INVESTMENTS (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Investments [Line Items]

Investments consisted of the following:


	As of September 30, 2025				As of December 31, 2024
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
First lien secured loans	$	448,438		424,472	$	538,078	$	502,693
Second lien secured loans		3,402		3,402		8,295		8,342
Unsecured loans		1,239		1,258		1,152		1,175
Subordinated Note to STRS JV		84,416		84,416		84,416		84,416
Equity (excluding STRS JV)		52,305		33,480		42,195		22,846
Equity in STRS JV		21,104		21,406		21,104		22,741
Total	$	610,904	$	568,434	$	695,240	$	642,213

The following table shows the portfolio composition by industry grouping at fair value:


Industry ($ in thousands)	As of September 30, 2025				As of December 31, 2024
Advertising	$	1,607	0.3	%	$	17,451	3.3	%
Air Freight & Logistics		29,090	6.3			28,518	5.3
Application Software		23,804	5.1			26,924	5.0
Broadcasting		—	—			7,833	1.5
Broadline Retail		753	0.2			5,336	1.0
Building Products		13,492	2.9			13,206	2.5
Commodity Chemicals		—	—			16,026	3.0
Construction & Engineering		12,548	2.7			3,927	0.7
Construction Materials		5,143	1.1			5,640	1.1
Data Processing & Outsourced Services		27,169	5.9			28,572	5.3
Distributors		10,463	2.3			10,690	2.0
Diversified Chemicals		7,111	1.5			4,999	0.9
Diversified Support Services		9,607	2.1			9,563	1.8
Education Services		20,442	4.4			21,314	4.0
Electric Utilities		—	—			16,032	3.0
Environmental & Facilities Services		2,819	0.6			1,400	0.3
Food Distributors		278	0.1			350	0.1
Health Care Facilities		13,584	2.9			8,660	1.6
Health Care Services		8,356	1.8			19,589	3.7
Health Care Supplies		19,536	4.2			19,535	3.7
Heavy Electrical Equipment		—	—			10,138	1.9
Home Furnishings		25,030	5.4			25,376	4.7
Household Appliances		3,678	0.8			22,162	4.1
Household Products		10,025	2.2			11,656	2.2
Human Resource & Employment Services		3,017	0.7			—	—
Industrial Machinery & Supplies & Components		13,066	2.8			13,237	2.5
Integrated Telecommunication Services		27,261	5.9			13,135	2.5
Interactive Media & Services		15,798	3.4			15,970	3.0
IT Consulting & Other Services		1,943	0.4			3,504	0.6
Leisure Facilities		14,553	3.1			19,580	3.7
Leisure Products		23,602	5.1			23,298	4.4
Life Sciences Tools & Services		—	—			5,000	0.9
Oil & Gas Storage & Transportation		10,086	2.2			—	—
Packaged Foods & Meats		4,114	0.9			4,087	0.7
Paper Products		9,254	2.0			9,453	1.8
Real Estate Services		20,496	4.4			20,872	3.9
Research & Consulting Services		5,271	1.1			5,295	0.9
Security & Alarm Services		7,017	1.5			7,070	1.3
Specialized Consumer Services		6,980	1.5			7,122	1.3
Specialized Finance⁽¹⁾		—	—			—	—
Systems Software		26,534	5.7			26,398	4.9
Technology Hardware, Storage & Peripherals		19,013	4.1			18,072	3.4
Transaction & Payment Processing Services		10,072	2.4			8,066	1.5
Total⁽¹⁾	$	462,612	100.0	%	$	535,056	100.0	%

(1)	Excludes investments in STRS JV.


