10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

For the quarterly period ended March 31, 2024

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 No. 814-01512

ARES STRATEGIC INCOME FUND

(Exact name of Registrant as specified in its charter) 

Delaware	88-6432468
(State or other jurisdiction of	(I.R.S. Employer
incorporation or organization)	Identification Number)

245 Park Avenue, 44th Floor, New York, NY 10167

(Address of principal executive office)   (Zip Code)

(212) 750-7300

(Registrant’s telephone number, including area code)

____________________________________________________________________

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

Title of each class	Trading symbol	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  ý  No  o

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 ý No o

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 definitions 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 ý	Smaller reporting company o
	Emerging growth company ý

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 Securities Act. o

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

The number of shares of Registrant’s common shares, $0.01 par value per share, outstanding as of May 9, 2024 was 83,735,555, 18,200,342 and 2,769,616 of Class I, Class S and Class D common shares, respectively. Common shares outstanding exclude May 1, 2024 subscriptions since the issuance price is not yet finalized at this time.

ARES STRATEGIC INCOME FUND

TABLE OF CONTENTS

Part I.	Financial Information
Item 1.	Financial Statements
	Consolidated Statement of Assets and Liabilities as of March 31, 2024 (unaudited) and December 31, 2023	3
	Consolidated Statement of Operations for the three months ended March 31, 2024 and 2023 (unaudited)	4
	Consolidated Schedule of Investments as of March 31, 2024 (unaudited) and December 31, 2023	5
	Consolidated Statement of Change in Net Assets for the three months ended March 31, 2024 and 2023 (unaudited)	43
	Consolidated Statement of Cash Flows for the three months ended March 31, 2024 and 2023 (unaudited)	44
	Notes to Consolidated Financial Statements (unaudited)	45
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	74
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	91
Item 4.	Controls and Procedures	92
Part II.	Other Information	94
Item 1.	Legal Proceedings	94
Item 1A.	Risk Factors	94
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	94
Item 3.	Defaults Upon Senior Securities	94
Item 4.	Mine Safety Disclosures	94
Item 5.	Other Information	94
Item 6.	Exhibits	95
	Signatures	96

2

PART I - FINANCIAL INFORMATION

Item 1. Financial Statement

ARES STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES

(in thousands, except per share data)

	As of
	March 31, 2024		December 31, 2023
	(unaudited)
ASSETS
Investments at fair value
Non-controlled/non-affiliate company investments (amortized cost of $3,435,384 and $2,556,784, respectively)	$	3,462,767	$	2,577,558
Cash and cash equivalents	68,497		57,972
Interest receivable	21,802		18,126
Receivable for open trades	81,651		21,971
Other assets	31,115		29,925
Total assets	$	3,665,832	$	2,705,552
LIABILITIES
Debt	$	905,203	$	710,325
Base management fee payable	4,597		1,851
Income based fee payable	6,051		4,606
Capital gains incentive fee payable	4,489		3,162
Interest and facility fees payable	2,247		1,656
Payable for open trades	361,151		199,602
Accounts payable and other liabilities	9,181		9,089
Distribution payable	18,149		13,645
Distribution and servicing fee payable	334		224
Total liabilities	1,311,402		944,160
Commitments and contingencies (Note 7)
NET ASSETS
Common shares, par value $0.01 per share, unlimited common shares authorized; 86,250 and 64,721 common shares issued and outstanding, respectively	862		647
Capital in excess of par value	2,304,532		1,719,185
Accumulated earnings	49,036		41,560
Total net assets	2,354,430		1,761,392
Total liabilities and net assets	$	3,665,832	$	2,705,552
NET ASSET VALUE PER SHARE
Class I Shares:
Net assets	$	1,839,270	$	1,413,632
Common shares outstanding ($0.01 par value, unlimited shares authorized)	67,378		51,943
Net asset value per share	$	27.30	$	27.22
Class S Shares:
Net assets	$	445,988	$	298,608
Common shares outstanding ($0.01 par value, unlimited shares authorized)	16,338		10,972
Net asset value per share	$	27.30	$	27.22
Class D Shares:
Net assets	$	69,172	$	49,152
Common shares outstanding ($0.01 par value, unlimited shares authorized)	2,534		1,806
Net asset value per share	$	27.30	$	27.22

See accompanying notes to consolidated financial statements.

3

ARES STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF OPERATIONS

(in thousands)

(unaudited)

	For the Three Months Ended March 31,
	2024		2023
INVESTMENT INCOME:
From non-controlled/non-affiliate company investments:
Interest income	$	75,406	$	5,246
Dividend income	483		—
Other income	1,794		106
Total investment income from non-controlled/non-affiliate company investments	77,683		5,352
EXPENSES:
Interest and credit facility fees	17,412		1,181
Base management fee	6,649		684
Income based fee	6,051		—
Capital gains incentive fee	1,383		74
Offering expenses	1,792		—
Shareholder servicing and distribution fees
Class S	822		—
Class D	40		—
Administrative and other fees	1,332		684
Other general and administrative	1,864		582
Total expenses	37,345		3,205
Expense support (Note 3)	(5,969)		(2,895)
Net expenses	31,376		310
NET INVESTMENT INCOME BEFORE INCOME TAXES	46,307		5,042
Income tax expense, including excise tax	228		—
NET INVESTMENT INCOME	46,079		5,042
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gains (losses):
Net realized gains from non-controlled/non-affiliate company investments	3,082		1,340
Net realized losses on foreign currency transactions	(122)		—
Net realized gains	2,960		1,340
Net unrealized gains (losses):
Net unrealized gains (losses) from non-controlled/non-affiliate company investments	7,375		(490)
Net unrealized gains on foreign currency transactions	729		—
Net unrealized gains (losses)	8,104		(490)
Net realized and unrealized gains on investments and foreign currency transactions	11,064		850
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	57,143	$	5,892

See accompanying notes to consolidated financial statements.

4

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2024

(dollar amounts in thousands)

(unaudited)

Company (1)	Investment	Coupon (2)	Reference (4)	Spread (2)	Acquisition Date	Maturity Date	Shares/ Units	Principal		Amortized Cost		Fair Value			% of Net Assets
Software and Services
Access CIG, LLC	First lien senior secured loan	10.33%	SOFR (M)	5.00%		08/2028		$	18,090.5	$	17,869.3	$	18,090.5	(5)
Activate Holdings (US) Corp. and CrossPoint Capital AS SPV, LP (10)	First lien senior secured loan	11.56%	SOFR (Q)	6.25%		07/2030		13,873.9		13,528.3		13,873.9		(3)(5)(6)
	Limited partnership interests	8.00% PIK			10/2023		100,000			102.5		127.9		(3)(6)
										13,630.8		14,001.8
Applied Systems, Inc.	First lien senior secured loan	9.81%	SOFR (Q)	4.50%		02/2031		13,027.6		13,028.1		13,099.7
AppLovin Corporation	First lien senior secured loan	7.83%	SOFR (M)	2.50%		08/2030		8,600.0		8,578.6		8,589.3		(3)(5)
Aptean, Inc. and Aptean Acquiror Inc. (10)	First lien senior secured loan	10.57%	SOFR (S)	5.25%		01/2031		34,974.0		34,605.2		34,578.1		(5)(6)
BCTO Ignition Purchaser, Inc.	First lien senior secured loan	14.30% PIK	SOFR (Q)	9.00%		10/2030		16,456.5		16,063.8		16,456.5		(3)(5)(6)
Blackhawk Network Holdings Inc.	First lien senior secured loan	10.33%	SOFR (M)	5.00%		03/2029		4,100.0		4,018.5		4,102.5		(5)
Bobcat Purchaser, LLC and Bobcat Topco, L.P. (10)	First lien senior secured loan	11.56%	SOFR (Q)	6.25%		06/2030		13,337.2		13,041.6		13,337.2		(5)(6)
	Class A-1 units				06/2023		113,541			113.5		113.5		(6)
										13,155.1		13,450.7
Boxer Parent Company Inc.	First lien senior secured loan	9.58%	SOFR (M)	4.25%		12/2028		9,383.8		9,358.0		9,436.6		(3)
CCC Intelligent Solutions Inc.	First lien senior secured loan	7.69%	SOFR (M)	2.25%		09/2028		3,806.9		3,807.9		3,800.5		(3)(5)
Cloud Software Group, Inc. and Picard Parent, Inc.	First lien senior secured loan	9.91%	SOFR (B)	4.50%		09/2028		43,059.4		41,618.9		42,850.1		(5)
	First lien senior secured loan	9.91%	SOFR (B)	4.50%		03/2029		6,596.6		6,252.5		6,561.8		(5)
	First lien senior secured loan	9.73%	SOFR (S)	4.50%		04/2029		15,000.0		14,887.5		14,897.0		(5)
	Second lien senior secured notes	9.00%				09/2029		100.0		81.1		95.9
										62,840.0		64,404.8
Conservice Midco, LLC	First lien senior secured loan	9.58%	SOFR (M)	4.25%		05/2027		11,461.0		11,452.5		11,486.2
Coupa Holdings, LLC and Coupa Software Incorporated (10)	First lien senior secured loan	12.81%	SOFR (Q)	7.50%		02/2030		4,590.2		4,493.2		4,590.2		(5)(6)
Dayforce, Inc.	First lien senior secured loan	7.83%	SOFR (M)	2.50%		03/2031		3,750.0		3,740.7		3,743.0		(3)
Echo Purchaser, Inc. (10)	First lien senior secured loan	10.83%	SOFR (M)	5.50%		11/2029		26,184.4		25,691.4		25,660.7		(5)(6)
Edmunds Govtech, Inc. (10)	First lien senior secured revolving loan	9.30%	SOFR (Q)	4.00%		02/2030		301.4		289.6		289.4		(5)(6)
	First lien senior secured loan	10.80%	SOFR (Q)	5.50%		02/2031		3,138.6		3,076.7		3,075.8		(5)(6)
										3,366.3		3,365.2
Ensono, Inc.	First lien senior secured loan	9.44%	SOFR (M)	4.00%		05/2028		2,253.8		2,186.2		2,181.0		(5)
Epicor Software Corporation	First lien senior secured loan	9.08%	SOFR (M)	3.75%		07/2027		6,483.8		6,437.9		6,511.6		(5)
	First lien senior secured loan	8.69%	SOFR (M)	3.25%		07/2027		6,439.3		6,402.4		6,457.8		(5)
										12,840.3		12,969.4
eResearch Technology, Inc.	First lien senior secured loan	9.94%	SOFR (M)	4.50%		02/2027		29,845.0		28,731.9		29,922.3		(5)
	Second lien senior secured loan	13.43%	SOFR (M)	8.00%		02/2028		8,904.5		8,409.1		8,904.5		(6)
										37,141.0		38,826.8
Finastra USA, Inc., DH Corporation/Societe DH, and Finastra Europe S.A R.L. (10)	First lien senior secured loan	12.46%	SOFR (Q)	7.25%		09/2029		22,650.4		22,237.2		22,650.4		(3)(5)(6)

See accompanying notes to consolidated financial statements.

5

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2024

(dollar amounts in thousands)

(unaudited)

Company (1)	Investment	Coupon (2)	Reference (4)	Spread (2)	Acquisition Date	Maturity Date	Shares/ Units	Principal	Amortized Cost	Fair Value		% of Net Assets
Flexera Software LLC	First lien senior secured loan	9.19%	SOFR (M)	3.75%		03/2028		12,108.9	12,093.2	12,127.4	(5)
Gainwell Acquisition Corp.	First lien senior secured loan	9.41%	SOFR (Q)	4.00%		10/2027		11,501.6	11,287.1	10,978.3	(5)
Genesys Cloud Services Holdings I, LLC	First lien senior secured loan	9.33%	SOFR (M)	4.00%		12/2027		7,022.8	7,036.4	7,039.1	(5)
	First lien senior secured loan	9.19%	SOFR (M)	3.75%		12/2027		10,000.0	9,975.2	10,031.3	(5)
									17,011.6	17,070.4
Greeneden U.S. Holdings I, LLC	First lien senior secured loan	8.73%	SOFR (S)	3.50%		12/2027		1,016.1	1,016.1	1,018.1	(5)
Guidepoint Security Holdings, LLC (10)	First lien senior secured loan	11.32%	SOFR (Q)	6.00%		10/2029		6,116.2	6,003.5	5,993.8	(5)(6)
Hakken Midco B.V. (10)	First lien senior secured loan	10.93%	Euribor (Q)	7.00%		07/2030		4,608.5	4,549.3	4,608.5	(3)(5)(6)
Hyland Software, Inc. (10)	First lien senior secured loan	11.33%	SOFR (M)	6.00%		09/2030		23,837.3	23,505.8	23,837.3	(5)(6)
Icefall Parent, Inc. (10)	First lien senior secured loan	11.80%	SOFR (S)	6.50%		01/2030		11,140.8	10,923.5	10,918.0	(5)(6)
Idemia Group S.A.S.	First lien senior secured loan	9.56%	SOFR (Q)	4.25%		09/2028		3,980.0	3,945.3	3,999.9	(3)(5)(6)
Imagine Learning LLC	First lien senior secured loan	8.94%	SOFR (M)	3.50%		12/2029		2,450.0	2,438.0	2,439.9	(5)
Imprivata, Inc.	First lien senior secured loan	8.73%	SOFR (S)	3.50%		12/2027		679.8	679.8	679.8	(5)(6)
Instructure Holdings, Inc.	First lien senior secured loan	8.35%	SOFR (Q)	2.75%		10/2028		9,171.5	9,108.6	9,160.1	(3)(5)
ISolved, Inc.	First lien senior secured loan	9.33%	SOFR (M)	4.00%		10/2030		8,381.2	8,334.9	8,417.9	(5)
Marcel Bidco GmbH	First lien senior secured loan	9.81%	SOFR (M)	4.50%		11/2030		10,884.3	10,831.1	10,959.2	(3)(5)
MH Sub I, LLC	First lien senior secured loan	9.58%	SOFR (M)	4.25%		05/2028		5,486.2	5,372.7	5,447.5	(5)
Mitchell International, Inc.	First lien senior secured loan	9.19%	SOFR (M)	3.75%		10/2028		15,062.0	14,726.0	15,061.2	(5)
	Second lien senior secured loan	11.94%	SOFR (M)	6.50%		10/2029		145.8	135.2	145.6	(5)
									14,861.2	15,206.8
Mosel Bidco SE	First lien senior secured loan	10.06%	SOFR (Q)	4.75%		09/2030		8,112.1	8,108.8	8,122.2	(3)(5)(6)
Netsmart, Inc. and Netsmart Technologies, Inc.	First lien senior secured loan	9.19%	SOFR (M)	3.75%		10/2027		34,785.2	34,595.1	34,829.0	(5)
Open Text Corporation	First lien senior secured loan	8.18%	SOFR (M)	2.75%		01/2030		7,134.1	7,118.3	7,142.3	(3)(5)
Polaris Newco, LLC	First lien senior secured loan	9.57%	SOFR (B)	4.00%		06/2028		4,469.9	4,284.9	4,424.5	(5)
Project Boost Purchaser, LLC	First lien senior secured loan	8.94%	SOFR (M)	3.50%		06/2026		11,413.7	11,314.0	11,430.0
	First lien senior secured loan	8.96%	SOFR (Q)	3.50%		05/2026		11,497.6	11,473.2	11,520.1	(5)
									22,787.2	22,950.1
Proofpoint, Inc.	First lien senior secured loan	8.69%	SOFR (M)	3.25%		08/2028		35,585.6	35,438.0	35,586.0	(5)
PushPay USA Inc. (10)	First lien senior secured loan	12.21%	SOFR (Q)	6.75%		05/2030		4,619.6	4,498.8	4,619.6	(5)(6)
Quartz AcquireCo, LLC	First lien senior secured loan	8.81%	SOFR (Q)	3.50%		06/2030		8,462.5	8,449.2	8,473.1
RealPage, Inc.	First lien senior secured loan	8.44%	SOFR (M)	3.00%		04/2028		13,648.0	13,555.2	13,268.8	(5)
	Second lien senior secured loan	11.94%	SOFR (M)	6.50%		04/2029		37,885.0	37,782.9	37,127.3	(5)(6)
									51,338.1	50,396.1
Severin Acquisition, LLC	First lien senior secured loan	8.31%	SOFR (Q)	3.00%		08/2027		10,435.7	10,416.9	10,446.6	(3)
Sophia, L.P.	First lien senior secured loan	9.68%	SOFR (M)	4.25%		10/2029		13,880.8	13,779.5	13,932.9	(5)
Tenable Holdings, Inc.	First lien senior secured loan	8.19%	SOFR (M)	2.75%		07/2028		3,421.3	3,421.3	3,419.8	(3)(5)

See accompanying notes to consolidated financial statements.

6

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2024

(dollar amounts in thousands)

(unaudited)

Company (1)	Investment	Coupon (2)	Reference (4)	Spread (2)	Acquisition Date	Maturity Date	Shares/ Units	Principal	Amortized Cost	Fair Value		% of Net Assets
UserZoom Technologies, Inc.	First lien senior secured loan	12.99%	SOFR (Q)	7.50%		04/2029		634.4	619.1	628.1	(5)(6)
Verscend Holding Corp.	First lien senior secured loan	9.44%	SOFR (M)	4.00%		08/2025		24,787.5	24,786.2	24,787.5
Webpros Luxembourg S.a.r.l.	First lien senior secured loan	9.33%	SOFR (S)	4.00%		03/2031		5,000.0	5,008.8	5,006.3	(3)(6)
									696,716.0	703,110.9		29.86	%
Health Care Services
Amerivet Partners Management, Inc. and AVE Holdings LP (10)	Subordinated loan	16.50% PIK				12/2030		31,113.2	29,427.1	29,042.7	(6)
	Class A units				03/2024		1,575		1,575.0	1,575.0	(6)
	Class C units				11/2023		3,849		768.4	768.0	(6)
									31,770.5	31,385.7
Artivion, Inc. (10)	First lien senior secured revolving loan	9.30%	SOFR (S)	4.00%		01/2030		1,983.0	1,887.2	1,883.9	(3)(5)(6)
	First lien senior secured loan	11.80%	SOFR (Q)	6.50%		01/2030		26,884.3	26,233.4	26,212.2	(3)(5)(6)
									28,120.6	28,096.1
athenahealth Group Inc.	First lien senior secured loan	8.58%	SOFR (M)	3.25%		02/2029		33,401.9	32,488.0	33,041.8	(5)
Avalign Holdings, Inc. and Avalign Technologies, Inc. (10)	First lien senior secured loan	11.83%	SOFR (M)	6.50%		12/2028		26,559.6	26,035.2	26,028.4	(5)(6)
Bracket Intermediate Holding Corp.	First lien senior secured loan	10.40%	SOFR (Q)	5.00%		05/2028		16,400.1	16,233.4	16,424.7	(5)
Confluent Medical Technologies, Inc.	First lien senior secured loan	9.06%	SOFR (Q)	3.75%		02/2029		7,108.2	7,025.0	7,090.4	(5)(6)
Electron Bidco Inc.	First lien senior secured loan	8.44%	SOFR (M)	3.00%		11/2028		10,454.0	10,385.9	10,470.3	(5)
Empower Payments Investor, LLC (10)	First lien senior secured loan	10.48%	SOFR (S)	5.25%		03/2031		12,325.6	12,081.0	12,079.1	(5)(6)
Ensemble RCM, LLC	First lien senior secured loan	9.07%	SOFR (Q)	3.75%		08/2029		19,418.7	19,401.9	19,455.2
Financiere Mendel	First lien senior secured loan	9.56%	SOFR (Q)	4.25%		11/2030		8,000.0	7,929.4	8,006.0	(3)
Gentiva Health Services, Inc.	First lien senior secured loan	10.57%	SOFR (M)	5.25%		02/2028		5,802.2	5,816.3	5,816.1	(5)
Lifepoint Health Inc	First lien senior secured loan	11.09%	SOFR (Q)	5.50%		11/2028		7,785.6	7,566.4	7,803.6
Mamba Purchaser, Inc.	First lien senior secured loan	8.94%	SOFR (M)	3.50%		10/2028		13,324.9	13,237.3	13,320.9	(5)
	Second lien senior secured loan	11.94%	SOFR (M)	6.50%		10/2029		2,113.0	2,097.5	2,086.6	(5)
									15,334.8	15,407.5
Medline Borrower, LP	First lien senior secured loan	8.33%	SOFR (M)	3.00%		10/2028		14,560.7	14,514.8	14,592.0	(5)
Next Holdco, LLC (10)	First lien senior secured loan	11.32%	SOFR (Q)	6.00%		11/2030		5,786.1	5,704.0	5,699.4	(5)(6)
Nomi Health, Inc.	First lien senior secured loan	13.58%	SOFR (S)	8.25%		07/2028		11,639.2	11,337.1	11,406.4	(5)(6)
	Warrant to purchase shares of Series B preferred stock				07/2023	07/2033	10,142		—	64.2	(6)
									11,337.1	11,470.6
Option Care Health Inc	First lien senior secured loan	8.19%	SOFR (M)	2.75%		10/2028		5,879.8	5,878.5	5,894.5	(3)(5)
Paragon 28, Inc. and Paragon Advanced Technologies, Inc. (10)	First lien senior secured revolving loan	9.33%	SOFR (Q)	4.00%		11/2028		0.5	0.5	0.5	(3)(5)(6)
	First lien senior secured loan	12.08%	SOFR (S)	6.75%		11/2028		21,214.9	20,726.3	20,684.5	(3)(5)(6)
									20,726.8	20,685.0
PointClickCare Technologies Inc.	First lien senior secured loan	8.57%	SOFR (Q)	3.00%		12/2027		5,960.1	5,949.7	5,963.9	(3)(5)

See accompanying notes to consolidated financial statements.

7

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2024

(dollar amounts in thousands)

(unaudited)

Company (1)	Investment	Coupon (2)	Reference (4)	Spread (2)	Acquisition Date	Maturity Date	Shares/ Units	Principal	Amortized Cost	Fair Value		% of Net Assets
Radnet Management, Inc.	First lien senior secured loan	8.57%	SOFR (Q)	3.00%		04/2028		14,165.5	14,165.5	14,163.6	(3)(5)
Select Medical Corporation	First lien senior secured loan	8.33%	SOFR (M)	3.00%		03/2027		10,164.2	10,142.3	10,170.6	(3)
Sharp Midco LLC	First lien senior secured loan	9.41%	SOFR (Q)	4.00%		12/2028		6,473.4	6,473.4	6,461.3	(5)
	First lien senior secured loan	9.81%	SOFR (Q)	4.50%		12/2028		3,350.0	3,304.3	3,347.9	(5)
									9,777.7	9,809.2
Sotera Health Holdings, LLC	First lien senior secured loan	9.08%	SOFR (M)	3.75%		12/2026		2,977.5	2,977.5	2,964.5	(3)(5)
	First lien senior secured loan	8.19%	SOFR (M)	2.75%		12/2026		8,377.1	8,360.6	8,331.7	(3)(5)
									11,338.1	11,296.2
Surgery Center Holdings, Inc.	First lien senior secured loan	8.83%	SOFR (M)	3.50%		12/2030		12,536.2	12,535.2	12,586.7	(3)
United Digestive MSO Parent, LLC and Koln Co-Invest Unblocked, LP (8)	First lien senior secured revolving loan	12.07%	SOFR (Q)	6.75%		03/2029		396.2	360.9	396.2	(5)(6)
	First lien senior secured loan	12.21%	SOFR (Q)	6.75%		03/2029		10,647.2	10,381.4	10,647.2	(5)(6)
	Class A interests				03/2023		100		100.0	98.8	(6)
									10,842.3	11,142.2
Viant Medical Holdings, Inc.	First lien senior secured loan	9.19%	SOFR (M)	3.75%		07/2025		31,713.3	31,119.5	31,562.6
	Second lien senior secured loan	13.19%	SOFR (M)	7.75%		07/2026		67.1	64.4	65.8
									31,183.9	31,628.4
Waystar Technologies, Inc.	First lien senior secured loan	9.33%	SOFR (M)	4.00%		10/2029		18,349.3	18,327.5	18,376.9
Zelis Cost Management Buyer, Inc.	First lien senior secured loan	8.08%	SOFR (M)	2.75%		09/2029		15,435.9	15,374.6	15,427.3
									417,986.4	420,011.4		17.84	%
Consumer Services
Alterra Mountain Company	First lien senior secured loan	9.15%	SOFR (M)	3.75%		05/2030		9,287.6	9,284.9	9,322.4	(6)
	First lien senior secured loan	8.94%	SOFR (M)	3.50%		08/2028		1,280.3	1,270.2	1,284.0	(5)
	First lien senior secured loan	8.58%	SOFR (S)	3.25%		08/2028		1,028.5	1,028.5	1,031.5
									11,583.6	11,637.9
Apex Service Partners, LLC and Apex Service Partners Holdings, LLC (10)	First lien senior secured revolving loan	11.82%	SOFR (Q)	6.50%		10/2029		775.0	727.8	724.0	(5)(6)
	First lien senior secured loan	12.32% (2.00% PIK)	SOFR (Q)	7.00%		10/2030		29,115.3	28,370.3	28,318.2	(5)(6)
	Series B common units				10/2023		45,351		1,250.0	1,448.9	(6)
									30,348.1	30,491.1
Belfor Holdings, Inc.	First lien senior secured loan	9.08%	SOFR (M)	3.75%		11/2030		15,436.2	15,312.9	15,494.1	(5)(6)
Caesars Entertainment Inc	First lien senior secured loan	8.04%	SOFR (S)	2.75%		02/2031		7,000.0	6,982.9	7,000.0	(3)(5)
	First lien senior secured loan	8.66%	SOFR (Q)	3.25%		02/2030		8,444.0	8,432.8	8,458.1	(3)(5)
									15,415.7	15,458.1
ClubCorp Holdings, Inc.	First lien senior secured loan	10.56%	SOFR (Q)	5.00%		09/2026		9,027.7	8,880.1	9,035.0
Equinox Holdings, Inc.	First lien senior secured loan	13.56% (4.13% PIK)	SOFR (Q)	8.25%		03/2029		41,747.2	40,709.1	40,703.6	(5)(6)
	Second lien senior secured loan	13.50%				06/2027		3,348.2	3,249.4	3,247.8	(6)
									43,958.5	43,951.4

See accompanying notes to consolidated financial statements.

8

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2024

(dollar amounts in thousands)

(unaudited)

Company (1)	Investment	Coupon (2)	Reference (4)	Spread (2)	Acquisition Date	Maturity Date	Shares/ Units	Principal	Amortized Cost	Fair Value		% of Net Assets
Eternal Aus Bidco Pty Ltd (10)	First lien senior secured loan	10.64%	BBSY (Q)	6.25%		10/2029		6,416.6	6,351.6	6,416.6	(3)(5)(6)
Excel Fitness Consolidator LLC (10)	First lien senior secured loan	10.85%	SOFR (Q)	5.50%		04/2029		6,633.3	6,485.2	6,633.3	(5)(6)
Fertitta Entertainment, LLC	First lien senior secured loan	9.08%	SOFR (M)	3.75%		01/2029		12,319.3	12,278.1	12,342.5	(5)
Flint OpCo, LLC (10)	First lien senior secured loan	10.56%	SOFR (Q)	5.25%		08/2030		9,271.1	9,075.6	9,271.1	(5)(6)
Gems Menasa (Cayman) Limited	First lien senior secured loan	10.08%	SOFR (Q)	4.75%		07/2026		8,817.4	8,841.0	8,839.5	(3)(5)
GroundWorks, LLC (10)	First lien senior secured loan	8.83%	SOFR (S)	3.50%		03/2031		13,177.7	13,070.5	13,165.5
GS SEER Group Borrower LLC and GS SEER Group Holdings LLC (10)	First lien senior secured loan	12.06%	SOFR (Q)	6.75%		04/2030		11,493.6	11,133.9	11,493.6	(5)(6)
	Class A common units				04/2023		100		100.0	89.4	(6)
									11,233.9	11,583.0
Helios Service Partners, LLC and Astra Service Partners, LLC (10)	First lien senior secured revolving loan	11.56%	SOFR (Q)	6.00%		03/2027		0.6	0.6	0.6	(5)(6)(9)
	First lien senior secured loan	11.82%	SOFR (Q)	6.25%		03/2027		8,437.4	8,298.6	8,437.4	(5)(6)
									8,299.2	8,438.0
Infinity Home Services HoldCo, Inc., D&S Amalco and IHS Parent Holdings, L.P. (8)	First lien senior secured revolving loan	14.25%	Base Rate (Q)	5.75%		12/2028		79.6	68.9	79.6	(3)(5)(6)
	First lien senior secured loan	12.16%	SOFR (Q)	6.75%		12/2028		4,409.3	4,304.8	4,409.3	(3)(5)(6)
	First lien senior secured loan	11.31%	CDOR (M)	6.00%		12/2028		1,024.4	862.3	1,024.8	(3)(5)(6)
	Class A units				12/2022		50,000		50.0	65.9	(6)
									5,286.0	5,579.6
IRB Holding Corp.	First lien senior secured loan	8.18%	SOFR (M)	2.75%		12/2027		15,303.2	15,233.2	15,299.9	(5)
Learning Care Group (US) No. 2 Inc.	First lien senior secured loan	10.07%	SOFR (Q)	4.75%		08/2028		5,957.9	5,928.9	5,959.1	(5)
Leviathan Intermediate Holdco, LLC and Leviathan Holdings, L.P. (10)	First lien senior secured loan	12.96%	SOFR (Q)	7.50%		12/2027		16,534.4	16,190.1	16,534.4	(5)(6)
	Limited partnership interests				12/2022		133,000		133.0	175.5	(6)
									16,323.1	16,709.9
Mister Car Wash Holdings, Inc.	First lien senior secured loan	8.48%	SOFR (S)	3.25%		03/2031		10,000.0	10,000.0	10,016.7	(3)
Motion Acquisition Limited	First lien senior secured loan	9.07%	SOFR (Q)	3.50%		11/2029		9,086.5	9,043.5	9,066.0	(3)
Northwinds Holding, Inc. and Northwinds Services Group LLC (10)	First lien senior secured revolving loan	11.83%	SOFR (Q)	6.50%		05/2029		416.7	374.3	416.7	(5)(6)
	First lien senior secured loan	12.16%	SOFR (S)	6.50%		05/2029		11,470.3	11,133.6	11,470.3	(5)(6)
	Common units				05/2023		121,368		166.7	173.6	(6)
									11,674.6	12,060.6
Ontario Gaming GTA LP	First lien senior secured loan	9.56%	SOFR (Q)	4.25%		08/2030		5,486.3	5,477.6	5,502.9	(3)(5)
PestCo Holdings, LLC and PestCo, LLC (10)	First lien senior secured loan	11.46%	SOFR (Q)	6.00%		02/2028		10,458.5	10,173.9	10,458.5	(5)(6)
	Class A units				01/2023		8		100.0	138.3	(6)
									10,273.9	10,596.8
PG Investment Company 59 S.a r.l.	First lien senior secured loan	9.31%	SOFR (S)	4.00%		02/2031		6,000.0	5,985.0	6,007.5	(3)(6)
Radiant Intermediate Holding, LLC	First lien senior secured loan	11.19%	SOFR (Q)	5.75%		11/2026		903.1	885.1	849.0	(5)(6)
Restaurant Brands International Inc.	First lien senior secured loan	7.58%	SOFR (M)	2.25%		09/2030		11,970.0	11,937.5	11,958.0	(3)
Service Logic Acquisition, Inc. and MSHC, Inc.	First lien senior secured loan	9.57%	SOFR (Q)	4.00%		10/2027		16,319.4	16,291.9	16,299.0	(5)

See accompanying notes to consolidated financial statements.

