v3.26.1
Joint Ventures
 6 Months Ended
Jun. 30, 2026
Equity Method Investments and Joint Ventures [Abstract]  
Joint Ventures Joint Ventures
BCRED Emerald JV
Emerald JV was formed as a joint venture between the Company and a large North American pension fund, commenced operations on January 19, 2022 and operates under a limited partnership agreement. The Emerald JV’s principal purpose is to make investments, primarily in senior secured loans that are made to middle-market companies or in broadly syndicated loans and, to a lesser extent, make other debt and equity investments.
As of June 30, 2026 and December 31, 2025, a wholly-owned subsidiary of the Company and entities affiliated with, and controlled by, a North American pension fund (collectively, the “Emerald JV Partner”) had commitments to contribute up to $2,250.0 million and $750.0 million of capital, respectively, to the Emerald JV.
As of June 30, 2026, the Company and the Emerald JV Partner had made capital contributions (net of returns of capital) of $1,836.0 million and $612.0 million, respectively. As of December 31, 2025, the Company and the Emerald JV Partner had made capital contributions (net of returns of capital) of $1,815.0 million and $605.0 million, respectively. As of June 30, 2026, the Company and the Emerald JV Partner had $414.0 million and $138.0 million, respectively, of capital remained uncalled. As of December 31, 2025, the Company and the Emerald JV Partner had $435.0 million and $145.0 million of capital remained uncalled. The Company and the Emerald JV Partner may, from time-to-time, make additional contributions of capital or may receive returns of capital from the Emerald JV.
As of June 30, 2026 and December 31, 2025, the Company’s and the Emerald JV Partner’s equity ownership interests in the Emerald JV were 75% and 25%, respectively.
From time to time, the Company may purchase investments from, or sell investments to, the Emerald JV. Any such purchases and sales require the approval of the Emerald JV’s general partner, which is jointly controlled by the Company and the Emerald JV Partner. For the six months ended June 30, 2026, the Company sold an investment to Emerald JV with a par value of $1.1 billion, for a total cash purchase price based on then-current fair value (at the time of purchase) of $1.1 billion. The Company recognized $0.2 million of net realized gains as a result of sales of investments to the Emerald JV and are included in net realized gain (loss) on investments in the Condensed Consolidated Statements of Operations.
The Company and the Emerald JV Partner, through their joint control of the Emerald JV’s general partner, have equal control of the Emerald JV’s investment decisions, the decision to call additional capital up to the amounts committed by the Company and the Emerald JV Partner, the decision to return capital or to make distributions, and generally all other decisions in respect of the Emerald JV must be approved by the Emerald JV’s investment committee or board of directors, each of which consists of an equal number of representatives of the Company and the Emerald JV Partner. The initial term of the Emerald JV was three years from the commencement of operations, and will continue for successive six-month periods thereafter upon the approval of the Emerald JV’s general partner, except in the case of a dissolution event. The Company’s investment in the Emerald JV cannot be transferred without the consent of the Emerald JV Partner. Effective July 18, 2026, the Emerald JV’s general partner approved the extension of the Emerald JV to January 18, 2027.
The Company has determined that the Emerald 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 Emerald JV and has determined that the Emerald 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 Emerald JV as there is equal power between the Company and the Emerald JV Partner. Accordingly, the Company does not consolidate the Emerald JV.
The Company’s investment in the Emerald JV is disclosed on the Company’s Condensed Consolidated Schedules of Investments as of June 30, 2026 and December 31, 2025.
The following table presents the consolidated schedule of investments of the Emerald JV as of June 30, 2026:
Investments (1)(19)
Footnotes
Reference Rate and Spread (2)
Interest Rate (2)(15)
Acquisition DateMaturity Date
Par Amount/Units (1)
Cost (3)
Fair Value% of Partners’ Capital
First Lien Debt
Aerospace & Defense
Atlas CC Acquisition Corp. (10)(17)SOFR +4.50%8.43%7/25/20255/25/2029$8,316 $5,791 $762 0.04 %
Atlas CC Acquisition Corp. (10)(17)SOFR +4.50%
8.43% (incl. 3.25% PIK)
7/25/20255/25/20291,211 783 111 0.01 
Dynasty Acquisition Co, Inc.(8)SOFR +2.00%5.64%10/14/202510/31/20317,190 7,200 7,215 0.35 
Dynasty Acquisition Co, Inc.(8)SOFR +2.00%5.64%10/14/202510/31/20312,735 2,739 2,744 0.13 
Peraton Corp.
(10)SOFR +3.75%7.51%8/4/20222/1/202819,915 19,895 18,023 0.87 
Propulsion BC Newco, LLC(9)SOFR +2.50%6.23%12/1/202512/1/20323,154 3,147 3,167 0.15 
LSF11 Trinity Bidco, Inc.(8)SOFR +2.50%6.15%9/11/20256/14/20301,166 1,166 1,168 0.06 
Sanders Industries Holdings, Inc.(7)(9)SOFR +2.00%5.67%6/11/20262/26/203215,022 14,956 15,014 0.72 
Signia Aerospace, LLC(7)(8)SOFR +2.50%6.20%5/13/202612/11/203120,965 21,030 21,006 1.01 
TransDigm, Inc.(8)SOFR +2.50%6.14%11/19/20241/19/20329,825 9,859 9,837 0.47 
TransDigm, Inc.(8)SOFR +2.50%6.14%11/19/20242/28/20313,940 3,922 3,945 0.19 
TransDigm, Inc.(8)SOFR +2.50%6.14%8/13/20258/19/20326,730 6,715 6,738 0.32 
TransDigm, Inc.(8)SOFR +2.25%5.89%9/11/20253/22/203010,854 10,892 10,867 0.52 
Vertex Aerospace Services, LLC(10)SOFR +2.00%5.64%1/19/202212/6/203012,475 12,446 12,477 0.60 
120,541 113,074 5.44 
Air Freight & Logistics
Auctane, Inc.(4)(10)SOFR +5.75%9.42%6/1/20266/1/203358,200 56,925 57,327 2.75 
Mode Purchaser, Inc. (4)(11)SOFR +6.25%10.04%1/19/202212/9/202730,993 30,993 27,739 1.33 
RWL Holdings, LLC (4)(10)SOFR +5.75%9.63%1/19/202212/31/202825,964 25,777 25,185 1.21 
SEKO Global Logistics Network, LLC(4)(11)SOFR +10.00%
13.67% PIK
11/27/202411/27/20293,063 3,030 3,063 0.15 
SEKO Global Logistics Network, LLC
(4)(11)SOFR +7.00%
10.67% PIK
11/27/20245/27/20309,083 9,083 9,083 0.44 
SEKO Global Logistics Network, LLC(4)(11)SOFR +10.50%
14.17% (incl. 9.50% PIK)
11/10/202511/27/2029700 699 700 0.03 
SEKO Global Logistics Network, LLC(4)(7)(11)SOFR +10.50%
14.21% (incl. 9.50% PIK)
11/10/202511/27/2029291 291 291 0.01 
Stonepeak Nile Parent, LLC(8)SOFR +2.00%5.66%5/18/20264/9/203223,259 23,230 23,230 1.12 
150,028 146,618 7.04 
Airlines (Passenger Airlines)
Air Canada(8)SOFR +1.75%5.41%1/9/20263/21/20311,380 1,380 1,379 0.07 
American Airlines, Inc.(8)SOFR +2.25%5.93%1/19/20224/20/20282,455 2,455 2,456 0.12 
American Airlines, Inc.(8)SOFR +2.25%5.94%12/12/20242/15/202814,694 14,731 14,580 0.70 
American Airlines, Inc.(8)SOFR +2.75%6.43%5/28/20255/28/20322,837 2,813 2,841 0.14 
JetBlue Airways Corp.(9)SOFR +4.75%8.43%11/7/20248/27/20294,913 4,927 4,389 0.21 
OneSky Flight, LLC(8)SOFR +2.75%6.39%2/17/20262/17/20332,415 2,404 2,428 0.12 
28,710 28,073 1.36 
Investments (1)(19)
Footnotes
Reference Rate and Spread (2)
Interest Rate (2)(15)
Acquisition DateMaturity Date
Par Amount/Units (1)
Cost (3)
Fair Value% of Partners’ Capital
First Lien Debt (continued)
Automobile Components
Belron Finance 2019, LLC(9)SOFR +2.00%5.66%2/9/202610/16/2031$9,826 $9,914 $9,831 0.47 %
Clarios Global, LP(8)SOFR +2.50%6.14%3/5/20255/6/20307,267 7,270 7,283 0.35 
Clarios Global, LP(8)SOFR +2.50%6.14%5/21/20261/28/203223,365 23,301 23,416 1.13 
40,485 40,530 1.95 
Biotechnology
Alkermes, Inc.(8)SOFR +2.75%6.48%2/12/20268/12/20312,131 2,126 2,142 0.10 
Broadline Retail
Peer Holding III, BV(8)SOFR +2.25%5.98%9/29/20259/29/20324,117 4,117 4,125 0.20 
Building Products
Fencing Supply Group Acquisition, LLC (4)(11)SOFR +6.00%9.74%1/19/20222/26/202919,657 19,638 18,625 0.90 
LBM Acquisition, LLC(10)SOFR +3.75%7.50%6/6/20246/6/20319,271 9,197 7,801 0.37 
MIWD Holdco II, LLC(8)SOFR +2.75%6.39%10/3/20243/28/20318,973 9,043 8,875 0.43 
Resideo Funding, Inc.(8)SOFR +2.00%5.67%8/8/20258/13/20326,663 6,665 6,674 0.32 
TCP Sunbelt Acquisition, Co.(8)SOFR +4.25%7.92%10/15/202410/24/203110,499 10,419 10,503 0.50 
Windows Acquisition Holdings, Inc. (4)(11)SOFR +6.50%10.38%1/19/202212/29/202610,473 10,473 8,169 0.39 
65,435 60,647 2.91 
Capital Markets
Apex Group Treasury, LLC(8)SOFR +3.50%7.15%2/27/20252/27/203270,936 70,890 67,378 3.24 
Aretec Group, Inc.(8)SOFR +3.00%6.64%11/20/20258/9/203019,168 19,031 19,149 0.92 
Chrysaor Bidco S.à r.l.(9)SOFR +3.00%6.67%10/14/202510/30/20311,579 1,575 1,584 0.08 
Citco Funding, LLC(9)SOFR +2.00%5.66%1/30/20261/30/20337,146 7,129 7,133 0.34 
EP Wealth Advisors, LLC(8)SOFR +2.50%6.17%5/18/202610/18/20322,409 2,404 2,414 0.12 
Focus Financial Partners, LLC(8)SOFR +2.50%6.14%3/13/20259/15/203125,828 25,732 25,258 1.21 
GTCR Everest Borrower, LLC(8)SOFR +2.50%6.23%2/3/20269/5/203124,501 24,388 24,434 1.17 
Hudson River Trading, LLC(8)SOFR +2.50%6.14%1/21/20263/18/20302,638 2,628 2,623 0.13 
ITG Communications, LLC(8)SOFR +4.75%8.39%7/1/20257/9/20319,052 8,763 8,939 0.43 
Jane Street Group, LLC(8)SOFR +2.00%5.67%7/23/202512/15/20318,206 8,170 8,142 0.39 
Jump Financial, LLC(8)SOFR +3.50%7.23%7/31/20252/26/2032694 694 695 0.03 
Kestra Advisor Services Holdings A, Inc.(8)SOFR +2.75%6.39%5/13/20263/22/20311,570 1,570 1,559 0.07 
Osaic Holdings, Inc.(8)SOFR +2.50%6.23%2/2/20267/30/203225,658 25,627 25,360 1.22 
Resolute Investment Managers, Inc.(11)SOFR +6.50%10.49%12/29/202310/30/2028937 931 638 0.03 
Saphilux S.à r.l.(8)S +4.25%7.98%7/27/20237/18/2028GBP20,000 25,578 26,684 1.28 
Saphilux S.à r.l.(9)SOFR +3.00%6.73%7/17/20257/18/20281,320 1,320 1,328 0.06 
Situs-AMC Holdings Corporation (4)(10)SOFR +5.50%9.23%9/26/20225/14/203189,412 88,909 87,847 4.22 
Superannuation & Investments US, LLC(9)SOFR +2.50%6.14%1/30/202612/1/20283,056 3,061 3,055 0.15 
318,400 314,220 15.09 
Investments (1)(19)
Footnotes
Reference Rate and Spread (2)
Interest Rate (2)(15)
Acquisition DateMaturity Date
Par Amount/Units (1)
Cost (3)
Fair Value% of Partners’ Capital
First Lien Debt (continued)
Chemicals
Derby Buyer, LLC(9)SOFR +2.75%6.39%6/17/202611/1/2030$12,979 $13,031 $13,006 0.63 %
Discovery Purchaser Corp.(9)SOFR +3.75%7.41%12/2/202410/4/20299,902 9,959 9,876 0.47 
Fortis 333, Inc.(8)SOFR +3.25%6.98%2/6/20253/27/20323,236 3,230 3,231 0.16 
Qnity Electronics, Inc.(7)(8)SOFR +2.00%5.67%5/11/202611/1/203213,552 13,521 13,503 0.65 
Olympus Water US Holding Corp.(8)SOFR +3.25%6.98%11/3/202511/3/20322,674 2,668 2,675 0.13 
Pigments Services, Inc.(4)(14)(17)SOFR +8.25%
11.99% PIK
4/14/20234/16/20298,468 4,670 0 0.00 
Pigments Services, Inc.(4)(14)(17)SOFR +8.25%
11.99% PIK
4/14/20234/16/20294,135 3,558 1,868 0.09 
Solstice Advanced Materials, Inc.(8)SOFR +1.75%5.41%10/29/202510/29/20322,908 2,904 2,924 0.14 
53,541 47,083 2.27 
Commercial Services & Supplies
Access CIG, LLC (9)SOFR +4.00%7.64%8/15/20258/19/203021,389 21,143 19,083 0.92 
Allied Universal Holdco, LLC
(8)SOFR +3.25%6.89%8/6/20258/20/203233,064 33,028 33,119 1.59 
Armor Holdco, Inc.
(9)SOFR +3.75%7.60%11/20/202512/10/203113,950 13,924 13,962 0.67 
Belfor Holdings, Inc.(9)SOFR +2.75%6.39%8/8/202511/1/203093 93 93 0.00 
DG Investment Intermediate Holdings 2, Inc.
(8)SOFR +3.25%6.89%7/2/20257/9/203213,346 13,295 13,388 0.64 
EAB Global, Inc. (9)SOFR +3.00%6.64%1/19/20228/16/203012,967 12,963 11,719 0.56 
Foundational Education Group, Inc.
