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Investments

9 Months Ended

Sep. 30, 2025

Schedule of Investments [Abstract]

Investments

Investments

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

Investment Cost and Fair Value by Type

			Cost						Fair Value
First lien			$	2,024,938					$	1,989,262
Second lien			108,135						98,128
Subordinated			123,295						111,031
Structured Finance Obligations			3,232						3,257
Equity and other			802,721						741,941
Total investments			$	3,062,321					$	2,943,619

Investment Cost and Fair Value by Industry

			Cost						Fair Value
Software			$	825,524					$	820,891
Business Services			577,446						519,649
Healthcare			468,510						435,603
Investment Funds (includes investments in joint ventures)			275,632						275,657
Consumer Services			189,305						188,112
Education			194,517						152,532
Distribution & Logistics			120,965						116,944
Net Lease			81,370						114,944
Financial Services			101,465						106,699
Packaging			69,994						71,527
Energy			74,272						65,334
Business Products			30,668						31,139
Food & Beverage			21,240						21,230
Consumer Products			21,816						13,715
Specialty Chemicals & Materials			9,597						9,643
Total investments			$	3,062,321					$	2,943,619

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

As of September 30, 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 September 30, 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 $1,400 and $4,038, respectively, for the three and nine months then ended.

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 September 30, 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 $541 and $1,554, respectively, for the three and nine 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 September 30, 2025, the Company's junior preferred shares in Transcendia had an aggregate cost basis of $2,565, an aggregate fair value of $2,703 and total unearned income of $119 and $336, respectively, for the three and nine months then ended.

During the third quarter of 2025, the Company placed its first lien term loans in Notorious Topco, LLC ("BIG") on non-accrual status. As of September 30, 2025, the Company's positions in BIG had an aggregate cost basis of $21,816, and aggregate fair value of $13,715 and total unearned income of $879 and $879, respectively, for the three and nine 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 September 30, 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 initially had a five year investment period and will continue in existence until August 7, 2030. On August 6, 2025, the investment period was extended until August 7, 2028. The investment period may be extended for up to one additional year subject to certain conditions.

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 September 30, 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 September 30, 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 August 6, 2025, the maturity date of SLP III's revolving credit facility was extended from January 8, 2029 to August 7, 2030, and the reinvestment period was extended from July 8, 2027 to August 7, 2028.

As of the amendment on August 6, 2025, SLP III's revolving credit facility has a maximum borrowing capacity of $941,000 of which $830,000 of the facility amount is attributed to Class A lenders and $111,000 is attributed to Class B lenders. Prior to the amendment on August 6, 2025, SLP III's revolving credit facility had a maximum borrowing capacity of $600,000, with the full amount attributable to one class of lenders. As of the amendment on August 6, 2025, during the reinvestment period, Class A advances bear interest at a rate of the Secured Overnight Financing Rate ("SOFR") plus 1.50%, and after the reinvestment period Class A advances will bear interest at a rate of SOFR plus 1.80% and Class B advances bear interest at a rate of the SOFR plus 4.75%, and after the reinvestment period Class B advances will bear interest at a rate of SOFR plus 5.05%. From July 3, 2024 to August 6, 2025, during the reinvestment period, the credit facility bore interest at a rate of the SOFR plus 1.65%, and after the reinvestment period it bore 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 September 30, 2025 and December 31, 2024, SLP III had total investments with an aggregate fair value of approximately $757,977 and $715,096, respectively, and debt outstanding under its credit facility of $524,700 and $511,200,

respectively. As of September 30, 2025 and December 31, 2024, none of SLP III's investments were on non-accrual status. Additionally, as of September 30, 2025 and December 31, 2024, SLP III had unfunded commitments in the form of delayed draws of $4,681 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 September 30, 2025 and December 31, 2024:

						September 30, 2025						December 31, 2024
First lien investments (1)						$	779,976					$	727,619
Weighted average interest rate on first lien investments (2)						7.99		%				8.49		%
Number of portfolio companies in SLP III						89						90
Largest portfolio company investment (1)						$	18,651					$	17,697
Total of five largest portfolio company investments (1)						$	85,663					$	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 September 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
Accelya Lux Finco S.a.r.l.						Business Services						SOFR(Q)						5.25%						9.21%						10/2032						$	10,651					$	10,438					$	10,438
ADMI Corp. (aka Aspen Dental)						Healthcare						SOFR(M)						3.75%						8.03%						12/2027						2,333						2,329						2,216
AmSpec Parent, LLC						Energy						SOFR(Q)						3.50%						7.50%						12/2031						507						507						511
AmSpec Parent, LLC						Energy						SOFR(Q)						3.50%						7.50%						12/2031						8,246						8,230						8,302
Ardonagh Midco 3 Limited						Financial Services						SOFR(S)						2.75%						6.94%						02/2031						1,995						1,986						1,989
Asurion, LLC						Business Services						SOFR(M)						4.25%						8.51%						08/2028						13,034						12,958						13,090
Asurion, LLC						Business Services						SOFR(M)						4.25%						8.41%						09/2030						3,627						3,522						3,609
Asurion, LLC						Business Services						SOFR(M)						4.25%						8.41%						09/2030						1,990						1,961						1,986
athenahealth Group Inc.						Healthcare						SOFR(M)						2.75%						6.91%						02/2029						5,109						4,988						5,105
Bach Finance Limited						Education						SOFR(Q)						2.75%						6.95%						01/2032						2,113						2,108						2,120
BCPE Empire Holdings, Inc.						Distribution & Logistics						SOFR(M)						3.25%						7.41%						12/2030						9,847						9,795						9,840
Bella Holding Company, LLC						Healthcare						SOFR(M)						3.00%						7.16%						05/2028						7,741						7,725						7,762
BIFM CA Buyer Inc.						Business Services						SOFR(M)						3.75%						7.91%						05/2028						9,072						9,052						9,112
Boxer Parent Company Inc.						Software						SOFR(Q)						3.00%						7.20%						07/2031						7,435						7,419						7,431
Bracket Intermediate Holding Corp.						Healthcare						SOFR(M)						4.25%						8.41%						05/2028						14,004						13,762						14,103
BW Holding, Inc.						Packaging						SOFR(Q)						6.50%						10.73%						12/2030						603						597						623
Cardinal Parent, Inc.						Software						SOFR(Q)						4.50%						8.65%						11/2027						10,658						10,553						10,605
CE Intermediate I, LLC						Software						SOFR(Q)						3.00%						7.38%						03/2032						4,678						4,678						4,691
Chrysaor Bidco S.a r.l.						Information Services						SOFR(Q)						3.00%						7.33%						10/2031						2,115						2,115						2,127
Cleanova US Holdings LLC						Business Products						SOFR(Q)						4.75%						8.81%						06/2032						6,269						6,056						6,269
Cloudera, Inc.						Software						SOFR(M)						3.75%						8.01%						10/2028						14,099						13,928						13,908
Clydesdale Acquisition Holdings, Inc.						Packaging						SOFR(M)						3.25%						7.41%						04/2032						9,227						9,223						9,223
Cohnreznick Advisory LLC						Financial Services						SOFR(Q)						3.50%						7.50%						03/2032						6,919						6,893						6,940
Confluent Health, LLC						Healthcare						SOFR(M)						4.00%						8.28%						11/2028						4,616						4,603						4,350
Confluent Medical Technologies, Inc.						Healthcare						SOFR(Q)						3.00%						7.00%						02/2029						6,757						6,738						6,799
ConnectWise, LLC						Software						SOFR(Q)						3.50%						7.76%						09/2028						7,897						7,882						7,922
Convey Health Solutions, Inc.						Healthcare						SOFR(Q)						1.00% +3.94%/PIK						9.04%						07/2029						9,064						8,946						7,604
Cornerstone OnDemand, Inc.						Software						SOFR(M)						3.75%						8.03%						10/2028						2,540						2,533						2,453
CVET Midco 2, L.P.						Software						SOFR(Q)						5.00%						9.00%						10/2029						9,731						9,418						8,715
Dealer Tire Financial, LLC						Distribution & Logistics						SOFR(M)						3.00%						7.16%						07/2031						11,464						11,415						11,435
DG Investment Intermediate Holdings 2, Inc.						Business Services						SOFR(M)						3.75%						7.91%						07/2032						10,308						10,258						10,356
Disco Parent, Inc.						Software						SOFR(Q)						3.25%						7.48%						08/2032						7,250						7,232						7,286
Discovery Purchaser Corporation						Specialty Chemicals & Materials						SOFR(Q)						3.75%						8.08%						10/2029						13,891						13,509						13,844
Dispatch Acquisition Holdings, LLC						Industrial Services						SOFR(Q)						4.25%						8.40%						03/2028						15,171						14,958						14,861
Dispatch Acquisition Holdings, LLC						Industrial Services						SOFR(Q)						4.63%						8.60%						03/2028						997						977						977
EAB Global, Inc.						Education						SOFR(M)						3.00%						7.16%						08/2030						6,583						6,503						6,431
Eagle Parent Corp.						Business Services						SOFR(Q)						4.25%						8.25%						04/2029						10,569						10,404						10,575
Eisner Advisory Group LLC						Financial Services						SOFR(M)						4.00%						8.16%						02/2031						8,567						8,513						8,629
Finastra USA, Inc.						Software						SOFR(Q)						4.00%						8.04%						09/2032						12,373						12,256						12,335
Flash Charm, Inc.						Software						SOFR(Q)						3.50%						7.80%						03/2028						16,383						16,374						14,417
FNZ Group Entities Limited						Financial Services						SOFR(Q)						5.00%						9.32%						11/2031						10,203						10,017						8,260
Foundational Education Group, Inc.						Education						SOFR(M)						4.25%						8.53%						08/2028						14,100						14,014						12,584
Groundworks, LLC						Business Services						SOFR(M)						3.00%						7.16%						03/2031						182						179						183
Groundworks, LLC						Business Services						SOFR(M)						3.00%						7.16%						03/2031						6,197						6,166						6,207
Heartland Dental, LLC						Healthcare						SOFR(M)						3.75%						7.91%						08/2032						13,931						13,896						13,924
Help/Systems Holdings, Inc.						Software						SOFR(Q)						3.75%						8.16%						11/2026						17,558						17,521						16,646
Higginbotham Insurance Agency, Inc.						Business Services						SOFR(M)						4.50%						8.67%						11/2028						8,829						8,796						8,829
Houghton Mifflin Harcourt Company						Education						SOFR(M)						5.25%						9.51%						04/2029						8,007						7,827						7,196

