v3.25.4

Investments

9 Months Ended

Nov. 30, 2025

Saratoga Investment Corp. [Member]

Investments [Line Items]

Investments

Note 3. Investments

As noted above, the Company values all investments in accordance with ASC 820. As defined in ASC 820, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between independent market participants at the measurement date.

ASC 820 establishes a hierarchal disclosure framework which prioritizes and ranks the level of market price observability of inputs used in measuring investments at fair value. Market price observability is affected by a number of factors, including the type of investment and the characteristics specific to the investment. Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value.

Based on the observability of the inputs used in the valuation techniques, the Company is required to provide disclosures on fair value measurements according to the fair value hierarchy. The fair value hierarchy ranks the observability of the inputs used to determine fair values. Investments carried at fair value are classified and disclosed in one of the following three categories:

● Level 1—Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access.

● Level 2— Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date. Such inputs may be quoted prices for similar assets or liabilities, quoted markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full character of the financial instrument, or inputs that are derived principally from, or corroborated by, observable market information. Investments that are generally included in this category include illiquid debt securities and less liquid, privately held or restricted equity securities, for which some level of recent trading activity has been observed.

● Level 3—Pricing inputs are unobservable for the investment and includes situations where there is little, if any, market activity for the investment. The inputs may be based on the Company’s own assumptions about how market participants would price the asset or liability or may use Level 2 inputs, as adjusted, to reflect specific investment attributes relative to a broader market assumption. Even if observable market data for comparable performance or valuation measures (earnings multiples, discount rates, other financial/valuation ratios, etc.) are available, such investments are grouped as Level 3 if any significant data point that is not also market observable (private company earnings, cash flows, etc.) is used in the valuation technique. We use multiple techniques for determining fair value based on the nature of the investment and experience with those types of investments and specific portfolio companies. The selections of the valuation techniques and the inputs and assumptions used within those techniques often require subjective judgements and estimates. These techniques include market comparables, the black-scholes model, discounted cash flows and enterprise value waterfalls. Fair value is best expressed as a range of values from which the Company determines a single best estimate. The types of inputs and assumptions that may be considered in determining the range of values of our investments include the nature and realizable value of any collateral, the portfolio company’s ability to make payments, market yield trend analysis and volatility in future interest rates, call and put features, the markets in which the portfolio company does business, comparison to publicly traded companies, discounted cash flows and other relevant factors.

In addition to using the above inputs in investment valuations, the Company continues to employ the valuation policy approved by the board of directors that is consistent with ASC 820 and the 1940 Act (see Note 2. Summary of Significant Accounting Policies). Consistent with our valuation policy, the Company evaluates the source of inputs, including any markets in which its investments are trading, in determining fair value.

The following table presents fair value measurements of investments, by major class, as of November 30, 2025 (dollars in thousands), according to the fair value hierarchy:

		Fair Value Measurements												Valued Using Net Asset
		Level 1				Level 2				Level 3				Value*				Total
First lien term loans		$	-			$	-			$	853,540			$	-			$	853,540
Second lien term loans			-				-				7,638				-				7,638
Unsecured term loans			-				-				16,183				-				16,183
Structured finance securities			-				45,633				8,849				-				54,482
Equity interests			-				-				77,525				6,582				84,107
Total		$	-			$	45,633			$	963,735			$	6,582			$	1,015,950

* The Company’s equity investment in SLF JV is measured using the proportionate share of the NAV, or equivalent, as a practical expedient and thus has not been classified in the fair value hierarchy. The Company’s unsecured loan investment in SLF JV is based on a discounted cash flow valuation technique.

The following table presents fair value measurements of investments, by major class, as of February 28, 2025 (dollars in thousands), according to the fair value hierarchy:

		Fair Value Measurements												Valued Using Net Asset
		Level 1				Level 2				Level 3				Value*				Total
First lien term loans		$	-			$	-			$	867,866			$	-			$	867,866
Second lien term loans			-				-				6,388				-				6,388
Unsecured term loans			-				-				16,534				-				16,534
Structured finance securities			-				-				14,772				-				14,772
Equity interests			-				-				69,437				3,081				72,518
Total		$	-			$	-			$	974,997			$	3,081			$	978,078

* The Company’s equity investment in SLF JV is measured using the proportionate share of the NAV, or equivalent, as a practical expedient and thus has not been classified in the fair value hierarchy. The Company’s unsecured loan investment in SLF JV is based on a discounted cash flow valuation technique.

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the nine months ended November 30, 2025 (dollars in thousands):

		First lien term loans				Second lien term loans				Unsecured term loans				Structured finance securities				Equity interests				Total
Balance as of February 28, 2025		$	867,867			$	6,388			$	16,534			$	14,771			$	69,437			$	974,997
Payment-in-kind and other adjustments to cost			1,501				842				-				(479	)			-				1,864
Net accretion of discount on investments			1,564				6				-				858				-				2,428
Net change in unrealized appreciation (depreciation) on investments			1,681				402				(351	)			(2,494	)			2,564				1,802
Purchases			112,884				-				-				8,444				6,186				127,514
Sales and repayments			(131,957	)			-				-				(12,250	)			(6,687	)			(150,894	)
Net realized gain (loss) from investments			-				-				-				-				6,025				6,025
Balance as of November 30, 2025		$	853,540			$	7,638			$	16,183			$	8,850			$	77,525			$	963,736
Net change in unrealized appreciation (depreciation) for the period relating to those Level 3 assets that were still held by the Company at the end of the period		$	2,156			$	401			$	(351	)		$	(2,095	)		$	835			$	946

Purchases, PIK and other adjustments to cost include purchases of new investments at cost, effects of refinancing/restructuring, accretion/amortization of income from discount/premium on debt securities, and PIK interests.

Sales and repayments represent net proceeds received from investments sold and principal paydowns received during the period.

Transfers and restructurings, if any, are recognized at the beginning of the period in which they occur. There were no transfers or restructurings in or out of Levels 1, 2, or 3 during the nine months ended November 30, 2025.

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the nine months ended November 30, 2024 (dollars in thousands):

		First lien term loans				Second lien term loans				Unsecured term loans				Structured finance securities				Equity interests				Total
Balance as of February 29, 2024		$	976,423			$	18,097			$	15,818			$	30,626			$	88,426			$	1,129,390
Payment-in-kind and other adjustments to cost			1,912				8,003				-				(5,373	)			4				4,546
Net accretion of discount on investments			2,177				5				-				-				-				2,182
Net change in unrealized appreciation (depreciation) on investments			41,727				3,185				381				(7,401	)			500				38,392
Purchases			121,207				-				-				-				5,069				126,276
Sales and repayments			(262,551	)			(23,150	)			-				-				(10,545	)			(296,246	)
Net realized gain (loss) from investments			(47,672	)			-				-				-				(1,527	)			(49,199	)
Balance as of November 30, 2024		$	833,223			$	6,140			$	16,199			$	17,852			$	81,927			$	955,341
Net change in unrealized appreciation (depreciation) for the year relating to those Level 3 assets that were still held by the Company at the end of the period		$	(3,649	)		$	3,185			$	381			$	(7,401	)		$	(3,998	)		$	(11,482	)

Transfers and restructurings, if any, are recognized at the beginning of the period in which they occur. There were no transfers or restructurings in or out of Levels 1, 2, or 3 during the nine months ended November 30, 2024.

The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of assets as of November 30, 2025 were as follows (dollars in thousands):

Fair Value

Valuation Technique

Unobservable Input

Range

Weighted Average*

First lien term loans

$

853,540

Market Comparables

Market Yield (%)

8.7% - 27.3%

11.2%

Revenue Multiples (x)

3.5x

0.4x

EBITDA Multiples (x)

13.4x

0.0x

Second lien term loans

7,638

Market Comparables

Market Yield (%)

17.3%

17.3%

Unsecured term loans

16,183

Discounted Cash Flow

Discount Rate (%)

9.8%

9.8%

Structured finance securities

8,850

Discounted Cash Flow

Discount Rate (%)

7.50% - 70.0%

10.7%

Recovery Rate (%)

70.00%

70.0%

Prepayment Rate (%)

20.0%

20.0%

Equity interests

77,525

Enterprise Value Waterfall

Revenue Multiples (x)

0.1x - 8.5x

6.0x

Black-Scholes Modeling

Volatility (%)

39.9%

39.9%

EBITDA Multiples (x)

6.0x - 13.9x

8.1x

Total

$

963,736

* The weighted average in the table above is calculated based on each investment’s fair value weighting, using the applicable unobservable input.

The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of assets as of February 28, 2025 were as follows (dollars in thousands):

Fair Value

Valuation Technique

Unobservable Input

Range

Weighted Average*

First lien term loans

$

867,866

Market Comparables

Market Yield (%)

9.8% - 22.0%

12.4%

Revenue Multiples (x)

2.5x

2.5x

EBITDA Multiples (x)

6.8x

6.8x

Second lien term loans

6,388

Market Comparables

Market Yield (%)

19.7%

19.7%

Unsecured term loans

16,534

Discounted Cash Flow

Discount Rate (%)

10.0%

10.0%

Structured finance securities

14,772

Discounted Cash Flow

Discount Rate (%)

8.0% - 70.0%

14.1%

Recovery Rate (%)

70.0%

70.0%

Prepayment Rate (%)

20.0%

20.0%

Equity interests

69,437

Enterprise Value Waterfall

EBITDA Multiples (x)

1.1x - 13.9x

8.2x

Revenue Multiples (x)

0.1x - 9.0x

6.3x

Total

$

974,997

* The weighted average in the table above is calculated based on each investment’s fair value weighting, using the applicable unobservable input.

For investments utilizing a market comparables valuation technique, a significant increase (decrease) in the market yield, in isolation, would result in a significantly lower (higher) fair value measurement, and a significant increase (decrease) in any of the earnings before interest, tax, depreciation and amortization (“EBITDA”) or revenue valuation multiples, in isolation, would result in a significantly higher (lower) fair value measurement. For investments utilizing a discounted cash flow valuation technique, a significant increase (decrease) in the discount rate, and prepayment rate, in isolation, would result in a significantly lower (higher) fair value measurement while a significant increase (decrease) in recovery rate, in isolation, would result in a significantly higher (lower) fair value measurement. For investments utilizing a market quote, third party bid or net asset value in deriving a value, a significant increase (decrease) in the market quote, bid or net asset value in isolation, would result in a significantly higher (lower) fair value measurement.

The composition of our investments as of November 30, 2025 at amortized cost and fair value was as follows (dollars in thousands):

		Investments at Amortized Cost				Amortized Cost Percentage of Total Portfolio				Investments at Fair Value				Fair Value Percentage of Total Portfolio
First lien term loans		$	857,335				82.9	%		$	853,540				83.9	%
Second lien term loans			7,942				0.8				7,638				0.8
Unsecured term loans			17,619				1.7				16,183				1.6
Structured finance securities			77,463				7.5				54,482				5.4
Equity interests			73,519				7.1				84,107				8.3
Total		$	1,033,878				100.0	%		$	1,015,950				100.0	%

The composition of our investments as of February 28, 2025 at amortized cost and fair value was as follows (dollars in thousands):

		Investments at Amortized Cost				Amortized Cost Percentage of Total Portfolio				Investments at Fair Value				Fair Value Percentage of Total Portfolio
First lien term loans		$	873,342				87.3	%		$	867,866				88.7	%
Second lien term loans			7,094				0.7				6,388				0.7
Unsecured term loans			17,619				1.8				16,534				1.7
Structured finance securities			35,657				3.6				14,772				1.5
Equity interests			66,381				6.6				72,518				7.4
Total		$	1,000,093				100.0	%		$	978,078				100.0	%

For loans and debt securities for which market quotations are not readily available, the Company determines their fair value based on third party indicative broker quotes, where available, or the inputs that a hypothetical market participant would use to value the security in a current hypothetical sale using a market comparables valuation technique. In applying the market comparables valuation technique, the Company determines the fair value based on such factors as market participant inputs including synthetic credit ratings, estimated remaining life, current market yield and interest rate spreads of similar securities as of the measurement date. If, in the Company’s judgment, the market comparables technique is not sufficient or appropriate, the Company may use additional techniques such as an asset liquidation or expected recovery model.

For equity securities of portfolio companies and partnership interests, the Company determines the fair value using an enterprise value waterfall valuation technique. Under the enterprise value waterfall valuation technique, the Company determines the enterprise fair value of the portfolio company and then waterfalls the enterprise value over the portfolio company’s securities in order of their preference relative to one another. To estimate the enterprise value of the portfolio company, the Company weighs some or all of the traditional market valuation techniques and factors based on the individual circumstances of the portfolio company in order to estimate the enterprise value. The techniques for performing investments may be based on, among other things: valuations of comparable public companies, recent sales of private and public comparable companies, black-scholes modeling, discounting the forecasted cash flows of the portfolio company, third party valuations of the portfolio company, considering offers from third parties to buy the company, estimating the value to potential strategic buyers and considering the value of recent investments in the equity securities of the portfolio company. For non-performing investments, the Company may estimate the liquidation or collateral value of the portfolio company’s assets and liabilities. The Company also takes into account historical and anticipated financial results.

For CLO BB and CLO BBB debt, the Company determines the fair value by using recent actual market trades or an independent pricing service. The valuation methodology of the independent pricing service includes incorporating data comprised of observable market transactions, executable bids, broker quotes from dealers with two sided markets, as well as transaction activity from comparable securities to those being valued.

The Company’s investments in Saratoga CLO and SLF 2022 are carried at fair value, which is based on a discounted cash flow valuation technique that utilizes prepayment, re-investment and loss inputs based on historical experience and projected performance, economic factors, the characteristics of the underlying cash flow, and comparable yields for equity interests in collateralized loan obligation funds similar to Saratoga CLO and SLF 2022, when available, as determined by the Manager and recommended to the Company’s board of directors. Specifically, the Company uses Intex cash flows, or an appropriate substitute, to form the basis for the valuation of the investment in Saratoga CLO and SLF 2022. The cash flows use a set of inputs including projected default rates, recovery rates, reinvestment rates and prepayment rates in order to arrive at estimated valuations. The inputs are based on available market data and projections provided by third parties as well as management estimates. The Company ran Intex models based on inputs about the refinanced Saratoga CLO’s structure and the SLF 2022 structure, including capital structure, cost of liabilities and reinvestment period. The Company uses the output from the Intex models (i.e., the estimated cash flows) to perform a discounted cash flow analysis on expected future cash flows to determine a valuation for our investments in Saratoga CLO and SLF 2022 at November 30, 2025. The inputs at November 30, 2025 for the valuation model include:

● Default rate: 2.0%

● Recovery rate: 70%

● Discount rate: 7.5%–70.0%

● Prepayment rate: 20.0%

● Reinvestment rate / price: S+365bps / $99.00

The Company’s equity investment in SLF JV is measured using the proportionate share of the NAV of SLF JV, or equivalent, as practical expedient.

Investment Concentration

Set forth is a brief description of each portfolio company in which the fair value of the Company’s investment represents greater than 5% of the Company’s total assets as of November 30, 2025, excluding Saratoga CLO, SLF JV and SLF 2022 (see Note 4. Investment in Saratoga CLO and Note 5. Investment in SLF JV for more information on Saratoga CLO, SLF JV and SLF 2022, respectively).

ComForCare Health Care

ComForCare is a franchisor that provides home care services allowing elderly, physically handicapped, and injured people to live at home. The Company began franchising the concept in 2001, which has grown domestically to include 201 territories in 34 states.

SLF JV [Member]

Investments [Line Items]

Investments

Note 5. Investment in SLF JV

On October 26, 2021, the Company and TJHA entered into the LLC Agreement to co-manage SLF JV. SLF JV is invested in Saratoga Investment Corp Senior Loan Fund 2021-1, Ltd (“SLF 2021”), which is a wholly owned subsidiary of SLF JV. SLF 2021 was formed for the purpose of making investments in a diversified portfolio of broadly syndicated first lien and second lien term loans or bonds in the primary and secondary markets.

On September 30, 2022, SLF 2021 was renamed to Saratoga Investment Corp Senior Loan Fund 2022-1, Ltd. (“SLF 2022”).

The following table shows the schedule of investments for SLF JV as of November 30, 2025:

Company		Industry		Investment Interest Rate/ Maturity		Original Acquisition Date		Principal/Number of Shares				Cost				Fair Value				%  of Net Assets
Saratoga Investment Corp Senior Loan Fund 2022-1, Ltd		Structured Finance Securities		Other/Structured Finance Securities, 3.58% 10/20/2033		10/28/2022			40,100,000			$	28,145,337			$	28,761,625				382.3	%
TOTAL INVESTMENT												$	28,145,337			$	28,761,625				382.3	%

		Number of Shares				Cost				Fair Value				%  of Net Assets
Cash and cash equivalents and cash and cash equivalents, reserve accounts - 1.9% (b)
U.S. Bank Money Market			139,177			$	139,177			$	139,177				1.9	%
Total cash and cash equivalents and cash and cash equivalents, reserve accounts			139,177			$	139,177			$	139,177				1.9	%

The following table shows the schedule of investments for SLF JV as of February 28, 2025:

Company		Industry		Investment Interest Rate/ Maturity		Original Acquisition Date		Principal/Number of Shares				Cost				Fair Value				%  of Net Assets
Saratoga Investment Corp Senior Loan Fund 2022-1, Ltd		Structured Finance Securities		Other/Structured Finance Securities, 3.00% 10/20/2033		10/28/2022			40,100,000			$	30,410,415			$	23,676,606				672.4	%
TOTAL INVESTMENT												$	30,410,415			$	23,676,606				672.4	%

		Number of Shares				Cost				Fair Value				%  of Net Assets
Cash and cash equivalents and cash and cash equivalents, reserve accounts - 2.0%
U.S. Bank Money Market			71,444			$	71,444			$	71,444				2.0	%
Total cash and cash equivalents and cash and cash equivalents, reserve accounts			71,444			$	71,444			$	71,444				2.0	%

The Company and TJHA have equal voting interest on all material decisions with respect to SLF JV, including those involving its investment portfolio, and equal control of corporate governance. No management fee is charged to SLF JV as control and management of SLF JV is shared equally.

The Company and TJHA have committed to provide up to a combined $50.0 million of financing to SLF JV through cash contributions, with the Company providing $43.75 million and TJHA providing $6.25 million, resulting in an 87.5% and 12.5% ownership between the two parties. The financing is issued in the form of an unsecured loan and equity. The unsecured loan pays a fixed-rate of 10% per annum and is due and payable in full on October 20, 2033. As of November 30, 2025, the Company and TJHA’s investment in SLF JV consisted of an unsecured loan of $17.6 million and $2.5 million, respectively; and membership interest of $17.6 million and $2.5 million, respectively. As of February 28, 2025, the Company and TJHA’s investment in SLF JV consisted of an unsecured loan of $17.6 million and $2.5 million, respectively; and membership interest of $17.6 million and $2.5 million, respectively. As of November 30, 2025, and February 28, 2025, the Company’s investment in the unsecured note of SLF JV had a fair value of $16.2 million and $16.5 million, respectively, and the Company’s investment in the membership interests of SLF JV had a fair value of $6.6 million and $3.1 million, respectively.

The Company has determined that SLF JV 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. SLF JV is not a wholly owned investment company subsidiary as the Company and TJHA each have an equal 50% voting interest in SLF JV and thus neither party has a controlling financial interest. 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 SLF JV.

For the three months ended November 30, 2025 and November 30, 2024, the Company earned $0.4 million and $0.4 million, respectively, of interest income related to SLF JV, which is included in interest income. For the nine months ended November 30, 2025 and November 30, 2024, the Company earned $1.3 million and $1.3 million, respectively, of interest income related to SLF JV, which is included in interest income. As of November 30, 2025 and February 28, 2025, $0.2 million and $0.2 million, respectively, of interest income related to SLF JV was included in interest receivable on the Statements of Assets and Liabilities.

For the three months ended November 30, 2025 and November 30, 2024, the Company earned $1.1 million and $0.9 million, respectively, of dividend related to SLF JV, which is included in dividend income on control investments. For the nine months ended November 30, 2025 and November 30, 2024, the Company earned $2.4 million and $3.2 million, respectively, of dividend related to SLF JV, which is included in dividend income on control investments. As of November 30, 2025 and February 28, 2025, $1.1 million and  $0.0 million, respectively, of dividend income related to SLF JV was included in dividend receivable on the Statements of Assets and Liabilities.

SLF JV’s initial investment in SLF 2022 was in the form of an unsecured loan. The unsecured loan paid a floating rate of LIBOR plus 7.00% per annum and was paid in full on June 9, 2023. The unsecured loan was repaid in full on October 28, 2022, as part of the CLO closing.

On October 28, 2022, SLF 2022 issued $402.1 million of the 2022 JV CLO Notes through the JV CLO trust. The 2022 JV CLO Notes were issued pursuant to the JV Indenture, with the Trustee. As part of the transaction, the Company purchased 87.5% of the Class E Notes from SLF 2022 with a par value of $12.3 million.

On September 24, 2025, the Company completed the first refinancing of SLF 2022. This refinancing, among other things, extended the SLF 2022’s investment period to October 2028. As part of this refinancing, the Company purchased $8.8 million of the SLF 2022-1 Class E-R Notes tranche at par. Concurrently, the existing $12.3 million of the SLF 2022-1 Class E Notes were repaid. The Company also paid $1.6 million of additional equity investment related to the refinancing to SLF JV.

As of November 30, 2025 and February 28, 2025, the fair value of the Class E-R Notes were $8.8 million and $0.0 million, respectively. As of November 30, 2025 and February 28, 2025, the fair value of the Class E Notes were $0.0 million and $12.3 million, respectively.

Saratoga CLO [Member]

Investments [Line Items]

Investments

Note 4. Investment in Saratoga CLO

On January 22, 2008, the Company entered into a collateral management agreement with Saratoga CLO, pursuant to which the Company acts as its collateral manager. The Saratoga CLO was initially refinanced in October 2013 and November 2016 with its reinvestment period extended to October 2016 and October 2018, respectively.

