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      <repPdEnd>2026-12-31</repPdEnd>
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            <currencyInfo convRatio="4.595500000000" curCd="USD"/>
          </currencyInfos>
          <delta>XXXX</delta>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GALAXY DIGITAL HOLDIN LP</name>
        <lei>N/A</lei>
        <title>Galaxy Digital Holdings LP</title>
        <cusip>36317GAB2</cusip>
        <identifiers>
          <isin value="US36317GAB23"/>
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        <balance>500000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>737026.650000000000</valUSD>
        <pctVal>0.6223999526</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.500000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>N</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>Galaxy Digital Inc</name>
              <title>Galaxy Digital Inc</title>
              <curCd>USD</curCd>
              <identifiers>
                <cusip value="36317J209"/>
                <isin value="US36317J2096"/>
                <ticker value="GLXY"/>
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            </dbtSecRefInstrument>
          </dbtSecRefInstruments>
          <currencyInfos>
            <currencyInfo convRatio="10497.585600000000" curCd="USD"/>
          </currencyInfos>
          <delta>XXXX</delta>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>LUCID GROUP INC</name>
        <lei>529900MRL9Z13ZCRVD74</lei>
        <title>Lucid Group Inc</title>
        <cusip>549498AC7</cusip>
        <identifiers>
          <isin value="US549498AC76"/>
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        <balance>3000000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1421685.080000000000</valUSD>
        <pctVal>1.2005762972</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>Y</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>Lucid Group Inc</name>
              <title>Lucid Group Inc</title>
              <curCd>USD</curCd>
              <identifiers>
                <cusip value="549498202"/>
                <isin value="US5494982029"/>
                <ticker value="LCID"/>
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            </dbtSecRefInstrument>
          </dbtSecRefInstruments>
          <currencyInfos>
            <currencyInfo convRatio="33.333300000000" curCd="USD"/>
          </currencyInfos>
          <delta>XXXX</delta>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ORACLE CORP</name>
        <lei>1Z4GXXU7ZHVWFCD8TV52</lei>
        <title>Oracle Corp</title>
        <cusip>68389X204</cusip>
        <identifiers>
          <isin value="US68389X2045"/>
          <ticker value="ORCL"/>
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        <balance>10444.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>469457.800000000000</valUSD>
        <pctVal>0.3964449759</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Belvedere Bridge Onboarding - Senior</name>
        <lei>N/A</lei>
        <title>Belvedere Bridge Onboarding - Senior</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="USER DEFINED" value="BELV_DDTL_S"/>
        </identifiers>
        <balance>5000000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4968500.000000000000</valUSD>
        <pctVal>4.1957698063</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-09</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.659650000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Dominion and Montabella</name>
        <lei>N/A</lei>
        <title>Dominion and Montabella</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="USER DEFINED" value="DOMINION_DDTL_S"/>
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        <balance>3000000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3000000.000000000000</valUSD>
        <pctVal>2.5334224452</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-09</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.659650000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SERRANO PARENT R/C</name>
        <lei>N/A</lei>
        <title>SERRANO PARENT R/C</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LOAN X ID" value="LX212694"/>
        </identifiers>
        <balance>323000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>294479.100000000000</valUSD>
        <pctVal>0.2486799872</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-12</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>10.150000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LSF12 DONNELLY BIDCO T/L</name>
        <lei>N/A</lei>
        <title>LSF12 DONNELLY BIDCO T/L</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LOAN X ID" value="LX217759"/>
        </identifiers>
        <balance>1096875.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1096875.000000000000</valUSD>
        <pctVal>0.9262825815</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2030-09-30</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>10.120310000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PETVET CARE CENTERS LLC</name>
        <lei>549300V0HK8MSXZNOM91</lei>
        <title>PetVet Care Centers LLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="PEVETM"/>
          <other otherDesc="BBGID" value="BBG01JWXNH79"/>
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        <balance>1693029.990000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1523726.990000000000</valUSD>
        <pctVal>1.2867480523</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2030-10-24</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.620310000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Adelaide Borrower Delayed Draw T/L</name>
        <lei>N/A</lei>
        <title>Adelaide Borrower Delayed Draw T/L</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LOAN X ID" value="LX233134"/>
        </identifiers>
        <balance>412000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>412000.000000000000</valUSD>
        <pctVal>0.3479233491</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2030-05-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.696200000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Artifact Bidco T/L</name>
        <lei>N/A</lei>
        <title>Artifact Bidco T/L</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LOAN X ID" value="LX233454"/>
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        <balance>792000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>792000.000000000000</valUSD>
        <pctVal>0.6688235255</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2031-05-22</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.849610000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Artifact Bidco R/C</name>
