |  |  | 935 |  |  | 3,968 |  |  | 2,931 |  | 0.05 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 10,357 |  |  | 9,602 |  | 0.16 | %
Commercial Services & Supplies |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Genstar Neptune Blocker, LLC – Blocker Units |  | 180 North Stetson, 29th Floor, Chicago, IL 60601 United States |  | (4) |  |  |  |  |  | 12/2/2024 |  |  |  | 3.7% |  |  |  | 218 |  |  | 343 |  |  | 336 |  | 0.01 | %
Genstar Neptune Blocker, LLC – Class Z Units |  | 180 North Stetson, 29th Floor, Chicago, IL 60601 United States |  | (4) |  |  |  |  |  | 12/2/2024 |  |  |  | 3.7% |  |  |  | 57 |  |  | 81 |  |  | 79 |  | 0.00 | %
Genstar Neptune Blocker, LLC – Blocker Note |  | 180 North Stetson, 29th Floor, Chicago, IL 60601 United States |  | (4) |  |  |  |  |  | 12/2/2024 |  |  |  | 3.7% |  |  |  | 8,738 |  |  | 9 |  |  | 9 |  | 0.00 | %

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Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and S pread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 3/31/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets
Equity – non-controlled/non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial Services & Supplies (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
GTCR Investors LP – Class A-1 Common Units |  | 1501 Yamato Road, Boca Raton, FL 33431 United States |  | (4) |  |  |  |  |  | 9/29/2023 |  |  |  | 4.6% |  | $ |  | 417,006 |  | $ | 417 |  | $ | 465 |  | 0.01 | %
GTCR/Jupiter Blocker, LLC – Class Z Units |  | 180 North Stetson, 29th Floor, Chicago, IL 60601 United States |  | (4) |  |  |  |  |  | 12/2/2024 |  |  |  | 3.7% |  |  |  | 41 |  |  | 58 |  |  | 57 |  | 0.00 | %
GTCR/Jupiter Blocker, LLC – Blocker Note |  | 180 North Stetson, 29th Floor, Chicago, IL 60601 United States |  | (4) |  |  |  |  |  | 12/2/2024 |  |  |  | 3.7% |  |  |  | 6,291 |  |  | 6 |  |  | 7 |  | 0.00 | %
Jupiter Ultimate Holdings, LLC – Class A Common Units |  | 180 North Stetson, 29th Floor, Chicago, IL 60601 United States |  | (4) |  |  |  |  |  | 11/8/2024 |  |  |  | 3.7% |  |  |  | 1 |  |  | 0 |  |  | 0 |  | 0.00 | %
Jupiter Ultimate Holdings, LLC – Class B Common Units |  | 180 North Stetson, 29th Floor, Chicago, IL 60601 United States |  | (4) |  |  |  |  |  | 11/8/2024 |  |  |  | 3.7% |  |  |  | 278 |  |  | 218 |  |  | 215 |  | 0.00 | %
Jupiter Ultimate Holdings, LLC – Class C Common Units |  | 180 North Stetson, 29th Floor, Chicago, IL 60601 United States |  | (4) |  |  |  |  |  | 11/8/2024 |  |  |  | 3.7% |  |  |  | 278,074 |  |  | 221 |  |  | 220 |  | 0.00 | %
RC VI Buckeye Holdings, LLC – LLC Units |  | 1901 Indian Wood Cir Maumee, OH 43537 |  | (4) |  |  |  |  |  | 1/2/2025 |  |  |  |  |  |  |  | 161,291 |  |  | 161 |  |  | 161 |  | 0.00 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,514 |  |  | 1,549 |  | 0.02 | %
Distributors |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Box Co-Invest Blocker, LLC – (BP Alpha Holdings, L.P.) – Class A Units |  | 2650 Galvin Dr, Elgin, IL 60124, United States |  | (4) |  |  |  |  |  | 12/10/2021 |  |  |  | 11.7% |  |  |  | 1 |  |  | 702 |  |  | 0 |  | 0.00 | %
Box Co-Invest Blocker, LLC – (BP Alpha Holdings, L.P.) – Class C Preferred Units |  | 2650 Galvin Dr, Elgin, IL 60124, United States |  | (4) |  |  |  |  |  | 7/12/2023 |  |  |  | 11.6% |  |  |  | 1 |  |  | 83 |  |  | 0 |  | 0.00 | %
EIS Acquisition Holdings, LP – Class A Common Units |  | 2018 Powers Ferry Road, Suite 400 Atlanta, Georgia 30339 United States |  | (4) |  |  |  |  |  | 11/1/2021 |  |  |  | 60.2% |  |  |  | 6,761 |  |  | 3,350 |  |  | 7,434 |  | 0.12 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,135 |  |  | 7,434 |  | 0.12 | %
Diversified Consumer Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cambium Holdings, LLC – Senior Preferred Interest |  | 17855 North Dallas Parkway, Suite 400, Dallas, TX 75287, United States |  | (4) |  |  |  | 11.50% |  | 8/3/2021 |  |  |  | 2.6% |  | 12,511,857 |  |  | 12,315 |  |  | 18,441 |  | 0.30 | %
DTA LP – Class A Common Units |  | 7430 East Caley Ave, Suite 320E, Centennial, CO 80111 United States |  | (4) |  |  |  |  |  | 3/25/2024 |  |  |  | 4.8% |  | 2,171,032 |  |  | 2,171 |  |  | 1,845 |  | 0.03 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 14,486 |  |  | 20,286 |  | 0.33 | %

