Exhibit 99.2
Steele Creek Capital Corporation
Consolidated Statements of Assets and Liabilities
(in thousands, except share and per share data)
(Pro-forma)
| June 30, 2026 | December 31, 2025 | |||||||
| (unaudited) | ||||||||
| Assets | ||||||||
| Investments: | ||||||||
| Non-controlled/non-affiliated company investments, at fair value (amortized cost of $36,919 and $121,179, respectively) | $ | 34,386 | $ | 115,326 | ||||
| Cash | 8,643 | 11,189 | ||||||
| Receivable for investments sold | 76,078 | 74 | ||||||
| Prepaid expenses and other assets | 316 | 446 | ||||||
| Interest receivable | 351 | 457 | ||||||
| Total assets | $ | 119,774 | $ | 127,492 | ||||
| Liabilities | ||||||||
| Credit facility | 65,296 | 71,615 | ||||||
| Payable for investments purchased | 3,289 | 1,253 | ||||||
| Management fees payable | - | 183 | ||||||
| Interest payable | 105 | 125 | ||||||
| Accounts payable and accrued expenses | 486 | 457 | ||||||
| Distributions payable | 354 | 411 | ||||||
| Total liabilities | 69,530 | 74,044 | ||||||
| Commitments and contingencies (Note 8) | ||||||||
| Net Assets: | ||||||||
| Common shares, $0.001 par value, 450,000,000 shares authorized, 5,868,341 and 6,176,162 shares issued and outstanding, respectively | $ | 6 | $ | 6 | ||||
| Paid-in-capital in excess of par value | 62,664 | 65,296 | ||||||
| Total distributable (deficit) earnings | (12,426 | ) | (11,854 | ) | ||||
| Total net assets | $ | 50,244 | $ | 53,448 | ||||
| Total liabilities and net assets | $ | 119,774 | $ | 127,492 | ||||
| Net asset value per share | $ | 8.56 | $ | 8.65 | ||||
The accompanying notes are an integral part of these consolidated financial statements
1
Steele Creek Capital Corporation
Consolidated Statements of Operations
(unaudited)
(in thousands, except share and per share data)
(Pro-forma)
| Three months ended June 30, 2026 | Six months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2025 | |||||||||||||
| Investment income: | ||||||||||||||||
| Non-controlled/non-affiliated company investments: | ||||||||||||||||
| Interest income | $ | 1,882 | $ | 3,898 | $ | 2,254 | $ | 4,817 | ||||||||
| Payment in-kind interest income | 80 | 197 | 61 | 133 | ||||||||||||
| Other income | 25 | 37 | - | - | ||||||||||||
| Total investment income | 1,987 | 4,132 | 2,315 | 4,950 | ||||||||||||
| Expenses: | ||||||||||||||||
| Management fees | 302 | 614 | 353 | 715 | ||||||||||||
| Interest and debt financing expenses | 893 | 1,825 | 1,069 | 2,169 | ||||||||||||
| Professional fees | 117 | 246 | 107 | 228 | ||||||||||||
| Incentive fees | - | - | - | 4 | ||||||||||||
| Administration expenses | 84 | 172 | 80 | 133 | ||||||||||||
| Directors’ fees | 20 | 40 | 20 | 40 | ||||||||||||
| Custody fees | 14 | 28 | 21 | 34 | ||||||||||||
| Other general and administrative expenses | 55 | 114 | 143 | 340 | ||||||||||||
| Total expenses | 1,485 | 3,039 | 1,793 | 3,663 | ||||||||||||
| Less: management fees waived | (302 | ) | (614 | ) | (353 | ) | (420 | ) | ||||||||
| Net expenses | 1,183 | 2,425 | 1,440 | 3,243 | ||||||||||||
| Net investment income | 804 | 1,707 | 875 | 1,707 | ||||||||||||
| Realized and unrealized (loss) gain on investments: | ||||||||||||||||
| Net realized gain (loss) on non-controlled/non-affiliated company investments | (3,469 | ) | (4,086 | ) | (2,701 | ) | (2,546 | ) | ||||||||
| Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments | 4,486 | 3,319 | 3,306 | 1,241 | ||||||||||||
| Total net realized and unrealized gain (loss) on investments | 1,017 | (767 | ) | 605 | (1,305 | ) | ||||||||||
