Par amount is denominated in USD unless otherwise noted, Canadian Dollar (“C$”) and Japanese Yen (“¥”). Par amount represents funded commitments. See Note 14 in the Consolidated Schedule of Investments and Note 6 to the consolidated financial statements for further information on undrawn revolving and delayed draw loan commitments, including commitments to issue letters of credit through a financial intermediary on behalf of certain portfolio companies.

[2]

This security is included in Cash and Cash Equivalents on the Consolidated Statements of Assets and Liabilities.

[3]

Unless otherwise indicated, all investments are non-controlled, non-affiliated investments. Non-controlled, non-affiliated investments are defined as investments in which the Company owns less than 5% of the portfolio company’s outstanding voting securities and does not have the power to exercise control over the management or policies of such portfolio company. As of September 30, 2025, all of the company's investments were non-controlled, non-affiliated.

[4]

The following shows the composition of the Company’s portfolio at cost by investment type and industry as of September 30, 2025:


Industry	First Lien - Secured Debt		Preferred Equity		Total
Aerospace & Defense	$	29,694	$	-	$	29,694
Automobile Components		10,367		-		10,367
Building Products		11,446		-		11,446
Chemicals		6,595		-		6,595
Commercial Services & Supplies		44,852		-		44,852
Communications Equipment		9,876		-		9,876
Construction & Engineering		14,440		-		14,440
Consumer Staples Distribution & Retail		16,504		-		16,504
Electronic Equipment, Instruments & Components		5,825		-		5,825
Financial Services		15,666		-		15,666
Health Care Equipment & Supplies		10,685		-		10,685
Health Care Providers & Services		58,021		-		58,021
Health Care Technology		28,935		-		28,935
Household Durables		11,990		-		11,990
Insurance		26,362		15		26,377
IT Services		13,394		-		13,394
Life Sciences Tools & Services		28,568		-		28,568
Media		19,831		-		19,831
Personal Care Products		21,843		-		21,843
Pharmaceuticals		18,789		-		18,789
Professional Services		28,802		-		28,802
Software		73,933		-		73,933
Specialty Retail		4,634		-		4,634
Technology Hardware, Storage & Peripherals		13,329		-		13,329
Transportation Infrastructure		14,076		-		14,076
Wireless Telecommunication Services		3,553		-		3,553
Grand Total	$	542,010	$	15	$	542,025

[5]

Currently there are no differences for federal income tax purposes as it relates to unrealized gain and loss.

[6]

Fair value is determined in good faith by or under the direction of the Board of Trustees of the Company (the “Board”) (see Note 2 to our consolidated financial statements in this quarterly report on Form 10-Q).

[7]

The following shows the composition of the Company’s portfolio at fair value by investment type, industry and region as of September 30, 2025:


Industry	First Lien - Secured Debt		Preferred Equity		Total
Aerospace & Defense	$	29,578	$	-	$	29,578
Automobile Components		10,294		-		10,294
Building Products		11,444		-		11,444
Chemicals		6,592		-		6,592
Commercial Services & Supplies		45,184		-		45,184
Communications Equipment		9,763		-		9,763
Construction & Engineering		14,537		-		14,537
Consumer Staples Distribution & Retail		16,500		-		16,500
Electronic Equipment, Instruments & Components		6,729		-		6,729
Financial Services		15,699		-		15,699
Health Care Equipment & Supplies		10,748		-		10,748
Health Care Providers & Services		58,250		-		58,250
Health Care Technology		29,058		-		29,058
Household Durables		11,905		-		11,905
Insurance		26,324		15		26,339
IT Services		13,410		-		13,410
Life Sciences Tools & Services		28,965		-		28,965
Media		20,010		-		20,010
Personal Care Products		21,808		-		21,808
Pharmaceuticals		18,922		-		18,922
Professional Services		28,903		-		28,903
Software		74,115		-		74,115
Specialty Retail		4,555		-		4,555
Technology Hardware, Storage & Peripherals		13,144		-		13,144
Transportation Infrastructure		14,245		-		14,245
Wireless Telecommunication Services		3,607		-		3,607
Grand Total	$	544,289	$	15	$	544,304

[8]

The interest rate on these loans is subject to 3 months SOFR, which as of September 30, 2025 was 3.98%.

[9]

These are co-investments made with the Company’s affiliates in accordance with the terms of the exemptive order the Company received from the Securities and Exchange Commission (the “SEC”) permitting us to do so. (See Note 3 to our consolidated financial statements in this quarterly report on Form 10-Q for discussion of the exemptive order from the SEC.)