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Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and S pread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 3/31/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets
Equity – non-controlled/non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Diversified Telecommunication Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Point Broadband Holdings, LLC – Class A Common Units |  | 3120 Fredrick Rd., Suite E, Opelika, Alabama 36801, United States |  | (4) |  |  |  |  |  | 10/1/2021 |  |  |  | 2.2% |  | $ |  | 6,930 |  | $ | 5,877 |  | $ | 5,906 |  | 0.09 | %
Point Broadband Holdings, LLC – Class B Common Units |  | 3120 Fredrick Rd., Suite E, Opelika, Alabama 36801, United States |  | (4) |  |  |  |  |  | 10/1/2021 |  |  |  | 2.2% |  |  |  | 369,255 |  |  | 1,053 |  |  | 631 |  | 0.01 | %
Point Broadband Holdings, LLC – Class Additional A Common Units |  | 3120 Fredrick Rd., Suite E, Opelika, Alabama 36801, United States |  | (4) |  |  |  |  |  | 3/24/2022 |  |  |  | 2.2% |  |  |  | 1,489 |  |  | 1,263 |  |  | 1,269 |  | 0.02 | %
Point Broadband Holdings, LLC – Class Additional B Common Units |  | 3120 Fredrick Rd., Suite E, Opelika, Alabama 36801, United States |  | (4) |  |  |  |  |  | 3/24/2022 |  |  |  | 2.2% |  |  |  | 79,358 |  |  | 226 |  |  | 136 |  | 0.00 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 8,419 |  |  | 7,942 |  | 0.12 | %
Electronic Equipment, Instruments & Components |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
NSI Parent, LP – Class A Common Units |  | 13235 Reese Boulevard, West Huntersville, NC 28078 United States |  | (4) |  |  |  |  |  | 12/23/2024 |  |  |  | 10.8% |  |  |  | 578,564 |  |  | 579 |  |  | 579 |  | 0.01 | %
Spectrum Safety Solutions Purchaser, LLC – Common Equity |  | 13995 Pasteur Blvd., Palm Beach Gardens, FL 33418, United States |  | (4)(6) |  |  |  |  |  | 7/1/2024 |  |  |  | 17.6% |  | 5,286,915 |  |  | 5,287 |  |  | 5,287 |  | 0.08 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 5,866 |  |  | 5,866 |  | 0.09 | %
Financial Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
THL Fund IX Investors (Plymouth II), LP – LP Interest |  | 545 Boylston Street, 6th Floor, Boston, MA 02116 United States |  | (4) |  |  |  |  |  | 8/31/2023 |  |  |  | 13.3% |  |  |  | 248,786 |  |  | 249 |  |  | 346 |  | 0.01 | %
Health Care Equipment & Supplies |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
GCX Corporation Group Holdings, L.P. – Class A-2 Units |  | 3875 Cypress Drive, Petaluma, CA 94954, United States |  | (4) |  |  |  |  |  | 9/10/2021 |  |  |  | 10.0% |  |  |  | 539 |  |  | 539 |  |  | 270 |  | 0.00 | %
Health Care Providers & Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
AVE Holdings I Corp. – Series A-1 Preferred Shares |  | 520 Madison Avenue, New York, NY 10022 United States |  | (4) |  |  |  | 11.50% |  | 2/25/2022 |  |  |  | 0.4% |  |  |  | 625,944 |  |  | 607 |  |  | 695 |  | 0.01 | %
Jayhawk Holdings, LP – Class A-1 Common Units |  | 8717 West 110th Street, Suite 300 Overland Park, KS 66210 United States |  | (4) |  |  |  |  |  | 5/26/2021 |  |  |  | 0.1% |  |  |  | 2,201 |  |  | 392 |  |  | 34 |  | 0.00 | %

