v3.26.1
Investments (Tables)
 3 Months Ended
May 31, 2026
Schedule of Investments [Line Items]  
Schedule of Fair Value Measurements of Investments, by Major Class

The following table presents fair value measurements of investments, by major class, as of May 31, 2026 (dollars in thousands), according to the fair value hierarchy:

 

   Fair Value Measurements   Valued Using Net Asset     
   Level 1   Level 2   Level 3   Value*   Total 
First lien term loans  $
-
   $
-
   $920,576   $
-
   $920,576 
Second lien term loans   
-
    
-
    42,725    
-
    42,725 
Unsecured term loans   
-
    
-
    15,667    
-
    15,667 
Structured finance securities   
-
    57,708    8,302    
-
    66,010 
Equity interests   
-
    
-
    76,382    4,974    81,356 
Total  $
-
   $57,708   $1,063,652   $4,974   $1,126,334 

 

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

 

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

 

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

 

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

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the three months ended May 31, 2026 (dollars in thousands):

 

   First lien term loans   Second lien term loans   Unsecured term loans   Structured finance securities   Equity interests   Total 
Balance as of February 28, 2026  $910,991   $42,707   $16,130   $8,422   $82,937   $1,061,187 
Payment-in-kind and other adjustments to cost   368    310    
-
    
-
    
-
    678 
Net accretion of discount on investments   775    38    
-
    
-
    
-
    813 
Net change in unrealized appreciation (depreciation) on investments   (11,433)   (330)   (463)   (120)   (6,567)   (18,913)
Purchases   67,652    
-
    
-
    
-
    500    68,152 
Sales and repayments   (47,777)   
-
    
-
    
-
    (638)   (48,415)
Net realized gain (loss) from investments   
-
    
-
    
-
    
-
    150    150 
Balance as of May 31, 2026  $920,576   $42,725   $15,667   $8,302   $76,382   $1,063,652 
Net change in unrealized appreciation (depreciation) for the period relating to those Level 3 assets that were still held by the Company at the end of the period  $(11,747)  $(330)  $(463)  $178   $(6,567)  $(18,929)

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the three months ended May 31, 2025 (dollars in thousands):

 

   First lien term loans   Second lien term loans   Unsecured term loans   Structured finance securities   Equity interests   Total 
Balance as of February 28, 2025  $867,866   $6,388   $16,534   $14,772   $69,437   $974,997 
Payment-in-kind and other adjustments to cost   455    267    
-
    (205)   
-
    517 
Net accretion of discount on investments   854    5    
-
    
-
    
-
    859 
Net change in unrealized appreciation (depreciation) on investments   367    (60)   101    (303)   643    748 
Purchases   33,796    
-
    
-
    
-
    3,356    37,152 
Sales and repayments   (61,761)   
-
    
-
    
-
    (3,305)   (65,066)
Net realized gain (loss) from investments   
-
    
-
    
-
    
-
    2,901    2,901 
Balance as of May 31, 2025  $841,577   $6,600   $16,635   $14,264   $73,032   $952,108 
Net change in unrealized appreciation (depreciation) for the year relating to those Level 3 assets that were still held by the Company at the end of the period  $850   $(60)  $102   $(110)  $1,750   $2,532 
Schedule of Valuation Techniques and Significant Unobservable Inputs Used in Recurring Level 3 Fair Value Measurements of Assets

The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of assets as of May 31, 2026 were as follows (dollars in thousands):

 

   Fair Value   Valuation Technique  Unobservable Input  Range   Weighted Average* 
First lien term loans  $920,576   Market Comparables  Market Yield (%)   8.1% - 41.3%    11.5%
           Revenue Multiples (x)   0.0x - 2.2x    2.2x
           EBITDA Multiples (x)   6.5x   6.5x
           Third-party Bid (x)   11.6x   11.6x
Second lien term loans   42,725   Market Comparables  Market Yield (%)   11.1% - 19.5%    12.7%
Unsecured term loans   15,667   Discounted Cash Flow  Discount Rate (%)   10.5%   10.5%
Structured finance securities   8,302   Discounted Cash Flow  Discount Rate (%)   9.0% - 70.0%    11.1%
           Recovery Rate (%)   70.0%   70.0%
           Prepayment Rate (%)   20.0%   20.0%
Equity interests   76,382   Market Comparables  Market Yield (%)   15.5%   0.1%
        Enterprise Value Waterfall  Revenue Multiples (x)   0.0x - 8.2x    6.0x
        Black-Scholes Modeling (x)  Volatility (%)   40.2%   40.2%
           EBITDA Multiples (x)   4.8x - 20.0x    9.7x
Total  $1,063,652                 

 

*The weighted average in the table above is calculated based on each investment’s fair value weighting, using the applicable unobservable input.

