v3.26.1
Investments
 6 Months Ended
Jun. 30, 2026
Schedule of Investments [Abstract]  
Investments Investments
At June 30, 2026, the Company's investments consisted of the following:
Investment Cost and Fair Value by Type
CostFair Value
First lien$1,510,307 $1,453,636 
Second lien88,279 74,299 
Subordinated98,129 98,429 
Structured Finance Obligations3,232 3,191 
Equity and other764,481 660,250 
Total investments$2,464,428 $2,289,805 

Investment Cost and Fair Value by Industry
CostFair Value
Business Services$515,611 $473,876 
Software405,761 378,288 
Healthcare398,944 368,847 
Investment Funds (includes investments in joint ventures)275,632 266,595 
Consumer Services144,795 139,986 
Financial Services & Technology128,804 132,238 
Net Lease83,623 121,408 
Education199,121 118,313 
Distribution & Logistics109,253 99,060 
Packaging88,305 89,056 
Energy78,754 67,816 
Food & Beverage21,100 21,250 
Consumer Products14,725 13,072 
Total investments$2,464,428 $2,289,805 
At December 31, 2025, the Company’s investments consisted of the following:
Investment Cost and Fair Value by Type
CostFair Value
First lien$1,854,022 $1,818,215 
Second lien104,890 91,179 
Subordinated128,705 121,487 
Structured Finance Obligations 3,232 3,277 
Equity and other821,266 707,855 
Total investments$2,912,115 $2,742,013 

Investment Cost and Fair Value by Industry
CostFair Value
Software$533,638 $526,440 
Business Services573,549 516,701 
Healthcare517,598 463,591 
Investment Funds (includes investments in joint ventures)275,632 275,677 
Consumer Services193,415 192,842 
Financial Services & Technology165,745 172,215 
Distribution & Logistics162,382 158,599 
Education195,960 118,507 
Net Lease81,370 115,127 
Packaging76,052 75,324 
Energy75,771 65,833 
Food & Beverage21,193 21,177 
Business Products15,897 16,026 
Consumer Products14,283 14,283 
Specialty Chemicals & Materials9,630 9,671 
Total investments$2,912,115 $2,742,013 
As of June 30, 2026, the Company's aggregate principal amount of its subordinated position and first lien term loans in American Achievement Corporation ("AAC") was $5,230 and $31,406, respectively. During the first quarter of 2021, the Company placed an aggregate principal amount of $5,230 of its subordinated position on non-accrual status. During the third quarter of 2021, the Company placed an initial aggregate principal amount of $13,479 of its first lien term loans on non-accrual status. During the third quarter of 2023, the Company placed the remaining aggregate principal amount of $17,927 of its first lien term loans on non-accrual status. As of June 30, 2026, the Company's positions in AAC on non-accrual status had total unearned interest income of $1,417 and $2,784, respectively, for the three and six months then ended.
During the second quarter of 2024, the Company placed its junior Series B preferred shares in Eclipse Topco Holdings, Inc. (fka Transcendia Holdings, Inc.) ("Transcendia") on non-accrual status. As of June 30, 2026, the Company's junior preferred shares in Transcendia had total unearned income of $124 and $242, respectively, for the three and six months then ended.
During the first quarter of 2026, the Company placed its first lien positions in Convey Health Solutions, Inc. ("Convey") on non-accrual status. As of June 30, 2026, the Company's first lien positions in Convey had total unearned income of $359 and $687, respectively, for the three and six months then ended.
During the second quarter of 2026, the Company placed its Series A preferred shares in Symplr Software Intermediate Holdings, Inc. ("Symplr") on non-accrual status. As of June 30, 2026, the Company's preferred shares in Symplr had total unearned income of $709 and $709, respectively, for the three and six months then ended.
For a discussion of the Company's unfunded commitments, see Note 9. Commitments and Contingencies.
PPVA Black Elk (Equity) LLC
On May 3, 2013, the Company entered into a collateralized securities purchase and put agreement (the “SPP Agreement”) with a private hedge fund. Under the SPP Agreement, the Company purchased twenty million Class E Preferred Units of Black Elk Energy Offshore Operations, LLC (“Black Elk”) for $20,000 with a corresponding obligation of the private hedge fund, PPVA Black Elk (Equity) LLC, to repurchase the preferred units for $20,000 plus other amounts due under the SPP Agreement. The majority owner of Black Elk was the private hedge fund. In August 2014, the Company received a payment of $20,540, the full amount due under the SPP Agreement.
In August 2017, a trustee (the “Trustee”) for Black Elk informed the Company that the Trustee intended to assert a fraudulent conveyance claim (the “Claim”) against the Company and one of its affiliates seeking the return of the $20,540 repayment. Black Elk filed a Chapter 11 bankruptcy petition pursuant to the U.S. Bankruptcy Code in August 2015. The Trustee alleged that individuals affiliated with the private hedge fund conspired with Black Elk and others to improperly use proceeds from the sale of certain Black Elk assets to repay, in August 2014, the private hedge fund’s obligation to the Company under the SPP Agreement. The Company was unaware of these claims at the time the repayment was received. The private hedge fund is currently in liquidation under the laws of the Cayman Islands.
On December 22, 2017, the Company settled the Trustee’s $20,540 Claim for $16,000 and filed a claim with the Cayman Islands joint official liquidators of the private hedge fund for $16,000 that is owed to the Company under the SPP Agreement. As a result of the settlement and the counterparty's failure to satisfy its contractual obligations, the Company's rights under the SPP Agreement have been converted into a contractual claim being pursued through the Cayman Islands liquidation proceedings. Accordingly, the Company no longer classifies the asset as a collateralized securities purchase and put agreement and instead classifies the position as a claim. During the year ended December 31, 2018, the Company received a $1,500 payment from its insurance carrier in respect to the settlement. As of June 30, 2026, the claim had a cost basis of $14,500 and a fair value of $2,755. As of December 31, 2025, the SPP Agreement had a cost basis of $14,500 and a fair value of $6,525.
NMFC Senior Loan Program III LLC
NMFC Senior Loan Program III LLC ("SLP III") was formed as a Delaware limited liability company and commenced operations on April 25, 2018. SLP III is structured as a private joint venture investment fund between the Company and SkyKnight Income II, LLC (“SkyKnight II”) and operates under a limited liability company agreement (the "SLP III Agreement"). The purpose of the joint venture is to invest primarily in senior secured loans issued by portfolio companies within the Company's core industry verticals. These investments are typically broadly syndicated first lien loans. All investment decisions must be unanimously approved by the board of managers of SLP III, which has equal representation from the Company and SkyKnight II. SLP III initially had a five year investment period and will continue in existence until August 7, 2030. On August 6, 2025, the investment period was extended until August 7, 2028. The investment period may be extended for up to one additional year subject to certain conditions.
SLP III is capitalized with equity contributions which are called from its members, on a pro-rata basis based on their equity commitments, as transactions are completed. Any decision by SLP III to call down on capital commitments requires approval by the board of managers of SLP III. As of June 30, 2026, the Company and SkyKnight II have committed and contributed $160,000 and $40,000, respectively, of equity to SLP III. The Company’s investment in SLP III is disclosed on the Company’s Consolidated Schedule of Investments as of June 30, 2026 and December 31, 2025.
On May 2, 2018, SLP III entered into its revolving credit facility with Citibank, N.A. As of the amendment on August 6, 2025, the maturity date of SLP III's revolving credit facility was extended from January 8, 2029 to August 6, 2030, and the reinvestment period was extended from July 8, 2027 to August 7, 2028.
On August 6, 2025, SLP III entered into an amendment to add a subordinate lender (“Class B lenders”) to the existing lender (“Class A lenders”). As of the amendment on August 6, 2025, SLP III's revolving credit facility has a maximum borrowing capacity of $941,000 of which $830,000 of the facility amount is attributed to Class A lenders and $111,000 is attributed to Class B lenders. Prior to the amendment on August 6, 2025, SLP III's revolving credit facility had a maximum borrowing capacity of $600,000, with the full amount attributable to one class of lenders. As of the amendment on August 6, 2025, during the reinvestment period, Class A advances bear interest at a rate of the Secured Overnight Financing Rate ("SOFR") plus 1.50%, and after the reinvestment period Class A advances will bear interest at a rate of the SOFR plus 1.80% and Class B advances bear interest at a rate of the SOFR plus 4.75%, and after the reinvestment period Class B advances will bear interest at a rate of the SOFR plus 5.05%. From July 3, 2024 to August 6, 2025, during the reinvestment period, the credit facility bore interest at a rate of the SOFR plus 1.65%, and after the reinvestment period it bore interest at a rate of SOFR plus 1.95%. From June 23, 2023 to July 3, 2024, during the reinvestment period, the credit facility bore interest at a rate of the SOFR plus 1.80%, and after the reinvestment period it bore interest at a rate of SOFR plus 2.10%.
As of June 30, 2026 and December 31, 2025, SLP III had total investments with an aggregate fair value of approximately $919,844 and $941,427, respectively, and debt outstanding under its credit facility of $800,700 and $672,700, respectively. Additionally, as of June 30, 2026 and December 31, 2025, SLP III had unfunded commitments in the form of delayed draws of $4,400 and $6,867, respectively.
During the first quarter of 2026, SLP III placed its first lien positions in Convey on non-accrual status. As of June 30, 2026, SLP III's first lien positions in Convey had total unearned income of $208 and $416, respectively, for the three and six months then ended.
Below is a summary of SLP III's portfolio, along with a listing of the individual investments in SLP III's portfolio as of June 30, 2026 and December 31, 2025:
June 30, 2026December 31, 2025
First lien investments (1)$990,055 $971,559 
Weighted average interest rate on first lien investments (2)7.45 %8.36 %
Number of portfolio companies in SLP III105 105 
Largest portfolio company investment (1)$19,692 $19,791 
Total of five largest portfolio company investments (1)$93,091 $93,239 
(1)Reflects principal amount or par value of investment.
(2)Computed as the all in interest rate in effect on accruing investments divided by the total principal amount of investments.
