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Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Fair Value Measurements of Investments, by Major Class

The following table presents fair value measurements of investments, by major class, as of September 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	$	—	$	63,941	$	2,735,969	$	—	$	2,799,910
Senior Secured Second Lien Debt	—		27,661		107,013		—		134,674
Subordinated Debt	—		—		198,955		—		198,955
Collateralized Securities	—		—		10,633		—		10,633
Equity/Other	637		8,879		238,065		8,572		256,153
FBLC Senior Loan Fund, LLC	—		—		404,934		—		404,934
Total	$	637	$	100,481	$	3,695,569	$	8,572	$	3,805,259

(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

Schedule of Investment Measured on Recurring Basis, Unobservable Input Reconciliation

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the nine months ended September 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)	2,614,502		118,141		171,781		21,640		605,085		3,531,149
Sales and repayments	(449,189)		(49,220)		(8,108)		(11,392)		8,336		(509,573)
Net realized gain (loss)	(22,832)		483		(13)		814		233		(21,315)

Transfers out	—		(2,361)		—		—		—		(2,361)
Net change in unrealized appreciation (depreciation) on investments	(22,216)		817		(205)		(429)		(6,831)		(28,864)
Balance as of September 30, 2024	$	2,735,969	$	107,013	$	198,955	$	10,633	$	642,999	$	3,695,569
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:	$	(29,684)	$	413	$	(205)	$	(429)	$	(6,738)	$	(36,643)

_______________

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

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

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)

Schedule of Investment Holdings, Schedule of Investments

The composition of the Company’s investments as of September 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	$	2,834,697	$	2,799,910	73.7	%
Senior Secured Second Lien Debt	136,493		134,674		3.5
Subordinated Debt	199,064		198,955		5.2
Collateralized Securities	11,061		10,633		0.3
Equity/Other	261,738		256,153		6.7
FBLC Senior Loan Fund, LLC	405,434		404,934		10.6
Total	$	3,848,487	$	3,805,259	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	%

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


September 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% (7.96%)	2/16/2027	$	17,217	$	17,013	$	17,141	3.5	%
Adtalem Global Education, Inc. (f)	Education	S+ 2.75% (7.60%)	8/14/2028	582		582		582		0.1	%
Adtalem Global Education, Inc. (f)	Education	5.50%	3/1/2028	1,042		1,042		1,028		0.2	%
Advisor Group, Inc. (f)	Financials	S+ 4.00% (8.85%)	8/17/2028	5,505		5,460		5,440		1.1	%
Air Canada	Transportation	3.88%	8/15/2026	5,000		4,750		4,870		1.0	%
Albion Financing 3 SARL (b)	Business Services	S+ 4.25% (9.83%)	8/17/2029	3,058		3,058		3,070		0.6	%
Alliant Holdings Intermediate, LLC (b)	Financials	S+ 3.00% (7.97%)	9/19/2031	5,000		4,988		4,970		1.0	%
Alpha Generation, LLC (b)	Utilities	S+ 2.75% (7.60%)	9/30/2031	2,813		2,805		2,812		0.6	%
Altice Financing, SA (f)	Telecom	5.00%	1/15/2028	2,000		1,957		1,687		0.3	%
Altice France, SA (b) (e)	Telecom	S+ 5.50% (10.80%)	8/15/2028	12,385		12,365		9,252		1.9	%
Alvogen Pharma US, Inc. (b)	Healthcare	S+ 7.50% (12.25%)	6/30/2025	10,444		10,422		9,269		1.9	%
Amentum Government Services Holdings, LLC (b)	Industrials	S+ 2.25% (7.11%)	9/29/2031	8,571		8,550		8,539		1.7	%
American Airlines Inc/AAdvantage Loyalty IP, Ltd. (b)	Transportation	S+ 4.75% (10.29%)	4/20/2028	4,781		4,752		4,911		1.0	%
American Builders & Contractors Supply Co., Inc.	Industrials	4.00%	1/15/2028	2,000		1,902		1,925		0.4	%
AP Gaming I, LLC (f)	Gaming/Lodging	S+ 3.75% (8.60%)	2/15/2029	7,085		7,003		7,107		1.4	%
Apollo Commercial Real Estate Finance, Inc. (f)	Financials	4.63%	6/15/2029	3,000		3,000		2,689		0.5	%
AppLovin Corp. (b)	Media/Entertainment	S+ 2.50% (7.35%)	10/25/2028	8,798		8,790		8,792		1.8	%
Arches Buyer, Inc.	Publishing	4.25%	6/1/2028	3,000		2,638		2,757		0.6	%
Arches Buyer, Inc. (b)	Publishing	S+ 3.25% (8.20%)	12/6/2027	2,977		2,909		2,850		0.6	%
Arcosa, Inc. (b)	Industrials	S+ 2.25% (7.09%)	8/12/2031	1,300		1,300		1,297		0.3	%
Artera Services, LLC (b)	Utilities	S+ 4.50% (9.10%)	2/18/2031	3,590		3,572		3,491		0.7	%
Ascend Learning, LLC (f)	Education	S+ 3.50% (8.45%)	12/11/2028	4,937		4,694		4,912		1.0	%
Ascensus Holidngs, Inc. (b)	Business Services	S+ 3.50% (8.46%)	8/2/2028	7,565		7,558		7,550		1.5	%
ASP LS Acquisition Corp. (b)	Transportation	S+ 4.50% (9.37%)	5/8/2028	3,862		3,114		2,407		0.5	%
Astoria Energy, LLC (f)	Utilities	S+ 3.25% (8.10%)	12/10/2027	1,769		1,769		1,771		0.4	%


