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Investments (Tables)

6 Months Ended

Jun. 30, 2025

At June 30, 2025, the Company's investments consisted of the following:

Investment Cost and Fair Value by Type


	Cost		Fair Value
First lien	$	1,993,735	$	1,967,323
Second lien	181,428		169,099
Subordinated	119,968		107,986
Structured Finance Obligations	3,232		3,249
Equity and other	799,027		753,039
Total investments	$	3,097,390	$	3,000,696

Investment Cost and Fair Value by Industry


	Cost		Fair Value
Software	$	816,749	$	809,705
Business Services	567,179		511,578
Healthcare	487,991		461,828
Investment Funds (includes investments in joint ventures)	275,632		275,649
Consumer Services	188,990		188,407
Education	205,107		174,483
Financial Services	127,999		133,282
Distribution & Logistics	121,246		118,823
Net Lease	81,370		114,240
Packaging	69,179		70,934
Energy	72,775		64,837
Business Products	30,454		30,654
Food & Beverage	21,286		21,284
Consumer Products	21,868		15,377
Specialty Chemicals & Materials	9,565		9,615
Total investments	$	3,097,390	$	3,000,696

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

Schedule of Summarized Financial Information for Nonconsolidated Entities

Below is a summary of SLP III's portfolio, along with a listing of the individual investments in SLP III's portfolio as of June 30, 2025 and December 31, 2024:


	June 30, 2025			December 31, 2024
First lien investments (1)	$	724,054		$	727,619
Weighted average interest rate on first lien investments (2)	8.27		%	8.49		%
Number of portfolio companies in SLP III	88			90
Largest portfolio company investment (1)	$	18,698		$	17,697
Total of five largest portfolio company investments (1)	$	83,330		$	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 June 30, 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
Aston FinCo S.a r.l.	Software	SOFR(M)	4.25%	8.69%	10/2026	$	5,685	$	5,673	$	5,486
ADMI Corp. (aka Aspen Dental)	Healthcare	SOFR(M)	3.75%	8.19%	12/2027	2,339		2,334		2,237
AmSpec Parent, LLC	Energy	SOFR(Q)	3.50%	7.80%	12/2031	5,754		5,726		5,782
Ardonagh Midco 3 Limited	Financial Services	SOFR(S)	2.75%	7.04%	02/2031	6,384		6,355		6,352
AssuredPartners, Inc	Business Services	SOFR(M)	3.50%	7.83%	02/2031	1,945		1,943		1,953
Asurion, LLC	Business Services	SOFR(M)	4.25%	8.68%	08/2028	13,067		12,986		12,947
Asurion, LLC	Business Services	SOFR(M)	4.25%	8.58%	09/2030	3,636		3,527		3,537
Asurion, LLC	Business Services	SOFR(M)	4.25%	8.58%	09/2030	1,995		1,965		1,948
athenahealth Group Inc.	Healthcare	SOFR(M)	2.75%	7.08%	02/2029	5,122		4,993		5,123
Bach Finance Limited	Education	SOFR(Q)	3.25%	7.58%	01/2032	2,118		2,113		2,133
Bayou Intermediate II, LLC	Healthcare	SOFR(Q)	4.50%	9.04%	08/2028	6,634		6,600		6,634
BCPE Empire Holdings, Inc.	Distribution & Logistics	SOFR(M)	3.25%	7.58%	12/2030	9,871		9,817		9,830
Bella Holding Company, LLC	Healthcare	SOFR(M)	3.00%	7.33%	05/2028	7,761		7,744		7,795
BIFM CA Buyer Inc.	Business Services	SOFR(M)	3.75%	8.08%	05/2028	5,365		5,331		5,395
Boxer Parent Company Inc.	Software	SOFR(Q)	3.00%	7.33%	07/2031	15,283		15,248		15,205
Bracket Intermediate Holding Corp.	Healthcare	SOFR(Q)	4.25%	8.55%	05/2028	14,040		13,776		14,103
BW Holding, Inc.	Packaging	SOFR(Q)	4.00%	8.48%	12/2028	2,728		2,594		1,961
Cardinal Parent, Inc.	Software	SOFR(Q)	4.50%	8.95%	11/2027	9,670		9,558		9,445
CE Intermediate I, LLC	Software	SOFR(Q)	3.00%	7.45%	03/2032	4,690		4,690		4,696
Chrysaor Bidco S.a r.l.	Information Services	SOFR(Q)	3.00%	7.24%	10/2031	2,121		2,121		2,137
Cleanova Midco Limited	Business Products	SOFR(Q)	4.75%	9.07%	05/2032	6,269		6,050		6,057
Cloudera, Inc.	Software	SOFR(M)	3.75%	8.18%	10/2028	12,431		12,288		11,983
Cohnreznick Advisory LLC	Financial Services	SOFR(Q)	4.00%	8.30%	03/2032	6,936		6,910		6,919
CommerceHub, Inc.	Software	SOFR(Q)	6.25%	10.51%	12/2027	3,900		3,623		3,900
CommerceHub, Inc.	Software	SOFR(Q)	4.00%	8.41%	12/2027	6,845		6,797		6,815
Confluent Health, LLC	Healthcare	SOFR(M)	4.00%	8.44%	11/2028	4,628		4,615		4,420
Confluent Medical Technologies, Inc.	Healthcare	SOFR(Q)	3.25%	7.55%	02/2029	6,774		6,754		6,788
ConnectWise, LLC	Software	SOFR(Q)	3.50%	8.06%	09/2028	7,918		7,901		7,968
Convey Health Solutions, Inc.	Healthcare	SOFR(S)	1.00% + 4.25%/PIK	9.57%	07/2029	9,001		8,876		8,203
Cornerstone OnDemand, Inc.	Software	SOFR(M)	3.75%	8.19%	10/2028	2,546		2,539		2,396
CVET Midco 2, L.P.	Software	SOFR(Q)	5.00%	9.30%	10/2029	9,756		9,426		8,807
Dealer Tire Financial, LLC	Distribution & Logistics	SOFR(M)	3.00%	7.33%	07/2031	11,493		11,442		11,450
DG Investment Intermediate Holdings 2, Inc.	Business Services	SOFR(M)	3.50%	7.94%	03/2028	10,308		10,282		10,340
Discovery Purchaser Corporation	Specialty Chemicals & Materials	SOFR(Q)	3.75%	8.02%	10/2029	9,425		9,027		9,423
Dispatch Acquisition Holdings, LLC	Industrial Services	SOFR(Q)	4.25%	8.70%	03/2028	15,210		14,978		14,974
EAB Global, Inc.	Education	SOFR(M)	3.00%	7.33%	08/2030	6,600		6,516		6,493
Eagle Parent Corp.	Business Services	SOFR(Q)	4.25%	8.55%	04/2029	10,596		10,421		10,525
Eisner Advisory Group LLC	Financial Services	SOFR(M)	4.00%	8.33%	02/2031	8,589		8,532		8,637
Flash Charm, Inc.	Software	SOFR(Q)	3.50%	7.78%	03/2028	16,425		16,415		15,448
FNZ Group Entities Limited	Financial Services	SOFR(Q)	5.00%	9.26%	11/2031	10,229		10,036		8,490
Foundational Education Group, Inc.	Education	SOFR(Q)	3.75%	8.29%	08/2028	14,136		14,044		12,923
Groundworks, LLC	Business Services	SOFR(M)	3.00%	7.32%	03/2031	257		252		258
Groundworks, LLC	Business Services	SOFR(M)	3.00%	7.32%	03/2031	8,743		8,697		8,752
Heartland Dental, LLC	Healthcare	SOFR(M)	4.50%	8.83%	04/2028	13,965		13,615		14,000
Help/Systems Holdings, Inc.	Software	SOFR(Q)	4.00%	8.38%	11/2026	17,604		17,560		16,817
Higginbotham Insurance Agency, Inc.	Business Services	SOFR(M)	4.50%	8.83%	11/2028	8,852		8,816		8,852
Houghton Mifflin Harcourt Company	Education	SOFR(Q)	5.25%	9.63%	04/2029	8,027		7,836		7,905
HP PHRG Borrower, LLC	Consumer Services	SOFR(Q)	4.00%	8.33%	02/2032	7,147		7,081		7,129