On December 14, 2018, the Company completed a third refinancing and upsize of the Saratoga CLO (the “2013-1 Reset CLO Notes”). The third Saratoga CLO refinancing, which, among other things, extended its reinvestment period to January 2021, and extended its legal maturity date to January 2030, and added a non-call period of January 2020. Following this refinancing, the Saratoga CLO portfolio increased its aggregate principal amount from approximately $300.0 million to approximately $500.0 million of predominantly senior secured first lien term loans.

On February 11, 2020, the Company entered into an unsecured loan agreement (“CLO 2013-1 Warehouse 2 Loan”) with Saratoga Investment Corp. CLO 2013-1 Warehouse 2, Ltd. (“CLO 2013-1 Warehouse 2”), a wholly owned subsidiary of Saratoga CLO, which was fully repaid. During the fourth quarter ended February 28, 2021, the CLO 2013-1 Warehouse 2 Ltd. was repaid in full.

On February 26, 2021, the Company completed the fourth refinancing of the Saratoga CLO, which, among other things, extended the Saratoga CLO reinvestment period to April 2024, extended its legal maturity to April 2033, and added a non-call period of February 2022. In addition, and as part of the refinancing, the Saratoga CLO was upsized from $500 million in assets to approximately $650 million. As part of this refinancing and upsizing, the Company invested an additional $14.0 million in all of the newly issued subordinated notes of the Saratoga CLO, and purchased $17.9 million in aggregate principal amount of the Class F-R-3 Notes tranche at par. Concurrently with the fourth refinancing of the Saratoga CLO, the existing $2.5 million of Class F-R-2 Notes, $7.5 million of Class G-R-2 Notes and $25.0 million of the CLO 2013-1 Warehouse 2 Loan were repaid. The Company also paid $2.6 million of transaction costs related to the refinancing and upsizing on behalf of the Saratoga CLO, to be reimbursed from future equity distributions. At August 31, 2021, the outstanding receivable of $2.6 million was repaid in full.

On August 9, 2021, the Company exchanged its existing $17.9 million Class F-R-3 Note for $8.5 million Class F-1-R-3 Notes and $9.4 million Class F-2-R-3 Notes at par. On August 11, 2021, the Company sold its Class F-1-R-3 Notes to third parties, resulting in a realized loss of $0.1 million.

On June 10, 2024, the Company completed its fifth refinancing of the Saratoga CLO, which adjusted the interest rate of two of the existing Notes. Saratoga CLO issued $422.5 million notes (the “2013-1 2024 Reset CLO Notes”), consisting of Class A-1-R-4 and Class A-2-R-4. The 2013-1 2024 Reset CLO Notes were issued pursuant to the indenture with the same trustee. Proceeds of the issuance of the 2013-1 2024 Reset CLO Notes were used along with existing assets of the Saratoga CLO to redeem the existing Class A-1-R-3 and Class A-2-R-3 Notes. No other Notes were refinanced as part of this refinancing. The Saratoga CLO paid $0.5 million of transaction costs related to the refinancing.

The Saratoga CLO remains effectively 100% owned and managed by the Company. The Company receives a base management fee of 0.10% per annum and a subordinated management fee of 0.40% per annum of the outstanding principal amount of Saratoga CLO’s assets, paid quarterly to the extent of available proceeds. Following the third refinancing and the issuance of the 2013-1 Reset CLO Notes on December 14, 2018, the Company is no longer entitled to an incentive management fee equal to 20.0% of excess cash flow to the extent the Saratoga CLO subordinated notes receive an internal rate of return paid in cash equal to or greater than 12.0%.

For the three months ended November 30, 2025 and November 30, 2024, the Company accrued management fee income of $0.6 million and $0.8 million, respectively, and interest income of $0.0 million and $0.0 million, respectively, from the subordinated notes of Saratoga CLO.

For the nine months ended November 30, 2025 and November 30, 2024, the Company accrued management fee income of $2.0 million and $2.4 million, respectively, and interest income of $0.0 million and $0.0 million, respectively, from the subordinated notes of Saratoga CLO.

As of November 30, 2025, the aggregate principal amounts of the Company’s investments in the subordinated notes and Class F-2-R-3 Notes of the Saratoga CLO was $111.0 million and $9.4 million, respectively, which had a corresponding fair value of $0.0 million and $0.1 million, respectively. The Company determines the fair value of its investment in the subordinated notes of Saratoga CLO based on the present value of the projected future cash flows of the subordinated notes over the life of Saratoga CLO. As of November 30, 2025, Saratoga CLO had investments with a principal balance of $427.7 million and a weighted average spread over SOFR of 3.5% and had debt with a principal balance of $440.0 million with a weighted average spread over SOFR of 2.5%. As a result, Saratoga CLO earns a “spread” between the interest income it receives on its investments and the interest expense it pays on its debt and other operating expenses, which is distributed quarterly to the Company as the holder of its subordinated notes. As of November 30, 2025, the present value of the projected future cash flows of the subordinated notes was approximately $0.0 million, using a 70% discount rate. The Company’s total investment in the subordinate notes of Saratoga CLO is $57.8 million, which consists of additional investments of $30 million in January 2008, $13.8 million in December 2018 and $14.0 million in February 2021; to date, the Company has received distributions of $92.2 million, management fees of $40.3 million and incentive fees of $1.2 million.

As of February 28, 2025, the Company determined that the fair value of its investment in the subordinated notes of Saratoga CLO was $0.2 million. As of February 28, 2025, the fair value of its investment in the Class F-R-3 Notes of Saratoga CLO was $2.3 million. As of February 28, 2025, Saratoga CLO had investments with a principal balance of $527.1 million and a weighted average spread over SOFR of 3.7% and had debt with a principal balance of $524.2 million with a weighted average spread over SOFR of 2.3%. As of February 28, 2025, the present value of the projected future cash flows of the subordinated notes, was approximately $0.2 million, using a 40% discount rate. The Company’s total investment in the subordinate notes of Saratoga CLO is $57.8 which consists of additional investments of $30 million in January 2008, $13.8 million in December 2018 and $14.0 million in February 2021. To date the Company has since received distributions of $91.7 million, management fees of $38.3 million and incentive fees of $1.2 million.

Below is certain financial information from the separate financial statements of Saratoga CLO as of November 30, 2025 (unaudited) and February 28, 2025 and for the three and nine months ended November 30, 2025 (unaudited) and November, 2024 (unaudited).

		November 30, 2025				February 28, 2025
		(unaudited)
ASSETS
Investments at fair value
Loans at fair value (amortized cost of $415,161,127 and $517,757,349, respectively)		$	395,951,132			$	490,510,660
Equities at fair value (amortized cost of $2,004,271 and $2,578,454, respectively)			1,967,199				1,684,429
Total investments at fair value (amortized cost of $417,165,398 and $520,335,803, respectively)			397,918,331				492,195,089
Cash and cash equivalents			21,702,536				21,272,327
Receivable from open trades			5,840,493				1,138,899
Interest receivable (net of reserve of $817,651 and $1,121,546, respectively)			2,303,116				2,380,214
Due from affiliate (See Note 7)			1,591				801
Prepaid expenses and other assets			771,555				101,453
Total assets		$	428,537,622			$	517,088,783
LIABILITIES
Interest payable		$	3,271,388			$	3,739,343
Accrued base management fee			54,275				62,839
Accrued subordinated management fee			217,102				251,354
Accounts payable and accrued expenses			397,213				143,135
Saratoga Investment Corp. CLO 2013-1, Ltd. Notes:
Class A-1-R-4 Senior Secured Floating Rate Notes			186,461,128				270,719,300
Class A-2-R-4 Senior Secured Floating Rate Notes			65,000,000				65,000,000
Class B-FL-R-3 Senior Secured Floating Rate Notes			60,500,000				60,500,000
Class B-FXD-R-3 Senior Secured Fixed Rate Notes			11,000,000				11,000,000
Class C-FL-R-3 Deferrable Mezzanine Floating Rate Notes			26,000,000				26,000,000
Class C-FXD-R-3 Deferrable Mezzanine Fixed Rate Notes			6,500,000				6,500,000
Class D-R-3 Deferrable Mezzanine Floating Rate Notes			39,000,000				39,000,000
Discount on Class D-R-3 Notes			(177,900	)			(196,033	)
Class E-R-3 Deferrable Mezzanine Floating Rate Notes			27,625,000				27,625,000
Discount on Class E-R-3 Notes			(1,848,185	)			(2,036,565	)
Class F-1-R-3 Notes Deferrable Junior Floating Rate Notes			8,500,000				8,500,000
Class F-2-R-3 Notes Deferrable Junior Floating Rate Notes			9,375,000				9,375,000
Deferred debt financing costs			(1,118,201	)			(1,229,456	)
Subordinated Notes			111,000,000				111,000,000
Discount on Subordinated Notes			(29,231,018	)			(32,210,459	)
Total liabilities			522,525,802				603,743,458
Commitments and contingencies
NET ASSETS
Ordinary equity, par value $1.00, 250 ordinary shares authorized, 250 and 250 common shares issued and outstanding, respectively			250				250
Total distributable earnings (loss)			(93,988,430	)			(86,654,925	)
Total net deficit			(93,988,180	)			(86,654,675	)
Total liabilities and net assets		$	428,537,622			$	517,088,783

		For the three months ended								For the nine months ended
		November 30, 2025				November 29, 2024				November 30, 2025				November 29, 2024
INVESTMENT INCOME
Total interest from investments		$	9,750,419			$	13,342,306			$	31,711,076			$	43,995,503
Interest from cash and cash equivalents			265,625				289,869				696,254				853,765
Other income			53,407				124,901				163,529				1,225,297
Total investment income			10,069,451				13,757,076				32,570,859				46,074,565
EXPENSES
Interest and debt financing expenses			8,721,352				13,408,313				28,318,092				42,605,821
Base management fee			125,755				775,398				399,516				1,094,754
Subordinated management fee			503,019				-				1,598,065				1,277,423
Professional fees			87,829				79,709				261,895				222,005
Trustee expenses			45,489				64,157				141,752				187,635
Other expense			66,180				66,339				292,003				242,902
Total expenses			9,549,624				14,393,916				31,011,323				45,630,540
NET INVESTMENT INCOME (LOSS)			519,827				(636,840	)			1,559,536				444,025
REALIZED AND UNREALIZED LOSS ON INVESTMENTS
Net realized loss from investments			(9,330,637	)			(1,278,236	)			(17,786,688	)			(8,472,121	)
Net change in unrealized depreciation on investments			7,147,018				(1,626,867	)			8,893,647				(2,346,233	)
Net realized and unrealized gain (loss) on investments			(2,183,619	)			(2,905,103	)			(8,893,041	)			(10,818,354	)
Realized losses on extinguishment of debt			-				-				-				(579,213	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		$	(1,663,792	)		$	(3,541,943	)		$	(7,333,505	)		$	(10,953,542	)

Issuer Name		Industry		Asset Name		Asset Type		Reference Rate/Spread						SOFR/LIBOR Floor				Current Rate (All In)				Maturity Date		Principal/ Number of Shares				Cost				Fair Value
ALTISOURCE PORTFOLIO SOL		Banking, Finance, Insurance & Real Estate		Common Stock		Equity																			37,028			$	216,246			$	357,509
Altisource Portfolio Solutions - CS Warrant		Banking, Finance, Insurance & Real Estate		Warrants		Equity																			990				3,736				386
Altisource Portfolio Solutions - NS Warrant		Banking, Finance, Insurance & Real Estate		Warrants		Equity																			990				3,129				436
Franchise Group Inc		Services: Consumer		Common Stock		Equity																			32,460				746,579				1,103,639
Instant Brands Litigation Trust		Consumer Goods: Durable		Equity Interests		Equity																			8,572				-				426,189
Isagenix International, LLC		Beverage, Food & Tobacco		Common Stock		Equity																			86,398				-				-
JP Intermediate B, LLC		Consumer goods: Non-durable		Common Stock		Equity																			9,319				-				-
Resolute Investment Managers (American Beacon), Inc.		Banking, Finance, Insurance & Real Estate		Common Stock		Equity																			24,320				1,034,581				79,040
Wellpath Correct Care		Healthcare & Pharmaceuticals		Common Stock		Equity																			19,309				-				-
1011778 B.C Unltd Liability Co		Beverage, Food & Tobacco		1011778 B.C. Unlimited Liability Company		Loan		1M USD SOFR+			1.75	%			0.00	%			5.71	%		9/20/2030			1,365,038				1,350,552				1,362,990
19TH HOLDINGS GOLF, LLC		Consumer goods: Durable		19th Holdings Golf LLC		Loan		1M USD SOFR+			3.25	%			0.50	%			7.36	%		2/7/2029			2,429,698				2,368,638				2,432,735
888 Acquisitions Limited		Hotel, Gaming & Leisure		888 Acquisitions LTD		Loan		6M USD SOFR+			5.25	%			0.00	%			9.05	%		7/8/2028			3,013,396				2,821,095				2,788,657
Adtalem Global Education Inc.		Services: Business		Adtalem Global Education Inc.		Loan		1M USD SOFR+			2.75	%			0.75	%			6.71	%		8/12/2028			237,528				236,514				237,678
Agiliti Health Inc.		Healthcare & Pharmaceuticals		Agiliti Health Inc.		Loan		6M USD SOFR+			3.00	%			0.00	%			6.86	%		5/1/2030			2,137,785				2,125,881				2,059,393
AHEAD DB Holdings, LLC		Services: Business		Ahead DB Holdings LLC		Loan		3M USD SOFR+			2.75	%			0.75	%			6.75	%		2/1/2031			2,873,938				2,822,618				2,855,774
Air Canada		Transportation: Consumer		Air Canada		Loan		1M USD SOFR+			2.00	%			0.00	%			5.96	%		3/21/2031			985,000				983,176				986,231
AIT Worldwide Logistics Holdings, Inc.		Transportation: Cargo		AIT Worldwide Logistics Holdings Inc.		Loan		3M USD SOFR+			4.00	%			0.75	%			7.89	%		4/8/2030			2,437,279				2,337,550				2,445,711
AlixPartners, LLP		Banking, Finance, Insurance & Real Estate		AlixPartners LLP		Loan		1M USD SOFR+			2.00	%			0.00	%			5.96	%		8/12/2032			239,374				239,363				239,046
Allen Media, LLC		Media: Diversified & Production		Allen Media LLC		Loan		3M USD SOFR+			5.50	%			0.00	%			9.65	%		2/10/2027			4,269,969				4,261,776				2,983,641
Alliant Holdings Intermediate, LLC		Banking, Finance, Insurance & Real Estate		Alliant Holdings Intermediate LLC		Loan		1M USD SOFR+			2.50	%			0.00	%			6.46	%		9/19/2031			791,044				791,044				791,147

Issuer Name		Industry		Asset Name		Asset Type		Reference Rate/Spread						SOFR/LIBOR Floor				Current Rate (All In)				Maturity Date		Principal/ Number of Shares				Cost				Fair Value
Alterra Mountain Company (Intrawest Resort Holdings)		Hotel, Gaming & Leisure		Alterra Mountain Company		Loan		1M USD SOFR+			2.50	%			0.00	%			6.46	%		5/31/2030			248,128				248,128				248,438
Altisource Solutions S.a r.l.		Banking, Finance, Insurance & Real Estate		Altisource S.a r.l.		Loan		3M USD SOFR+			6.50	%			3.50	%			10.60	%		2/20/2029			497,500				487,052				497,500
Altium Packaging LLC		Containers, Packaging & Glass		Altium Packaging LLC		Loan		1M USD SOFR+			2.50	%			0.00	%			6.46	%		6/11/2031			478,938				478,011				456,787
American Axle & Manufacturing Inc.		Automotive		American Axle & Manufacturing Inc.		Loan		1M USD SOFR+			3.00	%			0.50	%			6.96	%		12/13/2029			480,000				470,674				480,600
American Greetings Corporation		Media: Advertising, Printing & Publishing		American Greetings Corporation		Loan		1M USD SOFR+			5.75	%			0.00	%			9.71	%		10/30/2029			2,870,880				2,869,973				2,814,353
Amynta Agency Borrower Inc.		Banking, Finance, Insurance & Real Estate		Amynta Agency Borrower Inc.		Loan		1M USD SOFR+			2.75	%			0.00	%			6.71	%		12/29/2031			3,398,530				3,338,525				3,400,127
AP Core Holdings II LLC		High Tech Industries		AP Core Holdings II LLC		Loan		1M USD SOFR+			5.50	%			0.75	%			9.58	%		9/1/2027			1,598,950				1,590,419				1,587,965
AP Core Holdings II LLC		High Tech Industries		AP Core Holdings II LLC		Loan		1M USD SOFR+			5.50	%			0.75	%			9.58	%		9/1/2027			500,000				497,336				495,780
APEX GROUP TREASURY LLC		Banking, Finance, Insurance & Real Estate		Apex Group Treasury LLC		Loan		3M USD SOFR+			3.50	%			0.00	%			7.39	%		2/27/2032			487,587				468,152				436,391
Aramark Services, Inc.		Services: Consumer		Aramark Services Inc.		Loan		3M USD SOFR+			2.00	%			0.00	%			6.20	%		6/22/2030			2,242,497				2,220,561				2,246,578

Issuer Name		Industry		Asset Name		Asset Type		Reference Rate/Spread						SOFR/LIBOR Floor				Current Rate (All In)				Maturity Date		Principal/ Number of Shares				Cost				Fair Value
Aramark Services, Inc.		Services: Consumer		Aramark Services Inc.		Loan		1M USD SOFR+			1.75	%			0.00	%			5.71	%		4/6/2028			1,753,715				1,750,758				1,754,820
ARC FALCON I INC.		Chemicals, Plastics, & Rubber		ARC Falcon I Inc.		Loan		1M USD SOFR+			3.50	%			0.50	%			7.56	%		9/23/2028			963,774				962,747				961,972
ARCIS GOLF LLC		Services: Consumer		Arcis Golf LLC		Loan		1M USD SOFR+			2.75	%			0.50	%			6.71	%		11/24/2028			490,696				487,681				491,461
Aretec Group, Inc.		Banking, Finance, Insurance & Real Estate		Aretec Group Inc.		Loan		1M USD SOFR+			3.00	%			0.00	%			6.96	%		8/9/2030			2,603,226				2,591,741				2,609,500
Ascensus Group Holdings, Inc		Banking, Finance, Insurance & Real Estate		Ascensus Group Holdings Inc.		Loan		1M USD SOFR+			3.00	%			0.00	%			6.96	%		8/2/2028			490,842				488,476				489,983
Aspire Bakeries Holdings, LLC		Beverage, Food & Tobacco		Aspire Bakeries Holdings LLC		Loan		1M USD SOFR+			3.50	%			0.00	%			7.47	%		12/23/2030			888,773				882,022				892,523
Asurion, LLC		Banking, Finance, Insurance & Real Estate		Asurion LLC		Loan		1M USD SOFR+			4.00	%			0.00	%			8.06	%		8/19/2028			1,940,000				1,888,424				1,935,751
Asurion, LLC		Banking, Finance, Insurance & Real Estate		Asurion LLC		Loan		1M USD SOFR+			4.25	%			0.00	%			8.21	%		9/19/2030			2,890,283				2,887,527				2,840,743
ATHENAHEALTH GROUP INC.		Healthcare & Pharmaceuticals		Athenahealth Group Inc.		Loan		1M USD SOFR+			2.75	%			0.50	%			6.71	%		2/15/2029			1,297,280				1,294,787				1,294,582
Avolon TLB Borrower 1 (US) LLC		Capital Equipment		Avolon TLB Borrower 1 (US) LLC		Loan		1M USD SOFR+			1.75	%			0.00	%			5.71	%		6/22/2030			1,461,577				1,428,005				1,466,430
Axalta Coating Systems US Holdings		Chemicals, Plastics, & Rubber		Axalta Coating Systems US Holdings INC		Loan		3M USD SOFR+			1.75	%			0.50	%			5.75	%		12/20/2029			839,665				834,432				840,958
B&G Foods, Inc.		Beverage, Food & Tobacco		B&G Foods Inc.		Loan		1M USD SOFR+			3.50	%			0.00	%			7.46	%		10/10/2029			528,285				526,928				506,625
Baldwin Insurance Group Holdings, LLC		Banking, Finance, Insurance & Real Estate		Baldwin Insurance Group Holdings LLC		Loan		1M USD SOFR+			2.50	%			0.00	%			6.46	%		5/27/2031			1,627,997				1,619,274				1,634,102
Belfor Holdings Inc.		Services: Consumer		Belfor Holdings Inc.		Loan		1M USD SOFR+			2.75	%			0.50	%			6.71	%		11/4/2030			1,389,941				1,379,690				1,392,554
Bengal Debt Merger Sub LLC		Beverage, Food & Tobacco		Naked Juice LLC		Loan		3M USD SOFR+			3.25	%			0.50	%			7.35	%		1/24/2029			1,161,165				753,240				829,409
Bengal Debt Merger Sub LLC (c)		Beverage, Food & Tobacco		Naked Juice LLC		Loan		3M USD SOFR+			1.00	%			0.50	%			5.10	%		1/24/2030			397,801				153,115				147,437
Blackstone Mortgage Trust, Inc.		Banking, Finance, Insurance & Real Estate		Blackstone Mortgage Trust Inc.		Loan		1M USD SOFR+			2.25	%			0.00	%			6.33	%		4/23/2026			342,601				342,321				342,601
Bombardier Recreational Products, Inc.		Consumer goods: Durable		Bombardier Recreational Products Inc.		Loan		1M USD SOFR+			2.25	%			0.00	%			6.21	%		1/22/2031			1,414,986				1,412,293				1,417,448