Portfolio Company and Type of Investment						Industry						Reference						Spread						Interest Rate (1)						Maturity Date						Principal Amount or Par Value						Cost						Fair Value (2)
HP PHRG Borrower, LLC						Consumer Services						SOFR(Q)						4.00%						8.00%						02/2032						$	16,683					$	16,572					$	16,669
Inizio Group Limited						Healthcare						SOFR(Q)						4.25%						8.35%						08/2028						12,747						12,662						12,699
Kaseya Inc.						Software						SOFR(M)						3.25%						7.41%						03/2032						9,045						9,026						9,068
Kestra Advisor Services Holdings A, Inc.						Financial Services						SOFR(M)						3.00%						7.16%						03/2031						3,759						3,752						3,765
KnowBe4, Inc.						Software						SOFR(Q)						3.75%						8.07%						07/2032						13,128						13,125						13,161
LI Group Holdings, Inc.						Software						SOFR(M)						3.50%						7.78%						03/2028						3,045						3,042						3,057
LSCS Holdings, Inc.						Healthcare						SOFR(Q)						4.50%						8.50%						03/2032						14,900						14,808						14,702
Marcel Bidco LLC (Marcel Bidco GmbH)						Software						SOFR(M)						3.00%						7.37%						11/2030						2,816						2,782						2,823
Maverick Bidco Inc.						Software						SOFR(Q)						5.00%						9.41%						05/2028						1,950						1,899						1,957
Maverick Bidco Inc.						Software						SOFR(Q)						3.75%						8.21%						05/2028						8,786						8,765						8,819
Maverick Bidco Inc.						Software						SOFR(Q)						4.25%						8.82%						05/2028						2,444						2,373						2,454
Mavis Tire Express Services Topco, Corp.						Retail						SOFR(Q)						3.00%						7.20%						05/2028						6,557						6,519						6,564
MED ParentCo, LP						Healthcare						SOFR(M)						3.25%						7.41%						04/2031						9,880						9,839						9,911
MH Sub I, LLC (Micro Holding Corp.)						Business Services						SOFR(Q)						4.25%						8.25%						05/2028						2,411						2,392						2,315
MH Sub I, LLC (Micro Holding Corp.)						Business Services						SOFR(M)						4.25%						8.41%						12/2031						3,225						3,204						2,939
Michael Baker International, LLC						Business Services						SOFR(Q)						4.00%						8.31%						12/2028						5,548						5,548						5,572
Nexus Buyer LLC						Financial Services						SOFR(M)						4.00%						8.16%						07/2031						11,019						10,937						11,033
Nielsen Consumer, Inc.						Business Services						SOFR(M)						2.50%						6.66%						10/2030						5,786						5,385						5,781
Oceankey (U.S.) II Corp.						Media						SOFR(M)						3.50%						7.76%						12/2028						14,050						14,056						14,089
Osaic Holdings, Inc.						Financial Services						SOFR(M)						3.00%						7.16%						07/2032						12,357						12,326						12,364
Osttra Group Ltd.						Financial Services						SOFR(M)						3.50%						7.48%						05/2032						5,849						5,835						5,885
Outcomes Group Holdings, Inc.						Healthcare						SOFR(M)						3.00%						7.16%						05/2031						4,098						4,084						4,126
Pearls (Netherlands) Bidco B.V.						Specialty Chemicals & Materials						SOFR(Q)						3.25%						7.56%						02/2029						7,233						6,934						6,827
Perforce Software, Inc.						Software						SOFR(M)						4.75%						8.91%						03/2031						4,045						4,031						3,617
Physician Partners, LLC						Healthcare						SOFR(Q)						6.00%						10.00%						12/2029						2,367						2,305						1,968
Physician Partners, LLC						Healthcare						SOFR(Q)						1.50% +2.50%/PIK						8.15%						12/2029						2,787						2,772						1,253
Planview Parent, Inc.						Software						SOFR(Q)						3.50%						7.50%						12/2027						13,537						13,419						13,360
Project Alpha Intermediate Holding, Inc.						Software						SOFR(Q)						3.25%						7.25%						10/2030						13,539						13,327						13,593
Pushpay USA Inc.						Software						SOFR(S)						3.75%						7.62%						08/2031						11,891						11,872						11,988
RealPage, Inc.						Software						SOFR(Q)						3.75%						7.75%						04/2028						4,975						4,955						4,997
Rithum Holdings, Inc. (fka CommerceHub, Inc.)						Software						SOFR(Q)						4.75%						8.75%						07/2032						10,664						10,563						10,674
RLG Holdings, LLC						Packaging						SOFR(M)						4.25%						8.53%						07/2028						5,624						5,611						4,655
RxB Holdings, Inc.						Healthcare						SOFR(M)						4.50%						8.78%						12/2027						6,225						6,171						6,225
RxB Holdings, Inc.						Healthcare						SOFR(M)						5.25%						9.53%						12/2027						2,619						2,583						2,619
Secretariat Advisors LLC						Business Services						SOFR(Q)						4.00%						8.00%						02/2032						8,463						8,423						8,489
Secure Acquisition, Inc.						Packaging						SOFR(Q)						3.75%						7.75%						12/2028						501						502						504
Spring Education Group, Inc.						Education						SOFR(Q)						3.25%						7.25%						10/2030						13,196						13,079						13,256
Storable, Inc.						Software						SOFR(M)						3.25%						7.41%						04/2031						2,836						2,832						2,849
Summit Acquisition Inc.						Financial Services						SOFR(M)						3.50%						7.66%						10/2031						5,985						5,958						6,027
Symplr Software, Inc.						Healthcare						SOFR(Q)						4.50%						8.91%						12/2027						15,280						15,227						13,771
Team.blue Finco SARL						Software						SOFR(Q)						3.25%						7.23%						07/2032						8,611						8,614						8,591
Therapy Brands Holdings LLC						Healthcare						SOFR(M)						4.00%						8.43%						05/2028						3,985						3,976						3,298
Thermostat Purchaser III, Inc.						Business Services						SOFR(Q)						4.25%						8.25%						08/2028						8,441						8,425						8,481
TRC Companies LLC						Business Services						SOFR(M)						3.00%						7.16%						12/2028						9,400						9,374						9,425
Valcour Packaging, LLC						Packaging						SOFR(M)						5.25%						9.40%						10/2028						2,256						2,238						2,295
Valcour Packaging, LLC						Packaging						SOFR(M)						1.50% +2.25%/PIK						8.01%						10/2028						3,159						3,159						2,679
Viant Medical Holdings, Inc.						Healthcare						SOFR(M)						4.00%						8.16%						10/2031						9,233						9,206						9,253
VSTG Intermediate Holdings, Inc.						Business Services						SOFR(Q)						3.75%						7.75%						07/2029						7,577						7,567						7,582

