| Fair Value of Financial Instruments |
Fair Value of Financial Instruments The Company’s fair value measurements are classified into a fair value hierarchy in accordance with ASC Topic 820, Fair Value Measurement, based on the markets in which the assets and liabilities are traded, and the reliability of the assumptions used to determine fair value. Market price observability is affected by a number of factors, including the type of investment and the characteristics specific to the investment. Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. The Company determines fair value based on quoted prices when available or through the use of alternative approaches, such as discounting the expected cash flows using market interest rates commensurate with the credit quality and duration of the investment. This alternative approach also reflects the contractual terms of the derivatives, if any, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The guidance defines three levels of inputs that may be used to measure fair value: •Level 1—Quoted prices in active markets for identical assets and liabilities that the reporting entity has the ability to access at the measurement date. •Level 2—Inputs other than quoted prices included within Level 1 that are observable for the asset and liability or can be corroborated with observable market data for substantially the entire contractual term of the asset or liability. •Level 3—Unobservable inputs that reflect the entity’s own assumptions about the assumptions that market participants would use in the pricing of the asset or liability and are consequently not based on market activity, but rather through particular valuation techniques. The determination of where an asset or liability falls in the above hierarchy requires significant judgment and factors specific to the asset or liability. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company evaluates its hierarchy disclosures each quarter and depending on various factors, it is possible that an asset or liability may be classified differently from quarter to quarter. For investments for which Level 1 inputs, such as quoted prices, were not available at June 30, 2025 and December 31, 2024, the investments were valued at fair value as determined in good faith using the valuation policy approved by the Board of Directors using Level 2 and Level 3 inputs. The Company evaluates the source of inputs, including any markets in which the Company's investments are trading, in determining fair value. Due to the inherent uncertainty in the valuation process, the estimate of fair value of the Company’s investment portfolio at June 30, 2025 and December 31, 2024 may differ materially from values that would have been used had a ready market for the securities existed. In addition to using the above inputs in investment valuations, the Company continues to employ the valuation policy approved by the Board of Directors. Portfolio investments are reported on the consolidated statements of assets and liabilities at fair value. On a quarterly basis the Company performs an analysis of each investment to determine fair value as described below. Securities for which market quotations are readily available on an exchange are valued at the reported closing price on the valuation date. The Company may also obtain quotes with respect to certain of the Company's investments from pricing services or brokers or dealers in order to value assets. When doing so, the Company determines whether the quote obtained is readily available according to U.S. GAAP to determine the fair value of the security. If determined readily available, the Company uses the quote obtained. Investments without a readily determined market value are primarily valued using a market approach, an income approach, or both approaches, as appropriate. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including a business). The income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. In following these approaches, the types of factors that the Valuation Designee may take into account in fair value pricing the Company's investments include, as relevant: available current market data, including relevant and applicable market trading and transaction comparables, applicable market yields and multiples, security covenants, call protection provisions, information rights, the nature and realizable value of any collateral, the portfolio company's ability to make payments, its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons of financial ratios of peer companies that are public, M&A comparables, and enterprise values, among other factors. When available, broker quotations and/or quotations provided by pricing services are considered as an input in the valuation process. For an investment in an investment fund that does not have a readily determinable fair value, the Valuation Designee measures the fair value of the investment predominantly based on the net asset value per share of the investment fund if the net asset value of the investment fund is calculated in a manner consistent with the measurement principles of ASC Topic 946, as of the Company's measurement date. For investments in Collateralized Securities, the Valuation Designee models both the assets and liabilities of each Collateralized Securities' capital structure. The model uses a waterfall engine to store the collateral data, generate cash flows from the assets, and distribute the cash flows to the liability structure based on the contractual priority of payments. The cash flows are discounted using rates that incorporate risk factors such as default risk, interest rate risk, downgrade risk, and credit spread risk, among others. In addition, the Valuation Designee considers broker quotations and/or comparable trade activity, which are considered as inputs to determining fair value when available. As part of the Company's quarterly valuation process, the Valuation Designee may be assisted by one or more independent valuation firms. The Valuation Designee under the supervision of the Board of Directors determines the fair value of each investment, in good faith, based on the input of the independent valuation firm(s) (to the extent applicable) and the Valuation Designee’s own analysis. Determination of fair values involves subjective judgments and estimates. Accordingly, the notes to the consolidated financial statements refer to the uncertainty with respect to the possible effect of such valuations, and any change in such valuations on the consolidated financial statements. For discussion of the fair value measurement of the Company's borrowings, refer to Note 5 - Borrowings. The following table presents fair value measurements of investments, by major class, as of June 30, 2025, according to the fair value hierarchy: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements | | Level 1 | | Level 2 | | Level 3 | | Measured at Net Asset Value (1) | | Total | | Senior Secured First Lien Debt | $ | — | | | $ | 21,965 | | | $ | 3,098,775 | | | $ | — | | | $ | 3,120,740 | | | Senior Secured Second Lien Debt | — | | | 50,107 | | | 100,297 | | | — | | | 150,404 | | | Subordinated Debt | — | | | — | | | 232,792 | | | — | | | 232,792 | | | Collateralized Securities | — | | | — | | | 6,564 | | | — | | | 6,564 | | | Equity/Other | 199 | | | 8,449 | | | 254,045 | | | 5,326 | | | 268,019 | | | FBLC Senior Loan Fund, LLC | — | | | — | | | 304,934 | | | — | | | 304,934 | | | Total | $ | 199 | | | $ | 80,521 | | | $ | 3,997,407 | | | $ | 5,326 | | | $ | 4,083,453 | |
(1) In accordance with ASC Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient election have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated statements of assets and liabilities. The following table presents fair value measurements of investments, by major class, as of December 31, 2024, according to the fair value hierarchy: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements | | Level 1 | | Level 2 | | Level 3 | | Measured at Net Asset Value (1) | | Total | | Senior Secured First Lien Debt | $ | — | | | $ | 78,986 | | | $ | 2,886,706 | | | $ | — | | | $ | 2,965,692 | | | Senior Secured Second Lien Debt | — | | | 18,559 | | | 103,368 | | | — | | | 121,927 | | | Subordinated Debt | — | | | — | | | 196,418 | | | — | | | 196,418 | | | Collateralized Securities | — | | | — | | | 10,893 | | | — | | | 10,893 | | | Equity/Other | 298 | | | 10,148 | | | 249,105 | | | 6,660 | | | 266,211 | | | FBLC Senior Loan Fund, LLC | — | | | — | | | 404,934 | | | — | | | 404,934 | | | Total | $ | 298 | | | $ | 107,693 | | | $ | 3,851,424 | | | $ | 6,660 | | | $ | 3,966,075 | |
(1) In accordance with ASC Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient election have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated statements of assets and liabilities. The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the six months ended June 30, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Senior Secured First Lien Debt | | Senior Secured Second Lien Debt | | Subordinated Debt | | Collateralized Securities | | Equity/Other (1) | | Total | | Balance as of January 1, 2025 | $ | 2,886,706 | | | $ | 103,368 | | | $ | 196,418 | | | $ | 10,893 | | | $ | 654,039 | | | $ | 3,851,424 | | | Purchases and other adjustments to cost | 572,974 | | | 3,843 | | | 63,124 | | | 57 | | | 6,730 | | | 646,728 | | | Sales and repayments | (393,520) | | | 2,483 | | | (26,729) | | | (2,949) | | | (95,084) | | | (515,799) | | | Net realized gain (loss) | (8,046) | | | — | | | — | | | 172 | | | (169) | | | (8,043) | | | Transfers in | 51,211 | | | — | | | — | | | — | | | — | | | 51,211 | | | Transfers out | — | | | (7,980) | | | — | | | — | | | — | | | (7,980) | | | Net change in unrealized appreciation (depreciation) on investments | (10,550) | | | (1,417) | | | (21) | | | (1,609) | | | (6,537) | | | (20,134) | | Balance as of June 30, 2025 | $ | 3,098,775 | | | $ | 100,297 | | | $ | 232,792 | | | $ | 6,564 | | | $ | 558,979 | | | $ | 3,997,407 | | | 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: | $ | (20,690) | | | $ | (620) | | | $ | (21) | | | $ | (1,469) | | | $ | (6,537) | | | $ | (29,337) | |
_______________ (1) Includes the Company's investment in FBLC Senior Loan Fund, LLC. For the six months ended June 30, 2025, transfers from Level 2 to Level 3 were due to current assessments of investment liquidity and a decrease in the number of observable market inputs. For the six months ended June 30, 2025, transfers from Level 3 to Level 2 were due to an increase in the number of observable market inputs. The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the year ended December 31, 2024: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Senior Secured First Lien Debt | | Senior Secured Second Lien Debt | | Subordinated Debt | | Collateralized Securities | | Equity/Other (1) | | Total | | Balance as of January 1, 2024 | $ | 615,704 | | | $ | 39,153 | | | $ | 35,500 | | | $ | — | | | $ | 36,176 | | | $ | 726,533 | | Purchases and other adjustments to cost (2) | 2,914,625 | | | 119,997 | | | 174,933 | | | 21,680 | | | 617,331 | | | 3,848,566 | | | Sales and repayments | (554,440) | | | (53,294) | | | (8,114) | | | (11,872) | | | 6,056 | | | (621,664) | | | Net realized gain (loss) | (25,740) | | | 280 | | | (13) | | | 823 | | | 1,485 | | | (23,165) | | | | | | | | | | | | | | | Transfers out | (4,572) | | | (2,361) | | | — | | | — | | | — | | | (6,933) | | | Net change in unrealized appreciation (depreciation) on investments | (58,871) | | | (407) | | | (5,888) | | | 262 | | | (7,009) | | | (71,913) | | | Balance as of December 31, 2024 | $ | 2,886,706 | | | $ | 103,368 | | | $ | 196,418 | | | $ | 10,893 | | | $ | 654,039 | | | $ | 3,851,424 | | | 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 year: | $ | (66,259) | | | $ | (1,542) | | | $ | (5,888) | | | $ | 262 | | | $ | (6,359) | | | $ | (79,786) | |
_______________ (1) Includes the Company's investment in FBLC Senior Loan Fund, LLC. (2) Includes investments acquired in connection with the Mergers. For the year ended December 31, 2024, there were no transfers from Level 2 to Level 3. For the year ended December 31, 2024, transfers from Level 3 to Level 2 were due to an increase in the number of observable market inputs. The composition of the Company’s investments as of June 30, 2025, at amortized cost and fair value, were as follows: | | | | | | | | | | | | | | | | | | | Investments at Amortized Cost | | Investments at Fair Value | | Fair Value Percentage of Total Portfolio | | Senior Secured First Lien Debt | $ | 3,205,469 | | | $ | 3,120,740 | | | 76.3 | % | | Senior Secured Second Lien Debt | 153,060 | | | 150,404 | | | 3.7 | | | Subordinated Debt | 238,607 | | | 232,792 | | | 5.7 | | | Collateralized Securities | 7,911 | | | 6,564 | | | 0.2 | | | Equity/Other | 281,606 | | | 268,019 | | | 6.6 | | | FBLC Senior Loan Fund, LLC | 305,270 | | | 304,934 | | | 7.5 | | | Total | $ | 4,191,923 | | | $ | 4,083,453 | | | 100.0 | % |
The composition of the Company’s investments as of December 31, 2024, at amortized cost and fair value, were as follows: | | | | | | | | | | | | | | | | | | | Investments at Amortized Cost | | Investments at Fair Value | | Fair Value Percentage of Total Portfolio | | Senior Secured First Lien Debt | $ | 3,039,030 | | | $ | 2,965,692 | | | 74.7 | % | | Senior Secured Second Lien Debt | 124,474 | | | 121,927 | | | 3.1 | | | Subordinated Debt | 202,212 | | | 196,418 | | | 5.0 | | | Collateralized Securities | 10,631 | | | 10,893 | | | 0.3 | | | Equity/Other | 271,397 | | | 266,211 | | | 6.7 | | | FBLC Senior Loan Fund, LLC | 405,434 | | | 404,934 | | | 10.2 | | | Total | $ | 4,053,178 | | | $ | 3,966,075 | | | 100.0 | % | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Significant Unobservable Inputs The following table summarizes the significant unobservable inputs used to value the majority of the Level 3 investments as of June 30, 2025. The table is not intended to be all-inclusive, but instead identifies the significant unobservable inputs relevant to the determination of fair values. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Range | | | | Asset Category | | Fair Value | | Primary Valuation Technique | | Unobservable Inputs | | Minimum | | Maximum | | Weighted Average (a) | | Senior Secured First Lien Debt | | $ | 2,625,557 | | | Yield Analysis | | Market Yield | | 2.40% | | 50.56% | | 10.55% | Senior Secured First Lien Debt (c) | | 337,233 | | | N/A | | N/A | | N/A | | N/A | | N/A | Senior Secured First Lien Debt (b) | | 68,916 | | | Yield Analysis | | Revenue Multiple | | 0.30x | | 0.30x | | 0.30x | | Senior Secured First Lien Debt | | 34,116 | | | Waterfall Analysis | | EBITDA Multiple | | 5.84x | | 13.66x | | 7.03x | | Senior Secured First Lien Debt | | 32,953 | | | Waterfall Analysis | | Revenue Multiple | | 0.08x | | 0.58x | | 0.26x | | Senior Secured Second Lien Debt | | 92,683 | | | Yield Analysis | | Market Yield | | 12.60% | | 55.00% | | 20.20% | | Senior Secured Second Lien Debt | | 7,614 | | | Waterfall Analysis | | EBITDA Multiple | | 7.60x | | 13.66x | | 9.73x | Senior Secured Second Lien Debt (b) | | — | | | Waterfall Analysis | | Revenue Multiple | | 0.08x | | 0.08x | | 0.08x | | Subordinated Debt | | 157,100 | | | Waterfall Analysis | | Tangible Net Asset Value Multiple | | 1.23x | | 1.58x | | 1.46x | Subordinated Debt (b) | | 39,455 | | | Yield Analysis | | Market Yield | | 13.94% | | 13.94% | | 13.94% | Subordinated Debt (b) | | 27,045 | | | Waterfall Analysis | | Discount Rate | | 9.90% | | 9.90% | | 9.90% | | Subordinated Debt | | 9,192 | | | Waterfall Analysis | | EBITDA Multiple | | 7.60x | | 11.94x | | 9.70x | Collateralized Securities (b) | | 4,237 | | | Yield Analysis | | Discount Margin | | 18.56% | | 18.56% | | 18.56% | Collateralized Securities (b) | | 1,409 | | | Yield Analysis | | Discount Rate | | 58.00% | | 58.00% | | 58.00% | Collateralized Securities (d) | | 918 | | | Waterfall Analysis | | Asset Price | | $0.56 | | $1.33 | | $0.90 | | Equity/Other | | 196,544 | | | Waterfall Analysis | | Tangible Net Asset Value Multiple | | 1.23x | | 1.58x | | 1.44x | | Equity/Other | | 27,227 | | | Waterfall Analysis | | EBITDA Multiple | | 2.12x | | 25.00x | | 11.99x | | Equity/Other | | 13,436 | | | Yield Analysis | | Market Yield | | 5.51% | | 11.55% | | 10.03% | Equity/Other (b) | | 9,427 | | | Waterfall Analysis | | Discount Rate | | 9.90% | | 9.90% | | 9.90% | | Equity/Other | | 6,006 | | | Waterfall Analysis | | Revenue Multiple | | 0.08x | | 1.60x | | 1.60x | Equity/Other (b) | | 1,405 | | | Waterfall Analysis | | Adjusted BV Multiple | | 1.97x | | 1.97x | | 1.97x | FBLC Senior Loan Fund, LLC (b) | | 304,934 | | | Discounted Cash Flow | | Discount Rate | | 12.59% | | 12.59% | | 12.59% | | Total | | $ | 3,997,407 | | | | | | | | | | | |
______________ (a) Weighted averages are calculated based on fair value of investments. (b) This asset category contains one investment. (c) Investment(s) were valued based on recent or pending transactions expected to close after the valuation date. (d) Range and weighted average shown in millions.
