Investments (Tables)

9 Months Ended

Sep. 30, 2025

Summary Of Amortized Cost And Fair Value Of Company Portfolio Investments

The following table shows the amortized cost and the fair value of the Company’s portfolio investments as of September 30, 2025 (dollars in thousands):


	As of September 30, 2025
	Amortized Cost		Percentage			Fair Value		Percentage
Senior Secured First Lien Loans	$	671,277		79.3	%	$	657,682		80.3	%
Equity		6,152		0.7			5,183		0.6
Subordinated Certificates of the SDLP		169,550		20.0			156,931		19.1
Total Investments	$	846,979		100.0	%	$	819,796		100.0	%

The following table shows the amortized cost and the fair value of the Company’s portfolio investments as of December 31, 2024 (dollars in thousands):


	As of December 31, 2024
	Amortized Cost		Percentage			Fair Value		Percentage
Senior Secured First Lien Loans	$	634,455		77.1	%	$	627,526		78.0	%
Equity		4,780		0.6			4,437		0.6
Subordinated Certificates of the SDLP		183,982		22.3			172,152		21.4
Total Investments	$	823,217		100.0	%	$	804,115		100.0	%

The following table shows the composition of the Company’s portfolio investments by industry grouping at amortized cost and the fair value as of September 30, 2025 (dollars in thousands):


	As of September 30, 2025
	Amortized Cost		Percentage			Fair Value		Percentage
Investment Funds and Vehicles (1)	$	169,550		20.0	%	$	156,931		19.1	%
Health Care Providers & Services		131,349		15.5			130,948		16.0
Commercial Services & Supplies		49,583		5.9			50,131		6.1
Automobile Components		41,528		4.9			38,952		4.8
Professional Services		40,329		4.8			40,625		5.0
Health Care Equipment & Supplies		35,096		4.1			35,042		4.3
IT Services		35,076		4.1			35,166		4.3
Distributors		29,457		3.5			28,931		3.5
Chemicals		28,847		3.4			29,100		3.6
Health Care Technology		28,127		3.3			27,749		3.4
Food Products		24,004		2.8			20,890		2.6
Containers & Packaging		20,543		2.4			15,098		1.9
Personal Care Products		20,619		2.4			19,734		2.4
Diversified Consumer Services		20,141		2.4			17,466		2.1
Pharmaceuticals		19,477		2.3			19,758		2.4
Software		17,467		2.1			17,593		2.1
Trading Companies & Distributors		15,190		1.8			15,368		1.9
Electronic Equipment, Instruments & Components		14,672		1.7			14,785		1.8
Energy Equipment & Services		13,425		1.6			13,518		1.6
Aerospace & Defense		11,529		1.4			11,595		1.4
Insurance		9,898		1.2			9,585		1.2
Beverages		9,848		1.2			9,938		1.2
Financial Services		9,356		1.1			9,482		1.2
Household Products		9,293		1.1			9,127		1.1
Construction & Engineering		8,501		1.0			8,513		1.0
Ground Transportation		7,879		0.9			7,413		0.9
Textiles, Apparel & Luxury Goods		7,652		0.9			7,761		0.9
Air Freight & Logistics		6,772		0.8			6,701		0.8
Life Sciences Tools & Services		5,993		0.7			6,045		0.7
Hotels, Restaurants & Leisure		4,790		0.6			4,850		0.6
Consumer Staples Distribution & Retail		683		0.1			691		0.1
Diversified Telecommunication Services(2)		305	0.0				310	0.0
Total Investments	$	846,979		100.00	%	$	819,796		100.00	%

(1) The following industry is solely comprised of the Subordinated Certificates of the SDLP. The portfolio companies in SDLP represent a diverse set of industry classifications, which are similar to those in which the Company invests directly. See “Senior Direct Lending Program” below.

(2) Represents a percentage that is less than 0.1%.

