Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Fair Value Measurements of Investments, by Major Class

The following table presents fair value measurements of investments, by major class, as of June 30, 2026, according to the fair value hierarchy:


	Fair Value Measurements
	Level 1		Level 2		Level 3		Measured at Net Asset Value (1)		Total
Senior Secured First Lien Debt	$	—	$	5,563	$	3,105,812	$	—	$	3,111,375
Senior Secured Second Lien Debt	—		53,902		97,785		—		151,687
Subordinated Debt	—		—		276,251		—		276,251
Collateralized Securities	—		—		3,898		—		3,898
Equity/Other	1		18,849		298,071		1,045		317,966
FBLC Senior Loan Fund, LLC	—		—		218,207		—		218,207
Total	$	1	$	78,314	$	4,000,024	$	1,045	$	4,079,384

(1) In accordance with ASC Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient election have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated statements of assets and liabilities.

The following table presents fair value measurements of investments, by major class, as of December 31, 2025, according to the fair value hierarchy:


	Fair Value Measurements
	Level 1		Level 2		Level 3		Measured at Net Asset Value (1)		Total
Senior Secured First Lien Debt	$	—	$	15,371	$	3,121,003	$	—	$	3,136,374
Senior Secured Second Lien Debt	—		41,812		110,594		—		152,406
Subordinated Debt	—		—		259,132		—		259,132
Collateralized Securities	—		—		4,861		—		4,861
Equity/Other	123		14,632		277,511		1,013		293,279
FBLC Senior Loan Fund, LLC	—		—		224,956		—		224,956
Total	$	123	$	71,815	$	3,998,057	$	1,013	$	4,071,008

Schedule of Investment Measured on Recurring Basis, Unobservable Input Reconciliation

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the three months ended June 30, 2026:


	Senior Secured First Lien Debt		Senior Secured Second Lien Debt		Subordinated Debt		Collateralized Securities		Equity/Other (1)		Total
Balance as of March 31, 2026	$	3,051,735	$	101,855	$	285,017	$	4,098	$	511,305	$	3,954,010
Purchases and other adjustments to cost	92,880		4,789		27,442		15		3,445		128,571
Sales and repayments	(39,988)		(9,504)		(32,500)		(28)		(1,803)		(83,823)
Net realized gain (loss)	121		(1,274)		(9)		(204)		575		(791)
Transfers in	7,320		—		—		—		—		7,320

Net change in unrealized appreciation (depreciation) on investments	(6,256)		1,919		(3,699)		17		2,756		(5,263)
Balance as of June 30, 2026	$	3,105,812	$	97,785	$	276,251	$	3,898	$	516,278	$	4,000,024
Net change in unrealized appreciation (depreciation) for the period relating to those Level 3 assets that were still held by the Company at the end of the period:	$	(5,913)	$	1,004	$	(3,699)	$	(144)	$	3,202	$	(5,550)

_______________

(1) Includes the Company’s investment in FBLC Senior Loan Fund, LLC.

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the six months ended June 30, 2026:


	Senior Secured First Lien Debt		Senior Secured Second Lien Debt		Subordinated Debt		Collateralized Securities		Equity/Other (1)		Total
Balance as of January 1, 2026	$	3,121,003	$	110,594	$	259,132	$	4,861	$	502,467	$	3,998,057
Purchases and other adjustments to cost	250,642		56,611		55,515		33		5,468		368,269
Sales and repayments	(241,563)		(54,155)		(32,515)		(40)		(1,797)		(330,070)
Net realized gain (loss)	(33,822)		(4)		(9)		(204)		575		(33,464)
Transfers in	7,555		—		—		—		—		7,555
Transfers out	—		(16,600)		—		—		—		(16,600)
Net change in unrealized appreciation (depreciation) on investments	1,997		1,339		(5,872)		(752)		9,565		6,277
Balance as of June 30, 2026	$	3,105,812	$	97,785	$	276,251	$	3,898	$	516,278	$	4,000,024
Net change in unrealized appreciation (depreciation) for the period relating to those Level 3 assets that were still held by the Company at the end of the period:	$	(33,668)	$	874	$	(5,872)	$	(916)	$	10,013	$	(29,569)

_______________

(1) Includes the Company’s investment in FBLC Senior Loan Fund, LLC.

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the three months ended June 30, 2025:


	Senior Secured First Lien Debt		Senior Secured Second Lien Debt		Subordinated Debt		Collateralized Securities		Equity/Other (1)		Total
Balance as of March 31, 2025	$	2,985,186	$	92,885	$	220,889	$	7,486	$	553,774	$	3,860,220
Purchases and other adjustments to cost	336,787		1,954		18,301		24		—		357,066
Sales and repayments	(195,873)		4,608		(7,025)		(476)		4,900		(193,866)
Net realized gain (loss)	(11,542)		—		—		34		—		(11,508)
Transfers in	(14,617)		—		—		—		—		(14,617)

Net change in unrealized appreciation (depreciation) on investments	(1,166)		850		627		(504)		305		112
Balance as of June 30, 2025	$	3,098,775	$	100,297	$	232,792	$	6,564	$	558,979	$	3,997,407
Net change in unrealized appreciation (depreciation) for the period relating to those Level 3 assets that were still held by the Company at the end of the period:	$	(13,168)	$	851	$	627	$	(505)	$	304	$	(11,891)

_______________

(1) Includes the Company's investment in FBLC Senior Loan Fund, LLC.

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the six months ended June 30, 2025:


	Senior Secured First Lien Debt		Senior Secured Second Lien Debt		Subordinated Debt		Collateralized Securities		Equity/Other (1)		Total
Balance as of January 1, 2025	$	2,886,706	$	103,368	$	196,418	$	10,893	$	654,039	$	3,851,424
Purchases and other adjustments to cost	572,974		3,843		63,124		57		6,730		646,728
Sales and repayments	(393,520)		2,483		(26,729)		(2,949)		(95,084)		(515,799)
Net realized gain (loss)	(8,046)		—		—		172		(169)		(8,043)
Transfers in	51,211		—		—		—		—		51,211
Transfers out	—		(7,980)		—		—		—		(7,980)
Net change in unrealized appreciation (depreciation) on investments	(10,550)		(1,417)		(21)		(1,609)		(6,537)		(20,134)
Balance as of June 30, 2025	$	3,098,775	$	100,297	$	232,792	$	6,564	$	558,979	$	3,997,407
Net change in unrealized appreciation (depreciation) for the period relating to those Level 3 assets that were still held by the Company at the end of the period:	$	(20,690)	$	(620)	$	(21)	$	(1,469)	$	(6,537)	$	(29,337)

_______________

(1) Includes the Company's investment in FBLC Senior Loan Fund, LLC.

Schedule of Investment Holdings, Schedule of Investments

The composition of the Company’s investments as of June 30, 2026, at amortized cost and fair value, were as follows:


	Investments at Amortized Cost		Investments at Fair Value		Fair Value Percentage of Total Portfolio
Senior Secured First Lien Debt	$	3,188,484	$	3,111,375	76.3	%
Senior Secured Second Lien Debt	159,318		151,687		3.7
Subordinated Debt	287,806		276,251		6.8
Collateralized Securities	7,432		3,898		0.1
Equity/Other	309,525		317,966		7.8
FBLC Senior Loan Fund, LLC	225,161		218,207		5.3
Total	$	4,177,726	$	4,079,384	100.0	%

The composition of the Company’s investments as of December 31, 2025, at amortized cost and fair value, were as follows:


	Investments at Amortized Cost		Investments at Fair Value		Fair Value Percentage of Total Portfolio
Senior Secured First Lien Debt	$	3,215,223	$	3,136,374	77.1	%
Senior Secured Second Lien Debt	160,045		152,406		3.7
Subordinated Debt	264,813		259,132		6.4
Collateralized Securities	7,642		4,861		0.1
Equity/Other	305,470		293,279		7.2
FBLC Senior Loan Fund, LLC	225,161		224,956		5.5
Total	$	4,178,354	$	4,071,008	100.0	%

Below is a listing of SLF’s individual investments as of June 30, 2026:


June 30, 2026
Portfolio Company	Industry	Investment Coupon Rate (a)	Maturity	Principal/Number of Shares		Amortized Cost		Fair Value		% of Members’ Capital (c)
Senior Secured First Lien Debt
AAdvantage Loyalty IP, Ltd. (f)	Passenger Airlines	S+ 2.25% (5.93%)	4/20/2028	$	3,970	$	3,969	$	3,963	1.5	%
Acrisure, LLC (b)	Insurance	S+ 3.25% (6.89%)	6/21/2032	5,130		5,091		4,622		1.8	%
ADMI Corp. (f)	Health Care Providers & Services	S+ 5.75% (9.39%)	12/23/2027	2,779		2,710		2,602		1.0	%


