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Instrument 1st Lien Term Loan Industry Industrial Products & Services Rate S+4.50%, 0.75% Floor Interest Rate 8.17% Original Acquisition Date 2/6/2026 Maturity Date 2/7/20332026-03-310001646614Non-Controlled/Non-Affiliated Investments 31st Lien/Secured Loans United States of America i.PARK BROADWAY LLC (1050 N Broadway) Instrument 1st Lien Term Loan Industry Real Estate Development & Management Rate S+5.30%, 4.25% Floor Interest Rate 9.55% Original Acquisition Date 7/3/2025 Maturity Date 7/6/20272025-12-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America Metropolis Technologies Inc Instrument 1st Lien Term Loan Industry Consumer Services Rate S+5.25% Interest Rate 8.98% Original Acquisition Date 10/20/2025 Maturity Date 11/3/20322026-03-310001646614ck0001646614:FirstLienLastOutLoansMember2026-03-310001646614Non-Controlled/Non-Affiliated Investments 9th Lien/Secured Loans United States of America Allentown LLC Instrument 1st Lien Delayed Draw Term Loan Industry Healthcare Equipment & Supplies Rate S+7.15%, 1.00% Floor Interest Rate 10.97% Original Acquisition Date 4/22/2022 Maturity Date 4/22/20272025-12-310001646614Non-Controlled/Non-Affiliated Investments 18th Lien/Secured Loans United States of America Arctic Glacier Group Holdings Instrument 1st Lien Revolver Industry Food & Beverage Rate S+10.76%, 2.00% Floor (0.50% on unfunded) Interest Rate 0.50% Original Acquisition Date 5/24/2023 Maturity Date 11/24/20272025-12-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America Learning Care Group US No 2 Instrument 1st Lien Term Loan Industry Education Rate S+4.00%, 0.50% Floor Interest Rate 7.66% Original Acquisition Date 5/12/2025 Maturity Date 8/11/20282026-01-012026-03-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America Michael Baker International LLC Instrument 1st Lien Term Loan Industry Professional Services Rate S+4.50%, 0.75% Floor Interest Rate 8.20% Original Acquisition Date 12/30/2025 Maturity Date 12/1/20282026-01-012026-03-310001646614Non-Controlled/Non-Affiliated Investments 24th Lien/Secured Loans United States of America Azurite Intermediate Holdings Inc Instrument 1st Lien Delayed Draw Term Loan Industry Software & Services Rate S+6.00%, 0.75% Floor Interest Rate 9.72% Original Acquisition Date 3/19/2024 Maturity Date 3/19/20312025-01-012025-12-310001646614ck0001646614:GuavaBuyerLLCDbaAVI-SPLMemberck0001646614:FirstLienDelayedDrawTermLoanMember2025-12-310001646614Non-Controlled/Non-Affiliated Investments 31st Lien/Secured Loans United States of America G-3 Chickadee Purchaser, LLC Instrument 1st Lien Term Loan Industry Specialty Chemicals Rate S+5.75%, 1.00% Floor Interest Rate 9.59% Original Acquisition Date 10/31/2025 Maturity Date 10/31/20312025-12-310001646614ck0001646614:InvestmentAdvisoryAgreementMember2026-01-012026-03-310001646614Foreign Currency Forward Contracts Derivative Counterparty Settlement Date 6/30/2026 Bank of America2026-01-012026-03-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America SBP Holdings LP Instrument 1st Lien Delayed Draw Term Loan Industry Industrial Products & Services Rate S+5.00%, 1.00% Floor (1.00% on unfunded) Interest Rate 1.00% Original Acquisition Date 8/19/2024 Maturity Date 3/27/20282025-12-310001646614ck0001646614:CoupaHoldingsLlcMemberck0001646614:FirstLienDelayedDrawTermLoanMember2026-03-310001646614srt:MinimumMember2026-03-310001646614us-gaap:EquitySecuritiesMembercountry:USus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-03-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America National Dentex Corp Instrument 1st Lien Delayed Draw Term Loan Industry Healthcare Providers & Services Rate S+12.15%, 1.00% Floor Interest Rate 16.15% Original Acquisition Date 10/29/2024 Maturity Date 4/3/20262025-01-012025-12-310001646614Controlled Investments Trust Interest United States of America TH Liquidating Trust Instrument Trust Interest Industry Other Rate P+10.50%, 0.50% Floor (2.00% PIK) Interest Rate 17.25% Original Acquisition Date 12/7/2019 Maturity Date 12/6/20262026-01-012026-03-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America Speedstar Holding LLC Instrument 1st Lien Delayed Draw Term Loan Industry Automobiles & Components Rate S+6.00%, 1.00% Floor (1.00% on unfunded) Interest Rate 9.79% Original Acquisition Date 7/2/2024 Maturity Date 7/22/20272025-01-012025-12-310001646614Non-Controlled/Non-Affiliated Investments Equities United States of America Monomoy Capital Partners IV-Titan, L.P. 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Lien/Secured Loans United States of America Telestream 2 LLC Instrument 1st Lien Term Loan Industry Software & Services Rate S+6.25%, 1.00% Floor Interest Rate 9.90% Original Acquisition Date 6/7/2025 Maturity Date 6/7/20282026-03-310001646614US Interest Rate Swaps Floating Rate Pay Floating Rate Index SOFR Floating Payment Frequency Annual Fixed Pay Rate 4.000% Maturity Date 11/4/2026 Counterparty Goldman Sachs2025-01-012025-12-310001646614ck0001646614:SoftwareServicesMember2025-12-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United Kingdom Neon Finance Limited (fka TEN Entertainment Group PLC) Instrument 1st Lien Term Loan Industry Gaming & Entertainment Rate SONIA+7.50%, 2.50% Floor Interest Rate 11.22% Original Acquisition Date 1/26/2024 Maturity Date 2/6/20302026-01-012026-03-310001646614Non-Controlled/Non-Affiliated Investments 31st Lien/Secured Loans United States of America GC Bison Acquisition, LLC (Midland Industries) Instrument 1st Lien Term 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31st Lien/Secured Loans United States of America Meta Buyer LLC Instrument 1st Lien Revolver Industry Consumer Products Rate S+5.25%, 0.75% Floor (0.50% on unfunded) Interest Rate 0.5% Original Acquisition Date 12/22/2025 Maturity Date 12/22/20312025-12-310001646614Non-Controlled/Non-Affiliated Investments 31st Lien/Secured Loans United States of America Jennmar Intermediate III LLC Instrument 1st Lien Term Loan Industry Industrial Products & Services Rate S+5.00% Interest Rate 8.73% Original Acquisition Date 12/16/2025 Maturity Date 12/16/20302025-12-310001646614ck0001646614:FirstLienRevolverMemberck0001646614:GiAppleMidcoLlcAtlasTechnicalMember2025-12-310001646614us-gaap:AdditionalPaidInCapitalMember2025-12-310001646614ck0001646614:MediaDiversifiedProductionMember2026-03-310001646614us-gaap:FairValueInputsLevel3Memberus-gaap:RealEstateMember2024-12-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America Coupa Holdings LLC Instrument 1st 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Lien/Secured Loans United States of America Crewline Buyer Inc Instrument 1st Lien Term Loan Industry Software & Services Rate S+6.75%, 1.00% Floor Interest Rate 10.42% Original Acquisition Date 11/8/2023 Maturity Date 11/8/20302026-01-012026-03-310001646614us-gaap:RetainedEarningsMember2025-03-310001646614ck0001646614:TrustInterestMember2026-03-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America SBP Holdings LP Instrument 1st Lien Delayed Draw Term Loan Industry Industrial Products & Services Rate S+5.00%, 1.00% Floor (1.00% on unfunded) Interest Rate 8.67% Original Acquisition Date 11/30/2023 Maturity Date 3/27/20282026-01-012026-03-310001646614country:NL2026-03-310001646614us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001646614Fund's controlled investments Portfolio Company SP-CREH 19 Highline LLC Type of Investment Fixed Income 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Instrument 1st Lien Delayed Draw Term Loan Industry Software & Services Rate S+6.00%, 0.75% Floor Interest Rate 9.67% Original Acquisition Date 3/19/2024 Maturity Date 3/19/20312026-01-012026-03-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America i.PARK BROADWAY LLC (1050 N Broadway) Instrument 1st Lien Term Loan Industry Real Estate Development & Management Rate S+5.30%, 4.25% Floor Interest Rate 9.55% Original Acquisition Date 7/3/2025 Maturity Date 7/6/20272026-03-310001646614us-gaap:CommonStockMember2024-12-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America Vantage Specialty Chemicals Inc Instrument 1st Lien Revolver Industry Specialty Chemicals Rate S+6.25%, 1.00% Floor (0.50% on unfunded) Interest Rate 9.90% Original Acquisition Date 8/29/2025 Maturity Date 2/28/20292026-03-310001646614Non-Controlled/Non-Affiliated Investments 31st Lien/Secured Loans United States of America DMT Solutions Global Corp (dba Bluecrest) Instrument 1st Lien Term Loan Industry Technology Hardware & Equipment Rate S+8.10%, 1.00% Floor Interest Rate 11.94% Original Acquisition Date 8/30/2023 Maturity Date 8/30/20272025-01-012025-12-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America FourPoint Resources Intermediate Holdings, LLC Instrument 2nd Lien Term Loan Industry Energy Rate S+7.00%, 2.50% Floor Interest Rate 10.99% Original Acquisition Date 1/22/2025 Maturity Date 1/22/20302025-01-012025-12-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America Likewize Corp Instrument 1st Lien Term Loan Industry Insurance & Insurance Services Rate S+5.75%, 0.50% Floor Interest Rate 9.42% Original Acquisition Date 8/15/2024 Maturity Date 8/27/20292026-01-012026-03-310001646614US Interest Rate Swaps Floating Rate Receive Floating Rate Index SOFR Floating Payment Frequency Annual Fixed Pay Rate 3.348% Maturity Date 9/22/2027 Counterparty Goldman Sachs2025-01-012025-12-310001646614ck0001646614:ProfessionalServicesMember2025-12-310001646614Non-Controlled/Non-Affiliated Investments 31st Lien/Secured Loans United States of America Coupa Holdings LLC Instrument 1st Lien Revolver Industry Software & Services Rate S+5.25%, 0.75% Floor (0.50% on unfunded) Interest Rate 0.50% Original Acquisition Date 2/27/2023 Maturity Date 2/27/20292025-12-310001646614Non-Controlled/Non-Affiliated Investments Equities United States of America Alpine Acquisition Corp II Instrument Common Equities Industry Transportation & Logistics Original Acquisition Date 1/14/20262026-03-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America Mercury Bidco LLC Instrument 1st Lien Revolver Industry Technology Rate S+5.75%, 1.00% Floor (0.50% on unfunded) Interest Rate 0.50% Original Acquisition Date 5/31/2023 Maturity Date 5/31/20292026-03-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America Recorded Books Inc (RB Media) Instrument 1st Lien Term Loan Industry Media: Diversified & Production Rate S+5.75%, 0.75% Floor Interest Rate 9.57% Original Acquisition Date 8/31/2023 Maturity Date 9/3/20302025-01-012025-12-310001646614ck0001646614:EducationMember2026-03-310001646614us-gaap:InterestRateSwapMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMember2025-12-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America Titan Purchaser, Inc. (Waupaca Foundry) Instrument 1st Lien Term Loan Industry Industrial Products & Services Rate S+6.00%, 1.00% Floor Interest Rate 9.67% Original Acquisition Date 3/1/2024 Maturity Date 3/1/20302025-12-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans Canada Hootsuite Inc. Instrument 1st Lien Revolver Industry Software & Services Rate S+5.50%, 0.75% Floor (0.50% on unfunded) Interest Rate 9.22% Original Acquisition Date 5/22/2024 Maturity Date 5/22/20302025-12-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America SP PF Buyer LLC Instrument 1st Lien Term Loan Industry Specialty Retail Rate S+7.00%, 1.00% Floor Interest Rate 10.67% Original Acquisition Date 10/15/2024 Maturity Date 10/13/20292026-03-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America Jennmar Intermediate III LLC Instrument 1st Lien Term Loan Industry Industrial Products & Services Rate S+5.00% Interest Rate 8.68% Original Acquisition Date 12/16/2025 Maturity Date 12/16/20302026-01-012026-03-310001646614US Interest Rate Swaps Floating Rate Receive Floating Rate Index SOFR Floating Payment Frequency Annual Fixed Pay Rate 3.348% Maturity Date 9/22/2027 Counterparty Goldman Sachs2025-12-310001646614Non-Controlled/Affiliated Investments Senior Secured Debt United States of America Wesco Aircraft Holdings Inc Instrument Senior Secured Debt Industry Industrial Products & Services Rate S+8.00% Interest Rate 12.27% Original Acquisition Date 1/31/2025 Maturity Date 1/31/20302025-01-012025-12-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America GC Bison Acquisition, LLC (Midland Industries) Instrument 1st Lien Revolver Industry Industrial Products & Services Rate S+6.00%, 1.00% Floor (0.50% on unfunded) Interest Rate 9.67% Original Acquisition Date 9/1/2023 Maturity Date 9/4/20292026-01-012026-03-310001646614Non-Controlled/Non-Affiliated Investments 31st Lien/Secured Loans United States of America FR Vision Holdings, Inc. (CHA Consulting) Instrument 1st Lien Delayed Draw Term Loan Industry Professional Services Rate S+5.00%, 0.75% Floor (1.00% on unfunded) Interest Rate 8.87% Original Acquisition Date 9/26/2025 Maturity Date 1/20/20312025-12-310001646614us-gaap:InvestmentAffiliatedIssuerControlledMember2026-01-012026-03-3100016466142025-01-012025-03-310001646614us-gaap:UnsecuredDebtMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-03-310001646614ck0001646614:NotesMember2021-11-040001646614Non-Controlled/Non-Affiliated Investments Warrants United States of America Delos Living LLC Instrument Warrants Industry Real Estate Development & Management Original Acquisition Date 10/9/20252025-12-310001646614Non-Controlled/Non-Affiliated Investments 31st Lien/Secured Loans United States of America Gibson Brands Inc Instrument 1st Lien Term Loan Industry Consumer Brands Rate S+5.11%, 0.75% Floor Interest Rate 8.85% Original Acquisition Date 2/16/2024 Maturity Date 8/11/20282025-12-310001646614us-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans Canada Hootsuite Inc. Instrument 1st Lien Revolver Industry Software & Services Rate S+5.50%, 0.75% Floor (0.50% on unfunded) Interest Rate 9.22% Original Acquisition Date 5/22/2024 Maturity Date 5/22/20302025-01-012025-12-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America BEL USA LLC Instrument 1st Lien Term Loan Industry E-Commerce Rate S+9.15%, 2.50% Floor Interest Rate 12.82% Original Acquisition Date 12/13/2018 Maturity Date 6/2/20262026-03-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America SBP Holdings LP Instrument 1st Lien Delayed Draw Term Loan Industry Industrial Products & Services Rate S+5.00%, 1.00% Floor Interest Rate 8.67% Original Acquisition Date 3/27/2023 Maturity Date 3/27/20282026-01-012026-03-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America Alpine Acquisition Corp II Instrument 1st Lien Revolver Industry Transportation & Logistics Rate S+4.75%, 1.00% Floor (0.50% on unfunded) Interest Rate 0.50% Original Acquisition Date 1/14/2026 Maturity Date 1/14/20312026-03-310001646614Non-Controlled/Non-Affiliated Investments 18th Lien/Secured Loans United States of America Arctic Glacier Group Holdings Instrument 1st Lien Revolver Industry Food & Beverage Rate S+10.76%, 2.00% Floor (0.50% on unfunded) Interest Rate 0.50% Original Acquisition Date 5/24/2023 Maturity Date 11/24/20272025-01-012025-12-310001646614Non-Controlled/Non-Affiliated Investments 31st Lien/Secured Loans United States of America LVF Holdings Inc Instrument 1st Lien Delayed Draw Term Loan Industry Food & Beverage Rate S+5.50%, (5.50% on unfunded) Interest Rate 5.5% Original Acquisition Date 2/24/2025 Maturity Date 2/24/20322025-12-310001646614ck0001646614:LVFHoldingsIncMemberck0001646614:FirstLienDelayedDrawTermLoanMember2025-12-310001646614Non-Controlled/Non-Affiliated Investments 31st Lien/Secured Loans United States of America KORE Wireless Group Inc Instrument 1st Lien Revolver Industry Telecommunications Rate S+6.50%, 1.00% Floor (0.50% on unfunded) Interest Rate 0.5% Original Acquisition Date 12/20/2023 Maturity Date 11/9/20282025-01-012025-12-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America GC Bison Acquisition, LLC (Midland Industries) Instrument 1st Lien Delayed Draw Term Loan Industry Industrial Products & Services Rate S+6.00%, 1.00% Floor Interest Rate 9.70% Original Acquisition Date 2/27/2026 Maturity Date 9/3/20292026-01-012026-03-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America Industrial Service Solutions WC, Inc. 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6/30/2022 Maturity Date 6/30/20292026-01-012026-03-310001646614Non-Controlled/Non-Affiliated Investments 31st Lien/Secured Loans United States of America Circle Graphics Inc Instrument 1st Lien Term Loan Industry E-Commerce Rate S+3.76%, 4.00% Floor Interest Rate 7.81% Original Acquisition Date 6/30/2025 Maturity Date 3/31/20292025-12-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America Jennmar Intermediate III LLC Instrument 1st Lien Term Loan Industry Industrial Products & Services Rate S+5.00% Interest Rate 8.68% Original Acquisition Date 12/16/2025 Maturity Date 12/16/20302026-03-310001646614Non-Controlled/Non-Affiliated Investments Senior Secured Bonds United States of America Service Properties Trust Instrument Senior Secured Bonds Industry Real Estate Development & Management Rate 0.00% Interest Rate 0.00% Original Acquisition Date 9/15/2025 Maturity Date 9/30/20272026-03-310001646614Non-Controlled/Non-Affiliated Investments 24th Lien/Secured Loans United States of America Azurite Intermediate Holdings Inc Instrument 1st Lien Delayed Draw Term Loan Industry Software & Services Rate S+6.00%, 0.75% Floor Interest Rate 9.72% Original Acquisition Date 3/19/2024 Maturity Date 3/19/20312025-12-310001646614us-gaap:FairValueInputsLevel3Memberck0001646614:RealEstatePropertiesMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:MeasurementInputExpectedTermMember2026-03-310001646614Non-Controlled/Non-Affiliated Investments 31st Lien/Secured Loans United States of America Elessent Clean Technologies Inc Instrument 1st Lien Revolver Industry Specialty Chemicals Rate S+6.00%, 1.00% Floor (0.50% on unfunded) Interest Rate 0.50% Original Acquisition Date 11/15/2024 Maturity Date 11/15/20292025-01-012025-12-310001646614us-gaap:CommonStockMember2025-03-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America TransDigm Inc Instrument 1st Lien Term Loan Industry Aerospace & 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Investments 1st Lien/Secured Loans United States of America National Dentex Corp Instrument 1st Lien Revolver Industry Healthcare Providers & Services Rate S+9.15%, 1.00% Floor (0.50% on unfunded) (S+9.15% PIK) Interest Rate 12.85% Original Acquisition Date 10/26/2020 Maturity Date 5/15/20262026-03-310001646614Non-Controlled/Non-Affiliated Investments Equities United States of America Circle Graphics Parent, LP Instrument Preferred Equities Industry E-Commerce Original Acquisition Date 6/30/20252025-12-310001646614us-gaap:InterestRateSwapMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMember2026-03-310001646614ck0001646614:PIKPortionTwelveMember2025-12-310001646614ck0001646614:FirstLienSecuredLoansMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-12-310001646614ck0001646614:ShareIssuanceOnSecondFebruaryTwoThousandTwentySixMember2026-03-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America Telestream 2 LLC Instrument 1st 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Acquisition Date 4/30/2025 Maturity Date 5/1/20262025-01-012025-12-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America Radiate Holdco LLC Instrument 1st Lien Term Loan Industry Telecommunication Rate S+4.00%, 1.00% Floor Interest Rate 7.72% Original Acquisition Date 10/23/2025 Maturity Date 6/26/20292025-01-012025-12-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans Canada Gateway Casinos & Entertainment Ltd Instrument 1st Lien Term Loan Industry Gaming & Entertainment Rate S+6.25%, 0.75% Floor Interest Rate 9.94% Original Acquisition Date 12/18/2024 Maturity Date 12/18/20302026-03-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America X Corp (as successor to Twitter) Instrument 1st Lien Term Loan Industry Technology Rate S+6.75% Interest Rate 10.45% Original Acquisition Date 9/12/2025 Maturity Date 10/29/20292025-12-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America SBP Holdings LP Instrument 1st Lien Revolver Industry Industrial Products & Services Rate S+5.00%, 1.00% Floor (0.50% on unfunded) Interest Rate 0.50% Original Acquisition Date 3/27/2023 Maturity Date 3/27/20282026-03-310001646614Non-Controlled/Non-Affiliated Investments 31st Lien/Secured Loans United States of America Health Catalyst Inc Instrument 1st Lien Delayed Draw Term Loan Industry Healthcare Technology Rate S+6.50%, 1.00% Floor (2.50% on unfunded) Interest Rate 2.5% Original Acquisition Date 7/16/2024 Maturity Date 7/16/20292025-01-012025-12-310001646614us-gaap:FairValueMeasurementsRecurringMemberck0001646614:TrustInterestMember2025-12-310001646614ck0001646614:FirstLienSecuredLoansMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2026-03-310001646614Non-Controlled/Non-Affiliated Investments Equities United States of America Telestream 2 LLC Instrument Common Equities Industry Software & Services Original 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Instrument 1st Lien Term Loan Industry Software & Services Rate S+5.50%, 0.75% Floor Interest Rate 9.18% Original Acquisition Date 5/22/2024 Maturity Date 5/22/20302026-03-310001646614ck0001646614:GuavaBuyerLLCDbaAVI-SPLMemberck0001646614:FirstLienDelayedDrawTermLoanMember2026-03-310001646614Non-Controlled/Non-Affiliated Investments Warrants United States of America Delos Living LLC Instrument Warrant Industry Real Estate Development & Management Original Acquisition Date 10/9/20252026-03-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America USA Debusk LLC Instrument 1st Lien Term Loan Industry Commercial Services Rate S+5.25%, 0.75% Floor Interest Rate 9.05% Original Acquisition Date 10/21/2025 Maturity Date 4/30/20312025-12-310001646614ck0001646614:ClassA1LoansMember2025-01-012025-12-310001646614us-gaap:CurrencySwapMember2026-03-310001646614country:NL2025-12-310001646614ck0001646614:PIKPortionSevenMember2025-12-310001646614Fund's 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Autism Center Instrument 1st Lien Term Loan Industry Healthcare Providers & Services Rate S+11.15%, 3.00% Floor (5.50% PIK) Interest Rate 14.82% Original Acquisition Date 7/23/2021 Maturity Date 7/23/20272026-01-012026-03-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America Smarsh Inc Instrument 1st Lien Term Loan Industry Software & Services Rate S+4.75%, 0.75% Floor Interest Rate 8.42% Original Acquisition Date 2/18/2022 Maturity Date 2/18/20292025-01-012025-12-310001646614Fund's controlled investments Portfolio Company SP-CREH 19 Highline LLC Type of Investment Equities2024-12-310001646614us-gaap:FairValueMeasurementsRecurringMemberck0001646614:TrustInterestMember2026-03-310001646614ck0001646614:TetraTechnologiesIncMemberck0001646614:FirstLienDelayedDrawTermLoanMember2025-12-310001646614Controlled Investments 1st Lien/Secured Loans United States of America SP-CREH 19 Highline LLC Instrument 1st Lien Term Loan Industry Multi-Family Rate S+2.00%, 3.00% Floor, 5.00% Cap Interest Rate 5.67% Original Acquisition Date 6/28/2021 Maturity Date 7/1/20262026-01-012026-03-310001646614us-gaap:FairValueInputsLevel3Memberck0001646614:ValuationTechniqueRecentTransactionMemberus-gaap:WarrantMember2025-12-310001646614Non-Controlled/Non-Affiliated Investments Senior Secured Bonds Canada Bausch Health Cos Inc (Valeant) Instrument Senior Secured Bonds Industry Healthcare Equipment & Supplies Rate 4.88% Interest Rate 4.88% Original Acquisition Date 11/5/2025 Maturity Date 6/1/20282026-01-012026-03-310001646614country:DE2025-12-310001646614ck0001646614:O2024M12SupplementalDividendsMember2025-01-012025-03-310001646614ck0001646614:ProfessionalServicesMember2026-03-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America Artisan Bidco Inc Instrument 1st Lien Term Loan Industry Technology Rate E+7.00%, 1.00% Floor Interest Rate 9.03% Original Acquisition Date 11/7/2023 Maturity Date 11/7/20292026-01-012026-03-310001646614Non-Controlled/Non-Affiliated Investments 31st Lien/Secured Loans United States of America FR Vision Holdings, Inc. (CHA Consulting) Instrument 1st Lien Delayed Draw Term Loan Industry Professional Services Rate S+5.00%, 0.75% Floor Interest Rate 8.87% Original Acquisition Date 1/19/2024 Maturity Date 1/20/2031 One2025-01-012025-12-310001646614ck0001646614:InvestmentAdvisoryAgreementMember2025-01-012025-12-310001646614ck0001646614:O2026M2DividendsMember2026-02-272026-02-270001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America Mercury Bidco LLC Instrument 1st Lien Revolver Industry Technology Rate S+5.75%, 1.00% Floor (0.50% on unfunded) Interest Rate 0.50% Original Acquisition Date 5/31/2023 Maturity Date 5/31/20292026-01-012026-03-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America Wrangler Topco, LLC Instrument 1st Lien