INVESTMENTS

6 Months Ended

Jun. 30, 2026

(4) INVESTMENTS

The information in the tables below is presented on an aggregate portfolio basis, without regard to whether the investments are non-controlled/ non-affiliated, non-controlled/affiliated or controlled/affiliated investments. Detailed information with respect to the Company’s non-controlled, non-affiliated; non-controlled, affiliated; and controlled, affiliated investments is contained in the accompanying consolidated financial statements, including the Consolidated Schedules of Investments.

The composition of the Company’s investment portfolio at cost and fair value was as follows:


	June 30, 2026							December 31, 2025
	Cost		Fair Value		% of Total Investments at Fair Value			Cost		Fair Value		% of Total Investments at Fair Value
First Lien Debt	$	3,414,546	$	3,308,689		93.1	%	$	3,686,118	$	3,631,498		96.2	%
Second Lien Debt		77,453		72,603		2.0			83,428		75,210		2.0
Other Debt Investments		8,830		7,149		0.2			11,857		10,114		0.3
Equity		71,278		63,302		1.8			57,636		54,724		1.5
Investments in Joint Venture		104,532		102,544		2.9			—		—		0.0
Total	$	3,676,639	$	3,554,287		100.0	%	$	3,839,039	$	3,771,546		100.0	%

The industry composition of investments at fair value was as follows:


	June 30, 2026			December 31, 2025
Aerospace & Defense		0.8	%		1.5	%
Air Freight & Logistics		0.1			0.4
Automobile Components		3.3			3.2
Automobiles		2.0			3.8
Banks		0.1			0.1
Beverages		0.1			0.1
Building Products		0.4			0.4
Chemicals		0.6			0.5
Commercial Services & Supplies		7.6			7.7
Construction & Engineering		2.3			2.3
Consumer Staples Distribution & Retail		0.8			0.8
Containers & Packaging		1.2			1.1
Distributors		1.9			1.8
Diversified Consumer Services		5.0			4.9
Electrical Equipment		0.4			0.4
Electronic Equipment, Instruments & Components		2.0			2.3
Financial Services		3.1			3.1
Food Products		0.9			1.2
Ground Transportation		1.0			0.9
Health Care Equipment & Supplies		0.4			0.4
Health Care Providers & Services		5.8			5.2
Health Care Technology		1.0			1.6
Industrial Conglomerates		1.5			1.6
Insurance Services		9.7			10.7
Interactive Media & Services		2.0			2.0
Investments in Joint Venture		2.9			—
IT Services		9.8			8.9
Life Sciences Tools & Services		0.4			0.4
Machinery		1.1			1.0
Multi-Utilities		0.3			0.7
Pharmaceuticals		0.8			0.7
Professional Services		4.9			5.7
Real Estate Management & Development		3.9			3.7
Software		21.2			20.2
Transportation Infrastructure		0.4			0.3
Wireless Telecommunication Services		0.3			0.4
Total		100.0	%		100.0	%

The geographic composition of investments at cost and fair value was as follows:


	June 30, 2026										December 31, 2025
	Cost		Fair Value		% of Total Investments at Fair Value			% of Total Net Assets at Fair Value			Cost		Fair Value		% of Total Investments at Fair Value			% of Total Net Assets at Fair Value
Australia	$	12,904	$	12,882		0.4	%		0.8	%	$	12,951	$	13,114		0.3	%		0.8	%
Canada		124,994		125,174		3.5			7.6			123,765		124,411		3.3			7.1
United Kingdom		13,720		13,634		0.4			0.8			13,160		13,299		0.4			0.8
United States		3,525,021		3,402,597		95.7			206.5			3,689,163		3,620,722		96.0			207.1
Total	$	3,676,639	$	3,554,287		100.0	%		215.7	%	$	3,839,039	$	3,771,546		100.0	%		215.8	%

Capstone Lending

Capstone Lending, a Delaware limited liability company, was formed as a joint venture between the Company and the JV Partner, commenced operations on January 2, 2026 and operates under a limited liability company agreement. Capstone Lending’s principal purpose is to make

investments, primarily in senior loans issued by middle-market companies. The Company and the JV Partner each agreed to contribute up to $200,000 and $50,000, respectively, to Capstone Lending. The Company and the JV Partner have equal control of Capstone Lending’s investment decisions and generally all other decisions in respect of Capstone Lending must be approved by Capstone Lending’s investment committee or board of directors, each of which consists of an equal number of representatives of the Company and the JV Partner.

