v3.26.1
Investments (Tables)
 12 Months Ended
Feb. 28, 2026
Schedule of Investments [Line Items]  
Schedule of Fair Value Measurements of Investments, by Major Class

The following table presents fair value measurements of investments, by major class, as of February 28, 2026 (dollars in thousands), according to the fair value hierarchy:

 

   Fair Value Measurements   Valued Using Net     
   Level 1   Level 2   Level 3   Asset Value*   Total 
First lien term loans  $
-
   $
-
   $910,991   $
-
   $910,991 
Second lien term loans   
-
    
-
    42,707    
-
    42,707 
Unsecured term loans   
-
    
-
    16,130    
-
    16,130 
Structured finance securities   
-
    46,412    8,422    
-
    54,834 
Equity interests   
-
    
-
    82,937    1,535    84,472 
Total  $
-
   $46,412   $1,061,187   $1,535   $1,109,134 

 

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

  

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

 

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

 

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

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the year ended February 28, 2026 (dollars in thousands):

 

   First lien term loans   Second lien term loans   Unsecured term loans   Structured
finance
securities		   Equity interests   Total 
Balance as of February 28, 2025  $867,866   $6,388   $16,534   $14,772   $69,437   $974,997 
Payment-in-kind and other adjustments to cost   1,918    1,147    
-
    (480)   
-
    2,585 
Net accretion of discount on investments   2,230    10    
-
    858    
-
    3,098 
Net change in unrealized appreciation (depreciation) on investments   (3,962)   468    (404)   (2,920)   5,061    (1,757)
Purchases   208,408    34,694    
-
    8,443    9,610    261,155 
Sales and repayments   (165,469)   
-
    
-
    (12,251)   (6,917)   (184,637)
Net realized gain (loss) from investments   
-
    
-
    
-
    
-
    5,746    5,746 
Balance as of February 28, 2026  $910,991   $42,707   $16,130   $8,422   $82,937   $1,061,187 
Net change in unrealized appreciation (depreciation) for the year relating to those Level 3 assets that were still held by the Company at the end of the year  $(5,388)  $468   $(404)  $(2,385)  $6,955   $(754)

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the year ended February 28, 2025 (dollars in thousands):

 

   First lien term loans   Second lien term loans   Unsecured term loans   Structured
finance
securities		   Equity interests   Total 
Balance as of February 29, 2024  $976,423   $18,097   $15,818   $30,626   $88,426   $1,129,390 
Payment-in-kind and other adjustments to cost   2,409    8,267    
-
    (7,113)   3    3,566 
Net accretion of discount on investments   2,799    9    
-
    
-
    
-
    2,808 
Net change in unrealized appreciation (depreciation) on investments   37,778    3,165    716    (8,741)   (7,621)   25,297 
Purchases   163,009    
-
    
-
    
-
    5,069    168,078 
Sales and repayments   (266,880)   (23,150)   
-
    
-
    (22,083)   (312,113)
Net realized gain (loss) from investments   (47,672)   
-
    
-
    
-
    5,643    (42,029)
Balance as of February 28, 2025  $867,866   $6,388   $16,534   $14,772   $69,437   $974,997 
Net change in unrealized appreciation (depreciation) for the year relating to those Level 3 assets that  were still held by the Company at the end of the year  $(6,384)  $(71)  $716   $(8,741)  $(2,893)  $(17,373)
Schedule of Valuation Techniques and Significant Unobservable Inputs Used in Recurring Level 3 Fair Value Measurements of Assets

The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of assets as of February 28, 2026 were as follows (dollars in thousands):

 

    Fair Value     Valuation Technique   Unobservable Input   Range   Weighted Average*
First lien term loans   $ 910,991     Market Comparables   Market Yield (%)   8.3%  - 30.9%   11.1%
                EBITDA Multiples (x)   12.1x   12.1x
Second lien term loans     42,707     Market Comparables   Market Yield (%)   11.1% - 16.9%   12.2%
Unsecured term loans     16,130     Discounted Cash Flow   Discount Rate (%)   10.0%   10.0%
Structured finance securities     8,422     Discounted Cash Flow   Discount Rate (%)   8.50% - 70.0%   10.9%
                Recovery Rate (%)   70.0%   70.0%
                Prepayment Rate (%)   20.0%   20.0%
Equity interests     82,937     Market Comparables   Market Yield (%)   13.5%   0.1%
            Enterprise Value Waterfall (x)   Revenue Multiples   0.1x - 8.2x   6.0x
            Black-Scholes Modeling   Volatility (%)   38.7%   38.7%
                EBITDA Multiples (x)   0.5x - 20.0x   9.4x
Total   $ 1,061,187                  

 

*The weighted average in the table above is calculated based on each investment’s fair value weighting, using the applicable unobservable input, excluding the recovery rate for Structured finance securities.

 

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

 

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

 

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

The composition of our investments as of February 28, 2026 at amortized cost and fair value was as follows (dollars in thousands):

 

   Investments at
Amortized Cost		   Amortized Cost
Percentage of
Total Portfolio		   Investments at
Fair Value		  

Fair Value
Percentage of
Total

Portfolio

 
First lien term loans  $920,429    81.0%  $910,991    82.1%
Second lien term loans   42,945    3.8    42,707    3.9 
Unsecured term loans   17,619    1.6    16,130    1.5 
Structured finance securities   78,962    6.9    54,834    4.9 
Equity interests   76,433    6.7    84,472    7.6 
Total  $1,136,388    100.0%  $1,109,134    100.0%

 

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

 

   Investments at
Amortized
Cost		   Amortized Cost
Percentage of
Total
Portfolio		   Investments at
Fair Value		   Fair Value
Percentage of
Total
Portfolio		 
First lien term loans  $873,342    87.3%  $867,866    88.7%
Second lien term loans   7,094    0.7    6,388    0.7 
Unsecured term loans   17,619    1.8    16,534    1.7 
Structured finance securities   35,657    3.6    14,772    1.5 
Equity interests   66,381    6.6    72,518    7.4 
Total  $1,000,093    100.0%  $978,078    100.0%
Schedule of Investments for SLF JV

The following table shows the schedule of investment for SLF JV as of February 28, 2026:

 

Company   Industry   Investment
Interest Rate/
Maturity		   Original
Acquisition
Date		   Principal/
Number of
Shares		     Cost     Fair Value     % of
Net Assets		  
Saratoga Investment Corp Senior Loan Fund 2022-1, Ltd   Structured Finance Securities   Other/Structured Finance Securities, 3.58% 10/20/2033   10/28/2022     40,100,000     $ 27,873,499     $ 21,825,598       1,243.77 %
TOTAL INVESTMENT                       $ 27,873,499     $ 21,825,598       1,243.77 %

 

   Number of
Shares		   Cost   Fair Value   % of
Net Assets		 
Money Market Funds (included in cash and cash equivalents) - 1.1% (b)                
Goldman Sachs Financial Square Government Fund (1)   83,648   $83,648   $83,648    4.77%
Total cash and cash equivalents   83,648   $83,648   $83,648    4.77%

 

(1)Current yield as of February 28, 2026, was approximately 3.59% on the Goldman Sachs Financial Square Government Fund.

 

The following table shows the schedule of investment for SLF JV as of February 28, 2025:

 

Company  Industry  Investment
Interest Rate/
Maturity		  Original
Acquisition
Date		  Principal/
Number of
Shares		   Cost   Fair Value   % of
Net Assets		 
Saratoga Investment Corp Senior Loan Fund 2022-1, Ltd  Structured Finance Securities  Other/Structured Finance Securities, 3.00% 10/20/2033  10/28/2022   40,100,000   $30,410,415   $23,676,606    672.4%
TOTAL INVESTMENT                $30,410,415   $23,676,606    672.4%

 

   Number of
Shares		   Cost   Fair Value   % of
Net Assets		 
Money Market Funds (included in cash and cash equivalents) - 2.0% (b)                
Goldman Sachs Financial Square Government Fund (1)   71,444   $71,444   $71,444    2.0%
Total cash and cash equivalents and cash and cash equivalents, reserve accounts   71,444   $71,444   $71,444    2.0%

 

(1)Current yield as of February 28, 2025, was approximately 4.28% on the Goldman Sachs Financial Square Government Fund. 
Saratoga CLO [Member]  
Schedule of Investments [Line Items]  
Schedule of Valuation Techniques and Significant Unobservable Inputs Used in Recurring Level 3 Fair Value Measurements of Assets

The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of assets as of February 28, 2026 were as follows (dollars in thousands):

 

  

Fair Value

   Valuation Technique  Unobservable Inputs  Range (Weighted Average)*
Term loans  $25,835,252   Market Approach  Third-Party Bid  9.50% - 100.13% (93.60%)
Equity interests   831,552   Market Approach  Third-Party Bid  0.3% - 100% (62.83%)
Total  $26,666,804          

 

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

 

   Fair Value   Valuation Technique  Unobservable Inputs  Range (Weighted Average)*
Term loans  $39,203,487   Market Approach  Third-Party Bid  2.5% - 101.4% (97.89%)
Equity interests   946,891   Market Approach  Third-Party Bid  0.4% - 100.0 % (13.7%)
Total  $40,150,378          

 

*Weighted average represents the arithmetic average of the inputs and is not weighted by the relative fair value or notional amount.
Schedule of Statements of Assets and Liabilities

Below is certain financial information from the separate financial statements of Saratoga CLO as of February 28, 2026 and February 28, 2025.

   February 28,
2026		   February 28,
2025		 
         
ASSETS        
Investments at fair value        
Loans at fair value (amortized cost of $381,488,638 and $517,757,349, respectively)  $353,285,019   $490,510,660 
Equities at fair value (amortized cost of $1,324,217 and $2,578,454, respectively)   831,552    1,684,429 
Total investments at fair value (amortized cost of $382,812,855 and $520,335,803, respectively)   354,116,571    492,195,089 
Cash and cash equivalents   22,319,387    21,272,327 
Receivable from open trades   10,432,424    1,138,899 
Interest receivable (net of reserve of $817,651 and $1,121,546, respectively)   2,115,446    2,380,214 
Due from affiliate (See Note 7)   1,591    801 
Prepaid expenses and other assets   596,520    101,453 
Total assets  $389,581,939   $517,088,783 
           
LIABILITIES          
Interest payable  $2,852,957   $3,739,343 
Accrued base management fee   49,944    62,839 
Accrued subordinated management fee   199,776    251,354 
Accounts payable and accrued expenses   568,796    143,135 
Saratoga Investment Corp. CLO 2013-1, Ltd. Notes:          
Class A-1-R-4 Senior Secured Floating Rate Notes   156,828,563    270,719,300 
Class A-2-R-4 Senior Secured Floating Rate Notes   65,000,000    65,000,000 
Class B-FL-R-3 Senior Secured Floating Rate Notes   60,500,000    60,500,000 
Class B-FXD-R-3 Senior Secured Fixed Rate Notes   11,000,000    11,000,000 
Class C-FL-R-3 Deferrable Mezzanine Floating Rate Notes   26,000,000    26,000,000 
Class C-FXD-R-3 Deferrable Mezzanine Fixed Rate Notes   6,500,000    6,500,000 
Class D-R-3 Deferrable Mezzanine Floating Rate Notes   39,000,000    39,000,000 
Discount on Class D-R-3 Notes   (171,966)   (196,033)
Class E-R-3 Deferrable Mezzanine Floating Rate Notes   27,625,000    27,625,000 
Discount on Class E-R-3 Notes   (1,786,533)   (2,036,565)
Class F-1-R-3 Notes Deferrable Junior Floating Rate Notes   8,500,000    8,500,000 
Class F-2-R-3 Notes Deferrable Junior Floating Rate Notes   9,375,000    9,375,000 
Deferred debt financing costs   (1,081,116)   (1,229,456)
Subordinated Notes   111,000,000    111,000,000 
Discount on Subordinated Notes   (28,255,929)   (32,210,459)
Total liabilities   493,704,492    603,743,458 
           
Commitments and contingencies          
           
NET ASSETS          
Ordinary equity, par value $1.00, 250 ordinary shares authorized, 250 and 250 common shares issued and outstanding, respectively   250    250 
Total distributable earnings (loss)   (104,122,803)   (86,654,925)
Total net deficit   (104,122,553)   (86,654,675)
Total liabilities and net assets  $389,581,939   $517,088,783 
Schedule of Consolidated Statements of Operations
   For the years ended 
   February 28,
2026		   February 28,
2025		   February 29,
2024		 
INVESTMENT INCOME            
Total interest from investments  $40,796,860   $55,501,782   $61,667,773 
Interest from cash and cash equivalents   905,534    1,128,878    719,268 
Other income   294,406    1,278,155    929,392 
Total investment income   41,996,800    57,908,815    63,316,433 
                
EXPENSES               
Interest and debt financing expenses   36,146,891    54,573,978    57,706,205 
Base management fee   517,303    622,893    654,046 
Subordinated management fee   2,069,213    2,491,573    2,616,185 
Professional fees   310,893    282,012    307,340 
Trustee expenses   184,047    240,883    262,197 
Other expense   369,937    334,443    241,181 
Total expenses   39,598,284    58,545,782    61,787,154 
NET INVESTMENT INCOME (LOSS)   2,398,516    (636,967)   1,529,279 
                
REALIZED AND UNREALIZED LOSS ON INVESTMENTS               
Net realized loss from investments   (19,310,824)   (9,263,724)   (18,580,949)
Net change in unrealized depreciation on investments   (555,570)   (4,696,778)   16,200,597 
Net realized and unrealized gain (loss) on investments   (19,866,394)   (13,960,502)   (2,380,352)
Realized losses on extinguishment of debt   
-
    (579,213)   
-
 
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS  $(17,467,878)  $(15,176,682)  $(851,073)
Schedule of Financial Statements of Saratoga CLO
Issuer Name  Industry  Asset Name  Asset
Type		  Reference Rate/Spread  SOFR/LIBOR Floor   Current Rate (All In)   Maturity Date  Principal/
Number of Shares		   Cost   Fair Value 
ALTISOURCE PORTFOLIO SOL  Banking, Finance, Insurance & Real Estate  Common Stock  Equity                   37,028   $216,246   $282,156 
Altisource Portfolio Solutions - CS Warrant  Banking, Finance, Insurance & Real Estate  Warrants  Equity                   990    3,736    330 
Altisource Portfolio Solutions - NS Warrant  Banking, Finance, Insurance & Real Estate  Warrants  Equity                   990    3,129    426 
Instant Brands Litigation Trust  Consumer Goods: Durable  Equity Interests  Equity                   82,384    66,525    500,000 
Isagenix International, LLC  Beverage, Food & Tobacco  Common Stock  Equity                   86,398    
-
    
-
 
JP Intermediate B, LLC  Consumer goods: Non-durable  Common Stock  Equity                   9,319    
-
    