June 30, 2026
Portfolio Company	Industry	Investment Coupon Rate (a)	Maturity	Principal/Number of Shares		Amortized Cost		Fair Value		% of Members’ Capital (c)
Alera Group, Inc. (b)	Insurance	S+ 2.75% (6.39%)	5/31/2032	$	7,722	$	7,689	$	7,325	2.9	%
Allwyn Entertainment Financing US, LLC (b) (f)	Hotels, Restaurants & Leisure	S+ 2.50% (6.16%)	11/24/2032	6,983		6,853		6,886		2.7	%
American Auto Auction Group, LLC (f)	Commercial Services & Supplies	S+ 4.50% (8.23%)	5/28/2032	1,990		1,979		1,986		0.8	%
Arches Buyer, Inc. (b)	Media	S+ 3.25% (6.99%)	12/6/2027	5,883		5,824		5,860		2.3	%
Arcline FM Holdings, LLC (f)	Aerospace & Defense	S+ 2.75% (6.60%)	6/24/2030	4,950		4,941		4,963		1.9	%
Artera Services, LLC (b)	Construction & Engineering	S+ 4.50% (8.14%)	2/18/2031	5,492		5,465		4,843		1.9	%
Ascend Learning, LLC (f)	Diversified Consumer Services	S+ 3.00% (6.64%)	12/11/2028	3,955		3,948		3,852		1.5	%
Ascensus Group Holdings, Inc. (b) (f)	Financial Services	S+ 3.00% (6.64%)	11/25/2032	7,466		7,461		7,282		2.8	%
Athenahealth Group, Inc. (b)	Health Care Technology	S+ 3.25% (6.89%)	2/16/2032	7,905		7,847		7,814		3.1	%
Bond German BidCo 2 GmbH (f)	Chemicals	S+ 3.50% (7.24%)	5/6/2033	1,685		1,677		1,690		0.7	%
Beach Acquisition Bidco, LLC (f)	Textiles, Apparel & Luxury Goods	S+ 2.75% (6.39%)	9/13/2032	1,443		1,440		1,448		0.6	%
Bella Holding Co., LLC (f)	Health Care Providers & Services	S+ 3.25% (6.89%)	6/16/2033	8,000		7,921		7,920		3.1	%
Belron Finance 2019, LLC (b) (f)	Diversified Consumer Services	S+ 2.00% (5.66%)	10/16/2031	5,699		5,690		5,691		2.2	%
Blackhawk Network Holdings, Inc. (b)	Professional Services	S+ 3.50% (7.14%)	3/12/2029	4,901		4,856		4,873		1.9	%
Calcasieu Pass Funding, LLC (f)	Energy Equipment & Services	S+ 3.25% (6.95%)	4/11/2033	3,700		3,646		3,707		1.4	%
CD&R Hydra Buyer, Inc. (b) (f)	Industrial Conglomerates	S+ 4.00% (7.74%)	3/25/2031	8,148		8,122		8,150		3.2	%
Charter Communications Operating, LLC	Media	4.40%	12/1/2061	1,000		637		644		0.3	%
Cirque Du Soleil Holding USA Newco, Inc. (b) (f)	Entertainment	S+ 3.75% (7.48%)	3/8/2030	7,302		7,273		7,018		2.7	%
Citadel Securities Global Holdings, LLC (b)	Financial Services	S+ 2.00% (5.66%)	6/10/2033	4,400		4,400		4,389		1.7	%
Clarios Global, LP (b) (f)	Automobile Components	S+ 2.50% (6.14%)	1/28/2032	9,950		9,947		9,950		3.9	%
Clover Holding 2, LLC (b)	Software	S+ 3.75% (7.38%)	12/9/2031	5,198		5,157		4,955		1.9	%
Clydesdale Acquisition Holdings, Inc. (f)	Containers & Packaging	S+ 3.25% (6.89%)	4/1/2032	3,990		3,762		3,829		1.5	%
CNT Holdings I Corp. (b) (f)	Personal Care Products	S+ 2.50% (6.16%)	11/8/2032	6,001		6,002		6,003		2.3	%
Compass Power Generation, LLC (b)	Independent Power and Renewable Electricity Producers	S+ 2.50% (6.15%)	4/16/2029	6,183		6,123		6,178		2.4	%
Connectwise, LLC (b) (f)	Software	S+ 3.50% (7.49%)	9/29/2028	5,604		5,599		5,138		2.0	%
Corelogic, Inc. (b) (f)	Capital Markets	S+ 3.50% (7.26%)	6/2/2028	8,836		8,812		8,725		3.4	%
Coreweave Financing DDTL V, LLC (d) (f)	IT Services	S+ 4.50% (8.12%)	11/17/2031	479,468		466		506		0.2	%
Cotiviti, Inc. (b)	Health Care Providers & Services	S+ 2.75% (6.37%)	3/26/2032	4,703		4,662		4,262		1.7	%
Cotiviti, Inc. (b) (f)	Health Care Providers & Services	S+ 2.75% (6.37%)	5/1/2031	9,776		9,748		8,927		3.5	%
CQP Holdco, LP (b) (f)	Oil, Gas & Consumable Fuels	S+ 1.75% (5.48%)	12/31/2032	4,915		4,919		4,884		1.9	%
Crisis Prevention Institute, Inc. (b)	Diversified Consumer Services	S+ 4.00% (7.73%)	4/9/2031	2,290		2,282		2,267		0.9	%
Crown Finance US, Inc. (b)	Entertainment	S+ 4.50% (8.11%)	12/2/2031	4,925		4,887		4,931		1.9	%
Edelman Financial Engines Center, LLC (f)	Capital Markets	S+ 4.00% (7.64%)	11/28/2031	4,750		4,746		4,760		1.9	%
EIG Management Co., LLC (b)	Capital Markets	S+ 5.00% (8.64%)	5/17/2029	3,442		3,398		3,442		1.3	%
Emerald Borrower, LP (b) (f)	Machinery	S+ 2.25% (5.89%)	8/4/2031	2,282		2,279		2,279		0.9	%
Emma Buyer, LLC (d) (f)	Media	S+ 3.50%	7/14/2033	—		(2)		(1)		0.0	%


June 30, 2026
Portfolio Company	Industry	Investment Coupon Rate (a)	Maturity	Principal/Number of Shares		Amortized Cost		Fair Value		% of Members’ Capital (c)
Emma Buyer, LLC (d) (f)	Media	S+ 3.50%	7/14/2033	$	—	$	(1)	$	(1)	0.0	%
Emma Buyer, LLC (f)	Media	S+ 3.50% (7.23%)	7/14/2033	1,307		1,300		1,302		0.5	%
EMRLD Borrower, LP (f)	Machinery	S+ 2.25% (5.92%)	5/31/2030	1,861		1,859		1,859		0.7	%
Ensemble RCM, LLC (b) (f)	Health Care Providers & Services	S+ 3.00% (6.66%)	2/9/2033	13,000		12,989		12,945		5.0	%
Entain, PLC (f)	Hotels, Restaurants & Leisure	S+ 2.25% (5.98%)	7/30/2032	4,764		4,764		4,756		1.9	%
Entain, PLC (b) (f)	Hotels, Restaurants & Leisure	S+ 2.25% (5.98%)	10/31/2029	3,441		3,438		3,435		1.3	%
Epicor Software Corp. (b)	Software	S+ 2.75% (6.39%)	5/30/2031	6,039		6,014		5,760		2.3	%
Fiesta Purchaser, Inc. (f)	Food Products	S+ 2.75% (6.39%)	2/12/2031	3,990		3,936		3,909		1.5	%
FinThrive Software Intermediate Holdings, Inc. (b)	Health Care Technology	S+ 5.25% (8.95%)	12/15/2028	2,955		2,936		1,452		0.6	%
Fitness International, LLC (b) (f)	Hotels, Restaurants & Leisure	S+ 4.50% (8.14%)	2/12/2029	6,798		6,681		6,791		2.7	%
FNZ Group Entities, Ltd. (b)	Financial Services	S+ 5.00% (8.66%)	11/5/2031	2,953		2,910		2,327		0.9	%
Focus Financial Partners, LLC (f)	Capital Markets	S+ 2.50% (6.14%)	9/15/2031	4,414		4,409		4,302		1.7	%
Foresight Energy Operating, LLC (b)	Oil, Gas & Consumable Fuels	S+ 8.00% (11.83%)	6/30/2027	644		636		644		0.3	%
Freeport LNG Investments, LLLP (f)	Oil, Gas & Consumable Fuels	S+ 3.25% (6.93%)	2/11/2033	5,000		4,977		5,004		2.0	%
Gainwell Acquisition Corp. (f)	Health Care Technology	S+ 4.00% (7.83%)	10/1/2027	2,984		2,910		2,937		1.1	%
Geon Performance Solutions, LLC (b)	Chemicals	S+ 4.25% (8.24%)	8/18/2028	4,501		4,489		4,217		1.6	%
Geosyntec Consultants, Inc. (b) (f)	Professional Services	S+ 3.00% (6.64%)	7/31/2031	9,135		9,103		9,120		3.6	%
Global Medical Response, Inc. (b) (f)	Health Care Providers & Services	S+ 3.25% (6.89%)	10/1/2032	8,061		7,966		8,079		3.2	%
Golden State Foods, LLC (b)	Food Products	S+ 3.50% (7.23%)	12/4/2031	6,403		6,366		6,406		2.5	%
Graftech Global Enterprises, Inc. (f)	Electrical Equipment	S+ 6.00% (9.64%)	12/21/2029	1,091		1,048		1,042		0.4	%
Graftech Global Enterprises, Inc. (f)	Electrical Equipment	S+ 6.00% (9.67%)	12/21/2029	1,909		1,834		1,824		0.7	%
Gulfside Supply, Inc. (b) (f)	Building Products	S+ 3.00% (6.73%)	6/17/2031	4,407		4,407		3,699		1.4	%
HelpSystems Holdings, Inc. (b) (f)	Software	S+ 6.00% (9.77%)	5/21/2029	6,557		6,227		4,937		1.9	%
Hologic, Inc. (b) (f)	Health Care Equipment & Supplies	S+ 2.25% (6.00%)	4/7/2033	10,000		9,977		9,777		3.7	%
Hudson River Trading, LLC (b) (f)	Capital Markets	S+ 2.50% (6.14%)	3/18/2030	5,197		5,178		5,158		2.0	%
Hunter Douglas, Inc. (f)	Household Durables	S+ 3.00% (6.73%)	1/16/2032	4,461		4,450		4,452		1.7	%
Hyperion Refinance SARL (f)	Insurance	S+ 2.75% (6.39%)	4/18/2030	3,990		3,946		3,754		1.5	%
Icon Parent I, Inc. (b)	Software	S+ 2.75% (6.45%)	11/13/2031	4,950		4,933		4,621		1.8	%
IDERA, Inc. (f)	Software	S+ 3.50% (7.16%)	3/2/2028	4,924		4,926		3,797		1.5	%
Invenergy Thermal Operating I, LLC (b)	Independent Power and Renewable Electricity Producers	S+ 2.75% (6.38%)	5/17/2032	3,403		3,396		3,411		1.3	%
Invenergy Thermal Operating I, LLC (b)	Independent Power and Renewable Electricity Producers	S+ 2.75% (6.38%)	5/17/2032	225		225		225		0.1	%
ION Platform Finance US, Inc. (f)	Software	S+ 3.75% (7.48%)	10/7/2032	4,627		4,564		3,283		1.3	%
IXS Holdings, Inc. (f)	Automobiles	S+ 5.50% (9.16%)	9/5/2029	2,992		2,999		2,964		1.2	%
Jane Street Group, LLC (b) (f)	Financial Services	S+ 2.00% (5.67%)	12/15/2031	8,041		8,033		7,962		3.0	%
Jump Financial, LLC (b) (f)	Financial Services	S+ 3.50% (7.23%)	2/26/2032	7,195		7,139		7,186		2.8	%
Kaman Corp. (b) (d)	Aerospace & Defense	S+ 2.00%	2/26/2032	—		—		(1)		0.0	%
Kaman Corp. (b) (f)	Aerospace & Defense	S+ 2.00% (5.67%)	2/26/2032	4,074		4,072		4,065		1.6	%
Kaseya, Inc. (b)	Software	S+ 3.25% (6.91%)	3/22/2032	3,753		3,736		2,887		1.1	%
Kingpin Intermediate Holdings, LLC	Hotels, Restaurants & Leisure	7.25%	10/15/2032	5,000		4,902		4,248		1.7	%
Kingpin Intermediate Holdings, LLC (f)	Hotels, Restaurants & Leisure	S+ 3.25% (6.89%)	9/22/2032	6,914		6,867		6,000		2.3	%


