Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Fair Value of Financial Instruments

The Company’s fair value measurements are classified into a fair value hierarchy in accordance with ASC Topic 820, Fair Value Measurement, based on the markets in which the assets and liabilities are traded, and the reliability of the assumptions used to determine fair value. Market price observability is affected by a number of factors, including the type of investment and the characteristics specific to the investment. Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value.

The Company determines fair value based on quoted prices when available or through the use of alternative approaches, such as discounting the expected cash flows using market interest rates commensurate with the credit quality and duration of the investment. This alternative approach also reflects the contractual terms of the derivatives, if any, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The guidance defines three levels of inputs that may be used to measure fair value:

•Level 1—Quoted prices in active markets for identical assets and liabilities that the reporting entity has the ability to access at the measurement date.

•Level 2—Inputs other than quoted prices included within Level 1 that are observable for the asset and liability or can be corroborated with observable market data for substantially the entire contractual term of the asset or liability.

•Level 3—Unobservable inputs that reflect the entity’s own assumptions about the assumptions that market participants would use in the pricing of the asset or liability and are consequently not based on market activity, but rather through particular valuation techniques.

The determination of where an asset or liability falls in the above hierarchy requires significant judgment and factors specific to the asset or liability. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company evaluates its hierarchy disclosures each quarter and depending on various factors, it is possible that an asset or liability may be classified differently from quarter to quarter.

For investments for which Level 1 inputs, such as quoted prices, were not available at June 30, 2024 and December 31, 2023, the investments were valued at fair value as determined in good faith using the valuation policy approved by the Board of Directors using Level 2 and Level 3 inputs. The Company evaluates the source of inputs, including any markets in which the Company's investments are trading, in determining fair value. Due to the inherent uncertainty in the valuation process, the estimate of fair value of the Company’s investment portfolio at June 30, 2024 and December 31, 2023 may differ materially from values that would have been used had a ready market for the securities existed.

In addition to using the above inputs in investment valuations, the Company continues to employ the valuation policy approved by the Board of Directors. Portfolio investments are reported on the consolidated statements of assets and liabilities at fair value. On a quarterly basis the Company performs an analysis of each investment to determine fair value as described below.

Securities for which market quotations are readily available on an exchange are valued at the reported closing price on the valuation date. The Company may also obtain quotes with respect to certain of the Company's investments from pricing services or brokers or dealers in order to value assets. When doing so, the Company determines whether the quote obtained is readily available according to U.S. GAAP to determine the fair value of the security. If determined readily available, the Company uses the quote obtained.

Investments without a readily determined market value are primarily valued using a market approach, an income approach, or both approaches, as appropriate. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including a business). The income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. In following these approaches, the types of factors that the Valuation Designee may take into account in fair value pricing the Company's investments include, as relevant: available current market data, including relevant and applicable market trading and transaction comparables, applicable market yields and multiples, security covenants, call protection provisions, information rights, the nature and realizable value of any collateral, the portfolio company's ability to make payments, its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons of financial ratios of peer companies that are public, M&A comparables, and enterprise values, among other factors. When available, broker quotations and/or quotations provided by pricing services are considered as an input in the valuation process.

For an investment in an investment fund that does not have a readily determinable fair value, the Valuation Designee measures the fair value of the investment predominately based on the net asset value per share of the investment fund if the net asset value of the investment fund is calculated in a manner consistent with the measurement principles of ASC Topic 946, as of the Company's measurement date.

For investments in Collateralized Securities, the Valuation Designee models both the assets and liabilities of each Collateralized Securities' capital structure. The model uses a waterfall engine to store the collateral data, generate cash flows from the assets, and distribute the cash flows to the liability structure based on the contractual priority of payments. The cash flows are discounted using rates that incorporate risk factors such as default risk, interest rate risk, downgrade risk, and credit spread risk, among others. In addition, the Valuation Designee considers broker quotations and/or comparable trade activity, which are considered as inputs to determining fair value when available.

As part of the Company's quarterly valuation process, the Valuation Designee may be assisted by one or more independent valuation firms. The Valuation Designee under the supervision of the Board of Directors determines the fair value of each investment, in good faith, based on the input of the independent valuation firm(s) (to the extent applicable) and the Valuation Designee’s own analysis.

Determination of fair values involves subjective judgments and estimates. Accordingly, the notes to the consolidated financial statements refer to the uncertainty with respect to the possible effect of such valuations, and any change in such valuations on the consolidated financial statements.

For discussion of the fair value measurement of the Company's borrowings, refer to Note 5 - Borrowings.

The following table presents fair value measurements of investments, by major class, as of June 30, 2024, according to the fair value hierarchy:

	Fair Value Measurements
	Level 1		Level 2		Level 3		Measured at Net Asset Value (1)		Total
Senior Secured First Lien Debt	$	—	$	15,049	$	2,672,353	$	—	$	2,687,402
Senior Secured Second Lien Debt	—		37,305		119,999		—		157,304
Subordinated Debt	—		—		144,149		—		144,149
Collateralized Securities	—		—		11,899		—		11,899
Equity/Other	483		8,573		234,268		9,008		252,332
FBLC Senior Loan Fund, LLC	—		—		304,934		—		304,934
Total	$	483	$	60,927	$	3,487,602	$	9,008	$	3,558,020

(1) In accordance with ASC Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient election have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated statements of assets and liabilities.

The following table presents fair value measurements of investments, by major class, as of December 31, 2023, according to the fair value hierarchy:

	Fair Value Measurements
	Level 1		Level 2		Level 3		Total
Senior Secured First Lien Debt	$	—	$	16,639	$	615,704	$	632,343
Senior Secured Second Lien Debt	—		12,973		39,153		52,126
Subordinated Debt	—		—		35,500		35,500
Equity/Other	—		—		36,176		36,176
Total	$	—	$	29,612	$	726,533	$	756,145

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the six months ended June 30, 2024:

	Senior Secured First Lien Debt		Senior Secured Second Lien Debt		Subordinated Debt		Collateralized Securities		Equity/Other (1)		Total
Balance as of January 1, 2024	$	615,704	$	39,153	$	35,500	$	—	$	36,176	$	726,533
Purchases and other adjustments to cost (2)	2,253,800		116,227		132,661		21,598		505,086		3,029,372
Sales and repayments	(162,675)		(34,827)		(23,794)		(8,358)		2,350		(227,304)
Net realized gain (loss)	(317)		498		(8)		641		233		1,047
Transfers out	—		(2,361)		—		—		—		(2,361)
Net change in unrealized appreciation (depreciation) on investments	(34,159)		1,309		(210)		(1,982)		(4,643)		(39,685)
Balance as of June 30, 2024	$	2,672,353	$	119,999	$	144,149	$	11,899	$	539,202	$	3,487,602
Net change in unrealized appreciation (depreciation) for the period relating to those Level 3 assets that were still held by the Company at the end of the period:	$	(35,657)	$	905	$	(210)	$	(1,982)	$	(4,550)	$	(41,494)

_______________

(1) Includes the Company's investment in FBLC Senior Loan Fund, LLC.

(2) Includes investments acquired in connection with the Mergers.

For the six months ended June 30, 2024, there were no transfers from Level 2 to Level 3. For the six months ended June 30, 2024, transfers from Level 3 to Level 2 were due to an increase in the number of observable market inputs.

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the year ended December 31, 2023:

	Senior Secured First Lien Debt		Senior Secured Second Lien Debt		Subordinated Debt		Equity/Other		Total
Balance as of January 1, 2023	$	636,074	$	45,575	$	31,414	$	33,969	$	747,032
Purchases and other adjustments to cost	73,738		29		5,040		1,890		80,697
Sales and repayments	(84,943)		(2,162)		(987)		—		(88,092)
Net realized gain (loss)	1,295		54		—		—		1,349
Transfers in	5,153		—		—		—		5,153
Transfers out	(5,857)		(3,976)		—		—		(9,833)
Net change in unrealized appreciation (depreciation) on investments	(9,756)		(367)		33		317		(9,773)
Balance as of December 31, 2023	$	615,704	$	39,153	$	35,500	$	36,176	$	726,533
Net change in unrealized appreciation (depreciation) for the period relating to those Level 3 assets that were still held by the Company at the end of the year:	$	(9,606)	$	(361)	$	33	$	317	$	(9,617)

For the year ended December 31, 2023, transfers from Level 2 to Level 3 were due to current assessments of investment liquidity and a decrease in the number of observable market inputs. For the year ended December 31, 2023, transfers from Level 3 to Level 2 were due to an increase in the number of observable market inputs.

The composition of the Company’s investments as of June 30, 2024, at amortized cost and fair value, were as follows:

	Investments at Amortized Cost		Investments at Fair Value		Fair Value Percentage of Total Portfolio
Senior Secured First Lien Debt	$	2,732,716	$	2,687,402	75.5	%
Senior Secured Second Lien Debt	158,667		157,304		4.4
Subordinated Debt	144,249		144,149		4.1
Collateralized Securities	13,881		11,899		0.3
Equity/Other	255,749		252,332		7.1
FBLC Senior Loan Fund, LLC	305,434		304,934		8.6
Total	$	3,610,696	$	3,558,020	100.0	%

The composition of the Company’s investments as of December 31, 2023, at amortized cost and fair value, were as follows:

	Investments at Amortized Cost		Investments at Fair Value		Fair Value Percentage of Total Portfolio
Senior Secured First Lien Debt	$	642,976	$	632,343	83.6	%
Senior Secured Second Lien Debt	55,145		52,126		6.9
Subordinated Debt	35,389		35,500		4.7
Equity/Other	35,525		36,176		4.8
Total	$	769,035	$	756,145	100.0	%

Significant Unobservable Inputs

The following table summarizes the significant unobservable inputs used to value the majority of the Level 3 investments as of June 30, 2024. The table is not intended to be all-inclusive, but instead identifies the significant unobservable inputs relevant to the determination of fair values.

					Range
Asset Category	Fair Value		Primary Valuation Technique	Unobservable Inputs	Minimum	Maximum	Weighted Average (a)
Senior Secured First Lien Debt	$	2,456,128	Yield Analysis	Market Yield	2.50%	90.01%	11.74%
Senior Secured First Lien Debt (c)	115,573		N/A	N/A	N/A	N/A	N/A
Senior Secured First Lien Debt	73,316		Waterfall Analysis	EBITDA Multiple	5.40x	16.55x	9.45x
Senior Secured First Lien Debt	27,336		Waterfall Analysis	Revenue Multiple	0.15x	1.39x	1.04x
Senior Secured Second Lien Debt	116,535		Yield Analysis	Market Yield	10.12%	21.68%	14.24%
Senior Secured Second Lien Debt (b)	2,855		Waterfall Analysis	EBITDA Multiple	4.90x	4.90x	4.90x
Senior Secured Second Lien Debt (b)	609		Waterfall Analysis	Revenue Multiple	0.40x	0.40x	0.40x
Subordinated Debt	144,100		Waterfall Analysis	Tangible Net Asset Value Multiple	1.34x	1.58x	1.49x
Subordinated Debt (b)	49		Waterfall Analysis	EBITDA Multiple	10.17x	10.17x	10.17x
Collateralized Securities	7,919		Yield Analysis	Discount Rate	0.00%	15.13%	8.28%
Collateralized Securities (d)	3,980		Waterfall Analysis	Asset Recovery	$2.52	$3.61	$3.40
Equity/Other	196,541		Waterfall Analysis	Tangible Net Asset Value Multiple	1.34x	1.58x	1.48x
Equity/Other	32,394		Waterfall Analysis	EBITDA Multiple	3.00x	27.45x	13.01x
Equity/Other (b)	2,233		Yield Analysis	Market Yield	50.73%	50.73%	50.73%
Equity/Other (b)	1,615		Waterfall Analysis	Adjusted BV Multiple	1.90x	1.90x	1.90x
Equity/Other	932		Waterfall Analysis	Revenue Multiple	0.22x	1.00x	0.98x
Equity/Other	553		Waterfall Analysis	Discount Rate	13.00%	13.00%	13.00%
FBLC Senior Loan Fund, LLC (b)	304,934		Discounted Cash Flow	Discount Rate	14.58%	14.58%	14.58%
Total	$	3,487,602

______________

(a) Weighted averages are calculated based on fair value of investments.

