| Joint Ventures |
Joint Ventures TB Senior Loan Fund 1, LLC
TB Senior Loan Fund 1, LLC (“TCAP JV”), a Delaware limited liability company, was formed as a joint venture between the Company and an alternative investment management firm (the “TCAP JV Partner”). TCAP JV commenced operations on May 27, 2026 and operates under a limited liability company agreement. TCAP JV’s principal purpose is to make investments, primarily revolving lines of credit, to middle-market companies.
The Company and the TCAP JV Partner, through their joint control of the Board of Managers of the TCAP JV (“TCAP JV Board”), have equal control of the TCAP JV’s investment decisions (including purchases and sales of the Company’s investments to or from the TCAP JV), the decision to call additional capital up to the amounts committed by the Company and the TCAP JV Partner, the decision to return capital or to make distributions, and generally all other major decisions in respect of the TCAP JV. The TCAP JV Board consists of an equal number of representatives of the Company and the TCAP JV Partner. The TCAP JV shall be dissolved once all investments are liquidated or when all assets are distributed. The Company’s investment in the TCAP JV cannot be transferred without approval of the TCAP JV Board.
On May 27, 2026, the Company and the TCAP JV Partner initially committed to contribute up to $217.0 million and $33.0 million of capital, respectively, to the TCAP JV.
As of June 30, 2026, the Company had made capital contributions of $32.6 million and the TCAP JV Partner had made capital contributions of $5.0 million. As of June 30, 2026, $184.4 million of capital remained uncalled from the Company and $28.0 million of capital remained uncalled from the TCAP JV Partner. The Company and the TCAP JV Partner may, from time-to-time, make additional contributions of capital or may receive returns of capital from TCAP JV.
As of June 30, 2026, the Company’s and the TCAP JV Partner’s equity ownership interests in the TCAP JV were 86.8% and 13.2%, respectively.
For the three and six months ended June 30, 2026, the TCAP JV purchased investments from the Company for a total cash purchase price based on then-current fair value (at the time of purchase) of $92.5 million.
The Company has determined that the TCAP JV is an investment company under ASC 946, and in accordance with ASC 946, the Company will generally not consolidate its investment in a company other than a wholly-owned investment company subsidiary. Further, the Company has a variable interest in the TCAP JV and has determined that the TCAP JV is a variable interest entity under ASC 810 - Consolidation (“ASC 810”). However, the Company is not deemed to be the primary beneficiary of the TCAP JV as there is equal power between the Company and the TCAP JV Partner. Accordingly, the Company does not consolidate the TCAP JV. The following table presents the selected consolidated statements of assets and liabilities information of the TCAP JV as of June 30, 2026: | | | | | | | June 30, 2026 | | (Unaudited) | | Assets | | | Investments at fair value: | | Non-controlled/non-affiliated investments at fair value (amortized cost of $98,126) | $ | 98,199 | | | Restricted cash | 17,647 | | | Deferred financing costs | 2,882 | | | Interest receivable | 378 | | | Other assets | 27 | | | Total assets | $ | 119,133 | | | Liabilities | | | Debt | $ | 80,600 | | | Interest payable | 439 | | | Deferred income | 53 | | | Accrued expenses and other liabilities payable to affiliate | 13 | | | Current tax liability | 1 | | | Total liabilities | $ | 81,106 | | | Commitments and contingencies | | | Net assets | | | Total net assets | $ | 38,027 | | | Total liabilities and net assets | $ | 119,133 | |
The following table presents the selected consolidated statements of operations information of the TCAP JV for the period from May 27, 2026 (Commencement of Operations) through June 30, 2026: | | | | | | | | | | | | | Period from May 27, 2026 (Commencement of Operations)
through June 30, 2026 | | | Investment income | | | | Investment income from non-controlled, non-affiliated investments: | | | | Interest | $ | 959 | | | | Other | 5 | | | | Total investment income from non-controlled, non-affiliated investments: | 964 | | | | Total investment income | 964 | | | | Expenses | | | | Interest expense | 497 | | | | Professional fees | 10 | | | | Other expenses | 2 | | | | Total expenses | 509 | | | | Net investment income (loss) before taxes | $ | 455 | | | Current federal tax(1) | 1 | | | | Net investment income (loss) after taxes | $ | 454 | | | | Net realized and change in unrealized gain (loss) on investment transactions | | | | Net change in unrealized gain (loss) on investment transactions: | | | | Non-controlled, non-affiliated investments | 73 | | | | Total net realized and change in unrealized gain (loss) on investment transactions | 73 | | | | Net increase (decrease) in net assets resulting from operations | $ | 527 | | |
(1)Related to the TCAP JV’s wholly-owned, consolidated subsidiary, TB Senior Loan Fund 1 Corp., which is treated as a corporation for United States federal income tax purposes
The Company’s investment in the TCAP JV is disclosed on the Company’s Condensed Consolidated Schedule of Investments as of June 30, 2026. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Company(1)(2) | Investment | Reference Rate and Spread (5) | Interest
Rate | Purchase Date | Maturity
Date | Principal/ Par Amount(3) | | Amortized Cost(4) | | Fair
Value | | Percentage
of Net Assets | | Investments | | | | | | | | | | | | | | | Non-controlled/non-affiliated senior secured debt | | | | | | | | | | | | | | | Aerospace and defense | | | | | | | | | | | | | | | AlphaCoin LLC (6) | First lien senior secured revolving loan | S + | 4.75% | 8.41% | 6/4/2026 | 7/29/2030 | $ | 4,509 | | | $ | (47) | | | $ | (48) | | | (0.13) | % | | Mattco Forge, Inc | First lien senior secured revolving loan | S + | 5.25% | 8.98% | 6/4/2026 | 12/19/2030 | 3,691 | | | 2,425 | | | 2,425 | | | 6.38 | % | | Third Holdco, LLC (6) | First lien senior secured revolving loan | S + | 4.75% | 8.39% | 6/4/2026 | 6/13/2031 | 6,089 | | | (66) | | | (66) | | | (0.17) | % | | | | | | | | | | 2,312 | | | 2,311 | | | 6.08 | % | | Auto components | | | | | | | | | | | | | | | A.P.A. Industries, LLC (6) (7) | First lien senior secured revolving loan | S + | 5.25% | 8.89% | 6/4/2026 | 1/10/2029 | $ | 1,979 | | | $ | (13) | | | $ | (13) | | | (0.03) | % | | AirPro Diagnostics, LLC | First lien senior secured revolving loan | S + | 5.25% | 8.92% | 6/4/2026 | 2/21/2030 | 1,822 | | | 1,075 | | | 1,075 | | | 2.83 | % | | Bestop, Inc (6) | First lien senior secured revolving loan | S + | 5.50% | 9.23% | 6/4/2026 | 3/29/2029 | 7,081 | | | (76) | | | (77) | | | (0.20) | % | | BSC ASI BUYER, LLC (6) | First lien senior secured revolving loan | S + | 5.25% | 8.98% | 6/4/2026 | 12/31/2027 | 3,661 | | | (15) | | | (15) | | | (0.04) | % | | Raneys, LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 9.23% | 6/4/2026 | 6/7/2027 | 1,964 | | | (10) | | | (11) | | | (0.03) | % | | | | | | | | | | 961 | | | 959 | | | 2.53 | % | | Building products | | | | | | | | | | | | | | | US Anchors Group Inc | First lien senior secured revolving loan | S + | 5.25% | 8.96% | 6/4/2026 | 7/15/2029 | $ | 4,338 | | | $ | 1,691 | | | $ | 1,691 | | | 4.45 | % | | | | | | | | | | 1,691 | | | 1,691 | | | 4.45 | % | | Chemicals | | | | | | | | | | | | | | | Custom Agronomics Holdings, LLC | First lien senior secured revolving loan | S + | 6.50% | 10.26% | 6/4/2026 | 8/30/2027 | $ | 2,976 | | | $ | 1,105 | | | 1,105 | | | 2.91 | % | | Polycorp Ltd (6) | First lien senior secured revolving loan | S + | 5.00% | 8.64% | 6/4/2026 | 1/24/2030 | 3,723 | | | (37) | | | (37) | | | (0.10) | % | | Teel Plastics, LLC | First lien senior secured revolving loan | P + | 3.75% | 10.50% | 6/4/2026 | 4/22/2030 | 3,909 | | | 582 | | | $ | 582 | | | 1.53 | % | | | | | | | | | | 1,650 | | | 1,650 | | | 4.34 | % | | Commercial services and supplies | | | | | | | | | | | | | | | Capstone Mechanical LLC (6) | First lien senior secured revolving loan | S + | 4.75% | 8.48% | 6/4/2026 | 11/20/2030 | $ | 1,492 | | | $ | (14) | | | $ | (14) | | | (0.04) | % | | Gold Medal Holdings, Inc (8) | First lien senior secured revolving loan | S + | 5.75% | 9.48% | 6/4/2026 | 9/17/2028 | 1,444 | | | 187 | | | 187 | | | 0.49 | % | | Innovative Discovery Acquisition, LLC (6) (9) | First lien senior secured revolving loan | S + | 5.50% | 9.14% | 6/4/2026 | 12/31/2030 | 389 | | | (3) | | | (3) | | | (0.01) | % | | Nimlok Company, LLC (6) (10) | First lien senior secured revolving loan | S + | 5.25% | 8.91% | 6/4/2026 | 11/27/2027 | 1,498 | | | (6) | | | (6) | | | (0.02) | % | | Polaris Labs Acquisition, LLC (6) | First lien senior secured revolving loan | S + | 5.00% | 8.73% | 6/4/2026 | 9/17/2029 | 2,123 | | | (25) | | | (25) | | | (0.07) | % | | Precision Point Metrics, Inc (6) | First lien senior secured revolving loan | S + | 5.00% | 8.73% | 6/4/2026 | 7/1/2031 | 2,030 | | | (22) | | | (22) | | | (0.06) | % | | Rapid Fire Safety and Security, LLC | First lien senior secured revolving loan | S + | 5.25% | 8.95% | 6/4/2026 | 1/2/2030 | 1,885 | | | 1,678 | | | 1,678 | | | 4.41 | % | | Superscapes Holdco, LLC | First lien senior secured revolving loan | P + | 4.50% | 11.25% | 6/4/2026 | 4/7/2030 | 2,166 | | | 365 | | | 365 | | | 0.96 | % | | TCG Services, LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 9.17% | 6/4/2026 | 7/31/2031 | 2,030 | | | (22) | | | (22) | | | (0.06) | % | | | | | | | | | | 2,138 | | | 2,138 | | | 5.60 | % | | Construction and engineering | | | | | | | | | | | | | | | AKS Engineering and Forestry, LLC | First lien senior secured revolving loan | S + | 4.75% | 8.44% | 6/4/2026 | 1/7/2031 | $ | 2,890 | | | $ | 925 | | | $ | 925 | | | 2.43 | % | | BCI Burke Holding Corp | First lien senior secured revolving loan | S + | 5.75% | 9.45% | 6/4/2026 | 12/14/2027 | 2,447 | | | 657 | | | 657 | | | 1.73 | % | | Compass Restoration Intermediary Holdings, LLC (6) | First lien senior secured revolving loan | S + | 5.25% | 8.89% | 6/4/2026 | 1/31/2030 | 1,218 | | | (19) | | | (16) | | | (0.04) | % | | Ironhorse Purchaser dba Mersino, Inc (11) | First lien senior secured revolving loan | S + | 6.00% | 9.66% | 6/4/2026 | 3/31/2029 | 6,093 | | | 442 | | | 442 | | | 1.16 | % | | Redwood Buyer, LLC (6) | First lien senior secured revolving loan | S + | 4.75% | 8.48% | 6/4/2026 | 1/3/2030 | 1,884 | | | (24) | | | (24) | | | (0.06) | % | | Rose Paving, LLC | First lien senior secured revolving loan | S + | 5.00% | 8.65% | 6/4/2026 | 11/7/2029 | 8,626 | | | 6,444 | | | 6,443 | | | 16.94 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Company(1)(2) | Investment | Reference Rate and Spread (5) | Interest
Rate | Purchase Date | Maturity
Date | Principal/ Par Amount(3) | | Amortized Cost(4) | | Fair
Value | | Percentage
of Net Assets | | | | | | | | | | 8,425 | | | 8,427 | | | 22.16 | % | | Containers and packaging | | | | | | | | | | | | | | | Bulk Lift International, LLC | First lien senior secured revolving loan | S + | 5.75% | 9.42% | 6/4/2026 | 11/15/2029 | $ | 2,529 | | | $ | 236 | | | $ | 236 | | | 0.62 | % | | Johns Byrne LLC (6) | First lien senior secured revolving loan | S + | 6.25% | 9.98% | 6/4/2026 | 8/31/2029 | 1,460 | | | (18) | | | (18) | | | (0.05) | % | | SCP Cold Chain Packaging Buyer Corp (6) | First lien senior secured revolving loan | S + | 5.00% | 8.73% | 6/4/2026 | 6/27/2031 | 3,247 | | | (28) | | | (28) | | | (0.07) | % | | Sixarp, LLC | First lien senior secured revolving loan | S + | 5.25% | 8.98% | 6/4/2026 | 8/5/2029 | 3,045 | | | 315 | | | 315 | | | 0.83 | % | | | | | | | | | | 505 | | | 505 | | | 1.33 | % | | Diversified consumer services | | | | | | | | | | | | | | | ACES Intermediate, Inc (6) | First lien senior secured revolving loan | S + | 5.25% | 9.01% | 6/4/2026 | 7/27/2027 | $ | 7,114 | | | $ | (31) | | | $ | (31) | | | (0.08) | % | | CL Services Acquisition, LLC | First lien senior secured revolving loan | S + | 5.00% | 8.70% | 6/4/2026 | 4/25/2028 | 5,435 | | | 1,686 | | | 1,686 | | | 4.43 | % | | Esquire Deposition Solutions, LLC (6) | First lien senior secured revolving loan | S + | 5.00% | 8.73% | 6/4/2026 | 12/30/2028 | 7,666 | | | (58) | | | (59) | | | (0.16) | % | | Foundation Repair Purchaser, INC. (6) | First lien senior secured revolving loan | S + | 4.75% | 8.48% | 6/4/2026 | 1/20/2032 | 1,809 | | | (18) | | | (18) | | | (0.05) | % | | Home Brands Group Holdings, Inc | First lien senior secured revolving loan | S + | 5.25% | 8.89% | 6/4/2026 | 1/8/2028 | 48 | | | 36 | | | 36 | | | 0.09 | % | | ISSA, LLC | First lien senior secured revolving loan | S + | 6.25% | 9.95% | 6/4/2026 | 3/1/2028 | 131 | | | 64 | | | 64 | | | 0.17 | % | | Juniper Landscaping Holdings LLC (12) | First lien senior secured revolving loan | S + | 5.75% | 9.42% | 6/4/2026 | 12/29/2027 | 3,103 | | | 1,346 | | | 1,347 | | | 3.54 | % | | Lawn Care Holdings Purchaser, Inc (13) | First lien senior secured revolving loan | P + | 