Issuer Name		Industry		Asset Name		Asset Type		Reference Rate/Spread						SOFR/LIBOR Floor				Current Rate (All In)				Maturity Date		Principal/ Number of Shares				Cost				Fair Value
Bombardier Recreational Products, Inc.		Consumer goods: Durable		Bombardier Recreational Products Inc.		Loan		1M USD SOFR+			2.25	%			0.50	%			6.21	%		12/13/2029			485,109				477,232				485,919
Boost Newco Borrower, LLC (Worldpay)		Banking, Finance, Insurance & Real Estate		Boost Newco Borrower LLC		Loan		3M USD SOFR+			2.00	%			0.00	%			6.00	%		1/31/2031			496,256				494,331				497,001
Boxer Parent Company, Inc.		High Tech Industries		Boxer Parent Company Inc.		Loan		3M USD SOFR+			3.00	%			0.00	%			7.20	%		7/30/2031			1,002,158				998,521				997,678
BroadStreet Partners, Inc.		Banking, Finance, Insurance & Real Estate		Broadstreet Partners Inc.		Loan		1M USD SOFR+			2.75	%			0.00	%			6.71	%		6/16/2031			2,875,332				2,873,836				2,882,894
Brookfield WEC Holdings Inc.		Energy: Electricity		WEC US Holdings Ltd		Loan		1M USD SOFR+			2.00	%			0.00	%			5.98	%		1/27/2031			1,429,592				1,429,592				1,430,850
Brookfield Property REIT Inc.		Banking, Finance, Insurance & Real Estate		Brookfield Property REIT Inc.		Loan		1M USD SOFR+			3.50	%			0.00	%			7.46	%		5/16/2030			1,734,957				1,768,786				1,741,463
BROWN GROUP HOLDING, LLC		Aerospace & Defense		Brown Group Holding LLC		Loan		3M USD SOFR+			2.75	%			0.00	%			6.95	%		7/1/2031			487,590				479,018				489,726
Buckeye Partners, L.P.		Utilities: Oil & Gas		Buckeye Partners L.P.		Loan		1M USD SOFR+			1.75	%			0.00	%			5.72	%		11/22/2032			1,136,241				1,133,944				1,138,866
BW Gas & Convenience Holdings LLC		Beverage, Food & Tobacco		BW Gas & Convenience Holdings LLC		Loan		1M USD SOFR+			3.50	%			0.50	%			7.58	%		3/31/2028			2,393,750				2,384,285				2,385,779
Callaway Golf Company		Retail		Topgolf Callaway Brands Corp.		Loan		1M USD SOFR+			3.00	%			0.00	%			6.96	%		3/16/2030			467,500				464,207				467,953
Calpine Corporation		Utilities: Electric		Calpine Corporation		Loan		1M USD SOFR+			1.75	%			0.00	%			5.71	%		1/31/2031			1,990,000				1,982,431				1,988,309
Camping World, Inc.		Retail		CWGS Group LLC		Loan		1M USD SOFR+			2.50	%			0.75	%			6.58	%		6/5/2028			2,387,916				2,273,043				2,326,929
CAPSTONE BORROWER INC		Services: Business		Capstone Borrower INC		Loan		3M USD SOFR+			2.75	%			0.00	%			6.75	%		6/17/2030			866,124				856,895				864,392
CareerBuilder, LLC (c)		Services: Business		CareerBuilder LLC		Loan		1M USD SOFR+			2.50	%			0.00	%			6.58	%		7/31/2026			-				259,899				-

Issuer Name		Industry		Asset Name		Asset Type		Reference Rate/Spread						SOFR/LIBOR Floor				Current Rate (All In)				Maturity Date		Principal/ Number of Shares				Cost				Fair Value
Castle US Holding Corporation (c)		Media: Advertising, Printing & Publishing		Castle US Holding Corporation		Loan		3M USD SOFR+			5.00	%			2.00	%			9.20	%		4/29/2030			219,383				213,571				221,970
Castle US Holding Corporation		Media: Advertising, Printing & Publishing		Castle US Holding Corporation		Loan		3M USD SOFR+			4.25	%			0.00	%			8.72	%		5/31/2030			1,743,632				1,210,940				857,658
CBL & Associates Limited Partnership		Retail		CBL & Associates Limited Partnership		Loan		1M USD SOFR+			2.75	%			1.00	%			6.85	%		12/3/2025			2,005,454				1,994,027				1,931,914
CCC Intelligent Solutions Inc.		Services: Business		CCC Intelligent Solutions Inc.		Loan		1M USD SOFR+			2.00	%			0.50	%			5.96	%		1/23/2032			240,681				240,468				241,483
CCRR Parent, Inc.		Healthcare & Pharmaceuticals		Ingenovis Health Inc.		Loan		3M USD SOFR+			4.25	%			0.50	%			8.55	%		3/6/2028			972,500				948,381				299,656
CCRR Parent, Inc.		Healthcare & Pharmaceuticals		Ingenovis Health Inc.		Loan		3M USD SOFR+			4.25	%			0.75	%			8.71	%		3/6/2028			955,000				953,468				300,825
CDK GLOBAL, INC.		High Tech Industries		CDK Global II LLC		Loan		3M USD SOFR+			3.25	%			0.00	%			7.25	%		7/6/2029			982,575				964,625				814,614
Charlotte Buyer, Inc.		Services: Business		Charlotte Buyer Inc		Loan		3M USD SOFR+			4.25	%			0.50	%			8.21	%		2/11/2028			1,462,753				1,414,491				1,455,439
Chemours Company, (The)		Chemicals, Plastics, & Rubber		Chemours Company The		Loan		1M USD SOFR+			3.50	%			0.00	%			7.46	%		10/15/2032			2,351,722				2,326,592				2,269,411
Churchill Downs Incorporated		Hotel, Gaming & Leisure		Churchill Downs Incorporated		Loan		1M USD SOFR+			1.75	%			0.00	%			5.71	%		3/17/2028			477,500				477,192				477,204
CIMPRESS PUBLIC LIMITED COMPANY		Media: Advertising, Printing & Publishing		Cimpress USA Incorporated		Loan		1M USD SOFR+			2.50	%			0.50	%			6.46	%		5/17/2028			1,925,599				1,884,639				1,928,006
CITADEL SECURITIES LP		Banking, Finance, Insurance & Real Estate		Citadel Securities LP		Loan		1M USD SOFR+			2.00	%			0.00	%			5.96	%		10/31/2031			4,790,688				4,790,688				4,806,497
Citco Funding LLC		Banking, Finance, Insurance & Real Estate		Citco Funding LLC		Loan		3M USD SOFR+			2.75	%			0.50	%			6.81	%		4/27/2028			980,075				977,538				984,672
Clarios Global LP		Automotive		Clarios Global LP		Loan		1M USD SOFR+			2.50	%			0.00	%			6.46	%		5/6/2030			1,188,023				1,184,140				1,187,428
Cloud Software Group Inc		High Tech Industries		Cloud Software Group Inc		Loan		3M USD SOFR+			3.25	%			0.00	%			7.25	%		3/21/2031			496,256				495,887				494,743
CLYDESDALE ACQUISITION HOLDINGS, INC.		Containers, Packaging & Glass		Clydesdale Acquisition Holdings Inc.		Loan		1M USD SOFR+			3.18	%			0.50	%			7.14	%		4/13/2029			1,220,000				1,202,807				1,214,815

Issuer Name		Industry		Asset Name		Asset Type		Reference Rate/Spread						SOFR/LIBOR Floor				Current Rate (All In)				Maturity Date		Principal/ Number of Shares				Cost				Fair Value
Columbus McKinnon Corporation		Capital Equipment		Columbus McKinnon Corporation		Loan		3M USD SOFR+			2.50	%			0.50	%			6.50	%		5/14/2028			349,698				349,393				349,698
Connect Finco SARL		Telecommunications		Connect U.S. Finco LLC		Loan		1M USD SOFR+			4.50	%			0.50	%			8.46	%		9/27/2029			2,844,188				2,788,564				2,824,648
Corelogic, Inc.		Services: Business		Corelogic Inc.		Loan		1M USD SOFR+			3.50	%			0.50	%			7.58	%		6/2/2028			2,400,000				2,395,690				2,397,744
Creative Artists Agency, LLC		Media: Diversified & Production		Creative Artists Agency LLC		Loan		1M USD SOFR+			2.50	%			0.00	%			6.46	%		10/1/2031			1,568,214				1,560,880				1,570,597
CROCS INC		Consumer goods: Durable		Crocs Inc.		Loan		3M USD SOFR+			2.25	%			0.50	%			6.25	%		2/19/2029			750,000				733,658				753,750
Cross Financial Corp		Banking, Finance, Insurance & Real Estate		Cross Financial Corp		Loan		1M USD SOFR+			2.75	%			0.00	%			6.71	%		10/31/2031			482,637				481,705				484,447
Crown Subsea Communications Holding, Inc.		Construction & Building		Crown Subsea Communications Holding Inc.		Loan		1M USD SOFR+			3.50	%			0.75	%			7.46	%		1/30/2031			2,376,000				2,357,633				2,390,850
Dave & Buster's Inc.		Hotel, Gaming & Leisure		Dave & Busters Inc.		Loan		1M USD SOFR+			3.25	%			0.50	%			7.25	%		6/29/2029			762,038				739,107				689,378
Delek US Holdings, Inc.		Utilities: Oil & Gas		Delek US Holdings Inc.		Loan		1M USD SOFR+			3.50	%			0.50	%			7.56	%		11/16/2029			5,251,500				5,178,032				5,254,336
Derby Buyer LLC		Chemicals, Plastics, & Rubber		Derby Buyer LLC		Loan		1M USD SOFR+			3.00	%			0.00	%			6.96	%		11/1/2030			615,656				608,649				616,746
DexKo Global, Inc. (Dragon Merger)		Automotive		DexKo Global Inc.		Loan		1M USD SOFR+			3.75	%			0.50	%			7.83	%		10/4/2028			965,000				963,199				950,805
Diamond Sports Group, LLC		Media: Broadcasting & Subscription		Diamond Sports Group LLC		Loan		1M USD SOFR+			10.00	%			1.00	%			14.19	%		5/25/2026			29,734				29,612				19,327
DIRECTV FINANCING, LLC		Media: Broadcasting & Subscription		DIRECTV Financing LLC		Loan		3M USD SOFR+			5.25	%			0.75	%			9.35	%		8/2/2029			2,687,575				2,675,269				2,689,134
DISCOVERY PURCHASER CORPORATION		Chemicals, Plastics, & Rubber		Discovery Purchaser Corporation		Loan		3M USD SOFR+			3.75	%			0.50	%			7.61	%		10/4/2029			1,462,892				1,388,662				1,419,941
DOMTAR CORPORATION		Forest Products & Paper		Domtar Corp		Loan		1M USD SOFR+			5.50	%			0.75	%			9.58	%		11/30/2028			2,942,003				2,907,410				2,265,342
DRI HOLDING INC.		Media: Advertising, Printing & Publishing		DRI Holding Inc		Loan		1M USD SOFR+			5.25	%			0.50	%			9.31	%		12/15/2028			3,862,418				3,777,558				3,785,981
DRW Holdings, LLC		Banking, Finance, Insurance & Real Estate		DRW Holdings LLC		Loan		3M USD SOFR+			3.50	%			0.00	%			7.50	%		6/17/2031			6,241,950				6,220,242				6,113,241
DTZ U.S. Borrower, LLC		Construction & Building		Cushman & Wakefield U.S. Borrower LLC		Loan		1M USD SOFR+			2.50	%			0.50	%			6.46	%		1/31/2030			1,708,945				1,708,911				1,717,490

Issuer Name		Industry		Asset Name		Asset Type		Reference Rate/Spread						SOFR/LIBOR Floor				Current Rate (All In)				Maturity Date		Principal/ Number of Shares				Cost				Fair Value
DTZ U.S. Borrower, LLC		Construction & Building		Cushman & Wakefield U.S. Borrower LLC		Loan		1M USD SOFR+			2.75	%			0.50	%			6.71	%		1/31/2030			932,250				915,807				934,972
Dye & Durham Corporation		Services: Business		Dye & Durham Corporation		Loan		3M USD SOFR+			4.25	%			1.00	%			8.35	%		4/11/2031			1,420,714				1,403,089				1,278,643
EAB Global, Inc.		Services: Business		EAB Global Inc.		Loan		1M USD SOFR+			3.00	%			0.50	%			6.96	%		8/16/2030			962,838				961,211				894,438
Echo Global Logistics, Inc.		Services: Business		Echo Global Logistics Inc.		Loan		1M USD SOFR+			3.75	%			0.50	%			7.81	%		11/23/2028			1,930,000				1,929,230				1,894,160
Edelman Financial Group Inc., The		Banking, Finance, Insurance & Real Estate		The Edelman Financial Engines Centre LLC		Loan		1M USD SOFR+			3.00	%			0.00	%			6.96	%		4/7/2028			2,139,206				2,137,089				2,148,875
ELECTRON BIDCO INC.		Healthcare & Pharmaceuticals		Examworks Bidco Inc		Loan		1M USD SOFR+			2.50	%			0.50	%			6.46	%		11/1/2028			485,063				484,310				487,008
Embecta Corp		Healthcare & Pharmaceuticals		Embecta Corp		Loan		1M USD SOFR+			3.00	%			0.50	%			6.96	%		3/30/2029			2,380,429				2,350,343				2,380,667
Emrld Borrower LP		Capital Equipment		EMRLD Borrower LP		Loan		3M USD SOFR+			2.25	%			0.00	%			6.45	%		5/31/2030			982,538				979,263				982,498
Endo Finance Holdings, Inc.		Healthcare & Pharmaceuticals		Endo Finance Holdings Inc.		Loan		1M USD SOFR+			4.00	%			0.50	%			7.96	%		4/23/2031			1,980,000				1,963,850				1,955,250
Endure Digital, Inc.		High Tech Industries		Endurance International Group Holdings Inc.		Loan		1M USD SOFR+			3.50	%			0.75	%			7.61	%		2/10/2028			2,393,750				2,390,595				1,232,781
Entain Holdings (Gibraltar) Limited		Hotel, Gaming & Leisure		Entain Holdings (Gibraltar) Limited		Loan		Daily SOFR+			2.25	%			0.00	%			6.16	%		10/31/2029			1,468,906				1,458,297				1,464,617
EOS U.S. FINCO LLC		Transportation: Cargo		Term Loan		Loan		6M USD SOFR+			0.00	%			0.50	%			0.00	%		10/9/2029			-				26,701				-

Issuer Name		Industry		Asset Name		Asset Type		Reference Rate/Spread						SOFR/LIBOR Floor				Current Rate (All In)				Maturity Date		Principal/ Number of Shares				Cost				Fair Value
Equiniti Group PLC		Services: Business		Orbit Private Holdings I LTD		Loan		6M USD SOFR+			3.75	%			0.00	%			7.92	%		12/11/2028			962,775				957,824				960,166
Evertec Group LLC		Banking, Finance, Insurance & Real Estate		Evertec Group LLC		Loan		1M USD SOFR+			2.25	%			0.50	%			6.21	%		10/30/2030			1,125,000				1,112,162				1,125,000
Fiesta Purchaser, Inc.		Beverage, Food & Tobacco		Fiesta Purchaser Inc.		Loan		1M USD SOFR+			2.75	%			0.00	%			6.71	%		2/12/2031			493,772				489,966				492,147
Finco I LLC		Banking, Finance, Insurance & Real Estate		FinCo I LLC		Loan		1M USD SOFR+			1.75	%			0.00	%			5.71	%		6/27/2029			2,774,631				2,773,345				2,771,163
First Brands Group, LLC (b)		Automotive		First Brands Group LLC		Loan		1M USD SOFR+			0.00	%			1.00	%			4.24	%		3/30/2027			1,332,115				14,025				13,734
First Brands Group, LLC		Automotive		First Brands Group LLC		Loan		1M USD SOFR+			1.55	%			1.00	%			5.53	%		6/29/2026			1,388,295				1,168,696				1,460,681
First Brands Group, LLC		Automotive		First Brands Group LLC		Loan		1M USD SOFR+			7.00	%			1.00	%			10.98	%		6/29/2026			3,455,385				1,467,335				1,380,012
First Student Bidco Inc.		Transportation: Consumer		First Student Bidco Inc		Loan		3M USD SOFR+			2.50	%			0.00	%			6.71	%		8/15/2030			707,702				705,393				708,764
First Student Bidco Inc.		Transportation: Consumer		First Student Bidco Inc		Loan		3M USD SOFR+			2.50	%			0.00	%			6.71	%		8/15/2030			216,966				216,281				217,292
Fitness International, LLC (LA Fitness)		Services: Consumer		Fitness International LLC		Loan		1M USD SOFR+			4.50	%			1.00	%			8.46	%		2/5/2029			1,182,000				1,157,648				1,184,364
Flutter Financing B.V.		Hotel, Gaming & Leisure		Flutter Financing B.V.		Loan		3M USD SOFR+			1.75	%			0.50	%			5.75	%		11/29/2030			3,684,375				3,676,959				3,668,274
Franklin Square Holdings, L.P.		Banking, Finance, Insurance & Real Estate		Franklin Square Holdings L.P.		Loan		1M USD SOFR+			2.25	%			0.00	%			6.21	%		4/25/2031			4,199,316				4,195,406				4,115,330
Froneri International (R&R Ice Cream)		Beverage, Food & Tobacco		Froneri International Ltd		Loan		6M USD SOFR+			2.00	%			0.00	%			6.20	%		9/16/2031			1,905,425				1,905,578				1,896,317
Fusion Buyer LLC		Services: Consumer		Fusion Buyer LLC		Loan		3M USD SOFR+			8.00	%			0.00	%			12.10	%		6/6/2030			1,426,523				1,426,523				1,459,804

Issuer Name		Industry		Asset Name		Asset Type		Reference Rate/Spread						SOFR/LIBOR Floor				Current Rate (All In)				Maturity Date		Principal/ Number of Shares				Cost				Fair Value
Garrett LX III S.a r.l.		Automotive		Garrett Motion Sarl		Loan		3M USD SOFR+			2.00	%			0.50	%			5.84	%		1/20/2032			1,339,099				1,336,340				1,338,536
Genesee & Wyoming, Inc.		Transportation: Cargo		Genesee & Wyoming Inc.		Loan		3M USD SOFR+			1.75	%			0.00	%			5.75	%		4/10/2031			1,485,000				1,478,914				1,482,372
GIP Pilot Acquisition Partners, L.P.		Energy: Oil & Gas		GIP Pilot Acquistion Partners L.P.		Loan		3M USD SOFR+			2.00	%			0.00	%			5.94	%		10/4/2030			383,422				382,044				383,549
Global Tel*Link Corporation		Telecommunications		Global Tel*Link Corporation		Loan		1M USD SOFR+			7.50	%			3.00	%			11.46	%		7/31/2029			4,772,890				4,714,576				4,705,258
Go Daddy Operating Company, LLC		High Tech Industries		Go Daddy Operating Company LLC		Loan		1M USD SOFR+			1.75	%			0.00	%			5.71	%		5/30/2031			933,144				933,144				932,202
GOLDEN WEST PACKAGING GROUP LLC (c)		Forest Products & Paper		Golden West Packaging Group LLC		Loan		1M USD SOFR+			5.25	%			0.75	%			9.33	%		6/27/2031			1,750,000				1,743,956				1,157,188
GOTO GROUP, INC.		High Tech Industries		LogMeIn Inc.		Loan		3M USD SOFR+			4.75	%			0.00	%			8.79	%		4/30/2028			1,235,970				873,939				1,069,114
GOTO GROUP, INC.		High Tech Industries		LogMeIn Inc.		Loan		3M USD SOFR+			4.75	%			0.00	%			8.79	%		4/30/2028			1,706,816				1,653,544				670,745
Graham Packaging Co Inc		Containers, Packaging & Glass		Graham Packaging Company Inc		Loan		1M USD SOFR+			2.50	%			0.00	%			6.46	%		8/4/2027			817,017				815,355				818,512
Great Outdoors Group, LLC		Retail		Huntsman Holdings LLC		Loan		1M USD SOFR+			3.25	%			0.75	%			7.21	%		1/20/2032			953,042				951,280				954,948
Griffon Corporation		Consumer goods: Durable		Griffon Corporation		Loan		1M USD SOFR+			2.00	%			0.00	%			6.00	%		1/24/2029			140,313				140,203				140,752
Grosvenor Capital Management Holdings, LLLP		Banking, Finance, Insurance & Real Estate		Grosvenor Capital Management Holdings LLLP		Loan		1M USD SOFR+			2.25	%			0.00	%			6.21	%		2/25/2030			2,765,704				2,765,676				2,776,075
Groupe Solmax Inc.		Environmental Industries		Groupe Solmax Inc.		Loan		3M USD SOFR+			4.75	%			0.75	%			9.01	%		5/27/2028			2,393,114				2,170,952				1,941,438
Hertz Corporation (The)		Transportation: Consumer		Hertz Corporation (The)		Loan		1M USD SOFR+			3.75	%			0.00	%			7.74	%		6/30/2028			2,067,190				2,029,469				1,695,096

