| Fair Value of Financial Instruments |
Fair Value of Financial Instruments The Company’s fair value measurements are classified into a fair value hierarchy in accordance with ASC Topic 820, Fair Value Measurement, based on the markets in which the assets and liabilities are traded, and the reliability of the assumptions used to determine fair value. Market price observability is affected by a number of factors, including the type of investment and the characteristics specific to the investment. Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. The Company determines fair value based on quoted prices when available or through the use of alternative approaches, such as discounting the expected cash flows using market interest rates commensurate with the credit quality and duration of the investment. This alternative approach also reflects the contractual terms of the derivatives, if any, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The guidance defines three levels of inputs that may be used to measure fair value: •Level 1—Quoted prices in active markets for identical assets and liabilities that the reporting entity has the ability to access at the measurement date. •Level 2—Inputs other than quoted prices included within Level 1 that are observable for the asset and liability or can be corroborated with observable market data for substantially the entire contractual term of the asset or liability. •Level 3—Unobservable inputs that reflect the entity’s own assumptions about the assumptions that market participants would use in the pricing of the asset or liability and are consequently not based on market activity, but rather through particular valuation techniques. The determination of where an asset or liability falls in the above hierarchy requires significant judgment and factors specific to the asset or liability. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company evaluates its hierarchy disclosures each quarter and depending on various factors, it is possible that an asset or liability may be classified differently from quarter to quarter. For investments for which Level 1 inputs, such as quoted prices, were not available at March 31, 2026 and December 31, 2025, the investments were valued at fair value as determined in good faith using the valuation policy approved by the Board of Directors using Level 2 and Level 3 inputs. The Company evaluates the source of inputs, including any markets in which the Company's investments are trading, in determining fair value. Due to the inherent uncertainty in the valuation process, the estimate of fair value of the Company’s investment portfolio at March 31, 2026 and December 31, 2025 may differ materially from values that would have been used had a ready market for the securities existed. In addition to using the above inputs in investment valuations, the Company continues to employ the valuation policy approved by the Board of Directors. Portfolio investments are reported on the consolidated statements of assets and liabilities at fair value. On a quarterly basis the Company performs an analysis of each investment to determine fair value as described below. Securities for which market quotations are readily available on an exchange are valued at the reported closing price on the valuation date. The Company may also obtain quotes with respect to certain of the Company's investments from pricing services or brokers or dealers in order to value assets. When doing so, the Company determines whether the quote obtained is readily available according to U.S. GAAP to determine the fair value of the security. If determined readily available, the Company uses the quote obtained. Investments without a readily determined market value are primarily valued using a market approach, an income approach, or both approaches, as appropriate. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including a business). The income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. In following these approaches, the types of factors that the Valuation Designee may take into account in fair value pricing the Company's investments include, as relevant: available current market data, including relevant and applicable market trading and transaction comparables, applicable market yields and multiples, security covenants, call protection provisions, information rights, the nature and realizable value of any collateral, the portfolio company's ability to make payments, its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons of financial ratios of peer companies that are public, M&A comparables, and enterprise values, among other factors. When available, broker quotations and/or quotations provided by pricing services are considered as an input in the valuation process. For an investment in an investment fund that does not have a readily determinable fair value, the Valuation Designee measures the fair value of the investment predominantly based on the net asset value per share of the investment fund if the net asset value of the investment fund is calculated in a manner consistent with the measurement principles of ASC Topic 946, as of the Company's measurement date. For investments in Collateralized Securities, the Valuation Designee models both the assets and liabilities of each Collateralized Securities' capital structure. The model uses a waterfall engine to store the collateral data, generate cash flows from the assets, and distribute the cash flows to the liability structure based on the contractual priority of payments. The cash flows are discounted using rates that incorporate risk factors such as default risk, interest rate risk, downgrade risk, and credit spread risk, among others. In addition, the Valuation Designee considers broker quotations and/or comparable trade activity, which are considered as inputs to determining fair value when available. As part of the Company's quarterly valuation process, the Valuation Designee may be assisted by one or more independent valuation firms. The Valuation Designee under the supervision of the Board of Directors determines the fair value of each investment, in good faith, based on the input of the independent valuation firm(s) (to the extent applicable) and the Valuation Designee’s own analysis. Determination of fair values involves subjective judgments and estimates. Accordingly, the notes to the consolidated financial statements refer to the uncertainty with respect to the possible effect of such valuations, and any change in such valuations on the consolidated financial statements. For discussion of the fair value measurement of the Company's borrowings, refer to Note 5 - Borrowings. The following table presents fair value measurements of investments, by major class, as of March 31, 2026, according to the fair value hierarchy: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements | | Level 1 | | Level 2 | | Level 3 | | Measured at Net Asset Value (1) | | Total | | Senior Secured First Lien Debt | $ | — | | | $ | 15,044 | | | $ | 3,051,735 | | | $ | — | | | $ | 3,066,779 | | | Senior Secured Second Lien Debt | — | | | 63,604 | | | 101,855 | | | — | | | 165,459 | | | Subordinated Debt | — | | | — | | | 285,017 | | | — | | | 285,017 | | | Collateralized Securities | — | | | — | | | 4,098 | | | — | | | 4,098 | | | Equity/Other | 5 | | | 16,611 | | | 288,599 | | | 1,183 | | | 306,398 | | | FBLC Senior Loan Fund, LLC | — | | | — | | | 222,706 | | | — | | | 222,706 | | | Total | $ | 5 | | | $ | 95,259 | | | $ | 3,954,010 | | | $ | 1,183 | | | $ | 4,050,457 | |
(1) In accordance with ASC Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient election have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated statements of assets and liabilities. The following table presents fair value measurements of investments, by major class, as of December 31, 2025, according to the fair value hierarchy: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements | | Level 1 | | Level 2 | | Level 3 | | Measured at Net Asset Value (1) | | Total | | Senior Secured First Lien Debt | $ | — | | | $ | 15,371 | | | $ | 3,121,003 | | | $ | — | | | $ | 3,136,374 | | | Senior Secured Second Lien Debt | — | | | 41,812 | | | 110,594 | | | — | | | 152,406 | | | Subordinated Debt | — | | | — | | | 259,132 | | | — | | | 259,132 | | | Collateralized Securities | — | | | — | | | 4,861 | | | — | | | 4,861 | | | Equity/Other | 123 | | | 14,632 | | | 277,511 | | | 1,013 | | | 293,279 | | | FBLC Senior Loan Fund, LLC | — | | | — | | | 224,956 | | | — | | | 224,956 | | | Total | $ | 123 | | | $ | 71,815 | | | $ | 3,998,057 | | | $ | 1,013 | | | $ | 4,071,008 | |
(1) In accordance with ASC Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient election have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated statements of assets and liabilities. The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the three months ended March 31, 2026: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Senior Secured First Lien Debt | | Senior Secured Second Lien Debt | | Subordinated Debt | | Collateralized Securities | | Equity/Other (1) | | Total | | Balance as of January 1, 2026 | $ | 3,121,003 | | | $ | 110,594 | | | $ | 259,132 | | | $ | 4,861 | | | $ | 502,467 | | | $ | 3,998,057 | | | Purchases and other adjustments to cost | 157,762 | | | 51,823 | | | 28,073 | | | 19 | | | 2,022 | | | 239,699 | | | Sales and repayments | (201,575) | | | (44,652) | | | (15) | | | (12) | | | 6 | | | (246,248) | | | Net realized gain (loss) | (33,943) | | | 1,270 | | | — | | | — | | | — | | | (32,673) | | | Transfers in | 235 | | | — | | | — | | | — | | | — | | | 235 | | | Transfers out | — | | | (16,600) | | | — | | | — | | | — | | | (16,600) | | | Net change in unrealized appreciation (depreciation) on investments | 8,253 | | | (580) | | | (2,173) | | | (770) | | | 6,810 | | | 11,540 | | Balance as of March 31, 2026 | $ | 3,051,735 | | | $ | 101,855 | | | $ | 285,017 | | | $ | 4,098 | | | $ | 511,305 | | | $ | 3,954,010 | | | Net change in unrealized appreciation (depreciation) for the period relating to those Level 3 assets that were still held by the Company at the end of the period: | $ | (27,410) | | | $ | 761 | | | $ | (2,173) | | | $ | (770) | | | $ | 6,810 | | | $ | (22,782) | |
_______________ (1) Includes the Company’s investment in FBLC Senior Loan Fund, LLC. For the three months ended March 31, 2026, transfers from Level 2 to Level 3 were due to current assessments of investment liquidity and a decrease in the number of observable market inputs. For the three months ended March 31, 2026, transfers from Level 3 to Level 2 were due to an increase in the number of observable market inputs. The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the three months ended March 31, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Senior Secured First Lien Debt | | Senior Secured Second Lien Debt | | Subordinated Debt | | Collateralized Securities | | Equity/Other (1) | | Total | | Balance as of January 1, 2025 | $ | 2,886,706 | | | $ | 103,368 | | | $ | 196,418 | | | $ | 10,893 | | | $ | 654,039 | | | $ | 3,851,424 | | | Purchases and other adjustments to cost | 236,188 | | | 1,889 | | | 44,823 | | | 32 | | | 6,729 | | | 289,661 | | | Sales and repayments | (197,648) | | | (2,124) | | | (19,704) | | | (2,473) | | | (99,984) | | | (321,933) | | | Net realized gain (loss) | 3,496 | | | — | | | — | | | 138 | | | (169) | | | 3,465 | | | Transfers in | 65,828 | | | — | | | — | | | | | — | | | 65,828 | | | Transfers out | — | | | (7,980) | | | — | | | — | | | — | | | (7,980) | | | Net change in unrealized appreciation (depreciation) on investments | (9,384) | | | (2,268) | | | (648) | | | (1,104) | | | (6,841) | | | (20,245) | | Balance as of March 31, 2025 | $ | 2,985,186 | | | $ | 92,885 | | | $ | 220,889 | | | $ | 7,486 | | | $ | 553,774 | | | $ | 3,860,220 | | | Net change in unrealized appreciation (depreciation) for the period relating to those Level 3 assets that were still held by the Company at the end of the period: | $ | (7,522) | | | $ | (1,471) | | | $ | (648) | | | $ | (964) | | | $ | (6,841) | | | $ | (17,446) | |
_______________ (1) Includes the Company's investment in FBLC Senior Loan Fund, LLC. For the three months ended March 31, 2025, transfers from Level 2 to Level 3 were due to current assessments of investment liquidity and a decrease in the number of observable market inputs. For the three months ended March 31, 2025, transfers from Level 3 to Level 2 were due to an increase in the number of observable market inputs. The composition of the Company’s investments as of March 31, 2026, at amortized cost and fair value, were as follows: | | | | | | | | | | | | | | | | | | | Investments at Amortized Cost | | Investments at Fair Value | | Fair Value Percentage of Total Portfolio | | Senior Secured First Lien Debt | $ | 3,137,571 | | | $ | 3,066,779 | | | 75.7 | % | | Senior Secured Second Lien Debt | 175,601 | | | 165,459 | | | 4.1 | | | Subordinated Debt | 292,873 | | | 285,017 | | | 7.0 | | | Collateralized Securities | 7,649 | | | 4,098 | | | 0.1 | | | Equity/Other | 307,310 | | | 306,398 | | | 7.6 | | | FBLC Senior Loan Fund, LLC | 225,161 | | | 222,706 | | | 5.5 | | | Total | $ | 4,146,165 | | | $ | 4,050,457 | | | 100.0 | % |
The composition of the Company’s investments as of December 31, 2025, at amortized cost and fair value, were as follows: | | | | | | | | | | | | | | | | | | | Investments at Amortized Cost | | Investments at Fair Value | | Fair Value Percentage of Total Portfolio | | Senior Secured First Lien Debt | $ | 3,215,223 | | | $ | 3,136,374 | | | 77.1 | % | | Senior Secured Second Lien Debt | 160,045 | | | 152,406 | | | 3.7 | | | Subordinated Debt | 264,813 | | | 259,132 | | | 6.4 | | | Collateralized Securities | 7,642 | | | 4,861 | | | 0.1 | | | Equity/Other | 305,470 | | | 293,279 | | | 7.2 | | | FBLC Senior Loan Fund, LLC | 225,161 | | | 224,956 | | | 5.5 | | | Total | $ | 4,178,354 | | | $ | 4,071,008 | | | 100.0 | % | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Significant Unobservable Inputs The following table summarizes the significant unobservable inputs used to value the Level 3 investments as of March 31, 2026. The table is not intended to be all-inclusive, but instead identifies the significant unobservable inputs relevant to the determination of fair values. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Range | | | | Asset Category | | Fair Value | | Primary Valuation Technique | | Unobservable Inputs | | Minimum | | Maximum | | Weighted Average (a) | | Senior Secured First Lien Debt | | $ | 2,809,642 | | | Yield Analysis | | Market Yield | | 0.00% | | 25.00% | | 9.76% | | Senior Secured First Lien Debt | | 166,113 | | | Waterfall Analysis | | EBITDA Multiple | | 5.75x | | 15.10x | | 8.88x | Senior Secured First Lien Debt (c) | | 51,744 | | | N/A | | N/A | | N/A | | N/A | | N/A | | Senior Secured First Lien Debt | | 24,236 | | | Waterfall Analysis | | Revenue Multiple | | 0.19x | | 0.90x | | 0.29x | Senior Secured Second Lien Debt (c) | | 51,433 | | | N/A | | N/A | | N/A | | N/A | | N/A | | Senior Secured Second Lien Debt | | 37,488 | | | Waterfall Analysis | | EBITDA Multiple | | 6.54x | | 15.10x | | 10.40x | Senior Secured Second Lien Debt | | 12,934 | | | Yield Analysis | | Market Yield | | 17.18% | | 19.55% | | 17.68% | | Subordinated Debt | | 184,100 | | | Waterfall Analysis | | Tangible Net Asset Value Multiple | | 1.15x | | 1.53x | | 1.36x | | Subordinated Debt | | 47,542 | | | Waterfall Analysis | | Market Yield | | 10.78% | | 10.78% | | 10.78% | Subordinated Debt (b) | | 38,945 | | | Yield Analysis | | Market Yield | | 15.83% | | 15.83% | | 15.83% | | Subordinated Debt | | 9,882 | | | Waterfall Analysis | | EBITDA Multiple | | 9.10x | | 10.25x | | 9.10x | Subordinated Debt (b)(c) | | 4,548 | | | N/A | | N/A | | N/A | | N/A | | N/A | | Collateralized Securities | | 3,553 | | | Yield Analysis | | Discount Margin | | 0.00% | | 16.70% | | 16.70% | Collateralized Securities (d) | | 545 | | | Waterfall Analysis | | Asset Recovery | | $0.23 | | $0.52 | | $0.48 | | Equity/Other | | 212,249 | | | Waterfall Analysis | | Tangible Net Asset Value Multiple | | 1.15x | | 1.53x | | 1.38x | | Equity/Other | | 26,507 | | | Waterfall Analysis | | EBITDA Multiple | | 2.25x | | 25.00x | | 12.34x | | Equity/Other | | 20,874 | | | Yield Analysis | | Market Yield | | 1.00% | | 11.62% | | 6.11% | | Equity/Other | | 12,529 | | | Waterfall Analysis | | Revenue Multiple | | 0.19x | | 0.90x | | 0.30x | Equity/Other (b) | | 12,473 | | | Waterfall Analysis | | Market Yield | | 10.78% | | 10.78% | | 10.78% | Equity/Other (b) | | 3,967 | | | Waterfall Analysis | | Adjusted BV Multiple | | 4.47x | | 4.47x | | 4.47x | Equity/Other (e) | | — | | | N/A | | N/A | | N/A | | N/A | | N/A | FBLC Senior Loan Fund, LLC (b) | | 222,706 | | | Discounted Cash Flow | | Discount Rate | | 11.76% | | 11.76% | | 11.76% | | Total | | $ | 3,954,010 | | | | | | | | | | | |
______________ (a) Weighted averages are calculated based on fair value of investments. (b) This asset category contains one investment. (c) Investment(s) were valued based on recent or pending transactions expected to close after the valuation date. (d) Range and weighted average shown in millions. (e) Represents investments in the Equity/Other asset category determined to be worthless as of the valuation date. There were no significant changes in valuation approach or technique as of March 31, 2026. The following table summarizes the significant unobservable inputs used to value of the Level 3 investments as of December 31, 2025. The table is not intended to be all-inclusive, but instead identifies the significant unobservable inputs relevant to the determination of fair values. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Range | | | | Asset Category | | Fair Value | | Primary Valuation Technique | | Unobservable Inputs | | Minimum | | Maximum | | Weighted Average (a) | | Senior Secured First Lien Debt | | $ | 2,970,031 | | | Yield Analysis | | Market Yield | | 0.00% | | 33.69% | | 10.25% | Senior Secured First Lien Debt (c) | | 96,537 | | | N/A | | N/A | | N/A | | N/A | | N/A | | Senior Secured First Lien Debt | | 32,285 | | | Waterfall Analysis | | EBITDA Multiple | | 3.83x | | 15.57x | | 8.44x | | Senior Secured First Lien Debt | | 22,150 | | | Waterfall Analysis | | Revenue Multiple | | 0.19x | | 0.62x | | 0.30x | | Senior Secured Second Lien Debt | | 55,631 | | | Yield Analysis | | Market Yield | | 11.40% | | 24.50% | | 13.26% | | Senior Secured Second Lien Debt | | 37,695 | | | Waterfall Analysis | | EBITDA Multiple | | 6.86x | | 15.57x | | 10.43x | Senior Secured Second Lien Debt (b)(c) | | 16,600 | | | N/A | | N/A | | N/A | | N/A | | N/A | Senior Secured Second Lien Debt (b) | | 668 | | | Waterfall Analysis | | Revenue Multiple | | 0.40x | | 0.40x | | 0.40x | | Subordinated Debt | | 174,101 | | | Waterfall Analysis | | Tangible Net Asset Value Multiple | | 1.15x | | 1.56x | | 1.38x | Subordinated Debt (b) | | 41,466 | | | Yield Analysis | | Market Yield | | 14.27% | | 14.27% | | 14.27% | | Subordinated Debt | | 33,911 | | | Waterfall Analysis | | Market Yield | | 10.25% | | 10.25% | | 10.25% | | Subordinated Debt | | 9,654 | | | Waterfall Analysis | | EBITDA Multiple | | 9.83x | | 10.50x | | 9.83x | | Collateralized Securities | | 4,322 | | | Yield Analysis | | Discount Margin | | 0.00% | | 16.90% | | 16.90% | Collateralized Securities (d) | | 539 | | | Waterfall Analysis | | Asset Price | | $0.20 | | $0.49 | | $0.46 | | Equity/Other | | 205,980 | | | Waterfall Analysis | | Tangible Net Asset Value Multiple | | 1.15x | | 1.56x | | 1.41x | | Equity/Other | | 26,748 | | | Waterfall Analysis | | EBITDA Multiple | | 2.58x | | 25.50x | | 12.51x | | Equity/Other | | 20,310 | | | Yield Analysis | | Market Yield | | 11.59% | | 21.80% | | 16.75% | | Equity/Other | | 12,528 | | | Waterfall Analysis | | Revenue Multiple | | 0.19x | | 1.20x | | 0.65x | Equity/Other (b) | | 10,330 | | | Waterfall Analysis | | Market Yield | | 10.25% | | 10.25% | | 10.25% | Equity/Other (b) | | 1,615 | | | Waterfall Analysis | | Adjusted BV Multiple | | 3.92x | | 3.92x | | 3.92x | Equity/Other (e) | | — | | | N/A | | N/A | | N/A | | N/A | | N/A | FBLC Senior Loan Fund, LLC (b) | | 224,956 | | | Discounted Cash Flow | | Discount Rate | | 11.22% | | 11.22% | | 11.22% | | Total | | $ | 3,998,057 | | | | | | | | | | | |
______________ (a) Weighted averages are calculated based on fair value of investments. (b) This asset category contains one investment. (c) Investment(s) were valued based on recent or pending transactions expected to close after the valuation date. (d) Range and weighted average shown in millions. (e) Represents investments in the Equity/Other asset category determined to be worthless as of the valuation date. There were no significant changes in valuation approach or technique as of December 31, 2025. Level 3 inputs to the valuation methodology are unobservable and significant to overall fair value measurement. The inputs into the determination of fair value require significant management judgment or estimation. Financial instruments that are included in this category include investments in privately held entities where the fair value is based on unobservable inputs. Increases or decreases in any of the above unobservable inputs in isolation would result in a lower or higher fair value measurement for such assets. The income and market approaches were used in the determination of fair value of certain Level 3 assets as of March 31, 2026 and December 31, 2025. The significant unobservable inputs used in the income approach are the discount rate or market yield used to discount the estimated future cash flows expected to be received from the underlying investment, which include both future principal and interest payments. An increase in the discount rate or market yield would result in a decrease in the fair value. Included in the consideration and selection of discount rates is risk of default, rating of the investment, call provisions and comparable company investments. The significant unobservable inputs used in the market approach are based on market comparable transactions and market multiples of publicly traded comparable companies. Increases or decreases in market comparable transactions or market multiples would result in an increase or decrease, respectively, in the fair value. Valuations of loans, corporate debt, and other debt obligations are generally based on discounted cash flow techniques, for which the significant inputs are the amount and timing of expected future cash flows, market yields and recovery assumptions. The significant inputs are generally determined based on relative value analysis, which incorporate comparisons to other debt instruments for which observable prices or broker quotes are available. Other valuation methodologies are used as appropriate including market comparables, transactions in similar instruments and recovery/liquidation analysis. The Company also considers the use of EBITDA multiples, revenue multiples, tangible net asset value multiples, tangible book value (“TBV”) multiples, and other relevant multiples on its debt and equity investments to determine any credit gains or losses in certain instances. Increases or decreases in either of these inputs in isolation may result in a significantly lower or higher fair value measurement of the respective subject instrument. As of March 31, 2026, the Company had eight portfolio companies on non-accrual status with a total amortized cost of $59.5 million and fair value of $30.9 million, which represented 1.4% and 0.8% of the investment portfolio's total amortized cost and fair value, respectively. As of December 31, 2025, the Company had eight portfolio companies on non-accrual status with a total amortized cost of $100.3 million and fair value of $46.5 million, which represented 2.4% and 1.1% of the investment portfolio's total amortized cost and fair value, respectively. Refer to Note 2 - Summary of Significant Accounting Policies for additional details regarding the Company’s non-accrual policy. FBLC Senior Loan Fund, LLC
On January 24, 2024, as a result of the consummation of the Mergers, the Company became party to the joint venture formed on January 20, 2021, between FBLC and Cliffwater Corporate Lending Fund (“CCLF”), FBLC Senior Loan Fund, LLC (“SLF”). SLF invests primarily in senior secured loans, and to a lesser extent may invest in mezzanine loans, unsecured loans and equity of predominantly private U.S. middle market companies. SLF was formed as a Delaware limited liability company and is not consolidated by the Company for financial reporting purposes. The Company provides capital to SLF in the form of LLC equity interests. At formation, FBLC and CCLF owned 87.5% and 12.5%, respectively, of the LLC equity interests of SLF. On July 2, 2024, the Company contributed $100.0 million of additional capital into SLF. On February 28, 2025, SLF distributed $100.0 million to the Company as a return of capital. On October 15, 2025, SLF distributed $80.0 million to the Company as a return of capital. As of March 31, 2026, the Company and CCLF owned 80.0% and 20.0%, respectively, of the LLC equity interests of SLF. Profit and loss are allocated based on each members' ownership percentage of the joint venture's net asset value. SLF has an Administrative and Loan Services Agreement with BSP, an affiliate of the Company, pursuant to which BSP provides certain operational and valuation services for SLF's investments; as well as certain agreements with third-party service providers. The Company and CCLF each appoint two members to SLF's four-person board of members. All material decisions with respect to SLF, including those involving its investment portfolio, require unanimous approval of a quorum of the board of members. Quorum is defined as (i) the presence of two members of the board of members; provided that at least one individual is present that was elected, designated or appointed by each member; (ii) the presence of three members of the board of members; provided that the individual that was elected, designated or appointed by the member with only one individual present shall be entitled to cast two votes on each matter; and (iii) the presence of four members of the board of members, provided that two individuals are present that were elected, designated or appointed by each member.
