| Schedule of individual investments |
| | | | | | | | | | | | | | | As of June 30, 2026 | | As of December 31, 2025 | | | Amortized Cost | | Fair Value | | Amortized Cost | | Fair Value | First lien secured loans | | $ | 425,918 | | | 413,701 | | $ | 441,761 | | | 429,573 | Second lien secured loans | | | 4,906 | | | 4,977 | | | 4,840 | | | 4,839 | Unsecured loans | | | 1,331 | | | 1,345 | | | 1,269 | | | 1,286 | Subordinated Note to STRS JV | | | 86,256 | | | 86,256 | | | 84,416 | | | 84,416 | Equity (excluding STRS JV) | | | 54,321 | | | 40,562 | | | 54,184 | | | 36,933 | Equity in STRS JV | | | 21,564 | | | 22,361 | | | 21,104 | | | 21,602 | Total | | $ | 594,296 | | $ | 569,202 | | $ | 607,574 | | $ | 578,649 |
| | | | | | | | | | | | Industry ($ in thousands) | | As of June 30, 2026 | | As of December 31, 2025 | | Advertising | | $ | 14,655 | | 3.2 | % | $ | 13,975 | | 3.0 | % | Air Freight & Logistics | | | 9,388 | | 2.0 | | | 9,281 | | 2.0 | | Application Software | | | 29,912 | | 6.5 | | | 22,741 | | 4.8 | | Building Products | | | 1,329 | | 0.3 | | | 13,748 | | 2.9 | | Cargo Ground Transportation | | | 7,583 | | 1.6 | | | 7,701 | | 1.6 | | Construction & Engineering | | | 5,387 | | 1.2 | | | 9,906 | | 2.1 | | Diversified Chemicals | | | 13,642 | | 3.0 | | | 8,188 | | 1.7 | | Diversified Support Services | | | 16,420 | | 3.6 | | | 15,846 | | 3.4 | | Education Services | | | 25,239 | | 5.5 | | | 15,587 | | 3.3 | | Environmental & Facilities Services | | | 4,444 | | 1.0 | | | 3,255 | | 0.7 | | Food Distributors | | | 561 | | 0.1 | | | 264 | | 0.1 | | Health Care Facilities | | | 4,897 | | 1.1 | | | 4,623 | | 1.0 | | Health Care Services | | | 8,406 | | 1.8 | | | 8,389 | | 1.8 | | Health Care Supplies | | | 20,409 | | 4.4 | | | 20,026 | | 4.2 | | Home Furnishings | | | 18,089 | | 3.9 | | | 16,103 | | 3.4 | | Household Appliances | | | 911 | | 0.3 | | | 2,202 | | 0.5 | | Household Products | | | 7,785 | | 1.8 | | | 9,658 | | 2.0 | | Human Resource & Employment Services | | | 2,891 | | 0.6 | | | 2,909 | | 0.6 | | Industrial Machinery & Supplies & Components | | | 19,024 | | 4.1 | | | 12,895 | | 2.7 | | Integrated Telecommunication Services | | | 15,157 | | 3.3 | | | 26,732 | | 5.7 | | Interactive Media & Services | | | 15,818 | | 3.4 | | | 15,940 | | 3.4 | | IT Consulting & Other Services | | | 591 | | 0.1 | | | 1,287 | | 0.3 | | Leisure Facilities | | | 12,401 | | 2.7 | | | 15,233 | | 3.2 | | Leisure Products | | | 17,540 | | 3.8 | | | 16,672 | | 3.5 | | Office Services & Supplies | | | 15,880 | | 3.4 | | | 5,159 | | 1.1 | | Oil & Gas Refining & Marketing | | | 10,408 | | 2.3 | | | 10,404 | | 2.2 | | Oil & Gas Storage & Transportation | | | 10,266 | | 2.2 | | | 10,158 | | 2.1 | | Other Specialty Retail | | | 625 | | 0.1 | | | 735 | | 0.2 | | Packaged Foods & Meats | | | 3,626 | | 0.8 | | | 4,033 | | 0.9 | | Paper Products | | | 8,892 | | 1.9 | | | 9,276 | | 2.0 | | Pharmaceuticals | | | — | | — | | | 12,027 | | 2.5 | | Real Estate Services | | | 9,380 | | 2.0 | | | 20,426 | | 4.3 | | Research & Consulting Services | | | 5,115 | | 1.2 | | | 5,143 | | 1.1 | | Specialized Consumer Services | | | 29,541 | | 6.4 | | | 26,556 | | 5.6 | | Specialized Finance(1) | | | 10,307 | | 2.2 | | | 10,661 | | 2.3 | | Systems Software | | | 28,430 | | 6.2 | | | 28,504 | | 6.0 | | Technology Hardware, Storage & Peripherals | | | 19,490 | | 4.2 | | | 19,484 | | 4.1 | | Transaction & Payment Processing Services | | | 36,146 | | 7.8 | | | 36,904 | | 7.8 | | Total(1) | | $ | 460,585 | | 100.0 | % | $ | 472,631 | | 100.0 | % |
| (1) | Excludes investments in STRS JV. |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | Dividends, | | Beginning | | | | | | | | | | | Net Change in | | Ending Fair | | | | | interest and PIK | | Fair Value as of | | | | | | | | Net | | Unrealized | | Value as of | | | Type of | | included in | | December 31, | | Gross | | Gross | | Realized | | Appreciation | | June 30, | Affiliated Person(1) | | Asset | | income | | 2025 | | Additions(2) | | Reductions(3) | | Gain (Loss) | | (Depreciation) | | 2026 | Non-controlled affiliates | | | | | | | | | | | | | | | | | | | | | | | | Arcserve Cayman Opco LP (d/b/a Arcserve (USA), LLC) | | First Lien Secured Delayed Draw Loan | | $ | 62 | | $ | 1,240 | | $ | 52 | | $ | — | | $ | — | | $ | (66) | | $ | 1,226 | Arcserve Cayman Opco LP (d/b/a Arcserve (USA), LLC) | | Unsecured Loan | | | 31 | | | 636 | | | 30 | | | — | | | — | | | (1) | | | 665 | Arcserve Cayman Opco LP (d/b/a Arcserve (USA), LLC) | | Unsecured Loan | | | 31 | | | 650 | | | 31 | | | — | | | — | | | (1) | | | 680 | Arcserve Cayman GP LLC (d/b/a Arcserve (USA), LLC) | | Common Units | | | — | | | — | | | — | | | — | | | — | | | — | | | — | Arcserve Cayman Topco LP (d/b/a Arcserve (USA), LLC) | | Common Units | | | — | | | 9,144 | | | — | | | — | | | — | | | 5 | | | 9,149 | Camarillo Fitness Holdings, LLC (f/k/a Honors Holdings, LLC) | | First Lien Secured Term Loan | | | — | | | 5,354 | | | — | | | — | | | — | | | (2,791) | | | 2,563 | Camarillo Fitness Holdings, LLC (f/k/a Honors Holdings, LLC) | | First Lien Secured Delayed Draw Loan | | | — | | | 196 | | | 81 | | | — | | | — | | | (28) | | | 249 | H.I.G. Camarillo, L.P. (f/k/a Honors Holdings, LLC) | | Limited Partner Interests | | | — | | | — | | | — | | | — | | | — | | | — | | | — | Media Source, LLC (d/b/a Media Source Inc.) | | First Lien Secured Term Loan | | | 204 | | | 4,242 | | | 102 | | | (21) | | | — | | | (64) | | | 4,259 | Media Source, LLC (d/b/a Media Source Inc.) | | First Lien Secured Revolving Loan | | | 5 | | | 17 | | | 148 | | | — | | | — | | | (16) | | | 149 | TVG I-EMSI Parent, LLC (d/b/a Media Source Inc.) | | Class A Units | | | — | | | — | | | — | | | — | | | — | | | — | | | — | TVG I-EMSI Parent, LLC (d/b/a Media Source Inc.) | | Class B Units | | | — | | | 3,291 | | | — | | | — | | | — | | | (760) | | | 2,531 | Playmonster Group LLC | | Priority First Lien Secured Term Loan | | | 85 | | | 1,355 | | | 262 | | | (111) | | | — | | | 86 | | | 1,592 | Playmonster Group LLC | | First Lien Secured Term Loan | | | — | | | 1,729 | | | — | | | — | | | — | | | 697 | | | 2,426 | Playmonster Group Equity, Inc. (d/b/a PlayMonster) | | Preferred Stock | | | — | | | — | | | — | | | — | | | — | | | — | | | — | Playmonster Group Equity, Inc. (d/b/a PlayMonster) | | Common Stock | | | — | | | — | | | — | | | — | | | — | | | — | | | — | Chase Products Co. (f/k/a Starco) | | Second Lien Secured Term Loan | | | 157 | | | 3,404 | | | — | | | — | | | — | | | — | | | 3,404 | Pressurized Holdings, LLC (f/k/a Starco) | | Common Units | | | — | | | — | | | — | | | — | | | — | | | 1,944 | | | 1,944 | Pressurized Holdings, LLC (f/k/a Starco) | | Preferred Units | | | — | | | 4,784 | | | — | | | — | | | — | | | 3,510 | | | 8,294 | Total Non-controlled affiliates | | | | $ | 575 | | $ | 36,042 | | $ | 706 | | $ | (132) | | $ | — | | $ | 2,515 | | $ | 39,131 | Controlled affiliates | | | | | | | | | | | | | | | | | | | | | | | | WHF STRS Ohio Senior Loan Fund LLC* | | Subordinated Note | | | 4,309 | | | 84,416 | | | 1,840 | | | — | | | — | | | — | | | 86,256 | WHF STRS Ohio Senior Loan Fund LLC* | | Equity | | | 2,527 | | | 21,602 | | | 460 | | | — | | | — | | | 299 | | | 22,361 | Total Controlled affiliates | | | | $ | 6,836 | | $ | 106,018 | | $ | 2,300 | | $ | — | | $ | — | | $ | 299 | | $ | 108,617 |
* | The Company and STRS Ohio are the members of STRS JV, a joint venture formed as a limited liability company (“LLC”) in Delaware that is not consolidated by either member for financial reporting purposes. The members make investments in STRS JV in the form LLC equity interests and interest-bearing subordinated notes as STRS JV makes investments, and all portfolio and other material decisions regarding STRS JV must be submitted to STRS JV’s board of managers which is comprised of an equal number of members appointed by each of the Company and STRS Ohio. Because management of STRS JV is shared equally between the Company and STRS Ohio, the Company does not believe it controls STRS JV for purposes of the 1940 Act or otherwise. This note shall be referred to hereinafter as Management of the STRS JV (“Management of the STRS JV”). |
| (1) | Refer to the consolidated schedule of investments for the principal amount, industry classification and other security detail of each portfolio company. |
| (2) | Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK, an exchange of existing investments for new investments and the transfers of an existing portfolio company into this category from a different category. |
| (3) | Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, an exchange of existing investments for new investments and the transfers of an existing portfolio company into this category from a different category. |
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| | | | Dividends, | | Beginning | | | | | | | | | | | Net Change in | | Ending Fair |
|---|