Issuer Name		Industry		Asset Name		Asset Type		Reference Rate/Spread						SOFR/LIBOR Floor				Current Rate (All In)				Maturity Date		Principal/ Number of Shares				Cost				Fair Value
Hillman Group Inc. (The) (New)		Consumer goods: Durable		The Hillman Group Inc.		Loan		1M USD SOFR+			2.00	%			0.50	%			5.96	%		7/14/2028			2,687,595				2,687,550				2,688,858
Hilton Domestic Operating Company Inc.		Hotel, Gaming & Leisure		Hilton Worldwide Finance LLC		Loan		1M USD SOFR+			1.75	%			0.00	%			5.70	%		11/8/2030			1,500,000				1,497,583				1,505,340
HLF Financing SARL (Herbalife)		Consumer goods: Non-durable		HLF Financing SaRL LLC		Loan		1M USD SOFR+			6.75	%			0.50	%			10.71	%		4/12/2029			2,921,625				2,921,155				2,958,467
Holley Purchaser, Inc		Automotive		Holley Purchaser Inc.		Loan		1M USD SOFR+			3.75	%			0.75	%			7.83	%		11/17/2028			2,169,911				2,166,149				2,150,664
Hudson River Trading LLC		Banking, Finance, Insurance & Real Estate		Hudson River Trading LLC		Loan		1M USD SOFR+			2.75	%			0.00	%			6.71	%		3/29/2030			5,732,100				5,659,358				5,747,347
Hunter Douglas Inc		Consumer goods: Durable		Hunter Douglas Inc.		Loan		3M USD SOFR+			3.25	%			0.00	%			7.25	%		1/19/2032			2,215,903				2,038,755				2,220,335
Hyperion Refinance S.a.r.l.		Banking, Finance, Insurance & Real Estate		Hyperion Refinance S.a r.l.		Loan		1M USD SOFR+			2.75	%			0.50	%			6.71	%		2/15/2031			2,955,206				2,945,273				2,958,604
Idera, Inc.		High Tech Industries		Idera Inc.		Loan		3M USD SOFR+			3.50	%			0.75	%			7.35	%		3/2/2028			4,690,379				4,688,099				4,211,819
IMA Financial Group, Inc.		Banking, Finance, Insurance & Real Estate		IMA Financial Group Inc.		Loan		1M USD SOFR+			3.00	%			0.50	%			6.96	%		11/1/2028			2,421,830				2,416,210				2,425,730
INEOS 226 Ltd.		Chemicals, Plastics, & Rubber		INEOS US Petrochem LLC		Loan		1M USD SOFR+			3.75	%			0.00	%			7.81	%		3/13/2030			488,750				485,298				364,730
Ineos US Finance LLC		Chemicals, Plastics, & Rubber		Ineos US Finance LLC		Loan		1M USD SOFR+			3.25	%			0.00	%			7.21	%		2/18/2030			982,575				975,841				827,819
INEOS US PETROCHEM LLC		Chemicals, Plastics, & Rubber		INEOS US Petrochem LLC		Loan		1M USD SOFR+			4.25	%			0.00	%			8.31	%		4/2/2029			2,674,151				2,634,556				2,041,714
Ingram Micro Inc.		Wholesale		Ingram Micro Inc.		Loan		3M USD SOFR+			2.25	%			0.00	%			6.25	%		9/22/2031			599,923				596,865				601,009
Inmar, Inc.		Services: Business		Inmar Inc.		Loan		3M USD SOFR+			4.50	%			0.50	%			8.50	%		10/30/2031			3,275,126				3,229,018				3,232,157

Issuer Name		Industry		Asset Name		Asset Type		Reference Rate/Spread						SOFR/LIBOR Floor				Current Rate (All In)				Maturity Date		Principal/ Number of Shares				Cost				Fair Value
Innophos, Inc.		Chemicals, Plastics, & Rubber		Innophos Holdings Inc.		Loan		1M USD SOFR+			4.25	%			0.00	%			8.33	%		3/16/2029			472,500				470,258				440,805
Instant Brands Litigation Trust (b) (c)		Consumer goods: Durable		Instant Brands Litigation Trust		Loan		3M USD SOFR+			0.00	%			0.00	%			0.00	%		2/26/2031			73,811				66,529				73,811
IRB Holding Corporation		Beverage, Food & Tobacco		IRB Holding Corporation		Loan		1M USD SOFR+			2.50	%			0.50	%			6.56	%		12/16/2030			488,793				486,404				488,759
Isagenix International, LLC (c)		Beverage, Food & Tobacco		Isagenix International LLC		Loan		3M USD SOFR+			2.50	%			0.00	%			2.50	%		4/13/2028			1,475,430				1,184,934				206,560
Isolved Inc.		Services: Business		iSolved Inc		Loan		1M USD SOFR+			2.75	%			0.00	%			6.71	%		10/15/2030			615,672				610,910				616,454
Jane Street Group		Banking, Finance, Insurance & Real Estate		Jane Street Group LLC		Loan		1M USD SOFR+			2.00	%			0.00	%			5.96	%		12/15/2031			3,810,000				3,809,999				3,770,262
Journey Personal Care Corp.		Consumer goods: Non-durable		Journey Personal Care Corp.		Loan		1M USD SOFR+			3.75	%			0.75	%			7.71	%		3/1/2028			2,873,231				2,844,157				2,837,316
JP Intermediate B, LLC		Consumer goods: Non-durable		JP Intermediate B LLC		Loan		3M USD SOFR+			7.00	%			1.00	%			11.00	%		9/30/2030			233,768				233,768				187,015
JP Intermediate B, LLC		Consumer goods: Non-durable		JP Intermediate B LLC		Loan		3M USD SOFR+			5.50	%			0.00	%			9.50	%		9/30/2032			1,103,261				559,261				551,630
Koppers Inc		Chemicals, Plastics, & Rubber		Koppers Inc		Loan		1M USD SOFR+			2.50	%			0.50	%			6.50	%		4/10/2030			977,674				957,192				972,180
Lakeland Tours, LLC (c)		Hotel, Gaming & Leisure		Lakeland Tours LLC		Loan		Fixed			0.00	%			0.00	%			10.00	%		9/27/2027			1,127,568				777,042				12,685
Latham Pool Products, Inc.		Consumer goods: Durable		Latham Pool Products Inc.		Loan		3M USD SOFR+			4.00	%			0.50	%			8.35	%		2/23/2029			983,219				972,633				979,944
Lealand Finance Company B.V. (c)		Energy: Oil & Gas		Lealand Finance Company B.V.		Loan		1M USD SOFR+			1.00	%			0.00	%			4.96	%		12/31/2027			375,152				375,152				291,211
Lifetime Brands, Inc		Consumer goods: Non-durable		Lifetime Brands Inc.		Loan		1M USD SOFR+			5.50	%			1.00	%			9.57	%		8/26/2027			1,514,123				1,511,473				1,362,711
LOYALTY VENTURES INC. (b)		Services: Business		Loyalty Ventures Claims		Term Loan B		Prime			5.50	%			0.50	%			14.00	%		11/3/2027			-				11,584				-
LSF11 TRINITY BIDCO INC		Aerospace & Defense		LSF11 Trinity Bidco Inc		Loan		1M USD SOFR+			2.50	%			0.00	%			6.45	%		6/17/2030			963,550				953,203				963,550

Issuer Name		Industry		Asset Name		Asset Type		Reference Rate/Spread						SOFR/LIBOR Floor				Current Rate (All In)				Maturity Date		Principal/ Number of Shares				Cost				Fair Value
LSF9 Atlantis Holdings, LLC (A Wireless)		Retail		LSF9 Atlantis Holdings LLC		Loan		3M USD SOFR+			3.75	%			0.75	%			7.75	%		3/29/2029			2,572,447				2,522,385				2,572,447
MAGNITE, INC.		Services: Business		Magnite Inc.		Loan		1M USD SOFR+			3.00	%			0.00	%			6.96	%		2/6/2031			3,217,601				3,192,580				3,209,557
Marriott Ownership Resorts, Inc.		Hotel, Gaming & Leisure		Marriott Ownership Resorts Inc.		Loan		1M USD SOFR+			2.25	%			0.00	%			6.21	%		4/1/2031			1,300,610				1,300,610				1,287,331
Max US Bidco Inc.		Beverage, Food & Tobacco		Max US Bidco INC		Loan		3M USD SOFR+			5.00	%			0.50	%			9.00	%		10/3/2030			1,970,000				1,868,027				1,909,679
McGraw-Hill Education, Inc.		Media: Advertising, Printing & Publishing		McGraw-Hill Education Inc.		Loan		1M USD SOFR+			2.75	%			0.50	%			6.81	%		8/6/2031			633,828				630,487				636,205
Michaels Companies Inc		Retail		Michaels Companies Inc. The		Loan		3M USD SOFR+			4.25	%			0.75	%			8.51	%		4/8/2028			2,398,562				2,390,593				2,296,383
MIWD Holdco II LLC		Construction & Building		MI Windows and Doors LLC		Loan		1M USD SOFR+			2.75	%			0.00	%			6.71	%		3/21/2031			493,763				491,815				492,706
MKS Instruments, Inc.		High Tech Industries		MKS Instruments Inc		Loan		1M USD SOFR+			2.00	%			0.50	%			5.98	%		8/17/2029			1,113,124				1,112,009				1,115,874
Moneygram International, Inc.		Services: Business		Moneygram International Inc.		Loan		3M USD SOFR+			4.75	%			0.50	%			8.81	%		6/1/2030			2,941,453				2,648,447				2,150,938
MPH Acquisition Holdings LLC (Multiplan)		Services: Business		MPH Acquisition Holdings LLC		Loan		3M USD SOFR+			3.75	%			0.50	%			7.59	%		12/31/2030			314,033				287,153				313,446
NAB Holdings, LLC (North American Bancard)		Banking, Finance, Insurance & Real Estate		NAB Holdings LLC		Loan		3M USD SOFR+			2.50	%			0.50	%			6.50	%		11/24/2028			2,888,677				2,886,438				2,785,176
Napa Management Services Corp		Healthcare & Pharmaceuticals		Napa Management Services Corporation		Loan		1M USD SOFR+			5.25	%			0.75	%			9.31	%		2/22/2029			2,916,877				2,542,680				2,002,932
Natgasoline LLC		Chemicals, Plastics, & Rubber		Natgasoline LLC		Loan		3M USD SOFR+			5.50	%			0.00	%			9.50	%		3/25/2030			3,228,979				3,138,578				3,242,444
National Mentor Holdings, Inc.		Healthcare & Pharmaceuticals		National Mentor Holdings Inc.		Loan		3M USD LIBOR+			3.75	%			0.75	%			8.48	%		3/2/2028			2,659,462				2,656,679				2,613,586

Issuer Name		Industry		Asset Name		Asset Type		Reference Rate/Spread						SOFR/LIBOR Floor				Current Rate (All In)				Maturity Date		Principal/ Number of Shares				Cost				Fair Value
National Mentor Holdings, Inc.		Healthcare & Pharmaceuticals		National Mentor Holdings Inc.		Loan		3M USD SOFR+			3.75	%			0.75	%			7.85	%		3/2/2028			87,464				87,310				85,955
Next Level Apparel, Inc.		Retail		YS Garments LLC		Loan		3M USD SOFR+			7.50	%			1.00	%			11.48	%		8/9/2026			2,317,073				2,309,015				1,543,750
Nielsen Consumer Inc.		Services: Business		Nielsen Consumer Inc.		Loan		1M USD SOFR+			2.50	%			0.50	%			6.46	%		10/7/2030			2,159,988				2,159,460				2,157,288
NortonLifeLock Inc.		High Tech Industries		Gen Digital Inc		Loan		1M USD SOFR+			1.75	%			0.50	%			5.71	%		9/12/2029			958,750				956,419				958,088
Nouryon Finance B.V.		Chemicals, Plastics, & Rubber		Nouryon Finance B.V.		Loan		6M USD SOFR+			3.25	%			0.00	%			7.04	%		4/3/2028			480,262				477,674				478,394
Novae LLC		Automotive		Novae LLC		Loan		3M USD SOFR+			5.00	%			0.75	%			9.15	%		12/22/2028			1,930,000				1,922,882				1,804,550
Olaplex, Inc.		Consumer goods: Non-durable		Olaplex Inc.		Loan		3M USD SOFR+			3.50	%			0.50	%			7.80	%		2/23/2029			1,319,846				1,286,000				1,285,411
Open Text Corporation		High Tech Industries		Open Text Corporation		Loan		1M USD SOFR+			1.75	%			0.50	%			5.71	%		1/31/2030			910,633				892,287				910,323
Oxbow Carbon, LLC		Metals & Mining		Oxbow Carbon LLC		Loan		1M USD SOFR+			3.50	%			0.50	%			7.46	%		5/2/2030			461,577				454,958				460,137
PACIFIC DENTAL SERVICES, LLC		Healthcare & Pharmaceuticals		Pacific Dental Services LLC		Loan		1M USD SOFR+			2.50	%			0.00	%			6.46	%		3/17/2031			1,182,038				1,181,639				1,184,035
Padagis LLC		Healthcare & Pharmaceuticals		Padagis LLC		Loan		3M USD SOFR+			4.75	%			0.50	%			8.95	%		7/6/2028			930,329				925,986				869,858
PAR PETROLEUM LLC		Energy: Oil & Gas		Par Petroleum LLC		Loan		3M USD SOFR+			3.75	%			0.50	%			7.69	%		2/28/2030			2,440,002				2,422,472				2,441,539
PATAGONIA HOLDCO LLC		Telecommunications		Patagonia Holdco LLC		Loan		3M USD SOFR+			5.75	%			0.50	%			9.62	%		8/1/2029			2,924,772				2,652,900				2,120,459
Pathway Partners Vet Management Company LLC		Consumer goods: Non-durable		Pathway Vet Alliance LLC		Loan		3M USD SOFR+			5.00	%			1.00	%			8.84	%		6/30/2028			131,927				128,369				132,917
Pathway Partners Vet Management Company LLC (c)		Consumer goods: Non-durable		Pathway Vet Alliance LLC		Loan		3M USD SOFR+			5.00	%			1.00	%			8.84	%		6/30/2028			422,053				419,014				312,847
PCI Gaming Authority		Hotel, Gaming & Leisure		PCI Gaming Authority		Loan		1M USD SOFR+			2.00	%			0.00	%			5.96	%		7/18/2031			784,559				784,137				785,053

Issuer Name		Industry		Asset Name		Asset Type		Reference Rate/Spread						SOFR/LIBOR Floor				Current Rate (All In)				Maturity Date		Principal/ Number of Shares				Cost				Fair Value
PEARLS (Netherlands) Bidco B.V.		Chemicals, Plastics, & Rubber		PEARLS (Netherlands) Bidco B.V		Loan		3M USD SOFR+			3.25	%			0.50	%			7.09	%		2/28/2029			965,392				964,896				881,721
PEDIATRIC ASSOCIATES HOLDING COMPANY, LLC		Healthcare & Pharmaceuticals		Pediatric Associates Holding Company LLC		Loan		3M USD SOFR+			3.25	%			0.50	%			7.35	%		12/29/2028			1,448,373				1,445,729				1,406,327
Penn National Gaming, Inc		Hotel, Gaming & Leisure		Penn National Gaming Inc.		Loan		1M USD SOFR+			2.50	%			0.50	%			6.46	%		5/3/2029			967,500				965,000				970,132
Phoenix Guarantor Inc.		Healthcare & Pharmaceuticals		Phoenix Guarantor Inc.		Loan		1M USD SOFR+			2.50	%			0.00	%			6.46	%		2/21/2031			957,961				957,961				961,994
PHYSICIAN PARTNERS, LLC		Healthcare & Pharmaceuticals		Physician Partners LLC		Loan		3M USD SOFR+			6.00	%			0.00	%			10.00	%		12/31/2029			655,633				576,623				527,784
PHYSICIAN PARTNERS, LLC (c)		Healthcare & Pharmaceuticals		Physician Partners LLC		Loan		3M USD SOFR+			1.50	%			0.00	%			5.65	%		12/31/2029			1,853,689				933,341				871,234
Playtika Holding Corp.		High Tech Industries		Playtika Holding Corp.		Loan		1M USD SOFR+			2.75	%			0.00	%			6.83	%		3/13/2028			4,297,500				4,294,327				4,160,324
PointClickCare Technologies, Inc.		High Tech Industries		PointClickCare Technologies Inc.		Loan		3M USD SOFR+			2.75	%			0.00	%			6.75	%		11/3/2031			480,162				479,151				480,561
Polymer Process Holdings, Inc.		Containers, Packaging & Glass		Jadex Inc.		Loan		1M USD SOFR+			4.75	%			0.75	%			8.83	%		2/12/2028			4,020,266				4,007,682				2,665,436
Pre-Paid Legal Services, Inc.		Services: Consumer		Pre-Paid Legal Services Inc.		Loan		1M USD SOFR+			3.25	%			0.50	%			7.21	%		12/15/2028			2,895,619				2,883,628				2,801,511
Prime Security Services Borrower, LLC (ADT)		Services: Consumer		Prime Security Services Borrower LLC		Loan		6M USD SOFR+			2.00	%			0.00	%			6.13	%		10/13/2030			1,774,490				1,761,361				1,772,077
Primo Brands Corporation		Beverage, Food & Tobacco		Primo Brands Corporation		Loan		3M USD SOFR+			2.25	%			0.50	%			6.25	%		3/31/2028			1,436,649				1,433,752				1,439,062
PRIORITY HOLDINGS, LLC		Services: Consumer		Priority Holdings LLC		Loan		1M USD SOFR+			3.75	%			0.50	%			7.71	%		7/30/2032			2,830,585				2,816,809				2,777,512
Project Leopard Holdings, Inc. (NEW)		High Tech Industries		Project Leopard Holdings Inc.		Loan		3M USD SOFR+			5.25	%			0.50	%			9.19	%		7/20/2029			972,500				930,786				838,781

Issuer Name		Industry		Asset Name		Asset Type		Reference Rate/Spread						SOFR/LIBOR Floor				Current Rate (All In)				Maturity Date		Principal/ Number of Shares				Cost				Fair Value
Propulsion (BC) Finco		Aerospace & Defense		Propulsion (BC) Finco Sarl		Loan		3M USD SOFR+			2.75	%			0.50	%			6.74	%		9/14/2029			736,889				731,462				739,932
PUG LLC		Services: Consumer		Stubhub Holdings Inc.		Loan		1M USD SOFR+			4.75	%			0.00	%			8.71	%		3/15/2030			280,875				280,512				273,679
Quartz AcquireCo, LLC		High Tech Industries		QUARTZ ACQUIRECO LLC		Loan		3M USD SOFR+			2.25	%			0.00	%			6.25	%		6/28/2030			1,225,614				1,218,612				1,219,486
Quikrete Holdings, Inc.		Construction & Building		QUIKRETE Holdings Inc.		Loan		1M USD SOFR+			2.25	%			0.00	%			6.21	%		4/14/2031			985,056				983,305				986,307
Rackspace Technology Global, Inc.		High Tech Industries		Rackspace Technology Global Inc.		Loan		1M USD SOFR+			2.75	%			0.75	%			6.82	%		5/15/2028			2,024,235				1,278,688				822,629
Rackspace Technology Global, Inc.		High Tech Industries		Rackspace Finance LLC		Loan		1M USD SOFR+			6.25	%			0.75	%			10.32	%		5/15/2028			542,776				539,174				553,518
RAND PARENT LLC		Transportation: Cargo		Rand Parent LLC		Loan		3M USD SOFR+			3.00	%			0.00	%			7.00	%		3/18/2030			2,437,983				2,377,650				2,439,007
RealPage, Inc.		High Tech Industries		RealPage Inc.		Loan		3M USD SOFR+			3.00	%			0.50	%			7.26	%		4/24/2028			960,000				959,684				958,474
Rent-A-Center, Inc.		Retail		Rent-A-Center Inc.		Loan		3M USD SOFR+			2.75	%			0.50	%			6.63	%		8/13/2032			1,830,090				1,810,002				1,832,378
Research Now Group, Inc		Media: Advertising, Printing & Publishing		Research Now Group Inc.		Loan		3M USD SOFR+			5.00	%			1.00	%			9.14	%		7/15/2028			336,184				332,847				332,654
Research Now Group, Inc		Media: Advertising, Printing & Publishing		Research Now Group LLC and Dynata LLC		Loan		3M USD SOFR+			5.50	%			1.00	%			9.64	%		10/15/2028			2,865,663				2,768,058				1,647,756
Resideo Funding Inc.		Services: Consumer		Resideo Funding Inc.		Loan		1M USD SOFR+			2.00	%			0.00	%			5.96	%		2/11/2028			674,488				674,488				675,331
Resolute Investment Managers (American Beacon), Inc. (c)		Banking, Finance, Insurance & Real Estate		Resolute Investment Managers Inc.		Loan		3M USD SOFR+			6.50	%			1.00	%			10.76	%		10/30/2028			1,953,049				1,953,049				1,601,500
Restoration Hardware, Inc.		Retail		Restoration Hardware Inc		Loan		1M USD SOFR+			2.50	%			0.50	%			6.58	%		10/20/2028			3,366,015				3,363,968				3,264,126
Reynolds Consumer Products LLC		Containers, Packaging & Glass		Reynolds Consumer Products LLC		Loan		1M USD SOFR+			1.75	%			0.00	%			5.71	%		3/4/2032			961,418				961,418				965,264
Russell Investments US Inst'l Holdco, Inc. (c)		Banking, Finance, Insurance & Real Estate		Russell Investments US Institutional Holdco Inc.		Loan		1M USD SOFR+			5.00	%			1.00	%			8.96	%		5/30/2027			5,764,110				5,757,209				5,657,244

