Investments |
Note 4. Investment in Saratoga CLO
On January 22, 2008, the Company entered into
a collateral management agreement with Saratoga CLO, pursuant to which the Company acts as its collateral manager. The Saratoga CLO was
initially refinanced in October 2013 and November 2016 with its reinvestment period extended to October 2016 and October 2018, respectively.
On December 14, 2018, the Company completed a
third refinancing and upsize of the Saratoga CLO (the “2013-1 Reset CLO Notes”). The third Saratoga CLO refinancing, which,
among other things, extended its reinvestment period to January 2021, and extended its legal maturity date to January 2030, and added
a non-call period of January 2020. Following this refinancing, the Saratoga CLO portfolio increased its aggregate principal amount from
approximately $300.0 million to approximately $500.0 million of predominantly senior secured first lien term loans.
On February 11, 2020, the Company entered into
an unsecured loan agreement (“CLO 2013-1 Warehouse 2 Loan”) with Saratoga Investment Corp. CLO 2013-1 Warehouse 2, Ltd. (“CLO
2013-1 Warehouse 2”), a wholly owned subsidiary of Saratoga CLO, which was fully repaid. During the fourth quarter ended February
28, 2021, the CLO 2013-1 Warehouse 2 Ltd. was repaid in full.
On February 26, 2021, the Company completed the
fourth refinancing of the Saratoga CLO. This refinancing, which, among other things, extended the Saratoga CLO reinvestment period to
April 2024, extended its legal maturity to April 2033, and added a non-call period of February 2022. In addition, and as part of the refinancing,
the Saratoga CLO was upsized from $500 million in assets to approximately $650 million. As part of this refinancing and upsizing, the
Company invested an additional $14.0 million in all of the newly issued subordinated notes of the Saratoga CLO, and purchased $17.9 million
in aggregate principal amount of the Class F-R-3 Notes tranche at par. Concurrently with the fourth refinancing of the Saratoga CLO, the
existing $2.5 million of Class F-R-2 Notes, $7.5 million of Class G-R-2 Notes and $25.0 million of the CLO 2013-1 Warehouse 2 Loan were
repaid. The Company also paid $2.6 million of transaction costs related to the refinancing and upsizing on behalf of the Saratoga CLO,
to be reimbursed from future equity distributions. At August 31, 2021, the outstanding receivable of $2.6 million was repaid in full.
On August 9, 2021, the Company exchanged its existing
$17.9 million Class F-R-3 Note for $8.5 million Class F-1-R-3 Notes and $9.4 million Class F-2-R-3 Notes at par. On August 11, 2021, the
Company sold its Class F-1-R-3 Notes to third parties, resulting in a realized loss of $0.1 million.
On June 10, 2024, the Company completed its fifth
refinancing of the Saratoga CLO, which adjusted the interest rate of two of the existing Notes. Saratoga CLO issued $422.5 million notes
(the “2013-1 2024 Reset CLO Notes”), consisting of Class A-1-R-4 and Class A-2-R-4. The 2013-1 2024 Reset CLO Notes were issued
pursuant to the indenture with the same trustee. Proceeds of the issuance of the 2013-1 2024 Reset CLO Notes were used along with existing
assets of the Saratoga CLO to redeem the existing Class A-1-R-3 and Class A-2-R-3 Notes. No other Notes were refinanced as part of this
refinancing. The Saratoga CLO paid $0.5 million of transaction costs related to the refinancing.
The Saratoga CLO remains effectively 100% owned
and managed by the Company. The Company receives a base management fee of 0.10% per annum and a subordinated management fee of 0.40% per
annum of the outstanding principal amount of Saratoga CLO’s assets, paid quarterly to the extent of available proceeds. Following
the third refinancing and the issuance of the 2013-1 Reset CLO Notes on December 14, 2018, the Company is no longer entitled to an incentive
management fee equal to 20.0% of excess cash flow to the extent the Saratoga CLO subordinated notes receive an internal rate of return
paid in cash equal to or greater than 12.0%.
For the three months ended May 31, 2025 and May
31, 2024, the Company accrued management fee income of $0.7 million and $0.8 million, respectively, and interest income of $0.0 million
and $0.0 million, respectively, from the subordinated notes of Saratoga CLO.
As of May 31, 2025, the aggregate principal amounts of the Company’s
investments in the subordinated notes and Class F-2-R-3 Notes of the Saratoga CLO was $111.0 million and $9.4 million, respectively, which
had a corresponding fair value of $0.2 million and $1.9 million, respectively. The Company determines the fair value of its investment
in the subordinated notes of Saratoga CLO based on the present value of the projected future cash flows of the subordinated notes over
the life of Saratoga CLO. As of May 31, 2025, Saratoga CLO had investments with a principal balance of $504.6 million and a weighted average
spread over SOFR of 3.6% and had debt with a principal balance of $498.8 million with a weighted average spread over SOFR of 2.3%. As
a result, Saratoga CLO earns a “spread” between the interest income it receives on its investments and the interest expense
it pays on its debt and other operating expenses, which is distributed quarterly to the Company as the holder of its subordinated notes.
As of May 31, 2025, the present value of the projected future cash flows of the subordinated notes was approximately $0.2 million, using
a 70.0% discount rate. The Company’s total investment in the subordinate notes of Saratoga CLO is $57.8 million, which consists
of additional investments of $30 million in January 2008, $13.8 million in December 2018 and $14.0 million in February 2021; to date,
the Company has received distributions of $91.9 million, management fees of $36.0 million and incentive fees of $1.2 million.
As of February 28, 2025, the Company determined
that the fair value of its investment in the subordinated notes of Saratoga CLO was $0.2 million. As of February 28, 2025, the fair value
of its investment in the Class F-R-3 Notes of Saratoga CLO was $2.3 million. As of February 28, 2025, Saratoga CLO had investments with
a principal balance of $527.1 million and a weighted average spread over SOFR of 3.7% and had debt with a principal balance of $524.2
million with a weighted average spread over SOFR of 2.3%. As of February 28, 2025, the present value of the projected future cash flows
of the subordinated notes, was approximately $0.2 million, using a 40% discount rate. The Company’s total investment in the subordinate
notes of Saratoga CLO is $57.8 which consists of additional investments of $30 million in January 2008, $13.8 million in December 2018
and $14.0 million in February 2021. To date the Company has since received distributions of $91.7 million, management fees of $38.3 million
and incentive fees of $1.2 million.
Below is certain financial information from the
separate financial statements of Saratoga CLO as of May 31, 2025 (unaudited) and February 28, 2025 and for the three months ended May
31, 2025 (unaudited) and May 31, 2024 (unaudited).
| |
May 31,
2025 | | |
February 28,
2025 | |
| |
(unaudited) | | |
| |
ASSETS | |
| | |
| |
Investments at fair value | |
| | |
| |
Loans at fair value (amortized cost of $495,437,321 and $517,757,349, respectively) | |
$ | 462,635,127 | | |
$ | 490,510,660 | |
Equities at fair value (amortized cost of $2,846,566 and $2,578,454, respectively) | |
| 2,485,637 | | |
| 1,684,429 | |
Total investments at fair value (amortized cost of $498,283,887 and $520,335,803, respectively) | |
| 465,120,764 | | |
| 492,195,089 | |
Cash and cash equivalents | |
| 17,490,859 | | |
| 21,272,327 | |
Receivable from open trades | |
| 1,060,286 | | |
| 1,138,899 | |
Interest receivable (net of reserve of $1,150,673 and $1,121,546, respectively) | |
| 2,495,034 | | |
| 2,380,214 | |
Due from affiliate (See Note 7) | |
| 86,333 | | |
| 801 | |
Prepaid expenses and other assets | |
| 108,321 | | |
| 101,453 | |
Total assets | |
$ | 486,361,597 | | |
$ | 517,088,783 | |
| |
| | | |
| | |
LIABILITIES | |
| | | |
| | |
Interest payable | |
$ | 3,753,075 | | |
$ | 3,739,343 | |
Accrued base management fee | |
| 64,898 | | |
| 62,839 | |
Accrued subordinated management fee | |
| 229,409 | | |
| 251,354 | |
Accounts payable and accrued expenses | |
| 258,762 | | |
| 143,135 | |
Saratoga Investment Corp. CLO 2013-1, Ltd. Notes: | |
| | | |
| | |
Class A-1-R-4 Senior Secured Floating Rate Notes | |
| 245,263,754 | | |
| 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 | |
| (189,967 | ) | |
| (196,033 | ) |
Class E-R-3 Deferrable Mezzanine Floating Rate Notes | |
| 27,625,000 | | |
| 27,625,000 | |
Discount on Class E-R-3 Notes | |
| (1,973,543 | ) | |
| (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 | |
| (1,191,959 | ) | |
| (1,229,456 | ) |
Subordinated Notes | |
| 111,000,000 | | |
| 111,000,000 | |
Discount on Subordinated Notes | |
| (31,213,700 | ) | |
| (32,210,459 | ) |
Total liabilities | |
| 579,500,729 | | |
| 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) | |
| (93,139,382 | ) | |
| (86,654,925 | ) |
Total net deficit | |
| (93,139,132 | ) | |
| (86,654,675 | ) |
Total liabilities and net assets | |
$ | 486,361,597 | | |
$ | 517,088,783 | |
| |
For the three months ended | |
| |
May 31,
2025 | | |
May 31,
2024 | |
INVESTMENT INCOME | |
| | |
| |
Total interest from investments | |
$ | 11,413,857 | | |
$ | 16,074,172 | |
Interest from cash and cash equivalents | |
| 208,109 | | |
| 233,498 | |
Other income | |
| 5,859 | | |
| 634,769 | |
Total investment income | |
| 11,627,825 | | |
| 16,942,439 | |
| |
| | | |
| | |
EXPENSES | |
| | | |
| | |
Interest and debt financing expenses | |
| 9,944,361 | | |
| 15,186,421 | |
Base management fee | |
| 147,072 | | |
| 160,891 | |
Subordinated management fee | |
| 558,103 | | |
| 643,564 | |
Professional fees | |
| 188,125 | | |
| 58,805 | |
Trustee expenses | |
| 48,860 | | |
| 62,205 | |
Other expense | |
| 136,476 | | |
| 105,538 | |
Total expenses | |
| 11,022,997 | | |
| 16,217,424 | |
NET INVESTMENT INCOME (LOSS) | |
| 604,828 | | |
| 725,015 | |
| |
| | | |
| | |
REALIZED AND UNREALIZED LOSS ON INVESTMENTS | |
| | | |
| | |
Net realized loss from investments | |
| (2,066,876 | ) | |
| (4,398,529 | ) |
Net change in unrealized depreciation on investments | |
| (5,022,409 | ) | |
| 2,942,951 | |
Net realized and unrealized gain (loss) on investments | |
| (7,089,285 | ) | |
| (1,455,578 | ) |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | |
$ | (6,484,457 | ) | |
$ | (730,563 | ) |
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 | | | $ | 208,099 | | Altisource Portfolio Solutions - CS Warrant | | Banking, Finance, Insurance & Real Estate | | Warrants | | Equity | | | | | | | | | | | | | | | | | | | 7,917 | | | | 3,736 | | | | 4,996 | | Altisource Portfolio Solutions - NS Warrant | | Banking, Finance, Insurance & Real Estate | | Warrants | | Equity | | | | | | | | | | | | | | | | | | | 7,917 | | | | 3,129 | | | | 4,258 | | Endo Finance Holdings, Inc. | | Healthcare & Pharmaceuticals | | Common Stock | | Equity | | | | | | | | | | | | | | | | | | | 23,799 | | | | 670,107 | | | | 507,108 | | Envision Parent Inc | | Healthcare & Pharmaceuticals | | Common Stock | | Equity | | | | | | | | | | | | | | | | | | | 4,410 | | | | 175,000 | | | | 63,945 | | Envision Parent Inc | | Healthcare & Pharmaceuticals | | Warrants | | Equity | | | | | | | | | | | | | | | | | | | 92,837 | | | | - | | | | 4,642 | | Instant Brands Litigation Trust | | Consumer goods: Durable | | Equity Interests | | Equity | | | | | | | | | | | | | | | | | | | 43,556 | | | | 36,281 | | | | 501,034 | | 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 | | | | 510,720 | | Wellpath Recovery Solutions | | Healthcare & Pharmaceuticals | | Common Stock | | Equity | | | | | | | | | | | | | | | | | | | 41,758 | | | | 501,091 | | | | 501,091 | | Wellpath Correct Care | | Healthcare & Pharmaceuticals | | Common Stock | | Equity | | | | | | | | | | | | | | | | | | | 19,309 | | | | - | | | | - | | Wellpath Correct Care | | Healthcare & Pharmaceuticals | | Preferred Stock | | Equity | | | | | | | | | | | | | | | | | | | 18,608 | | | | 242,677 | | | | 223,301 | | 1011778 B.C Unltd Liability Co | | Beverage, Food & Tobacco | | Term Loan B6 | | Loan | | 1M USD SOFR+ | | | 1.75 | % | | | 0.00 | % | | | 6.08 | % | | 9/20/2030 | | $ | 1,433,052 | | | | 1,416,700 | | | | 1,426,603 | | 19TH HOLDINGS GOLF, LLC | | Consumer goods: Durable | | Term Loan | | Loan | | 1M USD SOFR+ | | | 3.25 | % | | | 0.50 | % | | | 7.68 | % | | 2/7/2029 | | | 2,442,255 | | | | 2,372,917 | | | | 2,365,934 | | 888 Acquisitions Limited | | Hotel, Gaming & Leisure | | Term Loan B | | Loan | | 3M USD SOFR+ | | | 5.25 | % | | | 0.00 | % | | | 9.63 | % | | 7/8/2028 | | | 3,028,929 | | | | 2,805,280 | | | | 2,871,818 | | Adtalem Global Education Inc. | | Services: Business | | Term Loan B (08/24) | | Loan | | 1M USD SOFR+ | | | 2.75 | % | | | 0.75 | % | | | 7.08 | % | | 8/12/2028 | | | 352,462 | | | | 350,781 | | | | 352,684 | | Aegis Sciences Corporation | | Healthcare & Pharmaceuticals | | Term Loan | | Loan | | 3M USD SOFR+ | | | 5.50 | % | | | 1.00 | % | | | 10.06 | % | | 5/9/2025 | | | 2,256,832 | | | | 2,256,832 | | | | 1,015,574 | | Agiliti Health Inc. | | Healthcare & Pharmaceuticals | | Term Loan B (03/23) | | Loan | | 3M USD SOFR+ | | | 3.00 | % | | | 0.00 | % | | | 7.30 | % | | 5/1/2030 | | | 2,148,693 | | | | 2,136,131 | | | | 2,082,448 | | AHEAD DB Holdings, LLC | | Services: Business | | Term Loan B3 (07/24) | | Loan | | 3M USD SOFR+ | | | 3.00 | % | | | 0.75 | % | | | 7.30 | % | | 2/1/2031 | | | 2,888,380 | | | | 2,833,712 | | | | 2,888,784 | | Air Canada | | Transportation: Consumer | | Term Loan B (03/24) | | Loan | | 1M USD SOFR+ | | | 2.00 | % | | | 0.00 | % | | | 6.32 | % | | 3/21/2031 | | | 990,000 | | | | 988,078 | | | | 990,495 | | AIT Worldwide Logistics Holdings, Inc. | | Transportation: Cargo | | Term Loan B (01/25) | | Loan | | 3M USD SOFR+ | | | 4.00 | % | | | 0.75 | % | | | 8.26 | % | | 4/8/2030 | | | 2,449,557 | | | | 2,340,557 | | | | 2,437,922 | |
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 | |