September 30, 2024
Portfolio Company (d)	Industry	Investment Coupon Rate (a)	Maturity	Principal/Number of Shares		Amortized Cost		Fair Value		% of Members’ Capital (c)
Asurion, LLC (b)	Business Services	S+ 3.25% (8.21%)	12/23/2026	$	4,016	$	3,983	$	4,011	0.8	%
Athenahealth Group, Inc. (b)	Healthcare	S+ 3.25% (8.10%)	2/15/2029	12,723		12,671		12,630		2.6	%
Athletico Management, LLC (f)	Healthcare	S+ 4.25% (9.00%)	2/15/2029	4,888		4,870		3,735		0.8	%
Avaya Holdings Corp.	Technology	S+ 7.50% (12.35%)	8/1/2028	2,552		2,511		2,243		0.5	%
Azalea TopCo, Inc. (b)	Healthcare	S+ 3.50% (8.35%)	4/30/2031	3,330		3,298		3,322		0.7	%
Baldwin Insurance Group Holdings, LLC (b)	Financials	S+ 3.25% (8.10%)	5/26/2031	3,520		3,511		3,520		0.7	%
Bally's Corp. (b) (f)	Gaming/Lodging	S+ 3.25% (8.79%)	10/2/2028	4,937		4,900		4,696		1.0	%
Bella Holding Co., LLC (b) (f)	Healthcare	S+ 3.75% (8.70%)	5/10/2028	8,128		8,098		8,120		1.6	%
Berlin Packaging, LLC (f)	Paper & Packaging	S+ 3.75% (8.35%)	6/9/2031	3,032		3,025		3,029		0.6	%
Blackhawk Network Holdings, Inc. (b)	Consumer	S+ 5.00% (9.85%)	3/12/2029	4,988		4,895		5,006		1.0	%
Blackstone CQP Holdco, LP (b) (f)	Industrials	S+ 2.25% (6.85%)	12/31/2030	12,355		12,361		12,333		2.4	%
Broadstreet Partners, Inc. (f)	Financials	S+ 3.25% (8.10%)	6/16/2031	1,855		1,853		1,847		0.4	%
Brown Group Holding, LLC (b)	Other	S+ 2.75% (8.00%)	7/1/2031	3,000		3,000		2,992		0.6	%
Cablevision Lightpath, LLC (f)	Telecom	3.88%	9/15/2027	2,000		1,958		1,903		0.4	%
Caesars Entertainment, Inc. (b)	Gaming/Lodging	S+ 2.75% (7.60%)	2/6/2031	8,761		8,747		8,750		1.8	%
Calpine Construction Finance Co., LP (f)	Utilities	S+ 2.00% (6.85%)	7/31/2030	2,494		2,499		2,476		0.5	%
Catalent Pharma Solutions, Inc. (f)	Healthcare	S+ 2.00% (7.03%)	2/22/2028	2,481		2,452		2,478		0.5	%
CCI Buyer, Inc. (b)	Telecom	S+ 4.00% (8.60%)	12/17/2027	7,442		7,394		7,427		1.5	%
CD&R Hydra Buyer, Inc. (b)	Industrials	S+ 4.00% (8.95%)	3/25/2031	6,269		6,238		6,221		1.2	%
Charter Communications Operating, LLC	Cable	2.25%	1/15/2029	400		357		356		0.1	%
Cirque Du Soleil Holding USA Newco, Inc. (f)	Media/Entertainment	S+ 3.75% (8.35%)	3/8/2030	6,433		6,404		6,338		1.3	%
Citadel Securities, LP (b)	Financials	S+ 2.25% (7.10%)	7/29/2030	4,455		4,452		4,451		0.9	%
Cloud Software Group, Inc. (b)	Software/Services	S+ 4.50% (9.10%)	3/21/2031	2,000		1,985		2,004		0.4	%
CLP Health Services, Inc. (b)	Healthcare	S+ 4.25% (9.57%)	12/31/2026	7,595		7,582		7,497		1.5	%
CNT Holdings I Corp. (f)	Consumer	S+ 3.50% (8.75%)	11/8/2027	3,378		3,378		3,383		0.7	%
CommerceHub, Inc. (f)	Technology	S+ 4.00% (9.20%)	12/29/2027	4,961		4,961		4,607		0.9	%
Compass Power Generation, LLC (b)	Utilities	S+ 3.75% (8.60%)	4/16/2029	7,828		7,710		7,865		1.6	%
Connect Finco SARL (f)	Telecom	S+ 3.50% (8.35%)	12/11/2026	2,175		2,178		2,161		0.4	%
Connectwise, LLC (b) (f)	Software/Services	S+ 3.50% (8.37%)	9/29/2028	12,792		12,760		12,760		2.6	%
Conservice Midco, LLC (b)	Business Services	S+ 3.50% (8.35%)	5/13/2027	7,488		7,488		7,494		1.5	%
Corelogic, Inc. (b)	Business Services	S+ 3.50% (8.46%)	6/2/2028	4,983		4,951		4,926		1.0	%
Cornerstone Building Brands, Inc. (f)	Industrials	S+ 4.50% (9.60%)	5/15/2031	1,380		1,373		1,362		0.3	%
Cornerstone Building Brands, Inc. (b)	Industrials	S+ 5.63% (10.72%)	8/1/2028	3,315		3,380		3,325		0.7	%
Cornerstone Building Brands, Inc. (b)	Industrials	S+ 3.25% (8.45%)	4/12/2028	2,494		2,412		2,438		0.5	%
Cotiviti, Inc. (b)	Healthcare	7.63%	5/1/2031	2,500		2,482		2,509		0.5	%
Cotiviti, Inc. (b)	Healthcare	S+ 3.25% (8.09%)	5/1/2031	9,950		9,904		9,938		2.0	%
Crisis Prevention Institute, Inc. (b)	Education	S+ 4.75% (9.35%)	4/9/2031	2,333		2,322		2,334		0.5	%
Directv Financing, LLC (b)	Media/Entertainment	S+ 5.00% (9.96%)	8/2/2027	1,793		1,780		1,792		0.4	%
Division Holding Corp. (b)	Business Services	S+ 4.75% (9.71%)	5/26/2028	7,892		7,892		7,872		1.6	%
Dynasty Acquisition Co., Inc. (e)	Industrials	S+ 3.50% (8.35%)	8/24/2028	2,364		2,332		2,365		0.5	%
Dynasty Acquisition Co., Inc. (e)	Industrials	S+ 3.50% (8.35%)	8/24/2028	5,516		5,444		5,517		1.1	%
Edgewater Generation, LLC (b)	Utilities	S+ 4.25% (9.10%)	8/1/2030	7,500		7,427		7,560		1.5	%
EIG Management Co., LLC (b)	Financials	S+ 5.00% (9.97%)	5/17/2029	4,938		4,843		4,863		1.0	%
Emerald Borrower, LP (b) (f)	Industrials	S+ 2.50% (7.56%)	8/4/2031	5,330		5,322		5,316		1.1	%
Ensemble RCM, LLC (b)	Healthcare	S+ 3.00% (8.25%)	8/1/2029	9,292		9,222		9,299		1.9	%