Portfolio Company and Type of Investment	Industry	Reference	Spread	Interest Rate (1)	Maturity Date	Principal Amount or Par Value		Cost		Fair Value (2)

Inizio Group Limited	Healthcare	SOFR(Q)	4.25%	8.65%	08/2028	$	9,747	$	9,682	$	9,308
Kaseya Inc.	Software	SOFR(M)	3.25%	7.58%	03/2032	5,127		5,103		5,154
Kestra Advisor Services Holdings A, Inc.	Financial Services	SOFR(M)	3.00%	7.33%	03/2031	3,768		3,760		3,770
LI Group Holdings, Inc.	Software	SOFR(M)	3.50%	7.94%	03/2028	3,679		3,675		3,692
LSCS Holdings, Inc.	Healthcare	SOFR(Q)	4.50%	8.80%	03/2032	13,938		13,842		13,702
Marcel Bidco LLC (Marcel Bidco GmbH)	Software	SOFR(D)	3.50%	7.76%	11/2030	2,816		2,781		2,835
Maverick Bidco Inc.	Software	SOFR(Q)	5.00%	9.38%	05/2028	1,955		1,899		1,964
Maverick Bidco Inc.	Software	SOFR(Q)	3.75%	8.18%	05/2028	8,809		8,786		8,850
Maverick Bidco Inc.	Software	SOFR(Q)	4.25%	8.79%	05/2028	2,450		2,374		2,461
Mavis Tire Express Services Topco, Corp.	Retail	SOFR(Q)	3.00%	7.33%	05/2028	6,574		6,533		6,580
MED ParentCo, LP	Healthcare	SOFR(M)	3.25%	7.58%	04/2031	9,905		9,862		9,953
MH SUB I, LLC	Business Services	SOFR(M)	4.25%	8.58%	12/2031	9,810		9,715		8,592
MH SUB I, LLC	Business Services	SOFR(M)	4.25%	8.58%	05/2028	4,203		4,141		3,954
Michael Baker International, LLC	Business Services	SOFR(Q)	4.00%	8.28%	12/2028	5,561		5,561		5,589
Nielsen Consumer Inc.	Business Services	SOFR(M)	3.50%	7.83%	03/2028	15,257		14,180		15,290
Oceankey (U.S.) II Corp.	Media	SOFR(M)	3.50%	7.93%	12/2028	5,612		5,595		5,630
Osaic Holdings, Inc.	Financial Services	SOFR(M)	3.50%	7.83%	08/2028	11,510		11,409		11,550
Osttra Group Ltd.	Financial Services	SOFR(M)	3.50%	7.79%	05/2032	4,392		4,370		4,410
Outcomes Group Holdings, Inc.	Healthcare	SOFR(M)	3.75%	8.08%	05/2031	4,108		4,093		4,138
Peraton Corp.	Federal Services	SOFR(M)	3.75%	8.18%	02/2028	4,081		4,072		3,615
Perforce Software, Inc.	Software	SOFR(M)	4.75%	9.08%	03/2031	5,903		5,881		5,667
Physician Partners, LLC	Healthcare	SOFR(Q)	6.00%	10.30%	12/2029	2,373		2,308		2,101
Physician Partners, LLC	Healthcare	SOFR(Q)	1.50% + 2.50%/PIK	8.45%	12/2029	2,770		2,753		1,412
Plano Holdco, Inc.	Information Technology	SOFR(Q)	3.50%	7.80%	10/2031	4,613		4,592		4,394