As of June 30, 2026, the Company and the JV Partner made equity contributions of $104,532 and $26,133, respectively, to Capstone Lending.

On February 19, 2026, Capstone Lending entered into a senior secured revolving credit facility (the “JV Credit Facility”) with a third party lender, providing for total commitments of up to $500,000. The JV Credit Facility is secured by substantially all the assets of Capstone Lending.

The following table presents the selected consolidated statement of assets and liabilities information of Capstone Lending as of June 30, 2026:


	As of
	June 30, 2026
Assets
Investments, at fair value (cost of $326,883)	$	324,390
Cash		19,581
Other Assets		4,388
Total assets		348,359

Liabilities
Debt		212,750
Other liabilities		7,429
Total liabilities	$	220,179

Total Members' Equity	$	128,180

The following table presents the selected consolidated statements of operations information of Capstone Lending for the period from January 2, 2026 (commencement of operations of Capstone Lending) to June 30, 2026:


	For the three months ended			For the period from January 2, 2026 to
	June 30, 2026			June 30, 2026
Income
Investment income	$	7,056		$	9,875
Expenses
Net operating expenses		3,278			4,640
Net investment income (loss)	$	3,778		$	5,235
Total net realized and change in unrealized gain (loss)		(668	)		(2,493	)
Net increase (decrease) in members' equity resulting from operations	$	3,110		$	2,742

Below is a summary of Capstone Lending’s portfolio as of June 30, 2026:


	As of
	June 30, 2026
Investment Commitments	$	425,620
Total investments, at fair value	$	324,390
Number of portfolio companies		58
Number of industries		25
Weighted average yield on total portfolio, at cost(1)		8.8	%
Weighted average yield on total portfolio, at fair value(1)		8.8	%
Average position size of investments		5,593

(1) Computed as (a) the annual stated spread, plus reference rate, as applicable, plus the annual accretion of discounts, as applicable on all investments of Capstone Lending divided by (b) total investments (at fair value or cost, as applicable) included in such securities. Actual yields earned over the life of each investment could differ materially from the yields presented herein.