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 | | | 239,999 | | | | 239,973 | | | | 240,210 | | Allen Media, LLC | | Media: Diversified & Production | | Term Loan (7/21) | | Loan | | 3M USD SOFR+ | | | 5.50 | % | | | 0.00 | % | | | 9.95 | % | | 2/10/2027 | | | 4,292,579 | | | | 4,282,023 | | | | 2,639,936 | | 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 | | | 795,024 | | | | 795,024 | | | | 791,422 | | Allied Universal Holdco LLC | | Services: Business | | Term Loan 4/21 | | Loan | | 1M USD SOFR+ | | | 3.75 | % | | | 0.50 | % | | | 8.18 | % | | 5/12/2028 | | | 1,930,000 | | | | 1,926,130 | | | | 1,931,814 | | Alterra Mountain Company (Intrawest Resort Holdings) | | Hotel, Gaming & Leisure | | First Lien Term Loan | | Loan | | 1M USD SOFR+ | | | 3.00 | % | | | 0.00 | % | | | 7.33 | % | | 5/31/2030 | | | 248,752 | | | | 248,752 | | | | 249,063 | | Altisource Solutions S.a r.l. | | Banking, Finance, Insurance & Real Estate | | Term Loan (Specified) B | | Loan | | 3M USD SOFR+ | | | 6.50 | % | | | 3.50 | % | | | 10.90 | % | | 2/20/2029 | | | 500,000 | | | | 488,274 | | | | 500,000 | | Altium Packaging LLC | | Containers, Packaging & Glass | | Term Loan B | | Loan | | 1M USD SOFR+ | | | 2.50 | % | | | 0.00 | % | | | 6.83 | % | | 6/11/2031 | | | 481,363 | | | | 480,399 | | | | 474,946 | | American Axle & Manufacturing Inc. | | Automotive | | Term Loan (12/22) | | Loan | | 1M USD SOFR+ | | | 3.00 | % | | | 0.50 | % | | | 7.33 | % | | 12/13/2029 | | | 480,000 | | | | 469,796 | | | | 475,200 | | American Greetings Corporation | | Media: Advertising, Printing & Publishing | | Term Loan B (04/24) | | Loan | | 1M USD SOFR+ | | | 5.75 | % | | | 0.00 | % | | | 10.08 | % | | 10/30/2029 | | | 2,908,164 | | | | 2,907,204 | | | | 2,902,348 | | American Trailer World Corp | | Automotive | | Term Loan | | Loan | | 1M USD SOFR+ | | | 3.75 | % | | | 0.75 | % | | | 8.18 | % | | 3/3/2028 | | | 1,357,439 | | | | 1,357,373 | | | | 1,114,607 | | Anastasia Parent LLC | | Consumer goods: Non-durable | | Term Loan | | Loan | | 3M USD SOFR+ | | | 3.75 | % | | | 0.00 | % | | | 8.31 | % | | 8/11/2025 | | | 935,000 | | | | 934,940 | | | | 775,274 | | Anchor Packaging, LLC | | Containers, Packaging & Glass | | Term Loan (12/24) | | Loan | | 1M USD SOFR+ | | | 3.25 | % | | | 0.00 | % | | | 7.58 | % | | 7/18/2029 | | | 1,939,511 | | | | 1,924,334 | | | | 1,945,330 | | AP Core Holdings II LLC | | High Tech Industries | | Term Loan B1 | | Loan | | 1M USD SOFR+ | | | 5.50 | % | | | 0.75 | % | | | 9.94 | % | | 9/1/2027 | | | 1,649,944 | | | | 1,639,441 | | | | 1,489,768 | | 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 | | | | 496,822 | | | | 450,000 | | APEX GROUP TREASURY LLC | | Banking, Finance, Insurance & Real Estate | | Term Loan (2/25) | | Loan | | 3M USD SOFR+ | | | 3.50 | % | | | 0.00 | % | | | 7.83 | % | | 2/27/2032 | | | 490,038 | | | | 469,431 | | | | 489,018 | | 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 | | | 2,870,558 | | | | 2,862,296 | | | | 2,849,029 | | 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 | | | 960,000 | | | | 955,700 | | | | 952,800 | | Aramark Services, Inc. | | Services: Consumer | | Term Loan B7 (03/24) | | Loan | | 1M USD SOFR+ | | | 2.00 | % | | | 0.00 | % | | | 6.33 | % | | 4/6/2028 | | | 1,753,715 | | | | 1,750,340 | | | | 1,755,907 | | Aramark Services, Inc. | | Services: Consumer | | Term Loan B8 (03/24) | | Loan | | 1M USD SOFR+ | | | 2.00 | % | | | 0.00 | % | | | 6.33 | % | | 6/22/2030 | | | 2,272,969 | | | | 2,248,915 | | | | 2,273,446 | | ARC FALCON I INC. | | Chemicals, Plastics, & Rubber | | Term Loan | | Loan | | 1M USD SOFR+ | | | 3.50 | % | | | 0.50 | % | | | 7.92 | % | | 9/23/2028 | | | 968,774 | | | | 967,467 | | | | 968,319 | |
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 | |
ARCIS GOLF LLC | | Services: Consumer | | Term Loan B (01/25) | | Loan | | 1M USD SOFR+ | | | 2.75 | % | | | 0.50 | % | | | 7.08 | % | | 11/24/2028 | | | 493,000 | | | | 489,645 | | | | 491,462 | | Aretec Group, Inc. | | Banking, Finance, Insurance & Real Estate | | Term Loan B (12/24) | | Loan | | 1M USD SOFR+ | | | 3.50 | % | | | 0.00 | % | | | 7.83 | % | | 8/9/2030 | | | 2,616,340 | | | | 2,604,026 | | | | 2,611,579 | | Ascensus Group Holdings, Inc | | Banking, Finance, Insurance & Real Estate | | Term Loan | | Loan | | 1M USD SOFR+ | | | 3.00 | % | | | 0.00 | % | | | 7.33 | % | | 8/2/2028 | | | 493,458 | | | | 490,772 | | | | 491,342 | | Aspire Bakeries Holdings, LLC | | Beverage, Food & Tobacco | | Term loan | | Loan | | 1M USD SOFR+ | | | 4.25 | % | | | 0.00 | % | | | 8.58 | % | | 12/23/2030 | | | 891,000 | | | | 883,903 | | | | 891,740 | | Assuredpartners Inc. | | Banking, Finance, Insurance & Real Estate | | Term Loan B5 (02/24) | | Loan | | 1M USD SOFR+ | | | 3.50 | % | | | 0.50 | % | | | 7.83 | % | | 2/14/2031 | | | 1,287,000 | | | | 1,286,060 | | | | 1,288,673 | | Asurion, LLC | | Banking, Finance, Insurance & Real Estate | | Term Loan B10 | | Loan | | 1M USD SOFR+ | | | 4.00 | % | | | 0.00 | % | | | 8.43 | % | | 8/19/2028 | | | 1,950,000 | | | | 1,890,600 | | | | 1,938,632 | | Asurion, LLC | | Banking, Finance, Insurance & Real Estate | | Term Loan B12 | | Loan | | 1M USD SOFR+ | | | 4.25 | % | | | 0.00 | % | | | 8.58 | % | | 9/19/2030 | | | 2,904,880 | | | | 2,902,007 | | | | 2,869,034 | | ATHENAHEALTH GROUP INC. | | Healthcare & Pharmaceuticals | | Term Loan B (2/22) | | Loan | | 1M USD SOFR+ | | | 3.00 | % | | | 0.50 | % | | | 7.33 | % | | 2/15/2029 | | | 1,303,799 | | | | 1,301,116 | | | | 1,297,515 | | Avolon TLB Borrower 1 (US) LLC | | Capital Equipment | | Term Loan B6 | | Loan | | 1M USD SOFR+ | | | 1.75 | % | | | 0.00 | % | | | 6.07 | % | | 6/22/2030 | | | 1,468,940 | | | | 1,429,604 | | | | 1,468,514 | | Axalta Coating Systems US Holdings | | Chemicals, Plastics, & Rubber | | Term Loan B (11/24) | | Loan | | 3M USD SOFR+ | | | 1.75 | % | | | 0.50 | % | | | 6.05 | % | | 12/20/2029 | | | 848,920 | | | | 843,161 | | | | 850,338 | | B&G Foods, Inc. | | Beverage, Food & Tobacco | | Term Loan B | | Loan | | 1M USD SOFR+ | | | 3.50 | % | | | 0.00 | % | | | 7.83 | % | | 10/10/2029 | | | 530,953 | | | | 529,509 | | | | 485,822 | | Baldwin Insurance Group Holdings, LLC | | Banking, Finance, Insurance & Real Estate | | Term Loan B-1 (12/24) | | Loan | | 1M USD SOFR+ | | | 3.00 | % | | | 0.00 | % | | | 7.33 | % | | 5/27/2031 | | | 1,636,178 | | | | 1,626,904 | | | | 1,636,865 | | Belfor Holdings Inc. | | Services: Consumer | | Term Loan 4/23 | | Loan | | 1M USD SOFR+ | | | 3.00 | % | | | 0.50 | % | | | 7.33 | % | | 11/1/2030 | | | 1,458,445 | | | | 1,446,966 | | | | 1,457,541 | | Bengal Debt Merger Sub LLC | | Beverage, Food & Tobacco | | Second Out Term Loan | | Loan | | 3M USD SOFR+ | | | 3.25 | % | | | 0.50 | % | | | 7.56 | % | | 1/24/2029 | | | 1,167,000 | | | | 714,962 | | | | 826,901 | | Bengal Debt Merger Sub LLC | | Beverage, Food & Tobacco | | Third Out Term Loan | | Loan | | 3M USD SOFR+ | | | 6.00 | % | | | 0.50 | % | | | 10.31 | % | | 1/24/2030 | | | 389,000 | | | | 134,283 | | | | 136,150 | | 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 | | | | 342,129 | | | | 341,745 | | Bombardier Recreational Products, Inc. | | Consumer goods: Durable | | Term Loan | | Loan | | 1M USD SOFR+ | | | 2.75 | % | | | 0.00 | % | | | 7.08 | % | | 1/22/2031 | | | 1,422,142 | | | | 1,419,348 | | | | 1,407,693 | | Bombardier Recreational Products, Inc. | | Consumer goods: Durable | | Term Loan B3 | | Loan | | 1M USD SOFR+ | | | 2.75 | % | | | 0.50 | % | | | 7.08 | % | | 12/13/2029 | | | 487,566 | | | | 478,922 | | | | 485,840 | | Boost Newco Borrower, LLC (Worldpay) | | Banking, Finance, Insurance & Real Estate | | Term Loan B (01/25) | | Loan | | 3M USD SOFR+ | | | 2.00 | % | | | 0.00 | % | | | 6.30 | % | | 1/31/2031 | | | 498,750 | | | | 496,749 | | | | 499,064 | | Boxer Parent Company, Inc. | | High Tech Industries | | Term Loan | | Loan | | 3M USD SOFR+ | | | 3.00 | % | | | 0.00 | % | | | 7.33 | % | | 7/30/2031 | | | 1,007,194 | | | | 1,003,310 | | | | 999,478 | |
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 | |
BroadStreet Partners, Inc. | | Banking, Finance, Insurance & Real Estate | | Term Loan B-4 | | Loan | | 1M USD SOFR+ | | | 3.00 | % | | | 0.00 | % | | | 7.33 | % | | 6/16/2031 | | | 2,889,052 | | | | 2,887,470 | | | | 2,891,132 | | Brookfield WEC Holdings Inc. | | Energy: Electricity | | Term Loan B | | Loan | | 1M USD SOFR+ | | | 2.25 | % | | | 0.00 | % | | | 6.57 | % | | 1/27/2031 | | | 1,436,831 | | | | 1,436,831 | | | | 1,433,454 | | BROWN GROUP HOLDING, LLC | | Aerospace & Defense | | Term Loan B-2 | | Loan | | 3M USD SOFR+ | | | 2.50 | % | | | 0.00 | % | | | 6.78 | % | | 7/1/2031 | | | 490,053 | | | | 480,899 | | | | 488,284 | | Buckeye Partners, L.P. | | Utilities: Oil & Gas | | Term Loan B (01/25) | | Loan | | 1M USD SOFR+ | | | 1.75 | % | | | 0.00 | % | | | 6.08 | % | | 11/22/2030 | | | 663,337 | | | | 661,550 | | | | 663,039 | | Buckeye Partners, L.P. | | Utilities: Oil & Gas | | Term Loan B5 (09/24) | | Loan | | 1M USD SOFR+ | | | 1.75 | % | | | 0.00 | % | | | 6.08 | % | | 11/2/2026 | | | 480,759 | | | | 479,940 | | | | 480,869 | | BW Gas & Convenience Holdings LLC | | Beverage, Food & Tobacco | | Term Loan B | | Loan | | 1M USD SOFR+ | | | 3.50 | % | | | 0.50 | % | | | 7.94 | % | | 3/31/2028 | | | 2,406,250 | | | | 2,395,539 | | | | 2,388,203 | | Callaway Golf Company | | Retail | | Term Loan B | | Loan | | 1M USD SOFR+ | | | 3.00 | % | | | 0.00 | % | | | 7.33 | % | | 3/16/2030 | | | 470,000 | | | | 466,490 | | | | 458,133 | | Calpine Corporation | | Utilities: Electric | | Term Loan B10 (01/24) | | Loan | | 1M USD SOFR+ | | | 1.75 | % | | | 0.00 | % | | | 6.08 | % | | 1/31/2031 | | | 1,990,000 | | | | 1,981,864 | | | | 1,986,876 | | Camping World, Inc. | | Retail | | Term Loan B (5/21) | | Loan | | 1M USD SOFR+ | | | 2.50 | % | | | 0.75 | % | | | 6.94 | % | | 6/5/2028 | | | 2,430,380 | | | | 2,294,352 | | | | 2,324,707 | | CAPSTONE BORROWER INC | | Services: Business | | Term Loan B | | Loan | | 3M USD SOFR+ | | | 2.75 | % | | | 0.00 | % | | | 7.05 | % | | 6/17/2030 | | | 870,487 | | | | 860,448 | | | | 870,052 | | CareerBuilder, LLC (c) | | Services: Business | | Term Loan B3 | | Loan | | 1M USD SOFR+ | | | 2.50 | % | | | 0.00 | % | | | 6.94 | % | | 7/31/2026 | | | 4,133,751 | | | | 4,124,925 | | | | 165,350 | | 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 | | | 1,925,708 | | | | 1,922,410 | | | | 1,268,560 | | Castle US Holding Corporation | | Media: Advertising, Printing & Publishing | | Term Loan (4/25) | | Loan | | 3M USD SOFR+ | | | 5.00 | % | | | 2.00 | % | | | 9.33 | % | | 4/29/2030 | | | 219,360 | | | | 213,064 | | | | 217,989 | | CBL & Associates Limited Partnership | | Retail | | Term Loan 11/21 | | Loan | | 1M USD SOFR+ | | | 2.75 | % | | | 1.00 | % | | | 7.19 | % | | 11/1/2025 | | | 2,063,753 | | | | 1,995,539 | | | | 1,916,711 | | CCC Intelligent Solutions Inc. | | Services: Business | | Term Loan B | | Loan | | 1M USD SOFR+ | | | 2.00 | % | | | 0.50 | % | | | 6.33 | % | | 1/23/2032 | | | 241,894 | | | | 241,729 | | | | 241,894 | | CCRR Parent, Inc. | | Healthcare & Pharmaceuticals | | Term Loan | | Loan | | 3M USD SOFR+ | | | 4.25 | % | | | 0.50 | % | | | 8.66 | % | | 3/6/2028 | | | 977,500 | | | | 948,617 | | | | 429,123 | | CCRR Parent, Inc. | | Healthcare & Pharmaceuticals | | Term Loan B | | Loan | | 3M USD SOFR+ | | | 4.25 | % | | | 0.75 | % | | | 8.84 | % | | 3/6/2028 | | | 960,000 | | | | 958,242 | | | | 428,803 | | CDK GLOBAL, INC. | | High Tech Industries | | Term Loan B (05/24) | | Loan | | 3M USD SOFR+ | | | 3.25 | % | | | 0.00 | % | | | 7.55 | % | | 7/6/2029 | | | 987,538 | | | | 967,621 | | | | 877,318 | | CENTURI GROUP, INC. | | Construction & Building | | Term Loan B | | Loan | | 1M USD SOFR+ | | | 2.50 | % | | | 0.50 | % | | | 6.94 | % | | 8/28/2028 | | | 616,921 | | | | 613,914 | | | | 617,181 | | Charlotte Buyer, Inc. | | Services: Business | | Term Loan B (01/25) | | Loan | | 1M USD SOFR+ | | | 4.25 | % | | | 0.50 | % | | | 8.58 | % | | 2/11/2028 | | | 1,470,122 | | | | 1,412,229 | | | | 1,468,549 | |
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 | |
Chemours Company, (The) | | Chemicals, Plastics, & Rubber | | Term Loan B3 (08/23) | | Loan | | 1M USD SOFR+ | | | 3.00 | % | | | 0.50 | % | | | 7.33 | % | | 8/18/2028 | | | 2,363,720 | | | | 2,335,631 | | | | 2,318,408 | | Churchill Downs Incorporated | | Hotel, Gaming & Leisure | | Term Loan B1 (3/21) | | Loan | | 1M USD SOFR+ | | | 1.75 | % | | | 0.00 | % | | | 6.08 | % | | 3/17/2028 | | | 480,000 | | | | 479,679 | | | | 480,000 | | CIMPRESS PUBLIC LIMITED COMPANY | | Media: Advertising, Printing & Publishing | | Term Loan B | | Loan | | 1M USD SOFR+ | | | 2.50 | % | | | 0.50 | % | | | 6.83 | % | | 5/17/2028 | | | 1,935,324 | | | | 1,884,301 | | | | 1,915,971 | | CITADEL SECURITIES LP | | Banking, Finance, Insurance & Real Estate | | Term Loan (10/24) | | Loan | | 1M USD SOFR+ | | | 2.00 | % | | | 0.00 | % | | | 6.33 | % | | 10/31/2031 | | | 4,814,822 | | | | 4,814,822 | | | | 4,829,267 | | Citco Funding LLC | | Banking, Finance, Insurance & Real Estate | | Term Loan B (06/24) | | Loan | | 6M USD SOFR+ | | | 2.75 | % | | | 0.50 | % | | | 6.93 | % | | 4/27/2028 | | | 985,050 | | | | 982,126 | | | | 987,719 | | Clarios Global LP | | Automotive | | Term Loan B (07/24) | | Loan | | 1M USD SOFR+ | | | 2.50 | % | | | 0.00 | % | | | 6.83 | % | | 5/6/2030 | | | 1,194,008 | | | | 1,189,857 | | | | 1,186,246 | | 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 | | | | 1,200,923 | | | | 1,214,315 | | Columbus McKinnon Corporation | | Capital Equipment | | Term Loan (03/24) | | Loan | | 3M USD SOFR+ | | | 2.50 | % | | | 0.50 | % | | | 6.80 | % | | 5/14/2028 | | | 357,877 | | | | 357,541 | | | | 356,535 | | Connect Finco SARL | | Telecommunications | | Term Loan B (03/24) | | Loan | | 1M USD SOFR+ | | | 4.50 | % | | | 0.50 | % | | | 8.83 | % | | 9/27/2029 | | | 2,858,625 | | | | 2,797,410 | | | | 2,603,150 | | Corelogic, Inc. | | Services: Business | | Term Loan (4/21) | | Loan | | 1M USD SOFR+ | | | 3.50 | % | | | 0.50 | % | | | 7.94 | % | | 6/2/2028 | | | 2,412,500 | | | | 2,407,700 | | | | 2,375,709 | | Cortes NP Acquisition Corp (Vertiv) | | Capital Equipment | | Term Loan B (12/24) | | Loan | | 1M USD SOFR+ | | | 1.75 | % | | | 0.00 | % | | | 6.07 | % | | 3/2/2027 | | | 1,915,971 | | | | 1,915,971 | | | | 1,913,518 | | Creative Artists Agency, LLC | | Media: Diversified & Production | | Term Loan B (09/24) | | Loan | | 1M USD SOFR+ | | | 2.75 | % | | | 0.00 | % | | | 7.08 | % | | 10/1/2031 | | | 1,572,154 | | | | 1,564,361 | | | | 1,571,179 | | CROCS INC | | Consumer goods: Durable | | Term Loan B (01/24) | | Loan | | 3M USD SOFR+ | | | 2.25 | % | | | 0.50 | % | | | 6.55 | % | | 2/19/2029 | | | 750,000 | | | | 731,565 | | | | 752,190 | | Cross Financial Corp | | Banking, Finance, Insurance & Real Estate | | Term Loan B2 (10/24) | | Loan | | 1M USD SOFR+ | | | 3.25 | % | | | 0.00 | % | | | 7.58 | % | | 10/24/2031 | | | 483,850 | | | | 482,849 | | | | 486,874 | | Crown Subsea Communications Holding, Inc. | | Construction & Building | | Term Loan B | | Loan | | 1M USD SOFR+ | | | 4.00 | % | | | 0.75 | % | | | 8.32 | % | | 1/30/2031 | | | 2,382,000 | | | | 2,362,687 | | | | 2,390,194 | | 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 | | | | 736,667 | | | | 722,115 | | DCert Buyer, Inc. | | High Tech Industries | | Term Loan | | Loan | | 1M USD SOFR+ | | | 4.00 | % | | | 0.00 | % | | | 8.33 | % | | 10/16/2026 | | | 1,435,768 | | | | 1,435,768 | | | | 1,415,352 | | Delek US Holdings, Inc. | | Utilities: Oil & Gas | | Term Loan B (11/22) | | Loan | | 1M USD SOFR+ | | | 3.50 | % | | | 0.50 | % | | | 7.93 | % | | 11/16/2029 | | | 5,278,500 | | | | 5,198,117 | | | | 5,133,341 | | Derby Buyer LLC | | Chemicals, Plastics, & Rubber | | Term Loan B (12/24) | | Loan | | 1M USD SOFR+ | | | 3.00 | % | | | 0.00 | % | | | 7.34 | % | | 11/1/2030 | | | 618,766 | | | | 611,284 | | | | 609,794 | | DexKo Global, Inc. (Dragon Merger) | | Automotive | | Term Loan (9/21) | | Loan | | 1M USD SOFR+ | | | 3.75 | % | | | 0.50 | % | | | 8.19 | % | | 10/4/2028 | | | 970,000 | | | | 968,084 | | | | 924,808 | |