9

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2024

(dollar amounts in thousands)

(unaudited)

Company (1)	Investment	Coupon (2)	Reference (4)	Spread (2)	Acquisition Date	Maturity Date	Shares/ Units	Principal	Amortized Cost	Fair Value		% of Net Assets
Station Casinos LLC	First lien senior secured loan	7.58%	LIBOR (S)	2.25%		03/2031		6,306.3	6,287.6	6,294.1	(3)
TSS Buyer, LLC (10)	First lien senior secured loan	10.95%	SOFR (Q)	5.50%		06/2029		7,113.3	6,892.4	7,113.3	(5)(6)
Vertex Service Partners, LLC and Vertex Service Partners Holdings, LLC (10)	First lien senior secured loan	10.86%	SOFR (Q)	5.50%		11/2030		20,123.8	19,624.7	19,332.7	(5)(6)
	Class B common units				11/2023		351		351.0	620.3	(6)
									19,975.7	19,953.0
Whatabrands LLC	First lien senior secured loan	8.69%	SOFR (M)	3.25%		08/2028		9,611.9	9,597.6	9,611.4	(5)
Wrench Group LLC	First lien senior secured loan	9.57%	SOFR (Q)	4.00%		10/2028		5,000.0	4,987.8	5,012.5
									373,215.4	376,646.4		16.00	%
Capital Goods
AI Aqua Merger Sub, Inc. (10)	First lien senior secured loan	9.07%	SOFR (M)	3.75%		07/2028		8,982.3	8,967.7	8,992.7	(5)
	First lien senior secured loan	9.58%	SOFR (M)	4.25%		07/2028		6,754.1	6,754.7	6,782.3	(5)
									15,722.4	15,775.0
Airx Climate Solutions, Inc. (10)	First lien senior secured revolving loan	11.57%	SOFR (M)	6.25%		11/2029		540.6	467.8	462.6	(5)(6)
	First lien senior secured loan	11.68%	SOFR (Q)	6.25%		11/2029		23,505.9	22,955.3	22,918.2	(5)(6)
									23,423.1	23,380.8
Artera Services, LLC	First lien senior secured loan	9.81%	SOFR (Q)	4.50%		02/2031		8,254.1	8,201.4	8,278.9
Barentz International B.V.	First lien senior secured loan	9.48%	SOFR (S)	4.25%		03/2031		5,000.0	4,975.0	5,012.5	(3)(6)
BCPE Empire Holdings, Inc.	First lien senior secured loan	9.33%	SOFR (M)	4.00%		12/2028		5,000.0	4,992.7	5,002.2	(5)
Brown Group Holding, LLC	First lien senior secured loan	9.07%	SOFR (Q)	3.75%		07/2029		4,942.2	4,930.5	4,939.8	(5)
	First lien senior secured loan	8.18%	SOFR (M)	2.75%		06/2028		1,983.6	1,981.4	1,981.2	(5)
									6,911.9	6,921.0
Burgess Point Purchaser Corporation	First lien senior secured loan	10.68%	SOFR (M)	5.25%		07/2029		43,450.7	40,977.6	41,343.4	(5)
Chart Industries, Inc.	First lien senior secured loan	8.67%	SOFR (M)	3.25%		03/2030		13,277.4	13,229.6	13,294.0	(3)(5)
Clarios Global LP	First lien senior secured loan	9.08%	SOFR (M)	3.75%		05/2030		7,733.1	7,713.4	7,745.2
CP Atlas Buyer Inc	First lien senior secured loan	9.18%	SOFR (M)	3.75%		11/2027		9,546.2	9,349.9	9,419.2	(5)
CPIG Holdco Inc. (10)	First lien senior secured revolving loan	10.18%	SOFR (Q)	4.75%		04/2028		0.5	0.5	0.5	(5)(6)(9)
	First lien senior secured loan	12.43%	SOFR (Q)	7.00%		04/2028		14,925.0	14,560.3	14,925.0	(5)(6)
									14,560.8	14,925.5
Crown Subsea Communications Holding, Inc.	First lien senior secured loan	10.07%	SOFR (S)	4.75%		01/2031		3,847.4	3,814.5	3,866.6	(5)
Cube Industrials Buyer, Inc. and Cube A&D Buyer Inc. (8)	First lien senior secured revolving loan					10/2029		—	—	—	(5)(6)(8)
	First lien senior secured loan	11.30%	SOFR (Q)	6.00%		10/2030		22,413.8	21,888.1	22,413.8	(5)(6)
									21,888.1	22,413.8
Dynasty Acquisition Co., Inc.	First lien senior secured loan	9.33%	SOFR (M)	4.00%		08/2028		19,389.0	19,281.9	19,410.9
Gates Global LLC	First lien senior secured loan	7.93%	SOFR (M)	2.50%		03/2027		1.0	1.0	1.0	(3)(5)
Helix Acquisition Holdings, Inc.	First lien senior secured loan	12.40%	SOFR (Q)	7.00%		03/2030		14,188.7	13,822.5	14,188.7	(5)(6)
Husky Injection Molding Systems Ltd.	First lien senior secured loan	8.44%	SOFR (M)	3.00%		03/2025		16,861.5	16,789.2	16,840.4	(3)

See accompanying notes to consolidated financial statements.

10

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2024

(dollar amounts in thousands)

(unaudited)

Company (1)	Investment	Coupon (2)	Reference (4)	Spread (2)	Acquisition Date	Maturity Date	Shares/ Units	Principal	Amortized Cost	Fair Value		% of Net Assets
	First lien senior secured loan	10.48%	SOFR (S)	5.25%		02/2029		15,000.0	14,775.0	15,031.2	(3)
									31,564.2	31,871.6
Kaman Corporation	First lien senior secured loan	8.81%	SOFR (S)	3.50%		03/2031		10,000.0	10,005.0	10,006.3	(5)
Kodiak Building Partners Inc.	First lien senior secured loan	8.98%	SOFR (S)	3.75%		03/2028		6,750.0	6,716.3	6,750.0	(6)
MIWD Holdco II LLC	First lien senior secured loan	8.73%	SOFR (S)	3.50%		03/2031		2,000.0	1,990.0	2,007.5
Pike Corporation	First lien senior secured loan	8.44%	SOFR (M)	3.00%		01/2028		7,535.6	7,535.6	7,556.1
Pro Mach Group, Inc.	First lien senior secured loan	9.08%	SOFR (M)	3.75%		08/2028		3,500.0	3,500.0	3,510.3	(5)
Propulsion (BC) Newco LLC	First lien senior secured loan	9.06%	SOFR (Q)	3.75%		09/2029		3,959.7	3,942.4	3,960.4	(3)(5)
Specialty Building Products Holdings, LLC	First lien senior secured loan	9.18%	SOFR (M)	3.75%		10/2028		5,950.7	5,893.2	5,925.0	(5)
SPX Flow, Inc.	First lien senior secured loan	9.93%	SOFR (M)	4.50%		04/2029		5,500.0	5,506.8	5,518.9	(5)
SRS Distribution Inc.	First lien senior secured loan	8.68%	SOFR (M)	3.25%		06/2028		1,872.9	1,866.5	1,881.6	(5)
Star US Bidco LLC	First lien senior secured loan	9.68%	SOFR (M)	4.25%		03/2027		8,678.7	8,641.8	8,703.1	(5)
TransDigm Inc.	First lien senior secured loan	8.06%	SOFR (Q)	2.75%		02/2030		1,989.9	1,994.7	1,993.3	(3)
	First lien senior secured loan	8.56%	SOFR (S)	3.25%		08/2028		24,004.8	24,004.8	24,080.0	(3)
									25,999.5	26,073.3
WEC US Holdings Ltd.	First lien senior secured loan	9.08%	SOFR (M)	3.75%		01/2031		12,523.8	12,467.4	12,505.6
Wilsonart LLC	First lien senior secured loan	8.65%	SOFR (Q)	3.25%		12/2026		17,156.3	17,024.4	17,166.0	(5)
									351,518.9	354,414.4		15.05	%
Financial Services
Bleriot US Bidco Inc.	First lien senior secured loan	9.57%	SOFR (Q)	4.00%		10/2028		4,470.1	4,472.9	4,484.5
Citco Funding LLC	First lien senior secured loan	8.42%	SOFR (Q)	3.25%		04/2028		7,960.0	7,937.4	7,967.5	(5)
Cliffwater LLC (10)	First lien senior secured loan	11.33%	SOFR (M)	6.00%		10/2030		11,029.4	10,821.8	10,808.8	(3)(5)(6)
Corient Holdings, Inc.	Series A preferred stock				05/2023		15,000		15,000.0	17,018.2	(6)
Delta Topco, Inc.	First lien senior secured loan	9.12%	SOFR (Q)	3.75%		12/2027		11,468.3	11,461.6	11,473.7	(5)
Focus Financial Partners, LLC	First lien senior secured loan	8.83%	SOFR (M)	3.50%		06/2028		12,011.4	12,009.0	11,966.4	(5)
	First lien senior secured loan	7.83%	SOFR (M)	2.50%		06/2028		1,984.7	1,984.7	1,975.5	(5)
									13,993.7	13,941.9
GC Waves Holdings, Inc. (10)	First lien senior secured loan	10.68%	SOFR (M)	5.25%		08/2029		808.7	794.5	808.7	(3)(5)(6)
	First lien senior secured loan	11.43%	SOFR (M)	6.00%		08/2029		2,139.3	1,828.9	2,139.3	(3)(5)(6)
									2,623.4	2,948.0
GIP Pilot Acquisition Partners, L.P.	First lien senior secured loan	8.33%	SOFR (Q)	3.00%		10/2030		4,350.0	4,336.7	4,359.8
GTCR F Buyer Corp. and GTCR (D) Investors LP (10)(11)	First lien senior secured loan	11.31%	SOFR (M)	6.00%		09/2030		11,487.5	11,219.5	11,487.5	(5)(6)
	Limited partnership interests				09/2023		74,074		74.7	77.3	(6)
									11,294.2	11,564.8
GTCR W Merger Sub LLC	First lien senior secured loan	8.31%	SOFR (Q)	3.00%		01/2031		17,900.0	17,845.0	17,948.5	(5)
HighTower Holding, LLC	First lien senior secured loan	9.59%	SOFR (Q)	4.00%		04/2028		4,987.2	4,975.0	4,987.2	(3)(5)

See accompanying notes to consolidated financial statements.

11

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2024

(dollar amounts in thousands)

(unaudited)

Company (1)	Investment	Coupon (2)	Reference (4)	Spread (2)	Acquisition Date	Maturity Date	Shares/ Units	Principal	Amortized Cost	Fair Value		% of Net Assets
HV Chimera LLC	Private asset-backed investment	8.33%	SOFR (Q)	2.80%		08/2026		2,200.5	2,171.9	2,184.0	(3)(6)
Isthmus Capital LLC	Private asset-backed investment	9.50%				06/2030		1,802.9	1,782.9	1,802.9	(3)(6)
	Private asset-backed investment				06/2023		4		—	16.4	(3)(6)
									1,782.9	1,819.3
KUEHG Corp	First lien senior secured loan	10.30%	SOFR (Q)	5.00%		06/2030		3,491.2	3,482.5	3,496.9	(5)
LBM Acquisition LLC	First lien senior secured loan	9.18%	SOFR (M)	3.75%		12/2027		7,898.2	7,799.2	7,879.5	(5)
Mars Downstop Loan Purchaser Trust	Private asset-backed investment	11.00%					29,990,339		28,711.9	28,437.0	(3)(6)
Midcap Financial Issuer Trust	Senior subordinated loan	6.50%				05/2028		3,053.0	2,693.0	2,816.5	(3)
Monroe Capital Income Plus Corporation	Corporate Bond	9.42%				11/2028		10,000.0	10,000.0	10,475.5	(3)(6)
NEP Group, Inc.	First lien senior secured loan	10.19% (1.50% PIK)	SOFR (M)	4.75%		08/2026		9,636.6	9,361.5	9,148.8
	First lien senior secured loan	10.94%	SOFR (M)	5.50%		08/2026		3,617.8	3,476.0	3,445.9	(5)(6)
									12,837.5	12,594.7
Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P. (10)(11)	First lien senior secured revolving loan	12.09%	SOFR (Q)	6.75%		05/2028		262.1	242.1	262.1	(3)(5)(6)
	First lien senior secured loan	12.18%	SOFR (Q)	6.75%		05/2029		13,747.3	13,372.8	13,747.3	(3)(5)(6)
	First lien senior secured loan	14.25%	Base Rate (Q)	5.75%		05/2029		30.4	29.6	30.4	(3)(5)(6)
	Limited partnership interests				09/2023		87,190		87.2	80.9	(3)(6)
									13,731.7	14,120.7
PCIA SPV-3, LLC and ASE Royal Aggregator, LLC (10)	First lien senior secured loan	11.56%	SOFR (Q)	6.25%		08/2029		9,044.0	8,768.2	9,044.0	(3)(5)(6)
	Preferred units				07/2023		1,333,333		1,315.5	1,436.5	(3)(6)
									10,083.7	10,480.5
PCS MidCo, Inc. and PCS Parent, L.P. (10)	First lien senior secured revolving loan	11.08%	SOFR (Q)	5.75%		03/2030		68.2	41.3	40.9	(5)(6)
	First lien senior secured loan	11.09%	SOFR (Q)	5.75%		03/2030		10,588.6	10,351.8	10,346.4	(5)(6)
	Class A units				03/2024		806,000		806.0	806.0	(6)
									11,199.1	11,193.3
Phoenix Guarantor Inc.	First lien senior secured loan	8.58%	SOFR (M)	3.25%		02/2031		2,416.5	2,344.8	2,383.6
Prairie ECI Acquiror LP	First lien senior secured loan	10.08%	SOFR (M)	4.75%		08/2029		10,133.7	10,115.0	10,088.5
Steward Partners Global Advisory, LLC and Steward Partners Investment Advisory, LLC (10)	First lien senior secured loan	10.73%	SOFR (Q)	5.25%		10/2028		2,031.1	1,968.0	1,935.4	(3)(5)(6)
Sunbit Receivables Trust IV (10)	Private asset-backed investment	12.59%	SOFR (M)	7.25%		12/2026		1,106.1	1,081.6	1,092.6	(5)(6)
The Edelman Financial Center, LLC	Second lien senior secured loan	12.19%	SOFR (M)	6.75%		07/2026		33,000.0	32,573.6	33,113.5	(3)
TK Elevator Midco GmbH	First lien senior secured loan	8.79%	SOFR (S)	3.50%		04/2030		7,481.3	7,470.0	7,503.1	(3)(5)
									264,808.1	269,117.5		11.43	%
Insurance Services

See accompanying notes to consolidated financial statements.

12

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2024

(dollar amounts in thousands)

(unaudited)

Company (1)	Investment	Coupon (2)	Reference (4)	Spread (2)	Acquisition Date	Maturity Date	Shares/ Units	Principal	Amortized Cost	Fair Value		% of Net Assets
Accession Risk Management Group, Inc. and RSC Insurance Brokerage, Inc. (10)	First lien senior secured loan	10.96%	SOFR (Q)	5.50%		11/2029		4,022.4	3,984.1	4,022.4	(5)(6)
	First lien senior secured loan	11.31%	SOFR (Q)	6.00%		11/2029		11.0	10.8	11.0	(5)(6)
									3,994.9	4,033.4
Acrisure, LLC	First lien senior secured loan	9.83%	SOFR (M)	4.50%		11/2030		29,925.0	29,642.6	29,999.8
	First lien senior secured loan	9.69%	LIBOR (M)	4.25%		02/2027		3,045.9	3,049.6	3,049.7	(5)
									32,692.2	33,049.5
Alliant Holdings Intermediate, LLC	First lien senior secured loan	8.83%	SOFR (M)	3.50%		11/2030		2,551.6	2,528.9	2,561.2	(5)
AssuredPartners, Inc	First lien senior secured loan	8.89%	SOFR (M)	3.50%		02/2027		1,228.2	1,231.3	1,229.0	(5)
	First lien senior secured loan	8.83%	SOFR (M)	3.50%		02/2031		4,500.0	4,477.6	4,504.2	(5)
									5,708.9	5,733.2
Asurion, LLC	First lien senior secured loan	8.69%	SOFR (M)	3.25%		07/2027		1,428.6	1,376.8	1,370.2
	First lien senior secured loan	8.69%	SOFR (M)	3.25%		12/2026		12,163.9	11,961.1	11,898.9
									13,337.9	13,269.1
Broadstreet Partners, Inc.	First lien senior secured loan	9.08%	SOFR (M)	3.75%		01/2029		13,603.7	13,548.8	13,630.9
Cross Financial Corp.	First lien senior secured loan	8.83%	SOFR (M)	3.50%		09/2027		5,116.7	5,106.3	5,110.3	(5)
DOXA Insurance Holdings LLC and Rocket Co-Invest, SLP (10)(11)	First lien senior secured loan	10.83%	SOFR (Q)	5.50%		12/2030		28,937.9	28,159.8	28,127.1	(3)(5)(6)
	Limited partnership interests				03/2024		3,417,348		3,417.3	3,417.3	(3)(6)
									31,577.1	31,544.4
Gestion ABS Bidco Inc. / ABS Bidco Holdings Inc. (10)	First lien senior secured loan	10.27%	CDOR (S)	5.25%		03/2031		13,428.2	13,192.2	13,293.9	(3)(5)(6)
HIG Finance 2 Limited	First lien senior secured loan	9.33%	SOFR (M)	4.00%		04/2030		11,226.5	11,194.0	11,261.6	(3)(5)
Higginbotham Insurance Agency, Inc. (10)	First lien senior secured loan	10.93%	SOFR (M)	5.50%		11/2028		2,579.9	2,568.5	2,579.9	(5)(6)
Hub International Limited	First lien senior secured loan	8.57%	SOFR (Q)	3.25%		06/2030		9,314.6	9,306.1	9,316.3	(5)
Hyperion Refinance S.a r.l.	First lien senior secured loan	8.83%	SOFR (M)	3.50%		02/2031		12,425.0	12,363.7	12,426.1	(3)(5)
Keystone Agency Partners LLC (10)	First lien senior secured loan	10.95%	SOFR (Q)	5.50%		05/2027		10,664.2	10,467.8	10,557.6	(5)(6)
NFP Corp.	First lien senior secured loan	8.69%	SOFR (M)	3.25%		02/2027		8,252.7	8,164.3	8,254.8
OakBridge Insurance Agency LLC and Maple Acquisition Holdings, LP (10)	First lien senior secured loan	11.07%	SOFR (M)	5.75%		11/2029		9,196.4	9,024.7	9,012.5	(5)(6)
	Class A2 units				11/2023		102,501		2,050.0	2,050.0	(6)
									11,074.7	11,062.5
OneDigital Borrower LLC	First lien senior secured loan	9.68%	SOFR (M)	4.25%		11/2027		6,048.5	6,017.0	6,040.9	(5)
Sedgwick Claims Management Services, Inc.	First lien senior secured loan	9.08%	SOFR (M)	3.75%		02/2028		14,605.0	14,580.7	14,627.3
Truist Insurance Holdings, LLC	First lien senior secured loan	8.58%	SOFR (S)	3.25%		03/2031		15,400.0	15,361.5	15,374.3
USI, Inc.	First lien senior secured loan	8.30%	SOFR (Q)	3.00%		11/2029		8,449.1	8,439.6	8,447.9
	First lien senior secured loan	8.55%	SOFR (Q)	3.25%		09/2030		13,553.5	13,532.6	13,557.7
									21,972.2	22,005.6
									244,757.7	245,732.8		10.44	%
Media and Entertainment

See accompanying notes to consolidated financial statements.

13

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2024

(dollar amounts in thousands)

(unaudited)

Company (1)	Investment	Coupon (2)	Reference (4)	Spread (2)	Acquisition Date	Maturity Date	Shares/ Units	Principal	Amortized Cost	Fair Value		% of Net Assets
22 HoldCo Limited (10)	Senior subordinated loan	12.96% PIK	SONIA (S)	7.50%		08/2033		15,462.9	14,974.1	14,840.7	(3)(5)(6)
3 Step Sports LLC and 3 Step Holdings, LLC (10)	First lien senior secured revolving loan	13.47%	SOFR (Q)	8.00%		10/2028		526.3	450.5	421.1	(5)(6)
	First lien senior secured loan	13.46% (1.50% PIK)	SOFR (Q)	8.00%		10/2029		16,436.9	15,472.0	15,041.1	(5)(6)
	Series D preferred units				10/2023		267,369		4,400.0	4,400.0	(6)
									20,322.5	19,862.2
AVSC Holding Corp.	First lien senior secured loan	8.93% (0.48% PIK)	SOFR (M)	3.50%		03/2025		5,848.5	5,723.8	5,852.5	(5)
	First lien senior secured loan	10.93% (1.61% PIK)	SOFR (M)	5.50%		10/2026		7,327.0	7,207.9	7,339.2	(5)
									12,931.7	13,191.7
Broadcast Music, Inc. (10)	First lien senior secured loan	11.07%	SOFR (Q)	5.75%		02/2030		29,615.4	28,892.9	28,875.0	(5)(6)
CFC Funding LLC	Loan instrument units	9.75% PIK			07/2023		5,300		5,295.9	5,558.4	(3)(6)
Creative Artists Agency, LLC	First lien senior secured loan	8.83%	SOFR (S)	3.50%		11/2028		17,116.1	17,102.9	17,135.1
League One Volleyball, Inc.	Series B preferred stock				07/2023		194		1.0	1.2	(6)
LiveBarn Inc.	Middle preferred shares				08/2023		2,838,691		10,000.0	10,625.0	(3)(6)
NASCAR Holdings, LLC	First lien senior secured loan	7.94%	SOFR (M)	2.50%		10/2026		854.3	856.1	857.0
Orange Barrel Media, LLC/IKE Smart City, LLC (10)	Private asset-backed investment	11.08%	SOFR (M)	5.75%		03/2027		2,852.0	2,817.3	2,816.4	(5)(6)
Quartz Holding Company	First lien senior secured loan	9.05%	SOFR (S)	3.75%		04/2026		6,000.0	5,975.0	5,981.4	(5)
StubHub Holdco Sub, LLC	First lien senior secured loan	10.08%	SOFR (Q)	4.75%		03/2030		5,750.0	5,692.7	5,747.6
United Talent Agency, LLC	First lien senior secured loan	9.44%	SOFR (M)	4.00%		07/2028		9,402.3	9,365.9	9,402.3	(5)
Univision Communications Inc.	First lien senior secured loan	8.66%	SOFR (Q)	3.25%		06/2027		2,832.6	2,832.6	2,809.0
	First lien senior secured loan	8.69%	SOFR (M)	3.25%		03/2026		2,400.2	2,406.2	2,401.9	(5)
									5,238.8	5,210.9
William Morris Endeavor Entertainment, LLC (IMG Worldwide Holdings, LLC)	First lien senior secured loan	8.19%	SOFR (M)	2.75%		05/2025		24,841.7	24,822.7	24,806.1	(3)
Zuffa Guarantor LLC	First lien senior secured loan	8.34%	SOFR (Q)	2.75%		04/2026		10,914.3	10,908.8	10,928.0	(3)(5)
									175,198.3	175,839.0		7.47	%
Commercial and Professional Services
AlixPartners, LLP	First lien senior secured loan	7.94%	SOFR (M)	2.50%		02/2028		17,129.0	17,095.2	17,142.8	(5)
AMCP Clean Acquisition Company, LLC	First lien senior secured loan	10.33%	SOFR (S)	5.00%		06/2028		5,475.4	5,393.8	5,393.3	(5)(6)
American Auto Auction Group, LLC	First lien senior secured loan	10.46%	SOFR (Q)	5.00%		12/2027		997.4	990.3	988.7	(5)
Corporation Service Company	First lien senior secured loan	8.08%	SOFR (M)	2.75%		11/2029		6,334.1	6,335.9	6,342.0	(5)
Dun & Bradstreet Corporation	First lien senior secured loan	8.08%	SOFR (M)	2.75%		01/2029		12,319.1	12,312.4	12,313.3	(3)
Eagle Parent Corp.	First lien senior secured loan	9.55%	SOFR (Q)	4.25%		04/2029		2,670.0	2,619.0	2,644.4	(5)
FlyWheel Acquireco, Inc. (10)	First lien senior secured revolving loan	11.83%	SOFR (M)	6.50%		05/2028		1,071.4	1,031.8	1,071.4	(5)(6)
	First lien senior secured loan	11.83%	SOFR (M)	6.50%		05/2030		13,325.9	12,976.9	13,325.9	(5)(6)

See accompanying notes to consolidated financial statements.

14

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2024

(dollar amounts in thousands)

(unaudited)

Company (1)	Investment	Coupon (2)	Reference (4)	Spread (2)	Acquisition Date	Maturity Date	Shares/ Units	Principal	Amortized Cost	Fair Value		% of Net Assets
									14,008.7	14,397.3
HP RSS Buyer, Inc. (10)	First lien senior secured loan	10.32%	SOFR (Q)	5.00%		12/2029		9,525.0	9,352.4	9,323.8	(5)(6)
Kings Buyer, LLC (10)	First lien senior secured revolving loan	14.00%	Base Rate (Q)	5.50%		10/2027		152.9	132.9	152.9	(5)(6)
	First lien senior secured loan	11.80%	SOFR (Q)	6.50%		10/2027		18,378.4	18,132.8	18,378.4	(5)(6)
									18,265.7	18,531.3
LABL, Inc.	First lien senior secured loan	10.43%	SOFR (M)	5.00%		10/2028		4,266.5	4,147.0	4,172.9	(5)
Lightbeam Bidco, Inc. (10)	First lien senior secured revolving loan	11.56%	SOFR (Q)	6.25%		05/2029		0.1	0.1	0.1	(5)(6)(9)
	First lien senior secured loan	11.56%	SOFR (Q)	6.25%		05/2030		14,962.5	14,719.3	14,962.5	(5)(6)
	First lien senior secured loan	10.83%	SOFR (Q)	5.50%		05/2030		2,327.0	2,302.4	2,327.0	(5)(6)
									17,021.8	17,289.6
North Haven Fairway Buyer, LLC, Fairway Lawns, LLC and Command Pest Control, LLC (10)	First lien senior secured revolving loan	11.81%	SOFR (Q)	6.50%		05/2028		108.2	97.8	108.2	(5)(6)
	First lien senior secured loan	11.81%	SOFR (Q)	6.50%		05/2028		3,760.3	3,664.9	3,760.3	(5)(6)
									3,762.7	3,868.5
North Haven Stack Buyer, LLC (10)	First lien senior secured loan	10.72%	SOFR (M)	5.25%		07/2027		13.9	13.6	13.9	(5)(6)
Omnia Partners, LLC	First lien senior secured loan	9.57%	SOFR (Q)	4.25%		07/2030		4,987.5	4,942.3	5,006.2
Priority Waste Holdings LLC, Priority Waste Holdings Indiana LLC and Priority Waste Super Holdings, LLC (10)	First lien senior secured revolving loan	10.83%	SOFR (Q)	5.50%		08/2029		0.5	0.5	0.5	(5)(6)
	First lien senior secured loan	13.33% (4.00% PIK)	SOFR (Q)	8.00%		08/2029		20,218.6	19,353.3	20,218.6	(5)(6)
	First lien senior secured loan	13.32% (4.00% PIK)	SOFR (Q)	8.00%		08/2029		4,700.0	4,484.9	4,700.0	(5)(6)
	Warrant to purchase Class A common units				08/2023	08/2036	27,048		449.6	1,284.4	(6)
									24,288.3	26,203.5
Saturn Purchaser Corp.	First lien senior secured loan	10.78%	SOFR (Q)	5.50%		07/2029		8,026.0	7,990.5	8,026.0	(5)(6)
Summer (BC) Bidco B LLC	First lien senior secured loan	10.11%	SOFR (Q)	4.50%		12/2026		1,017.2	1,017.2	1,011.3	(3)(5)
	First lien senior secured loan	10.57%	SOFR (Q)	5.00%		02/2029		5,992.1	5,942.3	5,962.1	(3)
									6,959.5	6,973.4
Tempo Acquisition, LLC	First lien senior secured loan	8.08%	SOFR (M)	2.75%		08/2028		4,974.9	4,974.0	4,987.4	(3)(5)
Teneo Holdings LLC	First lien senior secured loan	10.08%	SOFR (M)	4.75%		03/2031		4,697.9	4,647.9	4,704.7	(5)
UP Intermediate II LLC and UPBW Blocker LLC (10)	First lien senior secured loan	10.58%	SOFR (S)	5.25%		03/2031		2,533.0	2,470.2	2,469.7	(5)(6)
	Common units				03/2024		31,790		3,179.0	3,179.0	(6)
									5,649.2	5,648.7
									170,770.2	173,971.7		7.39	%
Pharmaceuticals, Biotechnology and Life Sciences
ADMA Biologics Inc. (10)	First lien senior secured revolving loan	9.08%	SOFR (Q)	3.75%		12/2027		1.0	1.0	1.0	(3)(5)(6)
	First lien senior secured loan	11.83%	SOFR (Q)	6.50%		12/2027		4,308.0	4,208.1	4,254.2	(3)(5)(6)

See accompanying notes to consolidated financial statements.