| | | | interest and PIK | | Fair Value as of | | | | | | | | Net | | Unrealized | | Value as of |
|---|
| | Type of | | included in | | December 31, | | Gross | | Gross | | Realized | | Appreciation | | December 31, |
|---|
Affiliated Person(1) | | Asset | | income | | 2024 | | Additions(2) | | Reductions(3) | | Gain (Loss) | | (Depreciation) | | 2025 |
|---|
Non-controlled affiliates | | | | | | | | | | | | | | | | | | | | | | | | Arcserve Cayman Opco LP (d/b/a Arcserve (USA), LLC) | | First Lien Secured Delayed Draw Loan | | $ | 120 | | $ | 1,247 | | $ | 98 | | $ | — | | $ | — | | $ | (105) | | $ | 1,240 | Arcserve Cayman Opco LP (d/b/a Arcserve (USA), LLC) | | Unsecured Loan | | | 58 | | | 581 | | | 58 | | | — | | | — | | | (3) | | | 636 | Arcserve Cayman Opco LP (d/b/a Arcserve (USA), LLC) | | Unsecured Loan | | | 59 | | | 594 | | | 58 | | | — | | | — | | | (2) | | | 650 | Arcserve Cayman GP LLC (d/b/a Arcserve (USA), LLC) | | Common Units | | | — | | | — | | | — | | | — | | | — | | | — | | | — | Arcserve Cayman Topco LP (d/b/a Arcserve (USA), LLC) | | Common Units | | | — | | | 9,131 | | | — | | | — | | | — | | | 13 | | | 9,144 | Camarillo Fitness Holdings, LLC (f/k/a Honors Holdings, LLC) | | First Lien Secured Term Loan | | | (38) | | | 10,492 | | | — | | | (39) | | | — | | | (5,099) | | | 5,354 | Camarillo Fitness Holdings, LLC (f/k/a Honors Holdings, LLC) | | First Lien Secured Delayed Draw Loan | | | — | | | — | | | 1,135 | | | — | | | — | | | (939) | | | 196 | H.I.G. Camarillo, L.P. (f/k/a Honors Holdings, LLC) | | Limited Partner Interests | | | — | | | — | | | — | | | — | | | — | | | — | | | — | Media Source, LLC (d/b/a Media Source Inc.) | | First Lien Secured Term Loan | | | 139 | | | — | | | 4,252 | | | (11) | | | — | | | 1 | | | 4,242 | Media Source, LLC (d/b/a Media Source Inc.) | | First Lien Secured Revolving Loan | | | 4 | | | — | | | 218 | | | (218) | | | — | | | 17 | | | 17 | TVG I-EMSI Parent, LLC (d/b/a Media Source Inc.) | | Class A Units | | | — | | | — | | | — | | | — | | | — | | | — | | | — | TVG I-EMSI Parent, LLC (d/b/a Media Source Inc.) | | Class B Units | | | — | | | — | | | 3,291 | | | — | | | — | | | — | | | 3,291 | Playmonster Group LLC | | Priority First Lien Secured Term Loan | | | 164 | | | 1,172 | | | 164 | | | — | | | — | | | 19 | | | 1,355 | Playmonster Group LLC | | First Lien Secured Term Loan | | | — | | | 1,635 | | | — | | | — | | | — | | | 94 | | | 1,729 | Playmonster Group Equity, Inc. (d/b/a PlayMonster) | | Preferred Stock | | | — | | | — | | | — | | | — | | | — | | | — | | | — | Playmonster Group Equity, Inc. (d/b/a PlayMonster) | | Common Stock | | | — | | | — | | | — | | | — | | | — | | | — | | | — | Chase Products Co. (f/k/a Starco) | | Second Lien Secured Term Loan | | | 385 | | | 3,342 | | | 157 | | | (95) | | | — | | | — | | | 3,404 | Pressurized Holdings, LLC (f/k/a Starco) | | Common Units | | | — | | | — | | | — | | | — | | | — | | | — | | | — | Pressurized Holdings, LLC (f/k/a Starco) | | Preferred Units | | | — | | | 1,657 | | | — | | | — | | | — | | | 3,127 | | | 4,784 | Total Non-controlled affiliates | | | | $ | 891 | | $ | 29,851 | | $ | 9,431 | | $ | (363) | | $ | — | | $ | (2,877) | | $ | 36,042 |
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| | | | Dividends, | | Beginning | | | | | | | | | | | Net Change in | | Ending Fair |
|---|
| | | | interest and PIK | | Fair Value as of | | | | | | | | Net | | Unrealized | | Value as of |
|---|
| | Type of | | included in | | December 31, | | Gross | | Gross | | Realized | | Appreciation | | December 31, |
|---|
Affiliated Person(1) | | Asset | | income | | 2024 | | Additions(2) | | Reductions(3) | | Gain (Loss) | | (Depreciation) | | 2025 |
|---|
Controlled affiliates | | | | | | | | | | | | | | | | | | | | | | | | American Crafts, LC | | Super Senior Priority First Lien Secured Term Loan | | $ | — | | $ | 373 | | $ | — | | $ | — | | $ | (2,373) | | $ | 2,000 | | $ | — | American Crafts, LC | | Super Senior Priority First Lien Secured Term Loan | | | — | | | — | | | — | | | — | | | (1,230) | | | 1,230 | | | — | American Crafts, LC | | Super Priority First Lien Secured Term Loan | | | — | | | — | | | — | | | — | | | (2,094) | | | 2,094 | | | — | American Crafts, LC | | Priority First Lien Secured Term Loan | | | — | | | — | | | — | | | — | | | (5,105) | | | 5,105 | | | — | American Crafts, LC | | First Lien Secured Term Loan | | | — | | | — | | | — | | | — | | | (8,720) | | | 8,720 | | | — | American Crafts, LC | | First Lien Secured Delayed Draw Loan | | | — | | | — | | | — | | | — | | | (1,458) | | | 1,458 | | | — | American Crafts Holdings, LLC (d/b/a American Crafts, LC) | | Warrants | | | — | | | — | | | — | | | — | | | — | | | — | | | — | New American Crafts Holdings, LLC (d/b/a American Crafts, LC) | | Class A Units | | | — | | | — | | | — | | | — | | | — | | | — | | | — | WHF STRS Ohio Senior Loan Fund LLC* | | Subordinated Note | | | 9,070 | | | 84,416 | | | — | | | — | | | — | | | — | | | 84,416 | WHF STRS Ohio Senior Loan Fund LLC* | | Equity | | | 5,336 | | | 22,741 | | | — | | | — | | | — | | | (1,139) | | | 21,602 | Total Controlled affiliates | | | | $ | 14,406 | | $ | 107,530 | | $ | — | | $ | — | | $ | (20,980) | | $ | 19,468 | | $ | 106,018 |
* | For more information, see “Management of the STRS JV.” |
| (1) | Refer to the consolidated schedule of investments for the principal amount, industry classification and other security detail of each portfolio company. |
| (2) | Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK, an exchange of existing investments for new investments and the transfers of an existing portfolio company into this category from a different category. |
| (3) | Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, an exchange of existing investments for new investments and the transfers of an existing portfolio company into this category from a different category. |
|
| Schedule of individual investments |
| | | | | | | | | | | | | | | | | | | | | | | | | |
|---|
Issuer | | Investment Type(1) | | Floor | | Reference Rate(2) | | Spread
Above
Index | | Interest
Rate(3) | | Acquisition
Date(4) | | Maturity
Date | | Principal/
Share
Amount | | Amortized
Cost | | Fair
Value(5) | | Fair Value As A
Percentage of Members' Equity | |
|---|
Debt Investments | | | | | | | | | | | | | | | | | | | | | | | | | | Advertising | | | | | | | | | | | | | | | | | | | | | | | | | | Forward Solutions, LLC (d/b/a Avision Sales Group) | | First Lien Secured Term Loan | | 1.00% | | SOFR (3M) | | 6.75% | | 10.63% | | 02/18/22 | | 12/15/26 | | 8,868 | | $ | 8,852 | | $ | 8,868 | | 26.1 | % | Forward Solutions, LLC (d/b/a Avision Sales Group) | | First Lien Secured Delayed Draw Loan | | 1.00% | | SOFR (3M) | | 6.75% | | 10.63% | | 03/11/22 | | 12/15/26 | | 2,977 | | | 2,972 | | | 2,977 | | 8.7 | | Forward Solutions, LLC (d/b/a Avision Sales Group) | | First Lien Secured Revolving Loan | | 1.00% | | SOFR (3M) | | 6.75% | | 10.63% | | 02/18/22 | | 12/15/26 | | 173 | | | 173 | | | 174 | | 0.5 | | Trailhead Media LLC | | First Lien Secured Term Loan | | 1.00% | | SOFR (3M) | | 5.50% | | 9.23% (8.48% Cash + 0.75% PIK) | | 01/22/25 | | 12/28/29 | | 6,624 | | | 6,555 | | | 6,524 | | 19.2 | | Trailhead Media LLC(6) | | First Lien Secured Delayed Draw Loan | | 1.00% | | SOFR (3M) | | 5.50% | | 9.23% (8.48% Cash + 0.75% PIK) | | 01/22/25 | | 12/28/29 | | — | | | — | | | (5) | | — | | Trailhead Media LLC(6) | | First Lien Secured Revolving Loan | | 1.00% | | SOFR (3M) | | 5.50% | | 9.23% (8.48% Cash + 0.75% PIK) | | 01/22/25 | | 12/28/29 | | — | | | — | | | (4) | | — | | | | | | | | | | | | | | | | | | | | | 18,552 | | | 18,534 | | 54.5 | | Asset Management & Custody Banks | | | | | | | | | | | | | | | | | | | | | | | | | | Apollon Holdings, LLC (d/b/a Apollon Wealth Management, LLC) | | First Lien Secured Term Loan | | 1.00% | | SOFR (3M) | | 5.50% | | 9.17% | | 07/21/25 | | 06/18/32 | | 6,600 | | | 6,516 | | | 6,645 | | 19.5 | | Apollon Holdings, LLC (d/b/a Apollon Wealth Management, LLC)(6)(7) | | First Lien Secured Delayed Draw Loan | | 1.00% | | Base Rate | | 5.50% | | 9.17% | | 07/21/25 | | 06/18/32 | | 4,849 | | | 4,787 | | | 4,936 | | 14.5 | | | | | | | | | | | | | | | | | | | | | 11,303 | | | 11,581 | | 34.0 | | Broadline Retail | | | | | | | | | | | | | | | | | | | | | | | | | | Marlin DTC-LS Midco 2, LLC (d/b/a Clarus Commerce, LLC) | | First Lien Secured Term Loan | | 1.00% | | SOFR (1M) | | 6.50% | | 10.24% | | 07/19/19 | | 05/03/27 | | 17,643 | | | 17,643 | | | 17,002 | | 50.0 | | Marlin DTC-LS Midco 2, LLC (d/b/a Clarus Commerce, LLC) | | First Lien Secured Revolving Loan | | 1.00% | | SOFR (1M) | | 6.50% | | 10.24% | | 07/19/19 | | 05/03/27 | | — | | | — | | | (25) | | (0.1) | | | | | | | | | | | | | | | | | | | | | 17,643 | | | 16,977 | | 49.9 | | Building Products | | | | | | | | | | | | | | | | | | | | | | | | | | Drew Foam Companies Inc | | First Lien Secured Term Loan | | 1.00% | | SOFR (1M) | | 6.00% | | 9.74% | | 11/09/20 | | 12/05/28 | | 13,287 | | | 