4.50% | 11.25% | 6/4/2026 | 10/24/2028 | 2,698 | | | 711 | | | 712 | | | 1.87 | % | | Premier Early Childhood Education Partners LLC | First lien senior secured revolving loan | S + | 5.00% | 8.92% | 6/4/2026 | 11/22/2028 | 2,572 | | | 496 | | | 496 | | | 1.30 | % | | Therapy Spot Acquisition, LLC | First lien senior secured revolving loan | S + | 4.50% | 8.23% | 6/4/2026 | 2/20/2031 | 1,214 | | | 170 | | | 170 | | | 0.45 | % | | TSR Concrete Intermediate, LLC | First lien senior secured revolving loan | S + | 4.50% | 8.26% | 6/4/2026 | 12/31/2031 | 6,220 | | | 2,854 | | | 2,854 | | | 7.51 | % | | United Land Services Opco Parent, LLC (14) | First lien senior secured revolving loan | S + | 6.00% | 9.92% | 6/4/2026 | 3/23/2027 | 150 | | | 40 | | | 40 | | | 0.11 | % | | | | | | | | | | 7,296 | | | 7,297 | | | 19.18 | % | | Diversified financial services | | | | | | | | | | | | | | | Allied Credit Acquisition Corp | First lien senior secured revolving loan | S + | 4.75% | 8.41% | 6/4/2026 | 3/23/2032 | $ | 2,428 | | | $ | 942 | | | $ | 947 | | | 2.49 | % | | | | | | | | | | 942 | | | 947 | | | 2.49 | % | | Electrical equipment | | | | | | | | | | | | | | | BPCP NSA Intermedco, Inc (6) | First lien senior secured revolving loan | S + | 4.75% | 8.39% | 6/4/2026 | 5/17/2030 | $ | 5,930 | | | $ | (27) | | | $ | (27) | | | (0.07) | % | | Raffel Systems, LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 9.23% | 6/4/2026 | 3/24/2032 | 2,384 | | | (34) | | | (30) | | | (0.08) | % | | SENS Intermediate Holdings LLC (6) | First lien senior secured revolving loan | S + | 4.75% | 8.48% | 6/4/2026 | 3/10/2031 | 2,664 | | | (27) | | | (27) | | | (0.07) | % | | WCI Volt Purchaser, LLC (6) | First lien senior secured revolving loan | S + | 4.75% | 8.51% | 6/4/2026 | 9/15/2029 | 2,249 | | | (20) | | | (11) | | | (0.03) | % | | | | | | | | | | (108) | | | (95) | | | (0.25) | % | | Electronic equipment, instruments and components | | | | | | | | | | | | | | | Advanced Lighting Acquisition, LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 9.14% | 6/4/2026 | 11/22/2027 | 1,215 | | | $ | (5) | | | $ | (5) | | | (0.01) | % | | Nelson Name Plate Company | First lien senior secured revolving loan | S + | 5.75% | 9.74% | 6/4/2026 | 10/18/2026 | 90 | | | 30 | | | 30 | | | 0.08 | % | | | | | | | | | | 25 | | | 25 | | | 0.07 | % | | Food and staples retailing | | | | | | | | | | | | | | | Mad Rose Company, LLC (15) | First lien senior secured revolving loan | S + | 6.50% | 11.61% | 6/4/2026 | 11/7/2026 | $ | 395 | | | $ | 358 | | | $ | 358 | | | 0.94 | % | | NutriScience Innovations, LLC (6) (16) | First lien senior secured revolving loan | S + | 6.00% | 9.70% | 6/4/2026 | 6/30/2027 | 131 | | | — | | | — | | | 0.00 | % | | Premier Produce One, LLC (6) | First lien senior secured revolving loan | S + | 5.25% | 8.99% | 6/4/2026 | 9/21/2030 | 3,972 | | | (38) | | | (38) | | | (0.10) | % | | TruSource Foods LLC | First lien senior secured revolving loan | S + | 5.00% | 8.73% | 6/4/2026 | 8/1/2031 | 1,926 | | | 891 | | | 891 | | | 2.34 | % | | | | | | | | | | 1,211 | | | 1,211 | | | 3.18 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Company(1)(2) | Investment | Reference Rate and Spread (5) | Interest
Rate | Purchase Date | Maturity
Date | Principal/ Par Amount(3) | | Amortized Cost(4) | | Fair
Value | | Percentage
of Net Assets | | Food products | | | | | | | | | | | | | | | BPCP WLF Intermedco LLC (6) | First lien senior secured revolving loan | S + | 6.25% | 10.13% | 6/4/2026 | 8/19/2028 | $ | 3,383 | | | $ | (23) | | | $ | (23) | | | (0.06) | % | | Icelandirect, LLC | First lien senior secured revolving loan | S + | 5.25% | 8.91% | 6/4/2026 | 7/31/2029 | 331 | | | 81 | | | 81 | | | 0.21 | % | | Sun Orchard, LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 9.16% | 6/4/2026 | 1/8/2029 | 6,851 | | | (45) | | | (46) | | | (0.12) | % | | Treat Planet Acquisition, LLC (6) | First lien senior secured revolving loan | S + | 6.00% | 9.73% | 6/4/2026 | 1/11/2028 | 2,422 | | | (11) | | | (11) | | | (0.03) | % | | | | | | | | | | 2 | | | 1 | | | 0.00 | % | | Gas utilities | | | | | | | | | | | | | | | Hydromax USA, LLC | First lien senior secured revolving loan | S + | 5.00% | 8.82% | 6/4/2026 | 12/30/2027 | $ | 228 | | | $ | 90 | | | $ | 90 | | | 0.24 | % | | | | | | | | | | 90 | | | 90 | | | 0.24 | % | | Health care equipment and supplies | | | | | | | | | | | | | | | 3BC Matrix Acquisition, LLC | First lien senior secured revolving loan | S + | 5.50% | 9.14% | 6/4/2026 | 5/13/2030 | $ | 1,564 | | | $ | 1,346 | | | $ | 1,346 | | | 3.54 | % | | AHP Caliber Purchaser, Inc (6) | First lien senior secured revolving loan | S + | 4.75% | 8.48% | 6/4/2026 | 4/8/2032 | 1,907 | | | (23) | | | (23) | | | (0.06) | % | | Alcresta Buyer, Inc | First lien senior secured revolving loan | S + | 5.25% | 8.92% | 6/4/2026 | 3/12/2031 | 3,155 | | | 714 | | | 714 | | | 1.88 | % | | Medical Technology Associates, LLC | First lien senior secured revolving loan | S + | 5.50% | 9.23% | 6/4/2026 | 7/25/2028 | 2,981 | | | 1,415 | | | 1,415 | | | 3.72 | % | | Nasco Healthcare Inc. | First lien senior secured revolving loan | S + | 5.75% | 9.42% | 6/4/2026 | 6/30/2028 | 2,937 | | | 2,630 | | | 2,630 | | | 6.92 | % | | NWI Merger Sub, Inc (6) | First lien senior secured revolving loan | S + | 5.00% | 8.64% | 6/4/2026 | 12/4/2029 | 2,495 | | | (32) | | | (32) | | | (0.08) | % | | Surplus Solutions, LLC | First lien senior secured revolving loan | S + | 5.00% | 8.73% | 6/4/2026 | 11/30/2027 | 2,227 | | | 324 | | | 324 | | | 0.85 | % | | | | | | | | | | 6,374 | | | 6,374 | | | 16.77 | % | | Health care providers and services | | | | | | | | | | | | | | | ADVI Health, LLC (6) | First lien senior secured revolving loan | S + | 5.25% | 8.91% | 6/4/2026 | 11/29/2027 | $ | 1,557 | | | $ | (5) | | | $ | (6) | | | (0.02) | % | | Aligned Dental Management Services, LLC | First lien senior secured revolving loan | S + | 5.25% | 9.24% | 6/4/2026 | 2/7/2030 | 1,523 | | | 893 | | | 893 | | | 2.35 | % | | AMCP SAMGI Intermediate, Inc (6) | First lien senior secured revolving loan | S + | 4.50% | 8.23% | 6/4/2026 | 12/12/2030 | 3,458 | | | (33) | | | (33) | | | (0.09) | % | | AMCP Treatment Intermediate, LLC (6) | First lien senior secured revolving loan | S + | 5.00% | 8.73% | 6/4/2026 | 8/29/2030 | 3,045 | | | (48) | | | (48) | | | (0.13) | % | | American Family Care, LLC (6) | First lien senior secured revolving loan | S + | 4.75% | 8.48% | 6/4/2026 | 2/28/2029 | 4,912 | | | (30) | | | (30) | | | (0.08) | % | | ARC Health