Portfolio Company and Type of Investment						Industry						Reference						Spread						Interest Rate (1)						Maturity Date						Principal Amount or Par Value						Cost						Fair Value (2)
VT Topco, Inc.						Business Services						SOFR(M)						3.00%						7.16%						08/2030						$	8,859					$	8,798					$	8,602
Xplor T1, LLC						Software						SOFR(Q)						3.50%						7.50%						06/2031						5,545						5,521						5,552
Zelis Cost Management Buyer, Inc.						Healthcare						SOFR(M)						3.25%						7.41%						11/2031						16,388						16,388						16,409
Zest Acquisition Corp.						Healthcare						SOFR(Q)						5.25%						9.56%						02/2028						4,551						4,463						4,551
Total Funded Investments																																				$	775,295					$	768,982					$	757,961
Unfunded Investments - First lien
AmSpec Parent, LLC						Energy						—						—						—						12/2026						$	763					$	—					$	5
Chrysaor Bidco S.a r.l.						Information Services						—						—						—						07/2026						158						—						1
Clydesdale Acquisition Holdings, Inc.						Packaging						—						—						—						12/2025						160						—						—
Cohnreznick Advisory LLC						Financial Services						—						—						—						03/2027						1,605						(6)						5
Groundworks, LLC						Business Services						—						—						—						03/2026						970						(2)						2
Secretariat Advisors LLC						Business Services						—						—						—						02/2027						1,025						—						3
Total Unfunded Investments																																				$	4,681					$	(8)					$	16
Total Investments																																				$	779,976					$	768,974					$	757,977

(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 September 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

(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 September 30, 2025 and December 31, 2024 and for the three and nine months ended September 30, 2025 and September 30, 2024:

Selected Balance Sheet Information:			September 30, 2025						December 31, 2024
Investments at fair value (cost of $768,974 and $716,654)			$	757,977					$	715,096
Cash and other assets			36,293						20,988
Receivable from unsettled securities sold			7,852						9,652
Total assets			$	802,122					$	745,736
Credit facility			$	524,700					$	511,200
Deferred financing costs (net of accumulated amortization of $7,524 and $6,515, respectively)			(4,681)						(3,692)
Payable for unsettled securities purchased			82,498						27,428
Distribution payable			7,000						7,625
Other liabilities			7,325						7,493
Total liabilities			616,842						550,054
Members' capital			$	185,280					$	195,682
Total liabilities and members' capital			$	802,122					$	745,736