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Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and S pread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 3/31/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets
Equity – non-controlled/non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Health Care Providers & Services (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Jayhawk Holdings, LP – Class A-2 Common Units |  | 8717 West 110th Street, Suite 300 Overland Park, KS 66210 United States |  | (4) |  |  |  |  |  | 5/26/2021 |  |  |  | 0.1% |  | $ |  | 1,185 |  | $ | 211 |  | $ | 18 |  | 0.00 | %
WHCG Purchaser, Inc. – Class A Common Units |  | 251 Little Falls Drive, Wilmington, DE 19808 United States |  | (4) |  |  |  |  |  | 8/2/2024 |  |  |  | 28.2% |  | 4,755,436 |  |  | 0 |  |  | 0 |  | 0.00 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,210 |  |  | 747 |  | 0.01 | %
Health Care Technology |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Caerus Midco 2 S.à r.l. – Additional Vehicle Units |  | 450 Lexington Ave, C/O Warburg Pincus LLC; New York; 10017 United States |  | (4)(6) |  |  |  |  |  | 10/28/2022 |  |  |  | 0.0% |  |  |  | 11,710 |  |  | 12 |  |  | 1 |  | 0.00 | %
Caerus Midco 2 S.à r.l. – Vehicle Units |  | 450 Lexington Ave, C/O Warburg Pincus LLC; New York; 10017 United States |  | (4)(6) |  |  |  |  |  | 5/25/2022 |  |  |  | 0.2% |  |  |  | 58,458 |  |  | 58 |  |  | 54 |  | 0.00 | %
Healthcomp Holding Company, LLC – Preferred Interest |  | 621 Santa Fe Ave. Fresno, CA 93721 United States |  | (4) |  |  |  | 6.00% |  | 11/8/2023 |  |  |  | 4.0% |  |  |  | 9,850 |  |  | 985 |  |  | 916 |  | 0.01 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,055 |  |  | 971 |  | 0.01 | %
Insurance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
CFCo, LLC (Benefytt Technologies, Inc.) – Class B Units |  | 15438 North Florida Avenue, Suite 201, Tampa, FL 33613, United States |  | (4) |  |  |  |  |  | 9/28/2023 |  |  |  | 9.0% |  | 14,907,400 |  |  | 0 |  |  | 0 |  | 0.00 | %
SelectQuote Inc. – Warrants |  | 6800 West 115th Street Suite 2511 Overland Park KS 66211 United States |  | (4)(6) |  |  |  |  |  | 10/11/2024 |  |  |  | 20.5% |  |  |  | 601,075 |  |  | 0 |  |  | 439 |  | 0.01 | %
Shelf Holdco Ltd – Common Equity |  | 2 Church Street, Hamilton HM 11, Bermuda |  | (4)(6) |  |  |  |  |  | 12/30/2022 |  |  |  | 0.0% |  |  |  | 50,000 |  |  | 50 |  |  | 190 |  | 0.00 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 50 |  |  | 629 |  | 0.01 | %
IT Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
NC Ocala Co-Invest Beta, L.P. - LP Interest |  | 4321 Collington Rd, Bowie, MD 20716, United States |  | (4) |  |  |  |  |  | 11/12/2021 |  |  |  | 3.5% |  | 2,854,133 |  |  | 2,854 |  |  | 3,197 |  | 0.05 | %
Life Sciences Tools & Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Falcon Top Parent, LLC – Class A Common Units |  | 3675 Green Level Road West, Suite 208, Apex, NC 27523 United States |  | (4) |  |  |  |  |  | 11/6/2024 |  |  |  | 10.3% |  |  |  | 772,599 |  |  | 773 |  |  | 773 |  | 0.01 | %