The following table is a listing of the individual investments in SLP III's portfolio as of June 30, 2026:
Portfolio Company and Type of InvestmentIndustryReference SpreadInterest Rate (1)Maturity Date Principal Amount or Par Value CostFair
Value (2)
Funded Investments - First lien
Accelya Lux Finco S.a r.l.Business ServicesSOFR(Q)5.25%8.98%10/2032$16,404 $16,099 $15,625 
ADMI Corp. (aka Aspen Dental)HealthcareSOFR(M)3.75%7.51%12/20272,315 2,312 2,082 
AmSpec Parent, LLCEnergySOFR(Q)3.00%7.23%12/20319,445 9,431 9,489 
Ardonagh Midco 3 LimitedBusiness ServicesSOFR(S)3.00%6.63%02/20311,980 1,972 1,922 
Asurion, LLCBusiness ServicesSOFR(Q)4.25%7.91%09/20303,600 3,508 3,569 
Asurion, LLCBusiness ServicesSOFR(Q)4.25%7.91%09/20301,975 1,950 1,956 
Asurion, LLCBusiness ServicesSOFR(Q)3.75%7.41%02/203312,968 12,905 12,296 
athenahealth Group Inc.HealthcareSOFR(M)3.25%6.89%02/20323,086 3,086 3,058 
BCPE Empire Holdings, Inc.Distribution & LogisticsSOFR(M)3.25%6.89%12/203010,916 10,866 10,787 
BCPE Empire Holdings, Inc.Distribution & LogisticsSOFR(M)3.50%7.14%12/20327,164 7,062 7,090 
Bella Holding Company, LLCHealthcareSOFR(M)3.25%6.89%06/20337,702 7,625 7,648 
Berlin Packaging L.L.C.PackagingSOFR(Q)3.25%6.97%06/20318,691 8,690 8,659 
BIFM CA Buyer Inc.Business ServicesSOFR(M)3.25%6.89%05/20289,004 8,990 9,044 
Capstone Borrower, Inc.Business ServicesSOFR(Q)2.75%6.48%06/20309,106 8,681 8,757 
Cardinal Parent, Inc.Financial Services & TechnologySOFR(Q)4.50%8.38%11/202711,566 11,481 10,246 
Chrysaor Bidco S.a r.l.Financial Services & TechnologySOFR(Q)3.00%6.67%10/20312,105 2,105 2,111 
Citrin Cooperman Advisors LLCFinancial Services & TechnologySOFR(Q)3.00%6.73%04/20328,427 8,389 8,213 
Cleanova US Holdings LLCBusiness ProductsSOFR(Q)4.75%8.41%06/203217,411 17,258 17,091 
Cloudera, Inc.SoftwareSOFR(M)3.75%7.49%10/202813,989 13,858 10,919 
Clydesdale Acquisition Holdings, Inc.PackagingSOFR(M)3.25%6.89%04/20329,289 9,285 8,945 
Cohnreznick Advisory LLCFinancial Services & TechnologySOFR(Q)3.25%6.98%03/20329,560 9,533 9,349 
Confluent Health, LLCHealthcareSOFR(M)4.00%7.76%11/20284,579 4,569 4,084 
Confluent Medical Technologies, Inc.HealthcareSOFR(Q)3.00%6.73%02/20296,706 6,691 6,748 
ConnectWise, LLCSoftwareSOFR(Q)3.50%7.49%09/202811,452 11,444 10,577 
Convey Health Solutions, Inc.HealthcareSOFR(Q)(3)
1.31% + 3.94%/PIK
9.08%07/20298,814 8,707 1,103 
CoreLogic, Inc. (fka First American Corporation, The)Business ServicesSOFR(M)3.50%7.26%06/2028796 786 788 
Cornerstone OnDemand, Inc.SoftwareSOFR(M)3.75%7.51%10/20282,520 2,515 1,617 
CVET Midco 2, L.P.Distribution & LogisticsSOFR(Q)5.00%8.73%10/20299,656 9,395 9,378 
Dayforce Bidco, LLCSoftwareSOFR(Q)3.00%6.66%02/20335,549 5,382 5,076 
Dealer Tire Financial, LLCDistribution & LogisticsSOFR(M)3.00%6.64%07/203111,377 11,334 11,306 
DG Investment Intermediate Holdings 2, Inc.Business ServicesSOFR(M)3.25%6.89%07/20328,958 8,921 8,986 
Discovery Purchaser CorporationSpecialty Chemicals & MaterialsSOFR(Q)3.75%7.41%10/202910,150 9,917 10,123 
EAB Global, Inc.EducationSOFR(M)3.00%6.64%08/203010,031 9,850 9,066 
Eagle Parent Corp.Business ServicesSOFR(Q)4.25%7.98%04/202913,794 13,659 13,894 
Eisner Advisory Group LLCFinancial Services & TechnologySOFR(M)4.00%7.64%02/203111,285 11,191 11,107 
Embecta Corp.HealthcareSOFR(Q)3.00%6.73%03/20293,767 3,775 3,000 
Finastra USA, Inc.Financial Services & TechnologySOFR(S)4.00%7.75%09/203212,342 12,235 11,410 
First Advantage Holdings, LLCBusiness ServicesSOFR(Q)2.75%6.48%10/20311,271 1,260 1,258 
Flash Charm, Inc.SoftwareSOFR(Q)3.50%7.16%03/202810,334 10,338 8,067 
FNZ Group Entities LimitedFinancial Services & TechnologySOFR(Q)5.00%8.66%11/203110,126 9,959 8,106 
Forgent Power LLCBusiness ProductsSOFR(Q)2.25%5.95%12/203212,717 12,597 12,776 
Foundational Education Group, Inc.EducationSOFR(Q)4.25%8.18%08/202813,990 13,925 13,010 
Groundworks, LLCBusiness ServicesSOFR(M)3.00%6.65%03/203110,049 10,021 10,022 
Portfolio Company and Type of InvestmentIndustryReference SpreadInterest Rate (1)Maturity Date Principal Amount or Par Value CostFair
Value (2)
Heartland Dental, LLCHealthcareSOFR(M)3.50%7.14%08/2032$13,826 $13,795 $13,852 
Help/Systems Holdings, Inc.SoftwareSOFR(Q)6.00%9.77%05/202911,085 11,068 8,452 
HIG Finance 2 LimitedFinancial Services & TechnologySOFR(M)2.75%6.39%02/20316,467 6,286 6,089 
HIG Operations Holdings, Inc.Business ServicesSOFR(M)4.50%8.14%06/203111,790 11,750 11,790 
HIG Operations Holdings, Inc.Business ServicesSOFR(M)4.50%8.14%06/20311,118 1,118 1,118 
Houghton Mifflin Harcourt CompanyEducationSOFR(Q)5.25%9.01%04/20297,945 7,800 6,313 
HP PHRG Borrower, LLCConsumer ServicesSOFR(Q)4.00%7.73%02/203216,558 16,458 16,475 
Inizio Group LimitedHealthcareSOFR(Q)4.25%8.08%08/202812,747 12,683 12,233 
Jones DesLauriers Insurance Management Inc.Business ServicesSOFR(Q)3.00%6.66%02/20337,761 7,641 7,449 
Kaseya Inc.SoftwareSOFR(Q)3.25%6.91%03/203212,756 12,734 9,928 
KnowBe4, Inc.EducationSOFR(Q)3.75%7.41%07/20327,137 7,136 5,603 
LI Group Holdings, Inc.EducationSOFR(M)3.50%7.26%03/20283,010 3,008 3,009 
LSCS Holdings, Inc.HealthcareSOFR(Q)4.50%8.23%03/203214,788 14,705 14,543 
LTR Intermediate Holdings, Inc.Specialty Chemicals & MaterialsSOFR(M)3.75%7.39%12/20327,897 7,860 7,925 
Marcel Bidco LLC (Marcel Bidco GmbH)SoftwareSOFR(M)3.00%6.62%11/20305,039 5,000 4,919 
Mavis Tire Express Services Topco, Corp.RetailSOFR(Q)3.00%6.67%05/202812,530 12,495 12,526 
MED ParentCo, LPHealthcareSOFR(M)3.00%6.64%04/203110,328 10,291 10,352 
Michael Baker International, LLCBusiness ServicesSOFR(Q)4.00%7.66%12/20285,506 5,506 5,511 
Michael Baker International, LLCBusiness ServicesSOFR(Q)4.50%8.23%12/20282,168 2,112 2,170 
Neon Maple Purchaser Inc.Financial Services & TechnologySOFR(M)2.50%6.14%11/20315,731 5,735 5,597 
Nexus Buyer LLCFinancial Services & TechnologySOFR(M)4.00%7.64%07/203113,941 13,876 13,526 
Nielsen Consumer, Inc.Business ServicesSOFR(M)2.25%5.89%10/20305,742 5,395 5,685 
Oak-Eagle Acquireco, Inc.Consumer ServicesSOFR(M)3.50%6.73%03/20335,470 5,388 5,490 
Oceankey (U.S.) II Corp.SoftwareSOFR(M)3.50%7.24%12/202813,941 13,945 13,395 
Orbit Private Holdings I LtdFinancial Services & TechnologySOFR(S)3.75%7.60%12/20319,339 9,306 9,347 
Orion Midco LtdFinancial Services & TechnologySOFR(Q)3.50%7.17%10/203210,277 10,267 10,295 
Osaic Holdings, Inc.Financial Services & TechnologySOFR(Q)2.50%6.23%07/20325,561 5,561 5,496 
Osmose Utilities Services, Inc.Specialty Chemicals & MaterialsSOFR(M)3.25%7.01%06/202813,878 13,455 13,818 
Outcomes Group Holdings, Inc.HealthcareSOFR(M)3.00%6.64%05/20314,067 4,055 4,084 
OVG Business Services, LLCBusiness ServicesSOFR(M)3.00%6.64%06/20312,755 2,742 2,762 
Pearls (Netherlands) Bidco B.V.Specialty Chemicals & MaterialsSOFR(Q)3.25%6.91%02/20294,336 4,178 3,965 
Perforce Software, Inc.SoftwareSOFR(M)4.75%8.39%03/20314,015 4,001 2,072 
Physician Partners, LLCHealthcareSOFR(Q)6.00%9.73%12/20293,344 3,235 3,335 
Physician Partners, LLCHealthcareSOFR(Q)
1.50% + 2.50%/PIK
7.88%12/20292,840 2,827 2,580 
Pioneer AcquisitionCo, LLCBusiness ServicesSOFR(Q)2.50%6.15%10/20327,904 7,886 7,919 
Planview Parent, Inc.SoftwareSOFR(Q)3.50%7.23%12/202713,435 13,355 11,617 
Project Alpha Intermediate Holding, Inc.SoftwareSOFR(Q)3.25%6.98%10/203013,437 13,253 9,816 
Pushpay USA Inc.Financial Services & TechnologySOFR(M)3.75%7.39%08/203113,833 13,815 13,003 