OPCO, LLC (6) | First lien senior secured revolving loan | S + | 5.00% | 8.64% | 6/4/2026 | 10/10/2030 | 2,560 | | | (23) | | | (23) | | | (0.06) | % | | Beacon Oral Specialists Management LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 9.23% | 6/4/2026 | 12/14/2026 | 188 | | | — | | | — | | | 0.00 | % | | Beghou Consulting, LLC (17) | First lien senior secured revolving loan | S + | 4.75% | 8.40% | 6/4/2026 | 5/1/2028 | 2,714 | | | 140 | | | 140 | | | 0.37 | % | | Brightview, LLC (6) | First lien senior secured revolving loan | S + | 4.75% | 8.39% | 6/4/2026 | 12/14/2029 | 1,658 | | | (15) | | | (12) | | | (0.03) | % | | Captive Radiology Acquisition, LLC (6) | First lien senior secured revolving loan | S + | 5.00% | 8.67% | 6/4/2026 | 4/29/2031 | 1,192 | | | (14) | | | (14) | | | (0.04) | % | | Change Academy at Lake of the Ozarks, LLC | First lien senior secured revolving loan | S + | 5.25% | 9.13% | 6/4/2026 | 2/2/2029 | 5,898 | | | 2,201 | | | 2,201 | | | 5.79 | % | | CNS Purchaser, LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 9.23% | 6/4/2026 | 12/30/2029 | 4,246 | | | (39) | | | (39) | | | 0.10 | % | | DASCO HME, LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 9.23% | 6/4/2026 | 6/6/2030 | 3,044 | | | (38) | | | (38) | | | (0.10) | % | | EH Management Company, LLC (6) | First lien senior secured revolving loan | S + | 4.50% | 8.23% | 6/4/2026 | 7/15/2028 | 2,505 | | | (8) | | | (8) | | | (0.02) | % | | Endodontic Practice Partners, LLC | First lien senior secured revolving loan | S + | 5.50% | 9.23% | 6/4/2026 | 11/2/2027 | 1,956 | | | 770 | | | 770 | | | 2.02 | % | | ExperCare Management, LLC | First lien senior secured revolving loan | S + | 5.00% | 8.67% | 6/4/2026 | 4/8/2031 | 1,192 | | | 460 | | | 460 | | | 1.21 | % | | First Steps Recovery Acquisition, LLC | First lien senior secured revolving loan | S + | 4.75% | 8.48% | 6/4/2026 | 11/18/2030 | 4,476 | | | 854 | | | 854 | | | 2.25 | % | | Geriatric Medical and Surgical Supply, LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 9.23% | 6/4/2026 | 6/21/2027 | 300 | | | (2) | | | (2) | | | (0.01) | % | | Golden Bear PT Partners, LLC | First lien senior secured revolving loan | S + | 5.25% | 8.89% | 6/4/2026 | 10/22/2027 | 38 | | | 2 | | | 2 | | | 0.01 | % | | Guardian Dentistry Practice Management, LLC | First lien senior secured revolving loan | P + | 4.50% | 11.25% | 6/4/2026 | 8/20/2027 | 4,574 | | | 715 | | | 715 | | | 1.88 | % | | H2 Holdco, Inc (18) | First lien senior secured revolving loan | S + | 6.00% | 10.08% | 6/4/2026 | 5/5/2028 | 2,544 | | | 1,165 | | | 1,165 | | | 3.06 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Company(1)(2) | Investment | Reference Rate and Spread (5) | Interest
Rate | Purchase Date | Maturity
Date | Principal/ Par Amount(3) | | Amortized Cost(4) | | Fair
Value | | Percentage
of Net Assets | | Innovate 32 Services, LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 9.16% | 6/4/2026 | 10/29/2031 | 2,436 | | | (29) | | | (23) | | | (0.06) | % | | Inreach Intermediate Holdings II, LLC | First lien senior secured revolving loan | S + | 4.75% | 8.40% | 6/4/2026 | 12/11/2030 | 1,700 | | | 524 | | | 524 | | | 1.38 | % | | IPC Pain Acquisition, LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 9.14% | 6/4/2026 | 5/19/2027 | 1,140 | | | (2) | | | (2) | | | (0.01) | % | | LSOMS Acquisition, LLC | First lien senior secured revolving loan | S + | 5.00% | 8.66% | 6/4/2026 | 4/15/2032 | 954 | | | 166 | | | 166 | | | 0.44 | % | | MedOne LC (6) | First lien senior secured revolving loan | S + | 4.75% | 8.48% | 6/4/2026 | 4/9/2032 | 3,576 | | | (34) | | | (34) | | | (0.09) | % | | MWEC Management, LLC | First lien senior secured revolving loan | S + | 5.50% | 9.14% | 6/4/2026 | 2/14/2028 | 1,924 | | | 1,062 | | | 1,062 | | | 2.79 | % | | Network Partners Acquisitions, LLC (6) | First lien senior secured revolving loan | S + | 6.00% | 9.99% | 6/4/2026 | 12/30/2026 | 38 | | | — | | | — | | | 0.00 | % | | OneCare LTC, LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 9.16% | 6/4/2026 | 11/14/2028 | 2,121 | | | (18) | | | (18) | | | (0.05) | % | | P1 DENTAL MSO, LLC (6) | First lien senior secured revolving loan | S + | 5.25% | 8.91% | 6/4/2026 | 1/31/2030 | 1,522 | | | (20) | | | (20) | | | (0.05) | % | | Periscope MAS Buyer, Inc | First lien senior secured revolving loan | S + | 5.25% | 8.90% | 6/4/2026 | 5/5/2031 | 1,084 | | | 635 | | | 635 | | | 1.67 | % | | PharmaForceIQ INC. (6) | First lien senior secured revolving loan | S + | 5.25% | 8.91% | 6/4/2026 | 8/2/2029 | 2,093 | | | (18) | | | (18) | | | (0.05) | % | | PRM Management Company, LLC | First lien senior secured revolving loan | S + | 6.00% | 9.79% | 6/4/2026 | 1/25/2029 | 1,337 | | | 584 | | | 584 | | | 1.54 | % | | Purpose Home Health Acquisition, LLC | First lien senior secured revolving loan | S + | 5.50% | 9.23% | 6/4/2026 | 10/17/2029 | 1,173 | | | 159 | | | 159 | | | 0.42 | % | | Sage Dental Management, LLC | First lien senior secured revolving loan | S + | 4.75% | 8.48% | 6/4/2026 | 12/15/2031 | 8,220 | | | 3,209 | | | 3,209 | | | 8.44 | % | | SCP OMS Services, LLC (6) | First lien senior secured revolving loan | S + | 4.75% | 8.48% | 6/4/2026 | 3/7/2030 | 2,645 | | | (26) | | | (26) | | | (0.07) | % | | Signature Dental Partners LLC (6) | First lien senior secured revolving loan | S + | 5.00% | 8.99% | 6/4/2026 | 10/29/2028 | 38 | | | — | | | — | | | 0.00 | % | | Silver Falls MSO, LLC | First lien senior secured revolving loan | S + | 5.75% | 9.47% | 6/4/2026 | 12/31/2028 | 1,523 | | | 829 | | | 829 | | | 2.18 | % | | SIMKO Merger Sub LLC | First lien senior secured revolving loan | S + | 6.00% | 10.30% | 6/4/2026 | 4/7/2027 | 56 | | | 39 | | | 39 | | | 0.10 | % | | Solace Healthcare Holdco, Inc (6) (19) | First lien senior secured revolving loan | S + | 4.75% | 8.39% | 6/4/2026 | 2/2/2032 | 2,412 | | | (23) | | | (23) | | | (0.06) | % | | Southeast Primary Care Partners, LLC (6) | First lien senior secured revolving loan | S + | 5.25% | 8.98% | 6/4/2026 | 12/30/2027 | 225 | | | (1) | | | (1) | | | 0.00 | % | | Southern Orthodontic Partners Management, LLC | First lien senior secured revolving loan | S + | 4.75% | 8.41% | 6/4/2026 | 7/27/2029 | 2,467 | | | 556 | | | 561 | | | 1.48 | % | | Spear Education Holdings, LLC | First lien senior secured revolving loan | S + | 5.25% | 9.13% | 6/4/2026 | 12/15/2028 | 7,290 | | | 3,455 | | | 3,455 | | | 9.09 | % | | Star Dental Partners LLC | First lien senior secured revolving loan | S + | 5.50% | 9.14% | 6/4/2026 | 12/22/2028 | 1,451 | | | 855 | | | 855 | | | 2.25 | % | | The Chempetitive Group, LLC | First lien senior secured revolving loan | S + | 5.50% | 9.14% | 6/4/2026 | 3/22/2029 | 3,414 | | | 303 | | | 305 | | | 0.80 | % | | Therapy2000 Acquisition, LLC | First lien senior secured revolving loan | S + | 5.00% | 8.73% | 6/4/2026 | 9/12/2030 | 2,258 | | | 582 | | | 582 | | | 1.53 | % | | Transitions Intermediate Holdings, LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 9.17% | 6/4/2026 | 10/25/2027 | 2,097 | | | (8) | | | (8) | | | (0.02) | % | | U.S. BioTek Laboratories, LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 9.09% | 6/4/2026 | 2/20/2029 | 1,214 | | | (9) | | | (9) | | | (0.02) | % | | US Foot and Ankle Specialists, LLC | First lien senior secured revolving loan | P + | 5.25% | 12.00% | 6/4/2026 | 9/15/2027 | 2,699 | | | 1,320 | | | 1,347 | | | 3.54 | % | | Varsity DuvaSawko Operating Corp | First lien senior secured revolving loan | S + | 5.25% | 8.92% | 6/4/2026 | 5/27/2027 | 4,568 | | | 1,521 | | | 1,520 | | | 4.00 | % | | Varsity Rejuvenate Management, LLC (6) | First lien senior secured revolving loan | S + | 6.75% | 10.63% | 6/4/2026 | 9/1/2028 | 1,245 | | | (16) | | | (16) | | | (0.04) | % | | VersiCare Management LLC | First lien senior secured revolving loan | S + | 5.25% | 8.91% | 6/4/2026 | 11/25/2029 | 1,505 | | | 1,033 | | | 1,033 | | | 2.72 | % | | VetEvolve Holdings, LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 9.16% | 6/4/2026 | 10/12/2028 | 3,067 | | | (17) | | | (17) | | | (0.04) | % | | Vital Geriatrics Group Buyer, Inc (6) | First lien senior secured revolving loan | S + | 5.00% | 8.77% | 6/4/2026 | 8/15/2031 | 2,408 | | | (33) | | | (30) | | | (0.08) | % | | Western Veterinary Partners LLC (6) | First lien senior secured revolving loan | S + | 5.25% | 8.98% | 6/4/2026 | 10/29/2027 | 24 | | | — | | | — | | | 0.00 | % | | | | | | | | | | 23,523 | | | 23,567 | | | 62.19 | % | | Health care technology | | | | | | | | | | | | | | | AHR Intermediate, Inc (6) | First lien senior secured revolving loan | S + | 6.00% | 9.74% | 6/4/2026 | 7/29/2027 | $ | 9,888 | | | $ | 4,624 | | | $ | 4,624 | | | 12.16 | % | | Assembly Holdco, LLC (6) | First lien senior secured revolving loan | P + | 4.50% | 11.25% | 6/4/2026 | 3/26/2032 | 1,669 | | | 338 | | | 341 | | | 0.90 | % | | Gifthealth, Inc. (6) | First lien senior secured revolving loan | S + | 5.50% | 9.16% | 6/4/2026 | 7/29/2028 | 2,841 | | | (16) | | | (14) | | | (0.04) | % | | | | | | | | | | 4,946 | | | 4,951 | | | 13.02 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Company(1)(2) | Investment | Reference Rate and Spread (5) | Interest
Rate | Purchase Date | Maturity
Date | Principal/ Par Amount(3) | | Amortized Cost(4) | | Fair
Value | | Percentage
of Net Assets | | Household durables | | | | | | | | | | | | | | | Kravet Design LLC (6) | First lien senior secured revolving loan | S + | 5.00% | 8.73% | 6/4/2026 | 11/26/2030 | $ | 4,349 | | | $ | (42) | | | $ | (42) | | | (0.11) | % | | MacKenzie Childs Acquisition, Inc | First lien senior secured revolving loan | S + | 5.50% | 9.39% | 6/4/2026 | 9/2/2027 | 3,374 | | | 664 | | | 664 | | | 1.75 | % | | Storm Smart Buyer LLC | First lien senior secured revolving loan | S + | 5.25% | 8.98% | 6/4/2026 | 10/5/2028 | 131 | | | 104 | | | 104 | | | 0.27 | % | | | | | | | | | | 726 | | | 726 | | | 1.91 | % | | Industrial conglomerates | | | | | | | | | | | | | | | Hultec Buyer, LLC | First lien senior secured revolving loan | S + | 5.50% | 9.17% | 6/4/2026 | 3/31/2029 | $ | 3,915 | | | $ | 168 | | | $ | 168 | | | 0.44 | % | | | | | | | | | | 168 | | | 168 | | | 0.44 | % | | Insurance | | | | | | | | | | | | | | | Superior Insurance Partners LLC (6) | First lien senior secured revolving loan | S + | 4.75% | 8.42% | 6/4/2026 | 10/25/2029 | $ | 1,347 | | | $ | (9) | | | $ | (9) | | | (0.02) | % | | | | | | | | | | (9) | | | (9) | | | (0.02) | % | | Interactive media and services | | | | | | | | | | | | | | | Duggal Acquisition, LLC (6) | First lien senior secured revolving loan | S + | 5.00% | 8.73% | 6/4/2026 | 9/30/2030 | $ | 7,319 | | | $ | (95) | | | $ | (95) | | | (0.25) | % | | | | | | | | | | (95) | | | (95) | | | (0.25) | % | | Internet and direct marketing retail | | | | | | | | | | | | | | | DealerOn Holdco, Inc (6) | First lien senior secured revolving loan | S + | 5.75% | 9.51% | 6/4/2026 | 8/19/2026 | $ | 314 | | | $ | (1) | | | $ | (1) | | | 0.00 | % | | | | | | | | | | (1) | | | (1) | | | 0.00 | % | | IT services | | | | | | | | | | | | | | | Brite Acquisition, LLC (6) | First lien senior secured revolving loan | S + | 4.75% | 8.39% | 6/4/2026 | 1/5/2032 | $ | 1,469 | | | $ | (14) | | | $ | (14) | | | (0.04) | % | | BSC Top Shelf Blocker LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 9.14% | 6/4/2026 | 6/28/2029 | 2,256 | | | (22) | | | (22) | | | (0.06) | % | | Dynamic Campus Acquisition, Inc. (6) | First lien senior secured revolving loan | S + | 5.25% | 8.98% | 6/4/2026 | 2/14/2031 | 3,044 | | | (31) | | | (31) | | | (0.08) | % | | E-Phoenix Acquisition Co. Inc | First lien senior secured revolving loan | S + | 5.25% | 9.65% | 6/4/2026 | 6/23/2030 | 2,984 | | | 881 | | | 881 | | | 2.32 | % | | Livefront, LLC (6) | First lien senior secured revolving loan | S + | 5.00% | 8.67% | 6/4/2026 | 12/12/2030 | 2,991 | | | (35) | | | (35) | | | (0.09) | % | | Milestone Technologies, Inc | First lien senior secured revolving loan | S + | 5.00% | 8.73% | 6/4/2026 | 8/22/2031 | 2,595 | | | 1,320 | | | 1,320 | | | 3.47 | % | | P and R Dental Strategies, LLC | First lien senior secured revolving loan | S + | 5.75% | 9.63% | 6/4/2026 | 12/22/2027 | 23 | | | 16 | | | 16 | | | 0.04 | % | | Palmetto Technology Group, LLC (6) (20) | First lien senior secured revolving loan | S + | 5.25% | 8.89% | 6/4/2026 | 1/3/2029 | 2,860 | | | (22) | | | (22) | | | (0.06) | % | | | | | | | | | | 2,093 | | | 2,093 | | | 5.50 | % | | Leisure equipment and products | | | | | | | | | | | | | | | MacNeill Pride Group Corp (6) | First lien senior secured revolving loan | S + | 6.50% | 10.49% | 6/4/2026 | 4/22/2029 | $ | 997 | | | $ | (14) | | | $ | (14) | | | (0.04) | % | | TruBlue LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 9.14% | 6/4/2026 | 1/11/2029 | 1,430 | | | (13) | | | (13) | | | (0.03) | % | | | | | | | | | | (27) | | | (27) | | | (0.07) | % | | Life sciences tools and services | | | | | | | | | | | | | | | Aptitude Health Holdings, LLC (6) | First lien senior secured revolving loan | S + | 4.75% | 8.48% | 6/4/2026 | 5/3/2028 | $ | 267 | | | $ | — | | | $ | — | | | 0.00 | % | | Health and Wellness Partners LLC (6) | First lien senior secured revolving loan | S + | 5.00% | 8.63% | 6/4/2026 | 3/12/2030 | 2,480 | | | (29) | | | (29) | | | (0.08) | % | | VIT Nyckel Acquisition AB (6) | First lien senior secured revolving loan | S + | 4.50% | 8.15% | 6/4/2026 | 12/18/2031 | 2,719 | | | 1,334 | | | 1,334 | | | 3.51 | % | | | | | | | | | | 1,305 | | | 1,305 | | | 3.43 | % | | Machinery | | | | | | | | | | | | | | | Abrasive Technology Intermediate, LLC | First lien senior secured revolving loan | S + | 5.75% | 9.51% | 6/4/2026 | 10/30/2027 | $ | 173 | | | $ | 71 | | | $ | 71 | | | 0.19 | % | | Baker Manufacturing Company, LLC | First lien senior secured revolving loan | S + | 5.25% | 8.90% | 6/4/2026 | 11/1/2028 | 2,898 | | | 1,831 | | | 1,831 | | | 4.81 | % | | L&J Holding Company LLC (6) | First lien senior secured revolving loan | S + | 4.75% | 8.48% | 6/4/2026 | 7/29/2030 | 2,204 | | | (27) | | | (27) | | | (0.07) | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Company(1)(2) | Investment | Reference Rate and Spread (5) | Interest
Rate | Purchase Date | Maturity
Date | Principal/ Par Amount(3) | | Amortized Cost(4) | | Fair
Value | | Percentage
of Net Assets | | Mearthane Products, LLC (6) | First lien senior secured revolving loan | S + | 4.75% | 8.40% | 6/4/2026 | 5/6/2030 | 848 | | | (8) | | | (8) | | | (0.02) | % | | My Buyer, LLC | First lien senior secured revolving loan | S + | 5.75% | 9.39% | 6/4/2026 | 1/26/2030 | 2,360 | | | 2,334 | | | 2,334 | | | 6.14 | % | | Spartaco Buyer, Inc | First lien senior secured revolving loan | S + | 4.75% | 8.41% | 6/4/2026 | 3/27/2032 | 1,788 | | | 1,266 | | | 1,269 | | | 3.34 | % | | SPG Holdco, LLC (21) | First lien senior secured revolving loan | S + | 6.25% | 9.94% | 6/4/2026 | 12/1/2028 | 2,070 | | | 1,554 | | | 1,554 | | | 4.09 | % | | USSC Holding Corp | First lien senior secured revolving loan | S + | 5.50% | 9.21% | 6/4/2026 | 6/21/2030 | 7,177 | | | 3,683 | | | 3,677 | | | 9.67 | % | | | | | | | | | | 10,704 | | | 10,701 | | | 28.15 | % | | Media | | | | | | | | | | | | | | | Best Version Media Acquisition, LLC (6) | First lien senior secured revolving loan | S + | 4.75% | 8.39% | 6/4/2026 | 12/31/2030 | $ | 2,897 | | | $ | (37) | | | $ | (37) | | | (0.10) | % | | Creative Outdoor Holding Inc (6) (22) | First lien senior secured revolving loan | S + | 5.00% | 8.73% | 6/4/2026 | 6/26/2030 | 4,168 | | | (35) | | | (35) | | | (0.09) | % | | GM Services Buyer, LLC (6) | First lien senior secured revolving loan | S + | 4.75% | 8.39% | 6/4/2026 | 8/26/2030 | 3,070 | | | (34) | | | (34) | | | (0.09) | % | | North & Warren, LLC (6) | First lien senior secured revolving loan | S + | 5.00% | 8.73% | 6/4/2026 | 1/31/2030 | 1,199 | | | (11) | | | (13) | | | (0.03) | % | | Peninsula MMGY Corporation (6) (23) | First lien senior secured revolving loan | S + | 5.50% | 9.23% | 6/4/2026 | 4/26/2029 | 3,691 | | | (35) | | | (35) | | | (0.09) | % | | Upswell Group, Inc (6) | First lien senior secured revolving loan | S + | 5.00% | 8.73% | 6/4/2026 | 3/26/2032 | 1,814 | | | (22) | | | (18) | | | (0.05) | % | | Walker Sands, LLC (6) | First lien senior secured revolving loan | S + | 5.00% | 8.72% | 6/4/2026 | 10/1/2030 | 1,553 | | | (17) | | | (18) | | | (0.05) | % | | WTWH Buyer, LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 9.14% | 6/4/2026 | 6/16/2029 | 1,638 | | | (14) | | | (14) | | | (0.04) | % | | | | | | | | | | (205) | | | (204) | | | (0.54) | % | | Multiline retail | | | | | | | | | | | | | | | HEC Purchaser Corp. (6) | First lien senior secured revolving loan | S + | 5.00% | 8.74% | 6/4/2026 | 6/17/2029 | $ | 8,250 | | | $ | (55) | | | $ | (56) | | | (0.15) | % | | | | | | | | | | (55) | | | (56) | | | (0.15) | % | | Professional services | | | | | | | | | | | | | | | CSL Intermediate Acquisition LLC | First lien senior secured revolving loan | S + | 5.25% | 8.89% | 6/4/2026 | 11/8/2029 | $ | 1,673 | | | $ | 191 | | | $ | 191 | | | 0.50 | % | | Helpware, Inc | First lien senior secured revolving loan | S + | 5.50% | 9.49% | 6/4/2026 | 9/8/2026 | 5,061 | | | 2,261 | | | 2,264 | | | 5.95 | % | | | | | | | | | | 2,452 | | | 2,455 | | | 6.45 | % | | Software | | | | | | | | | | | | | | | GPSTrackit Holdings, LLC | First lien senior secured revolving loan | S + | 5.75% | 9.46% | 6/4/2026 | 3/29/2029 | $ | 4,429 | | | $ | 2,298 | | | $ | 2,298 | | | 6.04 | % | | GS XX Corporation (6) | First lien senior secured revolving loan | S + | 4.75% | 8.48% | 6/4/2026 | 4/19/2029 | 2,381 | | | (25) | | | (25) | | | (0.07) | % | | Shasta Buyer, LLC (6) | First lien senior secured revolving loan | S + | 4.50% | 8.23% | 6/4/2026 | 11/12/2030 | 4,307 | | | (41) | | | (41) | | | (0.11) | % | | | | | | | | | | 2,232 | | | 2,232 | | | 5.86 | % | | Specialty retail | | | | | | | | | | | | | | | Dykstras Auto LLC | First lien senior secured revolving loan | S + | 5.00% | 8.73% | 6/4/2026 | 10/22/2027 | $ | 1,992 | | | $ | 452 | | | $ | 452 | | | 1.19 | % | | Good Feet Worldwide, LLC (6) | First lien senior secured revolving loan | S + | 6.00% | 9.73% | 6/4/2026 | 2/25/2032 | 2,972 | | | (37) | | | (37) | | | (0.10) | % | | | | | | | | | | 415 | | | 415 | | | 1.09 | % | | Textiles, apparel and luxury goods | | | | | | | | | | | | | | | Lakeshirts LLC | First lien senior secured revolving loan | S + | 5.00% | 8.66% | 6/4/2026 | 12/30/2030 | $ | 11,650 | | | $ | 3,718 | | | $ | 3,718 | | | 9.78 | % | | | | | | | | | | 3,718 | | | 3,718 | | | 9.78 | % | | Trading companies and distributors | | | | | | | | | | | | | | | AFC-Dell Holding Corp (24) | First lien senior secured revolving loan | S + | 5.00% | 8.67% | 6/4/2026 | 10/9/2028 | $ | 5,397 | | | $ | 2,400 | | | $ | 2,397 | | | 6.30 | % | | Ascent Lifting, Inc (6) | First lien senior secured revolving loan | S + | 4.75% | 8.49% | 6/4/2026 | 9/9/2028 | 2,500 | | | (11) | | | (11) | | | (0.03) | % | | CAP KSI Holdings LLC (25) | First lien senior secured revolving loan | S + | 5.25% | 8.97% | 6/4/2026 | 6/28/2030 | 7,812 | | | 6,139 | | | 6,138 | | | 16.14 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Company(1)(2) | Investment | Reference Rate and Spread (5) | Interest
Rate | Purchase Date | Maturity
Date | Principal/ Par Amount(3) | | Amortized Cost(4) | | Fair
Value | | Percentage