15

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2024

(dollar amounts in thousands)

(unaudited)

Company (1)	Investment	Coupon (2)	Reference (4)	Spread (2)	Acquisition Date	Maturity Date	Shares/ Units	Principal	Amortized Cost	Fair Value		% of Net Assets
									4,209.1	4,255.2
Alcami Corporation (10)	First lien senior secured loan	12.49%	SOFR (Q)	7.00%		12/2028		4,367.1	4,178.1	4,367.1	(5)(6)
Bamboo US BidCo LLC (10)	First lien senior secured revolving loan					10/2029		—	—	—	(5)(6)(8)
	First lien senior secured loan	10.66% (3.38% PIK)	Euribor (Q)	6.75%		09/2030		8,515.2	8,186.9	8,430.0	(5)(6)
	First lien senior secured loan	12.06% (3.38% PIK)	SOFR (Q)	6.75%		09/2030		12,904.0	12,525.2	12,757.4	(5)(6)
									20,712.1	21,187.4
Cambrex Corporation	First lien senior secured loan	8.93%	SOFR (M)	3.50%		12/2026		9,013.0	8,977.3	8,765.1	(5)
Catalent Pharma Solutions, Inc.	First lien senior secured loan	8.33%	SOFR (M)	3.00%		02/2028		8,000.0	7,944.0	8,010.0	(3)(5)(6)
Curia Global, Inc.	First lien senior secured loan	9.16%	SOFR (Q)	3.75%		08/2026		8,733.5	8,223.8	8,295.4	(5)
Curium BidCo S.a r.l.	First lien senior secured loan	9.81%	SOFR (Q)	4.50%		07/2029		8,901.1	8,891.8	8,934.5	(3)(6)
Da Vinci Purchaser Corp.	First lien senior secured loan	9.44%	SOFR (M)	4.00%		01/2027		8,907.1	8,814.0	8,905.0	(5)
Maravai Intermediate Holdings, LLC	First lien senior secured loan	8.31%	SOFR (Q)	3.00%		10/2027		4,656.6	4,591.6	4,569.3	(3)(5)
Packaging Coordinators Midco, Inc.	First lien senior secured loan	9.07%	SOFR (Q)	3.50%		11/2027		15,796.8	15,742.3	15,818.7	(5)
Precision Medicine Group, LLC	First lien senior secured loan	8.40%	SOFR (Q)	3.00%		11/2027		8,659.6	8,556.1	8,544.2	(5)
Solar Bidco Limited (10)	First lien senior secured loan	9.65%	Euribor (Q)	5.75%		11/2029		660.6	585.2	650.2	(3)(5)(6)
WCI-BXC Purchaser, LLC and WCI-BXC Investment Holdings, L.P. (10)	First lien senior secured loan	11.54%	SOFR (Q)	6.25%		11/2030		4,447.7	4,342.5	4,336.5	(5)(6)
	Limited partnership interest				11/2023		731,000		731.6	731.0	(6)
									5,074.1	5,067.5
									106,499.5	107,369.6		4.56	%
Automobiles and Components
Collision SP Subco, LLC (10)	First lien senior secured revolving loan	10.82%	SOFR (S)	5.50%		01/2030		52.9	45.9	45.7	(5)(6)
	First lien senior secured loan	10.82%	SOFR (Q)	5.50%		01/2030		3,667.6	3,578.1	3,574.5	(5)(6)
									3,624.0	3,620.2
First Brands Group, LLC	First lien senior secured loan	10.57%	SOFR (Q)	5.00%		03/2027		10,765.2	10,609.8	10,762.1	(5)
New ChurcHill HoldCo LLC and Victory Topco, LP (10)	First lien senior secured loan	10.81%	SOFR (Q)	5.50%		11/2029		14,186.6	13,803.7	13,585.4	(5)(6)
	Class A-2 common units				11/2023		23,290		2,329.0	2,980.9	(6)
									16,132.7	16,566.3
Truck-Lite Co., LLC, Ecco Holdings Corp. and Clarience Technologies, LLC (10)	First lien senior secured revolving loan	11.06%	SOFR (Q)	5.75%		02/2030		125.5	42.7	50.2	(5)(6)
	First lien senior secured loan	11.06%	SOFR (Q)	5.75%		02/2031		34,832.6	34,063.6	34,136.0	(5)(6)
	Class A common units				02/2024		1,071.5		2,636.0	2,636.0	(6)
									36,742.3	36,822.2
Wand Newco 3, Inc.	First lien senior secured loan	9.08%	SOFR (M)	3.75%		01/2031		29,691.3	29,618.7	29,760.8
									96,727.5	97,531.6		4.14	%
Retailing and Distribution

See accompanying notes to consolidated financial statements.

16

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2024

(dollar amounts in thousands)

(unaudited)

Company (1)	Investment	Coupon (2)	Reference (4)	Spread (2)	Acquisition Date	Maturity Date	Shares/ Units	Principal	Amortized Cost	Fair Value		% of Net Assets
BradyIFS Holdings, LLC (10)	First lien senior secured loan	11.31%	SOFR (Q)	6.00%		10/2029		30,008.5	29,432.9	29,359.7	(5)(6)
CNT Holdings I Corp	First lien senior secured loan	8.82%	SOFR (Q)	3.50%		11/2027		20,893.1	20,801.8	20,919.2	(5)
Hills Distribution, Inc., Hills Intermediate FT Holdings, LLC and GMP Hills, LP (10)	First lien senior secured revolving loan	9.82%	SOFR (Q)	4.50%		11/2029		0.6	0.6	0.6	(5)(6)
	First lien senior secured loan	11.32%	SOFR (S)	6.00%		11/2029		3,094.9	3,036.9	3,033.0	(5)(6)
	Limited partnership interest	8.00% PIK			11/2023		3,544,000		3,544.0	3,544.0	(6)
									6,581.5	6,577.6
LS Group Opco Acquisition LLC	First lien senior secured loan	8.68%	SOFR (M)	3.25%		11/2027		9,549.0	9,525.5	9,546.0	(5)
SCIH Salt Holdings Inc.	First lien senior secured loan	9.44%	SOFR (M)	4.00%		03/2027		18,957.2	18,891.0	18,984.1	(5)
									85,232.7	85,386.6		3.63	%
Food and Beverage
8th Avenue Food & Provisions, Inc.	First lien senior secured loan	9.19%	SOFR (M)	3.75%		10/2025		4,986.8	4,884.7	4,890.5
Chobani, LLC	First lien senior secured loan	9.08%	SOFR (M)	3.75%		10/2027		6,483.8	6,453.6	6,516.2
	First lien senior secured loan	8.94%	SOFR (M)	3.50%		10/2027		6,362.7	6,360.6	6,373.3	(5)
									12,814.2	12,889.5
Demakes Borrower, LLC (10)	First lien senior secured loan	11.57%	SOFR (S)	6.25%		12/2029		11,678.0	11,399.9	11,386.1	(5)(6)
Max US Bidco Inc.	First lien senior secured loan	10.31%	SOFR (Q)	5.00%		10/2030		25,000.0	23,055.8	22,839.3
Saratoga Food Specialties LLC	First lien senior secured loan	9.07%	SOFR (S)	3.75%		02/2029		2,260.0	2,248.7	2,255.8	(3)
Sigma Holdco BV	First lien senior secured loan	10.29%	SOFR (S)	4.75%		01/2028		2,025.4	1,995.0	2,013.0	(3)
Sugar PPC Buyer LLC	First lien senior secured loan	11.32%	SOFR (M)	6.00%		10/2030		25,000.0	24,529.2	24,437.5	(5)(6)
									80,927.5	80,711.7		3.43	%
Investment Funds and Vehicles
ABPCI 2019-5A	Collaterized loan obligation	11.04%	SOFR (Q)	5.75%		01/2036		1,100.0	1,100.0	1,103.1	(3)(6)
AUDAX 2024-9	Collaterized loan obligation	10.50%	SOFR (Q)	5.20%		04/2036		2,000.0	2,000.0	2,004.6	(3)(6)
BALLY 2023-24	Collaterized loan obligation	10.36%	SOFR (Q)	5.05%		07/2036		1,500.0	1,500.0	1,543.8	(3)(6)
BCC 2023-3	Collaterized loan obligation	10.57%	SOFR (Q)	5.25%		07/2036		1,500.0	1,500.0	1,534.8	(3)(6)
BROOKP 2024-1	Collaterized loan obligation	11.83%	SOFR (Q)	6.50%		04/2037		1,000.0	1,000.0	1,005.2	(3)(6)
BSP 2024-34	Collaterized loan obligation	12.01%	SOFR (Q)	6.70%		07/2037		1,250.0	1,250.0	1,256.5	(3)(6)
BTCP 2023-1	Collaterized loan obligation	12.27%	SOFR (M)	6.50%		09/2030		6,100.0	6,105.7	6,100.0	(3)(6)
CGMS 2023-1	Collaterized loan obligation	10.42%	SOFR (Q)	5.10%		07/2035		1,250.0	1,250.0	1,282.7	(3)(6)
CGMS 2023-2	Collaterized loan obligation	10.32%	SOFR (Q)	5.00%		07/2036		2,000.0	2,000.0	2,052.2	(3)(6)
CGMS 2024-2	Collaterized loan obligation	12.17%	SOFR (Q)	6.85%		04/2037		1,500.0	1,500.0	1,500.0	(3)(6)
CIFC 2022-5	Collaterized loan obligation	9.22%	SOFR (Q)	3.90%		01/2037		6,000.0	6,000.0	6,006.5	(3)(6)
CIFC 2024-2A	Collaterized loan obligation	11.71%	SOFR (Q)	6.40%		04/2037		2,000.0	2,000.0	2,010.4	(3)(6)
Constellation Wealth Capital Fund, L.P. (11)	Limited partner interests				01/2024		1,605,502		1,611.8	1,605.5	(3)

See accompanying notes to consolidated financial statements.

17

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2024

(dollar amounts in thousands)

(unaudited)

Company (1)	Investment	Coupon (2)	Reference (4)	Spread (2)	Acquisition Date	Maturity Date	Shares/ Units	Principal	Amortized Cost	Fair Value		% of Net Assets
CWC Fund I Co-Invest (ALTI) LP	Limited partnership interest				03/2024		6,653,000		6,673.6	6,653.0	(3)(6)
ELM27 2024-3	Collaterized loan obligation	11.56%	SOFR (Q)	6.25%		04/2037		2,000.0	2,000.0	2,010.4	(3)(6)
ELMW1 2019-1	Collaterized loan obligation	9.06%	SOFR (Q)	3.75%		04/2037		6,000.0	6,000.0	6,012.4	(3)(6)
GOCAP 2024-71	Collaterized loan obligation	10.42%	SOFR (Q)	5.10%		02/2037		4,500.0	4,500.0	4,512.1	(3)(6)
JNPPK 2023-1	Collaterized loan obligation	10.02%	SOFR (Q)	4.70%		07/2035		2,000.0	2,000.0	2,009.7	(3)(6)
KKR 48	Collaterized loan obligation	9.66%	SOFR (Q)	4.30%		10/2036		2,000.0	2,000.0	2,007.9	(3)(6)
MAGNE 2019-24	Collaterized loan obligation	11.71%	SOFR (Q)	6.40%		04/2035		500.0	500.1	494.0	(3)(6)
MAGNE 2023-36	Collaterized loan obligation	10.22%	SOFR (Q)	4.90%		04/2036		1,750.0	1,750.0	1,765.1	(3)(6)
MDPK 2024-67	Collaterized loan obligation	12.09%	SOFR (Q)	6.80%		04/2037		2,500.0	2,500.0	2,512.9	(3)(6)
OAKC 2022-12	Collaterized loan obligation	10.32%	SOFR (Q)	5.00%		07/2036		2,000.0	2,000.0	2,028.2	(3)(6)
OAKC 2023-15	Collaterized loan obligation	10.32%	SOFR (Q)	5.00%		04/2035		2,000.0	2,000.0	2,039.3	(3)(6)
OAKC 2023-16	Collaterized loan obligation	9.36%	SOFR (Q)	4.00%		10/2036		2,000.0	2,000.0	2,008.8	(3)(6)
TCIFC 2023-2	Collaterized loan obligation	10.62%	SOFR (Q)	5.30%		07/2035		2,500.0	2,500.0	2,514.0	(3)(6)
THPT 2023-THL	Commercial mortgage-backed security	10.40%	SOFR (M)	5.00%		12/2034		5,000.0	4,987.7	5,042.5	(3)(6)
VOYA 2022-3	Collaterized loan obligation	9.82%	SOFR (Q)	4.50%		10/2036		2,000.0	2,000.0	2,015.3	(3)(6)
									72,228.9	72,630.9		3.08	%
Materials
Charter Next Generation, Inc.	First lien senior secured loan	8.83%	SOFR (M)	3.50%		12/2027		11,171.6	11,137.5	11,188.2	(5)
Derby Buyer LLC	First lien senior secured loan	9.58%	SOFR (M)	4.25%		11/2030		8,445.0	8,361.1	8,489.8	(5)
Meyer Laboratory, LLC and Meyer Parent, LLC (10)	First lien senior secured loan	10.83%	SOFR (M)	5.50%		02/2030		9,972.1	9,775.5	9,772.6	(5)(6)
	Common units				02/2024		169,000		169.0	169.2	(6)
									9,944.5	9,941.8
Pregis TopCo LLC	First lien senior secured loan	9.08%	SOFR (M)	3.75%		07/2026		16,139.3	16,123.9	16,153.6
ProAmpac PG Borrower LLC	First lien senior secured loan	11.50%	Base Rate (S)	3.00%		09/2028		550.0	550.0	551.0
Touchdown Acquirer Inc. (10)	First lien senior secured loan	9.31%	SOFR (S)	4.00%		02/2031		4,101.8	4,085.6	4,112.1	(3)
Trident TPI Holdings, Inc.	First lien senior secured loan	9.81%	SOFR (Q)	4.50%		09/2028		15,112.5	14,920.5	15,114.5	(5)
	First lien senior secured loan	10.56%	SOFR (Q)	5.25%		09/2028		995.0	976.0	996.7	(5)
									15,896.5	16,111.2
Vobev, LLC and Vobev Holdings, LLC (10)	First lien senior secured revolving loan	10.43%	SOFR (S)	5.00%		04/2028		0.8	0.7	0.7	(5)(6)
	First lien senior secured loan	13.18% (4.00% PIK)	SOFR (Q)	7.75%		04/2028		5,146.7	5,000.9	4,168.8	(5)(6)
	First lien senior secured loan	12.41% (4.00% PIK)	SOFR (Q)	7.00%		04/2028		979.7	964.5	793.5	(5)(6)
									5,966.1	4,963.0
									72,065.2	71,510.7		3.04	%
Technology Hardware and Equipment

See accompanying notes to consolidated financial statements.

18

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2024

(dollar amounts in thousands)

(unaudited)

Company (1)	Investment	Coupon (2)	Reference (4)	Spread (2)	Acquisition Date	Maturity Date	Shares/ Units	Principal	Amortized Cost	Fair Value		% of Net Assets
Coherent Corp.	First lien senior secured loan	7.83%	SOFR (M)	2.50%		07/2029		2,000.0	2,000.0	2,000.0	(3)(5)(6)
Cotiviti Holdings, Inc.	First lien senior secured loan	7.63%				02/2031		5,000.0	5,000.0	5,006.3
	First lien senior secured loan	8.73%	SOFR (S)	3.50%		02/2031		10,000.0	9,950.0	9,975.0
									14,950.0	14,981.3
Emerald Debt Merger Sub LLC	First lien senior secured loan	7.79%	SOFR (Q)	2.50%		05/2030		19,432.5	19,409.8	19,413.0
Mirion Technologies (US Holdings), Inc.	First lien senior secured loan	8.31%	SOFR (Q)	2.75%		10/2028		3,149.7	3,151.8	3,153.7	(3)(5)
TGG TS Acquisition Company	First lien senior secured loan	11.94%	SOFR (M)	6.50%		12/2025		2,942.9	2,940.8	2,915.9
									42,452.4	42,463.9		1.80	%
Telecommunication Services
Iridium Satellite LLC	First lien senior secured loan	7.83%	SOFR (M)	2.50%		09/2030		7,551.6	7,542.5	7,543.8	(3)(5)
Switch Master Holdco LLC	First lien senior secured loan	8.33%	SOFR (M)	3.00%		12/2024		16,202.6	15,826.3	15,829.8	(6)
Zayo Group Holdings, Inc.	First lien senior secured loan	8.44%	SOFR (M)	3.00%		03/2027		9,250.0	7,988.5	8,095.5
									31,357.3	31,469.1		1.34	%
Education
Fugue Finance LLC	First lien senior secured loan	9.34%	SOFR (Q)	4.00%		01/2028		4,962.4	4,941.3	4,968.6	(3)(5)
	First lien senior secured loan	9.07%	SOFR (S)	3.75%		02/2031		3,000.0	2,992.6	3,004.7	(3)(5)
									7,933.9	7,973.3
Simon & Schuster, Inc.	First lien senior secured loan	9.32%	SOFR (Q)	4.00%		10/2030		15,971.4	15,916.3	16,019.3
University Support Services LLC	First lien senior secured loan	8.43%	SOFR (M)	3.00%		02/2029		3,969.5	3,951.4	3,958.6	(3)(5)
									27,801.6	27,951.2		1.19	%
Power Generation
Calpine Corp	First lien senior secured loan	7.33%	SOFR (M)	2.00%		01/2031		5,697.2	5,673.1	5,662.2
Discovery Energy Corp.	First lien senior secured loan	9.98%	SOFR (S)	4.75%		01/2031		4,000.0	3,880.0	4,003.3	(3)
NRG Energy Inc	First lien senior secured loan	7.23%	SOFR (S)	2.00%		03/2031		8,000.0	7,980.0	7,985.0	(3)
Terraform Power Operating, LLC	First lien senior secured loan	7.90%	SOFR (Q)	2.50%		05/2029		8,301.3	8,254.8	8,239.0	(5)
									25,787.9	25,889.5		1.10	%
Energy
Freeport LNG investments, LLLP	First lien senior secured loan	8.58%	SOFR (Q)	3.00%		11/2026		1,383.0	1,372.6	1,366.7
HighPeak Energy, Inc.	First lien senior secured loan	12.95%	SOFR (Q)	7.50%		09/2026		24,375.0	23,875.7	24,375.0	(3)(5)(6)
									25,248.3	25,741.7		1.09	%
Consumer Durables and Apparel
Lakeshore Learning Materials, LLC	First lien senior secured loan	8.94%	SOFR (M)	3.50%		09/2028		10,240.8	10,143.9	10,235.7	(5)
Recess Holdings, Inc.	First lien senior secured loan	9.84%	SOFR (Q)	4.50%		02/2030		15,311.8	15,273.2	15,359.7	(5)
									25,417.1	25,595.4		1.09	%

See accompanying notes to consolidated financial statements.

19

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2024

(dollar amounts in thousands)

(unaudited)

Company (1)	Investment	Coupon (2)	Reference (4)	Spread (2)	Acquisition Date	Maturity Date	Shares/ Units		Principal	Amortized Cost	Fair Value		% of Net Assets
Consumer Staples Distribution and Retail
BR PJK Produce, LLC (10)	First lien senior secured loan	11.46%	SOFR (Q)	6.00%		11/2027			932.7	894.6	871.8	(5)(6)
City Line Distributors LLC and City Line Investments LLC (10)	First lien senior secured loan	11.42%	SOFR (Q)	6.00%		08/2028			2,788.1	2,726.1	2,788.1	(5)(6)
	Class A units	8.00% PIK			08/2023		120,151			124.2	140.0	(6)
										2,850.3	2,928.1
Mr. Greens Intermediate, LLC, Florida Veg Investments LLC, MRG Texas, LLC and Restaurant Produce and Services Blocker, LLC (8)	First lien senior secured revolving loan					05/2029			—	—	—	(5)(6)(8)
	First lien senior secured loan	11.67%	SOFR (M)	6.25%		05/2029			9,402.6	9,163.8	9,402.6	(5)(6)
	Class B limited liability company interest				05/2023		0.18	%		100.0	95.7	(6)
										9,263.8	9,498.3
Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P. (8)(9)	First lien senior secured revolving loan					01/2029			—	—	—	(5)(6)(8)
	First lien senior secured loan	11.56%	SOFR (Q)	6.25%		01/2029			7,752.5	7,561.8	7,673.0	(5)(6)
	Common units				01/2023		50,000			50.3	43.4	(6)
										7,612.1	7,716.4
										20,620.8	21,014.6		0.89	%
Household and Personal Products
Silk Holdings III Corp. and Silk Holdings I Corp. (10)	First lien senior secured revolving loan	11.31%	SOFR (Q)	6.00%		05/2029			0.6	0.6	0.6	(5)(6)
	First lien senior secured loan	13.06%	SOFR (Q)	7.75%		05/2029			14,886.5	14,508.4	14,886.5	(5)(6)
	Common stock				05/2023		100			100.0	245.2	(6)
										14,609.0	15,132.3
										14,609.0	15,132.3		0.64	%
Real Estate Management and Development
Pallas Funding Trust No.2 (10)	Private asset-backed investment	2.75%				02/2027			2,646.4	2,622.3	2,631.3	(3)(6)
	Private asset-backed investment	6.50%				02/2027			1,832.7	1,815.6	1,821.8	(3)(6)
	Private asset-backed investment	7.85%				02/2027			997.7	988.1	991.5	(3)(6)
										5,426.0	5,444.6
										5,426.0	5,444.6		0.23	%
Transportation
First Student Bidco Inc.	First lien senior secured loan	8.40%	SOFR (Q)	3.00%		07/2028			3,151.7	3,082.4	3,145.1	(5)
										3,082.4	3,145.1		0.13	%
Equity Real Estate Investment Trusts (REITs)
Iron Mountain Information Management, LLC	First lien senior secured loan	7.58%	SOFR (M)	2.25%		01/2031			2,493.8	2,475.7	2,470.9	(3)

See accompanying notes to consolidated financial statements.

20

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2024

(dollar amounts in thousands)

(unaudited)

Company (1)	Investment	Coupon (2)	Reference (4)	Spread (2)	Acquisition Date	Maturity Date	Shares/ Units	Principal	Amortized Cost		Fair Value			% of Net Assets
									2,475.7		2,470.9			0.10	%
Semiconductors and Semiconductor Equipment
Ultra Clean Holdings, Inc.	First lien senior secured loan	9.19%	SOFR (M)	3.75%		08/2025		2,461.5	2,452.9		2,463.1		(3)
									2,452.9		2,463.1			0.10	%
Total Investments									$	3,435,383.7	$	3,462,766.6	(7)(12)	147.07	%

See accompanying notes to consolidated financial statements.

21

Derivative Instruments

Foreign currency forward contracts

Description	Notional Amount to be Purchased		Notional Amount to be Sold		Counterparty	Settlement Date	Unrealized Appreciation / (Depreciation)
Foreign currency forward contract	$	14,878	£	12,035	Wells Fargo Bank, N.A.	08/21/2026	$	—
Foreign currency forward contract	$	14,602	CAD	19,573	Wells Fargo Bank, N.A.	11/16/2026	—
Foreign currency forward contract	$	8,807	€	8,053	Wells Fargo Bank, N.A.	04/26/2024	—
Foreign currency forward contract	$	6,165	AUD	9,518	Wells Fargo Bank, N.A.	11/17/2026	—
Foreign currency forward contract	$	5,015	£	3,989	Wells Fargo Bank, N.A.	03/31/2026	—
Foreign currency forward contract	$	4,812	AUD	7,290	Wells Fargo Bank, N.A.	10/18/2024	—
Foreign currency forward contract	$	1,255	AUD	1,897	Wells Fargo Bank, N.A.	02/18/2026	—
Foreign currency forward contract	$	833	€	736	Wells Fargo Bank, N.A.	03/30/2027	—
Foreign currency forward contract	$	583	£	480	Wells Fargo Bank, N.A.	03/31/2025	—
Foreign currency forward contract	$	465	€	424	Wells Fargo Bank, N.A.	03/26/2025	—
Foreign currency forward contract	$	380	€	341	Wells Fargo Bank, N.A.	03/26/2026	—
Total							$	—

________________________________________

(1)Ares Strategic Income Fund’s (together with its consolidated wholly owned subsidiaries, the “Fund”) portfolio company investments, which as of March 31, 2024 represented 147% of the Fund’s net assets or 94% of the Fund’s total assets, may be subject to legal restrictions on sales.

(2)Investments without an interest rate are non-income producing.

(3)This portfolio company is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “Investment Company Act”). Under the Investment Company Act, the Fund may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Fund's total assets. Pursuant to Section 55(a) of the Investment Company Act, 26% of the Fund's total assets are represented by investments at fair value and other assets that are considered “non-qualifying assets” as of March 31, 2024.

(4)Variable rate loans to the Fund’s portfolio companies bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (“SOFR”) or the London Interbank Offered Rate (“LIBOR”), or an alternate base rate (commonly based on the Federal Funds Rate or the Prime Rate), at the borrower’s option, which reset annually (A), semi-annually (S), quarterly (Q), bi-monthly (B), monthly (M) or daily (D). For each such loan, the Fund has provided the interest rate in effect on the date presented.

(5)Loan includes interest rate floor feature.

(6)These investments were valued using unobservable inputs and are considered Level 3 investments. See Note 8 to the consolidated financial statements for more information regarding the fair value of the Fund’s investments.

(7)As of March 31, 2024, the estimated net unrealized gain for federal tax purposes was $27.5 million based on a tax cost basis of $3.4 billion. As of March 31, 2024, the estimated aggregate gross unrealized gain for federal income tax purposes was $35.1 million and the estimated aggregate gross unrealized loss for federal income tax purposes was $7.6 million.

(8)As of March 31, 2024, no amounts were funded by the Fund under this first lien senior secured revolving loan; however, there were letters of credit issued and outstanding through a financial intermediary under the loan. See Note 7 for further information on letters of credit commitments related to certain portfolio companies.

(9)As of March 31, 2024, in addition to the amounts funded by the Fund under this first lien senior secured revolving loan, there were also letters of credit issued and outstanding through a financial intermediary under the loan. See Note 7 for further information on letters of credit commitments related to certain portfolio companies.

(10)As of March 31, 2024, the Fund had the following commitments to fund various revolving and delayed draw senior secured loans, including commitments to issue letters of credit through a financial intermediary on behalf of certain portfolio companies. Such commitments are subject to the satisfaction of certain conditions set forth in the documents

See accompanying notes to consolidated financial statements.

22

governing these loans and letters of credit and there can be no assurance that such conditions will be satisfied. See Note 7 to the consolidated financial statements for more information on revolving and delayed draw loan commitments related to certain portfolio companies.

(in thousands) Portfolio Company	Total revolving and delayed draw loan commitments		Less: funded commitments		Total unfunded commitments		Less: commitments substantially at discretion of the Fund		Less: unavailable commitments due to borrowing base or other covenant restrictions		Total net unfunded revolving and delayed draw commitments
22 HoldCo Limited	$	4,179.1	$	—	$	4,179.1	$	—	$	—	$	4,179.1
3 Step Sports LLC and 3 Step Holdings, LLC	13,584.9		(526.3)		13,058.6		—		—		13,058.6
Accession Risk Management Group, Inc. and RSC Insurance Brokerage, Inc.	396.3		—		396.3		—		—		396.3
Activate Holdings (US) Corp. and CrossPoint Capital AS SPV, LP	1,056.3		—		1,056.3		—		—		1,056.3
ADMA Biologics Inc.	1.0		(1.0)		—		—		—		—
AI Aqua Merger Sub, Inc.	772.3		—		772.3		—		—		772.3
Airx Climate Solutions, Inc.	11,435.2		(540.6)		10,894.6		—		—		10,894.6
Alcami Corporation	547.9		—		547.9		—		—		547.9
Amerivet Partners Management, Inc. and AVE Holdings LP	3,393.9		(0.1)		3,393.8		—		—		3,393.8
Apex Service Partners, LLC and Apex Service Partners Holdings, LLC	4,808.0		(775.0)		4,033.0		—		—		4,033.0
Aptean, Inc. and Aptean Acquiror Inc.	10,026.0		—		10,026.0		—		—		10,026.0
Artivion, Inc.	18,115.7		(1,983.0)		16,132.7		—		—		16,132.7
Avalign Holdings, Inc. and Avalign Technologies, Inc.	3,440.4		—		3,440.4		—		—		3,440.4
Bamboo US BidCo LLC	4,378.6		(0.7)		4,377.9		—		—		4,377.9
Bobcat Purchaser, LLC and Bobcat Topco, L.P.	1,595.7		—		1,595.7		—		—		1,595.7
BR PJK Produce, LLC	1,774.1		—		1,774.1		—		—		1,774.1
BradyIFS Holdings, LLC	4,916.3		—		4,916.3		—		—		4,916.3
Broadcast Music, Inc.	5,384.6		—		5,384.6		—		—		5,384.6
City Line Distributors LLC and City Line Investments LLC	1.5		—		1.5		—		—		1.5
Cliffwater LLC	1,470.6		(0.1)		1,470.5		—		—		1,470.5
Collision SP Subco, LLC	2,328.7		(52.9)		2,275.8		—		—		2,275.8
Coupa Holdings, LLC and Coupa Software Incorporated	410.8		—		410.8		—		—		410.8
CPIG Holdco Inc.	1.0		(0.5)		0.5		—		—		0.5
Cube Industrials Buyer, Inc. and Cube A&D Buyer Inc.	2,586.2		(536.1)		2,050.1		—		—		2,050.1
Demakes Borrower, LLC	3,292.7		—		3,292.7		—		—		3,292.7
DOXA Insurance Holdings LLC and Rocket Co-Invest, SLP	16,056.7		—		16,056.7		—		—		16,056.7
Echo Purchaser, Inc.	8,750.0		—		8,750.0		—		—		8,750.0
Edmunds Govtech, Inc.	4,224.4		(301.4)		3,923.0		—		—		3,923.0
Empower Payments Investor, LLC	2,674.4		—		2,674.4		—		—		2,674.4
Envisage Management Ltd	4,299.0		—		4,299.0		—		—		4,299.0
Eternal Aus Bidco Pty Ltd	1,895.7		—		1,895.7		—		—		1,895.7
Excel Fitness Consolidator LLC	3,333.3		—		3,333.3		—		—		3,333.3
Finastra USA, Inc., DH Corporation/Societe DH, and Finastra Europe S.A R.L.	2,349.6		—		2,349.6		—		—		2,349.6
Flint OpCo, LLC	704.7		—		704.7		—		—		704.7
FlyWheel Acquireco, Inc.	1,607.1		(1,071.4)		535.7		—		—		535.7
GC Waves Holdings, Inc.	12,037.3		—		12,037.3		—		—		12,037.3
Gestion ABS Bidco Inc. / ABS Bidco Holdings Inc.	11,818.2		—		11,818.2		—		—		11,818.2
GroundWorks, LLC	2,425.3		—		2,425.3		—		—		2,425.3
GS SEER Group Borrower LLC and GS SEER Group Holdings LLC	3,427.0		—		3,427.0		—		—		3,427.0
GTCR F Buyer Corp. and GTCR (D) Investors LP	3,487.5		—		3,487.5		—		—		3,487.5
Guidepoint Security Holdings, LLC	2,659.5		—		2,659.5		—		—		2,659.5
Hakken Midco B.V.	1,082.7		—		1,082.7		—		—		1,082.7
Helios Service Partners, LLC and Astra Service Partners, LLC	5,063.7		(0.6)		5,063.1		—		—		5,063.1
Higginbotham Insurance Agency, Inc.	4,620.0		—		4,620.0		—		—		4,620.0
Hills Distribution, Inc., Hills Intermediate FT Holdings, LLC and GMP Hills, LP	1,826.1		(0.6)		1,825.5		—		—		1,825.5
HP RSS Buyer, Inc.	8,205.1		—		8,205.1		—		—		8,205.1

See accompanying notes to consolidated financial statements.