Term Loan Industry Software & Services Rate S+5.75%, 1.00% Floor Interest Rate 9.43% Original Acquisition Date 7/7/2023 Maturity Date 9/20/20292026-03-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America Sintec Media NYC Inc Instrument 1st Lien Revolver Industry Software & Services Rate S+7.00%, 1.00% Floor (0.50% on unfunded) Interest Rate 10.70% Original Acquisition Date 6/21/2023 Maturity Date 6/21/20292025-01-012025-12-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America SP PF Buyer LLC Instrument 1st Lien Term Loan Industry Specialty Retail Rate S+7.00%, 1.00% Floor Interest Rate 10.86% Original Acquisition Date 10/15/2024 Maturity Date 10/13/20292025-12-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America National Dentex Corp Instrument 1st Lien Delayed Draw Term Loan Industry Healthcare Providers & Services Rate S+12.15%, 1.00% Floor (S+12.15% PIK) Interest Rate 15.85% Original Acquisition Date 10/29/2024 Maturity Date 5/15/20262026-03-310001646614us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:UnsecuredDebtMember2025-12-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America PaperWorks Industries Holding Corp. Instrument 1st Lien Term Loan Industry Paper & Packaging Rate S+6.25%, 1.00% Floor Interest Rate 9.95% Original Acquisition Date 6/30/2023 Maturity Date 6/30/20292026-01-012026-03-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America Artisan Bidco Inc Instrument 1st Lien Revolver Industry Technology Rate S+7.00%, 1.00% Floor (0.50% on unfunded) Interest Rate 10.66% Original Acquisition Date 11/7/2023 Maturity Date 11/7/20292026-03-310001646614us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001646614Controlled Investments Trust Interest United States of America TH Liquidating Trust Instrument Trust Interest Industry Other Original Acquisition Date 10/9/2020 Maturity Date 12/6/20262025-01-012025-12-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America Pelican Power Borrower LLC Instrument 1st Lien Term Loan Industry Power Generation Rate S+5.50%, 2.00% Floor Interest Rate 9.32% Original Acquisition Date 8/30/2024 Maturity Date 8/29/20302025-01-012025-12-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America USA Debusk LLC Instrument 1st Lien Term Loan Industry Commercial Services Rate S+5.25%, 0.75% Floor Interest Rate 8.93% Original Acquisition Date 4/30/2024 Maturity Date 4/30/20312026-01-012026-03-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans Canada Arterra Wines Canada Inc Instrument 1st Lien Term Loan Industry Food & Beverage Rate S+3.76%, 0.75% Floor Interest Rate 7.46% Original Acquisition Date 10/31/2025 Maturity Date 11/26/20272026-01-012026-03-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans Canada Gateway Casinos & Entertainment Ltd Instrument 1st Lien Term Loan Industry Gaming & Entertainment Rate S+6.25%, 0.75% Floor Interest Rate 9.94% Original Acquisition Date 12/18/2024 Maturity Date 12/18/20302026-01-012026-03-310001646614Non-Controlled/Non-Affiliated Investments 31st Lien/Secured Loans United States of America KORE Wireless Group Inc Instrument 1st Lien Term Loan Industry Telecommunications Rate S+6.50%, 1.00% Floor Interest Rate 10.38% Original Acquisition Date 12/20/2023 Maturity Date 11/9/20282025-12-310001646614Non-Controlled/Non-Affiliated Investments 31st Lien/Secured Loans United States of America MMS BidCo LLC Instrument 1st Lien Term Loan Industry Healthcare Providers & Services Rate S+5.375%, 1.00% Floor Interest Rate 9.07% Original Acquisition Date 6/30/2022 Maturity Date 6/30/20292025-12-310001646614ck0001646614:ClassA2ANotesMember2025-12-310001646614Euro Interest Rate Swaps, Floating Rate Receive, Floating Rate Index EuroSTR, Floating Payment Frequency Annual, Fixed Pay Rate 2.150%, Maturity Date 12/1/2030, Counterparty Goldman 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9/3/20302025-01-012025-12-310001646614us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberck0001646614:SecuredLoansMember2025-12-310001646614us-gaap:FairValueInputsLevel3Memberck0001646614:SecuredLoansAndDebtMemberck0001646614:MeasurementInputMarketMultipleMemberck0001646614:ValuationTechniqueMarketComparablesMembersrt:MaximumMember2026-03-310001646614ck0001646614:SpecialtyRetailMember2026-03-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans Canada Arterra Wines Canada Inc Instrument 1st Lien Term Loan Industry Food & Beverage Rate S+3.76%, 0.75% Floor Interest Rate 7.46% Original Acquisition Date 10/31/2025 Maturity Date 11/26/20272026-03-310001646614ck0001646614:PIKPortionElevenMember2025-12-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America Azurite Intermediate Holdings Inc Instrument 1st Lien Term Loan Industry Software & Services Rate S+6.00%, 0.75% Floor Interest Rate 9.67% Original Acquisition Date 3/19/2024 Maturity Date 3/19/20312026-03-310001646614Non-Controlled/Non-Affiliated Investments 23rd Lien/Secured Loans United States of America Azurite Intermediate Holdings Inc Instrument 1st Lien Term Loan Industry Software & Services Rate S+6.00%, 0.75% Floor Interest Rate 9.72% Original Acquisition Date 3/19/2024 Maturity Date 3/19/20312025-01-012025-12-310001646614us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2025-12-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America TETRA Technologies Inc Instrument 1st Lien Term Loan Industry Oilfield Services Rate S+5.85%, 1.00% Floor Interest Rate 9.57% Original Acquisition Date 1/12/2024 Maturity Date 1/11/20302025-12-310001646614ck0001646614:FirstLienRevolverMemberck0001646614:MountyUsHoldingsMember2025-12-310001646614Foreign Currency Forward Contracts Derivative Counterparty Settlement Date 3/31/2026 Bank of America Seven2025-12-310001646614ck0001646614:LVFHoldingsIncMemberck0001646614:FirstLienDelayedDrawTermLoanMember2026-03-310001646614us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America Alpine Acquisition Corp II Instrument 1st Lien Term Loan Industry Transportation & Logistics Rate S+5.25%, 1.00% Floor Interest Rate 8.92% Original Acquisition Date 1/14/2026 Maturity Date 1/14/20312026-03-310001646614us-gaap:UnsecuredDebtMember2025-12-310001646614Non-Controlled/Affiliated Investments Unsecured Debt Luxembourg Takko Fashion Sarl Instrument Subordinated Unsecured Debt Industry Specialty Retail Rate 15.00% Interest Rate 15.00% Original Acquisition Date 8/8/2023 Maturity Date 10/15/20302025-01-012025-12-310001646614Fund's controlled investments Portfolio Company SP-CREH 19 Highline LLC Type of Investment Secured Loans 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Loans United States of America BayMark Health Services Inc Instrument 2nd Lien Delayed Draw Term Loan Industry Healthcare Providers & Services Rate S+10.76%, 1.00% Floor Interest Rate 14.46% Original Acquisition Date 11/19/2021 Maturity Date 6/11/20282026-03-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America Speedstar Holding LLC Instrument 1st Lien Delayed Draw Term Loan Industry Automobiles & Components Rate S+6.00%, 1.00% Floor (1.00% on unfunded) Interest Rate 9.79% Original Acquisition Date 7/2/2024 Maturity Date 7/22/20272025-12-310001646614Controlled Investments Real Estate Properties United States of America 1035 Mecklenburg Highway, Mooresville, North Carolina Instrument Real Estate Properties Industry Industrial Real Estate Rate Interest Rate 0.00% Original Acquisition Date 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Instrument 1st Lien Term Loan Industry Technology Rate S+7.00%, 1.00% Floor Interest Rate 10.65% Original Acquisition Date 11/7/2023 Maturity Date 11/7/20292026-01-012026-03-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America Stryten Energy Resources LLC Instrument 1st Lien Term Loan Industry Industrial Products & Services Rate S+5.50%, 1.00% Floor Interest Rate 9.36% Original Acquisition Date 12/18/2024 Maturity Date 12/18/20292025-12-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America Resistance Holdings Inc Instrument 1st Lien Revolver Industry Pharmaceuticals & Life Sciences Rate S+5.00%, 1.00% Floor (0.50% on unfunded) Interest Rate 0.50% Original Acquisition Date 3/16/2026 Maturity Date 3/14/20312026-01-012026-03-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America Mounty US Holdings Instrument 1st Lien Term Loan Industry Software & Services Rate S+6.00%, 1.00% Floor Interest Rate 9.65% Original Acquisition Date 5/17/2024 Maturity Date 5/17/20302026-01-012026-03-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America Allium Buyer LLC Instrument 1st Lien Revolver Industry Business Services Rate S+5.00%, 1.00% Floor (0.50% on unfunded) Interest Rate 0.50% Original Acquisition Date 5/2/2023 Maturity Date 5/2/20292026-03-310001646614ck0001646614:FirstLienRevolverMemberck0001646614:NationalDentexCorpMember2026-03-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America Smarsh Inc Instrument 1st Lien Term Loan Industry Software & Services Rate S+4.75%, 0.75% Floor Interest Rate 8.42% Original Acquisition Date 2/18/2022 Maturity Date 2/18/20292025-12-310001646614Non-Controlled/Non-Affiliated Investments 31st Lien/Secured Loans United States of America Hammer IntermediateCo LLC Instrument 1st Lien Revolver Industry Automobiles & 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1/30/20262025-12-310001646614us-gaap:InvestmentAffiliatedIssuerControlledMemberus-gaap:EquitySecuritiesMember2026-03-310001646614UK Interest Rate Swaps Floating Rate Pay Floating Rate Index SONIA Floating Payment Frequency Annual Fixed Pay Rate 4.992% Maturity Date 9/28/2027 Counterparty Goldman Sachs2026-01-012026-03-310001646614ck0001646614:CapitalContributionsMember2026-03-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America Smarsh Inc Instrument 1st Lien Revolver Loan Industry Software & Services Rate S+4.75%, 0.75% Floor (0.50% on unfunded) Interest Rate 8.43% Original Acquisition Date 2/18/2022 Maturity Date 2/18/20292025-12-310001646614ck0001646614:PIKPortionOneMember2025-12-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America BayMark Health Services Inc Instrument 2nd Lien Delayed Draw Term Loan Industry Healthcare Providers & Services Rate S+8.76%, 1.00% Floor Interest Rate 12.86% Original Acquisition Date 11/19/2021 Maturity Date 6/11/20282025-12-310001646614Controlled Investments Equities United States of America SP-CREH 19 Highline LLC Instrument Common Equities Industry Multi-Family Rate Interest Rate 0.00% Original Acquisition Date 6/28/20212026-01-012026-03-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United Kingdom Neon Finance Limited (fka TEN Entertainment Group PLC) Instrument 1st Lien Term Loan Industry Gaming & Entertainment Rate SONIA+7.50%, 2.50% Floor Interest Rate 11.47% Original Acquisition Date 1/26/2024 Maturity Date 2/6/20302025-01-012025-12-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America Alpine Acquisition Corp II Instrument 1st Lien Delayed Draw Term Loan Industry Transportation & Logistics Rate S+4.75%, 1.00% Floor (0.50% on unfunded) Interest Rate 0.50% Original Acquisition Date 1/14/2026 Maturity Date 1/14/20312026-03-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America Peloton Interactive Inc Instrument 1st Lien Term Loan Industry Fitness & Leisure Rate S+5.50% Interest Rate 9.22% Original Acquisition Date 5/23/2024 Maturity Date 5/30/20292025-01-012025-12-310001646614ck0001646614:TwoThousandTwentySixNotesTrancheAMember2021-11-040001646614Non-Controlled/Non-Affiliated Investments 31st Lien/Secured Loans United States of America Elessent Clean Technologies Inc Instrument 1st Lien Term Loan Industry Specialty Chemicals Rate S+6.00%, 1.00% Floor Interest Rate 9.73% Original Acquisition Date 11/15/2024 Maturity Date 11/15/20292025-12-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans Canada Hootsuite Inc. Instrument 1st Lien Term Loan Industry Software & Services Rate S+5.50%, 0.75% Floor Interest Rate 9.23% Original Acquisition Date 5/22/2024 Maturity Date 5/22/20302025-01-012025-12-310001646614Non-Controlled/Non-Affiliated Investments 31st Lien/Secured Loans United States of America Health Catalyst Inc Instrument 1st Lien Term Loan Industry Healthcare Technology Rate S+6.50%, 1.00% Floor Interest Rate 10.39% Original Acquisition Date 7/16/2024 Maturity Date 7/16/20292025-12-310001646614Interest Rate Swaps, Hedge Accounting2026-01-012026-03-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America SBP Holdings LP Instrument 1st Lien Delayed Draw Term Loan Industry Industrial