        <lei>N/A</lei>
        <title>Artifact Bidco R/C</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LOAN X ID" value="LX233455"/>
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        <balance>139000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>139000.000000000000</valUSD>
        <pctVal>0.1173819066</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2030-05-22</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.779210000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Zendesk R/C (07/24)</name>
        <lei>N/A</lei>
        <title>Zendesk R/C (07/24)</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LOAN X ID" value="LX239579"/>
        </identifiers>
        <balance>55000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>54120.000000000000</valUSD>
        <pctVal>0.0457029409</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2028-11-22</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.327420000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Carr Riggs &amp; ingram Capital Delayed Draw T/L</name>
        <lei>N/A</lei>
        <title>Carr Riggs &amp; ingram Capital Delayed Draw T/L</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LOAN X ID" value="LX254458"/>
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        <balance>327163.740000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>327163.740000000000</valUSD>
        <pctVal>0.2762813207</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2031-11-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.916060000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Rialto Managment Group R/C (12/24)</name>
        <lei>N/A</lei>
        <title>Rialto Managment Group R/C (12/24)</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LOAN X ID" value="LX255055"/>
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        <balance>39000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>39000.000000000000</valUSD>
        <pctVal>0.0329344918</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2030-12-05</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.525390000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Cold Spring Brewing T/L B1 (12/24)</name>
        <lei>N/A</lei>
        <title>Cold Spring Brewing T/L B1 (12/24)</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LOAN X ID" value="LX256643"/>
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        <balance>1032617.070000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1032617.070000000000</valUSD>
        <pctVal>0.8720184208</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2029-12-10</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.352640000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>InhabitIQ T/L (1/25)</name>
        <lei>N/A</lei>
        <title>InhabitIQ T/L (1/25)</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LOAN X ID" value="LX257540"/>
        </identifiers>
        <balance>1327965.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1308045.530000000000</valUSD>
        <pctVal>1.1046106350</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2032-01-09</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.120310000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Einstein Parent R/C (01/25) (Smartsheet)</name>
        <lei>N/A</lei>
        <title>Einstein Parent R/C (01/25) (Smartsheet)</title>
        <cusip>N/A</cusip>
        <identifiers>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>1800 Avenue at Port Imperial</name>
        <lei>N/A</lei>
        <title>1800 Avenue at Port Imperial</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="USER DEFINED" value="1800_DDTL_S"/>
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        <balance>4000000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3965200.000000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
          <annualizedRt>9.159650000000</annualizedRt>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>Trystar T/L</name>
        <lei>N/A</lei>
        <title>Trystar T/L</title>
        <cusip>N/A</cusip>
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          <other otherDesc="LOAN X ID" value="LX240836"/>
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        <curCd>USD</curCd>
        <valUSD>1171710.000000000000</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2031-08-06</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.913390000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Trystar Delayed Draw T/L</name>
        <lei>N/A</lei>
        <title>Trystar Delayed Draw T/L</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LOAN X ID" value="LX240837"/>
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        <balance>643871.250000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>643871.250000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>3</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>PETVET CARE CENTERS R/C (10/23)</name>
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        <identifiers>
          <other otherDesc="LOAN X ID" value="LX219774"/>
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        <curCd>USD</curCd>
        <valUSD>203400.000000000000</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2029-11-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.625060000000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Reagent Chemical &amp; Research T/L</name>
        <lei>N/A</lei>
        <title>Reagent Chemical &amp; Research T/L</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LOAN X ID" value="LX229513"/>
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        <balance>2191127.500000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2191127.500000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.870310000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Azurite Intermediate Holdings T/L (3/24)</name>
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        <title>Azurite Intermediate Holdings T/L (3/24)</title>
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        <identifiers>
          <other otherDesc="LOAN X ID" value="LX228468"/>
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        <balance>515625.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>502734.380000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2031-03-19</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.620310000000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Azurite Intermediate Holdings R/C (03/24)</name>