There were no significant changes in valuation approach or technique as of June 30, 2025. The following table summarizes the significant unobservable inputs used to value the majority of the Level 3 investments as of December 31, 2024. The table is not intended to be all-inclusive, but instead identifies the significant unobservable inputs relevant to the determination of fair values. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Range | | | | Asset Category | | Fair Value | | Primary Valuation Technique | | Unobservable Inputs | | Minimum | | Maximum | | Weighted Average (a) | | Senior Secured First Lien Debt | | $ | 2,491,243 | | | Yield Analysis | | Market Yield | | 0.00% | | 47.67% | | 10.66% | Senior Secured First Lien Debt (c) | | 243,056 | | | N/A | | N/A | | N/A | | N/A | | N/A | | Senior Secured First Lien Debt | | 120,533 | | | Waterfall Analysis | | EBITDA Multiple | | 5.30x | | 19.83x | | 13.73x | | Senior Secured First Lien Debt | | 31,874 | | | Waterfall Analysis | | Revenue Multiple | | 0.20x | | 0.55x | | 0.28x | | Senior Secured Second Lien Debt | | 95,003 | | | Yield Analysis | | Market Yield | | 13.75% | | 19.30% | | 16.20% | | Senior Secured Second Lien Debt | | 7,919 | | | Waterfall Analysis | | EBITDA Multiple | | 4.75x | | 7.50x | | 6.49x | Senior Secured Second Lien Debt (b) | | 446 | | | Waterfall Analysis | | Revenue Multiple | | 0.41x | | 0.41x | | 0.41x | | Subordinated Debt | | 150,098 | | | Waterfall Analysis | | Tangible Net Asset Value Multiple | | 1.28x | | 1.58x | | 1.48x | Subordinated Debt (b) | | 37,532 | | | Yield Analysis | | Market Yield | | 13.66% | | 13.66% | | 13.66% | | Subordinated Debt | | 8,788 | | | Waterfall Analysis | | EBITDA Multiple | | 9.83x | | 11.50x | | 9.84x | | Collateralized Securities | | 6,407 | | | Yield Analysis | | Discount Rate | | 0.53% | | 15.15% | | 10.20% | Collateralized Securities (d) | | 4,486 | | | Waterfall Analysis | | Asset Recovery | | $2.69 | | $2.75 | | $2.74 | | Equity/Other | | 196,541 | | | Waterfall Analysis | | Tangible Net Asset Value Multiple | | 1.28x | | 1.58x | | 1.46x | | Equity/Other | | 34,572 | | | Waterfall Analysis | | EBITDA Multiple | | 0.00x | | 27.50x | | 8.51x | Equity/Other (c) | | 12,354 | | | N/A | | N/A | | N/A | | N/A | | N/A | | Equity/Other | | 4,212 | | | Yield Analysis | | Market Yield | | 8.07% | | 11.75% | | 9.01% | Equity/Other (b) | | 1,405 | | | Waterfall Analysis | | Adjusted BV Multiple | | 2.25x | | 2.25x | | 2.25x | | Equity/Other | | 21 | | | Waterfall Analysis | | Revenue Multiple | | 0.20x | | 0.41x | | 0.32x | FBLC Senior Loan Fund, LLC (b) | | 404,934 | | | Discounted Cash Flow | | Discount Rate | | 12.96% | | 12.96% | | 12.96% | | Total | | $ | 3,851,424 | | | | | | | | | | | |
______________ (a) Weighted averages are calculated based on fair value of investments. (b) This asset category contains one investment. (c) Investment(s) were valued based on recent or pending transactions expected to close after the valuation date. (d) Range and weighted average shown in millions. There were no significant changes in valuation approach or technique as of December 31, 2024. Level 3 inputs to the valuation methodology are unobservable and significant to overall fair value measurement. The inputs into the determination of fair value require significant management judgment or estimation. Financial instruments that are included in this category include investments in privately held entities where the fair value is based on unobservable inputs. Increases or decreases in any of the above unobservable inputs in isolation would result in a lower or higher fair value measurement for such assets. The income and market approaches were used in the determination of fair value of certain Level 3 assets as of June 30, 2025 and December 31, 2024. The significant unobservable inputs used in the income approach are the discount rate or market yield used to discount the estimated future cash flows expected to be received from the underlying investment, which include both future principal and interest payments. An increase in the discount rate or market yield would result in a decrease in the fair value. Included in the consideration and selection of discount rates is risk of default, rating of the investment, call provisions and comparable company investments. The significant unobservable inputs used in the market approach are based on market comparable transactions and market multiples of publicly traded comparable companies. Increases or decreases in market comparable transactions or market multiples would result in an increase or decrease, respectively, in the fair value. Valuations of loans, corporate debt, and other debt obligations are generally based on discounted cash flow techniques, for which the significant inputs are the amount and timing of expected future cash flows, market yields and recovery assumptions. The significant inputs are generally determined based on relative value analysis, which incorporate comparisons to other debt instruments for which observable prices or broker quotes are available. Other valuation methodologies are used as appropriate including market comparables, transactions in similar instruments and recovery/liquidation analysis. The Company also considers the use of EBITDA multiples, revenue multiples, tangible net asset value multiples, TBV multiples, and other relevant multiples on its debt and equity investments to determine any credit gains or losses in certain instances. Increases or decreases in either of these inputs in isolation may result in a significantly lower or higher fair value measurement of the respective subject instrument. As of June 30, 2025, the Company had nine portfolio companies on non-accrual status with a total amortized cost of $125.4 million and fair value of $74.7 million, which represented 3.0% and 1.8% of the investment portfolio's total amortized cost and fair value, respectively. As of December 31, 2024, the Company had eight portfolio companies on non-accrual status with a total amortized cost of $105.1 million and fair value of $65.5 million, which represented 2.6% and 1.7% of the investment portfolio's total amortized cost and fair value, respectively. Refer to Note 2 - Summary of Significant Accounting Policies for additional details regarding the Company’s non-accrual policy. FBLC Senior Loan Fund, LLC
On January 24, 2024, as a result of the consummation of the Mergers, the Company became party to the joint venture formed on January 20, 2021, between FBLC and Cliffwater Corporate Lending Fund (“CCLF”), FBLC Senior Loan Fund, LLC (“SLF”). SLF invests primarily in senior secured loans, and to a lesser extent may invest in mezzanine loans, unsecured loans and equity of predominantly private U.S. middle market companies. SLF was formed as a Delaware limited liability company and is not consolidated by the Company for financial reporting purposes. The Company provides capital to SLF in the form of LLC equity interests. At formation, FBLC and CCLF owned 87.5% and 12.5%, respectively, of the LLC equity interests of SLF. On July 2, 2024, the Company contributed $100.0 million of additional capital into SLF. On February 28, 2025, SLF distributed $100.0 million to the Company as a return of capital. As of June 30, 2025, the Company and CCLF owned 80.0% and 20.0%, respectively, of the LLC equity interests of SLF. Profit and loss are allocated based on each members' ownership percentage of the joint venture's net asset value. SLF has an Administrative and Loan Services Agreement with BSP, an affiliate of the Company, pursuant to which BSP provides certain operational and valuation services for SLF's investments; as well as certain agreements with third-party service providers. The Company and CCLF each appoint two members to SLF's four-person board of members. All material decisions with respect to SLF, including those involving its investment portfolio, require unanimous approval of a quorum of the board of members. Quorum is defined as (i) the presence of two members of the board of members; provided that at least one individual is present that was elected, designated or appointed by each member; (ii) the presence of three members of the board of members; provided that the individual that was elected, designated or appointed by the member with only one individual present shall be entitled to cast two votes on each matter; and (iii) the presence of four members of the board of members; provided that two individuals are present that were elected, designated or appointed by each member. As of June 30, 2025, the Company’s investment in SLF consisted of equity contributions of $304.9 million. The Company’s investment in SLF is classified as “Equity/Other” on the consolidated schedules of investments, and other disclosures unless otherwise indicated. Below is a summary of SLF’s portfolio as of June 30, 2025 and December 31, 2024. A listing of the individual investments in SLF’s portfolio as of such dates can be found below: | | | | | | | | | | | | | | | | | June 30, 2025 | | December 31, 2024 | | | (Unaudited) | | | | Total assets | | $ | 990,492 | | $ | 1,151,336 | Total investments (1) | | $ | 923,466 | | $ | 1,103,160 | Weighted Average Current Yield for Total Portfolio (2) | | 9.0% | | 9.1% | | Number of Portfolio companies in SLF | | 176 | | 210 | Largest portfolio company investment (1) | | $ | 16,643 | | $ | 17,223 | Total of five largest portfolio company investments (1) | | $ | 70,223 | | $ | 72,582 |
———————— (1) At fair value. (2) Includes the effect of the amortization or accretion of loan premiums or discounts. SLF may invest in portfolio companies in the same industries in which the Company directly invests.
