| Investments |
Note 4. Investment in Saratoga CLO
On January 22, 2008, the Company entered into
a collateral management agreement with Saratoga CLO, pursuant to which the Company acts as its collateral manager. The Saratoga CLO was
initially refinanced in October 2013 and November 2016 with its reinvestment period extended to October 2016 and October 2018, respectively.
On December 14, 2018, the Company completed a
third refinancing and upsize of the Saratoga CLO (the “2013-1 Reset CLO Notes”). The third Saratoga CLO refinancing, which,
among other things, extended its reinvestment period to January 2021, and extended its legal maturity date to January 2030. Following
this refinancing, the Saratoga CLO portfolio increased its aggregate principal amount from approximately $300.0 million to approximately
$500.0 million of predominantly senior secured first lien term loans.
On February 11, 2020, the Company entered into
an unsecured loan agreement (“CLO 2013-1 Warehouse 2 Loan”) with Saratoga Investment Corp. CLO 2013-1 Warehouse 2, Ltd. (“CLO
2013-1 Warehouse 2”), a wholly owned subsidiary of Saratoga CLO. During the fourth quarter ended February 28, 2021, the CLO 2013-1
Warehouse 2 Ltd. was repaid in full.
On February 26, 2021, the Company completed the
fourth refinancing of the Saratoga CLO, which, among other things, extended the Saratoga CLO reinvestment period to April 2024, extended
its legal maturity to April 2033, and added a non-call period of February 2022. In addition, and as part of the refinancing, the Saratoga
CLO was upsized from $500 million in assets to approximately $650 million. As part of this refinancing and upsizing, the Company invested
an additional $14.0 million in all of the newly issued subordinated notes of the Saratoga CLO, and purchased $17.9 million in aggregate
principal amount of the Class F-R-3 Notes tranche at par. Concurrently with the fourth refinancing of the Saratoga CLO, the existing
$2.5 million of Class F-R-2 Notes, $7.5 million of Class G-R-2 Notes and $25.0 million of the CLO 2013-1 Warehouse 2 Loan were repaid.
The Company also paid $2.6 million of transaction costs related to the refinancing and upsizing on behalf of the Saratoga CLO, to be
reimbursed from future equity distributions. At August 31, 2021, the outstanding receivable of $2.6 million was repaid in full. On August 9, 2021, the Company exchanged its
existing $17.9 million Class F-R-3 Note for $8.5 million Class F-1-R-3 Notes and $9.4 million Class F-2-R-3 Notes at par. On August 11,
2021, the Company sold its Class F-1-R-3 Notes to third parties, resulting in a realized loss of $0.1 million.
On June 10, 2024, the Company completed its fifth
refinancing of the Saratoga CLO, which adjusted the interest rate of two of the existing Notes. Saratoga CLO issued $422.5 million of
notes (the “2013-1 2024 Reset CLO Notes”), consisting of Class A-1-R-4 and Class A-2-R-4. The 2013-1 2024 Reset CLO Notes
were issued pursuant to the Indenture with the same Trustee. Proceeds of the issuance of the 2013-1 2024 Reset CLO Notes were used along
with existing assets of the Saratoga CLO to redeem the existing Class A-1-R-3 and Class A-2-R-3 Notes. No other Notes were refinanced
as part of this refinancing. The Saratoga CLO paid $0.5 million of transaction costs related to the refinancing.
The Saratoga CLO remains effectively 100.0% owned
and managed by the Company. The Company receives a base management fee of 0.10% per annum and a subordinated management fee of 0.40%
per annum of the outstanding principal amount of Saratoga CLO’s assets, paid quarterly to the extent of available proceeds. Following
the third refinancing and the issuance of the 2013-1 Reset CLO Notes on December 14, 2018, the Company is no longer entitled to an incentive
management fee equal to 20.0% of excess cash flow to the extent the Saratoga CLO subordinated notes receive an internal rate of return
paid in cash equal to or greater than 12.0%.
For the three months ended May 31, 2026 and May
31, 2025, the Company accrued management fee income of $0.5 million and $0.7 million, respectively, and interest income of $0.0 million
and $0.0 million, respectively, from the Saratoga CLO.
As of May 31, 2026, the Company determined that the fair value of its
investment in the subordinated notes of Saratoga CLO was $0.0 million. As of May 31, 2026, the fair value of its investment in the Class
F-2-R-3 Notes of Saratoga CLO was $0.0 million. As of May 31, 2026, Saratoga CLO had investments with a principal balance of $361.1 million
and a weighted average spread over SOFR of 3.4% and had debt with a principal balance of $378.2 million with a weighted average spread
over SOFR of 2.7%. As of May 31, 2026, the present value of the projected future cash flows of the subordinated notes was $0.0 million,
using a 70% discount rate. The Company’s total investment in the subordinated notes of Saratoga CLO is $57.8 million, which consists
of additional investments of $30.0 million in January 2008, $13.8 million in December 2018 and $14.0 million in February 2021. To date,
the Company has received distributions of $92.2 million, management fees of $41.4 million and incentive fees of $1.2 million.
As of February 28, 2026, the Company determined
that the fair value of its investment in the subordinated notes of Saratoga CLO was $0.0 million. As of February 28, 2026, the fair
value of its investment in the Class F-2-R-3 Notes of Saratoga CLO was $0.0 million. As of February 28, 2026, Saratoga CLO had investments
with a principal balance of $390.0 million and a weighted average spread over SOFR of 3.4% and had debt with a principal balance
of $410.3 million with a weighted average spread over SOFR of 2.6%. As of February 28, 2026, the present value of the projected
future cash flows of the subordinated notes was approximately $0.0 million, using a 70% discount rate. The Company’s
total investment in the subordinated notes of Saratoga CLO is $57.8 million, which consists of additional investments of $30.0 million
in January 2008, $13.8 million in December 2018 and $14.0 million in February 2021. To date, the Company has received distributions
of $92.2 million, management fees of $41.0 million and incentive fees of $1.2 million.
Below is certain financial information from the
separate unaudited financial statements of Saratoga CLO as of May 31, 2026 and February 28, 2026, and for the three months ended May
31, 2026 and May 31, 2025.
| | |
May 31,
2026 | | |
February 28,
2026 | |
| | |
(unaudited) | | |
| |
| ASSETS | |
| | |
| |
| Investments at fair value | |
| | |
| |
| Loans at fair value (amortized cost of $354,529,855 and $381,488,638, respectively) | |
$ | 328,443,133 | | |
$ | 353,285,019 | |
| Equities at fair value (amortized cost of $2,057,926 and $1,324,217, respectively) | |
| 784,032 | | |
| 831,552 | |
| Total investments at fair value (amortized cost of $356,587,781 and $382,812,855, respectively) | |
| 329,227,165 | | |
| 354,116,571 | |
| Cash and cash equivalents | |
| 18,833,315 | | |
| 22,319,387 | |
| Receivable from open trades | |
| 9,530,237 | | |
| 10,432,424 | |
| Interest receivable (net of reserve of $836,267 and $817,651, respectively) | |
| 2,025,695 | | |
| 2,115,446 | |
| Due from affiliate (See Note 7) | |
| 1,591 | | |
| 1,591 | |
| Prepaid expenses and other assets | |
| 1,038,162 | | |
| 596,520 | |
| Total assets | |
$ | 360,656,165 | | |
$ | 389,581,939 | |
| | |
| | | |
| | |
| LIABILITIES | |
| | | |
| | |
| Interest payable | |
$ | 3,179,588 | | |
$ | 2,852,957 | |
| Accrued base management fee | |
| 46,568 | | |
| 49,944 | |
| Accrued subordinated management fee | |
| 186,270 | | |
| 199,776 | |
| Accounts payable and accrued expenses | |
| 837,558 | | |
| 568,796 | |
| Saratoga Investment Corp. CLO 2013-1, Ltd. Notes: | |
| | | |
| | |
| Class A-1-R-4 Senior Secured Floating Rate Notes | |
| 124,676,427 | | |
| 156,828,563 | |
| Class A-2-R-4 Senior Secured Floating Rate Notes | |
| 65,000,000 | | |
| 65,000,000 | |
| Class B-FL-R-3 Senior Secured Floating Rate Notes | |
| 60,500,000 | | |
| 60,500,000 | |
| Class B-FXD-R-3 Senior Secured Fixed Rate Notes | |
| 11,000,000 | | |
| 11,000,000 | |
| Class C-FL-R-3 Deferrable Mezzanine Floating Rate Notes | |
| 26,000,000 | | |
| 26,000,000 | |
| Class C-FXD-R-3 Deferrable Mezzanine Fixed Rate Notes | |
| 6,500,000 | | |
| 6,500,000 | |
| Class D-R-3 Deferrable Mezzanine Floating Rate Notes | |
| 39,000,000 | | |
| 39,000,000 | |
| Discount on Class D-R-3 Notes | |
| (165,899 | ) | |
| (171,966 | ) |
| Class E-R-3 Deferrable Mezzanine Floating Rate Notes | |
| 27,625,000 | | |
| 27,625,000 | |
| Discount on Class E-R-3 Notes | |
| (1,723,511 | ) | |
| (1,786,533 | ) |
| Class F-1-R-3 Notes Deferrable Junior Floating Rate Notes | |
| 8,500,000 | | |
| 8,500,000 | |
| Class F-2-R-3 Notes Deferrable Junior Floating Rate Notes | |
| 9,375,000 | | |
| 9,375,000 | |
| Deferred debt financing costs | |
| (1,044,031 | ) | |
| (1,081,116 | ) |
| Subordinated Notes | |
| 111,000,000 | | |
| 111,000,000 | |
| Discount on Subordinated Notes | |
| (27,259,170 | ) | |
| (28,255,929 | ) |
| Total liabilities | |
| 463,233,800 | | |
| 493,704,492 | |
| | |
| | | |
| | |
| Commitments and contingencies | |
| | | |
| | |
| | |
| | | |
| | |
| NET ASSETS | |
| | | |
| | |
| Ordinary equity, par value $1.00, 250 ordinary shares authorized, 250 and 250 common shares issued and outstanding, respectively | |
| 250 | | |
| 250 | |
| Total distributable earnings (loss) | |
| (102,577,885 | ) | |
| (104,122,803 | ) |
| Total net deficit | |
| (102,577,635 | ) | |
| (104,122,553 | ) |
| Total liabilities and net assets | |
$ | 360,656,165 | | |
$ | 389,581,939 | |
| | |
For the three months ended | |
| | |
May 31,
2026 | | |
May 31,
2025 | |
| INVESTMENT INCOME | |
| | |
| |
| Total interest from investments | |
$ | 8,749,025 | | |
$ | 11,413,857 | |
| Interest from cash and cash equivalents | |
| 197,709 | | |
| 208,109 | |
| Other income | |
| 43,049 | | |
| 5,859 | |
| Total investment income | |
| 8,989,783 | | |
| 11,627,825 | |
| | |
| | | |
| | |
| EXPENSES | |
| | | |
| | |
| Interest and debt financing expenses | |
| 7,475,687 | | |
| 9,944,361 | |
| Base management fee | |
| 108,998 | | |
| 147,072 | |
| Subordinated management fee | |
| 435,991 | | |
| 558,103 | |
| Professional fees | |
| 80,384 | | |
| 188,125 | |
| Trustee expenses | |
| 40,030 | | |
| 48,860 | |
| Other expense | |
| 94,698 | | |
| 136,476 | |
| Total expenses | |
| 8,235,788 | | |
| 11,022,997 | |
| NET INVESTMENT INCOME (LOSS) | |
| 753,995 | | |
| 604,828 | |
| | |
| | | |
| | |
| REALIZED AND UNREALIZED LOSS ON INVESTMENTS | |
| | | |
| | |
| Net realized loss from investments | |
| (544,745 | ) | |
| (2,066,876 | ) |
| Net change in unrealized depreciation on investments | |
| 1,335,668 | | |
| (5,022,409 | ) |
| Net realized and unrealized gain (loss) on investments | |
| 790,923 | | |
| (7,089,285 | ) |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | |
$ | 1,544,918 | | |
$ | (6,484,457 | ) |
| Issuer Name | | Industry | | Asset Name | | Asset
Type | | Reference Rate/Spread | | SOFR Floor | | | Current Rate (All In) | | | Maturity Date | | | Principal/
Number of Shares | | | Cost | | | Fair Value | | | ALTISOURCE PORTFOLIO SOL | | Banking, Finance, Insurance & Real Estate | | Common Stock | | Equity | | | | | | | | | | | | | | | | | | | | | 37,028 | | | $ | 216,246 | | | $ | 241,425 | | | ALTISOURCE PORTFOLIO - 29C | | Banking, Finance, Insurance & Real Estate | | Common Stock | | Equity | | | | | | | | | | | | | | | | | | | | | 7,917 | | | | - | | | | 1,979 | | | ALTISOURCE PORTFOLIO - 30 | | Banking, Finance, Insurance & Real Estate | | Common Stock | | Equity | | | | | | | | | | | | | | | | | | | | | 7,917 | | | | - | | | | 3,127 | | | Altisource Portfolio Solutions - CS Warrant | | Banking, Finance, Insurance & Real Estate | | Warrants | | Equity | | | | | | | | | | | | | | | | | | | | | 990 | | | | 3,735 | | | | 248 | | | Altisource Portfolio Solutions - NS Warrant | | Banking, Finance, Insurance & Real Estate | | Warrants | | Equity | | | | | | | | | | | | | | | | | | | | | 990 | | | | 3,129 | | | | 391 | | | CCRR Parent, Inc. | | Healthcare & Pharmaceuticals | | Equity Interests | | Equity | | | | | | | | | | | | | | | | | | | | | 119,517 | | | | 119,517 | | | | - | | | Instant Brands Litigation Trust | | Consumer Goods: Durable | | Equity Interests | | Equity | | | | | | | | | | | | | | | | | | | | | 82,383 | | | | 66,522 | | | | 500,000 | | | Isagenix International, LLC | | Beverage, Food & Tobacco | | Common Stock | | Equity | | | | | | | | | | | | | | | | | | | | | 86,398 | | | | - | | | | - | | | JP Intermediate B, LLC | | Consumer goods: Non-durable | | Common Stock | | Equity | | | | | | | | | | | | | | | | | | | | | 9,319 | | | | - | | | | - | | | Keenova Therapeutics C/S | | Healthcare & Pharmaceuticals | | Common Stock | | Equity | | | | | | | | | | | | | | | | | | | | | 6,218 | | | | - | | | | - | | | Lakeland Tours LLC Litigation C/S | | Hotel, Gaming & Leisure | | Common Stock | | Equity | | | | | | | | | | | | | | | | | | | | | 38,169 | | | | 614,196 | | | | 382 | | | Resolute Investment Managers (American Beacon), Inc. | | Banking, Finance, Insurance & Real Estate | | Common Stock | | Equity | | | | | | | | | | | | | | | | | | | | | 24,320 | | | | 1,034,581 | | | | 36,480 | | | 1011778 B.C Unltd Liability Co | | Beverage, Food & Tobacco | | Term Loan B6 | | Loan | | 1M USD SOFR+ | | | 1.75 | % | | | 0.00 | % | | | 5.40 | % | | | 9/20/2030 | | | $ | 1,357,818 | | | | 1,344,888 | | | | 1,359,937 | | | 19TH HOLDINGS GOLF, LLC | | Consumer goods: Durable | | Term Loan | | Loan | | 1M USD SOFR+ | | | 3.25 | % | | | 0.50 | % | | | 7.00 | % | | | 2/7/2029 | | | | 2,417,142 | | | | 2,365,864 | | | | 2,424,707 | | | 888 Acquisitions Limited | | Hotel, Gaming & Leisure | | Term Loan B | | Loan | | 6M USD SOFR+ | | | 5.25 | % | | | 0.00 | % | | | 9.02 | % | | | 7/8/2028 | | | | 2,997,863 | | | | 2,840,511 | | | | 2,819,490 | | | Agiliti Health Inc. | | Healthcare & Pharmaceuticals | | Term Loan B (03/23) | | Loan | | 6M USD SOFR+ | | | 3.00 | % | | | 0.00 | % | | | 6.58 | % | | | 5/1/2030 | | | | 2,126,878 | | | | 2,116,643 | | | | 2,038,251 | | | AHEAD DB Holdings, LLC | | Services: Business | | Term Loan B3 (07/24) | | Loan | | 3M USD SOFR+ | | | 2.50 | % | | | 0.75 | % | | | 6.20 | % | | | 2/1/2031 | | | | 2,856,463 | | | | 2,810,238 | | | | 2,850,408 | | | Air Canada | | Transportation: Consumer | | Term Loan B (03/24) | | Loan | | 3M USD SOFR+ | | | 1.75 | % | | | 0.00 | % | | | 5.41 | % | | | 3/21/2031 | | | | 980,006 | | | | 978,374 | | | | 976,949 | | | AlixPartners, LLP | | Banking, Finance, Insurance & Real Estate | | Term Loan (08/25) | | Loan | | 1M USD SOFR+ | | | 2.00 | % | | | 0.00 | % | | | 5.65 | % | | | 8/12/2032 | | | | 238,776 | | | | 238,776 | | | | 238,389 | | | Allen Media, LLC | | Media: Diversified & Production | | Term Loan (7/21) | | Loan | | 3M USD SOFR+ | | | 5.50 | % | | | 0.00 | % | | | 9.35 | % | | | 2/10/2027 | | | | 4,247,345 | | | | 4,244,034 | | | | 2,812,592 | |