| Net increase (decrease) in net assets resulting from operations | $ | 1,821 | $ | 940 | $ | 1,480 | $ | 402 | ||||||||
| Per share data: | ||||||||||||||||
| Net investment income per share - basic and diluted | $ | 0.14 | $ | 0.29 | $ | 0.15 | $ | 0.29 | ||||||||
| Net (decrease) increase in net assets resulting from operations per share - basic and diluted | $ | 0.31 | $ | 0.16 | $ | 0.25 | $ | 0.07 | ||||||||
| Weighted average shares outstanding - basic and diluted | 5,837 | 5,914 | 6,002 | 5,943 | ||||||||||||
The accompanying notes are an integral part of these consolidated financial statements
2
Steele Creek Capital Corporation
Consolidated Statements of Changes in Net Assets
(unaudited)
(in thousands, except share and per share data)
(Pro-forma)
| Three months ended June 30, 2026 | Six months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2025 | |||||||||||||
| Operations | ||||||||||||||||
| Net investment income | $ | 804 | $ | 1,707 | $ | 875 | $ | 1,707 | ||||||||
| Net realized (loss) gain on investments | (3,469 | ) | (4,086 | ) | (2,701 | ) | (2,546 | ) | ||||||||
| Net change in unrealized (depreciation) appreciation on investments | 4,486 | 3,319 | 3,306 | 1,241 | ||||||||||||
| Net (decrease) increase in net assets resulting from operations | 1,821 | 940 | 1,480 | 402 | ||||||||||||
| Distributions to Stockholders | ||||||||||||||||
| Distributions of realized income | (750 | ) | (1,512 | ) | (803 | ) | (1,913 | ) | ||||||||
| Capital Share Transactions | ||||||||||||||||
| Issuance of common shares | - | 120 | 1,077 | 2,015 | ||||||||||||
| Common shares issued from reinvestment of distributions | 396 | 785 | 526 | 1,066 | ||||||||||||
| Repurchase of common shares | (1,710 | ) | (3,537 | ) | (595 | ) | (827 | ) | ||||||||
| Total Capital Share Transactions | (1,314 | ) | (2,632 | ) | 1,008 | 2,254 | ||||||||||
| Net Assets | ||||||||||||||||
| Net (decrease) increase in net assets during the period | (243 | ) | (3,204 | ) | 1,685 | 743 | ||||||||||
| Net assets at beginning of period | 50,487 | 53,448 | 53,742 | 54,684 | ||||||||||||
| Net assets at end of period | 50,244 | 50,244 | 55,427 | 55,427 | ||||||||||||
| Capital Share Activity | ||||||||||||||||
| Issuance of common shares | - | 14 | 121 | 221 | ||||||||||||
| Common shares issued from reinvestment of distributions | 46 | 93 | 58 | 116 | ||||||||||||
| Repurchase of common shares | (204 | ) | (415 | ) | (66 | ) | (91 | ) | ||||||||
| Shares issued and outstanding at beginning of period | 6,026 | 6,176 | 5,949 | 5,816 | ||||||||||||
| Shares issued and outstanding at end of period | 5,868 | 5,868 | 6,062 | 6,062 | ||||||||||||
The accompanying notes are an integral part of these consolidated financial statements
3
Steele Creek Capital Corporation
Consolidated Statements of Cash Flows
(unaudited)
(in thousands, except share and per share data)
(Pro-forma)
| Six months ended June 30, 2026 | Six months ended June 30, 2025 | |||||||
| Cash flows from operating activities: | ||||||||
| Net increase (decrease) in net assets resulting from operations | $ | 940 | $ | 402 | ||||
| Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities | ||||||||
| Purchase of investments | (23,509 | ) | (61,551 | ) | ||||
| Proceeds from sales of investments and paydowns | 105,846 | 66,283 | ||||||
| Payment in-kind interest income | (197 | ) | (133 | ) | ||||
| Amortization of premium/accretion of discount, net | (120 | ) | (113 | ) | ||||
| Net realized (gain) loss on investments | 4,086 | 2,546 | ||||||
