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Investments | 3 Months Ended
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Mar. 31, 2025
Schedule of Investments [Abstract] |
Investments | Investments At March 31, 2025, the Company's investments consisted of the following: Investment Cost and Fair Value by Type
| Cost |  | Fair Value
First lien | $ | 1,975,174 |  |  | $ | 1,959,038 |
Second lien | 186,274 |  |  | 173,598 |
Subordinated | 116,809 |  |  | 104,948 |
Structured Finance Obligations | 3,232 |  |  | 3,232 |
Equity and other | 811,454 |  |  | 793,395 |
Total investments | $ | 3,092,943 |  |  | $ | 3,034,211 |
Investment Cost and Fair Value by Industry
| Cost |  | Fair Value |
Software | $ | 843,518 |  |  | $ | 835,189 |  |
Healthcare | 535,646 |  |  | 529,371 |  |
Business Services | 500,719 |  |  | 445,593 |  |
Investment Funds (includes investments in joint ventures) | 275,632 |  |  | 275,632 |  |
Consumer Services | 188,708 |  |  | 188,503 |  |
Education | 197,890 |  |  | 176,319 |  |
Financial Services | 120,261 |  |  | 125,472 |  |
Distribution & Logistics | 119,441 |  |  | 119,128 |  |
Net Lease | 81,370 |  |  | 114,521 |  |
Packaging | 68,471 |  |  | 68,856 |  |
Energy | 69,458 |  |  | 63,520 |  |
Food & Beverage | 39,073 |  |  | 42,345 |  |
Business Products | 22,134 |  |  | 22,331 |  |
Consumer Products | 21,090 |  |  | 17,844 |  |
Specialty Chemicals & Materials | 9,532 |  |  | 9,587 |  |
Total investments | $ | 3,092,943 |  |  | $ | 3,034,211 |  |
At December 31, 2024, the Company’s investments consisted of the following: Investment Cost and Fair Value by Type
| Cost |  | Fair Value
First lien | $ | 1,970,251 |  |  | $ | 1,956,608 |
Second lien | 211,449 |  |  | 197,050 |
Subordinated | 113,928 |  |  | 102,034 |
Structured Finance Obligations | 3,232 |  |  | 3,232 |
Equity and other | 803,064 |  |  | 832,100 |
Total investments | $ | 3,101,924 |  |  | $ | 3,091,024 |
Investment Cost and Fair Value by Industry
| Cost |  | Fair Value
Software | $ | 857,673 |  |  | $ | 848,086 |
Healthcare | 513,429 |  |  | 501,850 |
Business Services | 508,536 |  |  | 497,954 |
Investment Funds (includes investments in joint ventures) | 275,632 |  |  | 275,632 |
Consumer Services | 192,052 |  |  | 192,340 |
Education | 205,283 |  |  | 187,620 |
Financial Services | 120,505 |  |  | 125,750 |
Distribution & Logistics | 119,947 |  |  | 120,493 |
Net Lease | 81,370 |  |  | 114,794 |
Packaging | 68,200 |  |  | 68,093 |
Energy | 68,114 |  |  | 65,076 |
Food & Beverage | 38,840 |  |  | 42,450 |
Business Products | 22,185 |  |  | 22,387 |
Consumer Products | 20,769 |  |  | 19,101 |
Specialty Chemicals & Materials | 9,389 |  |  | 9,398 |
Total investments | $ | 3,101,924 |  |  | $ | 3,091,024 |
During the second quarter of 2022, the Company placed its second lien position in National HME, Inc. ("National HME") on non-accrual status. As of March 31, 2025, the Company's second lien position in National HME had an aggregate cost basis of $7,872, an aggregate fair value of $3,000 and total unearned interest income of $493 for the three months then ended. As of March 31, 2025, the Company's aggregate principal amount of its subordinated position and first lien term loans in American Achievement Corporation ("AAC") was $5,230 and $31,406, respectively. During the first quarter of 2021, the Company placed an aggregate principal amount of $5,230 of its subordinated position on non-accrual status. During the third quarter of 2021, the Company placed an initial aggregate principal amount of $13,479 of its first lien term loans on non-accrual status. During the third quarter of 2023, the Company placed the remaining aggregate principal amount of $17,927 of its first lien term loans on non-accrual status. As of March 31, 2025, the Company's positions in AAC on non-accrual status had an aggregate cost basis of $31,369, an aggregate fair value of $17,999 and total unearned interest income of $1,293, for the three months then ended. During the second quarter of 2024, the Company placed its junior preferred shares in Eclipse Topco Holdings, Inc. (fka Transcendia Holdings, Inc.) ("Transcendia") on non-accrual status. As of March 31, 2025, the Company's junior preferred shares in Transcendia had an aggregate cost basis of $2,565, an aggregate fair value of $2,702 and total unearned income of $106 for the three months then ended. For a discussion of the Company's unfunded commitments, see Note 9. Commitments and Contingencies. PPVA Black Elk (Equity) LLC On May 3, 2013, the Company entered into a collateralized securities purchase and put agreement (the “SPP Agreement”) with a private hedge fund. Under the SPP Agreement, the Company purchased twenty million Class E Preferred Units of Black Elk Energy Offshore Operations, LLC (“Black Elk”) for $20,000 with a corresponding obligation of the private hedge fund, PPVA Black Elk (Equity) LLC, to repurchase the preferred units for $20,000 plus other amounts due under the SPP Agreement. The majority owner of Black Elk was the private hedge fund. In August 2014, the Company received a payment of $20,540, the full amount due under the SPP Agreement. In August 2017, a trustee (the “Trustee”) for Black Elk informed the Company that the Trustee intended to assert a fraudulent conveyance claim (the “Claim”) against the Company and one of its affiliates seeking the return of the $20,540 repayment. Black Elk filed a Chapter 11 bankruptcy petition pursuant to the U.S. Bankruptcy Code in August 2015. The Trustee alleged that individuals affiliated with the private hedge fund conspired with Black Elk and others to improperly use proceeds from the sale of certain Black Elk assets to repay, in August 2014, the private hedge fund’s obligation to the Company under the SPP Agreement. The Company was unaware of these claims at the time the repayment was received. The private hedge fund is currently in liquidation under the laws of the Cayman Islands. On December 22, 2017, the Company settled the Trustee’s $20,540 Claim for $16,000 and filed a claim with the Cayman Islands joint official liquidators of the private hedge fund for $16,000 that is owed to the Company under the SPP Agreement. The SPP Agreement was restored and is in effect since repayment has not been made. The Company continues to exercise its rights under the SPP Agreement and continues to monitor the liquidation process of the private hedge fund. During the year ended December 31, 2018, the Company received a $1,500 payment from its insurance carrier in respect to the settlement. As of March 31, 2025 and December 31, 2024, the SPP Agreement had a cost basis of $14,500 and $14,500, respectively and a fair value of $6,525 and $6,525, respectively, which is reflective of the higher inherent risk in this transaction. NMFC Senior Loan Program III LLC NMFC Senior Loan Program III LLC ("SLP III") was formed as a Delaware limited liability company and commenced operations on April 25, 2018. SLP III is structured as a private joint venture investment fund between the Company and SkyKnight Income II, LLC (“SkyKnight II”) and operates under a limited liability company agreement (the "SLP III Agreement"). The purpose of the joint venture is to invest primarily in senior secured loans issued by portfolio companies within the Company's core industry verticals. These investments are typically broadly syndicated first lien loans. All investment decisions must be unanimously approved by the board of managers of SLP III, which has equal representation from the Company and SkyKnight II. SLP III had a five year investment period and will continue in existence until July 8, 2029. On July 3, 2024, the investment period was extended until July 8, 2027. The investment period may be extended for up to one year pursuant to certain terms of the SLP III Agreement. SLP III is capitalized with equity contributions which are called from its members, on a pro-rata basis based on their equity commitments, as transactions are completed. Any decision by SLP III to call down on capital commitments requires approval by the board of managers of SLP III. As of March 31, 2025, the Company and SkyKnight II have committed and contributed $160,000 and $40,000, respectively, of equity to SLP III. The Company’s investment in SLP III is disclosed on the Company’s Consolidated Schedule of Investments as of March 31, 2025 and December 31, 2024. On May 2, 2018, SLP III entered into its revolving credit facility with Citibank, N.A. As of the amendment on July 3, 2024, the maturity date of SLP III's revolving credit facility was extended from January 8, 2026 to January 8, 2029, and the reinvestment period was extended from July 8, 2026 to July 8, 2027. As of the amendment on July 3, 2024, during the reinvestment period, the credit facility bears interest at a rate of the Secured Overnight Financing Rate ("SOFR") plus 1.65%, and after the reinvestment period it will bear interest at a rate of SOFR plus 1.95%. From June 23, 2023 to July 3, 2024, during the reinvestment period, the credit facility bore interest at a rate of the SOFR plus 1.80%, and after the reinvestment period it bore interest at a rate of SOFR plus 2.10%. As of March 31, 2025, SLP III's revolving credit facility has a maximum borrowing capacity of $600,000. As of March 31, 2025 and December 31, 2024, SLP III had total investments with an aggregate fair value of approximately $688,213 and $715,096, respectively, and debt outstanding under its credit facility of $477,700 and $511,200, respectively. As of March 31, 2025 and December 31, 2024, none of SLP III's investments were on non-accrual status. Additionally, as of March 31, 2025 and December 31, 2024, SLP III had unfunded commitments in the form of delayed draws of $4,909 and $2,654, respectively. Below is a summary of SLP III's portfolio, along with a listing of the individual investments in SLP III's portfolio as of March 31, 2025 and December 31, 2024:
|  | March 31, 2025 |  | December 31, 2024