84

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Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and S pread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 3/31/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets
Equity – non-controlled/non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Professional Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
OHCP V TC COI, LP. – LP Interest |  | 330 7th Ave, New York, NY 10001 United States |  | (4) |  |  |  |  |  | 6/29/2021 |  |  |  | 35.0% |  | $ | 3,500,000 |  | $ | 3,500 |  | $ | 8,260 |  | 0.13 | %
Tricor Horizon – LP Interest |  | Level 15, Manulife Place, 348 Kwun Tong Rd, Ngau Tau Kok, Hong Kong |  | (4)(6) |  |  |  |  |  | 6/13/2022 |  |  |  | 1.9% |  |  |  |  | 399,027 |  |  | 397 |  |  | 421 |  | 0.01 | %
Trinity Air Consultants Holdings Corp – Common Units |  | 330 7th Ave, New York, NY 10001 United States |  | (4) |  |  |  |  |  | 6/12/2024 |  |  |  | 35.0% |  |  |  |  | 2,583 |  |  | 3 |  |  | 6 |  | 0.00 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,900 |  |  | 8,687 |  | 0.14 | %
Real Estate Management & Development |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Community Management Holdings Parent, LP – Series A Preferred Units |  | 8360 East Via de Ventura, Building L, #100, Scottsdale, AZ 85258 United States |  | (4) |  |  |  | 8.00% |  | 11/1/2024 |  |  |  | 10.3% |  |  |  |  | 310,331 |  |  | 310 |  |  | 301 |  | 0.00 | %
Software |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
AI Titan Group Holdings, LP – Class A-2 Common Units |  | 4601 Six Forks Road, Suite 220, Raleigh, NC 27609, United States |  | (4) |  |  |  |  |  | 8/28/2024 |  |  |  | 3.5% |  |  |  |  | 44 |  |  | 44 |  |  | 45 |  | 0.00 | %
Connatix Parent, LLC – Class L Common Units |  | 666 Broadway, 10th Floor, New York, NY 10012, United States |  | (4) |  |  |  |  |  | 7/14/2021 |  |  |  | 23.1% |  |  |  |  | 42,045 |  |  | 462 |  |  | 209 |  | 0.00 | %
Descartes Holdings, Inc – Class A Common Stock |  | 4350 Congress Street, Suite 700, Charlotte, North Carolina 28209 United States |  | (4) |  |  |  |  |  | 10/9/2023 |  |  |  | 4.3% |  |  |  |  | 49,139 |  |  | 213 |  |  | 2 |  | 0.00 | %
Expedition Holdco, LLC – Class A Common Units |  | 101 South Phillips Avenue, Suite 300, Sioux Falls, SD 57104, United States |  | (4) |  |  |  |  |  | 2/24/2022 |  |  |  | 9.0% |  |  |  |  | 90 |  |  | 57 |  |  | 48 |  | 0.00 | %
Expedition Holdco, LLC – Class B Common Units |  | 101 South Phillips Avenue, Suite 300, Sioux Falls, SD 57104, United States |  | (4) |  |  |  |  |  | 2/24/2022 |  |  |  | 9.0% |  |  |  |  | 90,000 |  |  | 33 |  |  | 14 |  | 0.00 | %
Lobos Parent, Inc. – Series A Preferred Shares |  | 300 Continental Blvd., El Segundo, CA 90245, United States |  | (4) |  |  |  | 10.50% |  | 11/30/2021 |  |  |  | 2.9% |  |  |  |  | 1,545 |  |  | 1,506 |  |  | 2,062 |  | 0.03 | %
Mandolin Technology Holdings, Inc. – Series A Preferred Shares |  | Nova Tower 1 1 Allegheny Square, Suite 800 Pittsburgh, PA, 15212 United States |  | (4) |  |  |  | 10.50% |  | 7/30/2021 |  |  |  | 10.0% |  |  | 3,550,000 |  |  | 3,444 |  |  | 3,712 |  | 0.06 | %
Mimecast Limited – LP Interest |  | 1 Finsbury Avenue, London, United Kingdom, EC2M 2PF |  | (4) |  |  |  |  |  | 5/3/2022 |  |  |  | 0.7% |  |  |  |  | 667,850 |  |  | 668 |  |  | 721 |  | 0.01 | %