		Dividends,		Beginning								Net Change in		Ending Fair
		interest and PIK		Fair Value as of						Net		Unrealized		Value as of
	Type of	included in		December 31,		Gross		Gross		Realized		Appreciation		September 30,
Affiliated Person⁽¹⁾	Asset	income		2024		Additions⁽²⁾		Reductions⁽³⁾		Gain (Loss)		(Depreciation)		2025
Non-controlled affiliates
Arcserve Cayman Opco LP (d/b/a Arcserve (USA), LLC)	First Lien Secured Delayed Draw Loan	$	89	$	1,247	$	73	$	—	$	—	$	(75)	$	1,245
Arcserve Cayman Opco LP (d/b/a Arcserve (USA), LLC)	Unsecured Loan		43		581		43		—		—		(2)		622
Arcserve Cayman Opco LP (d/b/a Arcserve (USA), LLC)	Unsecured Loan		44		594		44		—		—		(2)		636
Arcserve Cayman GP LLC (d/b/a Arcserve (USA), LLC)	Common Units		—		—		—		—		—		—		—
Arcserve Cayman Topco LP (d/b/a Arcserve (USA), LLC)	Common Units		—		9,131		—		—		—		(3)		9,128
Camarillo Fitness Holdings, LLC (f/k/a Honors Holdings, LLC)	First Lien Secured Term Loan		(38)		10,492		—		(39)		—		(5,372)		5,081
Camarillo Fitness Holdings, LLC (f/k/a Honors Holdings, LLC)	First Lien Secured Delayed Draw Loan		—		—		811		—		—		(965)		(154)
H.I.G. Camarillo, L.P. (f/k/a Honors Holdings, LLC)	Limited Partner Interests		—		—		—		—		—		—		—
Media Source, LLC (d/b/a Media Source Inc.)	First Lien Secured Term Loan		34		—		4,200		—		—		—		4,200
Media Source, LLC (d/b/a Media Source Inc.)	First Lien Secured Revolving Loan		2		—		213		—		—		17		230
TVG I-EMSI Parent, LLC (d/b/a Media Source Inc.)	Class A Units		—		—		—		—		—		—		—
TVG I-EMSI Parent, LLC (d/b/a Media Source Inc.)	Class B Units		—		—		3,291		—		—		—		3,291
Playmonster Group LLC	Priority First Lien Secured Term Loan		121		1,172		121		—		—		11		1,304
Playmonster Group LLC	First Lien Secured Term Loan		—		1,635		—		—		—		(13)		1,622
Playmonster Group Equity, Inc. (d/b/a PlayMonster)	Preferred Stock		—		—		—		—		—		—		—
Playmonster Group Equity, Inc. (d/b/a PlayMonster)	Common Stock		—		—		—		—		—		—		—
Chase Products Co. (f/k/a Starco)	Second Lien Secured Term Loan		321		3,342		155		(95)		—		—		3,402
Pressurized Holdings, LLC (f/k/a Starco)	Common Units		—		—		—		—		—		—		—
Pressurized Holdings, LLC (f/k/a Starco)	Preferred Units		—		1,657		—		—		—		2,052		3,709
Total Non-controlled affiliates		$	616	$	29,851	$	8,951	$	(134)	$	—	$	(4,352)	$	34,316


		Dividends,		Beginning								Net Change in		Ending Fair
		interest and PIK		Fair Value as of						Net		Unrealized		Value as of
	Type of	included in		December 31,		Gross		Gross		Realized		Appreciation		September 30,
Affiliated Person⁽¹⁾	Asset	income		2024		Additions⁽²⁾		Reductions⁽³⁾		Gain (Loss)		(Depreciation)		2025
Controlled affiliates
American Crafts, LC	Super Senior Priority First Lien Secured Term Loan	$	—	$	373	$	—	$	—	$	(2,373)	$	2,000	$	—
American Crafts, LC	Super Senior Priority First Lien Secured Term Loan		—		—		—		—		(1,230)		1,230		—
American Crafts, LC	Super Priority First Lien Secured Term Loan		—		—		—		—		(2,094)		2,094		—
American Crafts, LC	Priority First Lien Secured Term Loan		—		—		—		—		(5,105)		5,105		—
American Crafts, LC	First Lien Secured Term Loan		—		—		—		—		(8,720)		8,720		—
American Crafts, LC	First Lien Secured Delayed Draw Loan		—		—		—		—		(1,458)		1,458		—
American Crafts Holdings, LLC (d/b/a American Crafts, LC)	Warrants		—		—		—		—		—		—		—
New American Crafts Holdings, LLC (d/b/a American Crafts, LC)	Class A Units		—		—		—		—		—		—		—
WHF STRS Ohio Senior Loan Fund LLC*	Subordinated Note		6,856		84,416		—		—		—		—		84,416
WHF STRS Ohio Senior Loan Fund LLC*	Equity		3,796		22,741		—		—		—		(1,335)		21,406
Total Controlled affiliates		$	10,652	$	107,530	$	—	$	—	$	(20,980)	$	19,272	$	105,822