The following table shows the composition of the Company’s portfolio investments by industry grouping at amortized cost and the fair value as of December 31, 2024 (dollars in thousands):


	As of December 31, 2024
	Amortized Cost		Percentage			Fair Value		Percentage
Investment Funds and Vehicles(1)	$	183,982		22.3	%	$	172,152		21.4	%
Health Care Providers & Services		123,209		15.0			122,611		15.2
Health Care Equipment & Supplies		45,141		5.5			45,165		5.6
Automobile Components		40,469		4.9			38,288		4.8
Commercial Services & Supplies		40,037		4.9			40,263		5.0
Distributors		36,554		4.5			35,889		4.5
IT Services		35,062		4.3			35,292		4.4
Professional Services		18,002		2.2			18,063		2.2
Health Care Technology		22,978		2.8			23,214		2.9
Diversified Consumer Services		22,729		2.8			19,725		2.5
Containers & Packaging		20,407		2.5			19,179		2.4
Personal Care Products		19,112		2.3			19,151		2.4
Software		17,582		2.1			17,647		2.2
Chemicals		17,494		2.1			17,393		2.2
Food Products		17,458		2.1			16,709		2.1
Ground Transportation		16,692		2.0			16,455		2.0
Life Sciences Tools & Services		15,259		1.9			15,181		1.9
Aerospace & Defense		13,853		1.7			13,954		1.7
Electronic Equipment, Instruments & Components		13,413		1.6			13,463		1.7
Pharmaceuticals		12,689		1.5			12,981		1.6
Consumer Staples Distribution & Retail		11,040		1.3			11,270		1.4
Trading Companies & Distributors		11,051		1.3			11,151		1.4
Beverages		10,875		1.3			10,874		1.4
Insurance		9,904		1.2			9,608		1.2
Household Products		9,286		1.1			9,220		1.1
Diversified Financial Services		8,905		1.1			8,870		1.1
Energy Equipment & Services		8,253		1.0			8,327		1.0
Textiles, Apparel & Luxury Goods		7,274		0.9			7,396		0.9
Air Freight & Logistics		6,682		0.8			6,653		0.8
Hotels, Restaurants & Leisure		4,777		0.6			4,888		0.6
Construction & Engineering		2,271		0.3			2,295		0.3
Transportation Infrastructure		471		0.1			476		0.1
Diversified Telecommunication Services(2)		306	0.0				312	0.0
Total Investments	$	823,217		100.0	%	$	804,115		100.0	%

(2) Represents a percentage that is less than 0.1%.

Summary Of Investment Income

During the nine months ended September 30, 2025, the Company had an investment in one portfolio company designated as a controlled investment under the 1940 Act. Transactions with the controlled investment were as follows (dollars in thousands):


Controlled Investment	Type of Investment	Fair Value at December 31, 2024		Purchases of Investments		Payment-in-kind and other adjustments to cost			Principal repayments			Unrealized appreciation/ (depreciation)			Realized Gain/(Loss)		Fair Value at September 30, 2025		Income Earned
Senior Direct Lending Program	Subordinated Certificates of the SDLP	$	172,152	$	17,692	$	(1,678	)	$	(30,446	)	$	(789	)	$	—	$	156,931	$	16,226

During the nine months ended September 30, 2024, the Company had an investment in one portfolio company designated as a controlled investment under the 1940 Act. Transactions with the controlled investment were as follows (dollars in thousands):


Controlled Investment	Type of Investment	Fair Value at December 31, 2023		Purchases of Investments		Payment-in-kind and other adjustments to cost			Principal repayments			Unrealized appreciation/ (depreciation)			Realized Gain/(Loss)		Fair Value at September 30, 2024		Income Earned
Senior Direct Lending Program	Subordinated Certificates of the SDLP	$	184,485	$	21,720	$	(1,605	)	$	(29,461	)	$	(1,367	)	$	—	$	173,772	$	21,451

Summary Of Schedule Investments SDLP Listing

As of September 30, 2025, there were investments in one portfolio company on non-accrual status. As of December 31, 2024, loans in two portfolio companies were on non-accrual status. Below is a summary of the SDLP’s portfolio as of September 30, 2025 and December 31, 2024 (dollars in millions):


	As of September 30, 2025		As of December 31, 2024
Total first lien senior secured loans(1)	$	4,518	$	4,759
Largest loan to a single borrower(1)	$	418	$	400
Total of five largest loans to borrower(1)	$	1,706	$	1,692
Number of borrowers in the SDLP		23		20
Commitments to fund delayed draw loans (2)	$	260	$	489

(1) At principal amount.