13,270 | | | 13,245 | | 38.9 | | SCIC Buyer, Inc. (d/b/a SIGMA Corporation) | | First Lien Secured Term Loan | | 1.00% | | SOFR (3M) | | 4.75% | | 8.48% | | 06/04/25 | | 03/28/31 | | 9,045 | | | 8,936 | | | 9,135 | | 26.8 | | SCIC Buyer, Inc. (d/b/a SIGMA Corporation)(6) | | First Lien Secured Delayed Draw Loan | | 1.00% | | SOFR (3M) | | 4.75% | | 8.48% | | 06/04/25 | | 03/28/31 | | — | | | — | | | 27 | | 0.1 | | SCIC Buyer, Inc. (d/b/a SIGMA Corporation)(6) | | First Lien Secured Revolving Loan | | 1.00% | | SOFR (3M) | | 4.75% | | 8.48% | | 06/04/25 | | 03/28/31 | | — | | | — | | | 23 | | 0.1 | | Trimlite Buyer LLC (d/b/a Trimlite LLC) | | First Lien Secured Term Loan | | 1.00% | | SOFR (3M) | | 4.75% | | 8.48% | | 05/20/26 | | 03/11/31 | | 2,744 | | | 2,718 | | | 2,729 | | 8.0 | | Trimlite Buyer LLC (d/b/a Trimlite LLC)(6) | | First Lien Secured Delayed Draw Loan | | 1.00% | | SOFR (3M) | | 4.75% | | 8.48% | | 05/20/26 | | 03/11/31 | | — | | | — | | | 4 | | — | | | | | | | | | | | | | | | | | | | | | 24,924 | | | 25,163 | | 73.9 | | Construction & Engineering | | | | | | | | | | | | | | | | | | | | | | | | | | Banner Acquisition Holdings, LLC (d/b/a Banner Industries, Inc.) | | First Lien Secured Term Loan | | 1.00% | | SOFR (3M) | | 6.25% | | 9.91% | | 12/21/23 | | 01/02/29 | | 2,917 | | | 2,881 | | | 2,917 | | 8.6 | | Banner Acquisition Holdings, LLC (d/b/a Banner Industries, Inc.) | | First Lien Secured Delayed Draw Loan | | 1.00% | | SOFR (3M) | | 6.25% | | 9.91% | | 12/21/23 | | 01/02/29 | | 1,848 | | | 1,825 | | | 1,848 | | 5.4 | | Banner Acquisition Holdings, LLC (d/b/a Banner Industries, Inc.)(14) | | First Lien Secured Revolving Loan | | 1.00% | | Base Rate | | 6.25% | | 9.91% | | 12/21/23 | | 01/02/29 | | 168 | | | 166 | | | 180 | | 0.5 | | PGI Parent LLC (d/b/a Prime Electric, Inc.) | | First Lien Secured Term Loan | | 1.00% | | SOFR (3M) | | 5.00% | | 8.73% | | 01/16/26 | | 12/31/31 | | 5,052 | | | 5,005 | | | 5,027 | | 14.8 | | PGI Parent LLC (d/b/a Prime Electric, Inc.)(6) | | First Lien Secured Revolving Loan | | 1.00% | | Prime | | 4.00% | | 10.75% | | 01/16/26 | | 12/31/31 | | 375 | | | 372 | | | 376 | | 1.1 | | TriplePoint Acquisition Holdings LLC (d/b/a TriplePoint MEP Holdings, LLC) | | First Lien Secured Term Loan | | 1.00% | | SOFR (3M) | | 5.25% | | 8.98% | | 06/14/24 | | 05/31/29 | | 8,052 | | | 7,951 | | | 8,080 | | 23.7 | | TriplePoint Acquisition Holdings LLC (d/b/a TriplePoint MEP Holdings, LLC)(6) | | First Lien Secured Revolving Loan | | 1.00% | | SOFR (3M) | | 5.25% | | 8.98% | | 06/14/24 | | 05/31/29 | | — | | | — | | | 16 | | — | | | | | | | | | | | | | | | | | | | | | 18,200 | | | 18,444 | | 54.1 | | Distributors | | | | | | | | | | | | | | | | | | | | | | | | | | APG Lions Purchaser, LLC (d/b/a CF Stinson, Inc.) | | First Lien Secured Term Loan | | 1.00% | | SOFR (3M) | | 5.50% | | 9.18% | | 04/26/24 | | 04/16/30 | | 4,008 | | | 3,970 | | | 4,008 | | 11.8 | | APG Lions Purchaser, LLC (d/b/a CF Stinson, Inc.) | | First Lien Secured Revolving Loan | | 1.00% | | SOFR (3M) | | 5.50% | | 9.18% | | 04/26/24 | | 04/16/30 | | — | | | — | | | 5 | | — | | | | | | | | | | | | | | | | | | | | | 3,970 | | | 4,013 | | 11.8 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
|---|
Issuer | | Investment Type(1) | | Floor | | Reference Rate(2) | | Spread
Above
Index | | Interest
Rate(3) | | Acquisition
Date(4) | | Maturity
Date | | Principal/
Share
Amount | | Amortized
Cost | | Fair
Value(5) | | Fair Value As A
Percentage of Members' Equity | |
|---|
Diversified Support Services | | | | | | | | | | | | | | | | | | | | | | | | | | Pirtek Holdco, LLC (d/b/a Pirtek USA, LLC) | | First Lien Secured Term Loan | | 1.00% | | SOFR (6M) | | 4.50% | | 8.17% | | 10/31/23 | | 10/26/28 | | 12,247 | | $ | 12,162 | | $ | 12,247 | | 36.0 | % | Pirtek Holdco, LLC (d/b/a Pirtek USA, LLC)(6) | | First Lien Secured Revolving Loan | | 1.00% | | SOFR (6M) | | 4.50% | | 8.17% | | 10/31/23 | | 10/26/28 | | — | | | — | | | 10 | | — | | Quest Events, LLC | | First Lien Secured Term Loan | | 2.00% | | SOFR (3M) | | 7.50% | | 11.43% | | 07/19/19 | | 09/30/27 | | 11,806 | | | 11,797 | | | 11,806 | | 34.7 | | Quest Events, LLC | | First Lien Secured Revolving Loan | | 1.00% | | SOFR (3M) | | 7.50% | | 11.43% | | 07/19/19 | | 09/30/27 | | 300 | | | 300 | | | 300 | | 0.9 | | Industrial Service Solutions WC, Inc. (d/b/a Industrial Service Solutions, LLC) | | First Lien Secured Term Loan | | 0.75% | | SOFR (1M) | | 4.50% | | 8.14% | | 04/23/26 | | 02/07/33 | | 5,111 | | | 5,062 | | | 5,072 | | 14.9 | | Industrial Service Solutions WC, Inc. (d/b/a Industrial Service Solutions, LLC)(6)(15) | | First Lien Secured Revolving Loan | | 0.75% | | Base Rate | | 4.12% | | 9.08% | | 04/23/26 | | 02/07/33 | | 193 | | | 191 | | | 192 | | 0.6 | | | | | | | | | | | | | | | | | | | | | 29,512 | | | 29,627 | | 87.1 | | Electronic Components | | | | | | | | | | | | | | | | | | | | | | | | | | Marki Microwave, LLC (d/b/a Marki Microwave, Inc.) | | First Lien Secured Term Loan | | 1.00% | | SOFR (3M) | | 4.00% | | 7.73% | | 11/26/25 | | 11/21/31 | | 6,030 | | | 5,976 | | | 5,995 | | 17.6 | | Marki Microwave, LLC (d/b/a Marki Microwave, Inc.)(6) | | First Lien Secured Delayed Draw Loan | | 1.00% | | SOFR (3M) | | 4.00% | | 7.73% | | 11/26/25 | | 11/21/31 | | — | | | — | | | 6 | | — | | Marki Microwave, LLC (d/b/a Marki Microwave, Inc.)(6) | | First Lien Secured Revolving Loan | | 1.00% | | Prime | | 4.00% | | 7.73% | | 11/26/25 | | 11/21/31 | | — | | | — | | | 6 | | — | | Principal Lighting Group, LLC (d/b/a Principal Sloan)(16) | | First Lien Secured Term Loan | | 1.00% | | Base Rate | | 5.25% | | 8.92% | | 12/03/24 | | 11/04/30 | | 3,278 | | | 3,242 | | | 3,278 | | 9.6 | | Principal Lighting Group, LLC (d/b/a Principal Sloan)(16) | | First Lien Secured Revolving Loan | | 1.00% | | Base Rate | | 5.25% | | 8.92% | | 12/03/24 | | 11/04/30 | | — | | | — | | | 5 | | — | | | | | | | | | | | | | | | | | | | | | 9,218 | | | 9,290 | | 27.2 | | Environmental & Facilities Services | | | | | | | | | | | | | | | | | | | | | | | | | | Buckeye Acquiror LLC (d/b/a Superior Environmental Solutions, LLC) | | First Lien Secured Term Loan | | 1.00% | | SOFR (1M) | | 6.42% | | 10.16% | | 08/09/23 | | 08/01/29 | | 6,799 | | | 6,713 | | | 6,795 | | 20.0 | | Buckeye Acquiror LLC (d/b/a Superior Environmental Solutions, LLC)(6) | | First Lien Secured Delayed Draw Loan | | 1.00% | | SOFR (1M) | | 6.42% | | 8.28% | | 08/09/23 | | 08/01/29 | | 2,405 | | | 2,371 | | | 2,406 | | 7.1 | | Buckeye Acquiror LLC (d/b/a Superior Environmental Solutions, LLC) | | First Lien Secured Revolving Loan | | 1.00% | | SOFR (1M) | | 6.50% | | 10.24% | | 08/09/23 | | 08/01/29 | | 643 | | | 635 | | | 648 | | 1.9 | | Juniper Landscaping Holdings LLC(7) | | First Lien Secured Term Loan | | 1.00% | | Base Rate | | 5.75% | | 9.39% | | 03/01/22 | | 12/29/27 | | 10,907 | | | 10,872 | | | 10,907 | | 32.1 | | Juniper Landscaping Holdings LLC(7) | | First Lien Secured Delayed Draw Loan | | 1.00% | | Base Rate | | 5.75% | | 9.39% | | 03/01/22 | | 12/29/27 | | 2,307 | | | 2,299 | | | 2,307 | | 6.8 | | Juniper Landscaping Holdings LLC(7) | | First Lien Secured Revolving Loan | | 1.00% | | Base Rate | | 5.75% | | 9.42% | | 03/01/22 | | 12/29/27 | | 525 | | | 523 | | | 527 | | 1.5 | | RLJ Pro-Vac, Inc. (d/b/a Pro-Vac) | | First Lien Secured Term Loan | | 1.00% | | SOFR (1M) | | 7.25% | | 10.99% (10.49% Cash + 0.50% PIK) | | 01/23/24 | | 01/03/28 | | 6,573 | | | 6,540 | | | 6,409 | | 18.8 | | | | | | | | | | | | | | | | | | | | | 29,953 | | | 29,999 | | 88.2 | | Food Distributors | | | | | | | | | | | | | | | | | | | | | | | | | | Clark Restaurant Service, LLC (d/b/a CRS OneSource) | | First Lien Secured Term Loan | | 1.00% | | SOFR (1M) | | 5.75% | | 9.39% | | 06/14/24 | | 05/10/29 | | 4,896 | | | 4,839 | | | 4,877 | | 14.3 | | | | | | | | | | | | | | | | | | | | | 4,839 | | | 4,877 | | 14.3 | | Health Care Facilities | | | | | | | | | | | | | | | | | | | | | | | | | | AB Centers Acquisition Corporation (d/b/a AB Centers Acquisition Corp.) | | First Lien Secured Term Loan | | 0.75% | | SOFR (1M) | | 5.25% | | 8.89% | | 09/19/24 | | 07/02/31 | | 12,976 | | | 12,870 | | | 12,976 | | 38.1 | | AB Centers Acquisition Corporation (d/b/a AB Centers Acquisition Corp.)(6) | | First Lien Secured Delayed Draw Loan | | 0.75% | | SOFR (1M) | | 5.25% | | 8.89% | | 09/19/24 | | 07/02/31 | | 559 | | | 554 | | | 564 | | 1.7 | | AB Centers Acquisition Corporation (d/b/a AB Centers Acquisition Corp.)(6) | | First Lien Secured Revolving Loan | | 0.75% | | SOFR (1M) | | 5.25% | | 8.89% | | 09/19/24 | | 07/02/31 | | — | | | — | | | 8 | | — | | | | | | | | | | | | | | | | | | | | | 13,424 | | | 13,548 | | 39.8 | | Health Care Services | | | | | | | | | | | | | | | | | | | | | | | | | | Maxor Acquisition, Inc. (d/b/a Maxor National Pharmacy Services, LLC) | | First Lien Secured Term Loan | | 1.00% | | SOFR (6M) | | 6.00% | | 9.98% | | 04/11/23 | | 03/01/29 | | 4,925 | | | 4,860 | | | 4,925 | | 14.5 | | Maxor Acquisition, Inc. (d/b/a Maxor National Pharmacy Services, LLC) | | First Lien Secured Revolving Loan | | 1.00% | | SOFR (6M) | | 6.00% | | 9.98% | | 04/11/23 | | 03/01/29 | | — | | | — | | | 6 | | - | | | | | | | | | | | | | | | | | | | | | 4,860 | | | 4,931 | | 14.5 | | Health Care Technology | | | | | | | | | | | | | | | | | | | | | | | | | | Impact Advisors, LLC | | First Lien Secured Term Loan | | 1.00% | | SOFR (3M) | | 4.50% | | 8.23% | | 05/01/25 | | 03/21/31 | | 4,148 | | | 4,115 | | | 4,148 | | 12.2 | | Impact Advisors, LLC(6) | | First Lien Secured Delayed Draw Loan | | 1.00% | | SOFR (3M) | | 4.50% | | 8.23% | | 05/01/25 | | 03/21/31 | | 313 | | | 311 | | | 322 | | 0.9 | | Impact Advisors, LLC | | First Lien Secured Revolving Loan | | 1.00% | | Prime | | 3.50% | | 10.25% | | 05/01/25 | | 03/21/31 | | 280 | | | 278 | | | 281 | | 0.8 | | | | | | | | | | | | | | | | | | | | | 4,704 | | | 4,751 | | 13.9 | |