Selected Statement of Operations Information:			Three Months Ended												Nine Months Ended
			September 30, 2025						September 30, 2024						September 30, 2025						September 30, 2024
Interest income			$	16,172					$	17,860					$	46,239					$	51,245
Other income			64						49						253						134
Total investment income			16,236						17,909						46,492						51,379
Interest and other financing expenses			8,227						8,888						24,444						26,599
Other expenses			329						229						932						737
Total expenses			8,556						9,117						25,376						27,336
Net investment income			7,680						8,792						21,116						24,043
Net realized (losses) gains on investments			(1,294)						74						(829)						(5,833)
Net change in unrealized (depreciation) appreciation of investments			(1,122)						(1,493)						(9,439)						5,005
Net increase in members' capital			$	5,264					$	7,373					$	10,848					$	23,215

For the three and nine months ended September 30, 2025, the Company earned approximately $5,600 and $17,000, respectively, of dividend income related to SLP III, which is included in dividend income. For the three and nine months ended September 30, 2024, the Company earned approximately $5,567 and $17,205, respectively, of dividend income related to SLP III, which is included in dividend income. As of September 30, 2025 and December 31, 2024, approximately $5,600 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 initially had a five year investment period and will continue in existence until May 5, 2029. On July 11, 2025, the investment period was extended until July 11, 2028. The investment period may be extended for up to one additional year subject to certain conditions.

SLP IV is capitalized with equity contributions which were transferred and contributed from its members. As of September 30, 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 September 30, 2025 and December 31, 2024.

On May 5, 2021, SLP IV entered into a revolving credit facility with Wells Fargo Bank, National Association. As of the amendment on July 11, 2025, the maturity date of SLP IV's revolving credit facility was extended from March 27, 2029 to July 11, 2030.

As of the amendment on July 11, 2025, SLP IV's revolving credit facility has a maximum borrowing capacity of $600,000, of which $530,000 of the facility amount is attributed to Class A lenders and $70,000 of the facility amount is attributed to Class B lenders. Prior to the amendment on July 11, 2025, SLP IV's revolving credit facility had a maximum borrowing capacity of $370,000, with the full amount attributable to one class of lenders. As of the amendment on July 11, 2025, Class A advances bear interest at a rate of SOFR plus 1.50% and Class B advances bear interest at a rate of SOFR plus 4.75%. From December 20, 2024 to July 11, 2025, the facility bore 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 September 30, 2025 and December 31, 2024, SLP IV had total investments with an aggregate fair value of approximately $525,343 and $469,326, respectively, and debt outstanding under its credit facility of $380,737 and $334,437, respectively. As of September 30, 2025 and December 31, 2024, none of SLP IV’s investments were on non-accrual status. Additionally, as of September 30, 2025 and December 31, 2024, SLP IV had unfunded commitments in the form of delayed draws of $2,908 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 September 30, 2025 and December 31, 2024:

						September 30, 2025						December 31, 2024
First lien investments (1)						$	544,399					$	481,040
Weighted average interest rate on first lien investments (2)						8.08		%				8.54		%
Number of portfolio companies in SLP IV						87						79
Largest portfolio company investment (1)						$	18,187					$	17,933
Total of five largest portfolio company investments (1)						$	63,966					$	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 September 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
Accelya Lux Finco S.a.r.l.						Business Services						SOFR(Q)						5.25%						9.21%						10/2032						$	6,782					$	6,646					$	6,646
ADG, LLC						Healthcare						SOFR(Q)						1.00% +3.00%/PIK						8.15%						09/2026						18,187						18,184						14,777
ADMI Corp. (aka Aspen Dental)						Healthcare						SOFR(M)						3.75%						8.03%						12/2027						1,800						1,796						1,710
AmSpec Parent, LLC						Energy						SOFR(Q)						3.50%						7.50%						12/2031						295						295						297
AmSpec Parent, LLC						Energy						SOFR(Q)						3.50%						7.50%						12/2031						4,794						4,788						4,827
Asurion, LLC						Business Services						SOFR(M)						4.25%						8.51%						08/2028						9,618						9,562						9,659
Asurion, LLC						Business Services						SOFR(M)						4.25%						8.41%						09/2030						1,814						1,761						1,804
Asurion, LLC						Business Services						SOFR(M)						4.25%						8.41%						09/2030						995						981						993
athenahealth Group Inc.						Healthcare						SOFR(M)						2.75%						6.91%						02/2029						1,772						1,767						1,771
Bach Finance Limited						Education						SOFR(Q)						2.75%						6.95%						01/2032						1,599						1,595						1,604
BCPE Empire Holdings, Inc.						Distribution & Logistics						SOFR(M)						3.25%						7.41%						12/2030						7,254						7,223						7,249
Bella Holding Company, LLC						Healthcare						SOFR(M)						3.00%						7.16%						05/2028						739						738						741
BIFM CA Buyer Inc.						Business Services						SOFR(M)						3.75%						7.91%						05/2028						5,348						5,326						5,371
Boxer Parent Company Inc.						Software						SOFR(Q)						3.00%						7.20%						07/2031						5,229						5,218						5,227
Bracket Intermediate Holding Corp.						Healthcare						SOFR(M)						4.25%						8.41%						05/2028						4,317						4,242						4,347
BW Holding, Inc.						Packaging						SOFR(Q)						6.50%						10.73%						12/2030						445						441						459
Cardinal Parent, Inc.						Software						SOFR(Q)						4.50%						8.65%						11/2027						6,064						5,975						6,034
Chrysaor Bidco S.a r.l.						Information Services						SOFR(Q)						3.00%						7.33%						10/2031						1,561						1,561						1,570
Cleanova US Holdings LLC						Business Products						SOFR(Q)						4.75%						8.81%						06/2032						5,135						4,988						5,135
Cloudera, Inc.						Software						SOFR(M)						3.75%						8.01%						10/2028						9,650						9,540						9,519
Clydesdale Acquisition Holdings, Inc.						Packaging						SOFR(M)						3.25%						7.41%						04/2032						5,481						5,482						5,479
Cohnreznick Advisory LLC						Financial Services						SOFR(Q)						3.50%						7.50%						03/2032						3,905						3,887						3,917
Confluence Technologies, Inc.						Software						SOFR(Q)						3.75%						7.90%						07/2028						9,625						9,603						7,979
Confluence Technologies, Inc.						Software						SOFR(Q)						5.00%						9.23%						07/2028						943						943						943
Confluent Health, LLC						Healthcare						SOFR(M)						4.00%						8.28%						11/2028						3,090						3,081						2,912
Confluent Medical Technologies, Inc.						Healthcare						SOFR(Q)						3.00%						7.00%						02/2029						6,757						6,738						6,799
Convey Health Solutions, Inc.						Healthcare						SOFR(Q)						1.00% +3.94%/PIK						9.04%						07/2029						3,486						3,441						2,925
Cornerstone OnDemand, Inc.						Software						SOFR(M)						3.75%						8.03%						10/2028						1,814						1,810						1,752
CVET Midco 2, L.P.						Software						SOFR(Q)						5.00%						9.00%						10/2029						6,539						6,412						5,856
Dealer Tire Financial, LLC						Distribution & Logistics						SOFR(M)						3.00%						7.16%						07/2031						10,402						10,357						10,376
DG Investment Intermediate Holdings 2, Inc.						Business Services						SOFR(M)						3.75%						7.91%						07/2032						4,127						4,107						4,146
Disco Parent, Inc.						Software						SOFR(Q)						3.25%						7.48%						08/2032						4,625						4,614						4,648
Discovery Purchaser Corporation						Specialty Chemicals & Materials						SOFR(Q)						3.75%						8.08%						10/2029						9,250						8,965						9,219
Dispatch Acquisition Holdings, LLC						Industrial Services						SOFR(Q)						4.63%						8.60%						03/2028						997						977						977
Dispatch Acquisition Holdings, LLC						Industrial Services						SOFR(Q)						4.25%						8.40%						03/2028						9,599						9,544						9,403
EAB Global, Inc.						Education						SOFR(M)						3.00%						7.16%						08/2030						6,161						6,109						6,019
Eagle Parent Corp.						Business Services						SOFR(Q)						4.25%						8.25%						04/2029						8,094						7,997						8,099
Eisner Advisory Group LLC						Financial Services						SOFR(M)						4.00%						8.16%						02/2031						4,989						4,948						5,025
Finastra USA, Inc.						Software						SOFR(Q)						4.00%						8.04%						09/2032						8,255						8,179						8,230
Flash Charm, Inc.						Software						SOFR(Q)						3.50%						7.80%						03/2028						9,980						9,945						8,783
FNZ Group Entities Limited						Financial Services						SOFR(Q)						5.00%						9.32%						11/2031						7,234						7,102						5,857
Foundational Education Group, Inc.						Education						SOFR(M)						4.25%						8.53%						08/2028						10,958						10,873						9,780
Groundworks, LLC						Business Services						SOFR(M)						3.00%						7.16%						03/2031						120						119						120
Groundworks, LLC						Business Services						SOFR(M)						3.00%						7.16%						03/2031						4,072						4,038						4,078
Heartland Dental, LLC						Healthcare						SOFR(M)						3.75%						7.91%						08/2032						9,935						9,911						9,930
Help/Systems Holdings, Inc.						Software						SOFR(Q)						3.75%						8.16%						11/2026						9,531						9,523						9,036
Houghton Mifflin Harcourt Company						Education						SOFR(M)						5.25%						9.51%						04/2029						8,193						7,982						7,363