As of March 31, 2026, the Company’s investment in SLF consisted of equity contributions of $225.0 million. The Company’s investment in SLF is classified as “Equity/Other” on the consolidated schedules of investments, and other disclosures unless otherwise indicated. Below is a summary of SLF’s portfolio as of March 31, 2026 and December 31, 2025. A listing of the individual investments in SLF’s portfolio as of such dates can be found below: | | | | | | | | | | | | | | | | | March 31, 2026 | | December 31, 2025 | | | | | | | Total assets | | $ | 738,553 | | $ | 751,516 | Total investments (1) | | $ | 678,693 | | $ | 704,292 | Weighted Average Current Yield for Total Portfolio (2) | | 7.8% | | 7.9% | | Number of Portfolio companies in SLF | | 137 | | 139 | Largest portfolio company investment (1) | | $ | 13,341 | | $ | 13,952 | Total of five largest portfolio company investments (1) | | $ | 57,201 | | $ | 62,136 |
———————— (1) At fair value. (2) Includes the effect of the amortization or accretion of loan premiums or discounts. SLF may invest in portfolio companies in the same industries in which the Company directly invests.
Below is a listing of SLF’s individual investments as of March 31, 2026: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2026 | | Portfolio Company | | Industry | | Investment Coupon Rate (a) | | Maturity | | Principal/Number of Shares | | Amortized Cost | | Fair Value | | % of Members’ Capital (c) | | Senior Secured First Lien Debt | | | | | | | | | | | | | | | | AAdvantage Loyalty IP, Ltd. (f) | | Passenger Airlines | | S+ 2.25% (5.92%) | | 4/20/2028 | | $ | 3,980 | | | $ | 3,978 | | | $ | 3,937 | | | 1.5 | % | | Acrisure, LLC (b) | | Insurance | | S+ 3.25% (6.92%) | | 6/21/2032 | | 5,143 | | | 5,103 | | | 4,976 | | | 1.9 | % | | ADMI Corp. (f) | | Health Care Providers & Services | | S+ 5.75% (9.42%) | | 12/23/2027 | | 2,786 | | | 2,706 | | | 2,657 | | | 1.0 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2026 | | Portfolio Company | | Industry | | Investment Coupon Rate (a) | | Maturity | | Principal/Number of Shares | | Amortized Cost | | Fair Value | | % of Members’ Capital (c) | | Alera Group, Inc. (b) | | Insurance | | S+ 2.75% (6.42%) | | 5/31/2032 | | $ | 7,741 | | | $ | 7,707 | | | $ | 7,497 | | | 2.9 | % | | Allwyn Entertainment Financing US, LLC (b) (f) | | Hotels, Restaurants & Leisure | | S+ 2.50% (6.17%) | | 11/24/2032 | | 7,000 | | | 6,865 | | | 6,860 | | | 2.6 | % | | American Auto Auction Group, LLC (f) | | Commercial Services & Supplies | | S+ 4.50% (8.20%) | | 5/28/2032 | | 1,995 | | | 1,983 | | | 1,979 | | | 0.8 | % | | ARC Falcon I, Inc. (f) | | Chemicals | | S+ 3.50% (7.27%) | | 10/2/2028 | | 4,948 | | | 4,953 | | | 4,900 | | | 1.9 | % | | Arches Buyer, Inc. (b) | | Media | | S+ 3.25% (7.02%) | | 12/6/2027 | | 5,899 | | | 5,829 | | | 5,870 | | | 2.3 | % | | Arcline FM Holdings, LLC (f) | | Aerospace & Defense | | S+ 2.75% (6.45%) | | 6/24/2030 | | 4,963 | | | 4,953 | | | 4,964 | | | 1.9 | % | | Artera Services, LLC (b) | | Construction & Engineering | | S+ 4.50% (8.17%) | | 2/18/2031 | | 5,506 | | | 5,478 | | | 4,680 | | | 1.8 | % | | Ascend Learning, LLC (f) | | Diversified Consumer Services | | S+ 3.00% (6.67%) | | 12/11/2028 | | 3,965 | | | 3,957 | | | 3,866 | | | 1.5 | % | | Ascensus Group Holdings, Inc. (b) (f) | | Financial Services | | S+ 3.00% (6.67%) | | 11/25/2032 | | 7,485 | | | 7,480 | | | 7,356 | | | 2.8 | % | | Athenahealth Group, Inc. (b) | | Health Care Technology | | S+ 2.75% (6.42%) | | 2/15/2029 | | 7,905 | | | 7,844 | | | 7,747 | | | 3.0 | % | | Beach Acquisition Bidco, LLC (f) | | Textiles, Apparel & luxury goods | | S+ 3.25% (6.95%) | | 9/13/2032 | | 1,446 | | | 1,444 | | | 1,448 | | | 0.6 | % | | Bella Holding Co., LLC (b) | | Health Care Providers & Services | | S+ 3.00% (6.67%) | | 5/10/2028 | | 8,006 | | | 7,989 | | | 7,982 | | | 3.1 | % | | Belron Finance 2019, LLC (b) (f) | | Diversified Consumer Services | | S+ 2.00% (5.66%) | | 10/16/2031 | | 5,713 | | | 5,704 | | | 5,708 | | | 2.2 | % | | Blackhawk Network Holdings, Inc. (b) | | Professional Services | | S+ 3.50% (7.17%) | | 3/12/2029 | | 4,913 | | | 4,865 | | | 4,843 | | | 1.9 | % | | CD&R Hydra Buyer, Inc. (b) (f) | | Industrial Conglomerates | | S+ 4.00% (7.77%) | | 3/25/2031 | | 8,169 | | | 8,142 | | | 8,160 | | | 3.2 | % | | Cirque Du Soleil Holding USA Newco, Inc. (b) (f) | | Entertainment | | S+ 3.75% (7.45%) | | 3/8/2030 | | 7,321 | | | 7,290 | | | 6,894 | | | 2.7 | % | | Citadel Securities, LP (b) | | Financial Services | | S+ 2.00% (5.70%) | | 10/31/2031 | | 4,400 | | | 4,400 | | | 4,402 | | | 1.7 | % | | Clarios Global, LP (b) (f) | | Automobile Components | | S+ 2.75% (6.42%) | | 1/28/2032 | | 9,950 | | | 9,946 | | | 9,915 | | | 3.8 | % | | Clover Holding 2, LLC (b) | | Software | | S+ 4.00% (7.68%) | | 12/9/2031 | | 5,211 | | | 5,168 | | | 4,983 | | | 1.9 | % | | CNT Holdings I Corp. (b) (f) | | Personal Care Products | | S+ 2.50% (6.17%) | | 11/8/2032 | | 6,016 | | | 6,017 | | | 6,009 | | | 2.3 | % | | Compass Power Generation, LLC (b) | | Independent Power and Renewable Electricity Producers | | S+ 3.25% (6.92%) | | 4/16/2029 | | 6,199 | | | 6,133 | | | 6,228 | | | 2.4 | % | | Connectwise, LLC (b) (f) | | Software | | S+ 3.50% (7.46%) | | 9/29/2028 | | 5,618 | | | 5,614 | | | 5,173 | | | 2.0 | % | | Corelogic, Inc. (b) (f) | | Capital Markets | | S+ 3.50% (7.28%) | | 6/2/2028 | | 8,859 | | | 8,831 | | | 8,455 | | | 3.3 | % | | Cotiviti, Inc. (b) | | Health Care Providers & Services | | S+ 2.75% (6.42%) | | 3/26/2032 | | 4,714 | | | 4,673 | | | 4,330 | | | 1.7 | % | | Cotiviti, Inc. (b) (f) | | Health Care Providers & Services | | S+ 2.75% (6.42%) | | 5/1/2031 | | 9,801 | | | 9,770 | | | 9,011 | | | 3.5 | % | | CQP Holdco, LP (b) (f) | | Oil, Gas & Consumable Fuels | | S+ 1.75% (5.45%) | | 12/31/2032 | | 4,915 | | | 4,919 | | | 4,888 | | | 1.9 | % | | Crisis Prevention Institute, Inc. (b) | | Diversified Consumer Services | | S+ 4.00% (7.70%) | | 4/9/2031 | | 2,304 | | | 2,296 | | | 2,275 | | | 0.9 | % | | Crown Finance US, Inc. (b) | | Entertainment | | S+ 4.50% (8.17%) | | 12/2/2031 | | 4,938 | | | 4,898 | | | 4,881 | | | 1.9 | % | | EIG Management Co., LLC (b) | | Capital Markets | | S+ 5.00% (8.67%) | | 5/17/2029 | | 3,442 | | | 3,395 | | | 3,442 | | | 1.3 | % | | Emerald Borrower, LP (b) (f) | | Machinery | | S+ 2.25% (5.95%) | | 8/4/2031 | | 2,288 | | | 2,285 | | | 2,282 | | | 0.9 | % | | EMRLD Borrower, LP (f) | | Machinery | | S+ 2.25% (5.92%) | | 5/31/2030 | | 1,866 | | | 1,864 | | | 1,863 | | | 0.7 | % | | Ensemble RCM, LLC (b) (f) | | Health Care Providers & Services | | S+ 3.00% (6.66%) | | 2/9/2033 | | 13,000 | | | 12,987 | | | 12,835 | | | 5.0 | % | | Entain, PLC (f) | | Hotels, Restaurants & Leisure | | S+ 2.25% (5.95%) | | 7/30/2032 | | 4,776 | | | 4,776 | | | 4,767 | | | 1.8 | % | | Entain, PLC (b) (f) | | Hotels, Restaurants & Leisure | | S+ 2.25% (5.95%) | | 10/31/2029 | | 3,450 | | | 3,446 | | | 3,446 | | | 1.3 | % | | Epicor Software Corp. (b) | | Software | | S+ 2.50% (6.17%) | | 5/30/2031 | | 6,054 | | | 6,028 | | | 5,932 | | | 2.3 | % | | FinThrive Software Intermediate Holdings, Inc. (b) | | Health Care Technology | | S+ 5.25% (8.94%) | | 12/15/2028 | | 2,963 | | | 2,942 | | | 2,419 | | | 0.9 | % | | Fitness International, LLC (b) (f) | | Hotels, Restaurants & Leisure | | S+ 4.50% (8.17%) | | 2/12/2029 | | 6,815 | | | 6,688 | | | 6,824 | | | 2.6 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2026 | | Portfolio Company | | Industry | | Investment Coupon Rate (a) | | Maturity | | Principal/Number of Shares | | Amortized Cost | | Fair Value | | % of Members’ Capital (c) | | FNZ Group Entities, Ltd. (b) | | Financial Services | | S+ 5.00% (8.66%) | | 11/5/2031 | | $ | 2,960 | | | $ | 2,916 | | | $ | 2,330 | | | 0.9 | % | | Focus Financial Partners, LLC (f) | | Capital Markets | | S+ 2.50% (6.17%) | | 9/15/2031 | | 4,425 | | | 4,420 | | | 4,276 | | | 1.7 | % | | Foresight Energy Operating, LLC (b) | | Oil, Gas & Consumable Fuels | | S+ 8.00% (11.80%) | | 6/30/2027 | | 646 | | | 636 | | | 646 | | | 0.2 | % | | Freeport LNG Investments, LLLP (f) | | Oil, Gas & Consumable Fuels | | S+ 3.25% (6.89%) | | 2/11/2033 | | 5,000 | | | 4,976 | | | 4,996 | | | 1.9 | % | | Gainwell Acquisition Corp. (f) | | Health Care Technology | | S+ 4.00% (7.80%) | | 10/1/2027 | | 2,992 | | | 2,917 | | | 2,900 | | | 1.1 | % | | Geon Performance Solutions, LLC (b) | | Chemicals | | S+ 4.25% (8.21%) | | 8/18/2028 | | 4,512 | | | 4,497 | | | 3,970 | | | 1.5 | % | | Geosyntec Consultants, Inc. (b) (f) | | Professional Services | | S+ 3.00% (6.67%) | | 7/31/2031 | | 9,158 | | | 9,124 | | | 9,118 | | | 3.5 | % | | Global Medical Response, Inc. (b) (f) | | Health Care Providers & Services | | S+ 3.50% (7.17%) | | 10/1/2032 | | 9,941 | | | 9,820 | | | 9,898 | | | 3.8 | % | | Golden State Foods, LLC (b) | | Food Products | | S+ 3.50% (7.20%) | | 12/4/2031 | | 6,419 | | | 6,381 | | | 6,419 | | | 2.5 | % | | Gulfside Supply, Inc. (b) (f) | | Building