-
 
Resolute Investment Managers (American Beacon), Inc.  Banking, Finance, Insurance & Real Estate  Common Stock  Equity                   24,320    1,034,581    48,640 
1011778 B.C Unltd Liability Co  Beverage, Food & Tobacco  Term Loan B6  Loan  1M USD SOFR+  1.75%   0.00%   5.42%  9/20/2030  $1,361,428    1,347,552    1,359,154 
19TH HOLDINGS GOLF, LLC  Consumer goods: Durable  Term Loan  Loan  1M USD SOFR+  3.25%   0.50%   7.02%  2/7/2029   2,423,420    2,366,682    2,412,830 
888 Acquisitions Limited  Hotel, Gaming & Leisure  Term Loan B  Loan  6M USD SOFR+  5.25%   0.00%   9.05%  7/8/2028   3,005,629    2,830,391    2,806,506 
Adtalem Global Education Inc.  Services: Business  Term Loan B (08/24)  Loan  1M USD SOFR+  2.75%   0.75%   6.42%  8/12/2028   237,528    236,609    237,331 
Agiliti Health Inc.  Healthcare & Pharmaceuticals  Term Loan B (03/23)  Loan  6M USD SOFR+  3.00%   0.00%   6.58%  5/1/2030   2,132,332    2,121,217    2,031,110 
AHEAD DB Holdings, LLC  Services: Business  Term Loan B3 (07/24)  Loan  3M USD SOFR+  2.50%   0.75%   6.17%  2/1/2031   2,866,735    2,817,968    2,785,205 
Air Canada  Transportation: Consumer  Term Loan B (03/24)  Loan  1M USD SOFR+  1.75%   0.00%   5.47%  3/21/2031   982,500    980,765    980,289 
AIT Worldwide Logistics Holdings, Inc.  Transportation: Cargo  Term Loan B (01/25)  Loan  1M USD SOFR+  4.00%   0.75%   7.67%  4/8/2030   2,431,139    2,337,505    2,421,634 
AlixPartners, LLP  Banking, Finance, Insurance & Real Estate  Term Loan (08/25)  Loan  1M USD SOFR+  2.00%   0.00%   5.67%  8/12/2032   239,374    239,374    235,585 
Allen Media, LLC  Media: Diversified & Production  Term Loan (7/21)  Loan  3M USD SOFR+  5.50%   0.00%   9.32%  2/10/2027   4,258,657    4,252,679    2,516,866 
Alliant Holdings Intermediate, LLC  Banking, Finance, Insurance & Real Estate  Term Loan (8/25)  Loan  1M USD SOFR+  2.50%   0.00%   6.17%  9/19/2031   789,061    789,061    769,879 
Alterra Mountain Company (Intrawest Resort Holdings)  Hotel, Gaming & Leisure  Term Loan B8 (07/25)  Loan  1M USD SOFR+  2.50%   0.00%   6.17%  5/31/2030   247,508    247,508    247,508 
Altisource Solutions S.a r.l.  Banking, Finance, Insurance & Real Estate  Term Loan (Specified) B  Loan  3M USD SOFR+  6.50%   3.50%   10.27%  2/20/2029   496,248    486,595    496,248 
Altium Packaging LLC  Containers, Packaging & Glass  Term Loan B  Loan  1M USD SOFR+  2.50%   0.00%   6.17%  6/11/2031   477,725    476,870    460,207 
American Axle & Manufacturing Inc.  Automotive  Term Loan (12/22)  Loan  1M USD SOFR+  3.00%   0.50%   6.66%  12/13/2029   480,000    471,250    478,800 
American Greetings Corporation  Media: Advertising, Printing & Publishing  Term Loan B (04/24)  Loan  1M USD SOFR+  5.75%   0.00%   9.42%  10/30/2029   2,852,238    2,851,373    2,845,108 
Amynta Agency Borrower Inc.  Banking, Finance, Insurance & Real Estate  Term Loan B  Loan  1M USD SOFR+  2.50%   0.00%   6.17%  12/29/2031   3,390,033    3,332,526    3,278,637 
APEX GROUP TREASURY LLC  Banking, Finance, Insurance & Real Estate  Term Loan (2/25)  Loan  3M USD SOFR+  3.50%   0.00%   7.17%  2/27/2032   486,362    467,586    430,431 
Aramark Services, Inc.  Services: Consumer  Term Loan B-10 (12/25)  Loan  1M USD SOFR+  1.75%   0.00%   5.42%  6/24/2030   2,230,663    2,209,788    2,232,515 
Aramark Services, Inc.  Services: Consumer  Term Loan (08/25)  Loan  1M USD SOFR+  1.75%   0.00%   5.42%  4/6/2028   1,753,715    1,751,257    1,754,820 
ARC FALCON I INC.  Chemicals, Plastics, & Rubber  Term Loan  Loan  1M USD SOFR+  3.50%   0.50%   7.27%  9/23/2028   961,274    960,627    957,938 
ARCIS GOLF LLC  Services: Consumer  Term Loan B (01/25)  Loan  1M USD SOFR+  2.75%   0.50%   6.42%  11/24/2028   489,544    486,712    490,919 
Aretec Group, Inc.  Banking, Finance, Insurance & Real Estate  Term Loan B-4  Loan  1M USD SOFR+  3.00%   0.00%   6.67%  8/9/2030   2,603,226    2,592,314    2,509,223 
Ascensus Group Holdings, Inc  Banking, Finance, Insurance & Real Estate  Term Loan  Loan  1M USD SOFR+  3.00%   0.00%   6.67%  11/24/2032   490,842    488,123    478,978 
Aspire Bakeries Holdings, LLC  Beverage, Food & Tobacco  Term Loan (12/25)  Loan  1M USD SOFR+  3.00%   0.00%   6.67%  12/23/2030   886,545    880,042    887,653 
Asurion, LLC  Banking, Finance, Insurance & Real Estate  Term Loan B10  Loan  1M USD SOFR+  4.00%   0.00%   7.77%  8/19/2028   1,935,000    1,887,506    1,932,581 
Asurion, LLC  Banking, Finance, Insurance & Real Estate  Term Loan B12  Loan  1M USD SOFR+  4.25%   0.00%   7.92%  9/19/2030   2,882,984    2,880,325    2,874,335 
ATHENAHEALTH GROUP INC.  Healthcare & Pharmaceuticals  Term Loan B (2/22)  Loan  1M USD SOFR+  2.75%   0.50%   6.42%  2/15/2029   1,294,020    1,291,768    1,258,435 
Avolon TLB Borrower 1 (US) LLC  Capital Equipment  Term Loan B6  Loan  1M USD SOFR+  1.75%   0.00%   5.42%  6/22/2030   1,457,896    1,427,348    1,462,196 
Axalta Coating Systems US Holdings  Chemicals, Plastics, & Rubber  Term Loan B (11/24)  Loan  3M USD SOFR+  1.75%   0.50%   5.42%  12/20/2029   725,038    720,887    724,675 
Issuer Name  Industry  Asset Name  Asset
Type		  Reference Rate/Spread  SOFR/LIBOR Floor   Current Rate (All In)   Maturity Date  Principal/
Number of Shares		   Cost   Fair Value 
B&G Foods, Inc.  Beverage, Food & Tobacco  Term Loan B  Loan  1M USD SOFR+  3.50%   0.00%   7.17%  10/10/2029   526,951    525,719    495,334 
Baldwin Insurance Group Holdings, LLC  Banking, Finance, Insurance & Real Estate  Term Loan B2  Loan  1M USD SOFR+  2.50%   0.00%   6.16%  5/27/2031   1,623,917    1,615,529    1,590,091 
Belfor Holdings Inc.  Services: Consumer  Term Loan B  Loan  1M USD SOFR+  2.75%   0.50%   6.42%  11/4/2030   1,386,385    1,376,720    1,388,118 
Bengal Debt Merger Sub LLC (c)  Beverage, Food & Tobacco  Third Out Term Loan  Loan  3M USD SOFR+  1.00%   0.50%   4.77%  1/24/2030   402,884    165,333    84,831 
Bombardier Recreational Products, Inc.  Consumer goods: Durable  Term Loan  Loan  1M USD SOFR+  2.25%   0.00%   5.92%  1/22/2031   1,411,439    1,408,828    1,411,877 
Bombardier Recreational Products, Inc.  Consumer goods: Durable  Term Loan B3  Loan  1M USD SOFR+  2.25%   0.50%   5.92%  12/13/2029   483,893    476,456    485,224 
Boxer Parent Company, Inc.  High Tech Industries  Term Loan  Loan  3M USD SOFR+  3.00%   0.00%   6.82%  7/30/2031   999,640    996,144    917,849 
BroadStreet Partners, Inc.  Banking, Finance, Insurance & Real Estate  Term Loan B-4  Loan  1M USD SOFR+  2.50%   0.00%   6.17%  6/16/2031   2,868,890    2,867,506    2,739,503 
Brookfield WEC Holdings Inc.  Energy: Electricity  Term Loan B  Loan  1M USD SOFR+  2.00%   0.00%   5.67%  1/27/2031   1,425,973    1,425,973    1,421,267 
Brookfield Property REIT Inc.  Banking, Finance, Insurance & Real Estate  Term Loan B (05/25)  Loan  1M USD SOFR+  3.50%   0.00%   7.17%  5/16/2030   1,730,609    1,764,353    1,733,084 
BROWN GROUP HOLDING, LLC  Aerospace & Defense  Term Loan B-2  Loan  3M USD SOFR+  2.50%   0.00%   6.17%  7/1/2031   486,359    478,134    487,060 
Buckeye Partners, L.P.  Utilities: Oil & Gas  Term Loan B-7 (10/25)  Loan  1M USD SOFR+  1.75%   0.00%   5.42%  11/22/2032   1,136,241    1,133,991    1,138,604 
BW Gas & Convenience Holdings LLC  Beverage, Food & Tobacco  Term Loan B  Loan  1M USD SOFR+  3.50%   0.50%   7.29%  3/31/2028   2,387,500    2,378,891    2,378,547 
Callaway Golf Company  Retail  Term Loan B  Loan  1M USD SOFR+  2.75%   0.00%   6.42%  3/16/2030   76,620    76,101    76,907 
Camping World, Inc.  Retail  Term Loan B (5/21)  Loan  1M USD SOFR+  2.50%   0.75%   6.29%  6/5/2028   2,350,518    2,247,033    2,292,742 
CAPSTONE BORROWER INC  Services: Business  Term Loan  B  Loan  3M USD SOFR+  2.75%   0.00%   6.42%  6/17/2030   863,942    855,298    765,306 
CareerBuilder, LLC (c)  Services: Business  Term Loan B3  Loan  1M USD SOFR+  2.50%   0.00%   6.58%  7/31/2026   
-
    380,369    
-
 
Castle US Holding Corporation  Media: Advertising, Printing & Publishing  Term Loan B1  Loan  3M USD SOFR+  4.25%   0.00%   8.18%  5/31/2030   1,739,251    1,226,866    832,232 
CBL & Associates Limited Partnership  Retail  Term Loan 11/21  Loan  1M USD SOFR+  2.75%   1.00%   6.54%  3/2/2026   1,966,341    1,958,592    1,899,151 
CCC Intelligent Solutions Inc.  Services: Business  Term Loan B  Loan  1M USD SOFR+  2.00%   0.50%   5.67%  1/23/2032   240,216    240,010    236,538 
CCRR Parent, Inc.  Healthcare & Pharmaceuticals  Term Loan  Loan  3M USD SOFR+  4.25%   0.50%   8.17%  3/6/2028   970,000    948,589    227,950 
CCRR Parent, Inc.  Healthcare & Pharmaceuticals  Term Loan B  Loan  3M USD SOFR+  4.25%   0.75%   8.33%  3/6/2028   952,500    951,356    261,147 
CDK GLOBAL, INC.  High Tech Industries  Term Loan  B (05/24)  Loan  3M USD SOFR+  3.25%   0.00%   6.92%  7/6/2029   980,094    963,358    612,559 
Charlotte Buyer, Inc.  Services: Business  Term Loan B (01/25)  Loan  3M USD SOFR+  4.25%   0.50%   7.91%  2/11/2028   1,459,068    1,416,074    1,394,709 
Chemours Company, (The)  Chemicals, Plastics, & Rubber  Term Loan B4 (10/25)  Loan  1M USD SOFR+  3.50%   0.00%   7.17%  10/15/2032   2,351,722    2,327,364    2,343,491 
Churchill Downs Incorporated  Hotel, Gaming & Leisure  Term Loan B1 (3/21)  Loan  1M USD SOFR+  1.75%   0.00%   5.42%  3/17/2028   476,250    475,992    475,955 
CIMPRESS PUBLIC LIMITED COMPANY  Media: Advertising, Printing & Publishing  Term Loan  B  Loan  1M USD SOFR+  2.50%   0.50%   6.17%  5/17/2028   1,920,736    1,885,068    1,920,736 
Issuer Name  Industry  Asset Name  Asset
Type		  Reference Rate/Spread  SOFR/LIBOR Floor   Current Rate (All In)   Maturity Date  Principal/
Number of Shares		   Cost   Fair Value 
CITADEL SECURITIES LP  Banking, Finance, Insurance & Real Estate  Term Loan (10/24)  Loan  3M USD SOFR+ 2.00%   0.00%   5.67%  10/31/2031   4,778,621    4,778,621    4,762,708 
Clarios Global LP  Automotive  Term Loan B  (07/24)  Loan  1M USD SOFR+ 2.50%   0.00%   6.17%  5/6/2030   1,185,030    1,181,455    1,180,586 
Cloud Software Group Inc  High Tech Industries  Term Loan B  Loan  1M USD SOFR+ 3.25%   0.00%   6.92%  3/21/2031   495,013    494,747    458,629 
CLYDESDALE ACQUISITION HOLDINGS, INC.  Containers, Packaging & Glass  Term Loan B  Loan  1M USD SOFR+ 3.18%   0.50%   6.85%  4/13/2029   1,220,000    1,203,910    1,209,044 
Connect Finco SARL  Telecommunications  Term Loan B (03/24)  Loan  1M USD SOFR+ 4.50%   0.50%   8.17%  9/27/2029   2,836,969    2,784,593    2,831,210 
Corelogic, Inc.  Services: Business  Term Loan (4/21)  Loan  1M USD SOFR+ 3.50%   0.50%   7.29%  6/2/2028   2,393,750    2,390,000    2,268,078 
Creative Artists Agency, LLC  Media: Diversified & Production  Term Loan B (7/25)  Loan  1M USD SOFR+ 2.50%   0.00%   6.17%  10/1/2031   1,564,293    1,557,435    1,558,099 
CROCS INC  Consumer goods: Durable  Term Loan B (01/24)  Loan  3M USD SOFR+ 2.25%   0.50%   5.92%  2/19/2029   750,000    734,817    752,813 
Cross Financial Corp  Banking, Finance, Insurance & Real Estate  Term Loan B4 (07/25)  Loan  1M USD SOFR+ 2.75%   0.00%   6.42%  10/31/2031   481,431    480,633    468,793 
Crown Subsea Communications Holding, Inc.  Construction & Building  Term Loan B (01/26)  Loan  1M USD SOFR+ 3.00%   0.75%   6.67%  1/30/2031   2,376,000    2,358,575    2,377,497 
Dave & Buster’s Inc.  Hotel, Gaming & Leisure  Term Loan B (1/24)  Loan  3M USD SOFR+ 3.25%   0.50%   7.13%  6/29/2029   762,038    740,571    704,123 
Delek US Holdings, Inc.  Utilities: Oil & Gas  Term Loan B (11/22)  Loan  1M USD SOFR+ 3.50%   0.50%   7.27%  11/16/2029   5,238,000    5,168,379    5,214,638 
Derby Buyer LLC  Chemicals, Plastics, & Rubber  Term Loan B (12/24)  Loan  1M USD SOFR+ 3.00%   0.00%   6.66%  11/1/2030   614,102    607,478    613,844 
DexKo Global, Inc. (Dragon Merger)  Automotive  Term Loan (9/21)  Loan  3M USD SOFR+ 3.75%   0.50%   7.68%  10/4/2028   962,500    960,816    957,004 
Diamond Sports Group, LLC  Media: Broadcasting & Subscription  1st Priority Term Loan  Loan  1M USD SOFR+ 10.00%   1.00%   13.77%  5/25/2026   29,734    29,677    5,947 
DIRECTV FINANCING, LLC  Media: Broadcasting & Subscription  Term Loan (1/24)  Loan  3M USD SOFR+ 5.25%   0.75%   9.18%  8/2/2029   2,615,800    2,604,745    2,614,989 
DISCOVERY PURCHASER CORPORATION  Chemicals, Plastics, & Rubber  Term Loan  Loan  3M USD SOFR+ 3.75%   0.50%   7.42%  10/4/2029   1,459,234    1,389,418    1,429,510 
DOMTAR CORPORATION  Forest Products & Paper  Term Loan 9/21  Loan  1M USD SOFR+ 5.50%   0.75%   9.29%  11/30/2028   2,898,865    2,867,842    2,348,081 
DRI HOLDING INC.  Media: Advertising, Printing & Publishing  Term Loan (12/21)  Loan  1M USD SOFR+ 5.25%   0.50%   9.02%  12/15/2028   3,852,412    3,773,120    3,772,166 
DRW Holdings, LLC  Banking, Finance, Insurance & Real Estate  Term Loan B (06/24)  Loan  1M USD SOFR+ 3.50%   0.00%   7.17%  6/17/2031   6,241,950    6,221,653    6,117,111 
DTZ U.S. Borrower, LLC  Construction & Building  Term Loan B  Loan  1M USD SOFR+ 2.50%   0.50%   6.17%  1/31/2030   1,708,945    1,708,945    1,709,663 
DTZ U.S. Borrower, LLC  Construction & Building  Term Loan (7/25)  Loan  1M USD SOFR+ 2.75%   0.50%   6.42%  1/31/2030   932,250    916,770    933,415 
Dye & Durham Corporation  Services: Business  Term Loan B (04/24)  Loan  3M USD SOFR+ 4.25%   1.00%   8.02%  4/11/2031   1,299,800    1,284,463    1,152,494 
EAB Global, Inc.  Services: Business  Term Loan (08/21)  Loan  1M USD SOFR+ 3.00%   0.50%   6.67%  8/16/2030   960,394    958,888    861,800 
Echo Global Logistics, Inc.  Services: Business  Term Loan  Loan  1M USD SOFR+ 3.75%   0.50%   7.52%  11/23/2028   1,925,000    1,924,346    1,896,433 
Edelman Financial Group Inc., The  Banking, Finance, Insurance & Real Estate  Term Loan (12/24)  Loan  1M USD SOFR+ 3.00%   0.00%   6.67%  4/7/2028   2,133,818    2,132,281    2,116,705 
Embecta Corp  Healthcare & Pharmaceuticals  Term Loan B  Loan  1M USD SOFR+ 3.00%   0.50%   6.67%  3/30/2029   2,255,886    2,229,506    2,256,112 
Emrld Borrower LP  Capital Equipment  Term Loan B (04/23)  Loan  3M USD SOFR+ 2.25%   0.00%   6.07%  5/31/2030   980,075    977,113    975,527 
Endo Finance Holdings, Inc.  Healthcare & Pharmaceuticals  Term Loan B  Loan  1M USD SOFR+ 3.75%   0.50%   7.42%  4/23/2031   1,975,000    1,959,230    1,975,494 
Issuer Name  Industry  Asset Name  Asset
Type		  Reference Rate/Spread  SOFR/LIBOR Floor   Current Rate (All In)   Maturity Date  Principal/
Number of Shares		   Cost   Fair Value 
Endure Digital, Inc.  High Tech Industries  Term Loan B  Loan  1M USD SOFR+ 3.50%   0.75%   7.61%  2/10/2028   
-
    9,730    
-
 