(2) As discussed above, these commitments have been approved by the SDLP Investment Committee

Below is a listing of SDLP’s individual investments as of September 30, 2025 (dollars in thousands):


Company	Type of Investment	Reference Rate and Spread (1)				Interest Rate	Maturity	Par		Amortized Cost		Fair Value		Footnotes
Senior Secured First Lien Loans
Automobile Components
Arrowhead Holdco Company	Delayed Draw Term Loan	SOFR	+	2.50%(2.75% PIK)	(Q)	9.40%	08/31/2028		42,263		41,293		33,388	(2)
Arrowhead Holdco Company	Delayed Draw Term Loan	SOFR	+	2.50%(2.75% PIK)	(Q)	9.40%	08/31/2028		36,801		35,956		29,073	(2)
Arrowhead Holdco Company	Delayed Draw Term Loan	SOFR	+	2.50%(2.75% PIK)	(Q)	9.40%	08/31/2028		2,397		2,342		1,893	(2)
Arrowhead Holdco Company	Term Loan	SOFR	+	2.50%(2.75% PIK)	(Q)	9.40%	08/31/2028		26,244		25,642		20,733	(2)
Arrowhead Holdco Company	Term Loan	SOFR	+	2.50%(2.75% PIK)	(Q)	9.40%	08/31/2028		178,403		174,307		140,938	(2)
North Haven Falcon Buyer, LLC	Delayed Draw Term Loan	SOFR	+	3.00%(5.00% PIK)	(Q)	12.20%	05/19/2027		35,336		31,270		15,145	(2)(3)
North Haven Falcon Buyer, LLC	Term Loan	SOFR	+	3.00%(5.00% PIK)	(Q)	12.20%	05/19/2027		211,224		188,958		90,531	(2)(3)
											499,768		331,701
Chemicals
SePRO Holdings, LLC	Term Loan	SOFR	+	5.25%	(M)	9.41%	07/26/2030		117,425		117,425		117,425	(2)
											117,425		117,425
Commercial Services & Supplies
ISQ Hawkeye HoldCo, Inc.	Delayed Draw Term Loan	SOFR	+	4.68%	(M)	8.87%	08/20/2031		3,722		3,722		3,722	(2)
ISQ Hawkeye HoldCo, Inc.	Delayed Draw Term Loan	SOFR	+	4.68%	(M)	8.87%	08/20/2031		81,701		81,701		81,701	(2)
ISQ Hawkeye HoldCo, Inc.	Term Loan	SOFR	+	4.68%	(M)	8.87%	08/20/2031		224,338		224,338		224,338	(2)
Pritchard Industries, LLC	Delayed Draw Term Loan	SOFR	+	5.75%	(Q)	9.90%	10/13/2027		46,470		46,470		44,611	(2)
Pritchard Industries, LLC	Term Loan	SOFR	+	5.75%	(Q)	9.90%	10/13/2027		194,351		194,351		186,577	(2)
											550,581		540,948
Construction & Engineering