The Company and STRS Ohio are the members of STRS JV, a joint venture formed as a limited liability company (“LLC”) in Delaware that is not consolidated by either member for financial reporting purposes. The members make investments in STRS JV in the form LLC equity interests and interest-bearing subordinated notes as STRS JV makes investments, and all portfolio and other material decisions regarding STRS JV must be submitted to STRS JV’s board of managers which is comprised of an equal number of members appointed by each of the Company and STRS Ohio. Because management of STRS JV is shared equally between the Company and STRS Ohio, the Company does not believe it controls STRS JV for purposes of the 1940 Act or otherwise. This note shall be referred to hereinafter as Management of the STRS JV (“Management of the STRS JV”).

(1)	Refer to the consolidated schedule of investments for the principal amount, industry classification and other security detail of each portfolio company.

(2)	Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK, an exchange of existing investments for new investments and the transfers of an existing portfolio company into this category from a different category.

(3)

Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, an exchange of existing investments for new investments and the transfers of an existing portfolio company into this category from a different category.


		Dividends,		Beginning								Net Change in		Ending Fair
		interest and PIK		Fair Value as of						Net		Unrealized		Value as of
	Type of	included in		December 31,		Gross		Gross		Realized		Appreciation		December 31,
Affiliated Person⁽¹⁾	Asset	income		2023		Additions⁽²⁾		Reductions⁽³⁾		Gain (Loss)		(Depreciation)		2024
Non-controlled affiliates
Arcserve Cayman Opco LP (d/b/a Arcserve (USA), LLC)	First Lien Secured Delayed Draw Loan	$	116	$	—	$	677	$	—	$	—	$	570	$	1,247
Arcserve Cayman Opco LP (d/b/a Arcserve (USA), LLC)	Unsecured Loan		54		—		569		—		—		12		581
Arcserve Cayman Opco LP (d/b/a Arcserve (USA), LLC)	Unsecured Loan		55		—		583		—		—		11		594
Arcserve Cayman GP LLC (d/b/a Arcserve (USA), LLC)	Common Units		—		—		—		—		—		—		—
Arcserve Cayman Topco LP (d/b/a Arcserve (USA), LLC)	Common Units		—		—		19,568		—		—		(10,437)		9,131
Camarillo Fitness Holdings, LLC (f/k/a Honors Holdings, LLC)	First Lien Secured Term Loan		36		—		10,270		—		—		222		10,492
H.I.G. Camarillo, L.P. (f/k/a Honors Holdings, LLC)	Limited Partner Interests		—		—		—		—		—		—		—
Playmonster Group LLC	Priority First Lien Secured Term Loan		157		1,015		157		—		—		—		1,172
Playmonster Group LLC	First Lien Secured Term Loan		—		1,363		—		—		—		272		1,635
Playmonster Group Equity, Inc. (d/b/a PlayMonster)	Preferred Stock		—		—		—		—		—		—		—
Playmonster Group Equity, Inc. (d/b/a PlayMonster)	Common Stock		—		—		—		—		—		—		—
Chase Products Co. (f/k/a Starco)	Second Lien Secured Term Loan		380		2,793		380		—		—		169		3,342
Pressurized Holdings, LLC (f/k/a Starco)	Common Units		—		—		—		—		—		—		—
Pressurized Holdings, LLC (f/k/a Starco)	Preferred Units		—		251		—		—		—		1,406		1,657
Total Non-controlled affiliates		$	798	$	5,422	$	32,204	$	—	$	—	$	(7,775)	$	29,851