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        <title>Azurite Intermediate Holdings R/C (03/24)</title>
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        <identifiers>
          <other otherDesc="LOAN X ID" value="LX228474"/>
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        <balance>187500.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>182812.500000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2031-03-19</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>11.826320000000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Mandrake BidCo R/C</name>
        <lei>N/A</lei>
        <title>Mandrake BidCo R/C</title>
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          <other otherDesc="LOAN X ID" value="LX243618"/>
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        <balance>517000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>517000.000000000000</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-24</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>10.099260000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      <invstOrSec>
        <name>Electro-Methods R/C (02/25)</name>
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        <title>Electro-Methods R/C (02/25)</title>
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          <other otherDesc="LOAN X ID" value="LX259525"/>
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        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>425000.000000000000</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2032-02-23</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.080030000000</annualizedRt>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>TERAWULF INC</name>
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          <isin value="US88080TAE47"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
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              <title>Terawulf Inc</title>
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      <invstOrSec>
        <name>TEI Intermediate Delayed Draw T/L</name>
        <lei>N/A</lei>
        <title>TEI Intermediate Delayed Draw T/L</title>
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        <identifiers>
          <other otherDesc="LOAN X ID" value="LX256618"/>
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        <curCd>USD</curCd>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <debtSec>
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      </invstOrSec>
      <invstOrSec>
        <name>Ideal Components Acquisition Delayed Draw T/L</name>
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        <title>Ideal Components Acquisition Delayed Draw T/L</title>
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          <other otherDesc="LOAN X ID" value="LX265732"/>
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        <curCd>USD</curCd>
        <valUSD>415396.600000000000</valUSD>
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        <issuerCat>CORP</issuerCat>
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      <invstOrSec>
        <name>Flow Traders Holding T/L (10/25)</name>
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        <title>Flow Traders Holding T/L (10/25)</title>
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          <other otherDesc="LOAN X ID" value="LX275300"/>
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        <curCd>USD</curCd>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
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      <invstOrSec>
        <name>TEI Intermediate R/C</name>
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        <title>TEI Intermediate R/C</title>
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          <other otherDesc="LOAN X ID" value="LX256619"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
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      </invstOrSec>
      <invstOrSec>
        <name>The Vesper Senior Loan Delayed Draw T/L</name>
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        <title>The Vesper Senior Loan Delayed Draw T/L</title>
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          <other otherDesc="USER DEFINED" value="VESPER_DDTL_S"/>
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        <balance>2968694.790000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2968694.790000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-09</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.500000000000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Aurora Merger Sub R/C</name>
        <lei>N/A</lei>
        <title>Aurora Merger Sub R/C</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LOAN X ID" value="LX238544"/>
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        <balance>226000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>222610.000000000000</valUSD>
        <pctVal>0.1879883902</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-12</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.304090000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SitusAMC Holdings T/L (05/25)</name>
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        <name>IW Buyer Amend No.3 T/L (7/25)</name>
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        <name>Varicent Intermediate Amd No.1 T/L (10/25)</name>
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        <name>CIENA CORP</name>
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      <invstOrSec>
        <name>VOLUNTEER ACQUISITIONCO DELAYED DRAW T/L</name>
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        <title>VOLUNTEER ACQUISITIONCO DELAYED DRAW T/L</title>
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          <other otherDesc="LOAN X ID" value="LX216572"/>
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        <name>ASP Integrity Acquisition Delayed Draw T/L (3/25)</name>
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          <other otherDesc="LOAN X ID" value="LX260514"/>
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        <curCd>USD</curCd>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <maturityDt>2032-03-05</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Armada Parent 3th Amend 2025 T/L</name>
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        <title>Armada Parent 3th Amend 2025 T/L</title>
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          <other otherDesc="LOAN X ID" value="LX265104"/>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>BWX TECHNOLOGIES INC</name>
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        <name>BRIGHTLINE EAST LLC</name>
        <lei>N/A</lei>