Investments	Footnotes	Investment	Reference Rate and Spread		Interest Rate (1)			Maturity Date	Par Amount/ Shares		Cost (7)			Fair Value			Percentage of Net Assets
Debt Investments - non-controlled/non-affiliated
Aerospace & Defense
Jonathan Acquisition Company	(2) (5)	First Lien Debt	S +	4.50%		8.23	%	11/12/2029		4,432	$	4,376		$	4,366			3.41	%
Jonathan Acquisition Company	(2) (6)	First Lien Debt	P +	3.50%		10.25	%	05/11/2029		55		48			46			0.04
Two Six Labs, LLC	(3) (5)	First Lien Debt	S +	5.00%		8.73	%	08/20/2030		6,665		6,624			6,624			5.17
Two Six Labs, LLC	(3) (6)	First Lien Debt	S +	5.00%		8.73	%	08/20/2030		—		(13	)		(13	)		(0.01	)
												11,035			11,023			8.60
Automobiles
COP Collisionright Parent, LLC	(2) (5)	First Lien Debt	S +	4.75%		8.41	%	01/29/2030		357		355			353			0.28
COP Collisionright Parent, LLC	(2) (6)	First Lien Debt	S +	4.75%		8.41	%	01/29/2030		317		314			301			0.23
COP Collisionright Parent, LLC	(2) (6)	First Lien Debt	S +	4.75%		8.41	%	01/29/2030		—		—			(1	)		0.00
Drivecentric Holdings, LLC	(3) (5)	First Lien Debt	S +	4.50%		8.20	%	08/15/2031		6,750		6,710			6,750			5.27
Drivecentric Holdings, LLC	(3) (6)	First Lien Debt	S +	4.50%		8.20	%	08/15/2031		—		(14	)		—			—
Vehlo Purchaser, LLC	(3) (5)	First Lien Debt	S +	5.25%		8.89	%	05/24/2028		3,030		3,019			2,977			2.32
												10,384			10,380			8.10
Banks
Computer Services, Inc.	(2) (5)	First Lien Debt	S +	4.50%		8.23	%	11/17/2031		2,696		2,683			2,651			2.07
Computer Services, Inc.	(2) (6)	First Lien Debt	S +	4.50%		8.23	%	11/17/2031		—		(6	)		(21	)		(0.02	)
												2,677			2,630			2.05
Beverages
Vamos Bidco, Inc.	(4) (5)	First Lien Debt	S +	4.50%		8.23	%	01/30/2032		2,673		2,661			2,613			2.04
Vamos Bidco, Inc.	(4) (6)	First Lien Debt	S +	4.50%		8.23	%	01/30/2032		—		(2	)		(25	)		(0.02	)
Vamos Bidco, Inc.	(4) (6)	First Lien Debt	S +	4.50%		8.23	%	01/30/2032		56		55			49			0.04
												2,714			2,637			2.06
Capital Markets
TS Imagine, Inc.	(3) (5)	First Lien Debt	S +	6.25%		9.91	%	06/12/2031		2,441		2,404			2,404			1.88
TS Imagine, Inc.	(3) (6)	First Lien Debt	S +	6.25%		9.91	%	06/12/2031		—		(2	)		(2	)		0.00
TS Imagine, Inc.	(3) (6)	First Lien Debt	S +	6.25%		9.91	%	06/12/2031		31		27			27			0.02
												2,429			2,429			1.89
Commercial Services & Supplies
Astra Service Partners, LLC	(3) (5)	First Lien Debt	S +	4.50%		8.24	%	11/26/2032		5,644		5,603			5,623			4.39
Astra Service Partners, LLC	(3) (6)	First Lien Debt	S +	4.50%		8.24	%	11/26/2032		965		949			958			0.75
AWP Group Holdings, Inc.	(2) (5)	First Lien Debt	S +	5.91% (incl. 3.28% PIK)		9.56	%	12/22/2032		7,056		6,954			6,954			5.43
AWP Group Holdings, Inc.	(2) (6)	First Lien Debt	S +	5.91% (incl. 3.28% PIK)		9.56	%	12/22/2032		254		240			240			0.19
Firebird Acquisition Corp, Inc.	(3) (5)	First Lien Debt	S +	5.00% (incl. 2.75% PIK)		8.66	%	02/02/2032		5,809		5,801			5,809			4.53
Firebird Acquisition Corp, Inc.	(3) (5) (6)	First Lien Debt	S +	5.00% (incl. 2.75% PIK)		8.66	%	02/02/2032		1,965		1,963			1,965			1.53
Firebird Acquisition Corp, Inc.	(3) (6)	First Lien Debt	S +	5.00% (incl. 2.75% PIK)		8.66	%	02/02/2032		—		(1	)		—			0.00
Railpros Parent, LLC	(3) (5)	First Lien Debt	S +	4.25%		7.89	%	05/24/2032		5,433		5,403			5,419			4.23
Railpros Parent, LLC	(3) (5) (6)	First Lien Debt	S +	4.25%		7.89	%	05/24/2032		504		499			500			0.39
Railpros Parent, LLC	(3) (6)	First Lien Debt	S +	4.25%		7.89	%	05/24/2032		—		(5	)		(2	)		(0.00	)
												27,406			27,466			21.43
Construction & Engineering