(b) This asset category contains one investment.

(c) Investment(s) were valued based on recent or pending transactions expected to close after the valuation date.

(d) Range and weighted average shown in millions.

There were no significant changes in valuation approach or technique as of June 30, 2024.

The following table summarizes the significant unobservable inputs used to value the majority of the Level 3 investments as of December 31, 2023. The table is not intended to be all-inclusive, but instead identifies the significant unobservable inputs relevant to the determination of fair values.

					Range
Asset Category	Fair Value		Primary Valuation Technique	Unobservable Inputs	Minimum	Maximum	Weighted Average (a)
Senior Secured First Lien Debt	$	597,286	Yield Analysis	Market Yield	8.81%	25.58%	11.00%
Senior Secured First Lien Debt (c)	15,649		N/A	N/A	N/A	N/A	N/A
Senior Secured First Lien Debt (b)	2,769		Waterfall Analysis	EBITDA Multiple	6.00x	6.00x	6.00x
Senior Secured Second Lien Debt	39,153		Yield Analysis	Market Yield	13.35%	20.50%	14.95%
Subordinated Debt	35,500		Waterfall Analysis	Tangible Net Asset Value Multiple	1.75x	1.75x	1.75x
Equity/Other (b)	32,600		Waterfall Analysis	Tangible Net Asset Value Multiple	1.75x	1.75x	1.75x
Equity/Other	3,459		Waterfall Analysis	EBITDA Multiple	11.87x	24.50x	18.14x
Equity/Other (b)	117		Yield Analysis	Market Yield	13.50%	13.50%	13.50%
Total	$	726,533

______________

(a) Weighted averages are calculated based on fair value of investments.

(b) This asset category contains one investment.

(c) This instrument(s) was held at cost.

There were no significant changes in valuation approach or technique as of December 31, 2023.

Level 3 inputs to the valuation methodology are unobservable and significant to overall fair value measurement. The inputs into the determination of fair value require significant management judgment or estimation. Financial instruments that are included in this category include investments in privately held entities where the fair value is based on unobservable inputs.

Increases or decreases in any of the above unobservable inputs in isolation would result in a lower or higher fair value measurement for such assets.

The income and market approaches were used in the determination of fair value of certain Level 3 assets as of June 30, 2024 and December 31, 2023. The significant unobservable inputs used in the income approach are the discount rate or market yield used to discount the estimated future cash flows expected to be received from the underlying investment, which include both future principal and interest payments. An increase in the discount rate or market yield would result in a decrease in the fair value. Included in the consideration and selection of discount rates is risk of default, rating of the investment, call provisions and comparable company investments. The significant unobservable inputs used in the market approach are based on market comparable transactions and market multiples of publicly traded comparable companies. Increases or decreases in market comparable transactions or market multiples would result in an increase or decrease, respectively, in the fair value.

Valuations of loans, corporate debt, and other debt obligations are generally based on discounted cash flow techniques, for which the significant inputs are the amount and timing of expected future cash flows, market yields and recovery assumptions. The significant inputs are generally determined based on relative value analysis, which incorporate comparisons to other debt instruments for which observable prices or broker quotes are available. Other valuation methodologies are used as appropriate including market comparables, transactions in similar instruments and recovery/liquidation analysis. The Company also considers the use of EBITDA multiples, revenue multiples, tangible net asset value multiples, TBV multiples, and other relevant multiples on its debt and equity investments to determine any credit gains or losses in certain instances. Increases or decreases in either of these inputs in isolation may result in a significantly lower or higher fair value measurement of the respective subject instrument.

As of June 30, 2024 the Company had seven portfolio companies on non-accrual with a total amortized cost of $82.8 million and fair value of $53.8 million, which represented 2.3% and 1.5% of the investment portfolio's total amortized cost and fair value, respectively. As of December 31, 2023, the Company had no portfolio companies on non-accrual status. The increase of portfolio companies on non-accrual status was partially a result of the Mergers; whereby, the Company acquired FBLC’s assets, including its non-accrual assets. Refer to Note 2 - Summary of Significant Accounting Policies for additional details regarding the Company’s non-accrual policy.

FBLC Senior Loan Fund, LLC

On January 24, 2024, as a result of the consummation of the Mergers, the Company became party to the joint venture formed on January 20, 2021, between FBLC and Cliffwater Corporate Lending Fund (“CCLF”), FBLC Senior Loan Fund, LLC (“SLF”). SLF invests primarily in senior secured loans, and to a lesser extent may invest in mezzanine loans, unsecured loans and equity of predominantly private U.S. middle market companies. SLF was formed as a Delaware limited liability company and is not consolidated by the Company for financial reporting purposes. The Company provides capital to SLF in the form of LLC equity interests. At formation, FBLC and CCLF owned 87.5% and 12.5%, respectively, of the LLC equity interests of SLF. As of June 30, 2024, the Company and CCLF owned 79.9% and 20.1%, respectively, of the LLC equity interests of SLF. Profit and loss are allocated based on each members' ownership percentage of the joint venture's net asset value. SLF has an Administrative and Loan Services Agreement with BSP, an affiliate of the Company, pursuant to which BSP provides certain operational and valuation services for SLF's investments; as well as certain agreements with third-party service providers. The Company and CCLF each appoint two members to SLF's four-person board of members. All material decisions with respect to SLF, including those involving its investment portfolio, require unanimous approval of a quorum of the board of members. Quorum is defined as (i) the presence of two members of the board of members; provided that at least one individual is present that was elected, designated or appointed by each member; (ii) the presence of three members of the board of members; provided that the individual that was elected, designated or appointed by the member with only one individual present shall be entitled to cast two votes on each matter; and (iii) the presence of four members of the board of members; provided that two individuals are present that were elected, designated or appointed by each member.

As of June 30, 2024, the Company’s investment in SLF consisted of equity contributions of $304.9 million. The Company’s investment in SLF is classified as “Equity/Other” on the consolidated schedules of investments, and other disclosures unless otherwise indicated.

On July 2, 2024, the Company contributed $100.0 million of additional capital into SLF. After the contribution, the Company’s investment in SLF consists of equity contributions of $404.9 million and the Company and CCLF own approximately 84% and 16%, respectively, of the LLC equity interests of SLF.

Below is a summary of SLF’s portfolio as of June 30, 2024 and December 31, 2023. A listing of the individual investments in SLF’s portfolio as of such dates can be found below:

	June 30, 2024		December 31, 2023
	(Unaudited)
Total assets	$	1,084,340	$	946,605
Total investments (1)	$	1,029,661	$	877,688
Weighted Average Current Yield for Total Portfolio (2)	10.4%		11.0%
Number of Portfolio companies in SLF	207		172
Largest portfolio company investment (1)	$	17,797	$	19,838
Total of five largest portfolio company investments (1)	$	78,981	$	82,467

————————

(1) At fair value.

(2) Includes the effect of the amortization or accretion of loan premiums or discounts.

SLF may invest in portfolio companies in the same industries in which the Company directly invests.

Below is a listing of SLF’s individual investments as of June 30, 2024:

June 30, 2024
Portfolio Company (d)	Industry	Investment Coupon Rate (a)	Maturity	Principal/Number of Shares		Amortized Cost		Fair Value		% of Members’ Capital (c)
Senior Secured First Lien Debt
Acrisure, LLC (b)	Financials	S+ 3.00% (8.34%)	2/16/2027	$	17,261	$	17,036	$	17,235	4.4	%
Adtalem Global Education, Inc. (f)	Education	S+ 3.50% (8.84%)	8/14/2028	582		582		585		0.1	%
Adtalem Global Education, Inc. (f)	Education	5.50%	3/1/2028	1,042		1,042		998		0.3	%
Advisor Group, Inc. (f)	Financials	S+ 4.00% (9.34%)	8/17/2028	5,518		5,472		5,533		1.4	%
Air Canada	Transportation	3.88%	8/15/2026	5,000		4,718		4,769		1.2	%
Alchemy US Holdco 1, LLC (b)	Industrials	S+ 7.32% (12.83%)	10/10/2025	14,579		14,562		14,510		3.7	%
Altice Financing, SA (f)	Telecom	5.00%	1/15/2028	2,000		1,954		1,519		0.4	%
Altice France, SA (b) (e)	Telecom	S+ 5.50% (10.83%)	8/15/2028	12,416		11,210		9,085		2.3	%
Alvogen Pharma US, Inc. (b)	Healthcare	S+ 7.50% (12.99%)	6/30/2025	10,959		10,933		10,439		2.7	%
Amentum Government Services Holdings, LLC (f)	Industrials	S+ 4.00% (9.46%)	1/29/2027	1,939		1,933		1,942		0.5	%
Amentum Government Services Holdings, LLC (b)	Industrials	S+ 4.00% (9.34%)	2/15/2029	4,900		4,848		4,916		1.3	%
American Airlines Inc/AAdvantage Loyalty IP, Ltd. (b)	Transportation	S+ 4.75% (10.34%)	4/20/2028	5,100		5,067		5,261		1.3	%
AP Gaming I, LLC (f)	Gaming/Lodging	S+ 3.75% (9.09%)	2/15/2029	7,104		7,018		7,144		1.8	%
Apollo Commercial Real Estate Finance, Inc. (f)	Financials	4.63%	6/15/2029	3,000		3,000		2,515		0.6	%
AppLovin Corp. (b)	Media/Entertainment	S+ 2.50% (7.84%)	10/25/2028	8,820		8,811		8,834		2.3	%
Arches Buyer, Inc.	Publishing	4.25%	6/1/2028	3,000		2,617		2,678		0.7	%
Arches Buyer, Inc. (b)	Publishing	S+ 3.25% (8.69%)	12/6/2027	2,992		2,920		2,859		0.7	%
Artera Services, LLC (b)	Utilities	S+ 4.50% (9.84%)	2/18/2031	1,421		1,412		1,427		0.4	%
Ascend Learning, LLC (f)	Education	S+ 3.50% (8.94%)	12/11/2028	4,949		4,695		4,942		1.3	%
Ascensus Holidngs, Inc. (b)	Business Services	S+ 3.50% (8.96%)	8/2/2028	7,584		7,577		7,577		1.9	%
ASP LS Acquisition Corp. (b)	Transportation	S+ 4.50% (10.10%)	5/8/2028	2,494		2,132		2,111		0.5	%
Astoria Energy, LLC (f)	Utilities	S+ 3.50% (8.96%)	12/6/2027	1,808		1,807		1,806		0.5	%
Asurion, LLC (b)	Business Services	S+ 3.25% (8.71%)	12/23/2026	4,849		4,805		4,805		1.2	%
Athenahealth Group, Inc. (b)	Healthcare	S+ 3.25% (8.59%)	2/15/2029	12,756		12,702		12,700		3.2	%
Athletico Management, LLC (f)	Healthcare	S+ 4.25% (9.74%)	2/15/2029	4,900		4,883		4,053		1.0	%
Avaya Holdings Corp.	Technology	S+ 8.50% (13.84%) 7.00% PIK	8/1/2028	2,646		2,602		2,273		0.6	%