Products & Services Rate S+5.00%, 1.00% Floor (1.00% on unfunded) Interest Rate 8.74% Original Acquisition Date 11/30/2023 Maturity Date 3/27/20282025-12-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America Wrangler Topco, LLC Instrument 1st Lien Revolver Industry Software & Services Rate S+5.75%, 1.00% Floor (0.50% on unfunded) Interest Rate 0.50% Original Acquisition Date 7/7/2023 Maturity Date 9/20/20292025-01-012025-12-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America GI Apple Midco LLC (Atlas Technical) Instrument 1st Lien Term Loan Industry Professional Services Rate S+6.75%, 1.00% Floor Interest Rate 10.42% Original Acquisition Date 4/19/2023 Maturity Date 4/19/20302026-01-012026-03-310001646614Non-Controlled/Non-Affiliated Investments 31st Lien/Secured Loans United States of America Hammer IntermediateCo LLC Instrument 1st Lien Revolver Industry Automobiles & Components Rate S+5.50%, 1.00% Floor (0.50% on unfunded) Interest Rate 9.34% Original Acquisition Date 10/1/2025 Maturity Date 10/1/20312025-12-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America Spectrum Group Buyer Inc (Pixelle) Instrument 1st Lien Term Loan Industry Paper & Packaging Rate S+6.50%, 0.75% Floor Interest Rate 10.17% Original Acquisition Date 5/11/2022 Maturity Date 5/19/20282026-01-012026-03-310001646614ck0001646614:TranslationOfAssetsAndLiabilitiesInForeignCurrenciesMember2026-01-012026-03-310001646614ck0001646614:O2025M2SupplementalDividendsMember2025-02-112025-02-110001646614ck0001646614:FirstLienRevolverMemberck0001646614:NationalDentexCorpMember2025-12-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America Vantage Specialty Chemicals Inc Instrument 1st Lien Term Loan Industry Specialty Chemicals Rate S+6.75%, 1.00% Floor (2.75% PIK) Interest Rate 10.45% Original Acquisition Date 8/29/2025 Maturity Date 8/29/20292026-01-012026-03-310001646614us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:UnsecuredDebtMember2026-03-310001646614Controlled Investments Trust Interest United States of America TH Liquidating Trust Instrument Trust Interest Industry Other Rate Interest Rate 0.00% Original Acquisition Date 12/7/2019 Maturity Date 12/6/20262026-03-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America TETRA Technologies Inc Instrument 1st Lien Term Loan Industry Oilfield Services Rate S+5.85%, 1.00% Floor Interest Rate 9.57% Original Acquisition Date 1/12/2024 Maturity Date 1/11/20302025-01-012025-12-310001646614ck0001646614:FirstLienRevolverMemberck0001646614:XactusLLCMember2025-12-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America FR Vision Holdings, Inc. (CHA Consulting) Instrument 1st Lien Revolver Industry Professional Services Rate S+5.00%, 0.75% Floor (0.50% on unfunded) Interest Rate 0.50% Original Acquisition Date 1/19/2024 Maturity Date 1/20/20302026-03-310001646614ck0001646614:PowerGenerationMember2026-03-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America Gopher Resource LLC Instrument 1st Lien Term Loan Industry Environmental Solutions Rate S+5.75%, 1.00% Floor (2.50% PIK) Interest Rate 9.45% Original Acquisition Date 10/4/2024 Maturity Date 10/4/20292026-01-012026-03-310001646614us-gaap:FairValueInputsLevel3Memberus-gaap:UnsecuredDebtMemberck0001646614:UnrealizedGainLossMember2025-01-012025-03-310001646614ck0001646614:FirstLienRevolverMemberck0001646614:ElessentCleanTechnologiesIncMember2025-12-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America NetSPI Midco Corporation Instrument 1st Lien Revolver Industry Professional Services Rate S+6.25%, 1.00% Floor (0.50% on unfunded) Interest Rate 0.50% Original Acquisition Date 5/31/2024 Maturity Date 5/31/20292026-03-310001646614us-gaap:FairValueInputsLevel3Memberus-gaap:RealEstateMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001646614Non-Controlled/Non-Affiliated Investments 31st Lien/Secured Loans United States of America Mounty US Holdings Instrument 1st Lien Revolver Industry Software & Services Rate S+6.00%, 1.00% Floor (0.25% on unfunded) Interest Rate 0.25% Original Acquisition Date 5/17/2024 Maturity Date 5/17/20302025-01-012025-12-310001646614us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignExchangeForwardMember2026-03-310001646614Fund's controlled investments Portfolio Company TH Liquidating Trust Type of Investment Trust Interest One2025-12-310001646614Fund's affiliated/non-controlled investments Portfolio Company Takko Fashion GmbH Type of Investment Secured Loans2025-12-310001646614ck0001646614:JPMorganUSTreasurySecuritiesMoneyMarketFundCapitalClassMember2026-03-310001646614us-gaap:FairValueInputsLevel3Memberus-gaap:CashAndCashEquivalentsMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America Titan Purchaser, Inc. (Waupaca Foundry) Instrument 1st Lien Term Loan Industry Industrial Products & Services Rate S+6.00%, 1.00% Floor Interest Rate 9.70% Original Acquisition Date 3/1/2024 Maturity Date 3/1/20302026-01-012026-03-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America Accela Inc/US Instrument 1st Lien Delayed Draw Term Loan Industry Software & Services Rate S+4.75%, 0.75% Floor Interest Rate 8.42% Original Acquisition Date 4/11/2025 Maturity Date 9/3/20302026-03-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America Allium Buyer LLC Instrument 1st Lien Revolver Industry Business Services Rate S+5.00%, 1.00% Floor (0.50% on unfunded) Interest Rate 0.50% Original Acquisition Date 5/2/2023 Maturity Date 5/2/20292026-01-012026-03-310001646614Non-Controlled/Non-Affiliated Investments 31st Lien/Secured Loans United States of America Learning Care Group US No 2 Instrument 1st Lien Term Loan Industry Education Rate S+4.00%, 0.50% Floor Interest Rate 7.86% Original Acquisition Date 5/12/2025 Maturity Date 8/11/20282025-01-012025-12-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America Xactus LLC Instrument 1st Lien Term Loan Industry Business Services Rate S+5.50%, 0.75% Floor Interest Rate 9.20% Original Acquisition Date 5/6/2025 Maturity Date 5/6/20322026-03-310001646614ck0001646614:EnvironmentalSolutionsMember2026-03-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America Storable Inc Instrument 1st Lien Term Loan Industry Software & Services Rate S+3.25% Interest Rate 6.97% Original Acquisition Date 5/6/2025 Maturity Date 4/16/20312025-12-310001646614Non-Controlled/Non-Affiliated Investments Senior Secured Bonds United States of America Amber Energy Inc. Instrument Senior Secured Bonds Industry Energy Rate 15.00% Interest Rate 15.00% Original Acquisition Date 11/26/2025 Maturity Date 12/1/20452025-12-310001646614Interest Rate Swaps, Non-Hedge Accounting2026-01-012026-03-310001646614Fund's affiliated/non-controlled investments Portfolio Company Wesco Aircraft Holdings Inc Type of Investment Secured Debt2025-01-012025-12-310001646614us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America Wrangler Topco, LLC Instrument 1st Lien Revolver Industry Software & Services Rate S+5.75%, 1.00% Floor (0.50% on unfunded) Interest Rate 0.50% Original Acquisition Date 7/7/2023 Maturity Date 9/20/20292026-03-310001646614ck0001646614:FirstLienRevolverMemberck0001646614:ElessentCleanTechnologiesIncMember2026-03-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America Mercury Bidco LLC Instrument 1st Lien Term Loan Industry Technology Rate S+5.75%, 1.00% Floor Interest Rate 9.45% Original Acquisition Date 5/31/2023 Maturity Date 5/31/20302026-01-012026-03-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America Industrial Service Solutions WC, Inc. 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Date 8/29/2025 Maturity Date 2/28/20292025-01-012025-12-310001646614Fund's affiliated/non-controlled investments Portfolio Company Wesco Aircraft Holdings Inc Type of Investment Equity2025-12-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America 175 3rd Street Instrument 1st Lien Term Loan Industry Real Estate Development & Management Rate S+5.50%, 3.75% Floor Interest Rate 9.37% Original Acquisition Date 4/30/2025 Maturity Date 5/1/20262025-12-310001646614Non-Controlled/Non-Affiliated Investments 31st Lien/Secured Loans United States of America Mounty US Holdings Instrument 1st Lien Term Loan Industry Software & Services Rate S+6.00%, 1.00% Floor Interest Rate 9.88% Original Acquisition Date 5/17/2024 Maturity Date 5/17/20302025-12-310001646614Non-Controlled/Non-Affiliated Investments 31st Lien/Secured Loans United States of America Crewline Buyer Inc Instrument 1st Lien Term Loan Industry Software & Services Rate S+6.75%, 1.00% Floor Interest Rate 10.59% Original Acquisition Date 11/8/2023 Maturity Date 11/8/20302025-01-012025-12-310001646614ck0001646614:FirstLienRevolverMemberck0001646614:WranglerTopcoLlcMember2026-03-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America Pelican Power Borrower LLC Instrument 1st Lien Term Loan Industry Power Generation Rate S+5.50%, 2.00% Floor Interest Rate 9.32% Original Acquisition Date 8/30/2024 Maturity Date 8/29/20302025-12-310001646614Non-Controlled/Non-Affiliated Investments 31st Lien/Secured Loans United States of America Databricks Inc Instrument 1st Lien Delayed Draw Term Loan Industry Software & Services Rate S+4.50%, (1.00% on unfunded) Interest Rate 1.00% Original Acquisition Date 12/19/2024 Maturity Date 1/3/20312025-01-012025-12-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America BayMark Health Services Inc Instrument 2nd Lien Delayed Draw Term Loan Industry Healthcare Providers & Services Rate S+8.76%, 1.00% Floor Interest Rate 12.86% Original Acquisition Date 11/19/2021 Maturity Date 6/11/20282025-01-012025-12-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America BayMark Health Services Inc Instrument 1st Lien Delayed Draw Term Loan Industry Healthcare Providers & Services Rate S+5.26%, 1.00% Floor Interest Rate 8.96% Original Acquisition Date 11/19/2021 Maturity Date 6/11/20272026-01-012026-03-310001646614Non-Controlled/Non-Affiliated Investments 31st Lien/Secured Loans United States of America Databricks Inc Instrument 1st Lien Term Loan Industry Software & Services Rate S+4.50% Interest Rate 8.27% Original Acquisition Date 12/19/2024 Maturity Date 1/3/20312025-01-012025-12-310001646614Non-Controlled/Non-Affiliated Investments 31st Lien/Secured Loans United States of America IXS Holdings Inc Instrument 1st Lien Term Loan Industry Automobiles & Components Rate S+5.50%, 1.00% Floor Interest Rate 9.22% Original Acquisition Date 8/15/2025 Maturity Date 9/21/20292025-12-310001646614ck0001646614:FirstLienRevolverMemberck0001646614:ResistanceHoldingsIncMember2026-03-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans Luxembourg Accelya Lux Finco Sarl Instrument 1st Lien Term Loan Industry Software & Services Rate S+5.25% Interest Rate 8.92% Original Acquisition Date 9/29/2025 Maturity Date 9/29/20322025-01-012025-12-310001646614ck0001646614:RecordedBooksIncRbMediaMemberck0001646614:FirstLienDelayedDrawTermLoanMember2025-12-310001646614ck0001646614:O2026M3DividendsMember2026-01-012026-03-310001646614ck0001646614:PIKPortionFourteenMember2025-12-310001646614us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:UnsecuredDebtMember2026-03-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America Vensure Employer Services Inc Instrument 1st Lien Delayed Draw Term Loan Industry Business Services Rate S+5.00%, 0.50% Floor (0.50% on unfunded) Interest Rate 0.50% Original Acquisition Date 9/27/2024 Maturity Date 9/27/20312025-12-310001646614Fund's controlled investments Portfolio Company SP-CREH 19 Highline LLC Type of Investment Equities2025-01-012025-12-310001646614ck0001646614:FirstLienRevolverMemberck0001646614:UsaDebuskLlcMember2025-12-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America Allium Buyer LLC Instrument 1st Lien Term Loan Industry Business Services Rate S+5.00%, 1.00% Floor Interest Rate 8.67% Original Acquisition Date 5/2/2023 Maturity Date 5/2/20302026-01-012026-03-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America Pelican Power Borrower LLC Instrument 1st Lien Term Loan Industry Power Generation Rate S+5.50%, 2.00% Floor Interest Rate 9.17% Original Acquisition Date 8/30/2024 Maturity Date 8/29/20302026-01-012026-03-310001646614ck0001646614:PIKPortionFiveMember2025-12-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America Vensure Employer Services Inc Instrument 1st Lien Term Loan Industry Business Services Rate S+5.00%, 0.50% Floor Interest Rate 8.70% Original Acquisition Date 9/27/2024 