Quartz AcquireCo, LLCBusiness ServicesSOFR(Q)2.25%5.98%06/20302,625 2,617 2,202 
RealPage, Inc.SoftwareSOFR(Q)3.00%6.99%04/20285,523 5,513 5,176 
RealPage, Inc.SoftwareSOFR(Q)3.75%7.48%04/20287,441 7,348 7,015 
Rithum Holdings, Inc. (fka CommerceHub, Inc.)SoftwareSOFR(Q)4.75%8.48%07/203215,666 15,571 14,833 
Portfolio Company and Type of InvestmentIndustryReference SpreadInterest Rate (1)Maturity Date Principal Amount or Par Value CostFair
Value (2)
RLG Holdings, LLCPackagingSOFR(Q)4.25%8.18%07/2028$7,069 $6,855 $4,069 
RxB Holdings, Inc.HealthcareSOFR(M)5.00%8.64%12/20305,124 5,030 5,117 
Secretariat Advisors LLCBusiness ServicesSOFR(Q)4.00%7.73%02/20329,741 9,709 9,577 
Secure Acquisition, Inc.PackagingSOFR(M)3.75%7.39%12/20283,829 3,828 3,831 
SonarSource Financing, LLCSoftwareSOFR(Q)4.50%8.18%12/203011,270 11,114 10,509 
Sovos Compliance, LLC (fka Taxware, LLC)SoftwareSOFR(M)3.25%6.89%08/202911,063 10,966 10,398 
Spring Education Group, Inc.EducationSOFR(Q)3.25%6.98%10/203013,096 12,994 13,085 
STATS Intermediate Holdings, LLCBusiness ServicesSOFR(Q)7.00%10.67%04/20309,975 9,626 9,663 
Storable, Inc.SoftwareSOFR(M)3.25%6.89%04/20319,907 9,832 8,891 
Summit Acquisition Inc.Business ServicesSOFR(M)3.50%7.14%10/20316,438 6,413 6,443 
Sword Purchaser, LLCPackagingSOFR(M)4.00%7.64%04/20334,460 4,237 4,358 
Symplr Software, Inc.HealthcareSOFR(Q)4.50%8.26%12/202715,160 15,125 9,998 
Team.blue Finco SARLSoftwareSOFR(Q)3.25%6.98%07/20328,542 8,551 8,190 
Tegra118 Wealth Solutions, Inc.Financial Services & TechnologySOFR(Q)4.00%7.67%01/203311,756 11,668 11,808 
Tempo Acquisition, LLCBusiness ServicesSOFR(M)1.75%5.39%08/20282,134 1,798 1,810 
Therapy Brands Holdings LLCHealthcareSOFR(Q)4.00%7.93%05/20283,954 3,947 3,663 
Thermostat Purchaser III, Inc.Business ServicesSOFR(Q)4.25%7.98%08/202813,437 13,432 13,306 
Tricorbraun Holdings, Inc.PackagingSOFR(M)3.25%6.89%03/203111,064 11,028 10,380 
UKG Inc.SoftwareSOFR(Q)2.25%5.91%02/20315,283 5,192 4,987 
US Fertility Enterprises, LLCHealthcareSOFR(Q)3.25%6.98%12/20327,515 7,479 7,548 
Valcour Packaging, LLCPackagingSOFR(M)5.25%8.89%10/202811,195 11,267 11,208 
Valcour Packaging, LLCPackagingSOFR(M)3.75%7.50%10/20283,212 3,212 2,575 
Viant Medical Holdings, Inc.HealthcareSOFR(M)4.00%7.64%10/203111,396 11,377 10,758 
VSTG Intermediate Holdings, Inc.Business ServicesSOFR(Q)3.75%7.48%07/202911,131 11,124 10,957 
VT Topco, Inc.Business ServicesSOFR(M)3.00%6.64%08/203011,115 10,964 10,922 
Xplor T1, LLCFinancial Services & TechnologySOFR(Q)3.25%6.91%12/203219,692 19,612 18,116 
Zelis Cost Management Buyer, Inc.HealthcareSOFR(M)3.25%6.89%11/203119,365 19,367 18,935 
Zest Acquisition Corp.HealthcareSOFR(Q)5.25%8.92%02/20285,209 5,150 5,209 
Total Funded Investments$985,655 $977,224 $919,954 
Unfunded Investments - First lien
Citrin Cooperman Advisors LLCFinancial Services & Technology——04/2027$2,273 $(23)$(80)
Cohnreznick Advisory LLCFinancial Services & Technology——03/2027555 — (12)
Secretariat Advisors LLCBusiness Services——02/20271,189 1 (20)
US Fertility Enterprises, LLCHealthcare——12/2027383 (2)2 
Total Unfunded Investments$4,400 $(24)$(110)
Total Investments$990,055 $977,200 $919,844 
(1)All interest is payable in cash unless otherwise indicated. All of the variable rate debt investments bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (SOFR). For each investment, the current interest rate provided reflects the rate in effect as of June 30, 2026.
(2)Represents the fair value in accordance with Accounting Standards Codification Topic 820, Fair Value Measurement and Disclosures ("ASC 820"). The Company's board of directors does not determine the fair value of the investments held by SLP III.
(3)Investment is on non-accrual status as of June 30, 2026.
The following table is a listing of the individual investments in SLP III's portfolio as of December 31, 2025:
Portfolio Company and Type of InvestmentIndustry (3)ReferenceSpreadInterest Rate (1)Maturity DatePrincipal Amount or Par Value CostFair
Value (2)
Funded Investments - First lien
Accelya Lux Finco S.a r.l.Business ServicesSOFR(Q)5.25%8.92%10/2032$16,487 $16,162 $16,435 
ADMI Corp. (aka Aspen Dental)HealthcareSOFR(M)3.75%7.58%12/20272,327 2,323 2,214 
AmSpec Parent, LLCEnergySOFR(Q)3.50%7.17%12/20319,493 9,478 9,540 
Ardonagh Midco 3 LimitedBusiness ServicesSOFR(S)2.75%6.92%02/20311,990 1,982 1,990 
Asurion, LLCBusiness ServicesSOFR(M)4.25%8.07%08/202813,000 12,931 13,039 
Asurion, LLCBusiness ServicesSOFR(M)4.25%7.97%09/20303,618 3,517 3,621 
Asurion, LLCBusiness ServicesSOFR(M)4.25%7.97%09/20301,985 1,958 1,988 
athenahealth Group Inc.HealthcareSOFR(M)2.75%6.47%02/202912,117 12,005 12,155 
Bach Finance LimitedEducationSOFR(Q)2.75%6.57%01/20322,107 2,103 2,117 
BCPE Empire Holdings, Inc.Distribution & LogisticsSOFR(M)3.25%6.97%12/203011,821 11,761 11,718 
Bella Holding Company, LLCHealthcareSOFR(M)3.00%6.72%05/20287,722 7,707 7,760 
Berlin Packaging L.L.C.PackagingSOFR(M)3.25%7.11%06/20318,735 8,734 8,765 
BIFM CA Buyer Inc.Business ServicesSOFR(M)3.25%6.97%05/20289,049 9,032 9,123 
Boxer Parent Company Inc.SoftwareSOFR(Q)3.00%6.82%07/20317,416 7,400 7,405 
BradyPLUS Holdings, LLCDistribution & LogisticsSOFR(Q)3.50%7.15%12/20327,182 7,075 7,118 
BW Holding, Inc.PackagingSOFR(Q)6.50%10.34%12/2030603 597 616 
Capstone Borrower, Inc.SoftwareSOFR(Q)2.75%6.40%06/20303,124 3,109 3,126 
Cardinal Parent, Inc.Financial Services & TechnologySOFR(Q)4.50%8.32%11/202711,626 11,513 11,384 
Chrysaor Bidco S.a r.l.Financial Services & TechnologySOFR(Q)3.25%7.14%10/20312,115 2,115 2,133 
Citrin Cooperman Advisors LLCFinancial Services & TechnologySOFR(Q)3.00%6.67%04/20326,719 6,711 6,747 
Cleanova US Holdings LLCBusiness ProductsSOFR(Q)4.75%8.48%06/203218,741 18,565 18,741 
Cloudera, Inc.SoftwareSOFR(M)3.75%7.57%10/202814,062 13,904 13,511 
Clydesdale Acquisition Holdings, Inc.PackagingSOFR(M)3.25%6.97%04/20329,313 9,308 9,316 
Cohnreznick Advisory LLCFinancial Services & TechnologySOFR(Q)3.50%7.17%03/20329,114 9,092 9,177 
Confluent Health, LLCHealthcareSOFR(M)4.00%7.83%11/20284,603 4,592 4,120 
Confluent Medical Technologies, Inc.HealthcareSOFR(Q)3.00%6.67%02/20296,740 6,723 6,799 
ConnectWise, LLCSoftwareSOFR(Q)3.50%7.43%09/202811,512 11,502 11,332 
Convey Health Solutions, Inc.HealthcareSOFR(Q)
1.00% + 3.94%/PIK
8.71%07/20299,123 9,012 6,661 
Cornerstone OnDemand, Inc.SoftwareSOFR(M)3.75%7.58%10/20282,533 2,527 2,335 
CVET Midco 2, L.P.Distribution & LogisticsSOFR(Q)5.00%8.67%10/20299,706 9,410 8,749 
Dealer Tire Financial, LLCDistribution & LogisticsSOFR(M)3.00%6.72%07/203111,435 11,388 11,464 
DG Investment Intermediate Holdings 2, Inc.Business ServicesSOFR(M)3.75%7.47%07/203211,008 10,959 11,050 
Disco Parent, Inc.SoftwareSOFR(Q)3.25%7.07%08/20327,250 7,233 7,304 
Discovery Purchaser CorporationSpecialty Chemicals & MaterialsSOFR(Q)3.75%7.61%10/202913,856 13,496 13,349 
EAB Global, Inc.EducationSOFR(M)3.00%6.72%08/203010,083 9,881 8,990 
Eagle Parent Corp.Business ServicesSOFR(Q)4.25%7.92%04/202913,866 13,709 13,920 
Eisner Advisory Group LLCFinancial Services & TechnologySOFR(M)4.00%7.72%02/20318,546 8,494 8,617 
Embecta Corp.HealthcareSOFR(M)3.00%6.72%03/20294,002 4,012 4,015 
Finastra USA, Inc.Financial Services & TechnologySOFR(Q)4.00%7.72%09/203212,373 12,259 12,135 