| Issuer Name | | Industry | | Asset Name | | Asset
Type | | Reference Rate/Spread | | SOFR Floor | | | Current Rate (All In) | | | Maturity Date | | | Principal/
Number of Shares | | | Cost | | | Fair Value | |
| Alliant Holdings Intermediate, LLC | | Banking, Finance, Insurance & Real Estate | | Term Loan (8/25) | | Loan | | 1M USD SOFR+ | | | 2.50 | % | | | 0.00 | % | | | 6.11 | % | | | 9/19/2031 | | | | 787,079 | | | | 787,079 | | | | 783,844 | | | Alterra Mountain Company (Intrawest Resort Holdings) | | Hotel, Gaming & Leisure | | Term Loan B8 (07/25) | | Loan | | 1M USD SOFR+ | | | 2.50 | % | | | 0.00 | % | | | 6.15 | % | | | 5/31/2030 | | | | 246,887 | | | | 246,887 | | | | 247,196 | | | Altisource Solutions S.a r.l. | | Banking, Finance, Insurance & Real Estate | | Term Loan (Specified) B | | Loan | | 3M USD SOFR+ | | | 6.50 | % | | | 3.50 | % | | | 10.30 | % | | | 2/20/2029 | | | | 494,997 | | | | 486,193 | | | | 494,997 | | | Altium Packaging LLC | | Containers, Packaging & Glass | | Term Loan B | | Loan | | 1M USD SOFR+ | | | 2.50 | % | | | 0.00 | % | | | 6.15 | % | | | 6/11/2031 | | | | 476,513 | | | | 475,735 | | | | 463,170 | | | American Axle & Manufacturing Inc. | | Automotive | | Term Loan (12/22) | | Loan | | 3M USD SOFR+ | | | 3.00 | % | | | 0.50 | % | | | 6.66 | % | | | 12/13/2029 | | | | 478,750 | | | | 470,565 | | | | 479,348 | | | American Greetings Corporation | | Media: Advertising, Printing & Publishing | | Term Loan B (04/24) | | Loan | | 1M USD SOFR+ | | | 5.75 | % | | | 0.00 | % | | | 9.40 | % | | | 10/30/2029 | | | | 2,833,596 | | | | 2,832,988 | | | | 2,822,970 | | | Amynta Agency Borrower Inc. | | Banking, Finance, Insurance & Real Estate | | Term Loan B | | Loan | | 1M USD SOFR+ | | | 2.50 | % | | | 0.00 | % | | | 6.15 | % | | | 12/29/2031 | | | | 3,390,033 | | | | 3,335,746 | | | | 3,366,303 | | | APEX GROUP TREASURY LLC | | Banking, Finance, Insurance & Real Estate | | Term Loan (2/25) | | Loan | | 3M USD SOFR+ | | | 3.50 | % | | | 0.00 | % | | | 7.15 | % | | | 2/27/2032 | | | | 485,137 | | | | 467,198 | | | | 451,663 | | | Aramark Services, Inc. | | Services: Consumer | | Term Loan B-10 (12/25) | | Loan | | 1M USD SOFR+ | | | 1.75 | % | | | 0.00 | % | | | 5.40 | % | | | 6/24/2030 | | | | 2,178,778 | | | | 2,159,625 | | | | 2,183,680 | | | Aramark Services, Inc. | | Services: Consumer | | Term Loan (08/25) | | Loan | | 1M USD SOFR+ | | | 1.75 | % | | | 0.00 | % | | | 5.40 | % | | | 4/6/2028 | | | | 1,753,715 | | | | 1,751,580 | | | | 1,758,100 | | | ARCIS GOLF LLC | | Services: Consumer | | Term Loan B (01/25) | | Loan | | 1M USD SOFR+ | | | 2.75 | % | | | 0.50 | % | | | 6.40 | % | | | 11/24/2028 | | | | 488,392 | | | | 485,943 | | | | 488,758 | | | Aretec Group, Inc. | | Banking, Finance, Insurance & Real Estate | | Term Loan B-4 | | Loan | | 1M USD SOFR+ | | | 3.00 | % | | | 0.00 | % | | | 6.65 | % | | | 8/9/2030 | | | | 2,596,718 | | | | 2,586,450 | | | | 2,561,013 | | | Ascensus Group Holdings, Inc | | Banking, Finance, Insurance & Real Estate | | Term Loan | | Loan | | 1M USD SOFR+ | | | 3.00 | % | | | 0.00 | % | | | 6.65 | % | | | 11/24/2032 | | | | 490,842 | | | | 488,323 | | | | 486,302 | | | Aspire Bakeries Holdings, LLC | | Beverage, Food & Tobacco | | Term Loan (12/25) | | Loan | | 1M USD SOFR+ | | | 3.00 | % | | | 0.00 | % | | | 6.65 | % | | | 12/23/2030 | | | | 886,545 | | | | 880,551 | | | | 886,545 | | | Asurion, LLC | | Banking, Finance, Insurance & Real Estate | | Term Loan B10 | | Loan | | 1M USD SOFR+ | | | 4.00 | % | | | 0.00 | % | | | 7.77 | % | | | 8/19/2028 | | | | 1,920,467 | | | | 1,878,185 | | | | 1,920,870 | | | Asurion, LLC | | Banking, Finance, Insurance & Real Estate | | Term Loan B12 | | Loan | | 3M USD SOFR+ | | | 4.25 | % | | | 0.00 | % | | | 7.91 | % | | | 9/19/2030 | | | | 2,875,685 | | | | 2,873,252 | | | | 2,876,577 | | | ATHENAHEALTH GROUP INC. | | Healthcare & Pharmaceuticals | | Term Loan B (2/22) | | Loan | | 1M USD SOFR+ | | | 2.75 | % | | | 0.50 | % | | | 6.40 | % | | | 2/15/2029 | | | | 1,290,761 | | | | 1,282,448 | | | | 1,283,094 | | | Avolon TLB Borrower 1 (US) LLC | | Capital Equipment | | Term Loan B6 | | Loan | | 1M USD SOFR+ | | | 1.75 | % | | | 0.00 | % | | | 5.35 | % | | | 6/22/2030 | | | | 1,454,214 | | | | 1,427,129 | | | | 1,457,704 | | | Axalta Coating Systems US Holdings | | Chemicals, Plastics, & Rubber | | Term Loan B (11/24) | | Loan | | 3M USD SOFR+ | | | 1.75 | % | | | 0.50 | % | | | 5.45 | % | | | 12/20/2029 | | | | 685,410 | | | | 681,718 | | | | 687,041 | |
| Issuer Name | | Industry | | Asset Name | | Asset
Type | | Reference Rate/Spread | | SOFR Floor | | | Current Rate (All In) | | | Maturity Date | | | Principal/
Number of Shares | | | Cost | | | Fair Value | |
| B&G Foods, Inc. | | Beverage, Food & Tobacco | | Term Loan B | | Loan | | 1M
USD SOFR+ | | | 3.50 | % | | | 0.00 | % | | | 7.15 | % | | | 10/10/2029 | | | | 525,617 | | | | 524,507 | | | | 514,448 | | | Baldwin Insurance Group Holdings, LLC | | Banking, Finance, Insurance & Real Estate | | Term Loan B2 | | Loan | | 1M
USD SOFR+ | | | 2.50 | % | | | 0.00 | % | | | 6.13 | % | | | 5/27/2031 | | | | 1,619,837 | | | | 1,611,991 | | | | 1,611,738 | | | Belfor Holdings Inc. | | Services: Consumer | | Term Loan B | | Loan | | 1M
USD SOFR+ | | | 2.75 | % | | | 0.50 | % | | | 6.40 | % | | | 11/1/2030 | | | | 1,382,829 | | | | 1,373,602 | | | | 1,386,286 | | | Bengal Debt Merger Sub LLC (c) | | Beverage, Food & Tobacco | | Third Out Term Loan | | Loan | | 3M
USD SOFR+ | | | 1.00 | % | | | 0.50 | % | | | 4.80 | % | | | 1/24/2030 | | | | 407,920 | | | | 178,856 | | | | 128,189 | | | Bombardier Recreational Products, Inc. | | Consumer goods: Durable | | Term Loan | | Loan | | 1M
USD SOFR+ | | | 2.25 | % | | | 0.00 | % | | | 5.90 | % | | | 1/22/2031 | | | | 1,407,893 | | | | 1,405,710 | | | | 1,406,612 | | | Bombardier Recreational Products, Inc. | | Consumer goods: Durable | | Term Loan B3 | | Loan | | 1M
USD SOFR+ | | | 2.25 | % | | | 0.50 | % | | | 5.90 | % | | | 12/13/2029 | | | | 482,678 | | | | 475,755 | | | | 483,344 | | | Boxer Parent Company, Inc. | | High Tech Industries | | Term Loan | | Loan | | 3M
USD SOFR+ | | | 3.00 | % | | | 0.00 | % | | | 6.67 | % | | | 7/30/2031 | | | | 997,122 | | | | 993,865 | | | | 932,199 | | | BroadStreet Partners, Inc. | | Banking, Finance, Insurance & Real Estate | | Term Loan B-4 | | Loan | | 1M
USD SOFR+ | | | 2.50 | % | | | 0.00 | % | | | 6.15 | % | | | 6/16/2031 | | | | 2,862,447 | | | | 2,861,224 | | | | 2,823,088 | | | Brookfield WEC Holdings Inc. | | Energy: Electricity | | Term Loan B | | Loan | | 1M
USD SOFR+ | | | 2.00 | % | | | 0.00 | % | | | 5.65 | % | | | 1/27/2031 | | | | 1,422,354 | | | | 1,422,354 | | | | 1,422,837 | | | Brookfield Property REIT Inc. | | Banking, Finance, Insurance & Real Estate | | Term Loan B (05/25) | | Loan | | 1M
USD SOFR+ | | | 3.00 | % | | | 0.00 | % | | | 6.64 | % | | | 5/28/2030 | | | | 1,726,261 | | | | 1,759,920 | | | | 1,730,266 | | | BROWN GROUP HOLDING, LLC | | Aerospace & Defense | | Term Loan B-2 | | Loan | | 3M
USD SOFR+ | | | 2.50 | % | | | 0.00 | % | | | 6.16 | % | | | 7/1/2031 | | | | 486,359 | | | | 478,507 | | | | 487,770 | | | Buckeye Partners, L.P. | | Utilities: Oil & Gas | | Term Loan B-7 (10/25) | | Loan | | 1M
USD SOFR+ | | | 1.75 | % | | | 0.00 | % | | | 5.40 | % | | | 11/22/2032 | | | | 1,133,400 | | | | 1,131,449 | | | | 1,138,365 | | | BW Gas & Convenience Holdings LLC | | Beverage, Food & Tobacco | | Term Loan B | | Loan | | 1M
USD SOFR+ | | | 3.50 | % | | | 0.50 | % | | | 7.27 | % | | | 3/31/2028 | | | | 2,381,250 | | | | 2,374,080 | | | | 2,396,133 | | | Camping World, Inc. | | Retail | | Term Loan B (5/21) | | Loan | | 1M
USD SOFR+ | | | 2.50 | % | | | 0.75 | % | | | 6.27 | % | | | 6/5/2028 | | | | 2,344,188 | | | | 2,253,261 | | | | 2,274,543 | | | CAPSTONE BORROWER INC | | Services: Business | | Term Loan B | | Loan | | 3M
USD SOFR+ | | | 2.75 | % | | | 0.00 | % | | | 6.45 | % | | | 6/17/2030 | | | | 861,761 | | | | 853,592 | | | | 839,829 | | | CareerBuilder, LLC (c) | | Services: Business | | Term Loan B3 | | Loan | | 1M
USD SOFR+ | | | 2.50 | % | | | 0.00 | % | | | 6.58 | % | | | 7/31/2026 | | | | - | | | | 509,228 | | | | - | | | Castle US Holding Corporation | | Media: Advertising, Printing & Publishing | | Term Loan B1 | | Loan | | 1M
USD SOFR+ | | | 4.25 | % | | | 0.00 | % | | | 8.02 | % | | | 5/31/2030 | | | | 1,734,870 | | | | 1,244,677 | | | | 772,017 | | | CCC Intelligent Solutions Inc. | | Services: Business | | Term Loan B | | Loan | | 1M
USD SOFR+ | | | 2.00 | % | | | 0.50 | % | | | 5.65 | % | | | 1/23/2032 | | | | 239,609 | | | | 239,467 | | | | 239,549 | | | CCRR Parent, Inc. | | Healthcare & Pharmaceuticals | | Term Loan | | Loan | | 3M
USD SOFR+ | | | 4.25 | % | | | 0.50 | % | | | 8.02 | % | | | 3/6/2028 | | | | 651,981 | | | | 391,580 | | | | 391,188 | |
| Issuer Name | | Industry | | Asset Name | | Asset
Type | | Reference Rate/Spread | | SOFR Floor | | | Current Rate (All In) | | | Maturity Date | | | Principal/
Number of Shares | | | Cost | | | Fair Value | |
| CDK GLOBAL, INC. | | High Tech Industries | | Term Loan B (05/24) | | Loan | | 3M
USD SOFR+ | | | 3.25 | % | | | 0.00 | % | | | 6.95 | % | | | 7/6/2029 | | | | 977,613 | | | | 962,137 | | | | 460,944 | | | Charlotte Buyer, Inc. | | Services: Business | | Term Loan B (01/25) | | Loan | | 1M USD SOFR+ | | | 4.25 | % | | | 0.50 | % | | | 7.89 | % | | | 2/11/2028 | | | | 1,455,384 | | | | 1,417,809 | | | | 1,453,463 | | | Chemours Company, (The) | | Chemicals, Plastics, & Rubber | | Term Loan B4 (10/25) | | Loan | | 1M USD SOFR+ | | | 3.50 | % | | | 0.00 | % | | | 7.15 | % | | | 10/15/2032 | | | | 2,345,842 | | | | 2,322,330 | | | | 2,339,391 | | | Churchill Downs Incorporated | | Hotel, Gaming & Leisure | | Term Loan B1 (3/21) | | Loan | | 1M USD SOFR+ | | | 1.75 | % | | | 0.00 | % | | | 5.40 | % | | | 3/17/2028 | | | | 475,000 | | | | 474,840 | | | | 475,000 | | | CIMPRESS PUBLIC LIMITED COMPANY | | Media: Advertising, Printing & Publishing | | Term Loan B | | Loan | | 1M USD SOFR+ | | | 2.50 | % | | | 0.50 | % | | | 6.15 | % | | | 5/17/2028 | | | | 1,915,873 | | | | 1,886,141 | | | | 1,918,268 | | | CITADEL SECURITIES LP | | Banking, Finance, Insurance & Real Estate | | Term Loan (10/24) | | Loan | | 3M USD SOFR+ | | | 2.00 | % | | | 0.00 | % | | | 5.70 | % | | | 10/31/2031 | | | | 4,766,553 | | | | 4,766,553 | | | | 4,770,176 | | | Clarios Global LP | | Automotive | | Term Loan B (07/24) | | Loan | | 1M USD SOFR+ | | | 2.50 | % | | | 0.00 | % | | | 6.15 | % | | | 5/6/2030 | | | | 963,856 | | | | 961,141 | | | | 964,916 | | | Cloud Software Group Inc | | High Tech Industries | | Term Loan B | | Loan | | 3M USD SOFR+ | | | 3.25 | % | | | 0.00 | % | | | 6.95 | % | | | 3/21/2031 | | | | 493,769 | | | | 493,567 | | | | 463,387 | | | CLYDESDALE ACQUISITION HOLDINGS, INC. | | Containers, Packaging & Glass | | Term Loan B | | Loan | | 1M USD SOFR+ | | | 3.18 | % | | | 0.50 | % | | | 6.83 | % | | | 4/13/2029 | | | | 1,220,000 | | | | 1,205,230 | | | | 1,187,975 | | | Connect Finco SARL | | Telecommunications | | Term Loan B (03/24) | | Loan | | 1M USD SOFR+ | | | 4.50 | % | | | 0.50 | % | | | 8.15 | % | | | 9/27/2029 | | | | 2,829,750 | | | | 2,781,612 | | | | 2,837,475 | | | Corelogic, Inc. | | Services: Business | | Term Loan (4/21) | | Loan | | 1M USD SOFR+ | | | 3.50 | % | | | 0.50 | % | | | 7.27 | % | | | 6/2/2028 | | | | 2,387,500 | | | | 2,384,588 | | | | 2,363,625 | | | Creative Artists Agency, LLC | | Media: Diversified & Production | | Term Loan B (7/25) | | Loan | | 1M USD SOFR+ | | | 2.50 | % | | | 0.00 | % | | | 6.15 | % | | | 10/1/2031 | | | | 1,560,373 | | | | 1,553,753 | | | | 1,564,102 | | | CROCS INC | | Consumer goods: Durable | | Term Loan B (01/24) | | Loan | | 3M USD SOFR+ | | | 2.25 | % | | | 0.50 | % | | | 5.95 | % | | | 2/19/2029 | | | | 750,000 | | | | 736,102 | | | | 753,923 | | | Cross Financial Corp | | Banking, Finance, Insurance & Real Estate | | Term Loan B4 (07/25) | | Loan | | 1M USD SOFR+ | | | 2.75 | % | | | 0.00 | % | | | 6.40 | % | | | 10/31/2031 | | | | 480,224 | | | | 479,472 | | | | 468,218 | | | Crown Subsea Communications Holding, Inc. | | Construction & Building | | Term Loan B (01/26) | | Loan | | 1M USD SOFR+ | | | 3.00 | % | | | 0.75 | % | | | 6.65 | % | | | 1/30/2031 | | | | 2,376,000 | | | | 2,359,493 | | | | 2,389,567 | | | Dave & Buster’s Inc. | | Hotel, Gaming & Leisure | | Term Loan B (1/24) | | Loan | | 3M USD SOFR+ | | | 3.25 | % | | | 0.50 | % | | | 6.94 | % | | | 6/29/2029 | | | | 762,038 | | | | 742,044 | | | | 679,837 | | | Delek US Holdings, Inc. | | Utilities: Oil & Gas | | Term Loan B (5/26) | | Loan | | 1M USD SOFR+ | | | 3.00 | % | | | 0.50 | % | | | 6.65 | % | | | 5/17/2032 | | | | 4,831,579 | | | | 4,771,924 | | | | 4,837,618 | | | Derby Buyer LLC | | Chemicals, Plastics, & Rubber | | Term Loan B (12/24) | | Loan | | 1M USD SOFR+ | | | 3.00 | % | | | 0.00 | % | | | 6.63 | % | | | 11/1/2030 | | | | 612,547 | | | | 606,319 | | | | 614,587 | | | DexKo Global, Inc. (Dragon Merger) (c) | | Automotive | | Term Loan (9/21) | | Loan | | 3M USD SOFR+ | | | 4.50 | % | | | 0.00 | % | | | 8.16 | % | | | 10/3/2031 | | | | 967,200 | | | | 965,997 | | | | 942,111 | | | Diamond Sports Group, LLC (b) | | Media: Broadcasting & Subscription | | 1st Priority Term Loan | | Loan | | 1M USD SOFR+ | | | 10.00 | % | | | 1.00 | % | | | 13.74 | % | | | 5/25/2026 | | | | 29,734 | | | | 29,734 | | | | 5,947 | |
| Issuer Name | | Industry | | Asset Name | | Asset
Type | | Reference Rate/Spread | | SOFR Floor | | | Current Rate (All In) | | | Maturity Date | | | Principal/
Number of Shares | | | Cost | | | Fair Value | |
| DIRECTV FINANCING, LLC | | Media: Broadcasting & Subscription | | Term Loan (1/24) | | Loan | | 3M
USD SOFR+ | | | 5.25 | % | | | 0.75 | % | | | 9.18 | % | | | 8/2/2029 | | | | 2,544,025 | | | | 2,534,855 | | | | 2,557,457 | | | DISCOVERY PURCHASER CORPORATION | | Chemicals, Plastics, & Rubber | | Term Loan | | Loan | | 3M
USD SOFR+ | | | 3.75 | % | | | 0.50 | % | | | 7.41 | % | | | 10/4/2029 | | | | 1,455,586 | | | | 1,390,390 | | | | 1,447,479 | | | DOMTAR CORPORATION | | Forest Products & Paper | | Term Loan 9/21 | | Loan | | 1M
USD SOFR+ | | | 5.50 | % | | | 0.75 | % | | | 9.27 | % | | | 11/30/2028 | | | | 2,855,727 | | | | 2,827,697 | | | | 2,128,945 | | | DRI HOLDING INC. | | Media: Advertising, Printing & Publishing | | Term Loan (12/21) | | Loan | | 3M
USD SOFR+ | | | 5.25 | % | | | 0.50 | % | | | 9.06 | % | | | 12/15/2028 | | | | 3,842,406 | | | | 3,770,333 | | | | 3,706,308 | | | DRW Holdings, LLC | | Banking, Finance, Insurance & Real Estate | | Term Loan B (06/24) | | Loan | | 1M
USD SOFR+ | | | 3.50 | % | | | 0.00 | % | | | 7.15 | % | | | 6/26/2031 | | | | 6,241,950 | | | | 6,224,038 | | | | 6,163,926 | | | DTZ U.S. Borrower, LLC | | Construction & Building | | Term Loan B | | Loan | | 1M
USD SOFR+ | | | 2.50 | % | | | 0.50 | % | | | 6.15 | % | | | 1/31/2030 | | | | 1,708,945 | | | | 1,708,945 | | | | 1,710,654 | | | DTZ U.S. Borrower, LLC | | Construction & Building | | Term Loan (7/25) | | Loan | | 1M
