10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_____________________________________________________

FORM 10-Q

_____________________________________________________

(Mark One)

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

For the quarterly period ended March 31, 2023

OR

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

For the transition period from  __________  to __________

Commission File Number 814-01431

________________________________________________________________________________________________

HPS Corporate Lending Fund

(Exact name of Registrant as specified in its Charter)

________________________________________________________________________________________________

Delaware	87-6391045
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
40 West 57th Street, 33rd Floor New York, NY	10019
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (212) 287-6767

________________________________________________________________________________________________

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

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
None	None	None

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

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

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

Large accelerated filer	o	Accelerated filer	o
Non-accelerated filer	x	Smaller reporting company	o
Emerging growth company	x

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

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

The Registrant’s Common Shares, $0.01 par value per share, outstanding as of May 8, 2023 was 0, 37,063,002, 19,854,598 and 97,670,817 of Class S, Class I, Class D, and Class F common shares, respectively. Common shares outstanding exclude May 1, 2023 subscriptions since the issuance price is not yet finalized at the date of this filing.

Table of Contents

		Page
PART I	FINANCIAL INFORMATION
Item 1.	Consolidated Financial Statements
	Consolidated Statements of Assets and Liabilities as of March 31, 2023 (Unaudited) and December 31, 2022	2
	Consolidated Statements of Operations for the three months ended March 31, 2023 and March 31, 2022 (Unaudited)	4
	Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2023 (Unaudited) and March 31, 2022 (Unaudited)	5
	Consolidated Statements of Cash Flows for the three months ended March 31, 2023 (Unaudited) and March 31, 2022 (Unaudited)	6
	Consolidated Schedules of Investments as of March 31, 2023 (Unaudited) and December 31, 2022	8
	Notes to Consolidated Financial Statements (Unaudited)	34
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	67
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	84
Item 4.	Controls and Procedures	85
PART II	OTHER INFORMATION
Item 1.	Legal Proceedings	86
Item 1A.	Risk Factors	86
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	87
Item 3.	Defaults Upon Senior Securities	87
Item 4.	Mine Safety Disclosures	87
Item 5.	Other Information	87
Item 6.	Exhibits	88
Signatures

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This report contains forward-looking statements that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about HPS Corporate Lending Fund (together, with its consolidated subsidiaries, the “Company”, “we” or “our”), our current and prospective portfolio investments, our industry, our beliefs and opinions, and our assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” “outlook,” “potential,” “predicts” and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including without limitation:

•our future operating results;

•our business prospects and the prospects of our portfolio companies, including our and their ability to achieve our respective objectives as a result of inflation, increases in borrowing costs and a potential global recession;

•the impact of geo-political conditions, including revolution, insurgency, terrorism or war, including those arising out of the ongoing conflict between Russia and Ukraine;

•the impact of the investments that we expect to make;

•our ability to raise sufficient capital to execute our investment strategy;

•our current and expected financing arrangements and investments;

•the adequacy of our cash resources, financing sources and working capital;

•changes in the general interest rate environment, including the decommissioning of the London InterBank Offered Rate (“LIBOR”), the current elevated interest rate environment, and uncertainty about the Federal Reserve’s targeted terminal rate;

•the timing and amount of cash flows, distributions and dividends, if any, from our portfolio companies;

•our contractual arrangements and relationships with third parties;

•actual and potential conflicts of interest with HPS Investment Partners, LLC (the “Adviser”) or any of its affiliates;

•the elevated levels of inflation, and its impact on our portfolio companies and on the industries in which we invest;

•the dependence of our future success on the general economy and its effect on the industries in which we may invest;

•the availability of credit and/or our ability to access the capital markets;

•our use of financial leverage;

•the ability of the Adviser to source suitable investments for us and to monitor and administer our investments;

•the ability of the Adviser or its affiliates to attract and retain highly talented professionals;

•our ability to qualify for and maintain our qualification as a regulated investment company and as a business development company (“BDC”);

•the impact on our business of new or amended legislation or regulations;

•currency fluctuations, particularly to the extent that we receive payments denominated in currency other than U.S. dollars;

•the effect of changes to tax legislation and our tax position; and

•the tax status of the enterprises in which we may invest.

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of any projection or forward-looking statement in this report should not be regarded as a representation by us that our plans and objectives will be achieved. Moreover, we assume no duty and do not undertake to update the forward-looking statements, except as required by applicable law. Because we are an investment company, the forward-looking statements and projections contained in this report are excluded from the safe harbor protection provided by Section 21E of the U.S. Securities Exchange Act of 1934 Act, as amended (the “1934 Act”).

1

PART I - FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements.

HPS Corporate Lending Fund

Consolidated Statements of Assets and Liabilities

(in thousands, except share and per share amounts)

	March 31, 2023		December 31, 2022
ASSETS	(Unaudited)
Investments at fair value
Non-controlled/non-affiliated investments (amortized cost of $6,719,271 and $5,860,186 at March 31, 2023 and December 31, 2022, respectively)	$	6,653,479	$	5,716,521
Cash and cash equivalents	120,144		74,241
Interest receivable	62,560		51,778
Deferred financing costs	26,144		20,187
Deferred offering costs	1,231		310
Derivative assets, at fair value (Note 6)	7,489		991
Receivable for investments sold	16,513		8,591
Other assets	271		410
Total assets	$	6,887,831	$	5,873,029
LIABILITIES
Debt (net of unamortized debt issuance costs of $6,922 and $3,572 at March 31, 2023 and December 31, 2022, respectively)	$	3,001,030	$	2,342,067
Payable for investments purchased	46,560		—
Interest payable	35,593		17,440
Derivative liabilities, at fair value (Note 6)	4,641		2,136
Due to affiliates	9,845		5,250
Distribution payable (Note 9)	29,860		39,090
Payable for share repurchases (Note 9)	25,769		9,814
Management fees payable (Note 3)	11,188		—
Income based incentive fees payable (Note 3)	14,248		—
Shareholder servicing fee payable	1,106		1,032
Accrued expenses and other liabilities	12,101		928
Total liabilities	3,191,941		2,417,757
Commitments and contingencies (Note 8)
NET ASSETS
Common Shares, $0.01 par value (151,467,608 and 144,699,650 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively)	1,515		1,447
Additional paid in capital	3,738,603		3,574,281
Distributable earnings (loss)	(44,228)		(120,456)
Total net assets	3,695,890		3,455,272
Total liabilities and net assets	$	6,887,831	$	5,873,029

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

2

HPS Corporate Lending Fund

Consolidated Statements of Assets and Liabilities

(in thousands, except share and per share amounts)

	March 31, 2023		December 31, 2022
NET ASSET VALUE PER SHARE	(Unaudited)
Class I Shares:
Net assets	$	894,448	$	838,207
Common Shares outstanding ($0.01 par value, unlimited shares authorized)	36,656,322		35,101,879
Net asset value per share	$	24.40	$	23.88
Class D Shares:
Net assets	$	462,874	$	418,798
Common Shares outstanding ($0.01 par value, unlimited shares authorized)	18,969,647		17,538,259
Net asset value per share	$	24.40	$	23.88
Class F Shares:
Net assets	$	2,338,568	$	2,198,267
Common Shares outstanding ($0.01 par value, unlimited shares authorized)	95,841,639		92,059,512
Net asset value per share	$	24.40	$	23.88

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

3

HPS Corporate Lending Fund

Consolidated Statements of Operations

(in thousands)

(Unaudited)

	Three Months Ended March 31, 2023		Three Months Ended March 31, 2022
Investment income:
From non-controlled/non-affiliated investments:
Interest income	$	173,642	$	17,438
Payment-in-kind interest income	4,730		617
Other income	404		114
Total investment income	178,776		18,169
Expenses:
Interest expense	49,963		5,750
Management fees	11,188		1,425
Income based incentive fee	14,248		1,016
Distribution and shareholder servicing fees
Class D	275		31
Class F	2,835		331
Professional fees	919		412
Board of Trustees’ fees	141		138
Administrative service expenses (Note 3)	573		214
Other general & administrative	1,651		551
Amortization of continuous offering costs	365		353
Total expenses	82,158		10,221
Expense support (Note 3)	—		(2,827)
Reimbursable expenses previously borne by Adviser (Note 3)	—		1,196
Distribution and shareholder servicing fees waived (Note 3)	—		(362)
Management fees waived (Note 3)	—		(1,425)
Incentive fees waived (Note 3)	—		(1,016)
Net expenses	82,158		5,787
Net investment income before excise tax	96,618		12,382
Excise tax expense	(5)		—
Net investment income after excise tax	96,623		12,382
Net realized and change in unrealized gain (loss):
Realized gain (loss):
Non-controlled/non-affiliated investments	(10,731)		17
Foreign currency forward contracts	(529)		—
Foreign currency transactions	(169)		284
Net realized gain (loss)	(11,429)		301
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments	77,873		(3,156)
Foreign currency forward contracts	(2,505)		18
Translation of assets and liabilities in foreign currencies	(1,533)		86
Net change in unrealized appreciation (depreciation)	73,835		(3,052)
Net realized and change in unrealized gain (loss)	62,406		(2,751)
Net increase (decrease) in net assets resulting from operations	$	159,029	$	9,631

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

4

HPS Corporate Lending Fund

Consolidated Statements of Changes in Net Assets

(in thousands)

(Unaudited)

	Three Months Ended March 31, 2023		Three Months Ended March 31, 2022
Increase (decrease) in net assets from operations:
Net investment income	$	96,623	$	12,382
Net realized gain (loss)	(11,429)		301
Net change in unrealized appreciation (depreciation)	73,835		(3,052)
Net increase (decrease) in net assets resulting from operations	159,029		9,631
Distributions to common shareholders:
Class I	(20,939)		(2,530)
Class D	(10,276)		(860)
Class F	(51,585)		(4,710)
Net decrease in net assets resulting from distributions	(82,800)		(8,100)
Share transactions:
Class I:
Proceeds from shares sold	21,893		268,044
Share transfers between classes	16,465		—
Distributions reinvested	8,526		751
Repurchased shares, net of early repurchase deduction	(9,192)		—
Net increase (decrease) from share transactions	37,692		268,795
Class D:
Proceeds from shares sold	30,400		117,825
Share transfers between classes	—		—
Distributions reinvested	4,406		54
Repurchased shares, net of early repurchase deduction	8		—
Net increase (decrease) from share transactions	34,814		117,879
Class F:
Proceeds from shares sold	100,409		524,684
Share transfers between classes	(16,465)		—
Distributions reinvested	24,524		694
Repurchased shares, net of early repurchase deduction	(16,585)		—
Net increase (decrease) from share transactions	91,883		525,378
Total increase (decrease) in net assets	240,618		913,583
Net assets, beginning of period	3,455,272		3
Net assets, end of period	$	3,695,890	$	913,586

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

5

HPS Corporate Lending Fund

Consolidated Statements of Cash Flows

(in thousands)

(Unaudited)

	Three Months Ended March 31, 2023		Three Months Ended March 31, 2022
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$	159,029	$	9,631
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Net change in unrealized (appreciation) depreciation on investments	(77,873)		3,156
Net realized (gain) loss on investments	10,731		(17)
Net change in unrealized (appreciation) depreciation on foreign currency forward contracts	2,505		(18)
Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies	1,633		—
Net accretion of discount and amortization of premium, net	(8,903)		(817)
Amortization of deferred financing costs	1,276		156
Amortization of debt issuance costs	295		—
Amortization of offering costs	365		353
Payment-in-kind interest capitalized	(4,669)		(607)
Purchases of investments	(965,575)		(1,287,234)
Proceeds from sale of investments and principal repayments	109,331		14,550
Changes in operating assets and liabilities:
Interest receivable	(10,782)		(8,565)
Receivable for investments sold	(7,922)		(316)
Other assets	139		—
Payable for investments purchased	46,560		168,365
Interest payable	18,153		1,169
Due to affiliates	4,595		1,778
Management fees payable	11,188		—
Income based incentive fees payable	14,248		—
Shareholder servicing fee payable	74		—
Accrued expenses and other liabilities	11,173		520
Net cash provided by (used in) operating activities	(684,429)		(1,097,896)
Cash flows from financing activities:
Borrowings of debt	1,470,143		450,624
Repayments of debt	(815,960)		(215,000)
Deferred financing costs paid	(7,233)		(5,337)
Debt issuance costs paid	(3,646)		—
Deferred offering costs paid	(1,286)		(2,161)
Proceeds from issuance of Common Shares	152,702		910,553
Common Shares repurchased, net of early repurchase deduction	(9,814)		—
Subscriptions received in advance	—		500,310
Distributions paid in cash	(54,574)		(1,268)
Net cash provided by (used in) financing activities	730,332		1,637,721
Net increase (decrease) in cash and cash equivalents	45,903		539,825
Cash and cash equivalents, beginning of period	74,241		3
Cash and cash equivalents, end of period	$	120,144	$	539,828

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

6

HPS Corporate Lending Fund

Consolidated Statements of Cash Flows

(in thousands)

(Unaudited)

	Three Months Ended March 31, 2023		Three Months Ended March 31, 2022
Supplemental information and non-cash activities:
Interest paid during the period	$	31,810	$	4,580
Taxes paid during the period	$	819	$	—
Distribution payable	$	29,860	$	5,332
Share repurchases accrued but not paid	$	25,769	$	—
Reinvestment of distributions during the period	$	37,456	$	1,499
Non-cash purchases of investments	$	19,124	$	49,940
Non-cash sales of investments	$	(19,124)	$	(49,940)

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

7

HPS Corporate Lending Fund

Consolidated Schedule of Investments

March 31, 2023

(in thousands)

(Unaudited)

Company (1)	.	Reference Rate and Spread (2)		.	Interest Rate (2)	.	Maturity Date	.	Par Amount/Units		.	Amortized Cost (3)		.	Fair Value		.	Percentage of Net Assets
Non-Controlled/Non-Affiliated Investments
First Lien Debt
Aerospace and Defense
Arcfield Acquisition Corp (4)(7)(11)							3/10/2027		$	2,990		$	(47)		$	(100)
Arcfield Acquisition Corp (4)(11)		SF +	5.75%		10.62%		3/10/2028		20,395			20,040			19,631
Asdam Operations Pty Ltd (4)(6)(9)		B +	5.75%		9.43%		8/22/2028		A$	3,614		2,404			2,335
Asdam Operations Pty Ltd (4)(6)(7)(9)							8/22/2028		A$	5,421		(108)			(123)
Asdam Operations Pty Ltd (4)(6)(9)		B +	5.75%		9.43%		8/22/2028		A$	41,558		27,749			26,847
Cobham Holdings Inc. (4)(7)(11)							1/10/2028		4,614			(132)			(132)
Cobham Holdings Inc. (4)(11)		SF +	6.75%		11.65%		1/9/2030		37,712			36,617			36,616
Sequa Corp (4)(7)(12)							11/23/2027		13,676			(647)			(436)
Sequa Corp (4)(12)		SF +	7.00%		11.83%		11/24/2028		127,989			121,740			123,947
												207,616			208,585			5.64	%
Automobiles and Parts
Foundation Automotive Us Corp (4)(7)(12)		SF +	7.75%		12.67%		12/24/2027		27,518			3,900			3,098
Foundation Automotive Corp (4)(6)(12)		SF +	7.75%		12.91%		12/24/2027		16,043			15,833			15,349
Foundation Automotive Us Corp (4)(12)		SF +	7.75%		12.91%		12/24/2027		39,717			39,200			37,998
Oil Changer Holding Corporation (4)(12)		L +	6.75%		12.10%		2/8/2027		40,908			40,571			40,070
Oil Changer Holding Corporation (4)(12)		L +	6.75%		12.10%		2/8/2027		8,589			8,520			8,413
												108,024			104,928			2.84	%
Chemicals
Illuminate Buyer, LLC (8)		L +	3.50%		8.34%		6/30/2027		12,218			12,062			12,029
												12,062			12,029			0.33	%
Construction and Materials
Nexus Intermediate III, LLC (4)(7)(11)							12/6/2027		300			(4)			—
Nexus Intermediate III, LLC (4)(11)		SF +	5.25%		10.82%		12/6/2027		1,073			1,058			1,073
												1,054			1,073			0.03	%
Consumer Services
American Academy Holdings, LLC (4)(12)		L +	11.00% (incl 5.25% PIK)		15.84%		1/2/2025		52,320			52,361			51,957
Auctane Inc (4)(11)		L +	5.75%		10.59%		10/5/2028		24,750			24,750			24,333
Club Car Wash Operating, LLC (4)(7)(12)		SF +	6.50%		11.55%		6/16/2027		61,770			40,026			38,950
Club Car Wash Operating, LLC (4)(12)		SF +	6.50%		11.55%		6/16/2027		27,720			27,385			26,776
Ensemble RCM LLC (8)		SF +	3.75%		8.53%		8/3/2026		1,995			1,987			1,995
Express Wash Concepts (4)(7)(12)		SF +	6.75%		11.66%		4/30/2027		47,475			28,830			26,747
Express Wash Concepts (4)(12)		SF +	6.75%		11.66%		4/30/2027		26,730			26,508			25,339
Houghton Mifflin Harcourt Company (9)		SF +	5.25%		10.16%		4/6/2029		29,850			29,051			26,843
PECF USS Intermediate Holding III Corporation (9)		L +	4.25%		9.09%		12/15/2028		14,825			14,749			12,560
Polyconcept North America Holdings, Inc. (11)		SF +	5.50%		10.31%		5/12/2029		23,184			22,766			22,821
Spotless Brands, LLC (4)(12)		SF +	6.50%		11.35%		7/25/2028		21,701			21,314			21,092
Spotless Brands, LLC (4)(12)		SF +	6.50%		11.31%		7/25/2028		16,104			15,817			15,651
Spotless Brands, LLC (4)(12)		SF +	6.50%		11.31%		7/25/2028		106,134			104,206			103,154
Spotless Brands, LLC (4)(7)(12)		SF +	6.50%		11.39%		7/25/2028		5,175			945			890
Thrasio LLC (12)		L +	7.00%		12.16%		12/18/2026		2,920			2,910			2,577
Trugreen Limited Partnership (11)		L +	4.00%		8.84%		11/2/2027		9,889			9,772			9,156
WMB Holdings Inc (9)		SF +	3.25%		8.16%		8/31/2029		2,108			2,048			2,107
Zips Car Wash, LLC (4)(12)		L +	7.25%		12.14%		3/1/2024		26,246			26,233			25,837

8

HPS Corporate Lending Fund

Consolidated Schedule of Investments

March 31, 2023

(in thousands)

(Unaudited)

Company (1)	.	Reference Rate and Spread (2)		.	Interest Rate (2)	.	Maturity Date	.	Par Amount/Units		.	Amortized Cost (3)	.	Fair Value	.	Percentage of Net Assets
Zips Car Wash, LLC (4)(7)(12)		SF +	7.25%		12.05%		3/1/2024		39,679			15,062		14,847
Zips Car Wash, LLC (4)(12)		SF +	7.25%		12.09%		3/1/2024		993			988		977
												467,708		454,609		12.30	%
Electricity
IP Operating Portfolio I, LLC (4)(7)(8)					7.88%		12/31/2029		27,428			12,539		12,398
												12,539		12,398		0.34	%
Electronic and Electrical Equipment
Brightstar Escrow Corp. (8)					9.75%		10/15/2025		1,000			985		910
												985		910		0.02	%
Finance and Credit Services
PCP CW Aggregator Holdings II, L.P. (4)(6)(12)		L +	7.25%		12.69%		2/9/2027		18,186			17,900		17,599
Verscend Holding Corp. (8)		L +	4.00%		8.84%		8/27/2025		3,970			3,954		3,971
Yes Energy LLC (4)(7)(11)		B +	5.00%		9.90%		4/21/2028		10,000			2,279		2,203
Yes Energy LLC (4)(11)		B +	5.00%		9.90%		4/21/2028		26,000			25,374		25,227
												49,507		49,000		1.33	%
Food Producers
Specialty Ingredients, LLC (4)(7)(11)		SF +	6.00%		10.89%		2/12/2029		11,279			2,898		2,587
Specialty Ingredients, LLC (4)(11)		SF +	6.00%		11.00%		2/12/2029		90,481			88,820		86,351
												91,718		88,938		2.41	%
Gas, Water and Multi-utilities
Floating Infrastructure Holdings Finance LLC (4)(6)(12)		SF +	5.75%		10.66%		8/13/2027		44,438			43,667		43,403
Eagle LNG Partners Jacksonville II LLC (4)(7)(14)							6/8/2024		380			(12)		(13)
Eagle LNG Partners Jacksonville II LLC (4)(14)		SF +	8.38%		13.27%		6/8/2024		620			600		600
												44,255		43,990		1.19	%
General Industrials
BP Purchaser, LLC (4)(11)		L +	5.50%		10.65%		12/11/2028		27,723			27,262		26,569
Formerra, LLC (4)(7)(12)							11/1/2028		4,270			(132)		(103)
Formerra, LLC (4)(7)(12)		SF +	7.25%		12.14%		11/1/2028		12,031			4,328		4,401
Formerra, LLC (4)(12)		SF +	7.25%		12.08%		11/1/2028		106,487			103,230		103,907
Marcone Yellowstone Buyer Inc. (4)(13)		SF +	6.25%		11.29%		6/23/2028		12,043			11,937		11,605
Marcone Yellowstone Buyer Inc. (4)(13)		SF +	6.25%		11.29%		6/23/2028		50,245			49,576		48,419
Marcone Yellowstone Buyer Inc. (4)(13)		SF +	6.25%		11.14%		6/23/2028		4,429			4,391		4,268
Marcone Yellowstone Buyer Inc. (4)(13)		SF +	6.25%		11.29%		6/23/2028		13,329			13,214		12,845
TMC Buyer Inc (4)(7)(9)							6/30/2028		4,569			(547)		(343)
TMC Buyer Inc (4)(9)		SF +	6.00%		10.86%		6/30/2028		66,085			58,126		61,120
												271,385		272,688		7.38	%
Health Care Providers
123Dentist Inc (4)(6)(7)(11)							8/10/2029		C$	9,636		(138)		(185)
123Dentist Inc (4)(6)(11)		C +	5.50%		10.42%		8/10/2029		C$	48,061		36,912		34,628
Accelerated Health Systems, LLC (9)		SF +	4.25%		9.30%		2/15/2029		8,012			7,992		5,915
ATI Holdings Acquisition, Inc. (4)(6)(12)		SF +	7.75% (incl 2.00% PIK)		12.64%		2/24/2028		40,675			39,992		36,515
Baart Programs, Inc. (4)(12)		L +	5.00%		10.16%		6/11/2027		10,206			10,125		9,728
Charlotte Buyer Inc (9)		SF +	5.25%		10.10%		2/11/2028		29,062			27,212		27,846
ERC Topco Holdings, LLC (4)(7)(11)		L +	5.50%		10.36%		11/10/2027		1,000			385		334
ERC Topco Holdings, LLC (4)(11)		L +	5.50%		10.66%		11/10/2028		25,424			25,008		23,485
MB2 Dental Solutions, LLC (4)(12)		SF +	6.00%		10.91%		1/29/2027		9,097			8,939		8,869
MB2 Dental Solutions, LLC (4)(7)(12)		SF +	6.00%		10.91%		1/29/2027		87,247			60,500		59,785
MB2 Dental Solutions, LLC (4)(12)		SF +	6.00%		10.91%		1/29/2027		25,228			24,792		24,597
Medline Borrower, LP (9)		L +	3.25%		8.09%		10/23/2028		19,798			19,608		19,329
MPH Acquisition Holdings LLC (9)		L +	4.25%		9.20%		9/1/2028		4,621			4,511		3,971
Pediatric Associates Holding Company, LLC (7)(9)		L +	3.25%		8.09%		12/29/2028		1,027			868		852
Pediatric Associates Holding Company, LLC (9)		L +	3.25%		8.09%		12/29/2028		6,749			6,723		6,616

9

HPS Corporate Lending Fund

Consolidated Schedule of Investments

March 31, 2023

(in thousands)

(Unaudited)

Company (1)	.	Reference Rate and Spread (2)		.	Interest Rate (2)	.	Maturity Date	.	Par Amount/Units		.	Amortized Cost (3)	.	Fair Value	.	Percentage of Net Assets
Phoenix Newco Inc (9)		L +	3.25%		8.09%		11/15/2028		17,701			17,589		17,528
Pinnacle Fertility, Inc. (4)(7)(11)		SF +	5.50%		10.55%		3/14/2028		12,453			9,122		9,088
Pinnacle Fertility, Inc. (4)(11)		SF +	5.50%		10.55%		3/14/2028		27,225			26,769		26,699
PPV Intermediate Holdings, LLC (4)(7)(11)							8/31/2029		4,770			(11)		(124)
PPV Intermediate Holdings, LLC (4)(11)		SF +	5.75%		10.88%		8/31/2029		111,286			109,344		108,391
PPV Intermediate Holdings, LLC (4)(7)(11)							8/31/2029		8,721			(22)		(227)
PTSH Intermediate Holdings, LLC (4)(7)(11)							12/17/2027		3,953			(68)		(217)
PTSH Intermediate Holdings, LLC (4)(11)		L +	5.75%		10.91%		12/17/2027		20,837			20,500		19,693
Tenet Healthcare Corp (6)(8)					5.13%		11/1/2027		2,695			2,729		2,590
Tivity Health Inc (4)(11)		SF +	6.00%		10.90%		6/28/2029		111,997			109,499		107,599
United Musculoskeletal Partners Acquisition Holdings, LLC (4)(7)(11)		SF +	5.00%		9.65%		7/17/2028		77,157			43,859		41,547
United Musculoskeletal Partners Acquisition Holdings, LLC (4)(11)		SF +	5.50%		10.16%		7/17/2028		43,618			42,824		41,535
WCAS XIII Primary Care Investors, L.P. (4)(12)		SF +	6.25%		11.06%		12/31/2029		135,630			133,036		133,007
												788,599		769,394		20.82	%
Household Goods and Home Construction
LHS Borrower, LLC (9)		SF +	4.75%		9.56%		2/16/2029		19,413			19,248		15,880
Sunset Debt Merger Sub, Inc. (11)		L +	4.00%		8.75%		10/6/2028		713			599		602
												19,847		16,482		0.45	%
Industrial Engineering
Brookfield WEC Holdings Inc. (9)		SF +	3.75%		8.56%		8/1/2025		3,985			3,940		3,984
Radwell Parent, LLC (4)(7)(11)		SF +	6.75%		11.56%		4/3/2028		13,271			1,396		1,512
Radwell Parent, LLC (4)(11)		SF +	6.75%		11.65%		4/2/2029		154,989			150,602		152,117
Roper Industrial Products Investment Co (9)		SF +	4.50%		9.40%		11/22/2029		18,180			17,552		18,069
Standard Industries, Inc. (9)		SF +	2.25%		7.12%		9/22/2028		1,279			1,280		1,275
Time Manufacturing Holdings, LLC (4)(11)		E +	6.50%		9.20%		12/1/2027		€	4,770		4,934		4,888
Time Manufacturing Holdings, LLC (4)(7)(11)		L +	6.50%		11.45%		12/1/2027		1,000			537		505
Time Manufacturing Holdings, LLC (4)(11)		L +	6.50%		11.45%		12/1/2027		12,112			11,901		11,506
Time Manufacturing Holdings, LLC (4)(11)		E +	6.50%		9.20%		12/1/2027		€	8,401		9,331		8,609
TK Elevator U.S. Newco, Inc. (6)(9)		L +	3.50%		8.60%		7/30/2027		12,668			12,510		12,375
												213,983		214,840		5.81	%
Industrial Metals and Mining
BLY US Holdings Inc. (4)(6)(12)		SF +	7.50%		12.59%		9/8/2026		3,060			2,993		2,941
												2,993		2,941		0.08	%
Industrial Support Services
Acuris Finance US, Inc (9)		SF +	4.00%		9.05%		2/16/2028		13,500			13,392		13,073
Allied Universal Holdco LLC (9)		SF +	3.75%		8.66%		5/12/2028		3,024			3,015		2,876
Argos Health Holdings, Inc. (4)(11)		SF +	5.50%		10.33%		12/6/2027		658			648		645
Becklar, LLC (4)(12)		SF +	6.85%		11.65%		12/21/2026		994			977		959
Becklar, LLC (4)(12)		SF +	6.85%		11.71%		12/21/2026		5,769			5,668		5,568
Captive Resources Midco LLC (4)(7)(11)							7/3/2028		7,558			(132)		(64)
Captive Resources Midco LLC (4)(11)		SF +	5.75% (incl 3.13% PIK)		10.56%		7/2/2029		89,954			88,321		89,266
CD&R Madison UK Bidco LTD (4)(6)(7)(8)							2/28/2030		£	9,965		(390)		(401)
CD&R Madison UK Bidco LTD (4)(6)(8)		SN +	8.50%		12.74%		2/28/2030		£	44,717		52,015		53,332
CD&R Madison UK Bidco LTD (4)(6)(8)		E +	8.00%		10.70%		2/28/2030		€	22,039		22,453		23,021
Coretrust Purchasing Group LLC (4)(7)(11)							10/1/2029		10,736			(300)		(334)
Coretrust Purchasing Group LLC (4)(7)(11)							10/1/2029		11,656			(325)		(363)
Coretrust Purchasing Group LLC (4)(11)		SF +	6.75%		11.56%		10/1/2029		73,536			71,474		71,248
Eagle 2021 Lower Merger Sub, LLC (4)(11)		SF +	5.50%		10.33%		12/6/2027		823			810		806
Employbridge, LLC (11)		L +	4.75%		9.49%		7/19/2028		9,882			9,833		8,276
Galaxy US Opco Inc. (6)(9)		SF +	4.75%		9.56%		4/29/2029		26,169			25,584		23,257

10

HPS Corporate Lending Fund

Consolidated Schedule of Investments

March 31, 2023

(in thousands)

(Unaudited)

Company (1)	.	Reference Rate and Spread (2)		.	Interest Rate (2)	.	Maturity Date	.	Par Amount/Units		.	Amortized Cost (3)	.	Fair Value	.	Percentage of Net Assets
Guidehouse Inc. (4)(11)		L +	6.25%		11.16%		10/16/2028		79,373			77,964		77,399
IG Investments Holdings, LLC (4)(7)(11)							9/22/2027		1,726			(21)		(36)
IG Investments Holdings, LLC (4)(11)		L +	6.00%		10.83%		9/22/2028		22,449			22,152		21,948
IG Investments Holdings, LLC (4)(11)		L +	6.00%		10.83%		9/22/2028		1,852			1,836		1,810
Mckissock Investment Holdings, LLC (11)		SF +	5.00%		10.26%		3/4/2029		15,999			15,861		15,426
NBG Acquisition Corp. (4)(7)(11)							11/6/2028		952			(11)		(37)
NBG Acquisition Corp. (4)(7)(11)							11/6/2028		18,760			(245)		(720)
NBG Acquisition Corp. (4)(7)(11)		L +	5.25%		10.30%		11/6/2028		2,876			1,666		1,654
NBG Acquisition Corp. (4)(11)		L +	5.25%		10.08%		11/6/2028		21,498			21,365		20,674
Planet US Buyer LLC (4)(7)(11)							2/1/2028		8,024			(233)		(233)
Planet US Buyer LLC (4)(11)		SF +	6.75%		11.43%		2/1/2030		83,862			81,431		81,404
Royal Buyer, LLC (4)(7)(11)		SF +	6.00%		10.87%		8/31/2028		9,000			355		472
Royal Buyer, LLC (4)(7)(11)		SF +	6.00%		10.70%		8/31/2028		7,000			1,507		1,598
Royal Buyer, LLC (4)(11)		SF +	6.00%		10.70%		8/31/2028		44,888			44,069		44,663
Sedgwick Claims Management Services, Inc. (8)		SF +	3.75%		8.56%		2/24/2028		19,350			19,174		19,149
Simplisafe Holding Corporation (4)(7)(11)							5/2/2028		15,106			(259)		(298)
Simplisafe Holding Corporation (4)(11)		SF +	6.25%		10.98%		5/2/2028		120,247			118,183		117,873
Southern Graphics Inc. (4)(12)(15)		L +	7.50%				11/17/2026		1,000			980		853
Southern Graphics Inc. (4)(12)(15)		L +	7.50%				11/17/2026		10,227			10,009		8,724
Spirit RR Holdings, Inc. (4)(7)(11)							9/13/2028		1,806			(49)		(54)
Spirit RR Holdings, Inc. (4)(11)		SF +	6.50%		11.50%		9/13/2028		21,914			21,297		21,253
Vaco Holdings, LLC (11)		SF +	5.00%		10.05%		1/22/2029		12,591			12,540		12,418
Vistage Worldwide Inc (11)		SF +	5.25%		10.16%		7/13/2029		995			970		973
												743,584		738,078		19.97	%
Industrial Transportation
EquipmentShare.com Inc. (4)(9)		L +	7.75%		12.46%		11/16/2026		4,204			4,150		4,054
EquipmentShare.com Inc. (4)(9)		L +	7.75%		12.46%		11/16/2026		16,817			16,546		16,217
E.S.G. Movilidad, S.L.U. (4)(6)(7)(8)							5/31/2029		€	11,245		(322)		(540)
E.S.G. Movilidad, S.L.U. (4)(6)(8)		E +	6.75%		9.19%		5/31/2029		€	8,096		8,455		8,393
E.S.G. Movilidad, S.L.U. (4)(6)(8)		E +	6.75%		9.19%		5/31/2029		€	22,264		23,250		23,081
												52,079		51,205		1.39	%
Investment Banking and Brokerage Services
Ascensus Holdings, Inc. (9)		L +	3.50%		8.38%		8/2/2028		7,920			7,846		7,712
Eisner Advisory Group LLC (4)(11)		SF +	5.25%		10.17%		7/28/2028		1,515			1,496		1,517
												9,342		9,229		0.25	%
Leisure Goods
Jam City, Inc. (4)(12)		L +	7.00%		12.16%		9/7/2027		2,017			2,003		1,990
												2,003		1,990		0.05	%
Life Insurance
Onedigital Borrower LLC (9)		SF +	4.25%		9.16%		11/16/2027		5,925			5,916		5,718
												5,916		5,718		0.15	%
Media
2080 Media, Inc. (4)(7)(11)		SF +	6.50%		11.36%		3/14/2029		29,497			12,238		13,041
2080 Media, Inc. (4)(7)(11)		SF +	6.00%		10.81%		3/14/2028		13,795			5,684		5,912
2080 Media, Inc. (4)(11)		SF +	6.50%		11.36%		3/14/2029		54,904			53,943		55,453
Ancestry.com Inc. (9)		SF +	3.25%		8.16%		12/6/2027		12,861			12,685		12,149
Arc Media Holdings Limited (4)(5)(6)(7)(12)							10/29/2027		2,766			(63)		(59)
Arc Media Holdings Limited (4)(5)(6)(12)		SF +	7.25%		12.08%		10/29/2027		41,283			40,332		40,410
Associations Inc. (4)(12)		SF +	6.50% (incl 2.50% PIK)		11.36%		7/2/2027		485			481		482
Associations Inc. (4)(12)		SF +	6.50% (incl 2.50% PIK)		11.50%		7/2/2027		1,009			1,001		1,004

11

HPS Corporate Lending Fund

Consolidated Schedule of Investments

March 31, 2023

(in thousands)

(Unaudited)

Company (1)	.	Reference Rate and Spread (2)		.	Interest Rate (2)	.	Maturity Date	.	Par Amount/Units		.	Amortized Cost (3)	.	Fair Value	.	Percentage of Net Assets
Associations Inc. (4)(12)		SF +	6.50% (incl 2.50% PIK)		11.59%		7/2/2027		1,009			1,001		1,004
Associations Inc. (4)(12)		SF +	6.50% (incl 2.50% PIK)		11.48%		7/2/2027		610			604		606
Associations Inc. (4)(7)(12)							7/2/2027		403			(3)		(2)
Associations Inc. (4)(12)		SF +	6.50% (incl 2.50% PIK)		11.36%		7/2/2027		4,164			4,129		4,141
Aventine Intermediate LLC (4)(7)(11)		L +	6.00% (incl 4.00% PIK)		10.84%		6/18/2027		1,042			947		925
Aventine Intermediate LLC (4)(11)		L +	6.00% (incl 4.00% PIK)		10.84%		6/18/2027		18,308			18,027		17,656
Circana Group, LP. (4)(7)(11)		SF +	5.75%		10.45%		12/1/2027		9,023			1,096		1,050
Circana Group, LP. (4)(11)		SF +	6.25% (incl 2.75% PIK)		10.95%		12/1/2028		140,843			138,297		137,339
Circana Group, LP. (4)(11)		L +	5.75%		10.66%		12/1/2028		9,268			9,186		9,030
Hyve Group PLC (4)(5)(6)(14)		SN +	7.75%		11.99%		10/20/2026		£	24,104		26,093		30,196
Kobalt London Limited (4)(6)(11)		SF +	7.00%		11.79%		2/25/2027		13,125			12,908		12,693
Kobalt London Limited (4)(6)(11)		SF +	7.00%		12.00%		2/25/2027		13,125			12,909		12,693
Mav Acquisition Corporation (9)		L +	4.75%		9.70%		7/28/2028		13,834			13,711		12,963
Oneteam Partners, LLC (4)(11)		SF +	5.75%		10.88%		9/14/2029		74,813			73,428		74,813
Regency Entertainment (USA), Inc. (4)(12)		L +	6.75%		11.44%		11/22/2025		30,000			29,763		29,502
Renaissance Financiere (4)(6)(7)(8)		E +	7.00%		9.50%		7/26/2028		€	34,871		24,544		25,903
Renaissance Holding Corp. (8)		L +	3.25%		8.09%		3/15/2030		4,996			4,846		4,867
Showtime Acquisition, L.L.C. (4)(7)(12)							8/7/2028		3,657			(107)		(107)
Showtime Acquisition, L.L.C. (4)(7)(12)							8/7/2028		4,711			(138)		(138)
Showtime Acquisition, L.L.C. (4)(12)		SF +	7.50%		12.30%		8/7/2028		63,992			62,137		62,122
												559,679		565,648		15.30	%
Medical Equipment and Services
ABB/CON-CISE Optical Group LLC (4)(7)(13)		P +	6.50%		14.50%		2/23/2028		2,358			2,192		2,106
ABB/CON-CISE Optical Group LLC (4)(11)		L +	7.50%		12.67%		2/23/2028		22,415			21,932		21,132
Coding Solutions Acquisition, Inc. (4)(7)(11)							5/11/2028		22,875			(391)		(749)
Coding Solutions Acquisition, Inc. (4)(7)(11)		SF +	5.50%		10.31%		5/11/2028		10,875			3,073		2,907
Coding Solutions Acquisition, Inc. (4)(11)		SF +	5.50%		10.31%		5/11/2028		75,869			74,537		73,385
PerkinElmer U.S. LLC (4)(12)		SF +	6.75%		11.86%		3/13/2029		112,630			108,666		109,279
Plasma Buyer LLC (4)(7)(11)							5/12/2029		22,070			(386)		(775)
Plasma Buyer LLC (4)(7)(11)							5/12/2028		9,458			(161)		(308)
Plasma Buyer LLC (4)(11)		SF +	5.75%		10.65%		5/12/2029		84,700			83,170		81,717
SDC US Smilepay SPV (4)(7)(12)		L +	10.75% (incl 3.75% PIK)		15.62%		10/27/2025		76,542			37,983		37,386
												330,615		326,080		8.82	%
Non-life Insurance
Alera Group, Inc. (4)(11)		SF +	6.00%		10.91%		10/2/2028		21,719			21,546		20,804
Alera Group, Inc. (4)(11)		SF +	6.00%		10.91%		10/2/2028		12,493			12,483		11,967
Alera Group, Inc. (4)(11)		SF +	6.00%		10.91%		10/2/2028		44,061			44,027		42,205
Alliant Holdings Intermediate, LLC (9)		SF +	3.50%		8.35%		11/5/2027		495			487		491
Alliant Holdings Intermediate, LLC (9)		L +	3.50%		8.28%		11/5/2027		17,802			17,631		17,646
AmWINS Group, Inc. (11)		L +	2.25%		7.09%		2/21/2028		4,633			4,609		4,585
Amynta Agency Borrower Inc. (8)		SF +	5.00%		9.99%		2/14/2028		20,217			19,604		19,484
Galway Borrower LLC (4)(7)(11)							9/29/2028		457			(4)		(19)
Galway Borrower LLC (4)(7)(11)		SF +	5.25%		10.41%		9/30/2027		2,216			443		391
Galway Borrower LLC (4)(11)		P +	4.25%		12.25%		9/29/2028		60,973			60,470		58,462
Higginbotham Insurance Agency, Inc. (4)(7)(11)		L +	5.25%		10.09%		11/25/2026		48			30		30
Higginbotham Insurance Agency, Inc. (4)(11)		L +	5.25%		10.09%		11/25/2026		9,852			9,771		9,652
HUB International Limited (11)		L +	3.25%		8.06%		4/25/2025		21,543			21,379		21,520

12

HPS Corporate Lending Fund

Consolidated Schedule of Investments

March 31, 2023

(in thousands)

(Unaudited)

Company (1)	.	Reference Rate and Spread (2)		.	Interest Rate (2)	.	Maturity Date	.	Par Amount/Units		.	Amortized Cost (3)	.	Fair Value	.	Percentage of Net Assets
Integrity Marketing Acquisition LLC (4)(7)(11)		SF +	6.02%		10.91%		8/27/2025		20,852			16,704		16,566
Integrity Marketing Acquisition LLC (4)(11)		L +	6.02%		10.97%		8/27/2025		57,401			56,738		56,113
Jones Deslauriers Insurance Management Inc. (6)(8)					8.50%		3/15/2030		7,336			7,336		7,611
Patriot Growth Insurance Services, LLC (4)(7)(11)		L +	5.75%		10.89%		10/16/2028		18,286			4,010		4,025
Patriot Growth Insurance Services, LLC (4)(7)(11)							10/16/2028		822			(13)		(14)
Patriot Growth Insurance Services, LLC (4)(11)		L +	5.50%		10.33%		10/16/2028		7,242			7,121		7,119
RSC Acquisition, Inc. (4)(7)(11)		SF +	5.50%		10.55%		10/30/2026		20,968			1,948		1,726
RSC Acquisition, Inc. (4)(11)		SF +	5.50%		10.54%		10/30/2026		18,958			18,803		18,615
RSC Acquisition, Inc. (4)(7)(11)		SF +	5.50%		10.68%		10/30/2026		467			288		280
RSC Acquisition, Inc. (4)(11)		SF +	5.50%		10.33%		10/30/2026		14,385			14,385		14,124
Trupanion, Inc. (4)(6)(7)(11)		SF +	5.00%		10.05%		3/25/2027		26,193			17,135		16,655
Trupanion, Inc. (4)(6)(7)(11)							3/25/2027		6,576			(79)		(198)
Trupanion, Inc. (4)(6)(11)		SF +	5.00%		10.05%		3/25/2027		20,790			20,534		20,165
												377,386		370,005		10.01	%
Personal Care, Drug and Grocery Stores
Puma Buyer LLC (4)(9)		SF +	5.50%		10.50%		7/16/2029		61,845			57,821		61,265
Vermont Aus Pty Ltd (4)(6)(11)		SF +	5.65%		10.55%		3/23/2028		25,988			25,430		24,902
Vermont Aus Pty Ltd (4)(6)(11)		B +	5.75%		9.52%		3/23/2028		A$	35,393		25,851		22,663
												109,102		108,830		2.94	%
Personal Goods
Daphne S.P.A. (4)(6)(7)(8)							5/23/2028		€	7,957		(199)		(324)
Daphne S.P.A. (4)(6)(8)		E +	6.25%		8.38%		5/23/2028		€	41,376		43,245		43,195
Spanx, LLC (4)(7)(11)		L +	5.25%		9.96%		11/18/2027		5,000			1,388		1,275
Spanx, LLC (4)(11)		L +	5.25%		10.13%		11/20/2028		29,625			29,136		28,365
												73,570		72,511		1.96	%
Pharmaceuticals and Biotechnology
Advarra Holdings, Inc. (4)(7)(11)							8/24/2029		6,340			(102)		(150)
Advarra Holdings, Inc. (4)(11)		SF +	5.75%		10.56%		8/24/2029		69,985			68,862		68,328
CPI Buyer, LLC (4)(7)(11)		SF +	5.50%		10.65%		11/1/2028		2,803			1,325		1,307
CPI Buyer, LLC (4)(7)(11)							10/30/2026		2,115			(32)		(26)
CPI Buyer, LLC (4)(11)		SF +	5.50%		10.65%		11/1/2028		25,147			24,815		24,719
Dolcetto HoldCo S.P.A. (4)(5)(6)(7)(8)							10/27/2028		€	8,400		(192)		(192)
Dolcetto HoldCo S.P.A. (4)(5)(6)(8)		E +	6.50%		9.46%		10/27/2028		€	82,300		80,113		87,392
Gusto Aus Bidco Pty Ltd (4)(6)(7)(11)							10/30/2028		A$	11,982		(214)		(42)
Gusto Aus Bidco Pty Ltd (4)(6)(11)		B +	6.50%		10.16%		10/30/2028		A$	118,623		73,991		78,911
Petvet Care Centers LLC (11)		L +	3.50%		8.34%		2/14/2025		7,703			7,658		7,456
												256,224		267,703		7.24	%
Real Estate Investment and Services
850 Third Avenue Owner LLC (4)(9)(15)		L +	6.50%				10/1/2024		4,726			4,702		4,726
OEG Borrower LLC (4)(9)		SF +	5.00%		9.84%		5/20/2029		39,800			38,346		39,402
												43,048		44,128		1.19	%
Retailers
Petsmart LLC (11)		SF +	3.75%		8.66%		2/11/2028		10,524			10,460		10,456
The Talbots, Inc. (4)(12)		L +	8.00%		12.96%		11/17/2026		7,794			7,599		7,577
												18,059		18,033		0.49	%
Software and Computer Services
Applied Systems Inc (9)		L +	3.00%		8.16%		9/19/2024		9,227			9,209		9,235
Armstrong Bidco Limited (4)(6)(7)(8)		SN +	5.50%		9.49%		6/28/2029		£	47,995		42,022		44,917
Armstrong Bidco Limited (4)(6)(8)		SN +	5.50%		9.74%		6/28/2029		£	91,991		109,565		111,506
Avalara, Inc. (4)(7)(11)							10/19/2028		6,324			(146)		(134)
Avalara, Inc. (4)(11)		SF +	7.25%		12.15%		10/19/2028		56,918			55,586		55,716
AxiomSL Group, Inc. (4)(7)(12)							12/3/2027		744			(7)		—

13

HPS Corporate Lending Fund

Consolidated Schedule of Investments

March 31, 2023

(in thousands)

(Unaudited)

Company (1)	.	Reference Rate and Spread (2)		.	Interest Rate (2)	.	Maturity Date	.	Par Amount/Units	.	Amortized Cost (3)	.	Fair Value	.	Percentage of Net Assets
AxiomSL Group, Inc. (4)(12)		L +	5.75%		10.59%		12/3/2027		11,329		11,329		11,329
AxiomSL Group, Inc. (4)(7)(12)							12/3/2025		812		—		—
Barracuda Networks Inc (9)		SF +	4.50%		9.18%		5/17/2029		21,446		20,854		20,702
Bottomline Technologies, Inc. (4)(7)(11)							5/15/2028		385		(3)		(9)
Bottomline Technologies, Inc. (4)(11)		SF +	5.50%		10.26%		5/14/2029		4,592		4,552		4,469
Calabrio, Inc. (4)(7)(12)		L +	7.00%		11.95%		4/16/2027		2,687		1,536		1,501
Calabrio, Inc. (4)(12)		L +	7.00%		12.16%		4/16/2027		22,313		22,313		22,025
CCC Intelligent Solutions Inc. (9)		L +	2.25%		7.09%		9/21/2028		10,045		9,999		9,984
Cloud Software Group Inc. (9)		SF +	4.50%		9.50%		3/20/2029		13,010		11,918		11,872
Cloud Software Group Inc. (8)					6.50%		3/31/2029		9,610		8,120		8,486
CommerceHub, Inc. (4)(11)		SF +	6.25%		11.03%		12/29/2027		64,742		60,466		60,880
Coupa Holdings, LLC (4)(7)(11)							2/27/2030		7,123		(176)		(176)
Coupa Holdings, LLC (4)(7)(11)							2/27/2029		6,211		(153)		(153)
Coupa Holdings, LLC (4)(11)		SF +	7.50%		12.29%		2/27/2030		79,777		77,963		77,808
DS Admiral Bidco, LLC (4)(7)(12)							3/16/2026		966		(8)		(17)
DS Admiral Bidco, LLC (4)(12)		SF +	7.00%		11.90%		3/16/2028		39,643		38,483		38,860
DS Admiral Bidco, LLC (4)(12)		SF +	6.50%		11.40%		3/16/2028		8,921		8,845		8,709
DTI Holdco, Inc. (11)		SF +	4.75%		9.43%		4/21/2029		29,850		29,314		27,802
Endure Digital, Inc. (11)		L +	3.50%		8.22%		2/10/2028		2,386		2,371		2,237
Finthrive Software Intermediate Holdings Inc (9)		L +	4.00%		8.84%		12/18/2028		13,069		12,835		12,203
GoTo Group Inc (8)		L +	4.75%		9.59%		8/31/2027		2,391		2,369		1,378
GovCIO Buyer Company (4)(12)		SF +	5.50%		10.31%		8/18/2027		10,562		10,395		10,328
Helios Software Holdings, Inc. (12)		SF +	3.75%		8.66%		3/13/2028		16,670		16,527		16,285
Huskies Parent, Inc. (4)(7)(11)							11/3/2028		1,000		(16)		(62)
Huskies Parent, Inc. (4)(7)(11)		L +	5.50%		10.66%		11/3/2027		1,000		691		651
Huskies Parent, Inc. (4)(11)		L +	5.50%		10.49%		11/3/2028		25,346		24,932		23,785
Hyland Software, Inc. (11)		L +	3.50%		8.34%		7/1/2024		15,544		15,462		15,402
LMI Inc/DE (9)		L +	3.75%		8.59%		10/2/2028		14,832		14,754		10,509
Medallia, Inc. (4)(11)		L +	6.50% (incl 5.67% PIK)		11.34%		10/30/2028		74,524		74,524		71,804
Mcafee Corp. (9)		SF +	3.75%		8.52%		3/1/2029		7,940		7,909		7,489
Mitchell International, Inc. (9)		L +	3.75%		8.50%		10/16/2028		19,739		19,434		18,712
New Era Technology, Inc. (4)(12)		L +	6.25%		11.08%		10/31/2026		19,798		19,798		19,256
Oranje Holdco, Inc. (4)(7)(12)							2/1/2029		4,657		(113)		(113)
Oranje Holdco, Inc. (4)(12)		SF +	7.75%		12.43%		2/1/2029		33,837		33,024		33,014
Peraton Inc. (11)		L +	3.75%		8.59%		2/1/2028		8,694		8,590		8,604
Perforce Software, Inc. (4)(9)		SF +	4.50%		9.31%		7/1/2026		19,850		19,447		19,239
Ping Identity Holding Corp. (4)(7)(11)							10/17/2028		6,068		(142)		(128)
Ping Identity Holding Corp. (4)(11)		SF +	7.00%		11.76%		10/17/2029		59,003		57,597		57,759
Prism Parent Co., Inc. (4)(7)(11)							9/19/2028		10,833		(206)		(230)
Prism Parent Co., Inc. (4)(11)		SF +	6.00%		10.69%		9/19/2028		43,117		42,327		42,202
Project Alpha Intermediate Holding, Inc. (8)		L +	4.00%		8.85%		4/26/2024		8,660		8,600		8,620
Project Ruby Ultimate Parent Corp (11)		L +	3.25%		8.09%		3/10/2028		10,342		10,239		9,979
Quail Buyer, Inc. (4)(11)		L +	5.25%		10.18%		10/1/2027		7,368		7,253		7,206
Quasar Intermediate Holdings Ltd (9)		SF +	4.25%		9.08%		2/1/2029		13,930		13,819		11,442
Riley Mergeco LLC (4)(7)(12)							9/23/2027		456		(9)		(19)
Riley Mergeco LLC (4)(7)(12)							9/23/2027		304		(6)		(12)
Riley Mergeco LLC (4)(12)		L +	6.00% (incl 2.75% PIK)		10.84%		9/23/2027		1,780		1,748		1,708
Rocket Software, Inc. (8)		L +	4.25%		9.09%		11/28/2025		11,254		11,085		11,072
Smarsh Inc. (4)(7)(11)		SF +	6.50%		11.29%		2/16/2029		4,286		2,070		1,970
Smarsh Inc. (4)(7)(11)		SF +	6.50%		11.40%		2/16/2029		1,071		196		171
Smarsh Inc. (4)(11)		SF +	6.50%		11.29%		2/16/2029		17,143		16,848		16,451

14

HPS Corporate Lending Fund

Consolidated Schedule of Investments

March 31, 2023

(in thousands)

(Unaudited)

Company (1)	.	Reference Rate and Spread (2)		.	Interest Rate (2)	.	Maturity Date	.	Par Amount/Units		.	Amortized Cost (3)	.	Fair Value	.	Percentage of Net Assets
TA TT Buyer, LLC (4)(9)		SF +	5.00%		9.90%		4/2/2029		14,925			14,793		14,664
Tricentis Americas, Inc. (4)(7)(12)		SF +	4.25%		9.25%		5/13/2024		8,740			4,997		4,944
Tricentis Americas, Inc. (4)(7)(12)							5/13/2024		499			(2)		(5)
Tricentis Americas, Inc. (4)(12)		SF +	4.25%		9.25%		5/13/2024		15,234			15,161		15,066
Trimech Acquisition Corp. (4)(7)(12)							3/10/2028		3,289			(49)		(50)
Trimech Acquisition Corp. (4)(12)		SF +	4.75%		9.80%		3/10/2028		21,493			21,219		21,169
Trimech Acquisition Corp. (4)(12)		SN +	4.75%		8.93%		3/10/2028		£	36,623		44,237		44,769
UKG Inc (8)		SF +	3.25%		8.03%		5/4/2026		9,141			9,086		8,922
User Zoom Technologies, Inc. (4)(11)		SF +	7.00%		11.60%		4/5/2029		18,948			18,610		18,582
Zayo Group, LLC (8)		L +	3.00%		7.84%		3/9/2027		3,155			3,123		2,581
Zelis Payments Buyer, Inc. (8)		L +	3.50%		8.34%		9/30/2026		13,848			13,785		13,806
Zendesk Inc (4)(7)(11)							11/22/2028		39,321			(740)		(492)
Zendesk Inc (4)(7)(11)							11/22/2028		17,940			(338)		(224)
Zendesk Inc (4)(11)		SF +	7.00% (incl 3.50% PIK)		11.88%		11/22/2028		157,283			154,294		155,315
												1,274,109		1,263,271		34.18	%
Technology Hardware and Equipment
Altar Bidco, Inc. (9)		SF +	3.10%		5.50%		2/1/2029		8,937			8,871		8,533
CC WDW Borrower, Inc. (4)(7)(12)							1/27/2028		22,837			(589)		(1,162)
CC WDW Borrower, Inc. (4)(7)(12)							1/27/2028		5,122			(123)		(261)
CC WDW Borrower, Inc. (4)(12)		SF +	6.75%		11.58%		1/27/2028		45,445			44,312		43,132
Excelitas Technologies Corp. (4)(7)(11)							8/13/2029		4,239			(77)		(109)
Excelitas Technologies Corp. (4)(11)		SF +	5.75%		10.61%		8/13/2029		36,087			35,412		35,155
Excelitas Technologies Corp. (4)(8)		E +	5.75%		8.36%		8/13/2029		€	5,587		5,656		5,901
Excelitas Technologies Corp. (4)(7)(11)		SF +	5.75%		10.61%		8/14/2028		3,261			1,224		1,202
TechInsights Inc (4)(6)(12)		L +	6.63%		11.79%		11/9/2027		990			973		969
TechInsights Inc (4)(6)(12)		L +	6.63%		11.79%		11/9/2027		2,572			2,527		2,517
												98,186		95,877		2.59	%
Telecommunications Equipment
Delta Topco, Inc. (11)		L +	3.75%		8.66%		12/1/2027		6,934			6,769		6,446
Guardian US Holdco LLC (9)		SF +	4.00%		8.68%		1/24/2030		8,000			7,841		7,905
												14,610		14,351		0.39	%
Telecommunications Service Providers
Directv Financing, LLC (11)		L +	5.00%		9.84%		8/2/2027		17,750			17,417		17,123
Dish DBS Corporation (8)					5.25%		12/1/2026		7,703			7,446		6,119
Meriplex Communications, Ltd (4)(7)(11)		SF +	5.00%		9.86%		7/17/2028		4,947			1,266		1,212
Meriplex Communications, Ltd (4)(7)(11)		SF +	5.00%		9.86%		7/17/2028		1,143			518		506
Meriplex Communications, Ltd (4)(11)		SF +	5.00%		9.86%		7/17/2028		13,855			13,668		13,521
Openmarket Inc. (6)(11)		L +	6.25%		11.41%		9/17/2026		4,925			4,835		4,833
Radiate Holdco LLC (11)		L +	3.25%		8.09%		9/25/2026		14,842			14,786		12,206
												59,936		55,520		1.50	%
Travel and Leisure
AD1 LBV1, LLC (4)(10)(15)		L +	6.75%				12/10/2024		247			245		241
AD1 LBV1, LLC (4)(10)(15)		L +	6.75%				12/10/2024		18,990			18,839		18,536
Artemis Bidco Limited (4)(6)(7)(8)		SN +	6.00%		10.24%		9/8/2028		£	2,437		300		37
Artemis Bidco Limited (4)(6)(8)		SN +	6.00%		10.24%		9/8/2028		£	7,749		10,061		8,631
Artemis Bidco Limited (4)(6)(8)		SN +	6.00%		10.24%		9/8/2028		£	4,509		5,894		5,023
Artemis Bidco Limited (4)(6)(8)		SN +	6.00%		10.24%		9/8/2028		£	4,676		6,109		5,209
Canoe Bidco Pty Limited (4)(6)(9)		B +	6.50%		10.36%		5/20/2026		A$	31,969		21,144		21,592
Canoe Bidco Pty Limited (4)(6)(9)		B +	6.50%		10.10%		5/20/2026		A$	137,468		95,117		92,844
Fertitta Entertainment LLC (9)		SF +	4.00%		8.81%		1/12/2029		4,489			4,307		4,430
IRB Holding Corp. (11)		SF +	3.00%		7.91%		12/15/2027		9,975			9,701		9,824
Travel Leaders Group, LLC (4)(14)		SF +	8.50%		13.39%		3/27/2028		135,000			131,627		131,632

15

HPS Corporate Lending Fund

Consolidated Schedule of Investments

March 31, 2023

(in thousands)

(Unaudited)

Company (1)	.	Reference Rate and Spread (2)		.	Interest Rate (2)	.	Maturity Date	.	Par Amount/Units		.	Amortized Cost (3)		.	Fair Value		.	Percentage of Net Assets
												303,344			297,999			8.06	%
Total First Lien Debt												$	6,623,067		$	6,558,981		177.47	%
Second Lien Debt
Consumer Services
Asurion Corporation (8)		L +	5.25%		10.09%		1/31/2028		$	5,165		$	5,144		$	4,322
												5,144			4,322			0.12	%
Health Care Providers
Charlotte Buyer Inc (4)(9)		SF +	8.25%		13.08%		8/11/2028		10,000			9,351			9,362
												9,351			9,362			0.25	%
Industrial Support Services
Galaxy US Opco Inc. (4)(9)		SF +	8.25%		13.06%		4/29/2030		9,000			8,795			8,686
												8,795			8,686			0.24	%
Software and Computer Services
UKG Inc (9)		L +	5.25%		10.03%		5/3/2027		24,852			24,562			23,945
												24,562			23,945			0.65	%
Total Second Lien Debt												$	47,852		$	46,315		1.25	%
Unsecured Debt
Automobiles and Parts
Ford Motor Credit Company LLC (6)(8)					6.95%		3/6/2026		$	2,300		$	2,297		$	2,340
												2,297			2,340			0.06	%
Health Care Providers
Vetcor Group Holdings LLC (4)(7)(8)			13.00% PIK		13.00%		9/3/2030		256			221			197
Vetcor Group Holdings LLC (4)(8)			13.00% PIK		13.00%		9/3/2030		809			806			728
												1,027			925			0.03	%
Medical Equipment and Services
DCA Acquisition Holdings LLC (4)(8)			12.50% PIK		12.50%		12/28/2032		90			88			85
DCA Acquisition Holdings LLC (4)(8)			12.50% PIK		12.50%		12/28/2032		952			934			905
												1,022			990			0.03	%
Non-life Insurance
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer (8)					6.75%		10/15/2027		6,255			5,658			5,819
												5,658			5,819			0.16	%
Telecommunications Service Providers
CCO Holdings LLC / CCO Holdings Capital Corp (8)					5.50%		5/1/2026		7,000			7,095			6,816
												7,095			6,816			0.18	%
Total Unsecured Debt												$	17,099		$	16,890		0.46	%
Structured Finance
Structured Finance Investments
ALM 2020 Ltd (6)(8)		L +	6.00%		10.79%		10/15/2029		$	3,330		$	3,004		$	2,966
AMMC CLO 20 Ltd (6)(8)		L +	5.81%		10.60%		4/17/2029		950			892			891
AMMC CLO 21 Ltd (6)(8)		L +	3.10%		7.91%		11/2/2030		2,150			1,904			1,945
AMMC CLO 21 Ltd (6)(8)		L +	6.50%		11.31%		11/2/2030		4,126			3,620			3,445
Carlyle Global Market Strategies (6)(8)		L +	5.40%		10.21%		10/20/2027		1,750			1,491			1,505
Carlyle Global Market Strategies (6)(8)		L +	5.40%		10.21%		7/27/2031		1,200			918			954
Catskill Park CLO Ltd (6)(8)		L +	6.00%		10.81%		4/20/2029		1,350			1,214			1,151
CENT CLO 16, L.P. (6)(8)		SF +	8.07%		12.73%		7/24/2034		3,000			2,812			2,740
Dryden 108 CLO Ltd (6)(8)							7/18/2035		2,900			2,291			2,181
Marble Point CLO XI Ltd (6)(8)		L +	2.80%		7.59%		12/18/2030		1,850			1,541			1,596
Monroe Capital MML CLO XIV LLC (6)(8)		SF +	10.02%		14.08%		10/24/2034		2,500			2,332			2,375

16

HPS Corporate Lending Fund

Consolidated Schedule of Investments

March 31, 2023

(in thousands)

(Unaudited)

Company (1)	.	Reference Rate and Spread (2)		.	Interest Rate (2)	.	Maturity Date	.	Par Amount/Units	.	Amortized Cost (3)		.	Fair Value		.	Percentage of Net Assets
OCP CLO 2017-14 Ltd (6)(8)		SF +	6.80%		11.43%		1/15/2033		1,469		1,276			1,342
Shackleton 2019-XV CLO Ltd (6)(8)		L +	6.66%		11.45%		1/15/2032		3,000		2,619			2,643
Silver Creek CLO Ltd (6)(8)		L +	5.62%		10.43%		7/20/2030		2,000		1,781			1,728
Voya CLO Ltd (6)(8)		L +	3.55%		8.81%		4/17/2030		1,500		1,316			1,362
											29,011			28,824			0.78	%
Total Structured Finance											$	29,011		$	28,824		0.78	%
Equity Investments
Electricity
IP Operating Portfolio I, LLC (4)									2		$	67		$	184
											67			184			—	%
Real Estate Investment and Services
850 Third Avenue Owner, LLC (4)(5)									528		175			125
											175			125			—	%
Software and Computer Services
Picard Holdco, Inc. - Preferred Shares (4)(9)							9/30/2032		1,000		970			1,072
Picard Holdco, Inc. - Preferred Shares (4)(9)							9/30/2032		30		30			33
											1,000			1,105			0.03	%
Media
Oneteam Partners, LLC - Preferred Shares (4)(5)									1,000		1,000			1,055
											1,000			1,055			0.03	%
Total Equity Investments											$	2,242		$	2,469		0.07	%
Total Investments - Non-Controlled/Non-Affiliated											$	6,719,271		$	6,653,479		180.02	%
Total Investment Portfolio											$	6,719,271		$	6,653,479		180.02	%
Cash and Cash Equivalents
J.P. Morgan U.S. Government Fund, Institutional Shares									92,622		$	92,622		$	92,622
Cash											27,522			27,522
Total Cash and Cash Equivalents											$	120,144		$	120,144		3.25	%
Total Investment Portfolio, Cash and Cash Equivalents											$	6,839,415		$	6,773,623		183.27	%

(1) Unless otherwise indicated, issuers of debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount is presented for debt investments and the number of shares or units owned is presented for equity investments. Each of the Company’s investments is pledged as collateral under its credit facilities unless otherwise indicated.

(2) The majority of the investments bear interest at a rate that may be determined by reference to the London Interbank Offered Rate (“LIBOR” or “L”), Prime Rate (“Prime” or “P”), Sterling Overnight Index Average ("SONIA" or "SN"), Euro Interbank Offer Rate (“Euribor” or “E”), Secured Overnight Financing Rate ("SOFR" or "SF"), Canadian Dollar Offered Rate ("CDOR" or "C") or Bank Bill Swap Rate ("BBSW" or "B") which reset daily, monthly, quarterly, or semiannually. For each such investment, the Company has provided the spread over LIBOR, Prime, SONIA, E, SOFR, CDOR or BBSW and the current contractual interest rate in effect at March 31, 2023. Certain investments are subject to a LIBOR, Prime, or SOFR interest rate floor, or rate cap. Certain investments contain a Payment-in-Kind (“PIK”) provision.

(3) The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").

(4) These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by the Adviser as the Company’s valuation designee, subject to the oversight of the Board of Trustees (the “Board”) (see Note 2 and Note 5), pursuant to the Company’s valuation policy.

(5) These debt investments are not pledged as collateral under the Credit Facilities and the Short Term Financing Transactions.

(6) The investment is not a qualifying asset, in whole or in part, under Section 55(a) of the 1940 Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of March 31, 2023, non-qualifying assets represented 15.7% of total assets as calculated in accordance with regulatory requirements.

17

HPS Corporate Lending Fund

Consolidated Schedule of Investments

March 31, 2023

(in thousands)

(Unaudited)

(7) Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may be subject to unused commitment fees. Negative cost and fair value results from unamortized fees, which are capitalized to the investment cost. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. See below for more information on the Company’s unfunded commitments:

Investments-non-controlled/non-affiliated	Commitment Type	Unfunded Commitment		Fair Value
Zendesk Inc	1st Lien Senior Secured Delayed Draw Loan	$	39,321	$	(492)
SDC US Smilepay SPV	1st Lien Senior Secured Delayed Draw Loan	36,267		(1,369)
United Musculoskeletal Partners Acquisition Holdings, LLC	1st Lien Senior Secured Delayed Draw Loan	31,925		(1,525)
MB2 Dental Solutions, LLC	1st Lien Senior Secured Delayed Draw Loan	25,278		(633)
Zips Car Wash, LLC	1st Lien Senior Secured Delayed Draw Loan	24,213		(377)
Foundation Automotive US Corp	1st Lien Senior Secured Delayed Draw Loan	23,229		(1,005)
Coding Solutions Acquisition, Inc.	1st Lien Senior Secured Delayed Draw Loan	22,875		(749)
CC WDW Borrower, Inc.	1st Lien Senior Secured Delayed Draw Loan	22,837		(1,162)
Plasma Buyer LLC	1st Lien Senior Secured Delayed Draw Loan	22,070		(775)
Club Car Wash Operating, LLC	1st Lien Senior Secured Delayed Draw Loan	20,717		(705)
RSC Acquisition, Inc.	1st Lien Senior Secured Delayed Draw Loan	18,863		(341)
NBG Acquisition Corp.	1st Lien Senior Secured Delayed Draw Loan	18,760		(720)
Express Wash Concepts	1st Lien Senior Secured Delayed Draw Loan	18,257		(950)
Zendesk Inc	1st Lien Senior Secured Revolving Loan	17,940		(224)
2080 Media, Inc.	1st Lien Senior Secured Delayed Draw Loan	16,751		168
SimpliSafe Holding Corporation	1st Lien Senior Secured Delayed Draw Loan	15,106		(298)
IP Operating Portfolio I, LLC	1st Lien Senior Secured Delayed Draw Loan	14,320		(369)
Patriot Growth Insurance Services, LLC	1st Lien Senior Secured Delayed Draw Loan	13,952		(235)
Sequa Corp	1st Lien Senior Secured Revolving Loan	13,676		(436)
Armstrong Bidco Limited	1st Lien Senior Secured Delayed Draw Loan	13,260		(233)
CD&R Madison UK Bidco LTD	1st Lien Senior Secured Delayed Draw Loan	12,295		(401)
E.S.G. Movilidad, S.L.U.	1st Lien Senior Secured Delayed Draw Loan	12,198		(540)
Coretrust Purchasing Group LLC	1st Lien Senior Secured Revolving Loan	11,656		(363)
Radwell Parent, LLC	1st Lien Senior Secured Revolving Loan	11,502		(223)
Renaissance Financiere	1st Lien Senior Secured Delayed Draw Loan	10,843		(309)
Prism Parent Co., Inc.	1st Lien Senior Secured Delayed Draw Loan	10,833		(230)
Coretrust Purchasing Group LLC	1st Lien Senior Secured Delayed Draw Loan	10,736		(334)
Plasma Buyer LLC	1st Lien Senior Secured Revolving Loan	9,458		(308)
Dolcetto HoldCo S.P.A.	1st Lien Senior Secured Delayed Draw Loan	9,111		(192)
Trupanion, Inc.	1st Lien Senior Secured Delayed Draw Loan	8,750		(263)
PPV Intermediate Holdings, LLC	1st Lien Senior Secured Revolving Loan	8,720		(226)
Daphne S.P.A.	1st Lien Senior Secured Delayed Draw Loan	8,631		(324)
Royal Buyer, LLC	1st Lien Senior Secured Delayed Draw Loan	8,483		(43)
Specialty Ingredients, LLC	1st Lien Senior Secured Revolving Loan	8,177		(373)
Planet US Buyer LLC	1st Lien Senior Secured Revolving Loan	8,024		(233)
Gusto Aus Bidco Pty Ltd	1st Lien Senior Secured Delayed Draw Loan	8,012		(42)
2080 Media, Inc.	1st Lien Senior Secured Revolving Loan	7,883		—
Circana Group, LP.	1st Lien Senior Secured Revolving Loan	7,760		(183)
Coding Solutions Acquisition, Inc.	1st Lien Senior Secured Revolving Loan	7,613		(249)
Captive Resources Midco LLC	1st Lien Senior Secured Revolving Loan	7,558		(64)
Yes Energy LLC	1st Lien Senior Secured Delayed Draw Loan	7,500		(223)
Formerra, LLC	1st Lien Senior Secured Revolving Loan	7,339		(178)
123Dentist Inc	1st Lien Senior Secured Delayed Draw Loan	7,128		(185)
Coupa Holdings, LLC	1st Lien Senior Secured Delayed Draw Loan	7,123		(176)
Trupanion, Inc.	1st Lien Senior Secured Revolving Loan	6,576		(198)
Advarra Holdings, Inc.	1st Lien Senior Secured Delayed Draw Loan	6,340		(150)
Avalara, Inc.	1st Lien Senior Secured Revolving Loan	6,324		(134)
Coupa Holdings, LLC	1st Lien Senior Secured Revolving Loan	6,211		(153)
Ping Identity Holding Corp.	1st Lien Senior Secured Revolving Loan	6,068		(128)
Royal Buyer, LLC	1st Lien Senior Secured Revolving Loan	5,367		(27)

18

HPS Corporate Lending Fund

Consolidated Schedule of Investments

March 31, 2023

(in thousands)

(Unaudited)

Investments-non-controlled/non-affiliated	Commitment Type	Unfunded Commitment	Fair Value
CC WDW Borrower, Inc.	1st Lien Senior Secured Revolving Loan	5,122	(261)
PPV Intermediate Holdings, LLC	1st Lien Senior Secured Delayed Draw Loan	4,770	(124)
Showtime Acquisition, L.L.C.	1st Lien Senior Secured Revolving Loan	4,711	(138)
Oranje Holdco, Inc.	1st Lien Senior Secured Revolving Loan	4,657	(113)
Cobham Holdings Inc.	1st Lien Senior Secured Revolving Loan	4,614	(132)
TMC Buyer Inc	1st Lien Senior Secured Delayed Draw Loan	4,569	(343)
Formerra, LLC	1st Lien Senior Secured Delayed Draw Loan	4,270	(103)
Excelitas Technologies Corp.	1st Lien Senior Secured Delayed Draw Loan	4,239	(109)
Spotless Brands, LLC	1st Lien Senior Secured Revolving Loan	4,140	(116)
PTSH Intermediate Holdings, LLC	1st Lien Senior Secured Delayed Draw Loan	3,953	(217)
Integrity Marketing Acquisition LLC	1st Lien Senior Secured Delayed Draw Loan	3,818	(86)
Tricentis Americas, Inc.	1st Lien Senior Secured Delayed Draw Loan	3,701	(41)
Showtime Acquisition, L.L.C.	1st Lien Senior Secured Delayed Draw Loan	3,657	(107)
ASDAM Operations Pty Ltd	1st Lien Senior Secured Delayed Draw Loan	3,625	(123)
Meriplex Communications, LTD	1st Lien Senior Secured Delayed Draw Loan	3,615	(87)
Spanx, LLC	1st Lien Senior Secured Revolving Loan	3,533	(135)
TriMech Acquisition Corp.	1st Lien Senior Secured Revolving Loan	3,289	(50)
Pinnacle Fertility, Inc.	1st Lien Senior Secured Delayed Draw Loan	3,125	(60)
Arcfield Acquisition Corp	1st Lien Senior Secured Revolving Loan	2,990	(100)
Arc Media Holdings Limited	1st Lien Senior Secured Revolving Loan	2,766	(59)
Artemis Bidco Limited	1st Lien Senior Secured Delayed Draw Loan	2,677	(260)
Smarsh Inc.	1st Lien Senior Secured Delayed Draw Loan	2,143	(87)
CPI Buyer, LLC	1st Lien Senior Secured Revolving Loan	2,115	(26)
Excelitas Technologies Corp.	1st Lien Senior Secured Revolving Loan	1,978	(49)
Spirit RR Holdings, Inc.	1st Lien Senior Secured Revolving Loan	1,806	(54)
Galway Borrower LLC	1st Lien Senior Secured Revolving Loan	1,739	(67)
IG Investments Holdings, LLC	1st Lien Senior Secured Revolving Loan	1,726	(36)
CPI Buyer, LLC	1st Lien Senior Secured Delayed Draw Loan	1,449	(25)
Calabrio, Inc.	1st Lien Senior Secured Revolving Loan	1,152	(15)
NBG Acquisition Corp.	1st Lien Senior Secured Revolving Loan	1,111	(43)
Huskies Parent, Inc.	1st Lien Senior Secured Delayed Draw Loan	1,000	(62)
DS Admiral Bidco, LLC	1st Lien Senior Secured Revolving Loan	966	(17)
NBG Acquisition Corp.	1st Lien Senior Secured Delayed Draw Loan	952	(37)
Smarsh Inc.	1st Lien Senior Secured Revolving Loan	857	(35)
Patriot Growth Insurance Services, LLC	1st Lien Senior Secured Revolving Loan	822	(14)
AxiomSL Group, Inc.	1st Lien Senior Secured Revolving Loan	812	—
AxiomSL Group, Inc.	1st Lien Senior Secured Delayed Draw Loan	744	—
Meriplex Communications, LTD	1st Lien Senior Secured Revolving Loan	610	(15)
ERC Topco Holdings, LLC	1st Lien Senior Secured Revolving Loan	600	(40)
Tricentis Americas, Inc.	1st Lien Senior Secured Revolving Loan	499	(5)
Galway Borrower LLC	1st Lien Senior Secured Delayed Draw Loan	457	(19)
Riley MergeCo LLC	1st Lien Senior Secured Delayed Draw Loan	456	(19)
Time Manufacturing Holdings, LLC	1st Lien Senior Secured Revolving Loan	445	(22)
Associations Inc.	1st Lien Senior Secured Revolving Loan	403	(2)
Bottomline Technologies, Inc.	1st Lien Senior Secured Revolving Loan	385	(9)
Eagle LNG Partners Jacksonville II LLC	1st Lien Senior Secured Delayed Draw Loan	380	(13)
Riley MergeCo LLC	1st Lien Senior Secured Revolving Loan	304	(12)
Nexus Intermediate III, LLC	1st Lien Senior Secured Delayed Draw Loan	300	—
Huskies Parent, Inc.	1st Lien Senior Secured Revolving Loan	294	(16)
RSC Acquisition, Inc.	1st Lien Senior Secured Revolving Loan	179	(3)
Pediatric Associates Holding Company, LLC	1st Lien Senior Secured Delayed Draw Loan	155	(3)
ABB/CON-CISE Optical Group LLC	1st Lien Senior Secured Revolving Loan	118	(7)
Aventine Intermediate LLC	1st Lien Senior Secured Delayed Draw Loan	80	(3)
VetCor Group Holdings LLC	Unsecured Delayed Draw Loan	34	(3)

19

HPS Corporate Lending Fund

Consolidated Schedule of Investments

March 31, 2023

(in thousands)

(Unaudited)

Investments-non-controlled/non-affiliated	Commitment Type	Unfunded Commitment		Fair Value
Higginbotham Insurance Agency, Inc.	1st Lien Senior Secured Delayed Draw Loan	17		—
Total		$	792,765	$	(22,404)

(8)There are no interest rate floors on these investments.

(9)The interest rate floor on these investments as of March 31, 2023 was 0.50%.

(10)The interest rate floor on these investments as of March 31, 2023 was 0.60%.

(11)The interest rate floor on these investments as of March 31, 2023 was 0.75%.

(12)The interest rate floor on these investments as of March 31, 2023 was 1.00%.

(13)The interest rate floor on these investments as of March 31, 2023 was 1.75%.

(14)The interest rate floor on these investments as of March 31, 2023 was 2.00%.

(15)Loan was on non-accrual status as of March 31, 2023.

ADDITIONAL INFORMATION

Foreign currency forward contracts:

Currency Purchased	Currency Sold	Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
U.S. Dollars 11,669	Australian Dollars 17,518	Goldman Sachs Bank USA	6/21/2023	$	(81)
U.S. Dollars 1,449	Australian Dollars 2,067	Goldman Sachs Bank USA	9/21/2023	58
U.S. Dollars 4,010	Australian Dollars 6,291	Goldman Sachs Bank USA	12/21/2023	(236)
U.S. Dollars 1,563	Canadian Dollars 2,024	Goldman Sachs Bank USA	9/21/2023	62
U.S. Dollars 93,873	Euro 87,579	Goldman Sachs Bank USA	6/21/2023	(1,567)
U.S. Dollars 3,819	Euro 3,809	Goldman Sachs Bank USA	12/21/2023	(365)
U.S. Dollars 3,071	Euro 2,838	Goldman Sachs Bank USA	9/23/2024	(69)
U.S. Dollars 127,495	British Pound 104,323	Goldman Sachs Bank USA	6/21/2023	(1,427)
U.S. Dollars 4,744	British Pound 3,918	Goldman Sachs Bank USA	9/23/2024	(97)
U.S. Dollars 6,868	British Pound 6,303	Goldman Sachs Bank USA	10/15/2024	(919)
Total				$	(4,641)

Interest rate swaps:

Counterparty	Hedged Instrument	Company Receives	Company Pays	Maturity Date	Notional Amount		Fair Market Value
Goldman Sachs Bank USA	November 2025 Notes	8.37%	SOFR + 4.08%	11/14/2025	$	85,000	$	712
Goldman Sachs Bank USA	November 2027 Notes	8.43%	SOFR + 4.42%	11/14/2027	77,500		1,365
Goldman Sachs Bank USA	March 2026 Notes	8.12%	SOFR + 3.76%	3/15/2026	276,000		3,400
Goldman Sachs Bank USA	March 2028 Notes	8.18%	SOFR + 4.24%	3/15/2028	124,000		2,012
Total Interest Rate Swaps							$	7,489

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

20

HPS Corporate Lending Fund

Consolidated Schedule of Investments

December 31, 2022

(in thousands)

Company (1)	.	Reference Rate and Spread (2)		.	Interest Rate (2)	.	Maturity Date	.	Par Amount/Units		.	Amortized Cost (3)		.	Fair Value		.	Percentage of Net Assets
Non-Controlled/Non-Affiliated Investments
First Lien Debt
Aerospace and Defense
Arcfield Acquisition Corp (4)(7)(11)							3/10/2027		$	2,990		$	(50)		$	(129)
Arcfield Acquisition Corp (4)(11)		L +	5.75%		10.02%		3/10/2028		20,446			20,078			19,453
Asdam Operations Pty Ltd (4)(6)(9)		B +	5.75%		8.86%		8/22/2028		A$	3,614		2,401			2,348
Asdam Operations Pty Ltd (4)(6)(7)(9)							8/22/2028		A$	5,421		(112)			(168)
Asdam Operations Pty Ltd (4)(6)(9)		B +	5.75%		8.82%		8/22/2028		A$	41,558		27,711			27,017
Sequa Corp (4)(7)(12)							11/23/2027		13,676			(684)			(670)
Sequa Corp (4)(12)		SF +	7.00%		11.32%		11/24/2028		128,310			121,852			122,005
												171,196			169,856			4.92	%
Automobiles and Parts
Foundation Automotive Us Corp (4)(7)(12)		SF +	7.75%		11.88%		12/24/2027		38,333			3,776			2,907
Foundation Automotive Corp (4)(6)(12)		SF +	7.75%		12.55%		12/24/2027		16,084			15,858			15,499
Foundation Automotive Us Corp (4)(12)		SF +	7.75%		12.55%		12/24/2027		39,817			39,263			38,371
Oil Changer Holding Corporation (4)(12)		L +	6.75%		11.47%		2/8/2027		41,012			40,646			39,813
Oil Changer Holding Corporation (4)(12)		L +	6.75%		11.47%		2/8/2027		8,611			8,535			8,359
Power Stop LLC (9)		L +	4.75%		9.48%		1/26/2029		19,273			19,102			13,491
												127,180			118,440			3.43	%
Chemicals
Illuminate Buyer, LLC (8)		L +	3.50%		7.88%		6/30/2027		7,250			7,226			6,960
												7,226			6,960			0.20	%
Construction and Materials
Nexus Intermediate III, LLC (4)(7)(11)							12/6/2027		300			(4)			(3)
Nexus Intermediate III, LLC (4)(11)		L +	5.50%		10.22%		12/6/2027		1,176			1,159			1,165
												1,155			1,162			0.03	%
Consumer Services
American Academy Holdings, LLC (4)(12)		L +	11.00% (incl 6.25% PIK)		15.38%		1/2/2025		51,704			51,744			51,087
Asurion Corporation (8)		SF +	4.00%		8.68%		8/16/2028		9,975			9,497			8,925
Asurion Corporation (8)		L +	3.00%		7.38%		11/4/2024		1,979			1,960			1,927
Auctane Inc (4)(11)		L +	5.75%		10.13%		10/5/2028		24,813			24,813			24,124
Club Car Wash Operating, LLC (4)(7)(12)		SF +	6.50%		11.23%		6/16/2027		61,873			40,059			38,434
Club Car Wash Operating, LLC (4)(12)		SF +	6.50%		11.23%		6/16/2027		27,790			27,430			26,568
Express Wash Concepts (4)(7)(12)		SF +	5.75%		10.17%		4/30/2027		62,968			25,128			21,671
Express Wash Concepts (4)(12)		SF +	5.75%		10.17%		4/30/2027		26,798			26,554			25,090
Houghton Mifflin Harcourt Company (9)		SF +	5.25%		9.67%		4/6/2029		29,925			29,090			28,550
PECF USS Intermediate Holding III Corporation (9)		L +	4.25%		8.63%		12/15/2028		14,862			14,781			12,448
Polyconcept North America Holdings, Inc. (11)		SF +	5.50%		10.08%		5/12/2029		23,242			22,806			21,818
Spotless Brands, LLC (4)(12)		SF +	6.50%		10.82%		7/25/2028		21,782			21,372			20,935
Spotless Brands, LLC (4)(12)		SF +	6.50%		10.92%		7/25/2028		16,144			15,849			15,517
Spotless Brands, LLC (4)(12)		SF +	6.50%		10.71%		7/25/2028		106,669			104,635			102,525
Spotless Brands, LLC (4)(7)(12)							7/25/2028		5,175			(95)			(201)
Thrasio LLC (7)(12)							12/18/2026		2,972			(11)			(338)
Thrasio LLC (12)		L +	7.00%		11.17%		12/18/2026		2,927			2,916			2,594
Trugreen Limited Partnership (11)		L +	4.00%		8.38%		11/2/2027		9,914			9,789			8,830
WMB Holdings Inc (9)		SF +	3.25%		7.67%		8/31/2029		2,202			2,137			2,183
Zips Car Wash, LLC (4)(12)		L +	7.25%		11.67%		3/1/2024		26,312			26,287			25,799
Zips Car Wash, LLC (4)(7)(12)		SF +	7.25%		11.53%		3/1/2024		39,718			14,987			14,730
Zips Car Wash, LLC (4)(7)(12)		SF +	7.25%		11.67%		3/1/2024		1,003			994			973
												472,722			454,189			13.14	%
Electricity

21

HPS Corporate Lending Fund

Consolidated Schedule of Investments

December 31, 2022

(in thousands)

Company (1)	.	Reference Rate and Spread (2)		.	Interest Rate (2)	.	Maturity Date	.	Par Amount/Units		.	Amortized Cost (3)	.	Fair Value	.	Percentage of Net Assets
IP Operating Portfolio I, LLC (4)(7)(8)					7.88%		12/31/2029		27,428			8,670		8,441
												8,670		8,441		0.24	%
Electronic and Electrical Equipment
Brightstar Escrow Corp. (8)					9.75%		10/15/2025		1,000			983		922
												983		922		0.03	%
Finance and Credit Services
PCP CW Aggregator Holdings II, L.P. (4)(6)(12)		L +	7.25%		8.35%		2/9/2027		18,186			17,877		17,431
Verscend Holding Corp. (8)		L +	4.00%		8.38%		8/27/2025		3,980			3,961		3,962
Yes Energy LLC (4)(7)(11)		B +	5.00%		9.37%		4/21/2028		10,000			2,268		2,099
Yes Energy LLC (4)(11)		B +	5.00%		9.37%		4/21/2028		26,000			25,342		24,956
												49,448		48,448		1.40	%
Food Producers
Specialty Ingredients, LLC (4)(7)(11)							2/12/2029		11,279			(212)		(413)
Specialty Ingredients, LLC (4)(11)		SF +	6.00%		10.68%		2/12/2029		90,708			88,964		87,390
												88,752		86,977		2.52	%
Gas, Water and Multi-utilities
Floating Infrastructure Holdings Finance LLC (4)(6)(12)		SF +	5.75%		10.43%		8/13/2027		44,719			43,883		43,242
												43,883		43,242		1.25	%
General Industrials
BP Purchaser, LLC (4)(11)		L +	5.50%		10.24%		12/11/2028		27,793			27,309		26,310
Formerra, LLC (4)(7)(12)							11/1/2028		4,270			(137)		(135)
Formerra, LLC (4)(7)(12)							11/1/2028		12,031			(380)		(380)
Formerra, LLC (4)(12)		SF +	7.25%		11.49%		11/1/2028		106,487			103,076		103,121
Marcone Yellowstone Buyer Inc. (4)(13)		SF +	6.25%		10.98%		6/23/2028		12,107			11,989		11,536
Marcone Yellowstone Buyer Inc. (4)(13)		SF +	6.25%		10.98%		6/23/2028		50,373			49,661		47,997
Marcone Yellowstone Buyer Inc. (4)(13)		SF +	6.25%		10.90%		6/23/2028		4,440			4,399		4,231
Marcone Yellowstone Buyer Inc. (4)(13)		SF +	6.25%		10.98%		6/23/2028		13,363			13,239		12,733
TMC Buyer Inc (4)(7)(9)							6/30/2028		4,569			(567)		(400)
TMC Buyer Inc (4)(9)		SF +	6.00%		9.98%		6/30/2028		66,251			57,981		60,450
												266,570		265,463		7.68	%
Health Care Providers
123Dentist Inc (4)(6)(7)(11)							8/10/2029		C$	9,636		(143)		(268)
123Dentist Inc (4)(6)(11)		C +	5.75%		10.36%		8/10/2029		C$	48,182		36,973		34,207
Accelerated Health Systems, LLC (9)		SF +	4.25%		8.98%		2/15/2029		8,032			8,009		6,581
Advarra Holdings, Inc. (4)(7)(11)							8/24/2029		6,340			(106)		(226)
Advarra Holdings, Inc. (4)(11)		SF +	5.75%		10.15%		8/24/2029		70,160			68,984		67,659
ATI Holdings Acquisition, Inc. (4)(6)(12)		SF +	7.75% (incl 2.00% PIK)		12.07%		2/24/2028		40,535			39,829		34,415
Baart Programs, Inc. (4)(7)(12)		L +	5.00%		9.73%		6/11/2027		17,419			10,082		9,515
Charlotte Buyer Inc (9)		SF +	5.25%		9.53%		2/3/2028		29,135			27,198		27,691
ERC Topco Holdings, LLC (4)(7)(11)							11/10/2028		620			(10)		(17)
ERC Topco Holdings, LLC (4)(7)(11)		P +	4.50%		12.00%		11/10/2027		1,000			600		592
ERC Topco Holdings, LLC (4)(11)		L +	5.50%		10.23%		11/10/2028		25,491			25,053		24,779
MB2 Dental Solutions, LLC (4)(12)		SF +	6.00%		10.42%		1/29/2027		9,120			8,950		8,808
MB2 Dental Solutions, LLC (4)(7)(12)		SF +	6.00%		10.71%		1/29/2027		87,403			37,215		35,806
MB2 Dental Solutions, LLC (4)(12)		SF +	6.00%		10.42%		1/29/2027		25,293			24,823		24,429
Medline Borrower, LP (9)		L +	3.25%		7.63%		10/23/2028		19,848			19,644		18,897
MPH Acquisition Holdings LLC (9)		L +	4.25%		8.98%		9/1/2028		4,633			4,518		3,979
Pediatric Associates Holding Company, LLC (7)(9)		L +	3.25%		7.63%		12/29/2028		1,029			508		463
Pediatric Associates Holding Company, LLC (9)		L +	3.25%		7.63%		12/29/2028		6,766			6,737		6,442
Phoenix Newco Inc (9)		L +	3.25%		7.63%		11/15/2028		17,746			17,624		17,130
Pinnacle Fertility, Inc. (4)(7)(11)		SF +	4.50%		9.23%		3/14/2028		12,477			9,131		8,979

22

HPS Corporate Lending Fund

Consolidated Schedule of Investments

December 31, 2022

(in thousands)

Company (1)	.	Reference Rate and Spread (2)		.	Interest Rate (2)	.	Maturity Date	.	Par Amount/Units		.	Amortized Cost (3)	.	Fair Value	.	Percentage of Net Assets
Pinnacle Fertility, Inc. (4)(11)		SF +	4.50%		9.23%		3/14/2028		27,294			26,811		26,479
PPV Intermediate Holdings, LLC (4)(7)(11)							8/31/2029		13,671			(138)		(520)
PPV Intermediate Holdings, LLC (4)(11)		SF +	5.75%		9.01%		8/31/2029		102,385			100,472		98,488
PPV Intermediate Holdings, LLC (4)(7)(11)		SF +	5.75%		10.07%		8/31/2029		8,721			2,268		2,023
PTSH Intermediate Holdings, LLC (4)(7)(11)							12/17/2027		3,953			(72)		(261)
PTSH Intermediate Holdings, LLC (4)(11)		L +	5.75%		10.48%		12/17/2027		20,889			20,531		19,509
Tenet Healthcare Corp (6)(8)					5.13%		11/1/2027		2,695			2,731		2,512
Tivity Health Inc (4)(11)		SF +	6.00%		10.58%		6/28/2029		112,278			109,647		106,506
United Musculoskeletal Partners Acquisition Holdings, LLC (4)(7)(11)		SF +	5.75%		9.32%		7/17/2028		77,292			25,439		23,854
United Musculoskeletal Partners Acquisition Holdings, LLC (4)(11)		SF +	5.75%		9.34%		7/17/2028		43,728			42,895		42,014
												676,203		650,465		18.83	%
Household Goods and Home Construction
LHS Borrower, LLC (9)		SF +	4.75%		9.17%		2/16/2029		21,835			21,635		17,918
												21,635		17,918		0.52	%
Industrial Engineering
Brookfield WEC Holdings Inc. (9)		SF +	3.75%		8.07%		8/1/2025		1,995			1,954		1,991
Radwell Parent, LLC (4)(7)(11)							4/3/2028		13,271			(392)		(392)
Radwell Parent, LLC (4)(11)		SF +	6.75%		11.33%		4/2/2029		155,378			150,756		150,777
Standard Industries, Inc. (9)		L +	2.25%		6.43%		9/22/2028		1,285			1,285		1,271
Time Manufacturing Holdings, LLC (4)(11)		E +	6.50%		8.42%		12/1/2027		€	4,782		4,941		4,784
Time Manufacturing Holdings, LLC (4)(7)(11)		L +	6.50%		11.23%		12/1/2027		1,000			727		685
Time Manufacturing Holdings, LLC (4)(11)		L +	6.50%		11.23%		12/1/2027		12,142			11,920		11,405
Time Manufacturing Holdings, LLC (4)(11)		E +	6.50%		8.42%		12/1/2027		€	8,423		9,346		8,424
TK Elevator U.S. Newco, Inc. (6)(9)		L +	3.50%		6.87%		7/30/2027		7,699			7,712		7,428
												188,249		186,373		5.39	%
Industrial Metals and Mining
BLY US Holdings Inc. (4)(6)(12)		L +	7.50%		12.29%		9/8/2026		3,070			2,998		2,922
												2,998		2,922		0.08	%
Industrial Support Services
Acuris Finance US, Inc (9)		SF +	4.00%		8.73%		2/16/2028		12,500			12,413		12,313
Allied Universal Holdco LLC (9)		L +	3.75%		8.17%		5/12/2028		3,032			3,021		2,886
Argos Health Holdings, Inc. (4)(11)		L +	5.75%		9.97%		12/6/2027		660			649		628
Becklar, LLC (4)(12)		SF +	6.85%		11.17%		12/21/2026		996			978		952
Becklar, LLC (4)(12)		SF +	6.85%		11.27%		12/21/2026		5,798			5,689		5,542
Captive Resources Midco LLC (4)(7)(11)							7/3/2028		7,558			(138)		(142)
Captive Resources Midco LLC (4)(11)		SF +	5.75% (incl 2.88% PIK)		10.07%		7/2/2029		88,980			87,273		87,284
Coretrust Purchasing Group LLC (4)(7)(11)							10/1/2029		10,736			(311)		(461)
Coretrust Purchasing Group LLC (4)(7)(11)							10/1/2029		11,656			(337)		(501)
Coretrust Purchasing Group LLC (4)(11)		SF +	6.75%		10.84%		10/1/2029		73,720			71,558		70,552
Eagle 2021 Lower Merger Sub, LLC (4)(11)		L +	5.50%		9.72%		12/6/2027		825			811		785
Employbridge, LLC (11)		L +	4.75%		9.49%		7/19/2028		9,907			9,855		8,145
Galaxy US Opco Inc. (6)(9)		SF +	4.75%		9.07%		4/29/2029		26,300			25,686		23,867
Guidehouse Inc. (4)(11)		L +	6.25%		10.63%		10/16/2028		79,573			78,083		76,717
IG Investments Holdings, LLC (4)(7)(11)		L +	6.00%		10.39%		9/22/2027		1,726			668		638
IG Investments Holdings, LLC (4)(11)		L +	6.00%		10.38%		9/22/2028		22,506			22,194		21,760
IG Investments Holdings, LLC (4)(11)		L +	6.00%		10.38%		9/22/2028		1,856			1,840		1,794
Mckissock Investment Holdings, LLC (11)		SF +	5.00%		8.73%		3/4/2029		25,440			25,212		23,810
NBG Acquisition Corp. (4)(7)(11)							11/6/2028		952			(12)		(67)
NBG Acquisition Corp. (4)(7)(11)							11/6/2028		18,760			(256)		(1,319)
NBG Acquisition Corp. (4)(7)(11)		L +	5.25%		9.66%		11/6/2028		2,876			1,415		1,316

23

HPS Corporate Lending Fund

Consolidated Schedule of Investments

December 31, 2022

(in thousands)

Company (1)	.	Reference Rate and Spread (2)		.	Interest Rate (2)	.	Maturity Date	.	Par Amount/Units		.	Amortized Cost (3)	.	Fair Value	.	Percentage of Net Assets
NBG Acquisition Corp. (4)(11)		L +	5.25%		9.66%		11/6/2028		21,553			21,407		20,038
Royal Buyer, LLC (4)(7)(11)							8/31/2028		9,000			(170)		(321)
Royal Buyer, LLC (4)(7)(11)		SF +	6.00%		10.40%		8/31/2028		7,000			1,501		1,383
Royal Buyer, LLC (4)(11)		SF +	6.00%		10.40%		8/31/2028		45,000			44,144		43,393
Sedgwick Claims Management Services, Inc. (8)		L +	3.25%		7.63%		12/31/2025		19,350			19,151		18,855
Simplisafe Holding Corporation (4)(7)(11)							5/2/2028		15,106			(272)		(455)
Simplisafe Holding Corporation (4)(11)		SF +	6.25%		10.47%		5/2/2028		120,247			118,057		116,628
Southern Graphics Inc. (4)(12)		L +	7.50%		12.20%		11/17/2026		1,000			979		874
Southern Graphics Inc. (4)(12)		L +	7.50%		12.15%		11/17/2026		10,227			9,995		8,940
Vaco Holdings, LLC (11)		SF +	5.00%		9.73%		1/22/2029		12,623			12,567		12,218
Vistage Worldwide Inc (11)		SF +	5.25%		9.67%		7/13/2029		998			971		958
												574,621		559,010		16.18	%
Industrial Transportation
EquipmentShare.com Inc. (4)(9)		L +	7.75%		12.40%		11/16/2026		4,215			4,155		4,026
EquipmentShare.com Inc. (4)(9)		L +	7.75%		12.40%		11/16/2026		16,860			16,561		16,106
E.S.G. Movilidad, S.L.U. (4)(6)(7)(8)							5/31/2029		€	11,245		(335)		(688)
E.S.G. Movilidad, S.L.U. (4)(6)(8)		E +	6.75%		9.19%		5/31/2029		€	8,096		8,446		8,172
E.S.G. Movilidad, S.L.U. (4)(6)(8)		E +	6.75%		9.19%		5/31/2029		€	22,264		23,226		22,474
												52,053		50,090		1.45	%
Investment Banking and Brokerage Services
Ascensus Holdings, Inc. (9)		L +	3.50%		8.25%		8/2/2028		7,940			7,862		7,606
												7,862		7,606		0.22	%
Leisure Goods
Jam City, Inc. (4)(12)		L +	7.00%		11.73%		9/7/2027		2,201			2,183		2,148
Tilting Point Media LLC (4)(7)(12)							2/26/2027		6,372			(160)		(600)
Tilting Point Media LLC (4)(7)(12)							2/26/2027		2,916			(73)		(274)
Tilting Point Media LLC (4)(12)		L +	8.00%		12.39%		2/26/2027		7,974			7,767		7,224
												9,717		8,498		0.25	%
Life Insurance
Onedigital Borrower LLC (9)		SF +	4.25%		8.49%		11/16/2027		5,940			5,928		5,628
												5,928		5,628		0.16	%
Media
2080 Media, Inc. (4)(7)(11)		SF +	6.50%		10.48%		3/14/2029		29,529			12,247		12,497
2080 Media, Inc. (4)(7)(11)							3/14/2028		13,795			(239)		(139)
2080 Media, Inc. (4)(11)		SF +	6.50%		10.48%		3/14/2029		55,042			54,030		54,518
Ancestry.com Inc. (9)		L +	3.25%		7.63%		12/6/2027		12,894			12,706		11,971
Arc Media Holdings Limited (4)(5)(6)(7)(12)							10/29/2027		2,766			(67)		(67)
Arc Media Holdings Limited (4)(5)(6)(12)		SF +	7.25%		11.49%		10/29/2027		41,387			40,377		40,387
Associations Inc. (4)(12)		SF +	6.50% (incl 2.50% PIK)		10.36%		7/2/2027		482			477		475
Associations Inc. (4)(12)		SF +	6.50% (incl 0.03 PIK)		11.26%		7/2/2027		1,003			994		989
Associations Inc. (4)(12)		SF +	6.50% (incl 0.03 PIK)		11.29%		7/2/2027		1,003			994		989
Associations Inc. (4)(12)		L +	6.50% (incl 2.50% PIK)		10.97%		7/2/2027		606			600		597
Associations Inc. (4)(7)(12)							7/2/2027		403			(4)		(6)
Associations Inc. (4)(12)		SF +	6.50% (incl 2.50% PIK)		10.36%		7/2/2027		4,137			4,100		4,079
Aventine Intermediate LLC (4)(7)(11)		L +	6.00% (incl 4.00% PIK)		10.38%		6/18/2027		1,032			936		904
Aventine Intermediate LLC (4)(11)		L +	6.00% (incl 4.00% PIK)		10.38%		6/18/2027		18,124			17,823		17,295
Hyve Group PLC (4)(5)(6)(14)		SN +	7.75%		11.19%		10/20/2026		£	24,104		26,025		28,054

24

HPS Corporate Lending Fund

Consolidated Schedule of Investments

December 31, 2022

(in thousands)

Company (1)	.	Reference Rate and Spread (2)		.	Interest Rate (2)	.	Maturity Date	.	Par Amount/Units		.	Amortized Cost (3)	.	Fair Value	.	Percentage of Net Assets
Kobalt London Limited (4)(6)(11)		SF +	7.00%		11.11%		2/25/2027		13,125			12,900		12,775
Kobalt London Limited (4)(6)(11)		SF +	7.00%		11.66%		2/25/2027		13,125			12,896		12,775
Mav Acquisition Corporation (9)		L +	4.75%		8.32%		7/28/2028		13,870			13,742		13,094
Oneteam Partners, LLC (4)(11)		SF +	5.75%		9.41%		9/14/2029		75,000			73,554		72,467
Regency Entertainment (USA), Inc. (4)(12)		L +	6.75%		11.13%		11/22/2025		30,000			29,737		29,286
Renaissance Financiere (4)(6)(7)(8)		E +	7.00%		8.56%		7/26/2028		€	34,871		24,513		25,139
Spirit RR Holdings, Inc. (4)(11)		SF +	6.50%		11.18%		9/13/2028		3,912			3,800		3,751
Spirit RR Holdings, Inc. (4)(7)(11)							9/13/2028		1,806			(51)		(74)
Spirit RR Holdings, Inc. (4)(11)		SF +	6.50%		11.18%		9/13/2028		18,057			17,523		17,314
The NPD Group L.P. (4)(7)(11)		SF +	5.75%		10.07%		12/1/2027		9,023			907		780
The NPD Group L.P. (4)(11)		SF +	6.25% (incl 2.75% PIK)		10.43%		12/1/2028		140,214			137,538		135,174
The NPD Group L.P. (4)(11)		L +	5.75%		10.13%		12/1/2028		9,291			9,202		8,947
												507,260		503,971		14.59	%
Medical Equipment and Services
ABB/CON-CISE Optical Group LLC (4)(7)(13)		P +	6.50%		14.00%		2/23/2028		2,358			2,190		2,080
ABB/CON-CISE Optical Group LLC (4)(11)		L +	7.50%		12.67%		2/23/2028		22,472			21,966		20,945
Coding Solutions Acquisition, Inc. (4)(7)(11)							5/11/2028		22,875			(409)		(1,001)
Coding Solutions Acquisition, Inc. (4)(7)(11)		SF +	5.50%		9.82%		5/11/2028		10,875			1,976		1,699
Coding Solutions Acquisition, Inc. (4)(11)		SF +	5.50%		9.82%		5/11/2028		76,059			74,649		72,731
Plasma Buyer LLC (4)(7)(11)							5/12/2029		22,070			(401)		(1,040)
Plasma Buyer LLC (4)(7)(11)							5/12/2028		9,458			(169)		(411)
Plasma Buyer LLC (4)(11)		SF +	5.75%		10.07%		5/12/2029		84,912			83,305		80,912
SDC US Smilepay SPV (4)(7)(12)		L +	10.75% (incl 3.75% PIK)		15.52%		10/27/2025		76,191			35,040		34,013
												218,147		209,928		6.08	%
Non-life Insurance
Alera Group, Inc. (4)(11)		SF +	6.00%		10.42%		10/2/2028		21,774			21,591		20,992
Alera Group, Inc. (4)(11)		SF +	6.00%		10.42%		10/2/2028		12,525			12,514		12,075
Alera Group, Inc. (4)(11)		SF +	6.00%		10.42%		10/2/2028		44,173			44,136		42,586
Alliant Holdings I, L.P. (8)		L +	3.25%		7.63%		5/9/2025		995			977		983
Alliant Holdings Intermediate, LLC (9)		L +	3.50%		7.85%		11/5/2027		17,847			17,662		17,468
AmWins Group, LLC (11)		L +	2.25%		6.63%		2/21/2028		4,645			4,619		4,568
Galway Borrower LLC (4)(7)(11)							9/29/2028		457			(4)		(24)
Galway Borrower LLC (4)(7)(11)							9/30/2027		2,216			(36)		(109)
Galway Borrower LLC (4)(11)		L +	5.25%		9.98%		9/29/2028		61,128			60,592		57,907
Higginbotham Insurance Agency, Inc. (4)(7)(11)		L +	5.25%		9.63%		11/25/2026		48			20		20
Higginbotham Insurance Agency, Inc. (4)(11)		L +	5.25%		9.63%		11/25/2026		9,877			9,788		9,744
HUB International Limited (11)		L +	3.25%		7.53%		4/25/2025		15,846			15,733		15,725
Integrity Marketing Acquisition LLC (4)(7)(11)		SF +	6.02%		10.72%		8/27/2025		20,895			16,714		16,223
Integrity Marketing Acquisition LLC (4)(11)		L +	6.02%		10.03%		8/27/2025		57,546			56,824		55,194
Patriot Growth Insurance Services, LLC (4)(7)(11)		L +	5.75%		10.47%		10/16/2028		18,297			976		814
Patriot Growth Insurance Services, LLC (4)(7)(11)							10/16/2028		822			(14)		(22)
Patriot Growth Insurance Services, LLC (4)(11)		L +	5.50%		8.56%		10/16/2028		7,260			7,133		7,061
RSC Acquisition, Inc. (4)(7)(11)		SF +	5.50%		10.23%		10/30/2026		29,453			884		395
RSC Acquisition, Inc. (4)(11)		SF +	5.50%		10.05%		10/30/2026		10,521			10,421		10,241
RSC Acquisition, Inc. (4)(7)(11)							10/30/2026		467			—		(12)
RSC Acquisition, Inc. (4)(11)		SF +	5.50%		9.74%		10/30/2026		14,422			14,422		14,038
Trupanion, Inc. (4)(6)(7)(11)		SF +	5.00%		9.71%		3/25/2027		26,237			4,903		4,192
Trupanion, Inc. (4)(6)(7)(11)							3/25/2027		6,576			(83)		(262)
Trupanion, Inc. (4)(6)(11)		SF +	5.00%		9.73%		3/25/2027		20,843			20,567		20,012
												320,339		309,809		8.97	%

25

HPS Corporate Lending Fund

Consolidated Schedule of Investments

December 31, 2022

(in thousands)

Company (1)	.	Reference Rate and Spread (2)		.	Interest Rate (2)	.	Maturity Date	.	Par Amount/Units		.	Amortized Cost (3)	.	Fair Value	.	Percentage of Net Assets
Personal Care, Drug and Grocery Stores
Diamond (BC) B.V. (6)(9)		L +	2.75%		7.16%		9/29/2028		9,369			9,295		9,070
Puma Buyer LLC (4)(9)		SF +	5.50%		10.18%		7/16/2029		62,000			57,841		60,711
Vermont Aus Pty Ltd (4)(6)(11)		SF +	5.65%		10.23%		3/23/2028		26,053			25,465		24,675
Vermont Aus Pty Ltd (4)(6)(11)		B +	5.75%		9.06%		3/23/2028		A$	35,482		25,891		22,864
												118,492		117,320		3.40	%
Personal Goods
Daphne S.P.A. (4)(6)(7)(8)							5/23/2028		€	7,957		(191)		(421)
Daphne S.P.A. (4)(6)(8)		E +	6.25%		7.44%		5/23/2028		€	41,376		43,200		42,109
Spanx, LLC (4)(7)(11)		L +	5.00%		9.29%		11/18/2027		5,000			450		287
Spanx, LLC (4)(11)		L +	5.25%		9.64%		11/20/2028		29,700			29,183		28,075
												72,642		70,050		2.03	%
Pharmaceuticals and Biotechnology
CPI Buyer, LLC (4)(7)(11)		L +	5.50%		10.23%		11/1/2028		4,341			802		729
CPI Buyer, LLC (4)(7)(11)							10/30/2026		2,115			(35)		(43)
CPI Buyer, LLC (4)(11)		L +	5.50%		10.23%		11/1/2028		25,211			24,860		24,509
Dolcetto HoldCo S.P.A. (4)(5)(6)(7)(8)							10/27/2028		€	8,400		(201)		(218)
Dolcetto HoldCo S.P.A. (4)(5)(6)(8)		E +	6.50%		8.55%		10/27/2028		€	82,300		80,018		85,973
Gusto Aus Bidco Pty Ltd (4)(6)(7)(11)							10/30/2028		A$	11,982		(224)		(238)
Gusto Aus Bidco Pty Ltd (4)(6)(11)		B +	6.50%		10.16%		10/30/2028		A$	118,623		73,889		78,441
Petvet Care Centers LLC (11)		L +	3.50%		7.88%		2/14/2025		7,723			7,670		7,282
												186,779		196,435		5.69	%
Real Estate Investment and Services
850 Third Avenue Mezz I, LLC (4)(7)(9)		L +	6.50%		10.89%		10/1/2024		2,791			2,132		1,757
850 Third Avenue Owner LLC (4)(9)		L +	6.50%		10.89%		10/1/2024		4,726			4,697		4,063
OEG Borrower LLC (4)(9)		SF +	5.00%		9.60%		5/20/2029		39,900			38,393		39,002
												45,222		44,822		1.30	%
Retailers
Petsmart LLC (11)		L +	3.75%		8.13%		2/11/2028		10,550			10,481		10,356
The Michaels Companies, Inc. (11)		L +	4.25%		8.98%		4/14/2028		2,851			2,826		2,472
The Talbots, Inc. (4)(12)		L +	8.00%		12.74%		11/17/2026		7,897			7,685		7,494
												20,992		20,322		0.59	%
Software and Computer Services
Applied Systems Inc (9)		L +	3.00%		7.73%		9/19/2024		9,227			9,205		9,209
Armstrong Bidco Limited (4)(6)(7)(8)		SN +	5.25%		8.70%		6/28/2029		£	47,995		41,968		44,715
Armstrong Bidco Limited (4)(6)(8)		SN +	5.25%		8.70%		6/28/2029		£	91,991		109,456		110,602
Avalara, Inc. (4)(7)(11)							10/19/2028		6,324			(153)		(153)
Avalara, Inc. (4)(11)		SF +	7.25%		11.83%		10/19/2028		56,918			55,526		55,542
AxiomSL Group, Inc. (4)(7)(12)							12/3/2027		744			—		—
AxiomSL Group, Inc. (4)(12)		L +	5.75%		10.13%		12/3/2027		11,358			11,358		11,358
AxiomSL Group, Inc. (4)(7)(12)							12/3/2025		812			—		—
Barracuda Networks Inc (9)		SF +	4.50%		8.59%		5/17/2029		21,500			20,884		20,771
Bottomline Technologies, Inc. (4)(7)(11)							5/15/2028		385			(3)		(13)
Bottomline Technologies, Inc. (4)(11)		SF +	5.50%		9.82%		5/14/2029		4,604			4,560		4,425
Calabrio, Inc. (4)(7)(12)		L +	7.00%		11.75%		4/16/2027		2,687			1,536		1,478
Calabrio, Inc. (4)(12)		L +	7.00%		11.73%		4/16/2027		22,313			22,313		21,835
CCC Intelligent Solutions Inc. (9)		L +	2.25%		6.63%		9/21/2028		10,070			10,020		10,010
Cloud Software Group Holdings Inc (8)					6.50%		3/31/2029		9,610			8,076		8,117
CommerceHub, Inc. (4)(11)		SF +	6.25%		11.03%		12/29/2027		64,904			60,406		60,472
DS Admiral Bidco, LLC (4)(7)(12)		L +	6.50%		11.20%		3/16/2026		966			108		91
DS Admiral Bidco, LLC (4)(12)		SF +	7.00%		11.51%		3/16/2028		39,743			38,557		38,558
DS Admiral Bidco, LLC (4)(12)		L +	5.75%		10.16%		3/16/2028		8,943			8,860		8,638

26

HPS Corporate Lending Fund

Consolidated Schedule of Investments

December 31, 2022

(in thousands)

Company (1)	.	Reference Rate and Spread (2)		.	Interest Rate (2)	.	Maturity Date	.	Par Amount/Units		.	Amortized Cost (3)	.	Fair Value	.	Percentage of Net Assets
DTI Holdco, Inc. (11)		SF +	4.75%		8.84%		4/21/2029		29,925			29,365		27,643
Endure Digital, Inc. (11)		L +	3.50%		7.72%		2/10/2028		2,547			2,530		2,299
Finthrive Software Intermediate Holdings Inc (9)		L +	4.00%		8.38%		12/18/2028		13,102			12,855		11,148
GoTo Group Inc (8)		L +	4.75%		9.14%		8/31/2027		6,942			6,843		4,498
Govcio Buyer Company (4)(12)		SF +	5.50%		10.08%		8/18/2027		10,822			10,641		10,476
Helios Software Holdings, Inc. (12)		SF +	3.75%		8.48%		3/13/2028		16,670			16,517		16,396
Huskies Parent, Inc. (4)(7)(11)							11/3/2028		1,000			(17)		(93)
Huskies Parent, Inc. (4)(7)(11)		L +	5.50%		10.23%		11/3/2027		1,000			690		623
Huskies Parent, Inc. (4)(11)		L +	5.50%		10.23%		11/3/2028		25,410			24,974		23,040
Hyland Software, Inc. (11)		L +	3.50%		7.88%		7/1/2024		15,585			15,483		15,408
LMI Inc/DE (9)		L +	3.75%		8.13%		10/2/2028		14,870			14,784		9,383
Medallia, Inc. (4)(11)		L +	6.50% PIK		10.88%		10/30/2028		73,495			73,495		69,997
Mcafee Corp. (9)		SF +	3.75%		7.97%		3/1/2029		7,960			7,924		7,431
Mitchell International, Inc. (9)		L +	3.75%		8.41%		10/16/2028		19,788			19,464		18,294
New Era Technology, Inc. (4)(12)		L +	6.25%		10.66%		10/31/2026		19,849			19,849		19,128
Peraton Inc. (11)		L +	3.75%		8.13%		2/1/2028		3,717			3,719		3,636
Perforce Software, Inc. (4)(9)		SF +	4.50%		8.82%		7/1/2026		19,900			19,464		19,105
Ping Identity Holding Corp. (4)(7)(11)							10/17/2028		6,068			(147)		(147)
Ping Identity Holding Corp. (4)(11)		SF +	7.00%		11.32%		10/17/2029		59,003			57,538		57,571
Prism Parent Co., Inc. (4)(7)(11)							9/19/2028		10,833			(215)		(348)
Prism Parent Co., Inc. (4)(11)		SF +	6.00%		10.32%		9/19/2028		43,225			42,391		41,837
Project Alpha Intermediate Holding, Inc. (8)		L +	4.00%		8.39%		4/26/2024		8,682			8,606		8,491
Project Ruby Ultimate Parent Corp (11)		L +	3.25%		7.63%		3/10/2028		7,368			7,361		6,983
Quail Buyer, Inc. (4)(11)		L +	5.25%		10.18%		10/1/2027		7,444			7,320		7,343
Quasar Intermediate Holdings Ltd (9)		SF +	4.25%		8.49%		2/1/2029		13,965			13,846		10,836
Riley Mergeco LLC (4)(7)(12)							9/23/2027		456			(9)		(23)
Riley Mergeco LLC (4)(7)(12)							9/23/2027		304			(6)		(15)
Riley Mergeco LLC (4)(12)		L +	6.00% (incl 2.75% PIK)		10.38%		9/23/2027		1,701			1,667		1,615
Rocket Software, Inc. (8)		L +	4.25%		8.63%		11/28/2025		11,283			11,096		10,876
Smarsh Inc. (4)(7)(11)		SF +	6.50%		11.29%		2/16/2029		4,286			2,067		1,920
Smarsh Inc. (4)(7)(11)							2/16/2029		1,071			(19)		(56)
Smarsh Inc. (4)(11)		SF +	6.50%		11.29%		2/16/2029		17,143			16,834		16,250
TA TT Buyer, LLC (4)(9)		SF +	5.00%		8.98%		4/2/2029		14,963			14,822		14,588
Tibco Software Inc (9)		SF +	4.50%		9.18%		3/20/2029		13,010			11,882		11,651
Tricentis Americas, Inc. (4)(7)(12)		SF +	4.25%		8.94%		5/13/2024		8,748			3,144		3,055
Tricentis Americas, Inc. (4)(7)(12)							5/13/2024		499			(3)		(8)
Tricentis Americas, Inc. (4)(12)		SF +	4.25%		8.94%		5/13/2024		15,353			15,260		15,102
Trimech Acquisition Corp. (4)(7)(12)		SF +	4.75%		9.39%		3/10/2028		3,289			345		311
Trimech Acquisition Corp. (4)(12)		SF +	4.75%		9.48%		3/10/2028		21,548			21,256		21,000
Trimech Acquisition Corp. (4)(12)		SN +	4.75%		8.63%		3/10/2028		£	36,623		44,201		43,398
UKG Inc (9)		L +	3.25%		7.00%		5/4/2026		9,164			9,104		8,740
User Zoom Technologies, Inc. (4)(11)		SF +	5.75%		9.35%		4/5/2029		18,948			18,593		18,064
Zayo Group, LLC (8)		L +	3.00%		7.38%		3/9/2027		5,351			5,290		4,358
Zelis Payments Buyer, Inc. (8)		L +	3.50%		7.88%		9/30/2026		13,884			13,811		13,758
Zendesk Inc (4)(7)(11)							11/22/2028		39,321			(786)		(772)
Zendesk Inc (4)(7)(11)							11/22/2028		17,940			(352)		(352)
Zendesk Inc (4)(11)		SF +	6.50%		11.04%		11/22/2028		157,283			154,163		154,193
												1,160,317		1,134,286		32.83	%
Technology Hardware and Equipment
Altar Bidco, Inc. (9)		SF +	3.10%		5.50%		2/1/2029		7,960			7,937		7,623
CC WDW Borrower, Inc. (4)(7)(12)							1/27/2028		22,837			(618)		(1,006)

27

HPS Corporate Lending Fund

Consolidated Schedule of Investments

December 31, 2022

(in thousands)

Company (1)	.	Reference Rate and Spread (2)		.	Interest Rate (2)	.	Maturity Date	.	Par Amount/Units		.	Amortized Cost (3)		.	Fair Value		.	Percentage of Net Assets
CC WDW Borrower, Inc. (4)(7)(12)							1/27/2028		5,122			(130)			(226)
CC WDW Borrower, Inc. (4)(12)		SF +	6.75%		10.95%		1/27/2028		45,559			44,367			43,553
Excelitas Technologies Corp. (4)(7)(11)							8/13/2029		6,522			(123)			(247)
Excelitas Technologies Corp. (4)(11)		SF +	5.75%		10.12%		8/13/2029		33,804			33,146			32,526
Excelitas Technologies Corp. (4)(8)		E +	5.75%		7.55%		8/13/2029		€	5,587		5,651			5,746
Excelitas Technologies Corp. (4)(7)(11)		SF +	5.75%		10.12%		8/14/2028		3,261			1,787			1,732
TechInsights Inc (4)(6)(12)		L +	6.63%		11.36%		11/9/2027		993			974			962
TechInsights Inc (4)(6)(12)		L +	6.63%		11.36%		11/9/2027		2,578			2,531			2,498
												95,522			93,161			2.70	%
Telecommunications Equipment
Delta Topco, Inc. (11)		L +	3.75%		8.15%		12/1/2027		6,952			6,778			6,445
												6,778			6,445			0.19	%
Telecommunications Service Providers
Directv Financing, LLC (11)		L +	5.00%		9.38%		8/2/2027		18,212			17,852			17,770
Dish DBS Corporation (8)					5.25%		12/1/2026		7,703			7,430			6,503
Meriplex Communications, Ltd (4)(7)(11)		SF +	5.00%		9.42%		7/17/2028		4,952			1,268			1,163
Meriplex Communications, Ltd (4)(7)(11)		SF +	5.00%		9.42%		7/17/2028		1,143			98			74
Meriplex Communications, Ltd (4)(11)		SF +	5.00%		9.42%		7/17/2028		13,905			13,706			13,416
Openmarket Inc. (4)(6)(11)		L +	6.25%		10.98%		9/17/2026		4,938			4,841			4,714
Radiate Holdco LLC (11)		L +	3.25%		7.63%		9/25/2026		14,880			14,815			12,156
												60,010			55,796			1.61	%
Travel and Leisure
AD1 LBV1, LLC (4)(7)(10)		L +	6.75%		10.87%		12/10/2024		365			244			242
AD1 LBV1, LLC (4)(10)		L +	6.75%		10.87%		12/10/2024		19,002			18,823			18,746
Artemis Bidco Limited (4)(6)(7)(8)		SN +	6.00%		9.45%		9/8/2028		£	2,437		298			2
Artemis Bidco Limited (4)(6)(8)		SN +	6.00%		9.45%		9/8/2028		£	7,749		10,047			8,346
Artemis Bidco Limited (4)(6)(8)		SN +	6.00%		9.45%		9/8/2028		£	4,509		5,888			4,857
Artemis Bidco Limited (4)(6)(8)		SN +	6.00%		9.45%		9/8/2028		£	4,676		6,107			5,037
Canoe Bidco Pty Limited (4)(6)(9)		B +	6.00%		9.39%		5/20/2026		A$	31,969		21,117			21,602
Canoe Bidco Pty Limited (4)(6)(9)		B +	6.50%		10.10%		5/20/2026		A$	137,468		95,005			92,889
IRB Holding Corp. (12)		L +	2.75%		7.13%		2/5/2025		8,101			8,044			8,042
												165,573			159,763			4.62	%
Total First Lien Debt												$	5,755,124		$	5,614,718		162.50	%
Second Lien Debt
Consumer Services
Asurion Corporation (8)		L +	5.25%		9.63%		1/31/2028		$	5,165		$	5,104		$	4,059
												5,104			4,059			0.12	%
Health Care Providers
Charlotte Buyer Inc (9)		SF +	8.25%		12.53%		8/3/2028		10,000			9,327			9,463
												9,327			9,463			0.27	%
Industrial Support Services
Galaxy US Opco Inc. (4)(9)		SF +	8.25%		12.57%		4/29/2030		9,000			8,786			8,794
												8,786			8,794			0.25	%
Software and Computer Services
UKG Inc (9)		L +	5.25%		9.00%		5/3/2027		24,852			24,547			22,932
												24,547			22,932			0.66	%
Total Second Lien Debt												$	47,764		$	45,248		1.31	%
Unsecured Debt
Health Care Providers

28

HPS Corporate Lending Fund

Consolidated Schedule of Investments

December 31, 2022

(in thousands)

Company (1)	.	Reference Rate and Spread (2)		.	Interest Rate (2)	.	Maturity Date	.	Par Amount/Units		.	Amortized Cost (3)		.	Fair Value		.	Percentage of Net Assets
Vetcor Group Holdings LLC (4)(7)(8)							9/3/2030		$	251		$	(2)		$	(19)
Vetcor Group Holdings LLC (4)(8)			13.00% PIK		13.00%		9/3/2030		783			774			722
												772			703			0.02	%
Medical Equipment and Services
DCA Acquisition Holdings LLC (4)(7)(8)							12/28/2032		88			(2)			(2)
DCA Acquisition Holdings LLC (4)(8)			12.50% PIK		12.50%		12/28/2032		923			894			905
												892			903			0.03	%
Non-life Insurance
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer (8)					6.75%		10/15/2027		6,255			5,632			5,636
USI Inc/NY (8)					6.88%		5/1/2025		2,457			2,365			2,371
												7,997			8,007			0.23	%
Telecommunications Service Providers
CCO Holdings LLC / CCO Holdings Capital Corp (8)					5.50%		5/1/2026		7,000			7,102			6,787
T-Mobile USA, Inc. (8)					2.25%		2/15/2026		10,000			9,539			9,112
												16,641			15,899			0.46	%
Total Unsecured Debt												$	26,302		$	25,512		0.74	%
Structured Finance
Structured Finance Investments
ALM 2020 Ltd (6)(8)		L +	6.00%		10.08%		10/15/2029		$	3,330		$	2,995		$	2,937
AMMC CLO 20 Ltd (6)(8)		L +	5.81%		9.89%		4/17/2029		950			890			866
AMMC CLO 21 Ltd (6)(8)		L +	3.10%		7.56%		11/2/2030		2,150			1,898			1,887
AMMC CLO 21 Ltd (6)(8)		L +	6.50%		10.96%		11/2/2030		4,126			3,609			3,474
Carlyle Global Market Strategies (6)(8)		L +	5.40%		9.64%		10/20/2027		1,750			1,480			1,475
Carlyle Global Market Strategies (6)(8)		L +	5.40%		9.76%		7/27/2031		1,200			912			976
Catskill Park CLO Ltd (6)(8)		L +	6.00%		10.24%		4/20/2029		1,350			1,210			1,150
CENT CLO 16, L.P. (6)(8)		SF +	8.07%		10.57%		7/24/2034		3,000			2,810			2,735
Dryden 108 CLO Ltd (6)(8)							7/18/2035		2,900			2,291			2,204
Marble Point CLO XI Ltd (6)(8)		L +	2.80%		6.99%		12/18/2030		1,850			1,534			1,580
Monroe Capital MML CLO XIV LLC (6)(8)		SF +	10.02%		14.08%		10/24/2034		2,500			2,328			2,345
OCP CLO 2017-14 Ltd (6)(8)		SF +	6.80%		10.66%		1/15/2033		1,469			1,273			1,326
Shackleton 2019-XV CLO Ltd (6)(8)		L +	6.66%		10.74%		1/15/2032		3,000			2,612			2,697
Silver Creek CLO Ltd (6)(8)		L +	5.62%		9.86%		7/20/2030		2,000			1,776			1,755
Voya CLO Ltd (6)(8)		L +	3.55%		7.63%		4/17/2030		1,500			1,311			1,330
												28,929			28,737			0.83	%
Total Structured Finance												$	28,929		$	28,737		0.83	%
Equity Investments
Electricity
IP Operating Portfolio I, LLC (4)									2,000			$	67		$	198
												67			198			0.01	%
Software and Computer Services
Picard Holdco, Inc. - Preferred Shares (4)(9)		SF +	12.00% PIK		16.59%		9/30/2032		1,000			970			1,012
Picard Holdco, Inc. - Preferred Shares (4)(9)		SF +	12.00% PIK		16.59%		9/30/2032		30			30			32
												1,000			1,044			0.03	%
Media
Oneteam Partners, LLC - Preferred Shares (4)(5)					8.00%		9/15/2032		1,000			1,000			1,064
												1,000			1,064			0.03	%
Total Equity Investments												$	2,067		$	2,306		0.07	%
Total Investments - Non-Controlled/Non-Affiliated												$	5,860,186		$	5,716,521		165.44	%
Total Investment Portfolio												$	5,860,186		$	5,716,521		165.44	%

29

HPS Corporate Lending Fund

Consolidated Schedule of Investments

December 31, 2022

(in thousands)

Company (1)	.	Reference Rate and Spread (2)	.	Interest Rate (2)	.	Maturity Date	.	Par Amount/Units	.	Amortized Cost (3)		.	Fair Value		.	Percentage of Net Assets
Cash and Cash Equivalents
J.P. Morgan U.S. Government Fund, Institutional Shares								53,347		$	53,347		$	53,347
Cash										20,894			20,894
Total Cash and Cash Equivalents										$	74,241		$	74,241		2.15	%
Total Investment Portfolio, Cash and Cash Equivalents										$	5,934,427		$	5,790,762		167.59	%

(1) Unless otherwise indicated, issuers of debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount is presented for debt investments and the number of shares or units owned is presented for equity investments. Each of the Company’s investments is pledged as collateral under its credit facilities unless otherwise indicated.