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 | % | | | 14.43 | % | | 5/25/2026 | | | 29,734 | | | | 29,479 | | | | 26,612 | | DIRECTV FINANCING, LLC | | Media: Broadcasting & Subscription | | Term Loan (1/24) | | Loan | | 3M USD SOFR+ | | | 5.25 | % | | | 0.75 | % | | | 9.79 | % | | 8/2/2029 | | | 2,831,125 | | | | 2,817,448 | | | | 2,783,364 | | DISCOVERY PURCHASER CORPORATION | | Chemicals, Plastics, & Rubber | | Term Loan | | Loan | | 3M USD SOFR+ | | | 3.75 | % | | | 0.50 | % | | | 8.02 | % | | 10/4/2029 | | | 1,470,233 | | | | 1,387,948 | | | | 1,466,249 | | Dispatch Acquisition Holdings, LLC | | Environmental Industries | | Term Loan B (3/21) | | Loan | | 3M USD SOFR+ | | | 4.25 | % | | | 0.75 | % | | | 8.70 | % | | 3/25/2028 | | | 481,250 | | | | 479,197 | | | | 469,734 | | DOMTAR CORPORATION | | Forest Products & Paper | | Term Loan 9/21 | | Loan | | 1M USD SOFR+ | | | 5.50 | % | | | 0.75 | % | | | 9.94 | % | | 11/30/2028 | | | 3,028,279 | | | | 2,988,105 | | | | 2,821,356 | | DOTDASH MEREDITH, INC. | | Media: Advertising, Printing & Publishing | | Term Loan B (11/24) | | Loan | | 1M USD SOFR+ | | | 3.50 | % | | | 0.50 | % | | | 7.82 | % | | 12/1/2028 | | | 1,911,111 | | | | 1,785,818 | | | | 1,907,537 | | DRI HOLDING INC. | | Media: Advertising, Printing & Publishing | | Term Loan (12/21) | | Loan | | 1M USD SOFR+ | | | 5.25 | % | | | 0.50 | % | | | 9.68 | % | | 12/15/2028 | | | 3,882,431 | | | | 3,787,136 | | | | 3,807,228 | | DRW Holdings, LLC | | Banking, Finance, Insurance & Real Estate | | Term Loan B (06/24) | | Loan | | 1M USD SOFR+ | | | 3.50 | % | | | 0.00 | % | | | 7.83 | % | | 6/17/2031 | | | 6,305,000 | | | | 6,281,907 | | | | 6,305,000 | | DTZ U.S. Borrower, LLC | | Construction & Building | | Term Loan B1 (01/25) | | Loan | | 1M USD SOFR+ | | | 2.75 | % | | | 0.50 | % | | | 7.08 | % | | 1/31/2030 | | | 2,014,107 | | | | 2,013,733 | | | | 2,019,143 | | DTZ U.S. Borrower, LLC | | Construction & Building | | 2024-3 Term Loan (09/24) | | Loan | | 1M USD SOFR+ | | | 3.25 | % | | | 0.50 | % | | | 7.58 | % | | 1/31/2030 | | | 1,069,750 | | | | 1,049,122 | | | | 1,075,548 | | Dye & Durham Corporation | | Services: Business | | Term Loan B (04/24) | | Loan | | 3M USD SOFR+ | | | 4.25 | % | | | 1.00 | % | | | 8.65 | % | | 4/11/2031 | | | 1,428,214 | | | | 1,409,607 | | | | 1,435,355 | | EAB Global, Inc. | | Services: Business | | Term Loan (08/21) | | Loan | | 1M USD SOFR+ | | | 3.00 | % | | | 0.50 | % | | | 7.33 | % | | 8/16/2030 | | | 967,725 | | | | 965,896 | | | | 946,435 | | Echo Global Logistics, Inc. | | Services: Business | | Term Loan | | Loan | | 1M USD SOFR+ | | | 3.75 | % | | | 0.50 | % | | | 8.18 | % | | 11/23/2028 | | | 1,940,000 | | | | 1,939,082 | | | | 1,795,412 | | Edelman Financial Group Inc., The | | Banking, Finance, Insurance & Real Estate | | Term Loan (12/24) | | Loan | | 1M USD SOFR+ | | | 3.00 | % | | | 0.00 | % | | | 7.33 | % | | 4/7/2028 | | | 2,149,983 | | | | 2,147,499 | | | | 2,147,059 | | ELECTRON BIDCO INC. | | Healthcare & Pharmaceuticals | | Term Loan | | Loan | | 1M USD SOFR+ | | | 2.75 | % | | | 0.50 | % | | | 7.08 | % | | 11/1/2028 | | | 487,500 | | | | 486,600 | | | | 487,944 | | Embecta Corp | | Healthcare & Pharmaceuticals | | Term Loan B | | Loan | | 1M USD SOFR+ | | | 3.00 | % | | | 0.50 | % | | | 7.33 | % | | 3/30/2029 | | | 2,794,742 | | | | 2,755,721 | | | | 2,783,982 | | Emrld Borrower LP | | Capital Equipment | | Term Loan B (04/23) | | Loan | | 6M USD SOFR+ | | | 2.50 | % | | | 0.00 | % | | | 6.83 | % | | 5/31/2030 | | | 987,500 | | | | 983,956 | | | | 981,901 | | Endo Finance Holdings, Inc. | | Healthcare & Pharmaceuticals | | Term Loan B | | Loan | | 1M USD SOFR+ | | | 4.00 | % | | | 0.50 | % | | | 8.33 | % | | 4/23/2031 | | | 1,990,000 | | | | 1,973,150 | | | | 1,941,504 | | Endure Digital, Inc. | | High Tech Industries | | Term Loan B | | Loan | | 1M USD SOFR+ | | | 3.50 | % | | | 0.75 | % | | | 7.96 | % | | 2/10/2028 | | | 2,406,250 | | | | 2,402,196 | | | | 1,291,362 | | Entain Holdings (Gibraltar) Limited | | Hotel, Gaming & Leisure | | Term Loan B3 (5/24) | | Loan | | 3M USD SOFR+ | | | 2.75 | % | | | 0.50 | % | | | 7.05 | % | | 10/31/2029 | | | 1,472,615 | | | | 1,461,262 | | | | 1,476,754 | |
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 | |
EOS U.S. FINCO LLC | | Transportation: Cargo | | Term Loan | | Loan | | 6M USD SOFR+ | | | 6.00 | % | | | 0.50 | % | | | 10.28 | % | | 10/9/2029 | | | 937,500 | | | | 884,118 | | | | 288,281 | | Equiniti Group PLC | | Services: Business | | Term Loan (03/25) | | Loan | | 3M USD SOFR+ | | | 3.75 | % | | | 0.00 | % | | | 8.03 | % | | 12/11/2028 | | | 967,638 | | | | 962,171 | | | | 972,476 | | Evertec Group LLC | | Banking, Finance, Insurance & Real Estate | | Term Loan B (09/23) | | Loan | | 1M USD SOFR+ | | | 2.75 | % | | | 0.50 | % | | | 7.08 | % | | 10/30/2030 | | | 1,125,000 | | | | 1,111,371 | | | | 1,125,000 | | Fiesta Purchaser, Inc. | | Beverage, Food & Tobacco | | Term Loan B (12/24) | | Loan | | 1M USD SOFR+ | | | 3.25 | % | | | 0.00 | % | | | 7.58 | % | | 2/12/2031 | | | 496,256 | | | | 492,228 | | | | 495,968 | | Finco I LLC | | Banking, Finance, Insurance & Real Estate | | Term Loan B (9/24) | | Loan | | 1M USD SOFR+ | | | 2.25 | % | | | 0.00 | % | | | 6.58 | % | | 6/27/2029 | | | 2,788,574 | | | | 2,787,053 | | | | 2,792,645 | | First Brands Group, LLC | | Automotive | | 1st Lien Term Loan (3/21) | | Loan | | 3M USD SOFR+ | | | 5.00 | % | | | 1.00 | % | | | 9.54 | % | | 3/30/2027 | | | 4,800,000 | | | | 4,772,940 | | | | 4,631,232 | | First Eagle Investment Management | | Banking, Finance, Insurance & Real Estate | | Term Loan B (02/24) | | Loan | | 3M USD SOFR+ | | | 3.00 | % | | | 0.00 | % | | | 7.30 | % | | 3/5/2029 | | | 5,040,736 | | | | 5,034,263 | | | | 5,035,090 | | First Student Bidco Inc. | | Transportation: Consumer | | Term Loan B (12/24) | | Loan | | 3M USD SOFR+ | | | 2.50 | % | | | 0.50 | % | | | 6.80 | % | | 7/21/2028 | | | 709,476 | | | | 706,990 | | | | 709,278 | | First Student Bidco Inc. | | Transportation: Consumer | | Term Loan C | | Loan | | 3M USD SOFR+ | | | 2.50 | % | | | 0.50 | % | | | 6.80 | % | | 7/21/2028 | | | 216,966 | | | | 216,232 | | | | 216,905 | | Fitness International, LLC (LA Fitness) | | Services: Consumer | | Term Loan B (1/24) | | Loan | | 1M USD SOFR+ | | | 5.25 | % | | | 1.00 | % | | | 9.58 | % | | 2/5/2029 | | | 1,188,000 | | | | 1,160,704 | | | | 1,187,263 | | Flutter Financing B.V. | | Hotel, Gaming & Leisure | | Term Loan | | Loan | | 3M USD SOFR+ | | | 1.75 | % | | | 0.50 | % | | | 6.05 | % | | 11/29/2030 | | | 3,703,125 | | | | 3,695,424 | | | | 3,688,090 | | Franchise Group, Inc. (b)(d) | | Services: Consumer | | New Money Term Commitments | | Loan | | 1M USD SOFR+ | | | 9.00 | % | | | 1.00 | % | | | 13.44 | % | | 5/6/2025 | | | 514,450 | | | | 514,305 | | | | 205,780 | | Franchise Group, Inc. (c) | | Services: Consumer | | First Out Term Loan | | Loan | | 6M USD SOFR+ | | | 4.75 | % | | | 0.75 | % | | | 9.25 | % | | 3/10/2026 | | | 827,674 | | | | 826,177 | | | | 331,483 | | Franchise Group, Inc. (c) | | Services: Consumer | | Term Loan B | | Loan | | 3M USD SOFR+ | | | 4.75 | % | | | 0.75 | % | | | 9.30 | % | | 3/10/2026 | | | 3,041,686 | | | | 3,000,891 | | | | 1,218,195 | | Franchise Group, Inc. (b)(c) | | Services: Consumer | | Term Loan DIP New Money | | Loan | | 1M USD SOFR+ | | | 9.00 | % | | | 1.00 | % | | | 13.45 | % | | 5/6/2025 | | | 355,828 | | | | 354,956 | | | | 354,938 | | Franklin Square Holdings, L.P. | | Banking, Finance, Insurance & Real Estate | | Term Loan B (04/24) | | Loan | | 1M USD SOFR+ | | | 2.25 | % | | | 0.00 | % | | | 6.58 | % | | 4/25/2031 | | | 4,220,578 | | | | 4,216,436 | | | | 4,199,475 | | 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 | | | | 1,914,756 | | | | 1,909,523 | | Garrett LX III S.a r.l. | | Automotive | | Term Loan (1/25) | | Loan | | 3M USD SOFR+ | | | 2.25 | % | | | 0.50 | % | | | 6.53 | % | | 1/20/2032 | | | 1,451,250 | | | | 1,448,149 | | | | 1,454,878 | | Genesee & Wyoming, Inc. | | Transportation: Cargo | | Term Loan B (03/24) | | Loan | | 3M USD SOFR+ | | | 1.75 | % | | | 0.00 | % | | | 6.05 | % | | 4/10/2031 | | | 1,492,500 | | | | 1,486,172 | | | | 1,484,754 | | GGP Inc. | | Banking, Finance, Insurance & Real Estate | | Term Loan B | | Loan | | 1M USD LIBOR+ | | | 2.50 | % | | | 0.00 | % | | | 2.96 | % | | 8/27/2025 | | | 1,739,305 | | | | 1,773,219 | | | | 1,721,912 | |
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 | |
GIP Pilot Acquisition Partners, L.P. | | Energy: Oil & Gas | | Term Loan B | | Loan | | 3M USD SOFR+ | | | 2.00 | % | | | 0.00 | % | | | 6.28 | % | | 10/4/2030 | | | 407,641 | | | | 406,109 | | | | 406,793 | | Global Tel*Link Corporation | | Telecommunications | | Term Loan (6/24) | | Loan | | 1M USD SOFR+ | | | 7.50 | % | | | 3.00 | % | | | 11.83 | % | | 7/31/2029 | | | 4,796,995 | | | | 4,733,018 | | | | 4,657,067 | | Go Daddy Operating Company, LLC | | High Tech Industries | | Term Loan B7 | | Loan | | 1M USD SOFR+ | | | 1.75 | % | | | 0.00 | % | | | 6.08 | % | | 5/30/2031 | | | 937,869 | | | | 937,869 | | | | 937,100 | | GOLDEN WEST PACKAGING GROUP LLC | | Forest Products & Paper | | Term Loan (11/21) | | Loan | | 6M USD SOFR+ | | | 5.25 | % | | | 0.75 | % | | | 9.79 | % | | 12/1/2027 | | | 1,750,000 | | | | 1,743,790 | | | | 1,233,750 | | GOTO GROUP, INC. | | High Tech Industries | | First Lien Term Loan | | Loan | | 1M USD SOFR+ | | | 4.75 | % | | | 0.00 | % | | | 9.18 | % | | 4/30/2028 | | | 1,242,244 | | | | 826,469 | | | | 1,086,193 | | GOTO GROUP, INC. | | High Tech Industries | | Second-Out Term Loan (02/24) | | Loan | | 1M USD SOFR+ | | | 4.75 | % | | | 0.00 | % | | | 9.18 | % | | 4/30/2028 | | | 1,715,480 | | | | 1,652,660 | | | | 625,087 | | Graham Packaging Co Inc | | Containers, Packaging & Glass | | Term Loan B (07/24) | | Loan | | 1M USD SOFR+ | | | 2.50 | % | | | 0.00 | % | | | 6.83 | % | | 8/4/2027 | | | 817,017 | | | | 815,023 | | | | 816,796 | | Great Outdoors Group, LLC | | Retail | | Term Loan (1/25) | | Loan | | 1M USD SOFR+ | | | 3.25 | % | | | 0.75 | % | | | 7.58 | % | | 1/20/2032 | | | 957,843 | | | | 956,032 | | | | 948,744 | | Griffon Corporation | | Consumer goods: Durable | | Term Loan B | | Loan | | 1M USD SOFR+ | | | 2.25 | % | | | 0.00 | % | | | 6.57 | % | | 1/24/2029 | | | 141,563 | | | | 141,445 | | | | 141,252 | | Grosvenor Capital Management Holdings, LLLP | | Banking, Finance, Insurance & Real Estate | | Term Loan B (5/24) | | Loan | | 1M USD SOFR+ | | | 2.25 | % | | | 0.00 | % | | | 6.58 | % | | 2/25/2030 | | | 2,779,708 | | | | 2,779,679 | | | | 2,785,489 | | Groupe Solmax Inc. | | Environmental Industries | | Term Loan (6/21) | | Loan | | 1M USD SOFR+ | | | 4.75 | % | | | 0.75 | % | | | 9.19 | % | | 5/27/2028 | | | 2,405,762 | | | | 2,146,993 | | | | 2,029,356 | | GYP HOLDINGS III CORP. | | Construction & Building | | Term Loan (1/24) | | Loan | | 1M USD SOFR+ | | | 2.25 | % | | | 0.00 | % | | | 6.58 | % | | 5/12/2030 | | | 246,258 | | | | 245,373 | | | | 245,950 | | Hertz Corporation (The) | | Transportation: Consumer | | Term Loan B | | Loan | | 3M USD SOFR+ | | | 3.75 | % | | | 0.00 | % | | | 8.03 | % | | 6/30/2028 | | | 2,077,710 | | | | 2,033,553 | | | | 1,699,837 | | Hillman Group Inc. (The) (New) | | Consumer goods: Durable | | Term Loan B-1 (2/21) | | Loan | | 1M USD SOFR+ | | | 2.00 | % | | | 0.50 | % | | | 6.33 | % | | 7/14/2028 | | | 2,705,549 | | | | 2,705,053 | | | | 2,699,921 | | 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 | | | | 1,497,504 | | | | 1,504,470 | | HLF Financing SARL (Herbalife) | | Consumer goods: Non-durable | | Term Loan | | Loan | | 1M USD SOFR+ | | | 6.75 | % | | | 0.50 | % | | | 11.08 | % | | 4/12/2029 | | | 2,999,535 | | | | 2,998,985 | | | | 3,009,523 | | Holley Purchaser, Inc | | Automotive | | Term Loan (11/21) | | Loan | | 1M USD SOFR+ | | | 3.75 | % | | | 0.75 | % | | | 8.19 | % | | 11/17/2028 | | | 2,182,913 | | | | 2,178,800 | | | | 2,030,109 | | Hudson River Trading LLC | | Banking, Finance, Insurance & Real Estate | | Term Loan (10/24) | | Loan | | 1M USD SOFR+ | | | 3.00 | % | | | 0.00 | % | | | 7.33 | % | | 3/29/2030 | | | 5,761,050 | | | | 5,681,962 | | | | 5,773,436 | | Hunter Douglas Inc | | Consumer goods: Durable | | Term Loan B (1/25) | | Loan | | 3M USD SOFR+ | | | 3.25 | % | | | 0.00 | % | | | 7.55 | % | | 1/19/2032 | | | 2,227,067 | | | | 2,038,972 | | | | 2,190,877 | | Hyperion Refinance S.a.r.l. | | Banking, Finance, Insurance & Real Estate | | Term Loan B (11/24) | | Loan | | 1M USD SOFR+ | | | 3.00 | % | | | 0.50 | % | | | 7.33 | % | | 2/18/2031 | | | 2,970,075 | | | | 2,959,616 | | | | 2,962,947 | |
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 | |