September 30, 2024
Portfolio Company (d)	Industry	Investment Coupon Rate (a)	Maturity	Principal/Number of Shares		Amortized Cost		Fair Value		% of Members’ Capital (c)
Entain, PLC (b) (f)	Gaming/Lodging	S+ 2.75% (8.01%)	10/31/2029	$	3,494	$	3,486	$	3,492	0.7	%
Epicor Software Corp. (b) (f)	Software/Services	S+ 3.25%	5/30/2031	422		(1)		—		—	%
Epicor Software Corp. (b) (f)	Software/Services	S+ 3.25% (8.10%)	5/30/2031	3,596		3,589		3,597		0.7	%
Fiesta Purchaser, Inc. (b)	Food & Beverage	S+ 4.00% (8.85%)	2/12/2031	2,494		2,471		2,493		0.5	%
First Advantage Holdings, LLC (b)	Business Services	S+ 3.25% (8.07%)	9/19/2031	4,500		4,478		4,478		0.9	%
First Brands Group, LLC (f)	Consumer	S+ 5.00% (10.51%)	3/30/2027	4,955		4,936		4,896		1.0	%
Fitness International, LLC (b)	Consumer	S+ 5.25% (10.51%)	2/12/2029	9,950		9,681		9,913		2.0	%
Focus Financial Partners, LLC (f)	Financials	S+ 3.25%	9/11/2031	873		—		(3)		0.0	%
Focus Financial Partners, LLC (f)	Financials	S+ 3.25% (8.04%)	9/11/2031	8,127		8,107		8,100		1.5	%
Foley Products Co., LLC (b)	Industrials	S+ 4.75% (9.50%)	12/29/2028	2,394		2,376		2,403		0.5	%
Foresight Energy Operating, LLC (b)	Energy	S+ 8.00% (12.70%)	6/30/2027	658		639		658		0.1	%
Foundation Building Materials, Inc. (b)	Industrials	S+ 4.00% (9.25%)	1/29/2031	12,350		12,258		12,008		2.3	%
Freeport LNG Investments, LLLP (b)	Energy	S+ 3.00% (8.10%)	11/17/2026	5,904		5,869		5,872		1.2	%
Galaxy US OpCo, Inc. (b) (f)	Software/Services	S+ 4.75% (10.00%)	4/30/2029	7,760		7,029		6,487		1.3	%
Genesys Cloud Services Holdings II, LLC (b)	Software/Services	S+ 3.50% (8.35%)	12/1/2027	4,803		4,743		4,808		1.0	%
Geon Performance Solutions, LLC (b)	Chemicals	S+ 4.25% (9.12%)	8/18/2028	4,577		4,554		4,579		0.9	%
Geosyntec Consultants, Inc. (b)	Business Services	S+ 3.75% (8.60%)	7/31/2031	9,250		9,205		9,233		1.9	%
GIP Pilot Acquisition Partners, LP (b)	Energy	S+ 2.50% (7.82%)	10/4/2030	1,244		1,238		1,245		0.3	%
Global Medical Response, Inc. (b)	Healthcare	S+ 5.50% (10.46%) 0.75% PIK	10/31/2028	9,978		9,819		9,906		1.9	%
Grant Thornton Advisors, LLC (f)	Business Services	S+ 3.25% (8.10%)	5/31/2031	1,790		1,790		1,792		0.4	%
Green Energy Partners/Stonewall, LLC	Utilities	S+ 6.00% (10.87%)	11/12/2026	7,424		7,072		7,424		1.5	%
Gulfside Supply, Inc. (b)	Industrials	S+ 3.00% (8.29%)	6/17/2031	4,963		4,963		4,957		1.0	%
GVC Holdings Gibraltar, Ltd. (f)	Gaming/Lodging	S+ 2.50% (7.86%)	3/29/2027	4,838		4,837		4,851		1.0	%
Hamilton Projects Acquiror, LLC (f)	Utilities	S+ 3.75% (8.60%)	5/30/2031	7,122		7,105		7,165		1.5	%
HelpSystems Holdings, Inc. (b)	Software/Services	S+ 4.00% (8.95%)	11/19/2026	4,987		4,336		4,748		1.0	%
Hudson River Trading, LLC (b)	Financials	S+ 3.00% (8.32%)	3/20/2028	5,296		5,254		5,288		1.1	%
Hunter Douglas, Inc. (b) (f)	Consumer	S+ 3.50% (8.57%)	2/25/2029	4,982		4,965		4,932		1.0	%
Icon Parent, Inc. (b)	Software/Services	S+ 3.00% (7.85%)	9/11/2031	5,000		4,975		4,960		1.0	%
ICP Industrial, Inc. (f)	Chemicals	S+ 3.75% (8.62%)	12/29/2027	5,012		5,007		4,351		0.9	%
IDERA, Inc. (f)	Technology	S+ 3.50% (8.75%)	3/2/2028	6,807		6,809		6,667		1.4	%
IXS Holdings, Inc. (b) (f)	Transportation	S+ 4.25% (8.95%)	3/5/2027	7,467		7,235		7,257		1.5	%
Jack Ohio Finance, LLC (f)	Gaming/Lodging	S+ 4.75% (9.71%)	10/4/2028	3,884		3,873		3,883		0.8	%
Jane Street Group, LLC (f)	Financials	4.50%	11/15/2029	7,000		6,690		6,733		1.4	%
Jazz Securities, DAC	Healthcare	4.38%	1/15/2029	1,000		934		968		0.2	%
Johnstone Supply, LLC (f)	Industrials	S+ 3.00% (8.17%)	6/9/2031	2,500		2,494		2,492		0.5	%
Jump Financial, LLC (b)	Financials	S+ 4.50% (9.37%)	8/7/2028	7,287		7,208		7,196		1.5	%
Kuehg Corp. (f)	Education	S+ 4.50% (9.10%)	6/12/2030	4,950		4,762		4,961		1.0	%
LABL, Inc. (b)	Paper & Packaging	S+ 5.00% (9.95%)	10/30/2028	4,974		4,923		4,853		1.0	%
Lakeshore Learning Materials, LLC (f)	Retail	S+ 3.50% (8.46%)	9/29/2028	4,962		4,962		4,963		1.0	%
LBM Acquisition, LLC (b) (f)	Industrials	S+ 3.75% (9.19%)	12/17/2027	4,987		4,978		4,951		1.0	%
LifePoint Health, Inc. (f)	Healthcare	4.38%	2/15/2027	1,999		2,000		1,956		0.4	%
LifePoint Health, Inc. (b)	Healthcare	S+ 4.75% (10.05%)	11/16/2028	4,848		4,750		4,838		1.0	%
Lightning Power, LLC (b)	Utilities	S+ 3.25% (8.35%)	8/18/2031	4,500		4,455		4,507		0.9	%
Lightstone Holdco, LLC (b) (f)	Utilities	S+ 5.75% (11.00%)	1/29/2027	15,913		14,978		16,107		3.2	%
Lightstone Holdco, LLC (b) (f)	Utilities	S+ 5.75% (11.00%)	1/29/2027	900		848		911		0.2	%