		Dividends,		Beginning								Net Change in		Ending Fair
		interest and PIK		Fair Value as of						Net		Unrealized		Value as of
	Type of	included in		December 31,		Gross		Gross		Realized		Appreciation		December 31,
Affiliated Person⁽¹⁾	Asset	income		2023		Additions⁽²⁾		Reductions⁽³⁾		Gain (Loss)		(Depreciation)		2024
Controlled affiliates
American Crafts, LC	Super Senior Priority First Lien Secured Term Loan	$	107	$	—	$	2,374	$	—	$	—	$	(2,001)	$	373
American Crafts, LC	Super Senior Priority First Lien Secured Term Loan		96		—		1,230		—		—		(1,230)		—
American Crafts, LC	Super Priority First Lien Secured Term Loan		187		1,878		191		—		—		(2,069)		—
American Crafts, LC	Priority First Lien Secured Term Loan		(10)		3,226		—		—		—		(3,226)		—
American Crafts, LC	First Lien Secured Term Loan		—		553		—		—		—		(553)		—
American Crafts, LC	First Lien Secured Delayed Draw Loan		—		93		—		—		—		(93)		—
American Crafts Holdings, LLC (d/b/a American Crafts, LC)	Warrants		—		—		—		—		—		—		—
New American Crafts Holdings, LLC (d/b/a American Crafts, LC)	Class A Units		—		—		—		—		—		—		—
WHF STRS Ohio Senior Loan Fund LLC*	Subordinated Note		9,838		84,416		—		—		—		—		84,416
WHF STRS Ohio Senior Loan Fund LLC*	Equity		6,861		22,782		—		—		—		(41)		22,741
Total Controlled affiliates		$	17,079	$	112,948	$	3,795	$	—	$	—	$	(9,213)	$	107,530

*	For more information, see “Management of the STRS JV.”

(1)	Refer to the consolidated schedule of investments for the principal amount, industry classification and other security detail of each portfolio company.

(2)	Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK, an exchange of existing investments for new investments and the transfers of an existing portfolio company into this category from a different category.

(3)