Idera, Inc. | | High Tech Industries | | Term Loan (06/24) | | Loan | | 3M USD SOFR+ | | | 3.50 | % | | | 0.75 | % | | | 7.78 | % | | 3/2/2028 | | | 4,714,277 | | | | 4,711,503 | | | | 4,469,747 | | IMA Financial Group, Inc. | | Banking, Finance, Insurance & Real Estate | | Term Loan (10/21) | | Loan | | 1M USD SOFR+ | | | 3.00 | % | | | 0.50 | % | | | 7.33 | % | | 11/1/2028 | | | 2,434,062 | | | | 2,427,937 | | | | 2,431,019 | | INDY US BIDCO, LLC | | Services: Business | | Term Loan (01/25) | | Loan | | 1M USD SOFR+ | | | 3.50 | % | | | 0.50 | % | | | 7.83 | % | | 3/6/2028 | | | 2,170,828 | | | | 2,170,397 | | | | 2,164,489 | | INEOS 226 Ltd. | | Chemicals, Plastics, & Rubber | | Term Loan 3/23 | | Loan | | 1M USD SOFR+ | | | 3.75 | % | | | 0.00 | % | | | 8.18 | % | | 3/13/2030 | | | 491,250 | | | | 487,577 | | | | 434,756 | | Ineos US Finance LLC | | Chemicals, Plastics, & Rubber | | Term Loan C | | Loan | | 1M USD SOFR+ | | | 3.25 | % | | | 0.00 | % | | | 7.58 | % | | 2/18/2030 | | | 987,538 | | | | 980,329 | | | | 953,596 | | INEOS US PETROCHEM LLC | | Chemicals, Plastics, & Rubber | | Term Loan B | | Loan | | 1M USD SOFR+ | | | 4.25 | % | | | 0.00 | % | | | 8.68 | % | | 4/2/2029 | | | 2,687,725 | | | | 2,643,307 | | | | 2,452,549 | | Informatica Inc. | | High Tech Industries | | Term Loan B (06/24) | | Loan | | 1M USD SOFR+ | | | 2.25 | % | | | 0.00 | % | | | 6.58 | % | | 10/27/2028 | | | 485,000 | | | | 485,000 | | | | 486,363 | | Ingram Micro Inc. | | Wholesale | | Term Loan B | | Loan | | 3M USD SOFR+ | | | 2.75 | % | | | 0.00 | % | | | 7.05 | % | | 9/17/2031 | | | 599,923 | | | | 596,713 | | | | 602,551 | | Inmar, Inc. | | Services: Business | | Term Loan (06/23) | | Loan | | 1M USD SOFR+ | | | 5.00 | % | | | 1.00 | % | | | 9.33 | % | | 10/30/2031 | | | 3,291,584 | | | | 3,239,655 | | | | 3,301,887 | | Innophos, Inc. | | Chemicals, Plastics, & Rubber | | Term Loan B | | Loan | | 1M USD SOFR+ | | | 4.25 | % | | | 0.00 | % | | | 8.69 | % | | 3/16/2029 | | | 475,000 | | | | 471,904 | | | | 474,763 | | IRB Holding Corporation | | Beverage, Food & Tobacco | | Term Loan B | | Loan | | 1M USD SOFR+ | | | 2.50 | % | | | 0.75 | % | | | 6.83 | % | | 12/15/2027 | | | 491,256 | | | | 488,460 | | | | 490,544 | | Isagenix International, LLC (c) | | Beverage, Food & Tobacco | | Term Loan | | Loan | | 6M USD SOFR+ | | | 2.50 | % | | | 0.00 | % | | | 2.50 | % | | 4/13/2028 | | | 1,407,452 | | | | 1,074,792 | | | | 182,969 | | Isolved Inc. | | Services: Business | | Term Loan B (11/24) | | Loan | | 1M USD SOFR+ | | | 3.25 | % | | | 0.00 | % | | | 7.58 | % | | 10/15/2030 | | | 618,770 | | | | 613,694 | | | | 620,316 | | Jane Street Group | | Banking, Finance, Insurance & Real Estate | | Term Loan B | | Loan | | 3M USD SOFR+ | | | 2.00 | % | | | 0.00 | % | | | 6.33 | % | | 12/15/2031 | | | 3,830,000 | | | | 3,829,989 | | | | 3,818,893 | | Journey Personal Care Corp. | | Consumer goods: Non-durable | | Term Loan B (11/24) | | Loan | | 3M USD SOFR+ | | | 3.75 | % | | | 0.75 | % | | | 8.05 | % | | 3/1/2028 | | | 2,887,744 | | | | 2,853,503 | | | | 2,873,305 | | JP Intermediate B, LLC (b) | | Consumer goods: Non-durable | | Term Loan 7/23 | | Loan | | Prime | | | 6.50 | % | | | 1.00 | % | | | 14.00 | % | | 11/20/2027 | | | 3,413,673 | | | | 3,404,567 | | | | 102,410 | | 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 | | | 1,440,000 | | | | 1,440,000 | | | | 1,305,605 | | Koppers Inc | | Chemicals, Plastics, & Rubber | | Term Loan | | Loan | | 1M USD SOFR+ | | | 2.50 | % | | | 0.50 | % | | | 6.83 | % | | 4/10/2030 | | | 982,612 | | | | 960,286 | | | | 980,156 | | Lakeland Tours, LLC (c) | | Hotel, Gaming & Leisure | | Holdco Fixed Term Loan | | Loan | | Fixed | | | 0.00 | % | | | 0.00 | % | | | 8.00 | % | | 9/27/2027 | | | 1,127,568 | | | | 711,596 | | | | 19,732 | | Latham Pool Products, Inc. | | Consumer goods: Durable | | Term Loan 2/22 | | Loan | | 1M USD SOFR+ | | | 4.00 | % | | | 0.50 | % | | | 8.43 | % | | 2/23/2029 | | | 988,812 | | | | 977,033 | | | | 959,148 | |
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 | |
Lealand Finance Company B.V. (c) | | Energy: Oil & Gas | | Exit Term Loan | | Loan | | 1M USD SOFR+ | | | 1.00 | % | | | 0.00 | % | | | 5.44 | % | | 12/31/2027 | | | 369,512 | | | | 369,512 | | | | 154,825 | | LHS BORROWER, LLC | | Construction & Building | | Term Loan (02/22) | | Loan | | 1M USD SOFR+ | | | 4.75 | % | | | 0.50 | % | | | 9.18 | % | | 2/16/2029 | | | 2,443,764 | | | | 2,131,750 | | | | 2,304,274 | | Lifetime Brands, Inc | | Consumer goods: Non-durable | | Term Loan | | Loan | | 1M USD SOFR+ | | | 5.50 | % | | | 1.00 | % | | | 9.94 | % | | 8/26/2027 | | | 1,541,812 | | | | 1,538,500 | | | | 1,387,630 | | Liquid Tech Solutions Holdings, LLC | | Services: Business | | Term Loan (12/24) | | Loan | | 1M USD SOFR+ | | | 3.75 | % | | | 0.75 | % | | | 8.08 | % | | 6/18/2029 | | | 965,081 | | | | 964,118 | | | | 965,081 | | LOYALTY VENTURES INC. (b) | | Services: Business | | Loyalty Ventures Claims | | Term Loan B | | Prime | | | 5.50 | % | | | 0.50 | % | | | 14.00 | % | | 11/3/2027 | | | 2,913,525 | | | | 2,906,099 | | | | 211,231 | | LSF11 TRINITY BIDCO INC | | Aerospace & Defense | | Term Loan B (12/24) | | Loan | | 1M USD SOFR+ | | | 3.00 | % | | | 0.00 | % | | | 7.32 | % | | 6/14/2030 | | | 968,466 | | | | 957,340 | | | | 963,624 | | LSF9 Atlantis Holdings, LLC (A Wireless) | | Retail | | Term Loan | | Loan | | 3M USD SOFR+ | | | 4.25 | % | | | 0.75 | % | | | 8.55 | % | | 3/29/2029 | | | 2,638,407 | | | | 2,581,125 | | | | 2,631,811 | | Lumen Technologies Inc | | Telecommunications | | Term Loan B1 (3/24) | | Loan | | 1M USD SOFR+ | | | 2.35 | % | | | 2.00 | % | | | 6.79 | % | | 4/16/2029 | | | 1,604,190 | | | | 1,602,340 | | | | 1,587,041 | | Lumen Technologies Inc | | Telecommunications | | Term Loan B2 (3/24) | | Loan | | 1M USD SOFR+ | | | 2.35 | % | | | 2.00 | % | | | 6.79 | % | | 4/15/2030 | | | 504,190 | | | | 503,696 | | | | 498,659 | | MAGNITE, INC. | | Services: Business | | Term Loan B | | Loan | | 1M USD SOFR+ | | | 3.00 | % | | | 0.00 | % | | | 7.33 | % | | 2/6/2031 | | | 3,233,770 | | | | 3,207,215 | | | | 3,217,601 | | Marriott Ownership Resorts, Inc. | | Hotel, Gaming & Leisure | | Term Loan B (3/24) | | Loan | | 1M USD SOFR+ | | | 2.25 | % | | | 0.00 | % | | | 6.58 | % | | 4/1/2031 | | | 1,307,196 | | | | 1,307,196 | | | | 1,298,215 | | Max US Bidco Inc. | | Beverage, Food & Tobacco | | Term Loan B | | Loan | | 1M USD SOFR+ | | | 5.00 | % | | | 0.50 | % | | | 9.33 | % | | 10/3/2030 | | | 1,980,000 | | | | 1,870,077 | | | | 1,954,755 | | Mayfield Agency Borrower Inc. (FeeCo) | | Banking, Finance, Insurance & Real Estate | | Term Loan B (12/24) | | Loan | | 1M USD SOFR+ | | | 3.00 | % | | | 0.00 | % | | | 7.33 | % | | 12/29/2031 | | | 3,407,069 | | | | 3,343,070 | | | | 3,393,577 | | McGraw-Hill Education, Inc. | | Media: Advertising, Printing & Publishing | | Term Loan (1/25) | | Loan | | 1M USD SOFR+ | | | 3.25 | % | | | 0.50 | % | | | 7.58 | % | | 8/6/2031 | | | 1,189,880 | | | | 1,183,332 | | | | 1,192,486 | | Michaels Companies Inc | | Retail | | Term Loan B (Magic Mergeco) | | Loan | | 3M USD SOFR+ | | | 4.25 | % | | | 0.75 | % | | | 8.81 | % | | 4/8/2028 | | | 2,411,087 | | | | 2,402,142 | | | | 1,676,308 | | MIWD Holdco II LLC | | Construction & Building | | Term Loan B2 (03/24) | | Loan | | 1M USD SOFR+ | | | 3.00 | % | | | 0.00 | % | | | 7.33 | % | | 3/21/2031 | | | 496,250 | | | | 494,202 | | | | 494,776 | | MKS Instruments, Inc. | | High Tech Industries | | Term Loan B (01/25) | | Loan | | 1M USD SOFR+ | | | 2.00 | % | | | 0.50 | % | | | 6.32 | % | | 8/17/2029 | | | 1,275,401 | | | | 1,274,025 | | | | 1,276,039 | | Momentive Performance Materials Inc. | | Chemicals, Plastics, & Rubber | | Term Loan (03/23) | | Loan | | 1M USD SOFR+ | | | 4.00 | % | | | 0.00 | % | | | 8.33 | % | | 3/28/2028 | | | 458,824 | | | | 447,267 | | | | 456,245 | | Moneygram International, Inc. | | Services: Business | | Term Loan B | | Loan | | 3M USD SOFR+ | | | 4.75 | % | | | 0.50 | % | | | 9.04 | % | | 6/1/2030 | | | 2,956,384 | | | | 2,638,038 | | | | 2,641,204 | | MPH Acquisition Holdings LLC (Multiplan) | | Services: Business | | First-Out Term Loan (01/25) | | Loan | | 3M USD SOFR+ | | | 3.75 | % | | | 0.50 | % | | | 8.03 | % | | 12/31/2030 | | | 315,611 | | | | 286,645 | | | | 309,955 | |
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 | % | | | 0.50 | % | | | 9.14 | % | | 12/31/2030 | | | 2,616,207 | | | | 2,466,257 | | | | 2,293,550 | | NAB Holdings, LLC (North American Bancard) | | Banking, Finance, Insurance & Real Estate | | Term Loan B (2/25) | | Loan | | 3M USD SOFR+ | | | 2.50 | % | | | 0.50 | % | | | 6.80 | % | | 11/24/2028 | | | 2,903,175 | | | | 2,900,711 | | | | 2,878,237 | | Napa Management Services Corp | | Healthcare & Pharmaceuticals | | Term Loan B (02/22) | | Loan | | 1M USD SOFR+ | | | 5.25 | % | | | 0.75 | % | | | 9.68 | % | | 2/22/2029 | | | 2,931,990 | | | | 2,512,905 | | | | 2,382,242 | | Natgasoline LLC | | Chemicals, Plastics, & Rubber | | Term Loan (3/25) | | Loan | | 3M USD SOFR+ | | | 5.50 | % | | | 0.00 | % | | | 9.80 | % | | 3/25/2030 | | | 3,269,852 | | | | 3,170,881 | | | | 3,228,979 | | National Mentor Holdings, Inc. | | Healthcare & Pharmaceuticals | | Term Loan 2/21 | | Loan | | 3M USD SOFR+ | | | 3.75 | % | | | 0.75 | % | | | 8.15 | % | | 3/2/2028 | | | 2,673,386 | | | | 2,670,120 | | | | 2,588,933 | | National Mentor Holdings, Inc. | | Healthcare & Pharmaceuticals | | Term Loan C 2/21 | | Loan | | 3M USD SOFR+ | | | 3.75 | % | | | 0.75 | % | | | 8.15 | % | | 3/2/2028 | | | 87,464 | | | | 87,295 | | | | 84,701 | | 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 | | | | 570,403 | | | | 571,710 | | Next Level Apparel, Inc. | | Retail | | Term Loan | | Loan | | 3M USD SOFR+ | | | 7.50 | % | | | 1.00 | % | | | 11.88 | % | | 8/9/2026 | | | 2,360,823 | | | | 2,353,895 | | | | 1,749,960 | | NortonLifeLock Inc. | | High Tech Industries | | Term Loan B (05/24) | | Loan | | 1M USD SOFR+ | | | 1.75 | % | | | 0.50 | % | | | 6.08 | % | | 9/12/2029 | | | 966,250 | | | | 963,748 | | | | 964,801 | | Nouryon Finance B.V. | | Chemicals, Plastics, & Rubber | | Term Loan B (10/24) | | Loan | | 3M USD SOFR+ | | | 3.25 | % | | | 0.00 | % | | | 7.51 | % | | 4/3/2028 | | | 482,705 | | | | 479,642 | | | | 483,511 | | Novae LLC | | Automotive | | Term Loan B | | Loan | | 3M USD SOFR+ | | | 5.00 | % | | | 0.75 | % | | | 9.45 | % | | 12/22/2028 | | | 1,940,000 | | | | 1,932,037 | | | | 1,770,250 | | Olaplex, Inc. | | Consumer goods: Non-durable | | Term Loan (2/22) | | Loan | | 3M USD SOFR+ | | | 3.50 | % | | | 0.50 | % | | | 7.93 | % | | 2/23/2029 | | | 1,319,846 | | | | 1,281,877 | | | | 1,259,714 | | Open Text Corporation | | High Tech Industries | | Term Loan B (08/23) | | Loan | | 1M USD SOFR+ | | | 1.75 | % | | | 0.50 | % | | | 6.08 | % | | 1/31/2030 | | | 918,133 | | | | 897,845 | | | | 916,884 | | Oxbow Carbon, LLC | | Metals & Mining | | Term Loan B (04/23) | | Loan | | 1M USD SOFR+ | | | 3.50 | % | | | 0.50 | % | | | 7.83 | % | | 5/2/2030 | | | 463,938 | | | | 456,780 | | | | 457,559 | | PACIFIC DENTAL SERVICES, LLC | | Healthcare & Pharmaceuticals | | Term Loan B (02//24) | | Loan | | 1M USD SOFR+ | | | 2.75 | % | | | 0.00 | % | | | 7.07 | % | | 3/17/2031 | | | 1,188,000 | | | | 1,187,535 | | | | 1,185,957 | | Padagis LLC | | Healthcare & Pharmaceuticals | | Term Loan | | Loan | | 3M USD SOFR+ | | | 4.75 | % | | | 0.50 | % | | | 9.27 | % | | 7/6/2028 | | | 930,329 | | | | 925,587 | | | | 869,858 | | PAR PETROLEUM LLC | | Energy: Oil & Gas | | Term Loan B | | Loan | | 3M USD SOFR+ | | | 3.75 | % | | | 0.50 | % | | | 8.01 | % | | 2/28/2030 | | | 2,452,485 | | | | 2,433,351 | | | | 2,379,426 | | PATAGONIA HOLDCO LLC | | Telecommunications | | Term Loan B | | Loan | | 3M USD SOFR+ | | | 5.75 | % | | | 0.50 | % | | | 10.05 | % | | 8/1/2029 | | | 2,939,848 | | | | 2,639,288 | | | | 2,505,309 | | Pathway Partners Vet Management Company LLC | | Consumer goods: Non-durable | | Term Loan Tranch A | | Loan | | 3M USD SOFR+ | | | 5.00 | % | | | 1.00 | % | | | 9.28 | % | | 6/30/2028 | | | 131,927 | | | | 127,813 | | | | 131,268 | | Pathway Partners Vet Management Company LLC | | Consumer goods: Non-durable | | Term Loan B (03/25) | | Loan | | 3M USD SOFR+ | | | 5.00 | % | | | 1.00 | % | | | 9.28 | % | | 6/30/2028 | | | 417,772 | | | | 414,354 | | | | 323,773 | |
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 | |
PCI Gaming Authority | | Hotel, Gaming & Leisure | | Term Loan | | Loan | | 1M USD SOFR+ | | | 2.00 | % | | | 0.00 | % | | | 6.33 | % | | 7/18/2031 | | | 788,531 | | | | 787,943 | | | | 786,686 | | PEARLS (Netherlands) Bidco B.V. | | Chemicals, Plastics, & Rubber | | USD Term Loan (02/22) | | Loan | | 3M USD SOFR+ | | | 3.25 | % | | | 0.50 | % | | | 7.53 | % | | 2/28/2029 | | | 971,193 | | | | 970,694 | | | | 962,996 | | PEDIATRIC ASSOCIATES HOLDING COMPANY, LLC | | Healthcare & Pharmaceuticals | | Term Loan (12/22) | | Loan | | 3M USD SOFR+ | | | 3.25 | % | | | 0.50 | % | | | 7.79 | % | | 12/29/2028 | | | 1,455,878 | | | | 1,453,139 | | | | 1,317,569 | | Penn National Gaming, Inc | | Hotel, Gaming & Leisure | | Term Loan B | | Loan | | 1M USD SOFR+ | | | 2.50 | % | | | 0.50 | % | | | 6.83 | % | | 5/3/2029 | | | 972,500 | | | | 969,842 | | | | 970,069 | | Peraton Corp. | | Aerospace & Defense | | Term Loan B | | Loan | | 1M USD SOFR+ | | | 3.75 | % | | | 0.75 | % | | | 8.18 | % | | 2/1/2028 | | | 5,167,574 | | | | 5,162,187 | | | | 4,468,092 | | Phoenix Guarantor Inc. | | Healthcare & Pharmaceuticals | | Term Loan B (12/24) | | Loan | | 1M USD SOFR+ | | | 2.50 | % | | | 0.00 | % | | | 6.83 | % | | 2/21/2031 | | | 962,799 | | | | 962,799 | | | | 963,020 | | PHYSICIAN PARTNERS, LLC (b) | | Healthcare & Pharmaceuticals | | Term Loan | | Loan | | 1M USD SOFR+ | | | 4.00 | % | | | 0.50 | % | | | 8.42 | % | | 12/22/2028 | | | 2,928,567 | | | | 2,883,374 | | | | 878,570 | | 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 | | | | 1,791,222 | | | | 1,795,294 | | Playtika Holding Corp. | | High Tech Industries | | Term Loan B (3/21) | | Loan | | 1M USD SOFR+ | | | 2.75 | % | | | 0.00 | % | | | 7.19 | % | | 3/13/2028 | | | 4,320,000 | | | | 4,316,511 | | | | 4,262,069 | | PMHC II, INC. | | Chemicals, Plastics, & Rubber | | Term Loan (02/22) | | Loan | | 3M USD SOFR+ | | | 4.25 | % | | | 0.50 | % | | | 8.64 | % | | 4/21/2029 | | | 1,950,000 | | | | 1,945,004 | | | | 1,712,354 | | PointClickCare Technologies, Inc. | | High Tech Industries | | Term Loan B (10/24) | | Loan | | 3M USD SOFR+ | | | 3.25 | % | | | 0.00 | % | | | 7.55 | % | | 11/3/2031 | | | 481,369 | | | | 480,337 | | | | 481,970 | | 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 | | | | 4,004,404 | | | | 3,666,804 | | Pre-Paid Legal Services, Inc. | | Services: Consumer | | Term Loan (12/21) | | Loan | | 1M USD SOFR+ | | | 3.25 | % | | | 0.50 | % | | | 7.58 | % | | 12/15/2028 | | | 2,910,206 | | | | 2,896,892 | | | | 2,894,287 | | Prime Security Services Borrower, LLC (ADT) | | Services: Consumer | | Term Loan B | | Loan | | 1M USD SOFR+ | | | 2.00 | % | | | 0.00 | % | | | 6.33 | % | | 10/13/2030 | | | 1,985,038 | | | | 1,969,281 | | | | 1,983,013 | | Primo Brands Corporation | | Beverage, Food & Tobacco | | Term Loan B (01/25) | | Loan | | 3M USD SOFR+ | | | 2.25 | % | | | 0.50 | % | | | 6.55 | % | | 3/31/2028 | | | 1,443,886 | | | | 1,440,702 | | | | 1,443,525 | | PRIORITY HOLDINGS, LLC | | Services: Consumer | | Term Loan B (5/24) | | Loan | | 1M USD SOFR+ | | | 4.75 | % | | | 0.50 | % | | | 9.08 | % | | 5/16/2031 | | | 2,872,211 | | | | 2,857,778 | | | | 2,882,982 | | PriSo Acquisition Corporation | | Construction & Building | | Term Loan (01/21) | | Loan | | 3M USD SOFR+ | | | 3.25 | % | | | 0.75 | % | | | 7.80 | % | | 12/28/2027 | | | 479,988 | | | | 479,131 | | | | 460,952 | | Project Leopard Holdings, Inc. (NEW) | | High Tech Industries | | Term Loan B (06/22) | | Loan | | 3M USD SOFR+ | | | 5.25 | % | | | 0.50 | % | | | 9.63 | % | | 7/20/2029 | | | 977,500 | | | | 931,122 | | | | 847,981 | | Propulsion (BC) Finco | | Aerospace & Defense | | Term Loan B (10/24) | | Loan | | 3M USD SOFR+ | | | 3.25 | % | | | 0.50 | % | | | 7.55 | % | | 9/14/2029 | | | 740,597 | | | | 734,635 | | | | 742,048 | | PUG LLC | | Services: Consumer | | Term Loan B (03/24) | | Loan | | 1M USD SOFR+ | | | 4.75 | % | | | 0.00 | % | | | 9.08 | % | | 3/15/2030 | | | 464,578 | | | | 463,950 | | | | 452,382 | |
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 | |