USD SOFR+ | | | 2.75 | % | | | 0.50 | % | | | 6.40 | % | | | 1/31/2030 | | | | 932,250 | | | | 917,608 | | | | 936,911 | | | Dye & Durham Corporation | | Services: Business | | Term Loan B (04/24) | | Loan | | 3M
USD SOFR+ | | | 4.25 | % | | | 1.00 | % | | | 8.05 | % | | | 4/11/2031 | | | | 1,299,175 | | | | 1,284,658 | | | | 1,090,008 | | | EAB Global, Inc. | | Services: Business | | Term Loan (08/21) | | Loan | | 3M
USD SOFR+ | | | 3.00 | % | | | 0.50 | % | | | 6.70 | % | | | 8/16/2030 | | | | 957,950 | | | | 956,852 | | | | 789,312 | | | Echo Global Logistics, Inc. | | Services: Business | | Term Loan | | Loan | | 1M
USD SOFR+ | | | 3.75 | % | | | 0.50 | % | | | 7.50 | % | | | 11/23/2028 | | | | 1,920,000 | | | | 1,919,949 | | | | 1,887,994 | | | Embecta Corp | | Healthcare & Pharmaceuticals | | Term Loan B | | Loan | | 1M
USD SOFR+ | | | 3.00 | % | | | 0.50 | % | | | 6.65 | % | | | 3/30/2029 | | | | 2,131,344 | | | | 2,108,338 | | | | 1,669,545 | | | Emrld Borrower LP | | Capital Equipment | | Term Loan B (04/23) | | Loan | | 3M
USD SOFR+ | | | 2.25 | % | | | 0.00 | % | | | 5.92 | % | | | 5/31/2030 | | | | 977,613 | | | | 974,791 | | | | 977,661 | | | Endo Finance Holdings, Inc. | | Healthcare & Pharmaceuticals | | Term Loan B | | Loan | | 1M
USD SOFR+ | | | 3.75 | % | | | 0.50 | % | | | 7.40 | % | | | 4/23/2031 | | | | 1,970,000 | | | | 1,955,416 | | | | 1,970,827 | | | Entain Holdings (Gibraltar) Limited | | Hotel, Gaming & Leisure | | Term Loan B6 | | Loan | | 3M
USD SOFR+ | | | 2.25 | % | | | 0.00 | % | | | 5.95 | % | | | 10/31/2029 | | | | 1,461,562 | | | | 1,452,486 | | | | 1,463,184 | | | Equiniti Group PLC | | Services: Business | | Term Loan | | Loan | | 6M
USD SOFR+ | | | 3.75 | % | | | 0.50 | % | | | 7.55 | % | | | 12/10/2031 | | | | 957,961 | | | | 953,388 | | | | 958,134 | | | Evertec Group LLC | | Banking, Finance, Insurance & Real Estate | | Term Loan B (09/23) | | Loan | | 1M
USD SOFR+ | | | 2.25 | % | | | 0.50 | % | | | 5.90 | % | | | 10/30/2030 | | | | 1,125,000 | | | | 1,113,449 | | | | 1,124,528 | | | Examworks Bidco Inc | | Healthcare & Pharmaceuticals | | Examworks/Electron 1/26 TL | | Loan | | 1M
USD SOFR+ | | | 2.50 | % | | | 0.50 | % | | | 6.15 | % | | | 2/6/2033 | | | | 483,844 | | | | 483,263 | | | | 485,605 | | | Fiesta Purchaser, Inc. | | Beverage, Food & Tobacco | | Second Refinancing Term Loan (8/25) | | Loan | | 1M
USD SOFR+ | | | 2.75 | % | | | 0.00 | % | | | 6.40 | % | | | 2/12/2031 | | | | 491,297 | | | | 487,871 | | | | 481,908 | | | Finco I LLC | | Banking, Finance, Insurance & Real Estate | | Term Loan B (07/25) | | Loan | | 1M
USD SOFR+ | | | 1.75 | % | | | 0.00 | % | | | 5.40 | % | | | 6/27/2029 | | | | 2,767,677 | | | | 2,767,022 | | | | 2,762,252 | |
| Issuer Name | | Industry | | Asset Name | | Asset
Type | | Reference Rate/Spread | | SOFR Floor | | | Current
Rate
(All In) | | | Maturity Date | | | Principal/
Number of Shares | | | Cost | | | Fair Value | |
| First Brands Group, LLC (c) | | Automotive | | 1st Lien Term Loan (3/21) | | Loan | | 1M
USD SOFR+ | | | 0.00 | % | | | 1.00 | % | | | 0.00 | % | | | 3/30/2027 | | | | 57,237 | | | | 57,138 | | | | 37 | | | First Brands Group, LLC (c) | | Automotive | | 1st Lien Term Loan (3/21) | | Loan | | 1M USD SOFR+ | | | 0.00 | % | | | 1.00 | % | | | 0.00 | % | | | 3/30/2027 | | | | 1,346,904 | | | | 36,431 | | | | 647 | | | First Brands Group, LLC (c) | | Automotive | | New Money DIP Term Loan A (10/25) | | Loan | | 1M USD SOFR+ | | | 0.00 | % | | | 1.00 | % | | | 0.00 | % | | | 6/29/2026 | | | | 1,581,855 | | | | 1,549,452 | | | | 353,276 | | | First Brands Group, LLC (c) | | Automotive | | Roll-Up DIP Term Loan B (10/25) | | Loan | | 1M USD SOFR+ | | | 0.00 | % | | | 1.00 | % | | | 0.00 | % | | | 6/29/2026 | | | | 3,569,559 | | | | 3,198,956 | | | | 3,320 | | | First Student Bidco Inc. | | Transportation: Consumer | | Term Loan C (01/26) | | Loan | | 3M USD SOFR+ | | | 2.25 | % | | | 0.00 | % | | | 5.95 | % | | | 8/15/2030 | | | | 781,647 | | | | 779,538 | | | | 783,601 | | | First Student Bidco Inc. | | Transportation: Consumer | | Term Loan C (01/26) | | Loan | | 3M USD SOFR+ | | | 2.25 | % | | | 0.00 | % | | | 5.95 | % | | | 8/15/2030 | | | | 143,022 | | | | 142,629 | | | | 143,379 | | | Fitness International, LLC (LA Fitness) | | Services: Consumer | | Term Loan B (1/24) | | Loan | | 1M USD SOFR+ | | | 4.50 | % | | | 1.00 | % | | | 8.15 | % | | | 2/5/2029 | | | | 1,176,000 | | | | 1,155,436 | | | | 1,178,940 | | | Flutter Financing B.V. | | Hotel, Gaming & Leisure | | Term Loan | | Loan | | 3M USD SOFR+ | | | 1.75 | % | | | 0.50 | % | | | 5.45 | % | | | 11/29/2030 | | | | 3,665,625 | | | | 3,659,392 | | | | 3,632,011 | | | Franklin Square Holdings, L.P. | | Banking, Finance, Insurance & Real Estate | | Term Loan B (04/24) | | Loan | | 1M USD SOFR+ | | | 2.25 | % | | | 0.00 | % | | | 5.90 | % | | | 4/25/2031 | | | | 4,178,054 | | | | 4,175,627 | | | | 3,854,255 | | | Froneri International (R&R Ice Cream) | | Beverage, Food & Tobacco | | Term Loan B4 (10/24) | | Loan | | 6M USD SOFR+ | | | 2.25 | % | | | 0.00 | % | | | 5.88 | % | | | 9/16/2031 | | | | 1,895,850 | | | | 1,896,457 | | | | 1,882,484 | | | Garrett LX III S.a r.l. | | Automotive | | Term Loan (1/25) | | Loan | | 3M USD SOFR+ | | | 1.75 | % | | | 0.50 | % | | | 5.41 | % | | | 1/30/2032 | | | | 1,226,947 | | | | 1,224,825 | | | | 1,226,432 | | | Genesee & Wyoming, Inc. | | Transportation: Cargo | | Term Loan B (03/24) | | Loan | | 3M USD SOFR+ | | | 1.75 | % | | | 0.00 | % | | | 5.45 | % | | | 4/10/2031 | | | | 1,477,500 | | | | 1,472,147 | | | | 1,475,387 | | | GIP Pilot Acquisition Partners, L.P. | | Energy: Oil & Gas | | Term Loan B | | Loan | | 3M USD SOFR+ | | | 2.00 | % | | | 0.00 | % | | | 5.64 | % | | | 5/13/2033 | | | | 318,477 | | | | 316,692 | | | | 318,079 | | | Global Tel*Link Corporation | | Telecommunications | | Term Loan (6/24) | | Loan | | 1M USD SOFR+ | | | 7.50 | % | | | 3.00 | % | | | 11.15 | % | | | 7/31/2029 | | | | 4,717,880 | | | | 4,666,775 | | | | 4,755,245 | | | Go Daddy Operating Company, LLC | | High Tech Industries | | Term Loan B7 | | Loan | | 1M USD SOFR+ | | | 1.75 | % | | | 0.00 | % | | | 5.40 | % | | | 5/30/2031 | | | | 928,419 | | | | 928,419 | | | | 915,022 | | | GOLDEN WEST PACKAGING GROUP LLC (c) | | Forest Products & Paper | | Term Loan B1 (06/25) | | Loan | | 3M USD SOFR+ | | | 5.25 | % | | | 0.75 | % | | | 9.18 | % | | | 6/27/2031 | | | | 1,750,000 | | | | 1,744,881 | | | | 1,179,063 | | | GOTO GROUP, INC. | | High Tech Industries | | Second-Out Term Loan (02/24) | | Loan | | 3M USD SOFR+ | | | 4.75 | % | | | 0.00 | % | | | 8.58 | % | | | 4/30/2028 | | | | 468,456 | | | | 456,728 | | | | 113,601 | | | GOTO GROUP, INC. | | High Tech Industries | | First-Out Term Loan (01/24) | | Loan | | 3M USD SOFR+ | | | 4.75 | % | | | 0.00 | % | | | 8.58 | % | | | 4/30/2028 | | | | - | | | | 215,589 | | | | - | | | Great Outdoors Group, LLC | | Retail | | Term Loan (1/25) | | Loan | | 1M USD SOFR+ | | | 3.25 | % | | | 0.75 | % | | | 6.90 | % | | | 1/20/2032 | | | | 948,241 | | | | 946,831 | | | | 952,470 | | | Griffon Corporation | | Consumer goods: Durable | | Term Loan B | | Loan | | 1M USD SOFR+ | | | 2.00 | % | | | 0.00 | % | | | 5.65 | % | | | 1/24/2029 | | | | 120,938 | | | | 120,873 | | | | 121,580 | |
| Issuer Name | | Industry | | Asset Name | | Asset
Type | | Reference Rate/Spread | | SOFR Floor | | | Current
Rate
(All In) | | | Maturity Date | | | Principal/
Number of Shares | | | Cost | | | Fair Value | |
| Grosvenor Capital Management Holdings, LLLP | | Banking, Finance, Insurance & Real Estate | | Term Loan B (5/24) | | Loan | | 1M
USD SOFR+ | | | 2.25 | % | | | 0.00 | % | | | 5.90 | % | | | 2/25/2030 | | | | 2,336,070 | | | | 2,336,070 | | | | 2,341,536 | | | Hertz Corporation (The) | | Transportation: Consumer | | Term Loan B | | Loan | | 3M
USD SOFR+ | | | 3.75 | % | | | 0.00 | % | | | 7.41 | % | | | 6/30/2028 | | | | 2,056,670 | | | | 2,026,119 | | | | 1,564,776 | | | Hillman Group Inc. (The) (New) | | Consumer goods: Durable | | Term Loan B-1 (2/21) | | Loan | | 1M
USD SOFR+ | | | 2.00 | % | | | 0.50 | % | | | 5.58 | % | | | 7/14/2028 | | | | 2,669,641 | | | | 2,669,641 | | | | 2,679,279 | | | Hilton Domestic Operating Company Inc. | | Hotel, Gaming & Leisure | | Term Loan B 4 | | Loan | | 1M
USD SOFR+ | | | 1.75 | % | | | 0.00 | % | | | 5.33 | % | | | 11/8/2030 | | | | 1,500,000 | | | | 1,498,150 | | | | 1,506,195 | | | Holley Purchaser, Inc | | Automotive | | Term Loan (11/21) | | Loan | | 1M
USD SOFR+ | | | 3.75 | % | | | 0.75 | % | | | 7.52 | % | | | 11/17/2028 | | | | 2,156,485 | | | | 2,153,618 | | | | 2,144,624 | | | Hudson River Trading LLC | | Banking, Finance, Insurance & Real Estate | | Hudson River 1/26 | | Loan | | 1M
USD SOFR+ | | | 2.50 | % | | | 0.00 | % | | | 6.10 | % | | | 3/18/2030 | | | | 5,703,331 | | | | 5,639,392 | | | | 5,693,122 | | | Hunter Douglas Inc | | Consumer goods: Durable | | Term Loan B (1/25) | | Loan | | 3M
USD SOFR+ | | | 3.00 | % | | | 0.00 | % | | | 6.70 | % | | | 1/19/2032 | | | | 2,204,740 | | | | 2,040,010 | | | | 2,200,154 | | | Hyperion Refinance S.a.r.l. | | Banking, Finance, Insurance & Real Estate | | Term Loan | | Loan | | 1M
USD SOFR+ | | | 2.75 | % | | | 0.50 | % | | | 6.40 | % | | | 2/15/2031 | | | | 2,940,393 | | | | 2,931,805 | | | | 2,803,165 | | | Idera, Inc. | | High Tech Industries | | Term Loan (06/24) | | Loan | | 3M USD SOFR+ | | | 3.50 | % | | | 0.75 | % | | | 7.16 | % | | | 3/2/2028 | | | | 4,666,481 | | | | 4,665,094 | | | | 3,245,537 | | | IMA Financial Group, Inc. | | Banking, Finance, Insurance & Real Estate | | Term Loan (10/21) | | Loan | | 1M
USD SOFR+ | | | 3.00 | % | | | 0.50 | % | | | 6.65 | % | | | 11/1/2028 | | | | 2,409,721 | | | | 2,406,360 | | | | 2,400,685 | | | INEOS 226 Ltd. | | Chemicals, Plastics, & Rubber | | Term Loan 3/23 | | Loan | | 1M
USD SOFR+ | | | 3.75 | % | | | 0.00 | % | | | 7.50 | % | | | 3/13/2030 | | | | 486,250 | | | | 483,206 | | | | 430,939 | | | Ineos US Finance LLC | | Chemicals, Plastics, & Rubber | | Term Loan C | | Loan | | 1M
USD SOFR+ | | | 3.25 | % | | | 0.00 | % | | | 6.90 | % | | | 2/18/2030 | | | | 977,613 | | | | 971,757 | | | | 925,476 | | | INEOS US PETROCHEM LLC | | Chemicals, Plastics, & Rubber | | Term Loan B | | Loan | | 1M
USD SOFR+ | | | 4.25 | % | | | 0.00 | % | | | 8.00 | % | | | 4/2/2029 | | | | 2,660,576 | | | | 2,626,776 | | | | 2,451,056 | | | Ingram Micro Inc. | | Wholesale | | Term Loan B (6/25) | | Loan | | 3M
USD SOFR+ | | | 2.25 | % | | | 0.00 | % | | | 5.94 | % | | | 9/19/2031 | | | | 450,298 | | | | 448,250 | | | | 451,423 | | | Inmar, Inc. | | Services: Business | | Term Loan B (06/25) | | Loan | | 3M
USD SOFR+ | | | 4.50 | % | | | 0.50 | % | | | 8.16 | % | | | 10/30/2031 | | | | 3,258,669 | | | | 3,216,588 | | | | 2,938,244 | | | Innophos, Inc. | | Chemicals, Plastics, & Rubber | | Term Loan B | | Loan | | 1M
USD SOFR+ | | | 4.25 | % | | | 0.00 | % | | | 8.02 | % | | | 3/16/2029 | | | | 470,000 | | | | 468,790 | | | | 447,478 | | | IRB Holding Corporation | | Beverage, Food & Tobacco | | Term Loan B (11/25) | | Loan | | 1M
USD SOFR+ | | | 2.50 | % | | | 0.50 | % | | | 6.11 | % | | | 12/16/2030 | | | | 481,143 | | | | 479,094 | | | | 482,067 | | | Isagenix International, LLC (c) | | Beverage, Food & Tobacco | | Term Loan | | Loan | | 3M
USD SOFR+ | | | 2.50 | % | | | 0.00 | % | | | 2.50 | % | | | 4/13/2028 | | | | 1,542,521 | | | | 1,301,981 | | | | 92,551 | |
| Issuer Name | | Industry | | Asset Name | | Asset
Type | | Reference Rate/Spread | | SOFR Floor | | | Current Rate (All In) | | | Maturity Date | | | Principal/
Number of Shares | | | Cost | | | Fair Value | |
| Isolved Inc. | | Services: Business | | Infinisource/iSolved 7/25 Cov-lite TL B | | Loan | | 1M USD SOFR+ | | | 2.75 | % | | | 0.00 | % | | | 6.40 | % | | | 10/15/2030 | | | | 612,586 | | | | 608,326 | | | | 593,442 | | | Jane Street Group | | Banking, Finance, Insurance & Real Estate | | Term Loan B | | Loan | | 3M USD SOFR+ | | | 2.00 | % | | | 0.00 | % | | | 5.67 | % | | | 12/15/2031 | | | | 3,790,000 | | | | 3,790,000 | | | | 3,766,654 | | | Journey Personal Care Corp. | | Consumer goods: Non-durable | | Term Loan B (11/24) | | Loan | | 1M USD SOFR+ | | | 3.75 | % | | | 0.75 | % | | | 7.40 | % | | | 3/1/2028 | | | | 2,858,719 | | | | 2,836,125 | | | | 2,805,832 | | | JP Intermediate B, LLC | | Consumer goods: Non-durable | | Term Loan | | Loan | | 3M USD SOFR+ | | | 7.00 | % | | | 1.00 | % | | | 10.70 | % | | | 9/30/2030 | | | | 232,597 | | | | 232,597 | | | | 186,077 | | | JP Intermediate B, LLC | | Consumer goods: Non-durable | | Term Loan (9/25) | | Loan | | 3M USD SOFR+ | | | 5.50 | % | | | 0.00 | % | | | 9.20 | % | | | 3/30/2031 | | | | 1,103,261 | | | | 584,802 | | | | 551,630 | | | Koppers Inc | | Chemicals, Plastics, & Rubber | | Term Loan | | Loan | | 1M USD SOFR+ | | | 2.50 | % | | | 0.50 | % | | | 6.16 | % | | | 4/10/2030 | | | | 972,737 | | | | 954,479 | | | | 977,299 | | | Lakeland Tours, LLC (c) | | Hotel, Gaming & Leisure | | Term Loan A PIK | | Loan | | Fixed | | | 9.00 | % | | | 0.00 | % | | | 9.00 | % | | | 3/31/2030 | | | | 517,049 | | | | 517,049 | | | | 103,410 | | | Latham Pool Products, Inc. | | Consumer goods: Durable | | Term Loan 2/22 | | Loan | | 3M USD SOFR+ | | | 3.75 | % | | | 0.50 | % | | | 7.57 | % | | | 2/23/2029 | | | | 977,625 | | | | 968,937 | | | | 971,104 | | | Lifetime Brands, Inc | | Consumer goods: Non-durable | | Term Loan | | Loan | | 1M USD SOFR+ | | | 5.50 | % | | | 1.00 | % | | | 9.20 | % | | | 8/26/2027 | | | | 1,251,399 | | | | 1,250,299 | | | | 1,115,309 | | | LSF11 TRINITY BIDCO INC | | Aerospace & Defense | | Term Loan (9/25) | | Loan | | 1M USD SOFR+ | | | 2.50 | % | | | 0.00 | % | | | 6.11 | % | | | 6/17/2030 | | | | 929,552 | | | | 920,691 | | | | 930,324 | | | LSF9 Atlantis Holdings, LLC (A Wireless) | | Retail | | Term Loan B (9/25) | | Loan | | 3M USD SOFR+ | | | 3.75 | % | | | 0.75 | % | | | 7.45 | % | | | 3/29/2029 | | | | 2,507,322 | | | | 2,465,397 | | | | 2,477,560 | | | MAGNITE, INC. | | Services: Business | | Term Loan B | | Loan | | 1M USD SOFR+ | | | 3.00 | % | | | 0.00 | % | | | 6.65 | % | | | 2/6/2031 | | | | 3,201,433 | | | | 3,178,840 | | | | 3,157,413 | | | Marriott Ownership Resorts, Inc. | | Hotel, Gaming & Leisure | | Term Loan B (3/24) | | Loan | | 1M USD SOFR+ | | | 2.25 | % | | | 0.00 | % | | | 5.90 | % | | | 4/1/2031 | | | | 1,294,025 | | | | 1,294,025 | | | | 1,294,840 | | | Max US Bidco Inc. | | Beverage, Food & Tobacco | | Term Loan B | | Loan | | 3M USD SOFR+ | | | 5.00 | % | | | 0.50 | % | | | 8.70 | % | | | 10/3/2030 | | | | 1,960,000 | | | | 1,867,436 | | | | 1,763,628 | | | McGraw-Hill Education, Inc. | | Media: Advertising, Printing & Publishing | | Term Loan B | | Loan | | 1M USD SOFR+ | | | 2.75 | % | | | 0.50 | % | | | 6.40 | % | | | 8/6/2031 | | | | 568,928 | | | | 566,201 | | | | 570,242 | | | Michaels Companies Inc | | Retail | | Term Loan B (3/26) | | Loan | | 3M USD SOFR+ | | | 5.00 | % | | | 0.00 | % | | | 8.67 | % | | | 2/22/2033 | | | | 2,392,299 | | | | 2,338,674 | | | | 2,368,831 | | | MIWD Holdco II LLC | | Construction & Building | | Term Loan B2 (03/24) | | Loan | | 1M USD SOFR+ | | | 2.75 | % | | | 0.00 | % | | | 6.40 | % | | | 3/21/2031 | | | | 486,585 | | | | 484,929 | | | | 475,943 | | | Moneygram International, Inc. | | Services: Business | | Term Loan B | | Loan | | 3M USD SOFR+ | | | 4.75 | % | | | 0.50 | % | | | 8.42 | % | | | 6/1/2030 | | | | 2,926,522 | | | | 2,661,025 | | | | 1,972,973 | | | MPH Acquisition Holdings LLC (Multiplan) | | Services: Business | | First-Out Term Loan (01/25) | | Loan | | 3M USD SOFR+ | | | 3.75 | % | | | 0.50 | % | | | 7.41 | % | | | 12/31/2030 | | | | 312,455 | | | | 287,921 | | | | 310,333 | | | NAB Holdings, LLC (North American Bancard) | | Banking, Finance, Insurance & Real Estate | | Term Loan B (2/25) | | Loan | | 3M USD SOFR+ | | | 2.50 | % | | | 0.50 | % | | | 6.20 | % | | | 11/24/2028 | | | | 2,874,125 | | | | 2,872,793 | | | | 2,661,813 | |