(2) The majority of the investments bear interest at a rate that may be determined by reference to the London Interbank Offered Rate (“LIBOR” or “L”), Prime Rate (“Prime” or “P”), Sterling Overnight Index Average ("SONIA" or "SN"), Euro Interbank Offer Rate (“Euribor” or “E”), Secured Overnight Financing Rate ("SOFR" or "SF"), Canadian Dollar Offered Rate ("CDOR" or "C") or Bank Bill Swap Rate ("BBSW" or "B") which reset daily, monthly, quarterly, or semiannually. For each such investment, the Company has provided the spread over LIBOR, Prime, SONIA, E, SOFR, CDOR or BBSW and the current contractual interest rate in effect at December 31, 2022. Certain investments are subject to a LIBOR, Prime, or SOFR interest rate floor, or rate cap. Certain investments contain a Payment-in-Kind (“PIK”) provision.

(3) The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").

(4) These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by the Adviser as the Company’s valuation designee, subject to the oversight of the Board of Trustees (the “Board”) (see Note 2 and Note 5), pursuant to the Company’s valuation policy.

(5) These debt investments are not pledged as collateral under HLEND-A Funding Facility, the HLEND-B Funding Facility, the Revolving Credit Facility and the Short Term Financing Transactions.

(6) The investment is not a qualifying asset, in whole or in part, under Section 55(a) of the 1940 Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of December 31, 2022, non-qualifying assets represented 16.1% of total assets as calculated in accordance with regulatory requirements.

(7) Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may be subject to unused commitment fees. Negative cost and fair value results from unamortized fees, which are capitalized to the investment cost. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. See below for more information on the Company’s unfunded commitments:

Investments-non-controlled/non-affiliated	Commitment Type	Unfunded Commitment		Fair Value
United Musculoskeletal Partners Acquisition Holdings, LLC	1st Lien Senior Secured Delayed Draw Loan	$	50,408	$	(1,976)
MB2 Dental Solutions, LLC	1st Lien Senior Secured Delayed Draw Loan	48,611		(1,661)
Zendesk Inc	1st Lien Senior Secured Delayed Draw Loan	39,321		(772)
SDC US Smilepay SPV	1st Lien Senior Secured Delayed Draw Loan	38,645		(1,792)
Express Wash Concepts	1st Lien Senior Secured Delayed Draw Loan	37,286		(2,375)
Foundation Automotive US Corp	1st Lien Senior Secured Delayed Draw Loan	34,033		(1,236)
RSC Acquisition, Inc.	1st Lien Senior Secured Delayed Draw Loan	28,274		(753)
Zips Car Wash, LLC	1st Lien Senior Secured Delayed Draw Loan	24,213		(472)
Coding Solutions Acquisition, Inc.	1st Lien Senior Secured Delayed Draw Loan	22,875		(1,001)
CC WDW Borrower, Inc.	1st Lien Senior Secured Delayed Draw Loan	22,837		(1,006)
Plasma Buyer LLC	1st Lien Senior Secured Delayed Draw Loan	22,070		(1,040)
Trupanion, Inc.	1st Lien Senior Secured Delayed Draw Loan	21,000		(837)
Club Car Wash Operating, LLC	1st Lien Senior Secured Delayed Draw Loan	20,717		(911)
NBG Acquisition Corp.	1st Lien Senior Secured Delayed Draw Loan	18,760		(1,319)
IP Operating Portfolio I, LLC	1st Lien Senior Secured Delayed Draw Loan	18,168		(542)
Zendesk Inc	1st Lien Senior Secured Revolving Loan	17,940		(352)
Patriot Growth Insurance Services, LLC	1st Lien Senior Secured Delayed Draw Loan	16,982		(465)

30

HPS Corporate Lending Fund

Consolidated Schedule of Investments

December 31, 2022

(in thousands)

Investments-non-controlled/non-affiliated	Commitment Type	Unfunded Commitment	Fair Value
2080 Media, Inc.	1st Lien Senior Secured Delayed Draw Loan	16,751	(159)
SimpliSafe Holding Corporation	1st Lien Senior Secured Delayed Draw Loan	15,106	(455)
2080 Media, Inc.	1st Lien Senior Secured Revolving Loan	13,795	(139)
Sequa Corp	1st Lien Senior Secured Revolving Loan	13,676	(670)
PPV Intermediate Holdings, LLC	1st Lien Senior Secured Delayed Draw Loan	13,670	(520)
Radwell Parent, LLC	1st Lien Senior Secured Revolving Loan	13,271	(392)
Armstrong Bidco Limited	1st Lien Senior Secured Delayed Draw Loan	12,991	(69)
E.S.G. Movilidad, S.L.U.	1st Lien Senior Secured Delayed Draw Loan	12,039	(688)
Formerra, LLC	1st Lien Senior Secured Revolving Loan	12,031	(380)
Coretrust Purchasing Group LLC	1st Lien Senior Secured Revolving Loan	11,656	(501)
Specialty Ingredients, LLC	1st Lien Senior Secured Revolving Loan	11,279	(413)
Prism Parent Co., Inc.	1st Lien Senior Secured Delayed Draw Loan	10,833	(348)
Coretrust Purchasing Group LLC	1st Lien Senior Secured Delayed Draw Loan	10,736	(461)
Renaissance Financiere	1st Lien Senior Secured Delayed Draw Loan	10,702	(428)
Plasma Buyer LLC	1st Lien Senior Secured Revolving Loan	9,458	(411)
Royal Buyer, LLC	1st Lien Senior Secured Delayed Draw Loan	9,000	(321)
Dolcetto HoldCo S.P.A.	1st Lien Senior Secured Delayed Draw Loan	8,993	(218)
Coding Solutions Acquisition, Inc.	1st Lien Senior Secured Revolving Loan	8,700	(381)
Daphne S.P.A.	1st Lien Senior Secured Delayed Draw Loan	8,519	(421)
Gusto Aus Bidco Pty Ltd	1st Lien Senior Secured Delayed Draw Loan	8,161	(238)
The NPD Group L.P.	1st Lien Senior Secured Revolving Loan	7,940	(266)
Captive Resources Midco LLC	1st Lien Senior Secured Revolving Loan	7,557	(142)
Yes Energy LLC	1st Lien Senior Secured Delayed Draw Loan	7,500	(301)
Baart Programs, Inc.	1st Lien Senior Secured Delayed Draw Loan	7,191	(294)
123Dentist Inc	1st Lien Senior Secured Delayed Draw Loan	7,110	(268)
Trupanion, Inc.	1st Lien Senior Secured Revolving Loan	6,576	(262)
Excelitas Technologies Corp.	1st Lien Senior Secured Delayed Draw Loan	6,522	(247)
Tilting Point Media LLC	1st Lien Senior Secured Delayed Draw Loan	6,372	(600)
PPV Intermediate Holdings, LLC	1st Lien Senior Secured Revolving Loan	6,366	(242)
Advarra Holdings, Inc.	1st Lien Senior Secured Delayed Draw Loan	6,340	(226)
Avalara, Inc.	1st Lien Senior Secured Revolving Loan	6,324	(153)
Ping Identity Holding Corp.	1st Lien Senior Secured Revolving Loan	6,068	(147)
Tricentis Americas, Inc.	1st Lien Senior Secured Delayed Draw Loan	5,551	(91)
Royal Buyer, LLC	1st Lien Senior Secured Revolving Loan	5,367	(192)
Spotless Brands, LLC	1st Lien Senior Secured Revolving Loan	5,175	(201)
CC WDW Borrower, Inc.	1st Lien Senior Secured Revolving Loan	5,122	(226)
TMC Buyer Inc	1st Lien Senior Secured Delayed Draw Loan	4,569	(400)
Spanx, LLC	1st Lien Senior Secured Revolving Loan	4,467	(220)
Formerra, LLC	1st Lien Senior Secured Delayed Draw Loan	4,270	(135)
PTSH Intermediate Holdings, LLC	1st Lien Senior Secured Delayed Draw Loan	3,953	(261)
Integrity Marketing Acquisition LLC	1st Lien Senior Secured Delayed Draw Loan	3,818	(156)
Asdam Operations Pty Ltd	1st Lien Senior Secured Delayed Draw Loan	3,691	(168)
Meriplex Communications, LTD	1st Lien Senior Secured Delayed Draw Loan	3,615	(127)
CPI Buyer, LLC	1st Lien Senior Secured Delayed Draw Loan	3,491	(97)
Pinnacle Fertility, Inc.	1st Lien Senior Secured Delayed Draw Loan	3,125	(93)
Arcfield Acquisition Corp	1st Lien Senior Secured Revolving Loan	2,990	(129)
Thrasio LLC	1st Lien Senior Secured Delayed Draw Loan	2,972	(338)
Tilting Point Media LLC	1st Lien Senior Secured Revolving Loan	2,916	(274)
TriMech Acquisition Corp.	1st Lien Senior Secured Revolving Loan	2,895	(74)
Arc Media Holdings Limited	1st Lien Senior Secured Revolving Loan	2,766	(67)
Artemis Bidco Limited	1st Lien Senior Secured Delayed Draw Loan	2,622	(286)
Galway Borrower LLC	1st Lien Senior Secured Revolving Loan	2,216	(109)
Smarsh Inc.	1st Lien Senior Secured Delayed Draw Loan	2,143	(112)

31

HPS Corporate Lending Fund

Consolidated Schedule of Investments

December 31, 2022

(in thousands)

Investments-non-controlled/non-affiliated	Commitment Type	Unfunded Commitment		Fair Value
CPI Buyer, LLC	1st Lien Senior Secured Revolving Loan	2,115		(43)
Spirit RR Holdings, Inc.	1st Lien Senior Secured Revolving Loan	1,806		(74)
Excelitas Technologies Corp.	1st Lien Senior Secured Revolving Loan	1,413		(50)
NBG Acquisition Corp.	1st Lien Senior Secured Revolving Loan	1,358		(95)
Calabrio, Inc.	1st Lien Senior Secured Revolving Loan	1,152		(25)
Smarsh Inc.	1st Lien Senior Secured Revolving Loan	1,071		(56)
IG Investments Holdings, LLC	1st Lien Senior Secured Revolving Loan	1,036		(32)
Meriplex Communications, LTD	1st Lien Senior Secured Revolving Loan	1,029		(36)
Huskies Parent, Inc.	1st Lien Senior Secured Delayed Draw Loan	1,000		(93)
NBG Acquisition Corp.	1st Lien Senior Secured Delayed Draw Loan	952		(67)
DS Admiral Bidco, LLC	1st Lien Senior Secured Revolving Loan	850		(22)
Patriot Growth Insurance Services, LLC	1st Lien Senior Secured Revolving Loan	822		(22)
AxiomSL Group, Inc.	1st Lien Senior Secured Revolving Loan	812		—
AxiomSL Group, Inc.	1st Lien Senior Secured Delayed Draw Loan	744		—
850 Third Avenue Mezz I, LLC	1st Lien Senior Secured Delayed Draw Loan	643		(90)
ERC Topco Holdings, LLC	1st Lien Senior Secured Delayed Draw Loan	620		(17)
Pediatric Associates Holding Company, LLC	1st Lien Senior Secured Delayed Draw Loan	516		(25)
Tricentis Americas, Inc.	1st Lien Senior Secured Revolving Loan	499		(8)
RSC Acquisition, Inc.	1st Lien Senior Secured Revolving Loan	467		(12)
Galway Borrower LLC	1st Lien Senior Secured Delayed Draw Loan	457		(24)
Riley MergeCo LLC	1st Lien Senior Secured Delayed Draw Loan	456		(23)
Associations Inc.	1st Lien Senior Secured Revolving Loan	403		(6)
Bottomline Technologies, Inc.	1st Lien Senior Secured Revolving Loan	385		(13)
ERC Topco Holdings, LLC	1st Lien Senior Secured Revolving Loan	383		(9)
Riley MergeCo LLC	1st Lien Senior Secured Revolving Loan	304		(15)
Nexus Intermediate III, LLC	1st Lien Senior Secured Delayed Draw Loan	300		(3)
Huskies Parent, Inc.	1st Lien Senior Secured Revolving Loan	294		(24)
Time Manufacturing Holdings, LLC	1st Lien Senior Secured Revolving Loan	255		(15)
VetCor Group Holdings LLC	Unsecured Delayed Draw Loan	250		(19)
AD1 LBV1, LLC	1st Lien Senior Secured Delayed Draw Loan	119		(2)
ABB/CON-CISE Optical Group LLC	1st Lien Senior Secured Revolving Loan	118		(8)
DCA Acquisition Holdings LLC	Unsecured Delayed Draw Loan	88		(2)
Aventine Intermediate LLC	1st Lien Senior Secured Delayed Draw Loan	80		(4)
Higginbotham Insurance Agency, Inc.	1st Lien Senior Secured Delayed Draw Loan	28		—
Zips Car Wash, LLC	1st Lien Senior Secured Delayed Draw Loan	10		—
Total		$	895,942	$	(33,961)

(8)There are no interest rate floors on these investments.

(9)The interest rate floor on these investments as of December 31, 2022 was 0.50%.

(10)The interest rate floor on these investments as of December 31, 2022 was 0.60%.

(11)The interest rate floor on these investments as of December 31, 2022 was 0.75%.

(12)The interest rate floor on these investments as of December 31, 2022 was 1.00%.

(13)The interest rate floor on these investments as of December 31, 2022 was 1.75%.

(14)The interest rate floor on these investments as of December 31, 2022 was 2.00%.

ADDITIONAL INFORMATION

Foreign currency forward contracts

32

HPS Corporate Lending Fund

Consolidated Schedule of Investments

December 31, 2022

(in thousands)

Currency Purchased	Currency Sold	Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
U.S. Dollars 11,439	Australian Dollars 17,518	Goldman Sachs Bank USA	3/21/2023	$	(530)
U.S. Dollars 1,449	Australian Dollars 2,067	Goldman Sachs Bank USA	9/21/2023	28
U.S. Dollars 4,010	Australian Dollars 6,291	Goldman Sachs Bank USA	12/21/2023	(319)
U.S. Dollars 1,563	Canadian Dollars 2,024	Goldman Sachs Bank USA	9/21/2023	63
U.S. Dollars 12,622	Euro 12,231	Goldman Sachs Bank USA	3/21/2023	(545)
U.S. Dollars 77,725	Euro 72,453	Goldman Sachs Bank USA	6/21/2023	(705)
U.S. Dollars 3,819	Euro 3,809	Goldman Sachs Bank USA	12/21/2023	(339)
U.S. Dollars 893	Euro 846	Goldman Sachs Bank USA	9/23/2024	(39)
U.S. Dollars 4,002	British Pound 3,280	Goldman Sachs Bank USA	3/21/2023	29
U.S. Dollars 116,882	British Pound 95,507	Goldman Sachs Bank USA	6/21/2023	1,005
U.S. Dollars 6,868	British Pound 6,303	Goldman Sachs Bank USA	10/15/2024	(784)
Total				$	(2,136)

Interest rate swaps

Counterparty	Hedged Instrument	Company Receives	Company Pays	Maturity Date	Notional Amount		Fair Market Value
Goldman Sachs Bank USA	November 2025 Notes	8.37%	SOFR + 4.08%	11/14/2025	$	85,000	$	314
Goldman Sachs Bank USA	November 2027 Notes	8.43%	SOFR + 4.42%	11/14/2027	77,500		677
Total Interest Rate Swaps							$	991

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

32

Table of Contents

HPS Corporate Lending Fund

Notes to Consolidated Financial Statements

(Unaudited)

(in thousands, except per share data, percentages and as otherwise noted)

Note 1. Organization

HPS Corporate Lending Fund (the “Company” or “HLEND”) is a Delaware statutory trust that was formed on December 23, 2020 and commenced operations on February 3, 2022. The Company seeks to invest primarily in newly originated senior secured debt and other securities of private U.S. companies within the upper middle market. The Company is a non-diversified, closed-end management investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). The Company is externally managed by HPS Investment Partners, LLC (the “Adviser”, the “Administrator”, or “HPS”). The Company intends to elect to be treated for federal income tax purposes, and intends to qualify annually thereafter, as a regulated investment company (“RIC”) as defined under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).

The Company’s investment objective is to generate attractive risk-adjusted returns, predominately in the form of current income, with select investments exhibiting the ability to capture long-term capital appreciation. The Company seeks to achieve its investment objective by investing primarily in newly originated, privately negotiated senior credit investments in high quality, established upper middle market companies, and in select situations, companies in special situations. Upper middle market companies generally mean companies with earnings before interest, taxes, depreciation and amortization (“EBITDA”) of $75 million to $1 billion annually or $250 million to $5 billion in revenue annually at the time of investment.

The Company has and may continue to invest in smaller or larger companies if the opportunity presents attractive investment and risk-adjusted returns. In addition to corporate level obligations, the Company’s investments in such companies may also opportunistically include private asset-based financings such as equipment financings, financings against mission-critical corporate assets and mortgage loans, and/or investments that represent equity in portfolios of loans, receivables or other debt instruments. The Company may also selectively make investments that represent equity in portfolios of loans, receivables or other debt instruments. The Company may also participate in programmatic investments through partnerships or joint ventures with one or more unaffiliated banks or other financial institutions, including structures where a partner assumes senior exposure to each investment, and the Company participates in the junior exposure.

The Company’s investment strategy also includes a smaller allocation to more liquid credit investments such as broadly syndicated loans and corporate bonds. This allocation may also include senior secured loans, senior secured bonds, high yield bonds and structured credit instruments.

The strategy of the Company primarily focuses on companies in the United States, but also intends to leverage the Adviser’s presence to invest in companies in Europe, Australia and other locations outside the U.S. In addition, the Company may also invest in publicly traded securities of larger corporate issuers on an opportunistic basis when market conditions create compelling potential return opportunities, subject to compliance with BDC requirements to invest at least 70% of assets in “eligible portfolio companies.”

The Company offers on a continuous basis up to $4.0 billion of Common Shares of beneficial interest pursuant to an offering registered with the Securities and Exchange Commission (the “Offering”). The Company offers to sell any combination of four classes of Common Shares, Class S shares, Class I shares, Class D shares, and Class F shares, with a dollar value up to the maximum offering amount. The share classes have different ongoing shareholder servicing and/or distribution fees. The initial purchase price for the Common Shares of beneficial interest was $25.00 per share. Thereafter, the purchase price per share for each class of Common Shares equals the net asset value (“NAV”) per share, as of the effective date of the monthly share purchase date. Emerson Equity LLC (the “Managing Dealer”) will use its best efforts to sell shares, but is not obligated to purchase or sell any specific amount of shares in the offering. The Company may also engage in private offerings of its Common Shares.

The Company accepted purchase orders and held investors’ funds in an interest-bearing escrow account until the Company received purchase orders for at least $100.0 million, excluding shares purchased by the Adviser, its affiliates and trustees and officers but including any shares purchased in any private offering, in any combination of purchases of Class S shares, Class I shares, Class D shares, and Class F shares, and the Company’s Board of Trustees (the “Board”) authorized the release of funds in the escrow account. As of February 3, 2022, the Company had satisfied the minimum offering requirement and commenced its operations after the Company’s Board had authorized the release of proceeds from escrow. As of such date, the Company issued and sold 20,437,880 shares (consisting of 7,074,280 Class I shares, 1,268,000 Class D shares, and 12,095,600 Class F shares at an offering price of $25.00 per share), and the escrow agent released net proceeds of $510.9 million to the Company as payment for such shares. There were no Class S shares issued on such date.

34

Table of Contents

Note 2. Significant Accounting Policies

Basis of Presentation

The interim consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Article 6 of Regulation S-X. Accordingly, certain disclosures accompanying the annual consolidated financial statements prepared in accordance with U.S. GAAP are omitted. In the opinion of management, all adjustments considered necessary for the fair presentation of the consolidated financial statements for the interim periods presented have been included. All intercompany balances and transactions have been eliminated. The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the fiscal year ending December 31, 2023.

As an investment company, the Company applies the accounting and reporting guidance in Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies (“ASC 946”) issued by the Financial Accounting Standards Board (“FASB”).

Basis of Consolidation

As provided under ASC 946, the Company will not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company.

The Company consolidated the results of its wholly-owned subsidiaries HLEND Holdings A, L.P. (“HLEND A”), HLEND Holdings B, L.P. (“HLEND B”), HLEND Holdings C, L.P. (“HLEND C”), HLEND Holdings D, L.P. (“HLEND D”), HLEND Proxima, LLC, HLEND FEP, LLC, HLEND OTM, LLC and HLEND Lux Sarl. All intercompany transactions have been eliminated in consolidation.

Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual amounts could differ from those estimates and such differences could be material.

Cash and Cash Equivalents

Cash and cash equivalents consist of demand deposits and highly liquid investments, such as money market funds, with original maturities of three months or less. Cash and cash equivalents are carried at cost, which approximates fair value. The Company deposits its cash and cash equivalents with financial institutions and, at times, may exceed the Federal Deposit Insurance Corporation insured limit.

Investments

Investment transactions are recorded on the trade date. Realized gains or losses are measured by the difference between the net proceeds received (excluding prepayment fees, if any) and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. The net change in unrealized gains or losses primarily reflects the change in investment values, including the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period.

The Company is required to report its investments for which current market values are not readily available at fair value. The Company values its investments in accordance with ASC 820, Fair Value Measurement (“ASC 820”), which defines fair value as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the applicable measurement date. ASC 820 prioritizes the use of observable market prices derived from such prices over entity-specific inputs. Due to the inherent uncertainties of valuation, certain estimated fair values may differ significantly from the values that would have been realized had a ready market for these investments existed, and these differences could be material.

Investments that are listed or traded on an exchange and are freely transferrable are valued at either the closing price (in the case of securities and futures) or the mean of the closing bid and offer (in the case of options) on the principal exchange on which the investment is listed or traded. Investments for which other market quotations are readily available will typically be valued at those market quotations. To validate market quotations, the Company utilizes a number of factors to determine if the quotations are representative of fair value, including the source and number of the quotations. Where it is possible to obtain reliable, independent market quotations from a third party vendor, the Company uses these quotations to determine the value of its investments. The Company utilizes mid-market pricing (i.e., mid-point of average bid and ask prices) to value these investments. The Adviser obtains these market quotations from independent pricing

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services, if available; otherwise from one or more broker quotes. To assess the continuing appropriateness of pricing sources and methodologies, the Adviser regularly performs price verification procedures and issues challenges as necessary to independent pricing services or brokers, and any differences are reviewed in accordance with the valuation procedures. The Adviser does not adjust the prices unless it has a reason to believe market quotations are not reflective of the fair value of an investment.

Where prices or inputs are not available or, in the judgment of the Adviser, not reliable, valuation approaches based on the facts and circumstances of the particular investment will be utilized. Securities that are not publicly traded or for which market prices are not readily available, as will be the case for a substantial portion of the Company’s investments, are valued at fair value as determined in good faith by the Adviser as the Company’s valuation designee under Rule 2a-5 under the 1940 Act, pursuant to the Company’s valuation policy, and under the oversight of the Board, based on, among other things, the input of one or more independent valuation firms retained by the Company to review the Company’s investments. These valuation approaches involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the investments or market and the investments’ complexity.

With respect to the quarterly valuation of investments, the Company undertakes a multi-step valuation process each quarter in connection with determining the fair value of our investments for which reliable market quotations are not readily available as of the last calendar day of each quarter, which includes, among other procedures, the following:

•The valuation process begins with each investment being preliminarily valued by the Adviser’s valuation team in consultation with the Adviser’s investment professionals responsible for each portfolio investment;

•In addition, independent valuation firms retained by the Company prepare quarter-end valuations of each such investment that was (i) originated or purchased prior to the first calendar day of the quarter and (ii) is not a de minimis investment, as determined by the Adviser. The independent valuation firms provide a final range of values on such investments to the Adviser. The independent valuation firms also provide analyses to support their valuation methodology and calculations;

•The Adviser’s valuation committee with respect to the Company (the “Valuation Committee”) reviews each valuation recommendation to confirm they have been calculated in accordance with the Company’s valuation policy and compares such valuations to the independent valuation firms’ valuation ranges to ensure the Adviser’s valuations are reasonable; 

•The Adviser’s Valuation Committee then determines fair value marks for each of the Company’s portfolio investments; and

•The Board and Audit Committee periodically review the valuation process and provide oversight in accordance with the requirements of Rule 2a-5 under the 1940 Act.

As part of the valuation process, the Company takes into account relevant factors in determining the fair value of the Company’s investments for which reliable market quotations are not readily available, many of which are loans, including and in combination, as relevant: (i) the estimated enterprise value of a portfolio company, generally based on an analysis of discounted cash flows, publicly traded comparable companies and comparable transactions, (ii) the nature and realizable value of any collateral, (iii) the portfolio company’s ability to make payments based on its earnings and cash flow, (iv) the markets in which the portfolio company does business, and (v) overall changes in the interest rate environment and the credit markets that may affect the price at which similar investments may be made in the future. When an external event such as a purchase transaction, public offering or subsequent equity or debt sale occurs, the Adviser considers whether the pricing indicated by the external event corroborates its valuation.

The Company has and will continue to engage independent valuation firms to provide assistance regarding the determination of the fair value of the Company’s portfolio securities for which market quotations are not readily available or are readily available but deemed not reflective of the fair value of the investment each quarter, and the Adviser and the Company may reasonably rely on that assistance. However, the Adviser is responsible for the ultimate valuation of the portfolio investments at fair value as determined in good faith pursuant to the Company’s valuation policy, the Board’s oversight and a consistently applied valuation process.

Derivative Instruments

The Company may enter into foreign currency forward contracts to reduce the Company’s exposure to foreign currency exchange rate fluctuations in the value of foreign currencies. In a foreign currency forward contract, the Company agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. Foreign currency forward contracts are marked-to-market at the applicable forward rate. Unrealized appreciation (depreciation) on foreign currency forward contracts are recorded on the Consolidated Statements of Assets and Liabilities by counterparty on a net basis, not taking into account collateral posted which is recorded separately, if applicable. Notional amounts of foreign currency forward contract assets and liabilities are presented separately on the Consolidated Schedules of Investments. Purchases and settlements of foreign currency forward contracts having the same settlement date and counterparty are generally settled net and any realized gains or losses are recognized on the settlement date. The Company does not utilize hedge accounting and as such, the Company recognizes its derivatives at fair value with changes in the net unrealized appreciation (depreciation) on foreign currency forward contracts recorded on the Consolidated Statements of Operations.

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Additionally, the Company uses interest rate swaps to mitigate interest rate risk associated with the Company's fixed rate liabilities. The fair value of the interest rate swaps are included as derivative assets at fair value or derivative liabilities at fair value, as applicable, on the Company's Consolidated Statements of Assets and Liabilities. The Company designated the interest rate swaps as the hedging instruments in a qualifying fair value hedge accounting relationship, and therefore the change in fair value of the hedging instrument and hedged item are recorded in interest expense and recognized as components of interest expense in the Consolidated Statements of Operations. The change in fair value of the interest rate swap is offset by a change in the carrying value of the fixed rate debt.

The fair value of the Company’s derivatives are recorded on the Consolidated Statements of Assets and Liabilities by security type and counterparty on a net basis, not taking into account collateral posted which is recorded separately, if subject to an enforceable master netting agreement. As of March 31, 2023 and December 31, 2022, there was $8.7 million and $0.0 million, respectively, of collateral received which is included in accrued expense and other liabilities on the Consolidated Statements of Asset and Liabilities.

Loan Participations

The Company follows the guidance in ASC 860 Transfers and Servicing when accounting for loan participations and other partial loan sales. Such guidance requires a participation or other partial loan sale to meet the definition of a “participating interest,” as defined in the guidance, in order for sale treatment to be allowed. Participations or other partial loan sales that do not meet the definition of a participating interest remain on the Consolidated Statements of Assets and Liabilities and the proceeds are recorded as a secured borrowing until the definition is met. Secured borrowings are carried at fair value to correspond with the related investments, which are carried at fair value. There were no participations that were accounted for as secured borrowings during the period.

Foreign Currency Transactions

Amounts denominated in foreign currencies are translated into U.S. dollars on the following basis: (i) investments and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates effective on the last business day of the period; and (ii) purchases and sales of investments, borrowings and repayments of such borrowings, income, and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates prevailing on the transaction dates.

The Company does not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included within the net realized and unrealized gains or losses on investments. Fluctuations arising from the translation of non-investment assets and liabilities are included with the net change in unrealized gains (losses) on foreign currency translations on the Consolidated Statements of Operations.

Foreign security and currency translations may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, currency fluctuations and revaluations and future adverse political, social and economic developments, which could cause investments in foreign markets to be less liquid and prices more volatile than those of comparable U.S. companies or U.S. government securities.

Revenue Recognition

Interest Income

Interest income is recorded on an accrual basis and includes the accretion of discounts and amortizations of premiums. Discounts from and premiums to par value on debt investments purchased are accreted/amortized into interest income over the life of the respective security using the effective interest method. The amortized cost of debt investments represents the original cost, including loan origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion of discounts and amortization of premiums, if any. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period. For the three months ended March 31, 2023 and 2022, the Company recorded non-recurring interest income of $1.6 million and $0.6 million, respectively, (e.g. prepayment premiums, accelerated accretion of upfront loan origination fees and unamortized discounts).

Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is generally reversed when a loan is placed on non-accrual status. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in management’s judgment, are likely to remain current. Management may make exceptions to this treatment and determine to not place a loan on non-accrual status if the

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loan has sufficient collateral value and is in the process of collection. As of March 31, 2023 and December 31, 2022, there were three and zero investments on non-accrual status, representing 0.5% and 0.0% of debt investments at fair value, respectively.

PIK Income

The Company has loans in its portfolio that contain payment-in-kind (“PIK”) provisions. PIK represents interest that is accrued and recorded as interest income at the contractual rates, increases the loan principal on the respective capitalization dates, and is generally due at maturity. Such income is included in interest income in the Consolidated Statements of Operations. If at any point the Company believes PIK is not expected to be realized, the investment generating PIK will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest is generally reversed through interest income. To maintain the Company’s status as a RIC, this non-cash source of income must be paid out to shareholders in the form of dividends, even though the Company has not yet collected cash. For the three months ended March 31, 2023 and 2022, the Company recorded PIK income of $4.7 million and $0.6 million, respectively.

Dividend Income

Dividend income on preferred equity securities is recorded on the accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly-traded portfolio companies. For the three months ended March 31, 2023 and 2022, the Company did not record any dividend income.

Other Income

The Company may receive various fees in the ordinary course of business such as structuring, consent, waiver, amendment, syndication and other miscellaneous fees as well as fees for managerial assistance rendered by the Company to the portfolio companies. Such fees are recognized as income when earned or the services are rendered. For the three months ended March 31, 2023 and 2022, the Company recorded other income of $0.4 million and $0.1 million, respectively.

Organization Costs

Organization expenses include, among other things, the cost of incorporating the Company and the cost of legal services and other fees pertaining to the Company's organization. Organization expenses are expensed as incurred. There were no organization costs during the three months ended March 31, 2023 and 2022.

Offering Expenses

The Company's offering expenses include, among other things, legal fees, registration fees and other costs pertaining to the preparation of the Company's registration statement (and any amendments or supplements thereto) relating to the offering and associated marketing materials. Offering costs are capitalized as a deferred charge and amortized to expense on a straight-line basis over a twelve-month period from incurrence.

Deferred Financing Costs and Debt Issuance Costs

Deferred financing and debt issuance costs represent fees and other direct incremental costs incurred in connection with the Company’s borrowings. These expenses are deferred and amortized into interest expense over the life of the related debt instrument using the straight-line method. Deferred financing costs related to revolving credit facilities are presented separately as an asset on the Company’s Statements of Assets and Liabilities. Debt issuance costs related to any issuance of installment debt or notes are presented net against the outstanding debt balance of the related security.

Income Taxes

The Company intends to elect to be treated as a RIC under the Code. So long as the Company maintains its status as a RIC, it generally will not pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its shareholders as dividends. Rather, any tax liability related to income earned and distributed by the Company would represent obligations of the Company’s investors and would not be reflected in the consolidated financial statements of the Company.

The Company evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and

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may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. The Company intends to make the requisite distributions to its shareholders, which will generally relieve the Company from corporate-level income taxes.

To qualify for and maintain qualification as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Company must distribute to its shareholders, for each taxable year, at least 90% of its “investment company taxable income” for that year, which is generally its ordinary income plus the excess, if any, of its realized net short-term capital gains over its realized net long-term capital losses.

In addition, based on the excise tax distribution requirements, the Company is subject to a 4% nondeductible federal excise tax on undistributed income unless the Company distributes in a timely manner in each taxable year an amount at least equal to the sum of (i) 98% of its ordinary income for the calendar year, (ii) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (iii) any income realized, but not distributed, in prior years. For this purpose, however, any ordinary income or capital gain net income retained by the Company that is subject to corporate income tax is considered to have been distributed. To the extent that it determines that estimated current year annual taxable income will be in excess of estimated current year distributions from such taxable income, the Company will accrue excise taxes, if any, on estimated undistributed taxable income.

For the three months ended March 31, 2023 and 2022, the Company accrued $(0.0) million and $0.0 million of U.S. federal excise tax, respectively.

Allocation of Income, Expenses, Gains and Losses

Income, expenses (other than those attributable to a specific class), gains and losses are allocated to each class of shares based upon the aggregate net asset value of that class in relation to the aggregate net asset value of the Company. Expenses that are specific to a class of shares are allocated to such class directly.

Distributions

To the extent that the Company has taxable income available, the Company intends to make monthly distributions to its shareholders. Distributions to shareholders are recorded on the record date. All distributions will be paid at the discretion of the Board and will depend on the Company’s earnings, financial condition, maintenance of our tax treatment as a RIC, compliance with applicable BDC regulations and such other factors as the Board may deem relevant from time to time. Although the gross distribution per share is generally equivalent for each share class, the net distribution for each share class is reduced for any class specific expenses, including distribution and shareholder servicing fees, if any.

The Company has adopted a distribution reinvestment plan pursuant to which shareholders will have their cash distributions automatically reinvested in additional shares of the Company's same class of Common Shares to which the distribution relates unless they elect to receive their distributions in cash.

Recent Accounting Pronouncements

In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848),” which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848), which expanded the scope of Topic 848 to include derivative instruments impacted by discounting transition. ASU 2020-04 and ASU 2021-01 are effective for all entities through December 31, 2022. The expedients and exceptions provided by the amendments do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2022, except for hedging transactions as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which deferred the sunset day of this guidance to December 31, 2024. The Company is evaluating the impact of this guidance on its consolidated financial statements.

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Note 3. Fees, Expenses, Agreements and Related Party Transactions

Investment Advisory Agreement

On January 20, 2022, the Company entered into an investment advisory agreement (the “Investment Advisory Agreement”) with the Adviser, pursuant to which the Adviser manages the Company on a day-to-day basis. The Adviser is responsible for determining the portfolio composition, making investment decisions, monitoring investments, performing due diligence on prospective portfolio companies and providing the Company with such other investment advisory and related services as may reasonably be required for the investment of capital.

The Investment Advisory Agreement is effective for an initial two-year term and will remain in effect from year-to-year thereafter if approved annually by a majority of the Board or by the holders of a majority of the Company’s outstanding voting securities and, in each case, a majority of the Independent Trustees. The Company may terminate the Investment Advisory Agreement, without payment of any penalty, upon 60 days’ written notice. The Investment Advisory Agreement will automatically terminate in the event of its assignment within the meaning of the 1940 Act and related Securities and Exchange Commission (the “SEC”) guidance and interpretations.

Under the Investment Advisory Agreement, the Company pays the Adviser a fee for its services. The fee consists of two components: a management fee and an incentive fee. The cost of both the management fee and the incentive fee are ultimately borne by the shareholders.

Base Management Fee

The management fee is payable monthly in arrears at an annual rate of 1.25% of the value of the Company’s net assets as of the beginning of the first calendar day of the applicable month. For purposes of the Investment Advisory Agreement, net assets means the Company’s total assets less the carrying value of liabilities, determined in accordance with U.S. GAAP. For the first calendar month in which the Company had operations, net assets were measured as the beginning net assets as of the date on which the Company broke escrow for the Offering.

The Adviser agreed to waive the base management fee from the date on which the Company broke escrow for the Offering through December 31, 2022.

For the three months ended March 31, 2023 and 2022, base management fees were $11.2 million and $1.4 million, respectively, of which $0.0 million and $1.4 million were voluntarily waived by the Adviser, respectively. As of March 31, 2023 and December 31, 2022, $11.2 million and $0.0 million, respectively, were payable to the Adviser related to management fees.

Incentive Fees

The incentive fee consists of two components that are independent of each other, with the result that one component may be payable even if the other is not. A portion of the incentive fee is based on a percentage of the Company’s income and a portion is based on a percentage of the Company’s capital gains, each as described below.

(i) Income based incentive fee

The income based incentive fee will be based on the Company’s Pre-Incentive Fee Net Investment Income Returns, as defined below. “Pre-Incentive Fee Net Investment Income Returns” means dividends, cash interest or other distributions or other cash income and any third-party fees received from portfolio companies (such as upfront fees, commitment fees, origination fee, amendment fees, ticking fees and break-up fees, as well as prepayments premiums, but excluding fees for providing managerial assistance and fees earned by the Adviser or an affiliate in its capacity as an administrative agent, syndication agent, collateral agent, loan servicer or other similar capacity) accrued during the quarter, minus operating expenses for the quarter (including the management fee, taxes, any expenses payable under the Investment Advisory Agreement and an administration agreement with the administrator, any expense of securitizations, and interest expense or other financing fees and any dividends paid on preferred stock, but excluding incentive fees and shareholder servicing and/or distribution fees). Pre-Incentive Fee Net Investment Income Returns includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with PIK interest and zero-coupon securities), accrued income that we have not yet received in cash. Pre-Incentive Fee Net Investment Income Returns do not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. The impact of expense support payments and recoupments are also excluded from Pre-Incentive Fee Net Investment Income Returns.

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Pre-Incentive Fee Net Investment Income Returns, expressed as a rate of return on the value of the Company’s net assets at the end of the immediately preceding quarter, is compared to a “Hurdle Rate” defined as a return of 1.25% per quarter (5.0% annualized).

The Company pays the Adviser an incentive fee quarterly in arrears with respect to the Pre-Incentive Fee Net Investment Income Returns in each calendar quarter as follows:

i.No incentive fee will be paid on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which the Pre-Incentive Fee Net Investment Income Returns do not exceed the Hurdle Rate; and

ii.100% of the dollar amount of the Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre- Incentive Fee Net Investment Income Returns, if any, that exceeds the Hurdle Rate but is less than a rate of return of 1.43% (5.72% annualized). This portion of the Pre-Incentive Fee Net Investment Income Returns (which exceeds the Hurdle Rate but is less than 1.43%) is referred to as the “Catch-Up.” The Catch-Up is meant to provide the Adviser with 12.5% of the Company’s Pre-Incentive Fee Net Investment Income Returns as if a Hurdle Rate did not apply if this net investment income exceeds 1.43% in any calendar quarter; and

iii.12.5% of the dollar amount of the Pre-Incentive Fee Net Investment Income Returns, if any, that exceed a rate of return of 1.43% (5.72% annualized).

These calculations are prorated for any period of less than three months, including the first quarter the Company commenced operations, and are adjusted for any share issuances or repurchases during the relevant quarter.

The Adviser agreed to waive the income based incentive fee from the date on which the Company broke escrow for the Offering through December 31, 2022. For the three months ended March 31, 2023 and 2022, income based incentive fees were $14.2 million and $1.0 million, respectively, of which $0.0 million and $1.0 million were voluntarily waived by the Adviser, respectively. As of March 31, 2023 and December 31, 2022, $14.2 million and $0.0 million, respectively, were payable to the Adviser relating to income based incentive fees.

(ii) Capital gains incentive fee

The second component of the incentive fee, the capital gains incentive fee, is payable at the end of each calendar year in arrears. The amount payable equals 12.5% of cumulative realized capital gains attributable to the applicable share class from inception through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fee on capital gains as calculated in accordance with U.S. GAAP.

For the three months ended March 31, 2023 and 2022, there were no accrued capital gains incentive fees.

Administration Agreement

On January 20, 2022, the Company entered into an agreement (the “Administration Agreement”) with the Administrator under which the Administrator provides, or oversees the performance of, administrative and compliance services, including, but not limited to, maintaining financial records, overseeing the calculation of the Company’s NAV, compliance monitoring (including diligence and oversight of other service providers), preparing reports to shareholders and reports filed with the SEC and other regulators, preparing materials and coordinating meetings of the Company’s Board, managing the payment of expenses, the payment and receipt of funds for investments and the performance of administrative and professional services rendered by others and providing office space, equipment and office services. The Company reimburses the Administrator for the costs and expenses incurred by the Administrator in performing its obligations under the Administration Agreement. Such reimbursement includes the Company’s allocable portion of compensation (including salaries, bonuses and benefits), overhead (including rent, office equipment and utilities) and other expenses incurred by the Administrator in performing its administrative obligations under the Administration Agreement, including but not limited to: (i) the Company’s chief compliance officer, chief financial officer and their respective staffs; (ii) investor relations, legal, operations and other non-investment professionals at the Administrator that perform duties for the Company; and (iii) any internal audit group personnel of the Administrator or any of its affiliates, subject to the limitations described in Advisory and Administration Agreements. In addition, pursuant to the terms of the Administration Agreement, the Administrator may delegate its obligations under the Administration Agreement to an affiliate or to a third party and the Company will reimburse the Administrator for any services performed for the Company by such affiliate or third party.

The amount of the reimbursement payable to the Administrator for administrative services will be the lesser of (1) Administrators’ actual costs incurred in providing such services and (2) the amount that the Company estimates it would be required to pay alternative service providers for comparable services in the same geographic location. The Administrator is required to allocate the cost of such

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services to the Company based on factors such as assets, revenues, time allocations and/or other reasonable metrics. The Company does not reimburse the Administrator for any services for which it receives a separate fee, or for rent, depreciation, utilities, capital equipment or other administrative items allocated to a controlling person of HPS.

Unless earlier terminated as described below, the Administration Agreement is effective for an initial two-year term and will remain in effect from year-to-year thereafter if approved annually by a majority of the Board or by the holders of a majority of the Company’s outstanding voting securities and, in each case, a majority of the Independent Trustees. The Company may terminate the Administration Agreement, without payment of any penalty, upon 120 days’ written notice. The Administration Agreement will automatically terminate in the event of its assignment within the meaning of the 1940 Act and related SEC guidance and interpretations.

For the three months ended March 31, 2023 and 2022, the Company incurred $0.6 million and $0.2 million, respectively, in expenses under the Administration Agreement, which are recorded in “administrative service expenses” in the Company’s Consolidated Statements of Operations. As of March 31, 2023 and December 31, 2022, there was $2.3 million and $1.8 million, respectively, of administrative service expenses payable by the Company which are included in “due to affiliates” in the Consolidated Statements of Assets and Liabilities.

Sub-Administration and Fund Accounting Servicing Agreements

HPS has hired U.S. Bancorp Fund Services, LLC (“U.S. Bancorp”) to assist in the provision of sub-administrative and fund accounting services. U.S. Bancorp receives compensation for these services under sub-administration and fund accounting servicing agreements.

Managing Dealer Agreement

On August 3, 2021, the Company entered into a Managing Dealer Agreement (the “Managing Dealer Agreement”) with the Managing Dealer. Under the terms of the Managing Dealer Agreement, the Managing Dealer will serve as the Managing Dealer for the Offering. The Managing Dealer will be entitled to receive distribution and/or shareholder servicing fees monthly in arrears at an annual rate of 0.85% of the value of the Company’s net assets attributable to Class S shares as of the beginning of the first calendar day of the month. The Managing Dealer will be entitled to receive distribution and/or shareholder servicing fees monthly in arrears at an annual rate of 0.25% of the value of the Company’s net assets attributable to Class D shares as of the beginning of the first calendar day of the month. The Managing Dealer will be entitled to receive distribution and/or shareholder servicing fees monthly in arrears at an annual rate of 0.50% of the value of the Company’s net assets attributable to Class F shares as of the beginning of the first calendar day of the month. No distribution and/or shareholding servicing fees will be paid with respect to Class I. The distribution and/or shareholder servicing fees will be payable to the Managing Dealer, but the Managing Dealer anticipates that all or a portion of the shareholder servicing fees will be retained by, or reallowed (paid) to, participating broker-dealers. As set forth in and pursuant to the Managing Dealer Agreement, the Company pays the Managing Dealer certain fees, including a $35,000 engagement fee that was previously paid, a $250,000 fixed managing dealer fee that is payable quarterly (commencing in the first quarter of 2022) in arrears in five equal quarterly installments and a two basis point (0.02%) variable managing dealer fee that is payable on any new capital raised in the offering following the expiration of the initial 15-month period of the Offering. The Company or the Adviser may also pay directly, or reimburse the Managing Dealer if the Managing Dealer pays on the Company’s behalf, any organization and offering expenses (other than any upfront selling commissions and shareholder servicing and/or distribution fees).

The Company will cease paying the distribution and/or shareholder servicing fees on the Class S shares, Class D shares and Class F shares on the earlier to occur of the following: (i) a listing of Class I shares, (ii) a merger or consolidation with or into another entity, or the sale or other disposition of all or substantially all of the Company’s assets or (iii) the date following the completion of the primary portion of the Offering on which, in the aggregate, underwriting compensation from all sources in connection with the Offering, including the distribution and/or shareholder servicing fees and other underwriting compensation, is equal to 10% of the gross proceeds from the Offering.

In addition, at the end of the month in which the Managing Dealer in conjunction with the transfer agent determines that total transaction or other fees, including upfront placement fees or brokerage commissions, and shareholder servicing and/or distribution fees paid with respect to any single share held in a shareholder’s account would exceed, in the aggregate, 10% of the gross proceeds from the sale of such share (or a lower limit as determined by the Managing Dealer or the applicable selling agent), the Company will cease paying the shareholder servicing and/or distribution fee on either (i) each such share that would exceed such limit or (ii) all Class S shares, Class D shares and Class F shares in such shareholder’s account. At the end of such month, the applicable Class S shares, Class D shares or Class F shares in such shareholder’s account will convert into a number of Class I shares (including any fractional shares), with an equivalent aggregate NAV as such Class S, Class D or Class F shares.

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The Managing Dealer is a broker-dealer registered with the SEC and is a member of the Financial Industry Regulatory Authority, or FINRA.

The Managing Dealer Agreement may be terminated at any time, without the payment of any penalty, by vote of a majority of the Company’s trustees who are not “interested persons”, as defined in the 1940 Act, of the Company and who have no direct or indirect financial interest in the operation of the Company’s distribution plan or the Managing Dealer Agreement or by vote of a majority of the outstanding voting securities of the Company, on not more than 60 days’ written notice to the Managing Dealer or the Adviser. The Managing Dealer Agreement will automatically terminate in the event of its assignment, as defined in the 1940 Act.

Either party may terminate the Managing Dealer Agreement upon 60 days’ written notice to the other party or immediately upon notice to the other party in the event such other party failed to comply with a material provision of the Managing Dealer Agreement. The Company’s obligations under the Managing Dealer Agreement to pay the shareholder servicing and/or distribution fees with respect to the Class S, Class D shares and Class F shares distributed shall survive termination of the agreement until such shares are no longer outstanding (including such shares that have been converted into Class I shares, as described above).

Distribution and Servicing Plan

On August 9, 2021, the Board approved a distribution and servicing plan (the “Distribution and Servicing Plan”). The following table shows the shareholder servicing and/or distribution fees the Company pays the Managing Dealer with respect to the Class S, Class I, Class D, and Class F on an annualized basis as a percentage of the Company’s NAV for such class.

	Shareholder Servicing and/or Distribution Fee as a % of NAV
Class S shares	0.85	%
Class I shares	—
Class D shares	0.25	%
Class F shares	0.50	%

The shareholder servicing and/or distribution fees are paid monthly in arrears, calculated using the net asset value of the applicable class as of the beginning of the first calendar day of the month and subject to FINRA and other limitations on underwriting compensation. The Managing Dealer agreed to waive shareholder servicing and/or distribution fees for Class D shares and Class F shares for the first nine months following the date on which the Company broke escrow for the Offering.

The Managing Dealer will reallow (pay) all or a portion of the shareholder servicing and/or distribution fees to participating brokers and servicing brokers for ongoing shareholder services performed by such brokers, and will waive shareholder servicing and/or distribution fees to the extent a broker is not eligible to receive it for failure to provide such services. Because the shareholder servicing and/or distribution fees with respect to Class S, Class D or Class F shares are calculated based on the aggregate net asset value for all of the outstanding shares of each such class, it reduces the net asset value with respect to all shares of each such class, including shares issued under the Company’s distribution reinvestment plan.

Eligibility to receive the shareholder servicing and/or distribution fee is conditioned on a broker providing the following ongoing services with respect to the Class S, Class D or Class F shares: assistance with recordkeeping, answering investor inquiries regarding the Company, including regarding distribution payments and reinvestments, helping investors understand their investments upon their request, and assistance with share repurchase requests. If the applicable broker is not eligible to receive the shareholder servicing and/or distribution fee due to failure to provide these services, the Managing Dealer will waive the shareholder servicing fee and/or distribution that broker would have otherwise been eligible to receive. The shareholder servicing and/or distribution fees are ongoing fees that are not paid at the time of purchase.

For the three months ended March 31, 2023 and 2022, the Company accrued distribution and shareholder servicing fees of $0.3 million and $0.0 million attributable to Class D shares, respectively, and $2.8 million and $0.3 million attributable to Class F shares. For the three months ended March 31, 2022, all distribution and shareholder servicing fees were waived. As of March 31, 2023 and December 31, 2022, there was $1.1 million and $1.0 million, respectively, of shareholder servicing fees payable to the Managing Dealer.

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Expense Support and Conditional Reimbursement Agreement

On January 20, 2022, the Company entered into an expense support and conditional reimbursement agreement (the “Expense Support Agreement”) with the Adviser. Pursuant to the Expense Support Agreement, on a monthly basis, the Adviser is obligated to advance all of the Company’s Other Operating Expenses (as defined hereafter) (each, a “Required Expense Payment”) to the extent that such expenses exceed 1.00% (on an annualized basis) of the Company’s NAV. The Adviser may elect to pay an additional portion of the Company’s expenses from time to time, which the Company will be obligated to reimburse to the Adviser at a later date if certain conditions are met.

“Other Operating Expenses” means the Company’s total organization and offering expenses, professional fees, trustee fees, administration fees, and other general and administrative expenses (including the Company’s allocable portion of compensation (including salaries, bonuses and benefits), overhead (including rent, office equipment and utilities) and other expenses incurred by the Administrator in performing its administrative obligations under the Administration Agreement).

Any Required Expense Payment must be paid by the Adviser to the Company in any combination of cash or other immediately available funds and/or offset against amounts due from the Company to the Adviser or its affiliates.

The Adviser may elect to pay certain additional expenses on behalf of the Company (each, a “Voluntary Expense Payment” and together with a Required Expense Payment, the “Expense Payments”), provided that no portion of the payment will be used to pay any interest expense or distribution and/or shareholder servicing fees of the Company. Any Voluntary Expense Payment that the Adviser has committed to pay must be paid by the Adviser to the Company in any combination of cash or other immediately available funds no later than forty-five days after such commitment was made in writing, and/or offset against amounts due from the Company to the Adviser or its affiliates.

Following any calendar month in which Available Operating Funds (as defined below) exceed the cumulative distributions accrued to the Company’s shareholders based on distributions declared with respect to record dates occurring in such calendar month (the amount of such excess being hereinafter referred to as “Excess Operating Funds”), the Company shall pay such Excess Operating Funds, or a portion thereof, to the Adviser until such time as all Expense Payments made by the Adviser to the Company within three years prior to the last business day of such calendar month have been reimbursed. Any payments required to be made by the Company shall be referred to herein as a “Reimbursement Payment.”

“Available Operating Funds” means the sum of (i) the Company’s net investment company taxable income (including net short-term capital gains reduced by net long-term capital losses), (ii) the Company’s net capital gains (including the excess of net long-term capital gains over net short-term capital losses) and (iii) dividends and other distributions paid to the Company on account of investments in portfolio companies (to the extent such amounts listed in clause (iii) are not included under clauses (i) and (ii) above).

The Company’s obligation to make a Reimbursement Payment shall automatically become a liability of the Company on the last business day of the applicable calendar month, except to the extent the Adviser has waived its right to receive such payment for the applicable month.

For the three months ended March 31, 2023 and 2022, the Adviser made Expense Payments in the amount of $0.0 million and $2.8 million, respectively. For the three months ended March 31, 2023 and March 31, 2022, there were no Reimbursement Payments made to the Adviser.

The following table presents a summary of Expense Payments and the related Reimbursement Payments for the three months ended March 31, 2022:

For the Month Ended	Expense Payments by Adviser		Reimbursement Payments to Adviser		Unreimbursed Expense Payments
February 28, 2022(1)	$	2,384	$	—	$	2,384
March 31, 2022	443		—		443
Total	$	2,827	$	—	$	2,827

(1) Included in this amount is $1.2 million of Expense Payments made by the Adviser relating to expenses incurred prior to the Company breaking escrow on February 3, 2022. Although such expenses became payable by the Company upon breaking escrow (as recorded in the Consolidated Statements of Operations within “Reimbursable expenses previously borne by Adviser”), they were supported by the Adviser under the Expense Support and Conditional Reimbursement Agreement.

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Note 4. Investments

The composition of the Company’s investment portfolio at cost and fair value was as follows:

	March 31, 2023						December 31, 2022
	Amortized Cost		Fair Value		% of Total Investments at Fair Value		Amortized Cost		Fair Value		% of Total Investments at Fair Value
First lien debt	$	6,623,067	$	6,558,981	98.58	%	$	5,755,124	$	5,614,718	98.22	%
Second lien debt	47,852		46,315		0.70		47,764		45,248		0.79
Unsecured debt	17,099		16,890		0.25		26,302		25,512		0.45
Structured finance investments	29,011		28,824		0.43		28,929		28,737		0.50
Equity investments	2,242		2,469		0.04		2,067		2,306		0.04
Total	$	6,719,271	$	6,653,479	100.00	%	$	5,860,186	$	5,716,521	100.00	%

The industry composition of investments at fair value was as follows:

	March 31, 2023				December 31, 2022
	Fair Value		% of Total Investments at Fair Value		Fair Value		% of Total Investments at Fair Value
Software and Computer Services	$	1,288,321	19.36	%	$	1,158,262	20.26	%
Health Care Providers	779,681		11.72		660,631		11.56
Industrial Support Services	746,764		11.22		567,804		9.93
Media	566,703		8.52		505,035		8.83
Consumer Services	458,931		6.90		458,248		8.02
Non-life Insurance	375,824		5.65		317,816		5.56
Medical Equipment and Services	327,070		4.92		210,831		3.69
Travel and Leisure	297,999		4.48		159,763		2.79
General Industrials	272,688		4.10		265,463		4.64
Pharmaceuticals and Biotechnology	267,703		4.02		196,435		3.44
Industrial Engineering	214,840		3.23		186,373		3.26
Aerospace and Defense	208,585		3.13		169,856		2.97
Personal Care, Drug and Grocery Stores	108,830		1.64		117,320		2.05
Automobiles and Parts	107,268		1.60		118,440		2.07
Technology Hardware and Equipment	95,877		1.44		93,161		1.63
Food Producers	88,938		1.34		86,977		1.52
Personal Goods	72,511		1.09		70,050		1.23
Telecommunications Service Providers	62,336		0.94		71,695		1.25
Industrial Transportation	51,205		0.77		50,090		0.88
Finance and Credit Services	49,000		0.74		48,448		0.85
Real Estate Investment and Services	44,253		0.67		44,822		0.78
Gas, Water and Multi-utilities	43,990		0.66		43,242		0.76
Structured Finance	28,824		0.43		28,737		0.50
Retailers	18,033		0.27		20,322		0.36
Household Goods and Home Construction	16,482		0.25		17,918		0.31
Telecommunications Equipment	14,351		0.22		6,445		0.11
Electricity	12,582		0.18		8,639		0.15
Chemicals	12,029		0.18		6,960		0.12
Investment Banking and Brokerage Services	9,229		0.14		7,606		0.13
Life Insurance	5,718		0.09		5,628		0.10
Industrial Metals and Mining	2,941		0.04		2,922		0.05

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Leisure Goods	1,990		0.03		8,498		0.15
Construction and Materials	1,073		0.02		1,162		0.03
Electronic and Electrical Equipment	910		0.01		922		0.02
Total	$	6,653,479	100.00	%	$	5,716,521	100.00	%

The geographic composition of investments at cost and fair value was as follows:

	March 31, 2023
	Amortized Cost		Fair Value		% of Total Investments at Fair Value		Fair Value as % of Net Assets
Australia	$	271,364	$	269,929	4.06	%	7.30	%
Canada	47,610		45,540		0.68		1.23
France	24,544		25,903		0.39		0.70
Italy	122,967		130,071		1.95		3.52
Spain	31,383		30,934		0.46		0.84
Taiwan	43,600		41,709		0.63		1.13
United Kingdom	314,391		321,822		4.84		8.71
United States	5,863,412		5,787,571		86.99		156.59
Total	$	6,719,271	$	6,653,479	100.00	%	180.02	%

	December 31, 2022
	Amortized Cost		Fair Value		% of Total Investments at Fair Value		Fair Value as % of Net Assets
Australia	$	271,143	$	269,430	4.71	%	7.80	%
Canada	40,335		37,399		0.65		1.08
France	24,513		25,139		0.44		0.73
Italy	122,826		127,443		2.23		3.69
Spain	31,337		29,958		0.52		0.87
Taiwan	43,619		42,321		0.74		1.22
United Kingdom	240,099		241,933		4.23		7.00
United States	5,086,314		4,942,898		86.48		143.05
Total	$	5,860,186	$	5,716,521	100.00	%	165.44	%

As of March 31, 2023 and December 31, 2022, there were three and zero investments in the portfolio on non-accrual status, respectively.

As of March 31, 2023 and December 31, 2022, on a fair value basis, 99.2% and 99.1%, respectively, of performing debt investments bore interest at a floating rate and 0.8% and 0.9%, respectively, of performing debt investments bore interest at a fixed rate.

Note 5. Fair Value Measurements

The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the applicable measurement date.

The fair value hierarchy under ASC 820 prioritizes the inputs to valuation methodology used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these securities. The three levels of the fair value hierarchy are as follows:

•Level 1: Inputs to the valuation methodology that reflect unadjusted quoted prices available in active markets for identical assets or liabilities as of the reporting date.

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•Level 2: Inputs to the valuation methodology other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date.

•Level 3: Inputs to the valuation methodology are unobservable and significant to overall fair value measurement.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the overall fair value measurement. The Adviser’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. 

In addition to using the above inputs in investment valuations, the Company applies the valuation policy approved by its Board that is consistent with ASC 820. Consistent with the valuation policy, the Company evaluates the source of the inputs, including any markets in which its investments are trading (or any markets in which securities with similar attributes are trading), in determining fair value.

Investments whose values are based on the listed closing price quoted on the securities’ principal exchange are classified within Level 1 and include active listed equities. The Adviser does not adjust the quoted price for such instruments, even in situations where the Company holds a large position and a sale could reasonably impact the quoted price.

Investments that trade in markets that are not considered to be active, but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within Level 2. These include investment-grade corporate bonds, structured products, and certain bank loans, less liquid listed equities, and high yield bonds. As Level 2 investments include positions that are not traded in active markets and/or are subject to transfer restrictions, valuations may be adjusted to reflect illiquidity and/or non-transferability, which are generally based on available market information.

Investments classified within Level 3 have unobservable inputs, as they trade infrequently, or not at all. When observable prices are not available for these investments, the Adviser uses one or more valuation techniques (e.g., the market approach and the income approach) of which sufficient and reliable data is available. Within Level 3, the use of the market approach generally consists of using comparable market data, while the use of the income approach generally consists of the net present value of estimated future cash flows, which may be adjusted as appropriate for liquidity, credit, market and/or other risk factors.

Investments in senior loans primarily include first and second lien term loans, delayed draws and revolving credit. The Adviser analyzes enterprise value based on the weighted average of discounted cash flows, public comparables and merger and acquisition comparables. This analysis is done to ensure, among other things, that the investments have adequate collateral and asset coverage. Once the investment is determined to have adequate asset coverage, the Adviser monitors yields for senior loan investments made from the time of purchase to the month end average yields for similar investments and risk profiles. The Company uses market data, including newly funded transactions, and secondary market data with respect to high-yield debt instruments and syndicated loans, as inputs in determining the appropriate market yield. The change in yield is utilized by the Adviser to discount the anticipated cash flows of the debt investment in order to arrive at a fair value. Further, the Adviser adjusts for material changes in the underlying fundamentals of the issuer, including changes in leverage, as necessary. If the investment does not have adequate coverage, a tranched valuation approach is considered.

Derivative Instruments: Derivative instruments can be exchange-traded or privately negotiated over the-counter (“OTC”) and include forward currency contracts and swap contracts. Forwards currency contracts and swap contracts are valued by the Adviser using observable inputs, such as market-based quotations received from the counterparty, dealers or brokers, whenever available and considered reliable. In instances where models are used, the value of an OTC derivative depends upon the contractual terms of, and specific risks inherent in the contract, as well as the availability and reliability of observable inputs. Such inputs include market prices for reference securities, yield curves, volatility assumptions and correlations of such inputs. Certain OTC derivatives can generally be corroborated by market data and are therefore classified within Level 1 or Level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded.

Further inputs considered by the Adviser in estimating the value of investments may include the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations and other transactions across the capital structure, offerings in the equity or debt capital markets (by the investment or other comparable investments), whether the loan contains call protection and changes in financial ratios or cash flows. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Adviser in the absence of market information. The fair value measurement of Level 3 investments does not include transaction costs that may have been capitalized as part of the security’s cost basis. Assumptions used by the Adviser due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Company’s consolidated results of operations.

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Rule 2a-5 under the 1940 Act was recently adopted by the SEC and establishes requirements for determining fair value in good faith for purposes of the 1940 Act. The rule permits boards, subject to board oversight and certain other conditions, to designate certain parties to perform the fair value determinations. The new rule went into effect on March 8, 2021 and had a compliance date of September 8, 2022. In accordance with this rule, the Company’s Board of Trustees has designated our Adviser as the valuation designee primarily responsible for the valuation of the Company’s investments, subject to the oversight of the Board of Trustees.

The following table presents the fair value hierarchy of investments and cash equivalents:

	March 31, 2023
	Level 1		Level 2		Level 3		Total
First lien debt	$	—	$	784,648	$	5,774,333	$	6,558,981
Second lien debt	—		28,267		18,048		46,315
Unsecured debt	—		14,975		1,915		16,890
Structured finance investments	—		28,824		—		28,824
Equity investments	—		—		2,469		2,469
Total investments	$	—	$	856,714	$	5,796,765	$	6,653,479
Cash equivalents	$	92,622	$	—	$	—	$	92,622

	December 31, 2022
	Level 1		Level 2		Level 3		Total
First lien debt	$	—	$	732,325	$	4,882,393	$	5,614,718
Second lien debt	—		36,454		8,794		45,248
Unsecured debt	—		23,906		1,606		25,512
Structured finance investments	—		28,737		—		28,737
Equity investments	—		—		2,306		2,306
Total investments	$	—	$	821,422	$	4,895,099	$	5,716,521
Cash equivalents	$	53,347	$	—	$	—	$	53,347

The following table presents change in the fair value of investments for which Level 3 inputs were used to determine fair value:

	Three Months Ended March 31, 2023
	First Lien Debt		Second Lien Debt		Unsecured Debt		Equity Investments		Total Investments
Fair value, beginning of period	$	4,882,393	$	8,794	$	1,606	$	2,306	$	4,895,099
Purchases of investments (1)	861,403		—		377		579		862,359
Proceeds from principal repayments and sales of investments	(30,581)		—		—		(52)		(30,633)
Accretion of discount/amortization of premium	7,981		33		9		—		8,023
Net realized gain (loss)	(893)		—		—		(353)		(1,246)
Net change in unrealized appreciation (depreciation)	58,744		(242)		(77)		(11)		58,414
Transfers into Level 3 (2)	—		9,463		—		—		9,463
Transfers out of Level 3 (2)	(4,714)		—		—		—		(4,714)
Fair value, end of period	$	5,774,333	$	18,048	$	1,915	$	2,469	$	5,796,765
Net change in unrealized appreciation (depreciation) related to financial instruments still held as of March 31, 2023	$	57,176	$	(242)	$	(79)	$	(11)	$	56,844

(1)Purchases include PIK interest, if applicable.

(2)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the three months ended March 31, 2023, transfers into or out of Level 3 were primarily due to decreased or increased price transparency, respectively.

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	Three Months Ended March 31, 2022
	First Lien Debt		Equity Investments		Total Investments
Fair value, beginning of period	$	—	$	—	$	—
Purchases of investments(1)	896,754		67		896,821
Proceeds from principal repayments and sales of investments	(55,373)		—		(55,373)
Accretion of discount/amortization of premium	759		—		759
Net realized gain (loss)	14		—		14
Net change in unrealized appreciation (depreciation)	(1,931)		—		(1,931)
Transfers into Level 3(2)	—		—		—
Transfers out of Level 3(2)	—		—		—
Fair value, end of period	$	840,223	$	67	$	840,290
Net change in unrealized appreciation (depreciation) related to financial instruments still held as of March 31, 2022	$	(1,931)	$	—	$	(1,931)

(1)Purchases include PIK interest, if applicable.

(2)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the three months ended March 31, 2022, there were no transfers into or out of Level 3.

The following table presents quantitative information about the significant unobservable inputs of the Company’s Level 3 financial instruments. The table is not intended to be all-inclusive but instead captures the significant unobservable inputs relevant to the Company’s determination of fair value.

	March 31, 2023
					Range
	Fair Value(1)		Valuation Technique	Unobservable Input	Low		High		Weighted Average(2)
Investments in first lien debt	$	4,978,384	Yield analysis	Discount rate	8.41	%	18.32	%	11.88	%
Investments in second lien debt	8,686		Yield analysis	Discount rate	13.90	%	13.90	%	13.90	%
Investments in unsecured debt	1,915		Yield analysis	Discount rate	13.43	%	15.28	%	14.32	%
Investments in preferred equity	2,160		Yield analysis	Discount rate	8.28	%	17.79	%	13.07	%
Investments in common equity	309		Discounted cash flow	Discount rate	7.50	%	15.00	%	11.96	%
				Exit multiple	10.00x		10.00x		10.00x
				Cap Rate	5.25	%	5.25	%	5.25	%

(1)As of March 31, 2023, included within the fair value of Level 3 assets of $5,796,765 is an amount of $805,311 for which the Adviser did not develop the unobservable inputs (examples include third-party pricing and transaction prices).

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

	December 31, 2022
					Range
	Fair Value(1)		Valuation Technique	Unobservable Input	Low		High		Weighted Average(2)
Investments in first lien debt	$	3,848,793	Yield analysis	Discount rate	8.14	%	17.70	%	11.47	%
Investments in unsecured debt	704		Yield analysis	Discount rate	14.70	%	14.70	%	14.70	%
Investments in equity	2,108		Yield analysis	Discount rate	7.08	%	16.95	%	11.96	%
	198		Discounted cash flow	Discount rate	15.00	%	15.00	%	15.00	%
				Exit multiple	10.00x		10.00x		10.00x

(1)As of December 31, 2022, included within the fair value of Level 3 assets of $4,895,099 is an amount of $1,043,296 for which the Adviser did not develop the unobservable inputs (examples include third-party pricing and transaction prices).

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

The significant unobservable input used in the yield analysis is the discount rate based on comparable market yields. The significant unobservable inputs used in the income approach are the discount rate used to discount the estimated future cash flows expected to be received from the underlying investment. Significant increases in discount rates would result in a significantly lower fair value measurement. The significant unobservable inputs used in the market approach are based on market comparable transactions and market

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multiples of publicly traded comparable companies. Increases or decreases in market comparable transactions or market multiples would result in an increase or decrease in the fair value.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may fluctuate from period to period. Additionally, the fair value of the Company’s investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that the Company may ultimately realize. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If the Company was required to liquidate a portfolio investment in a forced or liquidation sale, it could realize significantly less than the value at which the Company has recorded it. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in the valuations currently assigned.

Financial Instruments Not Carried at Fair Value

Debt

	March 31, 2023				December 31, 2022
	Carrying Value		Fair Value		Carrying Value		Fair Value
HLEND A Funding Facility	$	604,569	$	604,569	$	453,663	$	453,663
HLEND B Funding Facility	512,560		512,560		482,084		482,084
HLEND C Funding Facility	100,000		100,000		—		—
HLEND D Funding Facility	—		—		—		—
Revolving Credit Facility	684,589		684,589		704,819		704,819
November 2025 Notes(1)	169,019		171,424		168,462		170,628
November 2027 Notes(1)	154,733		157,730		153,958		156,354
March 2026 Notes(1)	276,923		279,400		—		—
March 2028 Notes(1)	124,892		126,012		—		—
Short-Term Borrowings	373,745		373,745		379,081		379,081
Total	$	3,001,030	$	3,010,029	$	2,342,067	$	2,346,629

(1)The carrying value of the Company's November 2025 Notes, November 2027 Notes, March 2026 Notes and March 2028 Notes are presented net of unamortized debt issuance costs of $1.7 million, $1.6 million, $2.5 million and $1.1 million, respectively, as of March 31, 2023 and includes the increase in the notes carrying value of $0.7 million, $1.4 million, $3.4 million and $2.0 million, respectively, as a result of the qualifying fair value hedge relationship as described above. The carrying value of the Company's November 2025 Notes and November 2027 Notes are presented net of unamortized debt issuance costs of $1.9 million and $1.7 million, respectively, as of December 31, 2022 and includes the change in the notes carrying value of $0.3 million and $0.7 million, respectively, as a result of the qualifying fair value hedge relationship as described above.

The following table presents the fair value hierarchy of the Company’s debt obligations as of March 31, 2023 and December 31, 2022:

	March 31, 2023		December 31, 2022
Level 1	$	—	$	—
Level 2	—		—
Level 3	3,010,029		2,346,629
Total	$	3,010,029	$	2,346,629

As of March 31, 2023 and December 31, 2022, the carrying amounts of the Company’s assets and liabilities, other than investments at fair value and debt, approximate fair value due to their short maturities. Fair value is estimated by discounting remaining payments using applicable current market rates, which take into account changes in the Company’s marketplace credit ratings, if applicable, or market quotes, if available.

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Note 6. Derivative Instruments

The Company enters into foreign currency forward contracts from time to time to help mitigate the impact that an adverse change in foreign exchange rates would have on the value of the Company’s investments denominated in foreign currencies. The Company enters into swap contracts in the normal course of business to manage its interest rate risk exposure. For derivative contracts, the Company enters into netting arrangements with its counterparties. In accordance with authoritative guidance, the Company offsets fair value amounts recognized for derivative instruments with the same security type and counterparty under a master netting arrangement.

During the three months ended March 31, 2023 and 2022, the average notional exposure for foreign currency forward contracts were $249.8 million and $1.1 million, respectively, and the average notional exposure for interest rate swaps were $262.5 million and $0.0 million, respectively.

The following table summarizes the aggregate notional amount and fair value of the Company’s derivative financial instruments as of March 31, 2023 and December 31, 2022.

	March 31, 2023
	Level 1		Level 2		Level 3		Total Fair Value		Notional
Derivative Assets
Foreign currency forward contracts	$	—	$	120	$	—	$	120	$	3,012
Interest rate swaps	—		7,489		—		7,489		562,500
Total derivative assets, at fair value	$	—	$	7,609	$	—	$	7,609	$	565,512
Derivative Liabilities
Foreign currency forward contracts	$	—	$	(4,761)	$	—	$	(4,761)	$	255,549
Total derivative liabilities, at fair value	$	—	$	(4,761)	$	—	$	(4,761)	$	255,549

	December 31, 2022
	Level 1		Level 2		Level 3		Total Fair Value		Notional
Derivative Assets
Foreign currency forward contracts	$	—	$	1,125	$	—	$	1,125	$	123,895
Interest rate swaps	—		991		—		991		162,500
Total derivative assets, at fair value	$	—	$	2,116	$	—	$	2,116	$	286,395
Derivative Liabilities
Foreign currency forward contracts	$	—	$	(3,261)	$	—	$	(3,261)	$	117,375
Total derivative liabilities, at fair value	$	—	$	(3,261)	$	—	$	(3,261)	$	117,375

The effect of transactions in derivative instruments that are not designated in a qualifying hedge accounting relationship on the Consolidated Statements of Operations during the three months ended March 31, 2023 and 2022 were as follows:

	Three Months Ended March 31, 2023		Three Months Ended March 31, 2022
Net change in unrealized gain (loss) on foreign currency forward contracts	$	(2,505)	$	18
Realized gain (loss) on foreign currency forward contracts	$	(529)	$	—

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The following table presents both gross and net information about derivative instruments eligible for offset in the Consolidated Statements of Assets and Liabilities as of March 31, 2023 and December 31, 2022.

		March 31, 2023
Counterparty	Account in the Consolidated Statements of Asset and Liabilities	Gross Amount of Assets		Gross Amount of (Liabilities)		Net amounts presented in the Consolidated Statements of Assets and Liabilities		Collateral Received/Pledged(1)		Net Amounts(2)
Goldman Sachs Bank USA	Derivative liabilities, at fair value	$	120	$	(4,761)	$	(4,641)	$	—	$	(4,641)
Goldman Sachs Bank USA	Derivative assets, at fair value	$	7,489	$	—	$	7,489	$	(7,489)	$	—

(1) Amount excludes excess cash collateral paid.

(2) Net amount represents the net amount due (to) from counterparty in the event of a default based on the contractual setoff rights under the agreement. Net amount excludes any over-collateralized amounts, if applicable.

		December 31, 2022
Counterparty	Account in the Consolidated Statements of Asset and Liabilities	Gross Amount of Assets		Gross Amount of (Liabilities)		Net amounts presented in the Consolidated Statements of Assets and Liabilities		Collateral Received/Pledged(1)		Net Amounts(2)
Goldman Sachs Bank USA	Derivative liabilities, at fair value	$	1,125	$	(3,261)	$	(2,136)	$	—	$	(2,136)
Goldman Sachs Bank USA	Derivative assets, at fair value	$	991	$	—	$	991	$	—	$	991

(1) Amount excludes excess cash collateral paid.

(2) Net amount represents the net amount due (to) from counterparty in the event of a default based on the contractual setoff rights under the agreement. Net amount excludes any over-collateralized amounts, if applicable.

Hedging

The Company designated certain interest rate swaps as the hedging instrument in a qualifying fair value hedge accounting relationship.

The table below presents the impact to the Consolidated Statements of Operations from Derivative Assets and Liabilities designated in a qualifying hedge accounting relationship for the three months ended March 31, 2023 and 2022.

For derivative instruments designated in qualifying hedge relationships, the change in fair value of the hedging instrument and hedged item are recorded in interest expense and recognized as components of Interest expense in the Consolidated Statements of Operations.

	Three Months Ended March 31, 2023		Three Months Ended March 31, 2022
Interest rate swaps	$	7,489	$	—
Hedged items	$	(7,773)	$	—

The table below presents the carrying value of unsecured borrowings as of March 31, 2023 and December 31, 2022, that are designated in a qualifying hedging relationship and the related cumulative hedging adjustment (increase/decrease) from current and prior hedging relationships included in such carrying values:

	March 31, 2023				December 31, 2022
Description	Carrying Value		Cumulative Hedging Adjustments		Carrying Value		Cumulative Hedging Adjustments
Unsecured Notes	$	563,691	$	(7,773)	$	322,420	$	(953)

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Note 7. Borrowings

In accordance with the 1940 Act, with certain limitations, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. As of March 31, 2023 and December 31, 2022, the Company’s asset coverage was 223.18% and 247.37%.

SPV Financing Facilities

From time to time, wholly-owned subsidiaries of the Company may enter into secured financing facilities (“SPV Financing Facilities”), as described below. The obligations of each special purpose vehicle (“SPV”) to the lenders are secured by a first priority security interest in all of the SPV’s portfolio investments and cash. The obligations of each SPV under the applicable SPV Financing Facility are non-recourse to the Company, and the Company’s exposure to the credit facility is limited to the value of its investment in the SPV.

In connection with the SPV Financing Facilities, the applicable SPV has made certain customary representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar facilities. Each SPV Financing Facility contains customary events of default for similar financing transactions, including if a change of control of the applicable SPV occurs. Upon the occurrence and during the continuation of an event of default, the lender under the SPV Financing Facility may declare the outstanding advances and all other obligations under the SPV Financing Facility immediately due and payable. The occurrence of an event of default (as described above) triggers a requirement that the SPV obtains the consent of the lenders under the SPV Financing Facility prior to entering into any sale or disposition with respect to portfolio investments.

As of March 31, 2023, the Company was in compliance with all covenants and other requirements of the Credit Facilities and the Unsecured Notes.

As of March 31, 2023 and December 31, 2022, the Company had four and two SPV Financing Facilities, respectively, as discussed below.

HLEND A Funding Facility

On February 3 2022, HLEND A, entered into a SPV Financing Facility with Morgan Stanley Bank, N.A. (“HLEND A Funding Facility”). Morgan Stanley Senior Funding, Inc. serves as administrative agent and U.S. Bank Trust Company, National Association services as collateral agent. On December 23, 2022, HLEND A entered into an amendment to, among other things, increase the aggregate commitments under the HLEND A Funding Facility from $600 million to $800 million.

Advances may be used to finance the purchase or origination of loan assets, subject to certain concentration limitations, under the HLEND A Funding Facility and initially bear interest at a per annum rate equal to the benchmark in effect for the currency of the applicable advances, then in effect plus the applicable spread of 2.40% per annum. The borrower will pay an unused fee of 0.45% per annum equal to the sum of the products for each day during such Remittance Period of (a) one divided by three hundred and sixty (360), (b) the applicable unused fee rate of 0.45% and (c) the positive difference, if any, of the Facility Amount of $800 million less the greater of (i) the daily average amount of the advances outstanding during such remittance period and (ii) the Minimum Utilization. The Minimum Utilization means on any day from the closing date to the six month anniversary of the closing date, 25% of the Facility Amount, (b) from the six month anniversary of the closing date until the end of the nine month anniversary of the closing date, 50% of the facility amount and (c) thereafter, 75% of the facility amount.

Proceeds from borrowings under the HLEND A Funding Facility may be used to fund portfolio investments by HLEND A and to make advances under revolving loans or delayed draw term loans where HLEND A is a lender. The period during which HLEND A may make borrowings under the HLEND A Funding Facility expires on February 3, 2025 and the HLEND A Funding Facility will mature and all amounts outstanding under credit facility must be repaid by February 3, 2027.

HLEND B Funding Facility

On July 19 2022, HLEND B, entered into a SPV Financing Facility with Bank of America, N.A. (“HLEND B Funding Facility”). Bank of America N.A. serves as administrative agent, U.S. Bank Trust Company, National Association, as collateral administrator, and U.S. Bank National Association, as collateral custodian. On September 16, 2022, HLEND B entered into an amendment to, among other things, increase the maximum principal amount under the HLEND B Funding Facility from $500 million to $1 billion.

Loans under the HLEND B Funding Facility bear interest at a per annum rate equal to the benchmark in effect for the currency of the applicable advances, plus an applicable margin of 1.90% for Broadly Syndicated Loan (“BSL”) assets and 2.45% for non-BSL assets, subject to a blended floor of 2.30%.

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As of March 31, 2023, the maximum principal amount under the Agreement was $1,000 million, subject to availability under the borrowing base. Proceeds from borrowings under the HLEND B Funding Facility may be used to fund portfolio investments by HLEND B, to make advances under revolving loans or delayed draw term loans where HLEND B is a lender. The period during which HLEND B may make borrowings under the HLEND B Funding Facility expires on July 19, 2025 and the HLEND B Funding Facility will mature and all amounts outstanding under credit facility must be repaid by July 19, 2027.

HLEND C Funding Facility

On January 12, 2023, HLEND C, as borrower, and the Company, as equity holder, entered into a SPV Financing Facility with U.S. Bank Trust Company, National Association, as administrative agent and U.S. collateral agent (the “HLEND C Funding Facility”), Blackstone Asset Based Finance Advisors LP, as Blackstone Asset Based Finance Representative, and U.S. Bank National Association, as custodian.

Loans under the HLEND C Funding Facility bear interest at a per annum rate equal to Term SOFR plus the applicable margin of 2.95% per annum. On or after the anticipated repayment date of January 11, 2030, the applicable margin on any remaining outstanding advances will be increased by 2.00% per annum.

The initial principal amount of the HLEND C Funding Facility was $400 million, subject to availability under the borrowing base. Proceeds from borrowings under the HLEND C Funding Facility may be used to fund portfolio investments by HLEND C. All amounts outstanding under the credit facility must be repaid by April 12, 2030.

HLEND D Funding Facility

On March 31 2023, HLEND D, as borrower, and the Company, as equity holder, entered into a SPV Financing Facility with BNP Paribas (“HLEND D Funding Facility”). BNP Paribas serves as administrative agent, and U.S. Bank Trust Company, National Association, as collateral agent.

Loans under the HLEND D Funding Facility bear interest at a per annum rate equal to (i)(a) with respect to Dollar Advances, Term SOFR, (b) with respect to GBP Advances, Adjusted Cumulative Compounded SONIA, (c) with respect to Euro Advances, EURIBOR, (d) with respect to CAD Advances, CDOR, and (e) with respect to AUD Advances, BBSW, plus (ii) the Applicable Margin of 2.90% per annum, plus (iii) in the case of any Advance denominated in an Available Currency (other than Dollars), the Foreign Currency Advance Margin of 0.15% per annum.

The initial principal amount of the HLEND D Funding Facility was $250 million. Proceeds from borrowings under the HLEND D Funding Facility may be used to fund portfolio investments by HLEND D. All amounts outstanding under the credit facility must be repaid by March 31, 2028.

Revolving Credit Facility

On June 23, 2022, the Company, as Borrower, entered into a senior secured revolving credit facility (the “Revolving Credit Facility,” together with HLEND A Funding Facility, HLEND B Funding Facility, HLEND C Funding Facility, and HLEND D Funding Facility the “Credit Facilities”) (as amended on November 3, 2022) pursuant to a Senior Secured Revolving Credit Agreement (the “Agreement”), with JPMorgan Chase Bank, N.A., as administrative agent and as collateral agent, the lenders party thereto (the “Lenders”), and JPMorgan Chase Bank, N.A., Goldman Sachs Bank USA, MUFG Bank, LTD., Royal Bank of Canada, and Sumitomo Mitsui Banking Corporation, as joint bookrunners and joint lead arrangers.

The Company may borrow amounts in U.S. dollars or certain other permitted currencies under the Revolving Credit Facility. Advances under the Revolving Credit Facility drawn in U.S. dollars will initially bear interest at a per annum rate equal to 0.75% or 0.875% plus an “alternate base rate” in the case of any ABR Loan and 1.75% or 1.875% plus the Adjusted Term SOFR Rate in the case of any other Loan, in each case, depending on the Company’s rate option election and borrowing base. Advances under the Revolving Credit Facility drawn in currencies other than U.S. dollars will initially bear interest at a per annum rate equal to 1.75% or 1.875%, in each case depending on the Company’s borrowing base, plus any applicable credit spread adjustment, plus certain local rates consistent with market standards. The Company will also pay a fee of 0.375% on average daily undrawn amounts under the Revolving Credit Facility.

On November 3, 2022, the Company entered into a Commitment Increase Agreement (the “Commitment Increase Agreement”) among the Company, certain new and existing lenders and JPMorgan Chase Bank, N.A., as administrative agent, pursuant to the Agreement. The Commitment Increase Agreement provides for, among other things, an increase in the aggregate commitments of the

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lenders under the Revolving Credit Facility from $925 million to $1,125 million, subject to availability under the borrowing base, which is based on the Company’s portfolio investments and other outstanding indebtedness, with an accordion provision to permit increases to the total facility amount up to $1,850 million subject to the satisfaction of certain conditions.

The Revolving Credit Facility is guaranteed by certain subsidiaries of the Company, and will be guaranteed by certain domestic subsidiaries of the Company that are formed or acquired by the Company in the future (collectively, the “Guarantors”). Proceeds of the Revolving Credit Facility may be used for general corporate purposes, including, without limitation, repaying outstanding indebtedness, making distributions, contributions and investments, and acquisition and funding, and such other uses as permitted under the Agreement.

The Revolving Credit Facility is secured by a perfected first-priority interest in substantially all of the portfolio investments held by the Company and each Guarantor, subject to certain exceptions, and includes a $200 million limit for swingline loans.

The availability period under the Revolving Credit Facility will terminate on June 23, 2026 (the “Commitment Termination Date”) and the Revolving Credit Facility will mature on June 23, 2027 (the “Maturity Date”). During the period from the Commitment Termination Date to the Maturity Date, the Company will be obligated to make mandatory prepayments under the Revolving Credit Facility out of the proceeds of certain asset sales, other recovery events and equity and debt issuances.

Unsecured Bonds

November 2025 Notes

On November 14, 2022, the Company entered into a Master Note Purchase Agreement (the “2022 Note Purchase Agreement”) governing the issuance of $170 million in aggregate principal amount of its Series A Senior Notes, Tranche A (the “November 2025 Notes”) to institutional investors in a private placement. The November 2025 Notes have a fixed interest rate of 8.37% per annum and are due on November 14, 2025. Interest on the November 2025 Notes will be due semiannually. The interest rate is subject to increase (up to a maximum increase of 2.00% above the stated rate) in the event that, subject to certain exceptions, the November 2025 Notes cease to have an investment grade rating and the Company’s minimum secured debt ratio exceeds certain thresholds. In addition, the Company is obligated to offer to repay the November 2025 Notes at par if certain change in control events occur. The November 2025 Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured, unsubordinated indebtedness issued by the Company.

In connection with the November 2025 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s liabilities with the Company’s investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement, the Company receives a fixed interest rate of 8.37% per annum and pays a floating interest rate of SOFR + 4.08% per annum on $85 million of the November 2025 Notes. The Company designated the interest rate swap as the hedging instrument in a qualifying hedge accounting relationship.

November 2027 Notes

On November 14, 2022, the Company entered into the 2022 Note Purchase Agreement governing the issuance of $155 million in aggregate principal amount of its Series A Senior Notes, Tranche B (the “November 2027 Notes”) to institutional investors in a private placement. The November 2027 Notes have a fixed interest rate of 8.43% per annum and are due on November 14, 2027. Interest on the November 2027 Notes will be due semiannually. The interest rate is subject to increase (up to a maximum increase of 2.00% above the stated rate) in the event that, subject to certain exceptions, the November 2027 Notes cease to have an investment grade rating and the Company’s minimum secured debt ratio exceeds certain thresholds. In addition, the Company is obligated to offer to repay the November 2027 Notes at par if certain change in control events occur. The November 2027 Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured, unsubordinated indebtedness issued by the Company.

In connection with the November 2027 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s liabilities with the Company’s investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement, the Company receives a fixed interest rate of 8.43% per annum and pays a floating interest rate of SOFR + 4.42% per annum on $77.5 million of the November 2027 Notes. The Company designated the interest rate swap as the hedging instrument in a qualifying hedge accounting relationship.

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March 2026 Notes

On March 15, 2023, the Company entered into a Master Note Purchase Agreement (the “2023 Note Purchase Agreement”) governing the issuance of $276 million in aggregate principal amount of its Series A Senior Notes, Tranche A (the “March 2026 Notes”) to institutional investors in a private placement. The March 2026 Notes have a fixed interest rate of 8.12% per annum and are due on March 15, 2026. Interest on the March 2026 Notes will be due semiannually. The interest rate is subject to increase (up to a maximum increase of 2.00% above the stated rate) in the event that, subject to certain exceptions, the March 2026 Notes cease to have an investment grade rating and the Company’s minimum secured debt ratio exceeds certain thresholds. In addition, the Company is obligated to offer to repay the March 2026 Notes at par if certain change in control events occur. The March 2026 Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured, unsubordinated indebtedness issued by the Company.

In connection with the March 2026 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s liabilities with the Company’s investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement, the Company receives a fixed interest rate of 8.12% per annum and pays a floating interest rate of SOFR + 3.761% per annum on $276 million of the March 2026 Notes. The Company designated the interest rate swap as the hedging instrument in a qualifying hedge accounting relationship.

March 2028 Notes

On March 15, 2023, the Company entered into the 2023 Note Purchase Agreement governing the issuance of $124 million in aggregate principal amount of its Series A Senior Notes, Tranche B (the “March 2028 Notes,” together with the November 2025 Notes, the November 2027 Notes and March 2026 Notes, the “Unsecured Notes”) to institutional investors in a private placement. The March 2028 Notes have a fixed interest rate of 8.17% per annum and are due on March 15, 2028. Interest on the March 2028 Notes will be due semiannually. The interest rate is subject to increase (up to a maximum increase of 2.00% above the stated rate) in the event that, subject to certain exceptions, the March 2028 Notes cease to have an investment grade rating and the Company’s minimum secured debt ratio exceeds certain thresholds. In addition, the Company is obligated to offer to repay the March 2028 Notes at par if certain change in control events occur. The March 2028 Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured, unsubordinated indebtedness issued by the Company.

In connection with the March 2028 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s liabilities with the Company’s investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement, the Company receives a fixed interest rate of 8.18% per annum and pays a floating interest rate of SOFR + 4.241% per annum on $124 million of the March 2028 Notes. The Company designated the interest rate swap as the hedging instrument in a qualifying hedge accounting relationship.

Short-Term Borrowings

In order to finance certain investment transactions, the Company may, from time to time, enter into repurchase agreements, whereby the Company sells to a third party an investment that it holds and concurrently enters into an agreement to repurchase the same investment at an agreed-upon price at a future date, generally not to exceed 180-days from the date it was sold (each a “Short Term Financing Transaction”).

As of March 31, 2023, the Company had $373.7 million of borrowings under Short Term Financing Transactions with a third party. Certain of the Company's investments serve as collateral for the Company's obligations under the Short Term Financing Transactions and the carrying value of pledged investments was $461.6 million as of March 31, 2023.

In accordance with ASC 860, Transfers and Servicing, the Short Term Financing Transactions meet the criteria for secured borrowings. Accordingly, the investment financed by these agreements remains on the Company’s Consolidated Statements of Assets and Liabilities as an asset, and the Company records a liability to reflect its repurchase obligation to a third party which is reported as debt on the Company’s Statements of Assets and Liabilities. The repurchase obligation is secured by the respective investment that is the subject of the repurchase agreement. Interest expense associated with the repurchase obligation is reported on the Company’s Consolidated Statements of Operations within interest expense.

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The Company’s outstanding debt obligations were as follows:

	March 31, 2023
	Aggregate Principal Committed		Outstanding Principal		Carrying Value		Unused Portion(1)		Amount Available(2)
HLEND A Funding Facility(3)	$	800,000	$	604,569	$	604,569	$	195,431	$	12,242
HLEND B Funding Facility(4)	1,000,000		512,560		512,560		487,440		403,425
HLEND C Funding Facility	400,000		100,000		100,000		300,000		235,548
HLEND D Funding Facility	250,000		—		—		250,000		—
Revolving Credit Facility(5)	1,125,000		684,589		684,589		440,411		440,411
November 2025 Notes(6)	170,000		170,000		169,019		—		—
November 2027 Notes(6)	155,000		155,000		154,733		—		—
March 2026 Notes(7)	276,000		276,000		276,923		—		—
March 2028 Notes(7)	124,000		124,000		124,892		—		—
Short-Term Borrowings	373,745		373,745		373,745		—		—
Total	$	4,673,745	$	3,000,463	$	3,001,030	$	1,673,282	$	1,091,626

(1)The unused portion is the amount upon which commitment fees, if any, are based.

(2)The amount available reflects any limitations related to each respective credit facility’s borrowing base.

(3)The Company may borrow amounts in USD or certain other permitted currencies. Debt outstanding denominated in currencies other than USD has been converted to USD using the applicable foreign currency exchange rate as of the applicable reporting date. As of March 31, 2023, the Company had outstanding borrowings denominated in Euros (EUR) of 7.5 million, in Australian Dollars (AUD) of 34.9 million, and in British Pounds (GBP) of 12.9 million.

(4)The Company may borrow amounts in USD or certain other permitted currencies. Debt outstanding denominated in currencies other than USD has been converted to USD using the applicable foreign currency exchange rate as of the applicable reporting date. As of March 31, 2023, the Company had outstanding borrowings denominated in Euros (EUR) of 3.4 million, in Australian Dollars (AUD) of 39.0 million, and in British Pounds (GBP) of 36.3 million.

(5)The Company may borrow amounts in USD or certain other permitted currencies. Debt outstanding denominated in currencies other than USD has been converted to USD using the applicable foreign currency exchange rate as of the applicable reporting date. As of March 31, 2023, the Company had outstanding borrowings denominated in Euros (EUR) of 132.4 million, in Australian Dollars (AUD) of 285.3 million, in Canadian Dollars (CAD) of 47.1 million and in British Pounds (GBP) of 102.6 million.

(6)The carrying value of the Company's November 2025 Notes and November 2027 Notes are presented net of unamortized debt issuance costs of $1.7 million and $1.6 million, respectively, as of March 31, 2023 and includes the change in the notes carrying value of $0.7 million and $1.4 million, respectively, as a result of the qualifying fair value hedge relationship as described above.

(7)The carrying value of the Company's March 2026 Notes and March 2028 Notes are presented net of unamortized debt issuance costs of $2.5 million and $1.1 million, respectively, as of March 31, 2023 and includes the change in the notes carrying value of $3.4 million and $2.0 million, respectively, as a result of the qualifying fair value hedge relationship as described above.

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	December 31, 2022
	Aggregate Principal Committed		Outstanding Principal		Carrying Value		Unused Portion(1)		Amount Available(2)
HLEND A Funding Facility(3)	$	800,000	$	453,663	$	453,663	$	346,337	$	138,870
HLEND B Funding Facility(4)	1,000,000		482,084		482,084		517,916		104,760
Revolving Credit Facility(5)	1,125,000		704,819		704,819		420,181		420,181
November 2025 Notes(6)	170,000		170,000		168,462		—		—
November 2027 Notes(6)	155,000		155,000		153,958		—		—
Short-Term Borrowings	379,081		379,081		379,081		—		—
Total	$	3,629,081	$	2,344,647	$	2,342,067	$	1,284,434	$	663,811

(1)The unused portion is the amount upon which commitment fees, if any, are based.

(2)The amount available reflects any limitations related to each respective credit facility’s borrowing base.

(3)The Company may borrow amounts in USD or certain other permitted currencies. Debt outstanding denominated in currencies other than USD has been converted to USD using the applicable foreign currency exchange rate as of the applicable reporting date. As of December 31, 2022, the Company had outstanding borrowings denominated in Euros (EUR) of 8.3 million, in Australian Dollars (AUD) of 34.9 million, and in British Pounds (GBP) of 14.3 million.

(4)The Company may borrow amounts in USD or certain other permitted currencies. Debt outstanding denominated in currencies other than USD has been converted to USD using the applicable foreign currency exchange rate as of the applicable reporting date. As of December 31, 2022, the Company had outstanding borrowings denominated in Euros (EUR) of 3.4 million, in Australian Dollars (AUD) of 39.0 million, and in British Pounds (GBP) of 36.3 million.

(5)The Company may borrow amounts in USD or certain other permitted currencies. Debt outstanding denominated in currencies other than USD has been converted to USD using the applicable foreign currency exchange rate as of the applicable reporting date. As of December 31, 2022, the Company had outstanding borrowings denominated in Euros (EUR) of 111.2 million, in Australian Dollars (AUD) of 285.3 million, in Canadian Dollars (CAD) of 47.1 million and in British Pounds (GBP) of 59.5 million.

(6)The carrying value of the Company's November 2025 Notes and November 2027 Notes are presented net of unamortized debt issuance costs of $1.9 million and $1.7 million, respectively, as of December 31, 2022 and includes the change in the notes carrying value of $0.3 million and $0.7 million, respectively, as a result of the qualifying fair value hedge relationship as described above.

As of March 31, 2023 and December 31, 2022, $34.6 million and $16.6 million, respectively, of interest expense and $1.0 million and $0.8 million, respectively, of unused commitment fees were included in interest payable. For the three months ended March 31, 2023 and March 31, 2022, the weighted average interest rate on all borrowings outstanding was 7.63% and 8.14% (including unused fees and amortization of deferred financing and debt issuance costs), respectively, and the average principal debt outstanding was $2,672.4 million and $104.3 million, respectively.

The components of interest expense were as follows:

	Three Months Ended March 31, 2023		Three Months Ended March 31, 2022
Borrowing interest expense	$	46,521	$	813
Facility unused fees	2,155		356
Amortization of financing and debt issuance costs	1,571		156
Financing fees (refer to Footnote 8)	—		3,366
Backstop fees (refer to Footnote 8)	—		1,059
Gain (loss) from interest rate swaps accounted for as hedges and the related hedged items:
Interest rate swaps	7,489		—
Hedged items	(7,773)		—
Total interest expense	$	49,963	$	5,750
Cash paid for interest expense	$	31,810	$	4,580

Note 8. Commitments and Contingencies

In the normal course of business, the Company enters into contracts that provide a variety of general indemnifications. Any exposure to the Company under these arrangements could involve future claims that may be made against the Company. Currently, no such claims exist or are expected to arise and, accordingly, the Company has not accrued any liability in connection with such indemnifications.

The Company’s investment portfolio may contain debt investments which are in the form of lines of credit or delayed draw commitments, which require us to provide funding when requested by portfolio companies in accordance with underlying loan agreements.

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As of March 31, 2023 and December 31, 2022, the Company had unfunded delayed draw term loans and revolvers in the aggregate principal amount of $792.8 million and $895.9 million, respectively.

The Adviser agreed to bear all of the Company’s expenses, including organization and offering expenses, through February 3, 2022, the date on which the Company broke escrow for the initial offering of its Common Shares, on which date the Company became obligated to reimburse the Adviser for such advanced expenses upon breaking escrow for the offering and the Adviser subsequently requested reimbursement of these expenses and was paid pursuant to the Expense Support and Conditional Reimbursement Agreement.

From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business. At March 31, 2023, management is not aware of any pending or threatened material litigation.

Warehousing Transactions

Beginning August 17, 2021, the Company entered into multiple sale and purchase agreements (the “Purchase Agreements”) with Macquarie US Trading LLC and Macquarie Bank Limited (together, the “Financing Provider”), whereby the Company agreed, subject to certain conditions, to purchase certain assets from unaffiliated parties. The transactions under the Purchase Agreements related primarily to newly originated, privately negotiated senior secured term loans to middle market companies consistent with the Company’s investment objective and strategies (the “Warehousing Transactions”). The Warehousing Transactions were designed to assist the Company with deploying capital upon receipt of subscription proceeds. Under the Purchase Agreements, the Company had forward obligations to settle the purchase of certain investments (the “Warehouse Investments”) from the Financing Provider, each of whom was obligated to settle the sale of such investments subject to the following conditions: (a) that the Company had received subscriptions of at least $300 million; and (b) that the Board of the Company had approved the purchase of the specific Warehouse Investments (collectively, the “Warehouse Conditions”).

Pursuant to the Purchase Agreements, the Company could request that the Financing Provider acquire such Warehouse Investments as the Company may designate from time to time, which a Financing Provider could approve or reject in its sole and absolute discretion. Prior to any sale to the Company, the Warehouse Investments were owned and held solely for the account of the relevant Financing Provider. Until such time as the Company satisfied the Warehouse Conditions, which occurred on February 3, 2022, it had no obligation to purchase the Warehouse Investments nor be entitled to any benefits or subject to any obligations under the Purchase Agreements. On such date, the Company recognized $656.3 million of investments at principal ($106.9 million of which was unfunded) from the Financing Provider. Since February 3, 2022, the Company has not entered into any Purchase Agreement with the Financing Provider. Until such time the Company enters into additional Purchase Agreements, the Company will not incur any additional fees with respect to any Purchase Agreements. As of March 31, 2023, there are no forward obligations to settle the purchase of Portfolio Investments from the Financing Provider.

In consideration for the forward arrangement provided by the Financing Provider, the Company agreed to pay, subject to the satisfaction of the Warehouse Conditions, certain fees and expenses to the Financing Provider, including a financing fee with respect to the portion of the purchase amount that is funded equivalent to 2.75% to 2.95% per annum. For the three months ended March 31, 2022, financing fees of $3.4 million, were paid to the Financing Provider, which are included in interest expense on the Consolidated Statements of Operations.

The Company’s obligations to the Financing Provider under the Purchase Agreements were guaranteed by an affiliate of the Adviser. Beginning October 14, 2021 and December 10, 2021, certain of the Company’s obligations to the Financing Provider under the Purchase Agreements were guaranteed by two non-affiliated entities.

In consideration of the two non-affiliated guarantors entering into the guarantees, the Company paid a fee based on the Net Carry with respect to each transaction to the respective guarantor of each investment. “Net Carry” means, an amount equal to the sum of (a) the interest (paid and accrued and unpaid) less (b) the financing fee paid to the Financing Provider plus (c) the net realized gains/losses on each investment.

For the three months ended March 31, 2022, $1.1 million, of fees (the “backstop fees”) were paid to the two non-affiliated guarantors, which are included in interest expense on the Consolidated Statements of Operations.

For the three months ended March 31, 2022, all of the income, expenses and mark-to-market gain/loss under all Purchase Agreements, in addition to other economic rights and obligations held by the Company, were recognized in the Company’s consolidated financial statements.

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Note 9. Net Assets

In connection with its formation, the Company has the authority to issue an unlimited number of Class S, Class I, Class D, and Class F common shares of beneficial interest at $0.01 per share par value. On July 23, 2021, the Adviser purchased 100 shares of the Company’s Class I common shares of beneficial interest at $25.00 per share.

As of February 3, 2022, the Company had satisfied the minimum offering requirement, and the Company’s Board had authorized the release of proceeds from escrow. As of such date, the Company issued and sold 20,437,880 shares (consisting of 7,074,280 Class I shares, 1,268,000 Class D Shares, and 12,095,600 Class F shares at an offering price of $25.00 per share), and the Escrow Agent released net proceeds of $510.9 million, of which $10.0 million was from an affiliate of the Adviser, to the Company as payment for such shares. Under the terms of the Company’s Declaration of Trust, all Common Shares have equal rights as to voting and, when they are issued, will be duly authorized, validly issued, fully paid and nonassessable. As of March 31, 2023 and December 31, 2022, no Class S shares were outstanding.

The share classes have different ongoing distribution and/or shareholder servicing fees. Until the release of proceeds from escrow, the per share purchase price for Common Shares in the Offering was $25.00 per share. Thereafter, the purchase price per share for each class of Common Shares will equal the NAV per share, as of the effective date of the monthly share purchase date.

The following table summarizes transactions in common shares of beneficial interest during the three months ended March 31, 2023:

	Shares	Amount
CLASS I
Subscriptions	903,666	$	21,893
Share transfers between classes	675,921	16,465
Distributions reinvested	352,176	8,526
Share repurchases	(377,320)	(9,207)
Early repurchase deduction	—	15
Net increase (decrease)	1,554,443	$	37,692
CLASS D
Subscriptions	1,249,379	$	30,400
Share transfers between classes	—	—
Distributions reinvested	182,009	4,406
Share repurchases	—	—
Early repurchase deduction	—	8
Net increase (decrease)	1,431,388	$	34,814
CLASS F
Subscriptions	4,126,357	$	100,409
Share transfers between classes	(675,921)	(16,465)
Distributions reinvested	1,012,997	24,524
Share repurchases	(681,306)	(16,624)
Early repurchase deduction	—	39
Net increase (decrease)	3,782,127	$	91,883
Total net increase (decrease)	6,767,958	$	164,389

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The following table summarizes transactions in common shares of beneficial interest during the three months ended March 31, 2022:

	Shares	Amount
CLASS I
Subscriptions	10,707,249	$	268,044
Share transfers between classes	—	—
Distributions reinvested	29,909	751
Share repurchases	—	—
Early repurchase deduction	—	—
Net increase (decrease)	10,737,158	$	268,795
CLASS D
Subscriptions	4,699,275	$	117,825
Share transfers between classes	—	—
Distributions reinvested	2,158	54
Share repurchases	—	—
Early repurchase deduction	—	—
Net increase (decrease)	4,701,433	$	117,879
CLASS F
Subscriptions	20,951,925	$	524,684
Share transfers between classes	—	—
Distributions reinvested	27,671	694
Share repurchases	—	—
Early repurchase deduction	—	—
Net increase (decrease)	20,979,596	$	525,378
Total net increase (decrease)	36,418,187	$	912,052

Net Asset Value per Share and Offering Price

The Company determines NAV for each class of shares as of the last day of each calendar month. Share issuances related to monthly subscriptions are effective the first calendar day of each month. Shares are issued at an offering price equivalent to the most recent NAV per share available for each share class, which will be the prior calendar day NAV per share (i.e. the prior month-end NAV). The following table summarizes each month-end NAV per share for Class S, Class I, Class D and Class F common shares of beneficial interest during the three months ended March 31, 2023 and 2022:

	NAV Per Share
For the Months Ended	Class S(1)		Class I		Class D		Class F
January 31, 2023	$	—	$	24.36	$	24.36	$	24.36
February 28, 2023	$	—	$	24.56	$	24.56	$	24.56
March 31, 2023	$	—	$	24.40	$	24.40	$	24.40

(1) Class S has not commenced operations as of March 31, 2023.

	NAV Per Share
For the Months Ended	Class S(1)		Class I		Class D		Class F
February 28, 2022	$	—	$	25.10	$	25.10	$	25.10
March 31, 2022	$	—	$	25.09	$	25.09	$	25.09

(1) Class S has not commenced operations as of March 31, 2022.

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Distributions

The Board authorizes and declares monthly distribution amounts per share of Class S, Class I, Class D, and Class F common shares of beneficial interest payable monthly in arrears. The following table presents distributions that were declared during the three months ended March 31, 2023:

			Class I
Declaration Date	Record Date	Payment Date	Distribution Per Share(2)		Distribution Amount
January 19, 2023	January 31, 2023	February 28, 2023	$	0.18100	$	6,441
February 28, 2023	February 28, 2023	March 31, 2023	0.19000		6,980
March 28, 2023	March 31, 2023	April 28, 2023	0.20300		7,518
Total			$	0.57400	$	20,939

			Class D
Declaration Date	Record Date	Payment Date	Distribution Per Share(1)(2)		Distribution Amount
January 19, 2023	January 31, 2023	February 28, 2023	$	0.17590	$	3,173
February 28, 2023	February 28, 2023	March 31, 2023	0.18530		3,351
March 28, 2023	March 31, 2023	April 28, 2023	0.19780		3,752
Total			$	0.55900	$	10,276

			Class F
Declaration Date	Record Date	Payment Date	Distribution Per Share(1)(2)		Distribution Amount
January 19, 2023	January 31, 2023	February 28, 2023	$	0.17090	$	16,003
February 28, 2023	February 28, 2023	March 31, 2023	0.18070		16,992
March 28, 2023	March 31, 2023	April 28, 2023	0.19260		18,590
Total			$	0.54420	$	51,585

(1) Distributions per share are net of shareholder servicing and/or distribution fees.