First lien investments (1) |  | $ | 710,505 |  |  | $ | 727,619 |
Weighted average interest rate on first lien investments (2) |  | 8.31 | % |  | 8.49 | %
Number of portfolio companies in SLP III |  | 90 |  |  | 90 |
Largest portfolio company investment (1) |  | $ | 17,650 |  |  | $ | 17,697 |
Total of five largest portfolio company investments (1) |  | $ | 80,092 |  |  | $ | 80,215 |
(1)Reflects principal amount or par value of investment. (2)Computed as the all in interest rate in effect on accruing investments divided by the total principal amount of investments. The following table is a listing of the individual investments in SLP III's portfolio as of March 31, 2025:
Portfolio Company and Type of Investment |  | Industry |  | Reference |  | Spread |  | Interest Rate (1) |  | Maturity Date |  | Principal Amount or Par Value |  | Cost |  | Fair Value (2) |
Funded Investments - First lien |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
ADMI Corp. (aka Aspen Dental) |  | Healthcare |  | SOFR(M) |  | 3.75% |  | 8.19% |  | 12/2027 |  | $ | 2,346 |  |  | $ | 2,340 |  |  | $ | 2,331 |  |
AG Parent Holdings, LLC |  | Healthcare |  | SOFR(Q) |  | 5.00% |  | 9.57% |  | 07/2026 |  | 7,199 |  |  | 7,191 |  |  | 6,911 |  |
AmSpec Parent, LLC |  | Energy |  | SOFR(Q) |  | 4.25% |  | 8.55% |  | 12/2031 |  | 5,754 |  |  | 5,725 |  |  | 5,754 |  |
Ardonagh Midco 3 Limited |  | Financial Services |  | SOFR(S) |  | 2.75% |  | 7.04% |  | 02/2031 |  | 6,400 |  |  | 6,371 |  |  | 6,320 |  |
AssuredPartners, Inc |  | Business Services |  | SOFR(M) |  | 3.50% |  | 7.82% |  | 02/2031 |  | 1,950 |  |  | 1,948 |  |  | 1,955 |  |
Aston FinCo S.a r.l. |  | Software |  | SOFR(M) |  | 4.25% |  | 8.69% |  | 10/2026 |  | 5,700 |  |  | 5,685 |  |  | 5,447 |  |
Asurion, LLC |  | Business Services |  | SOFR(M) |  | 4.25% |  | 8.67% |  | 08/2028 |  | 13,101 |  |  | 13,013 |  |  | 12,999 |  |
athenahealth Group Inc. |  | Healthcare |  | SOFR(M) |  | 3.00% |  | 7.32% |  | 02/2029 |  | 6,773 |  |  | 6,592 |  |  | 6,714 |  |
Bach Finance Limited |  | Education |  | SOFR(S) |  | 3.25% |  | 7.50% |  | 01/2032 |  | 2,123 |  |  | 2,119 |  |  | 2,125 |  |
Bayou Intermediate II, LLC |  | Healthcare |  | SOFR(Q) |  | 4.50% |  | 9.05% |  | 08/2028 |  | 6,649 |  |  | 6,612 |  |  | 6,648 |  |
BCPE Empire Holdings, Inc. |  | Distribution & Logistics |  | SOFR(M) |  | 3.25% |  | 7.57% |  | 12/2030 |  | 9,896 |  |  | 9,835 |  |  | 9,775 |  |
Bella Holding Company, LLC |  | Healthcare |  | SOFR(M) |  | 3.25% |  | 7.57% |  | 05/2028 |  | 7,780 |  |  | 7,762 |  |  | 7,774 |  |
BIFM CA Buyer Inc. |  | Business Services |  | SOFR(M) |  | 3.75% |  | 8.07% |  | 05/2028 |  | 3,571 |  |  | 3,534 |  |  | 3,577 |  |
Boxer Parent Company Inc. |  | Software |  | SOFR(Q) |  | 3.00% |  | 7.29% |  | 07/2031 |  | 15,321 |  |  | 15,285 |  |  | 15,074 |  |
Bracket Intermediate Holding Corp. |  | Healthcare |  | SOFR(Q) |  | 4.25% |  | 8.55% |  | 05/2028 |  | 14,075 |  |  | 13,790 |  |  | 14,137 |  |
BW Holding, Inc. |  | Packaging |  | SOFR(Q) |  | 4.00% |  | 8.46% |  | 12/2028 |  | 2,735 |  |  | 2,593 |  |  | 2,285 |  |
Cardinal Parent, Inc. |  | Software |  | SOFR(Q) |  | 4.50% |  | 8.95% |  | 11/2027 |  | 9,695 |  |  | 9,572 |  |  | 9,474 |  |
Chrysaor Bidco S.a r.l. |  | Information Services |  | SOFR(Q) |  | 3.50% |  | 7.79% |  | 10/2031 |  | 2,126 |  |  | 2,126 |  |  | 2,133 |  |
Cloudera, Inc. |  | Software |  | SOFR(M) |  | 3.75% |  | 8.17% |  | 10/2028 |  | 12,463 |  |  | 12,310 |  |  | 12,291 |  |
Clubessential, LLC |  | Software |  | SOFR (Q) |  | 3.00% |  | 7.29% |  | 02/2032 |  | 4,713 |  |  | 4,713 |  |  | 4,687 |  |
Cohnreznick Advisory LLC |  | Business Services |  | SOFR(Q) |  | 4.00% |  | 8.29% |  | 03/2032 |  | 5,312 |  |  | 5,285 |  |  | 5,312 |  |
CommerceHub, Inc. |  | Software |  | SOFR(Q) |  | 6.25% |  | 10.56% |  | 12/2027 |  | 3,910 |  |  | 3,609 |  |  | 3,910 |  |
CommerceHub, Inc. |  | Software |  | SOFR(Q) |  | 4.00% |  | 8.46% |  | 12/2027 |  | 6,863 |  |  | 6,810 |  |  | 6,666 |  |
Confluent Health, LLC |  | Healthcare |  | SOFR(M) |  | 4.00% |  | 8.44% |  | 11/2028 |  | 4,640 |  |  | 4,626 |  |  | 4,408 |  |
Confluent Medical Technologies, Inc. |  | Healthcare |  | SOFR(Q) |  | 3.25% |  | 7.55% |  | 02/2029 |  | 6,791 |  |  | 6,770 |  |  | 6,825 |  |
ConnectWise, LLC |  | Software |  | SOFR(Q) |  | 3.50% |  | 8.06% |  | 09/2028 |  | 7,938 |  |  | 7,921 |  |  | 7,942 |  |
Convey Health Solutions, Inc. |  | Healthcare |  | SOFR(S) |  | 1.00% + 4.25%/PIK |  | 9.57% |  | 07/2029 |  | 8,938 |  |  | 8,805 |  |  | 8,220 |  |
Cornerstone OnDemand, Inc. |  | Software |  | SOFR(M) |  | 3.75% |  | 8.19% |  | 10/2028 |  | 2,553 |  |  | 2,546 |  |  | 2,236 |  |
CVET Midco 2, L.P. |  | Software |  | SOFR(Q) |  | 5.00% |  | 9.30% |  | 10/2029 |  | 9,781 |  |  | 9,435 |  |  | 9,402 |  |
Dealer Tire Financial, LLC |  | Distribution & Logistics |  | SOFR(M) |  | 3.00% |  | 7.32% |  | 07/2031 |  | 11,522 |  |  | 11,469 |  |  | 11,565 |  |
DG Investment Intermediate Holdings 2, Inc. |  | Business Services |  | SOFR(M) |  | 3.75% |  | 8.19% |  | 03/2028 |  | 10,261 |  |  | 10,234 |  |  | 10,290 |  |
Discovery Purchaser Corporation |  | Specialty Chemicals & Materials |  | SOFR(Q) |  | 3.75% |  | 8.04% |  | 10/2029 |  | 9,449 |  |  | 9,030 |  |  | 9,362 |  |
Dispatch Acquisition Holdings, LLC |  | Industrial Services |  | SOFR(Q) |  | 4.25% |  | 8.70% |  | 03/2028 |  | 15,250 |  |  | 14,998 |  |  | 14,392 |  |
EAB Global, Inc. |  | Education |  | SOFR(M) |  | 3.00% |  | 7.32% |  | 08/2030 |  | 2,809 |  |  | 2,791 |  |  | 2,735 |  |
Eagle Parent Corp. |  | Business Services |  | SOFR(Q) |  | 4.25% |  | 8.55% |  | 04/2029 |  | 7,373 |  |  | 7,277 |  |  | 7,032 |  |
Eisner Advisory Group LLC |  | Financial Services |  | SOFR(M) |  | 4.00% |  | 8.32% |  | 02/2031 |  | 8,610 |  |  | 8,552 |  |  | 8,616 |  |
Flash Charm, Inc. |  | Software |  | SOFR(Q) |  | 3.50% |  | 7.79% |  | 03/2028 |  | 16,466 |  |  | 16,456 |  |  | 15,277 |  |
FNZ Group Entities Limited |  | Financial Services |  | SOFR(Q) |  | 5.00% |  | 9.29% |  | 11/2031 |  | 10,255 |  |  | 10,056 |  |  | 9,537 |  |
Foundational Education Group, Inc. |  | Education |  | SOFR(Q) |  | 3.75% |  | 8.30% |  | 08/2028 |  | 14,173 |  |  | 14,074 |  |  | 13,500 |  |
Groundworks, LLC |  | Business Services |  | SOFR(M) |  | 3.00% |  | 7.32% |  | 03/2031 |  | 258 |  |  | 256 |  |  | 252 |  |
Groundworks, LLC |  | Business Services |  | SOFR(M) |  | 3.00% |  | 7.32% |  | 03/2031 |  | 8,765 |  |  | 8,718 |  |  | 8,568 |  |
Heartland Dental, LLC |  | Healthcare |  | SOFR(M) |  | 4.50% |  | 8.82% |  | 04/2028 |  | 14,001 |  |  | 13,623 |  |  | 13,992 |  |
Help/Systems Holdings, Inc. |  | Software |  | SOFR(Q) |  | 4.00% |  | 8.39% |  | 11/2026 |  | 17,650 |  |  | 17,599 |  |  | 16,212 |  |
Higginbotham Insurance Agency, Inc. |  | Business Services |  | SOFR(M) |  | 4.50% |  | 8.83% |  | 11/2028 |  | 8,874 |  |  | 8,836 |  |  | 8,874 |  |
Houghton Mifflin Harcourt Company |  | Education |  | SOFR(M) |  | 5.25% |  | 9.67% |  | 04/2029 |  | 8,048 |  |  | 7,846 |  |  | 7,966 |  |
HP PHRG Borrower, LLC |  | Consumer Services |  | SOFR(Q) |  | 4.00% |  | 8.29% |  | 02/2032 |  | 7,147 |  |  | 7,080 |  |  | 6,915 |  |
Inizio Group Limited |  | Healthcare |  | SOFR(Q) |  | 4.25% |  | 8.65% |  | 08/2028 |  | 4,500 |  |  | 4,471 |  |  | 4,348 |  |
Portfolio Company and Type of Investment |  | Industry |  | Reference |  | Spread |  | Interest Rate (1) |  | Maturity Date |  | Principal Amount or Par Value |  | Cost |  | Fair Value (2) |
Kaseya Inc. |  | Software |  | SOFR(M) |  | 3.25% |  | 7.57% |  | 03/2032 |  | $ | 5,140 |  |  | $ | 5,115 |  |  | $ | 5,114 |  |
Kestra Advisor Services Holdings A, Inc. |  | Financial Services |  | SOFR(Q) |  | 3.00% |  | 7.29% |  | 03/2031 |  | 3,777 |  |  | 3,769 |  |  | 3,748 |  |
LI Group Holdings, Inc. |  | Software |  | SOFR(M) |  | 3.50% |  | 7.94% |  | 03/2028 |  | 3,691 |  |  | 3,686 |  |  | 3,704 |  |
LSCS Holdings, Inc. |  | Healthcare |  | SOFR(Q) |  | 4.50% |  | 8.80% |  | 03/2032 |  | 11,973 |  |  | 11,913 |  |  | 11,913 |  |
Marcel Bidco LLC (Marcel Bidco GmbH) |  | Software |  | SOFR(M) |  | 3.50% |  | 7.84% |  | 11/2030 |  | 2,823 |  |  | 2,787 |  |  | 2,855 |  |
Maverick Bidco Inc. |  | Software |  | SOFR(Q) |  | 5.00% |  | 9.39% |  | 05/2028 |  | 1,960 |  |  | 1,900 |  |  | 1,967 |  |
Maverick Bidco Inc. |  | Software |  | SOFR(Q) |  | 3.75% |  | 8.19% |  | 05/2028 |  | 8,832 |  |  | 8,807 |  |  | 8,857 |  |
Maverick Bidco Inc. |  | Software |  | SOFR(Q) |  | 4.25% |  | 8.80% |  | 05/2028 |  | 2,456 |  |  | 2,374 |  |  | 2,465 |  |
Mavis Tire Express Services Topco, Corp. |  | Retail |  | SOFR(Q) |  | 3.00% |  | 7.31% |  | 05/2028 |  | 4,090 |  |  | 4,080 |  |  | 4,070 |  |
MED ParentCo, LP |  | Healthcare |  | SOFR(M) |  | 3.50% |  | 7.82% |  | 04/2031 |  | 9,905 |  |  | 9,860 |  |  | 9,901 |  |
MH Sub I, LLC (Micro Holding Corp.) |  | Business Services |  | SOFR(M) |  | 4.25% |  | 8.57% |  | 12/2031 |  | 9,834 |  |  | 9,737 |  |  | 9,038 |  |
MH Sub I, LLC (Micro Holding Corp.) |  | Business Services |  | SOFR(M) |  | 4.25% |  | 8.57% |  | 05/2028 |  | 4,214 |  |  | 4,147 |  |  | 4,027 |  |
Michael Baker International, LLC |  | Business Services |  | SOFR(M) |  | 4.00% |  | 8.32% |  | 12/2028 |  | 5,575 |  |  | 5,575 |  |  | 5,568 |  |
Nielsen Consumer Inc. |  | Business Services |  | SOFR(M) |  | 3.50% |  | 7.82% |  | 03/2028 |  | 15,295 |  |  | 14,128 |  |  | 15,261 |  |
Oceankey (U.S.) II Corp. |  | Media |  | SOFR(Q) |  | 3.50% |  | 7.79% |  | 12/2028 |  | 4,421 |  |  | 4,410 |  |  | 4,416 |  |
Osaic Holdings, Inc. |  | Financial Services |  | SOFR(M) |  | 3.50% |  | 7.82% |  | 08/2028 |  | 11,539 |  |  | 11,430 |  |  | 11,461 |  |
Outcomes Group Holdings, Inc. |  | Healthcare |  | SOFR(Q) |  | 3.25% |  | 7.54% |  | 05/2031 |  | 4,119 |  |  | 4,103 |  |  | 4,126 |  |
Peraton Corp. |  | Federal Services |  | SOFR(M) |  | 3.75% |  | 8.17% |  | 02/2028 |  | 4,092 |  |  | 4,082 |  |  | 3,650 |  |