| Net change in unrealized depreciation (appreciation) on investments | (3,319 | ) | (1,241 | ) | ||||
| Changes in operating assets and liabilities: | ||||||||
| Receivable for investments sold | (77,850 | ) | 5,910 | |||||
| Prepaid expenses and other assets | 130 | (58 | ) | |||||
| Interest receivable | 106 | 149 | ||||||
| Payable for investments purchased | 2,036 | (3,980 | ) | |||||
| Management fees payable | (183 | ) | (310 | ) | ||||
| Interest payable | (20 | ) | (16 | ) | ||||
| Accounts payable and accrued expenses | 29 | 127 | ||||||
| Net cash provided by (used in) operating activities | 7,975 | 8,015 | ||||||
| Cash flows from financing activities: | ||||||||
| Proceeds from issuance of common shares | 120 | 2,015 | ||||||
| Repurchase of common shares | (3,538 | ) | (827 | ) | ||||
| Proceeds from issuance of debt | 850 | 10,167 | ||||||
| Repayments on debt | (7,170 | ) | (13,600 | ) | ||||
| Stockholder distributions paid | (783 | ) | (1,143 | ) | ||||
| Net cash (used in) provided by financing activities | (10,521 | ) | (3,388 | ) | ||||
| Net (decrease) increase in Cash | (2,546 | ) | 4,627 | |||||
| Cash, beginning of period | 11,189 | 2,612 | ||||||
| Cash, end of period | $ | 8,643 | $ | 7,239 | ||||
| Supplemental disclosure of Cash Flow Information: | ||||||||
| Operating Activities: | ||||||||
| Interest paid | $ | 1,844 | $ | 2,186 | ||||
| Supplemental non-cash information: | ||||||||
| Reinvestment of shareholder distribution | $ | 785 | $ | 1,066 | ||||
The accompanying notes are an integral part of these consolidated financial statements
4
Steele Creek Capital Corporation
Consolidated Schedule of Investments
June 30, 2026
(unaudited)
(in thousands, except for share and per share data)
(Pro-forma)
| Description (1) | Investment Type | Maturity | Interest
Rate (2) | Basis Point Spread Above Index (2) | Interest
Rate Floor/Base Rate (2) | Principal/ Shares | Amortized
Cost | Fair
Value | % of Net Assets (3) | |||||||||||||||||||||
| Non-controlled/Non-Affiliated Investments -216.2% of Shareholder’s Equity (3) | ||||||||||||||||||||||||||||||
| Investments made in the United States | ||||||||||||||||||||||||||||||
| Aerospace & Defense | ||||||||||||||||||||||||||||||
| MAG DS Corp. | First Lien - Term Loan | 4/1/2027 | 9.33 | % | S + 5.60% | 3.73 | % | 846 | 836 | 845 | 1.7 | % | ||||||||||||||||||
| TransDigm Inc. (4) | First Lien - Term Loan | 1/19/2032 | 6.14 | % | S + 2.50% | 3.64 | % | 983 | 981 | 984 | 2.0 | % | ||||||||||||||||||
| TransDigm Inc. (4) | First Lien - Term Loan | 2/13/2033 | 6.14 | % | S + 2.50% | 3.64 | % | 100 | 100 | 100 | 0.2 | % | ||||||||||||||||||
| Total Aerospace & Defense | 1,917 | 1,929 | 3.9 | % | ||||||||||||||||||||||||||
| Automotive | ||||||||||||||||||||||||||||||
| Adient US LLC | First Lien - Term Loan | 1/31/2031 | 5.64 | % | S + 2.00% | 3.64 | % | 93 | 93 | 93 | 0.2 | % | ||||||||||||||||||
| American Axle & Manufacturing, Inc. | First Lien - Term Loan | 2/3/2033 | 6.92 | % | S + 3.25% | 3.67 | % | 247 | 246 | 247 | 0.5 | % | ||||||||||||||||||
| First Brands Group, LLC | First Lien - Term Loan | 3/30/2027 | 10.73 | % | S + 0.11% + 7.00%PIK | 3.62 | % | 384 | 384 | 1 | 0.0 | % | ||||||||||||||||||
| First Brands Group, LLC | First Lien - Term Loan | 6/29/2026 | 23.61 | % | S + 10.00% + 8.45%PIK | 3.61 | % | 1,114 | 1,114 | 183 | 0.4 | % | ||||||||||||||||||
| First Brands Group, LLC | First Lien - Term Loan | 6/29/2026 | 10.65 | % | 0 + 7.00% PIK | 3.65 | % | 440 | 440 | 1 | 0.0 | % | ||||||||||||||||||