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        <name>COREWEAVE INC</name>
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      <invstOrSec>
        <name>MRI Software Tranche 6 Delayed Draw T/L (08/24)</name>
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        <name>Reagent Chemical &amp; Research R/C</name>
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        <title>Reagent Chemical &amp; Research R/C</title>
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        <name>Trystar First Amend T/L (09/24)</name>
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          <other otherDesc="LOAN X ID" value="LX246636"/>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
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      <invstOrSec>
        <name>Armada Parent R/C</name>
        <lei>N/A</lei>
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        <balance>356000.000000000000</balance>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Summit Tower</name>
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        <title>Summit Tower</title>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <maturityDt>2027-10-09</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.718140000000</annualizedRt>
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      <invstOrSec>
        <name>COMPASS INCORP</name>
        <lei>254900DMGQSTC3I2IM78</lei>
        <title>Compass Inc</title>
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          <isin value="US20464UAA88"/>
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        <balance>750000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>814967.630000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>.250000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>ECHOSTAR CORP</name>
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        <invCountry>US</invCountry>
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          <isContngtConvrtbl>Y</isContngtConvrtbl>
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            <dbtSecRefInstrument>
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                <ticker value="ECHO"/>
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          <delta>XXXX</delta>
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        <securityLending>
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      <invstOrSec>
        <name>JETBLUE AIRWAYS CORP</name>
        <lei>54930070J9H97ZO93T57</lei>
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        <issuerCat>CORP</issuerCat>
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          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
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                <cusip value="477143101"/>
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                <ticker value="JBLU"/>
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          <currencyInfos>
            <currencyInfo convRatio="163.398700000000" curCd="USD"/>
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          <delta>XXXX</delta>
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      <invstOrSec>
        <name>Consumer Cellular</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="USER DEFINED" value="CCI_PREF"/>
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      <invstOrSec>
        <name>Highway 16A Apartments</name>
        <lei>N/A</lei>
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          <other otherDesc="USER DEFINED" value="Hway16A_DDTL_S"/>
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        <curCd>USD</curCd>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <debtSec>
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        <name>VOLUNTEER ACQUISITIONCO R/C</name>
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          <other otherDesc="LOAN X ID" value="LX216574"/>
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        <curCd>USD</curCd>
        <valUSD>613756.000000000000</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
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        <debtSec>
          <maturityDt>2029-09-01</maturityDt>
          <couponKind>Floating</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>Azurite Intermediate Holdings Delayed Draw T/L (03</name>
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        <title>Azurite Intermediate Holdings Delayed Draw T/L (03</title>
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        <identifiers>
          <other otherDesc="LOAN X ID" value="LX228473"/>
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        <curCd>USD</curCd>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
          <annualizedRt>9.620310000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Bingo Group Buyer Delayed Draw T/L (7/24)</name>
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        <title>Bingo Group Buyer Delayed Draw T/L (7/24)</title>
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          <other otherDesc="LOAN X ID" value="LX238775"/>
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        <curCd>USD</curCd>
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        <assetCat>LON</assetCat>
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        <invCountry>US</invCountry>
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        <debtSec>
          <maturityDt>2031-07-10</maturityDt>
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        <securityLending>
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      <invstOrSec>
        <name>Axiom Global Refinancing T/L</name>
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          <other otherDesc="LOAN X ID" value="LX239508"/>
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        <curCd>USD</curCd>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
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      <invstOrSec>
        <name>Zendesk 2024 T/L - target</name>
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        <title>Zendesk 2024 T/L - target</title>
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          <other otherDesc="LOAN X ID" value="LX239576"/>
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        <issuerCat>CORP</issuerCat>
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      <invstOrSec>
        <name>IW Buyer Amend No. 2 T/L (8/24)</name>
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          <other otherDesc="LOAN X ID" value="LX241573"/>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Big Apple Advisory R/C (PKF O'Connor Davies Adviso</name>