Investments	Footnotes	Investment	Reference Rate and Spread		Interest Rate (1)			Maturity Date	Par Amount/ Shares		Cost (7)			Fair Value			Percentage of Net Assets
LJ Avalon Holdings, LLC	(2) (5)	First Lien Debt	S +	4.75%		8.43	%	02/01/2030		1,618		1,621			1,605			1.25
LJ Avalon Holdings, LLC	(2) (5)	First Lien Debt	S +	4.75%		8.43	%	02/01/2030		2,278		2,270			2,261			1.76
LJ Avalon Holdings, LLC	(2) (6)	First Lien Debt	S +	4.75%		8.43	%	02/01/2029		68		67			64			0.05
												3,958			3,930			3.07
Diversified Consumer Services
DA Blocker Corp.	(3) (5)	First Lien Debt	S +	4.75%		8.48	%	02/10/2032		5,643		5,617			5,530			4.31
DA Blocker Corp.	(3) (6)	First Lien Debt	S +	4.75%		8.48	%	02/10/2032		—		(3	)		(35	)		(0.03	)
DA Blocker Corp.	(3) (6)	First Lien Debt	S +	4.75%		8.48	%	02/10/2032		82		80			71			0.06
EVDR Purchaser, Inc.	(3) (5)	First Lien Debt	S +	4.50%		8.14	%	02/14/2031		4,975		4,956			4,975			3.88
GarageCo Intermediate II, LLC	(3) (5)	First Lien Debt	S +	4.25%		7.91	%	08/02/2032		2,404		2,385			2,368			1.85
GarageCo Intermediate II, LLC	(3) (6)	First Lien Debt	S +	4.25%		7.91	%	08/02/2032		—		(21	)		(53	)		(0.04	)
GarageCo Intermediate II, LLC	(3) (6)	First Lien Debt	S +	4.25%		7.91	%	08/02/2032		—		(8	)		(16	)		(0.01	)
Kodiak Buyer, LLC	(3) (5)	First Lien Debt	S +	4.25%		7.98	%	07/26/2032		2,302		2,283			2,298			1.79
Kodiak Buyer, LLC	(3) (6)	First Lien Debt	S +	4.25%		7.98	%	07/26/2032		72		67			71			0.06
Kodiak Buyer, LLC	(3) (6)	First Lien Debt	S +	4.25%		7.98	%	07/23/2032		—		(5	)		(1	)		—
LHS Borrower, LLC	(3) (5)	First Lien Debt	S +	5.25%		8.89	%	09/04/2031		2,422		2,397			2,362			1.84
LHS Borrower, LLC	(3) (6)	First Lien Debt	S +	5.25%		8.89	%	09/04/2031		49		47			44			0.03
												17,795			17,614			13.74
Diversified Telecommunication Services
Orbcomm, Inc.	(3) (5)	First Lien Debt	S +	5.25%		8.92	%	04/27/2032		6,087		6,028			6,028			4.70
Orbcomm, Inc.	(3) (6)	First Lien Debt	S +	5.25%		8.92	%	04/27/2032		183		177			177			0.14
Orbcomm, Inc.	(3) (6)	First Lien Debt	S +	5.25%		8.92	%	04/27/2032		—		(10	)		(10	)		(0.01	)
												6,195			6,195			4.83
Electrical Equipment
Accel International Holdings, Inc.	(4) (5)	First Lien Debt	S +	4.25%		7.89	%	04/26/2032		4,608		4,600			4,608			3.59
Accel International Holdings, Inc.	(4) (6)	First Lien Debt	S +	4.25%		7.89	%	04/26/2032		159		157			159			0.12
												4,757			4,767			3.72
Electronic Equipment, Instruments & Components
Magneto Components Buyco, LLC	(3) (5)	First Lien Debt	S +	5.75%		9.48	%	12/05/2030		5,487		5,481			5,487			4.28
Magneto Components Buyco, LLC	(3) (6)	First Lien Debt	S +	5.75%		9.48	%	12/05/2029		—		(1	)		—			0.00
NDT Global Holding, Inc.	(4) (5)	First Lien Debt	S +	4.50%		8.14	%	06/04/2032		6,848		6,810			6,746			5.26
NDT Global Holding, Inc.	(4) (5) (6)	First Lien Debt	S +	4.50%		8.14	%	06/04/2032		1,343		1,332			1,297			1.01
NDT Global Holding, Inc.	(4) (6)	First Lien Debt	S +	4.50%		8.14	%	06/04/2032		—		(9	)		(23	)		(0.02	)
												13,613			13,507			10.54
Financial Services
BCTO Bluebill Midco, Inc.	(3) (5)	First Lien Debt	S +	4.50%		8.17	%	07/30/2032		7,556		7,509			7,442			5.81
BCTO Bluebill Midco, Inc.	(3) (6)	First Lien Debt	S +	4.50%		8.17	%	07/30/2032		—		(6	)		(14	)		(0.01	)
SitusAMC Holdings Corporation	(3) (5)	First Lien Debt	S +	5.50%		9.23	%	05/14/2031		1,980		1,976			1,980			1.54
												9,479			9,408			7.34
Ground Transportation
SV Newco 2, Inc.	(3) (5)	First Lien Debt	S +	5.00%		8.73	%	06/02/2031		2,453		2,447			2,438			1.90
SV Newco 2, Inc.	(3) (6)	First Lien Debt	S +	5.00%		8.73	%	06/02/2031		2,472		2,463			2,427			1.89
												4,910			4,865			3.80
Health Care Equipment & Supplies
CSHC Buyerco, LLC	(3) (5)	First Lien Debt	S +	5.00%		8.73	%	04/29/2033		5,536		5,481			5,481			4.28
CSHC Buyerco, LLC	(3) (6)	First Lien Debt	S +	5.00%		8.73	%	04/29/2033		480		472			472			0.37