| Stonepeak Motion Finco LLC (4) | First Lien - Term Loan | 6/24/2033 | 6.15 | % | S + 2.50% | 3.65 | % | 155 | 154 | 155 | 0.3 | % | ||||||||||||||||||
| Total Automotive | 2,431 | 680 | 1.4 | % | ||||||||||||||||||||||||||
| Banking, Finance, Insurance & Real Estate | ||||||||||||||||||||||||||||||
| Broadstreet Partners, Inc. | First Lien - Term Loan | 6/13/2031 | 6.14 | % | S + 2.50% | 3.64 | % | 721 | 721 | 697 | 1.4 | % | ||||||||||||||||||
| BRTPT 2023-1A (4) | Collateralized Loan Obligation | 7/26/2038 | 10.77 | % | S + 7.10% | 3.67 | % | 500 | 500 | 502 | 1.0 | % | ||||||||||||||||||
| Edelman Financial Center, LLC, The (fka Flight Debt Merger Sub Inc.) (4) | First Lien - Term Loan | 12/1/2031 | 7.64 | % | S + 4.00% | 3.64 | % | 522 | 517 | 524 | 1.0 | % | ||||||||||||||||||
| FinCo I LLC | First Lien - Term Loan | 6/27/2029 | 5.39 | % | S + 1.75% | 3.64 | % | 731 | 730 | 730 | 1.5 | % | ||||||||||||||||||
| GIH Borrower, LLC (4) | First Lien - Term Loan | 11/26/2031 | 6.23 | % | S + 2.50% | 3.73 | % | 534 | 532 | 534 | 1.1 | % | ||||||||||||||||||
| Hudson River Trading LLC | First Lien - Term Loan | 3/18/2030 | 6.14 | % | S + 2.50% | 3.64 | % | 1,011 | 1,005 | 1,006 | 2.0 | % | ||||||||||||||||||
| Jane Street Group, LLC | First Lien - Term Loan | 12/15/2031 | 5.67 | % | S + 2.00% | 3.67 | % | 732 | 731 | 727 | 1.4 | % | ||||||||||||||||||
| OFSI Fund LTD (4) | Collateralized Loan Obligation | 3/31/2038 | 10.18 | % | S + 6.50% | 3.68 | % | 500 | 500 | 500 | 1.0 | % | ||||||||||||||||||
| Orion Midco Ltd. | First Lien - Term Loan | 10/8/2032 | 7.17 | % | S + 3.50% | 3.67 | % | 549 | 547 | 550 | 1.1 | % | ||||||||||||||||||
| Total Banking, Finance, Insurance & Real Estate | 5,783 | 5,770 | 11.5 | % | ||||||||||||||||||||||||||
| Beverage, Food & Tobacco | ||||||||||||||||||||||||||||||
| Treehouse Foods, Inc. | First Lien - Term Loan | 2/11/2033 | 7.89 | % | S + 4.25% | 3.64 | % | 517 | 510 | 519 | 1.0 | % | ||||||||||||||||||
| Total Beverage, Food & Tobacco | 510 | 519 | 1.0 | % | ||||||||||||||||||||||||||
| Capital Equipment | ||||||||||||||||||||||||||||||
| Chart Industries, Inc. (4) | First Lien - Term Loan | 3/15/2030 | 6.18 | % | S + 2.50% | 3.68 | % | 787 | 785 | 789 | 1.6 | % | ||||||||||||||||||
| Columbus McKinnon Corporation | First Lien - Term Loan | 2/3/2033 | 7.23 | % | S + 3.50% | 3.73 | % | 115 | 114 | 115 | 0.2 | % | ||||||||||||||||||
| Mirion Technologies (US Holdings), Inc. | First Lien - Term Loan | 6/4/2032 | 5.73 | % | S + 2.00% | 3.73 | % | 222 | 222 | 223 | 0.4 | % | ||||||||||||||||||
| Project Aurora Holdco 1 Limited | First Lien - Term Loan | 12/6/2032 | 6.48 | % | S + 2.75% | 3.73 | % | 130 | 130 | 131 | 0.3 | % | ||||||||||||||||||
| Watlow Electric Manufacturing Company | First Lien - Term Loan | 6/17/2033 | 6.42 | % | S + 2.75% | 3.67 | % | 458 | 457 | 458 | 0.9 | % | ||||||||||||||||||
| Watlow Electric Manufacturing Company | First Lien - Delayed Draw Term Loan | 6/17/2033 | 0.00 | % | 0 | 0.00 | % | 48 | - | - | 0.0 | % | ||||||||||||||||||
| Total Capital Equipment | 1,708 | 1,716 | 3.4 | % | ||||||||||||||||||||||||||
5
| Description (1) | Investment Type | Maturity | Interest
Rate (2) | Basis
Point Spread Above Index (2) | Interest
Rate Floor/Base Rate (2) | Principal/ Shares | Amortized
Cost | Fair
Value | % of Net
Assets (3) | |||||||||||||||||||||
| Construction & Building | ||||||||||||||||||||||||||||||
| APi Group DE, Inc. | First Lien - Term Loan | 5/16/2033 | 5.39 | % | S + 1.75% | 3.64 | % | 746 | 746 | 746 | 1.5 | % | ||||||||||||||||||