Entain Holdings (Gibraltar) Limited  Hotel, Gaming & Leisure  Term Loan B6  Loan  3M USD SOFR+ 2.25%   0.00%   5.92%  10/31/2029   1,465,234    1,455,384    1,458,948 
Equiniti Group PLC  Services: Business  Term Loan  Loan  6M USD SOFR+ 3.75%   0.50%   7.55%  12/10/2031   960,368    955,647    953,367 
Evertec Group LLC  Banking, Finance, Insurance & Real Estate  Term Loan B (09/23)  Loan  1M USD SOFR+ 2.25%   0.50%   5.92%  10/30/2030   1,125,000    1,112,817    1,124,066 
Examworks Bidco Inc  Healthcare & Pharmaceuticals  ExamWorks/Electron 1/26 TL  Loan  1M USD SOFR+ 2.50%   0.50%   6.17%  2/6/2033   483,844    483,218    482,837 
Fiesta Purchaser, Inc.  Beverage, Food & Tobacco  Second Refinancing Term Loan (8/25)  Loan  1M USD SOFR+ 2.75%   0.00%   6.42%  2/12/2031   492,534    488,885    477,143 
Finco I LLC  Banking, Finance, Insurance & Real Estate  Term Loan B (07/25)  Loan  1M USD SOFR+ 1.75%   0.00%   5.42%  6/27/2029   2,774,631    2,773,459    2,737,645 
First Brands Group, LLC (c)  Automotive  1st Lien Term Loan (3/21)  Loan  1M USD SOFR+ 0.00%   1.00%   0.00%  3/30/2027   1,404,140    90,412    784 
First Brands Group, LLC (c)  Automotive  New Money DIP Term Loan A (10/25)  Loan  1M USD SOFR+ 0.00%   1.00%   0.00%  6/29/2026   1,597,186    1,459,537    293,483 
First Brands Group, LLC (c)  Automotive  Roll-Up DIP Term Loan B (10/25)  Loan  1M USD SOFR+ 0.00%   1.00%   0.00%  6/29/2026   3,569,559    2,218,257    7,139 
First Student Bidco Inc.  Transportation: Consumer  Term Loan C (01/26)  Loan  3M USD SOFR+ 2.50%   0.00%   6.17%  8/15/2030   707,702    705,487    706,379 
Fitness International, LLC (LA Fitness)  Services: Consumer  Term Loan  B (1/24)  Loan  1M USD SOFR+ 4.50%   1.00%   8.17%  2/5/2029   1,179,000    1,156,545    1,181,582 
Flutter Financing B.V.  Hotel, Gaming & Leisure  Term Loan  Loan  3M USD SOFR+ 1.75%   0.50%   5.42%  11/29/2030   3,675,000    3,668,121    3,610,688 
Franklin Square Holdings, L.P.  Banking, Finance, Insurance & Real Estate  Term Loan B (04/24)  Loan  1M USD SOFR+ 2.25%   0.00%   5.92%  4/25/2031   4,188,685    4,184,968    3,790,760 
Froneri International (R&R Ice Cream)  Beverage, Food & Tobacco  Term Loan B4 (10/24)  Loan  6M USD SOFR+ 2.25%   0.00%   5.88%  9/16/2031   1,900,638    1,901,053    1,853,331 
Garrett LX III S.a r.l.  Automotive  Term Loan (1/25)  Loan  3M USD SOFR+ 2.00%   0.50%   5.67%  1/20/2032   1,335,471    1,332,852    1,334,910 
Genesee & Wyoming, Inc.  Transportation: Cargo  Term Loan B (03/24)  Loan  3M USD SOFR+ 1.75%   0.00%   5.42%  4/10/2031   1,481,250    1,475,521    1,478,747 
GIP Pilot Acquisition Partners, L.P.  Energy: Oil & Gas  Term Loan B  Loan  3M USD SOFR+ 2.00%   0.00%   5.65%  10/4/2030   383,422    382,138    383,614 
Global Tel*Link Corporation  Telecommunications  Term Loan (6/24)  Loan  1M USD SOFR+ 7.50%   3.00%   11.17%  7/31/2029   4,748,790    4,693,939    4,763,654 
Go Daddy Operating Company, LLC  High Tech Industries  Term Loan B7  Loan  1M USD SOFR+ 1.75%   0.00%   5.42%  5/30/2031   930,782    930,782    896,780 
GOLDEN WEST PACKAGING GROUP LLC (c)  Forest Products & Paper  Term Loan B1 (06/25)  Loan  1M USD SOFR+ 5.25%   0.75%   9.35%  6/27/2031   1,750,000    1,744,125    1,070,423 
GOTO GROUP, INC.  High Tech Industries  Second-Out Term Loan (02/24)  Loan  3M USD SOFR+ 4.75%   0.00%   8.57%  4/30/2028   469,651    641,354    143,243 
Great Outdoors Group, LLC  Retail  Term Loan (1/25)  Loan  1M USD SOFR+ 3.25%   0.75%   6.92%  1/20/2032   950,641    948,924    948,265 
Griffon Corporation  Consumer goods: Durable  Term Loan B  Loan  1M USD SOFR+ 2.00%   0.00%   5.67%  1/24/2029   121,563    121,483    121,866 
Grosvenor Capital Management Holdings, LLLP  Banking, Finance, Insurance & Real Estate  Term Loan B (5/24)  Loan  1M USD SOFR+ 2.25%   0.00%   5.92%  2/25/2030   2,343,071    2,343,071    2,335,011 
Hertz Corporation (The)  Transportation: Consumer  Term Loan B  Loan  1M USD SOFR+ 3.75%   0.00%   7.42%  6/30/2028   2,061,930    2,027,902    1,580,820 
Issuer Name  Industry  Asset Name  Asset
Type		  Reference Rate/Spread  SOFR/LIBOR Floor   Current Rate (All In)   Maturity Date  Principal/
Number of Shares		   Cost   Fair Value 
Hillman Group Inc. (The) (New)  Consumer goods: Durable  Term Loan B-1 (2/21)  Loan  1M USD SOFR+ 2.00%   0.50%   5.68%  7/14/2028   2,678,618    2,678,618    2,674,306 
Hilton Domestic Operating Company Inc.  Hotel, Gaming & Leisure  Term Loan B 4  Loan  1M USD SOFR+ 1.75%   0.00%   5.42%  11/8/2030   1,500,000    1,497,879    1,504,845 
HLF Financing SARL (Herbalife)  Consumer goods: Non-durable  Term Loan  Loan  1M USD SOFR+ 6.75%   0.50%   10.42%  4/12/2029   2,882,670    2,882,597    2,883,708 
Holley Purchaser, Inc  Automotive  Term Loan (11/21)  Loan  1M USD SOFR+ 3.75%   0.75%   7.54%  11/17/2028   2,163,198    2,159,946    2,149,678 
Hudson River Trading LLC  Banking, Finance, Insurance & Real Estate  Hudson River 1/26  Loan  1M USD SOFR+ 2.50%   0.00%   6.17%  3/18/2030   5,717,625    5,648,595    5,643,753 
Hunter Douglas Inc  Consumer goods: Durable  Term Loan B (1/25)  Loan  3M USD SOFR+ 3.00%   0.00%   6.67%  1/19/2032   2,210,322    2,039,275    2,208,023 
Hyperion Refinance S.a.r.l.  Banking, Finance, Insurance & Real Estate  Term Loan  Loan  1M USD SOFR+ 2.75%   0.50%   6.42%  2/15/2031   2,947,799    2,938,339    2,794,514 
Idera, Inc.  High Tech Industries  Term Loan (06/24)  Loan  3M USD SOFR+ 3.50%   0.75%   7.16%  3/2/2028   4,678,430    4,676,802    3,719,351 
IMA Financial Group, Inc.  Banking, Finance, Insurance & Real Estate  Term Loan (10/21)  Loan  1M USD SOFR+ 3.00%   0.50%   6.67%  11/1/2028   2,415,776    2,410,653    2,385,579 
INEOS 226 Ltd.  Chemicals, Plastics, & Rubber  Term Loan 3/23  Loan  1M USD SOFR+ 3.75%   0.00%   7.52%  3/13/2030   487,500    484,204    379,031 
Ineos US Finance LLC  Chemicals, Plastics, & Rubber  Term Loan C  Loan  1M USD SOFR+ 3.25%   0.00%   6.92%  2/18/2030   980,094    973,648    820,829 
INEOS US PETROCHEM LLC  Chemicals, Plastics, & Rubber  Term Loan B  Loan  1M USD SOFR+ 4.25%   0.00%   8.02%  4/2/2029   2,667,363    2,630,839    2,158,351 
Ingram Micro Inc.  Wholesale  Term Loan B (6/25)  Loan  1M USD SOFR+ 2.25%   0.00%   5.92%  9/22/2031   450,298    448,093    451,144 
Inmar, Inc.  Services: Business  Term Loan B (06/25)  Loan  3M USD SOFR+ 4.50%   0.50%   8.17%  10/30/2031   3,266,898    3,222,520    3,177,058 
Innophos, Inc.  Chemicals, Plastics, & Rubber  Term Loan B  Loan  1M USD SOFR+ 4.25%   0.00%   8.04%  3/16/2029   471,250    469,569    454,521 
IRB Holding Corporation  Beverage, Food & Tobacco  Term Loan B (11/25)  Loan  1M USD SOFR+ 2.50%   0.50%   6.17%  12/16/2030   486,195    483,914    484,119 
Isagenix International, LLC (c)  Beverage, Food & Tobacco  Term Loan  Loan  3M USD SOFR+ 2.50%   0.00%   2.50%  4/13/2028   1,509,341    1,242,094    75,467 
Isolved Inc.  Services: Business  Infinisource/iSolved 7/25 Cov-lite TL B  Loan  1M USD SOFR+ 2.75%   0.00%   6.42%  10/15/2030   614,129    609,564    571,527 
Jane Street Group  Banking, Finance, Insurance & Real Estate  Term Loan B  Loan  3M USD SOFR+ 2.00%   0.00%   5.82%  12/15/2031   3,800,000    3,800,000    3,675,132 
Journey Personal Care Corp.  Consumer goods: Non-durable  Term Loan B (11/24)  Loan  1M USD SOFR+ 3.75%   0.75%   7.42%  3/1/2028   2,865,975    2,840,446    2,839,694 
JP Intermediate B, LLC  Consumer goods: Non-durable  Term Loan  Loan  3M USD SOFR+ 7.00%   1.00%   10.67%  9/30/2030   233,182    233,182    186,546 
JP Intermediate B, LLC  Consumer goods: Non-durable  Term Loan (9/25)  Loan  3M USD SOFR+ 5.50%   0.00%   9.17%  9/30/2032   1,103,261    571,479    551,630 
Koppers Inc  Chemicals, Plastics, & Rubber  Term Loan  Loan  1M USD SOFR+ 2.50%   0.50%   6.18%  4/10/2030   975,206    955,785    968,701 
Lakeland Tours, LLC (c)  Hotel, Gaming & Leisure  Holdco Fixed Term Loan  Loan  Fixed 0.00%   0.00%   10.00%  9/27/2027   1,127,568    818,937    107,119 
Latham Pool Products, Inc.  Consumer goods: Durable  Term Loan 2/22  Loan  3M USD SOFR+ 3.75%   0.50%   7.72%  2/23/2029   980,422    970,513    974,706 
Lifetime Brands, Inc  Consumer goods: Non-durable  Term Loan  Loan  1M USD SOFR+ 5.50%   1.00%   9.28%  8/26/2027   1,493,382    1,491,106    1,314,176 
LSF11 TRINITY BIDCO INC  Aerospace & Defense  Term Loan (9/25)  Loan  1M USD SOFR+ 2.50%   0.00%   6.18%  6/17/2030   961,092    951,264    960,496 
LSF9 Atlantis Holdings, LLC (A Wireless)  Retail  Term Loan B (9/25)  Loan  3M USD SOFR+ 3.75%   0.75%   7.42%  3/29/2029   2,539,884    2,494,092    2,528,785 
MAGNITE, INC.  Services: Business  Term Loan B  Loan  1M USD SOFR+ 3.00%   0.00%   6.67%  2/6/2031   3,209,517    3,185,690    3,177,422 
Issuer Name  Industry  Asset Name  Asset
Type		  Reference Rate/Spread  SOFR/LIBOR Floor   Current Rate (All In)   Maturity Date  Principal/
Number of Shares		   Cost   Fair Value 
Marriott Ownership Resorts, Inc.  Hotel, Gaming & Leisure  Term Loan  B (3/24)  Loan  1M USD SOFR+ 2.25%   0.00%   5.92%  4/1/2031   1,297,318    1,297,318    1,294,619 
Max US Bidco Inc.  Beverage, Food & Tobacco  Term Loan B  Loan  3M USD SOFR+ 5.00%   0.50%   8.67%  10/3/2030   1,965,000    1,867,659    1,611,791 
McGraw-Hill Education, Inc.  Media: Advertising, Printing & Publishing  Term Loan  B  Loan  1M USD SOFR+ 2.75%   0.50%   6.42%  8/6/2031   579,182    576,274    577,282 
Michaels Companies Inc  Retail  Term Loan B (Magic Mergeco)  Loan  3M USD SOFR+ 4.25%   0.75%   8.18%  4/8/2028   2,392,299    2,385,209    2,387,323 
MIWD Holdco II LLC  Construction & Building  Term Loan B2 (03/24)  Loan  1M USD SOFR+ 2.75%   0.00%   6.42%  3/21/2031   492,525    490,631    488,462 
Moneygram International, Inc.  Services: Business  Term Loan B  Loan  1M USD SOFR+ 4.75%   0.50%   8.41%  6/1/2030   2,933,988    2,654,564    1,915,483 
MPH Acquisition Holdings LLC (Multiplan)  Services: Business  First-Out Term Loan (01/25)  Loan  3M USD SOFR+ 3.75%   0.50%   7.42%  12/31/2030   313,244    287,511    308,389 
NAB Holdings, LLC (North American Bancard)  Banking, Finance, Insurance & Real Estate  Term Loan B (2/25)  Loan  3M USD SOFR+ 2.50%   0.50%   6.17%  11/24/2028   2,881,401    2,879,478    2,661,176 
Natgasoline LLC  Chemicals, Plastics, & Rubber  Term Loan (3/25)  Loan  1M USD SOFR+ 5.50%   0.00%   9.17%  3/25/2030   3,208,542    3,122,422    3,220,574 
National Mentor Holdings, Inc.  Healthcare & Pharmaceuticals  Term Loan B  Loan  1M USD SOFR+ 6.00%   0.00%   9.67%  12/5/2030   1,922,848    1,921,097    1,886,198 
Next Level Apparel, Inc.  Retail  Term Loan  Loan  3M USD SOFR+ 7.50%   1.00%   12.89%  8/9/2026   2,317,073    2,312,037    1,567,894 
Nielsen Consumer Inc.  Services: Business  Term Loan (08/25)  Loan  1M USD SOFR+ 2.25%   0.50%   5.92%  10/7/2030   2,154,574    2,153,950    2,079,164 
NortonLifeLock Inc.  High Tech Industries  Term Loan B (05/24)  Loan  1M USD SOFR+ 1.75%   0.50%   5.42%  9/12/2029   955,000    952,861    928,737 
Nouryon Finance B.V.  Chemicals, Plastics, & Rubber  Term Loan B (10/24)  Loan  6M USD SOFR+ 3.25%   0.00%   7.04%  4/3/2028   479,041    476,798    478,442 
Novae LLC  Automotive  Term Loan B  Loan  3M USD SOFR+ 5.00%   0.75%   8.82%  12/22/2028   1,925,000    1,918,692    1,764,590 
Olaplex, Inc.  Consumer goods: Non-durable  Term Loan (2/22)  Loan  3M USD SOFR+ 3.50%   0.50%   7.42%  2/23/2029   1,319,846    1,288,190    1,290,704 
Open Text Corporation  High Tech Industries  Term Loan B (08/23)  Loan  1M USD SOFR+ 1.75%   0.50%   5.42%  1/31/2030   838,682    822,775    814,746 
Oxbow Carbon, LLC  Metals & Mining  Term Loan B (04/23)  Loan  1M USD SOFR+ 3.50%   0.50%   7.17%  5/2/2030   460,397    454,127    459,103 
PACIFIC DENTAL SERVICES, LLC  Healthcare & Pharmaceuticals  Term Loan B (02//24)  Loan  1M USD SOFR+ 2.50%   0.00%   6.17%  3/17/2031   1,179,075    1,178,728    1,177,436 
Padagis LLC  Healthcare & Pharmaceuticals  Term Loan  Loan  3M USD SOFR+ 4.75%   0.50%   8.66%  7/6/2028   930,329    926,455    860,555 
PAR PETROLEUM LLC  Energy: Oil & Gas  Term Loan B (12/25)  Loan  3M USD SOFR+ 3.25%   0.50%   6.95%  2/28/2030   2,433,760    2,417,597    2,434,272 
PATAGONIA HOLDCO LLC  Telecommunications  Term Loan B  Loan  3M USD SOFR+ 5.75%   0.50%   9.41%  8/1/2029   2,917,234    2,660,957    2,042,063 
Pathway Partners Vet Management Company LLC (c)  Consumer goods: Non-durable  Term Loan B (03/25)  Loan  3M USD SOFR+ 5.00%   1.00%   8.67%  6/30/2028   -    6,950    - 
PCI Gaming Authority  Hotel, Gaming & Leisure  Term Loan  Loan  1M USD SOFR+ 2.00%   0.00%   5.67%  7/18/2031   782,573    782,327    780,460 
PEARLS (Netherlands) Bidco B.V.  Chemicals, Plastics, & Rubber  USD Term Loan (02/22)  Loan  3M USD SOFR+ 3.25%   0.50%   6.92%  2/28/2029   962,978    962,623    798,068 