Ground Penetrating Radar Systems, LLC	Term Loan	SOFR	+	4.50%	(Q)	8.80%	01/02/2032		182,957		182,957		182,957	(2)
Ground Penetrating Radar Systems, LLC	Term Loan	SOFR	+	4.50%	(M)	8.50%	01/02/2032		4,461		4,461		4,461	(2)
Pave America Holding, LLC	Term Loan	SOFR	+	2.38%	(M)	6.38%	08/27/2032		8,649		8,649		8,563	(2)
Valcourt Holdings II, LLC	Delayed Draw Term Loan	SOFR	+	5.00%	(Q)	9.47%	11/21/2029		65,515		65,515		65,515	(2)
Valcourt Holdings II, LLC	Term Loan	SOFR	+	5.00%	(Q)	9.39%	11/21/2029		257,931		257,931		257,931	(2)
											519,514		519,427
Consumer Staples Distribution & Retail
FS Squared Holding Corp.	Delayed Draw Term Loan	SOFR	+	4.75%	(M)	8.95%	12/23/2030		48,723		48,723		48,723	(2)
FS Squared Holding Corp.	Delayed Draw Term Loan	SOFR	+	4.75%	(M)	8.95%	12/23/2030		119,791		119,791		119,791	(2)
FS Squared Holding Corp.	Term Loan	SOFR	+	4.75%	(M)	8.91%	12/23/2030		248,952		248,952		248,952	(2)
											417,466		417,466
Distributors
Big Bucks Acquisition Corporation	Term Loan	SOFR	+	5.00%	(M)	8.99%	09/29/2031		8,327		8,327		8,223	(2)
											8,327		8,223
Electronic Equipment, Instruments & Components
EIS Legacy Holdco, LLC	Delayed Draw Term Loan	SOFR	+	4.50%	(M)	8.82%	11/05/2031		50,772		50,772		50,772	(2)
EIS Legacy Holdco, LLC	Term Loan	SOFR	+	4.50%	(Q)	8.82%	11/05/2031		218,846		218,846		218,846	(2)
											269,618		269,618
Financial Services
Tiger Holdco LLC	Delayed Draw Term Loan	SOFR	+	4.00%	(M)	8.33%	03/11/2031		23,439		23,439		23,439	(2)
Tiger Holdco LLC	Term Loan	SOFR	+	4.00%	(M)	8.15%	03/11/2031		116,583		116,583		116,583	(2)
											140,022		140,022
Food Products
Manna Pro Products, LLC	Delayed Draw Term Loan	SOFR	+	3.00%(3.50% PIK)	(Q)	10.59%	12/10/2029		29,424		28,701		23,245	(2)
Manna Pro Products, LLC	Term Loan	SOFR	+	3.00%(3.50% PIK)	(Q)	10.92%	12/10/2029		47,344		46,182		37,402	(2)
Manna Pro Products, LLC	Term Loan	SOFR	+	3.00%(3.50% PIK)	(Q)	10.92%	12/10/2029		14,032		13,688		11,086	(2)