Perforce Software, Inc. |  | Software |  | SOFR(M) |  | 4.75% |  | 9.07% |  | 03/2031 |  | 6,580 |  |  | 6,554 |  |  | 6,181 |  |
Physician Partners, LLC |  | Healthcare |  | SOFR(Q) |  | 6.00% |  | 10.30% |  | 12/2029 |  | 2,379 |  |  | 2,311 |  |  | 2,220 |  |
Physician Partners, LLC |  | Healthcare |  | SOFR(Q) |  | 1.50% + 2.50%/PIK |  | 8.45% |  | 12/2029 |  | 2,752 |  |  | 2,735 |  |  | 1,454 |  |
Plano Holdco, Inc. |  | Information Technology |  | SOFR(Q) |  | 3.50% |  | 7.80% |  | 10/2031 |  | 4,625 |  |  | 4,603 |  |  | 4,694 |  |
Planview Parent, Inc. |  | Software |  | SOFR(Q) |  | 3.50% |  | 7.80% |  | 12/2027 |  | 13,606 |  |  | 13,440 |  |  | 13,532 |  |
Project Alpha Intermediate Holding, Inc. |  | Software |  | SOFR(Q) |  | 3.25% |  | 7.55% |  | 10/2030 |  | 13,608 |  |  | 13,377 |  |  | 13,744 |  |
Project Ruby Ultimate Parent Corp. |  | Healthcare |  | SOFR(M) |  | 3.00% |  | 7.44% |  | 03/2028 |  | 2,269 |  |  | 2,263 |  |  | 2,264 |  |
Pushpay USA Inc. |  | Software |  | SOFR(Q) |  | 4.00% |  | 8.30% |  | 08/2031 |  | 5,606 |  |  | 5,575 |  |  | 5,606 |  |
Quartz Holding Company |  | Software |  | SOFR(M) |  | 3.50% |  | 7.82% |  | 10/2028 |  | 6,397 |  |  | 6,373 |  |  | 6,368 |  |
RealPage, Inc. |  | Software |  | SOFR(Q) |  | 3.75% |  | 8.05% |  | 04/2028 |  | 5,000 |  |  | 4,977 |  |  | 5,010 |  |
RLG Holdings, LLC |  | Packaging |  | SOFR(M) |  | 4.25% |  | 8.69% |  | 07/2028 |  | 5,654 |  |  | 5,639 |  |  | 5,173 |  |
RxB Holdings, Inc. |  | Healthcare |  | SOFR(M) |  | 4.50% |  | 8.94% |  | 12/2027 |  | 6,258 |  |  | 6,192 |  |  | 6,259 |  |
RxB Holdings, Inc. |  | Healthcare |  | SOFR(M) |  | 5.25% |  | 9.57% |  | 12/2027 |  | 2,637 |  |  | 2,594 |  |  | 2,637 |  |
Secretariat Advisors LLC |  | Business Services |  | SOFR(Q) |  | 4.00% |  | 8.29% |  | 02/2032 |  | 8,505 |  |  | 8,463 |  |  | 8,484 |  |
Sierra Enterprises, LLC |  | Food & Beverage |  | SOFR(Q) |  | 6.25% |  | 10.54% |  | 05/2027 |  | 2,534 |  |  | 2,533 |  |  | 2,534 |  |
Spring Education Group, Inc. |  | Education |  | SOFR(Q) |  | 4.00% |  | 8.30% |  | 10/2030 |  | 13,264 |  |  | 13,136 |  |  | 13,263 |  |
Storable, Inc. |  | Software |  | SOFR(M) |  | 3.25% |  | 7.57% |  | 04/2031 |  | 3,746 |  |  | 3,742 |  |  | 3,729 |  |
Summit Acquisition Inc. |  | Financial Services |  | SOFR(M) |  | 3.75% |  | 8.07% |  | 10/2031 |  | 6,000 |  |  | 5,971 |  |  | 6,000 |  |
Symplr Software, Inc. |  | Healthcare |  | SOFR(Q) |  | 4.50% |  | 8.89% |  | 12/2027 |  | 15,360 |  |  | 15,296 |  |  | 13,411 |  |
Syndigo LLC |  | Software |  | SOFR(Q) |  | 4.50% |  | 9.07% |  | 12/2027 |  | 14,636 |  |  | 14,587 |  |  | 14,636 |  |
Therapy Brands Holdings LLC |  | Healthcare |  | SOFR(M) |  | 4.00% |  | 8.44% |  | 05/2028 |  | 4,006 |  |  | 3,995 |  |  | 3,345 |  |
Thermostat Purchaser III, Inc. |  | Business Services |  | SOFR(Q) |  | 4.25% |  | 8.55% |  | 08/2028 |  | 8,484 |  |  | 8,465 |  |  | 8,484 |  |
TMF Sapphire Bidco B.V. |  | Business Services |  | SOFR(Q) |  | 2.75% |  | 7.05% |  | 05/2028 |  | 1,885 |  |  | 1,858 |  |  | 1,890 |  |
TRC Companies LLC |  | Business Services |  | SOFR(M) |  | 3.00% |  | 7.32% |  | 12/2028 |  | 9,448 |  |  | 9,417 |  |  | 9,368 |  |
UKG Inc. |  | Software |  | SOFR(Q) |  | 3.00% |  | 7.30% |  | 02/2031 |  | 5,798 |  |  | 5,793 |  |  | 5,795 |  |
Valcour Packaging, LLC |  | Packaging |  | SOFR(M) |  | 5.25% |  | 9.57% |  | 10/2028 |  | 2,256 |  |  | 2,236 |  |  | 2,279 |  |
Valcour Packaging, LLC |  | Packaging |  | SOFR(M) |  | 1.50% + 2.25%/PIK |  | 8.19% |  | 10/2028 |  | 3,122 |  |  | 3,122 |  |  | 2,668 |  |
Viant Medical Holdings, Inc. |  | Healthcare |  | SOFR(M) |  | 4.00% |  | 8.32% |  | 10/2031 |  | 7,082 |  |  | 7,048 |  |  | 7,098 |  |
VSTG Intermediate Holdings, Inc. |  | Business Services |  | SOFR(Q) |  | 3.75% |  | 8.05% |  | 07/2029 |  | 5,289 |  |  | 5,270 |  |  | 5,302 |  |
WatchGuard Technologies, Inc. |  | Software |  | SOFR(M) |  | 5.25% |  | 9.57% |  | 07/2029 |  | 6,900 |  |  | 6,661 |  |  | 6,856 |  |
Portfolio Company and Type of Investment |  | Industry |  | Reference |  | Spread |  | Interest Rate (1) |  | Maturity Date |  | Principal Amount or Par Value |  | Cost |  | Fair Value (2) |
Wrench Group LLC |  | Consumer Services |  | SOFR(Q) |  | 4.00% |  | 8.56% |  | 10/2028 |  | $ | 14,073 |  |  | $ | 14,052 |  |  | $ | 13,422 |  |
Xplor T1, LLC |  | Software |  | SOFR(Q) |  | 3.50% |  | 7.80% |  | 06/2031 |  | 5,573 |  |  | 5,547 |  |  | 5,613 |  |
Zest Acquisition Corp. |  | Healthcare |  | SOFR(Q) |  | 5.25% |  | 9.54% |  | 02/2028 |  | 4,021 |  |  | 3,914 |  |  | 4,021 |  |
|  |  |  |  |  |  |  |  |  |  |  | $ | 705,596 |  |  | $ | 697,931 |  |  | $ | 688,246 |  |
Unfunded Investments - First lien |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
AmSpec Parent, LLC |  | Energy |  | — |  | — |  | — |  | 12/2026 |  | $ | 885 |  |  | $ | (2) |  |  | $ | — |  |
Chrysaor Bidco S.a r.l. |  | Information Services |  | — |  | — |  | — |  | 07/2026 |  | 158 |  |  | — |  |  | — |  |
Cohnreznick Advisory LLC |  | Business Services |  | — |  | — |  | — |  | 03/2027 |  | 1,230 |  |  | (6) |  |  | — |  |
DG Investment Intermediate Holdings 2, Inc. |  | Business Services |  | — |  | — |  | — |  | 03/2026 |  | 246 |  |  | (1) |  |  | 1 |  |
Groundworks, LLC |  | Business Services |  | — |  | — |  | — |  | 03/2026 |  | 1,365 |  |  | (4) |  |  | (31) |  |
Secretariat Advisors LLC |  | Business Services |  | — |  | — |  | — |  | 02/2027 |  | 1,025 |  |  | — |  |  | (3) |  |
Total Unfunded Investments |  |  |  |  |  |  |  |  |  |  |  | $ | 4,909 |  |  | $ | (13) |  |  | $ | (33) |  |
Total Investments |  |  |  |  |  |  |  |  |  |  |  | $ | 710,505 |  |  | $ | 697,918 |  |  | $ | 688,213 |  |
(1)All interest is payable in cash unless otherwise indicated. All of the variable rate debt investments bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (SOFR). For each investment, the current interest rate provided reflects the rate in effect as of March 31, 2025. (2)Represents the fair value in accordance with Accounting Standards Codification Topic 820, Fair Value Measurement and Disclosures ("ASC 820"). The Company's board of directors does not determine the fair value of the investments held by SLP III. The following table is a listing of the individual investments in SLP III's portfolio as of December 31, 2024:
Portfolio Company and Type of Investment |  | Industry |  | Reference |  | Spread |  | Interest Rate (1) |  | Maturity Date |  | Principal Amount or Par Value |  | Cost |  | Fair Value (2)
Funded Investments - First lien |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
ADMI Corp. (aka Aspen Dental) |  | Healthcare |  | SOFR(M) |  | 3.75% |  | 8.22% |  | 12/2027 |  | $ | 2,352 |  |  | $ | 2,345 |  |  | $ | 2,318 |
AG Parent Holdings, LLC |  | Healthcare |  | SOFR(Q) |  | 5.00% |  | 9.78% |  | 07/2026 |  | 7,218 |  |  | 7,208 |  |  | 6,821 |
AmSpec Parent, LLC |  | Energy |  | SOFR(Q) |  | 4.25% |  | 8.56% |  | 12/2031 |  | 5,754 |  |  | 5,725 |  |  | 5,797 |
Ardonagh Midco 3 Limited |  | Financial Services |  | SOFR(Q) |  | 3.75% |  | 8.51% |  | 02/2031 |  | 9,400 |  |  | 9,354 |  |  | 9,459 |
Ascensus Group Holdings, Inc. |  | Business Services |  | SOFR(M) |  | 3.00% |  | 7.36% |  | 08/2028 |  | 2,787 |  |  | 2,778 |  |  | 2,815 |
AssuredPartners, Inc |  | Business Services |  | SOFR(M) |  | 3.50% |  | 7.86% |  | 02/2031 |  | 1,955 |  |  | 1,953 |  |  | 1,962 |
Aston FinCo S.a r.l. |  | Software |  | SOFR(M) |  | 4.25% |  | 8.72% |  | 10/2026 |  | 5,715 |  |  | 5,698 |  |  | 5,486 |
Asurion, LLC |  | Business Services |  | SOFR(M) |  | 4.25% |  | 8.71% |  | 08/2028 |  | 13,134 |  |  | 13,041 |  |  | 13,167 |
athenahealth Group Inc. |  | Healthcare |  | SOFR(M) |  | 3.25% |  | 7.61% |  | 02/2029 |  | 6,773 |  |  | 6,582 |  |  | 6,806 |
Bach Finance Limited |  | Education |  | SOFR(Q) |  | 3.75% |  | 8.26% |  | 02/2031 |  | 2,123 |  |  | 2,118 |  |  | 2,143 |
Bayou Intermediate II, LLC |  | Healthcare |  | SOFR(Q) |  | 4.50% |  | 9.35% |  | 08/2028 |  | 6,667 |  |  | 6,629 |  |  | 6,667 |
BCPE Empire Holdings, Inc. |  | Distribution & Logistics |  | SOFR(M) |  | 3.50% |  | 7.86% |  | 12/2028 |  | 8,921 |  |  | 8,863 |  |  | 8,981 |
Bella Holding Company, LLC |  | Healthcare |  | SOFR(M) |  | 3.75% |  | 8.21% |  | 05/2028 |  | 7,800 |  |  | 7,780 |  |  | 7,859 |
BIFM CA Buyer Inc. |  | Business Services |  | SOFR(M) |  | 3.75% |  | 8.11% |  | 05/2028 |  | 3,580 |  |  | 3,541 |  |  | 3,616 |
Boxer Parent Company Inc. |  | Software |  | SOFR(Q) |  | 3.75% |  | 8.34% |  | 07/2031 |  | 15,321 |  |  | 15,284 |  |  | 15,470 |
Bracket Intermediate Holding Corp. |  | Healthcare |  | SOFR(Q) |  | 4.25% |  | 8.58% |  | 05/2028 |  | 14,111 |  |  | 13,805 |  |  | 14,256 |
Brown Group Holding, LLC |  | Distribution & Logistics |  | SOFR(Q) |  | 2.50% |  | 6.86% |  | 07/2031 |  | 2,697 |  |  | 2,648 |  |  | 2,708 |
BW Holding, Inc. |  | Packaging |  | SOFR(Q) |  | 4.00% |  | 8.66% |  | 12/2028 |  | 2,742 |  |  | 2,592 |  |  | 2,453 |
Cardinal Parent, Inc. |  | Software |  | SOFR(Q) |  | 4.50% |  | 8.98% |  | 11/2027 |  | 9,720 |  |  | 9,586 |  |  | 9,321 |
CE Intermediate I, LLC |  | Software |  | SOFR(M) |  | 3.50% |  | 8.05% |  | 11/2028 |  | 10,700 |  |  | 10,654 |  |  | 10,761 |
Chrysaor Bidco S.a r.l. |  | Information Services |  | SOFR(Q) |  | 3.50% |  | 8.12% |  | 07/2031 |  | 2,131 |  |  | 2,131 |  |  | 2,151 |
Cloudera, Inc. |  | Software |  | SOFR(M) |  | 3.75% |  | 8.21% |  | 10/2028 |  | 12,495 |  |  | 12,333 |  |  | 12,514 |
CommerceHub, Inc. |  | Software |  | SOFR(Q) |  | 6.25% |  | 10.90% |  | 12/2027 |  | 3,920 |  |  | 3,596 |  |  | 3,920 |
CommerceHub, Inc. |  | Software |  | SOFR(Q) |  | 4.00% |  | 8.80% |  | 12/2027 |  | 6,881 |  |  | 6,823 |  |  | 6,540 |
Confluent Health, LLC |  | Healthcare |  | SOFR(M) |  | 4.00% |  | 8.47% |  | 11/2028 |  | 4,653 |  |  | 4,638 |  |  | 4,554 |
Confluent Medical Technologies, Inc. |  | Healthcare |  | SOFR(Q) |  | 3.25% |  | 7.85% |  | 02/2029 |  | 6,808 |  |  | 6,786 |  |  | 6,842 |