June 30, 2024
Portfolio Company (d)	Industry	Investment Coupon Rate (a)	Maturity	Principal/Number of Shares		Amortized Cost		Fair Value		% of Members’ Capital (c)
Azalea TopCo, Inc. (b)	Healthcare	S+ 3.50% (8.84%)	4/30/2031	$	3,330	$	3,297	$	3,326	0.8	%
Baldwin Insurance Group Holdings, LLC (b)	Financials	S+ 3.25% (8.59%)	5/26/2031	3,529		3,519		3,524		0.9	%
Bally's Corp. (b) (f)	Gaming/Lodging	S+ 3.25% (8.84%)	10/2/2028	4,949		4,911		4,693		1.2	%
Bella Holding Co., LLC (f)	Healthcare	S+ 3.75% (9.19%)	5/10/2028	4,962		4,938		4,974		1.3	%
Berlin Packaging, LLC (f)	Paper & Packaging	S+ 3.75% (9.19%)	6/7/2031	3,040		3,033		3,046		0.8	%
Blackhawk Network Holdings, Inc. (b)	Consumer	S+ 5.00% (10.34%)	3/12/2029	5,000		4,904		5,009		1.3	%
Blackstone CQP Holdco, LP (b) (f)	Industrials	S+ 2.25% (7.58%)	12/31/2030	12,386		12,392		12,381		3.2	%
Broadstreet Partners, Inc. (f)	Financials	S+ 3.25% (8.59%)	6/16/2031	1,860		1,858		1,854		0.5	%
Cablevision Lightpath, LLC (f)	Telecom	3.88%	9/15/2027	2,000		1,955		1,759		0.4	%
Caesars Entertainment, Inc. (b)	Gaming/Lodging	S+ 2.75% (8.10%)	2/6/2031	6,783		6,769		6,777		1.7	%
Calpine Construction Finance Co., LP (f)	Utilities	S+ 2.00% (7.34%)	7/31/2030	2,487		2,493		2,478		0.6	%
Catalent Pharma Solutions, Inc. (f)	Healthcare	S+ 2.00% (7.46%)	2/22/2028	2,487		2,456		2,485		0.6	%
CCI Buyer, Inc. (b)	Telecom	S+ 4.00% (9.34%)	12/17/2027	7,461		7,411		7,464		1.9	%
CD&R Hydra Buyer, Inc. (b)	Industrials	S+ 4.00% (9.44%)	3/25/2031	6,284		6,253		6,294		1.6	%
Cirque Du Soleil Holding USA Newco, Inc. (f)	Media/Entertainment	S+ 3.75% (9.09%)	3/8/2030	6,449		6,419		6,436		1.6	%
Citadel Securities, LP (b)	Financials	S+ 2.25% (7.59%)	7/29/2030	4,467		4,463		4,478		1.1	%
Cloud Software Group, Inc. (b)	Software/Services	S+ 4.50% (9.84%)	3/20/2031	2,000		1,984		2,004		0.5	%
CLP Health Services, Inc. (b)	Healthcare	S+ 4.25% (9.71%)	12/31/2026	7,614		7,600		7,464		1.9	%
CNT Holdings I Corp. (f)	Consumer	S+ 3.50% (8.83%)	11/8/2027	3,387		3,387		3,392		0.9	%
CommerceHub, Inc. (f)	Technology	S+ 4.00% (9.48%)	12/29/2027	4,975		4,974		4,559		1.2	%
Compass Power Generation, LLC (b)	Utilities	S+ 4.25% (9.71%)	4/16/2029	3,848		3,742		3,874		1.0	%
Connect Finco SARL (f)	Telecom	S+ 3.50% (8.84%)	12/11/2026	2,175		2,179		2,145		0.5	%
Connectwise, LLC (f)	Software/Services	S+ 3.50% (9.10%)	9/29/2028	6,826		6,807		6,765		1.7	%
Conservice Midco, LLC (b)	Business Services	S+ 4.00% (9.34%)	5/13/2027	7,506		7,507		7,506		1.9	%
Corelogic, Inc. (b)	Business Services	S+ 3.50% (8.96%)	6/2/2028	1,811		1,811		1,781		0.5	%
Cornerstone Building Brands, Inc. (f)	Industrials	S+ 4.50% (9.83%)	5/15/2031	1,380		1,373		1,369		0.3	%
Cornerstone Building Brands, Inc. (b)	Industrials	S+ 5.63% (10.95%)	8/1/2028	3,323		3,393		3,346		0.9	%
Cotiviti, Inc. (b)	Healthcare	S+ 3.25% (8.58%)	5/1/2031	9,975		9,928		9,913		2.5	%
Crisis Prevention Institute, Inc. (b)	Education	S+ 4.75% (10.09%)	4/9/2031	2,333		2,322		2,335		0.6	%
Directv Financing, LLC (b)	Media/Entertainment	S+ 5.00% (10.46%)	8/2/2027	1,793		1,779		1,795		0.5	%
Division Holding Corp. (b)	Business Services	S+ 4.75% (10.21%)	5/26/2028	7,893		7,892		7,842		2.0	%
Dynasty Acquisition Co., Inc. (e)	Industrials	S+ 3.50% (8.84%)	8/24/2028	2,198		2,216		2,205		0.6	%
Dynasty Acquisition Co., Inc. (e)	Industrials	S+ 3.50% (8.84%)	8/24/2028	5,702		5,748		5,719		1.5	%
Edgewater Generation, LLC (b)	Utilities	S+ 3.75% (9.21%)	12/15/2025	4,781		4,682		4,768		1.2	%
EIG Management Co., LLC (b)	Financials	S+ 5.00% (10.33%)	5/17/2029	5,000		4,902		4,925		1.3	%
Emerald Borrower, LP (f)	Industrials	S+ 2.50% (7.83%)	6/18/2031	3,330		3,322		3,326		0.8	%
Ensemble RCM, LLC (b)	Healthcare	S+ 3.00% (8.33%)	8/1/2029	9,302		9,228		9,263		2.4	%
Entain, PLC (f)	Gaming/Lodging	S+ 2.75% (8.01%)	10/31/2029	3,502		3,495		3,506		0.9	%
Epicor Software Corp. (f)	Software/Services	S+ 3.25%	5/30/2031	212		—		1		0.0	%
Epicor Software Corp. (f)	Software/Services	S+ 3.25% (8.59%)	5/30/2031	1,806		1,801		1,813		0.5	%
Fiesta Purchaser, Inc. (b)	Food & Beverage	S+ 4.00% (9.34%)	2/12/2031	2,500		2,477		2,515		0.6	%
First Brands Group, LLC (f)	Consumer	S+ 5.00% (10.59%)	3/30/2027	4,968		4,947		4,929		1.3	%
Fitness International, LLC (b)	Consumer	S+ 5.25% (10.58%)	2/12/2029	9,975		9,693		10,012		2.6	%
Foley Products Co., LLC (b)	Industrials	S+ 4.75% (10.24%)	12/29/2028	2,402		2,384		2,407		0.6	%
Foresight Energy Operating, LLC (b)	Energy	S+ 8.00% (13.44%)	6/30/2027	660		640		660		0.2	%

June 30, 2024
Portfolio Company (d)	Industry	Investment Coupon Rate (a)	Maturity	Principal/Number of Shares		Amortized Cost		Fair Value		% of Members’ Capital (c)
Foundation Building Materials, Inc. (b)	Industrials	S+ 4.00% (9.33%)	1/29/2031	$	7,481	$	7,411	$	7,438	1.9	%
Freeport LNG Investments, LLLP (b)	Energy	S+ 3.00% (8.33%)	11/17/2026	5,970		5,933		5,937		1.5	%
Frontier Communications Corp. (b)	Telecom	S+ 3.75% (9.21%)	10/8/2027	7,893		7,884		7,879		2.0	%
Galaxy US OpCo, Inc. (b) (f)	Software/Services	S+ 4.75% (10.08%)	4/30/2029	7,799		7,033		6,298		1.6	%
Genesys Cloud Services Holdings II, LLC (b)	Software/Services	S+ 3.50% (8.84%)	12/1/2027	4,815		4,752		4,836		1.2	%
Geon Performance Solutions, LLC (b)	Chemicals	S+ 4.25% (9.85%)	8/18/2028	4,589		4,564		4,597		1.2	%
GIP Pilot Acquisition Partners, LP (b)	Energy	S+ 2.50% (7.83%)	10/4/2030	1,247		1,242		1,247		0.3	%
Global Medical Response, Inc. (b)	Healthcare	S+ 5.50% (10.85%) 1.25% PIK	10/31/2028	5,000		4,863		4,834		1.2	%
Grant Thornton Advisors, LLC (f)	Business Services	S+ 3.25% (8.60%)	5/31/2031	1,790		1,790		1,794		0.5	%
Green Energy Partners/Stonewall, LLC	Utilities	S+ 6.00% (11.60%)	11/12/2026	7,462		7,087		7,462		1.9	%
GTCR W Merger Sub, LLC (b)	Financials	S+ 3.00% (8.34%)	1/31/2031	2,500		2,489		2,500		0.6	%
GVC Holdings Gibraltar, Ltd. (f)	Gaming/Lodging	S+ 2.50% (7.86%)	3/29/2027	4,850		4,849		4,853		1.2	%
Hamilton Projects Acquiror, LLC (f)	Utilities	S+ 3.75% (9.08%)	5/30/2031	7,140		7,122		7,178		1.8	%
Hudson River Trading, LLC (b)	Financials	S+ 3.00% (8.46%)	3/20/2028	5,310		5,265		5,305		1.4	%
Hunter Douglas, Inc. (b)	Consumer	S+ 3.50% (8.84%)	2/25/2029	1,995		1,985		1,976		0.5	%
ICP Industrial, Inc. (f)	Chemicals	S+ 3.75% (9.35%)	12/29/2027	5,012		5,007		4,166		1.1	%
IDERA, Inc. (f)	Technology	S+ 3.50% (8.83%)	3/2/2028	6,824		6,827		6,768		1.7	%
IXS Holdings, Inc. (b) (f)	Transportation	S+ 4.25% (9.70%)	3/5/2027	4,987		4,804		4,836		1.2	%
Jack Ohio Finance, LLC (f)	Gaming/Lodging	S+ 4.75% (10.21%)	10/4/2028	3,896		3,883		3,893		1.0	%
Jane Street Group, LLC (f)	Financials	4.50%	11/15/2029	7,000		6,677		6,568		1.7	%
Jazz Securities, DAC	Healthcare	4.38%	1/15/2029	1,000		930		928		0.2	%
Johnstone Supply, LLC (f)	Industrials	S+ 3.00% (8.33%)	6/7/2031	2,501		2,494		2,502		0.6	%
Jump Financial, LLC (b)	Financials	S+ 4.50% (10.10%)	8/7/2028	7,306		7,223		7,279		1.9	%
Kuehg Corp. (f)	Education	S+ 4.50% (9.84%)	6/12/2030	4,963		4,769		4,978		1.3	%
LABL, Inc. (b)	Paper & Packaging	S+ 5.00% (10.44%)	10/30/2028	4,987		4,933		4,918		1.3	%
Lakeshore Learning Materials, LLC (f)	Retail	S+ 3.50% (8.96%)	9/29/2028	4,974		4,974		4,956		1.3	%
LifePoint Health, Inc. (f)	Healthcare	4.38%	2/15/2027	2,000		2,000		1,910		0.5	%
LifePoint Health, Inc. (b)	Healthcare	S+ 4.75% (10.06%)	11/16/2028	4,860		4,758		4,883		1.2	%
Lightstone Holdco, LLC (b) (f)	Utilities	S+ 5.75% (11.08%)	1/29/2027	15,961		14,939		15,679		4.0	%
Lightstone Holdco, LLC (b) (f)	Utilities	S+ 5.75% (11.08%)	1/29/2027	903		846		887		0.2	%
Liquid Tech Solutions Holdings, LLC (b) (f)	Industrials	S+ 4.75% (10.21%)	3/20/2028	9,959		9,928		9,959		2.5	%
Luxembourg Investment Co., 428 SARL	Chemicals	S+ 7.00% (12.44%)	1/3/2029	3,686		3,659		1,106		0.3	%
Madison IAQ, LLC (f)	Industrials	4.13%	6/30/2028	2,000		1,989		1,866		0.5	%
Magnite, Inc. (b)	Technology	S+ 4.50% (9.84%)	2/6/2031	4,988		4,940		5,002		1.3	%
Max US Bidco, Inc. (b)	Food & Beverage	S+ 5.00% (10.34%)	10/3/2030	4,988		4,760		4,690		1.2	%
Medallion Midland Acquisition, LP (f)	Energy	S+ 3.50% (8.84%)	10/18/2028	5,502		5,480		5,523		1.4	%
Medline Borrower, LP (f)	Healthcare	S+ 2.25% (7.58%)	10/23/2028	4,000		4,000		4,000		1.0	%
MH Sub I, LLC (b) (f)	Business Services	S+ 4.25% (9.59%)	5/3/2028	7,462		7,324		7,450		1.9	%
Michael Baker International, LLC (b)	Industrials	S+ 4.75% (10.09%)	12/1/2028	3,260		3,238		3,263		0.8	%
MPH Acquisition Holdings, LLC (b)	Healthcare	S+ 4.25% (9.86%)	9/1/2028	873		861		723		0.2	%
MYOB US Borrower, LLC (f)	Business Services	S+ 4.00% (9.34%)	5/6/2026	5,327		5,322		5,181		1.3	%