Planview Parent, Inc.	Software	SOFR(Q)	3.50%	7.80%	12/2027	13,572		13,440		13,237
Project Alpha Intermediate Holding, Inc.	Software	SOFR(Q)	3.25%	7.55%	10/2030	13,574		13,352		13,653
Pushpay USA Inc.	Software	SOFR(Q)	4.00%	8.30%	08/2031	7,395		7,367		7,395
Quartz Holding Company	Software	SOFR(M)	3.25%	7.58%	10/2028	3,666		3,652		3,656
RealPage, Inc.	Software	SOFR(Q)	3.75%	8.05%	04/2028	4,987		4,966		5,002
RLG Holdings, LLC	Packaging	SOFR(M)	4.25%	8.69%	07/2028	5,639		5,625		4,750
RxB Holdings, Inc.	Healthcare	SOFR(M)	4.50%	8.94%	12/2027	6,241		6,182		6,241
RxB Holdings, Inc.	Healthcare	SOFR(M)	5.25%	9.58%	12/2027	2,628		2,588		2,628
Secretariat Advisors LLC	Business Services	SOFR(Q)	4.00%	8.30%	02/2032	8,484		8,443		8,505
Spring Education Group, Inc.	Education	SOFR(Q)	4.00%	8.30%	10/2030	13,230		13,107		13,301
Storable, Inc.	Software	SOFR(M)	3.25%	7.58%	04/2031	2,843		2,839		2,844
Summit Acquisition Inc.	Financial Services	SOFR(M)	3.75%	8.08%	10/2031	5,985		5,957		6,007
Symplr Software, Inc.	Healthcare	SOFR(Q)	4.50%	8.88%	12/2027	15,320		15,262		14,007
Syndigo LLC	Software	SOFR(Q)	4.50%	9.09%	12/2027	14,598		14,554		14,598
Therapy Brands Holdings LLC	Healthcare	SOFR(M)	4.00%	8.44%	05/2028	3,995		3,985		3,116
Thermostat Purchaser III, Inc.	Business Services	SOFR(Q)	4.25%	8.55%	08/2028	8,463		8,445		8,463
TRC Companies LLC	Business Services	SOFR(M)	3.00%	7.33%	12/2028	9,424		9,395		9,416
UKG Inc.	Software	SOFR(M)	3.00%	7.31%	02/2031	5,783		5,779		5,811
Valcour Packaging, LLC	Packaging	SOFR(M)	5.25%	9.56%	10/2028	2,256		2,237		2,274
Valcour Packaging, LLC	Packaging	SOFR(M)	1.50% + 2.25%/PIK	8.18%	10/2028	3,141		3,141		2,734
Viant Medical Holdings, Inc.	Healthcare	SOFR(M)	4.00%	8.33%	10/2031	7,064		7,031		7,017
VSTG Intermediate Holdings, Inc.	Business Services	SOFR(Q)	3.75%	8.05%	07/2029	5,275		5,258		5,282
WatchGuard Technologies, Inc.	Software	SOFR(M)	5.25%	9.58%	07/2029	1,894		1,831		1,882
Wrench Group LLC	Consumer Services	SOFR(Q)	4.00%	8.56%	10/2028	14,037		14,018		14,009
Xplor T1, LLC	Software	SOFR(Q)	3.50%	7.80%	06/2031	5,559		5,534		5,580
Zest Acquisition Corp.	Healthcare	SOFR(Q)	5.25%	9.53%	02/2028	4,011		3,912		4,011
						$	718,843	$	711,290	$	701,401