June 30, 2026
Portfolio Company	Industry	Investment Coupon Rate (a)	Maturity	Principal/Number of Shares		Amortized Cost		Fair Value		% of Members’ Capital (c)
LBM Acquisition, LLC (f)	Building Products	S+ 3.75% (7.50%)	6/6/2031	$	3,431	$	2,969	$	2,867	1.1	%
Max US Bidco, Inc. (b)	Food Products	S+ 5.00% (8.73%)	10/3/2030	4,888		4,723		4,438		1.7	%
Merlin Buyer, Inc. (f)	diversified Consumer Services	S+ 4.00% (7.73%)	4/15/2033	2,500		2,488		2,503		1.0	%
Mermaid Bidco, Inc. (b) (f)	IT Services	S+ 3.25% (6.91%)	7/3/2031	7,424		7,410		7,177		2.8	%
MH Sub I, LLC (b) (f)	IT Services	S+ 4.25% (7.89%)	5/3/2028	5,340		5,227		5,184		2.0	%
Monogram Food Solutions, LLC (f)	Food Products	S+ 3.50% (7.26%)	8/28/2028	2,077		2,027		2,074		0.8	%
Multi-Color Corp.	Containers & Packaging	S+ 4.88% (8.52%) 2.50% PIK	5/11/2033	2,517		2,121		2,151		0.8	%
Nexus Buyer, LLC (b)	Capital Markets	S+ 3.50% (7.14%)	7/31/2031	4,937		4,921		4,750		1.9	%
Nouryon Finance B.V. (f)	Chemicals	S+ 3.25% (6.94%)	4/3/2028	2,192		2,184		2,191		0.9	%
Omnia Partners, LLC (f)	Commercial Services & Supplies	S+ 2.75% (6.42%)	12/31/2032	6,121		6,094		6,124		2.4	%
OneDigital Borrower, LLC (f)	Insurance	S+ 3.00% (6.64%)	7/2/2031	2,992		2,974		2,894		1.1	%
Peer Holding III B.V. (b)	Broadline Retail	S+ 2.50% (6.23%)	7/1/2031	5,910		5,910		5,917		2.3	%
Peraton Corp. (b)	Communications Equipment	S+ 3.75% (7.51%)	2/1/2028	1,995		1,794		1,795		0.7	%
PetSmart, LLC (f)	Specialty Retail	S+ 4.00% (7.65%)	8/18/2032	2,449		2,449		2,444		1.0	%
Pluto Acquisition I, Inc. (b)	Health Care Providers & Services	S+ 4.00% (7.65%)	9/20/2028	9,582		9,582		8,937		3.4	%
PODS, LLC (f)	Air Freight & Logistics	S+ 4.50% (8.13%)	5/14/2031	4,000		3,941		3,886		1.5	%
Pregis TopCo, LLC (b)	Containers & Packaging	S+ 3.75% (7.39%)	2/1/2029	6,628		6,619		6,643		2.6	%
Pretzel Parent, Inc. (b)	Entertainment	S+ 4.50% (8.14%)	10/1/2031	3,456		3,415		3,278		1.3	%
Primo Brands Corp. (f)	Beverages	S+ 2.75% (6.48%)	3/31/2031	6,118		6,090		6,144		2.4	%
ProAmpac PG Borrower, LLC (b)	Chemicals	S+ 4.00% (7.66%)	3/7/2033	7,061		6,958		6,931		2.7	%
Proofpoint, Inc. (b) (f)	Software	S+ 3.00% (6.73%)	8/31/2028	6,583		6,562		6,344		2.5	%
Pug, LLC (f)	Entertainment	S+ 4.75% (8.39%)	3/15/2030	4,952		4,930		4,978		1.9	%
Quikrete Holdings, Inc. (f)	Construction Materials	S+ 2.25% (5.89%)	4/14/2031	4,483		4,477		4,477		1.7	%
Quikrete Holdings, Inc. (b)	Construction Materials	S+ 2.25% (5.89%)	2/10/2032	2,518		2,514		2,515		1.0	%
Radiology Partners, Inc. (b)	Health Care Providers & Services	S+ 4.50% (8.23%)	6/30/2032	7,553		7,487		7,543		2.9	%
Raven Acquisition Holdings, LLC (b)	Health Care Providers & Services	S+ 3.00% (6.64%)	11/19/2031	9,678		9,626		9,542		3.7	%
Raven Acquisition Holdings, LLC (b) (d)	Health Care Providers & Services	S+ 3.00%	11/19/2031	—		(4)		(10)		0.0	%
RealTruck Group, Inc. (b)	Automobile Components	S+ 4.75% (8.65%)	1/31/2031	8,340		8,285		5,129		2.0	%
RealTruck Group, Inc. (b)	Automobile Components	S+ 6.00% (9.90%)	1/31/2031	4,432		4,380		2,751		1.1	%
RealTruck Group, Inc. (b)	Automobile Components	S+ 5.75% (9.39%)	1/31/2031	2,884		2,162		2,943		1.1	%
Recess Holdings, Inc. (b)	Household Durables	S+ 3.75% (7.42%)	2/21/2030	3,321		3,313		3,315		1.3	%
Red Planet Borrower, LLC (b)	Media	S+ 3.75% (7.39%)	9/8/2032	2,703		2,678		2,700		1.1	%
Renaissance Holdings Corp. (f)	Diversified Consumer Services	S+ 4.00% (7.66%)	4/5/2030	4,127		4,061		3,256		1.3	%
Rithum Holdings, Inc. (b)	Software	S+ 4.75% (8.48%)	7/21/2032	4,963		4,873		4,671		1.8	%
S&S Holdings, LLC (b)	Textiles, Apparel & Luxury Goods	S+ 5.00% (8.75%)	3/13/2028	4,648		4,604		4,590		1.8	%
Sedgwick Claims Management Services, Inc. (b) (f)	Health Care Providers & Services	S+ 2.50% (6.14%)	7/31/2031	7,182		7,172		7,088		2.8	%
Sotera Health Holdings, LLC (b)	Life Sciences Tools & Services	S+ 2.25% (5.89%)	5/30/2031	7,391		7,368		7,391		2.9	%
Specialty Building Products Holdings, LLC (b) (f)	Building Products	S+ 3.75% (7.49%)	10/16/2028	6,393		6,248		5,755		2.2	%
Staples, Inc. (f)	Specialty Retail	S+ 5.75% (9.41%)	9/4/2029	2,939		2,862		2,727		1.1	%
Starlight Parent, LLC (b)	Software	S+ 4.00% (7.67%)	4/16/2032	2,701		2,639		2,252		0.9	%
Stonepeak Nile Parent, LLC (b) (f)	Air Freight & Logistics	S+ 2.00% (5.66%)	4/9/2032	4,364		4,356		4,350		1.7	%