Issuer Name		Industry		Asset Name		Asset Type		Reference Rate/Spread						SOFR/LIBOR Floor				Current Rate (All In)				Maturity Date		Principal/ Number of Shares				Cost				Fair Value
Ryan Specialty Group LLC		Banking, Finance, Insurance & Real Estate		Ryan Specialty Group LLC		Loan		1M USD SOFR+			2.00	%			0.00	%			5.96	%		9/15/2031			1,445,014				1,438,329				1,445,317
S&S HOLDINGS LLC		Services: Business		S&S Holdings LLC		Loan		1M USD SOFR+			5.00	%			0.50	%			9.09	%		3/10/2028			2,389,900				2,365,090				2,378,547
Sally Holdings LLC		Retail		Sally Holdings LLC		Loan		1M USD SOFR+			1.75	%			0.00	%			5.71	%		2/28/2030			343,750				342,021				343,894
Schweitzer-Mauduit International, Inc.		High Tech Industries		Schweitzer-Mauduit International Inc.		Loan		1M USD SOFR+			3.75	%			0.75	%			7.83	%		4/20/2028			939,236				937,736				929,843
Scientific Games Holdings LP		Hotel, Gaming & Leisure		Scientific Games Holdings LP		Loan		1M USD SOFR+			3.00	%			0.50	%			6.93	%		4/4/2029			487,575				487,098				477,887
Sedgwick Claims Management Services, Inc.		Services: Business		Sedgwick Claims Management Services Inc.		Loan		1M USD SOFR+			2.50	%			0.00	%			6.46	%		7/31/2031			977,644				972,297				979,169
SETANTA AIRCRAFT LEASING DAC		Aerospace & Defense		Setanta Aircraft Leasing DAC		Loan		3M USD SOFR+			1.75	%			0.00	%			5.75	%		11/5/2028			350,000				349,650				351,519
Sitel Worldwide Corporation		Services: Business		Foundever Worldwide Corporation		Loan		1M USD SOFR+			3.75	%			0.50	%			7.83	%		8/28/2028			1,920,000				1,916,642				972,806
SiteOne Landscape Supply, LLC		Services: Business		SiteOne Landscape Supply Inc.		Loan		1M USD SOFR+			1.75	%			0.50	%			5.71	%		3/23/2030			1,248,253				1,244,587				1,246,693
Smyrna Ready Mix Concrete, LLC		Construction & Building		Smyrna Ready Mix Concrete LLC		Loan		1M USD SOFR+			3.00	%			0.00	%			6.98	%		4/2/2029			506,530				504,400				507,163
Sparta U.S. HoldCo LLC		Chemicals, Plastics, & Rubber		Sparta U.S. HoldCo LLC		Loan		1M USD SOFR+			3.00	%			0.00	%			6.98	%		8/2/2030			1,925,000				1,921,715				1,874,873
Specialty Pharma III Inc.		Services: Business		Specialty Pharma III Inc.		Loan		1M USD SOFR+			4.50	%			0.75	%			8.56	%		3/31/2028			1,920,133				1,912,969				1,884,131
SRAM, LLC		Consumer goods: Durable		SRAM LLC		Loan		1M USD SOFR+			2.25	%			0.00	%			6.21	%		2/23/2032			2,252,073				2,251,106				2,249,258
STANDARD INDUSTRIES INC.		Construction & Building		Standard Industries Inc		Loan		1M USD SOFR+			1.75	%			0.50	%			5.70	%		9/22/2028			202,750				202,078				203,533
Staples, Inc.		Wholesale		Staples Inc.		Loan		3M USD SOFR+			5.75	%			0.50	%			9.60	%		9/4/2029			4,231,414				4,186,009				3,965,638
Star Parent, Inc.		Services: Business		Star Parent Inc		Loan		3M USD SOFR+			4.00	%			0.00	%			8.00	%		9/27/2030			1,231,250				1,217,427				1,232,679
Storable, Inc		High Tech Industries		Storable Inc		Loan		1M USD SOFR+			3.25	%			0.00	%			7.21	%		4/16/2031			482,575				482,438				484,385
Superannuation & Investments US LLC		Banking, Finance, Insurance & Real Estate		Superannuation and Investments US LLC		Loan		1M USD SOFR+			3.00	%			0.50	%			6.96	%		12/1/2028			962,588				958,146				965,398
SupplyOne, Inc		Wholesale		SupplyOne Inc.		Loan		1M USD SOFR+			3.50	%			0.00	%			7.46	%		3/27/2031			492,525				488,457				492,185
Sweetwater Borrower, LLC		Retail		Sweetwater Borrower LLC		Loan		1M USD SOFR+			4.25	%			0.75	%			8.33	%		8/2/2028			1,964,107				1,917,592				1,967,800
Syncsort Incorporated		High Tech Industries		Vision Solutions Inc.		Loan		3M USD SOFR+			4.00	%			0.75	%			8.10	%		4/24/2028			2,401,203				2,400,937				2,261,645
Ta TT Buyer LLC		Media: Broadcasting & Subscription		TA TT Buyer LLC		Loan		3M USD SOFR+			4.75	%			0.50	%			8.75	%		4/2/2029			972,645				966,864				944,681

Issuer Name		Industry		Asset Name		Asset Type		Reference Rate/Spread						SOFR/LIBOR Floor				Current Rate (All In)				Maturity Date		Principal/ Number of Shares				Cost				Fair Value
Tenable Holdings, Inc.		Services: Business		Tenable Holdings Inc.		Loan		1M USD SOFR+			2.75	%			0.50	%			6.83	%		7/7/2028			962,500				961,984				964,310
Thor Industries, Inc.		Automotive		Thor Industries Inc.		Loan		1M USD SOFR+			2.25	%			0.00	%			6.21	%		11/15/2030			94,142				93,454				93,906
Torrid LLC		Wholesale		Torrid LLC		Loan		3M USD SOFR+			5.50	%			0.75	%			9.72	%		6/14/2028			2,968,606				2,728,109				2,345,198
TORY BURCH LLC		Retail		Tory Burch LLC		Loan		1M USD SOFR+			3.25	%			0.50	%			7.33	%		4/17/2028			2,266,656				2,184,259				2,254,960
Tosca Services, LLC (c)		Containers, Packaging & Glass		Tosca Services LLC		Loan		1M USD SOFR+			5.50	%			1.50	%			9.49	%		11/30/2028			80,509				79,712				81,415
Trans Union LLC		Banking, Finance, Insurance & Real Estate		Trans Union LLC		Loan		1M USD SOFR+			1.75	%			0.00	%			5.71	%		6/24/2031			601,442				601,023				601,442
Tronox Finance LLC		Chemicals, Plastics, & Rubber		Tronox Finance LLC		Loan		3M USD SOFR+			2.25	%			0.00	%			6.25	%		4/4/2029			1,985,025				1,972,231				1,548,320
Tronox Finance LLC		Chemicals, Plastics, & Rubber		Tronox Finance LLC		Loan		1M USD SOFR+			2.50	%			0.00	%			6.46	%		9/30/2031			344,321				344,156				256,440
TruGreen Limited Partnership		Services: Consumer		Trugreen Limited Partnership		Loan		1M USD SOFR+			4.00	%			0.75	%			8.06	%		11/2/2027			927,716				925,665				907,075
Ultra Clean Holdings, Inc.		High Tech Industries		Ultra Clean Holdings Inc.		Loan		1M USD SOFR+			2.75	%			0.00	%			6.71	%		2/25/2028			1,210,622				1,208,783				1,215,162
Univision Communications Inc.		Media: Broadcasting & Subscription		Univision Communications Inc.		Loan		1M USD SOFR+			3.50	%			0.50	%			7.58	%		1/31/2029			2,385,405				2,385,023				2,360,072
Univision Communications Inc.		Media: Broadcasting & Subscription		Univision Communications Inc.		Loan		3M USD SOFR+			4.25	%			0.50	%			8.25	%		6/25/2029			241,875				237,578				241,372
Vaco Holdings, LLC		Services: Business		Vaco Holdings LLC		Loan		3M USD SOFR+			5.00	%			0.75	%			9.15	%		1/19/2029			2,277,149				2,237,536				1,930,840
Vericast Corp. (c)		Media: Advertising, Printing & Publishing		Vericast Corp.		Loan		3M USD SOFR+			7.75	%			1.00	%			11.62	%		6/16/2026			1,268,820				1,268,742				1,235,514
Verifone Systems, Inc. (c)		Banking, Finance, Insurance & Real Estate		VeriFone Systems Inc.		Loan		3M USD SOFR+			5.25	%			0.00	%			9.35	%		8/21/2028			1,191,768				1,191,355				1,127,282
Vertex Aerospace Services Corp		Aerospace & Defense		Vertex Aerospace Services Corp.		Loan		1M USD SOFR+			2.25	%			0.75	%			6.21	%		12/6/2030			965,429				963,829				969,049
Vertiv Group Corporation		Capital Equipment		Vertiv Group Corporation		Loan		1M USD SOFR+			1.75	%			0.00	%			5.73	%		8/12/2032			1,906,379				1,906,379				1,912,231
Viasat Inc		Telecommunications		Viasat Inc		Loan		1M USD SOFR+			4.50	%			0.50	%			8.58	%		3/5/2029			2,914,661				2,874,148				2,894,462
Vistra Operations Company LLC		Energy: Electricity		Vistra Operations Company LLC		Loan		1M USD SOFR+			1.75	%			0.00	%			5.71	%		12/20/2030			1,856,328				1,855,656				1,863,475
Warner Music Group Corp. (WMG Acquisition Corp.)		Hotel, Gaming & Leisure		WMG Acquisition Corp		Loan		3M USD SOFR+			1.75	%			0.00	%			5.95	%		1/24/2031			1,250,000				1,250,000				1,250,000

Issuer Name		Industry		Asset Name		Asset Type		Reference Rate/Spread						SOFR/LIBOR Floor				Current Rate (All In)				Maturity Date		Principal/ Number of Shares				Cost				Fair Value
Watlow Electric Manufacturing Company		High Tech Industries		Watlow Electric Manufacturing Company		Loan		3M USD SOFR+			3.00	%			0.50	%			6.84	%		3/2/2028			2,639,053				2,634,676				2,643,671
WeddingWire, Inc.		Services: Consumer		The Knot Worldwide Inc		Loan		1M USD SOFR+			3.75	%			0.00	%			7.71	%		1/31/2028			4,737,030				4,737,029				4,168,586
WEX Inc.		Services: Business		WEX Inc.		Loan		1M USD SOFR+			1.75	%			0.00	%			5.71	%		3/31/2028			2,873,883				2,871,128				2,878,079
Windsor Holdings III, LLC		Chemicals, Plastics, & Rubber		Windsor Holdings III LLC		Loan		1M USD SOFR+			2.75	%			0.00	%			6.73	%		8/1/2030			491,300				491,300				491,148
Wyndham Hotels & Resorts, Inc.		Hotel, Gaming & Leisure		Wyndham Hotels & Resorts Inc		Loan		1M USD SOFR+			1.75	%			0.00	%			5.71	%		5/24/2030			980,094				976,778				981,015
Xperi Corporation		High Tech Industries		Adeia Inc		Loan		1M USD SOFR+			2.50	%			0.00	%			6.46	%		6/8/2028			1,554,597				1,554,082				1,559,463
Zayo Group, LLC (c)		Telecommunications		Zayo Group Holdings Inc.		Loan		1M USD SOFR+			3.50	%			0.00	%			7.58	%		3/11/2030			619,563				614,114				586,776
ZEBRA BUYER (Allspring) LLC		Banking, Finance, Insurance & Real Estate		Allspring Buyer LLC		Loan		3M USD SOFR+			2.75	%			0.50	%			6.81	%		11/1/2030			1,843,000				1,836,880				1,849,229
Zekelman Industries, Inc.		Metals & Mining		Zekelman Industries Inc		Loan		1M USD SOFR+			2.25	%			0.00	%			6.20	%		1/24/2031			1,432,218				1,431,502				1,434,624
Zest Acquisition Corp.		Healthcare & Pharmaceuticals		Zest Acquisition Corp.		Loan		3M USD SOFR+			5.25	%			0.00	%			9.11	%		2/8/2028			1,945,000				1,896,693				1,946,225
Zodiac Pool Solutions		Consumer goods: Durable		Zodiac Pool Solutions LLC		Loan		1M USD SOFR+			1.93	%			0.50	%			5.99	%		1/29/2029			481,250				480,886				481,500
TOTAL INVESTMENTS																												$	417,165,398			$	397,918,331

		Number of Shares				Cost				Fair Value
Cash and cash equivalents
U.S. Bank Money Market (a)			21,694,937			$	21,694,937		$	21,694,937
Total cash and cash equivalents			21,694,937			$	21,694,937		$	21,694,937

(a) Included within cash and cash equivalents in Saratoga CLO's Statements of Assets and Liabilities as of November 30, 2025.

(b) As of November 30, 2025, the investment was in default or on non-accrual status.

(c) Investments include Payment-in-Kind Interest.

(d) All or a portion of this investment has an unfunded commitment as of November 30, 2025.

SOFR - Secured Overnight Financing Rate

1M SOFR - The 1-month SOFR rate as of November 30, 2025 was 3.86%.

3M SOFR - The 3-month SOFR rate as of November 30, 2025 was 3.79%.

6M SOFR - The 6-month SOFR rate as of November 30, 2025 was 3.70%.

Prime - The Prime Rate as of November 30, 2025 was 7.00%.

Issuer Name		Industry		Asset Name		Asset Type		Reference Rate/Spread						SOFR/LIBOR Floor				Current Rate (All In)				Maturity Date		Principal/ Number of Shares				Cost				Fair Value
ALTISOURCE PORTFOLIO SOL		Banking, Finance, Insurance & Real Estate		Common Stock		Equity																			296,227			$	216,246			$	204,397
Altisource Portfolio Solutions - CS Warrant		Banking, Finance, Insurance & Real Estate		Warrants		Equity																			7,917				3,736				2,895
Altisource Portfolio Solutions - NS Warrant		Banking, Finance, Insurance & Real Estate		Warrants		Equity																			7,917				3,129				2,883
Endo Finance Holdings, Inc.		Healthcare & Pharmaceuticals		Common Stock		Equity																			24,148				670,107				682,181
Envision Parent Inc		Healthcare & Pharmaceuticals		Common Stock		Equity																			4,410				175,000				50,715
Envision Parent Inc		Healthcare & Pharmaceuticals		Warrants		Equity																			92,837				-				4,642
Instant Brands Litigation Trust		Consumer goods: Durable		Equity Interests		Equity																			51,095				35,250				151,056
Isagenix International, LLC		Beverage, Food & Tobacco		Common Stock		Equity																			86,398				-				-
Resolute Investment Managers (American Beacon), Inc.		Banking, Finance, Insurance & Real Estate		Common Stock		Equity																			24,320				1,034,581				231,040
URS TOPCO, LLC		Transportation: Cargo		Common Stock		Equity																			25,330				440,405				354,620
Wellpath Holdings LLC		Healthcare & Pharmaceuticals		Common Stock		Equity																			41,758				-				-
1011778 B.C Unltd Liability Co		Beverage, Food & Tobacco		Term Loan B6		Loan		1M USD SOFR+			1.75	%			0.00	%			6.07	%		9/20/2030			1,436,662				1,419,292				1,429,076
19TH HOLDINGS GOLF, LLC		Consumer goods: Durable		Term Loan		Loan		1M USD SOFR+			3.25	%			0.50	%			7.66	%		2/7/2029			2,448,533				2,374,623				2,398,044
888 Acquisitions Limited		Hotel, Gaming & Leisure		Term Loan B		Loan		6M USD SOFR+			5.25	%			0.00	%			9.50	%		7/8/2028			3,036,695				2,797,339				2,936,484
Adtalem Global Education Inc.		Services: Business		Term Loan B (08/24)		Loan		1M USD SOFR+			2.75	%			0.75	%			7.07	%		8/12/2028			352,462				350,628				352,902

Issuer Name		Industry		Asset Name		Asset Type		Reference Rate/Spread						SOFR/LIBOR Floor				Current Rate (All In)				Maturity Date		Principal/ Number of Shares				Cost				Fair Value
Aegis Sciences Corporation		Healthcare & Pharmaceuticals		Term Loan		Loan		3M USD SOFR+			5.50	%			1.00	%			10.28	%		5/9/2025			2,267,140				2,265,721				1,271,865
Agiliti Health Inc.		Healthcare & Pharmaceuticals		Term Loan B (03/23)		Loan		6M USD SOFR+			3.00	%			0.00	%			7.26	%		5/1/2030			2,154,146				2,140,760				2,093,119
AHEAD DB Holdings, LLC		Services: Business		Term Loan B3 (07/24)		Loan		1M USD SOFR+			3.00	%			0.75	%			7.30	%		2/1/2031			2,895,655				2,838,488				2,902,228
Air Canada		Transportation: Consumer		Term Loan B (03/24)		Loan		3M USD SOFR+			2.00	%			0.00	%			6.34	%		3/21/2031			992,500				990,413				995,607
AIT Worldwide Logistics Holdings, Inc.		Transportation: Cargo		Term Loan B (01/25)		Loan		3M USD SOFR+			4.00	%			0.75	%			8.30	%		4/8/2030			2,455,696				2,341,381				2,458,250
AlixPartners, LLP		Banking, Finance, Insurance & Real Estate		Term Loan B (01/21)		Loan		1M USD SOFR+			2.50	%			0.50	%			6.94	%		2/4/2028			240,624				240,582				241,166
Allen Media, LLC		Media: Diversified & Production		Term Loan (7/21)		Loan		3M USD SOFR+			5.50	%			0.00	%			9.98	%		2/10/2027			4,303,877				4,290,645				2,571,566
Alliant Holdings Intermediate, LLC		Banking, Finance, Insurance & Real Estate		Term Loan B6 (09/24)		Loan		1M USD SOFR+			2.75	%			0.00	%			7.07	%		9/19/2031			797,021				797,021				795,579
Allied Universal Holdco LLC		Services: Business		Term Loan 4/21		Loan		1M USD SOFR+			3.75	%			0.50	%			8.17	%		5/12/2028			1,935,000				1,930,761				1,936,529
Alterra Mountain Company (Intrawest Resort Holdings)		Hotel, Gaming & Leisure		First Lien Term Loan		Loan		1M USD SOFR+			3.00	%			0.00	%			7.32	%		5/31/2030			249,375				249,375				249,532
Altisource Solutions S.a r.l.		Banking, Finance, Insurance & Real Estate		Term Loan B		Loan		3M USD SOFR+			6.50	%			3.50	%			10.92	%		2/20/2029			500,000				487,543				500,000
Altisource Solutions S.a r.l.		Banking, Finance, Insurance & Real Estate		Term Loan B (02/25)		Loan		3M USD SOFR+			6.50	%			3.50	%			10.92	%		4/30/2030			545,284				545,284				539,831
Altium Packaging LLC		Containers, Packaging & Glass		Term Loan B		Loan		1M USD SOFR+			2.50	%			0.00	%			6.82	%		6/11/2031			482,575				481,544				477,547
American Axle & Manufacturing Inc.		Automotive		Term Loan (12/22)		Loan		1M USD SOFR+			3.00	%			0.50	%			7.32	%		12/13/2029			480,000				469,318				478,200
American Greetings Corporation		Media: Advertising, Printing & Publishing		Term Loan B (04/24)		Loan		1M USD SOFR+			5.75	%			0.00	%			10.07	%		10/30/2029			2,926,807				2,925,603				2,945,099

Issuer Name		Industry		Asset Name		Asset Type		Reference Rate/Spread						SOFR/LIBOR Floor				Current Rate (All In)				Maturity Date		Principal/ Number of Shares				Cost				Fair Value
American Trailer World Corp		Automotive		Term Loan		Loan		1M USD SOFR+			3.75	%			0.75	%			8.17	%		3/3/2028			1,357,439				1,356,879				1,140,588
Anastasia Parent LLC		Consumer goods: Non-durable		Term Loan		Loan		3M USD SOFR+			3.75	%			0.00	%			8.34	%		8/11/2025			937,500				937,084				765,084
Anchor Packaging, LLC		Containers, Packaging & Glass		Term Loan (12/24)		Loan		1M USD SOFR+			3.25	%			0.00	%			7.57	%		7/18/2029			1,944,396				1,928,125				1,945,408
AP Core Holdings II LLC		High Tech Industries		Term Loan B1		Loan		1M USD SOFR+			5.50	%			0.75	%			9.94	%		9/1/2027			1,674,963				1,662,638				1,576,559
AP Core Holdings II LLC		High Tech Industries		Term Loan B2		Loan		1M USD SOFR+			5.50	%			0.75	%			9.94	%		9/1/2027			500,000				496,326				467,625
APEX GROUP TREASURY LLC		Banking, Finance, Insurance & Real Estate		Term Loan (2/25)		Loan		3M USD SOFR+			4.00	%			0.00	%			8.29	%		7/27/2028			490,038				468,587				491,875
Apollo Commercial Real Estate Finance, Inc.		Banking, Finance, Insurance & Real Estate		Term Loan B		Loan		1M USD SOFR+			2.75	%			0.00	%			7.19	%		5/15/2026			2,878,173				2,868,237				2,874,575
Apollo Commercial Real Estate Finance, Inc.		Banking, Finance, Insurance & Real Estate		Term Loan B1 (2/21)		Loan		1M USD SOFR+			3.50	%			0.50	%			7.94	%		3/6/2028			962,500				957,781				957,688
Aramark Services, Inc.		Services: Consumer		Term Loan B7 (03/24)		Loan		1M USD SOFR+			2.00	%			0.00	%			6.32	%		4/6/2028			1,753,715				1,750,058				1,758,538
Aramark Services, Inc.		Services: Consumer		Term Loan B8 (03/24)		Loan		1M USD SOFR+			2.00	%			0.00	%			6.32	%		6/22/2030			2,331,250				2,305,337				2,337,078
ARC FALCON I INC.		Chemicals, Plastics, & Rubber		Term Loan		Loan		1M USD SOFR+			3.50	%			0.50	%			7.92	%		9/23/2028			971,274				969,846				971,711
ARCIS GOLF LLC		Services: Consumer		Term Loan B (01/25)		Loan		1M USD SOFR+			2.75	%			0.50	%			7.07	%		11/24/2028			493,000				489,289				494,543
Aretec Group, Inc.		Banking, Finance, Insurance & Real Estate		Term Loan B (12/24)		Loan		1M USD SOFR+			3.50	%			0.00	%			7.82	%		8/9/2030			2,622,898				2,610,006				2,616,891
Ascensus Group Holdings, Inc		Banking, Finance, Insurance & Real Estate		Term Loan		Loan		1M USD SOFR+			3.00	%			0.00	%			7.32	%		8/2/2028			494,767				491,912				493,035
Aspire Bakeries Holdings, LLC		Beverage, Food & Tobacco		Term loan		Loan		1M USD SOFR+			4.25	%			0.00	%			8.57	%		12/23/2030			893,250				885,649				895,483