Below is a listing of SLF’s individual investments as of June 30, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | Portfolio Company | | Industry | | Investment Coupon Rate (a) | | Maturity | | Principal/Number of Shares | | Amortized Cost | | Fair Value | | % of Members’ Capital (c) | | Senior Secured First Lien Debt | | | | | | | | | | | | | | | | Acrisure, LLC (b) | | Financials | | S+ 3.25% (7.58%) | | 6/21/2032 | | $ | 7,187 | | | $ | 7,126 | | | $ | 7,178 | | | 1.8 | % | | Acrisure, LLC / Finance, Inc. | | Financials | | 4.25% | | 2/15/2029 | | 5,000 | | | 4,598 | | | 4,798 | | | 1.2 | % | | Adtalem Global Education, Inc. (f) | | Education | | S+ 2.75% (7.08%) | | 8/14/2028 | | 352 | | | 352 | | | 353 | | | 0.1 | % | | Air Canada | | Transportation | | 3.88% | | 8/15/2026 | | 2,000 | | | 1,951 | | | 1,980 | | | 0.5 | % | | Albion Financing 3 SARL (b) | | Business Services | | S+ 3.00% (7.32%) | | 8/16/2029 | | 3,035 | | | 3,035 | | | 3,037 | | | 0.8 | % | | Alera Group, Inc. (f) | | Financials | | S+ 3.25% (7.58%) | | 5/31/2032 | | 7,780 | | | 7,742 | | | 7,801 | | | 2.0 | % | | Apollo Commercial Real Estate Finance, Inc. | | Financials | | 4.63% | | 6/15/2029 | | 3,000 | | | 3,000 | | | 2,847 | | | 0.7 | % | | ARC Falcon I, Inc. (f) | | Chemicals | | S+ 3.50% (7.93%) | | 10/2/2028 | | 4,987 | | | 4,995 | | | 4,999 | | | 1.3 | % | | Arches Buyer, Inc. (b) | | Publishing | | S+ 3.25% (7.68%) | | 12/6/2027 | | 5,946 | | | 5,847 | | | 5,866 | | | 1.5 | % | | Arcline FM Holdings, LLC (f) | | Industrials | | S+ 3.50% (7.58%) | | 6/24/2030 | | 5,000 | | | 4,988 | | | 5,020 | | | 1.3 | % | | Artera Services, LLC (b) | | Utilities | | S+ 4.50% (8.80%) | | 2/18/2031 | | 5,548 | | | 5,516 | | | 4,627 | | | 1.2 | % | | Ascend Learning, LLC (f) | | Education | | S+ 3.00% (7.33%) | | 12/11/2028 | | 1,995 | | | 1,985 | | | 1,994 | | | 0.5 | % | | Ascensus Group Holdings, Inc. (b) | | Business Services | | S+ 3.00% (7.33%) | | 8/2/2028 | | 7,505 | | | 7,500 | | | 7,512 | | | 1.9 | % | | Athenahealth Group, Inc. (b) | | Healthcare | | S+ 2.75% (7.08%) | | 2/15/2029 | | 9,975 | | | 9,850 | | | 9,959 | | | 2.5 | % | | Athletico Management, LLC (f) | | Healthcare | | S+ 4.25% (8.70%) | | 2/15/2029 | | 4,850 | | | 4,837 | | | 3,296 | | | 0.8 | % | | Avalara, Inc. (f) | | Software/Services | | S+ 3.25% (7.55%) | | 3/26/2032 | | 6,000 | | | 5,971 | | | 6,021 | | | 1.5 | % | | Avaya Holdings Corp. | | Technology | | S+ 7.50% (11.83%) | | 8/1/2028 | | 2,534 | | | 2,501 | | | 1,973 | | | 0.5 | % | | Baldwin Insurance Group Holdings, LLC (b) | | Financials | | S+ 3.00% ( 7.31%) | | 5/27/2031 | | 3,493 | | | 3,487 | | | 3,490 | | | 0.9 | % | | Beach Acquisition Bidco, LLC (f) | | Consumer | | S+ 3.25% (7.59%) | | 6/25/2032 | | 1,450 | | | 1,446 | | | 1,457 | | | 0.4 | % | | Bella Holding Co., LLC (b) (f) | | Healthcare | | S+ 3.00% (7.33%) | | 5/10/2028 | | 8,067 | | | 8,044 | | | 8,089 | | | 2.1 | % | | Belron Finance 2019, LLC (b) | | Transportation | | S+ 2.75% (7.05%) | | 10/16/2031 | | 5,757 | | | 5,745 | | | 5,777 | | | 1.5 | % | | Blackhawk Network Holdings, Inc. (b) | | Consumer | | S+ 4.00% (8.33%) | | 3/12/2029 | | 4,950 | | | 4,891 | | | 4,973 | | | 1.3 | % | | Blackstone CQP Holdco, LP (b) | | Industrials | | S+ 2.00% (6.30%) | | 12/31/2030 | | 4,940 | | | 4,944 | | | 4,938 | | | 1.3 | % | | Brown Group Holding, LLC (b) | | Other | | S+ 2.50% (6.78%) | | 7/1/2031 | | 2,975 | | | 2,975 | | | 2,978 | | | 0.8 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | Portfolio Company | | Industry | | Investment Coupon Rate (a) | | Maturity | | Principal/Number of Shares | | Amortized Cost | | Fair Value | | % of Members’ Capital (c) | | Cablevision Lightpath, LLC | | Telecom | | 3.88% | | 9/15/2027 | | $ | 3,000 | | | $ | 2,924 | | | $ | 2,894 | | | 0.7 | % | | Caesars Entertainment, Inc. (b) | | Gaming/Lodging | | S+ 2.25% (6.58%) | | 2/6/2031 | | 4,975 | | | 4,971 | | | 4,966 | | | 1.3 | % | | Camelot Return Merger Sub, Inc. | | Industrials | | 8.75% | | 8/1/2028 | | 1,377 | | | 1,217 | | | 1,270 | | | 0.3 | % | | CD&R Hydra Buyer, Inc. (b) | | Industrials | | S+ 4.00% (8.43%) | | 3/25/2031 | | 6,221 | | | 6,195 | | | 6,114 | | | 1.6 | % | | Cirque Du Soleil Holding USA Newco, Inc. (b) (f) | | Media/Entertainment | | S+ 3.75% (8.05%) | | 3/8/2030 | | 7,377 | | | 7,340 | | | 7,161 | | | 1.8 | % | | Citadel Securities, LP (b) | | Financials | | S+ 2.00% (6.33%) | | 10/31/2031 | | 4,433 | | | 4,432 | | | 4,449 | | | 1.1 | % | | Clarios Global, LP (b) | | Transportation | | S+ 2.75% (7.08%) | | 1/28/2032 | | 10,000 | | | 9,992 | | | 10,006 | | | 2.5 | % | | Clover Holding 2, LLC (b) | | Software/Services | | S+ 4.00% (8.31%) | | 12/9/2031 | | 5,250 | | | 5,202 | | | 5,252 | | | 1.3 | % | | CNT Holdings I Corp. (f) | | Consumer | | S+ 2.50% (6.78%) | | 11/8/2032 | | 3,361 | | | 3,361 | | | 3,368 | | | 0.9 | % | | CommerceHub, Inc. (f) | | Technology | | S+ 4.00% (8.41%) | | 12/29/2027 | | 4,923 | | | 4,923 | | | 4,877 | | | 1.2 | % | | Compass Power Generation, LLC (b) | | Utilities | | S+ 3.25% (7.56%) | | 4/16/2029 | | 6,928 | | | 6,839 | | | 6,954 | | | 1.8 | % | | Connect Finco SARL (f) | | Telecom | | S+ 3.50% (7.83%) | | 12/11/2026 | | 2,175 | | | 2,178 | | | 2,168 | | | 0.6 | % | | Connectwise, LLC (b) (f) | | Software/Services | | S+ 3.50% (8.06%) | | 9/29/2028 | | 12,693 | | | 12,669 | | | 12,746 | | | 3.2 | % | | Conservice Midco, LLC (b) | | Business Services | | S+ 3.00% (7.33%) | | 5/13/2030 | | 7,432 | | | 7,432 | | | 7,435 | | | 1.9 | % | | Corelogic, Inc. | | Business Services | | 4.50% | | 5/1/2028 | | 2,000 | | | 1,827 | | | 1,908 | | | 0.5 | % | | Corelogic, Inc. (b) | | Business Services | | S+ 3.50% (7.94%) | | 6/2/2028 | | 6,929 | | | 6,898 | | | 6,848 | | | 1.7 | % | | Cornerstone Building Brands, Inc. (b) | | Industrials | | S+ 5.63% (9.94%) | | 8/1/2028 | | 3,289 | | | 3,344 | | | 2,947 | | | 0.7 | % | | Cotiviti, Inc. (b) | | Healthcare | | S+ 2.75% (7.07%) | | 3/26/2032 | | 4,750 | | | 4,704 | | | 4,722 | | | 1.2 | % | | Cotiviti, Inc. (b) | | Healthcare | | S+ 2.75% (7.07%) | | 5/1/2031 | | 9,875 | | | 9,838 | | | 9,820 | | | 2.5 | % | | Crisis Prevention Institute, Inc. (b) | | Education | | S+ 4.00% (8.30%) | | 4/9/2031 | | 2,322 | | | 2,312 | | | 2,319 | | | 0.6 | % | | Crown Finance US, Inc. (b) | | Media/Entertainment | | S+ 5.25% (9.57%) | | 12/2/2031 | | 4,975 | | | 4,931 | | | 4,969 | | | 1.3 | % | | Directv Financing, LLC (b) | | Media/Entertainment | | S+ 5.00% (9.54%) | | 8/2/2027 | | 560 | | | 557 | | | 561 | | | 0.1 | % | | Edgewater Generation, LLC (b) | | Utilities | | S+ 3.00% (7.33%) | | 8/1/2030 | | 7,250 | | | 7,188 | | | 7,271 | | | 1.8 | % | | EIG Management Co., LLC (b) | | Financials | | S+ 5.00% (9.32%) | | 5/17/2029 | | 3,737 | | | 3,676 | | | 3,737 | | | 0.9 | % | | Emerald Borrower, LP (b) (f) | | Industrials | | S+ 2.50% (6.83%) | | 8/4/2031 | | 2,305 | | | 2,301 | | | 2,300 | | | 0.6 | % | | Ensemble RCM, LLC (b) (f) | | Healthcare | | S+ 3.00% (7.28%) | | 8/1/2029 | | 13,379 | | | 13,300 | | | 13,427 | | | 3.4 | % | | Entain, PLC (b) (f) | | Gaming/Lodging | | S+ 2.75% (7.02%) | | 10/31/2029 | | 3,467 | | | 3,463 | | | 3,478 | | | 0.9 | % | | Epicor Software Corp. (b) (f) | | Software/Services | | S+ 2.75% (7.08%) | | 5/30/2031 | | 6,101 | | | 6,070 | | | 6,113 | | | 1.6 | % | | Examworks Bidco, Inc. (b) | | Healthcare | | S+ 2.75% (7.08%) | | 11/1/2028 | | 1,094 | | | 1,082 | | | 1,097 | | | 0.3 | % | | Fiesta Purchaser, Inc. (b) | | Food & Beverage | | S+ 3.25% (7.58%) | | 2/12/2031 | | 2,475 | | | 2,475 | | | 2,480 | | | 0.6 | % | | FinThrive Software Intermediate Holdings, Inc. (b) | | Healthcare | | S+ 5.25% (9.57%) | | 12/15/2028 | | 2,985 | | | 2,959 | | | 2,985 | | | 0.8 | % | | First Advantage Holdings, LLC (b) | | Business Services | | S+ 3.25% (7.58%) | | 10/31/2031 | | 4,458 | | | 4,439 | | | 4,456 | | | 1.1 | % | | First Brands Group, LLC (b) | | Consumer | | S+ 5.00% (9.54%) | | 3/30/2027 | | 5,909 | | | 5,867 | | | 5,572 | | | 1.4 | % | | Fitness International, LLC (b) | | Consumer | | S+ 5.25% (9.58%) | | 2/12/2029 | | 9,875 | | | 9,648 | | | 9,885 | | | 2.5 | % | | FNZ Group Entities, Ltd. (b) | | Financials | | S+ 5.00% (9.26%) | | 11/5/2031 | | 4,988 | | | 4,905 | | | 4,084 | | | 1.0 | % | | Focus Financial Partners, LLC (f) | | Financials | | S+ 2.75% (7.08%) | | 9/15/2031 | | 6,965 | | | 6,955 | | | 6,948 | | | 1.8 | % | | Foley Products Co., LLC (b) | | Industrials | | S+ 4.75% (9.05%) | | 12/29/2028 | | 2,205 | | | 2,191 | | | 2,209 | | | 0.6 | % | | Foresight Energy Operating, LLC (b) | | Energy | | S+ 8.00% (12.40%) | | 6/30/2027 | | 652 | | | 638 | | | 652 | | | 0.2 | % | | Foundation Building Materials, Inc. (b) | | Industrials | | S+ 4.00% (8.28%) | | 1/29/2031 | | 7,780 | | | 7,738 | | | 7,602 | | | 1.9 | % | | Freeport LNG Investments, LLLP (f) | | Energy | | S+ 3.00% (7.53%) | | 11/17/2026 | | 5,442 | | | 5,421 | | | 5,419 | | | 1.4 | % | | Galaxy US OpCo, Inc. (b) (f) | | Software/Services | | S+ 5.75% (10.03%) 3.75% PIK | | 7/31/2030 | | 4,743 | | | 4,320 | | | 4,394 | | | 1.1 | % | | Geon Performance Solutions, LLC (b) | | Chemicals | | S+ 4.25% (8.81%) | | 8/18/2028 | | 4,544 | | | 4,527 | | | 4,297 | | | 1.1 | % | | Geosyntec Consultants, Inc. (b) | | Business Services | | S+ 3.50% (7.83%) | | 7/31/2031 | | 9,204 | | | 9,166 | | | 9,238 | | | 2.3 | % | | Global Medical Response, Inc. (b) | | Healthcare | | S+ 5.50% (9.83%) 0.75% PIK | | 10/31/2028 | | 9,946 | | | 9,811 | | | 9,952 | | | 2.5 | % | | Golden State Foods, LLC (b) | | Food & Beverage | | S+ 4.25% (8.56%) | | 12/4/2031 | | 6,451 | | | 6,409 | | | 6,475 | | | 1.6 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | Portfolio Company | | Industry | | Investment Coupon Rate (a) | | Maturity | | Principal/Number of Shares | | Amortized Cost | | Fair Value | | % of Members’ Capital (c) | | Green Energy Partners/Stonewall, LLC | | Utilities | | S+ 6.00% (10.56%) | | 11/12/2026 | | $ | 7,385 | | | $ | 7,152 | | | $ | 7,385 | | | 1.9 | % | | Gulfside Supply, Inc. (b) | | Industrials | | S+ 3.00% (7.30%) | | 6/17/2031 | | 4,659 | | | 4,659 | | | 4,665 | | | 1.2 | % | | GVC Holdings Gibraltar, Ltd. (f) | | Gaming/Lodging | | S+ 2.50% (6.67%) | | 3/29/2027 | | 4,800 | | | 4,800 | | | 4,801 | | | 1.2 | % | | Hamilton Projects Acquiror, LLC (f) | | Utilities | | S+ 3.00% (7.33%) | | 5/30/2031 | | 6,819 | | | 6,806 | | | 6,839 | | | 1.7 | % | | HelpSystems Holdings, Inc. (b) | | Software/Services | | S+ 4.00% (8.38%) | | 11/19/2026 | | 7,253 | | | 6,658 | | | 6,890 | | | 1.8 | % | | Hudson River Trading, LLC (b) | | Financials | | S+ 3.00% (7.31%) | | 3/18/2030 | | 2,500 | | | 2,495 | | | 2,494 | | | 0.6 | % | | Hudson River Trading, LLC (b) | | Financials | | S+ 3.00% (7.31%) | | 3/18/2030 | | 5,256 | | | 5,221 | | | 5,267 | | | 1.3 | % | | Hunter Douglas, Inc. (f) | | Consumer | | S+ 3.25% (7.55%) | | 1/16/2032 | | 4,506 | | | 4,493 | | | 4,486 | | | 1.1 | % | | Icon Parent, Inc. (b) | | Software/Services | | S+ 3.00% (7.21%) | | 11/13/2031 | | 4,988 | | | 4,968 | | | 4,992 | | | 1.3 | % | | IDERA, Inc. (f) | | Technology | | S+ 3.50% (7.78%) | | 3/2/2028 | | 4,975 | | | 4,978 | | | 4,651 | | | 1.2 | % | | IXS Holdings, Inc. (b) (f) | | Transportation | | S+ 4.25% (8.65%) | | 3/5/2027 | | 7,406 | | | 7,243 | | | 7,189 | | | 1.8 | % | | Jane Street Group, LLC (b) | | Financials | | S+ 2.00% (6.33%) | | 12/15/2031 | | 6,132 | | | 6,120 | | | 6,124 | | | 1.6 | % | | JSG II, Inc. (f) | | Industrials | | S+ 4.50% (8.93%) | | 6/28/2026 | | 397 | | | 391 | | | 396 | | | 0.1 | % | | Jump Financial, LLC (b) | | Financials | | S+ 4.25% (8.55%) | | 2/26/2032 | | 7,250 | | | 7,183 | | | 7,268 | | | 1.8 | % | | Kaman Corp. (b) | | Industrials | | S+ 2.75% (7.03%) | | 2/26/2032 | | 6,230 | | | 6,224 | | | 6,220 | | | 1.6 | % | | Kaman Corp. (b) (d) | | Industrials | | S+ 2.75% | | 2/26/2032 | | — | | | (1) | | | (1) | | | 0.0 | % | | Kaseya, Inc. (b) | | Software/Services | | S+ 3.25% (7.58%) | | 3/20/2032 | | 3,791 | | | 3,772 | | | 3,804 | | | 1.0 | % | | Kuehg Corp. (f) | | Education | | S+ 3.25% (7.55%) | | 6/12/2030 | | 3,079 | | | 2,974 | | | 3,079 | | | 0.8 | % | | LABL, Inc. (b) | | Paper & Packaging | | S+ 5.00% (9.43%) | | 10/30/2028 | | 4,936 | | | 4,894 | | | 4,435 | | | 1.1 | % | | LaserShip, Inc. (b) | | Transportation | | S+ 5.50% (10.06%) 4.00% PIK | | 8/10/2029 | | 3,862 | | | 3,280 | | | 2,224 | | | 0.6 | % | | LifePoint Health, Inc. (b) | | Healthcare | | S+ 3.75% (8.01%) | | 5/19/2031 | | 4,823 | | | 4,736 | | | 4,767 | | | 1.2 | % | | Lightstone Holdco, LLC (b) (f) | | Utilities | | S+ 5.75% (10.03%) | | 1/29/2027 | | 15,771 | | | 15,121 | | | 15,752 | | | 4.0 | % | | Lightstone Holdco, LLC (b) (f) | | Utilities | | S+ 5.75% (10.03%) | | 1/29/2027 | | 892 | | | 856 | | | 891 | | | 0.2 | % | | Liquid Tech Solutions Holdings, LLC (b) (f) | | Industrials | | S+ 3.75% (8.08%) | | 3/20/2028 | | 9,884 | | | 9,863 | | | 9,884 | | | 2.5 | % | | Max US Bidco, Inc. (b) | | Food & Beverage | | S+ 5.00% (9.33%) | | 10/3/2030 | | 4,938 | | | 4,741 | | | 4,889 | | | 1.2 | % | | Mermaid Bidco, Inc. (b) | | Business Services | | S+ 3.25% (7.51%) | | 7/3/2031 | | 7,500 | | | 7,481 | | | 7,481 | | | 1.9 | % | | MH Sub I, LLC (b) (f) | | Business Services | | S+ 4.25% (8.58%) | | 5/3/2028 | | 6,400 | | | 6,236 | | | 5,998 | | | 1.5 | % | | Michael Baker International, LLC (b) | | Industrials | | S+ 4.00% (8.28%) | | 12/1/2028 | | 3,226 | | | 3,210 | | | 3,239 | | | 0.8 | % | | Monogram Food Solutions, LLC (f) | | Food & Beverage | | S+ 4.00% (8.44%) | | 8/28/2028 | | 2,099 | | | 2,028 | | | 2,099 | | | 0.5 | % | | MPH Acquisition Holdings, LLC (b) | | Healthcare | | S+ 3.75% (8.03%) | | 12/31/2030 | | 93 | | | 93 | | | 92 | | | 0.0 | % | | MPH Acquisition Holdings, LLC (b) | | Healthcare | | S+ 4.60% (9.14%) | | 12/31/2030 | | 773 | | | 764 | | | 691 | | | 0.2 | % | | Nexus Buyer, LLC (b) | | Financials | | S+ 3.50% (7.83%) | | 7/31/2031 | | 4,987 | | | 4,968 | | | 5,001 | | | 1.3 | % | | Nouryon Finance B.V. (f) | | Chemicals | | S+ 3.25% (7.51%) | | 4/3/2028 | | 2,215 | | | 2,201 | | | 2,223 | | | 0.6 | % | | Omnia Partners, LLC (f) | | Business Services | | S+ 2.75% (7.03%) | | 7/25/2030 | | 6,183 | | | 6,150 | | | 6,192 | | | 1.6 | % | | Osaic Holdings, Inc. (f) | | Financials | | S+ 3.50% (7.83%) | | 8/17/2028 | | 5,463 | | | 5,428 | | | 5,472 | | | 1.4 | % | | Oscar AcquisitionCo, LLC (f) | | Industrials | | S+ 4.25% (8.55%) | | 4/30/2029 | | 3,426 | | | 3,405 | | | 3,146 | | | 0.8 | % | | Peer Holding III B.V. (b) | | Retail | | S+ 2.50% (6.80%) | | 7/1/2031 | | 5,970 | | | 5,970 | | | 5,997 | | | 1.5 | % | | Peraton Corp. (b) | | Business Services | | S+ 4.25% (8.81%) | | 2/1/2028 | | 4,881 | | | 4,863 | | | 4,297 | | | 1.1 | % | | PetSmart, LLC (f) | | Retail | | S+ 3.75% (8.18%) | | 2/11/2028 | | 2,462 | | | 2,461 | | | 2,431 | | | 0.6 | % | | Pluto Acquisition I, Inc. (b) | | Healthcare | | S+ 4.00% (8.30%) | | 9/20/2028 | | 9,681 | | | 9,681 | | | 8,422 | | | 2.1 | % | | PODS, LLC (b) (f) | | Paper & Packaging | | S+ 3.00% (7.54%) | | 3/31/2028 | | 9,482 | | | 9,057 | | | 9,094 | | | 2.3 | % | | Power Stop, LLC (f) | | Transportation | | S+ 4.75% (9.13%) | | 1/26/2029 | | 2,741 | | | 2,724 | | | 2,094 | | | 0.5 | % | | PRA Health Sciences, Inc. | | Healthcare | | 2.88% | | 7/15/2026 | | 6,600 | | | 6,449 | | | 6,442 | | | 1.6 | % | | Pregis TopCo, LLC (b) | | Paper & Packaging | | S+ 4.00% (8.33%) | | 2/1/2029 | | 6,695 | | | 6,680 | | | 6,708 | | | 1.7 | % | | Pretzel Parent, Inc. (b) | | Media/Entertainment | | S+ 4.50% (8.83%) | | 10/1/2031 | | 3,491 | | | 3,444 | | | 3,450 | | | 0.9 | % | | Proofpoint, Inc. (b) | | Software/Services | | S+ 3.00% (7.33%) | | 8/31/2028 | | 6,650 | | | 6,620 | | | 6,651 | | | 1.7 | % | | Pug, LLC (f) | | Media/Entertainment | | S+ 4.75% (9.08%) | | 3/15/2030 | | 4,740 | | | 4,683 | | | 4,590 | | | 1.2 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | Portfolio Company | | Industry | | Investment Coupon Rate (a) | | Maturity | | Principal/Number of Shares | | Amortized Cost | | Fair Value | | % of Members’ Capital (c) | | Quikrete Holdings, Inc. (f) | | Industrials | | S+ 2.25% (6.58%) | | 4/14/2031 | | $ | 6,032 | | | $ | 6,022 | | | $ | 6,019 | | | 1.5 | % | | Quikrete Holdings, Inc. (b) | | Industrials | | S+ 2.25% (6.58%) | | 2/10/2032 | | 2,544 | | | 2,538 | | | 2,539 | | | 0.6 | % | | Radiology Partners, Inc. (b) | | Healthcare | | S+ 4.50% (8.80%) | | 6/28/2032 | | 11,110 | | | 10,999 | | | 11,013 | | | 2.8 | % | | Raven Acquisition Holdings, LLC (b) | | Healthcare | | S+ 3.25% (7.58%) | | 11/19/2031 | | 9,776 | | | 9,716 | | | 9,763 | | | 2.5 | % | | Raven Acquisition Holdings, LLC (b) (d) | | Healthcare | | S+ 2.75% | | 11/19/2031 | | — | | | (4) | | | (1) | | | 0.0 | % | | Recess Holdings, Inc. (b) | | Consumer | | S+ 3.75% (8.03%) | | 2/21/2030 | | 7,375 | | | 7,318 | | | 7,391 | | | 1.9 | % | | Renaissance Holdings Corp. (f) | | Software/Services | | S+ 4.00% (8.28%) | | 4/5/2030 | | 4,169 | | | 4,088 | | | 3,777 | | | 1.0 | % | | Roper Industrial Products Investment Co., LLC (f) | | Industrials | | S+ 2.75% (7.05%) | | 11/22/2029 | | 4,971 | | | 4,895 | | | 4,958 | | | 1.3 | % | | Russell Investments US Institutional Holdco, Inc. (b) | | Financials | | S+ 6.50% (10.78%) 1.50% PIK | | 5/28/2027 | | 5,835 | | | 5,728 | | | 5,494 | | | 1.4 | % | | RXB Holdings, Inc. (b) (f) | | Healthcare | | S+ 4.50% (8.94%) | | 12/20/2027 | | 9,846 | | | 9,845 | | | 9,846 | | | 2.6 | % | | Ryan Specialty Group, LLC (b) | | Financials | | S+ 2.25% (6.58%) | | 9/15/2031 | | 1,992 | | | 1,989 | | | 1,989 | | | 0.5 | % | | S&S Holdings, LLC (b) | | Consumer | | S+ 5.00% (9.42%) | | 3/13/2028 | | 6,703 | | | 6,605 | | | 6,555 | | | 1.7 | % | | Safety Products/JHC Acquisition Corp. (f) | | Industrials | | S+ 4.50% (8.93%) | | 6/28/2026 | | 7,350 | | | 7,260 | | | 7,332 | | | 1.9 | % | | Saks Global Enterprises, LLC | | Consumer | | 11.00% | | 12/15/2029 | | 3,000 | | | 3,000 | | | 1,470 | | | 0.4 | % | | Sedgwick Claims Management Services, Inc. (b) | | Business Services | | S+ 3.00% (7.33%) | | 7/31/2031 | | 7,254 | | | 7,241 | | | 7,277 | | | 1.8 | % | | Smyrna Ready Mix Concrete, LLC | | Industrials | | 6.00% | | 11/1/2028 | | 2,000 | | | 1,943 | | | 1,996 | | | 0.5 | % | | Sonrava Health Holdings, LLC | | Healthcare | | S+ 6.50% (11.08%) | | 5/18/2028 | | 1,847 | | | 1,633 | | | 1,828 | | | 0.5 | % | | Sonrava Health Holdings, LLC | | Healthcare | | S+ 6.50% (11.08%) 5.50% PIK | | 8/18/2028 | | 10,465 | | | 10,463 | | | 5,233 | | | 1.3 | % | | Sotera Health Holdings, LLC (b) | | Healthcare | | S+ 3.25% (7.55%) | | 5/30/2031 | | 9,925 | | | 9,886 | | | 9,956 | | | 2.6 | % | | Specialty Building Products Holdings, LLC (b) | | Industrials | | S+ 3.75% (8.18%) | | 10/16/2028 | | 2,947 | | | 2,940 | | | 2,807 | | | 0.7 | % | | Staples, Inc. (f) | | Business Services | | S+ 5.75% (10.03%) | | 9/4/2029 | | 4,975 | | | 4,809 | | | 4,580 | | | 1.2 | % | | Starlight Parent, LLC (f) | | Software/Services | | S+ 4.00% (8.26%) | | 4/16/2032 | | 7,500 | | | 7,281 | | | 7,322 | | | 1.9 | % | | Stonepeak Nile Parent, LLC (b) | | Transportation | | S+ 2.75% (6.98%) | | 4/9/2032 | | 4,375 | | | 4,365 | | | 4,387 | | | 1.1 | % | | Tecta America Corp. (f) | | Industrials | | S+ 3.00% (7.33%) | | 2/18/2032 | | 5,497 | | | 5,484 | | | 5,502 | | | 1.4 | % | | TransDigm, Inc. (f) | | Industrials | | S+ 2.50% (6.80%) | | 2/28/2031 | | 5,925 | | | 5,914 | | | 5,935 | | | 1.5 | % | | Traverse Midstream Partners, LLC (b) (f) | | Energy | | S+ 3.00% (7.28%) | | 2/16/2028 | | 12,849 | | | 12,846 | | | 12,865 | | | 3.3 | % | | Triton Water Holdings, Inc. (b) | | Food & Beverage | | S+ 2.25% (6.55%) | | 3/31/2028 | | 8,925 | | | 8,902 | | | 8,953 | | | 2.3 | % | | Truck Hero, Inc. (b) (f) | | Transportation | | S+ 5.00% (9.44%) | | 1/31/2028 | | 4,466 | | | 4,388 | | | 4,051 | | | 1.0 | % | | Truck Hero, Inc. (b) (f) | | Transportation | | S+ 3.75% (8.19%) | | 1/31/2028 | | 8,406 | | | 8,324 | | | 7,492 | | | 1.9 | % | | UKG, Inc. (b) (f) | | Technology | | S+ 3.00% (7.31%) | | 2/10/2031 | | 9,662 | | | 9,601 | | | 9,696 | | | 2.5 | % | | United Airlines, Inc. (b) | | Transportation | | S+ 2.00% (6.28%) | | 2/24/2031 | | 3,729 | | | 3,715 | | | 3,731 | | | 0.9 | % | | University Support Services, LLC (f) | | Education | | S+ 2.75% (7.08%) | | 2/12/2029 | | 5,238 | | | 5,234 | | | 5,042 | | | 1.3 | % | | US Anesthesia Partners, Inc. (b) (f) | | Healthcare | | S+ 4.25% (8.69%) | | 10/2/2028 | | 6,950 | | | 6,683 | | | 6,856 | | | 1.7 | % | | Venga Finance SARL (b) | | Telecom | | S+ 3.75% (8.34%) | | 6/29/2029 | | 3,890 | | | 3,811 | | | 3,888 | | | 1.0 | % | | Venture Global Calcasieu Pass, LLC | | Energy | | 3.88% | | 11/1/2033 | | 3,000 | | | 2,525 | | | 2,621 | | | 0.7 | % | | Victory Buyer, LLC (b) | | Industrials | | S+ 3.75% (8.19%) | | 11/20/2028 | | 9,392 | | | 9,128 | | | 9,258 | | | 2.4 | % | | WaterBridge Midstream Operating, LLC (b) (f) | | Energy | | S+ 4.75% (9.31%) | | 6/27/2029 | | 12,813 | | | 12,580 | | | 12,728 | | | 3.2 | % | | Waterbridge NDB Operating, LLC (f) | | Energy | | S+ 4.00% (8.30%) | | 5/10/2029 | | 2,089 | | | 2,074 | | | 2,081 | | | 0.5 | % | | WCG Purchaser Corp. (b) | | Healthcare | | S+ 3.00% (7.33%) | | 2/25/2032 | | 6,500 | | | 6,470 | | | 6,421 | | | 1.6 | % | | WestJet Loyalty, LP (b) | | Transportation | | S+ 3.25% (7.55%) | | 2/14/2031 | | 5,728 | | | 5,680 | | | 5,725 | | | 1.5 | % | | White Cap Supply Holdings, LLC (f) | | Consumer | | S+ 3.25% (7.58%) | | 10/19/2029 | | 5,307 | | | 5,283 | | | 5,270 | | | 1.3 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | Portfolio Company | | Industry | | Investment Coupon Rate (a) | | Maturity | | Principal/Number of Shares | | Amortized Cost | | Fair Value | | % of Members’ Capital (c) | | Windsor Holdings III, LLC (f) | | Chemicals | | S+ 2.75% (7.07%) | | 8/1/2030 | | $ | 3,261 | | | $ | 3,210 | | | $ | 3,260 | | | 0.8 | % | | X Corp. (b) | | Media/Entertainment | | 9.50% | | 10/26/2029 | | 2,500 | | | 2,456 | | | 2,429 | | | 0.6 | % | | X Corp. (b) | | Media/Entertainment | | S+ 6.50% (10.93%) | | 10/26/2029 | | 9,949 | | | 9,909 | | | 9,710 | | | 2.5 | % | | Zayo Group Holdings, Inc. (f) | | Telecom | | S+ 4.25% (8.58%) | | 3/9/2027 | | 1,575 | | | 1,503 | | | 1,509 | | | 0.4 | % | | Zayo Group Holdings, Inc. (b) (f) | | Telecom | | S+ 3.00% (7.44%) | | 3/9/2027 | | 8,409 | | | 7,704 | | | 7,982 | | | 2.0 | % | | Subtotal Senior Secured First Lien Debt | | | | | | | | | | $ | 860,168 | | | $ | 846,525 | | | 215.2 | % | | | | | | | | | | | | | | | | | Senior Secured Second Lien Debt | | | | | | | | | | | | | | | | Alvogen Pharma US, Inc. (b) | | Healthcare | | S+ 10.50% (14.80%) 8.00% PIK | | 3/1/2029 | | $ | 1,752 | | | $ | 1,751 | | | $ | 578 | | | 0.1 | % | | American Rock Salt Company, LLC | | Chemicals | | S+ 7.25% (11.84%) | | 6/11/2029 | | 1,943 | | | 1,929 | | | 1,693 | | | 0.4 | % | | Edelman Financial Center, LLC (f) | | Financials | | S+ 5.25% (9.58%) | | 10/6/2028 | | 4,750 | | | 4,743 | | | 4,756 | | | 1.2 | % | | Icon Parent, Inc. (b) | | Software/Services | | S+ 5.00% (9.21%) | | 11/12/2032 | | 5,000 | | | 4,981 | | | 5,038 | | | 1.3 | % | | IDERA, Inc. (b) (e) | | Technology | | S+ 6.75% (11.18%) | | 3/2/2029 | | 1,036 | | | 1,030 | | | 933 | | | 0.2 | % | | Kaseya, Inc. (b) | | Software/Services | | S+ 5.00% (9.33%) | | 3/20/2033 | | 696 | | | 693 | | | 696 | | | 0.2 | % | | Neptune Bidco US, Inc. (f) | | Publishing | | S+ 9.75% (14.08%) | | 10/11/2029 | | 1,788 | | | 1,753 | | | 1,711 | | | 0.4 | % | | Peraton Corp. (b) | | Business Services | | S+ 7.75% (12.18%) | | 2/1/2029 | | 11,750 | | | 9,271 | | | 8,166 | | | 2.1 | % | | Subtotal Senior Secured Second Lien Debt | | | | | | | | | | $ | 26,151 | | | $ | 23,571 | | | 5.9 | % | | | | | | | | | | | | | | | | | Subordinated Debt | | | | | | | | | | | | | | | | Venture Global LNG, Inc. | | Energy | | 