(9)SOFR +4.25%8.18%6/7/20228/31/20283,830 3,781 3,475 0.17 
GFL Environmental Services USA, Inc.(8)SOFR +2.50%6.16%3/3/20253/3/203217,989 17,980 18,013 0.87 
International SOS (The Americas), LP(4)(9)SOFR +2.75%6.48%6/28/20249/7/20281,911 1,911 1,916 0.09 
JSS Holdings, Inc. (4)(10)SOFR +5.00%8.73%1/19/202211/8/203137,948 37,800 37,948 1.82 
Jupiter Purchaser, LLC(4)(7)(10)SOFR +5.00%8.73%6/5/202611/8/2031130 130 130 0.01 
KPSKY Acquisition, Inc. (4)(10)(18)SOFR +5.50%9.26%9/26/202210/19/2028131,527 128,945 115,415 5.55 
Lsf12 Crown US Commercial Bidco, LLC(8)SOFR +3.00%6.62%1/20/202612/2/20315,978 5,978 6,000 0.29 
OMNIA Partners, LLC(8)SOFR +2.75%6.42%1/26/202412/31/203232,456 32,608 32,559 1.56 
Pinnacle Buyer, LLC(7)(8)SOFR +2.50%6.18%9/11/202510/1/203210,086 10,085 10,124 0.49 
Polyphase Elevator Holding, Co. (4)(10)SOFR +5.00%8.73%11/24/202511/24/203229,206 28,806 29,206 1.40 
Prime Security Services Borrower, LLC(8)SOFR +2.00%5.62%11/20/202410/13/203015,031 15,002 14,954 0.72 
Prime Security Services Borrower, LLC(8)SOFR +1.75%5.37%10/1/20253/7/20323,835 3,801 3,783 0.18 
Pye-Barker Fire & Safety, LLC(7)(8)SOFR +2.50%6.23%12/16/202512/16/203211,534 11,480 11,568 0.56 
The Action Environmental Group, Inc.(9)SOFR +3.00%6.73%1/15/202610/24/2030151 151 150 0.01 
TMF Sapphire Bidco, BV(8)SOFR +3.25%6.98%5/21/20265/30/2033270 270 271 0.01 
393,174 376,876 18.11 
Investments (1)(19)
Footnotes
Reference Rate and Spread (2)
Interest Rate (2)(15)
Acquisition DateMaturity Date
Par Amount/Units (1)
Cost (3)
Fair Value% of Partners’ Capital
First Lien Debt (continued)
Construction & Engineering
Azuria Water Solutions, Inc.(7)(8)SOFR +2.75%6.48%4/30/20264/25/2033$20,225 $20,171 $20,209 0.97 %
Brookfield WEC Holdings, Inc. (8)SOFR +2.00%5.62%1/25/20241/27/203133,382 33,394 33,393 1.60 
Centuri Group, Inc.(8)SOFR +2.00%5.62%1/12/20267/9/20323,135 3,128 3,140 0.15 
Dycom Industries, Inc.(8)SOFR +1.75%5.40%1/27/20261/27/20332,863 2,857 2,871 0.14 
Green Infrastructure Partners US, LLC(4)(8)SOFR +2.75%6.48%9/19/20259/24/20329,340 9,341 9,351 0.45 
Socotec US Holding, Inc.(10)SOFR +2.75%6.37%2/6/20266/2/20311,358 1,356 1,362 0.07 
Tecta America Corp.(8)SOFR +2.50%6.14%5/18/20262/18/20322,454 2,449 2,459 0.12 
Touchdown Acquirer, Inc.(8)SOFR +2.50%6.16%2/5/20262/21/203111,767 11,736 11,677 0.56 
84,432 84,462 4.06 
Construction Materials
MSOF Beacon, LLC(8)SOFR +2.50%6.17%12/23/202512/23/20321,806 1,802 1,812 0.09 
Quikrete Holdings, Inc.(8)SOFR +2.25%5.89%4/8/20252/10/20329,900 9,791 9,904 0.48 
Tamko Building Products, LLC(8)SOFR +2.75%6.60%10/23/20249/20/20307,813 7,855 7,818 0.38 
19,448 19,534 0.95 
Consumer Finance
CPI Holdco B, LLC(8)SOFR +2.00%5.64%12/11/20255/17/203110,324 10,315 10,296 0.49 
Containers & Packaging
Ascend Buyer, LLC (4)(10)SOFR +5.25%8.98%9/26/20229/30/202872,874 72,599 72,509 3.48 
Berlin Packaging, LLC
(8)SOFR +3.25%6.98%7/25/20256/7/203123,791 23,902 23,702 1.14 
Clydesdale Acquisition Holdings, Inc.(9)SOFR +3.18%6.82%4/13/20224/13/202921,338 21,346 20,995 1.01 
Clydesdale Acquisition Holdings, Inc.(9)SOFR +3.25%6.89%8/22/20254/1/203210,830 10,795 10,428 0.50 
ProAmpac PG Borrower, LLC (8)SOFR +4.00%7.67%3/6/20263/7/203312,071 11,859 11,890 0.57 
Ring Container Technologies Group, LLC(9)SOFR +2.50%6.14%9/11/20259/15/203221,644 21,672 21,696 1.04 
SupplyOne, Inc.(8)SOFR +3.50%7.14%4/19/20244/19/203119,359 19,479 19,413 0.93 
TricorBraun Holdings, Inc. (9)SOFR +3.25%6.89%1/19/20223/3/203127,982 27,782 26,251 1.26 
Trident TPI Holdings, Inc.(9)SOFR +3.75%7.48%10/18/20249/15/202837,857 37,432 36,406 1.75 
246,866 243,290 11.68 
Distributors
Boots Group Finco, LP(8)SOFR +3.25%6.92%7/18/20258/30/20323,362 3,355 3,378 0.16 
BP Purchaser, LLC (4)(10)SOFR +7.50%
11.43% (incl. 1.00% PIK)
9/26/202212/11/202851,845 51,446 40,957 1.97 
Genuine Cable Group, LLC (4)(10)SOFR +5.25%8.99%1/19/20225/3/202731,003 30,949 30,770 1.48 
Marcone Yellowstone Buyer, Inc. (4)(10)SOFR +7.00%
10.83% (incl. 3.25% PIK)
9/26/20226/23/202885,444 84,739 72,627 3.49 
170,489 147,732 7.10 
Investments (1)(19)
Footnotes
Reference Rate and Spread (2)
Interest Rate (2)(15)
Acquisition DateMaturity Date
Par Amount/Units (1)
Cost (3)
Fair Value% of Partners’ Capital
First Lien Debt (continued)
Diversified Consumer Services
Barbri Holdings, Inc. (4)(10)SOFR +4.75%8.45%1/19/20224/30/2030$68,863 $68,495 $67,486 3.24 %
Cambium Learning Group, Inc.
(4)(7)(10)SOFR +5.50%9.26%1/19/20227/20/202833,731 33,731 31,369 1.51 
Cengage Learning, Inc.(11)SOFR +3.00%6.65%1/22/20263/24/203112,013 12,027 11,904 0.57 
Covista, Inc.(10)SOFR +2.25%5.98%3/2/20263/2/20334,318 4,298 4,336 0.21 
Element Materials Technology Group US Holdings, Inc.(9)SOFR +3.50%7.23%4/12/20227/6/20294,826 4,818 4,858 0.23 
Express Wash Concepts, LLC(4)(11)SOFR +5.00%8.74%1/19/20224/30/202734,647 34,453 34,647 1.67 
Express Wash Concepts, LLC (4)(11)SOFR +5.00%8.64%1/19/20224/30/202710,054 10,037 10,054 0.48 
Express Wash Concepts, LLC (4)(11)SOFR +5.00%8.74%1/19/20224/30/202717,904 17,845 17,904 0.86 
Fugue Finance, LLC(9)SOFR +2.25%5.92%2/4/20261/9/20327,085 7,108 7,077 0.34 
GBT US III, LLC(8)SOFR +2.00%5.67%1/21/20267/25/20311,832 1,832 1,833 0.09 
Imagine Learning, LLC(9)SOFR +3.50%7.14%2/1/202412/21/202920,617 20,611 19,430 0.93 
KUEHG Corp.(9)SOFR +2.75%6.48%10/21/20246/12/203020,344 20,373 19,639 0.94 
Learning Care Group US No 2, Inc.(9)SOFR +4.00%7.68%3/26/20258/11/20283,673 3,656 2,894 0.14 
Mckissock Investment Holdings, LLC(10)SOFR +5.00%8.90%3/10/20223/12/20293,830 3,815 3,283 0.16 
Pre-Paid Legal Services, Inc. (9)SOFR +3.25%6.89%1/19/202212/15/202827,311 27,264 25,026 1.20 
Spring Education Group, Inc.(8)SOFR +3.25%6.98%9/10/202510/4/2030313 313 312 0.02 
University Support Services, LLC (9)SOFR +2.75%6.39%2/10/20222/10/202915,128 15,111 14,928 0.72 
285,787 276,980 13.31 
Diversified Telecommunication Services
Zacapa, LLC (9)SOFR +3.75%7.48%10/29/20243/22/202915,563 15,629 15,561 0.75 
Electric Utilities
Alpha Generation, LLC(8)SOFR +1.75%5.39%7/23/20259/30/20315,271 5,273 5,232 0.25 
NRG Energy, Inc.(8)SOFR +1.75%5.42%7/23/20254/16/20314,949 4,957 4,951 0.24 
10,230 10,183 0.49 
Electrical Equipment
Aggreko Holdings, Inc.(9)SOFR +3.00%6.63%1/8/20265/21/20311,389 1,389 1,394 0.07 
Arcline FM Holdings, LLC(10)SOFR +2.75%6.60%3/27/20256/23/20302,924 2,923 2,937 0.14 
Forgent Power, LLC(8)SOFR +2.25%5.95%5/21/202612/20/20324,818 4,774 4,841 0.23 
9,086 9,172 0.44 
Electronic Equipment, Instruments & Components
Albireo Energy, LLC (4)(11)SOFR +5.75%9.51%2/5/202612/23/20293,911 3,902 3,911 0.19 
Albireo Energy, LLC (4)(11)SOFR +5.75%9.51%2/5/202612/23/202910,367 10,343 10,367 0.50 
Infinite Bidco, LLC
(9)SOFR +3.75%7.68%1/19/20223/2/20282,324 2,327 2,313 0.11 
Project Aurora US Finco, Inc.(8)SOFR +2.75%6.48%1/7/20269/27/20322,884 2,877 2,901 0.14 
Sanmina Corp.(4)(8)SOFR +1.75%5.39%5/18/202610/27/20325,096 5,085 5,112 0.25 
24,534 24,604 1.19 
Investments (1)(19)
Footnotes
Reference Rate and Spread (2)
Interest Rate (2)(15)
Acquisition DateMaturity Date
Par Amount/Units (1)
Cost (3)
Fair Value% of Partners’ Capital
First Lien Debt (continued)
Energy Equipment & Services
Covia Holdings, LLC(8)SOFR +2.75%6.43%7/31/20252/26/2032$1,465 $1,462 $1,460 0.07 %
Ursa Minor US Bidco, LLC(8)SOFR +2.00%5.73%11/13/20253/26/20314,938 4,987 4,942 0.24 
6,449 6,402 0.31 
Entertainment
EOC Borrower, LLC(8)SOFR +2.75%6.39%3/31/20253/24/203214,519 14,448 14,553 0.70 
TKO Worldwide Holdings, LLC
(8)SOFR +1.75%5.41%5/18/202611/21/20317,469 7,469 7,454 0.36 
21,917 22,007 1.06 
Financial Services
Bcpe Pequod Buyer, Inc.(8)SOFR +2.75%6.39%12/5/202511/25/20311,986 1,977 1,934 0.09 
Chicago US Midco III, LP(7)(8)SOFR +2.50%6.14%10/30/202511/1/20328,199 8,181 8,201 0.39 
Corpay Technologies Operating Co, LLC(8)SOFR +1.75%5.39%11/5/202511/5/20324,369 4,349 4,362 0.21 
Mitchell International, Inc.(9)SOFR +3.00%6.64%1/16/20266/17/203114,585 14,580 13,926 0.67 
Planet US Buyer, LLC(8)SOFR +3.00%6.66%11/25/20242/7/203110,627 10,707 10,679 0.51 
Shift4 Payments, LLC(8)SOFR +2.00%5.73%1/5/20267/3/20322,633 2,627 2,627 0.13 
Synechron, Inc.(8)SOFR +3.75%7.48%10/3/202410/3/20313,970 3,927 3,725 0.18 
46,348 45,454 2.18 
Food Products
CHG PPC Parent, LLC(9)SOFR +3.00%6.76%11/7/202412/8/202815,709 15,759 15,768 0.76 
Froneri US, Inc.
(8)SOFR +2.25%5.88%11/7/20249/30/203121,737 21,663 21,608 1.04 
Froneri US, Inc.(8)SOFR +2.25%5.88%7/16/20259/30/203218,168 18,143 18,064 0.87 
PFI Lower Midco, LLC(8)SOFR +4.00%7.64%12/1/202512/1/20321,990 1,972 2,006 0.10 
Red SPV, LLC(8)SOFR +2.25%5.90%3/13/20253/15/20327,111 7,082 7,126 0.34 
64,619 64,572 3.11 
Health Care Equipment & Supplies
Embecta Corp.(9)SOFR +3.00%6.73%12/11/20243/30/20296,491 6,486 5,169 0.25 
Natus Medical, Inc.(9)SOFR +5.25%9.13%8/18/20227/20/20293,149 3,059 3,148 0.15 
Resonetics, LLC(10)SOFR +2.75%6.42%7/24/20256/18/20317,288 7,329 7,288 0.35 
WS Audiology USA II, LLC(8)SOFR +3.25%6.92%6/18/20262/28/202918,731 18,731 18,784 0.90 
35,605 34,389 1.65 
Health Care Providers & Services
ADCS Clinics Intermediate Holdings, LLC (4)(11)SOFR +6.50%10.45%1/19/20225/7/20271,670 1,666 1,420 0.07 
ADCS Clinics Intermediate Holdings, LLC (4)(11)SOFR +6.50%10.02%1/19/20225/7/202728,255 28,186 24,017 1.15 
ADCS Clinics Intermediate Holdings, LLC (4)(7)(11)SOFR +6.50%10.45%1/19/20228/7/2026514 514 396 0.02 
Amerivet Partners Management, Inc. (4)(10)SOFR +5.50%9.60%9/26/20222/25/202881,154 80,466 74,256 3.57 
Canadian Hospital Specialties, Ltd. (4)(11)CA +4.50%7.12%12/20/20224/14/2028CAD28,864 21,079 20,352 0.98 
Investments (1)(19)
Footnotes
Reference Rate and Spread (2)
Interest Rate (2)(15)
Acquisition DateMaturity Date
Par Amount/Units (1)
Cost (3)
Fair Value% of Partners’ Capital
First Lien Debt (continued)
Health Care Providers & Services (continued)
CCBlue Bidco, Inc. (4)(10)SOFR +6.50%
10.34% (incl. 4.00% PIK)
1/19/202212/21/2028$25,445 $25,305 $21,247 1.02 %
CHG Healthcare Services, Inc.(9)SOFR +3.00%6.66%5/7/20269/29/203120,327 20,341 20,358 0.98 
CNT Holdings I Corp.(10)SOFR +2.50%6.16%4/8/202511/8/203210,418 10,336 10,439 0.50 
DCA Investment Holding, LLC(4)(10)SOFR +5.00%8.66%6/2/20266/2/20312,708 2,544 2,708 0.13 
DCA Investment Holding, LLC(4)(10)SOFR +6.50%
10.16% (incl. 2.25% PIK)
6/2/20266/2/203115,709 15,709 15,709 0.75 
Ensemble RCM, LLC(8)SOFR +3.00%6.66%2/9/20262/9/203327,955 27,922 27,878 1.34 
Global Medical Response, Inc.(8)SOFR +3.25%6.89%9/10/202510/1/203230,937 30,868 31,053 1.49 
Heartland Dental, LLC(8)SOFR +3.50%7.14%8/7/20258/25/203222,714 22,674 22,756 1.09 
ICS US Holdings, Inc. (4)(9)(17)SOFR +5.25%9.15%12/20/20226/8/202835,000 34,049 13,213 0.63 
IVI America, LLC(8)SOFR +3.25%6.98%6/4/20264/9/2031490 490 491 0.02 
Jayhawk Buyer, LLC (4)(11)SOFR +5.25%9.02%1/19/20224/15/202825,464 25,434 24,763 1.19 
MED ParentCo, LP(8)SOFR +3.00%6.64%12/31/20254/15/203125,527 25,527 25,586 1.23 
Navigator Acquiror, Inc. (4)(7)(9)SOFR +5.50%
9.24% (incl. 4.00% PIK)
1/19/20227/16/203022,044 22,007 16,744 0.80 
New ACI Buyer, LLC(4)(10)SOFR +6.25%
9.99% (incl. 3.13% PIK)
6/29/20266/30/203120,952 20,952 20,952 1.01 
New ACI Buyer, LLC(4)(10)SOFR +5.50%9.24%6/29/20266/30/20318,038 7,682 8,038 0.39 
Onex TSG Intermediate Corp.