23

(in thousands) Portfolio Company	Total revolving and delayed draw loan commitments		Less: funded commitments		Total unfunded commitments		Less: commitments substantially at discretion of the Fund		Less: unavailable commitments due to borrowing base or other covenant restrictions		Total net unfunded revolving and delayed draw commitments
Hyland Software, Inc.	1,102.9		—		1,102.9		—		—		1,102.9
Icefall Parent, Inc.	735.5		—		735.5		—		—		735.5
Infinity Home Services HoldCo, Inc., D&S Amalco and IHS Parent Holdings, L.P.	6,315.0		(79.6)		6,235.4		—		—		6,235.4
Keystone Agency Partners LLC	34,309.1		—		34,309.1		—		—		34,309.1
Kings Buyer, LLC	1,529.3		(152.9)		1,376.4		—		—		1,376.4
Leviathan Intermediate Holdco, LLC and Leviathan Holdings, L.P.	182.2		—		182.2		—		—		182.2
Lightbeam Bidco, Inc.	2,150.8		(0.4)		2,150.4		—		—		2,150.4
Meyer Laboratory, LLC and Meyer Parent, LLC	5,027.9		—		5,027.9		—		—		5,027.9
Mr. Greens Intermediate, LLC, Florida Veg Investments LLC, MRG Texas, LLC and Restaurant Produce and Services Blocker, LLC	5,526.3		(139.4)		5,386.9		—		—		5,386.9
New ChurcHill HoldCo LLC and Victory Topco, LP	18,445.0		—		18,445.0		—		—		18,445.0
Next Holdco, LLC	1,697.6		—		1,697.6		—		—		1,697.6
North Haven Fairway Buyer, LLC, Fairway Lawns, LLC and Command Pest Control, LLC	844.9		(108.2)		736.7		—		—		736.7
North Haven Stack Buyer, LLC	11.1		—		11.1		—		—		11.1
Northwinds Holding, Inc. and Northwinds Services Group LLC	3,450.0		(416.7)		3,033.3		—		—		3,033.3
OakBridge Insurance Agency LLC and Maple Acquisition Holdings, LP	5,803.6		—		5,803.6		—		—		5,803.6
Orange Barrel Media, LLC/IKE Smart City, LLC	3,348.0		—		3,348.0		—		—		3,348.0
Pallas Funding Trust No.2	1,497.3		—		1,497.3		—		—		1,497.3
Paragon 28, Inc. and Paragon Advanced Technologies, Inc.	7,072.4		(0.5)		7,071.9		—		—		7,071.9
Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P.	1,183.6		(262.1)		921.5		—		—		921.5
PCIA SPV-3, LLC and ASE Royal Aggregator, LLC	4,600.0		—		4,600.0		—		—		4,600.0
PCS MidCo, Inc. and PCS Parent, L.P.	4,411.4		(68.2)		4,343.2		—		—		4,343.2
PestCo Holdings, LLC and PestCo, LLC	1,843.3		—		1,843.3		—		—		1,843.3
Priority Waste Holdings LLC, Priority Waste Holdings Indiana LLC and Priority Waste Super Holdings, LLC	301.0		(0.5)		300.5		—		—		300.5
PushPay USA Inc.	357.1		—		357.1		—		—		357.1
PYE-Barker Fire & Safety, LLC	14,963.6		—		14,963.6		—		—		14,963.6
Silk Holdings III Corp. and Silk Holdings I Corp.	1.0		(0.6)		0.4		—		—		0.4
Solar Bidco Limited	3,276.6		—		3,276.6		—		—		3,276.6
Steward Partners Global Advisory, LLC and Steward Partners Investment Advisory, LLC	2,758.3		—		2,758.3		—		—		2,758.3
Sunbit Receivables Trust IV	2,700.0		(1,106.1)		1,593.9		—		—		1,593.9
Touchdown Acquirer Inc.	898.2		—		898.2		—		—		898.2
Truck-Lite Co., LLC, Ecco Holdings Corp. and Clarience Technologies, LLC	7,531.4		(125.5)		7,405.9		—		—		7,405.9
TSS Buyer, LLC	2,851.6		—		2,851.6		—		—		2,851.6
United Digestive MSO Parent, LLC and Koln Co-Invest Unblocked, LP	4,245.3		(396.2)		3,849.1		—		—		3,849.1
UP Intermediate II LLC and UPBW Blocker LLC	2,210.2		—		2,210.2		—		—		2,210.2
Vertex Service Partners, LLC and Vertex Service Partners Holdings, LLC	14,476.2		—		14,476.2		—		—		14,476.2
Vobev, LLC and Vobev Holdings, LLC	1.0		(0.8)		0.2		—		—		0.2
WCI-BXC Purchaser, LLC and WCI-BXC Investment Holdings, L.P.	194.6		—		194.6		—		—		194.6
World Insurance Associates, LLC and World Associates Holdings, LLC	25,000.0		—		25,000.0		—		—		25,000.0
Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P.	2,175.1		(61.1)		2,114.0		—		—		2,114.0
	$	397,473.5	$	(8,709.1)	$	388,764.4	$	—	$	—	$	388,764.4

(11)As of March 31, 2024, the Fund was party to subscription agreements to fund equity investment commitments as follows:

See accompanying notes to consolidated financial statements.

24

(in thousands) Portfolio Company	Total equity commitments		Less: funded equity commitments		Total unfunded equity commitments		Less: equity commitments substantially at discretion of the Fund		Total net unfunded equity commitments
Constellation Wealth Capital Fund, L.P.	$	3,693.2	$	(1,605.5)	$	2,087.7	$	—	$	2,087.7
DOXA Insurance Holdings LLC and Rocket Co-Invest, SLP	213.5		—		213.5		—		213.5
GTCR F Buyer Corp. and GTCR (D) Investors LP	25.9		—		25.9		—		25.9
Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P.	12.8		—		12.8		—		12.8
Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P.	5.6		—		5.6		—		5.6
	$	3,951.0	$	(1,605.5)	$	2,345.5	$	—	$	2,345.5

(12)All investments are non-controlled, non-affiliated investments. Non-controlled, non-affiliated investments are defined as investments in which the Fund owns less than 5% of the portfolio company’s outstanding voting securities and does not have the power to exercise control over the management or policies of such portfolio company.

See accompanying notes to consolidated financial statements.

25

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in thousands)

Company (1)	Investment	Coupon (2)	Reference (4)	Spread (2)	Acquisition Date	Maturity Date	Shares/ Units	Principal		Amortized Cost		Fair Value			% of Net Assets
Software and Services
Access CIG, LLC	First lien senior secured loan	10.39%	SOFR (Q)	5.00%		08/2028		$	10,972.5	$	10,770.5	$	10,979.4	(5)
Applied Systems, Inc.	First lien senior secured loan	9.85%	SOFR (Q)	4.50%		09/2026		9,397.3		9,399.8		9,430.3		(5)
Aptean, Inc. and Aptean Acquiror Inc.	First lien senior secured loan	9.71%	SOFR (M)	4.25%		04/2026		5,953.1		5,858.6		5,935.7
BCTO Ignition Purchaser, Inc.	First lien senior secured loan	14.40% PIK	SOFR (Q)	9.00%		10/2030		15,967.5		15,559.9		15,648.2		(3)(5)(6)
Bobcat Purchaser, LLC and Bobcat Topco, L.P. (8)	First lien senior secured loan	11.59%	SOFR (Q)	6.25%		06/2030		13,370.7		13,062.5		13,370.7		(5)(6)
	Class A-1 units				06/2023		100,000			100.0		100.0		(6)
										13,162.5		13,470.7
Boxer Parent Company Inc.	First lien senior secured loan	9.61%	SOFR (S)	4.25%		12/2028		9,157.3		9,132.1		9,210.0		(3)
CCC Intelligent Solutions Inc.	First lien senior secured loan	7.72%	SOFR (M)	2.25%		09/2028		3,816.6		3,817.7		3,814.3		(3)(5)
Cloud Software Group, Inc. and Picard Parent, Inc.	First lien senior secured loan	9.95%	SOFR (B)	4.50%		09/2028		31,676.7		30,255.7		30,820.5		(5)
	First lien senior secured loan	9.99%	SOFR (Q)	4.50%		03/2029		6,613.4		6,255.0		6,447.3		(5)
	Second lien senior secured notes	9.00%	Fixed			09/2029		100.0		80.5		95.3
										36,591.2		37,363.1
Conservice Midco, LLC	First lien senior secured loan	9.71%	SOFR (M)	4.25%		05/2027		3,989.7		3,958.3		3,991.4
Coupa Holdings, LLC and Coupa Software Incorporated (8)	First lien senior secured loan	12.86%	SOFR (M)	7.50%		02/2030		4,590.2		4,489.1		4,590.2		(5)(6)
Crosspoint Capital AS SPV, LP (8)	First lien senior secured revolving loan	12.10%	SOFR (Q)	6.75%		07/2029		211.3		184.3		182.2		(3)(5)(6)
	First lien senior secured loan	12.10%	SOFR (Q)	6.75%		07/2030		13,908.8		13,548.7		13,769.7		(3)(5)(6)
	Limited partnership interest	8.00% PIK			10/2023		100,000			102.5		96.7		(3)(6)
										13,835.5		14,048.6
Echo Purchaser, Inc. (8)	First lien senior secured revolving loan	10.87%	SOFR (Q)	5.50%		11/2029		159.1		81.2		79.5		(5)(6)
	First lien senior secured loan	10.87%	SOFR (S)	5.50%		11/2029		26,250.0		25,735.8		25,725.0		(5)(6)
										25,817.0		25,804.5
Epicor Software Corporation	First lien senior secured loan	9.11%	SOFR (M)	3.75%		07/2027		6,500.0		6,450.7		6,552.0		(5)
	First lien senior secured loan	8.72%	SOFR (M)	3.25%		07/2027		5,256.0		5,214.6		5,269.6		(5)
										11,665.3		11,821.6
eResearch Technology, Inc.	First lien senior secured loan	9.97%	SOFR (M)	4.50%		02/2027		29,922.5		28,708.8		29,847.7		(5)
Finastra USA, Inc., DH Corporation/Societe DH, and Finastra Europe S.A R.L. (8)	First lien senior secured loan	12.71%	SOFR (Q)	7.25%		09/2029		22,650.4		22,218.3		22,423.9		(3)(5)(6)
Flexera Software LLC	First lien senior secured loan	9.22%	SOFR (M)	3.75%		03/2028		8,677.5		8,663.7		8,659.8		(5)
Gainwell Acquisition Corp.	First lien senior secured loan	9.45%	SOFR (Q)	4.00%		10/2027		8,451.3		8,293.4		8,197.8		(5)
Genesys Cloud Services Holdings I, LLC	First lien senior secured loan	9.47%	SOFR (M)	4.00%		12/2027		7,040.9		7,055.5		7,063.5		(5)
Go Daddy Operating Company, LLC (GD Finance Co, Inc.)	First lien senior secured loan	7.86%	SOFR (M)	2.50%		11/2029		8,569.4		8,566.2		8,591.6		(3)
Guidepoint Security Holdings, LLC (8)	First lien senior secured loan	11.38%	SOFR (Q)	6.00%		10/2029		6,131.5		6,013.5		6,008.9		(5)(6)
Hakken Midco B.V. (8)	First lien senior secured loan	10.94%	Euribor (Q)	7.00%		01/2030		4,222.6		4,118.8		4,222.6		(3)(5)(6)
	First lien senior secured loan	10.94%	Euribor (Q)	7.00%		07/2030		493.8		424.8		493.8		(3)(5)(6)
										4,543.6		4,716.4

See accompanying notes to consolidated financial statements.

26

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in thousands)

Company (1)	Investment	Coupon (2)	Reference (4)	Spread (2)	Acquisition Date	Maturity Date	Shares/ Units	Principal	Amortized Cost	Fair Value		% of Net Assets
Hyland Software, Inc. (8)	First lien senior secured loan	11.36%	SOFR (M)	6.00%		09/2030		23,897.1	23,551.9	23,538.6	(5)(6)
Idemia Group S.A.S.	First lien senior secured loan	10.10%	SOFR (Q)	4.75%		09/2028		3,980.0	3,943.4	3,987.5	(3)(5)
Instructure Holdings, INC.	First lien senior secured loan	8.68%	SOFR (S)	2.75%		10/2028		9,176.6	9,112.0	9,211.1	(3)(5)
ISolved, Inc.	First lien senior secured loan	9.48%	SOFR (S)	4.00%		10/2030		5,770.7	5,719.1	5,770.7	(5)
Marcel Bidco GmbH	First lien senior secured loan	9.81%	SOFR (M)	4.50%		11/2030		10,312.9	10,255.5	10,355.9	(3)(5)
Mitchell International, Inc.	First lien senior secured loan	9.40%	SOFR (Q)	3.75%		10/2028		15,000.0	14,647.0	14,974.1	(5)
	First lien senior secured loan	9.40%	SOFR (Q)	3.75%		10/2028		99.7	97.4	99.6	(5)
	Second lien senior secured loan	12.15%	SOFR (Q)	6.50%		10/2029		145.8	134.7	142.8	(5)
									14,879.1	15,216.5
Mosel Bidco SE	First lien senior secured loan	10.10%	SOFR (Q)	4.75%		09/2030		8,112.1	8,108.6	8,112.1	(3)(5)(6)
Netsmart, Inc. and Netsmart Technologies, Inc.	First lien senior secured loan	9.22%	SOFR (M)	3.75%		10/2027		34,874.8	34,649.1	34,891.2	(5)
Open Text Corporation	First lien senior secured loan	8.21%	SOFR (M)	2.75%		01/2030		7,533.0	7,515.6	7,545.3	(3)(5)
Particle Luxembourg S.a.r.l.	First lien senior secured loan	10.72%	SOFR (M)	5.25%		02/2027		1,447.7	1,427.5	1,440.5	(3)(5)
Polaris Newco, LLC	First lien senior secured loan	9.47%	SOFR (M)	4.00%		06/2028		4,481.3	4,284.8	4,415.2	(5)
Project Accelerate Parent, LLC	First lien senior secured loan	9.89%	SOFR (Q)	4.25%		01/2025		17,094.9	17,005.7	17,052.2	(5)
Project Boost Purchaser, LLC	First lien senior secured loan	8.97%	SOFR (M)	3.50%		06/2026		11,065.7	10,954.3	11,063.2
	First lien senior secured loan	8.97%	SOFR (M)	3.50%		05/2026		10,168.0	10,142.9	10,159.5	(5)
									21,097.2	21,222.7
Proofpoint, Inc.	First lien senior secured loan	8.72%	SOFR (M)	3.25%		08/2028		17,676.6	17,529.5	17,658.2	(5)
PushPay USA Inc. (8)	First lien senior secured loan	12.28%	SOFR (Q)	6.75%		05/2030		4,631.2	4,505.1	4,584.9	(5)(6)
Quartz AcquireCo, LLC	First lien senior secured loan	8.86%	SOFR (M)	3.50%		06/2030		6,483.8	6,472.5	6,500.0	(6)
Quest Software US Holdings Inc.	First lien senior secured loan	9.78%	SOFR (Q)	4.25%		02/2029		1,994.9	1,687.0	1,515.6	(5)
RealPage, Inc.	First lien senior secured loan	8.47%	SOFR (M)	3.00%		04/2028		14,683.0	14,572.6	14,549.0	(5)
	Second lien senior secured loan	11.97%	SOFR (M)	6.50%		04/2029		10,535.0	10,456.4	10,535.0	(5)(6)
									25,029.0	25,084.0
Severin Acquisition, LLC	First lien senior secured loan	8.60%	SOFR (Q)	3.25%		08/2027		10,461.9	10,441.6	10,494.6	(3)
Sophia, L.P.	First lien senior secured loan	8.96%	SOFR (M)	3.50%		10/2027		12,330.9	12,234.1	12,342.5	(5)
	First lien senior secured loan	9.61%	SOFR (M)	4.25%		10/2027		916.8	906.2	914.7	(5)
									13,140.3	13,257.2
Tenable Holdings, Inc.	First lien senior secured loan	8.22%	SOFR (M)	2.75%		07/2028		3,430.0	3,430.0	3,421.4	(3)(5)
UserZoom Technologies, Inc.	First lien senior secured loan	12.99%	SOFR (Q)	7.50%		04/2029		634.4	618.3	628.1	(5)(6)
Verscend Holding Corp.	First lien senior secured loan	9.47%	SOFR (M)	4.00%		08/2025		17,051.2	17,039.2	17,065.4
									519,562.5	524,586.5		29.78	%
Health Care Services
Agiliti Health, Inc.	First lien senior secured loan	8.39%	SOFR (Q)	3.00%		05/2030		4,381.9	4,368.8	4,376.4	(3)

See accompanying notes to consolidated financial statements.

27

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in thousands)

Company (1)	Investment	Coupon (2)	Reference (4)	Spread (2)	Acquisition Date	Maturity Date	Shares/ Units	Principal	Amortized Cost	Fair Value		% of Net Assets
Amerivet Partners Management, Inc. and AVE Holdings LP (8)	Subordinated loan	16.50% PIK	Fixed			12/2030		26,053.3	24,532.8	24,490.1	(6)
	Class C units				11/2023		3,849		768.4	768.4	(6)
									25,301.2	25,258.5
athenahealth Group Inc.	First lien senior secured loan	8.61%	SOFR (M)	3.25%		02/2029		33,486.8	32,537.2	33,302.7	(5)
Bausch + Lomb Corporation	First lien senior secured loan	9.36%	SOFR (M)	4.00%		09/2028		4,987.5	4,939.7	4,968.8	(3)
Bracket Intermediate Holding Corp.	First lien senior secured loan	10.45%	SOFR (Q)	5.00%		05/2028		11,316.4	11,129.9	11,299.9	(5)
Confluent Medical Technologies, Inc.	First lien senior secured loan	9.10%	SOFR (Q)	3.75%		02/2029		4,608.2	4,543.4	4,596.7	(5)(6)
Electron Bidco Inc.	First lien senior secured loan	8.47%	SOFR (M)	3.00%		11/2028		10,480.7	10,408.7	10,495.2	(5)
Ensemble RCM, LLC	First lien senior secured loan	9.23%	SOFR (Q)	3.75%		08/2026		19,267.8	19,254.5	19,288.4
Financiere Mendel	First lien senior secured loan	9.62%	SOFR (S)	4.25%		11/2030		8,000.0	7,926.7	7,992.5	(3)
Lifepoint Health Inc	First lien senior secured loan	11.17%	SOFR (S)	5.50%		11/2028		7,805.1	7,573.6	7,771.9
Mamba Purchaser, Inc.	First lien senior secured loan	8.97%	SOFR (M)	3.50%		10/2028		13,358.9	13,266.3	13,334.0	(5)
Medline Borrower, LP	First lien senior secured loan	8.47%	SOFR (M)	3.00%		10/2028		12,972.6	12,919.4	13,025.3	(5)
Next Holdco, LLC (8)	First lien senior secured loan	11.37%	SOFR (M)	6.00%		11/2030		5,786.1	5,700.9	5,699.4	(5)(6)
Nomi Health, Inc.	First lien senior secured loan	13.64%	SOFR (S)	8.25%		07/2028		11,639.2	11,319.6	11,290.0	(5)(6)
Option Care Health Inc	First lien senior secured loan	8.22%	SOFR (M)	2.75%		10/2028		5,894.9	5,893.5	5,914.5	(3)(5)
Paragon 28, Inc. and Paragon Advanced Technologies, Inc. (8)	First lien senior secured revolving loan	9.38%	SOFR (M)	4.00%		11/2028		0.5	0.5	0.5	(3)(5)(6)
	First lien senior secured loan	12.13% (3.38% PIK)	SOFR (Q)	6.75%		11/2028		21,214.9	20,699.7	20,684.5	(3)(5)(6)
									20,700.2	20,685.0
PointClickCare Technologies Inc.	First lien senior secured loan	8.61%	SOFR (Q)	3.00%		12/2027		5,975.5	5,964.3	5,968.0	(3)(5)
R1 RCM Inc.	First lien senior secured loan	10.33%	SOFR (S)	5.00%		06/2029		1,180.0	1,165.7	1,178.9	(3)
Radnet Management, Inc.	First lien senior secured loan	8.64%	SOFR (Q)	3.00%		04/2028		14,165.5	14,165.2	14,195.7	(3)(5)
Select Medical Corporation	First lien senior secured loan	8.36%	SOFR (M)	3.00%		03/2027		5,563.5	5,538.8	5,558.2	(3)
Sharp Midco LLC	First lien senior secured loan	9.45%	SOFR (Q)	4.00%		12/2028		1,989.9	1,989.9	1,992.4	(5)(6)
	First lien senior secured loan	9.85%	SOFR (Q)	4.50%		12/2028		3,350.0	3,301.9	3,345.8	(5)
									5,291.8	5,338.2
Sotera Health Holdings, LLC	First lien senior secured loan	9.11%	SOFR (M)	3.75%		12/2026		2,985.0	2,985.0	2,983.1	(3)(5)
	First lien senior secured loan	8.39%	SOFR (Q)	2.75%		12/2026		6,500.0	6,481.7	6,489.1	(3)(5)
									9,466.7	9,472.2
Surgery Center Holdings, Inc.	First lien senior secured loan	8.86%	SOFR (S)	3.50%		12/2030		9,528.2	9,518.1	9,556.0	(3)
United Digestive MSO Parent, LLC and Koln Co-Invest Unblocked, LP (8)	First lien senior secured loan	12.25%	SOFR (Q)	6.75%		03/2029		10,674.1	10,394.3	10,674.1	(5)(6)
	Class A interests				03/2023		100		100.0	97.2	(6)
									10,494.3	10,771.3
Viant Medical Holdings, Inc.	First lien senior secured loan	9.22%	SOFR (M)	3.75%		07/2025		31,797.2	31,033.3	31,360.0
	Second lien senior secured loan	13.22%	SOFR (M)	7.75%		07/2026		40.4	37.7	38.7
									31,071.0	31,398.7

See accompanying notes to consolidated financial statements.

28

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in thousands)

Company (1)	Investment	Coupon (2)	Reference (4)	Spread (2)	Acquisition Date	Maturity Date	Shares/ Units	Principal	Amortized Cost	Fair Value		% of Net Assets
Waystar Technologies, Inc.	First lien senior secured loan	9.47%	SOFR (M)	4.00%		10/2026		10,867.5	10,848.3	10,894.7
Zelis Cost Management Buyer, Inc.	First lien senior secured loan	8.97%	SOFR (M)	3.50%		09/2026		10,614.8	10,634.5	10,625.7
									311,942.3	314,256.8		17.84	%
Consumer Services
Alterra Mountain Company	First lien senior secured loan	9.21%	SOFR (M)	3.75%		05/2030		7,887.4	7,881.8	7,926.9	(6)
	First lien senior secured loan	8.97%	SOFR (M)	3.50%		08/2028		1,283.6	1,272.9	1,283.6	(5)
									9,154.7	9,210.5
Apex Service Partners, LLC and Apex Service Partners Holdings, LLC (8)	First lien senior secured revolving loan	14.00%	Base Rate (Q)	5.50%		10/2029		68.0	47.4	46.7	(5)(6)
	First lien senior secured revolving loan	11.87%	SOFR (Q)	6.50%		10/2029		95.2	66.4	65.4	(5)(6)
	First lien senior secured loan	12.40% (2.00% PIK)	SOFR (Q)	7.00%		10/2030		26,941.4	26,170.3	26,148.9	(5)(6)
	Series B common units				10/2023		45,351		1,250.0	1,250.0	(6)
									27,534.1	27,511.0
Belfor Holdings, Inc.	First lien senior secured loan	9.11%	SOFR (M)	3.75%		11/2030		16,434.2	16,298.0	16,465.1	(5)
Caesars Entertainment Inc	First lien senior secured loan	8.71%	SOFR (M)	3.25%		02/2030		8,465.3	8,453.6	8,477.2	(3)(5)
ClubCorp Holdings, Inc.	First lien senior secured loan	10.61%	SOFR (Q)	5.00%		09/2026		2,710.5	2,599.6	2,607.2
	First lien senior secured loan	8.18%	LIBOR (Q)	2.75%		09/2024		1,542.5	1,523.2	1,480.8
									4,122.8	4,088.0
Eternal Aus Bidco Pty Ltd (8)	First lien senior secured loan	10.70% (2.50% PIK)	BBSY (S)	6.25%		10/2029		6,708.0	6,266.5	6,708.0	(3)(5)(6)
Excel Fitness Consolidator LLC (8)	First lien senior secured loan	11.00%	SOFR (Q)	5.50%		04/2029		6,650.0	6,494.2	6,483.8	(5)(6)
Fertitta Entertainment, LLC	First lien senior secured loan	9.36%	SOFR (M)	4.00%		01/2029		7,850.8	7,811.3	7,849.1	(5)
Flint OpCo, LLC (8)	First lien senior secured loan	10.60%	SOFR (Q)	5.25%		08/2030		7,812.9	7,609.3	7,562.9	(5)(6)
Four Seasons Holdings Inc.	First lien senior secured loan	7.96%	SOFR (M)	2.50%		11/2029		11,110.3	11,123.6	11,140.9	(3)(5)
Gems Menasa (Cayman) Limited	First lien senior secured loan	10.40%	SOFR (Q)	4.75%		07/2026		7,450.6	7,471.0	7,464.6	(3)(5)
GroundWorks, LLC (8)	First lien senior secured loan	11.90%	SOFR (Q)	6.50%		03/2030		11,938.8	11,631.4	11,938.8	(5)(6)
GS SEER Group Borrower LLC and GS SEER Group Holdings LLC (8)	First lien senior secured loan	12.10%	SOFR (Q)	6.75%		04/2030		10,381.2	10,006.0	10,381.2	(5)(6)
	Class A common units				04/2023		100		100.0	90.8	(6)
									10,106.0	10,472.0
Helios Service Partners, LLC and Astra Service Partners, LLC (8)	First lien senior secured revolving loan	11.62%	SOFR (Q)	6.00%		03/2027		0.6	0.6	0.6	(5)(6)
	First lien senior secured loan	11.87%	SOFR (Q)	6.25%		03/2027		6,989.6	6,838.9	6,739.8	(5)(6)
									6,839.5	6,740.4
Hilton Domestic Operating Company Inc.	First lien senior secured loan	7.46%	SOFR (M)	2.00%		11/2030		3,500.0	3,491.4	3,510.6	(3)
Infinity Home Services HoldCo, Inc., D&S Amalco and IHS Parent Holdings, L.P. (8)	First lien senior secured loan	12.20%	SOFR (Q)	6.75%		12/2028		4,108.3	3,995.8	4,108.3	(3)(5)(6)
	First lien senior secured loan	11.50%	CDOR (Q)	6.00%		12/2028		1,013.4	842.9	1,050.8	(3)(5)(6)
	Class A units				12/2022		50,000		50.0	65.2	(6)
									4,888.7	5,224.3

See accompanying notes to consolidated financial statements.

29

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in thousands)

Company (1)	Investment	Coupon (2)	Reference (4)	Spread (2)	Acquisition Date	Maturity Date	Shares/ Units	Principal	Amortized Cost	Fair Value		% of Net Assets
IRB Holding Corp.	First lien senior secured loan	8.46%	SOFR (M)	3.00%		12/2027		12,692.5	12,617.7	12,701.5	(5)
Learning Care Group (US) No. 2 Inc.	First lien senior secured loan	10.13%	SOFR (Q)	4.75%		08/2028		5,972.8	5,942.1	5,999.7	(5)
Leviathan Intermediate Holdco, LLC and Leviathan Holdings, L.P. (8)	First lien senior secured loan	13.00%	SOFR (Q)	7.50%		12/2027		9,719.6	9,487.1	9,719.6	(5)(6)
	Limited partnership interests				12/2022		50,000		50.0	48.8	(6)
									9,537.1	9,768.4
Motion Acquisition Limited	First lien senior secured loan	8.86%	SOFR (Q)	3.25%		11/2026		11,081.5	11,030.8	11,081.5	(3)
Northwinds Holding, Inc. and Northwinds Services Group LLC (8)	First lien senior secured loan	12.18%	SOFR (Q)	6.50%		05/2029		11,499.1	11,145.2	11,499.1	(5)(6)
	Common units				05/2023		76,923		100.0	109.4	(6)
									11,245.2	11,608.5
PestCo Holdings, LLC and PestCo, LLC (8)	First lien senior secured loan	12.03%	SOFR (Q)	6.50%		02/2028		9,845.6	9,603.1	9,845.6	(5)(6)
	Class A units				01/2023		8		100.0	128.0	(6)
									9,703.1	9,973.6
Radiant Intermediate Holding, LLC	First lien senior secured loan	11.24%	SOFR (Q)	5.75%		11/2026		905.4	885.6	869.2	(5)(6)
Restaurant Brands International Inc.	First lien senior secured loan	7.61%	SOFR (M)	2.25%		09/2030		12,000.0	11,966.2	11,995.7	(3)
Service Logic Acquisition, Inc. and MSHC, Inc.	First lien senior secured loan	9.64%	SOFR (Q)	4.00%		10/2027		5,361.4	5,331.9	5,352.5	(5)
	First lien senior secured loan	11.14%	SOFR (M)	5.50%		10/2027		14,113.9	13,897.0	14,113.9	(5)(6)
									19,228.9	19,466.4
TSS Buyer, LLC (8)	First lien senior secured loan	11.00%	SOFR (S)	5.50%		06/2029		7,026.1	6,794.3	6,776.5	(5)(6)
Vertex Service Partners, LLC and Vertex Service Partners Holdings, LLC (8)	First lien senior secured loan	10.89%	SOFR (S)	5.50%		11/2030		15,823.2	15,305.2	15,032.0	(5)(6)
	Class B common units				11/2023		351		351.0	351.0	(6)
									15,656.2	15,383.0
Whatabrands LLC	First lien senior secured loan	8.47%	SOFR (M)	3.00%		08/2028		5,221.5	5,217.6	5,223.8	(5)
									269,120.9	271,695.0		15.43	%
Capital Goods
AI Aqua Merger Sub, Inc. (8)	First lien senior secured loan	9.58%	SOFR (S)	4.25%		07/2028		5,782.6	5,782.6	5,806.7	(5)
	First lien senior secured loan	9.09%	SOFR (M)	3.75%		07/2028		9,005.2	8,989.6	9,000.1	(5)
									14,772.2	14,806.8
Airx Climate Solutions, Inc. (8)	First lien senior secured loan	11.68%	SOFR (Q)	6.25%		11/2029		23,564.8	22,990.4	22,975.7	(5)(6)
Artera Services, LLC	First lien senior secured loan	8.70%	SOFR (Q)	3.25%		03/2025		3,941.2	3,696.4	3,699.1	(5)
	First lien senior secured loan	8.95%	SOFR (Q)	3.50%		03/2025		2,058.2	1,912.1	1,931.5	(5)
									5,608.5	5,630.6
Brookfield WEC Holdings Inc.	First lien senior secured loan	9.11%	SOFR (M)	3.75%		08/2025		2,806.5	2,806.5	2,813.6	(5)
	First lien senior secured loan	8.22%	SOFR (M)	2.75%		08/2025		13,366.9	13,338.3	13,392.6	(5)
									16,144.8	16,206.2
Brown Group Holding, LLC	First lien senior secured loan	9.13%	SOFR (Q)	3.75%		07/2029		5,942.2	5,936.3	5,957.1	(5)
	First lien senior secured loan	8.21%	SOFR (M)	2.75%		06/2028		1,989.1	1,986.7	1,989.8	(5)
									7,923.0	7,946.9
Burgess Point Purchaser Corporation	First lien senior secured loan	10.71%	SOFR (M)	5.25%		07/2029		34,850.0	32,837.9	32,795.3	(5)

See accompanying notes to consolidated financial statements.