Portfolio Company and Type of Investment						Industry						Reference						Spread						Interest Rate (1)						Maturity Date						Principal Amount or Par Value						Cost						Fair Value (2)
HP PHRG Borrower, LLC						Consumer Services						SOFR(Q)						4.00%						8.00%						02/2032						$	10,623					$	10,551					$	10,615
Inizio Group Limited						Healthcare						SOFR(Q)						4.25%						8.35%						08/2028						9,702						9,586						9,666
JSG II, Inc.						Manufacturing						P(Q)						3.50%						10.75%						06/2026						253						253						253
JSG II, Inc.						Manufacturing						P(Q)						3.50%						10.75%						06/2026						5,194						5,185						5,194
Kaseya Inc.						Software						SOFR(M)						3.25%						7.41%						03/2032						5,786						5,772						5,801
Kestra Advisor Services Holdings A, Inc.						Financial Services						SOFR(M)						3.00%						7.16%						03/2031						1,286						1,283						1,288
KnowBe4, Inc.						Software						SOFR(Q)						3.75%						8.07%						07/2032						8,761						8,762						8,783
LSCS Holdings, Inc.						Healthcare						SOFR(Q)						4.50%						8.50%						03/2032						10,222						10,168						10,086
Marcel Bidco LLC (Marcel Bidco GmbH)						Software						SOFR(M)						3.00%						7.37%						11/2030						2,024						2,000						2,029
Maverick Bidco Inc.						Software						SOFR(Q)						5.00%						9.41%						05/2028						1,950						1,899						1,957
Maverick Bidco Inc.						Software						SOFR(Q)						3.75%						8.21%						05/2028						7,701						7,684						7,729
Mavis Tire Express Services Topco, Corp.						Retail						SOFR(Q)						3.00%						7.20%						05/2028						8,140						8,120						8,148
MED ParentCo, LP						Healthcare						SOFR(M)						3.25%						7.41%						04/2031						7,291						7,260						7,314
MH Sub I, LLC (Micro Holding Corp.)						Business Services						SOFR(Q)						4.25%						8.25%						05/2028						2,071						2,059						1,989
MH Sub I, LLC (Micro Holding Corp.)						Business Services						SOFR(M)						4.25%						8.41%						12/2031						1,788						1,773						1,627
Michael Baker International, LLC						Business Services						SOFR(Q)						4.00%						8.31%						12/2028						3,839						3,839						3,856
Nexus Buyer LLC						Financial Services						SOFR(M)						4.00%						8.16%						07/2031						7,380						7,329						7,389
Nielsen Consumer, Inc.						Business Services						SOFR(M)						2.50%						6.66%						10/2030						3,691						3,505						3,688
Oceankey (U.S.) II Corp.						Media						SOFR(M)						3.50%						7.76%						12/2028						9,263						9,267						9,289
Osaic Holdings, Inc.						Financial Services						SOFR(M)						3.00%						7.16%						07/2032						8,883						8,861						8,888
Osttra Group Ltd.						Financial Services						SOFR(M)						3.50%						7.48%						05/2032						3,859						3,850						3,883
Outcomes Group Holdings, Inc.						Healthcare						SOFR(M)						3.00%						7.16%						05/2031						2,836						2,826						2,855
Pearls (Netherlands) Bidco B.V.						Specialty Chemicals & Materials						SOFR(Q)						3.25%						7.56%						02/2029						4,558						4,371						4,304
Perforce Software, Inc.						Software						SOFR(M)						4.75%						8.91%						03/2031						3,206						3,194						2,867
Physician Partners, LLC						Healthcare						SOFR(Q)						6.00%						10.00%						12/2029						1,789						1,742						1,487
Physician Partners, LLC						Healthcare						SOFR(Q)						1.50% +2.50%/PIK						8.15%						12/2029						2,106						2,095						947
Planview Parent, Inc.						Software						SOFR(Q)						3.50%						7.50%						12/2027						7,960						7,889						7,855
Project Alpha Intermediate Holding, Inc.						Software						SOFR(Q)						3.25%						7.25%						10/2030						9,732						9,579						9,770
Pushpay USA Inc.						Software						SOFR(S)						3.75%						7.62%						08/2031						7,807						7,812						7,871
RealPage, Inc.						Software						SOFR(Q)						3.75%						7.75%						04/2028						1,990						1,982						1,999
Rithum Holdings, Inc. (fka CommerceHub, Inc.)						Software						SOFR(Q)						4.75%						8.75%						07/2032						6,094						6,026						6,100
RxB Holdings, Inc.						Healthcare						SOFR(M)						4.50%						8.78%						12/2027						7,230						7,216						7,230
Secretariat Advisors LLC						Business Services						SOFR(Q)						4.00%						8.00%						02/2032						5,857						5,829						5,875
Secure Acquisition, Inc.						Packaging						SOFR(Q)						3.75%						7.75%						12/2028						331						331						332
Spring Education Group, Inc.						Education						SOFR(Q)						3.25%						7.25%						10/2030						10,180						10,088						10,226
STATS Intermediate Holdings, LLC						Business Services						SOFR(Q)						5.25%						9.72%						07/2026						3,953						3,905						3,938
STATS Intermediate Holdings, LLC						Business Services						SOFR(Q)						7.25%						11.72%						07/2026						2,231						2,209						2,231
Storable, Inc.						Software						SOFR(M)						3.25%						7.41%						04/2031						2,937						2,934						2,951
Symplr Software, Inc.						Healthcare						SOFR(Q)						4.50%						8.91%						12/2027						3,659						3,655						3,298
Team.blue Finco SARL						Software						SOFR(Q)						3.25%						7.23%						07/2032						7,238						7,223						7,225
Therapy Brands Holdings LLC						Healthcare						SOFR(M)						4.00%						8.43%						05/2028						5,862						5,848						4,852
Thermostat Purchaser III, Inc.						Business Services						SOFR(Q)						4.25%						8.25%						08/2028						5,605						5,594						5,631
TRC Companies LLC						Business Services						SOFR(M)						3.00%						7.16%						12/2028						5,345						5,330						5,359
Valcour Packaging, LLC						Packaging						SOFR(M)						5.25%						9.40%						10/2028						1,641						1,628						1,669
Valcour Packaging, LLC						Packaging						SOFR(M)						1.50% +2.25%/PIK						8.01%						10/2028						2,298						2,298						1,949
Viant Medical Holdings, Inc.						Healthcare						SOFR(M)						4.00%						8.16%						10/2031						7,264						7,242						7,280
VSTG Intermediate Holdings, Inc.						Business Services						SOFR(Q)						3.75%						7.75%						07/2029						5,201						5,191						5,204
VT Topco, Inc.						Business Services						SOFR(M)						3.00%						7.16%						08/2030						5,730						5,691						5,563