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|---|
Issuer | | Investment Type(1) | | Floor | | Reference Rate(2) | | Spread
Above
Index | | Interest
Rate(3) | | Acquisition
Date(4) | | Maturity
Date | | Principal/
Share
Amount | | Amortized
Cost | | Fair
Value(5) | | Fair Value As A
Percentage of Members' Equity | |
|---|
Household Appliances | | | | | | | | | | | | | | | | | | | | | | | | | | Smalto Inc. (d/b/a PEMCO International)(9) | | First Lien Secured Term Loan | | 1.00% | | EurIBOR (3M) | | 6.00% | | 8.29% | | 05/04/22 | | 04/28/28 | | 6,198 | | $ | 6,489 | $ | | 7,080 | | 20.8 | % | Smalto Inc. (d/b/a PEMCO International) | | First Lien Secured Term Loan | | 1.00% | | SOFR (3M) | | 5.75% | | 9.63% | | 05/04/22 | | 04/28/28 | | 944 | | | 938 | | | 944 | | 2.8 | | | | | | | | | | | | | | | | | | | | | 7,427 | | | 8,024 | | 23.6 | | Household Products | | | | | | | | | | | | | | | | | | | | | | | | | | NM Z Holdco Inc. (d/b/a Zep, Inc.) | | First Lien Secured Term Loan | | 1.00% | | SOFR (3M) | | 5.00% | | 8.73% | | 08/12/25 | | 06/30/31 | | 10,336 | | | 10,250 | | | 10,412 | | 30.6 | | NM Z Holdco Inc. (d/b/a Zep, Inc.)(6) | | First Lien Secured Revolving Loan | | 1.00% | | SOFR (3M) | | 5.00% | | 8.73% | | 03/16/26 | | 06/30/31 | | — | | | — | | | 7 | | — | | | | | | | | | | | | | | | | | | | | | 10,250 | | | 10,419 | | 30.6 | | Human Resource & Employment Services | | | | | | | | | | | | | | | | | | | | | | | | | | Infotree Holdco LLC (d/b/a Infotree Global Solutions LLC) | | First Lien Secured Term Loan | | 1.00% | | SOFR (3M) | | 5.75% | | 9.48% | | 03/24/25 | | 02/19/30 | | 2,514 | | | 2,477 | | | 2,478 | | 7.3 | | Infotree Holdco LLC (d/b/a Infotree Global Solutions LLC) | | First Lien Secured Revolving Loan | | 1.00% | | SOFR (3M) | | 5.75% | | 9.48% | | 03/24/25 | | 02/19/30 | | — | | | — | | | — | | — | | | | | | | | | | | | | | | | | | | | | 2,477 | | | 2,478 | | 7.3 | | IT Consulting & Other Services | | | | | | | | | | | | | | | | | | | | | | | | | | Cennox, Inc. (d/b/a Cennox) | | First Lien Secured Term Loan | | 1.00% | | SOFR (6M) | | 6.75% | | 10.48% (10.23% Cash + 0.25% PIK) | | 09/11/24 | | 05/04/29 | | 3,506 | | | 3,485 | | | 3,259 | | 9.6 | | Cennox Holdings Limited (d/b/a Cennox)(8) | | First Lien Secured Term Loan | | 1.00% | | SONIA | | 6.75% | | 10.60% (10.35% Cash + 0.25% PIK) | | 09/11/24 | | 05/04/29 | | 546 | | | 712 | | | 673 | | 2.0 | | Cennox, Inc. (d/b/a Cennox)(9) | | First Lien Secured Term Loan | | 1.00% | | EurIBOR (6M) | | 7.00% | | 9.14% (8.89% Cash + 0.25% PIK) | | 09/11/24 | | 05/04/29 | | 617 | | | 678 | | | 663 | | 1.9 | | Cennox, Inc. (d/b/a Cennox)(16) | | First Lien Secured Revolving Loan | | 1.00% | | Base Rate | | 6.75% | | 10.56% (10.31% Cash + 0.25% PIK) | | 09/11/24 | | 05/04/29 | | 142 | | | 142 | | | 132 | | 0.4 | | Cennox Holdings Limited (d/b/a Cennox)(8) | | First Lien Secured Revolving Loan | | 1.00% | | SONIA | | 6.75% | | 10.60% (10.35% Cash + 0.25% PIK) | | 09/11/24 | | 05/04/29 | | 167 | | | 217 | | | 206 | | 0.6 | | MGT Merger Target, LLC (d/b/a MGT Consulting Group) | | First Lien Secured Term Loan | | 1.00% | | SOFR (3M) | | 5.25% | | 8.91% | | 05/10/23 | | 04/10/29 | | 8,512 | | | 8,406 | | | 8,428 | | 24.8 | | MGT Merger Target, LLC (d/b/a MGT Consulting Group) | | First Lien Secured Delayed Draw Loan | | 1.00% | | SOFR (3M) | | 5.25% | | 8.91% | | 05/10/23 | | 04/10/29 | | 1,315 | | | 1,297 | | | 1,302 | | 3.8 | | MGT Merger Target, LLC (d/b/a MGT Consulting Group) | | First Lien Secured Revolving Loan | | 1.00% | | Prime | | 4.25% | | 11.00% | | 04/07/25 | | 04/10/28 | | 676 | | | 670 | | | 670 | | 2.0 | | RCKC Acquisitions LLC (d/b/a KSM Consulting, LLC) | | First Lien Secured Term Loan | | 1.00% | | SOFR (3M) | | 5.50% | | 9.38% | | 01/27/21 | | 01/02/29 | | 10,752 | | | 10,700 | | | 10,321 | | 30.3 | | RCKC Acquisitions LLC (d/b/a KSM Consulting, LLC) | | First Lien Secured Delayed Draw Loan | | 1.00% | | SOFR (3M) | | 5.50% | | 9.31% | | 01/27/21 | | 01/02/29 | | 2,901 | | | 2,886 | | | 2,784 | | 8.2 | | RCKC Acquisitions LLC (d/b/a KSM Consulting, LLC)(6) | | First Lien Secured Revolving Loan | | 1.00% | | SOFR (3M) | | 5.50% | | 9.31% | | 01/27/21 | | 01/02/29 | | — | | | — | | | (50) | | (0.1) | | Turnberry Solutions, Inc. | | First Lien Secured Term Loan | | 1.00% | | SOFR (3M) | | 6.00% | | 9.81% | | 08/10/21 | | 03/02/28 | | 5,872 | | | 5,857 | | | 5,872 | | 17.3 | | Turnberry Solutions, Inc. | | First Lien Secured Revolving Loan | | 1.00% | | SOFR (3M) | | 6.00% | | 9.81% | | 08/10/21 | | 03/02/28 | | — | | | — | | | 2 | | — | | | | | | | | | | | | | | | | | | | | | 35,050 | | | 34,262 | | 100.8 | | Multi-Utilities | | | | | | | | | | | | | | | | | | | | | | | | | | ELM DebtCo, LLC (d/b/a ELM Utility Services) | | First Lien Secured Term Loan | | 1.00% | | SOFR (3M) | | 4.50% | | 8.23% | | 11/20/25 | | 11/14/31 | | 5,515 | | | 5,465 | | | 5,515 | | 16.2 | | ELM DebtCo, LLC (d/b/a ELM Utility Services)(6) | | First Lien Secured Delayed Draw Loan | | 1.00% | | SOFR (3M) | | 4.50% | | 8.23% | | 11/20/25 | | 11/14/31 | | — | | | — | | | 6 | | — | | ELM DebtCo, LLC (d/b/a ELM Utility Services)(6)(13) | | First Lien Secured Revolving Loan | | 1.00% | | Base Rate | | 3.50% | | 10.25% | | 11/20/25 | | 11/14/31 | | 126 | | | 125 | | | 136 | | 0.4 | | | | | | | | | | | | | | | | | | | | | 5,590 | | | 5,657 | | 16.6 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
|---|
Issuer | | Investment Type(1) | | Floor | | Reference Rate(2) | | Spread
Above
Index | | Interest
Rate(3) | | Acquisition
Date(4) | | Maturity
Date | | Principal/
Share
Amount | | Amortized
Cost | | Fair
Value(5) | | Fair Value As A
Percentage of Members' Equity | |
|---|
Packaged Foods & Meats | | | | | | | | | | | | | | | | | | | | | | | | | | PANOS Brands, LLC | | First Lien Secured Term Loan | | 1.00% | | SOFR (1M) | | 5.75% | | 8.66% | | 06/14/24 | | 05/14/29 | | 3,963 | | $ | 3,918 | | $ | 3,963 | | 11.6 | % | PANOS Brands, LLC | | First Lien Secured Revolving Loan | | 1.00% | | Prime | | 4.75% | | 8.66% | | 06/14/24 | | 05/14/29 | | 61 | | | 60 | | | 66 | | 0.2 | | TableTrust Brands LLC (d/b/a Hain Pure Protein Corporation) | | First Lien Secured Term Loan | | 1.00% | | SOFR (1M) | | 6.00% | | 8.66% | | 12/24/24 | | 06/28/28 | | 2,731 | | | 2,708 | | | 2,716 | | 8.0 | | | | | | | | | | | | | | | | | | | | | 6,686 | | | 6,745 | | 19.8 | | Paper & Plastic Packaging Products & Materials | | | | | | | | | | | | | | | | | | | | | | | | | | Max Solutions, Inc.(12) | | First Lien Secured Term Loan | | 1.00% | | SOFR (3M) | | 6.91% | | 8.66% | | 10/07/22 | | 09/29/28 | | 6,416 | | | 6,368 | | | 6,416 | | 18.9 | | Max Solutions, Inc.(12) | | First Lien Secured Delayed Draw Loan | | 1.00% | | SOFR (3M) | | 6.90% | | 8.66% | | 10/07/22 | | 09/29/28 | | 408 | | | 406 | | | 408 | | 1.2 | | Max Solutions, Inc.(10)(12) | | First Lien Secured Revolving Loan | | 1.00% | | CORRA | | 6.90% | | 8.66% | | 10/07/22 | | 09/29/28 | | — | | | — | | | 1 | | — | | WCHG Buyer, Inc. (d/b/a Handgards, LLC) | | First Lien Secured Term Loan | | 1.00% | | SOFR (3M) | | 4.75% | | 8.66% | | 04/01/25 | | 04/10/31 | | 12,226 | | | 12,156 | | | 12,130 | | 35.6 | | | | | | | | | | | | | | | | | | | | | 18,930 | | | 18,955 | | 55.7 | | Personal Care Products | | | | | | | | | | | | | | | | | | | | | | | | | | G-2 Lather Acquisition Corp. (d/b/a Creative Laboratories, Inc.) | | First Lien Secured Term Loan | | 1.00% | | SOFR (1M) | | 5.00% | | 8.64% | | 03/05/25 | | 01/31/31 | | 3,880 | | | 3,836 | | | 3,886 | | 11.4 | | G-2 Lather Acquisition Corp. (d/b/a Creative Laboratories, Inc.)(6) | | First Lien Secured Delayed Draw Loan | | 1.00% | | SOFR (1M) | | 5.00% | | 8.64% | | 03/05/25 | | 01/31/31 | | — | | | — | | | 24 | | 0.1 | | G-2 Lather Acquisition Corp. (d/b/a Creative Laboratories, Inc.)