Products | | S+ 3.00% (6.70%) | | 6/17/2031 | | 4,407 | | | 4,407 | | | 4,016 | | | 1.6 | % | | Hamilton Projects Acquiror, LLC (f) | | Independent Power and Renewable Electricity Producers | | S+ 2.50% (6.17%) | | 5/30/2031 | | 6,437 | | | 6,428 | | | 6,442 | | | 2.5 | % | | HelpSystems Holdings, Inc. (b) (f) | | Software | | S+ 6.00% (9.76%) | | 5/21/2029 | | 6,573 | | | 6,217 | | | 5,647 | | | 2.2 | % | | Hologic, Inc. (b) (f) | | Health Care Equipment & Supplies | | S+ 2.25% (5.93%) | | 4/7/2033 | | 10,000 | | | 9,975 | | | 9,875 | | | 3.8 | % | | Hudson River Trading, LLC (b) (f) | | Capital Markets | | S+ 2.50% (6.18%) | | 3/18/2030 | | 5,210 | | | 5,190 | | | 5,184 | | | 2.0 | % | | Hunter Douglas, Inc. (f) | | Household Durables | | S+ 3.00% (6.70%) | | 1/16/2032 | | 4,472 | | | 4,461 | | | 4,446 | | | 1.7 | % | | Icon Parent I, Inc. (b) | | Software | | S+ 2.75% (6.44%) | | 11/13/2031 | | 4,963 | | | 4,945 | | | 4,753 | | | 1.8 | % | | IDERA, Inc. (f) | | Software | | S+ 3.50% (7.16%) | | 3/2/2028 | | 4,937 | | | 4,940 | | | 3,883 | | | 1.5 | % | | Indicor, LLC (f) | | Industrial Conglomerates | | S+ 2.50% (6.20%) | | 11/22/2029 | | 4,947 | | | 4,881 | | | 4,942 | | | 1.9 | % | | Invenergy Thermal Operating I, LLC (b) | | Independent Power and Renewable Electricity Producers | | S+ 2.75% (6.38%) | | 5/17/2032 | | 3,462 | | | 3,454 | | | 3,463 | | | 1.3 | % | | Invenergy Thermal Operating I, LLC (b) | | Independent Power and Renewable Electricity Producers | | S+ 2.75% (6.38%) | | 5/17/2032 | | 225 | | | 224 | | | 225 | | | 0.1 | % | | ION Platform Finance US, Inc. (f) | | Software | | S+ 3.75% (7.42%) | | 10/7/2032 | | 4,639 | | | 4,574 | | | 3,709 | | | 1.4 | % | | Jane Street Group, LLC (b) (f) | | Financial Services | | S+ 2.00% (5.67%) | | 12/15/2031 | | 8,063 | | | 8,054 | | | 7,906 | | | 3.1 | % | | Jump Financial, LLC (b) (f) | | Financial Services | | S+ 3.50% (7.20%) | | 2/26/2032 | | 7,214 | | | 7,154 | | | 7,205 | | | 2.8 | % | | Kaman Corp. (b) (d) | | Aerospace & Defense | | S+ 2.50% | | 2/26/2032 | | 59 | | | (1) | | | — | | | 0.0 | % | | Kaman Corp. (b) (f) | | Aerospace & Defense | | S+ 2.50% (6.20%) | | 2/26/2032 | | 6,298 | | | 6,294 | | | 6,297 | | | 2.4 | % | | Kaseya, Inc. (b) | | Software | | S+ 3.25% (6.92%) | | 3/22/2032 | | 3,762 | | | 3,745 | | | 3,503 | | | 1.4 | % | | Kingpin Intermediate Holdings, LLC | | Hotels, Restaurants & Leisure | | 7.25% | | 10/15/2032 | | 5,000 | | | 4,899 | | | 4,417 | | | 1.7 | % | | Kingpin Intermediate Holdings, LLC (f) | | Hotels, Restaurants & Leisure | | S+ 3.25% (6.92%) | | 9/22/2032 | | 7,481 | | | 7,429 | | | 6,795 | | | 2.6 | % | | Kodiak Building Partners, LLC (f) | | Building Products | | S+ 3.75% (7.42%) | | 12/4/2031 | | 4,000 | | | 3,842 | | | 3,998 | | | 1.5 | % | | LABL, Inc. | | Containers & Packaging | | P+ 5.00% (9.84%) | | 10/30/2028 | | 4,910 | | | 4,871 | | | 2,226 | | | 0.9 | % | | LBM Acquisition, LLC (f) | | Building Products | | S+ 3.75% (7.53%) | | 6/6/2031 | | 1,995 | | | 1,920 | | | 1,591 | | | 0.6 | % | | Max US Bidco, Inc. (b) | | Food Products | | S+ 5.00% (8.70%) | | 10/3/2030 | | 4,900 | | | 4,727 | | | 4,007 | | | 1.5 | % | | Merlin Buyer, Inc. (f) | | Machinery | | S+ 4.00% (7.67%) | | 3/25/2033 | | 2,500 | | | 2,488 | | | 2,500 | | | 1.0 | % | | Merlin Buyer, Inc. (f) | | Machinery | | S+ 4.00% (7.67%) | | 12/14/2028 | | 1,105 | | | 1,103 | | | 1,105 | | | 0.4 | % | | Mermaid Bidco, Inc. (b) (f) | | IT Services | | S+ 3.25% (6.91%) | | 7/3/2031 | | 7,443 | | | 7,427 | | | 7,276 | | | 2.8 | % | | MH Sub I, LLC (b) (f) | | IT Services | | S+ 4.25% (7.92%) | | 5/3/2028 | | 5,353 | | | 5,226 | | | 4,589 | | | 1.8 | % | | Monogram Food Solutions, LLC (f) | | Food Products | | S+ 4.00% (7.78%) | | 8/28/2028 | | 2,082 | | | 2,027 | | | 2,082 | | | 0.8 | % | | Multi-Color Corp. | | Containers & Packaging | | S+ 6.75% (10.41%) | | 12/2/2026 | | 276 | | | 261 | | | 276 | | | 0.1 | % | | Nexus Buyer, LLC (b) | | Capital Markets | | S+ 3.50% (7.17%) | | 7/31/2031 | | 4,950 | | | 4,933 | | | 4,750 | | | 1.8 | % | | Nouryon Finance B.V. (f) | | Chemicals | | S+ 3.25% (7.04%) | | 4/3/2028 | | 2,198 | | | 2,188 | | | 2,151 | | | 0.8 | % | | Omnia Partners, LLC (f) | | Commercial Services & Supplies | | S+ 2.75% (6.43%) | | 12/31/2032 | | 6,137 | | | 6,108 | | | 6,125 | | | 2.4 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2026 | | Portfolio Company | | Industry | | Investment Coupon Rate (a) | | Maturity | | Principal/Number of Shares | | Amortized Cost | | Fair Value | | % of Members’ Capital (c) | | Peer Holding III B.V. (b) | | Broadline Retail | | S+ 2.50% (6.20%) | | 7/1/2031 | | $ | 5,925 | | | $ | 5,925 | | | $ | 5,907 | | | 2.3 | % | | PetSmart, LLC (f) | | Specialty Retail | | S+ 4.00% (7.68%) | | 8/18/2032 | | 2,455 | | | 2,455 | | | 2,436 | | | 0.9 | % | | Pluto Acquisition I, Inc. (b) | | Health Care Providers & Services | | S+ 4.00% (7.66%) | | 9/20/2028 | | 9,607 | | | 9,607 | | | 8,358 | | | 3.2 | % | | PODS, LLC (b) (f) | | Air Freight & Logistics | | S+ 3.00% (6.78%) | | 3/31/2028 | | 7,419 | | | 7,147 | | | 7,369 | | | 2.8 | % | | Pregis TopCo, LLC (b) | | Containers & Packaging | | S+ 4.00% (7.67%) | | 2/1/2029 | | 6,644 | | | 6,634 | | | 6,631 | | | 2.6 | % | | Pretzel Parent, Inc. (b) | | Entertainment | | S+ 4.50% (8.17%) | | 10/1/2031 | | 3,465 | | | 3,422 | | | 3,404 | | | 1.3 | % | | Primo Brands Corp. (f) | | Beverages | | S+ 2.75% (6.45%) | | 3/31/2031 | | 6,134 | | | 6,103 | | | 6,141 | | | 2.4 | % | | ProAmpac PG Borrower, LLC (b) | | Chemicals | | S+ 4.00% (7.78%) | | 3/7/2033 | | 7,061 | | | 6,956 | | | 6,802 | | | 2.6 | % | | Proofpoint, Inc. (b) (f) | | Software | | S+ 3.00% (6.70%) | | 8/31/2028 | | 6,599 | | | 6,577 | | | 6,379 | | | 2.5 | % | | Pug, LLC (f) | | Entertainment | | S+ 4.75% (8.42%) | | 3/15/2030 | | 5,500 | | | 5,474 | | | 5,400 | | | 2.1 | % | | Quikrete Holdings, Inc. (f) | | Construction Materials | | S+ 2.25% (5.92%) | | 4/14/2031 | | 4,494 | | | 4,488 | | | 4,485 | | | 1.7 | % | | Quikrete Holdings, Inc. (b) | | Construction Materials | | S+ 2.25% (5.92%) | | 2/10/2032 | | 2,525 | | | 2,520 | | | 2,518 | | | 1.0 | % | | Radiology Partners, Inc. (b) | | Health Care Providers & Services | | S+ 4.50% (8.17%) | | 6/30/2032 | | 7,572 | | | 7,504 | | | 7,446 | | | 2.9 | % | | Raven Acquisition Holdings, LLC (b) | | Health Care Providers & Services | | S+ 3.00% (6.67%) | | 11/19/2031 | | 9,702 | | | 9,649 | | | 9,506 | | | 3.7 | % | | Raven Acquisition Holdings, LLC (b) (d) | | Health Care Providers & Services | | S+ 3.00% | | 11/19/2031 | | — | | | (4) | | | (14) | | | 0.0 | % | | Recess Holdings, Inc. (b) | | Household Durables | | S+ 3.75% (7.42%) | | 2/21/2030 | | 5,330 | | | 5,301 | | | 5,336 | | | 2.1 | % | | Red Planet Borrower, LLC (b) | | Media | | S+ 4.00% (7.67%) | | 9/8/2032 | | 7,481 | | | 7,411 | | | 7,305 | | | 2.8 | % | | Renaissance Holdings Corp. (f) | | Diversified Consumer Services | | S+ 4.00% (7.67%) | | 4/5/2030 | | 4,138 | | | 4,067 | | | 2,921 | | | 1.1 | % | | Rithum Holdings, Inc. (b) | | Software | | S+ 4.75% (8.45%) | | 7/21/2032 | | 4,975 | | | 4,882 | | | 4,720 | | | 1.8 | % | | S&S Holdings, LLC (b) | | Textiles, Apparel & luxury goods | | S+ 5.00% (8.78%) | | 3/13/2028 | | 4,660 | | | 4,610 | | | 4,398 | | | 1.7 | % | | Sedgwick Claims Management Services, Inc. (b) (f) | | Health Care Providers & Services | | S+ 2.50% (6.17%) | | 7/31/2031 | | 7,200 | | | 7,189 | | | 7,060 | | | 2.7 | % | | Sharp Services, LLC (f) | | Health Care Providers & Services | | S+ 3.00% (6.70%) | | 9/29/2032 | | 3,008 | | | 2,995 | | | 3,006 | | | 1.2 | % | | Sonrava Health Holdings, LLC | | Health Care Providers & Services | | P+ 7.50% (14.25%) | | 5/18/2028 | | 1,847 | | | 1,680 | | | 1,754 | | | 0.7 | % | | Sonrava Health Holdings, LLC | | Health Care Providers & Services | | S+ 10.00% (13.67%) 7.50% PIK | | 6/3/2026 | | 317 | | | 317 | | | 317 | | | 0.1 | % | | Sonrava Health Holdings, LLC | | Health Care Providers & Services | | P+ 7.50% (14.25%) 5.50% PIK | | 8/18/2028 | | 10,929 | | | 10,463 | | | 1,639 | | | 0.6 | % | | Sotera Health Holdings, LLC (b) | | Life Sciences Tools & Services | | S+ 2.50% (6.17%) | | 5/30/2031 | | 7,391 | | | 7,366 | | | 7,391 | | | 2.9 | % | | Specialty Building Products Holdings, LLC (b) (f) | | Building Products | | S+ 3.75% (7.52%) | | 10/16/2028 | | 6,409 | | | 6,250 | | | 5,427 | | | 2.1 | % | | Staples, Inc. (f) | | Specialty Retail | | S+ 5.75% (9.41%) | | 9/4/2029 | | 2,947 | | | 2,864 | | | 2,672 | | | 1.0 | % | | Starlight Parent, LLC (b) | | Software | | S+ 4.00% (7.67%) | | 4/16/2032 | | 5,473 | | | 5,326 | | | 4,624 | | | 1.8 | % | | Stonepeak Nile Parent, LLC (b) (f) | | Air Freight & Logistics | | S+ 2.25% (5.92%) | | 4/9/2032 | | 4,364 | | | 4,355 | | | 4,352 | | | 1.7 | % | | Tecta America Corp. (b) | | Construction & Engineering | | S+ 2.75% (6.42%) | | 2/18/2032 | | 5,456 | | | 5,445 | | | 5,430 | | | 2.1 | % | | TK Elevator Midco GmbH (f) | | Machinery | | S+ 