June 30, 2024
Portfolio Company (d)	Industry	Investment Coupon Rate (a)	Maturity	Principal/Number of Shares		Amortized Cost		Fair Value		% of Members’ Capital (c)
National Mentor Holdings, Inc. (f)	Healthcare	S+ 3.75% (9.19%)	3/2/2028	$	150	$	149	$	141	0.0	%
National Mentor Holdings, Inc. (b) (f)	Healthcare	S+ 3.75% (9.19%)	3/2/2028	4,334		4,322		4,083		1.0	%
Nexus Buyer, LLC (f)	Financials	S+ 3.75% (9.19%)	11/9/2026	8,397		8,244		8,382		2.1	%
Nexus Buyer, LLC (f)	Financials	S+ 4.50% (9.84%)	12/13/2028	1,995		1,940		1,995		0.5	%
Northriver Midstream Finance, LP	Energy	5.63%	2/15/2026	1,000		959		1,000		0.3	%
Nouryon Finance B.V. (e) (f)	Chemicals	S+ 3.50% (8.83%)	4/3/2028	4,574		4,569		4,581		1.2	%
Omnia Partners, LLC (f)	Business Services	S+ 3.25% (8.57%)	7/25/2030	6,230		6,193		6,229		1.6	%
OneDigital Borrower, LLC (f)	Financials	S+ 3.25% (8.58%)	6/12/2031	6,875		6,841		6,845		1.7	%
OneDigital Borrower, LLC (f)	Financials	S+ 4.25% (9.75%)	11/16/2027	1,925		1,925		1,918		0.5	%
OneDigital Borrower, LLC (f)	Utilities	S+ 4.75% (10.34%)	2/19/2029	3,184		3,186		3,178		0.8	%
OneDigital Borrower, LLC (f)	Utilities	S+ 4.75% (10.34%)	2/19/2029	423		423		422		0.1	%
Oscar AcquisitionCo, LLC (f)	Industrials	S+ 4.25% (9.59%)	4/30/2029	4,968		4,917		4,962		1.3	%
Paysafe Finance, PLC (f)	Software/Services	4.00%	6/15/2029	400		400		368		0.1	%
Peer Holding III B.V. (b)	Retail	S+ 3.00% (8.34%)	6/20/2031	6,000		6,000		6,003		1.5	%
Peraton Corp. (b)	Industrials	S+ 3.75% (9.19%)	2/1/2028	4,933		4,907		4,931		1.3	%
PetSmart, LLC (f)	Retail	S+ 3.75% (9.19%)	2/11/2028	2,487		2,485		2,477		0.6	%
PG&E Corp.	Utilities	4.25%	12/1/2027	3,000		2,998		3,023		0.8	%
PG&E Corp. (f)	Utilities	S+ 2.50% (7.84%)	6/23/2027	2,141		2,133		2,146		0.5	%
Pluto Acquisition I, Inc. (b)	Healthcare	S+ 4.00% (9.33%)	9/20/2028	9,779		9,779		8,703		2.2	%
PODS, LLC (b) (f)	Paper & Packaging	S+ 3.00% (8.59%)	3/31/2028	7,481		7,128		7,071		1.8	%
Power Stop, LLC (f)	Transportation	S+ 4.75% (10.20%)	1/26/2029	3,166		3,139		3,083		0.8	%
PRA Health Sciences, Inc.	Healthcare	2.88%	7/15/2026	3,327		3,124		3,168		0.8	%
Pregis TopCo, LLC (b)	Paper & Packaging	S+ 4.00% (9.34%)	7/31/2026	6,765		6,737		6,761		1.7	%
Proofpoint, Inc. (b)	Software/Services	S+ 3.00% (8.34%)	8/31/2028	6,340		6,301		6,343		1.6	%
Protective Industrial Products, Inc. (b)	Industrials	S+ 4.00% (9.46%)	12/29/2027	4,897		4,883		4,867		1.2	%
Pug, LLC (f)	Media/Entertainment	S+ 4.75% (10.09%)	3/15/2030	4,789		4,721		4,781		1.2	%
Quikrete Holdings, Inc. (f)	Industrials	S+ 2.25% (7.59%)	3/19/2029	1,743		1,743		1,743		0.4	%
Quikrete Holdings, Inc. (f)	Industrials	S+ 2.50% (7.84%)	4/14/2031	6,093		6,079		6,103		1.6	%
Radar Bidco SARL (b)	Transportation	S+ 4.25% (9.56%)	4/4/2031	1,680		1,672		1,682		0.4	%
Radiology Partners, Inc. (f)	Healthcare	S+ 5.00% (10.59%) 1.50% PIK	1/31/2029	9,469		8,921		8,948		2.3	%
RealPage, Inc. (b) (f)	Software/Services	S+ 3.00% (8.46%)	4/24/2028	3,457		3,389		3,355		0.9	%
Recess Holdings, Inc. (b)	Consumer	S+ 4.50% (9.84%)	2/20/2030	10,000		9,859		10,054		2.6	%
Renaissance Holding Corp. (f)	Software/Services	S+ 4.25% (9.60%)	4/8/2030	1,985		1,984		1,982		0.5	%
Resolute Investment Managers, Inc.	Financials	S+ 6.50% (12.10%)	4/30/2027	2,445		2,445		2,445		0.6	%
Restoration Hardware, Inc. (f)	Retail	S+ 2.50% (7.96%)	10/20/2028	2,481		2,396		2,381		0.6	%
Revere Power, LLC (b)	Utilities	S+ 4.25% (9.73%)	3/30/2026	4,588		4,038		4,189		1.1	%
Revere Power, LLC (b)	Utilities	S+ 4.25% (9.73%)	3/30/2026	403		355		368		0.1	%
Roper Industrial Products Investment Co., LLC (f)	Industrials	S+ 3.25% (8.59%)	11/22/2029	7,515		7,347		7,543		1.9	%
Russell Investments US Institutional Holdco, Inc. (b)	Financials	S+ 5.00% (10.33%) 1.50% PIK	5/28/2027	7,805		7,591		6,868		1.8	%
RXB Holdings, Inc. (b) (f)	Healthcare	S+ 4.50% (9.96%)	12/20/2027	9,949		9,947		9,986		2.5	%
S&S Holdings, LLC (f)	Consumer	S+ 5.00% (10.43%)	3/13/2028	6,773		6,642		6,775		1.7	%
Safety Products/JHC Acquisition Corp. (b)	Industrials	S+ 4.50% (9.94%)	6/28/2026	915		887		913		0.2	%
Safety Products/JHC Acquisition Corp. (b) (f)	Industrials	S+ 4.50% (9.94%)	6/28/2026	16,915		16,521		16,883		4.3	%
Sedgwick Claims Management Services, Inc. (b)	Business Services	S+ 3.00% (8.34%)	6/27/2031	7,309		7,291		7,291		1.9	%
Sierra Enterprises, LLC (b)	Food & Beverage	S+ 6.75% (12.08%) 4.25% PIK	5/10/2027	5,144		5,071		4,681		1.2	%

June 30, 2024
Portfolio Company (d)	Industry	Investment Coupon Rate (a)	Maturity	Principal/Number of Shares		Amortized Cost		Fair Value		% of Members’ Capital (c)
SK Neptune Husky Finance SARL	Chemicals	S+ 10.00% (15.59%) 2.00% PIK	4/30/2024	$	650	$	645	$	293	0.1	%
Sonrava Health Holdings, LLC	Healthcare	S+ 6.50% (12.11%)	5/18/2028	1,865		1,759		1,847		0.5	%
Sonrava Health Holdings, LLC (f)	Healthcare	S+ 6.50% (12.11%) 5.50% PIK	8/18/2028	9,898		9,896		7,333		1.9	%
Sotera Health Holdings, LLC (f)	Healthcare	S+ 3.25% (8.59%)	5/30/2031	10,000		9,950		9,967		2.5	%
Specialty Building Products Holdings, LLC (b)	Industrials	S+ 3.75% (9.19%)	10/16/2028	4,987		4,972		4,956		1.3	%
Staples, Inc. (f)	Business Services	S+ 5.75% (11.08%)	9/4/2029	7,364		7,071		6,727		1.7	%
Team Health Holdings, Inc. (e) (f)	Healthcare	S+ 5.25% (10.58%)	3/2/2027	5,341		5,080		4,959		1.3	%
Tecta America Corp. (f)	Industrials	S+ 4.00% (9.46%)	4/10/2028	8,817		8,804		8,845		2.3	%
TransDigm, Inc. (f)	Industrials	S+ 2.50% (7.84%)	2/28/2031	5,985		5,971		5,997		1.5	%
Traverse Midstream Partners, LLC (b)	Energy	S+ 3.50% (8.83%)	2/16/2028	12,849		12,841		12,874		3.3	%
Triton Water Holdings, Inc. (f)	Food & Beverage	S+ 3.25% (8.85%)	3/31/2028	7,275		7,265		7,275		1.9	%
Triton Water Holdings, Inc. (b)	Food & Beverage	S+ 4.00% (9.33%)	3/31/2028	1,741		1,718		1,745		0.4	%
Truck Hero, Inc. (f)	Transportation	S+ 5.00% (10.46%)	1/31/2028	1,496		1,464		1,490		0.4	%
Truck Hero, Inc. (f)	Transportation	S+ 3.50% (8.96%)	1/31/2028	3,436		3,356		3,419		0.9	%
Truist Insurance Holdings, LLC (b)	Financials	S+ 3.25% (8.59%)	5/6/2031	4,285		4,275		4,289		1.1	%
UKG, Inc. (b) (f)	Technology	S+ 3.25% (8.58%)	2/10/2031	9,759		9,686		9,791		2.5	%
United Airlines, Inc. (f)	Transportation	4.63%	4/15/2029	500		452		466		0.1	%
United Airlines, Inc. (b)	Transportation	S+ 2.75% (8.09%)	2/22/2031	4,489		4,469		4,493		1.1	%
University Support Services, LLC (f)	Education	S+ 2.75% (8.09%)	2/12/2029	4,875		4,862		4,868		1.2	%
US Anesthesia Partners, Inc. (b) (f)	Healthcare	S+ 4.25% (9.69%)	10/2/2028	7,523		7,010		7,205		1.8	%
Venga Finance SARL (b)	Telecom	S+ 4.75% (10.36%)	6/28/2029	3,930		3,832		3,930		1.0	%
Victory Buyer, LLC (b)	Industrials	S+ 3.75% (9.34%)	11/20/2028	2,487		2,373		2,384		0.6	%
Virgin Media Bristol, LLC (f)	Telecom	S+ 3.25% (8.66%)	3/31/2031	2,500		2,497		2,355		0.6	%
Vistra Operations Co., LLC (f)	Utilities	S+ 2.00% (7.34%)	12/20/2030	2,488		2,493		2,488		0.6	%
VS Buyer, LLC (b)	Software/Services	S+ 3.25% (8.58%)	4/14/2031	1,070		1,068		1,071		0.3	%
Vyaire Medical, Inc.	Healthcare	S+ 7.00% (12.30%) 6.00% PIK	10/10/2024	1,001		927		1,013		0.3	%
Vyaire Medical, Inc.	Healthcare	S+ 7.00% (12.30%) 6.00% PIK	10/10/2024	1,668		1,601		1,649		0.5	%
Vyaire Medical, Inc.	Healthcare	S+ 4.75% (10.31%)	4/16/2025	5,589		5,340		—		—	%
WaterBridge Midstream Operating, LLC (b)	Energy	S+ 4.75% (10.09%)	6/21/2029	10,000		9,900		9,925		2.5	%
Waterbridge NDB Operating, LLC (f)	Energy	S+ 4.50% (9.83%)	5/10/2029	2,970		2,941		2,982		0.8	%
Watlow Electric Manufacturing, Co. (b)	Industrials	S+ 3.75% (9.34%)	3/2/2028	4,738		4,723		4,727		1.2	%
Waystar Technologies, Inc. (b)	Healthcare	S+ 2.75% (8.10%)	10/22/2029	1,467		1,466		1,467		0.4	%
WCG Purchaser Corp. (f)	Healthcare	S+ 3.50% (8.84%)	1/8/2027	4,948		4,911		4,947		1.4	%
WEC US Holdings, Ltd. (b)	Utilities	S+ 2.75% (8.09%)	1/27/2031	5,520		5,493		5,521		1.5	%
WestJet Loyalty, LP (b)	Transportation	S+ 3.75% (9.05%)	2/14/2031	5,800		5,745		5,823		1.5	%
White Cap Supply Holdings, LLC (f)	Consumer	S+ 3.25% (8.59%)	10/19/2029	3,650		3,641		3,655		0.9	%
Wilsonart, LLC (b)	Consumer	S+ 3.25% (8.69%)	12/31/2026	7,262		7,260		7,261		1.9	%
Windsor Holdings III, LLC (f)	Chemicals	S+ 4.00% (9.34%)	8/1/2030	3,294		3,234		3,311		0.8	%
Zayo Group Holdings, Inc. (f)	Telecom	S+ 3.00% (8.46%)	3/9/2027	6,500		5,667		5,641		1.4	%
Zelis Cost Management Buyer, Inc. (f)	Healthcare	S+ 2.75% (8.09%)	9/28/2029	1,875		1,866		1,873		0.5	%
Subtotal Senior Secured First Lien Debt						$	947,561	$	932,194	237.9	%