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        <title>Big Apple Advisory R/C (PKF O'Connor Davies Adviso</title>
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        <identifiers>
          <other otherDesc="LOAN X ID" value="LX253648"/>
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        <valUSD>327000.000000000000</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>3</fairValLevel>
        <debtSec>
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        <name>MP MATERIALS CORP</name>
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              <title>MP Materials Corp</title>
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        <name>PG&amp;E CORP</name>
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      <invstOrSec>
        <name>Higgin_Pref</name>
        <lei>N/A</lei>
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        <identifiers>
          <other otherDesc="USER DEFINED" value="Higgin_Pref"/>
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      </invstOrSec>
      <invstOrSec>
        <name>BSP EQUIPMENT FINANCING LLC</name>
        <lei>N/A</lei>
        <title>BSP EQUIPMENT FINANCING LLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="USER DEFINED" value="BEFLLC_UNFUNDED"/>
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        <curCd>USD</curCd>
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        <pctVal>0.0000000000</pctVal>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Knowledge Pro Buyer R/C</name>
        <lei>N/A</lei>
        <title>Knowledge Pro Buyer R/C</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LOAN X ID" value="LX201396"/>
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        <balance>180000.000000000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-12-10</maturityDt>
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        <name>Big Apple Advisory Delayed Draw T/L (PKF O'Connor</name>
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        <name>Armada Parent 3th Amend 2025 Delayed Draw T/L</name>
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        <name>EPE Merger Sub (Electric Power Engineer) R/C (12/2</name>
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        <name>Zendesk Amd No. 1 Delayed Draw T/L</name>
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        <name>Last Dance Intermediate II Delayed Draw T/L (Socke</name>
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        <name>Adelaide Borrower R/C</name>
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        <name>Arctic Holdco (Novvia Project Scarecrow) Delayed D</name>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <securityLending>
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      <invstOrSec>
        <name>Accel International Holdings R/C (04/25)</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
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          <other otherDesc="LOAN X ID" value="LX262458"/>
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        <curCd>USD</curCd>
        <valUSD>251000.000000000000</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
          <annualizedRt>8.775180000000</annualizedRt>
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      <invstOrSec>
        <name>Last Dance Intermediate II R/C (Socket Holdings Co</name>
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        <title>Last Dance Intermediate II R/C (Socket Holdings Co</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LOAN X ID" value="LX261562"/>
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        <curCd>USD</curCd>
        <valUSD>248000.000000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2031-03-31</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.574920000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>Lighthouse Intelligence Delayed Draw T/L</name>
        <lei>N/A</lei>
        <title>Lighthouse Intelligence Delayed Draw T/L</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LOAN X ID" value="LX261891"/>
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        <balance>615000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>597349.500000000000</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>CCI Buyer (Consumer Cellular) R/C</name>
        <lei>N/A</lei>
        <title>CCI Buyer (Consumer Cellular) R/C</title>
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        <identifiers>
          <other otherDesc="LOAN X ID" value="LX263204"/>
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        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>164000.000000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2032-05-13</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.325090000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>WIN Holdings III 2025 Amendment T/L</name>
        <lei>N/A</lei>
        <title>WIN Holdings III 2025 Amendment T/L</title>
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          <other otherDesc="LOAN X ID" value="LX271018"/>
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        <balance>1124350.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1124350.000000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-16</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.725060000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>Zendesk 3rd Amend 2025 Delayed Draw T/L (11/25)</name>
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        <title>Zendesk 3rd Amend 2025 Delayed Draw T/L (11/25)</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LOAN X ID" value="LX276234"/>
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        <balance>45436.720000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>44709.730000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2028-11-22</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.685260000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>WIN Holdings III 2026 Amendment No. 4 T/L</name>
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        <title>WIN Holdings III 2026 Amendment No. 4 T/L</title>
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          <other otherDesc="LOAN X ID" value="LX282810"/>
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        <balance>159598.400000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>159598.400000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-16</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.475060000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Amylu Holdco Delayed Draw T/L (6/25)</name>
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        <title>Amylu Holdco Delayed Draw T/L (6/25)</title>