September 30, 2024
Portfolio Company (d)	Industry	Investment Coupon Rate (a)	Maturity	Principal/Number of Shares		Amortized Cost		Fair Value		% of Members’ Capital (c)
Liquid Tech Solutions Holdings, LLC (b) (f)	Industrials	S+ 4.75% (9.71%)	3/20/2028	$	9,933	$	9,903	$	9,933	2.0	%
Luxembourg Investment Co., 428 SARL	Chemicals	S+ 7.00% (11.95%)	1/3/2029	3,686		3,660		46		0.0	%
Madison IAQ, LLC (f)	Industrials	4.13%	6/30/2028	2,000		1,989		1,930		0.4	%
Magnite, Inc. (b)	Technology	S+ 3.75% (8.60%)	2/6/2031	4,988		4,941		5,019		1.0	%
Max US Bidco, Inc. (b)	Food & Beverage	S+ 5.00% (9.85%)	10/3/2030	4,975		4,754		4,698		1.0	%
Medallion Midland Acquisition, LP (f)	Energy	S+ 3.50% (8.31%)	10/18/2028	5,487		5,467		5,488		1.1	%
Medline Borrower, LP (f)	Healthcare	S+ 2.25% (7.10%)	10/23/2028	4,000		4,000		3,994		0.8	%
MH Sub I, LLC (b) (f)	Business Services	S+ 4.25% (9.10%)	5/3/2028	7,443		7,312		7,391		1.5	%
Michael Baker International, LLC (b)	Industrials	S+ 4.75% (9.60%)	12/1/2028	3,251		3,230		3,263		0.7	%
MPH Acquisition Holdings, LLC (b)	Healthcare	S+ 4.25% (9.57%)	9/1/2028	871		859		653		0.1	%
MYOB US Borrower, LLC (f)	Business Services	S+ 4.00% (8.85%)	5/6/2026	5,313		5,308		5,244		1.1	%
National Mentor Holdings, Inc. (f)	Healthcare	S+ 3.75% (8.45%)	3/2/2028	150		149		144		0.0	%
National Mentor Holdings, Inc. (b) (f)	Healthcare	S+ 3.75% (8.70%)	3/2/2028	4,322		4,311		4,146		0.8	%
Nexus Buyer, LLC (b)	Financials	S+ 4.00% (8.85%)	7/31/2031	7,174		7,138		7,107		1.4	%
Nouryon Finance B.V. (e) (f)	Chemicals	S+ 3.50% (8.63%)	4/3/2028	4,563		4,542		4,563		0.9	%
Omnia Partners, LLC (f)	Business Services	S+ 3.25% (8.53%)	7/25/2030	6,230		6,192		6,242		1.3	%
OneDigital Borrower, LLC (f)	Financials	S+ 3.25% (8.10%)	7/2/2031	6,858		6,825		6,792		1.4	%
Oscar AcquisitionCo, LLC (f)	Industrials	S+ 4.25% (8.85%)	4/30/2029	4,956		4,906		4,890		1.0	%
Peer Holding III B.V. (b)	Retail	S+ 3.00% (7.60%)	7/1/2031	6,000		6,000		6,010		1.2	%
Peraton Corp. (b)	Industrials	S+ 3.75% (8.70%)	2/1/2028	4,920		4,895		4,725		1.0	%
PetSmart, LLC (f)	Retail	S+ 3.75% (8.70%)	2/11/2028	2,481		2,479		2,456		0.5	%
PG&E Corp.	Utilities	4.25%	12/1/2027	3,000		2,998		3,244		0.7	%
Pluto Acquisition I, Inc. (b)	Healthcare	S+ 4.00% (9.13%)	9/20/2028	9,754		9,754		8,893		1.7	%
PODS, LLC (b) (f)	Paper & Packaging	S+ 3.00% (8.51%)	3/31/2028	7,462		7,123		7,041		1.4	%
Power Stop, LLC (f)	Transportation	S+ 4.75% (9.91%)	1/26/2029	3,158		3,132		3,031		0.6	%
PRA Health Sciences, Inc.	Healthcare	2.88%	7/15/2026	8,600		8,232		8,315		1.7	%
Pregis TopCo, LLC (b)	Paper & Packaging	S+ 4.00% (8.85%)	7/31/2026	6,747		6,722		6,753		1.4	%
Pretzel Parent, Inc. (b)	Media/Entertainment	S+ 4.50% (9.34%)	8/14/2031	3,500		3,448		3,504		0.7	%
Proofpoint, Inc. (b)	Software/Services	S+ 3.00% (7.85%)	8/31/2028	6,324		6,287		6,320		1.3	%
Pug, LLC (f)	Media/Entertainment	S+ 4.75% (9.60%)	3/15/2030	4,777		4,711		4,763		1.0	%
Quikrete Holdings, Inc. (f)	Industrials	S+ 2.25% (7.10%)	3/19/2029	1,739		1,739		1,738		0.4	%
Quikrete Holdings, Inc. (f)	Industrials	S+ 2.50% (7.35%)	4/14/2031	6,078		6,064		6,078		1.2	%
Radar Bidco SARL (b)	Transportation	S+ 4.25% (9.56%)	4/4/2031	1,676		1,668		1,673		0.3	%
Radiology Partners, Inc. (f)	Healthcare	S+ 5.00% (10.38%) 1.50% PIK	1/31/2029	9,482		8,956		9,262		1.9	%
Recess Holdings, Inc. (b)	Consumer	S+ 4.50% (9.75%)	2/20/2030	12,444		12,307		12,478		2.4	%
Renaissance Holding Corp. (f)	Software/Services	S+ 4.25% (9.10%)	4/8/2030	1,980		1,979		1,978		0.4	%
Resolute Investment Managers, Inc.	Financials	S+ 6.50% (11.37%)	4/30/2027	2,439		2,439		2,439		0.5	%
Restoration Hardware, Inc. (b) (f)	Retail	S+ 2.50% (7.46%)	10/20/2028	4,981		4,799		4,784		1.0	%
Revere Power, LLC (b)	Utilities	S+ 4.25% (9.00%)	3/30/2026	6,868		6,306		6,811		1.4	%
Revere Power, LLC (b)	Utilities	S+ 4.25% (9.00%)	3/30/2026	605		555		600		0.1	%
Roper Industrial Products Investment Co., LLC (f)	Industrials	S+ 3.25% (7.85%)	11/22/2029	7,496		7,334		7,507		1.5	%
Russell Investments US Institutional Holdco, Inc. (b)	Financials	S+ 6.50% (11.75%) 1.50% PIK	5/28/2027	5,820		5,672		4,997		1.0	%
RXB Holdings, Inc. (b) (f)	Healthcare	S+ 4.50% (9.47%)	12/20/2027	9,923		9,922		9,911		1.9	%
Ryan Specialty Group, LLC (b)	Financials	S+ 2.25% (7.10%)	9/15/2031	2,001		1,997		1,998		0.4	%
S&S Holdings, LLC (f)	Consumer	S+ 5.00% (10.07%)	3/13/2028	6,755		6,631		6,715		1.4	%