9.00% | | 3/30/2074 | | $ | 5,000 | | | $ | 4,350 | | | $ | 4,863 | | | 1.2 | % | | Subtotal Subordinated Debt | | | | | | | | | | $ | 4,350 | | | $ | 4,863 | | | 1.2 | % | | | | | | | | | | | | | | | | | Collateralized Securities | | | | | | | | | | | | | | | | Collateralized Securities - Debt Investments | | | | | | | | | | | | | | | | AIG CLO, Ltd. 21-1A F | | Diversified Investment Vehicles | | S+ 6.90% (11.43%) | | 4/22/2034 | | $ | 1,410 | | | $ | 1,309 | | | $ | 1,320 | | | 0.3 | % | | Battalion CLO, Ltd. 21-17A F | | Diversified Investment Vehicles | | S+ 7.50% (12.03%) | | 3/9/2034 | | 1,224 | | | 1,149 | | | 865 | | | 0.2 | % | | Carlyle GMS CLO, 16-3A FRR | | Diversified Investment Vehicles | | S+ 8.60% (13.13%) | | 7/20/2034 | | 2,100 | | | 2,004 | | | 1,823 | | | 0.5 | % | | Eaton Vance CDO, Ltd. 15-1A FR | | Diversified Investment Vehicles | | S+ 7.97% (12.50%) | | 1/20/2030 | | 2,000 | | | 1,824 | | | 1,368 | | | 0.3 | % | | Greywolf CLO, Ltd. 20-3RA ER | | Diversified Investment Vehicles | | S+ 8.74% (13.27%) | | 4/22/2033 | | 1,000 | | | 898 | | | 927 | | | 0.2 | % | | Highbridge Loan Management, Ltd. 11A-17 E | | Diversified Investment Vehicles | | S+ 6.10% (10.62%) | | 5/6/2030 | | 3,000 | | | 2,795 | | | 2,573 | | | 0.7 | % | | KKR Financial CLO, Ltd. 15 FR | | Diversified Investment Vehicles | | S+ 8.50% (13.03%) | | 1/18/2032 | | 2,000 | | | 1,919 | | | 1,795 | | | 0.5 | % | | LCM, Ltd. Partnership 16A ER2 | | Diversified Investment Vehicles | | S+ 6.38% (10.90%) | | 10/15/2031 | | 2,500 | | | 2,340 | | | 2,117 | | | 0.5 | % | | OCP CLO, Ltd. 14-5A DR | | Diversified Investment Vehicles | | S+ 5.70% (10.24%) | | 4/26/2031 | | 2,200 | | | 2,114 | | | 2,124 | | | 0.5 | % | | OZLM, Ltd. 16-15A DR | | Diversified Investment Vehicles | | S+ 6.75% (11.28%) | | 4/20/2033 | | 2,000 | | | 1,925 | | | 1,904 | | | 0.5 | % | | Palmer Square CLO, Ltd. 21-4A F | | Diversified Investment Vehicles | | S+ 7.66% (12.18%) | | 10/15/2034 | | 1,500 | | | 1,440 | | | 1,408 | | | 0.4 | % | | Saranac CLO, Ltd. 20-8A E | | Diversified Investment Vehicles | | S+ 8.12% (12.70%) | | 2/20/2033 | | 1,455 | | | 1,444 | | | 1,384 | | | 0.4 | % | | Sound Point CLO, Ltd. 17-2A E | | Diversified Investment Vehicles | | S+ 6.10% (10.64%) | | 7/25/2030 | | 2,400 | | | 2,173 | | | 1,588 | | | 0.4 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | Portfolio Company | | Industry | | Investment Coupon Rate (a) | | Maturity | | Principal/Number of Shares | | Amortized Cost | | Fair Value | | % of Members’ Capital (c) | | Sound Point CLO, Ltd. 18-3A D | | Diversified Investment Vehicles | | S+ 5.79% (10.33%) | | 10/26/2031 | | $ | 1,000 | | | $ | 926 | | | $ | 796 | | | 0.2 | % | | Symphony CLO, Ltd. 2012-9A ER2 | | Diversified Investment Vehicles | | S+ 6.95% (11.47%) | | 7/16/2032 | | 3,000 | | | 2,825 | | | 2,891 | | | 0.7 | % | | Venture CDO, Ltd. 16-23A ER2 | | Diversified Investment Vehicles | | S+ 7.55% (12.08%) | | 7/19/2034 | | 3,000 | | | 2,928 | | | 2,612 | | | 0.7 | % | | Venture CLO 43, Ltd. 21-43A E | | Diversified Investment Vehicles | | S+ 7.15% (11.67%) | | 4/15/2034 | | 3,000 | | | 2,931 | | | 2,774 | | | 0.7 | % | | Wind River CLO, Ltd. 14-2A FR | | Diversified Investment Vehicles | | S+ 7.87% (12.39%) | | 1/15/2031 | | 3,000 | | | 2,636 | | | 497 | | | 0.1 | % | | Subtotal Collateralized Securities | | | | | | | | | | $ | 35,580 | | | $ | 30,766 | | | 7.8 | % | | | | | | | | | | | | | | | | | Equity/Other | | | | | | | | | | | | | | | | Avaya Holdings Corp. | | Technology | | | | | | 88 | | $ | 1,244 | | | $ | 671 | | | 0.2 | % | | Avaya Holdings Corp. | | Technology | | | | | | 17 | | 244 | | | 132 | | | 0.0 | % | | Gordian Medical, Inc. | | Healthcare | | | | | | 415 | | 7,448 | | | 7,316 | | | 2.0 | % | | Gordian Medical, Inc. | | Healthcare | | | | | | 392 | | — | | | — | | | — | % | | PG&E Corp. | | Utilities | | 6.00% | | 12/1/2027 | | 230 | | 10,683 | | | 8,631 | | | 2.2 | % | | Resolute Investment Managers, Inc. | | Financials | | | | | | 30 | | 1,286 | | | 991 | | | 0.3 | % | | Subtotal Equity/Other | | | | | | | | | | $ | 20,905 | | | $ | 17,741 | | | 4.7 | % | | | | | | | | | | | | | | | | | TOTAL INVESTMENTS | | | | | | | | | | $ | 947,154 | | | $ | 923,466 | | | 234.8 | % |
(a) The majority of the investments bear interest at a rate that may be determined by reference to Secured Overnight Financing Rate ("SOFR" or "S") which reset daily, monthly, quarterly, or semiannually. For each, SLF has provided the spread over the relevant reference rate and the current interest rate in effect at June 30, 2025. Certain investments are subject to reference rate floors. For fixed rate loans, a spread above a reference rate is not applicable. For floating rate securities the all-in rate is disclosed within parentheses. (b) SLF’s investment or a portion thereof is pledged as collateral under the BAML Credit Facility. Individual investments can be divided into parts which are pledged to separate credit facilities. (c) Percentages are based on SLF members' capital as of June 30, 2025. (d) SLF has various unfunded commitments to portfolio companies. (e) SLF’s investment or a portion thereof is held through a total return swap agreement with J.P. Morgan. (f) SLF's investment or a portion thereof is pledged as collateral under the CIBC Credit Facility. Individual investments can be divided into parts which are pledged to separate credit facilities. SLF had $1.3 million of unfunded commitments as of June 30, 2025. Below is a listing of SLF’s individual investments as of December 31, 2024: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | Portfolio Company | | Industry | | Investment Coupon Rate (a) | | Maturity | | Principal/Number of Shares | | Amortized Cost | | Fair Value | | % of Members’ Capital (c) | | Senior Secured First Lien Debt | | | | | | | | | | | | | | | | Acrisure, LLC (b) | | Financials | | S+ 2.75% (7.11%) | | 2/16/2027 | | $ | 17,217 | | | $ | 17,033 | | | $ | 17,223 | | | 3.3 | % | | Adtalem Global Education, Inc. (f) | | Education | | S+ 2.75% (7.11%) | | 8/14/2028 | | 582 | | | 582 | | | 585 | | | 0.1 | % | | Adtalem Global Education, Inc. (f) | | Education | | 5.50% | | 3/1/2028 | | 1,042 | | | 1,042 | | | 1,020 | | | 0.2 | % | | Air Canada | | Transportation | | 3.88% | | 8/15/2026 | | 5,000 | | | 4,782 | | | 4,861 | | | 1.0 | % | | Albion Financing 3 SARL (b) | | Business Services | | S+ 4.25% (9.10%) | | 8/17/2029 | | 3,050 | | | 3,050 | | | 3,076 | | | 0.6 | % | | Alliant Holdings Intermediate, LLC (b) | | Financials | | S+ 2.75% (7.11%) | | 9/19/2031 | | 4,988 | | | 4,976 | | | 4,995 | | | 1.0 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | Portfolio Company | | Industry | | Investment Coupon Rate (a) | | Maturity | | Principal/Number of Shares | | Amortized Cost | | Fair Value | | % of Members’ Capital (c) | | Alpha Generation, LLC (b) (f) | | Utilities | | S+ 2.75% (7.11%) | | 9/30/2031 | | $ | 5,281 | | | $ | 5,278 | | | $ | 5,311 | | | 1.1 | % | | Altice Financing, SA (f) | | Telecom | | 5.00% | | 1/15/2028 | | 2,000 | | | 1,960 | | | 1,565 | | | 0.3 | % | | Altice France, SA (b) (e) | | Telecom | | S+ 5.50% (10.16%) | | 8/15/2028 | | 12,353 | | | 12,334 | | | 9,880 | | | 2.0 | % | | Alvogen Pharma US, Inc. (b) | | Healthcare | | S+ 7.50% (11.96%) | | 6/30/2025 | | 10,297 | | | 10,279 | | | 9,692 | | | 1.9 | % | | Amentum Government Services Holdings, LLC (b) | | Industrials | | S+ 2.25% (6.61%) | | 9/29/2031 | | 8,571 | | | 8,551 | | | 8,536 | | | 1.7 | % | | American Airlines Inc/AAdvantage Loyalty IP, Ltd. (b) | | Transportation | | S+ 4.75% (9.63%) | | 4/20/2028 | | 4,462 | | | 4,436 | | | 4,575 | | | 0.9 | % | | American Builders & Contractors Supply Co., Inc. | | Industrials | | 4.00% | | 1/15/2028 | | 2,000 | | | 1,909 | | | 1,909 | | | 0.4 | % | | AP Gaming I, LLC (f) | | Gaming/Lodging | | S+ 3.75% (8.11%) | | 2/15/2029 | | 7,067 | | | 6,988 | | | 7,114 | | | 1.4 | % | | Apollo Commercial Real Estate Finance, Inc. (f) | | Financials | | 4.63% | | 6/15/2029 | | 3,000 | | | 3,000 | | | 2,599 | | | 0.5 | % | | Arches Buyer, Inc. (b) | | Publishing | | S+ 3.25% (7.71%) | | 12/6/2027 | | 5,977 | | | 5,862 | | | 5,829 | | | 1.2 | % | | Arcosa, Inc. (b) | | Industrials | | S+ 2.25% (6.61%) | | 8/15/2031 | | 1,300 | | | 1,300 | | | 1,309 | | | 0.3 | % | | Artera Services, LLC (b) | | Utilities | | S+ 4.50% (8.83%) | | 2/18/2031 | | 5,576 | | | 5,540 | | | 5,519 | | | 1.1 | % | | Ascensus Group Holdings, Inc. (b) | | Business Services | | S+ 3.00% (7.36%) | | 8/2/2028 | | 7,545 | | | 7,538 | | | 7,601 | | | 1.5 | % | | Astoria Energy, LLC (f) | | Utilities | | S+ 3.25% (7.61%) | | 12/10/2027 | | 1,723 | | | 1,723 | | | 1,733 | | | 0.3 | % | | Asurion, LLC (b) | | Business Services | | S+ 3.25% (7.72%) | | 12/23/2026 | | 4,016 | | | 3,986 | | | 4,012 | | | 0.8 | % | | Athenahealth Group, Inc. (b) | | Healthcare | | S+ 3.25% (7.61%) | | 2/15/2029 | | 12,690 | | | 12,641 | | | 12,704 | | | 2.4 | % | | Athletico Management, LLC (f) | | Healthcare | | S+ 4.25% (8.73%) | | 2/15/2029 | | 4,875 | | | 4,858 | | | 3,739 | | | 0.7 | % | | Avaya Holdings Corp. | | Technology | | S+ 7.50% (11.86%) | | 8/1/2028 | | 2,546 | | | 2,507 | | | 2,149 | | | 0.4 | % | | Baldwin Insurance Group Holdings, LLC (b) | | Financials | | S+ 3.25% (7.61%) | | 5/26/2031 | | 3,511 | | | 3,503 | | | 3,526 | | | 0.7 | % | | Bally's Corp. (b) (f) | | Gaming/Lodging | | S+ 3.25% (8.14%) | | 10/2/2028 | | 3,701 | | | 3,675 | | | 3,492 | | | 0.7 | % | | Bella Holding Co., LLC (b) (f) | | Healthcare | | S+ 3.75% (8.21%) | | 5/10/2028 | | 8,107 | | | 8,078 | | | 8,149 | | | 1.6 | % | | Belron Finance 2019, LLC (b) | | Transportation | | S+ 2.75% (7.27%) | | 10/16/2031 | | 5,786 | | | 5,771 | | | 5,833 | | | 1.2 | % | | Berlin Packaging, LLC (f) | | Paper & Packaging | | S+ 3.50% (7.83%) | | 6/9/2031 | | 3,032 | | | 3,026 | | | 3,048 | | | 0.6 | % | | Blackhawk Network Holdings, Inc. (b) | | Consumer | | S+ 5.00% (9.36%) | | 3/12/2029 | | 4,975 | | | 4,887 | | | 5,030 | | | 1.0 | % | | Blackstone CQP Holdco, LP (b) (f) | | Industrials | | S+ 2.00% (6.33%) | | 12/31/2030 | | 12,355 | | | 12,361 | | | 12,367 | | | 2.4 | % | | Broadstreet Partners, Inc. (f) | | Financials | | S+ 3.00% (7.36%) | | 6/16/2031 | | 1,851 | | | 1,849 | | | 1,855 | | | 0.4 | % | | Brown Group Holding, LLC (b) | | Other | | S+ 2.50% (7.09%) | | 7/1/2031 | | 2,993 | | | 2,993 | | | 2,999 | | | 0.6 | % | | Cablevision Lightpath, LLC (f) | | Telecom | | 3.88% | | 9/15/2027 | | 3,000 | | | 2,908 | | | 2,815 | | | 0.6 | % | | Caesars Entertainment, Inc. (b) | | Gaming/Lodging | | S+ 2.25% (6.61%) | | 2/6/2031 | | 8,739 | | | 8,725 | | | 8,742 | | | 1.7 | % | | Calpine Construction Finance Co., LP (f) | | Utilities | | S+ 2.00% (6.36%) | | 7/31/2030 | | 2,494 | | | 2,499 | | | 2,486 | | | 0.5 | % | | CCI Buyer, Inc. (b) | | Telecom | | S+ 4.00% (8.33%) | | 12/17/2027 | | 7,423 | | | 7,379 | | | 7,420 | | | 1.5 | % | | CD&R Hydra Buyer, Inc. (b) | | Industrials | | S+ 4.00% (8.46%) | | 3/25/2031 | | 6,253 | | | 6,223 | | | 6,265 | | | 1.3 | % | | Charter Communications Operating, LLC | | Cable | | 2.25% | | 1/15/2029 | | 400 | | | 359 | | | 352 | | | 0.1 | % | | Cirque Du Soleil Holding USA