| Issuer Name | | Industry | | Asset Name | | Asset
Type | | Reference Rate/Spread | | SOFR Floor | | | Current Rate (All In) | | | Maturity Date | | | Principal/
Number of Shares | | | Cost | | | Fair Value | |
| Natgasoline LLC | | Chemicals, Plastics, & Rubber | | Term Loan (3/25) | | Loan | | 3M USD SOFR+ | | | 5.50 | % | | | 0.00 | % | | | 9.17 | % | | | 3/25/2030 | | | | 3,188,106 | | | | 3,107,093 | | | | 3,214,662 | | | National Mentor Holdings, Inc. | | Healthcare & Pharmaceuticals | | Term Loan B | | Loan | | 1M USD SOFR+ | | | 6.00 | % | | | 0.00 | % | | | 9.65 | % | | | 12/12/2030 | | | | 2,746,925 | | | | 2,745,559 | | | | 2,762,555 | | | Next Level Apparel, Inc. | | Retail | | Term Loan | | Loan | | 3M USD SOFR+ | | | 7.50 | % | | | 1.00 | % | | | 11.28 | % | | | 8/9/2026 | | | | 2,317,073 | | | | 2,315,541 | | | | 1,575,610 | | | Nielsen Consumer Inc. | | Services: Business | | Term Loan (08/25) | | Loan | | 1M USD SOFR+ | | | 2.25 | % | | | 0.50 | % | | | 5.90 | % | | | 10/31/2030 | | | | 2,149,161 | | | | 2,148,463 | | | | 2,138,415 | | | NortonLifeLock Inc. | | High Tech Industries | | Term Loan B (05/24) | | Loan | | 1M USD SOFR+ | | | 1.75 | % | | | 0.50 | % | | | 5.40 | % | | | 9/12/2029 | | | | 951,250 | | | | 949,345 | | | | 943,583 | | | Nouryon Finance B.V. | | Chemicals, Plastics, & Rubber | | Term Loan B (10/24) | | Loan | | 6M USD SOFR+ | | | 3.25 | % | | | 0.00 | % | | | 6.94 | % | | | 4/3/2028 | | | | 477,819 | | | | 475,912 | | | | 477,819 | | | Novae LLC | | Automotive | | Term Loan B | | Loan | | 3M USD SOFR+ | | | 5.00 | % | | | 0.75 | % | | | 8.85 | % | | | 12/22/2028 | | | | 1,920,000 | | | | 1,914,237 | | | | 1,494,720 | | | Olaplex, Inc. | | Consumer goods: Non-durable | | Term Loan (2/22) | | Loan | | 3M USD SOFR+ | | | 3.50 | % | | | 0.50 | % | | | 7.27 | % | | | 2/23/2029 | | | | 1,319,846 | | | | 1,291,100 | | | | 1,319,846 | | | Open Text Corporation | | High Tech Industries | | Term Loan B (08/23) | | Loan | | 1M USD SOFR+ | | | 1.75 | % | | | 0.50 | % | | | 5.40 | % | | | 1/31/2030 | | | | 772,171 | | | | 758,342 | | | | 759,947 | | | Oxbow Carbon, LLC | | Metals & Mining | | Term Loan B (04/23) | | Loan | | 1M USD SOFR+ | | | 3.50 | % | | | 0.50 | % | | | 7.15 | % | | | 5/2/2030 | | | | 459,216 | | | | 453,293 | | | | 459,648 | | | PACIFIC DENTAL SERVICES, LLC | | Healthcare & Pharmaceuticals | | Term Loan B (02//24) | | Loan | | 1M USD SOFR+ | | | 2.50 | % | | | 0.00 | % | | | 6.10 | % | | | 3/17/2031 | | | | 1,176,113 | | | | 1,175,864 | | | | 1,175,383 | | | Padagis LLC | | Healthcare & Pharmaceuticals | | Term Loan | | Loan | | 3M USD SOFR+ | | | 4.75 | % | | | 0.50 | % | | | 8.69 | % | | | 7/6/2028 | | | | 920,682 | | | | 917,446 | | | | 842,424 | | | PATAGONIA HOLDCO LLC | | Telecommunications | | Term Loan B | | Loan | | 3M USD SOFR+ | | | 5.75 | % | | | 0.50 | % | | | 9.40 | % | | | 8/1/2029 | | | | 2,909,695 | | | | 2,670,772 | | | | 2,311,549 | | | PCI Gaming Authority | | Hotel, Gaming & Leisure | | Term Loan | | Loan | | 1M USD SOFR+ | | | 2.00 | % | | | 0.00 | % | | | 5.65 | % | | | 7/18/2031 | | | | 780,586 | | | | 780,556 | | | | 781,757 | | | PEARLS (Netherlands) Bidco B.V. | | Chemicals, Plastics, & Rubber | | USD Term Loan (02/22) | | Loan | | 3M USD SOFR+ | | | 3.25 | % | | | 0.50 | % | | | 6.91 | % | | | 2/28/2029 | | | | 960,571 | | | | 960,276 | | | | 883,725 | | | PEDIATRIC ASSOCIATES HOLDING COMPANY, LLC | | Healthcare & Pharmaceuticals | | Term Loan (12/22) | | Loan | | 3M USD SOFR+ | | | 3.25 | % | | | 0.50 | % | | | 7.18 | % | | | 12/29/2028 | | | | 1,440,869 | | | | 1,434,618 | | | | 1,437,266 | | | Penn National Gaming, Inc | | Hotel, Gaming & Leisure | | Term Loan B | | Loan | | 1M USD SOFR+ | | | 2.50 | % | | | 0.50 | % | | | 6.15 | % | | | 5/3/2029 | | | | 962,500 | | | | 960,630 | | | | 962,500 | | | Phoenix Guarantor Inc. | | Healthcare & Pharmaceuticals | | Term Loan B (12/24) | | Loan | | 1M USD SOFR+ | | | 2.50 | % | | | 0.00 | % | | | 6.15 | % | | | 2/21/2031 | | | | 865,523 | | | | 865,523 | | | | 867,038 | | | PHYSICIAN PARTNERS, LLC (b) (c) | | Healthcare & Pharmaceuticals | | Term Loan B1 (1/25) | | Loan | | 3M USD SOFR+ | | | 1.50 | % | | | 0.00 | % | | | 5.32 | % | | | 12/31/2029 | | | | - | | | | 13,901 | | | | - | | | PHYSICIAN PARTNERS, LLC (b) (c) | | Healthcare & Pharmaceuticals | | Term Loan B1 (1/25) | | Loan | | 3M USD SOFR+ | | | 1.50 | % | | | 0.00 | % | | | 5.32 | % | | | 12/31/2029 | | | | - | | | | 114,508 | | | | - | |
| Issuer Name | | Industry | | Asset Name | | Asset
Type | | Reference Rate/Spread | | SOFR Floor | | | Current Rate (All In) | | | Maturity Date | | | Principal/
Number of Shares | | | Cost | | | Fair Value | |
| Playtika Holding Corp. | | High Tech Industries | | Term Loan B (3/21) | | Loan | | 1M USD SOFR+ | | | 2.75 | % | | | 0.00 | % | | | 6.52 | % | | | 3/13/2028 | | | | 4,275,000 | | | | 4,272,909 | | | | 4,176,504 | | | PointClickCare Technologies, Inc. | | High Tech Industries | | Term Loan (07/25) | | Loan | | 3M USD SOFR+ | | | 2.75 | % | | | 0.00 | % | | | 6.41 | % | | | 11/3/2031 | | | | 477,761 | | | | 476,923 | | | | 477,613 | | | Polymer Process Holdings, Inc. | | Containers, Packaging & Glass | | Term Loan | | Loan | | 1M USD SOFR+ | | | 4.75 | % | | | 0.75 | % | | | 8.52 | % | | | 2/12/2028 | | | | 3,942,289 | | | | 3,934,981 | | | | 2,229,877 | | | Pre-Paid Legal Services, Inc. | | Services: Consumer | | Term Loan (12/21) | | Loan | | 1M USD SOFR+ | | | 3.25 | % | | | 0.50 | % | | | 6.90 | % | | | 12/15/2028 | | | | 2,880,967 | | | | 2,871,205 | | | | 2,670,311 | | | Prime Security Services Borrower, LLC (ADT) | | Services: Consumer | | Term Loan B | | Loan | | 1M USD SOFR+ | | | 2.00 | % | | | 0.00 | % | | | 5.65 | % | | | 10/13/2030 | | | | 1,764,540 | | | | 1,752,829 | | | | 1,761,011 | | | PRIORITY HOLDINGS, LLC | | Services: Consumer | | Term Loan B (07/25) | | Loan | | 1M USD SOFR+ | | | 3.75 | % | | | 0.50 | % | | | 7.40 | % | | | 7/30/2032 | | | | 2,830,585 | | | | 2,817,809 | | | | 2,794,325 | | | Project Leopard Holdings, Inc. (NEW) | | High Tech Industries | | Term Loan B (06/22) | | Loan | | 3M USD SOFR+ | | | 5.25 | % | | | 0.50 | % | | | 9.01 | % | | | 7/20/2029 | | | | 967,500 | | | | 931,173 | | | | 583,954 | | | PUG LLC | | Services: Consumer | | Term Loan B (03/24) | | Loan | | 1M USD SOFR+ | | | 4.75 | % | | | 0.00 | % | | | 8.40 | % | | | 3/15/2030 | | | | 220,037 | | | | 219,825 | | | | 220,477 | | | Quartz AcquireCo, LLC | | High Tech Industries | | Term Loan (2/25) | | Loan | | 3M USD SOFR+ | | | 2.25 | % | | | 0.00 | % | | | 5.95 | % | | | 6/28/2030 | | | | 1,219,361 | | | | 1,213,230 | | | | 1,013,899 | | | Quikrete Holdings, Inc. | | Construction & Building | | Term Loan (2/25) | | Loan | | 1M USD SOFR+ | | | 2.25 | % | | | 0.00 | % | | | 5.90 | % | | | 4/14/2031 | | | | 980,094 | | | | 978,637 | | | | 980,545 | | | Rackspace Technology Global, Inc. | | High Tech Industries | | Term Loan (3/24) | | Loan | | 1M USD SOFR+ | | | 2.75 | % | | | 0.75 | % | | | 6.47 | % | | | 5/15/2028 | | | | 2,013,656 | | | | 1,386,902 | | | | 1,746,484 | | | Rackspace Technology Global, Inc. | | High Tech Industries | | Super-Priority Term Loan (03/24) | | Loan | | 1M USD SOFR+ | | | 6.25 | % | | | 0.75 | % | | | 9.97 | % | | | 5/15/2028 | | | | 540,021 | | | | 537,253 | | | | 552,982 | | | RAND PARENT LLC | | Transportation: Cargo | | Term Loan B (01/25) | | Loan | | 3M USD SOFR+ | | | 3.00 | % | | | 0.00 | % | | | 6.70 | % | | | 3/18/2030 | | | | 2,425,701 | | | | 2,371,971 | | | | 2,428,127 | | | RealPage, Inc. | | High Tech Industries | | Term Loan (04/21) | | Loan | | 3M USD SOFR+ | | | 3.00 | % | | | 0.50 | % | | | 6.96 | % | | | 4/24/2028 | | | | 955,000 | | | | 954,988 | | | | 922,969 | | | Rent-A-Center, Inc. | | Retail | | Term Loan B (08/25) | | Loan | | 3M USD SOFR+ | | | 2.75 | % | | | 0.50 | % | | | 6.43 | % | | | 8/13/2032 | | | | 1,820,940 | | | | 1,802,498 | | | | 1,821,705 | | | Research Now Group, Inc | | Media: Advertising, Printing & Publishing | | Term Loan (07/24) | | Loan | | 3M USD SOFR+ | | | 5.00 | % | | | 1.00 | % | | | 8.90 | % | | | 7/15/2028 | | | | 334,482 | | | | 331,859 | | | | 326,119 | | | Research Now Group, Inc | | Media: Advertising, Printing & Publishing | | Second-Out Term Loan | | Loan | | 3M USD SOFR+ | | | 5.50 | % | | | 1.00 | % | | | 9.40 | % | | | 10/15/2028 | | | | 2,851,153 | | | | 2,770,190 | | | | 1,136,897 | | | Resideo Funding Inc. | | Services: Consumer | | Term Loan B (12/24) | | Loan | | 1M USD SOFR+ | | | 2.00 | % | | | 0.00 | % | | | 5.63 | % | | | 2/11/2028 | | | | 674,488 | | | | 674,488 | | | | 674,488 | | | Resolute Investment Managers (American Beacon), Inc. (c) | | Banking, Finance, Insurance & Real Estate | | Term Loan (12/23) | | Loan | | 3M USD SOFR+ | | | 6.50 | % | | | 1.00 | % | | | 10.46 | % | | | 10/30/2028 | | | | 1,943,112 | | | | 1,943,112 | | | | 1,517,570 | | | Restoration Hardware, Inc. | | Retail | | Term Loan (9/21) | | Loan | | 1M USD SOFR+ | | | 2.50 | % | | | 0.50 | % | | | 6.27 | % | | | 10/20/2028 | | | | 3,348,484 | | | | 3,346,958 | | | | 3,252,583 | |
| Issuer Name | | Industry | | Asset Name | | Asset
Type | | Reference Rate/Spread | | SOFR Floor | | | Current Rate (All In) | | | Maturity Date | | | Principal/
Number of Shares | | | Cost | | | Fair Value | |
| Reynolds Consumer Products LLC | | Containers, Packaging & Glass | | Term Loan B (2/25) | | Loan | | 1M USD SOFR+ | | | 1.75 | % | | | 0.00 | % | | | 5.40 | % | | | 3/4/2032 | | | | 931,115 | | | | 931,115 | | | | 934,346 | | | Ryan Specialty Group LLC | | Banking, Finance, Insurance & Real Estate | | Term Loan B (09/24) | | Loan | | 1M USD SOFR+ | | | 2.00 | % | | | 0.00 | % | | | 5.65 | % | | | 9/15/2031 | | | | 1,437,734 | | | | 1,431,747 | | | | 1,438,453 | | | S&S HOLDINGS LLC | | Services: Business | | Term Loan | | Loan | | 1M USD SOFR+ | | | 5.00 | % | | | 0.50 | % | | | 8.71 | % | | | 3/10/2028 | | | | 2,377,387 | | | | 2,358,253 | | | | 2,317,453 | | | Sally Holdings LLC | | Retail | | Term Loan B | | Loan | | 1M USD SOFR+ | | | 1.75 | % | | | 0.00 | % | | | 5.40 | % | | | 2/28/2030 | | | | 293,750 | | | | 292,439 | | | | 294,728 | | | Scientific Games Holdings LP | | Hotel, Gaming & Leisure | | Term Loan B | | Loan | | 1M USD SOFR+ | | | 3.00 | % | | | 0.50 | % | | | 6.67 | % | | | 4/4/2029 | | | | 485,113 | | | | 484,805 | | | | 478,020 | | | Sedgwick Claims Management Services, Inc. | | Services: Business | | Term Loan B 2/23 | | Loan | | 1M USD SOFR+ | | | 2.50 | % | | | 0.00 | % | | | 6.15 | % | | | 7/31/2031 | | | | 972,743 | | | | 967,894 | | | | 971,527 | | | SETANTA AIRCRAFT LEASING DAC | | Aerospace & Defense | | Term Loan B (05/24) | | Loan | | 3M USD SOFR+ | | | 1.75 | % | | | 0.00 | % | | | 5.45 | % | | | 11/5/2028 | | | | 350,000 | | | | 349,770 | | | | 351,652 | | | Sitel Worldwide Corporation | | Services: Business | | USD Term Loan (7/21) | | Loan | | 3M USD SOFR+ | | | 3.75 | % | | | 0.50 | % | | | 7.71 | % | | | 8/28/2028 | | | | 1,910,000 | | | | 1,908,064 | | | | 934,945 | | | SiteOne Landscape Supply, LLC | | Services: Business | | Term Loan B (06/24) | | Loan | | 1M USD SOFR+ | | | 1.75 | % | | | 0.50 | % | | | 5.38 | % | | | 3/23/2030 | | | | 1,241,949 | | | | 1,238,931 | | | | 1,239,875 | | | Smyrna Ready Mix Concrete, LLC | | Construction & Building | | Term Loan B | | Loan | | 1M USD SOFR+ | | | 3.00 | % | | | 0.00 | % | | | 6.65 | % | | | 4/2/2029 | | | | 503,985 | | | | 502,191 | | | | 504,176 | | | Sparta U.S. HoldCo LLC | | Chemicals, Plastics, & Rubber | | Term Loan | | Loan | | 1M USD SOFR+ | | | 3.00 | % | | | 0.00 | % | | | 6.65 | % | | | 8/2/2030 | | | | 1,915,000 | | | | 1,912,802 | | | | 1,903,989 | | | SRAM, LLC | | Consumer goods: Durable | | Term Loan (02/25) | | Loan | | 1M USD SOFR+ | | | 2.25 | % | | | 0.00 | % | | | 5.90 | % | | | 2/23/2032 | | | | 2,240,727 | | | | 2,240,175 | | | | 2,244,469 | | | STANDARD INDUSTRIES INC. | | Construction & Building | | Term Loan B | | Loan | | 1M USD SOFR+ | | | 1.75 | % | | | 0.50 | % | | | 5.33 | % | | | 9/22/2028 | | | | 197,750 | | | | 197,329 | | | | 198,209 | | | Staples, Inc. | | Wholesale | | Term Loan B | | Loan | | 3M USD SOFR+ | | | 5.75 | % | | | 0.50 | % | | | 9.41 | % | | | 9/4/2029 | | | | 4,209,989 | | | | 4,170,272 | | | | 3,914,826 | | | Star Parent, Inc. | | Services: Business | | Term Loan B (09/23) | | Loan | | 3M USD SOFR+ | | | 4.00 | % | | | 0.00 | % | | | 7.70 | % | | | 9/27/2030 | | | | 1,225,000 | | | | 1,212,659 | | | | 1,226,740 | | | Storable, Inc | | High Tech Industries | | Term Loan B (3/25) | | Loan | | 1M USD SOFR+ | | | 3.25 | % | | | 0.00 | % | | | 6.90 | % | | | 4/16/2031 | | | | 480,150 | | | | 480,117 | | | | 468,026 | | | Superannuation & Investments US LLC | | Banking, Finance, Insurance & Real Estate | | Superannuation and Investments/CFS 1/26 TL | | Loan | | 1M USD SOFR+ | | | 2.50 | % | | | 0.50 | % | | | 6.15 | % | | | 12/1/2028 | | | | 937,482 | | | | 933,891 | | | | 940,060 | | | SupplyOne, Inc | | Wholesale | | Term Loan B (03/24) | | Loan | | 1M USD SOFR+ | | | 3.50 | % | | | 0.00 | % | | | 7.15 | % | | | 3/27/2031 | | | | 490,050 | | | | 486,367 | | | | 490,305 | | | Sweetwater Borrower, LLC | | Retail | | Term Loan B (2/26) | | Loan | | 1M USD SOFR+ | | | 4.00 | % | | | 0.00 | % | | | 7.65 | % | | | 2/17/2033 | | | | 1,895,910 | | | | 1,856,046 | | | | 1,905,389 | | | Syncsort Incorporated | | High Tech Industries | | Term Loan B (10/21) | | Loan | | 3M USD SOFR+ | | | 4.00 | % | | | 0.75 | % | | | 7.93 | % | | | 4/24/2028 | | | | 2,388,697 | | | | 2,388,614 | | | | 1,830,936 | |
| Issuer Name | | Industry | | Asset Name | | Asset
Type | | Reference Rate/Spread | | SOFR Floor | | | Current Rate (All In) | | | Maturity Date | | | Principal/
Number of Shares | | | Cost | | | Fair Value | |