85

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Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and S pread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 3/31/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets
Equity – non-controlled/non-affiliated (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
TPG IX Newark CI, L.P. – LP Interest |  | 188 Spear St, San Francisco, CA 94105 United States |  | (4) |  |  |  |  |  | 10/26/2023 |  |  |  | 5.4% |  | $ | 1,965,727 |  | $ | 1,966 |  | $ | 1,966 |  | 0.03 | %
Zoro – Common Equity |  | 989 Market St, San Francisco, CA 94103 United States |  | (4) |  |  |  |  |  | 11/22/2022 |  |  |  | 0.1% |  |  |  |  | 2,073 |  |  | 21 |  |  | 22 |  | 0.00 | %
Zoro – Series A Preferred Shares |  | 989 Market St, San Francisco, CA 94103 United States |  | (4) |  | SOFR + 9.50% |  | 13.80% |  | 11/22/2022 |  |  |  | 0.1% |  |  |  |  | 373 |  |  | 362 |  |  | 509 |  | 0.01 | %
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 8,776 |  |  | 9,310 |  | 0.14 | %
Specialty Retail |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
CustomInk, LLC – Series A Preferred Units |  | 2910 District Avenue Fairfax VA 22031 United States |  | (4) |  |  |  |  |  | 5/3/2019 |  |  |  | 52.0% |  |  |  |  | 384,520 |  |  | 5,200 |  |  | 7,844 |  | 0.13 | %
Transportation Infrastructure |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ncp Helix Holdings, LLC – Preferred Shares |  | 114 Capital Way Christiana, TN 37037, United States |  | (4) |  |  |  | 8.00% |  | 8/3/2021 |  |  |  | 24.6% |  |  |  |  | 407,274 |  |  | 407 |  |  | 471 |  | 0.01 | %
Total Equity – non-controlled/ non-affiliated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 74,867 |  |  | 92,767 |  | 1.46 | %
Equity – non-controlled/ affiliated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Blackstone Donegal Holdings LP – LP Interest (Westland Insurance Group LTD) |  | 200, 2121 – 160th Street, Surrey, BC Canada |  | (4)(6)(16) |  |  |  |  |  | 1/5/2021 |  |  |  | 18.0% |  |  |  |  |  |  |  | 1 |  |  | 6,396 |  | 0.10 | %
Professional Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Material+ Holding Company, LLC – Class C Units |  | 1900 Avenue of the Stars Ste 1600 19th floor Los Angeles, CA 90067 United States |  | (4)(16) |  |  |  |  |  | 6/14/2024 |  |  |  | 8.5% |  |  |  |  | 5,898 |  |  | 0 |  |  | 0 |  | 0.00 | %
Total Equity – non-controlled/ affiliated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1 |  |  | 6,396 |  | 0.10 | %
Total Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 74,868 |  |  | 99,163 |  | 1.56 | %
Total Investments – non-controlled/ non-affiliated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 12,924,777 |  |  | 12,804,785 |  | 205.14 | %
Total Investments – non-controlled/ affiliated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 27,258 |  |  | 29,421 |  | 0.47 | %
Total Investment Portfolio |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 12,952,035 |  |  | 12,834,206 |  | 205.61 | %

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Investments (1)(19) |  | Address |  | Footnotes |  | Reference Rate and S pread (2) |  | Interest Rate (2)(15) |  | Acquisition Date |  | Maturity Date |  | % of Class Held as of 3/31/2025 |  | Par Amount/ Units (1) |  | Cost (3) |  | Fair Value |  | % of Net Assets
Cash and Cash Equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
State Street Institutional U.S. Government Money Market Fund – Investor Class |  |  |  |  |  |  |  | 4.21% |  |  |  |  |  |  |  |  |  |  |  | $ | 330,674 |  | $ | 330,674 |  | 5.30 | %
BlackRock ICS US Treasury Fund |  |  |  |  |  |  |  | 4.18% |  |  |  |  |  |  |  |  |  |  |  |  | 283 |  |  | 283 |  | 0.00 | %
Other Cash and Cash Equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 634,048 |  |  | 634,048 |  | 10.16 | %
Total Portfolio Investments, Cash and Cash Equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 13,917,040 |  | $ | 13,799,211 |  | 221.07 | %

__________________________________

(1) Unless otherwise indicated, all debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Condensed Consolidated Schedule of Investments) are denominated in U.S. dollars. As of March 31, 2025, the Company had investments denominated in Canadian Dollars (CAD), Euros (EUR), British Pounds (GBP), Danish Krone (DKK), Swedish Krona (SEK), Norwegian Krone (NOK), and Australian Dollars (AUD). All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount (in thousands) is presented for debt investments, while the number of shares or units (in whole amounts) owned is presented for equity investments. Each of the Company’s investments is pledged as collateral, under one or more of its credit facilities unless otherwise indicated.

(2) Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either Sterling Overnight Interbank Average Rate (“SONIA” or “S”), Euro Interbank Offer Rate (“Euribor” or “E”), Secured Overnight Financing Rate (“SOFR”), Stockholm Interbank Offered Rate (“STIBOR” or “ST”), Copenhagen Interbank Offered Rate (“CIBOR” or “CI”), Norwegian Interbank Offered Rate (“NIBOR” or “N”), Australian Bank Bill Swap Bid Rate (“BBSY” or “BB”), Canadian Overnight Repo Rate Average (“CORRA” or “CA”) or an alternate base rate (commonly based on the Federal Funds Rate (“F”) or the U.S. Prime Rate (“P”)), which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of March 31, 2025. Variable rate loans typically include an interest reference rate floor feature. As of March 31, 2025, 89.5% of the debt portfolio at fair value had an interest rate floor above zero. Rates on equity instruments represents contractual dividend rates on certain preferred equity positions.

(3) The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method in accordance with accounting principles generally accepted in the United States of America (“GAAP”).