June 30, 2026
Portfolio Company	Industry	Investment Coupon Rate (a)	Maturity	Principal/Number of Shares		Amortized Cost		Fair Value		% of Members’ Capital (c)
Tamko Building Products, Inc. (f)	Building Products	S+ 3.00% (6.73%)	9/20/2030	$	1,360	$	1,353	$	1,358	0.5	%
Tecta America Corp. (b)	Construction & Engineering	S+ 2.50% (6.14%)	2/18/2032	5,441		5,432		5,443		2.1	%
The E.W. Scripps Company (f)	Media	S+ 5.75% (9.50%)	6/30/2028	2,668		2,687		2,658		1.0	%
TransDigm, Inc. (f)	Aerospace & Defense	S+ 2.50% (6.12%)	2/28/2031	3,880		3,875		3,881		1.5	%
Traverse Midstream Partners, LLC (b) (f)	Oil, Gas & Consumable Fuels	S+ 2.50% (6.16%)	2/16/2028	9,825		9,825		9,838		3.8	%
Traverse Midstream Partners, LLC (b) (f)	Oil, Gas & Consumable Fuels	S+ 2.25% (5.98%)	4/20/2033	7,699		7,680		7,690		3.0	%
UKG, Inc. (b) (f)	Software	S+ 2.25% (5.91%)	2/10/2031	9,589		9,540		9,012		3.5	%
University Support Services, LLC (b) (f)	Diversified Consumer Services	S+ 2.75% (6.37%)	2/12/2029	4,998		4,908		4,918		1.9	%
US Anesthesia Partners, Inc. (b) (f)	Health Care Providers & Services	S+ 4.00% (7.74%)	10/2/2028	6,878		6,687		6,881		2.7	%
Vaco Holdings, LLC (f)	Professional Services	S+ 5.00% (8.88%)	1/22/2029	549		452		447		0.2	%
VFH Parent, LLC (f)	Capital Markets	S+ 2.50% (6.14%)	6/23/2031	4,950		4,950		4,948		1.9	%
WCG Intermediate Corp. (b) (f)	Health Care Providers & Services	S+ 2.75% (6.39%)	2/25/2032	4,450		4,421		4,414		1.7	%
Western Dental Services, Inc.	Health Care Providers & Services	S+ 10.00% (13.67%) 7.50% PIK	1/28/2032	942		883		942		0.4	%
Western Dental Services, Inc. (d)	Health Care Providers & Services	S+ 10.00%	1/28/2032	—		—		—		—	%
WestJet Loyalty, LP (b)	Passenger Airlines	S+ 2.75% (6.48%)	2/14/2031	5,670		5,629		5,485		2.1	%
White Cap Supply Holdings, LLC (f)	Building Products	S+ 3.25% (6.89%)	10/19/2029	5,254		5,235		5,241		2.0	%
Wideopenwest Finance, LLC (f)	Media	S+ 3.00% (6.93%)	12/11/2028	2,992		2,762		2,716		1.1	%
Windsor Holdings III, LLC (f)	Chemicals	S+ 2.75% (6.39%)	8/1/2030	3,228		3,186		3,225		1.3	%
Zayo Group Holdings, Inc. (f)	Diversified Telecommunication Services	S+ 3.50% (6.76%) 0.50% PIK	3/11/2030	3,531		3,353		3,529		1.4	%
Subtotal Senior Secured First Lien Debt						$	646,114	$	624,359	243.30	%

Senior Secured Second Lien Debt
American Rock Salt Company, LLC	Chemicals	S+ 7.25% (11.24%)	6/11/2029	$	1,943	$	1,932	$	1,706	0.7	%
IDERA, Inc. (b) (e)	Software	S+ 6.75% (10.56%)	3/2/2029	1,036		1,031		622		0.2	%
Peraton Corp. (b)	Communications Equipment	S+ 7.75% (11.52%)	2/1/2029	7,750		6,441		5,181		2.0	%
Western Dental Holdings, LLC	Health Care Providers & Services	15.00% PIK	4/28/2032	2,056		2,056		2,057		0.8	%
Subtotal Senior Secured Second Lien Debt						$	11,460	$	9,566	3.70	%

Subordinated Debt
Resideo Funding, Inc.	Building Products	4.00%	9/1/2029	$	2,000	$	1,925	$	1,917	0.7	%
Subtotal Subordinated Debt						$	1,925	$	1,917	0.7	%

Collateralized Securities
Collateralized Securities - Debt Investments
AIG CLO, Ltd. 21-1A F	Capital Markets	S+ 6.90% (10.83%)	4/22/2034	$	1,410	$	1,317	$	1,320	0.5	%
Battalion CLO, Ltd. 21-17A F	Capital Markets	S+ 7.50% (11.44%)	3/9/2034	1,224		1,156		417		0.2	%
Carlyle GMS CLO, 16-3A FRR	Capital Markets	S+ 8.60% (12.54%)	7/20/2034	2,100		2,012		1,731		0.7	%
Eaton Vance CDO, Ltd. 15-1A FR	Capital Markets	S+ 7.97% (11.91%)	1/20/2030	2,000		1,856		227		0.1	%


June 30, 2026
Portfolio Company	Industry	Investment Coupon Rate (a)	Maturity	Principal/Number of Shares		Amortized Cost		Fair Value		% of Members’ Capital (c)
Greywolf CLO, Ltd. 20-3RA ER	Capital Markets	S+ 8.74% (12.67%)	4/22/2033	$	1,000	$	907	$	729	0.3	%
Highbridge Loan Management, Ltd. 11A-17 E	Capital Markets	S+ 6.10% (10.02%)	5/6/2030	3,000		2,831		2,201		0.9	%
KKR Financial CLO, Ltd. 15 FR	Capital Markets	S+ 8.50% (12.44%)	1/18/2032	2,000		1,928		697		0.3	%
LCM, Ltd. Partnership 16A ER2	Capital Markets	S+ 6.38% (10.32%)	10/15/2031	2,500		2,361		1,635		0.6	%
Saranac CLO, Ltd. 20-8A E	Capital Markets	S+ 8.12% (12.02%)	2/20/2033	1,455		1,446		618		0.2	%
Sound Point CLO, Ltd. 17-2A E	Capital Markets	S+ 6.10% (10.03%)	7/25/2030	2,401		2,211		1,494		0.6	%
Sound Point CLO, Ltd. 18-3A D	Capital Markets	S+ 5.79% (9.72%)	10/26/2031	1,025		962		605		0.2	%
Symphony CLO, Ltd. 2012-9A ER2	Capital Markets	S+ 6.95% (10.89%)	7/16/2032	3,000		2,845		2,478		1.0	%
Venture CLO 43, Ltd. 21-43A E	Capital Markets	S+ 7.15% (11.09%)	4/15/2034	3,000		2,937		1,724		0.7	%
Wind River CLO, Ltd. 14-2A FR	Capital Markets	S+ 7.87% (11.81%)	1/15/2031	3,000		2,687		100		0.0	%
Subtotal Collateralized Securities						$	27,456	$	15,976	6.3	%

Equity/Other
Bond US Bidco 1, Inc.	Chemicals	7.13%	6/15/2033	500		$	500	$	504	0.2	%
Gordian Medical, Inc.	Health Care Providers & Services			414,532		7,448		7,316		2.9	%
Gordian Medical, Inc.	Health Care Providers & Services			392,171		—		—		—	%
Multi-Color Corp.	Containers & Packaging			483		46		44		0.0	%
Multi-Color Corp.	Containers & Packaging			839		699		688		0.3	%
Multi-Color Corp.	Containers & Packaging			776		6		2		0.0	%
PG&E Corp.	Electric Utilities	6.00%	12/1/2027	229,550		10,683		9,496		3.7	%
PODS, LLC	Air Freight & Logistics	8.75%	5/15/2031	3,000		3,000		2,926		1.1	%
Resolute Investment Managers, Inc.	Capital Markets			30,370		1,286		55		0.0	%
Rithm Capital Corp.	Mortgage Real Estate Investment Trusts (REITs)	8.50%	6/1/2031	3,000		3,000		3,009		1.2	%
Univision Communications	Media	8.88%	4/15/2033	2,670		2,670		2,627		1.0	%
Western Dental Holdings, LLC	Health Care Providers & Services			11,676		1,340		1,340		0.5	%
Subtotal Equity/Other						$	30,678	$	28,007	10.9	%

TOTAL INVESTMENTS						$	717,633	$	679,825	264.9	%

(a) The majority of the investments bear interest at a rate that may be determined by reference to Secured Overnight Financing Rate (“SOFR” or “S”) which resets daily, monthly, quarterly, or semiannually. For each, SLF has provided the spread over the relevant reference rate and the current interest rate in effect at June 30, 2026. Certain investments are subject to reference rate floors. For fixed rate loans, a spread above a reference rate is not applicable. For floating rate securities the all-in rate is disclosed within parentheses.