Quartz AcquireCo, LLC | | High Tech Industries | | Term Loan (2/25) | | Loan | | 3M USD SOFR+ | | | 2.25 | % | | | 0.00 | % | | | 6.55 | % | | 6/28/2030 | | | 1,231,867 | | | | 1,224,342 | | | | 1,231,103 | | Quikrete Holdings, Inc. | | Construction & Building | | Term Loan (2/25) | | Loan | | 1M USD SOFR+ | | | 2.25 | % | | | 0.00 | % | | | 6.58 | % | | 4/14/2031 | | | 990,019 | | | | 988,219 | | | | 984,841 | | Rackspace Technology Global, Inc. | | High Tech Industries | | Term Loan (3/24) | | Loan | | 1M USD SOFR+ | | | 2.75 | % | | | 0.75 | % | | | 7.20 | % | | 5/15/2028 | | | 2,034,813 | | | | 1,186,116 | | | | 907,751 | | Rackspace Technology Global, Inc. | | High Tech Industries | | Super-Priority Term Loan (03/24) | | Loan | | 1M USD SOFR+ | | | 6.25 | % | | | 0.75 | % | | | 10.70 | % | | 5/15/2028 | | | 545,532 | | | | 541,417 | | | | 543,780 | | RAND PARENT LLC | | Transportation: Cargo | | Term Loan B (01/25) | | Loan | | 3M USD SOFR+ | | | 3.00 | % | | | 0.00 | % | | | 7.30 | % | | 3/18/2030 | | | 2,450,265 | | | | 2,384,217 | | | | 2,392,684 | | RealPage, Inc. | | High Tech Industries | | Term Loan (04/21) | | Loan | | 3M USD SOFR+ | | | 3.00 | % | | | 0.50 | % | | | 7.56 | % | | 4/24/2028 | | | 965,000 | | | | 964,614 | | | | 956,778 | | Rent-A-Center, Inc. | | Retail | | Term Loan B2 (9/21) | | Loan | | 3M USD SOFR+ | | | 2.75 | % | | | 0.50 | % | | | 7.03 | % | | 2/17/2028 | | | 1,835,107 | | | | 1,812,832 | | | | 1,837,401 | | 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 | | | 337,886 | | | | 334,033 | | | | 336,761 | | 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 | | | 2,880,173 | | | | 2,768,310 | | | | 2,512,951 | | Resideo Funding Inc. | | Services: Consumer | | Term Loan B (12/24) | | Loan | | 1M USD SOFR+ | | | 1.75 | % | | | 0.00 | % | | | 6.08 | % | | 2/14/2028 | | | 674,488 | | | | 674,464 | | | | 674,070 | | Resolute Investment Managers (American Beacon), Inc. | | Banking, Finance, Insurance & Real Estate | | Term Loan (12/23) | | Loan | | 3M USD SOFR+ | | | 6.50 | % | | | 1.00 | % | | | 11.06 | % | | 4/30/2027 | | | 1,943,552 | | | | 1,943,552 | | | | 1,916,343 | | Restoration Hardware, Inc. | | Retail | | Term Loan (9/21) | | Loan | | 1M USD SOFR+ | | | 2.50 | % | | | 0.50 | % | | | 6.94 | % | | 10/20/2028 | | | 3,383,546 | | | | 3,381,337 | | | | 3,215,215 | | Reynolds Consumer Products LLC | | Containers, Packaging & Glass | | Term Loan B (2/25) | | Loan | | 1M USD SOFR+ | | | 1.75 | % | | | 0.00 | % | | | 6.08 | % | | 3/4/2032 | | | 996,705 | | | | 996,705 | | | | 1,001,269 | | Russell Investments US Inst'l Holdco, Inc. (c) | | Banking, Finance, Insurance & Real Estate | | Term Loan B PIK (3/24) | | Loan | | 3M USD SOFR+ | | | 5.00 | % | | | 1.00 | % | | | 9.28 | % | | 5/30/2027 | | | 5,770,982 | | | | 5,762,890 | | | | 5,377,112 | | RV Retailer LLC | | Automotive | | Term Loan | | Loan | | 1M USD SOFR+ | | | 3.75 | % | | | 0.75 | % | | | 8.18 | % | | 2/8/2028 | | | 2,890,412 | | | | 2,864,807 | | | | 2,659,179 | | Ryan Specialty Group LLC | | Banking, Finance, Insurance & Real Estate | | Term Loan B (09/24) | | Loan | | 1M USD SOFR+ | | | 2.25 | % | | | 0.00 | % | | | 6.58 | % | | 9/15/2031 | | | 1,452,294 | | | | 1,445,326 | | | | 1,446,848 | | S&S HOLDINGS LLC | | Services: Business | | Term Loan | | Loan | | 1M USD SOFR+ | | | 5.00 | % | | | 0.50 | % | | | 9.42 | % | | 3/10/2028 | | | 2,402,412 | | | | 2,373,412 | | | | 2,343,865 | | Sally Holdings LLC | | Retail | | Term Loan B | | Loan | | 1M USD SOFR+ | | | 1.75 | % | | | 0.00 | % | | | 6.08 | % | | 2/28/2030 | | | 396,250 | | | | 394,107 | | | | 395,259 | | 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 | | | | 937,492 | | | | 929,843 | | Scientific Games Holdings LP | | Hotel, Gaming & Leisure | | Term Loan B | | Loan | | 3M USD SOFR+ | | | 3.00 | % | | | 0.50 | % | | | 7.28 | % | | 4/4/2029 | | | 490,038 | | | | 489,534 | | | | 487,038 | |
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 | |
Sedgwick Claims Management Services, Inc. | | Services: Business | | Term Loan B 2/23 | | Loan | | 1M USD SOFR+ | | | 3.00 | % | | | 0.00 | % | | | 7.33 | % | | 7/31/2031 | | | 982,563 | | | | 976,875 | | | | 983,240 | | SETANTA AIRCRAFT LEASING DAC | | Aerospace & Defense | | Term Loan B (05/24) | | Loan | | 3M USD SOFR+ | | | 1.75 | % | | | 0.00 | % | | | 6.05 | % | | 11/5/2028 | | | 500,000 | | | | 499,476 | | | | 502,320 | | Sitel Worldwide Corporation | | Services: Business | | USD Term Loan (7/21) | | Loan | | 1M USD SOFR+ | | | 3.75 | % | | | 0.50 | % | | | 8.19 | % | | 8/28/2028 | | | 1,930,000 | | | | 1,926,200 | | | | 1,080,800 | | SiteOne Landscape Supply, LLC | | Services: Business | | Term Loan B (06/24) | | Loan | | 1M USD SOFR+ | | | 1.75 | % | | | 0.50 | % | | | 6.09 | % | | 3/23/2030 | | | 1,254,557 | | | | 1,250,528 | | | | 1,256,916 | | 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 | | | | 506,748 | | | | 508,760 | | Sparta U.S. HoldCo LLC | | Chemicals, Plastics, & Rubber | | Term Loan | | Loan | | 1M USD SOFR+ | | | 3.00 | % | | | 0.00 | % | | | 7.32 | % | | 8/2/2030 | | | 1,935,000 | | | | 1,931,086 | | | | 1,912,825 | | Specialty Pharma III Inc. | | Services: Business | | Term Loan | | Loan | | 1M USD SOFR+ | | | 4.25 | % | | | 0.75 | % | | | 8.68 | % | | 3/31/2028 | | | 1,930,044 | | | | 1,921,933 | | | | 1,905,919 | | Spin Holdco, Inc. | | Services: Consumer | | Term Loan 3/21 | | Loan | | 3M USD SOFR+ | | | 4.00 | % | | | 0.75 | % | | | 8.56 | % | | 3/4/2028 | | | 2,880,000 | | | | 2,873,627 | | | | 2,452,205 | | SRAM, LLC | | Consumer goods: Durable | | Term Loan (02/25) | | Loan | | 1M USD SOFR+ | | | 2.25 | % | | | 0.00 | % | | | 6.58 | % | | 2/23/2032 | | | 2,263,418 | | | | 2,262,540 | | | | 2,252,101 | | STANDARD INDUSTRIES INC. | | Construction & Building | | Term Loan B | | Loan | | 1M USD SOFR+ | | | 1.75 | % | | | 0.50 | % | | | 6.08 | % | | 9/22/2028 | | | 207,750 | | | | 206,899 | | | | 207,906 | | Staples, Inc. | | Wholesale | | Term Loan B | | Loan | | 3M USD SOFR+ | | | 5.75 | % | | | 0.50 | % | | | 10.03 | % | | 9/4/2029 | | | 4,252,838 | | | | 4,202,769 | | | | 3,796,424 | | Star Parent, Inc. | | Services: Business | | Term Loan B (09/23) | | Loan | | 3M USD SOFR+ | | | 4.00 | % | | | 0.00 | % | | | 8.30 | % | | 9/27/2030 | | | 1,237,500 | | | | 1,222,691 | | | | 1,215,225 | | Storable, Inc | | High Tech Industries | | Term Loan B (3/25) | | Loan | | 1M USD SOFR+ | | | 3.25 | % | | | 0.00 | % | | | 7.58 | % | | 4/16/2031 | | | 485,000 | | | | 484,862 | | | | 484,481 | | Superannuation & Investments US LLC | | Banking, Finance, Insurance & Real Estate | | Term Loan | | Loan | | 1M USD SOFR+ | | | 3.75 | % | | | 0.50 | % | | | 8.19 | % | | 12/1/2028 | | | 967,500 | | | | 962,490 | | | | 970,722 | | SupplyOne, Inc | | Wholesale | | Term Loan B (03/24) | | Loan | | 1M USD SOFR+ | | | 3.75 | % | | | 0.00 | % | | | 8.08 | % | | 3/27/2031 | | | 495,000 | | | | 490,727 | | | | 496,134 | | Sweetwater Borrower, LLC | | Retail | | Term Loan (8/21) | | Loan | | 1M USD SOFR+ | | | 4.25 | % | | | 0.75 | % | | | 8.69 | % | | 8/2/2028 | | | 2,083,452 | | | | 2,026,740 | | | | 2,057,409 | | Syncsort Incorporated | | High Tech Industries | | Term Loan B (10/21) | | Loan | | 3M USD SOFR+ | | | 4.00 | % | | | 0.75 | % | | | 8.54 | % | | 4/24/2028 | | | 2,413,709 | | | | 2,413,394 | | | | 2,256,818 | | Ta TT Buyer LLC | | Media: Broadcasting & Subscription | | Term Loan B (6/24) | | Loan | | 3M USD SOFR+ | | | 4.75 | % | | | 0.50 | % | | | 9.05 | % | | 4/2/2029 | | | 977,570 | | | | 971,326 | | | | 938,467 | | Tenable Holdings, Inc. | | Services: Business | | Term Loan B (6/21) | | Loan | | 1M USD SOFR+ | | | 2.75 | % | | | 0.50 | % | | | 7.19 | % | | 7/7/2028 | | | 967,500 | | | | 966,880 | | | | 965,081 | | Teneo Holdings LLC | | Banking, Finance, Insurance & Real Estate | | Term Loan B (03/24) | | Loan | | 1M USD SOFR+ | | | 4.75 | % | | | 1.00 | % | | | 9.08 | % | | 3/13/2031 | | | 3,465,000 | | | | 3,434,970 | | | | 3,488,112 | |
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 | |
Thor Industries, Inc. | | Automotive | | Term Loan B (06/24) | | Loan | | 1M USD SOFR+ | | | 2.25 | % | | | 0.00 | % | | | 6.58 | % | | 11/15/2030 | | | 188,283 | | | | 186,817 | | | | 187,813 | | TIBCO Software Inc | | High Tech Industries | | Term Loan (Cov-Lite) (10/24) | | Loan | | 3M USD SOFR+ | | | 3.75 | % | | | 0.50 | % | | | 8.05 | % | | 3/21/2031 | | | 497,500 | | | | 497,114 | | | | 496,022 | | Torrid LLC | | Wholesale | | Term Loan 5/21 | | Loan | | 6M USD SOFR+ | | | 5.50 | % | | | 0.75 | % | | | 10.18 | % | | 6/14/2028 | | | 3,061,375 | | | | 2,773,489 | | | | 2,816,465 | | TORY BURCH LLC | | Retail | | Term Loan | | Loan | | 1M USD SOFR+ | | | 3.25 | % | | | 0.50 | % | | | 7.69 | % | | 4/17/2028 | | | 2,278,492 | | | | 2,180,961 | | | | 2,236,182 | | Tosca Services, LLC (c) | | 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 | | | | 80,811 | | Trans Union LLC | | Banking, Finance, Insurance & Real Estate | | Term Loan B9 (11/24) | | Loan | | 1M USD SOFR+ | | | 1.75 | % | | | 0.00 | % | | | 6.08 | % | | 6/24/2031 | | | 604,472 | | | | 604,028 | | | | 603,801 | | Tronox Finance LLC | | Chemicals, Plastics, & Rubber | | Term Loan (09/24) | | Loan | | 3M USD SOFR+ | | | 2.25 | % | | | 0.00 | % | | | 6.55 | % | | 4/4/2029 | | | 1,995,000 | | | | 1,980,884 | | | | 1,945,883 | | Tronox Finance LLC | | Chemicals, Plastics, & Rubber | | Term Loan B (09/24) | | Loan | | 3M USD SOFR+ | | | 2.50 | % | | | 0.00 | % | | | 6.80 | % | | 9/30/2031 | | | 346,056 | | | | 345,860 | | | | 337,366 | | TruGreen Limited Partnership | | Services: Consumer | | Term Loan | | Loan | | 1M USD SOFR+ | | | 4.00 | % | | | 0.75 | % | | | 8.43 | % | | 11/2/2027 | | | 932,586 | | | | 930,163 | | | | 891,786 | | Ultra Clean Holdings, Inc. | | High Tech Industries | | Term Loan B (09/24) | | Loan | | 1M USD SOFR+ | | | 3.25 | % | | | 0.00 | % | | | 7.58 | % | | 2/25/2028 | | | 1,225,996 | | | | 1,223,841 | | | | 1,229,061 | | Univision Communications Inc. | | Media: Broadcasting & Subscription | | Term Loan B (05/24) | | Loan | | 1M USD SOFR+ | | | 3.50 | % | | | 0.50 | % | | | 7.94 | % | | 1/31/2029 | | | 2,397,483 | | | | 2,396,601 | | | | 2,321,554 | | Univision Communications Inc. | | Media: Broadcasting & Subscription | | Term Loan B (6/22) | | Loan | | 3M USD SOFR+ | | | 4.25 | % | | | 0.50 | % | | | 8.55 | % | | 6/25/2029 | | | 243,125 | | | | 238,350 | | | | 240,694 | | Vaco Holdings, LLC | | Services: Business | | Term Loan (01/22) | | Loan | | 3M USD SOFR+ | | | 5.00 | % | | | 0.75 | % | | | 9.45 | % | | 1/19/2029 | | | 2,288,978 | | | | 2,244,371 | | | | 2,048,636 | | Vericast Corp. (c) | | Media: Advertising, Printing & Publishing | | Extended Term Loan (07/24) | | Loan | | 6M USD SOFR+ | | | 7.75 | % | | | 1.00 | % | | | 12.03 | % | | 6/16/2026 | | | 1,288,093 | | | | 1,287,985 | | | | 1,224,977 | | Verifone Systems, Inc. | | Banking, Finance, Insurance & Real Estate | | Term Loan (03/25) | | Loan | | 3M USD SOFR+ | | | 5.50 | % | | | 0.00 | % | | | 10.21 | % | | 8/21/2028 | | | 1,197,757 | | | | 1,197,332 | | | | 1,090,953 | | Vertex Aerospace Services Corp | | Aerospace & Defense | | Term Loan (10/21) | | Loan | | 1M USD SOFR+ | | | 2.25 | % | | | 0.75 | % | | | 6.58 | % | | 12/6/2030 | | | 970,293 | | | | 968,411 | | | | 966,353 | | Viasat Inc | | Telecommunications | | Term Loan (2/22) | | Loan | | 1M USD SOFR+ | | | 4.50 | % | | | 0.50 | % | | | 8.94 | % | | 3/5/2029 | | | 2,929,724 | | | | 2,884,572 | | | | 2,763,257 | | 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 | | | 2,567,727 | | | | 2,564,301 | | | | 2,558,098 | | Vistra Operations Company LLC | | Energy: Electricity | | 2018 Incremental Term Loan | | Loan | | 1M USD SOFR+ | | | 1.75 | % | | | 0.00 | % | | | 6.08 | % | | 12/20/2030 | | | 1,865,775 | | | | 1,863,018 | | | | 1,867,119 | | VM Consolidated, Inc. | | Construction & Building | | Term Loan B | | Loan | | 1M USD SOFR+ | | | 2.25 | % | | | 0.00 | % | | | 6.58 | % | | 3/24/2028 | | | 1,811,912 | | | | 1,811,688 | | | | 1,819,848 | |
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 | |
Warner Music Group Corp. (WMG Acquisition Corp.) | | Hotel, Gaming & Leisure | | Term Loan J | | Loan | | 3M USD SOFR+ | | | 1.75 | % | | | 0.00 | % | | | 6.08 | % | | 1/24/2031 | | | 1,250,000 | | | | 1,250,000 | | | | 1,248,438 | | Watlow Electric Manufacturing Company | | High Tech Industries | | Term Loan B (03/21) | | Loan | | 3M USD SOFR+ | | | 3.00 | % | | | 0.50 | % | | | 7.28 | % | | 3/2/2028 | | | 2,654,117 | | | | 2,648,858 | | | | 2,654,117 | | WeddingWire, Inc. | | Services: Consumer | | Term Loan B (12/24) | | Loan | | 1M USD SOFR+ | | | 3.75 | % | | | 0.00 | % | | | 8.08 | % | | 1/31/2028 | | | 4,760,954 | | | | 4,760,760 | | | | 4,737,150 | | Wellpath Recovery Solutions | | Healthcare & Pharmaceuticals | | Term Loan | | Loan | | 3M USD SOFR+ | | | 6.93 | % | | | 2.00 | % | | | 11.23 | % | | 1/27/2030 | | | 693,228 | | | | 693,228 | | | | 681,097 | | Wellpath Correct Care | | Healthcare & Pharmaceuticals | | Term Loan | | Loan | | 1M USD SOFR+ | | | 9.50 | % | | | 1.00 | % | | | 13.84 | % | | 5/9/2030 | | | 580,094 | | | | 580,094 | | | | 527,885 | | WEX Inc. | | Services: Business | | Term Loan B (11/24) | | Loan | | 1M USD SOFR+ | | | 1.75 | % | | | 0.00 | % | | | 6.08 | % | | 3/31/2028 | | | 2,888,398 | | | | 2,884,894 | | | | 2,877,566 | | Windsor Holdings III, LLC | | Chemicals, Plastics, & Rubber | | Term Loan B (02/25) | | Loan | | 1M USD SOFR+ | | | 2.75 | % | | | 0.00 | % | | | 7.07 | % | | 8/1/2030 | | | 493,775 | | | | 493,775 | | | | 491,617 | | Wyndham Hotels & Resorts, Inc. | | Hotel, Gaming & Leisure | | Term Loan (05/24) | | Loan | | 1M USD SOFR+ | | | 1.75 | % | | | 0.00 | % | | | 6.08 | % | | 5/24/2030 | | | 985,056 | | | | 981,574 | | | | 987,164 | | Xperi Corporation | | High Tech Industries | | Term Loan (1/25) | | Loan | | 1M USD SOFR+ | | | 2.50 | % | | | 0.00 | % | | | 6.83 | % | | 6/8/2028 | | | 1,631,585 | | | | 1,630,908 | | | | 1,627,506 | | Zayo Group, LLC | | Telecommunications | | Term Loan 4/22 | | Loan | | 1M USD SOFR+ | | | 4.25 | % | | | 0.50 | % | | | 8.58 | % | | 3/9/2027 | | | 970,000 | | | | 959,651 | | | | 926,903 | | ZEBRA BUYER (Allspring) LLC | | Banking, Finance, Insurance & Real Estate | | Term Loan B (12/24) | | Loan | | 3M USD SOFR+ | | | 3.00 | % | | | 0.50 | % | | | 7.31 | % | | 11/1/2030 | | | 1,852,261 | | | | 1,845,947 | | | | 1,853,706 | | Zekelman Industries, Inc. | | Metals & Mining | | Term Loan B (03/24) | | Loan | | 1M USD SOFR+ | | | 2.25 | % | | | 0.00 | % | | | 6.59 | % | | 1/24/2031 | | | 1,439,488 | | | | 1,438,697 | | | | 1,432,896 | | Zest Acquisition Corp. | | Healthcare & Pharmaceuticals | | Term Loan (1/23) | | Loan | | 3M USD SOFR+ | | | 5.25 | % | | | 0.00 | % | | | 9.53 | % | | 2/8/2028 | | | 1,955,000 | | | | 1,897,165 | | | | 1,957,444 | | Zodiac Pool Solutions | | Consumer goods: Durable | | Term Loan (1/22) | | Loan | | 1M USD SOFR+ | | | 1.93 | % | | | 0.50 | % | | | 6.35 | % | | 1/29/2029 | | | 483,750 | | | | 483,365 | | | | 483,145 | | TOTAL INVESTMENTS | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 498,283,887 | | | $ | 465,120,764 | |
| |
Number
of
Shares | | |
Cost | | |
Fair
Value | |
Cash and cash equivalents | |
| | |
| | |
| |
U.S.