(4) These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by or under the direction of the Board of Trustees (see Note 2), pursuant to the Company’s valuation policy.

(5) These investments are not pledged as collateral under any of the Company’s credit facilities. For other debt investments that are pledged to the Company’s credit facilities, a single investment may be divided into parts that are individually pledged as collateral to separate credit facilities. Any other debt investments listed above are pledged to financing facilities and are not available to satisfy the creditors of the Company.

(6) The investment is not a Qualifying Asset under Section 55(a) of the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”). The Company may not acquire any non-qualifying asset unless, at the time of acquisition, Qualifying Assets represent at least 70% of the Company’s total assets. As of March 31, 2025, non-qualifying assets represented 13.9% of total assets as calculated in accordance with regulatory requirements.

(7) Position or portion thereof is an unfunded commitment, and no interest is being earned on the unfunded portion, although the investment may be subject to unused commitment fees. Negative cost and fair value results from unamortized fees, which are capitalized to the investment cost. The unfunded commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. See below for more information on the Company’s unfunded commitments:

Investments |  | Commitment Type |  | Commitment Expiration Date |  | Unfunded Commitment |  | Fair Value
123Dentist, Inc. |  | Delayed Draw Term Loan |  | 8/10/2026 |  | $ | 154 |  | $ | —
Abacus Holdco 2 Oy |  | Delayed Draw Term Loan |  | 5/7/2026 |  |  | 177 |  |  | —
ACI Group Holdings, Inc. |  | Revolver |  | 8/2/2027 |  |  | 10,179 |  |  | —
ADCS Clinics Intermediate Holdings, LLC |  | Revolver |  | 5/7/2026 |  |  | 1,003 |  |  | —

