Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2025

Schedule of Fair Value Measurements of Investments, by Major Class

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

Schedule of Investment Measured on Recurring Basis, Unobservable Input Reconciliation

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.

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.

Schedule of Investment Holdings, Schedule of Investments

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	%

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.

(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.

(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.

Schedule of Fair Value Measurement Inputs and Valuation Techniques

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

Senior Secured First Lien Debt (b)

68,916

Yield Analysis

Revenue Multiple

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

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%

Subordinated Debt (b)

27,045

Waterfall Analysis

Discount Rate

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%

Collateralized Securities (b)

1,409

Yield Analysis

Discount Rate

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%

Equity/Other

6,006

Waterfall Analysis

Revenue Multiple

0.08x

1.60x

Equity/Other (b)

1,405

Waterfall Analysis

Adjusted BV Multiple

1.97x

FBLC Senior Loan Fund, LLC (b)

304,934

Discounted Cash Flow

Discount Rate

12.59%

Total

3,997,407

______________

(a) Weighted averages are calculated based on fair value of investments.

(b) This asset category contains one investment.

(d) Range and weighted average shown in millions.

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

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

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%

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

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

Equity/Other

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%

Total

3,851,424

______________

(a) Weighted averages are calculated based on fair value of investments.

(b) This asset category contains one investment.

(d) Range and weighted average shown in millions.

Schedule of Investment Holdings

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.

Schedule of Summarized Financial Information

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


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

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details