ConnectWise, LLC |  | Software |  | SOFR(Q) |  | 3.50% |  | 8.09% |  | 09/2028 |  | 7,959 |  |  | 7,940 |  |  | 8,022 |
Convey Health Solutions, Inc. |  | Healthcare |  | SOFR(Q) |  | 1.00% + 4.25%/PIK |  | 9.68% |  | 07/2029 |  | 8,876 |  |  | 8,737 |  |  | 8,055 |
Cornerstone OnDemand, Inc. |  | Software |  | SOFR(M) |  | 3.75% |  | 8.22% |  | 10/2028 |  | 2,560 |  |  | 2,552 |  |  | 2,257 |
CVET Midco 2, L.P. |  | Software |  | SOFR(Q) |  | 5.00% |  | 9.33% |  | 10/2029 |  | 9,806 |  |  | 9,444 |  |  | 9,455 |
Dealer Tire Financial, LLC |  | Distribution & Logistics |  | SOFR(M) |  | 3.50% |  | 7.86% |  | 07/2031 |  | 11,551 |  |  | 11,496 |  |  | 11,580 |
DG Investment Intermediate Holdings 2, Inc. |  | Business Services |  | SOFR(M) |  | 3.75% |  | 8.22% |  | 03/2028 |  | 10,288 |  |  | 10,258 |  |  | 10,406 |
Discovery Purchaser Corporation |  | Specialty Chemicals & Materials |  | SOFR(Q) |  | 4.38% |  | 8.95% |  | 10/2029 |  | 9,449 |  |  | 9,012 |  |  | 9,517 |
Dispatch Acquisition Holdings, LLC |  | Industrial Services |  | SOFR(Q) |  | 4.25% |  | 8.73% |  | 03/2028 |  | 15,289 |  |  | 15,019 |  |  | 14,611 |
EAB Global, Inc. |  | Education |  | SOFR(M) |  | 3.25% |  | 7.61% |  | 08/2028 |  | 2,816 |  |  | 2,798 |  |  | 2,831 |
Eagle Parent Corp. |  | Business Services |  | SOFR(Q) |  | 4.25% |  | 8.58% |  | 04/2029 |  | 7,392 |  |  | 7,291 |  |  | 7,261 |
Eisner Advisory Group LLC |  | Financial Services |  | SOFR(M) |  | 4.00% |  | 8.36% |  | 02/2031 |  | 8,632 |  |  | 8,571 |  |  | 8,745 |
eResearchTechnology, Inc. |  | Healthcare |  | SOFR(M) |  | 4.00% |  | 8.36% |  | 02/2027 |  | 3,594 |  |  | 3,594 |  |  | 3,620 |
Flash Charm, Inc. |  | Software |  | SOFR(Q) |  | 3.50% |  | 8.07% |  | 03/2028 |  | 16,508 |  |  | 16,496 |  |  | 16,226 |
FNZ Group Entities Limited |  | Financial Services |  | SOFR(Q) |  | 5.00% |  | 9.55% |  | 11/2031 |  | 10,255 |  |  | 10,050 |  |  | 10,037 |
Foundational Education Group, Inc. |  | Education |  | SOFR(Q) |  | 3.75% |  | 8.60% |  | 08/2028 |  | 14,209 |  |  | 14,104 |  |  | 13,925 |
Groundworks, LLC |  | Business Services |  | SOFR(M) |  | 3.25% |  | 7.65% |  | 03/2031 |  | 259 |  |  | 257 |  |  | 260 |
Groundworks, LLC |  | Business Services |  | SOFR(M) |  | 3.25% |  | 7.65% |  | 03/2031 |  | 8,787 |  |  | 8,738 |  |  | 8,846 |
Heartland Dental, LLC |  | Healthcare |  | SOFR(M) |  | 4.50% |  | 8.86% |  | 04/2028 |  | 14,036 |  |  | 13,631 |  |  | 14,080 |
Help/Systems Holdings, Inc. |  | Software |  | SOFR(Q) |  | 4.00% |  | 8.69% |  | 11/2026 |  | 17,697 |  |  | 17,638 |  |  | 15,640 |
Higginbotham Insurance Agency, Inc. |  | Business Services |  | SOFR(M) |  | 4.50% |  | 8.86% |  | 11/2028 |  | 8,896 |  |  | 8,856 |  |  | 8,897 |
HighTower Holding, LLC |  | Financial Services |  | SOFR(Q) |  | 3.50% |  | 8.07% |  | 04/2028 |  | 4,682 |  |  | 4,656 |  |  | 4,707 |
Portfolio Company and Type of Investment |  | Industry |  | Reference |  | Spread |  | Interest Rate (1) |  | Maturity Date |  | Principal Amount or Par Value |  | Cost |  | Fair Value (2)
Houghton Mifflin Harcourt Company |  | Education |  | SOFR(M) |  | 5.25% |  | 9.71% |  | 04/2029 |  | $ | 8,069 |  |  | $ | 7,856 |  |  | $ | 7,961 |
Inizio Group Limited |  | Healthcare |  | SOFR(Q) |  | 4.25% |  | 8.68% |  | 08/2028 |  | 4,500 |  |  | 4,470 |  |  | 4,449 |
Kestra Advisor Services Holdings A, Inc. |  | Financial Services |  | SOFR(M) |  | 3.00% |  | 7.37% |  | 03/2031 |  | 10,022 |  |  | 10,001 |  |  | 10,046 |
LI Group Holdings, Inc. |  | Software |  | SOFR(M) |  | 3.50% |  | 7.97% |  | 03/2028 |  | 3,702 |  |  | 3,697 |  |  | 3,716 |
LSCS Holdings, Inc. |  | Healthcare |  | SOFR(M) |  | 4.50% |  | 8.97% |  | 12/2028 |  | 11,973 |  |  | 11,883 |  |  | 12,070 |
Marcel Bidco LLC (Marcel Bidco GmbH) |  | Software |  | SOFR(M) |  | 3.50% |  | 8.07% |  | 11/2030 |  | 2,823 |  |  | 2,785 |  |  | 2,855 |
Maverick Bidco Inc. |  | Software |  | SOFR(Q) |  | 5.00% |  | 9.69% |  | 05/2028 |  | 1,965 |  |  | 1,901 |  |  | 1,968 |
Maverick Bidco Inc. |  | Software |  | SOFR(Q) |  | 3.75% |  | 8.49% |  | 05/2028 |  | 8,855 |  |  | 8,828 |  |  | 8,869 |
Maverick Bidco Inc. |  | Software |  | SOFR(Q) |  | 4.25% |  | 9.10% |  | 05/2028 |  | 2,463 |  |  | 2,374 |  |  | 2,466 |
Mavis Tire Express Services Topco, Corp. |  | Retail |  | SOFR(M) |  | 3.50% |  | 7.86% |  | 05/2028 |  | 4,090 |  |  | 4,079 |  |  | 4,123 |
MED ParentCo, LP |  | Healthcare |  | SOFR(M) |  | 3.50% |  | 7.86% |  | 04/2031 |  | 9,930 |  |  | 9,883 |  |  | 9,987 |
MH Sub I, LLC (Micro Holding Corp.) |  | Business Services |  | SOFR(M) |  | 4.25% |  | 8.56% |  | 05/2028 |  | 7,094 |  |  | 6,973 |  |  | 7,111 |
MH Sub I, LLC (Micro Holding Corp.) |  | Business Services |  | SOFR(M) |  | 4.25% |  | 8.56% |  | 12/2031 |  | 7,000 |  |  | 6,930 |  |  | 6,950 |
Nielsen Consumer Inc. |  | Business Services |  | SOFR(M) |  | 4.75% |  | 9.11% |  | 03/2028 |  | 14,753 |  |  | 13,504 |  |  | 14,720 |
OMNIA Partners, LLC |  | Business Services |  | SOFR(Q) |  | 2.75% |  | 7.37% |  | 07/2030 |  | 8,438 |  |  | 8,379 |  |  | 8,483 |
Osaic Holdings, Inc. |  | Financial Services |  | SOFR(M) |  | 3.50% |  | 7.86% |  | 08/2028 |  | 11,568 |  |  | 11,452 |  |  | 11,627 |
Osmosis Buyer Limited |  | Consumer Products |  | SOFR(M) |  | 3.50% |  | 8.05% |  | 07/2028 |  | 11,021 |  |  | 10,912 |  |  | 11,066 |
Pearls (Netherlands) Bidco B.V. |  | Specialty Chemicals & Materials |  | SOFR(Q) |  | 4.00% |  | 8.59% |  | 02/2029 |  | 1,695 |  |  | 1,692 |  |  | 1,712 |
Peraton Corp. |  | Federal Services |  | SOFR(M) |  | 3.75% |  | 8.21% |  | 02/2028 |  | 4,103 |  |  | 4,093 |  |  | 3,830 |
Perforce Software, Inc. |  | Software |  | SOFR(M) |  | 4.75% |  | 9.11% |  | 03/2031 |  | 6,597 |  |  | 6,570 |  |  | 6,509 |
Physician Partners, LLC |  | Healthcare |  | SOFR(Q) |  | 4.00% |  | 8.74% |  | 12/2028 |  | 4,188 |  |  | 4,160 |  |  | 1,766 |
Plano Holdco, Inc. |  | Information Technology |  | SOFR(Q) |  | 3.50% |  | 7.83% |  | 10/2031 |  | 4,625 |  |  | 4,602 |  |  | 4,694 |
Planview Parent, Inc. |  | Software |  | SOFR(Q) |  | 3.50% |  | 7.83% |  | 12/2027 |  | 13,633 |  |  | 13,454 |  |  | 13,747 |
Project Alpha Intermediate Holding, Inc. |  | Software |  | SOFR(Q) |  | 3.25% |  | 7.58% |  | 10/2030 |  | 13,642 |  |  | 13,403 |  |  | 13,748 |
Project Ruby Ultimate Parent Corp. |  | Healthcare |  | SOFR(M) |  | 3.00% |  | 7.47% |  | 03/2028 |  | 4,274 |  |  | 4,263 |  |  | 4,299 |
Pushpay USA Inc. |  | Software |  | SOFR(Q) |  | 4.50% |  | 8.83% |  | 08/2031 |  | 3,120 |  |  | 3,090 |  |  | 3,147 |
Quartz Holding Company |  | Software |  | SOFR(M) |  | 3.50% |  | 7.86% |  | 10/2028 |  | 9,084 |  |  | 9,044 |  |  | 9,129 |
RealPage, Inc. |  | Software |  | SOFR(Q) |  | 3.00% |  | 7.59% |  | 04/2028 |  | 4,261 |  |  | 4,255 |  |  | 4,259 |
RealPage, Inc. |  | Software |  | SOFR(Q) |  | 3.75% |  | 8.08% |  | 04/2028 |  | 5,000 |  |  | 4,975 |  |  | 5,028 |
RLG Holdings, LLC |  | Packaging |  | SOFR(M) |  | 4.25% |  | 8.72% |  | 07/2028 |  | 5,668 |  |  | 5,652 |  |  | 5,613 |
RxB Holdings, Inc. |  | Healthcare |  | SOFR(M) |  | 4.50% |  | 8.97% |  | 12/2027 |  | 6,274 |  |  | 6,203 |  |  | 6,274 |
RxB Holdings, Inc. |  | Healthcare |  | SOFR(M) |  | 5.25% |  | 9.61% |  | 12/2027 |  | 3,632 |  |  | 3,568 |  |  | 3,632 |
Sierra Enterprises, LLC |  | Food & Beverage |  | SOFR(Q) |  | 6.75% |  | 11.34% |  | 05/2027 |  | 2,540 |  |  | 2,539 |  |  | 2,540 |
Spring Education Group, Inc. |  | Education |  | SOFR(Q) |  | 4.00% |  | 8.33% |  | 10/2030 |  | 12,225 |  |  | 12,093 |  |  | 12,315 |
Storable, Inc. |  | Software |  | SOFR(M) |  | 3.50% |  | 7.86% |  | 04/2028 |  | 3,746 |  |  | 3,741 |  |  | 3,776 |
Summit Acquisition Inc. |  | Financial Services |  | SOFR(Q) |  | 3.75% |  | 8.08% |  | 10/2031 |  | 6,000 |  |  | 5,971 |  |  | 6,000 |
Symplr Software, Inc. |  | Healthcare |  | SOFR(Q) |  | 4.50% |  | 9.19% |  | 12/2027 |  | 15,400 |  |  | 15,331 |  |  | 14,122 |
Syndigo LLC |  | Software |  | SOFR(Q) |  | 4.50% |  | 9.28% |  | 12/2027 |  | 14,674 |  |  | 14,622 |  |  | 14,720 |
Therapy Brands Holdings LLC |  | Healthcare |  | SOFR(M) |  | 4.00% |  | 8.47% |  | 05/2028 |  | 4,016 |  |  | 4,005 |  |  | 3,414 |
Thermostat Purchaser III, Inc. |  | Business Services |  | SOFR(Q) |  | 4.25% |  | 8.58% |  | 08/2028 |  | 8,506 |  |  | 8,485 |  |  | 8,506 |
TMF Sapphire Bidco B.V. |  | Business Services |  | SOFR(Q) |  | 3.50% |  | 8.09% |  | 05/2028 |  | 2,640 |  |  | 2,600 |  |  | 2,657 |
TRC Companies LLC |  | Business Services |  | SOFR(M) |  | 3.50% |  | 7.97% |  | 12/2028 |  | 13,884 |  |  | 13,836 |  |  | 14,018 |
UKG Inc. |  | Software |  | SOFR(Q) |  | 3.00% |  | 7.62% |  | 02/2031 |  | 5,812 |  |  | 5,808 |  |  | 5,861 |
Valcour Packaging, LLC |  | Packaging |  | SOFR(M) |  | 5.25% |  | 9.73% |  | 10/2028 |  | 2,256 |  |  | 2,235 |  |  | 2,328 |
Valcour Packaging, LLC |  | Packaging |  | SOFR(M) |  | 1.50% + 2.25%/PIK |  | 8.35% |  | 10/2028 |  | 3,105 |  |  | 3,105 |  |  | 2,738 |
Viant Medical Holdings, Inc. |  | Healthcare |  | SOFR(Q) |  | 4.00% |  | 8.59% |  | 10/2031 |  | 7,100 |  |  | 7,065 |  |  | 7,188 |
VSTG Intermediate Holdings, Inc. |  | Business Services |  | SOFR(Q) |  | 4.75% |  | 9.08% |  | 07/2029 |  | 4,455 |  |  | 4,436 |  |  | 4,475 |
WatchGuard Technologies, Inc. |  | Software |  | SOFR(M) |  | 5.25% |  | 9.61% |  | 07/2029 |  | 6,918 |  |  | 6,667 |  |  | 6,869 |
Portfolio Company and Type of Investment |  | Industry |  | Reference |  | Spread |  | Interest Rate (1) |  | Maturity Date |  | Principal Amount or Par Value |  | Cost |  | Fair Value (2)
Wrench Group LLC |  | Consumer Services |  | SOFR(Q) |  | 4.00% |  | 8.59% |  | 10/2028 |  | $ | 14,109 |  |  | $ | 14,086 |  |  | $ | 13,597 |
Xplor T1, LLC |  | Software |  | SOFR(Q) |  | 3.50% |  | 7.83% |  | 06/2031 |  | 5,587 |  |  | 5,560 |  |  | 5,651 |
Zest Acquisition Corp. |  | Healthcare |  | SOFR(Q) |  | 5.25% |  | 9.84% |  | 02/2028 |  | 4,031 |  |  | 3,916 |  |  | 4,082 |