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Investments |  | Commitment Type |  | Commitment Expiration Date |  | Unfunded Commitment |  | Fair Value
AI Altius US Bidco, Inc. |  | Delayed Draw Term Loan |  | 12/21/2028 |  | $ | 500 |  | $ | — |
AI Titan Parent Inc |  | Delayed Draw Term Loan |  | 9/30/2026 |  |  | 870 |  |  | (4 | )
AI Titan Parent Inc |  | Revolver |  | 8/29/2031 |  |  | 544 |  |  | (5 | )
Allium Buyer, LLC |  | Revolver |  | 5/2/2029 |  |  | 249 |  |  | (7 | )
American Restoration Holdings, LLC |  | Revolver |  | 7/19/2030 |  |  | 785 |  |  | — |
American Restoration Holdings, LLC |  | Delayed Draw Term Loan |  | 2/19/2027 |  |  | 8,088 |  |  | — |
Amerilife Holdings, LLC |  | Revolver |  | 8/31/2028 |  |  | 16,020 |  |  | — |
Amerilife Holdings, LLC |  | Delayed Draw Term Loan |  | 6/17/2026 |  |  | 340 |  |  | — |
Amerilife Holdings, LLC |  | Delayed Draw Term Loan |  | 2/28/2027 |  |  | 31,555 |  |  | (79 | )
Amerivet Partners Management, Inc. |  | Revolver |  | 2/25/2028 |  |  | 589 |  |  | — |
Anaplan, Inc. |  | Revolver |  | 6/21/2028 |  |  | 161 |  |  | — |
Apex Companies, LLC |  | Delayed Draw Term Loan |  | 8/28/2026 |  |  | 5,507 |  |  | — |
Armada Parent, Inc. |  | Revolver |  | 10/29/2027 |  |  | 2,750 |  |  | — |
Arnhem BidCo GmbH |  | Delayed Draw Term Loan |  | 10/1/2027 |  |  | 12,332 |  |  | (60 | )
Artisan Acquisitionco, Ltd. |  | Delayed Draw Term Loan |  | 9/30/2027 |  |  | 7,938 |  |  | (79 | )
Ascend Buyer, LLC |  | Revolver |  | 9/30/2028 |  |  | 2,991 |  |  | — |
AuditBoard Inc |  | Delayed Draw Term Loan |  | 7/12/2026 |  |  | 4,414 |  |  | (22 | )
AuditBoard Inc |  | Revolver |  | 7/12/2031 |  |  | 1,766 |  |  | (4 | )
Azurite Intermediate Holdings, Inc. |  | Revolver |  | 3/19/2031 |  |  | 4,104 |  |  | — |
Baker Tilly Advisory Group LP |  | Revolver |  | 6/3/2030 |  |  | 9,856 |  |  | — |
Baker Tilly Advisory Group LP |  | Delayed Draw Term Loan |  | 6/3/2026 |  |  | 7,034 |  |  | (53 | )
Bamboo US BidCo, LLC |  | Revolver |  | 9/29/2029 |  |  | 142 |  |  | — |
Bamboo US BidCo, LLC |  | Delayed Draw Term Loan |  | 11/20/2026 |  |  | 146 |  |  | — |
Bamboo US BidCo, LLC |  | Delayed Draw Term Loan |  | 11/20/2026 |  |  | 146 |  |  | (1 | )
Banyan Software Holdings, LLC |  | Revolver |  | 1/2/2031 |  |  | 1,006 |  |  | (10 | )
Banyan Software Holdings, LLC |  | Delayed Draw Term Loan |  | 12/20/2026 |  |  | 3,076 |  |  | — |
Bayshore Intermediate #2 LP |  | Revolver |  | 10/1/2027 |  |  | 4,217 |  |  | (42 | )
Bayshore Intermediate #2 LP |  | Revolver |  | 10/1/2027 |  |  | 5,006 |  |  | — |
Bazaarvoice, Inc. |  | Revolver |  | 5/7/2028 |  |  | 37,992 |  |  | — |
Bidco 76 S.p.A. |  | Delayed Draw Term Loan |  | 12/10/2027 |  |  | 3,849 |  |  | — |
Bimini Group Purchaser Inc |  | Delayed Draw Term Loan |  | 4/26/2026 |  |  | 18,925 |  |  | (95 | )
Bimini Group Purchaser Inc |  | Revolver |  | 4/26/2031 |  |  | 2,804 |  |  | — |
Bluefin Holding, LLC |  | Revolver |  | 9/12/2029 |  |  | 2,244 |  |  | (6 | )
Bradyplus Holdings LLC |  | Delayed Draw Term Loan |  | 10/31/2025 |  |  | 2,260 |  |  | — |
Brave Parent Holdings, Inc. |  | Delayed Draw Term Loan |  | 5/28/2025 |  |  | 3,058 |  |  | — |
Brave Parent Holdings, Inc. |  | Revolver |  | 11/28/2030 |  |  | 3,641 |  |  | — |
Brilliance Technologies, Inc. |  | Delayed Draw Term Loan |  | 9/11/2027 |  |  | 2,400 |  |  | (6 | )
Brilliance Technologies, Inc. |  | Revolver |  | 3/11/2032 |  |  | 900 |  |  | (5 | )
Caerus US 1, Inc. |  | Revolver |  | 5/25/2029 |  |  | 1,255 |  |  | — |
Cambium Learning Group, Inc. |  | Revolver |  | 7/20/2027 |  |  | 43,592 |  |  | — |
Cambrex Corp. |  | Revolver |  | 3/5/2032 |  |  | 2,907 |  |  | (29 | )
Cambrex Corp. |  | Delayed Draw Term Loan |  | 3/5/2027 |  |  | 3,323 |  |  | — |
Canadian Hospital Specialties Ltd. |  | Revolver |  | 4/15/2027 |  |  | 1,198 |  |  | — |
Carr Riggs & Ingram Capital LLC |  | Revolver |  | 11/18/2031 |  |  | 1,295 |  |  | — |
Carr Riggs & Ingram Capital LLC |  | Delayed Draw Term Loan |  | 11/18/2026 |  |  | 3,161 |  |  | — |
Castle Management Borrower, LLC |  | Revolver |  | 11/3/2029 |  |  | 1,808 |  |  | — |
CFGI Holdings, LLC |  | Revolver |  | 11/2/2027 |  |  | 1,050 |  |  | (21 | )
CFS Brands, LLC |  | Revolver |  | 10/2/2029 |  |  | 18,177 |  |  | — |
Channelside AcquisitionCo, Inc. |  | Delayed Draw Term Loan |  | 4/28/2025 |  |  | 1,980 |  |  | (10 | )