Issuer Name		Industry		Asset Name		Asset Type		Reference Rate/Spread						SOFR/LIBOR Floor				Current Rate (All In)				Maturity Date		Principal/ Number of Shares				Cost				Fair Value
Assuredpartners Inc.		Banking, Finance, Insurance & Real Estate		Term Loan B5 (02/24)		Loan		1M USD SOFR+			3.50	%			0.50	%			7.82	%		2/14/2031			1,290,250				1,289,103				1,290,082
Asurion, LLC		Banking, Finance, Insurance & Real Estate		Term Loan B10		Loan		1M USD SOFR+			4.00	%			0.00	%			8.42	%		8/19/2028			1,955,000				1,890,928				1,949,780
Asurion, LLC		Banking, Finance, Insurance & Real Estate		Term Loan B12		Loan		1M USD SOFR+			4.25	%			0.00	%			8.56	%		9/19/2030			2,912,179				2,908,959				2,898,521
ATHENAHEALTH GROUP INC.		Healthcare & Pharmaceuticals		Term Loan B (2/22)		Loan		1M USD SOFR+			3.00	%			0.50	%			7.32	%		2/15/2029			1,303,799				1,300,749				1,300,070
Avolon TLB Borrower 1 (US) LLC		Capital Equipment		Term Loan B6		Loan		1M USD SOFR+			1.75	%			0.00	%			6.07	%		6/22/2030			1,472,622				1,429,929				1,472,136
Axalta Coating Systems US Holdings		Chemicals, Plastics, & Rubber		Term Loan B (11/24)		Loan		3M USD SOFR+			1.75	%			0.50	%			6.08	%		12/20/2029			851,048				844,987				852,546
AZURITY PHARMACEUTICALS, INC.		Healthcare & Pharmaceuticals		Term Loan B		Loan		1M USD SOFR+			6.62	%			0.75	%			11.05	%		9/20/2027			425,000				418,550				422,344
B&G Foods, Inc.		Beverage, Food & Tobacco		Term Loan B		Loan		1M USD SOFR+			3.50	%			0.00	%			7.82	%		10/10/2029			532,287				530,730				528,849
Baldwin Insurance Group Holdings, LLC		Banking, Finance, Insurance & Real Estate		Term Loan B-1 (12/24)		Loan		1M USD SOFR+			3.00	%			0.00	%			7.31	%		5/27/2031			1,640,279				1,630,478				1,642,329
Belfor Holdings Inc.		Services: Consumer		Term Loan 4/23		Loan		1M USD SOFR+			3.00	%			0.50	%			7.32	%		11/1/2030			1,490,834				1,478,738				1,498,288
Bengal Debt Merger Sub LLC		Beverage, Food & Tobacco		Term Loan		Loan		3M USD SOFR+			3.00	%			0.50	%			7.43	%		1/24/2029			1,950,000				1,949,473				1,175,753
Blackstone Mortgage Trust, Inc.		Banking, Finance, Insurance & Real Estate		Term Loan B		Loan		1M USD SOFR+			2.25	%			0.00	%			6.69	%		4/23/2026			342,601				341,898				341,317
Bombardier Recreational Products, Inc.		Consumer goods: Durable		Term Loan		Loan		1M USD SOFR+			2.75	%			0.00	%			7.07	%		1/22/2031			1,425,751				1,422,525				1,423,712
Bombardier Recreational Products, Inc.		Consumer goods: Durable		Term Loan B3		Loan		1M USD SOFR+			2.75	%			0.50	%			7.06	%		12/13/2029			488,806				479,686				488,669
Boost Newco Borrower, LLC (Worldpay)		Banking, Finance, Insurance & Real Estate		Term Loan B (01/25)		Loan		3M USD SOFR+			2.00	%			0.00	%			6.29	%		1/31/2031			498,750				496,603				498,127

Issuer Name		Industry		Asset Name		Asset Type		Reference Rate/Spread						SOFR/LIBOR Floor				Current Rate (All In)				Maturity Date		Principal/ Number of Shares				Cost				Fair Value
Boxer Parent Company, Inc.		High Tech Industries		Term Loan		Loan		3M USD SOFR+			3.00	%			0.00	%			7.29	%		7/30/2031			1,007,194				1,003,006				1,004,766
BroadStreet Partners, Inc.		Banking, Finance, Insurance & Real Estate		Term Loan B-4		Loan		1M USD SOFR+			3.00	%			0.00	%			7.31	%		6/16/2031			2,896,329				2,894,596				2,894,794
Brookfield WEC Holdings Inc.		Energy: Electricity		Term Loan B		Loan		1M USD SOFR+			2.25	%			0.00	%			6.56	%		1/27/2031			1,440,450				1,440,450				1,437,396
BROWN GROUP HOLDING, LLC		Aerospace & Defense		Term Loan B-2		Loan		3M USD SOFR+			2.50	%			0.00	%			6.81	%		7/1/2031			491,284				481,764				490,464
Buckeye Partners, L.P.		Utilities: Oil & Gas		Term Loan B (01/25)		Loan		1M USD SOFR+			1.75	%			0.00	%			6.07	%		11/22/2030			663,337				661,343				663,430
Buckeye Partners, L.P.		Utilities: Oil & Gas		Term Loan B5 (09/24)		Loan		1M USD SOFR+			1.75	%			0.00	%			6.07	%		11/2/2026			483,028				482,076				482,897
BW Gas & Convenience Holdings LLC		Beverage, Food & Tobacco		Term Loan B		Loan		1M USD SOFR+			3.50	%			0.50	%			7.94	%		3/31/2028			2,412,500				2,400,434				2,418,531
Callaway Golf Company		Retail		Term Loan B		Loan		1M USD SOFR+			3.00	%			0.00	%			7.32	%		3/16/2030			471,250				467,499				465,458
Calpine Corporation		Utilities: Electric		Term Loan B10 (01/24)		Loan		1M USD SOFR+			1.75	%			0.00	%			6.07	%		1/31/2031			1,990,000				1,981,632				1,987,513
Camping World, Inc.		Retail		Term Loan B (5/21)		Loan		1M USD SOFR+			2.50	%			0.75	%			6.94	%		6/5/2028			2,436,709				2,289,886				2,386,586
CAPSTONE BORROWER INC		Services: Business		Term Loan B (05/24)		Loan		3M USD SOFR+			3.25	%			0.00	%			7.58	%		6/17/2030			872,669				862,196				874,851
CareerBuilder, LLC		Services: Business		Term Loan B3		Loan		1M USD SOFR+			2.50	%			0.00	%			6.94	%		7/31/2026			4,089,659				4,079,749				204,483
Castle US Holding Corporation		Media: Advertising, Printing & Publishing		Term Loan B (USD)		Loan		3M USD SOFR+			3.75	%			0.00	%			8.32	%		1/27/2027			1,929,894				1,925,694				1,192,520
CBL & Associates Limited Partnership		Retail		Term Loan 11/21		Loan		1M USD SOFR+			2.75	%			1.00	%			7.17	%		11/1/2025			2,085,112				1,976,819				1,978,250
CCC Intelligent Solutions Inc.		Services: Business		Term Loan (01/25)		Loan		1M USD SOFR+			2.00	%			0.50	%			6.32	%		9/16/2028			242,500				242,288				241,894

Issuer Name		Industry		Asset Name		Asset Type		Reference Rate/Spread						SOFR/LIBOR Floor				Current Rate (All In)				Maturity Date		Principal/ Number of Shares				Cost				Fair Value
CCI Buyer, Inc		Telecommunications		Term Loan		Loan		3M USD SOFR+			4.00	%			0.75	%			8.33	%		12/17/2027			240,625				239,544				241,426
CCRR Parent, Inc.		Healthcare & Pharmaceuticals		Term Loan		Loan		3M USD SOFR+			4.25	%			0.50	%			8.66	%		3/6/2028			980,000				948,779				395,263
CCRR Parent, Inc.		Healthcare & Pharmaceuticals		Term Loan B		Loan		3M USD SOFR+			4.25	%			0.75	%			8.82	%		3/6/2028			962,500				960,608				399,438
CCS-CMGC Holdings, Inc.		Healthcare & Pharmaceuticals		Term Loan		Loan		3M USD SOFR+			5.50	%			0.00	%			10.28	%		9/25/2025			1,140,869				1,139,841				386,047
CDK GLOBAL, INC.		High Tech Industries		Term Loan B (05/24)		Loan		3M USD SOFR+			3.25	%			0.00	%			7.58	%		7/6/2029			990,019				968,890				903,640
CENTURI GROUP, INC.		Construction & Building		Term Loan B		Loan		1M USD SOFR+			2.50	%			0.50	%			6.94	%		8/28/2028			616,921				613,611				617,470
Charlotte Buyer, Inc.		Services: Business		Term Loan B (01/25)		Loan		1M USD SOFR+			4.25	%			0.50	%			8.57	%		2/11/2028			1,473,806				1,410,924				1,469,886
Chemours Company, (The)		Chemicals, Plastics, & Rubber		Term Loan B3 (08/23)		Loan		1M USD SOFR+			3.00	%			0.50	%			7.32	%		8/18/2028			2,369,720				2,339,142				2,358,866
Churchill Downs Incorporated		Hotel, Gaming & Leisure		Term Loan B1 (3/21)		Loan		1M USD SOFR+			1.75	%			0.00	%			6.07	%		3/17/2028			481,250				480,828				480,047
CIMPRESS PUBLIC LIMITED COMPANY		Media: Advertising, Printing & Publishing		Term Loan B		Loan		1M USD SOFR+			2.50	%			0.50	%			6.82	%		5/17/2028			1,940,187				1,883,647				1,930,486
CITADEL SECURITIES LP		Banking, Finance, Insurance & Real Estate		Term Loan (10/24)		Loan		3M USD SOFR+			2.00	%			0.00	%			6.33	%		10/31/2031			4,826,890				4,826,890				4,832,344
Citco Funding LLC		Banking, Finance, Insurance & Real Estate		Term Loan B (06/24)		Loan		6M USD SOFR+			2.75	%			0.50	%			7.31	%		4/27/2028			987,538				984,246				994,529
Clarios Global LP		Automotive		Term Loan B (07/24)		Loan		1M USD SOFR+			2.50	%			0.00	%			6.82	%		5/6/2030			1,197,000				1,192,661				1,191,015
Claros Mortgage Trust, Inc		Banking, Finance, Insurance & Real Estate		Term Loan B-1 (11/21)		Loan		1M USD SOFR+			4.50	%			0.50	%			8.92	%		8/10/2026			3,368,637				3,360,331				3,099,146
CLYDESDALE ACQUISITION HOLDINGS, INC.		Containers, Packaging & Glass		Term Loan B		Loan		1M USD SOFR+			3.18	%			0.50	%			7.50	%		4/13/2029			1,220,000				1,199,733				1,219,244

Issuer Name		Industry		Asset Name		Asset Type		Reference Rate/Spread						SOFR/LIBOR Floor				Current Rate (All In)				Maturity Date		Principal/ Number of Shares				Cost				Fair Value
Columbus McKinnon Corporation		Capital Equipment		Term Loan (03/24)		Loan		3M USD SOFR+			2.50	%			0.50	%			6.83	%		5/14/2028			361,967				361,543				361,062
Connect Finco SARL		Telecommunications		Term Loan B (03/24)		Loan		1M USD SOFR+			4.50	%			0.50	%			8.82	%		9/27/2029			2,865,844				2,801,249				2,491,679
Consolidated Communications, Inc.		Telecommunications		Term Loan B		Loan		1M USD SOFR+			3.50	%			0.75	%			7.94	%		10/2/2027			2,714,005				2,592,779				2,700,788
Corelogic, Inc.		Services: Business		Term Loan (4/21)		Loan		1M USD SOFR+			3.50	%			0.50	%			7.94	%		6/2/2028			2,418,750				2,413,203				2,406,656
Cortes NP Acquisition Corp (Vertiv)		Capital Equipment		Term Loan B (12/24)		Loan		1M USD SOFR+			1.75	%			0.00	%			6.06	%		3/2/2027			1,920,785				1,920,785				1,918,921
Creative Artists Agency, LLC		Media: Diversified & Production		Term Loan B (09/24)		Loan		1M USD SOFR+			2.75	%			0.00	%			7.07	%		10/1/2031			1,576,094				1,568,099				1,576,536
CROCS INC		Consumer goods: Durable		Term Loan B (01/24)		Loan		3M USD SOFR+			2.25	%			0.50	%			6.58	%		2/19/2029			750,000				730,356				752,723
Cross Financial Corp		Banking, Finance, Insurance & Real Estate		Term Loan B2 (10/24)		Loan		1M USD SOFR+			3.25	%			0.00	%			7.57	%		10/24/2031			485,063				483,905				485,974
Crown Subsea Communications Holding, Inc.		Construction & Building		Term Loan B		Loan		1M USD SOFR+			4.00	%			0.75	%			8.31	%		1/30/2031			2,388,000				2,367,977				2,397,695
CTS Midco, LLC		High Tech Industries		Term Loan B		Loan		3M USD SOFR+			6.00	%			1.00	%			10.55	%		11/2/2027			1,919,403				1,894,257				1,919,403
Dave & Buster’s Inc.		Hotel, Gaming & Leisure		Term Loan B (1/24)		Loan		3M USD SOFR+			3.25	%			0.50	%			7.56	%		6/29/2029			762,038				735,302				721,079
DCert Buyer, Inc.		High Tech Industries		Term Loan		Loan		1M USD SOFR+			4.00	%			0.00	%			8.32	%		10/16/2026			1,439,547				1,439,547				1,394,748
Delek US Holdings, Inc.		Utilities: Oil & Gas		Term Loan B (11/22)		Loan		1M USD SOFR+			3.50	%			0.50	%			7.92	%		11/16/2029			5,292,000				5,206,553				5,270,514
Derby Buyer LLC		Chemicals, Plastics, & Rubber		Term Loan B (12/24)		Loan		1M USD SOFR+			3.00	%			0.00	%			7.31	%		11/1/2030			620,320				612,532				620,475
DexKo Global, Inc. (Dragon Merger)		Automotive		Term Loan (9/21)		Loan		3M USD SOFR+			3.75	%			0.50	%			8.34	%		10/4/2028			972,500				970,335				916,251

Issuer Name		Industry		Asset Name		Asset Type		Reference Rate/Spread						SOFR/LIBOR Floor				Current Rate (All In)				Maturity Date		Principal/ Number of Shares				Cost				Fair Value
Diamond Sports Group, LLC		Media: Broadcasting & Subscription		1st Priority Term Loan		Loan		1M USD SOFR+			10.00	%			1.00	%			14.41	%		5/25/2026			29,734				29,407				26,463
DIRECTV FINANCING, LLC		Media: Broadcasting & Subscription		Term Loan (1/24)		Loan		3M USD SOFR+			5.25	%			0.75	%			9.80	%		8/2/2029			2,902,900				2,887,032				2,882,115
DISCOVERY PURCHASER CORPORATION		Chemicals, Plastics, & Rubber		Term Loan		Loan		3M USD SOFR+			4.00	%			0.50	%			8.29	%		10/4/2029			1,470,233				1,383,873				1,465,749
Dispatch Acquisition Holdings, LLC		Environmental Industries		Term Loan B (3/21)		Loan		3M USD SOFR+			4.25	%			0.75	%			8.73	%		3/25/2028			482,500				480,166				454,496
DOMTAR CORPORATION		Forest Products & Paper		Term Loan 9/21		Loan		1M USD SOFR+			5.50	%			0.75	%			9.94	%		11/30/2028			3,071,416				3,028,380				2,973,530
DOTDASH MEREDITH, INC.		Media: Advertising, Printing & Publishing		Term Loan B (11/24)		Loan		1M USD SOFR+			3.50	%			0.50	%			7.81	%		12/1/2028			1,911,111				1,778,613				1,920,667
DRI HOLDING INC.		Media: Advertising, Printing & Publishing		Term Loan (12/21)		Loan		1M USD SOFR+			5.25	%			0.50	%			9.67	%		12/15/2028			3,892,437				3,790,333				3,773,718
DRW Holdings, LLC		Banking, Finance, Insurance & Real Estate		Term Loan B (06/24)		Loan		3M USD SOFR+			3.50	%			0.00	%			7.79	%		6/17/2031			6,305,000				6,280,258				6,283,311
DTZ U.S. Borrower, LLC		Construction & Building		Term Loan B1 (01/25)		Loan		1M USD SOFR+			2.75	%			0.50	%			7.07	%		1/31/2030			2,014,107				2,013,573				2,009,072
DTZ U.S. Borrower, LLC		Construction & Building		2024-3 Term Loan (09/24)		Loan		1M USD SOFR+			3.25	%			0.50	%			7.57	%		1/31/2030			1,097,250				1,075,232				1,098,161
Dye & Durham Corporation		Services: Business		Term Loan B (04/24)		Loan		3M USD SOFR+			4.25	%			1.00	%			8.68	%		4/11/2031			1,431,964				1,412,492				1,443,148
EAB Global, Inc.		Services: Business		Term Loan (08/21)		Loan		1M USD SOFR+			3.00	%			0.50	%			7.32	%		8/16/2028			970,169				967,824				967,336
Echo Global Logistics, Inc.		Services: Business		Term Loan		Loan		1M USD SOFR+			3.75	%			0.50	%			8.16	%		11/23/2028			1,945,000				1,943,317				1,923,663
Edelman Financial Group Inc., The		Banking, Finance, Insurance & Real Estate		Term Loan (12/24)		Loan		1M USD SOFR+			3.00	%			0.00	%			7.32	%		4/7/2028			2,155,371				2,152,592				2,158,281
ELECTRON BIDCO INC.		Healthcare & Pharmaceuticals		Term Loan		Loan		1M USD SOFR+			2.75	%			0.50	%			7.07	%		11/1/2028			487,500				486,541				486,769

Issuer Name		Industry		Asset Name		Asset Type		Reference Rate/Spread						SOFR/LIBOR Floor				Current Rate (All In)				Maturity Date		Principal/ Number of Shares				Cost				Fair Value
ELO Touch Solutions, Inc.		Media: Diversified & Production		Term Loan (12/18)		Loan		1M USD SOFR+			6.50	%			0.00	%			10.94	%		12/15/2025			2,137,656				2,124,478				2,137,656
Embecta Corp		Healthcare & Pharmaceuticals		Term Loan B		Loan		1M USD SOFR+			3.00	%			0.50	%			7.31	%		3/30/2029			2,885,658				2,843,183				2,880,262
Emrld Borrower LP		Capital Equipment		Term Loan B (04/23)		Loan		6M USD SOFR+			2.50	%			0.00	%			6.93	%		5/31/2030			990,000				986,329				986,594
Endo Finance Holdings, Inc.		Healthcare & Pharmaceuticals		Term Loan B		Loan		1M USD SOFR+			4.00	%			0.50	%			8.32	%		4/23/2031			1,995,000				1,977,056				1,995,000
Endure Digital, Inc.		High Tech Industries		Term Loan B		Loan		1M USD SOFR+			3.50	%			0.75	%			7.92	%		2/10/2028			2,412,500				2,407,887				1,668,654
Entain Holdings (Gibraltar) Limited		Hotel, Gaming & Leisure		Term Loan B3 (5/24)		Loan		3M USD SOFR+			2.75	%			0.50	%			7.08	%		10/31/2029			1,476,325				1,464,198				1,477,476
EOS U.S. FINCO LLC		Transportation: Cargo		Term Loan		Loan		6M USD SOFR+			6.00	%			0.50	%			10.28	%		10/9/2029			950,000				893,353				397,813
Equiniti Group PLC		Services: Business		Term Loan (12/24)		Loan		6M USD SOFR+			3.75	%			0.50	%			8.03	%		12/11/2028			970,069				964,262				976,937
Evertec Group LLC		Banking, Finance, Insurance & Real Estate		Term Loan B (09/23)		Loan		1M USD SOFR+			2.75	%			0.50	%			7.07	%		10/30/2030			1,125,000				1,110,800				1,130,625
Fiesta Purchaser, Inc.		Beverage, Food & Tobacco		Term Loan B (12/24)		Loan		1M USD SOFR+			3.25	%			0.00	%			7.57	%		2/12/2031			497,503				493,271				497,011
Finco I LLC		Banking, Finance, Insurance & Real Estate		Term Loan B (9/24)		Loan		1M USD SOFR+			2.25	%			0.00	%			6.57	%		6/27/2029			2,795,563				2,793,344				2,794,389
First Brands Group, LLC		Automotive		1st Lien Term Loan (3/21)		Loan		3M USD SOFR+			5.00	%			1.00	%			9.55	%		3/30/2027			4,812,500				4,781,859				4,607,969
First Eagle Investment Management		Banking, Finance, Insurance & Real Estate		Term Loan B (02/24)		Loan		3M USD SOFR+			3.00	%			0.00	%			7.33	%		3/5/2029			5,053,465				5,046,585				5,052,454
First Student Bidco Inc.		Transportation: Consumer		Term Loan B (12/24)		Loan		3M USD SOFR+			2.50	%			0.50	%			6.89	%		7/21/2028			709,476				706,708				707,603
First Student Bidco Inc.		Transportation: Consumer		Term Loan C		Loan		3M USD SOFR+			2.50	%			0.50	%			6.89	%		7/21/2028			216,966				216,137				216,393