(b) SLF’s investment or a portion thereof is pledged as collateral under the BAML Credit Facility. Individual investments can be divided into parts which are pledged to separate credit facilities.

(d) SLF has various unfunded commitments to portfolio companies.

(e) SLF’s investment or a portion thereof is held through a total return swap agreement with J.P. Morgan.

(f) SLF's investment or a portion thereof is pledged as collateral under the Wells Fargo Credit Facility. Individual investments can be divided into parts which are pledged to separate credit facilities.

SLF had $2.7 million of unfunded commitments to portfolio companies as of June 30, 2026.

Below is a listing of SLF’s individual investments as of December 31, 2025:


December 31, 2025
Portfolio Company	Industry	Investment Coupon Rate (a)	Maturity	Principal/Number of Shares		Amortized Cost		Fair Value		% of Members’ Capital (c)
Senior Secured First Lien Debt
AAdvantage Loyalty IP, Ltd. (f)	Passenger Airlines	S+ 2.25% (6.13%)	4/20/2028	$	3,990	$	3,987	$	3,997	1.4	%
Acrisure, LLC (b)	Insurance	S+ 3.25% (6.97%)	6/21/2032	5,156		5,114		5,154		1.9	%
ADMI Corp. (f)	Health Care Providers & Services	S+ 5.75% (9.47%)	12/23/2027	2,793		2,702		2,669		1.0	%
Adtalem Global Education, Inc. (f)	Diversified Consumer Services	S+ 2.75% (6.47%)	8/14/2028	238		238		238		0.1	%
Alera Group, Inc. (b)	Insurance	S+ 3.25% (6.97%)	5/31/2032	7,761		7,724		7,794		2.8	%
Allwyn Entertainment Financing US, LLC (b) (f)	Hotels, Restaurants & Leisure	S+ 2.50% (6.17%)	11/24/2032	7,000		6,860		6,860		2.5	%
ARC Falcon I, Inc. (f)	Chemicals	S+ 3.50% (7.32%)	10/2/2028	4,961		4,967		4,955		1.8	%
Arches Buyer, Inc. (b)	Media	S+ 3.25% (7.07%)	12/6/2027	5,914		5,834		5,923		2.1	%
Arcline FM Holdings, LLC (f)	Aerospace & Defense	S+ 2.75% (6.42%)	6/24/2030	4,975		4,964		4,989		1.8	%
Artera Services, LLC (b)	Construction & Engineering	S+ 4.50% (8.17%)	2/18/2031	5,520		5,489		4,440		1.6	%
Ascend Learning, LLC (f)	Diversified Consumer Services	S+ 3.00% (6.72%)	12/11/2028	3,975		3,966		3,984		1.4	%
Ascensus Group Holdings, Inc. (b) (f)	Financial Services	S+ 3.00% (6.72%)	11/25/2032	7,485		7,479		7,472		2.7	%
Athenahealth Group, Inc. (b)	Health Care Technology	S+ 2.75% (6.47%)	2/15/2029	9,925		9,815		9,935		3.6	%
Athletico Management, LLC (f)	Health Care Providers & Services	S+ 4.25% (8.19%)	2/15/2029	4,825		4,812		3,577		1.3	%
Avalara, Inc. (f)	Software	S+ 2.75% (6.42%)	3/26/2032	5,970		5,942		5,992		2.2	%
Beach Acquisition Bidco, LLC (f)	Textiles, Apparel & luxury goods	S+ 3.25% (6.92%)	9/13/2032	1,450		1,447		1,460		0.5	%
Bella Holding Co., LLC (b)	Health Care Providers & Services	S+ 3.00% (6.72%)	5/10/2028	8,026		8,006		8,047		2.9	%
Belron Finance 2019, LLC (b) (f)	Diversified Consumer Services	S+ 2.25% (6.12%)	10/16/2031	5,728		5,716		5,756		2.1	%
Blackhawk Network Holdings, Inc. (b)	Professional Services	S+ 4.00% (7.67%)	3/12/2029	4,925		4,872		4,944		1.8	%
Blackstone CQP Holdco, LP (b) (f)	Oil, Gas & Consumable Fuels	S+ 2.00% (5.67%)	12/31/2030	4,915		4,919		4,929		1.8	%
CD&R Hydra Buyer, Inc. (b)	Industrial Conglomerates	S+ 4.00% (7.82%)	3/25/2031	6,190		6,165		6,182		2.2	%
Cirque Du Soleil Holding USA Newco, Inc. (b) (f)	Entertainment	S+ 3.75% (7.42%)	3/8/2030	7,339		7,306		6,756		2.4	%
Citadel Securities, LP (b)	Financial Services	S+ 2.00% (5.67%)	10/31/2031	4,411		4,410		4,432		1.6	%
Clarios Global, LP (b) (f)	Automobile Components	S+ 2.75% (6.47%)	1/28/2032	9,975		9,968		10,012		3.6	%
Clover Holding 2, LLC (b)	Software	S+ 3.75% (7.52%)	12/9/2031	5,224		5,178		5,219		1.9	%
CNT Holdings I Corp. (b) (f)	Personal Care Products	S+ 2.50% (6.34%)	11/8/2032	6,031		6,033		6,043		2.2	%
Compass Power Generation, LLC (b)	Independent Power and Renewable Electricity Producers	S+ 3.25% (6.97%)	4/16/2029	6,430		6,356		6,467		2.3	%
Connectwise, LLC (b) (f)	Software	S+ 3.50% (7.43%)	9/29/2028	10,633		10,618		10,427		3.7	%
Conservice Midco, LLC (b) (f)	Diversified Consumer Services	S+ 2.75% (6.47%)	5/13/2030	5,418		5,418		5,423		2.0	%
Corelogic, Inc. (b) (f)	IT Services	S+ 3.50% (7.33%)	6/2/2028	8,882		8,851		8,879		3.2	%
Cornerstone Building Brands, Inc. (b) (f)	Building Products	S+ 5.63% (9.38%)	8/1/2028	3,564		3,583		2,798		1.0	%
Cotiviti, Inc. (b)	Health Care Providers & Services	S+ 2.75% (6.62%)	3/26/2032	4,726		4,682		4,528		1.6	%
Cotiviti, Inc. (b) (f)	Health Care Providers & Services	S+ 2.75% (6.62%)	5/1/2031	9,826		9,791		9,424		3.4	%
Crisis Prevention Institute, Inc. (b)	Diversified Consumer Services	S+ 4.00% (7.67%)	4/9/2031	2,310		2,301		2,290		0.8	%
Crown Finance US, Inc. (b)	Entertainment	S+ 4.50% (8.34%)	12/2/2031	4,950		4,908		4,873		1.8	%