30

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in thousands)

Company (1)	Investment	Coupon (2)	Reference (4)	Spread (2)	Acquisition Date	Maturity Date	Shares/ Units	Principal	Amortized Cost	Fair Value		% of Net Assets
Chart Industries, Inc.	First lien senior secured loan	8.69%	SOFR (M)	3.25%		03/2030		13,277.4	13,227.6	13,288.4	(3)(5)
Clarios Global LP	First lien senior secured loan	9.11%	SOFR (M)	3.75%		05/2030		6,733.1	6,712.6	6,741.5
CPIG Holdco Inc. (8)	First lien senior secured revolving loan	10.24%	SOFR (Q)	4.75%		04/2028		0.5	0.5	0.5	(5)(6)
	First lien senior secured loan	12.49%	SOFR (Q)	7.00%		04/2028		14,962.5	14,574.6	14,962.5	(5)(6)
									14,575.1	14,963.0
Cube Industrials Buyer, Inc. and Cube A&D Buyer Inc. (8)	First lien senior secured loan	11.40%	SOFR (Q)	6.00%		10/2030		22,413.8	21,868.1	21,853.4	(5)(6)
Dynasty Acquisition Co., Inc.	First lien senior secured loan	9.36%	SOFR (M)	4.00%		08/2028		12,037.8	11,907.7	12,061.8
Gates Global LLC	First lien senior secured loan	8.36%	SOFR (M)	3.00%		11/2029		790.0	790.9	791.7	(3)(5)
	First lien senior secured loan	7.96%	SOFR (M)	2.50%		03/2027		2,880.5	2,880.0	2,882.3	(3)(5)
									3,670.9	3,674.0
Helix Acquisition Holdings, Inc.	First lien senior secured loan	12.45%	SOFR (Q)	7.00%		03/2030		14,188.7	13,808.9	14,188.7	(5)(6)
Husky Injection Molding Systems Ltd.	First lien senior secured loan	8.47%	SOFR (M)	3.00%		03/2025		16,906.3	16,815.6	16,871.2	(3)
Pike Corporation	First lien senior secured loan	8.47%	SOFR (M)	3.00%		01/2028		7,535.6	7,535.6	7,551.3
Propulsion (BC) Newco LLC	First lien senior secured loan	9.10%	SOFR (Q)	3.75%		09/2029		7,841.3	7,819.9	7,842.8	(3)(5)
Specialty Building Products Holdings, LLC	First lien senior secured loan	9.21%	SOFR (M)	3.75%		10/2028		5,965.9	5,905.1	5,950.9	(5)
SRS Distribution Inc.	First lien senior secured loan	8.96%	SOFR (M)	3.50%		06/2028		1,877.7	1,870.9	1,875.4	(5)
Star US Bidco LLC	First lien senior secured loan	9.71%	SOFR (M)	4.25%		03/2027		6,500.0	6,452.6	6,488.6	(5)
TransDigm Inc.	First lien senior secured loan	8.60%	SOFR (Q)	3.25%		02/2031		2,000.0	1,995.0	2,007.5	(3)(5)
	First lien senior secured loan	8.60%	SOFR (Q)	3.25%		02/2027		1,989.9	1,994.9	1,996.9	(3)
	First lien senior secured loan	8.60%	SOFR (Q)	3.25%		08/2028		16,894.2	16,888.0	16,957.6	(3)
									20,877.9	20,962.0
Wilsonart LLC	First lien senior secured loan	8.70%	SOFR (Q)	3.25%		12/2026		13,407.1	13,261.4	13,423.8	(5)
									266,586.7	268,098.3		15.22	%
Insurance Services
Accession Risk Management Group, Inc. and RSC Insurance Brokerage, Inc. (8)	First lien senior secured loan	11.03%	SOFR (Q)	5.50%		11/2029		4,032.9	3,993.1	3,952.3	(5)(6)
	First lien senior secured loan	11.35%	SOFR (Q)	6.00%		11/2029		1.4	1.1	1.2	(5)(6)
	First lien senior secured loan	11.41%	SOFR (M)	6.00%		11/2029		3.1	3.1	3.1	(5)(6)
									3,997.3	3,956.6
Acrisure, LLC	First lien senior secured loan	9.89%	SOFR (Q)	4.50%		11/2030		30,000.0	29,706.2	30,024.9
	Senior subordinated loan	7.00%	Fixed			11/2025		3,700.0	3,611.2	3,690.8
									33,317.4	33,715.7
Alliant Holdings Intermediate, LLC	First lien senior secured loan	8.86%	SOFR (M)	3.50%		11/2030		2,558.1	2,534.4	2,566.4	(5)
AMWINS Group, Inc.	First lien senior secured loan	7.72%	SOFR (M)	2.25%		02/2028		7,246.6	7,235.8	7,248.6	(5)
Asurion, LLC	First lien senior secured loan	8.72%	SOFR (M)	3.25%		12/2026		11,461.4	11,258.5	11,423.2
	First lien senior secured loan	9.71%	SOFR (M)	4.25%		08/2028		3,279.4	3,153.7	3,263.6
									14,412.2	14,686.8

See accompanying notes to consolidated financial statements.

31

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in thousands)

Company (1)	Investment	Coupon (2)	Reference (4)	Spread (2)	Acquisition Date	Maturity Date	Shares/ Units	Principal	Amortized Cost	Fair Value		% of Net Assets
Broadstreet Partners, Inc.	First lien senior secured loan	9.10%	SOFR (M)	3.75%		01/2029		13,637.8	13,579.9	13,659.1
Cross Financial Corp.	First lien senior secured loan	9.47%	SOFR (M)	4.00%		09/2027		5,116.7	5,103.7	5,116.7	(5)
DOXA Insurance Holdings LLC (8)	First lien senior secured loan	10.87%	SOFR (S)	5.50%		12/2030		20,789.1	20,375.3	20,373.3	(5)(6)
HIG Finance 2 Limited	First lien senior secured loan	9.36%	SOFR (M)	4.00%		04/2030		10,473.7	10,440.0	10,484.6	(3)(5)
Higginbotham Insurance Agency, Inc. (8)	First lien senior secured loan	10.96%	SOFR (M)	5.50%		11/2028		1,721.1	1,709.0	1,695.2	(5)(6)
Hub International Limited	First lien senior secured loan	9.66%	SOFR (Q)	4.25%		06/2030		9,314.6	9,305.6	9,349.8	(5)
	First lien senior secured loan	9.37%	SOFR (Q)	4.00%		11/2029		4,070.0	4,067.7	4,082.9	(5)
									13,373.3	13,432.7
Hyperion Refinance S.a r.l.	First lien senior secured loan	8.75%	SOFR (M)	3.25%		11/2027		7,829.2	7,827.5	7,836.4	(3)(5)
Keystone Agency Partners LLC (8)	First lien senior secured loan	10.96%	SOFR (S)	5.50%		05/2027		10,690.9	10,477.5	10,477.1	(5)(6)
NFP Corp.	First lien senior secured loan	8.72%	SOFR (M)	3.25%		02/2027		8,274.2	8,177.9	8,309.1
OakBridge Insurance Agency LLC and Maple Acquisition Holdings, LP (8)	First lien senior secured loan	11.09%	SOFR (M)	5.75%		11/2029		9,196.4	9,017.0	9,012.5	(5)(6)
	Class A2 units				11/2023		102,501		2,050.0	2,050.0	(6)
									11,074.7	11,062.5
OneDigital Borrower LLC	First lien senior secured loan	9.71%	SOFR (M)	4.25%		11/2027		4,987.3	4,950.9	4,987.3	(5)(6)
Sedgwick Claims Management Services, Inc. (Lightning Cayman Merger Sub, Ltd.)	First lien senior secured loan	9.11%	SOFR (M)	3.75%		02/2028		8,076.9	8,049.7	8,095.9
USI, Inc.	First lien senior secured loan	8.35%	SOFR (Q)	3.00%		11/2029		8,301.7	8,291.9	8,308.2
	First lien senior secured loan	8.63%	SOFR (Q)	3.25%		09/2030		8,471.0	8,452.7	8,473.7
									16,744.6	16,781.9
									193,373.4	194,485.9		11.04	%
Financial Services
BIFM CA Buyer Inc.	First lien senior secured loan	8.97%	SOFR (M)	3.50%		06/2026		2,611.3	2,616.1	2,611.7	(3)
Bleriot US Bidco Inc.	First lien senior secured loan	9.61%	SOFR (Q)	4.00%		10/2028		2,481.4	2,479.1	2,489.4
Citco Funding LLC	First lien senior secured loan	8.64%	SOFR (Q)	3.25%		04/2028		7,980.0	7,956.0	8,000.0	(5)
Cliffwater LLC (8)	First lien senior secured loan	11.36%	SOFR (M)	6.00%		10/2030		11,029.4	10,813.9	10,808.8	(3)(5)(6)
Corient Holdings, Inc.	Series A preferred stock				05/2023		15,000		15,000.0	16,424.0	(6)
Delta Topco, Inc.	First lien senior secured loan	9.12%	SOFR (Q)	3.75%		12/2027		4,896.1	4,877.2	4,883.8	(5)
Focus Financial Partners, LLC	First lien senior secured loan	8.86%	SOFR (M)	3.50%		06/2028		3,990.0	3,990.0	3,995.0	(5)
	First lien senior secured loan	8.61%	SOFR (M)	3.25%		06/2028		7,551.5	7,549.7	7,557.8	(5)
	First lien senior secured loan	7.86%	SOFR (M)	2.50%		06/2028		1,989.8	1,989.8	1,987.8	(5)
									13,529.5	13,540.6
GC Waves Holdings, Inc. (8)	First lien senior secured loan	11.46%	SOFR (M)	6.00%		08/2028		2,092.5	1,758.0	1,724.7	(3)(5)(6)
GIP Pilot Acquisition Partners, L.P.	First lien senior secured loan	8.39%	SOFR (Q)	3.00%		10/2030		4,350.0	4,336.2	4,346.4
GTCR F Buyer Corp. and GTCR (D) Investors LP (8)(9)	First lien senior secured loan	11.36%	SOFR (M)	6.00%		09/2030		10,000.0	9,759.0	9,750.0	(5)(6)
	Limited partnership interests				09/2023		74,074		74.7	77.7	(6)

See accompanying notes to consolidated financial statements.

32

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in thousands)

Company (1)	Investment	Coupon (2)	Reference (4)	Spread (2)	Acquisition Date	Maturity Date	Shares/ Units	Principal	Amortized Cost	Fair Value		% of Net Assets
									9,833.7	9,827.7
GTCR W Merger Sub LLC	First lien senior secured loan	9.08%	SOFR (S)	3.75%		09/2030		17,900.0	17,843.9	17,967.1	(5)
Hg Saturn LuchaCo Limited	Private asset-backed investment	12.69%	SONIA (S)	7.50%		03/2026		1,529.5	1,434.6	1,512.3	(3)(5)(6)
HV Chimera LLC	Private asset-backed investment	8.39%	SOFR (Q)	2.80%		08/2026		2,397.3	2,362.8	2,361.3	(3)(6)
Isthmus Capital LLC	Private asset-backed investment	9.50%	Fixed			06/2030		1,905.1	1,883.2	1,905.1	(3)(6)
	Private asset-backed investment				06/2023		4		—	22.1	(3)(6)
									1,883.2	1,927.2
LBM Acquisition LLC	First lien senior secured loan	9.21%	SOFR (M)	3.75%		12/2027		5,765.3	5,659.4	5,689.7	(5)
Midcap Financial Issuer Trust	Senior subordinated loan	6.50%	Fixed			05/2028		5,000.0	4,438.1	4,688.8	(3)
Monroe Capital Income Plus Corporation	Senior subordinated loan	9.42%	Fixed			11/2028		10,000.0	10,000.0	10,506.9	(3)(6)
NEP Group, Inc.	First lien senior secured loan	10.22% (1.50% PIK)	SOFR (M)	4.75%		08/2026		6,038.5	5,871.2	5,736.6	(6)
Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P. (8)(9)	First lien senior secured revolving loan	12.21%	SOFR (M)	6.75%		05/2028		166.1	144.9	166.1	(3)(5)(6)
	First lien senior secured loan	14.25%	Base Rate (Q)	5.75%		05/2029		32.4	31.5	32.4	(3)(5)(6)
	First lien senior secured loan	12.21%	SOFR (M)	6.75%		05/2029		13,779.8	13,386.2	13,779.8	(3)(5)(6)
	Limited partnership interests				09/2023		80,390		80.4	79.4	(3)(6)
									13,643.0	14,057.7
PCIA SPV-3, LLC and ASE Royal Aggregator, LLC (8)	First lien senior secured loan	11.62%	SOFR (Q)	6.25%		08/2029		9,066.7	8,777.4	9,066.7	(3)(5)(6)
	Preferred units				07/2023		1,333,333		1,315.5	1,333.3	(3)(6)
									10,092.9	10,400.0
Steward Partners Global Advisory, LLC and Steward Partners Investment Advisory, LLC (8)	First lien senior secured loan	10.78%	SOFR (S)	5.25%		10/2028		1,917.7	1,879.6	1,879.3	(3)(5)(6)
The Edelman Financial Center, LLC	Second lien senior secured loan	12.22%	SOFR (M)	6.75%		07/2026		33,000.0	32,527.4	32,958.8	(3)
									180,835.8	184,342.8		10.47	%
Commercial and Professional Services
AlixPartners, LLP	First lien senior secured loan	8.22%	SOFR (M)	2.75%		02/2028		17,173.1	17,137.0	17,206.4	(5)
Clean Harbors, Inc.	First lien senior secured loan	7.22%	SOFR (S)	1.75%		10/2028		997.5	997.5	998.9	(3)
Corporation Service Company	First lien senior secured loan	8.71%	SOFR (M)	3.25%		11/2029		6,838.5	6,840.4	6,847.0	(5)
Dun & Bradstreet Corporation, The	First lien senior secured loan	8.21%	SOFR (M)	2.75%		02/2026		19,419.1	19,417.7	19,446.5	(3)
FlyWheel Acquireco, Inc. (8)	First lien senior secured revolving loan	11.86%	SOFR (M)	6.50%		05/2028		1,071.4	1,029.4	1,055.4	(5)(6)
	First lien senior secured loan	11.86%	SOFR (M)	6.50%		05/2030		13,359.4	12,995.3	13,225.8	(5)(6)
									14,024.7	14,281.2
HP RSS Buyer, Inc. (8)	First lien senior secured loan	10.37%	SOFR (Q)	5.00%		12/2029		8,297.1	8,116.8	8,060.5	(5)(6)
Kings Buyer, LLC (8)	First lien senior secured loan	11.99%	SOFR (S)	6.50%		10/2027		18,424.6	18,161.7	18,148.2	(5)(6)

See accompanying notes to consolidated financial statements.

33

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in thousands)

Company (1)	Investment	Coupon (2)	Reference (4)	Spread (2)	Acquisition Date	Maturity Date	Shares/ Units	Principal	Amortized Cost	Fair Value		% of Net Assets
Lightbeam Bidco, Inc. (8)	First lien senior secured loan	11.70%	SOFR (Q)	6.25%		05/2030		15,000.0	14,746.2	15,000.0	(5)(6)
	First lien senior secured loan	10.86%	SOFR (Q)	5.50%		05/2030		1,254.0	1,228.4	1,209.3	(5)(6)
									15,974.6	16,209.3
North Haven Fairway Buyer, LLC, Fairway Lawns, LLC and Command Pest Control, LLC (8)	First lien senior secured loan	11.86%	SOFR (Q)	6.50%		05/2028		3,413.4	3,312.0	3,413.4	(5)(6)
North Haven Stack Buyer, LLC (8)	First lien senior secured loan	11.01%	SOFR (Q)	5.50%		07/2027		7.1	6.5	7.1	(5)(6)
Omnia Partners, LLC (8)	First lien senior secured loan	9.63%	SOFR (Q)	4.25%		07/2030		4,570.6	4,527.6	4,596.4
Priority Waste Holdings LLC, Priority Waste Holdings Indiana LLC and Priority Waste Super Holdings, LLC (8)	First lien senior secured revolving loan	10.89%	SOFR (Q)	5.50%		08/2029		0.5	0.5	0.5	(5)(6)
	First lien senior secured loan	13.40% (4.00% PIK)	SOFR (Q)	8.00%		08/2029		19,060.0	18,152.9	18,699.2	(5)(6)
	Warrant to purchase units of Class A common units				08/2023	08/2036	26,353		449.6	809.3	(6)
									18,603.0	19,509.0
Saturn Purchaser Corp.	First lien senior secured loan	10.71%	SOFR (M)	5.25%		07/2029		537.6	535.1	534.9	(5)(6)
	First lien senior secured loan	11.01%	SOFR (Q)	5.50%		07/2029		7,765.2	7,729.3	7,726.4	(5)(6)
									8,264.4	8,261.3
Tempo Acquisition, LLC	First lien senior secured loan	8.11%	SOFR (M)	2.75%		08/2028		4,987.5	4,986.5	5,005.3	(3)(5)
									140,370.4	141,990.5		8.06	%
Media and Entertainment
22 HoldCo Limited (8)	Senior subordinated loan	12.96% PIK	SONIA (S)	7.50%		08/2033		14,698.0	14,049.2	14,097.2	(3)(5)(6)
3 Step Sports LLC and 3 Step Holdings, LLC (8)	First lien senior secured revolving loan	13.33%	SOFR (Q)	8.00%		10/2028		526.3	446.3	442.1	(5)(6)
	First lien senior secured loan	13.47% (1.50% PIK)	SOFR (Q)	8.00%		10/2029		16,415.1	15,404.9	15,299.3	(5)(6)
	Series D preferred units				10/2023		267,369		4,400.0	4,400.0	(6)
									20,251.2	20,141.4
AVSC Holding Corp.	First lien senior secured loan	8.96% (0.48% PIK)	SOFR (M)	3.50%		03/2025		5,508.6	5,318.8	5,383.0	(5)
	First lien senior secured loan	10.96% (1.61% PIK)	SOFR (M)	5.50%		10/2026		5,401.0	5,290.5	5,275.0	(5)
									10,609.3	10,658.0
CFC Funding LLC	Loan instrument units	9.75% PIK			07/2023		5,300		5,035.3	5,141.0	(3)(6)
Creative Artists Agency, LLC	First lien senior secured loan	8.86%	SOFR (M)	3.50%		11/2028		13,374.9	13,361.2	13,420.1
League One Volleyball, Inc.	Series B preferred stock				07/2023		194		1.0	1.0	(6)
LiveBarn Inc.	Middle preferred shares				08/2023		2,838,691		10,000.0	10,000.0	(3)(6)
NASCAR Holdings, LLC	First lien senior secured loan	7.97%	SOFR (M)	2.50%		10/2026		895.5	897.6	897.9
United Talent Agency, LLC	First lien senior secured loan	9.65%	SOFR (Q)	4.00%		07/2028		9,426.4	9,387.8	9,430.9	(5)
William Morris Endeavor Entertainment, LLC (IMG Worldwide Holdings, LLC)	First lien senior secured loan	8.22%	SOFR (M)	2.75%		05/2025		19,025.3	18,998.4	19,061.1	(3)

See accompanying notes to consolidated financial statements.

34

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in thousands)

Company (1)	Investment	Coupon (2)	Reference (4)	Spread (2)	Acquisition Date	Maturity Date	Shares/ Units	Principal	Amortized Cost	Fair Value		% of Net Assets
Zuffa Guarantor LLC	First lien senior secured loan	8.40%	SOFR (Q)	2.75%		04/2026		10,945.4	10,939.2	10,974.3	(3)(5)
									113,530.2	113,822.9		6.46	%
Pharmaceuticals, Biotechnology and Life Sciences
ADMA Biologics Inc. (8)	First lien senior secured revolving loan	9.13%	SOFR (Q)	3.75%		12/2027		1.0	1.0	1.0	(3)(5)(6)
	First lien senior secured loan	11.88%	SOFR (S)	6.50%		12/2027		4,308.0	4,200.8	4,254.2	(3)(5)(6)
									4,201.8	4,255.2
Alcami Corporation (8)	First lien senior secured loan	12.46%	SOFR (M)	7.00%		12/2028		4,068.5	3,883.1	4,068.5	(5)(6)
Bamboo US BidCo LLC (8)	First lien senior secured loan	9.95%	Euribor (Q)	6.00%		09/2030		8,640.0	8,104.8	8,380.8	(5)(6)
	First lien senior secured loan	11.38%	SOFR (Q)	6.00%		09/2030		12,720.2	12,326.8	12,283.7	(5)(6)
									20,431.6	20,664.5
Cambrex Corporation	First lien senior secured loan	8.96%	SOFR (M)	3.50%		12/2026		7,426.2	7,417.2	7,257.3	(5)
Catalent Pharma Solutions, Inc.	First lien senior secured loan	8.36%	SOFR (M)	3.00%		02/2028		8,000.0	7,940.4	8,000.0	(3)(5)(6)
Curium BidCo S.a r.l.	First lien senior secured loan	9.85%	SOFR (Q)	4.50%		07/2029		8,923.5	8,913.8	8,906.8	(3)
Da Vinci Purchaser Corp.	First lien senior secured loan	9.47%	SOFR (M)	4.00%		01/2027		8,930.2	8,828.5	8,938.6	(5)
IQVIA Inc	First lien senior secured loan	7.35%	SOFR (Q)	2.00%		01/2031		8,000.0	8,000.0	8,022.9	(3)
Maravai Intermediate Holdings, LLC	First lien senior secured loan	8.40%	SOFR (Q)	3.00%		10/2027		10,372.5	10,349.9	10,078.6	(3)(5)
Packaging Coordinators Midco, Inc.	First lien senior secured loan	9.11%	SOFR (Q)	3.50%		11/2027		9,279.6	9,245.0	9,274.4	(5)
Precision Medicine Group, LLC	First lien senior secured loan	8.45%	SOFR (Q)	3.00%		11/2027		7,946.3	7,841.3	7,827.1	(5)
Solar Bidco Limited (8)	First lien senior secured loan	9.69%	Euribor (Q)	5.75%		11/2029		667.1	581.8	665.5	(3)(5)(6)
WCI-BXC Purchaser, LLC and WCI-BXC Investment Holdings, L.P. (8)	First lien senior secured loan	11.64%	SOFR (S)	6.25%		11/2030		4,458.8	4,349.4	4,347.3	(5)(6)
	Limited partnership interest				11/2023		731,000		731.6	731.0	(6)
									5,081.0	5,078.3
									102,715.4	103,037.7		5.85	%
Food and Beverage
B&G Foods Inc	First lien senior secured loan	7.86%	SOFR (M)	2.50%		10/2026		2,880.1	2,866.5	2,851.8	(3)
Chobani, LLC	First lien senior secured loan	9.11%	SOFR (S)	3.75%		10/2027		6,500.0	6,467.6	6,505.4
	First lien senior secured loan	8.97%	SOFR (M)	3.50%		10/2027		6,379.1	6,376.9	6,382.3	(5)
									12,844.5	12,887.7
Demakes Borrower, LLC (8)	First lien senior secured loan	11.60%	SOFR (S)	6.25%		12/2029		11,707.3	11,417.3	11,414.6	(5)(6)
Max US Bidco Inc.	First lien senior secured loan	10.35%	SOFR (Q)	5.00%		10/2030		25,000.0	22,981.3	23,287.5
Sugar PPC Buyer LLC (8)	First lien senior secured loan	11.34%	SOFR (M)	6.00%		10/2030		19,565.2	19,135.8	19,125.0	(5)(6)
									69,245.4	69,566.6		3.95	%
Retailing and Distribution
BradyIFS Holdings, LLC (8)	First lien senior secured loan	11.38%	SOFR (Q)	6.00%		10/2029		30,083.7	29,483.1	29,433.4	(5)(6)

See accompanying notes to consolidated financial statements.

35

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in thousands)

Company (1)	Investment	Coupon (2)	Reference (4)	Spread (2)	Acquisition Date	Maturity Date	Shares/ Units	Principal	Amortized Cost	Fair Value		% of Net Assets
CNT Holdings I Corp	First lien senior secured loan	8.93%	SOFR (Q)	3.50%		11/2027		8,945.5	8,874.4	8,955.4	(5)
Hills Distribution, Inc., Hills Intermediate FT Holdings, LLC and GMP Hills, LP (8)	First lien senior secured revolving loan	9.87%	SOFR (Q)	4.50%		11/2029		0.6	0.6	0.6	(5)(6)
	First lien senior secured loan	11.37%	SOFR (S)	6.00%		11/2029		3,102.7	3,041.9	3,040.6	(5)(6)
	Limited partnership interest	8.00% PIK			11/2023		3,544,000		3,544.0	3,526.7	(6)
									6,586.5	6,567.9
LS Group Opco Acquisition LLC (LS Group PropCo Acquisition LLC)	First lien senior secured loan	8.71%	SOFR (M)	3.25%		11/2027		9,007.8	8,982.7	8,996.6	(5)
Peer Holding III B.V.	First lien senior secured loan	8.60%	SOFR (Q)	3.25%		10/2030		5,000.0	4,962.5	5,010.4	(3)
SCIH Salt Holdings Inc.	First lien senior secured loan	9.45%	SOFR (M)	4.00%		03/2027		10,355.0	10,281.9	10,359.9	(5)
									69,171.1	69,323.6		3.94	%
Automobiles and Components
First Brands Group, LLC	First lien senior secured loan	10.88%	SOFR (Q)	5.00%		03/2027		6,930.8	6,781.0	6,865.9	(5)
New ChurcHill HoldCo LLC and Victory Topco, LP (8)	First lien senior secured revolving loan	10.87%	SOFR (Q)	5.50%		11/2029		321.6	271.3	270.1	(5)(6)
	First lien senior secured loan	10.87%	SOFR (Q)	5.50%		11/2029		12,348.1	11,947.6	11,746.1	(5)(6)
	Class A-2 common units				11/2023		23,290		2,329.0	2,329.0	(6)
									14,547.9	14,345.2
Wand Newco 3, Inc.	First lien senior secured loan	8.22%	SOFR (M)	2.75%		02/2026		22,691.3	22,587.2	22,739.7
									43,916.1	43,950.8		2.50	%
Materials
Charter Next Generation, Inc.	First lien senior secured loan	9.22%	SOFR (M)	3.75%		12/2027		11,200.4	11,163.9	11,239.0	(5)
Derby Buyer LLC	First lien senior secured loan	9.59%	SOFR (M)	4.25%		11/2030		6,445.0	6,350.1	6,445.0	(5)
Element Solutions Inc (Macdermid, Incorporated)	First lien senior secured loan	7.36%	SOFR (M)	2.00%		12/2030		2,000.0	1,995.0	2,005.0	(3)
Summit Materials, LLC	First lien senior secured loan	8.33%	SOFR (S)	3.00%		11/2028		4,000.0	3,990.0	4,012.5	(3)
Trident TPI Holdings, Inc.	First lien senior secured loan	9.85%	SOFR (Q)	4.50%		09/2028		10,079.7	9,872.5	10,074.9	(5)
	First lien senior secured loan	9.61%	SOFR (Q)	4.00%		09/2028		1,895.2	1,897.6	1,886.1	(5)
	First lien senior secured loan	10.60%	SOFR (Q)	5.25%		09/2028		997.5	977.5	999.0	(5)
									12,747.6	12,960.0
Vobev, LLC and Vobev Holdings, LLC (8)	First lien senior secured revolving loan	10.49%	SOFR (S)	5.00%		04/2028		0.7	0.7	0.7	(5)(6)
	First lien senior secured loan	13.23% (4.00% PIK)	SOFR (Q)	7.75%		04/2028		4,610.0	4,493.6	3,780.2	(5)(6)
	First lien senior secured loan	12.48%	SOFR (M)	7.00%		04/2028		809.8	793.6	634.1	(5)(6)
	Warrant to purchase Class B units				11/2023	04/2028	4,485		—	287.5	(6)
									5,287.9	4,702.5
									41,534.5	41,364.0		2.35	%
Household and Personal Products

See accompanying notes to consolidated financial statements.

