v3.25.2
Investments (Tables)
 3 Months Ended
May 31, 2025
Investments (Tables) [Line Items]  
Schedule of Fair Value Measurements of Investments, by Major Class

The following table presents fair value measurements of investments, by major class, as of May 31, 2025 (dollars in thousands), according to the fair value hierarchy:

 

   Fair Value Measurements   Valued Using
Net Asset		     
   Level 1   Level 2   Level 3   Value*   Total 
First lien term loans  $
             -
   $
-
   $841,577   $
-
   $841,577 
Second lien term loans   
-
    
-
    6,600    
-
    6,600 
Unsecured term loans   
-
    
-
    16,635    
-
    16,635 
Structured finance securities   
-
    13,126    14,264    
-
    27,390 
Equity interests   
-
    
-
    73,032    3,084    76,116 
Total  $
-
   $13,126   $952,108   $3,084   $968,318 

 

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

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

 

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

 

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

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the three months ended May 31, 2025 (dollars in thousands):

 

   First lien
term loans		   Second lien
term loans		   Unsecured
term loans		   Structured
finance
securities		   Equity
interests		   Total 
Balance as of February 28, 2025  $867,866   $6,388   $16,534   $14,772   $69,437   $974,997 
Payment-in-kind and other adjustments to cost   455    267    
-
    (205)   -    517 
Net accretion of discount on investments   854    5    
-
    
-
    
-
    859 
Net change in unrealized appreciation (depreciation) on investments   367    (60)   101    (303)   643    748 
Purchases   33,796    
-
    
-
    
-
    3,356    37,152 
Sales and repayments   (61,761)   
-
    
-
    
-
    (3,305)   (65,066)
Net realized gain (loss) from investments   
-
    
-
    
-
    
-
    2,901    2,901 
Balance as of May 31, 2025  $841,577   $6,600   $16,635   $14,264   $73,032   $952,108 
Net change in unrealized appreciation (depreciation) for the period relating to those Level 3 assets that were still held by the Company at the end of the period  $850   $(60)  $102   $(110)  $1,750   $2,532 

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the three months ended May 31, 2024 (dollars in thousands):

 

   First lien
term loans		   Second lien
term loans		   Unsecured
term loans		   Structured
finance
securities		   Equity
interests		   Total 
Balance as of February 29, 2024  $976,423   $18,097   $15,818   $30,626   $88,426   $1,129,390 
Payment-in-kind and other adjustments to cost   1,565    232    
-
    (2,180)   
-
    (383)
Net accretion of discount on investments   811    3    
-
    
-
    
-
    814 
Net change in unrealized appreciation (depreciation) on investments   15,575    55    
-
    (4,392)   3,296    14,534 
Purchases   38,975    
-
    
-
    
-
    325    39,300 
Sales and repayments   (73,442)   
-
    
-
    
-
    (2,261)   (75,703)
Net realized gain (loss) from investments   (14,862)   
-
    
-
    
-
    (6,333)   (21,195)
Balance as of May 31, 2024  $945,045   $18,387   $15,818   $24,054   $83,453   $1,086,757 
Net change in unrealized appreciation (depreciation) for the year relating to those Level 3 assets that were still held by the Company at the end of the period  $14,874   $55   $
-
   $(4,392)  $(540)  $9,997 
Schedule of Valuation Techniques and Significant Unobservable Inputs Used in Recurring Level 3 Fair Value Measurements of Assets

The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of assets as of May 31, 2025 were as follows (dollars in thousands):

 

   Fair Value   Valuation Technique  Unobservable Input  Range  Weighted Average*
First lien term loans  $841,577   Market Comparables  Market Yield (%)  6.4% - 39.2%  13.3%
           Revenue Multiples (x)  3.0x - 5.4x  4.5x
Second lien term loans   6,600   Market Comparables  Market Yield (%)  20.2%  20.2%
Unsecured term loans   16,635   Discounted Cash Flow  Discount Rate (%)  10.0%  10.0%
Structured finance securities   14,264   Discounted Cash Flow  Discount Rate (%)  8.0% - 70.0%  14.0%
           Recovery Rate (%)  70.00%  70.0%
           Prepayment Rate (%)  20.0%  20.0%
Equity interests   73,032   Enterprise Value Waterfall  Revenue Multiples (x)  0.1x - 8.5x  6.3x
           EBITDA Multiples (x)  5.0x - 18.6x  8.3x
Total  $952,108             

 

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

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

 

   Fair Value   Valuation Technique  Unobservable Input  Range  Weighted Average*
First lien term loans  $867,866   Market Comparables  Market Yield (%)  9.8% - 22.0%  12.4%
           Revenue Multiples (x)  2.5x  2.5x
           EBITDA Multiples (x)  6.8x  6.8x
Second lien term loans   6,388   Market Comparables  Market Yield (%)  19.7%  19.7%
                  
                  
Unsecured term loans   16,534   Discounted Cash Flow  Discount Rate (%)  10.0%  10.0%
Structured finance securities   14,772   Discounted Cash Flow  Discount Rate (%)  8.0% - 70.0%  14.1%
           Recovery Rate (%)  70.0%  70.0%
           Prepayment Rate (%)  20.0%  20.0%
Equity interests   69,437   Enterprise Value Waterfall  EBITDA Multiples (x)  1.1x - 13.9x  8.2x
           Revenue Multiples (x)  0.1x - 9.0x  6.3x
Total  $974,997             

 

*The weighted average in the table above is calculated based on each investment’s fair value weighting, using the applicable unobservable input.
Schedule of Amortized Cost and Fair Value

The composition of our investments as of May 31, 2025 at amortized cost and fair value was as follows (dollars in thousands):

 

   Investments at
Amortized Cost		   Amortized Cost
Percentage of Total
Portfolio		   Investments at
Fair Value		   Fair Value
Percentage of Total
Portfolio		 
First lien term loans  $846,686    85.6%  $841,577    86.9%
Second lien term loans   7,366    0.7    6,600    0.7 
Unsecured term loans   17,619    1.8    16,635    1.7 
Structured finance securities   48,386    4.9    27,390    2.8 
Equity interests   69,333    7.0    76,116    7.9 
Total  $989,390    100.0%  $968,318    100.0%

 

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

 

   Investments at
Amortized Cost		   Amortized Cost
Percentage of Total
Portfolio		   Investments at
Fair Value		   Fair Value
Percentage of Total
Portfolio		 
First lien term loans  $873,342    87.3%  $867,866    88.7%
Second lien term loans   7,094    0.7    6,388    0.7 
Unsecured term loans   17,619    1.8    16,534    1.7 
Structured finance securities   35,657    3.6    14,772    1.5 
Equity interests   66,381    6.6    72,518    7.4 
Total  $1,000,093    100.0%  $978,078    100.0%
Saratoga CLO [Member]  
Investments (Tables) [Line Items]  
Schedule of Statements of Assets and Liabilities

Below is certain financial information from the separate financial statements of Saratoga CLO as of 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 
Schedule of Statements of Operations
   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)
Schedule of Investments
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.
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.