Schedule of forward currency contracts


Issuer	Investment Type⁽¹⁾	Floor	Reference Rate⁽²⁾	Spread Above Index	Interest Rate⁽³⁾	Acquisition Date⁽⁴⁾	Maturity Date	Principal/ Share Amount	Amortized Cost		Fair Value⁽⁵⁾		Fair Value As A Percentage of Members' Equity
Debt Investments
Advertising
Forward Solutions, LLC (d/b/a Avision Sales Group)	First Lien Secured Term Loan	1.00%	SOFR (3M)	6.75%	10.90%	02/18/22	12/15/26	8,938	$	8,894	$	8,938	27.5	%
Forward Solutions, LLC (d/b/a Avision Sales Group)	First Lien Secured Delayed Draw Loan	1.00%	SOFR (3M)	6.75%	10.90%	03/11/22	12/15/26	3,000		2,986		3,000	9.2
Forward Solutions, LLC (d/b/a Avision Sales Group)	First Lien Secured Revolving Loan	1.00%	SOFR (3M)	6.75%	10.90%	02/18/22	12/15/26	—		—		3	—
Trailhead Media LLC	First Lien Secured Term Loan	1.00%	SOFR (3M)	5.50%	9.50% (8.75% Cash + 0.75% PIK)	01/22/25	12/28/29	6,636		6,552		6,531	20.0
Trailhead Media LLC⁽⁶⁾	First Lien Secured Delayed Draw Loan	1.00%	SOFR (3M)	5.50%	9.50% (8.75% Cash + 0.75% PIK)	01/22/25	12/28/29	—		—		(4)	—
Trailhead Media LLC⁽⁶⁾	First Lien Secured Revolving Loan	1.00%	SOFR (3M)	5.50%	9.50% (8.75% Cash + 0.75% PIK)	01/22/25	12/28/29	—		—		(3)	—
										18,432		18,465	56.7
Air Freight & Logistics
ITS Buyer Inc. (d/b/a ITS Logistics, LLC)	First Lien Secured Term Loan	1.00%	SOFR (3M)	6.00%	10.57%	02/17/22	06/14/27	3,280		3,269		3,272	10.0
ITS Buyer Inc. (d/b/a ITS Logistics, LLC)	First Lien Secured Revolving Loan	1.00%	SOFR (3M)	6.00%	10.46%	02/17/22	06/14/27	110		110		110	0.3
										3,379		3,382	10.3
Asset Management & Custody Banks
Apollon Holdings, LLC (d/b/a Apollon Wealth Management, LLC)	First Lien Secured Term Loan	1.00%	SOFR (3M)	5.50%	9.83%	07/21/25	06/18/32	6,650		6,554		6,557	20.2
Apollon Holdings, LLC (d/b/a Apollon Wealth Management, LLC)⁽⁶⁾	First Lien Secured Delayed Draw Loan	1.00%	SOFR (3M)	5.50%	9.72%	07/21/25	06/18/32	1,568		1,545		1,547	4.7
										8,099		8,104	24.9
Broadline Retail
Marlin DTC-LS Midco 2, LLC (d/b/a Clarus Commerce, LLC)	First Lien Secured Term Loan	1.00%	SOFR (1M)	6.50%	10.76%	07/19/19	07/01/26	18,069		18,069		17,160	52.7
Marlin DTC-LS Midco 2, LLC (d/b/a Clarus Commerce, LLC)	First Lien Secured Revolving Loan	1.00%	SOFR (1M)	6.50%	10.76%	07/19/19	07/01/26	—		—		(49)	(0.2)
										18,069		17,111	52.5
Building Products
Drew Foam Companies Inc	First Lien Secured Term Loan	1.00%	SOFR (3M)	6.00%	10.15%	11/09/20	12/07/26	13,394		13,359		13,371	41.1
SCIC Buyer, Inc. (d/b/a SIGMA Corporation)	First Lien Secured Term Loan	1.00%	SOFR (3M)	4.75%	8.75%	06/04/25	03/28/31	9,113		8,987		9,056	27.8
SCIC Buyer, Inc. (d/b/a SIGMA Corporation)⁽⁶⁾	First Lien Secured Delayed Draw Loan	1.00%	SOFR (3M)	4.75%	8.75%	06/04/25	03/28/31	—		—		1	—
SCIC Buyer, Inc. (d/b/a SIGMA Corporation)⁽⁶⁾	First Lien Secured Revolving Loan	1.00%	SOFR (3M)	4.75%	8.75%	06/04/25	03/28/31	—		—		14	—
										22,346		22,442	68.9
Commodity Chemicals
WCHG Buyer, Inc. (d/b/a Handgards, LLC)⁽¹⁶⁾	First Lien Secured Term Loan	1.00%	Base Rate	5.00%	9.15%	04/01/25	04/10/31	6,965		6,934		6,944	21.3
										6,934		6,944	21.3
Construction & Engineering
Banner Acquisition Holdings, LLC (d/b/a Banner Industries, Inc.)	First Lien Secured Term Loan	1.00%	SOFR (3M)	6.25%	10.45%	12/21/23	01/02/29	2,975		2,928		2,840	8.8
Banner Acquisition Holdings, LLC (d/b/a Banner Industries, Inc.)	First Lien Secured Delayed Draw Loan	1.00%	SOFR (3M)	6.25%	10.45%	12/21/23	01/02/29	1,885		1,855		1,799	5.5
Banner Acquisition Holdings, LLC (d/b/a Banner Industries, Inc.)⁽¹⁴⁾	First Lien Secured Revolving Loan	1.00%	Base Rate	6.25%	10.48%	12/21/23	01/02/29	168		165		132	0.4
TriplePoint Acquisition Holdings LLC (d/b/a TriplePoint MEP Holdings, LLC)	First Lien Secured Term Loan	1.00%	SOFR (3M)	5.25%	9.25%	06/14/24	05/31/29	8,114		7,986		8,027	24.6
TriplePoint Acquisition Holdings LLC (d/b/a TriplePoint MEP Holdings, LLC)⁽⁶⁾	First Lien Secured Delayed Draw Loan	1.00%	SOFR (3M)	5.25%	9.25%	06/14/24	05/31/29	—		—		(3)	—
TriplePoint Acquisition Holdings LLC (d/b/a TriplePoint MEP Holdings, LLC)⁽⁶⁾	First Lien Secured Revolving Loan	1.00%	SOFR (3M)	5.25%	9.25%	04/08/25	05/31/29	—		—		8	—