June 30, 2024
Portfolio Company (d)	Industry	Investment Coupon Rate (a)	Maturity	Principal/Number of Shares		Amortized Cost		Fair Value		% of Members’ Capital (c)
Senior Secured Second Lien Debt
American Rock Salt Company, LLC (b)	Chemicals	S+ 7.25% (12.86%)	6/11/2029	$	1,943	$	1,925	$	1,749	0.4	%
Asurion, LLC (b) (f)	Business Services	S+ 5.25% (10.71%)	1/31/2028	4,633		4,533		4,297		1.1	%
Edelman Financial Center, LLC (f)	Financials	S+ 5.25% (10.59%)	10/6/2028	4,750		4,738		4,749		1.2	%
IDERA, Inc. (b) (e)	Technology	S+ 6.75% (12.23%)	3/2/2029	1,036		997		997		0.3	%
Neptune Bidco US, Inc. (f)	Publishing	S+ 9.75% (15.16%)	10/11/2029	2,000		1,955		1,960		0.5	%
Subtotal Senior Secured Second Lien Debt						$	14,148	$	13,752	3.5	%
Collateralized Securities
Collateralized Securities - Debt Investments
AIG CLO, Ltd. 21-1A F	Diversified Investment Vehicles	S+ 6.90% (12.49%)	4/22/2034	$	1,410	$	1,302	$	1,264	0.3	%
Battalion CLO, Ltd. 21-17A F	Diversified Investment Vehicles	S+ 7.50% (13.09%)	3/9/2034	1,224		1,144		997		0.3	%
Carlyle GMS CLO, 16-3A FRR	Diversified Investment Vehicles	S+ 8.60% (14.19%)	7/20/2034	2,100		1,998		1,823		0.5	%
Covenant Credit Partners CLO, Ltd. 17 1A E	Diversified Investment Vehicles	S+ 6.45% (12.04%)	10/15/2029	2,500		2,334		2,403		0.6	%
Eaton Vance CDO, Ltd. 15-1A FR	Diversified Investment Vehicles	S+ 7.97% (13.56%)	1/20/2030	2,000		1,795		1,603		0.4	%
Elevation CLO, Ltd. 13-1A D2	Diversified Investment Vehicles	S+ 11.35% (16.93%)	8/15/2032	2,000		1,968		1,967		0.5	%
Fortress Credit BSL, Ltd. 22-1A E	Diversified Investment Vehicles	S+ 8.15% (13.48%)	10/23/2034	1,000		982		993		0.3	%
Great Lakes CLO, Ltd. 21-6A E	Diversified Investment Vehicles	S+ 8.03% (13.62%)	1/15/2034	5,150		4,974		5,065		1.3	%
Greywolf CLO, Ltd. 20-3RA ER	Diversified Investment Vehicles	S+ 8.74% (14.33%)	4/15/2033	1,000		890		886		0.2	%
Hayfin Kingsland XI, Ltd. 19-2A ER	Diversified Investment Vehicles	S+ 7.72% (13.31%)	10/20/2034	2,500		2,435		2,474		0.6	%
Highbridge Loan Management, Ltd. 11A-17 E	Diversified Investment Vehicles	S+ 6.10% (11.70%)	5/6/2030	3,000		2,762		2,728		0.7	%
Jamestown CLO, Ltd. 22-18A E	Diversified Investment Vehicles	S+ 7.87% (13.19%)	7/25/2035	3,000		2,751		2,975		0.8	%
KKR Financial CLO, Ltd. 15 FR	Diversified Investment Vehicles	S+ 8.50% (14.09%)	1/18/2032	2,000		1,911		1,748		0.4	%
LCM, Ltd. Partnership 16A ER2	Diversified Investment Vehicles	S+ 6.38% (11.97%)	10/15/2031	2,500		2,322		2,275		0.6	%
Marble Point CLO, Ltd. 20-1A E	Diversified Investment Vehicles	S+ 6.82% (12.41%)	4/20/2033	4,500		4,415		4,333		1.1	%
Medalist Partners Corporate Finance CLO, Ltd. 21-1A D	Diversified Investment Vehicles	S+ 7.48% (13.07%)	10/20/2034	3,000		2,870		2,964		0.8	%
Northwoods Capital, Ltd. 17-15A ER	Diversified Investment Vehicles	S+ 7.64% (13.25%)	6/20/2034	3,000		2,930		2,959		0.8	%
Ocean Trails CLO 22-12A E	Diversified Investment Vehicles	S+ 8.11% (13.44%)	7/20/2035	3,460		3,204		3,394		0.9	%
OCP CLO, Ltd. 14-5A DR	Diversified Investment Vehicles	S+ 5.70% (11.29%)	4/26/2031	2,200		2,103		2,056		0.5	%
OZLM, Ltd. 16-15A DR	Diversified Investment Vehicles	S+ 6.75% (12.34%)	4/20/2033	2,000		1,918		1,840		0.5	%
Palmer Square CLO, Ltd. 21-4A F	Diversified Investment Vehicles	S+ 7.66% (13.25%)	10/15/2034	1,500		1,436		1,360		0.3	%
Saranac CLO, Ltd. 20-8A E	Diversified Investment Vehicles	S+ 8.12% (13.71%)	2/20/2033	1,455		1,443		1,405		0.4	%

June 30, 2024
Portfolio Company (d)	Industry	Investment Coupon Rate (a)	Maturity	Principal/Number of Shares		Amortized Cost		Fair Value		% of Members’ Capital (c)
Sculptor CLO, Ltd. 27A E	Diversified Investment Vehicles	S+ 7.05% (12.64%)	7/20/2034	$	1,500	$	1,462	$	1,469	0.4	%
Sound Point CLO, Ltd. 17-1A E	Diversified Investment Vehicles	S+ 5.96% (11.55%)	1/23/2029	4,000		3,710		3,661		0.9	%
Sound Point CLO, Ltd. 17-2A E	Diversified Investment Vehicles	S+ 6.10% (11.69%)	7/25/2030	2,400		2,139		1,908		0.5	%
Sound Point CLO, Ltd. 18-3A D	Diversified Investment Vehicles	S+ 5.79% (11.38%)	10/26/2031	1,000		918		765		0.2	%
Symphony CLO, Ltd. 2012-9A ER2	Diversified Investment Vehicles	S+ 6.95% (12.54%)	7/16/2032	3,000		2,808		2,848		0.7	%
Trimaran CAVU 2021-2A, Ltd. 21-2A E	Diversified Investment Vehicles	S+ 7.20% (12.79%)	10/25/2034	3,000		2,950		2,931		0.7	%
Trysail CLO, Ltd. 21-1A E	Diversified Investment Vehicles	S+ 7.38% (12.97%)	7/20/2032	1,500		1,453		1,485		0.4	%
Venture CDO, Ltd. 16-23A ER2	Diversified Investment Vehicles	S+ 7.55% (13.14%)	7/19/2034	3,000		2,924		2,742		0.7	%
Venture CLO 43, Ltd. 21-43A E	Diversified Investment Vehicles	S+ 7.15% (12.74%)	4/15/2034	3,000		2,925		2,746		0.7	%
Wind River CLO, Ltd. 14-2A FR	Diversified Investment Vehicles	S+ 7.87% (13.46%)	1/15/2031	3,000		2,590		1,833		0.5	%
Zais CLO 13, Ltd. 19-13A D1	Diversified Investment Vehicles	S+ 4.52% (10.11%)	7/15/2032	3,000		2,773		2,915		0.7	%
Subtotal Collateralized Securities						$	76,539	$	74,815	19.2	%
Equity/Other
Avaya Holdings Corp.	Technology			88		$	1,244	$	638	0.2	%
Avaya Holdings Corp.	Technology			17		244		125		0.0	%
Gordian Medical, Inc.	Healthcare			405		7,361		7,146		1.8	%
Gordian Medical, Inc.	Healthcare			392		—		—		—	%
Resolute Investment Managers, Inc.	Financials			30		1,286		991		0.3	%
Subtotal Equity/Other						$	10,135	$	8,900	2.3	%
TOTAL INVESTMENTS						$	1,048,383	$	1,029,661	262.9	%

(a)    The majority of the investments bear interest at a rate that may be determined by reference to Secured Overnight Financing Rate ("SOFR" or "S") which reset daily, monthly, quarterly, or semiannually. For each, SLF has provided the spread over the relevant reference rate and the current interest rate in effect at June 30, 2024. Certain investments are subject to reference rate floors. For fixed rate loans, a spread above a reference rate is not applicable. For floating rate securities the all-in rate is disclosed within parentheses.

(b)    SLF’s investment or a portion thereof is pledged as collateral under the BAML Credit Facility. Individual investments can be divided into parts which are pledged to separate credit facilities.

(c)    Percentages are based on SLF members' capital as of June 30, 2024.

(d)    SLF has various unfunded commitments to portfolio companies.

(e)    SLF’s investment or a portion thereof is held through a total return swap agreement with J.P. Morgan.

(f)    SLF's investment or a portion thereof is pledged as collateral under the CIBC Credit Facility. Individual investments can be divided into parts which are pledged to separate credit facilities.

