v3.25.4
Investments (Tables)
 9 Months Ended
Nov. 30, 2025
Investments (Tables) [Line Items]  
Schedule of Fair Value Measurements of Investments, by Major Class

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.
Schedule of Reconciliation of the Beginning and Ending Balances for Investments

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 

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)
Schedule of Valuation Techniques and Significant Unobservable Inputs Used in Recurring Level 3 Fair Value Measurements of Assets

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.
Schedule of Amortized Cost and Fair Value

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%
Schedule of Investments for SLF JV

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%
Saratoga CLO [Member]  
Investments (Tables) [Line Items]  
Schedule of Statements of Assets and Liabilities

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 
Schedule of Consolidated Statements of Operations
   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)
Schedule of Financial Statements of Saratoga CLO
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
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