December 31, 2025
Portfolio Company	Industry	Investment Coupon Rate (a)	Maturity	Principal/Number of Shares		Amortized Cost		Fair Value		% of Members’ Capital (c)
Directv Financing, LLC (b)	Media	S+ 5.00% (9.10%)	8/2/2027	$	196	$	195	$	196	0.1	%
EIG Management Co., LLC (b)	Capital Markets	S+ 5.00% (8.72%)	5/17/2029	3,442		3,391		3,442		1.2	%
Emerald Borrower, LP (b) (f)	Machinery	S+ 2.25% (6.12%)	8/4/2031	2,294		2,290		2,297		0.8	%
Ensemble RCM, LLC (b) (f)	Health Care Providers & Services	S+ 3.00% (6.84%)	8/1/2029	13,311		13,238		13,368		4.7	%
Entain, PLC (f)	Hotels, Restaurants & Leisure	S+ 2.25% (5.92%)	7/30/2032	4,788		4,788		4,747		1.7	%
Entain, PLC (b) (f)	Hotels, Restaurants & Leisure	S+ 2.25% (5.92%)	10/31/2029	3,459		3,454		3,435		1.2	%
Epicor Software Corp. (b)	Software	S+ 2.50% (6.22%)	5/30/2031	6,070		6,041		6,086		2.2	%
FinThrive Software Intermediate Holdings, Inc. (b)	Health Care Technology	S+ 5.25% (8.95%)	12/15/2028	2,970		2,947		2,732		1.0	%
Fitness International, LLC (b) (f)	Hotels, Restaurants & Leisure	S+ 4.50% (8.22%)	2/12/2029	6,833		6,694		6,839		2.5	%
FNZ Group Entities, Ltd. (b)	Financial Services	S+ 5.00% (8.90%)	11/5/2031	2,968		2,920		2,330		0.8	%
Focus Financial Partners, LLC (f)	Capital Markets	S+ 2.50% (6.22%)	9/15/2031	4,436		4,430		4,443		1.6	%
Foresight Energy Operating, LLC (b)	Oil, Gas & Consumable Fuels	S+ 8.00% (11.77%)	6/30/2027	648		637		648		0.2	%
Freeport LNG Investments, LLLP (f)	Oil, Gas & Consumable Fuels	S+ 3.00% (7.15%)	11/17/2026	4,818		4,805		4,820		1.7	%
Galaxy US OpCo, Inc. (f)	Professional Services	S+ 5.75% (9.59%) 3.75% PIK	7/31/2030	2,326		2,094		2,229		0.8	%
Geon Performance Solutions, LLC (b)	Chemicals	S+ 4.25% (8.18%)	8/18/2028	4,523		4,506		3,555		1.3	%
Geosyntec Consultants, Inc. (b) (f)	Professional Services	S+ 3.00% (6.72%)	7/31/2031	9,181		9,144		9,227		3.3	%
Global Medical Response, Inc. (b) (f)	Health Care Providers & Services	S+ 3.50% (7.38%)	10/1/2032	9,966		9,839		10,022		3.5	%
Golden State Foods, LLC (b)	Food Products	S+ 4.00% (8.00%)	12/4/2031	6,419		6,379		6,450		2.3	%
Gulfside Supply, Inc. (b) (f)	Building Products	S+ 3.00% (6.67%)	6/17/2031	4,444		4,444		4,375		1.6	%
Hamilton Projects Acquiror, LLC (f)	Independent Power and Renewable Electricity Producers	S+ 2.50% (6.22%)	5/30/2031	6,580		6,568		6,617		2.4	%
HelpSystems Holdings, Inc. (b)	Software	S+ 6.00% (9.97%)	5/21/2029	4,590		4,333		4,139		1.5	%
Hudson River Trading, LLC (b) (f)	Capital Markets	S+ 2.75% (6.49%)	3/18/2030	5,224		5,201		5,243		1.9	%
Hunter Douglas, Inc. (f)	Household Durables	S+ 3.00% (6.67%)	1/16/2032	4,484		4,471		4,500		1.6	%
Icon Parent I, Inc. (b)	Software	S+ 2.75% (6.45%)	11/13/2031	4,975		4,956		4,981		1.8	%
IDERA, Inc. (f)	Software	S+ 3.50% (7.35%)	3/2/2028	4,950		4,952		4,602		1.7	%
Invenergy Thermal Operating I, LLC (b)	Independent Power and Renewable Electricity Producers	S+ 2.75% (6.41%)	5/17/2032	3,567		3,559		3,578		1.3	%
Invenergy Thermal Operating I, LLC (b)	Independent Power and Renewable Electricity Producers	S+ 2.75% (6.41%)	5/17/2032	225		224		226		0.1	%
ION Platform Finance US, Inc. (f)	Software	S+ 3.75% (7.42%)	9/30/2032	4,063		4,022		3,803		1.4	%
Jane Street Group, LLC (b) (f)	Financial Services	S+ 2.00% (5.82%)	12/15/2031	8,084		8,075		8,040		2.9	%
Jump Financial, LLC (b) (f)	Financial Services	S+ 3.50% (7.17%)	2/26/2032	7,232		7,169		7,124		2.6	%
Kaman Corp. (b) (d)	Aerospace & Defense	S+ 2.50% (6.43%)	2/26/2032	56		55		58		—	%
Kaman Corp. (b) (f)	Aerospace & Defense	S+ 2.50% (6.32%)	2/26/2032	6,199		6,193		6,220		2.2	%
Kaseya, Inc. (b)	Software	S+ 3.00% (6.72%)	3/22/2032	3,772		3,754		3,772		1.4	%
Kingpin Intermediate Holdings, LLC	Hotels, Restaurants & Leisure	7.25%	10/15/2032	5,000		4,896		4,733		1.7	%
Kingpin Intermediate Holdings, LLC (f)	Hotels, Restaurants & Leisure	S+ 3.25% (6.97%)	9/22/2032	7,500		7,445		7,331		2.6	%
Kodiak Building Partners, LLC (f)	Building Products	S+ 3.75% (7.47%)	12/4/2031	4,000		3,836		3,896		1.4	%
LABL, Inc. (b)	Containers & Packaging	S+ 5.00% (8.94%)	10/30/2028	4,910		4,871		3,093		1.1	%
Max US Bidco, Inc. (b)	Food Products	S+ 5.00% (8.67%)	10/3/2030	4,912		4,730		3,755		1.4	%
Merlin Buyer, Inc. (f)	Machinery	S+ 4.00% (7.67%)	12/13/2028	1,108		1,106		1,118		0.4	%
Mermaid Bidco Inc (b) (f)	IT Services	S+ 3.25% (7.15%)	7/3/2031	7,462		7,444		7,481		2.7	%


December 31, 2025
Portfolio Company	Industry	Investment Coupon Rate (a)	Maturity	Principal/Number of Shares		Amortized Cost		Fair Value		% of Members’ Capital (c)
MH Sub I, LLC (b) (f)	IT Services	S+ 4.25% (7.97%)	5/3/2028	$	5,367	$	5,225	$	4,978	1.8	%
Monogram Food Solutions, LLC (f)	Food Products	S+ 4.00% (7.83%)	8/28/2028	2,088		2,027		2,088		0.8	%
Nexus Buyer, LLC (b)	Capital Markets	S+ 3.50% (7.22%)	7/31/2031	4,962		4,944		4,889		1.8	%
Nouryon Finance B.V. (f)	Chemicals	S+ 3.25% (7.04%)	4/3/2028	2,204		2,192		2,202		0.8	%
Omnia Partners, LLC (f)	Commercial Services & Supplies	S+ 2.75% (6.46%)	12/31/2032	6,152		6,121		6,171		2.2	%
Peer Holding III B.V. (b)	Broadline Retail	S+ 2.50% (6.17%)	7/1/2031	5,940		5,940		5,961		2.1	%
PetSmart, LLC (f)	Specialty Retail	S+ 4.00% (7.73%)	8/18/2032	2,455		2,455		2,442		0.9	%
Pluto Acquisition I, Inc. (b)	Health Care Providers & Services	S+ 4.00% (7.87%)	9/20/2028	9,630		9,631		7,984		2.9	%
PODS, LLC (b) (f)	Air Freight & Logistics	S+ 3.00% (6.83%)	3/31/2028	7,438		7,133		7,343		2.6	%
Pregis TopCo, LLC (b)	Containers & Packaging	S+ 4.00% (7.72%)	2/1/2029	6,661		6,648		6,712		2.4	%
Pretzel Parent, Inc. (b)	Entertainment	S+ 4.50% (8.22%)	10/1/2031	3,474		3,428		3,426		1.2	%
Proofpoint, Inc. (b) (f)	Software	S+ 3.00% (6.92%)	8/31/2028	6,616		6,591		6,644		2.4	%
Pug, LLC (f)	Entertainment	S+ 4.75% (8.47%)	3/15/2030	2,500		2,471		2,474		0.9	%
Quikrete Holdings, Inc. (f)	Construction Materials	S+ 2.25% (5.97%)	4/14/2031	4,506		4,499		4,517		1.6	%
Quikrete Holdings, Inc. (b)	Construction Materials	S+ 2.25% (5.97%)	2/10/2032	2,531		2,525		2,538		0.9	%
Radiology Partners, Inc. (b)	Health Care Providers & Services	S+ 4.50% (8.17%)	6/30/2032	7,591		7,518		7,570		2.7	%
Raven Acquisition Holdings, LLC (b)	Health Care Providers & Services	S+ 3.00% (6.72%)	11/19/2031	9,727		9,670		9,754		3.5	%
Raven Acquisition Holdings, LLC (b) (d)	Health Care Providers & Services	S+ 3.00%	11/19/2031	—		(4)		2		0.0	%
Recess Holdings, Inc. (b)	Household Durables	S+ 3.75% (7.62%)	2/21/2030	5,343		5,312		5,373		1.9	%
Red Planet Borrower, LLC (b)	Media	S+ 4.00% (7.72%)	9/8/2032	7,499		7,427		7,506		2.7	%
Renaissance Holdings Corp. (f)	Diversified Consumer Services	S+ 4.00% (7.72%)	4/5/2030	4,148		4,073		3,613		1.3	%
Rithum Holdings, Inc. (b)	Software	S+ 4.75% (8.42%)	7/21/2032	4,988		4,891		4,977		1.8	%
Roper Industrial Products Investment Co., LLC (f)	Industrial Conglomerates	S+ 2.75% (6.42%)	11/22/2029	4,947		4,877		4,973		1.8	%
S&S Holdings, LLC (b)	Textiles, Apparel & luxury goods	S+ 5.00% (8.83%)	3/13/2028	4,673		4,615		4,668		1.7	%
Sedgwick Claims Management Services, Inc. (b) (f)	Health Care Providers & Services	S+ 2.50% (6.22%)	7/31/2031	7,218		7,205		7,239		2.6	%
Sharp Services, LLC (f)	Health Care Providers & Services	S+ 3.00% (6.67%)	9/29/2032	3,016		3,001		3,023		1.1	%
Sonrava Health Holdings, LLC	Health Care Providers & Services	P+ 7.50% (14.25%)	5/18/2028	1,847		1,663		1,754		0.6	%
Sonrava Health Holdings, LLC	Health Care Providers & Services	P+ 7.50% (14.25%) 5.50% PIK	8/18/2028	10,782		10,463		1,617		0.6	%
Sonrava Health Holdings, LLC	Health Care Providers & Services	S+ 10.00% (13.77%) 2.50% PIK	6/3/2026	311		311		311		0.1	%
Sotera Health Holdings, LLC (b)	Life Sciences Tools & Services	S+ 2.50% (6.34%)	5/30/2031	7,410		7,382		7,442		2.7	%
Specialty Building Products Holdings, LLC (b)	Building Products	S+ 3.75% (7.57%)	10/16/2028	4,926		4,823		4,583		1.7	%
Staples, Inc. (f)	Specialty Retail	S+ 5.75% (9.60%)	9/4/2029	2,955		2,866		2,799		1.0	%
Starlight Parent, LLC (b)	Software	S+ 4.00% (7.70%)	4/16/2032	5,486		5,334		5,472		2.0	%
Stonepeak Nile Parent, LLC (b) (f)	Air Freight & Logistics	S+ 2.25% (6.16%)	4/9/2032	4,375		4,365		4,373		1.6	%
Tecta America Corp. (b)	Construction & Engineering	S+ 2.75% (6.47%)	2/18/2032	5,468		5,458		5,485		2.0	%
TransDigm, Inc. (f)	Aerospace & Defense	S+ 2.50% (6.22%)	2/28/2031	3,900		3,894		3,914		1.4	%
Traverse Midstream Partners, LLC (b) (f)	Oil, Gas & Consumable Fuels	S+ 2.50% (6.34%)	2/16/2028	9,849		9,847		9,859		3.6	%
Triton Water Holdings, Inc. (b) (f)	Beverages	S+ 2.25% (5.92%)	3/31/2028	7,384		7,365		7,402		2.7	%
Truck Hero, Inc. (b) (f)	Automobile Components	S+ 5.00% (8.83%)	1/31/2028	4,444		4,378		3,428		1.2	%