SLF had $0.2 million of unfunded commitments as of June 30, 2024.

Below is a listing of SLF’s individual investments as of December 31, 2023:

December 31, 2023
Portfolio Company (d)	Industry	Investment Coupon Rate (a)	Maturity	Principal/Number of Shares		Amortized Cost		Fair Value		% of Members’ Capital (c)
Senior Secured First Lien Debt
Accentcare, Inc. (b)	Healthcare	S+ 4.00% (9.65%)	6/22/2026	$	9,828	$	9,828	$	7,633	2.0	%
Acrisure, LLC (b)	Financials	S+ 3.50% (9.15%)	2/15/2027	19,905		19,600		19,838		5.2	%
Adtalem Global Education, Inc. (f)	Education	S+ 4.00% (9.47%)	8/11/2028	692		692		692		0.2	%
Adtalem Global Education, Inc. (f)	Education	5.00%	3/1/2028	1,042		1,042		1,008		0.3	%
Advisor Group, Inc. (f)	Financials	S+ 4.50% (9.86%)	8/17/2028	5,532		5,479		5,544		1.5	%
Air Canada	Transportation	3.88%	8/15/2026	2,000		1,822		1,903		0.5	%
Alchemy US Holdco 1, LLC (b)	Industrials	S+ 7.32% (12.82%)	10/10/2025	15,555		15,522		15,419		4.1	%
Allied Universal Holdco, LLC (b)	Business Services	S+ 4.75% (10.11%)	5/15/2028	4,988		4,851		4,980		1.3	%
Altice Financing, SA (f)	Telecom	5.00%	1/15/2028	2,000		1,949		1,816		0.5	%
Altice France, SA (b) (e)	Telecom	S+ 5.50% (10.89%)	8/15/2028	12,479		11,752		11,174		2.9	%
Alvogen Pharma US, Inc. (b)	Healthcare	S+ 7.50% (13.00%)	6/30/2025	11,264		11,225		10,729		2.8	%
Amentum Government Services Holdings, LLC (f)	Industrials	S+ 4.00% (9.47%)	1/29/2027	1,949		1,942		1,948		0.5	%
Amentum Government Services Holdings, LLC (b)	Industrials	S+ 4.00% (9.36%)	2/15/2029	4,925		4,868		4,918		1.3	%
American Airlines Inc/AAdvantage Loyalty IP, Ltd. (b)	Transportation	S+ 4.75% (10.43%)	4/20/2028	7,484		7,429		7,679		2.0	%
AP Gaming I, LLC (f)	Gaming/Lodging	S+ 4.00% (9.46%)	2/15/2029	7,336		7,232		7,348		1.9	%
Apollo Commercial Real Estate Finance, Inc. (f)	Financials	4.63%	6/15/2029	3,000		3,000		2,507		0.7	%
AppLovin Corp. (b)	Media/Entertainment	S+ 3.10% (8.56%)	10/23/2028	8,843		8,829		8,843		2.3	%
Ardagh Metal Packaging Finance USA, LLC	Paper & Packaging	3.25%	9/1/2028	2,000		1,654		1,748		0.5	%
Artera Services, LLC (f)	Utilities	S+ 3.50% (8.95%)	3/6/2025	2,438		2,432		2,287		0.6	%
Ascend Learning, LLC (f)	Education	S+ 3.50% (8.95%)	12/11/2028	4,975		4,696		4,882		1.3	%
Ascensus Holidngs, Inc. (b)	Business Services	S+ 3.50% (8.97%)	8/2/2028	7,624		7,616		7,598		2.0	%
Astoria Energy, LLC (f)	Utilities	S+ 3.50% (8.97%)	12/6/2027	1,856		1,856		1,860		0.5	%
Asurion, LLC (b)	Business Services	S+ 3.25% (8.72%)	12/23/2026	4,874		4,822		4,858		1.3	%
Athenahealth Group, Inc. (b)	Healthcare	S+ 3.25% (8.61%)	2/15/2029	12,820		12,759		12,750		3.4	%
Athletico Management, LLC (f)	Healthcare	S+ 4.25% (9.75%)	2/15/2029	4,925		4,905		4,117		1.1	%
Avaya Holdings Corp.	Technology	S+ 8.50% (13.86%) 7.00% PIK	8/1/2028	2,566		2,519		2,257		0.6	%
Bally's Corp. (b) (f)	Gaming/Lodging	S+ 3.25% (8.93%)	10/2/2028	4,975		4,931		4,703		1.2	%
Bella Holding Co., LLC (f)	Healthcare	S+ 3.75% (9.21%)	5/10/2028	4,987		4,962		4,944		1.3	%
Blackstone CQP Holdco, LP (b) (f)	Industrials	S+ 3.00% (8.35%)	12/31/2030	9,416		9,412		9,428		2.5	%
Cablevision Lightpath, LLC (f)	Telecom	3.88%	9/15/2027	2,000		1,949		1,759		0.5	%
Carnival Corp.	Consumer	4.00%	8/1/2028	1,500		1,302		1,389		0.4	%
Cirque Du Soleil Holding USA Newco, Inc. (f)	Media/Entertainment	S+ 4.25% (9.60%)	3/8/2030	3,473		3,442		3,456		0.9	%
Citadel Securities, LP (b)	Financials	S+ 2.50% (7.97%)	7/29/2030	4,489		4,483		4,494		1.2	%
CLP Health Services, Inc. (b)	Healthcare	S+ 4.25% (9.90%)	12/31/2026	12,653		12,622		12,390		3.3	%
CNT Holdings I Corp. (f)	Consumer	S+ 3.50% (8.93%)	11/8/2027	3,403		3,404		3,407		0.9	%
CommerceHub, Inc. (f)	Technology	S+ 4.00% (9.54%)	12/29/2027	8,825		8,826		8,333		2.2	%
Community Care Health Network, LLC (b)	Healthcare	S+ 4.75% (10.22%)	2/17/2025	9,559		9,549		9,369		2.5	%
Compass Power Generation, LLC (b)	Utilities	S+ 4.25% (9.72%)	4/16/2029	3,958		3,840		3,971		1.0	%
Connect Finco SARL (f)	Telecom	S+ 3.50% (8.86%)	12/11/2026	7,385		7,398		7,380		1.9	%
Connectwise, LLC (f)	Software/Services	S+ 3.50% (8.97%)	9/29/2028	6,860		6,841		6,836		1.8	%
Conservice Midco, LLC (b)	Business Services	S+ 4.25% (9.71%)	5/13/2027	7,544		7,546		7,547		2.0	%

December 31, 2023
Portfolio Company (d)	Industry	Investment Coupon Rate (a)	Maturity	Principal/Number of Shares		Amortized Cost		Fair Value		% of Members’ Capital (c)
Conterra Ultra Broadband, LLC (b)	Telecom	S+ 4.75% (10.21%)	4/30/2026	$	6,573	$	6,574	$	6,557	1.7	%
Corelogic, Inc. (b)	Business Services	S+ 3.50% (8.97%)	6/2/2028	4,828		4,826		4,686		1.2	%
Cushman & Wakefield US Borrower, LLC (f)	Financials	S+ 4.00% (9.36%)	1/31/2030	4,740		4,625		4,728		1.2	%
Directv Financing, LLC (b)	Media/Entertainment	S+ 5.00% (10.65%)	8/2/2027	3,988		3,951		3,983		1.0	%
Dish Dbs Corp. (f)	Cable	5.25%	12/1/2026	700		700		601		0.2	%
Division Holding Corp. (b)	Business Services	S+ 4.75% (10.22%)	5/26/2028	8,564		8,564		8,478		2.2	%
Dynasty Acquisition Co., Inc. (e)	Industrials	S+ 4.00% (9.36%)	8/24/2028	5,544		5,535		5,555		1.5	%
Dynasty Acquisition Co., Inc. (e)	Industrials	S+ 4.00% (9.36%)	8/24/2028	2,376		2,372		2,381		0.6	%
Edgewater Generation, LLC (b)	Utilities	S+ 3.75% (9.22%)	12/15/2025	4,896		4,763		4,797		1.3	%
Entain Holdings Gibraltar, Ltd. (f)	Gaming/Lodging	S+ 3.50% (8.95%)	10/31/2029	504		499		504		0.1	%
First Brands Group, LLC (f)	Consumer	S+ 5.00% (10.88%)	3/30/2027	2,494		2,475		2,469		0.7	%
Flex Acquisition Company, Inc. (f)	Paper & Packaging	S+ 4.18% (9.63%)	4/13/2029	2,463		2,407		2,471		0.7	%
Florida Food Products, LLC (f)	Food & Beverage	S+ 5.00% (10.47%)	10/18/2028	7,860		7,771		7,310		1.9	%
Foley Products Co., LLC (b)	Industrials	S+ 4.75% (10.25%)	12/29/2028	2,554		2,533		2,557		0.7	%
Frontier Communications Corp. (f)	Telecom	5.00%	5/1/2028	1,240		1,285		1,148		0.3	%
Frontier Communications Corp. (b)	Telecom	S+ 3.75% (9.22%)	10/8/2027	12,934		12,918		12,853		3.4	%
Galaxy US OpCo, Inc. (b) (f)	Software/Services	S+ 4.75% (10.13%)	4/30/2029	7,839		7,005		6,428		1.7	%
Geon Performance Solutions, LLC (b)	Chemicals	S+ 4.75% (10.36%)	8/18/2028	4,611		4,584		4,599		1.2	%
GIP Pilot Acquisition Partners, LP (b)	Energy	S+ 3.00% (8.39%)	10/4/2030	1,250		1,244		1,249		0.3	%
Gordian Medical, Inc. (b)	Healthcare	S+ 6.25% (12.15%)	1/31/2027	10,839		10,790		6,882		1.8	%
Green Energy Partners/Stonewall, LLC (f)	Utilities	S+ 6.00% (11.61%)	11/12/2026	4,000		3,780		4,000		1.1	%
Greeneden U.S. Holdings I, LLC (b)	Software/Services	S+ 4.00% (9.47%)	12/1/2027	4,840		4,766		4,856		1.3	%
GTCR W Merger Sub, LLC (b)	Financials	S+ 3.00% (8.33%)	9/20/2030	2,500		2,488		2,509		0.7	%
GVC Holdings Gibraltar, Ltd. (f)	Gaming/Lodging	S+ 2.50% (7.95%)	3/29/2027	4,875		4,874		4,882		1.3	%
HAH Group Holding Company, LLC (b)	Healthcare	S+ 5.00% (10.46%)	10/29/2027	722		722		722		0.2	%
HAH Group Holding Company, LLC (b)	Healthcare	S+ 5.00% (10.46%)	10/29/2027	5,710		5,640		5,710		1.5	%
Hamilton Projects Acquiror, LLC (f)	Utilities	S+ 4.50% (9.97%)	6/17/2027	4,475		4,458		4,489		1.2	%
Hertz Corp. (b) (f)	Transportation	S+ 3.25% (8.72%)	6/30/2028	4,101		4,090		4,085		1.1	%
Hertz Corp. (b) (f)	Transportation	S+ 3.25% (8.72%)	6/30/2028	793		791		790		0.2	%
Hexion Holdings Corp. (f)	Chemicals	S+ 4.50% (10.02%)	3/15/2029	2,494		2,381		2,391		0.6	%
HireRight, Inc. (b)	Business Services	S+ 4.00% (9.36%)	9/27/2030	5,133		5,058		5,111		1.3	%
Hudson River Trading, LLC (b)	Financials	S+ 3.00% (8.47%)	3/20/2028	5,337		5,287		5,313		1.4	%
ICP Industrial, Inc. (f)	Chemicals	S+ 3.75% (9.36%)	12/29/2027	6,110		6,102		4,897		1.3	%
IDERA, Inc. (f)	Technology	S+ 3.75% (9.28%)	3/2/2028	6,842		6,845		6,798		1.8	%
Jack Ohio Finance, LLC (f)	Gaming/Lodging	S+ 4.75% (10.22%)	10/4/2028	3,916		3,902		3,848		1.0	%
Jane Street Group, LLC (f)	Financials	4.50%	11/15/2029	7,000		6,652		6,533		1.7	%
Jump Financial, LLC (b)	Financials	S+ 4.50% (10.11%)	8/7/2028	7,343		7,251		7,270		1.9	%
Kingpin Intermediate Holdings, LLC (f)	Consumer	S+ 3.50% (8.86%)	2/8/2028	2,105		2,071		2,102		0.6	%
Kissner Milling Co., Ltd. (f)	Industrials	4.88%	5/1/2028	2,000		1,940		1,883		0.5	%
Kuehg Corp. (f)	Education	S+ 5.00% (10.35%)	6/12/2030	4,988		4,738		5,003		1.3	%
LABL, Inc. (b)	Paper & Packaging	S+ 5.00% (10.46%)	10/30/2028	3,920		3,875		3,751		1.0	%
LifePoint Health, Inc. (f)	Healthcare	4.38%	2/15/2027	2,000		2,000		1,851		0.5	%
LifePoint Health, Inc. (b)	Healthcare	S+ 5.50% (11.17%)	11/16/2028	4,872		4,758		4,851		1.3	%
Lightstone Holdco, LLC (f)	Utilities	S+ 5.75% (11.13%)	1/29/2027	666		610		632		0.2	%