Investments	Footnotes	Investment	Reference Rate and Spread		Interest Rate (1)			Maturity Date	Par Amount/ Shares		Cost (7)			Fair Value			Percentage of Net Assets
CSHC Buyerco, LLC	(3) (6)	First Lien Debt	S +	5.00%		8.73	%	04/29/2033		—		(10	)		(10	)		(0.01	)
PerkinElmer U.S., LLC	(2) (5)	First Lien Debt	S +	4.50%		8.17	%	03/13/2029		532		531			530			0.41
PerkinElmer U.S., LLC	(2) (6)	First Lien Debt	S +	4.50%		8.17	%	03/13/2029		—		—			(5	)		0.00
Tidi Legacy Products, Inc.	(2) (5)	First Lien Debt	S +	4.50%		8.14	%	12/19/2029		4,317		4,313			4,317			3.37
Tidi Legacy Products, Inc.	(2) (5)	First Lien Debt	S +	4.50%		8.14	%	12/19/2029		1,826		1,825			1,826			1.42
Tidi Legacy Products, Inc.	(2) (6)	First Lien Debt	S +	4.50%		8.14	%	12/19/2029		—		(1	)		—			0.00
												12,611			12,611			9.84
Health Care Providers & Services
Merative, LP	(3) (5)	First Lien Debt	S +	4.50%		8.23	%	09/30/2032		5,736		5,722			5,736			4.47
Merative, LP	(3) (6)	First Lien Debt	S +	4.50%		8.23	%	09/30/2032		—		—			—			0.00
Merative, LP	(3) (6)	First Lien Debt	S +	4.50%		8.23	%	09/30/2032		—		(1	)		—			0.00
mPulse Mobile, Inc.	(3) (5)	First Lien Debt	S +	4.75%		8.48	%	02/25/2033		8,840		8,784			8,509			6.64
mPulse Mobile, Inc.	(3) (6)	First Lien Debt	S +	4.75%		8.48	%	02/25/2033		—		(2	)		(32	)		(0.02	)
mPulse Mobile, Inc.	(3) (6)	First Lien Debt	S +	4.75%		8.48	%	02/25/2033		—		(8	)		(48	)		(0.04	)
Pareto Health Intermediate Holdings, Inc.	(2) (5)	First Lien Debt	S +	5.00%		8.73	%	06/03/2030		14,843		14,777			14,695			11.46
												29,272			28,860			22.51
Industrial Conglomerates
Aptean, Inc.	(3) (5)	First Lien Debt	S +	4.75%		8.42	%	01/30/2031		8,387		8,379			8,236			6.43
Aptean, Inc.	(3) (6)	First Lien Debt	S +	4.75%		8.42	%	01/30/2031		—		3			(38	)		(0.03	)
Aptean, Inc.	(3) (6)	First Lien Debt	S +	4.75%		8.42	%	01/30/2031		88		88			81			0.06
												8,470			8,279			6.46
Insurance Services
Fetch, Inc.	(3) (5)	First Lien Debt	S +	4.75%		8.39	%	03/31/2033		6,800		6,734			6,732			5.25
Fetch, Inc.	(3) (6)	First Lien Debt	S +	4.75%		8.39	%	03/31/2033		—		(10	)		(10	)		(0.01	)