(6) | | First Lien Secured Revolving Loan | | 1.00% | | SOFR (1M) | | 5.00% | | 8.64% | | 03/05/25 | | 01/31/31 | | — | | | — | | | 7 | | — | | Meta Buyer LLC (d/b/a Metagenics, LLC) | | First Lien Secured Term Loan | | 0.75% | | SOFR (3M) | | 5.25% | | 8.93% | | 02/04/26 | | 12/22/31 | | 6,686 | | | 6,625 | | | 6,647 | | 19.5 | | Meta Buyer LLC (d/b/a Metagenics, LLC)(9) | | First Lien Secured Term Loan | | 0.75% | | EurIBOR (3M) | | 5.25% | | 7.33% | | 02/04/26 | | 12/22/31 | | 4,609 | | | 5,391 | | | 5,234 | | 15.4 | | Meta Buyer LLC (d/b/a Metagenics, LLC) | | First Lien Secured Delayed Draw Loan | | 0.75% | | SOFR (3M) | | 5.25% | | 8.93% | | 03/30/26 | | 12/22/31 | | 1,607 | | | 1,597 | | | 1,599 | | 4.7 | | Meta Buyer LLC (d/b/a Metagenics, LLC)(6) | | First Lien Secured Revolving Loan | | 0.75% | | SOFR (3M) | | 5.25% | | 8.97% | | 03/30/26 | | 12/22/31 | | 340 | | | 337 | | | 342 | | 1.0 | | | | | | | | | | | | | | | | | | | | | 17,786 | | | 17,739 | | 52.1 | | Real Estate Services | | | | | | | | | | | | | | | | | | | | | | | | | | NPAV Lessor Corp. (d/b/a Nationwide Property & Appraisal Services, LLC) | | First Lien Secured Term Loan | | 1.00% | | SOFR (1M) | | 6.50% | | 10.24% | | 03/01/22 | | 01/21/27 | | 5,314 | | | 5,302 | | | 4,969 | | 14.6 | | NPAV Lessor Corp. (d/b/a Nationwide Property & Appraisal Services, LLC) | | First Lien Secured Revolving Loan | | 1.00% | | SOFR (1M) | | 6.50% | | 10.24% | | 03/01/22 | | 01/21/27 | | 725 | | | 723 | | | 678 | | 2.0 | | | | | | | | | | | | | | | | | | | | | 6,025 | | | 5,647 | | 16.6 | | Research & Consulting Services | | | | | | | | | | | | | | | | | | | | | | | | | | Barrett Purchaser LLC (d/b/a SIB Development and Consulting, Inc.) | | First Lien Secured Term Loan | | 0.75% | | SOFR (3M) | | 6.00% | | 9.67% | | 01/10/24 | | 11/21/29 | | 3,562 | | | 3,512 | | | 3,480 | | 10.2 | | Barrett Purchaser LLC (d/b/a SIB Development and Consulting, Inc.)(14) | | First Lien Secured Revolving Loan | | 0.75% | | Base Rate | | 6.00% | | 9.68% | | 01/10/24 | | 11/21/28 | | 447 | | | 442 | | | 439 | | 1.3 | | | | | | | | | | | | | | | | | | | | | 3,954 | | | 3,919 | | 11.5 | | Technology Hardware, Storage & Peripherals | | | | | | | | | | | | | | | | | | | | | | | | | | Source Code Holdings, LLC (d/b/a Source Code Corporation) | | First Lien Secured Term Loan | | 1.00% | | SOFR (1M) | | 6.50% | | 10.24% | | 08/10/21 | | 07/30/27 | | 13,837 | | | 13,788 | | | 13,703 | | 40.3 | | Source Code Holdings, LLC (d/b/a Source Code Corporation) | | First Lien Secured Delayed Draw Loan | | 1.00% | | SOFR (1M) | | 6.50% | | 10.24% | | 08/10/21 | | 07/30/27 | | 3,785 | | | 3,771 | | | 3,748 | | 11.0 | | | | | | | | | | | | | | | | | | | | | 17,559 | | | 17,451 | | 51.3 | | Trading Companies & Distributors | | | | | | | | | | | | | | | | | | | | | | | | | | FloWorks International LLC | | First Lien Secured Term Loan | | 0.75% | | SOFR (3M) | | 4.75% | | 8.41% | | 12/12/24 | | 11/26/31 | | 5,267 | | | 5,226 | | | 5,267 | | 15.6 | | FloWorks International LLC | | First Lien Secured Delayed Draw Loan | | 0.75% | | SOFR (3M) | | 4.75% | | 8.41% | | 12/12/24 | | 11/26/31 | | 665 | | | 659 | | | 665 | | 2.0 | | | | | | | | | | | | | | | | | | | | | 5,885 | | | 5,932 | | 17.6 | | Water Utilities | | | | | | | | | | | | | | | | | | | | | | | | | | The Crom Corporation | | First Lien Secured Term Loan | | 1.00% | | SOFR (3M) | | 4.75% | | 8.41% | | 03/05/25 | | 01/31/31 | | 4,029 | | | 3,983 | | | 4,058 | | 12.0 | | The Crom Corporation(6) | | First Lien Secured Delayed Draw Loan | | 1.00% | | SOFR (3M) | | 4.75% | | 8.42% | | 03/05/25 | | 01/31/31 | | 798 | | | 790 | | | 811 | | 2.4 | | The Crom Corporation(6) | | First Lien Secured Revolving Loan | | 1.00% | | SOFR (3M) | | 4.75% | | 8.41% | | 03/05/25 | | 01/31/31 | | 168 | | | 166 | | | 174 | | 0.5 | | | | | | | | | | | | | | | | | | | | | 4,939 | | | 5,043 | | 14.9 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
|---|
Issuer | | Investment Type(1) | | Floor | | Reference Rate(2) | | Spread
Above
Index | | Interest
Rate(3) | | Acquisition
Date(4) | | Maturity
Date | | Principal/
Share
Amount | | Amortized
Cost | | Fair
Value(5) | | Fair Value As A
Percentage of Members' Equity | |
|---|
Wireless Telecommunication Services | | | | | | | | | | | | | | | | | | | | | | | | | | KORE Wireless Group Inc. (d/b/a KORE Group Holdings, Inc.) | | First Lien Secured Term Loan | | 1.00% | | SOFR (3M) | | 6.50% | | 10.14% | | 11/27/23 | | 11/09/28 | | 6,258 | | $ | 6,199 | | $ | 6,258 | | 18.4 | % | KORE Wireless Group Inc. (d/b/a KORE Group Holdings, Inc.)(6) | | First Lien Secured Revolving Loan | | 1.00% | | SOFR (3M) | | 6.50% | | 10.14% | | 11/27/23 | | 11/09/28 | | — | | | — | | | 8 | | — | | | | | | | | | | | | | | | | | | | | | 6,199 | | | 6,266 | | 18.4 | | Total Investments | | | | | | | | | | | | | | | | | | $ | 339,859 | | $ | 340,272 | | 1,000.0 | % | | | | | | | | | | | | | | | | | | | | | | | | | | | Money market funds (included in cash and cash equivalents and restricted cash and cash equivalents) | | | | | | | | | | | | | | | | | | | | | | | | | | Goldman Sachs Financial Square Treasury Obligations Fund(11) | | Share class: Administration (CUSIP: 38141W315) | | | | | | | | 3.33% | | | | | | | | $ | 1,493 | | $ | 1,493 | | 4.4 | % | JPMorgan U.S. Treasury Plus Money Market Fund(11) | | Share class: Agency (CUSIP: 4812C2742) | | | | | | | | 3.51% | | | | | | | | | 600 | | | 600 | | 1.8 | | Total Money Market Funds | | | | | | | | | | | | | | | | | | | 2,093 | | | 2,093 | | 6.2 | | Total Investments and Money Market Funds | | | | | | | | | | | | | | | | | | $ | 341,952 | | $ | 342,365 | | 1,006.2 | % |
| (1) | Except as noted, all investments provide collateral for the STRS JV Credit Facility and are domiciled in the United States. |
| (2) | The investments bear interest at a rate that may be determined by reference to SOFR, CORRA, SONIA, Prime, or EurIBOR, which resets monthly, quarterly or semiannually. The one, three and six-month SOFR were 3.7%, 3.7% and 3.8%, respectively, as of June 30, 2026. The Prime was 6.8% as of June 30, 2026. The three-month CORRA was 2.3%. The one, three and six-month EurIBOR was 2.2%, 2.3% and 2.6%, respectively, as of June 30, 2026. The SONIA was 3.7% as of June 30, 2026. |
| (3) | The interest rate is the “all-in-rate” including the current index and spread, the fixed rate, and the PIK interest rate, as the case may be. |
| (4) | Except as otherwise noted, all of STRS JV’s portfolio company investments, which as of the date of the portfolio represented 1,000.0% of STRS JV’s members’ equity or 97.1% of STRS JV’s total assets, are subject to legal restrictions on sales. |
| (5) | The fair value of each investment was determined using significant unobservable inputs. |
| (6) | The investment or a portion of the investment does not provide collateral for the STRS JV Credit Facility. |
| (7) | The investment was comprised of two contracts, which were indexed to SOFR (1M) and SOFR (3M). |
| (8) | Principal amount is denominated in GBP and the issuer is domiciled in the United Kingdom. |
| (9) | Principal amount is denominated in EUR. |
| (10) | Principal amount is denominated in CAD. |
| (11) | The rate shown is the annualized seven-day yield as of June 30, 2026. |
| (12) | Investment is structured as a unitranche loan in which the STRS JV may receive additional interest on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder. |
| (13) | The investment was comprised of two contracts, which were indexed to Prime and SOFR (1M). |
| (14) | The investment was comprised of two contracts, which were indexed to Prime and SOFR (3M). |
| (15) | The investment was comprised of two contracts, which were indexed to Prime and SOFR (6M). |
| (16) | The investment was comprised of two contracts, which were indexed to SOFR (3M) and SOFR (6M). |
| | | | | | | | | | | | | | | | | | | | | | | | | |
|---|
Issuer | | Investment Type(1) | | Floor | | Reference Rate(2) | | Spread
Above
Index | | Interest
Rate(3) | | Acquisition
Date(4) | | Maturity
Date | | Principal/
Share
Amount | | Amortized
Cost | | Fair
Value(5) | | Fair Value As A
Percentage of Members' Equity | |
|---|