of Net Assets | | Jacent Strategic Merchandising, LLC | First lien senior secured revolving loan | S + | 6.50% | 10.60% | 6/4/2026 | 1/31/2027 | 2,436 | | | 1,931 | | | 1,931 | | | 5.08 | % | | Lehman Pipe Buyer, LLC | First lien senior secured revolving loan | S + | 5.00% | 8.73% | 6/4/2026 | 8/30/2030 | 6,324 | | | 778 | | | 778 | | | 2.05 | % | | Rental Equipment Investment Corp | First lien senior secured revolving loan | S + | 4.75% | 8.61% | 6/4/2026 | 10/8/2030 | 7,917 | | | 1,609 | | | 1,609 | | | 4.23 | % | | Triad Technologies, LLC (6) | First lien senior secured revolving loan | S + | 5.25% | 9.13% | 6/4/2026 | 6/30/2027 | 332 | | | (1) | | | (1) | | | 0.00 | % | | Value Added Distributors, LLC (6) | First lien senior secured revolving loan | S + | 4.75% | 8.41% | 6/4/2026 | 12/19/2029 | 3,768 | | | (35) | | | (35) | | | (0.09) | % | | Vintage Parts, Inc (6) | First lien senior secured revolving loan | S + | 5.75% | 9.48% | 6/4/2026 | 3/28/2029 | 1,564 | | | (11) | | | (11) | | | (0.03) | % | | Wolf Gordon Inc (6) | First lien senior secured revolving loan | P + | 4.25% | 11.00% | 6/4/2026 | 5/1/2029 | 3,809 | | | (49) | | | (38) | | | (0.10) | % | | Woodson and Bozeman, LLC (6) | First lien senior secured revolving loan | S + | 4.75% | 8.48% | 6/4/2026 | 10/1/2031 | 2,436 | | | (28) | | | (28) | | | (0.07) | % | | | | | | | | | | 12,722 | | | 12,729 | | | 33.48 | % | | Water utilities | | | | | | | | | | | | | | | Diamondback Buyer, LLC (6) | First lien senior secured revolving loan | S + | 5.00% | 8.71% | 6/4/2026 | 8/3/2026 | $ | 75 | | | $ | — | | | $ | — | | | 0.00 | % | | | | | | | | | | — | | | — | | | 0.00 | % | | Total non-controlled/non-affiliated senior secured debt | | | | | | | | | $ | 98,126 | | | $ | 98,199 | | | 258.23 | % | | Total non-controlled/affiliated investments | | | | | | | | | 98,126 | | | 98,199 | | | 258.23 | % | | Total investments | | | | | | | | | $ | 98,126 | | | $ | 98,199 | | | 258.23 | % |
(1)Unless otherwise indicated, all investments are considered Level 3 investments. (2)Unless otherwise indicated, all investments represent co-investments made with the Company’s affiliates in accordance with the terms of the exemptive relief that the Company received from the U.S. Securities and Exchange Commission. Refer to Note 6 for further information. (3)Principal/par amount is denominated in U.S. Dollars (“$”) unless otherwise noted, such as Canadian Dollars (“C$”). (4)The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method. (5)Unless otherwise indicated, the interest rate on the principal balance outstanding for all floating rate loans is indexed to the Term Secured Overnight Financing Rate (“Term SOFR” or “S”), the Canadian Overnight Repo Rate Average (“Term CORRA” or “T”) and/or an alternate base rate (e.g. prime rate (“P”)), which typically resets semiannually, quarterly, or monthly at the borrower’s option. The applicable base rate may be subject to a floor. The borrower may also elect to have multiple interest reset periods for each loan. For each of these loans, the applicable margin has been provided over Term SOFR based on each respective credit agreement. As of June 30, 2026, the reference rates for the floating rate loans were the Term SOFR of 3.68%, the Prime Rate of 6.75%, and the Term CORRA of 2.34%. In some circumstances, interest may be paid-in-kind (“PIK”) rather than cash, resulting in an increased principal amount. (6)Represents revolvers and delayed draw term loans where the entire balance is unfunded as of June 30, 2026. The negative fair value is a result of the commitment being valued below par. Refer to note 26 of this schedule below for further information. (7)Principal balance includes reserve for letter of credit of $49,465 on which the borrower pays 5.25%. (8)Principal balance includes reserve for letter of credit of $3,659 on which the borrower pays 5.75%. (9)Principal balance includes reserve for letter of credit of $24,091 on which the borrower pays 5.50%. (10)Principal balance includes reserve for letter of credit of $49,938 on which the borrower pays 5.25%. (11)Principal balance includes reserve for letter of credit of $395,260 on which the borrower pays 6.00%. (12)Principal balance includes reserve for letter of credit of $1,634,261 on which the borrower pays 5.75%. (13)Principal balance includes reserve for letter of credit of $34,172 on which the borrower pays 5.50%. (14)Principal balance includes reserve for letter of credit of $57,903 on which the borrower pays 6.00%. (15)Principal balance includes reserve for letter of credit of $4,926 on which the borrower pays 6.50%. (16)Principal balance includes reserve for letter of credit of $7,860 on which the borrower pays 6.00%. (17)Principal balance includes reserve for letter of credit of $16,960 on which the borrower pays 4.75%. (18)Principal balance includes reserve for letter of credit of $135,680 on which the borrower pays 6.00% (19)Principal balance includes reserve for letter of credit of $177,996 on which the borrower pays 4.75%. (20)Principal balance includes reserve for letter of credit of $400,400 on which the borrower pays 5.25%. (21)Principal balance includes reserve for letter of credit of $60,610 on which the borrower pays 6.25%. (22)Principal balance includes reserve for letter of credit of $927,380 on which the borrower pays 5.00%. (23)Principal balance includes reserve for letter of credit of $62,209 on which the borrower pays 5.50%. (24)Principal balance includes reserve for letter of credit of $404,000 on which the borrower pays 5.00%. (25)Principal balance includes reserve for letter of credit of $1,622,952 on which the borrower pays 5.25%. (26)As of June 30, 2026, TCAP JV had the following outstanding commitments to fund investments in current portfolio companies:
| | | | | | | Portfolio Company | June 30, 2026 | | First lien senior secured debt | (Amounts in thousands) | | 3BC Matrix Acquisition, LLC | $ | 195 | | | A.P.A. Industries, LLC | 1,979 | | | Abrasive Technology Intermediate, LLC | 100 | | | ACES Intermediate, Inc | 7,114 | | | Advanced Lighting Acquisition, LLC | 1,215 | | | ADVI Health, LLC | 1,557 | | | AFC-Dell Holding Corp | 2,967 | | | AHP Caliber Purchaser, Inc | 1,907 | | | AHR Intermediate, Inc | 5,240 | | | AirPro Diagnostics, LLC | 729 | | | AKS Engineering and Forestry, LLC | 1,936 | | | Alcresta Buyer, Inc | 2,419 | | | Aligned Dental Management Services, LLC | 609 | | | Allied Credit Acquisition Corp | 1,457 | | | AlphaCoin LLC | 4,509 | | | AMCP SAMGI Intermediate, Inc | 3,458 | | | AMCP Treatment Intermediate, LLC | 3,045 | | | American Family Care, LLC | 4,912 | | | Aptitude Health Holdings, LLC | 267 | | | ARC Health OPCO, LLC | 2,560 | | | Ascent Lifting, Inc | 2,500 | | | Assembly Holdco, LLC | 1,311 | | | Baker Manufacturing Company, LLC | 1,043 | | | BCI Burke Holding Corp | 1,780 | |