Fetch, Inc.	(3) (6)	First Lien Debt	S +	4.75%		8.39	%	03/31/2033		—		(12	)		(12	)		(0.01	)
Foundation Risk Partners Corp.	(3) (5) (6)	First Lien Debt	S +	4.75%		8.48	%	10/29/2030		1,393		1,391			1,393			1.09
High Street Buyer, Inc.	(3) (6)	First Lien Debt	S +	4.25%		7.98	%	04/14/2028		300		297			283			0.22
Inszone Mid, LLC	(2) (6)	First Lien Debt	S +	5.25%		8.98	%	11/30/2029		2,668		2,634			2,601			2.03
Inszone Mid, LLC	(2) (6)	First Lien Debt	S +	5.25%		8.98	%	11/30/2029		—		(4	)		(4	)		0.00
Iris Specialty Acquisition, LLC	(4) (5)	First Lien Debt	S +	4.50%		8.23	%	11/22/2032		5,695		5,668			5,684			4.43
Iris Specialty Acquisition, LLC	(4) (6)	First Lien Debt	S +	4.50%		8.23	%	11/22/2032		86		82			84			0.07
Iris Specialty Acquisition, LLC	(4) (6)	First Lien Debt	S +	4.50%		8.23	%	11/22/2032		192		188			190			0.15
Patriot Growth Insurance Services, LLC	(3) (5)	First Lien Debt	S +	5.00%		8.88	%	10/16/2028		1,481		1,478			1,445			1.13
												18,446			18,386			14.34
Interactive Media & Services
FMG Suite Holdings, LLC	(3) (5)	First Lien Debt	S +	4.50%		8.17	%	09/09/2032		4,515		4,486			4,447			3.47
FMG Suite Holdings, LLC	(3) (6)	First Lien Debt	S +	4.50%		8.17	%	09/09/2032		—		(3	)		(18	)		(0.01	)
FMG Suite Holdings, LLC	(3) (6)	First Lien Debt	S +	4.50%		8.17	%	09/09/2032		—		(5	)		(11	)		(0.01	)
												4,478			4,418			3.45
IT Services
Apollo Acquisition, Inc.	(3) (5)	First Lien Debt	S +	5.25%		8.90	%	12/30/2031		922		914			903			0.70
Apollo Acquisition, Inc.	(3) (6)	First Lien Debt	S +	5.25%		8.90	%	12/30/2031		22		2			(40	)		(0.03	)
Apollo Acquisition, Inc.	(3) (6)	First Lien Debt	S +	5.25%		8.90	%	12/30/2030		—		(4	)		(9	)		(0.01	)
Bridgepointe Technologies, LLC	(2) (5)	First Lien Debt	S +	4.75%		8.48	%	04/18/2033		5,257		5,206			5,206			4.06
Bridgepointe Technologies, LLC	(2) (6)	First Lien Debt	S +	4.75%		8.48	%	04/18/2033		330		318			318			0.25
Bridgepointe Technologies, LLC	(2) (6)	First Lien Debt	S +	4.75%		8.48	%	04/18/2033		—		(7	)		(7	)		(0.01	)
Redwood Services Group, LLC	(3) (5)	First Lien Debt	S +	5.25%		8.99	%	06/15/2029		6,503		6,476			6,487			5.06