Manna Pro Products, LLC	Term Loan	SOFR	+	3.00%(3.50% PIK)	(Q)	10.92%	12/10/2029	177,910		173,542		140,549	(2)
										262,113		212,281
Health Care Equipment & Supplies
NMN Holdings III Corp	Term Loan	SOFR	+	4.50%	(M)	8.66%	07/31/2031	227,213		227,213		227,213	(2)
										227,213		227,213
Health Care Technology
Surescripts, LLC	Term Loan	SOFR	+	4.00%	(Q)	8.00%	11/03/2031	111,938		111,938		111,938	(2)
										111,938		111,938
Hotels, Restaurants & Leisure
Concert Golf Partners Holdco LLC	Delayed Draw Term Loan	SOFR	+	4.50%	(M)	8.66%	03/31/2031	15,843		15,843		15,843	(2)
Concert Golf Partners Holdco LLC	Delayed Draw Term Loan	SOFR	+	4.50%	(M)	8.66%	03/31/2031	43,141		43,141		43,141	(2)
Concert Golf Partners Holdco LLC	Term Loan	SOFR	+	4.50%	(M)	8.66%	03/31/2031	229,297		229,297		229,297	(2)
Triwizard Holdings, Inc.	Delayed Draw Term Loan	SOFR	+	5.00%	(Q)	9.32%	06/29/2029	59,250		59,250		59,250	(2)
Triwizard Holdings, Inc.	Delayed Draw Term Loan	SOFR	+	5.00%	(M)	9.32%	06/29/2029	41,642		41,642		41,642	(2)
Triwizard Holdings, Inc.	Term Loan	SOFR	+	5.00%	(Q)	9.00%	06/29/2029	166,175		166,175		166,175	(2)
										555,348		555,348
Household Durables
LHS BORROWER, LLC	Term Loan	SOFR	+	5.25%	(M)	9.41%	09/04/2031	19,700		19,700		19,503	(2)
										19,700		19,503
Household Products
Walnut Parent, Inc.	Term Loan	SOFR	+	5.75%	(Q)	10.17%	11/09/2027	26,460		26,460		25,402	(2)
Walnut Parent, Inc.	Term Loan	SOFR	+	5.75%	(Q)	10.01%	11/09/2027	40,044		40,044		38,442	(2)
Walnut Parent, Inc.	Term Loan	SOFR	+	5.75%	(Q)	10.01%	11/09/2027	300,038		300,038		288,036	(2)
										366,542		351,880
Insurance
THG Acquisition, LLC	Delayed Draw Term Loan	SOFR	+	4.75%	(M)	8.91%	10/31/2031	4,436		4,436		4,436	(2)
THG Acquisition, LLC	Term Loan	SOFR	+	4.75%	(M)	8.91%	10/31/2031	122,043		122,043		122,043	(2)
										126,479		126,479
Machinery
Harvey Tool Company, LLC	Term Loan	SOFR	+	4.75%	(M)	8.91%	08/06/2032	240,212		240,212		239,010	(2)
										240,212		239,010
Software
Doxim Inc.	Term Loan	SOFR	+	6.50%	(M)	10.65%	11/30/2027	13,005		13,005		12,875	(2)
										13,005		12,875
Trading Companies & Distributors
Penn Detroit Diesel Allison, LLC	Term Loan	SOFR	+	7.00%	(M)	11.26%	12/14/2027	32,913		32,913		31,267	(2)
										32,913		31,267