Total Funded Investments |  |  |  |  |  |  |  |  |  |  |  | $ | 724,965 |  |  | $ | 716,661 |  |  | $ | 715,076 |
Unfunded Investments - First lien |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
AmSpec Parent, LLC |  | Energy |  | — |  | — |  | — |  | 12/2026 |  | $ | 885 |  |  | $ | (2) |  |  | $ | 7 |
Chrysaor Bidco S.a r.l. |  | Information Services |  | — |  | — |  | — |  | 07/2026 |  | 158 |  |  | — |  |  | 1 |
DG Investment Intermediate Holdings 2, Inc. |  | Business Services |  | — |  | — |  | — |  | 03/2028 |  | 246 |  |  | (1) |  |  | 3 |
Groundworks, LLC |  | Business Services |  | — |  | — |  | — |  | 03/2026 |  | 1,365 |  |  | (4) |  |  | 9 |
Total Unfunded Investments |  |  |  |  |  |  |  |  |  |  |  | $ | 2,654 |  |  | $ | (7) |  |  | $ | 20 |
Total Investments |  |  |  |  |  |  |  |  |  |  |  | $ | 727,619 |  |  | $ | 716,654 |  |  | $ | 715,096 |
(1)All interest is payable in cash unless otherwise indicated. All of the variable rate debt investments bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (SOFR). For each investment, the current interest rate provided reflects the rate in effect as of December 31, 2024. (2)Represents the fair value in accordance with Accounting Standards Codification Topic 820, Fair Value Measurement and Disclosures ("ASC 820"). The Company's board of directors does not determine the fair value of the investments held by SLP III. Below is certain summarized financial information for SLP III as of March 31, 2025 and December 31, 2024 and for the three months ended March 31, 2025 and March 31, 2024:
Selected Balance Sheet Information: | March 31, 2025 |  | December 31, 2024
Investments at fair value (cost of $697,918 and $716,654) | $ | 688,213 |  |  | $ | 715,096 |
Cash and other assets | 24,858 |  |  | 20,988 |
Receivable from unsettled securities sold | 14,241 |  |  | 9,652 |
Total assets | $ | 727,312 |  |  | $ | 745,736 |
Credit facility | $ | 477,700 |  |  | $ | 511,200 |
Deferred financing costs (net of accumulated amortization of $6,827 and $6,515, respectively) | (3,380) |  |  | (3,692) |
Payable for unsettled securities purchased | 51,283 |  |  | 27,428 |
Distribution payable | 7,250 |  |  | 7,625 |
Other liabilities | 7,132 |  |  | 7,493 |
Total liabilities | 539,985 |  |  | 550,054 |
Members' capital | $ | 187,327 |  |  | $ | 195,682 |
Total liabilities and members' capital | $ | 727,312 |  |  | $ | 745,736 |
Selected Statement of Operations Information: | Three Months Ended |  |
| March 31, 2025 |  | March 31, 2024 |  |  |  |
Interest income | $ | 15,131 |  |  | $ | 16,789 |  |  |  |  |
Other income | 76 |  |  | 27 |  |  |  |  |
Total investment income | 15,207 |  |  | 16,816 |  |  |  |  |
Interest and other financing expenses | 8,180 |  |  | 8,790 |  |  |  |  |
Other expenses | 306 |  |  | 241 |  |  |  |  |
Total expenses | 8,486 |  |  | 9,031 |  |  |  |  |
Net investment income | 6,721 |  |  | 7,785 |  |  |  |  |
Net realized gains (losses) on investments | 321 |  |  | (5,669) |  |  |  |  |
Net change in unrealized (depreciation) appreciation of investments | (8,147) |  |  | 10,723 |  |  |  |  |
Net (decrease) increase in members' capital | $ | (1,105) |  |  | $ | 12,839 |  |  |  |  |
For the three months ended March 31, 2025 and March 31, 2024, the Company earned approximately $5,800 and $5,863, respectively, of dividend income related to SLP III, which is included in dividend income. As of March 31, 2025 and December 31, 2024, approximately $5,800 and $6,100, respectively, of dividend income related to SLP III was included in interest and dividend receivable. The Company has determined that SLP III is an investment company under ASC 946; however, in accordance with such guidance the Company will generally not consolidate its investment in a company other than a wholly-owned investment company subsidiary. Furthermore, ASC 810 concludes that in a joint venture where both members have equal decision making authority, it is not appropriate for one member to consolidate the joint venture since neither has control. Accordingly, the Company does not consolidate SLP III. NMFC Senior Loan Program IV LLC NMFC Senior Loan Program IV LLC ("SLP IV") was formed as a Delaware limited liability company on April 6, 2021, and commenced operations on May 5, 2021. SLP IV is structured as a private joint venture investment fund between the Company and SkyKnight Income Alpha, LLC ("SkyKnight Alpha") and operates under the First Amended and Restated Limited Liability Company Agreement of NMFC Senior Loan Program IV LLC, dated May 5, 2021 (the "SLP IV Agreement"). Upon the effectiveness of the SLP IV Agreement, the members contributed their respective membership interests in NMFC Senior Loan Program I LLC ("SLP I") and NMFC Senior Loan Program II LLC ("SLP II") to SLP IV. Immediately following the contribution of their membership interests, SLP I and SLP II became wholly-owned subsidiaries of SLP IV. The purpose of the joint venture is to invest primarily in senior secured loans issued by portfolio companies within the Company's core industry verticals. These investments are typically broadly syndicated first lien loans. All investment decisions must be unanimously approved by the board of managers of SLP IV, which has equal representation from the Company and SkyKnight Alpha. SLP IV had a five year investment period and will continue in existence until May 5, 2029. On March 15, 2024, the investment period was extended until May 5, 2027 pursuant to the terms of the SLP IV Agreement. SLP IV is capitalized with equity contributions which were transferred and contributed from its members. As of March 31, 2025, the Company and SkyKnight Alpha have transferred and contributed $112,400 and $30,600, respectively, of their membership interests in SLP I and SLP II to SLP IV. The Company’s investment in SLP IV is disclosed on the Company’s Consolidated Schedule of Investments as of March 31, 2025 and December 31, 2024. On May 5, 2021, SLP IV entered into a $370,000 revolving credit facility with Wells Fargo Bank, National Association which matures on March 27, 2029. As of the amendment on December 20, 2024, the facility bears interest at a rate of SOFR plus 1.50%. From March 27, 2024 to December 20, 2024, the facility bore interest at a rate of SOFR plus 1.90%. From April 28, 2023 to March 27, 2024, the facility bore interest at a rate of SOFR plus 1.70%. As of March 31, 2025 and December 31, 2024, SLP IV had total investments with an aggregate fair value of approximately $451,133 and $469,326, respectively, and debt outstanding under its credit facility of $323,437 and $334,437, respectively. As of March 31, 2025 and December 31, 2024, none of SLP IV’s investments were on non-accrual status. Additionally, as of March 31, 2025 and December 31, 2024, SLP IV had unfunded commitments in the form of delayed draws of $2,772 and $1,212, respectively. Below is a summary of SLP IV's consolidated portfolio, along with a listing of the individual investments in SLP IV's consolidated portfolio as of March 31, 2025 and December 31, 2024:
|  | March 31, 2025 |  | December 31, 2024
First lien investments (1) |  | $ | 467,692 |  |  | $ | 481,040 |
Weighted average interest rate on first lien investments (2) |  | 8.38 | % |  | 8.54 | %
Number of portfolio companies in SLP IV |  | 79 |  |  | 79 |
Largest portfolio company investment (1) |  | $ | 18,015 |  |  | $ | 17,933 |
Total of five largest portfolio company investments (1) |  | $ | 66,265 |  |  | $ | 62,752 |
(1)Reflects principal amount or par value of investment. (2)Computed as the all in interest rate in effect on accruing investments divided by the total principal amount of investments. The following table is a listing of the individual investments in SLP IV's consolidated portfolio as of March 31, 2025:
Portfolio Company and Type of Investment |  | Industry |  | Reference |  | Spread |  | Interest Rate (1) |  | Maturity Date |  | Principal Amount or Par Value |  | Cost |  | Fair Value (2)
Funded Investments - First lien |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
ADG, LLC |  | Healthcare |  | SOFR(Q) |  | 1.00% + 3.00%/PIK |  | 8.45% |  | 09/2026 |  | $ | 18,015 |  |  | $ | 18,011 |  |  | $ | 15,545 |
ADMI Corp. (aka Aspen Dental) |  | Healthcare |  | SOFR(M) |  | 3.75% |  | 8.19% |  | 12/2027 |  | 1,809 |  |  | 1,805 |  |  | 1,798 |
AmSpec Parent, LLC |  | Energy |  | SOFR(Q) |  | 4.25% |  | 8.55% |  | 12/2031 |  | 2,986 |  |  | 2,971 |  |  | 2,986 |
Asurion, LLC |  | Business Services |  | SOFR(M) |  | 4.25% |  | 8.67% |  | 08/2028 |  | 9,667 |  |  | 9,603 |  |  | 9,592 |
athenahealth Group Inc. |  | Healthcare |  | SOFR(M) |  | 3.00% |  | 7.32% |  | 02/2029 |  | 2,349 |  |  | 2,342 |  |  | 2,329 |
Bach Finance Limited |  | Education |  | SOFR(S) |  | 3.25% |  | 7.50% |  | 01/2032 |  | 1,607 |  |  | 1,603 |  |  | 1,608 |
Bayou Intermediate II, LLC |  | Healthcare |  | SOFR(Q) |  | 4.50% |  | 9.05% |  | 08/2028 |  | 8,834 |  |  | 8,803 |  |  | 8,834 |
BCPE Empire Holdings, Inc. |  | Distribution & Logistics |  | SOFR(M) |  | 3.25% |  | 7.57% |  | 12/2030 |  | 5,285 |  |  | 5,250 |  |  | 5,221 |
Bella Holding Company, LLC |  | Healthcare |  | SOFR(M) |  | 3.25% |  | 7.57% |  | 05/2028 |  | 743 |  |  | 742 |  |  | 742 |
BIFM CA Buyer Inc. |  | Business Services |  | SOFR(M) |  | 3.75% |  | 8.07% |  | 05/2028 |  | 2,703 |  |  | 2,675 |  |  | 2,707 |
Boxer Parent Company Inc. |  | Software |  | SOFR(Q) |  | 3.00% |  | 7.29% |  | 07/2031 |  | 10,440 |  |  | 10,418 |  |  | 10,271 |
Bracket Intermediate Holding Corp. |  | Healthcare |  | SOFR(Q) |  | 4.25% |  | 8.55% |  | 05/2028 |  | 4,339 |  |  | 4,251 |  |  | 4,358 |
BW Holding, Inc. |  | Packaging |  | SOFR(Q) |  | 4.00% |  | 8.46% |  | 12/2028 |  | 2,019 |  |  | 1,913 |  |  | 1,686 |
Chrysaor Bidco S.a r.l. |  | Information Services |  | SOFR(Q) |  | 3.50% |  | 7.79% |  | 10/2031 |  | 1,569 |  |  | 1,569 |  |  | 1,574 |