PEDIATRIC ASSOCIATES HOLDING COMPANY, LLC  Healthcare & Pharmaceuticals  Term Loan (12/22)  Loan  3M USD SOFR+ 3.25%   0.50%   7.18%  12/29/2028   1,444,621    1,442,234    1,391,531 
Issuer Name  Industry  Asset Name  Asset
Type		  Reference Rate/Spread  SOFR/LIBOR Floor   Current Rate (All In)   Maturity Date  Principal/
Number of Shares		   Cost   Fair Value 
Penn National Gaming, Inc  Hotel, Gaming & Leisure  Term Loan B  Loan  1M USD SOFR+ 2.50%   0.50%   6.17%  5/3/2029   965,000    962,640    966,476 
Phoenix Guarantor Inc.  Healthcare & Pharmaceuticals  Term Loan B (12/24)  Loan  1M USD SOFR+ 2.50%   0.00%   6.17%  2/21/2031   955,542    955,542    953,564 
PHYSICIAN PARTNERS, LLC (b) (c)  Healthcare & Pharmaceuticals  Term Loan B1 (1/25)  Loan  3M USD SOFR+ 1.50%   0.00%   5.32%  12/31/2029   1,865,532    985,648    895,455 
Playtika Holding Corp.  High Tech Industries  Term Loan B (3/21)  Loan  1M USD SOFR+ 2.75%   0.00%   6.54%  3/13/2028   4,286,250    4,283,564    3,974,168 
PointClickCare Technologies, Inc.  High Tech Industries  Term Loan (07/25)  Loan  3M USD SOFR+ 2.75%   0.00%   6.42%  11/3/2031   478,962    478,042    474,474 
Polymer Process Holdings, Inc.  Containers, Packaging & Glass  Term Loan  Loan  1M USD SOFR+ 4.75%   0.75%   8.54%  2/12/2028   3,942,289    3,932,110    2,534,340 
Pre-Paid Legal Services, Inc.  Services: Consumer  Term Loan (12/21)  Loan  1M USD SOFR+ 3.25%   0.50%   6.92%  12/15/2028   2,888,325    2,877,497    2,451,466 
Prime Security Services Borrower, LLC (ADT)  Services: Consumer  Term Loan B  Loan  1M USD SOFR+ 2.00%   0.00%   5.67%  10/13/2030   1,769,515    1,757,142    1,765,286 
Primo Brands Corporation  Beverage, Food & Tobacco  Term Loan B (01/25)  Loan  3M USD SOFR+ 2.25%   0.50%   5.92%  3/31/2028   1,433,030    1,430,561    1,431,497 
PRIORITY HOLDINGS, LLC  Services: Consumer  Term Loan B (07/25)  Loan  1M USD SOFR+ 3.75%   0.50%   7.42%  7/30/2032   2,830,585    2,817,297    2,761,009 
Project Leopard Holdings, Inc. (NEW)  High Tech Industries  Term Loan B (06/22)  Loan  3M USD SOFR+ 5.25%   0.50%   9.02%  7/20/2029   970,000    930,838    603,825 
PUG LLC  Services: Consumer  Term Loan B (03/24)  Loan  1M USD SOFR+ 4.75%   0.00%   8.42%  3/15/2030   244,372    244,095    236,022 
Quartz AcquireCo, LLC  High Tech Industries  Term Loan (2/25)  Loan  3M USD SOFR+ 2.25%   0.00%   5.92%  6/28/2030   1,222,487    1,215,995    1,084,958 
Quikrete Holdings, Inc.  Construction & Building  Term Loan (2/25)  Loan  1M USD SOFR+ 2.25%   0.00%   5.92%  4/14/2031   982,575    980,934    981,475 
Rackspace Technology Global, Inc.  High Tech Industries  Term Loan  (3/24)  Loan  1M USD SOFR+ 2.75%   0.75%   6.53%  5/15/2028   2,018,945    1,329,862    826,092 
Rackspace Technology Global, Inc.  High Tech Industries  Super-Priority Term Loan (03/24)  Loan  1M USD SOFR+ 6.25%   0.75%   10.03%  5/15/2028   541,399    538,133    537,338 
RAND PARENT LLC  Transportation: Cargo  Term Loan B (01/25)  Loan  3M USD SOFR+ 3.00%   0.00%   6.67%  3/18/2030   2,431,842    2,374,944    2,430,626 
RealPage, Inc.  High Tech Industries  Term Loan (04/21)  Loan  3M USD SOFR+ 3.00%   0.50%   6.93%  4/24/2028   957,500    957,300    882,499 
Rent-A-Center, Inc.  Retail  Term Loan B (08/25)  Loan  3M USD SOFR+ 2.75%   0.50%   6.42%  8/13/2032   1,825,515    1,806,157    1,820,951 
Research Now Group, Inc  Media: Advertising, Printing & Publishing  Term Loan (07/24)  Loan  3M USD SOFR+ 5.00%   1.00%   8.91%  7/15/2028   335,333    332,328    330,303 
Research Now Group, Inc  Media: Advertising, Printing & Publishing  Second-Out Term Loan  Loan  3M USD SOFR+ 5.50%   1.00%   9.41%  10/15/2028   2,858,408    2,768,737    1,667,881 
Resideo Funding Inc.  Services: Consumer  Term Loan B (12/24)  Loan  1M USD SOFR+ 2.00%   0.00%   5.66%  2/11/2028   674,488    674,488    673,227 
Resolute Investment Managers (American Beacon), Inc. (c)  Banking, Finance, Insurance & Real Estate  Term Loan (12/23)  Loan  3M USD SOFR+ 6.50%   1.00%   10.43%  10/30/2028   1,948,080    1,948,081    1,504,892 
Restoration Hardware, Inc.  Retail  Term Loan (9/21)  Loan  1M USD SOFR+ 2.50%   0.50%   6.29%  10/20/2028   3,357,249    3,355,349    3,295,140 
Reynolds Consumer Products LLC  Containers, Packaging & Glass  Term Loan B (2/25)  Loan  1M USD SOFR+ 1.75%   0.00%   5.42%  3/4/2032   931,115    931,115    935,771 
Ryan Specialty Group LLC  Banking, Finance, Insurance & Real Estate  Term Loan B (09/24)  Loan  1M USD SOFR+ 2.00%   0.00%   5.67%  9/15/2031   1,441,374    1,434,941    1,437,771 
S&S HOLDINGS LLC  Services: Business  Term Loan  Loan  1M USD SOFR+ 5.00%   0.50%   8.77%  3/10/2028   2,383,643    2,361,520    2,332,991 
Sally Holdings LLC  Retail  Term Loan  B  Loan  1M USD SOFR+ 1.75%   0.00%   5.42%  2/28/2030   318,750    317,260    319,349 
Schweitzer-Mauduit International, Inc.  High Tech Industries  Term Loan B  Loan  1M USD SOFR+ 3.75%   0.75%   7.54%  4/20/2028   939,236    937,872    931,017 
Issuer Name  Industry  Asset Name  Asset
Type		  Reference Rate/Spread  SOFR/LIBOR Floor   Current Rate (All In)   Maturity Date  Principal/
Number of Shares		   Cost   Fair Value 
Scientific Games Holdings LP  Hotel, Gaming & Leisure  Term Loan B  Loan  3M USD SOFR+ 3.00%   0.50%   6.65%  4/4/2029   486,344    485,950    476,213 
Sedgwick Claims Management Services, Inc.  Services: Business  Term Loan B 2/23  Loan  1M USD SOFR+ 2.50%   0.00%   6.17%  7/31/2031   975,193    970,172    942,524 
SETANTA AIRCRAFT LEASING DAC  Aerospace & Defense  Term Loan B (05/24)  Loan  3M USD SOFR+ 1.75%   0.00%   5.42%  11/5/2028   350,000    349,707    350,875 
Sitel Worldwide Corporation  Services: Business  USD Term Loan (7/21)  Loan  3M USD SOFR+ 3.75%   0.50%   7.68%  8/28/2028   1,915,000    1,912,199    716,765 
SiteOne Landscape Supply, LLC  Services: Business  Term Loan B (06/24)  Loan  1M USD SOFR+ 1.75%   0.50%   5.41%  3/23/2030   1,245,101    1,241,692    1,243,544 
Smyrna Ready Mix Concrete, LLC  Construction & Building  Term Loan B  Loan  1M USD SOFR+ 3.00%   0.00%   6.67%  4/2/2029   505,257    503,333    505,677 
Sparta U.S. HoldCo LLC  Chemicals, Plastics, & Rubber  Term Loan  Loan  1M USD SOFR+ 3.00%   0.00%   6.67%  8/2/2030   1,920,000    1,917,584    1,914,163 
SRAM, LLC  Consumer goods: Durable  Term Loan  (02/25)  Loan  1M USD SOFR+ 2.25%   0.00%   5.92%  2/23/2032   2,246,400    2,245,458    2,246,400 
STANDARD INDUSTRIES INC.  Construction & Building  Term Loan B  Loan  1M USD SOFR+ 1.75%   0.50%   5.43%  9/22/2028   200,250    199,674    200,546 
Staples, Inc.  Wholesale  Term Loan B  Loan  3M USD SOFR+ 5.75%   0.50%   9.41%  9/4/2029   4,220,701    4,178,169    3,766,976 
Star Parent, Inc.  Services: Business  Term Loan B (09/23)  Loan  3M USD SOFR+ 4.00%   0.00%   7.67%  9/27/2030   1,228,125    1,215,137    1,187,340 
Storable, Inc  High Tech Industries  Term Loan B (3/25)  Loan  1M USD SOFR+ 3.25%   0.00%   6.92%  4/16/2031   481,363    481,250    459,099 
Superannuation & Investments US LLC  Banking, Finance, Insurance & Real Estate  Superannuation and Investments/CFS 1/26 TL  Loan  1M USD SOFR+ 2.50%   0.50%   6.17%  12/1/2028   960,175    956,194    953,876 
SupplyOne, Inc  Wholesale  Term Loan B (03/24)  Loan  1M USD SOFR+ 3.50%   0.00%   7.17%  3/27/2031   491,288    487,342    492,978 
Sweetwater Borrower, LLC  Retail  Term Loan B (2/26)  Loan  1M USD SOFR+ 4.00%   0.00%   7.66%  2/17/2033   1,895,910    1,854,369    1,898,280 
Syncsort Incorporated  High Tech Industries  Term Loan B (10/21)  Loan  3M USD SOFR+ 4.00%   0.75%   7.93%  4/24/2028   2,394,950    2,394,735    2,037,216 
Ta TT Buyer LLC  Media: Broadcasting & Subscription  Term Loan B (6/24)  Loan  3M USD SOFR+ 4.75%   0.50%   8.42%  4/2/2029   970,182    964,903    940,670 
Tenable Holdings, Inc.  Services: Business  Term Loan B (6/21)  Loan  1M USD SOFR+ 2.75%   0.50%   6.54%  7/7/2028   960,000    959,716    954,605 
Thor Industries, Inc.  Automotive  Term Loan B (06/24)  Loan  1M USD SOFR+ 2.25%   0.00%   5.92%  11/15/2030   94,142    93,485    93,906 
Torrid LLC  Wholesale  Term Loan 5/21  Loan  1M USD SOFR+ 5.50%   0.75%   9.29%  6/14/2028   2,922,221    2,705,250    1,168,888 
TORY BURCH LLC  Retail  Term Loan  Loan  1M USD SOFR+ 3.25%   0.50%   7.04%  4/17/2028   2,260,738    2,186,326    2,253,956 
Tosca Services, LLC (c)  Containers, Packaging & Glass  Term Loan A (08/24)  Loan  1M USD SOFR+ 5.50%   1.50%   9.17%  11/30/2028   80,509    79,712    81,224 
Trans Union LLC  Banking, Finance, Insurance & Real Estate  Term Loan B9 (11/24)  Loan  1M USD SOFR+ 1.75%   0.00%   5.42%  6/24/2031   599,927    599,530    594,006 
Tronox Finance LLC  Chemicals, Plastics, & Rubber  Term Loan B (09/24)  Loan  3M USD SOFR+ 2.50%   0.00%   6.17%  9/30/2031   343,454    343,361    267,035 
TruGreen Limited Partnership  Services: Consumer  Term Loan  Loan  1M USD SOFR+ 4.00%   0.75%   7.77%  11/2/2027   925,281    923,548    908,700 
Ultra Clean Holdings, Inc.  High Tech Industries  Term Loan (09/25)  Loan  1M USD SOFR+ 2.75%   0.00%   6.42%  2/25/2028   1,203,008    1,201,345    1,205,017 
Univision Communications Inc.  Media: Broadcasting & Subscription  Term Loan B (05/24)  Loan  1M USD SOFR+ 3.50%   0.50%   7.29%  1/31/2029   2,379,366    2,379,365    2,371,442 
Univision Communications Inc.  Media: Broadcasting & Subscription  Term Loan B (6/22)  Loan  3M USD SOFR+ 4.25%   0.50%   7.92%  6/25/2029   241,250    237,262    238,234 
Vaco Holdings, LLC  Services: Business  Term Loan (01/22)  Loan  3M USD SOFR+ 5.00%   0.75%   8.82%  1/19/2029   2,271,234    2,234,639    1,704,243 
Vericast Corp. (c)  Media: Advertising, Printing & Publishing  Extended Term Loan (07/24)  Loan  3M USD SOFR+ 7.75%   1.00%   11.42%  6/16/2026   1,259,184    1,259,163    1,212,758 
Verifone Systems, Inc. (c)  Banking, Finance, Insurance & Real Estate  Term Loan (03/25)  Loan  3M USD SOFR+ 5.25%   0.00%   9.18%  8/21/2028   1,188,774    1,188,361    1,089,428 
Vertex Aerospace Services Corp  Aerospace & Defense  Term Loan (10/21)  Loan  1M USD SOFR+ 2.25%   0.75%   5.92%  12/6/2030   962,997    961,733    962,997 
Vertiv Group Corporation  Capital Equipment  Term Loan  Loan  1M USD SOFR+ 1.75%   0.00%   5.42%  8/12/2032   1,901,601    1,901,601    1,901,601 
Issuer Name  Industry  Asset Name  Asset
Type		  Reference Rate/Spread  SOFR/LIBOR Floor   Current Rate (All In)   Maturity Date  Principal/
Number of Shares		   Cost   Fair Value 
Viasat Inc  Telecommunications  Term Loan (2/22)  Loan  1M USD SOFR+ 4.50%   0.50%   8.29%  3/5/2029   2,907,129    2,869,038    2,906,780 
Vistra Operations Company LLC  Energy: Electricity  2018 Incremental Term Loan  Loan  1M USD SOFR+ 1.75%   0.00%   5.42%  12/20/2030   1,851,605    1,850,971    1,854,956 
Warner Music Group Corp. (WMG Acquisition Corp.)  Hotel, Gaming & Leisure  Term Loan J  Loan  3M USD SOFR+ 1.75%   0.00%   5.57%  1/24/2031   1,250,000    1,250,000    1,251,563 
Watlow Electric Manufacturing Company  High Tech Industries  Term Loan B (03/21)  Loan  3M USD SOFR+ 3.00%   0.50%   6.67%  3/2/2028   2,631,521    2,627,980    2,632,626 
WeddingWire, Inc.  Services: Consumer  Term Loan B (12/24)  Loan  1M USD SOFR+ 3.75%   0.00%   7.42%  1/31/2028   4,725,068    4,725,067    4,032,042 
WEX Inc.  Services: Business  Term Loan B (11/24)  Loan  1M USD SOFR+ 1.75%   0.00%   5.42%  3/31/2028   2,866,626    2,864,574    2,849,312 
Windsor Holdings III, LLC  Chemicals, Plastics, & Rubber  Term Loan B (02/25)  Loan  1M USD SOFR+ 2.75%   0.00%   6.42%  8/1/2030   490,062    490,062    488,989 
Wyndham Hotels & Resorts, Inc.  Hotel, Gaming & Leisure  Term Loan (05/24)  Loan  1M USD SOFR+ 1.75%   0.00%   5.42%  5/24/2030   977,613    974,397    980,330 
Xperi Corporation  High Tech Industries  Term Loan (1/25)  Loan  1M USD SOFR+ 2.50%   0.00%   6.17%  6/8/2028   1,481,388    1,481,214    1,473,981 
Zayo Group, LLC (c)  Telecommunications  Term Loan (09/25)  Loan  1M USD SOFR+ 3.00%   0.00%   6.79%  3/11/2030   620,347    615,143    596,308 
ZEBRA BUYER (Allspring) LLC  Banking, Finance, Insurance & Real Estate  Term Loan B (12/24)  Loan  3M USD SOFR+ 3.00%   0.50%   6.69%  11/1/2030   1,838,369    1,832,728    1,832,909 
Zekelman Industries, Inc.  Metals & Mining  Term Loan B (03/24)  Loan  1M USD SOFR+ 2.25%   0.00%   5.91%  1/24/2031   1,428,583    1,427,966    1,430,769 
Zest Acquisition Corp.  Healthcare & Pharmaceuticals  Term Loan (1/23)  Loan  3M USD SOFR+ 5.25%   0.00%   8.92%  2/8/2028   1,940,000    1,896,965    1,828,450 
Zodiac Pool Solutions  Consumer goods: Durable  Term Loan (1/22)  Loan  1M USD SOFR+ 1.93%   0.50%   5.70%  1/29/2029   480,000    479,676    479,280 
TOTAL INVESTMENTS                                $382,812,855   $354,116,571 