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        <identifiers>
          <other otherDesc="LOAN X ID" value="LX264667"/>
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        <balance>364846.400000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>364846.400000000000</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
          <annualizedRt>8.399330000000</annualizedRt>
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        <name>BLOOM ENERGY CORP</name>
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          <isin value="US093712AN72"/>
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        <curCd>USD</curCd>
        <valUSD>2290957.270000000000</valUSD>
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        <invCountry>US</invCountry>
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        <debtSec>
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          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>N</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
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              <title>Bloom Energy Corp</title>
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      <invstOrSec>
        <name>Electro-Methods T/L (02/25)</name>
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          <other otherDesc="LOAN X ID" value="LX259524"/>
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        <curCd>USD</curCd>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2032-02-23</maturityDt>
          <couponKind>Floating</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>Trystar R/C</name>
        <lei>N/A</lei>
        <title>Trystar R/C</title>
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          <other otherDesc="LOAN X ID" value="LX240838"/>
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        <balance>322000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>322000.000000000000</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2031-08-06</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.727730000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Varicent Intermediate Delayed Draw T/L</name>
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        <title>Varicent Intermediate Delayed Draw T/L</title>
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        <identifiers>
          <other otherDesc="LOAN X ID" value="LX243410"/>
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        <balance>126368.680000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>124157.230000000000</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <debtSec>
          <maturityDt>2031-08-23</maturityDt>
          <couponKind>Floating</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>InhabitIQ (1/25) R/C</name>
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        <title>InhabitIQ (1/25) R/C</title>
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          <other otherDesc="LOAN X ID" value="LX257544"/>
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        <balance>232000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>228520.000000000000</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <debtSec>
          <maturityDt>2032-01-09</maturityDt>
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        <securityLending>
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      <invstOrSec>
        <name>EPE Merger Sub (Electric Power Engineer) T/L B (12</name>
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        <title>EPE Merger Sub (Electric Power Engineer) T/L B (12</title>
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          <other otherDesc="LOAN X ID" value="LX257696"/>
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        <curCd>USD</curCd>
        <valUSD>1428000.000000000000</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <debtSec>
          <maturityDt>2031-12-31</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.244820000000</annualizedRt>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>Varicent Intermediate Amd No. 1 Delayed Draw T/L (</name>
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        <title>Varicent Intermediate Amd No. 1 Delayed Draw T/L (</title>
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        <identifiers>
          <other otherDesc="LOAN X ID" value="LX274897"/>
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        <curCd>USD</curCd>
        <valUSD>199447.500000000000</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2031-08-23</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.654540000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>DOORDASH INC</name>
        <lei>549300NUQ43FGGSK5051</lei>
        <title>DoorDash Inc</title>
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          <isin value="US25809KAB17"/>
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        <balance>750000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>737056.270000000000</valUSD>
        <pctVal>0.6224249659</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>N</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>DoorDash Inc</name>
              <title>DoorDash Inc</title>
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                <isin value="US25809K1051"/>
                <ticker value="DASH"/>
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        <name>SNOWFLAKE INC</name>
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        <issuerCat>CORP</issuerCat>
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      <invstOrSec>
        <name>Saturn Sound Bidco Delayed Draw T/L (12/24)</name>
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      <invstOrSec>
        <name>EPE Merger Sub (Electric Power Engineer) Delayed D</name>
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          <other otherDesc="LOAN X ID" value="LX257698"/>
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      <invstOrSec>
        <name>SkyWater Technology (6/25) R/C</name>
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          <other otherDesc="USER DEFINED" value="SKYWATER_REV"/>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
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          <maturityDt>2030-06-30</maturityDt>
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      <invstOrSec>
        <name>1800 Avenue at Port Imperial - Mezz</name>
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        <title>1800 Avenue at Port Imperial - Mezz</title>
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          <other otherDesc="USER DEFINED" value="1800_DDTL_M"/>