Cloudera, Inc. |  | Software |  | SOFR(M) |  | 3.75% |  | 8.17% |  | 10/2028 |  | 9,298 |  |  | 9,182 |  |  | 9,170 |
Cohnreznick Advisory LLC |  | Business Services |  | SOFR(Q) |  | 4.00% |  | 8.29% |  | 03/2032 |  | 3,676 |  |  | 3,658 |  |  | 3,676 |
CommerceHub, Inc. |  | Software |  | SOFR(Q) |  | 6.25% |  | 10.56% |  | 12/2027 |  | 538 |  |  | 538 |  |  | 538 |
CommerceHub, Inc. |  | Software |  | SOFR(Q) |  | 4.00% |  | 8.46% |  | 12/2027 |  | 4,057 |  |  | 3,926 |  |  | 3,940 |
Confluence Technologies, Inc. |  | Software |  | SOFR(Q) |  | 3.75% |  | 8.20% |  | 07/2028 |  | 9,675 |  |  | 9,649 |  |  | 8,629 |
Confluence Technologies, Inc. |  | Software |  | SOFR(Q) |  | 5.00% |  | 9.29% |  | 07/2028 |  | 943 |  |  | 943 |  |  | 943 |
Confluent Health, LLC |  | Healthcare |  | SOFR(M) |  | 4.00% |  | 8.44% |  | 11/2028 |  | 3,106 |  |  | 3,097 |  |  | 2,951 |
Confluent Medical Technologies, Inc. |  | Healthcare |  | SOFR(Q) |  | 3.25% |  | 7.55% |  | 02/2029 |  | 6,791 |  |  | 6,770 |  |  | 6,825 |
Convey Health Solutions, Inc. |  | Healthcare |  | SOFR(S) |  | 1.00% + 4.25%/PIK |  | 9.57% |  | 07/2029 |  | 3,437 |  |  | 3,387 |  |  | 3,161 |
Cornerstone OnDemand, Inc. |  | Software |  | SOFR(M) |  | 3.75% |  | 8.19% |  | 10/2028 |  | 1,823 |  |  | 1,818 |  |  | 1,597 |
CVET Midco 2, L.P. |  | Software |  | SOFR(Q) |  | 5.00% |  | 9.30% |  | 10/2029 |  | 6,573 |  |  | 6,432 |  |  | 6,318 |
Dealer Tire Financial, LLC |  | Distribution & Logistics |  | SOFR(M) |  | 3.00% |  | 7.32% |  | 07/2031 |  | 10,454 |  |  | 10,406 |  |  | 10,493 |
Discovery Purchaser Corporation |  | Specialty Chemicals & Materials |  | SOFR(Q) |  | 3.75% |  | 8.04% |  | 10/2029 |  | 5,788 |  |  | 5,475 |  |  | 5,734 |
Dispatch Acquisition Holdings, LLC |  | Industrial Services |  | SOFR(Q) |  | 4.25% |  | 8.70% |  | 03/2028 |  | 9,649 |  |  | 9,584 |  |  | 9,106 |
EAB Global, Inc. |  | Education |  | SOFR(M) |  | 3.00% |  | 7.32% |  | 08/2030 |  | 993 |  |  | 987 |  |  | 966 |
Eagle Parent Corp. |  | Business Services |  | SOFR(Q) |  | 4.25% |  | 8.55% |  | 04/2029 |  | 7,386 |  |  | 7,297 |  |  | 7,044 |
Eisner Advisory Group LLC |  | Financial Services |  | SOFR(M) |  | 4.00% |  | 8.32% |  | 02/2031 |  | 5,014 |  |  | 4,969 |  |  | 5,017 |
Flash Charm, Inc. |  | Software |  | SOFR(Q) |  | 3.50% |  | 7.79% |  | 03/2028 |  | 10,031 |  |  | 9,990 |  |  | 9,306 |
FNZ Group Entities Limited |  | Financial Services |  | SOFR(Q) |  | 5.00% |  | 9.29% |  | 11/2031 |  | 7,270 |  |  | 7,129 |  |  | 6,762 |
Foundational Education Group, Inc. |  | Education |  | SOFR(Q) |  | 3.75% |  | 8.30% |  | 08/2028 |  | 11,015 |  |  | 10,917 |  |  | 10,492 |
Groundworks, LLC |  | Business Services |  | SOFR(M) |  | 3.00% |  | 7.32% |  | 03/2031 |  | 121 |  |  | 120 |  |  | 118 |
Groundworks, LLC |  | Business Services |  | SOFR(M) |  | 3.00% |  | 7.32% |  | 03/2031 |  | 4,093 |  |  | 4,056 |  |  | 4,000 |
Heartland Dental, LLC |  | Healthcare |  | SOFR(M) |  | 4.50% |  | 8.82% |  | 04/2028 |  | 9,985 |  |  | 9,784 |  |  | 9,979 |
Help/Systems Holdings, Inc. |  | Software |  | SOFR(Q) |  | 4.00% |  | 8.39% |  | 11/2026 |  | 9,581 |  |  | 9,569 |  |  | 8,800 |
Houghton Mifflin Harcourt Company |  | Education |  | SOFR(M) |  | 5.25% |  | 9.67% |  | 04/2029 |  | 6,231 |  |  | 6,075 |  |  | 6,167 |
HP PHRG Borrower, LLC |  | Consumer Services |  | SOFR(Q) |  | 4.00% |  | 8.29% |  | 02/2032 |  | 5,103 |  |  | 5,055 |  |  | 4,937 |
Inizio Group Limited |  | Healthcare |  | SOFR(Q) |  | 4.25% |  | 8.65% |  | 08/2028 |  | 3,949 |  |  | 3,927 |  |  | 3,816 |
Kaseya Inc. |  | Software |  | SOFR(M) |  | 3.25% |  | 7.57% |  | 03/2032 |  | 3,557 |  |  | 3,540 |  |  | 3,539 |
Kestra Advisor Services Holdings A, Inc. |  | Financial Services |  | SOFR(Q) |  | 3.00% |  | 7.29% |  | 03/2031 |  | 1,292 |  |  | 1,289 |  |  | 1,282 |
LSCS Holdings, Inc. |  | Healthcare |  | SOFR(Q) |  | 4.50% |  | 8.80% |  | 03/2032 |  | 9,774 |  |  | 9,725 |  |  | 9,725 |
Marcel Bidco LLC (Marcel Bidco GmbH) |  | Software |  | SOFR(M) |  | 3.50% |  | 7.84% |  | 11/2030 |  | 2,029 |  |  | 2,003 |  |  | 2,052 |
Maverick Bidco Inc. |  | Software |  | SOFR(Q) |  | 5.00% |  | 9.39% |  | 05/2028 |  | 1,960 |  |  | 1,900 |  |  | 1,966 |
Maverick Bidco Inc. |  | Software |  | SOFR(Q) |  | 3.75% |  | 8.19% |  | 05/2028 |  | 7,740 |  |  | 7,721 |  |  | 7,762 |
Portfolio Company and Type of Investment |  | Industry |  | Reference |  | Spread |  | Interest Rate (1) |  | Maturity Date |  | Principal Amount or Par Value |  | Cost |  | Fair Value (2)
Mavis Tire Express Services Topco, Corp. |  | Retail |  | SOFR(Q) |  | 3.00% |  | 7.31% |  | 05/2028 |  | $ | 8,180 |  |  | $ | 8,157 |  |  | $ | 8,140 |
MED ParentCo, LP |  | Healthcare |  | SOFR(M) |  | 3.50% |  | 7.82% |  | 04/2031 |  | 7,309 |  |  | 7,276 |  |  | 7,306 |
MH Sub I, LLC (Micro Holding Corp.) |  | Business Services |  | SOFR(M) |  | 4.25% |  | 8.57% |  | 12/2031 |  | 5,443 |  |  | 5,389 |  |  | 5,002 |
MH Sub I, LLC (Micro Holding Corp.) |  | Business Services |  | SOFR(M) |  | 4.25% |  | 8.57% |  | 05/2028 |  | 3,620 |  |  | 3,561 |  |  | 3,460 |
Michael Baker International, LLC |  | Business Services |  | SOFR(M) |  | 4.00% |  | 8.32% |  | 12/2028 |  | 3,858 |  |  | 3,858 |  |  | 3,854 |
Nielsen Consumer Inc. |  | Business Services |  | SOFR(M) |  | 3.50% |  | 7.82% |  | 03/2028 |  | 14,000 |  |  | 13,230 |  |  | 13,969 |
Oceankey (U.S.) II Corp. |  | Media |  | SOFR(Q) |  | 3.50% |  | 7.79% |  | 12/2028 |  | 3,060 |  |  | 3,052 |  |  | 3,056 |
Osaic Holdings, Inc. |  | Financial Services |  | SOFR(M) |  | 3.50% |  | 7.82% |  | 08/2028 |  | 11,403 |  |  | 11,321 |  |  | 11,326 |
Outcomes Group Holdings, Inc. |  | Healthcare |  | SOFR(Q) |  | 3.25% |  | 7.54% |  | 05/2031 |  | 2,850 |  |  | 2,840 |  |  | 2,855 |
Perforce Software, Inc. |  | Software |  | SOFR(M) |  | 4.75% |  | 9.07% |  | 03/2031 |  | 4,856 |  |  | 4,836 |  |  | 4,562 |
Physician Partners, LLC |  | Healthcare |  | SOFR(Q) |  | 6.00% |  | 10.30% |  | 12/2029 |  | 1,798 |  |  | 1,747 |  |  | 1,678 |
Physician Partners, LLC |  | Healthcare |  | SOFR(Q) |  | 1.50% + 2.50%/PIK |  | 8.45% |  | 12/2029 |  | 2,080 |  |  | 2,067 |  |  | 1,099 |
Planview Parent, Inc. |  | Software |  | SOFR(Q) |  | 3.50% |  | 7.80% |  | 12/2027 |  | 2,992 |  |  | 2,985 |  |  | 2,976 |
Project Alpha Intermediate Holding, Inc. |  | Software |  | SOFR(Q) |  | 3.25% |  | 7.55% |  | 10/2030 |  | 9,781 |  |  | 9,615 |  |  | 9,879 |
Project Ruby Ultimate Parent Corp. |  | Healthcare |  | SOFR(M) |  | 3.00% |  | 7.44% |  | 03/2028 |  | 973 |  |  | 969 |  |  | 971 |
Pushpay USA Inc. |  | Software |  | SOFR(Q) |  | 4.00% |  | 8.30% |  | 08/2031 |  | 3,990 |  |  | 3,990 |  |  | 3,990 |
Quartz Holding Company |  | Software |  | SOFR(M) |  | 3.50% |  | 7.82% |  | 10/2028 |  | 4,841 |  |  | 4,823 |  |  | 4,820 |
RealPage, Inc. |  | Software |  | SOFR(Q) |  | 3.75% |  | 8.05% |  | 04/2028 |  | 2,000 |  |  | 1,991 |  |  | 2,004 |
RxB Holdings, Inc. |  | Healthcare |  | SOFR(M) |  | 4.50% |  | 8.94% |  | 12/2027 |  | 7,268 |  |  | 7,250 |  |  | 7,268 |
Secretariat Advisors LLC |  | Business Services |  | SOFR(Q) |  | 4.00% |  | 8.29% |  | 02/2032 |  | 5,886 |  |  | 5,857 |  |  | 5,871 |
Sierra Enterprises, LLC |  | Food & Beverage |  | SOFR(Q) |  | 6.25% |  | 10.54% |  | 05/2027 |  | 4,439 |  |  | 4,435 |  |  | 4,439 |
Spring Education Group, Inc. |  | Education |  | SOFR(Q) |  | 4.00% |  | 8.30% |  | 10/2030 |  | 10,232 |  |  | 10,132 |  |  | 10,232 |
STATS Intermediate Holdings, LLC |  | Business Services |  | SOFR(Q) |  | 5.25% |  | 9.83% |  | 07/2026 |  | 3,974 |  |  | 3,896 |  |  | 3,855 |
STATS Intermediate Holdings, LLC |  | Business Services |  | SOFR(Q) |  | 7.25% |  | 11.83% |  | 07/2026 |  | 2,243 |  |  | 2,206 |  |  | 2,243 |
Storable, Inc. |  | Software |  | SOFR(M) |  | 3.25% |  | 7.57% |  | 04/2031 |  | 3,880 |  |  | 3,875 |  |  | 3,862 |
Symplr Software, Inc. |  | Healthcare |  | SOFR(Q) |  | 4.50% |  | 8.89% |  | 12/2027 |  | 3,678 |  |  | 3,673 |  |  | 3,212 |
Syndigo LLC |  | Software |  | SOFR(Q) |  | 4.50% |  | 9.07% |  | 12/2027 |  | 9,772 |  |  | 9,764 |  |  | 9,772 |
Therapy Brands Holdings LLC |  | Healthcare |  | SOFR(M) |  | 4.00% |  | 8.44% |  | 05/2028 |  | 5,892 |  |  | 5,876 |  |  | 4,920 |
Thermostat Purchaser III, Inc. |  | Business Services |  | SOFR(Q) |  | 4.25% |  | 8.55% |  | 08/2028 |  | 5,634 |  |  | 5,620 |  |  | 5,634 |
TRC Companies LLC |  | Business Services |  | SOFR(M) |  | 3.00% |  | 7.32% |  | 12/2028 |  | 5,372 |  |  | 5,355 |  |  | 5,327 |
Valcour Packaging, LLC |  | Packaging |  | SOFR(M) |  | 5.25% |  | 9.57% |  | 10/2028 |  | 1,641 |  |  | 1,626 |  |  | 1,658 |
Valcour Packaging, LLC |  | Packaging |  | SOFR(M) |  | 1.50% + 2.25%/PIK |  | 8.19% |  | 10/2028 |  | 2,271 |  |  | 2,271 |  |  | 1,941 |
Viant Medical Holdings, Inc. |  | Healthcare |  | SOFR(M) |  | 4.00% |  | 8.32% |  | 10/2031 |  | 2,494 |  |  | 2,482 |  |  | 2,499 |
VSTG Intermediate Holdings, Inc. |  | Business Services |  | SOFR(Q) |  | 3.75% |  | 8.05% |  | 07/2029 |  | 3,948 |  |  | 3,934 |  |  | 3,958 |
VT Topco, Inc. |  | Business Services |  | SOFR(Q) |  | 3.00% |  | 7.30% |  | 08/2030 |  | 5,710 |  |  | 5,662 |  |  | 5,714 |
WatchGuard Technologies, Inc. |  | Software |  | SOFR(M) |  | 5.25% |  | 9.57% |  | 07/2029 |  | 3,989 |  |  | 3,806 |  |  | 3,963 |
Wrench Group LLC |  | Consumer Services |  | SOFR(Q) |  | 4.00% |  | 8.56% |  | 10/2028 |  | 9,277 |  |  | 9,251 |  |  | 8,848 |
Xplor T1, LLC |  | Software |  | SOFR(Q) |  | 3.50% |  | 7.80% |  | 06/2031 |  | 4,055 |  |  | 4,036 |  |  | 4,084 |
Zest Acquisition Corp. |  | Healthcare |  | SOFR(Q) |  | 5.25% |  | 9.54% |  | 02/2028 |  | 3,102 |  |  | 3,027 |  |  | 3,102 |
Zone Climate Services, Inc. |  | Business Services |  | SOFR(Q) |  | 5.50% |  | 9.94% |  | 03/2028 |  | 9,700 |  |  | 9,592 |  |  | 9,623 |
Zone Climate Services, Inc. |  | Business Services |  | SOFR(Q) |  | 5.50% |  | 9.94% |  | 03/2028 |  | 2,132 |  |  | 2,109 |  |  | 2,115 |
Total Funded Investments |  |  |  |  |  |  |  |  |  |  |  | $ | 464,920 |  |  | $ | 460,316 |  |  | $ | 451,149 |