 

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

 

   Fair Value   Valuation Technique  Unobservable Input  Range   Weighted Average* 
First lien term loans  $910,991   Market Comparables  Market Yield (%)   8.3% - 30.9%    11.1%
           EBITDA Multiples (x)   12.1x   12.1x
Second lien term loans  $42,707   Market Comparables  Market Yield (%)   11.1% - 16.9%    12.2%
Unsecured term loans   16,130   Discounted Cash Flow  Discount Rate (%)   10.0%   10.0%
Structured finance securities   8,422   Discounted Cash Flow  Discount Rate (%)   8.50% - 70.0%    10.9%
           Recovery Rate (%)   70%   70.0%
           Prepayment Rate (%)   20.0%   20.0%
Equity interests   82,937   Market Comparables  Market Yield (%)   13.5%   0.1%
        Enterprise Value Waterfall  Revenue Multiples (x)   0.1x - 8.2x    6.0x
        Black-Scholes Modeling  Volatility (%)   38.7%   38.7%
           EBITDA Multiples (x)   0.5x - 20.0x    9.4x
Total  $1,061,187                 

 

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

The composition of our investments as of May 31, 2026 at amortized cost and fair value was as follows (dollars in thousands):

 

   Investments at Amortized Cost   Amortized Cost
Percentage of
Total Portfolio		   Investments at Fair Value   Fair Value Percentage of Total Portfolio 
First lien term loans  $941,446    80.6%  $920,576    81.7%
Second lien term loans   43,294    3.7    42,725    3.8 
Unsecured term loans   17,619    1.5    15,667    1.4 
Structured finance securities   89,961    7.7    66,010    5.9 
Equity interests   76,445    6.5    81,356    7.2 
Total  $1,168,765    100.0%  $1,126,334    100.0%

 

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

 

   Investments at Amortized Cost   Amortized Cost
Percentage of
Total Portfolio		   Investments at Fair Value   Fair Value Percentage of Total Portfolio 
First lien term loans  $920,429    81.0%  $910,991    82.1%
Second lien term loans   42,945    3.8    42,707    3.9 
Unsecured term loans   17,619    1.6    16,130    1.5 
Structured finance securities   78,962    6.9    54,834    4.9 
Equity interests   76,433    6.7    84,472    7.6 
Total  $1,136,388    100.0%  $1,109,134    100.0%
Schedule of Investments for SLF JV

The following table shows the schedule of investments for SLF JV as of May 31, 2026:

 

Company  Industry  Investment Interest Rate/
Maturity		  Original Acquisition Date  Principal/
Number of
Shares		   Cost   Fair Value   % of
Net Assets		 
Saratoga Investment Corp Senior Loan Fund 2022-1, Ltd  Structured Finance Securities  Other/Structured Finance Securities,
12.83% 10/20/2033		  10/28/2022   40,100,000   $26,740,650   $25,538,435    449.3%
TOTAL INVESTMENT                $26,740,650   $25,538,435    449.3%

 

   Number of Shares   Cost   Fair Value   % of
Net Assets		 
Money Market Funds (included in cash and cash equivalents) - 1.9% (b)                
Goldman Sachs Financial Square Government Fund (1)   108,698   $108,698   $108,698    1.9%
Total cash and cash equivalents and cash and cash equivalents, reserve accounts   108,698   $108,698   $108,698    1.9%

 

(1)Current yield as of May 31, 2026, was approximately 3.53% on the Goldman Sachs Financial Square Government Fund.

 

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

 

Company  Industry  Investment Interest Rate/
Maturity		  Original Acquisition Date  Principal/
Number of Shares		   Cost   Fair Value   % of
Net Assets		 
Saratoga Investment Corp Senior Loan Fund 2022-1, Ltd  Structured Finance Securities  Other/Structured Finance Securities,
3.58% 10/20/2033		  10/28/2022   40,100,000   $27,873,499   $21,825,598    1243.77%
TOTAL INVESTMENT                $27,873,499   $21,825,598    1243.77%
   Number of Shares   Cost   Fair Value   % of
Net Assets		 
Money Market Funds (included in cash and cash equivalents) - 1.1% (b)                
Goldman Sachs Financial Square Government Fund (1)   83,648   $83,648   $83,648    4.77%
Total cash and cash equivalents and cash and cash equivalents, reserve accounts   83,648   $83,648   $83,648    4.77%

 

(1)Current yield as of February 28, 2026, was approximately 3.59% on the Goldman Sachs Financial Square Government Fund.
Saratoga CLO [Member]  
Schedule of Investments [Line Items]  
Schedule of Statements of Assets and Liabilities

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 
Schedule of Consolidated Statements of Operations
   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)
Schedule of Financial Statements of Saratoga CLO
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.
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.