Portfolio Company and Type of Investment	Industry	Reference	Spread	Interest Rate (1)	Maturity Date	Principal Amount or Par Value		Cost		Fair Value (2)

Unfunded Investments - First lien
AmSpec Parent, LLC	Energy	—	—	—	12/2026	$	885	$	(2)	$	4
Chrysaor Bidco S.a r.l.	Information Services	—	—	—	07/2026	158		—		1
Cohnreznick Advisory LLC	Financial Services	—	—	—	03/2027	1,606		(6)		(4)
DG Investment Intermediate Holdings 2, Inc.	Business Services	—	—	—	03/2026	172		—		1
Groundworks, LLC	Business Services	—	—	—	03/2026	1,365		—		1
Secretariat Advisors LLC	Business Services	—	—	—	02/2027	1,025		—		3
Total Unfunded Investments						$	5,211	$	(8)	$	6
Total Investments						$	724,054	$	711,282	$	701,407

(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 June 30, 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

Below is certain summarized financial information for SLP III as of June 30, 2025 and December 31, 2024 and for the three and six months ended June 30, 2025 and June 30, 2024:


Selected Balance Sheet Information:	June 30, 2025		December 31, 2024
Investments at fair value (cost of $711,282 and $716,654)	$	701,407	$	715,096
Cash and other assets	22,814		20,988
Receivable from unsettled securities sold	—		9,652
Total assets	$	724,221	$	745,736

Credit facility	$	511,200	$	511,200
Deferred financing costs (net of accumulated amortization of $7,144 and $6,515, respectively)	(3,070)		(3,692)
Payable for unsettled securities purchased	14,951		27,428
Distribution payable	7,000		7,625
Other liabilities	7,124		7,493
Total liabilities	537,205		550,054

Members' capital	$	187,016	$	195,682
Total liabilities and members' capital	$	724,221	$	745,736


Selected Statement of Operations Information:	Three Months Ended				Six Months Ended
	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
Interest income	$	14,936	$	16,596	$	30,067	$	33,385
Other income	113		58		189		85
Total investment income	15,049		16,654		30,256		33,470

Interest and other financing expenses	8,037		8,921		16,217		17,711
Other expenses	297		267		603		508
Total expenses	8,334		9,188		16,820		18,219


Net investment income	6,715		7,466		13,436		15,251

Net realized gains (losses) on investments	144		(238)		465		(5,907)
Net change in unrealized (depreciation) appreciation of investments	(170)		(4,225)		(8,317)		6,498
Net increase in members' capital	$	6,689	$	3,003	$	5,584	$	15,842

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 June 30, 2025 and December 31, 2024:


	June 30, 2025			December 31, 2024
First lien investments (1)	$	470,886		$	481,040
Weighted average interest rate on first lien investments (2)	8.35		%	8.54		%
Number of portfolio companies in SLP IV	78			79
Largest portfolio company investment (1)	$	18,091		$	17,933
Total of five largest portfolio company investments (1)	$	67,690		$	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 June 30, 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	$	18,091	$	18,087	$	14,988
ADMI Corp. (aka Aspen Dental)	Healthcare	SOFR(M)	3.75%	8.19%	12/2027	1,805		1,801		1,726
AmSpec Parent, LLC	Energy	SOFR(Q)	3.50%	7.80%	12/2031	2,986		2,972		3,001
Asurion, LLC	Business Services	SOFR(M)	4.25%	8.68%	08/2028	9,643		9,582		9,554
Asurion, LLC	Business Services	SOFR(M)	4.25%	8.58%	09/2030	1,818		1,764		1,769
Asurion, LLC	Business Services	SOFR(M)	4.25%	8.58%	09/2030	997		983		974
athenahealth Group Inc.	Healthcare	SOFR(M)	2.75%	7.08%	02/2029	1,777		1,771		1,777
Bach Finance Limited	Education	SOFR(Q)	3.25%	7.58%	01/2032	1,603		1,599		1,614
Bayou Intermediate II, LLC	Healthcare	SOFR(Q)	4.50%	9.04%	08/2028	8,815		8,786		8,815
BCPE Empire Holdings, Inc.	Distribution & Logistics	SOFR(M)	3.25%	7.58%	12/2030	5,272		5,238		5,250
Bella Holding Company, LLC	Healthcare	SOFR(M)	3.00%	7.33%	05/2028	741		740		744
BIFM CA Buyer Inc.	Business Services	SOFR(M)	3.75%	8.08%	05/2028	3,885		3,859		3,907
Boxer Parent Company Inc.	Software	SOFR(Q)	3.00%	7.33%	07/2031	10,414		10,390		10,361
Bracket Intermediate Holding Corp.	Healthcare	SOFR(Q)	4.25%	8.55%	05/2028	4,328		4,246		4,347
BW Holding, Inc.	Packaging	SOFR(Q)	4.00%	8.48%	12/2028	2,013		1,915		1,447
Chrysaor Bidco S.a r.l.	Information Services	SOFR(Q)	3.00%	7.24%	10/2031	1,565		1,565		1,577
Cleanova Midco Limited	Business Products	SOFR(Q)	4.75%	9.07%	05/2032	4,135		3,991		3,996
Cloudera, Inc.	Software	SOFR(M)	3.75%	8.18%	10/2028	9,274		9,166		8,940
Cohnreznick Advisory LLC	Financial Services	SOFR(Q)	4.00%	8.30%	03/2032	3,676		3,658		3,667
CommerceHub, Inc.	Software	SOFR(Q)	6.25%	10.51%	12/2027	536		536		536
CommerceHub, Inc.	Software	SOFR(Q)	4.00%	8.41%	12/2027	4,046		3,926		4,028
Confluence Technologies, Inc.	Software	SOFR(Q)	3.75%	8.20%	07/2028	9,650		9,626		8,379
Confluence Technologies, Inc.	Software	SOFR(Q)	5.00%	9.31%	07/2028	943		943		944
Confluent Health, LLC	Healthcare	SOFR(M)	4.00%	8.44%	11/2028	3,098		3,089		2,959
Confluent Medical Technologies, Inc.	Healthcare	SOFR(Q)	3.25%	7.55%	02/2029	6,774		6,754		6,788
Convey Health Solutions, Inc.	Healthcare	SOFR(S)	1.00% + 4.25%/PIK	9.57%	07/2029	3,462		3,414		3,155
Cornerstone OnDemand, Inc.	Software	SOFR(M)	3.75%	8.19%	10/2028	1,819		1,814		1,711
CVET Midco 2, L.P.	Software	SOFR(Q)	5.00%	9.30%	10/2029	6,556		6,422		5,918
Dealer Tire Financial, LLC	Distribution & Logistics	SOFR(M)	3.00%	7.33%	07/2031	10,428		10,382		10,389
Discovery Purchaser Corporation	Specialty Chemicals & Materials	SOFR(Q)	3.75%	8.02%	10/2029	5,773		5,476		5,772
Dispatch Acquisition Holdings, LLC	Industrial Services	SOFR(Q)	4.25%	8.70%	03/2028	9,624		9,564		9,475
EAB Global, Inc.	Education	SOFR(M)	3.00%	7.33%	08/2030	3,177		3,134		3,125
Eagle Parent Corp.	Business Services	SOFR(Q)	4.25%	8.55%	04/2029	8,115		8,012		8,061
Eisner Advisory Group LLC	Financial Services	SOFR(M)	4.00%	8.33%	02/2031	5,001		4,958		5,029
Flash Charm, Inc.	Software	SOFR(Q)	3.50%	7.78%	03/2028	10,006		9,968		9,411
FNZ Group Entities Limited	Financial Services	SOFR(Q)	5.00%	9.26%	11/2031	7,252		7,116		6,019
Foundational Education Group, Inc.	Education	SOFR(Q)	3.75%	8.29%	08/2028	10,987		10,895		10,044
Groundworks, LLC	Business Services	SOFR(M)	3.00%	7.32%	03/2031	120		120		120
Groundworks, LLC	Business Services	SOFR(M)	3.00%	7.32%	03/2031	4,082		4,047		4,086
Heartland Dental, LLC	Healthcare	SOFR(M)	4.50%	8.83%	04/2028	9,960		9,774		9,985
Help/Systems Holdings, Inc.	Software	SOFR(Q)	4.00%	8.38%	11/2026	9,556		9,546		9,129
Houghton Mifflin Harcourt Company	Education	SOFR(Q)	5.25%	9.63%	04/2029	6,215		6,068		6,119
HP PHRG Borrower, LLC	Consumer Services	SOFR(Q)	4.00%	8.33%	02/2032	5,103		5,057		5,090
Inizio Group Limited	Healthcare	SOFR(Q)	4.25%	8.65%	08/2028	7,702		7,654		7,356
Kaseya Inc.	Software	SOFR(M)	3.25%	7.58%	03/2032	3,548		3,531		3,567
Kestra Advisor Services Holdings A, Inc.	Financial Services	SOFR(M)	3.00%	7.33%	03/2031	1,289		1,286		1,290
LSCS Holdings, Inc.	Healthcare	SOFR(Q)	4.50%	8.80%	03/2032	10,248		10,192		10,075