Maturity Date 9/27/20312025-01-012025-12-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans Canada Gateway Casinos & Entertainment Ltd Instrument 1st Lien Term Loan Industry Gaming & Entertainment Rate S+6.25%, 0.75% Floor Interest Rate 9.95% Original Acquisition Date 12/18/2024 Maturity Date 12/18/20302025-01-012025-12-310001646614ck0001646614:ShareIssuanceOnSecondJanuaryTwoThousandTwentySixMember2026-01-012026-03-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America Mounty US Holdings Instrument 1st Lien Term Loan Industry Software & Services Rate S+6.00%, 1.00% Floor Interest Rate 9.65% Original Acquisition Date 5/17/2024 Maturity Date 5/17/20302026-03-310001646614us-gaap:FairValueInputsLevel3Memberck0001646614:SecuredLoansAndDebtMemberck0001646614:ValuationTechniqueRecentTransactionMember2025-12-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America Contractual Buyer, LLC (dba Kodiak Solutions) Instrument 1st Lien Delayed Draw Term Loan Industry Healthcare Technology Rate S+5.00%, 0.75% Floor Interest Rate 8.66% Original Acquisition Date 1/22/2026 Maturity Date 10/10/20302026-01-012026-03-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America Circle Graphics Inc Instrument 1st Lien Term Loan Industry E-Commerce Rate S+3.25%, 4.00% Floor Interest Rate 7.25% Original Acquisition Date 6/30/2025 Maturity Date 3/31/20292026-01-012026-03-310001646614us-gaap:FairValueInputsLevel3Memberus-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001646614Fund's affiliated/non-controlled investments Portfolio Company Takko Fashion Sarl Type of Investment Fixed Income2025-12-310001646614us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2026-01-012026-03-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans Canada Hootsuite Inc. Instrument 1st Lien Term Loan Industry Software & Services Rate S+5.50%, 0.75% Floor Interest Rate 9.18% Original Acquisition Date 5/22/2024 Maturity Date 5/22/20302026-01-012026-03-310001646614us-gaap:UnsecuredDebtMembercountry:LUus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001646614us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberck0001646614:RealEstatePropertiesMemberus-gaap:IncomeApproachValuationTechniqueMember2026-03-310001646614Fund's affiliated/non-controlled investments Portfolio Company Takko Fashion GmbH Type of Investment Secured Debt2024-12-310001646614Non-Controlled/Non-Affiliated Investments Unsecured Bonds United States of America Stonebriar ABF Issuer LLC Instrument Senior Unsecured Bonds Industry Financial Services Rate 8.13% Interest Rate 8.13% Original Acquisition Date 11/14/2025 Maturity Date 12/15/20302026-03-310001646614Non-Controlled/Affiliated Investments Unsecured Debt Luxembourg Takko Fashion Sarl Instrument Subordinated Unsecured Debt Industry Specialty Retail Rate 15.00% (15.00% PIK) Interest Rate 15.00 Original Acquisition Date 8/8/2023 Maturity Date 10/15/20302026-01-012026-03-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America Shrieve Chemical Co LLC Instrument 1st Lien Term Loan Industry Specialty Chemicals Rate S+6.00%, 1.00% Floor Interest Rate 9.67% Original Acquisition Date 10/30/2024 Maturity Date 10/30/20302026-03-310001646614us-gaap:RealEstateMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001646614us-gaap:FairValueInputsLevel3Member2026-01-012026-03-310001646614ck0001646614:JPMorganUSTreasurySecuritiesMoneyMarketFundCapitalClassMember2025-12-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America Recorded Books Inc (RB Media) Instrument 1st Lien Revolver Industry Media: Diversified & Production Rate S+5.75%, 0.75% Floor (0.50% on unfunded) Interest Rate 0.50% Original Acquisition Date 8/31/2023 Maturity Date 8/31/20282025-12-310001646614us-gaap:FairValueInputsLevel3Memberck0001646614:TrustInterestMember2026-03-310001646614Euro Interest Rate Swaps, Floating Rate Receive, Floating Rate Index EuroSTR, Floating Payment Frequency Annual, Fixed Pay Rate 2.150%, Maturity Date 12/1/2030, Counterparty Goldman Sachs2026-03-310001646614ck0001646614:O2026M4DividendsMemberus-gaap:SubsequentEventMember2026-04-282026-04-280001646614Total Interest Rate Swaps2025-01-012025-12-310001646614Non-Controlled/Non-Affiliated Investments 6th Lien/Secured Loans United States of America Accurate Background LLC Instrument 1st Lien Term Loan Industry Business Services Rate S+6.26%, 1.00% Floor Interest Rate 9.93% Original Acquisition Date 10/18/2021 Maturity Date 3/26/20292025-01-012025-12-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America Mounty US Holdings Instrument 1st Lien Revolver Industry Software & Services Rate S+6.00%, 1.00% Floor (0.50% on unfunded) Interest Rate 0.50% Original Acquisition Date 5/17/2024 Maturity Date 5/17/20302026-01-012026-03-310001646614ck0001646614:VantageSpecialtyChemicalsIncMemberck0001646614:FirstLienRevolverMember2026-03-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America SBP Holdings LP Instrument 1st Lien Delayed Draw Term Loan Industry Industrial Products & Services Rate S+5.00%, 1.00% Floor Interest Rate 8.67% Original Acquisition Date 3/27/2023 Maturity Date 3/27/20282026-03-310001646614ck0001646614:RealEstateDevelopmentManagementMember2026-03-310001646614ck0001646614:FirstLienSecuredLoansMemberus-gaap:InvestmentUnaffiliatedIssuerMembercountry:CA2025-12-310001646614ck0001646614:FirstLienRevolverMemberck0001646614:RKGNewcoLLCMember2025-12-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America Aprimo Inc Instrument 1st Lien Term Loan Industry Software & Services Rate S+6.19%, 0.75% Floor Interest Rate 9.86% Original Acquisition Date 5/26/2022 Maturity Date 5/26/20282026-03-310001646614Non-Controlled/Non-Affiliated Investments Senior Secured Bonds Canada Bausch Health Cos Inc (Valeant) Instrument Senior Secured Bonds Industry Healthcare Equipment & Supplies Rate 4.88% Interest Rate 4.88% Original Acquisition Date 11/5/2025 Maturity Date 6/1/20282025-01-012025-12-310001646614ck0001646614:FirstLienRevolverMemberck0001646614:AllentownLlcMember2026-03-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America Guava Buyer LLC (dba AVI-SPL) Instrument 1st Lien Delayed Draw Term Loan Industry Technology Hardware & Equipment Rate S+5.50%, 1.00% Floor (1.00% on unfunded) Interest Rate 9.16% Original Acquisition Date 8/12/2025 Maturity Date 8/12/20322026-03-310001646614Non-Controlled/Non-Affiliated Investments 2nd Lien/Secured Loans United States of America FourPoint Resources Intermediate Holdings, LLC Instrument 2nd Lien Term Loan Industry Energy Rate S+7.00%, 2.50% Floor Interest Rate 10.66% Original Acquisition Date 1/22/2025 Maturity Date 1/22/20302026-03-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America Artisan Bidco Inc Instrument 1st Lien Revolver Industry Technology Rate S+7.00%, 1.00% Floor (0.50% on unfunded) Interest Rate 10.66% Original Acquisition Date 11/7/2023 Maturity Date 11/7/20292026-01-012026-03-310001646614Non-Controlled/Non-Affiliated Investments Equities United States of America Beauty Health Co Instrument Common Equities Industry Consumer Services Original Acquisition Date 7/7/20232025-12-310001646614Non-Controlled/Non-Affiliated Investments Senior Secured Bonds Canada 1261229 BC LTD Instrument Senior Secured Bonds Industry Healthcare Equipment & Supplies Rate 10.00% Interest Rate 10.00% Original Acquisition Date 12/26/2025 Maturity Date 4/15/20322025-12-310001646614us-gaap:InvestmentAffiliatedIssuerControlledMember2026-03-310001646614us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:UnsecuredDebtMember2025-12-310001646614ck0001646614:MultiFamiliesMember2025-12-310001646614ck0001646614:PIKPortionThirteenMember2025-12-310001646614ck0001646614:ForeignCurrencyTransactionsMember2026-01-012026-03-310001646614ck0001646614:SecondLienSecuredLoansMemberus-gaap:InvestmentUnaffiliatedIssuerMembercountry:US2025-12-310001646614us-gaap:RetainedEarningsMember2026-03-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America National Dentex Corp Instrument 1st Lien Delayed Draw Term Loan Industry Healthcare Providers & Services Rate S+10.15%, 1.00% Floor (1.00% PIK) Interest Rate 13.85% Original Acquisition Date 4/4/2024 Maturity Date 5/15/20262026-01-012026-03-310001646614US Interest Rate Swaps Floating Rate Pay Floating Rate Index SOFR Floating Payment Frequency Annual Fixed Pay Rate 4.000% Maturity Date 11/4/2026 Counterparty Goldman Sachs2026-03-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America Health Catalyst Inc Instrument 1st Lien Term Loan Industry Healthcare Technology Rate S+6.50%, 1.00% Floor Interest Rate 10.17% Original Acquisition Date 7/16/2024 Maturity Date 7/16/20292026-01-012026-03-310001646614us-gaap:FairValueInputsLevel3Memberck0001646614:MeasurementInputEarningsMultipleMembersrt:MinimumMemberck0001646614:ValuationTechniqueMarketComparablesMemberck0001646614:SecuredLoansMember2025-12-310001646614ck0001646614:WranglerTopcoLlcMemberck0001646614:FirstLienDelayedDrawTermLoanMember2026-03-310001646614Fund's affiliated/non-controlled investments Portfolio Company Wesco Aircraft Holdings Inc Type of Investment Secured Debt2024-12-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America Hammer IntermediateCo LLC Instrument 1st Lien Revolver Industry Automobiles & Components Rate S+5.50%, 1.00% Floor (0.50% on unfunded) Interest Rate 0.50% Original Acquisition Date 10/1/2025 Maturity Date 10/1/20312026-03-310001646614us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberck0001646614:TrustInterestMember2026-03-310001646614Non-Controlled/Non-Affiliated Investments 31st Lien/Secured Loans United States of America LAC Acquisition LLC d/b/a Lighthouse Autism Center Instrument 1st Lien Revolver Industry Healthcare Providers & Services Rate S+11.15%, 3.00% Floor (0.50% on unfunded) Interest Rate 0.5% Original Acquisition Date 4/3/2024 Maturity Date 7/23/20272025-12-310001646614ck0001646614:TwoThousandFiftyFivePromissoryNotesMember2026-03-310001646614Non-Controlled/Non-Affiliated Investments 8th Lien/Secured Loans United States of America Allentown LLC Instrument 1st Lien Term Loan Industry Healthcare Equipment & Supplies Rate S+7.15%, 1.00% Floor Interest Rate 10.98% Original Acquisition Date 4/22/2022 Maturity Date 4/22/20272025-01-012025-12-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America Accela Inc/US Instrument 1st Lien Revolver Industry Software & Services Rate S+4.75%, 0.75% Floor (0.50% on unfunded) Interest Rate 0.50% Original Acquisition Date 9/1/2023 Maturity Date 9/2/20302026-03-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America Wrangler Topco, LLC Instrument 1st Lien Term Loan Industry Software & Services Rate S+5.75%, 1.00% Floor Interest Rate 9.43% Original Acquisition Date 7/7/2023 Maturity Date 9/20/20292026-01-012026-03-310001646614ck0001646614:HealthcareProvidersServicesMember2026-03-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America Spectrum Group Buyer Inc (Pixelle) Instrument 1st Lien Term Loan Industry Paper & Packaging Rate S+6.50%, 0.75% Floor Interest Rate 10.17% Original Acquisition Date 5/11/2022 Maturity Date 5/19/20282026-03-310001646614ck0001646614:CapitalContributionsMember2026-01-012026-03-310001646614ck0001646614:IndustrialRealEstateMember2025-12-310001646614Foreign Currency Forward Contracts2026-03-310001646614Non-Controlled/Non-Affiliated Investments 2nd Lien/Secured Loans United States of America FourPoint Resources Intermediate Holdings, LLC Instrument 2nd Lien Term Loan Industry Energy Rate S+7.00%, 2.50% Floor Interest Rate 10.66% Original Acquisition Date 1/22/2025 Maturity Date 1/22/20302026-01-012026-03-310001646614us-gaap:FairValueInputsLevel2Memberus-gaap:RealEstateMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001646614us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2026-03-310001646614ck0001646614:FirstLienDebtMember2025-12-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America X Corp (as successor to Twitter) Instrument 1st Lien Term Loan Industry Technology Rate S+6.75% Interest Rate 10.45% Original Acquisition Date 9/12/2025 Maturity Date 10/29/20292025-01-012025-12-310001646614us-gaap:CashAndCashEquivalentsMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans Australia Ardonagh Group Finco Pty Ltd Instrument 1st Lien Term Loan Industry Insurance & Insurance Services Rate S+2.75% Interest Rate 6.92% Original Acquisition Date 5/5/2025 Maturity Date 2/18/20312025-01-012025-12-31iso4217:AUDiso4217:EURutr:Ratexbrli:purexbrli:sharesiso4217:GBPiso4217:USDiso4217:USDxbrli:shares