| Construction Partners, Inc. | First Lien - Term Loan | 11/3/2031 | 5.64 | % | S + 2.00% | 3.64 | % | 207 | 206 | 207 | 0.4 | % | ||||||||||||||||||
| Core & Main LP | First Lien - Term Loan | 2/9/2031 | 5.66 | % | S + 2.00% | 3.66 | % | 2 | 2 | 2 | 0.0 | % | ||||||||||||||||||
| Crown Subsea Communications Holding, Inc. | First Lien - Term Loan | 1/30/2031 | 6.64 | % | S + 3.00% | 3.64 | % | 622 | 618 | 625 | 1.2 | % | ||||||||||||||||||
| Groundworks, LLC | First Lien - Term Loan | 3/14/2031 | 6.65 | % | S + 3.00% | 3.65 | % | 206 | 206 | 206 | 0.4 | % | ||||||||||||||||||
| Quikrete Holdings, Inc. | First Lien - Term Loan | 4/14/2031 | 5.89 | % | S + 2.25% | 3.64 | % | 735 | 734 | 735 | 1.5 | % | ||||||||||||||||||
| Smyrna Ready Mix Concrete, LLC | First Lien - Term Loan | 4/2/2029 | 6.64 | % | S + 3.00% | 3.64 | % | 625 | 617 | 628 | 1.2 | % | ||||||||||||||||||
| White Cap Supply Holdings, LLC | First Lien - Term Loan | 10/19/2029 | 6.89 | % | S + 3.25% | 3.64 | % | 209 | 209 | 209 | 0.4 | % | ||||||||||||||||||
| Total Construction & Building | 3,338 | 3,358 | 6.6 | % | ||||||||||||||||||||||||||
| Consumer Goods: Non-Durable | ||||||||||||||||||||||||||||||
| ABG Intermediate Holdings 2 LLC | First Lien - Term Loan | 2/13/2032 | 5.89 | % | S + 2.25% | 3.64 | % | 741 | 739 | 741 | 1.5 | % | ||||||||||||||||||
| Total Consumer Goods: Non-Durable | 739 | 741 | 1.5 | % | ||||||||||||||||||||||||||
| Containers, Packaging & Glass | ||||||||||||||||||||||||||||||
| Plastipak Holdings, Inc. | First Lien - Term Loan | 9/24/2032 | 6.14 | % | S + 2.50% | 3.64 | % | 821 | 817 | 821 | 1.6 | % | ||||||||||||||||||
| Pro Mach Group, Inc. | First Lien - Term Loan | 10/15/2032 | 6.14 | % | S + 2.50% | 3.64 | % | 102 | 102 | 103 | 0.2 | % | ||||||||||||||||||
| Ring Container Technologies Group, LLC | First Lien - Term Loan | 9/15/2032 | 6.14 | % | S + 2.50% | 3.64 | % | 434 | 433 | 435 | 0.9 | % | ||||||||||||||||||
| Sabert Corporation | First Lien - Term Loan | 12/10/2028 | 6.89 | % | S + 3.25% | 3.64 | % | 741 | 741 | 745 | 1.5 | % | ||||||||||||||||||
| Total Containers, Packaging & Glass | 2,093 | 2,104 | 4.2 | % | ||||||||||||||||||||||||||
| Energy: Electricity | ||||||||||||||||||||||||||||||
| Compass Power Generation, L.L.C. | First Lien - Term Loan | 4/14/2029 | 6.15 | % | S + 2.50% | 3.65 | % | 345 | 344 | 346 | 0.7 | % | ||||||||||||||||||
| Hamilton Projects Acquiror, LLC | First Lien - Term Loan | 5/30/2031 | 6.14 | % | S + 2.50% | 3.64 | % | 235 | 235 | 236 | 0.5 | % | ||||||||||||||||||
| Total Energy: Electricity | 579 | 582 | 1.2 | % | ||||||||||||||||||||||||||
| Energy: Oil & Gas | ||||||||||||||||||||||||||||||
| M6 ETX Holdings II Midco LLC | First Lien - Term Loan | 4/1/2032 | 6.14 | % | S + 2.50% | 3.64 | % | 298 | 298 | 299 | 0.6 | % | ||||||||||||||||||
| Total Energy: Oil & Gas | 298 | 299 | 0.6 | % | ||||||||||||||||||||||||||
| Healthcare & Pharmaceuticals | ||||||||||||||||||||||||||||||
| Amneal Pharmaceuticals LLC | First Lien - Term Loan | 8/1/2032 | 6.64 | % | S + 3.00% | 3.64 | % | 821 | 819 | 825 | 1.6 | % | ||||||||||||||||||
| Iqvia Inc. | First Lien - Term Loan | 1/2/2031 | 5.48 | % | S + 1.75% | 3.73 | % | 244 | 244 | 245 | 0.5 | % | ||||||||||||||||||
| Phoenix Guarantor Inc. | First Lien - Term Loan | 2/21/2031 | 5.64 | % | S + 2.00% | 3.64 | % | 890 | 884 | 889 | 1.8 | % | ||||||||||||||||||
| QuidelOrtho Corporation | First Lien - Term Loan | 8/20/2032 | 7.64 | % | S + 4.00% | 3.64 | % | 514 | 507 | 507 | 1.0 | % | ||||||||||||||||||