Debt Investments | | | | | | | | | | | | | | | | | | | | | | | | | | Advertising | | | | | | | | | | | | | | | | | | | | | | | | | | Forward Solutions, LLC (d/b/a Avision Sales Group) | | First Lien Secured Term Loan | | 1.00% | | SOFR (1M) | | 6.75% | | 10.57% | | 02/18/22 | | 12/15/26 | | 8,914 | | $ | 8,880 | | $ | 8,914 | | 27.1 | % | Forward Solutions, LLC (d/b/a Avision Sales Group) | | First Lien Secured Delayed Draw Loan | | 1.00% | | SOFR (1M) | | 6.75% | | 10.57% | | 03/11/22 | | 12/15/26 | | 2,993 | | | 2,981 | | | 2,993 | | 9.1 | | Forward Solutions, LLC (d/b/a Avision Sales Group) | | First Lien Secured Revolving Loan | | 1.00% | | SOFR (1M) | | 6.75% | | 10.69% | | 02/18/22 | | 12/15/26 | | 619 | | | 617 | | | 619 | | 1.9 | | Trailhead Media LLC | | First Lien Secured Term Loan | | 1.00% | | SOFR (3M) | | 5.50% | | 9.17% (8.42% Cash + 0.75% PIK) | | 01/22/25 | | 12/28/29 | | 6,632 | | | 6,553 | | | 6,532 | | 19.9 | | Trailhead Media LLC(6) | | First Lien Secured Delayed Draw Loan | | 1.00% | | SOFR (3M) | | 5.50% | | 9.17% (8.42% Cash + 0.75% PIK) | | 01/22/25 | | 12/28/29 | | — | | | — | | | (3) | | — | | Trailhead Media LLC(6) | | First Lien Secured Revolving Loan | | 1.00% | | SOFR (3M) | | 5.50% | | 9.17% (8.42% Cash + 0.75% PIK) | | 01/22/25 | | 12/28/29 | | — | | | — | | | (3) | | — | | | | | | | | | | | | | | | | | | | | | 19,031 | | | 19,052 | | 58.0 | | Air Freight & Logistics | | | | | | | | | | | | | | | | | | | | | | | | | | ITS Buyer Inc. (d/b/a ITS Logistics, LLC) | | First Lien Secured Term Loan | | 1.00% | | SOFR (1M) | | 6.00% | | 9.83% | | 02/17/22 | | 06/14/27 | | 3,271 | | | 3,262 | | | 3,271 | | 10.0 | | ITS Buyer Inc. (d/b/a ITS Logistics, LLC) | | First Lien Secured Revolving Loan | | 1.00% | | SOFR (1M) | | 6.00% | | 9.83% | | 02/17/22 | | 06/14/27 | | — | | | — | | | 2 | | — | | | | | | | | | | | | | | | | | | | | | 3,262 | | | 3,273 | | 10.0 | | Asset Management & Custody Banks | | | | | | | | | | | | | | | | | | | | | | | | | | Apollon Holdings, LLC (d/b/a Apollon Wealth Management, LLC) | | First Lien Secured Term Loan | | 1.00% | | SOFR (3M) | | 5.50% | | 9.37% | | 07/21/25 | | 06/18/32 | | 6,633 | | | 6,542 | | | 6,632 | | 20.2 | | Apollon Holdings, LLC (d/b/a Apollon Wealth Management, LLC)(6)(14) | | First Lien Secured Delayed Draw Loan | | 1.00% | | Base Rate | | 5.50% | | 9.33% | | 07/21/25 | | 06/18/32 | | 2,372 | | | 2,339 | | | 2,442 | | 7.4 | | | | | | | | | | | | | | | | | | | | | 8,881 | | | 9,074 | | 27.6 | | Broadline Retail | | | | | | | | | | | | | | | | | | | | | | | | | | Marlin DTC-LS Midco 2, LLC (d/b/a Clarus Commerce, LLC) | | First Lien Secured Term Loan | | 1.00% | | SOFR (1M) | | 6.50% | | 10.32% | | 07/19/19 | | 07/01/26 | | 18,019 | | | 18,019 | | | 17,299 | | 52.6 | | Marlin DTC-LS Midco 2, LLC (d/b/a Clarus Commerce, LLC) | | First Lien Secured Revolving Loan | | 1.00% | | SOFR (1M) | | 6.50% | | 10.32% | | 07/19/19 | | 07/01/26 | | — | | | — | | | (39) | | (0.1) | | | | | | | | | | | | | | | | | | | | | 18,019 | | | 17,260 | | 52.5 | | Building Products | | | | | | | | | | | | | | | | | | | | | | | | | | Drew Foam Companies Inc | | First Lien Secured Term Loan | | 1.00% | | SOFR (3M) | | 6.00% | | 9.82% | | 11/09/20 | | 12/07/26 | | 13,358 | | | 13,331 | | | 13,314 | | 40.5 | | SCIC Buyer, Inc. (d/b/a SIGMA Corporation) | | First Lien Secured Term Loan | | 1.00% | | SOFR (3M) | | 4.75% | | 8.42% | | 06/04/25 | | 03/28/31 | | 9,090 | | | 8,970 | | | 9,142 | | 27.8 | | SCIC Buyer, Inc. (d/b/a SIGMA Corporation)(6) | | First Lien Secured Delayed Draw Loan | | 1.00% | | SOFR (3M) | | 4.75% | | 8.42% | | 06/04/25 | | 03/28/31 | | 295 | | | 293 | | | 319 | | 1.0 | | SCIC Buyer, Inc. (d/b/a SIGMA Corporation)(6) | | First Lien Secured Revolving Loan | | 1.00% | | SOFR (3M) | | 4.75% | | 8.42% | | 06/04/25 | | 03/28/31 | | — | | | — | | | 25 | | 0.1 | | | | | | | | | | | | | | | | | | | | | 22,594 | | | 22,800 | | 69.4 | | Construction & Engineering | | | | | | | | | | | | | | | | | | | | | | | | | | Banner Acquisition Holdings, LLC (d/b/a Banner Industries, Inc.) | | First Lien Secured Term Loan | | 1.00% | | SOFR (3M) | | 6.25% | | 10.07% | | 12/21/23 | | 01/02/29 | | 2,956 | | | 2,912 | | | 2,787 | | 8.4 | | Banner Acquisition Holdings, LLC (d/b/a Banner Industries, Inc.) | | First Lien Secured Delayed Draw Loan | | 1.00% | | SOFR (3M) | | 6.25% | | 10.07% | | 12/21/23 | | 01/02/29 | | 1,873 | | | 1,845 | | | 1,766 | | 5.4 | | Banner Acquisition Holdings, LLC (d/b/a Banner Industries, Inc.)(13) | | First Lien Secured Revolving Loan | | 1.00% | | Base Rate | | 6.25% | | 10.07% | | 12/21/23 | | 01/02/29 | | 168 | | | 166 | | | 118 | | 0.4 | | TriplePoint Acquisition Holdings LLC (d/b/a TriplePoint MEP Holdings, LLC) | | First Lien Secured Term Loan | | 1.00% | | SOFR (3M) | | 5.25% | | 8.92% | | 06/14/24 | | 05/31/29 | | 8,093 | | | 7,975 | | | 8,107 | | 24.7 | | TriplePoint Acquisition Holdings LLC (d/b/a TriplePoint MEP Holdings, LLC)(6) | | First Lien Secured Revolving Loan | | 1.00% | | SOFR (3M) | | 5.25% | | 8.92% | | 06/14/24 | | 05/31/29 | | — | | | — | | | 18 | | 0.1 | | | | | | | | | | | | | | | | | | | | | 12,898 | | | 12,796 | | 39.0 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
|---|
Issuer | | Investment Type(1) | | Floor | | Reference Rate(2) | | Spread
Above
Index | | Interest
Rate(3) | | Acquisition
Date(4) | | Maturity
Date | | Principal/
Share
Amount | | Amortized
Cost | | Fair
Value(5) | | Fair Value As A
Percentage of Members' Equity | |
|---|
Distributors | | | | | | | | | | | | | | | | | | | | | | | | | | APG Lions Purchaser, LLC (d/b/a CF Stinson, Inc.) | | First Lien Secured Term Loan | | 1.00% | | SOFR (3M) | | 5.50% | | 9.39% | | 04/26/24 | | 04/16/30 | | 4,046 | | $ | 4,002 | | $ | 4,046 | | 12.3 | % | APG Lions Purchaser, LLC (d/b/a CF Stinson, Inc.)(6) | | First Lien Secured Delayed Draw Loan | | 1.00% | | SOFR (3M) | | 5.50% | | 9.39% | | 04/26/24 | | 04/16/30 | | — | | | — | | | 15 | | — | | APG Lions Purchaser, LLC (d/b/a CF Stinson, Inc.) | | First Lien Secured Revolving Loan | | 1.00% | | SOFR (3M) | | 5.50% | | 9.39% | | 04/26/24 | | 04/16/30 | | — | | | — | | | 6 | | — | | | | | | | | | | | | | | | | | | | | | 4,002 | | | 4,067 | | 12.3 | | Diversified Support Services | | | | | | | | | | | | | | | | | | | | | | | | | | Pirtek Holdco, LLC (d/b/a Pirtek USA, LLC)(15) | | First Lien Secured Term Loan | | 1.00% | | Base Rate | | 4.50% | | 8.20% | | 10/31/23 | | 10/26/28 | | 12,389 | | | 12,284 | | | 12,332 | | 37.5 | | Pirtek Holdco, LLC (d/b/a Pirtek USA, LLC)(6) | | First Lien Secured Revolving Loan | | 1.00% | | Base Rate | | 4.50% | | 8.20% | | 10/31/23 | | 10/26/28 | | — | | | — | | | 9 | | — | | Quest Events, LLC | | First Lien Secured Term Loan | | 2.00% | | SOFR (3M) | | 7.50% | | 11.48% | | 07/19/19 | | 09/30/27 | | 11,668 | | | 11,655 | | | 11,041 | | 33.5 | | Quest Events, LLC | | First Lien Secured Revolving Loan | | 1.00% | | SOFR (3M) | | 7.50% | | 11.48% | | 07/19/19 | | 09/30/27 | | 288 | | | 288 | | | 262 | | 0.8 | | | | | | | | | | | | | | | | | | | | | 24,227 | | | 23,644 | | 71.8 | | Electrical Components & Equipment | | | | | | | | | | | | | | | | | | | | | | | | | | Marki Microwave, LLC (d/b/a Marki Microwave, Inc.) | | First Lien Secured Term Loan | | 1.00% | | SOFR (3M) | | 4.25% | | 8.12% | | 11/26/25 | | 11/21/31 | | 6,045 | | | 5,986 | | | 5,985 | | 18.2 | | Marki Microwave, LLC (d/b/a Marki Microwave, Inc.)(6) | | First Lien Secured Delayed Draw Loan | | 1.00% | | SOFR (3M) | | 4.25% | | 8.12% | | 11/26/25 | | 11/21/31 | | — | | | — | | | — | | — | | Marki Microwave, LLC (d/b/a Marki Microwave, Inc.)(6) | | First Lien Secured Revolving Loan | | 1.00% | | SOFR (3M) | | 4.25% | | 8.12% | | 11/26/25 | | 11/21/31 | | — | | | — | | | — | | — | | Principal Lighting Group, LLC (d/b/a Principal Sloan)(15) | | First Lien Secured Term Loan | | 1.00% | | Base Rate | | 5.25% | | 8.96% | | 12/03/24 | | 11/04/30 | | 3,353 | | | 3,312 | | | 3,343 | | 10.2 | | Principal Lighting Group, LLC (d/b/a Principal Sloan) | | First Lien Secured Revolving Loan | | 1.00% | | Base Rate | | 5.25% | | 8.96% | | 12/03/24 | | 11/04/30 | | — | | | — | | | 4 | | — | | | | | | | | | | | | | | | | | | | | | 9,298 | | | 9,332 | | 28.4 | | Environmental & Facilities Services | | | | | | | | | | | | | | | | | | | | | | | | | | Buckeye Acquiror LLC (d/b/a Superior Environmental Solutions, LLC) | | First Lien Secured Term Loan | | 1.00% | | SOFR (1M) | | 6.42% | | 10.23% | | 08/09/23 | | 08/01/29 | | 6,834 | | | 6,733 | | | 6,834 | | 20.8 | | Buckeye Acquiror LLC (d/b/a Superior Environmental Solutions, LLC)(6) | | First Lien Secured Delayed Draw Loan | | 1.00% | | SOFR (1M) | | 6.44% | | 10.26% | | 08/09/23 | | 08/01/29 | | 2,319 | | | 2,281 | | | 2,323 | | 7.1 | | Buckeye Acquiror LLC (d/b/a Superior Environmental Solutions, LLC) | | First Lien Secured Revolving Loan | | 1.00% | | SOFR (1M) | | 6.50% | | 10.32% | | 08/09/23 | | 08/01/29 | | 370 | | | 365 | | | 379 | | 1.2 | | Juniper Landscaping Holdings LLC | | First Lien Secured Term Loan | | 1.00% | | SOFR (3M) | | 5.75% | | 9.43% | | 03/01/22 | | 12/29/27 | | 10,964 | | | 10,917 | | | 10,964 | | 33.3 | | Juniper Landscaping Holdings LLC | | First Lien Secured Delayed Draw Loan | | 1.00% | | SOFR (3M) | | 5.75% | | 9.43% | | 03/01/22 | | 12/29/27 | | 2,319 | | | 2,309 | | | 2,319 | | 7.1 | | Juniper Landscaping Holdings LLC | | First Lien Secured Revolving Loan | | 1.00% | | SOFR (3M) | | 5.75% | | 9.52% | | 03/01/22 | | 12/29/27 | | 310 | | | 309 | | | 314 | | 1.0 | | RLJ Pro-Vac, Inc. (d/b/a Pro-Vac) | | First Lien Secured Term Loan | | 1.00% | | SOFR (3M) | | 6.75% | | 10.72% | | 01/23/24 | | 12/31/26 | | 6,592 | | | 6,546 | | | 6,396 | | 19.5 | | | | | | | | | | | | | | | | | | | | | 29,460 | | | 29,529 | | 90.0 | | Food Distributors | | | | | | | | | | | | | | | | | | | | | | | | | | Clark Restaurant Service, LLC (d/b/a CRS OneSource) | | First Lien Secured Term Loan | | 1.00% | | SOFR (1M) | | 5.75% | | 9.47% | | 06/14/24 | | 05/10/29 | | 4,956 | | | 4,889 | | | 4,928 | | 15.0 | | | | | | | | | | | | | | | | | | | | | 4,889 | | | 4,928 | | 15.0 | | Health Care Facilities | | | | | | | | | | | | | | | | | | | | | | | | | | AB Centers Acquisition Corporation (d/b/a AB Centers Acquisition Corp.) | | First Lien Secured Term Loan | | 0.75% | | SOFR (1M) | | 5.25% | | 8.97% | | 09/19/24 | | 07/02/31 | | 13,039 | | | 12,922 | | | 12,973 | | 39.5 | | AB Centers Acquisition Corporation (d/b/a AB Centers Acquisition Corp.)