(8)SOFR +3.25%6.98%2/9/20268/6/20323,071 3,075 3,093 0.15 
PSKW Intermediate, LLC (4)(11)SOFR +5.50%9.24%12/11/20243/9/202830,553 30,553 30,247 1.45 
Radiology Partners, Inc.(8)SOFR +4.50%8.23%3/6/20256/30/20325,299 5,281 5,304 0.25 
Raven Acquisition Holdings, LLC(7)(8)SOFR +3.00%6.64%10/15/202411/19/20319,217 9,215 9,098 0.44 
Smile Doctors, LLC (4)(7)(10)SOFR +5.75%9.60%1/19/202212/23/2028139,699 138,586 134,644 6.47 
Southern Veterinary Partners, LLC(8)SOFR +2.50%6.16%7/22/202512/4/203136,069 36,169 36,077 1.73 
US Fertility Enterprises, LLC(7)(8)SOFR +3.25%6.98%12/30/202512/30/20323,835 3,816 3,853 0.19 
WHCG Purchaser III, Inc.(4)(10)SOFR +6.50%
10.23% (incl. 5.12% PIK)
8/2/20246/29/20293,028 3,028 3,028 0.15 
WHCG Purchaser III, Inc.(4)(10)(17)10.00%
10.00% PIK
8/2/20246/30/20302,564 892 1,641 0.08 
654,366 609,361 29.27 
Investments (1)(19)
Footnotes
Reference Rate and Spread (2)
Interest Rate (2)(15)
Acquisition DateMaturity Date
Par Amount/Units (1)
Cost (3)
Fair Value% of Partners’ Capital
First Lien Debt (continued)
Health Care Technology
athenahealth Group, Inc.(9)SOFR +3.25%6.89%5/27/20262/16/2032$19,317 $19,067 $19,141 0.92 %
Gainwell Acquisition Corp.(10)SOFR +4.00%7.83%12/18/202410/1/202749,180 48,269 48,525 2.33 
GI Ranger Intermediate, LLC (4)(10)SOFR +6.00%9.88%9/26/202210/30/202843,217 42,966 39,111 1.88 
Project Ruby Ultimate Parent Corp.(8)SOFR +2.75%6.51%7/18/20253/10/2028317 317 317 0.02 
Waystar Technologies, Inc.(8)SOFR +2.00%5.64%8/6/202510/22/20296,486 6,468 6,478 0.31 
117,087 113,572 5.46 
Hotels, Restaurants & Leisure
Alterra Mountain, Co.(8)SOFR +2.50%6.14%7/23/20258/17/20285,438 5,438 5,454 0.26 
Alterra Mountain, Co.(8)SOFR +2.50%6.14%7/18/20255/31/20301,445 1,445 1,446 0.07 
Bulldog Purchaser, Inc.(9)SOFR +3.25%6.91%2/5/20262/4/20338,673 8,632 8,694 0.42 
Flynn Restaurant Group, LP(8)SOFR +3.75%7.39%3/11/20251/28/203224,747 24,363 24,537 1.18 
IRB Holding Corp. (9)SOFR +2.50%6.14%11/17/202512/16/203021,475 21,516 21,505 1.03 
Life Time, Inc.(8)SOFR +2.00%5.61%8/14/202511/5/203119,751 19,840 19,795 0.95 
Mic Glen, LLC(9)SOFR +3.25%6.89%7/29/20257/21/2028590 590 592 0.03 
Motion Finco, LLC(8)SOFR +3.50%7.23%3/13/202511/12/20294,925 4,871 4,213 0.20 
New Red Finance, Inc.(8)SOFR +1.75%5.39%3/13/20259/20/203013,387 13,298 13,382 0.64 
Raising Cane's Restaurants, LLC(8)SOFR +2.00%5.64%11/3/202511/3/20326,653 6,638 6,633 0.32 
Tacala Investment Corp.(10)SOFR +3.00%6.64%9/16/20251/31/20314,913 4,943 4,923 0.24 
TRQ Sales, LLC(8)SOFR +3.25%6.98%12/30/202512/30/203212,941 12,881 12,715 0.61 
Whatabrands, LLC(9)SOFR +2.50%6.14%12/11/20248/3/202833,641 33,667 33,636 1.62 
158,122 157,525 7.57 
Household Durables
AI Aqua Merger Sub, Inc. (9)SOFR +2.50%6.12%2/4/20267/31/202834,089 34,062 34,098 1.64 
Madison Safety & Flow, LLC(8)P +1.50%8.25%9/25/20259/26/203112,428 12,438 12,459 0.60 
Weber-Stephen Products, LLC(8)SOFR +3.75%7.44%9/17/202510/1/20323,855 3,820 3,813 0.18 
50,320 50,370 2.42 
Independent Power and Renewable Electricity Producers
Cogentrix Finance Holdco I, LLC(8)SOFR +2.25%5.89%8/7/20252/26/20326,558 6,561 6,559 0.32 
Talen Energy Supply, LLC(8)SOFR +2.00%5.64%11/25/202511/25/20324,752 4,731 4,726 0.23 
11,292 11,285 0.55 
Industrial Conglomerates
Engineered Machinery Holdings, Inc.
(8)SOFR +3.25%6.98%11/26/202511/26/20326,400 6,335 6,441 0.31 
Investments (1)(19)
Footnotes
Reference Rate and Spread (2)
Interest Rate (2)(15)
Acquisition DateMaturity Date
Par Amount/Units (1)
Cost (3)
Fair Value% of Partners’ Capital
First Lien Debt (continued)
Insurance
Alliant Holdings Intermediate, LLC(8)SOFR +2.50%6.14%7/31/20259/19/2031$9,274 $9,168 $9,161 0.44 %
AmWINS Group, Inc.(10)SOFR +2.00%5.73%1/14/20261/30/203226,345 26,232 25,832 1.24 
Baldwin Insurance Group Holdings, LLC(8)SOFR +2.50%6.13%9/12/20255/26/203115,733 15,696 15,439 0.74 
BroadStreet Partners, Inc.(8)SOFR +2.50%6.14%6/14/20246/13/203142,172 42,271 40,818 1.96 
CRC Insurance Group, LLC(8)SOFR +2.75%6.48%12/6/20245/6/203110,000 10,063 9,788 0.47 
Foundation Risk Partners Corp. (4)(10)SOFR +4.75%8.48%9/26/202210/29/203074,091 73,692 74,091 3.56 
HUB International, Ltd.(8)SOFR +2.25%5.92%11/25/20246/20/203023,636 23,749 23,638 1.14 
Hyperion Refinance S.à r.l.(9)SOFR +2.75%6.39%12/11/20254/18/203014,610 14,671 13,810 0.66 
Hyperion Refinance S.à r.l.(9)SOFR +2.75%6.39%8/4/20252/15/203113,357 13,437 12,575 0.60 
Patriot Growth Insurance Services, LLC(4)(10)SOFR +5.00%8.88%9/26/202210/16/202861,407 60,644 59,565 2.86 
Trucordia Insurance Holdings, LLC(8)SOFR +3.25%6.98%6/17/20256/17/20326,486 6,472 5,805 0.28 
USI, Inc.(8)SOFR +2.25%5.98%12/23/202411/21/202923,356 23,389 23,306 1.12 
USI, Inc.(8)SOFR +2.25%5.98%12/23/20249/29/203024,612 24,663 24,544 1.18 
344,147 338,372 16.25 
Interactive Media & Services
Project Boost Purchaser, LLC (8)SOFR +2.75%6.48%7/16/20247/16/203126,449 26,532 25,802 1.24 
TripAdvisor, Inc.(8)SOFR +2.75%6.39%3/27/20257/8/20314,242 4,193 4,067 0.20 
WH Borrower, LLC(9)SOFR +4.50%8.14%2/12/20262/20/20322,891 2,877 2,900 0.14 
33,602 32,769 1.58 
IT Services
Ahead DB Holdings, LLC(10)SOFR +2.50%6.23%8/2/20242/1/20313,925 3,930 3,868 0.19 
Fortress Intermediate 3, Inc.(8)SOFR +3.00%6.62%7/2/20256/27/20315,218 5,253 5,202 0.25 
Go Daddy Operating Co, LLC(8)SOFR +1.75%5.39%7/23/202511/9/20293,921 3,929 3,843 0.18 
Newfold Digital Holdings Group, Inc.(10)SOFR +3.60%7.21%12/8/20254/30/20293,050 2,901 2,470 0.12 
Newfold Digital Holdings Group, Inc.(10)(17)SOFR +3.50%7.21%12/8/20254/30/2029627 582 272 0.01 
Newfold Digital Holdings Group, Inc.(10)SOFR +5.75%9.36%12/8/20254/30/2029209 203 170 0.01 
Razor Holdco, LLC (4)(10)SOFR +5.75%9.52%1/19/202210/25/202713,016 12,956 12,593 0.61 
Virtusa Corp. (10)SOFR +3.25%6.89%6/21/20242/15/202930,348 30,467 26,593 1.28 
World Wide Technology Holding Co, LLC(9)SOFR +2.00%5.64%7/23/20253/1/20304,950 4,960 4,938 0.24 
65,181 59,949 2.89 
Life Sciences Tools & Services
Parexel International, Inc.(9)SOFR +2.50%6.14%12/12/202512/12/203115,443 15,480 15,464 0.74 
Investments (1)(19)
Footnotes
Reference Rate and Spread (2)
Interest Rate (2)(15)
Acquisition DateMaturity Date
Par Amount/Units (1)
Cost (3)
Fair Value% of Partners’ Capital
First Lien Debt (continued)
Machinery
Chart Industries, Inc.(9)SOFR +2.50%6.18%11/13/20243/15/2030$7,114 $7,162 $7,123 0.34 %
Composecure Holdings, LLC(8)SOFR +2.25%5.92%1/14/20261/14/20333,544 3,540 3,529 0.17 
CoorsTek, Inc.(11)SOFR +2.50%6.23%6/18/202610/28/20325,423 5,399 5,440 0.26 
EMRLD Borrower, LP(8)SOFR +2.25%5.89%8/11/20258/4/20314,950 4,950 4,952 0.24 
Gates Corp.(9)SOFR +1.75%5.39%7/23/20256/4/20314,950 4,952 4,948 0.24 
Hobbs & Associates, LLC(8)SOFR +2.75%6.39%10/14/20257/23/20314,962 4,965 4,962 0.24 
Madison IAQ, LLC(8)SOFR +1.75%5.47%5/18/20265/6/20326,556 6,501 6,548 0.31 
Pro Mach Group, Inc.(8)SOFR +2.50%6.14%6/3/202610/15/20329,142 9,122 9,160 0.44 
Victory Buyer, LLC (8)SOFR +3.00%6.66%2/13/20262/13/20333,382 3,365 3,396 0.16 
49,956 50,058 2.40 
Media
Prodege International Holdings, LLC (4)(10)SOFR +5.25%
9.04% (incl. 3.25% PIK)
2/12/202612/31/20307,655 7,655 7,655 0.37 
Prodege International Holdings, LLC (4)(10)SOFR +5.75%
9.54% PIK
2/12/202612/31/20303,803 3,803 3,803 0.18 
11,458 11,458 0.55 
Metals & Mining
Novelis Holdings, Inc.(8)SOFR +1.75%5.48%3/11/20253/11/20323,846 3,846 3,845 0.18 
Mortgage Real Estate Investment Trusts (REITs)
KREF Holdings X, LLC(8)SOFR +2.50%6.14%8/14/20253/5/203210,054 10,035 9,697 0.47 
Starwood Property Mortgage, LLC(9)SOFR +2.00%5.64%7/24/20251/2/20302,715 2,711 2,714 0.13 
Starwood Property Mortgage, LLC(8)SOFR +2.00%5.64%5/12/20269/24/203212,312 12,315 12,308 0.59 
25,061 24,719 1.19 
Oil, Gas & Consumable Fuels
Blackfin Pipeline, LLC(8)SOFR +3.00%6.69%10/3/20259/29/20327,277 7,244 7,312 0.35 
VRS Buyer, Inc.(7)(8)SOFR +3.50%7.23%10/10/202510/12/20328,970 8,928 8,904 0.43 
WhiteWater Matterhorn Holdings, LLC(8)SOFR +1.75%5.50%1/30/20266/16/20323,020 3,013 3,003 0.14 
19,185 19,219 0.92 
Paper & Forest Products
Profile Products, LLC (4)(10)SOFR +5.50%9.28%9/26/202211/12/202773,390 72,983 72,839 3.50 
Pharmaceuticals
BioMarin Pharmaceutical, Inc.(8)SOFR +1.75%5.43%4/27/20264/27/20338,443 8,422 8,451 0.41 
Elanco Animal Health, Inc.(8)SOFR +1.75%5.37%10/31/202510/31/20322,392 2,393 2,395 0.12 
Opal US, LLC(8)SOFR +2.50%6.23%6/9/20264/28/20322,161 2,161 2,162 0.10 
12,976 13,008 0.63 
Investments (1)(19)
Footnotes
Reference Rate and Spread (2)
Interest Rate (2)(15)
Acquisition DateMaturity Date
Par Amount/Units (1)
Cost (3)
Fair Value% of Partners’ Capital
First Lien Debt (continued)
Professional Services
AG Group Holdings, Inc.(9)SOFR +4.25%7.89%4/22/202412/29/2028$2,722 $2,719 $2,472 0.12 %
AlixPartners, LLP(8)SOFR +2.00%5.64%7/31/20258/12/20327,026 7,022 6,992 0.34 
Amspec Parent, LLC
(8)
SOFR +3.00%6.73%6/25/202612/22/20318,615 8,615 8,655 0.42 
Ankura Consulting Group, LLC(10)SOFR +3.50%7.17%12/17/202412/29/20311,482 1,479 1,408 0.07 
Ascensus Group Holdings, Inc.(9)SOFR +3.00%6.64%12/13/202411/25/203223,503 23,494 22,994 1.11 
Berkeley Research Group Holdings, LLC(8)SOFR +3.25%6.98%5/1/20255/1/203214,888 14,701 14,889 0.72 
Camelot US Acquisition, LLC(8)SOFR +2.75%6.39%1/31/20241/31/203117,746 17,659 16,400 0.79 
Cast & Crew Payroll, LLC(9)(17)SOFR +3.75%7.41%1/19/202212/29/202836,189 34,833 14,204 0.68 
CFGI Holdings, LLC (4)(10)SOFR +4.25%7.89%9/26/202211/2/202992,923 92,803 92,923 4.47 
EP Purchaser, LLC(9)SOFR +4.50%8.28%12/6/202411/6/20281,227 1,225 799 0.04 
EP Purchaser, LLC(9)SOFR +3.50%7.28%1/19/202211/6/20283,351 3,348 2,182 0.10 
First Advantage Holdings, LLC(8)SOFR +2.75%6.48%7/24/202510/31/20314,724 4,734 4,673 0.22 
Genuine Financial Holdings, LLC(8)SOFR +3.25%6.89%6/28/20249/27/203017,685 17,689 17,169 0.83 
Grant Thornton Advisors, LLC(8)SOFR +2.75%6.39%8/22/20256/2/203118,752 18,755 17,891 0.86 
Heron Bidco, LLC(8)SOFR +4.00%7.73%12/10/202512/10/203216,467 16,239 16,590 0.80 
Inmar, Inc.(8)SOFR +4.50%8.23%9/12/202510/30/20311,236 1,233 1,088 0.05 
Kwor Acquisition, Inc.(4)(7)(11)SOFR +6.25%
9.92% (incl. 5.25% PIK)
2/28/20252/28/203015,110 14,690 15,063 0.72 
Mermaid Bidco, Inc.(8)SOFR +3.25%6.91%6/26/20257/3/20312,607 2,601 2,530 0.12 
Ryan, LLC(9)SOFR +3.50%7.14%11/7/202511/5/20327,421 7,371 7,375 0.35 
Secretariat Advisors, LLC(7)(8)SOFR +4.00%7.73%2/24/20252/28/20321,700 1,693 1,667 0.08 
Sedgwick Claims Management Services, Inc.(8)SOFR +2.50%6.14%2/24/20237/31/203113,203 13,287 13,059 0.63 
Thevelia US, LLC (9)SOFR +3.00%6.73%10/14/20256/18/20294,962 4,943 4,832 0.23 
Trinity Air Consultants Holdings Corp. (4)(10)SOFR +4.25%8.01%9/26/20226/29/2029116,820 116,474 116,820 5.61 
VT Topco, Inc.(9)SOFR +3.00%6.64%12/17/20248/9/20304,913 4,954 4,827 0.23 