(2) Distributions per share include variable supplemental distributions of $0.021, $0.030, and $0.043 for January, February and March, respectively, for all share classes outstanding.

The following table presents distributions that were declared during the three months ended March 31, 2022:

			Class I
Declaration Date	Record Date	Payment Date	Distribution Per Share		Distribution Amount
February 27, 2022	February 28, 2022	March 31, 2022	$	0.13542	$	958
March 30, 2022	March 31, 2022	April 29, 2022	0.14640		1,572
Total			$	0.28182	$	2,530

			Class D
Declaration Date	Record Date	Payment Date	Distribution Per Share		Distribution Amount
February 27, 2022	February 28, 2022	March 31, 2022	$	0.13542	$	172
March 30, 2022	March 31, 2022	April 29, 2022	0.14640		688
Total			$	0.28182	$	860

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			Class F
Declaration Date	Record Date	Payment Date	Distribution Per Share		Distribution Amount
February 27, 2022	February 28, 2022	March 31, 2022	$	0.13542	$	1,638
March 30, 2022	March 31, 2022	April 29, 2022	0.14640		3,072
Total			$	0.28182	$	4,710

Distribution Reinvestment Plan

The Company has adopted a distribution reinvestment plan, pursuant to which the Company will reinvest all cash distributions declared by the Board on behalf of our shareholders who do not elect to receive their distributions in cash as provided below. As a result, if the Board authorizes, and the Company declares, a cash distribution, then shareholders who have not opted out of our distribution reinvestment plan will have their cash distributions automatically reinvested in additional shares as described below, rather than receiving the cash distribution. Distributions on fractional shares will be credited to each participating shareholder’s account to three decimal places.

Character of Distributions

The Company may fund its cash distributions to shareholders from any source of funds available to the Company, including but not limited to offering proceeds, net investment income from operations, capital gains proceeds from the sale of assets, borrowings, dividends or other distributions paid to it on account of preferred and common equity investments in portfolio companies and expense support from the Adviser, which is subject to recoupment.

Through March 31, 2023, a portion of the Company’s distributions resulted from expense support from the Adviser, and future distributions may result from expense support from the Adviser, each of which is subject to repayment by the Company within three years from the date of payment. The purpose of this arrangement avoids distributions being characterized as a return of capital for U.S. federal income tax purposes. Shareholders should understand that any such distribution is not based solely on the Company’s investment performance, and can only be sustained if the Company achieves positive investment performance in future periods and/or the Adviser continues to provide expense support. Shareholders should also understand that the Company’s future repayments of expense support will reduce the distributions that they would otherwise receive. There can be no assurance that the Company will achieve the performance necessary to sustain these distributions, or be able to pay distributions at all.

Sources of distributions, other than net investment income and realized gains on a U.S. GAAP basis, include required adjustments to U.S. GAAP net investment income in the current period to determine taxable income available for distributions. The following table reflects the sources of cash distributions on a U.S. GAAP basis that the Company has declared on its Common Shares during the three months ended March 31, 2023:

	Class I				Class D				Class F
Source of Distribution	Per Share		Amount		Per Share		Amount		Per Share		Amount
Net investment income	$	0.5740	$	20,939	$	0.5590	$	10,276	$	0.5442	$	51,585
Net realized gains	—		—		—		—		—		—
Total	$	0.5740	$	20,939	$	0.5590	$	10,276	$	0.5442	$	51,585

The following table reflects the sources of cash distributions on a U.S. GAAP basis that the Company has declared on its shares of Common Shares during the three months ended March 31, 2022:

	Class I				Class D				Class F
Source of Distribution	Per Share		Amount		Per Share		Amount		Per Share		Amount
Net investment income	$	0.2818	$	2,530	$	0.2818	$	860	$	0.2818	$	4,710
Net realized gains	—		—		—		—		—		—
Total	$	0.2818	$	2,530	$	0.2818	$	860	$	0.2818	$	4,710

Share Repurchase Program

The Company has commenced a share repurchase program in which the Company intends to repurchase, in each quarter, up to 5% of the Company’s Common Shares outstanding (by number of shares) as of the close of the previous calendar quarter. The Board may amend, suspend or terminate the share repurchase program if it deems such action to be in the best interest of the Company and the best interest of the shareholders. As a result, share repurchases may not be available each quarter. The Company intends to conduct such

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repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Securities Exchange Act of 1934, as amended, and the 1940 Act. All shares purchased pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares.

Under the Company’s share repurchase program, to the extent the Company offers to repurchase shares in any particular quarter, the Company expects to repurchase shares pursuant to tender offers using a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter, except that shares that have not been outstanding for at least one year will be repurchased at 98% of such NAV (an “Early Repurchase Deduction”). The one-year holding period is measured as of the subscription closing date immediately following the prospective repurchase date. The Early Repurchase Deduction may be waived, at the Company’s discretion, in the case of repurchase requests arising from the death, divorce or qualified disability of the holder. The Early Repurchase Deduction will be retained by the Company for the benefit of remaining shareholders across all shares.

The following table summarizes the share repurchases completed during the three months ended March 31, 2023:

Repurchase Deadline Request	Percentage of Outstanding Shares the Company Offered to Repurchase(1)		Repurchase Pricing Date	Amount Repurchased (all classes)(2)		Number of Shares Repurchased (all classes)	Percentage of Outstanding Shares Purchased(1)
March 2, 2023	5.00	%	March 31, 2023	$	25,830	1,058,626	0.73	%

(1)Percentage is based on total shares as of the close of the previous calendar quarter. All repurchase requests were satisfied in full.

(2)Amounts not inclusive of Early Repurchase Deduction.

There were no share repurchases during the three months ended March 31, 2022.

Note 10. Financial Highlights

The following are the financial highlights for the three months ended March 31, 2023:

	Three Months Ended March 31, 2023
	Class I			Class D			Class F
Per Share Data:
Net asset value, beginning of period	$	23.88		$	23.88		$	23.88
Net investment income (1)	0.67			0.65			0.64
Net unrealized and realized gain (loss) (2)	0.42			0.43			0.42
Net increase (decrease) in net assets resulting from operations	1.09			1.08			1.06
Distributions from net investment income (3)	(0.57)			(0.56)			(0.54)
Distributions from net realized gains (3)	—			—			—
Net increase (decrease) in net assets from shareholders' distributions	(0.57)			(0.56)			(0.54)
Early repurchase deduction fees (6)	—			—			—
Total increase (decrease) in net assets	0.52			0.52			0.52
Net asset value, end of period	$	24.40		$	24.40		$	24.40
Shares outstanding, end of period	36,656,322			18,969,647			95,841,639
Total return based on NAV (4)	4.60		%	4.53		%	4.47		%
Ratios:
Ratio of net expenses to average net assets (5)	8.90		%	9.18		%	9.39		%
Ratio of net investment income to average net assets (5)	11.23		%	11.01		%	10.71		%
Portfolio turnover rate	1.77		%	1.77		%	1.77		%
Supplemental Data:
Net assets, end of period	$	894,448		$	462,874		$	2,338,568
Asset coverage ratio	223.2		%	223.2		%	223.2		%

(1)The per share data was derived by using the weighted average shares outstanding during the period.

(2)The amount shown does not correspond with the aggregate amount for the period as it includes the effect of the timing of capital transactions.

(3)The per share data for distributions was derived by using the actual shares outstanding at the date of the relevant transactions (refer to Note 9).

(4)Total return is calculated as the change in NAV per share during the period, plus distributions per share (assuming distributions are reinvested in accordance with the Company's distribution reinvestment plan) divided by the beginning NAV per share. Total return does not include upfront transaction fee, if any.

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(5)For the three months ended March 31, 2023, amounts are annualized except for non-recurring expenses.

(6)The per share amount rounds to less than $0.01 per share.

The following are the financial highlights for the three months ended March 31, 2022:

	Three Months Ended March 31, 2022
	Class I			Class D			Class F
Per Share Data:
Net asset value, beginning of period	$	25.00		$	25.00		$	25.00
Net investment income (1)	0.44			0.38			0.43
Net unrealized and realized gain (loss) (2)	(0.07)			(0.01)			(0.06)
Net increase (decrease) in net assets resulting from operations	0.37			0.37			0.37
Distributions from net investment income (3)	(0.28)			(0.28)			(0.28)
Distributions from net realized gains (3)	—			—			—
Net increase (decrease) in net assets from shareholders' distributions	(0.28)			(0.28)			(0.28)
Total increase (decrease) in net assets	0.09			0.09			0.09
Net asset value, end of period	$	25.09		$	25.09		$	25.09
Shares outstanding, end of period	10,737,258			4,701,433			20,979,596
Total return based on NAV (4)	1.49		%	1.49		%	1.49		%
Ratios:
Ratio of net expenses to average net assets (5)	5.54		%	3.23		%	5.14		%
Ratio of net investment income to average net assets (5)	11.13		%	9.66		%	10.87		%
Portfolio turnover rate	8.86		%	8.86		%	8.86		%
Supplemental Data:
Net assets, end of period	$	269,356		$	117,937		$	526,293
Asset coverage ratio	487.7		%	487.7		%	487.7		%

(1)The per share data was derived by using the weighted average shares outstanding during the period.

(2)The amount shown does not correspond with the aggregate amount for the period as it includes the effect of the timing of capital transactions.

(3)The per share data for distributions was derived by using the actual shares outstanding at the date of the relevant transactions (refer to Note 9).

(4)Total return is calculated as the change in NAV per share during the period, plus distributions per share (assuming distributions are reinvested in accordance with the Company's distribution reinvestment plan) divided by the beginning NAV per share. Total return does not include upfront transaction fee, if any.

(5)For the three months ended March 31, 2022, amounts are annualized except for non-recurring expenses. For the three months ended March 31, 2022, the ratio of total operating expenses to average net assets was 9.21%, 6.63% and 9.21% on Class I, Class D and Class F respectively, on an annualized basis, excluding the effect of expense support/(recoupment), distribution and shareholder servicing fees waiver, and management fee and income based incentive fee waivers by the Adviser which represented 3.67%, 3.40% and 4.08% on Class I, Class D and Class F, respectively, of average net assets.

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Note 11. Subsequent Events

The Company’s management evaluated subsequent events through the date of issuance of the consolidated financial statements. There have been no additional subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in the consolidated financial statements as of March 31, 2023, except as discussed below.

Subscriptions

The Company received $64.0 million of net proceeds relating to the issuance of Class I shares, Class D shares, and Class F shares for subscriptions effective April 1, 2023.

The Company received $73.7 million of net proceeds relating to the issuance of Class I shares, Class D shares, and Class F shares for subscriptions effective May 1, 2023.

Distributions Declarations

On April 28, 2023, the Company’s Board declared net distributions of $0.1600 per Class I share, $0.1550 per Class D share, and $0.1500 per Class F share, all of which are payable on May 31, 2023 to shareholders of record as of April 30, 2023. Additionally, the Company’s Board declared variable supplemental distributions of $0.0440 for all share classes outstanding, all of which are payable on May 31, 2023 to shareholders of record as of April 30, 2023.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The information contained in this section should be read in conjunction with “Item 1. Consolidated Financial Statements.” This discussion contains forward-looking statements, which relate to future events, our future performance or financial condition and involves numerous risks and uncertainties. Actual results could differ materially from those implied or expressed in any forward-looking statements. Dollar amounts are in thousands, except per share data, percentages and as otherwise noted.

Overview and Investment Framework

We are an externally managed, non-diversified closed-end management investment company that has elected to be treated as a BDC under the 1940 Act. Formed as a Delaware statutory trust on December 23, 2020 that commenced operations on February 3, 2022, we are externally managed by the Adviser, which is responsible for sourcing potential investments, conducting due diligence on prospective investments, analyzing investment opportunities, structuring investments and monitoring our portfolio on an ongoing basis. Our Adviser is registered as an investment adviser with the SEC. We also intend to elect to be treated, and intend to qualify annually thereafter, as a RIC under the Code.

Under our Investment Advisory Agreement, we have agreed to pay the Adviser a management fee as well as an incentive fee based on our investment performance. Also, under the Administration Agreement, we have agreed to reimburse the Administrator for the allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations under the Administration Agreement, including, but not limited to, our allocable portion of the costs of compensation (including salaries, bonuses and benefits) and related expenses of our chief compliance officer, chief financial officer and their respective staffs.

Our investment objective is to generate attractive risk-adjusted returns, predominately in the form of current income, with select investments exhibiting the ability to capture long-term capital appreciation. Our investment strategy focuses primarily on newly originated, privately negotiated senior credit investments in high-quality, established upper middle market companies and, in select situations, companies in special situations. We use the term upper middle market companies to generally mean companies with approximately $75 million to $1 billion of “EBITDA” annually or $250 million to $5 billion in revenue annually at the time of investment. We have and may continue to invest in smaller or larger companies if the opportunity presents attractive investment characteristics and risk-adjusted returns. While our investment strategy primarily focuses on companies in the United States, we also intend to leverage HPS’s global presence to invest in companies in Europe, Australia and other locations outside the U.S., subject to compliance with BDC requirements to invest at least 70% of assets in “eligible portfolio companies.” We also include a smaller allocation to more liquid credit investments such as broadly syndicated loans and corporate bonds. We intend to use these investments to maintain liquidity for our share repurchase program and to manage cash while seeking attractive returns before investing subscription proceeds into originated loans. We invest at least 80% of our total assets (net assets plus borrowings for investment purposes) in credit and credit-related instruments issued by corporate issuers (including loans, notes, bonds and other corporate debt securities). If we change our 80% test, we will provide shareholders with at least 60 days’ prior notice of such change. Although not expected to be a primary component of our investment strategy, in select situations, we may also make certain opportunistic investments in instruments other than secured debt with a view to enhancing returns, such as mezzanine debt, payment-in-kind notes, convertible debt and other unsecured debt instruments, structured debt that is not secured by financial or other assets, debtor-in-possession financings and equity in loan portfolios or portfolios of receivables (“Opportunistic Investments”), in each case taking into account availability of leverage for such investments and our target risk/return profile. In addition, we may also participate in programmatic investments through partnerships or joint ventures with one or more unaffiliated banks or other financial institutions, including structures where a partner assumes senior exposure to each investment, and we participate in the junior exposure.

Subject to the limitations of the 1940 Act, we may invest in loans or other securities, the proceeds of which may refinance or otherwise repay debt or securities of companies whose debt is owned by other HPS funds. We expect to invest in co-investment transactions with other HPS funds.

To seek to enhance our returns, we employ leverage as market conditions permit and at the discretion of the Adviser, but in no event will leverage employed exceed the limitations set forth in the 1940 Act, which currently allows us to borrow up to a 2:1 debt to equity ratio. We intend to use leverage in the form of borrowings, including loans from certain financial institutions and the issuance of debt securities. We may also use leverage in the form of the issuance of preferred shares, but do not currently intend to do so. In determining whether to borrow money, we will analyze the maturity, covenant package and rate structure of the proposed borrowings as well as the risks of such borrowings compared to our investment outlook. Any such leverage, if incurred, would be expected to increase our total capital available for investment.

To finance investments, we may securitize certain of our secured loans or other investments, including through the formation of one or more CLOs, while retaining all or most of the exposure to the performance of these investments.

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Key Components of Our Results of Operations

Investments

We focus primarily on senior secured loans and securities of private U.S. companies. Our level of investment activity (both the number of investments and the size of each investment) can and will vary substantially from period to period depending on many factors, including the amount of debt and equity capital available to private companies, the level of merger and acquisition activity for such companies, the general economic environment and the competitive environment for the types of investments we make.

Revenues

We generate revenues in the form of interest and fee income on debt investments, capital gains, and dividend income from our equity investments in our portfolio companies. Our senior and subordinated debt investments are expected to bear interest at a fixed or floating rate. Interest on debt securities is generally payable quarterly or semiannually. In some cases, some of our investments may provide for deferred interest payments or PIK interest. The principal amount of the debt securities and any accrued but unpaid PIK interest generally will become due at the maturity date. In addition, we may generate revenue from various fees in the ordinary course of business such as in the form of structuring, consent, waiver, amendment, syndication and other miscellaneous fees. Original issue discounts and market discounts or premiums will be capitalized, and we will accrete or amortize such amounts as interest income. We will record prepayment premiums on loans and debt securities as interest income. Dividend income, if any, will be recognized on an accrual basis to the extent that we expect to collect such amounts.

Expenses

Except as specifically provided below, all investment professionals and staff of the Adviser, when and to the extent engaged in providing investment advisory services to us, and the base compensation, bonus and benefits, and the routine overhead expenses, of such personnel allocable to such services, will be provided and paid for by the Adviser. We bear all other costs and expenses of our operations, administration and transactions, including, but not limited to:

• investment advisory fees, including management fees and incentive fees, to the Adviser, pursuant to the Investment Advisory Agreement;

•our allocable portion of compensation (including salaries, bonuses, and benefits), overhead (including rent, office equipment and utilities) and other expenses incurred by the Administrator in performing its administrative obligations under the Administration Agreement, including but not limited to: (i) our chief compliance officer, chief financial officer and their respective staffs; (ii) investor relations, legal, operations and other non-investment professionals at the Administrator that performs duties for us; and (iii) any internal audit group personnel of HPS or any of its affiliates;

•all other expenses of the Company’s operations, administrations and transactions.

The Adviser agreed to advance all of our organization and offering expenses on our behalf through February 3, 2022, the date on which we broke escrow for our initial offering of Common Shares. On such date, the Company became obligated to reimburse the Adviser for such advanced expenses and the Adviser subsequently requested reimbursement of these expenses and was paid pursuant to the Expense Support Agreement. After such date, the Company bears all such expenses, subject to the Expense Support Agreement. Pursuant to the Expense Support Agreement, the Adviser is obligated to advance all of our Other Operating Expenses to the effect that such expenses do not exceed 1.00% (on an annualized basis) of the Company’s NAV. We are obligated to reimburse the Adviser for such advanced expenses (including any additional expenses the Adviser elects to pays on our behalf), subject to certain conditions. See “—Expense Support and Conditional Reimbursement Agreement.” Any reimbursements will not exceed actual expenses incurred by the Adviser and its affiliates.

From time to time, HPS (in its capacity as the Adviser and the Administrator) or their affiliates may pay third-party providers of goods or services. We will reimburse HPS (in its capacity as the Adviser and the Administrator) or such affiliates thereof for any such amounts paid on our behalf. From time to time, HPS (in its capacity as the Adviser and the Administrator) may defer or waive fees and/or rights to be reimbursed for expenses. All of the foregoing expenses are ultimately borne by our shareholders.

Expense Support and Conditional Reimbursement Agreement

We have entered into an Expense Support and Conditional Reimbursement Agreement with the Adviser. For additional information see “Note 3. Fees, Expenses, Agreements and Related Party Transactions” to the consolidated financial statements.

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Portfolio and Investment Activity

Our investment activity is presented below (information presented herein is at amortized cost unless otherwise indicated):

	As of and for the three months ended March 31, 2023		As of and for the three months ended March 31, 2022
Total investments, beginning of period	$	5,860,186	$	—
New investments purchased	989,368		1,337,782
Net accretion of discount on investments	8,903		817
Net realized gain (loss) on investments	(10,731)		17
Investments sold or repaid	(128,455)		(64,490)
Total investments, end of period	$	6,719,271	$	1,274,126

The following table presents certain selected information regarding our investment portfolio:

	March 31, 2023		December 31, 2022
Weighted average yield on debt and income producing investments, at amortized cost(1)	11.5%		10.9%
Weighted average yield on debt and income producing investments, at fair value(1)	11.6%		11.1%
Number of portfolio companies	209		195
Weighted average EBITDA(2)	$	181	$	178
Weighted average loan-to-value (“LTV”) (3)	41%		41%
Percentage of debt investments bearing a floating rate, at fair value	99.2%		99.1%
Percentage of debt investments bearing a fixed rate, at fair value	0.8%		0.9%

(1)Computed as (a) the annual stated interest rate or yield plus the annual accretion of discounts or less the annual amortization of premiums, as applicable, on accruing debt included in such securities, divided by (b) total debt investments (at fair value or amortized cost, as applicable) included in such securities. Actual yields earned over the life of each investment could differ materially from the yields presented above.

(2)Includes all private debt investments for which fair value is determined by the Adviser (with assistance, at least quarterly, from a third-party valuation firm, and subject to oversight by the Board) and excludes investments where net debt to EBITDA may not be the appropriate measure of credit risk. Figures are derived from the financial statements most recently obtained by the Adviser. Weighted average EBITDA is weighted based on the fair value of our total applicable private debt investments.

(3)Includes all private debt investments for which fair value is determined by the Adviser (with assistance, at least quarterly, from a third-party valuation firm, and subject to oversight by the Board). Figures are derived from the financial statements most recently obtained by the Adviser. LTV is calculated as net debt through each respective loan tranche divided by estimated enterprise value or value of the underlying collateral of the portfolio company. Weighted average LTV is weighted based on the fair value of the total applicable private debt investments.

Our investments consisted of the following:

	March 31, 2023						December 31, 2022
	Amortized Cost		Fair Value		% of Total Investments at Fair Value		Amortized Cost		Fair Value		% of Total Investments at Fair Value
First lien debt	$	6,623,067	$	6,558,981	98.58	%	$	5,755,124	$	5,614,718	98.22	%
Second lien debt	47,852		46,315		0.70		47,764		45,248		0.79
Unsecured debt	17,099		16,890		0.25		26,302		25,512		0.45
Structured finance investments	29,011		28,824		0.43		28,929		28,737		0.50
Equity investments	2,242		2,469		0.04		2,067		2,306		0.04
Total	$	6,719,271	$	6,653,479	100.00	%	$	5,860,186	$	5,716,521	100.00	%

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As of March 31, 2023 and December 31, 2022, there were three and zero investments on non-accrual status, respectively. The following table shows the fair value of our performing and non-accrual debt investments as of March 31, 2023 and December 31, 2022:

	March 31, 2023				December 31, 2022
	Fair Value		Percentage		Fair Value		Percentage
Performing	$	6,617,930	99.50	%	$	5,714,215	100.00	%
Non-accrual	33,080		0.50		—		—
Total	$	6,651,010	100.00	%	$	5,714,215	100.00	%

The table below describes investments by industry composition based on fair value:

	March 31, 2023		December 31, 2022
Software and Computer Services	19.36	%	20.26	%
Health Care Providers	11.72		11.56
Industrial Support Services	11.22		9.93
Media	8.52		8.83
Consumer Services	6.90		8.02
Non-life Insurance	5.65		5.56
Medical Equipment and Services	4.92		3.69
Travel and Leisure	4.48		2.79
General Industrials	4.10		4.64
Pharmaceuticals and Biotechnology	4.02		3.44
Industrial Engineering	3.23		3.26
Aerospace and Defense	3.13		2.97
Personal Care, Drug and Grocery Stores	1.64		2.05
Automobiles and Parts	1.60		2.07
Technology Hardware and Equipment	1.44		1.63
Food Producers	1.34		1.52
Personal Goods	1.09		1.23
Telecommunications Service Providers	0.94		1.25
Industrial Transportation	0.77		0.88
Finance and Credit Services	0.74		0.85
Real Estate Investment and Services	0.67		0.78
Gas, Water and Multi-utilities	0.66		0.76
Structured Finance	0.43		0.50
Retailers	0.27		0.36
Household Goods and Home Construction	0.25		0.31
Telecommunications Equipment	0.22		0.11
Electricity	0.18		0.15
Chemicals	0.18		0.12
Investment Banking and Brokerage Services	0.14		0.13
Life Insurance	0.09		0.10
Industrial Metals and Mining	0.04		0.05
Leisure Goods	0.03		0.15
Construction and Materials	0.02		0.03
Electronic and Electrical Equipment	0.01		0.02
Total	100.00	%	100.00	%

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The table below describes investments by geographic composition based on fair value:

	March 31, 2023		December 31, 2022
Australia	4.06	%	4.71	%
Canada	0.68		0.65
France	0.39		0.44
Italy	1.95		2.23
Spain	0.46		0.52
Taiwan	0.63		0.74
United Kingdom	4.84		4.23
United States	86.99		86.48
Total	100.00	%	100.00	%

Our Adviser monitors the financial trends of each portfolio company on an ongoing basis to determine if it is meeting its respective business plan and to assess the appropriate course of action for each company. Our Adviser has several methods of evaluating and monitoring the performance and fair value of our investments, which may include, but are not limited to, the following:

•assessment of success in adhering to the portfolio company’s business plan and compliance with covenants;

•periodic or regular contact with portfolio company management and, if appropriate, the financial or strategic sponsor to discuss financial position, requirements and accomplishments;

•comparisons to our other portfolio companies in the industry, if any;

•attendance at and participation in board meetings or presentations by portfolio companies; and

•review of monthly and quarterly financial statements and financial projections of portfolio companies.

Results of Operations

The following table represents our operating results:

	Three Months Ended March 31, 2023		Three Months Ended March 31, 2022
Total investment income	$	178,776	$	18,169
Net expenses	82,158		5,787
Net investment income before excise tax	96,618		12,382
Excise tax expense	(5)		—
Net investment income after excise tax	96,623		12,382
Net realized gain (loss)	(11,429)		301
Net change in unrealized appreciation (depreciation)	73,835		(3,052)
Net increase (decrease) in net assets resulting from operations	$	159,029	$	9,631

Net increase (decrease) in net assets resulting from operations can vary from period to period as a result of various factors, including acquisitions, the level of new investment commitments, the recognition of realized gains and losses and changes in unrealized appreciation and depreciation on the investment portfolio. As a result, comparisons may not be meaningful.

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Investment Income

Investment income, was as follows:

	Three Months Ended March 31, 2023		Three Months Ended March 31, 2022
Interest income	$	173,642	$	17,438
Payment-in-kind interest income	4,730		617
Other income	404		114
Total investment income	$	178,776	$	18,169

For the three months ended March 31, 2023, total investment income was $178.8 million, driven by our deployment of capital and income earned on the investments. The size of our investment portfolio at fair value was $6,653.5 million and our weighted average yield on debt and income producing securities at fair value was 11.6%.

For the three months ended March 31, 2022, total investment income was $18.2 million, driven by our deployment of capital and income earned on the investments funded by the Financing Provider under the Warehousing Transactions. The size of our investment portfolio at fair value was $1,270.9 million and our weighted average yield on debt and income producing securities at fair value was 6.8%.

Expenses

Expenses were as follows:

	Three Months Ended March 31, 2023		Three Months Ended March 31, 2022
Interest expense	$	49,963	$	5,750
Management fees	11,188		1,425
Income based incentive fee	14,248		1,016
Distribution and shareholder servicing fees
Class D	275		31
Class F	2,835		331
Professional fees	919		412
Board of Trustees’ fees	141		138
Administrative service expenses	573		214
Other general & administrative	1,651		551
Amortization of continuous offering costs	365		353
Excise tax expense	(5)		—
Total expenses (including excise tax expense)	82,153		10,221
Expense support	—		(2,827)
Reimbursable expenses previously borne by Adviser	—		1,196
Distribution and shareholder servicing fees waived	—		(362)
Management fees waived	—		(1,425)
Incentive fees waived	—		(1,016)
Net expenses (including excise tax expense)	$	82,153	$	5,787

Interest Expense

Total interest expense (including unused fees, amortization of deferred financing costs, financing fees and backstop fees) increased to $50.0 million for the three months ended March 31, 2023 from $5.8 million for the same period in the prior year primarily driven by increased borrowings under the Credit Facilities, short-term borrowings, and Unsecured Notes. The average principal debt outstanding increased to $2,672.4 million for the three months ended March 31, 2023 from $104.3 million for the same period in the prior year.

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Management Fees

Management fees increased to $11.2 million for the three months ended March 31, 2023 from $1.4 million for the same period in the prior year primarily due to an increase in net assets. Management fees are payable monthly in arrears at an annual rate of 1.25% of the value of our net assets as of the beginning of the first calendar day of the applicable month. The Adviser had agreed to waive the management fee from the date on which the Company broke escrow for the Offering through December 31, 2022, which resulted in a waiver of $1.4 million for the three months ended March 31, 2022.

Income Based Incentive Fee

Income based incentive fees increased to $14.2 million for the three months ended March 31, 2023 from $1.0 million for the same period in the prior year primarily due to our deployment of capital. The Adviser had agreed to waive the income based incentive fee from the date on which the Company broke escrow for the Offering through December 31, 2022, which resulted in a waiver of $1.0 million for the three months ended March 31, 2022.

Capital Gains Incentive Fees

For the three months ended March 31, 2023 and 2022, there were no accrued capital gains incentive fees as there were cumulative net realized and unrealized losses since inception. The accrual for any capital gains incentive fee under U.S. GAAP in a given period may result in an additional expense if such cumulative amount is greater than in the prior period or a reduction of previously recorded expense if such cumulative amount is less in the prior period. If such cumulative amount is negative, then there is no accrual.

Other Expenses

Organization costs and offering costs include expenses incurred in our initial formation and our continuous offering. Professional fees include legal, audit, tax, valuation, and other professional fees incurred related to the management of the Company. Administrative service expenses represent fees paid to the Administrator for our allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations under the administration agreement, including our allocable portion of the cost of certain of our executive officers, their respective staff and other non-investment professionals that perform duties for us. Other general and administrative expenses include insurance, filing, research, our sub-administrator, subscriptions and other costs.

Total other expenses increased to $6.8 million for the three months ended March 31, 2023, from $2.0 million for the same period in the prior year primarily driven by an increase of distribution and shareholder servicing fees, professional fees, administrative service expenses and other general & administrative expenses due to servicing a growing portfolio.

Under the terms of the Administration Agreement and Investment Advisory Agreement, we reimburse the Administrator and Adviser, respectively, for services performed for us. In addition, pursuant to the terms of these agreements, the Administrator and Adviser may delegate its obligations under these agreements to an affiliate or to a third party and we reimburse the Administrator and Adviser for any services performed for us by such affiliate or third party. For the three months ended March 31, 2023, the Administrator charged $0.6 million, an increase from $0.2 million for the same period in the prior year, for certain costs and expenses allocable to the Company under the terms of the Administration Agreement.

We entered into an Expense Support Agreement with the Adviser. For additional information see “Note 3. Fees, Expenses, Agreements and Related Party Transactions” to the consolidated financial statements.

Income Taxes, Including Excise Taxes

We intend to elect to be treated as a RIC under Subchapter M of the Code, and we intend to operate in a manner so as to continue to qualify each taxable year for the tax treatment applicable to RICs. To qualify for tax treatment as a RIC, we must, among other things, distribute to our shareholders in each taxable year generally at least 90% of the sum of our investment company taxable income, as defined by the Code (without regard to the deduction for dividends paid), and net tax-exempt income (if any) for that taxable year. To maintain our tax treatment as a RIC, we, among other things, intend to make the requisite distributions to our shareholders, which generally relieve us from corporate-level U.S. federal income taxes.

Depending on the level of taxable income earned in a tax year, we may carry forward taxable income (including net capital gains, if any) in excess of current year distributions from the current tax year into the next tax year and pay a nondeductible 4% U.S. federal excise tax on such taxable income, as required. To the extent that we determine that our estimated current year annual taxable income will be in excess of estimated current year distributions from such income, we will accrue excise tax on estimated excess taxable income.

For the three months ended March 31, 2023 and 2022, we incurred U.S. federal excise tax of $(0.0) million and $0.0 million, respectively.

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Net Realized Gain (Loss)

The realized gains and losses were comprised of the following:

	Three Months Ended March 31, 2023		Three Months Ended March 31, 2022
Non-controlled/non-affiliated investments	$	(10,731)	$	17
Foreign currency forward contracts	(529)		—
Foreign currency transactions	(169)		284
Net realized gain (loss)	$	(11,429)	$	301

For the three months ended March 31, 2023, we generated realized loss of $11.4 million, which was primarily comprised of net realized losses on broadly syndicated loans, the restructuring of a debt investment and foreign currency forwards contracts.

For the three months ended March 31, 2022, we generated realized gains of $0.3 million, which was primarily comprised of net realized gains on foreign currency transactions.

Net Change in Unrealized Appreciation (Depreciation)

Net change in unrealized appreciation (depreciation) was comprised of the following:

	Three Months Ended March 31, 2023		Three Months Ended March 31, 2022
Non-controlled/non-affiliated investments	$	77,873	$	(3,156)
Foreign currency forward contracts	(2,505)		18
Translation of assets and liabilities in foreign currencies	(1,533)		86
Net change in unrealized appreciation (depreciation)	$	73,835	$	(3,052)

For the three months ended March 31, 2023, the fair value of our debt investments increased due to spread tightening in both the public and private credit markets.

For the three months ended March 31, 2022, the fair value of our debt investments decreased due to spread widening in the credit markets.

Interest Rate Swaps

We use interest rate swaps to mitigate interest rate risk associated with the Company's fixed rate liabilities. We have designated certain interest rate swaps to be in a hedge accounting relationship. See “Item 1. Consolidated Financial Statements - Notes to Consolidated Financial Statements - Note 2. Significant Accounting Policies” for additional disclosure regarding our accounting for derivative instruments designated in a hedge accounting relationship. See our schedule of investments for additional disclosure regarding these derivative instruments. See “Item 1. Consolidated Financial Statements—Notes to Consolidated Financial Statements—Note 7. Borrowings” for additional disclosure regarding the carrying value of our debt.

Financial Condition, Liquidity and Capital Resources

We generate cash primarily from the net proceeds of our continuous offering of Common Shares, proceeds from net borrowings on our credit facilities, short-term borrowings, unsecured debt issuances, income earned and repayments on principal on our debt investments. The primary uses of our cash and cash equivalents are for (i) originating and purchasing debt investments, (ii) funding the costs of our operations (including fees paid to our Adviser and expense reimbursements paid to our Administrator), (iii) debt service, repayment and other financing costs of our borrowings, (iv) funding repurchases under our share repurchase program and (v) cash distributions to our shareholders.

As of March 31, 2023 and December 31, 2022, we had four and two asset-based leverage facilities, one and one corporate-level revolving credit facility, and four and two unsecured note issuances, respectively. From time to time, we may enter into additional credit facilities, increase the size of our existing credit facilities and/or issue debt securities, including additional unsecured notes. In accordance with the 1940 Act, with certain limited exceptions, we are only allowed to incur borrowings, issue debt securities or issue preferred stock, if immediately after the borrowing or issuance, the ratio of total assets (less total liabilities other than indebtedness) to total indebtedness

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plus preferred stock, is at least 150%. As of March 31, 2023 and December 31, 2022, we had an aggregate amount of $3,000.5 million and $2,344.6 million, respectively, of debt outstanding and our asset coverage ratio was 223.18% and 247.37%, respectively. We seek to carefully consider our unfunded commitments for the purpose of planning our ongoing financial leverage.

Cash and cash equivalents as of March 31, 2023, taken together with our $1,673.3 million of available capacity under our credit facilities (subject to borrowing base availability) and the continuous offering of our Common Shares is expected to be sufficient for our investing activities and to conduct our operations in the near term. This determination is based in part on our expectations for the timing of funding investment purchases and the timing and amount of future proceeds from sales of our Common Shares and the use of existing and future financing arrangements. As of March 31, 2023, we had significant amounts payable and commitments for existing and new investments, which we planned to fund using proceeds from offering our Common Shares and available borrowing capacity under our credit facilities. Additionally, we held $856.7 million of syndicated loans and other liquid investments as of March 31, 2023, which could provide additional liquidity if necessary.

Although we were able to close on credit facilities and issue debt securities during the three months ended March 31, 2023, any disruption in the financial markets or any other negative economic development could restrict our access to financing in the future. We may not be able to find new financing for future investments or liquidity needs and, even if we are able to obtain such financing, such financing may not be on as favorable terms as we could have obtained in the past. These factors may limit our ability to make new investments and adversely impact our results of operations.

As of March 31, 2023, we had $120.1 million in cash and cash equivalents. During the three months ended March 31, 2023, cash used in operating activities was $684.4 million, primarily as a result of funding portfolio investments of $965.6 million and partially offset by proceeds from sale of investments and principal repayments of $109.3 million and other operating uses of $171.8 million. Cash provided by financing activities was $730.3 million during the period, primarily as a result of new share issuances related to $152.7 million of subscriptions and net borrowings of $654.2 million.

As of March 31, 2022, we had $539.8 million in cash and cash equivalents. During the three months ended March 31, 2022, cash used in operating activities was $1,097.9 million, primarily as a result of funding portfolio investments of $1,287.2 million, partially offset by an increase in unsettled payables of $168.4 million proceeds from sale of investments and principal repayments of $14.6 million. Cash provided by financing activities was $1,637.7 million during the period, primarily as a result of new share issuances related $1,410.9 million of subscriptions and net borrowings of $235.6 million.

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Equity

The following table summarizes transactions in Common Shares of beneficial interest during the three months ended March 31, 2023:

	Shares	Amount
CLASS I
Subscriptions	903,666	$	21,893
Share transfers between classes	675,921	16,465
Distributions reinvested	352,176	8,526
Share repurchases	(377,320)	(9,207)
Early repurchase deduction	—	15
Net increase (decrease)	1,554,443	$	37,692
CLASS D
Subscriptions	1,249,379	$	30,400
Share transfers between classes	—	—
Distributions reinvested	182,009	4,406
Share repurchases	—	—
Early repurchase deduction	—	8
Net increase (decrease)	1,431,388	$	34,814
CLASS F
Subscriptions	4,126,357	$	100,409
Share transfers between classes	(675,921)	(16,465)
Distributions reinvested	1,012,997	24,524
Share repurchases	(681,306)	(16,624)
Early repurchase deduction	—	39
Net increase (decrease)	3,782,127	$	91,883
Total net increase (decrease)	6,767,958	$	164,389

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The following table summarizes transactions in Common Shares of beneficial interest during the three months ended March 31, 2022:

	Shares	Amount
CLASS I
Subscriptions	10,707,249	$	268,044
Share transfers between classes	—	—
Distributions reinvested	29,909	751
Share repurchases	—	—
Early repurchase deduction	—	—
Net increase (decrease)	10,737,158	$	268,795
CLASS D
Subscriptions	4,699,275	$	117,825
Share transfers between classes	—	—
Distributions reinvested	2,158	54
Share repurchases	—	—
Early repurchase deduction	—	—
Net increase (decrease)	4,701,433	$	117,879
CLASS F
Subscriptions	20,951,925	$	524,684
Share transfers between classes	—	—
Distributions reinvested	27,671	694
Share repurchases	—	—
Early repurchase deduction	—	—
Net increase (decrease)	20,979,596	$	525,378
Total net increase (decrease)	36,418,187	$	912,052

Distributions and Distribution Reinvestment

The following table summarizes our distributions declared and payable for the three months ended March 31, 2023 (dollar amounts in thousands, except per share amounts):

			Class I
Declaration Date	Record Date	Payment Date	Distribution Per Share(2)		Distribution Amount
January 19, 2023	January 31, 2023	February 28, 2023	$	0.18100	$	6,441
February 28, 2023	February 28, 2023	March 31, 2023	0.19000		6,980
March 28, 2023	March 31, 2023	April 28, 2023	0.20300		7,518
Total			$	0.57400	$	20,939

			Class D
Declaration Date	Record Date	Payment Date	Distribution Per Share(1)(2)		Distribution Amount
January 19, 2023	January 31, 2023	February 28, 2023	$	0.17590	$	3,173
February 28, 2023	February 28, 2023	March 31, 2023	0.18530		3,351
March 28, 2023	March 31, 2023	April 28, 2023	0.19780		3,752
Total			$	0.55900	$	10,276

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			Class F
Declaration Date	Record Date	Payment Date	Distribution Per Share(1)(2)		Distribution Amount
January 19, 2023	January 31, 2023	February 28, 2023	$	0.17090	$	16,003
February 28, 2023	February 28, 2023	March 31, 2023	0.18070		16,992
March 28, 2023	March 31, 2023	April 28, 2023	0.19260		18,590
Total			$	0.54420	$	51,585

(1)Distributions per share are net of shareholder servicing and/or distribution fees.

(2)Distributions per share include variable supplemental distributions of $0.021, $0.030, and $0.043 for January, February and March, respectively, for all share classes outstanding

The following table presents distributions that were declared during the three months ended March 31, 2022 (dollar amounts in thousands, except per share amounts):

			Class I
Declaration Date	Record Date	Payment Date	Distribution Per Share		Distribution Amount
February 27, 2022	February 28, 2022	March 31, 2022	$	0.13542	$	958
March 30, 2022	March 31, 2022	April 29, 2022	0.14640		1,572
Total			$	0.28182	$	2,530

			Class D
Declaration Date	Record Date	Payment Date	Distribution Per Share		Distribution Amount
February 27, 2022	February 28, 2022	March 31, 2022	$	0.13542	$	172
March 30, 2022	March 31, 2022	April 29, 2022	0.14640		688
Total			$	0.28182	$	860

			Class F
Declaration Date	Record Date	Payment Date	Distribution Per Share		Distribution Amount
February 27, 2022	February 28, 2022	March 31, 2022	$	0.13542	$	1,638
March 30, 2022	March 31, 2022	April 29, 2022	0.14640		3,072
Total			$	0.28182	$	4,710

With respect to distributions, we have adopted an “opt out” distribution reinvestment plan for shareholders. As a result, in the event of a declared cash distribution or other distribution, each shareholder that has not “opted out” of the distribution reinvestment plan will have their distributions automatically reinvested in additional shares rather than receiving cash distributions. Shareholders who receive distributions in the form of shares will be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions.

Sources of distributions, other than net investment income and realized gains on a U.S. GAAP basis, include required adjustments to U.S. GAAP net investment income in the current period to determine taxable income available for distributions. The following table reflects the sources of cash distributions on a U.S. GAAP basis that we declared on our Common Shares during the three months ended March 31, 2023:

	Class I				Class D				Class F
Source of Distribution	Per Share		Amount		Per Share		Amount		Per Share		Amount
Net investment income	$	0.5740	$	20,939	$	0.5590	$	10,276	$	0.5442	$	51,585
Net realized gains	—		—		—		—		—		—
Total	$	0.5740	$	20,939	$	0.5590	$	10,276	$	0.5442	$	51,585

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The following table reflects the sources of cash distributions on a U.S. GAAP basis that the Company has declared on its shares of common stock during the three months ended March 31, 2022:

	Class I				Class D				Class F
Source of Distribution	Per Share		Amount		Per Share		Amount		Per Share		Amount
Net investment income	$	0.2818	$	2,530	$	0.2818	$	860	$	0.2818	$	4,710
Net realized gains	—		—		—		—		—		—
Total	$	0.2818	$	2,530	$	0.2818	$	860	$	0.2818	$	4,710

Share Repurchase Program

At the discretion of the Board, we have commenced a share repurchase program in which we may repurchase, in each quarter, up to 5% of the NAV of our Common Shares outstanding (by number of shares) as of the close of the previous calendar quarter. The Board may amend, suspend or terminate the share repurchase program if it deems such action to be in the best interest of shareholders, such as when a repurchase offer would place an undue burden on our liquidity, adversely affect our operations or risk having an adverse impact on us as a whole that would outweigh the benefit of the repurchase offer. As a result, share repurchases may not be available each quarter. We intend to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Securities Exchange Act of 1934, as amended, and the 1940 Act. All shares purchased pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares.

Under the share repurchase program, to the extent we offer to repurchase shares in any particular quarter, it is expected to repurchase shares pursuant to tender offers using a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter, except that shares that have not been outstanding for at least one year will be repurchased at 98% of such NAV (an “Early Repurchase Deduction”). The one-year holding period is measured as of the subscription closing date immediately following the prospective repurchase date. The Early Repurchase Deduction may be waived, at our discretion, in the case of repurchase requests arising from the death, divorce or qualified disability of the holder. The Early Repurchase Deduction will be retained by us for the benefit of remaining shareholders.

The following table further summarizes the share repurchases completed during the three months ended March 31, 2023:

Repurchase Deadline Request	Percentage of Outstanding Shares the Company Offered to Repurchase(1)		Repurchase Pricing Date	Amount Repurchased (all classes)(2)		Number of Shares Repurchased (all classes)	Percentage of Outstanding Shares Purchased(1)
March 2, 2023	5.00	%	March 31, 2023	$	25,830	1,058,626	0.73	%

(1)Percentage is based on total shares as of the close of the previous calendar quarter. All repurchase requests were satisfied in full.

(2)Amounts not inclusive of Early Repurchase Deduction.

There were no share repurchases during the three months ended March 31, 2022.

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Borrowings

Our outstanding debt obligations were as follows:

	March 31, 2023
	Aggregate Principal Committed		Outstanding Principal		Carrying Value		Unused Portion(1)		Amount Available(2)
HLEND A Funding Facility(3)	$	800,000	$	604,569	$	604,569	$	195,431	$	12,242
HLEND B Funding Facility(4)	1,000,000		512,560		512,560		487,440		403,425
HLEND C Funding Facility	400,000		100,000		100,000		300,000		235,548
HLEND D Funding Facility	250,000		—		—		250,000		—
Revolving Credit Facility(5)	1,125,000		684,589		684,589		440,411		440,411
November 2025 Notes(6)	170,000		170,000		169,019		—		—
November 2027 Notes(6)	155,000		155,000		154,733		—		—
March 2026 Notes(7)	276,000		276,000		276,923		—		—
March 2028 Notes(7)	124,000		124,000		124,892		—		—
Short-Term Borrowings	373,745		373,745		373,745		—		—
Total	$	4,673,745	$	3,000,463	$	3,001,030	$	1,673,282	$	1,091,626

(1)The unused portion is the amount upon which commitment fees, if any, are based.

(2)The amount available reflects any limitations related to each respective credit facility’s borrowing base.

(3)The Company may borrow amounts in USD or certain other permitted currencies. Debt outstanding denominated in currencies other than USD has been converted to USD using the applicable foreign currency exchange rate as of the applicable reporting date. As of March 31, 2023, the Company had outstanding borrowings denominated in Euros (EUR) of 7.5 million, in Australian Dollars (AUD) of 34.9 million, and in British Pounds (GBP) of 12.9 million.

(4)The Company may borrow amounts in USD or certain other permitted currencies. Debt outstanding denominated in currencies other than USD has been converted to USD using the applicable foreign currency exchange rate as of the applicable reporting date. As of March 31, 2023, the Company had outstanding borrowings denominated in Euros (EUR) of 3.4 million, in Australian Dollars (AUD) of 39.0 million, and in British Pounds (GBP) of 36.3 million.

(5)The Company may borrow amounts in USD or certain other permitted currencies. Debt outstanding denominated in currencies other than USD has been converted to USD using the applicable foreign currency exchange rate as of the applicable reporting date. As of March 31, 2023, the Company had outstanding borrowings denominated in Euros (EUR) of 132.4 million, in Australian Dollars (AUD) of 285.3 million, in Canadian Dollars (CAD) of 47.1 million and in British Pounds (GBP) of 102.6 million.

(6)The carrying value of the Company's November 2025 Notes and November 2027 Notes are presented net of unamortized debt issuance costs of $1.7 million and $1.6 million, respectively, as of March 31, 2023 and includes the change in the notes carrying value of $0.7 million and $1.4 million, respectively, as a result of the qualifying fair value hedge relationship as described above.

(7)The carrying value of the Company's March 2026 Notes and March 2028 Notes are presented net of unamortized debt issuance costs of $2.5 million and $1.1 million, respectively, as of March 31, 2023 and includes the change in the notes carrying value of $3.4 million and $2.0 million, respectively, as a result of the qualifying fair value hedge relationship as described above.

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	December 31, 2022
	Aggregate Principal Committed		Outstanding Principal		Carrying Value		Unused Portion(1)		Amount Available(2)
HLEND A Funding Facility(3)	$	800,000	$	453,663	$	453,663	$	346,337	$	138,870
HLEND B Funding Facility(4)	1,000,000		482,084		482,084		517,916		104,760
Revolving Credit Facility(5)	1,125,000		704,819		704,819		420,181		420,181
November 2025 Notes(6)	170,000		170,000		168,462		—		—
November 2027 Notes(6)	155,000		155,000		153,958		—		—
Short-Term Borrowings	379,081		379,081		379,081		—		—
Total	$	3,629,081	$	2,344,647	$	2,342,067	$	1,284,434	$	663,811

(1)The unused portion is the amount upon which commitment fees, if any, are based.

(2)The amount available reflects any limitations related to each respective credit facility’s borrowing base.

(3)The Company may borrow amounts in USD or certain other permitted currencies. Debt outstanding denominated in currencies other than USD has been converted to USD using the applicable foreign currency exchange rate as of the applicable reporting date. As of December 31, 2022, the Company had outstanding borrowings denominated in Euros (EUR) of 8.3 million, in Australian Dollars (AUD) of 34.9 million, and in British Pounds (GBP) of 14.3 million.

(4)The Company may borrow amounts in USD or certain other permitted currencies. Debt outstanding denominated in currencies other than USD has been converted to USD using the applicable foreign currency exchange rate as of the applicable reporting date. As of December 31, 2022, the Company had outstanding borrowings denominated in Euros (EUR) of 3.4 million, in Australian Dollars (AUD) of 39.0 million, and in British Pounds (GBP) of 36.3 million.

(5)The Company may borrow amounts in USD or certain other permitted currencies. Debt outstanding denominated in currencies other than USD has been converted to USD using the applicable foreign currency exchange rate as of the applicable reporting date. As of December 31, 2022, the Company had outstanding borrowings denominated in Euros (EUR) of 111.2 million, in Australian Dollars (AUD) of 285.3 million, in Canadian Dollars (CAD) of 47.1 million and in British Pounds (GBP) of 59.5 million.

(6)The carrying value of the Company's November 2025 Notes and November 2027 Notes are presented net of unamortized debt issuance costs of $1.9 million and $1.7 million, respectively, as of December 31, 2022 and includes the change in the notes carrying value of $0.3 million and $0.7 million, respectively, as a result of the qualifying fair value hedge relationship as described above.

A summary of our contractual payment obligations under our credit facilities, unsecured notes and other short-term borrowings as of March 31, 2023, is as follows:

	March 31, 2023
	Total		Less than 1 year		1-3 years		3-5 years		After 5 years
HLEND A Funding Facility	$	604,569	$	—	$	—	$	604,569	$	—
HLEND B Funding Facility	512,560		—		—		512,560		—
HLEND C Funding Facility	100,000		—		—		—		100,000
HLEND D Funding Facility	—		—		—		—		—
Revolving Credit Facility	684,589		—		—		684,589		—
November 2025 Notes	170,000		—		170,000		—		—
November 2027 Notes	155,000		—		—		155,000		—
March 2026 Notes	276,000		—		276,000		—		—
March 2028 Notes	124,000		—		—		124,000		—
Short-Term Borrowings	373,745		373,745		—		—		—
Total	$	3,000,463	$	373,745	$	446,000	$	2,080,718	$	100,000

For additional information on our debt obligations see “Note 7. Borrowings” to the consolidated financial statements.

Off-Balance Sheet Arrangements

Portfolio Company Commitments

Our investment portfolio contains and is expected to continue to contain debt investments which are in the form of lines of credit or delayed draw commitments, which require us to provide funding when requested by portfolio companies in accordance with underlying loan agreements. As of March 31, 2023 and December 31, 2022, we had unfunded delayed draw term loans and revolvers with an aggregate principal amount of $792.8 million and $895.9 million, respectively.

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Warehousing Transactions

We entered into a warehouse transaction whereby we agreed, subject to certain conditions, to purchase certain assets from a party unaffiliated with the Adviser. Such warehousing transaction was designed to assist us in deploying capital upon receipt of subscriptions. The portfolio investments primarily consisted of newly originated, privately negotiated senior secured term loans to middle market companies consistent with the Company’s investment strategy. For additional information, see “Note 8. Commitment and Contingencies” to the consolidated financial statements.

Other Commitments and Contingencies

From time to time, we may become a party to certain legal proceedings incidental to the normal course of its business. At March 31, 2023, management is not aware of any pending or threatened litigation.

Related-Party Transactions

We entered into a number of business relationships with affiliated or related parties, including the following:

•the Investment Advisory Agreement;

•the Administration Agreement; and

•Expense Support and Conditional Reimbursement Agreement;

In addition to the aforementioned agreements, we, our Adviser and certain of our Adviser’s affiliates have been granted exemptive relief by the SEC to co-invest with other funds managed by our Adviser or its affiliates in a manner consistent with our investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. For additional information, see “Note 3. Fees. Expenses, Agreements and Related Party Transactions” to the consolidated financial statements.

Performance

The year-to-date (“YTD”) total return based on NAV for each of our share classes are as follows:

	Inception Date	YTD Return (1)
Class S (2)	N/A	N/A
Class I (no upfront placement fee)	February 3, 2022	4.60	%
Class I (with upfront placement fee)	February 3, 2022	2.50	%
Class D (no upfront placement fee)	February 3, 2022	4.53	%
Class D (with upfront placement fee)	February 3, 2022	2.44	%
Class F (no upfront placement fee)	February 3, 2022	4.47	%
Class F (with upfront placement fee)	February 3, 2022	2.38	%

(1)Performance is through March 31, 2023 and assumes the maximum allowable placement fee (if applicable) and that distributions are reinvested pursuant to our distribution reinvestment plan. Amounts are not annualized.

(2)Class S has not commenced operations as of March 31, 2023.

Recent Developments

Subscriptions

The Company received $64.0 million of net proceeds relating to the issuance of Class I shares, Class D shares, and Class F shares for subscriptions effective April 1, 2023.

The Company received $73.7 million of net proceeds relating to the issuance of Class I shares, Class D shares, and Class F shares for subscriptions effective May 1, 2023.

Distributions Declarations

On April 28, 2023, the Company’s Board declared net distributions of $0.1600 per Class I share, $0.1550 per Class D share, and $0.1500 per Class F share, all of which are payable on May 31, 2023 to shareholders of record as of April 30, 2023. Additionally, the

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Company’s Board declared variable supplemental distributions of $0.0440 for all share classes outstanding, all of which are payable on May 31, 2023 to shareholders of record as of April 30, 2023.

Critical Accounting Estimates

The preparation of the consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Changes in the economic environment, financial markets, and any other parameters used in determining such estimates could cause actual results to differ.

Investments and Fair Value Measurements

The Company is required to report its investments for which current market values are not readily available at fair value. The Company values its investments in accordance with ASC 820, Fair Value Measurement, which defines fair value as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the applicable measurement date. ASC 820 prioritizes the use of observable market prices derived from such prices over entity-specific inputs. Due to the inherent uncertainties of valuation, certain estimated fair values may differ significantly from the values that would have been realized had a ready market for these investments existed, and these differences could be material.

Investments that are listed or traded on an exchange and are freely transferrable are valued at either the closing price (in the case of securities and futures) or the mean of the closing bid and offer (in the case of options) on the principal exchange on which the investment is listed or traded. Investments for which other market quotations are readily available will typically be valued at those market quotations. To validate market quotations, the Company utilizes a number of factors to determine if the quotations are representative of fair value, including the source and number of the quotations. Where it is possible to obtain reliable, independent market quotations from a third party vendor, the Company uses these quotations to determine the value of its investments. The Company utilizes mid-market pricing (i.e., mid-point of average bid and ask prices) to value these investments. The Adviser obtains these market quotations from independent pricing services, if available; otherwise from one or more broker quotes. To assess the continuing appropriateness of pricing sources and methodologies, the Adviser regularly performs price verification procedures and issues challenges as necessary to independent pricing services or brokers, and any differences are reviewed in accordance with the valuation procedures. The Adviser does not adjust the prices unless it has a reason to believe market quotations are not reflective of the fair value of an investment.

Where prices or inputs are not available or, in the judgment of the Adviser, not reliable, valuation approaches based on the facts and circumstances of the particular investment will be utilized. Securities that are not publicly traded or for which market prices are not readily available, as will be the case for a substantial portion of the Company’s investments, are valued at fair value as determined in good faith by the Adviser as the Company’s valuation designee under Rule 2a-5 under the 1940 Act, pursuant to the Company’s valuation policy, and under the oversight of the Board, based on, among other things, the input of one or more independent valuation firms retained by the Company to review the Company’s investments. These valuation approaches involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the investments or market and the investments’ complexity.

With respect to the quarterly valuation of investments, the Company undertakes a multi-step valuation process each quarter in connection with determining the fair value of our investments for which reliable market quotations are not readily available as of the last calendar day of each quarter, which includes, among other procedures, the following:

•The valuation process begins with each investment being preliminarily valued by the Adviser’s valuation team in consultation with the Adviser’s investment professionals responsible for each portfolio investment;

•In addition, independent valuation firms retained by the Company prepare quarter-end valuations of each such investment that was (i) originated or purchased prior to the first calendar day of the quarter and (ii) is not a de minimis investment, as determined by the Adviser. The independent valuation firms provide a final range of values on such investments to the Adviser. The independent valuation firms also provide analyses to support their valuation methodology and calculations;

•The Adviser’s valuation committee with respect to the Company (the “Valuation Committee”) reviews each valuation recommendation to confirm they have been calculated in accordance with the Company’s valuation policy and compares such valuations to the independent valuation firms’ valuation ranges to ensure the Adviser’s valuations are reasonable; 

•The Adviser’s Valuation Committee then determines fair value marks for each of the Company’s portfolio investments; and

•The Board and Audit Committee periodically review the valuation process and provide oversight in accordance with the requirements of Rule 2a-5 under the 1940 Act.

As part of the valuation process, the Company takes into account relevant factors in determining the fair value of our investments for which reliable market quotations are not readily available, many of which are loans, including and in combination, as relevant, of: (i)

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the estimated enterprise value of a portfolio company, generally based on an analysis of discounted cash flows, publicly traded comparable companies and comparable transactions, (ii) the nature and realizable value of any collateral, (iii) the portfolio company’s ability to make payments based on its earnings and cash flow, (iv) the markets in which the portfolio company does business, and (v) overall changes in the interest rate environment and the credit markets that may affect the price at which similar investments may be made in the future. When an external event such as a purchase transaction, public offering or subsequent equity or debt sale occurs, the Adviser considers whether the pricing indicated by the external event corroborates its valuation.

The Company has and will continue to engage independent valuation firms to provide assistance regarding the determination of the fair value of the Company’s portfolio securities for which market quotations are not readily available or are readily available but deemed not reflective of the fair value of the investment each quarter, and the Company and the Adviser may reasonably rely on that assistance. However, the Adviser is responsible for the ultimate valuation of the portfolio investments at fair value as determined in good faith pursuant to the Company’s valuation policy, the Board’s oversight and a consistently applied valuation process.

The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the applicable measurement date.

The Company’s accounting policy on the fair value of our investments is critical because the determination of fair value involves subjective judgments and estimates. Accordingly, the notes to the Company’s consolidated financial statements express the uncertainty with respect to the possible effect of these valuations, and any change in these valuations, on the consolidated financial statements.

See “Note 5. Fair Value Measurements” to the consolidated financial statements for more information on the fair value of the Company’s investments.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

We are subject to financial market risks, including valuation risk and interest rate risk.

Valuation Risk

We have invested, and plan to continue to invest, primarily in illiquid debt and equity securities of private companies. Most of our investments will not have a readily available market price, and we value these investments at fair value as determined in good faith by the Adviser as the Company’s valuation designee under Rule 2a-5 under the 1940 Act, based on, among other things, the input of independent third-party valuation firms retained by the Company, and in accordance with our valuation policy. There is no single standard for determining fair value. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we may realize amounts that are different from the amounts presented and such differences could be material.

Interest Rate Risk

Interest rate sensitivity refers to the change in earnings that may result from changes in the level of interest rates. We intend to fund portions of our investments with borrowings, and at such time, our net investment income will be affected by the difference between the rate at which we invest and the rate at which we borrow. Accordingly, we cannot assure shareholders that a significant change in market interest rates will not have a material adverse effect on our net investment income.

As of March 31, 2023, 99.2% of our performing debt investments at fair value were at floating rates. Additionally, we entered into interest rate swaps with certain of our Notes in order to align the interest rates of our liabilities with our investment portfolio. Based on our Consolidated Statements of Assets and Liabilities as of March 31, 2023, the following table shows the annualized impact on net income of hypothetical base rate changes in interest rates (considering base rate floors and ceilings for floating rate instruments) and assuming no changes in our investment and borrowing structure:

	Interest Income		Interest Expense		Net Income
Up 300 basis points	$	204,960	$	(85,139)	$	119,821
Up 200 basis points	136,640		(56,759)		79,881
Up 100 basis points	68,320		(28,380)		39,940
Down 100 basis points	(68,320)		28,380		(39,940)
Down 200 basis points	(136,640)		56,759		(79,881)

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We may in the future hedge against interest rate fluctuations by using hedging instruments such as additional interest rate swaps, futures, options and forward contracts. While hedging activities may mitigate our exposure to adverse fluctuations in interest rates, certain hedging transactions that we may enter into in the future, such as interest rate swap agreements, may also limit our ability to participate in the benefits of changes in interest rates with respect to our portfolio investments.

Item 4. Controls and Procedures.

(a) Evaluation of Disclosure Controls and Procedures

In accordance with Rules 13a-15(b) and 15d-15(b) of the Securities Exchange Act of 1934, as amended, we, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, carried out an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) of the Exchange Act) as of the end of the period covered by this Quarterly Report on Form 10-Q and determined that our disclosure controls and procedures are effective as of the end of the period covered by the Quarterly Report on Form 10-Q.

(b) Changes in Internal Controls Over Financial Reporting

There have been no changes in our internal control over financial reporting that occurred during the quarter ended March 31, 2023 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II - OTHER INFORMATION

Item 1. Legal Proceedings.

We are not currently subject to any material legal proceedings, nor, to our knowledge, are any material legal proceeding threatened against us. From time to time, we may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. Our business is also subject to extensive regulation, which may result in regulatory proceedings against us. While the outcome of any such future legal or regulatory proceedings cannot be predicted with certainty, we do not expect that any such future proceedings will have a material effect upon our financial condition or results of operations.

Item 1A. Risk Factors.

In addition to the other information set forth in this quarterly report on Form 10-Q, you should carefully consider the risk factors set forth in “Item 1A Risk Factors” in our annual report on Form 10‑K for the year ended December 31, 2022 as well as the risk factors set forth in “Risk Factors” of the Post-Effective Amendment No. 1 to our registration statement on Form N-2 filed on April 28, 2023, which could materially affect our business, financial condition and/or operating results. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially affect our business, financial condition and/or operating results. There have been no material changes during the three months ended March 31, 2023 to the risk factors set forth in “Risk Factors” of the Post-Effective Amendment No. 1 to our registration statement on Form N-2 filed on April 28, 2023, except as set forth below.

The Company is Subject to Risks Relating to Volatility in the Banking Sector.

In March 2023, Silicon Valley Bank and Signature Bank were closed by U.S. state regulators and placed under receivership by the U.S. Federal Deposit Insurance Corporation (“FDIC”), and in May 2023, JPMorgan Chase acquired a substantial majority of assets and assumed certain liabilities of First Republic Bank. Following these high-profile events, several other U.S. and non-U.S. banking institutions experienced sell-offs and/or significant declines to their share prices, with several being placed on “watch lists,” suffering ratings downgrades and/or receiving emergency funding from governments. At this time, it is not clear if there will be additional banking institution failures and whether (and to what extent) U.S. or non-U.S. governments will intervene to support the relevant banking institutions. The impact of the banking sector’s volatility on the financial system and broader economy could be significant.

If the banking institutions used by the Company fail or are impacted by such volatility, such events could have a material adverse effect on the Company and its shareholders (including loss of capital held at such banking institutions and/or an inability to meet its obligations to other counterparties). A large percentage of the Company’s assets are or may be held by a limited number of banking institutions (or even a single banking institution). If a banking institution at which the Company maintains deposit accounts or securities accounts fails, any cash or other assets in such accounts may be temporarily inaccessible or permanently lost by the Company. Generally, the Company would be an unsecured creditor with respect to cash balances in excess of $250,000 held at a single banking institution insured by the FDIC, and therefore the Company may not ultimately recover any such excess amounts. In addition, FDIC deposit insurance does not extend to certain other assets held by a banking institution (e.g., bond investments, U.S. Treasury bills or notes).

If a banking institution that provides all or a part of a credit facility, other borrowings and/or other services to the Company fails, the Company could be unable to draw funds under such credit facilities and may not be able to obtain replacement credit facilities or other services from other lending institutions with similar terms. If the Company’s credit facilities and accounts are provided by the same banking institution, and such banking institution fails, the Company could face significant difficulties in funding any near-term obligations it has in respect of its investments or otherwise. Even if the banking institutions used by the Company remain solvent, continued volatility in the banking sector could cause or intensify an economic recession and make it more difficult for the Company to obtain or refinance its credit facilities and other indebtedness at all or on as favorable terms as could otherwise have been obtained.

Similarly, the banking institutions that the portfolio companies in which the Company invests have depositor or lending arrangements may fail. This would have a material adverse effect on such portfolio companies, the Company and its shareholders, including by preventing such portfolio companies from making principal and interest payments or other applicable payments owed with respect to the Company’s investments. Generally, neither the Adviser nor the Administrator have a meaningful role in selecting the banking institutions used by the portfolio companies in which the Company invests. Instead, the Manager and the Administrator generally rely on the management team of the portfolio companies to select appropriate banking services.

86

Table of Contents

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

Share Repurchases

We have commenced a share repurchase program in which we intend to offer to repurchase, in each quarter, up to 5% of our Common Shares outstanding (by number of shares) as of the close of the previous calendar quarter. Our Board of Trustees may amend or suspend the share repurchase program at any time if it deems such action to be in our best interest and the best interest of our shareholders, such as when a repurchase offer would place an undue burden on our liquidity, adversely affect our operations or risk having an adverse impact on the Company as a whole, or should we otherwise determine that investing our liquid assets in originated loans or other illiquid investments rather than repurchasing our shares is in the best interests of the Company as a whole. As a result, share repurchases may not be available each quarter. We intend to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Exchange Act and the 1940 Act. All shares purchased by us pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares.

Under our share repurchase program, to the extent we offer to repurchase shares in any particular quarter, we expect to repurchase shares pursuant to quarterly tender offers using a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter, except that shares that have not been outstanding for at least one year will be repurchased at 98% of such NAV.

The following table sets forth information regarding repurchases of shares of our common stock during the three months ended March 31, 2023 (dollars in thousands):

Offer Date	Repurchase Deadline Request	Purchase Price per Share		Number of Shares Repurchased (all classes)	Amount Repurchased (all classes)
February 2, 2023	March 2, 2023	$	24.40	1,058,626	$	25,830

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

None.

87

Table of Contents

Item 6. Exhibits.

Exhibit Number	Description of Exhibits
3.1	Fifth Amended and Restated Agreement and Declaration of Trust of the Company (incorporated by reference to Exhibit 3.1 to the Annual Report on Form 10-K (File No. 814-01431), filed on March 14, 2023).
10.1	Credit Agreement dated January 12, 2023 among HPS Corporate Lending Fund, as equity holder, HLEND Holdings C, L.P., as borrower, Blackstone Asset Based Finance Advisors LP, as Blackstone Asset Based Finance Representative, U.S. Bank Trust Company, National Association, as administrative agent and U.S. collateral agent, and U.S. Bank National Association, as U.S. custodian and document custodian (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No. 814-01431), filed on January 18, 2023).
10.2	Master Note Purchase Agreement, dated March 15, 2023, by and among HPS Corporate Lending Fund and the Purchasers party thereto (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No. 814-01431), filed on March 20, 2023).
10.3	Revolving Credit and Security Agreement dated March 31, 2023 by and among HPS Corporate Lending Fund, as equity holder and collateral manager, HLEND Holdings D, L.P., as borrower, BNP Paribas, as administrative agent, U.S. Bank Trust Company, National Association, as collateral agent, and the lenders from time to time party thereto (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No. 814-01431), filed on April 4, 2023).
31.1	Certification of Principal Executive Officer Pursuant to Rule 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
31.2	Certification of Principal Financial Officer Pursuant to Rule 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
32.1	Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*
32.2	Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*
101.INS	Inline XBRL Instance Document (the Instance Document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document)*
101.SCH	Inline XBRL Taxonomy Extension Schema Document*
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document*
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document*
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document*
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document*
104*	Cover Page Interactive Data File (embedded within the Inline XBRL document)*

*Filed herewith.

88

Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	HPS Corporate Lending Fund
May 15, 2023	/s/ Michael Patterson
	Michael Patterson
	Chief Executive Officer
May 15, 2023	/s/ Robert Busch
	Robert Busch
	Chief Financial Officer

89

EX-31.1

Exhibit 31.1

CERTIFICATION PURSUANT TO

RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934,

AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Michael Patterson, Chief Executive Officer of HPS Corporate Lending Fund, certify that:

1.I have reviewed this quarterly report on Form 10-Q of HPS Corporate Lending Fund (the “registrant”);

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(c)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of trustees (or persons performing the equivalent function):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 15, 2023	By:	/s/ Michael Patterson
		Michael Patterson
		Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION PURSUANT TO

RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934,

AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Robert Busch, Chief Financial Officer of HPS Corporate Lending Fund, certify that:

1.I have reviewed this quarterly report on Form 10-Q of HPS Corporate Lending Fund (the “registrant”);

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(c)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of trustees (or persons performing the equivalent function):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 15, 2023	By:	/s/ Robert Busch
		Robert Busch
		Chief Financial Officer

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned, as Chief Executive Officer of HPS Corporate Lending Fund (the “Company”), does hereby certify that to the undersigned’s knowledge:

(1)the Company’s Form 10-Q for the quarter ended March 31, 2023 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)the information contained in the Company’s Form 10-Q for the quarter ended March 31, 2023 fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: May 15, 2023	By:	/s/ Michael Patterson
		Michael Patterson
		Chief Executive Officer

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned, as Chief Financial Officer of HPS Corporate Lending Fund (the “Company”), does hereby certify that to the undersigned’s knowledge:

(1)the Company’s Form 10-Q for the quarter ended March 31, 2023 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)the information contained in the Company’s Form 10-Q for the quarter ended March 31, 2023 fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: May 15, 2023	By:	/s/ Robert Busch
		Robert Busch
		Chief Financial Officer

XML

Cover - shares	3 Months Ended
	Mar. 31, 2023	May 08, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Securities Act File Number	814-01431
Entity Registrant Name	HPS Corporate Lending Fund
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	87-6391045
Entity Address, Address Line One	40 West 57th Street
Entity Address, Address Line Two	33rd Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10019
Local Phone Number	212
City Area Code	287-6767
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Central Index Key	0001838126
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false
Common Class S
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		0
Common Class I
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		37,063,002
Common Class D
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		19,854,598
Common Class F
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		97,670,817

XML

Consolidated Statements of Assets and Liabilities - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Investments at fair value
Non-controlled/non-affiliated investments (amortized cost of $6,719,271 and $5,860,186 at March 31, 2023 and December 31, 2022, respectively)	$ 6,653,479	$ 5,716,521
Cash and cash equivalents	120,144	74,241
Interest receivable	62,560	51,778
Deferred financing costs	26,144	20,187
Deferred offering costs	1,231	310
Derivative assets, at fair value	7,489	991
Receivable for investments sold	16,513	8,591
Other assets	271	410
Total assets	6,887,831	5,873,029
LIABILITIES
Debt (net of unamortized debt issuance costs of $6,922 and $3,572 at March 31, 2023 and December 31, 2022, respectively)	3,001,030	2,342,067
Payable for investments purchased	46,560	0
Interest payable	35,593	17,440
Derivative liabilities, at fair value	4,641	2,136
Due to affiliates	9,845	5,250
Distribution payable	29,860	39,090
Payable for share repurchases	25,769	9,814
Management fees payable (Note 3)	11,188	0
Income based incentive fees payable (Note 3)	14,248	0
Shareholder servicing fee payable	1,106	1,032
Accrued expenses and other liabilities	12,101	928
Total liabilities	3,191,941	2,417,757
Commitments and contingencies
NET ASSETS
Common Shares, $0.01 par value (151,467,608 and 144,699,650 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively)	1,515	1,447
Additional paid in capital	3,738,603	3,574,281
Distributable earnings (loss)	(44,228)	(120,456)
Total net assets	3,695,890	3,455,272
Total liabilities and net assets	$ 6,887,831	$ 5,873,029

XML

Consolidated Statements of Assets and Liabilities (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Amortized Cost	$ 6,719,271	$ 5,860,186
Unamortized issuance costs	$ 6,922	$ 3,572
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Shares issued and sold (in shares)	151,467,608	144,699,650
Shares outstanding, end of period (in shares)	151,467,608	144,699,650
Common Class I
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Net Assets	$ 894,448	$ 838,207
Shares outstanding, end of period (in shares)	36,656,322	35,101,879
Net asset value per share (in dollars per share)	$ 24.40	$ 23.88
Common Class D
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Net Assets	$ 462,874	$ 418,798
Shares outstanding, end of period (in shares)	18,969,647	17,538,259
Net asset value per share (in dollars per share)	$ 24.40	$ 23.88
Common Class F
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Net Assets	$ 2,338,568	$ 2,198,267
Shares outstanding, end of period (in shares)	95,841,639	92,059,512
Net asset value per share (in dollars per share)	$ 24.40	$ 23.88

XML

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Investment income:
Interest income	$ 173,642	$ 17,438
Payment-in-kind interest income	4,730	617
Other income	404	114
Total investment income	178,776	18,169
Expenses:
Total interest expense	49,963	5,750
Management fee expense	11,188	1,425
Income based incentive fee	14,248	1,016
Professional fees	919	412
Board of Trustees’ fees	141	138
Administrative service expenses	573	214
Other general & administrative	1,651	551
Amortization of offering costs	365	353
Total expenses	82,158	10,221
Expense support	0	(2,827)
Reimbursable expenses previously borne by Adviser	0	1,196
Net expenses	82,158	5,787
Net investment income before excise tax	96,618	12,382
Excise tax expense	(5)	0
Net investment income after excise tax	96,623	12,382
Net realized and change in unrealized gain (loss):
Non-controlled/non-affiliated investments	(10,731)	17
Foreign currency forward contracts	(529)	0
Foreign currency transactions	(169)	284
Net realized gain (loss)	(11,429)	301
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments	77,873	(3,156)
Foreign currency forward contracts	(2,505)	18
Translation of assets and liabilities in foreign currencies	(1,533)	86
Unrealized Gain (Loss) on Investments	73,835	(3,052)
Net realized and change in unrealized gain (loss)	62,406	(2,751)
Net increase (decrease) in net assets resulting from operations	159,029	9,631
Common Class D
Expenses:
Distribution and shareholder servicing fees	275	31
Common Class F
Expenses:
Distribution and shareholder servicing fees	2,835	331
Managing Dealer Agreement
Expenses:
Voluntary fee waived	0	(362)
Base Management Fee
Expenses:
Voluntary fee waived	0	(1,425)
Incentive Fee
Expenses:
Voluntary fee waived	$ 0	$ (1,016)

XML

Consolidated Statements of Changes in Net Assets - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Increase (decrease) in net assets from operations:
Net investment income	$ 96,623	$ 12,382
Net realized gain (loss)	(11,429)	301
Net change in unrealized appreciation (depreciation)	73,835	(3,052)
Net increase (decrease) in net assets resulting from operations	159,029	9,631
Distributions to common shareholders:
Distribution amount	(82,800)	(8,100)
Share transactions:
Net increase (decrease) from share transactions	164,389	912,052
Net increase (decrease)	240,618	913,583
Net assets, beginning of period	3,455,272	3
Net assets, end of period	3,695,890	913,586
Common Class I
Distributions to common shareholders:
Distribution amount	(20,939)	(2,530)
Share transactions:
Proceeds from shares sold	21,893	268,044
Share transfers between classes	16,465	0
Distributions reinvested	8,526	751
Repurchased shares, net of early repurchase deduction	(9,192)	0
Net increase (decrease) from share transactions	37,692	268,795
Common Class D
Distributions to common shareholders:
Distribution amount	(10,276)	(860)
Share transactions:
Proceeds from shares sold	30,400	117,825
Share transfers between classes	0	0
Distributions reinvested	4,406	54
Repurchased shares, net of early repurchase deduction	8	0
Net increase (decrease) from share transactions	34,814	117,879
Common Class F
Distributions to common shareholders:
Distribution amount	(51,585)	(4,710)
Share transactions:
Proceeds from shares sold	100,409	524,684
Share transfers between classes	(16,465)	0
Distributions reinvested	24,524	694
Repurchased shares, net of early repurchase deduction	(16,585)	0
Net increase (decrease) from share transactions	$ 91,883	$ 525,378

XML

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$ 159,029	$ 9,631
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Net change in unrealized (appreciation) depreciation on investments	(77,873)	3,156
Net realized (gain) loss on investments	10,731	(17)
Net change in unrealized (appreciation) depreciation on foreign currency forward contracts	2,505	(18)
Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies	1,633	0
Net accretion of discount and amortization of premium, net	(8,903)	(817)
Amortization of deferred financing costs	1,276	156
Amortization of debt issuance costs	295	0
Amortization of offering costs	365	353
Payment-in-kind interest capitalized	(4,669)	(607)
Purchases of investments	(965,575)	(1,287,234)
Proceeds from sale of investments and principal repayments	109,331	14,550
Changes in operating assets and liabilities:
Interest receivable	(10,782)	(8,565)
Receivable for investments sold	(7,922)	(316)
Other assets	139	0
Payable for investments purchased	46,560	168,365
Interest payable	18,153	1,169
Due to affiliates	4,595	1,778
Management fees payable	11,188	0
Income based incentive fees payable	14,248	0
Shareholder servicing fee payable	74	0
Accrued expenses and other liabilities	11,173	520
Net cash provided by (used in) operating activities	(684,429)	(1,097,896)
Cash flows from financing activities:
Borrowings of debt	1,470,143	450,624
Repayments of debt	(815,960)	(215,000)
Deferred financing costs paid	(7,233)	(5,337)
Debt issuance costs paid	(3,646)	0
Deferred offering costs paid	(1,286)	(2,161)
Proceeds from issuance of Common Shares	152,702	910,553
Common Shares repurchased, net of early repurchase deduction	(9,814)	0
Subscriptions received in advance	0	500,310
Distributions paid in cash	(54,574)	(1,268)
Net cash provided by (used in) financing activities	730,332	1,637,721
Net increase (decrease) in cash and cash equivalents	45,903	539,825
Cash and cash equivalents, beginning of period	74,241	3
Cash and cash equivalents, end of period	120,144	539,828
Supplemental information and non-cash activities:
Interest paid during the period	31,810	4,580
Taxes paid during the period	819	0
Distribution payable	29,860	5,332
Share repurchases accrued but not paid	25,769	0
Reinvestment of distributions during the period	37,456	1,499
Non-cash purchases of investments	19,124	49,940
Non-cash sales of investments	$ (19,124)	$ (49,940)