36

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in thousands)

Company (1)	Investment	Coupon (2)	Reference (4)	Spread (2)	Acquisition Date	Maturity Date	Shares/ Units	Principal	Amortized Cost	Fair Value		% of Net Assets
Silk Holdings III Corp. and Silk Holdings I Corp. (8)	First lien senior secured revolving loan	11.35%	SOFR (Q)	6.00%		05/2029		0.6	0.6	0.6	(5)(6)
	First lien senior secured loan	13.10%	SOFR (Q)	7.75%		05/2029		14,924.0	14,526.3	14,924.0	(5)(6)
	Common stock				05/2023		100		100.0	187.7	(6)
									14,626.9	15,112.3
Sunshine Luxembourg VII S.a r.l.	First lien senior secured loan	8.95%	SOFR (Q)	3.50%		10/2026		21,165.9	21,061.9	21,256.7	(3)(5)
									35,688.8	36,369.0		2.06	%
Telecommunication Services
Iridium Satellite LLC	First lien senior secured loan	7.86%	SOFR (M)	2.50%		09/2030		6,570.6	6,562.4	6,581.5	(3)(5)
Switch Master Holdco LLC	First lien senior secured loan	8.36%	SOFR (M)	3.00%		12/2024		27,355.9	26,498.9	26,398.5	(6)
Zayo Group Holdings, Inc.	First lien senior secured loan	8.47%	SOFR (M)	3.00%		03/2027		3,000.0	2,578.1	2,568.1
									35,639.4	35,548.1		2.02	%
Investment Funds and Vehicles
BALLY 2023-24	Collaterized loan obligation	10.31%	SOFR (Q)	5.05%		07/2036		1,500.0	1,500.0	1,522.7	(3)(6)
BCC 2023-3	Collaterized loan obligation	10.61%	SOFR (Q)	5.25%		07/2036		1,500.0	1,500.0	1,528.8	(3)(6)
BTCP 2023-1	Private asset-backed investment	11.85%	SOFR (M)	6.50%		09/2030		6,100.0	6,105.7	6,100.0	(3)(6)
CGMS 2023-1	Collaterized loan obligation	10.45%	SOFR (Q)	5.10%		07/2035		1,250.0	1,250.0	1,275.7	(3)(6)
CGMS 2023-2	Collaterized loan obligation	10.26%	SOFR (Q)	5.00%		07/2036		2,000.0	2,000.0	2,030.0	(3)(6)
JNPPK 2023-1	Collaterized loan obligation	10.12%	SOFR (Q)	4.70%		07/2035		2,000.0	2,000.0	2,011.9	(3)(6)
KKR 48	Collaterized loan obligation	9.66%	SOFR (Q)	4.30%		10/2036		2,000.0	2,000.0	1,989.5	(3)(6)
MAGNE 2023-36	Collaterized loan obligation	10.31%	SOFR (Q)	4.90%		04/2036		1,750.0	1,750.0	1,765.9	(3)(6)
OAKC 2022-12	Collaterized loan obligation	10.42%	SOFR (Q)	5.00%		07/2036		2,000.0	2,000.0	1,992.2	(3)(6)
OAKC 2023-15	Collaterized loan obligation	10.12%	SOFR (Q)	5.00%		04/2035		2,000.0	2,000.0	2,047.4	(3)(6)
OAKC 2023-16	Collaterized loan obligation	9.36%	SOFR (Q)	4.00%		10/2036		2,000.0	2,000.0	1,994.6	(3)(6)
TCIFC 2023-2	Collaterized loan obligation	10.71%	SOFR (Q)	5.30%		07/2035		2,500.0	2,500.0	2,520.3	(3)(6)
THPT 2023-THL	Commercial mortgage-backed security	10.40%	SOFR (M)	5.00%		12/2034		5,000.0	4,987.5	5,009.6	(3)(6)
VOYA 2022-3	Collaterized loan obligation	9.92%	SOFR (Q)	4.50%		10/2036		2,000.0	2,000.0	2,002.1	(3)(6)
									33,593.2	33,790.7		1.92	%
Technology Hardware and Equipment
Emerald Debt Merger Sub LLC	First lien senior secured loan	8.36%	SOFR (M)	3.00%		05/2030		19,481.2	19,457.5	19,537.3
Mirion Technologies (US Holdings), Inc.	First lien senior secured loan	8.36%	SOFR (Q)	2.75%		10/2028		3,671.4	3,673.6	3,681.5	(3)(5)
Safe Fleet Holdings LLC	First lien senior secured loan	9.21%	SOFR (M)	3.75%		02/2029		2,782.7	2,727.5	2,786.8	(5)
TGG TS Acquisition Company	First lien senior secured loan	11.97%	SOFR (M)	6.50%		12/2025		2,942.9	2,940.5	2,817.8
									28,799.1	28,823.4		1.64	%

See accompanying notes to consolidated financial statements.

37

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in thousands)

Company (1)	Investment	Coupon (2)	Reference (4)	Spread (2)	Acquisition Date	Maturity Date	Shares/ Units		Principal	Amortized Cost	Fair Value		% of Net Assets
Energy
HighPeak Energy, Inc.	First lien senior secured loan	13.00%	SOFR (A)	7.50%		09/2026			25,000.0	24,436.8	25,000.0	(3)(5)(6)
										24,436.8	25,000.0		1.42	%
Education
Fugue Finance LLC	First lien senior secured loan	9.39%	SOFR (B)	4.00%		01/2028			4,974.9	4,952.4	4,989.7	(3)(5)
Simon & Schuster, Inc.	First lien senior secured loan	9.39%	SOFR (Q)	4.00%		10/2030			11,571.4	11,502.9	11,600.4
University Support Services LLC	First lien senior secured loan	8.71%	SOFR (M)	3.25%		02/2029			3,979.7	3,960.5	3,975.7	(3)(5)
										20,415.8	20,565.8		1.17	%
Consumer Staples Distribution and Retail
BR PJK Produce, LLC (8)	First lien senior secured loan	11.46%	SOFR (Q)	6.00%		11/2027			932.7	892.0	871.8	(5)(6)
City Line Distributors LLC and City Line Investments LLC (8)	First lien senior secured loan	11.46%	SOFR (M)	6.00%		08/2028			1,993.7	1,946.6	1,943.8	(5)(6)
	Class A units	8.00% PIK			08/2023		100,000			102.0	110.1	(6)
										2,048.6	2,053.9
Mr. Greens Intermediate, LLC, Florida Veg Investments LLC, MRG Texas, LLC and Restaurant Produce and Services Blocker, LLC (8)	First lien senior secured loan	11.70%	SOFR (M)	6.25%		05/2029			9,426.3	9,175.1	9,426.3	(5)(6)
	Class B limited liability company interest				05/2023		0.18	%		100.0	104.3	(6)
										9,275.1	9,530.6
Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P. (8)(9)	First lien senior secured revolving loan	11.60%	SOFR (Q)	6.25%		01/2029			395.5	374.1	387.0	(5)(6)
	First lien senior secured loan	11.60%	SOFR (Q)	6.25%		01/2029			6,981.1	6,780.0	6,901.4	(5)(6)
	Common units				01/2023		50,000			50.0	53.3	(6)
										7,204.1	7,341.7
										19,419.8	19,798.0		1.12	%
Power Generation
BIP PipeCo Holdings LLC	First lien senior secured loan	8.62%	SOFR (S)	3.25%		12/2030			3,000.0	2,985.1	2,988.8	(6)
Terraform Power Operating, LLC	First lien senior secured loan	7.85%	SOFR (Q)	2.50%		05/2029			8,324.3	8,275.4	8,306.0	(5)
										11,260.5	11,294.8		0.64	%
Consumer Durables and Apparel
Lakeshore Learning Materials, LLC	First lien senior secured loan	8.97%	SOFR (M)	3.50%		09/2028			10,267.0	10,164.4	10,247.8	(5)
										10,164.4	10,247.8		0.58	%
Transportation
First Student Bidco Inc.	First lien senior secured loan	8.62%	SOFR (Q)	3.00%		07/2028			5,664.2	5,531.3	5,615.8	(5)
										5,531.3	5,615.8		0.32	%
Real Estate

See accompanying notes to consolidated financial statements.

38

ARES STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in thousands)

Company (1)	Investment	Coupon (2)	Reference (4)	Spread (2)	Acquisition Date	Maturity Date	Shares/ Units	Principal	Amortized Cost		Fair Value			% of Net Assets
Iron Mountain Information Management, LLC	First lien senior secured loan	7.58%	SOFR (S)	2.25%		01/2031		5,500.0	5,458.8		5,496.6		(3)
									5,458.8		5,496.6			0.31	%
Semiconductors and Semiconductor Equipment
MKS Instruments, Inc.	First lien senior secured loan	7.84%	SOFR (M)	2.50%		08/2029		4,482.2	4,471.3		4,486.7		(3)(5)
									4,471.3		4,486.7			0.25	%
Total Investments									$	2,556,783.9	$	2,577,558.1	(7)(10)	146.34	%

See accompanying notes to consolidated financial statements.

39

Derivative Instruments

Foreign currency forward contracts

Description	Notional Amount to be Purchased		Notional Amount to be Sold		Counterparty	Settlement Date	Unrealized Appreciation / (Depreciation)
Foreign currency forward contract	$	14,240	£	11,532	Wells Fargo Bank, N.A.	08/21/2026	$	—
Foreign currency forward contract	$	8,380	€	7,826	Wells Fargo Bank, N.A.	01/26/2024	—
Foreign currency forward contract	$	6,165	AUD	9,518	Wells Fargo Bank, N.A.	11/17/2026	—
Foreign currency forward contract	$	1,017	CAD	1,391	Wells Fargo Bank, N.A.	11/16/2026	—
Foreign currency forward contract	$	874	£	720	Wells Fargo Bank, N.A.	03/31/2026	—
Foreign currency forward contract	$	583	£	480	Wells Fargo Bank, N.A.	03/31/2025	—
Total							$	—

________________________________________

(1)All of the Fund’s portfolio company investments, which as of December 31, 2023 represented 146% of the Fund’s net assets or 95% of the Fund’s total assets, may be subject to legal restrictions on sales.

(2)Investments without an interest rate are non-income producing.

(3)This portfolio company is not a qualifying asset under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Fund may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Fund’s total assets. Pursuant to Section 55(a) of the Investment Company Act, 26% of the Fund's total assets are represented by investments at fair value and other assets that are considered “non-qualifying assets” as of December 31, 2023.

(4)Variable rate loans to the Fund’s portfolio companies bear interest at a rate that may be determined by reference to the SOFR or the LIBOR, or an alternate base rate (commonly based on the Federal Funds Rate or the Prime Rate), at the borrower’s option, which reset annually (A), semi-annually (S), quarterly (Q), bi-monthly (B), monthly (M) or daily (D). For each such loan, the Fund has provided the interest rate in effect on the date presented.

(5)Loan includes interest rate floor feature.

(6)These investments were valued using unobservable inputs and are considered Level 3 investments. See Note 8 to the consolidated financial statements for more information regarding the fair value of the Fund’s investments.

(7)As of December 31, 2023, the estimated net unrealized gain for federal tax purposes was $20.8 million based on a tax cost basis of $2.6 billion. As of December 31, 2023, the estimated aggregate gross unrealized gain for federal income tax purposes was $24.3 million and the estimated aggregate gross unrealized loss for federal income tax purposes was $3.5 million.

(8)As of December 31, 2023, the Fund had the following commitments to fund various revolving and delayed draw senior secured loans, including commitments to issue letters of credit through a financial intermediary on behalf of certain portfolio companies. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing these loans and letters of credit and there can be no assurance that such conditions will be satisfied. See Note 7 to the consolidated financial statements for more information on revolving and delayed draw loan commitments related to certain portfolio companies.

(in thousands) Portfolio Company	Total revolving and delayed draw loan commitments		Less: funded commitments		Total unfunded commitments		Less: commitments substantially at discretion of the Fund		Less: unavailable commitments due to borrowing base or other covenant restrictions		Total net unfunded revolving and delayed draw commitments
22 HoldCo Limited	$	4,179.1	$	—	$	4,179.1	$	—	$	—	$	4,179.1
3 Step Sports LLC and 3 Step Holdings, LLC	13,584.9		(526.3)		13,058.6		—		—		13,058.6
Accession Risk Management Group, Inc. and RSC Insurance Brokerage, Inc.	402.8		—		402.8		—		—		402.8
ADMA Biologics Inc.	1.0		(1.0)		—		—		—		—
AI Aqua Merger Sub, Inc.	1,217.4		—		1,217.4		—		—		1,217.4
Airx Climate Solutions, Inc.	11,435.2		—		11,435.2		—		—		11,435.2
Alcami Corporation and ACM Note Holdings, LLC	890.4		—		890.4		—		—		890.4

See accompanying notes to consolidated financial statements.

40

(in thousands) Portfolio Company	Total revolving and delayed draw loan commitments	Less: funded commitments	Total unfunded commitments	Less: commitments substantially at discretion of the Fund	Less: unavailable commitments due to borrowing base or other covenant restrictions	Total net unfunded revolving and delayed draw commitments
Amerivet Partners Management, Inc. and AVE Holdings LP	7,713.5	—	7,713.5	—	—	7,713.5
Apex Service Partners, LLC and Apex Service Partners Holdings, LLC	6,798.6	(163.2)	6,635.4	—	—	6,635.4
Bamboo US BidCo LLC	2,621.9	—	2,621.9	—	—	2,621.9
Bobcat Purchaser, LLC and Bobcat Topco, L.P.	1,595.7	—	1,595.7	—	—	1,595.7
BR PJK Produce, LLC	1,774.1	—	1,774.1	—	—	1,774.1
BradyIFS Holdings, LLC	4,916.3	—	4,916.3	—	—	4,916.3
City Line Distributors LLC and City Line Investments LLC	800.5	—	800.5	—	—	800.5
Cliffwater LLC	1,470.6	—	1,470.6	—	—	1,470.6
Coupa Holdings, LLC and Coupa Software Incorporated	410.8	—	410.8	—	—	410.8
CPIG Holdco Inc.	1.0	(0.5)	0.5	—	—	0.5
Crosspoint Capital AS SPV, LP	2,887.7	(211.3)	2,676.4	—	—	2,676.4
Cube Industrials Buyer, Inc. and Cube A&D Buyer Inc.	2,586.2	—	2,586.2	—	—	2,586.2
Demakes Borrower, LLC	3,292.7	—	3,292.7	—	—	3,292.7
DOXA Insurance Holdings LLC	24,210.9	—	24,210.9	—	—	24,210.9
Echo Purchaser, Inc.	8,750.0	(159.1)	8,590.9	—	—	8,590.9
Eternal Aus Bidco Pty Ltd	1,895.7	—	1,895.7	—	—	1,895.7
Excel Fitness Consolidator LLC	3,333.3	—	3,333.3	—	—	3,333.3
Finastra USA, Inc., DH Corporation/Societe DH, and Finastra Europe S.A R.L.	2,349.6	—	2,349.6	—	—	2,349.6
Flint OpCo, LLC	2,186.2	—	2,186.2	—	—	2,186.2
FlyWheel Acquireco, Inc.	1,607.1	(1,071.4)	535.7	—	—	535.7
GC Waves Holdings, Inc.	12,900.2	—	12,900.2	—	—	12,900.2
GroundWorks, LLC	503.8	—	503.8	—	—	503.8
GS SEER Group Borrower LLC and GS SEER Group Holdings LLC	4,568.3	—	4,568.3	—	—	4,568.3
GTCR F Buyer Corp. and GTCR (D) Investors LP	5,000.0	—	5,000.0	—	—	5,000.0
Guidepoint Security Holdings, LLC	2,659.5	—	2,659.5	—	—	2,659.5
Hakken Midco B.V.	1,082.7	—	1,082.7	—	—	1,082.7
Helios Service Partners, LLC and Astra Service Partners, LLC	3,001.0	(0.6)	3,000.4	—	—	3,000.4
Higginbotham Insurance Agency, Inc.	865.3	—	865.3	—	—	865.3
Hills Distribution, Inc., Hills Intermediate FT Holdings, LLC and GMP Hills, LP	1,826.1	(0.6)	1,825.5	—	—	1,825.5
HP RSS Buyer, Inc.	3,529.9	—	3,529.9	—	—	3,529.9
Hyland Software, Inc.	1,102.9	—	1,102.9	—	—	1,102.9
Infinity Home Services HoldCo, Inc. and IHS Parent Holdings, L.P.	6,727.8	—	6,727.8	—	—	6,727.8
Keystone Agency Partners LLC	34,309.1	—	34,309.1	—	—	34,309.1
Kings Buyer, LLC	1,529.3	—	1,529.3	—	—	1,529.3
Leviathan Intermediate Holdco, LLC and Leviathan Holdings, L.P.	182.2	—	182.2	—	—	182.2
Lightbeam Bidco, Inc.	3,225.7	—	3,225.7	—	—	3,225.7
Mr. Greens Intermediate, LLC, Florida Veg Investments LLC, MRG Texas, LLC and Restaurant Produce and Services Blocker, LLC	5,526.3	—	5,526.3	—	—	5,526.3
New ChurcHill HoldCo LLC and Victory Topco, LP	20,322.9	(321.6)	20,001.3	—	—	20,001.3
Next Holdco, LLC	1,697.6	—	1,697.6	—	—	1,697.6
North Haven Fairway Buyer, LLC, Fairway Lawns, LLC and Command Pest Control, LLC	1,200.4	—	1,200.4	—	—	1,200.4
North Haven Stack Buyer, LLC	17.9	—	17.9	—	—	17.9
Northwinds Holding, Inc. and Northwinds Services Group LLC	3,450.0	—	3,450.0	—	—	3,450.0
OakBridge Insurance Agency LLC and Maple Acquisition Holdings, LP	5,803.6	—	5,803.6	—	—	5,803.6
Omnia Partners, LLC	429.4	—	429.4	—	—	429.4
Paragon 28, Inc. and Paragon Advanced Technologies, Inc.	7,072.4	(0.5)	7,071.9	—	—	7,071.9
Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P.	1,183.6	(166.1)	1,017.5	—	—	1,017.5

See accompanying notes to consolidated financial statements.

41

(in thousands) Portfolio Company	Total revolving and delayed draw loan commitments		Less: funded commitments		Total unfunded commitments		Less: commitments substantially at discretion of the Fund		Less: unavailable commitments due to borrowing base or other covenant restrictions		Total net unfunded revolving and delayed draw commitments
PCIA SPV-3, LLC and ASE Royal Aggregator, LLC	4,600.0		—		4,600.0		—		—		4,600.0
PestCo Holdings, LLC and PestCo, LLC	2,481.0		—		2,481.0		—		—		2,481.0
Priority Waste Holdings LLC, Priority Waste Holdings Indiana LLC and Priority Waste Super Holdings, LLC	6,001.0		(0.5)		6,000.5		—		—		6,000.5
PushPay USA Inc.	357.1		—		357.1		—		—		357.1
PYE-Barker Fire & Safety, LLC	14,963.6		—		14,963.6		—		—		14,963.6
Silk Holdings III Corp. and Silk Holdings I Corp.	1.0		(0.6)		0.4		—		—		0.4
Solar Bidco Limited	1,476.6		—		1,476.6		—		—		1,476.6
Steward Partners Global Advisory, LLC and Steward Partners Investment Advisory, LLC	2,876.5		—		2,876.5		—		—		2,876.5
Sugar PPC Buyer LLC	5,434.8		—		5,434.8		—		—		5,434.8
Sunbit Receivables Trust IV	2,700.0		—		2,700.0		—		—		2,700.0
TSS Buyer, LLC	2,956.6		—		2,956.6		—		—		2,956.6
United Digestive MSO Parent, LLC and Koln Co-Invest Unblocked, LP	4,245.3		—		4,245.3		—		—		4,245.3
Vertex Service Partners, LLC and Vertex Service Partners Holdings, LLC	18,776.8		—		18,776.8		—		—		18,776.8
Vobev, LLC and Vobev Holdings, LLC	166.9		(0.7)		166.2		—		—		166.2
WCI-BXC Purchaser, LLC and WCI-BXC Investment Holdings, L.P.	194.6		—		194.6		—		—		194.6
World Insurance Associates, LLC and World Associates Holdings, LLC	25,000.0		—		25,000.0		—		—		25,000.0
Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P.	2,966.1		(395.5)		2,570.6		—		—		2,570.6
	$	337,829.0	$	(3,019.5)	$	334,809.5	$	—	$	—	$	334,809.5

(9)As of December 31, 2023, the Fund was party to subscription agreements to fund equity investment commitments as follows:

(in thousands) Portfolio Company	Total equity commitments		Less: funded equity commitments		Total unfunded equity commitments		Less: equity commitments substantially at discretion of the Fund		Total net unfunded equity commitments
GTCR F Buyer Corp. and GTCR (D) Investors LP	$	25.9	$	—	$	25.9	$	—	$	25.9
Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P.	19.6		—		19.6		—		19.6
Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P.	5.6		—		5.6		—		5.6
	$	51.1	$	—	$	51.1	$	—	$	51.1

(10)All investments are non-controlled, non-affiliated investments. Non-controlled, non-affiliated investments are defined as investments in which the Fund owns less than 5% of the portfolio company’s outstanding voting securities and does not have the power to exercise control over the management or policies of such portfolio company.

See accompanying notes to consolidated financial statements.

42

ARES STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS

(in thousands)

(unaudited)

	For the Three Months Ended March 31,
	2024		2023
Operations:
Net investment income	$	46,079	$	5,042
Net realized gains	2,960		1,340
Net unrealized gains (losses)	8,104		(490)
Net increase in net assets resulting from operations	57,143		5,892
Distributions to shareholders:
Distributed earnings - Class I	(39,794)		—
Distributed earnings - Class S	(8,376)		—
Distributed earnings - Class D	(1,497)		—
Net decrease in net assets from distributions	(49,667)		—
Share transactions:
Class I:
Proceeds from shares sold	419,424		96,464
Distributions reinvested	10,682		—
Repurchased shares, net of early repurchase deduction	(10,250)		—
Net increase in net assets from share transactions	419,856		96,464
Class S:
Proceeds from shares sold	144,981		—
Distributions reinvested	1,049		—
Repurchased shares, net of early repurchase deduction	(126)		—
Net increase in net assets from share transactions	145,904		—
Class D:
Proceeds from shares sold	19,560		—
Distributions reinvested	242		—
Net increase in net assets from share transactions	19,802		—
Total increase in net assets	593,038		102,356
Net assets, beginning of period	1,761,392		148,098
Net assets, end of period	$	2,354,430	$	250,454

See accompanying notes to consolidated financial statements.

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ARES STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF CASH FLOWS

(in thousands)

(unaudited)

	For the Three Months Ended March 31,
	2024		2023
OPERATING ACTIVITIES:
Net increase in net assets resulting from operations	$	57,143	$	5,892
Adjustments to reconcile net increase in net assets resulting from operations:
Net realized gains on investments and foreign currency transactions	(2,960)		(1,340)
Net unrealized (gains) losses on investments and foreign currency transactions	(8,104)		490
Net accretion of investments	(2,863)		(376)
PIK interest	(483)		—
PIK dividends	(2,648)		—
Amortization of debt issuance costs	1,007		302
Purchases of investments	(1,121,940)		(348,842)
Proceeds from repayments or sales of investments	353,341		76,182
Changes in operating assets and liabilities:
Interest receivable	(545)		(999)
Other assets	7,023		(1,176)
Base management fee payable	2,746		—
Income based fee payable	1,445		—
Capital gains incentive fee payable	1,327		—
Interest and facility fees payable	591		885
Accounts payable and other liabilities	(725)		128
Net cash used in operating activities	(715,645)		(268,854)
FINANCING ACTIVITIES:
Borrowings on debt	760,003		85,000
Repayments of debt	(565,122)		—
Debt issuance costs	(9,220)		—
Net proceeds from issuance of common shares	583,965		96,464
Repurchased shares, net of early repurchase deduction	(10,376)		—
Distributions to shareholders	(33,080)		—
Net cash provided by financing activities	726,170		181,464
CHANGE IN CASH AND CASH EQUIVALENTS	10,525		(87,390)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	57,972		113,417
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	68,497	$	26,027
Supplemental Information:
Interest paid during the period	$	15,813	$	—
Distribution declared and payable during the period	$	49,667	$	—

See accompanying notes to consolidated financial statements.

44

ARES STRATEGIC INCOME FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

As of March 31, 2024

(in thousands, except per share data, percentages and as otherwise indicated;

for example, with the word “million” or otherwise)

(unaudited)

1. ORGANIZATION

Ares Strategic Income Fund (together with its consolidated subsidiaries, the “Fund”) is a Delaware statutory trust formed on March 15, 2022. The Fund is a 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 (together with the rules and regulations promulgated thereunder, the “Investment Company Act”). The Fund has elected to be treated as a regulated investment company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”) and operates in a manner so as to qualify for the tax treatment applicable to RICs.

The Fund is externally managed by Ares Capital Management LLC (“Ares Capital Management” or the Fund’s “investment adviser”), a subsidiary of Ares Management Corporation (“Ares Management” or “Ares”), a publicly traded, leading global alternative investment manager, pursuant to an investment advisory and management agreement. Ares Operations LLC (“Ares Operations” or the Fund’s “administrator”), a subsidiary of Ares Management, provides certain administrative and other services necessary for the Fund to operate.

The Fund’s investment objective is to generate current income and, to a lesser extent, long-term capital appreciation. The Fund seeks to invest primarily in first lien senior secured loans, second lien senior secured loans, subordinated secured and unsecured loans, subordinated debt, which in some cases include equity and/or preferred components, and other types of credit instruments which may include commercial real estate mezzanine loans, real estate mortgages, distressed investments, securitized products, notes, bills, debentures, bank loans, convertible and preferred securities, infrastructure debt and government and municipal obligations, made to or issued by U.S. middle-market companies, which the Fund generally defines as companies with annual EBITDA between $10 million and $250 million. As used herein, EBITDA represents annual net income before net interest expense, income tax expense, depreciation and amortization. The Fund expects that a majority of its investments will be in directly originated loans. For cash management and other purposes, the Fund also intends to invest in broadly syndicated loans and other more liquid credit investments, including in publicly traded debt instruments and other instruments that are not directly originated. The Fund primarily invests in illiquid and restricted investments, and while most of the Fund’s investments are expected to be in private U.S. companies (the Fund generally has to invest at least 70% of its total assets in “qualifying assets,” including private U.S. companies), the Fund may also invest from time to time in non-U.S. companies. The Fund’s portfolio may also include equity securities such as common stock, preferred stock, warrants or options, which may be obtained as part of providing a broader financing solution. Under normal circumstances, the Fund will invest directly or indirectly at least 80% of its total assets (net assets plus borrowings for investment purposes) in debt instruments of varying maturities.

Beginning in November 2022 and ending on January 30, 2023, the Fund entered into agreements with several investors pursuant to which such investors committed to purchase the Fund’s Class I shares (the “Private Placement”). The Private Placement was conducted pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), and Rule 506(b) of Regulation D promulgated under the Securities Act and was thus exempt from registration under the Securities Act as it was made only to investors (or advisors and/or managers of such investors) with whom the Fund’s investment adviser had substantive pre-existing relationships, as each of such investors (or such investor’s advisors and/or managers) was known by the Fund’s investment adviser (or persons acting on the Fund’s investment adviser's behalf ) due to a prior investment relationship with entities affiliated with Ares Management, and who are “accredited investors” pursuant to Rule 501(a) under the Securities Act.

Pursuant to such agreements entered into between the Fund and each investor in connection with the Private Placement, the investors participating in the Private Placement (the “Private Placement Investors”) committed to purchase Class I shares at an initial offering price of $25.00 per share, to be adjusted following the initial drawdown of such Private Placement Investors’ subscriptions to a price equal to the net asset value (“NAV”) per share as of the most recently completed month-end prior to the date of such drawdown.

The Fund offers on a continuous basis up to $7.5 billion of its common shares, including Class S shares, Class D shares and Class I shares (“Common Shares”), pursuant to an offering (the “Offering”) registered with the Securities and

45

Exchange Commission (the “SEC”). On April 17, 2023, the Fund was granted an exemptive relief order from the SEC that permits the Fund to offer to sell any combination of three classes of Common Shares, with a dollar value up to the maximum offering amount of $7.5 billion of its Common Shares. The share classes have different ongoing shareholder servicing and/or distribution fees. Prior to receiving the exemptive relief order, the Fund only offered and sold Class I shares and did not offer any Class S or Class D shares. The purchase price per share for each class of Common Shares equals the Fund’s NAV per share, as of the effective date of the monthly share purchase date. The Offering is a “best efforts” offering, which means that Ares Wealth Management Solutions, LLC (“AWMS”), the intermediary manager for the Offering and an affiliate of the Fund’s investment adviser, will use its best efforts to sell Common Shares, but is not obligated to purchase or sell any specific amount of shares. The Fund also engages in offerings of its Common Shares to non-U.S. investors pursuant to Regulation S of the Securities Act.

2. SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying consolidated financial statements have been prepared on the accrual basis of accounting in conformity with U.S. generally accepted accounting principles (“GAAP”), and include the accounts of the Fund and its consolidated subsidiaries. The Fund is an investment company following accounting and reporting guidance in Accounting Standards Codification (“ASC”) 946, Financial Services—Investment Companies. The consolidated financial statements reflect all adjustments and reclassifications that, in the opinion of management, are necessary for the fair presentation of the results of operations and financial condition as of and for the periods presented. All significant intercompany balances and transactions have been eliminated.

Interim financial statements are prepared in accordance with GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6 or 10 of Regulation S-X. In the opinion of management, all adjustments, consisting solely of normal recurring accruals considered necessary for the fair presentation of financial statements for the interim period presented, have been included. 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, 2024.

The Fund reclassified certain industry and investment classifications of its portfolio companies in the accompanying consolidated financial statements as of December 31, 2023 to conform to their current period presentations. These reclassifications had no impact on the prior period’s consolidated balance sheet.

Cash and Cash Equivalents

Cash and cash equivalents include funds from time to time deposited with financial institutions and short-term, liquid investments in a money market account. Cash and cash equivalents are carried at cost which approximates fair value.

Concentration of Credit Risk

The Fund places its cash and cash equivalents with financial institutions and, at times, cash held in depository or money market accounts 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 from the repayment or sale 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. Unrealized gains or losses primarily reflect the change in investment values, including the reversal of previously recorded unrealized gains or losses when gains or losses are realized.

Pursuant to Rule 2a-5 under the Investment Company Act, the Fund's board of trustees designated the Fund’s investment adviser as the Fund’s valuation designee (the “Valuation Designee”) to perform fair value determinations for investments held by the Fund without readily available market quotations, subject to the oversight of the Fund’s board of trustees. All investments are recorded at their fair value.

Investments for which market quotations are readily available are typically valued at such market quotations. In order to validate market quotations, the Valuation Designee looks at a number of factors to determine if the quotations are representative of fair value, including the source and nature of the quotations. Debt and equity securities that are not publicly

46

traded or whose market prices are not readily available are valued at fair value as determined in good faith by the Valuation Designee, subject to the oversight of the Fund’s board of trustees, based on, among other things, the input of the Fund’s independent third-party valuation providers (“IVPs”) that have been engaged to support the valuation of such portfolio investments at least quarterly (with certain de minimis exceptions) and under the valuation policy and a consistently applied valuation process. In addition, the Fund’s independent registered public accounting firm obtains an understanding of, and performs select procedures relating to, the Fund’s investment valuation process within the context of performing the Fund’s financial statement audit.

Investments in the Fund’s portfolio that do not have a readily available market are valued at fair value as determined in good faith by the Valuation Designee, as described herein. As part of the valuation process for investments that do not have readily available market prices, the Valuation Designee may take into account the following types of factors, if relevant, in determining the fair value of the Fund’s investments: the enterprise value of a portfolio company (the entire value of the portfolio company to a market participant, including the sum of the values of debt and equity securities used to capitalize the enterprise at a point in time), the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings and discounted cash flow, the markets in which the portfolio company does business, a comparison of the portfolio company’s securities to any similar publicly traded securities, changes in the interest rate environment and the credit markets, which may affect the price at which similar investments would trade in their principal markets and other relevant factors. When an external event such as a purchase transaction, public offering or subsequent sale occurs, the Valuation Designee considers the pricing indicated by the external event to corroborate its valuation.

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 Fund’s investments may fluctuate from period to period. Additionally, the fair value of the Fund’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 Fund 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 Fund was required to liquidate a portfolio investment in a forced or liquidation sale, the Fund could realize significantly less than the value at which the Fund 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.

The Valuation Designee, subject to the oversight of the Fund’s board of trustees, undertakes a multi‑step valuation process each quarter, as described below:

•The Fund’s quarterly valuation process begins with a preliminary valuation being prepared by the investment professionals responsible for the portfolio investment in conjunction with the Fund’s portfolio management team and valuation team.