 

   Number of
Shares		   Cost   Fair Value 
Cash and cash equivalents               
U.S. Bank Money Market (a)   22,319,387   $22,319,387   $22,319,387 
Total cash and cash equivalents   22,319,387   $22,319,387   $22,319,387 

 

(a)Included within cash and cash equivalents in Saratoga CLO’s Statements of Assets and Liabilities as of February 28, 2026.
(b)As of February 28, 2026, the investment was in default and on non-accrual status.
(c)Investments include Payment-in-Kind Interest.
(d)All or a portion of this investment has an unfunded commitment as of February 28, 2026.
Issuer Name  Industry  Asset Name  Asset
Type		  Reference
Rate/Spread		  SOFR/LIBOR Floor   Current Rate
(All In)		   Maturity Date  Principal/
Number of Shares		   Cost   Fair Value 
ALTISOURCE PORTFOLIO SOL  Banking, Finance, Insurance & Real Estate  Common Stock  Equity                   296,227   $216,246   $204,397 
Altisource Portfolio Solutions - CS Warrant  Banking, Finance, Insurance & Real Estate  Warrants  Equity                   7,917    3,736    2,895 
Altisource Portfolio Solutions - NS Warrant  Banking, Finance, Insurance & Real Estate  Warrants  Equity                   7,917    3,129    2,883 
Endo Finance Holdings, Inc.  Healthcare & Pharmaceuticals  Common Stock  Equity                   24,148    670,107    682,181 
Envision Parent Inc  Healthcare & Pharmaceuticals  Common Stock  Equity                   4,410    175,000    50,715 
Envision Parent Inc  Healthcare & Pharmaceuticals  Warrants  Equity                   92,837    
-
    4,642 
Instant Brands Litigation Trust  Consumer goods: Durable  Equity Interests  Equity                   51,095    35,250    151,056 
Isagenix International, LLC  Beverage, Food & Tobacco  Common Stock  Equity                   86,398    
-
    
-
 
Resolute Investment Managers (American Beacon), Inc.  Banking, Finance, Insurance & Real Estate  Common Stock  Equity                   24,320    1,034,581    231,040 
URS TOPCO, LLC  Transportation: Cargo  Common Stock  Equity                   25,330    440,405    354,620 
Wellpath Holdings LLC  Healthcare & Pharmaceuticals  Common Stock  Equity                   41,758    
-
    