December 31, 2023
Portfolio Company (d)	Industry	Investment Coupon Rate (a)	Maturity	Principal/Number of Shares		Amortized Cost		Fair Value		% of Members’ Capital (c)
Lightstone Holdco, LLC (f)	Utilities	S+ 5.75% (11.13%)	1/29/2027	$	11,770	$	10,783	$	11,169	2.9	%
Liquid Tech Solutions Holdings, LLC (b) (f)	Industrials	S+ 4.75% (10.22%)	3/20/2028	10,010		9,974		10,010		2.6	%
Luxembourg Investment Co., 428 SARL (b)	Chemicals	S+ 5.00% (10.43%)	1/3/2029	3,686		3,659		2,415		0.6	%
Madison IAQ, LLC (f)	Industrials	4.13%	6/30/2028	2,000		1,987		1,825		0.5	%
Max US Bidco, Inc. (b)	Food & Beverage	S+ 5.00% (10.35%)	10/3/2030	5,000		4,760		4,658		1.2	%
Medallion Midland Acquisition, LP (f)	Energy	S+ 3.50% (8.86%)	10/18/2028	5,530		5,505		5,545		1.5	%
MH Sub I, LLC (b)	Business Services	S+ 4.25% (9.61%)	5/3/2028	4,975		4,861		4,883		1.3	%
Michael Baker International, LLC (b)	Industrials	S+ 5.00% (10.47%)	12/1/2028	3,267		3,243		3,259		0.9	%
MPH Acquisition Holdings, LLC (f)	Healthcare	5.50%	9/1/2028	2,000		1,993		1,783		0.5	%
MPH Acquisition Holdings, LLC (b)	Healthcare	S+ 4.25% (9.90%)	9/1/2028	4,888		4,816		4,699		1.2	%
MYOB US Borrower, LLC (f)	Business Services	S+ 4.00% (9.36%)	5/6/2026	5,355		5,347		5,315		1.4	%
National Mentor Holdings, Inc. (f)	Healthcare	S+ 3.75% (9.20%)	3/2/2028	150		149		136		0.0	%
National Mentor Holdings, Inc. (b) (f)	Healthcare	S+ 3.75% (9.21%)	3/2/2028	4,357		4,339		3,943		1.0	%
Nexus Buyer, LLC (f)	Financials	S+ 4.50% (9.86%)	12/13/2028	2,000		1,940		1,981		0.5	%
Nexus Buyer, LLC (f)	Financials	S+ 3.75% (9.21%)	11/9/2026	8,441		8,259		8,338		2.2	%
Northriver Midstream Finance, LP	Energy	5.63%	2/15/2026	1,000		947		969		0.3	%
Nouryon Finance B.V. (e) (f)	Chemicals	S+ 4.00% (9.47%)	4/3/2028	4,586		4,551		4,599		1.2	%
Omnia Partners, LLC (f)	Business Services	S+ 4.25% (9.63%)	7/25/2030	3,748		3,711		3,769		1.0	%
Omnia Partners, LLC (f)	Business Services	S+ 4.25%	7/25/2030	—		(2)		2		0.0	%
Oscar AcquisitionCo, LLC (f)	Industrials	S+ 4.50% (9.95%)	4/30/2029	2,494		2,447		2,466		0.6	%
Paysafe Finance, PLC (f)	Software/Services	4.00%	6/15/2029	400		400		355		0.1	%
Peraton Corp. (b)	Industrials	S+ 3.75% (9.21%)	2/1/2028	4,960		4,928		4,966		1.3	%
PG&E Corp. (f)	Utilities	S+ 2.50% (7.86%)	6/23/2027	2,140		2,129		2,140		0.6	%
PODS, LLC (f)	Paper & Packaging	S+ 3.00% (8.47%)	3/31/2028	4,274		4,064		4,176		1.1	%
Polaris Newco, LLC (f)	Business Services	S+ 4.00% (9.47%)	6/2/2028	2,980		2,841		2,936		0.8	%
Power Stop, LLC (f)	Transportation	S+ 4.75% (10.21%)	1/26/2029	3,517		3,485		3,071		0.8	%
PRA Health Sciences, Inc.	Healthcare	2.88%	7/15/2026	500		454		469		0.1	%
Project Accelerate Parent, LLC (e)	Technology	S+ 4.25% (9.90%)	1/2/2025	15,775		15,777		15,735		4.1	%
Proofpoint, Inc. (b)	Software/Services	S+ 3.25% (8.72%)	8/31/2028	6,372		6,328		6,366		1.7	%
Protective Industrial Products, Inc. (b)	Industrials	S+ 4.00% (9.47%)	12/29/2027	8,943		8,908		8,474		2.2	%
Pug, LLC (f)	Media/Entertainment	S+ 3.50% (8.97%)	2/12/2027	4,861		4,784		4,774		1.3	%
Quikrete Holdings, Inc. (f)	Industrials	S+ 2.75% (8.22%)	3/19/2029	7,860		7,860		7,880		2.1	%
RealPage, Inc. (f)	Software/Services	S+ 3.00% (8.47%)	4/24/2028	4,987		4,881		4,942		1.3	%
Renaissance Holding Corp. (f)	Software/Services	S+ 4.75% (10.11%)	4/8/2030	1,995		1,993		2,000		0.5	%
Resolute Investment Managers, Inc.	Financials	S+ 6.50% (11.85%)	4/30/2027	2,458		2,458		2,458		0.6	%
Restoration Hardware, Inc. (f)	Retail	S+ 2.50% (7.97%)	10/20/2028	2,494		2,400		2,421		0.6	%
Roper Industrial Products Investment Co., LLC (f)	Industrials	S+ 4.00% (9.35%)	11/22/2029	7,553		7,373		7,564		2.0	%
RXB Holdings, Inc. (f)	Healthcare	S+ 4.50% (9.97%)	12/20/2027	10,000		10,015		9,933		2.6	%
S&S Holdings, LLC (f)	Consumer	S+ 5.00% (10.50%)	3/13/2028	6,808		6,662		6,639		1.7	%
Safe Fleet Holdings, LLC (b)	Industrials	S+ 3.75% (9.21%)	2/23/2029	7,369		7,332		7,380		1.9	%
Safety Products/JHC Acquisition Corp. (b)	Industrials	S+ 4.50% (9.95%)	6/28/2026	919		884		901		0.2	%
Safety Products/JHC Acquisition Corp. (b) (f)	Industrials	S+ 4.50% (9.95%)	6/28/2026	17,004		16,522		16,558		4.4	%

December 31, 2023
Portfolio Company (d)	Industry	Investment Coupon Rate (a)	Maturity	Principal/Number of Shares		Amortized Cost		Fair Value		% of Members’ Capital (c)
Schenectady International Group, Inc. (b)	Chemicals	S+ 4.75% (10.24%)	10/15/2025	$	11,584	$	11,568	$	7,842	2.1	%
Sierra Enterprises, LLC (b)	Food & Beverage	S+ 6.75% (12.13%) 4.25% PIK	5/10/2027	5,060		4,976		4,605		1.2	%
SK Neptune Husky Finance SARL (b)	Chemicals	S+ 10.00% (15.65%)	4/30/2024	647		625		624		0.2	%
Sotera Health Holdings, LLC (f)	Healthcare	S+ 3.75% (9.11%)	12/14/2026	4,219		4,113		4,216		1.1	%
Staples, Inc. (b)	Business Services	S+ 5.00% (10.46%)	4/16/2026	4,848		4,815		4,579		1.2	%
Surgery Center Holdings, Inc. (f)	Healthcare	S+ 3.50% (8.86%)	12/19/2030	400		396		401		0.1	%
Team Health Holdings, Inc. (e) (f)	Healthcare	S+ 5.25% (10.63%)	3/2/2027	5,372		4,560		4,066		1.1	%
Tecta America Corp. (f)	Industrials	S+ 4.00% (9.47%)	4/10/2028	8,863		8,844		8,874		2.3	%
TransDigm, Inc. (f)	Industrials	S+ 3.25% (8.60%)	2/14/2031	6,000		5,986		6,023		1.6	%
Traverse Midstream Partners, LLC (b)	Energy	S+ 3.75% (9.24%)	2/16/2028	13,054		13,040		13,048		3.4	%
Triton Water Holdings, Inc. (f)	Food & Beverage	S+ 3.25% (8.86%)	3/31/2028	7,313		7,300		7,236		1.9	%
Truck Hero, Inc. (f)	Transportation	S+ 5.00% (10.47%)	1/31/2028	1,500		1,463		1,493		0.4	%
Truck Hero, Inc. (f)	Transportation	S+ 3.50% (8.97%)	1/31/2028	3,454		3,364		3,400		0.9	%
UKG, Inc. (f)	Technology	S+ 4.50% (9.99%)	5/4/2026	3,576		3,497		3,585		0.9	%
Ultimate Software Group, Inc. (f)	Technology	S+ 3.75% (9.23%)	5/4/2026	1,191		1,171		1,193		0.3	%
United Airlines, Inc. (f)	Transportation	S+ 3.75% (9.22%)	4/21/2028	2,959		2,950		2,966		0.8	%
United Airlines, Inc. (f)	Transportation	4.63%	4/15/2029	500		448		469		0.1	%
University Support Services, LLC (f)	Education	S+ 3.25% (8.71%)	2/12/2029	4,900		4,884		4,895		1.3	%
Urban One, Inc. (f)	Media/Entertainment	7.38%	2/1/2028	5,000		5,116		4,235		1.1	%
US Anesthesia Partners, Inc. (f)	Healthcare	S+ 4.25% (9.71%)	10/2/2028	3,556		3,160		3,241		0.9	%
Venga Finance SARL (b)	Telecom	S+ 4.75% (10.40%)	6/28/2029	3,950		3,844		3,913		1.0	%
Venture Global Calcasieu Pass, LLC	Energy	3.88%	8/15/2029	2,000		1,673		1,816		0.5	%
Vyaire Medical, Inc. (f)	Healthcare	S+ 4.75% (10.41%)	4/16/2025	7,277		6,766		5,264		1.4	%
WaterBridge Midstream Operating, LLC (b)	Energy	S+ 5.75% (11.39%)	6/19/2026	13,011		12,404		13,012		3.4	%
Watlow Electric Manufacturing, Co. (b)	Industrials	S+ 3.75% (9.40%)	3/2/2028	4,903		4,888		4,896		1.3	%
WCG Purchaser Corp. (f)	Healthcare	S+ 4.00% (9.47%)	1/8/2027	4,974		4,929		4,979		1.3	%
Western Dental Services, Inc. (f)	Healthcare	S+ 4.50% (10.15%)	8/18/2028	8,893		8,888		5,431		1.4	%
Western Dental Services, Inc. (f)	Healthcare	S+ 4.50% (10.15%)	8/18/2028	908		908		554		0.1	%
Wilsonart, LLC (b)	Consumer	S+ 3.25% (8.70%)	12/31/2026	7,300		7,297		7,309		1.9	%
Windsor Holdings III, LLC (f)	Chemicals	S+ 4.50% (9.84%)	8/1/2030	3,310		3,246		3,328		0.9	%
WMG Acquisition Corp.	Media/Entertainment	3.00%	2/15/2031	2,000		1,580		1,720		0.5	%
Zayo Group Holdings, Inc. (f)	Telecom	S+ 3.00% (8.47%)	3/9/2027	6,500		5,545		5,564		1.5	%
Subtotal Senior Secured First Lien Debt						$	801,319	$	778,934	205.1	%
Senior Secured Second Lien Debt
American Rock Salt Company, LLC (b)	Chemicals	S+ 7.25% (12.72%)	6/11/2029	$	1,943	$	1,924	$	1,749	0.5	%
Asurion, LLC (b) (f)	Business Services	S+ 5.25% (10.72%)	1/31/2028	9,632		9,404		9,158		2.4	%
Edelman Financial Center, LLC (b) (e)	Financials	S+ 6.75% (12.22%)	7/20/2026	7,972		7,932		7,962		2.1	%
IDERA, Inc. (b) (e)	Technology	S+ 6.75% (12.28%)	3/2/2029	1,545		1,494		1,475		0.4	%
Subtotal Senior Secured Second Lien Debt						$	20,754	$	20,344	5.4	%