First Advantage Holdings, LLCBusiness ServicesSOFR(M)2.75%6.47%10/20314,223 4,181 4,186 
Flash Charm, Inc.SoftwareSOFR(Q)3.50%7.35%03/202816,341 16,333 15,290 
FNZ Group Entities LimitedFinancial Services & TechnologySOFR(Q)5.00%8.90%11/203110,178 9,997 8,099 
Forgent Intermediate IV LLCBusiness ProductsSOFR(M)3.25%6.90%12/203212,749 12,621 12,685 
Foundational Education Group, Inc.EducationSOFR(Q)3.75%7.85%08/202814,063 13,984 13,001 
Groundworks, LLCBusiness ServicesSOFR(M)3.00%6.73%03/203110,100 9,871 10,163 
Portfolio Company and Type of InvestmentIndustry (3)ReferenceSpreadInterest Rate (1)Maturity DatePrincipal Amount or Par Value CostFair
Value (2)
Heartland Dental, LLCHealthcareSOFR(M)3.75%7.47%08/2032$13,896 $13,862 $13,970 
Help/Systems Holdings, Inc.SoftwareSOFR(Q)6.00%9.97%05/202911,140 11,121 10,120 
HIG Operations Holdings, Inc.Business ServicesSOFR(M)4.50%8.22%06/203111,849 11,806 11,849 
Houghton Mifflin Harcourt CompanyEducationSOFR(M)5.25%9.07%04/20297,986 7,818 7,069 
HP PHRG Borrower, LLCConsumer ServicesSOFR(Q)4.00%7.67%02/203216,641 16,534 16,572 
Inizio Group LimitedHealthcareSOFR(Q)4.25%8.02%08/202812,747 12,669 12,444 
Jones DesLauriers Insurance Management Inc.Business ServicesSOFR(Q)3.00%6.65%02/20332,687 2,680 2,693 
Kaseya Inc.SoftwareSOFR(M)3.00%6.72%03/203212,820 12,797 12,847 
Kestra Advisor Services Holdings A, Inc.Financial Services & TechnologySOFR(M)3.00%6.72%03/20313,749 3,742 3,760 
KnowBe4, Inc.EducationSOFR(Q)3.75%7.59%07/203213,128 13,125 13,152 
LI Group Holdings, Inc.EducationSOFR(M)3.50%7.33%03/20283,033 3,031 3,055 
LSCS Holdings, Inc.HealthcareSOFR(Q)4.50%8.17%03/203214,863 14,774 14,590 
LTR Intermediate Holdings, Inc.Specialty Chemicals & MaterialsSOFR(M)3.75%7.40%12/20327,917 7,878 7,949 
Marcel Bidco LLC (Marcel Bidco GmbH)SoftwareSOFR(M)3.00%6.93%11/20302,809 2,777 2,826 
Mavis Tire Express Services Topco, Corp.RetailSOFR(M)3.00%6.72%05/202812,593 12,549 12,653 
MED ParentCo, LPHealthcareSOFR(M)3.00%6.72%04/20319,880 9,840 9,921 
Michael Baker International, LLCBusiness ServicesSOFR(Q)4.00%7.84%12/20285,534 5,533 5,553 
Neon Maple Purchaser Inc.Financial Services & TechnologySOFR(M)2.50%6.22%11/20313,510 3,523 3,519 
Nexus Buyer LLCFinancial Services & TechnologySOFR(M)4.00%7.72%07/203114,012 13,941 13,927 
Nielsen Consumer, Inc.Business ServicesSOFR(M)2.25%5.97%10/20305,771 5,388 5,787 
Oceankey (U.S.) II Corp.SoftwareSOFR(M)3.50%7.32%12/202814,014 14,019 13,841 
Orbit Private Holdings I LtdFinancial Services & TechnologySOFR(S)3.75%7.55%12/20319,085 9,051 9,134 
Orion Advisor Solutions, Inc.Financial Services & TechnologySOFR(Q)3.25%6.90%09/20301,500 1,501 1,511 
Orion Midco LtdFinancial Services & TechnologySOFR(Q)3.50%7.43%10/20328,102 8,095 8,150 
Osaic Holdings, Inc.Financial Services & TechnologySOFR(S)3.00%6.60%07/203212,357 12,327 12,423 
Osmose Utilities Services, Inc.Specialty Chemicals & MaterialsSOFR(M)3.25%7.08%06/202813,951 13,430 13,742 
Outcomes Group Holdings, Inc.HealthcareSOFR(M)3.00%6.72%05/20314,088 4,074 4,119 
OVG Business Services, LLCBusiness ServicesSOFR(M)3.00%6.72%06/20312,769 2,755 2,778 
Pearls (Netherlands) Bidco B.V.Specialty Chemicals & MaterialsSOFR(Q)3.25%7.09%02/20298,959 8,576 8,123 
Perforce Software, Inc.SoftwareSOFR(M)4.75%8.47%03/20314,035 4,021 3,426 
Physician Partners, LLCHealthcareSOFR(Q)6.00%9.67%12/20292,360 2,303 1,974 
Physician Partners, LLCHealthcareSOFR(Q)
1.50% +2.50%/PIK
7.82%12/20292,805 2,790 1,353 
Pioneer AcquisitionCo, LLCBusiness ServicesSOFR(Q)3.25%6.94%10/20327,924 7,904 7,968 
Planview Parent, Inc.SoftwareSOFR(Q)3.50%7.17%12/202713,503 13,397 12,995 
Project Alpha Intermediate Holding, Inc.SoftwareSOFR(Q)3.25%6.92%10/203013,505 13,302 13,500 
Pushpay USA Inc.Financial Services & TechnologySOFR(S)3.75%7.62%08/203113,903 13,884 13,911 
Quartz AcquireCo, LLCBusiness ServicesSOFR(Q)2.25%5.92%06/20303,510 3,497 3,510 
RealPage, Inc.SoftwareSOFR(Q)3.00%6.93%04/20283,047 3,043 3,048 
RealPage, Inc.SoftwareSOFR(Q)3.75%7.42%04/20284,963 4,945 4,985 
Rithum Holdings, Inc. (fka CommerceHub, Inc.)SoftwareSOFR(Q)4.75%8.42%07/203215,744 15,644 15,769 
RLG Holdings, LLCPackagingSOFR(M)4.25%8.08%07/20287,106 6,843 4,372 
RxB Holdings, Inc.HealthcareSOFR(M)5.00%8.65%12/20305,156 5,053 5,098 
Secretariat Advisors LLCBusiness ServicesSOFR(Q)4.00%7.67%02/20328,957 8,920 8,994 
Secure Acquisition, Inc.PackagingSOFR(Q)3.75%7.42%12/2028500 501 505 
Portfolio Company and Type of InvestmentIndustry (3)ReferenceSpreadInterest Rate (1)Maturity DatePrincipal Amount or Par Value CostFair
Value (2)
SonarSource Financing, LLCSoftwareSOFR(M)4.50%8.15%12/2030$11,485 $11,313 $11,370 
Sovos Compliance, LLC (fka Taxware, LLC)SoftwareSOFR(M)3.25%6.97%08/20298,767 8,775 8,803 
Spring Education Group, Inc.EducationSOFR(Q)3.25%6.92%10/203013,163 13,051 13,254 
Storable, Inc.SoftwareSOFR(M)3.25%6.97%04/20314,607 4,606 4,635 
Summit Acquisition Inc.Business ServicesSOFR(M)3.50%7.22%10/20315,970 5,944 6,022 
Symplr Software, Inc.HealthcareSOFR(Q)4.50%8.44%12/202715,240 15,193 12,984 
Team.blue Finco SARLSoftwareSOFR(Q)3.25%6.92%07/20328,586 8,595 8,642 
Therapy Brands Holdings LLCHealthcareSOFR(M)4.00%7.83%05/20283,975 3,966 3,679 
Thermostat Purchaser III, Inc.Business ServicesSOFR(Q)4.25%7.92%08/202813,506 13,501 13,483 
TransDigm Inc.ManufacturingSOFR(M)2.50%6.22%08/20323,510 3,519 3,529 
TransDigm Inc.ManufacturingSOFR(M)2.50%6.22%02/20312,106 2,111 2,116 
TRC Companies LLCBusiness ServicesSOFR(M)3.00%6.72%12/20289,377 9,352 9,418 
Tricorbraun Holdings, Inc.PackagingSOFR(M)3.25%6.97%03/203111,122 11,083 10,798 
US Fertility Enterprises, LLCHealthcareSOFR(M)3.50%7.22%12/20326,875 6,841 6,910 
Valcour Packaging, LLCPackagingSOFR(M)5.25%8.99%10/20282,256 2,238 2,282 
Valcour Packaging, LLCPackagingSOFR(M)
1.50% + 2.25%/PIK
7.60%10/20283,178 3,178 2,480 
Viant Medical Holdings, Inc.HealthcareSOFR(M)4.00%7.72%10/203111,454 11,434 11,358 
VSTG Intermediate Holdings, Inc.Business ServicesSOFR(Q)3.75%7.42%07/202911,189 11,180 11,189 
VT Topco, Inc.Business ServicesSOFR(M)3.00%6.87%08/203010,672 10,520 10,541 
Xplor T1, LLCFinancial Services & TechnologySOFR(Q)3.50%7.29%12/203219,791 19,706 19,840 
Zelis Cost Management Buyer, Inc.HealthcareSOFR(M)3.25%6.97%11/203119,463 19,463 19,342 
Zest Acquisition Corp.HealthcareSOFR(Q)5.25%9.11%02/20285,236 5,160 5,236 
Total Funded Investments$964,692 $957,258 $941,399 
Unfunded Investments - First lien
Citrin Cooperman Advisors LLCFinancial Services & Technology———04/2027$2,273 $(23)$9 
Cohnreznick Advisory LLCFinancial Services & Technology———03/20271,344 (3)9 
HIG Operations Holdings, Inc.Business Services———09/20261,121 — — 
Secretariat Advisors LLCBusiness Services———02/20271,087 — 5 
US Fertility Enterprises, LLCHealthcare———12/20271,042 — 5 
Total Unfunded Investments$6,867 $(26)$28 
Total Investments$971,559 $957,232 $941,427 
(1)All interest is payable in cash unless otherwise indicated. All of the variable rate debt investments bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (SOFR). For each investment, the current interest rate provided reflects the rate in effect as of December 31, 2025.
(2)Represents the fair value in accordance with Accounting Standards Codification Topic 820, Fair Value Measurement and Disclosures ("ASC 820"). The Company's board of directors does not determine the fair value of the investments held by SLP III.