West Monroe Partners, LLC (4)(7)(10)SOFR +4.75%8.42%1/19/202211/8/202828,306 28,109 28,107 1.35 
460,670 435,609 20.94 
Semiconductors & Semiconductor Equipment
Altar Bidco, Inc.(9)SOFR +3.35%6.61%10/14/20252/1/20299,922 9,928 9,930 0.48 
MKS, Inc.(8)SOFR +1.75%5.36%2/4/20262/4/20332,373 2,373 2,384 0.11 
12,301 12,314 0.59 
Investments (1)(19)
Footnotes
Reference Rate and Spread (2)
Interest Rate (2)(15)
Acquisition DateMaturity Date
Par Amount/Units (1)
Cost (3)
Fair Value% of Partners’ Capital
First Lien Debt (continued)
Software
Boxer Parent Company, Inc. (8)SOFR +2.75%6.42%7/30/20247/30/2031$44,759 $44,631 $40,456 1.94 %
Businessolver.com, Inc.(4)(10)SOFR +4.50%8.23%1/19/202212/3/203296,183 95,479 95,462 4.59 
CDK Global, Inc.(8)(17)SOFR +3.25%6.98%4/27/20267/6/202949,414 47,241 32,613 1.57 
Cloud Software Group, Inc.(8)SOFR +3.25%6.98%8/7/20253/21/203136,865 36,982 32,441 1.56 
Cloud Software Group, Inc.(8)SOFR +3.25%6.98%8/7/20258/13/20323,465 3,465 3,009 0.14 
Cloudera, Inc. (9)SOFR +3.75%7.49%1/19/202210/8/202814,080 13,986 10,990 0.53 
Confine Visual Bidco (4)(8)SOFR +5.75%9.37%9/26/20222/23/202931,746 31,361 26,904 1.29 
Confine Visual Bidco (4)(8)SOFR +5.75%9.37%9/26/20222/23/2029758 757 642 0.03 
Cornerstone OnDemand, Inc. (9)SOFR +3.75%7.51%2/20/202510/16/202829,562 27,805 18,964 0.91 
Delta Topco, Inc. (8)SOFR +2.75%6.40%11/25/202411/30/202949,317 49,223 46,782 2.25 
EverCommerce Solutions, Inc.(9)SOFR +2.25%5.89%7/24/20257/7/2031463 463 443 0.02 
Facile.It Broker Di Assicurazioni S.p.A(4)(8)E +4.75%6.88%9/26/202512/23/2029EUR10,000 11,658 11,426 0.55 
Flash Charm, Inc.(10)SOFR +3.50%7.16%6/11/20243/2/20288,943 8,935 6,981 0.34 
ION Platform Finance US, Inc.(8)SOFR +3.75%7.48%10/7/202510/7/203226,482 26,245 19,167 0.92 
KnowBe4, Inc.(8)SOFR +3.75%7.41%7/22/20257/23/203214,925 14,893 11,716 0.56 
LD Lower Holdings, Inc. (4)(11)SOFR +7.50%11.33%1/19/20228/9/202713,433 13,418 11,754 0.56 
Magenta Security Holdings, LLC(10)(18)SOFR +6.75%10.67%8/14/20247/27/2028616 600 416 0.02 
Medallia, Inc. (4)(10)(17)SOFR +6.00%9.97%1/19/202210/29/202852,386 50,787 25,931 1.25 
Mitnick Purchaser, Inc. (9)(17)(18)SOFR +4.75%8.51%4/20/20225/2/20294,812 4,699 1,744 0.08 
MRI Software, LLC (4)(11)SOFR +4.75%8.48%9/26/20222/10/20289,811 9,761 9,627 0.46 
Nintex Topco, Limited (4)(10)SOFR +6.00%9.88%1/19/202211/13/202832,658 32,427 25,636 1.23 
Perforce Software, Inc. (8)SOFR +4.75%8.39%12/18/20247/2/202910,632 10,515 5,996 0.29 
Planview Parent, Inc.(8)SOFR +3.50%7.23%12/17/202412/17/20273,635 3,598 3,143 0.15 
Project Alpha Intermediate Holding, Inc.(9)SOFR +3.25%6.98%11/26/202410/26/20307,753 7,738 5,664 0.27 
Project Leopard Holdings, Inc. (9)SOFR +5.25%9.01%12/19/20247/20/202919,691 18,323 12,091 0.58 
Rithum Holdings, Inc.(8)SOFR +4.75%8.48%7/2/20257/21/203210,918 10,728 10,338 0.50 
Skopima Consilio Parent, LLC(9)SOFR +3.75%7.39%12/18/20245/12/202810,696 10,717 8,871 0.43 
Starlight Parent, LLC(8)SOFR +4.00%7.67%4/16/20254/16/203245,782 44,826 38,457 1.85 
Tangerine Bidco S.p.A(4)(8)E +5.00%7.13%12/17/202212/30/2029EUR66,000 69,006 75,412 3.62 
Tangerine Bidco S.p.A(4)(8)E +4.75%7.04%9/26/202512/23/2029EUR3,750 4,024 4,285 0.21 
Trio Bidco, LLC(7)(8)SOFR +4.00%7.73%10/31/202510/29/20327,613 7,545 7,482 0.36 
Triple Lift, Inc. (4)(7)(10)SOFR +5.75%9.58%1/19/20225/5/202857,868 57,671 50,366 2.42 
Tuple US Bidco, LLC(4)(8)SOFR +3.75%7.38%1/28/20261/28/20333,373 3,356 3,238 0.16 
Vision Solutions, Inc. (10)SOFR +4.00%7.93%1/19/20224/24/202812,008 11,821 9,226 0.44 
XPLOR T1, LLC(4)(8)SOFR +3.25%6.91%12/11/202412/1/203218,613 18,598 17,124 0.82 
Zodiac Purchaser, LLC(4)(8)SOFR +3.50%7.14%12/13/20242/14/203218,858 18,801 17,349 0.83 
822,083 702,146 33.73 
Investments (1)(19)
Footnotes
Reference Rate and Spread (2)
Interest Rate (2)(15)
Acquisition DateMaturity Date
Par Amount/Units (1)
Cost (3)
Fair Value% of Partners’ Capital
First Lien Debt (continued)
Specialty Retail
CustomInk, LLC (4)(11)(18)SOFR +5.98%9.65%1/19/20225/3/2028$36,866 $36,867 $36,866 1.77 %
Great Outdoors Group, LLC(10)SOFR +3.25%6.89%1/23/20251/23/20322,533 2,523 2,544 0.12 
Mavis Tire Express Services Topco, Corp.(10)SOFR +3.00%6.67%11/19/20245/4/202824,893 24,932 24,884 1.20 
MillerKnoll, Inc.(8)SOFR +2.00%5.64%2/1/20268/9/20324,000 3,998 3,997 0.19 
OPENLANE, Inc.(4)(8)SOFR +2.50%6.15%10/8/202510/8/20321,790 1,782 1,799 0.09 
StubHub Holdco Sub, LLC(8)SOFR +4.75%8.39%3/15/20243/15/20305,779 5,812 5,824 0.28 
Valvoline, Inc.(8)SOFR +1.75%5.39%5/18/202612/1/20322,686 2,674 2,694 0.13 
78,588 78,608 3.78 
Trading Companies & Distributors
BCPE Empire Holdings, Inc.(9)SOFR +3.25%6.89%3/4/202512/11/20302,694 2,691 2,662 0.13 
BCPE Empire Holdings, Inc.(9)SOFR +3.50%7.14%3/12/202612/29/203210,600 10,453 10,490 0.50 
Hillman Group, Inc.(9)SOFR +2.00%5.65%11/7/20247/14/20283,908 3,911 3,909 0.19 
Icebox Holdco III, Inc.
(9)SOFR +3.25%6.98%1/19/202212/22/20315,969 5,939 5,998 0.29 
Johnstone Supply, LLC(8)SOFR +2.25%5.87%2/5/20266/9/203111,211 11,265 11,217 0.54 
Paramount Global Surfaces, Inc.(4)(11)(17)SOFR +6.00%
9.76% (incl. 3.21% PIK)
1/19/202212/31/20288,906 8,647 4,899 0.24 
White Cap Buyer, LLC(8)SOFR +3.25%6.89%6/13/202410/19/202916,681 16,710 16,676 0.80 
59,616 55,851 2.69 
Transportation Infrastructure
Apple Bidco, LLC(8)SOFR +2.50%6.14%6/7/20229/23/203130,334 30,365 30,397 1.46 
Roadsafe Holdings, Inc. (4)(11)SOFR +5.25%9.05%1/19/202210/18/20308,492 8,472 8,492 0.41 
Roadsafe Holdings, Inc. (4)(11)SOFR +5.25%9.05%1/19/202210/18/20304,891 4,874 4,891 0.24 
Signature Aviation US Holdings, Inc.(9)SOFR +2.50%6.14%8/11/20257/1/20314,962 4,967 4,981 0.24 
Signature Aviation US Holdings, Inc.(9)SOFR +2.50%6.14%7/23/20257/1/20314,962 4,989 4,980 0.24 
Swissport Stratosphere USA, LLC(8)SOFR +2.75%6.42%1/14/20264/4/2031352 352 352 0.02 
54,019 54,093 2.61 
Wireless Telecommunication Services
Vantage Data Centers, LLC(4)(7)(8)SOFR +2.50%6.12%4/30/20264/30/203023,158 21,159 21,159 1.02 
Total First Lien Debt5,388,144 5,098,060 245.01 
Investments (1)(19)
Footnotes
Reference Rate and Spread (2)
Interest Rate (2)(15)
Acquisition DateMaturity Date
Par Amount/Units (1)
Cost (3)
Fair Value% of Partners’ Capital
Second Lien Debt
Health Care Providers & Services
Canadian Hospital Specialties, Ltd. (4)(8)8.75%8.75%12/20/20224/15/2029CAD12,000 $8,487 $8,123 0.39 %
Jayhawk Buyer, LLC (4)(11)SOFR +9.00%12.76%1/19/20227/16/2028$24,712 24,644 23,414 1.13 
New ACI Intermediate I, LLC(4)(8)10.00%
10.00% PIK
6/29/20266/28/203218,624 18,624 18,624 0.89 
51,755 50,161 2.41 
Life Sciences Tools & Services
Curia Global, Inc. (4)(10)(17)SOFR +10.50%
14.43% PIK
9/26/20223/7/203045,361 43,332 4,083 0.20 
Machinery
Victory Buyer, LLC (4)(8)SOFR +6.00%9.66%2/13/20262/13/203457,788 56,713 57,788 2.78 
Professional Services
Kwor Acquisition, Inc.(4)(11)SOFR +8.00%
11.67% PIK
2/28/20252/28/203016,080 16,080 16,080 0.77 
Software
Boxer Parent Company, Inc. (8)SOFR +5.75%9.41%3/26/20257/30/203220,000 19,455 17,208 0.83 
Vision Solutions, Inc. (10)SOFR +7.25%11.18%9/26/20224/23/202924,942 23,413 16,202 0.78 
42,868 33,410 1.61 
Total Second Lien Debt210,748 161,522 7.77 
Investments (1)(19)
Footnotes
Reference Rate and Spread (2)
Interest Rate (2)(15)
Acquisition DateMaturity Date
Par Amount/Units (1)
Cost (3)
Fair Value% of Partners’ Capital
Equity
Air Freight & Logistics
Mode Holdings, LP - Class A-2 Common Units (4)1/19/20221,230,769 $2,215 $49 0.00 %
Red Griffin ParentCo, LLC - Class A Common Units(4)11/27/20243,838 16,269 2,829 0.14 
18,484 2,878 0.14 
Capital Markets
Resolute Investment Managers, Inc. - Common Equity12/29/202311,751 294 18 0.00 
Chemicals
Pigments Holdings, LP - LP Interest(4)4/14/20231,212 000.00 
Distributors
Box Co-Invest Blocker, LLC - (BP Alpha Holdings, LP) - Class A Units(4)1/19/20221 780 0 0.00 
Box Co-Invest Blocker, LLC - (BP Alpha Holdings, LP) - Class C Preferred Units(4)7/12/20231 92 0 0.00 
GSO DL Co-Invest EIS LP (EIS Acquisition Holdings, LP - Class A Common Units)(4)1/19/2022301,167 1,239 1,436 0.07 
2,111 1,436 0.07 
Diversified Consumer Services
Cambium Holdings, LLC - Senior Preferred Interest(4)11.50%1/19/2022974,662 1,133 1,109 0.05 
Health Care Providers & Services
DCA TopCo, LP - Common Units(4)6/2/20261,011,407 8,968 8,971 0.43 
Jayhawk Holdings, LP - Class A-1 Common Units (4)1/19/2022797 210 18 0.00 
Jayhawk Holdings, LP - Class A-2 Common Units (4)1/19/2022429 113 9 0.00 
New ACI Holdings, LLC - Class A Common Units(4)6/29/202689,859 52,613 52,543 2.53 
WHCG Purchaser, Inc. - Class A Common Units(4)8/2/2024667,649 0 0 0.00 
61,904 61,541 2.96 
Media
Prodege International Holdings, LLC - Class A Units(4)2/12/20262,887 4,896 4,638 0.22 
Oil, Gas & Consumable Fuels
Port Arthur LNG Phase II Intermediate Company, LLC - Class B Units(4)(7)
7.60% PIK
3/23/202669,729,468 1,079,961 1,085,701 52.18 
Investments (1)(19)
Footnotes
Reference Rate and Spread (2)
Interest Rate (2)(15)
Acquisition DateMaturity Date
Par Amount/Units (1)
Cost (3)
Fair Value% of Partners’ Capital
Equity (continued)
Professional Services
Kwor Intermediate I, Inc. - Class A Common Shares(4)2/28/20258,617 $7,857 $1,462 0.07 %
Kwor Intermediate I, Inc. - Preferred Equity(4)2/28/20259,216 9,216 10,019 0.48 
17,073 11,481 0.55 
Software
Descartes Holdings, Inc. - Class A Common Stock(4)10/9/202316,805 728 0 0.00 
Specialty Retail
GSO DL CoInvest CI LP (CustomInk, LLC - Series A Preferred Units)(4)1/19/20223,000,000 3,542 3,592 0.17 
Total Equity1,190,126 1,172,394 56.34 
Total Investment Portfolio6,789,018 6,431,976 309.12 
Cash and Cash Equivalents
Dreyfus Government Cash Management - Institutional Shares3.53%1,354 1,354 0.07 
Dreyfus Treasury Obligations Cash Management3.50%380 380 0.02 
Fidelity Investments Money Market Treasury Portfolio - Class I3.55%277 277 0.01 
Other Cash and Cash Equivalents99,575 99,575 4.79 
Total Cash and Cash Equivalents101,586 101,586 4.89 
Total Portfolio Investments, Cash and Cash Equivalents$6,890,604 $6,533,562 314.01 %
(1)Unless otherwise indicated, all debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. As of June 30, 2026, the Company had investments denominated in Canadian Dollars (CAD), Euros (EUR), British Pounds (GBP), Swiss Francs (CHF), Danish Krone (DKK), Swedish Krona (SEK), Norwegian Krone (NOK), New Zealand Dollars (NZD), and Australian Dollars (AUD). All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount (in thousands) is presented for debt investments, while the number of shares or units (in whole amounts) owned is presented for equity investments. Each of the Company’s investments is pledged as collateral, under one or more of its credit facilities unless otherwise indicated.