-
 
1011778 B.C Unltd Liability Co  Beverage, Food & Tobacco  Term Loan B6  Loan   1M USD SOFR+  1.75%   0.00%   6.07%  9/20/2030  $1,436,662    1,419,292    1,429,076 
19TH HOLDINGS GOLF, LLC  Consumer goods: Durable  Term Loan  Loan   1M USD SOFR+  3.25%   0.50%   7.66%  2/7/2029   2,448,533    2,374,623    2,398,044 
888 Acquisitions Limited  Hotel, Gaming & Leisure  Term Loan B  Loan   6M USD SOFR+  5.25%   0.00%   9.50%  7/8/2028   3,036,695    2,797,339    2,936,484 
Adtalem Global Education Inc.  Services: Business  Term Loan B (08/24)  Loan   1M USD SOFR+  2.75%   0.75%   7.07%  8/12/2028   352,462    350,628    352,902 
Aegis Sciences Corporation  Healthcare & Pharmaceuticals  Term Loan  Loan   3M USD SOFR+  5.50%   1.00%   10.28%  5/9/2025   2,267,140    2,265,721    1,271,865 
Agiliti Health Inc.  Healthcare & Pharmaceuticals  Term Loan B (03/23)  Loan   6M USD SOFR+  3.00%   0.00%   7.26%  5/1/2030   2,154,146    2,140,760    2,093,119 
AHEAD DB Holdings, LLC  Services: Business  Term Loan B3 (07/24)  Loan   1M USD SOFR+  3.00%   0.75%   7.30%  2/1/2031   2,895,655    2,838,488    2,902,228 
Air Canada  Transportation: Consumer  Term Loan B (03/24)  Loan   3M USD SOFR+  2.00%   0.00%   6.34%  3/21/2031   992,500    990,413    995,607 
AIT Worldwide Logistics Holdings, Inc.  Transportation: Cargo  Term Loan B (01/25)  Loan   3M USD SOFR+  4.00%   0.75%   8.30%  4/8/2030   2,455,696    2,341,381    2,458,250 
AlixPartners, LLP  Banking, Finance, Insurance & Real Estate  Term Loan B (01/21)  Loan   1M USD SOFR+  2.50%   0.50%   6.94%  2/4/2028   240,624    240,582    241,166 
Allen Media, LLC  Media: Diversified & Production  Term Loan (7/21)  Loan   3M USD SOFR+  5.50%   0.00%   9.98%  2/10/2027   4,303,877    4,290,645    2,571,566 
Alliant Holdings Intermediate, LLC  Banking, Finance, Insurance & Real Estate  Term Loan B6 (09/24)  Loan   1M USD SOFR+  2.75%   0.00%   7.07%  9/19/2031   797,021    797,021    795,579 
Allied Universal Holdco LLC  Services: Business  Term Loan 4/21  Loan   1M USD SOFR+  3.75%   0.50%   8.17%  5/12/2028   1,935,000    1,930,761    1,936,529 
Alterra Mountain Company (Intrawest Resort Holdings)  Hotel, Gaming & Leisure  First Lien Term Loan  Loan   1M USD SOFR+  3.00%   0.00%   7.32%  5/31/2030   249,375    249,375    249,532 
Altisource Solutions S.a r.l.  Banking, Finance, Insurance & Real Estate  Term Loan B  Loan   3M USD SOFR+  6.50%   3.50%   10.92%  2/20/2029   500,000    487,543    500,000 
Altisource Solutions S.a r.l.  Banking, Finance, Insurance & Real Estate  Term Loan B (02/25)  Loan   3M USD SOFR+  6.50%   3.50%   10.92%  4/30/2030   545,284    545,284    539,831 
Altium Packaging LLC  Containers, Packaging & Glass  Term Loan B  Loan   1M USD SOFR+  2.50%   0.00%   6.82%  6/11/2031   482,575    481,544    477,547 
American Axle & Manufacturing Inc.  Automotive  Term Loan (12/22)  Loan   1M USD SOFR+  3.00%   0.50%   7.32%  12/13/2029   480,000    469,318    478,200 
American Greetings Corporation  Media: Advertising, Printing & Publishing  Term Loan B (04/24)  Loan   1M USD SOFR+  5.75%   0.00%   10.07%  10/30/2029   2,926,807    2,925,603    2,945,099 
Issuer Name  Industry  Asset Name  Asset
Type		  Reference
Rate/Spread		  SOFR/LIBOR Floor   Current Rate
(All In)		   Maturity Date  Principal/
Number of Shares		   Cost   Fair Value 
American Trailer World Corp  Automotive  Term Loan  Loan   1M USD SOFR+  3.75%   0.75%   8.17%  3/3/2028   1,357,439    1,356,879    1,140,588 
Anastasia Parent LLC  Consumer goods: Non-durable  Term Loan  Loan   3M USD SOFR+  3.75%   0.00%   8.34%  8/11/2025   937,500    937,084    765,084 
Anchor Packaging, LLC  Containers, Packaging & Glass  Term Loan (12/24)  Loan   1M USD SOFR+  3.25%   0.00%   7.57%  7/18/2029   1,944,396    1,928,125    1,945,408 
AP Core Holdings II LLC  High Tech Industries  Term Loan B1  Loan   1M USD SOFR+  5.50%   0.75%   9.94%  9/1/2027   1,674,963    1,662,638    1,576,559 
AP Core Holdings II LLC  High Tech Industries  Term Loan B2  Loan   1M USD SOFR+  5.50%   0.75%   9.94%  9/1/2027   500,000    496,326    467,625 
APEX GROUP TREASURY LLC  Banking, Finance, Insurance & Real Estate  Term Loan (2/25)  Loan   3M USD SOFR+  4.00%   0.00%   8.29%  7/27/2028   490,038    468,587    491,875 
Apollo Commercial Real Estate Finance, Inc.  Banking, Finance, Insurance & Real Estate  Term Loan B  Loan   1M USD SOFR+  2.75%   0.00%   7.19%  5/15/2026   2,878,173    2,868,237    2,874,575 
Apollo Commercial Real Estate Finance, Inc.  Banking, Finance, Insurance & Real Estate  Term Loan B1 (2/21)  Loan   1M USD SOFR+  3.50%   0.50%   7.94%  3/6/2028   962,500    957,781    957,688 
Aramark Services, Inc.  Services: Consumer  Term Loan B7 (03/24)  Loan   1M USD SOFR+  2.00%   0.00%   6.32%  4/6/2028   1,753,715    1,750,058    1,758,538 
Aramark Services, Inc.  Services: Consumer  Term Loan B8 (03/24)  Loan   1M USD SOFR+  2.00%   0.00%   6.32%  6/22/2030   2,331,250    2,305,337    2,337,078 
ARC FALCON I INC.  Chemicals, Plastics, & Rubber  Term Loan  Loan   1M USD SOFR+  3.50%   0.50%   7.92%  9/23/2028   971,274    969,846    971,711 
ARCIS GOLF LLC  Services: Consumer  Term Loan B (01/25)  Loan   1M USD SOFR+  2.75%   0.50%   7.07%  11/24/2028   493,000    489,289    494,543 
Aretec Group, Inc.  Banking, Finance, Insurance & Real Estate  Term Loan B (12/24)  Loan   1M USD SOFR+  3.50%   0.00%   7.82%  8/9/2030   2,622,898    2,610,006    2,616,891 
Ascensus Group Holdings, Inc  Banking, Finance, Insurance & Real Estate  Term Loan  Loan   1M USD SOFR+  3.00%   0.00%   7.32%  8/2/2028   494,767    491,912    493,035 
Aspire Bakeries Holdings, LLC  Beverage, Food & Tobacco  Term loan  Loan   1M USD SOFR+  4.25%   0.00%   8.57%  12/23/2030   893,250    885,649    895,483 
Assuredpartners Inc.  Banking, Finance, Insurance & Real Estate  Term Loan B5 (02/24)  Loan   1M USD SOFR+  3.50%   0.50%   7.82%  2/14/2031   1,290,250    1,289,103    1,290,082 
Asurion, LLC  Banking, Finance, Insurance & Real Estate  Term Loan B10  Loan   1M USD SOFR+  4.00%   0.00%   8.42%  8/19/2028   1,955,000    1,890,928    1,949,780 
Asurion, LLC  Banking, Finance, Insurance & Real Estate  Term Loan B12  Loan   1M USD SOFR+  4.25%   0.00%   8.56%  9/19/2030   2,912,179    2,908,959    2,898,521 
ATHENAHEALTH GROUP INC.  Healthcare & Pharmaceuticals  Term Loan B (2/22)  Loan   1M USD SOFR+  3.00%   0.50%   7.32%  2/15/2029   1,303,799    1,300,749    1,300,070 
Avolon TLB Borrower 1 (US) LLC  Capital Equipment  Term Loan B6  Loan   1M USD SOFR+  1.75%   0.00%   6.07%  6/22/2030   1,472,622    1,429,929    1,472,136 
Axalta Coating Systems US Holdings  Chemicals, Plastics, & Rubber  Term Loan B (11/24)  Loan   3M USD SOFR+  1.75%   0.50%   6.08%  12/20/2029   851,048    844,987    852,546 
AZURITY PHARMACEUTICALS, INC.  Healthcare & Pharmaceuticals  Term Loan B  Loan   1M USD SOFR+  6.62%   0.75%   11.05%  9/20/2027   425,000    418,550    422,344 
B&G Foods, Inc.  Beverage, Food & Tobacco  Term Loan B  Loan   1M USD SOFR+  3.50%   0.00%   7.82%  10/10/2029   532,287    530,730    528,849 
Issuer Name  Industry  Asset Name  Asset
Type		  Reference
Rate/Spread		  SOFR/LIBOR Floor   Current Rate
(All In)		   Maturity Date  Principal/
Number of Shares		   Cost   Fair Value 
Baldwin Insurance Group Holdings, LLC  Banking, Finance, Insurance & Real Estate  Term Loan B-1 (12/24)  Loan   1M USD SOFR+  3.00%   0.00%   7.31%  5/27/2031   1,640,279    1,630,478    1,642,329 
Belfor Holdings Inc.  Services: Consumer  Term Loan 4/23  Loan   1M USD SOFR+  3.00%   0.50%   7.32%  11/1/2030   1,490,834    1,478,738    1,498,288 
Bengal Debt Merger Sub LLC  Beverage, Food & Tobacco  Term Loan  Loan   3M USD SOFR+  3.00%   0.50%   7.43%  1/24/2029   1,950,000    1,949,473    1,175,753 
Blackstone Mortgage Trust, Inc.  Banking, Finance, Insurance & Real Estate  Term Loan B  Loan   1M USD SOFR+  2.25%   0.00%   6.69%  4/23/2026   342,601    341,898    341,317 
Bombardier Recreational Products, Inc.  Consumer goods: Durable  Term Loan  Loan   1M USD SOFR+  2.75%   0.00%   7.07%  1/22/2031   1,425,751    1,422,525    1,423,712 
Bombardier Recreational Products, Inc.  Consumer goods: Durable  Term Loan B3  Loan   1M USD SOFR+  2.75%   0.50%   7.06%  12/13/2029   488,806    479,686    488,669 
Boost Newco Borrower, LLC (Worldpay)  Banking, Finance, Insurance & Real Estate  Term Loan B (01/25)  Loan   3M USD SOFR+  2.00%   0.00%   6.29%  1/31/2031   498,750    496,603    498,127 
Boxer Parent Company, Inc.  High Tech Industries  Term Loan  Loan   3M USD SOFR+  3.00%   0.00%   7.29%  7/30/2031   1,007,194    1,003,006    1,004,766 
BroadStreet Partners, Inc.  Banking, Finance, Insurance & Real Estate  Term Loan B-4  Loan   1M USD SOFR+  3.00%   0.00%   7.31%  6/16/2031   2,896,329    2,894,596    2,894,794 
Brookfield WEC Holdings Inc.  Energy: Electricity  Term Loan B  Loan   1M USD SOFR+  2.25%   0.00%   6.56%  1/27/2031   1,440,450    1,440,450    1,437,396 
BROWN GROUP HOLDING, LLC  Aerospace & Defense  Term Loan B-2  Loan   3M USD SOFR+  2.50%   0.00%   6.81%  7/1/2031   491,284    481,764    490,464 
Buckeye Partners, L.P.  Utilities: Oil & Gas  Term Loan B (01/25)  Loan   1M USD SOFR+  1.75%   0.00%   6.07%  11/22/2030   663,337    661,343    663,430 
Buckeye Partners, L.P.  Utilities: Oil & Gas  Term Loan B5 (09/24)  Loan   1M USD SOFR+  1.75%   0.00%   6.07%  11/2/2026   483,028    482,076    482,897 
BW Gas & Convenience Holdings LLC  Beverage, Food & Tobacco  Term Loan B  Loan   1M USD SOFR+  3.50%   0.50%   7.94%  3/31/2028   2,412,500    2,400,434    2,418,531 
Callaway Golf Company  Retail  Term Loan B  Loan   1M USD SOFR+  3.00%   0.00%   7.32%  3/16/2030   471,250    467,499    465,458 
Calpine Corporation  Utilities: Electric  Term Loan B10 (01/24)  Loan   1M USD SOFR+  1.75%   0.00%   6.07%  1/31/2031   1,990,000    1,981,632    1,987,513 
Camping World, Inc.  Retail  Term Loan B (5/21)  Loan   1M USD SOFR+  2.50%   0.75%   6.94%  6/5/2028   2,436,709    2,289,886    2,386,586 
CAPSTONE BORROWER INC  Services: Business  Term Loan B (05/24)  Loan   3M USD SOFR+  3.25%   0.00%   7.58%  6/17/2030   872,669    862,196    874,851 
CareerBuilder, LLC  Services: Business  Term Loan B3  Loan   1M USD SOFR+  2.50%   0.00%   6.94%  7/31/2026   4,089,659    4,079,749    204,483 
Castle US Holding Corporation  Media: Advertising, Printing & Publishing  Term Loan B (USD)  Loan   3M USD SOFR+  3.75%   0.00%   8.32%  1/27/2027   1,929,894    1,925,694    1,192,520 
CBL & Associates Limited Partnership  Retail  Term Loan 11/21  Loan   1M USD SOFR+  2.75%   1.00%   7.17%  11/1/2025   2,085,112    1,976,819    1,978,250 
CCC Intelligent Solutions Inc.  Services: Business  Term Loan (01/25)  Loan   1M USD SOFR+  2.00%   0.50%   6.32%  9/16/2028   242,500    242,288    241,894 
CCI Buyer, Inc  Telecommunications  Term Loan  Loan   3M USD SOFR+  4.00%   0.75%   8.33%  12/17/2027   240,625    239,544    241,426 
CCRR Parent, Inc.  Healthcare & Pharmaceuticals  Term Loan  Loan   3M USD SOFR+  4.25%   0.50%   8.66%  3/6/2028   980,000    948,779    395,263 
CCRR Parent, Inc.  Healthcare & Pharmaceuticals  Term Loan B  Loan   3M USD SOFR+  4.25%   0.75%   8.82%  3/6/2028   962,500    960,608    399,438 
CCS-CMGC Holdings, Inc.  Healthcare & Pharmaceuticals  Term Loan  Loan   3M USD SOFR+  5.50%   0.00%   10.28%  9/25/2025   1,140,869    1,139,841    386,047 
Issuer Name  Industry  Asset Name  Asset
Type		  Reference
Rate/Spread		  SOFR/LIBOR Floor   Current Rate
(All In)		   Maturity Date  Principal/
Number of Shares		   Cost   Fair Value 
CDK GLOBAL, INC.  High Tech Industries  Term Loan  B (05/24)  Loan   3M USD SOFR+  3.25%   0.00%   7.58%  7/6/2029   990,019    968,890    903,640 
CENTURI GROUP, INC.  Construction & Building  Term Loan B  Loan   1M USD SOFR+  2.50%   0.50%   6.94%  8/28/2028   616,921    613,611    617,470 
Charlotte Buyer, Inc.  Services: Business  Term Loan B (01/25)  Loan   1M USD SOFR+  4.25%   0.50%   8.57%  2/11/2028   1,473,806    1,410,924    1,469,886 
Chemours Company, (The)  Chemicals, Plastics, & Rubber  Term Loan B3 (08/23)  Loan   1M USD SOFR+  3.00%   0.50%   7.32%  8/18/2028   2,369,720    2,339,142    2,358,866 
Churchill Downs Incorporated  Hotel, Gaming & Leisure  Term Loan B1 (3/21)  Loan   1M USD SOFR+  1.75%   0.00%   6.07%  3/17/2028   481,250    480,828    480,047 
CIMPRESS PUBLIC LIMITED COMPANY  Media: Advertising, Printing & Publishing  Term Loan  B  Loan   1M USD SOFR+  2.50%   0.50%   6.82%  5/17/2028   1,940,187    1,883,647    1,930,486 
CITADEL SECURITIES LP  Banking, Finance, Insurance & Real Estate  Term Loan (10/24)  Loan   3M USD SOFR+  2.00%   0.00%   6.33%  10/31/2031   4,826,890    4,826,890    4,832,344 
Citco Funding LLC  Banking, Finance, Insurance & Real Estate  Term Loan B (06/24)  Loan   6M USD SOFR+  2.75%   0.50%   7.31%  4/27/2028   987,538    984,246    994,529 
Clarios Global LP  Automotive  Term Loan B  (07/24)  Loan   1M USD SOFR+  2.50%   0.00%   6.82%  5/6/2030   1,197,000    1,192,661    1,191,015 
Claros Mortgage Trust, Inc  Banking, Finance, Insurance & Real Estate  Term Loan B-1 (11/21)  Loan   1M USD SOFR+  4.50%   0.50%   8.92%  8/10/2026   3,368,637    3,360,331    3,099,146 
CLYDESDALE ACQUISITION HOLDINGS, INC.  Containers, Packaging & Glass  Term Loan B  Loan   1M USD SOFR+  3.18%   0.50%   7.50%  4/13/2029   1,220,000    1,199,733    1,219,244 
Columbus McKinnon Corporation  Capital Equipment  Term Loan (03/24)  Loan   3M USD SOFR+  2.50%   0.50%   6.83%  5/14/2028   361,967    361,543    361,062 
Connect Finco SARL  Telecommunications  Term Loan B (03/24)  Loan   1M USD SOFR+  4.50%   0.50%   8.82%  9/27/2029   2,865,844    2,801,249    2,491,679 
Consolidated Communications, Inc.  Telecommunications  Term Loan B  Loan   1M USD SOFR+  3.50%   0.75%   7.94%  10/2/2027   2,714,005    2,592,779    2,700,788 
Corelogic, Inc.  Services: Business  Term Loan (4/21)  Loan   1M USD SOFR+  3.50%   0.50%   7.94%  6/2/2028   2,418,750    2,413,203    2,406,656 
Cortes NP Acquisition Corp (Vertiv)  Capital Equipment  Term Loan B (12/24)  Loan   1M USD SOFR+  1.75%   0.00%   6.06%  3/2/2027   1,920,785    1,920,785    1,918,921 
Creative Artists Agency, LLC  Media: Diversified & Production  Term Loan B (09/24)  Loan   1M USD SOFR+  2.75%   0.00%   7.07%  10/1/2031   1,576,094    1,568,099    1,576,536 
CROCS INC  Consumer goods: Durable  Term Loan B (01/24)  Loan   3M USD SOFR+  2.25%   0.50%   6.58%  2/19/2029   750,000    730,356    752,723 
Cross Financial Corp  Banking, Finance, Insurance & Real Estate  Term Loan B2 (10/24)  Loan   1M USD SOFR+  3.25%   0.00%   7.57%  10/24/2031   485,063    483,905    485,974 
Crown Subsea Communications Holding, Inc.  Construction & Building  Term Loan B  Loan   1M USD SOFR+  4.00%   0.75%   8.31%  1/30/2031   2,388,000    2,367,977    2,397,695 
CTS Midco, LLC  High Tech Industries  Term Loan B  Loan   3M USD SOFR+  6.00%   1.00%   10.55%  11/2/2027   1,919,403    1,894,257    1,919,403 
Dave & Buster’s Inc.  Hotel, Gaming & Leisure  Term Loan B (1/24)  Loan   3M USD SOFR+  3.25%   0.50%   7.56%  6/29/2029   762,038    735,302    721,079 
DCert Buyer, Inc.  High Tech Industries  Term Loan  Loan   1M USD SOFR+  4.00%   0.00%   8.32%  10/16/2026   1,439,547    1,439,547    1,394,748 
Delek US Holdings, Inc.  Utilities: Oil & Gas  Term Loan B (11/22)  Loan   1M USD SOFR+  3.50%   0.50%   7.92%  11/16/2029   5,292,000    5,206,553    5,270,514 
Derby Buyer LLC  Chemicals, Plastics, & Rubber  Term Loan B (12/24)  Loan   1M USD SOFR+  3.00%   0.00%   7.31%  11/1/2030   620,320    612,532    620,475 
DexKo Global, Inc. (Dragon Merger)  Automotive  Term Loan (9/21)  Loan   3M USD SOFR+  3.75%   0.50%   8.34%  10/4/2028   972,500    970,335    916,251 
Diamond Sports Group, LLC  Media: Broadcasting & Subscription  1st Priority Term Loan  Loan   1M USD SOFR+  10.00%   1.00%   14.41%  5/25/2026   29,734    29,407    26,463 
DIRECTV FINANCING, LLC  Media: Broadcasting & Subscription  Term Loan (1/24)  Loan   3M USD SOFR+  5.25%   0.75%   9.80%  8/2/2029   2,902,900    2,887,032    2,882,115 
Issuer Name  Industry  Asset Name  Asset
Type		  Reference
Rate/Spread		  SOFR/LIBOR Floor   Current Rate
(All In)		   Maturity Date  Principal/
Number of Shares		   Cost   Fair Value 
DISCOVERY PURCHASER CORPORATION  Chemicals, Plastics, & Rubber  Term Loan  Loan   3M USD SOFR+  4.00%   0.50%   8.29%  10/4/2029   1,470,233    1,383,873    1,465,749 
Dispatch Acquisition Holdings, LLC  Environmental Industries  Term Loan B (3/21)  Loan   3M USD SOFR+  4.25%   0.75%   8.73%  3/25/2028   482,500    480,166    454,496 
DOMTAR CORPORATION  Forest Products & Paper  Term Loan 9/21  Loan   1M USD SOFR+  5.50%   0.75%   9.94%  11/30/2028   3,071,416    3,028,380    2,973,530 
DOTDASH MEREDITH, INC.  Media: Advertising, Printing & Publishing  Term Loan B (11/24)  Loan   1M USD SOFR+  3.50%   0.50%   7.81%  12/1/2028   1,911,111    1,778,613    1,920,667 
DRI HOLDING INC.  Media: Advertising, Printing & Publishing  Term Loan (12/21)  Loan   1M USD SOFR+  5.25%   0.50%   9.67%  12/15/2028   3,892,437    3,790,333    3,773,718 
DRW Holdings, LLC  Banking, Finance, Insurance & Real Estate  Term Loan B (06/24)  Loan   3M USD SOFR+  3.50%   0.00%   7.79%  6/17/2031   6,305,000    6,280,258    6,283,311 
DTZ U.S. Borrower, LLC  Construction & Building  Term Loan B1 (01/25)  Loan   1M USD SOFR+  2.75%   0.50%   7.07%  1/31/2030   2,014,107    2,013,573    2,009,072 