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

     ☐

     TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM ________ TO ________.

Commission File Number: 000-56533

SILVER POINT SPECIALTY LENDING FUND

(Exact Name of Registrant as Specified in its Charter)


Maryland	47-1577585
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
Two Greenwich Plaza, Suite 1 Greenwich, Connecticut	06830
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (203) 542-4200

Securities registered pursuant to Section 12(b) of the Act:

     Title of each class

     Trading
Symbol(s)

     Name of each exchange on which registered

      None

     Not applicable 

     Not applicable

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of May 12, 2026, the registrant had 22,886,809 shares of common stock, $0.001 par value per share, outstanding. Common stock outstanding excludes May 1, 2026 subscriptions since the issuance price is not yet finalized at this time.

Silver Point Specialty Lending Fund

Table of Contents


		Page
PART I	CONSOLIDATED FINANCIAL INFORMATION	1
Item 1	Consolidated Financial Statements	1
	Consolidated Statements of Assets and Liabilities as of March 31, 2026 (Unaudited) and December 31, 2025	1
	Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025 (Unaudited)	2
	Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2026 and 2025 (Unaudited)	3
	Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025 (Unaudited)	4
	Consolidated Schedules of Investments as of March 31, 2026 (Unaudited) and December 31, 2025	5
	Notes to Consolidated Financial Statements (Unaudited)	27
Item 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	51
Item 3	Quantitative and Qualitative Disclosures About Market Risk	64
Item 4	Controls and Procedures	65
PART II	OTHER INFORMATION	66
Item 1	Legal Proceedings	66
Item 1A	Risk Factors	66
Item 2	Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities	66
Item 3	Defaults Upon Senior Securities	66
Item 4	Mine Safety Disclosures	66
Item 5	Other Information	66
Item 6	Exhibits	67
Signatures		68

PART I— CONSOLIDATED FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements

Silver Point Specialty Lending Fund

Consolidated Statements of Assets and Liabilities


	March 31, 2026			December 31, 2025
	(Unaudited)
Assets
Investments, at fair value:
Non-controlled, non-affiliated investments (amortized cost of $1,136,588,958 and $1,157,779,432, respectively)	$	1,101,328,239		$	1,133,651,175
Non-controlled, affiliated investments (amortized cost of $23,872,169 and 23,603,860, respectively)		34,518,711			30,263,217
Controlled investments (amortized cost of $39,744,529 and $40,671,939, respectively)		17,566,377			19,832,346
Total investments, at fair value (amortized cost of $1,200,205,656 and $1,222,055,231, respectively)		1,153,413,327			1,183,746,738
Cash and cash equivalents (cash equivalents of $11,015,736 and $11,056,883, respectively)		13,896,770			14,006,888
Restricted cash and cash equivalents (restricted cash equivalents of $21,354,745 and $12,954,969, respectively)		26,256,330			17,888,102
Foreign cash held at banks (cost of $516,267 and $2,165,557, respectively)		514,079			2,163,174
Receivable for unsettled transactions		2,996,212			5,351,693
Interest receivable		8,405,697			8,223,819
Foreign currency forward contracts, at fair value		346,471			65,048
Interest rate swaps, at fair value		848,408			1,144,580
Due from broker		978,313			1,773,780
Deferred financing costs		1,618,110			1,785,354
Other assets		7,445,685			313,017
Total assets	$	1,216,719,402		$	1,236,462,193

Liabilities
Debt (Note 6) (net of unamortized debt issuance costs of $2,133,636 and $2,448,150, respectively)	$	571,590,163		$	599,743,222
Payable for unsettled transactions		1,387,651			21,204,629
Interest payable		6,775,704			5,352,673
Management fees payable to an affiliate (Note 3)		1,540,892			1,506,894
Income incentive fee payable to an affiliate (Note 3)		2,417,863			2,501,126
Interest rate swaps, at fair value		134,667			226,331
Foreign currency forward contracts, at fair value		14,092			177,236
Dividend payable		5,425,192			5,310,097
Other liabilities		4,780,876			4,734,054
Accrued expenses		1,693,596			1,870,812
Total liabilities		595,760,696			642,627,074

Commitments and contingencies (Note 8)

Net assets
Common shares $0.001 par value, unlimited shares authorized; 22,604,966 and 21,240,388 shares issued and outstanding, respectively		22,605			21,240
Paid-in-capital in excess of par		692,571,931			654,483,442
Distributable earnings (losses)		(71,635,830	)		(60,669,563	)
Total net assets		620,958,706			593,835,119
Total liabilities and net assets	$	1,216,719,402		$	1,236,462,193
Net asset value per share	$	27.47		$	27.96

The accompanying notes are an integral part of these consolidated financial statements.