Bank Money Market (a) | |
| 17,490,859 | | |
$ | 17,490,859 | | |
$ | 17,490,859 | |
Total
cash and cash equivalents | |
| 17,490,859 | | |
$ | 17,490,859 | | |
$ | 17,490,859 | |
| (a) | Included within cash and cash equivalents in Saratoga CLO’s
Statements of Assets and Liabilities as of May 31, 2025. |
| (b) | As of May 31, 2025, the investment was in default and on non-accrual
status. |
| (c) | Investments include Payment-in-Kind Interest. |
| (d) | All or a portion of this investment has an unfunded commitment
as of May 31, 2025. |
SOFR - Secured Overnight Financing Rate
1M SOFR - The 1-month SOFR rate as of May 31, 2025 was 4.32%.
3M SOFR - The 3-month SOFR rate as of May 31, 2025 was 4.32%.
6M SOFR - The 6-month SOFR rate as of May 31, 2025 was 4.26%.
Prime - The Prime Rate as of May 31, 2025 was 7.50%. 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 | |
ALTISOURCE PORTFOLIO SOL | | Banking, Finance, Insurance & Real Estate | | Common Stock | | Equity | | | | | | | | | | | | | | | | | | | 296,227 | | | $ | 216,246 | | | $ | 204,397 | |
GOTO GROUP, INC. | | High Tech Industries | | First Lien Term Loan | | Loan | | 3M USD SOFR+ | | | 4.75 | % | | | 0.00 | % | | | 9.19 | % | | 4/30/2028 | | | 1,245,381 | | | | 804,484 | | | | 1,151,043 | | GOTO GROUP, INC. | | High Tech Industries | | Second-Out Term Loan (02/24) | | Loan | | 3M USD SOFR+ | | | 4.75 | % | | | 0.00 | % | | | 9.19 | % | | 4/30/2028 | | | 1,719,812 | | | | 1,651,916 | | | | 832,389 | | Graham Packaging Co Inc | | Containers, Packaging & Glass | | Term Loan B (07/24) | | Loan | | 1M USD SOFR+ | | | 2.50 | % | | | 0.00 | % | | | 6.82 | % | | 8/4/2027 | | | 830,576 | | | | 828,359 | | | | 830,161 | | Great Outdoors Group, LLC | | Retail | | Term Loan (1/25) | | Loan | | 1M USD SOFR+ | | | 3.25 | % | | | 0.75 | % | | | 7.55 | % | | 1/20/2032 | | | 960,244 | | | | 958,144 | | | | 962,049 | | Griffon Corporation | | Consumer goods: Durable | | Term Loan B | | Loan | | 1M USD SOFR+ | | | 2.00 | % | | | 0.00 | % | | | 6.31 | % | | 1/24/2029 | | | 142,188 | | | | 142,044 | | | | 142,898 | | Grosvenor Capital Management Holdings, LLLP | | Banking, Finance, Insurance & Real Estate | | Term Loan B (5/24) | | Loan | | 1M USD SOFR+ | | | 2.25 | % | | | 0.00 | % | | | 6.57 | % | | 2/25/2030 | | | 2,786,709 | | | | 2,786,614 | | | | 2,791,057 | | Groupe Solmax Inc. | | Environmental Industries | | Term Loan (6/21) | | Loan | | 1M USD SOFR+ | | | 4.75 | % | | | 0.75 | % | | | 9.19 | % | | 5/27/2028 | | | 2,412,086 | | | | 2,134,984 | | | | 2,133,827 | | GYP HOLDINGS III CORP. | | Construction & Building | | Term Loan (1/24) | | Loan | | 1M USD SOFR+ | | | 2.25 | % | | | 0.00 | % | | | 6.57 | % | | 5/12/2030 | | | 246,881 | | | | 245,937 | | | | 247,037 | | Hertz Corporation (The) | | Transportation: Consumer | | Term Loan B | | Loan | | 1M USD SOFR+ | | | 3.75 | % | | | 0.00 | % | | | 8.07 | % | | 6/30/2028 | | | 2,082,970 | | | | 2,035,333 | | | | 1,807,726 | | Hillman Group Inc. (The) (New) | | Consumer goods: Durable | | Term Loan B-1 (2/21) | | Loan | | 1M USD SOFR+ | | | 2.00 | % | | | 0.50 | % | | | 6.31 | % | | 7/14/2028 | | | 2,714,525 | | | | 2,713,474 | | | | 2,704,780 | | Hilton Domestic Operating Company Inc. | | Hotel, Gaming & Leisure | | Term Loan B 4 | | Loan | | 1M USD SOFR+ | | | 1.75 | % | | | 0.00 | % | | | 6.07 | % | | 11/8/2030 | | | 1,500,000 | | | | 1,497,236 | | | | 1,505,160 | | HLF Financing SARL (Herbalife) | | Consumer goods: Non-durable | | Term Loan | | Loan | | 1M USD SOFR+ | | | 6.75 | % | | | 0.50 | % | | | 11.07 | % | | 4/12/2029 | | | 3,038,490 | | | | 3,037,561 | | | | 3,036,606 | | Holley Purchaser, Inc | | Automotive | | Term Loan (11/21) | | Loan | | 1M USD SOFR+ | | | 3.75 | % | | | 0.75 | % | | | 8.19 | % | | 11/17/2028 | | | 2,189,325 | | | | 2,184,763 | | | | 2,130,935 | | Hudson River Trading LLC | | Banking, Finance, Insurance & Real Estate | | Term Loan (10/24) | | Loan | | 1M USD SOFR+ | | | 3.00 | % | | | 0.00 | % | | | 7.31 | % | | 3/29/2030 | | | 5,775,525 | | | | 5,692,371 | | | | 5,770,327 | |
Issuer Name | | Industry | | Asset Name | | Asset Type | | Reference
Rate/Spread | | | SOFR/LIBOR Floor | | | Current Rate
(All In) | | | Maturity
Date | | Principal/ Number of Shares | | | Cost | | | Fair
Value | |
Hunter Douglas Inc | | Consumer goods: Durable | | Term Loan B (1/25) | | Loan | | 3M USD SOFR+ | | | 3.25 | % | | | 0.00 | % | | | 7.55 | % | | 1/19/2032 | | | 2,232,648 | | | | 2,038,638 | | | | 2,215,904 | | Hyperion Refinance S.a.r.l. | | Banking, Finance, Insurance & Real Estate | | Term Loan B (11/24) | | Loan | | 1M USD SOFR+ | | | 3.00 | % | | | 0.50 | % | | | 7.32 | % | | 2/18/2031 | | | 2,977,538 | | | | 2,966,717 | | | | 2,968,992 | | Idera, Inc. | | High Tech Industries | | Term Loan (06/24) | | Loan | | 3M USD SOFR+ | | | 3.50 | % | | | 0.75 | % | | | 7.79 | % | | 3/2/2028 | | | 4,726,151 | | | | 4,723,056 | | | | 4,447,167 | | IMA Financial Group, Inc. | | Banking, Finance, Insurance & Real Estate | | Term Loan (10/21) | | Loan | | 1M USD SOFR+ | | | 3.00 | % | | | 0.50 | % | | | 7.32 | % | | 11/1/2028 | | | 2,440,193 | | | | 2,433,243 | | | | 2,440,193 | | INDY US BIDCO, LLC | | Services: Business | | Term Loan (01/25) | | Loan | | 1M USD SOFR+ | | | 3.50 | % | | | 0.50 | % | | | 7.82 | % | | 3/6/2028 | | | 2,170,828 | | | | 2,170,359 | | | | 2,166,313 | | INEOS 226 Ltd. | | Chemicals, Plastics, & Rubber | | Term Loan 3/23 | | Loan | | 1M USD SOFR+ | | | 3.75 | % | | | 0.00 | % | | | 8.17 | % | | 3/13/2030 | | | 492,500 | | | | 488,601 | | | | 474,031 | | Ineos US Finance LLC | | Chemicals, Plastics, & Rubber | | Term Loan C | | Loan | | 1M USD SOFR+ | | | 3.25 | % | | | 0.00 | % | | | 7.57 | % | | 2/18/2030 | | | 990,019 | | | | 982,264 | | | | 973,931 | | INEOS US PETROCHEM LLC | | Chemicals, Plastics, & Rubber | | Term Loan B | | Loan | | 1M USD SOFR+ | | | 4.25 | % | | | 0.00 | % | | | 8.67 | % | | 4/2/2029 | | | 2,694,512 | | | | 2,647,631 | | | | 2,627,149 | | Informatica Inc. | | High Tech Industries | | Term Loan B (06/24) | | Loan | | 1M USD SOFR+ | | | 2.25 | % | | | 0.00 | % | | | 6.57 | % | | 10/27/2028 | | | 486,250 | | | | 486,237 | | | | 485,642 | | Ingram Micro Inc. | | Wholesale | | Term Loan B | | Loan | | 3M USD SOFR+ | | | 2.75 | % | | | 0.00 | % | | | 7.08 | % | | 9/17/2031 | | | 693,439 | | | | 689,636 | | | | 697,343 | | Inmar, Inc. | | Services: Business | | Term Loan (06/23) | | Loan | | 3M USD SOFR+ | | | 5.00 | % | | | 1.00 | % | | | 9.31 | % | | 10/30/2031 | | | 3,299,855 | | | | 3,234,272 | | | | 3,303,980 | | Innophos, Inc. | | Chemicals, Plastics, & Rubber | | Term Loan B | | Loan | | 1M USD SOFR+ | | | 4.25 | % | | | 0.00 | % | | | 8.69 | % | | 3/16/2029 | | | 476,250 | | | | 472,714 | | | | 475,826 | | IRB Holding Corporation | | Beverage, Food & Tobacco | | Term Loan B | | Loan | | 1M USD SOFR+ | | | 2.50 | % | | | 0.75 | % | | | 6.82 | % | | 12/15/2027 | | | 492,487 | | | | 489,357 | | | | 491,935 | | Isagenix International, LLC | | Beverage, Food & Tobacco | | Term Loan | | Loan | | 6M USD SOFR+ | | | 2.50 | % | | | 0.00 | % | | | 2.50 | % | | 4/13/2028 | | | 1,378,403 | | | | 1,025,602 | | | | 186,084 | | Isolved Inc. | | Services: Business | | Term Loan B (11/24) | | Loan | | 1M USD SOFR+ | | | 3.25 | % | | | 0.00 | % | | | 7.57 | % | | 10/15/2030 | | | 620,324 | | | | 614,960 | | | | 624,394 | |
Issuer Name | | Industry | | Asset Name | | Asset Type | | Reference
Rate/Spread | | | SOFR/LIBOR Floor | | | Current Rate
(All In) | | | Maturity
Date | | Principal/ Number of Shares | | | Cost | | | Fair
Value | |
Jane Street Group | | Banking, Finance, Insurance & Real Estate | | Term Loan B | | Loan | | 3M USD SOFR+ | | | 2.00 | % | | | 0.00 | % | | | 6.30 | % | | 12/15/2031 | | | 3,840,000 | | | | 3,839,989 | | | | 3,790,810 | | Journey Personal Care Corp. | | Consumer goods: Non-durable | | Term Loan B (11/24) | | Loan | | 1M USD SOFR+ | | | 3.75 | % | | | 0.75 | % | | | 8.07 | % | | 3/1/2028 | | | 2,895,000 | | | | 2,858,590 | | | | 2,872,072 | | JP Intermediate B, LLC | | Consumer goods: Non-durable | | Term Loan 7/23 | | Loan | | Prime | | | 6.50 | % | | | 1.00 | % | | | 14.00 | % | | 11/20/2027 | | | 3,370,462 | | | | 3,360,549 | | | | 134,818 | | Kleopatra Finco S.a r.l. | | Containers, Packaging & Glass | | Term Loan (1/21) (USD) | | Loan | | 6M USD SOFR+ | | | 4.73 | % | | | 0.50 | % | | | 9.23 | % | | 2/12/2026 | | | 1,443,750 | | | | 1,443,745 | | | | 1,348,304 | | Koppers Inc | | Chemicals, Plastics, & Rubber | | Term Loan | | Loan | | 1M USD SOFR+ | | | 2.50 | % | | | 0.50 | % | | | 6.82 | % | | 4/10/2030 | | | 985,081 | | | | 961,555 | | | | 988,775 | | KREF Holdings X LLC | | Banking, Finance, Insurance & Real Estate | | Term Loan (11/21) | | Loan | | 3M USD SOFR+ | | | 3.50 | % | | | 0.50 | % | | | 8.06 | % | | 9/1/2027 | | | 481,363 | | | | 476,486 | | | | 481,363 | | Lakeland Tours, LLC | | Hotel, Gaming & Leisure | | Holdco Fixed Term Loan | | Loan | | Fixed | | | 0.00 | % | | | 0.00 | % | | | 8.00 | % | | 9/27/2027 | | | 1,127,568 | | | | 680,756 | | | | 28,189 | | Latham Pool Products, Inc. | | Consumer goods: Durable | | Term Loan 2/22 | | Loan | | 3M USD SOFR+ | | | 3.75 | % | | | 0.50 | % | | | 8.19 | % | | 2/23/2029 | | | 991,609 | | | | 978,723 | | | | 970,954 | | Lealand Finance Company B.V. | | Energy: Oil & Gas | | Exit Term Loan | | Loan | | 1M USD SOFR+ | | | 1.00 | % | | | 0.00 | % | | | 5.43 | % | | 12/31/2027 | | | 366,724 | | | | 366,724 | | | | 149,257 | | LHS BORROWER, LLC | | Construction & Building | | Term Loan (02/22) | | Loan | | 1M USD SOFR+ | | | 4.75 | % | | | 0.50 | % | | | 9.17 | % | | 2/16/2029 | | | 2,450,166 | | | | 2,120,597 | | | | 2,266,403 | | Lifetime Brands, Inc | | Consumer goods: Non-durable | | Term Loan | | Loan | | 1M USD SOFR+ | | | 5.50 | % | | | 1.00 | % | | | 9.93 | % | | 8/26/2027 | | | 1,576,347 | | | | 1,572,295 | | | | 1,500,163 | | Liquid Tech Solutions Holdings, LLC | | Services: Business | | Term Loan | | Loan | | 1M USD SOFR+ | | | 3.75 | % | | | 0.75 | % | | | 8.18 | % | | 3/17/2028 | | | 967,500 | | | | 966,360 | | | | 969,919 | | LOYALTY VENTURES INC. | | Services: Business | | Loyalty Ventures Claims | | Term Loan B | | Prime | | | 5.50 | % | | | 0.50 | % | | | 14.00 | % | | 11/3/2027 | | | 2,913,525 | | | | 2,905,305 | | | | 211,231 | | LSF11 A5 HOLDCO LLC | | Chemicals, Plastics, & Rubber | | Term Loan B (06/24) | | Loan | | 1M USD SOFR+ | | | 3.50 | % | | | 0.50 | % | | | 7.93 | % | | 10/15/2028 | | | 1,622,206 | | | | 1,607,812 | | | | 1,621,622 | | LSF11 TRINITY BIDCO INC | | Aerospace & Defense | | Term Loan B (12/24) | | Loan | | 1M USD SOFR+ | | | 3.00 | % | | | 0.00 | % | | | 7.32 | % | | 6/14/2030 | | | 970,924 | | | | 959,085 | | | | 970,924 | |
Issuer Name | | Industry | | Asset Name | | Asset Type | | Reference
Rate/Spread | | | SOFR/LIBOR Floor | | | Current Rate
(All In) | | | Maturity
Date | | Principal/ Number of Shares | | | Cost | | | Fair
Value | |
LSF9 Atlantis Holdings, LLC (A Wireless) | | Retail | | Term Loan Extended | | Loan | | 1M USD SOFR+ | | | 5.25 | % | | | 0.75 | % | | | 9.57 | % | | 3/29/2029 | | | 2,671,805 | | | | 2,610,533 | | | | 2,680,167 | | Lumen Technologies Inc | | Telecommunications | | Term Loan B1 (3/24) | | Loan | | 1M USD SOFR+ | | | 2.35 | % | | | 2.00 | % | | | 6.79 | % | | 4/16/2029 | | | 1,608,268 | | | | 1,607,707 | | | | 1,512,785 | | Lumen Technologies Inc | | Telecommunications | | Term Loan B2 (3/24) | | Loan | | 1M USD SOFR+ | | | 2.35 | % | | | 2.00 | % | | | 6.79 | % | | 4/15/2030 | | | 1,608,268 | | | | 1,607,702 | | | | 1,507,767 | | MAGNITE, INC. | | Services: Business | | Term Loan B (09/24) | | Loan | | 1M USD SOFR+ | | | 3.75 | % | | | 0.00 | % | | | 8.07 | % | | 2/6/2031 | | | 3,233,770 | | | | 3,205,941 | | | | 3,278,235 | | Marriott Ownership Resorts, Inc. | | Hotel, Gaming & Leisure | | Term Loan B (3/24) | | Loan | | 1M USD SOFR+ | | | 2.25 | % | | | 0.00 | % | | | 6.57 | % | | 4/1/2031 | | | 1,310,489 | | | | 1,310,489 | | | | 1,310,489 | | Max US Bidco Inc. | | Beverage, Food & Tobacco | | Term Loan B | | Loan | | 3M USD SOFR+ | | | 5.00 | % | | | 0.50 | % | | | 9.31 | % | | 10/3/2030 | | | 1,985,000 | | | | 1,870,513 | | | | 1,942,819 | | Mayfield Agency Borrower Inc. (FeeCo) | | Banking, Finance, Insurance & Real Estate | | Term Loan B (12/24) | | Loan | | 3M USD SOFR+ | | | 3.00 | % | | | 0.00 | % | | | 7.29 | % | | 12/29/2031 | | | 3,415,608 | | | | 3,349,332 | | | | 3,405,634 | | McGraw-Hill Education, Inc. | | Media: Advertising, Printing & Publishing | | Term Loan (1/25) | | Loan | | 3M USD SOFR+ | | | 3.25 | % | | | 0.50 | % | | | 7.55 | % | | 8/6/2031 | | | 1,244,525 | | | | 1,236,501 | | | | 1,251,134 | | Michaels Companies Inc | | Retail | | Term Loan B (Magic Mergeco) | | Loan | | 3M USD SOFR+ | | | 4.25 | % | | | 0.75 | % | | | 8.84 | % | | 4/8/2028 | | | 2,417,349 | | | | 2,407,248 | | | | 1,957,038 | | MIWD Holdco II LLC | | Construction & Building | | Term Loan B2 (03/24) | | Loan | | 1M USD SOFR+ | | | 3.00 | % | | | 0.00 | % | | | 7.32 | % | | 3/21/2031 | | | 497,500 | | | | 495,226 | | | | 498,067 | | MKS Instruments, Inc. | | High Tech Industries | | Term Loan B (01/25) | | Loan | | 1M USD SOFR+ | | | 2.00 | % | | | 0.50 | % | | | 6.32 | % | | 8/17/2029 | | | 1,280,586 | | | | 1,278,776 | | | | 1,281,227 | | Momentive Performance Materials Inc. | | Chemicals, Plastics, & Rubber | | Term Loan (03/23) | | Loan | | 1M USD SOFR+ | | | 4.00 | % | | | 0.00 | % | | | 8.32 | % | | 3/28/2028 | | | 491,250 | | | | 477,801 | | | | 490,331 | | Moneygram International, Inc. | | Services: Business | | Term Loan B | | Loan | | 3M USD SOFR+ | | | 4.75 | % | | | 0.50 | % | | | 9.15 | % | | 6/1/2030 | | | 2,963,850 | | | | 2,633,472 | | | | 2,846,363 | | Mosel Bidco SE | | High Tech Industries | | Term Loan B | | Loan | | 3M USD SOFR+ | | | 4.50 | % | | | 0.50 | % | | | 8.83 | % | | 9/28/2030 | | | 500,000 | | | | 495,844 | | | | 501,250 | | MPH Acquisition Holdings LLC (Multiplan) | | Services: Business | | First-Out Term Loan (01/25) | | Loan | | 3M USD SOFR+ | | | 3.75 | % | | | 0.00 | % | | | 8.04 | % | | 12/31/2030 | | | 315,611 | | | | 285,615 | | | | 313,638 | |