Below is certain summarized financial information for SLP III as of June 30, 2026 and December 31, 2025 and for the three and six months ended June 30, 2026 and June 30, 2025:
Selected Balance Sheet Information:June 30, 2026December 31, 2025
Investments at fair value (cost of $977,200 and $957,232)
$919,844 $941,427 
Cash and other assets35,195 28,469 
Receivable from unsettled securities sold4,577 — 
Total assets$959,616 $969,896 
Credit facility$800,700 $672,700 
Deferred financing costs (net of accumulated amortization of $8,557 and $7,948, respectively)
(3,699)(4,308)
Payable for unsettled securities purchased7,671 105,171 
Distribution payable6,000 7,000 
Other liabilities10,715 8,462 
Total liabilities821,387 789,025 
Members' capital$138,229 $180,871 
Total liabilities and members' capital$959,616 $969,896 
Selected Statement of Operations Information:Three Months EndedSix Months Ended
June 30, 2026June 30, 2025June 30, 2026June 30, 2025
Interest income$19,164 $14,936 $37,380 $30,067 
Other income158 113 433 189 
Total investment income19,322 15,049 37,813 30,256 
Interest and other financing expenses12,104 8,037 23,355 16,217 
Other expenses322 297 721 603 
Total expenses12,426 8,334 24,076 16,820 
Net investment income6,896 6,715 13,737 13,436 
Net realized (losses) gains on investments(974)144 (1,628)465 
Net change in unrealized depreciation of investments(8,593)(170)(41,551)(8,317)
Net (decrease) increase in members' capital$(2,671)$6,689 $(29,442)$5,584 
For the three and six months ended June 30, 2026, the Company earned approximately $4,800 and $10,560, respectively, of dividend income related to SLP III, which is included in dividend income. For the three and six months ended June 30, 2025, the Company earned approximately $5,600 and $11,400, respectively, of dividend income related to SLP III, which is included in dividend income. As of June 30, 2026 and December 31, 2025, approximately $4,800 and $5,600, respectively, of dividend income related to SLP III was included in interest and dividend receivable.
The Company has determined that SLP III is an investment company under ASC 946; however, in accordance with such guidance the Company will generally not consolidate its investment in a company other than a wholly-owned investment company subsidiary. Furthermore, ASC 810 concludes that in a joint venture where both members have equal decision making authority, it is not appropriate for one member to consolidate the joint venture since neither has control. Accordingly, the Company does not consolidate SLP III.
NMFC Senior Loan Program IV LLC
NMFC Senior Loan Program IV LLC ("SLP IV") was formed as a Delaware limited liability company on April 6, 2021, and commenced operations on May 5, 2021. SLP IV is structured as a private joint venture investment fund between the Company and SkyKnight Income Alpha, LLC ("SkyKnight Alpha") and operates under the First Amended and Restated Limited Liability Company Agreement of NMFC Senior Loan Program IV LLC, dated May 5, 2021 (the "SLP IV Agreement"). Upon the effectiveness of the SLP IV Agreement, the members contributed their respective membership interests in NMFC Senior Loan Program I LLC ("SLP I") and NMFC Senior Loan Program II LLC ("SLP II") to SLP IV. Immediately following the contribution of their membership interests, SLP I and SLP II became wholly-owned subsidiaries of SLP IV. The purpose of the joint venture is to invest primarily in senior secured loans issued by portfolio companies within the Company's core industry verticals. These investments are typically broadly syndicated first lien loans. All investment decisions must be unanimously approved by the board of managers of SLP IV, which has equal representation from the Company and SkyKnight Alpha. SLP IV initially had a five year investment period and will continue in existence until July 11, 2030. On July 11, 2025, the investment period was extended until July 11, 2028. The investment period may be extended for up to one additional year subject to certain conditions.
SLP IV is capitalized with equity contributions which were transferred and contributed from its members. As of June 30, 2026, the Company and SkyKnight Alpha have transferred and contributed $112,400 and $30,600, respectively, of their membership interests in SLP I and SLP II to SLP IV. The Company’s investment in SLP IV is disclosed on the Company’s Consolidated Schedule of Investments as of June 30, 2026 and December 31, 2025.
On May 5, 2021, SLP IV entered into a revolving credit facility with Wells Fargo Bank, National Association. As of the amendment on July 11, 2025, the maturity date of SLP IV's revolving credit facility was extended from March 27, 2029 to July 11, 2030.
On July 11, 2025, SLP IV entered into an amendment to add a subordinate lender (“Class B lenders”) to the existing lender (“Class A lenders”). As of the amendment on July 11, 2025, SLP IV's revolving credit facility has a maximum borrowing capacity of $600,000, of which $530,000 of the facility amount is attributed to Class A lenders and $70,000 of the facility amount is attributed to Class B lenders. Prior to the amendment on July 11, 2025, SLP IV's revolving credit facility had a maximum borrowing capacity of $370,000, with the full amount attributable to one class of lenders. As of the amendment on July 11, 2025, Class A advances bear interest at a rate of SOFR plus 1.50% and Class B advances bear interest at a rate of SOFR plus 4.75%. From December 20, 2024 to July 11, 2025, the facility bore interest at a rate of SOFR plus 1.50%.
As of June 30, 2026 and December 31, 2025, SLP IV had total investments with an aggregate fair value of approximately $624,995 and $641,452, respectively, and debt outstanding under its credit facility of $534,137 and $471,737, respectively. Additionally, as of June 30, 2026 and December 31, 2025, SLP IV had unfunded commitments in the form of delayed draws of $2,708 and $4,796, respectively.
During the first quarter of 2026, SLP IV placed its first lien positions in Convey on non-accrual status. As of June 30, 2026, SLP IV's first lien positions in Convey had total unearned income of $84 and $164, respectively for the three and six months then ended.
Below is a summary of SLP IV's consolidated portfolio, along with a listing of the individual investments in SLP IV's consolidated portfolio as of June 30, 2026 and December 31, 2025:
June 30, 2026December 31, 2025
First lien investments (1)$671,491 $664,399 
Weighted average interest rate on first lien investments (2)7.51 %8.67 %
Number of portfolio companies in SLP IV106 105 
Largest portfolio company investment (1)$18,327 $18,217 
Total of five largest portfolio company investments (1)$67,186 $64,111 
(1)Reflects principal amount or par value of investment.
(2)Computed as the all in interest rate in effect on accruing investments divided by the total principal amount of investments.
The following table is a listing of the individual investments in SLP IV's consolidated portfolio as of June 30, 2026:
Portfolio Company and Type of InvestmentIndustryReference SpreadInterest Rate (1)Maturity Date Principal Amount or Par Value CostFair
Value (2)
Funded Investments - First lien
Accelya Lux Finco S.a r.l.Business ServicesSOFR(Q)5.25%8.98%10/2032$10,446 $10,252 $9,950 
ADG, LLCHealthcareSOFR(Q)
1.00% + 3.00%/PIK
7.88%09/202618,327 18,325 13,609 
ADMI Corp. (aka Aspen Dental)HealthcareSOFR(M)3.75%7.51%12/20271,786 1,784 1,606 
AmSpec Parent, LLCEnergySOFR(Q)3.00%7.23%12/20315,491 5,486 5,517 
Asurion, LLCBusiness ServicesSOFR(Q)4.25%7.91%09/20301,800 1,754 1,785 
Asurion, LLCBusiness ServicesSOFR(Q)4.25%7.91%09/2030987 975 978 
Asurion, LLCBusiness ServicesSOFR(Q)3.75%7.41%02/20339,569 9,522 9,074 
athenahealth Group Inc.HealthcareSOFR(M)3.25%6.89%02/20325,247 5,230 5,199 
BCPE Empire Holdings, Inc.Distribution & LogisticsSOFR(M)3.25%6.89%12/20307,858 7,827 7,764 
BCPE Empire Holdings, Inc.Distribution & LogisticsSOFR(M)3.50%7.14%12/20323,642 3,590 3,604 
Bella Holding Company, LLCHealthcareSOFR(M)3.25%6.89%06/20331,733 1,716 1,721 
Berlin Packaging L.L.C.PackagingSOFR(Q)3.25%6.97%06/20314,902 4,905 4,884 
BIFM CA Buyer Inc.Business ServicesSOFR(M)3.25%6.89%05/20286,577 6,561 6,607 
Capstone Borrower, Inc.Business ServicesSOFR(Q)2.75%6.48%06/20305,785 5,519 5,564 
Cardinal Parent, Inc.Financial Services & TechnologySOFR(Q)4.50%8.38%11/20277,008 6,935 6,208 
Chrysaor Bidco S.a r.l.Financial Services & TechnologySOFR(Q)3.00%6.67%10/20311,553 1,553 1,558 
Citrin Cooperman Advisors LLCFinancial Services & TechnologySOFR(Q)3.00%6.73%04/20324,904 4,886 4,780 
Cleanova US Holdings LLCBusiness ProductsSOFR(Q)4.75%8.41%06/203211,124 11,012 10,919 
Cloudera, Inc.SoftwareSOFR(M)3.75%7.49%10/20289,575 9,491 7,473 
Clydesdale Acquisition Holdings, Inc.PackagingSOFR(M)3.25%6.89%04/20325,518 5,519 5,313 
Cohnreznick Advisory LLCFinancial Services & TechnologySOFR(Q)3.25%6.98%03/20325,786 5,769 5,658 