| U.S. Anesthesia Partners, Inc. | First Lien - Term Loan | 10/2/2028 | 7.73 | % | S + 4.11% | 3.62 | % | 1,061 | 1,060 | 1,063 | 2.1 | % | ||||||||||||||||||
| Western Dental Holdings, LLC (4) | Equity | - | 0.00 | % | 0 | 0.00 | % | 2 | 100 | 100 | 0.2 | % | ||||||||||||||||||
| Total Healthcare & Pharmaceuticals | 3,614 | 3,629 | 7.2 | % | ||||||||||||||||||||||||||
| High Tech Industries | ||||||||||||||||||||||||||||||
| Rocket Software, Inc. | First Lien - Term Loan | 11/28/2028 | 7.39 | % | S + 3.75% | 3.64 | % | 731 | 725 | 696 | 1.4 | % | ||||||||||||||||||
| Total High Tech Industries | 725 | 696 | 1.4 | % | ||||||||||||||||||||||||||
| Hotel, Gaming & Leisure | ||||||||||||||||||||||||||||||
| Bulldog Purchaser Inc. | First Lien - Term Loan | 2/4/2033 | 6.91 | % | S + 3.25% | 3.66 | % | 103 | 102 | 103 | 0.2 | % | ||||||||||||||||||
| Total Hotel, Gaming & Leisure | 102 | 103 | 0.2 | % | ||||||||||||||||||||||||||
6
| Description (1) | Investment Type | Maturity | Interest
Rate (2) | Basis
Point Spread Above Index (2) | Interest
Rate Floor/Base Rate (2) | Principal/ Shares | Amortized
Cost | Fair
Value | % of Net
Assets (3) | |||||||||||||||||||||
| Media: Advertising, Printing & Publishing | ||||||||||||||||||||||||||||||
| McGraw-Hill Education, Inc. | First Lien - Term Loan | 8/6/2031 | 6.39 | % | S + 2.75% | 3.64 | % | 558 | 558 | 562 | 1.1 | % | ||||||||||||||||||
| Total Media: Advertising, Printing & Publishing | 558 | 562 | 1.1 | % | ||||||||||||||||||||||||||
| Media: Broadcasting & Subscription | ||||||||||||||||||||||||||||||
| Discovery Global Holdings, Inc. | First Lien - Term Loan | 6/3/2033 | 6.14 | % | S + 2.50% | 3.64 | % | 203 | 202 | 203 | 0.4 | % | ||||||||||||||||||
| Versant Media Group, Inc. | First Lien - Term Loan | 1/30/2031 | 7.23 | % | S + 3.50% | 3.73 | % | 400 | 400 | 402 | 0.8 | % | ||||||||||||||||||
| Total Media: Broadcasting & Subscription | 602 | 605 | 1.2 | % | ||||||||||||||||||||||||||
| Media: Diversified & Production | ||||||||||||||||||||||||||||||
| Oak-Eagle Acquireco, Inc. | First Lien - Term Loan | 3/24/2033 | 7.15 | % | S + 3.50% | 3.65 | % | 653 | 643 | 655 | 1.3 | % | ||||||||||||||||||
| Total Media: Diversified & Production | 643 | 655 | 1.3 | % | ||||||||||||||||||||||||||
| Retail | ||||||||||||||||||||||||||||||
| Evergreen Acqco 1 LP | First Lien - Term Loan | 9/17/2032 | 6.17 | % | S + 2.50% | 3.67 | % | 456 | 455 | 457 | 0.9 | % | ||||||||||||||||||
| Flynn Restaurant Group LP | First Lien - Term Loan | 1/28/2032 | 7.39 | % | S + 3.75% | 3.64 | % | 741 | 738 | 735 | 1.5 | % | ||||||||||||||||||
| Great Outdoors Group, LLC | First Lien - Term Loan | 1/23/2032 | 6.89 | % | S + 3.25% | 3.64 | % | 858 | 857 | 862 | 1.7 | % | ||||||||||||||||||
| IRB Holding Corp. | First Lien - Term Loan | 12/15/2030 | 6.14 | % | S + 2.50% | 3.64 | % | 399 | 399 | 399 | 0.8 | % | ||||||||||||||||||
| Total Retail | 2,449 | 2,453 | 4.9 | % | ||||||||||||||||||||||||||
| Services: Business | ||||||||||||||||||||||||||||||
| Acuren Delaware Holdco, Inc.(Acuren Holdings, Inc.) | First Lien - Term Loan | 7/30/2031 | 6.14 | % | S + 2.50% | 3.64 | % | 149 | 149 | 149 | 0.3 | % | ||||||||||||||||||
| Aragorn Parent Corporation | First Lien - Term Loan | 12/16/2030 | 7.14 | % | S + 3.50% | 3.64 | % | 539 | 535 | 542 | 1.1 | % | ||||||||||||||||||
| Aramark Intermediate HoldCo Corporation | First Lien - Term Loan | 6/22/2030 | 5.39 | % | S + 1.75% | 3.64 | % | 416 | 416 | 417 | 0.8 | % | ||||||||||||||||||
| Asplundh Tree Expert, LLC | First Lien - Term Loan | 5/30/2033 | 5.39 | % | S + 1.75% | 3.64 | % | 103 | 103 | 103 | 0.2 | % | ||||||||||||||||||