Investments	Footnotes	Investment	Reference Rate and Spread		Interest Rate (1)			Maturity Date	Par Amount/ Shares		Cost (7)			Fair Value			Percentage of Net Assets
Redwood Services Group, LLC	(3) (5) (6)	First Lien Debt	S +	5.25%		8.99	%	06/15/2029		8,358		8,328			8,337			6.50
Thrive Buyer, Inc. (Thrive Networks)	(3) (5)	First Lien Debt	S +	5.00% (incl 2.50% PIK)		8.73	%	02/02/2032		5,138		5,115			4,881			3.81
Thrive Buyer, Inc. (Thrive Networks)	(3) (5)	First Lien Debt	S +	5.00% (incl 2.50% PIK)		8.73	%	02/02/2032		1,180		1,175			1,121			0.87
Thrive Buyer, Inc. (Thrive Networks)	(3) (6)	First Lien Debt	S +	4.50%		8.23	%	02/02/2032		256		253			223			0.17
UpStack, Inc.	(3) (5)	First Lien Debt	S +	5.00%		8.63	%	08/25/2031		4,875		4,835			4,790			3.74
UpStack, Inc.	(3) (5) (6)	First Lien Debt	S +	5.00%		8.63	%	08/25/2031		686		671			653			0.51
UpStack, Inc.	(3) (6)	First Lien Debt	S +	5.00%		8.63	%	08/25/2031		281		275			268			0.21
												33,557			33,131			25.85
Multi-Utilities
Vessco Midco Holdings, LLC	(3) (5)	First Lien Debt	S +	4.50%		8.15	%	07/24/2031		3,549		3,536			3,498			2.73
Vessco Midco Holdings, LLC	(3) (6)	First Lien Debt	S +	4.50%		8.15	%	07/24/2031		—		(9	)		(50	)		(0.04	)
												3,527			3,448			2.69
Pharmaceuticals
Real Chemistry Intermediate III, Inc.	(4) (5)	First Lien Debt	S +	4.50%		8.23	%	04/12/2032		4,410		4,402			4,344			3.39
Real Chemistry Intermediate III, Inc.	(4) (5) (6)	First Lien Debt	S +	4.50%		8.23	%	04/12/2032		1,313		1,311			1,284			1.00
Real Chemistry Intermediate III, Inc.	(4) (6)	First Lien Debt	S +	4.50%		8.23	%	04/12/2032		—		(2	)		(15	)		(0.01	)
												5,711			5,613			4.38
Professional Services
Deerfield Dakota Holding, LLC	(3) (5)	First Lien Debt	S +	5.75% (incl. 2.75% PIK)		9.48	%	09/13/2032		13,017		12,934			12,775			9.97
Deerfield Dakota Holding, LLC	(3) (6)	First Lien Debt	S +	5.75% (incl. 2.75% PIK)		9.48	%	09/13/2032		440		432			418			0.33
Verdantas, LLC	(3) (5)	First Lien Debt	S +	5.25%		8.98	%	05/06/2031		3,064		3,035			2,987			2.33
Verdantas, LLC	(3) (5)	First Lien Debt	S +	5.25%		8.98	%	05/06/2031		3,596		3,559			3,495			2.73
Verdantas, LLC	(3) (6)	First Lien Debt	S +	5.25%		8.98	%	05/06/2030		88		85			79			0.06
WIPFLI Advisory, LLC	(3) (5)	First Lien Debt	S +	4.25%		7.94	%	10/01/2032		1,846		1,842			1,828			1.43
WIPFLI Advisory, LLC	(3) (6)	First Lien Debt	S +	4.25%		7.94	%	10/01/2032		114		113			107			0.08
WIPFLI Advisory, LLC	(3) (6)	First Lien Debt	S +	4.25%		7.94	%	10/01/2032		—		(1	)		(5	)		0.00
												21,999			21,684			16.92
Software
Apryse Software Corp.	(4) (5)	First Lien Debt	S +	4.50%		8.24	%	06/28/2032		11,082		11,017			11,081			8.64
Apryse Software Corp.	(4) (6)	First Lien Debt	S +	4.50%		8.24	%	06/28/2032		539		533			539			0.42
Coupa Holdings, LLC	(3) (5)	First Lien Debt	S +	5.25%		8.91	%	02/27/2030		6,432		6,426			6,432			5.02
Coupa Holdings, LLC	(3)	First Lien Debt	S +	5.25%		8.91	%	02/27/2030		586		581			586			0.46
Coupa Holdings, LLC	(3) (6)	First Lien Debt	S +	5.25%		8.91	%	02/27/2029		299		299			299			0.23
Emburse, Inc.	(3) (5)	First Lien Debt	S +	4.25%		7.98	%	05/28/2032		7,000		6,999			7,000			5.46
Emburse, Inc.	(3) (6)	First Lien Debt	S +	4.25%		7.98	%	05/28/2032		—		1			—			0.00
Emburse, Inc.	(3) (6)	First Lien Debt	S +	4.25%		7.98	%	05/28/2032		—		—			—			0.00
Espresso Bidco, Inc.	(3) (5)	First Lien Debt	S +	5.75% (incl. 3.13% PIK)		9.48	%	03/25/2032		3,717		3,687			3,643			2.84
Espresso Bidco, Inc.	(3) (5) (6)	First Lien Debt	S +	5.75% (incl. 3.13% PIK)		9.48	%	03/25/2032		920		911			900			0.70
Espresso Bidco, Inc.	(3) (6)	First Lien Debt	S +	5.75% (incl. 3.13% PIK)		9.48	%	03/25/2032		—		(4	)		(9	)		(0.01	)
Fullsteam Operations, LLC	(3) (5)	First Lien Debt	S +	5.25%		8.90	%	08/08/2031		8,654		8,601			8,407			6.56
Fullsteam Operations, LLC	(3) (6)	First Lien Debt	S +	5.25%		8.90	%	08/08/2031		—		(6	)		(82	)		(0.06	)