DTZ U.S. Borrower, LLC  Construction & Building  2024-3 Term Loan (09/24)  Loan   1M USD SOFR+  3.25%   0.50%   7.57%  1/31/2030   1,097,250    1,075,232    1,098,161 
Dye & Durham Corporation  Services: Business  Term Loan B (04/24)  Loan   3M USD SOFR+  4.25%   1.00%   8.68%  4/11/2031   1,431,964    1,412,492    1,443,148 
EAB Global, Inc.  Services: Business  Term Loan (08/21)  Loan   1M USD SOFR+  3.00%   0.50%   7.32%  8/16/2028   970,169    967,824    967,336 
Echo Global Logistics, Inc.  Services: Business  Term Loan  Loan   1M USD SOFR+  3.75%   0.50%   8.16%  11/23/2028   1,945,000    1,943,317    1,923,663 
Edelman Financial Group Inc., The  Banking, Finance, Insurance & Real Estate  Term Loan (12/24)  Loan   1M USD SOFR+  3.00%   0.00%   7.32%  4/7/2028   2,155,371    2,152,592    2,158,281 
ELECTRON BIDCO INC.  Healthcare & Pharmaceuticals  Term Loan  Loan   1M USD SOFR+  2.75%   0.50%   7.07%  11/1/2028   487,500    486,541    486,769 
ELO Touch Solutions, Inc.  Media: Diversified & Production  Term Loan (12/18)  Loan   1M USD SOFR+  6.50%   0.00%   10.94%  12/15/2025   2,137,656    2,124,478    2,137,656 
Embecta Corp  Healthcare & Pharmaceuticals  Term Loan B  Loan   1M USD SOFR+  3.00%   0.50%   7.31%  3/30/2029   2,885,658    2,843,183    2,880,262 
Emrld Borrower LP  Capital Equipment  Term Loan B (04/23)  Loan   6M USD SOFR+  2.50%   0.00%   6.93%  5/31/2030   990,000    986,329    986,594 
Endo Finance Holdings, Inc.  Healthcare & Pharmaceuticals  Term Loan B  Loan   1M USD SOFR+  4.00%   0.50%   8.32%  4/23/2031   1,995,000    1,977,056    1,995,000 
Endure Digital, Inc.  High Tech Industries  Term Loan B  Loan   1M USD SOFR+  3.50%   0.75%   7.92%  2/10/2028   2,412,500    2,407,887    1,668,654 
Entain Holdings (Gibraltar) Limited  Hotel, Gaming & Leisure  Term Loan B3 (5/24)  Loan   3M USD SOFR+  2.75%   0.50%   7.08%  10/31/2029   1,476,325    1,464,198    1,477,476 
EOS U.S. FINCO LLC  Transportation: Cargo  Term Loan  Loan   6M USD SOFR+  6.00%   0.50%   10.28%  10/9/2029   950,000    893,353    397,813 
Equiniti Group PLC  Services: Business  Term Loan (12/24)  Loan   6M USD SOFR+  3.75%   0.50%   8.03%  12/11/2028   970,069    964,262    976,937 
Evertec Group LLC  Banking, Finance, Insurance & Real Estate  Term Loan B (09/23)  Loan   1M USD SOFR+  2.75%   0.50%   7.07%  10/30/2030   1,125,000    1,110,800    1,130,625 
Fiesta Purchaser, Inc.  Beverage, Food & Tobacco  Term Loan B (12/24)  Loan   1M USD SOFR+  3.25%   0.00%   7.57%  2/12/2031   497,503    493,271    497,011 
Finco I LLC  Banking, Finance, Insurance & Real Estate  Term Loan  B (9/24)  Loan   1M USD SOFR+  2.25%   0.00%   6.57%  6/27/2029   2,795,563    2,793,344    2,794,389 
First Brands Group, LLC  Automotive  1st Lien Term Loan (3/21)  Loan   3M USD SOFR+  5.00%   1.00%   9.55%  3/30/2027   4,812,500    4,781,859    4,607,969 
First Eagle Investment Management  Banking, Finance, Insurance & Real Estate  Term Loan B (02/24)  Loan   3M USD SOFR+  3.00%   0.00%   7.33%  3/5/2029   5,053,465    5,046,585    5,052,454 
First Student Bidco Inc.  Transportation: Consumer  Term Loan B (12/24)  Loan   3M USD SOFR+  2.50%   0.50%   6.89%  7/21/2028   709,476    706,708    707,603 
First Student Bidco Inc.  Transportation: Consumer  Term Loan C  Loan   3M USD SOFR+  2.50%   0.50%   6.89%  7/21/2028   216,966    216,137    216,393 
Fitness International, LLC (LA Fitness)  Services: Consumer  Term Loan  B (1/24)  Loan   1M USD SOFR+  5.25%   1.00%   9.57%  2/5/2029   1,191,000    1,161,999    1,204,030 
Flutter Financing B.V.  Hotel, Gaming & Leisure  Term Loan  Loan   3M USD SOFR+  1.75%   0.50%   6.08%  11/29/2030   3,712,500    3,704,077    3,699,729 
Issuer Name  Industry  Asset Name  Asset
Type		  Reference
Rate/Spread		  SOFR/LIBOR Floor   Current Rate
(All In)		   Maturity Date  Principal/
Number of Shares		   Cost   Fair Value 
Franchise Group, Inc.  Services: Consumer  New Money Term Commitments  Loan   1M USD SOFR+  9.00%   1.00%   13.43%  5/6/2025   257,225    254,175    257,225 
Franchise Group, Inc.  Services: Consumer  First Out Term Loan  Loan   6M USD SOFR+  4.75%   0.75%   9.30%  3/10/2026   827,674    825,735    412,802 
Franchise Group, Inc.  Services: Consumer  Term Loan B  Loan   3M USD SOFR+  4.75%   0.75%   9.30%  3/10/2026   3,041,686    2,988,228    1,517,041 
Franchise Group, Inc.  Services: Consumer  Term Loan DIP New Money  Loan   1M USD SOFR+  9.00%   1.00%   13.43%  5/6/2025   355,828    353,546    355,828 
Franklin Square Holdings, L.P.  Banking, Finance, Insurance & Real Estate  Term Loan B (04/24)  Loan   1M USD SOFR+  2.25%   0.00%   6.57%  4/25/2031   4,231,210    4,225,781    4,231,210 
Froneri International (R&R Ice Cream)  Beverage, Food & Tobacco  Term Loan B4 (10/24)  Loan   6M USD SOFR+  2.00%   0.00%   6.24%  9/16/2031   1,915,000    1,914,701    1,905,751 
Garrett LX III S.a r.l.  Automotive  Term Loan (1/25)  Loan   3M USD SOFR+  2.25%   0.50%   6.54%  1/20/2032   1,451,250    1,447,746    1,438,552 
Genesee & Wyoming, Inc.  Transportation: Cargo  Term Loan B (03/24)  Loan   3M USD SOFR+  1.75%   0.00%   6.08%  4/10/2031   1,496,250    1,489,525    1,489,711 
GGP Inc.  Banking, Finance, Insurance & Real Estate  Term Loan B  Loan   1M USD SOFR+  2.50%   0.00%   2.96%  8/27/2025   2,323,401    2,300,582    2,318,312 
GIP Pilot Acquisition Partners, L.P.  Energy: Oil & Gas  Term Loan B  Loan   3M USD SOFR+  2.00%   0.00%   6.30%  10/4/2030   415,684    414,006    414,387 
Global Tel*Link Corporation  Telecommunications  Term Loan (6/24)  Loan   1M USD SOFR+  7.50%   3.00%   11.82%  7/31/2029   4,809,048    4,741,980    4,798,757 
Go Daddy Operating Company, LLC  High Tech Industries  Term Loan B7  Loan   1M USD SOFR+  1.75%   0.00%   6.07%  5/30/2031   940,231    940,231    938,473 
GOLDEN WEST PACKAGING GROUP LLC  Forest Products & Paper  Term Loan (11/21)  Loan   6M USD SOFR+  5.25%   0.75%   9.92%  12/1/2027   1,775,000    1,767,298    1,434,786 
GOTO GROUP, INC.  High Tech Industries  First Lien Term Loan  Loan   3M USD SOFR+  4.75%   0.00%   9.19%  4/30/2028   1,245,381    804,484    1,151,043 
GOTO GROUP, INC.  High Tech Industries  Second-Out Term Loan (02/24)  Loan   3M USD SOFR+  4.75%   0.00%   9.19%  4/30/2028   1,719,812    1,651,916    832,389 
Graham Packaging Co Inc  Containers, Packaging & Glass  Term Loan B (07/24)  Loan   1M USD SOFR+  2.50%   0.00%   6.82%  8/4/2027   830,576    828,359    830,161 
Great Outdoors Group, LLC  Retail  Term Loan (1/25)  Loan   1M USD SOFR+  3.25%   0.75%   7.55%  1/20/2032   960,244    958,144    962,049 
Griffon Corporation  Consumer goods: Durable  Term Loan B  Loan   1M USD SOFR+  2.00%   0.00%   6.31%  1/24/2029   142,188    142,044    142,898 
Grosvenor Capital Management Holdings, LLLP  Banking, Finance, Insurance & Real Estate  Term Loan B (5/24)  Loan   1M USD SOFR+  2.25%   0.00%   6.57%  2/25/2030   2,786,709    2,786,614    2,791,057 
Groupe Solmax Inc.  Environmental Industries  Term Loan (6/21)  Loan   1M USD SOFR+  4.75%   0.75%   9.19%  5/27/2028   2,412,086    2,134,984    2,133,827 
GYP HOLDINGS III CORP.  Construction & Building  Term Loan  (1/24)  Loan   1M USD SOFR+  2.25%   0.00%   6.57%  5/12/2030   246,881    245,937    247,037 
Hertz Corporation (The)  Transportation: Consumer  Term Loan B  Loan   1M USD SOFR+  3.75%   0.00%   8.07%  6/30/2028   2,082,970    2,035,333    1,807,726 
Hillman Group Inc. (The) (New)  Consumer goods: Durable  Term Loan B-1 (2/21)  Loan   1M USD SOFR+  2.00%   0.50%   6.31%  7/14/2028   2,714,525    2,713,474    2,704,780 
Hilton Domestic Operating Company Inc.  Hotel, Gaming & Leisure  Term Loan B 4  Loan   1M USD SOFR+  1.75%   0.00%   6.07%  11/8/2030   1,500,000    1,497,236    1,505,160 
HLF Financing SARL (Herbalife)  Consumer goods: Non-durable  Term Loan  Loan   1M USD SOFR+  6.75%   0.50%   11.07%  4/12/2029   3,038,490    3,037,561    3,036,606 
Holley Purchaser, Inc  Automotive  Term Loan (11/21)  Loan   1M USD SOFR+  3.75%   0.75%   8.19%  11/17/2028   2,189,325    2,184,763    2,130,935 
Issuer Name  Industry  Asset Name  Asset
Type		  Reference
Rate/Spread		  SOFR/LIBOR Floor   Current Rate
(All In)		   Maturity Date  Principal/
Number of Shares		   Cost   Fair Value 
Hudson River Trading LLC  Banking, Finance, Insurance & Real Estate  Term Loan (10/24)  Loan   1M USD SOFR+  3.00%   0.00%   7.31%  3/29/2030   5,775,525    5,692,371    5,770,327 
Hunter Douglas Inc  Consumer goods: Durable  Term Loan B (1/25)  Loan   3M USD SOFR+  3.25%   0.00%   7.55%  1/19/2032   2,232,648    2,038,638    2,215,904 
Hyperion Refinance S.a.r.l.  Banking, Finance, Insurance & Real Estate  Term Loan B (11/24)  Loan   1M USD SOFR+  3.00%   0.50%   7.32%  2/18/2031   2,977,538    2,966,717    2,968,992 
Idera, Inc.  High Tech Industries  Term Loan (06/24)  Loan   3M USD SOFR+  3.50%   0.75%   7.79%  3/2/2028   4,726,151    4,723,056    4,447,167 
IMA Financial Group, Inc.  Banking, Finance, Insurance & Real Estate  Term Loan (10/21)  Loan   1M USD SOFR+  3.00%   0.50%   7.32%  11/1/2028   2,440,193    2,433,243    2,440,193 
INDY US BIDCO, LLC  Services: Business  Term Loan (01/25)  Loan   1M USD SOFR+  3.50%   0.50%   7.82%  3/6/2028   2,170,828    2,170,359    2,166,313 
INEOS 226 Ltd.  Chemicals, Plastics, & Rubber  Term Loan 3/23  Loan   1M USD SOFR+  3.75%   0.00%   8.17%  3/13/2030   492,500    488,601    474,031 
Ineos US Finance LLC  Chemicals, Plastics, & Rubber  Term Loan C  Loan   1M USD SOFR+  3.25%   0.00%   7.57%  2/18/2030   990,019    982,264    973,931 
INEOS US PETROCHEM LLC  Chemicals, Plastics, & Rubber  Term Loan B  Loan   1M USD SOFR+  4.25%   0.00%   8.67%  4/2/2029   2,694,512    2,647,631    2,627,149 
Informatica Inc.  High Tech Industries  Term Loan B (06/24)  Loan   1M USD SOFR+  2.25%   0.00%   6.57%  10/27/2028   486,250    486,237    485,642 
Ingram Micro Inc.  Wholesale  Term Loan B  Loan   3M USD SOFR+  2.75%   0.00%   7.08%  9/17/2031   693,439    689,636    697,343 
Inmar, Inc.  Services: Business  Term Loan (06/23)  Loan   3M USD SOFR+  5.00%   1.00%   9.31%  10/30/2031   3,299,855    3,234,272    3,303,980 
Innophos, Inc.  Chemicals, Plastics, & Rubber  Term Loan B  Loan   1M USD SOFR+  4.25%   0.00%   8.69%  3/16/2029   476,250    472,714    475,826 
IRB Holding Corporation  Beverage, Food & Tobacco  Term Loan B  Loan   1M USD SOFR+  2.50%   0.75%   6.82%  12/15/2027   492,487    489,357    491,935 
Isagenix International, LLC  Beverage, Food & Tobacco  Term Loan  Loan   6M USD SOFR+  2.50%   0.00%   2.50%  4/13/2028   1,378,403    1,025,602    186,084 
Isolved Inc.  Services: Business  Term Loan B (11/24)  Loan   1M USD SOFR+  3.25%   0.00%   7.57%  10/15/2030   620,324    614,960    624,394 
Jane Street Group  Banking, Finance, Insurance & Real Estate  Term Loan B  Loan   3M USD SOFR+  2.00%   0.00%   6.30%  12/15/2031   3,840,000    3,839,989    3,790,810 
Journey Personal Care Corp.  Consumer goods: Non-durable  Term Loan B (11/24)  Loan   1M USD SOFR+  3.75%   0.75%   8.07%  3/1/2028   2,895,000    2,858,590    2,872,072 
JP Intermediate B, LLC  Consumer goods: Non-durable  Term Loan 7/23  Loan   Prime  6.50%   1.00%   14.00%  11/20/2027   3,370,462    3,360,549    134,818 
Kleopatra Finco S.a r.l.  Containers, Packaging & Glass  Term Loan (1/21) (USD)  Loan   6M USD SOFR+  4.73%   0.50%   9.23%  2/12/2026   1,443,750    1,443,745    1,348,304 
Koppers Inc  Chemicals, Plastics, & Rubber  Term Loan  Loan   1M USD SOFR+  2.50%   0.50%   6.82%  4/10/2030   985,081    961,555    988,775 
KREF Holdings X LLC  Banking, Finance, Insurance & Real Estate  Term Loan (11/21)  Loan   3M USD SOFR+  3.50%   0.50%   8.06%  9/1/2027   481,363    476,486    481,363 
Lakeland Tours, LLC  Hotel, Gaming & Leisure  Holdco Fixed Term Loan  Loan   Fixed  0.00%   0.00%   8.00%  9/27/2027   1,127,568    680,756    28,189 
Latham Pool Products, Inc.  Consumer goods: Durable  Term Loan 2/22  Loan   3M USD SOFR+  3.75%   0.50%   8.19%  2/23/2029   991,609    978,723    970,954 
Lealand Finance Company B.V.  Energy: Oil & Gas  Exit Term Loan  Loan   1M USD SOFR+  1.00%   0.00%   5.43%  12/31/2027   366,724    366,724    149,257 
LHS BORROWER, LLC  Construction & Building  Term Loan (02/22)  Loan   1M USD SOFR+  4.75%   0.50%   9.17%  2/16/2029   2,450,166    2,120,597    2,266,403 
Lifetime Brands, Inc  Consumer goods: Non-durable  Term Loan  Loan   1M USD SOFR+  5.50%   1.00%   9.93%  8/26/2027   1,576,347    1,572,295    1,500,163 
Liquid Tech Solutions Holdings, LLC  Services: Business  Term Loan  Loan   1M USD SOFR+  3.75%   0.75%   8.18%  3/17/2028   967,500    966,360    969,919 
Issuer Name  Industry  Asset Name  Asset
Type		  Reference
Rate/Spread		  SOFR/LIBOR Floor   Current Rate
(All In)		   Maturity Date  Principal/
Number of Shares		   Cost   Fair Value 
LOYALTY VENTURES INC.  Services: Business  Loyalty Ventures Claims  Term Loan B   Prime  5.50%   0.50%   14.00%  11/3/2027   2,913,525    2,905,305    211,231 
LSF11 A5 HOLDCO LLC  Chemicals, Plastics, & Rubber  Term Loan B (06/24)  Loan   1M USD SOFR+  3.50%   0.50%   7.93%  10/15/2028   1,622,206    1,607,812    1,621,622 
LSF11 TRINITY BIDCO INC  Aerospace & Defense  Term Loan B (12/24)  Loan   1M USD SOFR+  3.00%   0.00%   7.32%  6/14/2030   970,924    959,085    970,924 
LSF9 Atlantis Holdings, LLC (A Wireless)  Retail  Term Loan  Extended  Loan   1M USD SOFR+  5.25%   0.75%   9.57%  3/29/2029   2,671,805    2,610,533    2,680,167 
Lumen Technologies Inc  Telecommunications  Term Loan B1 (3/24)  Loan   1M USD SOFR+  2.35%   2.00%   6.79%  4/16/2029   1,608,268    1,607,707    1,512,785 
Lumen Technologies Inc  Telecommunications  Term Loan B2 (3/24)  Loan   1M USD SOFR+  2.35%   2.00%   6.79%  4/15/2030   1,608,268    1,607,702    1,507,767 
MAGNITE, INC.  Services: Business  Term Loan B (09/24)  Loan   1M USD SOFR+  3.75%   0.00%   8.07%  2/6/2031   3,233,770    3,205,941    3,278,235 
Marriott Ownership Resorts, Inc.  Hotel, Gaming & Leisure  Term Loan  B (3/24)  Loan   1M USD SOFR+  2.25%   0.00%   6.57%  4/1/2031   1,310,489    1,310,489    1,310,489 
Max US Bidco Inc.  Beverage, Food & Tobacco  Term Loan B  Loan   3M USD SOFR+  5.00%   0.50%   9.31%  10/3/2030   1,985,000    1,870,513    1,942,819 
Mayfield Agency Borrower Inc. (FeeCo)  Banking, Finance, Insurance & Real Estate  Term Loan B (12/24)  Loan   3M USD SOFR+  3.00%   0.00%   7.29%  12/29/2031   3,415,608    3,349,332    3,405,634 
McGraw-Hill Education, Inc.  Media: Advertising, Printing & Publishing  Term Loan (1/25)  Loan   3M USD SOFR+  3.25%   0.50%   7.55%  8/6/2031   1,244,525    1,236,501    1,251,134 
Michaels Companies Inc  Retail  Term Loan B (Magic Mergeco)  Loan   3M USD SOFR+  4.25%   0.75%   8.84%  4/8/2028   2,417,349    2,407,248    1,957,038 
MIWD Holdco II LLC  Construction & Building  Term Loan B2 (03/24)  Loan   1M USD SOFR+  3.00%   0.00%   7.32%  3/21/2031   497,500    495,226    498,067 
MKS Instruments, Inc.  High Tech Industries  Term Loan B (01/25)  Loan   1M USD SOFR+  2.00%   0.50%   6.32%  8/17/2029   1,280,586    1,278,776    1,281,227 
Momentive Performance Materials Inc.  Chemicals, Plastics, & Rubber  Term Loan (03/23)  Loan   1M USD SOFR+  4.00%   0.00%   8.32%  3/28/2028   491,250    477,801    490,331 
Moneygram International, Inc.  Services: Business  Term Loan B  Loan   3M USD SOFR+  4.75%   0.50%   9.15%  6/1/2030   2,963,850    2,633,472    2,846,363 
Mosel Bidco SE  High Tech Industries  Term Loan B  Loan   3M USD SOFR+  4.50%   0.50%   8.83%  9/28/2030   500,000    495,844    501,250 
MPH Acquisition Holdings LLC (Multiplan)  Services: Business  First-Out Term Loan (01/25)  Loan   3M USD SOFR+  3.75%   0.00%   8.04%  12/31/2030   315,611    285,615    313,638 
MPH Acquisition Holdings LLC (Multiplan)  Services: Business  Second-Out Term Loan (01/25)  Loan   3M USD SOFR+  4.60%   0.00%   9.15%  12/31/2030   2,616,207    2,460,718    2,198,556 
NAB Holdings, LLC (North American Bancard)  Banking, Finance, Insurance & Real Estate  Term Loan B (2/25)  Loan   3M USD SOFR+  2.50%   0.50%   6.82%  11/24/2028   2,910,506    2,906,771    2,886,873 
Napa Management Services Corp  Healthcare & Pharmaceuticals  Term Loan B (02/22)  Loan   1M USD SOFR+  5.25%   0.75%   9.67%  2/22/2029   2,939,547    2,497,131    2,712,966 
Natgasoline LLC  Chemicals, Plastics, & Rubber  Term Loan  Loan   6M USD SOFR+  3.50%   0.00%   8.17%  11/14/2025   3,269,852    3,265,583    3,253,503 
National Mentor Holdings, Inc.  Healthcare & Pharmaceuticals  Term Loan 2/21  Loan   3M USD SOFR+  3.75%   0.75%   8.48%  3/2/2028   2,680,348    2,676,078    2,623,658 
National Mentor Holdings, Inc.  Healthcare & Pharmaceuticals  Term Loan C 2/21  Loan   3M USD SOFR+  3.75%   0.75%   8.18%  3/2/2028   87,464    87,262    85,614 
Nexstar Broadcasting, Inc. (Mission Broadcasting)  Media: Broadcasting & Subscription  Term Loan  Loan   1M USD SOFR+  2.50%   0.00%   6.94%  9/18/2026   571,911    570,138    571,356 
Next Level Apparel, Inc.  Retail  Term Loan  Loan   3M USD SOFR+  7.50%   1.00%   11.90%  8/9/2026   2,382,698    2,373,272    1,894,245 
Issuer Name  Industry  Asset Name  Asset
Type		  Reference
Rate/Spread		  SOFR/LIBOR Floor   Current Rate
(All In)		   Maturity Date  Principal/
Number of Shares		   Cost   Fair Value 
NorthPole Newco S.a.r.l  Aerospace & Defense  Term Loan  Loan   Prime  7.00%   0.00%   14.50%  3/3/2025   
-
    