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(D)	3.50%	7.76%	11/2030	$	2,024	$	1,999	$	2,038
Maverick Bidco Inc.	Software	SOFR(Q)	5.00%	9.38%	05/2028	1,955		1,899		1,964
Maverick Bidco Inc.	Software	SOFR(Q)	3.75%	8.18%	05/2028	7,721		7,702		7,757
Mavis Tire Express Services Topco, Corp.	Retail	SOFR(Q)	3.00%	7.33%	05/2028	8,160		8,138		8,168
MED ParentCo, LP	Healthcare	SOFR(M)	3.25%	7.58%	04/2031	7,309		7,277		7,345
MH SUB I, LLC	Business Services	SOFR(M)	4.25%	8.58%	12/2031	5,429		5,377		4,755
MH SUB I, LLC	Business Services	SOFR(M)	4.25%	8.58%	05/2028	3,611		3,556		3,398
Michael Baker International, LLC	Business Services	SOFR(Q)	4.00%	8.28%	12/2028	3,849		3,849		3,868
Nielsen Consumer Inc.	Business Services	SOFR(M)	3.50%	7.83%	03/2028	13,965		13,255		13,996
Oceankey (U.S.) II Corp.	Media	SOFR(M)	3.50%	7.93%	12/2028	3,845		3,833		3,857
Osaic Holdings, Inc.	Financial Services	SOFR(M)	3.50%	7.83%	08/2028	11,374		11,298		11,414
Osttra Group Ltd.	Financial Services	SOFR(M)	3.50%	7.79%	05/2032	2,897		2,883		2,909
Outcomes Group Holdings, Inc.	Healthcare	SOFR(M)	3.75%	8.08%	05/2031	2,843		2,833		2,864
Perforce Software, Inc.	Software	SOFR(M)	4.75%	9.08%	03/2031	4,356		4,339		4,182
Physician Partners, LLC	Healthcare	SOFR(Q)	6.00%	10.30%	12/2029	1,793		1,745		1,588
Physician Partners, LLC	Healthcare	SOFR(Q)	1.50% + 2.50%/PIK	8.45%	12/2029	2,093		2,081		1,067
Planview Parent, Inc.	Software	SOFR(Q)	3.50%	7.80%	12/2027	4,980		4,961		4,857
Project Alpha Intermediate Holding, Inc.	Software	SOFR(Q)	3.25%	7.55%	10/2030	9,757		9,597		9,814
Pushpay USA Inc.	Software	SOFR(Q)	4.00%	8.30%	08/2031	5,169		5,169		5,169
Quartz Holding Company	Software	SOFR(M)	3.25%	7.58%	10/2028	2,699		2,689		2,691
RealPage, Inc.	Software	SOFR(Q)	3.75%	8.05%	04/2028	1,995		1,986		2,001
RxB Holdings, Inc.	Healthcare	SOFR(M)	4.50%	8.94%	12/2027	7,249		7,233		7,249
Secretariat Advisors LLC	Business Services	SOFR(Q)	4.00%	8.30%	02/2032	5,871		5,843		5,886
Spring Education Group, Inc.	Education	SOFR(Q)	4.00%	8.30%	10/2030	10,206		10,110		10,261
STATS Intermediate Holdings, LLC	Business Services	SOFR(Q)	5.25%	9.83%	07/2026	3,963		3,900		3,884
STATS Intermediate Holdings, LLC	Business Services	SOFR(Q)	7.25%	11.83%	07/2026	2,237		2,207		2,237
Storable, Inc.	Software	SOFR(M)	3.25%	7.58%	04/2031	2,944		2,941		2,946
Symplr Software, Inc.	Healthcare	SOFR(Q)	4.50%	8.88%	12/2027	3,669		3,664		3,354
Syndigo LLC	Software	SOFR(Q)	4.50%	9.09%	12/2027	9,747		9,739		9,747
Therapy Brands Holdings LLC	Healthcare	SOFR(M)	4.00%	8.44%	05/2028	5,877		5,862		4,584
Thermostat Purchaser III, Inc.	Business Services	SOFR(Q)	4.25%	8.55%	08/2028	5,619		5,607		5,619
TRC Companies LLC	Business Services	SOFR(M)	3.00%	7.33%	12/2028	5,359		5,342		5,354
Valcour Packaging, LLC	Packaging	SOFR(M)	5.25%	9.56%	10/2028	1,641		1,627		1,654
Valcour Packaging, LLC	Packaging	SOFR(M)	1.50%+2.25%/PIK	8.18%	10/2028	2,284		2,284		1,988
Viant Medical Holdings, Inc.	Healthcare	SOFR(M)	4.00%	8.33%	10/2031	2,488		2,476		2,471
VSTG Intermediate Holdings, Inc.	Business Services	SOFR(Q)	3.75%	8.05%	07/2029	3,938		3,923		3,943
WatchGuard Technologies, Inc.	Software	SOFR(M)	5.25%	9.58%	07/2029	1,095		1,047		1,088
Wrench Group LLC	Consumer Services	SOFR(Q)	4.00%	8.56%	10/2028	9,254		9,229		9,235
Xplor T1, LLC	Software	SOFR(Q)	3.50%	7.80%	06/2031	4,045		4,027		4,060
Zest Acquisition Corp.	Healthcare	SOFR(Q)	5.25%	9.53%	02/2028	3,094		3,022		3,094
Zone Climate Services, Inc.	Business Services	SOFR(Q)	5.50%	9.92%	03/2028	9,675		9,575		9,629
Zone Climate Services, Inc.	Business Services	SOFR(Q)	5.50%	9.92%	03/2028	2,127		2,105		2,117
Total Funded Investments						$	468,114	$	463,646	$	453,116
Unfunded Investments - First lien
AmSpec Parent, LLC	Energy	—	—	—	12/2026	$	459	$	(1)	$	2
Chrysaor Bidco S.a r.l.	Information Services	—	—	—	07/2026	116		—		1
Cohnreznick Advisory LLC	Financial Services	—	—	—	03/2027	851		(4)		(2)
Groundworks, LLC	Business Services	—	—	—	03/2026	637		(3)		1
Secretariat Advisors LLC	Business Services	—	—	—	02/2027	709		—		2
Total Unfunded Investments						$	2,772	$	(8)	$	4
Total Investments						$	470,886	$	463,638	$	453,120