XML

Consolidated Schedule of Investments € in Thousands, £ in Thousands, $ in Thousands, $ in Thousands, $ in Thousands		Mar. 31, 2023 USD ($)		Mar. 31, 2023 AUD ($)		Mar. 31, 2023 CAD ($)		Mar. 31, 2023 EUR (€)		Mar. 31, 2023 GBP (£)		Dec. 31, 2022 USD ($)		Dec. 31, 2022 AUD ($)		Dec. 31, 2022 CAD ($)		Dec. 31, 2022 EUR (€)		Dec. 31, 2022 GBP (£)
Total Investment Portfolio, Amortized Cost		$ 6,719,271										$ 5,860,186
Total Investment Portfolio, Fair Value		$ 6,653,479										$ 5,716,521
Total Investment Portfolio, Percentage of Net Assets		180.02%		180.02%		180.02%		180.02%		180.02%		165.44%		165.44%		165.44%		165.44%		165.44%
J.P. Morgan U.S. Government Fund, Institutional Shares		$ 92,622										$ 53,347
Cash		$ 27,522										$ 20,894
Total Cash and Cash Equivalents, Percentage of Net Assets		3.25%		3.25%		3.25%		3.25%		3.25%		2.15%		2.15%		2.15%		2.15%		2.15%
Total Cash and Cash Equivalents		$ 120,144										$ 74,241
Total Investment Portfolio, Cash and Cash Equivalents, Amortized Cost		6,839,415	[1],[2]									5,934,427	[3],[4]
Total Investment Portfolio, Cash and Cash Equivalents, Fair Value		$ 6,773,623	[2]									$ 5,790,762	[4]
Total Investment Portfolio, Cash and Cash Equivalents, Percentage of Net Assets		183.27%	[2]	183.27%	[2]	183.27%	[2]	183.27%	[2]	183.27%	[2]	167.59%	[4]	167.59%	[4]	167.59%	[4]	167.59%	[4]	167.59%	[4]
First lien debt
Total Investment Portfolio, Amortized Cost		$ 6,623,067										$ 5,755,124
Total Investment Portfolio, Fair Value		$ 6,558,981										$ 5,614,718
Total Investment Portfolio, Percentage of Net Assets		177.47%		177.47%		177.47%		177.47%		177.47%		162.50%		162.50%		162.50%		162.50%		162.50%
Second lien debt
Total Investment Portfolio, Amortized Cost		$ 47,852										$ 47,764
Total Investment Portfolio, Fair Value		$ 46,315										$ 45,248
Total Investment Portfolio, Percentage of Net Assets		1.25%		1.25%		1.25%		1.25%		1.25%		1.31%		1.31%		1.31%		1.31%		1.31%
Unsecured debt
Total Investment Portfolio, Amortized Cost		$ 17,099										$ 26,302
Total Investment Portfolio, Fair Value		$ 16,890										$ 25,512
Total Investment Portfolio, Percentage of Net Assets		0.46%		0.46%		0.46%		0.46%		0.46%		0.74%		0.74%		0.74%		0.74%		0.74%
Structured Finance
Total Investment Portfolio, Amortized Cost		$ 29,011										$ 28,929
Total Investment Portfolio, Fair Value		$ 28,824										$ 28,737
Total Investment Portfolio, Percentage of Net Assets		0.78%		0.78%		0.78%		0.78%		0.78%		0.83%		0.83%		0.83%		0.83%		0.83%
Equity investments
Total Investment Portfolio, Amortized Cost		$ 2,242										$ 2,067
Total Investment Portfolio, Fair Value		$ 2,469										$ 2,306
Total Investment Portfolio, Percentage of Net Assets		0.07%		0.07%		0.07%		0.07%		0.07%		0.07%		0.07%		0.07%		0.07%		0.07%
Aerospace and Defense
Total Investment Portfolio, Fair Value		$ 208,585										$ 169,856
Aerospace and Defense | First lien debt
Total Investment Portfolio, Amortized Cost		207,616										171,196
Total Investment Portfolio, Fair Value		$ 208,585										$ 169,856
Total Investment Portfolio, Percentage of Net Assets		5.64%		5.64%		5.64%		5.64%		5.64%		4.92%		4.92%		4.92%		4.92%		4.92%
Automobiles and Parts
Total Investment Portfolio, Fair Value		$ 107,268										$ 118,440
Automobiles and Parts | First lien debt
Total Investment Portfolio, Amortized Cost		108,024										127,180
Total Investment Portfolio, Fair Value		$ 104,928										$ 118,440
Total Investment Portfolio, Percentage of Net Assets		2.84%		2.84%		2.84%		2.84%		2.84%		3.43%		3.43%		3.43%		3.43%		3.43%
Automobiles and Parts | Unsecured debt
Total Investment Portfolio, Amortized Cost		$ 2,297
Total Investment Portfolio, Fair Value		$ 2,340
Total Investment Portfolio, Percentage of Net Assets		0.06%		0.06%		0.06%		0.06%		0.06%
Chemicals
Total Investment Portfolio, Fair Value		$ 12,029										$ 6,960
Chemicals | First lien debt
Total Investment Portfolio, Amortized Cost		12,062										7,226
Total Investment Portfolio, Fair Value		$ 12,029										$ 6,960
Total Investment Portfolio, Percentage of Net Assets		0.33%		0.33%		0.33%		0.33%		0.33%		0.20%		0.20%		0.20%		0.20%		0.20%
Construction and Materials
Total Investment Portfolio, Fair Value		$ 1,073										$ 1,162
Construction and Materials | First lien debt
Total Investment Portfolio, Amortized Cost		1,054										1,155
Total Investment Portfolio, Fair Value		$ 1,073										$ 1,162
Total Investment Portfolio, Percentage of Net Assets		0.03%		0.03%		0.03%		0.03%		0.03%		0.03%		0.03%		0.03%		0.03%		0.03%
Consumer Services
Total Investment Portfolio, Fair Value		$ 458,931										$ 458,248
Consumer Services | First lien debt
Total Investment Portfolio, Amortized Cost		467,708										472,722
Total Investment Portfolio, Fair Value		$ 454,609										$ 454,189
Total Investment Portfolio, Percentage of Net Assets		12.30%		12.30%		12.30%		12.30%		12.30%		13.14%		13.14%		13.14%		13.14%		13.14%
Consumer Services | Second lien debt
Total Investment Portfolio, Amortized Cost		$ 5,144										$ 5,104
Total Investment Portfolio, Fair Value		$ 4,322										$ 4,059
Total Investment Portfolio, Percentage of Net Assets		0.12%		0.12%		0.12%		0.12%		0.12%		0.12%		0.12%		0.12%		0.12%		0.12%
Electricity
Total Investment Portfolio, Fair Value		$ 12,582										$ 8,639
Electricity | First lien debt
Total Investment Portfolio, Amortized Cost		12,539										8,670
Total Investment Portfolio, Fair Value		$ 12,398										$ 8,441
Total Investment Portfolio, Percentage of Net Assets		0.34%		0.34%		0.34%		0.34%		0.34%		0.24%		0.24%		0.24%		0.24%		0.24%
Electricity | Equity investments
Total Investment Portfolio, Amortized Cost		$ 67										$ 67
Total Investment Portfolio, Fair Value		$ 184										$ 198
Total Investment Portfolio, Percentage of Net Assets		0.00%		0.00%		0.00%		0.00%		0.00%		0.01%		0.01%		0.01%		0.01%		0.01%
Electronic and Electrical Equipment
Total Investment Portfolio, Fair Value		$ 910										$ 922
Electronic and Electrical Equipment | First lien debt
Total Investment Portfolio, Amortized Cost		985										983
Total Investment Portfolio, Fair Value		$ 910										$ 922
Total Investment Portfolio, Percentage of Net Assets		0.02%		0.02%		0.02%		0.02%		0.02%		0.03%		0.03%		0.03%		0.03%		0.03%
Finance and Credit Services
Total Investment Portfolio, Fair Value		$ 49,000										$ 48,448
Finance and Credit Services | First lien debt
Total Investment Portfolio, Amortized Cost		49,507										49,448
Total Investment Portfolio, Fair Value		$ 49,000										$ 48,448
Total Investment Portfolio, Percentage of Net Assets		1.33%		1.33%		1.33%		1.33%		1.33%		1.40%		1.40%		1.40%		1.40%		1.40%
Food Producers
Total Investment Portfolio, Fair Value		$ 88,938										$ 86,977
Food Producers | First lien debt
Total Investment Portfolio, Amortized Cost		91,718										88,752
Total Investment Portfolio, Fair Value		$ 88,938										$ 86,977
Total Investment Portfolio, Percentage of Net Assets		2.41%		2.41%		2.41%		2.41%		2.41%		2.52%		2.52%		2.52%		2.52%		2.52%
Gas, Water and Multi-utilities
Total Investment Portfolio, Fair Value		$ 43,990										$ 43,242
Gas, Water and Multi-utilities | First lien debt
Total Investment Portfolio, Amortized Cost		44,255										43,883
Total Investment Portfolio, Fair Value		$ 43,990										$ 43,242
Total Investment Portfolio, Percentage of Net Assets		1.19%		1.19%		1.19%		1.19%		1.19%		1.25%		1.25%		1.25%		1.25%		1.25%
General Industrials
Total Investment Portfolio, Fair Value		$ 272,688										$ 265,463
General Industrials | First lien debt
Total Investment Portfolio, Amortized Cost		271,385										266,570
Total Investment Portfolio, Fair Value		$ 272,688										$ 265,463
Total Investment Portfolio, Percentage of Net Assets		7.38%		7.38%		7.38%		7.38%		7.38%		7.68%		7.68%		7.68%		7.68%		7.68%
Health Care Providers
Total Investment Portfolio, Fair Value		$ 779,681										$ 660,631
Health Care Providers | First lien debt
Total Investment Portfolio, Amortized Cost		788,599										676,203
Total Investment Portfolio, Fair Value		$ 769,394										$ 650,465
Total Investment Portfolio, Percentage of Net Assets		20.82%		20.82%		20.82%		20.82%		20.82%		18.83%		18.83%		18.83%		18.83%		18.83%
Health Care Providers | Second lien debt
Total Investment Portfolio, Amortized Cost		$ 9,351										$ 9,327
Total Investment Portfolio, Fair Value		$ 9,362										$ 9,463
Total Investment Portfolio, Percentage of Net Assets		0.25%		0.25%		0.25%		0.25%		0.25%		0.27%		0.27%		0.27%		0.27%		0.27%
Health Care Providers | Unsecured debt
Total Investment Portfolio, Amortized Cost		$ 1,027										$ 772
Total Investment Portfolio, Fair Value		$ 925										$ 703
Total Investment Portfolio, Percentage of Net Assets		0.03%		0.03%		0.03%		0.03%		0.03%		0.02%		0.02%		0.02%		0.02%		0.02%
Household Goods and Home Construction
Total Investment Portfolio, Fair Value		$ 16,482										$ 17,918
Household Goods and Home Construction | First lien debt
Total Investment Portfolio, Amortized Cost		19,847										21,635
Total Investment Portfolio, Fair Value		$ 16,482										$ 17,918
Total Investment Portfolio, Percentage of Net Assets		0.45%		0.45%		0.45%		0.45%		0.45%		0.52%		0.52%		0.52%		0.52%		0.52%
Industrial Engineering
Total Investment Portfolio, Fair Value		$ 214,840										$ 186,373
Industrial Engineering | First lien debt
Total Investment Portfolio, Amortized Cost		213,983										188,249
Total Investment Portfolio, Fair Value		$ 214,840										$ 186,373
Total Investment Portfolio, Percentage of Net Assets		5.81%		5.81%		5.81%		5.81%		5.81%		5.39%		5.39%		5.39%		5.39%		5.39%
Industrial Metals and Mining
Total Investment Portfolio, Fair Value		$ 2,941										$ 2,922
Industrial Metals and Mining | First lien debt
Total Investment Portfolio, Amortized Cost		2,993										2,998
Total Investment Portfolio, Fair Value		$ 2,941										$ 2,922
Total Investment Portfolio, Percentage of Net Assets		0.08%		0.08%		0.08%		0.08%		0.08%		0.08%		0.08%		0.08%		0.08%		0.08%
Industrial Support Services
Total Investment Portfolio, Fair Value		$ 746,764										$ 567,804
Industrial Support Services | First lien debt
Total Investment Portfolio, Amortized Cost		743,584										574,621
Total Investment Portfolio, Fair Value		$ 738,078										$ 559,010
Total Investment Portfolio, Percentage of Net Assets		19.97%		19.97%		19.97%		19.97%		19.97%		16.18%		16.18%		16.18%		16.18%		16.18%
Industrial Support Services | Second lien debt
Total Investment Portfolio, Amortized Cost		$ 8,795										$ 8,786
Total Investment Portfolio, Fair Value		$ 8,686										$ 8,794
Total Investment Portfolio, Percentage of Net Assets		0.24%		0.24%		0.24%		0.24%		0.24%		0.25%		0.25%		0.25%		0.25%		0.25%
Industrial Transportation
Total Investment Portfolio, Fair Value		$ 51,205										$ 50,090
Industrial Transportation | First lien debt
Total Investment Portfolio, Amortized Cost		52,079										52,053
Total Investment Portfolio, Fair Value		$ 51,205										$ 50,090
Total Investment Portfolio, Percentage of Net Assets		1.39%		1.39%		1.39%		1.39%		1.39%		1.45%		1.45%		1.45%		1.45%		1.45%
Investment Banking and Brokerage Services
Total Investment Portfolio, Fair Value		$ 9,229										$ 7,606
Investment Banking and Brokerage Services | First lien debt
Total Investment Portfolio, Amortized Cost		9,342										7,862
Total Investment Portfolio, Fair Value		$ 9,229										$ 7,606
Total Investment Portfolio, Percentage of Net Assets		0.25%		0.25%		0.25%		0.25%		0.25%		0.22%		0.22%		0.22%		0.22%		0.22%
Leisure Goods
Total Investment Portfolio, Fair Value		$ 1,990										$ 8,498
Leisure Goods | First lien debt
Total Investment Portfolio, Amortized Cost		2,003										9,717
Total Investment Portfolio, Fair Value		$ 1,990										$ 8,498
Total Investment Portfolio, Percentage of Net Assets		0.05%		0.05%		0.05%		0.05%		0.05%		0.25%		0.25%		0.25%		0.25%		0.25%
Life Insurance
Total Investment Portfolio, Fair Value		$ 5,718										$ 5,628
Life Insurance | First lien debt
Total Investment Portfolio, Amortized Cost		5,916										5,928
Total Investment Portfolio, Fair Value		$ 5,718										$ 5,628
Total Investment Portfolio, Percentage of Net Assets		0.15%		0.15%		0.15%		0.15%		0.15%		0.16%		0.16%		0.16%		0.16%		0.16%
Media
Total Investment Portfolio, Fair Value		$ 566,703										$ 505,035
Media | First lien debt
Total Investment Portfolio, Amortized Cost		559,679										507,260
Total Investment Portfolio, Fair Value		$ 565,648										$ 503,971
Total Investment Portfolio, Percentage of Net Assets		15.30%		15.30%		15.30%		15.30%		15.30%		14.59%		14.59%		14.59%		14.59%		14.59%
Media | Equity investments
Total Investment Portfolio, Amortized Cost		$ 1,000										$ 1,000
Total Investment Portfolio, Fair Value		$ 1,055										$ 1,064
Total Investment Portfolio, Percentage of Net Assets		0.03%		0.03%		0.03%		0.03%		0.03%		0.03%		0.03%		0.03%		0.03%		0.03%
Medical Equipment and Services
Total Investment Portfolio, Fair Value		$ 327,070										$ 210,831
Medical Equipment and Services | First lien debt
Total Investment Portfolio, Amortized Cost		330,615										218,147
Total Investment Portfolio, Fair Value		$ 326,080										$ 209,928
Total Investment Portfolio, Percentage of Net Assets		8.82%		8.82%		8.82%		8.82%		8.82%		6.08%		6.08%		6.08%		6.08%		6.08%
Medical Equipment and Services | Unsecured debt
Total Investment Portfolio, Amortized Cost		$ 1,022										$ 892
Total Investment Portfolio, Fair Value		$ 990										$ 903
Total Investment Portfolio, Percentage of Net Assets		0.03%		0.03%		0.03%		0.03%		0.03%		0.03%		0.03%		0.03%		0.03%		0.03%
Non-life Insurance
Total Investment Portfolio, Fair Value		$ 375,824										$ 317,816
Non-life Insurance | First lien debt
Total Investment Portfolio, Amortized Cost		377,386										320,339
Total Investment Portfolio, Fair Value		$ 370,005										$ 309,809
Total Investment Portfolio, Percentage of Net Assets		10.01%		10.01%		10.01%		10.01%		10.01%		8.97%		8.97%		8.97%		8.97%		8.97%
Non-life Insurance | Unsecured debt
Total Investment Portfolio, Amortized Cost		$ 5,658										$ 7,997
Total Investment Portfolio, Fair Value		$ 5,819										$ 8,007
Total Investment Portfolio, Percentage of Net Assets		0.16%		0.16%		0.16%		0.16%		0.16%		0.23%		0.23%		0.23%		0.23%		0.23%
Personal Care, Drug and Grocery Stores
Total Investment Portfolio, Fair Value		$ 108,830										$ 117,320
Personal Care, Drug and Grocery Stores | First lien debt
Total Investment Portfolio, Amortized Cost		109,102										118,492
Total Investment Portfolio, Fair Value		$ 108,830										$ 117,320
Total Investment Portfolio, Percentage of Net Assets		2.94%		2.94%		2.94%		2.94%		2.94%		3.40%		3.40%		3.40%		3.40%		3.40%
Personal Goods
Total Investment Portfolio, Fair Value		$ 72,511										$ 70,050
Personal Goods | First lien debt
Total Investment Portfolio, Amortized Cost		73,570										72,642
Total Investment Portfolio, Fair Value		$ 72,511										$ 70,050
Total Investment Portfolio, Percentage of Net Assets		1.96%		1.96%		1.96%		1.96%		1.96%		2.03%		2.03%		2.03%		2.03%		2.03%
Pharmaceuticals and Biotechnology
Total Investment Portfolio, Fair Value		$ 267,703										$ 196,435
Pharmaceuticals and Biotechnology | First lien debt
Total Investment Portfolio, Amortized Cost		256,224										186,779
Total Investment Portfolio, Fair Value		$ 267,703										$ 196,435
Total Investment Portfolio, Percentage of Net Assets		7.24%		7.24%		7.24%		7.24%		7.24%		5.69%		5.69%		5.69%		5.69%		5.69%
Real Estate Investment and Services
Total Investment Portfolio, Fair Value		$ 44,253										$ 44,822
Real Estate Investment and Services | First lien debt
Total Investment Portfolio, Amortized Cost		43,048										45,222
Total Investment Portfolio, Fair Value		$ 44,128										$ 44,822
Total Investment Portfolio, Percentage of Net Assets		1.19%		1.19%		1.19%		1.19%		1.19%		1.30%		1.30%		1.30%		1.30%		1.30%
Real Estate Investment and Services | Equity investments
Total Investment Portfolio, Amortized Cost		$ 175
Total Investment Portfolio, Fair Value		$ 125
Total Investment Portfolio, Percentage of Net Assets		0.00%		0.00%		0.00%		0.00%		0.00%
Retailers
Total Investment Portfolio, Fair Value		$ 18,033										$ 20,322
Retailers | First lien debt
Total Investment Portfolio, Amortized Cost		18,059										20,992
Total Investment Portfolio, Fair Value		$ 18,033										$ 20,322
Total Investment Portfolio, Percentage of Net Assets		0.49%		0.49%		0.49%		0.49%		0.49%		0.59%		0.59%		0.59%		0.59%		0.59%
Software and Computer Services
Total Investment Portfolio, Fair Value		$ 1,288,321										$ 1,158,262
Software and Computer Services | First lien debt
Total Investment Portfolio, Amortized Cost		1,274,109										1,160,317
Total Investment Portfolio, Fair Value		$ 1,263,271										$ 1,134,286
Total Investment Portfolio, Percentage of Net Assets		34.18%		34.18%		34.18%		34.18%		34.18%		32.83%		32.83%		32.83%		32.83%		32.83%
Software and Computer Services | Second lien debt
Total Investment Portfolio, Amortized Cost		$ 24,562										$ 24,547
Total Investment Portfolio, Fair Value		$ 23,945										$ 22,932
Total Investment Portfolio, Percentage of Net Assets		0.65%		0.65%		0.65%		0.65%		0.65%		0.66%		0.66%		0.66%		0.66%		0.66%
Software and Computer Services | Equity investments
Total Investment Portfolio, Amortized Cost		$ 1,000										$ 1,000
Total Investment Portfolio, Fair Value		$ 1,105										$ 1,044
Total Investment Portfolio, Percentage of Net Assets		0.03%		0.03%		0.03%		0.03%		0.03%		0.03%		0.03%		0.03%		0.03%		0.03%
Technology Hardware and Equipment
Total Investment Portfolio, Fair Value		$ 95,877										$ 93,161
Technology Hardware and Equipment | First lien debt
Total Investment Portfolio, Amortized Cost		98,186										95,522
Total Investment Portfolio, Fair Value		$ 95,877										$ 93,161
Total Investment Portfolio, Percentage of Net Assets		2.59%		2.59%		2.59%		2.59%		2.59%		2.70%		2.70%		2.70%		2.70%		2.70%
Telecommunications Equipment
Total Investment Portfolio, Fair Value		$ 14,351										$ 6,445
Telecommunications Equipment | First lien debt
Total Investment Portfolio, Amortized Cost		14,610										6,778
Total Investment Portfolio, Fair Value		$ 14,351										$ 6,445
Total Investment Portfolio, Percentage of Net Assets		0.39%		0.39%		0.39%		0.39%		0.39%		0.19%		0.19%		0.19%		0.19%		0.19%
Telecommunications Service Providers
Total Investment Portfolio, Fair Value		$ 62,336										$ 71,695
Telecommunications Service Providers | First lien debt
Total Investment Portfolio, Amortized Cost		59,936										60,010
Total Investment Portfolio, Fair Value		$ 55,520										$ 55,796
Total Investment Portfolio, Percentage of Net Assets		1.50%		1.50%		1.50%		1.50%		1.50%		1.61%		1.61%		1.61%		1.61%		1.61%
Telecommunications Service Providers | Unsecured debt
Total Investment Portfolio, Amortized Cost		$ 7,095										$ 16,641
Total Investment Portfolio, Fair Value		$ 6,816										$ 15,899
Total Investment Portfolio, Percentage of Net Assets		0.18%		0.18%		0.18%		0.18%		0.18%		0.46%		0.46%		0.46%		0.46%		0.46%
Travel and Leisure
Total Investment Portfolio, Fair Value		$ 297,999										$ 159,763
Travel and Leisure | First lien debt
Total Investment Portfolio, Amortized Cost		303,344										165,573
Total Investment Portfolio, Fair Value		$ 297,999										$ 159,763
Total Investment Portfolio, Percentage of Net Assets		8.06%		8.06%		8.06%		8.06%		8.06%		4.62%		4.62%		4.62%		4.62%		4.62%
Structured Finance
Total Investment Portfolio, Fair Value		$ 28,824										$ 28,737
Structured Finance | Structured Finance
Total Investment Portfolio, Amortized Cost		29,011										28,929
Total Investment Portfolio, Fair Value		$ 28,824										$ 28,737
Total Investment Portfolio, Percentage of Net Assets		0.78%		0.78%		0.78%		0.78%		0.78%		0.83%		0.83%		0.83%		0.83%		0.83%
Investment, Identifier [Axis]: 123Dentist Inc 1
Par Amount/Units						$ 9,636	[5],[6],[7],[8]									$ 9,636	[9],[10],[11],[12]
Total Investment Portfolio, Amortized Cost		$ (138)	[5],[6],[7],[8]									$ (143)	[9],[10],[11],[12]
Total Investment Portfolio, Fair Value		$ (185)	[5],[6],[7],[8]									$ (268)	[9],[10],[11],[12]
Investment, Identifier [Axis]: 123Dentist Inc 2
Spread		5.50%	[6],[7],[8],[13]	5.50%	[6],[7],[8],[13]	5.50%	[6],[7],[8],[13]	5.50%	[6],[7],[8],[13]	5.50%	[6],[7],[8],[13]	575.00%	[10],[11],[12]	575.00%	[10],[11],[12]	575.00%	[10],[11],[12]	575.00%	[10],[11],[12]	575.00%	[10],[11],[12]
Interest Rate		10.42%	[6],[7],[8],[13]	10.42%	[6],[7],[8],[13]	10.42%	[6],[7],[8],[13]	10.42%	[6],[7],[8],[13]	10.42%	[6],[7],[8],[13]	10.36%	[10],[11],[12]	10.36%	[10],[11],[12]	10.36%	[10],[11],[12]	10.36%	[10],[11],[12]	10.36%	[10],[11],[12]
Par Amount/Units						$ 48,061	[6],[7],[8]									$ 48,182	[10],[11],[12]
Total Investment Portfolio, Amortized Cost		$ 36,912	[6],[7],[8]									$ 36,973	[10],[11],[12]
Total Investment Portfolio, Fair Value		$ 34,628	[6],[7],[8]									$ 34,207	[10],[11],[12]
Investment, Identifier [Axis]: 2080 Media, Inc. 1
Spread		6.50%	[5],[6],[8],[13]	6.50%	[5],[6],[8],[13]	6.50%	[5],[6],[8],[13]	6.50%	[5],[6],[8],[13]	6.50%	[5],[6],[8],[13]	650.00%	[9],[10],[12]	650.00%	[9],[10],[12]	650.00%	[9],[10],[12]	650.00%	[9],[10],[12]	650.00%	[9],[10],[12]
Interest Rate		11.36%	[5],[6],[8],[13]	11.36%	[5],[6],[8],[13]	11.36%	[5],[6],[8],[13]	11.36%	[5],[6],[8],[13]	11.36%	[5],[6],[8],[13]	10.48%	[9],[10],[12]	10.48%	[9],[10],[12]	10.48%	[9],[10],[12]	10.48%	[9],[10],[12]	10.48%	[9],[10],[12]
Par Amount/Units		$ 29,497	[5],[6],[8]									$ 29,529	[9],[10],[12]
Total Investment Portfolio, Amortized Cost		12,238	[5],[6],[8]									12,247	[9],[10],[12]
Total Investment Portfolio, Fair Value		$ 13,041	[5],[6],[8]									12,497	[9],[10],[12]
Investment, Identifier [Axis]: 2080 Media, Inc. 2
Spread	[5],[6],[8],[13]	6.00%		6.00%		6.00%		6.00%		6.00%
Interest Rate	[5],[6],[8],[13]	10.81%		10.81%		10.81%		10.81%		10.81%
Par Amount/Units		$ 13,795	[5],[6],[8]									13,795	[9],[10],[12]
Total Investment Portfolio, Amortized Cost		5,684	[5],[6],[8]									(239)	[9],[10],[12]
Total Investment Portfolio, Fair Value		$ 5,912	[5],[6],[8]									$ (139)	[9],[10],[12]
Investment, Identifier [Axis]: 2080 Media, Inc. 3
Spread		6.50%	[6],[8],[13]	6.50%	[6],[8],[13]	6.50%	[6],[8],[13]	6.50%	[6],[8],[13]	6.50%	[6],[8],[13]	650.00%	[10],[12]	650.00%	[10],[12]	650.00%	[10],[12]	650.00%	[10],[12]	650.00%	[10],[12]
Interest Rate		11.36%	[6],[8],[13]	11.36%	[6],[8],[13]	11.36%	[6],[8],[13]	11.36%	[6],[8],[13]	11.36%	[6],[8],[13]	10.48%	[10],[12]	10.48%	[10],[12]	10.48%	[10],[12]	10.48%	[10],[12]	10.48%	[10],[12]
Par Amount/Units		$ 54,904	[6],[8]									$ 55,042	[10],[12]
Total Investment Portfolio, Amortized Cost		53,943	[6],[8]									54,030	[10],[12]
Total Investment Portfolio, Fair Value		$ 55,453	[6],[8]									$ 54,518	[10],[12]
Investment, Identifier [Axis]: 850 Third Avenue Mezz I, LLC
Spread	[9],[12],[14]											650.00%		650.00%		650.00%		650.00%		650.00%
Interest Rate	[9],[12],[14]											10.89%		10.89%		10.89%		10.89%		10.89%
Par Amount/Units	[9],[12],[14]											$ 2,791
Total Investment Portfolio, Amortized Cost	[9],[12],[14]											2,132
Total Investment Portfolio, Fair Value	[9],[12],[14]											$ 1,757
Investment, Identifier [Axis]: 850 Third Avenue Owner LLC
Spread		6.50%	[8],[13],[15],[16]	6.50%	[8],[13],[15],[16]	6.50%	[8],[13],[15],[16]	6.50%	[8],[13],[15],[16]	6.50%	[8],[13],[15],[16]	650.00%	[12],[14]	650.00%	[12],[14]	650.00%	[12],[14]	650.00%	[12],[14]	650.00%	[12],[14]
Interest Rate	[12],[14]											10.89%		10.89%		10.89%		10.89%		10.89%
Par Amount/Units		$ 4,726	[8],[15],[16]									$ 4,726	[12],[14]
Total Investment Portfolio, Amortized Cost		4,702	[8],[15],[16]									4,697	[12],[14]
Total Investment Portfolio, Fair Value		4,726	[8],[15],[16]									$ 4,063	[12],[14]
Investment, Identifier [Axis]: 850 Third Avenue Owner, LLC
Par Amount/Units	[8],[17]	528
Total Investment Portfolio, Amortized Cost	[8],[17]	175
Total Investment Portfolio, Fair Value	[8],[17]	$ 125
Investment, Identifier [Axis]: ABB/CON-CISE Optical Group LLC 1
Spread		6.50%	[5],[8],[13],[18]	6.50%	[5],[8],[13],[18]	6.50%	[5],[8],[13],[18]	6.50%	[5],[8],[13],[18]	6.50%	[5],[8],[13],[18]	650.00%	[9],[12],[19]	650.00%	[9],[12],[19]	650.00%	[9],[12],[19]	650.00%	[9],[12],[19]	650.00%	[9],[12],[19]
Interest Rate		14.50%	[5],[8],[13],[18]	14.50%	[5],[8],[13],[18]	14.50%	[5],[8],[13],[18]	14.50%	[5],[8],[13],[18]	14.50%	[5],[8],[13],[18]	14.00%	[9],[12],[19]	14.00%	[9],[12],[19]	14.00%	[9],[12],[19]	14.00%	[9],[12],[19]	14.00%	[9],[12],[19]
Par Amount/Units		$ 2,358	[5],[8],[18]									$ 2,358	[9],[12],[19]
Total Investment Portfolio, Amortized Cost		2,192	[5],[8],[18]									2,190	[9],[12],[19]
Total Investment Portfolio, Fair Value		$ 2,106	[5],[8],[18]									$ 2,080	[9],[12],[19]
Investment, Identifier [Axis]: ABB/CON-CISE Optical Group LLC 2
Spread		7.50%	[6],[8],[13]	7.50%	[6],[8],[13]	7.50%	[6],[8],[13]	7.50%	[6],[8],[13]	7.50%	[6],[8],[13]	750.00%	[10],[12]	750.00%	[10],[12]	750.00%	[10],[12]	750.00%	[10],[12]	750.00%	[10],[12]
Interest Rate		12.67%	[6],[8],[13]	12.67%	[6],[8],[13]	12.67%	[6],[8],[13]	12.67%	[6],[8],[13]	12.67%	[6],[8],[13]	12.67%	[10],[12]	12.67%	[10],[12]	12.67%	[10],[12]	12.67%	[10],[12]	12.67%	[10],[12]
Par Amount/Units		$ 22,415	[6],[8]									$ 22,472	[10],[12]
Total Investment Portfolio, Amortized Cost		21,932	[6],[8]									21,966	[10],[12]
Total Investment Portfolio, Fair Value		$ 21,132	[6],[8]									$ 20,945	[10],[12]
Investment, Identifier [Axis]: AD1 LBV1, LLC 1
Spread		6.75%	[8],[13],[15],[20]	6.75%	[8],[13],[15],[20]	6.75%	[8],[13],[15],[20]	6.75%	[8],[13],[15],[20]	6.75%	[8],[13],[15],[20]	675.00%	[9],[12],[21],[22]	675.00%	[9],[12],[21],[22]	675.00%	[9],[12],[21],[22]	675.00%	[9],[12],[21],[22]	675.00%	[9],[12],[21],[22]
Interest Rate	[9],[12],[21],[22]											10.87%		10.87%		10.87%		10.87%		10.87%
Par Amount/Units		$ 247	[8],[15],[20]									$ 365	[9],[12],[21]
Total Investment Portfolio, Amortized Cost		245	[8],[15],[20]									244	[9],[12],[21]
Total Investment Portfolio, Fair Value		$ 241	[8],[15],[20]									$ 242	[9],[12],[21]
Investment, Identifier [Axis]: AD1 LBV1, LLC 2
Spread		6.75%	[8],[13],[15],[20]	6.75%	[8],[13],[15],[20]	6.75%	[8],[13],[15],[20]	6.75%	[8],[13],[15],[20]	6.75%	[8],[13],[15],[20]	675.00%	[12],[21],[22]	675.00%	[12],[21],[22]	675.00%	[12],[21],[22]	675.00%	[12],[21],[22]	675.00%	[12],[21],[22]
Interest Rate	[12],[21],[22]											10.87%		10.87%		10.87%		10.87%		10.87%
Par Amount/Units		$ 18,990	[8],[15],[20]									$ 19,002	[12],[21]
Total Investment Portfolio, Amortized Cost		18,839	[8],[15],[20]									18,823	[12],[21]
Total Investment Portfolio, Fair Value		$ 18,536	[8],[15],[20]									$ 18,746	[12],[21]
Investment, Identifier [Axis]: ALM 2020 Ltd
Spread		6.00%	[7],[13],[23]	6.00%	[7],[13],[23]	6.00%	[7],[13],[23]	6.00%	[7],[13],[23]	6.00%	[7],[13],[23]	600.00%	[11],[22],[24]	600.00%	[11],[22],[24]	600.00%	[11],[22],[24]	600.00%	[11],[22],[24]	600.00%	[11],[22],[24]
Interest Rate		10.79%	[7],[13],[23]	10.79%	[7],[13],[23]	10.79%	[7],[13],[23]	10.79%	[7],[13],[23]	10.79%	[7],[13],[23]	10.08%	[11],[22],[24]	10.08%	[11],[22],[24]	10.08%	[11],[22],[24]	10.08%	[11],[22],[24]	10.08%	[11],[22],[24]
Par Amount/Units		$ 3,330	[7],[23]									$ 3,330	[11],[24]
Total Investment Portfolio, Amortized Cost		3,004	[7],[23]									2,995	[11],[24]
Total Investment Portfolio, Fair Value		$ 2,966	[7],[23]									$ 2,937	[11],[24]
Investment, Identifier [Axis]: AMMC CLO 20 Ltd
Spread		5.81%	[7],[13],[23]	5.81%	[7],[13],[23]	5.81%	[7],[13],[23]	5.81%	[7],[13],[23]	5.81%	[7],[13],[23]	581.00%	[11],[22],[24]	581.00%	[11],[22],[24]	581.00%	[11],[22],[24]	581.00%	[11],[22],[24]	581.00%	[11],[22],[24]
Interest Rate		10.60%	[7],[13],[23]	10.60%	[7],[13],[23]	10.60%	[7],[13],[23]	10.60%	[7],[13],[23]	10.60%	[7],[13],[23]	9.89%	[11],[22],[24]	9.89%	[11],[22],[24]	9.89%	[11],[22],[24]	9.89%	[11],[22],[24]	9.89%	[11],[22],[24]
Par Amount/Units		$ 950	[7],[23]									$ 950	[11],[24]
Total Investment Portfolio, Amortized Cost		892	[7],[23]									890	[11],[24]
Total Investment Portfolio, Fair Value		$ 891	[7],[23]									$ 866	[11],[24]
Investment, Identifier [Axis]: AMMC CLO 21 Ltd 1
Spread		3.10%	[7],[13],[23]	3.10%	[7],[13],[23]	3.10%	[7],[13],[23]	3.10%	[7],[13],[23]	3.10%	[7],[13],[23]	310.00%	[11],[22],[24]	310.00%	[11],[22],[24]	310.00%	[11],[22],[24]	310.00%	[11],[22],[24]	310.00%	[11],[22],[24]
Interest Rate		7.91%	[7],[13],[23]	7.91%	[7],[13],[23]	7.91%	[7],[13],[23]	7.91%	[7],[13],[23]	7.91%	[7],[13],[23]	7.56%	[11],[22],[24]	7.56%	[11],[22],[24]	7.56%	[11],[22],[24]	7.56%	[11],[22],[24]	7.56%	[11],[22],[24]
Par Amount/Units		$ 2,150	[7],[23]									$ 2,150	[11],[24]
Total Investment Portfolio, Amortized Cost		1,904	[7],[23]									1,898	[11],[24]
Total Investment Portfolio, Fair Value		$ 1,945	[7],[23]									$ 1,887	[11],[24]
Investment, Identifier [Axis]: AMMC CLO 21 Ltd 2
Spread		6.50%	[7],[13],[23]	6.50%	[7],[13],[23]	6.50%	[7],[13],[23]	6.50%	[7],[13],[23]	6.50%	[7],[13],[23]	650.00%	[11],[22],[24]	650.00%	[11],[22],[24]	650.00%	[11],[22],[24]	650.00%	[11],[22],[24]	650.00%	[11],[22],[24]
Interest Rate		11.31%	[7],[13],[23]	11.31%	[7],[13],[23]	11.31%	[7],[13],[23]	11.31%	[7],[13],[23]	11.31%	[7],[13],[23]	10.96%	[11],[22],[24]	10.96%	[11],[22],[24]	10.96%	[11],[22],[24]	10.96%	[11],[22],[24]	10.96%	[11],[22],[24]
Par Amount/Units		$ 4,126	[7],[23]									$ 4,126	[11],[24]
Total Investment Portfolio, Amortized Cost		3,620	[7],[23]									3,609	[11],[24]
Total Investment Portfolio, Fair Value		$ 3,445	[7],[23]									$ 3,474	[11],[24]
Investment, Identifier [Axis]: ATI Holdings Acquisition, Inc.
Spread		7.75%	[7],[8],[13],[25]	7.75%	[7],[8],[13],[25]	7.75%	[7],[8],[13],[25]	7.75%	[7],[8],[13],[25]	7.75%	[7],[8],[13],[25]	7.75%	[11],[12],[26]	7.75%	[11],[12],[26]	7.75%	[11],[12],[26]	7.75%	[11],[12],[26]	7.75%	[11],[12],[26]
Interest Rate		12.64%	[7],[8],[13],[25]	12.64%	[7],[8],[13],[25]	12.64%	[7],[8],[13],[25]	12.64%	[7],[8],[13],[25]	12.64%	[7],[8],[13],[25]	12.07%	[11],[12],[26]	12.07%	[11],[12],[26]	12.07%	[11],[12],[26]	12.07%	[11],[12],[26]	12.07%	[11],[12],[26]
Interest Rate, PIK		2.00%	[7],[8],[13],[25]	2.00%	[7],[8],[13],[25]	2.00%	[7],[8],[13],[25]	2.00%	[7],[8],[13],[25]	2.00%	[7],[8],[13],[25]	2.00%	[11],[12],[26]	2.00%	[11],[12],[26]	2.00%	[11],[12],[26]	2.00%	[11],[12],[26]	2.00%	[11],[12],[26]
Par Amount/Units		$ 40,675	[7],[8],[25]									$ 40,535	[11],[12],[26]
Total Investment Portfolio, Amortized Cost		39,992	[7],[8],[25]									39,829	[11],[12],[26]
Total Investment Portfolio, Fair Value		$ 36,515	[7],[8],[25]									$ 34,415	[11],[12],[26]
Investment, Identifier [Axis]: Accelerated Health Systems, LLC
Spread		4.25%	[13],[16]	4.25%	[13],[16]	4.25%	[13],[16]	4.25%	[13],[16]	4.25%	[13],[16]	425.00%	[14]	425.00%	[14]	425.00%	[14]	425.00%	[14]	425.00%	[14]
Interest Rate		9.30%	[13],[16]	9.30%	[13],[16]	9.30%	[13],[16]	9.30%	[13],[16]	9.30%	[13],[16]	8.98%	[14]	8.98%	[14]	8.98%	[14]	8.98%	[14]	8.98%	[14]
Par Amount/Units		$ 8,012	[16]									$ 8,032	[14]
Total Investment Portfolio, Amortized Cost		7,992	[16]									8,009	[14]
Total Investment Portfolio, Fair Value		$ 5,915	[16]									$ 6,581	[14]
Investment, Identifier [Axis]: Acuris Finance US, Inc
Spread		4.00%	[13],[16]	4.00%	[13],[16]	4.00%	[13],[16]	4.00%	[13],[16]	4.00%	[13],[16]	400.00%	[14]	400.00%	[14]	400.00%	[14]	400.00%	[14]	400.00%	[14]
Interest Rate		9.05%	[13],[16]	9.05%	[13],[16]	9.05%	[13],[16]	9.05%	[13],[16]	9.05%	[13],[16]	8.73%	[14]	8.73%	[14]	8.73%	[14]	8.73%	[14]	8.73%	[14]
Par Amount/Units		$ 13,500	[16]									$ 12,500	[14]
Total Investment Portfolio, Amortized Cost		13,392	[16]									12,413	[14]
Total Investment Portfolio, Fair Value		13,073	[16]									12,313	[14]
Investment, Identifier [Axis]: Advarra Holdings, Inc. 1
Par Amount/Units		6,340	[5],[6],[8]									6,340	[9],[10],[12]
Total Investment Portfolio, Amortized Cost		(102)	[5],[6],[8]									(106)	[9],[10],[12]
Total Investment Portfolio, Fair Value		$ (150)	[5],[6],[8]									$ (226)	[9],[10],[12]
Investment, Identifier [Axis]: Advarra Holdings, Inc. 2
Spread		5.75%	[6],[8],[13]	5.75%	[6],[8],[13]	5.75%	[6],[8],[13]	5.75%	[6],[8],[13]	5.75%	[6],[8],[13]	575.00%	[10],[12]	575.00%	[10],[12]	575.00%	[10],[12]	575.00%	[10],[12]	575.00%	[10],[12]
Interest Rate		10.56%	[6],[8],[13]	10.56%	[6],[8],[13]	10.56%	[6],[8],[13]	10.56%	[6],[8],[13]	10.56%	[6],[8],[13]	10.15%	[10],[12]	10.15%	[10],[12]	10.15%	[10],[12]	10.15%	[10],[12]	10.15%	[10],[12]
Par Amount/Units		$ 69,985	[6],[8]									$ 70,160	[10],[12]
Total Investment Portfolio, Amortized Cost		68,862	[6],[8]									68,984	[10],[12]
Total Investment Portfolio, Fair Value		$ 68,328	[6],[8]									$ 67,659	[10],[12]
Investment, Identifier [Axis]: Alera Group, Inc. 1
Spread		6.00%	[6],[8],[13]	6.00%	[6],[8],[13]	6.00%	[6],[8],[13]	6.00%	[6],[8],[13]	6.00%	[6],[8],[13]	600.00%	[10],[12]	600.00%	[10],[12]	600.00%	[10],[12]	600.00%	[10],[12]	600.00%	[10],[12]
Interest Rate		10.91%	[6],[8],[13]	10.91%	[6],[8],[13]	10.91%	[6],[8],[13]	10.91%	[6],[8],[13]	10.91%	[6],[8],[13]	10.42%	[10],[12]	10.42%	[10],[12]	10.42%	[10],[12]	10.42%	[10],[12]	10.42%	[10],[12]
Par Amount/Units		$ 21,719	[6],[8]									$ 21,774	[10],[12]
Total Investment Portfolio, Amortized Cost		21,546	[6],[8]									21,591	[10],[12]
Total Investment Portfolio, Fair Value		$ 20,804	[6],[8]									$ 20,992	[10],[12]
Investment, Identifier [Axis]: Alera Group, Inc. 2
Spread		6.00%	[6],[8],[13]	6.00%	[6],[8],[13]	6.00%	[6],[8],[13]	6.00%	[6],[8],[13]	6.00%	[6],[8],[13]	600.00%	[10],[12]	600.00%	[10],[12]	600.00%	[10],[12]	600.00%	[10],[12]	600.00%	[10],[12]
Interest Rate		10.91%	[6],[8],[13]	10.91%	[6],[8],[13]	10.91%	[6],[8],[13]	10.91%	[6],[8],[13]	10.91%	[6],[8],[13]	10.42%	[10],[12]	10.42%	[10],[12]	10.42%	[10],[12]	10.42%	[10],[12]	10.42%	[10],[12]
Par Amount/Units		$ 12,493	[6],[8]									$ 12,525	[10],[12]
Total Investment Portfolio, Amortized Cost		12,483	[6],[8]									12,514	[10],[12]
Total Investment Portfolio, Fair Value		$ 11,967	[6],[8]									$ 12,075	[10],[12]
Investment, Identifier [Axis]: Alera Group, Inc. 3
Spread		6.00%	[6],[8],[13]	6.00%	[6],[8],[13]	6.00%	[6],[8],[13]	6.00%	[6],[8],[13]	6.00%	[6],[8],[13]	600.00%	[10],[12]	600.00%	[10],[12]	600.00%	[10],[12]	600.00%	[10],[12]	600.00%	[10],[12]
Interest Rate		10.91%	[6],[8],[13]	10.91%	[6],[8],[13]	10.91%	[6],[8],[13]	10.91%	[6],[8],[13]	10.91%	[6],[8],[13]	10.42%	[10],[12]	10.42%	[10],[12]	10.42%	[10],[12]	10.42%	[10],[12]	10.42%	[10],[12]
Par Amount/Units		$ 44,061	[6],[8]									$ 44,173	[10],[12]
Total Investment Portfolio, Amortized Cost		44,027	[6],[8]									44,136	[10],[12]
Total Investment Portfolio, Fair Value		$ 42,205	[6],[8]									$ 42,586	[10],[12]
Investment, Identifier [Axis]: Alliant Holdings I, L.P.
Spread	[24]											325.00%		325.00%		325.00%		325.00%		325.00%
Interest Rate	[24]											7.63%		7.63%		7.63%		7.63%		7.63%
Par Amount/Units	[24]											$ 995
Total Investment Portfolio, Amortized Cost	[24]											977
Total Investment Portfolio, Fair Value	[24]											$ 983
Investment, Identifier [Axis]: Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer
Interest Rate		6.75%	[13],[23]	6.75%	[13],[23]	6.75%	[13],[23]	6.75%	[13],[23]	6.75%	[13],[23]	6.75%	[22],[24]	6.75%	[22],[24]	6.75%	[22],[24]	6.75%	[22],[24]	6.75%	[22],[24]
Par Amount/Units		$ 6,255	[23]									$ 6,255	[24]
Total Investment Portfolio, Amortized Cost		5,658	[23]									5,632	[24]
Total Investment Portfolio, Fair Value		$ 5,819	[23]									$ 5,636	[24]
Investment, Identifier [Axis]: Alliant Holdings Intermediate, LLC
Spread	[14]											350.00%		350.00%		350.00%		350.00%		350.00%
Interest Rate	[14]											7.85%		7.85%		7.85%		7.85%		7.85%
Par Amount/Units	[14]											$ 17,847
Total Investment Portfolio, Amortized Cost	[14]											17,662
Total Investment Portfolio, Fair Value	[14]											$ 17,468
Investment, Identifier [Axis]: Alliant Holdings Intermediate, LLC 1
Spread	[13],[16]	3.50%		3.50%		3.50%		3.50%		3.50%
Interest Rate	[13],[16]	8.35%		8.35%		8.35%		8.35%		8.35%
Par Amount/Units	[16]	$ 495
Total Investment Portfolio, Amortized Cost	[16]	487
Total Investment Portfolio, Fair Value	[16]	$ 491
Investment, Identifier [Axis]: Alliant Holdings Intermediate, LLC 2
Spread	[13],[16]	3.50%		3.50%		3.50%		3.50%		3.50%
Interest Rate	[13],[16]	8.28%		8.28%		8.28%		8.28%		8.28%
Par Amount/Units	[16]	$ 17,802
Total Investment Portfolio, Amortized Cost	[16]	17,631
Total Investment Portfolio, Fair Value	[16]	$ 17,646
Investment, Identifier [Axis]: Allied Universal Holdco LLC
Spread		3.75%	[13],[16]	3.75%	[13],[16]	3.75%	[13],[16]	3.75%	[13],[16]	3.75%	[13],[16]	375.00%	[14]	375.00%	[14]	375.00%	[14]	375.00%	[14]	375.00%	[14]
Interest Rate		8.66%	[13],[16]	8.66%	[13],[16]	8.66%	[13],[16]	8.66%	[13],[16]	8.66%	[13],[16]	8.17%	[14]	8.17%	[14]	8.17%	[14]	8.17%	[14]	8.17%	[14]
Par Amount/Units		$ 3,024	[16]									$ 3,032	[14]
Total Investment Portfolio, Amortized Cost		3,015	[16]									3,021	[14]
Total Investment Portfolio, Fair Value		$ 2,876	[16]									$ 2,886	[14]
Investment, Identifier [Axis]: Altar Bidco, Inc.
Spread		3.10%	[13],[16]	3.10%	[13],[16]	3.10%	[13],[16]	3.10%	[13],[16]	3.10%	[13],[16]	310.00%	[14]	310.00%	[14]	310.00%	[14]	310.00%	[14]	310.00%	[14]
Interest Rate		5.50%	[13],[16]	5.50%	[13],[16]	5.50%	[13],[16]	5.50%	[13],[16]	5.50%	[13],[16]	5.50%	[14]	5.50%	[14]	5.50%	[14]	5.50%	[14]	5.50%	[14]
Par Amount/Units		$ 8,937	[16]									$ 7,960	[14]
Total Investment Portfolio, Amortized Cost		8,871	[16]									7,937	[14]
Total Investment Portfolio, Fair Value		$ 8,533	[16]									$ 7,623	[14]
Investment, Identifier [Axis]: AmWINS Group, Inc.
Spread	[6],[13]	2.25%		2.25%		2.25%		2.25%		2.25%
Interest Rate	[6],[13]	7.09%		7.09%		7.09%		7.09%		7.09%
Par Amount/Units	[6]	$ 4,633
Total Investment Portfolio, Amortized Cost	[6]	4,609
Total Investment Portfolio, Fair Value	[6]	$ 4,585
Investment, Identifier [Axis]: AmWins Group, LLC
Spread	[10]											225.00%		225.00%		225.00%		225.00%		225.00%
Interest Rate	[10]											6.63%		6.63%		6.63%		6.63%		6.63%
Par Amount/Units	[10]											$ 4,645
Total Investment Portfolio, Amortized Cost	[10]											4,619
Total Investment Portfolio, Fair Value	[10]											$ 4,568
Investment, Identifier [Axis]: American Academy Holdings, LLC
Spread		11.00%	[8],[13],[25]	11.00%	[8],[13],[25]	11.00%	[8],[13],[25]	11.00%	[8],[13],[25]	11.00%	[8],[13],[25]	11.00%	[12],[22],[26]	11.00%	[12],[22],[26]	11.00%	[12],[22],[26]	11.00%	[12],[22],[26]	11.00%	[12],[22],[26]
Interest Rate		15.84%	[8],[13],[25]	15.84%	[8],[13],[25]	15.84%	[8],[13],[25]	15.84%	[8],[13],[25]	15.84%	[8],[13],[25]	15.38%	[12],[22],[26]	15.38%	[12],[22],[26]	15.38%	[12],[22],[26]	15.38%	[12],[22],[26]	15.38%	[12],[22],[26]
Interest Rate, PIK		5.25%	[8],[13],[25]	5.25%	[8],[13],[25]	5.25%	[8],[13],[25]	5.25%	[8],[13],[25]	5.25%	[8],[13],[25]	6.25%	[12],[22],[26]	6.25%	[12],[22],[26]	6.25%	[12],[22],[26]	6.25%	[12],[22],[26]	6.25%	[12],[22],[26]
Par Amount/Units		$ 52,320	[8],[25]									$ 51,704	[12],[26]
Total Investment Portfolio, Amortized Cost		52,361	[8],[25]									51,744	[12],[26]
Total Investment Portfolio, Fair Value		$ 51,957	[8],[25]									$ 51,087	[12],[26]
Investment, Identifier [Axis]: Amynta Agency Borrower Inc.
Spread	[13],[23]	5.00%		5.00%		5.00%		5.00%		5.00%
Interest Rate	[13],[23]	9.99%		9.99%		9.99%		9.99%		9.99%
Par Amount/Units	[23]	$ 20,217
Total Investment Portfolio, Amortized Cost	[23]	19,604
Total Investment Portfolio, Fair Value	[23]	$ 19,484
Investment, Identifier [Axis]: Ancestry.com Inc.
Spread		3.25%	[13],[16]	3.25%	[13],[16]	3.25%	[13],[16]	3.25%	[13],[16]	3.25%	[13],[16]	325.00%	[14]	325.00%	[14]	325.00%	[14]	325.00%	[14]	325.00%	[14]
Interest Rate		8.16%	[13],[16]	8.16%	[13],[16]	8.16%	[13],[16]	8.16%	[13],[16]	8.16%	[13],[16]	7.63%	[14]	7.63%	[14]	7.63%	[14]	7.63%	[14]	7.63%	[14]
Par Amount/Units		$ 12,861	[16]									$ 12,894	[14]
Total Investment Portfolio, Amortized Cost		12,685	[16]									12,706	[14]
Total Investment Portfolio, Fair Value		$ 12,149	[16]									$ 11,971	[14]
Investment, Identifier [Axis]: Applied Systems Inc
Spread		3.00%	[13],[16]	3.00%	[13],[16]	3.00%	[13],[16]	3.00%	[13],[16]	3.00%	[13],[16]	300.00%	[14]	300.00%	[14]	300.00%	[14]	300.00%	[14]	300.00%	[14]
Interest Rate		8.16%	[13],[16]	8.16%	[13],[16]	8.16%	[13],[16]	8.16%	[13],[16]	8.16%	[13],[16]	7.73%	[14]	7.73%	[14]	7.73%	[14]	7.73%	[14]	7.73%	[14]
Par Amount/Units		$ 9,227	[16]									$ 9,227	[14]
Total Investment Portfolio, Amortized Cost		9,209	[16]									9,205	[14]
Total Investment Portfolio, Fair Value		9,235	[16]									9,209	[14]
Investment, Identifier [Axis]: Arc Media Holdings Limited 1
Par Amount/Units		2,766	[5],[7],[8],[17],[25]									2,766	[9],[11],[12],[26],[27]
Total Investment Portfolio, Amortized Cost		(63)	[5],[7],[8],[17],[25]									(67)	[9],[11],[12],[26],[27]
Total Investment Portfolio, Fair Value		$ (59)	[5],[7],[8],[17],[25]									$ (67)	[9],[11],[12],[26],[27]
Investment, Identifier [Axis]: Arc Media Holdings Limited 2
Spread		7.25%	[7],[8],[13],[17],[25]	7.25%	[7],[8],[13],[17],[25]	7.25%	[7],[8],[13],[17],[25]	7.25%	[7],[8],[13],[17],[25]	7.25%	[7],[8],[13],[17],[25]	725.00%	[11],[12],[26],[27]	725.00%	[11],[12],[26],[27]	725.00%	[11],[12],[26],[27]	725.00%	[11],[12],[26],[27]	725.00%	[11],[12],[26],[27]
Interest Rate		12.08%	[7],[8],[13],[17],[25]	12.08%	[7],[8],[13],[17],[25]	12.08%	[7],[8],[13],[17],[25]	12.08%	[7],[8],[13],[17],[25]	12.08%	[7],[8],[13],[17],[25]	11.49%	[11],[12],[26],[27]	11.49%	[11],[12],[26],[27]	11.49%	[11],[12],[26],[27]	11.49%	[11],[12],[26],[27]	11.49%	[11],[12],[26],[27]
Par Amount/Units		$ 41,283	[7],[8],[17],[25]									$ 41,387	[11],[12],[26],[27]
Total Investment Portfolio, Amortized Cost		40,332	[7],[8],[17],[25]									40,377	[11],[12],[26],[27]
Total Investment Portfolio, Fair Value		40,410	[7],[8],[17],[25]									40,387	[11],[12],[26],[27]
Investment, Identifier [Axis]: Arcfield Acquisition Corp 1
Par Amount/Units		2,990	[5],[6],[8]									2,990	[9],[10],[12]
Total Investment Portfolio, Amortized Cost		(47)	[5],[6],[8]									(50)	[9],[10],[12]
Total Investment Portfolio, Fair Value		$ (100)	[5],[6],[8]									$ (129)	[9],[10],[12]
Investment, Identifier [Axis]: Arcfield Acquisition Corp 2
Spread		5.75%	[6],[8],[13]	5.75%	[6],[8],[13]	5.75%	[6],[8],[13]	5.75%	[6],[8],[13]	5.75%	[6],[8],[13]	575.00%	[10],[12],[22]	575.00%	[10],[12],[22]	575.00%	[10],[12],[22]	575.00%	[10],[12],[22]	575.00%	[10],[12],[22]
Interest Rate		10.62%	[6],[8],[13]	10.62%	[6],[8],[13]	10.62%	[6],[8],[13]	10.62%	[6],[8],[13]	10.62%	[6],[8],[13]	10.02%	[10],[12],[22]	10.02%	[10],[12],[22]	10.02%	[10],[12],[22]	10.02%	[10],[12],[22]	10.02%	[10],[12],[22]
Par Amount/Units		$ 20,395	[6],[8]									$ 20,446	[10],[12]
Total Investment Portfolio, Amortized Cost		20,040	[6],[8]									20,078	[10],[12]
Total Investment Portfolio, Fair Value		$ 19,631	[6],[8]									$ 19,453	[10],[12]
Investment, Identifier [Axis]: Argos Health Holdings, Inc.
Spread		5.50%	[6],[8],[13]	5.50%	[6],[8],[13]	5.50%	[6],[8],[13]	5.50%	[6],[8],[13]	5.50%	[6],[8],[13]	575.00%	[10],[12]	575.00%	[10],[12]	575.00%	[10],[12]	575.00%	[10],[12]	575.00%	[10],[12]
Interest Rate		10.33%	[6],[8],[13]	10.33%	[6],[8],[13]	10.33%	[6],[8],[13]	10.33%	[6],[8],[13]	10.33%	[6],[8],[13]	9.97%	[10],[12]	9.97%	[10],[12]	9.97%	[10],[12]	9.97%	[10],[12]	9.97%	[10],[12]
Par Amount/Units		$ 658	[6],[8]									$ 660	[10],[12]
Total Investment Portfolio, Amortized Cost		648	[6],[8]									649	[10],[12]
Total Investment Portfolio, Fair Value		$ 645	[6],[8]									$ 628	[10],[12]
Investment, Identifier [Axis]: Armstrong Bidco Limited 1
Spread		5.50%	[5],[7],[8],[13],[23]	5.50%	[5],[7],[8],[13],[23]	5.50%	[5],[7],[8],[13],[23]	5.50%	[5],[7],[8],[13],[23]	5.50%	[5],[7],[8],[13],[23]	525.00%	[9],[11],[12],[24]	525.00%	[9],[11],[12],[24]	525.00%	[9],[11],[12],[24]	525.00%	[9],[11],[12],[24]	525.00%	[9],[11],[12],[24]
Interest Rate		9.49%	[5],[7],[8],[13],[23]	9.49%	[5],[7],[8],[13],[23]	9.49%	[5],[7],[8],[13],[23]	9.49%	[5],[7],[8],[13],[23]	9.49%	[5],[7],[8],[13],[23]	8.70%	[9],[11],[12],[24]	8.70%	[9],[11],[12],[24]	8.70%	[9],[11],[12],[24]	8.70%	[9],[11],[12],[24]	8.70%	[9],[11],[12],[24]
Par Amount/Units | £										£ 47,995	[5],[7],[8],[23]									£ 47,995	[9],[11],[12],[24]
Total Investment Portfolio, Amortized Cost		$ 42,022	[5],[7],[8],[23]									$ 41,968	[9],[11],[12],[24]
Total Investment Portfolio, Fair Value		$ 44,917	[5],[7],[8],[23]									$ 44,715	[9],[11],[12],[24]
Investment, Identifier [Axis]: Armstrong Bidco Limited 2
Spread		5.50%	[7],[8],[13],[23]	5.50%	[7],[8],[13],[23]	5.50%	[7],[8],[13],[23]	5.50%	[7],[8],[13],[23]	5.50%	[7],[8],[13],[23]	525.00%	[11],[12],[24]	525.00%	[11],[12],[24]	525.00%	[11],[12],[24]	525.00%	[11],[12],[24]	525.00%	[11],[12],[24]
Interest Rate		9.74%	[7],[8],[13],[23]	9.74%	[7],[8],[13],[23]	9.74%	[7],[8],[13],[23]	9.74%	[7],[8],[13],[23]	9.74%	[7],[8],[13],[23]	8.70%	[11],[12],[24]	8.70%	[11],[12],[24]	8.70%	[11],[12],[24]	8.70%	[11],[12],[24]	8.70%	[11],[12],[24]
Par Amount/Units | £										£ 91,991	[7],[8],[23]									£ 91,991	[11],[12],[24]
Total Investment Portfolio, Amortized Cost		$ 109,565	[7],[8],[23]									$ 109,456	[11],[12],[24]
Total Investment Portfolio, Fair Value		$ 111,506	[7],[8],[23]									$ 110,602	[11],[12],[24]
Investment, Identifier [Axis]: Artemis Bidco Limited 1
Spread		6.00%	[5],[7],[8],[13],[23]	6.00%	[5],[7],[8],[13],[23]	6.00%	[5],[7],[8],[13],[23]	6.00%	[5],[7],[8],[13],[23]	6.00%	[5],[7],[8],[13],[23]	600.00%	[9],[11],[12],[22],[24]	600.00%	[9],[11],[12],[22],[24]	600.00%	[9],[11],[12],[22],[24]	600.00%	[9],[11],[12],[22],[24]	600.00%	[9],[11],[12],[22],[24]
Interest Rate		10.24%	[5],[7],[8],[13],[23]	10.24%	[5],[7],[8],[13],[23]	10.24%	[5],[7],[8],[13],[23]	10.24%	[5],[7],[8],[13],[23]	10.24%	[5],[7],[8],[13],[23]	9.45%	[9],[11],[12],[22],[24]	9.45%	[9],[11],[12],[22],[24]	9.45%	[9],[11],[12],[22],[24]	9.45%	[9],[11],[12],[22],[24]	9.45%	[9],[11],[12],[22],[24]
Par Amount/Units		$ 2,437	[5],[7],[8],[23]																	£ 2,437	[9],[11],[12],[24]
Total Investment Portfolio, Amortized Cost		300	[5],[7],[8],[23]									$ 298	[9],[11],[12],[24]
Total Investment Portfolio, Fair Value		$ 37	[5],[7],[8],[23]									$ 2	[9],[11],[12],[24]
Investment, Identifier [Axis]: Artemis Bidco Limited 2
Spread		6.00%	[7],[8],[13],[23]	6.00%	[7],[8],[13],[23]	6.00%	[7],[8],[13],[23]	6.00%	[7],[8],[13],[23]	6.00%	[7],[8],[13],[23]	600.00%	[11],[12],[22],[24]	600.00%	[11],[12],[22],[24]	600.00%	[11],[12],[22],[24]	600.00%	[11],[12],[22],[24]	600.00%	[11],[12],[22],[24]
Interest Rate		10.24%	[7],[8],[13],[23]	10.24%	[7],[8],[13],[23]	10.24%	[7],[8],[13],[23]	10.24%	[7],[8],[13],[23]	10.24%	[7],[8],[13],[23]	9.45%	[11],[12],[22],[24]	9.45%	[11],[12],[22],[24]	9.45%	[11],[12],[22],[24]	9.45%	[11],[12],[22],[24]	9.45%	[11],[12],[22],[24]
Par Amount/Units		$ 7,749	[7],[8],[23]																	£ 7,749	[11],[12],[24]
Total Investment Portfolio, Amortized Cost		10,061	[7],[8],[23]									$ 10,047	[11],[12],[24]
Total Investment Portfolio, Fair Value		$ 8,631	[7],[8],[23]									$ 8,346	[11],[12],[24]
Investment, Identifier [Axis]: Artemis Bidco Limited 3
Spread		6.00%	[7],[8],[13],[23]	6.00%	[7],[8],[13],[23]	6.00%	[7],[8],[13],[23]	6.00%	[7],[8],[13],[23]	6.00%	[7],[8],[13],[23]	600.00%	[11],[12],[22],[24]	600.00%	[11],[12],[22],[24]	600.00%	[11],[12],[22],[24]	600.00%	[11],[12],[22],[24]	600.00%	[11],[12],[22],[24]
Interest Rate		10.24%	[7],[8],[13],[23]	10.24%	[7],[8],[13],[23]	10.24%	[7],[8],[13],[23]	10.24%	[7],[8],[13],[23]	10.24%	[7],[8],[13],[23]	9.45%	[11],[12],[22],[24]	9.45%	[11],[12],[22],[24]	9.45%	[11],[12],[22],[24]	9.45%	[11],[12],[22],[24]	9.45%	[11],[12],[22],[24]
Par Amount/Units		$ 4,509	[7],[8],[23]																	£ 4,509	[11],[12],[24]
Total Investment Portfolio, Amortized Cost		5,894	[7],[8],[23]									$ 5,888	[11],[12],[24]
Total Investment Portfolio, Fair Value		$ 5,023	[7],[8],[23]									$ 4,857	[11],[12],[24]
Investment, Identifier [Axis]: Artemis Bidco Limited 4
Spread		6.00%	[7],[8],[13],[23]	6.00%	[7],[8],[13],[23]	6.00%	[7],[8],[13],[23]	6.00%	[7],[8],[13],[23]	6.00%	[7],[8],[13],[23]	600.00%	[11],[12],[22],[24]	600.00%	[11],[12],[22],[24]	600.00%	[11],[12],[22],[24]	600.00%	[11],[12],[22],[24]	600.00%	[11],[12],[22],[24]
Interest Rate		10.24%	[7],[8],[13],[23]	10.24%	[7],[8],[13],[23]	10.24%	[7],[8],[13],[23]	10.24%	[7],[8],[13],[23]	10.24%	[7],[8],[13],[23]	9.45%	[11],[12],[22],[24]	9.45%	[11],[12],[22],[24]	9.45%	[11],[12],[22],[24]	9.45%	[11],[12],[22],[24]	9.45%	[11],[12],[22],[24]
Par Amount/Units		$ 4,676	[7],[8],[23]																	£ 4,676	[11],[12],[24]
Total Investment Portfolio, Amortized Cost		6,109	[7],[8],[23]									$ 6,107	[11],[12],[24]
Total Investment Portfolio, Fair Value		$ 5,209	[7],[8],[23]									$ 5,037	[11],[12],[24]
Investment, Identifier [Axis]: Ascensus Holdings, Inc.
Spread		3.50%	[13],[16]	3.50%	[13],[16]	3.50%	[13],[16]	3.50%	[13],[16]	3.50%	[13],[16]	350.00%	[14]	350.00%	[14]	350.00%	[14]	350.00%	[14]	350.00%	[14]
Interest Rate		8.38%	[13],[16]	8.38%	[13],[16]	8.38%	[13],[16]	8.38%	[13],[16]	8.38%	[13],[16]	8.25%	[14]	8.25%	[14]	8.25%	[14]	8.25%	[14]	8.25%	[14]
Par Amount/Units		$ 7,920	[16]									$ 7,940	[14]
Total Investment Portfolio, Amortized Cost		7,846	[16]									7,862	[14]
Total Investment Portfolio, Fair Value		$ 7,712	[16]									$ 7,606	[14]
Investment, Identifier [Axis]: Asdam Operations Pty Ltd 1
Spread		5.75%	[7],[8],[13],[16]	5.75%	[7],[8],[13],[16]	5.75%	[7],[8],[13],[16]	5.75%	[7],[8],[13],[16]	5.75%	[7],[8],[13],[16]	575.00%	[11],[12],[14],[22]	575.00%	[11],[12],[14],[22]	575.00%	[11],[12],[14],[22]	575.00%	[11],[12],[14],[22]	575.00%	[11],[12],[14],[22]
Interest Rate		9.43%	[7],[8],[13],[16]	9.43%	[7],[8],[13],[16]	9.43%	[7],[8],[13],[16]	9.43%	[7],[8],[13],[16]	9.43%	[7],[8],[13],[16]	8.86%	[11],[12],[14],[22]	8.86%	[11],[12],[14],[22]	8.86%	[11],[12],[14],[22]	8.86%	[11],[12],[14],[22]	8.86%	[11],[12],[14],[22]
Par Amount/Units				$ 3,614	[7],[8],[16]									$ 3,614	[11],[12],[14]
Total Investment Portfolio, Amortized Cost		$ 2,404	[7],[8],[16]									$ 2,401	[11],[12],[14]
Total Investment Portfolio, Fair Value		2,335	[7],[8],[16]									2,348	[11],[12],[14]
Investment, Identifier [Axis]: Asdam Operations Pty Ltd 2
Par Amount/Units				$ 5,421	[5],[7],[8],[16]									$ 5,421	[9],[11],[12],[14]
Total Investment Portfolio, Amortized Cost		(108)	[5],[7],[8],[16]									(112)	[9],[11],[12],[14]
Total Investment Portfolio, Fair Value		$ (123)	[5],[7],[8],[16]									$ (168)	[9],[11],[12],[14]
Investment, Identifier [Axis]: Asdam Operations Pty Ltd 3
Spread		5.75%	[7],[8],[13],[16]	5.75%	[7],[8],[13],[16]	5.75%	[7],[8],[13],[16]	5.75%	[7],[8],[13],[16]	5.75%	[7],[8],[13],[16]	575.00%	[11],[12],[14],[22]	575.00%	[11],[12],[14],[22]	575.00%	[11],[12],[14],[22]	575.00%	[11],[12],[14],[22]	575.00%	[11],[12],[14],[22]
Interest Rate		9.43%	[7],[8],[13],[16]	9.43%	[7],[8],[13],[16]	9.43%	[7],[8],[13],[16]	9.43%	[7],[8],[13],[16]	9.43%	[7],[8],[13],[16]	8.82%	[11],[12],[14],[22]	8.82%	[11],[12],[14],[22]	8.82%	[11],[12],[14],[22]	8.82%	[11],[12],[14],[22]	8.82%	[11],[12],[14],[22]
Par Amount/Units				$ 41,558	[7],[8],[16]									$ 41,558	[11],[12],[14]
Total Investment Portfolio, Amortized Cost		$ 27,749	[7],[8],[16]									$ 27,711	[11],[12],[14]
Total Investment Portfolio, Fair Value		$ 26,847	[7],[8],[16]									$ 27,017	[11],[12],[14]
Investment, Identifier [Axis]: Associations Inc. 1
Spread		6.50%	[8],[13],[25]	6.50%	[8],[13],[25]	6.50%	[8],[13],[25]	6.50%	[8],[13],[25]	6.50%	[8],[13],[25]	6.50%	[12],[26]	6.50%	[12],[26]	6.50%	[12],[26]	6.50%	[12],[26]	6.50%	[12],[26]
Interest Rate		11.36%	[8],[13],[25]	11.36%	[8],[13],[25]	11.36%	[8],[13],[25]	11.36%	[8],[13],[25]	11.36%	[8],[13],[25]	10.36%	[12],[26]	10.36%	[12],[26]	10.36%	[12],[26]	10.36%	[12],[26]	10.36%	[12],[26]
Interest Rate, PIK		2.50%	[8],[13],[25]	2.50%	[8],[13],[25]	2.50%	[8],[13],[25]	2.50%	[8],[13],[25]	2.50%	[8],[13],[25]	2.50%	[12],[26]	2.50%	[12],[26]	2.50%	[12],[26]	2.50%	[12],[26]	2.50%	[12],[26]
Par Amount/Units		$ 485	[8],[25]									$ 482	[12],[26]
Total Investment Portfolio, Amortized Cost		481	[8],[25]									477	[12],[26]
Total Investment Portfolio, Fair Value		$ 482	[8],[25]									$ 475	[12],[26]
Investment, Identifier [Axis]: Associations Inc. 2
Spread		6.50%	[8],[13],[25]	6.50%	[8],[13],[25]	6.50%	[8],[13],[25]	6.50%	[8],[13],[25]	6.50%	[8],[13],[25]	6.50%	[12],[26]	6.50%	[12],[26]	6.50%	[12],[26]	6.50%	[12],[26]	6.50%	[12],[26]
Interest Rate		11.50%	[8],[13],[25]	11.50%	[8],[13],[25]	11.50%	[8],[13],[25]	11.50%	[8],[13],[25]	11.50%	[8],[13],[25]	11.26%	[12],[26]	11.26%	[12],[26]	11.26%	[12],[26]	11.26%	[12],[26]	11.26%	[12],[26]
Interest Rate, PIK		2.50%	[8],[13],[25]	2.50%	[8],[13],[25]	2.50%	[8],[13],[25]	2.50%	[8],[13],[25]	2.50%	[8],[13],[25]	3.00%	[12],[26]	3.00%	[12],[26]	3.00%	[12],[26]	3.00%	[12],[26]	3.00%	[12],[26]
Par Amount/Units		$ 1,009	[8],[25]									$ 1,003	[12],[26]
Total Investment Portfolio, Amortized Cost		1,001	[8],[25]									994	[12],[26]
Total Investment Portfolio, Fair Value		$ 1,004	[8],[25]									$ 989	[12],[26]
Investment, Identifier [Axis]: Associations Inc. 3
Spread		6.50%	[8],[13],[25]	6.50%	[8],[13],[25]	6.50%	[8],[13],[25]	6.50%	[8],[13],[25]	6.50%	[8],[13],[25]	6.50%	[12],[26]	6.50%	[12],[26]	6.50%	[12],[26]	6.50%	[12],[26]	6.50%	[12],[26]
Interest Rate		11.59%	[8],[13],[25]	11.59%	[8],[13],[25]	11.59%	[8],[13],[25]	11.59%	[8],[13],[25]	11.59%	[8],[13],[25]	11.29%	[12],[26]	11.29%	[12],[26]	11.29%	[12],[26]	11.29%	[12],[26]	11.29%	[12],[26]
Interest Rate, PIK		2.50%	[8],[13],[25]	2.50%	[8],[13],[25]	2.50%	[8],[13],[25]	2.50%	[8],[13],[25]	2.50%	[8],[13],[25]	3.00%	[12],[26]	3.00%	[12],[26]	3.00%	[12],[26]	3.00%	[12],[26]	3.00%	[12],[26]
Par Amount/Units		$ 1,009	[8],[25]									$ 1,003	[12],[26]
Total Investment Portfolio, Amortized Cost		1,001	[8],[25]									994	[12],[26]
Total Investment Portfolio, Fair Value		$ 1,004	[8],[25]									$ 989	[12],[26]
Investment, Identifier [Axis]: Associations Inc. 4
Spread		6.50%	[8],[13],[25]	6.50%	[8],[13],[25]	6.50%	[8],[13],[25]	6.50%	[8],[13],[25]	6.50%	[8],[13],[25]	6.50%	[12],[26]	6.50%	[12],[26]	6.50%	[12],[26]	6.50%	[12],[26]	6.50%	[12],[26]
Interest Rate		11.48%	[8],[13],[25]	11.48%	[8],[13],[25]	11.48%	[8],[13],[25]	11.48%	[8],[13],[25]	11.48%	[8],[13],[25]	10.97%	[12],[26]	10.97%	[12],[26]	10.97%	[12],[26]	10.97%	[12],[26]	10.97%	[12],[26]
Interest Rate, PIK		2.50%	[8],[13],[25]	2.50%	[8],[13],[25]	2.50%	[8],[13],[25]	2.50%	[8],[13],[25]	2.50%	[8],[13],[25]	2.50%	[12],[26]	2.50%	[12],[26]	2.50%	[12],[26]	2.50%	[12],[26]	2.50%	[12],[26]
Par Amount/Units		$ 610	[8],[25]									$ 606	[12],[26]
Total Investment Portfolio, Amortized Cost		604	[8],[25]									600	[12],[26]
Total Investment Portfolio, Fair Value		606	[8],[25]									597	[12],[26]
Investment, Identifier [Axis]: Associations Inc. 5
Par Amount/Units		403	[5],[8],[25]									403	[9],[12],[26]
Total Investment Portfolio, Amortized Cost		(3)	[5],[8],[25]									(4)	[9],[12],[26]
Total Investment Portfolio, Fair Value		$ (2)	[5],[8],[25]									$ (6)	[9],[12],[26]
Investment, Identifier [Axis]: Associations Inc. 6
Spread		6.50%	[8],[13],[25]	6.50%	[8],[13],[25]	6.50%	[8],[13],[25]	6.50%	[8],[13],[25]	6.50%	[8],[13],[25]	6.50%	[12],[26]	6.50%	[12],[26]	6.50%	[12],[26]	6.50%	[12],[26]	6.50%	[12],[26]
Interest Rate		11.36%	[8],[13],[25]	11.36%	[8],[13],[25]	11.36%	[8],[13],[25]	11.36%	[8],[13],[25]	11.36%	[8],[13],[25]	10.36%	[12],[26]	10.36%	[12],[26]	10.36%	[12],[26]	10.36%	[12],[26]	10.36%	[12],[26]
Interest Rate, PIK		2.50%	[8],[13],[25]	2.50%	[8],[13],[25]	2.50%	[8],[13],[25]	2.50%	[8],[13],[25]	2.50%	[8],[13],[25]	2.50%	[12],[26]	2.50%	[12],[26]	2.50%	[12],[26]	2.50%	[12],[26]	2.50%	[12],[26]
Par Amount/Units		$ 4,164	[8],[25]									$ 4,137	[12],[26]
Total Investment Portfolio, Amortized Cost		4,129	[8],[25]									4,100	[12],[26]
Total Investment Portfolio, Fair Value		$ 4,141	[8],[25]									$ 4,079	[12],[26]
Investment, Identifier [Axis]: Asurion Corporation
Spread	[13],[23]	525.00%		525.00%		525.00%		525.00%		525.00%
Interest Rate	[13],[23]	10.09%		10.09%		10.09%		10.09%		10.09%
Par Amount/Units	[23]	$ 5,165
Total Investment Portfolio, Amortized Cost	[23]	5,144
Total Investment Portfolio, Fair Value	[23]	$ 4,322
Investment, Identifier [Axis]: Asurion Corporation 1
Spread	[22],[24]											400.00%		400.00%		400.00%		400.00%		400.00%
Interest Rate	[22],[24]											8.68%		8.68%		8.68%		8.68%		8.68%
Par Amount/Units	[24]											$ 9,975
Total Investment Portfolio, Amortized Cost	[24]											9,497
Total Investment Portfolio, Fair Value	[24]											$ 8,925
Investment, Identifier [Axis]: Asurion Corporation 2
Spread	[22],[24]											300.00%		300.00%		300.00%		300.00%		300.00%
Interest Rate	[22],[24]											7.38%		7.38%		7.38%		7.38%		7.38%
Par Amount/Units	[24]											$ 1,979
Total Investment Portfolio, Amortized Cost	[24]											1,960
Total Investment Portfolio, Fair Value	[24]											$ 1,927
Investment, Identifier [Axis]: Asurion Corporation 3
Spread	[22],[24]											525.00%		525.00%		525.00%		525.00%		525.00%
Interest Rate	[22],[24]											9.63%		9.63%		9.63%		9.63%		9.63%
Par Amount/Units	[24]											$ 5,165
Total Investment Portfolio, Amortized Cost	[24]											5,104
Total Investment Portfolio, Fair Value	[24]											$ 4,059
Investment, Identifier [Axis]: Auctane Inc
Spread		5.75%	[6],[8],[13]	5.75%	[6],[8],[13]	5.75%	[6],[8],[13]	5.75%	[6],[8],[13]	5.75%	[6],[8],[13]	575.00%	[10],[12],[22]	575.00%	[10],[12],[22]	575.00%	[10],[12],[22]	575.00%	[10],[12],[22]	575.00%	[10],[12],[22]
Interest Rate		10.59%	[6],[8],[13]	10.59%	[6],[8],[13]	10.59%	[6],[8],[13]	10.59%	[6],[8],[13]	10.59%	[6],[8],[13]	10.13%	[10],[12],[22]	10.13%	[10],[12],[22]	10.13%	[10],[12],[22]	10.13%	[10],[12],[22]	10.13%	[10],[12],[22]
Par Amount/Units		$ 24,750	[6],[8]									$ 24,813	[10],[12]
Total Investment Portfolio, Amortized Cost		24,750	[6],[8]									24,813	[10],[12]
Total Investment Portfolio, Fair Value		24,333	[6],[8]									24,124	[10],[12]
Investment, Identifier [Axis]: Avalara, Inc. 1
Par Amount/Units		6,324	[5],[6],[8]									6,324	[9],[10],[12]
Total Investment Portfolio, Amortized Cost		(146)	[5],[6],[8]									(153)	[9],[10],[12]
Total Investment Portfolio, Fair Value		$ (134)	[5],[6],[8]									$ (153)	[9],[10],[12]
Investment, Identifier [Axis]: Avalara, Inc. 2
Spread		7.25%	[6],[8],[13]	7.25%	[6],[8],[13]	7.25%	[6],[8],[13]	7.25%	[6],[8],[13]	7.25%	[6],[8],[13]	725.00%	[10],[12]	725.00%	[10],[12]	725.00%	[10],[12]	725.00%	[10],[12]	725.00%	[10],[12]
Interest Rate		12.15%	[6],[8],[13]	12.15%	[6],[8],[13]	12.15%	[6],[8],[13]	12.15%	[6],[8],[13]	12.15%	[6],[8],[13]	11.83%	[10],[12]	11.83%	[10],[12]	11.83%	[10],[12]	11.83%	[10],[12]	11.83%	[10],[12]
Par Amount/Units		$ 56,918	[6],[8]									$ 56,918	[10],[12]
Total Investment Portfolio, Amortized Cost		55,586	[6],[8]									55,526	[10],[12]
Total Investment Portfolio, Fair Value		$ 55,716	[6],[8]									$ 55,542	[10],[12]
Investment, Identifier [Axis]: Aventine Intermediate LLC
Spread	[10],[12]											6.00%		6.00%		6.00%		6.00%		6.00%
Interest Rate	[10],[12]											10.38%		10.38%		10.38%		10.38%		10.38%
Interest Rate, PIK	[10],[12]											4.00%		4.00%		4.00%		4.00%		4.00%
Par Amount/Units	[10],[12]											$ 18,124
Total Investment Portfolio, Amortized Cost	[10],[12]											17,823
Total Investment Portfolio, Fair Value	[10],[12]											$ 17,295
Investment, Identifier [Axis]: Aventine Intermediate LLC 1
Spread		6.00%	[5],[6],[8],[13]	6.00%	[5],[6],[8],[13]	6.00%	[5],[6],[8],[13]	6.00%	[5],[6],[8],[13]	6.00%	[5],[6],[8],[13]	6.00%	[9],[10],[12]	6.00%	[9],[10],[12]	6.00%	[9],[10],[12]	6.00%	[9],[10],[12]	6.00%	[9],[10],[12]
Interest Rate		10.84%	[5],[6],[8],[13]	10.84%	[5],[6],[8],[13]	10.84%	[5],[6],[8],[13]	10.84%	[5],[6],[8],[13]	10.84%	[5],[6],[8],[13]	10.38%	[9],[10],[12]	10.38%	[9],[10],[12]	10.38%	[9],[10],[12]	10.38%	[9],[10],[12]	10.38%	[9],[10],[12]
Interest Rate, PIK		4.00%	[5],[6],[8],[13]	4.00%	[5],[6],[8],[13]	4.00%	[5],[6],[8],[13]	4.00%	[5],[6],[8],[13]	4.00%	[5],[6],[8],[13]	4.00%	[9],[10],[12]	4.00%	[9],[10],[12]	4.00%	[9],[10],[12]	4.00%	[9],[10],[12]	4.00%	[9],[10],[12]
Par Amount/Units		$ 1,042	[5],[6],[8]									$ 1,032	[9],[10],[12]
Total Investment Portfolio, Amortized Cost		947	[5],[6],[8]									936	[9],[10],[12]
Total Investment Portfolio, Fair Value		$ 925	[5],[6],[8]									904	[9],[10],[12]
Investment, Identifier [Axis]: Aventine Intermediate LLC 2
Spread	[6],[8],[13]	6.00%		6.00%		6.00%		6.00%		6.00%
Interest Rate	[6],[8],[13]	10.84%		10.84%		10.84%		10.84%		10.84%
Interest Rate, PIK	[6],[8],[13]	4.00%		4.00%		4.00%		4.00%		4.00%
Par Amount/Units	[6],[8]	$ 18,308
Total Investment Portfolio, Amortized Cost	[6],[8]	18,027
Total Investment Portfolio, Fair Value	[6],[8]	17,656
Investment, Identifier [Axis]: AxiomSL Group, Inc. 1
Par Amount/Units		744	[5],[8],[25]									744	[9],[12],[26]
Total Investment Portfolio, Amortized Cost		(7)	[5],[8],[25]									0	[9],[12],[26]
Total Investment Portfolio, Fair Value		$ 0	[5],[8],[25]									$ 0	[9],[12],[26]
Investment, Identifier [Axis]: AxiomSL Group, Inc. 2
Spread		5.75%	[8],[13],[25]	5.75%	[8],[13],[25]	5.75%	[8],[13],[25]	5.75%	[8],[13],[25]	5.75%	[8],[13],[25]	575.00%	[12],[26]	575.00%	[12],[26]	575.00%	[12],[26]	575.00%	[12],[26]	575.00%	[12],[26]
Interest Rate		10.59%	[8],[13],[25]	10.59%	[8],[13],[25]	10.59%	[8],[13],[25]	10.59%	[8],[13],[25]	10.59%	[8],[13],[25]	10.13%	[12],[26]	10.13%	[12],[26]	10.13%	[12],[26]	10.13%	[12],[26]	10.13%	[12],[26]
Par Amount/Units		$ 11,329	[8],[25]									$ 11,358	[12],[26]
Total Investment Portfolio, Amortized Cost		11,329	[8],[25]									11,358	[12],[26]
Total Investment Portfolio, Fair Value		11,329	[8],[25]									11,358	[12],[26]
Investment, Identifier [Axis]: AxiomSL Group, Inc. 3
Par Amount/Units		812	[5],[8],[25]									812	[9],[12],[26]
Total Investment Portfolio, Amortized Cost		0	[5],[8],[25]									0	[9],[12],[26]
Total Investment Portfolio, Fair Value		$ 0	[5],[8],[25]									$ 0	[9],[12],[26]
Investment, Identifier [Axis]: BLY US Holdings Inc.
Spread		7.50%	[7],[8],[13],[25]	7.50%	[7],[8],[13],[25]	7.50%	[7],[8],[13],[25]	7.50%	[7],[8],[13],[25]	7.50%	[7],[8],[13],[25]	750.00%	[11],[12],[26]	750.00%	[11],[12],[26]	750.00%	[11],[12],[26]	750.00%	[11],[12],[26]	750.00%	[11],[12],[26]
Interest Rate		12.59%	[7],[8],[13],[25]	12.59%	[7],[8],[13],[25]	12.59%	[7],[8],[13],[25]	12.59%	[7],[8],[13],[25]	12.59%	[7],[8],[13],[25]	12.29%	[11],[12],[26]	12.29%	[11],[12],[26]	12.29%	[11],[12],[26]	12.29%	[11],[12],[26]	12.29%	[11],[12],[26]
Par Amount/Units		$ 3,060	[7],[8],[25]									$ 3,070	[11],[12],[26]
Total Investment Portfolio, Amortized Cost		2,993	[7],[8],[25]									2,998	[11],[12],[26]
Total Investment Portfolio, Fair Value		$ 2,941	[7],[8],[25]									$ 2,922	[11],[12],[26]
Investment, Identifier [Axis]: BP Purchaser, LLC
Spread		5.50%	[6],[8],[13]	5.50%	[6],[8],[13]	5.50%	[6],[8],[13]	5.50%	[6],[8],[13]	5.50%	[6],[8],[13]	550.00%	[10],[12]	550.00%	[10],[12]	550.00%	[10],[12]	550.00%	[10],[12]	550.00%	[10],[12]
Interest Rate		10.65%	[6],[8],[13]	10.65%	[6],[8],[13]	10.65%	[6],[8],[13]	10.65%	[6],[8],[13]	10.65%	[6],[8],[13]	10.24%	[10],[12]	10.24%	[10],[12]	10.24%	[10],[12]	10.24%	[10],[12]	10.24%	[10],[12]
Par Amount/Units		$ 27,723	[6],[8]									$ 27,793	[10],[12]
Total Investment Portfolio, Amortized Cost		27,262	[6],[8]									27,309	[10],[12]
Total Investment Portfolio, Fair Value		$ 26,569	[6],[8]									$ 26,310	[10],[12]
Investment, Identifier [Axis]: Baart Programs, Inc.
Spread		5.00%	[8],[13],[25]	5.00%	[8],[13],[25]	5.00%	[8],[13],[25]	5.00%	[8],[13],[25]	5.00%	[8],[13],[25]	500.00%	[9],[12],[26]	500.00%	[9],[12],[26]	500.00%	[9],[12],[26]	500.00%	[9],[12],[26]	500.00%	[9],[12],[26]
Interest Rate		10.16%	[8],[13],[25]	10.16%	[8],[13],[25]	10.16%	[8],[13],[25]	10.16%	[8],[13],[25]	10.16%	[8],[13],[25]	9.73%	[9],[12],[26]	9.73%	[9],[12],[26]	9.73%	[9],[12],[26]	9.73%	[9],[12],[26]	9.73%	[9],[12],[26]
Par Amount/Units		$ 10,206	[8],[25]									$ 17,419	[9],[12],[26]
Total Investment Portfolio, Amortized Cost		10,125	[8],[25]									10,082	[9],[12],[26]
Total Investment Portfolio, Fair Value		$ 9,728	[8],[25]									$ 9,515	[9],[12],[26]
Investment, Identifier [Axis]: Barracuda Networks Inc
Spread		4.50%	[13],[16]	4.50%	[13],[16]	4.50%	[13],[16]	4.50%	[13],[16]	4.50%	[13],[16]	450.00%	[14]	450.00%	[14]	450.00%	[14]	450.00%	[14]	450.00%	[14]
Interest Rate		9.18%	[13],[16]	9.18%	[13],[16]	9.18%	[13],[16]	9.18%	[13],[16]	9.18%	[13],[16]	8.59%	[14]	8.59%	[14]	8.59%	[14]	8.59%	[14]	8.59%	[14]
Par Amount/Units		$ 21,446	[16]									$ 21,500	[14]
Total Investment Portfolio, Amortized Cost		20,854	[16]									20,884	[14]
Total Investment Portfolio, Fair Value		$ 20,702	[16]									$ 20,771	[14]
Investment, Identifier [Axis]: Becklar, LLC 1
Spread		6.85%	[8],[13],[25]	6.85%	[8],[13],[25]	6.85%	[8],[13],[25]	6.85%	[8],[13],[25]	6.85%	[8],[13],[25]	685.00%	[12],[26]	685.00%	[12],[26]	685.00%	[12],[26]	685.00%	[12],[26]	685.00%	[12],[26]
Interest Rate		11.65%	[8],[13],[25]	11.65%	[8],[13],[25]	11.65%	[8],[13],[25]	11.65%	[8],[13],[25]	11.65%	[8],[13],[25]	11.17%	[12],[26]	11.17%	[12],[26]	11.17%	[12],[26]	11.17%	[12],[26]	11.17%	[12],[26]
Par Amount/Units		$ 994	[8],[25]									$ 996	[12],[26]
Total Investment Portfolio, Amortized Cost		977	[8],[25]									978	[12],[26]
Total Investment Portfolio, Fair Value		$ 959	[8],[25]									$ 952	[12],[26]
Investment, Identifier [Axis]: Becklar, LLC 2
Spread		6.85%	[8],[13],[25]	6.85%	[8],[13],[25]	6.85%	[8],[13],[25]	6.85%	[8],[13],[25]	6.85%	[8],[13],[25]	685.00%	[12],[26]	685.00%	[12],[26]	685.00%	[12],[26]	685.00%	[12],[26]	685.00%	[12],[26]
Interest Rate		11.71%	[8],[13],[25]	11.71%	[8],[13],[25]	11.71%	[8],[13],[25]	11.71%	[8],[13],[25]	11.71%	[8],[13],[25]	11.27%	[12],[26]	11.27%	[12],[26]	11.27%	[12],[26]	11.27%	[12],[26]	11.27%	[12],[26]
Par Amount/Units		$ 5,769	[8],[25]									$ 5,798	[12],[26]
Total Investment Portfolio, Amortized Cost		5,668	[8],[25]									5,689	[12],[26]
Total Investment Portfolio, Fair Value		5,568	[8],[25]									5,542	[12],[26]
Investment, Identifier [Axis]: Bottomline Technologies, Inc. 1
Par Amount/Units		385	[5],[6],[8]									385	[9],[10],[12]
Total Investment Portfolio, Amortized Cost		(3)	[5],[6],[8]									(3)	[9],[10],[12]
Total Investment Portfolio, Fair Value		$ (9)	[5],[6],[8]									$ (13)	[9],[10],[12]
Investment, Identifier [Axis]: Bottomline Technologies, Inc. 2
Spread		5.50%	[6],[8],[13]	5.50%	[6],[8],[13]	5.50%	[6],[8],[13]	5.50%	[6],[8],[13]	5.50%	[6],[8],[13]	550.00%	[10],[12]	550.00%	[10],[12]	550.00%	[10],[12]	550.00%	[10],[12]	550.00%	[10],[12]
Interest Rate		10.26%	[6],[8],[13]	10.26%	[6],[8],[13]	10.26%	[6],[8],[13]	10.26%	[6],[8],[13]	10.26%	[6],[8],[13]	9.82%	[10],[12]	9.82%	[10],[12]	9.82%	[10],[12]	9.82%	[10],[12]	9.82%	[10],[12]
Par Amount/Units		$ 4,592	[6],[8]									$ 4,604	[10],[12]
Total Investment Portfolio, Amortized Cost		4,552	[6],[8]									4,560	[10],[12]
Total Investment Portfolio, Fair Value		$ 4,469	[6],[8]									$ 4,425	[10],[12]
Investment, Identifier [Axis]: Brightstar Escrow Corp.
Interest Rate		9.75%	[13],[23]	9.75%	[13],[23]	9.75%	[13],[23]	9.75%	[13],[23]	9.75%	[13],[23]	9.75%	[24]	9.75%	[24]	9.75%	[24]	9.75%	[24]	9.75%	[24]
Par Amount/Units		$ 1,000	[23]									$ 1,000	[24]
Total Investment Portfolio, Amortized Cost		985	[23]									983	[24]
Total Investment Portfolio, Fair Value		$ 910	[23]									$ 922	[24]
Investment, Identifier [Axis]: Brookfield WEC Holdings Inc.
Spread		3.75%	[13],[16]	3.75%	[13],[16]	3.75%	[13],[16]	3.75%	[13],[16]	3.75%	[13],[16]	375.00%	[14]	375.00%	[14]	375.00%	[14]	375.00%	[14]	375.00%	[14]
Interest Rate		8.56%	[13],[16]	8.56%	[13],[16]	8.56%	[13],[16]	8.56%	[13],[16]	8.56%	[13],[16]	8.07%	[14]	8.07%	[14]	8.07%	[14]	8.07%	[14]	8.07%	[14]
Par Amount/Units		$ 3,985	[16]									$ 1,995	[14]
Total Investment Portfolio, Amortized Cost		3,940	[16]									1,954	[14]
Total Investment Portfolio, Fair Value		3,984	[16]									1,991	[14]
Investment, Identifier [Axis]: CC WDW Borrower, Inc. 1
Par Amount/Units		22,837	[5],[8],[25]									22,837	[9],[12],[26]
Total Investment Portfolio, Amortized Cost		(589)	[5],[8],[25]									(618)	[9],[12],[26]
Total Investment Portfolio, Fair Value		(1,162)	[5],[8],[25]									(1,006)	[9],[12],[26]
Investment, Identifier [Axis]: CC WDW Borrower, Inc. 2
Par Amount/Units		5,122	[5],[8],[25]									5,122	[9],[12],[26]
Total Investment Portfolio, Amortized Cost		(123)	[5],[8],[25]									(130)	[9],[12],[26]
Total Investment Portfolio, Fair Value		$ (261)	[5],[8],[25]									$ (226)	[9],[12],[26]
Investment, Identifier [Axis]: CC WDW Borrower, Inc. 3
Spread		6.75%	[8],[13],[25]	6.75%	[8],[13],[25]	6.75%	[8],[13],[25]	6.75%	[8],[13],[25]	6.75%	[8],[13],[25]	675.00%	[12],[26]	675.00%	[12],[26]	675.00%	[12],[26]	675.00%	[12],[26]	675.00%	[12],[26]
Interest Rate		11.58%	[8],[13],[25]	11.58%	[8],[13],[25]	11.58%	[8],[13],[25]	11.58%	[8],[13],[25]	11.58%	[8],[13],[25]	10.95%	[12],[26]	10.95%	[12],[26]	10.95%	[12],[26]	10.95%	[12],[26]	10.95%	[12],[26]
Par Amount/Units		$ 45,445	[8],[25]									$ 45,559	[12],[26]
Total Investment Portfolio, Amortized Cost		44,312	[8],[25]									44,367	[12],[26]
Total Investment Portfolio, Fair Value		$ 43,132	[8],[25]									$ 43,553	[12],[26]
Investment, Identifier [Axis]: CCC Intelligent Solutions Inc.
Spread		2.25%	[13],[16]	2.25%	[13],[16]	2.25%	[13],[16]	2.25%	[13],[16]	2.25%	[13],[16]	225.00%	[14]	225.00%	[14]	225.00%	[14]	225.00%	[14]	225.00%	[14]
Interest Rate		7.09%	[13],[16]	7.09%	[13],[16]	7.09%	[13],[16]	7.09%	[13],[16]	7.09%	[13],[16]	6.63%	[14]	6.63%	[14]	6.63%	[14]	6.63%	[14]	6.63%	[14]
Par Amount/Units		$ 10,045	[16]									$ 10,070	[14]
Total Investment Portfolio, Amortized Cost		9,999	[16]									10,020	[14]
Total Investment Portfolio, Fair Value		$ 9,984	[16]									$ 10,010	[14]
Investment, Identifier [Axis]: CCO Holdings LLC / CCO Holdings Capital Corp
Interest Rate		5.50%	[13],[23]	5.50%	[13],[23]	5.50%	[13],[23]	5.50%	[13],[23]	5.50%	[13],[23]	5.50%	[22],[24]	5.50%	[22],[24]	5.50%	[22],[24]	5.50%	[22],[24]	5.50%	[22],[24]
Par Amount/Units		$ 7,000	[23]									$ 7,000	[24]
Total Investment Portfolio, Amortized Cost		7,095	[23]									7,102	[24]
Total Investment Portfolio, Fair Value		6,816	[23]									$ 6,787	[24]
Investment, Identifier [Axis]: CD&R Madison UK Bidco LTD 1
Par Amount/Units | £	[5],[7],[8],[23]									£ 9,965
Total Investment Portfolio, Amortized Cost	[5],[7],[8],[23]	(390)
Total Investment Portfolio, Fair Value	[5],[7],[8],[23]	$ (401)
Investment, Identifier [Axis]: CD&R Madison UK Bidco LTD 2
Spread	[7],[8],[13],[23]	8.50%		8.50%		8.50%		8.50%		8.50%
Interest Rate	[7],[8],[13],[23]	12.74%		12.74%		12.74%		12.74%		12.74%
Par Amount/Units | £	[7],[8],[23]									£ 44,717
Total Investment Portfolio, Amortized Cost	[7],[8],[23]	$ 52,015
Total Investment Portfolio, Fair Value	[7],[8],[23]	$ 53,332
Investment, Identifier [Axis]: CD&R Madison UK Bidco LTD 3
Spread	[7],[8],[13],[23]	8.00%		8.00%		8.00%		8.00%		8.00%
Interest Rate	[7],[8],[13],[23]	10.70%		10.70%		10.70%		10.70%		10.70%
Par Amount/Units | €	[7],[8],[23]							€ 22,039
Total Investment Portfolio, Amortized Cost	[7],[8],[23]	$ 22,453
Total Investment Portfolio, Fair Value	[7],[8],[23]	$ 23,021
Investment, Identifier [Axis]: CENT CLO 16, L.P.
Spread		8.07%	[7],[13],[23]	8.07%	[7],[13],[23]	8.07%	[7],[13],[23]	8.07%	[7],[13],[23]	8.07%	[7],[13],[23]	807.00%	[11],[22],[24]	807.00%	[11],[22],[24]	807.00%	[11],[22],[24]	807.00%	[11],[22],[24]	807.00%	[11],[22],[24]
Interest Rate		12.73%	[7],[13],[23]	12.73%	[7],[13],[23]	12.73%	[7],[13],[23]	12.73%	[7],[13],[23]	12.73%	[7],[13],[23]	10.57%	[11],[22],[24]	10.57%	[11],[22],[24]	10.57%	[11],[22],[24]	10.57%	[11],[22],[24]	10.57%	[11],[22],[24]
Par Amount/Units		$ 3,000	[7],[23]									$ 3,000	[11],[24]
Total Investment Portfolio, Amortized Cost		2,812	[7],[23]									2,810	[11],[24]
Total Investment Portfolio, Fair Value		$ 2,740	[7],[23]									$ 2,735	[11],[24]
Investment, Identifier [Axis]: CPI Buyer, LLC 1
Spread		5.50%	[5],[6],[8],[13]	5.50%	[5],[6],[8],[13]	5.50%	[5],[6],[8],[13]	5.50%	[5],[6],[8],[13]	5.50%	[5],[6],[8],[13]	550.00%	[9],[10],[12]	550.00%	[9],[10],[12]	550.00%	[9],[10],[12]	550.00%	[9],[10],[12]	550.00%	[9],[10],[12]
Interest Rate		10.65%	[5],[6],[8],[13]	10.65%	[5],[6],[8],[13]	10.65%	[5],[6],[8],[13]	10.65%	[5],[6],[8],[13]	10.65%	[5],[6],[8],[13]	10.23%	[9],[10],[12]	10.23%	[9],[10],[12]	10.23%	[9],[10],[12]	10.23%	[9],[10],[12]	10.23%	[9],[10],[12]
Par Amount/Units		$ 2,803	[5],[6],[8]									$ 4,341	[9],[10],[12]
Total Investment Portfolio, Amortized Cost		1,325	[5],[6],[8]									802	[9],[10],[12]
Total Investment Portfolio, Fair Value		1,307	[5],[6],[8]									729	[9],[10],[12]
Investment, Identifier [Axis]: CPI Buyer, LLC 2
Par Amount/Units		2,115	[5],[6],[8]									2,115	[9],[10],[12]
Total Investment Portfolio, Amortized Cost		(32)	[5],[6],[8]									(35)	[9],[10],[12]
Total Investment Portfolio, Fair Value		$ (26)	[5],[6],[8]									$ (43)	[9],[10],[12]
Investment, Identifier [Axis]: CPI Buyer, LLC 3
Spread		5.50%	[6],[8],[13]	5.50%	[6],[8],[13]	5.50%	[6],[8],[13]	5.50%	[6],[8],[13]	5.50%	[6],[8],[13]	550.00%	[10],[12]	550.00%	[10],[12]	550.00%	[10],[12]	550.00%	[10],[12]	550.00%	[10],[12]
Interest Rate		10.65%	[6],[8],[13]	10.65%	[6],[8],[13]	10.65%	[6],[8],[13]	10.65%	[6],[8],[13]	10.65%	[6],[8],[13]	10.23%	[10],[12]	10.23%	[10],[12]	10.23%	[10],[12]	10.23%	[10],[12]	10.23%	[10],[12]
Par Amount/Units		$ 25,147	[6],[8]									$ 25,211	[10],[12]
Total Investment Portfolio, Amortized Cost		24,815	[6],[8]									24,860	[10],[12]
Total Investment Portfolio, Fair Value		$ 24,719	[6],[8]									$ 24,509	[10],[12]
Investment, Identifier [Axis]: Calabrio, Inc. 1
Spread		7.00%	[5],[8],[13],[25]	7.00%	[5],[8],[13],[25]	7.00%	[5],[8],[13],[25]	7.00%	[5],[8],[13],[25]	7.00%	[5],[8],[13],[25]	700.00%	[9],[12],[26]	700.00%	[9],[12],[26]	700.00%	[9],[12],[26]	700.00%	[9],[12],[26]	700.00%	[9],[12],[26]
Interest Rate		11.95%	[5],[8],[13],[25]	11.95%	[5],[8],[13],[25]	11.95%	[5],[8],[13],[25]	11.95%	[5],[8],[13],[25]	11.95%	[5],[8],[13],[25]	11.75%	[9],[12],[26]	11.75%	[9],[12],[26]	11.75%	[9],[12],[26]	11.75%	[9],[12],[26]	11.75%	[9],[12],[26]
Par Amount/Units		$ 2,687	[5],[8],[25]									$ 2,687	[9],[12],[26]
Total Investment Portfolio, Amortized Cost		1,536	[5],[8],[25]									1,536	[9],[12],[26]
Total Investment Portfolio, Fair Value		$ 1,501	[5],[8],[25]									$ 1,478	[9],[12],[26]
Investment, Identifier [Axis]: Calabrio, Inc. 2
Spread		7.00%	[8],[13],[25]	7.00%	[8],[13],[25]	7.00%	[8],[13],[25]	7.00%	[8],[13],[25]	7.00%	[8],[13],[25]	700.00%	[12],[26]	700.00%	[12],[26]	700.00%	[12],[26]	700.00%	[12],[26]	700.00%	[12],[26]
Interest Rate		12.16%	[8],[13],[25]	12.16%	[8],[13],[25]	12.16%	[8],[13],[25]	12.16%	[8],[13],[25]	12.16%	[8],[13],[25]	11.73%	[12],[26]	11.73%	[12],[26]	11.73%	[12],[26]	11.73%	[12],[26]	11.73%	[12],[26]
Par Amount/Units		$ 22,313	[8],[25]									$ 22,313	[12],[26]
Total Investment Portfolio, Amortized Cost		22,313	[8],[25]									22,313	[12],[26]
Total Investment Portfolio, Fair Value		$ 22,025	[8],[25]									$ 21,835	[12],[26]
Investment, Identifier [Axis]: Canoe Bidco Pty Limited 1
Spread		6.50%	[7],[8],[13],[16]	6.50%	[7],[8],[13],[16]	6.50%	[7],[8],[13],[16]	6.50%	[7],[8],[13],[16]	6.50%	[7],[8],[13],[16]	600.00%	[11],[12],[14],[22]	600.00%	[11],[12],[14],[22]	600.00%	[11],[12],[14],[22]	600.00%	[11],[12],[14],[22]	600.00%	[11],[12],[14],[22]
Interest Rate		10.36%	[7],[8],[13],[16]	10.36%	[7],[8],[13],[16]	10.36%	[7],[8],[13],[16]	10.36%	[7],[8],[13],[16]	10.36%	[7],[8],[13],[16]	9.39%	[11],[12],[14],[22]	9.39%	[11],[12],[14],[22]	9.39%	[11],[12],[14],[22]	9.39%	[11],[12],[14],[22]	9.39%	[11],[12],[14],[22]
Par Amount/Units				$ 31,969	[7],[8],[16]									$ 31,969	[11],[12],[14]
Total Investment Portfolio, Amortized Cost		$ 21,144	[7],[8],[16]									$ 21,117	[11],[12],[14]
Total Investment Portfolio, Fair Value		$ 21,592	[7],[8],[16]									$ 21,602	[11],[12],[14]
Investment, Identifier [Axis]: Canoe Bidco Pty Limited 2
Spread		6.50%	[7],[8],[13],[16]	6.50%	[7],[8],[13],[16]	6.50%	[7],[8],[13],[16]	6.50%	[7],[8],[13],[16]	6.50%	[7],[8],[13],[16]	650.00%	[11],[12],[14],[22]	650.00%	[11],[12],[14],[22]	650.00%	[11],[12],[14],[22]	650.00%	[11],[12],[14],[22]	650.00%	[11],[12],[14],[22]
Interest Rate		10.10%	[7],[8],[13],[16]	10.10%	[7],[8],[13],[16]	10.10%	[7],[8],[13],[16]	10.10%	[7],[8],[13],[16]	10.10%	[7],[8],[13],[16]	10.10%	[11],[12],[14],[22]	10.10%	[11],[12],[14],[22]	10.10%	[11],[12],[14],[22]	10.10%	[11],[12],[14],[22]	10.10%	[11],[12],[14],[22]
Par Amount/Units				$ 137,468	[7],[8],[16]									$ 137,468	[11],[12],[14]
Total Investment Portfolio, Amortized Cost		$ 95,117	[7],[8],[16]									$ 95,005	[11],[12],[14]
Total Investment Portfolio, Fair Value		92,844	[7],[8],[16]									92,889	[11],[12],[14]
Investment, Identifier [Axis]: Captive Resources Midco LLC 1
Par Amount/Units		7,558	[5],[6],[8]									7,558	[9],[10],[12]
Total Investment Portfolio, Amortized Cost		(132)	[5],[6],[8]									(138)	[9],[10],[12]
Total Investment Portfolio, Fair Value		$ (64)	[5],[6],[8]									$ (142)	[9],[10],[12]
Investment, Identifier [Axis]: Captive Resources Midco LLC 2
Spread		5.75%	[6],[8],[13]	5.75%	[6],[8],[13]	5.75%	[6],[8],[13]	5.75%	[6],[8],[13]	5.75%	[6],[8],[13]	5.75%	[10],[12]	5.75%	[10],[12]	5.75%	[10],[12]	5.75%	[10],[12]	5.75%	[10],[12]
Interest Rate		10.56%	[6],[8],[13]	10.56%	[6],[8],[13]	10.56%	[6],[8],[13]	10.56%	[6],[8],[13]	10.56%	[6],[8],[13]	10.07%	[10],[12]	10.07%	[10],[12]	10.07%	[10],[12]	10.07%	[10],[12]	10.07%	[10],[12]
Interest Rate, PIK		3.13%	[6],[8],[13]	3.13%	[6],[8],[13]	3.13%	[6],[8],[13]	3.13%	[6],[8],[13]	3.13%	[6],[8],[13]	2.88%	[10],[12]	2.88%	[10],[12]	2.88%	[10],[12]	2.88%	[10],[12]	2.88%	[10],[12]
Par Amount/Units		$ 89,954	[6],[8]									$ 88,980	[10],[12]
Total Investment Portfolio, Amortized Cost		88,321	[6],[8]									87,273	[10],[12]
Total Investment Portfolio, Fair Value		$ 89,266	[6],[8]									$ 87,284	[10],[12]
Investment, Identifier [Axis]: Carlyle Global Market Strategies 1
Spread		5.40%	[7],[13],[23]	5.40%	[7],[13],[23]	5.40%	[7],[13],[23]	5.40%	[7],[13],[23]	5.40%	[7],[13],[23]	540.00%	[11],[22],[24]	540.00%	[11],[22],[24]	540.00%	[11],[22],[24]	540.00%	[11],[22],[24]	540.00%	[11],[22],[24]
Interest Rate		10.21%	[7],[13],[23]	10.21%	[7],[13],[23]	10.21%	[7],[13],[23]	10.21%	[7],[13],[23]	10.21%	[7],[13],[23]	9.64%	[11],[22],[24]	9.64%	[11],[22],[24]	9.64%	[11],[22],[24]	9.64%	[11],[22],[24]	9.64%	[11],[22],[24]
Par Amount/Units		$ 1,750	[7],[23]									$ 1,750	[11],[24]
Total Investment Portfolio, Amortized Cost		1,491	[7],[23]									1,480	[11],[24]
Total Investment Portfolio, Fair Value		$ 1,505	[7],[23]									$ 1,475	[11],[24]
Investment, Identifier [Axis]: Carlyle Global Market Strategies 2
Spread		5.40%	[7],[13],[23]	5.40%	[7],[13],[23]	5.40%	[7],[13],[23]	5.40%	[7],[13],[23]	5.40%	[7],[13],[23]	540.00%	[11],[22],[24]	540.00%	[11],[22],[24]	540.00%	[11],[22],[24]	540.00%	[11],[22],[24]	540.00%	[11],[22],[24]
Interest Rate		10.21%	[7],[13],[23]	10.21%	[7],[13],[23]	10.21%	[7],[13],[23]	10.21%	[7],[13],[23]	10.21%	[7],[13],[23]	9.76%	[11],[22],[24]	9.76%	[11],[22],[24]	9.76%	[11],[22],[24]	9.76%	[11],[22],[24]	9.76%	[11],[22],[24]
Par Amount/Units		$ 1,200	[7],[23]									$ 1,200	[11],[24]
Total Investment Portfolio, Amortized Cost		918	[7],[23]									912	[11],[24]
Total Investment Portfolio, Fair Value		$ 954	[7],[23]									$ 976	[11],[24]
Investment, Identifier [Axis]: Catskill Park CLO Ltd
Spread		6.00%	[7],[13],[23]	6.00%	[7],[13],[23]	6.00%	[7],[13],[23]	6.00%	[7],[13],[23]	6.00%	[7],[13],[23]	600.00%	[11],[22],[24]	600.00%	[11],[22],[24]	600.00%	[11],[22],[24]	600.00%	[11],[22],[24]	600.00%	[11],[22],[24]
Interest Rate		10.81%	[7],[13],[23]	10.81%	[7],[13],[23]	10.81%	[7],[13],[23]	10.81%	[7],[13],[23]	10.81%	[7],[13],[23]	10.24%	[11],[22],[24]	10.24%	[11],[22],[24]	10.24%	[11],[22],[24]	10.24%	[11],[22],[24]	10.24%	[11],[22],[24]
Par Amount/Units		$ 1,350	[7],[23]									$ 1,350	[11],[24]
Total Investment Portfolio, Amortized Cost		1,214	[7],[23]									1,210	[11],[24]
Total Investment Portfolio, Fair Value		$ 1,151	[7],[23]									$ 1,150	[11],[24]
Investment, Identifier [Axis]: Charlotte Buyer Inc
Spread	[14]											525.00%		525.00%		525.00%		525.00%		525.00%
Interest Rate	[14]											9.53%		9.53%		9.53%		9.53%		9.53%
Par Amount/Units	[14]											$ 29,135
Total Investment Portfolio, Amortized Cost	[14]											27,198
Total Investment Portfolio, Fair Value	[14]											$ 27,691
Investment, Identifier [Axis]: Charlotte Buyer Inc 1
Spread	[13],[16]	5.25%		5.25%		5.25%		5.25%		5.25%
Interest Rate	[13],[16]	10.10%		10.10%		10.10%		10.10%		10.10%
Par Amount/Units	[16]	$ 29,062
Total Investment Portfolio, Amortized Cost	[16]	27,212
Total Investment Portfolio, Fair Value	[16]	$ 27,846
Investment, Identifier [Axis]: Charlotte Buyer Inc 2
Spread		825.00%	[8],[13],[16]	825.00%	[8],[13],[16]	825.00%	[8],[13],[16]	825.00%	[8],[13],[16]	825.00%	[8],[13],[16]	825.00%	[14],[22]	825.00%	[14],[22]	825.00%	[14],[22]	825.00%	[14],[22]	825.00%	[14],[22]
Interest Rate		13.08%	[8],[13],[16]	13.08%	[8],[13],[16]	13.08%	[8],[13],[16]	13.08%	[8],[13],[16]	13.08%	[8],[13],[16]	12.53%	[14],[22]	12.53%	[14],[22]	12.53%	[14],[22]	12.53%	[14],[22]	12.53%	[14],[22]
Par Amount/Units		$ 10,000	[8],[16]									$ 10,000	[14]
Total Investment Portfolio, Amortized Cost		9,351	[8],[16]									9,327	[14]
Total Investment Portfolio, Fair Value		$ 9,362	[8],[16]									$ 9,463	[14]
Investment, Identifier [Axis]: Circana Group, LP. 1
Spread	[5],[6],[8],[13]	5.75%		5.75%		5.75%		5.75%		5.75%
Interest Rate	[5],[6],[8],[13]	10.45%		10.45%		10.45%		10.45%		10.45%
Par Amount/Units	[5],[6],[8]	$ 9,023
Total Investment Portfolio, Amortized Cost	[5],[6],[8]	1,096
Total Investment Portfolio, Fair Value	[5],[6],[8]	$ 1,050
Investment, Identifier [Axis]: Circana Group, LP. 2
Spread	[6],[8],[13]	6.25%		6.25%		6.25%		6.25%		6.25%
Interest Rate	[6],[8],[13]	10.95%		10.95%		10.95%		10.95%		10.95%
Interest Rate, PIK	[6],[8],[13]	2.75%		2.75%		2.75%		2.75%		2.75%
Par Amount/Units	[6],[8]	$ 140,843
Total Investment Portfolio, Amortized Cost	[6],[8]	138,297
Total Investment Portfolio, Fair Value	[6],[8]	$ 137,339
Investment, Identifier [Axis]: Circana Group, LP. 3
Spread	[6],[8],[13]	5.75%		5.75%		5.75%		5.75%		5.75%
Interest Rate	[6],[8],[13]	10.66%		10.66%		10.66%		10.66%		10.66%
Par Amount/Units	[6],[8]	$ 9,268
Total Investment Portfolio, Amortized Cost	[6],[8]	9,186
Total Investment Portfolio, Fair Value	[6],[8]	$ 9,030
Investment, Identifier [Axis]: Cloud Software Group Holdings Inc
Interest Rate	[24]											6.50%		6.50%		6.50%		6.50%		6.50%
Par Amount/Units	[24]											$ 9,610
Total Investment Portfolio, Amortized Cost	[24]											8,076
Total Investment Portfolio, Fair Value	[24]											$ 8,117
Investment, Identifier [Axis]: Cloud Software Group Inc. 1
Spread	[13],[16]	4.50%		4.50%		4.50%		4.50%		4.50%
Interest Rate	[13],[16]	9.50%		9.50%		9.50%		9.50%		9.50%
Par Amount/Units	[16]	$ 13,010
Total Investment Portfolio, Amortized Cost	[16]	11,918
Total Investment Portfolio, Fair Value	[16]	$ 11,872
Investment, Identifier [Axis]: Cloud Software Group Inc. 2
Interest Rate	[13],[23]	6.50%		6.50%		6.50%		6.50%		6.50%
Par Amount/Units	[23]	$ 9,610
Total Investment Portfolio, Amortized Cost	[23]	8,120
Total Investment Portfolio, Fair Value	[23]	$ 8,486
Investment, Identifier [Axis]: Club Car Wash Operating, LLC 1
Spread		6.50%	[5],[8],[13],[25]	6.50%	[5],[8],[13],[25]	6.50%	[5],[8],[13],[25]	6.50%	[5],[8],[13],[25]	6.50%	[5],[8],[13],[25]	650.00%	[9],[12],[22],[26]	650.00%	[9],[12],[22],[26]	650.00%	[9],[12],[22],[26]	650.00%	[9],[12],[22],[26]	650.00%	[9],[12],[22],[26]
Interest Rate		11.55%	[5],[8],[13],[25]	11.55%	[5],[8],[13],[25]	11.55%	[5],[8],[13],[25]	11.55%	[5],[8],[13],[25]	11.55%	[5],[8],[13],[25]	11.23%	[9],[12],[22],[26]	11.23%	[9],[12],[22],[26]	11.23%	[9],[12],[22],[26]	11.23%	[9],[12],[22],[26]	11.23%	[9],[12],[22],[26]
Par Amount/Units		$ 61,770	[5],[8],[25]									$ 61,873	[9],[12],[26]
Total Investment Portfolio, Amortized Cost		40,026	[5],[8],[25]									40,059	[9],[12],[26]
Total Investment Portfolio, Fair Value		$ 38,950	[5],[8],[25]									$ 38,434	[9],[12],[26]
Investment, Identifier [Axis]: Club Car Wash Operating, LLC 2
Spread		6.50%	[8],[13],[25]	6.50%	[8],[13],[25]	6.50%	[8],[13],[25]	6.50%	[8],[13],[25]	6.50%	[8],[13],[25]	650.00%	[12],[22],[26]	650.00%	[12],[22],[26]	650.00%	[12],[22],[26]	650.00%	[12],[22],[26]	650.00%	[12],[22],[26]
Interest Rate		11.55%	[8],[13],[25]	11.55%	[8],[13],[25]	11.55%	[8],[13],[25]	11.55%	[8],[13],[25]	11.55%	[8],[13],[25]	11.23%	[12],[22],[26]	11.23%	[12],[22],[26]	11.23%	[12],[22],[26]	11.23%	[12],[22],[26]	11.23%	[12],[22],[26]
Par Amount/Units		$ 27,720	[8],[25]									$ 27,790	[12],[26]
Total Investment Portfolio, Amortized Cost		27,385	[8],[25]									27,430	[12],[26]
Total Investment Portfolio, Fair Value		26,776	[8],[25]									26,568	[12],[26]
Investment, Identifier [Axis]: Cobham Holdings Inc. 1
Par Amount/Units	[5],[6],[8]			$ 4,614
Total Investment Portfolio, Amortized Cost	[5],[6],[8]	(132)
Total Investment Portfolio, Fair Value	[5],[6],[8]	$ (132)
Investment, Identifier [Axis]: Cobham Holdings Inc. 2
Spread	[6],[8],[13]	6.75%		6.75%		6.75%		6.75%		6.75%
Interest Rate	[6],[8],[13]	11.65%		11.65%		11.65%		11.65%		11.65%
Par Amount/Units	[6],[8]	$ 37,712
Total Investment Portfolio, Amortized Cost	[6],[8]	36,617
Total Investment Portfolio, Fair Value	[6],[8]	36,616
Investment, Identifier [Axis]: Coding Solutions Acquisition, Inc. 1
Par Amount/Units		22,875	[5],[6],[8]									22,875	[9],[10],[12]
Total Investment Portfolio, Amortized Cost		(391)	[5],[6],[8]									(409)	[9],[10],[12]
Total Investment Portfolio, Fair Value		$ (749)	[5],[6],[8]									$ (1,001)	[9],[10],[12]
Investment, Identifier [Axis]: Coding Solutions Acquisition, Inc. 2
Spread		5.50%	[5],[6],[8],[13]	5.50%	[5],[6],[8],[13]	5.50%	[5],[6],[8],[13]	5.50%	[5],[6],[8],[13]	5.50%	[5],[6],[8],[13]	550.00%	[9],[10],[12]	550.00%	[9],[10],[12]	550.00%	[9],[10],[12]	550.00%	[9],[10],[12]	550.00%	[9],[10],[12]
Interest Rate		10.31%	[5],[6],[8],[13]	10.31%	[5],[6],[8],[13]	10.31%	[5],[6],[8],[13]	10.31%	[5],[6],[8],[13]	10.31%	[5],[6],[8],[13]	9.82%	[9],[10],[12]	9.82%	[9],[10],[12]	9.82%	[9],[10],[12]	9.82%	[9],[10],[12]	9.82%	[9],[10],[12]
Par Amount/Units		$ 10,875	[5],[6],[8]									$ 10,875	[9],[10],[12]
Total Investment Portfolio, Amortized Cost		3,073	[5],[6],[8]									1,976	[9],[10],[12]
Total Investment Portfolio, Fair Value		$ 2,907	[5],[6],[8]									$ 1,699	[9],[10],[12]
Investment, Identifier [Axis]: Coding Solutions Acquisition, Inc. 3
Spread		5.50%	[6],[8],[13]	5.50%	[6],[8],[13]	5.50%	[6],[8],[13]	5.50%	[6],[8],[13]	5.50%	[6],[8],[13]	550.00%	[10],[12]	550.00%	[10],[12]	550.00%	[10],[12]	550.00%	[10],[12]	550.00%	[10],[12]
Interest Rate		10.31%	[6],[8],[13]	10.31%	[6],[8],[13]	10.31%	[6],[8],[13]	10.31%	[6],[8],[13]	10.31%	[6],[8],[13]	9.82%	[10],[12]	9.82%	[10],[12]	9.82%	[10],[12]	9.82%	[10],[12]	9.82%	[10],[12]
Par Amount/Units		$ 75,869	[6],[8]									$ 76,059	[10],[12]
Total Investment Portfolio, Amortized Cost		74,537	[6],[8]									74,649	[10],[12]
Total Investment Portfolio, Fair Value		$ 73,385	[6],[8]									$ 72,731	[10],[12]
Investment, Identifier [Axis]: CommerceHub, Inc.
Spread		6.25%	[6],[8],[13]	6.25%	[6],[8],[13]	6.25%	[6],[8],[13]	6.25%	[6],[8],[13]	6.25%	[6],[8],[13]	625.00%	[10],[12]	625.00%	[10],[12]	625.00%	[10],[12]	625.00%	[10],[12]	625.00%	[10],[12]
Interest Rate		11.03%	[6],[8],[13]	11.03%	[6],[8],[13]	11.03%	[6],[8],[13]	11.03%	[6],[8],[13]	11.03%	[6],[8],[13]	11.03%	[10],[12]	11.03%	[10],[12]	11.03%	[10],[12]	11.03%	[10],[12]	11.03%	[10],[12]
Par Amount/Units		$ 64,742	[6],[8]									$ 64,904	[10],[12]
Total Investment Portfolio, Amortized Cost		60,466	[6],[8]									60,406	[10],[12]
Total Investment Portfolio, Fair Value		60,880	[6],[8]									60,472	[10],[12]
Investment, Identifier [Axis]: Coretrust Purchasing Group LLC 1
Par Amount/Units		10,736	[5],[6],[8]									10,736	[9],[10],[12]
Total Investment Portfolio, Amortized Cost		(300)	[5],[6],[8]									(311)	[9],[10],[12]
Total Investment Portfolio, Fair Value		(334)	[5],[6],[8]									(461)	[9],[10],[12]
Investment, Identifier [Axis]: Coretrust Purchasing Group LLC 2
Par Amount/Units		11,656	[5],[6],[8]									11,656	[9],[10],[12]
Total Investment Portfolio, Amortized Cost		(325)	[5],[6],[8]									(337)	[9],[10],[12]
Total Investment Portfolio, Fair Value		$ (363)	[5],[6],[8]									$ (501)	[9],[10],[12]
Investment, Identifier [Axis]: Coretrust Purchasing Group LLC 3
Spread		6.75%	[6],[8],[13]	6.75%	[6],[8],[13]	6.75%	[6],[8],[13]	6.75%	[6],[8],[13]	6.75%	[6],[8],[13]	675.00%	[10],[12]	675.00%	[10],[12]	675.00%	[10],[12]	675.00%	[10],[12]	675.00%	[10],[12]
Interest Rate		11.56%	[6],[8],[13]	11.56%	[6],[8],[13]	11.56%	[6],[8],[13]	11.56%	[6],[8],[13]	11.56%	[6],[8],[13]	10.84%	[10],[12]	10.84%	[10],[12]	10.84%	[10],[12]	10.84%	[10],[12]	10.84%	[10],[12]
Par Amount/Units		$ 73,536	[6],[8]									$ 73,720	[10],[12]
Total Investment Portfolio, Amortized Cost		71,474	[6],[8]									71,558	[10],[12]
Total Investment Portfolio, Fair Value		71,248	[6],[8]									70,552	[10],[12]
Investment, Identifier [Axis]: Coupa Holdings, LLC 1
Par Amount/Units	[5],[6],[8]	7,123
Total Investment Portfolio, Amortized Cost	[5],[6],[8]	(176)
Total Investment Portfolio, Fair Value	[5],[6],[8]	(176)
Investment, Identifier [Axis]: Coupa Holdings, LLC 2
Par Amount/Units	[5],[6],[8]	6,211
Total Investment Portfolio, Amortized Cost	[5],[6],[8]	(153)
Total Investment Portfolio, Fair Value	[5],[6],[8]	$ (153)
Investment, Identifier [Axis]: Coupa Holdings, LLC 3
Spread	[6],[8],[13]	7.50%		7.50%		7.50%		7.50%		7.50%
Interest Rate	[6],[8],[13]	12.29%		12.29%		12.29%		12.29%		12.29%
Par Amount/Units	[6],[8]	$ 79,777
Total Investment Portfolio, Amortized Cost	[6],[8]	77,963
Total Investment Portfolio, Fair Value	[6],[8]	$ 77,808
Investment, Identifier [Axis]: DCA Acquisition Holdings LLC 1
Interest Rate	[8],[13],[23]	12.50%		12.50%		12.50%		12.50%		12.50%
Interest Rate, PIK	[8],[13],[23]	12.50%		12.50%		12.50%		12.50%		12.50%
Par Amount/Units		$ 90	[8],[23]									88	[9],[12],[24]
Total Investment Portfolio, Amortized Cost		88	[8],[23]									(2)	[9],[12],[24]
Total Investment Portfolio, Fair Value		$ 85	[8],[23]									$ (2)	[9],[12],[24]
Investment, Identifier [Axis]: DCA Acquisition Holdings LLC 2
Interest Rate		12.50%	[8],[13],[23]	12.50%	[8],[13],[23]	12.50%	[8],[13],[23]	12.50%	[8],[13],[23]	12.50%	[8],[13],[23]	12.50%	[12],[22],[24]	12.50%	[12],[22],[24]	12.50%	[12],[22],[24]	12.50%	[12],[22],[24]	12.50%	[12],[22],[24]
Interest Rate, PIK		12.50%	[8],[13],[23]	12.50%	[8],[13],[23]	12.50%	[8],[13],[23]	12.50%	[8],[13],[23]	12.50%	[8],[13],[23]	12.50%	[12],[22],[24]	12.50%	[12],[22],[24]	12.50%	[12],[22],[24]	12.50%	[12],[22],[24]	12.50%	[12],[22],[24]
Par Amount/Units		$ 952	[8],[23]									$ 923	[12],[24]
Total Investment Portfolio, Amortized Cost		934	[8],[23]									894	[12],[24]
Total Investment Portfolio, Fair Value		905	[8],[23]									$ 905	[12],[24]
Investment, Identifier [Axis]: DS Admiral Bidco, LLC
Spread	[9],[12],[26]											650.00%		650.00%		650.00%		650.00%		650.00%
Interest Rate	[9],[12],[26]											11.20%		11.20%		11.20%		11.20%		11.20%
Par Amount/Units	[9],[12],[26]											$ 966
Total Investment Portfolio, Amortized Cost	[9],[12],[26]											108
Total Investment Portfolio, Fair Value	[9],[12],[26]											$ 91
Investment, Identifier [Axis]: DS Admiral Bidco, LLC 1
Par Amount/Units	[5],[8],[25]	966
Total Investment Portfolio, Amortized Cost	[5],[8],[25]	(8)
Total Investment Portfolio, Fair Value	[5],[8],[25]	$ (17)
Investment, Identifier [Axis]: DS Admiral Bidco, LLC 2
Spread		7.00%	[8],[13],[25]	7.00%	[8],[13],[25]	7.00%	[8],[13],[25]	7.00%	[8],[13],[25]	7.00%	[8],[13],[25]	700.00%	[12],[26]	700.00%	[12],[26]	700.00%	[12],[26]	700.00%	[12],[26]	700.00%	[12],[26]
Interest Rate		11.90%	[8],[13],[25]	11.90%	[8],[13],[25]	11.90%	[8],[13],[25]	11.90%	[8],[13],[25]	11.90%	[8],[13],[25]	11.51%	[12],[26]	11.51%	[12],[26]	11.51%	[12],[26]	11.51%	[12],[26]	11.51%	[12],[26]
Par Amount/Units		$ 39,643	[8],[25]									$ 39,743	[12],[26]
Total Investment Portfolio, Amortized Cost		38,483	[8],[25]									38,557	[12],[26]
Total Investment Portfolio, Fair Value		$ 38,860	[8],[25]									$ 38,558	[12],[26]
Investment, Identifier [Axis]: DS Admiral Bidco, LLC 3
Spread		6.50%	[8],[13],[25]	6.50%	[8],[13],[25]	6.50%	[8],[13],[25]	6.50%	[8],[13],[25]	6.50%	[8],[13],[25]	575.00%	[12],[26]	575.00%	[12],[26]	575.00%	[12],[26]	575.00%	[12],[26]	575.00%	[12],[26]
Interest Rate		11.40%	[8],[13],[25]	11.40%	[8],[13],[25]	11.40%	[8],[13],[25]	11.40%	[8],[13],[25]	11.40%	[8],[13],[25]	10.16%	[12],[26]	10.16%	[12],[26]	10.16%	[12],[26]	10.16%	[12],[26]	10.16%	[12],[26]
Par Amount/Units		$ 8,921	[8],[25]									$ 8,943	[12],[26]
Total Investment Portfolio, Amortized Cost		8,845	[8],[25]									8,860	[12],[26]
Total Investment Portfolio, Fair Value		$ 8,709	[8],[25]									$ 8,638	[12],[26]
Investment, Identifier [Axis]: DTI Holdco, Inc.
Spread		4.75%	[6],[13]	4.75%	[6],[13]	4.75%	[6],[13]	4.75%	[6],[13]	4.75%	[6],[13]	475.00%	[10]	475.00%	[10]	475.00%	[10]	475.00%	[10]	475.00%	[10]
Interest Rate		9.43%	[6],[13]	9.43%	[6],[13]	9.43%	[6],[13]	9.43%	[6],[13]	9.43%	[6],[13]	8.84%	[10]	8.84%	[10]	8.84%	[10]	8.84%	[10]	8.84%	[10]
Par Amount/Units		$ 29,850	[6]									$ 29,925	[10]
Total Investment Portfolio, Amortized Cost		29,314	[6]									29,365	[10]
Total Investment Portfolio, Fair Value		27,802	[6]									27,643	[10]
Investment, Identifier [Axis]: Daphne S.P.A. 1
Par Amount/Units | €								€ 7,957	[5],[7],[8],[23]									€ 7,957	[9],[11],[12],[24]
Total Investment Portfolio, Amortized Cost		(199)	[5],[7],[8],[23]									(191)	[9],[11],[12],[24]
Total Investment Portfolio, Fair Value		$ (324)	[5],[7],[8],[23]									$ (421)	[9],[11],[12],[24]
Investment, Identifier [Axis]: Daphne S.P.A. 2
Spread		6.25%	[7],[8],[13],[23]	6.25%	[7],[8],[13],[23]	6.25%	[7],[8],[13],[23]	6.25%	[7],[8],[13],[23]	6.25%	[7],[8],[13],[23]	625.00%	[11],[12],[24]	625.00%	[11],[12],[24]	625.00%	[11],[12],[24]	625.00%	[11],[12],[24]	625.00%	[11],[12],[24]
Interest Rate		8.38%	[7],[8],[13],[23]	8.38%	[7],[8],[13],[23]	8.38%	[7],[8],[13],[23]	8.38%	[7],[8],[13],[23]	8.38%	[7],[8],[13],[23]	7.44%	[11],[12],[24]	7.44%	[11],[12],[24]	7.44%	[11],[12],[24]	7.44%	[11],[12],[24]	7.44%	[11],[12],[24]
Par Amount/Units | €								€ 41,376	[7],[8],[23]									€ 41,376	[11],[12],[24]
Total Investment Portfolio, Amortized Cost		$ 43,245	[7],[8],[23]									$ 43,200	[11],[12],[24]
Total Investment Portfolio, Fair Value		$ 43,195	[7],[8],[23]									$ 42,109	[11],[12],[24]
Investment, Identifier [Axis]: Delta Topco, Inc.
Spread		3.75%	[6],[13]	3.75%	[6],[13]	3.75%	[6],[13]	3.75%	[6],[13]	3.75%	[6],[13]	375.00%	[10]	375.00%	[10]	375.00%	[10]	375.00%	[10]	375.00%	[10]
Interest Rate		8.66%	[6],[13]	8.66%	[6],[13]	8.66%	[6],[13]	8.66%	[6],[13]	8.66%	[6],[13]	8.15%	[10]	8.15%	[10]	8.15%	[10]	8.15%	[10]	8.15%	[10]
Par Amount/Units		$ 6,934	[6]									$ 6,952	[10]
Total Investment Portfolio, Amortized Cost		6,769	[6]									6,778	[10]
Total Investment Portfolio, Fair Value		$ 6,446	[6]									$ 6,445	[10]
Investment, Identifier [Axis]: Diamond (BC) B.V.
Spread	[11],[14]											275.00%		275.00%		275.00%		275.00%		275.00%
Interest Rate	[11],[14]											7.16%		7.16%		7.16%		7.16%		7.16%
Par Amount/Units	[11],[14]											$ 9,369
Total Investment Portfolio, Amortized Cost	[11],[14]											9,295
Total Investment Portfolio, Fair Value	[11],[14]											$ 9,070
Investment, Identifier [Axis]: Directv Financing, LLC
Spread		5.00%	[6],[13]	5.00%	[6],[13]	5.00%	[6],[13]	5.00%	[6],[13]	5.00%	[6],[13]	500.00%	[10]	500.00%	[10]	500.00%	[10]	500.00%	[10]	500.00%	[10]
Interest Rate		9.84%	[6],[13]	9.84%	[6],[13]	9.84%	[6],[13]	9.84%	[6],[13]	9.84%	[6],[13]	9.38%	[10]	9.38%	[10]	9.38%	[10]	9.38%	[10]	9.38%	[10]
Par Amount/Units		$ 17,750	[6]									$ 18,212	[10]
Total Investment Portfolio, Amortized Cost		17,417	[6]									17,852	[10]
Total Investment Portfolio, Fair Value		$ 17,123	[6]									$ 17,770	[10]
Investment, Identifier [Axis]: Dish DBS Corporation
Interest Rate		5.25%	[13],[23]	5.25%	[13],[23]	5.25%	[13],[23]	5.25%	[13],[23]	5.25%	[13],[23]	5.25%	[24]	5.25%	[24]	5.25%	[24]	5.25%	[24]	5.25%	[24]
Par Amount/Units		$ 7,703	[23]									$ 7,703	[24]
Total Investment Portfolio, Amortized Cost		7,446	[23]									7,430	[24]
Total Investment Portfolio, Fair Value		6,119	[23]									6,503	[24]
Investment, Identifier [Axis]: Dolcetto HoldCo S.P.A. 1
Par Amount/Units | €								€ 8,400	[5],[7],[8],[17],[23]									€ 8,400	[9],[11],[12],[24],[27]
Total Investment Portfolio, Amortized Cost		(192)	[5],[7],[8],[17],[23]									(201)	[9],[11],[12],[24],[27]
Total Investment Portfolio, Fair Value		$ (192)	[5],[7],[8],[17],[23]									$ (218)	[9],[11],[12],[24],[27]
Investment, Identifier [Axis]: Dolcetto HoldCo S.P.A. 2
Spread		6.50%	[7],[8],[13],[17],[23]	6.50%	[7],[8],[13],[17],[23]	6.50%	[7],[8],[13],[17],[23]	6.50%	[7],[8],[13],[17],[23]	6.50%	[7],[8],[13],[17],[23]	650.00%	[11],[12],[24],[27]	650.00%	[11],[12],[24],[27]	650.00%	[11],[12],[24],[27]	650.00%	[11],[12],[24],[27]	650.00%	[11],[12],[24],[27]
Interest Rate		9.46%	[7],[8],[13],[17],[23]	9.46%	[7],[8],[13],[17],[23]	9.46%	[7],[8],[13],[17],[23]	9.46%	[7],[8],[13],[17],[23]	9.46%	[7],[8],[13],[17],[23]	8.55%	[11],[12],[24],[27]	8.55%	[11],[12],[24],[27]	8.55%	[11],[12],[24],[27]	8.55%	[11],[12],[24],[27]	8.55%	[11],[12],[24],[27]
Par Amount/Units | €								€ 82,300	[7],[8],[17],[23]									€ 82,300	[11],[12],[24],[27]
Total Investment Portfolio, Amortized Cost		$ 80,113	[7],[8],[17],[23]									$ 80,018	[11],[12],[24],[27]
Total Investment Portfolio, Fair Value		87,392	[7],[8],[17],[23]									85,973	[11],[12],[24],[27]
Investment, Identifier [Axis]: Dryden 108 CLO Ltd
Par Amount/Units		2,900	[7],[23]									2,900	[11],[24]
Total Investment Portfolio, Amortized Cost		2,291	[7],[23]									2,291	[11],[24]
Total Investment Portfolio, Fair Value		2,181	[7],[23]									2,204	[11],[24]
Investment, Identifier [Axis]: E.S.G. Movilidad, S.L.U. 1
Par Amount/Units | €								€ 11,245	[5],[7],[8],[23]									€ 11,245	[9],[11],[12],[24]
Total Investment Portfolio, Amortized Cost		(322)	[5],[7],[8],[23]									(335)	[9],[11],[12],[24]
Total Investment Portfolio, Fair Value		$ (540)	[5],[7],[8],[23]									$ (688)	[9],[11],[12],[24]
Investment, Identifier [Axis]: E.S.G. Movilidad, S.L.U. 2
Spread		6.75%	[7],[8],[13],[23]	6.75%	[7],[8],[13],[23]	6.75%	[7],[8],[13],[23]	6.75%	[7],[8],[13],[23]	6.75%	[7],[8],[13],[23]	675.00%	[11],[12],[24]	675.00%	[11],[12],[24]	675.00%	[11],[12],[24]	675.00%	[11],[12],[24]	675.00%	[11],[12],[24]
Interest Rate		9.19%	[7],[8],[13],[23]	9.19%	[7],[8],[13],[23]	9.19%	[7],[8],[13],[23]	9.19%	[7],[8],[13],[23]	9.19%	[7],[8],[13],[23]	9.19%	[11],[12],[24]	9.19%	[11],[12],[24]	9.19%	[11],[12],[24]	9.19%	[11],[12],[24]	9.19%	[11],[12],[24]
Par Amount/Units | €								€ 8,096	[7],[8],[23]									€ 8,096	[11],[12],[24]
Total Investment Portfolio, Amortized Cost		$ 8,455	[7],[8],[23]									$ 8,446	[11],[12],[24]
Total Investment Portfolio, Fair Value		$ 8,393	[7],[8],[23]									$ 8,172	[11],[12],[24]
Investment, Identifier [Axis]: E.S.G. Movilidad, S.L.U. 3
Spread		6.75%	[7],[8],[13],[23]	6.75%	[7],[8],[13],[23]	6.75%	[7],[8],[13],[23]	6.75%	[7],[8],[13],[23]	6.75%	[7],[8],[13],[23]	675.00%	[11],[12],[24]	675.00%	[11],[12],[24]	675.00%	[11],[12],[24]	675.00%	[11],[12],[24]	675.00%	[11],[12],[24]
Interest Rate		9.19%	[7],[8],[13],[23]	9.19%	[7],[8],[13],[23]	9.19%	[7],[8],[13],[23]	9.19%	[7],[8],[13],[23]	9.19%	[7],[8],[13],[23]	9.19%	[11],[12],[24]	9.19%	[11],[12],[24]	9.19%	[11],[12],[24]	9.19%	[11],[12],[24]	9.19%	[11],[12],[24]
Par Amount/Units | €								€ 22,264	[7],[8],[23]									€ 22,264	[11],[12],[24]
Total Investment Portfolio, Amortized Cost		$ 23,250	[7],[8],[23]									$ 23,226	[11],[12],[24]
Total Investment Portfolio, Fair Value		$ 23,081	[7],[8],[23]									22,474	[11],[12],[24]
Investment, Identifier [Axis]: ERC Topco Holdings, LLC 1
Spread	[5],[6],[8],[13]	5.50%		5.50%		5.50%		5.50%		5.50%
Interest Rate	[5],[6],[8],[13]	10.36%		10.36%		10.36%		10.36%		10.36%
Par Amount/Units		$ 1,000	[5],[6],[8]									620	[9],[10],[12]
Total Investment Portfolio, Amortized Cost		385	[5],[6],[8]									(10)	[9],[10],[12]
Total Investment Portfolio, Fair Value		$ 334	[5],[6],[8]									$ (17)	[9],[10],[12]
Investment, Identifier [Axis]: ERC Topco Holdings, LLC 2
Spread		5.50%	[6],[8],[13]	5.50%	[6],[8],[13]	5.50%	[6],[8],[13]	5.50%	[6],[8],[13]	5.50%	[6],[8],[13]	450.00%	[9],[10],[12]	450.00%	[9],[10],[12]	450.00%	[9],[10],[12]	450.00%	[9],[10],[12]	450.00%	[9],[10],[12]
Interest Rate		10.66%	[6],[8],[13]	10.66%	[6],[8],[13]	10.66%	[6],[8],[13]	10.66%	[6],[8],[13]	10.66%	[6],[8],[13]	12.00%	[9],[10],[12]	12.00%	[9],[10],[12]	12.00%	[9],[10],[12]	12.00%	[9],[10],[12]	12.00%	[9],[10],[12]
Par Amount/Units		$ 25,424	[6],[8]									$ 1,000	[9],[10],[12]
Total Investment Portfolio, Amortized Cost		25,008	[6],[8]									600	[9],[10],[12]
Total Investment Portfolio, Fair Value		$ 23,485	[6],[8]									$ 592	[9],[10],[12]
Investment, Identifier [Axis]: ERC Topco Holdings, LLC 3
Spread	[10],[12]											550.00%		550.00%		550.00%		550.00%		550.00%
Interest Rate	[10],[12]											10.23%		10.23%		10.23%		10.23%		10.23%
Par Amount/Units	[10],[12]											$ 25,491
Total Investment Portfolio, Amortized Cost	[10],[12]											25,053
Total Investment Portfolio, Fair Value	[10],[12]											$ 24,779
Investment, Identifier [Axis]: Eagle 2021 Lower Merger Sub, LLC
Spread		5.50%	[6],[8],[13]	5.50%	[6],[8],[13]	5.50%	[6],[8],[13]	5.50%	[6],[8],[13]	5.50%	[6],[8],[13]	550.00%	[10],[12]	550.00%	[10],[12]	550.00%	[10],[12]	550.00%	[10],[12]	550.00%	[10],[12]
Interest Rate		10.33%	[6],[8],[13]	10.33%	[6],[8],[13]	10.33%	[6],[8],[13]	10.33%	[6],[8],[13]	10.33%	[6],[8],[13]	9.72%	[10],[12]	9.72%	[10],[12]	9.72%	[10],[12]	9.72%	[10],[12]	9.72%	[10],[12]
Par Amount/Units		$ 823	[6],[8]									$ 825	[10],[12]
Total Investment Portfolio, Amortized Cost		810	[6],[8]									811	[10],[12]
Total Investment Portfolio, Fair Value		806	[6],[8]									$ 785	[10],[12]
Investment, Identifier [Axis]: Eagle LNG Partners Jacksonville II LLC 1
Par Amount/Units	[5],[8],[28]	380
Total Investment Portfolio, Amortized Cost	[5],[8],[28]	(12)
Total Investment Portfolio, Fair Value	[5],[8],[28]	$ (13)
Investment, Identifier [Axis]: Eagle LNG Partners Jacksonville II LLC 2
Spread	[8],[13],[28]	8.38%		8.38%		8.38%		8.38%		8.38%
Interest Rate	[8],[13],[28]	13.27%		13.27%		13.27%		13.27%		13.27%
Par Amount/Units	[8],[28]	$ 620
Total Investment Portfolio, Amortized Cost	[8],[28]	600
Total Investment Portfolio, Fair Value	[8],[28]	$ 600
Investment, Identifier [Axis]: Eisner Advisory Group LLC
Spread	[6],[8],[13]	5.25%		5.25%		5.25%		5.25%		5.25%
Interest Rate	[6],[8],[13]	10.17%		10.17%		10.17%		10.17%		10.17%
Par Amount/Units	[6],[8]	$ 1,515
Total Investment Portfolio, Amortized Cost	[6],[8]	1,496
Total Investment Portfolio, Fair Value	[6],[8]	$ 1,517
Investment, Identifier [Axis]: Employbridge, LLC
Spread		4.75%	[6],[13]	4.75%	[6],[13]	4.75%	[6],[13]	4.75%	[6],[13]	4.75%	[6],[13]	475.00%	[10]	475.00%	[10]	475.00%	[10]	475.00%	[10]	475.00%	[10]
Interest Rate		9.49%	[6],[13]	9.49%	[6],[13]	9.49%	[6],[13]	9.49%	[6],[13]	9.49%	[6],[13]	9.49%	[10]	9.49%	[10]	9.49%	[10]	9.49%	[10]	9.49%	[10]
Par Amount/Units		$ 9,882	[6]									$ 9,907	[10]
Total Investment Portfolio, Amortized Cost		9,833	[6]									9,855	[10]
Total Investment Portfolio, Fair Value		$ 8,276	[6]									$ 8,145	[10]
Investment, Identifier [Axis]: Endure Digital, Inc.
Spread		3.50%	[6],[13]	3.50%	[6],[13]	3.50%	[6],[13]	3.50%	[6],[13]	3.50%	[6],[13]	350.00%	[10]	350.00%	[10]	350.00%	[10]	350.00%	[10]	350.00%	[10]
Interest Rate		8.22%	[6],[13]	8.22%	[6],[13]	8.22%	[6],[13]	8.22%	[6],[13]	8.22%	[6],[13]	7.72%	[10]	7.72%	[10]	7.72%	[10]	7.72%	[10]	7.72%	[10]
Par Amount/Units		$ 2,386	[6]									$ 2,547	[10]
Total Investment Portfolio, Amortized Cost		2,371	[6]									2,530	[10]
Total Investment Portfolio, Fair Value		$ 2,237	[6]									$ 2,299	[10]
Investment, Identifier [Axis]: Ensemble RCM LLC
Spread	[13],[23]	3.75%		3.75%		3.75%		3.75%		3.75%
Interest Rate	[13],[23]	8.53%		8.53%		8.53%		8.53%		8.53%
Par Amount/Units	[23]	$ 1,995
Total Investment Portfolio, Amortized Cost	[23]	1,987
Total Investment Portfolio, Fair Value	[23]	$ 1,995
Investment, Identifier [Axis]: EquipmentShare.com Inc. 1
Spread		7.75%	[8],[13],[16]	7.75%	[8],[13],[16]	7.75%	[8],[13],[16]	7.75%	[8],[13],[16]	7.75%	[8],[13],[16]	775.00%	[12],[14]	775.00%	[12],[14]	775.00%	[12],[14]	775.00%	[12],[14]	775.00%	[12],[14]
Interest Rate		12.46%	[8],[13],[16]	12.46%	[8],[13],[16]	12.46%	[8],[13],[16]	12.46%	[8],[13],[16]	12.46%	[8],[13],[16]	12.40%	[12],[14]	12.40%	[12],[14]	12.40%	[12],[14]	12.40%	[12],[14]	12.40%	[12],[14]
Par Amount/Units		$ 4,204	[8],[16]									$ 4,215	[12],[14]
Total Investment Portfolio, Amortized Cost		4,150	[8],[16]									4,155	[12],[14]
Total Investment Portfolio, Fair Value		$ 4,054	[8],[16]									$ 4,026	[12],[14]
Investment, Identifier [Axis]: EquipmentShare.com Inc. 2
Spread		7.75%	[8],[13],[16]	7.75%	[8],[13],[16]	7.75%	[8],[13],[16]	7.75%	[8],[13],[16]	7.75%	[8],[13],[16]	775.00%	[12],[14]	775.00%	[12],[14]	775.00%	[12],[14]	775.00%	[12],[14]	775.00%	[12],[14]
Interest Rate		12.46%	[8],[13],[16]	12.46%	[8],[13],[16]	12.46%	[8],[13],[16]	12.46%	[8],[13],[16]	12.46%	[8],[13],[16]	12.40%	[12],[14]	12.40%	[12],[14]	12.40%	[12],[14]	12.40%	[12],[14]	12.40%	[12],[14]
Par Amount/Units		$ 16,817	[8],[16]									$ 16,860	[12],[14]
Total Investment Portfolio, Amortized Cost		16,546	[8],[16]									16,561	[12],[14]
Total Investment Portfolio, Fair Value		16,217	[8],[16]									16,106	[12],[14]
Investment, Identifier [Axis]: Excelitas Technologies Corp. 1
Par Amount/Units		4,239	[5],[6],[8]									6,522	[9],[10],[12]
Total Investment Portfolio, Amortized Cost		(77)	[5],[6],[8]									(123)	[9],[10],[12]
Total Investment Portfolio, Fair Value		$ (109)	[5],[6],[8]									$ (247)	[9],[10],[12]
Investment, Identifier [Axis]: Excelitas Technologies Corp. 2
Spread		5.75%	[6],[8],[13]	5.75%	[6],[8],[13]	5.75%	[6],[8],[13]	5.75%	[6],[8],[13]	5.75%	[6],[8],[13]	575.00%	[10],[12]	575.00%	[10],[12]	575.00%	[10],[12]	575.00%	[10],[12]	575.00%	[10],[12]
Interest Rate		10.61%	[6],[8],[13]	10.61%	[6],[8],[13]	10.61%	[6],[8],[13]	10.61%	[6],[8],[13]	10.61%	[6],[8],[13]	10.12%	[10],[12]	10.12%	[10],[12]	10.12%	[10],[12]	10.12%	[10],[12]	10.12%	[10],[12]
Par Amount/Units		$ 36,087	[6],[8]									$ 33,804	[10],[12]
Total Investment Portfolio, Amortized Cost		35,412	[6],[8]									33,146	[10],[12]
Total Investment Portfolio, Fair Value		$ 35,155	[6],[8]									$ 32,526	[10],[12]
Investment, Identifier [Axis]: Excelitas Technologies Corp. 3
Spread		5.75%	[8],[13],[23]	5.75%	[8],[13],[23]	5.75%	[8],[13],[23]	5.75%	[8],[13],[23]	5.75%	[8],[13],[23]	575.00%	[12],[24]	575.00%	[12],[24]	575.00%	[12],[24]	575.00%	[12],[24]	575.00%	[12],[24]
Interest Rate		8.36%	[8],[13],[23]	8.36%	[8],[13],[23]	8.36%	[8],[13],[23]	8.36%	[8],[13],[23]	8.36%	[8],[13],[23]	7.55%	[12],[24]	7.55%	[12],[24]	7.55%	[12],[24]	7.55%	[12],[24]	7.55%	[12],[24]
Par Amount/Units | €								€ 5,587	[8],[23]									€ 5,587	[12],[24]
Total Investment Portfolio, Amortized Cost		$ 5,656	[8],[23]									$ 5,651	[12],[24]
Total Investment Portfolio, Fair Value		$ 5,901	[8],[23]									$ 5,746	[12],[24]
Investment, Identifier [Axis]: Excelitas Technologies Corp. 4
Spread		5.75%	[5],[6],[8],[13]	5.75%	[5],[6],[8],[13]	5.75%	[5],[6],[8],[13]	5.75%	[5],[6],[8],[13]	5.75%	[5],[6],[8],[13]	575.00%	[9],[10],[12]	575.00%	[9],[10],[12]	575.00%	[9],[10],[12]	575.00%	[9],[10],[12]	575.00%	[9],[10],[12]
Interest Rate		10.61%	[5],[6],[8],[13]	10.61%	[5],[6],[8],[13]	10.61%	[5],[6],[8],[13]	10.61%	[5],[6],[8],[13]	10.61%	[5],[6],[8],[13]	10.12%	[9],[10],[12]	10.12%	[9],[10],[12]	10.12%	[9],[10],[12]	10.12%	[9],[10],[12]	10.12%	[9],[10],[12]
Par Amount/Units		$ 3,261	[5],[6],[8]									$ 3,261	[9],[10],[12]
Total Investment Portfolio, Amortized Cost		1,224	[5],[6],[8]									1,787	[9],[10],[12]
Total Investment Portfolio, Fair Value		$ 1,202	[5],[6],[8]									$ 1,732	[9],[10],[12]
Investment, Identifier [Axis]: Express Wash Concepts 1
Spread		6.75%	[5],[8],[13],[25]	6.75%	[5],[8],[13],[25]	6.75%	[5],[8],[13],[25]	6.75%	[5],[8],[13],[25]	6.75%	[5],[8],[13],[25]	575.00%	[9],[12],[22],[26]	575.00%	[9],[12],[22],[26]	575.00%	[9],[12],[22],[26]	575.00%	[9],[12],[22],[26]	575.00%	[9],[12],[22],[26]
Interest Rate		11.66%	[5],[8],[13],[25]	11.66%	[5],[8],[13],[25]	11.66%	[5],[8],[13],[25]	11.66%	[5],[8],[13],[25]	11.66%	[5],[8],[13],[25]	10.17%	[9],[12],[22],[26]	10.17%	[9],[12],[22],[26]	10.17%	[9],[12],[22],[26]	10.17%	[9],[12],[22],[26]	10.17%	[9],[12],[22],[26]
Par Amount/Units		$ 47,475	[5],[8],[25]									$ 62,968	[9],[12],[26]
Total Investment Portfolio, Amortized Cost		28,830	[5],[8],[25]									25,128	[9],[12],[26]
Total Investment Portfolio, Fair Value		$ 26,747	[5],[8],[25]									$ 21,671	[9],[12],[26]
Investment, Identifier [Axis]: Express Wash Concepts 2
Spread		6.75%	[8],[13],[25]	6.75%	[8],[13],[25]	6.75%	[8],[13],[25]	6.75%	[8],[13],[25]	6.75%	[8],[13],[25]	575.00%	[12],[22],[26]	575.00%	[12],[22],[26]	575.00%	[12],[22],[26]	575.00%	[12],[22],[26]	575.00%	[12],[22],[26]
Interest Rate		11.66%	[8],[13],[25]	11.66%	[8],[13],[25]	11.66%	[8],[13],[25]	11.66%	[8],[13],[25]	11.66%	[8],[13],[25]	10.17%	[12],[22],[26]	10.17%	[12],[22],[26]	10.17%	[12],[22],[26]	10.17%	[12],[22],[26]	10.17%	[12],[22],[26]
Par Amount/Units		$ 26,730	[8],[25]									$ 26,798	[12],[26]
Total Investment Portfolio, Amortized Cost		26,508	[8],[25]									26,554	[12],[26]
Total Investment Portfolio, Fair Value		$ 25,339	[8],[25]									$ 25,090	[12],[26]
Investment, Identifier [Axis]: Fertitta Entertainment LLC
Spread	[13],[16]	4.00%		4.00%		4.00%		4.00%		4.00%
Interest Rate	[13],[16]	8.81%		8.81%		8.81%		8.81%		8.81%
Par Amount/Units	[16]	$ 4,489
Total Investment Portfolio, Amortized Cost	[16]	4,307
Total Investment Portfolio, Fair Value	[16]	$ 4,430
Investment, Identifier [Axis]: Finthrive Software Intermediate Holdings Inc
Spread		4.00%	[13],[16]	4.00%	[13],[16]	4.00%	[13],[16]	4.00%	[13],[16]	4.00%	[13],[16]	400.00%	[14]	400.00%	[14]	400.00%	[14]	400.00%	[14]	400.00%	[14]
Interest Rate		8.84%	[13],[16]	8.84%	[13],[16]	8.84%	[13],[16]	8.84%	[13],[16]	8.84%	[13],[16]	8.38%	[14]	8.38%	[14]	8.38%	[14]	8.38%	[14]	8.38%	[14]
Par Amount/Units		$ 13,069	[16]									$ 13,102	[14]
Total Investment Portfolio, Amortized Cost		12,835	[16]									12,855	[14]
Total Investment Portfolio, Fair Value		$ 12,203	[16]									$ 11,148	[14]
Investment, Identifier [Axis]: Floating Infrastructure Holdings Finance LLC
Spread		5.75%	[7],[8],[13],[25]	5.75%	[7],[8],[13],[25]	5.75%	[7],[8],[13],[25]	5.75%	[7],[8],[13],[25]	5.75%	[7],[8],[13],[25]	575.00%	[11],[12],[26]	575.00%	[11],[12],[26]	575.00%	[11],[12],[26]	575.00%	[11],[12],[26]	575.00%	[11],[12],[26]
Interest Rate		10.66%	[7],[8],[13],[25]	10.66%	[7],[8],[13],[25]	10.66%	[7],[8],[13],[25]	10.66%	[7],[8],[13],[25]	10.66%	[7],[8],[13],[25]	10.43%	[11],[12],[26]	10.43%	[11],[12],[26]	10.43%	[11],[12],[26]	10.43%	[11],[12],[26]	10.43%	[11],[12],[26]
Par Amount/Units		$ 44,438	[7],[8],[25]									$ 44,719	[11],[12],[26]
Total Investment Portfolio, Amortized Cost		43,667	[7],[8],[25]									43,883	[11],[12],[26]
Total Investment Portfolio, Fair Value		$ 43,403	[7],[8],[25]									43,242	[11],[12],[26]
Investment, Identifier [Axis]: Ford Motor Credit Company LLC
Interest Rate	[7],[13],[23]	6.95%		6.95%		6.95%		6.95%		6.95%
Par Amount/Units	[7],[23]	$ 2,300
Total Investment Portfolio, Amortized Cost	[7],[23]	2,297
Total Investment Portfolio, Fair Value	[7],[23]	2,340
Investment, Identifier [Axis]: Formerra, LLC 1
Par Amount/Units		4,270	[5],[8],[25]									4,270	[9],[12],[26]
Total Investment Portfolio, Amortized Cost		(132)	[5],[8],[25]									(137)	[9],[12],[26]
Total Investment Portfolio, Fair Value		$ (103)	[5],[8],[25]									(135)	[9],[12],[26]
Investment, Identifier [Axis]: Formerra, LLC 2
Spread	[5],[8],[13],[25]	7.25%		7.25%		7.25%		7.25%		7.25%
Interest Rate	[5],[8],[13],[25]	12.14%		12.14%		12.14%		12.14%		12.14%
Par Amount/Units		$ 12,031	[5],[8],[25]									12,031	[9],[12],[26]
Total Investment Portfolio, Amortized Cost		4,328	[5],[8],[25]									(380)	[9],[12],[26]
Total Investment Portfolio, Fair Value		$ 4,401	[5],[8],[25]									$ (380)	[9],[12],[26]
Investment, Identifier [Axis]: Formerra, LLC 3
Spread		7.25%	[8],[13],[25]	7.25%	[8],[13],[25]	7.25%	[8],[13],[25]	7.25%	[8],[13],[25]	7.25%	[8],[13],[25]	725.00%	[12],[26]	725.00%	[12],[26]	725.00%	[12],[26]	725.00%	[12],[26]	725.00%	[12],[26]
Interest Rate		12.08%	[8],[13],[25]	12.08%	[8],[13],[25]	12.08%	[8],[13],[25]	12.08%	[8],[13],[25]	12.08%	[8],[13],[25]	11.49%	[12],[26]	11.49%	[12],[26]	11.49%	[12],[26]	11.49%	[12],[26]	11.49%	[12],[26]
Par Amount/Units		$ 106,487	[8],[25]									$ 106,487	[12],[26]
Total Investment Portfolio, Amortized Cost		103,230	[8],[25]									103,076	[12],[26]
Total Investment Portfolio, Fair Value		$ 103,907	[8],[25]									$ 103,121	[12],[26]
Investment, Identifier [Axis]: Foundation Automotive Corp
Spread		7.75%	[7],[8],[13],[25]	7.75%	[7],[8],[13],[25]	7.75%	[7],[8],[13],[25]	7.75%	[7],[8],[13],[25]	7.75%	[7],[8],[13],[25]	775.00%	[11],[12],[22],[26]	775.00%	[11],[12],[22],[26]	775.00%	[11],[12],[22],[26]	775.00%	[11],[12],[22],[26]	775.00%	[11],[12],[22],[26]
Interest Rate		12.91%	[7],[8],[13],[25]	12.91%	[7],[8],[13],[25]	12.91%	[7],[8],[13],[25]	12.91%	[7],[8],[13],[25]	12.91%	[7],[8],[13],[25]	12.55%	[11],[12],[22],[26]	12.55%	[11],[12],[22],[26]	12.55%	[11],[12],[22],[26]	12.55%	[11],[12],[22],[26]	12.55%	[11],[12],[22],[26]
Par Amount/Units		$ 16,043	[7],[8],[25]									$ 16,084	[11],[12],[26]
Total Investment Portfolio, Amortized Cost		15,833	[7],[8],[25]									15,858	[11],[12],[26]
Total Investment Portfolio, Fair Value		$ 15,349	[7],[8],[25]									$ 15,499	[11],[12],[26]
Investment, Identifier [Axis]: Foundation Automotive Us Corp 1
Spread		7.75%	[5],[8],[13],[25]	7.75%	[5],[8],[13],[25]	7.75%	[5],[8],[13],[25]	7.75%	[5],[8],[13],[25]	7.75%	[5],[8],[13],[25]	775.00%	[9],[12],[22],[26]	775.00%	[9],[12],[22],[26]	775.00%	[9],[12],[22],[26]	775.00%	[9],[12],[22],[26]	775.00%	[9],[12],[22],[26]
Interest Rate		12.67%	[5],[8],[13],[25]	12.67%	[5],[8],[13],[25]	12.67%	[5],[8],[13],[25]	12.67%	[5],[8],[13],[25]	12.67%	[5],[8],[13],[25]	11.88%	[9],[12],[22],[26]	11.88%	[9],[12],[22],[26]	11.88%	[9],[12],[22],[26]	11.88%	[9],[12],[22],[26]	11.88%	[9],[12],[22],[26]
Par Amount/Units		$ 27,518	[5],[8],[25]									$ 38,333	[9],[12],[26]
Total Investment Portfolio, Amortized Cost		3,900	[5],[8],[25]									3,776	[9],[12],[26]
Total Investment Portfolio, Fair Value		$ 3,098	[5],[8],[25]									$ 2,907	[9],[12],[26]
Investment, Identifier [Axis]: Foundation Automotive Us Corp 2
Spread		7.75%	[8],[13],[25]	7.75%	[8],[13],[25]	7.75%	[8],[13],[25]	7.75%	[8],[13],[25]	7.75%	[8],[13],[25]	775.00%	[12],[22],[26]	775.00%	[12],[22],[26]	775.00%	[12],[22],[26]	775.00%	[12],[22],[26]	775.00%	[12],[22],[26]
Interest Rate		12.91%	[8],[13],[25]	12.91%	[8],[13],[25]	12.91%	[8],[13],[25]	12.91%	[8],[13],[25]	12.91%	[8],[13],[25]	12.55%	[12],[22],[26]	12.55%	[12],[22],[26]	12.55%	[12],[22],[26]	12.55%	[12],[22],[26]	12.55%	[12],[22],[26]
Par Amount/Units		$ 39,717	[8],[25]									$ 39,817	[12],[26]
Total Investment Portfolio, Amortized Cost		39,200	[8],[25]									39,263	[12],[26]
Total Investment Portfolio, Fair Value		$ 37,998	[8],[25]									$ 38,371	[12],[26]
Investment, Identifier [Axis]: Galaxy US Opco Inc.
Spread	[11],[14]											475.00%		475.00%		475.00%		475.00%		475.00%
Interest Rate	[11],[14]											9.07%		9.07%		9.07%		9.07%		9.07%
Par Amount/Units	[11],[14]											$ 26,300
Total Investment Portfolio, Amortized Cost	[11],[14]											25,686
Total Investment Portfolio, Fair Value	[11],[14]											$ 23,867
Investment, Identifier [Axis]: Galaxy US Opco Inc. 1
Spread	[7],[13],[16]	4.75%		4.75%		4.75%		4.75%		4.75%
Interest Rate	[7],[13],[16]	9.56%		9.56%		9.56%		9.56%		9.56%
Par Amount/Units	[7],[16]	$ 26,169
Total Investment Portfolio, Amortized Cost	[7],[16]	25,584
Total Investment Portfolio, Fair Value	[7],[16]	$ 23,257
Investment, Identifier [Axis]: Galaxy US Opco Inc. 2
Spread		825.00%	[8],[13],[16]	825.00%	[8],[13],[16]	825.00%	[8],[13],[16]	825.00%	[8],[13],[16]	825.00%	[8],[13],[16]	825.00%	[12],[14],[22]	825.00%	[12],[14],[22]	825.00%	[12],[14],[22]	825.00%	[12],[14],[22]	825.00%	[12],[14],[22]
Interest Rate		13.06%	[8],[13],[16]	13.06%	[8],[13],[16]	13.06%	[8],[13],[16]	13.06%	[8],[13],[16]	13.06%	[8],[13],[16]	12.57%	[12],[14],[22]	12.57%	[12],[14],[22]	12.57%	[12],[14],[22]	12.57%	[12],[14],[22]	12.57%	[12],[14],[22]
Par Amount/Units		$ 9,000	[8],[16]									$ 9,000	[12],[14]
Total Investment Portfolio, Amortized Cost		8,795	[8],[16]									8,786	[12],[14]
Total Investment Portfolio, Fair Value		8,686	[8],[16]									8,794	[12],[14]
Investment, Identifier [Axis]: Galway Borrower LLC 1
Par Amount/Units		457	[5],[6],[8]									457	[9],[10],[12]
Total Investment Portfolio, Amortized Cost		(4)	[5],[6],[8]									(4)	[9],[10],[12]
Total Investment Portfolio, Fair Value		$ (19)	[5],[6],[8]									(24)	[9],[10],[12]
Investment, Identifier [Axis]: Galway Borrower LLC 2
Spread	[5],[6],[8],[13]	5.25%		5.25%		5.25%		5.25%		5.25%
Interest Rate	[5],[6],[8],[13]	10.41%		10.41%		10.41%		10.41%		10.41%
Par Amount/Units		$ 2,216	[5],[6],[8]									2,216	[9],[10],[12]
Total Investment Portfolio, Amortized Cost		443	[5],[6],[8]									(36)	[9],[10],[12]
Total Investment Portfolio, Fair Value		$ 391	[5],[6],[8]									$ (109)	[9],[10],[12]
Investment, Identifier [Axis]: Galway Borrower LLC 3
Spread		4.25%	[6],[8],[13]	4.25%	[6],[8],[13]	4.25%	[6],[8],[13]	4.25%	[6],[8],[13]	4.25%	[6],[8],[13]	525.00%	[10],[12]	525.00%	[10],[12]	525.00%	[10],[12]	525.00%	[10],[12]	525.00%	[10],[12]
Interest Rate		12.25%	[6],[8],[13]	12.25%	[6],[8],[13]	12.25%	[6],[8],[13]	12.25%	[6],[8],[13]	12.25%	[6],[8],[13]	9.98%	[10],[12]	9.98%	[10],[12]	9.98%	[10],[12]	9.98%	[10],[12]	9.98%	[10],[12]
Par Amount/Units		$ 60,973	[6],[8]									$ 61,128	[10],[12]
Total Investment Portfolio, Amortized Cost		60,470	[6],[8]									60,592	[10],[12]
Total Investment Portfolio, Fair Value		$ 58,462	[6],[8]									$ 57,907	[10],[12]
Investment, Identifier [Axis]: GoTo Group Inc
Spread		4.75%	[13],[23]	4.75%	[13],[23]	4.75%	[13],[23]	4.75%	[13],[23]	4.75%	[13],[23]	475.00%	[24]	475.00%	[24]	475.00%	[24]	475.00%	[24]	475.00%	[24]
Interest Rate		9.59%	[13],[23]	9.59%	[13],[23]	9.59%	[13],[23]	9.59%	[13],[23]	9.59%	[13],[23]	9.14%	[24]	9.14%	[24]	9.14%	[24]	9.14%	[24]	9.14%	[24]
Par Amount/Units		$ 2,391	[23]									$ 6,942	[24]
Total Investment Portfolio, Amortized Cost		2,369	[23]									6,843	[24]
Total Investment Portfolio, Fair Value		$ 1,378	[23]									$ 4,498	[24]
Investment, Identifier [Axis]: GovCIO Buyer Company
Spread	[8],[13],[25]	5.50%		5.50%		5.50%		5.50%		5.50%
Interest Rate	[8],[13],[25]	10.31%		10.31%		10.31%		10.31%		10.31%
Par Amount/Units	[8],[25]	$ 10,562
Total Investment Portfolio, Amortized Cost	[8],[25]	10,395
Total Investment Portfolio, Fair Value	[8],[25]	$ 10,328
Investment, Identifier [Axis]: Govcio Buyer Company
Spread	[12],[26]											550.00%		550.00%		550.00%		550.00%		550.00%
Interest Rate	[12],[26]											10.08%		10.08%		10.08%		10.08%		10.08%
Par Amount/Units	[12],[26]											$ 10,822
Total Investment Portfolio, Amortized Cost	[12],[26]											10,641
Total Investment Portfolio, Fair Value	[12],[26]											$ 10,476
Investment, Identifier [Axis]: Guardian US Holdco LLC
Spread	[13],[16]	4.00%		4.00%		4.00%		4.00%		4.00%
Interest Rate	[13],[16]	8.68%		8.68%		8.68%		8.68%		8.68%
Par Amount/Units	[16]	$ 8,000
Total Investment Portfolio, Amortized Cost	[16]	7,841
Total Investment Portfolio, Fair Value	[16]	$ 7,905
Investment, Identifier [Axis]: Guidehouse Inc.
Spread		6.25%	[6],[8],[13]	6.25%	[6],[8],[13]	6.25%	[6],[8],[13]	6.25%	[6],[8],[13]	6.25%	[6],[8],[13]	625.00%	[10],[12]	625.00%	[10],[12]	625.00%	[10],[12]	625.00%	[10],[12]	625.00%	[10],[12]