Confluence Technologies, Inc.SoftwareSOFR(Q)3.75%7.63%07/20289,550 9,533 7,966 
Confluence Technologies, Inc.SoftwareSOFR(Q)5.00%8.65%07/2028943 943 941 
Confluent Health, LLCHealthcareSOFR(M)4.00%7.76%11/20283,065 3,059 2,734 
Confluent Medical Technologies, Inc.HealthcareSOFR(Q)3.00%6.73%02/20296,706 6,691 6,748 
ConnectWise, LLCSoftwareSOFR(Q)3.50%7.49%09/20286,572 6,578 6,070 
Convey Health Solutions, Inc.HealthcareSOFR(Q)(3)
1.31% + 3.94%/PIK
9.08%07/20293,390 3,349 424 
CoreLogic, Inc. (fka First American Corporation, The)Business ServicesSOFR(M)3.50%7.26%06/2028398 393 394 
Cornerstone OnDemand, Inc.SoftwareSOFR(M)3.75%7.51%10/20281,800 1,796 1,155 
CVET Midco 2, L.P.Distribution & LogisticsSOFR(Q)5.00%8.73%10/20296,489 6,383 6,302 
Dayforce Bidco, LLCSoftwareSOFR(Q)3.00%6.66%02/20333,003 2,924 2,747 
Dealer Tire Financial, LLCDistribution & LogisticsSOFR(M)3.00%6.64%07/203110,323 10,284 10,259 
DG Investment Intermediate Holdings 2, Inc.Business ServicesSOFR(M)3.25%6.89%07/20327,247 7,229 7,269 
Disco Parent, Inc.SoftwareSOFR(Q)3.00%6.67%08/2032843 841 825 
Discovery Purchaser CorporationSpecialty Chemicals & MaterialsSOFR(Q)3.75%7.41%10/20296,833 6,657 6,815 
EAB Global, Inc.EducationSOFR(M)3.00%6.64%08/20306,841 6,773 6,183 
Eagle Parent Corp.Business ServicesSOFR(Q)4.25%7.98%04/20298,798 8,720 8,862 
Eisner Advisory Group LLCFinancial Services & TechnologySOFR(M)4.00%7.64%02/20316,843 6,775 6,735 
Embecta Corp.HealthcareSOFR(Q)3.00%6.73%03/20291,585 1,589 1,262 
Finastra USA, Inc.Financial Services & TechnologySOFR(S)4.00%7.75%09/20328,234 8,165 7,613 
First Advantage Holdings, LLCBusiness ServicesSOFR(Q)2.75%6.48%10/2031549 544 543 
Flash Charm, Inc.SoftwareSOFR(Q)3.50%7.16%03/20286,196 6,205 4,837 
FNZ Group Entities LimitedFinancial Services & TechnologySOFR(Q)5.00%8.66%11/20317,180 7,061 5,747 
Portfolio Company and Type of InvestmentIndustryReference SpreadInterest Rate (1)Maturity Date Principal Amount or Par Value CostFair
Value (2)
Forgent Power LLCBusiness ProductsSOFR(Q)2.25%5.95%12/2032$8,098 $8,021 $8,136 
Foundational Education Group, Inc.EducationSOFR(Q)4.25%8.18%08/202810,873 10,809 10,112 
Groundworks, LLCBusiness ServicesSOFR(M)3.00%6.65%03/20316,420 6,390 6,402 
Heartland Dental, LLCHealthcareSOFR(M)3.50%7.14%08/20329,860 9,838 9,879 
Help/Systems Holdings, Inc.SoftwareSOFR(Q)6.00%9.77%05/20296,017 6,010 4,588 
HIG Finance 2 LimitedFinancial Services & TechnologySOFR(M)2.75%6.39%02/20312,985 2,892 2,810 
HIG Operations Holdings, Inc.Business ServicesSOFR(M)4.50%8.14%06/20317,087 7,087 7,087 
HIG Operations Holdings, Inc.Business ServicesSOFR(M)4.50%8.14%06/20311,233 1,233 1,233 
Houghton Mifflin Harcourt CompanyEducationSOFR(Q)5.25%9.01%04/20298,130 7,960 6,460 
HP PHRG Borrower, LLCConsumer ServicesSOFR(Q)4.00%7.73%02/203210,544 10,479 10,491 
Inizio Group LimitedHealthcareSOFR(Q)4.25%8.08%08/20289,702 9,614 9,311 
Jones DesLauriers Insurance Management Inc.Business ServicesSOFR(Q)3.00%6.66%02/20334,974 4,889 4,773 
Kaseya Inc.SoftwareSOFR(Q)3.25%6.91%03/20328,111 8,096 6,313 
KnowBe4, Inc.EducationSOFR(Q)3.75%7.41%07/20324,763 4,763 3,739 
LSCS Holdings, Inc.HealthcareSOFR(Q)4.50%8.23%03/203210,145 10,096 9,977 
LTR Intermediate Holdings, Inc.Specialty Chemicals & MaterialsSOFR(M)3.75%7.39%12/20325,029 5,005 5,046 
Marcel Bidco LLC (Marcel Bidco GmbH)SoftwareSOFR(M)3.00%6.62%11/20303,006 2,981 2,935 
Mavis Tire Express Services Topco, Corp.RetailSOFR(Q)3.00%6.67%05/20288,450 8,434 8,447 
MED ParentCo, LPHealthcareSOFR(M)3.00%6.64%04/20317,254 7,225 7,271 
Michael Baker International, LLCBusiness ServicesSOFR(Q)4.00%7.66%12/20283,810 3,810 3,814 
Michael Baker International, LLCBusiness ServicesSOFR(Q)4.50%8.23%12/20281,263 1,230 1,264 
Neon Maple Purchaser Inc.Financial Services & TechnologySOFR(M)2.50%6.14%11/20312,216 2,218 2,164 
Nexus Buyer LLCFinancial Services & TechnologySOFR(M)4.00%7.64%07/20318,864 8,822 8,600 
Nielsen Consumer, Inc.Business ServicesSOFR(M)2.25%5.89%10/20303,663 3,502 3,626 
Oak-Eagle Acquireco, Inc.Consumer ServicesSOFR(M)3.50%6.73%03/20331,962 1,933 1,969 
Oceankey (U.S.) II Corp.SoftwareSOFR(M)3.50%7.24%12/20289,191 9,194 8,832 
Orbit Private Holdings I LtdFinancial Services & TechnologySOFR(S)3.75%7.60%12/20315,956 5,935 5,961 
Orion Midco LtdFinancial Services & TechnologySOFR(Q)3.50%7.17%10/20325,622 5,617 5,632 
Osaic Holdings, Inc.Financial Services & TechnologySOFR(Q)2.50%6.23%07/20323,541 3,541 3,500 
Osmose Utilities Services, Inc.Specialty Chemicals & MaterialsSOFR(M)3.25%7.01%06/20288,829 8,560 8,790 
Outcomes Group Holdings, Inc.HealthcareSOFR(M)3.00%6.64%05/20312,815 2,806 2,826 
OVG Business Services, LLCBusiness ServicesSOFR(M)3.00%6.64%06/20311,754 1,746 1,759 
Pearls (Netherlands) Bidco B.V.Specialty Chemicals & MaterialsSOFR(Q)3.25%6.91%02/20292,749 2,648 2,513 
Perforce Software, Inc.SoftwareSOFR(M)4.75%8.39%03/20313,182 3,171 1,642 
Physician Partners, LLCHealthcareSOFR(Q)6.00%9.73%12/20292,770 2,674 2,762 
Physician Partners, LLCHealthcareSOFR(Q)
1.50% + 2.50%/PIK
7.88%12/20292,147 2,137 1,950 
Pioneer AcquisitionCo, LLCBusiness ServicesSOFR(Q)2.50%6.15%10/20325,033 5,021 5,043 
Planview Parent, Inc.SoftwareSOFR(Q)3.50%7.23%12/20277,900 7,852 6,831 
Project Alpha Intermediate Holding, Inc.SoftwareSOFR(Q)3.25%6.98%10/20309,659 9,526 7,056 
Pushpay USA Inc.Financial Services & TechnologySOFR(M)3.75%7.39%08/20318,808 8,813 8,280 
Quartz AcquireCo, LLCBusiness ServicesSOFR(Q)2.25%5.98%06/20301,105 1,101 927 
RealPage, Inc.SoftwareSOFR(Q)3.00%6.99%04/20283,517 3,510 3,296 
Portfolio Company and Type of InvestmentIndustryReference SpreadInterest Rate (1)Maturity Date Principal Amount or Par Value CostFair
Value (2)
RealPage, Inc.SoftwareSOFR(Q)3.75%7.48%04/2028$4,074 $4,007 $3,841 
Rithum Holdings, Inc. (fka CommerceHub, Inc.)SoftwareSOFR(Q)4.75%8.48%07/203210,010 9,944 9,478 
RxB Holdings, Inc.HealthcareSOFR(M)5.00%8.64%12/20303,263 3,203 3,259 
Secretariat Advisors LLCBusiness ServicesSOFR(Q)4.00%7.73%02/20326,265 6,242 6,160 
Secure Acquisition, Inc.PackagingSOFR(M)3.75%7.39%12/20282,587 2,585 2,589 
SonarSource Financing, LLCSoftwareSOFR(Q)4.50%8.18%12/20306,967 6,870 6,497 
Sovos Compliance, LLC (fka Taxware, LLC)SoftwareSOFR(M)3.25%6.89%08/20296,677 6,630 6,276 
Spring Education Group, Inc.EducationSOFR(Q)3.25%6.98%10/203010,102 10,023 10,094 
STATS Intermediate Holdings, LLCBusiness ServicesSOFR(Q)7.00%10.67%04/20306,983 6,744 6,764 
Storable, Inc.SoftwareSOFR(M)3.25%6.89%04/20315,561 5,535 4,991 
Summit Acquisition Inc.Business ServicesSOFR(M)3.50%7.14%10/2031746 744 747 
Sword Purchaser, LLCPackagingSOFR(M)4.00%7.64%04/20332,840 2,701 2,775 
Symplr Software, Inc.HealthcareSOFR(Q)4.50%8.26%12/20273,630 3,628 2,394 
Team.blue Finco SARLSoftwareSOFR(Q)3.25%6.98%07/20327,184 7,170 6,887 
Tegra118 Wealth Solutions, Inc.Financial Services & TechnologySOFR(Q)4.00%7.67%01/20337,322 7,266 7,354 
Tempo Acquisition, LLCBusiness ServicesSOFR(M)1.75%5.39%08/20281,148 967 974 
Therapy Brands Holdings LLCHealthcareSOFR(Q)4.00%7.93%05/20285,816 5,806 5,388 
Thermostat Purchaser III, Inc.Business ServicesSOFR(Q)4.25%7.98%08/20288,573 8,569 8,489 
Tricorbraun Holdings, Inc.PackagingSOFR(M)3.25%6.89%03/20317,045 7,022 6,609 
UKG Inc.SoftwareSOFR(Q)2.25%5.91%02/20313,437 3,377 3,245 
US Fertility Enterprises, LLCHealthcareSOFR(Q)3.25%6.98%12/20324,785 4,762 4,806 
Valcour Packaging, LLCPackagingSOFR(M)5.25%8.89%10/20286,943 6,979 6,951 
Valcour Packaging, LLCPackagingSOFR(M)3.75%7.50%10/20282,337 2,337 1,873 
Viant Medical Holdings, Inc.HealthcareSOFR(M)4.00%7.64%10/20317,705 7,686 7,274 
VSTG Intermediate Holdings, Inc.Business ServicesSOFR(Q)3.75%7.48%07/20297,045 7,038 6,935 
VT Topco, Inc.Business ServicesSOFR(M)3.00%6.64%08/20307,328 7,227 7,200 
Xplor T1, LLCFinancial Services & TechnologySOFR(Q)3.25%6.91%12/203212,505 12,456 11,505 
Zelis Cost Management Buyer, Inc.HealthcareSOFR(M)3.25%6.89%11/203112,331 12,333 12,058 
Zest Acquisition Corp.HealthcareSOFR(Q)5.25%8.92%02/20283,864 3,808 3,864 
Zone Climate Services, Inc.Business ServicesSOFR(Q)5.50%9.32%03/20289,564 9,500 9,457 
Zone Climate Services, Inc.Business ServicesSOFR(Q)5.50%9.32%03/20282,103 2,088 2,079 
Total Funded Investments$668,783 $663,539 $625,062 
Unfunded Investments - First lien
Citrin Cooperman Advisors LLCFinancial Services & Technology———04/2027$1,364 $(14)$(48)
Cohnreznick Advisory LLCFinancial Services & Technology———03/2027336 (1)(7)
Secretariat Advisors LLCBusiness Services———02/2027764 — (13)
US Fertility Enterprises, LLCHealthcare———12/2027244 (1)1 
Total Unfunded Investments$2,708 $(16)$(67)
Total Investments$671,491 $663,523 $624,995 
(1)All interest is payable in cash unless otherwise indicated. All of the variable rate debt investments bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (SOFR). For each investment, the current interest rate provided reflects the rate in effect as of June 30, 2026.