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Investments |  | Commitment Type |  | Commitment Expiration Date |  | Unfunded Commitment |  | Fair Value
Channelside AcquisitionCo, Inc. |  | Delayed Draw Term Loan |  | 11/15/2025 |  | $ | 19 |  | $ | — |
Channelside AcquisitionCo, Inc. |  | Revolver |  | 5/15/2029 |  |  | 3,178 |  |  | — |
Charger Debt Merger Sub, LLC |  | Revolver |  | 5/31/2030 |  |  | 1,522 |  |  | (15 | )
Charger Debt Merger Sub, LLC |  | Delayed Draw Term Loan |  | 5/31/2026 |  |  | 3,107 |  |  | — |
Chartwell Cumming Holding, Corp. |  | Delayed Draw Term Loan |  | 2/14/2027 |  |  | 16,136 |  |  | (81 | )
Chartwell Cumming Holding, Corp. |  | Revolver |  | 11/16/2027 |  |  | 18,271 |  |  | — |
Chartwell Cumming Holding, Corp. |  | Delayed Draw Term Loan |  | 5/21/2025 |  |  | 1,629 |  |  | — |
Cisive Holdings Corp |  | Revolver |  | 12/8/2027 |  |  | 1,111 |  |  | (22 | )
Clearview Buyer, Inc. |  | Revolver |  | 2/26/2027 |  |  | 898 |  |  | — |
Community Management Holdings Midco 2 LLC |  | Revolver |  | 11/1/2031 |  |  | 1,229 |  |  | — |
Community Management Holdings Midco 2 LLC |  | Delayed Draw Term Loan |  | 11/1/2026 |  |  | 4,096 |  |  | (31 | )
Compsych Investments Corp |  | Delayed Draw Term Loan |  | 7/22/2027 |  |  | 3,471 |  |  | (9 | )
Connatix Buyer, Inc. |  | Revolver |  | 7/14/2027 |  |  | 4,345 |  |  | — |
Connatix Buyer, Inc. |  | Delayed Draw Term Loan |  | 4/9/2026 |  |  | 848 |  |  | — |
Consor Intermediate II, LLC |  | Delayed Draw Term Loan |  | 5/10/2026 |  |  | 3,218 |  |  | (16 | )
Consor Intermediate II, LLC |  | Revolver |  | 5/10/2031 |  |  | 1,067 |  |  | — |
Continental Buyer, Inc. |  | Revolver |  | 4/2/2031 |  |  | 2,715 |  |  | — |
Continental Buyer, Inc. |  | Delayed Draw Term Loan |  | 8/14/2027 |  |  | 11,599 |  |  | (29 | )
Continental Buyer, Inc. |  | Revolver |  | 4/2/2031 |  |  | 4,350 |  |  | (22 | )
Coupa Software Inc. |  | Delayed Draw Term Loan |  | 8/27/2025 |  |  | 164 |  |  | (2 | )
Coupa Software Inc. |  | Revolver |  | 2/27/2029 |  |  | 126 |  |  | — |
CPI Buyer, LLC |  | Delayed Draw Term Loan |  | 11/23/2025 |  |  | 311 |  |  | — |
CPI Buyer, LLC |  | Revolver |  | 11/1/2026 |  |  | 3,214 |  |  | (64 | )
CRCI Longhorn Holdings Inc |  | Revolver |  | 8/27/2031 |  |  | 918 |  |  | — |
CRCI Longhorn Holdings Inc |  | Delayed Draw Term Loan |  | 8/27/2026 |  |  | 2,867 |  |  | (14 | )
Creek Parent Inc. |  | Revolver |  | 12/18/2031 |  |  | 9,893 |  |  | (173 | )
Crewline Buyer, Inc. |  | Revolver |  | 11/8/2030 |  |  | 6,438 |  |  | (31 | )
CT Technologies Intermediate Holdings, Inc. |  | Delayed Draw Term Loan |  | 8/30/2026 |  |  | 973 |  |  | — |
CT Technologies Intermediate Holdings, Inc. |  | Revolver |  | 8/30/2031 |  |  | 2,433 |  |  | (24 | )
DCG Acquisition Corp. |  | Revolver |  | 6/13/2031 |  |  | 5,937 |  |  | (59 | )
DCG Acquisition Corp. |  | Delayed Draw Term Loan |  | 6/13/2026 |  |  | 5,937 |  |  | (30 | )
Denali Bidco Ltd |  | Delayed Draw Term Loan |  | 4/17/2026 |  |  | 300 |  |  | (3 | )
DM Intermediate Parent LLC |  | Revolver |  | 9/30/2030 |  |  | 5,206 |  |  | (78 | )
DM Intermediate Parent LLC |  | Delayed Draw Term Loan |  | 9/30/2026 |  |  | 7,809 |  |  | (59 | )
Doit International Ltd |  | Delayed Draw Term Loan |  | 11/25/2027 |  |  | 11,606 |  |  | (87 | )
Dropbox, Inc. |  | Delayed Draw Term Loan |  | 12/10/2026 |  |  | 88,235 |  |  | (441 | )
DTA Intermediate II Ltd. |  | Delayed Draw Term Loan |  | 3/27/2026 |  |  | 14,000 |  |  | — |
DTA Intermediate II Ltd. |  | Revolver |  | 3/27/2030 |  |  | 10,769 |  |  | (162 | )
Duro Dyne National Corp |  | Delayed Draw Term Loan