September 30, 2024
Portfolio Company (d)	Industry	Investment Coupon Rate (a)	Maturity	Principal/Number of Shares		Amortized Cost		Fair Value		% of Members’ Capital (c)
Safety Products/JHC Acquisition Corp. (b)	Industrials	S+ 4.50% (9.45%)	6/28/2026	$	401	$	390	$	400	0.1	%
Safety Products/JHC Acquisition Corp. (b) (f)	Industrials	S+ 4.50% (9.45%)	6/28/2026	7,409		7,254		7,399		1.5	%
Sedgwick Claims Management Services, Inc. (b)	Business Services	S+ 3.00% (8.25%)	7/31/2031	7,309		7,291		7,292		1.5	%
Sierra Enterprises, LLC (b)	Food & Beverage	S+ 6.75% (12.00%) 4.25% PIK	5/10/2027	5,187		5,121		4,906		1.0	%
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% (11.50%)	5/18/2028	1,861		1,604		1,842		0.4	%
Sonrava Health Holdings, LLC (f)	Healthcare	S+ 6.50% (11.50%) 5.50% PIK	8/18/2028	10,040		10,038		7,438		1.5	%
Sotera Health Holdings, LLC (f)	Healthcare	S+ 3.25% (8.10%)	5/30/2031	10,000		9,951		9,963		1.9	%
Specialty Building Products Holdings, LLC (b)	Industrials	S+ 3.75% (8.70%)	10/16/2028	4,974		4,960		4,935		1.0	%
Staples, Inc. (f)	Business Services	S+ 5.75% (10.69%)	9/4/2029	7,364		7,082		6,681		1.4	%
Team Health Holdings, Inc. (f)	Healthcare	S+ 5.25% (10.50%)	3/2/2027	2,753		2,675		2,627		0.5	%
Tecta America Corp. (f)	Industrials	S+ 4.00% (8.96%)	4/10/2028	8,795		8,782		8,826		1.8	%
Tenet Healthcare Corp.	Healthcare	4.25%	6/1/2029	2,000		1,893		1,928		0.4	%
TransDigm, Inc. (f)	Industrials	S+ 2.50% (7.10%)	2/28/2031	5,970		5,956		5,945		1.2	%
Traverse Midstream Partners, LLC (b)	Energy	S+ 3.50% (8.75%)	2/16/2028	12,849		12,841		12,853		2.6	%
Triton Water Holdings, Inc. (f)	Food & Beverage	S+ 3.25% (8.12%)	3/31/2028	7,256		7,246		7,241		1.5	%
Triton Water Holdings, Inc. (b)	Food & Beverage	S+ 4.00% (8.60%)	3/31/2028	1,737		1,715		1,735		0.4	%
Truck Hero, Inc. (f)	Transportation	S+ 5.00% (9.96%)	1/31/2028	1,493		1,462		1,482		0.3	%
Truck Hero, Inc. (b) (f)	Transportation	S+ 3.50% (8.46%)	1/31/2028	7,472		7,397		7,338		1.5	%
Truist Insurance Holdings, LLC (b)	Financials	S+ 3.25% (7.85%)	5/6/2031	4,285		4,275		4,274		0.9	%
UKG, Inc. (b) (f)	Technology	S+ 3.25% (8.56%)	2/10/2031	9,735		9,664		9,735		1.9	%
United Airlines, Inc.	Transportation	4.38%	4/15/2026	2,000		1,950		1,966		0.4	%
United Airlines, Inc. (f)	Transportation	4.63%	4/15/2029	500		454		483		0.1	%
United Airlines, Inc. (b)	Transportation	S+ 2.75% (8.03%)	2/22/2031	4,478		4,458		4,479		0.9	%
University Support Services, LLC (f)	Education	S+ 2.75% (7.60%)	2/12/2029	7,284		7,271		7,258		1.5	%
US Anesthesia Partners, Inc. (b) (f)	Healthcare	S+ 4.25% (9.57%)	10/2/2028	7,504		7,014		7,341		1.5	%
Venga Finance SARL (b)	Telecom	S+ 4.25% (9.57%)	6/28/2029	3,920		3,826		3,927		0.8	%
Victory Buyer, LLC (b)	Industrials	S+ 3.75% (8.72%)	11/20/2028	7,468		7,184		7,162		1.5	%
Virgin Media Bristol, LLC (f)	Telecom	S+ 3.25% (8.66%)	3/31/2031	2,500		2,497		2,385		0.5	%
Vistra Operations Co., LLC (f)	Utilities	S+ 2.00% (6.85%)	12/20/2030	2,481		2,485		2,481		0.5	%
VS Buyer, LLC (b)	Software/Services	S+ 3.25% (8.35%)	4/14/2031	1,067		1,065		1,067		0.2	%
Vyaire Medical, Inc.	Healthcare	S+ 7.00% (12.30%) 6.00% PIK	10/10/2024	905		899		918		0.2	%
Vyaire Medical, Inc.	Healthcare	S+ 7.00% (12.30%) 6.00% PIK	10/10/2024	2,365		2,229		235		0.0	%
Vyaire Medical, Inc.	Healthcare	P+ 5.75% (13.75%)	4/16/2025	4,922		4,638		—		—	%
WaterBridge Midstream Operating, LLC (b)	Energy	S+ 4.75% (9.39%)	6/27/2029	10,000		9,904		9,646		1.9	%
Waterbridge NDB Operating, LLC (f)	Energy	S+ 4.50% (9.60%)	5/10/2029	2,970		2,942		2,962		0.6	%
Watlow Electric Manufacturing, Co. (b)	Industrials	S+ 3.75% (9.26%)	3/2/2028	4,670		4,656		4,681		0.9	%
Waystar Technologies, Inc. (b)	Healthcare	S+ 2.75% (7.60%)	10/22/2029	1,326		1,325		1,325		0.3	%
WCG Purchaser Corp. (f)	Healthcare	S+ 3.50% (8.35%)	1/8/2027	4,936		4,901		4,933		1.0	%
WEC US Holdings, Ltd. (b)	Utilities	S+ 2.75% (7.60%)	1/27/2031	5,520		5,494		5,517		1.1	%
WestJet Loyalty, LP (b)	Transportation	S+ 3.75% (8.35%)	2/14/2031	5,771		5,717		5,704		1.2	%