December 31, 2023
Portfolio Company (d)	Industry	Investment Coupon Rate (a)	Maturity	Principal/Number of Shares		Amortized Cost		Fair Value		% of Members’ Capital (c)
Collateralized Securities
Collateralized Securities - Debt Investments
AIG CLO, Ltd. 21-1A F	Diversified Investment Vehicles	S+ 6.90% (12.57%)	4/22/2034	$	1,410	$	1,298	$	1,170	0.3	%
Battalion CLO, Ltd. 21-17A F	Diversified Investment Vehicles	S+ 7.50% (13.18%)	3/9/2034	1,224		1,142		935		0.2	%
Carlyle GMS CLO, 16-3A FRR	Diversified Investment Vehicles	S+ 8.60% (14.28%)	7/20/2034	2,100		1,995		1,680		0.4	%
Covenant Credit Partners CLO, Ltd. 17 1A E	Diversified Investment Vehicles	S+ 6.45% (12.11%)	10/15/2029	2,500		2,321		2,231		0.6	%
Eaton Vance CDO, Ltd. 15-1A FR	Diversified Investment Vehicles	S+ 7.97% (13.65%)	1/20/2030	2,000		1,782		1,543		0.4	%
Elevation CLO, Ltd. 13-1A D2	Diversified Investment Vehicles	S+ 7.65% (13.29%)	8/15/2032	2,000		1,966		1,941		0.5	%
Fortress Credit BSL, Ltd. 22-1A E	Diversified Investment Vehicles	S+ 8.15% (13.56%)	10/23/2034	1,000		982		948		0.2	%
Great Lakes CLO, Ltd. 21-6A E	Diversified Investment Vehicles	S+ 8.03% (13.69%)	1/15/2034	5,150		4,966		4,711		1.2	%
Greywolf CLO, Ltd. 20-3RA ER	Diversified Investment Vehicles	S+ 9.00% (14.41%)	4/15/2033	1,000		887		821		0.2	%
Hayfin Kingsland XI, Ltd. 19-2A ER	Diversified Investment Vehicles	S+ 7.72% (13.40%)	10/20/2034	2,500		2,433		2,390		0.6	%
Highbridge Loan Management, Ltd. 11A-17 E	Diversified Investment Vehicles	S+ 6.10% (11.75%)	5/6/2030	3,000		2,746		2,504		0.7	%
Jamestown CLO, Ltd. 22-18A E	Diversified Investment Vehicles	S+ 7.87% (13.25%)	7/25/2035	3,000		2,745		2,876		0.8	%
KKR Financial CLO, Ltd. 15 FR	Diversified Investment Vehicles	S+ 8.50% (14.16%)	1/18/2032	2,000		1,906		1,569		0.4	%
LCM, Ltd. Partnership 16A ER2	Diversified Investment Vehicles	S+ 6.38% (12.04%)	10/15/2031	2,500		2,312		2,089		0.6	%
Marble Point CLO, Ltd. 20-1A E	Diversified Investment Vehicles	S+ 6.82% (12.50%)	4/20/2033	4,500		4,412		4,213		1.1	%
Medalist Partners Corporate Finance CLO, Ltd. 21-1A D	Diversified Investment Vehicles	S+ 7.48% (13.16%)	10/20/2034	3,000		2,867		2,748		0.7	%
Northwoods Capital, Ltd. 17-15A ER	Diversified Investment Vehicles	S+ 7.64% (13.27%)	6/20/2034	3,000		2,929		2,769		0.7	%
Ocean Trails CLO 22-12A E	Diversified Investment Vehicles	S+ 8.11% (13.53%)	7/20/2035	3,460		3,198		3,322		0.9	%
OCP CLO, Ltd. 14-5A DR	Diversified Investment Vehicles	S+ 5.70% (11.34%)	4/26/2031	2,200		2,098		1,936		0.5	%
OZLM, Ltd. 16-15A DR	Diversified Investment Vehicles	S+ 6.75% (12.43%)	4/20/2033	2,000		1,915		1,738		0.5	%
Palmer Square CLO, Ltd. 21-4A F	Diversified Investment Vehicles	S+ 7.66% (13.32%)	10/15/2034	1,500		1,433		1,298		0.3	%
Saranac CLO, Ltd. 20-8A E	Diversified Investment Vehicles	S+ 8.12% (13.75%)	2/20/2033	1,455		1,443		1,315		0.3	%
Sculptor CLO, Ltd. 27A E	Diversified Investment Vehicles	S+ 7.05% (12.73%)	7/20/2034	1,500		1,461		1,372		0.4	%
Sound Point CLO, Ltd. 17-1A E	Diversified Investment Vehicles	S+ 5.96% (11.63%)	1/23/2029	4,000		3,684		3,310		0.9	%
Sound Point CLO, Ltd. 17-2A E	Diversified Investment Vehicles	S+ 6.10% (11.74%)	7/25/2030	2,400		2,122		1,701		0.4	%
Sound Point CLO, Ltd. 18-3A D	Diversified Investment Vehicles	S+ 5.79% (11.43%)	10/26/2031	1,000		914		726		0.2	%
Symphony CLO, Ltd. 2012-9A ER2	Diversified Investment Vehicles	S+ 6.95% (12.61%)	7/16/2032	3,000		2,799		2,600		0.7	%
Trimaran CAVU 2021-2A, Ltd. 21-2A E	Diversified Investment Vehicles	S+ 7.20% (12.84%)	10/25/2034	3,000		2,948		2,746		0.7	%
Trysail CLO, Ltd. 21-1A E	Diversified Investment Vehicles	S+ 7.38% (13.06%)	7/20/2032	1,500		1,452		1,412		0.4	%

December 31, 2023
Portfolio Company (d)	Industry	Investment Coupon Rate (a)	Maturity	Principal/Number of Shares		Amortized Cost		Fair Value		% of Members’ Capital (c)
Venture CDO, Ltd. 16-23A ER2	Diversified Investment Vehicles	S+ 7.55% (13.21%)	7/19/2034	$	3,000	$	2,921	$	2,568	0.7	%
Venture CDO, Ltd. 16-25A E	Diversified Investment Vehicles	S+ 7.20% (12.88%)	4/20/2029	2,000		1,955		1,668		0.5	%
Venture CDO, Ltd. 20-39A E	Diversified Investment Vehicles	S+ 7.63% (13.29%)	4/15/2033	4,995		4,964		4,628		1.2	%
Venture CLO 43, Ltd. 21-43A E	Diversified Investment Vehicles	S+ 7.15% (12.81%)	4/15/2034	3,000		2,922		2,548		0.7	%
Wind River CLO, Ltd. 14-2A FR	Diversified Investment Vehicles	S+ 7.87% (13.53%)	1/15/2031	3,000		2,568		1,897		0.6	%
Zais CLO 13, Ltd. 19-13A D1	Diversified Investment Vehicles	S+ 4.52% (10.18%)	7/15/2032	3,000		2,761		2,759		0.7	%
Subtotal Collateralized Securities						$	83,247	$	76,682	20.2	%
Equity/Other
Avaya Holdings Corp.	Technology			88		$	1,244	$	616	0.2	%
Avaya Holdings Corp.	Technology			17		244		121		0.0	%
Resolute Investment Managers, Inc.	Financials			30		1,286		991		0.2	%
Subtotal Equity/Other						$	2,774	$	1,728	0.4	%
TOTAL INVESTMENTS						$	908,094	$	877,688	231.1	%

(a)    The majority of the investments bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate ("SOFR" or "S") which resets daily. For each, SLF has provided the spread over the relevant reference rate and the current interest rate in effect at December 31, 2023. Certain investments are subject to reference rate floors. For fixed rate loans, a spread above a reference rate is not applicable. For floating rate securities the all-in rate is disclosed within parentheses.

(b)    SLF's investment or a portion thereof is pledged as collateral under the BAML Credit Facility. Individual investments can be divided into parts which are pledged to separate credit facilities.

(c)    Percentages are based on SLF members' capital as of December 31, 2023.

(d)    SLF has various unfunded commitments to portfolio companies.

(e)    SLF's investment or a portion thereof is held through a total return swap agreement with J.P. Morgan.

(f)    SLF's investment or a portion thereof is pledged as collateral under the CIBC Credit Facility. Individual investments can be divided into parts which are pledged to separate credit facilities.

SLF had $0.4 million of unfunded commitments on delayed draw term loans as of December 31, 2023.

Below is certain summarized financial information for SLF as of June 30, 2024 and December 31, 2023 and for the three and six months ended June 30, 2024 and June 30, 2023:

Selected Statements of Assets and Liabilities Information	June 30,		December 31,
	2024		2023
	(Unaudited)
ASSETS
Investments, at fair value (amortized cost of $1,048,383 and $908,094, respectively)	$	1,029,661	$	877,688
Cash and other assets	54,679		68,917
Total assets	$	1,084,340	$	946,605
LIABILITIES
Revolving credit facilities (net of deferred financing costs of $1,841 and $1,695, respectively)	$	567,159	$	481,805
Secured borrowings	16,904		39,959
Other liabilities	108,600		45,124
Total Liabilities	$	692,663	$	566,888
MEMBERS’ CAPITAL
Total members’ capital	$	391,677	$	379,717
Total liabilities and members’ capital	$	1,084,340	$	946,605

Selected Statements of Operations Information	For the three months ended June 30,				For the six months ended June 30,
	2024		2023		2024		2023
	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
Investment income:
Total investment income	$	24,893	$	24,307	$	50,889	$	46,879
Operating expenses:
Interest and credit facility financing expenses	10,751		10,480		21,204		20,235
Other expenses	624		571		1,219		1,147
Total expenses	11,375		11,051		22,423		21,382
Net investment income	13,518		13,256		28,466		25,497
Realized and unrealized gain (loss) on investments:
Net realized and unrealized gain (loss) on investments	(1,546)		4,186		657		8,724
Net increase (decrease) in members’ capital resulting from operations	$	11,972	$	17,442	$	29,123	$	34,221