•Preliminary valuations are reviewed and discussed by the valuation committee of the Valuation Designee.

•For portfolio investments selected for review by an IVP,

◦Relevant information related to the portfolio investment is made available by the Valuation Designee to the IVP, who does not independently verify such information.

◦The IVP reviews and analyzes the information provided by the Valuation Designee, along with relevant market and economic data, and independently determines a range of values for each of the selected portfolio investments.

◦The IVP provides its analysis to the Valuation Designee to support the IVP’s valuation methodology and calculations.

•The valuation committee of the Valuation Designee determines the fair value of each investment in the Fund’s portfolio without a readily available market quotation in good faith based on, among other things, the input of the IVPs, where applicable.

•For portfolio investments selected for review by an IVP, a positive assurance opinion or independent valuation report is issued by the IVP that confirms the fair value determined by the Valuation Designee for a selected portfolio investment is within the range of values independently calculated by such IVP.

47

When the Valuation Designee determines the Fund's NAV as of the last day of a month that is not also the last day of a calendar quarter, the Valuation Designee intends to update the value of securities with reliable market quotations to the most recent market quotation. For securities without reliable market quotations, the Valuation Designee will generally value such assets at the most recent quarterly valuation unless the Valuation Designee determines that a significant observable change has occurred since the most recent quarter end with respect to the investment (which determination may be as a result of a material event at a portfolio company, material change in market spreads, secondary market transaction in the securities of an investment or otherwise). If the Valuation Designee determines such a change has occurred with respect to one or more investments, the Valuation Designee will determine whether to update the value for each relevant investment. See Note 8 for more information on the Fund’s valuation process.

Interest Income Recognition

Interest income is recorded on an accrual basis and includes the accretion of discounts, amortization of premiums and payment-in-kind (“PIK”) interest. Discounts from and premiums to par value on investments purchased are accreted/amortized into interest income over the life of the respective security using the effective yield method. To the extent loans contain PIK provisions, PIK interest, computed at the contractual rate specified in each applicable agreement, is accrued and recorded as interest income and added to the principal balance of the loan. PIK interest income added to the principal balance is generally collected upon repayment of the outstanding principal. To maintain the Fund’s tax treatment as a RIC, this non-cash source of income must be paid out to shareholders in the form of distributions for the year the income was earned, even though the Fund has not yet collected the cash. The amortized cost of investments represents the original cost adjusted for any accretion of discounts, amortization of premiums and PIK interest.

Loans are generally placed on non-accrual status when principal or interest payments are past due 30 days or more or when there is reasonable doubt that principal or interest will be collected in full. Accrued and unpaid interest is generally reversed when a 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 the Fund’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest are paid or there is no longer any reasonable doubt that such principal or interest will be collected in full and, in the Fund’s judgment, are likely to remain current. The Fund may make exceptions to this policy if the loan has sufficient collateral value (i.e., typically measured as enterprise value of the portfolio company) or is in the process of collection.

Dividend Income Recognition 

Dividend income on preferred equity is recorded on an 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 is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies. To the extent a preferred equity contains PIK provisions, PIK dividends, computed at the contractual rate specified in each applicable agreement, are accrued and recorded as dividend income and added to the principal balance of the preferred equity. PIK dividends added to the principal balance are generally collected upon redemption of the equity.

Other Income

Other income includes amendment fees that are fixed based on contractual terms and are generally non-recurring and non-refundable and are recognized as revenue when earned upon closing of the related transaction. Other income also includes fees for management and consulting services, loan guarantees, commitments and other services rendered by the Fund to portfolio companies. Such fees are fixed based on contractual terms and are recognized as income as services are rendered.

Foreign Currency Translation

The Fund’s books and records are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis:

(1)Fair value of investment securities, other assets and liabilities—at the exchange rates prevailing at the end of the period.

(2)Purchases and sales of investment securities, income and expenses—at the exchange rates prevailing on the respective dates of such transactions, income or expenses.

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Results of operations based on changes in foreign exchange rates are separately disclosed in the consolidated statement of operations, if any. 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. 

Derivative Instruments

The Fund follows the guidance in ASC Topic 815, Derivatives and Hedging, when accounting for derivative instruments. The Fund does not utilize hedge accounting and as such values its derivatives at fair value with the unrealized gains or losses recorded in “net unrealized gains (losses) from foreign currency transactions” in the Fund’s consolidated statement of operations.

Organization and Offering Expenses

Costs associated with the organization of the Fund are expensed as incurred. Costs associated with the offering of Common Shares of the Fund are capitalized as deferred offering expenses and included in other assets on the consolidated statements of assets and liabilities and amortized over a twelve-month period from incurrence.

Debt Issuance Costs

Debt issuance costs are amortized over the life of the related debt instrument using the straight line method.

Income Taxes

The Fund has elected to be treated as a RIC under the Code and operates in a manner so as to qualify for the tax treatment applicable to RICs. To qualify for tax treatment as a RIC, the Fund must, among other requirements, meet certain source-of-income and asset diversification requirements and timely distribute to its shareholders at least 90% of its investment company taxable income, as defined by the Code, for each year. The Fund has made and intends to continue to make the requisite distributions to its shareholders, which will generally relieve the Fund from U.S. federal corporate-level income taxes.

Depending on the level of taxable income earned in a tax year, the Fund may choose to carry forward taxable income in excess of current year distributions from such current year taxable income into the next tax year and pay a 4% excise tax on such income, as required. To the extent that the Fund determines that its estimated current year taxable income will be in excess of estimated distributions for the current year from such income, the Fund accrues excise tax, if any, on estimated excess taxable income as such taxable income is earned.

Distributions

To the extent that the Fund has taxable income available, the Fund intends to make monthly distributions to its shareholders. Distributions to shareholders are recorded on the record date. All distributions will be paid at the sole discretion of the board of trustees and will depend on the Fund’s earnings, financial condition, maintenance of the Fund’s tax treatment as a RIC, compliance with applicable BDC regulations and such other factors as the board of trustees 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 shareholder servicing and/or distribution fees, if any.

The Fund has adopted a distribution reinvestment plan (“distribution reinvestment plan”), pursuant to which the Fund will not reinvest cash distributions declared by the board of trustees on behalf of the Fund’s shareholders unless such shareholders elect for their shares to be automatically reinvested. As a result, if the board of trustees authorizes, and the Fund declares, a cash distribution, then the Fund’s shareholders who have opted into the Fund’s distribution reinvestment plan will have their cash distributions automatically reinvested in additional shares, rather than receiving the cash distribution. Distributions on fractional shares will be credited to each participating shareholder’s account. The purchase price for shares issued under the Fund’s distribution reinvestment plan will be equal to the most recent available NAV per share for such shares at the time the distribution is payable.

Use of Estimates in the Preparation of the Consolidated Financial Statements

49

The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of actual and contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of income or loss and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include the valuation of investments.

Recent Accounting Pronouncements

The Fund considers the applicability and impact of all accounting standard updates (“ASU”) issued by the Financial Accounting Standards Board (“FASB”). ASUs not listed were assessed and either determined to be not applicable or expected to have minimal impact on its consolidated financial statements.

In June 2022, the FASB issued ASU 2022-03, “Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”),” which clarifies guidance for fair value measurement of an equity security subject to a contractual sale restriction and establishes new disclosure requirements for such equity securities. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023 and for interim periods within those fiscal years, with early adoption permitted. The Fund has concluded that this guidance did not have a material impact on its consolidated financial statements.

3. AGREEMENTS

Investment Advisory and Management Agreement

The Fund is party to an investment advisory and management agreement (the “investment advisory and management agreement”) with Ares Capital Management. Subject to the overall supervision of the Fund’s board of trustees and in accordance with the Investment Company Act, Ares Capital Management provides investment advisory and management services to the Fund. For providing these services, Ares Capital Management receives fees from the Fund consisting of a base management fee and an incentive fee. The cost of both the base management fee and the incentive fee is ultimately borne by the Fund’s shareholders. Without payment of any penalty, the Fund has the right to terminate the investment advisory and management agreement upon 60 days’ written notice, and Ares Capital Management has the right to terminate the agreement upon 120 days’ written notice.

The base management fee is payable monthly in arrears at an annual rate of 1.25% of the value of the Fund’s net assets as of the beginning of the first calendar day of the applicable month. For purposes of the investment advisory and management agreement, “net assets” means the Fund’s total assets less liabilities, determined on a consolidated basis in accordance with GAAP.

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 Fund’s income and a portion is based on a percentage of the Fund’s capital gains, each as described below.

(i)    Income Based Fee

The portion of the incentive fee based on the Fund’s income is based on pre-incentive fee net investment income, as defined in the investment advisory and management agreement, for the quarter. Pre-incentive fee net investment income means, as the context requires, either the dollar value of, or percentage rate of return on the value of the Fund’s net assets in accordance with GAAP at the end of the immediately preceding quarter from, interest income, dividend income and any other income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, diligence and consulting fees or other fees that the Fund receives from portfolio companies) accrued during the calendar quarter, minus the Fund’s operating expenses accrued for the quarter (including the base management fee, expenses payable under the administration agreement entered into between the Fund and the Fund’s administrator, and any interest expense or fees on any credit facilities or outstanding debt and dividends paid on any issued and outstanding preferred shares, but excluding the incentive fee and any shareholder servicing and/or distribution fees).

Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as market or original issue discount, debt investments with PIK interest, preferred stock with PIK dividends and zero coupon securities), accrued income that the Fund has not yet received in cash. The Fund’s investment adviser is not under any obligation to reimburse the Fund for any part of the income based fee it receives that are based on accrued interest income that the Fund never actually receives. Pre-incentive fee net investment income is not adjusted for incentive fee payments or any shareholder servicing and/or distribution fee payments by the Class S shares and the Class D shares. Accordingly, pre-incentive

50

fee net investment income may be calculated on higher amounts of income than the Fund may ultimately realize and that may ultimately be distributed to common shareholders.

Pre-incentive fee net investment income does 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. See “Expense Support and Conditional Reimbursement Agreement” below. Because of the structure of the income based fee, it is possible that the Fund may pay such fees in a quarter where it incurs a loss. For example, if the Fund receives pre-incentive fee net investment income in excess of the hurdle rate for a quarter, the Fund will pay the applicable income based fee even if the Fund has incurred a loss in that quarter due to realized and/or unrealized losses.

Pre-incentive fee net investment income, expressed as a rate of return on the value of the Fund’s net assets at the end of the immediately preceding quarter, is compared to a “hurdle rate” of return of 1.25% per quarter (5.0% annualized).

The Fund pays its investment adviser an income based fee quarterly in arrears with respect to the Fund’s pre-incentive fee net investment income in each calendar quarter as follows:

•No incentive fee based on pre-incentive fee net investment income in any calendar quarter in which the Fund’s pre-incentive fee net investment income does not exceed the hurdle rate of 1.25% per quarter (5.00% annualized);

•100% of the dollar amount of Fund’s pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, 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 (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 Fund’s investment adviser with 12.5% of the pre-incentive fee net investment income as if a hurdle rate did not apply if this net investment income exceeds 1.43% in any calendar quarter; and

•12.5% of the dollar amount of the Fund’s pre-incentive fee net investment income, if any, that exceeds a rate of return of 1.43% (5.72% annualized). This reflects that once the hurdle rate is reached and the catch-up is achieved, 12.5% of all pre-incentive fee net investment income thereafter are allocated to the investment adviser.

The fees that are payable under the investment advisory and management agreement for any partial period will be appropriately prorated and adjusted for any share issuances or repurchases during the relevant period.

(ii)    Capital Gains Incentive Fee

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

Notwithstanding the foregoing, if the Fund is required by GAAP to record an investment at its fair value as of the time of acquisition instead of at the actual amount paid for such investment by the Fund (including, for example, as a result of the application of the asset acquisition method of accounting), then solely for the purposes of calculating the capital gains incentive fee, the “accreted or amortized cost basis” of an investment shall be an amount (the “Contractual Cost Basis”) equal to (1) (x) the actual amount paid by the Fund for such investment plus (y) any amounts recorded in the Fund’s consolidated financial statements as required by GAAP that are attributable to the accretion of such investment plus (z) any other adjustments made to the cost basis included in the Fund’s consolidated financial statements, including PIK interest or additional amounts funded (net of repayments) minus (2) any amounts recorded in the Fund’s consolidated financial statements as required by GAAP that are attributable to the amortization of such investment, whether such calculated Contractual Cost Basis is higher or lower than the fair value of such investment (as determined in accordance with GAAP) at the time of acquisition.

Each year, the fee paid for the capital gains incentive fee is net of the aggregate amount of any previously paid capital gains incentive fee for all prior periods. In no event will the capital gains incentive fee payable pursuant to the investment advisory and management agreement be in excess of the amount permitted by the Investment Advisers Act of 1940, as amended, including Section 205 thereof. If the investment advisory and management agreement shall terminate as of a date that is not a calendar year end, the termination shall be treated as though it were a calendar year end for purposes of calculating and paying a capital gains incentive fee.

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The fees that are payable under the investment advisory and management agreement for any partial period will be appropriately prorated and adjusted for any share issuances or repurchases during the relevant period.

The base management fee, income based fee and capital gains incentive fee for the three months ended March 31, 2024 and 2023 were as follows:

	For the Three Months Ended March 31,
	2024		2023
Base management fee	$	6,649	$	684
Income based fee	$	6,051	$	—
Capital gains incentive fee(1)	$	1,383	$	74

________________________________________

(1)Calculated in accordance with GAAP as discussed below.

There was no capital gains incentive fee payable to the Fund’s investment adviser as calculated under the investment advisory and management agreement for the three months ended March 31, 2024 and 2023. In addition, in accordance with GAAP, the Fund had cumulatively accrued a capital gains incentive fee of $4,489 as of March 31, 2024. GAAP requires that the capital gains incentive fee accrual consider the cumulative aggregate unrealized capital appreciation in the calculation, as a capital gains incentive fee would be payable if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee actually payable under the investment advisory and management agreement. This GAAP accrual is calculated using the aggregate cumulative realized capital gains and losses and aggregate cumulative unrealized capital depreciation included in the calculation of the capital gains incentive fee plus the aggregate cumulative unrealized capital appreciation, net of any expense associated with cumulative unrealized capital depreciation or appreciation. If such amount is positive at the end of a period, then GAAP requires the Fund to record a capital gains incentive fee equal to 12.5% of such cumulative amount, less the aggregate amount of actual capital gains incentive fee paid or capital gains incentive fee accrued under GAAP in all prior periods. As of March 31, 2024, the Fund has paid capital gains incentive fee since inception totaling $56. The resulting accrual for any capital gains incentive fee under GAAP in a given period may result in an additional expense if such cumulative amount is greater than in the prior period or a reversal of previously recorded expense if such cumulative amount is less than in the prior period. If such cumulative amount is negative, then there is no accrual. There can be no assurance that such unrealized capital appreciation will be realized in the future.

The services of all investment professionals and staff of the Fund’s investment adviser, when and to the extent engaged in providing investment advisory and management services to the Fund, and the compensation and routine overhead expenses of such personnel allocable to such services, are provided and paid for by the Fund’s investment adviser. Under the investment advisory and management agreement, the Fund bears all other costs and expenses of its operations and transactions, including, but not limited to, those relating to: organization and offering expenses of the Fund associated with the Offering, as provided for in Financial Industry Regulatory Authority, Inc. (“FINRA”). Conduct Rule 2310(a)(12) (but excluding any shareholder servicing and/or distribution fees); calculation of the Fund’s NAV (including the cost and expenses of any independent valuation firm or pricing services); expenses incurred by the Fund’s investment adviser payable to third parties, including agents, consultants or other advisers, in monitoring the Fund’s financial and legal affairs and in monitoring the Fund’s investments (including the cost of consultants hired to develop information technology systems designed to monitor the Fund’s investments) and performing due diligence on the Fund’s prospective portfolio companies; interest payable on indebtedness, if any, incurred to finance the Fund’s investments; offerings of the Fund’s Common Shares and other securities; the costs of effecting any repurchases of the Common Shares and the Fund’s other securities; investment advisory fees, including any management fee and incentive fee; payable under the investment advisory and management agreement; administration fees, if any, payable under the administration agreement; fees payable, if any, under any intermediary manager or selected intermediary agreements; shareholder servicing and/or distribution fees payable under the Fund’s distribution and shareholder servicing plan adopted pursuant to Rule 12b-1 under the Investment Company Act; fees payable to third parties, including agents, consultants or other advisers, relating to, or associated with, evaluating and making investments (including payments to third party vendors for financial information services); transfer agent, escrow agent and custodial fees and expenses; federal and state registration fees; all costs of registration and listing the Fund’s Common Shares or any other securities on any securities exchange; federal, state and local taxes; independent trustees’ fees and expenses; costs of preparing and filing reports or other documents required by governmental bodies (including the SEC) and an official or agency administering the securities laws of a state; the costs of any reports, proxy statements or other notices to shareholders, including printing and other related costs; commissions and other compensation payable to brokers or dealers; to the extent the Fund is covered by any joint insurance policies, the Fund’s allocable portion of the fidelity bond, trustees and officers’ errors or omissions liability insurance and any other insurance

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premiums; outside legal expenses; accounting expenses (including fees and disbursements and expenses related to the audit of the Fund and the preparation of the Fund’s tax information); direct costs and expenses of administration, including printing, mailing, long distance telephone, cellular phone and data service, copying, and staff; and all other expenses incurred by the Fund or its administrator in connection with administering the Fund’s business, as described in more detail under “Administration Agreement” below.

Administration Agreement

The Fund is party to an administration agreement (the “administration agreement”) with its administrator, Ares Operations. Pursuant to the administration agreement, Ares Operations furnishes the Fund with office equipment and clerical, bookkeeping and record keeping services at the Fund’s office facilities. Under the administration agreement, Ares Operations may also arrange for the services of, and oversee custodians, depositories, transfer agents, escrow agents, distribution disbursing agents, other shareholder servicing agents, accountants, attorneys, underwriters, brokers and dealers, corporate fiduciaries, insurers, banks and such other persons in any such other capacity deemed to be necessary or desirable. Ares Operations also performs, or oversees the performance of, the Fund’s required administrative services, which include, among other things, providing assistance in accounting, legal, compliance, operations, technology and investor relations, being responsible for the financial and other records that the Fund is required to maintain and preparing reports to its shareholders and reports and other materials required to be filed with the SEC or any other regulatory authority.

In addition, Ares Operations assists the Fund in determining and publishing its NAV, assists the Fund in providing managerial assistance to its portfolio companies, oversees the preparation and filing of the Fund’s tax returns and the printing and dissemination of reports to its shareholders, and generally oversees the payment of its expenses and the performance of administrative and professional services rendered to the Fund by others. Payments under the administration agreement are equal to an amount based upon the Fund’s allocable portion of Ares Operations’ overhead and other expenses (including travel expenses) incurred by Ares Operations in performing its obligations under the administration agreement, including the Fund’s allocable portion of the compensation, rent and other expenses of certain of the Fund’s officers and their respective staffs. The administration agreement may be terminated by either party without penalty upon 60 days’ written notice to the other party.

For the three months ended March 31, 2024 and 2023, the Fund incurred $1,332 and $684, respectively, in administrative and other fees, including certain costs that are reimbursable under the investment advisory and management agreement or administration agreement, of which $1,061 and $684, respectively, have been supported by the Fund’s investment adviser pursuant to the Expense Support and Conditional Reimbursement Agreement (as defined below).

Intermediary Manager Agreement

On April 24, 2023, the Fund entered into an intermediary manager agreement (the “Intermediary Manager Agreement”) with AWMS (the “Intermediary Manager”). The Intermediary Manager is entitled to receive shareholder servicing and/or distribution fees monthly in arrears at an annual rate of 0.85% and 0.25% of the value of the Fund’s net assets attributable to Class S shares and Class D shares, respectively, as of the beginning of the first calendar day of the month. No shareholder servicing and/or distribution fees are paid with respect to Class I shares. The shareholder servicing and/or distribution fees are payable to the Intermediary Manager, but the Intermediary Manager anticipates that all or a portion of the shareholder servicing and/or distribution fees will be retained by, or reallowed (paid) to, participating broker-dealers.

The Intermediary Manager is a broker-dealer registered with the SEC and a member of the FINRA.

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

Shareholder Servicing and/or Distribution Fees

Pursuant to Rule 12b-1 under the Investment Company Act, the Fund adopted a shareholder servicing and distribution plan pursuant to which Class S shares and Class D shares are subject to shareholder servicing and/or distribution fees. The following table shows the shareholder servicing and/or distribution fees the Fund and, ultimately, certain classes of the Fund’s common shareholders, pay the Intermediary Manager with respect to the Class S shares and Class D shares on an annualized basis as a percentage of the Fund’s NAV for such class. Subject to FINRA and other limitations on underwriting compensation,

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the Fund and, ultimately, certain classes of the Fund's shareholders, will pay a shareholder servicing and/or distribution fee equal to 0.85% per annum of the aggregate NAV for the Class S shares and a shareholder servicing and/or distribution fee equal to 0.25% per annum of the aggregate NAV for the Class D shares, in each case, payable monthly. No shareholder servicing and/or distribution fees are paid with respect to the Class I shares.

	Annual Shareholder Servicing and/or Distribution Fees as a % of NAV
Class S	0.85	%
Class D	0.25	%
Class I	—	%

The shareholder servicing and/or distribution fees are paid monthly in arrears, calculated using the NAV of the applicable class as of the beginning of the first calendar day of the month, subject to FINRA and other limitations on underwriting compensation.

The Intermediary Manager 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. Because the shareholder servicing and/or distribution fees with respect to Class S shares and Class D shares are calculated based on the aggregate NAV for all of the outstanding shares of each such class, such shareholder servicing and/or distribution fees reduce the NAV with respect to all shares of each such class, including shares issued under the Fund’s distribution reinvestment plan.

Eligibility to receive shareholder servicing and/or distribution fees is conditioned on a broker providing the following ongoing services with respect to the Class S or Class D shares: assistance with recordkeeping, answering investor inquiries regarding the Fund, including regarding distribution payments and reinvestments, helping investors understand their investments upon their request, and assistance with share repurchase requests. The shareholder servicing and/or distribution fees are ongoing fees that are not paid at the time of purchase. Because the shareholder servicing and/or distribution fees are paid out of the Fund’s other assets on an ongoing basis, over time these fees will increase the cost of a shareholder’s investment and may cost the shareholder more than paying other types of sales charges.

The Fund’s investment adviser, or its affiliates, may pay additional compensation out of its own resources (i.e., not Fund assets) to certain selling agents or financial intermediaries in connection with the sale of the Fund’s Common Shares. The additional compensation may differ among brokers or dealers in amount or in the amount of calculation. Payments of additional compensation may be fixed dollar amounts or, based on the aggregate value of outstanding Common Shares held by the Fund’s common shareholders introduced by the broker or dealer, or determined in some other manner. The receipt of the additional compensation by a selling broker or dealer may create potential conflicts of interest between an investor and its broker or dealer who is recommending the Fund over other potential investments.

The shareholder servicing and/or distribution fees that were attributable to Class S shares and D shares for the three months ended March 31, 2024 were as follows:

	For the Three Months Ended March 31, 2024
Class S	$	822
Class D	$	40

There were no shareholder servicing and/or distribution fees that were attributable to Class S shares and D shares prior to the date of the first sale of Class S shares and D shares on August 1, 2023.

Expense Support and Conditional Reimbursement Agreement

The Fund has entered into an expense support and conditional reimbursement agreement (the “Expense Support and Conditional Reimbursement Agreement”) with the Fund’s investment adviser, pursuant to which, among other things, the Fund’s investment adviser has agreed to advance all of the Fund’s estimated organization and initial offering expenses, which includes all of the Fund’s organization and initial offering expenses incurred in connection with the Private Placement.

The Fund’s investment adviser may also elect to pay certain of the Fund’s other expenses on the Fund’s behalf (each, an “Expense Payment”), provided that no portion of an Expense Payment will be used to pay any interest expense or

54

shareholder servicing and/or distribution fees of the Fund. Any Expense Payment that the Fund’s investment adviser has committed to pay must be paid by the Fund’s investment adviser to the Fund in any combination of cash or other immediately available funds no later than 45 days after such commitment was made in writing, and/or offset against amounts due from the Fund to the Fund’s investment adviser or its affiliates.

Following any calendar month in which Available Operating Funds (as defined below) exceed the cumulative distributions accrued to the Fund’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 Fund shall pay such Excess Operating Funds, or a portion thereof, to the Fund’s investment adviser until such time as all Expense Payments made by the Fund’s investment adviser to the Fund within three years prior to the last business day of the applicable calendar month in which such reimbursement payment obligation is accrued. Any payments required to be made by the Fund shall be referred to herein as a “Reimbursement Payment.” Reimbursement Payments are conditioned on (i) an expense ratio (excluding any management or incentive fee) that, after giving effect to the recoupment, is lower than the expense ratio (excluding any management or incentive fee) at the time of the fee waiver or expense reimbursement and (ii) a distribution level (exclusive of return of capital, if any) equal to, or greater than, the rate at the time of the waiver or reimbursement. “Available Operating Funds” means the sum of (i) net investment company taxable income (including net short-term capital gains reduced by net long-term capital losses), (ii) 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 Fund 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 Fund’s obligation to make a Reimbursement Payment shall automatically become a liability of the Fund on the last business day of the applicable calendar month, except to the extent the Fund’s investment adviser has waived its right to receive such payment for the applicable month. Reimbursement Payments for a given Expense Payment must be made within three years prior to the last business day of the applicable calendar month in which such Reimbursement Payment obligation is accrued. The expense support is measured on a per share class basis.

The Fund’s investment adviser agreed not to seek recoupment of any base management fee and incentive fee from the commencement of operations through July 31, 2023. As a result, as of March 31, 2024, a $2,487 base management fee and $1,286 of income based fee were included in the expense support amounts below and will not be repaid to the investment adviser.

The following table presents a summary of Expense Payments and the related Reimbursement Payments since the Fund’s commencement of operations:

For the Month Ended	Expense Support from the Adviser		Recoupment of Expense Support		Expense Support No Longer Eligible for Reimbursement		Unreimbursed Expense Support		Ratio of Operating Expenses to Average Net Assets for the Period(1)		Effective Rate of Distribution per Share(2)		Eligible for Reimbursement through
December 31, 2022	$	1,449	$	—	$	—	$	1,449	5.04	%	—		12/30/2025
January 31, 2023	$	1,088	$	—	$	—	$	1,088	4.56	%	—		01/31/2026
February 28, 2023	$	891	$	—	$	—	$	891	3.53	%	—		02/28/2026
March 31, 2023	$	916	$	—	$	—	$	916	3.63	%	—		03/31/2026
April 30, 2023	$	1,083	$	—	$	—	$	1,083	2.99	%	—		04/30/2026
May 31, 2023	$	1,312	$	—	$	—	$	1,312	2.47	%	—		05/31/2026
June 30, 2023	$	2,253	$	—	$	—	$	2,253	2.48	%	—		06/30/2026
July 31, 2023	$	2,502	$	—	$	—	$	2,502	1.16	%	—		07/31/2026
August 31, 2023	$	2,300	$	—	$	—	$	2,300	1.94	%	8.69	%	08/31/2026
September 30, 2023	$	1,636	$	—	$	—	$	1,636	1.66	%	8.95	%	09/30/2026
October 31, 2023	$	—	$	—	$	—	$	—	1.20	%	8.67	%	10/31/2026
November 30, 2023	$	1,637	$	—	$	—	$	1,637	1.18	%	9.69	%	11/30/2026
December 31, 2023	$	1,144	$	—	$	—	$	1,144	1.08	%	9.33	%	12/31/2026
January 31, 2024	$	1,592	$	—	$	—	$	1,592	1.20	%	9.27	%	01/31/2027
February 29, 2024	$	2,183	$	—	$	—	$	2,183	1.10	%	9.93	%	02/29/2027
March 31, 2024	$	2,194	$	—	$	—	$	2,194	1.49	%	9.28	%	03/31/2027

________________________________________

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(1)In accordance with the Expense Support and Conditional Reimbursement Agreement, the ratio of operating expenses excludes organization and offering expenses, stated interest expense, any base management fee and any incentive fee.

(2)The effective rate of distribution per share is the (a) annualized regular cash distributions per share, exclusive of returns of capital, distribution rate reductions due to distribution and shareholder fees, and declared special dividends or special distributions, if any, (b) divided by the prior month’s NAV per share.

4. INVESTMENTS

As of March 31, 2024 and December 31, 2023, investments consisted of the following:

	As of
	March 31, 2024				December 31, 2023
	Amortized Cost(1)		Fair Value		Amortized Cost(1)		Fair Value
First lien senior secured loans	$	3,119,005	$	3,140,400	$	2,369,207	$	2,385,971
Second lien senior secured loans	84,393		84,788		43,237		43,771
Senior subordinated loans	47,094		46,699		46,631		46,966
Corporate bonds	10,000		10,476		10,000		10,507
Collateralized loan obligations	52,850		53,230		22,500		22,681
Commercial mortgage-backed securities	4,988		5,042		4,988		5,010
Private asset-backed investments	48,098		47,894		11,786		11,901
Preferred equity	39,783		42,851		39,500		41,033
Other equity	29,173		31,387		8,935		9,718
Total	$	3,435,384	$	3,462,767	$	2,556,784	$	2,577,558

________________________________________

(1)The amortized cost represents the original cost adjusted for any accretion of discounts, amortization of premiums and PIK interest or dividends.

The Fund uses Global Industry Classification Standards for classifying the industry groupings of its portfolio companies. The industrial and geographic compositions of the Fund’s portfolio at fair value as of March 31, 2024 and December 31, 2023 were as follows:

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	As of
	March 31, 2024		December 31, 2023
Industry
Software and Services	20.3	%	20.4	%
Health Care Services	12.1		12.2
Consumer Services	10.9		10.5
Capital Goods	10.2		10.4
Financial Services	7.9		7.2
Insurance Services	7.1		7.5
Media and Entertainment	5.1		4.4
Commercial and Professional Services	5.0		5.5
Pharmaceuticals, Biotechnology and Life Sciences	3.1		4.0
Automobiles and Components	2.8		1.7
Retailing and Distribution	2.5		2.7
Food and Beverage	2.3		2.7
Investment Funds and Vehicles	2.1		1.3
Materials	2.1		1.6
Technology Hardware and Equipment	1.2		1.1
Other	5.3		6.8
Total	100.0	%	100.0	%

	As of
	March 31, 2024		December 31, 2023
Geographic Region
United States	92.0	%	91.5	%
Europe	3.9		5.0
Canada	2.5		2.3
Bermuda/Cayman Islands	1.3		0.7
Other	0.3		0.5
Total	100.0	%	100.0	%

As of March 31, 2024 and December 31, 2023, none of the loans were on non-accrual status.