2.75% (6.48%) | | 4/30/2030 | | 3,600 | | | 3,600 | | | 3,604 | | | 1.4 | % | | TransDigm, Inc. (f) | | Aerospace & Defense | | S+ 2.50% (6.17%) | | 2/28/2031 | | 3,890 | | | 3,885 | | | 3,890 | | | 1.5 | % | | Traverse Midstream Partners, LLC (b) (f) | | Oil, Gas & Consumable Fuels | | S+ 2.50% (6.17%) | | 2/16/2028 | | 9,849 | | | 9,849 | | | 9,841 | | | 3.8 | % | | Truck Hero, Inc. (b) (f) | | Automobile Components | | S+ 5.00% (8.93%) | | 1/31/2028 | | 4,432 | | | 4,376 | | | 3,025 | | | 1.2 | % | | Truck Hero, Inc. (b) (f) | | Automobile Components | | S+ 3.75% (7.68%) | | 1/31/2028 | | 8,340 | | | 8,281 | | | 5,596 | | | 2.2 | % | | UKG, Inc. (b) (f) | | Software | | S+ 2.50% (6.17%) | | 2/10/2031 | | 9,615 | | | 9,561 | | | 9,173 | | | 3.5 | % | | United Airlines, Inc. (b) | | Passenger Airlines | | S+ 1.75% (5.43%) | | 2/24/2031 | | 3,701 | | | 3,689 | | | 3,685 | | | 1.4 | % | | University Support Services, LLC (b) (f) | | Diversified Consumer Services | | S+ 2.75% (6.42%) | | 2/12/2029 | | 5,011 | | | 4,913 | | | 4,906 | | | 1.9 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2026 | | Portfolio Company | | Industry | | Investment Coupon Rate (a) | | Maturity | | Principal/Number of Shares | | Amortized Cost | | Fair Value | | % of Members’ Capital (c) | | US Anesthesia Partners, Inc. (b) (f) | | Health Care Providers & Services | | S+ 4.00% (7.78%) | | 10/2/2028 | | $ | 6,896 | | | $ | 6,685 | | | $ | 6,890 | | | 2.7 | % | | VFH Parent, LLC (f) | | Capital Markets | | S+ 2.50% (6.17%) | | 6/23/2031 | | 4,950 | | | 4,950 | | | 4,942 | | | 1.9 | % | | WCG Intermediate Corp. (b) (f) | | Health Care Providers & Services | | S+ 2.75% (6.42%) | | 2/25/2032 | | 4,461 | | | 4,431 | | | 4,341 | | | 1.7 | % | | WestJet Loyalty, LP (b) | | Passenger Airlines | | S+ 2.75% (6.45%) | | 2/14/2031 | | 5,684 | | | 5,641 | | | 5,508 | | | 2.1 | % | | White Cap Supply Holdings, LLC (f) | | Building Products | | S+ 3.25% (6.92%) | | 10/19/2029 | | 5,267 | | | 5,247 | | | 5,054 | | | 2.0 | % | | Windsor Holdings III, LLC (f) | | Chemicals | | S+ 2.75% (6.42%) | | 8/1/2030 | | 3,236 | | | 3,192 | | | 3,184 | | | 1.2 | % | | Zayo Group Holdings, Inc. (f) | | Diversified Telecommunication Services | | S+ 3.50% (7.28%) 0.50% PIK | | 3/11/2030 | | 5,989 | | | 5,673 | | | 5,871 | | | 2.3 | % | | Subtotal Senior Secured First Lien Debt | | | | | | | | | | $ | 660,375 | | | $ | 627,251 | | | 242.0 | % | | | | | | | | | | | | | | | | | Senior Secured Second Lien Debt | | | | | | | | | | | | | | | | American Rock Salt Company, LLC | | Chemicals | | S+ 7.25% (11.03%) | | 6/11/2029 | | $ | 1,943 | | | $ | 1,932 | | | $ | 1,706 | | | 0.7 | % | | Edelman Financial Center, LLC (f) | | Capital Markets | | S+ 5.25% (8.92%) | | 10/6/2028 | | 4,750 | | | 4,745 | | | 4,695 | | | 1.8 | % | | IDERA, Inc. (b) (e) | | Software | | S+ 6.75% (10.56%) | | 3/2/2029 | | 1,036 | | | 1,031 | | | 716 | | | 0.3 | % | | Peraton Corp. (b) | | Communications Equipment | | S+ 7.75% (11.52%) | | 2/1/2029 | | 9,750 | | | 7,992 | | | 6,971 | | | 2.7 | % | | Subtotal Senior Secured Second Lien Debt | | | | | | | | | | $ | 15,700 | | | $ | 14,088 | | | 5.5 | % | | | | | | | | | | | | | | | | | Subordinated Debt | | | | | | | | | | | | | | | | Resideo Funding, Inc. | | Building Products | | 4.00% | | 9/1/2029 | | $ | 2,000 | | | $ | 1,920 | | | $ | 1,894 | | | 0.7 | % | | Subtotal Subordinated Debt | | | | | | | | | | $ | 1,920 | | | $ | 1,894 | | | 0.7 | % | | | | | | | | | | | | | | | | | Collateralized Securities | | | | | | | | | | | | | | | | Collateralized Securities - Debt Investments | | | | | | | | | | | | | | | | AIG CLO, Ltd. 21-1A F | | Capital Markets | | S+ 6.90% (10.83%) | | 4/22/2034 | | $ | 1,410 | | | $ | 1,315 | | | $ | 1,320 | | | 0.5 | % | | Battalion CLO, Ltd. 21-17A F | | Capital Markets | | S+ 7.50% (11.43%) | | 3/9/2034 | | 1,224 | | | 1,154 | | | 281 | | | 0.1 | % | | Carlyle GMS CLO, 16-3A FRR | | Capital Markets | | S+ 8.60% (12.53%) | | 7/20/2034 | | 2,100 | | | 2,010 | | | 1,823 | | | 0.7 | % | | Eaton Vance CDO, Ltd. 15-1A FR | | Capital Markets | | S+ 7.97% (11.90%) | | 1/20/2030 | | 2,006 | | | 1,848 | | | 381 | | | 0.1 | % | | Greywolf CLO, Ltd. 20-3RA ER | | Capital Markets | | S+ 8.74% (12.67%) | | 4/22/2033 | | 1,000 | | | 904 | | | 803 | | | 0.3 | % | | Highbridge Loan Management, Ltd. 11A-17 E | | Capital Markets | | S+ 6.10% (10.03%) | | 5/6/2030 | | 3,000 | | | 2,822 | | | 2,200 | | | 0.8 | % | | KKR Financial CLO, Ltd. 15 FR | | Capital Markets | | S+ 8.50% (12.43%) | | 1/18/2032 | | 2,000 | | | 1,926 | | | 1,507 | | | 0.6 | % | | LCM, Ltd. Partnership 16A ER2 | | Capital Markets | | S+ 6.38% (10.31%) | | 10/15/2031 | | 2,500 | | | 2,355 | | | 1,635 | | | 0.6 | % | | Saranac CLO, Ltd. 20-8A E | | Capital Markets | | S+ 8.12% (12.04%) | | 2/20/2033 | | 1,455 | | | 1,445 | | | 673 | | | 0.3 | % | | Sound Point CLO, Ltd. 17-2A E | | Capital Markets | | S+ 6.10% (10.03%) | | 7/25/2030 | | 2,404 | | | 2,205 | | | 1,540 | | | 0.6 | % | | Sound Point CLO, Ltd. 18-3A D | | Capital Markets | | S+ 5.79% (9.72%) | | 10/26/2031 | | 1,000 | | | 934 | | | 637 | | | 0.2 | % | | Symphony CLO, Ltd. 2012-9A ER2 | | Capital Markets | | S+ 6.95% (10.88%) | | 7/16/2032 | | 3,000 | | | 2,839 | | | 2,389 | | | 0.9 | % | | Venture CLO 43, Ltd. 21-43A E | | Capital Markets | | S+ 7.15% (11.08%) | | 4/15/2034 | | 3,000 | | | 2,935 | | | 1,917 | | | 0.7 | % | | Wind River CLO, Ltd. 14-2A FR | | Capital Markets | | S+ 7.87% (11.80%) | | 1/15/2031 | | 3,000 | | | 2,673 | | | 179 | | | 0.1 | % | | Subtotal Collateralized Securities | | | | | | | | | | $ | 27,365 | | | $ | 17,285 | | | 6.5 | % | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2026 | | Portfolio Company | | Industry | | Investment Coupon Rate (a) | | Maturity | | Principal/Number of Shares | | Amortized Cost | | Fair Value | | % of Members’ Capital (c) | | Equity/Other | | | | | | | | | | | | | | | | Gordian Medical, Inc. | | Health Care Providers & Services | | | | | | 415 | | $ | 7,448 | | | $ | 7,316 | | | 2.8 | % | | Gordian Medical, Inc. | | Health Care Providers & Services | | | | | | 392 | | — | | | — | | | — | % | | PG&E Corp. | | Electric Utilities | | 6.00% | | | | 230 | | 10,683 | | | 9,868 | | | 3.8 | % | | Resolute Investment Managers, Inc. | | Capital Markets | | | | | | 30 | | 1,286 | | | 991 | | | 0.4 | % | | Subtotal Equity/Other | | | | | | | | | | $ | 19,417 | | | $ | 18,175 | | | 7.0 | % | | | | | | | | | | | | | | | | | TOTAL INVESTMENTS | | | | | | | | | | $ | 724,777 | | | $ | 678,693 | | | 261.7 | % |
(a) The majority of the investments bear interest at a rate that may be determined by reference to Secured Overnight Financing Rate (“SOFR” or “S”) or Prime (“P”) which reset daily, monthly, quarterly, or semiannually. For each, SLF has provided the spread over the relevant reference rate and the current interest rate in effect at March 31, 2026. Certain investments are subject to reference rate floors. For fixed rate loans, a spread above a reference rate is not applicable. For floating rate securities the all-in rate is disclosed within parentheses. (b) SLF’s investment or a portion thereof is pledged as collateral under the BAML Credit Facility. Individual investments can be divided into parts which are pledged to separate credit facilities. (c) Percentages are based on SLF members’ capital as of March 31, 2026. (d) SLF has various unfunded commitments to portfolio companies. (e) SLF’s investment or a portion thereof is held through a total return swap agreement with J.P. Morgan. (f) SLF's investment or a portion thereof is pledged as collateral under the Wells Fargo Credit Facility. Individual investments can be divided into parts which are pledged to separate credit facilities. SLF had $1.2 million of unfunded commitments to portfolio companies as of March 31, 2026. Below is a listing of SLF’s individual investments as of December 31, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | Portfolio Company | | Industry | | Investment Coupon Rate (a) | | Maturity | | Principal/Number of Shares | | Amortized Cost | | Fair Value | | % of Members’ Capital (c) | | Senior Secured First Lien Debt | | | | | | | | | | | | | | | | AAdvantage Loyalty IP, Ltd. (f) | | Passenger Airlines | | S+ 2.25% (6.13%) | | 4/20/2028 | | $ | 3,990 | | | $ | 3,987 | | | $ | 3,997 | | | 1.4 | % | | Acrisure, LLC (b) | | Insurance | | S+ 3.25% (6.97%) | | 6/21/2032 | | 5,156 | | | 5,114 | | | 5,154 | | | 1.9 | % | | ADMI Corp. (f) | | Health Care Providers & Services | | S+ 5.75% (9.47%) | | 12/23/2027 | | 2,793 | | | 2,702 | | | 2,669 | | | 1.0 | % | | Adtalem Global Education, Inc. (f) | | Diversified Consumer Services | | S+ 2.75% (6.47%) | | 8/14/2028 | | 238 | | | 238 | | | 238 | | | 0.1 | % | | Alera Group, Inc. (b) | | Insurance | | S+ 3.25% (6.97%) | | 5/31/2032 | | 7,761 | | | 7,724 | | | 7,794 | | | 2.8 | % | | Allwyn Entertainment Financing US, LLC (b) (f) | | Hotels, Restaurants & Leisure | | S+ 2.50% (6.17%) | | 11/24/2032 | | 7,000 | | | 6,860 | | | 6,860 | | | 2.5 | % | | ARC Falcon I, Inc. (f) | | Chemicals | | S+ 3.50% (7.32%) | | 10/2/2028 | | 4,961 | | | 4,967 | | | 4,955 | | | 1.8 | % | | Arches Buyer, Inc. (b) | | Media | | S+ 3.25% (7.07%) | | 12/6/2027 | | 5,914 | | | 5,834 | | | 5,923 | | | 2.1 | % | | Arcline FM Holdings, LLC (f) | | Aerospace & Defense | | S+ 2.75% (6.42%) | | 6/24/2030 | | 4,975 | | | 4,964 | | | 4,989 | | | 1.8 | % | | Artera Services, LLC (b) | | Construction & Engineering | | S+ 4.50% (8.17%) | | 2/18/2031 | | 5,520 | | | 5,489 | | | 4,440 | | | 1.6 | % | | Ascend Learning, LLC (f) | | Diversified Consumer Services | | S+ 3.00% (6.72%) | | 12/11/2028 | | 3,975 | | | 3,966 | | | 3,984 | | | 1.4 | % | | Ascensus Group Holdings, Inc. (b) (f) | | Financial Services | | S+ 3.00% (6.72%) | | 11/25/2032 | | 7,485 | | | 7,479 | | | 7,472 | | | 2.7 | % | | Athenahealth Group, Inc. (b) | | Health Care Technology | | S+ 2.75% (6.47%) | | 2/15/2029 | | 9,925 | | | 9,815 | | | 9,935 | | | 3.6 | % | | Athletico Management, LLC (f) | | Health Care Providers & Services | | S+ 4.25% (8.19%) | | 2/15/2029 | | 4,825 | | | 4,812 | | | 3,577 | | | 1.3 | % | | Avalara, Inc. (f) | | Software | | S+ 2.75% (6.42%) | | 3/26/2032 | | 5,970 | | | 5,942 | | | 5,992 | | | 2.2 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | Portfolio Company | | Industry | | Investment Coupon Rate (a) | | Maturity | | Principal/Number of Shares | | Amortized Cost | | Fair Value | | % of Members’ Capital (c) | | Beach Acquisition Bidco, LLC (f) | | Textiles, Apparel & luxury goods | | S+ 3.25% (6.92%) | | 9/13/2032 | | $ | 1,450 | | | $ | 1,447 | | | $ | 1,460 | | | 0.5 | % | | Bella Holding Co., LLC (b) | | Health Care Providers & Services | | S+ 3.00% (6.72%) | | 5/10/2028 | | 8,026 | | | 8,006 | | | 8,047 | | | 2.9 | % | | Belron Finance 2019, LLC (b) (f) | | Diversified Consumer Services | | S+ 2.25% (6.12%) | | 10/16/2031 | | 5,728 | | | 5,716 | | | 5,756 | | | 2.1 | % | | Blackhawk Network Holdings, Inc. (b) | | Professional Services | | S+ 4.00% (7.67%) | | 3/12/2029 | | 4,925 | | | 4,872 | | | 4,944 | | | 1.8 | % | | Blackstone CQP Holdco, LP (b) (f) | | Oil, Gas & Consumable Fuels | | S+ 2.00% (5.67%) | | 12/31/2030 | | 4,915 | | | 4,919 | | | 4,929 | | | 1.8 | % | | CD&R Hydra Buyer, Inc. (b) | | Industrial Conglomerates | | S+ 4.00% (7.82%) | | 3/25/2031 | | 6,190 | | | 6,165 | | | 6,182 | | | 2.2 | % | | Cirque Du Soleil Holding USA Newco, Inc. (b) (f) | | Entertainment | | S+ 3.75% (7.42%) | | 3/8/2030 | | 7,339 | | | 7,306 | | | 6,756 | | | 2.4 | % | | Citadel Securities, LP (b) | | Financial Services | | S+ 2.00% (5.67%) | | 10/31/2031 | | 4,411 | | | 4,410 | | | 4,432 | | | 1.6 | % | | Clarios Global, LP (b) (f) | | Automobile Components | | S+ 2.75% (6.47%) | | 1/28/2032 | | 9,975 | | | 9,968 | | | 10,012 | | | 3.6 | % | | Clover Holding 2, LLC (b) | | Software | | S+ 3.75% (7.52%) | | 12/9/2031 | | 5,224 | | | 5,178 | | | 5,219 | | | 1.9 | % | | CNT Holdings I Corp. (b) (f) | | Personal Care Products | | S+ 2.50% (6.34%) | | 11/8/2032 | | 6,031 | | | 6,033 | | | 6,043 | | | 2.2 | % | | Compass Power Generation, LLC (b) | | Independent Power and Renewable Electricity Producers | | S+ 3.25% (6.97%) | | 4/16/2029 | | 6,430 | | | 6,356 | | | 6,467 | | | 2.3 | % | | Connectwise, LLC (b) (f) | | Software | | S+ 3.50% (7.43%) | | 9/29/2028 | | 10,633 | | | 10,618 | | | 10,427 | | | 3.7 | % | | Conservice Midco, LLC (b) (f) | | Diversified Consumer Services | | S+ 2.75% (6.47%) | | 5/13/2030 | | 5,418 | | | 5,418 | | | 5,423 | | | 2.0 | % | | Corelogic, Inc. (b) (f) | | IT Services | | S+ 3.50% (7.33%) | | 6/2/2028 | | 8,882 | | | 8,851 | | | 8,879 | | | 3.2 | % | | Cornerstone Building Brands, Inc. (b) (f) | | Building Products | | S+ 5.63% (9.38%) | | 8/1/2028 | | 3,564 | | | 3,583 | | | 2,798 | | | 1.0 | % | | Cotiviti, Inc. (b) | | Health Care Providers & Services | | S+ 2.75% (6.62%) | | 3/26/2032 | | 4,726 | | | 4,682 | | | 4,528 | | | 1.6 | % | | Cotiviti, Inc. (b) (f) | | Health Care Providers & Services | | S+ 2.75% (6.62%) | | 5/1/2031 | | 9,826 | | | 9,791 | | | 9,424 | | | 3.4 | % | | Crisis Prevention Institute, Inc. (b) | | Diversified Consumer Services | | S+ 4.00% (7.67%) | | 4/9/2031 | | 2,310 | | | 2,301 | | | 2,290 | | | 0.8 | % | | Crown Finance US, Inc. (b) | | Entertainment | | S+ 4.50% (8.34%) | | 12/2/2031 | | 4,950 | | | 4,908 | | | 4,873 | | | 1.8 | % | | Directv Financing, LLC (b) | | Media | | S+ 5.00% (9.10%) | | 8/2/2027 | | 196 | | | 195 | | | 196 | | | 0.1 | % | | EIG Management Co., LLC (b) | | Capital Markets | | S+ 5.00% (8.72%) | | 5/17/2029 | | 3,442 | | | 3,391 | | | 3,442 | | | 1.2 | % | | Emerald Borrower, LP (b) (f) | | Machinery | | S+ 2.25% (6.12%) | | 8/4/2031 | | 2,294 | | | 2,290 | | | 2,297 | | | 0.8 | % | | Ensemble RCM, LLC (b) (f) | | Health Care Providers & Services | | S+ 3.00% (6.84%) | | 8/1/2029 | | 13,311 | | | 13,238 | | | 13,368 | | | 4.7 | % | | Entain, PLC (f) | | Hotels, Restaurants & Leisure | | S+ 2.25% (5.92%) | | 7/30/2032 | | 4,788 | | | 4,788 | | | 4,747 | | | 1.7 | % | | Entain, PLC (b) (f) | | Hotels, Restaurants & Leisure | | S+ 2.25% (5.92%) | | 10/31/2029 | | 3,459 | | | 3,454 | | | 3,435 | | | 1.2 | % | | Epicor Software Corp. (b) | | Software | | S+ 2.50% (6.22%) | | 5/30/2031 | | 6,070 | | | 6,041 | | | 6,086 | | | 2.2 | % | | FinThrive Software Intermediate Holdings, Inc. (b) | | Health Care Technology | | S+ 5.25% (8.95%) | | 12/15/2028 | | 2,970 | | | 2,947 | | | 2,732 | | | 1.0 | % | | Fitness International, LLC (b) (f) | | Hotels, Restaurants & Leisure | | S+ 4.50% (8.22%) | | 2/12/2029 | | 6,833 | | | 6,694 | | | 6,839 | | | 2.5 | % | | FNZ Group Entities, Ltd. (b) | | Financial Services | | S+ 5.00% (8.90%) | | 11/5/2031 | | 2,968 | | | 2,920 | | | 2,330 | | | 0.8 | % | | Focus Financial Partners, LLC (f) | | Capital Markets | | S+ 2.50% (6.22%) | | 9/15/2031 | | 4,436 | | | 4,430 | | | 4,443 | | | 1.6 | % | | Foresight Energy Operating, LLC (b) | | Oil, Gas & Consumable Fuels | | S+ 8.00% (11.77%) | | 6/30/2027 | | 648 | | | 637 | | | 648 | | | 0.2 | % | | Freeport LNG Investments, LLLP (f) | | Oil, Gas & Consumable Fuels | | S+ 3.00% (7.15%) | | 11/17/2026 | | 4,818 | | | 4,805 | | | 4,820 | | | 1.7 | % | | Galaxy US OpCo, Inc. (f) | | Professional Services | | S+ 5.75% (9.59%) 3.75% PIK | | 7/31/2030 | | 2,326 | | | 2,094 | | | 2,229 | | | 0.8 | % | | Geon Performance Solutions, LLC (b) | | Chemicals | | S+ 4.25% (8.18%) | | 8/18/2028 | | 4,523 | | | 4,506 | | | 3,555 | | | 1.3 | % | | Geosyntec Consultants, Inc. (b) (f) | | Professional Services | | S+ 3.00% (6.72%) | | 7/31/2031 | | 9,181 | | | 9,144 | | | 9,227 | | | 3.3 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | Portfolio Company | | Industry | | Investment Coupon Rate (a) | | Maturity | | Principal/Number of Shares | | Amortized Cost | | Fair Value | | % of Members’ Capital (c) | | Global Medical Response, Inc. (b) (f) | | Health Care Providers & Services | | S+ 3.50% (7.38%) | | 10/1/2032 | | $ | 9,966 | | | $ | 9,839 | | | $ | 10,022 | | | 3.5 | % | | Golden State Foods, LLC (b) | | Food Products | | S+ 4.00% (8.00%) | | 12/4/2031 | | 6,419 | | | 6,379 | | | 6,450 | | | 2.3 | % | | Gulfside Supply, Inc. (b) (f) | | Building Products | | S+ 3.00% (6.67%) | | 6/17/2031 | | 4,444 | | | 4,444 | | | 4,375 | | | 1.6 | % | | Hamilton Projects Acquiror, LLC (f) | | Independent Power and Renewable Electricity Producers | | S+ 2.50% (6.22%) | | 5/30/2031 | | 6,580 | | | 6,568 | | | 6,617 | | | 2.4 | % | | HelpSystems Holdings, Inc. (b) | | Software | | S+ 6.00% (9.97%) | | 5/21/2029 | | 4,590 | | | 4,333 | | | 4,139 | | | 1.5 | % | | Hudson River Trading, LLC (b) (f) | | Capital Markets | | S+ 2.75% (6.49%) | | 3/18/2030 | | 5,224 | | | 5,201 | | | 5,243 | | | 1.9 | % | | Hunter Douglas, Inc. (f) | | Household Durables | | S+ 3.00% (6.67%) | | 1/16/2032 | | 4,484 | | | 4,471 | | | 4,500 | | | 1.6 | % | | Icon Parent I, Inc. (b) | | Software | | S+ 2.75% (6.45%) | | 11/13/2031 | | 4,975 | | | 4,956 | | | 4,981 | | | 1.8 | % | | IDERA, Inc. (f) | | Software | | S+ 3.50% (7.35%) | | 3/2/2028 | | 4,950 | | | 4,952 | | | 4,602 | | | 1.7 | % | | Invenergy Thermal Operating I, LLC (b) | | Independent Power and Renewable Electricity Producers | | S+ 2.75% (6.41%) | | 5/17/2032 | | 3,567 | | | 3,559 | | | 3,578 | | | 1.3 | % | | Invenergy Thermal Operating I, LLC (b) | | Independent Power and Renewable Electricity Producers | | S+ 2.75% (6.41%) | | 5/17/2032 | | 225 | | | 224 | | | 226 | | | 0.1 | % | | ION Platform Finance US, Inc. (f) | | Software | | S+ 3.75% (7.42%) | | 9/30/2032 | | 4,063 | | | 4,022 | | | 3,803 | | | 1.4 | % | | Jane Street Group, LLC (b) (f) | | Financial Services | | S+ 2.00% (5.82%) | | 12/15/2031 | | 8,084 | | | 8,075 | | | 8,040 | | | 2.9 | % | | Jump Financial, LLC (b) (f) | | Financial Services | | S+ 3.50% (7.17%) | | 2/26/2032 | | 7,232 | | | 7,169 | | | 7,124 | | | 2.6 | % | | Kaman Corp. (b) (d) | | Aerospace & Defense | | S+ 2.50% (6.43%) | | 