Issuer Name		Industry		Asset Name		Asset Type		Reference Rate/Spread						SOFR/LIBOR Floor				Current Rate (All In)				Maturity Date		Principal/ Number of Shares				Cost				Fair Value
Fitness International, LLC (LA Fitness)		Services: Consumer		Term Loan B (1/24)		Loan		1M USD SOFR+			5.25	%			1.00	%			9.57	%		2/5/2029			1,191,000				1,161,999				1,204,030
Flutter Financing B.V.		Hotel, Gaming & Leisure		Term Loan		Loan		3M USD SOFR+			1.75	%			0.50	%			6.08	%		11/29/2030			3,712,500				3,704,077				3,699,729
Franchise Group, Inc.		Services: Consumer		New Money Term Commitments		Loan		1M USD SOFR+			9.00	%			1.00	%			13.43	%		5/6/2025			257,225				254,175				257,225
Franchise Group, Inc.		Services: Consumer		First Out Term Loan		Loan		6M USD SOFR+			4.75	%			0.75	%			9.30	%		3/10/2026			827,674				825,735				412,802
Franchise Group, Inc.		Services: Consumer		Term Loan B		Loan		3M USD SOFR+			4.75	%			0.75	%			9.30	%		3/10/2026			3,041,686				2,988,228				1,517,041
Franchise Group, Inc.		Services: Consumer		Term Loan DIP New Money		Loan		1M USD SOFR+			9.00	%			1.00	%			13.43	%		5/6/2025			355,828				353,546				355,828
Franklin Square Holdings, L.P.		Banking, Finance, Insurance & Real Estate		Term Loan B (04/24)		Loan		1M USD SOFR+			2.25	%			0.00	%			6.57	%		4/25/2031			4,231,210				4,225,781				4,231,210
Froneri International (R&R Ice Cream)		Beverage, Food & Tobacco		Term Loan B4 (10/24)		Loan		6M USD SOFR+			2.00	%			0.00	%			6.24	%		9/16/2031			1,915,000				1,914,701				1,905,751
Garrett LX III S.a r.l.		Automotive		Term Loan (1/25)		Loan		3M USD SOFR+			2.25	%			0.50	%			6.54	%		1/20/2032			1,451,250				1,447,746				1,438,552
Genesee & Wyoming, Inc.		Transportation: Cargo		Term Loan B (03/24)		Loan		3M USD SOFR+			1.75	%			0.00	%			6.08	%		4/10/2031			1,496,250				1,489,525				1,489,711
GGP Inc.		Banking, Finance, Insurance & Real Estate		Term Loan B		Loan		1M USD SOFR+			2.50	%			0.00	%			2.96	%		8/27/2025			2,323,401				2,300,582				2,318,312
GIP Pilot Acquisition Partners, L.P.		Energy: Oil & Gas		Term Loan B		Loan		3M USD SOFR+			2.00	%			0.00	%			6.30	%		10/4/2030			415,684				414,006				414,387
Global Tel*Link Corporation		Telecommunications		Term Loan (6/24)		Loan		1M USD SOFR+			7.50	%			3.00	%			11.82	%		7/31/2029			4,809,048				4,741,980				4,798,757
Go Daddy Operating Company, LLC		High Tech Industries		Term Loan B7		Loan		1M USD SOFR+			1.75	%			0.00	%			6.07	%		5/30/2031			940,231				940,231				938,473
GOLDEN WEST PACKAGING GROUP LLC		Forest Products & Paper		Term Loan (11/21)		Loan		6M USD SOFR+			5.25	%			0.75	%			9.92	%		12/1/2027			1,775,000				1,767,298				1,434,786

Issuer Name		Industry		Asset Name		Asset Type		Reference Rate/Spread						SOFR/LIBOR Floor				Current Rate (All In)				Maturity Date		Principal/ Number of Shares				Cost				Fair Value
GOTO GROUP, INC.		High Tech Industries		First Lien Term Loan		Loan		3M USD SOFR+			4.75	%			0.00	%			9.19	%		4/30/2028			1,245,381				804,484				1,151,043
GOTO GROUP, INC.		High Tech Industries		Second-Out Term Loan (02/24)		Loan		3M USD SOFR+			4.75	%			0.00	%			9.19	%		4/30/2028			1,719,812				1,651,916				832,389
Graham Packaging Co Inc		Containers, Packaging & Glass		Term Loan B (07/24)		Loan		1M USD SOFR+			2.50	%			0.00	%			6.82	%		8/4/2027			830,576				828,359				830,161
Great Outdoors Group, LLC		Retail		Term Loan (1/25)		Loan		1M USD SOFR+			3.25	%			0.75	%			7.55	%		1/20/2032			960,244				958,144				962,049
Griffon Corporation		Consumer goods: Durable		Term Loan B		Loan		1M USD SOFR+			2.00	%			0.00	%			6.31	%		1/24/2029			142,188				142,044				142,898
Grosvenor Capital Management Holdings, LLLP		Banking, Finance, Insurance & Real Estate		Term Loan B (5/24)		Loan		1M USD SOFR+			2.25	%			0.00	%			6.57	%		2/25/2030			2,786,709				2,786,614				2,791,057
Groupe Solmax Inc.		Environmental Industries		Term Loan (6/21)		Loan		1M USD SOFR+			4.75	%			0.75	%			9.19	%		5/27/2028			2,412,086				2,134,984				2,133,827
GYP HOLDINGS III CORP.		Construction & Building		Term Loan (1/24)		Loan		1M USD SOFR+			2.25	%			0.00	%			6.57	%		5/12/2030			246,881				245,937				247,037
Hertz Corporation (The)		Transportation: Consumer		Term Loan B		Loan		1M USD SOFR+			3.75	%			0.00	%			8.07	%		6/30/2028			2,082,970				2,035,333				1,807,726
Hillman Group Inc. (The) (New)		Consumer goods: Durable		Term Loan B-1 (2/21)		Loan		1M USD SOFR+			2.00	%			0.50	%			6.31	%		7/14/2028			2,714,525				2,713,474				2,704,780
Hilton Domestic Operating Company Inc.		Hotel, Gaming & Leisure		Term Loan B 4		Loan		1M USD SOFR+			1.75	%			0.00	%			6.07	%		11/8/2030			1,500,000				1,497,236				1,505,160
HLF Financing SARL (Herbalife)		Consumer goods: Non-durable		Term Loan		Loan		1M USD SOFR+			6.75	%			0.50	%			11.07	%		4/12/2029			3,038,490				3,037,561				3,036,606
Holley Purchaser, Inc		Automotive		Term Loan (11/21)		Loan		1M USD SOFR+			3.75	%			0.75	%			8.19	%		11/17/2028			2,189,325				2,184,763				2,130,935
Hudson River Trading LLC		Banking, Finance, Insurance & Real Estate		Term Loan (10/24)		Loan		1M USD SOFR+			3.00	%			0.00	%			7.31	%		3/29/2030			5,775,525				5,692,371				5,770,327

Issuer Name		Industry		Asset Name		Asset Type		Reference Rate/Spread						SOFR/LIBOR Floor				Current Rate (All In)				Maturity Date		Principal/ Number of Shares				Cost				Fair Value
Hunter Douglas Inc		Consumer goods: Durable		Term Loan B (1/25)		Loan		3M USD SOFR+			3.25	%			0.00	%			7.55	%		1/19/2032			2,232,648				2,038,638				2,215,904
Hyperion Refinance S.a.r.l.		Banking, Finance, Insurance & Real Estate		Term Loan B (11/24)		Loan		1M USD SOFR+			3.00	%			0.50	%			7.32	%		2/18/2031			2,977,538				2,966,717				2,968,992
Idera, Inc.		High Tech Industries		Term Loan (06/24)		Loan		3M USD SOFR+			3.50	%			0.75	%			7.79	%		3/2/2028			4,726,151				4,723,056				4,447,167
IMA Financial Group, Inc.		Banking, Finance, Insurance & Real Estate		Term Loan (10/21)		Loan		1M USD SOFR+			3.00	%			0.50	%			7.32	%		11/1/2028			2,440,193				2,433,243				2,440,193
INDY US BIDCO, LLC		Services: Business		Term Loan (01/25)		Loan		1M USD SOFR+			3.50	%			0.50	%			7.82	%		3/6/2028			2,170,828				2,170,359				2,166,313
INEOS 226 Ltd.		Chemicals, Plastics, & Rubber		Term Loan 3/23		Loan		1M USD SOFR+			3.75	%			0.00	%			8.17	%		3/13/2030			492,500				488,601				474,031
Ineos US Finance LLC		Chemicals, Plastics, & Rubber		Term Loan C		Loan		1M USD SOFR+			3.25	%			0.00	%			7.57	%		2/18/2030			990,019				982,264				973,931
INEOS US PETROCHEM LLC		Chemicals, Plastics, & Rubber		Term Loan B		Loan		1M USD SOFR+			4.25	%			0.00	%			8.67	%		4/2/2029			2,694,512				2,647,631				2,627,149
Informatica Inc.		High Tech Industries		Term Loan B (06/24)		Loan		1M USD SOFR+			2.25	%			0.00	%			6.57	%		10/27/2028			486,250				486,237				485,642
Ingram Micro Inc.		Wholesale		Term Loan B		Loan		3M USD SOFR+			2.75	%			0.00	%			7.08	%		9/17/2031			693,439				689,636				697,343
Inmar, Inc.		Services: Business		Term Loan (06/23)		Loan		3M USD SOFR+			5.00	%			1.00	%			9.31	%		10/30/2031			3,299,855				3,234,272				3,303,980
Innophos, Inc.		Chemicals, Plastics, & Rubber		Term Loan B		Loan		1M USD SOFR+			4.25	%			0.00	%			8.69	%		3/16/2029			476,250				472,714				475,826
IRB Holding Corporation		Beverage, Food & Tobacco		Term Loan B		Loan		1M USD SOFR+			2.50	%			0.75	%			6.82	%		12/15/2027			492,487				489,357				491,935
Isagenix International, LLC		Beverage, Food & Tobacco		Term Loan		Loan		6M USD SOFR+			2.50	%			0.00	%			2.50	%		4/13/2028			1,378,403				1,025,602				186,084
Isolved Inc.		Services: Business		Term Loan B (11/24)		Loan		1M USD SOFR+			3.25	%			0.00	%			7.57	%		10/15/2030			620,324				614,960				624,394

Issuer Name		Industry		Asset Name		Asset Type		Reference Rate/Spread						SOFR/LIBOR Floor				Current Rate (All In)				Maturity Date		Principal/ Number of Shares				Cost				Fair Value
Jane Street Group		Banking, Finance, Insurance & Real Estate		Term Loan B		Loan		3M USD SOFR+			2.00	%			0.00	%			6.30	%		12/15/2031			3,840,000				3,839,989				3,790,810
Journey Personal Care Corp.		Consumer goods: Non-durable		Term Loan B (11/24)		Loan		1M USD SOFR+			3.75	%			0.75	%			8.07	%		3/1/2028			2,895,000				2,858,590				2,872,072
JP Intermediate B, LLC		Consumer goods: Non-durable		Term Loan 7/23		Loan		Prime			6.50	%			1.00	%			14.00	%		11/20/2027			3,370,462				3,360,549				134,818
Kleopatra Finco S.a r.l.		Containers, Packaging & Glass		Term Loan (1/21) (USD)		Loan		6M USD SOFR+			4.73	%			0.50	%			9.23	%		2/12/2026			1,443,750				1,443,745				1,348,304
Koppers Inc		Chemicals, Plastics, & Rubber		Term Loan		Loan		1M USD SOFR+			2.50	%			0.50	%			6.82	%		4/10/2030			985,081				961,555				988,775
KREF Holdings X LLC		Banking, Finance, Insurance & Real Estate		Term Loan (11/21)		Loan		3M USD SOFR+			3.50	%			0.50	%			8.06	%		9/1/2027			481,363				476,486				481,363
Lakeland Tours, LLC		Hotel, Gaming & Leisure		Holdco Fixed Term Loan		Loan		Fixed			0.00	%			0.00	%			8.00	%		9/27/2027			1,127,568				680,756				28,189
Latham Pool Products, Inc.		Consumer goods: Durable		Term Loan 2/22		Loan		3M USD SOFR+			3.75	%			0.50	%			8.19	%		2/23/2029			991,609				978,723				970,954
Lealand Finance Company B.V.		Energy: Oil & Gas		Exit Term Loan		Loan		1M USD SOFR+			1.00	%			0.00	%			5.43	%		12/31/2027			366,724				366,724				149,257
LHS BORROWER, LLC		Construction & Building		Term Loan (02/22)		Loan		1M USD SOFR+			4.75	%			0.50	%			9.17	%		2/16/2029			2,450,166				2,120,597				2,266,403
Lifetime Brands, Inc		Consumer goods: Non-durable		Term Loan		Loan		1M USD SOFR+			5.50	%			1.00	%			9.93	%		8/26/2027			1,576,347				1,572,295				1,500,163
Liquid Tech Solutions Holdings, LLC		Services: Business		Term Loan		Loan		1M USD SOFR+			3.75	%			0.75	%			8.18	%		3/17/2028			967,500				966,360				969,919
LOYALTY VENTURES INC.		Services: Business		Loyalty Ventures Claims		Term Loan B		Prime			5.50	%			0.50	%			14.00	%		11/3/2027			2,913,525				2,905,305				211,231
LSF11 A5 HOLDCO LLC		Chemicals, Plastics, & Rubber		Term Loan B (06/24)		Loan		1M USD SOFR+			3.50	%			0.50	%			7.93	%		10/15/2028			1,622,206				1,607,812				1,621,622
LSF11 TRINITY BIDCO INC		Aerospace & Defense		Term Loan B (12/24)		Loan		1M USD SOFR+			3.00	%			0.00	%			7.32	%		6/14/2030			970,924				959,085				970,924

Issuer Name		Industry		Asset Name		Asset Type		Reference Rate/Spread						SOFR/LIBOR Floor				Current Rate (All In)				Maturity Date		Principal/ Number of Shares				Cost				Fair Value
LSF9 Atlantis Holdings, LLC (A Wireless)		Retail		Term Loan Extended		Loan		1M USD SOFR+			5.25	%			0.75	%			9.57	%		3/29/2029			2,671,805				2,610,533				2,680,167
Lumen Technologies Inc		Telecommunications		Term Loan B1 (3/24)		Loan		1M USD SOFR+			2.35	%			2.00	%			6.79	%		4/16/2029			1,608,268				1,607,707				1,512,785
Lumen Technologies Inc		Telecommunications		Term Loan B2 (3/24)		Loan		1M USD SOFR+			2.35	%			2.00	%			6.79	%		4/15/2030			1,608,268				1,607,702				1,507,767
MAGNITE, INC.		Services: Business		Term Loan B (09/24)		Loan		1M USD SOFR+			3.75	%			0.00	%			8.07	%		2/6/2031			3,233,770				3,205,941				3,278,235
Marriott Ownership Resorts, Inc.		Hotel, Gaming & Leisure		Term Loan B (3/24)		Loan		1M USD SOFR+			2.25	%			0.00	%			6.57	%		4/1/2031			1,310,489				1,310,489				1,310,489
Max US Bidco Inc.		Beverage, Food & Tobacco		Term Loan B		Loan		3M USD SOFR+			5.00	%			0.50	%			9.31	%		10/3/2030			1,985,000				1,870,513				1,942,819
Mayfield Agency Borrower Inc. (FeeCo)		Banking, Finance, Insurance & Real Estate		Term Loan B (12/24)		Loan		3M USD SOFR+			3.00	%			0.00	%			7.29	%		12/29/2031			3,415,608				3,349,332				3,405,634
McGraw-Hill Education, Inc.		Media: Advertising, Printing & Publishing		Term Loan (1/25)		Loan		3M USD SOFR+			3.25	%			0.50	%			7.55	%		8/6/2031			1,244,525				1,236,501				1,251,134
Michaels Companies Inc		Retail		Term Loan B (Magic Mergeco)		Loan		3M USD SOFR+			4.25	%			0.75	%			8.84	%		4/8/2028			2,417,349				2,407,248				1,957,038
MIWD Holdco II LLC		Construction & Building		Term Loan B2 (03/24)		Loan		1M USD SOFR+			3.00	%			0.00	%			7.32	%		3/21/2031			497,500				495,226				498,067
MKS Instruments, Inc.		High Tech Industries		Term Loan B (01/25)		Loan		1M USD SOFR+			2.00	%			0.50	%			6.32	%		8/17/2029			1,280,586				1,278,776				1,281,227
Momentive Performance Materials Inc.		Chemicals, Plastics, & Rubber		Term Loan (03/23)		Loan		1M USD SOFR+			4.00	%			0.00	%			8.32	%		3/28/2028			491,250				477,801				490,331
Moneygram International, Inc.		Services: Business		Term Loan B		Loan		3M USD SOFR+			4.75	%			0.50	%			9.15	%		6/1/2030			2,963,850				2,633,472				2,846,363
Mosel Bidco SE		High Tech Industries		Term Loan B		Loan		3M USD SOFR+			4.50	%			0.50	%			8.83	%		9/28/2030			500,000				495,844				501,250
MPH Acquisition Holdings LLC (Multiplan)		Services: Business		First-Out Term Loan (01/25)		Loan		3M USD SOFR+			3.75	%			0.00	%			8.04	%		12/31/2030			315,611				285,615				313,638

Issuer Name		Industry		Asset Name		Asset Type		Reference Rate/Spread						SOFR/LIBOR Floor				Current Rate (All In)				Maturity Date		Principal/ Number of Shares				Cost				Fair Value
MPH Acquisition Holdings LLC (Multiplan)		Services: Business		Second-Out Term Loan (01/25)		Loan		3M USD SOFR+			4.60	%			0.00	%			9.15	%		12/31/2030			2,616,207				2,460,718				2,198,556
NAB Holdings, LLC (North American Bancard)		Banking, Finance, Insurance & Real Estate		Term Loan B (2/25)		Loan		3M USD SOFR+			2.50	%			0.50	%			6.82	%		11/24/2028			2,910,506				2,906,771				2,886,873
Napa Management Services Corp		Healthcare & Pharmaceuticals		Term Loan B (02/22)		Loan		1M USD SOFR+			5.25	%			0.75	%			9.67	%		2/22/2029			2,939,547				2,497,131				2,712,966
Natgasoline LLC		Chemicals, Plastics, & Rubber		Term Loan		Loan		6M USD SOFR+			3.50	%			0.00	%			8.17	%		11/14/2025			3,269,852				3,265,583				3,253,503
National Mentor Holdings, Inc.		Healthcare & Pharmaceuticals		Term Loan 2/21		Loan		3M USD SOFR+			3.75	%			0.75	%			8.48	%		3/2/2028			2,680,348				2,676,078				2,623,658
National Mentor Holdings, Inc.		Healthcare & Pharmaceuticals		Term Loan C 2/21		Loan		3M USD SOFR+			3.75	%			0.75	%			8.18	%		3/2/2028			87,464				87,262				85,614
Nexstar Broadcasting, Inc. (Mission Broadcasting)		Media: Broadcasting & Subscription		Term Loan		Loan		1M USD SOFR+			2.50	%			0.00	%			6.94	%		9/18/2026			571,911				570,138				571,356
Next Level Apparel, Inc.		Retail		Term Loan		Loan		3M USD SOFR+			7.50	%			1.00	%			11.90	%		8/9/2026			2,382,698				2,373,272				1,894,245
NorthPole Newco S.a.r.l		Aerospace & Defense		Term Loan		Loan		Prime			7.00	%			0.00	%			14.50	%		3/3/2025			-				-				-
NortonLifeLock Inc.		High Tech Industries		Term Loan B (05/24)		Loan		1M USD SOFR+			1.75	%			0.50	%			6.07	%		9/12/2029			970,000				967,278				967,507
Nouryon Finance B.V.		Chemicals, Plastics, & Rubber		Term Loan B (10/24)		Loan		3M USD SOFR+			3.25	%			0.00	%			7.55	%		4/3/2028			483,926				480,497				485,591
Novae LLC		Automotive		Term Loan B		Loan		1M USD SOFR+			5.00	%			0.75	%			9.42	%		12/22/2028			1,945,000				1,935,728				1,819,800
Olaplex, Inc.		Consumer goods: Non-durable		Term Loan (2/22)		Loan		1M USD SOFR+			3.50	%			0.50	%			7.92	%		2/23/2029			2,442,273				2,367,591				2,262,498
Open Text Corporation		High Tech Industries		Term Loan B (08/23)		Loan		1M USD SOFR+			1.75	%			0.50	%			6.07	%		1/31/2030			921,883				900,638				920,731
Oxbow Carbon, LLC		Metals & Mining		Term Loan B (04/23)		Loan		1M USD SOFR+			3.50	%			0.50	%			7.82	%		5/2/2030			492,500				484,592				491,269

Issuer Name		Industry		Asset Name		Asset Type		Reference Rate/Spread						SOFR/LIBOR Floor				Current Rate (All In)				Maturity Date		Principal/ Number of Shares				Cost				Fair Value
PACIFIC DENTAL SERVICES, LLC		Healthcare & Pharmaceuticals		Term Loan B (02//24)		Loan		1M USD SOFR+			2.75	%			0.00	%			7.07	%		3/17/2031			1,191,000				1,190,157				1,194,347
PACTIV EVERGREEN GROUP HOLDINGS INC.		Containers, Packaging & Glass		Term Loan B4 (05/24)		Loan		1M USD SOFR+			2.50	%			0.00	%			6.82	%		9/24/2028			921,247				919,105				920,841
Padagis LLC		Healthcare & Pharmaceuticals		Term Loan		Loan		3M USD SOFR+			4.75	%			0.50	%			9.30	%		7/6/2028			941,176				935,900				876,866
PAR PETROLEUM LLC		Energy: Oil & Gas		Term Loan B		Loan		3M USD SOFR+			3.75	%			0.50	%			8.04	%		2/28/2030			2,458,727				2,438,711				2,448,474
PATAGONIA HOLDCO LLC		Telecommunications		Term Loan B		Loan		3M USD SOFR+			5.75	%			0.50	%			10.05	%		8/1/2029			2,947,386				2,631,038				2,597,384
Pathway Partners Vet Management Company LLC		Services: Business		Term Loan		Loan		3M USD SOFR+			3.75	%			0.00	%			8.34	%		3/31/2027			476,580				472,582				387,545
PCI Gaming Authority		Hotel, Gaming & Leisure		Term Loan		Loan		1M USD SOFR+			2.00	%			0.00	%			6.32	%		7/18/2031			790,518				789,679				788,834
PEARLS (Netherlands) Bidco B.V.		Chemicals, Plastics, & Rubber		USD Term Loan (02/22)		Loan		1M USD SOFR+			3.25	%			0.50	%			7.57	%		2/28/2029			973,627				972,968				969,246
PEDIATRIC ASSOCIATES HOLDING COMPANY, LLC		Healthcare & Pharmaceuticals		Term Loan (12/22)		Loan		3M USD SOFR+			3.25	%			0.50	%			7.80	%		12/29/2028			1,459,630				1,456,242				1,379,350
Penn National Gaming, Inc		Hotel, Gaming & Leisure		Term Loan B		Loan		1M USD SOFR+			2.50	%			0.50	%			6.82	%		5/3/2029			975,000				971,989				976,463
Peraton Corp.		Aerospace & Defense		Term Loan B		Loan		1M USD SOFR+			3.75	%			0.75	%			8.17	%		2/1/2028			5,181,328				5,175,310				4,677,754
Phoenix Guarantor Inc.		Healthcare & Pharmaceuticals		Term Loan B (12/24)		Loan		1M USD SOFR+			2.50	%			0.00	%			6.82	%		2/21/2031			965,218				965,218				961,444
PHYSICIAN PARTNERS, LLC		Healthcare & Pharmaceuticals		Term Loan		Loan		3M USD SOFR+			4.00	%			0.50	%			8.74	%		12/22/2028			2,928,567				2,881,253				1,156,784
Plastipak Holdings Inc.		Containers, Packaging & Glass		Term Loan B		Loan		1M USD SOFR+			2.25	%			0.50	%			6.57	%		12/1/2028			1,795,294				1,791,011				1,796,892
Playtika Holding Corp.		High Tech Industries		Term Loan B (3/21)		Loan		1M USD SOFR+			2.75	%			0.00	%			7.19	%		3/13/2028			4,331,250				4,327,202				4,316,351