Issuer	Investment Type⁽¹⁾	Floor	Reference Rate⁽²⁾	Spread Above Index	Interest Rate⁽³⁾	Acquisition Date⁽⁴⁾	Maturity Date	Principal/ Share Amount	Amortized Cost		Fair Value⁽⁵⁾		Fair Value As A Percentage of Members' Equity
										12,934		12,803	39.3
Data Processing & Outsourced Services
Geo Logic Systems Ltd.^(7)(10)⁽¹⁷⁾	First Lien Secured Term Loan	1.00%	CORRA (3M)	6.00%	8.77%	01/22/20	12/21/26	18,007	$	13,931	$	12,934	39.7	%
Geo Logic Systems Ltd.^(7)(10)⁽¹⁷⁾	First Lien Secured Revolving Loan	1.00%	CORRA (3M)	6.00%	8.77%	01/22/20	12/21/26	—		—		1	—
										13,931		12,935	39.7
Distributors
APG Lions Purchaser, LLC (d/b/a CF Stinson, Inc.)	First Lien Secured Term Loan	1.00%	SOFR (3M)	5.75%	10.07%	04/26/24	04/16/30	4,063		4,017		4,103	12.6
APG Lions Purchaser, LLC (d/b/a CF Stinson, Inc.)⁽⁶⁾	First Lien Secured Delayed Draw Loan	1.00%	SOFR (3M)	5.75%	10.07%	04/26/24	04/16/30	—		—		29	0.1
APG Lions Purchaser, LLC (d/b/a CF Stinson, Inc.)	First Lien Secured Revolving Loan	1.00%	SOFR (3M)	5.75%	10.07%	04/26/24	04/16/30	—		—		6	—
FloWorks International LLC	First Lien Secured Term Loan	0.75%	SOFR (3M)	4.75%	8.95%	12/12/24	11/26/31	5,307		5,260		5,265	16.2
FloWorks International LLC⁽⁶⁾	First Lien Secured Delayed Draw Loan	0.75%	SOFR (3M)	4.75%	8.95%	12/12/24	11/26/31	—		—		1	—
										9,277		9,404	28.9
Diversified Support Services
Pirtek Holdco, LLC (d/b/a Pirtek USA, LLC)	First Lien Secured Term Loan	1.00%	SOFR (6M)	5.50%	9.63%	10/31/23	10/26/28	6,374		5,990		6,074	18.6
Pirtek Holdco, LLC (d/b/a Pirtek USA, LLC)⁽⁶⁾	First Lien Secured Revolving Loan	1.00%	SOFR (6M)	5.50%	9.63%	10/31/23	10/26/28	—		—		14	—
Quest Events, LLC	First Lien Secured Term Loan	2.00%	SOFR (3M)	7.00%	11.00%	07/19/19	09/30/26	11,533		11,517		10,960	33.7
Quest Events, LLC	First Lien Secured Revolving Loan	1.00%	SOFR (3M)	7.00%	11.08%	07/19/19	09/30/26	494		493		470	1.4
										18,000		17,518	53.7
Electrical Components & Equipment
Principal Lighting Group, LLC (d/b/a Principal Sloan)	First Lien Secured Term Loan	1.00%	SOFR (3M)	5.25%	9.56%	12/03/24	11/04/30	3,428		3,384		3,392	10.4
Principal Lighting Group, LLC (d/b/a Principal Sloan)	First Lien Secured Revolving Loan	1.00%	SOFR (3M)	5.25%	9.56%	12/03/24	11/04/30	—		—		1	—
										3,384		3,393	10.4