Interest Rate		11.16%	[6],[8],[13]	11.16%	[6],[8],[13]	11.16%	[6],[8],[13]	11.16%	[6],[8],[13]	11.16%	[6],[8],[13]	10.63%	[10],[12]	10.63%	[10],[12]	10.63%	[10],[12]	10.63%	[10],[12]	10.63%	[10],[12]
Par Amount/Units		$ 79,373	[6],[8]									$ 79,573	[10],[12]
Total Investment Portfolio, Amortized Cost		77,964	[6],[8]									78,083	[10],[12]
Total Investment Portfolio, Fair Value		77,399	[6],[8]									76,717	[10],[12]
Investment, Identifier [Axis]: Gusto Aus Bidco Pty Ltd 1
Par Amount/Units				$ 11,982	[5],[6],[7],[8]									$ 11,982	[9],[10],[11],[12]
Total Investment Portfolio, Amortized Cost		(214)	[5],[6],[7],[8]									(224)	[9],[10],[11],[12]
Total Investment Portfolio, Fair Value		$ (42)	[5],[6],[7],[8]									$ (238)	[9],[10],[11],[12]
Investment, Identifier [Axis]: Gusto Aus Bidco Pty Ltd 2
Spread		6.50%	[6],[7],[8],[13]	6.50%	[6],[7],[8],[13]	6.50%	[6],[7],[8],[13]	6.50%	[6],[7],[8],[13]	6.50%	[6],[7],[8],[13]	650.00%	[10],[11],[12]	650.00%	[10],[11],[12]	650.00%	[10],[11],[12]	650.00%	[10],[11],[12]	650.00%	[10],[11],[12]
Interest Rate		10.16%	[6],[7],[8],[13]	10.16%	[6],[7],[8],[13]	10.16%	[6],[7],[8],[13]	10.16%	[6],[7],[8],[13]	10.16%	[6],[7],[8],[13]	10.16%	[10],[11],[12]	10.16%	[10],[11],[12]	10.16%	[10],[11],[12]	10.16%	[10],[11],[12]	10.16%	[10],[11],[12]
Par Amount/Units				$ 118,623	[6],[7],[8]									$ 118,623	[10],[11],[12]
Total Investment Portfolio, Amortized Cost		$ 73,991	[6],[7],[8]									$ 73,889	[10],[11],[12]
Total Investment Portfolio, Fair Value		$ 78,911	[6],[7],[8]									$ 78,441	[10],[11],[12]
Investment, Identifier [Axis]: HUB International Limited
Spread		3.25%	[6],[13]	3.25%	[6],[13]	3.25%	[6],[13]	3.25%	[6],[13]	3.25%	[6],[13]	325.00%	[10]	325.00%	[10]	325.00%	[10]	325.00%	[10]	325.00%	[10]
Interest Rate		8.06%	[6],[13]	8.06%	[6],[13]	8.06%	[6],[13]	8.06%	[6],[13]	8.06%	[6],[13]	7.53%	[10]	7.53%	[10]	7.53%	[10]	7.53%	[10]	7.53%	[10]
Par Amount/Units		$ 21,543	[6]									$ 15,846	[10]
Total Investment Portfolio, Amortized Cost		21,379	[6]									15,733	[10]
Total Investment Portfolio, Fair Value		$ 21,520	[6]									$ 15,725	[10]
Investment, Identifier [Axis]: Helios Software Holdings, Inc.
Spread		3.75%	[13],[25]	3.75%	[13],[25]	3.75%	[13],[25]	3.75%	[13],[25]	3.75%	[13],[25]	375.00%	[26]	375.00%	[26]	375.00%	[26]	375.00%	[26]	375.00%	[26]
Interest Rate		8.66%	[13],[25]	8.66%	[13],[25]	8.66%	[13],[25]	8.66%	[13],[25]	8.66%	[13],[25]	8.48%	[26]	8.48%	[26]	8.48%	[26]	8.48%	[26]	8.48%	[26]
Par Amount/Units		$ 16,670	[25]									$ 16,670	[26]
Total Investment Portfolio, Amortized Cost		16,527	[25]									16,517	[26]
Total Investment Portfolio, Fair Value		$ 16,285	[25]									$ 16,396	[26]
Investment, Identifier [Axis]: Higginbotham Insurance Agency, Inc. 1
Spread		5.25%	[5],[6],[8],[13]	5.25%	[5],[6],[8],[13]	5.25%	[5],[6],[8],[13]	5.25%	[5],[6],[8],[13]	5.25%	[5],[6],[8],[13]	525.00%	[9],[10],[12]	525.00%	[9],[10],[12]	525.00%	[9],[10],[12]	525.00%	[9],[10],[12]	525.00%	[9],[10],[12]
Interest Rate		10.09%	[5],[6],[8],[13]	10.09%	[5],[6],[8],[13]	10.09%	[5],[6],[8],[13]	10.09%	[5],[6],[8],[13]	10.09%	[5],[6],[8],[13]	9.63%	[9],[10],[12]	9.63%	[9],[10],[12]	9.63%	[9],[10],[12]	9.63%	[9],[10],[12]	9.63%	[9],[10],[12]
Par Amount/Units		$ 48	[5],[6],[8]									$ 48	[9],[10],[12]
Total Investment Portfolio, Amortized Cost		30	[5],[6],[8]									20	[9],[10],[12]
Total Investment Portfolio, Fair Value		$ 30	[5],[6],[8]									$ 20	[9],[10],[12]
Investment, Identifier [Axis]: Higginbotham Insurance Agency, Inc. 2
Spread		5.25%	[6],[8],[13]	5.25%	[6],[8],[13]	5.25%	[6],[8],[13]	5.25%	[6],[8],[13]	5.25%	[6],[8],[13]	525.00%	[10],[12]	525.00%	[10],[12]	525.00%	[10],[12]	525.00%	[10],[12]	525.00%	[10],[12]
Interest Rate		10.09%	[6],[8],[13]	10.09%	[6],[8],[13]	10.09%	[6],[8],[13]	10.09%	[6],[8],[13]	10.09%	[6],[8],[13]	9.63%	[10],[12]	9.63%	[10],[12]	9.63%	[10],[12]	9.63%	[10],[12]	9.63%	[10],[12]
Par Amount/Units		$ 9,852	[6],[8]									$ 9,877	[10],[12]
Total Investment Portfolio, Amortized Cost		9,771	[6],[8]									9,788	[10],[12]
Total Investment Portfolio, Fair Value		$ 9,652	[6],[8]									$ 9,744	[10],[12]
Investment, Identifier [Axis]: Houghton Mifflin Harcourt Company
Spread		5.25%	[13],[16]	5.25%	[13],[16]	5.25%	[13],[16]	5.25%	[13],[16]	5.25%	[13],[16]	525.00%	[14],[22]	525.00%	[14],[22]	525.00%	[14],[22]	525.00%	[14],[22]	525.00%	[14],[22]
Interest Rate		10.16%	[13],[16]	10.16%	[13],[16]	10.16%	[13],[16]	10.16%	[13],[16]	10.16%	[13],[16]	9.67%	[14],[22]	9.67%	[14],[22]	9.67%	[14],[22]	9.67%	[14],[22]	9.67%	[14],[22]
Par Amount/Units		$ 29,850	[16]									$ 29,925	[14]
Total Investment Portfolio, Amortized Cost		29,051	[16]									29,090	[14]
Total Investment Portfolio, Fair Value		26,843	[16]									28,550	[14]
Investment, Identifier [Axis]: Huskies Parent, Inc. 1
Par Amount/Units		1,000	[5],[6],[8]									1,000	[9],[10],[12]
Total Investment Portfolio, Amortized Cost		(16)	[5],[6],[8]									(17)	[9],[10],[12]
Total Investment Portfolio, Fair Value		$ (62)	[5],[6],[8]									$ (93)	[9],[10],[12]
Investment, Identifier [Axis]: Huskies Parent, Inc. 2
Spread		5.50%	[5],[6],[8],[13]	5.50%	[5],[6],[8],[13]	5.50%	[5],[6],[8],[13]	5.50%	[5],[6],[8],[13]	5.50%	[5],[6],[8],[13]	550.00%	[9],[10],[12]	550.00%	[9],[10],[12]	550.00%	[9],[10],[12]	550.00%	[9],[10],[12]	550.00%	[9],[10],[12]
Interest Rate		10.66%	[5],[6],[8],[13]	10.66%	[5],[6],[8],[13]	10.66%	[5],[6],[8],[13]	10.66%	[5],[6],[8],[13]	10.66%	[5],[6],[8],[13]	10.23%	[9],[10],[12]	10.23%	[9],[10],[12]	10.23%	[9],[10],[12]	10.23%	[9],[10],[12]	10.23%	[9],[10],[12]
Par Amount/Units		$ 1,000	[5],[6],[8]									$ 1,000	[9],[10],[12]
Total Investment Portfolio, Amortized Cost		691	[5],[6],[8]									690	[9],[10],[12]
Total Investment Portfolio, Fair Value		$ 651	[5],[6],[8]									$ 623	[9],[10],[12]
Investment, Identifier [Axis]: Huskies Parent, Inc. 3
Spread		5.50%	[6],[8],[13]	5.50%	[6],[8],[13]	5.50%	[6],[8],[13]	5.50%	[6],[8],[13]	5.50%	[6],[8],[13]	550.00%	[10],[12]	550.00%	[10],[12]	550.00%	[10],[12]	550.00%	[10],[12]	550.00%	[10],[12]
Interest Rate		10.49%	[6],[8],[13]	10.49%	[6],[8],[13]	10.49%	[6],[8],[13]	10.49%	[6],[8],[13]	10.49%	[6],[8],[13]	10.23%	[10],[12]	10.23%	[10],[12]	10.23%	[10],[12]	10.23%	[10],[12]	10.23%	[10],[12]
Par Amount/Units		$ 25,346	[6],[8]									$ 25,410	[10],[12]
Total Investment Portfolio, Amortized Cost		24,932	[6],[8]									24,974	[10],[12]
Total Investment Portfolio, Fair Value		$ 23,785	[6],[8]									$ 23,040	[10],[12]
Investment, Identifier [Axis]: Hyland Software, Inc.
Spread		3.50%	[6],[13]	3.50%	[6],[13]	3.50%	[6],[13]	3.50%	[6],[13]	3.50%	[6],[13]	350.00%	[10]	350.00%	[10]	350.00%	[10]	350.00%	[10]	350.00%	[10]
Interest Rate		8.34%	[6],[13]	8.34%	[6],[13]	8.34%	[6],[13]	8.34%	[6],[13]	8.34%	[6],[13]	7.88%	[10]	7.88%	[10]	7.88%	[10]	7.88%	[10]	7.88%	[10]
Par Amount/Units		$ 15,544	[6]									$ 15,585	[10]
Total Investment Portfolio, Amortized Cost		15,462	[6]									15,483	[10]
Total Investment Portfolio, Fair Value		$ 15,402	[6]									$ 15,408	[10]
Investment, Identifier [Axis]: Hyve Group PLC
Spread		7.75%	[7],[8],[13],[17],[28]	7.75%	[7],[8],[13],[17],[28]	7.75%	[7],[8],[13],[17],[28]	7.75%	[7],[8],[13],[17],[28]	7.75%	[7],[8],[13],[17],[28]	775.00%	[11],[12],[27],[29]	775.00%	[11],[12],[27],[29]	775.00%	[11],[12],[27],[29]	775.00%	[11],[12],[27],[29]	775.00%	[11],[12],[27],[29]
Interest Rate		11.99%	[7],[8],[13],[17],[28]	11.99%	[7],[8],[13],[17],[28]	11.99%	[7],[8],[13],[17],[28]	11.99%	[7],[8],[13],[17],[28]	11.99%	[7],[8],[13],[17],[28]	11.19%	[11],[12],[27],[29]	11.19%	[11],[12],[27],[29]	11.19%	[11],[12],[27],[29]	11.19%	[11],[12],[27],[29]	11.19%	[11],[12],[27],[29]
Par Amount/Units | £										£ 24,104	[7],[8],[17],[28]									£ 24,104	[11],[12],[27],[29]
Total Investment Portfolio, Amortized Cost		$ 26,093	[7],[8],[17],[28]									$ 26,025	[11],[12],[27],[29]
Total Investment Portfolio, Fair Value		30,196	[7],[8],[17],[28]									$ 28,054	[11],[12],[27],[29]
Investment, Identifier [Axis]: IG Investments Holdings, LLC 1
Spread	[9],[10],[12]											600.00%		600.00%		600.00%		600.00%		600.00%
Interest Rate	[9],[10],[12]											10.39%		10.39%		10.39%		10.39%		10.39%
Par Amount/Units		1,726	[5],[6],[8]									$ 1,726	[9],[10],[12]
Total Investment Portfolio, Amortized Cost		(21)	[5],[6],[8]									668	[9],[10],[12]
Total Investment Portfolio, Fair Value		$ (36)	[5],[6],[8]									$ 638	[9],[10],[12]
Investment, Identifier [Axis]: IG Investments Holdings, LLC 2
Spread		6.00%	[6],[8],[13]	6.00%	[6],[8],[13]	6.00%	[6],[8],[13]	6.00%	[6],[8],[13]	6.00%	[6],[8],[13]	600.00%	[10],[12]	600.00%	[10],[12]	600.00%	[10],[12]	600.00%	[10],[12]	600.00%	[10],[12]
Interest Rate		10.83%	[6],[8],[13]	10.83%	[6],[8],[13]	10.83%	[6],[8],[13]	10.83%	[6],[8],[13]	10.83%	[6],[8],[13]	10.38%	[10],[12]	10.38%	[10],[12]	10.38%	[10],[12]	10.38%	[10],[12]	10.38%	[10],[12]
Par Amount/Units		$ 22,449	[6],[8]									$ 22,506	[10],[12]
Total Investment Portfolio, Amortized Cost		22,152	[6],[8]									22,194	[10],[12]
Total Investment Portfolio, Fair Value		$ 21,948	[6],[8]									$ 21,760	[10],[12]
Investment, Identifier [Axis]: IG Investments Holdings, LLC 3
Spread		6.00%	[6],[8],[13]	6.00%	[6],[8],[13]	6.00%	[6],[8],[13]	6.00%	[6],[8],[13]	6.00%	[6],[8],[13]	600.00%	[10],[12]	600.00%	[10],[12]	600.00%	[10],[12]	600.00%	[10],[12]	600.00%	[10],[12]
Interest Rate		10.83%	[6],[8],[13]	10.83%	[6],[8],[13]	10.83%	[6],[8],[13]	10.83%	[6],[8],[13]	10.83%	[6],[8],[13]	10.38%	[10],[12]	10.38%	[10],[12]	10.38%	[10],[12]	10.38%	[10],[12]	10.38%	[10],[12]
Par Amount/Units		$ 1,852	[6],[8]									$ 1,856	[10],[12]
Total Investment Portfolio, Amortized Cost		1,836	[6],[8]									1,840	[10],[12]
Total Investment Portfolio, Fair Value		$ 1,810	[6],[8]									$ 1,794	[10],[12]
Investment, Identifier [Axis]: IP Operating Portfolio I, LLC 1
Interest Rate		7.88%	[5],[8],[13],[23]	7.88%	[5],[8],[13],[23]	7.88%	[5],[8],[13],[23]	7.88%	[5],[8],[13],[23]	7.88%	[5],[8],[13],[23]	7.88%	[9],[12],[24]	7.88%	[9],[12],[24]	7.88%	[9],[12],[24]	7.88%	[9],[12],[24]	7.88%	[9],[12],[24]
Par Amount/Units		$ 27,428	[5],[8],[23]									$ 27,428	[9],[12],[24]
Total Investment Portfolio, Amortized Cost		12,539	[5],[8],[23]									8,670	[9],[12],[24]
Total Investment Portfolio, Fair Value		12,398	[5],[8],[23]									8,441	[9],[12],[24]
Investment, Identifier [Axis]: IP Operating Portfolio I, LLC 2
Par Amount/Units		2	[8]									2	[12]
Total Investment Portfolio, Amortized Cost		67	[8]									67	[12]
Total Investment Portfolio, Fair Value		$ 184	[8]									$ 198	[12]
Investment, Identifier [Axis]: IRB Holding Corp.
Spread		3.00%	[6],[13]	3.00%	[6],[13]	3.00%	[6],[13]	3.00%	[6],[13]	3.00%	[6],[13]	275.00%	[22],[26]	275.00%	[22],[26]	275.00%	[22],[26]	275.00%	[22],[26]	275.00%	[22],[26]
Interest Rate		7.91%	[6],[13]	7.91%	[6],[13]	7.91%	[6],[13]	7.91%	[6],[13]	7.91%	[6],[13]	7.13%	[22],[26]	7.13%	[22],[26]	7.13%	[22],[26]	7.13%	[22],[26]	7.13%	[22],[26]
Par Amount/Units		$ 9,975	[6]									$ 8,101	[26]
Total Investment Portfolio, Amortized Cost		9,701	[6]									8,044	[26]
Total Investment Portfolio, Fair Value		$ 9,824	[6]									$ 8,042	[26]
Investment, Identifier [Axis]: Illuminate Buyer, LLC
Spread		3.50%	[13],[23]	3.50%	[13],[23]	3.50%	[13],[23]	3.50%	[13],[23]	3.50%	[13],[23]	350.00%	[22],[24]	350.00%	[22],[24]	350.00%	[22],[24]	350.00%	[22],[24]	350.00%	[22],[24]
Interest Rate		8.34%	[13],[23]	8.34%	[13],[23]	8.34%	[13],[23]	8.34%	[13],[23]	8.34%	[13],[23]	7.88%	[22],[24]	7.88%	[22],[24]	7.88%	[22],[24]	7.88%	[22],[24]	7.88%	[22],[24]
Par Amount/Units		$ 12,218	[23]									$ 7,250	[24]
Total Investment Portfolio, Amortized Cost		12,062	[23]									7,226	[24]
Total Investment Portfolio, Fair Value		$ 12,029	[23]									$ 6,960	[24]
Investment, Identifier [Axis]: Integrity Marketing Acquisition LLC 1
Spread		6.02%	[5],[6],[8],[13]	6.02%	[5],[6],[8],[13]	6.02%	[5],[6],[8],[13]	6.02%	[5],[6],[8],[13]	6.02%	[5],[6],[8],[13]	602.00%	[9],[10],[12]	602.00%	[9],[10],[12]	602.00%	[9],[10],[12]	602.00%	[9],[10],[12]	602.00%	[9],[10],[12]
Interest Rate		10.91%	[5],[6],[8],[13]	10.91%	[5],[6],[8],[13]	10.91%	[5],[6],[8],[13]	10.91%	[5],[6],[8],[13]	10.91%	[5],[6],[8],[13]	10.72%	[9],[10],[12]	10.72%	[9],[10],[12]	10.72%	[9],[10],[12]	10.72%	[9],[10],[12]	10.72%	[9],[10],[12]
Par Amount/Units		$ 20,852	[5],[6],[8]									$ 20,895	[9],[10],[12]
Total Investment Portfolio, Amortized Cost		16,704	[5],[6],[8]									16,714	[9],[10],[12]
Total Investment Portfolio, Fair Value		$ 16,566	[5],[6],[8]									$ 16,223	[9],[10],[12]
Investment, Identifier [Axis]: Integrity Marketing Acquisition LLC 2
Spread		6.02%	[6],[8],[13]	6.02%	[6],[8],[13]	6.02%	[6],[8],[13]	6.02%	[6],[8],[13]	6.02%	[6],[8],[13]	602.00%	[10],[12]	602.00%	[10],[12]	602.00%	[10],[12]	602.00%	[10],[12]	602.00%	[10],[12]
Interest Rate		10.97%	[6],[8],[13]	10.97%	[6],[8],[13]	10.97%	[6],[8],[13]	10.97%	[6],[8],[13]	10.97%	[6],[8],[13]	10.03%	[10],[12]	10.03%	[10],[12]	10.03%	[10],[12]	10.03%	[10],[12]	10.03%	[10],[12]
Par Amount/Units		$ 57,401	[6],[8]									$ 57,546	[10],[12]
Total Investment Portfolio, Amortized Cost		56,738	[6],[8]									56,824	[10],[12]
Total Investment Portfolio, Fair Value		$ 56,113	[6],[8]									$ 55,194	[10],[12]
Investment, Identifier [Axis]: Jam City, Inc.
Spread		7.00%	[8],[13],[25]	7.00%	[8],[13],[25]	7.00%	[8],[13],[25]	7.00%	[8],[13],[25]	7.00%	[8],[13],[25]	700.00%	[12],[26]	700.00%	[12],[26]	700.00%	[12],[26]	700.00%	[12],[26]	700.00%	[12],[26]
Interest Rate		12.16%	[8],[13],[25]	12.16%	[8],[13],[25]	12.16%	[8],[13],[25]	12.16%	[8],[13],[25]	12.16%	[8],[13],[25]	11.73%	[12],[26]	11.73%	[12],[26]	11.73%	[12],[26]	11.73%	[12],[26]	11.73%	[12],[26]
Par Amount/Units		$ 2,017	[8],[25]									$ 2,201	[12],[26]
Total Investment Portfolio, Amortized Cost		2,003	[8],[25]									2,183	[12],[26]
Total Investment Portfolio, Fair Value		$ 1,990	[8],[25]									$ 2,148	[12],[26]
Investment, Identifier [Axis]: Jones Deslauriers Insurance Management Inc.
Interest Rate	[7],[13],[23]	8.50%		8.50%		8.50%		8.50%		8.50%
Par Amount/Units	[7],[23]	$ 7,336
Total Investment Portfolio, Amortized Cost	[7],[23]	7,336
Total Investment Portfolio, Fair Value	[7],[23]	$ 7,611
Investment, Identifier [Axis]: Kobalt London Limited 1
Spread		7.00%	[6],[7],[8],[13]	7.00%	[6],[7],[8],[13]	7.00%	[6],[7],[8],[13]	7.00%	[6],[7],[8],[13]	7.00%	[6],[7],[8],[13]	700.00%	[10],[11],[12]	700.00%	[10],[11],[12]	700.00%	[10],[11],[12]	700.00%	[10],[11],[12]	700.00%	[10],[11],[12]
Interest Rate		11.79%	[6],[7],[8],[13]	11.79%	[6],[7],[8],[13]	11.79%	[6],[7],[8],[13]	11.79%	[6],[7],[8],[13]	11.79%	[6],[7],[8],[13]	11.11%	[10],[11],[12]	11.11%	[10],[11],[12]	11.11%	[10],[11],[12]	11.11%	[10],[11],[12]	11.11%	[10],[11],[12]
Par Amount/Units		$ 13,125	[6],[7],[8]									$ 13,125	[10],[11],[12]
Total Investment Portfolio, Amortized Cost		12,908	[6],[7],[8]									12,900	[10],[11],[12]
Total Investment Portfolio, Fair Value		$ 12,693	[6],[7],[8]									$ 12,775	[10],[11],[12]
Investment, Identifier [Axis]: Kobalt London Limited 2
Spread		7.00%	[6],[7],[8],[13]	7.00%	[6],[7],[8],[13]	7.00%	[6],[7],[8],[13]	7.00%	[6],[7],[8],[13]	7.00%	[6],[7],[8],[13]	700.00%	[10],[11],[12]	700.00%	[10],[11],[12]	700.00%	[10],[11],[12]	700.00%	[10],[11],[12]	700.00%	[10],[11],[12]
Interest Rate		12.00%	[6],[7],[8],[13]	12.00%	[6],[7],[8],[13]	12.00%	[6],[7],[8],[13]	12.00%	[6],[7],[8],[13]	12.00%	[6],[7],[8],[13]	11.66%	[10],[11],[12]	11.66%	[10],[11],[12]	11.66%	[10],[11],[12]	11.66%	[10],[11],[12]	11.66%	[10],[11],[12]
Par Amount/Units		$ 13,125	[6],[7],[8]									$ 13,125	[10],[11],[12]
Total Investment Portfolio, Amortized Cost		12,909	[6],[7],[8]									12,896	[10],[11],[12]
Total Investment Portfolio, Fair Value		$ 12,693	[6],[7],[8]									$ 12,775	[10],[11],[12]
Investment, Identifier [Axis]: LHS Borrower, LLC
Spread		4.75%	[13],[16]	4.75%	[13],[16]	4.75%	[13],[16]	4.75%	[13],[16]	4.75%	[13],[16]	475.00%	[14]	475.00%	[14]	475.00%	[14]	475.00%	[14]	475.00%	[14]
Interest Rate		9.56%	[13],[16]	9.56%	[13],[16]	9.56%	[13],[16]	9.56%	[13],[16]	9.56%	[13],[16]	9.17%	[14]	9.17%	[14]	9.17%	[14]	9.17%	[14]	9.17%	[14]
Par Amount/Units		$ 19,413	[16]									$ 21,835	[14]
Total Investment Portfolio, Amortized Cost		19,248	[16]									21,635	[14]
Total Investment Portfolio, Fair Value		$ 15,880	[16]									$ 17,918	[14]
Investment, Identifier [Axis]: LMI Inc/DE
Spread		3.75%	[13],[16]	3.75%	[13],[16]	3.75%	[13],[16]	3.75%	[13],[16]	3.75%	[13],[16]	375.00%	[14]	375.00%	[14]	375.00%	[14]	375.00%	[14]	375.00%	[14]
Interest Rate		8.59%	[13],[16]	8.59%	[13],[16]	8.59%	[13],[16]	8.59%	[13],[16]	8.59%	[13],[16]	8.13%	[14]	8.13%	[14]	8.13%	[14]	8.13%	[14]	8.13%	[14]
Par Amount/Units		$ 14,832	[16]									$ 14,870	[14]
Total Investment Portfolio, Amortized Cost		14,754	[16]									14,784	[14]
Total Investment Portfolio, Fair Value		$ 10,509	[16]									$ 9,383	[14]
Investment, Identifier [Axis]: MB2 Dental Solutions, LLC 1
Spread		6.00%	[8],[13],[25]	6.00%	[8],[13],[25]	6.00%	[8],[13],[25]	6.00%	[8],[13],[25]	6.00%	[8],[13],[25]	600.00%	[12],[26]	600.00%	[12],[26]	600.00%	[12],[26]	600.00%	[12],[26]	600.00%	[12],[26]
Interest Rate		10.91%	[8],[13],[25]	10.91%	[8],[13],[25]	10.91%	[8],[13],[25]	10.91%	[8],[13],[25]	10.91%	[8],[13],[25]	10.42%	[12],[26]	10.42%	[12],[26]	10.42%	[12],[26]	10.42%	[12],[26]	10.42%	[12],[26]
Par Amount/Units		$ 9,097	[8],[25]									$ 9,120	[12],[26]
Total Investment Portfolio, Amortized Cost		8,939	[8],[25]									8,950	[12],[26]
Total Investment Portfolio, Fair Value		$ 8,869	[8],[25]									$ 8,808	[12],[26]
Investment, Identifier [Axis]: MB2 Dental Solutions, LLC 2
Spread		6.00%	[5],[8],[13],[25]	6.00%	[5],[8],[13],[25]	6.00%	[5],[8],[13],[25]	6.00%	[5],[8],[13],[25]	6.00%	[5],[8],[13],[25]	600.00%	[9],[12],[26]	600.00%	[9],[12],[26]	600.00%	[9],[12],[26]	600.00%	[9],[12],[26]	600.00%	[9],[12],[26]
Interest Rate		10.91%	[5],[8],[13],[25]	10.91%	[5],[8],[13],[25]	10.91%	[5],[8],[13],[25]	10.91%	[5],[8],[13],[25]	10.91%	[5],[8],[13],[25]	10.71%	[9],[12],[26]	10.71%	[9],[12],[26]	10.71%	[9],[12],[26]	10.71%	[9],[12],[26]	10.71%	[9],[12],[26]
Par Amount/Units		$ 87,247	[5],[8],[25]									$ 87,403	[9],[12],[26]
Total Investment Portfolio, Amortized Cost		60,500	[5],[8],[25]									37,215	[9],[12],[26]
Total Investment Portfolio, Fair Value		$ 59,785	[5],[8],[25]									$ 35,806	[9],[12],[26]
Investment, Identifier [Axis]: MB2 Dental Solutions, LLC 3
Spread		6.00%	[8],[13],[25]	6.00%	[8],[13],[25]	6.00%	[8],[13],[25]	6.00%	[8],[13],[25]	6.00%	[8],[13],[25]	600.00%	[12],[26]	600.00%	[12],[26]	600.00%	[12],[26]	600.00%	[12],[26]	600.00%	[12],[26]
Interest Rate		10.91%	[8],[13],[25]	10.91%	[8],[13],[25]	10.91%	[8],[13],[25]	10.91%	[8],[13],[25]	10.91%	[8],[13],[25]	10.42%	[12],[26]	10.42%	[12],[26]	10.42%	[12],[26]	10.42%	[12],[26]	10.42%	[12],[26]
Par Amount/Units		$ 25,228	[8],[25]									$ 25,293	[12],[26]
Total Investment Portfolio, Amortized Cost		24,792	[8],[25]									24,823	[12],[26]
Total Investment Portfolio, Fair Value		$ 24,597	[8],[25]									$ 24,429	[12],[26]
Investment, Identifier [Axis]: MPH Acquisition Holdings LLC
Spread		4.25%	[13],[16]	4.25%	[13],[16]	4.25%	[13],[16]	4.25%	[13],[16]	4.25%	[13],[16]	425.00%	[14]	425.00%	[14]	425.00%	[14]	425.00%	[14]	425.00%	[14]
Interest Rate		9.20%	[13],[16]	9.20%	[13],[16]	9.20%	[13],[16]	9.20%	[13],[16]	9.20%	[13],[16]	8.98%	[14]	8.98%	[14]	8.98%	[14]	8.98%	[14]	8.98%	[14]
Par Amount/Units		$ 4,621	[16]									$ 4,633	[14]
Total Investment Portfolio, Amortized Cost		4,511	[16]									4,518	[14]
Total Investment Portfolio, Fair Value		$ 3,971	[16]									$ 3,979	[14]
Investment, Identifier [Axis]: Marble Point CLO XI Ltd
Spread		2.80%	[7],[13],[23]	2.80%	[7],[13],[23]	2.80%	[7],[13],[23]	2.80%	[7],[13],[23]	2.80%	[7],[13],[23]	280.00%	[11],[22],[24]	280.00%	[11],[22],[24]	280.00%	[11],[22],[24]	280.00%	[11],[22],[24]	280.00%	[11],[22],[24]
Interest Rate		7.59%	[7],[13],[23]	7.59%	[7],[13],[23]	7.59%	[7],[13],[23]	7.59%	[7],[13],[23]	7.59%	[7],[13],[23]	6.99%	[11],[22],[24]	6.99%	[11],[22],[24]	6.99%	[11],[22],[24]	6.99%	[11],[22],[24]	6.99%	[11],[22],[24]
Par Amount/Units		$ 1,850	[7],[23]									$ 1,850	[11],[24]
Total Investment Portfolio, Amortized Cost		1,541	[7],[23]									1,534	[11],[24]
Total Investment Portfolio, Fair Value		$ 1,596	[7],[23]									$ 1,580	[11],[24]
Investment, Identifier [Axis]: Marcone Yellowstone Buyer Inc. 1
Spread		6.25%	[8],[13],[18]	6.25%	[8],[13],[18]	6.25%	[8],[13],[18]	6.25%	[8],[13],[18]	6.25%	[8],[13],[18]	625.00%	[12],[19]	625.00%	[12],[19]	625.00%	[12],[19]	625.00%	[12],[19]	625.00%	[12],[19]
Interest Rate		11.29%	[8],[13],[18]	11.29%	[8],[13],[18]	11.29%	[8],[13],[18]	11.29%	[8],[13],[18]	11.29%	[8],[13],[18]	10.98%	[12],[19]	10.98%	[12],[19]	10.98%	[12],[19]	10.98%	[12],[19]	10.98%	[12],[19]
Par Amount/Units		$ 12,043	[8],[18]									$ 12,107	[12],[19]
Total Investment Portfolio, Amortized Cost		11,937	[8],[18]									11,989	[12],[19]
Total Investment Portfolio, Fair Value		$ 11,605	[8],[18]									$ 11,536	[12],[19]
Investment, Identifier [Axis]: Marcone Yellowstone Buyer Inc. 2
Spread		6.25%	[8],[13],[18]	6.25%	[8],[13],[18]	6.25%	[8],[13],[18]	6.25%	[8],[13],[18]	6.25%	[8],[13],[18]	625.00%	[12],[19]	625.00%	[12],[19]	625.00%	[12],[19]	625.00%	[12],[19]	625.00%	[12],[19]
Interest Rate		11.29%	[8],[13],[18]	11.29%	[8],[13],[18]	11.29%	[8],[13],[18]	11.29%	[8],[13],[18]	11.29%	[8],[13],[18]	10.98%	[12],[19]	10.98%	[12],[19]	10.98%	[12],[19]	10.98%	[12],[19]	10.98%	[12],[19]
Par Amount/Units		$ 50,245	[8],[18]									$ 50,373	[12],[19]
Total Investment Portfolio, Amortized Cost		49,576	[8],[18]									49,661	[12],[19]
Total Investment Portfolio, Fair Value		$ 48,419	[8],[18]									$ 47,997	[12],[19]
Investment, Identifier [Axis]: Marcone Yellowstone Buyer Inc. 3
Spread		6.25%	[8],[13],[18]	6.25%	[8],[13],[18]	6.25%	[8],[13],[18]	6.25%	[8],[13],[18]	6.25%	[8],[13],[18]	625.00%	[12],[19]	625.00%	[12],[19]	625.00%	[12],[19]	625.00%	[12],[19]	625.00%	[12],[19]
Interest Rate		11.14%	[8],[13],[18]	11.14%	[8],[13],[18]	11.14%	[8],[13],[18]	11.14%	[8],[13],[18]	11.14%	[8],[13],[18]	10.90%	[12],[19]	10.90%	[12],[19]	10.90%	[12],[19]	10.90%	[12],[19]	10.90%	[12],[19]
Par Amount/Units		$ 4,429	[8],[18]									$ 4,440	[12],[19]
Total Investment Portfolio, Amortized Cost		4,391	[8],[18]									4,399	[12],[19]
Total Investment Portfolio, Fair Value		$ 4,268	[8],[18]									$ 4,231	[12],[19]
Investment, Identifier [Axis]: Marcone Yellowstone Buyer Inc. 4
Spread		6.25%	[8],[13],[18]	6.25%	[8],[13],[18]	6.25%	[8],[13],[18]	6.25%	[8],[13],[18]	6.25%	[8],[13],[18]	625.00%	[12],[19]	625.00%	[12],[19]	625.00%	[12],[19]	625.00%	[12],[19]	625.00%	[12],[19]
Interest Rate		11.29%	[8],[13],[18]	11.29%	[8],[13],[18]	11.29%	[8],[13],[18]	11.29%	[8],[13],[18]	11.29%	[8],[13],[18]	10.98%	[12],[19]	10.98%	[12],[19]	10.98%	[12],[19]	10.98%	[12],[19]	10.98%	[12],[19]
Par Amount/Units		$ 13,329	[8],[18]									$ 13,363	[12],[19]
Total Investment Portfolio, Amortized Cost		13,214	[8],[18]									13,239	[12],[19]
Total Investment Portfolio, Fair Value		$ 12,845	[8],[18]									$ 12,733	[12],[19]
Investment, Identifier [Axis]: Mav Acquisition Corporation
Spread		4.75%	[13],[16]	4.75%	[13],[16]	4.75%	[13],[16]	4.75%	[13],[16]	4.75%	[13],[16]	475.00%	[14]	475.00%	[14]	475.00%	[14]	475.00%	[14]	475.00%	[14]
Interest Rate		9.70%	[13],[16]	9.70%	[13],[16]	9.70%	[13],[16]	9.70%	[13],[16]	9.70%	[13],[16]	8.32%	[14]	8.32%	[14]	8.32%	[14]	8.32%	[14]	8.32%	[14]
Par Amount/Units		$ 13,834	[16]									$ 13,870	[14]
Total Investment Portfolio, Amortized Cost		13,711	[16]									13,742	[14]
Total Investment Portfolio, Fair Value		$ 12,963	[16]									$ 13,094	[14]
Investment, Identifier [Axis]: Mcafee Corp.
Spread		3.75%	[13],[16]	3.75%	[13],[16]	3.75%	[13],[16]	3.75%	[13],[16]	3.75%	[13],[16]	375.00%	[14]	375.00%	[14]	375.00%	[14]	375.00%	[14]	375.00%	[14]
Interest Rate		8.52%	[13],[16]	8.52%	[13],[16]	8.52%	[13],[16]	8.52%	[13],[16]	8.52%	[13],[16]	7.97%	[14]	7.97%	[14]	7.97%	[14]	7.97%	[14]	7.97%	[14]
Par Amount/Units		$ 7,940	[16]									$ 7,960	[14]
Total Investment Portfolio, Amortized Cost		7,909	[16]									7,924	[14]
Total Investment Portfolio, Fair Value		$ 7,489	[16]									$ 7,431	[14]
Investment, Identifier [Axis]: Mckissock Investment Holdings, LLC
Spread		5.00%	[6],[13]	5.00%	[6],[13]	5.00%	[6],[13]	5.00%	[6],[13]	5.00%	[6],[13]	500.00%	[10]	500.00%	[10]	500.00%	[10]	500.00%	[10]	500.00%	[10]
Interest Rate		10.26%	[6],[13]	10.26%	[6],[13]	10.26%	[6],[13]	10.26%	[6],[13]	10.26%	[6],[13]	8.73%	[10]	8.73%	[10]	8.73%	[10]	8.73%	[10]	8.73%	[10]
Par Amount/Units		$ 15,999	[6]									$ 25,440	[10]
Total Investment Portfolio, Amortized Cost		15,861	[6]									25,212	[10]
Total Investment Portfolio, Fair Value		$ 15,426	[6]									$ 23,810	[10]
Investment, Identifier [Axis]: Medallia, Inc.
Spread	[6],[8],[13]	6.50%		6.50%		6.50%		6.50%		6.50%
Interest Rate		11.34%	[6],[8],[13]	11.34%	[6],[8],[13]	11.34%	[6],[8],[13]	11.34%	[6],[8],[13]	11.34%	[6],[8],[13]	10.88%	[10],[12]	10.88%	[10],[12]	10.88%	[10],[12]	10.88%	[10],[12]	10.88%	[10],[12]
Interest Rate, PIK		5.67%	[6],[8],[13]	5.67%	[6],[8],[13]	5.67%	[6],[8],[13]	5.67%	[6],[8],[13]	5.67%	[6],[8],[13]	6.50%	[10],[12]	6.50%	[10],[12]	6.50%	[10],[12]	6.50%	[10],[12]	6.50%	[10],[12]
Par Amount/Units		$ 74,524	[6],[8]									$ 73,495	[10],[12]
Total Investment Portfolio, Amortized Cost		74,524	[6],[8]									73,495	[10],[12]
Total Investment Portfolio, Fair Value		$ 71,804	[6],[8]									$ 69,997	[10],[12]
Investment, Identifier [Axis]: Medline Borrower, LP
Spread		3.25%	[13],[16]	3.25%	[13],[16]	3.25%	[13],[16]	3.25%	[13],[16]	3.25%	[13],[16]	325.00%	[14]	325.00%	[14]	325.00%	[14]	325.00%	[14]	325.00%	[14]
Interest Rate		8.09%	[13],[16]	8.09%	[13],[16]	8.09%	[13],[16]	8.09%	[13],[16]	8.09%	[13],[16]	7.63%	[14]	7.63%	[14]	7.63%	[14]	7.63%	[14]	7.63%	[14]
Par Amount/Units		$ 19,798	[16]									$ 19,848	[14]
Total Investment Portfolio, Amortized Cost		19,608	[16]									19,644	[14]
Total Investment Portfolio, Fair Value		$ 19,329	[16]									$ 18,897	[14]
Investment, Identifier [Axis]: Meriplex Communications, Ltd 1
Spread		5.00%	[5],[6],[8],[13]	5.00%	[5],[6],[8],[13]	5.00%	[5],[6],[8],[13]	5.00%	[5],[6],[8],[13]	5.00%	[5],[6],[8],[13]	500.00%	[9],[10],[12],[22]	500.00%	[9],[10],[12],[22]	500.00%	[9],[10],[12],[22]	500.00%	[9],[10],[12],[22]	500.00%	[9],[10],[12],[22]
Interest Rate		9.86%	[5],[6],[8],[13]	9.86%	[5],[6],[8],[13]	9.86%	[5],[6],[8],[13]	9.86%	[5],[6],[8],[13]	9.86%	[5],[6],[8],[13]	9.42%	[9],[10],[12],[22]	9.42%	[9],[10],[12],[22]	9.42%	[9],[10],[12],[22]	9.42%	[9],[10],[12],[22]	9.42%	[9],[10],[12],[22]
Par Amount/Units		$ 4,947	[5],[6],[8]									$ 4,952	[9],[10],[12]
Total Investment Portfolio, Amortized Cost		1,266	[5],[6],[8]									1,268	[9],[10],[12]
Total Investment Portfolio, Fair Value		$ 1,212	[5],[6],[8]									$ 1,163	[9],[10],[12]
Investment, Identifier [Axis]: Meriplex Communications, Ltd 2
Spread		5.00%	[5],[6],[8],[13]	5.00%	[5],[6],[8],[13]	5.00%	[5],[6],[8],[13]	5.00%	[5],[6],[8],[13]	5.00%	[5],[6],[8],[13]	500.00%	[9],[10],[12],[22]	500.00%	[9],[10],[12],[22]	500.00%	[9],[10],[12],[22]	500.00%	[9],[10],[12],[22]	500.00%	[9],[10],[12],[22]
Interest Rate		9.86%	[5],[6],[8],[13]	9.86%	[5],[6],[8],[13]	9.86%	[5],[6],[8],[13]	9.86%	[5],[6],[8],[13]	9.86%	[5],[6],[8],[13]	9.42%	[9],[10],[12],[22]	9.42%	[9],[10],[12],[22]	9.42%	[9],[10],[12],[22]	9.42%	[9],[10],[12],[22]	9.42%	[9],[10],[12],[22]
Par Amount/Units		$ 1,143	[5],[6],[8]									$ 1,143	[9],[10],[12]
Total Investment Portfolio, Amortized Cost		518	[5],[6],[8]									98	[9],[10],[12]
Total Investment Portfolio, Fair Value		$ 506	[5],[6],[8]									$ 74	[9],[10],[12]
Investment, Identifier [Axis]: Meriplex Communications, Ltd 3
Spread		5.00%	[6],[8],[13]	5.00%	[6],[8],[13]	5.00%	[6],[8],[13]	5.00%	[6],[8],[13]	5.00%	[6],[8],[13]	500.00%	[10],[12],[22]	500.00%	[10],[12],[22]	500.00%	[10],[12],[22]	500.00%	[10],[12],[22]	500.00%	[10],[12],[22]
Interest Rate		9.86%	[6],[8],[13]	9.86%	[6],[8],[13]	9.86%	[6],[8],[13]	9.86%	[6],[8],[13]	9.86%	[6],[8],[13]	9.42%	[10],[12],[22]	9.42%	[10],[12],[22]	9.42%	[10],[12],[22]	9.42%	[10],[12],[22]	9.42%	[10],[12],[22]
Par Amount/Units		$ 13,855	[6],[8]									$ 13,905	[10],[12]
Total Investment Portfolio, Amortized Cost		13,668	[6],[8]									13,706	[10],[12]
Total Investment Portfolio, Fair Value		$ 13,521	[6],[8]									$ 13,416	[10],[12]
Investment, Identifier [Axis]: Mitchell International, Inc.
Spread		3.75%	[13],[16]	3.75%	[13],[16]	3.75%	[13],[16]	3.75%	[13],[16]	3.75%	[13],[16]	375.00%	[14]	375.00%	[14]	375.00%	[14]	375.00%	[14]	375.00%	[14]
Interest Rate		8.50%	[13],[16]	8.50%	[13],[16]	8.50%	[13],[16]	8.50%	[13],[16]	8.50%	[13],[16]	8.41%	[14]	8.41%	[14]	8.41%	[14]	8.41%	[14]	8.41%	[14]
Par Amount/Units		$ 19,739	[16]									$ 19,788	[14]
Total Investment Portfolio, Amortized Cost		19,434	[16]									19,464	[14]
Total Investment Portfolio, Fair Value		$ 18,712	[16]									$ 18,294	[14]
Investment, Identifier [Axis]: Monroe Capital MML CLO XIV LLC
Spread		10.02%	[7],[13],[23]	10.02%	[7],[13],[23]	10.02%	[7],[13],[23]	10.02%	[7],[13],[23]	10.02%	[7],[13],[23]	1002.00%	[11],[22],[24]	1002.00%	[11],[22],[24]	1002.00%	[11],[22],[24]	1002.00%	[11],[22],[24]	1002.00%	[11],[22],[24]
Interest Rate		14.08%	[7],[13],[23]	14.08%	[7],[13],[23]	14.08%	[7],[13],[23]	14.08%	[7],[13],[23]	14.08%	[7],[13],[23]	14.08%	[11],[22],[24]	14.08%	[11],[22],[24]	14.08%	[11],[22],[24]	14.08%	[11],[22],[24]	14.08%	[11],[22],[24]
Par Amount/Units		$ 2,500	[7],[23]									$ 2,500	[11],[24]
Total Investment Portfolio, Amortized Cost		2,332	[7],[23]									2,328	[11],[24]
Total Investment Portfolio, Fair Value		2,375	[7],[23]									2,345	[11],[24]
Investment, Identifier [Axis]: NBG Acquisition Corp. 1
Par Amount/Units		952	[5],[6],[8]									952	[9],[10],[12]
Total Investment Portfolio, Amortized Cost		(11)	[5],[6],[8]									(12)	[9],[10],[12]
Total Investment Portfolio, Fair Value		(37)	[5],[6],[8]									(67)	[9],[10],[12]
Investment, Identifier [Axis]: NBG Acquisition Corp. 2
Par Amount/Units		18,760	[5],[6],[8]									18,760	[9],[10],[12]
Total Investment Portfolio, Amortized Cost		(245)	[5],[6],[8]									(256)	[9],[10],[12]
Total Investment Portfolio, Fair Value		$ (720)	[5],[6],[8]									$ (1,319)	[9],[10],[12]
Investment, Identifier [Axis]: NBG Acquisition Corp. 3
Spread		5.25%	[5],[6],[8],[13]	5.25%	[5],[6],[8],[13]	5.25%	[5],[6],[8],[13]	5.25%	[5],[6],[8],[13]	5.25%	[5],[6],[8],[13]	525.00%	[9],[10],[12]	525.00%	[9],[10],[12]	525.00%	[9],[10],[12]	525.00%	[9],[10],[12]	525.00%	[9],[10],[12]
Interest Rate		10.30%	[5],[6],[8],[13]	10.30%	[5],[6],[8],[13]	10.30%	[5],[6],[8],[13]	10.30%	[5],[6],[8],[13]	10.30%	[5],[6],[8],[13]	9.66%	[9],[10],[12]	9.66%	[9],[10],[12]	9.66%	[9],[10],[12]	9.66%	[9],[10],[12]	9.66%	[9],[10],[12]
Par Amount/Units		$ 2,876	[5],[6],[8]									$ 2,876	[9],[10],[12]
Total Investment Portfolio, Amortized Cost		1,666	[5],[6],[8]									1,415	[9],[10],[12]
Total Investment Portfolio, Fair Value		$ 1,654	[5],[6],[8]									$ 1,316	[9],[10],[12]
Investment, Identifier [Axis]: NBG Acquisition Corp. 4
Spread		5.25%	[6],[8],[13]	5.25%	[6],[8],[13]	5.25%	[6],[8],[13]	5.25%	[6],[8],[13]	5.25%	[6],[8],[13]	525.00%	[10],[12]	525.00%	[10],[12]	525.00%	[10],[12]	525.00%	[10],[12]	525.00%	[10],[12]
Interest Rate		10.08%	[6],[8],[13]	10.08%	[6],[8],[13]	10.08%	[6],[8],[13]	10.08%	[6],[8],[13]	10.08%	[6],[8],[13]	9.66%	[10],[12]	9.66%	[10],[12]	9.66%	[10],[12]	9.66%	[10],[12]	9.66%	[10],[12]
Par Amount/Units		$ 21,498	[6],[8]									$ 21,553	[10],[12]
Total Investment Portfolio, Amortized Cost		21,365	[6],[8]									21,407	[10],[12]
Total Investment Portfolio, Fair Value		$ 20,674	[6],[8]									$ 20,038	[10],[12]
Investment, Identifier [Axis]: New Era Technology, Inc.
Spread		6.25%	[8],[13],[25]	6.25%	[8],[13],[25]	6.25%	[8],[13],[25]	6.25%	[8],[13],[25]	6.25%	[8],[13],[25]	625.00%	[12],[26]	625.00%	[12],[26]	625.00%	[12],[26]	625.00%	[12],[26]	625.00%	[12],[26]
Interest Rate		11.08%	[8],[13],[25]	11.08%	[8],[13],[25]	11.08%	[8],[13],[25]	11.08%	[8],[13],[25]	11.08%	[8],[13],[25]	10.66%	[12],[26]	10.66%	[12],[26]	10.66%	[12],[26]	10.66%	[12],[26]	10.66%	[12],[26]
Par Amount/Units		$ 19,798	[8],[25]									$ 19,849	[12],[26]
Total Investment Portfolio, Amortized Cost		19,798	[8],[25]									19,849	[12],[26]
Total Investment Portfolio, Fair Value		19,256	[8],[25]									19,128	[12],[26]
Investment, Identifier [Axis]: Nexus Intermediate III, LLC 1
Par Amount/Units		300	[5],[6],[8]									300	[9],[10],[12]
Total Investment Portfolio, Amortized Cost		(4)	[5],[6],[8]									(4)	[9],[10],[12]
Total Investment Portfolio, Fair Value		$ 0	[5],[6],[8]									$ (3)	[9],[10],[12]
Investment, Identifier [Axis]: Nexus Intermediate III, LLC 2
Spread		5.25%	[6],[8],[13]	5.25%	[6],[8],[13]	5.25%	[6],[8],[13]	5.25%	[6],[8],[13]	5.25%	[6],[8],[13]	550.00%	[10],[12],[22]	550.00%	[10],[12],[22]	550.00%	[10],[12],[22]	550.00%	[10],[12],[22]	550.00%	[10],[12],[22]
Interest Rate		10.82%	[6],[8],[13]	10.82%	[6],[8],[13]	10.82%	[6],[8],[13]	10.82%	[6],[8],[13]	10.82%	[6],[8],[13]	10.22%	[10],[12],[22]	10.22%	[10],[12],[22]	10.22%	[10],[12],[22]	10.22%	[10],[12],[22]	10.22%	[10],[12],[22]
Par Amount/Units		$ 1,073	[6],[8]									$ 1,176	[10],[12]
Total Investment Portfolio, Amortized Cost		1,058	[6],[8]									1,159	[10],[12]
Total Investment Portfolio, Fair Value		$ 1,073	[6],[8]									$ 1,165	[10],[12]
Investment, Identifier [Axis]: OCP CLO 2017-14 Ltd
Spread		6.80%	[7],[13],[23]	6.80%	[7],[13],[23]	6.80%	[7],[13],[23]	6.80%	[7],[13],[23]	6.80%	[7],[13],[23]	680.00%	[11],[22],[24]	680.00%	[11],[22],[24]	680.00%	[11],[22],[24]	680.00%	[11],[22],[24]	680.00%	[11],[22],[24]
Interest Rate		11.43%	[7],[13],[23]	11.43%	[7],[13],[23]	11.43%	[7],[13],[23]	11.43%	[7],[13],[23]	11.43%	[7],[13],[23]	10.66%	[11],[22],[24]	10.66%	[11],[22],[24]	10.66%	[11],[22],[24]	10.66%	[11],[22],[24]	10.66%	[11],[22],[24]
Par Amount/Units		$ 1,469	[7],[23]									$ 1,469	[11],[24]
Total Investment Portfolio, Amortized Cost		1,276	[7],[23]									1,273	[11],[24]
Total Investment Portfolio, Fair Value		$ 1,342	[7],[23]									$ 1,326	[11],[24]
Investment, Identifier [Axis]: OEG Borrower LLC
Spread		500.00%	[8],[13],[16]	500.00%	[8],[13],[16]	500.00%	[8],[13],[16]	500.00%	[8],[13],[16]	500.00%	[8],[13],[16]	500.00%	[12],[14]	500.00%	[12],[14]	500.00%	[12],[14]	500.00%	[12],[14]	500.00%	[12],[14]
Interest Rate		9.84%	[8],[13],[16]	9.84%	[8],[13],[16]	9.84%	[8],[13],[16]	9.84%	[8],[13],[16]	9.84%	[8],[13],[16]	9.60%	[12],[14]	9.60%	[12],[14]	9.60%	[12],[14]	9.60%	[12],[14]	9.60%	[12],[14]
Par Amount/Units		$ 39,800	[8],[16]									$ 39,900	[12],[14]
Total Investment Portfolio, Amortized Cost		38,346	[8],[16]									38,393	[12],[14]
Total Investment Portfolio, Fair Value		$ 39,402	[8],[16]									$ 39,002	[12],[14]
Investment, Identifier [Axis]: Oil Changer Holding Corporation 1
Spread		6.75%	[8],[13],[25]	6.75%	[8],[13],[25]	6.75%	[8],[13],[25]	6.75%	[8],[13],[25]	6.75%	[8],[13],[25]	675.00%	[12],[22],[26]	675.00%	[12],[22],[26]	675.00%	[12],[22],[26]	675.00%	[12],[22],[26]	675.00%	[12],[22],[26]
Interest Rate		12.10%	[8],[13],[25]	12.10%	[8],[13],[25]	12.10%	[8],[13],[25]	12.10%	[8],[13],[25]	12.10%	[8],[13],[25]	11.47%	[12],[22],[26]	11.47%	[12],[22],[26]	11.47%	[12],[22],[26]	11.47%	[12],[22],[26]	11.47%	[12],[22],[26]
Par Amount/Units		$ 40,908	[8],[25]									$ 41,012	[12],[26]
Total Investment Portfolio, Amortized Cost		40,571	[8],[25]									40,646	[12],[26]
Total Investment Portfolio, Fair Value		$ 40,070	[8],[25]									$ 39,813	[12],[26]
Investment, Identifier [Axis]: Oil Changer Holding Corporation 2
Spread		6.75%	[8],[13],[25]	6.75%	[8],[13],[25]	6.75%	[8],[13],[25]	6.75%	[8],[13],[25]	6.75%	[8],[13],[25]	675.00%	[12],[22],[26]	675.00%	[12],[22],[26]	675.00%	[12],[22],[26]	675.00%	[12],[22],[26]	675.00%	[12],[22],[26]
Interest Rate		12.10%	[8],[13],[25]	12.10%	[8],[13],[25]	12.10%	[8],[13],[25]	12.10%	[8],[13],[25]	12.10%	[8],[13],[25]	11.47%	[12],[22],[26]	11.47%	[12],[22],[26]	11.47%	[12],[22],[26]	11.47%	[12],[22],[26]	11.47%	[12],[22],[26]
Par Amount/Units		$ 8,589	[8],[25]									$ 8,611	[12],[26]
Total Investment Portfolio, Amortized Cost		8,520	[8],[25]									8,535	[12],[26]
Total Investment Portfolio, Fair Value		$ 8,413	[8],[25]									$ 8,359	[12],[26]
Investment, Identifier [Axis]: Onedigital Borrower LLC
Spread		4.25%	[13],[16]	4.25%	[13],[16]	4.25%	[13],[16]	4.25%	[13],[16]	4.25%	[13],[16]	425.00%	[14]	425.00%	[14]	425.00%	[14]	425.00%	[14]	425.00%	[14]
Interest Rate		9.16%	[13],[16]	9.16%	[13],[16]	9.16%	[13],[16]	9.16%	[13],[16]	9.16%	[13],[16]	8.49%	[14]	8.49%	[14]	8.49%	[14]	8.49%	[14]	8.49%	[14]
Par Amount/Units		$ 5,925	[16]									$ 5,940	[14]
Total Investment Portfolio, Amortized Cost		5,916	[16]									5,928	[14]
Total Investment Portfolio, Fair Value		$ 5,718	[16]									$ 5,628	[14]
Investment, Identifier [Axis]: Oneteam Partners, LLC
Spread		5.75%	[6],[8],[13]	5.75%	[6],[8],[13]	5.75%	[6],[8],[13]	5.75%	[6],[8],[13]	5.75%	[6],[8],[13]	575.00%	[10],[12]	575.00%	[10],[12]	575.00%	[10],[12]	575.00%	[10],[12]	575.00%	[10],[12]
Interest Rate		10.88%	[6],[8],[13]	10.88%	[6],[8],[13]	10.88%	[6],[8],[13]	10.88%	[6],[8],[13]	10.88%	[6],[8],[13]	9.41%	[10],[12]	9.41%	[10],[12]	9.41%	[10],[12]	9.41%	[10],[12]	9.41%	[10],[12]
Par Amount/Units		$ 74,813	[6],[8]									$ 75,000	[10],[12]
Total Investment Portfolio, Amortized Cost		73,428	[6],[8]									73,554	[10],[12]
Total Investment Portfolio, Fair Value		74,813	[6],[8]									$ 72,467	[10],[12]
Investment, Identifier [Axis]: Oneteam Partners, LLC - Preferred Shares
Interest Rate	[12],[22],[27]											8.00%		8.00%		8.00%		8.00%		8.00%
Par Amount/Units		1,000	[8],[17]									$ 1,000	[12],[27]
Total Investment Portfolio, Amortized Cost		1,000	[8],[17]									1,000	[12],[27]
Total Investment Portfolio, Fair Value		$ 1,055	[8],[17]									$ 1,064	[12],[27]
Investment, Identifier [Axis]: Openmarket Inc.
Spread		6.25%	[6],[7],[13]	6.25%	[6],[7],[13]	6.25%	[6],[7],[13]	6.25%	[6],[7],[13]	6.25%	[6],[7],[13]	625.00%	[10],[11],[12],[22]	625.00%	[10],[11],[12],[22]	625.00%	[10],[11],[12],[22]	625.00%	[10],[11],[12],[22]	625.00%	[10],[11],[12],[22]
Interest Rate		11.41%	[6],[7],[13]	11.41%	[6],[7],[13]	11.41%	[6],[7],[13]	11.41%	[6],[7],[13]	11.41%	[6],[7],[13]	10.98%	[10],[11],[12],[22]	10.98%	[10],[11],[12],[22]	10.98%	[10],[11],[12],[22]	10.98%	[10],[11],[12],[22]	10.98%	[10],[11],[12],[22]
Par Amount/Units		$ 4,925	[6],[7]									$ 4,938	[10],[11],[12]
Total Investment Portfolio, Amortized Cost		4,835	[6],[7]									4,841	[10],[11],[12]
Total Investment Portfolio, Fair Value		4,833	[6],[7]									$ 4,714	[10],[11],[12]
Investment, Identifier [Axis]: Oranje Holdco, Inc. 1
Par Amount/Units	[5],[8],[25]	4,657
Total Investment Portfolio, Amortized Cost	[5],[8],[25]	(113)
Total Investment Portfolio, Fair Value	[5],[8],[25]	$ (113)
Investment, Identifier [Axis]: Oranje Holdco, Inc. 2
Spread	[8],[13],[25]	7.75%		7.75%		7.75%		7.75%		7.75%
Interest Rate	[8],[13],[25]	12.43%		12.43%		12.43%		12.43%		12.43%
Par Amount/Units	[8],[25]	$ 33,837
Total Investment Portfolio, Amortized Cost	[8],[25]	33,024
Total Investment Portfolio, Fair Value	[8],[25]	$ 33,014
Investment, Identifier [Axis]: PCP CW Aggregator Holdings II, L.P.
Spread		7.25%	[7],[8],[13],[25]	7.25%	[7],[8],[13],[25]	7.25%	[7],[8],[13],[25]	7.25%	[7],[8],[13],[25]	7.25%	[7],[8],[13],[25]	725.00%	[11],[12],[26]	725.00%	[11],[12],[26]	725.00%	[11],[12],[26]	725.00%	[11],[12],[26]	725.00%	[11],[12],[26]
Interest Rate		12.69%	[7],[8],[13],[25]	12.69%	[7],[8],[13],[25]	12.69%	[7],[8],[13],[25]	12.69%	[7],[8],[13],[25]	12.69%	[7],[8],[13],[25]	8.35%	[11],[12],[26]	8.35%	[11],[12],[26]	8.35%	[11],[12],[26]	8.35%	[11],[12],[26]	8.35%	[11],[12],[26]
Par Amount/Units		$ 18,186	[7],[8],[25]									$ 18,186	[11],[12],[26]
Total Investment Portfolio, Amortized Cost		17,900	[7],[8],[25]									17,877	[11],[12],[26]
Total Investment Portfolio, Fair Value		$ 17,599	[7],[8],[25]									$ 17,431	[11],[12],[26]
Investment, Identifier [Axis]: PECF USS Intermediate Holding III Corporation
Spread		4.25%	[13],[16]	4.25%	[13],[16]	4.25%	[13],[16]	4.25%	[13],[16]	4.25%	[13],[16]	425.00%	[14],[22]	425.00%	[14],[22]	425.00%	[14],[22]	425.00%	[14],[22]	425.00%	[14],[22]
Interest Rate		9.09%	[13],[16]	9.09%	[13],[16]	9.09%	[13],[16]	9.09%	[13],[16]	9.09%	[13],[16]	8.63%	[14],[22]	8.63%	[14],[22]	8.63%	[14],[22]	8.63%	[14],[22]	8.63%	[14],[22]
Par Amount/Units		$ 14,825	[16]									$ 14,862	[14]
Total Investment Portfolio, Amortized Cost		14,749	[16]									14,781	[14]
Total Investment Portfolio, Fair Value		12,560	[16]									12,448	[14]
Investment, Identifier [Axis]: PPV Intermediate Holdings, LLC 1
Par Amount/Units		4,770	[5],[6],[8]									13,671	[9],[10],[12]
Total Investment Portfolio, Amortized Cost		(11)	[5],[6],[8]									(138)	[9],[10],[12]
Total Investment Portfolio, Fair Value		$ (124)	[5],[6],[8]									$ (520)	[9],[10],[12]
Investment, Identifier [Axis]: PPV Intermediate Holdings, LLC 2
Spread		5.75%	[6],[8],[13]	5.75%	[6],[8],[13]	5.75%	[6],[8],[13]	5.75%	[6],[8],[13]	5.75%	[6],[8],[13]	575.00%	[10],[12]	575.00%	[10],[12]	575.00%	[10],[12]	575.00%	[10],[12]	575.00%	[10],[12]
Interest Rate		10.88%	[6],[8],[13]	10.88%	[6],[8],[13]	10.88%	[6],[8],[13]	10.88%	[6],[8],[13]	10.88%	[6],[8],[13]	9.01%	[10],[12]	9.01%	[10],[12]	9.01%	[10],[12]	9.01%	[10],[12]	9.01%	[10],[12]
Par Amount/Units		$ 111,286	[6],[8]									$ 102,385	[10],[12]
Total Investment Portfolio, Amortized Cost		109,344	[6],[8]									100,472	[10],[12]
Total Investment Portfolio, Fair Value		108,391	[6],[8]									$ 98,488	[10],[12]
Investment, Identifier [Axis]: PPV Intermediate Holdings, LLC 3
Spread	[9],[10],[12]											575.00%		575.00%		575.00%		575.00%		575.00%
Interest Rate	[9],[10],[12]											10.07%		10.07%		10.07%		10.07%		10.07%
Par Amount/Units		8,721	[5],[6],[8]									$ 8,721	[9],[10],[12]
Total Investment Portfolio, Amortized Cost		(22)	[5],[6],[8]									2,268	[9],[10],[12]
Total Investment Portfolio, Fair Value		(227)	[5],[6],[8]									2,023	[9],[10],[12]
Investment, Identifier [Axis]: PTSH Intermediate Holdings, LLC 1
Par Amount/Units		3,953	[5],[6],[8]									3,953	[9],[10],[12]
Total Investment Portfolio, Amortized Cost		(68)	[5],[6],[8]									(72)	[9],[10],[12]
Total Investment Portfolio, Fair Value		$ (217)	[5],[6],[8]									$ (261)	[9],[10],[12]
Investment, Identifier [Axis]: PTSH Intermediate Holdings, LLC 2
Spread		5.75%	[6],[8],[13]	5.75%	[6],[8],[13]	5.75%	[6],[8],[13]	5.75%	[6],[8],[13]	5.75%	[6],[8],[13]	575.00%	[10],[12]	575.00%	[10],[12]	575.00%	[10],[12]	575.00%	[10],[12]	575.00%	[10],[12]
Interest Rate		10.91%	[6],[8],[13]	10.91%	[6],[8],[13]	10.91%	[6],[8],[13]	10.91%	[6],[8],[13]	10.91%	[6],[8],[13]	10.48%	[10],[12]	10.48%	[10],[12]	10.48%	[10],[12]	10.48%	[10],[12]	10.48%	[10],[12]
Par Amount/Units		$ 20,837	[6],[8]									$ 20,889	[10],[12]
Total Investment Portfolio, Amortized Cost		20,500	[6],[8]									20,531	[10],[12]
Total Investment Portfolio, Fair Value		$ 19,693	[6],[8]									$ 19,509	[10],[12]
Investment, Identifier [Axis]: Patriot Growth Insurance Services, LLC 1
Spread		5.75%	[5],[6],[8],[13]	5.75%	[5],[6],[8],[13]	5.75%	[5],[6],[8],[13]	5.75%	[5],[6],[8],[13]	5.75%	[5],[6],[8],[13]	575.00%	[9],[10],[12]	575.00%	[9],[10],[12]	575.00%	[9],[10],[12]	575.00%	[9],[10],[12]	575.00%	[9],[10],[12]
Interest Rate		10.89%	[5],[6],[8],[13]	10.89%	[5],[6],[8],[13]	10.89%	[5],[6],[8],[13]	10.89%	[5],[6],[8],[13]	10.89%	[5],[6],[8],[13]	10.47%	[9],[10],[12]	10.47%	[9],[10],[12]	10.47%	[9],[10],[12]	10.47%	[9],[10],[12]	10.47%	[9],[10],[12]
Par Amount/Units		$ 18,286	[5],[6],[8]									$ 18,297	[9],[10],[12]
Total Investment Portfolio, Amortized Cost		4,010	[5],[6],[8]									976	[9],[10],[12]
Total Investment Portfolio, Fair Value		4,025	[5],[6],[8]									814	[9],[10],[12]
Investment, Identifier [Axis]: Patriot Growth Insurance Services, LLC 2
Par Amount/Units		822	[5],[6],[8]									822	[9],[10],[12]
Total Investment Portfolio, Amortized Cost		(13)	[5],[6],[8]									(14)	[9],[10],[12]
Total Investment Portfolio, Fair Value		$ (14)	[5],[6],[8]									$ (22)	[9],[10],[12]
Investment, Identifier [Axis]: Patriot Growth Insurance Services, LLC 3
Spread		5.50%	[6],[8],[13]	5.50%	[6],[8],[13]	5.50%	[6],[8],[13]	5.50%	[6],[8],[13]	5.50%	[6],[8],[13]	550.00%	[10],[12]	550.00%	[10],[12]	550.00%	[10],[12]	550.00%	[10],[12]	550.00%	[10],[12]
Interest Rate		10.33%	[6],[8],[13]	10.33%	[6],[8],[13]	10.33%	[6],[8],[13]	10.33%	[6],[8],[13]	10.33%	[6],[8],[13]	8.56%	[10],[12]	8.56%	[10],[12]	8.56%	[10],[12]	8.56%	[10],[12]	8.56%	[10],[12]
Par Amount/Units		$ 7,242	[6],[8]									$ 7,260	[10],[12]
Total Investment Portfolio, Amortized Cost		7,121	[6],[8]									7,133	[10],[12]
Total Investment Portfolio, Fair Value		$ 7,119	[6],[8]									$ 7,061	[10],[12]
Investment, Identifier [Axis]: Pediatric Associates Holding Company, LLC 1
Spread		3.25%	[5],[13],[16]	3.25%	[5],[13],[16]	3.25%	[5],[13],[16]	3.25%	[5],[13],[16]	3.25%	[5],[13],[16]	325.00%	[9],[14]	325.00%	[9],[14]	325.00%	[9],[14]	325.00%	[9],[14]	325.00%	[9],[14]
Interest Rate		8.09%	[5],[13],[16]	8.09%	[5],[13],[16]	8.09%	[5],[13],[16]	8.09%	[5],[13],[16]	8.09%	[5],[13],[16]	7.63%	[9],[14]	7.63%	[9],[14]	7.63%	[9],[14]	7.63%	[9],[14]	7.63%	[9],[14]
Par Amount/Units		$ 1,027	[5],[16]									$ 1,029	[9],[14]
Total Investment Portfolio, Amortized Cost		868	[5],[16]									508	[9],[14]
Total Investment Portfolio, Fair Value		$ 852	[5],[16]									$ 463	[9],[14]
Investment, Identifier [Axis]: Pediatric Associates Holding Company, LLC 2
Spread		3.25%	[13],[16]	3.25%	[13],[16]	3.25%	[13],[16]	3.25%	[13],[16]	3.25%	[13],[16]	325.00%	[14]	325.00%	[14]	325.00%	[14]	325.00%	[14]	325.00%	[14]
Interest Rate		8.09%	[13],[16]	8.09%	[13],[16]	8.09%	[13],[16]	8.09%	[13],[16]	8.09%	[13],[16]	7.63%	[14]	7.63%	[14]	7.63%	[14]	7.63%	[14]	7.63%	[14]
Par Amount/Units		$ 6,749	[16]									$ 6,766	[14]
Total Investment Portfolio, Amortized Cost		6,723	[16]									6,737	[14]
Total Investment Portfolio, Fair Value		$ 6,616	[16]									$ 6,442	[14]
Investment, Identifier [Axis]: Peraton Inc.
Spread		3.75%	[6],[13]	3.75%	[6],[13]	3.75%	[6],[13]	3.75%	[6],[13]	3.75%	[6],[13]	375.00%	[10]	375.00%	[10]	375.00%	[10]	375.00%	[10]	375.00%	[10]
Interest Rate		8.59%	[6],[13]	8.59%	[6],[13]	8.59%	[6],[13]	8.59%	[6],[13]	8.59%	[6],[13]	8.13%	[10]	8.13%	[10]	8.13%	[10]	8.13%	[10]	8.13%	[10]
Par Amount/Units		$ 8,694	[6]									$ 3,717	[10]
Total Investment Portfolio, Amortized Cost		8,590	[6]									3,719	[10]
Total Investment Portfolio, Fair Value		$ 8,604	[6]									$ 3,636	[10]
Investment, Identifier [Axis]: Perforce Software, Inc.
Spread		4.50%	[8],[13],[16]	4.50%	[8],[13],[16]	4.50%	[8],[13],[16]	4.50%	[8],[13],[16]	4.50%	[8],[13],[16]	450.00%	[12],[14]	450.00%	[12],[14]	450.00%	[12],[14]	450.00%	[12],[14]	450.00%	[12],[14]
Interest Rate		9.31%	[8],[13],[16]	9.31%	[8],[13],[16]	9.31%	[8],[13],[16]	9.31%	[8],[13],[16]	9.31%	[8],[13],[16]	8.82%	[12],[14]	8.82%	[12],[14]	8.82%	[12],[14]	8.82%	[12],[14]	8.82%	[12],[14]
Par Amount/Units		$ 19,850	[8],[16]									$ 19,900	[12],[14]
Total Investment Portfolio, Amortized Cost		19,447	[8],[16]									19,464	[12],[14]
Total Investment Portfolio, Fair Value		$ 19,239	[8],[16]									$ 19,105	[12],[14]
Investment, Identifier [Axis]: PerkinElmer U.S. LLC
Spread	[8],[13],[25]	6.75%		6.75%		6.75%		6.75%		6.75%
Interest Rate	[8],[13],[25]	11.86%		11.86%		11.86%		11.86%		11.86%
Par Amount/Units	[8],[25]	$ 112,630
Total Investment Portfolio, Amortized Cost	[8],[25]	108,666
Total Investment Portfolio, Fair Value	[8],[25]	$ 109,279
Investment, Identifier [Axis]: Petsmart LLC
Spread		3.75%	[6],[13]	3.75%	[6],[13]	3.75%	[6],[13]	3.75%	[6],[13]	3.75%	[6],[13]	375.00%	[10]	375.00%	[10]	375.00%	[10]	375.00%	[10]	375.00%	[10]
Interest Rate		8.66%	[6],[13]	8.66%	[6],[13]	8.66%	[6],[13]	8.66%	[6],[13]	8.66%	[6],[13]	8.13%	[10]	8.13%	[10]	8.13%	[10]	8.13%	[10]	8.13%	[10]
Par Amount/Units		$ 10,524	[6]									$ 10,550	[10]
Total Investment Portfolio, Amortized Cost		10,460	[6]									10,481	[10]
Total Investment Portfolio, Fair Value		$ 10,456	[6]									$ 10,356	[10]
Investment, Identifier [Axis]: Petvet Care Centers LLC
Spread		3.50%	[6],[13]	3.50%	[6],[13]	3.50%	[6],[13]	3.50%	[6],[13]	3.50%	[6],[13]	350.00%	[10]	350.00%	[10]	350.00%	[10]	350.00%	[10]	350.00%	[10]
Interest Rate		8.34%	[6],[13]	8.34%	[6],[13]	8.34%	[6],[13]	8.34%	[6],[13]	8.34%	[6],[13]	7.88%	[10]	7.88%	[10]	7.88%	[10]	7.88%	[10]	7.88%	[10]
Par Amount/Units		$ 7,703	[6]									$ 7,723	[10]
Total Investment Portfolio, Amortized Cost		7,658	[6]									7,670	[10]
Total Investment Portfolio, Fair Value		$ 7,456	[6]									$ 7,282	[10]
Investment, Identifier [Axis]: Phoenix Newco Inc
Spread		3.25%	[13],[16]	3.25%	[13],[16]	3.25%	[13],[16]	3.25%	[13],[16]	3.25%	[13],[16]	325.00%	[14]	325.00%	[14]	325.00%	[14]	325.00%	[14]	325.00%	[14]
Interest Rate		8.09%	[13],[16]	8.09%	[13],[16]	8.09%	[13],[16]	8.09%	[13],[16]	8.09%	[13],[16]	7.63%	[14]	7.63%	[14]	7.63%	[14]	7.63%	[14]	7.63%	[14]
Par Amount/Units		$ 17,701	[16]									$ 17,746	[14]
Total Investment Portfolio, Amortized Cost		17,589	[16]									17,624	[14]
Total Investment Portfolio, Fair Value		17,528	[16]									$ 17,130	[14]
Investment, Identifier [Axis]: Picard Holdco, Inc. - Preferred Shares 1
Interest Rate	[12],[14],[22]											16.59%		16.59%		16.59%		16.59%		16.59%
Interest Rate, PIK	[12],[14],[22]											12.00%		12.00%		12.00%		12.00%		12.00%
Par Amount/Units		1,000	[8],[16]									$ 1,000	[12],[14]
Total Investment Portfolio, Amortized Cost		970	[8],[16]									970	[12],[14]
Total Investment Portfolio, Fair Value		1,072	[8],[16]									$ 1,012	[12],[14]
Investment, Identifier [Axis]: Picard Holdco, Inc. - Preferred Shares 2
Interest Rate	[12],[14],[22]											16.59%		16.59%		16.59%		16.59%		16.59%
Interest Rate, PIK	[12],[14],[22]											12.00%		12.00%		12.00%		12.00%		12.00%
Par Amount/Units		30	[8],[16]									$ 30	[12],[14]
Total Investment Portfolio, Amortized Cost		30	[8],[16]									30	[12],[14]
Total Investment Portfolio, Fair Value		33	[8],[16]									32	[12],[14]
Investment, Identifier [Axis]: Ping Identity Holding Corp. 1
Par Amount/Units		6,068	[5],[6],[8]									6,068	[9],[10],[12]
Total Investment Portfolio, Amortized Cost		(142)	[5],[6],[8]									(147)	[9],[10],[12]
Total Investment Portfolio, Fair Value		$ (128)	[5],[6],[8]									$ (147)	[9],[10],[12]
Investment, Identifier [Axis]: Ping Identity Holding Corp. 2
Spread		7.00%	[6],[8],[13]	7.00%	[6],[8],[13]	7.00%	[6],[8],[13]	7.00%	[6],[8],[13]	7.00%	[6],[8],[13]	700.00%	[10],[12]	700.00%	[10],[12]	700.00%	[10],[12]	700.00%	[10],[12]	700.00%	[10],[12]
Interest Rate		11.76%	[6],[8],[13]	11.76%	[6],[8],[13]	11.76%	[6],[8],[13]	11.76%	[6],[8],[13]	11.76%	[6],[8],[13]	11.32%	[10],[12]	11.32%	[10],[12]	11.32%	[10],[12]	11.32%	[10],[12]	11.32%	[10],[12]
Par Amount/Units		$ 59,003	[6],[8]									$ 59,003	[10],[12]
Total Investment Portfolio, Amortized Cost		57,597	[6],[8]									57,538	[10],[12]
Total Investment Portfolio, Fair Value		$ 57,759	[6],[8]									$ 57,571	[10],[12]
Investment, Identifier [Axis]: Pinnacle Fertility, Inc. 1
Spread		5.50%	[5],[6],[8],[13]	5.50%	[5],[6],[8],[13]	5.50%	[5],[6],[8],[13]	5.50%	[5],[6],[8],[13]	5.50%	[5],[6],[8],[13]	450.00%	[9],[10],[12]	450.00%	[9],[10],[12]	450.00%	[9],[10],[12]	450.00%	[9],[10],[12]	450.00%	[9],[10],[12]
Interest Rate		10.55%	[5],[6],[8],[13]	10.55%	[5],[6],[8],[13]	10.55%	[5],[6],[8],[13]	10.55%	[5],[6],[8],[13]	10.55%	[5],[6],[8],[13]	9.23%	[9],[10],[12]	9.23%	[9],[10],[12]	9.23%	[9],[10],[12]	9.23%	[9],[10],[12]	9.23%	[9],[10],[12]
Par Amount/Units		$ 12,453	[5],[6],[8]									$ 12,477	[9],[10],[12]
Total Investment Portfolio, Amortized Cost		9,122	[5],[6],[8]									9,131	[9],[10],[12]
Total Investment Portfolio, Fair Value		$ 9,088	[5],[6],[8]									$ 8,979	[9],[10],[12]
Investment, Identifier [Axis]: Pinnacle Fertility, Inc. 2
Spread		5.50%	[6],[8],[13]	5.50%	[6],[8],[13]	5.50%	[6],[8],[13]	5.50%	[6],[8],[13]	5.50%	[6],[8],[13]	450.00%	[10],[12]	450.00%	[10],[12]	450.00%	[10],[12]	450.00%	[10],[12]	450.00%	[10],[12]
Interest Rate		10.55%	[6],[8],[13]	10.55%	[6],[8],[13]	10.55%	[6],[8],[13]	10.55%	[6],[8],[13]	10.55%	[6],[8],[13]	9.23%	[10],[12]	9.23%	[10],[12]	9.23%	[10],[12]	9.23%	[10],[12]	9.23%	[10],[12]
Par Amount/Units		$ 27,225	[6],[8]									$ 27,294	[10],[12]
Total Investment Portfolio, Amortized Cost		26,769	[6],[8]									26,811	[10],[12]
Total Investment Portfolio, Fair Value		26,699	[6],[8]									26,479	[10],[12]
Investment, Identifier [Axis]: Planet US Buyer LLC 1
Par Amount/Units	[5],[6],[8]	8,024
Total Investment Portfolio, Amortized Cost	[5],[6],[8]	(233)
Total Investment Portfolio, Fair Value	[5],[6],[8]	$ (233)
Investment, Identifier [Axis]: Planet US Buyer LLC 2
Spread	[6],[8],[13]	6.75%		6.75%		6.75%		6.75%		6.75%
Interest Rate	[6],[8],[13]	11.43%		11.43%		11.43%		11.43%		11.43%
Par Amount/Units	[6],[8]	$ 83,862
Total Investment Portfolio, Amortized Cost	[6],[8]	81,431
Total Investment Portfolio, Fair Value	[6],[8]	81,404
Investment, Identifier [Axis]: Plasma Buyer LLC 1
Par Amount/Units		22,070	[5],[6],[8]									22,070	[9],[10],[12]
Total Investment Portfolio, Amortized Cost		(386)	[5],[6],[8]									(401)	[9],[10],[12]
Total Investment Portfolio, Fair Value		(775)	[5],[6],[8]									(1,040)	[9],[10],[12]
Investment, Identifier [Axis]: Plasma Buyer LLC 2
Par Amount/Units		9,458	[5],[6],[8]									9,458	[9],[10],[12]
Total Investment Portfolio, Amortized Cost		(161)	[5],[6],[8]									(169)	[9],[10],[12]
Total Investment Portfolio, Fair Value		$ (308)	[5],[6],[8]									$ (411)	[9],[10],[12]
Investment, Identifier [Axis]: Plasma Buyer LLC 3
Spread		5.75%	[6],[8],[13]	5.75%	[6],[8],[13]	5.75%	[6],[8],[13]	5.75%	[6],[8],[13]	5.75%	[6],[8],[13]	575.00%	[10],[12]	575.00%	[10],[12]	575.00%	[10],[12]	575.00%	[10],[12]	575.00%	[10],[12]
Interest Rate		10.65%	[6],[8],[13]	10.65%	[6],[8],[13]	10.65%	[6],[8],[13]	10.65%	[6],[8],[13]	10.65%	[6],[8],[13]	10.07%	[10],[12]	10.07%	[10],[12]	10.07%	[10],[12]	10.07%	[10],[12]	10.07%	[10],[12]
Par Amount/Units		$ 84,700	[6],[8]									$ 84,912	[10],[12]
Total Investment Portfolio, Amortized Cost		83,170	[6],[8]									83,305	[10],[12]
Total Investment Portfolio, Fair Value		$ 81,717	[6],[8]									$ 80,912	[10],[12]
Investment, Identifier [Axis]: Polyconcept North America Holdings, Inc.
Spread		5.50%	[6],[13]	5.50%	[6],[13]	5.50%	[6],[13]	5.50%	[6],[13]	5.50%	[6],[13]	550.00%	[10],[22]	550.00%	[10],[22]	550.00%	[10],[22]	550.00%	[10],[22]	550.00%	[10],[22]
Interest Rate		10.31%	[6],[13]	10.31%	[6],[13]	10.31%	[6],[13]	10.31%	[6],[13]	10.31%	[6],[13]	10.08%	[10],[22]	10.08%	[10],[22]	10.08%	[10],[22]	10.08%	[10],[22]	10.08%	[10],[22]
Par Amount/Units		$ 23,184	[6]									$ 23,242	[10]
Total Investment Portfolio, Amortized Cost		22,766	[6]									22,806	[10]
Total Investment Portfolio, Fair Value		22,821	[6]									$ 21,818	[10]
Investment, Identifier [Axis]: Power Stop LLC
Spread	[14],[22]											475.00%		475.00%		475.00%		475.00%		475.00%
Interest Rate	[14],[22]											9.48%		9.48%		9.48%		9.48%		9.48%
Par Amount/Units	[14]											$ 19,273
Total Investment Portfolio, Amortized Cost	[14]											19,102
Total Investment Portfolio, Fair Value	[14]											13,491
Investment, Identifier [Axis]: Prism Parent Co., Inc. 1
Par Amount/Units		10,833	[5],[6],[8]									10,833	[9],[10],[12]
Total Investment Portfolio, Amortized Cost		(206)	[5],[6],[8]									(215)	[9],[10],[12]
Total Investment Portfolio, Fair Value		$ (230)	[5],[6],[8]									$ (348)	[9],[10],[12]
Investment, Identifier [Axis]: Prism Parent Co., Inc. 2
Spread		6.00%	[6],[8],[13]	6.00%	[6],[8],[13]	6.00%	[6],[8],[13]	6.00%	[6],[8],[13]	6.00%	[6],[8],[13]	600.00%	[10],[12]	600.00%	[10],[12]	600.00%	[10],[12]	600.00%	[10],[12]	600.00%	[10],[12]
Interest Rate		10.69%	[6],[8],[13]	10.69%	[6],[8],[13]	10.69%	[6],[8],[13]	10.69%	[6],[8],[13]	10.69%	[6],[8],[13]	10.32%	[10],[12]	10.32%	[10],[12]	10.32%	[10],[12]	10.32%	[10],[12]	10.32%	[10],[12]
Par Amount/Units		$ 43,117	[6],[8]									$ 43,225	[10],[12]
Total Investment Portfolio, Amortized Cost		42,327	[6],[8]									42,391	[10],[12]
Total Investment Portfolio, Fair Value		$ 42,202	[6],[8]									$ 41,837	[10],[12]
Investment, Identifier [Axis]: Project Alpha Intermediate Holding, Inc.
Spread		4.00%	[13],[23]	4.00%	[13],[23]	4.00%	[13],[23]	4.00%	[13],[23]	4.00%	[13],[23]	400.00%	[24]	400.00%	[24]	400.00%	[24]	400.00%	[24]	400.00%	[24]
Interest Rate		8.85%	[13],[23]	8.85%	[13],[23]	8.85%	[13],[23]	8.85%	[13],[23]	8.85%	[13],[23]	8.39%	[24]	8.39%	[24]	8.39%	[24]	8.39%	[24]	8.39%	[24]
Par Amount/Units		$ 8,660	[23]									$ 8,682	[24]
Total Investment Portfolio, Amortized Cost		8,600	[23]									8,606	[24]
Total Investment Portfolio, Fair Value		$ 8,620	[23]									$ 8,491	[24]
Investment, Identifier [Axis]: Project Ruby Ultimate Parent Corp
Spread		3.25%	[6],[13]	3.25%	[6],[13]	3.25%	[6],[13]	3.25%	[6],[13]	3.25%	[6],[13]	325.00%	[10]	325.00%	[10]	325.00%	[10]	325.00%	[10]	325.00%	[10]
Interest Rate		8.09%	[6],[13]	8.09%	[6],[13]	8.09%	[6],[13]	8.09%	[6],[13]	8.09%	[6],[13]	7.63%	[10]	7.63%	[10]	7.63%	[10]	7.63%	[10]	7.63%	[10]
Par Amount/Units		$ 10,342	[6]									$ 7,368	[10]
Total Investment Portfolio, Amortized Cost		10,239	[6]									7,361	[10]
Total Investment Portfolio, Fair Value		$ 9,979	[6]									$ 6,983	[10]
Investment, Identifier [Axis]: Puma Buyer LLC
Spread		5.50%	[8],[13],[16]	5.50%	[8],[13],[16]	5.50%	[8],[13],[16]	5.50%	[8],[13],[16]	5.50%	[8],[13],[16]	550.00%	[12],[14]	550.00%	[12],[14]	550.00%	[12],[14]	550.00%	[12],[14]	550.00%	[12],[14]
Interest Rate		10.50%	[8],[13],[16]	10.50%	[8],[13],[16]	10.50%	[8],[13],[16]	10.50%	[8],[13],[16]	10.50%	[8],[13],[16]	10.18%	[12],[14]	10.18%	[12],[14]	10.18%	[12],[14]	10.18%	[12],[14]	10.18%	[12],[14]
Par Amount/Units		$ 61,845	[8],[16]									$ 62,000	[12],[14]
Total Investment Portfolio, Amortized Cost		57,821	[8],[16]									57,841	[12],[14]
Total Investment Portfolio, Fair Value		$ 61,265	[8],[16]									$ 60,711	[12],[14]
Investment, Identifier [Axis]: Quail Buyer, Inc.
Spread		5.25%	[6],[8],[13]	5.25%	[6],[8],[13]	5.25%	[6],[8],[13]	5.25%	[6],[8],[13]	5.25%	[6],[8],[13]	525.00%	[10],[12]	525.00%	[10],[12]	525.00%	[10],[12]	525.00%	[10],[12]	525.00%	[10],[12]
Interest Rate		10.18%	[6],[8],[13]	10.18%	[6],[8],[13]	10.18%	[6],[8],[13]	10.18%	[6],[8],[13]	10.18%	[6],[8],[13]	10.18%	[10],[12]	10.18%	[10],[12]	10.18%	[10],[12]	10.18%	[10],[12]	10.18%	[10],[12]
Par Amount/Units		$ 7,368	[6],[8]									$ 7,444	[10],[12]
Total Investment Portfolio, Amortized Cost		7,253	[6],[8]									7,320	[10],[12]
Total Investment Portfolio, Fair Value		$ 7,206	[6],[8]									$ 7,343	[10],[12]
Investment, Identifier [Axis]: Quasar Intermediate Holdings Ltd
Spread		4.25%	[13],[16]	4.25%	[13],[16]	4.25%	[13],[16]	4.25%	[13],[16]	4.25%	[13],[16]	425.00%	[14]	425.00%	[14]	425.00%	[14]	425.00%	[14]	425.00%	[14]
Interest Rate		9.08%	[13],[16]	9.08%	[13],[16]	9.08%	[13],[16]	9.08%	[13],[16]	9.08%	[13],[16]	8.49%	[14]	8.49%	[14]	8.49%	[14]	8.49%	[14]	8.49%	[14]
Par Amount/Units		$ 13,930	[16]									$ 13,965	[14]
Total Investment Portfolio, Amortized Cost		13,819	[16]									13,846	[14]
Total Investment Portfolio, Fair Value		$ 11,442	[16]									$ 10,836	[14]
Investment, Identifier [Axis]: RSC Acquisition, Inc. 1
Spread		5.50%	[5],[6],[8],[13]	5.50%	[5],[6],[8],[13]	5.50%	[5],[6],[8],[13]	5.50%	[5],[6],[8],[13]	5.50%	[5],[6],[8],[13]	550.00%	[9],[10],[12]	550.00%	[9],[10],[12]	550.00%	[9],[10],[12]	550.00%	[9],[10],[12]	550.00%	[9],[10],[12]
Interest Rate		10.55%	[5],[6],[8],[13]	10.55%	[5],[6],[8],[13]	10.55%	[5],[6],[8],[13]	10.55%	[5],[6],[8],[13]	10.55%	[5],[6],[8],[13]	10.23%	[9],[10],[12]	10.23%	[9],[10],[12]	10.23%	[9],[10],[12]	10.23%	[9],[10],[12]	10.23%	[9],[10],[12]
Par Amount/Units		$ 20,968	[5],[6],[8]									$ 29,453	[9],[10],[12]
Total Investment Portfolio, Amortized Cost		1,948	[5],[6],[8]									884	[9],[10],[12]
Total Investment Portfolio, Fair Value		$ 1,726	[5],[6],[8]									$ 395	[9],[10],[12]
Investment, Identifier [Axis]: RSC Acquisition, Inc. 2
Spread		5.50%	[6],[8],[13]	5.50%	[6],[8],[13]	5.50%	[6],[8],[13]	5.50%	[6],[8],[13]	5.50%	[6],[8],[13]	550.00%	[10],[12]	550.00%	[10],[12]	550.00%	[10],[12]	550.00%	[10],[12]	550.00%	[10],[12]
Interest Rate		10.54%	[6],[8],[13]	10.54%	[6],[8],[13]	10.54%	[6],[8],[13]	10.54%	[6],[8],[13]	10.54%	[6],[8],[13]	10.05%	[10],[12]	10.05%	[10],[12]	10.05%	[10],[12]	10.05%	[10],[12]	10.05%	[10],[12]
Par Amount/Units		$ 18,958	[6],[8]									$ 10,521	[10],[12]
Total Investment Portfolio, Amortized Cost		18,803	[6],[8]									10,421	[10],[12]
Total Investment Portfolio, Fair Value		$ 18,615	[6],[8]									10,241	[10],[12]
Investment, Identifier [Axis]: RSC Acquisition, Inc. 3
Spread	[5],[6],[8],[13]	5.50%		5.50%		5.50%		5.50%		5.50%
Interest Rate	[5],[6],[8],[13]	10.68%		10.68%		10.68%		10.68%		10.68%
Par Amount/Units		$ 467	[5],[6],[8]									467	[9],[10],[12]
Total Investment Portfolio, Amortized Cost		288	[5],[6],[8]									0	[9],[10],[12]
Total Investment Portfolio, Fair Value		$ 280	[5],[6],[8]									$ (12)	[9],[10],[12]
Investment, Identifier [Axis]: RSC Acquisition, Inc. 4
Spread		5.50%	[6],[8],[13]	5.50%	[6],[8],[13]	5.50%	[6],[8],[13]	5.50%	[6],[8],[13]	5.50%	[6],[8],[13]	550.00%	[10],[12]	550.00%	[10],[12]	550.00%	[10],[12]	550.00%	[10],[12]	550.00%	[10],[12]
Interest Rate		10.33%	[6],[8],[13]	10.33%	[6],[8],[13]	10.33%	[6],[8],[13]	10.33%	[6],[8],[13]	10.33%	[6],[8],[13]	9.74%	[10],[12]	9.74%	[10],[12]	9.74%	[10],[12]	9.74%	[10],[12]	9.74%	[10],[12]
Par Amount/Units		$ 14,385	[6],[8]									$ 14,422	[10],[12]
Total Investment Portfolio, Amortized Cost		14,385	[6],[8]									14,422	[10],[12]
Total Investment Portfolio, Fair Value		$ 14,124	[6],[8]									$ 14,038	[10],[12]
Investment, Identifier [Axis]: Radiate Holdco LLC
Spread		3.25%	[6],[13]	3.25%	[6],[13]	3.25%	[6],[13]	3.25%	[6],[13]	3.25%	[6],[13]	325.00%	[10],[22]	325.00%	[10],[22]	325.00%	[10],[22]	325.00%	[10],[22]	325.00%	[10],[22]
Interest Rate		8.09%	[6],[13]	8.09%	[6],[13]	8.09%	[6],[13]	8.09%	[6],[13]	8.09%	[6],[13]	7.63%	[10],[22]	7.63%	[10],[22]	7.63%	[10],[22]	7.63%	[10],[22]	7.63%	[10],[22]
Par Amount/Units		$ 14,842	[6]									$ 14,880	[10]
Total Investment Portfolio, Amortized Cost		14,786	[6]									14,815	[10]
Total Investment Portfolio, Fair Value		$ 12,206	[6]									12,156	[10]
Investment, Identifier [Axis]: Radwell Parent, LLC 1
Spread	[5],[6],[8],[13]	6.75%		6.75%		6.75%		6.75%		6.75%
Interest Rate	[5],[6],[8],[13]	11.56%		11.56%		11.56%		11.56%		11.56%
Par Amount/Units		$ 13,271	[5],[6],[8]									13,271	[9],[10],[12]
Total Investment Portfolio, Amortized Cost		1,396	[5],[6],[8]									(392)	[9],[10],[12]
Total Investment Portfolio, Fair Value		$ 1,512	[5],[6],[8]									$ (392)	[9],[10],[12]
Investment, Identifier [Axis]: Radwell Parent, LLC 2
Spread		6.75%	[6],[8],[13]	6.75%	[6],[8],[13]	6.75%	[6],[8],[13]	6.75%	[6],[8],[13]	6.75%	[6],[8],[13]	675.00%	[10],[12]	675.00%	[10],[12]	675.00%	[10],[12]	675.00%	[10],[12]	675.00%	[10],[12]
Interest Rate		11.65%	[6],[8],[13]	11.65%	[6],[8],[13]	11.65%	[6],[8],[13]	11.65%	[6],[8],[13]	11.65%	[6],[8],[13]	11.33%	[10],[12]	11.33%	[10],[12]	11.33%	[10],[12]	11.33%	[10],[12]	11.33%	[10],[12]
Par Amount/Units		$ 154,989	[6],[8]									$ 155,378	[10],[12]
Total Investment Portfolio, Amortized Cost		150,602	[6],[8]									150,756	[10],[12]
Total Investment Portfolio, Fair Value		$ 152,117	[6],[8]									$ 150,777	[10],[12]
Investment, Identifier [Axis]: Regency Entertainment (USA), Inc.
Spread		6.75%	[8],[13],[25]	6.75%	[8],[13],[25]	6.75%	[8],[13],[25]	6.75%	[8],[13],[25]	6.75%	[8],[13],[25]	675.00%	[12],[26]	675.00%	[12],[26]	675.00%	[12],[26]	675.00%	[12],[26]	675.00%	[12],[26]
Interest Rate		11.44%	[8],[13],[25]	11.44%	[8],[13],[25]	11.44%	[8],[13],[25]	11.44%	[8],[13],[25]	11.44%	[8],[13],[25]	11.13%	[12],[26]	11.13%	[12],[26]	11.13%	[12],[26]	11.13%	[12],[26]	11.13%	[12],[26]
Par Amount/Units		$ 30,000	[8],[25]									$ 30,000	[12],[26]
Total Investment Portfolio, Amortized Cost		29,763	[8],[25]									29,737	[12],[26]
Total Investment Portfolio, Fair Value		$ 29,502	[8],[25]									$ 29,286	[12],[26]
Investment, Identifier [Axis]: Renaissance Financiere
Spread		7.00%	[5],[7],[8],[13],[23]	7.00%	[5],[7],[8],[13],[23]	7.00%	[5],[7],[8],[13],[23]	7.00%	[5],[7],[8],[13],[23]	7.00%	[5],[7],[8],[13],[23]	700.00%	[9],[11],[12],[24]	700.00%	[9],[11],[12],[24]	700.00%	[9],[11],[12],[24]	700.00%	[9],[11],[12],[24]	700.00%	[9],[11],[12],[24]
Interest Rate		9.50%	[5],[7],[8],[13],[23]	9.50%	[5],[7],[8],[13],[23]	9.50%	[5],[7],[8],[13],[23]	9.50%	[5],[7],[8],[13],[23]	9.50%	[5],[7],[8],[13],[23]	8.56%	[9],[11],[12],[24]	8.56%	[9],[11],[12],[24]	8.56%	[9],[11],[12],[24]	8.56%	[9],[11],[12],[24]	8.56%	[9],[11],[12],[24]
Par Amount/Units | €								€ 34,871	[5],[7],[8],[23]									€ 34,871	[9],[11],[12],[24]
Total Investment Portfolio, Amortized Cost		$ 24,544	[5],[7],[8],[23]									$ 24,513	[9],[11],[12],[24]
Total Investment Portfolio, Fair Value		$ 25,903	[5],[7],[8],[23]									25,139	[9],[11],[12],[24]
Investment, Identifier [Axis]: Renaissance Holding Corp.
Spread	[13],[23]	3.25%		3.25%		3.25%		3.25%		3.25%
Interest Rate	[13],[23]	8.09%		8.09%		8.09%		8.09%		8.09%
Par Amount/Units	[23]	$ 4,996
Total Investment Portfolio, Amortized Cost	[23]	4,846
Total Investment Portfolio, Fair Value	[23]	4,867
Investment, Identifier [Axis]: Riley Mergeco LLC 1
Par Amount/Units		456	[5],[8],[25]									456	[9],[12],[26]
Total Investment Portfolio, Amortized Cost		(9)	[5],[8],[25]									(9)	[9],[12],[26]
Total Investment Portfolio, Fair Value		(19)	[5],[8],[25]									(23)	[9],[12],[26]
Investment, Identifier [Axis]: Riley Mergeco LLC 2
Par Amount/Units		304	[5],[8],[25]									304	[9],[12],[26]
Total Investment Portfolio, Amortized Cost		(6)	[5],[8],[25]									(6)	[9],[12],[26]
Total Investment Portfolio, Fair Value		$ (12)	[5],[8],[25]									$ (15)	[9],[12],[26]
Investment, Identifier [Axis]: Riley Mergeco LLC 3
Spread		6.00%	[8],[13],[25]	6.00%	[8],[13],[25]	6.00%	[8],[13],[25]	6.00%	[8],[13],[25]	6.00%	[8],[13],[25]	6.00%	[12],[26]	6.00%	[12],[26]	6.00%	[12],[26]	6.00%	[12],[26]	6.00%	[12],[26]
Interest Rate		10.84%	[8],[13],[25]	10.84%	[8],[13],[25]	10.84%	[8],[13],[25]	10.84%	[8],[13],[25]	10.84%	[8],[13],[25]	10.38%	[12],[26]	10.38%	[12],[26]	10.38%	[12],[26]	10.38%	[12],[26]	10.38%	[12],[26]
Interest Rate, PIK		2.75%	[8],[13],[25]	2.75%	[8],[13],[25]	2.75%	[8],[13],[25]	2.75%	[8],[13],[25]	2.75%	[8],[13],[25]	2.75%	[12],[26]	2.75%	[12],[26]	2.75%	[12],[26]	2.75%	[12],[26]	2.75%	[12],[26]
Par Amount/Units		$ 1,780	[8],[25]									$ 1,701	[12],[26]
Total Investment Portfolio, Amortized Cost		1,748	[8],[25]									1,667	[12],[26]
Total Investment Portfolio, Fair Value		$ 1,708	[8],[25]									$ 1,615	[12],[26]
Investment, Identifier [Axis]: Rocket Software, Inc.
Spread		4.25%	[13],[23]	4.25%	[13],[23]	4.25%	[13],[23]	4.25%	[13],[23]	4.25%	[13],[23]	425.00%	[24]	425.00%	[24]	425.00%	[24]	425.00%	[24]	425.00%	[24]
Interest Rate		9.09%	[13],[23]	9.09%	[13],[23]	9.09%	[13],[23]	9.09%	[13],[23]	9.09%	[13],[23]	8.63%	[24]	8.63%	[24]	8.63%	[24]	8.63%	[24]	8.63%	[24]
Par Amount/Units		$ 11,254	[23]									$ 11,283	[24]
Total Investment Portfolio, Amortized Cost		11,085	[23]									11,096	[24]
Total Investment Portfolio, Fair Value		$ 11,072	[23]									10,876	[24]
Investment, Identifier [Axis]: Roper Industrial Products Investment Co
Spread	[13],[16]	4.50%		4.50%		4.50%		4.50%		4.50%
Interest Rate	[13],[16]	9.40%		9.40%		9.40%		9.40%		9.40%
Par Amount/Units	[16]	$ 18,180
Total Investment Portfolio, Amortized Cost	[16]	17,552
Total Investment Portfolio, Fair Value	[16]	$ 18,069
Investment, Identifier [Axis]: Royal Buyer, LLC 1
Spread	[5],[6],[8],[13]	6.00%		6.00%		6.00%		6.00%		6.00%
Interest Rate	[5],[6],[8],[13]	10.87%		10.87%		10.87%		10.87%		10.87%
Par Amount/Units		$ 9,000	[5],[6],[8]									9,000	[9],[10],[12]
Total Investment Portfolio, Amortized Cost		355	[5],[6],[8]									(170)	[9],[10],[12]
Total Investment Portfolio, Fair Value		$ 472	[5],[6],[8]									$ (321)	[9],[10],[12]
Investment, Identifier [Axis]: Royal Buyer, LLC 2
Spread		6.00%	[5],[6],[8],[13]	6.00%	[5],[6],[8],[13]	6.00%	[5],[6],[8],[13]	6.00%	[5],[6],[8],[13]	6.00%	[5],[6],[8],[13]	600.00%	[9],[10],[12]	600.00%	[9],[10],[12]	600.00%	[9],[10],[12]	600.00%	[9],[10],[12]	600.00%	[9],[10],[12]
Interest Rate		10.70%	[5],[6],[8],[13]	10.70%	[5],[6],[8],[13]	10.70%	[5],[6],[8],[13]	10.70%	[5],[6],[8],[13]	10.70%	[5],[6],[8],[13]	10.40%	[9],[10],[12]	10.40%	[9],[10],[12]	10.40%	[9],[10],[12]	10.40%	[9],[10],[12]	10.40%	[9],[10],[12]
Par Amount/Units		$ 7,000	[5],[6],[8]									$ 7,000	[9],[10],[12]
Total Investment Portfolio, Amortized Cost		1,507	[5],[6],[8]									1,501	[9],[10],[12]
Total Investment Portfolio, Fair Value		$ 1,598	[5],[6],[8]									$ 1,383	[9],[10],[12]
Investment, Identifier [Axis]: Royal Buyer, LLC 3
Spread		6.00%	[6],[8],[13]	6.00%	[6],[8],[13]	6.00%	[6],[8],[13]	6.00%	[6],[8],[13]	6.00%	[6],[8],[13]	600.00%	[10],[12]	600.00%	[10],[12]	600.00%	[10],[12]	600.00%	[10],[12]	600.00%	[10],[12]
Interest Rate		10.70%	[6],[8],[13]	10.70%	[6],[8],[13]	10.70%	[6],[8],[13]	10.70%	[6],[8],[13]	10.70%	[6],[8],[13]	10.40%	[10],[12]	10.40%	[10],[12]	10.40%	[10],[12]	10.40%	[10],[12]	10.40%	[10],[12]
Par Amount/Units		$ 44,888	[6],[8]									$ 45,000	[10],[12]
Total Investment Portfolio, Amortized Cost		44,069	[6],[8]									44,144	[10],[12]
Total Investment Portfolio, Fair Value		$ 44,663	[6],[8]									$ 43,393	[10],[12]
Investment, Identifier [Axis]: SDC US Smilepay SPV
Spread		10.75%	[5],[8],[13],[25]	10.75%	[5],[8],[13],[25]	10.75%	[5],[8],[13],[25]	10.75%	[5],[8],[13],[25]	10.75%	[5],[8],[13],[25]	10.75%	[9],[12],[26]	10.75%	[9],[12],[26]	10.75%	[9],[12],[26]	10.75%	[9],[12],[26]	10.75%	[9],[12],[26]
Interest Rate		15.62%	[5],[8],[13],[25]	15.62%	[5],[8],[13],[25]	15.62%	[5],[8],[13],[25]	15.62%	[5],[8],[13],[25]	15.62%	[5],[8],[13],[25]	15.52%	[9],[12],[26]	15.52%	[9],[12],[26]	15.52%	[9],[12],[26]	15.52%	[9],[12],[26]	15.52%	[9],[12],[26]
Interest Rate, PIK		3.75%	[5],[8],[13],[25]	3.75%	[5],[8],[13],[25]	3.75%	[5],[8],[13],[25]	3.75%	[5],[8],[13],[25]	3.75%	[5],[8],[13],[25]	3.75%	[9],[12],[26]	3.75%	[9],[12],[26]	3.75%	[9],[12],[26]	3.75%	[9],[12],[26]	3.75%	[9],[12],[26]
Par Amount/Units		$ 76,542	[5],[8],[25]									$ 76,191	[9],[12],[26]
Total Investment Portfolio, Amortized Cost		37,983	[5],[8],[25]									35,040	[9],[12],[26]
Total Investment Portfolio, Fair Value		$ 37,386	[5],[8],[25]									$ 34,013	[9],[12],[26]
Investment, Identifier [Axis]: Sedgwick Claims Management Services, Inc.
Spread		3.75%	[13],[23]	3.75%	[13],[23]	3.75%	[13],[23]	3.75%	[13],[23]	3.75%	[13],[23]	325.00%	[24]	325.00%	[24]	325.00%	[24]	325.00%	[24]	325.00%	[24]
Interest Rate		8.56%	[13],[23]	8.56%	[13],[23]	8.56%	[13],[23]	8.56%	[13],[23]	8.56%	[13],[23]	7.63%	[24]	7.63%	[24]	7.63%	[24]	7.63%	[24]	7.63%	[24]
Par Amount/Units		$ 19,350	[23]									$ 19,350	[24]
Total Investment Portfolio, Amortized Cost		19,174	[23]									19,151	[24]
Total Investment Portfolio, Fair Value		19,149	[23]									18,855	[24]
Investment, Identifier [Axis]: Sequa Corp 1
Par Amount/Units		13,676	[5],[8],[25]									13,676	[9],[12],[26]
Total Investment Portfolio, Amortized Cost		(647)	[5],[8],[25]									(684)	[9],[12],[26]
Total Investment Portfolio, Fair Value		$ (436)	[5],[8],[25]									$ (670)	[9],[12],[26]
Investment, Identifier [Axis]: Sequa Corp 2
Spread		7.00%	[8],[13],[25]	7.00%	[8],[13],[25]	7.00%	[8],[13],[25]	7.00%	[8],[13],[25]	7.00%	[8],[13],[25]	700.00%	[12],[22],[26]	700.00%	[12],[22],[26]	700.00%	[12],[22],[26]	700.00%	[12],[22],[26]	700.00%	[12],[22],[26]
Interest Rate		11.83%	[8],[13],[25]	11.83%	[8],[13],[25]	11.83%	[8],[13],[25]	11.83%	[8],[13],[25]	11.83%	[8],[13],[25]	11.32%	[12],[22],[26]	11.32%	[12],[22],[26]	11.32%	[12],[22],[26]	11.32%	[12],[22],[26]	11.32%	[12],[22],[26]
Par Amount/Units		$ 127,989	[8],[25]									$ 128,310	[12],[26]
Total Investment Portfolio, Amortized Cost		121,740	[8],[25]									121,852	[12],[26]
Total Investment Portfolio, Fair Value		$ 123,947	[8],[25]									$ 122,005	[12],[26]
Investment, Identifier [Axis]: Shackleton 2019-XV CLO Ltd
Spread		6.66%	[7],[13],[23]	6.66%	[7],[13],[23]	6.66%	[7],[13],[23]	6.66%	[7],[13],[23]	6.66%	[7],[13],[23]	666.00%	[11],[22],[24]	666.00%	[11],[22],[24]	666.00%	[11],[22],[24]	666.00%	[11],[22],[24]	666.00%	[11],[22],[24]
Interest Rate		11.45%	[7],[13],[23]	11.45%	[7],[13],[23]	11.45%	[7],[13],[23]	11.45%	[7],[13],[23]	11.45%	[7],[13],[23]	10.74%	[11],[22],[24]	10.74%	[11],[22],[24]	10.74%	[11],[22],[24]	10.74%	[11],[22],[24]	10.74%	[11],[22],[24]
Par Amount/Units		$ 3,000	[7],[23]									$ 3,000	[11],[24]
Total Investment Portfolio, Amortized Cost		2,619	[7],[23]									2,612	[11],[24]
Total Investment Portfolio, Fair Value		2,643	[7],[23]									$ 2,697	[11],[24]
Investment, Identifier [Axis]: Showtime Acquisition, L.L.C. 1
Par Amount/Units	[5],[8],[25]	3,657
Total Investment Portfolio, Amortized Cost	[5],[8],[25]	(107)
Total Investment Portfolio, Fair Value	[5],[8],[25]	(107)
Investment, Identifier [Axis]: Showtime Acquisition, L.L.C. 2
Par Amount/Units	[5],[8],[25]	4,711
Total Investment Portfolio, Amortized Cost	[5],[8],[25]	(138)
Total Investment Portfolio, Fair Value	[5],[8],[25]	$ (138)
Investment, Identifier [Axis]: Showtime Acquisition, L.L.C. 3
Spread	[8],[13],[25]	7.50%		7.50%		7.50%		7.50%		7.50%
Interest Rate	[8],[13],[25]	12.30%		12.30%		12.30%		12.30%		12.30%
Par Amount/Units	[8],[25]	$ 63,992
Total Investment Portfolio, Amortized Cost	[8],[25]	62,137
Total Investment Portfolio, Fair Value	[8],[25]	$ 62,122
Investment, Identifier [Axis]: Silver Creek CLO Ltd
Spread		5.62%	[7],[13],[23]	5.62%	[7],[13],[23]	5.62%	[7],[13],[23]	5.62%	[7],[13],[23]	5.62%	[7],[13],[23]	562.00%	[11],[22],[24]	562.00%	[11],[22],[24]	562.00%	[11],[22],[24]	562.00%	[11],[22],[24]	562.00%	[11],[22],[24]
Interest Rate		10.43%	[7],[13],[23]	10.43%	[7],[13],[23]	10.43%	[7],[13],[23]	10.43%	[7],[13],[23]	10.43%	[7],[13],[23]	9.86%	[11],[22],[24]	9.86%	[11],[22],[24]	9.86%	[11],[22],[24]	9.86%	[11],[22],[24]	9.86%	[11],[22],[24]
Par Amount/Units		$ 2,000	[7],[23]									$ 2,000	[11],[24]
Total Investment Portfolio, Amortized Cost		1,781	[7],[23]									1,776	[11],[24]
Total Investment Portfolio, Fair Value		1,728	[7],[23]									1,755	[11],[24]
Investment, Identifier [Axis]: Simplisafe Holding Corporation 1
Par Amount/Units		15,106	[5],[6],[8]									15,106	[9],[10],[12]
Total Investment Portfolio, Amortized Cost		(259)	[5],[6],[8]									(272)	[9],[10],[12]
Total Investment Portfolio, Fair Value		$ (298)	[5],[6],[8]									$ (455)	[9],[10],[12]
Investment, Identifier [Axis]: Simplisafe Holding Corporation 2
Spread		6.25%	[6],[8],[13]	6.25%	[6],[8],[13]	6.25%	[6],[8],[13]	6.25%	[6],[8],[13]	6.25%	[6],[8],[13]	625.00%	[10],[12]	625.00%	[10],[12]	625.00%	[10],[12]	625.00%	[10],[12]	625.00%	[10],[12]
Interest Rate		10.98%	[6],[8],[13]	10.98%	[6],[8],[13]	10.98%	[6],[8],[13]	10.98%	[6],[8],[13]	10.98%	[6],[8],[13]	10.47%	[10],[12]	10.47%	[10],[12]	10.47%	[10],[12]	10.47%	[10],[12]	10.47%	[10],[12]
Par Amount/Units		$ 120,247	[6],[8]									$ 120,247	[10],[12]
Total Investment Portfolio, Amortized Cost		118,183	[6],[8]									118,057	[10],[12]
Total Investment Portfolio, Fair Value		$ 117,873	[6],[8]									$ 116,628	[10],[12]
Investment, Identifier [Axis]: Smarsh Inc. 1
Spread		6.50%	[5],[6],[8],[13]	6.50%	[5],[6],[8],[13]	6.50%	[5],[6],[8],[13]	6.50%	[5],[6],[8],[13]	6.50%	[5],[6],[8],[13]	650.00%	[9],[10],[12]	650.00%	[9],[10],[12]	650.00%	[9],[10],[12]	650.00%	[9],[10],[12]	650.00%	[9],[10],[12]
Interest Rate		11.29%	[5],[6],[8],[13]	11.29%	[5],[6],[8],[13]	11.29%	[5],[6],[8],[13]	11.29%	[5],[6],[8],[13]	11.29%	[5],[6],[8],[13]	11.29%	[9],[10],[12]	11.29%	[9],[10],[12]	11.29%	[9],[10],[12]	11.29%	[9],[10],[12]	11.29%	[9],[10],[12]
Par Amount/Units		$ 4,286	[5],[6],[8]									$ 4,286	[9],[10],[12]
Total Investment Portfolio, Amortized Cost		2,070	[5],[6],[8]									2,067	[9],[10],[12]
Total Investment Portfolio, Fair Value		$ 1,970	[5],[6],[8]									1,920	[9],[10],[12]
Investment, Identifier [Axis]: Smarsh Inc. 2
Spread	[5],[6],[8],[13]	6.50%		6.50%		6.50%		6.50%		6.50%
Interest Rate	[5],[6],[8],[13]	11.40%		11.40%		11.40%		11.40%		11.40%
Par Amount/Units		$ 1,071	[5],[6],[8]									1,071	[9],[10],[12]
Total Investment Portfolio, Amortized Cost		196	[5],[6],[8]									(19)	[9],[10],[12]
Total Investment Portfolio, Fair Value		$ 171	[5],[6],[8]									$ (56)	[9],[10],[12]
Investment, Identifier [Axis]: Smarsh Inc. 3
Spread		6.50%	[6],[8],[13]	6.50%	[6],[8],[13]	6.50%	[6],[8],[13]	6.50%	[6],[8],[13]	6.50%	[6],[8],[13]	650.00%	[10],[12]	650.00%	[10],[12]	650.00%	[10],[12]	650.00%	[10],[12]	650.00%	[10],[12]
Interest Rate		11.29%	[6],[8],[13]	11.29%	[6],[8],[13]	11.29%	[6],[8],[13]	11.29%	[6],[8],[13]	11.29%	[6],[8],[13]	11.29%	[10],[12]	11.29%	[10],[12]	11.29%	[10],[12]	11.29%	[10],[12]	11.29%	[10],[12]
Par Amount/Units		$ 17,143	[6],[8]									$ 17,143	[10],[12]
Total Investment Portfolio, Amortized Cost		16,848	[6],[8]									16,834	[10],[12]
Total Investment Portfolio, Fair Value		$ 16,451	[6],[8]									$ 16,250	[10],[12]
Investment, Identifier [Axis]: Southern Graphics Inc. 1
Spread		7.50%	[8],[13],[15],[25]	7.50%	[8],[13],[15],[25]	7.50%	[8],[13],[15],[25]	7.50%	[8],[13],[15],[25]	7.50%	[8],[13],[15],[25]	750.00%	[12],[26]	750.00%	[12],[26]	750.00%	[12],[26]	750.00%	[12],[26]	750.00%	[12],[26]
Interest Rate	[12],[26]											12.20%		12.20%		12.20%		12.20%		12.20%
Par Amount/Units		$ 1,000	[8],[15],[25]									$ 1,000	[12],[26]
Total Investment Portfolio, Amortized Cost		980	[8],[15],[25]									979	[12],[26]
Total Investment Portfolio, Fair Value		$ 853	[8],[15],[25]									$ 874	[12],[26]
Investment, Identifier [Axis]: Southern Graphics Inc. 2
Spread		7.50%	[8],[13],[15],[25]	7.50%	[8],[13],[15],[25]	7.50%	[8],[13],[15],[25]	7.50%	[8],[13],[15],[25]	7.50%	[8],[13],[15],[25]	750.00%	[12],[26]	750.00%	[12],[26]	750.00%	[12],[26]	750.00%	[12],[26]	750.00%	[12],[26]
Interest Rate	[12],[26]											12.15%		12.15%		12.15%		12.15%		12.15%
Par Amount/Units		$ 10,227	[8],[15],[25]									$ 10,227	[12],[26]
Total Investment Portfolio, Amortized Cost		10,009	[8],[15],[25]									9,995	[12],[26]
Total Investment Portfolio, Fair Value		$ 8,724	[8],[15],[25]									$ 8,940	[12],[26]
Investment, Identifier [Axis]: Spanx, LLC 1
Spread		5.25%	[5],[6],[8],[13]	5.25%	[5],[6],[8],[13]	5.25%	[5],[6],[8],[13]	5.25%	[5],[6],[8],[13]	5.25%	[5],[6],[8],[13]	500.00%	[9],[10],[12]	500.00%	[9],[10],[12]	500.00%	[9],[10],[12]	500.00%	[9],[10],[12]	500.00%	[9],[10],[12]
Interest Rate		9.96%	[5],[6],[8],[13]	9.96%	[5],[6],[8],[13]	9.96%	[5],[6],[8],[13]	9.96%	[5],[6],[8],[13]	9.96%	[5],[6],[8],[13]	9.29%	[9],[10],[12]	9.29%	[9],[10],[12]	9.29%	[9],[10],[12]	9.29%	[9],[10],[12]	9.29%	[9],[10],[12]
Par Amount/Units		$ 5,000	[5],[6],[8]									$ 5,000	[9],[10],[12]
Total Investment Portfolio, Amortized Cost		1,388	[5],[6],[8]									450	[9],[10],[12]
Total Investment Portfolio, Fair Value		$ 1,275	[5],[6],[8]									$ 287	[9],[10],[12]
Investment, Identifier [Axis]: Spanx, LLC 2
Spread		5.25%	[6],[8],[13]	5.25%	[6],[8],[13]	5.25%	[6],[8],[13]	5.25%	[6],[8],[13]	5.25%	[6],[8],[13]	525.00%	[10],[12]	525.00%	[10],[12]	525.00%	[10],[12]	525.00%	[10],[12]	525.00%	[10],[12]
Interest Rate		10.13%	[6],[8],[13]	10.13%	[6],[8],[13]	10.13%	[6],[8],[13]	10.13%	[6],[8],[13]	10.13%	[6],[8],[13]	9.64%	[10],[12]	9.64%	[10],[12]	9.64%	[10],[12]	9.64%	[10],[12]	9.64%	[10],[12]
Par Amount/Units		$ 29,625	[6],[8]									$ 29,700	[10],[12]
Total Investment Portfolio, Amortized Cost		29,136	[6],[8]									29,183	[10],[12]
Total Investment Portfolio, Fair Value		$ 28,365	[6],[8]									28,075	[10],[12]
Investment, Identifier [Axis]: Specialty Ingredients, LLC 1
Spread	[5],[6],[8],[13]	6.00%		6.00%		6.00%		6.00%		6.00%
Interest Rate	[5],[6],[8],[13]	10.89%		10.89%		10.89%		10.89%		10.89%
Par Amount/Units		$ 11,279	[5],[6],[8]									11,279	[9],[10],[12]
Total Investment Portfolio, Amortized Cost		2,898	[5],[6],[8]									(212)	[9],[10],[12]
Total Investment Portfolio, Fair Value		$ 2,587	[5],[6],[8]									$ (413)	[9],[10],[12]
Investment, Identifier [Axis]: Specialty Ingredients, LLC 2
Spread		6.00%	[6],[8],[13]	6.00%	[6],[8],[13]	6.00%	[6],[8],[13]	6.00%	[6],[8],[13]	6.00%	[6],[8],[13]	600.00%	[10],[12]	600.00%	[10],[12]	600.00%	[10],[12]	600.00%	[10],[12]	600.00%	[10],[12]
Interest Rate		11.00%	[6],[8],[13]	11.00%	[6],[8],[13]	11.00%	[6],[8],[13]	11.00%	[6],[8],[13]	11.00%	[6],[8],[13]	10.68%	[10],[12]	10.68%	[10],[12]	10.68%	[10],[12]	10.68%	[10],[12]	10.68%	[10],[12]
Par Amount/Units		$ 90,481	[6],[8]									$ 90,708	[10],[12]
Total Investment Portfolio, Amortized Cost		88,820	[6],[8]									88,964	[10],[12]
Total Investment Portfolio, Fair Value		86,351	[6],[8]									$ 87,390	[10],[12]
Investment, Identifier [Axis]: Spirit RR Holdings, Inc. 1
Spread	[10],[12]											650.00%		650.00%		650.00%		650.00%		650.00%
Interest Rate	[10],[12]											11.18%		11.18%		11.18%		11.18%		11.18%
Par Amount/Units		1,806	[5],[6],[8]									$ 3,912	[10],[12]
Total Investment Portfolio, Amortized Cost		(49)	[5],[6],[8]									3,800	[10],[12]
Total Investment Portfolio, Fair Value		$ (54)	[5],[6],[8]									3,751	[10],[12]
Investment, Identifier [Axis]: Spirit RR Holdings, Inc. 2
Spread	[6],[8],[13]	6.50%		6.50%		6.50%		6.50%		6.50%
Interest Rate	[6],[8],[13]	11.50%		11.50%		11.50%		11.50%		11.50%
Par Amount/Units		$ 21,914	[6],[8]									1,806	[9],[10],[12]
Total Investment Portfolio, Amortized Cost		21,297	[6],[8]									(51)	[9],[10],[12]
Total Investment Portfolio, Fair Value		$ 21,253	[6],[8]									$ (74)	[9],[10],[12]
Investment, Identifier [Axis]: Spirit RR Holdings, Inc. 3
Spread	[10],[12]											650.00%		650.00%		650.00%		650.00%		650.00%
Interest Rate	[10],[12]											11.18%		11.18%		11.18%		11.18%		11.18%
Par Amount/Units	[10],[12]											$ 18,057
Total Investment Portfolio, Amortized Cost	[10],[12]											17,523
Total Investment Portfolio, Fair Value	[10],[12]											$ 17,314
Investment, Identifier [Axis]: Spotless Brands, LLC 1
Spread		6.50%	[8],[13],[25]	6.50%	[8],[13],[25]	6.50%	[8],[13],[25]	6.50%	[8],[13],[25]	6.50%	[8],[13],[25]	650.00%	[12],[22],[26]	650.00%	[12],[22],[26]	650.00%	[12],[22],[26]	650.00%	[12],[22],[26]	650.00%	[12],[22],[26]
Interest Rate		11.35%	[8],[13],[25]	11.35%	[8],[13],[25]	11.35%	[8],[13],[25]	11.35%	[8],[13],[25]	11.35%	[8],[13],[25]	10.82%	[12],[22],[26]	10.82%	[12],[22],[26]	10.82%	[12],[22],[26]	10.82%	[12],[22],[26]	10.82%	[12],[22],[26]
Par Amount/Units		$ 21,701	[8],[25]									$ 21,782	[12],[26]
Total Investment Portfolio, Amortized Cost		21,314	[8],[25]									21,372	[12],[26]
Total Investment Portfolio, Fair Value		$ 21,092	[8],[25]									$ 20,935	[12],[26]
Investment, Identifier [Axis]: Spotless Brands, LLC 2
Spread		6.50%	[8],[13],[25]	6.50%	[8],[13],[25]	6.50%	[8],[13],[25]	6.50%	[8],[13],[25]	6.50%	[8],[13],[25]	650.00%	[12],[22],[26]	650.00%	[12],[22],[26]	650.00%	[12],[22],[26]	650.00%	[12],[22],[26]	650.00%	[12],[22],[26]
Interest Rate		11.31%	[8],[13],[25]	11.31%	[8],[13],[25]	11.31%	[8],[13],[25]	11.31%	[8],[13],[25]	11.31%	[8],[13],[25]	10.92%	[12],[22],[26]	10.92%	[12],[22],[26]	10.92%	[12],[22],[26]	10.92%	[12],[22],[26]	10.92%	[12],[22],[26]
Par Amount/Units		$ 16,104	[8],[25]									$ 16,144	[12],[26]
Total Investment Portfolio, Amortized Cost		15,817	[8],[25]									15,849	[12],[26]
Total Investment Portfolio, Fair Value		$ 15,651	[8],[25]									$ 15,517	[12],[26]
Investment, Identifier [Axis]: Spotless Brands, LLC 3
Spread		6.50%	[8],[13],[25]	6.50%	[8],[13],[25]	6.50%	[8],[13],[25]	6.50%	[8],[13],[25]	6.50%	[8],[13],[25]	650.00%	[12],[22],[26]	650.00%	[12],[22],[26]	650.00%	[12],[22],[26]	650.00%	[12],[22],[26]	650.00%	[12],[22],[26]
Interest Rate		11.31%	[8],[13],[25]	11.31%	[8],[13],[25]	11.31%	[8],[13],[25]	11.31%	[8],[13],[25]	11.31%	[8],[13],[25]	10.71%	[12],[22],[26]	10.71%	[12],[22],[26]	10.71%	[12],[22],[26]	10.71%	[12],[22],[26]	10.71%	[12],[22],[26]
Par Amount/Units		$ 106,134	[8],[25]									$ 106,669	[12],[26]
Total Investment Portfolio, Amortized Cost		104,206	[8],[25]									104,635	[12],[26]
Total Investment Portfolio, Fair Value		$ 103,154	[8],[25]									102,525	[12],[26]
Investment, Identifier [Axis]: Spotless Brands, LLC 4
Spread	[5],[8],[13],[25]	6.50%		6.50%		6.50%		6.50%		6.50%
Interest Rate	[5],[8],[13],[25]	11.39%		11.39%		11.39%		11.39%		11.39%
Par Amount/Units		$ 5,175	[5],[8],[25]									5,175	[9],[12],[26]
Total Investment Portfolio, Amortized Cost		945	[5],[8],[25]									(95)	[9],[12],[26]
Total Investment Portfolio, Fair Value		$ 890	[5],[8],[25]									$ (201)	[9],[12],[26]
Investment, Identifier [Axis]: Standard Industries, Inc.
Spread		2.25%	[13],[16]	2.25%	[13],[16]	2.25%	[13],[16]	2.25%	[13],[16]	2.25%	[13],[16]	225.00%	[14]	225.00%	[14]	225.00%	[14]	225.00%	[14]	225.00%	[14]
Interest Rate		7.12%	[13],[16]	7.12%	[13],[16]	7.12%	[13],[16]	7.12%	[13],[16]	7.12%	[13],[16]	6.43%	[14]	6.43%	[14]	6.43%	[14]	6.43%	[14]	6.43%	[14]
Par Amount/Units		$ 1,279	[16]									$ 1,285	[14]
Total Investment Portfolio, Amortized Cost		1,280	[16]									1,285	[14]
Total Investment Portfolio, Fair Value		$ 1,275	[16]									$ 1,271	[14]
Investment, Identifier [Axis]: Sunset Debt Merger Sub, Inc.
Spread	[6],[13]	4.00%		4.00%		4.00%		4.00%		4.00%
Interest Rate	[6],[13]	8.75%		8.75%		8.75%		8.75%		8.75%
Par Amount/Units	[6]	$ 713
Total Investment Portfolio, Amortized Cost	[6]	599
Total Investment Portfolio, Fair Value	[6]	$ 602
Investment, Identifier [Axis]: T-Mobile USA, Inc.
Interest Rate	[22],[24]											2.25%		2.25%		2.25%		2.25%		2.25%
Par Amount/Units	[24]											$ 10,000
Total Investment Portfolio, Amortized Cost	[24]											9,539
Total Investment Portfolio, Fair Value	[24]											$ 9,112
Investment, Identifier [Axis]: TA TT Buyer, LLC
Spread		5.00%	[8],[13],[16]	5.00%	[8],[13],[16]	5.00%	[8],[13],[16]	5.00%	[8],[13],[16]	5.00%	[8],[13],[16]	500.00%	[12],[14]	500.00%	[12],[14]	500.00%	[12],[14]	500.00%	[12],[14]	500.00%	[12],[14]
Interest Rate		9.90%	[8],[13],[16]	9.90%	[8],[13],[16]	9.90%	[8],[13],[16]	9.90%	[8],[13],[16]	9.90%	[8],[13],[16]	8.98%	[12],[14]	8.98%	[12],[14]	8.98%	[12],[14]	8.98%	[12],[14]	8.98%	[12],[14]
Par Amount/Units		$ 14,925	[8],[16]									$ 14,963	[12],[14]
Total Investment Portfolio, Amortized Cost		14,793	[8],[16]									14,822	[12],[14]
Total Investment Portfolio, Fair Value		$ 14,664	[8],[16]									$ 14,588	[12],[14]
Investment, Identifier [Axis]: TK Elevator U.S. Newco, Inc.
Spread		3.50%	[7],[13],[16]	3.50%	[7],[13],[16]	3.50%	[7],[13],[16]	3.50%	[7],[13],[16]	3.50%	[7],[13],[16]	350.00%	[11],[14]	350.00%	[11],[14]	350.00%	[11],[14]	350.00%	[11],[14]	350.00%	[11],[14]
Interest Rate		8.60%	[7],[13],[16]	8.60%	[7],[13],[16]	8.60%	[7],[13],[16]	8.60%	[7],[13],[16]	8.60%	[7],[13],[16]	6.87%	[11],[14]	6.87%	[11],[14]	6.87%	[11],[14]	6.87%	[11],[14]	6.87%	[11],[14]
Par Amount/Units		$ 12,668	[7],[16]									$ 7,699	[11],[14]
Total Investment Portfolio, Amortized Cost		12,510	[7],[16]									7,712	[11],[14]
Total Investment Portfolio, Fair Value		12,375	[7],[16]									7,428	[11],[14]
Investment, Identifier [Axis]: TMC Buyer Inc 1
Par Amount/Units		4,569	[5],[8],[16]									4,569	[9],[12],[14]
Total Investment Portfolio, Amortized Cost		(547)	[5],[8],[16]									(567)	[9],[12],[14]
Total Investment Portfolio, Fair Value		$ (343)	[5],[8],[16]									$ (400)	[9],[12],[14]
Investment, Identifier [Axis]: TMC Buyer Inc 2
Spread		6.00%	[8],[13],[16]	6.00%	[8],[13],[16]	6.00%	[8],[13],[16]	6.00%	[8],[13],[16]	6.00%	[8],[13],[16]	600.00%	[12],[14]	600.00%	[12],[14]	600.00%	[12],[14]	600.00%	[12],[14]	600.00%	[12],[14]
Interest Rate		10.86%	[8],[13],[16]	10.86%	[8],[13],[16]	10.86%	[8],[13],[16]	10.86%	[8],[13],[16]	10.86%	[8],[13],[16]	9.98%	[12],[14]	9.98%	[12],[14]	9.98%	[12],[14]	9.98%	[12],[14]	9.98%	[12],[14]
Par Amount/Units		$ 66,085	[8],[16]									$ 66,251	[12],[14]
Total Investment Portfolio, Amortized Cost		58,126	[8],[16]									57,981	[12],[14]
Total Investment Portfolio, Fair Value		$ 61,120	[8],[16]									$ 60,450	[12],[14]
Investment, Identifier [Axis]: TechInsights Inc 1
Spread		6.63%	[7],[8],[13],[25]	6.63%	[7],[8],[13],[25]	6.63%	[7],[8],[13],[25]	6.63%	[7],[8],[13],[25]	6.63%	[7],[8],[13],[25]	663.00%	[11],[12],[26]	663.00%	[11],[12],[26]	663.00%	[11],[12],[26]	663.00%	[11],[12],[26]	663.00%	[11],[12],[26]
Interest Rate		11.79%	[7],[8],[13],[25]	11.79%	[7],[8],[13],[25]	11.79%	[7],[8],[13],[25]	11.79%	[7],[8],[13],[25]	11.79%	[7],[8],[13],[25]	11.36%	[11],[12],[26]	11.36%	[11],[12],[26]	11.36%	[11],[12],[26]	11.36%	[11],[12],[26]	11.36%	[11],[12],[26]
Par Amount/Units		$ 990	[7],[8],[25]									$ 993	[11],[12],[26]
Total Investment Portfolio, Amortized Cost		973	[7],[8],[25]									974	[11],[12],[26]
Total Investment Portfolio, Fair Value		$ 969	[7],[8],[25]									$ 962	[11],[12],[26]
Investment, Identifier [Axis]: TechInsights Inc 2
Spread		6.63%	[7],[8],[13],[25]	6.63%	[7],[8],[13],[25]	6.63%	[7],[8],[13],[25]	6.63%	[7],[8],[13],[25]	6.63%	[7],[8],[13],[25]	663.00%	[11],[12],[26]	663.00%	[11],[12],[26]	663.00%	[11],[12],[26]	663.00%	[11],[12],[26]	663.00%	[11],[12],[26]
Interest Rate		11.79%	[7],[8],[13],[25]	11.79%	[7],[8],[13],[25]	11.79%	[7],[8],[13],[25]	11.79%	[7],[8],[13],[25]	11.79%	[7],[8],[13],[25]	11.36%	[11],[12],[26]	11.36%	[11],[12],[26]	11.36%	[11],[12],[26]	11.36%	[11],[12],[26]	11.36%	[11],[12],[26]
Par Amount/Units		$ 2,572	[7],[8],[25]									$ 2,578	[11],[12],[26]
Total Investment Portfolio, Amortized Cost		2,527	[7],[8],[25]									2,531	[11],[12],[26]
Total Investment Portfolio, Fair Value		$ 2,517	[7],[8],[25]									$ 2,498	[11],[12],[26]
Investment, Identifier [Axis]: Tenet Healthcare Corp
Interest Rate		5.13%	[7],[13],[23]	5.13%	[7],[13],[23]	5.13%	[7],[13],[23]	5.13%	[7],[13],[23]	5.13%	[7],[13],[23]	5.13%	[11],[24]	5.13%	[11],[24]	5.13%	[11],[24]	5.13%	[11],[24]	5.13%	[11],[24]
Par Amount/Units		$ 2,695	[7],[23]									$ 2,695	[11],[24]
Total Investment Portfolio, Amortized Cost		2,729	[7],[23]									2,731	[11],[24]
Total Investment Portfolio, Fair Value		$ 2,590	[7],[23]									$ 2,512	[11],[24]
Investment, Identifier [Axis]: The Michaels Companies, Inc.
Spread	[10]											425.00%		425.00%		425.00%		425.00%		425.00%
Interest Rate	[10]											8.98%		8.98%		8.98%		8.98%		8.98%
Par Amount/Units	[10]											$ 2,851
Total Investment Portfolio, Amortized Cost	[10]											2,826
Total Investment Portfolio, Fair Value	[10]											$ 2,472
Investment, Identifier [Axis]: The NPD Group L.P. 1
Spread	[9],[10],[12]											575.00%		575.00%		575.00%		575.00%		575.00%
Interest Rate	[9],[10],[12]											10.07%		10.07%		10.07%		10.07%		10.07%
Par Amount/Units	[9],[10],[12]											$ 9,023
Total Investment Portfolio, Amortized Cost	[9],[10],[12]											907
Total Investment Portfolio, Fair Value	[9],[10],[12]											$ 780
Investment, Identifier [Axis]: The NPD Group L.P. 2
Spread	[10],[12]											6.25%		6.25%		6.25%		6.25%		6.25%
Interest Rate	[10],[12]											10.43%		10.43%		10.43%		10.43%		10.43%
Interest Rate, PIK	[10],[12]											2.75%		2.75%		2.75%		2.75%		2.75%
Par Amount/Units	[10],[12]											$ 140,214
Total Investment Portfolio, Amortized Cost	[10],[12]											137,538
Total Investment Portfolio, Fair Value	[10],[12]											$ 135,174
Investment, Identifier [Axis]: The NPD Group L.P. 3
Spread	[10],[12]											575.00%		575.00%		575.00%		575.00%		575.00%
Interest Rate	[10],[12]											10.13%		10.13%		10.13%		10.13%		10.13%
Par Amount/Units	[10],[12]											$ 9,291
Total Investment Portfolio, Amortized Cost	[10],[12]											9,202
Total Investment Portfolio, Fair Value	[10],[12]											$ 8,947
Investment, Identifier [Axis]: The Talbots, Inc.
Spread		8.00%	[8],[13],[25]	8.00%	[8],[13],[25]	8.00%	[8],[13],[25]	8.00%	[8],[13],[25]	8.00%	[8],[13],[25]	800.00%	[12],[26]	800.00%	[12],[26]	800.00%	[12],[26]	800.00%	[12],[26]	800.00%	[12],[26]
Interest Rate		12.96%	[8],[13],[25]	12.96%	[8],[13],[25]	12.96%	[8],[13],[25]	12.96%	[8],[13],[25]	12.96%	[8],[13],[25]	12.74%	[12],[26]	12.74%	[12],[26]	12.74%	[12],[26]	12.74%	[12],[26]	12.74%	[12],[26]
Par Amount/Units		$ 7,794	[8],[25]									$ 7,897	[12],[26]
Total Investment Portfolio, Amortized Cost		7,599	[8],[25]									7,685	[12],[26]
Total Investment Portfolio, Fair Value		$ 7,577	[8],[25]									7,494	[12],[26]
Investment, Identifier [Axis]: Thrasio LLC
Spread	[13],[25]	7.00%		7.00%		7.00%		7.00%		7.00%
Interest Rate	[13],[25]	12.16%		12.16%		12.16%		12.16%		12.16%
Par Amount/Units	[25]	$ 2,920
Total Investment Portfolio, Amortized Cost	[25]	2,910
Total Investment Portfolio, Fair Value	[25]	$ 2,577
Investment, Identifier [Axis]: Thrasio LLC 1
Par Amount/Units	[9],[26]											2,972
Total Investment Portfolio, Amortized Cost	[9],[26]											(11)
Total Investment Portfolio, Fair Value	[9],[26]											$ (338)
Investment, Identifier [Axis]: Thrasio LLC 2
Spread	[22],[26]											700.00%		700.00%		700.00%		700.00%		700.00%
Interest Rate	[22],[26]											11.17%		11.17%		11.17%		11.17%		11.17%
Par Amount/Units	[26]											$ 2,927
Total Investment Portfolio, Amortized Cost	[26]											2,916
Total Investment Portfolio, Fair Value	[26]											$ 2,594
Investment, Identifier [Axis]: Tibco Software Inc
Spread	[14]											450.00%		450.00%		450.00%		450.00%		450.00%
Interest Rate	[14]											9.18%		9.18%		9.18%		9.18%		9.18%
Par Amount/Units	[14]											$ 13,010
Total Investment Portfolio, Amortized Cost	[14]											11,882
Total Investment Portfolio, Fair Value	[14]											11,651
Investment, Identifier [Axis]: Tilting Point Media LLC 1
Par Amount/Units	[9],[12],[26]											6,372
Total Investment Portfolio, Amortized Cost	[9],[12],[26]											(160)
Total Investment Portfolio, Fair Value	[9],[12],[26]											(600)
Investment, Identifier [Axis]: Tilting Point Media LLC 2
Par Amount/Units	[9],[12],[26]											2,916
Total Investment Portfolio, Amortized Cost	[9],[12],[26]											(73)
Total Investment Portfolio, Fair Value	[9],[12],[26]											$ (274)
Investment, Identifier [Axis]: Tilting Point Media LLC 3
Spread	[12],[26]											800.00%		800.00%		800.00%		800.00%		800.00%
Interest Rate	[12],[26]											12.39%		12.39%		12.39%		12.39%		12.39%
Par Amount/Units	[12],[26]											$ 7,974
Total Investment Portfolio, Amortized Cost	[12],[26]											7,767
Total Investment Portfolio, Fair Value	[12],[26]											$ 7,224
Investment, Identifier [Axis]: Time Manufacturing Holdings, LLC 1
Spread		6.50%	[6],[8],[13]	6.50%	[6],[8],[13]	6.50%	[6],[8],[13]	6.50%	[6],[8],[13]	6.50%	[6],[8],[13]	650.00%	[10],[12]	650.00%	[10],[12]	650.00%	[10],[12]	650.00%	[10],[12]	650.00%	[10],[12]
Interest Rate		9.20%	[6],[8],[13]	9.20%	[6],[8],[13]	9.20%	[6],[8],[13]	9.20%	[6],[8],[13]	9.20%	[6],[8],[13]	8.42%	[10],[12]	8.42%	[10],[12]	8.42%	[10],[12]	8.42%	[10],[12]	8.42%	[10],[12]
Par Amount/Units | €								€ 4,770	[6],[8]									€ 4,782	[10],[12]
Total Investment Portfolio, Amortized Cost		$ 4,934	[6],[8]									$ 4,941	[10],[12]
Total Investment Portfolio, Fair Value		$ 4,888	[6],[8]									$ 4,784	[10],[12]
Investment, Identifier [Axis]: Time Manufacturing Holdings, LLC 2
Spread		6.50%	[5],[6],[8],[13]	6.50%	[5],[6],[8],[13]	6.50%	[5],[6],[8],[13]	6.50%	[5],[6],[8],[13]	6.50%	[5],[6],[8],[13]	650.00%	[9],[10],[12]	650.00%	[9],[10],[12]	650.00%	[9],[10],[12]	650.00%	[9],[10],[12]	650.00%	[9],[10],[12]
Interest Rate		11.45%	[5],[6],[8],[13]	11.45%	[5],[6],[8],[13]	11.45%	[5],[6],[8],[13]	11.45%	[5],[6],[8],[13]	11.45%	[5],[6],[8],[13]	11.23%	[9],[10],[12]	11.23%	[9],[10],[12]	11.23%	[9],[10],[12]	11.23%	[9],[10],[12]	11.23%	[9],[10],[12]
Par Amount/Units		$ 1,000	[5],[6],[8]									$ 1,000	[9],[10],[12]
Total Investment Portfolio, Amortized Cost		537	[5],[6],[8]									727	[9],[10],[12]
Total Investment Portfolio, Fair Value		$ 505	[5],[6],[8]									$ 685	[9],[10],[12]
Investment, Identifier [Axis]: Time Manufacturing Holdings, LLC 3
Spread		6.50%	[6],[8],[13]	6.50%	[6],[8],[13]	6.50%	[6],[8],[13]	6.50%	[6],[8],[13]	6.50%	[6],[8],[13]	650.00%	[10],[12]	650.00%	[10],[12]	650.00%	[10],[12]	650.00%	[10],[12]	650.00%	[10],[12]
Interest Rate		11.45%	[6],[8],[13]	11.45%	[6],[8],[13]	11.45%	[6],[8],[13]	11.45%	[6],[8],[13]	11.45%	[6],[8],[13]	11.23%	[10],[12]	11.23%	[10],[12]	11.23%	[10],[12]	11.23%	[10],[12]	11.23%	[10],[12]
Par Amount/Units		$ 12,112	[6],[8]									$ 12,142	[10],[12]
Total Investment Portfolio, Amortized Cost		11,901	[6],[8]									11,920	[10],[12]
Total Investment Portfolio, Fair Value		$ 11,506	[6],[8]									$ 11,405	[10],[12]
Investment, Identifier [Axis]: Time Manufacturing Holdings, LLC 4
Spread		6.50%	[6],[8],[13]	6.50%	[6],[8],[13]	6.50%	[6],[8],[13]	6.50%	[6],[8],[13]	6.50%	[6],[8],[13]	650.00%	[10],[12]	650.00%	[10],[12]	650.00%	[10],[12]	650.00%	[10],[12]	650.00%	[10],[12]
Interest Rate		9.20%	[6],[8],[13]	9.20%	[6],[8],[13]	9.20%	[6],[8],[13]	9.20%	[6],[8],[13]	9.20%	[6],[8],[13]	8.42%	[10],[12]	8.42%	[10],[12]	8.42%	[10],[12]	8.42%	[10],[12]	8.42%	[10],[12]
Par Amount/Units | €								€ 8,401	[6],[8]									€ 8,423	[10],[12]
Total Investment Portfolio, Amortized Cost		$ 9,331	[6],[8]									$ 9,346	[10],[12]
Total Investment Portfolio, Fair Value		$ 8,609	[6],[8]									$ 8,424	[10],[12]
Investment, Identifier [Axis]: Tivity Health Inc
Spread		6.00%	[6],[8],[13]	6.00%	[6],[8],[13]	6.00%	[6],[8],[13]	6.00%	[6],[8],[13]	6.00%	[6],[8],[13]	600.00%	[10],[12]	600.00%	[10],[12]	600.00%	[10],[12]	600.00%	[10],[12]	600.00%	[10],[12]
Interest Rate		10.90%	[6],[8],[13]	10.90%	[6],[8],[13]	10.90%	[6],[8],[13]	10.90%	[6],[8],[13]	10.90%	[6],[8],[13]	10.58%	[10],[12]	10.58%	[10],[12]	10.58%	[10],[12]	10.58%	[10],[12]	10.58%	[10],[12]
Par Amount/Units		$ 111,997	[6],[8]									$ 112,278	[10],[12]
Total Investment Portfolio, Amortized Cost		109,499	[6],[8]									109,647	[10],[12]
Total Investment Portfolio, Fair Value		$ 107,599	[6],[8]									$ 106,506	[10],[12]
Investment, Identifier [Axis]: Travel Leaders Group, LLC
Spread	[8],[13],[28]	8.50%		8.50%		8.50%		8.50%		8.50%
Interest Rate	[8],[13],[28]	13.39%		13.39%		13.39%		13.39%		13.39%
Par Amount/Units	[8],[28]	$ 135,000
Total Investment Portfolio, Amortized Cost	[8],[28]	131,627
Total Investment Portfolio, Fair Value	[8],[28]	$ 131,632
Investment, Identifier [Axis]: Tricentis Americas, Inc. 1
Spread		4.25%	[5],[8],[13],[25]	4.25%	[5],[8],[13],[25]	4.25%	[5],[8],[13],[25]	4.25%	[5],[8],[13],[25]	4.25%	[5],[8],[13],[25]	425.00%	[9],[12],[26]	425.00%	[9],[12],[26]	425.00%	[9],[12],[26]	425.00%	[9],[12],[26]	425.00%	[9],[12],[26]
Interest Rate		9.25%	[5],[8],[13],[25]	9.25%	[5],[8],[13],[25]	9.25%	[5],[8],[13],[25]	9.25%	[5],[8],[13],[25]	9.25%	[5],[8],[13],[25]	8.94%	[9],[12],[26]	8.94%	[9],[12],[26]	8.94%	[9],[12],[26]	8.94%	[9],[12],[26]	8.94%	[9],[12],[26]
Par Amount/Units		$ 8,740	[5],[8],[25]									$ 8,748	[9],[12],[26]
Total Investment Portfolio, Amortized Cost		4,997	[5],[8],[25]									3,144	[9],[12],[26]
Total Investment Portfolio, Fair Value		4,944	[5],[8],[25]									3,055	[9],[12],[26]
Investment, Identifier [Axis]: Tricentis Americas, Inc. 2
Par Amount/Units		499	[5],[8],[25]									499	[9],[12],[26]
Total Investment Portfolio, Amortized Cost		(2)	[5],[8],[25]									(3)	[9],[12],[26]
Total Investment Portfolio, Fair Value		$ (5)	[5],[8],[25]									$ (8)	[9],[12],[26]
Investment, Identifier [Axis]: Tricentis Americas, Inc. 3
Spread		4.25%	[8],[13],[25]	4.25%	[8],[13],[25]	4.25%	[8],[13],[25]	4.25%	[8],[13],[25]	4.25%	[8],[13],[25]	425.00%	[12],[26]	425.00%	[12],[26]	425.00%	[12],[26]	425.00%	[12],[26]	425.00%	[12],[26]
Interest Rate		9.25%	[8],[13],[25]	9.25%	[8],[13],[25]	9.25%	[8],[13],[25]	9.25%	[8],[13],[25]	9.25%	[8],[13],[25]	8.94%	[12],[26]	8.94%	[12],[26]	8.94%	[12],[26]	8.94%	[12],[26]	8.94%	[12],[26]
Par Amount/Units		$ 15,234	[8],[25]									$ 15,353	[12],[26]
Total Investment Portfolio, Amortized Cost		15,161	[8],[25]									15,260	[12],[26]
Total Investment Portfolio, Fair Value		15,066	[8],[25]									$ 15,102	[12],[26]
Investment, Identifier [Axis]: Trimech Acquisition Corp. 1
Spread	[9],[12],[26]											475.00%		475.00%		475.00%		475.00%		475.00%
Interest Rate	[9],[12],[26]											9.39%		9.39%		9.39%		9.39%		9.39%
Par Amount/Units		3,289	[5],[8],[25]									$ 3,289	[9],[12],[26]
Total Investment Portfolio, Amortized Cost		(49)	[5],[8],[25]									345	[9],[12],[26]
Total Investment Portfolio, Fair Value		$ (50)	[5],[8],[25]									$ 311	[9],[12],[26]
Investment, Identifier [Axis]: Trimech Acquisition Corp. 2
Spread		4.75%	[8],[13],[25]	4.75%	[8],[13],[25]	4.75%	[8],[13],[25]	4.75%	[8],[13],[25]	4.75%	[8],[13],[25]	475.00%	[12],[26]	475.00%	[12],[26]	475.00%	[12],[26]	475.00%	[12],[26]	475.00%	[12],[26]
Interest Rate		9.80%	[8],[13],[25]	9.80%	[8],[13],[25]	9.80%	[8],[13],[25]	9.80%	[8],[13],[25]	9.80%	[8],[13],[25]	9.48%	[12],[26]	9.48%	[12],[26]	9.48%	[12],[26]	9.48%	[12],[26]	9.48%	[12],[26]
Par Amount/Units		$ 21,493	[8],[25]									$ 21,548	[12],[26]
Total Investment Portfolio, Amortized Cost		21,219	[8],[25]									21,256	[12],[26]
Total Investment Portfolio, Fair Value		$ 21,169	[8],[25]									$ 21,000	[12],[26]
Investment, Identifier [Axis]: Trimech Acquisition Corp. 3
Spread		4.75%	[8],[13],[25]	4.75%	[8],[13],[25]	4.75%	[8],[13],[25]	4.75%	[8],[13],[25]	4.75%	[8],[13],[25]	475.00%	[12],[26]	475.00%	[12],[26]	475.00%	[12],[26]	475.00%	[12],[26]	475.00%	[12],[26]
Interest Rate		8.93%	[8],[13],[25]	8.93%	[8],[13],[25]	8.93%	[8],[13],[25]	8.93%	[8],[13],[25]	8.93%	[8],[13],[25]	8.63%	[12],[26]	8.63%	[12],[26]	8.63%	[12],[26]	8.63%	[12],[26]	8.63%	[12],[26]
Par Amount/Units | £										£ 36,623	[8],[25]									£ 36,623	[12],[26]
Total Investment Portfolio, Amortized Cost		$ 44,237	[8],[25]									$ 44,201	[12],[26]
Total Investment Portfolio, Fair Value		$ 44,769	[8],[25]									$ 43,398	[12],[26]
Investment, Identifier [Axis]: Trugreen Limited Partnership
Spread		4.00%	[6],[13]	4.00%	[6],[13]	4.00%	[6],[13]	4.00%	[6],[13]	4.00%	[6],[13]	400.00%	[10],[22]	400.00%	[10],[22]	400.00%	[10],[22]	400.00%	[10],[22]	400.00%	[10],[22]
Interest Rate		8.84%	[6],[13]	8.84%	[6],[13]	8.84%	[6],[13]	8.84%	[6],[13]	8.84%	[6],[13]	8.38%	[10],[22]	8.38%	[10],[22]	8.38%	[10],[22]	8.38%	[10],[22]	8.38%	[10],[22]
Par Amount/Units		$ 9,889	[6]									$ 9,914	[10]
Total Investment Portfolio, Amortized Cost		9,772	[6]									9,789	[10]
Total Investment Portfolio, Fair Value		$ 9,156	[6]									$ 8,830	[10]
Investment, Identifier [Axis]: Trupanion, Inc. 1
Spread		5.00%	[5],[6],[7],[8],[13]	5.00%	[5],[6],[7],[8],[13]	5.00%	[5],[6],[7],[8],[13]	5.00%	[5],[6],[7],[8],[13]	5.00%	[5],[6],[7],[8],[13]	500.00%	[9],[10],[11],[12]	500.00%	[9],[10],[11],[12]	500.00%	[9],[10],[11],[12]	500.00%	[9],[10],[11],[12]	500.00%	[9],[10],[11],[12]
Interest Rate		10.05%	[5],[6],[7],[8],[13]	10.05%	[5],[6],[7],[8],[13]	10.05%	[5],[6],[7],[8],[13]	10.05%	[5],[6],[7],[8],[13]	10.05%	[5],[6],[7],[8],[13]	9.71%	[9],[10],[11],[12]	9.71%	[9],[10],[11],[12]	9.71%	[9],[10],[11],[12]	9.71%	[9],[10],[11],[12]	9.71%	[9],[10],[11],[12]
Par Amount/Units		$ 26,193	[5],[6],[7],[8]									$ 26,237	[9],[10],[11],[12]
Total Investment Portfolio, Amortized Cost		17,135	[5],[6],[7],[8]									4,903	[9],[10],[11],[12]
Total Investment Portfolio, Fair Value		16,655	[5],[6],[7],[8]									4,192	[9],[10],[11],[12]
Investment, Identifier [Axis]: Trupanion, Inc. 2
Par Amount/Units		6,576	[5],[6],[7],[8]									6,576	[9],[10],[11],[12]
Total Investment Portfolio, Amortized Cost		(79)	[5],[6],[7],[8]									(83)	[9],[10],[11],[12]
Total Investment Portfolio, Fair Value		$ (198)	[5],[6],[7],[8]									$ (262)	[9],[10],[11],[12]
Investment, Identifier [Axis]: Trupanion, Inc. 3
Spread		5.00%	[6],[7],[8],[13]	5.00%	[6],[7],[8],[13]	5.00%	[6],[7],[8],[13]	5.00%	[6],[7],[8],[13]	5.00%	[6],[7],[8],[13]	500.00%	[10],[11],[12]	500.00%	[10],[11],[12]	500.00%	[10],[11],[12]	500.00%	[10],[11],[12]	500.00%	[10],[11],[12]
Interest Rate		10.05%	[6],[7],[8],[13]	10.05%	[6],[7],[8],[13]	10.05%	[6],[7],[8],[13]	10.05%	[6],[7],[8],[13]	10.05%	[6],[7],[8],[13]	9.73%	[10],[11],[12]	9.73%	[10],[11],[12]	9.73%	[10],[11],[12]	9.73%	[10],[11],[12]	9.73%	[10],[11],[12]
Par Amount/Units		$ 20,790	[6],[7],[8]									$ 20,843	[10],[11],[12]
Total Investment Portfolio, Amortized Cost		20,534	[6],[7],[8]									20,567	[10],[11],[12]
Total Investment Portfolio, Fair Value		$ 20,165	[6],[7],[8]									$ 20,012	[10],[11],[12]
Investment, Identifier [Axis]: UKG Inc 1
Spread		3.25%	[13],[23]	3.25%	[13],[23]	3.25%	[13],[23]	3.25%	[13],[23]	3.25%	[13],[23]	325.00%	[14]	325.00%	[14]	325.00%	[14]	325.00%	[14]	325.00%	[14]
Interest Rate		8.03%	[13],[23]	8.03%	[13],[23]	8.03%	[13],[23]	8.03%	[13],[23]	8.03%	[13],[23]	7.00%	[14]	7.00%	[14]	7.00%	[14]	7.00%	[14]	7.00%	[14]
Par Amount/Units		$ 9,141	[23]									$ 9,164	[14]
Total Investment Portfolio, Amortized Cost		9,086	[23]									9,104	[14]
Total Investment Portfolio, Fair Value		$ 8,922	[23]									$ 8,740	[14]
Investment, Identifier [Axis]: UKG Inc 2
Spread		525.00%	[13],[16]	525.00%	[13],[16]	525.00%	[13],[16]	525.00%	[13],[16]	525.00%	[13],[16]	525.00%	[14],[22]	525.00%	[14],[22]	525.00%	[14],[22]	525.00%	[14],[22]	525.00%	[14],[22]
Interest Rate		10.03%	[13],[16]	10.03%	[13],[16]	10.03%	[13],[16]	10.03%	[13],[16]	10.03%	[13],[16]	9.00%	[14],[22]	9.00%	[14],[22]	9.00%	[14],[22]	9.00%	[14],[22]	9.00%	[14],[22]
Par Amount/Units		$ 24,852	[16]									$ 24,852	[14]
Total Investment Portfolio, Amortized Cost		24,562	[16]									24,547	[14]
Total Investment Portfolio, Fair Value		$ 23,945	[16]									$ 22,932	[14]
Investment, Identifier [Axis]: USI Inc/NY
Interest Rate	[22],[24]											6.88%		6.88%		6.88%		6.88%		6.88%
Par Amount/Units	[24]											$ 2,457
Total Investment Portfolio, Amortized Cost	[24]											2,365
Total Investment Portfolio, Fair Value	[24]											$ 2,371
Investment, Identifier [Axis]: United Musculoskeletal Partners Acquisition Holdings, LLC 1
Spread		5.00%	[5],[6],[8],[13]	5.00%	[5],[6],[8],[13]	5.00%	[5],[6],[8],[13]	5.00%	[5],[6],[8],[13]	5.00%	[5],[6],[8],[13]	575.00%	[9],[10],[12]	575.00%	[9],[10],[12]	575.00%	[9],[10],[12]	575.00%	[9],[10],[12]	575.00%	[9],[10],[12]
Interest Rate		9.65%	[5],[6],[8],[13]	9.65%	[5],[6],[8],[13]	9.65%	[5],[6],[8],[13]	9.65%	[5],[6],[8],[13]	9.65%	[5],[6],[8],[13]	9.32%	[9],[10],[12]	9.32%	[9],[10],[12]	9.32%	[9],[10],[12]	9.32%	[9],[10],[12]	9.32%	[9],[10],[12]
Par Amount/Units		$ 77,157	[5],[6],[8]									$ 77,292	[9],[10],[12]
Total Investment Portfolio, Amortized Cost		43,859	[5],[6],[8]									25,439	[9],[10],[12]
Total Investment Portfolio, Fair Value		$ 41,547	[5],[6],[8]									$ 23,854	[9],[10],[12]
Investment, Identifier [Axis]: United Musculoskeletal Partners Acquisition Holdings, LLC 2
Spread		5.50%	[6],[8],[13]	5.50%	[6],[8],[13]	5.50%	[6],[8],[13]	5.50%	[6],[8],[13]	5.50%	[6],[8],[13]	575.00%	[10],[12]	575.00%	[10],[12]	575.00%	[10],[12]	575.00%	[10],[12]	575.00%	[10],[12]
Interest Rate		10.16%	[6],[8],[13]	10.16%	[6],[8],[13]	10.16%	[6],[8],[13]	10.16%	[6],[8],[13]	10.16%	[6],[8],[13]	9.34%	[10],[12]	9.34%	[10],[12]	9.34%	[10],[12]	9.34%	[10],[12]	9.34%	[10],[12]
Par Amount/Units		$ 43,618	[6],[8]									$ 43,728	[10],[12]
Total Investment Portfolio, Amortized Cost		42,824	[6],[8]									42,895	[10],[12]
Total Investment Portfolio, Fair Value		$ 41,535	[6],[8]									$ 42,014	[10],[12]
Investment, Identifier [Axis]: User Zoom Technologies, Inc.
Spread		7.00%	[6],[8],[13]	7.00%	[6],[8],[13]	7.00%	[6],[8],[13]	7.00%	[6],[8],[13]	7.00%	[6],[8],[13]	575.00%	[10],[12]	575.00%	[10],[12]	575.00%	[10],[12]	575.00%	[10],[12]	575.00%	[10],[12]
Interest Rate		11.60%	[6],[8],[13]	11.60%	[6],[8],[13]	11.60%	[6],[8],[13]	11.60%	[6],[8],[13]	11.60%	[6],[8],[13]	9.35%	[10],[12]	9.35%	[10],[12]	9.35%	[10],[12]	9.35%	[10],[12]	9.35%	[10],[12]
Par Amount/Units		$ 18,948	[6],[8]									$ 18,948	[10],[12]
Total Investment Portfolio, Amortized Cost		18,610	[6],[8]									18,593	[10],[12]
Total Investment Portfolio, Fair Value		$ 18,582	[6],[8]									$ 18,064	[10],[12]
Investment, Identifier [Axis]: Vaco Holdings, LLC
Spread		5.00%	[6],[13]	5.00%	[6],[13]	5.00%	[6],[13]	5.00%	[6],[13]	5.00%	[6],[13]	500.00%	[10]	500.00%	[10]	500.00%	[10]	500.00%	[10]	500.00%	[10]
Interest Rate		10.05%	[6],[13]	10.05%	[6],[13]	10.05%	[6],[13]	10.05%	[6],[13]	10.05%	[6],[13]	9.73%	[10]	9.73%	[10]	9.73%	[10]	9.73%	[10]	9.73%	[10]
Par Amount/Units		$ 12,591	[6]									$ 12,623	[10]
Total Investment Portfolio, Amortized Cost		12,540	[6]									12,567	[10]
Total Investment Portfolio, Fair Value		$ 12,418	[6]									$ 12,218	[10]
Investment, Identifier [Axis]: Vermont Aus Pty Ltd 1
Spread		5.65%	[6],[7],[8],[13]	5.65%	[6],[7],[8],[13]	5.65%	[6],[7],[8],[13]	5.65%	[6],[7],[8],[13]	5.65%	[6],[7],[8],[13]	565.00%	[10],[11],[12]	565.00%	[10],[11],[12]	565.00%	[10],[11],[12]	565.00%	[10],[11],[12]	565.00%	[10],[11],[12]
Interest Rate		10.55%	[6],[7],[8],[13]	10.55%	[6],[7],[8],[13]	10.55%	[6],[7],[8],[13]	10.55%	[6],[7],[8],[13]	10.55%	[6],[7],[8],[13]	10.23%	[10],[11],[12]	10.23%	[10],[11],[12]	10.23%	[10],[11],[12]	10.23%	[10],[11],[12]	10.23%	[10],[11],[12]
Par Amount/Units		$ 25,988	[6],[7],[8]									$ 26,053	[10],[11],[12]
Total Investment Portfolio, Amortized Cost		25,430	[6],[7],[8]									25,465	[10],[11],[12]
Total Investment Portfolio, Fair Value		$ 24,902	[6],[7],[8]									$ 24,675	[10],[11],[12]
Investment, Identifier [Axis]: Vermont Aus Pty Ltd 2
Spread		5.75%	[6],[7],[8],[13]	5.75%	[6],[7],[8],[13]	5.75%	[6],[7],[8],[13]	5.75%	[6],[7],[8],[13]	5.75%	[6],[7],[8],[13]	575.00%	[10],[11],[12]	575.00%	[10],[11],[12]	575.00%	[10],[11],[12]	575.00%	[10],[11],[12]	575.00%	[10],[11],[12]
Interest Rate		9.52%	[6],[7],[8],[13]	9.52%	[6],[7],[8],[13]	9.52%	[6],[7],[8],[13]	9.52%	[6],[7],[8],[13]	9.52%	[6],[7],[8],[13]	9.06%	[10],[11],[12]	9.06%	[10],[11],[12]	9.06%	[10],[11],[12]	9.06%	[10],[11],[12]	9.06%	[10],[11],[12]
Par Amount/Units				$ 35,393	[6],[7],[8]									$ 35,482	[10],[11],[12]
Total Investment Portfolio, Amortized Cost		$ 25,851	[6],[7],[8]									$ 25,891	[10],[11],[12]
Total Investment Portfolio, Fair Value		$ 22,663	[6],[7],[8]									$ 22,864	[10],[11],[12]
Investment, Identifier [Axis]: Verscend Holding Corp.
Spread		4.00%	[13],[23]	4.00%	[13],[23]	4.00%	[13],[23]	4.00%	[13],[23]	4.00%	[13],[23]	400.00%	[24]	400.00%	[24]	400.00%	[24]	400.00%	[24]	400.00%	[24]
Interest Rate		8.84%	[13],[23]	8.84%	[13],[23]	8.84%	[13],[23]	8.84%	[13],[23]	8.84%	[13],[23]	8.38%	[24]	8.38%	[24]	8.38%	[24]	8.38%	[24]	8.38%	[24]
Par Amount/Units		$ 3,970	[23]									$ 3,980	[24]
Total Investment Portfolio, Amortized Cost		3,954	[23]									3,961	[24]
Total Investment Portfolio, Fair Value		$ 3,971	[23]									$ 3,962	[24]
Investment, Identifier [Axis]: Vetcor Group Holdings LLC
Interest Rate	[12],[22],[24]											13.00%		13.00%		13.00%		13.00%		13.00%
Interest Rate, PIK	[12],[22],[24]											13.00%		13.00%		13.00%		13.00%		13.00%
Par Amount/Units	[12],[24]											$ 783
Total Investment Portfolio, Amortized Cost	[12],[24]											774
Total Investment Portfolio, Fair Value	[12],[24]											722
Investment, Identifier [Axis]: Vetcor Group Holdings LLC 1
Interest Rate	[5],[8],[13],[23]	13.00%		13.00%		13.00%		13.00%		13.00%
Interest Rate, PIK	[5],[8],[13],[23]	13.00%		13.00%		13.00%		13.00%		13.00%
Par Amount/Units		$ 256	[5],[8],[23]									251	[9],[12],[24]
Total Investment Portfolio, Amortized Cost		221	[5],[8],[23]									(2)	[9],[12],[24]
Total Investment Portfolio, Fair Value		$ 197	[5],[8],[23]									$ (19)	[9],[12],[24]
Investment, Identifier [Axis]: Vetcor Group Holdings LLC 2
Interest Rate	[8],[13],[23]	13.00%		13.00%		13.00%		13.00%		13.00%
Interest Rate, PIK	[8],[13],[23]	13.00%		13.00%		13.00%		13.00%		13.00%
Par Amount/Units	[8],[23]	$ 809
Total Investment Portfolio, Amortized Cost	[8],[23]	806
Total Investment Portfolio, Fair Value	[8],[23]	$ 728
Investment, Identifier [Axis]: Vistage Worldwide Inc
Spread		5.25%	[6],[13]	5.25%	[6],[13]	5.25%	[6],[13]	5.25%	[6],[13]	5.25%	[6],[13]	525.00%	[10]	525.00%	[10]	525.00%	[10]	525.00%	[10]	525.00%	[10]
Interest Rate		10.16%	[6],[13]	10.16%	[6],[13]	10.16%	[6],[13]	10.16%	[6],[13]	10.16%	[6],[13]	9.67%	[10]	9.67%	[10]	9.67%	[10]	9.67%	[10]	9.67%	[10]
Par Amount/Units		$ 995	[6]									$ 998	[10]
Total Investment Portfolio, Amortized Cost		970	[6]									971	[10]
Total Investment Portfolio, Fair Value		$ 973	[6]									$ 958	[10]
Investment, Identifier [Axis]: Voya CLO Ltd
Spread		3.55%	[7],[13],[23]	3.55%	[7],[13],[23]	3.55%	[7],[13],[23]	3.55%	[7],[13],[23]	3.55%	[7],[13],[23]	355.00%	[11],[22],[24]	355.00%	[11],[22],[24]	355.00%	[11],[22],[24]	355.00%	[11],[22],[24]	355.00%	[11],[22],[24]
Interest Rate		8.81%	[7],[13],[23]	8.81%	[7],[13],[23]	8.81%	[7],[13],[23]	8.81%	[7],[13],[23]	8.81%	[7],[13],[23]	7.63%	[11],[22],[24]	7.63%	[11],[22],[24]	7.63%	[11],[22],[24]	7.63%	[11],[22],[24]	7.63%	[11],[22],[24]
Par Amount/Units		$ 1,500	[7],[23]									$ 1,500	[11],[24]
Total Investment Portfolio, Amortized Cost		1,316	[7],[23]									1,311	[11],[24]
Total Investment Portfolio, Fair Value		$ 1,362	[7],[23]									$ 1,330	[11],[24]
Investment, Identifier [Axis]: WCAS XIII Primary Care Investors, L.P.
Spread	[8],[13],[25]	6.25%		6.25%		6.25%		6.25%		6.25%
Interest Rate	[8],[13],[25]	11.06%		11.06%		11.06%		11.06%		11.06%
Par Amount/Units	[8],[25]	$ 135,630
Total Investment Portfolio, Amortized Cost	[8],[25]	133,036
Total Investment Portfolio, Fair Value	[8],[25]	$ 133,007
Investment, Identifier [Axis]: WMB Holdings Inc
Spread		3.25%	[13],[16]	3.25%	[13],[16]	3.25%	[13],[16]	3.25%	[13],[16]	3.25%	[13],[16]	325.00%	[14],[22]	325.00%	[14],[22]	325.00%	[14],[22]	325.00%	[14],[22]	325.00%	[14],[22]
Interest Rate		8.16%	[13],[16]	8.16%	[13],[16]	8.16%	[13],[16]	8.16%	[13],[16]	8.16%	[13],[16]	7.67%	[14],[22]	7.67%	[14],[22]	7.67%	[14],[22]	7.67%	[14],[22]	7.67%	[14],[22]
Par Amount/Units		$ 2,108	[16]									$ 2,202	[14]
Total Investment Portfolio, Amortized Cost		2,048	[16]									2,137	[14]
Total Investment Portfolio, Fair Value		$ 2,107	[16]									$ 2,183	[14]
Investment, Identifier [Axis]: Yes Energy LLC 1
Spread		5.00%	[5],[6],[8],[13]	5.00%	[5],[6],[8],[13]	5.00%	[5],[6],[8],[13]	5.00%	[5],[6],[8],[13]	5.00%	[5],[6],[8],[13]	500.00%	[9],[10],[12]	500.00%	[9],[10],[12]	500.00%	[9],[10],[12]	500.00%	[9],[10],[12]	500.00%	[9],[10],[12]
Interest Rate		9.90%	[5],[6],[8],[13]	9.90%	[5],[6],[8],[13]	9.90%	[5],[6],[8],[13]	9.90%	[5],[6],[8],[13]	9.90%	[5],[6],[8],[13]	9.37%	[9],[10],[12]	9.37%	[9],[10],[12]	9.37%	[9],[10],[12]	9.37%	[9],[10],[12]	9.37%	[9],[10],[12]
Par Amount/Units		$ 10,000	[5],[6],[8]									$ 10,000	[9],[10],[12]
Total Investment Portfolio, Amortized Cost		2,279	[5],[6],[8]									2,268	[9],[10],[12]
Total Investment Portfolio, Fair Value		$ 2,203	[5],[6],[8]									$ 2,099	[9],[10],[12]
Investment, Identifier [Axis]: Yes Energy LLC 2
Spread		5.00%	[6],[8],[13]	5.00%	[6],[8],[13]	5.00%	[6],[8],[13]	5.00%	[6],[8],[13]	5.00%	[6],[8],[13]	500.00%	[10],[12]	500.00%	[10],[12]	500.00%	[10],[12]	500.00%	[10],[12]	500.00%	[10],[12]
Interest Rate		9.90%	[6],[8],[13]	9.90%	[6],[8],[13]	9.90%	[6],[8],[13]	9.90%	[6],[8],[13]	9.90%	[6],[8],[13]	9.37%	[10],[12]	9.37%	[10],[12]	9.37%	[10],[12]	9.37%	[10],[12]	9.37%	[10],[12]
Par Amount/Units		$ 26,000	[6],[8]									$ 26,000	[10],[12]
Total Investment Portfolio, Amortized Cost		25,374	[6],[8]									25,342	[10],[12]
Total Investment Portfolio, Fair Value		$ 25,227	[6],[8]									$ 24,956	[10],[12]
Investment, Identifier [Axis]: Zayo Group, LLC
Spread		3.00%	[13],[23]	3.00%	[13],[23]	3.00%	[13],[23]	3.00%	[13],[23]	3.00%	[13],[23]	300.00%	[24]	300.00%	[24]	300.00%	[24]	300.00%	[24]	300.00%	[24]
Interest Rate		7.84%	[13],[23]	7.84%	[13],[23]	7.84%	[13],[23]	7.84%	[13],[23]	7.84%	[13],[23]	7.38%	[24]	7.38%	[24]	7.38%	[24]	7.38%	[24]	7.38%	[24]
Par Amount/Units		$ 3,155	[23]									$ 5,351	[24]
Total Investment Portfolio, Amortized Cost		3,123	[23]									5,290	[24]
Total Investment Portfolio, Fair Value		$ 2,581	[23]									$ 4,358	[24]
Investment, Identifier [Axis]: Zelis Payments Buyer, Inc.
Spread		3.50%	[13],[23]	3.50%	[13],[23]	3.50%	[13],[23]	3.50%	[13],[23]	3.50%	[13],[23]	350.00%	[24]	350.00%	[24]	350.00%	[24]	350.00%	[24]	350.00%	[24]
Interest Rate		8.34%	[13],[23]	8.34%	[13],[23]	8.34%	[13],[23]	8.34%	[13],[23]	8.34%	[13],[23]	7.88%	[24]	7.88%	[24]	7.88%	[24]	7.88%	[24]	7.88%	[24]
Par Amount/Units		$ 13,848	[23]									$ 13,884	[24]
Total Investment Portfolio, Amortized Cost		13,785	[23]									13,811	[24]
Total Investment Portfolio, Fair Value		13,806	[23]									13,758	[24]
Investment, Identifier [Axis]: Zendesk Inc 1
Par Amount/Units		39,321	[5],[6],[8]									39,321	[9],[10],[12]
Total Investment Portfolio, Amortized Cost		(740)	[5],[6],[8]									(786)	[9],[10],[12]
Total Investment Portfolio, Fair Value		(492)	[5],[6],[8]									(772)	[9],[10],[12]
Investment, Identifier [Axis]: Zendesk Inc 2
Par Amount/Units		17,940	[5],[6],[8]									17,940	[9],[10],[12]
Total Investment Portfolio, Amortized Cost		(338)	[5],[6],[8]									(352)	[9],[10],[12]
Total Investment Portfolio, Fair Value		$ (224)	[5],[6],[8]									$ (352)	[9],[10],[12]
Investment, Identifier [Axis]: Zendesk Inc 3
Spread		7.00%	[6],[8],[13]	7.00%	[6],[8],[13]	7.00%	[6],[8],[13]	7.00%	[6],[8],[13]	7.00%	[6],[8],[13]	650.00%	[10],[12]	650.00%	[10],[12]	650.00%	[10],[12]	650.00%	[10],[12]	650.00%	[10],[12]
Interest Rate		11.88%	[6],[8],[13]	11.88%	[6],[8],[13]	11.88%	[6],[8],[13]	11.88%	[6],[8],[13]	11.88%	[6],[8],[13]	11.04%	[10],[12]	11.04%	[10],[12]	11.04%	[10],[12]	11.04%	[10],[12]	11.04%	[10],[12]
Interest Rate, PIK	[6],[8],[13]	3.50%		3.50%		3.50%		3.50%		3.50%
Par Amount/Units		$ 157,283	[6],[8]									$ 157,283	[10],[12]
Total Investment Portfolio, Amortized Cost		154,294	[6],[8]									154,163	[10],[12]
Total Investment Portfolio, Fair Value		$ 155,315	[6],[8]									$ 154,193	[10],[12]
Investment, Identifier [Axis]: Zips Car Wash, LLC 1
Spread		7.25%	[8],[13],[25]	7.25%	[8],[13],[25]	7.25%	[8],[13],[25]	7.25%	[8],[13],[25]	7.25%	[8],[13],[25]	7.25%	[12],[22],[26]	7.25%	[12],[22],[26]	7.25%	[12],[22],[26]	7.25%	[12],[22],[26]	7.25%	[12],[22],[26]
Interest Rate		12.14%	[8],[13],[25]	12.14%	[8],[13],[25]	12.14%	[8],[13],[25]	12.14%	[8],[13],[25]	12.14%	[8],[13],[25]	11.67%	[12],[22],[26]	11.67%	[12],[22],[26]	11.67%	[12],[22],[26]	11.67%	[12],[22],[26]	11.67%	[12],[22],[26]
Par Amount/Units		$ 26,246	[8],[25]									$ 26,312	[12],[26]
Total Investment Portfolio, Amortized Cost		26,233	[8],[25]									26,287	[12],[26]
Total Investment Portfolio, Fair Value		$ 25,837	[8],[25]									$ 25,799	[12],[26]
Investment, Identifier [Axis]: Zips Car Wash, LLC 2
Spread		7.25%	[5],[8],[13],[25]	7.25%	[5],[8],[13],[25]	7.25%	[5],[8],[13],[25]	7.25%	[5],[8],[13],[25]	7.25%	[5],[8],[13],[25]	725.00%	[9],[12],[22],[26]	725.00%	[9],[12],[22],[26]	725.00%	[9],[12],[22],[26]	725.00%	[9],[12],[22],[26]	725.00%	[9],[12],[22],[26]
Interest Rate		12.05%	[5],[8],[13],[25]	12.05%	[5],[8],[13],[25]	12.05%	[5],[8],[13],[25]	12.05%	[5],[8],[13],[25]	12.05%	[5],[8],[13],[25]	11.53%	[9],[12],[22],[26]	11.53%	[9],[12],[22],[26]	11.53%	[9],[12],[22],[26]	11.53%	[9],[12],[22],[26]	11.53%	[9],[12],[22],[26]
Par Amount/Units		$ 39,679	[5],[8],[25]									$ 39,718	[9],[12],[26]
Total Investment Portfolio, Amortized Cost		15,062	[5],[8],[25]									14,987	[9],[12],[26]
Total Investment Portfolio, Fair Value		$ 14,847	[5],[8],[25]									$ 14,730	[9],[12],[26]
Investment, Identifier [Axis]: Zips Car Wash, LLC 3
Spread		7.25%	[8],[13],[25]	7.25%	[8],[13],[25]	7.25%	[8],[13],[25]	7.25%	[8],[13],[25]	7.25%	[8],[13],[25]	725.00%	[9],[12],[22],[26]	725.00%	[9],[12],[22],[26]	725.00%	[9],[12],[22],[26]	725.00%	[9],[12],[22],[26]	725.00%	[9],[12],[22],[26]
Interest Rate		12.09%	[8],[13],[25]	12.09%	[8],[13],[25]	12.09%	[8],[13],[25]	12.09%	[8],[13],[25]	12.09%	[8],[13],[25]	11.67%	[9],[12],[22],[26]	11.67%	[9],[12],[22],[26]	11.67%	[9],[12],[22],[26]	11.67%	[9],[12],[22],[26]	11.67%	[9],[12],[22],[26]
Par Amount/Units		$ 993	[8],[25]									$ 1,003	[9],[12],[26]
Total Investment Portfolio, Amortized Cost		988	[8],[25]									994	[9],[12],[26]
Total Investment Portfolio, Fair Value		$ 977	[8],[25]									$ 973	[9],[12],[26]