Total Investments, September 30, 2025									$	4,478,182	$	4,232,624

(1) Variable rate loans to the portfolio companies bear interest at a rate that may be determined by reference to SOFR, or an alternate base rate (commonly based on the Federal Funds Rate or the Prime Rate), at the borrower’s option, which reset semi-annually (S), quarterly (Q), or monthly (M). For each such loan, the interest rate provided was the rate in effect as of September 30, 2025.

(2) Loan includes interest rate floor feature.

(3) The investment was on non-accrual status as of September 30, 2025.

Below is a listing of SDLP’s individual investments as of December 31, 2024 (dollars in thousands):


Company	Type of Investment	Reference Rate and Spread (1)				Interest Rate	Maturity	Par		Amortized Cost		Fair Value		Footnotes
Senior Secured First Lien Loans
Aerospace & Defense
Qnnect, LLC and Connector TopCo, LP	Term Loan	SOFR	+	5.25%	(Q)	10.33%	11/2/2029	$	272,375	$	272,375	$	272,375	(2)
Qnnect, LLC and Connector TopCo, LP	Delayed Draw Term Loan	SOFR	+	5.25%	(Q)	10.33%	11/2/2029		3,146		3,146		3,146	(2)
											275,521		275,521
Automobile Components
Arrowhead Holdco Company	Term Loan	SOFR	+	5.25%	(Q)	9.91%	8/31/2028		174,307		174,307		146,418	(2)
Arrowhead Holdco Company	Delayed Draw Term Loan	SOFR	+	5.25%	(Q)	9.91%	8/31/2028		35,956		35,956		30,203	(2)
Arrowhead Holdco Company	Delayed Draw Term Loan	SOFR	+	5.25%	(Q)	9.91%	8/31/2028		41,293		41,293		34,686	(2)
Arrowhead Holdco Company	Term Loan	SOFR	+	2.50%	(Q)	7.16%	8/31/2028		25,642		25,642		21,539	(2)
Arrowhead Holdco Company	Delayed Draw Term Loan	SOFR	+	5.25%	(Q)	9.91%	8/31/2028		2,342		2,342		1,967	(2)
North Haven Falcon Buyer, LLC	Term Loan	SOFR	+	8.00%	(Q)	12.51%	5/19/2027		203,274		200,709		132,128	(2)(3)
North Haven Falcon Buyer, LLC	Delayed Draw Term Loan	SOFR	+	8.00%	(Q)	12.33%	5/19/2027		34,034		33,192		22,122	(2)(3)
											513,441		389,063
Chemicals
SePRO Holdings, LLC	Term Loan	SOFR	+	5.25%	(M)	9.61%	7/26/2030		118,315		118,315		115,948	(2)
											118,315		115,948
Commercial Services & Supplies
ISQ Hawkeye HoldCo, Inc.	Term Loan	SOFR	+	4.75%	(M)	9.13%	8/20/2031		226,072		226,072		226,072	(2)
ISQ Hawkeye HoldCo, Inc.	Delayed Draw Term Loan	SOFR	+	4.75%	(M)	9.13%	8/20/2031		82,329		82,329		82,329	(2)
ISQ Hawkeye HoldCo, Inc.	Delayed Draw Term Loan	SOFR	+	4.75%	(M)	9.25%	8/20/2031		3,750		3,750		3,750	(2)
Pritchard Industries, LLC	Term Loan	SOFR	+	5.75%	(S)	10.28%	10/13/2027		195,865		195,865		191,948	(2)
Pritchard Industries, LLC	Delayed Draw Term Loan	SOFR	+	5.75%	(Q)	10.28%	10/13/2027		46,831		46,831		46,362	(2)
											554,847		550,461
Construction & Engineering
Valcourt Holdings II, LLC	Term Loan	SOFR	+	5.75%	(Q)	10.42%	11/21/2029		259,905		259,905		259,905	(2)
Valcourt Holdings II, LLC	Delayed Draw Term Loan	SOFR	+	5.75%	(Q)	10.42%	11/21/2029		66,014		66,014		66,014	(2)
											325,919		325,919
Consumer Staples Distribution & Retail
FS Squared Holding Corp.	Term Loan	SOFR	+	4.75%	(M)	8.50%	12/23/2030		250,833		250,833		246,444	(2)
											250,833		246,444
Electronic Equipment, Instruments & Components
EIS Legacy Holdco, LLC	Term Loan	SOFR	+	4.75%	(Q)	9.30%	11/5/2031		220,500		220,500		218,295	(2)
											220,500		218,295
Food Products
Manna Pro Products, LLC	Term Loan	SOFR	+	6.00%	(S)	10.53%	12/10/2026		175,310		175,310		143,754	(2)
Manna Pro Products, LLC	Delayed Draw Term Loan	SOFR	+	6.00%	(S)	10.53%	12/10/2026		28,993		28,993		23,775	(2)
Manna Pro Products, LLC	Term Loan	SOFR	+	6.00%	(S)	10.53%	12/10/2026		13,827		13,827		11,338	(2)
Manna Pro Products, LLC	Term Loan	SOFR	+	6.00%	(S)	10.53%	12/10/2026		46,651		46,651		38,254	(2)
											264,781		217,121
Health Care Providers and Services
Center for Autism and Related Disorders, LLC	Delayed Draw Term Loan	SOFR	+	6.50%	(Q)	12.00%	11/21/2024		7,307		—		—	(2)(3)
Center for Autism and Related Disorders, LLC	Term Loan	SOFR	+	6.50%	(Q)	12.00%	11/21/2024		132,765		—		—	(2)(3)
Center for Autism and Related Disorders, LLC	Term Loan	SOFR	+	6.50%	(Q)	12.00%	11/21/2024		19,452		—		—	(2)(3)