| | | | | | | Portfolio Company | June 30, 2026 | | Beacon Oral Specialists Management LLC | 188 | | | Beghou Consulting, LLC | 2,544 | | | Best Version Media Acquisition, LLC | 2,897 | | | Bestop, Inc | 7,081 | | | BPCP NSA Intermedco, Inc | 5,930 | | | BPCP WLF Intermedco LLC | 3,383 | | | Brightview, LLC | 1,658 | | | Brite Acquisition, LLC | 1,469 | | | BSC ASI BUYER, LLC | 3,661 | | | BSC Top Shelf Blocker LLC | 2,256 | | | Bulk Lift International, LLC | 2,276 | | | CAP KSI Holdings LLC | 1,623 | | | Capstone Mechanical LLC | 1,492 | | | Captive Radiology Acquisition, LLC | 1,192 | | | Change Academy at Lake of the Ozarks, LLC | 3,657 | | | CL Services Acquisition, LLC | 3,696 | | | CNS Purchaser, LLC | 4,246 | | | Compass Restoration Intermediary Holdings, LLC | 1,218 | | | Creative Outdoor Holding Inc | 4,168 | | | CSL Intermediate Acquisition LLC | 1,464 | | | Custom Agronomics Holdings, LLC | 1,860 | | | DASCO HME, LLC | 3,044 | | | DealerOn Holdco, Inc | 314 | | | Diamondback Buyer, LLC | 75 | | | Duggal Acquisition, LLC | 7,319 | | | Dykstras Auto LLC | 1,527 | | | Dynamic Campus Acquisition, Inc. | 3,044 | | | EH Management Company, LLC | 2,505 | | | Endodontic Practice Partners, LLC | 1,173 | | | E-Phoenix Acquisition Co. Inc | 2,089 | | | Esquire Deposition Solutions, LLC | 7,666 | | | ExperCare Management, LLC | 715 | | | First Steps Recovery Acquisition, LLC | 3,581 | |
| | | | | | | Portfolio Company | June 30, 2026 | | Foundation Repair Purchaser, INC. | 1,809 | | | Geriatric Medical and Surgical Supply, LLC | 300 | | | Gifthealth, Inc. | 2,841 | | | GM Services Buyer, LLC | 3,070 | | | Gold Medal Holdings, Inc | 1,252 | | | Golden Bear PT Partners, LLC | 35 | | | Good Feet Worldwide, LLC | 2,972 | | | GPSTrackit Holdings, LLC | 2,067 | | | GS XX Corporation | 2,381 | | | Guardian Dentistry Practice Management, LLC | 3,842 | | | H2 Holdco, Inc | 1,360 | | | Health and Wellness Partners LLC | 2,480 | | | HEC Purchaser Corp. | 8,250 | | | Helpware, Inc | 2,767 | | | Home Brands Group Holdings, Inc | 12 | | | Hultec Buyer, LLC | 3,729 | | | Hydromax USA, LLC | 137 | | | Icelandirect, LLC | 248 | | | Innovate 32 Services, LLC | 2,436 | | | Innovative Discovery Acquisition, LLC | 389 | | | Inreach Intermediate Holdings II, LLC | 1,156 | | | IPC Pain Acquisition, LLC | 1,140 | | | Ironhorse Purchaser dba Mersino, Inc | 5,606 | | | ISSA, LLC | 66 | | | Jacent Strategic Merchandising, LLC | 502 | | | Johns Byrne LLC | 1,460 | | | Juniper Landscaping Holdings LLC | 1,738 | | | Kravet Design LLC | 4,349 | | | L&J Holding Company LLC | 2,204 | | | Lakeshirts LLC | 7,864 | | | Lawn Care Holdings Purchaser, Inc | 1,969 | | | Lehman Pipe Buyer, LLC | 5,480 | | | Livefront, LLC | 2,991 | |
| | | | | | | Portfolio Company | June 30, 2026 | | LSOMS Acquisition, LLC | 776 | | | MacKenzie Childs Acquisition, Inc | 2,699 | | | MacNeill Pride Group Corp | 997 | | | Mad Rose Company, LLC | 36 | | | Mattco Forge, Inc | 1,230 | | | Mearthane Products, LLC | 848 | | | Medical Technology Associates, LLC | 1,550 | | | MedOne LC | 3,576 | | | Milestone Technologies, Inc | 1,246 | | | MWEC Management, LLC | 850 | | | Nasco Healthcare Inc. | 294 | | | Nelson Name Plate Company | 60 | | | Network Partners Acquisitions, LLC | 38 | | | Nimlok Company, LLC | 1,498 | | | NORTH & WARREN, LLC | 1,199 | | | NutriScience Innovations, LLC | 131 | | | NWI Merger Sub, Inc | 2,495 | | | OneCare LTC, LLC | 2,121 | | | P and R Dental Strategies, LLC | 7 | | | P1 Dental MSO, LLC | 1,522 | | | Palmetto Technology Group, LLC | 2,860 | | | Peninsula MMGY Corporation | 3,691 | | | Periscope MAS Buyer, Inc | 434 | | | PharmaForceIQ INC. | 2,093 | | | Polaris Labs Acquisition, LLC | 2,123 | | | Polycorp Ltd | 3,723 | | | Precision Point Metrics, Inc | 2,030 | | | Premier Early Childhood Education Partners LLC | 2,058 | | | Premier Produce One, LLC | 3,972 | | | PRM Management Company, LLC | 743 | | | Purpose Home Health Acquisition, LLC | 1,006 | | | Raffel Systems, LLC | 2,384 | | | Raneys, LLC | 1,964 | |
| | | | | | | Portfolio Company | June 30, 2026 | | Rapid Fire Safety and Security, LLC | 188 | | | Redwood Buyer, LLC | 1,884 | | | Rental Equipment Investment Corp | 6,254 | | | Rose Paving, LLC | 2,102 | | | Sage Dental Management, LLC | 4,932 | | | SCP Cold Chain Packaging Buyer Corp | 3,247 | | | SCP OMS Services, LLC | 2,645 | | | SENS Intermediate Holdings LLC | 2,664 | | | Shasta Buyer, LLC | 4,307 | | | Signature Dental Partners LLC | 38 | | | Silver Falls MSO, LLC | 685 | | | SIMKO Merger Sub LLC | 17 | | | Sixarp, LLC | 2,710 | | | Solace Healthcare Holdco, Inc | 2,412 | | | Southeast Primary Care Partners, LLC | 225 | | | Southern Orthodontic Partners Management, LLC | 1,891 | | | Spartaco Buyer, Inc | 501 | | | Spear Education Holdings, LLC | 3,791 | | | SPG Holdco, LLC | 497 | | | Star Dental Partners LLC | 580 | | | Storm Smart Buyer LLC | 26 | | | Sun Orchard, LLC | 6,851 | | | Superior Insurance Partners LLC | 1,347 | | | Superscapes Holdco, LLC | 1,779 | | | Surplus Solutions, LLC | 1,885 | | | TCG Services, LLC | 2,030 | | | Teel Plastics, LLC | 3,303 | | | The Chempetitive Group, LLC | 3,073 | | | Therapy Spot Acquisition, LLC | 1,032 | | | Therapy2000 Acquisition, LLC | 1,656 | | | Third Holdco, LLC | 6,089 | | | Transitions Intermediate Holdings, LLC | 2,097 | | | Treat Planet Acquisition, LLC | 2,422 | |
| | | | | | | Portfolio Company | June 30, 2026 | | Triad Technologies, LLC | 332 | | | TruBlue LLC | 1,430 | | | TruSource Foods LLC | 1,011 | | | TSR Concrete Intermediate, LLC | 3,321 | | | U.S. BioTek Laboratories, LLC | 1,214 | | | United Land Services Opco Parent, LLC | 110 | | | Upswell Group, Inc | 1,814 | | | US Anchors Group Inc | 2,603 | | | US Foot and Ankle Specialists, LLC | 1,350 | | | USSC Holding Corp | 3,409 | | | Value Added Distributors, LLC | 3,768 | | | Varsity DuvaSawko Operating Corp | 3,045 | | | Varsity Rejuvenate Management, LLC | 1,245 | | | VersiCare Management LLC | 452 | | | VetEvolve Holdings, LLC | 3,067 | | | Vintage Parts, Inc | 1,564 | | | VIT Nyckel Acquisition AB | 1,360 | | | Vital Geriatrics Group Buyer, Inc | 2,408 | | | Walker Sands, LLC | 1,553 | | | WCI Volt Purchaser, LLC | 2,249 | | | Western Veterinary Partners LLC | 24 | | | Wolf Gordon Inc | 3,809 | | | Woodson and Bozeman, LLC | 2,436 | | | WTWH Buyer, LLC | 1,638 | | | Total unfunded portfolio company commitments | 397,348 | |
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