| Ta TT Buyer LLC | | Media: Broadcasting & Subscription | | Term Loan B (6/24) | | Loan | | 3M USD SOFR+ | | | 4.75 | % | | | 0.50 | % | | | 8.45 | % | | | 4/2/2029 | | | | 967,720 | | | | 962,954 | | | | 909,657 | | | Tenable Holdings, Inc. | | Services: Business | | Term Loan B (6/21) | | Loan | | 1M USD SOFR+ | | | 2.75 | % | | | 0.50 | % | | | 6.52 | % | | | 7/7/2028 | | | | 957,500 | | | | 957,308 | | | | 953,909 | | | Thor Industries, Inc. | | Automotive | | Term Loan B (06/24) | | Loan | | 1M USD SOFR+ | | | 2.25 | % | | | 0.00 | % | | | 5.90 | % | | | 11/15/2030 | | | | 94,142 | | | | 93,529 | | | | 93,906 | | | Torrid LLC | | Wholesale | | Term Loan 5/21 | | Loan | | 3M USD SOFR+ | | | 5.50 | % | | | 0.75 | % | | | 9.44 | % | | | 6/14/2028 | | | | 2,875,837 | | | | 2,681,340 | | | | 1,160,803 | | | Tosca Services, LLC (c) | | Containers, Packaging & Glass | | Term Loan A (08/24) | | Loan | | 3M USD SOFR+ | | | 5.50 | % | | | 1.50 | % | | | 9.20 | % | | | 11/30/2028 | | | | 80,509 | | | | 79,712 | | | | 80,761 | | | Trans Union LLC | | Banking, Finance, Insurance & Real Estate | | Term Loan B9 (11/24) | | Loan | | 1M USD SOFR+ | | | 1.75 | % | | | 0.00 | % | | | 5.40 | % | | | 6/24/2031 | | | | 598,412 | | | | 598,175 | | | | 598,149 | | | TruGreen Limited Partnership | | Services: Consumer | | Term Loan | | Loan | | 1M USD SOFR+ | | | 4.00 | % | | | 0.75 | % | | | 7.75 | % | | | 11/2/2027 | | | | 922,846 | | | | 921,579 | | | | 880,165 | | | Univision Communications Inc. | | Media: Broadcasting & Subscription | | Term Loan B (05/24) | | Loan | | 1M USD SOFR+ | | | 3.50 | % | | | 0.50 | % | | | 7.27 | % | | | 1/31/2029 | | | | 2,373,327 | | | | 2,373,327 | | | | 2,360,867 | | | Univision Communications Inc. | | Media: Broadcasting & Subscription | | Term Loan B (6/22) | | Loan | | 3M USD SOFR+ | | | 4.25 | % | | | 0.50 | % | | | 7.95 | % | | | 6/25/2029 | | | | 240,625 | | | | 236,913 | | | | 240,700 | | | Vaco Holdings, LLC | | Services: Business | | Term Loan (01/22) | | Loan | | 3M USD SOFR+ | | | 5.00 | % | | | 0.75 | % | | | 8.85 | % | | | 1/19/2029 | | | | 2,265,320 | | | | 2,231,996 | | | | 1,793,000 | | | Vericast Corp. (c) | | Media: Advertising, Printing & Publishing | | Extended Term Loan (07/24) | | Loan | | 3M USD SOFR+ | | | 7.75 | % | | | 1.00 | % | | | 11.50 | % | | | 6/15/2030 | | | | 1,249,548 | | | | 1,249,542 | | | | 1,241,738 | | | Verifone Systems, Inc. (c) | | Banking, Finance, Insurance & Real Estate | | Term Loan (03/25) | | Loan | | 3M USD SOFR+ | | | 5.25 | % | | | 0.00 | % | | | 9.18 | % | | | 8/21/2028 | | | | 1,185,780 | | | | 1,185,563 | | | | 1,118,048 | | | Vertex Aerospace Services Corp | | Aerospace & Defense | | Term Loan (10/21) | | Loan | | 1M USD SOFR+ | | | 2.25 | % | | | 0.75 | % | | | 5.90 | % | | | 12/6/2030 | | | | 938,944 | | | | 937,817 | | | | 940,117 | | | Viasat Inc | | Telecommunications | | Term Loan (2/22) | | Loan | | 1M USD SOFR+ | | | 4.50 | % | | | 0.50 | % | | | 8.22 | % | | | 3/5/2029 | | | | 2,899,598 | | | | 2,864,309 | | | | 2,911,921 | | | Watlow Electric Manufacturing Company | | High Tech Industries | | Term Loan B (03/21) | | Loan | | 3M USD SOFR+ | | | 3.00 | % | | | 0.50 | % | | | 6.66 | % | | | 3/2/2028 | | | | 2,623,989 | | | | 2,620,817 | | | | 2,624,986 | | | WeddingWire, Inc. | | Services: Consumer | | Term Loan B (12/24) | | Loan | | 1M USD SOFR+ | | | 3.75 | % | | | 0.00 | % | | | 7.40 | % | | | 1/31/2028 | | | | 4,713,106 | | | | 4,713,106 | | | | 3,817,616 | | | WEX Inc. | | Services: Business | | Term Loan B (11/24) | | Loan | | 1M USD SOFR+ | | | 1.75 | % | | | 0.00 | % | | | 5.40 | % | | | 3/31/2028 | | | | 2,859,369 | | | | 2,857,541 | | | | 2,853,107 | | | Windsor Holdings III, LLC | | Chemicals, Plastics, & Rubber | | Term Loan B (02/25) | | Loan | | 1M USD SOFR+ | | | 2.75 | % | | | 0.00 | % | | | 6.40 | % | | | 8/1/2030 | | | | 488,825 | | | | 488,825 | | | | 486,870 | | | Wyndham Hotels & Resorts, Inc. | | Hotel, Gaming & Leisure | | Term Loan (05/24) | | Loan | | 1M USD SOFR+ | | | 1.75 | % | | | 0.00 | % | | | 5.40 | % | | | 5/24/2030 | | | | 975,131 | | | | 972,301 | | | | 978,115 | | | Xperi Corporation | | High Tech Industries | | Term Loan (1/25) | | Loan | | 1M USD SOFR+ | | | 2.50 | % | | | 0.00 | % | | | 6.15 | % | | | 6/8/2028 | | | | 1,383,879 | | | | 1,383,816 | | | | 1,385,028 | | | Zayo Group, LLC (c) | | Telecommunications | | Term Loan (09/25) | | Loan | | 1M USD SOFR+ | | | 3.00 | % | | | 0.00 | % | | | 6.77 | % | | | 3/11/2030 | | | | 365,620 | | | | 362,746 | | | | 365,225 | | | ZEBRA BUYER (Allspring) LLC | | Banking, Finance, Insurance & Real Estate | | Term Loan B (12/24) | | Loan | | 3M USD SOFR+ | | | 3.00 | % | | | 0.50 | % | | | 6.75 | % | | | 11/1/2030 | | | | 1,833,739 | | | | 1,828,563 | | | | 1,837,076 | | | Zekelman Industries, Inc. | | Metals & Mining | | Term Loan B (03/24) | | Loan | | 1M USD SOFR+ | | | 2.25 | % | | | 0.00 | % | | | 5.89 | % | | | 1/24/2031 | | | | 1,424,948 | | | | 1,424,424 | | | | 1,427,527 | | | Zest Acquisition Corp. | | Healthcare & Pharmaceuticals | | Term Loan (1/23) | | Loan | | 3M USD SOFR+ | | | 5.25 | % | | | 0.00 | % | | | 8.92 | % | | | 2/8/2028 | | | | 1,935,000 | | | | 1,897,956 | | | | 1,876,950 | | | Zodiac Pool Solutions | | Consumer goods: Durable | | Term Loan (1/22) | | Loan | | 1M USD SOFR+ | | | 1.93 | % | | | 0.50 | % | | | 5.68 | % | | | 1/29/2029 | | | | 478,750 | | | | 478,750 | | | | 478,621 | | | TOTAL INVESTMENTS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 356,587,781 | | | $ | 329,227,165 | |
| | |
Number of Shares | | |
Cost | | |
Fair Value | |
| Cash and cash equivalents | |
| | |
| | |
| |
| U.S. Bank Money Market (a) | |
| 18,811,567 | | |
$ | 18,811,567 | | |
$ | 18,811,567 | |
| Total cash and cash equivalents | |
| 18,811,567 | | |
$ | 18,811,567 | | |
$ | 18,811,567 | |
| (a) | Included within cash and cash equivalents in Saratoga CLO’s
Statements of Assets and Liabilities as of May 31, 2026. |
| (b) | As of May 31, 2026, the investment was in default and on non-accrual
status. |
| (c) | Investments include Payment-in-Kind Interest. |
| (d) | All or a portion of this investment has an unfunded commitment
as of May 31, 2026. |
SOFR - Secured Overnight Financing Rate
1M SOFR - The 1-month SOFR rate as of May 31, 2026 was 3.62%.
3M SOFR - The 3-month SOFR rate as of May 31, 2026 was 3.66%.
6M SOFR - The 6-month SOFR rate as of May 31, 2026 was 3.71%.
Prime - The Prime Rate as of May 31, 2026 was 6.75%. | Issuer Name | | Industry | | Asset Name | | Asset
Type | | Reference Rate/Spread | | SOFR/LIBOR Floor | | | Current Rate (All In) | | | Maturity Date | | Principal/
Number of Shares | | | Cost | | | Fair Value | | | ALTISOURCE PORTFOLIO SOL | | Banking, Finance, Insurance & Real Estate | | Common Stock | | Equity | | | | | | | | | | | | | | | 37,028 | | | $ | 216,246 | | | $ | 282,156 | | | Altisource Portfolio Solutions - CS Warrant | | Banking, Finance, Insurance & Real Estate | | Warrants | | Equity | | | | | | | | | | | | | | | 990 | | | | 3,736 | | | | 330 | | | Altisource Portfolio Solutions - NS Warrant | | Banking, Finance, Insurance & Real Estate | | Warrants | | Equity | | | | | | | | | | | | | | | 990 | | | | 3,129 | | | | 426 | | | Instant Brands Litigation Trust | | Consumer Goods: Durable | | Equity Interests | | Equity | | | | | | | | | | | | | | | 82,384 | | | | 66,525 | | | | 500,000 | | | Isagenix International, LLC | | Beverage, Food & Tobacco | | Common Stock | | Equity | | | | | | | | | | | | | | | 86,398 | | | | - | | | | - | | | JP Intermediate B, LLC | | Consumer goods: Non-durable | | Common Stock | | Equity | | | | | | | | | | | | | | | 9,319 | | | | - | | | | - | | | Resolute Investment Managers (American Beacon), Inc. | | Banking, Finance, Insurance & Real Estate | | Common Stock | | Equity | | | | | | | | | | | | | | | 24,320 | | | | 1,034,581 | | | | 48,640 | | | 1011778 B.C Unltd Liability Co | | Beverage, Food & Tobacco | | Term Loan B6 | | Loan | | 1M USD SOFR+ 1.75% | | | 0.00 | % | | | 5.42 | % | | 9/20/2030 | | $ | 1,361,428 | | | | 1,347,552 | | | | 1,359,154 | | | 19TH HOLDINGS GOLF, LLC | | Consumer goods: Durable | | Term Loan | | Loan | | 1M USD SOFR+ 3.25% | | | 0.50 | % | | | 7.02 | % | | 2/7/2029 | | | 2,423,420 | | | | 2,366,682 | | | | 2,412,830 | | | 888 Acquisitions Limited | | Hotel, Gaming & Leisure | | Term Loan B | | Loan | | 6M USD SOFR+ 5.25% | | | 0.00 | % | | | 9.05 | % | | 7/8/2028 | | | 3,005,629 | | | | 2,830,391 | | | | 2,806,506 | | | Adtalem Global Education Inc. | | Services: Business | | Term Loan B (08/24) | | Loan | | 1M USD SOFR+ 2.75% | | | 0.75 | % | | | 6.42 | % | | 8/12/2028 | | | 237,528 | | | | 236,609 | | | | 237,331 | | | Agiliti Health Inc. | | Healthcare & Pharmaceuticals | | Term Loan B (03/23) | | Loan | | 6M USD SOFR+ 3.00% | | | 0.00 | % | | | 6.58 | % | | 5/1/2030 | | | 2,132,332 | | | | 2,121,217 | | | | 2,031,110 | | | AHEAD DB Holdings, LLC | | Services: Business | | Term Loan B3 (07/24) | | Loan | | 3M USD SOFR+ 2.50% | | | 0.75 | % | | | 6.17 | % | | 2/1/2031 | | | 2,866,735 | | | | 2,817,968 | | | | 2,785,205 | | | Air Canada | | Transportation: Consumer | | Term Loan B (03/24) | | Loan | | 1M USD SOFR+ 1.75% | | | 0.00 | % | | | 5.47 | % | | 3/21/2031 | | | 982,500 | | | | 980,765 | | | | 980,289 | | | AIT Worldwide Logistics Holdings, Inc. | | Transportation: Cargo | | Term Loan B (01/25) | | Loan | | 1M USD SOFR+ 4.00% | | | 0.75 | % | | | 7.67 | % | | 4/8/2030 | | | 2,431,139 | | | | 2,337,505 | | | | 2,421,634 | | | AlixPartners, LLP | | Banking, Finance, Insurance & Real Estate | | Term Loan (08/25) | | Loan | | 1M USD SOFR+ 2.00% | | | 0.00 | % | | | 5.67 | % | | 8/12/2032 | | | 239,374 | | | | 239,374 | | | | 235,585 | | | Allen Media, LLC | | Media: Diversified & Production | | Term Loan (7/21) | | Loan | | 3M USD SOFR+ 5.50% | | | 0.00 | % | | | 9.32 | % | | 2/10/2027 | | | 4,258,657 | | | | 4,252,679 | | | | 2,516,866 | | | Alliant Holdings Intermediate, LLC | | Banking, Finance, Insurance & Real Estate | | Term Loan (8/25) | | Loan | | 1M USD SOFR+ 2.50% | | | 0.00 | % | | | 6.17 | % | | 9/19/2031 | | | 789,061 | | | | 789,061 | | | | 769,879 | | | Alterra Mountain Company (Intrawest Resort Holdings) | | Hotel, Gaming & Leisure | | Term Loan B8 (07/25) | | Loan | | 1M USD SOFR+ 2.50% | | | 0.00 | % | | | 6.17 | % | | 5/31/2030 | | | 247,508 | | | | 247,508 | | | | 247,508 | | | Altisource Solutions S.a r.l. | | Banking, Finance, Insurance & Real Estate | | Term Loan (Specified) B | | Loan | | 3M USD SOFR+ 6.50% | | | 3.50 | % | | | 10.27 | % | | 2/20/2029 | | | 496,248 | | | | 486,595 | | | | 496,248 | | | Altium Packaging LLC | | Containers, Packaging & Glass | | Term Loan B | | Loan | | 1M USD SOFR+ 2.50% | | | 0.00 | % | | | 6.17 | % | | 6/11/2031 | | | 477,725 | | | | 476,870 | | | | 460,207 | | | American Axle & Manufacturing Inc. | | Automotive | | Term Loan (12/22) | | Loan | | 1M USD SOFR+ 3.00% | | | 0.50 | % | | | 6.66 | % | | 12/13/2029 | | | 480,000 | | | | 471,250 | | | | 478,800 | | | American Greetings Corporation | | Media: Advertising, Printing & Publishing | | Term Loan B (04/24) | | Loan | | 1M USD SOFR+ 5.75% | | | 0.00 | % | | | 9.42 | % | | 10/30/2029 | | | 2,852,238 | | | | 2,851,373 | | | | 2,845,108 | | | Amynta Agency Borrower Inc. | | Banking, Finance, Insurance & Real Estate | | Term Loan B | | Loan | | 1M USD SOFR+ 2.50% | | | 0.00 | % | | | 6.17 | % | | 12/29/2031 | | | 3,390,033 | | | | 3,332,526 | | | | 3,278,637 | | | APEX GROUP TREASURY LLC | | Banking, Finance, Insurance & Real Estate | | Term Loan (2/25) | | Loan | | 3M USD SOFR+ 3.50% | | | 0.00 | % | | | 7.17 | % | | 2/27/2032 | | | 486,362 | | | | 467,586 | | | | 430,431 | | | Aramark Services, Inc. | | Services: Consumer | | Term Loan B-10 (12/25) | | Loan | | 1M USD SOFR+ 1.75% | | | 0.00 | % | | | 5.42 | % | | 6/24/2030 | | | 2,230,663 | | | | 2,209,788 | | | | 2,232,515 | | | Aramark Services, Inc. | | Services: Consumer | | Term Loan (08/25) | | Loan | | 1M USD SOFR+ 1.75% | | | 0.00 | % | | | 5.42 | % | | 4/6/2028 | | | 1,753,715 | | | | 1,751,257 | | | | 1,754,820 | | | ARC FALCON I INC. | | Chemicals, Plastics, & Rubber | | Term Loan | | Loan | | 1M USD SOFR+ 3.50% | | | 0.50 | % | | | 7.27 | % | | 9/23/2028 | | | 961,274 | | | | 960,627 | | | | 957,938 | | | ARCIS GOLF LLC | | Services: Consumer | | Term Loan B (01/25) | | Loan | | 1M USD SOFR+ 2.75% | | | 0.50 | % | | | 6.42 | % | | 11/24/2028 | | | 489,544 | | | | 486,712 | | | | 490,919 | | | Aretec Group, Inc. | | Banking, Finance, Insurance & Real Estate | | Term Loan B-4 | | Loan | | 1M USD SOFR+ 3.00% | | | 0.00 | % | | | 6.67 | % | | 8/9/2030 | | | 2,603,226 | | | | 2,592,314 | | | | 2,509,223 | | | Ascensus Group Holdings, Inc | | Banking, Finance, Insurance & Real Estate | | Term Loan | | Loan | | 1M USD SOFR+ 3.00% | | | 0.00 | % | | | 6.67 | % | | 11/24/2032 | | | 490,842 | | | | 488,123 | | | | 478,978 | | | Aspire Bakeries Holdings, LLC | | Beverage, Food & Tobacco | | Term Loan (12/25) | | Loan | | 1M USD SOFR+ 3.00% | | | 0.00 | % | | | 6.67 | % | | 12/23/2030 | | | 886,545 | | | | 880,042 | | | | 887,653 | | | Asurion, LLC | | Banking, Finance, Insurance & Real Estate | | Term Loan B10 | | Loan | | 1M USD SOFR+ 4.00% | | | 0.00 | % | | | 7.77 | % | | 8/19/2028 | | | 1,935,000 | | | | 1,887,506 | | | | 1,932,581 | | | Asurion, LLC | | Banking, Finance, Insurance & Real Estate | | Term Loan B12 | | Loan | | 1M USD SOFR+ 4.25% | | | 0.00 | % | | | 7.92 | % | | 9/19/2030 | | | 2,882,984 | | | | 2,880,325 | | | | 2,874,335 | | | ATHENAHEALTH GROUP INC. | | Healthcare & Pharmaceuticals | | Term Loan B (2/22) | | Loan | | 1M USD SOFR+ 2.75% | | | 0.50 | % | | | 6.42 | % | | 2/15/2029 | | | 1,294,020 | | | | 1,291,768 | | | | 1,258,435 | | | Avolon TLB Borrower 1 (US) LLC | | Capital Equipment | | Term Loan B6 | | Loan | | 1M USD SOFR+ 1.75% | | | 0.00 | % | | | 5.42 | % | | 6/22/2030 | | | 1,457,896 | | | | 1,427,348 | | | | 1,462,196 | | | Axalta Coating Systems US Holdings | | Chemicals, Plastics, & Rubber | | Term Loan B (11/24) | | Loan | | 3M USD SOFR+ 1.75% | | | 0.50 | % | | | 5.42 | % | | 12/20/2029 | | | 725,038 | | | | 720,887 | | | | 724,675 | | | Issuer Name | | Industry | | Asset Name | | Asset
Type | | Reference Rate/Spread | | SOFR/LIBOR Floor | | | Current Rate (All In) | | | Maturity Date | | Principal/