Silver Point Specialty Lending Fund

Consolidated Statements of Operations

(Unaudited)


	For the Three Months Ended March 31,
	2026			2025
Investment income:
Non-controlled/non-affiliated investments:
Interest income (excluding payment-in-kind ("PIK") interest)	$	29,686,979		$	25,507,118
PIK interest income		761,715			1,156,101
Other income		669,090			18,843
Non-controlled/affiliated investments:
Interest income (excluding PIK interest)		34,026			185,975
PIK interest income		262,485			145,214
Controlled investments:
Interest income (excluding PIK interest)		98,950			198,604
PIK interest income		29,510			26,071
Total investment income		31,542,755			27,237,926

Expenses:
Interest and financing expenses		8,603,215			7,252,011
Management fee (Note 3)		1,926,115			1,029,670
Income incentive fee (Note 3)		2,417,863			2,586,261
Incentive compensation clawback (Note 3)		—			(781,367	)
Professional fees		719,827			547,525
Administration fees		758,201			405,293
Trustee fees		65,625			86,301
Other general and administrative expenses		494,470			470,187
Total expenses		14,985,316			11,595,881
Management fee waiver (Note 3)		(385,223	)		—
Net expenses		14,600,093			11,595,881
Net investment income		16,942,662			15,642,045

Net gain (loss):
Net realized gain (loss):
Non-controlled/non-affiliated investments		(4,567,056	)		(1,807,901	)
Non-controlled/affiliated investments		—			90,652
Foreign currency transactions		(23,649	)		17,845
Foreign currency forward contracts		577,247			(568,753	)
Interest rate swaps		28,289			5,219
Total net realized gain (loss)		(3,985,169	)		(2,262,938	)
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments		(11,132,462	)		(1,418,015	)
Non-controlled/affiliated investments		3,987,185			91,379
Controlled investments		(1,338,559	)		(1,322,666	)
Translation of assets and liabilities in foreign currencies		(42,022	)		86,441
Foreign currency forward contracts		444,567			(386,023	)
Interest rate swaps		105,512			(203,023	)
Total net change in unrealized appreciation (depreciation)		(7,975,779	)		(3,151,907	)
Net gain (loss)		(11,960,948	)		(5,414,845	)
Net increase (decrease) in net assets resulting from operations	$	4,981,714		$	10,227,200
Net investment income per share (Basic and Dilutive)	$	0.77		$	0.85
Earnings per share (Basic and Dilutive)	$	0.23		$	0.55
Weighted average shares outstanding		21,922,577			18,453,726

The accompanying notes are an integral part of these consolidated financial statements.

Silver Point Specialty Lending Fund

Consolidated Statements of Changes in Net Assets

(Unaudited)


	Shares		Par Amount		Paid-in-Capital in Excess of Par		Distributable Earnings (Losses)			Total Net Assets
Balance at December 31, 2025:		21,240,388		21,240		654,483,442		(60,669,563	)		593,835,119
Net increase (decrease) in net assets resulting from operations:
Net investment income (loss)		—		—		—		16,942,662			16,942,662
Net realized gains (losses) on investments and foreign currency transactions		—		—		—		(3,985,169	)		(3,985,169	)
Net change in unrealized gains (losses) on investments and foreign currency translation		—		—		—		(7,975,779	)		(7,975,779	)
Increase (decrease) in net assets resulting from capital share transactions:
Issuance of common shares		1,074,758		1,075		29,998,925		—			30,000,000
Dividends to shareholders:
Shares issued in connection with dividend reinvestment plan		289,820		290		8,089,564		—			8,089,854
Dividends declared from distributable earnings		—		—		—		(15,947,981	)		(15,947,981	)
Balance at March 31, 2026:		22,604,966	$	22,605	$	692,571,931	$	(71,635,830	)	$	620,958,706


	Shares		Par Amount		Paid-in-Capital in Excess of Par		Distributable Earnings (Losses)			Total Net Assets
Balance at December 31, 2024:		18,453,726	$	18,454	$	553,593,317	$	(8,698,777	)	$	544,912,994
Net increase (decrease) in net assets resulting from operations:
Net investment income (loss)		—		—		—		15,642,045			15,642,045
Net realized gains (losses) on investments and foreign currency transactions		—		—		—		(2,262,938	)		(2,262,938	)
Net change in unrealized gains (losses) on investments and foreign currency translation		—		—		—		(3,151,907	)		(3,151,907	)
Increase (decrease) in net assets resulting from capital share transactions:
Issuance of common shares		—		—		—		—			—
Dividends to shareholders:
Shares issued in connection with dividend reinvestment plan		—		—		—		—			—
Dividends declared from distributable earnings		—		—		—		(12,917,608	)		(12,917,608	)
Balance at March 31, 2025:		18,453,726	$	18,454	$	553,593,317	$	(11,389,185	)	$	542,222,586

The accompanying notes are an integral part of these consolidated financial statements.

Silver Point Specialty Lending Fund

Consolidated Statements of Cash Flows

(Unaudited)


	For the Three Months Ended March 31,
	2026			2025
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations	$	4,981,714		$	10,227,200
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities
Net amortization/accretion of premium/discount on investments		(2,512,917	)		(1,939,820	)
Amortization of deferred financing costs and debt issuance costs		481,759			429,326
Payments for purchase of investments		(67,394,332	)		(54,213,697	)
Proceeds from sales, paydowns and resolutions of investments		88,243,478			52,758,055
Interest paid-in-kind		(1,053,710	)		(1,327,386	)
Net realized (gain) loss from investments		4,567,056			1,717,249
Net change in unrealized (appreciation) depreciation from investments		8,483,836			2,649,302
Net change in unrealized (appreciation) depreciation from foreign currency forward contracts		(444,567	)		386,023
Net change in unrealized (appreciation) depreciation from interest rate swaps		(105,512	)		203,023
Net change in unrealized (appreciation) depreciation on effectively hedged interest rate swaps and debt		(9,610	)		(29,790	)
Net (increase) decrease in operating assets and increase (decrease) in operating liabilities
Receivable for unsettled transactions		2,355,481			9,446,101
Interest receivable		(181,878	)		158,863
Incentive compensation clawback		—			(781,367	)
Due from broker		795,467			(528,000	)
Other assets		(7,132,668	)		(214,247	)
Due to broker		—			(1,920,000	)
Payable for unsettled transactions		(19,816,978	)		(6,792,832	)
Interest payable		1,423,031			(14,356	)
Management fees payable to an affiliate		33,998			—
Income incentive fee payable to an affiliate		(83,263	)		(268,529	)
Interest rate swaps accrual, net		(47,943	)		(56,417	)
Other liabilities		46,822			(42,559	)
Accrued expenses		(177,217	)		(710,720	)
Net cash provided by (used in) operating activities		12,452,047			9,135,422
Cash flows from financing activities
Proceeds from debt borrowings		45,900,000			—
Principal debt payments		(74,000,000	)		(2,574,938	)
Payment of deferred financing costs and debt issuance costs		—			—
Issuance of common shares		30,000,000			—
Dividends paid in cash		(7,743,032	)		(12,917,608	)
Net cash provided by (used in) financing activities		(5,843,032	)		(15,492,546	)
Net increase (decrease)		6,609,015			(6,357,124	)

Beginning of period balance(1)		34,058,164			99,176,269
End of period balance(1) (Note 2)	$	40,667,179		$	92,819,145
(1) Including cash and cash equivalents, restricted cash and cash equivalents and foreign cash held at banks

Supplemental cash flow information
Cash paid during the period for interest	$	6,755,978		$	6,923,248
Reinvestment of dividends during the period	$	8,089,854		$	—
Dividends payable	$	5,425,192		$	—

The accompanying notes are an integral part of these consolidated financial statements.

Silver Point Specialty Lending Fund

Consolidated Schedule of Investments

March 31, 2026 (Unaudited)


Portfolio Company(1)	Instrument	Industry	Rate(2)	Interest Rate	Original Acquisition Date(17)	Maturity Date		Par Amount(3)	Cost / Amortized Cost(4)	Fair Value	% of Net Assets(5)
Non-Controlled/Non-Affiliated Investments
1st Lien/Secured Loans
United States of America
175 3rd Street⁽⁷⁾	1st Lien Term Loan	Real Estate Development & Management	S+5.50%, 3.75% Floor	9.25%	4/30/2025	5/1/2026	$	8,969,922	$8,961,113	$9,012,067	1.45%
Accela Inc/US⁽⁷⁾⁽⁹⁾	1st Lien Term Loan	Software & Services	S+4.75%, 0.75% Floor	8.42	9/1/2023	9/3/2030		11,379,348	11,238,827	11,322,792	1.82
Accela Inc/US⁽⁷⁾	1st Lien Delayed Draw Term Loan	Software & Services	S+4.75%, 0.75% Floor	8.42	4/11/2025	9/3/2030		1,348,734	1,337,523	1,342,031	0.22
Accela Inc/US⁽⁶⁾⁽⁷⁾⁽¹²⁾⁽¹³⁾	1st Lien Revolver	Software & Services	S+4.75%, 0.75% Floor (0.50% on unfunded)	0.50	9/1/2023	9/2/2030		2,242,023	(17,915)	(17,786)	(0.00)
Accurate Background LLC⁽⁷⁾⁽⁸⁾⁽⁹⁾	1st Lien Term Loan	Business Services	S+6.26%, 1.00% Floor	9.96	10/18/2021	3/26/2029		19,094,917	18,134,807	18,664,395	3.01
Advanced Integration Technology LP⁽⁷⁾⁽⁹⁾	1st Lien Term Loan	Aerospace & Defense	S+6.60%, 1.00% Floor	10.27	5/24/2022	5/24/2027		13,069,050	12,970,507	13,056,635	2.10
Allentown LLC⁽⁷⁾⁽⁹⁾	1st Lien Term Loan	Healthcare Equipment & Supplies	S+7.15%, 1.00% Floor (1.00% PIK)	10.83	4/22/2022	4/22/2027		11,590,352	11,481,259	11,275,223	1.82
Allentown LLC⁽⁷⁾	1st Lien Delayed Draw Term Loan	Healthcare Equipment & Supplies	S+7.15%, 1.00% Floor (1.00% PIK)	10.82	4/22/2022	4/22/2027		1,728,059	1,725,918	1,681,075	0.27
Allentown LLC⁽⁶⁾⁽⁷⁾	1st Lien Revolver	Healthcare Equipment & Supplies	P+6.00%, 1.00% Floor (0.50% on unfunded) (1.00% PIK)	12.75	4/22/2022	4/22/2027		1,172,632	455,849	432,684	0.07
Allium Buyer LLC⁽⁷⁾⁽⁹⁾	1st Lien Term Loan	Business Services	S+5.00%, 1.00% Floor	8.67	5/2/2023	5/2/2030		5,705,179	5,591,460	5,685,666	0.92
Allium Buyer LLC⁽⁶⁾⁽⁷⁾⁽¹²⁾⁽¹³⁾	1st Lien Revolver	Business Services	S+5.00%, 1.00% Floor (0.50% on unfunded)	0.50	5/2/2023	5/2/2029		573,673	(10,042)	(3,878)	(0.00)
Alpine Acquisition Corp II⁽⁷⁾⁽¹⁶⁾	1st Lien Term Loan	Transportation & Logistics	S+5.25%, 1.00% Floor	8.92	1/14/2026	1/14/2031		707,922	707,922	573,572	0.09
Alpine Acquisition Corp II⁽⁷⁾⁽¹⁶⁾	1st Lien Term Loan	Transportation & Logistics	S+5.00%, 1.00% Floor	8.67	1/14/2026	1/14/2031		530,941	530,941	481,917	0.08
Alpine Acquisition Corp II⁽⁶⁾⁽⁷⁾⁽¹²⁾⁽¹³⁾	1st Lien Delayed Draw Term Loan	Transportation & Logistics	S+4.75%, 1.00% Floor (0.50% on unfunded)	0.50	1/14/2026	1/14/2031		53,094	(508)	(1,263)	(0.00)
Alpine Acquisition Corp II⁽⁶⁾⁽⁷⁾⁽¹²⁾⁽¹³⁾	1st Lien Revolver	Transportation & Logistics	S+4.75%, 1.00% Floor (0.50% on unfunded)	0.50	1/14/2026	1/14/2031		212,377	(10,171)	(5,159)	(0.00)
Amerijet Holdings Inc⁽⁷⁾	1st Lien Term Loan	Transportation & Logistics	11.50% (12.00% PIK)	11.50	12/19/2023	6/30/2027		6,907,617	6,897,649	12,447,181	2.00
Amerijet Holdings Inc⁽⁷⁾⁽¹⁶⁾	1st Lien Term Loan	Transportation & Logistics	S+7.11%, 1.00% Floor	10.78	12/28/2021	6/30/2027		12,775,842	12,651,754	11,989,544	1.93
Amerijet Holdings Inc⁽⁷⁾⁽¹⁶⁾	1st Lien Revolver	Transportation & Logistics	S+7.11%, 1.00% Floor (0.50% on unfunded)	10.78	12/28/2021	6/30/2027		2,536,322	2,519,098	2,379,938	0.38
Aprimo Inc⁽⁷⁾⁽⁸⁾⁽¹⁵⁾	1st Lien Term Loan	Software & Services	S+6.19%, 0.75% Floor	9.86	5/26/2022	5/26/2028		2,160,857	2,144,059	2,122,118	0.34
Artisan Bidco Inc⁽⁷⁾⁽⁹⁾	1st Lien Term Loan	Technology	S+7.00%, 1.00% Floor	10.65	11/7/2023	11/7/2029		4,101,229	4,021,971	4,045,710	0.65
Artisan Bidco Inc⁽⁷⁾	1st Lien Term Loan	Technology	E+7.00%, 1.00% Floor	9.03	11/7/2023	11/7/2029	€	7,011,399	7,390,942	7,988,365	1.29
Artisan Bidco Inc⁽⁶⁾⁽⁷⁾	1st Lien Revolver	Technology	S+7.00%, 1.00% Floor (0.50% on unfunded)	10.66	11/7/2023	11/7/2029		1,170,535	856,819	861,173	0.14
Atlas Sand Co LLC⁽⁷⁾⁽⁹⁾⁽¹⁰⁾	1st Lien Term Loan	Oilfield Services	9.51%	9.51	3/5/2025	3/1/2032		5,901,176	5,851,001	5,818,560	0.94
Azurite Intermediate Holdings Inc⁽⁷⁾⁽⁹⁾	1st Lien Term Loan	Software & Services	S+6.00%, 0.75% Floor	9.67	3/19/2024	3/19/2031		2,119,510	2,094,197	2,026,812	0.33
Azurite Intermediate Holdings Inc⁽⁷⁾⁽⁹⁾	1st Lien Delayed Draw Term Loan	Software & Services	S+6.00%, 0.75% Floor	9.67	3/19/2024	3/19/2031		4,817,068	4,763,191	4,606,391	0.74
Azurite Intermediate Holdings Inc⁽⁶⁾⁽⁷⁾⁽¹²⁾⁽¹³⁾	1st Lien Revolver	Software & Services	S+6.00%, 0.75% Floor (0.50% on unfunded)	0.50	3/19/2024	3/19/2031		770,731	(8,200)	(34,283)	(0.01)
BayMark Health Services Inc⁽⁷⁾⁽¹¹⁾⁽¹⁴⁾	1st Lien Term Loan	Healthcare Providers & Services	S+5.26%, 1.00% Floor	8.96	6/10/2021	6/11/2027		4,149,399	4,115,469	4,002,095	0.64
BayMark Health Services Inc⁽⁷⁾⁽¹¹⁾⁽¹⁴⁾	1st Lien Delayed Draw Term Loan	Healthcare Providers & Services	S+5.26%, 1.00% Floor	8.96	11/19/2021	6/11/2027		2,587,437	2,567,425	2,495,583	0.40