(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

(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 June 30, 2025 and December 31, 2024 and for the three and six months ended June 30, 2025 and June 30, 2024:


Selected Consolidated Balance Sheet Information:	June 30, 2025		December 31, 2024
Investments at fair value (cost of $463,638 and $474,738, respectively)	$	453,120	$	469,326
Cash and other assets	14,634		15,401
Receivable from unsettled securities sold	—		7,232
Total assets	$	467,754	$	491,959

Credit facility	$	319,437	$	334,437
Deferred financing costs (net of accumulated amortization of $3,182 and $2,616, respectively)	(2,523)		(3,088)
Payable for unsettled securities purchased	10,595		13,485
Distribution payable	4,826		5,184
Other liabilities	5,171		6,090
Total liabilities	337,506		356,108

Members' capital	$	130,248	$	135,851
Total liabilities and members' capital	$	467,754	$	491,959


Selected Consolidated Statement of Operations Information:	Three Months Ended				Six Months Ended
	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
Interest income	$	9,906	$	12,157	$	19,983	$	24,119
Other income	61		46		91		67
Total investment income	9,967		12,203		20,074		24,186

Interest and other financing expenses	5,053		6,642		10,185		12,742
Other expenses	193		225		415		449
Total expenses	5,246		6,867		10,600		13,191


Net investment income	4,721		5,336		9,474		10,995

Net realized gains (losses) on investments	89		(176)		(140)		(4,874)
Net change in unrealized (depreciation) appreciation of investments	(1,343)		(3,384)		(5,106)		3,544
Net increase in members' capital	$	3,467	$	1,776	$	4,228	$	9,665