Environmental & Facilities Services
Buckeye Acquiror LLC (d/b/a Superior Environmental Solutions, LLC)	First Lien Secured Term Loan	1.00%	SOFR (1M)	6.42%	10.68%	08/09/23	08/01/29	6,851		6,744		6,847	21.0
Buckeye Acquiror LLC (d/b/a Superior Environmental Solutions, LLC)⁽⁶⁾	First Lien Secured Delayed Draw Loan	1.00%	SOFR (1M)	6.46%	10.72%	08/09/23	08/01/29	2,277		2,236		2,288	7.0
Buckeye Acquiror LLC (d/b/a Superior Environmental Solutions, LLC)⁽¹³⁾	First Lien Secured Revolving Loan	1.00%	Base Rate	6.50%	10.76%	08/09/23	08/01/29	312		307		323	1.0
Juniper Landscaping Holdings LLC	First Lien Secured Term Loan	1.00%	SOFR (3M)	5.75%	9.76%	05/23/25	12/29/27	10,992		10,939		10,854	33.4
Juniper Landscaping Holdings LLC	First Lien Secured Delayed Draw Loan	1.00%	SOFR (3M)	5.75%	9.76%	03/01/22	12/29/27	2,325		2,313		2,295	7.0
Juniper Landscaping Holdings LLC	First Lien Secured Revolving Loan	1.00%	SOFR (3M)	5.75%	9.75%	03/01/22	12/29/27	167		166		157	0.5
RLJ Pro-Vac, Inc. (d/b/a Pro-Vac)	First Lien Secured Term Loan	1.00%	SOFR (3M)	6.75%	11.10%	01/23/24	12/31/26	6,608		6,551		6,441	19.8
										29,256		29,205	89.7
Food Distributors
Clark Restaurant Service, LLC (d/b/a CRS OneSource)	First Lien Secured Term Loan	1.00%	SOFR (1M)	5.75%	9.91%	06/14/24	05/10/29	4,968		4,896		4,932	15.1
										4,896		4,932	15.1
Health Care Facilities
AB Centers Acquisition Corporation (d/b/a AB Centers Acquisition Corp.)	First Lien Secured Term Loan	0.75%	SOFR (1M)	5.25%	9.46%	09/19/24	07/02/31	12,041		11,926		11,959	36.7
AB Centers Acquisition Corporation (d/b/a AB Centers Acquisition Corp.)⁽⁶⁾	First Lien Secured Delayed Draw Loan	0.75%	SOFR (1M)	5.25%	9.47%	09/19/24	07/02/31	409		406		408	1.3
AB Centers Acquisition Corporation (d/b/a AB Centers Acquisition Corp.)⁽⁶⁾	First Lien Secured Revolving Loan	0.75%	SOFR (1M)	5.25%	9.47%	09/19/24	07/02/31	—		—		3	—
										12,332		12,370	38.0
Health Care Services
Maxor Acquisition, Inc. (d/b/a Maxor National Pharmacy Services, LLC)	First Lien Secured Term Loan	1.00%	SOFR (1M)	6.00%	10.26%	04/11/23	03/01/29	4,964		4,879		4,988	15.3
Maxor Acquisition, Inc. (d/b/a Maxor National Pharmacy Services, LLC)	First Lien Secured Revolving Loan	1.00%	SOFR (1M)	6.00%	10.26%	04/11/23	03/01/29	—		—		8	—
										4,879		4,996	15.3