Newco, Inc. (b) (f) | | Media/Entertainment | | S+ 3.75% (8.08%) | | 3/8/2030 | | 7,414 | | | 7,374 | | | 7,284 | | | 1.5 | % | | Citadel Securities, LP (b) | | Financials | | S+ 2.00% (6.33%) | | 10/31/2031 | | 4,455 | | | 4,452 | | | 4,465 | | | 0.9 | % | | Clover Holding 2, LLC (b) | | Software/Services | | S+ 4.00% (8.30%) | | 12/9/2031 | | 5,250 | | | 5,198 | | | 5,303 | | | 1.1 | % | | CNT Holdings I Corp. (f) | | Consumer | | S+ 3.50% (8.09%) | | 11/8/2027 | | 3,370 | | | 3,370 | | | 3,388 | | | 0.7 | % | | CommerceHub, Inc. (f) | | Technology | | S+ 4.00% (8.80%) | | 12/29/2027 | | 4,948 | | | 4,948 | | | 4,684 | | | 0.9 | % | | Compass Power Generation, LLC (b) | | Utilities | | S+ 3.75% (8.11%) | | 4/16/2029 | | 7,246 | | | 7,141 | | | 7,290 | | | 1.5 | % | | Connect Finco SARL (f) | | Telecom | | S+ 3.50% (7.86%) | | 12/11/2026 | | 2,175 | | | 2,178 | | | 2,148 | | | 0.4 | % | | Connectwise, LLC (b) (f) | | Software/Services | | S+ 3.50% (8.09%) | | 9/29/2028 | | 12,759 | | | 12,730 | | | 12,826 | | | 2.5 | % | | Conservice Midco, LLC (b) | | Business Services | | S+ 3.50% (7.86%) | | 5/13/2027 | | 7,469 | | | 7,469 | | | 7,516 | | | 1.5 | % | | Corelogic, Inc. (b) | | Business Services | | S+ 3.50% (7.97%) | | 6/2/2028 | | 6,965 | | | 6,928 | | | 6,867 | | | 1.4 | % | | Cornerstone Building Brands, Inc. (f) | | Industrials | | S+ 4.50% (8.90%) | | 5/15/2031 | | 1,377 | | | 1,370 | | | 1,322 | | | 0.3 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | Portfolio Company | | Industry | | Investment Coupon Rate (a) | | Maturity | | Principal/Number of Shares | | Amortized Cost | | Fair Value | | % of Members’ Capital (c) | | Cornerstone Building Brands, Inc. (b) | | Industrials | | S+ 5.63% (10.02%) | | 8/1/2028 | | $ | 3,306 | | | $ | 3,368 | | | $ | 3,239 | | | 0.6 | % | | Cotiviti, Inc. (b) | | Healthcare | | S+ 2.75% (7.30%) | | 5/1/2031 | | 9,925 | | | 9,880 | | | 9,969 | | | 2.0 | % | | CPV Shore Holdings, LLC (b) | | Utilities | | S+ 3.75% (8.53%) | | 12/29/2025 | | 2,000 | | | 1,988 | | | 1,978 | | | 0.4 | % | | Crisis Prevention Institute, Inc. (b) | | Education | | S+ 4.00% (8.43%) | | 4/9/2031 | | 2,333 | | | 2,322 | | | 2,336 | | | 0.5 | % | | Crown Finance US, Inc. (b) | | Media/Entertainment | | S+ 5.25% (9.80%) | | 12/2/2031 | | 5,000 | | | 4,950 | | | 4,994 | | | 1.0 | % | | Directv Financing, LLC (b) | | Media/Entertainment | | S+ 5.00% (9.85%) | | 8/2/2027 | | 1,793 | | | 1,780 | | | 1,796 | | | 0.4 | % | | Division Holding Corp. (b) | | Business Services | | S+ 4.75% (9.22%) | | 5/26/2028 | | 7,892 | | | 7,892 | | | 7,892 | | | 1.6 | % | | Edgewater Generation, LLC (b) | | Utilities | | S+ 4.25% (8.61%) | | 8/1/2030 | | 7,308 | | | 7,237 | | | 7,403 | | | 1.5 | % | | EIG Management Co., LLC (b) | | Financials | | S+ 5.00% (9.36%) | | 5/17/2029 | | 4,127 | | | 4,052 | | | 4,127 | | | 0.8 | % | | Electron Bidco, Inc. (b) | | Healthcare | | S+ 2.75% (7.11%) | | 11/1/2028 | | 2,500 | | | 2,500 | | | 2,507 | | | 0.5 | % | | Emerald Borrower, LP (b) (f) | | Industrials | | S+ 2.50% (6.83%) | | 8/4/2031 | | 5,317 | | | 5,308 | | | 5,332 | | | 1.1 | % | | Ensemble RCM, LLC (b) | | Healthcare | | S+ 3.00% (7.59%) | | 8/1/2029 | | 9,269 | | | 9,201 | | | 9,328 | | | 1.9 | % | | Entain, PLC (b) (f) | | Gaming/Lodging | | S+ 2.75% (7.08%) | | 10/31/2029 | | 3,485 | | | 3,478 | | | 3,492 | | | 0.7 | % | | Epicor Software Corp. (b) (f) | | Software/Services | | S+ 2.75% (7.11%) | | 5/30/2031 | | 4,008 | | | 4,001 | | | 4,033 | | | 0.8 | % | | Fiesta Purchaser, Inc. (b) | | Food & Beverage | | S+ 3.25% (7.61%) | | 2/12/2031 | | 2,488 | | | 2,487 | | | 2,487 | | | 0.5 | % | | FinThrive Software Intermediate Holdings, Inc. (b) | | Healthcare | | S+ 4.00% (8.30%) | | 12/15/2028 | | 2,000 | | | 1,920 | | | 1,975 | | | 0.4 | % | | FinThrive Software Intermediate Holdings, Inc. (b) | | Healthcare | | S+ 5.25% (9.63%) | | 12/18/2028 | | 3,000 | | | 2,970 | | | 2,960 | | | 0.6 | % | | First Advantage Holdings, LLC (b) | | Business Services | | S+ 3.25% (7.61%) | | 10/31/2031 | | 4,500 | | | 4,477 | | | 4,544 | | | 0.9 | % | | First Brands Group, LLC (b) (f) | | Consumer | | S+ 5.00% (9.85%) | | 3/30/2027 | | 5,940 | | | 5,891 | | | 5,563 | | | 1.1 | % | | Fitness International, LLC (b) | | Consumer | | S+ 5.25% (9.71%) | | 2/12/2029 | | 9,925 | | | 9,669 | | | 9,975 | | | 2.0 | % | | FNZ Group Entities, Ltd. (b) | | Financials | | S+ 5.00% (9.55%) | | 11/5/2031 | | 5,000 | | | 4,913 | | | 4,869 | | | 1.0 | % | | Focus Financial Partners, LLC (d) (f) | | Financials | | S+ 3.25% | | 9/11/2031 | | — | | | — | | | 7 | | | 0.0 | % | | Focus Financial Partners, LLC (f) | | Financials | | S+ 3.25% (7.61%) | | 9/11/2031 | | 8,127 | | | 8,107 | | | 8,195 | | | 1.6 | % | | Foley Products Co., LLC (b) | | Industrials | | S+ 4.75% (9.23%) | | 12/29/2028 | | 2,385 | | | 2,369 | | | 2,407 | | | 0.5 | % | | Foresight Energy Operating, LLC (b) | | Energy | | S+ 8.00% (12.43%) | | 6/30/2027 | | 656 | | | 639 | | | 656 | | | 0.1 | % | | Foundation Building Materials, Inc. (b) | | Industrials | | S+ 4.00% (8.59%) | | 1/29/2031 | | 12,319 | | | 12,232 | | | 12,108 | | | 2.4 | % | | Freeport LNG Investments, LLLP (b) | | Energy | | S+ 3.00% (7.88%) | | 11/17/2026 | | 5,838 | | | 5,806 | | | 5,826 | | | 1.2 | % | | Galaxy US OpCo, Inc. (b) (f) | | Software/Services | | S+ 4.75% (9.34%) | | 4/30/2029 | | 7,740 | | | 7,043 | | | 6,850 | | | 1.4 | % | | Genesys Cloud Services Holdings I, LLC (b) | | Software/Services | | S+ 3.00% (7.36%) | | 12/1/2027 | | 4,791 | | | 4,735 | | | 4,827 | | | 1.0 | % | | Geon Performance Solutions, LLC (b) | | Chemicals | | S+ 4.25% (8.84%) | | 8/18/2028 | | 4,566 | | | 4,544 | | | 4,568 | | | 0.9 | % | | Geosyntec Consultants, Inc. (b) | | Business Services | | S+ 3.75% (8.11%) | | 7/31/2031 | | 9,250 | | | 9,205 | | | 9,308 | | | 1.9 | % | | GFL Environmental, Inc. | | Business Services | | 3.50% | | 9/1/2028 | | 2,000 | | | 1,896 | | | 1,883 | | | 0.4 | % | | GIP Pilot Acquisition Partners, LP (b) | | Energy | | S+ 2.50% (7.09%) | | 10/4/2030 | | 1,242 | | | 1,237 | | | 1,248 | | | 0.2 | % | | Global Medical Response, Inc. (b) | | Healthcare | | S+ 6.25% (10.61%) 0.75% PIK | | 10/31/2028 | | 9,970 | | | 9,817 | | | 9,989 | | | 2.0 | % | | Golden State Foods, LLC (b) | | Food & Beverage | | S+ 4.25% (8.58%) | | 10/7/2031 | | 6,500 | | | 6,451 | | | 6,551 | | | 1.3 | % | | Green Energy Partners/Stonewall, LLC | | Utilities | | S+ 6.00% (10.59%) | | 11/12/2026 | | 7,424 | | | 7,108 | | | 7,451 | | | 1.5 | % | | Gulfside Supply, Inc. (b) | | Industrials | | S+ 3.00% (7.33%) | | 6/17/2031 | | 4,728 | | | 4,728 | | | 4,744 | | | 0.9 | % | | GVC Holdings Gibraltar, Ltd. (f) | | Gaming/Lodging | | S+ 2.50% (6.93%) | | 3/29/2027 | | 4,825 | | | 4,825 | | | 4,836 | | | 1.0 | % | | Hamilton Projects Acquiror, LLC (f) | | Utilities | | S+ 3.75% (8.11%) | | 5/30/2031 | | 6,990 | | | 6,974 | | | 7,030 | | | 1.4 | % | | HelpSystems Holdings, Inc. (b) | | Software/Services | | S+ 4.00% (8.69%) | | 11/19/2026 | | 7,291 | | | 6,501 | | | 6,404 | | | 1.3 | % | | Hudson River Trading, LLC (b) | | Financials | | S+ 3.00% (7.48%) | | 3/18/2030 | | 5,283 | | | 5,243 | | | 5,296 | | | 1.1 | % | | Hunter Douglas, Inc. (b) (f) | | Consumer | | S+ 3.50% (8.02%) | | 2/25/2029 | | 4,969 | | | 4,953 | | | 4,957 | | | 1.0 | % | | Icon Parent, Inc. (b) | | Software/Services | | S+ 3.00% (7.52%) | | 11/13/2031 | | 5,000 | | | 4,975 | | | 5,014 | | | 1.0 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | Portfolio Company | | Industry | | Investment Coupon Rate (a) | | Maturity | | Principal/Number of Shares | | Amortized Cost | | Fair Value | | % of Members’ Capital (c) | | ICP Industrial, Inc. (f) | | Chemicals | | S+ 3.75% (8.34%) | | 12/29/2027 | | $ | 5,012 | | | $ | 5,007 | | | $ | 4,471 | | | 0.9 | % | | IDERA, Inc. (f) | | Technology | | S+ 3.50% (8.07%) | | 3/2/2028 | | 6,790 | | | 6,793 | | | 6,656 | | | 1.3 | % | | IXS Holdings, Inc. (b) (f) | | Transportation | | S+ 4.25% (8.68%) | | 3/5/2027 | | 7,447 | | | 7,233 | | | 7,166 | | | 1.4 | % | | Jack Ohio Finance, LLC (f) | | Gaming/Lodging | | S+ 4.75% (9.22%) | | 10/4/2028 | | 3,874 | | | 3,863 | | | 3,881 | | | 0.8 | % | | Jane Street Group, LLC (f) | | Financials | | 4.50% | | 11/15/2029 | | 7,000 | | | 6,703 | | | 6,544 | | | 1.3 | % | | Jane Street Group, LLC (b) | | Financials | | S+ 2.00% (6.40%) | | 12/15/2031 | | 6,164 | | | 6,149 | | | 6,137 | | | 1.2 | % | | Jazz Securities, DAC | | Healthcare | | 4.38% | | 1/15/2029 | | 1,000 | | | 937 | | | 943 | | | 0.2 | % | | Johnstone Supply, LLC (f) | | Industrials | | S+ 2.50% (6.88%) | | 6/9/2031 | | 981 | | | 979 | | | 984 | | | 0.2 | % | | Jump Financial, LLC (b) | | Financials | | S+ 4.50% (9.09%) | | 8/7/2028 | | 7,269 | | | 7,193 | | | 7,232 | | | 1.4 | % | | Kuehg Corp. (f) | | Education | | S+ 3.25% (7.84%) | | 6/12/2030 | | 3,094 | | | 2,981 | | | 3,122 | | | 0.6 | % | | LABL, Inc. (b) | | Paper & Packaging | | S+ 5.00% (9.46%) | | 10/30/2028 | | 4,962 | | | 4,912 | | | 4,787 | | | 1.0 | % | | Lakeshore Learning Materials, LLC (f) | | Retail | | S+ 3.50% (7.97%) | | 9/29/2028 | | 4,949 | | | 4,949 | | | 4,862 | | | 1.0 | % | | LaserShip, Inc. (b) | | Transportation | | S+ 4.50% (9.28%) | | 8/10/2029 | | 3,775 | | | 3,135 | | | 2,850 | | | 0.6 | % | | LBM Acquisition, LLC (b) (f) | | Industrials | | S+ 3.75% (8.21%) | | 12/17/2027 | | 4,974 | | | 4,965 | | | 4,982 | | | 1.0 | % | | LifePoint Health, Inc. (f) | | Healthcare | | 4.38% | | 2/15/2027 | | 4,000 | | | 3,934 | | | 3,830 | | | 0.8 | % | | LifePoint Health, Inc. (b) | | Healthcare | | S+ 3.75% (8.41%) | | 5/19/2031 | | 4,848 | | | 4,753 | | | 4,861 | | | 1.0 | % | | Lightning Power, LLC (b) | | Utilities | | S+ 3.25% (7.58%) | | 8/18/2031 | | 4,489 | | | 4,445 | | | 4,534 | | | 0.9 | % | | Lightstone Holdco, LLC (b) (f) | | Utilities | | S+ 5.75% (10.34%) | | 1/29/2027 | | 15,866 | | | 15,019 | | | 16,025 | | | 3.1 | % | | Lightstone Holdco, LLC (b) (f) | | Utilities | | S+ 5.75% (10.34%) | | 1/29/2027 | | 897 | | | 850 | | | 906 | | | 0.2 | % | | Liquid Tech Solutions Holdings, LLC (b) (f) | | Industrials | | S+ 4.75% (9.44%) | | 3/20/2028 | | 9,933 | | | 9,906 | | | 9,933 | | | 2.0 | % | | Luxembourg Investment Co., 428 SARL | | Chemicals | | S+ 7.00% (11.74%) | | 1/3/2029 | | 3,686 | | | 3,660 | | | 51 | | | 0.0 | % | | Madison IAQ, LLC (f) | | Industrials | | 4.13% | | 6/30/2028 | | 2,000 | | | 1,990 | | | 1,893 | | | 0.4 | % | | Magnite, Inc. (b) | | Technology | | S+ 3.75% (8.11%) | | 2/6/2031 | | 4,975 | | | 4,930 | | | 5,031 | | | 1.0 | % | | Max US Bidco, Inc. (b) | | Food & Beverage | | S+ 5.00% (9.36%) | | 10/3/2030 | | 4,963 | | | 4,748 | | | 4,822 | | | 1.0 | % | | Medline Borrower, LP (f) | | Healthcare | | S+ 2.25% (6.61%) | | 10/23/2028 | | 3,990 | | | 3,990 | | | 4,001 | | | 0.8 | % | | MH Sub I, LLC (b) (f) | | Business Services | | S+ 4.25% (8.82%) | | 5/3/2028 | | 4,432 | | | 4,358 | | | 4,432 | | | 0.9 | % | | Michael Baker International, LLC (b) | | Industrials | | S+ 4.75% (9.11%) | | 12/1/2028 | | 3,243 | | | 3,223 | | | 3,253 | | | 0.6 | % | | MPH Acquisition Holdings, LLC (b) | | Healthcare | | S+ 4.25% (9.03%) | | 9/1/2028 | | 868 | | | 858 | | | 735 | | | 0.1 | % | | MYOB