Investments	Footnotes	Investment	Reference Rate and Spread		Interest Rate (1)			Maturity Date	Par Amount/ Shares		Cost (7)			Fair Value			Percentage of Net Assets
Fullsteam Operations, LLC	(3) (6)	First Lien Debt	S +	5.25%		8.90	%	08/08/2031		313		307			285			0.22
Onit, Inc.	(3) (5)	First Lien Debt	S +	4.75%		8.36	%	01/27/2032		9,421		9,379			9,421			7.35
Onit, Inc.	(3) (6)	First Lien Debt	S +	4.75%		8.36	%	01/27/2032		—		(6	)		—			0.00
Onit, Inc.	(3) (6)	First Lien Debt	S +	4.75%		8.36	%	01/27/2032		—		(6	)		—			0.00
Vanco Payment Solutions, LLC	(3) (5)	First Lien Debt	S +	4.75%		8.48	%	12/01/2031		5,559		5,506			5,448			4.25
Vanco Payment Solutions, LLC	(3) (6)	First Lien Debt	S +	4.75%		8.48	%	12/01/2031		—		(3	)		(5	)		0.00
												54,222			53,945			42.08
Transportation Infrastructure
Jeppesen Holdings, LLC	(4) (5)	First Lien Debt	S +	4.75%		8.41	%	11/01/2032		6,533		6,516			6,468			5.05
Jeppesen Holdings, LLC	(4) (6)	First Lien Debt	S +	4.75%		8.41	%	11/01/2032		—		(1	)		(3	)		0.00
												6,515			6,465			5.04
Wireless Telecommunication Services
CCI Buyer, Inc.	(3) (5)	First Lien Debt	S +	5.00%		8.73	%	05/13/2032		10,784		10,726			10,704			8.35
CCI Buyer, Inc.	(3) (6)	First Lien Debt	S +	5.00%		8.73	%	05/13/2032		—		(3	)		(5	)		0.00
												10,723			10,699			8.35
Total First Lien Debt											$	326,883		$	324,390			253.07	%
Total Portfolio Investments											$	326,883		$	324,390			253.07	%

(1) Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either CORRA (“C”) or EURIBOR (“E”) or SOFR (“S”) or SONIA (“SA”) or an alternative base rate (commonly based on the Federal Funds Rate (“F”) or the U.S. Prime Rate (“P”)), which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of June 30, 2026. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at June 30, 2026, the reference rates for our variable loans were the C at 2.34%, 1-month E at 2.20%, 1-month S at 3.65%, 3-month S at 3.73%, 6-month S at 3.85%, SA at 3.73%, and the P at 6.75%.

(2) Loan includes interest rate floor of 1.00%

(3) Loan includes interest rate floor of 0.75%

(4) Loan includes interest rate floor of 0.50%

(5) Assets or a portion thereof are pledged as collateral for the JV Credit Facility.

(6) Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may earn unused commitment fees. Negative cost and fair value, if any, results from unamortized fees, which are capitalized to the cost of the investment. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated.

(7) The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.

- Definition

The entire disclosure for investments owned by investment company.

+ References + Details