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        <balance>1527000.000000000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>CLOUDFLARE INC</name>
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        <name>BSP EQUIPMENT FINANCING LLC</name>
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        <name>Bingo Group Buyer T/L (7/24)</name>
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        <name>Coalesce Merlin Purchaser Delayed Draw T/L 2</name>
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        <name>Big Apple Advisory T/L (PKF O'Connor Davies Adviso</name>
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          <other otherDesc="LOAN X ID" value="LX253646"/>
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        <name>FloWorks International Delayed Draw T/L (11/24)</name>
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          <other otherDesc="LOAN X ID" value="LX255877"/>
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        <name>VACO HOLDINGS LLC</name>
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        <title>Vaco Holdings LLC</title>
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        <name>Varicent Intermediate R/C</name>
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        <title>Varicent Intermediate R/C</title>
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        <name>IREN LTD</name>
        <lei>254900FZF02RB3NNGB71</lei>
        <title>IREN Ltd</title>
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        <issuerCat>CORP</issuerCat>
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        <name>Bingo Group Buyer R/C (7/24)</name>
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          <other otherDesc="LOAN X ID" value="LX238776"/>
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        <curCd>USD</curCd>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
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        <debtSec>
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        <name>Varicent Intermediate T/L</name>
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          <other otherDesc="LOAN X ID" value="LX243408"/>
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        <curCd>USD</curCd>
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        <debtSec>
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        <name>Coalesce Merlin Purchaser T/L</name>
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      <invstOrSec>
        <name>GALAXY DIGITAL HOLDIN LP</name>
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        <name>Hallandale_DDTL_S</name>
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        <name>Artifact Bidco Delayed Draw T/L</name>
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        <name>Aurora Merger Sub Delayed Draw T/L</name>
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      </invstOrSec>
      <invstOrSec>
        <name>InhabitIQ (1/25) Delayed Draw T/L</name>
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        <title>InhabitIQ (1/25) Delayed Draw T/L</title>
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          <other otherDesc="LOAN X ID" value="LX257543"/>
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        <curCd>USD</curCd>
        <valUSD>366420.000000000000</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
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        <debtSec>
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        <isRestrictedSec>Y</isRestrictedSec>
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        <name>CCI Buyer (Consumer Cellular) T/L</name>
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        <name>Demakes Enterprises Amendment No. 3 T/L</name>
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          <other otherDesc="LOAN X ID" value="LX292215"/>
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        <name>ASP Integrity Acquisition T/L (3/25)</name>
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        <name>Bingo Group Buyer First Amend Incremental T/L (10/</name>
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        <assetCat>LON</assetCat>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>IREN LTD</name>
        <lei>254900FZF02RB3NNGB71</lei>
        <title>IREN Ltd</title>
        <cusip>46270CAJ8</cusip>
        <identifiers>
          <isin value="US46270CAJ80"/>
        </identifiers>
        <balance>1000000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1109211.040000000000</valUSD>
        <pctVal>0.9367000484</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>Y</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>IREN Ltd</name>
              <title>IREN Ltd</title>
              <curCd>USD</curCd>
              <identifiers>
                <cusip value="N/A"/>
                <isin value="AU0000185993"/>
                <ticker value="IREN"/>
              </identifiers>
            </dbtSecRefInstrument>
          </dbtSecRefInstruments>
          <currencyInfos>
            <currencyInfo convRatio="19.455300000000" curCd="USD"/>
          </currencyInfos>
          <delta>XXXX</delta>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Lighthouse Intelligence R/C</name>
        <lei>N/A</lei>
        <title>Lighthouse Intelligence R/C</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LOAN X ID" value="LX261892"/>
        </identifiers>
        <balance>439000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>426400.700000000000</valUSD>
        <pctVal>0.3600843680</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-10</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.578800000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Knowledge Pro Buyer Amendment No. 5 Incremental T/</name>
        <lei>N/A</lei>
        <title>Knowledge Pro Buyer Amendment No. 5 Incremental T/</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LOAN X ID" value="LX267677"/>
        </identifiers>
        <balance>44356.240000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>44356.240000000000</valUSD>
        <pctVal>0.0374576980</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-12-10</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.321940000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-08-26</ncom:dateSigned>
      <ncom:nameOfApplicant>Franklin BSP Private Credit Fund</ncom:nameOfApplicant>
      <ncom:signature>/s/ Max Rudenstein</ncom:signature>
      <ncom:signerName>Max Rudenstein</ncom:signerName>
      <ncom:title>Managing Director</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