(2)Represents the fair value in accordance with ASC 820. The Company's board of directors does not determine the fair value of the investments held by SLP IV.
(3)Investment is on non-accrual status as of June 30, 2026.
The following table is a listing of the individual investments in SLP IV's consolidated portfolio as of December 31, 2025:
Portfolio Company and Type of InvestmentIndustry (3)ReferenceSpreadInterest Rate (1)Maturity Date Principal Amount or Par Value CostFair
Value (2)
Funded Investments - First lien
Accelya Lux Finco S.a r.l.Business ServicesSOFR(Q)5.25%8.92%10/2032$10,498 $10,292 $10,466 
ADG, LLCHealthcareSOFR(Q)
1.00% +3.00%/PIK
7.82%09/202618,217 18,215 14,574 
ADMI Corp. (aka Aspen Dental)HealthcareSOFR(M)3.75%7.58%12/20271,795 1,792 1,708 
AmSpec Parent, LLCEnergySOFR(Q)3.50%7.17%12/20315,519 5,514 5,547 
Asurion, LLCBusiness ServicesSOFR(M)4.25%8.07%08/20289,593 9,542 9,622 
Asurion, LLCBusiness ServicesSOFR(M)4.25%7.97%09/20301,809 1,759 1,811 
Asurion, LLCBusiness ServicesSOFR(M)4.25%7.97%09/2030992 979 994 
athenahealth Group Inc.HealthcareSOFR(M)2.75%6.47%02/20294,722 4,717 4,737 
Bach Finance LimitedEducationSOFR(Q)2.75%6.57%01/20321,595 1,592 1,602 
BCPE Empire Holdings, Inc.Distribution & LogisticsSOFR(M)3.25%6.97%12/20308,509 8,473 8,434 
Bella Holding Company, LLCHealthcareSOFR(M)3.00%6.72%05/20281,737 1,736 1,746 
Berlin Packaging L.L.C.PackagingSOFR(M)3.25%7.11%06/20314,927 4,930 4,944 
BIFM CA Buyer Inc.Business ServicesSOFR(M)3.25%6.97%05/20286,611 6,585 6,664 
Boxer Parent Company Inc.SoftwareSOFR(Q)3.00%6.82%07/20315,216 5,205 5,208 
BradyPLUS Holdings, LLCDistribution & LogisticsSOFR(Q)3.50%7.15%12/20323,650 3,596 3,618 
BW Holding, Inc.PackagingSOFR(Q)6.50%10.34%12/2030445 441 454 
Capstone Borrower, Inc.SoftwareSOFR(Q)2.75%6.40%06/20301,989 1,979 1,991 
Cardinal Parent, Inc.Financial Services & TechnologySOFR(Q)4.50%8.32%11/20277,046 6,947 6,898 
Chrysaor Bidco S.a r.l.Financial Services & TechnologySOFR(Q)3.25%7.14%10/20311,561 1,561 1,574 
Citrin Cooperman Advisors LLCFinancial Services & TechnologySOFR(Q)3.00%6.67%04/20324,179 4,173 4,196 
Cleanova US Holdings LLCBusiness ProductsSOFR(Q)4.75%8.48%06/203211,973 11,846 11,973 
Cloudera, Inc.SoftwareSOFR(M)3.75%7.57%10/20289,625 9,524 9,247 
Clydesdale Acquisition Holdings, Inc.PackagingSOFR(M)3.25%6.97%04/20325,521 5,523 5,525 
Cohnreznick Advisory LLCFinancial Services & TechnologySOFR(Q)3.50%7.17%03/20325,475 5,463 5,513 
Confluence Technologies, Inc.SoftwareSOFR(Q)3.75%7.57%07/20289,600 9,579 8,058 
Confluence Technologies, Inc.SoftwareSOFR(Q)5.00%8.85%07/2028943 942 943 
Confluent Health, LLCHealthcareSOFR(M)4.00%7.83%11/20283,082 3,074 2,758 
Confluent Medical Technologies, Inc.HealthcareSOFR(Q)3.00%6.67%02/20296,740 6,723 6,799 
ConnectWise, LLCSoftwareSOFR(Q)3.50%7.43%09/20286,606 6,614 6,503 
Convey Health Solutions, Inc.HealthcareSOFR(Q)
1.00% +3.94%/PIK
8.71%07/20293,509 3,466 2,562 
Cornerstone OnDemand, Inc.SoftwareSOFR(M)3.75%7.58%10/20281,809 1,805 1,668 
CVET Midco 2, L.P.Distribution & LogisticsSOFR(Q)5.00%8.67%10/20296,522 6,402 5,879 
Dealer Tire Financial, LLCDistribution & LogisticsSOFR(M)3.00%6.72%07/203110,376 10,333 10,402 
DG Investment Intermediate Holdings 2, Inc.Business ServicesSOFR(M)3.75%7.47%07/20327,283 7,264 7,310 
Disco Parent, Inc.SoftwareSOFR(Q)3.25%7.07%08/20324,625 4,614 4,660 
Discovery Purchaser CorporationSpecialty Chemicals & MaterialsSOFR(Q)3.75%7.61%10/20299,227 8,958 8,889 
EAB Global, Inc.EducationSOFR(M)3.00%6.72%08/20306,876 6,801 6,131 
Eagle Parent Corp.Business ServicesSOFR(Q)4.25%7.92%04/20298,844 8,753 8,878 
Eisner Advisory Group LLCFinancial Services & TechnologySOFR(M)4.00%7.72%02/20314,976 4,937 5,017 
Embecta Corp.HealthcareSOFR(M)3.00%6.72%03/20291,684 1,688 1,689 
Finastra USA, Inc.Financial Services & TechnologySOFR(Q)4.00%7.72%09/20328,255 8,181 8,097 
First Advantage Holdings, LLCBusiness ServicesSOFR(M)2.75%6.47%10/20311,777 1,759 1,762 
Flash Charm, Inc.SoftwareSOFR(Q)3.50%7.35%03/20289,955 9,924 9,315 
Portfolio Company and Type of InvestmentIndustry (3)ReferenceSpreadInterest Rate (1)Maturity Date Principal Amount or Par Value CostFair
Value (2)
FNZ Group Entities LimitedFinancial Services & TechnologySOFR(Q)5.00%8.90%11/2031$7,216 $7,088 $5,742 
Forgent Intermediate IV LLCBusiness ProductsSOFR(M)3.25%6.90%12/20328,118 8,037 8,077 
Foundational Education Group, Inc.EducationSOFR(Q)3.75%7.85%08/202810,930 10,852 10,105 
Groundworks, LLCBusiness ServicesSOFR(M)3.00%6.73%03/20316,452 6,297 6,492 
Heartland Dental, LLCHealthcareSOFR(M)3.75%7.47%08/20329,910 9,886 9,963 
Help/Systems Holdings, Inc.SoftwareSOFR(Q)6.00%9.97%05/20296,047 6,039 5,494 
HIG Operations Holdings, Inc.Business ServicesSOFR(M)4.50%8.22%06/20317,123 7,123 7,123 
Houghton Mifflin Harcourt CompanyEducationSOFR(M)5.25%9.07%04/20298,172 7,975 7,233 
Inizio Group LimitedHealthcareSOFR(Q)4.25%8.02%08/20289,702 9,595 9,472 
Jones DesLauriers Insurance Management Inc.Business ServicesSOFR(Q)3.00%6.65%02/20331,711 1,707 1,715 
Kaseya Inc.SoftwareSOFR(M)3.00%6.72%03/20328,152 8,135 8,169 
Kestra Advisor Services Holdings A, Inc.Financial Services & TechnologySOFR(M)3.00%6.72%03/20312,280 2,277 2,287 
KnowBe4, Inc.EducationSOFR(Q)3.75%7.59%07/20328,761 8,762 8,778 
LSCS Holdings, Inc.HealthcareSOFR(Q)4.50%8.17%03/203210,197 10,144 10,010 
LTR Intermediate Holdings, Inc.Specialty Chemicals & MaterialsSOFR(M)3.75%7.40%12/20325,041 5,016 5,061 
Marcel Bidco LLC (Marcel Bidco GmbH)SoftwareSOFR(M)3.00%6.93%11/20302,019 1,996 2,032 
Mavis Tire Express Services Topco, Corp.RetailSOFR(M)3.00%6.72%05/20288,493 8,473 8,533 
MED ParentCo, LPHealthcareSOFR(M)3.00%6.72%04/20317,291 7,259 7,321 
Michael Baker International, LLCBusiness ServicesSOFR(Q)4.00%7.84%12/20283,829 3,829 3,843 
Neon Maple Purchaser Inc.Financial Services & TechnologySOFR(M)2.50%6.22%11/20311,477 1,483 1,481 
Nexus Buyer LLCFinancial Services & TechnologySOFR(M)4.00%7.72%07/20318,909 8,864 8,855 
Nielsen Consumer, Inc.Business ServicesSOFR(M)2.25%5.97%10/20303,682 3,504 3,692 
Oceankey (U.S.) II Corp.SoftwareSOFR(M)3.50%7.32%12/20289,239 9,243 9,126 
Orbit Private Holdings I LtdFinancial Services & TechnologySOFR(S)3.75%7.55%12/20315,785 5,763 5,816 
Orion Advisor Solutions, Inc.Financial Services & TechnologySOFR(Q)3.25%6.90%09/2030955 956 962 
Orion Midco LtdFinancial Services & TechnologySOFR(Q)3.50%7.43%10/20325,237 5,231 5,267 
Osaic Holdings, Inc.Financial Services & TechnologySOFR(S)3.00%6.60%07/20328,883 8,861 8,930 
Osmose Utilities Services, Inc.Specialty Chemicals & MaterialsSOFR(M)3.25%7.08%06/20288,875 8,543 8,742 
Outcomes Group Holdings, Inc.HealthcareSOFR(M)3.00%6.72%05/20312,829 2,819 2,850 
OVG Business Services, LLCBusiness ServicesSOFR(M)3.00%6.72%06/20311,763 1,755 1,769 
Pearls (Netherlands) Bidco B.V.Specialty Chemicals & MaterialsSOFR(Q)3.25%7.09%02/20295,679 5,436 5,150 
Perforce Software, Inc.SoftwareSOFR(M)4.75%8.47%03/20313,198 3,186 2,715 
Physician Partners, LLCHealthcareSOFR(Q)6.00%9.67%12/20291,784 1,740 1,492 
Physician Partners, LLCHealthcareSOFR(Q)
1.50% +2.50%/PIK
7.82%12/20292,120 2,109 1,022 
Pioneer AcquisitionCo, LLCBusiness ServicesSOFR(Q)3.25%6.94%10/20325,046 5,033 5,074 
Planview Parent, Inc.SoftwareSOFR(Q)3.50%7.17%12/20277,940 7,876 7,641 
Project Alpha Intermediate Holding, Inc.SoftwareSOFR(Q)3.25%6.92%10/20309,708 9,561 9,704 
Pushpay USA Inc.Financial Services & TechnologySOFR(S)3.75%7.62%08/20318,853 8,858 8,858 
Quartz AcquireCo, LLCBusiness ServicesSOFR(Q)2.25%5.92%06/20301,477 1,472 1,477 
RealPage, Inc.SoftwareSOFR(Q)3.00%6.93%04/20281,940 1,938 1,941 
RealPage, Inc.SoftwareSOFR(Q)3.75%7.42%04/20281,985 1,978 1,994 
Rithum Holdings, Inc. (fka CommerceHub, Inc.)SoftwareSOFR(Q)4.75%8.42%07/203210,061 9,990 10,076 
HP PHRG Borrower, LLCConsumer ServicesSOFR(Q)4.00%7.67%02/203210,597 10,527 10,553 
Portfolio Company and Type of InvestmentIndustry (3)ReferenceSpreadInterest Rate (1)Maturity Date Principal Amount or Par Value CostFair
Value (2)