Issuer Name | | Industry | | Asset Name | | Asset Type | | Reference
Rate/Spread | | | SOFR/LIBOR Floor | | | Current Rate
(All In) | | | Maturity
Date | | Principal/ Number of Shares | | | Cost | | | Fair
Value | |
MPH Acquisition Holdings LLC (Multiplan) | | Services: Business | | Second-Out Term Loan (01/25) | | Loan | | 3M USD SOFR+ | | | 4.60 | % | | | 0.00 | % | | | 9.15 | % | | 12/31/2030 | | | 2,616,207 | | | | 2,460,718 | | | | 2,198,556 | | NAB Holdings, LLC (North American Bancard) | | Banking, Finance, Insurance & Real Estate | | Term Loan B (2/25) | | Loan | | 3M USD SOFR+ | | | 2.50 | % | | | 0.50 | % | | | 6.82 | % | | 11/24/2028 | | | 2,910,506 | | | | 2,906,771 | | | | 2,886,873 | | Napa Management Services Corp | | Healthcare & Pharmaceuticals | | Term Loan B (02/22) | | Loan | | 1M USD SOFR+ | | | 5.25 | % | | | 0.75 | % | | | 9.67 | % | | 2/22/2029 | | | 2,939,547 | | | | 2,497,131 | | | | 2,712,966 | | Natgasoline LLC | | Chemicals, Plastics, & Rubber | | Term Loan | | Loan | | 6M USD SOFR+ | | | 3.50 | % | | | 0.00 | % | | | 8.17 | % | | 11/14/2025 | | | 3,269,852 | | | | 3,265,583 | | | | 3,253,503 | | National Mentor Holdings, Inc. | | Healthcare & Pharmaceuticals | | Term Loan 2/21 | | Loan | | 3M USD SOFR+ | | | 3.75 | % | | | 0.75 | % | | | 8.48 | % | | 3/2/2028 | | | 2,680,348 | | | | 2,676,078 | | | | 2,623,658 | | National Mentor Holdings, Inc. | | Healthcare & Pharmaceuticals | | Term Loan C 2/21 | | Loan | | 3M USD SOFR+ | | | 3.75 | % | | | 0.75 | % | | | 8.18 | % | | 3/2/2028 | | | 87,464 | | | | 87,262 | | | | 85,614 | | Nexstar Broadcasting, Inc. (Mission Broadcasting) | | Media: Broadcasting & Subscription | | Term Loan | | Loan | | 1M USD SOFR+ | | | 2.50 | % | | | 0.00 | % | | | 6.94 | % | | 9/18/2026 | | | 571,911 | | | | 570,138 | | | | 571,356 | | Next Level Apparel, Inc. | | Retail | | Term Loan | | Loan | | 3M USD SOFR+ | | | 7.50 | % | | | 1.00 | % | | | 11.90 | % | | 8/9/2026 | | | 2,382,698 | | | | 2,373,272 | | | | 1,894,245 | | NorthPole Newco S.a.r.l | | Aerospace & Defense | | Term Loan | | Loan | | Prime | | | 7.00 | % | | | 0.00 | % | | | 14.50 | % | | 3/3/2025 | | | - | | | | - | | | | - | | NortonLifeLock Inc. | | High Tech Industries | | Term Loan B (05/24) | | Loan | | 1M USD SOFR+ | | | 1.75 | % | | | 0.50 | % | | | 6.07 | % | | 9/12/2029 | | | 970,000 | | | | 967,278 | | | | 967,507 | | Nouryon Finance B.V. | | Chemicals, Plastics, & Rubber | | Term Loan B (10/24) | | Loan | | 3M USD SOFR+ | | | 3.25 | % | | | 0.00 | % | | | 7.55 | % | | 4/3/2028 | | | 483,926 | | | | 480,497 | | | | 485,591 | | Novae LLC | | Automotive | | Term Loan B | | Loan | | 1M USD SOFR+ | | | 5.00 | % | | | 0.75 | % | | | 9.42 | % | | 12/22/2028 | | | 1,945,000 | | | | 1,935,728 | | | | 1,819,800 | | Olaplex, Inc. | | Consumer goods: Non-durable | | Term Loan (2/22) | | Loan | | 1M USD SOFR+ | | | 3.50 | % | | | 0.50 | % | | | 7.92 | % | | 2/23/2029 | | | 2,442,273 | | | | 2,367,591 | | | | 2,262,498 | | Open Text Corporation | | High Tech Industries | | Term Loan B (08/23) | | Loan | | 1M USD SOFR+ | | | 1.75 | % | | | 0.50 | % | | | 6.07 | % | | 1/31/2030 | | | 921,883 | | | | 900,638 | | | | 920,731 | | Oxbow Carbon, LLC | | Metals & Mining | | Term Loan B (04/23) | | Loan | | 1M USD SOFR+ | | | 3.50 | % | | | 0.50 | % | | | 7.82 | % | | 5/2/2030 | | | 492,500 | | | | 484,592 | | | | 491,269 | |
Issuer Name | | Industry | | Asset Name | | Asset Type | | Reference
Rate/Spread | | | SOFR/LIBOR Floor | | | Current Rate
(All In) | | | Maturity
Date | | Principal/ Number of Shares | | | Cost | | | Fair
Value | |
PACIFIC DENTAL SERVICES, LLC | | Healthcare & Pharmaceuticals | | Term Loan B (02//24) | | Loan | | 1M USD SOFR+ | | | 2.75 | % | | | 0.00 | % | | | 7.07 | % | | 3/17/2031 | | | 1,191,000 | | | | 1,190,157 | | | | 1,194,347 | | PACTIV EVERGREEN GROUP HOLDINGS INC. | | Containers, Packaging & Glass | | Term Loan B4 (05/24) | | Loan | | 1M USD SOFR+ | | | 2.50 | % | | | 0.00 | % | | | 6.82 | % | | 9/24/2028 | | | 921,247 | | | | 919,105 | | | | 920,841 | | Padagis LLC | | Healthcare & Pharmaceuticals | | Term Loan | | Loan | | 3M USD SOFR+ | | | 4.75 | % | | | 0.50 | % | | | 9.30 | % | | 7/6/2028 | | | 941,176 | | | | 935,900 | | | | 876,866 | | PAR PETROLEUM LLC | | Energy: Oil & Gas | | Term Loan B | | Loan | | 3M USD SOFR+ | | | 3.75 | % | | | 0.50 | % | | | 8.04 | % | | 2/28/2030 | | | 2,458,727 | | | | 2,438,711 | | | | 2,448,474 | | PATAGONIA HOLDCO LLC | | Telecommunications | | Term Loan B | | Loan | | 3M USD SOFR+ | | | 5.75 | % | | | 0.50 | % | | | 10.05 | % | | 8/1/2029 | | | 2,947,386 | | | | 2,631,038 | | | | 2,597,384 | | Pathway Partners Vet Management Company LLC | | Services: Business | | Term Loan | | Loan | | 3M USD SOFR+ | | | 3.75 | % | | | 0.00 | % | | | 8.34 | % | | 3/31/2027 | | | 476,580 | | | | 472,582 | | | | 387,545 | | PCI Gaming Authority | | Hotel, Gaming & Leisure | | Term Loan | | Loan | | 1M USD SOFR+ | | | 2.00 | % | | | 0.00 | % | | | 6.32 | % | | 7/18/2031 | | | 790,518 | | | | 789,679 | | | | 788,834 | | PEARLS (Netherlands) Bidco B.V. | | Chemicals, Plastics, & Rubber | | USD Term Loan (02/22) | | Loan | | 1M USD SOFR+ | | | 3.25 | % | | | 0.50 | % | | | 7.57 | % | | 2/28/2029 | | | 973,627 | | | | 972,968 | | | | 969,246 | | PEDIATRIC ASSOCIATES HOLDING COMPANY, LLC | | Healthcare & Pharmaceuticals | | Term Loan (12/22) | | Loan | | 3M USD SOFR+ | | | 3.25 | % | | | 0.50 | % | | | 7.80 | % | | 12/29/2028 | | | 1,459,630 | | | | 1,456,242 | | | | 1,379,350 | | Penn National Gaming, Inc | | Hotel, Gaming & Leisure | | Term Loan B | | Loan | | 1M USD SOFR+ | | | 2.50 | % | | | 0.50 | % | | | 6.82 | % | | 5/3/2029 | | | 975,000 | | | | 971,989 | | | | 976,463 | | Peraton Corp. | | Aerospace & Defense | | Term Loan B | | Loan | | 1M USD SOFR+ | | | 3.75 | % | | | 0.75 | % | | | 8.17 | % | | 2/1/2028 | | | 5,181,328 | | | | 5,175,310 | | | | 4,677,754 | | Phoenix Guarantor Inc. | | Healthcare & Pharmaceuticals | | Term Loan B (12/24) | | Loan | | 1M USD SOFR+ | | | 2.50 | % | | | 0.00 | % | | | 6.82 | % | | 2/21/2031 | | | 965,218 | | | | 965,218 | | | | 961,444 | | PHYSICIAN PARTNERS, LLC | | Healthcare & Pharmaceuticals | | Term Loan | | Loan | | 3M USD SOFR+ | | | 4.00 | % | | | 0.50 | % | | | 8.74 | % | | 12/22/2028 | | | 2,928,567 | | | | 2,881,253 | | | | 1,156,784 | | Plastipak Holdings Inc. | | Containers, Packaging & Glass | | Term Loan B | | Loan | | 1M USD SOFR+ | | | 2.25 | % | | | 0.50 | % | | | 6.57 | % | | 12/1/2028 | | | 1,795,294 | | | | 1,791,011 | | | | 1,796,892 | | Playtika Holding Corp. | | High Tech Industries | | Term Loan B (3/21) | | Loan | | 1M USD SOFR+ | | | 2.75 | % | | | 0.00 | % | | | 7.19 | % | | 3/13/2028 | | | 4,331,250 | | | | 4,327,202 | | | | 4,316,351 | |
Issuer Name | | Industry | | Asset Name | | Asset Type | | Reference
Rate/Spread | | | SOFR/LIBOR Floor | | | Current Rate
(All In) | | | Maturity
Date | | Principal/ Number of Shares | | | Cost | | | Fair
Value | |
PMHC II, INC. | | Chemicals, Plastics, & Rubber | | Term Loan (02/22) | | Loan | | 3M USD SOFR+ | | | 4.25 | % | | | 0.50 | % | | | 8.69 | % | | 4/21/2029 | | | 1,955,000 | | | | 1,949,220 | | | | 1,890,368 | | PointClickCare Technologies, Inc. | | High Tech Industries | | Term Loan B (10/24) | | Loan | | 3M USD SOFR+ | | | 3.25 | % | | | 0.00 | % | | | 7.58 | % | | 11/3/2031 | | | 482,575 | | | | 481,443 | | | | 483,178 | | Polymer Process Holdings, Inc. | | Containers, Packaging & Glass | | Term Loan | | Loan | | 1M USD SOFR+ | | | 4.75 | % | | | 0.75 | % | | | 9.19 | % | | 2/12/2028 | | | 4,020,266 | | | | 4,001,931 | | | | 3,897,648 | | Pre-Paid Legal Services, Inc. | | Services: Consumer | | Term Loan (12/21) | | Loan | | 1M USD SOFR+ | | | 3.25 | % | | | 0.50 | % | | | 7.69 | % | | 12/15/2028 | | | 2,917,500 | | | | 2,903,248 | | | | 2,917,500 | | Prime Security Services Borrower, LLC (ADT) | | Services: Consumer | | Term Loan B | | Loan | | 1M USD SOFR+ | | | 2.00 | % | | | 0.00 | % | | | 6.31 | % | | 10/13/2030 | | | 1,990,013 | | | | 1,973,564 | | | | 1,985,834 | | Primo Brands Corporation | | Beverage, Food & Tobacco | | Term Loan B (01/25) | | Loan | | 3M USD SOFR+ | | | 2.25 | % | | | 0.50 | % | | | 6.56 | % | | 3/31/2028 | | | 1,447,505 | | | | 1,443,799 | | | | 1,448,620 | | PRIORITY HOLDINGS, LLC | | Services: Consumer | | Term Loan B (5/24) | | Loan | | 1M USD SOFR+ | | | 4.75 | % | | | 0.50 | % | | | 9.07 | % | | 5/16/2031 | | | 2,872,211 | | | | 2,857,095 | | | | 2,875,802 | | PriSo Acquisition Corporation | | Construction & Building | | Term Loan (01/21) | | Loan | | 3M USD SOFR+ | | | 3.25 | % | | | 0.75 | % | | | 7.82 | % | | 12/28/2027 | | | 481,239 | | | | 480,294 | | | | 466,152 | | Project Leopard Holdings, Inc. (NEW) | | High Tech Industries | | Term Loan B (06/22) | | Loan | | 3M USD SOFR+ | | | 5.25 | % | | | 0.50 | % | | | 9.64 | % | | 7/20/2029 | | | 980,000 | | | | 930,969 | | | | 871,387 | | Propulsion (BC) Finco | | Aerospace & Defense | | Term Loan B (10/24) | | Loan | | 3M USD SOFR+ | | | 3.25 | % | | | 0.50 | % | | | 7.58 | % | | 9/14/2029 | | | 742,457 | | | | 736,171 | | | | 745,509 | | PUG LLC | | Services: Consumer | | Term Loan B (03/24) | | Loan | | 1M USD SOFR+ | | | 4.75 | % | | | 0.00 | % | | | 9.07 | % | | 3/15/2030 | | | 465,765 | | | | 465,063 | | | | 465,570 | | Quartz AcquireCo, LLC | | High Tech Industries | | Term Loan (2/25) | | Loan | | 3M USD SOFR+ | | | 2.25 | % | | | 0.00 | % | | | 6.57 | % | | 6/28/2030 | | | 1,234,994 | | | | 1,226,841 | | | | 1,233,450 | | Quikrete Holdings, Inc. | | Construction & Building | | Term Loan (2/25) | | Loan | | 1M USD SOFR+ | | | 2.25 | % | | | 0.00 | % | | | 6.57 | % | | 4/14/2031 | | | 992,500 | | | | 990,531 | | | | 990,981 | | Rackspace Technology Global, Inc. | | High Tech Industries | | Term Loan (3/24) | | Loan | | 1M USD SOFR+ | | | 2.75 | % | | | 0.75 | % | | | 7.17 | % | | 5/15/2028 | | | 2,040,103 | | | | 1,143,598 | | | | 1,165,409 | | Rackspace Technology Global, Inc. | | High Tech Industries | | Super-Priority Term Loan (03/24) | | Loan | | 1M USD SOFR+ | | | 6.25 | % | | | 0.75 | % | | | 10.67 | % | | 5/15/2028 | | | 546,909 | | | | 542,424 | | | | 563,705 | |
Issuer Name | | Industry | | Asset Name | | Asset Type | | Reference
Rate/Spread | | | SOFR/LIBOR Floor | | | Current Rate
(All In) | | | Maturity
Date | | Principal/ Number of Shares | | | Cost | | | Fair
Value | |
RAND PARENT LLC | | Transportation: Cargo | | Term Loan B (01/25) | | Loan | | 3M USD SOFR+ | | | 3.00 | % | | | 0.00 | % | | | 7.30 | % | | 3/18/2030 | | | 2,456,406 | | | | 2,386,949 | | | | 2,452,108 | | RealPage, Inc. | | High Tech Industries | | Term Loan (04/21) | | Loan | | 3M USD SOFR+ | | | 3.00 | % | | | 0.50 | % | | | 7.59 | % | | 4/24/2028 | | | 967,500 | | | | 966,881 | | | | 960,747 | | Rent-A-Center, Inc. | | Retail | | Term Loan B2 (9/21) | | Loan | | 3M USD SOFR+ | | | 2.75 | % | | | 0.50 | % | | | 7.04 | % | | 2/17/2028 | | | 1,840,124 | | | | 1,815,493 | | | | 1,839,351 | | Research Now Group, Inc | | Media: Advertising, Printing & Publishing | | Term Loan (07/24) | | Loan | | 3M USD SOFR+ | | | 5.00 | % | | | 1.00 | % | | | 9.58 | % | | 7/15/2028 | | | 338,737 | | | | 334,497 | | | | 339,018 | | Research Now Group, Inc | | Media: Advertising, Printing & Publishing | | Second-Out Term Loan | | Loan | | 3M USD SOFR+ | | | 5.50 | % | | | 1.00 | % | | | 10.08 | % | | 7/15/2028 | | | 2,887,427 | | | | 2,767,310 | | | | 2,721,400 | | Resideo Funding Inc. | | Services: Consumer | | Term Loan B (12/24) | | Loan | | 1M USD SOFR+ | | | 1.75 | % | | | 0.00 | % | | | 6.06 | % | | 2/14/2028 | | | 674,488 | | | | 674,302 | | | | 675,756 | | Resolute Investment Managers (American Beacon), Inc. | | Banking, Finance, Insurance & Real Estate | | Term Loan (12/23) | | Loan | | 3M USD SOFR+ | | | 6.50 | % | | | 1.00 | % | | | 11.09 | % | | 4/30/2027 | | | 1,948,473 | | | | 1,948,473 | | | | 1,930,449 | | Restoration Hardware, Inc. | | Retail | | Term Loan (9/21) | | Loan | | 1M USD SOFR+ | | | 2.50 | % | | | 0.50 | % | | | 6.94 | % | | 10/20/2028 | | | 3,392,312 | | | | 3,389,647 | | | | 3,339,595 | | Reynolds Consumer Products LLC | | Containers, Packaging & Glass | | Term Loan | | Loan | | 1M USD SOFR+ | | | 1.75 | % | | | 0.00 | % | | | 6.17 | % | | 2/4/2027 | | | 996,705 | | | | 996,705 | | | | 996,944 | | Russell Investments US Inst’l Holdco, Inc. | | Banking, Finance, Insurance & Real Estate | | Term Loan B PIK (3/24) | | Loan | | 3M USD SOFR+ | | | 5.00 | % | | | 1.00 | % | | | 9.29 | % | | 5/30/2027 | | | 5,764,065 | | | | 5,754,497 | | | | 5,539,266 | | RV Retailer LLC | | Automotive | | Term Loan | | Loan | | 1M USD SOFR+ | | | 3.75 | % | | | 0.75 | % | | | 8.17 | % | | 2/8/2028 | | | 2,897,881 | | | | 2,869,896 | | | | 2,714,039 | | Ryan Specialty Group LLC | | Banking, Finance, Insurance & Real Estate | | Term Loan B (09/24) | | Loan | | 1M USD SOFR+ | | | 2.25 | % | | | 0.00 | % | | | 6.57 | % | | 9/15/2031 | | | 1,455,934 | | | | 1,448,552 | | | | 1,453,750 | | S&S HOLDINGS LLC | | Services: Business | | Term Loan | | Loan | | 1M USD SOFR+ | | | 5.00 | % | | | 0.50 | % | | | 9.42 | % | | 3/10/2028 | | | 2,408,668 | | | | 2,376,694 | | | | 2,403,996 | | Sally Holdings LLC | | Retail | | Term Loan B | | Loan | | 1M USD SOFR+ | | | 1.75 | % | | | 0.00 | % | | | 6.07 | % | | 2/28/2030 | | | 441,250 | | | | 438,790 | | | | 440,147 | | Schweitzer-Mauduit International, Inc. | | High Tech Industries | | Term Loan B | | Loan | | 1M USD SOFR+ | | | 3.75 | % | | | 0.75 | % | | | 8.19 | % | | 4/20/2028 | | | 939,236 | | | | 936,933 | | | | 933,365 | |