[1] The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").

[2] Unless otherwise indicated, issuers of debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount is presented for debt investments and the number of shares or units owned is presented for equity investments. Each of the Company’s investments is pledged as collateral under its credit facilities unless otherwise indicated.

[3] The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").

[4] Unless otherwise indicated, issuers of debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount is presented for debt investments and the number of shares or units owned is presented for equity investments. Each of the Company’s investments is pledged as collateral under its credit facilities unless otherwise indicated.

[5] Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may be subject to unused commitment fees. Negative cost and fair value results from unamortized fees, which are capitalized to the investment cost. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. See below for more information on the Company’s unfunded commitments: Investments-non-controlled/non-affiliatedCommitment TypeUnfunded CommitmentFair ValueZendesk Inc1st Lien Senior Secured Delayed Draw Loan$39,321 $(492)SDC US Smilepay SPV1st Lien Senior Secured Delayed Draw Loan36,267 (1,369)United Musculoskeletal Partners Acquisition Holdings, LLC1st Lien Senior Secured Delayed Draw Loan31,925 (1,525)MB2 Dental Solutions, LLC1st Lien Senior Secured Delayed Draw Loan25,278 (633)Zips Car Wash, LLC1st Lien Senior Secured Delayed Draw Loan24,213 (377)Foundation Automotive US Corp1st Lien Senior Secured Delayed Draw Loan23,229 (1,005)Coding Solutions Acquisition, Inc.1st Lien Senior Secured Delayed Draw Loan22,875 (749)CC WDW Borrower, Inc.1st Lien Senior Secured Delayed Draw Loan22,837 (1,162)Plasma Buyer LLC1st Lien Senior Secured Delayed Draw Loan22,070 (775)Club Car Wash Operating, LLC1st Lien Senior Secured Delayed Draw Loan20,717 (705)RSC Acquisition, Inc.1st Lien Senior Secured Delayed Draw Loan18,863 (341)NBG Acquisition Corp.1st Lien Senior Secured Delayed Draw Loan18,760 (720)Express Wash Concepts1st Lien Senior Secured Delayed Draw Loan18,257 (950)Zendesk Inc1st Lien Senior Secured Revolving Loan17,940 (224)2080 Media, Inc.1st Lien Senior Secured Delayed Draw Loan16,751 168 SimpliSafe Holding Corporation1st Lien Senior Secured Delayed Draw Loan15,106 (298)IP Operating Portfolio I, LLC1st Lien Senior Secured Delayed Draw Loan14,320 (369)Patriot Growth Insurance Services, LLC1st Lien Senior Secured Delayed Draw Loan13,952 (235)Sequa Corp1st Lien Senior Secured Revolving Loan13,676 (436)Armstrong Bidco Limited1st Lien Senior Secured Delayed Draw Loan13,260 (233)CD&R Madison UK Bidco LTD1st Lien Senior Secured Delayed Draw Loan12,295 (401)E.S.G. Movilidad, S.L.U.1st Lien Senior Secured Delayed Draw Loan12,198 (540)Coretrust Purchasing Group LLC1st Lien Senior Secured Revolving Loan11,656 (363)Radwell Parent, LLC1st Lien Senior Secured Revolving Loan11,502 (223)Renaissance Financiere1st Lien Senior Secured Delayed Draw Loan10,843 (309)Prism Parent Co., Inc.1st Lien Senior Secured Delayed Draw Loan10,833 (230)Coretrust Purchasing Group LLC1st Lien Senior Secured Delayed Draw Loan10,736 (334)Plasma Buyer LLC1st Lien Senior Secured Revolving Loan9,458 (308)Dolcetto HoldCo S.P.A.1st Lien Senior Secured Delayed Draw Loan9,111 (192)Trupanion, Inc.1st Lien Senior Secured Delayed Draw Loan8,750 (263)PPV Intermediate Holdings, LLC1st Lien Senior Secured Revolving Loan8,720 (226)Daphne S.P.A.1st Lien Senior Secured Delayed Draw Loan8,631 (324)Royal Buyer, LLC1st Lien Senior Secured Delayed Draw Loan8,483 (43)Specialty Ingredients, LLC1st Lien Senior Secured Revolving Loan8,177 (373)Planet US Buyer LLC1st Lien Senior Secured Revolving Loan8,024 (233)Gusto Aus Bidco Pty Ltd1st Lien Senior Secured Delayed Draw Loan8,012 (42)2080 Media, Inc.1st Lien Senior Secured Revolving Loan7,883 — Circana Group, LP.1st Lien Senior Secured Revolving Loan7,760 (183)Coding Solutions Acquisition, Inc.1st Lien Senior Secured Revolving Loan7,613 (249)Captive Resources Midco LLC1st Lien Senior Secured Revolving Loan7,558 (64)Yes Energy LLC1st Lien Senior Secured Delayed Draw Loan7,500 (223)Formerra, LLC1st Lien Senior Secured Revolving Loan7,339 (178)123Dentist Inc1st Lien Senior Secured Delayed Draw Loan7,128 (185)Coupa Holdings, LLC1st Lien Senior Secured Delayed Draw Loan7,123 (176)Trupanion, Inc.1st Lien Senior Secured Revolving Loan6,576 (198)Advarra Holdings, Inc.1st Lien Senior Secured Delayed Draw Loan6,340 (150)Avalara, Inc.1st Lien Senior Secured Revolving Loan6,324 (134)Coupa Holdings, LLC1st Lien Senior Secured Revolving Loan6,211 (153)Ping Identity Holding Corp.1st Lien Senior Secured Revolving Loan6,068 (128)Royal Buyer, LLC1st Lien Senior Secured Revolving Loan5,367 (27) Investments-non-controlled/non-affiliatedCommitment TypeUnfunded CommitmentFair ValueCC WDW Borrower, Inc.1st Lien Senior Secured Revolving Loan5,122 (261)PPV Intermediate Holdings, LLC1st Lien Senior Secured Delayed Draw Loan4,770 (124)Showtime Acquisition, L.L.C.1st Lien Senior Secured Revolving Loan4,711 (138)Oranje Holdco, Inc.1st Lien Senior Secured Revolving Loan4,657 (113)Cobham Holdings Inc.1st Lien Senior Secured Revolving Loan4,614 (132)TMC Buyer Inc1st Lien Senior Secured Delayed Draw Loan4,569 (343)Formerra, LLC1st Lien Senior Secured Delayed Draw Loan4,270 (103)Excelitas Technologies Corp.1st Lien Senior Secured Delayed Draw Loan4,239 (109)Spotless Brands, LLC1st Lien Senior Secured Revolving Loan4,140 (116)PTSH Intermediate Holdings, LLC1st Lien Senior Secured Delayed Draw Loan3,953 (217)Integrity Marketing Acquisition LLC1st Lien Senior Secured Delayed Draw Loan3,818 (86)Tricentis Americas, Inc.1st Lien Senior Secured Delayed Draw Loan3,701 (41)Showtime Acquisition, L.L.C.1st Lien Senior Secured Delayed Draw Loan3,657 (107)ASDAM Operations Pty Ltd1st Lien Senior Secured Delayed Draw Loan3,625 (123)Meriplex Communications, LTD1st Lien Senior Secured Delayed Draw Loan3,615 (87)Spanx, LLC1st Lien Senior Secured Revolving Loan3,533 (135)TriMech Acquisition Corp.1st Lien Senior Secured Revolving Loan3,289 (50)Pinnacle Fertility, Inc.1st Lien Senior Secured Delayed Draw Loan3,125 (60)Arcfield Acquisition Corp1st Lien Senior Secured Revolving Loan2,990 (100)Arc Media Holdings Limited1st Lien Senior Secured Revolving Loan2,766 (59)Artemis Bidco Limited1st Lien Senior Secured Delayed Draw Loan2,677 (260)Smarsh Inc.1st Lien Senior Secured Delayed Draw Loan2,143 (87)CPI Buyer, LLC1st Lien Senior Secured Revolving Loan2,115 (26)Excelitas Technologies Corp.1st Lien Senior Secured Revolving Loan1,978 (49)Spirit RR Holdings, Inc.1st Lien Senior Secured Revolving Loan1,806 (54)Galway Borrower LLC1st Lien Senior Secured Revolving Loan1,739 (67)IG Investments Holdings, LLC1st Lien Senior Secured Revolving Loan1,726 (36)CPI Buyer, LLC1st Lien Senior Secured Delayed Draw Loan1,449 (25)Calabrio, Inc.1st Lien Senior Secured Revolving Loan1,152 (15)NBG Acquisition Corp.1st Lien Senior Secured Revolving Loan1,111 (43)Huskies Parent, Inc.1st Lien Senior Secured Delayed Draw Loan1,000 (62)DS Admiral Bidco, LLC1st Lien Senior Secured Revolving Loan966 (17)NBG Acquisition Corp.1st Lien Senior Secured Delayed Draw Loan952 (37)Smarsh Inc.1st Lien Senior Secured Revolving Loan857 (35)Patriot Growth Insurance Services, LLC1st Lien Senior Secured Revolving Loan822 (14)AxiomSL Group, Inc.1st Lien Senior Secured Revolving Loan812 — AxiomSL Group, Inc.1st Lien Senior Secured Delayed Draw Loan744 — Meriplex Communications, LTD1st Lien Senior Secured Revolving Loan610 (15)ERC Topco Holdings, LLC1st Lien Senior Secured Revolving Loan600 (40)Tricentis Americas, Inc.1st Lien Senior Secured Revolving Loan499 (5)Galway Borrower LLC1st Lien Senior Secured Delayed Draw Loan457 (19)Riley MergeCo LLC1st Lien Senior Secured Delayed Draw Loan456 (19)Time Manufacturing Holdings, LLC1st Lien Senior Secured Revolving Loan445 (22)Associations Inc.1st Lien Senior Secured Revolving Loan403 (2)Bottomline Technologies, Inc.1st Lien Senior Secured Revolving Loan385 (9)Eagle LNG Partners Jacksonville II LLC1st Lien Senior Secured Delayed Draw Loan380 (13)Riley MergeCo LLC1st Lien Senior Secured Revolving Loan304 (12)Nexus Intermediate III, LLC1st Lien Senior Secured Delayed Draw Loan300 — Huskies Parent, Inc.1st Lien Senior Secured Revolving Loan294 (16)RSC Acquisition, Inc.1st Lien Senior Secured Revolving Loan179 (3)Pediatric Associates Holding Company, LLC1st Lien Senior Secured Delayed Draw Loan155 (3)ABB/CON-CISE Optical Group LLC1st Lien Senior Secured Revolving Loan118 (7)Aventine Intermediate LLC1st Lien Senior Secured Delayed Draw Loan80 (3)VetCor Group Holdings LLCUnsecured Delayed Draw Loan34 (3) Investments-non-controlled/non-affiliatedCommitment TypeUnfunded CommitmentFair ValueHigginbotham Insurance Agency, Inc.1st Lien Senior Secured Delayed Draw Loan17 — Total$792,765 $(22,404)

[6] The interest rate floor on these investments as of March 31, 2023 was 0.75%.

[7] The investment is not a qualifying asset, in whole or in part, under Section 55(a) of the 1940 Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of March 31, 2023, non-qualifying assets represented 15.7% of total assets as calculated in accordance with regulatory requirements.

[8] These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by the Adviser as the Company’s valuation designee, subject to the oversight of the Board of Trustees (the “Board”) (see Note 2 and Note 5), pursuant to the Company’s valuation policy.

[9] Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may be subject to unused commitment fees. Negative cost and fair value results from unamortized fees, which are capitalized to the investment cost. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. See below for more information on the Company’s unfunded commitments: Investments-non-controlled/non-affiliatedCommitment TypeUnfunded CommitmentFair ValueUnited Musculoskeletal Partners Acquisition Holdings, LLC1st Lien Senior Secured Delayed Draw Loan$50,408 $(1,976)MB2 Dental Solutions, LLC1st Lien Senior Secured Delayed Draw Loan48,611 (1,661)Zendesk Inc1st Lien Senior Secured Delayed Draw Loan39,321 (772)SDC US Smilepay SPV1st Lien Senior Secured Delayed Draw Loan38,645 (1,792)Express Wash Concepts1st Lien Senior Secured Delayed Draw Loan37,286 (2,375)Foundation Automotive US Corp1st Lien Senior Secured Delayed Draw Loan34,033 (1,236)RSC Acquisition, Inc.1st Lien Senior Secured Delayed Draw Loan28,274 (753)Zips Car Wash, LLC1st Lien Senior Secured Delayed Draw Loan24,213 (472)Coding Solutions Acquisition, Inc.1st Lien Senior Secured Delayed Draw Loan22,875 (1,001)CC WDW Borrower, Inc.1st Lien Senior Secured Delayed Draw Loan22,837 (1,006)Plasma Buyer LLC1st Lien Senior Secured Delayed Draw Loan22,070 (1,040)Trupanion, Inc.1st Lien Senior Secured Delayed Draw Loan21,000 (837)Club Car Wash Operating, LLC1st Lien Senior Secured Delayed Draw Loan20,717 (911)NBG Acquisition Corp.1st Lien Senior Secured Delayed Draw Loan18,760 (1,319)IP Operating Portfolio I, LLC1st Lien Senior Secured Delayed Draw Loan18,168 (542)Zendesk Inc1st Lien Senior Secured Revolving Loan17,940 (352)Patriot Growth Insurance Services, LLC1st Lien Senior Secured Delayed Draw Loan16,982 (465) Investments-non-controlled/non-affiliatedCommitment TypeUnfunded CommitmentFair Value2080 Media, Inc.1st Lien Senior Secured Delayed Draw Loan16,751 (159)SimpliSafe Holding Corporation1st Lien Senior Secured Delayed Draw Loan15,106 (455)2080 Media, Inc.1st Lien Senior Secured Revolving Loan13,795 (139)Sequa Corp1st Lien Senior Secured Revolving Loan13,676 (670)PPV Intermediate Holdings, LLC1st Lien Senior Secured Delayed Draw Loan13,670 (520)Radwell Parent, LLC1st Lien Senior Secured Revolving Loan13,271 (392)Armstrong Bidco Limited1st Lien Senior Secured Delayed Draw Loan12,991 (69)E.S.G. Movilidad, S.L.U.1st Lien Senior Secured Delayed Draw Loan12,039 (688)Formerra, LLC1st Lien Senior Secured Revolving Loan12,031 (380)Coretrust Purchasing Group LLC1st Lien Senior Secured Revolving Loan11,656 (501)Specialty Ingredients, LLC1st Lien Senior Secured Revolving Loan11,279 (413)Prism Parent Co., Inc.1st Lien Senior Secured Delayed Draw Loan10,833 (348)Coretrust Purchasing Group LLC1st Lien Senior Secured Delayed Draw Loan10,736 (461)Renaissance Financiere1st Lien Senior Secured Delayed Draw Loan10,702 (428)Plasma Buyer LLC1st Lien Senior Secured Revolving Loan9,458 (411)Royal Buyer, LLC1st Lien Senior Secured Delayed Draw Loan9,000 (321)Dolcetto HoldCo S.P.A.1st Lien Senior Secured Delayed Draw Loan8,993 (218)Coding Solutions Acquisition, Inc.1st Lien Senior Secured Revolving Loan8,700 (381)Daphne S.P.A.1st Lien Senior Secured Delayed Draw Loan8,519 (421)Gusto Aus Bidco Pty Ltd1st Lien Senior Secured Delayed Draw Loan8,161 (238)The NPD Group L.P.1st Lien Senior Secured Revolving Loan7,940 (266)Captive Resources Midco LLC1st Lien Senior Secured Revolving Loan7,557 (142)Yes Energy LLC1st Lien Senior Secured Delayed Draw Loan7,500 (301)Baart Programs, Inc.1st Lien Senior Secured Delayed Draw Loan7,191 (294)123Dentist Inc1st Lien Senior Secured Delayed Draw Loan7,110 (268)Trupanion, Inc.1st Lien Senior Secured Revolving Loan6,576 (262)Excelitas Technologies Corp.1st Lien Senior Secured Delayed Draw Loan6,522 (247)Tilting Point Media LLC1st Lien Senior Secured Delayed Draw Loan6,372 (600)PPV Intermediate Holdings, LLC1st Lien Senior Secured Revolving Loan6,366 (242)Advarra Holdings, Inc.1st Lien Senior Secured Delayed Draw Loan6,340 (226)Avalara, Inc.1st Lien Senior Secured Revolving Loan6,324 (153)Ping Identity Holding Corp.1st Lien Senior Secured Revolving Loan6,068 (147)Tricentis Americas, Inc.1st Lien Senior Secured Delayed Draw Loan5,551 (91)Royal Buyer, LLC1st Lien Senior Secured Revolving Loan5,367 (192)Spotless Brands, LLC1st Lien Senior Secured Revolving Loan5,175 (201)CC WDW Borrower, Inc.1st Lien Senior Secured Revolving Loan5,122 (226)TMC Buyer Inc1st Lien Senior Secured Delayed Draw Loan4,569 (400)Spanx, LLC1st Lien Senior Secured Revolving Loan4,467 (220)Formerra, LLC1st Lien Senior Secured Delayed Draw Loan4,270 (135)PTSH Intermediate Holdings, LLC1st Lien Senior Secured Delayed Draw Loan3,953 (261)Integrity Marketing Acquisition LLC1st Lien Senior Secured Delayed Draw Loan3,818 (156)Asdam Operations Pty Ltd1st Lien Senior Secured Delayed Draw Loan3,691 (168)Meriplex Communications, LTD1st Lien Senior Secured Delayed Draw Loan3,615 (127)CPI Buyer, LLC1st Lien Senior Secured Delayed Draw Loan3,491 (97)Pinnacle Fertility, Inc.1st Lien Senior Secured Delayed Draw Loan3,125 (93)Arcfield Acquisition Corp1st Lien Senior Secured Revolving Loan2,990 (129)Thrasio LLC1st Lien Senior Secured Delayed Draw Loan2,972 (338)Tilting Point Media LLC1st Lien Senior Secured Revolving Loan2,916 (274)TriMech Acquisition Corp.1st Lien Senior Secured Revolving Loan2,895 (74)Arc Media Holdings Limited1st Lien Senior Secured Revolving Loan2,766 (67)Artemis Bidco Limited1st Lien Senior Secured Delayed Draw Loan2,622 (286)Galway Borrower LLC1st Lien Senior Secured Revolving Loan2,216 (109)Smarsh Inc.1st Lien Senior Secured Delayed Draw Loan2,143 (112) Investments-non-controlled/non-affiliatedCommitment TypeUnfunded CommitmentFair ValueCPI Buyer, LLC1st Lien Senior Secured Revolving Loan2,115 (43)Spirit RR Holdings, Inc.1st Lien Senior Secured Revolving Loan1,806 (74)Excelitas Technologies Corp.1st Lien Senior Secured Revolving Loan1,413 (50)NBG Acquisition Corp.1st Lien Senior Secured Revolving Loan1,358 (95)Calabrio, Inc.1st Lien Senior Secured Revolving Loan1,152 (25)Smarsh Inc.1st Lien Senior Secured Revolving Loan1,071 (56)IG Investments Holdings, LLC1st Lien Senior Secured Revolving Loan1,036 (32)Meriplex Communications, LTD1st Lien Senior Secured Revolving Loan1,029 (36)Huskies Parent, Inc.1st Lien Senior Secured Delayed Draw Loan1,000 (93)NBG Acquisition Corp.1st Lien Senior Secured Delayed Draw Loan952 (67)DS Admiral Bidco, LLC1st Lien Senior Secured Revolving Loan850 (22)Patriot Growth Insurance Services, LLC1st Lien Senior Secured Revolving Loan822 (22)AxiomSL Group, Inc.1st Lien Senior Secured Revolving Loan812 — AxiomSL Group, Inc.1st Lien Senior Secured Delayed Draw Loan744 — 850 Third Avenue Mezz I, LLC1st Lien Senior Secured Delayed Draw Loan643 (90)ERC Topco Holdings, LLC1st Lien Senior Secured Delayed Draw Loan620 (17)Pediatric Associates Holding Company, LLC1st Lien Senior Secured Delayed Draw Loan516 (25)Tricentis Americas, Inc.1st Lien Senior Secured Revolving Loan499 (8)RSC Acquisition, Inc.1st Lien Senior Secured Revolving Loan467 (12)Galway Borrower LLC1st Lien Senior Secured Delayed Draw Loan457 (24)Riley MergeCo LLC1st Lien Senior Secured Delayed Draw Loan456 (23)Associations Inc.1st Lien Senior Secured Revolving Loan403 (6)Bottomline Technologies, Inc.1st Lien Senior Secured Revolving Loan385 (13)ERC Topco Holdings, LLC1st Lien Senior Secured Revolving Loan383 (9)Riley MergeCo LLC1st Lien Senior Secured Revolving Loan304 (15)Nexus Intermediate III, LLC1st Lien Senior Secured Delayed Draw Loan300 (3)Huskies Parent, Inc.1st Lien Senior Secured Revolving Loan294 (24)Time Manufacturing Holdings, LLC1st Lien Senior Secured Revolving Loan255 (15)VetCor Group Holdings LLCUnsecured Delayed Draw Loan250 (19)AD1 LBV1, LLC1st Lien Senior Secured Delayed Draw Loan119 (2)ABB/CON-CISE Optical Group LLC1st Lien Senior Secured Revolving Loan118 (8)DCA Acquisition Holdings LLCUnsecured Delayed Draw Loan88 (2)Aventine Intermediate LLC1st Lien Senior Secured Delayed Draw Loan80 (4)Higginbotham Insurance Agency, Inc.1st Lien Senior Secured Delayed Draw Loan28 — Zips Car Wash, LLC1st Lien Senior Secured Delayed Draw Loan10 — Total$895,942 $(33,961)

[10] The interest rate floor on these investments as of December 31, 2022 was 0.75%.

[11] The investment is not a qualifying asset, in whole or in part, under Section 55(a) of the 1940 Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of December 31, 2022, non-qualifying assets represented 16.1% of total assets as calculated in accordance with regulatory requirements.

[12] These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by the Adviser as the Company’s valuation designee, subject to the oversight of the Board of Trustees (the “Board”) (see Note 2 and Note 5), pursuant to the Company’s valuation policy.

[13] The majority of the investments bear interest at a rate that may be determined by reference to the London Interbank Offered Rate (“LIBOR” or “L”), Prime Rate (“Prime” or “P”), Sterling Overnight Index Average ("SONIA" or "SN"), Euro Interbank Offer Rate (“Euribor” or “E”), Secured Overnight Financing Rate ("SOFR" or "SF"), Canadian Dollar Offered Rate ("CDOR" or "C") or Bank Bill Swap Rate ("BBSW" or "B") which reset daily, monthly, quarterly, or semiannually. For each such investment, the Company has provided the spread over LIBOR, Prime, SONIA, E, SOFR, CDOR or BBSW and the current contractual interest rate in effect at March 31, 2023. Certain investments are subject to a LIBOR, Prime, or SOFR interest rate floor, or rate cap. Certain investments contain a Payment-in-Kind (“PIK”) provision.

[14] The interest rate floor on these investments as of December 31, 2022 was 0.50%.

[15] Loan was on non-accrual status as of March 31, 2023.

[16] The interest rate floor on these investments as of March 31, 2023 was 0.50%.

[17] These debt investments are not pledged as collateral under the Credit Facilities and the Short Term Financing Transactions.

[18] The interest rate floor on these investments as of March 31, 2023 was 1.75%.

[19] The interest rate floor on these investments as of December 31, 2022 was 1.75%.

[20] The interest rate floor on these investments as of March 31, 2023 was 0.60%.

[21] The interest rate floor on these investments as of December 31, 2022 was 0.60%.

[22] The majority of the investments bear interest at a rate that may be determined by reference to the London Interbank Offered Rate (“LIBOR” or “L”), Prime Rate (“Prime” or “P”), Sterling Overnight Index Average ("SONIA" or "SN"), Euro Interbank Offer Rate (“Euribor” or “E”), Secured Overnight Financing Rate ("SOFR" or "SF"), Canadian Dollar Offered Rate ("CDOR" or "C") or Bank Bill Swap Rate ("BBSW" or "B") which reset daily, monthly, quarterly, or semiannually. For each such investment, the Company has provided the spread over LIBOR, Prime, SONIA, E, SOFR, CDOR or BBSW and the current contractual interest rate in effect at December 31, 2022. Certain investments are subject to a LIBOR, Prime, or SOFR interest rate floor, or rate cap. Certain investments contain a Payment-in-Kind (“PIK”) provision.

[23] There are no interest rate floors on these investments.

[24] There are no interest rate floors on these investments.

[25] The interest rate floor on these investments as of March 31, 2023 was 1.00%.

[26] The interest rate floor on these investments as of December 31, 2022 was 1.00%.

[27] These debt investments are not pledged as collateral under HLEND-A Funding Facility, the HLEND-B Funding Facility, the Revolving Credit Facility and the Short Term Financing Transactions.

[28] The interest rate floor on these investments as of March 31, 2023 was 2.00%.

[29] The interest rate floor on these investments as of December 31, 2022 was 2.00%.

XML

Consolidated Schedule of Investments (Parenthetical)	Mar. 31, 2023	Dec. 31, 2022
Non-qualifying assets percentage	15.70%	16.10%
Investment Interest Rate Floor One
Interest rate floor	0.50%	0.50%
Investment Interest Rate Floor Two
Interest rate floor	0.60%	0.60%
Investment Interest Rate Floor Three
Interest rate floor	0.75%	0.75%
Investment Interest Rate Floor Four
Interest rate floor	1.00%	1.00%
Investment Interest Rate Floor Five
Interest rate floor	1.75%	1.75%
Investment Interest Rate Floor Six
Interest rate floor	2.00%	2.00%

XML

Consolidated Schedule of Investments (Unfunded Commitments) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Unfunded Commitment	$ 792,765	$ 895,900
Fair Value	(22,404)
Investment, Identifier [Axis]: 123Dentist Inc, 1st Lien Senior Secured Delayed Draw Loan
Unfunded Commitment	7,128	7,110
Fair Value	(185)	(268)
Investment, Identifier [Axis]: 2080 Media, Inc., 1st Lien Senior Secured Delayed Draw Loan
Unfunded Commitment	16,751	16,751
Fair Value	168	(159)
Investment, Identifier [Axis]: 2080 Media, Inc., 1st Lien Senior Secured Revolving Loan
Unfunded Commitment	7,883	13,795
Fair Value	0	(139)
Investment, Identifier [Axis]: 850 Third Avenue Mezz I, LLC, 1st Lien Senior Secured Delayed Draw Loan
Unfunded Commitment		643
Fair Value		(90)
Investment, Identifier [Axis]: ABB/CON-CISE Optical Group LLC, 1st Lien Senior Secured Revolving Loan
Unfunded Commitment	118	118
Fair Value	(7)	(8)
Investment, Identifier [Axis]: AD1 LBV1, LLC, 1st Lien Senior Secured Delayed Draw Loan
Unfunded Commitment		119
Fair Value		(2)
Investment, Identifier [Axis]: ASDAM Operations Pty Ltd, 1st Lien Senior Secured Delayed Draw Loan
Unfunded Commitment	3,625
Fair Value	(123)
Investment, Identifier [Axis]: Advarra Holdings, Inc., 1st Lien Senior Secured Delayed Draw Loan
Unfunded Commitment	6,340	6,340
Fair Value	(150)	(226)
Investment, Identifier [Axis]: Arc Media Holdings Limited, 1st Lien Senior Secured Revolving Loan
Unfunded Commitment	2,766	2,766
Fair Value	(59)	(67)
Investment, Identifier [Axis]: Arcfield Acquisition Corp, 1st Lien Senior Secured Revolving Loan
Unfunded Commitment	2,990	2,990
Fair Value	(100)	(129)
Investment, Identifier [Axis]: Armstrong Bidco Limited, 1st Lien Senior Secured Delayed Draw Loan
Unfunded Commitment	13,260	12,991
Fair Value	(233)	(69)
Investment, Identifier [Axis]: Artemis Bidco Limited, 1st Lien Senior Secured Delayed Draw Loan
Unfunded Commitment	2,677	2,622
Fair Value	(260)	(286)
Investment, Identifier [Axis]: Asdam Operations Pty Ltd, 1st Lien Senior Secured Delayed Draw Loan
Unfunded Commitment		3,691
Fair Value		(168)
Investment, Identifier [Axis]: Associations Inc., 1st Lien Senior Secured Revolving Loan
Unfunded Commitment	403	403
Fair Value	(2)	(6)
Investment, Identifier [Axis]: Avalara, Inc., 1st Lien Senior Secured Revolving Loan
Unfunded Commitment	6,324	6,324
Fair Value	(134)	(153)
Investment, Identifier [Axis]: Aventine Intermediate LLC, 1st Lien Senior Secured Delayed Draw Loan
Unfunded Commitment	80	80
Fair Value	(3)	(4)
Investment, Identifier [Axis]: AxiomSL Group, Inc., 1st Lien Senior Secured Delayed Draw Loan
Unfunded Commitment	744	744
Fair Value	0	0
Investment, Identifier [Axis]: AxiomSL Group, Inc., 1st Lien Senior Secured Revolving Loan
Unfunded Commitment	812	812
Fair Value	0	0
Investment, Identifier [Axis]: Baart Programs, Inc., 1st Lien Senior Secured Delayed Draw Loan
Unfunded Commitment		7,191
Fair Value		(294)
Investment, Identifier [Axis]: Bottomline Technologies, Inc., 1st Lien Senior Secured Revolving Loan
Unfunded Commitment	385	385
Fair Value	(9)	(13)
Investment, Identifier [Axis]: CC WDW Borrower, Inc., 1st Lien Senior Secured Delayed Draw Loan
Unfunded Commitment	22,837	22,837
Fair Value	(1,162)	(1,006)
Investment, Identifier [Axis]: CC WDW Borrower, Inc., 1st Lien Senior Secured Revolving Loan
Unfunded Commitment	5,122	5,122
Fair Value	(261)	(226)
Investment, Identifier [Axis]: CD&R Madison UK Bidco LTD, 1st Lien Senior Secured Delayed Draw Loan
Unfunded Commitment	12,295
Fair Value	(401)
Investment, Identifier [Axis]: CPI Buyer, LLC, 1st Lien Senior Secured Delayed Draw Loan
Unfunded Commitment	1,449	3,491
Fair Value	(25)	(97)
Investment, Identifier [Axis]: CPI Buyer, LLC, 1st Lien Senior Secured Revolving Loan
Unfunded Commitment	2,115	2,115
Fair Value	(26)	(43)
Investment, Identifier [Axis]: Calabrio, Inc., 1st Lien Senior Secured Revolving Loan
Unfunded Commitment	1,152	1,152
Fair Value	(15)	(25)
Investment, Identifier [Axis]: Captive Resources Midco LLC, 1st Lien Senior Secured Revolving Loan
Unfunded Commitment	7,558	7,557
Fair Value	(64)	(142)
Investment, Identifier [Axis]: Circana Group, LP., 1st Lien Senior Secured Revolving Loan
Unfunded Commitment	7,760
Fair Value	(183)
Investment, Identifier [Axis]: Club Car Wash Operating, LLC, 1st Lien Senior Secured Delayed Draw Loan
Unfunded Commitment	20,717	20,717
Fair Value	(705)	(911)
Investment, Identifier [Axis]: Cobham Holdings Inc., 1st Lien Senior Secured Revolving Loan
Unfunded Commitment	4,614
Fair Value	(132)
Investment, Identifier [Axis]: Coding Solutions Acquisition, Inc., 1st Lien Senior Secured Delayed Draw Loan
Unfunded Commitment	22,875	22,875
Fair Value	(749)	(1,001)
Investment, Identifier [Axis]: Coding Solutions Acquisition, Inc., 1st Lien Senior Secured Revolving Loan
Unfunded Commitment	7,613	8,700
Fair Value	(249)	(381)
Investment, Identifier [Axis]: Coretrust Purchasing Group LLC, 1st Lien Senior Secured Delayed Draw Loan
Unfunded Commitment	10,736	10,736
Fair Value	(334)	(461)
Investment, Identifier [Axis]: Coretrust Purchasing Group LLC, 1st Lien Senior Secured Revolving Loan
Unfunded Commitment	11,656	11,656
Fair Value	(363)	(501)
Investment, Identifier [Axis]: Coupa Holdings, LLC, 1st Lien Senior Secured Delayed Draw Loan
Unfunded Commitment	7,123
Fair Value	(176)
Investment, Identifier [Axis]: Coupa Holdings, LLC, 1st Lien Senior Secured Revolving Loan
Unfunded Commitment	6,211
Fair Value	(153)
Investment, Identifier [Axis]: DCA Acquisition Holdings LLC, Unsecured Delayed Draw Loan
Unfunded Commitment		88
Fair Value		(2)
Investment, Identifier [Axis]: DS Admiral Bidco, LLC, 1st Lien Senior Secured Revolving Loan
Unfunded Commitment	966	850
Fair Value	(17)	(22)
Investment, Identifier [Axis]: Daphne S.P.A., 1st Lien Senior Secured Delayed Draw Loan
Unfunded Commitment	8,631	8,519
Fair Value	(324)	(421)
Investment, Identifier [Axis]: Dolcetto HoldCo S.P.A., 1st Lien Senior Secured Delayed Draw Loan
Unfunded Commitment	9,111	8,993
Fair Value	(192)	(218)
Investment, Identifier [Axis]: E.S.G. Movilidad, S.L.U., 1st Lien Senior Secured Delayed Draw Loan
Unfunded Commitment	12,198	12,039
Fair Value	(540)	(688)
Investment, Identifier [Axis]: ERC Topco Holdings, LLC, 1st Lien Senior Secured Delayed Draw Loan
Unfunded Commitment		620
Fair Value		(17)
Investment, Identifier [Axis]: ERC Topco Holdings, LLC, 1st Lien Senior Secured Revolving Loan
Unfunded Commitment	600	383
Fair Value	(40)	(9)
Investment, Identifier [Axis]: Eagle LNG Partners Jacksonville II LLC, 1st Lien Senior Secured Delayed Draw Loan
Unfunded Commitment	380
Fair Value	(13)
Investment, Identifier [Axis]: Excelitas Technologies Corp., 1st Lien Senior Secured Delayed Draw Loan
Unfunded Commitment	4,239	6,522
Fair Value	(109)	(247)
Investment, Identifier [Axis]: Excelitas Technologies Corp., 1st Lien Senior Secured Revolving Loan
Unfunded Commitment	1,978	1,413
Fair Value	(49)	(50)
Investment, Identifier [Axis]: Express Wash Concepts, 1st Lien Senior Secured Delayed Draw Loan
Unfunded Commitment	18,257	37,286
Fair Value	(950)	(2,375)
Investment, Identifier [Axis]: Formerra, LLC, 1st Lien Senior Secured Delayed Draw Loan
Unfunded Commitment	4,270	4,270
Fair Value	(103)	(135)
Investment, Identifier [Axis]: Formerra, LLC, 1st Lien Senior Secured Revolving Loan
Unfunded Commitment	7,339	12,031
Fair Value	(178)	(380)
Investment, Identifier [Axis]: Foundation Automotive US Corp, 1st Lien Senior Secured Delayed Draw Loan
Unfunded Commitment	23,229	34,033
Fair Value	(1,005)	(1,236)
Investment, Identifier [Axis]: Galway Borrower LLC, 1st Lien Senior Secured Delayed Draw Loan
Unfunded Commitment	457	457
Fair Value	(19)	(24)
Investment, Identifier [Axis]: Galway Borrower LLC, 1st Lien Senior Secured Revolving Loan
Unfunded Commitment	1,739	2,216
Fair Value	(67)	(109)
Investment, Identifier [Axis]: Gusto Aus Bidco Pty Ltd, 1st Lien Senior Secured Delayed Draw Loan
Unfunded Commitment	8,012	8,161
Fair Value	(42)	(238)
Investment, Identifier [Axis]: Higginbotham Insurance Agency, Inc., 1st Lien Senior Secured Delayed Draw Loan
Unfunded Commitment	17	28
Fair Value	0	0
Investment, Identifier [Axis]: Huskies Parent, Inc., 1st Lien Senior Secured Delayed Draw Loan
Unfunded Commitment	1,000	1,000
Fair Value	(62)	(93)
Investment, Identifier [Axis]: Huskies Parent, Inc., 1st Lien Senior Secured Revolving Loan
Unfunded Commitment	294	294
Fair Value	(16)	(24)
Investment, Identifier [Axis]: IG Investments Holdings, LLC, 1st Lien Senior Secured Revolving Loan
Unfunded Commitment	1,726	1,036
Fair Value	(36)	(32)
Investment, Identifier [Axis]: IP Operating Portfolio I, LLC, 1st Lien Senior Secured Delayed Draw Loan
Unfunded Commitment	14,320	18,168
Fair Value	(369)	(542)
Investment, Identifier [Axis]: Integrity Marketing Acquisition LLC, 1st Lien Senior Secured Delayed Draw Loan
Unfunded Commitment	3,818	3,818
Fair Value	(86)	(156)
Investment, Identifier [Axis]: MB2 Dental Solutions, LLC, 1st Lien Senior Secured Delayed Draw Loan
Unfunded Commitment	25,278	48,611
Fair Value	(633)	(1,661)
Investment, Identifier [Axis]: Meriplex Communications, LTD, 1st Lien Senior Secured Delayed Draw Loan
Unfunded Commitment	3,615	3,615
Fair Value	(87)	(127)
Investment, Identifier [Axis]: Meriplex Communications, LTD, 1st Lien Senior Secured Revolving Loan
Unfunded Commitment	610	1,029
Fair Value	(15)	(36)
Investment, Identifier [Axis]: NBG Acquisition Corp., 1st Lien Senior Secured Delayed Draw Loan 1
Unfunded Commitment	18,760	18,760
Fair Value	(720)	(1,319)
Investment, Identifier [Axis]: NBG Acquisition Corp., 1st Lien Senior Secured Delayed Draw Loan 2
Unfunded Commitment	952	952
Fair Value	(37)	(67)
Investment, Identifier [Axis]: NBG Acquisition Corp., 1st Lien Senior Secured Revolving Loan
Unfunded Commitment	1,111	1,358
Fair Value	(43)	(95)
Investment, Identifier [Axis]: Nexus Intermediate III, LLC, 1st Lien Senior Secured Delayed Draw Loan
Unfunded Commitment	300	300
Fair Value	0	(3)
Investment, Identifier [Axis]: Oranje Holdco, Inc., 1st Lien Senior Secured Revolving Loan
Unfunded Commitment	4,657
Fair Value	(113)
Investment, Identifier [Axis]: PPV Intermediate Holdings, LLC, 1st Lien Senior Secured Delayed Draw Loan
Unfunded Commitment	4,770	13,670
Fair Value	(124)	(520)
Investment, Identifier [Axis]: PPV Intermediate Holdings, LLC, 1st Lien Senior Secured Revolving Loan
Unfunded Commitment	8,720	6,366
Fair Value	(226)	(242)
Investment, Identifier [Axis]: PTSH Intermediate Holdings, LLC, 1st Lien Senior Secured Delayed Draw Loan
Unfunded Commitment	3,953	3,953
Fair Value	(217)	(261)
Investment, Identifier [Axis]: Patriot Growth Insurance Services, LLC, 1st Lien Senior Secured Delayed Draw Loan
Unfunded Commitment	13,952	16,982
Fair Value	(235)	(465)
Investment, Identifier [Axis]: Patriot Growth Insurance Services, LLC, 1st Lien Senior Secured Revolving Loan
Unfunded Commitment	822	822
Fair Value	(14)	(22)
Investment, Identifier [Axis]: Pediatric Associates Holding Company, LLC, 1st Lien Senior Secured Delayed Draw Loan
Unfunded Commitment	155	516
Fair Value	(3)	(25)
Investment, Identifier [Axis]: Ping Identity Holding Corp., 1st Lien Senior Secured Revolving Loan
Unfunded Commitment	6,068	6,068
Fair Value	(128)	(147)
Investment, Identifier [Axis]: Pinnacle Fertility, Inc., 1st Lien Senior Secured Delayed Draw Loan
Unfunded Commitment	3,125	3,125
Fair Value	(60)	(93)
Investment, Identifier [Axis]: Planet US Buyer LLC, 1st Lien Senior Secured Revolving Loan
Unfunded Commitment	8,024
Fair Value	(233)
Investment, Identifier [Axis]: Plasma Buyer LLC, 1st Lien Senior Secured Delayed Draw Loan
Unfunded Commitment	22,070	22,070
Fair Value	(775)	(1,040)
Investment, Identifier [Axis]: Plasma Buyer LLC, 1st Lien Senior Secured Revolving Loan
Unfunded Commitment	9,458	9,458
Fair Value	(308)	(411)
Investment, Identifier [Axis]: Prism Parent Co., Inc., 1st Lien Senior Secured Delayed Draw Loan
Unfunded Commitment	10,833	10,833
Fair Value	(230)	(348)
Investment, Identifier [Axis]: RSC Acquisition, Inc., 1st Lien Senior Secured Delayed Draw Loan
Unfunded Commitment	18,863	28,274
Fair Value	(341)	(753)
Investment, Identifier [Axis]: RSC Acquisition, Inc., 1st Lien Senior Secured Revolving Loan
Unfunded Commitment	179	467
Fair Value	(3)	(12)
Investment, Identifier [Axis]: Radwell Parent, LLC, 1st Lien Senior Secured Revolving Loan
Unfunded Commitment	11,502	13,271
Fair Value	(223)	(392)
Investment, Identifier [Axis]: Renaissance Financiere, 1st Lien Senior Secured Delayed Draw Loan
Unfunded Commitment	10,843	10,702
Fair Value	(309)	(428)
Investment, Identifier [Axis]: Riley MergeCo LLC, 1st Lien Senior Secured Delayed Draw Loan
Unfunded Commitment	456	456
Fair Value	(19)	(23)
Investment, Identifier [Axis]: Riley MergeCo LLC, 1st Lien Senior Secured Revolving Loan
Unfunded Commitment	304	304
Fair Value	(12)	(15)
Investment, Identifier [Axis]: Royal Buyer, LLC, 1st Lien Senior Secured Delayed Draw Loan
Unfunded Commitment	8,483	9,000
Fair Value	(43)	(321)
Investment, Identifier [Axis]: Royal Buyer, LLC, 1st Lien Senior Secured Revolving Loan
Unfunded Commitment	5,367	5,367
Fair Value	(27)	(192)
Investment, Identifier [Axis]: SDC US Smilepay SPV, 1st Lien Senior Secured Delayed Draw Loan
Unfunded Commitment	36,267	38,645
Fair Value	(1,369)	(1,792)
Investment, Identifier [Axis]: Sequa Corp, 1st Lien Senior Secured Revolving Loan
Unfunded Commitment	13,676	13,676
Fair Value	(436)	(670)
Investment, Identifier [Axis]: Showtime Acquisition, L.L.C., 1st Lien Senior Secured Delayed Draw Loan
Unfunded Commitment	3,657
Fair Value	(107)
Investment, Identifier [Axis]: Showtime Acquisition, L.L.C., 1st Lien Senior Secured Revolving Loan
Unfunded Commitment	4,711
Fair Value	(138)
Investment, Identifier [Axis]: SimpliSafe Holding Corporation, 1st Lien Senior Secured Delayed Draw Loan
Unfunded Commitment	15,106	15,106
Fair Value	(298)	(455)
Investment, Identifier [Axis]: Smarsh Inc., 1st Lien Senior Secured Delayed Draw Loan
Unfunded Commitment	2,143	2,143
Fair Value	(87)	(112)
Investment, Identifier [Axis]: Smarsh Inc., 1st Lien Senior Secured Revolving Loan
Unfunded Commitment	857	1,071
Fair Value	(35)	(56)
Investment, Identifier [Axis]: Spanx, LLC, 1st Lien Senior Secured Revolving Loan
Unfunded Commitment	3,533	4,467
Fair Value	(135)	(220)
Investment, Identifier [Axis]: Specialty Ingredients, LLC, 1st Lien Senior Secured Revolving Loan
Unfunded Commitment	8,177	11,279
Fair Value	(373)	(413)
Investment, Identifier [Axis]: Spirit RR Holdings, Inc., 1st Lien Senior Secured Revolving Loan
Unfunded Commitment	1,806	1,806
Fair Value	(54)	(74)
Investment, Identifier [Axis]: Spotless Brands, LLC, 1st Lien Senior Secured Revolving Loan
Unfunded Commitment	4,140	5,175
Fair Value	(116)	(201)
Investment, Identifier [Axis]: TMC Buyer Inc, 1st Lien Senior Secured Delayed Draw Loan
Unfunded Commitment	4,569	4,569
Fair Value	(343)	(400)
Investment, Identifier [Axis]: The NPD Group L.P., 1st Lien Senior Secured Revolving Loan
Unfunded Commitment		7,940
Fair Value		(266)
Investment, Identifier [Axis]: Thrasio LLC, 1st Lien Senior Secured Delayed Draw Loan
Unfunded Commitment		2,972
Fair Value		(338)
Investment, Identifier [Axis]: Tilting Point Media LLC, 1st Lien Senior Secured Delayed Draw Loan
Unfunded Commitment		6,372
Fair Value		(600)
Investment, Identifier [Axis]: Tilting Point Media LLC, 1st Lien Senior Secured Revolving Loan
Unfunded Commitment		2,916
Fair Value		(274)
Investment, Identifier [Axis]: Time Manufacturing Holdings, LLC, 1st Lien Senior Secured Revolving Loan
Unfunded Commitment	445	255
Fair Value	(22)	(15)
Investment, Identifier [Axis]: Total, 1st Lien Senior Secured Delayed Draw Loan
Unfunded Commitment		895,942
Fair Value		(33,961)
Investment, Identifier [Axis]: TriMech Acquisition Corp., 1st Lien Senior Secured Revolving Loan
Unfunded Commitment	3,289	2,895
Fair Value	(50)	(74)
Investment, Identifier [Axis]: Tricentis Americas, Inc., 1st Lien Senior Secured Delayed Draw Loan
Unfunded Commitment	3,701	5,551
Fair Value	(41)	(91)
Investment, Identifier [Axis]: Tricentis Americas, Inc., 1st Lien Senior Secured Revolving Loan
Unfunded Commitment	499	499
Fair Value	(5)	(8)
Investment, Identifier [Axis]: Trupanion, Inc., 1st Lien Senior Secured Delayed Draw Loan
Unfunded Commitment	8,750	21,000
Fair Value	(263)	(837)
Investment, Identifier [Axis]: Trupanion, Inc., 1st Lien Senior Secured Revolving Loan
Unfunded Commitment	6,576	6,576
Fair Value	(198)	(262)
Investment, Identifier [Axis]: United Musculoskeletal Partners Acquisition Holdings, LLC, 1st Lien Senior Secured Delayed Draw Loan
Unfunded Commitment	31,925	50,408
Fair Value	(1,525)	(1,976)
Investment, Identifier [Axis]: VetCor Group Holdings LLC, Unsecured Delayed Draw Loan
Unfunded Commitment	34	250
Fair Value	(3)	(19)
Investment, Identifier [Axis]: Yes Energy LLC, 1st Lien Senior Secured Delayed Draw Loan
Unfunded Commitment	7,500	7,500
Fair Value	(223)	(301)
Investment, Identifier [Axis]: Zendesk Inc, 1st Lien Senior Secured Delayed Draw Loan
Unfunded Commitment	39,321	39,321
Fair Value	(492)	(772)
Investment, Identifier [Axis]: Zendesk Inc, 1st Lien Senior Secured Revolving Loan
Unfunded Commitment	17,940	17,940
Fair Value	(224)	(352)
Investment, Identifier [Axis]: Zips Car Wash, LLC, 1st Lien Senior Secured Delayed Draw Loan
Unfunded Commitment	24,213
Fair Value	$ (377)
Investment, Identifier [Axis]: Zips Car Wash, LLC, 1st Lien Senior Secured Delayed Draw Loan 1
Unfunded Commitment		24,213
Fair Value		(472)
Investment, Identifier [Axis]: Zips Car Wash, LLC, 1st Lien Senior Secured Delayed Draw Loan 2
Unfunded Commitment		10
Fair Value		$ 0

XML

Consolidated Schedule of Investments (Foreign Currency Forward Contracts) € in Thousands, £ in Thousands, $ in Thousands, $ in Thousands, $ in Thousands	Mar. 31, 2023 USD ($)	Mar. 31, 2023 AUD ($)	Mar. 31, 2023 CAD ($)	Mar. 31, 2023 EUR (€)	Mar. 31, 2023 GBP (£)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 AUD ($)	Dec. 31, 2022 CAD ($)	Dec. 31, 2022 EUR (€)	Dec. 31, 2022 GBP (£)
Currency Purchased	$ 255,549					$ 117,375
Currency Sold	565,512					286,395
Unrealized Appreciation (Depreciation)	(4,641)					(2,136)
Open Forward Foreign Currency Contract, Identifier [Axis]: Goldman Sachs Bank USA, Settlement Date 10/15/2024
Currency Purchased	6,868					6,868
Currency Sold | £					£ 6,303					£ 6,303
Unrealized Depreciation	(919)					(784)
Open Forward Foreign Currency Contract, Identifier [Axis]: Goldman Sachs Bank USA, Settlement Date 12/21/2023
Currency Purchased	4,010
Currency Sold		$ 6,291
Open Forward Foreign Currency Contract, Identifier [Axis]: Goldman Sachs Bank USA, Settlement Date 12/21/2023 - 1
Currency Purchased						4,010
Currency Sold							$ 6,291
Unrealized Depreciation	(236)					(319)
Open Forward Foreign Currency Contract, Identifier [Axis]: Goldman Sachs Bank USA, Settlement Date 12/21/2023 - 2
Currency Purchased	3,819					3,819
Currency Sold | €				€ 3,809					€ 3,809
Unrealized Depreciation	(365)					(339)
Open Forward Foreign Currency Contract, Identifier [Axis]: Goldman Sachs Bank USA, Settlement Date 3/21/2023 - 1
Currency Purchased						11,439
Currency Sold							17,518
Unrealized Depreciation						(530)
Open Forward Foreign Currency Contract, Identifier [Axis]: Goldman Sachs Bank USA, Settlement Date 3/21/2023 - 2
Currency Purchased						12,622
Currency Sold | €									12,231
Unrealized Depreciation						(545)
Open Forward Foreign Currency Contract, Identifier [Axis]: Goldman Sachs Bank USA, Settlement Date 3/21/2023 - 3
Currency Purchased						4,002
Currency Sold | £										3,280
Unrealized Appreciation						29
Open Forward Foreign Currency Contract, Identifier [Axis]: Goldman Sachs Bank USA, Settlement Date 6/21/2023
Currency Purchased	11,669
Currency Sold		17,518
Open Forward Foreign Currency Contract, Identifier [Axis]: Goldman Sachs Bank USA, Settlement Date 6/21/2023 - 1
Currency Purchased						77,725
Currency Sold | €									72,453
Unrealized Depreciation	(81)					(705)
Open Forward Foreign Currency Contract, Identifier [Axis]: Goldman Sachs Bank USA, Settlement Date 6/21/2023 - 2
Currency Purchased	93,873					116,882
Currency Sold				87,579						£ 95,507
Unrealized Appreciation						1,005
Unrealized Depreciation	(1,567)
Open Forward Foreign Currency Contract, Identifier [Axis]: Goldman Sachs Bank USA, Settlement Date 6/21/2023 - 3
Currency Purchased	127,495
Currency Sold | £					104,323
Unrealized Depreciation	(1,427)
Open Forward Foreign Currency Contract, Identifier [Axis]: Goldman Sachs Bank USA, Settlement Date 9/21/2023
Currency Purchased	1,449
Currency Sold		$ 2,067
Open Forward Foreign Currency Contract, Identifier [Axis]: Goldman Sachs Bank USA, Settlement Date 9/21/2023 - 1
Currency Purchased						1,449
Currency Sold							$ 2,067
Unrealized Appreciation	58					28
Open Forward Foreign Currency Contract, Identifier [Axis]: Goldman Sachs Bank USA, Settlement Date 9/21/2023 - 2
Currency Purchased	1,563					1,563
Currency Sold			$ 2,024					$ 2,024
Unrealized Appreciation	62					63
Open Forward Foreign Currency Contract, Identifier [Axis]: Goldman Sachs Bank USA, Settlement Date 9/23/2024
Currency Purchased						893
Currency Sold | €									€ 846
Unrealized Depreciation						$ (39)
Open Forward Foreign Currency Contract, Identifier [Axis]: Goldman Sachs Bank USA, Settlement Date 9/23/2024 - 1
Currency Purchased	3,071
Currency Sold | €				€ 2,838
Unrealized Depreciation	(69)
Open Forward Foreign Currency Contract, Identifier [Axis]: Goldman Sachs Bank USA, Settlement Date 9/23/2024 - 2
Currency Purchased	4,744
Currency Sold | £					£ 3,918
Unrealized Depreciation	$ (97)

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Consolidated Schedule of Investments (Interest Rate Swaps) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Notional Amount	$ 565,512	$ 286,395
Fair Market Value	$ 7,489	$ 991
Interest Rate Swap One
Company Receives	8.37%	8.37%
Company Pays	4.08%	4.08%
Notional Amount	$ 85,000	$ 85,000
Fair Market Value	$ 712	$ 314
Interest Rate Swap Two
Company Receives	8.43%	8.43%
Company Pays	4.42%	4.42%
Notional Amount	$ 77,500	$ 77,500
Fair Market Value	$ 1,365	$ 677
Interest Rate Swap Three
Company Receives	8.12%
Company Pays	3.76%
Notional Amount	$ 276,000
Fair Market Value	$ 3,400
Interest Rate Swap Four
Company Receives	8.18%
Company Pays	4.24%
Notional Amount	$ 124,000
Fair Market Value	$ 2,012

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Organization

3 Months Ended

Mar. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization

Organization

HPS Corporate Lending Fund (the “Company” or “HLEND”) is a Delaware statutory trust that was formed on December 23, 2020 and commenced operations on February 3, 2022. The Company seeks to invest primarily in newly originated senior secured debt and other securities of private U.S. companies within the upper middle market. The Company is a non-diversified, closed-end management investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). The Company is externally managed by HPS Investment Partners, LLC (the “Adviser”, the “Administrator”, or “HPS”). The Company intends to elect to be treated for federal income tax purposes, and intends to qualify annually thereafter, as a regulated investment company (“RIC”) as defined under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).