September 30, 2024
Portfolio Company (d)	Industry	Investment Coupon Rate (a)	Maturity	Principal/Number of Shares		Amortized Cost		Fair Value		% of Members’ Capital (c)
White Cap Supply Holdings, LLC (f)	Consumer	S+ 3.25% (8.10%)	10/19/2029	$	6,838	$	6,805	$	6,785	1.4	%
Windsor Holdings III, LLC (f)	Chemicals	S+ 3.50% (8.46%)	8/1/2030	3,286		3,227		3,296		0.7	%
Zayo Group Holdings, Inc. (f)	Telecom	S+ 4.25% (9.10%)	3/9/2027	1,587		1,488		1,460		0.3	%
Zayo Group Holdings, Inc. (b) (f)	Telecom	S+ 3.00% (7.96%)	3/9/2027	8,409		7,444		7,668		1.5	%
Zelis Cost Management Buyer, Inc. (f)	Healthcare	S+ 2.75% (7.60%)	9/28/2029	1,871		1,863		1,869		0.4	%
Subtotal Senior Secured First Lien Debt						$	1,030,891	$	1,012,314	205.1	%

Senior Secured Second Lien Debt
American Rock Salt Company, LLC	Chemicals	S+ 7.25% (12.57%)	6/11/2029	$	1,943	$	1,927	$	1,749	0.4	%
Edelman Financial Center, LLC (f)	Financials	S+ 5.25% (10.10%)	10/6/2028	4,750		4,739		4,728		1.0	%
Icon Parent, Inc. (b)	Software/Services	S+ 5.00% (9.85%)	9/12/2032	5,000		4,975		5,011		1.0	%
IDERA, Inc. (b) (e)	Technology	S+ 6.75% (12.15%)	3/2/2029	1,036		1,029		997		0.2	%
Neptune Bidco US, Inc. (f)	Publishing	S+ 9.75% (15.16%)	10/11/2029	2,000		1,955		1,960		0.4	%
Subtotal Senior Secured Second Lien Debt						$	14,625	$	14,445	3.0	%