Issuer Name | | Industry | | Asset Name | | Asset Type | | Reference
Rate/Spread | | | SOFR/LIBOR Floor | | | Current Rate
(All In) | | | Maturity
Date | | Principal/ Number of Shares | | | Cost | | | Fair
Value | |
Scientific Games Holdings LP | | Hotel, Gaming & Leisure | | Term Loan B | | Loan | | 3M USD SOFR+ | | | 3.00 | % | | | 0.50 | % | | | 7.30 | % | | 4/4/2029 | | | 491,269 | | | | 490,668 | | | | 491,087 | | Sedgwick Claims Management Services, Inc. | | Services: Business | | Term Loan B 2/23 | | Loan | | 3M USD SOFR+ | | | 3.00 | % | | | 0.00 | % | | | 7.31 | % | | 7/31/2031 | | | 985,031 | | | | 978,594 | | | | 985,297 | | SETANTA AIRCRAFT LEASING DAC | | Aerospace & Defense | | Term Loan B (05/24) | | Loan | | 3M USD SOFR+ | | | 1.75 | % | | | 0.00 | % | | | 6.08 | % | | 11/5/2028 | | | 500,000 | | | | 499,374 | | | | 501,500 | | Sitel Worldwide Corporation | | Services: Business | | USD Term Loan (7/21) | | Loan | | 3M USD SOFR+ | | | 3.75 | % | | | 0.50 | % | | | 8.18 | % | | 8/28/2028 | | | 1,935,000 | | | | 1,930,481 | | | | 1,248,733 | | SiteOne Landscape Supply, LLC | | Services: Business | | Term Loan B (06/24) | | Loan | | 1M USD SOFR+ | | | 1.75 | % | | | 0.50 | % | | | 6.06 | % | | 3/23/2030 | | | 1,257,709 | | | | 1,253,356 | | | | 1,257,709 | | Smyrna Ready Mix Concrete, LLC | | Construction & Building | | Term Loan B | | Loan | | 1M USD SOFR+ | | | 3.00 | % | | | 0.00 | % | | | 7.32 | % | | 4/2/2029 | | | 509,075 | | | | 506,578 | | | | 510,984 | | Sparta U.S. HoldCo LLC | | Chemicals, Plastics, & Rubber | | Term Loan | | Loan | | 1M USD SOFR+ | | | 3.00 | % | | | 0.00 | % | | | 7.31 | % | | 8/2/2030 | | | 1,940,000 | | | | 1,935,791 | | | | 1,945,820 | | Specialty Pharma III Inc. | | Services: Business | | Term Loan | | Loan | | 1M USD SOFR+ | | | 4.25 | % | | | 0.75 | % | | | 8.67 | % | | 3/31/2028 | | | 1,935,000 | | | | 1,925,487 | | | | 1,847,925 | | Spin Holdco, Inc. | | Services: Consumer | | Term Loan 3/21 | | Loan | | 3M USD SOFR+ | | | 4.00 | % | | | 0.75 | % | | | 8.71 | % | | 3/4/2028 | | | 2,887,500 | | | | 2,880,793 | | | | 2,496,128 | | SRAM, LLC | | Consumer goods: Durable | | Term Loan (02/25) | | Loan | | 1M USD SOFR+ | | | 2.75 | % | | | 0.50 | % | | | 7.94 | % | | 5/12/2028 | | | 2,269,091 | | | | 2,267,559 | | | | 2,274,764 | | STANDARD INDUSTRIES INC. | | Construction & Building | | Term Loan B | | Loan | | 1M USD SOFR+ | | | 1.75 | % | | | 0.50 | % | | | 6.07 | % | | 9/22/2028 | | | 210,250 | | | | 209,230 | | | | 210,250 | | Staples, Inc. | | Wholesale | | Term Loan B | | Loan | | 3M USD SOFR+ | | | 5.75 | % | | | 0.50 | % | | | 10.04 | % | | 9/4/2029 | | | 4,263,551 | | | | 4,210,817 | | | | 4,001,726 | | Star Parent, Inc. | | Services: Business | | Term Loan B (09/23) | | Loan | | 3M USD SOFR+ | | | 4.00 | % | | | 0.00 | % | | | 8.33 | % | | 9/27/2030 | | | 1,240,625 | | | | 1,225,176 | | | | 1,214,088 | | Storable, Inc | | High Tech Industries | | Term Loan B | | Loan | | 1M USD SOFR+ | | | 3.50 | % | | | 0.50 | % | | | 7.82 | % | | 4/17/2028 | | | 485,000 | | | | 484,751 | | | | 484,913 | | Superannuation & Investments US LLC | | Banking, Finance, Insurance & Real Estate | | Term Loan | | Loan | | 1M USD SOFR+ | | | 3.75 | % | | | 0.50 | % | | | 8.19 | % | | 12/1/2028 | | | 970,000 | | | | 964,328 | | | | 974,608 | |
Issuer Name | | Industry | | Asset Name | | Asset Type | | Reference
Rate/Spread | | | SOFR/LIBOR Floor | | | Current Rate
(All In) | | | Maturity
Date | | Principal/ Number of Shares | | | Cost | | | Fair
Value | |
SupplyOne, Inc | | Wholesale | | Term Loan B (03/24) | | Loan | | 1M USD SOFR+ | | | 3.75 | % | | | 0.00 | % | | | 8.07 | % | | 3/27/2031 | | | 496,250 | | | | 491,740 | | | | 498,811 | | Sweetwater Borrower, LLC | | Retail | | Term Loan (8/21) | | Loan | | 1M USD SOFR+ | | | 4.25 | % | | | 0.75 | % | | | 8.69 | % | | 8/2/2028 | | | 2,083,452 | | | | 2,022,885 | | | | 2,083,452 | | Syncsort Incorporated | | High Tech Industries | | Term Loan B (10/21) | | Loan | | 3M USD SOFR+ | | | 4.00 | % | | | 0.75 | % | | | 8.55 | % | | 4/24/2028 | | | 2,419,962 | | | | 2,419,490 | | | | 2,377,105 | | Ta TT Buyer LLC | | Media: Broadcasting & Subscription | | Term Loan B (6/24) | | Loan | | 3M USD SOFR+ | | | 4.75 | % | | | 0.50 | % | | | 9.08 | % | | 4/2/2029 | | | 980,032 | | | | 973,273 | | | | 969,624 | | Tenable Holdings, Inc. | | Services: Business | | Term Loan B (6/21) | | Loan | | 1M USD SOFR+ | | | 2.75 | % | | | 0.50 | % | | | 7.19 | % | | 7/7/2028 | | | 970,000 | | | | 969,283 | | | | 971,213 | | Teneo Holdings LLC | | Banking, Finance, Insurance & Real Estate | | Term Loan B (03/24) | | Loan | | 1M USD SOFR+ | | | 4.75 | % | | | 1.00 | % | | | 9.07 | % | | 3/13/2031 | | | 3,473,750 | | | | 3,442,264 | | | | 3,500,880 | | Ten-X, LLC | | Banking, Finance, Insurance & Real Estate | | Term Loan 5/23 | | Loan | | 6M USD SOFR+ | | | 6.00 | % | | | 0.00 | % | | | 10.25 | % | | 5/25/2028 | | | 1,860,000 | | | | 1,860,000 | | | | 1,616,340 | | Thor Industries, Inc. | | Automotive | | Term Loan B (06/24) | | Loan | | 1M USD SOFR+ | | | 2.25 | % | | | 0.00 | % | | | 6.57 | % | | 11/15/2030 | | | 291,839 | | | | 289,445 | | | | 292,569 | | TIBCO Software Inc | | High Tech Industries | | Term Loan (Cov-Lite) (10/24) | | Loan | | 3M USD SOFR+ | | | 3.75 | % | | | 0.50 | % | | | 8.08 | % | | 3/21/2031 | | | 498,750 | | | | 498,297 | | | | 500,137 | | Torrid LLC | | Wholesale | | Term Loan 5/21 | | Loan | | 3M USD SOFR+ | | | 5.50 | % | | | 0.75 | % | | | 10.07 | % | | 6/14/2028 | | | 3,107,759 | | | | 2,794,667 | | | | 2,863,582 | | TORY BURCH LLC | | Retail | | Term Loan | | Loan | | 1M USD SOFR+ | | | 3.25 | % | | | 0.50 | % | | | 7.69 | % | | 4/17/2028 | | | 2,284,411 | | | | 2,178,846 | | | | 2,279,773 | | Tosca Services, LLC | | Containers, Packaging & Glass | | Term Loan A (08/24) | | Loan | | 1M USD SOFR+ | | | 5.50 | % | | | 1.50 | % | | | 9.82 | % | | 11/30/2028 | | | 80,509 | | | | 79,712 | | | | 82,925 | | Tosca Services, LLC | | Containers, Packaging & Glass | | Superpriority Second-Out Term Loan B | | Loan | | 1M USD SOFR+ | | | 1.50 | % | | | 0.00 | % | | | 5.92 | % | | 11/30/2028 | | | 6,878 | | | | 10,704 | | | | 5,932 | | Trans Union LLC | | Banking, Finance, Insurance & Real Estate | | Term Loan B9 (11/24) | | Loan | | 1M USD SOFR+ | | | 1.75 | % | | | 0.00 | % | | | 6.07 | % | | 6/24/2031 | | | 605,987 | | | | 605,382 | | | | 604,878 | | Tronox Finance LLC | | Chemicals, Plastics, & Rubber | | Term Loan (09/24) | | Loan | | 3M USD SOFR+ | | | 2.25 | % | | | 0.00 | % | | | 6.60 | % | | 4/4/2029 | | | 1,995,000 | | | | 1,979,840 | | | | 1,967,070 | |
Issuer Name | | Industry | | Asset Name | | Asset Type | | Reference
Rate/Spread | | | SOFR/LIBOR Floor | | | Current Rate
(All In) | | | Maturity
Date | | Principal/ Number of Shares | | | Cost | | | Fair
Value | |
Tronox Finance LLC | | Chemicals, Plastics, & Rubber | | Term Loan B (09/24) | | Loan | | 1M USD SOFR+ | | | 2.50 | % | | | 0.00 | % | | | 6.82 | % | | 9/30/2031 | | | 346,923 | | | | 346,684 | | | | 342,458 | | TruGreen Limited Partnership | | Services: Consumer | | Term Loan | | Loan | | 1M USD SOFR+ | | | 4.00 | % | | | 0.75 | % | | | 8.42 | % | | 11/2/2027 | | | 935,021 | | | | 932,096 | | | | 885,933 | | Ultra Clean Holdings, Inc. | | High Tech Industries | | Term Loan B (09/24) | | Loan | | 1M USD SOFR+ | | | 3.25 | % | | | 0.00 | % | | | 7.57 | % | | 2/25/2028 | | | 1,233,755 | | | | 1,230,873 | | | | 1,237,358 | | Univision Communications Inc. | | Media: Broadcasting & Subscription | | Term Loan B (05/24) | | Loan | | 1M USD SOFR+ | | | 3.50 | % | | | 0.50 | % | | | 7.94 | % | | 1/31/2029 | | | 2,403,522 | | | | 2,402,406 | | | | 2,379,486 | | Univision Communications Inc. | | Media: Broadcasting & Subscription | | Term Loan B (6/22) | | Loan | | 3M USD SOFR+ | | | 4.25 | % | | | 0.50 | % | | | 8.58 | % | | 6/25/2029 | | | 243,750 | | | | 238,712 | | | | 240,094 | | Vaco Holdings, LLC | | Services: Business | | Term Loan (01/22) | | Loan | | 3M USD SOFR+ | | | 5.00 | % | | | 0.75 | % | | | 9.48 | % | | 1/19/2029 | | | 2,294,893 | | | | 2,247,090 | | | | 2,098,680 | | Vericast Corp. | | Media: Advertising, Printing & Publishing | | Extended Term Loan (07/24) | | Loan | | 6M USD SOFR+ | | | 7.75 | % | | | 1.00 | % | | | 12.03 | % | | 6/16/2026 | | | 1,297,729 | | | | 1,297,560 | | | | 1,235,438 | | Verifone Systems, Inc. | | Banking, Finance, Insurance & Real Estate | | Term Loan (7/18) | | Loan | | 3M USD SOFR+ | | | 4.00 | % | | | 0.00 | % | | | 8.58 | % | | 8/20/2025 | | | 1,339,456 | | | | 1,338,547 | | | | 1,272,175 | | Vertex Aerospace Services Corp | | Aerospace & Defense | | Term Loan (10/21) | | Loan | | 1M USD SOFR+ | | | 2.25 | % | | | 0.75 | % | | | 6.57 | % | | 12/6/2030 | | | 972,724 | | | | 970,725 | | | | 966,509 | | Viasat Inc | | Telecommunications | | Term Loan (2/22) | | Loan | | 1M USD SOFR+ | | | 4.50 | % | | | 0.50 | % | | | 8.94 | % | | 3/5/2029 | | | 2,937,255 | | | | 2,888,468 | | | | 2,689,057 | | Virtus Investment Partners, Inc. | | Banking, Finance, Insurance & Real Estate | | Term Loan B (9/21) | | Loan | | 1M USD SOFR+ | | | 2.25 | % | | | 0.00 | % | | | 6.69 | % | | 9/28/2028 | | | 2,575,227 | | | | 2,570,947 | | | | 2,575,227 | | Vistra Operations Company LLC | | Energy: Electricity | | 2018 Incremental Term Loan | | Loan | | 1M USD SOFR+ | | | 1.75 | % | | | 0.00 | % | | | 6.07 | % | | 12/20/2030 | | | 1,870,499 | | | | 1,866,269 | | | | 1,868,554 | | VM Consolidated, Inc. | | Construction & Building | | Term Loan B | | Loan | | 1M USD SOFR+ | | | 2.25 | % | | | 0.00 | % | | | 6.57 | % | | 3/24/2028 | | | 1,817,804 | | | | 1,817,479 | | | | 1,816,895 | | Walker & Dunlop, Inc. | | Banking, Finance, Insurance & Real Estate | | Term Loan | | Loan | | 1M USD SOFR+ | | | 2.25 | % | | | 0.50 | % | | | 6.67 | % | | 12/15/2028 | | | 491,202 | | | | 484,449 | | | | 491,816 | | Warner Music Group Corp. (WMG Acquisition Corp.) | | Hotel, Gaming & Leisure | | Term Loan J | | Loan | | 3M USD SOFR+ | | | 1.75 | % | | | 0.00 | % | | | 6.04 | % | | 1/24/2031 | | | 1,250,000 | | | | 1,250,000 | | | | 1,248,050 | |
Issuer Name | | Industry | | Asset Name | | Asset Type | | Reference
Rate/Spread | | | SOFR/LIBOR Floor | | | Current Rate
(All In) | | | Maturity
Date | | Principal/ Number of Shares | | | Cost | | | Fair
Value | |
Watlow Electric Manufacturing Company | | High Tech Industries | | Term Loan B (03/21) | | Loan | | 3M USD SOFR+ | | | 3.50 | % | | | 0.50 | % | | | 7.79 | % | | 3/2/2028 | | | 2,661,649 | | | | 2,655,782 | | | | 2,671,072 | | WeddingWire, Inc. | | Services: Consumer | | Term Loan B (12/24) | | Loan | | 1M USD SOFR+ | | | 3.75 | % | | | 0.00 | % | | | 8.07 | % | | 1/31/2028 | | | 4,772,917 | | | | 4,772,450 | | | | 4,784,849 | | Wellpath Holdings LLC | | Healthcare & Pharmaceuticals | | Term Loan | | Loan | | 3M USD SOFR+ | | | 6.93 | % | | | 2.00 | % | | | 11.23 | % | | 1/27/2030 | | | 693,228 | | | | 693,228 | | | | 693,228 | | WEX Inc. | | Services: Business | | Term Loan B (11/24) | | Loan | | 1M USD SOFR+ | | | 1.75 | % | | | 0.00 | % | | | 6.07 | % | | 3/31/2028 | | | 2,895,655 | | | | 2,891,840 | | | | 2,886,621 | | Windsor Holdings III, LLC | | Chemicals, Plastics, & Rubber | | Term Loan B (09/24) | | Loan | | 1M USD SOFR+ | | | 3.50 | % | | | 0.00 | % | | | 7.82 | % | | 8/1/2030 | | | 495,013 | | | | 495,013 | | | | 493,156 | | Wyndham Hotels & Resorts, Inc. | | Hotel, Gaming & Leisure | | Term Loan (05/24) | | Loan | | 1M USD SOFR+ | | | 1.75 | % | | | 0.00 | % | | | 6.07 | % | | 5/24/2030 | | | 987,538 | | | | 983,680 | | | | 987,814 | | Xperi Corporation | | High Tech Industries | | Term Loan (1/25) | | Loan | | 1M USD SOFR+ | | | 2.50 | % | | | 0.00 | % | | | 6.82 | % | | 6/8/2028 | | | 1,690,908 | | | | 1,690,037 | | | | 1,690,908 | | Zayo Group, LLC | | Telecommunications | | Term Loan 4/22 | | Loan | | 1M USD SOFR+ | | | 4.25 | % | | | 0.50 | % | | | 8.57 | % | | 3/9/2027 | | | 972,500 | | | | 960,739 | | | | 935,185 | | ZEBRA BUYER (Allspring) LLC | | Banking, Finance, Insurance & Real Estate | | Term Loan B (12/24) | | Loan | | 3M USD SOFR+ | | | 3.00 | % | | | 0.50 | % | | | 7.38 | % | | 11/1/2030 | | | 1,852,261 | | | | 1,845,463 | | | | 1,852,261 | | Zekelman Industries, Inc. | | Metals & Mining | | Term Loan B (03/24) | | Loan | | 1M USD SOFR+ | | | 2.25 | % | | | 0.00 | % | | | 6.56 | % | | 1/24/2031 | | | 1,443,124 | | | | 1,442,200 | | | | 1,444,812 | | Zest Acquisition Corp. | | Healthcare & Pharmaceuticals | | Term Loan (1/23) | | Loan | | 3M USD SOFR+ | | | 5.25 | % | | | 0.00 | % | | | 9.54 | % | | 2/8/2028 | | | 1,960,000 | | | | 1,896,443 | | | | 1,979,600 | | Zodiac Pool Solutions | | Consumer goods: Durable | | Term Loan (1/22) | | Loan | | 1M USD SOFR+ | | | 1.93 | % | | | 0.50 | % | | | 6.35 | % | | 1/29/2029 | | | 485,000 | | | | 484,495 | | | | 484,267 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 520,335,803 | | | $ | 492,195,089 | |
| |
Number
of Shares | | |
Cost | | |
Fair
Value | |
Cash
and cash equivalents | |
| | |
| | |
| |
U.S.
Bank Money Market (a) | |
| 21,272,327 | | |
$ | 21,272,327 | | |
$ | 21,272,327 | |
Total
cash and cash equivalents | |
| 21,272,327 | | |
$ | 21,272,327 | | |
$ | 21,272,327 | |
| (a) | Included within cash and cash equivalents in Saratoga CLO’s Statements of Assets and Liabilities as of February 28, 2025. |
| (b) | As
of February 28, 2025, the investment was in default and on non-accrual status. |
| (c) | Investments
include Payment-in-Kind Interest. |
| (d) | All
or a portion of this investment has an unfunded commitment as of February 28, 2025. |
SOFR - Secured
Overnight Financing Rate
1M SOFR -
The 1-month SOFR rate as of February 28, 2025 was 4.32%.
3M SOFR -
The 3-month SOFR rate as of February 28, 2025 was 4.32%.
6M SOFR -
The 6-month SOFR rate as of February 28, 2025 was 4.26%.
Prime - The Prime Rate as of February 28, 2025 was 7.50%.
|