Unfunded Investments - First lien |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
AmSpec Parent, LLC |  | Energy |  | — |  | — |  | — |  | 12/2026 |  | $ | 459 |  |  | $ | (1) |  |  | $ | — |
Chrysaor Bidco S.a r.l. |  | Information Services |  | — |  | — |  | — |  | 07/2026 |  | 116 |  |  | — |  |  | — |
Cohnreznick Advisory LLC |  | Business Services |  | — |  | — |  | — |  | 03/2027 |  | 851 |  |  | (4) |  |  | — |
Groundworks, LLC |  | Business Services |  | — |  | — |  | — |  | 03/2026 |  | 637 |  |  | (3) |  |  | (14) |
Secretariat Advisors LLC |  | Business Services |  | — |  | — |  | — |  | 02/2027 |  | 709 |  |  | — |  |  | (2) |
Total Unfunded Investments |  |  |  |  |  |  |  |  |  |  |  | $ | 2,772 |  |  | $ | (8) |  |  | $ | (16) |
Total Investments |  |  |  |  |  |  |  |  |  |  |  | $ | 467,692 |  |  | $ | 460,308 |  |  | $ | 451,133 |
(1)All interest is payable in cash unless otherwise indicated. All of the variable rate debt investments bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (SOFR). For each investment, the current interest rate provided reflects the rate in effect as of March 31, 2025. (2)Represents the fair value in accordance with ASC 820. The Company's board of directors does not determine the fair value of the investments held by SLP IV. The following table is a listing of the individual investments in SLP IV's consolidated portfolio as of December 31, 2024:
Portfolio Company and Type of Investment |  | Industry |  | Reference |  | Spread |  | Interest Rate (1) |  | Maturity Date |  | Principal Amount or Par Value |  | Cost |  | Fair Value (2)
Funded Investments - First lien |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
ADG, LLC |  | Healthcare |  | SOFR(Q) |  | 1.00% + 3.00%/PIK |  | 8.48% |  | 09/2026 |  | $ | 17,933 |  |  | $ | 17,928 |  |  | $ | 15,544 |
ADMI Corp. (aka Aspen Dental) |  | Healthcare |  | SOFR(M) |  | 3.75% |  | 8.22% |  | 12/2027 |  | 1,814 |  |  | 1,809 |  |  | 1,788 |
AmSpec Parent, LLC |  | Energy |  | SOFR(Q) |  | 4.25% |  | 8.56% |  | 12/2031 |  | 2,986 |  |  | 2,971 |  |  | 3,009 |
Ascensus Group Holdings, Inc. |  | Business Services |  | SOFR(M) |  | 3.00% |  | 7.36% |  | 08/2028 |  | 4,127 |  |  | 4,115 |  |  | 4,168 |
Asurion, LLC |  | Business Services |  | SOFR(M) |  | 4.25% |  | 8.71% |  | 08/2028 |  | 9,692 |  |  | 9,623 |  |  | 9,716 |
athenahealth Group Inc. |  | Healthcare |  | SOFR(M) |  | 3.25% |  | 7.61% |  | 02/2029 |  | 2,349 |  |  | 2,342 |  |  | 2,361 |
Bach Finance Limited |  | Education |  | SOFR(Q) |  | 3.75% |  | 8.26% |  | 02/2031 |  | 1,607 |  |  | 1,603 |  |  | 1,621 |
Barracuda Parent, LLC |  | Software |  | SOFR(Q) |  | 4.50% |  | 9.09% |  | 08/2029 |  | 4,900 |  |  | 4,793 |  |  | 4,551 |
Bayou Intermediate II, LLC |  | Healthcare |  | SOFR(Q) |  | 4.50% |  | 9.35% |  | 08/2028 |  | 8,853 |  |  | 8,820 |  |  | 8,853 |
BCPE Empire Holdings, Inc. |  | Distribution & Logistics |  | SOFR(M) |  | 3.50% |  | 7.86% |  | 12/2028 |  | 5,299 |  |  | 5,264 |  |  | 5,334 |
Bella Holding Company, LLC |  | Healthcare |  | SOFR(M) |  | 3.75% |  | 8.21% |  | 05/2028 |  | 745 |  |  | 743 |  |  | 751 |
BIFM CA Buyer Inc. |  | Business Services |  | SOFR(M) |  | 3.75% |  | 8.11% |  | 05/2028 |  | 2,709 |  |  | 2,679 |  |  | 2,736 |
Bleriot US Bidco Inc. |  | Federal Services |  | SOFR(Q) |  | 2.75% |  | 7.08% |  | 10/2030 |  | 3,861 |  |  | 3,846 |  |  | 3,885 |
Boxer Parent Company Inc. |  | Software |  | SOFR(Q) |  | 3.75% |  | 8.34% |  | 07/2031 |  | 10,440 |  |  | 10,415 |  |  | 10,541 |
Bracket Intermediate Holding Corp. |  | Healthcare |  | SOFR(Q) |  | 4.25% |  | 8.58% |  | 05/2028 |  | 4,350 |  |  | 4,255 |  |  | 4,394 |
BW Holding, Inc. |  | Packaging |  | SOFR(Q) |  | 4.00% |  | 8.66% |  | 12/2028 |  | 2,024 |  |  | 1,913 |  |  | 1,810 |
CE Intermediate I, LLC |  | Software |  | SOFR(M) |  | 3.50% |  | 8.05% |  | 11/2028 |  | 8,013 |  |  | 7,978 |  |  | 8,058 |
Chrysaor Bidco S.a r.l. |  | Information Services |  | SOFR(Q) |  | 3.50% |  | 8.12% |  | 07/2031 |  | 1,573 |  |  | 1,573 |  |  | 1,588 |
Cloudera, Inc. |  | Software |  | SOFR(M) |  | 3.75% |  | 8.21% |  | 10/2028 |  | 9,322 |  |  | 9,199 |  |  | 9,336 |
CommerceHub, Inc. |  | Software |  | SOFR(Q) |  | 6.25% |  | 10.90% |  | 12/2027 |  | 539 |  |  | 539 |  |  | 539 |
CommerceHub, Inc. |  | Software |  | SOFR(Q) |  | 4.00% |  | 8.80% |  | 12/2027 |  | 4,067 |  |  | 3,926 |  |  | 3,866 |
Confluent Health, LLC |  | Healthcare |  | SOFR(M) |  | 4.00% |  | 8.47% |  | 11/2028 |  | 3,115 |  |  | 3,104 |  |  | 3,048 |
Confluent Medical Technologies, Inc. |  | Healthcare |  | SOFR(Q) |  | 3.25% |  | 7.85% |  | 02/2029 |  | 6,808 |  |  | 6,786 |  |  | 6,842 |
Convey Health Solutions, Inc. |  | Healthcare |  | SOFR(Q) |  | 1.00% + 4.25%/PIK |  | 9.68% |  | 07/2029 |  | 3,414 |  |  | 3,360 |  |  | 3,098 |
Cornerstone OnDemand, Inc. |  | Software |  | SOFR(M) |  | 3.75% |  | 8.22% |  | 10/2028 |  | 1,828 |  |  | 1,823 |  |  | 1,612 |
CVET Midco 2, L.P. |  | Software |  | SOFR(Q) |  | 5.00% |  | 9.33% |  | 10/2029 |  | 6,589 |  |  | 6,442 |  |  | 6,354 |
Dealer Tire Financial, LLC |  | Distribution & Logistics |  | SOFR(M) |  | 3.50% |  | 7.86% |  | 07/2031 |  | 10,480 |  |  | 10,431 |  |  | 10,507 |
Discovery Purchaser Corporation |  | Specialty Chemicals & Materials |  | SOFR(Q) |  | 4.38% |  | 8.95% |  | 10/2029 |  | 5,788 |  |  | 5,461 |  |  | 5,830 |
Dispatch Acquisition Holdings, LLC |  | Industrial Services |  | SOFR(Q) |  | 4.25% |  | 8.73% |  | 03/2028 |  | 9,674 |  |  | 9,604 |  |  | 9,245 |
EAB Global, Inc. |  | Education |  | SOFR(M) |  | 3.25% |  | 7.61% |  | 08/2028 |  | 995 |  |  | 990 |  |  | 1,000 |
Eagle Parent Corp. |  | Business Services |  | SOFR(Q) |  | 4.25% |  | 8.58% |  | 04/2029 |  | 7,405 |  |  | 7,312 |  |  | 7,273 |
Eisner Advisory Group LLC |  | Financial Services |  | SOFR(M) |  | 4.00% |  | 8.36% |  | 02/2031 |  | 5,026 |  |  | 4,980 |  |  | 5,092 |
eResearchTechnology, Inc. |  | Healthcare |  | SOFR(M) |  | 4.00% |  | 8.36% |  | 02/2027 |  | 2,167 |  |  | 2,160 |  |  | 2,183 |
Flash Charm, Inc. |  | Software |  | SOFR(Q) |  | 3.50% |  | 8.07% |  | 03/2028 |  | 10,056 |  |  | 10,012 |  |  | 9,885 |
FNZ Group Entities Limited |  | Financial Services |  | SOFR(Q) |  | 5.00% |  | 9.55% |  | 11/2031 |  | 7,270 |  |  | 7,126 |  |  | 7,116 |
Foundational Education Group, Inc. |  | Education |  | SOFR(Q) |  | 3.75% |  | 8.60% |  | 08/2028 |  | 11,044 |  |  | 10,939 |  |  | 10,823 |
Groundworks, LLC |  | Business Services |  | SOFR(M) |  | 3.25% |  | 7.65% |  | 03/2031 |  | 121 |  |  | 121 |  |  | 122 |
Groundworks, LLC |  | Business Services |  | SOFR(M) |  | 3.25% |  | 7.65% |  | 03/2031 |  | 4,103 |  |  | 4,065 |  |  | 4,130 |
Heartland Dental, LLC |  | Healthcare |  | SOFR(M) |  | 4.50% |  | 8.86% |  | 04/2028 |  | 10,011 |  |  | 9,795 |  |  | 10,042 |
Help/Systems Holdings, Inc. |  | Software |  | SOFR(Q) |  | 4.00% |  | 8.69% |  | 11/2026 |  | 9,607 |  |  | 9,593 |  |  | 8,490 |
Houghton Mifflin Harcourt Company |  | Education |  | SOFR(M) |  | 5.25% |  | 9.71% |  | 04/2029 |  | 6,246 |  |  | 6,083 |  |  | 6,163 |
Inizio Group Limited |  | Healthcare |  | SOFR(Q) |  | 4.25% |  | 8.68% |  | 08/2028 |  | 3,949 |  |  | 3,926 |  |  | 3,905 |
Kestra Advisor Services Holdings A, Inc. |  | Financial Services |  | SOFR(M) |  | 3.00% |  | 7.37% |  | 03/2031 |  | 4,560 |  |  | 4,549 |  |  | 4,571 |
LSCS Holdings, Inc. |  | Healthcare |  | SOFR(M) |  | 4.50% |  | 8.97% |  | 12/2028 |  | 9,774 |  |  | 9,721 |  |  | 9,853 |
Mandolin Technology Intermediate Holdings, Inc. |  | Software |  | SOFR(Q) |  | 3.75% |  | 8.23% |  | 07/2028 |  | 9,700 |  |  | 9,672 |  |  | 7,954 |
Portfolio Company and Type of Investment |  | Industry |  | Reference |  | Spread |  | Interest Rate (1) |  | Maturity Date |  | Principal Amount or Par Value |  | Cost |  | Fair Value (2)
Marcel Bidco LLC (Marcel Bidco GmbH) |  | Software |  | SOFR(M) |  | 3.50% |  | 8.07% |  | 11/2030 |  | $ | 2,029 |  |  | $ | 2,002 |  |  | $ | 2,052 |
Maverick Bidco Inc. |  | Software |  | SOFR(Q) |  | 5.00% |  | 9.69% |  | 05/2028 |  | 1,965 |  |  | 1,900 |  |  | 1,968 |
Maverick Bidco Inc. |  | Software |  | SOFR(Q) |  | 3.75% |  | 8.49% |  | 05/2028 |  | 7,761 |  |  | 7,739 |  |  | 7,773 |
Mavis Tire Express Services Topco, Corp. |  | Retail |  | SOFR(M) |  | 3.50% |  | 7.86% |  | 05/2028 |  | 8,180 |  |  | 8,158 |  |  | 8,246 |
MED ParentCo, LP |  | Healthcare |  | SOFR(M) |  | 3.50% |  | 7.86% |  | 04/2031 |  | 7,327 |  |  | 7,293 |  |  | 7,370 |
MH Sub I, LLC (Micro Holding Corp.) |  | Business Services |  | SOFR(M) |  | 4.25% |  | 8.56% |  | 12/2031 |  | 3,000 |  |  | 2,970 |  |  | 2,979 |
MH Sub I, LLC (Micro Holding Corp.) |  | Business Services |  | SOFR(M) |  | 4.25% |  | 8.56% |  | 05/2028 |  | 6,095 |  |  | 5,989 |  |  | 6,110 |
Nielsen Consumer Inc. |  | Business Services |  | SOFR(M) |  | 4.75% |  | 9.11% |  | 03/2028 |  | 9,836 |  |  | 9,009 |  |  | 9,813 |
OMNIA Partners, LLC |  | Business Services |  | SOFR(Q) |  | 2.75% |  | 7.37% |  | 07/2030 |  | 4,970 |  |  | 4,928 |  |  | 4,997 |
Osaic Holdings, Inc. |  | Financial Services |  | SOFR(M) |  | 3.50% |  | 7.86% |  | 08/2028 |  | 11,432 |  |  | 11,344 |  |  | 11,490 |
Osmosis Buyer Limited |  | Consumer Products |  | SOFR(M) |  | 3.50% |  | 8.05% |  | 07/2028 |  | 8,828 |  |  | 8,742 |  |  | 8,864 |
Pearls (Netherlands) Bidco B.V. |  | Specialty Chemicals & Materials |  | SOFR(Q) |  | 4.00% |  | 8.59% |  | 02/2029 |  | 1,307 |  |  | 1,305 |  |  | 1,321 |
Perforce Software, Inc. |  | Software |  | SOFR(M) |  | 4.75% |  | 9.11% |  | 03/2031 |  | 4,868 |  |  | 4,848 |  |  | 4,803 |
Physician Partners, LLC |  | Healthcare |  | SOFR(Q) |  | 4.00% |  | 8.74% |  | 12/2028 |  | 3,165 |  |  | 3,144 |  |  | 1,334 |
Planview Parent, Inc. |  | Software |  | SOFR(Q) |  | 3.50% |  | 7.83% |  | 12/2027 |  | 2,993 |  |  | 2,985 |  |  | 3,018 |
Project Alpha Intermediate Holding, Inc. |  | Software |  | SOFR(Q) |  | 3.25% |  | 7.58% |  | 10/2030 |  | 9,806 |  |  | 9,633 |  |  | 9,882 |