US Borrower, LLC (f) | | Business Services | | S+ 4.00% (8.36%) | | 5/6/2026 | | 5,299 | | | 5,295 | | | 5,201 | | | 1.0 | % | | National Mentor Holdings, Inc. (f) | | Healthcare | | S+ 3.75% (8.18%) | | 3/2/2028 | | 94 | | | 93 | | | 93 | | | 0.0 | % | | National Mentor Holdings, Inc. (b) (f) | | Healthcare | | S+ 3.75% (8.21%) | | 3/2/2028 | | 2,373 | | | 2,366 | | | 2,349 | | | 0.5 | % | | Nexus Buyer, LLC (b) | | Financials | | S+ 4.00% (8.36%) | | 7/31/2031 | | 7,156 | | | 7,121 | | | 7,173 | | | 1.4 | % | | Nouryon Finance B.V. (f) | | Chemicals | | S+ 3.25% (7.66%) | | 4/3/2028 | | 2,247 | | | 2,231 | | | 2,261 | | | 0.5 | % | | Omnia Partners, LLC (f) | | Business Services | | S+ 2.75% (7.37%) | | 7/25/2030 | | 6,214 | | | 6,177 | | | 6,240 | | | 1.2 | % | | OneDigital Borrower, LLC (f) | | Financials | | S+ 3.25% (7.61%) | | 7/2/2031 | | 6,841 | | | 6,808 | | | 6,849 | | | 1.4 | % | | Osaic Holdings, Inc. (f) | | Financials | | S+ 3.50% (7.86%) | | 8/17/2028 | | 5,491 | | | 5,448 | | | 5,506 | | | 1.1 | % | | Oscar AcquisitionCo, LLC (f) | | Industrials | | S+ 4.25% (8.50%) | | 4/30/2029 | | 4,943 | | | 4,895 | | | 4,884 | | | 1.0 | % | | Peer Holding III B.V. (b) | | Retail | | S+ 3.00% (7.33%) | | 7/1/2031 | | 6,000 | | | 6,000 | | | 6,024 | | | 1.2 | % | | Peraton Corp. (b) | | Industrials | | S+ 3.75% (8.21%) | | 2/1/2028 | | 4,907 | | | 4,884 | | | 4,557 | | | 0.9 | % | | PetSmart, LLC (f) | | Retail | | S+ 3.75% (8.21%) | | 2/11/2028 | | 2,474 | | | 2,473 | | | 2,462 | | | 0.5 | % | | Pluto Acquisition I, Inc. (b) | | Healthcare | | S+ 4.00% (8.52%) | | 9/20/2028 | | 9,730 | | | 9,730 | | | 8,838 | | | 1.7 | % | | PODS, LLC (b) (f) | | Paper & Packaging | | S+ 3.00% (7.85%) | | 3/31/2028 | | 7,442 | | | 7,126 | | | 6,944 | | | 1.4 | % | | Power Stop, LLC (f) | | Transportation | | S+ 4.75% (9.36%) | | 1/26/2029 | | 3,149 | | | 3,125 | | | 2,986 | | | 0.6 | % | | PRA Health Sciences, Inc. | | Healthcare | | 2.88% | | 7/15/2026 | | 8,600 | | | 8,281 | | | 8,284 | | | 1.7 | % | | Pregis TopCo, LLC (b) | | Paper & Packaging | | S+ 4.00% (8.36%) | | 7/31/2026 | | 6,729 | | | 6,707 | | | 6,763 | | | 1.4 | % | | Pretzel Parent, Inc. (b) | | Media/Entertainment | | S+ 4.50% (8.86%) | | 10/1/2031 | | 3,500 | | | 3,449 | | | 3,522 | | | 0.7 | % | | Proofpoint, Inc. (b) | | Software/Services | | S+ 3.00% (7.36%) | | 8/31/2028 | | 6,309 | | | 6,272 | | | 6,335 | | | 1.3 | % | | Pug, LLC (f) | | Media/Entertainment | | S+ 4.75% (9.11%) | | 3/15/2030 | | 4,764 | | | 4,700 | | | 4,766 | | | 1.0 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | Portfolio Company | | Industry | | Investment Coupon Rate (a) | | Maturity | | Principal/Number of Shares | | Amortized Cost | | Fair Value | | % of Members’ Capital (c) | | Quikrete Holdings, Inc. (f) | | Industrials | | S+ 2.25% (6.61%) | | 3/19/2029 | | $ | 1,734 | | | $ | 1,734 | | | $ | 1,732 | | | 0.3 | % | | Quikrete Holdings, Inc. (f) | | Industrials | | S+ 2.50% (6.86%) | | 4/14/2031 | | 6,063 | | | 6,048 | | | 6,056 | | | 1.2 | % | | Radar Bidco SARL (b) | | Transportation | | S+ 3.75% (8.34%) | | 4/4/2031 | | 1,407 | | | 1,400 | | | 1,422 | | | 0.3 | % | | Radiology Partners, Inc. (b) (f) | | Healthcare | | S+ 5.00% (9.78%) 1.50% PIK | | 1/31/2029 | | 10,493 | | | 9,984 | | | 10,345 | | | 2.0 | % | | Raven Acquisition Holdings, LLC (b) (d) | | Healthcare | | S+ 3.25% | | 11/19/2031 | | — | | | (3) | | | 1 | | | 0.0 | % | | Raven Acquisition Holdings, LLC (b) | | Healthcare | | S+ 3.25% (7.61%) | | 11/19/2031 | | 7,933 | | | 7,894 | | | 7,946 | | | 1.6 | % | | Recess Holdings, Inc. (b) | | Consumer | | S+ 4.50% (9.09%) | | 2/20/2030 | | 12,412 | | | 12,281 | | | 12,517 | | | 2.4 | % | | Renaissance Holdings Corp. (f) | | Software/Services | | S+ 4.00% (8.36%) | | 4/5/2030 | | 1,975 | | | 1,974 | | | 1,969 | | | 0.4 | % | | Resolute Investment Managers, Inc. | | Financials | | S+ 6.50% (11.09%) | | 4/30/2027 | | 2,433 | | | 2,433 | | | 2,433 | | | 0.5 | % | | Revere Power, LLC (b) | | Utilities | | S+ 4.25% (8.73%) | | 3/30/2026 | | 8,683 | | | 8,209 | | | 8,564 | | | 1.7 | % | | Revere Power, LLC (b) | | Utilities | | S+ 4.25% (8.73%) | | 3/30/2026 | | 766 | | | 725 | | | 756 | | | 0.2 | % | | Roper Industrial Products Investment Co., LLC (f) | | Industrials | | S+ 2.75% (7.08%) | | 11/22/2029 | | 7,496 | | | 7,340 | | | 7,509 | | | 1.5 | % | | Russell Investments US Institutional Holdco, Inc. (b) | | Financials | | S+ 6.50% (11.09%) 1.50% PIK | | 5/28/2027 | | 5,828 | | | 5,692 | | | 5,544 | | | 1.1 | % | | RXB Holdings, Inc. (b) (f) | | Healthcare | | S+ 4.50% (8.97%) | | 12/20/2027 | | 9,898 | | | 9,896 | | | 9,823 | | | 1.9 | % | | Ryan Specialty Group, LLC (b) | | Financials | | S+ 2.25% (6.61%) | | 9/15/2031 | | 2,002 | | | 1,997 | | | 2,007 | | | 0.4 | % | | S&S Holdings, LLC (f) | | Consumer | | S+ 5.00% (9.46%) | | 3/13/2028 | | 6,738 | | | 6,621 | | | 6,717 | | | 1.3 | % | | Safety Products/JHC Acquisition Corp. (b) | | Industrials | | S+ 4.50% (8.96%) | | 6/28/2026 | | 399 | | | 390 | | | 399 | | | 0.1 | % | | Safety Products/JHC Acquisition Corp. (b) (f) | | Industrials | | S+ 4.50% (8.96%) | | 6/28/2026 | | 7,389 | | | 7,255 | | | 7,389 | | | 1.5 | % | | Saks Global Enterprises, LLC | | Consumer | | 11.00% | | 12/15/2029 | | 3,000 | | | 3,000 | | | 2,885 | | | 0.6 | % | | Sedgwick Claims Management Services, Inc. (b) | | Business Services | | S+ 3.00% (7.59%) | | 7/31/2031 | | 7,291 | | | 7,273 | | | 7,327 | | | 1.5 | % | | Sierra Enterprises, LLC (b) | | Food & Beverage | | S+ 6.75% (11.34%) 4.25% PIK | | 5/10/2027 | | 5,175 | | | 5,113 | | | 5,097 | | | 1.0 | % | | SK Neptune Husky Finance SARL | | Chemicals | | S+ 10.00% (15.59%) 2.00% PIK | | 4/30/2024 | | 650 | | | 645 | | | 650 | | | 0.1 | % | | Sonrava Health Holdings, LLC | | Healthcare | | S+ 6.50% (11.50%) | | 5/18/2028 | | 1,856 | | | 1,612 | | | 1,837 | | | 0.4 | % | | Sonrava Health Holdings, LLC (f) | | Healthcare | | S+ 6.50% (11.50%) 5.50% PIK | | 8/18/2028 | | 10,180 | | | 10,178 | | | 6,108 | | | 1.2 | % | | Sotera Health Holdings, LLC (f) | | Healthcare | | S+ 3.25% (7.84%) | | 5/30/2031 | | 9,975 | | | 9,928 | | | 9,981 | | | 2.0 | % | | Specialty Building Products Holdings, LLC (b) | | Industrials | | S+ 3.75% (8.21%) | | 10/16/2028 | | 4,962 | | | 4,948 | | | 4,932 | | | 1.0 | % | | Staples, Inc. (f) | | Business Services | | S+ 5.75% (10.18%) | | 9/4/2029 | | 7,345 | | | 7,077 | | | 7,007 | | | 1.4 | % | | Team Health Holdings, Inc. (f) | | Healthcare | | S+ 5.25% (9.84%) | | 3/2/2027 | | 2,745 | | | 2,676 | | | 2,649 | | | 0.5 | % | | Tecta America Corp. (f) | | Industrials | | S+ 4.00% (8.47%) | | 4/10/2028 | | 8,772 | | | 8,760 | | | 8,803 | | | 1.8 | % | | TransDigm, Inc. (f) | | Industrials | | S+ 2.50% (6.83%) | | 2/28/2031 | | 5,955 | | | 5,942 | | | 5,963 | | | 1.2 | % | | Traverse Midstream Partners, LLC (b) | | Energy | | S+ 3.00% (7.59%) | | 2/16/2028 | | 12,849 | | | 12,841 | | | 12,898 | | | 2.5 | % | | Triton Water Holdings, Inc. (f) | | Food & Beverage | | S+ 3.25% (7.84%) | | 3/31/2028 | | 7,238 | | | 7,227 | | | 7,286 | | | 1.5 | % | | Triton Water Holdings, Inc. (b) | | Food & Beverage | | S+ 4.00% (8.33%) | | 3/31/2028 | | 1,733 | | | 1,712 | | | 1,746 | | | 0.3 | % | | Truck Hero, Inc. (f) | | Transportation | | S+ 5.00% (9.47%) | | 1/31/2028 | | 1,489 | | | 1,460 | | | 1,492 | | | 0.3 | % | | Truck Hero, Inc. (b) (f) | | Transportation | | S+ 3.50% (7.97%) | | 1/31/2028 | | 8,450 | | | 8,353 | | | 8,180 | | | 1.6 | % | | UKG, Inc. (b) (f) | | Technology | | S+ 3.00% (7.62%) | | 2/10/2031 | | 9,711 | | | 9,642 | | | 9,772 | | | 1.9 | % | | United Airlines, Inc. | | Transportation | | 4.38% | | 4/15/2026 | | 2,000 | | | 1,958 | | | 1,966 | | | 0.4 | % | | United Airlines, Inc. (b) | | Transportation | | S+ 2.00% (6.64%) | | 2/24/2031 | | 3,748 | | | 3,732 | | | 3,755 | | | 0.8 | % | | University Support Services, LLC (f) | | Education | | S+ 2.75% (7.11%) | | 2/12/2029 | | 7,266 | | | 7,252 | | | 7,294 | | | 1.5 | % | | US Anesthesia Partners, Inc. (b) (f) | | Healthcare | | S+ 4.25% (8.92%) | | 10/2/2028 | | 6,986 | | | 6,682 | | | 6,942 | | | 1.4 | % | | Venga Finance SARL (b) | | Telecom | | S+ 4.25% (9.03%) | | 6/28/2029 | | 3,910 | | | 3,820 | | | 3,925 | | | 0.8 | % | | Victory Buyer, LLC (b) | | Industrials | | S+ 3.75% (8.22%) | | 11/20/2028 | | 9,444 | | | 9,143 | | | 9,253 | | | 1.8 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | Portfolio Company | | Industry | | Investment Coupon Rate (a) | | Maturity | | Principal/Number of Shares | | Amortized Cost | | Fair Value | | % of Members’ Capital (c) | | Virgin Media Bristol, LLC (f) | | Telecom | | S+ 3.18% (7.72%) | | 3/31/2031 | | $ | 2,500 | | | $ | 2,498 | | | $ | 2,472 | | | 0.5 | % | | VS Buyer, LLC (b) | | Software/Services | | S+ 2.75% (7.12%) | | 4/14/2031 | | 1,067 | | | 1,065 | | | 1,074 | | | 0.2 | % | | WaterBridge Midstream Operating, LLC (b) | | Energy | | S+ 4.75% (9.08%) | | 6/21/2029 | | 9,975 | | | 9,885 | | | 9,921 | | | 1.9 | % | | Waterbridge NDB Operating, LLC (f) | | Energy | | S+ 4.00% (8.52%) | | 5/10/2029 | | 2,963 | | | 2,935 | | | 2,990 | | | 0.6 | % | | Watlow Electric Manufacturing, Co. (b) | | Industrials | | S+ 3.50% (8.09%) | | 3/2/2028 | | 4,601 | | | 4,590 | | | 4,646 | | | 0.9 | % | | Waystar Technologies, Inc. (b) | | Healthcare | | S+ 2.25% (6.60%) | | 10/22/2029 | | 1,322 | | | 1,321 | | | 1,326 | | | 0.3 | % | | WCG Purchaser Corp. (f) | | Healthcare | | S+ 3.50% (7.86%) | | 1/8/2027 | | 4,923 | | | 4,891 | | | 4,938 | | | 1.0 | % | | WEC US Holdings, Ltd. (b) | | Utilities | | S+ 2.25% (6.80%) | | 1/27/2031 | | 5,506 | | | 5,481 | | | 5,505 | | | 1.1 | % | | WestJet Loyalty, LP (b) | | Transportation | | S+ 3.25% (7.58%) | | 2/14/2031 | | 5,757 | | | 5,703 | | | 5,774 | | | 1.2 | % | | White Cap Supply Holdings, LLC (f) | | Consumer | | S+ 3.25% (7.61%) | | 10/19/2029 | | 6,838 | | | 6,806 | | | 6,843 | | | 1.4 | % | | Windsor Holdings III, LLC (f) | | Chemicals | | S+ 3.50% (7.86%) | | 8/1/2030 | | 3,277 | | | 3,221 | | | 3,312 | | | 0.7 | % | | Zayo Group Holdings, Inc. (f) | | Telecom | | S+ 4.25% (8.61%) | | 3/9/2027 | | 1,583 | | | 1,492 | | | 1,483 | | | 0.3 | % | | Zayo Group Holdings, Inc. (b) (f) | | Telecom | | S+ 3.00% (7.47%) | | 3/9/2027 | | 8,409 | | | 7,524 | | | 7,859 | | | 1.6 | % | | Zelis Cost Management Buyer, Inc. (f) | | Healthcare | | S+ 2.75% (7.11%) | | 9/28/2029 | | 1,866 | | | 1,858 | | | 1,867 | | | 0.4 | % | | Subtotal Senior Secured First Lien Debt | | | | | | | | | | $ | 1,016,979 | | | $ | 1,007,810 | | | 201.3 | % | | | | | | | | | | | | | | | | | Senior Secured Second Lien Debt | | | | | | | | | | | | | | | | American Rock Salt Company, LLC | | Chemicals | | S+ 7.25% (12.03%) | | 6/11/2029 | | $ | 1,943 | | | $ | 1,928 | | | $ | 1,749 | | | 0.3 | % | | Edelman Financial Center, LLC (f) | | Financials | | S+ 5.25% (9.61%) | | 10/6/2028 | | 4,750 | | | 4,739 | | | 4,783 | | | 1.0 | % | | Icon Parent, Inc. (b) | | Software/Services | | S+ 5.00% (9.52%) | | 11/12/2032 | | 5,000 | | | 4,977 | | | 5,069 | | | 1.0 | % | | IDERA, Inc. (b) (e) | | Technology | | S+ 6.75% (11.47%) | | 3/2/2029 | | 1,036 | | | 1,029 | | | 997 | | | 0.2 | % | | Neptune Bidco US, Inc. (f) | | Publishing | | S+ 9.75% (14.51%) | | 10/11/2029 | | 2,000 | | | 1,957 | | | 1,888 | | | 0.4 | % | | Peraton Corp. (b) | | Industrials | | S+ 7.75% (12.36%) | | 2/1/2029 | | 5,000 | | | 4,038 | | | 4,030 | | | 0.8 | % | | Subtotal Senior Secured Second Lien Debt | | | | | | | | | | $ | 18,668 | | | $ | 18,516 | | | 3.7 | % | | | | | | | | | | | | | | | | | Collateralized Securities | | | | | | | | | | | | | | | | Collateralized Securities - Debt Investments | | | | | | | | | | | | | | | | AIG CLO, Ltd. 21-1A F | | Diversified Investment Vehicles | | S+ 6.90% (11.79%) | | 4/22/2034 | | $ | 1,410 | | | $ | 1,304 | | | $ | 1,287 | | | 0.3 | % | | Battalion CLO, Ltd. 21-17A F | | Diversified Investment Vehicles | | S+ 7.50% (12.38%) | | 3/9/2034 | | 1,224 | | | 1,147 | | | 1,023 | | | 0.2 | % | | Carlyle GMS CLO, 16-3A FRR | | Diversified Investment Vehicles | | S+ 8.60% (13.48%) | | 7/20/2034 | | 2,100 | | | 2,001 | | | 1,823 | | | 0.4 | % | | Covenant Credit Partners CLO, Ltd. 17 1A E | | Diversified Investment Vehicles | | S+ 6.45% (11.37%) | | 10/15/2029 | | 2,500 | | | 2,346 | | | 2,445 | | | 0.5 | % | | Eaton Vance CDO, Ltd. 15-1A FR | | Diversified Investment Vehicles | | S+ 7.97% (12.85%) | | 1/20/2030 | | 2,000 | | | 1,809 | | | 1,495 | | | 0.3 | % | | Elevation CLO, Ltd. 13-1A D2 | | Diversified Investment Vehicles | | S+ 11.35% (16.14%) | | 8/15/2032 | | 2,000 | | | 1,969 | | | 1,668 | | | 0.3 | % | | Fortress Credit BSL, Ltd. 22-1A E | | Diversified Investment Vehicles | | S+ 8.15% (12.78%) | | 10/23/2034 | | 1,000 | | | 982 | | | 993 | | | 0.2 | % | | Greywolf CLO, Ltd. 20-3RA ER | | Diversified Investment Vehicles | | S+ 8.74% (13.63%) | | 4/22/2033 | | 1,000 | | | 893 | | | 898 | | | 0.2 | % | | Hayfin Kingsland XI, Ltd. 19-2A ER | | Diversified Investment Vehicles | | S+ 7.72% (12.60%) | | 10/20/2034 | | 2,500 | | | 2,437 | | | 2,474 | | | 0.5 | % | | Highbridge Loan Management, Ltd. 11A-17 E | | Diversified Investment Vehicles | | S+ 6.10% (10.89%) | | 5/6/2030 | | 3,000 | | | 2,777 | | | 2,513 | | | 0.5 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | Portfolio Company | | Industry | | Investment Coupon Rate (a) | | Maturity | | Principal/Number of Shares | | Amortized Cost | | Fair Value | | % of Members’ Capital (c) | | Jamestown CLO, Ltd. 22-18A E | | Diversified Investment Vehicles | | S+ 7.87% (12.50%) | | 7/25/2035 | | $ | 3,000 | | | $ | 2,756 | | | $ | 2,975 | | | 0.5 | % | | KKR Financial CLO, Ltd. 15 FR | | Diversified Investment Vehicles | | S+ 8.50% (13.39%) | | 1/18/2032 | | 2,000 | | | 1,914 | | | 1,768 | | | 0.4 | % | | LCM, Ltd. Partnership 16A ER2 | | Diversified Investment Vehicles | | S+ 6.38% (11.30%) | | 10/15/2031 | | 2,500 | | | 2,330 | | | 2,275 | | | 0.5 | % | | Medalist Partners Corporate Finance CLO, Ltd. 21-1A D | | Diversified Investment Vehicles | | S+ 7.48% (12.36%) | | 10/20/2034 | | 3,000 | | | 2,874 | | | 2,964 | | | 0.6 | % | | Northwoods Capital, Ltd. 17-15A ER | | Diversified Investment Vehicles | | S+ 7.64% (12.26%) | | 6/20/2034 | | 3,000 | | | 2,933 | | | 2,959 | | | 0.5 | % | | OCP CLO, Ltd. 14-5A DR | | Diversified Investment Vehicles | | S+ 5.70% (10.58%) | | 4/26/2031 | | 2,200 | | | 2,108 | | | 2,085 | | | 0.4 | % | | OZLM, Ltd. 16-15A DR | | Diversified Investment Vehicles | | S+ 6.75% (11.63%) | | 4/20/2033 | | 2,000 | | | 1,921 | | | 1,875 | | | 0.4 | % | | Palmer Square CLO, Ltd. 21-4A F | | Diversified Investment Vehicles | | S+ 7.66% (12.58%) | | 10/15/2034 | | 1,500 | | | 1,437 | | | 1,383 | | | 0.3 | % | | Saranac CLO, Ltd. 20-8A E | | Diversified Investment Vehicles | | S+ 8.12% (12.90%) | | 2/20/2033 | | 1,455 | | | 1,443 | | | 1,412 | | | 0.3 | % | | Sculptor CLO, Ltd. 27A E | | Diversified Investment Vehicles | | S+ 7.05% (11.93%) | | 7/20/2034 | | 1,500 | | | 1,464 | | | 1,469 | | | 0.3 | % | | Sound Point CLO, Ltd. 17-1A E | | Diversified Investment Vehicles | | S+ 5.96% (10.85%) | | 1/23/2029 | | 4,000 | | | 3,736 | | | 3,920 | | | 0.7 | % | | Sound Point CLO, Ltd. 17-2A E | | Diversified Investment Vehicles | | S+ 6.10% (10.99%) | | 7/25/2030 | | 2,400 | | | 2,155 | | | 1,942 | | | 0.4 | % | | Sound Point CLO, Ltd. 18-3A D | | Diversified Investment Vehicles | | S+ 5.79% (10.67%) | | 10/26/2031 | | 1,000 | | | 922 | | | 787 | | | 0.2 | % | | Symphony CLO, Ltd. 2012-9A ER2 | | Diversified Investment Vehicles | | S+ 6.95% (11.86%) | | 7/16/2032 | | 3,000 | | | 2,816 | | | 2,881 | | | 0.5 | % | | Trimaran CAVU 2021-2A, Ltd. 21-2A E | | Diversified Investment Vehicles | | S+ 7.20% (12.09%) | | 10/25/2034 | | 3,000 | | | 2,951 | | | 2,931 | | | 0.6 | % | | Trysail CLO, Ltd. 21-1A E | | Diversified Investment Vehicles | | S+ 7.38% (12.26%) | | 7/20/2032 | | 1,500 | | | 1,456 | | | 1,491 | | | 0.3 | % | | Venture CDO, Ltd. 16-23A ER2 | | Diversified Investment Vehicles | | S+ 7.55% (12.43%) | | 7/19/2034 | | 3,000 | | | 2,925 | | | 2,806 | | | 0.6 | % | | Venture CLO 43, Ltd. 21-43A E | | Diversified Investment Vehicles | | S+ 7.15% (12.07%) | | 4/15/2034 | | 3,000 | | | 2,927 | | | 2,807 | | | 0.6 | % | | Wind River CLO, Ltd. 14-2A FR | | Diversified Investment Vehicles | | S+ 7.87% (12.79%) | | 1/15/2031 | | 3,000 | | | 2,612 | | | 855 | | | 0.2 | % | | Zais CLO 13, Ltd. 19-13A D1 | | Diversified Investment Vehicles | | S+ 4.52% (9.44%) | | 7/15/2032 | | 3,000 | | | 2,784 | | | 2,915 | | | 0.6 | % | | Subtotal Collateralized Securities | | | | | | | | | | $ | 64,129 | | | $ | 61,119 | | | 12.3 | % | | | | | | | | | | | | | | | | | Equity/Other | | | | | | | | | | | | | | | | Avaya Holdings Corp. | | Technology | | | | | | 88 | | $ | 1,244 | | | $ | 528 | | | 0.1 | % | | Avaya Holdings Corp. | | Technology | | | | | | 17 | | 244 | | | 104 | | | 0.0 | % | | Gordian Medical, Inc. | | Healthcare | | | | | | 405 | | | 7,361 | | | 7,146 | | | 1.4 | % | | Gordian Medical, Inc. | | Healthcare | | | | | | 392 | | | — | | | — | | | — | % | | PG&E Corp. | | Utilities | | 6.00% | | 12/1/2027 | | 139 | | | 7,081 | | | 6,946 | | | 1.4 | % | | Resolute Investment Managers, Inc. | | Financials | | | | | | 30 | | | 1,286 | | | 991 | | | 0.2 | % | | Subtotal Equity/Other | | | | | | | | | | $ | 17,216 | | | $ | 15,715 | | | 3.1 | % | | | | | | | | | | | | | | | | | TOTAL INVESTMENTS | | | | | | | | | | $ | 1,116,992 | | | $ | 1,103,160 | | | 220.4 | % |
(a) The majority of the investments bear interest at a rate that may be determined by reference to Secured Overnight Financing Rate ("SOFR" or "S") which reset daily, monthly, quarterly, or semiannually. For each, SLF has provided the spread over the relevant reference rate and the current interest rate in effect at December 31, 2024. Certain investments are subject to reference rate floors. For fixed rate loans, a spread above a reference rate is not applicable. For floating rate securities the all-in rate is disclosed within parentheses. (b) SLF’s investment or a portion thereof is pledged as collateral under the BAML Credit Facility. Individual investments can be divided into parts which are pledged to separate credit facilities. (c) Percentages are based on SLF members' capital as of December 31, 2024. (d) SLF has various unfunded commitments to portfolio companies. (e) SLF’s investment or a portion thereof is held through a total return swap agreement with J.P. Morgan. (f) SLF's investment or a portion thereof is pledged as collateral under the CIBC Credit Facility. Individual investments can be divided into parts which are pledged to separate credit facilities.
SLF had $1.4 million of unfunded commitments as of December 31, 2024.
Below is certain summarized financial information for SLF as of June 30, 2025 and December 31, 2024 and for the three and six months ended June 30, 2025 and June 30, 2024:
| | | | | | | | | | | | | Selected Statements of Assets and Liabilities Information | June 30, | | December 31, | | 2025 | | 2024 | | (Unaudited) | | | | ASSETS | | | | Investments, at fair value (amortized cost of $947,154 and $1,116,992, respectively) | $ | 923,466 | | | $ | 1,103,160 | | | Cash and other assets | 67,026 | | | 48,176 | | | Total assets | $ | 990,492 | | | $ | 1,151,336 | | | | | | | LIABILITIES | | | | Revolving credit facilities (net of deferred financing costs of $1,311 and $1,469, respectively) | $ | 550,189 | | | $ | 588,531 | | | Secured borrowings | 638 | | | 4,599 | | | Other liabilities | 46,285 | | | 57,568 | | | Total Liabilities | $ | 597,112 | | | $ | 650,698 | | | | | | | MEMBERS’ CAPITAL | | | | | Total members’ capital | $ | 393,380 | | | $ | 500,638 | | | | | | | Total liabilities and members’ capital | $ | 990,492 | | | $ | 1,151,336 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Selected Statements of Operations Information | | For the three months ended June 30, | | For the six months ended June 30, | | | 2025 | | 2024 | | 2025 | | 2024 | | | | | (Unaudited) | | (Unaudited) | | (Unaudited) | | (Unaudited) | | | | Investment income: | | | | | | | | | | | | Total investment income | | $ | 20,787 | | | $ | 24,893 | | | $ | 43,584 | | | $ | 50,889 | | | | | | | | | | | | | | | | Operating expenses: | | | | | | | | | | | | Interest and credit facility financing expenses | | 8,949 | | | 10,751 | | | 18,047 | | | 21,204 | | | | | Other expenses | | 604 | | | 624 | | | 1,214 | | | 1,219 | | | | | Total expenses | | 9,553 | | | 11,375 | | | 19,261 | | | 22,423 | | | | | | | | | | | | | | | | Net investment income | | 11,234 | | | 13,518 | | | 24,323 | | | 28,466 | | | | | | | | | | | | | | | | Realized and unrealized gain (loss) on investments: | | | | | | | | | | | | Net realized and unrealized gain (loss) on investments | | (1,145) | | | (1,546) | | | (13,011) | | | 657 | | | | | | | | | | | | | | | | Net increase (decrease) in members’ capital resulting from operations | | $ | 10,089 | | | $ | 11,972 | | | $ | 11,312 | | | $ | 29,123 | | | |
Unconsolidated Significant Subsidiaries
In accordance with Rules 3-09 and 4-08(g) of Regulation S-X (“Rule 3-09” and “Rule 4-08(g),” respectively), the Company must determine which of its unconsolidated controlled affiliated investments are considered significant subsidiaries, if any. The Company had certain unconsolidated controlled affiliated investments for the six months ended June 30, 2025 that met at least one of the significance considerations under Regulation S-X. Accordingly, the summarized financial information for FBLC Senior Loan Fund, LLC is provided above in Note 3. Included below is the summarized financial information for Post Road Equipment Financing, LLC.
| | | | | | | | | | | | | | | | | Selected Balance Sheet Information | | | As of June 30, | | As of December 31, | | | | 2025 | | 2024 | | | | (Unaudited) | | | | Total Assets | | | $ | 1,222,967 | | | $ | 1,197,913 | | | Total Liabilities | | | 1,062,042 | | | 1,034,298 | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Selected Income Statement Information | | For the Three Months Ended June 30, | | For the Six Months Ended June 30, | | | | | 2025 | | 2024 | | 2025 | | 2024 | | | | | (Unaudited) | | (Unaudited) | | (Unaudited) | | (Unaudited) | | | | Revenues | | $ | 35,228 | | | $ | 31,230 | | | $ | 69,335 | | | $ | 62,655 | | | | | Net income (loss) | | 3,939 | | | 3,352 | | | 3,568 | | | 10,626 | | | |
|