Number of Shares | | | Cost | | | Fair Value | | | B&G Foods, Inc. | | Beverage, Food & Tobacco | | Term Loan B | | Loan | | 1M USD SOFR+ 3.50% | | | 0.00 | % | | | 7.17 | % | | 10/10/2029 | | | 526,951 | | | | 525,719 | | | | 495,334 | | | Baldwin Insurance Group Holdings, LLC | | Banking, Finance, Insurance & Real Estate | | Term Loan B2 | | Loan | | 1M USD SOFR+ 2.50% | | | 0.00 | % | | | 6.16 | % | | 5/27/2031 | | | 1,623,917 | | | | 1,615,529 | | | | 1,590,091 | | | Belfor Holdings Inc. | | Services: Consumer | | Term Loan B | | Loan | | 1M USD SOFR+ 2.75% | | | 0.50 | % | | | 6.42 | % | | 11/4/2030 | | | 1,386,385 | | | | 1,376,720 | | | | 1,388,118 | | | Bengal Debt Merger Sub LLC (c) | | Beverage, Food & Tobacco | | Third Out Term Loan | | Loan | | 3M USD SOFR+ 1.00% | | | 0.50 | % | | | 4.77 | % | | 1/24/2030 | | | 402,884 | | | | 165,333 | | | | 84,831 | | | Bombardier Recreational Products, Inc. | | Consumer goods: Durable | | Term Loan | | Loan | | 1M USD SOFR+ 2.25% | | | 0.00 | % | | | 5.92 | % | | 1/22/2031 | | | 1,411,439 | | | | 1,408,828 | | | | 1,411,877 | | | Bombardier Recreational Products, Inc. | | Consumer goods: Durable | | Term Loan B3 | | Loan | | 1M USD SOFR+ 2.25% | | | 0.50 | % | | | 5.92 | % | | 12/13/2029 | | | 483,893 | | | | 476,456 | | | | 485,224 | | | Boxer Parent Company, Inc. | | High Tech Industries | | Term Loan | | Loan | | 3M USD SOFR+ 3.00% | | | 0.00 | % | | | 6.82 | % | | 7/30/2031 | | | 999,640 | | | | 996,144 | | | | 917,849 | | | BroadStreet Partners, Inc. | | Banking, Finance, Insurance & Real Estate | | Term Loan B-4 | | Loan | | 1M USD SOFR+ 2.50% | | | 0.00 | % | | | 6.17 | % | | 6/16/2031 | | | 2,868,890 | | | | 2,867,506 | | | | 2,739,503 | | | Brookfield WEC Holdings Inc. | | Energy: Electricity | | Term Loan B | | Loan | | 1M USD SOFR+ 2.00% | | | 0.00 | % | | | 5.67 | % | | 1/27/2031 | | | 1,425,973 | | | | 1,425,973 | | | | 1,421,267 | | | Brookfield Property REIT Inc. | | Banking, Finance, Insurance & Real Estate | | Term Loan B (05/25) | | Loan | | 1M USD SOFR+ 3.50% | | | 0.00 | % | | | 7.17 | % | | 5/16/2030 | | | 1,730,609 | | | | 1,764,353 | | | | 1,733,084 | | | BROWN GROUP HOLDING, LLC | | Aerospace & Defense | | Term Loan B-2 | | Loan | | 3M USD SOFR+ 2.50% | | | 0.00 | % | | | 6.17 | % | | 7/1/2031 | | | 486,359 | | | | 478,134 | | | | 487,060 | | | Buckeye Partners, L.P. | | Utilities: Oil & Gas | | Term Loan B-7 (10/25) | | Loan | | 1M USD SOFR+ 1.75% | | | 0.00 | % | | | 5.42 | % | | 11/22/2032 | | | 1,136,241 | | | | 1,133,991 | | | | 1,138,604 | | | BW Gas & Convenience Holdings LLC | | Beverage, Food & Tobacco | | Term Loan B | | Loan | | 1M USD SOFR+ 3.50% | | | 0.50 | % | | | 7.29 | % | | 3/31/2028 | | | 2,387,500 | | | | 2,378,891 | | | | 2,378,547 | | | Callaway Golf Company | | Retail | | Term Loan B | | Loan | | 1M USD SOFR+ 2.75% | | | 0.00 | % | | | 6.42 | % | | 3/16/2030 | | | 76,620 | | | | 76,101 | | | | 76,907 | | | Camping World, Inc. | | Retail | | Term Loan B (5/21) | | Loan | | 1M USD SOFR+ 2.50% | | | 0.75 | % | | | 6.29 | % | | 6/5/2028 | | | 2,350,518 | | | | 2,247,033 | | | | 2,292,742 | | | CAPSTONE BORROWER INC | | Services: Business | | Term Loan B | | Loan | | 3M USD SOFR+ 2.75% | | | 0.00 | % | | | 6.42 | % | | 6/17/2030 | | | 863,942 | | | | 855,298 | | | | 765,306 | | | CareerBuilder, LLC (c) | | Services: Business | | Term Loan B3 | | Loan | | 1M USD SOFR+ 2.50% | | | 0.00 | % | | | 6.58 | % | | 7/31/2026 | | | - | | | | 380,369 | | | | - | | | Castle US Holding Corporation | | Media: Advertising, Printing & Publishing | | Term Loan B1 | | Loan | | 3M USD SOFR+ 4.25% | | | 0.00 | % | | | 8.18 | % | | 5/31/2030 | | | 1,739,251 | | | | 1,226,866 | | | | 832,232 | | | CBL & Associates Limited Partnership | | Retail | | Term Loan 11/21 | | Loan | | 1M USD SOFR+ 2.75% | | | 1.00 | % | | | 6.54 | % | | 3/2/2026 | | | 1,966,341 | | | | 1,958,592 | | | | 1,899,151 | | | CCC Intelligent Solutions Inc. | | Services: Business | | Term Loan B | | Loan | | 1M USD SOFR+ 2.00% | | | 0.50 | % | | | 5.67 | % | | 1/23/2032 | | | 240,216 | | | | 240,010 | | | | 236,538 | | | CCRR Parent, Inc. | | Healthcare & Pharmaceuticals | | Term Loan | | Loan | | 3M USD SOFR+ 4.25% | | | 0.50 | % | | | 8.17 | % | | 3/6/2028 | | | 970,000 | | | | 948,589 | | | | 227,950 | | | CCRR Parent, Inc. | | Healthcare & Pharmaceuticals | | Term Loan B | | Loan | | 3M USD SOFR+ 4.25% | | | 0.75 | % | | | 8.33 | % | | 3/6/2028 | | | 952,500 | | | | 951,356 | | | | 261,147 | | | CDK GLOBAL, INC. | | High Tech Industries | | Term Loan B (05/24) | | Loan | | 3M USD SOFR+ 3.25% | | | 0.00 | % | | | 6.92 | % | | 7/6/2029 | | | 980,094 | | | | 963,358 | | | | 612,559 | | | Charlotte Buyer, Inc. | | Services: Business | | Term Loan B (01/25) | | Loan | | 3M USD SOFR+ 4.25% | | | 0.50 | % | | | 7.91 | % | | 2/11/2028 | | | 1,459,068 | | | | 1,416,074 | | | | 1,394,709 | | | Chemours Company, (The) | | Chemicals, Plastics, & Rubber | | Term Loan B4 (10/25) | | Loan | | 1M USD SOFR+ 3.50% | | | 0.00 | % | | | 7.17 | % | | 10/15/2032 | | | 2,351,722 | | | | 2,327,364 | | | | 2,343,491 | | | Churchill Downs Incorporated | | Hotel, Gaming & Leisure | | Term Loan B1 (3/21) | | Loan | | 1M USD SOFR+ 1.75% | | | 0.00 | % | | | 5.42 | % | | 3/17/2028 | | | 476,250 | | | | 475,992 | | | | 475,955 | | | CIMPRESS PUBLIC LIMITED COMPANY | | Media: Advertising, Printing & Publishing | | Term Loan B | | Loan | | 1M USD SOFR+ 2.50% | | | 0.50 | % | | | 6.17 | % | | 5/17/2028 | | | 1,920,736 | | | | 1,885,068 | | | | 1,920,736 | | | Issuer Name | | Industry | | Asset Name | | Asset
Type | | Reference Rate/Spread | | SOFR/LIBOR Floor | | | Current Rate (All In) | | | Maturity Date | | Principal/
Number of Shares | | | Cost | | | Fair Value | | | CITADEL SECURITIES LP | | Banking, Finance, Insurance & Real Estate | | Term Loan (10/24) | | Loan | | 3M USD SOFR+ 2.00% | | | 0.00 | % | | | 5.67 | % | | 10/31/2031 | | | 4,778,621 | | | | 4,778,621 | | | | 4,762,708 | | | Clarios Global LP | | Automotive | | Term Loan B (07/24) | | Loan | | 1M USD SOFR+ 2.50% | | | 0.00 | % | | | 6.17 | % | | 5/6/2030 | | | 1,185,030 | | | | 1,181,455 | | | | 1,180,586 | | | Cloud Software Group Inc | | High Tech Industries | | Term Loan B | | Loan | | 1M USD SOFR+ 3.25% | | | 0.00 | % | | | 6.92 | % | | 3/21/2031 | | | 495,013 | | | | 494,747 | | | | 458,629 | | | CLYDESDALE ACQUISITION HOLDINGS, INC. | | Containers, Packaging & Glass | | Term Loan B | | Loan | | 1M USD SOFR+ 3.18% | | | 0.50 | % | | | 6.85 | % | | 4/13/2029 | | | 1,220,000 | | | | 1,203,910 | | | | 1,209,044 | | | Connect Finco SARL | | Telecommunications | | Term Loan B (03/24) | | Loan | | 1M USD SOFR+ 4.50% | | | 0.50 | % | | | 8.17 | % | | 9/27/2029 | | | 2,836,969 | | | | 2,784,593 | | | | 2,831,210 | | | Corelogic, Inc. | | Services: Business | | Term Loan (4/21) | | Loan | | 1M USD SOFR+ 3.50% | | | 0.50 | % | | | 7.29 | % | | 6/2/2028 | | | 2,393,750 | | | | 2,390,000 | | | | 2,268,078 | | | Creative Artists Agency, LLC | | Media: Diversified & Production | | Term Loan B (7/25) | | Loan | | 1M USD SOFR+ 2.50% | | | 0.00 | % | | | 6.17 | % | | 10/1/2031 | | | 1,564,293 | | | | 1,557,435 | | | | 1,558,099 | | | CROCS INC | | Consumer goods: Durable | | Term Loan B (01/24) | | Loan | | 3M USD SOFR+ 2.25% | | | 0.50 | % | | | 5.92 | % | | 2/19/2029 | | | 750,000 | | | | 734,817 | | | | 752,813 | | | Cross Financial Corp | | Banking, Finance, Insurance & Real Estate | | Term Loan B4 (07/25) | | Loan | | 1M USD SOFR+ 2.75% | | | 0.00 | % | | | 6.42 | % | | 10/31/2031 | | | 481,431 | | | | 480,633 | | | | 468,793 | | | Crown Subsea Communications Holding, Inc. | | Construction & Building | | Term Loan B (01/26) | | Loan | | 1M USD SOFR+ 3.00% | | | 0.75 | % | | | 6.67 | % | | 1/30/2031 | | | 2,376,000 | | | | 2,358,575 | | | | 2,377,497 | | | Dave & Buster’s Inc. | | Hotel, Gaming & Leisure | | Term Loan B (1/24) | | Loan | | 3M USD SOFR+ 3.25% | | | 0.50 | % | | | 7.13 | % | | 6/29/2029 | | | 762,038 | | | | 740,571 | | | | 704,123 | | | Delek US Holdings, Inc. | | Utilities: Oil & Gas | | Term Loan B (11/22) | | Loan | | 1M USD SOFR+ 3.50% | | | 0.50 | % | | | 7.27 | % | | 11/16/2029 | | | 5,238,000 | | | | 5,168,379 | | | | 5,214,638 | | | Derby Buyer LLC | | Chemicals, Plastics, & Rubber | | Term Loan B (12/24) | | Loan | | 1M USD SOFR+ 3.00% | | | 0.00 | % | | | 6.66 | % | | 11/1/2030 | | | 614,102 | | | | 607,478 | | | | 613,844 | | | DexKo Global, Inc. (Dragon Merger) | | Automotive | | Term Loan (9/21) | | Loan | | 3M USD SOFR+ 3.75% | | | 0.50 | % | | | 7.68 | % | | 10/4/2028 | | | 962,500 | | | | 960,816 | | | | 957,004 | | | Diamond Sports Group, LLC | | Media: Broadcasting & Subscription | | 1st Priority Term Loan | | Loan | | 1M USD SOFR+ 10.00% | | | 1.00 | % | | | 13.77 | % | | 5/25/2026 | | | 29,734 | | | | 29,677 | | | | 5,947 | | | DIRECTV FINANCING, LLC | | Media: Broadcasting & Subscription | | Term Loan (1/24) | | Loan | | 3M USD SOFR+ 5.25% | | | 0.75 | % | | | 9.18 | % | | 8/2/2029 | | | 2,615,800 | | | | 2,604,745 | | | | 2,614,989 | | | DISCOVERY PURCHASER CORPORATION | | Chemicals, Plastics, & Rubber | | Term Loan | | Loan | | 3M USD SOFR+ 3.75% | | | 0.50 | % | | | 7.42 | % | | 10/4/2029 | | | 1,459,234 | | | | 1,389,418 | | | | 1,429,510 | | | DOMTAR CORPORATION | | Forest Products & Paper | | Term Loan 9/21 | | Loan | | 1M USD SOFR+ 5.50% | | | 0.75 | % | | | 9.29 | % | | 11/30/2028 | | | 2,898,865 | | | | 2,867,842 | | | | 2,348,081 | | | DRI HOLDING INC. | | Media: Advertising, Printing & Publishing | | Term Loan (12/21) | | Loan | | 1M USD SOFR+ 5.25% | | | 0.50 | % | | | 9.02 | % | | 12/15/2028 | | | 3,852,412 | | | | 3,773,120 | | | | 3,772,166 | | | DRW Holdings, LLC | | Banking, Finance, Insurance & Real Estate | | Term Loan B (06/24) | | Loan | | 1M USD SOFR+ 3.50% | | | 0.00 | % | | | 7.17 | % | | 6/17/2031 | | | 6,241,950 | | | | 6,221,653 | | | | 6,117,111 | | | DTZ U.S. Borrower, LLC | | Construction & Building | | Term Loan B | | Loan | | 1M USD SOFR+ 2.50% | | | 0.50 | % | | | 6.17 | % | | 1/31/2030 | | | 1,708,945 | | | | 1,708,945 | | | | 1,709,663 | | | DTZ U.S. Borrower, LLC | | Construction & Building | | Term Loan (7/25) | | Loan | | 1M USD SOFR+ 2.75% | | | 0.50 | % | | | 6.42 | % | | 1/31/2030 | | | 932,250 | | | | 916,770 | | | | 933,415 | | | Dye & Durham Corporation | | Services: Business | | Term Loan B (04/24) | | Loan | | 3M USD SOFR+ 4.25% | | | 1.00 | % | | | 8.02 | % | | 4/11/2031 | | | 1,299,800 | | | | 1,284,463 | | | | 1,152,494 | | | EAB Global, Inc. | | Services: Business | | Term Loan (08/21) | | Loan | | 1M USD SOFR+ 3.00% | | | 0.50 | % | | | 6.67 | % | | 8/16/2030 | | | 960,394 | | | | 958,888 | | | | 861,800 | | | Echo Global Logistics, Inc. | | Services: Business | | Term Loan | | Loan | | 1M USD SOFR+ 3.75% | | | 0.50 | % | | | 7.52 | % | | 11/23/2028 | | | 1,925,000 | | | | 1,924,346 | | | | 1,896,433 | | | Edelman Financial Group Inc., The | | Banking, Finance, Insurance & Real Estate | | Term Loan (12/24) | | Loan | | 1M USD SOFR+ 3.00% | | | 0.00 | % | | | 6.67 | % | | 4/7/2028 | | | 2,133,818 | | | | 2,132,281 | | | | 2,116,705 | | | Embecta Corp | | Healthcare & Pharmaceuticals | | Term Loan B | | Loan | | 1M USD SOFR+ 3.00% | | | 0.50 | % | | | 6.67 | % | | 3/30/2029 | | | 2,255,886 | | | | 2,229,506 | | | | 2,256,112 | | | Emrld Borrower LP | | Capital Equipment | | Term Loan B (04/23) | | Loan | | 3M USD SOFR+ 2.25% | | | 0.00 | % | | | 6.07 | % | | 5/31/2030 | | | 980,075 | | | | 977,113 | | | | 975,527 | | | Endo Finance Holdings, Inc. | | Healthcare & Pharmaceuticals | | Term Loan B | | Loan | | 1M USD SOFR+ 3.75% | | | 0.50 | % | | | 7.42 | % | | 4/23/2031 | | | 1,975,000 | | | | 1,959,230 | | | | 1,975,494 | | | Issuer Name | | Industry | | Asset Name | | Asset
Type | | Reference Rate/Spread | | SOFR/LIBOR Floor | | | Current Rate (All In) | | | Maturity Date | | Principal/
Number of Shares | | | Cost | | | Fair Value | | | Endure Digital, Inc. | | High Tech Industries | | Term Loan B | | Loan | | 1M USD SOFR+ 3.50% | | | 0.75 | % | | | 7.61 | % | | 2/10/2028 | | | - | | | | 9,730 | | | | - | | | Entain Holdings (Gibraltar) Limited | | Hotel, Gaming & Leisure | | Term Loan B6 | | Loan | | 3M USD SOFR+ 2.25% | | | 0.00 | % | | | 5.92 | % | | 10/31/2029 | | | 1,465,234 | | | | 1,455,384 | | | | 1,458,948 | | | Equiniti Group PLC | | Services: Business | | Term Loan | | Loan | | 6M USD SOFR+ 3.75% | | | 0.50 | % | | | 7.55 | % | | 12/10/2031 | | | 960,368 | | | | 955,647 | | | | 953,367 | | | Evertec Group LLC | | Banking, Finance, Insurance & Real Estate | | Term Loan B (09/23) | | Loan | | 1M USD SOFR+ 2.25% | | | 0.50 | % | | | 5.92 | % | | 10/30/2030 | | | 1,125,000 | | | | 1,112,817 | | | | 1,124,066 | | | Examworks Bidco Inc | | Healthcare & Pharmaceuticals | | Examworks/Electron 1/26 TL | | Loan | | 1M USD SOFR+ 2.50% | | | 0.50 | % | | | 6.17 | % | | 2/6/2033 | | | 483,844 | | | | 483,218 | | | | 482,837 | | | Fiesta Purchaser, Inc. | | Beverage, Food & Tobacco | | Second Refinancing Term Loan (8/25) | | Loan | | 1M USD SOFR+ 2.75% | | | 0.00 | % | | | 6.42 | % | | 2/12/2031 | | | 492,534 | | | | 488,885 | | | | 477,143 | | | Finco I LLC | | Banking, Finance, Insurance & Real Estate | | Term Loan B (07/25) | | Loan | | 1M USD SOFR+ 1.75% | | | 0.00 | % | | | 5.42 | % | | 6/27/2029 | | | 2,774,631 | | | | 2,773,459 | | | | 2,737,645 | | | First Brands Group, LLC (c) | | Automotive | | 1st Lien Term Loan (3/21) | | Loan | | 1M USD SOFR+ 0.00% | | | 1.00 | % | | | 0.00 | % | | 3/30/2027 | | | 1,404,140 | | | | 90,412 | | | | 784 | | | First Brands Group, LLC (c) | | Automotive | | New Money DIP Term Loan A (10/25) | | Loan | | 1M USD SOFR+ 0.00% | | | 1.00 | % | | | 0.00 | % | | 6/29/2026 | | | 1,597,186 | | | | 1,459,537 | | | | 293,483 | | | First Brands Group, LLC (c) | | Automotive | | Roll-Up DIP Term Loan B (10/25) | | Loan | | 1M USD SOFR+ 0.00% | | | 1.00 | % | | | 0.00 | % | | 6/29/2026 | | | 3,569,559 | | | | 2,218,257 | | | | 7,139 | | | First Student Bidco Inc. | | Transportation: Consumer | | Term Loan C (01/26) | | Loan | | 3M USD SOFR+ 2.50% | | | 0.00 | % | | | 6.17 | % | | 8/15/2030 | | | 707,702 | | | | 705,487 | | | | 706,379 | | | Fitness International, LLC (LA Fitness) | | Services: Consumer | | Term Loan B (1/24) | | Loan | | 1M USD SOFR+ 4.50% | | | 1.00 | % | | | 8.17 | % | | 2/5/2029 | | | 1,179,000 | | | | 1,156,545 | | | | 1,181,582 | | | Flutter Financing B.V. | | Hotel, Gaming & Leisure | | Term Loan | | Loan | | 3M USD SOFR+ 1.75% | | | 0.50 | % | | | 5.42 | % | | 11/29/2030 | | | 3,675,000 | | | | 3,668,121 | | | | 3,610,688 | | | Franklin Square Holdings, L.P. | | Banking, Finance, Insurance & Real Estate | | Term Loan B (04/24) | | Loan | | 1M USD SOFR+ 2.25% | | | 0.00 | % | | | 5.92 | % | | 4/25/2031 | | | 4,188,685 | | | | 4,184,968 | | | | 3,790,760 | | | Froneri International (R&R Ice Cream) | | Beverage, Food & Tobacco | | Term Loan B4 (10/24) | | Loan | | 6M USD SOFR+ 2.25% | | | 0.00 | % | | | 5.88 | % | | 9/16/2031 | | | 1,900,638 | | | | 1,901,053 | | | | 1,853,331 | | | Garrett LX III S.a r.l. | | Automotive | | Term Loan (1/25) | | Loan | | 3M USD SOFR+ 2.00% | | | 0.50 | % | | | 5.67 | % | | 1/20/2032 | | | 1,335,471 | | | | 1,332,852 | | | | 1,334,910 | | | Genesee & Wyoming, Inc. | | Transportation: Cargo | | Term Loan B (03/24) | | Loan | | 3M USD SOFR+ 1.75% | | | 0.00 | % | | | 5.42 | % | | 4/10/2031 | | | 1,481,250 | | | | 1,475,521 | | | | 1,478,747 | | | GIP Pilot Acquisition Partners, L.P. | | Energy: Oil & Gas | | Term Loan B | | Loan | | 3M USD SOFR+ 2.00% | | | 0.00 | % | | | 5.65 | % | | 10/4/2030 | | | 383,422 | | | | 382,138 | | | | 383,614 | | | Global Tel*Link Corporation | | Telecommunications | | Term Loan (6/24) | | Loan | | 1M USD SOFR+ 7.50% | | | 3.00 | % | | | 11.17 | % | | 7/31/2029 | | | 4,748,790 | | | | 4,693,939 | | | | 4,763,654 | | | Go Daddy Operating Company, LLC | | High Tech Industries | | Term Loan B7 | | Loan | | 1M USD SOFR+ 1.75% | | | 0.00 | % | | | 5.42 | % | | 5/30/2031 | | | 930,782 | | | | 930,782 | | | | 896,780 | | | GOLDEN WEST PACKAGING GROUP LLC (c) | | Forest Products & Paper | | Term Loan B1 (06/25) | | Loan | | 1M USD SOFR+ 5.25% | | | 0.75 | % | | | 9.35 | % | | 6/27/2031 | | | 1,750,000 | | | | 1,744,125 | | | | 1,070,423 | | | GOTO GROUP, INC. | | High Tech Industries | | Second-Out Term Loan (02/24) | | Loan | | 3M USD SOFR+ 4.75% | | | 0.00 | % | | | 8.57 | % | | 4/30/2028 | | | 469,651 | | | | 641,354 | | | | 143,243 | | | Great Outdoors Group, LLC | | Retail | | Term Loan (1/25) | | Loan | | 1M USD SOFR+ 3.25% | | | 0.75 | % | | | 6.92 | % | | 1/20/2032 | | | 950,641 | | | | 948,924 | | | | 948,265 | | | Griffon Corporation | | Consumer goods: Durable | | Term Loan B | | Loan | | 1M USD SOFR+ 2.00% | | | 0.00 | % | | | 5.67 | % | | 1/24/2029 | | | 121,563 | | | | 121,483 | | | | 121,866 | | | Grosvenor Capital Management Holdings, LLLP | | Banking, Finance, Insurance & Real Estate | | Term Loan B (5/24) | | Loan | | 1M USD SOFR+ 2.25% | | | 0.00 | % | | | 5.92 | % | | 2/25/2030 | | | 2,343,071 | | | | 2,343,071 | | | | 2,335,011 | | | Hertz Corporation (The) | | Transportation: Consumer | | Term Loan B | | Loan | | 1M USD SOFR+ 3.75% | | | 0.00 | % | | | 7.42 | % | | 6/30/2028 | | | 2,061,930 | | | | 2,027,902 | | | | 1,580,820 | | | Issuer Name | | Industry | | Asset Name | | Asset
