Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Fair Value Measurements of Investments, by Major Class

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

Schedule of Investment Measured on Recurring Basis, Unobservable Input Reconciliation

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the 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.

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.

Schedule of Investment Holdings, Schedule of Investments

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	%

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.

(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.

(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.

SLF had $1.2 million of unfunded commitments to portfolio companies as of December 31, 2025.

Schedule of Fair Value Measurement Inputs and Valuation Techniques

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

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

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%

Subordinated Debt (b)

38,945

Yield Analysis

Market Yield

15.83%

Subordinated Debt

9,882

Waterfall Analysis

EBITDA Multiple

9.10x

10.25x

9.10x

Subordinated Debt (b)(c)

4,548

N/A

Collateralized Securities

3,553

Yield Analysis

Discount Margin

0.00%

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%

Equity/Other (b)

3,967

Waterfall Analysis

Adjusted BV Multiple

4.47x

Equity/Other (e)

—

N/A

FBLC Senior Loan Fund, LLC (b)

222,706

Discounted Cash Flow

Discount Rate

11.76%

Total

3,954,010

______________

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

(b) This asset category contains one investment.

(d) Range and weighted average shown in millions.

(e) Represents investments in the Equity/Other asset category determined to be worthless as of the valuation date.

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

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

Senior Secured Second Lien Debt (b)

668

Waterfall Analysis

Revenue Multiple

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%

Subordinated Debt

33,911

Waterfall Analysis

Market Yield

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%

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%

Equity/Other (b)

1,615

Waterfall Analysis

Adjusted BV Multiple

3.92x

Equity/Other (e)

—

N/A

FBLC Senior Loan Fund, LLC (b)

224,956

Discounted Cash Flow

Discount Rate

11.22%

Total

3,998,057

______________

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

(b) This asset category contains one investment.

(d) Range and weighted average shown in millions.

(e) Represents investments in the Equity/Other asset category determined to be worthless as of the valuation date.

Schedule of Investment Holdings

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.

Schedule of Summarized Financial Information

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


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)

- Definition

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

+ References + Details