Project Ruby Ultimate Parent Corp. |  | Healthcare |  | SOFR(M) |  | 3.00% |  | 7.47% |  | 03/2028 |  | 4,975 |  |  | 4,955 |  |  | 5,004 |
Quartz Holding Company |  | Software |  | SOFR(M) |  | 3.50% |  | 7.86% |  | 10/2028 |  | 6,874 |  |  | 6,845 |  |  | 6,909 |
RealPage, Inc. |  | Software |  | SOFR(Q) |  | 3.00% |  | 7.59% |  | 04/2028 |  | 1,357 |  |  | 1,354 |  |  | 1,357 |
RealPage, Inc. |  | Software |  | SOFR(Q) |  | 3.75% |  | 8.08% |  | 04/2028 |  | 2,000 |  |  | 1,990 |  |  | 2,011 |
RxB Holdings, Inc. |  | Healthcare |  | SOFR(M) |  | 4.50% |  | 8.97% |  | 12/2027 |  | 7,287 |  |  | 7,268 |  |  | 7,287 |
Sierra Enterprises, LLC |  | Food & Beverage |  | SOFR(Q) |  | 6.75% |  | 11.34% |  | 05/2027 |  | 4,450 |  |  | 4,445 |  |  | 4,450 |
Spring Education Group, Inc. |  | Education |  | SOFR(Q) |  | 4.00% |  | 8.33% |  | 10/2030 |  | 9,431 |  |  | 9,327 |  |  | 9,500 |
STATS Intermediate Holdings, LLC |  | Business Services |  | SOFR(Q) |  | 5.25% |  | 10.03% |  | 07/2026 |  | 3,984 |  |  | 3,892 |  |  | 3,941 |
STATS Intermediate Holdings, LLC |  | Business Services |  | SOFR(Q) |  | 7.25% |  | 12.03% |  | 07/2026 |  | 2,248 |  |  | 2,205 |  |  | 2,248 |
Storable, Inc. |  | Software |  | SOFR(M) |  | 3.50% |  | 7.86% |  | 04/2028 |  | 3,880 |  |  | 3,867 |  |  | 3,911 |
Symplr Software, Inc. |  | Healthcare |  | SOFR(Q) |  | 4.50% |  | 9.19% |  | 12/2027 |  | 3,688 |  |  | 3,683 |  |  | 3,382 |
Syndigo LLC |  | Software |  | SOFR(Q) |  | 4.50% |  | 9.28% |  | 12/2027 |  | 9,798 |  |  | 9,788 |  |  | 9,828 |
Therapy Brands Holdings LLC |  | Healthcare |  | SOFR(M) |  | 4.00% |  | 8.47% |  | 05/2028 |  | 5,908 |  |  | 5,891 |  |  | 5,021 |
Thermostat Purchaser III, Inc. |  | Business Services |  | SOFR(Q) |  | 4.25% |  | 8.58% |  | 08/2028 |  | 5,648 |  |  | 5,634 |  |  | 5,648 |
TRC Companies LLC |  | Business Services |  | SOFR(M) |  | 3.50% |  | 7.97% |  | 12/2028 |  | 9,973 |  |  | 9,939 |  |  | 10,070 |
Valcour Packaging, LLC |  | Packaging |  | SOFR(M) |  | 5.25% |  | 9.73% |  | 10/2028 |  | 1,641 |  |  | 1,625 |  |  | 1,693 |
Valcour Packaging, LLC |  | Packaging |  | SOFR(M) |  | 1.50% + 2.25%/PIK |  | 8.35% |  | 10/2028 |  | 2,258 |  |  | 2,258 |  |  | 1,992 |
Viant Medical Holdings, Inc. |  | Healthcare |  | SOFR(Q) |  | 4.00% |  | 8.59% |  | 10/2031 |  | 2,500 |  |  | 2,488 |  |  | 2,531 |
VSTG Intermediate Holdings, Inc. |  | Business Services |  | SOFR(Q) |  | 4.75% |  | 9.08% |  | 07/2029 |  | 3,372 |  |  | 3,357 |  |  | 3,387 |
VT Topco, Inc. |  | Business Services |  | SOFR(Q) |  | 3.00% |  | 7.33% |  | 08/2030 |  | 5,724 |  |  | 5,675 |  |  | 5,771 |
WatchGuard Technologies, Inc. |  | Software |  | SOFR(M) |  | 5.25% |  | 9.61% |  | 07/2029 |  | 3,999 |  |  | 3,807 |  |  | 3,971 |
Wrench Group LLC |  | Consumer Services |  | SOFR(Q) |  | 4.00% |  | 8.59% |  | 10/2028 |  | 9,300 |  |  | 9,273 |  |  | 8,963 |
Xplor T1, LLC |  | Software |  | SOFR(Q) |  | 3.50% |  | 7.83% |  | 06/2031 |  | 4,065 |  |  | 4,046 |  |  | 4,112 |
Zest Acquisition Corp. |  | Healthcare |  | SOFR(Q) |  | 5.25% |  | 9.84% |  | 02/2028 |  | 3,110 |  |  | 3,032 |  |  | 3,149 |
Zone Climate Services, Inc. |  | Business Services |  | SOFR(Q) |  | 5.50% |  | 10.27% |  | 03/2028 |  | 9,725 |  |  | 9,609 |  |  | 9,489 |
Zone Climate Services, Inc. |  | Business Services |  | SOFR(Q) |  | 5.50% |  | 10.27% |  | 03/2028 |  | 2,138 |  |  | 2,112 |  |  | 2,086 |
Total Funded Investments |  |  |  |  |  |  |  |  |  |  |  | $ | 479,828 |  |  | $ | 474,743 |  |  | $ | 469,318 |
Unfunded Investments - First lien |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
AmSpec Parent, LLC |  | Energy |  | — |  |  | — |  | — |  | 12/2026 |  | $ | 459 |  |  | $ | (1) |  |  | $ | 3 |
Chrysaor Bidco S.a r.l. |  | Information Services |  | — |  |  | — |  | — |  | 07/2026 |  | 116 |  |  | — |  |  | 1 |
Groundworks, LLC |  | Business Services |  | — |  |  | — |  | — |  | 03/2026 |  | 637 |  |  | (4) |  |  | 4 |
Total Unfunded Investments |  |  |  |  |  |  |  |  |  |  |  | $ | 1,212 |  |  | $ | (5) |  |  | $ | 8 |
Total Investments |  |  |  |  |  |  |  |  |  |  |  | $ | 481,040 |  |  | $ | 474,738 |  |  | $ | 469,326 |
(1)All interest is payable in cash unless otherwise indicated. All of the variable rate debt investments bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (SOFR). For each investment, the current interest rate provided reflects the rate in effect as of December 31, 2024. (2)Represents the fair value in accordance with ASC 820. The Company's board of directors does not determine the fair value of the investments held by SLP IV. Below is certain summarized consolidated financial information for SLP IV as of March 31, 2025 and December 31, 2024 and for the three months ended March 31, 2025 and March 31, 2024:
Selected Consolidated Balance Sheet Information: | March 31, 2025 |  | December 31, 2024
Investments at fair value (cost of $460,308 and $474,738, respectively) | $ | 451,133 |  |  | $ | 469,326 |
Cash and other assets | 32,585 |  |  | 15,401 |
Receivable from unsettled securities sold | 17,224 |  |  | 7,232 |
Total assets | $ | 500,942 |  |  | $ | 491,959 |
Credit facility | $ | 323,437 |  |  | $ | 334,437 |
Deferred financing costs (net of accumulated amortization of $2,898 and $2,616, respectively) | (2,807) |  |  | (3,088) |
Payable for unsettled securities purchased | 38,393 |  |  | 13,485 |
Distribution payable | 5,005 |  |  | 5,184 |
Other liabilities | 5,307 |  |  | 6,090 |
Total liabilities | 369,335 |  |  | 356,108 |
Members' capital | $ | 131,607 |  |  | $ | 135,851 |
Total liabilities and members' capital | $ | 500,942 |  |  | $ | 491,959 |
Selected Consolidated Statement of Operations Information: | Three Months Ended |  |
| March 31, 2025 |  | March 31, 2024 |  |  |  |
Interest income | $ | 10,077 |  |  | $ | 11,962 |  |  |  |  |
Other income | 30 |  |  | 21 |  |  |  |  |
Total investment income | 10,107 |  |  | 11,983 |  |  |  |  |
Interest and other financing expenses | 5,132 |  |  | 6,100 |  |  |  |  |
Other expenses | 222 |  |  | 224 |  |  |  |  |
Total expenses | 5,354 |  |  | 6,324 |  |  |  |  |
Net investment income | 4,753 |  |  | 5,659 |  |  |  |  |
Net realized losses on investments | (229) |  |  | (4,698) |  |  |  |  |
Net change in unrealized (depreciation) appreciation of investments | (3,763) |  |  | 6,928 |  |  |  |  |
Net increase in members' capital | $ | 761 |  |  | $ | 7,889 |  |  |  |  |
For the three months ended March 31, 2025 and March 31, 2024, the Company earned approximately $3,934 and $4,356, respectively, of dividend income related to SLP IV, which is included in dividend income. As of March 31, 2025 and December 31, 2024, approximately $3,934 and $4,075, respectively, of dividend income related to SLP IV was included in interest and dividend receivable. The Company has determined that SLP IV is an investment company under ASC 946; in accordance with such guidance the Company will generally not consolidate its investment in a company other than a wholly-owned investment company subsidiary. Furthermore, ASC 810 concludes that in a joint venture where both members have equal decision making authority, it is not appropriate for one member to consolidate the joint venture since neither has control. Accordingly, the Company does not consolidate SLP IV. Unconsolidated Significant Subsidiaries In accordance with Regulation S-X Rule 10-01(b)(1), the Company evaluates its unconsolidated controlled portfolio companies to determine if any qualify as “significant subsidiaries.” This determination is made based upon an analysis performed under Rules 3-09 and 4-08(g) of Regulation S-X, pursuant to which the Company must determine if any of its portfolio companies are considered a “significant subsidiary" as defined by Rule 1-02(w) of Regulation S-X. As of March 31, 2025, SLP III is considered a significant unconsolidated subsidiary under Regulation S-X Rule 10-01(b)(1). Based on the requirements under Regulation S-X Rule 10-01(b)(1), the summarized financial information of SLP III is shown above. Investment Risk Factors First and second lien debt that the Company invests in is almost entirely rated below investment grade or may be unrated. Debt investments rated below investment grade are often referred to as "leveraged loans", "high yield" or "junk" debt investments, and may be considered "high risk" compared to debt investments that are rated investment grade. These debt investments are considered speculative because of the credit risk of the issuers. Such issuers are considered more likely than investment grade issuers to default on their payments of interest and principal, and such risk of default could reduce the net asset value and income distributions of the Company. In addition, some of the Company's debt investments will not fully amortize during their lifetime, which could result in a loss or a substantial amount of unpaid principal and interest due upon maturity. First and second lien debt may also lose significant market value before a default occurs. Furthermore, an active trading market may not exist for these securities. This illiquidity may make it more difficult to value the investments. Subordinated debt is generally subject to similar risks as those associated with first and second lien debt, except that such debt is subordinated in payment and/or lower in lien priority. Subordinated debt is subject to the additional risk that the cash flow of the borrower and the property securing the debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior secured and unsecured obligations of the borrower. The Company may directly invest in the equity of private companies or, in some cases, equity investments could be made in connection with a debt investment. Equity investments may or may not fluctuate in value, resulting in recognized realized gains or losses upon disposition.

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