Type | | Reference Rate/Spread | | SOFR/LIBOR Floor | | | Current Rate (All In) | | | Maturity Date | | Principal/
Number of Shares | | | Cost | | | Fair Value | | | Hillman Group Inc. (The) (New) | | Consumer goods: Durable | | Term Loan B-1 (2/21) | | Loan | | 1M USD SOFR+ 2.00% | | | 0.50 | % | | | 5.68 | % | | 7/14/2028 | | | 2,678,618 | | | | 2,678,618 | | | | 2,674,306 | | | Hilton Domestic Operating Company Inc. | | Hotel, Gaming & Leisure | | Term Loan B 4 | | Loan | | 1M USD SOFR+ 1.75% | | | 0.00 | % | | | 5.42 | % | | 11/8/2030 | | | 1,500,000 | | | | 1,497,879 | | | | 1,504,845 | | | HLF Financing SARL (Herbalife) | | Consumer goods: Non-durable | | Term Loan | | Loan | | 1M USD SOFR+ 6.75% | | | 0.50 | % | | | 10.42 | % | | 4/12/2029 | | | 2,882,670 | | | | 2,882,597 | | | | 2,883,708 | | | Holley Purchaser, Inc | | Automotive | | Term Loan (11/21) | | Loan | | 1M USD SOFR+ 3.75% | | | 0.75 | % | | | 7.54 | % | | 11/17/2028 | | | 2,163,198 | | | | 2,159,946 | | | | 2,149,678 | | | Hudson River Trading LLC | | Banking, Finance, Insurance & Real Estate | | Hudson River 1/26 | | Loan | | 1M USD SOFR+ 2.50% | | | 0.00 | % | | | 6.17 | % | | 3/18/2030 | | | 5,717,625 | | | | 5,648,595 | | | | 5,643,753 | | | Hunter Douglas Inc | | Consumer goods: Durable | | Term Loan B (1/25) | | Loan | | 3M USD SOFR+ 3.00% | | | 0.00 | % | | | 6.67 | % | | 1/19/2032 | | | 2,210,322 | | | | 2,039,275 | | | | 2,208,023 | | | Hyperion Refinance S.a.r.l. | | Banking, Finance, Insurance & Real Estate | | Term Loan | | Loan | | 1M USD SOFR+ 2.75% | | | 0.50 | % | | | 6.42 | % | | 2/15/2031 | | | 2,947,799 | | | | 2,938,339 | | | | 2,794,514 | | | Idera, Inc. | | High Tech Industries | | Term Loan (06/24) | | Loan | | 3M USD SOFR+ 3.50% | | | 0.75 | % | | | 7.16 | % | | 3/2/2028 | | | 4,678,430 | | | | 4,676,802 | | | | 3,719,351 | | | IMA Financial Group, Inc. | | Banking, Finance, Insurance & Real Estate | | Term Loan (10/21) | | Loan | | 1M USD SOFR+ 3.00% | | | 0.50 | % | | | 6.67 | % | | 11/1/2028 | | | 2,415,776 | | | | 2,410,653 | | | | 2,385,579 | | | INEOS 226 Ltd. | | Chemicals, Plastics, & Rubber | | Term Loan 3/23 | | Loan | | 1M USD SOFR+ 3.75% | | | 0.00 | % | | | 7.52 | % | | 3/13/2030 | | | 487,500 | | | | 484,204 | | | | 379,031 | | | Ineos US Finance LLC | | Chemicals, Plastics, & Rubber | | Term Loan C | | Loan | | 1M USD SOFR+ 3.25% | | | 0.00 | % | | | 6.92 | % | | 2/18/2030 | | | 980,094 | | | | 973,648 | | | | 820,829 | | | INEOS US PETROCHEM LLC | | Chemicals, Plastics, & Rubber | | Term Loan B | | Loan | | 1M USD SOFR+ 4.25% | | | 0.00 | % | | | 8.02 | % | | 4/2/2029 | | | 2,667,363 | | | | 2,630,839 | | | | 2,158,351 | | | Ingram Micro Inc. | | Wholesale | | Term Loan B (6/25) | | Loan | | 1M USD SOFR+ 2.25% | | | 0.00 | % | | | 5.92 | % | | 9/22/2031 | | | 450,298 | | | | 448,093 | | | | 451,144 | | | Inmar, Inc. | | Services: Business | | Term Loan B (06/25) | | Loan | | 3M USD SOFR+ 4.50% | | | 0.50 | % | | | 8.17 | % | | 10/30/2031 | | | 3,266,898 | | | | 3,222,520 | | | | 3,177,058 | | | Innophos, Inc. | | Chemicals, Plastics, & Rubber | | Term Loan B | | Loan | | 1M USD SOFR+ 4.25% | | | 0.00 | % | | | 8.04 | % | | 3/16/2029 | | | 471,250 | | | | 469,569 | | | | 454,521 | | | IRB Holding Corporation | | Beverage, Food & Tobacco | | Term Loan B (11/25) | | Loan | | 1M USD SOFR+ 2.50% | | | 0.50 | % | | | 6.17 | % | | 12/16/2030 | | | 486,195 | | | | 483,914 | | | | 484,119 | | | Isagenix International, LLC (c) | | Beverage, Food & Tobacco | | Term Loan | | Loan | | 3M USD SOFR+ 2.50% | | | 0.00 | % | | | 2.50 | % | | 4/13/2028 | | | 1,509,341 | | | | 1,242,094 | | | | 75,467 | | | Isolved Inc. | | Services: Business | | Infinisource/iSolved 7/25 Cov-lite TL B | | Loan | | 1M USD SOFR+ 2.75% | | | 0.00 | % | | | 6.42 | % | | 10/15/2030 | | | 614,129 | | | | 609,564 | | | | 571,527 | | | Jane Street Group | | Banking, Finance, Insurance & Real Estate | | Term Loan B | | Loan | | 3M USD SOFR+ 2.00% | | | 0.00 | % | | | 5.82 | % | | 12/15/2031 | | | 3,800,000 | | | | 3,800,000 | | | | 3,675,132 | | | Journey Personal Care Corp. | | Consumer goods: Non-durable | | Term Loan B (11/24) | | Loan | | 1M USD SOFR+ 3.75% | | | 0.75 | % | | | 7.42 | % | | 3/1/2028 | | | 2,865,975 | | | | 2,840,446 | | | | 2,839,694 | | | JP Intermediate B, LLC | | Consumer goods: Non-durable | | Term Loan | | Loan | | 3M USD SOFR+ 7.00% | | | 1.00 | % | | | 10.67 | % | | 9/30/2030 | | | 233,182 | | | | 233,182 | | | | 186,546 | | | JP Intermediate B, LLC | | Consumer goods: Non-durable | | Term Loan (9/25) | | Loan | | 3M USD SOFR+ 5.50% | | | 0.00 | % | | | 9.17 | % | | 9/30/2032 | | | 1,103,261 | | | | 571,479 | | | | 551,630 | | | Koppers Inc | | Chemicals, Plastics, & Rubber | | Term Loan | | Loan | | 1M USD SOFR+ 2.50% | | | 0.50 | % | | | 6.18 | % | | 4/10/2030 | | | 975,206 | | | | 955,785 | | | | 968,701 | | | Lakeland Tours, LLC (c) | | Hotel, Gaming & Leisure | | Holdco Fixed Term Loan | | Loan | | Fixed 0.00% | | | 0.00 | % | | | 10.00 | % | | 9/27/2027 | | | 1,127,568 | | | | 818,937 | | | | 107,119 | | | Latham Pool Products, Inc. | | Consumer goods: Durable | | Term Loan 2/22 | | Loan | | 3M USD SOFR+ 3.75% | | | 0.50 | % | | | 7.72 | % | | 2/23/2029 | | | 980,422 | | | | 970,513 | | | | 974,706 | | | Lifetime Brands, Inc | | Consumer goods: Non-durable | | Term Loan | | Loan | | 1M USD SOFR+ 5.50% | | | 1.00 | % | | | 9.28 | % | | 8/26/2027 | | | 1,493,382 | | | | 1,491,106 | | | | 1,314,176 | | | LSF11 TRINITY BIDCO INC | | Aerospace & Defense | | Term Loan (9/25) | | Loan | | 1M USD SOFR+ 2.50% | | | 0.00 | % | | | 6.18 | % | | 6/17/2030 | | | 961,092 | | | | 951,264 | | | | 960,496 | | | LSF9 Atlantis Holdings, LLC (A Wireless) | | Retail | | Term Loan B (9/25) | | Loan | | 3M USD SOFR+ 3.75% | | | 0.75 | % | | | 7.42 | % | | 3/29/2029 | | | 2,539,884 | | | | 2,494,092 | | | | 2,528,785 | | | MAGNITE, INC. | | Services: Business | | Term Loan B | | Loan | | 1M USD SOFR+ 3.00% | | | 0.00 | % | | | 6.67 | % | | 2/6/2031 | | | 3,209,517 | | | | 3,185,690 | | | | 3,177,422 | | | Issuer Name | | Industry | | Asset Name | | Asset
Type | | Reference Rate/Spread | | SOFR/LIBOR Floor | | | Current Rate (All In) | | | Maturity Date | | Principal/
Number of Shares | | | Cost | | | Fair Value | | | Marriott Ownership Resorts, Inc. | | Hotel, Gaming & Leisure | | Term Loan B (3/24) | | Loan | | 1M USD SOFR+ 2.25% | | | 0.00 | % | | | 5.92 | % | | 4/1/2031 | | | 1,297,318 | | | | 1,297,318 | | | | 1,294,619 | | | Max US Bidco Inc. | | Beverage, Food & Tobacco | | Term Loan B | | Loan | | 3M USD SOFR+ 5.00% | | | 0.50 | % | | | 8.67 | % | | 10/3/2030 | | | 1,965,000 | | | | 1,867,659 | | | | 1,611,791 | | | McGraw-Hill Education, Inc. | | Media: Advertising, Printing & Publishing | | Term Loan B | | Loan | | 1M USD SOFR+ 2.75% | | | 0.50 | % | | | 6.42 | % | | 8/6/2031 | | | 579,182 | | | | 576,274 | | | | 577,282 | | | Michaels Companies Inc | | Retail | | Term Loan B (Magic Mergeco) | | Loan | | 3M USD SOFR+ 4.25% | | | 0.75 | % | | | 8.18 | % | | 4/8/2028 | | | 2,392,299 | | | | 2,385,209 | | | | 2,387,323 | | | MIWD Holdco II LLC | | Construction & Building | | Term Loan B2 (03/24) | | Loan | | 1M USD SOFR+ 2.75% | | | 0.00 | % | | | 6.42 | % | | 3/21/2031 | | | 492,525 | | | | 490,631 | | | | 488,462 | | | Moneygram International, Inc. | | Services: Business | | Term Loan B | | Loan | | 1M USD SOFR+ 4.75% | | | 0.50 | % | | | 8.41 | % | | 6/1/2030 | | | 2,933,988 | | | | 2,654,564 | | | | 1,915,483 | | | MPH Acquisition Holdings LLC (Multiplan) | | Services: Business | | First-Out Term Loan (01/25) | | Loan | | 3M USD SOFR+ 3.75% | | | 0.50 | % | | | 7.42 | % | | 12/31/2030 | | | 313,244 | | | | 287,511 | | | | 308,389 | | | NAB Holdings, LLC (North American Bancard) | | Banking, Finance, Insurance & Real Estate | | Term Loan B (2/25) | | Loan | | 3M USD SOFR+ 2.50% | | | 0.50 | % | | | 6.17 | % | | 11/24/2028 | | | 2,881,401 | | | | 2,879,478 | | | | 2,661,176 | | | Natgasoline LLC | | Chemicals, Plastics, & Rubber | | Term Loan (3/25) | | Loan | | 1M USD SOFR+ 5.50% | | | 0.00 | % | | | 9.17 | % | | 3/25/2030 | | | 3,208,542 | | | | 3,122,422 | | | | 3,220,574 | | | National Mentor Holdings, Inc. | | Healthcare & Pharmaceuticals | | Term Loan B | | Loan | | 1M USD SOFR+ 6.00% | | | 0.00 | % | | | 9.67 | % | | 12/5/2030 | | | 1,922,848 | | | | 1,921,097 | | | | 1,886,198 | | | Next Level Apparel, Inc. | | Retail | | Term Loan | | Loan | | 3M USD SOFR+ 7.50% | | | 1.00 | % | | | 12.89 | % | | 8/9/2026 | | | 2,317,073 | | | | 2,312,037 | | | | 1,567,894 | | | Nielsen Consumer Inc. | | Services: Business | | Term Loan (08/25) | | Loan | | 1M USD SOFR+ 2.25% | | | 0.50 | % | | | 5.92 | % | | 10/7/2030 | | | 2,154,574 | | | | 2,153,950 | | | | 2,079,164 | | | NortonLifeLock Inc. | | High Tech Industries | | Term Loan B (05/24) | | Loan | | 1M USD SOFR+ 1.75% | | | 0.50 | % | | | 5.42 | % | | 9/12/2029 | | | 955,000 | | | | 952,861 | | | | 928,737 | | | Nouryon Finance B.V. | | Chemicals, Plastics, & Rubber | | Term Loan B (10/24) | | Loan | | 6M USD SOFR+ 3.25% | | | 0.00 | % | | | 7.04 | % | | 4/3/2028 | | | 479,041 | | | | 476,798 | | | | 478,442 | | | Novae LLC | | Automotive | | Term Loan B | | Loan | | 3M USD SOFR+ 5.00% | | | 0.75 | % | | | 8.82 | % | | 12/22/2028 | | | 1,925,000 | | | | 1,918,692 | | | | 1,764,590 | | | Olaplex, Inc. | | Consumer goods: Non-durable | | Term Loan (2/22) | | Loan | | 3M USD SOFR+ 3.50% | | | 0.50 | % | | | 7.42 | % | | 2/23/2029 | | | 1,319,846 | | | | 1,288,190 | | | | 1,290,704 | | | Open Text Corporation | | High Tech Industries | | Term Loan B (08/23) | | Loan | | 1M USD SOFR+ 1.75% | | | 0.50 | % | | | 5.42 | % | | 1/31/2030 | | | 838,682 | | | | 822,775 | | | | 814,746 | | | Oxbow Carbon, LLC | | Metals & Mining | | Term Loan B (04/23) | | Loan | | 1M USD SOFR+ 3.50% | | | 0.50 | % | | | 7.17 | % | | 5/2/2030 | | | 460,397 | | | | 454,127 | | | | 459,103 | | | PACIFIC DENTAL SERVICES, LLC | | Healthcare & Pharmaceuticals | | Term Loan B (02//24) | | Loan | | 1M USD SOFR+ 2.50% | | | 0.00 | % | | | 6.17 | % | | 3/17/2031 | | | 1,179,075 | | | | 1,178,728 | | | | 1,177,436 | | | Padagis LLC | | Healthcare & Pharmaceuticals | | Term Loan | | Loan | | 3M USD SOFR+ 4.75% | | | 0.50 | % | | | 8.66 | % | | 7/6/2028 | | | 930,329 | | | | 926,455 | | | | 860,555 | | | PAR PETROLEUM LLC | | Energy: Oil & Gas | | Term Loan B (12/25) | | Loan | | 3M USD SOFR+ 3.25% | | | 0.50 | % | | | 6.95 | % | | 2/28/2030 | | | 2,433,760 | | | | 2,417,597 | | | | 2,434,272 | | | PATAGONIA HOLDCO LLC | | Telecommunications | | Term Loan B | | Loan | | 3M USD SOFR+ 5.75% | | | 0.50 | % | | | 9.41 | % | | 8/1/2029 | | | 2,917,234 | | | | 2,660,957 | | | | 2,042,063 | | | Pathway Partners Vet Management Company LLC (c) | | Consumer goods: Non-durable | | Term Loan B (03/25) | | Loan | | 3M USD SOFR+ 5.00% | | | 1.00 | % | | | 8.67 | % | | 6/30/2028 | | | - | | | | 6,950 | | | | - | | | PCI Gaming Authority | | Hotel, Gaming & Leisure | | Term Loan | | Loan | | 1M USD SOFR+ 2.00% | | | 0.00 | % | | | 5.67 | % | | 7/18/2031 | | | 782,573 | | | | 782,327 | | | | 780,460 | | | PEARLS (Netherlands) Bidco B.V. | | Chemicals, Plastics, & Rubber | | USD Term Loan (02/22) | | Loan | | 3M USD SOFR+ 3.25% | | | 0.50 | % | | | 6.92 | % | | 2/28/2029 | | | 962,978 | | | | 962,623 | | | | 798,068 | | | PEDIATRIC ASSOCIATES HOLDING COMPANY, LLC | | Healthcare & Pharmaceuticals | | Term Loan (12/22) | | Loan | | 3M USD SOFR+ 3.25% | | | 0.50 | % | | | 7.18 | % | | 12/29/2028 | | | 1,444,621 | | | | 1,442,234 | | | | 1,391,531 | | | Issuer Name | | Industry | | Asset Name | | Asset
Type | | Reference Rate/Spread | | SOFR/LIBOR Floor | | | Current Rate (All In) | | | Maturity Date | | Principal/