(2)Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either Canadian Overnight Repo Rate Average (“CORRA” or “CA”), Sterling Overnight Interbank Average Rate (“SONIA” or “S”), Euro Interbank Offer Rate (“Euribor” or “E”), Secured Overnight Financing Rate (“SOFR”), Stockholm Interbank Offered Rate (“STIBOR” or “ST”), Copenhagen Interbank Offered Rate (“CIBOR” or “CI”), Norwegian Interbank Offered Rate (“NIBOR” or “N”), Swiss Average Rate Overnight (“SARON” or “SA”), New Zealand Bank Bill Reference Rate (“BKBM” or “B”), Australian Bank Bill Swap Bid Rate (“BBSY” or “BB”), or an alternate base rate (commonly based on the Federal Funds Rate (“F”) or the U.S. Prime Rate (“P”)), which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of June 30, 2026. Variable rate loans typically include an interest reference rate floor feature.
(3)The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method in accordance with GAAP.
(4)These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by or under the direction of the Board (see Note 2 and Note 5), pursuant to the Company’s valuation policy.
(5)These debt investments are not pledged as collateral under any of the Company's credit facilities. For other debt investments that are pledged to the Company's credit facilities, a single investment may be divided into parts that are individually pledged as collateral to separate credit facilities. Any other debt investments listed above are pledged to financing facilities or CLOs and are not available to satisfy the creditors of the Company.
(6)Reserved.
(7)Position or portion thereof is an unfunded commitment, and no interest is being earned on the unfunded portion, although the investment may be subject to unused commitment fees. Negative cost and fair value results from unamortized fees, which are capitalized to the investment cost. The unfunded commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. See below for more information on the Company’s unfunded commitments (all commitments are first lien, unless otherwise noted):
InvestmentsCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
ADCS Clinics Intermediate Holdings, LLC Revolver8/7/2026$268 $— 
Azuria Water Solutions, Inc.Delayed Draw Term Loan4/23/20282,101 — 
Cambium Learning Group, Inc. Revolver7/20/20273,249 — 
Chicago US Midco III, LPDelayed Draw Term Loan10/30/20271,221 — 
Jupiter Purchaser, LLCDelayed Draw Term Loan6/5/20292,957 — 
Kwor Acquisition, Inc.Revolver2/28/20306,959 — 
Kwor Acquisition, Inc.Delayed Draw Term Loan2/28/20279,221 (46)
Latham Pool Products, Inc.Revolver2/23/202711,250 (92)
Navigator Acquiror, Inc. Delayed Draw Term Loan7/15/2030634 — 
Navigator Acquiror, Inc. Delayed Draw Term Loan7/15/2030634 — 
Pinnacle Buyer, LLCDelayed Draw Term Loan4/1/20271,945 — 
Port Arthur LNG Phase II Intermediate Company, LLCEquity12/30/2026299,028 — 
Pye-Barker Fire & Safety, LLCDelayed Draw Term Loan12/31/20271,420 — 
Raven Acquisition Holdings, LLCDelayed Draw Term Loan11/19/2026667 (8)
Sanders Industries Holdings, Inc.Delayed Draw Term Loan2/26/20271,742 — 
Secretariat Advisors, LLCDelayed Draw Term Loan2/28/2027207 (3)
SEKO Global Logistics Network, LLCDelayed Draw Term Loan5/10/202783 — 
Signia Aerospace, LLCDelayed Draw Term Loan6/23/2028732 — 
Smile Doctors, LLC Revolver12/23/20274,737 (166)
Trio Bidco, LLCDelayed Draw Term Loan10/31/2027803 (13)
Triple Lift, Inc. Revolver5/5/20282,143 (268)
US Fertility Enterprises, LLCDelayed Draw Term Loan12/30/2027196 — 
Vantage Data Centers, LLCDelayed Draw Term Loan4/30/2030141,480 — 
VRS Buyer, Inc.Delayed Draw Term Loan10/10/2027646 (4)
West Monroe Partners, LLC Revolver11/9/20272,843 (57)
Total Unfunded Commitments$497,166 $(657)
(8)There are no interest rate floors on these investments.
(9)The interest rate floor on these investments as of June 30, 2026 was 0.50%.
(10)The interest rate floor on these investments as of June 30, 2026 was 0.75%.
(11)The interest rate floor on these investments as of June 30, 2026 was 1.00%.
(12)The interest rate floor on these investments as of June 30, 2026 was 1.25%.
(13)The interest rate floor on these investments as of June 30, 2026 was 1.50%.
(14)The interest rate floor on these investments as of June 30, 2026 was 2.00%.
(15)For unsettled positions the interest rate does not include the base rate.
(16)Reserved.
(17)Loan was on non-accrual status as of June 30, 2026.
(18)These loans are “last-out” portions of loans. The “last-out” portion of the Company's loan investment generally earns a higher interest rate than the “first-out” portion, and in exchange the “first-out” portion would generally receive priority with respect to payment principal, interest and any other amounts due thereunder over the “last-out” portion.
(19)All securities are exempt from registration under the Securities Act, and may be deemed to be “restricted securities.” As of June 30, 2026, the aggregate fair value of these securities is $6,432.0 million or 309.12% of the Company’s net assets. The initial acquisition dates have been included for such securities.
The following table presents the selected consolidated statements of assets and liabilities information of the Emerald JV as of June 30, 2026 and December 31, 2025 (Unaudited):
June 30, 2026December 31, 2025
ASSETS
Investments at fair value (cost of $6,789,018 and $6,690,646, respectively)
$6,431,976 $6,496,980 
Cash and cash equivalents101,586 153,209 
Interest receivable36,348 40,940 
Non-cash dividend receivable54,872 — 
Receivable for investments sold and other assets94,993 39,821 
Deferred financing costs11,859 10,930 
Derivative assets at fair value685 — 
Total assets$6,732,319 $6,741,880 
LIABILITIES
Debt (net of unamortized debt issuance costs of $13,626 and $4,732, respectively)
$4,604,882 $4,294,667 
Distribution payable8,000 81,882 
Interest payable and other liabilities38,562 127,004 
Total liabilities4,651,444 4,503,553 
PARTNERS’ CAPITAL
Partners’ capital2,080,875 2,238,327 
Total partners’ capital2,080,875 2,238,327 
Total liabilities and partners’ capital$6,732,319 $6,741,880 
The following table presents the selected consolidated statements of operations information of the Emerald JV for the three and six months ended June 30, 2026 and June 30, 2025 (Unaudited):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Investment income:
Interest income$114,258 $140,067 $237,020 $259,290 
Payment-in-kind interest income2,817 6,033 6,666 11,002 
Non-cash dividend income20,819 — 22,558 — 
Other income69 353 475 631 
Total investment income137,963 146,453 266,719 270,923 
Expenses:
Interest expense70,435 54,886 128,780 102,735 
Other expenses716 686 1,732 1,482 
Total expenses71,151 55,572 130,512 104,217 
Net investment income before tax expense66,812 90,881 136,207 166,706 
Tax expense— — — — 
Net investment income after tax expense66,812 90,881 136,207 166,706 
Net realized and change in unrealized gain (loss):
Net change in unrealized gain (loss) on investments, foreign currency, derivatives and income tax (provision) benefit28,112 5,144 (159,284)(37,566)
Net realized gain (loss) on investments, foreign currency and extinguishment of debt(58,951)80 (81,774)(16,629)
Total net realized and change in unrealized gain (loss)(30,839)5,224 (241,058)(54,195)
Net increase (decrease) in partners’ capital resulting from operations$35,973 $96,105 $(104,851)$112,511 
BCRED Verdelite JV
Verdelite JV was formed as a joint venture between the Company and an entity managed by an alternative credit management investment firm with a specialized focus on structured and syndicated credit, including CLO management (the “Verdelite JV Partner”), commenced operations on October 21, 2022 and operates under a limited partnership agreement. The Verdelite JV’s principal purpose is to make investments, primarily in broadly syndicated loans.
As of June 30, 2026 and December 31, 2025, a wholly-owned subsidiary of the Company and the Verdelite JV Partner had commitments to contribute up to $147.0 million and $21.0 million of capital, respectively, to the Verdelite JV.
As of June 30, 2026 and December 31, 2025, the Company had made capital contributions (net of returns of capital) of $117.7 million and the Verdelite JV Partner had made capital contributions (net of returns of capital) of $16.8 million. As of June 30, 2026 and December 31, 2025, $29.3 million of capital remained uncalled from the Company and $4.2 million of capital remained uncalled from the Verdelite JV Partner. The Company and the Verdelite JV Partner may, from time-to-time, make additional contributions of capital or may receive returns of capital from the Verdelite JV.
As of June 30, 2026 and December 31, 2025, the Company and the Verdelite JV Partner’s equity ownership interests in the Verdelite JV were 87.5% and 12.5%, respectively.
The Company and the Verdelite JV Partner, through their joint control of the Verdelite JV’s general partner, have equal control of the Verdelite JV’s investment decisions, the decision to call additional capital up to the amounts committed by the Company and the Verdelite JV Partner, the decision to return capital or to make distributions, and generally all other decisions in respect of the Verdelite JV must be approved by the Verdelite JV’s investment committee or board of directors, each of which consists of an equal number of representatives of the Company and the Verdelite JV Partner. The initial term of the Verdelite JV was three years from the commencement of operations, and will continue for successive six-month periods thereafter upon the approval of the Verdelite JV’s general partner, except in the case of a dissolution event. The Company’s investment in the Verdelite JV cannot be transferred without the consent of the Verdelite JV Partner. Effective April 21, 2026, the Verdelite JV’s general partner approved the extension of the Verdelite JV to October 21, 2026.
The Company has determined that the Verdelite 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 Verdelite JV and has determined that the Verdelite JV is a variable interest entity under ASC 810. However, the Company is not deemed to be the primary beneficiary of the Verdelite JV as there is equal power between the Company and the Verdelite JV Partner. Accordingly, the Company does not consolidate the Verdelite JV.
The Company’s investment in the Verdelite JV is disclosed on the Company’s Condensed Consolidated Schedule of Investments as of June 30, 2026 and December 31, 2025.