2/26/2032 | | 56 | | | 55 | | | 58 | | | 0.0 | % | | Kaman Corp. (b) (f) | | Aerospace & Defense | | S+ 2.50% (6.32%) | | 2/26/2032 | | 6,199 | | | 6,193 | | | 6,220 | | | 2.2 | % | | Kaseya, Inc. (b) | | Software | | S+ 3.00% (6.72%) | | 3/22/2032 | | 3,772 | | | 3,754 | | | 3,772 | | | 1.4 | % | | Kingpin Intermediate Holdings, LLC | | Hotels, Restaurants & Leisure | | 7.25% | | 10/15/2032 | | 5,000 | | | 4,896 | | | 4,733 | | | 1.7 | % | | Kingpin Intermediate Holdings, LLC (f) | | Hotels, Restaurants & Leisure | | S+ 3.25% (6.97%) | | 9/22/2032 | | 7,500 | | | 7,445 | | | 7,331 | | | 2.6 | % | | Kodiak Building Partners, LLC (f) | | Building Products | | S+ 3.75% (7.47%) | | 12/4/2031 | | 4,000 | | | 3,836 | | | 3,896 | | | 1.4 | % | | LABL, Inc. (b) | | Containers & Packaging | | S+ 5.00% (8.94%) | | 10/30/2028 | | 4,910 | | | 4,871 | | | 3,093 | | | 1.1 | % | | Max US Bidco, Inc. (b) | | Food Products | | S+ 5.00% (8.67%) | | 10/3/2030 | | 4,912 | | | 4,730 | | | 3,755 | | | 1.4 | % | | Merlin Buyer, Inc. (f) | | Machinery | | S+ 4.00% (7.67%) | | 12/13/2028 | | 1,108 | | | 1,106 | | | 1,118 | | | 0.4 | % | | Mermaid Bidco Inc (b) (f) | | IT Services | | S+ 3.25% (7.15%) | | 7/3/2031 | | 7,462 | | | 7,444 | | | 7,481 | | | 2.7 | % | | MH Sub I, LLC (b) (f) | | IT Services | | S+ 4.25% (7.97%) | | 5/3/2028 | | 5,367 | | | 5,225 | | | 4,978 | | | 1.8 | % | | Monogram Food Solutions, LLC (f) | | Food Products | | S+ 4.00% (7.83%) | | 8/28/2028 | | 2,088 | | | 2,027 | | | 2,088 | | | 0.8 | % | | Nexus Buyer, LLC (b) | | Capital Markets | | S+ 3.50% (7.22%) | | 7/31/2031 | | 4,962 | | | 4,944 | | | 4,889 | | | 1.8 | % | | Nouryon Finance B.V. (f) | | Chemicals | | S+ 3.25% (7.04%) | | 4/3/2028 | | 2,204 | | | 2,192 | | | 2,202 | | | 0.8 | % | | Omnia Partners, LLC (f) | | Commercial Services & Supplies | | S+ 2.75% (6.46%) | | 12/31/2032 | | 6,152 | | | 6,121 | | | 6,171 | | | 2.2 | % | | Peer Holding III B.V. (b) | | Broadline Retail | | S+ 2.50% (6.17%) | | 7/1/2031 | | 5,940 | | | 5,940 | | | 5,961 | | | 2.1 | % | | PetSmart, LLC (f) | | Specialty Retail | | S+ 4.00% (7.73%) | | 8/18/2032 | | 2,455 | | | 2,455 | | | 2,442 | | | 0.9 | % | | Pluto Acquisition I, Inc. (b) | | Health Care Providers & Services | | S+ 4.00% (7.87%) | | 9/20/2028 | | 9,630 | | | 9,631 | | | 7,984 | | | 2.9 | % | | PODS, LLC (b) (f) | | Air Freight & Logistics | | S+ 3.00% (6.83%) | | 3/31/2028 | | 7,438 | | | 7,133 | | | 7,343 | | | 2.6 | % | | Pregis TopCo, LLC (b) | | Containers & Packaging | | S+ 4.00% (7.72%) | | 2/1/2029 | | 6,661 | | | 6,648 | | | 6,712 | | | 2.4 | % | | Pretzel Parent, Inc. (b) | | Entertainment | | S+ 4.50% (8.22%) | | 10/1/2031 | | 3,474 | | | 3,428 | | | 3,426 | | | 1.2 | % | | Proofpoint, Inc. (b) (f) | | Software | | S+ 3.00% (6.92%) | | 8/31/2028 | | 6,616 | | | 6,591 | | | 6,644 | | | 2.4 | % | | Pug, LLC (f) | | Entertainment | | S+ 4.75% (8.47%) | | 3/15/2030 | | 2,500 | | | 2,471 | | | 2,474 | | | 0.9 | % | | Quikrete Holdings, Inc. (f) | | Construction Materials | | S+ 2.25% (5.97%) | | 4/14/2031 | | 4,506 | | | 4,499 | | | 4,517 | | | 1.6 | % | | Quikrete Holdings, Inc. (b) | | Construction Materials | | S+ 2.25% (5.97%) | | 2/10/2032 | | 2,531 | | | 2,525 | | | 2,538 | | | 0.9 | % | | Radiology Partners, Inc. (b) | | Health Care Providers & Services | | S+ 4.50% (8.17%) | | 6/30/2032 | | 7,591 | | | 7,518 | | | 7,570 | | | 2.7 | % | | Raven Acquisition Holdings, LLC (b) | | Health Care Providers & Services | | S+ 3.00% (6.72%) | | 11/19/2031 | | 9,727 | | | 9,670 | | | 9,754 | | | 3.5 | % | | Raven Acquisition Holdings, LLC (b) (d) | | Health Care Providers & Services | | S+ 3.00% | | 11/19/2031 | | — | | | (4) | | | 2 | | | 0.0 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | Portfolio Company | | Industry | | Investment Coupon Rate (a) | | Maturity | | Principal/Number of Shares | | Amortized Cost | | Fair Value | | % of Members’ Capital (c) | | Recess Holdings, Inc. (b) | | Household Durables | | S+ 3.75% (7.62%) | | 2/21/2030 | | $ | 5,343 | | | $ | 5,312 | | | $ | 5,373 | | | 1.9 | % | | Red Planet Borrower, LLC (b) | | Media | | S+ 4.00% (7.72%) | | 9/8/2032 | | 7,499 | | | 7,427 | | | 7,506 | | | 2.7 | % | | Renaissance Holdings Corp. (f) | | Diversified Consumer Services | | S+ 4.00% (7.72%) | | 4/5/2030 | | 4,148 | | | 4,073 | | | 3,613 | | | 1.3 | % | | Rithum Holdings, Inc. (b) | | Software | | S+ 4.75% (8.42%) | | 7/21/2032 | | 4,988 | | | 4,891 | | | 4,977 | | | 1.8 | % | | Roper Industrial Products Investment Co., LLC (f) | | Industrial Conglomerates | | S+ 2.75% (6.42%) | | 11/22/2029 | | 4,947 | | | 4,877 | | | 4,973 | | | 1.8 | % | | S&S Holdings, LLC (b) | | Textiles, Apparel & luxury goods | | S+ 5.00% (8.83%) | | 3/13/2028 | | 4,673 | | | 4,615 | | | 4,668 | | | 1.7 | % | | Sedgwick Claims Management Services, Inc. (b) (f) | | Health Care Providers & Services | | S+ 2.50% (6.22%) | | 7/31/2031 | | 7,218 | | | 7,205 | | | 7,239 | | | 2.6 | % | | Sharp Services, LLC (f) | | Health Care Providers & Services | | S+ 3.00% (6.67%) | | 9/29/2032 | | 3,016 | | | 3,001 | | | 3,023 | | | 1.1 | % | | Sonrava Health Holdings, LLC | | Health Care Providers & Services | | P+ 7.50% (14.25%) | | 5/18/2028 | | 1,847 | | | 1,663 | | | 1,754 | | | 0.6 | % | | Sonrava Health Holdings, LLC | | Health Care Providers & Services | | P+ 7.50% (14.25%) 5.50% PIK | | 8/18/2028 | | 10,782 | | | 10,463 | | | 1,617 | | | 0.6 | % | | Sonrava Health Holdings, LLC | | Health Care Providers & Services | | S+ 10.00% (13.77%) 2.50% PIK | | 6/3/2026 | | 311 | | | 311 | | | 311 | | | 0.1 | % | | Sotera Health Holdings, LLC (b) | | Life Sciences Tools & Services | | S+ 2.50% (6.34%) | | 5/30/2031 | | 7,410 | | | 7,382 | | | 7,442 | | | 2.7 | % | | Specialty Building Products Holdings, LLC (b) | | Building Products | | S+ 3.75% (7.57%) | | 10/16/2028 | | 4,926 | | | 4,823 | | | 4,583 | | | 1.7 | % | | Staples, Inc. (f) | | Specialty Retail | | S+ 5.75% (9.60%) | | 9/4/2029 | | 2,955 | | | 2,866 | | | 2,799 | | | 1.0 | % | | Starlight Parent, LLC (b) | | Software | | S+ 4.00% (7.70%) | | 4/16/2032 | | 5,486 | | | 5,334 | | | 5,472 | | | 2.0 | % | | Stonepeak Nile Parent, LLC (b) (f) | | Air Freight & Logistics | | S+ 2.25% (6.16%) | | 4/9/2032 | | 4,375 | | | 4,365 | | | 4,373 | | | 1.6 | % | | Tecta America Corp. (b) | | Construction & Engineering | | S+ 2.75% (6.47%) | | 2/18/2032 | | 5,468 | | | 5,458 | | | 5,485 | | | 2.0 | % | | TransDigm, Inc. (f) | | Aerospace & Defense | | S+ 2.50% (6.22%) | | 2/28/2031 | | 3,900 | | | 3,894 | | | 3,914 | | | 1.4 | % | | Traverse Midstream Partners, LLC (b) (f) | | Oil, Gas & Consumable Fuels | | S+ 2.50% (6.34%) | | 2/16/2028 | | 9,849 | | | 9,847 | | | 9,859 | | | 3.6 | % | | Triton Water Holdings, Inc. (b) (f) | | Beverages | | S+ 2.25% (5.92%) | | 3/31/2028 | | 7,384 | | | 7,365 | | | 7,402 | | | 2.7 | % | | Truck Hero, Inc. (b) (f) | | Automobile Components | | S+ 5.00% (8.83%) | | 1/31/2028 | | 4,444 | | | 4,378 | | | 3,428 | | | 1.2 | % | | Truck Hero, Inc. (b) (f) | | Automobile Components | | S+ 3.75% (7.58%) | | 1/31/2028 | | 8,362 | | | 8,295 | | | 6,391 | | | 2.3 | % | | UKG, Inc. (b) (f) | | Software | | S+ 2.50% (6.34%) | | 2/10/2031 | | 9,638 | | | 9,581 | | | 9,642 | | | 3.5 | % | | United Airlines, Inc. (b) | | Passenger Airlines | | S+ 2.00% (5.73%) | | 2/24/2031 | | 3,710 | | | 3,697 | | | 3,722 | | | 1.3 | % | | University Support Services, LLC (b) (f) | | Diversified Consumer Services | | S+ 2.75% (6.47%) | | 2/12/2029 | | 4,025 | | | 3,974 | | | 3,882 | | | 1.4 | % | | US Anesthesia Partners, Inc. (b) (f) | | Health Care Providers & Services | | S+ 4.00% (7.99%) | | 10/2/2028 | | 6,913 | | | 6,682 | | | 6,938 | | | 2.5 | % | | VFH Parent, LLC (f) | | Capital Markets | | S+ 2.50% (6.22%) | | 6/23/2031 | | 5,000 | | | 5,000 | | | 5,010 | | | 1.8 | % | | Victory Buyer, LLC (b) | | Building Products | | S+ 3.75% (7.58%) | | 11/20/2028 | | 7,349 | | | 7,182 | | | 7,375 | | | 2.7 | % | | WCG Purchaser Corp. (b) | | Health Care Providers & Services | | S+ 3.00% (6.72%) | | 2/25/2032 | | 4,473 | | | 4,453 | | | 4,479 | | | 1.6 | % | | WestJet Loyalty, LP (b) | | Passenger Airlines | | S+ 3.25% (6.92%) | | 2/14/2031 | | 5,699 | | | 5,653 | | | 5,718 | | | 2.1 | % | | White Cap Supply Holdings, LLC (f) | | Building Products | | S+ 3.25% (6.97%) | | 10/19/2029 | | 5,280 | | | 5,258 | | | 5,301 | | | 1.9 | % | | Windsor Holdings III, LLC (f) | | Chemicals | | S+ 2.75% (6.47%) | | 8/1/2030 | | 3,245 | | | 3,197 | | | 3,249 | | | 1.2 | % | | X Corp. (b) | | Interactive Media & Services | | S+ 6.50% (10.45%) | | 10/26/2029 | | 4,949 | | | 4,923 | | | 4,857 | | | 1.7 | % | | X Corp. (b) (f) | | Interactive Media & Services | | 9.50% | | 10/26/2029 | | 7,500 | | | 7,430 | | | 7,468 | | | 2.7 | % | | Zayo Group Holdings, Inc. (f) | | Diversified Telecommunication Services | | S+ 3.50% (6.83%) 0.50% PIK | | 3/11/2030 | | 4,482 | | | 4,205 | | | 4,242 | | | 1.5 | % | | Subtotal Senior Secured First Lien Debt | | | | | | | | | | $ | 668,611 | | | $ | 648,199 | | | 233.4 | % | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | Portfolio Company | | Industry | | Investment Coupon Rate (a) | | Maturity | | Principal/Number of Shares | | Amortized Cost | | Fair Value | | % of Members’ Capital (c) | | Senior Secured Second Lien Debt | | | | | | | | | | | | | | | | American Rock Salt Company, LLC | | Chemicals | | S+ 7.25% (11.33%) | | 6/11/2029 | | $ | 1,943 | | | $ | 1,930 | | | $ | 1,570 | | | 0.6 | % | | Edelman Financial Center, LLC (f) | | Capital Markets | | S+ 5.25% (8.97%) | | 10/6/2028 | | 4,750 | | | 4,743 | | | 4,734 | | | 1.7 | % | | IDERA, Inc. (b) (e) | | Software | | S+ 6.75% (10.75%) | | 3/2/2029 | | 1,036 | | | 1,031 | | | 933 | | | 0.3 | % | | Neptune Bidco US, Inc. (f) | | Interactive Media & Services | | S+ 9.75% (13.76%) | | 10/11/2029 | | 579 | | | 568 | | | 579 | | | 0.2 | % | | Peraton Corp. (b) | | Communications Equipment | | S+ 7.75% (11.67%) | | 2/1/2029 | | 9,750 | | | 7,882 | | | 7,636 | | | 2.8 | % | | Subtotal Senior Secured Second Lien Debt | | | | | | | | | | $ | 16,154 | | | $ | 15,452 | | | 5.6 | % | | | | | | | | | | | | | | | | | Subordinated Debt | | | | | | | | | | | | | | | | Resideo Funding, Inc. | | Building Products | | 4.00% | | 9/1/2029 | | $ | 2,000 | | | $ | 1,915 | | | $ | 1,934 | | | 0.7 | % | | Subtotal Subordinated Debt | | | | | | | | | | $ | 1,915 | | | $ | 1,934 | | | 0.7 | % | | | | | | | | | | | | | | | | | Collateralized Securities | | | | | | | | ` | | | | | | | | Collateralized Securities - Debt Investments | | | | | | | | | | | | | | | | AIG CLO, Ltd. 21-1A F | | Capital Markets | | S+ 6.90% (11.02%) | | 4/22/2034 | | $ | 1,410 | | | $ | 1,313 | | | $ | 1,320 | | | 0.5 | % | | Battalion CLO, Ltd. 21-17A F | | Capital Markets | | S+ 7.50% (11.65%) | | 3/9/2034 | | 1,224 | | | 1,153 | | | 570 | | | 0.2 | % | | Carlyle GMS CLO, 16-3A FRR | | Capital Markets | | S+ 8.60% (12.75%) | | 7/20/2034 | | 2,100 | | | 2,008 | | | 1,823 | | | 0.7 | % | | Eaton Vance CDO, Ltd. 15-1A FR | | Capital Markets | | S+ 7.97% (12.12%) | | 1/20/2030 | | 2,000 | | | 1,839 | | | 846 | | | 0.3 | % | | Greywolf CLO, Ltd. 20-3RA ER | | Capital Markets | | S+ 8.74% (12.86%) | | 4/22/2033 | | 1,000 | | | 902 | | | 916 | | | 0.3 | % | | Highbridge Loan Management, Ltd. 11A-17 E | | Capital Markets | | S+ 6.10% (10.25%) | | 5/6/2030 | | 3,000 | | | 2,812 | | | 2,592 | | | 0.9 | % | | KKR Financial CLO, Ltd. 15 FR | | Capital Markets | | S+ 8.50% (12.65%) | | 1/18/2032 | | 2,000 | | | 1,923 | | | 1,795 | | | 0.6 | % | | LCM, Ltd. Partnership 16A ER2 | | Capital Markets | | S+ 6.38% (10.55%) | | 10/15/2031 | | 2,500 | | | 2,350 | | | 1,807 | | | 0.7 | % | | Saranac CLO, Ltd. 20-8A E | | Capital Markets | | S+ 8.12% (12.27%) | | 2/20/2033 | | 1,455 | | | 1,445 | | | 1,095 | | | 0.4 | % | | Sound Point CLO, Ltd. 17-2A E | | Capital Markets | | S+ 6.10% (10.22%) | | 7/25/2030 | | 2,400 | | | 2,190 | | | 1,820 | | | 0.7 | % | | Sound Point CLO, Ltd. 18-3A D | | Capital Markets | | S+ 5.79% (9.91%) | | 10/26/2031 | | 1,000 | | | 931 | | | 819 | | | 0.3 | % | | Symphony CLO, Ltd. 2012-9A ER2 | | Capital Markets | | S+ 6.95% (11.11%) | | 7/16/2032 | | 3,000 | | | 2,834 | | | 2,779 | | | 1.0 | % | | Venture CLO 43, Ltd. 21-43A E | | Capital Markets | | S+ 7.15% (11.32%) | | 4/15/2034 | | 3,000 | | | 2,933 | | | 2,715 | | | 1.0 | % | | Wind River CLO, Ltd. 14-2A FR | | Capital Markets | | S+ 7.87% (12.04%) | | 1/15/2031 | | 3,000 | | | 2,660 | | | 91 | | | 0.0 | % | | Subtotal Collateralized Securities | | | | | | | | | | $ | 27,293 | | | $ | 20,988 | | | 7.6 | % | | | | | | | | | | | | | | | | | Equity/Other | | | | | | | | | | | | | | | | Gordian Medical, Inc. | | Health Care Providers & Services | | | | | | 415 | | | $ | 7,448 | | | $ | 7,316 | | | 2.6 | % | | Gordian Medical, Inc. | | Health Care Providers & Services | | | | | | 392 | | | — | | | — | | | — | % | | PG&E Corp. | | Electric Utilities | | 6.00% | | | | 230 | | | 10,683 | | | 9,412 | | | 3.4 | % | | Resolute Investment Managers, Inc. | | Financial Services | | | | | | 30 | | | 1,286 | | | 991 | | | 0.4 | % | | Subtotal Equity/Other | | | | | | | | | | $ | 19,417 | | | $ | 17,719 | | | 6.4 | % | | | | | | | | | | | | | | | | | TOTAL INVESTMENTS | | | | | | | | | | $ | 733,390 | | | $ | 704,292 | | | 253.7 | % | | | | | | | | | | | | | | | |
(a) The majority of the investments bear interest at a rate that may be determined by reference to Secured Overnight Financing Rate (“SOFR” or “S”) which reset daily, monthly, quarterly, or semiannually. For each, SLF has provided the spread over the relevant reference rate and the current interest rate in effect at December 31, 2025. Certain investments are subject to reference rate floors. For fixed rate loans, a spread above a reference rate is not applicable. For floating rate securities the all-in rate is disclosed within parentheses. (b) SLF’s investment or a portion thereof is pledged as collateral under the BAML Credit Facility. Individual investments can be divided into parts which are pledged to separate credit facilities. (c) Percentages are based on SLF members’ capital as of December 31, 2025. (d) SLF has various unfunded commitments to portfolio companies. (e) SLF’s investment or a portion thereof is held through a total return swap agreement with J.P. Morgan. (f) SLF's investment or a portion thereof is pledged as collateral under the Wells Fargo Credit Facility. Individual investments can be divided into parts which are pledged to separate credit facilities.
SLF had $1.2 million of unfunded commitments to portfolio companies as of December 31, 2025.
Below is certain summarized financial information for SLF as of March 31, 2026 and December 31, 2025 and for the three months ended March 31, 2026 and March 31, 2025:
| | | | | | | | | | | | | Selected Statements of Assets and Liabilities Information | March 31, | | December 31, | | 2026 | | 2025 | | | | | | ASSETS | | | | Investments, at fair value (amortized cost of $724,777 and $733,390, respectively) | $ | 678,693 | | | $ | 704,292 | | | Cash and other assets | 59,860 | | | 47,224 | | | Total assets | $ | 738,553 | | | $ | 751,516 | | | | | | | LIABILITIES | | | | Revolving credit facilities (net of deferred financing costs of $1,277 and $1,445, respectively) | $ | 436,223 | | | $ | 450,555 | | | Secured borrowings | 530 | | | 599 | | | Other liabilities | 42,670 | | | 22,715 | | | Total Liabilities | $ | 479,423 | | | $ | 473,869 | | | | | | | MEMBERS’ CAPITAL | | | | | Total members’ capital | $ | 259,130 | | | $ | 277,647 | | | | | | | Total liabilities and members’ capital | $ | 738,553 | | | $ | 751,516 | |
| | | | | | | | | | | | | | | | | | | | | | Selected Statements of Operations Information | | | | For the three months ended March 31, | | | | | | | 2026 | | 2025 | | | | | | | | | | | | | | | Investment income: | | | | | | | | | | | | Total investment income | | | | | | $ | 14,150 | | | $ | 22,797 | | | | | | | | | | | | | | | | Operating expenses: | | | | | | | | | | | | Interest and credit facility financing expenses | | | | | | 6,649 | | | 9,098 | | | | | Other expenses | | | | | | 626 | | | 610 | | | | | Total expenses | | | | | | 7,275 | | | 9,708 | | | | | | | | | | | | | | | | Net investment income | | | | | | 6,875 | | | 13,089 | | | | | | | | | | | | | | | | Realized and unrealized gain (loss) on investments and extinguishment of debt: | | | | | | | | | | | | Net realized and unrealized gain (loss) on investments and extinguishment of debt | | | | | | (19,101) | | | (11,866) | | | | | | | | | | | | | | | | Net increase (decrease) in members’ capital resulting from operations | | | | | | $ | (12,226) | | | $ | 1,223 | | | |
Unconsolidated Significant Subsidiaries
In accordance with Rules 3-09 and 4-08(g) of Regulation S-X (“Rule 3-09” and “Rule 4-08(g),” respectively), the Company must determine which of its unconsolidated controlled affiliated investments are considered significant subsidiaries, if any. The Company had certain unconsolidated controlled affiliated investments for the three months ended March 31, 2026 that met at least one of the significance considerations under Regulation S-X. Accordingly, the summarized financial information for FBLC Senior Loan Fund, LLC is provided above in Note 3. Included below is the summarized financial information for Post Road Equipment Financing, LLC.
| | | | | | | | | | | | | | | | | Selected Balance Sheet Information | | | As of March 31, | | As of December 31, | | | | 2026 | | 2025 | | | | | | | | Total Assets | | | $ | 1,260,767 | | | $ | 1,252,779 | | | Total Liabilities | | | 1,070,918 | | | 1,069,033 | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | Selected Income Statement Information | | | | For the Three Months Ended March 31, | | | | | | | | | 2026 | | 2025 | | | | | | | | | | | | | | | Revenues | | | | | | $ | 34,304 | | | $ | 34,107 | | | | | Net income (loss) | | | | | | 9,462 | | | (371) | | | |
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