Collateralized Securities
Collateralized Securities - Debt Investments
AIG CLO, Ltd. 21-1A F	Diversified Investment Vehicles	S+ 6.90% (12.44%)	4/22/2034	$	1,410	$	1,303	$	1,264	0.3	%
Battalion CLO, Ltd. 21-17A F	Diversified Investment Vehicles	S+ 7.50% (13.04%)	3/9/2034	1,224		1,145		997		0.2	%
Carlyle GMS CLO, 16-3A FRR	Diversified Investment Vehicles	S+ 8.60% (14.14%)	7/20/2034	2,100		1,999		1,822		0.4	%
Covenant Credit Partners CLO, Ltd. 17 1A E	Diversified Investment Vehicles	S+ 6.45% (12.01%)	10/15/2029	2,500		2,340		2,404		0.5	%
Eaton Vance CDO, Ltd. 15-1A FR	Diversified Investment Vehicles	S+ 7.97% (13.51%)	1/20/2030	2,000		1,802		1,575		0.3	%
Elevation CLO, Ltd. 13-1A D2	Diversified Investment Vehicles	S+ 11.35% (16.73%)	8/15/2032	2,000		1,968		1,691		0.3	%
Fortress Credit BSL, Ltd. 22-1A E	Diversified Investment Vehicles	S+ 8.15% (13.43%)	10/23/2034	1,000		982		993		0.2	%
Great Lakes CLO, Ltd. 21-6A E	Diversified Investment Vehicles	S+ 8.03% (13.59%)	1/15/2034	5,150		4,976		5,065		0.9	%
Greywolf CLO, Ltd. 20-3RA ER	Diversified Investment Vehicles	S+ 8.74% (14.28%)	4/15/2033	1,000		891		886		0.2	%
Hayfin Kingsland XI, Ltd. 19-2A ER	Diversified Investment Vehicles	S+ 7.72% (13.26%)	10/20/2034	2,500		2,435		2,474		0.5	%
Highbridge Loan Management, Ltd. 11A-17 E	Diversified Investment Vehicles	S+ 6.10% (11.59%)	5/6/2030	3,000		2,770		2,513		0.5	%
Jamestown CLO, Ltd. 22-18A E	Diversified Investment Vehicles	S+ 7.87% (13.16%)	7/25/2035	3,000		2,753		2,975		0.6	%
KKR Financial CLO, Ltd. 15 FR	Diversified Investment Vehicles	S+ 8.50% (14.04%)	1/18/2032	2,000		1,912		1,748		0.4	%
LCM, Ltd. Partnership 16A ER2	Diversified Investment Vehicles	S+ 6.38% (11.94%)	10/15/2031	2,500		2,326		2,275		0.5	%
Medalist Partners Corporate Finance CLO, Ltd. 21-1A D	Diversified Investment Vehicles	S+ 7.48% (13.02%)	10/20/2034	3,000		2,872		2,964		0.5	%
Northwoods Capital, Ltd. 17-15A ER	Diversified Investment Vehicles	S+ 7.64% (12.72%)	6/20/2034	3,000		2,931		2,959		0.6	%
OCP CLO, Ltd. 14-5A DR	Diversified Investment Vehicles	S+ 5.70% (11.24%)	4/26/2031	2,200		2,106		2,056		0.4	%
OZLM, Ltd. 16-15A DR	Diversified Investment Vehicles	S+ 6.75% (12.29%)	4/20/2033	2,000		1,919		1,840		0.4	%


September 30, 2024
Portfolio Company (d)	Industry	Investment Coupon Rate (a)	Maturity	Principal/Number of Shares		Amortized Cost		Fair Value		% of Members’ Capital (c)
Palmer Square CLO, Ltd. 21-4A F	Diversified Investment Vehicles	S+ 7.66% (13.22%)	10/15/2034	$	1,500	$	1,436	$	1,360	0.3	%
Saranac CLO, Ltd. 20-8A E	Diversified Investment Vehicles	S+ 8.12% (13.51%)	2/20/2033	1,455		1,443		1,405		0.3	%
Sculptor CLO, Ltd. 27A E	Diversified Investment Vehicles	S+ 7.05% (12.59%)	7/20/2034	1,500		1,463		1,469		0.3	%
Sound Point CLO, Ltd. 17-1A E	Diversified Investment Vehicles	S+ 5.96% (11.51%)	1/23/2029	4,000		3,723		3,777		0.7	%
Sound Point CLO, Ltd. 17-2A E	Diversified Investment Vehicles	S+ 6.10% (11.65%)	7/25/2030	2,400		2,147		1,908		0.4	%
Sound Point CLO, Ltd. 18-3A D	Diversified Investment Vehicles	S+ 5.79% (11.33%)	10/26/2031	1,000		920		765		0.2	%
Symphony CLO, Ltd. 2012-9A ER2	Diversified Investment Vehicles	S+ 6.95% (12.50%)	7/16/2032	3,000		2,812		2,848		0.6	%
Trimaran CAVU 2021-2A, Ltd. 21-2A E	Diversified Investment Vehicles	S+ 7.20% (12.75%)	10/25/2034	3,000		2,950		2,931		0.5	%
Trysail CLO, Ltd. 21-1A E	Diversified Investment Vehicles	S+ 7.38% (12.92%)	7/20/2032	1,500		1,454		1,491		0.3	%
Venture CDO, Ltd. 16-23A ER2	Diversified Investment Vehicles	S+ 7.55% (13.09%)	7/19/2034	3,000		2,924		2,742		0.6	%
Venture CLO 43, Ltd. 21-43A E	Diversified Investment Vehicles	S+ 7.15% (12.71%)	4/15/2034	3,000		2,926		2,746		0.6	%
Wind River CLO, Ltd. 14-2A FR	Diversified Investment Vehicles	S+ 7.87% (13.43%)	1/15/2031	3,000		2,601		1,780		0.4	%
Zais CLO 13, Ltd. 19-13A D1	Diversified Investment Vehicles	S+ 4.52% (10.08%)	7/15/2032	3,000		2,778		2,915		0.6	%
Subtotal Collateralized Securities						$	69,007	$	66,638	13.5	%