[10]

Unless otherwise indicated, loan contains a variable rate structure, and the terms in the Consolidated Schedule of Investments disclose the actual interest rate in effect as of the reporting period which may be subject to interest floors. Variable rate loans bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (“SOFR” or “S”) or an alternate base rate (which can include but is not limited to SOFR, the Federal Funds Effective Rate or the Prime Rate), at the borrower’s option, and which reset periodically based on the terms of the loan agreement. Certain borrowers may elect to borrow Prime Rate on select contracts and switch to an alternative base rate contract in the future.

[11]

As of September 30, 2025, the Company had the following commitments to fund various revolving and delayed draw senior secured loans. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing these loans and there can be no assurance that such conditions will be satisfied. See Note 6 to our consolidated financial statements in this quarterly report on Form 10-Q for further information on revolving and delayed draw loan commitments related to certain portfolio companies.


Name of Issuer	Total Revolving and Delayed Draw Loan Commitments		Less: Funded Commitments			Total Unfunded Commitments
Advarra Holdings, Inc.	$	1,166	$	-		$	1,166
Arcwood Environmental, Inc.		1,931		(671	)		1,260
AVSC Holding Corp.		2,118	$	-			2,118
Azurite Intermediate Holdings, Inc.		5,084		(4,383	)		701
Cambrex Corp.		5,113		-			5,113
CCI Buyer, Inc.		210		-			210
Creek Parent, Inc.		2,461		-			2,461
CT Technologies Intermediate Holdings		4,298		(1,603	)		2,695
Databricks, Inc.		3,707		-			3,707
Deerfield Dakota Holding, LLC		526		-			526
Elk Bidco, Inc		1,906		-			1,906
Everbridge Holdings, LLC		3,780		(1,053	)		2,727
Evergreen IX Borrower 2023, LLC		581		-			581
Gannett Holdings, LLC		1,271		(373	)		898
Geotechnical Merger Sub, Inc.		3,943		(1,656	)		2,287
Goldeneye Parent, LLC		1,663		-			1,663
Higginbotham Insurance Agency, Inc.		1,453		(832	)		621
Jensen Hughes, Inc		3,685		(66	)		3,619
Koala Investment Holdings, Inc.		2,228		-			2,228
Legends Hospitality Holding Company, LLC		1,752		(478	)		1,274
LHS Borrower LLC		933		-			933
OMH-Healthedge Holdings, Inc.		1,441		-			1,441
One Call Corporation		923		-			923
Parfums Holding Company, Inc.		853		-			853
Poly-Wood, LLC		3,586		-			3,586
Protein For Pets Opco, LLC		469		(127	)		342
QBS Parent, Inc.		5,311		-			5,311
Runway Bidco, LLC		6,347		-			6,347
SG Acquisition, Inc.		1,133		-			1,133
Spruce Bidco II Inc.		1,250		-			1,250
Thg Acquisition, LLC		2,123		(282	)		1,841
Titan BW Borrower		2,369		-			2,369
Truck-Lite Co., LLC		5,035		(995	)		4,040
Vantage Specialty Chemicals Holdings, Inc.		582		(51	)		531
Vensure Employer Services, Inc.		958		-			958
Victors Purchaser, LLC		4,769		(655	)		4,114
Wealth Enhancement Group, LLC		21,449		(7,821	)		13,628
Zeus Company LLC		1,147		(327	)		820
Grand Total	$	109,554	$	(21,373	)	$	88,181

[12]

The negative fair value is the result of the commitment being valued below par.

[13]

The undrawn portion of these committed revolvers and delayed draw term loans includes a commitment and unused fee rate.

[14]

The interest rate on these loans is subject to 1 month SOFR, which as of September 30, 2025 was 4.13%.

[15]

Investments that the Company has determined are not “qualifying assets” under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. The status of these assets under the 1940 Act is subject to change. The Company monitors the status of these assets on an ongoing basis. As of September 30, 2025, non-qualifying assets represented approximately 6.18% of the total assets of the Company.

[16]

Other than the investments noted by this footnote, the fair value of the Company’s investments is determined using unobservable inputs that are significant to the overall fair value measurement. See Note 2 to our consolidated financial statements in this quarterly report on Form 10-Q for more information regarding ASC 820, Fair Value Measurements (“ASC 820”).

[17]

The interest rate on these loans is subject to 3 months Tokyo Term Risk Free Rate (“TORF”), which as of September 30, 2025 was 0.58%.

Apollo Origination II (UL) Capital Trust 10-Q