December 31, 2025
Portfolio Company	Industry	Investment Coupon Rate (a)	Maturity	Principal/Number of Shares		Amortized Cost		Fair Value		% of Members’ Capital (c)
Truck Hero, Inc. (b) (f)	Automobile Components	S+ 3.75% (7.58%)	1/31/2028	$	8,362	$	8,295	$	6,391	2.3	%
UKG, Inc. (b) (f)	Software	S+ 2.50% (6.34%)	2/10/2031	9,638		9,581		9,642		3.5	%
United Airlines, Inc. (b)	Passenger Airlines	S+ 2.00% (5.73%)	2/24/2031	3,710		3,697		3,722		1.3	%
University Support Services, LLC (b) (f)	Diversified Consumer Services	S+ 2.75% (6.47%)	2/12/2029	4,025		3,974		3,882		1.4	%
US Anesthesia Partners, Inc. (b) (f)	Health Care Providers & Services	S+ 4.00% (7.99%)	10/2/2028	6,913		6,682		6,938		2.5	%
VFH Parent, LLC (f)	Capital Markets	S+ 2.50% (6.22%)	6/23/2031	5,000		5,000		5,010		1.8	%
Victory Buyer, LLC (b)	Building Products	S+ 3.75% (7.58%)	11/20/2028	7,349		7,182		7,375		2.7	%
WCG Purchaser Corp. (b)	Health Care Providers & Services	S+ 3.00% (6.72%)	2/25/2032	4,473		4,453		4,479		1.6	%
WestJet Loyalty, LP (b)	Passenger Airlines	S+ 3.25% (6.92%)	2/14/2031	5,699		5,653		5,718		2.1	%
White Cap Supply Holdings, LLC (f)	Building Products	S+ 3.25% (6.97%)	10/19/2029	5,280		5,258		5,301		1.9	%
Windsor Holdings III, LLC (f)	Chemicals	S+ 2.75% (6.47%)	8/1/2030	3,245		3,197		3,249		1.2	%
X Corp. (b)	Interactive Media & Services	S+ 6.50% (10.45%)	10/26/2029	4,949		4,923		4,857		1.7	%
X Corp. (b) (f)	Interactive Media & Services	9.50%	10/26/2029	7,500		7,430		7,468		2.7	%
Zayo Group Holdings, Inc. (f)	Diversified Telecommunication Services	S+ 3.50% (6.83%) 0.50% PIK	3/11/2030	4,482		4,205		4,242		1.5	%
Subtotal Senior Secured First Lien Debt						$	668,611	$	648,199	233.4	%

Senior Secured Second Lien Debt
American Rock Salt Company, LLC	Chemicals	S+ 7.25% (11.33%)	6/11/2029	$	1,943	$	1,930	$	1,570	0.6	%
Edelman Financial Center, LLC (f)	Capital Markets	S+ 5.25% (8.97%)	10/6/2028	4,750		4,743		4,734		1.7	%
IDERA, Inc. (b) (e)	Software	S+ 6.75% (10.75%)	3/2/2029	1,036		1,031		933		0.3	%
Neptune Bidco US, Inc. (f)	Interactive Media & Services	S+ 9.75% (13.76%)	10/11/2029	579		568		579		0.2	%
Peraton Corp. (b)	Communications Equipment	S+ 7.75% (11.67%)	2/1/2029	9,750		7,882		7,636		2.8	%
Subtotal Senior Secured Second Lien Debt						$	16,154	$	15,452	5.6	%

Subordinated Debt
Resideo Funding, Inc.	Building Products	4.00%	9/1/2029	$	2,000	$	1,915	$	1,934	0.7	%
Subtotal Subordinated Debt						$	1,915	$	1,934	0.7	%

Collateralized Securities				`
Collateralized Securities - Debt Investments
AIG CLO, Ltd. 21-1A F	Capital Markets	S+ 6.90% (11.02%)	4/22/2034	$	1,410	$	1,313	$	1,320	0.5	%
Battalion CLO, Ltd. 21-17A F	Capital Markets	S+ 7.50% (11.65%)	3/9/2034	1,224		1,153		570		0.2	%
Carlyle GMS CLO, 16-3A FRR	Capital Markets	S+ 8.60% (12.75%)	7/20/2034	2,100		2,008		1,823		0.7	%
Eaton Vance CDO, Ltd. 15-1A FR	Capital Markets	S+ 7.97% (12.12%)	1/20/2030	2,000		1,839		846		0.3	%
Greywolf CLO, Ltd. 20-3RA ER	Capital Markets	S+ 8.74% (12.86%)	4/22/2033	1,000		902		916		0.3	%
Highbridge Loan Management, Ltd. 11A-17 E	Capital Markets	S+ 6.10% (10.25%)	5/6/2030	3,000		2,812		2,592		0.9	%
KKR Financial CLO, Ltd. 15 FR	Capital Markets	S+ 8.50% (12.65%)	1/18/2032	2,000		1,923		1,795		0.6	%
LCM, Ltd. Partnership 16A ER2	Capital Markets	S+ 6.38% (10.55%)	10/15/2031	2,500		2,350		1,807		0.7	%
Saranac CLO, Ltd. 20-8A E	Capital Markets	S+ 8.12% (12.27%)	2/20/2033	1,455		1,445		1,095		0.4	%
Sound Point CLO, Ltd. 17-2A E	Capital Markets	S+ 6.10% (10.22%)	7/25/2030	2,400		2,190		1,820		0.7	%
Sound Point CLO, Ltd. 18-3A D	Capital Markets	S+ 5.79% (9.91%)	10/26/2031	1,000		931		819		0.3	%


December 31, 2025
Portfolio Company	Industry	Investment Coupon Rate (a)	Maturity	Principal/Number of Shares		Amortized Cost		Fair Value		% of Members’ Capital (c)
Symphony CLO, Ltd. 2012-9A ER2	Capital Markets	S+ 6.95% (11.11%)	7/16/2032	$	3,000	$	2,834	$	2,779	1.0	%
Venture CLO 43, Ltd. 21-43A E	Capital Markets	S+ 7.15% (11.32%)	4/15/2034	3,000		2,933		2,715		1.0	%
Wind River CLO, Ltd. 14-2A FR	Capital Markets	S+ 7.87% (12.04%)	1/15/2031	3,000		2,660		91		0.0	%
Subtotal Collateralized Securities						$	27,293	$	20,988	7.6	%

Equity/Other
Gordian Medical, Inc.	Health Care Providers & Services			414,532		$	7,448	$	7,316	2.6	%
Gordian Medical, Inc.	Health Care Providers & Services			392,171		—		—		—	%
PG&E Corp.	Electric Utilities	6.00%	12/1/2027	229,550		10,683		9,412		3.4	%
Resolute Investment Managers, Inc.	Financial Services			30,370		1,286		991		0.4	%
Subtotal Equity/Other						$	19,417	$	17,719	6.4	%

TOTAL INVESTMENTS						$	733,390	$	704,292	253.7	%

(a) The majority of the investments bear interest at a rate that may be determined by reference to Secured Overnight Financing Rate (“SOFR” or “S”) which reset daily, monthly, quarterly, or semiannually. For each, SLF has provided the spread over the relevant reference rate and the current interest rate in effect at December 31, 2025. Certain investments are subject to reference rate floors. For fixed rate loans, a spread above a reference rate is not applicable. For floating rate securities the all-in rate is disclosed within parentheses.