The following table presents the consolidated schedule of investments of the Verdelite JV as of June 30, 2026:
Investments (1)(19)
Footnotes
Reference Rate and Spread (2)
Interest Rate (2)(15)
Acquisition DateMaturity Date
Par Amount/Units (1)
Cost (3)
Fair Value% of Partners’ Capital
First Lien Debt
Aerospace & Defense
Dynasty Acquisition Co, Inc.(8)SOFR +2.00%5.64%10/10/202510/31/2031$1,438 $1,437 $1,443 1.27 %
Dynasty Acquisition Co, Inc.(8)SOFR +2.00%5.64%10/10/202510/31/2031547 546 549 0.48 
Galileo Parent, Inc.(8)SOFR +4.50%8.12%3/13/20262/28/20332,168 2,137 2,176 1.91 
KBR, Inc.(8)SOFR +2.00%5.64%8/14/20241/17/2031497 497 497 0.44 
LSF11 Trinity Bidco, Inc.(8)SOFR +2.50%6.15%9/11/20256/14/20302,211 2,211 2,215 1.94 
Peraton Corp.(10)SOFR +3.75%7.51%11/16/20222/1/20284,606 4,582 4,168 3.66 
Propulsion BC Newco, LLC(9)SOFR +2.50%6.23%12/1/202512/1/2032276 276 278 0.24 
Sanders Industries Holdings, Inc.(7)(9)SOFR +2.00%5.67%6/11/20262/26/20321,198 1,191 1,197 1.05 
TransDigm, Inc.(8)SOFR +2.50%6.14%11/28/20232/28/20315,866 5,864 5,874 5.16 
TransDigm, Inc.(8)SOFR +2.25%5.89%9/11/20253/22/203089 89 89 0.08 
Vertex Aerospace Services, LLC(10)SOFR +2.00%5.64%11/16/202212/6/20305,367 5,351 5,368 4.71 
24,181 23,854 20.94 
Air Freight & Logistics
Savage Enterprises, LLC(8)SOFR +2.00%5.62%5/5/20268/5/20321,692 1,686 1,694 1.49 
Airlines (Passenger Airlines)
Air Canada(8)SOFR +1.75%5.41%1/9/20263/21/2031121 121 121 0.11 
American Airlines, Inc.(8)SOFR +2.25%5.94%2/15/20232/15/20282,909 2,909 2,887 2.53 
American Airlines, Inc.(8)SOFR +2.25%5.93%2/15/20234/20/2028990 971 990 0.87 
OneSky Flight, LLC(8)SOFR +2.75%6.39%2/17/20262/17/2033213 212 214 0.19 
United Airlines, Inc.(8)SOFR +1.75%5.40%2/3/20262/22/20312,262 2,262 2,263 1.99 
6,475 6,475 5.69 
Automobile Components
Clarios Global, LP(8)SOFR +2.50%6.14%7/16/20245/6/20302,387 2,387 2,392 2.10 
Clarios Global, LP(8)SOFR +2.50%6.14%5/21/20261/28/20321,985 1,975 1,989 1.75 
4,362 4,381 3.85 
Beverages
Triton Water Holdings, Inc.(9)SOFR +2.75%6.48%3/31/20263/31/20311,243 1,237 1,250 1.10 
Biotechnology
Alkermes, Inc.(8)SOFR +2.75%6.48%2/12/20268/12/2031186 186 187 0.16 
Broadline Retail
Chewy, Inc.(8)SOFR +1.75%5.45%6/16/20266/23/2033274 274 274 0.24 
Peer Holding III, BV(8)SOFR +2.50%6.23%6/26/20247/1/20311,914 1,914 1,920 1.69 
Peer Holding III, BV(8)SOFR +2.25%5.98%9/29/20259/29/2032360 360 361 0.32 
2,548 2,555 2.25 
Investments (1)(19)
Footnotes
Reference Rate and Spread (2)
Interest Rate (2)(15)
Acquisition DateMaturity Date
Par Amount/Units (1)
Cost (3)
Fair Value% of Partners’ Capital
First Lien Debt (continued)
Building Products
Cornerstone Building Brands, Inc. (9)(17)SOFR +3.25%7.01%11/16/20224/12/2028$3,887 $3,786 $2,391 2.10 %
Griffon Corp.(8)SOFR +2.00%5.64%6/26/20241/24/20292,173 2,178 2,176 1.91 
LBM Acquisition, LLC(10)SOFR +3.75%7.50%6/6/20246/6/20315,200 5,163 4,375 3.84 
MIWD Holdco II, LLC(8)SOFR +2.75%6.39%3/28/20243/28/20312,004 1,997 1,982 1.74 
Resideo Funding, Inc.(8)SOFR +2.00%5.64%6/14/20246/13/2031539 539 540 0.47 
Resideo Funding, Inc.(8)SOFR +2.00%5.67%8/8/20258/13/2032327 327 328 0.29 
Standard Industries, Inc.(9)SOFR +1.75%5.39%11/16/20229/22/2028521 521 522 0.46 
14,511 12,314 10.81 
Capital Markets
Apex Group Treasury, LLC(8)SOFR +3.50%7.15%2/27/20252/27/20323,474 3,467 3,300 2.90 
Aretec Group, Inc.(8)SOFR +3.00%6.64%11/20/20258/9/20305,336 5,335 5,331 4.68 
Chrysaor Bidco S.à r.l.(9)SOFR +3.00%6.67%10/14/202510/30/2031957 956 960 0.84 
Citco Funding, LLC(9)SOFR +2.00%5.66%1/30/20261/30/2033625 624 624 0.55 
Edelman Financial Engines Center, LLC
(8)SOFR +4.00%7.64%4/30/202612/1/20313,831 3,794 3,847 3.38 
EP Wealth Advisors, LLC(8)SOFR +2.50%6.17%5/18/202610/18/2032211 210 211 0.19 
Focus Financial Partners, LLC(8)SOFR +2.50%6.14%1/31/20259/15/20312,246 2,235 2,197 1.93 
GTCR Everest Borrower, LLC(8)SOFR +2.50%6.23%2/3/20269/5/20314,090 4,092 4,079 3.58 
Hudson River Trading, LLC(8)SOFR +2.50%6.14%1/21/20263/18/2030155 154 154 0.14 
Jane Street Group, LLC(8)SOFR +2.00%5.67%10/1/202512/15/2031285 283 283 0.25 
Jump Financial, LLC(8)SOFR +3.50%7.23%6/18/20262/26/2032170 169 171 0.15 
Jupiter Borrower, Inc.(8)SOFR +2.75%6.48%4/8/20263/25/2033249 248 250 0.22 
Kestra Advisor Services Holdings A, Inc.(8)SOFR +2.75%6.39%5/13/20263/22/20311,562 1,562 1,550 1.36 
Osaic Holdings, Inc.(8)SOFR +2.50%6.23%2/2/20267/30/20322,370 2,368 2,342 2.06 
Superannuation & Investments US, LLC(9)SOFR +2.50%6.14%1/30/202612/1/2028104 104 104 0.09 
Victory Capital Holdings, Inc.(8)SOFR +1.75%5.48%9/10/20259/23/20321,999 1,997 1,994 1.75 
27,598 27,397 24.07 
Chemicals
CI Maroon Holdings, LLC(8)SOFR +3.25%7.08%2/7/20253/3/2031884 884 879 0.77 
Nouryon USA, LLC(8)SOFR +3.25%6.94%4/26/20244/3/20282,860 2,860 2,864 2.51 
Nouryon USA, LLC(8)SOFR +3.25%6.94%4/26/20244/3/2028778 778 779 0.68 
Olympus Water US Holding Corp.(8)SOFR +3.25%6.98%11/3/202511/3/2032356 356 357 0.31 
Qnity Electronics, Inc.(8)SOFR +2.00%5.67%6/23/202611/1/2032601 599 603 0.53 
SCIL USA Holdings, LLC(8)SOFR +4.00%7.65%10/30/202511/8/2032745 742 745 0.65 
Solstice Advanced Materials, Inc.(8)SOFR +1.75%5.41%10/29/202510/29/2032254 254 256 0.22 
6,473 6,483 5.67 
Investments (1)(19)
Footnotes
Reference Rate and Spread (2)
Interest Rate (2)(15)
Acquisition DateMaturity Date
Par Amount/Units (1)
Cost (3)
Fair Value% of Partners’ Capital
First Lien Debt (continued)
Commercial Services & Supplies
Access CIG, LLC (9)SOFR +4.00%7.64%8/15/20258/19/2030$6,456 $6,365 $5,760 5.06 %
Allied Universal Holdco, LLC(8)SOFR +3.25%6.89%8/6/20258/20/20322,513 2,511 2,518 2.21 
Anticimex, Inc.(8)SOFR +2.90%6.41%11/21/202511/17/20313,306 3,290 3,316 2.91 
Aramark Services, Inc.(8)SOFR +1.75%5.39%8/12/20254/6/2028259 259 260 0.23 
Arcwood Environmental, Inc.(4)(8)SOFR +3.00%6.64%3/20/20264/1/2033300 299 302 0.27 
Asplundh Tree Expert, LLC(8)SOFR +1.75%5.39%5/23/20245/23/20311,322 1,319 1,322 1.16 
Belfor Holdings, Inc.(9)SOFR +2.75%6.39%8/8/202511/1/2030940 940 939 0.82 
EAB Global, Inc. (9)SOFR +3.00%6.64%11/16/20228/16/20308,678 8,626 7,843 6.89 
Foundational Education Group, Inc.(9)SOFR +4.25%8.18%11/16/20228/31/20282,442 2,395 2,217 1.95 
GFL Environmental Services USA, Inc.(8)SOFR +2.50%6.16%10/10/20253/3/20321,985 1,986 1,988 1.74 
HNI Corp.(8)SOFR +1.75%5.37%5/21/202612/10/2032291 290 292 0.26 
Lsf12 Crown US Commercial Bidco, LLC(8)SOFR +3.00%6.62%1/20/202612/2/2031345 345 346 0.30 
OMNIA Partners, LLC(8)SOFR +2.75%6.42%1/26/202412/31/20321,128 1,127 1,132 0.99 
Pinnacle Buyer, LLC(7)(8)SOFR +2.50%6.18%9/11/202510/1/2032443 442 444 0.39 
Prime Security Services Borrower, LLC(8)SOFR +2.00%5.62%4/15/202410/13/20304,063 4,062 4,042 3.55 
Prime Security Services Borrower, LLC(8)SOFR +1.75%5.37%4/4/20253/7/20321,273 1,263 1,256 1.10 
Pye-Barker Fire & Safety, LLC(7)(8)SOFR +2.50%6.23%12/16/202512/16/20321,008 1,003 1,011 0.89 
Vaco Holdings, Inc.(10)SOFR +5.00%8.88%11/16/20221/22/20292,282 2,256 1,881 1.65 
38,778 36,869 32.37 
Construction & Engineering
Azuria Water Solutions, Inc.(7)(8)SOFR +2.75%6.48%4/30/20264/25/20331,264 1,261 1,263 1.11 
Brookfield WEC Holdings, Inc. (8)SOFR +2.00%5.62%1/25/20241/27/20312,476 2,471 2,477 2.17 
Dycom Industries, Inc.(8)SOFR +1.75%5.40%1/27/20261/27/2033251 250 251 0.22 
Green Infrastructure Partners US, LLC(4)(8)SOFR +2.75%6.48%9/19/20259/24/2032272 271 272 0.24 
Touchdown Acquirer, Inc.(8)SOFR +2.50%6.16%2/5/20262/21/20311,030 1,030 1,022 0.90 
5,283 5,285 4.64 
Construction Materials
MSOF Beacon, LLC(8)SOFR +2.50%6.17%12/23/202512/23/2032158 158 159 0.14 
Quikrete Holdings, Inc.(8)SOFR +2.25%5.89%4/4/20252/10/20322,476 2,453 2,477 2.17 
Tamko Building Products, LLC(8)SOFR +2.75%6.60%10/23/20249/20/20302,588 2,588 2,590 2.27 
5,199 5,226 4.58 
Consumer Finance
CPI Holdco B, LLC(8)SOFR +2.00%5.64%12/11/20255/17/20313,865 3,861 3,854 3.38 
Investments (1)(19)
Footnotes
Reference Rate and Spread (2)
Interest Rate (2)(15)
Acquisition DateMaturity Date
Par Amount/Units (1)
Cost (3)
Fair Value% of Partners’ Capital
First Lien Debt (continued)
Containers & Packaging
Berlin Packaging, LLC (8)SOFR +3.25%6.98%7/25/20256/7/2031$4,452 $4,452 $4,436 3.89 %
Clydesdale Acquisition Holdings, Inc.(9)SOFR +3.18%6.82%11/16/20224/13/20291,636 1,623 1,610 1.41 
Graham Packaging Co., Inc. (8)SOFR +2.25%5.89%1/26/20261/26/2033319 319 320 0.28 
ProAmpac PG Borrower, LLC (8)SOFR +4.00%7.67%3/6/20263/7/2033111 111 109 0.10 
Ring Container Technologies Group, LLC(9)SOFR +2.50%6.14%10/10/20259/15/20321,985 1,984 1,990 1.75 
SupplyOne, Inc.(8)SOFR +3.50%7.14%4/19/20244/19/20311,674 1,668 1,678 1.47 
TricorBraun Holdings, Inc. (9)SOFR +3.25%6.89%11/16/20223/3/20316,416 6,327 6,019 5.28 
Trident TPI Holdings, Inc.(9)SOFR +3.75%7.48%10/18/20249/15/20284,353 4,353 4,186 3.67 
20,837 20,348 17.85 
Diversified Consumer Services
Bifm CA Buyer, Inc.(9)SOFR +3.25%6.89%3/30/20265/31/20281,990 1,994 1,999 1.75 
Cengage Learning, Inc.(11)SOFR +3.00%6.65%1/22/20263/24/2031489 489 484 0.43 
Covista, Inc.(10)SOFR +2.25%5.98%3/2/20263/2/2033378 376 379 0.33 
Element Materials Technology Group US Holdings, Inc.(9)SOFR +3.50%7.23%11/16/20227/6/20292,917 2,883 2,937 2.58 
Imagine Learning, LLC(9)SOFR +3.50%7.14%2/1/202412/21/20293,925 3,911 3,699 3.25 
Inspired Education US Holdings, Inc.(8)SOFR +2.75%6.41%2/11/20262/28/2031338 337 339 0.30 
KUEHG Corp.(9)SOFR +2.75%6.48%8/11/20256/12/20302,475 2,483 2,389 2.10 
Mckissock Investment Holdings, LLC(10)SOFR +5.00%8.90%11/16/20223/12/20294,139 4,083 3,548 3.11 
Metropolis Technologies, Inc.(8)SOFR +5.25%8.92%11/3/202511/3/2032902 893 889 0.78 
Mister Car Wash Holdings, Inc.(8)SOFR +2.75%6.39%5/19/20263/27/2031664 664 666 0.58 
Pre-Paid Legal Services, Inc. (9)SOFR +3.25%6.89%11/16/202212/15/20283,215 3,190 2,946 2.59 
Spring Education Group, Inc.(8)SOFR +3.25%6.98%9/29/202310/4/20303,336 3,314 3,333 2.93 
University Support Services, LLC (9)SOFR +2.75%6.39%11/16/20222/10/20293,658 3,638 3,609 3.17 
Wand NewCo 3, Inc.(8)SOFR +2.50%6.14%7/30/20241/30/20312,847 2,828 2,847 2.50 
31,083 30,064 26.40 
Diversified REITs
Iron Mountain Information Management, LLC(8)SOFR +2.00%5.64%12/28/20231/31/2031838 834 838 0.74 
Diversified Telecommunication Services
Coral-US Co-Borrower, LLC(8)SOFR +3.25%6.92%11/16/20221/31/20322,450 2,440 2,378 2.09 
Virgin Media Bristol, LLC(8)SOFR +3.18%6.97%3/2/20233/31/20312,727 2,711 2,428 2.13 
Zacapa, LLC (9)SOFR +3.75%7.48%10/29/20243/22/20294,432 4,432 4,431 3.89 
9,583 9,237 8.11 
Investments (1)(19)
Footnotes
Reference Rate and Spread (2)
Interest Rate (2)(15)
Acquisition DateMaturity Date
Par Amount/Units (1)
Cost (3)
Fair Value% of Partners’ Capital
First Lien Debt (continued)
Electric Utilities
NRG Energy, Inc.(8)SOFR +1.75%5.42%4/16/20244/16/2031$1,738 $1,735 $1,738 1.53 %
Electrical Equipment
Forgent Power, LLC(8)SOFR +2.25%5.95%5/21/202612/20/2032422 418 424 0.37 
Generac Power Systems, Inc.(8)SOFR +1.75%5.37%7/3/20247/3/20313,732 3,729 3,760 3.30 
4,147 4,184 3.67 
Electronic Equipment, Instruments & Components
Celestica, Inc.(4)(8)SOFR +1.75%5.40%6/20/20246/20/20313,430 3,430 3,434 3.01 
Infinite Bidco, LLC(9)SOFR +3.75%7.68%11/16/20223/2/20282,113 2,085 2,103 1.85 
Modena Buyer, LLC(8)SOFR +4.25%7.91%7/1/20247/1/20311,808 1,782 1,675 1.47 
Project Aurora US Finco, Inc.(8)SOFR +2.75%6.48%9/30/20259/27/2032252 252 254 0.22 
Sanmina Corp.(4)(8)SOFR +1.75%5.39%5/18/202610/27/2032357 356 358 0.31 
7,905 7,824 6.86 
Energy Equipment & Services
Ursa Minor US Bidco, LLC(8)SOFR +2.00%5.73%11/13/20253/26/20311,487 1,484 1,488 1.31 
Entertainment
EOC Borrower, LLC(8)SOFR +2.75%6.39%8/11/20253/24/20322,475 2,483 2,481 2.18 
TKO Worldwide Holdings, LLC(8)SOFR +1.75%5.41%5/18/202611/21/2031350 349 349 0.31 
2,832 2,830 2.49 
Financial Services
Bcpe Pequod Buyer, Inc.(8)SOFR +2.75%6.39%12/5/202511/25/2031174 173 169 0.15 
Chicago US Midco III, LP(7)(8)SOFR +2.50%6.14%10/30/202511/1/2032512 511 513 0.45 
Corpay Technologies Operating Co, LLC(8)SOFR +1.75%5.39%11/5/202511/5/2032382 381 382 0.34 