The accompanying notes are an integral part of these consolidated financial statements.

Silver Point Specialty Lending Fund

Consolidated Schedule of Investments

March 31, 2026 (Unaudited)


Portfolio Company(1)	Instrument	Industry	Rate(2)	Interest Rate	Original Acquisition Date(17)	Maturity Date		Par Amount(3)	Cost / Amortized Cost(4)	Fair Value	% of Net Assets(5)
BEL USA LLC⁽⁷⁾⁽¹¹⁾⁽¹⁴⁾⁽¹⁶⁾	1st Lien Term Loan	E-Commerce	S+9.15%, 2.50% Floor	12.82%	12/13/2018	6/2/2026	$	8,821,421	$8,719,947	$1,406,357	0.23%
BEL USA LLC⁽⁷⁾	1st Lien Term Loan	E-Commerce	S+9.15%, 2.50% Floor	12.80	1/13/2026	6/2/2026		223,491	223,491	223,378	0.04
Bending Spoons US Inc⁽⁹⁾⁽¹⁰⁾	1st Lien Term Loan	Technology	S+5.88%, 1.00% Floor	9.54	2/19/2025	3/7/2031		18,603,706	18,210,721	16,941,000	2.73
Circle Graphics Inc⁽⁷⁾	1st Lien Term Loan	E-Commerce	S+3.25%, 4.00% Floor	7.25	6/30/2025	3/31/2029		10,602,410	10,170,361	9,324,037	1.50
Circle Graphics Inc⁽⁷⁾⁽¹⁶⁾	1st Lien Term Loan	E-Commerce	S+3.75%, 4.00% Floor (S+3.75% PIK)	7.75	6/30/2025	3/31/2029		10,442,810	7,662,930	6,273,518	1.01
Contractual Buyer, LLC (dba Kodiak Solutions)⁽⁷⁾⁽⁹⁾	1st Lien Term Loan	Healthcare Technology	S+5.00%, 0.75% Floor	8.66	10/10/2023	10/10/2030		3,442,224	3,381,120	3,344,019	0.54
Contractual Buyer, LLC (dba Kodiak Solutions)⁽⁷⁾	1st Lien Delayed Draw Term Loan	Healthcare Technology	S+5.00%, 0.75% Floor	8.66	1/22/2026	10/10/2030		1,081,601	1,071,320	1,050,743	0.17
Contractual Buyer, LLC (dba Kodiak Solutions)⁽⁶⁾⁽⁷⁾⁽¹²⁾⁽¹³⁾	1st Lien Revolver	Healthcare Technology	S+5.00%, 0.75% Floor (0.50% on unfunded)	0.50	10/10/2023	10/10/2029		401,425	(6,488)	(9,339)	(0.00)
Coupa Holdings LLC⁽⁷⁾⁽⁸⁾⁽⁹⁾	1st Lien Term Loan	Software & Services	S+5.25%, 0.75% Floor	8.92	2/27/2023	2/27/2030		10,170,009	10,004,028	9,827,279	1.58
Coupa Holdings LLC⁽⁶⁾⁽⁷⁾⁽¹²⁾⁽¹³⁾	1st Lien Delayed Draw Term Loan	Software & Services	S+5.25%, 0.75% Floor (1.00% on unfunded)	1.00	2/27/2023	2/27/2030		924,210	(9,302)	(31,146)	(0.01)
Coupa Holdings LLC⁽⁶⁾⁽⁷⁾⁽¹²⁾⁽¹³⁾	1st Lien Revolver	Software & Services	S+5.25%, 0.75% Floor (0.50% on unfunded)	0.50	2/27/2023	2/27/2029		707,659	(8,579)	(18,965)	(0.00)
CP Atlas Buyer Inc (American Bath)⁽⁸⁾	1st Lien Term Loan	Building Products	S+5.25%	8.92	7/1/2025	7/8/2030		18,407,516	17,628,434	16,881,257	2.72
Crewline Buyer Inc⁽⁷⁾⁽⁹⁾	1st Lien Term Loan	Software & Services	S+6.75%, 1.00% Floor	10.42	11/8/2023	11/8/2030		9,501,470	9,332,175	9,239,109	1.49
Crewline Buyer Inc⁽⁶⁾⁽⁷⁾⁽¹²⁾⁽¹³⁾	1st Lien Revolver	Software & Services	S+6.75%, 1.00% Floor (0.50% on unfunded)	0.50	11/8/2023	11/8/2030		989,736	(15,932)	(27,400)	(0.00)
Databricks Inc⁽⁷⁾⁽⁸⁾⁽¹⁶⁾	1st Lien Term Loan	Software & Services	S+4.50%	8.17	12/19/2024	1/3/2031		2,193,577	2,185,226	2,182,609	0.35
Databricks Inc⁽⁶⁾⁽⁷⁾⁽¹²⁾⁽¹⁶⁾	1st Lien Delayed Draw Term Loan	Software & Services	S+4.50% (1.00% on unfunded)	1.00	12/19/2024	1/5/2032		13,716,358	—	(68,582)	(0.00)
DMT Solutions Global Corp (dba Bluecrest)⁽⁷⁾⁽⁸⁾⁽⁹⁾	1st Lien Term Loan	Technology Hardware & Equipment	S+8.10%, 1.00% Floor	11.77	8/30/2023	8/30/2027		17,170,381	16,964,978	16,821,375	2.71
Elessent Clean Technologies Inc⁽⁷⁾⁽⁹⁾	1st Lien Term Loan	Specialty Chemicals	S+6.00%, 1.00% Floor	9.68	11/15/2024	11/15/2029		2,479,668	2,441,741	2,481,774	0.40
Elessent Clean Technologies Inc⁽⁶⁾⁽⁷⁾⁽¹³⁾	1st Lien Revolver	Specialty Chemicals	S+6.00%, 1.00% Floor (0.50% on unfunded)	0.50	11/15/2024	11/15/2029		241,448	(3,501)	205	(0.00)
FR Vision Holdings, Inc. (CHA Consulting)⁽⁷⁾⁽⁹⁾	1st Lien Term Loan	Professional Services	S+5.00%, 0.75% Floor	8.67	1/19/2024	1/20/2031		2,501,897	2,464,544	2,478,909	0.40
FR Vision Holdings, Inc. (CHA Consulting)⁽⁷⁾	1st Lien Delayed Draw Term Loan	Professional Services	S+5.00%, 0.75% Floor	8.67	1/19/2024	1/20/2031		734,831	722,954	728,079	0.12
FR Vision Holdings, Inc. (CHA Consulting)⁽⁶⁾⁽⁷⁾	1st Lien Delayed Draw Term Loan	Professional Services	S+5.00%, 0.75% Floor (1.00% on unfunded)	8.67	9/26/2025	1/20/2031		557,165	51,389	49,043	0.01
FR Vision Holdings, Inc. (CHA Consulting)⁽⁶⁾⁽⁷⁾⁽¹²⁾⁽¹³⁾	1st Lien Revolver	Professional Services	S+5.00%, 0.75% Floor (0.50% on unfunded)	0.50	1/19/2024	1/20/2030		185,747	(2,543)	(1,836)	(0.00)
G-3 Chickadee Purchaser, LLC⁽⁷⁾⁽⁸⁾	1st Lien Term Loan	Specialty Chemicals	S+5.75%, 1.00% Floor	9.42	10/31/2025	10/31/2031		5,951,819	5,841,143	5,862,542	0.94
GC Bison Acquisition, LLC (Midland Industries)⁽⁷⁾⁽⁹⁾	1st Lien Term Loan	Industrial Products & Services	S+6.00%, 1.00% Floor	9.67	9/1/2023	9/4/2029		7,805,702	7,707,923	7,654,808	1.23
GC Bison Acquisition, LLC (Midland Industries)⁽⁷⁾	1st Lien Delayed Draw Term Loan	Industrial Products & Services	S+6.00%, 1.00% Floor	9.70	2/27/2026	9/3/2029		276,496	271,037	271,151	0.04
GC Bison Acquisition, LLC (Midland Industries)⁽⁶⁾⁽⁷⁾	1st Lien Revolver	Industrial Products & Services	S+6.00%, 1.00% Floor (0.50% on unfunded)	9.67	9/1/2023	9/4/2029		1,063,447	413,251	404,821	0.07
GI Apple Midco LLC (Atlas Technical)⁽⁷⁾⁽⁹⁾	1st Lien Term Loan	Professional Services	S+6.75%, 1.00% Floor	10.42	4/19/2023	4/19/2030		10,774,075	10,594,781	10,748,941	1.73
GI Apple Midco LLC (Atlas Technical)⁽⁷⁾	1st Lien Delayed Draw Term Loan	Professional Services	S+6.75%, 1.00% Floor	10.42	4/19/2023	4/19/2030

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Silver Point Specialty Lending Fund 10-Q