(b) SLF’s investment or a portion thereof is pledged as collateral under the BAML Credit Facility. Individual investments can be divided into parts which are pledged to separate credit facilities.

(d) SLF has various unfunded commitments to portfolio companies.

(e) SLF’s investment or a portion thereof is held through a total return swap agreement with J.P. Morgan.

SLF had $1.2 million of unfunded commitments to portfolio companies as of December 31, 2025.

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The following table summarizes the significant unobservable inputs used to value the Level 3 investments as of June 30, 2026. The table is not intended to be all-inclusive, but instead identifies the significant unobservable inputs relevant to the determination of fair values.

Range

Asset Category

Fair Value

Primary Valuation Technique

Unobservable Inputs

Minimum

Maximum

Weighted Average (a)

Senior Secured First Lien Debt

2,861,199

Yield Analysis

Market Yield

0.00%

26.00%

10.11%

Senior Secured First Lien Debt

178,462

Waterfall Analysis

EBITDA Multiple

4.90x

17.34x

7.26x

Senior Secured First Lien Debt

33,792

Waterfall Analysis

Revenue Multiple

0.09x

0.90x

0.28x

Senior Secured First Lien Debt(c)

32,359

N/A

Senior Secured Second Lien Debt

54,897

Yield Analysis

Market Yield

9.15%

20.12%

11.09%

Senior Secured Second Lien Debt

38,793

Waterfall Analysis

EBITDA Multiple

6.75x

17.34x

10.54x

Senior Secured Second Lien Debt(b)(c)

4,095

N/A

Subordinated Debt

166,100

Waterfall Analysis

Tangible Net Asset Value Multiple

1.15x

1.45x

1.32x

Subordinated Debt

58,990

Waterfall Analysis

Market Yield

11.74%

Subordinated Debt

41,031

Yield Analysis

Market Yield

14.72%

19.05%

18.61%

Subordinated Debt

10,130

Waterfall Analysis

EBITDA Multiple

8.70x

10.75x

8.70x

Collateralized Securities

3,431

Yield Analysis

Discount Margin

16.70%

50.00%

18.47%

Collateralized Securities(b)(d)

467

Waterfall Analysis

Asset Recovery

$0.51

Equity/Other

224,143

Waterfall Analysis

Tangible Net Asset Value Multiple

1.15x

1.45x

1.34x

Equity/Other

20,874

Yield Analysis

Market Yield

4.00%

11.65%

7.68%

Equity/Other

20,100

Waterfall Analysis

EBITDA Multiple

2.26x

24.84x

14.48x

Equity/Other(b)

16,125

Waterfall Analysis

Market Yield

11.74%

Equity/Other

12,530

Waterfall Analysis

Revenue Multiple

0.18x

0.90x

0.32x

Equity/Other(b)

3,967

Waterfall Analysis

Adjusted BV Multiple

3.12x

Equity/Other(c)

332

N/A

FBLC Senior Loan Fund, LLC(b)

218,207

Discounted Cash Flow

Discount Rate

11.44%

Total

4,000,024

______________

(a) Weighted averages are calculated based on fair value of investments.

(b) This asset category contains one investment.

(d) Range and weighted average shown in millions.

The following table summarizes the significant unobservable inputs used to value of the Level 3 investments as of December 31, 2025. The table is not intended to be all-inclusive, but instead identifies the significant unobservable inputs relevant to the determination of fair values.

Range

Asset Category

Fair Value

Primary Valuation Technique

Unobservable Inputs

Minimum

Maximum

Weighted Average (a)

Senior Secured First Lien Debt

2,970,031

Yield Analysis

Market Yield

0.00%

33.69%

10.25%

Senior Secured First Lien Debt (c)

96,537

N/A

Senior Secured First Lien Debt

32,285

Waterfall Analysis

EBITDA Multiple

3.83x

15.57x

8.44x

Senior Secured First Lien Debt

22,150

Waterfall Analysis

Revenue Multiple

0.19x

0.62x

0.30x

Senior Secured Second Lien Debt

55,631

Yield Analysis

Market Yield

11.40%

24.50%

13.26%

Senior Secured Second Lien Debt

37,695

Waterfall Analysis

EBITDA Multiple

6.86x

15.57x

10.43x

Senior Secured Second Lien Debt (b)(c)

16,600

N/A

Senior Secured Second Lien Debt (b)

668

Waterfall Analysis

Revenue Multiple

0.40x

Subordinated Debt

174,101

Waterfall Analysis

Tangible Net Asset Value Multiple

1.15x

1.56x

1.38x

Subordinated Debt (b)

41,466

Yield Analysis

Market Yield

14.27%

Subordinated Debt

33,911

Waterfall Analysis

Market Yield

10.25%

Subordinated Debt

9,654

Waterfall Analysis

EBITDA Multiple

9.83x

10.50x

9.83x

Collateralized Securities

4,322

Yield Analysis

Discount Margin

0.00%

16.90%

Collateralized Securities (d)

539

Waterfall Analysis

Asset Price

$0.20

$0.49

$0.46

Equity/Other

205,980

Waterfall Analysis

Tangible Net Asset Value Multiple

1.15x

1.56x

1.41x

Equity/Other

26,748

Waterfall Analysis

EBITDA Multiple

2.58x

25.50x

12.51x

Equity/Other

20,310

Yield Analysis

Market Yield

11.59%

21.80%

16.75%

Equity/Other

12,528

Waterfall Analysis

Revenue Multiple

0.19x

1.20x

0.65x

Equity/Other (b)

10,330

Waterfall Analysis

Market Yield

10.25%

Equity/Other (b)

1,615

Waterfall Analysis

Adjusted BV Multiple

3.92x

Equity/Other (e)

—

N/A

FBLC Senior Loan Fund, LLC (b)

224,956

Discounted Cash Flow

Discount Rate

11.22%

Total

3,998,057

______________

(a) Weighted averages are calculated based on fair value of investments.

(b) This asset category contains one investment.

(d) Range and weighted average shown in millions.

(e) Represents investments in the Equity/Other asset category determined to be worthless as of the valuation date.

Schedule of Investment Holdings

Below is a summary of SLF’s portfolio as of June 30, 2026 and December 31, 2025. A listing of the individual investments in SLF’s portfolio as of such dates can be found below:


	June 30, 2026		December 31, 2025

Total assets	$	721,472	$	751,516
Total investments (1)	$	679,825	$	704,292
Weighted Average Current Yield for Total Portfolio (2)	8.0%		7.9%
Number of Portfolio companies in SLF	149		139
Largest portfolio company investment (1)	$	17,528	$	13,952
Total of five largest portfolio company investments (1)	$	64,733	$	62,136

————————

(1) At fair value.

(2) Includes the effect of the amortization or accretion of loan premiums or discounts.

Schedule of Summarized Financial Information

Below is certain summarized financial information for SLF as of June 30, 2026 and December 31, 2025 and for the three and six months ended June 30, 2026 and June 30, 2025:


Selected Statements of Assets and Liabilities Information	June 30,		December 31,
	2026		2025

ASSETS
Investments, at fair value (amortized cost of $717,633 and $733,390, respectively)	$	679,825	$	704,292
Cash and other assets	41,647		47,224
Total assets	$	721,472	$	751,516

LIABILITIES
Revolving credit facilities (net of deferred financing costs of $1,107 and $1,445, respectively)	$	441,393	$	450,555
Secured borrowings	461		599
Other liabilities	23,678		22,715
Total Liabilities	$	465,532	$	473,869

MEMBERS’ CAPITAL
Total members’ capital	$	255,940	$	277,647

Total liabilities and members’ capital	$	721,472	$	751,516


Selected Statements of Operations Information	For the three months ended June 30,				For the six months ended June 30,
	2026		2025		2026		2025

Investment income:
Total investment income	13,193		20,787		27,343		43,584

Operating expenses:
Interest and credit facility financing expenses	6,558		8,949		13,208		18,047
Other expenses	541		604		1,167		1,214
Total expenses	7,099		9,553		14,375		19,261

Net investment income	6,094		11,234		12,968		24,323

Realized and unrealized gain (loss) on investments and extinguishment of debt:
Net realized and unrealized gain (loss) on investments and extinguishment of debt	(2,923)		(1,145)		(22,023)		(13,011)

Net increase (decrease) in members’ capital resulting from operations	$	3,171	$	10,089	$	(9,055)	$	11,312


Selected Balance Sheet Information	As of June 30,		As of December 31,
	2026		2025

Total Assets	$	1,369,732	$	1,252,779
Total Liabilities	1,163,902		1,069,033


Selected Income Statement Information	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2026		2025		2026		2025

Revenues	$	33,771	$	35,228	$	68,075	$	69,335
Net income (loss)	5,854		3,939		15,316		3,568

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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