Portfolio Company and Type of Investment						Industry						Reference						Spread						Interest Rate (1)						Maturity Date						Principal Amount or Par Value						Cost						Fair Value (2)
Xplor T1, LLC						Software						SOFR(Q)						3.50%						7.50%						06/2031						$	4,035					$	4,017					$	4,040
Zelis Cost Management Buyer, Inc.						Healthcare						SOFR(M)						3.25%						7.41%						11/2031						10,329						10,330						10,342
Zest Acquisition Corp.						Healthcare						SOFR(Q)						5.25%						9.56%						02/2028						3,449						3,382						3,449
Zone Climate Services, Inc.						Business Services						SOFR(Q)						5.50%						9.98%						03/2028						9,650						9,559						9,650
Zone Climate Services, Inc.						Business Services						SOFR(Q)						5.50%						9.98%						03/2028						2,121						2,101						2,121
Total Funded Investments																																				$	541,491					$	537,437					$	525,333
Unfunded Investments - First lien
AmSpec Parent, LLC						Energy						—						—						—						12/2026						$	444					$	—					$	3
Chrysaor Bidco S.a r.l.						Information Services						—						—						—						07/2026						116						—						1
Clydesdale Acquisition Holdings, Inc.						Packaging						—						—						—						12/2025						95						—						—
Cohnreznick Advisory LLC						Financial Services						—						—						—						03/2027						906						(4)						3
Groundworks, LLC						Business Services						—						—						—						03/2026						638						(3)						1
Secretariat Advisors LLC						Business Services						—						—						—						02/2027						709						—						2
Total Unfunded Investments																																				$	2,908					$	(7)					$	10
Total Investments																																				$	544,399					$	537,430					$	525,343

(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) and the Prime Rate (P). For each investment, the current interest rate provided reflects the rate in effect as of September 30, 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 September 30, 2025 and December 31, 2024 and for the three and nine months ended September 30, 2025 and September 30, 2024:

Selected Consolidated Balance Sheet Information:			September 30, 2025						December 31, 2024
Investments at fair value (cost of $537,430 and $474,738, respectively)			$	525,343					$	469,326
Cash and other assets			24,345						15,401
Receivable from unsettled securities sold			4,706						7,232
Total assets			$	554,394					$	491,959
Credit facility			$	380,737					$	334,437
Deferred financing costs (net of accumulated amortization of $3,592 and $2,616, respectively)			(4,824)						(3,088)
Payable for unsettled securities			39,154						13,485
Distribution payable			4,826						5,184
Other liabilities			6,061						6,090
Total liabilities			425,954						356,108
Members' capital			$	128,440					$	135,851
Total liabilities and members' capital			$	554,394					$	491,959

Selected Consolidated Statement of Operations Information:			Three Months Ended												Nine Months Ended
			September 30, 2025						September 30, 2024						September 30, 2025						September 30, 2024
Interest income			$	11,308					$	12,906					$	31,291					$	37,025
Other income			65						10						156						77
Total investment income			11,373						12,916						31,447						37,102
Interest and other financing expenses			5,986						6,694						16,171						19,436
Other expenses			258						202						673						651
Total expenses			6,244						6,896						16,844						20,087
Net investment income			5,129						6,020						14,603						17,015
Net realized (losses) gains on investments			(541)						133						(681)						(4,741)
Net change in unrealized (depreciation) appreciation of investments			(1,569)						(2,076)						(6,675)						1,468
Net increase in members' capital			$	3,019					$	4,077					$	7,247					$	13,742

For the three and nine months ended September 30, 2025, the Company earned approximately $3,794 and $11,521, respectively, of dividend income related to SLP IV, which is included in dividend income. For the three and nine months ended September 30, 2024, the Company earned approximately $3,794 and $12,153, respectively, of dividend income related to SLP IV, which is included in dividend income. As of September 30, 2025 and December 31, 2024, approximately $3,794 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 1-02(w)(2), 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 Rule 10-01(b)(1). As of September 30, 2025, the Company did not have any portfolio companies that were deemed to be a "significant subsidiary" as defined by Rule 1-02(w)(2).

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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+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
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-Section S99
-Paragraph 1
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column C)(Footnote 8))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column C)(Footnote 11))
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column F)(Footnote 5)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

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-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column A)(Footnote 8))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

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