Issuer Name		Industry		Asset Name		Asset Type		Reference Rate/Spread						SOFR/LIBOR Floor				Current Rate (All In)				Maturity Date		Principal/ Number of Shares				Cost				Fair Value
PMHC II, INC.		Chemicals, Plastics, & Rubber		Term Loan (02/22)		Loan		3M USD SOFR+			4.25	%			0.50	%			8.69	%		4/21/2029			1,955,000				1,949,220				1,890,368
PointClickCare Technologies, Inc.		High Tech Industries		Term Loan B (10/24)		Loan		3M USD SOFR+			3.25	%			0.00	%			7.58	%		11/3/2031			482,575				481,443				483,178
Polymer Process Holdings, Inc.		Containers, Packaging & Glass		Term Loan		Loan		1M USD SOFR+			4.75	%			0.75	%			9.19	%		2/12/2028			4,020,266				4,001,931				3,897,648
Pre-Paid Legal Services, Inc.		Services: Consumer		Term Loan (12/21)		Loan		1M USD SOFR+			3.25	%			0.50	%			7.69	%		12/15/2028			2,917,500				2,903,248				2,917,500
Prime Security Services Borrower, LLC (ADT)		Services: Consumer		Term Loan B		Loan		1M USD SOFR+			2.00	%			0.00	%			6.31	%		10/13/2030			1,990,013				1,973,564				1,985,834
Primo Brands Corporation		Beverage, Food & Tobacco		Term Loan B (01/25)		Loan		3M USD SOFR+			2.25	%			0.50	%			6.56	%		3/31/2028			1,447,505				1,443,799				1,448,620
PRIORITY HOLDINGS, LLC		Services: Consumer		Term Loan B (5/24)		Loan		1M USD SOFR+			4.75	%			0.50	%			9.07	%		5/16/2031			2,872,211				2,857,095				2,875,802
PriSo Acquisition Corporation		Construction & Building		Term Loan (01/21)		Loan		3M USD SOFR+			3.25	%			0.75	%			7.82	%		12/28/2027			481,239				480,294				466,152
Project Leopard Holdings, Inc. (NEW)		High Tech Industries		Term Loan B (06/22)		Loan		3M USD SOFR+			5.25	%			0.50	%			9.64	%		7/20/2029			980,000				930,969				871,387
Propulsion (BC) Finco		Aerospace & Defense		Term Loan B (10/24)		Loan		3M USD SOFR+			3.25	%			0.50	%			7.58	%		9/14/2029			742,457				736,171				745,509
PUG LLC		Services: Consumer		Term Loan B (03/24)		Loan		1M USD SOFR+			4.75	%			0.00	%			9.07	%		3/15/2030			465,765				465,063				465,570
Quartz AcquireCo, LLC		High Tech Industries		Term Loan (2/25)		Loan		3M USD SOFR+			2.25	%			0.00	%			6.57	%		6/28/2030			1,234,994				1,226,841				1,233,450
Quikrete Holdings, Inc.		Construction & Building		Term Loan (2/25)		Loan		1M USD SOFR+			2.25	%			0.00	%			6.57	%		4/14/2031			992,500				990,531				990,981
Rackspace Technology Global, Inc.		High Tech Industries		Term Loan (3/24)		Loan		1M USD SOFR+			2.75	%			0.75	%			7.17	%		5/15/2028			2,040,103				1,143,598				1,165,409
Rackspace Technology Global, Inc.		High Tech Industries		Super-Priority Term Loan (03/24)		Loan		1M USD SOFR+			6.25	%			0.75	%			10.67	%		5/15/2028			546,909				542,424				563,705

Issuer Name		Industry		Asset Name		Asset Type		Reference Rate/Spread						SOFR/LIBOR Floor				Current Rate (All In)				Maturity Date		Principal/ Number of Shares				Cost				Fair Value
RAND PARENT LLC		Transportation: Cargo		Term Loan B (01/25)		Loan		3M USD SOFR+			3.00	%			0.00	%			7.30	%		3/18/2030			2,456,406				2,386,949				2,452,108
RealPage, Inc.		High Tech Industries		Term Loan (04/21)		Loan		3M USD SOFR+			3.00	%			0.50	%			7.59	%		4/24/2028			967,500				966,881				960,747
Rent-A-Center, Inc.		Retail		Term Loan B2 (9/21)		Loan		3M USD SOFR+			2.75	%			0.50	%			7.04	%		2/17/2028			1,840,124				1,815,493				1,839,351
Research Now Group, Inc		Media: Advertising, Printing & Publishing		Term Loan (07/24)		Loan		3M USD SOFR+			5.00	%			1.00	%			9.58	%		7/15/2028			338,737				334,497				339,018
Research Now Group, Inc		Media: Advertising, Printing & Publishing		Second-Out Term Loan		Loan		3M USD SOFR+			5.50	%			1.00	%			10.08	%		7/15/2028			2,887,427				2,767,310				2,721,400
Resideo Funding Inc.		Services: Consumer		Term Loan B (12/24)		Loan		1M USD SOFR+			1.75	%			0.00	%			6.06	%		2/14/2028			674,488				674,302				675,756
Resolute Investment Managers (American Beacon), Inc.		Banking, Finance, Insurance & Real Estate		Term Loan (12/23)		Loan		3M USD SOFR+			6.50	%			1.00	%			11.09	%		4/30/2027			1,948,473				1,948,473				1,930,449
Restoration Hardware, Inc.		Retail		Term Loan (9/21)		Loan		1M USD SOFR+			2.50	%			0.50	%			6.94	%		10/20/2028			3,392,312				3,389,647				3,339,595
Reynolds Consumer Products LLC		Containers, Packaging & Glass		Term Loan		Loan		1M USD SOFR+			1.75	%			0.00	%			6.17	%		2/4/2027			996,705				996,705				996,944
Russell Investments US Inst’l Holdco, Inc.		Banking, Finance, Insurance & Real Estate		Term Loan B PIK (3/24)		Loan		3M USD SOFR+			5.00	%			1.00	%			9.29	%		5/30/2027			5,764,065				5,754,497				5,539,266
RV Retailer LLC		Automotive		Term Loan		Loan		1M USD SOFR+			3.75	%			0.75	%			8.17	%		2/8/2028			2,897,881				2,869,896				2,714,039
Ryan Specialty Group LLC		Banking, Finance, Insurance & Real Estate		Term Loan B (09/24)		Loan		1M USD SOFR+			2.25	%			0.00	%			6.57	%		9/15/2031			1,455,934				1,448,552				1,453,750
S&S HOLDINGS LLC		Services: Business		Term Loan		Loan		1M USD SOFR+			5.00	%			0.50	%			9.42	%		3/10/2028			2,408,668				2,376,694				2,403,996
Sally Holdings LLC		Retail		Term Loan B		Loan		1M USD SOFR+			1.75	%			0.00	%			6.07	%		2/28/2030			441,250				438,790				440,147
Schweitzer-Mauduit International, Inc.		High Tech Industries		Term Loan B		Loan		1M USD SOFR+			3.75	%			0.75	%			8.19	%		4/20/2028			939,236				936,933				933,365

Issuer Name		Industry		Asset Name		Asset Type		Reference Rate/Spread						SOFR/LIBOR Floor				Current Rate (All In)				Maturity Date		Principal/ Number of Shares				Cost				Fair Value
Scientific Games Holdings LP		Hotel, Gaming & Leisure		Term Loan B		Loan		3M USD SOFR+			3.00	%			0.50	%			7.30	%		4/4/2029			491,269				490,668				491,087
Sedgwick Claims Management Services, Inc.		Services: Business		Term Loan B 2/23		Loan		3M USD SOFR+			3.00	%			0.00	%			7.31	%		7/31/2031			985,031				978,594				985,297
SETANTA AIRCRAFT LEASING DAC		Aerospace & Defense		Term Loan B (05/24)		Loan		3M USD SOFR+			1.75	%			0.00	%			6.08	%		11/5/2028			500,000				499,374				501,500
Sitel Worldwide Corporation		Services: Business		USD Term Loan (7/21)		Loan		3M USD SOFR+			3.75	%			0.50	%			8.18	%		8/28/2028			1,935,000				1,930,481				1,248,733
SiteOne Landscape Supply, LLC		Services: Business		Term Loan B (06/24)		Loan		1M USD SOFR+			1.75	%			0.50	%			6.06	%		3/23/2030			1,257,709				1,253,356				1,257,709
Smyrna Ready Mix Concrete, LLC		Construction & Building		Term Loan B		Loan		1M USD SOFR+			3.00	%			0.00	%			7.32	%		4/2/2029			509,075				506,578				510,984
Sparta U.S. HoldCo LLC		Chemicals, Plastics, & Rubber		Term Loan		Loan		1M USD SOFR+			3.00	%			0.00	%			7.31	%		8/2/2030			1,940,000				1,935,791				1,945,820
Specialty Pharma III Inc.		Services: Business		Term Loan		Loan		1M USD SOFR+			4.25	%			0.75	%			8.67	%		3/31/2028			1,935,000				1,925,487				1,847,925
Spin Holdco, Inc.		Services: Consumer		Term Loan 3/21		Loan		3M USD SOFR+			4.00	%			0.75	%			8.71	%		3/4/2028			2,887,500				2,880,793				2,496,128
SRAM, LLC		Consumer goods: Durable		Term Loan (02/25)		Loan		1M USD SOFR+			2.75	%			0.50	%			7.94	%		5/12/2028			2,269,091				2,267,559				2,274,764
STANDARD INDUSTRIES INC.		Construction & Building		Term Loan B		Loan		1M USD SOFR+			1.75	%			0.50	%			6.07	%		9/22/2028			210,250				209,230				210,250
Staples, Inc.		Wholesale		Term Loan B		Loan		3M USD SOFR+			5.75	%			0.50	%			10.04	%		9/4/2029			4,263,551				4,210,817				4,001,726
Star Parent, Inc.		Services: Business		Term Loan B (09/23)		Loan		3M USD SOFR+			4.00	%			0.00	%			8.33	%		9/27/2030			1,240,625				1,225,176				1,214,088
Storable, Inc		High Tech Industries		Term Loan B		Loan		1M USD SOFR+			3.50	%			0.50	%			7.82	%		4/17/2028			485,000				484,751				484,913
Superannuation & Investments US LLC		Banking, Finance, Insurance & Real Estate		Term Loan		Loan		1M USD SOFR+			3.75	%			0.50	%			8.19	%		12/1/2028			970,000				964,328				974,608

Issuer Name		Industry		Asset Name		Asset Type		Reference Rate/Spread						SOFR/LIBOR Floor				Current Rate (All In)				Maturity Date		Principal/ Number of Shares				Cost				Fair Value
SupplyOne, Inc		Wholesale		Term Loan B (03/24)		Loan		1M USD SOFR+			3.75	%			0.00	%			8.07	%		3/27/2031			496,250				491,740				498,811
Sweetwater Borrower, LLC		Retail		Term Loan (8/21)		Loan		1M USD SOFR+			4.25	%			0.75	%			8.69	%		8/2/2028			2,083,452				2,022,885				2,083,452
Syncsort Incorporated		High Tech Industries		Term Loan B (10/21)		Loan		3M USD SOFR+			4.00	%			0.75	%			8.55	%		4/24/2028			2,419,962				2,419,490				2,377,105
Ta TT Buyer LLC		Media: Broadcasting & Subscription		Term Loan B (6/24)		Loan		3M USD SOFR+			4.75	%			0.50	%			9.08	%		4/2/2029			980,032				973,273				969,624
Tenable Holdings, Inc.		Services: Business		Term Loan B (6/21)		Loan		1M USD SOFR+			2.75	%			0.50	%			7.19	%		7/7/2028			970,000				969,283				971,213
Teneo Holdings LLC		Banking, Finance, Insurance & Real Estate		Term Loan B (03/24)		Loan		1M USD SOFR+			4.75	%			1.00	%			9.07	%		3/13/2031			3,473,750				3,442,264				3,500,880
Ten-X, LLC		Banking, Finance, Insurance & Real Estate		Term Loan 5/23		Loan		6M USD SOFR+			6.00	%			0.00	%			10.25	%		5/25/2028			1,860,000				1,860,000				1,616,340
Thor Industries, Inc.		Automotive		Term Loan B (06/24)		Loan		1M USD SOFR+			2.25	%			0.00	%			6.57	%		11/15/2030			291,839				289,445				292,569
TIBCO Software Inc		High Tech Industries		Term Loan (Cov-Lite) (10/24)		Loan		3M USD SOFR+			3.75	%			0.50	%			8.08	%		3/21/2031			498,750				498,297				500,137
Torrid LLC		Wholesale		Term Loan 5/21		Loan		3M USD SOFR+			5.50	%			0.75	%			10.07	%		6/14/2028			3,107,759				2,794,667				2,863,582
TORY BURCH LLC		Retail		Term Loan		Loan		1M USD SOFR+			3.25	%			0.50	%			7.69	%		4/17/2028			2,284,411				2,178,846				2,279,773
Tosca Services, LLC		Containers, Packaging & Glass		Term Loan A (08/24)		Loan		1M USD SOFR+			5.50	%			1.50	%			9.82	%		11/30/2028			80,509				79,712				82,925
Tosca Services, LLC		Containers, Packaging & Glass		Superpriority Second-Out Term Loan B		Loan		1M USD SOFR+			1.50	%			0.00	%			5.92	%		11/30/2028			6,878				10,704				5,932
Trans Union LLC		Banking, Finance, Insurance & Real Estate		Term Loan B9 (11/24)		Loan		1M USD SOFR+			1.75	%			0.00	%			6.07	%		6/24/2031			605,987				605,382				604,878
Tronox Finance LLC		Chemicals, Plastics, & Rubber		Term Loan (09/24)		Loan		3M USD SOFR+			2.25	%			0.00	%			6.60	%		4/4/2029			1,995,000				1,979,840				1,967,070

Issuer Name		Industry		Asset Name		Asset Type		Reference Rate/Spread						SOFR/LIBOR Floor				Current Rate (All In)				Maturity Date		Principal/ Number of Shares				Cost				Fair Value
Tronox Finance LLC		Chemicals, Plastics, & Rubber		Term Loan B (09/24)		Loan		1M USD SOFR+			2.50	%			0.00	%			6.82	%		9/30/2031			346,923				346,684				342,458
TruGreen Limited Partnership		Services: Consumer		Term Loan		Loan		1M USD SOFR+			4.00	%			0.75	%			8.42	%		11/2/2027			935,021				932,096				885,933
Ultra Clean Holdings, Inc.		High Tech Industries		Term Loan B (09/24)		Loan		1M USD SOFR+			3.25	%			0.00	%			7.57	%		2/25/2028			1,233,755				1,230,873				1,237,358
Univision Communications Inc.		Media: Broadcasting & Subscription		Term Loan B (05/24)		Loan		1M USD SOFR+			3.50	%			0.50	%			7.94	%		1/31/2029			2,403,522				2,402,406				2,379,486
Univision Communications Inc.		Media: Broadcasting & Subscription		Term Loan B (6/22)		Loan		3M USD SOFR+			4.25	%			0.50	%			8.58	%		6/25/2029			243,750				238,712				240,094
Vaco Holdings, LLC		Services: Business		Term Loan (01/22)		Loan		3M USD SOFR+			5.00	%			0.75	%			9.48	%		1/19/2029			2,294,893				2,247,090				2,098,680
Vericast Corp.		Media: Advertising, Printing & Publishing		Extended Term Loan (07/24)		Loan		6M USD SOFR+			7.75	%			1.00	%			12.03	%		6/16/2026			1,297,729				1,297,560				1,235,438
Verifone Systems, Inc.		Banking, Finance, Insurance & Real Estate		Term Loan (7/18)		Loan		3M USD SOFR+			4.00	%			0.00	%			8.58	%		8/20/2025			1,339,456				1,338,547				1,272,175
Vertex Aerospace Services Corp		Aerospace & Defense		Term Loan (10/21)		Loan		1M USD SOFR+			2.25	%			0.75	%			6.57	%		12/6/2030			972,724				970,725				966,509
Viasat Inc		Telecommunications		Term Loan (2/22)		Loan		1M USD SOFR+			4.50	%			0.50	%			8.94	%		3/5/2029			2,937,255				2,888,468				2,689,057
Virtus Investment Partners, Inc.		Banking, Finance, Insurance & Real Estate		Term Loan B (9/21)		Loan		1M USD SOFR+			2.25	%			0.00	%			6.69	%		9/28/2028			2,575,227				2,570,947				2,575,227
Vistra Operations Company LLC		Energy: Electricity		2018 Incremental Term Loan		Loan		1M USD SOFR+			1.75	%			0.00	%			6.07	%		12/20/2030			1,870,499				1,866,269				1,868,554
VM Consolidated, Inc.		Construction & Building		Term Loan B		Loan		1M USD SOFR+			2.25	%			0.00	%			6.57	%		3/24/2028			1,817,804				1,817,479				1,816,895
Walker & Dunlop, Inc.		Banking, Finance, Insurance & Real Estate		Term Loan		Loan		1M USD SOFR+			2.25	%			0.50	%			6.67	%		12/15/2028			491,202				484,449				491,816
Warner Music Group Corp. (WMG Acquisition Corp.)		Hotel, Gaming & Leisure		Term Loan J		Loan		3M USD SOFR+			1.75	%			0.00	%			6.04	%		1/24/2031			1,250,000				1,250,000				1,248,050

Issuer Name		Industry		Asset Name		Asset Type		Reference Rate/Spread						SOFR/LIBOR Floor				Current Rate (All In)				Maturity Date		Principal/ Number of Shares				Cost				Fair Value
Watlow Electric Manufacturing Company		High Tech Industries		Term Loan B (03/21)		Loan		3M USD SOFR+			3.50	%			0.50	%			7.79	%		3/2/2028			2,661,649				2,655,782				2,671,072
WeddingWire, Inc.		Services: Consumer		Term Loan B (12/24)		Loan		1M USD SOFR+			3.75	%			0.00	%			8.07	%		1/31/2028			4,772,917				4,772,450				4,784,849
Wellpath Holdings LLC		Healthcare & Pharmaceuticals		Term Loan		Loan		3M USD SOFR+			6.93	%			2.00	%			11.23	%		1/27/2030			693,228				693,228				693,228
WEX Inc.		Services: Business		Term Loan B (11/24)		Loan		1M USD SOFR+			1.75	%			0.00	%			6.07	%		3/31/2028			2,895,655				2,891,840				2,886,621
Windsor Holdings III, LLC		Chemicals, Plastics, & Rubber		Term Loan B (09/24)		Loan		1M USD SOFR+			3.50	%			0.00	%			7.82	%		8/1/2030			495,013				495,013				493,156
Wyndham Hotels & Resorts, Inc.		Hotel, Gaming & Leisure		Term Loan (05/24)		Loan		1M USD SOFR+			1.75	%			0.00	%			6.07	%		5/24/2030			987,538				983,680				987,814
Xperi Corporation		High Tech Industries		Term Loan (1/25)		Loan		1M USD SOFR+			2.50	%			0.00	%			6.82	%		6/8/2028			1,690,908				1,690,037				1,690,908
Zayo Group, LLC		Telecommunications		Term Loan 4/22		Loan		1M USD SOFR+			4.25	%			0.50	%			8.57	%		3/9/2027			972,500				960,739				935,185
ZEBRA BUYER (Allspring) LLC		Banking, Finance, Insurance & Real Estate		Term Loan B (12/24)		Loan		3M USD SOFR+			3.00	%			0.50	%			7.38	%		11/1/2030			1,852,261				1,845,463				1,852,261
Zekelman Industries, Inc.		Metals & Mining		Term Loan B (03/24)		Loan		1M USD SOFR+			2.25	%			0.00	%			6.56	%		1/24/2031			1,443,124				1,442,200				1,444,812
Zest Acquisition Corp.		Healthcare & Pharmaceuticals		Term Loan (1/23)		Loan		3M USD SOFR+			5.25	%			0.00	%			9.54	%		2/8/2028			1,960,000				1,896,443				1,979,600
Zodiac Pool Solutions		Consumer goods: Durable		Term Loan (1/22)		Loan		1M USD SOFR+			1.93	%			0.50	%			6.35	%		1/29/2029			485,000				484,495				484,267
																												$	520,335,803			$	492,195,089

		Number of Shares				Cost				Fair Value
Cash and cash equivalents
U.S. Bank Money Market (a)			21,272,327			$	21,272,327			$	21,272,327
Total cash and cash equivalents			21,272,327			$	21,272,327			$	21,272,327

(a) Included within cash and cash equivalents in Saratoga CLO’s Statements of Assets and Liabilities as of February 28, 2025.

(b) As of February 28, 2025, the investment was in default or on non-accrual status.

(c) Investments include Payment-in-Kind Interest.

(d) All or a portion of this investment has an unfunded commitment as of February 28, 2025.

SOFR - Secured Overnight Financing Rate

1M SOFR - The 1-month SOFR rate as of February 28, 2025 was 4.32%.

3M SOFR - The 3-month SOFR rate as of February 28, 2025 was 4.32%.

6M SOFR - The 6-month SOFR rate as of February 28, 2025 was 4.26%.

Prime - The Prime Rate as of February 28, 2025 was 7.50%.

X

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