Number of Shares | | | Cost | | | Fair Value | | | Penn National Gaming, Inc | | Hotel, Gaming & Leisure | | Term Loan B | | Loan | | 1M USD SOFR+ 2.50% | | | 0.50 | % | | | 6.17 | % | | 5/3/2029 | | | 965,000 | | | | 962,640 | | | | 966,476 | | | Phoenix Guarantor Inc. | | Healthcare & Pharmaceuticals | | Term Loan B (12/24) | | Loan | | 1M USD SOFR+ 2.50% | | | 0.00 | % | | | 6.17 | % | | 2/21/2031 | | | 955,542 | | | | 955,542 | | | | 953,564 | | | PHYSICIAN PARTNERS, LLC (b) (c) | | Healthcare & Pharmaceuticals | | Term Loan B1 (1/25) | | Loan | | 3M USD SOFR+ 1.50% | | | 0.00 | % | | | 5.32 | % | | 12/31/2029 | | | 1,865,532 | | | | 985,648 | | | | 895,455 | | | Playtika Holding Corp. | | High Tech Industries | | Term Loan B (3/21) | | Loan | | 1M USD SOFR+ 2.75% | | | 0.00 | % | | | 6.54 | % | | 3/13/2028 | | | 4,286,250 | | | | 4,283,564 | | | | 3,974,168 | | | PointClickCare Technologies, Inc. | | High Tech Industries | | Term Loan (07/25) | | Loan | | 3M USD SOFR+ 2.75% | | | 0.00 | % | | | 6.42 | % | | 11/3/2031 | | | 478,962 | | | | 478,042 | | | | 474,474 | | | Polymer Process Holdings, Inc. | | Containers, Packaging & Glass | | Term Loan | | Loan | | 1M USD SOFR+ 4.75% | | | 0.75 | % | | | 8.54 | % | | 2/12/2028 | | | 3,942,289 | | | | 3,932,110 | | | | 2,534,340 | | | Pre-Paid Legal Services, Inc. | | Services: Consumer | | Term Loan (12/21) | | Loan | | 1M USD SOFR+ 3.25% | | | 0.50 | % | | | 6.92 | % | | 12/15/2028 | | | 2,888,325 | | | | 2,877,497 | | | | 2,451,466 | | | Prime Security Services Borrower, LLC (ADT) | | Services: Consumer | | Term Loan B | | Loan | | 1M USD SOFR+ 2.00% | | | 0.00 | % | | | 5.67 | % | | 10/13/2030 | | | 1,769,515 | | | | 1,757,142 | | | | 1,765,286 | | | Primo Brands Corporation | | Beverage, Food & Tobacco | | Term Loan B (01/25) | | Loan | | 3M USD SOFR+ 2.25% | | | 0.50 | % | | | 5.92 | % | | 3/31/2028 | | | 1,433,030 | | | | 1,430,561 | | | | 1,431,497 | | | PRIORITY HOLDINGS, LLC | | Services: Consumer | | Term Loan B (07/25) | | Loan | | 1M USD SOFR+ 3.75% | | | 0.50 | % | | | 7.42 | % | | 7/30/2032 | | | 2,830,585 | | | | 2,817,297 | | | | 2,761,009 | | | Project Leopard Holdings, Inc. (NEW) | | High Tech Industries | | Term Loan B (06/22) | | Loan | | 3M USD SOFR+ 5.25% | | | 0.50 | % | | | 9.02 | % | | 7/20/2029 | | | 970,000 | | | | 930,838 | | | | 603,825 | | | PUG LLC | | Services: Consumer | | Term Loan B (03/24) | | Loan | | 1M USD SOFR+ 4.75% | | | 0.00 | % | | | 8.42 | % | | 3/15/2030 | | | 244,372 | | | | 244,095 | | | | 236,022 | | | Quartz AcquireCo, LLC | | High Tech Industries | | Term Loan (2/25) | | Loan | | 3M USD SOFR+ 2.25% | | | 0.00 | % | | | 5.92 | % | | 6/28/2030 | | | 1,222,487 | | | | 1,215,995 | | | | 1,084,958 | | | Quikrete Holdings, Inc. | | Construction & Building | | Term Loan (2/25) | | Loan | | 1M USD SOFR+ 2.25% | | | 0.00 | % | | | 5.92 | % | | 4/14/2031 | | | 982,575 | | | | 980,934 | | | | 981,475 | | | Rackspace Technology Global, Inc. | | High Tech Industries | | Term Loan (3/24) | | Loan | | 1M USD SOFR+ 2.75% | | | 0.75 | % | | | 6.53 | % | | 5/15/2028 | | | 2,018,945 | | | | 1,329,862 | | | | 826,092 | | | Rackspace Technology Global, Inc. | | High Tech Industries | | Super-Priority Term Loan (03/24) | | Loan | | 1M USD SOFR+ 6.25% | | | 0.75 | % | | | 10.03 | % | | 5/15/2028 | | | 541,399 | | | | 538,133 | | | | 537,338 | | | RAND PARENT LLC | | Transportation: Cargo | | Term Loan B (01/25) | | Loan | | 3M USD SOFR+ 3.00% | | | 0.00 | % | | | 6.67 | % | | 3/18/2030 | | | 2,431,842 | | | | 2,374,944 | | | | 2,430,626 | | | RealPage, Inc. | | High Tech Industries | | Term Loan (04/21) | | Loan | | 3M USD SOFR+ 3.00% | | | 0.50 | % | | | 6.93 | % | | 4/24/2028 | | | 957,500 | | | | 957,300 | | | | 882,499 | | | Rent-A-Center, Inc. | | Retail | | Term Loan B (08/25) | | Loan | | 3M USD SOFR+ 2.75% | | | 0.50 | % | | | 6.42 | % | | 8/13/2032 | | | 1,825,515 | | | | 1,806,157 | | | | 1,820,951 | | | Research Now Group, Inc | | Media: Advertising, Printing & Publishing | | Term Loan (07/24) | | Loan | | 3M USD SOFR+ 5.00% | | | 1.00 | % | | | 8.91 | % | | 7/15/2028 | | | 335,333 | | | | 332,328 | | | | 330,303 | | | Research Now Group, Inc | | Media: Advertising, Printing & Publishing | | Second-Out Term Loan | | Loan | | 3M USD SOFR+ 5.50% | | | 1.00 | % | | | 9.41 | % | | 10/15/2028 | | | 2,858,408 | | | | 2,768,737 | | | | 1,667,881 | | | Resideo Funding Inc. | | Services: Consumer | | Term Loan B (12/24) | | Loan | | 1M USD SOFR+ 2.00% | | | 0.00 | % | | | 5.66 | % | | 2/11/2028 | | | 674,488 | | | | 674,488 | | | | 673,227 | | | Resolute Investment Managers (American Beacon), Inc. (c) | | Banking, Finance, Insurance & Real Estate | | Term Loan (12/23) | | Loan | | 3M USD SOFR+ 6.50% | | | 1.00 | % | | | 10.43 | % | | 10/30/2028 | | | 1,948,080 | | | | 1,948,081 | | | | 1,504,892 | | | Restoration Hardware, Inc. | | Retail | | Term Loan (9/21) | | Loan | | 1M USD SOFR+ 2.50% | | | 0.50 | % | | | 6.29 | % | | 10/20/2028 | | | 3,357,249 | | | | 3,355,349 | | | | 3,295,140 | | | Reynolds Consumer Products LLC | | Containers, Packaging & Glass | | Term Loan B (2/25) | | Loan | | 1M USD SOFR+ 1.75% | | | 0.00 | % | | | 5.42 | % | | 3/4/2032 | | | 931,115 | | | | 931,115 | | | | 935,771 | | | Ryan Specialty Group LLC | | Banking, Finance, Insurance & Real Estate | | Term Loan B (09/24) | | Loan | | 1M USD SOFR+ 2.00% | | | 0.00 | % | | | 5.67 | % | | 9/15/2031 | | | 1,441,374 | | | | 1,434,941 | | | | 1,437,771 | | | S&S HOLDINGS LLC | | Services: Business | | Term Loan | | Loan | | 1M USD SOFR+ 5.00% | | | 0.50 | % | | | 8.77 | % | | 3/10/2028 | | | 2,383,643 | | | | 2,361,520 | | | | 2,332,991 | | | Sally Holdings LLC | | Retail | | Term Loan B | | Loan | | 1M USD SOFR+ 1.75% | | | 0.00 | % | | | 5.42 | % | | 2/28/2030 | | | 318,750 | | | | 317,260 | | | | 319,349 | | | Schweitzer-Mauduit International, Inc. | | High Tech Industries | | Term Loan B | | Loan | | 1M USD SOFR+ 3.75% | | | 0.75 | % | | | 7.54 | % | | 4/20/2028 | | | 939,236 | | | | 937,872 | | | | 931,017 | | | Issuer Name | | Industry | | Asset Name | | Asset
Type | | Reference Rate/Spread | | SOFR/LIBOR Floor | | | Current Rate (All In) | | | Maturity Date | | Principal/
Number of Shares | | | Cost | | | Fair Value | | | Scientific Games Holdings LP | | Hotel, Gaming & Leisure | | Term Loan B | | Loan | | 3M USD SOFR+ 3.00% | | | 0.50 | % | | | 6.65 | % | | 4/4/2029 | | | 486,344 | | | | 485,950 | | | | 476,213 | | | Sedgwick Claims Management Services, Inc. | | Services: Business | | Term Loan B 2/23 | | Loan | | 1M USD SOFR+ 2.50% | | | 0.00 | % | | | 6.17 | % | | 7/31/2031 | | | 975,193 | | | | 970,172 | | | | 942,524 | | | SETANTA AIRCRAFT LEASING DAC | | Aerospace & Defense | | Term Loan B (05/24) | | Loan | | 3M USD SOFR+ 1.75% | | | 0.00 | % | | | 5.42 | % | | 11/5/2028 | | | 350,000 | | | | 349,707 | | | | 350,875 | | | Sitel Worldwide Corporation | | Services: Business | | USD Term Loan (7/21) | | Loan | | 3M USD SOFR+ 3.75% | | | 0.50 | % | | | 7.68 | % | | 8/28/2028 | | | 1,915,000 | | | | 1,912,199 | | | | 716,765 | | | SiteOne Landscape Supply, LLC | | Services: Business | | Term Loan B (06/24) | | Loan | | 1M USD SOFR+ 1.75% | | | 0.50 | % | | | 5.41 | % | | 3/23/2030 | | | 1,245,101 | | | | 1,241,692 | | | | 1,243,544 | | | Smyrna Ready Mix Concrete, LLC | | Construction & Building | | Term Loan B | | Loan | | 1M USD SOFR+ 3.00% | | | 0.00 | % | | | 6.67 | % | | 4/2/2029 | | | 505,257 | | | | 503,333 | | | | 505,677 | | | Sparta U.S. HoldCo LLC | | Chemicals, Plastics, & Rubber | | Term Loan | | Loan | | 1M USD SOFR+ 3.00% | | | 0.00 | % | | | 6.67 | % | | 8/2/2030 | | | 1,920,000 | | | | 1,917,584 | | | | 1,914,163 | | | SRAM, LLC | | Consumer goods: Durable | | Term Loan (02/25) | | Loan | | 1M USD SOFR+ 2.25% | | | 0.00 | % | | | 5.92 | % | | 2/23/2032 | | | 2,246,400 | | | | 2,245,458 | | | | 2,246,400 | | | STANDARD INDUSTRIES INC. | | Construction & Building | | Term Loan B | | Loan | | 1M USD SOFR+ 1.75% | | | 0.50 | % | | | 5.43 | % | | 9/22/2028 | | | 200,250 | | | | 199,674 | | | | 200,546 | | | Staples, Inc. | | Wholesale | | Term Loan B | | Loan | | 3M USD SOFR+ 5.75% | | | 0.50 | % | | | 9.41 | % | | 9/4/2029 | | | 4,220,701 | | | | 4,178,169 | | | | 3,766,976 | | | Star Parent, Inc. | | Services: Business | | Term Loan B (09/23) | | Loan | | 3M USD SOFR+ 4.00% | | | 0.00 | % | | | 7.67 | % | | 9/27/2030 | | | 1,228,125 | | | | 1,215,137 | | | | 1,187,340 | | | Storable, Inc | | High Tech Industries | | Term Loan B (3/25) | | Loan | | 1M USD SOFR+ 3.25% | | | 0.00 | % | | | 6.92 | % | | 4/16/2031 | | | 481,363 | | | | 481,250 | | | | 459,099 | | | Superannuation & Investments US LLC | | Banking, Finance, Insurance & Real Estate | | Superannuation and Investments/CFS 1/26 TL | | Loan | | 1M USD SOFR+ 2.50% | | | 0.50 | % | | | 6.17 | % | | 12/1/2028 | | | 960,175 | | | | 956,194 | | | | 953,876 | | | SupplyOne, Inc | | Wholesale | | Term Loan B (03/24) | | Loan | | 1M USD SOFR+ 3.50% | | | 0.00 | % | | | 7.17 | % | | 3/27/2031 | | | 491,288 | | | | 487,342 | | | | 492,978 | | | Sweetwater Borrower, LLC | | Retail | | Term Loan B (2/26) | | Loan | | 1M USD SOFR+ 4.00% | | | 0.00 | % | | | 7.66 | % | | 2/17/2033 | | | 1,895,910 | | | | 1,854,369 | | | | 1,898,280 | | | Syncsort Incorporated | | High Tech Industries | | Term Loan B (10/21) | | Loan | | 3M USD SOFR+ 4.00% | | | 0.75 | % | | | 7.93 | % | | 4/24/2028 | | | 2,394,950 | | | | 2,394,735 | | | | 2,037,216 | | | Ta TT Buyer LLC | | Media: Broadcasting & Subscription | | Term Loan B (6/24) | | Loan | | 3M USD SOFR+ 4.75% | | | 0.50 | % | | | 8.42 | % | | 4/2/2029 | | | 970,182 | | | | 964,903 | | | | 940,670 | | | Tenable Holdings, Inc. | | Services: Business | | Term Loan B (6/21) | | Loan | | 1M USD SOFR+ 2.75% | | | 0.50 | % | | | 6.54 | % | | 7/7/2028 | | | 960,000 | | | | 959,716 | | | | 954,605 | | | Thor Industries, Inc. | | Automotive | | Term Loan B (06/24) | | Loan | | 1M USD SOFR+ 2.25% | | | 0.00 | % | | | 5.92 | % | | 11/15/2030 | | | 94,142 | | | | 93,485 | | | | 93,906 | | | Torrid LLC | | Wholesale | | Term Loan 5/21 | | Loan | | 1M USD SOFR+ 5.50% | | | 0.75 | % | | | 9.29 | % | | 6/14/2028 | | | 2,922,221 | | | | 2,705,250 | | | | 1,168,888 | | | TORY BURCH LLC | | Retail | | Term Loan | | Loan | | 1M USD SOFR+ 3.25% | | | 0.50 | % | | | 7.04 | % | | 4/17/2028 | | | 2,260,738 | | | | 2,186,326 | | | | 2,253,956 | | | Tosca Services, LLC (c) | | Containers, Packaging & Glass | | Term Loan A (08/24) | | Loan | | 1M USD SOFR+ 5.50% | | | 1.50 | % | | | 9.17 | % | | 11/30/2028 | | | 80,509 | | | | 79,712 | | | | 81,224 | | | Trans Union LLC | | Banking, Finance, Insurance & Real Estate | | Term Loan B9 (11/24) | | Loan | | 1M USD SOFR+ 1.75% | | | 0.00 | % | | | 5.42 | % | | 6/24/2031 | | | 599,927 | | | | 599,530 | | | | 594,006 | | | Tronox Finance LLC | | Chemicals, Plastics, & Rubber | | Term Loan B (09/24) | | Loan | | 3M USD SOFR+ 2.50% | | | 0.00 | % | | | 6.17 | % | | 9/30/2031 | | | 343,454 | | | | 343,361 | | | | 267,035 | | | TruGreen Limited Partnership | | Services: Consumer | | Term Loan | | Loan | | 1M USD SOFR+ 4.00% | | | 0.75 | % | | | 7.77 | % | | 11/2/2027 | | | 925,281 | | | | 923,548 | | | | 908,700 | | | Ultra Clean Holdings, Inc. | | High Tech Industries | | Term Loan (09/25) | | Loan | | 1M USD SOFR+ 2.75% | | | 0.00 | % | | | 6.42 | % | | 2/25/2028 | | | 1,203,008 | | | | 1,201,345 | | | | 1,205,017 | | | Univision Communications Inc. | | Media: Broadcasting & Subscription | | Term Loan B (05/24) | | Loan | | 1M USD SOFR+ 3.50% | | | 0.50 | % | | | 7.29 | % | | 1/31/2029 | | | 2,379,366 | | | | 2,379,365 | | | | 2,371,442 | | | Univision Communications Inc. | | Media: Broadcasting & Subscription | | Term Loan B (6/22) | | Loan | | 3M USD SOFR+ 4.25% | | | 0.50 | % | | | 7.92 | % | | 6/25/2029 | | | 241,250 | | | | 237,262 | | | | 238,234 | | | Vaco Holdings, LLC | | Services: Business | | Term Loan (01/22) | | Loan | | 3M USD SOFR+ 5.00% | | | 0.75 | % | | | 8.82 | % | | 1/19/2029 | | | 2,271,234 | | | | 2,234,639 | | | | 1,704,243 | | | Vericast Corp. (c) | | Media: Advertising, Printing & Publishing | | Extended Term Loan (07/24) | | Loan | | 3M USD SOFR+ 7.75% | | | 1.00 | % | | | 11.42 | % | | 6/16/2026 | | | 1,259,184 | | | | 1,259,163 | | | | 1,212,758 | | | Verifone Systems, Inc. (c) | | Banking, Finance, Insurance & Real Estate | | Term Loan (03/25) | | Loan | | 3M USD SOFR+ 5.25% | | | 0.00 | % | | | 9.18 | % | | 8/21/2028 | | | 1,188,774 | | | | 1,188,361 | | | | 1,089,428 | | | Vertex Aerospace Services Corp | | Aerospace & Defense | | Term Loan (10/21) | | Loan | | 1M USD SOFR+ 2.25% | | | 0.75 | % | | | 5.92 | % | | 12/6/2030 | | | 962,997 | | | | 961,733 | | | | 962,997 | | | Vertiv Group Corporation | | Capital Equipment | | Term Loan | | Loan | | 1M USD SOFR+ 1.75% | | | 0.00 | % | | | 5.42 | % | | 8/12/2032 | | | 1,901,601 | | | | 1,901,601 | | | | 1,901,601 | | | Issuer Name | | Industry | | Asset Name | | Asset
Type | | Reference Rate/Spread | | SOFR/LIBOR Floor | | | Current Rate (All In) | | | Maturity Date | | Principal/
Number of Shares | | | Cost | | | Fair Value | | | Viasat Inc | | Telecommunications | | Term Loan (2/22) | | Loan | | 1M USD SOFR+ 4.50% | | | 0.50 | % | | | 8.29 | % | | 3/5/2029 | | | 2,907,129 | | | | 2,869,038 | | | | 2,906,780 | | | Vistra Operations Company LLC | | Energy: Electricity | | 2018 Incremental Term Loan | | Loan | | 1M USD SOFR+ 1.75% | | | 0.00 | % | | | 5.42 | % | | 12/20/2030 | | | 1,851,605 | | | | 1,850,971 | | | | 1,854,956 | | | Warner Music Group Corp. (WMG Acquisition Corp.) | | Hotel, Gaming & Leisure | | Term Loan J | | Loan | | 3M USD SOFR+ 1.75% | | | 0.00 | % | | | 5.57 | % | | 1/24/2031 | | | 1,250,000 | | | | 1,250,000 | | | | 1,251,563 | | | Watlow Electric Manufacturing Company | | High Tech Industries | | Term Loan B (03/21) | | Loan | | 3M USD SOFR+ 3.00% | | | 0.50 | % | | | 6.67 | % | | 3/2/2028 | | | 2,631,521 | | | | 2,627,980 | | | | 2,632,626 | | | WeddingWire, Inc. | | Services: Consumer | | Term Loan B (12/24) | | Loan | | 1M USD SOFR+ 3.75% | | | 0.00 | % | | | 7.42 | % | | 1/31/2028 | | | 4,725,068 | | | | 4,725,067 | | | | 4,032,042 | | | WEX Inc. | | Services: Business | | Term Loan B (11/24) | | Loan | | 1M USD SOFR+ 1.75% | | | 0.00 | % | | | 5.42 | % | | 3/31/2028 | | | 2,866,626 | | | | 2,864,574 | | | | 2,849,312 | | | Windsor Holdings III, LLC | | Chemicals, Plastics, & Rubber | | Term Loan B (02/25) | | Loan | | 1M USD SOFR+ 2.75% | | | 0.00 | % | | | 6.42 | % | | 8/1/2030 | | | 490,062 | | | | 490,062 | | | | 488,989 | | | Wyndham Hotels & Resorts, Inc. | | Hotel, Gaming & Leisure | | Term Loan (05/24) | | Loan | | 1M USD SOFR+ 1.75% | | | 0.00 | % | | | 5.42 | % | | 5/24/2030 | | | 977,613 | | | | 974,397 | | | | 980,330 | | | Xperi Corporation | | High Tech Industries | | Term Loan (1/25) | | Loan | | 1M USD SOFR+ 2.50% | | | 0.00 | % | | | 6.17 | % | | 6/8/2028 | | | 1,481,388 | | | | 1,481,214 | | | | 1,473,981 | | | Zayo Group, LLC (c) | | Telecommunications | | Term Loan (09/25) | | Loan | | 1M USD SOFR+ 3.00% | | | 0.00 | % | | | 6.79 | % | | 3/11/2030 | | | 620,347 | | | | 615,143 | | | | 596,308 | | | ZEBRA BUYER (Allspring) LLC | | Banking, Finance, Insurance & Real Estate | | Term Loan B (12/24) | | Loan | | 3M USD SOFR+ 3.00% | | | 0.50 | % | | | 6.69 | % | | 11/1/2030 | | | 1,838,369 | | | | 1,832,728 | | | | 1,832,909 | | | Zekelman Industries, Inc. | | Metals & Mining | | Term Loan B (03/24) | | Loan | | 1M USD SOFR+ 2.25% | | | 0.00 | % | | | 5.91 | % | | 1/24/2031 | | | 1,428,583 | | | | 1,427,966 | | | | 1,430,769 | | | Zest Acquisition Corp. | | Healthcare & Pharmaceuticals | | Term Loan (1/23) | | Loan | | 3M USD SOFR+ 5.25% | | | 0.00 | % | | | 8.92 | % | | 2/8/2028 | | | 1,940,000 | | | | 1,896,965 | | | | 1,828,450 | | | Zodiac Pool Solutions | | Consumer goods: Durable | | Term Loan (1/22) | | Loan | | 1M USD SOFR+ 1.93% | | | 0.50 | % | | | 5.70 | % | | 1/29/2029 | | | 480,000 | | | | 479,676 | | | | 479,280 | | | TOTAL INVESTMENTS | | | | | | | | | | | | | | | | | | | | | | | | $ | 382,812,855 | | | $ | 354,116,571 | |
| |
|
Number of
Shares |
|
|
Cost |
|
|
Fair Value |
|
| Cash and cash equivalents |
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. Bank Money Market (a) |
|
|
22,319,387 |
|
|
$ |
22,319,387 |
|
|
$ |
22,319,387 |
|
| Total cash and cash equivalents |
|
|
22,319,387 |
|
|
$ |
22,319,387 |
|
|
$ |
22,319,387 |
|
| (a) | Included within cash and cash equivalents in Saratoga CLO’s Statements of Assets and Liabilities as of February 28, 2026. | | | | | (b) | As of February 28, 2026, the investment was in default and on non-accrual status. | | | | | (c) | Investments include Payment-in-Kind Interest. | | | | | (d) | All or a portion of this investment has an unfunded commitment as of February 28, 2026. |
SOFR - Secured Overnight Financing Rate
1M SOFR - The 1-month SOFR rate as of February 28, 2026 was 3.86%.
3M SOFR - The 3-month SOFR rate as of February 28, 2026 was 3.79%.
6M SOFR - The 6-month SOFR rate as of February 28, 2026 was 3.70%.
Prime - The Prime Rate as of February 28, 2026 was 7.00%.
|