Equity/Other
Avaya Holdings Corp.	Technology			88		$	1,244	$	638	0.1	%
Avaya Holdings Corp.	Technology			17		244		125		0.0	%
Gordian Medical, Inc.	Healthcare			405		7,361		7,146		1.4	%
Gordian Medical, Inc.	Healthcare			392		—		—		—	%
Resolute Investment Managers, Inc.	Financials			30		1,286		991		0.2	%
Subtotal Equity/Other						$	10,135	$	8,900	1.7	%

TOTAL INVESTMENTS						$	1,124,658	$	1,102,297	223.3	%

(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"), or Prime ("P") 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 September 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.

(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 $1.3 million of unfunded commitments as of September 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.

(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.

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The following table summarizes the significant unobservable inputs used to value the majority of the Level 3 investments as of September 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

2,441,219

Yield Analysis

Market Yield

2.35%

43.67%

10.78%

Senior Secured First Lien Debt (c)

257,223

N/A

Senior Secured First Lien Debt

30,167

Waterfall Analysis

EBITDA Multiple

0.60x

10.15x

7.46x

Senior Secured First Lien Debt

7,360

Waterfall Analysis

Revenue Multiple

0.00x

0.40x

0.25x

Senior Secured Second Lien Debt

103,657

Yield Analysis

Market Yield

13.13%

23.00%

16.68%

Senior Secured Second Lien Debt (b)

2,921

Waterfall Analysis

EBITDA Multiple

4.65x

Senior Secured Second Lien Debt (b)

435

Waterfall Analysis

Revenue Multiple

0.40x

Subordinated Debt

149,100

Waterfall Analysis

Tangible Net Asset Value Multiple

1.27x

1.59x

1.48x

Subordinated Debt (b)

41,280

Yield Analysis

Market Yield

9.81%

Subordinated Debt

8,575

Waterfall Analysis

EBITDA Multiple

9.58x

10.98x

9.59x

Collateralized Securities

7,325

Yield Analysis

Discount Rate

0.00%

15.04%

8.99%

Collateralized Securities (d)

3,308

Waterfall Analysis

Asset Recovery

$2.69

$2.78

$2.76

Equity/Other

196,541

Waterfall Analysis

Tangible Net Asset Value Multiple

1.27x

1.59x

1.46x

Equity/Other

37,501

Waterfall Analysis

EBITDA Multiple

3.50x

26.73x

11.01x

Equity/Other (b)

2,387

Yield Analysis

Market Yield

11.57%

Equity/Other (b)

1,615

Waterfall Analysis

Adjusted BV Multiple

2.40x

Equity/Other

Waterfall Analysis

Revenue Multiple

0.20x

0.40x

0.32x

Equity/Other

—

Waterfall Analysis

Discount Rate

16.75%

FBLC Senior Loan Fund, LLC (b)

404,934

Discounted Cash Flow

Discount Rate

12.85%

Total

3,695,569

______________

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

(b) This asset category contains one investment.

(d) Range and weighted average shown in millions.

There were no significant changes in valuation approach or technique as of September 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

Senior Secured First Lien Debt (b)

2,769

Waterfall Analysis

EBITDA Multiple

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

Equity/Other (b)

32,600

Waterfall Analysis

Tangible Net Asset Value Multiple

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%

Total

726,533

______________

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

(b) This asset category contains one investment.

Schedule of Investment Holdings

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


	September 30, 2024		December 31, 2023
	(Unaudited)
Total assets	$	1,148,316	$	946,605
Total investments (1)	$	1,102,297	$	877,688
Weighted Average Current Yield for Total Portfolio (2)	9.7%		11.0%
Number of Portfolio companies in SLF	214		172
Largest portfolio company investment (1)	$	17,141	$	19,838
Total of five largest portfolio company investments (1)	$	72,402	$	82,467

————————

(1) At fair value.

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

Schedule of Summarized Financial Information

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


Selected Statements of Assets and Liabilities Information	September 30,		December 31,
	2024		2023
	(Unaudited)
ASSETS
Investments, at fair value (amortized cost of $1,124,658 and $908,094, respectively)	$	1,102,297	$	877,688
Cash and other assets	46,019		68,917
Total assets	$	1,148,316	$	946,605

LIABILITIES
Revolving credit facilities (net of deferred financing costs of $1,803 and $1,695, respectively)	$	564,197	$	481,805
Secured borrowings	14,520		39,959
Other liabilities	76,066		45,124
Total Liabilities	$	654,783	$	566,888

MEMBERS’ CAPITAL
Total members’ capital	$	493,533	$	379,717

Total liabilities and members’ capital	$	1,148,316	$	946,605


Selected Statements of Operations Information	For the three months ended September 30,				For the nine months ended September 30,
	2024		2023		2024		2023
	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
Investment income:
Total investment income	$	26,304	$	24,518	$	77,193	$	71,397

Operating expenses:
Interest and credit facility financing expenses	10,715		10,914		31,919		31,149
Other expenses	617		827		1,836		1,974
Total expenses	11,332		11,741		33,755		33,123

Net investment income	14,971		12,777		43,438		38,274

Realized and unrealized gain (loss) on investments:
Net realized and unrealized gain (loss) on investments	(2,178)		13,107		(1,521)		21,831

Net increase (decrease) in members’ capital resulting from operations	$	12,794	$	25,884	$	41,917	$	60,105

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details