Mitchell International, Inc.(9)SOFR +3.00%6.64%1/22/20266/17/20314,966 4,948 4,741 4.16 
Planet US Buyer, LLC(8)SOFR +3.00%6.66%2/9/20242/7/20311,004 1,003 1,009 0.89 
7,016 6,814 5.99 
Food Products
CHG PPC Parent, LLC(9)SOFR +3.00%6.76%11/16/202212/8/20282,900 2,862 2,911 2.56 
Froneri US, Inc.(8)SOFR +2.25%5.88%3/11/20259/30/20311,968 1,958 1,956 1.72 
Froneri US, Inc.(8)SOFR +2.25%5.88%7/16/20259/30/20321,371 1,368 1,363 1.20 
PFI Lower Midco, LLC(8)SOFR +4.00%7.64%12/1/202512/1/2032199 197 201 0.18 
Snacking Investments US, LLC(8)SOFR +3.00%6.66%6/4/202610/29/2032344 343 345 0.30 
6,728 6,776 5.96 
Ground Transportation
Genesee & Wyoming, Inc.(8)SOFR +1.75%5.48%4/10/20244/10/20314,249 4,234 4,236 3.72 
Investments (1)(19)
Footnotes
Reference Rate and Spread (2)
Interest Rate (2)(15)
Acquisition DateMaturity Date
Par Amount/Units (1)
Cost (3)
Fair Value% of Partners’ Capital
First Lien Debt (continued)
Health Care Equipment & Supplies
Argent Finco, LLC(8)SOFR +2.50%6.23%11/20/202511/12/2032$151 $151 $152 0.13 %
Resonetics, LLC(10)SOFR +2.75%6.42%7/24/20256/18/20313,528 3,528 3,528 3.10 
WS Audiology USA II, LLC(8)SOFR +3.25%6.92%6/18/20262/28/20294,034 4,034 4,045 3.55 
7,713 7,725 6.78 
Health Care Providers & Services
Agiliti Health, Inc.(8)SOFR +3.00%6.58%5/1/20235/1/20301,867 1,867 1,805 1.58 
CHG Healthcare Services, Inc.(9)SOFR +3.00%6.66%5/7/20269/29/20312,468 2,465 2,471 2.17 
Concentra Health Services, Inc.(8)SOFR +2.00%5.64%7/26/20247/26/20312,111 2,111 2,117 1.86 
Davita, Inc.(8)SOFR +1.75%5.39%5/9/20245/9/20313,439 3,439 3,440 3.02 
Ensemble RCM, LLC(8)SOFR +3.00%6.66%2/9/20262/9/20331,747 1,745 1,742 1.53 
Global Medical Response, Inc.(8)SOFR +3.25%6.89%9/10/202510/1/20321,916 1,913 1,923 1.69 
Heartland Dental, LLC(8)SOFR +3.50%7.14%8/7/20258/25/20322,247 2,241 2,252 1.98 
MED ParentCo, LP(8)SOFR +3.00%6.64%12/31/20254/15/20311,180 1,180 1,182 1.04 
Outcomes Group Holdings, Inc.(8)SOFR +3.00%6.64%5/6/20245/6/20312,039 2,039 2,047 1.80 
Radiology Partners, Inc.(8)SOFR +4.50%8.23%10/10/20256/30/2032463 462 464 0.41 
Raven Acquisition Holdings, LLC(7)(8)SOFR +3.00%6.64%4/4/202511/19/20312,311 2,274 2,281 2.00 
Southern Veterinary Partners, LLC(8)SOFR +2.50%6.16%7/22/202512/4/20312,186 2,187 2,187 1.92 
US Fertility Enterprises, LLC(7)(8)SOFR +3.25%6.98%12/30/202512/30/2032336 334 337 0.30 
24,257 24,248 21.30 
Health Care Technology
athenahealth Group, Inc.(9)SOFR +3.25%6.89%5/27/20262/16/20322,972 2,924 2,945 2.59 
athenahealth Group, Inc.(9)SOFR +2.75%6.39%11/16/20222/15/20293,136 3,051 3,134 2.75 
Cotiviti, Inc.(8)SOFR +2.75%6.37%5/1/20245/1/20312,210 2,203 2,027 1.78 
Gainwell Acquisition Corp.(10)SOFR +4.00%7.83%11/16/202210/1/20271,943 1,922 1,918 1.68 
Waystar Technologies, Inc.(8)SOFR +2.00%5.64%8/6/202510/22/20292,091 2,091 2,088 1.83 
12,191 12,112 10.63 
Hotels, Restaurants & Leisure
Alterra Mountain, Co.(8)SOFR +2.50%6.14%7/23/20258/17/20281,821 1,821 1,826 1.60 
Banijay Gaming US Holding, LLC(8)SOFR +2.75%6.48%5/5/202612/10/2031457 456 459 0.40 
Bulldog Purchaser, Inc.(9)SOFR +3.25%6.91%2/5/20262/4/2033759 755 761 0.67 
Caesars Entertainment, Inc.(9)SOFR +2.25%5.89%2/6/20232/6/20301,318 1,311 1,278 1.12 
Caesars Entertainment, Inc.(9)SOFR +2.25%5.89%2/6/20242/6/20312,762 2,757 2,664 2.34 
FanDuel Group Financing, LLC(9)SOFR +1.75%5.48%11/24/202311/30/20302,363 2,363 2,346 2.06 
Fertitta Entertainment, LLC (9)SOFR +3.25%6.89%11/16/20221/27/20292,709 2,689 2,709 2.38 
GVC Finance, LLC(8)SOFR +2.25%5.98%5/8/202410/31/20295,813 5,820 5,813 5.10 
Investments (1)(19)
Footnotes
Reference Rate and Spread (2)
Interest Rate (2)(15)
Acquisition DateMaturity Date
Par Amount/Units (1)
Cost (3)
Fair Value% of Partners’ Capital
First Lien Debt (continued)
Hotels, Restaurants & Leisure (continued)
Hilton Grand Vacations Borrower, LLC(8)SOFR +2.00%5.64%1/17/20241/17/2031$702 $701 $701 0.62 %
IRB Holding Corp. (9)SOFR +2.50%6.14%11/17/202512/16/20306,032 6,031 6,040 5.30 
LC Ahab US Bidco, LLC(8)SOFR +2.50%6.14%5/1/20245/1/20311,647 1,624 1,649 1.45 
Life Time, Inc.(8)SOFR +2.00%5.61%8/14/202511/5/20311,103 1,103 1,105 0.97 
Marriott Ownership Resorts, Inc.(8)SOFR +2.25%5.89%4/1/20244/1/20313,080 3,096 3,089 2.71 
Mic Glen, LLC(9)SOFR +3.25%6.89%7/29/20257/21/20283,349 3,305 3,359 2.95 
Motion Finco, LLC(8)SOFR +3.50%7.23%2/5/202411/12/20292,494 2,487 2,133 1.87 
New Red Finance, Inc.(8)SOFR +1.75%5.39%6/16/20249/20/20302,751 2,734 2,750 2.41 
Raising Cane's Restaurants, LLC(8)SOFR +2.00%5.64%11/3/202511/3/2032416 415 415 0.36 
Scientific Games Holdings, LP (9)SOFR +3.00%6.67%6/11/20244/4/20292,933 2,933 2,896 2.54 
Tacala Investment Corp.(10)SOFR +3.00%6.64%8/6/20251/31/20311,573 1,573 1,576 1.38 
TRQ Sales, LLC(8)SOFR +3.25%6.98%12/30/202512/30/2032906 902 890 0.78 
Whatabrands, LLC(9)SOFR +2.50%6.14%12/11/20248/3/20286,920 6,919 6,919 6.07 
51,795 51,378 45.08 
Household Durables
AI Aqua Merger Sub, Inc. (9)SOFR +2.50%6.12%2/4/20267/31/20282,471 2,462 2,472 2.17 
Weber-Stephen Products, LLC(8)SOFR +3.75%7.44%9/17/202510/1/2032337 334 334 0.29 
2,796 2,806 2.46 
Household Products
Energizer Holdings, Inc.(8)SOFR +2.00%5.64%5/29/20243/19/2032391 390 391 0.34 
Independent Power and Renewable Electricity Producers
Cogentrix Finance Holdco I, LLC(8)SOFR +2.25%5.89%8/7/20252/26/20322,026 2,030 2,026 1.78 
Talen Energy Supply, LLC(8)SOFR +2.00%5.64%11/25/202511/25/2032297 296 295 0.26 
2,326 2,321 2.04 
Industrial Conglomerates
Engineered Machinery Holdings, Inc.(8)SOFR +3.25%6.98%11/26/202511/26/2032226 225 227 0.20 
Investments (1)(19)
Footnotes
Reference Rate and Spread (2)
Interest Rate (2)(15)
Acquisition DateMaturity Date
Par Amount/Units (1)
Cost (3)
Fair Value% of Partners’ Capital
First Lien Debt (continued)
Insurance
Alliant Holdings Intermediate, LLC(8)SOFR +2.50%6.14%7/31/20259/19/2031$988 $970 $976 0.86 %
AmWINS Group, Inc.(10)SOFR +2.00%5.73%1/14/20261/30/20322,467 2,462 2,419 2.12 
Baldwin Insurance Group Holdings, LLC(8)SOFR +2.50%6.13%9/12/20255/26/20316,253 6,243 6,136 5.39 
BroadStreet Partners, Inc.(8)SOFR +2.50%6.14%6/14/20246/13/20316,980 6,971 6,756 5.93 
HUB International, Ltd.(8)SOFR +2.25%5.92%7/30/20246/20/20302,397 2,383 2,397 2.10 
Hyperion Refinance S.à r.l.(9)SOFR +2.75%6.39%11/22/20242/15/20314,616 4,616 4,346 3.82 
Hyperion Refinance S.à r.l.(9)SOFR +2.75%6.39%12/11/20254/18/20302,369 2,369 2,239 1.97 
OneDigital Borrower, LLC(9)SOFR +3.00%6.64%7/2/20247/2/20312,219 2,219 2,155 1.89 
Ryan Specialty, LLC(8)SOFR +2.00%5.64%10/10/20259/13/20311,985 1,983 1,984 1.74 
USI, Inc.(8)SOFR +2.25%5.98%12/23/20249/29/20302,454 2,447 2,448 2.15 
USI, Inc.(8)SOFR +2.25%5.98%12/23/202411/21/20291,429 1,425 1,426 1.25 
34,088 33,282 29.22 
Interactive Media & Services
Creative Artists Agency, LLC(8)SOFR +2.50%6.14%8/11/202510/1/20312,481 2,485 2,484 2.18 
Project Boost Purchaser, LLC (8)SOFR +2.75%6.48%7/16/20247/16/20316,435 6,422 6,278 5.51 
TripAdvisor, Inc.(8)SOFR +2.75%6.39%7/8/20247/8/20312,350 2,346 2,253 1.98 
WH Borrower, LLC(9)SOFR +4.50%8.14%2/12/20262/20/2032253 252 254 0.22 
11,505 11,269 9.89 
IT Services
Ahead DB Holdings, LLC(10)SOFR +2.50%6.23%8/2/20242/1/20312,781 2,779 2,741 2.41 
Fortress Intermediate 3, Inc.(8)SOFR +3.00%6.62%7/2/20256/27/20312,463 2,463 2,455 2.16 
Go Daddy Operating Co, LLC(8)SOFR +1.75%5.39%5/31/20245/30/2031735 734 718 0.63 
Newfold Digital Holdings Group, Inc.(10)SOFR +3.60%7.21%12/8/20254/30/20292,119 2,046 1,716 1.51 
Newfold Digital Holdings Group, Inc.(10)(17)SOFR +3.50%7.21%12/8/20254/30/2029436 411 189 0.17 
ThoughtWorks, Inc.(9)SOFR +2.75%6.51%11/16/20223/24/20282,207 2,188 1,834 1.61 
Virtusa Corp. (10)SOFR +3.25%6.89%6/21/20242/15/20294,919 4,919 4,310 3.78 
World Wide Technology Holding Co, LLC(9)SOFR +2.00%5.64%7/17/20253/1/2030882 882 880 0.77 
16,422 14,843 13.04 
Life Sciences Tools & Services
Parexel International, Inc.(9)SOFR +2.50%6.14%12/12/202512/12/20312,812 2,812 2,816 2.47 
Investments (1)(19)
Footnotes
Reference Rate and Spread (2)
Interest Rate (2)(15)
Acquisition DateMaturity Date
Par Amount/Units (1)
Cost (3)
Fair Value% of Partners’ Capital
First Lien Debt (continued)
Machinery
Chart Industries, Inc.(9)SOFR +2.50%6.18%7/2/20243/15/2030$1,974 $1,974 $1,976 1.73 %
CoorsTek, Inc.(11)SOFR +2.50%6.23%6/18/202610/28/2032339 337 340 0.30 
EMRLD Borrower, LP(8)SOFR +2.25%5.89%8/11/20258/4/20312,475 2,475 2,476 2.17 
Hobbs & Associates, LLC(8)SOFR +2.75%6.39%10/10/20257/23/20311,985 1,984 1,985 1.74 
Innio North America Holding, Inc.(8)SOFR +2.00%5.64%2/5/202611/2/2031663 663 662 0.58 
Lsf12 Helix Parent, LLC(8)SOFR +3.50%7.14%2/10/20262/10/2033352 350 346 0.30 
Merlin Buyer, Inc.(8)SOFR +4.00%7.73%4/21/20264/15/2033684 681 687 0.60 
Pro Mach Group, Inc.(8)SOFR +2.50%6.14%6/3/202610/15/2032800 800 802 0.70 
TK Elevator U.S. Newco, Inc.(9)SOFR +2.75%6.38%3/14/20244/30/20304,275 4,275 4,299 3.77 
Victory Buyer, LLC (8)SOFR +3.00%6.66%2/13/20262/13/2033296 294 297 0.26 
13,833 13,870 12.15 
Media
ABG Intermediate Holdings 2, LLC(8)SOFR +2.25%5.89%12/13/202412/21/2028384 384 385 0.34 
American Greetings Corp.(8)SOFR +5.75%9.39%4/30/202410/30/20291,243 1,228 1,244 1.09 
Fleet US Bidco, Inc.(4)(8)SOFR +2.75%6.39%8/15/20242/21/2031652 652 654 0.57 
2,264 2,283 2.00 
Metals & Mining
Arsenal AIC Parent, LLC(8)SOFR +2.75%6.39%8/21/20248/18/2030371 371 373 0.33 
Novelis Holdings, Inc.(8)SOFR +1.75%5.48%9/11/20253/11/2032900 900 900 0.79 
SCIH Salt Holdings, Inc. (10)SOFR +2.75%6.35%12/4/20251/31/20291,979 1,980 1,983 1.74 
3,251 3,256 2.86 
Mortgage Real Estate Investment Trusts (REITs)
Starwood Property Mortgage, LLC(8)SOFR +2.00%5.64%5/12/20269/24/2032383 381 382 0.34 
Oil, Gas & Consumable Fuels
Blackfin Pipeline, LLC(8)SOFR +3.00%6.69%9/29/20259/29/2032455 453 457 0.40 
Freeport LNG Investments, LLLP(8)SOFR +3.25%6.93%1/29/20262/11/20331,819 1,811 1,825 1.60 
VRS Buyer, Inc.(7)(8)SOFR +3.50%7.23%10/10/202510/12/2032787 783 781 0.69 
3,047 3,063 2.69 
Pharmaceuticals
BioMarin Pharmaceutical, Inc.(8)SOFR +1.75%5.43%4/27/20264/27/2033528 526 528 0.46 
Opal US, LLC(8)SOFR +2.50%6.23%6/9/20264/28/2032189 189 189 0.17 
Prestige Brands, Inc.(7)(8)SOFR +2.00%5.62%6/18/20266/13/2033810 808 812 0.71 
1,523 1,529 1.34 
Investments (1)(19)
Footnotes
Reference Rate and Spread (2)
Interest Rate (2)(15)
Acquisition DateMaturity Date
Par Amount/Units (1)
Cost (3)
Fair Value% of Partners’ Capital
First Lien Debt (continued)
Professional Services
AG Group Holdings, Inc.(9)SOFR +4.25%7.89%11/16/202212/29/2028$3,499 $3,458 $3,176 2.79 %
AlixPartners, LLP(8)SOFR +2.00%5.64%7/31/20258/12/2032990 988 985 0.86 
Ankura Consulting Group, LLC(10)SOFR +3.50%7.17%12/17/202412/29/20311,125 1,122 1,068 0.94 
Ascensus Group Holdings, Inc.(9)SOFR +3.00%6.64%12/13/202411/25/20321,242 1,234 1,215 1.07 
Camelot US Acquisition, LLC(8)SOFR +2.75%6.39%1/31/20241/31/20312,700 2,696 2,495 2.19 
Cast & Crew Payroll, LLC(9)(17)SOFR +3.75%7.41%11/16/202212/29/20281,875 1,835 736 0.65 
CoreLogic, Inc.(9)SOFR +3.50%7.26%3/4/20266/2/2028995 970 985 0.86 
Eisner Advisory Group, LLC(9)SOFR +4.00%7.64%2/28/20242/28/20311,187 1,179 1,168 1.03 
EP Purchaser, LLC(9)SOFR +3.50%7.28%11/16/202211/6/2028476 467 310 0.27 
Genuine Financial Holdings, LLC(8)SOFR +3.25%6.89%6/28/20249/27/20305,747 5,747 5,580 4.90 
Grant Thornton Advisors, LLC(8)SOFR +2.75%6.39%5/31/20246/2/20314,970 4,983 4,741 4.16 
Heron Bidco, LLC(8)SOFR +4.00%7.73%12/10/202512/10/2032433 427 437 0.38 
Mermaid Bidco, Inc.(8)SOFR +3.25%6.91%7/1/20247/3/20312,623 2,621 2,546 2.23 
Ryan, LLC(9)SOFR +3.50%7.14%11/7/202511/5/2032648 644 644 0.57 
Sedgwick Claims Management Services, Inc.(8)SOFR +2.50%6.14%2/24/20237/31/20315,862 5,844 5,798 5.09 
Trans Union, LLC(9)SOFR +1.75%5.39%1/30/20246/24/20314,459 4,455 4,454 3.91 
TTF Lower Intermediate, LLC(8)SOFR +3.75%7.38%7/18/20247/18/20311,205 1,197 893 0.78 
VT Topco, Inc.(9)SOFR +3.00%6.64%4/3/20248/9/20301,011 1,011 993 0.87 
40,878 38,224 33.55 
Real Estate Management & Development