| Iron Mountain Information Management, LLC | First Lien - Term Loan | 1/31/2031 | 5.64 | % | S + 2.00% | 3.64 | % | 765 | 762 | 764 | 1.5 | % | ||||||||||||||||||
| Sitel Group | First Lien - Term Loan | 8/28/2028 | 7.74 | % | S + 4.01% | 3.73 | % | 939 | 938 | 465 | 0.9 | % | ||||||||||||||||||
| Total Services: Business | 2,903 | 2,440 | 4.8 | % | ||||||||||||||||||||||||||
| Services: Consumer | ||||||||||||||||||||||||||||||
| Wash Bidco Inc. | First Lien - Term Loan | 9/10/2032 | 6.64 | % | S + 3.00% | 3.64 | % | 249 | 249 | 250 | 0.5 | % | ||||||||||||||||||
| Total Services: Consumer | 249 | 250 | 0.5 | % | ||||||||||||||||||||||||||
| Telecommunications | ||||||||||||||||||||||||||||||
| Belden Inc. | First Lien - Term Loan | 6/10/2033 | 5.90 | % | S + 2.25% | 3.65 | % | 155 | 155 | 155 | 0.3 | % | ||||||||||||||||||
| PVKG Intermediate Holdings Inc. | Equity | - | 0.00 | % | 0 | 0.00 | % | 13 | 290 | 5 | 0.0 | % | ||||||||||||||||||
| Syniverse Holdings, LLC | First Lien - Term Loan | 5/13/2027 | 10.73 | % | S + 7.00% | 3.73 | % | 963 | 955 | 839 | 1.7 | % | ||||||||||||||||||
| Zayo Group Holdings, Inc. | First Lien - Term Loan | 3/11/2030 | 7.25 | % | S + 3.11% + 0.50%PIK | 3.64 | % | 508 | 508 | 509 | 1.0 | % | ||||||||||||||||||
| Total Telecommunications | 1,908 | 1,508 | 3.0 | % | ||||||||||||||||||||||||||
| Transportation: Consumer | ||||||||||||||||||||||||||||||
| Brown Group Holding, LLC | First Lien - Term Loan | 7/1/2031 | 6.14 | % | S + 2.50% | 3.64 | % | 102 | 102 | 102 | 0.2 | % | ||||||||||||||||||
| Total Transportation: Consumer | 102 | 102 | 0.2 | % | ||||||||||||||||||||||||||
| Utilities: Electric | ||||||||||||||||||||||||||||||
| Calpine Construction Finance Company, L.P. | First Lien - Term Loan | 7/31/2030 | 5.39 | % | S + 1.75% | 3.64 | % | 225 | 224 | 225 | 0.4 | % | ||||||||||||||||||
| Tiger Acquisition, LLC | First Lien - Term Loan | 8/23/2032 | 6.15 | % | S + 2.50% | 3.65 | % | 740 | 739 | 743 | 1.5 | % | ||||||||||||||||||
| Total Utilities: Electric | 963 | 968 | 1.9 | % | ||||||||||||||||||||||||||
| Total Investments made in the United States | 34,214 | 31,669 | 62.9 | % | ||||||||||||||||||||||||||
7
| Description (1) | Investment Type | Maturity | Interest
Rate (2) | Basis
Point Spread Above Index (2) | Interest
Rate Floor/Base Rate (2) | Principal/ Shares | Amortized
Cost | Fair
Value | % of Net
Assets (3) | |||||||||||||||||||||
| Investments made in France | ||||||||||||||||||||||||||||||
| Healthcare & Pharmaceuticals | ||||||||||||||||||||||||||||||
| Curium BidCo S.a r.l. (4) | First Lien - Term Loan | 8/4/2031 | 6.73 | % | S + 3.00% | 3.73 | % | 410 | 409 | 410 | 0.8 | % | ||||||||||||||||||
| Opal Holdco 4 SAS (4) | First Lien - Term Loan | 4/28/2032 | 6.23 | % | S + 2.50% | 3.73 | % | 496 | 497 | 497 | 1.0 | % | ||||||||||||||||||
| Total Healthcare & Pharmaceuticals | 906 | 907 | 1.8 | % | ||||||||||||||||||||||||||
| Total Investments made in France | 906 | 907 | 1.8 | % | ||||||||||||||||||||||||||
| Investments made in Germany | ||||||||||||||||||||||||||||||
| Construction & Building | ||||||||||||||||||||||||||||||
| TK Elevator Midco GmbH (4) | First Lien - Term Loan | 4/30/2030 | 6.48 | % | S + 2.75% | 3.73 | % | 103 | 103 | 103 | 0.2 | % | ||||||||||||||||||
| Total Construction & Building | 103 | 103 | 0.2 | % | ||||||||||||||||||||||||||
| Total Investments made in Germany | 103 | 103 | 0.2 | % | ||||||||||||||||||||||||||
| Investments made in Ireland | ||||||||||||||||||||||||||||||