Issuer	Investment Type⁽¹⁾	Floor	Reference Rate⁽²⁾	Spread Above Index	Interest Rate⁽³⁾	Acquisition Date⁽⁴⁾	Maturity Date	Principal/ Share Amount	Amortized Cost		Fair Value⁽⁵⁾		Fair Value As A Percentage of Members' Equity
Health Care Technology
Impact Advisors, LLC	First Lien Secured Term Loan	1.00%	SOFR (3M)	4.50%	8.50%	05/01/25	03/21/31	4,179	$	4,141	$	4,143	12.7	%
Impact Advisors, LLC⁽⁶⁾	First Lien Secured Delayed Draw Loan	1.00%	SOFR (3M)	4.50%	8.50%	05/01/25	03/21/31	—		—		2	—
Impact Advisors, LLC	First Lien Secured Revolving Loan	1.00%	SOFR (3M)	4.50%	8.50%	05/01/25	03/21/31	—		—		—	—
										4,141		4,145	12.7
Household Appliances
Smalto Inc. (d/b/a PEMCO International)⁽⁹⁾	First Lien Secured Term Loan	1.00%	EurIBOR (1M)	6.00%	7.91%	05/04/22	04/28/28	6,198		6,474		7,274	22.3
Smalto Inc. (d/b/a PEMCO International)	First Lien Secured Term Loan	1.00%	SOFR (1M)	5.75%	10.01%	05/04/22	04/28/28	944		936		944	2.9
										7,410		8,218	25.2
Household Products
NM Z Holdco Inc. (d/b/a Zep, Inc.)	First Lien Secured Term Loan	1.00%	SOFR (3M)	5.00%	9.00%	08/12/25	06/30/31	10,414		10,314		10,327	31.7
NM Z Holdco Inc. (d/b/a Zep, Inc.)⁽⁶⁾	First Lien Secured Revolving Loan	1.00%	SOFR (3M)	5.00%	9.00%	08/12/25	06/30/31	192		191		189	0.6
										10,505		10,516	32.3
Human Resource & Employment Services
Infotree Holdco LLC (d/b/a Infotree Global Solutions LLC)	First Lien Secured Term Loan	1.00%	SOFR (3M)	5.75%	9.75%	03/24/25	02/19/30	2,533		2,488		2,480	7.6
Infotree Holdco LLC (d/b/a Infotree Global Solutions LLC)	First Lien Secured Revolving Loan	1.00%	SOFR (1M)	5.75%	9.91%	03/24/25	02/19/30	109		107		106	0.3
										2,595		2,586	7.9
IT Consulting & Other Services
Cennox, Inc. (d/b/a Cennox)	First Lien Secured Term Loan	1.00%	SOFR (6M)	6.75%	10.89% (10.64% Cash + 0.25% PIK)	09/11/24	05/04/29	3,467		3,442		3,327	10.2
Cennox Holdings Limited (d/b/a Cennox)⁽⁸⁾	First Lien Secured Term Loan	1.00%	SONIA	6.75%	10.84% (10.59% Cash + 0.25% PIK)	09/11/24	05/04/29	540		703		697	2.1
Cennox, Inc. (d/b/a Cennox)⁽⁹⁾	First Lien Secured Term Loan	1.00%	EurIBOR (6M)	7.00%	9.07% (8.82% Cash + 0.25% PIK)	09/11/24	05/04/29	611		670		689	2.1
Cennox, Inc. (d/b/a Cennox)⁽¹⁶⁾	First Lien Secured Revolving Loan	1.00%	Base Rate	6.75%	10.92% (10.67% Cash + 0.25% PIK)	09/11/24	05/04/29	140		140		135	0.4
Cennox Holdings Limited (d/b/a Cennox)⁽⁸⁾	First Lien Secured Revolving Loan	1.00%	SONIA	6.75%	10.84% (10.59% Cash + 0.25% PIK)	09/11/24	05/04/29	163		214		213	0.7
MGT Merger Target, LLC (d/b/a MGT Consulting Group)	First Lien Secured Term Loan	1.00%	SOFR (1M)	5.00%	9.17%	05/10/23	04/10/29	8,577		8,442		8,572	26.3
MGT Merger Target, LLC (d/b/a MGT Consulting Group)	First Lien Secured Delayed Draw Loan	1.00%	SOFR (1M)	5.00%	9.16%	05/10/23

WhiteHorse Finance, Inc. 10-Q