The Company’s investment objective is to generate attractive risk-adjusted returns, predominately in the form of current income, with select investments exhibiting the ability to capture long-term capital appreciation. The Company seeks to achieve its investment objective by investing primarily in newly originated, privately negotiated senior credit investments in high quality, established upper middle market companies, and in select situations, companies in special situations. Upper middle market companies generally mean companies with earnings before interest, taxes, depreciation and amortization (“EBITDA”) of $75 million to $1 billion annually or $250 million to $5 billion in revenue annually at the time of investment.

The Company has and may continue to invest in smaller or larger companies if the opportunity presents attractive investment and risk-adjusted returns. In addition to corporate level obligations, the Company’s investments in such companies may also opportunistically include private asset-based financings such as equipment financings, financings against mission-critical corporate assets and mortgage loans, and/or investments that represent equity in portfolios of loans, receivables or other debt instruments. The Company may also selectively make investments that represent equity in portfolios of loans, receivables or other debt instruments. The Company may also participate in programmatic investments through partnerships or joint ventures with one or more unaffiliated banks or other financial institutions, including structures where a partner assumes senior exposure to each investment, and the Company participates in the junior exposure.

The Company’s investment strategy also includes a smaller allocation to more liquid credit investments such as broadly syndicated loans and corporate bonds. This allocation may also include senior secured loans, senior secured bonds, high yield bonds and structured credit instruments.

The strategy of the Company primarily focuses on companies in the United States, but also intends to leverage the Adviser’s presence to invest in companies in Europe, Australia and other locations outside the U.S. In addition, the Company may also invest in publicly traded securities of larger corporate issuers on an opportunistic basis when market conditions create compelling potential return opportunities, subject to compliance with BDC requirements to invest at least 70% of assets in “eligible portfolio companies.”

The Company offers on a continuous basis up to $4.0 billion of Common Shares of beneficial interest pursuant to an offering registered with the Securities and Exchange Commission (the “Offering”). The Company offers to sell any combination of four classes of Common Shares, Class S shares, Class I shares, Class D shares, and Class F shares, with a dollar value up to the maximum offering amount. The share classes have different ongoing shareholder servicing and/or distribution fees. The initial purchase price for the Common Shares of beneficial interest was $25.00 per share. Thereafter, the purchase price per share for each class of Common Shares equals the net asset value (“NAV”) per share, as of the effective date of the monthly share purchase date. Emerson Equity LLC (the “Managing Dealer”) will use its best efforts to sell shares, but is not obligated to purchase or sell any specific amount of shares in the offering. The Company may also engage in private offerings of its Common Shares.

The Company accepted purchase orders and held investors’ funds in an interest-bearing escrow account until the Company received purchase orders for at least $100.0 million, excluding shares purchased by the Adviser, its affiliates and trustees and officers but including any shares purchased in any private offering, in any combination of purchases of Class S shares, Class I shares, Class D shares, and Class F shares, and the Company’s Board of Trustees (the “Board”) authorized the release of funds in the escrow account. As of February 3, 2022, the Company had satisfied the minimum offering requirement and commenced its operations after the Company’s Board had authorized the release of proceeds from escrow. As of such date, the Company issued and sold 20,437,880 shares (consisting of 7,074,280 Class I shares, 1,268,000 Class D shares, and 12,095,600 Class F shares at an offering price of $25.00 per share), and the escrow agent released net proceeds of $510.9 million to the Company as payment for such shares. There were no Class S shares issued on such date.

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Significant Accounting Policies

3 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

Significant Accounting Policies

Significant Accounting Policies

Basis of Presentation

The interim consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Article 6 of Regulation S-X. Accordingly, certain disclosures accompanying the annual consolidated financial statements prepared in accordance with U.S. GAAP are omitted. In the opinion of management, all adjustments considered necessary for the fair presentation of the consolidated financial statements for the interim periods presented have been included. All intercompany balances and transactions have been eliminated. The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the fiscal year ending December 31, 2023.

As an investment company, the Company applies the accounting and reporting guidance in Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies (“ASC 946”) issued by the Financial Accounting Standards Board (“FASB”).

Basis of Consolidation

As provided under ASC 946, the Company will not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company.

The Company consolidated the results of its wholly-owned subsidiaries HLEND Holdings A, L.P. (“HLEND A”), HLEND Holdings B, L.P. (“HLEND B”), HLEND Holdings C, L.P. (“HLEND C”), HLEND Holdings D, L.P. (“HLEND D”), HLEND Proxima, LLC, HLEND FEP, LLC, HLEND OTM, LLC and HLEND Lux Sarl. All intercompany transactions have been eliminated in consolidation.

Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual amounts could differ from those estimates and such differences could be material.

Cash and Cash Equivalents

Cash and cash equivalents consist of demand deposits and highly liquid investments, such as money market funds, with original maturities of three months or less. Cash and cash equivalents are carried at cost, which approximates fair value. The Company deposits its cash and cash equivalents with financial institutions and, at times, may exceed the Federal Deposit Insurance Corporation insured limit.

Investments

Investment transactions are recorded on the trade date. Realized gains or losses are measured by the difference between the net proceeds received (excluding prepayment fees, if any) and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. The net change in unrealized gains or losses primarily reflects the change in investment values, including the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period.

The Company is required to report its investments for which current market values are not readily available at fair value. The Company values its investments in accordance with ASC 820, Fair Value Measurement (“ASC 820”), which defines fair value as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the applicable measurement date. ASC 820 prioritizes the use of observable market prices derived from such prices over entity-specific inputs. Due to the inherent uncertainties of valuation, certain estimated fair values may differ significantly from the values that would have been realized had a ready market for these investments existed, and these differences could be material.

Investments that are listed or traded on an exchange and are freely transferrable are valued at either the closing price (in the case of securities and futures) or the mean of the closing bid and offer (in the case of options) on the principal exchange on which the investment is listed or traded. Investments for which other market quotations are readily available will typically be valued at those market quotations. To validate market quotations, the Company utilizes a number of factors to determine if the quotations are representative of fair value, including the source and number of the quotations. Where it is possible to obtain reliable, independent market quotations from a third party vendor, the Company uses these quotations to determine the value of its investments. The Company utilizes mid-market pricing (i.e., mid-point of average bid and ask prices) to value these investments. The Adviser obtains these market quotations from independent pricing

services, if available; otherwise from one or more broker quotes. To assess the continuing appropriateness of pricing sources and methodologies, the Adviser regularly performs price verification procedures and issues challenges as necessary to independent pricing services or brokers, and any differences are reviewed in accordance with the valuation procedures. The Adviser does not adjust the prices unless it has a reason to believe market quotations are not reflective of the fair value of an investment.

Where prices or inputs are not available or, in the judgment of the Adviser, not reliable, valuation approaches based on the facts and circumstances of the particular investment will be utilized. Securities that are not publicly traded or for which market prices are not readily available, as will be the case for a substantial portion of the Company’s investments, are valued at fair value as determined in good faith by the Adviser as the Company’s valuation designee under Rule 2a-5 under the 1940 Act, pursuant to the Company’s valuation policy, and under the oversight of the Board, based on, among other things, the input of one or more independent valuation firms retained by the Company to review the Company’s investments. These valuation approaches involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the investments or market and the investments’ complexity.

With respect to the quarterly valuation of investments, the Company undertakes a multi-step valuation process each quarter in connection with determining the fair value of our investments for which reliable market quotations are not readily available as of the last calendar day of each quarter, which includes, among other procedures, the following:

•The valuation process begins with each investment being preliminarily valued by the Adviser’s valuation team in consultation with the Adviser’s investment professionals responsible for each portfolio investment;

•In addition, independent valuation firms retained by the Company prepare quarter-end valuations of each such investment that was (i) originated or purchased prior to the first calendar day of the quarter and (ii) is not a de minimis investment, as determined by the Adviser. The independent valuation firms provide a final range of values on such investments to the Adviser. The independent valuation firms also provide analyses to support their valuation methodology and calculations;

•The Adviser’s valuation committee with respect to the Company (the “Valuation Committee”) reviews each valuation recommendation to confirm they have been calculated in accordance with the Company’s valuation policy and compares such valuations to the independent valuation firms’ valuation ranges to ensure the Adviser’s valuations are reasonable; 

•The Adviser’s Valuation Committee then determines fair value marks for each of the Company’s portfolio investments; and

•The Board and Audit Committee periodically review the valuation process and provide oversight in accordance with the requirements of Rule 2a-5 under the 1940 Act.

As part of the valuation process, the Company takes into account relevant factors in determining the fair value of the Company’s investments for which reliable market quotations are not readily available, many of which are loans, including and in combination, as relevant: (i) the estimated enterprise value of a portfolio company, generally based on an analysis of discounted cash flows, publicly traded comparable companies and comparable transactions, (ii) the nature and realizable value of any collateral, (iii) the portfolio company’s ability to make payments based on its earnings and cash flow, (iv) the markets in which the portfolio company does business, and (v) overall changes in the interest rate environment and the credit markets that may affect the price at which similar investments may be made in the future. When an external event such as a purchase transaction, public offering or subsequent equity or debt sale occurs, the Adviser considers whether the pricing indicated by the external event corroborates its valuation.

The Company has and will continue to engage independent valuation firms to provide assistance regarding the determination of the fair value of the Company’s portfolio securities for which market quotations are not readily available or are readily available but deemed not reflective of the fair value of the investment each quarter, and the Adviser and the Company may reasonably rely on that assistance. However, the Adviser is responsible for the ultimate valuation of the portfolio investments at fair value as determined in good faith pursuant to the Company’s valuation policy, the Board’s oversight and a consistently applied valuation process.

Derivative Instruments

The Company may enter into foreign currency forward contracts to reduce the Company’s exposure to foreign currency exchange rate fluctuations in the value of foreign currencies. In a foreign currency forward contract, the Company agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. Foreign currency forward contracts are marked-to-market at the applicable forward rate. Unrealized appreciation (depreciation) on foreign currency forward contracts are recorded on the Consolidated Statements of Assets and Liabilities by counterparty on a net basis, not taking into account collateral posted which is recorded separately, if applicable. Notional amounts of foreign currency forward contract assets and liabilities are presented separately on the Consolidated Schedules of Investments. Purchases and settlements of foreign currency forward contracts having the same settlement date and counterparty are generally settled net and any realized gains or losses are recognized on the settlement date. The Company does not utilize hedge accounting and as such, the Company recognizes its derivatives at fair value with changes in the net unrealized appreciation (depreciation) on foreign currency forward contracts recorded on the Consolidated Statements of Operations.

Additionally, the Company uses interest rate swaps to mitigate interest rate risk associated with the Company's fixed rate liabilities. The fair value of the interest rate swaps are included as derivative assets at fair value or derivative liabilities at fair value, as applicable, on the Company's Consolidated Statements of Assets and Liabilities. The Company designated the interest rate swaps as the hedging instruments in a qualifying fair value hedge accounting relationship, and therefore the change in fair value of the hedging instrument and hedged item are recorded in interest expense and recognized as components of interest expense in the Consolidated Statements of Operations. The change in fair value of the interest rate swap is offset by a change in the carrying value of the fixed rate debt.

The fair value of the Company’s derivatives are recorded on the Consolidated Statements of Assets and Liabilities by security type and counterparty on a net basis, not taking into account collateral posted which is recorded separately, if subject to an enforceable master netting agreement. As of March 31, 2023 and December 31, 2022, there was $8.7 million and $0.0 million, respectively, of collateral received which is included in accrued expense and other liabilities on the Consolidated Statements of Asset and Liabilities.

Loan Participations

The Company follows the guidance in ASC 860 Transfers and Servicing when accounting for loan participations and other partial loan sales. Such guidance requires a participation or other partial loan sale to meet the definition of a “participating interest,” as defined in the guidance, in order for sale treatment to be allowed. Participations or other partial loan sales that do not meet the definition of a participating interest remain on the Consolidated Statements of Assets and Liabilities and the proceeds are recorded as a secured borrowing until the definition is met. Secured borrowings are carried at fair value to correspond with the related investments, which are carried at fair value. There were no participations that were accounted for as secured borrowings during the period.

Foreign Currency Transactions

Amounts denominated in foreign currencies are translated into U.S. dollars on the following basis: (i) investments and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates effective on the last business day of the period; and (ii) purchases and sales of investments, borrowings and repayments of such borrowings, income, and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates prevailing on the transaction dates.

The Company does not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included within the net realized and unrealized gains or losses on investments. Fluctuations arising from the translation of non-investment assets and liabilities are included with the net change in unrealized gains (losses) on foreign currency translations on the Consolidated Statements of Operations.

Foreign security and currency translations may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, currency fluctuations and revaluations and future adverse political, social and economic developments, which could cause investments in foreign markets to be less liquid and prices more volatile than those of comparable U.S. companies or U.S. government securities.

Revenue Recognition

Interest Income

Interest income is recorded on an accrual basis and includes the accretion of discounts and amortizations of premiums. Discounts from and premiums to par value on debt investments purchased are accreted/amortized into interest income over the life of the respective security using the effective interest method. The amortized cost of debt investments represents the original cost, including loan origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion of discounts and amortization of premiums, if any. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period. For the three months ended March 31, 2023 and 2022, the Company recorded non-recurring interest income of $1.6 million and $0.6 million, respectively, (e.g. prepayment premiums, accelerated accretion of upfront loan origination fees and unamortized discounts).

Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is generally reversed when a loan is placed on non-accrual status. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in management’s judgment, are likely to remain current. Management may make exceptions to this treatment and determine to not place a loan on non-accrual status if the

loan has sufficient collateral value and is in the process of collection. As of March 31, 2023 and December 31, 2022, there were three and zero investments on non-accrual status, representing 0.5% and 0.0% of debt investments at fair value, respectively.

PIK Income

The Company has loans in its portfolio that contain payment-in-kind (“PIK”) provisions. PIK represents interest that is accrued and recorded as interest income at the contractual rates, increases the loan principal on the respective capitalization dates, and is generally due at maturity. Such income is included in interest income in the Consolidated Statements of Operations. If at any point the Company believes PIK is not expected to be realized, the investment generating PIK will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest is generally reversed through interest income. To maintain the Company’s status as a RIC, this non-cash source of income must be paid out to shareholders in the form of dividends, even though the Company has not yet collected cash. For the three months ended March 31, 2023 and 2022, the Company recorded PIK income of $4.7 million and $0.6 million, respectively.

Dividend Income

Dividend income on preferred equity securities is recorded on the accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly-traded portfolio companies. For the three months ended March 31, 2023 and 2022, the Company did not record any dividend income.

Other Income

The Company may receive various fees in the ordinary course of business such as structuring, consent, waiver, amendment, syndication and other miscellaneous fees as well as fees for managerial assistance rendered by the Company to the portfolio companies. Such fees are recognized as income when earned or the services are rendered. For the three months ended March 31, 2023 and 2022, the Company recorded other income of $0.4 million and $0.1 million, respectively.

Organization Costs

Organization expenses include, among other things, the cost of incorporating the Company and the cost of legal services and other fees pertaining to the Company's organization. Organization expenses are expensed as incurred. There were no organization costs during the three months ended March 31, 2023 and 2022.

Offering Expenses

The Company's offering expenses include, among other things, legal fees, registration fees and other costs pertaining to the preparation of the Company's registration statement (and any amendments or supplements thereto) relating to the offering and associated marketing materials. Offering costs are capitalized as a deferred charge and amortized to expense on a straight-line basis over a twelve-month period from incurrence.

Deferred Financing Costs and Debt Issuance Costs

Deferred financing and debt issuance costs represent fees and other direct incremental costs incurred in connection with the Company’s borrowings. These expenses are deferred and amortized into interest expense over the life of the related debt instrument using the straight-line method. Deferred financing costs related to revolving credit facilities are presented separately as an asset on the Company’s Statements of Assets and Liabilities. Debt issuance costs related to any issuance of installment debt or notes are presented net against the outstanding debt balance of the related security.

Income Taxes

The Company intends to elect to be treated as a RIC under the Code. So long as the Company maintains its status as a RIC, it generally will not pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its shareholders as dividends. Rather, any tax liability related to income earned and distributed by the Company would represent obligations of the Company’s investors and would not be reflected in the consolidated financial statements of the Company.

The Company evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and

may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. The Company intends to make the requisite distributions to its shareholders, which will generally relieve the Company from corporate-level income taxes.

To qualify for and maintain qualification as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Company must distribute to its shareholders, for each taxable year, at least 90% of its “investment company taxable income” for that year, which is generally its ordinary income plus the excess, if any, of its realized net short-term capital gains over its realized net long-term capital losses.

In addition, based on the excise tax distribution requirements, the Company is subject to a 4% nondeductible federal excise tax on undistributed income unless the Company distributes in a timely manner in each taxable year an amount at least equal to the sum of (i) 98% of its ordinary income for the calendar year, (ii) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (iii) any income realized, but not distributed, in prior years. For this purpose, however, any ordinary income or capital gain net income retained by the Company that is subject to corporate income tax is considered to have been distributed. To the extent that it determines that estimated current year annual taxable income will be in excess of estimated current year distributions from such taxable income, the Company will accrue excise taxes, if any, on estimated undistributed taxable income.

For the three months ended March 31, 2023 and 2022, the Company accrued $(0.0) million and $0.0 million of U.S. federal excise tax, respectively.

Allocation of Income, Expenses, Gains and Losses

Income, expenses (other than those attributable to a specific class), gains and losses are allocated to each class of shares based upon the aggregate net asset value of that class in relation to the aggregate net asset value of the Company. Expenses that are specific to a class of shares are allocated to such class directly.

Distributions

To the extent that the Company has taxable income available, the Company intends to make monthly distributions to its shareholders. Distributions to shareholders are recorded on the record date. All distributions will be paid at the discretion of the Board and will depend on the Company’s earnings, financial condition, maintenance of our tax treatment as a RIC, compliance with applicable BDC regulations and such other factors as the Board may deem relevant from time to time. Although the gross distribution per share is generally equivalent for each share class, the net distribution for each share class is reduced for any class specific expenses, including distribution and shareholder servicing fees, if any.

The Company has adopted a distribution reinvestment plan pursuant to which shareholders will have their cash distributions automatically reinvested in additional shares of the Company's same class of Common Shares to which the distribution relates unless they elect to receive their distributions in cash.

Recent Accounting Pronouncements

In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848),” which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848), which expanded the scope of Topic 848 to include derivative instruments impacted by discounting transition. ASU 2020-04 and ASU 2021-01 are effective for all entities through December 31, 2022. The expedients and exceptions provided by the amendments do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2022, except for hedging transactions as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which deferred the sunset day of this guidance to December 31, 2024. The Company is evaluating the impact of this guidance on its consolidated financial statements.

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Fees, Expenses, Agreements and Related Party Transactions

3 Months Ended

Mar. 31, 2023

Related Party Transactions [Abstract]

Fees, Expenses, Agreements and Related Party Transactions

Fees, Expenses, Agreements and Related Party Transactions

Investment Advisory Agreement

On January 20, 2022, the Company entered into an investment advisory agreement (the “Investment Advisory Agreement”) with the Adviser, pursuant to which the Adviser manages the Company on a day-to-day basis. The Adviser is responsible for determining the portfolio composition, making investment decisions, monitoring investments, performing due diligence on prospective portfolio companies and providing the Company with such other investment advisory and related services as may reasonably be required for the investment of capital.

The Investment Advisory Agreement is effective for an initial two-year term and will remain in effect from year-to-year thereafter if approved annually by a majority of the Board or by the holders of a majority of the Company’s outstanding voting securities and, in each case, a majority of the Independent Trustees. The Company may terminate the Investment Advisory Agreement, without payment of any penalty, upon 60 days’ written notice. The Investment Advisory Agreement will automatically terminate in the event of its assignment within the meaning of the 1940 Act and related Securities and Exchange Commission (the “SEC”) guidance and interpretations.

Under the Investment Advisory Agreement, the Company pays the Adviser a fee for its services. The fee consists of two components: a management fee and an incentive fee. The cost of both the management fee and the incentive fee are ultimately borne by the shareholders.

Base Management Fee

The management fee is payable monthly in arrears at an annual rate of 1.25% of the value of the Company’s net assets as of the beginning of the first calendar day of the applicable month. For purposes of the Investment Advisory Agreement, net assets means the Company’s total assets less the carrying value of liabilities, determined in accordance with U.S. GAAP. For the first calendar month in which the Company had operations, net assets were measured as the beginning net assets as of the date on which the Company broke escrow for the Offering.

The Adviser agreed to waive the base management fee from the date on which the Company broke escrow for the Offering through December 31, 2022.

For the three months ended March 31, 2023 and 2022, base management fees were $11.2 million and $1.4 million, respectively, of which $0.0 million and $1.4 million were voluntarily waived by the Adviser, respectively. As of March 31, 2023 and December 31, 2022, $11.2 million and $0.0 million, respectively, were payable to the Adviser related to management fees.

Incentive Fees

The incentive fee consists of two components that are independent of each other, with the result that one component may be payable even if the other is not. A portion of the incentive fee is based on a percentage of the Company’s income and a portion is based on a percentage of the Company’s capital gains, each as described below.

(i) Income based incentive fee

The income based incentive fee will be based on the Company’s Pre-Incentive Fee Net Investment Income Returns, as defined below. “Pre-Incentive Fee Net Investment Income Returns” means dividends, cash interest or other distributions or other cash income and any third-party fees received from portfolio companies (such as upfront fees, commitment fees, origination fee, amendment fees, ticking fees and break-up fees, as well as prepayments premiums, but excluding fees for providing managerial assistance and fees earned by the Adviser or an affiliate in its capacity as an administrative agent, syndication agent, collateral agent, loan servicer or other similar capacity) accrued during the quarter, minus operating expenses for the quarter (including the management fee, taxes, any expenses payable under the Investment Advisory Agreement and an administration agreement with the administrator, any expense of securitizations, and interest expense or other financing fees and any dividends paid on preferred stock, but excluding incentive fees and shareholder servicing and/or distribution fees). Pre-Incentive Fee Net Investment Income Returns includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with PIK interest and zero-coupon securities), accrued income that we have not yet received in cash. Pre-Incentive Fee Net Investment Income Returns do not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. The impact of expense support payments and recoupments are also excluded from Pre-Incentive Fee Net Investment Income Returns.

Pre-Incentive Fee Net Investment Income Returns, expressed as a rate of return on the value of the Company’s net assets at the end of the immediately preceding quarter, is compared to a “Hurdle Rate” defined as a return of 1.25% per quarter (5.0% annualized).

The Company pays the Adviser an incentive fee quarterly in arrears with respect to the Pre-Incentive Fee Net Investment Income Returns in each calendar quarter as follows:

i.No incentive fee will be paid on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which the Pre-Incentive Fee Net Investment Income Returns do not exceed the Hurdle Rate; and

ii.100% of the dollar amount of the Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre- Incentive Fee Net Investment Income Returns, if any, that exceeds the Hurdle Rate but is less than a rate of return of 1.43% (5.72% annualized). This portion of the Pre-Incentive Fee Net Investment Income Returns (which exceeds the Hurdle Rate but is less than 1.43%) is referred to as the “Catch-Up.” The Catch-Up is meant to provide the Adviser with 12.5% of the Company’s Pre-Incentive Fee Net Investment Income Returns as if a Hurdle Rate did not apply if this net investment income exceeds 1.43% in any calendar quarter; and

iii.12.5% of the dollar amount of the Pre-Incentive Fee Net Investment Income Returns, if any, that exceed a rate of return of 1.43% (5.72% annualized).

These calculations are prorated for any period of less than three months, including the first quarter the Company commenced operations, and are adjusted for any share issuances or repurchases during the relevant quarter.

The Adviser agreed to waive the income based incentive fee from the date on which the Company broke escrow for the Offering through December 31, 2022. For the three months ended March 31, 2023 and 2022, income based incentive fees were $14.2 million and $1.0 million, respectively, of which $0.0 million and $1.0 million were voluntarily waived by the Adviser, respectively. As of March 31, 2023 and December 31, 2022, $14.2 million and $0.0 million, respectively, were payable to the Adviser relating to income based incentive fees.

(ii) Capital gains incentive fee

The second component of the incentive fee, the capital gains incentive fee, is payable at the end of each calendar year in arrears. The amount payable equals 12.5% of cumulative realized capital gains attributable to the applicable share class from inception through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fee on capital gains as calculated in accordance with U.S. GAAP.

For the three months ended March 31, 2023 and 2022, there were no accrued capital gains incentive fees.

Administration Agreement

On January 20, 2022, the Company entered into an agreement (the “Administration Agreement”) with the Administrator under which the Administrator provides, or oversees the performance of, administrative and compliance services, including, but not limited to, maintaining financial records, overseeing the calculation of the Company’s NAV, compliance monitoring (including diligence and oversight of other service providers), preparing reports to shareholders and reports filed with the SEC and other regulators, preparing materials and coordinating meetings of the Company’s Board, managing the payment of expenses, the payment and receipt of funds for investments and the performance of administrative and professional services rendered by others and providing office space, equipment and office services. The Company reimburses the Administrator for the costs and expenses incurred by the Administrator in performing its obligations under the Administration Agreement. Such reimbursement includes the Company’s allocable portion of compensation (including salaries, bonuses and benefits), overhead (including rent, office equipment and utilities) and other expenses incurred by the Administrator in performing its administrative obligations under the Administration Agreement, including but not limited to: (i) the Company’s chief compliance officer, chief financial officer and their respective staffs; (ii) investor relations, legal, operations and other non-investment professionals at the Administrator that perform duties for the Company; and (iii) any internal audit group personnel of the Administrator or any of its affiliates, subject to the limitations described in Advisory and Administration Agreements. In addition, pursuant to the terms of the Administration Agreement, the Administrator may delegate its obligations under the Administration Agreement to an affiliate or to a third party and the Company will reimburse the Administrator for any services performed for the Company by such affiliate or third party.

The amount of the reimbursement payable to the Administrator for administrative services will be the lesser of (1) Administrators’ actual costs incurred in providing such services and (2) the amount that the Company estimates it would be required to pay alternative service providers for comparable services in the same geographic location. The Administrator is required to allocate the cost of such

services to the Company based on factors such as assets, revenues, time allocations and/or other reasonable metrics. The Company does not reimburse the Administrator for any services for which it receives a separate fee, or for rent, depreciation, utilities, capital equipment or other administrative items allocated to a controlling person of HPS.

Unless earlier terminated as described below, the Administration Agreement is effective for an initial two-year term and will remain in effect from year-to-year thereafter if approved annually by a majority of the Board or by the holders of a majority of the Company’s outstanding voting securities and, in each case, a majority of the Independent Trustees. The Company may terminate the Administration Agreement, without payment of any penalty, upon 120 days’ written notice. The Administration Agreement will automatically terminate in the event of its assignment within the meaning of the 1940 Act and related SEC guidance and interpretations.

For the three months ended March 31, 2023 and 2022, the Company incurred $0.6 million and $0.2 million, respectively, in expenses under the Administration Agreement, which are recorded in “administrative service expenses” in the Company’s Consolidated Statements of Operations. As of March 31, 2023 and December 31, 2022, there was $2.3 million and $1.8 million, respectively, of administrative service expenses payable by the Company which are included in “due to affiliates” in the Consolidated Statements of Assets and Liabilities.

Sub-Administration and Fund Accounting Servicing Agreements

HPS has hired U.S. Bancorp Fund Services, LLC (“U.S. Bancorp”) to assist in the provision of sub-administrative and fund accounting services. U.S. Bancorp receives compensation for these services under sub-administration and fund accounting servicing agreements.

Managing Dealer Agreement

On August 3, 2021, the Company entered into a Managing Dealer Agreement (the “Managing Dealer Agreement”) with the Managing Dealer. Under the terms of the Managing Dealer Agreement, the Managing Dealer will serve as the Managing Dealer for the Offering. The Managing Dealer will be entitled to receive distribution and/or shareholder servicing fees monthly in arrears at an annual rate of 0.85% of the value of the Company’s net assets attributable to Class S shares as of the beginning of the first calendar day of the month. The Managing Dealer will be entitled to receive distribution and/or shareholder servicing fees monthly in arrears at an annual rate of 0.25% of the value of the Company’s net assets attributable to Class D shares as of the beginning of the first calendar day of the month. The Managing Dealer will be entitled to receive distribution and/or shareholder servicing fees monthly in arrears at an annual rate of 0.50% of the value of the Company’s net assets attributable to Class F shares as of the beginning of the first calendar day of the month. No distribution and/or shareholding servicing fees will be paid with respect to Class I. The distribution and/or shareholder servicing fees will be payable to the Managing Dealer, but the Managing Dealer anticipates that all or a portion of the shareholder servicing fees will be retained by, or reallowed (paid) to, participating broker-dealers. As set forth in and pursuant to the Managing Dealer Agreement, the Company pays the Managing Dealer certain fees, including a $35,000 engagement fee that was previously paid, a $250,000 fixed managing dealer fee that is payable quarterly (commencing in the first quarter of 2022) in arrears in five equal quarterly installments and a two basis point (0.02%) variable managing dealer fee that is payable on any new capital raised in the offering following the expiration of the initial 15-month period of the Offering. The Company or the Adviser may also pay directly, or reimburse the Managing Dealer if the Managing Dealer pays on the Company’s behalf, any organization and offering expenses (other than any upfront selling commissions and shareholder servicing and/or distribution fees).

The Company will cease paying the distribution and/or shareholder servicing fees on the Class S shares, Class D shares and Class F shares on the earlier to occur of the following: (i) a listing of Class I shares, (ii) a merger or consolidation with or into another entity, or the sale or other disposition of all or substantially all of the Company’s assets or (iii) the date following the completion of the primary portion of the Offering on which, in the aggregate, underwriting compensation from all sources in connection with the Offering, including the distribution and/or shareholder servicing fees and other underwriting compensation, is equal to 10% of the gross proceeds from the Offering.

In addition, at the end of the month in which the Managing Dealer in conjunction with the transfer agent determines that total transaction or other fees, including upfront placement fees or brokerage commissions, and shareholder servicing and/or distribution fees paid with respect to any single share held in a shareholder’s account would exceed, in the aggregate, 10% of the gross proceeds from the sale of such share (or a lower limit as determined by the Managing Dealer or the applicable selling agent), the Company will cease paying the shareholder servicing and/or distribution fee on either (i) each such share that would exceed such limit or (ii) all Class S shares, Class D shares and Class F shares in such shareholder’s account. At the end of such month, the applicable Class S shares, Class D shares or Class F shares in such shareholder’s account will convert into a number of Class I shares (including any fractional shares), with an equivalent aggregate NAV as such Class S, Class D or Class F shares.

The Managing Dealer is a broker-dealer registered with the SEC and is a member of the Financial Industry Regulatory Authority, or FINRA.

The Managing Dealer Agreement may be terminated at any time, without the payment of any penalty, by vote of a majority of the Company’s trustees who are not “interested persons”, as defined in the 1940 Act, of the Company and who have no direct or indirect financial interest in the operation of the Company’s distribution plan or the Managing Dealer Agreement or by vote of a majority of the outstanding voting securities of the Company, on not more than 60 days’ written notice to the Managing Dealer or the Adviser. The Managing Dealer Agreement will automatically terminate in the event of its assignment, as defined in the 1940 Act.

Either party may terminate the Managing Dealer Agreement upon 60 days’ written notice to the other party or immediately upon notice to the other party in the event such other party failed to comply with a material provision of the Managing Dealer Agreement. The Company’s obligations under the Managing Dealer Agreement to pay the shareholder servicing and/or distribution fees with respect to the Class S, Class D shares and Class F shares distributed shall survive termination of the agreement until such shares are no longer outstanding (including such shares that have been converted into Class I shares, as described above).

Distribution and Servicing Plan

On August 9, 2021, the Board approved a distribution and servicing plan (the “Distribution and Servicing Plan”). The following table shows the shareholder servicing and/or distribution fees the Company pays the Managing Dealer with respect to the Class S, Class I, Class D, and Class F on an annualized basis as a percentage of the Company’s NAV for such class.

	Shareholder Servicing and/or Distribution Fee as a % of NAV
Class S shares	0.85	%
Class I shares	—
Class D shares	0.25	%
Class F shares	0.50	%

The shareholder servicing and/or distribution fees are paid monthly in arrears, calculated using the net asset value of the applicable class as of the beginning of the first calendar day of the month and subject to FINRA and other limitations on underwriting compensation. The Managing Dealer agreed to waive shareholder servicing and/or distribution fees for Class D shares and Class F shares for the first nine months following the date on which the Company broke escrow for the Offering.

The Managing Dealer will reallow (pay) all or a portion of the shareholder servicing and/or distribution fees to participating brokers and servicing brokers for ongoing shareholder services performed by such brokers, and will waive shareholder servicing and/or distribution fees to the extent a broker is not eligible to receive it for failure to provide such services. Because the shareholder servicing and/or distribution fees with respect to Class S, Class D or Class F shares are calculated based on the aggregate net asset value for all of the outstanding shares of each such class, it reduces the net asset value with respect to all shares of each such class, including shares issued under the Company’s distribution reinvestment plan.

Eligibility to receive the shareholder servicing and/or distribution fee is conditioned on a broker providing the following ongoing services with respect to the Class S, Class D or Class F shares: assistance with recordkeeping, answering investor inquiries regarding the Company, including regarding distribution payments and reinvestments, helping investors understand their investments upon their request, and assistance with share repurchase requests. If the applicable broker is not eligible to receive the shareholder servicing and/or distribution fee due to failure to provide these services, the Managing Dealer will waive the shareholder servicing fee and/or distribution that broker would have otherwise been eligible to receive. The shareholder servicing and/or distribution fees are ongoing fees that are not paid at the time of purchase.

For the three months ended March 31, 2023 and 2022, the Company accrued distribution and shareholder servicing fees of $0.3 million and $0.0 million attributable to Class D shares, respectively, and $2.8 million and $0.3 million attributable to Class F shares. For the three months ended March 31, 2022, all distribution and shareholder servicing fees were waived. As of March 31, 2023 and December 31, 2022, there was $1.1 million and $1.0 million, respectively, of shareholder servicing fees payable to the Managing Dealer.

Expense Support and Conditional Reimbursement Agreement

On January 20, 2022, the Company entered into an expense support and conditional reimbursement agreement (the “Expense Support Agreement”) with the Adviser. Pursuant to the Expense Support Agreement, on a monthly basis, the Adviser is obligated to advance all of the Company’s Other Operating Expenses (as defined hereafter) (each, a “Required Expense Payment”) to the extent that such expenses exceed 1.00% (on an annualized basis) of the Company’s NAV. The Adviser may elect to pay an additional portion of the Company’s expenses from time to time, which the Company will be obligated to reimburse to the Adviser at a later date if certain conditions are met.

“Other Operating Expenses” means the Company’s total organization and offering expenses, professional fees, trustee fees, administration fees, and other general and administrative expenses (including the Company’s allocable portion of compensation (including salaries, bonuses and benefits), overhead (including rent, office equipment and utilities) and other expenses incurred by the Administrator in performing its administrative obligations under the Administration Agreement).

Any Required Expense Payment must be paid by the Adviser to the Company in any combination of cash or other immediately available funds and/or offset against amounts due from the Company to the Adviser or its affiliates.

The Adviser may elect to pay certain additional expenses on behalf of the Company (each, a “Voluntary Expense Payment” and together with a Required Expense Payment, the “Expense Payments”), provided that no portion of the payment will be used to pay any interest expense or distribution and/or shareholder servicing fees of the Company. Any Voluntary Expense Payment that the Adviser has committed to pay must be paid by the Adviser to the Company in any combination of cash or other immediately available funds no later than forty-five days after such commitment was made in writing, and/or offset against amounts due from the Company to the Adviser or its affiliates.

Following any calendar month in which Available Operating Funds (as defined below) exceed the cumulative distributions accrued to the Company’s shareholders based on distributions declared with respect to record dates occurring in such calendar month (the amount of such excess being hereinafter referred to as “Excess Operating Funds”), the Company shall pay such Excess Operating Funds, or a portion thereof, to the Adviser until such time as all Expense Payments made by the Adviser to the Company within three years prior to the last business day of such calendar month have been reimbursed. Any payments required to be made by the Company shall be referred to herein as a “Reimbursement Payment.”

“Available Operating Funds” means the sum of (i) the Company’s net investment company taxable income (including net short-term capital gains reduced by net long-term capital losses), (ii) the Company’s net capital gains (including the excess of net long-term capital gains over net short-term capital losses) and (iii) dividends and other distributions paid to the Company on account of investments in portfolio companies (to the extent such amounts listed in clause (iii) are not included under clauses (i) and (ii) above).

The Company’s obligation to make a Reimbursement Payment shall automatically become a liability of the Company on the last business day of the applicable calendar month, except to the extent the Adviser has waived its right to receive such payment for the applicable month.

For the three months ended March 31, 2023 and 2022, the Adviser made Expense Payments in the amount of $0.0 million and $2.8 million, respectively. For the three months ended March 31, 2023 and March 31, 2022, there were no Reimbursement Payments made to the Adviser.

The following table presents a summary of Expense Payments and the related Reimbursement Payments for the three months ended March 31, 2022:

For the Month Ended	Expense Payments by Adviser		Reimbursement Payments to Adviser		Unreimbursed Expense Payments
February 28, 2022(1)	$	2,384	$	—	$	2,384
March 31, 2022	443		—		443
Total	$	2,827	$	—	$	2,827

(1) Included in this amount is $1.2 million of Expense Payments made by the Adviser relating to expenses incurred prior to the Company breaking escrow on February 3, 2022. Although such expenses became payable by the Company upon breaking escrow (as recorded in the Consolidated Statements of Operations within “Reimbursable expenses previously borne by Adviser”), they were supported by the Adviser under the Expense Support and Conditional Reimbursement Agreement.

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Investments

3 Months Ended

Mar. 31, 2023

Schedule of Investments [Abstract]

Investments

Investments

The composition of the Company’s investment portfolio at cost and fair value was as follows:

	March 31, 2023						December 31, 2022
	Amortized Cost		Fair Value		% of Total Investments at Fair Value		Amortized Cost		Fair Value		% of Total Investments at Fair Value
First lien debt	$	6,623,067	$	6,558,981	98.58	%	$	5,755,124	$	5,614,718	98.22	%
Second lien debt	47,852		46,315		0.70		47,764		45,248		0.79
Unsecured debt	17,099		16,890		0.25		26,302		25,512		0.45
Structured finance investments	29,011		28,824		0.43		28,929		28,737		0.50
Equity investments	2,242		2,469		0.04		2,067		2,306		0.04
Total	$	6,719,271	$	6,653,479	100.00	%	$	5,860,186	$	5,716,521	100.00	%

The industry composition of investments at fair value was as follows:

	March 31, 2023				December 31, 2022
	Fair Value		% of Total Investments at Fair Value		Fair Value		% of Total Investments at Fair Value
Software and Computer Services	$	1,288,321	19.36	%	$	1,158,262	20.26	%
Health Care Providers	779,681		11.72		660,631		11.56
Industrial Support Services	746,764		11.22		567,804		9.93
Media	566,703		8.52		505,035		8.83
Consumer Services	458,931		6.90		458,248		8.02
Non-life Insurance	375,824		5.65		317,816		5.56
Medical Equipment and Services	327,070		4.92		210,831		3.69
Travel and Leisure	297,999		4.48		159,763		2.79
General Industrials	272,688		4.10		265,463		4.64
Pharmaceuticals and Biotechnology	267,703		4.02		196,435		3.44
Industrial Engineering	214,840		3.23		186,373		3.26
Aerospace and Defense	208,585		3.13		169,856		2.97
Personal Care, Drug and Grocery Stores	108,830		1.64		117,320		2.05
Automobiles and Parts	107,268		1.60		118,440		2.07
Technology Hardware and Equipment	95,877		1.44		93,161		1.63
Food Producers	88,938		1.34		86,977		1.52
Personal Goods	72,511		1.09		70,050		1.23
Telecommunications Service Providers	62,336		0.94		71,695		1.25
Industrial Transportation	51,205		0.77		50,090		0.88
Finance and Credit Services	49,000		0.74		48,448		0.85
Real Estate Investment and Services	44,253		0.67		44,822		0.78
Gas, Water and Multi-utilities	43,990		0.66		43,242		0.76
Structured Finance	28,824		0.43		28,737		0.50
Retailers	18,033		0.27		20,322		0.36
Household Goods and Home Construction	16,482		0.25		17,918		0.31
Telecommunications Equipment	14,351		0.22		6,445		0.11
Electricity	12,582		0.18		8,639		0.15
Chemicals	12,029		0.18		6,960		0.12
Investment Banking and Brokerage Services	9,229		0.14		7,606		0.13
Life Insurance	5,718		0.09		5,628		0.10
Industrial Metals and Mining	2,941		0.04		2,922		0.05

Leisure Goods	1,990		0.03		8,498		0.15
Construction and Materials	1,073		0.02		1,162		0.03
Electronic and Electrical Equipment	910		0.01		922		0.02
Total	$	6,653,479	100.00	%	$	5,716,521	100.00	%

The geographic composition of investments at cost and fair value was as follows:

	March 31, 2023
	Amortized Cost		Fair Value		% of Total Investments at Fair Value		Fair Value as % of Net Assets
Australia	$	271,364	$	269,929	4.06	%	7.30	%
Canada	47,610		45,540		0.68		1.23
France	24,544		25,903		0.39		0.70
Italy	122,967		130,071		1.95		3.52
Spain	31,383		30,934		0.46		0.84
Taiwan	43,600		41,709		0.63		1.13
United Kingdom	314,391		321,822		4.84		8.71
United States	5,863,412		5,787,571		86.99		156.59
Total	$	6,719,271	$	6,653,479	100.00	%	180.02	%

	December 31, 2022
	Amortized Cost		Fair Value		% of Total Investments at Fair Value		Fair Value as % of Net Assets
Australia	$	271,143	$	269,430	4.71	%	7.80	%
Canada	40,335		37,399		0.65		1.08
France	24,513		25,139		0.44		0.73
Italy	122,826		127,443		2.23		3.69
Spain	31,337		29,958		0.52		0.87
Taiwan	43,619		42,321		0.74		1.22
United Kingdom	240,099		241,933		4.23		7.00
United States	5,086,314		4,942,898		86.48		143.05
Total	$	5,860,186	$	5,716,521	100.00	%	165.44	%

As of March 31, 2023 and December 31, 2022, there were three and zero investments in the portfolio on non-accrual status, respectively.

As of March 31, 2023 and December 31, 2022, on a fair value basis, 99.2% and 99.1%, respectively, of performing debt investments bore interest at a floating rate and 0.8% and 0.9%, respectively, of performing debt investments bore interest at a fixed rate.

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Fair Value Measurements

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the applicable measurement date.

The fair value hierarchy under ASC 820 prioritizes the inputs to valuation methodology used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these securities. The three levels of the fair value hierarchy are as follows:

•Level 1: Inputs to the valuation methodology that reflect unadjusted quoted prices available in active markets for identical assets or liabilities as of the reporting date.

•Level 2: Inputs to the valuation methodology other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date.

•Level 3: Inputs to the valuation methodology are unobservable and significant to overall fair value measurement.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the overall fair value measurement. The Adviser’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. 

In addition to using the above inputs in investment valuations, the Company applies the valuation policy approved by its Board that is consistent with ASC 820. Consistent with the valuation policy, the Company evaluates the source of the inputs, including any markets in which its investments are trading (or any markets in which securities with similar attributes are trading), in determining fair value.

Investments whose values are based on the listed closing price quoted on the securities’ principal exchange are classified within Level 1 and include active listed equities. The Adviser does not adjust the quoted price for such instruments, even in situations where the Company holds a large position and a sale could reasonably impact the quoted price.

Investments that trade in markets that are not considered to be active, but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within Level 2. These include investment-grade corporate bonds, structured products, and certain bank loans, less liquid listed equities, and high yield bonds. As Level 2 investments include positions that are not traded in active markets and/or are subject to transfer restrictions, valuations may be adjusted to reflect illiquidity and/or non-transferability, which are generally based on available market information.

Investments classified within Level 3 have unobservable inputs, as they trade infrequently, or not at all. When observable prices are not available for these investments, the Adviser uses one or more valuation techniques (e.g., the market approach and the income approach) of which sufficient and reliable data is available. Within Level 3, the use of the market approach generally consists of using comparable market data, while the use of the income approach generally consists of the net present value of estimated future cash flows, which may be adjusted as appropriate for liquidity, credit, market and/or other risk factors.

Investments in senior loans primarily include first and second lien term loans, delayed draws and revolving credit. The Adviser analyzes enterprise value based on the weighted average of discounted cash flows, public comparables and merger and acquisition comparables. This analysis is done to ensure, among other things, that the investments have adequate collateral and asset coverage. Once the investment is determined to have adequate asset coverage, the Adviser monitors yields for senior loan investments made from the time of purchase to the month end average yields for similar investments and risk profiles. The Company uses market data, including newly funded transactions, and secondary market data with respect to high-yield debt instruments and syndicated loans, as inputs in determining the appropriate market yield. The change in yield is utilized by the Adviser to discount the anticipated cash flows of the debt investment in order to arrive at a fair value. Further, the Adviser adjusts for material changes in the underlying fundamentals of the issuer, including changes in leverage, as necessary. If the investment does not have adequate coverage, a tranched valuation approach is considered.

Derivative Instruments: Derivative instruments can be exchange-traded or privately negotiated over the-counter (“OTC”) and include forward currency contracts and swap contracts. Forwards currency contracts and swap contracts are valued by the Adviser using observable inputs, such as market-based quotations received from the counterparty, dealers or brokers, whenever available and considered reliable. In instances where models are used, the value of an OTC derivative depends upon the contractual terms of, and specific risks inherent in the contract, as well as the availability and reliability of observable inputs. Such inputs include market prices for reference securities, yield curves, volatility assumptions and correlations of such inputs. Certain OTC derivatives can generally be corroborated by market data and are therefore classified within Level 1 or Level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded.

Further inputs considered by the Adviser in estimating the value of investments may include the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations and other transactions across the capital structure, offerings in the equity or debt capital markets (by the investment or other comparable investments), whether the loan contains call protection and changes in financial ratios or cash flows. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Adviser in the absence of market information. The fair value measurement of Level 3 investments does not include transaction costs that may have been capitalized as part of the security’s cost basis. Assumptions used by the Adviser due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Company’s consolidated results of operations.

Rule 2a-5 under the 1940 Act was recently adopted by the SEC and establishes requirements for determining fair value in good faith for purposes of the 1940 Act. The rule permits boards, subject to board oversight and certain other conditions, to designate certain parties to perform the fair value determinations. The new rule went into effect on March 8, 2021 and had a compliance date of September 8, 2022. In accordance with this rule, the Company’s Board of Trustees has designated our Adviser as the valuation designee primarily responsible for the valuation of the Company’s investments, subject to the oversight of the Board of Trustees.

The following table presents the fair value hierarchy of investments and cash equivalents:

	March 31, 2023
	Level 1		Level 2		Level 3		Total
First lien debt	$	—	$	784,648	$	5,774,333	$	6,558,981
Second lien debt	—		28,267		18,048		46,315
Unsecured debt	—		14,975		1,915		16,890
Structured finance investments	—		28,824		—		28,824
Equity investments	—		—		2,469		2,469
Total investments	$	—	$	856,714	$	5,796,765	$	6,653,479
Cash equivalents	$	92,622	$	—	$	—	$	92,622

	December 31, 2022
	Level 1		Level 2		Level 3		Total
First lien debt	$	—	$	732,325	$	4,882,393	$	5,614,718
Second lien debt	—		36,454		8,794		45,248
Unsecured debt	—		23,906		1,606		25,512
Structured finance investments	—		28,737		—		28,737
Equity investments	—		—		2,306		2,306
Total investments	$	—	$	821,422	$	4,895,099	$	5,716,521
Cash equivalents	$	53,347	$	—	$	—	$	53,347

The following table presents change in the fair value of investments for which Level 3 inputs were used to determine fair value:

	Three Months Ended March 31, 2023
	First Lien Debt		Second Lien Debt		Unsecured Debt		Equity Investments		Total Investments
Fair value, beginning of period	$	4,882,393	$	8,794	$	1,606	$	2,306	$	4,895,099
Purchases of investments (1)	861,403		—		377		579		862,359
Proceeds from principal repayments and sales of investments	(30,581)		—		—		(52)		(30,633)
Accretion of discount/amortization of premium	7,981		33		9		—		8,023
Net realized gain (loss)	(893)		—		—		(353)		(1,246)
Net change in unrealized appreciation (depreciation)	58,744		(242)		(77)		(11)		58,414
Transfers into Level 3 (2)	—		9,463		—		—		9,463
Transfers out of Level 3 (2)	(4,714)		—		—		—		(4,714)
Fair value, end of period	$	5,774,333	$	18,048	$	1,915	$	2,469	$	5,796,765
Net change in unrealized appreciation (depreciation) related to financial instruments still held as of March 31, 2023	$	57,176	$	(242)	$	(79)	$	(11)	$	56,844

(1)Purchases include PIK interest, if applicable.

(2)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the three months ended March 31, 2023, transfers into or out of Level 3 were primarily due to decreased or increased price transparency, respectively.

	Three Months Ended March 31, 2022
	First Lien Debt		Equity Investments		Total Investments
Fair value, beginning of period	$	—	$	—	$	—
Purchases of investments(1)	896,754		67		896,821
Proceeds from principal repayments and sales of investments	(55,373)		—		(55,373)
Accretion of discount/amortization of premium	759		—		759
Net realized gain (loss)	14		—		14
Net change in unrealized appreciation (depreciation)	(1,931)		—		(1,931)
Transfers into Level 3(2)	—		—		—
Transfers out of Level 3(2)	—		—		—
Fair value, end of period	$	840,223	$	67	$	840,290
Net change in unrealized appreciation (depreciation) related to financial instruments still held as of March 31, 2022	$	(1,931)	$	—	$	(1,931)

(1)Purchases include PIK interest, if applicable.

(2)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the three months ended March 31, 2022, there were no transfers into or out of Level 3.

The following table presents quantitative information about the significant unobservable inputs of the Company’s Level 3 financial instruments. The table is not intended to be all-inclusive but instead captures the significant unobservable inputs relevant to the Company’s determination of fair value.

	March 31, 2023
					Range
	Fair Value(1)		Valuation Technique	Unobservable Input	Low		High		Weighted Average(2)
Investments in first lien debt	$	4,978,384	Yield analysis	Discount rate	8.41	%	18.32	%	11.88	%
Investments in second lien debt	8,686		Yield analysis	Discount rate	13.90	%	13.90	%	13.90	%
Investments in unsecured debt	1,915		Yield analysis	Discount rate	13.43	%	15.28	%	14.32	%
Investments in preferred equity	2,160		Yield analysis	Discount rate	8.28	%	17.79	%	13.07	%
Investments in common equity	309		Discounted cash flow	Discount rate	7.50	%	15.00	%	11.96	%
				Exit multiple	10.00x		10.00x		10.00x
				Cap Rate	5.25	%	5.25	%	5.25	%

(1)As of March 31, 2023, included within the fair value of Level 3 assets of $5,796,765 is an amount of $805,311 for which the Adviser did not develop the unobservable inputs (examples include third-party pricing and transaction prices).

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

	December 31, 2022
					Range
	Fair Value(1)		Valuation Technique	Unobservable Input	Low		High		Weighted Average(2)
Investments in first lien debt	$	3,848,793	Yield analysis	Discount rate	8.14	%	17.70	%	11.47	%
Investments in unsecured debt	704		Yield analysis	Discount rate	14.70	%	14.70	%	14.70	%
Investments in equity	2,108		Yield analysis	Discount rate	7.08	%	16.95	%	11.96	%
	198		Discounted cash flow	Discount rate	15.00	%	15.00	%	15.00	%
				Exit multiple	10.00x		10.00x		10.00x

(1)As of December 31, 2022, included within the fair value of Level 3 assets of $4,895,099 is an amount of $1,043,296 for which the Adviser did not develop the unobservable inputs (examples include third-party pricing and transaction prices).

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

The significant unobservable input used in the yield analysis is the discount rate based on comparable market yields. The significant unobservable inputs used in the income approach are the discount rate used to discount the estimated future cash flows expected to be received from the underlying investment. Significant increases in discount rates would result in a significantly lower fair value measurement. 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 in the fair value.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may fluctuate from period to period. Additionally, the fair value of the Company’s investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that the Company may ultimately realize. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If the Company was required to liquidate a portfolio investment in a forced or liquidation sale, it could realize significantly less than the value at which the Company has recorded it. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in the valuations currently assigned.

Financial Instruments Not Carried at Fair Value

Debt

	March 31, 2023				December 31, 2022
	Carrying Value		Fair Value		Carrying Value		Fair Value
HLEND A Funding Facility	$	604,569	$	604,569	$	453,663	$	453,663
HLEND B Funding Facility	512,560		512,560		482,084		482,084
HLEND C Funding Facility	100,000		100,000		—		—
HLEND D Funding Facility	—		—		—		—
Revolving Credit Facility	684,589		684,589		704,819		704,819
November 2025 Notes(1)	169,019		171,424		168,462		170,628
November 2027 Notes(1)	154,733		157,730		153,958		156,354
March 2026 Notes(1)	276,923		279,400		—		—
March 2028 Notes(1)	124,892		126,012		—		—
Short-Term Borrowings	373,745		373,745		379,081		379,081
Total	$	3,001,030	$	3,010,029	$	2,342,067	$	2,346,629

(1)The carrying value of the Company's November 2025 Notes, November 2027 Notes, March 2026 Notes and March 2028 Notes are presented net of unamortized debt issuance costs of $1.7 million, $1.6 million, $2.5 million and $1.1 million, respectively, as of March 31, 2023 and includes the increase in the notes carrying value of $0.7 million, $1.4 million, $3.4 million and $2.0 million, respectively, as a result of the qualifying fair value hedge relationship as described above. The carrying value of the Company's November 2025 Notes and November 2027 Notes are presented net of unamortized debt issuance costs of $1.9 million and $1.7 million, respectively, as of December 31, 2022 and includes the change in the notes carrying value of $0.3 million and $0.7 million, respectively, as a result of the qualifying fair value hedge relationship as described above.

The following table presents the fair value hierarchy of the Company’s debt obligations as of March 31, 2023 and December 31, 2022:

	March 31, 2023		December 31, 2022
Level 1	$	—	$	—
Level 2	—		—
Level 3	3,010,029		2,346,629
Total	$	3,010,029	$	2,346,629

As of March 31, 2023 and December 31, 2022, the carrying amounts of the Company’s assets and liabilities, other than investments at fair value and debt, approximate fair value due to their short maturities. Fair value is estimated by discounting remaining payments using applicable current market rates, which take into account changes in the Company’s marketplace credit ratings, if applicable, or market quotes, if available.

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Derivative Instruments

3 Months Ended

Mar. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

Derivative Instruments

The Company enters into foreign currency forward contracts from time to time to help mitigate the impact that an adverse change in foreign exchange rates would have on the value of the Company’s investments denominated in foreign currencies. The Company enters into swap contracts in the normal course of business to manage its interest rate risk exposure. For derivative contracts, the Company enters into netting arrangements with its counterparties. In accordance with authoritative guidance, the Company offsets fair value amounts recognized for derivative instruments with the same security type and counterparty under a master netting arrangement.

During the three months ended March 31, 2023 and 2022, the average notional exposure for foreign currency forward contracts were $249.8 million and $1.1 million, respectively, and the average notional exposure for interest rate swaps were $262.5 million and $0.0 million, respectively.

The following table summarizes the aggregate notional amount and fair value of the Company’s derivative financial instruments as of March 31, 2023 and December 31, 2022.

	March 31, 2023
	Level 1		Level 2		Level 3		Total Fair Value		Notional
Derivative Assets
Foreign currency forward contracts	$	—	$	120	$	—	$	120	$	3,012
Interest rate swaps	—		7,489		—		7,489		562,500
Total derivative assets, at fair value	$	—	$	7,609	$	—	$	7,609	$	565,512
Derivative Liabilities
Foreign currency forward contracts	$	—	$	(4,761)	$	—	$	(4,761)	$	255,549
Total derivative liabilities, at fair value	$	—	$	(4,761)	$	—	$	(4,761)	$	255,549

	December 31, 2022
	Level 1		Level 2		Level 3		Total Fair Value		Notional
Derivative Assets
Foreign currency forward contracts	$	—	$	1,125	$	—	$	1,125	$	123,895
Interest rate swaps	—		991		—		991		162,500
Total derivative assets, at fair value	$	—	$	2,116	$	—	$	2,116	$	286,395
Derivative Liabilities
Foreign currency forward contracts	$	—	$	(3,261)	$	—	$	(3,261)	$	117,375
Total derivative liabilities, at fair value	$	—	$	(3,261)	$	—	$	(3,261)	$	117,375

The effect of transactions in derivative instruments that are not designated in a qualifying hedge accounting relationship on the Consolidated Statements of Operations during the three months ended March 31, 2023 and 2022 were as follows:

	Three Months Ended March 31, 2023		Three Months Ended March 31, 2022
Net change in unrealized gain (loss) on foreign currency forward contracts	$	(2,505)	$	18
Realized gain (loss) on foreign currency forward contracts	$	(529)	$	—

The following table presents both gross and net information about derivative instruments eligible for offset in the Consolidated Statements of Assets and Liabilities as of March 31, 2023 and December 31, 2022.

		March 31, 2023
Counterparty	Account in the Consolidated Statements of Asset and Liabilities	Gross Amount of Assets		Gross Amount of (Liabilities)		Net amounts presented in the Consolidated Statements of Assets and Liabilities		Collateral Received/Pledged(1)		Net Amounts(2)
Goldman Sachs Bank USA	Derivative liabilities, at fair value	$	120	$	(4,761)	$	(4,641)	$	—	$	(4,641)
Goldman Sachs Bank USA	Derivative assets, at fair value	$	7,489	$	—	$	7,489	$	(7,489)	$	—

(1) Amount excludes excess cash collateral paid.

(2) Net amount represents the net amount due (to) from counterparty in the event of a default based on the contractual setoff rights under the agreement. Net amount excludes any over-collateralized amounts, if applicable.

		December 31, 2022
Counterparty	Account in the Consolidated Statements of Asset and Liabilities	Gross Amount of Assets		Gross Amount of (Liabilities)		Net amounts presented in the Consolidated Statements of Assets and Liabilities		Collateral Received/Pledged(1)		Net Amounts(2)
Goldman Sachs Bank USA	Derivative liabilities, at fair value	$	1,125	$	(3,261)	$	(2,136)	$	—	$	(2,136)
Goldman Sachs Bank USA	Derivative assets, at fair value	$	991	$	—	$	991	$	—	$	991

(1) Amount excludes excess cash collateral paid.

(2) Net amount represents the net amount due (to) from counterparty in the event of a default based on the contractual setoff rights under the agreement. Net amount excludes any over-collateralized amounts, if applicable.

Hedging

The Company designated certain interest rate swaps as the hedging instrument in a qualifying fair value hedge accounting relationship.

The table below presents the impact to the Consolidated Statements of Operations from Derivative Assets and Liabilities designated in a qualifying hedge accounting relationship for the three months ended March 31, 2023 and 2022.

For derivative instruments designated in qualifying hedge relationships, the change in fair value of the hedging instrument and hedged item are recorded in interest expense and recognized as components of Interest expense in the Consolidated Statements of Operations.

	Three Months Ended March 31, 2023		Three Months Ended March 31, 2022
Interest rate swaps	$	7,489	$	—
Hedged items	$	(7,773)	$	—

The table below presents the carrying value of unsecured borrowings as of March 31, 2023 and December 31, 2022, that are designated in a qualifying hedging relationship and the related cumulative hedging adjustment (increase/decrease) from current and prior hedging relationships included in such carrying values:

	March 31, 2023				December 31, 2022
Description	Carrying Value		Cumulative Hedging Adjustments		Carrying Value		Cumulative Hedging Adjustments
Unsecured Notes	$	563,691	$	(7,773)	$	322,420	$	(953)

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Borrowings

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Borrowings

Borrowings

In accordance with the 1940 Act, with certain limitations, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. As of March 31, 2023 and December 31, 2022, the Company’s asset coverage was 223.18% and 247.37%.

SPV Financing Facilities

From time to time, wholly-owned subsidiaries of the Company may enter into secured financing facilities (“SPV Financing Facilities”), as described below. The obligations of each special purpose vehicle (“SPV”) to the lenders are secured by a first priority security interest in all of the SPV’s portfolio investments and cash. The obligations of each SPV under the applicable SPV Financing Facility are non-recourse to the Company, and the Company’s exposure to the credit facility is limited to the value of its investment in the SPV.

In connection with the SPV Financing Facilities, the applicable SPV has made certain customary representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar facilities. Each SPV Financing Facility contains customary events of default for similar financing transactions, including if a change of control of the applicable SPV occurs. Upon the occurrence and during the continuation of an event of default, the lender under the SPV Financing Facility may declare the outstanding advances and all other obligations under the SPV Financing Facility immediately due and payable. The occurrence of an event of default (as described above) triggers a requirement that the SPV obtains the consent of the lenders under the SPV Financing Facility prior to entering into any sale or disposition with respect to portfolio investments.

As of March 31, 2023, the Company was in compliance with all covenants and other requirements of the Credit Facilities and the Unsecured Notes.

As of March 31, 2023 and December 31, 2022, the Company had four and two SPV Financing Facilities, respectively, as discussed below.

HLEND A Funding Facility

On February 3 2022, HLEND A, entered into a SPV Financing Facility with Morgan Stanley Bank, N.A. (“HLEND A Funding Facility”). Morgan Stanley Senior Funding, Inc. serves as administrative agent and U.S. Bank Trust Company, National Association services as collateral agent. On December 23, 2022, HLEND A entered into an amendment to, among other things, increase the aggregate commitments under the HLEND A Funding Facility from $600 million to $800 million.

Advances may be used to finance the purchase or origination of loan assets, subject to certain concentration limitations, under the HLEND A Funding Facility and initially bear interest at a per annum rate equal to the benchmark in effect for the currency of the applicable advances, then in effect plus the applicable spread of 2.40% per annum. The borrower will pay an unused fee of 0.45% per annum equal to the sum of the products for each day during such Remittance Period of (a) one divided by three hundred and sixty (360), (b) the applicable unused fee rate of 0.45% and (c) the positive difference, if any, of the Facility Amount of $800 million less the greater of (i) the daily average amount of the advances outstanding during such remittance period and (ii) the Minimum Utilization. The Minimum Utilization means on any day from the closing date to the six month anniversary of the closing date, 25% of the Facility Amount, (b) from the six month anniversary of the closing date until the end of the nine month anniversary of the closing date, 50% of the facility amount and (c) thereafter, 75% of the facility amount.

Proceeds from borrowings under the HLEND A Funding Facility may be used to fund portfolio investments by HLEND A and to make advances under revolving loans or delayed draw term loans where HLEND A is a lender. The period during which HLEND A may make borrowings under the HLEND A Funding Facility expires on February 3, 2025 and the HLEND A Funding Facility will mature and all amounts outstanding under credit facility must be repaid by February 3, 2027.

HLEND B Funding Facility

On July 19 2022, HLEND B, entered into a SPV Financing Facility with Bank of America, N.A. (“HLEND B Funding Facility”). Bank of America N.A. serves as administrative agent, U.S. Bank Trust Company, National Association, as collateral administrator, and U.S. Bank National Association, as collateral custodian. On September 16, 2022, HLEND B entered into an amendment to, among other things, increase the maximum principal amount under the HLEND B Funding Facility from $500 million to $1 billion.

Loans under the HLEND B Funding Facility bear interest at a per annum rate equal to the benchmark in effect for the currency of the applicable advances, plus an applicable margin of 1.90% for Broadly Syndicated Loan (“BSL”) assets and 2.45% for non-BSL assets, subject to a blended floor of 2.30%.

As of March 31, 2023, the maximum principal amount under the Agreement was $1,000 million, subject to availability under the borrowing base. Proceeds from borrowings under the HLEND B Funding Facility may be used to fund portfolio investments by HLEND B, to make advances under revolving loans or delayed draw term loans where HLEND B is a lender. The period during which HLEND B may make borrowings under the HLEND B Funding Facility expires on July 19, 2025 and the HLEND B Funding Facility will mature and all amounts outstanding under credit facility must be repaid by July 19, 2027.

HLEND C Funding Facility

On January 12, 2023, HLEND C, as borrower, and the Company, as equity holder, entered into a SPV Financing Facility with U.S. Bank Trust Company, National Association, as administrative agent and U.S. collateral agent (the “HLEND C Funding Facility”), Blackstone Asset Based Finance Advisors LP, as Blackstone Asset Based Finance Representative, and U.S. Bank National Association, as custodian.

Loans under the HLEND C Funding Facility bear interest at a per annum rate equal to Term SOFR plus the applicable margin of 2.95% per annum. On or after the anticipated repayment date of January 11, 2030, the applicable margin on any remaining outstanding advances will be increased by 2.00% per annum.

The initial principal amount of the HLEND C Funding Facility was $400 million, subject to availability under the borrowing base. Proceeds from borrowings under the HLEND C Funding Facility may be used to fund portfolio investments by HLEND C. All amounts outstanding under the credit facility must be repaid by April 12, 2030.

HLEND D Funding Facility

On March 31 2023, HLEND D, as borrower, and the Company, as equity holder, entered into a SPV Financing Facility with BNP Paribas (“HLEND D Funding Facility”). BNP Paribas serves as administrative agent, and U.S. Bank Trust Company, National Association, as collateral agent.

Loans under the HLEND D Funding Facility bear interest at a per annum rate equal to (i)(a) with respect to Dollar Advances, Term SOFR, (b) with respect to GBP Advances, Adjusted Cumulative Compounded SONIA, (c) with respect to Euro Advances, EURIBOR, (d) with respect to CAD Advances, CDOR, and (e) with respect to AUD Advances, BBSW, plus (ii) the Applicable Margin of 2.90% per annum, plus (iii) in the case of any Advance denominated in an Available Currency (other than Dollars), the Foreign Currency Advance Margin of 0.15% per annum.

The initial principal amount of the HLEND D Funding Facility was $250 million. Proceeds from borrowings under the HLEND D Funding Facility may be used to fund portfolio investments by HLEND D. All amounts outstanding under the credit facility must be repaid by March 31, 2028.

Revolving Credit Facility

On June 23, 2022, the Company, as Borrower, entered into a senior secured revolving credit facility (the “Revolving Credit Facility,” together with HLEND A Funding Facility, HLEND B Funding Facility, HLEND C Funding Facility, and HLEND D Funding Facility the “Credit Facilities”) (as amended on November 3, 2022) pursuant to a Senior Secured Revolving Credit Agreement (the “Agreement”), with JPMorgan Chase Bank, N.A., as administrative agent and as collateral agent, the lenders party thereto (the “Lenders”), and JPMorgan Chase Bank, N.A., Goldman Sachs Bank USA, MUFG Bank, LTD., Royal Bank of Canada, and Sumitomo Mitsui Banking Corporation, as joint bookrunners and joint lead arrangers.

The Company may borrow amounts in U.S. dollars or certain other permitted currencies under the Revolving Credit Facility. Advances under the Revolving Credit Facility drawn in U.S. dollars will initially bear interest at a per annum rate equal to 0.75% or 0.875% plus an “alternate base rate” in the case of any ABR Loan and 1.75% or 1.875% plus the Adjusted Term SOFR Rate in the case of any other Loan, in each case, depending on the Company’s rate option election and borrowing base. Advances under the Revolving Credit Facility drawn in currencies other than U.S. dollars will initially bear interest at a per annum rate equal to 1.75% or 1.875%, in each case depending on the Company’s borrowing base, plus any applicable credit spread adjustment, plus certain local rates consistent with market standards. The Company will also pay a fee of 0.375% on average daily undrawn amounts under the Revolving Credit Facility.

On November 3, 2022, the Company entered into a Commitment Increase Agreement (the “Commitment Increase Agreement”) among the Company, certain new and existing lenders and JPMorgan Chase Bank, N.A., as administrative agent, pursuant to the Agreement. The Commitment Increase Agreement provides for, among other things, an increase in the aggregate commitments of the

lenders under the Revolving Credit Facility from $925 million to $1,125 million, subject to availability under the borrowing base, which is based on the Company’s portfolio investments and other outstanding indebtedness, with an accordion provision to permit increases to the total facility amount up to $1,850 million subject to the satisfaction of certain conditions.

The Revolving Credit Facility is guaranteed by certain subsidiaries of the Company, and will be guaranteed by certain domestic subsidiaries of the Company that are formed or acquired by the Company in the future (collectively, the “Guarantors”). Proceeds of the Revolving Credit Facility may be used for general corporate purposes, including, without limitation, repaying outstanding indebtedness, making distributions, contributions and investments, and acquisition and funding, and such other uses as permitted under the Agreement.

The Revolving Credit Facility is secured by a perfected first-priority interest in substantially all of the portfolio investments held by the Company and each Guarantor, subject to certain exceptions, and includes a $200 million limit for swingline loans.

The availability period under the Revolving Credit Facility will terminate on June 23, 2026 (the “Commitment Termination Date”) and the Revolving Credit Facility will mature on June 23, 2027 (the “Maturity Date”). During the period from the Commitment Termination Date to the Maturity Date, the Company will be obligated to make mandatory prepayments under the Revolving Credit Facility out of the proceeds of certain asset sales, other recovery events and equity and debt issuances.

Unsecured Bonds

November 2025 Notes

On November 14, 2022, the Company entered into a Master Note Purchase Agreement (the “2022 Note Purchase Agreement”) governing the issuance of $170 million in aggregate principal amount of its Series A Senior Notes, Tranche A (the “November 2025 Notes”) to institutional investors in a private placement. The November 2025 Notes have a fixed interest rate of 8.37% per annum and are due on November 14, 2025. Interest on the November 2025 Notes will be due semiannually. The interest rate is subject to increase (up to a maximum increase of 2.00% above the stated rate) in the event that, subject to certain exceptions, the November 2025 Notes cease to have an investment grade rating and the Company’s minimum secured debt ratio exceeds certain thresholds. In addition, the Company is obligated to offer to repay the November 2025 Notes at par if certain change in control events occur. The November 2025 Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured, unsubordinated indebtedness issued by the Company.

In connection with the November 2025 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s liabilities with the Company’s investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement, the Company receives a fixed interest rate of 8.37% per annum and pays a floating interest rate of SOFR + 4.08% per annum on $85 million of the November 2025 Notes. The Company designated the interest rate swap as the hedging instrument in a qualifying hedge accounting relationship.

November 2027 Notes

On November 14, 2022, the Company entered into the 2022 Note Purchase Agreement governing the issuance of $155 million in aggregate principal amount of its Series A Senior Notes, Tranche B (the “November 2027 Notes”) to institutional investors in a private placement. The November 2027 Notes have a fixed interest rate of 8.43% per annum and are due on November 14, 2027. Interest on the November 2027 Notes will be due semiannually. The interest rate is subject to increase (up to a maximum increase of 2.00% above the stated rate) in the event that, subject to certain exceptions, the November 2027 Notes cease to have an investment grade rating and the Company’s minimum secured debt ratio exceeds certain thresholds. In addition, the Company is obligated to offer to repay the November 2027 Notes at par if certain change in control events occur. The November 2027 Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured, unsubordinated indebtedness issued by the Company.

In connection with the November 2027 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s liabilities with the Company’s investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement, the Company receives a fixed interest rate of 8.43% per annum and pays a floating interest rate of SOFR + 4.42% per annum on $77.5 million of the November 2027 Notes. The Company designated the interest rate swap as the hedging instrument in a qualifying hedge accounting relationship.

March 2026 Notes

On March 15, 2023, the Company entered into a Master Note Purchase Agreement (the “2023 Note Purchase Agreement”) governing the issuance of $276 million in aggregate principal amount of its Series A Senior Notes, Tranche A (the “March 2026 Notes”) to institutional investors in a private placement. The March 2026 Notes have a fixed interest rate of 8.12% per annum and are due on March 15, 2026. Interest on the March 2026 Notes will be due semiannually. The interest rate is subject to increase (up to a maximum increase of 2.00% above the stated rate) in the event that, subject to certain exceptions, the March 2026 Notes cease to have an investment grade rating and the Company’s minimum secured debt ratio exceeds certain thresholds. In addition, the Company is obligated to offer to repay the March 2026 Notes at par if certain change in control events occur. The March 2026 Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured, unsubordinated indebtedness issued by the Company.

In connection with the March 2026 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s liabilities with the Company’s investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement, the Company receives a fixed interest rate of 8.12% per annum and pays a floating interest rate of SOFR + 3.761% per annum on $276 million of the March 2026 Notes. The Company designated the interest rate swap as the hedging instrument in a qualifying hedge accounting relationship.

March 2028 Notes

On March 15, 2023, the Company entered into the 2023 Note Purchase Agreement governing the issuance of $124 million in aggregate principal amount of its Series A Senior Notes, Tranche B (the “March 2028 Notes,” together with the November 2025 Notes, the November 2027 Notes and March 2026 Notes, the “Unsecured Notes”) to institutional investors in a private placement. The March 2028 Notes have a fixed interest rate of 8.17% per annum and are due on March 15, 2028. Interest on the March 2028 Notes will be due semiannually. The interest rate is subject to increase (up to a maximum increase of 2.00% above the stated rate) in the event that, subject to certain exceptions, the March 2028 Notes cease to have an investment grade rating and the Company’s minimum secured debt ratio exceeds certain thresholds. In addition, the Company is obligated to offer to repay the March 2028 Notes at par if certain change in control events occur. The March 2028 Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured, unsubordinated indebtedness issued by the Company.

In connection with the March 2028 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s liabilities with the Company’s investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement, the Company receives a fixed interest rate of 8.18% per annum and pays a floating interest rate of SOFR + 4.241% per annum on $124 million of the March 2028 Notes. The Company designated the interest rate swap as the hedging instrument in a qualifying hedge accounting relationship.

Short-Term Borrowings

In order to finance certain investment transactions, the Company may, from time to time, enter into repurchase agreements, whereby the Company sells to a third party an investment that it holds and concurrently enters into an agreement to repurchase the same investment at an agreed-upon price at a future date, generally not to exceed 180-days from the date it was sold (each a “Short Term Financing Transaction”).

As of March 31, 2023, the Company had $373.7 million of borrowings under Short Term Financing Transactions with a third party. Certain of the Company's investments serve as collateral for the Company's obligations under the Short Term Financing Transactions and the carrying value of pledged investments was $461.6 million as of March 31, 2023.

In accordance with ASC 860, Transfers and Servicing, the Short Term Financing Transactions meet the criteria for secured borrowings. Accordingly, the investment financed by these agreements remains on the Company’s Consolidated Statements of Assets and Liabilities as an asset, and the Company records a liability to reflect its repurchase obligation to a third party which is reported as debt on the Company’s Statements of Assets and Liabilities. The repurchase obligation is secured by the respective investment that is the subject of the repurchase agreement. Interest expense associated with the repurchase obligation is reported on the Company’s Consolidated Statements of Operations within interest expense.

The Company’s outstanding debt obligations were as follows:

	March 31, 2023
	Aggregate Principal Committed		Outstanding Principal		Carrying Value		Unused Portion(1)		Amount Available(2)
HLEND A Funding Facility(3)	$	800,000	$	604,569	$	604,569	$	195,431	$	12,242
HLEND B Funding Facility(4)	1,000,000		512,560		512,560		487,440		403,425
HLEND C Funding Facility	400,000		100,000		100,000		300,000		235,548
HLEND D Funding Facility	250,000		—		—		250,000		—
Revolving Credit Facility(5)	1,125,000		684,589		684,589		440,411		440,411
November 2025 Notes(6)	170,000		170,000		169,019		—		—
November 2027 Notes(6)	155,000		155,000		154,733		—		—
March 2026 Notes(7)	276,000		276,000		276,923		—		—
March 2028 Notes(7)	124,000		124,000		124,892		—		—
Short-Term Borrowings	373,745		373,745		373,745		—		—
Total	$	4,673,745	$	3,000,463	$	3,001,030	$	1,673,282	$	1,091,626

(1)The unused portion is the amount upon which commitment fees, if any, are based.

(2)The amount available reflects any limitations related to each respective credit facility’s borrowing base.

(3)The Company may borrow amounts in USD or certain other permitted currencies. Debt outstanding denominated in currencies other than USD has been converted to USD using the applicable foreign currency exchange rate as of the applicable reporting date. As of March 31, 2023, the Company had outstanding borrowings denominated in Euros (EUR) of 7.5 million, in Australian Dollars (AUD) of 34.9 million, and in British Pounds (GBP) of 12.9 million.

(4)The Company may borrow amounts in USD or certain other permitted currencies. Debt outstanding denominated in currencies other than USD has been converted to USD using the applicable foreign currency exchange rate as of the applicable reporting date. As of March 31, 2023, the Company had outstanding borrowings denominated in Euros (EUR) of 3.4 million, in Australian Dollars (AUD) of 39.0 million, and in British Pounds (GBP) of 36.3 million.

(5)The Company may borrow amounts in USD or certain other permitted currencies. Debt outstanding denominated in currencies other than USD has been converted to USD using the applicable foreign currency exchange rate as of the applicable reporting date. As of March 31, 2023, the Company had outstanding borrowings denominated in Euros (EUR) of 132.4 million, in Australian Dollars (AUD) of 285.3 million, in Canadian Dollars (CAD) of 47.1 million and in British Pounds (GBP) of 102.6 million.

(6)The carrying value of the Company's November 2025 Notes and November 2027 Notes are presented net of unamortized debt issuance costs of $1.7 million and $1.6 million, respectively, as of March 31, 2023 and includes the change in the notes carrying value of $0.7 million and $1.4 million, respectively, as a result of the qualifying fair value hedge relationship as described above.

(7)The carrying value of the Company's March 2026 Notes and March 2028 Notes are presented net of unamortized debt issuance costs of $2.5 million and $1.1 million, respectively, as of March 31, 2023 and includes the change in the notes carrying value of $3.4 million and $2.0 million, respectively, as a result of the qualifying fair value hedge relationship as described above.

	December 31, 2022
	Aggregate Principal Committed		Outstanding Principal		Carrying Value		Unused Portion(1)		Amount Available(2)
HLEND A Funding Facility(3)	$	800,000	$	453,663	$	453,663	$	346,337	$	138,870
HLEND B Funding Facility(4)	1,000,000		482,084		482,084		517,916		104,760
Revolving Credit Facility(5)	1,125,000		704,819		704,819		420,181		420,181
November 2025 Notes(6)	170,000		170,000		168,462		—		—
November 2027 Notes(6)	155,000		155,000		153,958		—		—
Short-Term Borrowings	379,081		379,081		379,081		—		—
Total	$	3,629,081	$	2,344,647	$	2,342,067	$	1,284,434	$	663,811

(1)The unused portion is the amount upon which commitment fees, if any, are based.

(2)The amount available reflects any limitations related to each respective credit facility’s borrowing base.

(3)The Company may borrow amounts in USD or certain other permitted currencies. Debt outstanding denominated in currencies other than USD has been converted to USD using the applicable foreign currency exchange rate as of the applicable reporting date. As of December 31, 2022, the Company had outstanding borrowings denominated in Euros (EUR) of 8.3 million, in Australian Dollars (AUD) of 34.9 million, and in British Pounds (GBP) of 14.3 million.

(4)The Company may borrow amounts in USD or certain other permitted currencies. Debt outstanding denominated in currencies other than USD has been converted to USD using the applicable foreign currency exchange rate as of the applicable reporting date. As of December 31, 2022, the Company had outstanding borrowings denominated in Euros (EUR) of 3.4 million, in Australian Dollars (AUD) of 39.0 million, and in British Pounds (GBP) of 36.3 million.

(5)The Company may borrow amounts in USD or certain other permitted currencies. Debt outstanding denominated in currencies other than USD has been converted to USD using the applicable foreign currency exchange rate as of the applicable reporting date. As of December 31, 2022, the Company had outstanding borrowings denominated in Euros (EUR) of 111.2 million, in Australian Dollars (AUD) of 285.3 million, in Canadian Dollars (CAD) of 47.1 million and in British Pounds (GBP) of 59.5 million.

(6)The carrying value of the Company's November 2025 Notes and November 2027 Notes are presented net of unamortized debt issuance costs of $1.9 million and $1.7 million, respectively, as of December 31, 2022 and includes the change in the notes carrying value of $0.3 million and $0.7 million, respectively, as a result of the qualifying fair value hedge relationship as described above.

As of March 31, 2023 and December 31, 2022, $34.6 million and $16.6 million, respectively, of interest expense and $1.0 million and $0.8 million, respectively, of unused commitment fees were included in interest payable. For the three months ended March 31, 2023 and March 31, 2022, the weighted average interest rate on all borrowings outstanding was 7.63% and 8.14% (including unused fees and amortization of deferred financing and debt issuance costs), respectively, and the average principal debt outstanding was $2,672.4 million and $104.3 million, respectively.

The components of interest expense were as follows:

	Three Months Ended March 31, 2023		Three Months Ended March 31, 2022
Borrowing interest expense	$	46,521	$	813
Facility unused fees	2,155		356
Amortization of financing and debt issuance costs	1,571		156
Financing fees (refer to Footnote 8)	—		3,366
Backstop fees (refer to Footnote 8)	—		1,059
Gain (loss) from interest rate swaps accounted for as hedges and the related hedged items:
Interest rate swaps	7,489		—
Hedged items	(7,773)		—
Total interest expense	$	49,963	$	5,750
Cash paid for interest expense	$	31,810	$	4,580

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Commitment and Contingencies

3 Months Ended

Mar. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

In the normal course of business, the Company enters into contracts that provide a variety of general indemnifications. Any exposure to the Company under these arrangements could involve future claims that may be made against the Company. Currently, no such claims exist or are expected to arise and, accordingly, the Company has not accrued any liability in connection with such indemnifications.

The Company’s investment portfolio may contain debt investments which are in the form of lines of credit or delayed draw commitments, which require us to provide funding when requested by portfolio companies in accordance with underlying loan agreements.

As of March 31, 2023 and December 31, 2022, the Company had unfunded delayed draw term loans and revolvers in the aggregate principal amount of $792.8 million and $895.9 million, respectively.

The Adviser agreed to bear all of the Company’s expenses, including organization and offering expenses, through February 3, 2022, the date on which the Company broke escrow for the initial offering of its Common Shares, on which date the Company became obligated to reimburse the Adviser for such advanced expenses upon breaking escrow for the offering and the Adviser subsequently requested reimbursement of these expenses and was paid pursuant to the Expense Support and Conditional Reimbursement Agreement.

From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business. At March 31, 2023, management is not aware of any pending or threatened material litigation.

Warehousing Transactions

Beginning August 17, 2021, the Company entered into multiple sale and purchase agreements (the “Purchase Agreements”) with Macquarie US Trading LLC and Macquarie Bank Limited (together, the “Financing Provider”), whereby the Company agreed, subject to certain conditions, to purchase certain assets from unaffiliated parties. The transactions under the Purchase Agreements related primarily to newly originated, privately negotiated senior secured term loans to middle market companies consistent with the Company’s investment objective and strategies (the “Warehousing Transactions”). The Warehousing Transactions were designed to assist the Company with deploying capital upon receipt of subscription proceeds. Under the Purchase Agreements, the Company had forward obligations to settle the purchase of certain investments (the “Warehouse Investments”) from the Financing Provider, each of whom was obligated to settle the sale of such investments subject to the following conditions: (a) that the Company had received subscriptions of at least $300 million; and (b) that the Board of the Company had approved the purchase of the specific Warehouse Investments (collectively, the “Warehouse Conditions”).

Pursuant to the Purchase Agreements, the Company could request that the Financing Provider acquire such Warehouse Investments as the Company may designate from time to time, which a Financing Provider could approve or reject in its sole and absolute discretion. Prior to any sale to the Company, the Warehouse Investments were owned and held solely for the account of the relevant Financing Provider. Until such time as the Company satisfied the Warehouse Conditions, which occurred on February 3, 2022, it had no obligation to purchase the Warehouse Investments nor be entitled to any benefits or subject to any obligations under the Purchase Agreements. On such date, the Company recognized $656.3 million of investments at principal ($106.9 million of which was unfunded) from the Financing Provider. Since February 3, 2022, the Company has not entered into any Purchase Agreement with the Financing Provider. Until such time the Company enters into additional Purchase Agreements, the Company will not incur any additional fees with respect to any Purchase Agreements. As of March 31, 2023, there are no forward obligations to settle the purchase of Portfolio Investments from the Financing Provider.

In consideration for the forward arrangement provided by the Financing Provider, the Company agreed to pay, subject to the satisfaction of the Warehouse Conditions, certain fees and expenses to the Financing Provider, including a financing fee with respect to the portion of the purchase amount that is funded equivalent to 2.75% to 2.95% per annum. For the three months ended March 31, 2022, financing fees of $3.4 million, were paid to the Financing Provider, which are included in interest expense on the Consolidated Statements of Operations.

The Company’s obligations to the Financing Provider under the Purchase Agreements were guaranteed by an affiliate of the Adviser. Beginning October 14, 2021 and December 10, 2021, certain of the Company’s obligations to the Financing Provider under the Purchase Agreements were guaranteed by two non-affiliated entities.

In consideration of the two non-affiliated guarantors entering into the guarantees, the Company paid a fee based on the Net Carry with respect to each transaction to the respective guarantor of each investment. “Net Carry” means, an amount equal to the sum of (a) the interest (paid and accrued and unpaid) less (b) the financing fee paid to the Financing Provider plus (c) the net realized gains/losses on each investment.

For the three months ended March 31, 2022, $1.1 million, of fees (the “backstop fees”) were paid to the two non-affiliated guarantors, which are included in interest expense on the Consolidated Statements of Operations.

For the three months ended March 31, 2022, all of the income, expenses and mark-to-market gain/loss under all Purchase Agreements, in addition to other economic rights and obligations held by the Company, were recognized in the Company’s consolidated financial statements.

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Net Assets

3 Months Ended

Mar. 31, 2023

Investment Company [Abstract]

Net Assets

Net Assets

In connection with its formation, the Company has the authority to issue an unlimited number of Class S, Class I, Class D, and Class F common shares of beneficial interest at $0.01 per share par value. On July 23, 2021, the Adviser purchased 100 shares of the Company’s Class I common shares of beneficial interest at $25.00 per share.

As of February 3, 2022, the Company had satisfied the minimum offering requirement, and the Company’s Board had authorized the release of proceeds from escrow. As of such date, the Company issued and sold 20,437,880 shares (consisting of 7,074,280 Class I shares, 1,268,000 Class D Shares, and 12,095,600 Class F shares at an offering price of $25.00 per share), and the Escrow Agent released net proceeds of $510.9 million, of which $10.0 million was from an affiliate of the Adviser, to the Company as payment for such shares. Under the terms of the Company’s Declaration of Trust, all Common Shares have equal rights as to voting and, when they are issued, will be duly authorized, validly issued, fully paid and nonassessable. As of March 31, 2023 and December 31, 2022, no Class S shares were outstanding.

The share classes have different ongoing distribution and/or shareholder servicing fees. Until the release of proceeds from escrow, the per share purchase price for Common Shares in the Offering was $25.00 per share. Thereafter, the purchase price per share for each class of Common Shares will equal the NAV per share, as of the effective date of the monthly share purchase date.

The following table summarizes transactions in common shares of beneficial interest during the three months ended March 31, 2023:

	Shares	Amount
CLASS I
Subscriptions	903,666	$	21,893
Share transfers between classes	675,921	16,465
Distributions reinvested	352,176	8,526
Share repurchases	(377,320)	(9,207)
Early repurchase deduction	—	15
Net increase (decrease)	1,554,443	$	37,692
CLASS D
Subscriptions	1,249,379	$	30,400
Share transfers between classes	—	—
Distributions reinvested	182,009	4,406
Share repurchases	—	—
Early repurchase deduction	—	8
Net increase (decrease)	1,431,388	$	34,814
CLASS F
Subscriptions	4,126,357	$	100,409
Share transfers between classes	(675,921)	(16,465)
Distributions reinvested	1,012,997	24,524
Share repurchases	(681,306)	(16,624)
Early repurchase deduction	—	39
Net increase (decrease)	3,782,127	$	91,883
Total net increase (decrease)	6,767,958	$	164,389

The following table summarizes transactions in common shares of beneficial interest during the three months ended March 31, 2022:

	Shares	Amount
CLASS I
Subscriptions	10,707,249	$	268,044
Share transfers between classes	—	—
Distributions reinvested	29,909	751
Share repurchases	—	—
Early repurchase deduction	—	—
Net increase (decrease)	10,737,158	$	268,795
CLASS D
Subscriptions	4,699,275	$	117,825
Share transfers between classes	—	—
Distributions reinvested	2,158	54
Share repurchases	—	—
Early repurchase deduction	—	—
Net increase (decrease)	4,701,433	$	117,879
CLASS F
Subscriptions	20,951,925	$	524,684
Share transfers between classes	—	—
Distributions reinvested	27,671	694
Share repurchases	—	—
Early repurchase deduction	—	—
Net increase (decrease)	20,979,596	$	525,378
Total net increase (decrease)	36,418,187	$	912,052

Net Asset Value per Share and Offering Price

The Company determines NAV for each class of shares as of the last day of each calendar month. Share issuances related to monthly subscriptions are effective the first calendar day of each month. Shares are issued at an offering price equivalent to the most recent NAV per share available for each share class, which will be the prior calendar day NAV per share (i.e. the prior month-end NAV). The following table summarizes each month-end NAV per share for Class S, Class I, Class D and Class F common shares of beneficial interest during the three months ended March 31, 2023 and 2022:

	NAV Per Share
For the Months Ended	Class S(1)		Class I		Class D		Class F
January 31, 2023	$	—	$	24.36	$	24.36	$	24.36
February 28, 2023	$	—	$	24.56	$	24.56	$	24.56
March 31, 2023	$	—	$	24.40	$	24.40	$	24.40

(1) Class S has not commenced operations as of March 31, 2023.

	NAV Per Share
For the Months Ended	Class S(1)		Class I		Class D		Class F
February 28, 2022	$	—	$	25.10	$	25.10	$	25.10
March 31, 2022	$	—	$	25.09	$	25.09	$	25.09

(1) Class S has not commenced operations as of March 31, 2022.

Distributions

The Board authorizes and declares monthly distribution amounts per share of Class S, Class I, Class D, and Class F common shares of beneficial interest payable monthly in arrears. The following table presents distributions that were declared during the three months ended March 31, 2023:

			Class I
Declaration Date	Record Date	Payment Date	Distribution Per Share(2)		Distribution Amount
January 19, 2023	January 31, 2023	February 28, 2023	$	0.18100	$	6,441
February 28, 2023	February 28, 2023	March 31, 2023	0.19000		6,980
March 28, 2023	March 31, 2023	April 28, 2023	0.20300		7,518
Total			$	0.57400	$	20,939

			Class D
Declaration Date	Record Date	Payment Date	Distribution Per Share(1)(2)		Distribution Amount
January 19, 2023	January 31, 2023	February 28, 2023	$	0.17590	$	3,173
February 28, 2023	February 28, 2023	March 31, 2023	0.18530		3,351
March 28, 2023	March 31, 2023	April 28, 2023	0.19780		3,752
Total			$	0.55900	$	10,276

			Class F
Declaration Date	Record Date	Payment Date	Distribution Per Share(1)(2)		Distribution Amount
January 19, 2023	January 31, 2023	February 28, 2023	$	0.17090	$	16,003
February 28, 2023	February 28, 2023	March 31, 2023	0.18070		16,992
March 28, 2023	March 31, 2023	April 28, 2023	0.19260		18,590
Total			$	0.54420	$	51,585

(1) Distributions per share are net of shareholder servicing and/or distribution fees.

(2) Distributions per share include variable supplemental distributions of $0.021, $0.030, and $0.043 for January, February and March, respectively, for all share classes outstanding.

The following table presents distributions that were declared during the three months ended March 31, 2022:

			Class I
Declaration Date	Record Date	Payment Date	Distribution Per Share		Distribution Amount
February 27, 2022	February 28, 2022	March 31, 2022	$	0.13542	$	958
March 30, 2022	March 31, 2022	April 29, 2022	0.14640		1,572
Total			$	0.28182	$	2,530

			Class D
Declaration Date	Record Date	Payment Date	Distribution Per Share		Distribution Amount
February 27, 2022	February 28, 2022	March 31, 2022	$	0.13542	$	172
March 30, 2022	March 31, 2022	April 29, 2022	0.14640		688
Total			$	0.28182	$	860

			Class F
Declaration Date	Record Date	Payment Date	Distribution Per Share		Distribution Amount
February 27, 2022	February 28, 2022	March 31, 2022	$	0.13542	$	1,638
March 30, 2022	March 31, 2022	April 29, 2022	0.14640		3,072
Total			$	0.28182	$	4,710

Distribution Reinvestment Plan

The Company has adopted a distribution reinvestment plan, pursuant to which the Company will reinvest all cash distributions declared by the Board on behalf of our shareholders who do not elect to receive their distributions in cash as provided below. As a result, if the Board authorizes, and the Company declares, a cash distribution, then shareholders who have not opted out of our distribution reinvestment plan will have their cash distributions automatically reinvested in additional shares as described below, rather than receiving the cash distribution. Distributions on fractional shares will be credited to each participating shareholder’s account to three decimal places.

Character of Distributions

The Company may fund its cash distributions to shareholders from any source of funds available to the Company, including but not limited to offering proceeds, net investment income from operations, capital gains proceeds from the sale of assets, borrowings, dividends or other distributions paid to it on account of preferred and common equity investments in portfolio companies and expense support from the Adviser, which is subject to recoupment.

Through March 31, 2023, a portion of the Company’s distributions resulted from expense support from the Adviser, and future distributions may result from expense support from the Adviser, each of which is subject to repayment by the Company within three years from the date of payment. The purpose of this arrangement avoids distributions being characterized as a return of capital for U.S. federal income tax purposes. Shareholders should understand that any such distribution is not based solely on the Company’s investment performance, and can only be sustained if the Company achieves positive investment performance in future periods and/or the Adviser continues to provide expense support. Shareholders should also understand that the Company’s future repayments of expense support will reduce the distributions that they would otherwise receive. There can be no assurance that the Company will achieve the performance necessary to sustain these distributions, or be able to pay distributions at all.

Sources of distributions, other than net investment income and realized gains on a U.S. GAAP basis, include required adjustments to U.S. GAAP net investment income in the current period to determine taxable income available for distributions. The following table reflects the sources of cash distributions on a U.S. GAAP basis that the Company has declared on its Common Shares during the three months ended March 31, 2023:

	Class I				Class D				Class F
Source of Distribution	Per Share		Amount		Per Share		Amount		Per Share		Amount
Net investment income	$	0.5740	$	20,939	$	0.5590	$	10,276	$	0.5442	$	51,585
Net realized gains	—		—		—		—		—		—
Total	$	0.5740	$	20,939	$	0.5590	$	10,276	$	0.5442	$	51,585

The following table reflects the sources of cash distributions on a U.S. GAAP basis that the Company has declared on its shares of Common Shares during the three months ended March 31, 2022:

	Class I				Class D				Class F
Source of Distribution	Per Share		Amount		Per Share		Amount		Per Share		Amount
Net investment income	$	0.2818	$	2,530	$	0.2818	$	860	$	0.2818	$	4,710
Net realized gains	—		—		—		—		—		—
Total	$	0.2818	$	2,530	$	0.2818	$	860	$	0.2818	$	4,710

Share Repurchase Program

The Company has commenced a share repurchase program in which the Company intends to repurchase, in each quarter, up to 5% of the Company’s Common Shares outstanding (by number of shares) as of the close of the previous calendar quarter. The Board may amend, suspend or terminate the share repurchase program if it deems such action to be in the best interest of the Company and the best interest of the shareholders. As a result, share repurchases may not be available each quarter. The Company intends to conduct such

repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Securities Exchange Act of 1934, as amended, and the 1940 Act. All shares purchased pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares.

Under the Company’s share repurchase program, to the extent the Company offers to repurchase shares in any particular quarter, the Company expects to repurchase shares pursuant to tender offers using a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter, except that shares that have not been outstanding for at least one year will be repurchased at 98% of such NAV (an “Early Repurchase Deduction”). The one-year holding period is measured as of the subscription closing date immediately following the prospective repurchase date. The Early Repurchase Deduction may be waived, at the Company’s discretion, in the case of repurchase requests arising from the death, divorce or qualified disability of the holder. The Early Repurchase Deduction will be retained by the Company for the benefit of remaining shareholders across all shares.

The following table summarizes the share repurchases completed during the three months ended March 31, 2023:

Repurchase Deadline Request	Percentage of Outstanding Shares the Company Offered to Repurchase(1)		Repurchase Pricing Date	Amount Repurchased (all classes)(2)		Number of Shares Repurchased (all classes)	Percentage of Outstanding Shares Purchased(1)
March 2, 2023	5.00	%	March 31, 2023	$	25,830	1,058,626	0.73	%

(1)Percentage is based on total shares as of the close of the previous calendar quarter. All repurchase requests were satisfied in full.

(2)Amounts not inclusive of Early Repurchase Deduction.

There were no share repurchases during the three months ended March 31, 2022.

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Financial Highlights

3 Months Ended

Mar. 31, 2023

Investment Company [Abstract]

Financial Highlights

Financial Highlights

The following are the financial highlights for the three months ended March 31, 2023:

	Three Months Ended March 31, 2023
	Class I			Class D			Class F
Per Share Data:
Net asset value, beginning of period	$	23.88		$	23.88		$	23.88
Net investment income (1)	0.67			0.65			0.64
Net unrealized and realized gain (loss) (2)	0.42			0.43			0.42
Net increase (decrease) in net assets resulting from operations	1.09			1.08			1.06
Distributions from net investment income (3)	(0.57)			(0.56)			(0.54)
Distributions from net realized gains (3)	—			—			—
Net increase (decrease) in net assets from shareholders' distributions	(0.57)			(0.56)			(0.54)
Early repurchase deduction fees (6)	—			—			—
Total increase (decrease) in net assets	0.52			0.52			0.52
Net asset value, end of period	$	24.40		$	24.40		$	24.40
Shares outstanding, end of period	36,656,322			18,969,647			95,841,639
Total return based on NAV (4)	4.60		%	4.53		%	4.47		%
Ratios:
Ratio of net expenses to average net assets (5)	8.90		%	9.18		%	9.39		%
Ratio of net investment income to average net assets (5)	11.23		%	11.01		%	10.71		%
Portfolio turnover rate	1.77		%	1.77		%	1.77		%
Supplemental Data:
Net assets, end of period	$	894,448		$	462,874		$	2,338,568
Asset coverage ratio	223.2		%	223.2		%	223.2		%

(1)The per share data was derived by using the weighted average shares outstanding during the period.

(2)The amount shown does not correspond with the aggregate amount for the period as it includes the effect of the timing of capital transactions.

(3)The per share data for distributions was derived by using the actual shares outstanding at the date of the relevant transactions (refer to Note 9).

(4)Total return is calculated as the change in NAV per share during the period, plus distributions per share (assuming distributions are reinvested in accordance with the Company's distribution reinvestment plan) divided by the beginning NAV per share. Total return does not include upfront transaction fee, if any.

(5)For the three months ended March 31, 2023, amounts are annualized except for non-recurring expenses.

(6)The per share amount rounds to less than $0.01 per share.

The following are the financial highlights for the three months ended March 31, 2022:

	Three Months Ended March 31, 2022
	Class I			Class D			Class F
Per Share Data:
Net asset value, beginning of period	$	25.00		$	25.00		$	25.00
Net investment income (1)	0.44			0.38			0.43
Net unrealized and realized gain (loss) (2)	(0.07)			(0.01)			(0.06)
Net increase (decrease) in net assets resulting from operations	0.37			0.37			0.37
Distributions from net investment income (3)	(0.28)			(0.28)			(0.28)
Distributions from net realized gains (3)	—			—			—
Net increase (decrease) in net assets from shareholders' distributions	(0.28)			(0.28)			(0.28)
Total increase (decrease) in net assets	0.09			0.09			0.09
Net asset value, end of period	$	25.09		$	25.09		$	25.09
Shares outstanding, end of period	10,737,258			4,701,433			20,979,596
Total return based on NAV (4)	1.49		%	1.49		%	1.49		%
Ratios:
Ratio of net expenses to average net assets (5)	5.54		%	3.23		%	5.14		%
Ratio of net investment income to average net assets (5)	11.13		%	9.66		%	10.87		%
Portfolio turnover rate	8.86		%	8.86		%	8.86		%
Supplemental Data:
Net assets, end of period	$	269,356		$	117,937		$	526,293
Asset coverage ratio	487.7		%	487.7		%	487.7		%

(1)The per share data was derived by using the weighted average shares outstanding during the period.

(2)The amount shown does not correspond with the aggregate amount for the period as it includes the effect of the timing of capital transactions.

(3)The per share data for distributions was derived by using the actual shares outstanding at the date of the relevant transactions (refer to Note 9).

(4)Total return is calculated as the change in NAV per share during the period, plus distributions per share (assuming distributions are reinvested in accordance with the Company's distribution reinvestment plan) divided by the beginning NAV per share. Total return does not include upfront transaction fee, if any.

(5)For the three months ended March 31, 2022, amounts are annualized except for non-recurring expenses. For the three months ended March 31, 2022, the ratio of total operating expenses to average net assets was 9.21%, 6.63% and 9.21% on Class I, Class D and Class F respectively, on an annualized basis, excluding the effect of expense support/(recoupment), distribution and shareholder servicing fees waiver, and management fee and income based incentive fee waivers by the Adviser which represented 3.67%, 3.40% and 4.08% on Class I, Class D and Class F, respectively, of average net assets.

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Subsequent Events

3 Months Ended

Mar. 31, 2023

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

The Company’s management evaluated subsequent events through the date of issuance of the consolidated financial statements. There have been no additional subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in the consolidated financial statements as of March 31, 2023, except as discussed below.

Subscriptions

The Company received $64.0 million of net proceeds relating to the issuance of Class I shares, Class D shares, and Class F shares for subscriptions effective April 1, 2023.

The Company received $73.7 million of net proceeds relating to the issuance of Class I shares, Class D shares, and Class F shares for subscriptions effective May 1, 2023.

Distributions Declarations

On April 28, 2023, the Company’s Board declared net distributions of $0.1600 per Class I share, $0.1550 per Class D share, and $0.1500 per Class F share, all of which are payable on May 31, 2023 to shareholders of record as of April 30, 2023. Additionally, the Company’s Board declared variable supplemental distributions of $0.0440 for all share classes outstanding, all of which are payable on May 31, 2023 to shareholders of record as of April 30, 2023.

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Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

The interim consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Article 6 of Regulation S-X. Accordingly, certain disclosures accompanying the annual consolidated financial statements prepared in accordance with U.S. GAAP are omitted. In the opinion of management, all adjustments considered necessary for the fair presentation of the consolidated financial statements for the interim periods presented have been included. All intercompany balances and transactions have been eliminated. The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the fiscal year ending December 31, 2023.

As an investment company, the Company applies the accounting and reporting guidance in Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies (“ASC 946”) issued by the Financial Accounting Standards Board (“FASB”).

Basis of Consolidation

Basis of Consolidation

As provided under ASC 946, the Company will not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company.

The Company consolidated the results of its wholly-owned subsidiaries HLEND Holdings A, L.P. (“HLEND A”), HLEND Holdings B, L.P. (“HLEND B”), HLEND Holdings C, L.P. (“HLEND C”), HLEND Holdings D, L.P. (“HLEND D”), HLEND Proxima, LLC, HLEND FEP, LLC, HLEND OTM, LLC and HLEND Lux Sarl. All intercompany transactions have been eliminated in consolidation.

Use of Estimates

Use of EstimatesThe preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual amounts could differ from those estimates and such differences could be material.