Center for Autism and Related Disorders, LLC	Term Loan	SOFR	+	6.50%	(Q)	12.00%	11/21/2024	4,820		—		—	(2)(3)
NMN Holdings III Corp	Term Loan	SOFR	+	4.50%	(M)	8.86%	7/31/2031	228,934		228,934		226,645	(2)
										228,934		226,645
Health Care Technology
Surescripts, LLC	Term Loan	SOFR	+	4.00%	(Q)	8.33%	11/3/2031	112,500		112,500		111,375	(2)
										112,500		111,375
Hotels, Restaurants & Leisure
Triwizard Holdings, Inc.	Delayed Draw Term Loan	SOFR	+	5.25%	(Q)	9.74%	6/29/2029	59,700		59,700		59,700	(2)
Triwizard Holdings, Inc.	Delayed Draw Term Loan	SOFR	+	5.25%	(Q)	9.81%	6/29/2029	20,798		20,798		20,798	(2)
Triwizard Holdings, Inc.	Term Loan	SOFR	+	5.25%	(Q)	9.58%	6/29/2029	167,450		167,450		167,450	(2)
Concert Golf Partners Holdco LLC	Delayed Draw Term Loan	SOFR	+	4.75%	(M)	9.13%	4/1/2030	43,474		43,474		43,474	(2)
Concert Golf Partners Holdco LLC	Delayed Draw Term Loan	SOFR	+	4.75%	(M)	9.13%	4/1/2030	11,664		11,664		11,664	(2)
Concert Golf Partners Holdco LLC	Term Loan	SOFR	+	4.75%	(M)	9.13%	4/1/2030	231,075		231,075		231,075	(2)
HGC Holdings, LLC	Delayed Draw Term Loan	SOFR	+	5.50%	(Q)	10.00%	6/8/2026	50,000		50,000		50,000	(2)
HGC Holdings, LLC	Delayed Draw Term Loan	SOFR	+	5.50%	(Q)	10.12%	6/8/2026	24,420		24,420		24,420	(2)
HGC Holdings, LLC	Delayed Draw Term Loan	SOFR	+	6.25%	(Q)	10.50%	6/8/2026	74,168		74,168		74,168	(2)
HGC Holdings, LLC	Delayed Draw Term Loan	SOFR	+	5.00%	(Q)	9.25%	6/8/2026	149,181		149,181		149,181	(2)
HGC Holdings, LLC	Term Loan	SOFR	+	5.50%	(Q)	10.16%	6/8/2026	102,375		102,375		102,375	(2)
										934,305		934,305
Household Products
Walnut Parent, Inc.	Term Loan	SOFR	+	5.50%	(M)	9.96%	11/9/2027	300,825		300,825		291,800	(2)
Walnut Parent, Inc.	Term Loan	SOFR	+	5.50%	(M)	9.96%	11/9/2027	26,460		26,460		25,666	(2)
Walnut Parent, Inc.	Term Loan	SOFR	+	5.50%	(M)	9.96%	11/9/2027	40,044		40,044		38,843	(2)
										367,329		356,309
Insurance
THG Acquisition, LLC	Term Loan	SOFR	+	4.75%	(M)	9.11%	10/31/2031	122,656		122,656		121,430	(2)
										122,656		121,430
Machinery
Harvey Tool Company, LLC	Delayed Draw Term Loan	SOFR	+	5.25%	(M)	9.73%	10/26/2027	34,677		34,677		34,677	(2)
Harvey Tool Company, LLC	Term Loan	SOFR	+	5.25%	(M)	9.61%	10/26/2027	220,501		220,501		220,501	(2)
Harvey Tool Company, LLC	Term Loan	SOFR	+	5.25%	(M)	9.61%	10/26/2027	12,915		12,915		12,915	(2)
										268,093		268,093
Trading Companies & Distributors
Penn Detroit Diesel Allison, LLC	Term Loan	SOFR	+	5.75%	(M)	10.21%	12/14/2027	32,913		32,913		32,913	(2)
										32,913		32,913

Total Investments, December 31, 2024									$	4,590,887	$	4,389,842

(1) Variable rate loans to the portfolio companies bear interest at a rate that may be determined by reference to LIBOR, SOFR, or an alternate base rate (commonly based on the Federal Funds Rate or the Prime Rate), at the borrower’s option, which reset semi-annually (S), quarterly (Q), or monthly (M). For each such loan, the interest rate provided was the rate in effect as of December 31, 2024.

(2) Loan includes interest rate floor feature.

(3) The investment was on non-accrual status as of December 31, 2024.

Consolidated Statements of Assets and Liabilities for SDLP

Below are the consolidated statements of assets and liabilities for SDLP (dollars in millions):


	As of September 30, 2025		As of December 31, 2024

Selected Consolidated Statements of Assets and Liabilities Information:
Investments in loans at fair value (cost of $4,478 and $4,591, respectively)	$	4,233	$	4,390

Varagon Capital Corp 10-Q