RxB Holdings, Inc.HealthcareSOFR(M)5.00%8.65%12/2030$3,283 $3,218 $3,246 
Secretariat Advisors LLCBusiness ServicesSOFR(Q)4.00%7.67%02/20326,110 6,083 6,134 
Secure Acquisition, Inc.PackagingSOFR(Q)3.75%7.42%12/2028330 331 333 
SonarSource Financing, LLCSoftwareSOFR(M)4.50%8.15%12/20307,100 6,994 7,029 
Sovos Compliance, LLC (fka Taxware, LLC)SoftwareSOFR(M)3.25%6.97%08/20295,561 5,566 5,584 
Spring Education Group, Inc.EducationSOFR(Q)3.25%6.92%10/203010,154 10,066 10,225 
STATS Intermediate Holdings, LLCBusiness ServicesSOFR(Q)5.25%9.40%07/20264,940 4,902 4,868 
STATS Intermediate Holdings, LLCBusiness ServicesSOFR(Q)7.25%11.40%07/20262,225 2,210 2,225 
Storable, Inc.SoftwareSOFR(M)3.25%6.97%04/20313,820 3,818 3,843 
Symplr Software, Inc.HealthcareSOFR(Q)4.50%8.44%12/20273,650 3,646 3,109 
Team.blue Finco SARLSoftwareSOFR(Q)3.25%6.92%07/20327,220 7,205 7,267 
Therapy Brands Holdings LLCHealthcareSOFR(M)4.00%7.83%05/20285,847 5,834 5,412 
Thermostat Purchaser III, Inc.Business ServicesSOFR(Q)4.25%7.92%08/20288,617 8,612 8,602 
TransDigm Inc.ManufacturingSOFR(M)2.50%6.22%08/20321,477 1,481 1,485 
TransDigm Inc.ManufacturingSOFR(M)2.50%6.22%02/2031886 889 891 
TRC Companies LLCBusiness ServicesSOFR(M)3.00%6.72%12/20285,332 5,318 5,355 
Tricorbraun Holdings, Inc.PackagingSOFR(M)3.25%6.97%03/20317,082 7,057 6,876 
US Fertility Enterprises, LLCHealthcareSOFR(M)3.50%7.22%12/20324,378 4,356 4,400 
Valcour Packaging, LLCPackagingSOFR(M)5.25%8.99%10/20281,641 1,629 1,660 
Valcour Packaging, LLCPackagingSOFR(M)
1.50% +2.25%/PIK
7.60%10/20282,311 2,311 1,804 
Viant Medical Holdings, Inc.HealthcareSOFR(M)4.00%7.72%10/20317,745 7,724 7,680 
VSTG Intermediate Holdings, Inc.Business ServicesSOFR(Q)3.75%7.42%07/20297,082 7,074 7,082 
VT Topco, Inc.Business ServicesSOFR(M)3.00%6.87%08/20306,865 6,769 6,781 
Xplor T1, LLCFinancial Services & TechnologySOFR(Q)3.50%7.29%12/203212,569 12,516 12,600 
Zelis Cost Management Buyer, Inc.HealthcareSOFR(M)3.25%6.97%11/203112,394 12,395 12,316 
Zest Acquisition Corp.HealthcareSOFR(Q)5.25%9.11%02/20283,884 3,822 3,884 
Zone Climate Services, Inc.Business ServicesSOFR(Q)5.50%9.52%03/20289,625 9,543 9,625 
Zone Climate Services, Inc.Business ServicesSOFR(Q)5.50%9.52%03/20282,116 2,098 2,116 
Total Funded Investments$659,603 $654,884 $641,435 
Unfunded Investments - First lien
Citrin Cooperman Advisors LLCFinancial Services & Technology———04/2027$1,364 $(14)$6 
Cohnreznick Advisory LLCFinancial Services & Technology———03/2027791 (3)5 
HIG Operations Holdings, Inc.Business Services———09/20261,236 — — 
Secretariat Advisors LLCBusiness Services———02/2027742 — 3 
US Fertility Enterprises, LLCHealthcare———12/2027663 — 3 
Total Unfunded Investments$4,796 $(17)$17 
Total Investments$664,399 $654,867 $641,452 
(1)All interest is payable in cash unless otherwise indicated. All of the variable rate debt investments bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (SOFR). For each investment, the current interest rate provided reflects the rate in effect as of December 31, 2025.
(2)Represents the fair value in accordance with ASC 820. The Company's board of directors does not determine the fair value of the investments held by SLP IV.
Below is certain summarized consolidated financial information for SLP IV as of June 30, 2026 and December 31, 2025 and for the three and six months ended June 30, 2026 and June 30, 2025:
Selected Consolidated Balance Sheet Information:June 30, 2026December 31, 2025
Investments at fair value (cost of $663,523 and $654,867, respectively)
$624,995 $641,452 
Cash and other assets19,550 31,324 
Receivable from unsettled securities sold2,963 — 
Total assets$647,508 $672,776 
Credit facility$534,137 $471,737 
Deferred financing costs (net of accumulated amortization of $4,863 and $4,022, respectively)
(3,603)(4,444)
Distribution payable4,290 66,866 
Payable for unsettled securities purchased3,385 4,826 
Other liabilities8,372 6,978 
Total liabilities546,581 545,963 
Members' capital$100,927 $126,813 
Total liabilities and members' capital$647,508 $672,776 

Selected Consolidated Statement of Operations Information:Three Months EndedSix Months Ended
June 30, 2026June 30, 2025June 30, 2026June 30, 2025
Interest income$13,109 $9,906 $25,688 $19,983 
Other income137 61 301 91 
Total investment income13,246 9,967 25,989 20,074 
Interest and other financing expenses8,223 5,053 16,011 10,185 
Other expenses319 193 610 415 
Total expenses8,542 5,246 16,621 10,600 
Net investment income4,704 4,721 9,368 9,474 
Net realized (losses) gains on investments(604)89 (1,025)(140)
Net change in depreciation of investments(4,907)(1,343)(25,113)(5,106)
Net (decrease) increase in members' capital$(807)$3,467 $(16,770)$4,228 
For the three and six months ended June 30, 2026, the Company earned approximately $3,372 and $7,166, respectively, of dividend income related to SLP IV, which is included in dividend income. For the three and six ended June 30, 2025, the Company earned approximately $3,794 and $7,728, respectively, of dividend income related to SLP IV, which is included in dividend income. As of June 30, 2026 and December 31, 2025, approximately $3,372 and $3,794, respectively, of dividend income related to SLP IV was included in interest and dividend receivable.
The Company has determined that SLP IV is an investment company under ASC 946; in accordance with such guidance the Company will generally not consolidate its investment in a company other than a wholly-owned investment company subsidiary. Furthermore, ASC 810 concludes that in a joint venture where both members have equal decision making authority, it is not appropriate for one member to consolidate the joint venture since neither has control. Accordingly, the Company does not consolidate SLP IV.
Unconsolidated Significant Subsidiaries
In accordance with Regulation S-X Rule 1-02(w)(2), the Company evaluates its unconsolidated controlled portfolio companies to determine if any qualify as “significant subsidiaries.” This determination is made based upon an analysis
performed under Rule 10-01(b)(1). As of June 30, 2026, the Company did not have any portfolio companies that were deemed to be a "significant subsidiary."
Investment Risk Factors
First and second lien debt that the Company invests in is almost entirely rated below investment grade or may be unrated. Debt investments rated below investment grade are often referred to as "leveraged loans", "high yield" or "junk" debt investments, and may be considered "high risk" compared to debt investments that are rated investment grade. These debt investments are considered speculative because of the credit risk of the issuers. Such issuers are considered more likely than investment grade issuers to default on their payments of interest and principal, and such risk of default could reduce the net asset value and income distributions of the Company. In addition, some of the Company's debt investments will not fully amortize during their lifetime, which could result in a loss or a substantial amount of unpaid principal and interest due upon maturity. First and second lien debt may also lose significant market value before a default occurs. Furthermore, an active trading market may not exist for these securities. This illiquidity may make it more difficult to value the investments.
Subordinated debt is generally subject to similar risks as those associated with first and second lien debt, except that such debt is subordinated in payment and/or lower in lien priority. Subordinated debt is subject to the additional risk that the cash flow of the borrower and the property securing the debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior secured and unsecured obligations of the borrower.
The Company may directly invest in the equity of private companies or, in some cases, equity investments could be made in connection with a debt investment. Equity investments may or may not fluctuate in value, resulting in recognized realized gains or losses upon disposition.