(6) | | First Lien Secured Delayed Draw Loan | | 0.75% | | SOFR (1M) | | 5.25% | | 8.97% | | 09/19/24 | | 07/02/31 | | 408 | | | 405 | | | 409 | | 1.2 | | AB Centers Acquisition Corporation (d/b/a AB Centers Acquisition Corp.)(6) | | First Lien Secured Revolving Loan | | 0.75% | | SOFR (1M) | | 5.25% | | 8.97% | | 09/19/24 | | 07/02/31 | | — | | | — | | | 5 | | — | | | | | | | | | | | | | | | | | | | | | 13,327 | | | 13,387 | | 40.7 | | Health Care Services | | | | | | | | | | | | | | | | | | | | | | | | | | Maxor Acquisition, Inc. (d/b/a Maxor National Pharmacy Services, LLC) | | First Lien Secured Term Loan | | 1.00% | | SOFR (1M) | | 6.00% | | 9.82% | | 04/11/23 | | 03/01/29 | | 4,951 | | | 4,872 | | | 4,974 | | 15.1 | | Maxor Acquisition, Inc. (d/b/a Maxor National Pharmacy Services, LLC) | | First Lien Secured Revolving Loan | | 1.00% | | SOFR (1M) | | 6.00% | | 9.82% | | 04/11/23 | | 03/01/29 | | — | | | — | | | 8 | | — | | | | | | | | | | | | | | | | | | | | | 4,872 | | | 4,982 | | 15.1 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
|---|
Issuer | | Investment Type(1) | | Floor | | Reference Rate(2) | | Spread
Above
Index | | Interest
Rate(3) | | Acquisition
Date(4) | | Maturity
Date | | Principal/
Share
Amount | | Amortized
Cost | | Fair
Value(5) | | Fair Value As A
Percentage of Members' Equity | |
|---|
Health Care Technology | | | | | | | | | | | | | | | | | | | | | | | | | | Impact Advisors, LLC | | First Lien Secured Term Loan | | 1.00% | | SOFR (3M) | | 4.50% | | 8.17% | | 05/01/25 | | 03/21/31 | | 4,169 | | $ | 4,132 | | $ | 4,169 | | 12.7 | % | Impact Advisors, LLC(6) | | First Lien Secured Delayed Draw Loan | | 1.00% | | SOFR (3M) | | 4.50% | | 8.17% | | 05/01/25 | | 03/21/31 | | — | | | — | | | 10 | | — | | Impact Advisors, LLC | | First Lien Secured Revolving Loan | | 1.00% | | SOFR (3M) | | 4.50% | | 8.17% | | 05/01/25 | | 03/21/31 | | — | | | — | | | 4 | | — | | | | | | | | | | | | | | | | | | | | | 4,132 | | | 4,183 | | 12.7 | | Household Appliances | | | | | | | | | | | | | | | | | | | | | | | | | | Smalto Inc. (d/b/a PEMCO International)(9) | | First Lien Secured Term Loan | | 1.00% | | EurIBOR (1M) | | 6.00% | | 7.90% | | 05/04/22 | | 04/28/28 | | 6,198 | | | 6,480 | | | 7,281 | | 22.1 | | Smalto Inc. (d/b/a PEMCO International) | | First Lien Secured Term Loan | | 1.00% | | SOFR (1M) | | 5.75% | | 9.57% | | 05/04/22 | | 04/28/28 | | 944 | | | 936 | | | 944 | | 2.9 | | | | | | | | | | | | | | | | | | | | | 7,416 | | | 8,225 | | 25.0 | | Household Products | | | | | | | | | | | | | | | | | | | | | | | | | | NM Z Holdco Inc. (d/b/a Zep, Inc.) | | First Lien Secured Term Loan | | 1.00% | | SOFR (3M) | | 5.00% | | 8.67% | | 08/12/25 | | 06/30/31 | | 10,388 | | | 10,293 | | | 10,378 | | 31.6 | | NM Z Holdco Inc. (d/b/a Zep, Inc.)(6) | | First Lien Secured Revolving Loan | | 1.00% | | SOFR (3M) | | 5.00% | | 8.67% | | 08/12/25 | | 06/30/31 | | — | | | — | | | 6 | | — | | | | | | | | | | | | | | | | | | | | | 10,293 | | | 10,384 | | 31.6 | | Human Resource & Employment Services | | | | | | | | | | | | | | | | | | | | | | | | | | Infotree Holdco LLC (d/b/a Infotree Global Solutions LLC) | | First Lien Secured Term Loan | | 1.00% | | SOFR (3M) | | 5.75% | | 9.42% | | 03/24/25 | | 02/19/30 | | 2,526 | | | 2,484 | | | 2,492 | | 7.6 | | Infotree Holdco LLC (d/b/a Infotree Global Solutions LLC) | | First Lien Secured Revolving Loan | | 1.00% | | SOFR (3M) | | 5.75% | | 9.42% | | 03/24/25 | | 02/19/30 | | — | | | — | | | 1 | | — | | | | | | | | | | | | | | | | | | | | | 2,484 | | | 2,493 | | 7.6 | | IT Consulting & Other Services | | | | | | | | | | | | | | | | | | | | | | | | | | Cennox, Inc. (d/b/a Cennox) | | First Lien Secured Term Loan | | 1.00% | | SOFR (6M) | | 6.75% | | 10.89% (10.64% Cash + 0.25% PIK) | | 09/11/24 | | 05/04/29 | | 3,508 | | | 3,485 | | | 3,369 | | 10.2 | | Cennox Holdings Limited (d/b/a Cennox)(8) | | First Lien Secured Term Loan | | 1.00% | | SONIA | | 6.65% | | 10.59% (10.34% Cash + 0.25% PIK) | | 09/11/24 | | 05/04/29 | | 553 | | | 721 | | | 717 | | 2.2 | | Cennox, Inc. (d/b/a Cennox)(9) | | First Lien Secured Term Loan | | 1.00% | | EurIBOR (6M) | | 7.00% | | 9.07% (8.82% Cash + 0.25% PIK) | | 09/11/24 | | 05/04/29 | | 616 | | | 676 | | | 694 | | 2.1 | | Cennox, Inc. (d/b/a Cennox)(15) | | First Lien Secured Revolving Loan | | 1.00% | | Base Rate | | 6.75% | | 10.60% (10.35% Cash + 0.25% PIK) | | 09/11/24 | | 05/04/29 | | 134 | | | 133 | | | 129 | | 0.4 | | Cennox Holdings Limited (d/b/a Cennox)(8) | | First Lien Secured Revolving Loan | | 1.00% | | SONIA | | 6.75% | | 10.59% (10.34% Cash + 0.25% PIK) | | 09/11/24 | | 05/04/29 | | 158 | | | 206 | | | 205 | | 0.6 | | MGT Merger Target, LLC (d/b/a MGT Consulting Group) | | First Lien Secured Term Loan | | 1.00% | | SOFR (1M) | | 5.00% | | 8.72% | | 05/10/23 | | 04/10/29 | | 8,555 | | | 8,430 | | | 8,567 | | 26.1 | | MGT Merger Target, LLC (d/b/a MGT Consulting Group) | | First Lien Secured Delayed Draw Loan | | 1.00% | | SOFR (1M) | | 5.00% | | 8.72% | | 05/10/23 | | 04/10/29 | | 1,322 | | | 1,300 | | | 1,322 | | 4.0 | | MGT Merger Target, LLC (d/b/a MGT Consulting Group) | | First Lien Secured Revolving Loan | | 1.00% | | Prime | | 4.00% | | 10.75% | | 04/07/25 | | 04/10/28 | | 714 | | | 705 | | | 715 | | 2.2 | | RCKC Acquisitions LLC (d/b/a KSM Consulting, LLC) | | First Lien Secured Term Loan | | 1.00% | | SOFR (3M) | | 5.50% | | 9.32% | | 01/27/21 | | 01/02/29 | | 10,809 | | | 10,747 | | | 10,481 | | 31.9 | | RCKC Acquisitions LLC (d/b/a KSM Consulting, LLC) | | First Lien Secured Delayed Draw Loan | | 1.00% | | SOFR (3M) | | 5.50% | | 9.49% | | 01/27/21 | | 01/02/29 | | 2,916 | | | 2,898 | | | 2,827 | | 8.6 | | RCKC Acquisitions LLC (d/b/a KSM Consulting, LLC)(6) | | First Lien Secured Revolving Loan | | 1.00% | | SOFR (3M) | | 5.50% | | 9.49% | | 01/27/21 | | 01/02/29 | | — | | | — | | | (35) | | (0.1) | | Turnberry Solutions, Inc. | | First Lien Secured Term Loan | | 1.00% | | SOFR (1M) | | 5.75% | | 9.57% | | 08/10/21 | | 03/02/28 | | 5,902 | | | 5,885 | | | 5,902 | | 18.0 | | Turnberry Solutions, Inc. | | First Lien Secured Revolving Loan | | 1.00% | | SOFR (1M) | | 5.75% | | 9.57% | | 08/10/21 | | 03/02/28 | | — | | | — | | | 2 | | — | | | | | | | | | | | | | | | | | | | | | 35,186 | | | 34,895 | | 106.2 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
|---|
Issuer | | Investment Type(1) | | Floor | | Reference Rate(2) | | Spread
Above
Index | | Interest
Rate(3) | | Acquisition
Date(4) | | Maturity
Date | | Principal/
Share
Amount | | Amortized
Cost | | Fair
Value(5) | | Fair Value As A
Percentage of Members' Equity | |
|---|
Multi-Utilities | | | | | | | | | | | | | | | | | | | | | | | | | | ELM DebtCo, LLC (d/b/a ELM Utility Services) | | First Lien Secured Term Loan | | 1.00% | | SOFR (3M) | | 4.75% | | 8.42% | | 11/20/25 | | 11/14/31 | | 5,543 | | $ | 5,488 | | $ | 5,488 | | 16.7 | % | ELM DebtCo, LLC (d/b/a ELM Utility Services)(6) | | First Lien Secured Delayed Draw Loan | | 1.00% | | SOFR (3M) | | 4.75% | | 8.42% | | 11/20/25 | | 11/14/31 | | — | | | — | | | — | | — | | ELM DebtCo, LLC (d/b/a ELM Utility Services)(6) | | First Lien Secured Revolving Loan | | 1.00% | | SOFR (3M) | | 4.75% | | 8.42% | | 11/20/25 | | 11/14/31 | | — | | | — | | | — | | — | | | | | | | | | | | | | | | | | | | | | 5,488 | | | 5,488 | | 16.7 | | Packaged Foods & Meats | | | | | | | | | | | | | | | | | | | | | | | | | | PANOS Brands, LLC | | First Lien Secured Term Loan | | 1.00% | | SOFR (1M) | | 5.75% | | 9.48% | | 06/14/24 | | 05/14/29 | | 4,475 | | | 4,414 | | | 4,475 | | 13.5 | | PANOS Brands, LLC | | First Lien Secured Revolving Loan | | 1.00% | | SOFR (1M) | | 5.75% | | 9.48% | | 06/14/24 | | 05/14/29 | | — | | | — | | | 6 | | — | | TableTrust Brands LLC (d/b/a Hain Pure Protein Corporation) | | First Lien Secured Term Loan | | 1.00% | | SOFR (1M) | | 5.75% | | 9.57% | | 12/24/24 | | 06/28/28 | | 2,480 | | | 2,453 | | | 2,480 | | 7.5 | | | | | | | | | | | | | | | | | | | | | 6,867 | | | 6,961 | | 21.0 | | Paper & Plastic Packaging Products & Materials | | | | | | | | | | | | | | | | | | | | | | | | | | LINC Systems, LLC(15) | | First Lien Secured Term Loan | | 1.00% | | Base Rate | | 6.25% | | 10.32% | | 06/22/21 | | 02/24/26 | | 7,900 | | | 7,895 | | | 7,900 | | 24.0 | | LINC Systems, LLC | | First Lien Secured Revolving Loan | | 1.00% | | Base Rate | | 6.25% | | 10.32% | | 06/22/21 | | 02/24/26 | | — | | | — | | | — | | — | | Max Solutions, Inc.