Cash and Cash Equivalents

Cash and Cash Equivalents

Cash and cash equivalents consist of demand deposits and highly liquid investments, such as money market funds, with original maturities of three months or less. Cash and cash equivalents are carried at cost, which approximates fair value. The Company deposits its cash and cash equivalents with financial institutions and, at times, may exceed the Federal Deposit Insurance Corporation insured limit.

Investments

Investments

Investment transactions are recorded on the trade date. Realized gains or losses are measured by the difference between the net proceeds received (excluding prepayment fees, if any) and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. The net change in unrealized gains or losses primarily reflects the change in investment values, including the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period.

The Company is required to report its investments for which current market values are not readily available at fair value. The Company values its investments in accordance with ASC 820, Fair Value Measurement (“ASC 820”), which defines fair value as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the applicable measurement date. ASC 820 prioritizes the use of observable market prices derived from such prices over entity-specific inputs. Due to the inherent uncertainties of valuation, certain estimated fair values may differ significantly from the values that would have been realized had a ready market for these investments existed, and these differences could be material.

Investments that are listed or traded on an exchange and are freely transferrable are valued at either the closing price (in the case of securities and futures) or the mean of the closing bid and offer (in the case of options) on the principal exchange on which the investment is listed or traded. Investments for which other market quotations are readily available will typically be valued at those market quotations. To validate market quotations, the Company utilizes a number of factors to determine if the quotations are representative of fair value, including the source and number of the quotations. Where it is possible to obtain reliable, independent market quotations from a third party vendor, the Company uses these quotations to determine the value of its investments. The Company utilizes mid-market pricing (i.e., mid-point of average bid and ask prices) to value these investments. The Adviser obtains these market quotations from independent pricing

services, if available; otherwise from one or more broker quotes. To assess the continuing appropriateness of pricing sources and methodologies, the Adviser regularly performs price verification procedures and issues challenges as necessary to independent pricing services or brokers, and any differences are reviewed in accordance with the valuation procedures. The Adviser does not adjust the prices unless it has a reason to believe market quotations are not reflective of the fair value of an investment.

Where prices or inputs are not available or, in the judgment of the Adviser, not reliable, valuation approaches based on the facts and circumstances of the particular investment will be utilized. Securities that are not publicly traded or for which market prices are not readily available, as will be the case for a substantial portion of the Company’s investments, are valued at fair value as determined in good faith by the Adviser as the Company’s valuation designee under Rule 2a-5 under the 1940 Act, pursuant to the Company’s valuation policy, and under the oversight of the Board, based on, among other things, the input of one or more independent valuation firms retained by the Company to review the Company’s investments. These valuation approaches involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the investments or market and the investments’ complexity.

With respect to the quarterly valuation of investments, the Company undertakes a multi-step valuation process each quarter in connection with determining the fair value of our investments for which reliable market quotations are not readily available as of the last calendar day of each quarter, which includes, among other procedures, the following:

•The valuation process begins with each investment being preliminarily valued by the Adviser’s valuation team in consultation with the Adviser’s investment professionals responsible for each portfolio investment;

•In addition, independent valuation firms retained by the Company prepare quarter-end valuations of each such investment that was (i) originated or purchased prior to the first calendar day of the quarter and (ii) is not a de minimis investment, as determined by the Adviser. The independent valuation firms provide a final range of values on such investments to the Adviser. The independent valuation firms also provide analyses to support their valuation methodology and calculations;

•The Adviser’s valuation committee with respect to the Company (the “Valuation Committee”) reviews each valuation recommendation to confirm they have been calculated in accordance with the Company’s valuation policy and compares such valuations to the independent valuation firms’ valuation ranges to ensure the Adviser’s valuations are reasonable; 

•The Adviser’s Valuation Committee then determines fair value marks for each of the Company’s portfolio investments; and

•The Board and Audit Committee periodically review the valuation process and provide oversight in accordance with the requirements of Rule 2a-5 under the 1940 Act.

As part of the valuation process, the Company takes into account relevant factors in determining the fair value of the Company’s investments for which reliable market quotations are not readily available, many of which are loans, including and in combination, as relevant: (i) the estimated enterprise value of a portfolio company, generally based on an analysis of discounted cash flows, publicly traded comparable companies and comparable transactions, (ii) the nature and realizable value of any collateral, (iii) the portfolio company’s ability to make payments based on its earnings and cash flow, (iv) the markets in which the portfolio company does business, and (v) overall changes in the interest rate environment and the credit markets that may affect the price at which similar investments may be made in the future. When an external event such as a purchase transaction, public offering or subsequent equity or debt sale occurs, the Adviser considers whether the pricing indicated by the external event corroborates its valuation.

The Company has and will continue to engage independent valuation firms to provide assistance regarding the determination of the fair value of the Company’s portfolio securities for which market quotations are not readily available or are readily available but deemed not reflective of the fair value of the investment each quarter, and the Adviser and the Company may reasonably rely on that assistance. However, the Adviser is responsible for the ultimate valuation of the portfolio investments at fair value as determined in good faith pursuant to the Company’s valuation policy, the Board’s oversight and a consistently applied valuation process.

Derivative Instruments

Derivative Instruments

The Company may enter into foreign currency forward contracts to reduce the Company’s exposure to foreign currency exchange rate fluctuations in the value of foreign currencies. In a foreign currency forward contract, the Company agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. Foreign currency forward contracts are marked-to-market at the applicable forward rate. Unrealized appreciation (depreciation) on foreign currency forward contracts are recorded on the Consolidated Statements of Assets and Liabilities by counterparty on a net basis, not taking into account collateral posted which is recorded separately, if applicable. Notional amounts of foreign currency forward contract assets and liabilities are presented separately on the Consolidated Schedules of Investments. Purchases and settlements of foreign currency forward contracts having the same settlement date and counterparty are generally settled net and any realized gains or losses are recognized on the settlement date. The Company does not utilize hedge accounting and as such, the Company recognizes its derivatives at fair value with changes in the net unrealized appreciation (depreciation) on foreign currency forward contracts recorded on the Consolidated Statements of Operations.

Additionally, the Company uses interest rate swaps to mitigate interest rate risk associated with the Company's fixed rate liabilities. The fair value of the interest rate swaps are included as derivative assets at fair value or derivative liabilities at fair value, as applicable, on the Company's Consolidated Statements of Assets and Liabilities. The Company designated the interest rate swaps as the hedging instruments in a qualifying fair value hedge accounting relationship, and therefore the change in fair value of the hedging instrument and hedged item are recorded in interest expense and recognized as components of interest expense in the Consolidated Statements of Operations. The change in fair value of the interest rate swap is offset by a change in the carrying value of the fixed rate debt.The fair value of the Company’s derivatives are recorded on the Consolidated Statements of Assets and Liabilities by security type and counterparty on a net basis, not taking into account collateral posted which is recorded separately, if subject to an enforceable master netting agreement.

Loan Participations

Loan Participations

The Company follows the guidance in ASC 860 Transfers and Servicing when accounting for loan participations and other partial loan sales. Such guidance requires a participation or other partial loan sale to meet the definition of a “participating interest,” as defined in the guidance, in order for sale treatment to be allowed. Participations or other partial loan sales that do not meet the definition of a participating interest remain on the Consolidated Statements of Assets and Liabilities and the proceeds are recorded as a secured borrowing until the definition is met. Secured borrowings are carried at fair value to correspond with the related investments, which are carried at fair value. There were no participations that were accounted for as secured borrowings during the period.

Foreign Currency Transactions

Foreign Currency Transactions

Amounts denominated in foreign currencies are translated into U.S. dollars on the following basis: (i) investments and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates effective on the last business day of the period; and (ii) purchases and sales of investments, borrowings and repayments of such borrowings, income, and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates prevailing on the transaction dates.

The Company does not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included within the net realized and unrealized gains or losses on investments. Fluctuations arising from the translation of non-investment assets and liabilities are included with the net change in unrealized gains (losses) on foreign currency translations on the Consolidated Statements of Operations.

Foreign security and currency translations may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, currency fluctuations and revaluations and future adverse political, social and economic developments, which could cause investments in foreign markets to be less liquid and prices more volatile than those of comparable U.S. companies or U.S. government securities.

Revenue Recognition

Revenue Recognition

Interest Income

Interest income is recorded on an accrual basis and includes the accretion of discounts and amortizations of premiums. Discounts from and premiums to par value on debt investments purchased are accreted/amortized into interest income over the life of the respective security using the effective interest method. The amortized cost of debt investments represents the original cost, including loan origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion of discounts and amortization of premiums, if any. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period. For the three months ended March 31, 2023 and 2022, the Company recorded non-recurring interest income of $1.6 million and $0.6 million, respectively, (e.g. prepayment premiums, accelerated accretion of upfront loan origination fees and unamortized discounts).

Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is generally reversed when a loan is placed on non-accrual status. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in management’s judgment, are likely to remain current. Management may make exceptions to this treatment and determine to not place a loan on non-accrual status if the

loan has sufficient collateral value and is in the process of collection. As of March 31, 2023 and December 31, 2022, there were three and zero investments on non-accrual status, representing 0.5% and 0.0% of debt investments at fair value, respectively.

PIK Income

The Company has loans in its portfolio that contain payment-in-kind (“PIK”) provisions. PIK represents interest that is accrued and recorded as interest income at the contractual rates, increases the loan principal on the respective capitalization dates, and is generally due at maturity. Such income is included in interest income in the Consolidated Statements of Operations. If at any point the Company believes PIK is not expected to be realized, the investment generating PIK will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest is generally reversed through interest income. To maintain the Company’s status as a RIC, this non-cash source of income must be paid out to shareholders in the form of dividends, even though the Company has not yet collected cash. For the three months ended March 31, 2023 and 2022, the Company recorded PIK income of $4.7 million and $0.6 million, respectively.

Dividend Income

Dividend income on preferred equity securities is recorded on the accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly-traded portfolio companies. For the three months ended March 31, 2023 and 2022, the Company did not record any dividend income.

Other Income

The Company may receive various fees in the ordinary course of business such as structuring, consent, waiver, amendment, syndication and other miscellaneous fees as well as fees for managerial assistance rendered by the Company to the portfolio companies. Such fees are recognized as income when earned or the services are rendered.

Organization Costs

Organization CostsOrganization expenses include, among other things, the cost of incorporating the Company and the cost of legal services and other fees pertaining to the Company's organization. Organization expenses are expensed as incurred.

Offering Expenses

Offering Expenses

The Company's offering expenses include, among other things, legal fees, registration fees and other costs pertaining to the preparation of the Company's registration statement (and any amendments or supplements thereto) relating to the offering and associated marketing materials. Offering costs are capitalized as a deferred charge and amortized to expense on a straight-line basis over a twelve-month period from incurrence.

Deferred Financing Costs and Debt Issuance Costs

Deferred Financing Costs and Debt Issuance Costs

Deferred financing and debt issuance costs represent fees and other direct incremental costs incurred in connection with the Company’s borrowings. These expenses are deferred and amortized into interest expense over the life of the related debt instrument using the straight-line method. Deferred financing costs related to revolving credit facilities are presented separately as an asset on the Company’s Statements of Assets and Liabilities. Debt issuance costs related to any issuance of installment debt or notes are presented net against the outstanding debt balance of the related security.

Income Taxes

Income Taxes

The Company intends to elect to be treated as a RIC under the Code. So long as the Company maintains its status as a RIC, it generally will not pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its shareholders as dividends. Rather, any tax liability related to income earned and distributed by the Company would represent obligations of the Company’s investors and would not be reflected in the consolidated financial statements of the Company.

The Company evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and

may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. The Company intends to make the requisite distributions to its shareholders, which will generally relieve the Company from corporate-level income taxes.

To qualify for and maintain qualification as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Company must distribute to its shareholders, for each taxable year, at least 90% of its “investment company taxable income” for that year, which is generally its ordinary income plus the excess, if any, of its realized net short-term capital gains over its realized net long-term capital losses.

In addition, based on the excise tax distribution requirements, the Company is subject to a 4% nondeductible federal excise tax on undistributed income unless the Company distributes in a timely manner in each taxable year an amount at least equal to the sum of (i) 98% of its ordinary income for the calendar year, (ii) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (iii) any income realized, but not distributed, in prior years. For this purpose, however, any ordinary income or capital gain net income retained by the Company that is subject to corporate income tax is considered to have been distributed. To the extent that it determines that estimated current year annual taxable income will be in excess of estimated current year distributions from such taxable income, the Company will accrue excise taxes, if any, on estimated undistributed taxable income.

Allocation of Income, Expenses, Gains and Losses

Allocation of Income, Expenses, Gains and Losses

Income, expenses (other than those attributable to a specific class), gains and losses are allocated to each class of shares based upon the aggregate net asset value of that class in relation to the aggregate net asset value of the Company. Expenses that are specific to a class of shares are allocated to such class directly.

Distributions

Distributions

To the extent that the Company has taxable income available, the Company intends to make monthly distributions to its shareholders. Distributions to shareholders are recorded on the record date. All distributions will be paid at the discretion of the Board and will depend on the Company’s earnings, financial condition, maintenance of our tax treatment as a RIC, compliance with applicable BDC regulations and such other factors as the Board may deem relevant from time to time. Although the gross distribution per share is generally equivalent for each share class, the net distribution for each share class is reduced for any class specific expenses, including distribution and shareholder servicing fees, if any.

The Company has adopted a distribution reinvestment plan pursuant to which shareholders will have their cash distributions automatically reinvested in additional shares of the Company's same class of Common Shares to which the distribution relates unless they elect to receive their distributions in cash.

Recent Accounting Pronouncements

Recent Accounting Pronouncements

In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848),” which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848), which expanded the scope of Topic 848 to include derivative instruments impacted by discounting transition. ASU 2020-04 and ASU 2021-01 are effective for all entities through December 31, 2022. The expedients and exceptions provided by the amendments do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2022, except for hedging transactions as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which deferred the sunset day of this guidance to December 31, 2024. The Company is evaluating the impact of this guidance on its consolidated financial statements.

Fair Value Measurements

The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the applicable measurement date.

The fair value hierarchy under ASC 820 prioritizes the inputs to valuation methodology used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these securities. The three levels of the fair value hierarchy are as follows:

•Level 1: Inputs to the valuation methodology that reflect unadjusted quoted prices available in active markets for identical assets or liabilities as of the reporting date.

•Level 2: Inputs to the valuation methodology other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date.

•Level 3: Inputs to the valuation methodology are unobservable and significant to overall fair value measurement.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the overall fair value measurement. The Adviser’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. 

In addition to using the above inputs in investment valuations, the Company applies the valuation policy approved by its Board that is consistent with ASC 820. Consistent with the valuation policy, the Company evaluates the source of the inputs, including any markets in which its investments are trading (or any markets in which securities with similar attributes are trading), in determining fair value.

Investments whose values are based on the listed closing price quoted on the securities’ principal exchange are classified within Level 1 and include active listed equities. The Adviser does not adjust the quoted price for such instruments, even in situations where the Company holds a large position and a sale could reasonably impact the quoted price.

Investments that trade in markets that are not considered to be active, but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within Level 2. These include investment-grade corporate bonds, structured products, and certain bank loans, less liquid listed equities, and high yield bonds. As Level 2 investments include positions that are not traded in active markets and/or are subject to transfer restrictions, valuations may be adjusted to reflect illiquidity and/or non-transferability, which are generally based on available market information.

Investments classified within Level 3 have unobservable inputs, as they trade infrequently, or not at all. When observable prices are not available for these investments, the Adviser uses one or more valuation techniques (e.g., the market approach and the income approach) of which sufficient and reliable data is available. Within Level 3, the use of the market approach generally consists of using comparable market data, while the use of the income approach generally consists of the net present value of estimated future cash flows, which may be adjusted as appropriate for liquidity, credit, market and/or other risk factors.

Investments in senior loans primarily include first and second lien term loans, delayed draws and revolving credit. The Adviser analyzes enterprise value based on the weighted average of discounted cash flows, public comparables and merger and acquisition comparables. This analysis is done to ensure, among other things, that the investments have adequate collateral and asset coverage. Once the investment is determined to have adequate asset coverage, the Adviser monitors yields for senior loan investments made from the time of purchase to the month end average yields for similar investments and risk profiles. The Company uses market data, including newly funded transactions, and secondary market data with respect to high-yield debt instruments and syndicated loans, as inputs in determining the appropriate market yield. The change in yield is utilized by the Adviser to discount the anticipated cash flows of the debt investment in order to arrive at a fair value. Further, the Adviser adjusts for material changes in the underlying fundamentals of the issuer, including changes in leverage, as necessary. If the investment does not have adequate coverage, a tranched valuation approach is considered.

Derivative Instruments: Derivative instruments can be exchange-traded or privately negotiated over the-counter (“OTC”) and include forward currency contracts and swap contracts. Forwards currency contracts and swap contracts are valued by the Adviser using observable inputs, such as market-based quotations received from the counterparty, dealers or brokers, whenever available and considered reliable. In instances where models are used, the value of an OTC derivative depends upon the contractual terms of, and specific risks inherent in the contract, as well as the availability and reliability of observable inputs. Such inputs include market prices for reference securities, yield curves, volatility assumptions and correlations of such inputs. Certain OTC derivatives can generally be corroborated by market data and are therefore classified within Level 1 or Level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded.

Further inputs considered by the Adviser in estimating the value of investments may include the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations and other transactions across the capital structure, offerings in the equity or debt capital markets (by the investment or other comparable investments), whether the loan contains call protection and changes in financial ratios or cash flows. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Adviser in the absence of market information. The fair value measurement of Level 3 investments does not include transaction costs that may have been capitalized as part of the security’s cost basis. Assumptions used by the Adviser due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Company’s consolidated results of operations.

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Fees, Expenses, Agreements and Related Party Transactions (Tables)

3 Months Ended

Mar. 31, 2023

Related Party Transactions [Abstract]

Schedule of Related Party Transactions

On August 9, 2021, the Board approved a distribution and servicing plan (the “Distribution and Servicing Plan”). The following table shows the shareholder servicing and/or distribution fees the Company pays the Managing Dealer with respect to the Class S, Class I, Class D, and Class F on an annualized basis as a percentage of the Company’s NAV for such class.

	Shareholder Servicing and/or Distribution Fee as a % of NAV
Class S shares	0.85	%
Class I shares	—
Class D shares	0.25	%
Class F shares	0.50	%

The following table presents a summary of Expense Payments and the related Reimbursement Payments for the three months ended March 31, 2022:

For the Month Ended	Expense Payments by Adviser		Reimbursement Payments to Adviser		Unreimbursed Expense Payments
February 28, 2022(1)	$	2,384	$	—	$	2,384
March 31, 2022	443		—		443
Total	$	2,827	$	—	$	2,827

(1) Included in this amount is $1.2 million of Expense Payments made by the Adviser relating to expenses incurred prior to the Company breaking escrow on February 3, 2022. Although such expenses became payable by the Company upon breaking escrow (as recorded in the Consolidated Statements of Operations within “Reimbursable expenses previously borne by Adviser”), they were supported by the Adviser under the Expense Support and Conditional Reimbursement Agreement.

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Investments (Tables)

3 Months Ended

Mar. 31, 2023

Schedule of Investments [Abstract]

Investment Holdings, Schedule of Investments

The composition of the Company’s investment portfolio at cost and fair value was as follows:

	March 31, 2023						December 31, 2022
	Amortized Cost		Fair Value		% of Total Investments at Fair Value		Amortized Cost		Fair Value		% of Total Investments at Fair Value
First lien debt	$	6,623,067	$	6,558,981	98.58	%	$	5,755,124	$	5,614,718	98.22	%
Second lien debt	47,852		46,315		0.70		47,764		45,248		0.79
Unsecured debt	17,099		16,890		0.25		26,302		25,512		0.45
Structured finance investments	29,011		28,824		0.43		28,929		28,737		0.50
Equity investments	2,242		2,469		0.04		2,067		2,306		0.04
Total	$	6,719,271	$	6,653,479	100.00	%	$	5,860,186	$	5,716,521	100.00	%

The industry composition of investments at fair value was as follows:

	March 31, 2023				December 31, 2022
	Fair Value		% of Total Investments at Fair Value		Fair Value		% of Total Investments at Fair Value
Software and Computer Services	$	1,288,321	19.36	%	$	1,158,262	20.26	%
Health Care Providers	779,681		11.72		660,631		11.56
Industrial Support Services	746,764		11.22		567,804		9.93
Media	566,703		8.52		505,035		8.83
Consumer Services	458,931		6.90		458,248		8.02
Non-life Insurance	375,824		5.65		317,816		5.56
Medical Equipment and Services	327,070		4.92		210,831		3.69
Travel and Leisure	297,999		4.48		159,763		2.79
General Industrials	272,688		4.10		265,463		4.64
Pharmaceuticals and Biotechnology	267,703		4.02		196,435		3.44
Industrial Engineering	214,840		3.23		186,373		3.26
Aerospace and Defense	208,585		3.13		169,856		2.97
Personal Care, Drug and Grocery Stores	108,830		1.64		117,320		2.05
Automobiles and Parts	107,268		1.60		118,440		2.07
Technology Hardware and Equipment	95,877		1.44		93,161		1.63
Food Producers	88,938		1.34		86,977		1.52
Personal Goods	72,511		1.09		70,050		1.23
Telecommunications Service Providers	62,336		0.94		71,695		1.25
Industrial Transportation	51,205		0.77		50,090		0.88
Finance and Credit Services	49,000		0.74		48,448		0.85
Real Estate Investment and Services	44,253		0.67		44,822		0.78
Gas, Water and Multi-utilities	43,990		0.66		43,242		0.76
Structured Finance	28,824		0.43		28,737		0.50
Retailers	18,033		0.27		20,322		0.36
Household Goods and Home Construction	16,482		0.25		17,918		0.31
Telecommunications Equipment	14,351		0.22		6,445		0.11
Electricity	12,582		0.18		8,639		0.15
Chemicals	12,029		0.18		6,960		0.12
Investment Banking and Brokerage Services	9,229		0.14		7,606		0.13
Life Insurance	5,718		0.09		5,628		0.10
Industrial Metals and Mining	2,941		0.04		2,922		0.05

Leisure Goods	1,990		0.03		8,498		0.15
Construction and Materials	1,073		0.02		1,162		0.03
Electronic and Electrical Equipment	910		0.01		922		0.02
Total	$	6,653,479	100.00	%	$	5,716,521	100.00	%

The geographic composition of investments at cost and fair value was as follows:

	March 31, 2023
	Amortized Cost		Fair Value		% of Total Investments at Fair Value		Fair Value as % of Net Assets
Australia	$	271,364	$	269,929	4.06	%	7.30	%
Canada	47,610		45,540		0.68		1.23
France	24,544		25,903		0.39		0.70
Italy	122,967		130,071		1.95		3.52
Spain	31,383		30,934		0.46		0.84
Taiwan	43,600		41,709		0.63		1.13
United Kingdom	314,391		321,822		4.84		8.71
United States	5,863,412		5,787,571		86.99		156.59
Total	$	6,719,271	$	6,653,479	100.00	%	180.02	%

	December 31, 2022
	Amortized Cost		Fair Value		% of Total Investments at Fair Value		Fair Value as % of Net Assets
Australia	$	271,143	$	269,430	4.71	%	7.80	%
Canada	40,335		37,399		0.65		1.08
France	24,513		25,139		0.44		0.73
Italy	122,826		127,443		2.23		3.69
Spain	31,337		29,958		0.52		0.87
Taiwan	43,619		42,321		0.74		1.22
United Kingdom	240,099		241,933		4.23		7.00
United States	5,086,314		4,942,898		86.48		143.05
Total	$	5,860,186	$	5,716,521	100.00	%	165.44	%

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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Portfolio Investments by Level in the Fair Value Hierarchy

The following table presents the fair value hierarchy of investments and cash equivalents:

	March 31, 2023
	Level 1		Level 2		Level 3		Total
First lien debt	$	—	$	784,648	$	5,774,333	$	6,558,981
Second lien debt	—		28,267		18,048		46,315
Unsecured debt	—		14,975		1,915		16,890
Structured finance investments	—		28,824		—		28,824
Equity investments	—		—		2,469		2,469
Total investments	$	—	$	856,714	$	5,796,765	$	6,653,479
Cash equivalents	$	92,622	$	—	$	—	$	92,622

	December 31, 2022
	Level 1		Level 2		Level 3		Total
First lien debt	$	—	$	732,325	$	4,882,393	$	5,614,718
Second lien debt	—		36,454		8,794		45,248
Unsecured debt	—		23,906		1,606		25,512
Structured finance investments	—		28,737		—		28,737
Equity investments	—		—		2,306		2,306
Total investments	$	—	$	821,422	$	4,895,099	$	5,716,521
Cash equivalents	$	53,347	$	—	$	—	$	53,347

Changes in Level 3 Portfolio Investments

The following table presents change in the fair value of investments for which Level 3 inputs were used to determine fair value:

	Three Months Ended March 31, 2023
	First Lien Debt		Second Lien Debt		Unsecured Debt		Equity Investments		Total Investments
Fair value, beginning of period	$	4,882,393	$	8,794	$	1,606	$	2,306	$	4,895,099
Purchases of investments (1)	861,403		—		377		579		862,359
Proceeds from principal repayments and sales of investments	(30,581)		—		—		(52)		(30,633)
Accretion of discount/amortization of premium	7,981		33		9		—		8,023
Net realized gain (loss)	(893)		—		—		(353)		(1,246)
Net change in unrealized appreciation (depreciation)	58,744		(242)		(77)		(11)		58,414
Transfers into Level 3 (2)	—		9,463		—		—		9,463
Transfers out of Level 3 (2)	(4,714)		—		—		—		(4,714)
Fair value, end of period	$	5,774,333	$	18,048	$	1,915	$	2,469	$	5,796,765
Net change in unrealized appreciation (depreciation) related to financial instruments still held as of March 31, 2023	$	57,176	$	(242)	$	(79)	$	(11)	$	56,844

(1)Purchases include PIK interest, if applicable.

(2)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the three months ended March 31, 2023, transfers into or out of Level 3 were primarily due to decreased or increased price transparency, respectively.

	Three Months Ended March 31, 2022
	First Lien Debt		Equity Investments		Total Investments
Fair value, beginning of period	$	—	$	—	$	—
Purchases of investments(1)	896,754		67		896,821
Proceeds from principal repayments and sales of investments	(55,373)		—		(55,373)
Accretion of discount/amortization of premium	759		—		759
Net realized gain (loss)	14		—		14
Net change in unrealized appreciation (depreciation)	(1,931)		—		(1,931)
Transfers into Level 3(2)	—		—		—
Transfers out of Level 3(2)	—		—		—
Fair value, end of period	$	840,223	$	67	$	840,290
Net change in unrealized appreciation (depreciation) related to financial instruments still held as of March 31, 2022	$	(1,931)	$	—	$	(1,931)

(1)Purchases include PIK interest, if applicable.

(2)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the three months ended March 31, 2022, there were no transfers into or out of Level 3.

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The following table presents quantitative information about the significant unobservable inputs of the Company’s Level 3 financial instruments. The table is not intended to be all-inclusive but instead captures the significant unobservable inputs relevant to the Company’s determination of fair value.

	March 31, 2023
					Range
	Fair Value(1)		Valuation Technique	Unobservable Input	Low		High		Weighted Average(2)
Investments in first lien debt	$	4,978,384	Yield analysis	Discount rate	8.41	%	18.32	%	11.88	%
Investments in second lien debt	8,686		Yield analysis	Discount rate	13.90	%	13.90	%	13.90	%
Investments in unsecured debt	1,915		Yield analysis	Discount rate	13.43	%	15.28	%	14.32	%
Investments in preferred equity	2,160		Yield analysis	Discount rate	8.28	%	17.79	%	13.07	%
Investments in common equity	309		Discounted cash flow	Discount rate	7.50	%	15.00	%	11.96	%
				Exit multiple	10.00x		10.00x		10.00x
				Cap Rate	5.25	%	5.25	%	5.25	%

(1)As of March 31, 2023, included within the fair value of Level 3 assets of $5,796,765 is an amount of $805,311 for which the Adviser did not develop the unobservable inputs (examples include third-party pricing and transaction prices).

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

	December 31, 2022
					Range
	Fair Value(1)		Valuation Technique	Unobservable Input	Low		High		Weighted Average(2)
Investments in first lien debt	$	3,848,793	Yield analysis	Discount rate	8.14	%	17.70	%	11.47	%
Investments in unsecured debt	704		Yield analysis	Discount rate	14.70	%	14.70	%	14.70	%
Investments in equity	2,108		Yield analysis	Discount rate	7.08	%	16.95	%	11.96	%
	198		Discounted cash flow	Discount rate	15.00	%	15.00	%	15.00	%
				Exit multiple	10.00x		10.00x		10.00x

(1)As of December 31, 2022, included within the fair value of Level 3 assets of $4,895,099 is an amount of $1,043,296 for which the Adviser did not develop the unobservable inputs (examples include third-party pricing and transaction prices).

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

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

Financial Instruments Not Carried at Fair Value

Debt

	March 31, 2023				December 31, 2022
	Carrying Value		Fair Value		Carrying Value		Fair Value
HLEND A Funding Facility	$	604,569	$	604,569	$	453,663	$	453,663
HLEND B Funding Facility	512,560		512,560		482,084		482,084
HLEND C Funding Facility	100,000		100,000		—		—
HLEND D Funding Facility	—		—		—		—
Revolving Credit Facility	684,589		684,589		704,819		704,819
November 2025 Notes(1)	169,019		171,424		168,462		170,628
November 2027 Notes(1)	154,733		157,730		153,958		156,354
March 2026 Notes(1)	276,923		279,400		—		—
March 2028 Notes(1)	124,892		126,012		—		—
Short-Term Borrowings	373,745		373,745		379,081		379,081
Total	$	3,001,030	$	3,010,029	$	2,342,067	$	2,346,629

(1)The carrying value of the Company's November 2025 Notes, November 2027 Notes, March 2026 Notes and March 2028 Notes are presented net of unamortized debt issuance costs of $1.7 million, $1.6 million, $2.5 million and $1.1 million, respectively, as of March 31, 2023 and includes the increase in the notes carrying value of $0.7 million, $1.4 million, $3.4 million and $2.0 million, respectively, as a result of the qualifying fair value hedge relationship as described above. The carrying value of the Company's November 2025 Notes and November 2027 Notes are presented net of unamortized debt issuance costs of $1.9 million and $1.7 million, respectively, as of December 31, 2022 and includes the change in the notes carrying value of $0.3 million and $0.7 million, respectively, as a result of the qualifying fair value hedge relationship as described above.

Fair Value Measurements of Debt Obligations

The following table presents the fair value hierarchy of the Company’s debt obligations as of March 31, 2023 and December 31, 2022:

	March 31, 2023		December 31, 2022
Level 1	$	—	$	—
Level 2	—		—
Level 3	3,010,029		2,346,629
Total	$	3,010,029	$	2,346,629

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Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

The following table summarizes the aggregate notional amount and fair value of the Company’s derivative financial instruments as of March 31, 2023 and December 31, 2022.

	March 31, 2023
	Level 1		Level 2		Level 3		Total Fair Value		Notional
Derivative Assets
Foreign currency forward contracts	$	—	$	120	$	—	$	120	$	3,012
Interest rate swaps	—		7,489		—		7,489		562,500
Total derivative assets, at fair value	$	—	$	7,609	$	—	$	7,609	$	565,512
Derivative Liabilities
Foreign currency forward contracts	$	—	$	(4,761)	$	—	$	(4,761)	$	255,549
Total derivative liabilities, at fair value	$	—	$	(4,761)	$	—	$	(4,761)	$	255,549

	December 31, 2022
	Level 1		Level 2		Level 3		Total Fair Value		Notional
Derivative Assets
Foreign currency forward contracts	$	—	$	1,125	$	—	$	1,125	$	123,895
Interest rate swaps	—		991		—		991		162,500
Total derivative assets, at fair value	$	—	$	2,116	$	—	$	2,116	$	286,395
Derivative Liabilities
Foreign currency forward contracts	$	—	$	(3,261)	$	—	$	(3,261)	$	117,375
Total derivative liabilities, at fair value	$	—	$	(3,261)	$	—	$	(3,261)	$	117,375

Derivatives Not Designated as Hedging Instruments

The effect of transactions in derivative instruments that are not designated in a qualifying hedge accounting relationship on the Consolidated Statements of Operations during the three months ended March 31, 2023 and 2022 were as follows:

	Three Months Ended March 31, 2023		Three Months Ended March 31, 2022
Net change in unrealized gain (loss) on foreign currency forward contracts	$	(2,505)	$	18
Realized gain (loss) on foreign currency forward contracts	$	(529)	$	—

Offsetting Assets

The following table presents both gross and net information about derivative instruments eligible for offset in the Consolidated Statements of Assets and Liabilities as of March 31, 2023 and December 31, 2022.

		March 31, 2023
Counterparty	Account in the Consolidated Statements of Asset and Liabilities	Gross Amount of Assets		Gross Amount of (Liabilities)		Net amounts presented in the Consolidated Statements of Assets and Liabilities		Collateral Received/Pledged(1)		Net Amounts(2)
Goldman Sachs Bank USA	Derivative liabilities, at fair value	$	120	$	(4,761)	$	(4,641)	$	—	$	(4,641)
Goldman Sachs Bank USA	Derivative assets, at fair value	$	7,489	$	—	$	7,489	$	(7,489)	$	—

(1) Amount excludes excess cash collateral paid.

(2) Net amount represents the net amount due (to) from counterparty in the event of a default based on the contractual setoff rights under the agreement. Net amount excludes any over-collateralized amounts, if applicable.

		December 31, 2022
Counterparty	Account in the Consolidated Statements of Asset and Liabilities	Gross Amount of Assets		Gross Amount of (Liabilities)		Net amounts presented in the Consolidated Statements of Assets and Liabilities		Collateral Received/Pledged(1)		Net Amounts(2)
Goldman Sachs Bank USA	Derivative liabilities, at fair value	$	1,125	$	(3,261)	$	(2,136)	$	—	$	(2,136)
Goldman Sachs Bank USA	Derivative assets, at fair value	$	991	$	—	$	991	$	—	$	991

(1) Amount excludes excess cash collateral paid.

(2) Net amount represents the net amount due (to) from counterparty in the event of a default based on the contractual setoff rights under the agreement. Net amount excludes any over-collateralized amounts, if applicable.

Offsetting Liabilities

The following table presents both gross and net information about derivative instruments eligible for offset in the Consolidated Statements of Assets and Liabilities as of March 31, 2023 and December 31, 2022.

		March 31, 2023
Counterparty	Account in the Consolidated Statements of Asset and Liabilities	Gross Amount of Assets		Gross Amount of (Liabilities)		Net amounts presented in the Consolidated Statements of Assets and Liabilities		Collateral Received/Pledged(1)		Net Amounts(2)
Goldman Sachs Bank USA	Derivative liabilities, at fair value	$	120	$	(4,761)	$	(4,641)	$	—	$	(4,641)
Goldman Sachs Bank USA	Derivative assets, at fair value	$	7,489	$	—	$	7,489	$	(7,489)	$	—

(1) Amount excludes excess cash collateral paid.

(2) Net amount represents the net amount due (to) from counterparty in the event of a default based on the contractual setoff rights under the agreement. Net amount excludes any over-collateralized amounts, if applicable.

		December 31, 2022
Counterparty	Account in the Consolidated Statements of Asset and Liabilities	Gross Amount of Assets		Gross Amount of (Liabilities)		Net amounts presented in the Consolidated Statements of Assets and Liabilities		Collateral Received/Pledged(1)		Net Amounts(2)
Goldman Sachs Bank USA	Derivative liabilities, at fair value	$	1,125	$	(3,261)	$	(2,136)	$	—	$	(2,136)
Goldman Sachs Bank USA	Derivative assets, at fair value	$	991	$	—	$	991	$	—	$	991

(1) Amount excludes excess cash collateral paid.

(2) Net amount represents the net amount due (to) from counterparty in the event of a default based on the contractual setoff rights under the agreement. Net amount excludes any over-collateralized amounts, if applicable.

Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location

For derivative instruments designated in qualifying hedge relationships, the change in fair value of the hedging instrument and hedged item are recorded in interest expense and recognized as components of Interest expense in the Consolidated Statements of Operations.

	Three Months Ended March 31, 2023		Three Months Ended March 31, 2022
Interest rate swaps	$	7,489	$	—
Hedged items	$	(7,773)	$	—

The table below presents the carrying value of unsecured borrowings as of March 31, 2023 and December 31, 2022, that are designated in a qualifying hedging relationship and the related cumulative hedging adjustment (increase/decrease) from current and prior hedging relationships included in such carrying values:

	March 31, 2023				December 31, 2022
Description	Carrying Value		Cumulative Hedging Adjustments		Carrying Value		Cumulative Hedging Adjustments
Unsecured Notes	$	563,691	$	(7,773)	$	322,420	$	(953)

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Borrowings (Tables)

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Schedule of Outstanding Debt Obligations

The Company’s outstanding debt obligations were as follows:

	March 31, 2023
	Aggregate Principal Committed		Outstanding Principal		Carrying Value		Unused Portion(1)		Amount Available(2)
HLEND A Funding Facility(3)	$	800,000	$	604,569	$	604,569	$	195,431	$	12,242
HLEND B Funding Facility(4)	1,000,000		512,560		512,560		487,440		403,425
HLEND C Funding Facility	400,000		100,000		100,000		300,000		235,548
HLEND D Funding Facility	250,000		—		—		250,000		—
Revolving Credit Facility(5)	1,125,000		684,589		684,589		440,411		440,411
November 2025 Notes(6)	170,000		170,000		169,019		—		—
November 2027 Notes(6)	155,000		155,000		154,733		—		—
March 2026 Notes(7)	276,000		276,000		276,923		—		—
March 2028 Notes(7)	124,000		124,000		124,892		—		—
Short-Term Borrowings	373,745		373,745		373,745		—		—
Total	$	4,673,745	$	3,000,463	$	3,001,030	$	1,673,282	$	1,091,626

(1)The unused portion is the amount upon which commitment fees, if any, are based.

(2)The amount available reflects any limitations related to each respective credit facility’s borrowing base.

(3)The Company may borrow amounts in USD or certain other permitted currencies. Debt outstanding denominated in currencies other than USD has been converted to USD using the applicable foreign currency exchange rate as of the applicable reporting date. As of March 31, 2023, the Company had outstanding borrowings denominated in Euros (EUR) of 7.5 million, in Australian Dollars (AUD) of 34.9 million, and in British Pounds (GBP) of 12.9 million.

(4)The Company may borrow amounts in USD or certain other permitted currencies. Debt outstanding denominated in currencies other than USD has been converted to USD using the applicable foreign currency exchange rate as of the applicable reporting date. As of March 31, 2023, the Company had outstanding borrowings denominated in Euros (EUR) of 3.4 million, in Australian Dollars (AUD) of 39.0 million, and in British Pounds (GBP) of 36.3 million.

(5)The Company may borrow amounts in USD or certain other permitted currencies. Debt outstanding denominated in currencies other than USD has been converted to USD using the applicable foreign currency exchange rate as of the applicable reporting date. As of March 31, 2023, the Company had outstanding borrowings denominated in Euros (EUR) of 132.4 million, in Australian Dollars (AUD) of 285.3 million, in Canadian Dollars (CAD) of 47.1 million and in British Pounds (GBP) of 102.6 million.

(6)The carrying value of the Company's November 2025 Notes and November 2027 Notes are presented net of unamortized debt issuance costs of $1.7 million and $1.6 million, respectively, as of March 31, 2023 and includes the change in the notes carrying value of $0.7 million and $1.4 million, respectively, as a result of the qualifying fair value hedge relationship as described above.

(7)The carrying value of the Company's March 2026 Notes and March 2028 Notes are presented net of unamortized debt issuance costs of $2.5 million and $1.1 million, respectively, as of March 31, 2023 and includes the change in the notes carrying value of $3.4 million and $2.0 million, respectively, as a result of the qualifying fair value hedge relationship as described above.

	December 31, 2022
	Aggregate Principal Committed		Outstanding Principal		Carrying Value		Unused Portion(1)		Amount Available(2)
HLEND A Funding Facility(3)	$	800,000	$	453,663	$	453,663	$	346,337	$	138,870
HLEND B Funding Facility(4)	1,000,000		482,084		482,084		517,916		104,760
Revolving Credit Facility(5)	1,125,000		704,819		704,819		420,181		420,181
November 2025 Notes(6)	170,000		170,000		168,462		—		—
November 2027 Notes(6)	155,000		155,000		153,958		—		—
Short-Term Borrowings	379,081		379,081		379,081		—		—
Total	$	3,629,081	$	2,344,647	$	2,342,067	$	1,284,434	$	663,811

(1)The unused portion is the amount upon which commitment fees, if any, are based.

(2)The amount available reflects any limitations related to each respective credit facility’s borrowing base.

(3)The Company may borrow amounts in USD or certain other permitted currencies. Debt outstanding denominated in currencies other than USD has been converted to USD using the applicable foreign currency exchange rate as of the applicable reporting date. As of December 31, 2022, the Company had outstanding borrowings denominated in Euros (EUR) of 8.3 million, in Australian Dollars (AUD) of 34.9 million, and in British Pounds (GBP) of 14.3 million.

(4)The Company may borrow amounts in USD or certain other permitted currencies. Debt outstanding denominated in currencies other than USD has been converted to USD using the applicable foreign currency exchange rate as of the applicable reporting date. As of December 31, 2022, the Company had outstanding borrowings denominated in Euros (EUR) of 3.4 million, in Australian Dollars (AUD) of 39.0 million, and in British Pounds (GBP) of 36.3 million.

(5)The Company may borrow amounts in USD or certain other permitted currencies. Debt outstanding denominated in currencies other than USD has been converted to USD using the applicable foreign currency exchange rate as of the applicable reporting date. As of December 31, 2022, the Company had outstanding borrowings denominated in Euros (EUR) of 111.2 million, in Australian Dollars (AUD) of 285.3 million, in Canadian Dollars (CAD) of 47.1 million and in British Pounds (GBP) of 59.5 million.

(6)The carrying value of the Company's November 2025 Notes and November 2027 Notes are presented net of unamortized debt issuance costs of $1.9 million and $1.7 million, respectively, as of December 31, 2022 and includes the change in the notes carrying value of $0.3 million and $0.7 million, respectively, as a result of the qualifying fair value hedge relationship as described above.

Components of Interest Expense

The components of interest expense were as follows:

	Three Months Ended March 31, 2023		Three Months Ended March 31, 2022
Borrowing interest expense	$	46,521	$	813
Facility unused fees	2,155		356
Amortization of financing and debt issuance costs	1,571		156
Financing fees (refer to Footnote 8)	—		3,366
Backstop fees (refer to Footnote 8)	—		1,059
Gain (loss) from interest rate swaps accounted for as hedges and the related hedged items:
Interest rate swaps	7,489		—
Hedged items	(7,773)		—
Total interest expense	$	49,963	$	5,750
Cash paid for interest expense	$	31,810	$	4,580

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Net Assets (Tables)

3 Months Ended

Mar. 31, 2023

Investment Company [Abstract]

Investment Company, Changes in Net Assets

The following table summarizes transactions in common shares of beneficial interest during the three months ended March 31, 2023:

	Shares	Amount
CLASS I
Subscriptions	903,666	$	21,893
Share transfers between classes	675,921	16,465
Distributions reinvested	352,176	8,526
Share repurchases	(377,320)	(9,207)
Early repurchase deduction	—	15
Net increase (decrease)	1,554,443	$	37,692
CLASS D
Subscriptions	1,249,379	$	30,400
Share transfers between classes	—	—
Distributions reinvested	182,009	4,406
Share repurchases	—	—
Early repurchase deduction	—	8
Net increase (decrease)	1,431,388	$	34,814
CLASS F
Subscriptions	4,126,357	$	100,409
Share transfers between classes	(675,921)	(16,465)
Distributions reinvested	1,012,997	24,524
Share repurchases	(681,306)	(16,624)
Early repurchase deduction	—	39
Net increase (decrease)	3,782,127	$	91,883
Total net increase (decrease)	6,767,958	$	164,389

The following table summarizes transactions in common shares of beneficial interest during the three months ended March 31, 2022:

	Shares	Amount
CLASS I
Subscriptions	10,707,249	$	268,044
Share transfers between classes	—	—
Distributions reinvested	29,909	751
Share repurchases	—	—
Early repurchase deduction	—	—
Net increase (decrease)	10,737,158	$	268,795
CLASS D
Subscriptions	4,699,275	$	117,825
Share transfers between classes	—	—
Distributions reinvested	2,158	54
Share repurchases	—	—
Early repurchase deduction	—	—
Net increase (decrease)	4,701,433	$	117,879
CLASS F
Subscriptions	20,951,925	$	524,684
Share transfers between classes	—	—
Distributions reinvested	27,671	694
Share repurchases	—	—
Early repurchase deduction	—	—
Net increase (decrease)	20,979,596	$	525,378
Total net increase (decrease)	36,418,187	$	912,052

Dividends Declared

The following table presents distributions that were declared during the three months ended March 31, 2023:

			Class I
Declaration Date	Record Date	Payment Date	Distribution Per Share(2)		Distribution Amount
January 19, 2023	January 31, 2023	February 28, 2023	$	0.18100	$	6,441
February 28, 2023	February 28, 2023	March 31, 2023	0.19000		6,980
March 28, 2023	March 31, 2023	April 28, 2023	0.20300		7,518
Total			$	0.57400	$	20,939

			Class D
Declaration Date	Record Date	Payment Date	Distribution Per Share(1)(2)		Distribution Amount
January 19, 2023	January 31, 2023	February 28, 2023	$	0.17590	$	3,173
February 28, 2023	February 28, 2023	March 31, 2023	0.18530		3,351
March 28, 2023	March 31, 2023	April 28, 2023	0.19780		3,752
Total			$	0.55900	$	10,276

			Class F
Declaration Date	Record Date	Payment Date	Distribution Per Share(1)(2)		Distribution Amount
January 19, 2023	January 31, 2023	February 28, 2023	$	0.17090	$	16,003
February 28, 2023	February 28, 2023	March 31, 2023	0.18070		16,992
March 28, 2023	March 31, 2023	April 28, 2023	0.19260		18,590
Total			$	0.54420	$	51,585

(1) Distributions per share are net of shareholder servicing and/or distribution fees.

(2) Distributions per share include variable supplemental distributions of $0.021, $0.030, and $0.043 for January, February and March, respectively, for all share classes outstanding.

The following table presents distributions that were declared during the three months ended March 31, 2022:

			Class I
Declaration Date	Record Date	Payment Date	Distribution Per Share		Distribution Amount
February 27, 2022	February 28, 2022	March 31, 2022	$	0.13542	$	958
March 30, 2022	March 31, 2022	April 29, 2022	0.14640		1,572
Total			$	0.28182	$	2,530

			Class D
Declaration Date	Record Date	Payment Date	Distribution Per Share		Distribution Amount
February 27, 2022	February 28, 2022	March 31, 2022	$	0.13542	$	172
March 30, 2022	March 31, 2022	April 29, 2022	0.14640		688
Total			$	0.28182	$	860

			Class F
Declaration Date	Record Date	Payment Date	Distribution Per Share		Distribution Amount
February 27, 2022	February 28, 2022	March 31, 2022	$	0.13542	$	1,638
March 30, 2022	March 31, 2022	April 29, 2022	0.14640		3,072
Total			$	0.28182	$	4,710

Schedule of Net Asset Value Per Share

The following table summarizes each month-end NAV per share for Class S, Class I, Class D and Class F common shares of beneficial interest during the three months ended March 31, 2023 and 2022:

	NAV Per Share
For the Months Ended	Class S(1)		Class I		Class D		Class F
January 31, 2023	$	—	$	24.36	$	24.36	$	24.36
February 28, 2023	$	—	$	24.56	$	24.56	$	24.56
March 31, 2023	$	—	$	24.40	$	24.40	$	24.40

(1) Class S has not commenced operations as of March 31, 2023.

	NAV Per Share
For the Months Ended	Class S(1)		Class I		Class D		Class F
February 28, 2022	$	—	$	25.10	$	25.10	$	25.10
March 31, 2022	$	—	$	25.09	$	25.09	$	25.09

(1) Class S has not commenced operations as of March 31, 2022.

Summary of Cash Distribution For Declaration of Common Shares

The following table reflects the sources of cash distributions on a U.S. GAAP basis that the Company has declared on its Common Shares during the three months ended March 31, 2023:

	Class I				Class D				Class F
Source of Distribution	Per Share		Amount		Per Share		Amount		Per Share		Amount
Net investment income	$	0.5740	$	20,939	$	0.5590	$	10,276	$	0.5442	$	51,585
Net realized gains	—		—		—		—		—		—
Total	$	0.5740	$	20,939	$	0.5590	$	10,276	$	0.5442	$	51,585

The following table reflects the sources of cash distributions on a U.S. GAAP basis that the Company has declared on its shares of Common Shares during the three months ended March 31, 2022:

	Class I				Class D				Class F
Source of Distribution	Per Share		Amount		Per Share		Amount		Per Share		Amount
Net investment income	$	0.2818	$	2,530	$	0.2818	$	860	$	0.2818	$	4,710
Net realized gains	—		—		—		—		—		—
Total	$	0.2818	$	2,530	$	0.2818	$	860	$	0.2818	$	4,710

Class of Treasury Stock

The following table summarizes the share repurchases completed during the three months ended March 31, 2023:

Repurchase Deadline Request	Percentage of Outstanding Shares the Company Offered to Repurchase(1)		Repurchase Pricing Date	Amount Repurchased (all classes)(2)		Number of Shares Repurchased (all classes)	Percentage of Outstanding Shares Purchased(1)
March 2, 2023	5.00	%	March 31, 2023	$	25,830	1,058,626	0.73	%

(1)Percentage is based on total shares as of the close of the previous calendar quarter. All repurchase requests were satisfied in full.

(2)Amounts not inclusive of Early Repurchase Deduction.

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Financial Highlights (Tables)

3 Months Ended

Mar. 31, 2023

Investment Company [Abstract]

Investment Company, Financial Highlights

The following are the financial highlights for the three months ended March 31, 2023:

	Three Months Ended March 31, 2023
	Class I			Class D			Class F
Per Share Data:
Net asset value, beginning of period	$	23.88		$	23.88		$	23.88
Net investment income (1)	0.67			0.65			0.64
Net unrealized and realized gain (loss) (2)	0.42			0.43			0.42
Net increase (decrease) in net assets resulting from operations	1.09			1.08			1.06
Distributions from net investment income (3)	(0.57)			(0.56)			(0.54)
Distributions from net realized gains (3)	—			—			—
Net increase (decrease) in net assets from shareholders' distributions	(0.57)			(0.56)			(0.54)
Early repurchase deduction fees (6)	—			—			—
Total increase (decrease) in net assets	0.52			0.52			0.52
Net asset value, end of period	$	24.40		$	24.40		$	24.40
Shares outstanding, end of period	36,656,322			18,969,647			95,841,639
Total return based on NAV (4)	4.60		%	4.53		%	4.47		%
Ratios:
Ratio of net expenses to average net assets (5)	8.90		%	9.18		%	9.39		%
Ratio of net investment income to average net assets (5)	11.23		%	11.01		%	10.71		%
Portfolio turnover rate	1.77		%	1.77		%	1.77		%
Supplemental Data:
Net assets, end of period	$	894,448		$	462,874		$	2,338,568
Asset coverage ratio	223.2		%	223.2		%	223.2		%

(1)The per share data was derived by using the weighted average shares outstanding during the period.

(2)The amount shown does not correspond with the aggregate amount for the period as it includes the effect of the timing of capital transactions.

(3)The per share data for distributions was derived by using the actual shares outstanding at the date of the relevant transactions (refer to Note 9).

(4)Total return is calculated as the change in NAV per share during the period, plus distributions per share (assuming distributions are reinvested in accordance with the Company's distribution reinvestment plan) divided by the beginning NAV per share. Total return does not include upfront transaction fee, if any.

(5)For the three months ended March 31, 2023, amounts are annualized except for non-recurring expenses.

(6)The per share amount rounds to less than $0.01 per share.

The following are the financial highlights for the three months ended March 31, 2022:

	Three Months Ended March 31, 2022
	Class I			Class D			Class F
Per Share Data:
Net asset value, beginning of period	$	25.00		$	25.00		$	25.00
Net investment income (1)	0.44			0.38			0.43
Net unrealized and realized gain (loss) (2)	(0.07)			(0.01)			(0.06)
Net increase (decrease) in net assets resulting from operations	0.37			0.37			0.37
Distributions from net investment income (3)	(0.28)			(0.28)			(0.28)
Distributions from net realized gains (3)	—			—			—
Net increase (decrease) in net assets from shareholders' distributions	(0.28)			(0.28)			(0.28)
Total increase (decrease) in net assets	0.09			0.09			0.09
Net asset value, end of period	$	25.09		$	25.09		$	25.09
Shares outstanding, end of period	10,737,258			4,701,433			20,979,596
Total return based on NAV (4)	1.49		%	1.49		%	1.49		%
Ratios:
Ratio of net expenses to average net assets (5)	5.54		%	3.23		%	5.14		%
Ratio of net investment income to average net assets (5)	11.13		%	9.66		%	10.87		%
Portfolio turnover rate	8.86		%	8.86		%	8.86		%
Supplemental Data:
Net assets, end of period	$	269,356		$	117,937		$	526,293
Asset coverage ratio	487.7		%	487.7		%	487.7		%

(1)The per share data was derived by using the weighted average shares outstanding during the period.

(2)The amount shown does not correspond with the aggregate amount for the period as it includes the effect of the timing of capital transactions.

(3)The per share data for distributions was derived by using the actual shares outstanding at the date of the relevant transactions (refer to Note 9).

(4)Total return is calculated as the change in NAV per share during the period, plus distributions per share (assuming distributions are reinvested in accordance with the Company's distribution reinvestment plan) divided by the beginning NAV per share. Total return does not include upfront transaction fee, if any.

(5)For the three months ended March 31, 2022, amounts are annualized except for non-recurring expenses. For the three months ended March 31, 2022, the ratio of total operating expenses to average net assets was 9.21%, 6.63% and 9.21% on Class I, Class D and Class F respectively, on an annualized basis, excluding the effect of expense support/(recoupment), distribution and shareholder servicing fees waiver, and management fee and income based incentive fee waivers by the Adviser which represented 3.67%, 3.40% and 4.08% on Class I, Class D and Class F, respectively, of average net assets.

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Organization (Details) $ / shares in Units, $ in Millions	Feb. 03, 2023 USD ($) $ / shares shares	Mar. 31, 2023 USD ($) classOfCommonShare $ / shares	Feb. 03, 2022 $ / shares
Class of Stock [Line Items]
Number of classes of common shares | classOfCommonShare		4
Sale of stock, price per share (in dollars per share) | $ / shares			$ 25.00
Number of shares issued and sold (in shares)	20,437,880
Consideration received on transaction | $	$ 510.9
Continuous Basis Offering
Class of Stock [Line Items]
Sale of stock, value authorized | $		$ 4,000.0
Sale of stock, price per share (in dollars per share) | $ / shares	$ 25.00	$ 25.00
Sale of stock, threshold for offering to proceed, value | $		$ 100.0
Number of shares issued and sold (in shares)	20,437,880
Consideration received on transaction | $	$ 510.9
Common Class I
Class of Stock [Line Items]
Number of shares issued and sold (in shares)	7,074,280
Common Class I | Continuous Basis Offering
Class of Stock [Line Items]
Number of shares issued and sold (in shares)	7,074,280
Common Class D
Class of Stock [Line Items]
Number of shares issued and sold (in shares)	1,268,000
Common Class D | Continuous Basis Offering
Class of Stock [Line Items]
Number of shares issued and sold (in shares)	1,268,000
Common Class F
Class of Stock [Line Items]
Number of shares issued and sold (in shares)	12,095,600
Common Class F | Continuous Basis Offering
Class of Stock [Line Items]
Number of shares issued and sold (in shares)	12,095,600
Common Class S | Continuous Basis Offering
Class of Stock [Line Items]
Number of shares issued and sold (in shares)	0

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Significant Accounting Policies - Narrative (Details)	3 Months Ended
	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Mar. 31, 2023 investment	Mar. 31, 2023	Mar. 31, 2023 loan	Dec. 31, 2022 USD ($)	Dec. 31, 2022 investment	Dec. 31, 2022	Dec. 31, 2022 loan
Accounting Policies [Abstract]
Collateral received	$ 8,700,000					$ 0
Interest income	1,600,000	$ 600,000
Number of non-accrual investments			3		3		0		0
Nonaccrual status, percentage				0.50%				0.00%
Payment-in-kind interest income	4,730,000	617,000
Dividend income	0	0
Other income	404,000	114,000
Organizational costs	0	0
Excise taxes	$ (0.0)	$ 0

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Fees, Expenses, Agreements and Related Party Transactions - Additional Information (Details)				1 Months Ended		3 Months Ended
	Jan. 20, 2022 component	Aug. 09, 2021	Aug. 03, 2021 USD ($) installment	Mar. 31, 2022 USD ($)	Feb. 28, 2022 USD ($)	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Related Party Transaction [Line Items]
Management fee expense						$ 11,188,000	$ 1,425,000
Management fees payable (Note 3)						11,188,000		$ 0
Income based incentive fees payable (Note 3)						14,248,000		0
Administrative service expenses						573,000	214,000
Income based incentive fee						14,248,000	1,016,000
Due to affiliates						9,845,000		5,250,000
Shareholder servicing fee payable						1,106,000		1,032,000
Continuous Basis Offering
Related Party Transaction [Line Items]
Sale of stock, threshold for offering to proceed, value						100,000,000
Common Class D
Related Party Transaction [Line Items]
Distribution and shareholder servicing fees						275,000	31,000
Common Class F
Related Party Transaction [Line Items]
Distribution and shareholder servicing fees						2,835,000	331,000
Investment Advisory Agreement | Affiliated Entity
Related Party Transaction [Line Items]
Incentive advisory agreement term	2 years
Period to terminate without penalty	60 days
Number of components | component	2
Management fee base rate	1.25%
Base Management Fee
Related Party Transaction [Line Items]
Voluntary fee waived						0	1,425,000
Incentive Fee
Related Party Transaction [Line Items]
Voluntary fee waived						0	1,016,000
Income based incentive fees payable (Note 3)						14,200,000		0
Incentive Fee | Affiliated Entity
Related Party Transaction [Line Items]
Number of components | component	2
Incentive Rate, Quarterly Hurdle Rate | Affiliated Entity
Related Party Transaction [Line Items]
Incentive rate	1.25%
Incentive Rate, Annualized Hurdle Rate | Affiliated Entity
Related Party Transaction [Line Items]
Incentive rate	5.00%
Incentive Rate, Pre-Incentive Fee Net Investment Income Below Catch-Up Threshold | Affiliated Entity
Related Party Transaction [Line Items]
Incentive rate	100.00%
Incentive Rate, Quarterly Catch-Up Threshold | Affiliated Entity
Related Party Transaction [Line Items]
Incentive rate	1.43%
Incentive Rate, Annualized Catch-Up Threshold | Affiliated Entity
Related Party Transaction [Line Items]
Incentive rate	5.72%
Incentive Rate, Pre-Incentive Fee Net Investment Income Exceeds Catch-Up Threshold | Affiliated Entity
Related Party Transaction [Line Items]
Incentive rate	12.50%
Incentive Rate, Realized Capital Gains
Related Party Transaction [Line Items]
Income based incentive fees payable (Note 3)				$ 0		0	0
Incentive Rate, Realized Capital Gains | Affiliated Entity
Related Party Transaction [Line Items]
Incentive rate	12.50%
Administrative Agreement | Affiliated Entity
Related Party Transaction [Line Items]
Incentive advisory agreement term	2 years
Period to terminate without penalty	120 days
Administrative service expenses						600,000	200,000
Due to affiliates						2,300,000		1,800,000
Managing Dealer Agreement
Related Party Transaction [Line Items]
Period to terminate without penalty			60 days
Voluntary fee waived						$ 0	362,000
Percent of offering proceeds threshold to stop paying servicing fees						10.00%
Managing Dealer Agreement | Affiliated Entity
Related Party Transaction [Line Items]
Incentive advisory agreement term			15 months
Shareholder servicing fee payable						$ 1,100,000		$ 1,000,000
Managing Dealer Agreement | Affiliated Entity | Common Class S
Related Party Transaction [Line Items]
Management and service fees, rate		0.85%	0.85%
Managing Dealer Agreement | Affiliated Entity | Common Class D
Related Party Transaction [Line Items]
Distribution and shareholder servicing fees						300,000	0
Management and service fees, rate		0.25%	0.25%
Managing Dealer Agreement | Affiliated Entity | Common Class F
Related Party Transaction [Line Items]
Distribution and shareholder servicing fees						2,800,000	300,000
Management and service fees, rate		0.50%	0.50%
Managing Dealer Agreement | Affiliated Entity | Common Class I
Related Party Transaction [Line Items]
Management and service fees, rate		0.00%	0.00%
Managing Dealer Agreement - Quarterly Fixed Fee | Affiliated Entity
Related Party Transaction [Line Items]
Management fee expense			$ 250,000
Number of quarterly installments | installment			5
Managing Dealer Agreement - Variable Fee on New Capital | Affiliated Entity
Related Party Transaction [Line Items]
Incentive rate			0.02%
Managing Dealer Agreement, Engagement Fee | Affiliated Entity
Related Party Transaction [Line Items]
Management fee expense			$ 35,000
Expense Support Agreement | Affiliated Entity
Related Party Transaction [Line Items]
Management and service fees, rate	1.00%
Reimbursement Payments to Adviser				$ 0	$ 0	$ 0	$ 0

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Fees, Expenses, Agreements and Related Party Transactions - Distribution and Servicing Plans (Details) - Managing Dealer Agreement - Affiliated Entity	Aug. 09, 2021	Aug. 03, 2021
Common Class S
Related Party Transaction [Line Items]
Management and service fees, rate	0.85%	0.85%
Common Class I
Related Party Transaction [Line Items]
Management and service fees, rate	0.00%	0.00%
Common Class D
Related Party Transaction [Line Items]
Management and service fees, rate	0.25%	0.25%
Common Class F
Related Party Transaction [Line Items]
Management and service fees, rate	0.50%	0.50%

XML

Fees, Expenses, Agreements and Related Party Transactions - Summary of Expense Payments (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended
	Mar. 31, 2022	Feb. 28, 2022	Mar. 31, 2023	Mar. 31, 2022
Related Party Transaction [Line Items]
Expense Payments by Adviser			$ 0	$ (2,827)
Unreimbursed Expense Payments			82,158	5,787
Expenses paid by adviser prior to breaking escrow			0	1,196
Expense Support Agreement | Affiliated Entity
Related Party Transaction [Line Items]
Expense Payments by Adviser	$ 443	$ 2,384	0	2,827
Reimbursement Payments to Adviser	0	0	$ 0	0
Unreimbursed Expense Payments	$ 443	2,384		$ 2,827
Expenses paid by adviser prior to breaking escrow		$ 1,200

XML

Investments - Investment Portfolio at Cost and Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Investment Holdings [Line Items]
Amortized Cost	$ 6,719,271	$ 5,860,186
Fair Value	$ 6,653,479	$ 5,716,521
% of Total Investments at Fair Value	100.00%	100.00%
First lien debt
Investment Holdings [Line Items]
Amortized Cost	$ 6,623,067	$ 5,755,124
Fair Value	$ 6,558,981	$ 5,614,718
% of Total Investments at Fair Value	98.58%	98.22%
Second lien debt
Investment Holdings [Line Items]
Amortized Cost	$ 47,852	$ 47,764
Fair Value	$ 46,315	$ 45,248
% of Total Investments at Fair Value	0.70%	0.79%
Unsecured debt
Investment Holdings [Line Items]
Amortized Cost	$ 17,099	$ 26,302
Fair Value	$ 16,890	$ 25,512
% of Total Investments at Fair Value	0.25%	0.45%
Structured Finance
Investment Holdings [Line Items]
Amortized Cost	$ 29,011	$ 28,929
Fair Value	$ 28,824	$ 28,737
% of Total Investments at Fair Value	0.43%	0.50%
Equity investments
Investment Holdings [Line Items]
Amortized Cost	$ 2,242	$ 2,067
Fair Value	$ 2,469	$ 2,306
% of Total Investments at Fair Value	0.04%	0.04%

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Investments - Industry Composition of Investments at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Investment Holdings [Line Items]
Fair Value	$ 6,653,479	$ 5,716,521
% of Total Investments at Fair Value	100.00%	100.00%
Software and Computer Services
Investment Holdings [Line Items]
Fair Value	$ 1,288,321	$ 1,158,262
% of Total Investments at Fair Value	19.36%	20.26%
Health Care Providers
Investment Holdings [Line Items]
Fair Value	$ 779,681	$ 660,631
% of Total Investments at Fair Value	11.72%	11.56%
Industrial Support Services
Investment Holdings [Line Items]
Fair Value	$ 746,764	$ 567,804
% of Total Investments at Fair Value	11.22%	9.93%
Media
Investment Holdings [Line Items]
Fair Value	$ 566,703	$ 505,035
% of Total Investments at Fair Value	8.52%	8.83%
Consumer Services
Investment Holdings [Line Items]
Fair Value	$ 458,931	$ 458,248
% of Total Investments at Fair Value	6.90%	8.02%
Non-life Insurance
Investment Holdings [Line Items]
Fair Value	$ 375,824	$ 317,816
% of Total Investments at Fair Value	5.65%	5.56%
Medical Equipment and Services
Investment Holdings [Line Items]
Fair Value	$ 327,070	$ 210,831
% of Total Investments at Fair Value	4.92%	3.69%
Travel and Leisure
Investment Holdings [Line Items]
Fair Value	$ 297,999	$ 159,763
% of Total Investments at Fair Value	4.48%	2.79%
General Industrials
Investment Holdings [Line Items]
Fair Value	$ 272,688	$ 265,463
% of Total Investments at Fair Value	4.10%	4.64%
Pharmaceuticals and Biotechnology
Investment Holdings [Line Items]
Fair Value	$ 267,703	$ 196,435
% of Total Investments at Fair Value	4.02%	3.44%
Industrial Engineering
Investment Holdings [Line Items]
Fair Value	$ 214,840	$ 186,373
% of Total Investments at Fair Value	3.23%	3.26%
Aerospace and Defense
Investment Holdings [Line Items]
Fair Value	$ 208,585	$ 169,856
% of Total Investments at Fair Value	3.13%	2.97%
Personal Care, Drug and Grocery Stores
Investment Holdings [Line Items]
Fair Value	$ 108,830	$ 117,320
% of Total Investments at Fair Value	1.64%	2.05%
Automobiles and Parts
Investment Holdings [Line Items]
Fair Value	$ 107,268	$ 118,440
% of Total Investments at Fair Value	1.60%	2.07%
Technology Hardware and Equipment
Investment Holdings [Line Items]
Fair Value	$ 95,877	$ 93,161
% of Total Investments at Fair Value	1.44%	1.63%
Food Producers
Investment Holdings [Line Items]
Fair Value	$ 88,938	$ 86,977
% of Total Investments at Fair Value	1.34%	1.52%
Personal Goods
Investment Holdings [Line Items]
Fair Value	$ 72,511	$ 70,050
% of Total Investments at Fair Value	1.09%	1.23%
Telecommunications Service Providers
Investment Holdings [Line Items]
Fair Value	$ 62,336	$ 71,695
% of Total Investments at Fair Value	0.94%	1.25%
Industrial Transportation
Investment Holdings [Line Items]
Fair Value	$ 51,205	$ 50,090
% of Total Investments at Fair Value	0.77%	0.88%
Finance and Credit Services
Investment Holdings [Line Items]
Fair Value	$ 49,000	$ 48,448
% of Total Investments at Fair Value	0.74%	0.85%
Real Estate Investment and Services
Investment Holdings [Line Items]
Fair Value	$ 44,253	$ 44,822
% of Total Investments at Fair Value	0.67%	0.78%
Gas, Water and Multi-utilities
Investment Holdings [Line Items]
Fair Value	$ 43,990	$ 43,242
% of Total Investments at Fair Value	0.66%	0.76%
Structured Finance
Investment Holdings [Line Items]
Fair Value	$ 28,824	$ 28,737
% of Total Investments at Fair Value	0.43%	0.50%
Retailers
Investment Holdings [Line Items]
Fair Value	$ 18,033	$ 20,322
% of Total Investments at Fair Value	0.27%	0.36%
Household Goods and Home Construction
Investment Holdings [Line Items]
Fair Value	$ 16,482	$ 17,918
% of Total Investments at Fair Value	0.25%	0.31%
Telecommunications Equipment
Investment Holdings [Line Items]
Fair Value	$ 14,351	$ 6,445
% of Total Investments at Fair Value	0.22%	0.11%
Electricity
Investment Holdings [Line Items]
Fair Value	$ 12,582	$ 8,639
% of Total Investments at Fair Value	0.18%	0.15%
Chemicals
Investment Holdings [Line Items]
Fair Value	$ 12,029	$ 6,960
% of Total Investments at Fair Value	0.18%	0.12%
Investment Banking and Brokerage Services
Investment Holdings [Line Items]
Fair Value	$ 9,229	$ 7,606
% of Total Investments at Fair Value	0.14%	0.13%
Life Insurance
Investment Holdings [Line Items]
Fair Value	$ 5,718	$ 5,628
% of Total Investments at Fair Value	0.09%	0.10%
Industrial Metals and Mining
Investment Holdings [Line Items]
Fair Value	$ 2,941	$ 2,922
% of Total Investments at Fair Value	0.04%	0.05%
Leisure Goods
Investment Holdings [Line Items]
Fair Value	$ 1,990	$ 8,498
% of Total Investments at Fair Value	0.03%	0.15%
Construction and Materials
Investment Holdings [Line Items]
Fair Value	$ 1,073	$ 1,162
% of Total Investments at Fair Value	0.02%	0.03%
Electronic and Electrical Equipment
Investment Holdings [Line Items]
Fair Value	$ 910	$ 922
% of Total Investments at Fair Value	0.01%	0.02%

XML

Investments - Geographic Composition of Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Investment Holdings [Line Items]
Amortized Cost	$ 6,719,271	$ 5,860,186
Fair Value	$ 6,653,479	$ 5,716,521
% of Total Investments at Fair Value	100.00%	100.00%
Fair Value as a % of Net Assets	180.02%	165.44%
Australia
Investment Holdings [Line Items]
Amortized Cost	$ 271,364	$ 271,143
Fair Value	$ 269,929	$ 269,430
% of Total Investments at Fair Value	4.06%	4.71%
Fair Value as a % of Net Assets	7.30%	7.80%
Canada
Investment Holdings [Line Items]
Amortized Cost	$ 47,610	$ 40,335
Fair Value	$ 45,540	$ 37,399
% of Total Investments at Fair Value	0.68%	0.65%
Fair Value as a % of Net Assets	1.23%	1.08%
France
Investment Holdings [Line Items]
Amortized Cost	$ 24,544	$ 24,513
Fair Value	$ 25,903	$ 25,139
% of Total Investments at Fair Value	0.39%	0.44%
Fair Value as a % of Net Assets	0.70%	0.73%
Italy
Investment Holdings [Line Items]
Amortized Cost	$ 122,967	$ 122,826
Fair Value	$ 130,071	$ 127,443
% of Total Investments at Fair Value	1.95%	2.23%
Fair Value as a % of Net Assets	3.52%	3.69%
Spain
Investment Holdings [Line Items]
Amortized Cost	$ 31,383	$ 31,337
Fair Value	$ 30,934	$ 29,958
% of Total Investments at Fair Value	0.46%	0.52%
Fair Value as a % of Net Assets	0.84%	0.87%
Taiwan
Investment Holdings [Line Items]
Amortized Cost	$ 43,600	$ 43,619
Fair Value	$ 41,709	$ 42,321
% of Total Investments at Fair Value	0.63%	0.74%
Fair Value as a % of Net Assets	1.13%	1.22%
United Kingdom
Investment Holdings [Line Items]
Amortized Cost	$ 314,391	$ 240,099
Fair Value	$ 321,822	$ 241,933
% of Total Investments at Fair Value	4.84%	4.23%
Fair Value as a % of Net Assets	8.71%	7.00%
United States
Investment Holdings [Line Items]
Amortized Cost	$ 5,863,412	$ 5,086,314
Fair Value	$ 5,787,571	$ 4,942,898
% of Total Investments at Fair Value	86.99%	86.48%
Fair Value as a % of Net Assets	156.59%	143.05%

XML

Investments - Additional Information (Details)	Mar. 31, 2023 investment	Mar. 31, 2023 loan	Mar. 31, 2023	Dec. 31, 2022 investment	Dec. 31, 2022 loan	Dec. 31, 2022
Schedule of Investments [Abstract]
Number of non-accrual investments	3	3		0	0
Percent of investments bearing interest at floating rate			99.20%			99.10%
Percent of investments bearing interest at fixed rate			0.80%			0.90%

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Fair Value Measurements - Fair Value Levels (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 6,653,479	$ 5,716,521
Cash equivalents	92,622	53,347
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Cash equivalents	92,622	53,347
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	856,714	821,422
Cash equivalents	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	5,796,765	4,895,099
Cash equivalents	0	0
First lien debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	6,558,981	5,614,718
First lien debt | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
First lien debt | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	784,648	732,325
First lien debt | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	5,774,333	4,882,393
Second lien debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	46,315	45,248
Second lien debt | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Second lien debt | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	28,267	36,454
Second lien debt | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	18,048	8,794
Unsecured debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	16,890	25,512
Unsecured debt | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Unsecured debt | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	14,975	23,906
Unsecured debt | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	1,915	1,606
Structured Finance
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	28,824	28,737
Structured Finance | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Structured Finance | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	28,824	28,737
Structured Finance | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Equity investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	2,469	2,306
Equity investments | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Equity investments | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Equity investments | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 2,469	$ 2,306

XML

Fair Value Measurements - Changes in Level 3 Portfolio (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
First lien debt
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 4,882,393	$ 0
Purchases of investments	861,403	896,754
Proceeds from principal repayments and sales of investments	(30,581)	(55,373)
Transfers into Level 3	0	0
Transfers out of Level 3	(4,714)	0
Ending balance	5,774,333	840,223
Net change in unrealized appreciation (depreciation) related to financial instruments still held	57,176	(1,931)
First lien debt | Accretion (Amortization) of Discounts and Premiums, Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Gain (loss) included in earnings	7,981	759
First lien debt | Debt and Equity Securities, Realized Gain (Loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Gain (loss) included in earnings	(893)	14
First lien debt | Debt and Equity Securities, Unrealized Gain (Loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Gain (loss) included in earnings	58,744	(1,931)
Second lien debt
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	8,794
Purchases of investments	0
Proceeds from principal repayments and sales of investments	0
Transfers into Level 3	9,463
Transfers out of Level 3	0
Ending balance	18,048
Net change in unrealized appreciation (depreciation) related to financial instruments still held	(242)
Second lien debt | Accretion (Amortization) of Discounts and Premiums, Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Gain (loss) included in earnings	33
Second lien debt | Debt and Equity Securities, Realized Gain (Loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Gain (loss) included in earnings	0
Second lien debt | Debt and Equity Securities, Unrealized Gain (Loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Gain (loss) included in earnings	(242)
Unsecured debt
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	1,606
Purchases of investments	377
Proceeds from principal repayments and sales of investments	0
Transfers into Level 3	0
Transfers out of Level 3	0
Ending balance	1,915
Net change in unrealized appreciation (depreciation) related to financial instruments still held	(79)
Unsecured debt | Accretion (Amortization) of Discounts and Premiums, Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Gain (loss) included in earnings	9
Unsecured debt | Debt and Equity Securities, Realized Gain (Loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Gain (loss) included in earnings	0
Unsecured debt | Debt and Equity Securities, Unrealized Gain (Loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Gain (loss) included in earnings	(77)
Equity investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	2,306	0
Purchases of investments	579	67
Proceeds from principal repayments and sales of investments	(52)	0
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Ending balance	2,469	67
Net change in unrealized appreciation (depreciation) related to financial instruments still held	(11)	0
Equity investments | Accretion (Amortization) of Discounts and Premiums, Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Gain (loss) included in earnings	0	0
Equity investments | Debt and Equity Securities, Realized Gain (Loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Gain (loss) included in earnings	(353)	0
Equity investments | Debt and Equity Securities, Unrealized Gain (Loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Gain (loss) included in earnings	(11)	0
Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	4,895,099	0
Purchases of investments	862,359	896,821
Proceeds from principal repayments and sales of investments	(30,633)	(55,373)
Transfers into Level 3	9,463	0
Transfers out of Level 3	(4,714)	0
Ending balance	5,796,765	840,290
Net change in unrealized appreciation (depreciation) related to financial instruments still held	56,844	(1,931)
Investments | Accretion (Amortization) of Discounts and Premiums, Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Gain (loss) included in earnings	8,023	759
Investments | Debt and Equity Securities, Realized Gain (Loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Gain (loss) included in earnings	(1,246)	14
Investments | Debt and Equity Securities, Unrealized Gain (Loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Gain (loss) included in earnings	$ 58,414	$ (1,931)

XML

Fair Value Measurements - Unobservable Inputs (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 6,653,479	$ 5,716,521
Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	5,796,765	4,895,099
Amount excluded from measurement input	805,311	1,043,296
First lien debt
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	6,558,981	5,614,718
First lien debt | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	5,774,333	4,882,393
First lien debt | Valuation, Market Approach | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 4,978,384	$ 3,848,793
First lien debt | Valuation, Market Approach | Minimum | Measurement Input, Discount Rate | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	8.41%	8.14%
First lien debt | Valuation, Market Approach | Maximum | Measurement Input, Discount Rate | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	18.32%	17.70%
First lien debt | Valuation, Market Approach | Weighted Average | Measurement Input, Discount Rate | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	11.88%	11.47%
Second lien debt
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 46,315	$ 45,248
Second lien debt | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	18,048	8,794
Second lien debt | Valuation, Market Approach | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 8,686
Second lien debt | Valuation, Market Approach | Minimum | Measurement Input, Discount Rate | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	13.90%
Second lien debt | Valuation, Market Approach | Maximum | Measurement Input, Discount Rate | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	13.90%
Second lien debt | Valuation, Market Approach | Weighted Average | Measurement Input, Discount Rate | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	13.90%
Unsecured debt
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 16,890	25,512
Unsecured debt | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	1,915	1,606
Unsecured debt | Valuation, Market Approach | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 1,915	$ 704
Unsecured debt | Valuation, Market Approach | Minimum | Measurement Input, Discount Rate | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	13.43%	14.70%
Unsecured debt | Valuation, Market Approach | Maximum | Measurement Input, Discount Rate | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	15.28%	14.70%
Unsecured debt | Valuation, Market Approach | Weighted Average | Measurement Input, Discount Rate | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	14.32%	14.70%
Preferred equity | Valuation, Market Approach | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 2,160
Preferred equity | Valuation, Market Approach | Minimum | Measurement Input, Discount Rate | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	8.28%
Preferred equity | Valuation, Market Approach | Maximum | Measurement Input, Discount Rate | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	17.79%
Preferred equity | Valuation, Market Approach | Weighted Average | Measurement Input, Discount Rate | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	13.07%
Common equity | Valuation Technique, Discounted Cash Flow | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 309
Common equity | Valuation Technique, Discounted Cash Flow | Minimum | Measurement Input, Discount Rate | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	7.50%
Common equity | Valuation Technique, Discounted Cash Flow | Minimum | Measurement Input, Exit Multiple | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	10.00%
Common equity | Valuation Technique, Discounted Cash Flow | Minimum | Measurement Input, Cap Rate | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	5.25%
Common equity | Valuation Technique, Discounted Cash Flow | Maximum | Measurement Input, Discount Rate | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	15.00%
Common equity | Valuation Technique, Discounted Cash Flow | Maximum | Measurement Input, Exit Multiple | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	10.00%
Common equity | Valuation Technique, Discounted Cash Flow | Maximum | Measurement Input, Cap Rate | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	5.25%
Common equity | Valuation Technique, Discounted Cash Flow | Weighted Average | Measurement Input, Discount Rate | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	11.96%
Common equity | Valuation Technique, Discounted Cash Flow | Weighted Average | Measurement Input, Exit Multiple | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	10.00%
Common equity | Valuation Technique, Discounted Cash Flow | Weighted Average | Measurement Input, Cap Rate | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	5.25%
Equity investments
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 2,469	$ 2,306
Equity investments | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 2,469	2,306
Equity investments | Valuation, Market Approach | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value		$ 2,108
Equity investments | Valuation, Market Approach | Minimum | Measurement Input, Discount Rate | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input		7.08%
Equity investments | Valuation, Market Approach | Maximum | Measurement Input, Discount Rate | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input		16.95%
Equity investments | Valuation, Market Approach | Weighted Average | Measurement Input, Discount Rate | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input		11.96%
Equity investments | Valuation Technique, Discounted Cash Flow | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value		$ 198
Equity investments | Valuation Technique, Discounted Cash Flow | Minimum | Measurement Input, Discount Rate | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input		15.00%
Equity investments | Valuation Technique, Discounted Cash Flow | Minimum | Measurement Input, Exit Multiple | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input		1000.00%
Equity investments | Valuation Technique, Discounted Cash Flow | Maximum | Measurement Input, Discount Rate | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input		15.00%
Equity investments | Valuation Technique, Discounted Cash Flow | Maximum | Measurement Input, Exit Multiple | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input		1000.00%
Equity investments | Valuation Technique, Discounted Cash Flow | Weighted Average | Measurement Input, Discount Rate | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input		15.00%
Equity investments | Valuation Technique, Discounted Cash Flow | Weighted Average | Measurement Input, Exit Multiple | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input		1000.00%

XML

Fair Value Measurements - Financial Instruments Not Carried at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Debt fair value	$ 3,010,029	$ 2,346,629
Unamortized issuance costs	6,922	3,572
Reported Value Measurement
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Debt fair value	3,001,030	2,342,067
Estimate of Fair Value Measurement
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Debt fair value	3,010,029	2,346,629
HLEND A Funding Facility | Line of Credit | Reported Value Measurement
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Debt fair value	604,569	453,663
HLEND A Funding Facility | Line of Credit | Estimate of Fair Value Measurement
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Debt fair value	604,569	453,663
HLEND B Funding Facility | Line of Credit | Reported Value Measurement
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Debt fair value	512,560	482,084
HLEND B Funding Facility | Line of Credit | Estimate of Fair Value Measurement
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Debt fair value	512,560	482,084
HLEND C Funding Facility | Line of Credit | Reported Value Measurement
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Debt fair value	100,000	0
HLEND C Funding Facility | Line of Credit | Estimate of Fair Value Measurement
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Debt fair value	100,000	0
HLEND D Funding Facility | Line of Credit | Reported Value Measurement
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Debt fair value	0	0
HLEND D Funding Facility | Line of Credit | Estimate of Fair Value Measurement
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Debt fair value	0	0
Senior Secured Revolving Credit Facility | Line of Credit | Reported Value Measurement
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Debt fair value	684,589	704,819
Senior Secured Revolving Credit Facility | Line of Credit | Estimate of Fair Value Measurement
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Debt fair value	684,589	704,819
November 2025 Notes | Senior Notes
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Unamortized issuance costs	1,700	1,900
Net cumulative increase (decrease) from hedging activities	700	300
November 2025 Notes | Senior Notes | Reported Value Measurement
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Debt fair value	169,019	168,462
November 2025 Notes | Senior Notes | Estimate of Fair Value Measurement
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Debt fair value	171,424	170,628
November 2027 Notes | Senior Notes
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Unamortized issuance costs	1,600	1,700
Net cumulative increase (decrease) from hedging activities	1,400	700
November 2027 Notes | Senior Notes | Reported Value Measurement
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Debt fair value	154,733	153,958
November 2027 Notes | Senior Notes | Estimate of Fair Value Measurement
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Debt fair value	157,730	156,354
March 2026 Notes | Senior Notes
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Unamortized issuance costs	2,500
Net cumulative increase (decrease) from hedging activities	3,400
March 2026 Notes | Senior Notes | Reported Value Measurement
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Debt fair value	276,923	0
March 2026 Notes | Senior Notes | Estimate of Fair Value Measurement
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Debt fair value	279,400	0
March 2028 Notes | Senior Notes
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Unamortized issuance costs	1,100
Net cumulative increase (decrease) from hedging activities	2,000
March 2028 Notes | Senior Notes | Reported Value Measurement
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Debt fair value	124,892	0
March 2028 Notes | Senior Notes | Estimate of Fair Value Measurement
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Debt fair value	126,012	0
Short Term Financing Transactions | Securities Sold under Agreements to Repurchase | Reported Value Measurement
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Debt fair value	373,745	379,081
Short Term Financing Transactions | Securities Sold under Agreements to Repurchase | Estimate of Fair Value Measurement
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Debt fair value	$ 373,745	$ 379,081

XML

Fair Value Measurements - Fair Value Measurements of Debt Obligations (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Debt fair value	$ 3,010,029	$ 2,346,629
Level 1
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Debt fair value	0	0
Level 2
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Debt fair value	0	0
Level 3
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Debt fair value	$ 3,010,029	$ 2,346,629

XML

Derivative Instruments - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Foreign Exchange Forward
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Average notional amount	$ 249.8	$ 1.1
Interest Rate Swap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Average notional amount	$ 262.5	$ 0.0

XML

Derivative Instruments - Notional Amount and Fair Value of Derivative Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Derivative assets, at fair value
Total derivative assets, at fair value	$ 7,609	$ 2,116
Notional	565,512	286,395
Derivative liabilities, at fair value
Total derivative liabilities, at fair value	(4,761)	(3,261)
Notional	255,549	117,375
Level 1
Derivative assets, at fair value
Total derivative assets, at fair value	0	0
Derivative liabilities, at fair value
Total derivative liabilities, at fair value	0	0
Level 2
Derivative assets, at fair value
Total derivative assets, at fair value	7,609	2,116
Derivative liabilities, at fair value
Total derivative liabilities, at fair value	(4,761)	(3,261)
Level 3
Derivative assets, at fair value
Total derivative assets, at fair value	0	0
Derivative liabilities, at fair value
Total derivative liabilities, at fair value	0	0
Foreign Exchange Forward
Derivative assets, at fair value
Total derivative assets, at fair value	120	1,125
Notional	3,012	123,895
Derivative liabilities, at fair value
Total derivative liabilities, at fair value	(4,761)	(3,261)
Notional	255,549	117,375
Foreign Exchange Forward | Level 1
Derivative assets, at fair value
Total derivative assets, at fair value	0	0
Derivative liabilities, at fair value
Total derivative liabilities, at fair value	0	0
Foreign Exchange Forward | Level 2
Derivative assets, at fair value
Total derivative assets, at fair value	120	1,125
Derivative liabilities, at fair value
Total derivative liabilities, at fair value	(4,761)	(3,261)
Foreign Exchange Forward | Level 3
Derivative assets, at fair value
Total derivative assets, at fair value	0	0
Derivative liabilities, at fair value
Total derivative liabilities, at fair value	0	0
Interest Rate Swap
Derivative assets, at fair value
Total derivative assets, at fair value	7,489	991
Notional	562,500	162,500
Interest Rate Swap | Level 1
Derivative assets, at fair value
Total derivative assets, at fair value	0	0
Interest Rate Swap | Level 2
Derivative assets, at fair value
Total derivative assets, at fair value	7,489	991
Interest Rate Swap | Level 3
Derivative assets, at fair value
Total derivative assets, at fair value	$ 0	$ 0

XML

Derivative Instruments - Not Designated as Hedging Instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Net change in unrealized gain (loss) on foreign currency forward contracts	$ (2,505)	$ 18
Realized gain (loss) on foreign currency forward contracts	(529)	0
Not Designated as Hedging Instrument | Foreign Exchange Contract
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Net change in unrealized gain (loss) on foreign currency forward contracts	(2,505)	18
Realized gain (loss) on foreign currency forward contracts	$ (529)	$ 0

XML

Derivative Instruments - Derivate Instruments in Statement of Financial Position (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Derivative liabilities, at fair value
Derivative liabilities, at fair value	$ 4,761	$ 3,261
Derivative liability	(4,641)	(2,136)
Derivative assets, at fair value
Derivative assets, at fair value	7,609	2,116
Derivative assets, at fair value	7,489	991
Foreign Exchange Forward
Derivative liabilities, at fair value
Gross Amount of Assets	(120)	(1,125)
Derivative liabilities, at fair value	4,761	3,261
Derivative liability	(4,641)	(2,136)
Collateral Received/ Pledged	0	0
Net Amounts	(4,641)	(2,136)
Derivative assets, at fair value
Derivative assets, at fair value	120	1,125
Interest Rate Swap
Derivative assets, at fair value
Derivative assets, at fair value	7,489	991
Gross Amount of (Liabilities)	0	0
Derivative assets, at fair value	7,489	991
Collateral Received/ Pledged	(7,489)	0
Net Amounts	$ 0	$ 991

XML

Derivative Instruments - Interest Rate Hedges (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Interest rate swaps	$ 7,489	$ 0
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge	$ (7,773)	$ 0

XML

Derivative Instruments - Borrowings Designated as Hedges (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Unsecured Notes	$ 563,691	$ 322,420
Cumulative Hedging Adjustments	$ (7,773)	$ (953)

XML

Borrowings - SVP Financing Facilities (Details) $ in Thousands	Jan. 11, 2030	Mar. 31, 2023 USD ($) financingFacility	Jan. 12, 2023 USD ($)	Dec. 23, 2022 USD ($)	Sep. 16, 2022 USD ($)	Feb. 03, 2023 USD ($)	Dec. 31, 2022 USD ($) financingFacility	Jul. 19, 2022 USD ($)
Debt Instrument [Line Items]
Asset coverage ratio (as a percent)		223.18%					247.37%
Number of special purpose vehicle financing facilities | financingFacility		4					2
HLEND A Funding Facility | Line of Credit
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity		$ 800,000		$ 800,000		$ 600,000	$ 800,000
Maximum principal amount				$ 800,000
Unused capacity commitment fee percentage				0.45%
Basis spread on variable rate				2.40%
HLEND A Funding Facility | Line of Credit | Closing Date to Six Month Anniversary
Debt Instrument [Line Items]
Minimum commitment percentage				25.00%
HLEND A Funding Facility | Line of Credit | Six Month Anniversary to Nine Month Anniversary
Debt Instrument [Line Items]
Minimum commitment percentage				50.00%
HLEND A Funding Facility | Line of Credit | Nine Month Anniversary and Thereafter
Debt Instrument [Line Items]
Minimum commitment percentage				75.00%
HLEND B Funding Facility | Line of Credit
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity		1,000,000			$ 1,000,000		$ 1,000,000	$ 500,000
Basis spread floor					2.30%
HLEND B Funding Facility | Line of Credit | Non-Broadly Syndicated Loans Assets
Debt Instrument [Line Items]
Basis spread on variable rate					2.45%
HLEND B Funding Facility | Line of Credit | Broadly Syndicated Loans Assets
Debt Instrument [Line Items]
Basis spread on variable rate					1.90%
HLEND C Funding Facility | Line of Credit
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity		400,000	$ 400,000
HLEND C Funding Facility | Line of Credit | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate			2.95%
HLEND C Funding Facility | Line of Credit | Forecast | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread increase (decrease)	2.00%
HLEND D Funding Facility | Line of Credit
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity		$ 250,000
Basis spread on variable rate		2.90%
Foreign currency advance margin		0.15%

XML

Borrowings - Revolving Credit Facility (Details) - Senior Secured Revolving Credit Facility - Line of Credit - USD ($) $ in Thousands	Jun. 23, 2022	Mar. 31, 2023	Dec. 31, 2022	Nov. 03, 2022
Debt Instrument [Line Items]
Unused capacity commitment fee percentage	0.375%
Line of credit maximum borrowing capacity	$ 925,000	$ 1,125,000	$ 1,125,000	$ 1,125,000
Accordion feature, higher borrowing capacity option				1,850,000
Bridge Loan
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity				$ 200,000
Minimum
Debt Instrument [Line Items]
Basis spread on foreign currency borrowings	1.75%
Minimum | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate	1.75%
Minimum | Alternate Base Rate (ABR)
Debt Instrument [Line Items]
Basis spread on variable rate	0.75%
Maximum
Debt Instrument [Line Items]
Basis spread on foreign currency borrowings	1.875%
Maximum | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate	1.875%
Maximum | Alternate Base Rate (ABR)
Debt Instrument [Line Items]
Basis spread on variable rate	0.875%

XML

Borrowings - Unsecured Bonds (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 15, 2023	Dec. 31, 2022	Nov. 14, 2022
Debt Instrument [Line Items]
Unsecured Notes	$ 563,691		$ 322,420
November 2025 Notes | Senior Notes
Debt Instrument [Line Items]
Maximum principal amount	170,000		170,000	$ 170,000
Applicable margin rate (as a percent)				8.37%
Maximum interest rate increase				2.00%
Derivative fixed interest rate				8.37%
Unsecured Notes				$ 85,000
November 2025 Notes | Senior Notes | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Derivative basis spread on variable rate				4.08%
November 2027 Notes | Senior Notes
Debt Instrument [Line Items]
Maximum principal amount	155,000		$ 155,000	$ 155,000
Applicable margin rate (as a percent)				8.43%
Maximum interest rate increase				2.00%
Derivative fixed interest rate				8.43%
Unsecured Notes				$ 77,500
November 2027 Notes | Senior Notes | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Derivative basis spread on variable rate				4.42%
March 2026 Notes | Senior Notes
Debt Instrument [Line Items]
Maximum principal amount	276,000	$ 276,000
Applicable margin rate (as a percent)		8.12%
Maximum interest rate increase		2.00%
Derivative fixed interest rate		8.12%
Unsecured Notes		$ 276,000
March 2026 Notes | Senior Notes | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Derivative basis spread on variable rate		3.761%
March 2028 Notes | Senior Notes
Debt Instrument [Line Items]
Maximum principal amount	$ 124,000	$ 124,000
Applicable margin rate (as a percent)		8.17%
Maximum interest rate increase		2.00%
Derivative fixed interest rate		8.18%
Unsecured Notes		$ 124,000
March 2028 Notes | Senior Notes | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Derivative basis spread on variable rate		4.241%

XML

Borrowings - Short-Term Borrowings (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Securities Sold under Agreements to Repurchase
Debt Instrument [Line Items]
Carrying value of pledged investments	$ 461,600
Short Term Financing Transactions | Securities Sold under Agreements to Repurchase
Debt Instrument [Line Items]
Short-term debt	$ 373,745	$ 379,081

XML

Borrowings - Outstanding Debt Obligations (Details) $ in Thousands, € in Millions, £ in Millions, $ in Millions, $ in Millions	Mar. 31, 2023 USD ($)	Mar. 31, 2023 EUR (€)	Mar. 31, 2023 AUD ($)	Mar. 31, 2023 GBP (£)	Mar. 31, 2023 CAD ($)	Mar. 15, 2023 USD ($)	Feb. 03, 2023 USD ($)	Jan. 12, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 EUR (€)	Dec. 31, 2022 AUD ($)	Dec. 31, 2022 GBP (£)	Dec. 31, 2022 CAD ($)	Dec. 23, 2022 USD ($)	Nov. 14, 2022 USD ($)	Nov. 03, 2022 USD ($)	Sep. 16, 2022 USD ($)	Jul. 19, 2022 USD ($)	Jun. 23, 2022 USD ($)
Debt Instrument [Line Items]
Total	$ 4,673,745								$ 3,629,081
Total	3,000,463								2,344,647
Total	3,001,030								2,342,067
Unused Portion	1,673,282								1,284,434
Remaining borrowing capacity	1,091,626								663,811
Unamortized issuance costs	6,922								3,572
HLEND A Funding Facility | Line of Credit
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity	800,000						$ 600,000		800,000					$ 800,000
Maximum principal amount														$ 800,000
Outstanding Principal	604,569	€ 7.5	$ 34.9	£ 12.9					453,663	€ 8.3	$ 34.9	£ 14.3
Long-term debt, carrying value	604,569								453,663
Unused Portion	195,431								346,337
Remaining borrowing capacity	12,242								138,870
HLEND B Funding Facility | Line of Credit
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity	1,000,000								1,000,000								$ 1,000,000	$ 500,000
Outstanding Principal	512,560	3.4	39.0	36.3					482,084	3.4	39.0	36.3
Long-term debt, carrying value	512,560								482,084
Unused Portion	487,440								517,916
Remaining borrowing capacity	403,425								104,760
HLEND C Funding Facility | Line of Credit
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity	400,000							$ 400,000
Outstanding Principal	100,000
Long-term debt, carrying value	100,000
Unused Portion	300,000
Remaining borrowing capacity	235,548
HLEND D Funding Facility | Line of Credit
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity	250,000
Outstanding Principal	0
Long-term debt, carrying value	0
Unused Portion	250,000
Remaining borrowing capacity	0
Senior Secured Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity	1,125,000								1,125,000							$ 1,125,000			$ 925,000
Outstanding Principal	684,589	€ 132.4	$ 285.3	£ 102.6	$ 47.1				704,819	€ 111.2	$ 285.3	£ 59.5	$ 47.1
Long-term debt, carrying value	684,589								704,819
Unused Portion	440,411								420,181
Remaining borrowing capacity	440,411								420,181
November 2025 Notes | Senior Notes
Debt Instrument [Line Items]
Maximum principal amount	170,000								170,000						$ 170,000
Outstanding Principal	170,000								170,000
Long-term debt, carrying value	169,019								168,462
Unamortized issuance costs	1,700								1,900
Net cumulative increase (decrease) from hedging activities	700								300
November 2027 Notes | Senior Notes
Debt Instrument [Line Items]
Maximum principal amount	155,000								155,000						$ 155,000
Outstanding Principal	155,000								155,000
Long-term debt, carrying value	154,733								153,958
Unamortized issuance costs	1,600								1,700
Net cumulative increase (decrease) from hedging activities	1,400								700
March 2026 Notes | Senior Notes
Debt Instrument [Line Items]
Maximum principal amount	276,000					$ 276,000
Outstanding Principal	276,000
Long-term debt, carrying value	276,923
Unamortized issuance costs	2,500
Net cumulative increase (decrease) from hedging activities	3,400
March 2028 Notes | Senior Notes
Debt Instrument [Line Items]
Maximum principal amount	124,000					$ 124,000
Outstanding Principal	124,000
Long-term debt, carrying value	124,892
Unamortized issuance costs	1,100
Net cumulative increase (decrease) from hedging activities	2,000
Short Term Financing Transactions | Securities Sold under Agreements to Repurchase
Debt Instrument [Line Items]
Maximum principal amount	373,745								379,081
Short-term debt outstanding	373,745								379,081
Short-term debt, carrying value	$ 373,745								$ 379,081

XML

Borrowings - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Debt Disclosure [Abstract]
Accrued interest expense	$ 34.6		$ 16.6
Accrued unused commitment fee	$ 1.0		$ 0.8
Weighted average interest rate on borrowings	7.63%	8.14%
Average principal debt outstanding	$ 2,672.4	$ 104.3

XML

Borrowings - Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Debt Disclosure [Abstract]
Borrowing interest expense	$ 46,521	$ 813
Facility unused fees	2,155	356
Amortization of financing and debt issuance costs	1,571	156
Financing fees	0	3,366
Backstop fees	0	1,059
Gain (loss) from interest rate swaps accounted for as hedges and the related hedged items:
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments	7,489	0
Hedged items	(7,773)	0
Total interest expense	49,963	5,750
Cash paid for interest expense	$ 31,810	$ 4,580

XML

Commitment and Contingencies (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Feb. 03, 2023	Dec. 31, 2022	Aug. 17, 2021
Other Commitments [Line Items]
Financial commitment to investee, future amount	$ 792,765			$ 895,900
Investment, minimum threshold warehousing financing required to be eligible for purchase					$ 300,000
Investment principal			$ 656,300
Unfunded commitment			$ 106,900
Financing fees	0	$ 3,366
Backstop fees	$ 0	$ 1,059
Minimum
Other Commitments [Line Items]
Investment, financing fee, rate					2.75%
Maximum
Other Commitments [Line Items]
Investment, financing fee, rate					2.95%

XML

Net Assets - Narrative (Details) $ / shares in Units, $ in Millions			3 Months Ended
	Feb. 03, 2023 USD ($) shares	Jul. 23, 2021 $ / shares shares	Mar. 31, 2023 $ / shares shares	Mar. 31, 2022 shares	Dec. 31, 2022 $ / shares	Feb. 03, 2022 $ / shares
Investment Company, Changes in Net Assets [Line Items]
Common stock, par value (in dollars per share) | $ / shares			$ 0.01		$ 0.01
Number of shares issued and sold (in shares)	20,437,880
Consideration received on transaction | $	$ 510.9
Sale of stock, price per share (in dollars per share) | $ / shares						$ 25.00
Stock repurchase program, authorized percent, quarterly			0.05
Early repurchase deduction			98.00%
Share repurchases (in shares)			1,058,626	0
Affiliated Entity
Investment Company, Changes in Net Assets [Line Items]
Consideration received on transaction | $	$ 10.0
Common Class I
Investment Company, Changes in Net Assets [Line Items]
Common stock, par value (in dollars per share) | $ / shares			$ 0.01		0.01
Number of shares issued and sold (in shares)	7,074,280
Share repurchases (in shares)			377,320	0
Common Class I | HPS Investment Partners, LLC
Investment Company, Changes in Net Assets [Line Items]
Number of shares issued and sold (in shares)		100
Sale of stock, price per share (in dollars per share) | $ / shares		$ 25.00
Common Class D
Investment Company, Changes in Net Assets [Line Items]
Common stock, par value (in dollars per share) | $ / shares			$ 0.01		0.01
Number of shares issued and sold (in shares)	1,268,000
Share repurchases (in shares)			0	0
Common Class F
Investment Company, Changes in Net Assets [Line Items]
Common stock, par value (in dollars per share) | $ / shares			$ 0.01		$ 0.01
Number of shares issued and sold (in shares)	12,095,600
Share repurchases (in shares)			681,306	0

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Net Assets - Summary of Transactions in Common Shares of Beneficial Interest (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Investment Company, Changes in Net Assets [Line Items]
Share repurchases (in shares)	(1,058,626)	0
Share repurchases	$ (25,830)
Net increase (decrease) (in shares)	6,767,958	36,418,187
Net increase (decrease)	$ 164,389	$ 912,052
Common Class I
Investment Company, Changes in Net Assets [Line Items]
Subscriptions (in shares)	903,666	10,707,249
Proceeds from shares sold	$ 21,893	$ 268,044
Share transfers between classes (in shares)	675,921	0
Share transfers between classes	$ 16,465	$ 0
Distributions reinvested (in shares)	352,176	29,909
Distributions reinvested	$ 8,526	$ 751
Share repurchases (in shares)	(377,320)	0
Share repurchases	$ (9,207)	$ 0
Early repurchase deduction (in shares)	0	0
Early repurchase deduction	$ 15	$ 0
Net increase (decrease) (in shares)	1,554,443	10,737,158
Net increase (decrease)	$ 37,692	$ 268,795
Common Class D
Investment Company, Changes in Net Assets [Line Items]
Subscriptions (in shares)	1,249,379	4,699,275
Proceeds from shares sold	$ 30,400	$ 117,825
Share transfers between classes (in shares)	0	0
Share transfers between classes	$ 0	$ 0
Distributions reinvested (in shares)	182,009	2,158
Distributions reinvested	$ 4,406	$ 54
Share repurchases (in shares)	0	0
Share repurchases	$ 0	$ 0
Early repurchase deduction (in shares)	0	0
Early repurchase deduction	$ 8	$ 0
Net increase (decrease) (in shares)	1,431,388	4,701,433
Net increase (decrease)	$ 34,814	$ 117,879
Common Class F
Investment Company, Changes in Net Assets [Line Items]
Subscriptions (in shares)	4,126,357	20,951,925
Proceeds from shares sold	$ 100,409	$ 524,684
Share transfers between classes (in shares)	(675,921)	0
Share transfers between classes	$ (16,465)	$ 0
Distributions reinvested (in shares)	1,012,997	27,671
Distributions reinvested	$ 24,524	$ 694
Share repurchases (in shares)	(681,306)	0
Share repurchases	$ (16,624)	$ 0
Early repurchase deduction (in shares)	0	0
Early repurchase deduction	$ 39	$ 0
Net increase (decrease) (in shares)	3,782,127	20,979,596
Net increase (decrease)	$ 91,883	$ 525,378

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Net Assets - Net Asset Value per Share and Offering Price (Details) - $ / shares	Mar. 31, 2023	Feb. 28, 2023	Jan. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Feb. 28, 2022	Dec. 31, 2021
Common Class S
Investment Company, Changes in Net Assets [Line Items]
Net asset value per share (in dollars per share)	$ 0	$ 0	$ 0		$ 0	$ 0
Common Class I
Investment Company, Changes in Net Assets [Line Items]
Net asset value per share (in dollars per share)	24.40	24.56	24.36	$ 23.88	25.09	25.10	$ 25.00
Common Class D
Investment Company, Changes in Net Assets [Line Items]
Net asset value per share (in dollars per share)	24.40	24.56	24.36	23.88	25.09	25.10	25.00
Common Class F
Investment Company, Changes in Net Assets [Line Items]
Net asset value per share (in dollars per share)	$ 24.40	$ 24.56	$ 24.36	$ 23.88	$ 25.09	$ 25.10	$ 25.00

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Net Assets - Distributions Declared (Details) - USD ($) $ / shares in Units, $ in Thousands						3 Months Ended		4 Months Ended
	Apr. 28, 2023	Mar. 31, 2023	Feb. 28, 2023	Apr. 29, 2022	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022	Apr. 28, 2023	Apr. 29, 2022
Investment Company, Changes in Net Assets [Line Items]
Distribution amount						$ 82,800	$ 8,100
Variable supplemental distributions to shareholders (in dollars per share)		$ 0.030	$ 0.021
Subsequent Event
Investment Company, Changes in Net Assets [Line Items]
Variable supplemental distributions to shareholders (in dollars per share)	$ 0.043
Common Class I
Investment Company, Changes in Net Assets [Line Items]
Declared net distributions (in dollars per share)		$ 0.19000	$ 0.18100	$ 0.14640	$ 0.13542	$ 0.5740	$ 0.2818		$ 0.28182
Distribution amount		$ 6,980	$ 6,441	$ 1,572	$ 958	$ 20,939	$ 2,530		$ 2,530
Common Class I | Subsequent Event
Investment Company, Changes in Net Assets [Line Items]
Declared net distributions (in dollars per share)	$ 0.20300							$ 0.57400
Distribution amount	$ 7,518							$ 20,939
Common Class D
Investment Company, Changes in Net Assets [Line Items]
Declared net distributions (in dollars per share)		$ 0.18530	$ 0.17590	$ 0.14640	$ 0.13542	$ 0.5590	$ 0.2818		$ 0.28182
Distribution amount		$ 3,351	$ 3,173	$ 688	$ 172	$ 10,276	$ 860		$ 860
Common Class D | Subsequent Event
Investment Company, Changes in Net Assets [Line Items]
Declared net distributions (in dollars per share)	$ 0.19780							$ 0.55900
Distribution amount	$ 3,752							$ 10,276
Common Class F
Investment Company, Changes in Net Assets [Line Items]
Declared net distributions (in dollars per share)		$ 0.18070	$ 0.17090	$ 0.14640	$ 0.13542	$ 0.5442	$ 0.2818		$ 0.28182
Distribution amount		$ 16,992	$ 16,003	$ 3,072	$ 1,638	$ 51,585	$ 4,710		$ 4,710
Common Class F | Subsequent Event
Investment Company, Changes in Net Assets [Line Items]
Declared net distributions (in dollars per share)	$ 0.19260							$ 0.54420
Distribution amount	$ 18,590							$ 51,585

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Net Assets - Sources of Cash Distribution For Declaration (Details) - USD ($) $ / shares in Units, $ in Thousands					3 Months Ended		4 Months Ended
	Mar. 31, 2023	Feb. 28, 2023	Apr. 29, 2022	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022	Apr. 29, 2022
Investment Company, Changes in Net Assets [Line Items]
Distribution amount					$ 82,800	$ 8,100
Common Class I
Investment Company, Changes in Net Assets [Line Items]
Distributions from net investment income (in dollars per share)					$ 0.5740	$ 0.2818
Distributions from net realized gains (in dollars per share)					0	0
Distribution amount (in dollars per share)	$ 0.19000	$ 0.18100	$ 0.14640	$ 0.13542	$ 0.5740	$ 0.2818	$ 0.28182
Net investment income					$ 20,939	$ 2,530
Net realized gains					0	0
Distribution amount	$ 6,980	$ 6,441	$ 1,572	$ 958	$ 20,939	$ 2,530	$ 2,530
Common Class D
Investment Company, Changes in Net Assets [Line Items]
Distributions from net investment income (in dollars per share)					$ 0.5590	$ 0.2818
Distributions from net realized gains (in dollars per share)					0	0
Distribution amount (in dollars per share)	$ 0.18530	$ 0.17590	$ 0.14640	$ 0.13542	$ 0.5590	$ 0.2818	$ 0.28182
Net investment income					$ 10,276	$ 860
Net realized gains					0	0
Distribution amount	$ 3,351	$ 3,173	$ 688	$ 172	$ 10,276	$ 860	$ 860
Common Class F
Investment Company, Changes in Net Assets [Line Items]
Distributions from net investment income (in dollars per share)					$ 0.5442	$ 0.2818
Distributions from net realized gains (in dollars per share)					0	0
Distribution amount (in dollars per share)	$ 0.18070	$ 0.17090	$ 0.14640	$ 0.13542	$ 0.5442	$ 0.2818	$ 0.28182
Net investment income					$ 51,585	$ 4,710
Net realized gains					0	0
Distribution amount	$ 16,992	$ 16,003	$ 3,072	$ 1,638	$ 51,585	$ 4,710	$ 4,710

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Net Assets - Summary of Share Repurchases (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) shares	Mar. 31, 2022 shares
Investment Company [Abstract]
Stock repurchase program, authorized percent, quarterly	0.05
Share repurchases | $	$ 25,830
Share repurchases (in shares) | shares	1,058,626	0
Percentage of outstanding shares purchased	0.73%

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Financial Highlights (Details) - USD ($) $ / shares in Units, $ in Thousands					3 Months Ended		4 Months Ended
	Mar. 31, 2023	Feb. 28, 2023	Apr. 29, 2022	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022	Apr. 29, 2022	Dec. 31, 2022	Dec. 31, 2021
Investment Company, Financial Highlights [Roll Forward]
Shares outstanding, end of period (in shares)	151,467,608				151,467,608			144,699,650
Supplemental Data:
Total net assets	$ 3,695,890			$ 913,586	$ 3,695,890	$ 913,586		$ 3,455,272	$ 3
Asset coverage ratio (as a percent)	223.18%				223.18%			247.37%
Common Class I
Investment Company, Financial Highlights [Roll Forward]
Net value asset, beginning balance (in dollars per share)					$ 23.88	$ 25.00	$ 25.00
Net investment income (in dollars per share)					0.67	0.44
Net unrealized and realized gain (loss) (in dollars per share)					0.42	(0.07)
Net increase (decrease) in net assets resulting from operations (in dollars per share)					1.09	0.37
Distributions from net investment income (in dollars per share)					(0.5740)	(0.2818)
Distributions from net realized gains (in dollars per share)					0	0
Declared net distributions (in dollars per share)	$ (0.19000)	$ (0.18100)	$ (0.14640)	$ (0.13542)	(0.5740)	(0.2818)	(0.28182)
Early repurchase deduction fee (in dollars per share)					0
Total increase (decrease) in net assets (in dollars per share)					0.52	0.09
Net value asset, ending balance (in dollars per share)	$ 24.40	24.56		$ 25.09	$ 24.40	$ 25.09
Shares outstanding, end of period (in shares)	36,656,322			10,737,258	36,656,322	10,737,258		35,101,879
Total return based on NAV (as a percent)					4.60%	1.49%
Ratios:
Ratio of net expenses to average net assets (as a percent)					8.90%	5.54%
Ratio of net investment income to average net assets (as a percent)					11.23%	11.13%
Portfolio turnover rate (as a percent)					1.77%	8.86%
Supplemental Data:
Asset coverage ratio (as a percent)	223.20%			487.70%	223.20%	487.70%
Ratio of operating expenses to average net assets (as a percent)						9.21%
Ratio of incentive allocation to average net assets (as a percent)						3.67%
Common Class I | Common equity
Supplemental Data:
Total net assets	$ 894,448			$ 269,356	$ 894,448	$ 269,356
Common Class D
Investment Company, Financial Highlights [Roll Forward]
Net value asset, beginning balance (in dollars per share)					$ 23.88	$ 25.00	25.00
Net investment income (in dollars per share)					0.65	0.38
Net unrealized and realized gain (loss) (in dollars per share)					0.43	(0.01)
Net increase (decrease) in net assets resulting from operations (in dollars per share)					1.08	0.37
Distributions from net investment income (in dollars per share)					(0.5590)	(0.2818)
Distributions from net realized gains (in dollars per share)					0	0
Declared net distributions (in dollars per share)	$ (0.18530)	(0.17590)	(0.14640)	$ (0.13542)	(0.5590)	(0.2818)	(0.28182)
Early repurchase deduction fee (in dollars per share)					0
Total increase (decrease) in net assets (in dollars per share)					0.52	0.09
Net value asset, ending balance (in dollars per share)	$ 24.40	24.56		$ 25.09	$ 24.40	$ 25.09
Shares outstanding, end of period (in shares)	18,969,647			4,701,433	18,969,647	4,701,433		17,538,259
Total return based on NAV (as a percent)					4.53%	1.49%
Ratios:
Ratio of net expenses to average net assets (as a percent)					9.18%	3.23%
Ratio of net investment income to average net assets (as a percent)					11.01%	9.66%
Portfolio turnover rate (as a percent)					1.77%	8.86%
Supplemental Data:
Asset coverage ratio (as a percent)	223.20%			487.70%	223.20%	487.70%
Ratio of operating expenses to average net assets (as a percent)						6.63%
Ratio of incentive allocation to average net assets (as a percent)						3.40%
Common Class D | Common equity
Supplemental Data:
Total net assets	$ 462,874			$ 117,937	$ 462,874	$ 117,937
Common Class F
Investment Company, Financial Highlights [Roll Forward]
Net value asset, beginning balance (in dollars per share)					$ 23.88	$ 25.00	25.00
Net investment income (in dollars per share)					0.64	0.43
Net unrealized and realized gain (loss) (in dollars per share)					0.42	(0.06)
Net increase (decrease) in net assets resulting from operations (in dollars per share)					1.06	0.37
Distributions from net investment income (in dollars per share)					(0.5442)	(0.2818)
Distributions from net realized gains (in dollars per share)					0	0
Declared net distributions (in dollars per share)	$ (0.18070)	(0.17090)	$ (0.14640)	$ (0.13542)	(0.5442)	(0.2818)	$ (0.28182)
Early repurchase deduction fee (in dollars per share)					0
Total increase (decrease) in net assets (in dollars per share)					0.52	0.09
Net value asset, ending balance (in dollars per share)	$ 24.40	$ 24.56		$ 25.09	$ 24.40	$ 25.09
Shares outstanding, end of period (in shares)	95,841,639			20,979,596	95,841,639	20,979,596		92,059,512
Total return based on NAV (as a percent)					4.47%	1.49%
Ratios:
Ratio of net expenses to average net assets (as a percent)					9.39%	5.14%
Ratio of net investment income to average net assets (as a percent)					10.71%	10.87%
Portfolio turnover rate (as a percent)					1.77%	8.86%
Supplemental Data:
Asset coverage ratio (as a percent)	223.20%			487.70%	223.20%	487.70%
Ratio of operating expenses to average net assets (as a percent)						9.21%
Ratio of incentive allocation to average net assets (as a percent)						4.08%
Common Class F | Common equity
Supplemental Data:
Total net assets	$ 2,338,568			$ 526,293	$ 2,338,568	$ 526,293

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Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands									3 Months Ended		4 Months Ended
	May 31, 2023	May 01, 2023	Apr. 28, 2023	Apr. 01, 2023	Mar. 31, 2023	Feb. 28, 2023	Apr. 29, 2022	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022	Apr. 28, 2023	Apr. 29, 2022
Subsequent Event [Line Items]
Proceeds from issuance of Common Shares									$ 152,702	$ 910,553
Common Class I
Subsequent Event [Line Items]
Declared net distributions (in dollars per share)					$ 0.19000	$ 0.18100	$ 0.14640	$ 0.13542	$ 0.5740	$ 0.2818		$ 0.28182
Common Class D
Subsequent Event [Line Items]
Declared net distributions (in dollars per share)					0.18530	0.17590	0.14640	0.13542	0.5590	0.2818		0.28182
Common Class F
Subsequent Event [Line Items]
Declared net distributions (in dollars per share)					$ 0.18070	$ 0.17090	$ 0.14640	$ 0.13542	$ 0.5442	$ 0.2818		$ 0.28182
Subsequent Event
Subsequent Event [Line Items]
Proceeds from issuance of Common Shares		$ 73,700		$ 64,000
Subsequent Event | Forecast
Subsequent Event [Line Items]
Declared net distributions (in dollars per share)	$ 0.0440
Subsequent Event | Common Class I
Subsequent Event [Line Items]
Declared net distributions (in dollars per share)			$ 0.20300								$ 0.57400
Subsequent Event | Common Class I | Forecast
Subsequent Event [Line Items]
Declared net distributions (in dollars per share)	0.1600
Subsequent Event | Common Class D
Subsequent Event [Line Items]
Declared net distributions (in dollars per share)			0.19780								0.55900
Subsequent Event | Common Class D | Forecast
Subsequent Event [Line Items]
Declared net distributions (in dollars per share)	0.1550
Subsequent Event | Common Class F
Subsequent Event [Line Items]
Declared net distributions (in dollars per share)			$ 0.19260								$ 0.54420
Subsequent Event | Common Class F | Forecast
Subsequent Event [Line Items]
Declared net distributions (in dollars per share)	$ 0.1500