| Aerospace & Defense | ||||||||||||||||||||||||||||||
| Setanta Aircraft Leasing Designated Activity Company (4) | First Lien - Term Loan | 11/5/2028 | 5.48 | % | S + 1.75% | 3.73 | % | 126 | 126 | 126 | 0.3 | % | ||||||||||||||||||
| Total Aerospace & Defense | 126 | 126 | 0.3 | % | ||||||||||||||||||||||||||
| Healthcare & Pharmaceuticals | ||||||||||||||||||||||||||||||
| Grifols International Services Designated Activity Company (4) | First Lien - Term Loan | 4/14/2033 | 6.19 | % | S + 2.50% | 3.69 | % | 618 | 617 | 621 | 1.2 | % | ||||||||||||||||||
| Total Healthcare & Pharmaceuticals | 617 | 621 | 1.2 | % | ||||||||||||||||||||||||||
| Total Investments made in Ireland | 743 | 747 | 1.5 | % | ||||||||||||||||||||||||||
| Investments made in the Netherlands | ||||||||||||||||||||||||||||||
| Chemicals, Plastics, & Rubber | ||||||||||||||||||||||||||||||
| Nouryon Finance B.V. (4) | First Lien - Term Loan | 4/3/2028 | 6.94 | % | S + 3.25% | 3.69 | % | 827 | 823 | 829 | 1.6 | % | ||||||||||||||||||
| Total Chemicals, Plastics, & Rubber | 823 | 829 | 1.6 | % | ||||||||||||||||||||||||||
| Total Investments made in the Netherlands | 823 | 829 | 1.6 | % | ||||||||||||||||||||||||||
| Investments made in the United Kingdom | ||||||||||||||||||||||||||||||
| Aerospace & Defense | ||||||||||||||||||||||||||||||
| Bleriot US Bidco Inc. (4) | First Lien - Term Loan | 10/31/2030 | 5.98 | % | S + 2.25% | 3.73 | % | 131 | 130 | 131 | 0.3 | % | ||||||||||||||||||
| Total Aerospace & Defense | 130 | 131 | 0.3 | % | ||||||||||||||||||||||||||
| Total Investments made in the United Kingdom | 130 | 131 | 0.3 | % | ||||||||||||||||||||||||||
| Total Non-controlled/Non-Affiliated Investments | 36,919 | 34,386 | 68.3 | % | ||||||||||||||||||||||||||
| (1) | All investments are non-controlled/non-affiliated investments as defined by the Investment Company Act of 1940 (the “1940 Act”). The provisions of the 1940 Act classify investments based on the level of control that the Company maintains in a particular portfolio company. As defined in the 1940 Act, a company is generally presumed to be “non-controlled” when the Company owns 25% or less of the portfolio company’s voting securities and “controlled” when the Company owns more than 25% of the portfolio company’s voting securities. The provisions of the 1940 Act also classify investments further based on the level of ownership that the Company maintains in a particular portfolio company. As defined in the 1940 Act, a company is generally deemed as “non-affiliated” when the Company owns less than 5% of a portfolio company’s voting securities and “affiliated” when the Company owns 5% or more of a portfolio company’s voting securities. |
| (2) | The majority of the investments bear interest at a rate that may be determined by reference to Secured Overnight Financing Rate (“SOFR” or “S”), a small percentage of loans are still transitioning from London Interbank Offered Rate (“LIBOR”). Both indicies reset monthly or quarterly. For each such investment, the Fund has provided the spread over SOFR and the current contractual interest rate in effect at June 30, 2026. As of June 30, 2026, rates for 1M S, 3M S, 6M S, and 12M S are 3.65%, 3.73%, 3.85%, and 4.0% respectively. |
| (3) | Percentages are based on net assets of $50,244 as of June 30, 2026. |
| (4) | Investment is a non-qualifying asset for RIC reporting purposes, non-qualifying assets represent 5.8% of total assets. |
| (5) | Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion. |
8