(11) | | First Lien Secured Term Loan | | 1.00% | | SOFR (3M) | | 6.91% | | 10.90% | | 10/07/22 | | 09/29/28 | | 6,451 | | | 6,392 | | | 6,420 | | 19.5 | | Max Solutions, Inc.(11) | | First Lien Secured Delayed Draw Loan | | 1.00% | | SOFR (3M) | | 6.90% | | 10.89% | | 10/07/22 | | 09/29/28 | | 410 | | | 407 | | | 408 | | 1.2 | | Max Solutions, Inc.(10) | | First Lien Secured Revolving Loan | | 1.00% | | CORRA | | 6.90% | | 10.89% | | 10/07/22 | | 09/29/28 | | — | | | — | | | 1 | | — | | WCHG Buyer, Inc. (d/b/a Handgards, LLC) | | First Lien Secured Term Loan | | 1.00% | | SOFR (1M) | | 4.75% | | 8.47% | | 04/01/25 | | 04/10/31 | | 6,948 | | | 6,918 | | | 6,948 | | 21.1 | | | | | | | | | | | | | | | | | | | | | 21,612 | | | 21,677 | | 65.8 | | Personal Care Products | | | | | | | | | | | | | | | | | | | | | | | | | | G-2 Lather Acquisition Corp. (d/b/a Creative Laboratories, Inc.) | | First Lien Secured Term Loan | | 1.00% | | SOFR (1M) | | 5.00% | | 8.72% | | 03/05/25 | | 01/31/31 | | 3,900 | | | 3,850 | | | 3,873 | | 11.7 | | G-2 Lather Acquisition Corp. (d/b/a Creative Laboratories, Inc.)(6) | | First Lien Secured Delayed Draw Loan | | 1.00% | | SOFR (1M) | | 5.00% | | 8.72% | | 03/05/25 | | 01/31/31 | | — | | | — | | | 10 | | — | | G-2 Lather Acquisition Corp. (d/b/a Creative Laboratories, Inc.)(6) | | First Lien Secured Revolving Loan | | 1.00% | | SOFR (1M) | | 5.00% | | 8.72% | | 03/05/25 | | 01/31/31 | | — | | | — | | | 4 | | — | | | | | | | | | | | | | | | | | | | | | 3,850 | | | 3,887 | | 11.7 | | Real Estate Services | | | | | | | | | | | | | | | | | | | | | | | | | | HRG Management, LLC (d/b/a HomeRiver Group, LLC) | | First Lien Secured Term Loan | | 1.00% | | SOFR (3M) | | 6.25% | | 10.27% | | 12/28/21 | | 10/19/26 | | 4,602 | | | 4,588 | | | 4,602 | | 14.0 | | HRG Management, LLC (d/b/a HomeRiver Group, LLC)(15) | | First Lien Secured Delayed Draw Loan | | 1.00% | | Base Rate | | 6.22% | | 10.55% | | 02/18/22 | | 10/19/26 | | 1,154 | | | 1,150 | | | 1,154 | | 3.5 | | HRG Management, LLC (d/b/a HomeRiver Group, LLC) | | First Lien Secured Revolving Loan | | 1.00% | | SOFR (3M) | | 6.25% | | 10.27% | | 02/18/22 | | 10/19/26 | | 700 | | | 698 | | | 701 | | 2.1 | | NPAV Lessor Corp. (d/b/a Nationwide Property & Appraisal Services, LLC) | | First Lien Secured Term Loan | | 1.00% | | SOFR (1M) | | 6.50% | | 10.32% | | 03/01/22 | | 01/21/27 | | 5,517 | | | 5,493 | | | 5,022 | | 15.3 | | NPAV Lessor Corp. (d/b/a Nationwide Property & Appraisal Services, LLC) | | First Lien Secured Revolving Loan | | 1.00% | | SOFR (1M) | | 6.50% | | 10.32% | | 03/01/22 | | 01/21/27 | | 725 | | | 722 | | | 660 | | 2.0 | | | | | | | | | | | | | | | | | | | | | 12,651 | | | 12,139 | | 36.9 | | Research & Consulting Services | | | | | | | | | | | | | | | | | | | | | | | | | | Barrett Purchaser LLC (d/b/a SIB Development and Consulting, Inc.) | | First Lien Secured Term Loan | | 0.75% | | SOFR (3M) | | 6.00% | | 9.82% | | 01/10/24 | | 11/21/29 | | 3,580 | | | 3,523 | | | 3,493 | | 10.6 | | Barrett Purchaser LLC (d/b/a SIB Development and Consulting, Inc.)(15) | | First Lien Secured Revolving Loan | | 0.75% | | Base Rate | | 5.92% | | 10.02% | | 01/10/24 | | 11/21/28 | | 373 | | | 367 | | | 366 | | 1.1 | | | | | | | | | | | | | | | | | | | | | 3,890 | | | 3,859 | | 11.7 | | Technology Hardware, Storage & Peripherals | | | | | | | | | | | | | | | | | | | | | | | | | | Source Code Holdings, LLC (d/b/a Source Code Corporation) | | First Lien Secured Term Loan | | 1.00% | | SOFR (1M) | | 6.50% | | 10.32% | | 08/10/21 | | 07/30/27 | | 14,009 | | | 13,935 | | | 14,009 | | 42.6 | | Source Code Holdings, LLC (d/b/a Source Code Corporation) | | First Lien Secured Delayed Draw Loan | | 1.00% | | SOFR (1M) | | 6.50% | | 10.32% | | 08/10/21 | | 07/30/27 | | 3,831 | | | 3,811 | | | 3,831 | | 11.7 | | | | | | | | | | | | | | | | | | | | | 17,746 | | | 17,840 | | 54.3 | | Trading Companies & Distributors | | | | | | | | | | | | | | | | | | | | | | | | | | FloWorks International LLC | | First Lien Secured Term Loan | | 0.75% | | SOFR (3M) | | 4.75% | | 8.57% | | 12/12/24 | | 11/26/31 | | 5,293 | | | 5,248 | | | 5,262 | | 16.0 | | FloWorks International LLC(6) | | First Lien Secured Delayed Draw Loan | | 0.75% | | SOFR (3M) | | 4.75% | | 8.57% | | 12/12/24 | | 11/26/31 | | 667 | | | 661 | | | 663 | | 2.0 | | | | | | | | | | | | | | | | | | | | | 5,909 | | | 5,925 | | 18.0 | |
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|---|
Issuer | | Investment Type(1) | | Floor | | Reference Rate(2) | | Spread
Above
Index | | Interest
Rate(3) | | Acquisition
Date(4) | | Maturity
Date | | Principal/
Share
Amount | | Amortized
Cost | | Fair
Value(5) | | Fair Value As A
Percentage of Members' Equity | |
|---|
Water Utilities | | | | | | | | | | | | | | | | | | | | | | | | | | The Crom Corporation | | First Lien Secured Term Loan | | 1.00% | | SOFR (3M) | | 5.00% | | 8.84% | | 03/05/25 | | 01/31/31 | | 4,049 | | $ | 3,998 | | $ | 4,049 | | 12.2 | % | The Crom Corporation(6) | | First Lien Secured Delayed Draw Loan | | 1.00% | | SOFR (3M) | | 5.00% | | 8.90% | | 03/05/25 | | 01/31/31 | | 802 | | | 793 | | | 806 | | 2.5 | | The Crom Corporation(6)(13) | | First Lien Secured Revolving Loan | | 1.00% | | Base Rate | | 5.00% | | 8.84% | | 03/05/25 | | 01/31/31 | | 312 | | | 308 | | | 317 | | 1.0 | | | | | | | | | | | | | | | | | | | | | 5,099 | | | 5,172 | | 15.7 | | Wireless Telecommunication Services | | | | | | | | | | | | | | | | | | | | | | | | | | KORE Wireless Group Inc. (d/b/a KORE Group Holdings, Inc.) | | First Lien Secured Term Loan | | 1.00% | | SOFR (3M) | | 6.50% | | 10.38% | | 11/27/23 | | 11/09/28 | | 6,290 | | | 6,218 | | | 6,290 | | 19.1 | | KORE Wireless Group Inc. (d/b/a KORE Group Holdings, Inc.)(6) | | First Lien Secured Revolving Loan | | 1.00% | | SOFR (3M) | | 6.50% | | 10.38% | | 11/27/23 | | 11/09/28 | | — | | | — | | | 10 | | — | | | | | | | | | | | | | | | | | | | | | 6,218 | | | 6,300 | | 19.1 | | Total Investments | | | | | | | | | | | | | | | | | | $ | 323,601 | | $ | 323,552 | | 984.3 | % | | | | | | | | | | | | | | | | | | | | | | | | | | | Money market funds (included in cash and cash equivalents and restricted cash and cash equivalents) | | | | | | | | | | | | | | | | | | | | | | | | | | Goldman Sachs Financial Square Treasury Obligations Fund(7) | | Share class: Administration (CUSIP: 38141W315) | | | | | | | | 3.34% | | | | | | | | $ | 2,602 | | $ | 2,602 | | 7.9 | % | JPMorgan U.S. Treasury Plus Money Market Fund(7) | | Share class: Agency (CUSIP: 4812C2742) | | | | | | | | 3.65% | | | | | | | | | 3,279 | | | 3,279 | | 10.0 | | Total Money Market Funds | | | | | | | | | | | | | | | | | | | 5,881 | | | 5,881 | | 17.9 | | Total Investments and Money Market Funds | | | | | | | | | | | | | | | | | | $ | 329,483 | | $ | 329,434 | | 1,002.2 | % |
| (1) | Except as noted, all investments provide collateral for the STRS JV Credit Facility and are domiciled in the United States. |
| (2) | The investments bear interest at a rate that may be determined by reference to SOFR, CORRA, SONIA, Prime, or EurIBOR, which resets monthly, quarterly or semiannually. The one, three and six-month SOFR were 3.7%, 3.7% and 3.6%, respectively, as of December 31, 2025. The Prime was 6.8% as of December 31, 2025. The three-month CORRA was 2.3%. The one, three and six-month EurIBOR was 1.9%, 2.0% and 2.1%, respectively, as of December 31, 2025. The SONIA was 3.7% as of December 31, 2025. |
| (3) | The interest rate is the “all-in-rate” including the current index and spread, the fixed rate, and the PIK interest rate, as the case may be. |
| (4) | Except as otherwise noted, all of the STRS JV’s portfolio company investments, which as of the date of the portfolio represented 984.3% of STRS JV’s members’ equity or 96.3% of STRS JV’s total assets, are subject to legal restrictions on sales. |
| (5) | The fair value of each investment was determined using significant unobservable inputs. |
| (6) | The investment or a portion of the investment does not provide collateral for the STRS JV Credit Facility. |
| (7) | The rate shown is the annualized seven-day yield as of December 31, 2025. |
| (8) | Principal amount is denominated in GBP and the issuer is domiciled in the United Kingdom. |
| (9) | Principal amount is denominated in Euros. |
| (10) | Principal amount is denominated in CAD. |
| (11) | Investment is structured as a unitranche loan in which the STRS JV may receive additional interest on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder |
| (12) | The investment was comprised of two contracts, which were indexed to Prime and SOFR (1M). |
| (13) | The investment was comprised of two contracts, which were indexed to Prime and SOFR (3M). |
| (14) | The investment was comprised of two contracts, which were indexed to Prime and SOFR (6M). |
| (15) | The investment was comprised of two contracts, which were indexed to SOFR (3M) and SOFR (6M). |
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