Cushman & Wakefield US Borrower, LLC(9)SOFR +2.50%6.14%9/26/20251/31/20301,477 1,479 1,480 1.30 
Semiconductors & Semiconductor Equipment
Altar Bidco, Inc.(9)SOFR +3.35%6.61%3/24/20252/1/20291,977 1,971 1,978 1.74 
MKS, Inc.(8)SOFR +1.75%5.36%2/4/20262/4/2033208 208 209 0.18 
2,179 2,187 1.92 
Investments (1)(19)
Footnotes
Reference Rate and Spread (2)
Interest Rate (2)(15)
Acquisition DateMaturity Date
Par Amount/Units (1)
Cost (3)
Fair Value% of Partners’ Capital
First Lien Debt (continued)
Software
BEP Intermediate Holdco, LLC(8)SOFR +2.75%6.39%7/10/20254/25/2031$731 $731 $730 0.64 %
Boxer Parent Company, Inc. (8)SOFR +2.75%6.42%7/30/20247/30/20316,187 6,177 5,593 4.91 
Capstone Borrower, Inc.(8)SOFR +2.75%6.48%8/11/20256/17/20302,475 2,478 2,380 2.09 
Cloud Software Group, Inc.(8)SOFR +3.25%6.98%8/7/20253/21/20312,391 2,389 2,104 1.85 
Cloud Software Group, Inc.(8)SOFR +3.25%6.98%8/7/20258/13/2032693 693 602 0.53 
Cloudera, Inc. (9)SOFR +3.75%7.49%11/16/202210/8/20283,478 3,425 2,715 2.38 
Conga Corp.(10)SOFR +3.50%7.16%8/8/20245/8/20283,474 3,474 2,965 2.60 
Cornerstone OnDemand, Inc. (9)SOFR +3.75%7.51%11/16/202210/16/20282,117 2,033 1,358 1.19 
Dayforce Bidco, LLC(8)SOFR +3.00%6.66%2/5/20262/4/20331,793 1,788 1,640 1.44 
Delta Topco, Inc. (8)SOFR +2.75%6.40%5/1/202411/30/20296,866 6,859 6,513 5.72 
ECI Macola Max Holding, LLC (10)SOFR +2.75%6.48%7/10/20255/9/20304,390 4,390 4,185 3.67 
Ellucian Holdings, Inc.(9)SOFR +2.50%6.14%2/29/202410/8/20292,626 2,626 2,540 2.23 
Finastra USA, Inc.(8)SOFR +4.00%7.75%7/31/20259/15/20321,368 1,356 1,265 1.11 
Flash Charm, Inc.(10)SOFR +3.50%7.16%6/11/20243/2/20283,798 3,793 2,965 2.60 
Gen Digital, Inc.(9)SOFR +1.75%5.39%6/5/20249/12/20295,724 5,724 5,664 4.97 
McAfee Corp.(9)SOFR +3.00%6.64%5/31/20243/1/20293,484 3,484 3,106 2.73 
Mitnick Purchaser, Inc. (9)(17)(18)SOFR +4.75%8.51%11/16/20225/2/20293,318 3,197 1,203 1.06 
Planview Parent, Inc.(8)SOFR +3.50%7.23%12/17/202412/17/20271,877 1,877 1,623 1.43 
Project Alpha Intermediate Holding, Inc.(9)SOFR +3.25%6.98%5/14/202410/26/20301,816 1,816 1,327 1.16 
Proofpoint, Inc.(9)SOFR +3.00%6.73%12/8/20258/31/20282,932 2,932 2,837 2.49 
Quartz Acquireco, LLC(8)SOFR +2.25%5.98%6/3/20246/28/2030620 620 520 0.46 
RealPage, Inc.(9)SOFR +3.00%6.99%11/16/20224/24/20282,697 2,663 2,528 2.22 
Rocket Software, Inc.(9)SOFR +3.75%7.39%10/5/202311/28/20283,614 3,595 3,442 3.02 
Skopima Consilio Parent, LLC(9)SOFR +3.75%7.39%12/18/20245/12/20281,545 1,545 1,281 1.12 
Sophos Holdings, LLC(8)SOFR +3.50%7.26%11/16/20223/5/20273,462 3,455 3,238 2.84 
SS&C Technologies, Inc.(8)SOFR +2.00%5.64%10/9/20255/9/2031196 196 196 0.17 
Trio Bidco, LLC(7)(8)SOFR +4.00%7.73%10/31/202510/29/2032666 660 655 0.57 
Tuple US Bidco, LLC(4)(8)SOFR +3.75%7.38%1/28/20261/28/2033295 294 283 0.25 
Vision Solutions, Inc. (10)SOFR +4.00%7.93%11/16/20224/24/20283,576 3,480 2,747 2.41 
XPLOR T1, LLC(4)(8)SOFR +3.25%6.91%12/1/202512/1/2032981 976 902 0.79 
Zodiac Purchaser, LLC(4)(8)SOFR +3.50%7.14%2/14/20252/14/2032993 989 913 0.80 
79,715 70,020 61.45 
Investments (1)(19)
Footnotes
Reference Rate and Spread (2)
Interest Rate (2)(15)
Acquisition DateMaturity Date
Par Amount/Units (1)
Cost (3)
Fair Value% of Partners’ Capital
First Lien Debt (continued)
Specialty Retail
Apro, LLC(8)SOFR +3.75%7.37%7/9/20247/9/2031$3,882 $3,874 $3,893 3.42 %
CWGS Group, LLC(10)SOFR +2.50%6.26%11/16/20226/3/20282,386 2,353 2,279 2.00 
EG America, LLC(8)SOFR +3.25%6.92%2/10/20262/10/2031735 732 738 0.65 
Great Outdoors Group, LLC(10)SOFR +3.25%6.89%1/23/20251/23/2032985 986 989 0.87 
HomeServe USA Holding Corp.(8)SOFR +2.00%5.64%5/29/202410/21/2030811 811 809 0.71 
Mavis Tire Express Services Topco, Corp.(10)SOFR +3.00%6.67%7/18/20245/4/20285,480 5,483 5,478 4.81 
OPENLANE, Inc.(4)(8)SOFR +2.50%6.15%10/8/202510/8/2032156 155 156 0.14 
14,394 14,342 12.60 
Trading Companies & Distributors
American Builders & Contractors Supply Co, Inc.(8)SOFR +1.75%5.39%1/31/20241/31/2031669 669 671 0.59 
Avolon TLB Borrower 1 US, LLC(9)SOFR +1.75%5.39%6/22/20236/24/20302,696 2,682 2,700 2.37 
BCPE Empire Holdings, Inc.(9)SOFR +3.50%7.14%3/12/202612/29/2032928 915 918 0.81 
Core & Main, LP(8)SOFR +2.00%5.66%2/9/20242/9/20311,061 1,061 1,064 0.93 
Icebox Holdco III, Inc.(9)SOFR +3.25%6.98%11/16/202212/22/20314,254 4,175 4,275 3.75 
Johnstone Supply, LLC(8)SOFR +2.25%5.87%2/5/20266/9/20311,275 1,275 1,276 1.12 
White Cap Buyer, LLC(8)SOFR +3.25%6.89%6/13/202410/19/20294,347 4,339 4,346 3.82 
Windsor Holdings III, LLC(8)SOFR +2.75%6.39%9/20/20248/1/20303,783 3,773 3,787 3.33 
18,889 19,037 16.72 
Transportation Infrastructure
Apple Bidco, LLC(8)SOFR +2.50%6.14%11/16/20229/23/20313,422 3,412 3,430 3.01 
Signature Aviation US Holdings, Inc.(9)SOFR +2.50%6.14%8/11/20257/1/20312,481 2,483 2,490 2.19 
5,895 5,920 5.20 
Total First Lien Debt595,044 573,212 503.20 
Total Investment Portfolio595,044 573,212 503.20 
Cash and Cash Equivalents
Fidelity Investments Money Market Treasury Portfolio - Class I3.55%2,592 2,592 2.28 
Other Cash and Cash Equivalents62,387 62,387 54.77 
Total Cash and Cash Equivalents64,979 64,979 57.05 
Total Portfolio Investments, Cash and Cash Equivalents$660,023 $638,191 560.25 %
(1)Unless otherwise indicated, all debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. As of June 30, 2026, the Company had investments denominated in Canadian Dollars (CAD), Euros (EUR), British Pounds (GBP), Swiss Francs (CHF), Danish Krone (DKK), Swedish Krona (SEK), Norwegian Krone (NOK), New Zealand Dollars (NZD), and Australian Dollars (AUD). All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount (in thousands) is presented for debt investments, while the number of shares or units (in whole amounts) owned is presented for equity investments. Each of the Company’s investments is pledged as collateral, under one or more of its credit facilities unless otherwise indicated.
(2)Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either Canadian Overnight Repo Rate Average (“CORRA” or “CA”), Sterling Overnight Interbank Average Rate (“SONIA” or “S”), Euro Interbank Offer Rate (“Euribor” or “E”), Secured Overnight Financing Rate (“SOFR”), Stockholm Interbank Offered Rate (“STIBOR” or “ST”), Copenhagen Interbank Offered Rate (“CIBOR” or “CI”), Norwegian Interbank Offered Rate (“NIBOR” or “N”), Swiss Average Rate Overnight (“SARON” or “SA”), New Zealand Bank Bill Reference Rate (“BKBM” or “B”), Australian Bank Bill Swap Bid Rate (“BBSY” or “BB”) or an alternate base rate (commonly based on the Federal Funds Rate (“F”) or the U.S. Prime Rate (“P”)), which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of June 30, 2026. Variable rate loans typically include an interest reference rate floor feature.
(3)The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method in accordance with accounting principles generally accepted in the United States of America (“GAAP”).
(4)These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by or under the direction of the Board of Trustees (the “Board”) (see Note 2 and Note 5), pursuant to the Company’s valuation policy.
(5)These debt investments are not pledged as collateral under any of the Company's credit facilities. For other debt investments that are pledged to the Company's credit facilities, a single investment may be divided into parts that are individually pledged as collateral to separate credit facilities. Any other debt investments listed above are pledged to financing facilities or CLOs and are not available to satisfy the creditors of the Company.
(6)Reserved.
(7)Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may be subject to unused commitment fees. Negative cost and fair value results from unamortized fees, which are capitalized to the investment cost. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. See below for more information on the Company’s unfunded commitments (all commitments are first lien, unless otherwise noted):
InvestmentsCommitment TypeCommitment Expiration DateUnfunded Commitment Fair Value
Azuria Water Solutions, Inc.Delayed Draw Term Loan4/23/2028$131 $— 
Chicago US Midco III, LPDelayed Draw Term Loan10/30/202776 — 
Pinnacle Buyer, LLCDelayed Draw Term Loan4/1/202785 — 
Prestige Brands, Inc.Delayed Draw Term Loan6/13/203374 — 
Pye-Barker Fire & Safety, LLCDelayed Draw Term Loan12/31/2027124 — 
Raven Acquisition Holdings, LLCDelayed Draw Term Loan11/19/2026167 (2)
Sanders Industries Holdings, Inc.Delayed Draw Term Loan2/26/2027139 — 
Trio Bidco, LLCDelayed Draw Term Loan10/31/202770 (1)
US Fertility Enterprises, LLCDelayed Draw Term Loan12/30/202717 — 
VRS Buyer, Inc.Delayed Draw Term Loan10/10/202757 — 
Total Unfunded Commitments$940 $(3)
(8)There are no interest rate floors on these investments.
(9)The interest rate floor on these investments as of June 30, 2026 was 0.50%.
(10)The interest rate floor on these investments as of June 30, 2026 was 0.75%.
(11)The interest rate floor on these investments as of June 30, 2026 was 1.00%.
(12)The interest rate floor on these investments as of June 30, 2026 was 1.25%.
(13)The interest rate floor on these investments as of June 30, 2026 was 1.50%.
(14)The interest rate floor on these investments as of June 30, 2026 was 2.00%.
(15)For unsettled positions the interest rate does not include the base rate.
(16)Reserved.
(17)Loan was on non-accrual status as of June 30, 2026.
(18)These loans are “last-out” portions of loans. The “last-out” portion of the Company's loan investment generally earns a higher interest rate than the “first-out” portion, and in exchange the “first-out” portion would generally receive priority with respect to payment principal, interest and any other amounts due thereunder over the “last-out” portion.
(19)All securities are exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), and may be deemed to be “restricted securities.” As of June 30, 2026, the aggregate fair value of these securities is $573.2 million or 503.20% of the Company’s net assets. The initial acquisition dates have been included for such securities.
The following table presents the selected consolidated statements of assets and liabilities information of the Verdelite JV as of June 30, 2026 and December 31, 2025 (Unaudited):
June 30, 2026December 31, 2025
ASSETS
Investments at fair value (cost of $595,044 and $720,787, respectively)
$573,212 $714,200 
Cash and cash equivalents64,979 59,435 
Interest receivable2,991 2,852 
Receivable for investments sold4,862 2,584 
Deferred financing costs128 145 
Total assets$646,172 $779,216 
LIABILITIES
Debt (net of unamortized debt issuance costs of $803 and $1,105, respectively)
$524,253 $626,812 
Distribution payable2,018 2,753 
Payable for investments purchased and other liabilities5,994 20,431 
Total liabilities532,265 649,996 
PARTNERS’ CAPITAL
Partners’ capital113,907 129,220 
Total partners’ capital113,907 129,220 
Total liabilities and partners’ capital$646,172 $779,216 
The following table presents the selected consolidated statements of operations information of the Verdelite JV for the three and six months ended June 30, 2026 and June 30, 2025 (Unaudited):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Investment income:
Interest income$10,817 $13,793 $22,682 $27,713 
Other income1 — 6 2 
Total investment income10,818 13,793 22,688 27,715 
Expenses:
Interest expense7,353 8,631 15,345 17,755 
Other expenses169 79 349 197 
Total expenses7,522 8,710 15,694 17,952 
Net investment income before tax expense3,296 5,083 6,994 9,763 
Tax expense— — — — 
Net investment income after tax expense3,296 5,083 6,994 9,763 
Net realized and change in unrealized gain (loss):
Net change in unrealized gain (loss) on investments2,217 3,696 (15,244)(6,727)
Net realized gain (loss) on investments and extinguishment of debt(615)(474)(3,587)24 
Total net realized and change in unrealized gain (loss)1,602 3,222 (18,831)(6,703)
Net increase (decrease) in partners’ capital resulting from operations$4,898 $8,305 $(11,837)$3,060