-
    
-
 
NortonLifeLock Inc.  High Tech Industries  Term Loan B (05/24)  Loan   1M USD SOFR+  1.75%   0.50%   6.07%  9/12/2029   970,000    967,278    967,507 
Nouryon Finance B.V.  Chemicals, Plastics, & Rubber  Term Loan B (10/24)  Loan   3M USD SOFR+  3.25%   0.00%   7.55%  4/3/2028   483,926    480,497    485,591 
Novae LLC  Automotive  Term Loan B  Loan   1M USD SOFR+  5.00%   0.75%   9.42%  12/22/2028   1,945,000    1,935,728    1,819,800 
Olaplex, Inc.  Consumer goods: Non-durable  Term Loan (2/22)  Loan   1M USD SOFR+  3.50%   0.50%   7.92%  2/23/2029   2,442,273    2,367,591    2,262,498 
Open Text Corporation  High Tech Industries  Term Loan B (08/23)  Loan   1M USD SOFR+  1.75%   0.50%   6.07%  1/31/2030   921,883    900,638    920,731 
Oxbow Carbon, LLC  Metals & Mining  Term Loan B (04/23)  Loan   1M USD SOFR+  3.50%   0.50%   7.82%  5/2/2030   492,500    484,592    491,269 
PACIFIC DENTAL SERVICES, LLC  Healthcare & Pharmaceuticals  Term Loan B (02//24)  Loan   1M USD SOFR+  2.75%   0.00%   7.07%  3/17/2031   1,191,000    1,190,157    1,194,347 
PACTIV EVERGREEN GROUP HOLDINGS INC.  Containers, Packaging & Glass  Term Loan B4 (05/24)  Loan   1M USD SOFR+  2.50%   0.00%   6.82%  9/24/2028   921,247    919,105    920,841 
Padagis LLC  Healthcare & Pharmaceuticals  Term Loan  Loan   3M USD SOFR+  4.75%   0.50%   9.30%  7/6/2028   941,176    935,900    876,866 
PAR PETROLEUM LLC  Energy: Oil & Gas  Term Loan B  Loan   3M USD SOFR+  3.75%   0.50%   8.04%  2/28/2030   2,458,727    2,438,711    2,448,474 
PATAGONIA HOLDCO LLC  Telecommunications  Term Loan B  Loan   3M USD SOFR+  5.75%   0.50%   10.05%  8/1/2029   2,947,386    2,631,038    2,597,384 
Pathway Partners Vet Management Company LLC  Services: Business  Term Loan  Loan   3M USD SOFR+  3.75%   0.00%   8.34%  3/31/2027   476,580    472,582    387,545 
PCI Gaming Authority  Hotel, Gaming & Leisure  Term Loan  Loan   1M USD SOFR+  2.00%   0.00%   6.32%  7/18/2031   790,518    789,679    788,834 
PEARLS (Netherlands) Bidco B.V.  Chemicals, Plastics, & Rubber  USD Term Loan (02/22)  Loan   1M USD SOFR+  3.25%   0.50%   7.57%  2/28/2029   973,627    972,968    969,246 
PEDIATRIC ASSOCIATES HOLDING COMPANY, LLC  Healthcare & Pharmaceuticals  Term Loan (12/22)  Loan   3M USD SOFR+  3.25%   0.50%   7.80%  12/29/2028   1,459,630    1,456,242    1,379,350 
Penn National Gaming, Inc  Hotel, Gaming & Leisure  Term Loan B  Loan   1M USD SOFR+  2.50%   0.50%   6.82%  5/3/2029   975,000    971,989    976,463 
Peraton Corp.  Aerospace & Defense  Term Loan B  Loan   1M USD SOFR+  3.75%   0.75%   8.17%  2/1/2028   5,181,328    5,175,310    4,677,754 
Phoenix Guarantor Inc.  Healthcare & Pharmaceuticals  Term Loan B (12/24)  Loan   1M USD SOFR+  2.50%   0.00%   6.82%  2/21/2031   965,218    965,218    961,444 
PHYSICIAN PARTNERS, LLC  Healthcare & Pharmaceuticals  Term Loan  Loan   3M USD SOFR+  4.00%   0.50%   8.74%  12/22/2028   2,928,567    2,881,253    1,156,784 
Plastipak Holdings Inc.  Containers, Packaging & Glass  Term Loan B  Loan   1M USD SOFR+  2.25%   0.50%   6.57%  12/1/2028   1,795,294    1,791,011    1,796,892 
Playtika Holding Corp.  High Tech Industries  Term Loan B (3/21)  Loan   1M USD SOFR+  2.75%   0.00%   7.19%  3/13/2028   4,331,250    4,327,202    4,316,351 
PMHC II, INC.  Chemicals, Plastics, & Rubber  Term Loan (02/22)  Loan   3M USD SOFR+  4.25%   0.50%   8.69%  4/21/2029   1,955,000    1,949,220    1,890,368 
PointClickCare Technologies, Inc.  High Tech Industries  Term Loan B (10/24)  Loan   3M USD SOFR+  3.25%   0.00%   7.58%  11/3/2031   482,575    481,443    483,178 
Polymer Process Holdings, Inc.  Containers, Packaging & Glass  Term Loan  Loan   1M USD SOFR+  4.75%   0.75%   9.19%  2/12/2028   4,020,266    4,001,931    3,897,648 
Pre-Paid Legal Services, Inc.  Services: Consumer  Term Loan (12/21)  Loan   1M USD SOFR+  3.25%   0.50%   7.69%  12/15/2028   2,917,500    2,903,248    2,917,500 
Prime Security Services Borrower, LLC (ADT)  Services: Consumer  Term Loan B  Loan   1M USD SOFR+  2.00%   0.00%   6.31%  10/13/2030   1,990,013    1,973,564    1,985,834 
Primo Brands Corporation  Beverage, Food & Tobacco  Term Loan B (01/25)  Loan   3M USD SOFR+  2.25%   0.50%   6.56%  3/31/2028   1,447,505    1,443,799    1,448,620 
Issuer Name  Industry  Asset Name  Asset
Type		  Reference
Rate/Spread		  SOFR/LIBOR Floor   Current Rate
(All In)		   Maturity Date  Principal/
Number of Shares		   Cost   Fair Value 
PRIORITY HOLDINGS, LLC  Services: Consumer  Term Loan B (5/24)  Loan   1M USD SOFR+  4.75%   0.50%   9.07%  5/16/2031   2,872,211    2,857,095    2,875,802 
PriSo Acquisition Corporation  Construction & Building  Term Loan (01/21)  Loan   3M USD SOFR+  3.25%   0.75%   7.82%  12/28/2027   481,239    480,294    466,152 
Project Leopard Holdings, Inc. (NEW)  High Tech Industries  Term Loan B (06/22)  Loan   3M USD SOFR+  5.25%   0.50%   9.64%  7/20/2029   980,000    930,969    871,387 
Propulsion (BC) Finco  Aerospace & Defense  Term Loan B (10/24)  Loan   3M USD SOFR+  3.25%   0.50%   7.58%  9/14/2029   742,457    736,171    745,509 
PUG LLC  Services: Consumer  Term Loan B (03/24)  Loan   1M USD SOFR+  4.75%   0.00%   9.07%  3/15/2030   465,765    465,063    465,570 
Quartz AcquireCo, LLC  High Tech Industries  Term Loan (2/25)  Loan   3M USD SOFR+  2.25%   0.00%   6.57%  6/28/2030   1,234,994    1,226,841    1,233,450 
Quikrete Holdings, Inc.  Construction & Building  Term Loan (2/25)  Loan   1M USD SOFR+  2.25%   0.00%   6.57%  4/14/2031   992,500    990,531    990,981 
Rackspace Technology Global, Inc.  High Tech Industries  Term Loan  (3/24)  Loan   1M USD SOFR+  2.75%   0.75%   7.17%  5/15/2028   2,040,103    1,143,598    1,165,409 
Rackspace Technology Global, Inc.  High Tech Industries  Super-Priority Term Loan (03/24)  Loan   1M USD SOFR+  6.25%   0.75%   10.67%  5/15/2028   546,909    542,424    563,705 
RAND PARENT LLC  Transportation: Cargo  Term Loan B (01/25)  Loan   3M USD SOFR+  3.00%   0.00%   7.30%  3/18/2030   2,456,406    2,386,949    2,452,108 
RealPage, Inc.  High Tech Industries  Term Loan (04/21)  Loan   3M USD SOFR+  3.00%   0.50%   7.59%  4/24/2028   967,500    966,881    960,747 
Rent-A-Center, Inc.  Retail  Term Loan B2 (9/21)  Loan   3M USD SOFR+  2.75%   0.50%   7.04%  2/17/2028   1,840,124    1,815,493    1,839,351 
Research Now Group, Inc  Media: Advertising, Printing & Publishing  Term Loan (07/24)  Loan   3M USD SOFR+  5.00%   1.00%   9.58%  7/15/2028   338,737    334,497    339,018 
Research Now Group, Inc  Media: Advertising, Printing & Publishing  Second-Out Term Loan  Loan   3M USD SOFR+  5.50%   1.00%   10.08%  7/15/2028   2,887,427    2,767,310    2,721,400 
Resideo Funding Inc.  Services: Consumer  Term Loan B (12/24)  Loan   1M USD SOFR+  1.75%   0.00%   6.06%  2/14/2028   674,488    674,302    675,756 
Resolute Investment Managers (American Beacon), Inc.  Banking, Finance, Insurance & Real Estate  Term Loan (12/23)  Loan   3M USD SOFR+  6.50%   1.00%   11.09%  4/30/2027   1,948,473    1,948,473    1,930,449 
Restoration Hardware, Inc.  Retail  Term Loan (9/21)  Loan   1M USD SOFR+  2.50%   0.50%   6.94%  10/20/2028   3,392,312    3,389,647    3,339,595 
Reynolds Consumer Products LLC  Containers, Packaging & Glass  Term Loan  Loan   1M USD SOFR+  1.75%   0.00%   6.17%  2/4/2027   996,705    996,705    996,944 
Russell Investments US Inst’l Holdco, Inc.  Banking, Finance, Insurance & Real Estate  Term Loan B PIK (3/24)  Loan   3M USD SOFR+  5.00%   1.00%   9.29%  5/30/2027   5,764,065    5,754,497    5,539,266 
RV Retailer LLC  Automotive  Term Loan  Loan   1M USD SOFR+  3.75%   0.75%   8.17%  2/8/2028   2,897,881    2,869,896    2,714,039 
Ryan Specialty Group LLC  Banking, Finance, Insurance & Real Estate  Term Loan B (09/24)  Loan   1M USD SOFR+  2.25%   0.00%   6.57%  9/15/2031   1,455,934    1,448,552    1,453,750 
S&S HOLDINGS LLC  Services: Business  Term Loan  Loan   1M USD SOFR+  5.00%   0.50%   9.42%  3/10/2028   2,408,668    2,376,694    2,403,996 
Sally Holdings LLC  Retail  Term Loan  B  Loan   1M USD SOFR+  1.75%   0.00%   6.07%  2/28/2030   441,250    438,790    440,147 
Schweitzer-Mauduit International, Inc.  High Tech Industries  Term Loan B  Loan   1M USD SOFR+  3.75%   0.75%   8.19%  4/20/2028   939,236    936,933    933,365 
Scientific Games Holdings LP  Hotel, Gaming & Leisure  Term Loan B  Loan   3M USD SOFR+  3.00%   0.50%   7.30%  4/4/2029   491,269    490,668    491,087 
Sedgwick Claims Management Services, Inc.  Services: Business  Term Loan B 2/23  Loan   3M USD SOFR+  3.00%   0.00%   7.31%  7/31/2031   985,031    978,594    985,297 
Issuer Name  Industry  Asset Name  Asset
Type		  Reference
Rate/Spread		  SOFR/LIBOR Floor   Current Rate
(All In)		   Maturity Date  Principal/
Number of Shares		   Cost   Fair Value 
SETANTA AIRCRAFT LEASING DAC  Aerospace & Defense  Term Loan B (05/24)  Loan   3M USD SOFR+  1.75%   0.00%   6.08%  11/5/2028   500,000    499,374    501,500 
Sitel Worldwide Corporation  Services: Business  USD Term Loan (7/21)  Loan   3M USD SOFR+  3.75%   0.50%   8.18%  8/28/2028   1,935,000    1,930,481    1,248,733 
SiteOne Landscape Supply, LLC  Services: Business  Term Loan B (06/24)  Loan   1M USD SOFR+  1.75%   0.50%   6.06%  3/23/2030   1,257,709    1,253,356    1,257,709 
Smyrna Ready Mix Concrete, LLC  Construction & Building  Term Loan B  Loan   1M USD SOFR+  3.00%   0.00%   7.32%  4/2/2029   509,075    506,578    510,984 
Sparta U.S. HoldCo LLC  Chemicals, Plastics, & Rubber  Term Loan  Loan   1M USD SOFR+  3.00%   0.00%   7.31%  8/2/2030   1,940,000    1,935,791    1,945,820 
Specialty Pharma III Inc.  Services: Business  Term Loan  Loan   1M USD SOFR+  4.25%   0.75%   8.67%  3/31/2028   1,935,000    1,925,487    1,847,925 
Spin Holdco, Inc.  Services: Consumer  Term Loan 3/21  Loan   3M USD SOFR+  4.00%   0.75%   8.71%  3/4/2028   2,887,500    2,880,793    2,496,128 
SRAM, LLC  Consumer goods: Durable  Term Loan  (02/25)  Loan   1M USD SOFR+  2.75%   0.50%   7.94%  5/12/2028   2,269,091    2,267,559    2,274,764 
STANDARD INDUSTRIES INC.  Construction & Building  Term Loan B  Loan   1M USD SOFR+  1.75%   0.50%   6.07%  9/22/2028   210,250    209,230    210,250 
Staples, Inc.  Wholesale  Term Loan B  Loan   3M USD SOFR+  5.75%   0.50%   10.04%  9/4/2029   4,263,551    4,210,817    4,001,726 
Star Parent, Inc.  Services: Business  Term Loan B (09/23)  Loan   3M USD SOFR+  4.00%   0.00%   8.33%  9/27/2030   1,240,625    1,225,176    1,214,088 
Storable, Inc  High Tech Industries  Term Loan B  Loan   1M USD SOFR+  3.50%   0.50%   7.82%  4/17/2028   485,000    484,751    484,913 
Superannuation & Investments US LLC  Banking, Finance, Insurance & Real Estate  Term Loan  Loan   1M USD SOFR+  3.75%   0.50%   8.19%  12/1/2028   970,000    964,328    974,608 
SupplyOne, Inc  Wholesale  Term Loan B (03/24)  Loan   1M USD SOFR+  3.75%   0.00%   8.07%  3/27/2031   496,250    491,740    498,811 
Sweetwater Borrower, LLC  Retail  Term Loan (8/21)  Loan   1M USD SOFR+  4.25%   0.75%   8.69%  8/2/2028   2,083,452    2,022,885    2,083,452 
Syncsort Incorporated  High Tech Industries  Term Loan B (10/21)  Loan   3M USD SOFR+  4.00%   0.75%   8.55%  4/24/2028   2,419,962    2,419,490    2,377,105 
Ta TT Buyer LLC  Media: Broadcasting & Subscription  Term Loan B (6/24)  Loan   3M USD SOFR+  4.75%   0.50%   9.08%  4/2/2029   980,032    973,273    969,624 
Tenable Holdings, Inc.  Services: Business  Term Loan B (6/21)  Loan   1M USD SOFR+  2.75%   0.50%   7.19%  7/7/2028   970,000    969,283    971,213 
Teneo Holdings LLC  Banking, Finance, Insurance & Real Estate  Term Loan B (03/24)  Loan   1M USD SOFR+  4.75%   1.00%   9.07%  3/13/2031   3,473,750    3,442,264    3,500,880 
Ten-X, LLC  Banking, Finance, Insurance & Real Estate  Term Loan 5/23  Loan   6M USD SOFR+  6.00%   0.00%   10.25%  5/25/2028   1,860,000    1,860,000    1,616,340 
Thor Industries, Inc.  Automotive  Term Loan B (06/24)  Loan   1M USD SOFR+  2.25%   0.00%   6.57%  11/15/2030   291,839    289,445    292,569 
TIBCO Software Inc  High Tech Industries  Term Loan (Cov-Lite) (10/24)  Loan   3M USD SOFR+  3.75%   0.50%   8.08%  3/21/2031   498,750    498,297    500,137 
Torrid LLC  Wholesale  Term Loan 5/21  Loan   3M USD SOFR+  5.50%   0.75%   10.07%  6/14/2028   3,107,759    2,794,667    2,863,582 
TORY BURCH LLC  Retail  Term Loan  Loan   1M USD SOFR+  3.25%   0.50%   7.69%  4/17/2028   2,284,411    2,178,846    2,279,773 
Tosca Services, LLC  Containers, Packaging & Glass  Term Loan A (08/24)  Loan   1M USD SOFR+  5.50%   1.50%   9.82%  11/30/2028   80,509    79,712    82,925 
Tosca Services, LLC  Containers, Packaging & Glass  Superpriority Second-Out Term Loan B  Loan   1M USD SOFR+  1.50%   0.00%   5.92%  11/30/2028   6,878    10,704    5,932 
Issuer Name  Industry  Asset Name  Asset
Type		  Reference
Rate/Spread		  SOFR/LIBOR Floor   Current Rate
(All In)		   Maturity Date  Principal/
Number of Shares		   Cost   Fair Value 
Trans Union LLC  Banking, Finance, Insurance & Real Estate  Term Loan B9 (11/24)  Loan   1M USD SOFR+  1.75%   0.00%   6.07%  6/24/2031   605,987    605,382    604,878 
Tronox Finance LLC  Chemicals, Plastics, & Rubber  Term Loan (09/24)  Loan   3M USD SOFR+  2.25%   0.00%   6.60%  4/4/2029   1,995,000    1,979,840    1,967,070 
Tronox Finance LLC  Chemicals, Plastics, & Rubber  Term Loan B (09/24)  Loan   1M USD SOFR+  2.50%   0.00%   6.82%  9/30/2031   346,923    346,684    342,458 
TruGreen Limited Partnership  Services: Consumer  Term Loan  Loan   1M USD SOFR+  4.00%   0.75%   8.42%  11/2/2027   935,021    932,096    885,933 
Ultra Clean Holdings, Inc.  High Tech Industries  Term Loan B (09/24)  Loan   1M USD SOFR+  3.25%   0.00%   7.57%  2/25/2028   1,233,755    1,230,873    1,237,358 
Univision Communications Inc.  Media: Broadcasting & Subscription  Term Loan B (05/24)  Loan   1M USD SOFR+  3.50%   0.50%   7.94%  1/31/2029   2,403,522    2,402,406    2,379,486 
Univision Communications Inc.  Media: Broadcasting & Subscription  Term Loan B (6/22)  Loan   3M USD SOFR+  4.25%   0.50%   8.58%  6/25/2029   243,750    238,712    240,094 
Vaco Holdings, LLC  Services: Business  Term Loan (01/22)  Loan   3M USD SOFR+  5.00%   0.75%   9.48%  1/19/2029   2,294,893    2,247,090    2,098,680 
Vericast Corp.  Media: Advertising, Printing & Publishing  Extended Term Loan (07/24)  Loan   6M USD SOFR+  7.75%   1.00%   12.03%  6/16/2026   1,297,729    1,297,560    1,235,438 
Verifone Systems, Inc.  Banking, Finance, Insurance & Real Estate  Term Loan (7/18)  Loan   3M USD SOFR+  4.00%   0.00%   8.58%  8/20/2025   1,339,456    1,338,547    1,272,175 
Vertex Aerospace Services Corp  Aerospace & Defense  Term Loan (10/21)  Loan   1M USD SOFR+  2.25%   0.75%   6.57%  12/6/2030   972,724    970,725    966,509 
Viasat Inc  Telecommunications  Term Loan (2/22)  Loan   1M USD SOFR+  4.50%   0.50%   8.94%  3/5/2029   2,937,255    2,888,468    2,689,057 
Virtus Investment Partners, Inc.  Banking, Finance, Insurance & Real Estate  Term Loan B (9/21)  Loan   1M USD SOFR+  2.25%   0.00%   6.69%  9/28/2028   2,575,227    2,570,947    2,575,227 
Vistra Operations Company LLC  Energy: Electricity  2018 Incremental Term Loan  Loan   1M USD SOFR+  1.75%   0.00%   6.07%  12/20/2030   1,870,499    1,866,269    1,868,554 
VM Consolidated, Inc.  Construction & Building  Term Loan B  Loan   1M USD SOFR+  2.25%   0.00%   6.57%  3/24/2028   1,817,804    1,817,479    1,816,895 
Walker & Dunlop, Inc.  Banking, Finance, Insurance & Real Estate  Term Loan  Loan   1M USD SOFR+  2.25%   0.50%   6.67%  12/15/2028   491,202    484,449    491,816 
Warner Music Group Corp. (WMG Acquisition Corp.)  Hotel, Gaming & Leisure  Term Loan J  Loan   3M USD SOFR+  1.75%   0.00%   6.04%  1/24/2031   1,250,000    1,250,000    1,248,050 
Issuer Name  Industry  Asset Name  Asset
Type		  Reference
Rate/Spread		  SOFR/LIBOR Floor   Current Rate
(All In)		   Maturity Date  Principal/
Number of Shares		   Cost   Fair Value 
Watlow Electric Manufacturing Company  High Tech Industries  Term Loan B (03/21)  Loan   3M USD SOFR+  3.50%   0.50%   7.79%  3/2/2028   2,661,649    2,655,782    2,671,072 
WeddingWire, Inc.  Services: Consumer  Term Loan B (12/24)  Loan   1M USD SOFR+  3.75%   0.00%   8.07%  1/31/2028   4,772,917    4,772,450    4,784,849 
Wellpath Holdings LLC  Healthcare & Pharmaceuticals  Term Loan  Loan   3M USD SOFR+  6.93%   2.00%   11.23%  1/27/2030   693,228    693,228    693,228 
WEX Inc.  Services: Business  Term Loan B (11/24)  Loan   1M USD SOFR+  1.75%   0.00%   6.07%  3/31/2028   2,895,655    2,891,840    2,886,621 
Windsor Holdings III, LLC  Chemicals, Plastics, & Rubber  Term Loan B (09/24)  Loan   1M USD SOFR+  3.50%   0.00%   7.82%  8/1/2030   495,013    495,013    493,156 
Wyndham Hotels & Resorts, Inc.  Hotel, Gaming & Leisure  Term Loan (05/24)  Loan   1M USD SOFR+  1.75%   0.00%   6.07%  5/24/2030   987,538    983,680    987,814 
Xperi Corporation  High Tech Industries  Term Loan (1/25)  Loan   1M USD SOFR+  2.50%   0.00%   6.82%  6/8/2028   1,690,908    1,690,037    1,690,908 
Zayo Group, LLC  Telecommunications  Term Loan 4/22  Loan   1M USD SOFR+  4.25%   0.50%   8.57%  3/9/2027   972,500    960,739    935,185 
ZEBRA BUYER (Allspring) LLC  Banking, Finance, Insurance & Real Estate  Term Loan B (12/24)  Loan   3M USD SOFR+  3.00%   0.50%   7.38%  11/1/2030   1,852,261    1,845,463    1,852,261 
Zekelman Industries, Inc.  Metals & Mining  Term Loan B (03/24)  Loan   1M USD SOFR+  2.25%   0.00%   6.56%  1/24/2031   1,443,124    1,442,200    1,444,812 
Zest Acquisition Corp.  Healthcare & Pharmaceuticals  Term Loan (1/23)  Loan   3M USD SOFR+  5.25%   0.00%   9.54%  2/8/2028   1,960,000    1,896,443    1,979,600 
Zodiac Pool Solutions  Consumer goods: Durable  Term Loan (1/22)  Loan   1M USD SOFR+  1.93%   0.50%   6.35%  1/29/2029   485,000    484,495    484,267 
TOTAL INVESTMENTS                                $520,335,803   $492,195,089 

 

   Number of Shares   Cost   Fair Value 
Money Market Funds (included in cash and cash equivalents            
Goldman Sachs Financial Square Government Fund (a)(e)   21,272,327   $21,272,327   $21,272,327 
Total Money Market Funds (included in cash and cash equivalents)   21,272,327   $21,272,327   $21,272,327 

 

(a)Included within cash and cash equivalents in Saratoga CLO’s Statements of Assets and Liabilities as of February 28, 2025.
(b)As of February 28, 2025, the investment was in default and on non-accrual status.
(c)Investments include Payment-in-Kind Interest.
(d)

All or a portion of this investment has an unfunded commitment as of February 28, 2025.

(e) Current yield as of February 28, 2025, was approximately 4.28% on the Goldman Sachs Financial Square Government Fund.
Schedule of Fair Value Measurements of Investments

The following table presents fair value measurements of investments, by major class, as of February 28, 2026 (dollars in thousands), according to the fair value hierarchy:

 

   Fair Value Measurements 
   Level 1   Level 2   Level 3   Total 
Term loans  $
-
   $327,449,767   $25,835,252   $353,285,019 
Equity interests   
-
    
-
    831,552    831,552 
Total  $
-
   $327,449,767   $26,666,804   $354,116,571 

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

 

   Fair Value Measurements 
   Level 1   Level 2   Level 3   Total 
Term loans  $
-
   $451,307,173   $39,203,487   $490,510,660 
Equity interests   
-
    737,538    946,891    1,684,429 
Total  $
-
   $452,044,711   $40,150,378   $492,195,089