5. DEBT

In accordance with the Investment Company Act, a BDC generally is allowed to borrow amounts such that its asset coverage, calculated pursuant to the Investment Company Act, is at least 150% (or 200% if certain requirements under the Investment Company Act are not met) immediately after such borrowing. The Fund’s sole initial shareholder has approved a proposal that allows the Fund to reduce its asset coverage ratio applicable to senior securities from 200% to 150%. As of March 31, 2024, the Fund’s asset coverage was 360%.

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The Fund’s outstanding debt as of March 31, 2024 and December 31, 2023 was as follows:

	As of
	March 31, 2024							December 31, 2023
	Total Aggregate Principal Amount Committed/ Outstanding (1)			Principal Amount Outstanding		Carrying Value		Total Aggregate Principal Amount Committed/ Outstanding (1)			Principal Amount Outstanding		Carrying Value
Revolving Credit Facility	$	800,000	(2)	$	245,206	$	245,203	$	800,000	(2)	$	460,349	$	460,325
SG Funding Facility	1,400,000		(3)	460,000		460,000		1,000,000			250,000		250,000
SB Funding Facility	750,000		(4)	200,000		200,000		—			—		—
Total	$	2,950,000		$	905,206	$	905,203	$	1,800,000		$	710,349	$	710,325

________________________________________

(1)Represents the total aggregate amount committed or outstanding, as applicable, under such instrument. Borrowings under the committed Revolving Credit Facility, SG Funding Facility and SB Funding Facility (each as defined below) are subject to borrowing base and other restrictions.

(2)Provides for a feature that allows the Fund, under certain circumstances, to increase the size of the Revolving Credit Facility to a maximum of $1,050,000.

(3)Provides for a feature that allows ASIF Funding I (as defined below), under certain circumstances, to increase the size of the SG Funding Facility to a maximum of $2,000,000.

(4)As of March 31, 2024, $250,000 of the total commitment was available under the SB Funding Facility and subject to borrowing base and other restrictions. See additional information below.

Revolving Credit Facility

The Fund is party to a senior secured revolving credit facility agreement with JPMorgan Chase Bank, N.A. and each of the other parties thereto (the “Revolving Credit Facility”), that as of March 31, 2024, allowed the Fund to borrow up to $800,000 at any one time outstanding. As of March 31, 2024, the end of the revolving period and the stated maturity date were December 20, 2026 and December 20, 2027, respectively. As of March 31, 2024, the Revolving Credit Facility also provided for a feature that allowed the Fund, under certain circumstances, to increase the overall size of the Revolving Credit Facility to a maximum of $1,050,000. The Revolving Credit Facility generally requires payments of interest at the end of each Secured Overnight Financing Rate (“SOFR”) interest period, but no less frequently than quarterly, on SOFR based loans, and monthly payments of interest on other loans. Subsequent to the end of the respective revolving periods and prior to the respective stated maturity dates, the Fund is required to repay the relevant outstanding principal amounts under both the term loan tranche and revolving tranche on a monthly basis in an amount equal to 1/12th of the outstanding principal amount at the end of the respective revolving periods. See Note 11 for a subsequent event relating to the Revolving Credit Facility.

Under the Revolving Credit Facility, the Fund is required to comply with various covenants, reporting requirements and other customary requirements for similar revolving credit facilities, including, without limitation, covenants related to: (a) limitations on the incurrence of additional indebtedness and liens, (b) limitations on certain investments, (c) limitations on certain restricted payments, (d) maintaining a certain minimum shareholders’ equity, (e) maintaining a ratio of total assets (less total liabilities not representing indebtedness) to total indebtedness of the Fund (subject to certain exceptions) of not less than 1.5:1.0, (f) limitations on pledging certain unencumbered assets, and (g) limitations on the creation or existence of agreements that prohibit liens on certain properties of the Fund. These covenants are subject to important limitations and exceptions that are described in the documents governing the Revolving Credit Facility. Amounts available to borrow under the Revolving Credit Facility (and the incurrence of certain other permitted debt) are also subject to compliance with a borrowing base that applies different advance rates to different types of assets (based on their value as determined pursuant to the Revolving Credit Facility) that are pledged as collateral. As of March 31, 2024, the Fund was in compliance in all material respects with the terms of the Revolving Credit Facility.

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As of March 31, 2024 and December 31, 2023, there was $245,206 and $460,349 aggregate principal amount outstanding, respectively, under the Revolving Credit Facility. The Revolving Credit Facility also provides for a sub-limit for the issuance of letters of credit for up to an aggregate amount of $100,000.

The interest rate charged on the Revolving Credit Facility is based on SOFR plus a credit spread adjustment of 0.10% (or an alternate rate of interest for certain loans, commitments and/or other extensions of credit denominated in approved foreign currencies plus a spread adjustment, if applicable) and an applicable spread of either 1.75% or 1.875% or an “alternate base rate” (as defined in the agreements governing the Revolving Credit Facility) plus an applicable spread of 0.75% or 0.875%, in each case, determined monthly based on the total amount of the borrowing base relative to the sum of (i) the greater of (a) the aggregate amount of revolving exposure and term loans outstanding under the Revolving Credit Facility and (b) 85% of the total commitments of the Revolving Credit Facility (or, if higher, the total revolving exposure) plus (ii) other debt, if any, secured by the same collateral as the Revolving Credit Facility. The Revolving Credit Facility allows for borrowings to be made using one, three or six month SOFR. As of March 31, 2024, the one, three and six month SOFR was 5.33%, 5.30% and 5.22%, respectively. As of March 31, 2024, the applicable spread in effect was 1.75%. In addition to the stated interest expense on the Revolving Credit Facility, the Fund is required to pay a commitment fee of 0.375% per annum on any unused portion of the Revolving Credit Facility. The Fund is also required to pay a letter of credit fee of 0.25% per annum on letters of credit issued and the applicable spread.  

For the three months ended March 31, 2024 and 2023, the components of interest and credit facility fees expense, cash paid for interest expense, average stated interest rates (i.e., rate in effect plus the spread) and average outstanding balances for the Revolving Credit Facility were as follows:

	For the Three Months Ended March 31,
	2024			2023
Stated interest expense	$	7,519		$	310
Credit facility fees	367			569
Amortization of debt issuance costs	352			302
Total interest and credit facility fees expense	$	8,238		$	1,181
Cash paid for interest expense	$	7,598		$	—
Average stated interest rate	7.18		%	6.35		%
Average outstanding balance	$	414,213		$	18,500

SG Funding Facility

The Fund and the Fund’s wholly owned subsidiary, ASIF Funding I, LLC (“ASIF Funding I”), are party to a revolving funding facility with Société Générale and each of the other parties thereto (the “SG Funding Facility”), that provides for a facility amount of $1,400,000. The end of the revolving period and the stated maturity date are July 26, 2026 and July 26, 2028, respectively. The SG Funding Facility also provides for a feature that allows ASIF Funding I, under certain circumstances, to increase the overall size of the SG Funding Facility to a maximum of $2,000,000.

In addition, the Fund, as transferor, and ASIF Funding I, as transferee, are party to a contribution agreement, pursuant to which the Fund will transfer to ASIF Funding I certain originated or acquired loans and related assets from time to time. The obligations of ASIF Funding I under the SG Funding Facility are secured by substantially all assets held by ASIF Funding I.

Under the SG Funding Facility, the Fund and ASIF Funding I are required to comply with various covenants, reporting requirements and other customary requirements for similar facilities. These covenants are subject to important limitations and exceptions that are described in the documents governing the SG Funding Facility. As of March 31, 2024, the Fund and ASIF Funding I were in compliance in all material respects with the terms of the SG Funding Facility.

As of March 31, 2024 and December 31, 2023, there was $460,000 and $250,000 aggregate principal amount outstanding, respectively, under the SG Funding Facility. The interest rate charged on the SG Funding Facility is based on SOFR plus an applicable margin that is a blended rate determined as follows: (i) 1.90% per annum for the portion of the collateral pool that consists of broadly syndicated loans, determined by multiplying the aggregate amount of loans outstanding under the SG Funding Facility by the percentage of the collateral pool that consists of broadly syndicated loans, plus (ii) 2.80% per annum for the portion of the collateral pool that does not consist of broadly syndicated loans, determined by multiplying the aggregate amount of loans outstanding under the SG Funding Facility by the percentage of the collateral pool that does not consist of broadly syndicated loans. From and after the six-month anniversary of the effective date of the SG Funding Facility,

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the applicable margin will be subject to a floor of 2.75% per annum. As of March 31, 2024, the applicable spread in effect was 2.60%. In addition to the stated interest expense, ASIF Funding I is required to pay, among other fees, a daily commitment fee on any monthly distribution date, termination date or on the date of any payment or prepayment of a loan outstanding under the SG Funding Facility.

For the three months ended March 31, 2024, the components of interest and credit facility fees expense, cash paid for interest expense, average stated interest rates (i.e., rate in effect plus the spread) and average outstanding balances for the SG Funding Facility were as follows:

	For the Three Months Ended March 31, 2024
Stated interest expense	$	7,163
Credit facility fees	1,047
Amortization of debt issuance costs	601
Total interest and credit facility fees expense	$	8,811
Cash paid for interest expense	$	8,215
Average stated interest rate	7.95		%
Average outstanding balance	$	356,538

SB Funding Facility

The Fund and the Fund’s wholly owned subsidiary, ASIF Funding II, LLC (“ASIF Funding II”), are party to a revolving funding facility with the Bank of Nova Scotia and each of the other parties thereto (the “SB Funding Facility”), that provides for a facility amount of $750,000, of which $250,000 was available as of March 31, 2024 and the remaining $500,000 will become fully available on September 1, 2024. The end of the reinvestment period and the stated maturity date are September 1, 2026 and March 1, 2033, respectively.

In addition, the Fund, as transferor, and ASIF Funding II, as transferee, are party to a contribution agreement, pursuant to which the Fund will transfer to ASIF Funding II certain originated or acquired loans and related assets from time to time. The obligations of ASIF Funding II under the SB Funding Facility are secured by substantially all assets held by ASIF Funding II.

Under the SB Funding Facility, the Fund and ASIF Funding II, as applicable, have made representations and warranties regarding their businesses, among other things, and are required to comply with various covenants, servicing procedures, reporting requirements and other customary requirements for similar facilities. The SB Funding Facility includes usual and customary events of default for facilities of this nature. As of March 31, 2024, the Fund and ASIF Funding II were in compliance in all material respects with the terms of the SB Funding Facility.

As of March 31, 2024, there was $200,000 aggregate principal amount outstanding under the SB Funding Facility. The interest rate charged on the SB Funding Facility is based on SOFR plus an applicable margin of (i) 2.40% during the reinvestment period and (ii) 2.70% following the reinvestment period. As of March 31, 2024, the applicable spread in effect was 2.40%. In addition, ASIF Funding II is required to pay, among other fees, a commitment fee of 0.50% per annum on any unused portion of the SB Funding Facility.

For the three months ended March 31, 2024, the components of interest and credit facility fees expense, cash paid for interest expense, average stated interest rates (i.e., rate in effect plus the spread) and average outstanding balances for the SB Funding Facility were as follows:

60

	For the Three Months Ended March 31, 2024
Stated interest expense	$	215
Credit facility fees	94
Amortization of debt issuance costs	54
Total interest and credit facility fees expense	$	363
Cash paid for interest expense	$	—
Average stated interest rate	7.72		%
Average outstanding balance	$	33,333

6. DERIVATIVE INSTRUMENTS

The Fund enters into derivative instruments from time to time to help mitigate its foreign currency risk exposure.

Certain information related to the Fund’s foreign currency forward derivative instruments as of March 31, 2024 and December 31, 2023 is presented below.

	March 31, 2024
Derivative Instrument	Notional Amount		Maturity Date	Gross Amount of Recognized Assets		Gross Amount of Recognized Liabilities		Balance Sheet Location of Net Amounts
Foreign currency forward contract	CAD	19,573	11/16/2026	$	14,602	$	(14,602)	Other assets
Foreign currency forward contract	£	12,035	08/21/2026	14,878		(14,878)		Other assets
Foreign currency forward contract	AUD	9,518	11/17/2026	6,165		(6,165)		Other assets
Foreign currency forward contract	€	8,053	04/26/2024	8,807		(8,807)		Other assets
Foreign currency forward contract	AUD	7,290	10/18/2024	4,812		(4,812)		Other assets
Foreign currency forward contract	£	3,989	03/31/2026	5,015		(5,015)		Other assets
Foreign currency forward contract	AUD	1,897	02/18/2026	1,255		(1,255)		Other assets
Foreign currency forward contract	€	736	03/30/2027	833		(833)		Other assets
Foreign currency forward contract	£	480	03/31/2025	583		(583)		Other assets
Foreign currency forward contract	€	424	03/26/2025	465		(465)		Other assets
Foreign currency forward contract	€	341	03/26/2026	380		(380)		Other assets
Total				$	57,795	$	(57,795)

61

	As of December 31, 2023
Derivative Instrument	Notional Amount		Maturity Date	Gross Amount of Recognized Assets		Gross Amount of Recognized Liabilities		Balance Sheet Location of Net Amounts
Foreign currency forward contract	£	11,532	08/21/2026	$	14,240	$	(14,240)	Accounts payable and other liabilities
Foreign currency forward contract	AUD	9,518	11/17/2026	6,165		(6,165)		Accounts payable and other liabilities
Foreign currency forward contract	€	7,826	01/26/2024	8,380		(8,380)		Accounts payable and other liabilities
Foreign currency forward contract	CAD	1,391	11/16/2026	1,017		(1,017)		Accounts payable and other liabilities
Foreign currency forward contract	£	720	03/31/2026	874		(874)		Accounts payable and other liabilities
Foreign currency forward contract	£	480	03/31/2025	583		(583)		Accounts payable and other liabilities
Total				$	31,259	$	(31,259)

As of March 31, 2024 and December 31, 2023, the counterparty to all of the Fund’s foreign currency forward contracts was Wells Fargo Bank, N.A.

Net realized and unrealized gains and losses on derivative instruments recognized by the Fund for the three months ended March 31, 2024 are in the following locations in the consolidated statement of operations:

Derivative Instrument	Statement Location	For the Three Months Ended March 31, 2024
Foreign currency forward contract	Net realized gains (losses) on foreign currency transactions	$	—
Foreign currency forward contract	Net unrealized gains (losses) on foreign currency transactions	$	779

7. COMMITMENTS AND CONTINGENCIES

Investment Commitments

The Fund’s investment portfolio may contain debt investments which are in the form of revolving and delayed draw loan commitments, which require the Fund to provide funding when requested by portfolio companies in accordance with underlying loan agreements. As of March 31, 2024 and December 31, 2023, the Fund had the following commitments to fund various revolving and delayed draw term loans:

	As of
	March 31, 2024		December 31, 2023
Total revolving loan commitments	$	90,633	$	59,388
Less: funded commitments	(8,709)		(3,020)
Total net unfunded revolving loan commitments	81,924		56,368
Total delayed draw term loan commitments	306,840		278,442
Total net unfunded revolving and delayed draw term loan commitments	$	388,764	$	334,810

The Fund’s commitment to fund delayed draw loans is generally triggered upon the satisfaction of certain pre-negotiated terms and conditions. Generally, the most significant and uncertain term requires the borrower to satisfy a specific use of proceeds covenant. The use of proceeds covenant typically requires the borrower to use the additional loans for the specific purpose of a permitted acquisition or permitted investment, for example. In addition to the use of proceeds covenant, the borrower is generally required to satisfy additional negotiated covenants (including specified leverage levels).

62

In addition, as of March 31, 2024 and December 31, 2023, the Fund was party to subscription agreements to fund equity investment commitments as follows:

	As of
	March 31, 2024		December 31, 2023
Total equity commitments	$	3,951	$	51
Less: funded commitments	(1,605)		—
Total net unfunded equity commitments	$	2,346	$	51

8. FAIR VALUE OF FINANCIAL INSTRUMENTS

The Fund follows ASC 825-10, Recognition and Measurement of Financial Assets and Financial Liabilities (“ASC 825-10”), which provides funds the option to report selected financial assets and liabilities at fair value. ASC 825-10 also establishes presentation and disclosure requirements designed to facilitate comparisons between funds that choose different measurement attributes for similar types of assets and liabilities and to more easily understand the effect of the fund’s choice to use fair value on its earnings. ASC 825-10 also requires entities to display the fair value of the selected assets and liabilities on the face of the balance sheet. The Fund has not elected the ASC 825-10 option to report selected financial assets and liabilities at fair value. With the exception of the line items entitled “other assets” and “debt,” which are reported at amortized cost, the carrying value of all other assets and liabilities approximate fair value.

The Fund also follows ASC 820-10, Fair Value Measurements and Disclosures (“ASC 820-10”), which among other matters, requires enhanced disclosures about investments that are measured and reported at fair value. ASC 820-10 defines fair value, establishes a framework for measuring fair value in accordance with GAAP and expands disclosure of fair value measurements. ASC 820-10 determines fair value to be the price that would be received for an investment in a current sale, which assumes an orderly transaction between market participants on the measurement date. ASC 820-10 requires the Fund to assume that the portfolio investment is sold in its principal market to market participants or, in the absence of a principal market, the most advantageous market, which may be a hypothetical market. Market participants are defined as buyers and sellers in the principal or most advantageous market that are independent, knowledgeable, and willing and able to transact. In accordance with ASC 820-10, the Fund has considered its principal market as the market in which the Fund exits its portfolio investments with the greatest volume and level of activity. ASC 820-10 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. In accordance with ASC 820-10, these inputs are summarized in the three broad levels listed below:

•Level 1—Valuations based on quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

•Level 2—Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

•Level 3—Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

In addition to using the above inputs in investment valuations, the Valuation Designee continues to employ the net asset valuation policy and procedures that have been reviewed by the Fund’s board of trustees in connection with their designation of the Fund’s investment adviser as the valuation designee that are consistent with the provisions of Rule 2a-5 under the Investment Company Act and ASC 820-10 (see Note 2 for more information). Consistent with its valuation policies and procedures, the Valuation Designee will evaluate the source of inputs, including any markets in which the Fund’s investments are trading (or any markets in which securities with similar attributes are trading), in determining fair value. Where there may not be a readily available market value for some of the investments in the Fund’s portfolio, the fair value of a portion of the Fund’s investments may be determined using unobservable inputs.

    The Fund’s portfolio investments classified as Level 3 are typically valued using two different valuation techniques. The first valuation technique is an analysis of the enterprise value (“EV”) of the portfolio company. EV means the entire value of the portfolio company to a market participant, including the sum of the values of debt and equity securities used to capitalize the enterprise at a point in time. The primary method for determining EV uses a multiple analysis whereby appropriate multiples are applied to the portfolio company’s EBITDA. EBITDA multiples are typically determined based upon review of market comparable transactions and publicly traded comparable companies, if any. The Valuation Designee may also employ other valuation multiples to determine EV, such as revenues or, in the case of certain portfolio companies in the power

63

generation industry, kilowatt capacity. The second method for determining EV uses a discounted cash flow analysis whereby future expected cash flows of the portfolio company are discounted to determine a present value using estimated discount rates (typically a weighted average cost of capital based on costs of debt and equity consistent with current market conditions). The EV analysis is performed to determine the value of equity investments, the value of debt investments in portfolio companies where the Fund has control or could gain control through an option or warrant security, and to determine if there is credit impairment for debt investments. If debt investments are credit impaired, an EV analysis may be used to value such debt investments; however, in addition to the methods outlined above, other methods such as a liquidation or wind-down analysis may be utilized to estimate EV. The second valuation technique is a yield analysis, which is typically performed for non-credit impaired debt investments in portfolio companies where the Fund does not own a controlling equity position. To determine fair value using a yield analysis, a current price is imputed for the investment based upon an assessment of the expected market yield for a similarly structured investment with a similar level of risk. In the yield analysis, the Valuation Designee considers the current contractual interest rate, the maturity and other terms of the investment relative to risk of the Fund and the specific investment. A key determinant of risk, among other things, is the leverage through the investment relative to the EV of the portfolio company. As debt investments held by the Fund are substantially illiquid with no active transaction market, the Valuation Designee depends on primary market data, including newly funded transactions, as well as secondary market data with respect to high yield debt instruments and syndicated loans, as inputs in determining the appropriate market yield, as applicable.

The following table presents fair value measurements of cash and cash equivalents, investments, derivatives and unfunded revolving and delayed draw loan commitments as of March 31, 2024:

	Fair Value Measurements Using
	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	68,497	$	—	$	—	$	68,497
First lien senior secured loans	$	—	$	1,969,981	$	1,170,419	$	3,140,400
Second lien senior secured loans	—		35,508		49,280		84,788
Senior subordinated loans	—		2,816		43,883		46,699
Corporate bonds	—		—		10,476		10,476
Collateralized loan obligations	—		—		53,230		53,230
Commercial mortgage-backed securities	—		—		5,042		5,042
Private asset-backed investments	—		—		47,894		47,894
Preferred equity	—		—		42,851		42,851
Other equity	—		—		29,781		29,781
Investments not measured at net asset value	$	—	$	2,008,305	$	1,452,856	$	3,461,161
Investments measured at net asset value(1)							1,606
Total investments							$	3,462,767
Derivatives - Foreign currency forward contracts	$	—	$	—	$	—	$	—
Unfunded revolving and delayed draw loan commitments(2)	$	—	$	—	$	(3,191)	$	(3,191)

________________________________________

(1)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated statement of assets and liabilities.

(2)The fair value of unfunded revolving and delayed draw loan commitments is included in “accounts payable and other liabilities” in the accompanying consolidated statement of assets and liabilities.

The following table presents fair value measurements of cash and cash equivalents and investments as of December 31, 2023:

64

	Fair Value Measurements Using
	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	57,972	$	—	$	—	$	57,972
First lien senior secured loans	$	—	$	1,533,600	$	852,371	$	2,385,971
Second lien senior secured loans	—		33,236		10,535		43,771
Senior subordinated loans	—		8,379		38,587		46,966
Corporate bonds	—		—		10,507		10,507
Collateralized loan obligations	—		—		22,681		22,681
Commercial mortgage-backed securities	—		—		5,010		5,010
Private asset-backed investments	—		—		11,901		11,901
Preferred equity	—		—		41,033		41,033
Other equity	—		—		9,718		9,718
Total investments	$	—	$	1,575,215	$	1,002,343	$	2,577,558
Derivatives - Foreign currency forward contracts	$	—	$	—	$	—	$	—
Unfunded revolving and delayed draw loan commitments(1)	$	—	$	—	$	(4,008)	$	(4,008)

________________________________________

(1)The fair value of unfunded revolving and delayed draw loan commitments is included in “accounts payable and other liabilities” in the accompanying consolidated statement of assets and liabilities.

The following tables summarize the significant unobservable inputs the Valuation Designee used to value the majority of the Fund’s investments categorized within Level 3 as of March 31, 2024 and December 31, 2023. The table is not intended to be all-inclusive, but instead to capture the significant unobservable inputs relevant to the determination of fair values.

	As of March 31, 2024
				Unobservable Input
Asset Category	Fair Value		Primary Valuation Techniques	Input	Estimated Range	Weighted Average(1)
First lien senior secured loans	$	1,080,544	Yield analysis	Market yield	9.2% - 22.0%	12.1%
	87,195		Broker quotes	N/A	N/A	N/A
	2,680		Transaction cost	N/A	N/A	N/A
Second lien senior secured loans	49,280		Yield analysis	Market yield	12.6% - 17.3%	13.0%
Senior subordinated loans	43,883		Yield analysis	Market yield	13.9% - 19.2%	17.4%
Corporate bonds	10,476		Broker quotes	N/A	N/A	N/A
Collateralized loan obligations	53,230		Broker quotes	N/A	N/A	N/A
Commercial mortgage-backed securities	5,042		Broker quotes	N/A	N/A	N/A
Private asset-backed investments	28,437		Transaction cost	N/A	N/A	N/A
	19,457		Yield analysis	Market yield	3.3% - 10.7%	5.5%
Preferred equity	42,851		EV market multiple analysis	EBITDA multiple	3.0x - 35.3x	22.2x
			Yield analysis	Market yield	9.8%	9.8%
Other equity	29,781		EV market multiple analysis	EBITDA multiple	8.2x - 24.4x	15.4x
Total investments	$	1,452,856

____________________________________

(1)Unobservable inputs were weighted by the relative fair value of the investments.

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	As of December 31, 2023
				Unobservable Input
Asset Category	Fair Value		Primary Valuation Techniques	Input	Estimated Range	Weighted Average(1)
First lien senior secured loans	$	801,531	Yield analysis	Market yield	9.6% - 21.4%	12.3%
	50,840		Broker quotes	N/A	N/A	N/A
Second lien senior secured loans	10,535		Yield analysis	Market yield	11.8%	11.8%
Senior subordinated loans	38,587		Yield analysis	Market yield	13.9% - 19.2%	17.3%
Corporate bonds	10,507		Broker quotes	N/A	N/A	N/A
Collateralized loan obligations	22,681		Broker quotes	N/A	N/A	N/A
Commercial mortgage-backed securities	5,010		Broker quotes	N/A	N/A	N/A
Private asset-backed investments	11,901		Yield analysis	Market yield	10.7% - 16.2%	13.1%
Preferred equity	41,033		EV market multiple analysis	EBITDA multiple	9.5x - 32.5x	21.7x
Other equity	9,718		EV market multiple analysis	EBITDA multiple	7.0x - 23.4x	15.5x
Total investments	$	1,002,343

____________________________________

(1)Unobservable inputs were weighted by the relative fair value of the investments.

Changes in market yields, discount rates or EBITDA multiples, each in isolation, may change the fair value of certain of the Fund’s investments. Generally, an increase in market yields or discount rates or decrease in EBITDA multiples may result in a decrease in the fair value of certain of the Fund’s investments.

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 Fund’s investments may fluctuate from period to period. Additionally, the fair value of the Fund’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 Fund 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 Fund was required to liquidate a portfolio investment in a forced or liquidation sale, it could realize significantly less than the value at which the Fund 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.

The following table presents changes in investments that use Level 3 inputs as of and for the three months ended March 31, 2024:

	As of and For the Three Months Ended March 31, 2024
Balance as of December 31, 2023	$	1,002,343
Net realized gains	1,102
Net unrealized gains	5,067
Purchases	500,262
Sales	(9,497)
Repayments	(50,429)
PIK interest and dividends	3,205
Net accretion of discount on investments	1,615
Net transfers in and/or out of Level 3	(812)
Balance as of March 31, 2024	$	1,452,856

66

Investments were transferred into and out of Level 3 during the three months ended March 31, 2024. Transfers into and out of Level 3 were generally as a result of changes in the observability of significant inputs or available market data for certain portfolio companies.

As of March 31, 2024, the net unrealized appreciation on the investments that use Level 3 inputs was $15,185.

For the three months ended March 31, 2024, the total amount of gains (losses) included in earnings attributable to the change in unrealized gains (losses) relating to the Fund’s Level 3 assets still held as of March 31, 2024, and reported within the net unrealized gains (losses) on investments in the Fund’s consolidated statement of operations, was $5,996.

The following table presents changes in investments that use Level 3 inputs as of and for the three months ended March 31, 2023:

	As of and For the Three Months Ended March 31, 2023
Balance as of December 31, 2022	$	18,744
Net realized gains	163
Net unrealized losses	(692)
Purchases	98,764
Sales	(11,607)
Repayments	(78)
Net accretion of discount on investments	135
Net transfers in and/or out of Level 3	2,673
Balance as of March 31, 2023	$	108,102

Investments were transferred into and out of Level 3 during the three months ended March 31, 2023. Transfers into and out of Level 3 were generally as a result of changes in the observability of significant inputs or available market data for certain portfolio companies.

As of March 31, 2023, the net unrealized depreciation on the investments that use Level 3 inputs was $394.

For the three months ended March 31, 2023, the total amount of gains (losses) included in earnings attributable to the change in unrealized gains (losses) relating to the Fund’s Level 3 assets still held as of March 31, 2023, and reported within the net unrealized gains (losses) on investments in the Fund’s consolidated statement of operations was $(379).

The following are the carrying and fair values of the Fund’s debt obligations as of March 31, 2024 and December 31, 2023.

	As of
	March 31, 2024					December 31, 2023
	Carrying Value(1)			Fair Value(3)		Carrying Value(1)			Fair Value(3)
Revolving Credit Facility	$	245,203		$	245,203	$	460,325		$	460,325
SG Funding Facility	460,000			460,000		250,000			250,000
SB Funding Facility	200,000			200,000		—			—
Total	$	905,203	(2)	$	905,203	$	710,325	(2)	$	710,325

____________________________________

(1)The Revolving Credit Facility, SG Funding Facility and SB Funding Facility carrying values are the same as the principal amounts outstanding.

(2)Total principal amount of debt outstanding totaled $905,206 and $710,349 as of March 31, 2024 and December 31, 2023, respectively.

(3)The fair value of the debt obligations would be categorized as Level 2 under ASC 820-10.

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9. NET ASSETS

The Fund has the authority to issue an unlimited number of Common Shares of beneficial interest at $0.01 par value per share.

Pursuant to subscription agreements providing for the commitment to purchase an aggregate of up to $847,098 of the Fund’s Class I shares entered into between the Fund and several investors between November 2022 and ending on January 30, 2023, the Fund called an aggregate of $847,098 from October 6, 2022 through July 31, 2023, and in exchange therefore, the Fund issued approximately 32,402 Class I shares to 61 shareholders, including the investment from the Fund’s sole initial shareholder. Of the $847,098 of commitments called, $96,463 was called during the three months ended March 31, 2023, in exchange for approximately 3,815 Class I shares.

On August 1, 2023, the Fund held the first closing in the Offering, pursuant to its Registration Statement on Form N-2 (File No. 333-264145) declared effective by the SEC on April 24, 2023, as amended and supplemented. The Fund offers on a continuous basis up to $7.5 billion of its Common Shares, pursuant to the Offering. The purchase price per share for each class of Common Shares equals the Fund’s NAV per share, as of the effective date of the monthly share purchase date. The Fund also engages in offerings of its Common Shares to non-U.S. investors pursuant to Regulation S of the Securities Act.

The following table summarizes transactions in Common Shares during the three months ended March 31, 2024:

	For the Three Months Ended March 31, 2024
	Shares	Amount
Class I
Subscriptions(1)	15,425	$	419,424
Distributions reinvested	393	10,682
Repurchased shares, net of early repurchase deduction	(382)	(10,250)
Net increase	15,436	$	419,856
Class S
Subscriptions(1)	5,332	$	144,981
Distributions reinvested	38	1,049
Repurchased shares, net of early repurchase deduction	(5)	(126)
Net increase	5,365	$	145,904
Class D
Subscriptions(1)	719	$	19,560
Distributions reinvested	9	242
Net increase	728	$	19,802
Total net increase	21,529	$	585,562

____________________________________

(1)See Note 11 for subsequent events related to subscription activities.

Net Asset Value Per Share and Offering Price

The Fund 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. The NAV per share for each class of shares is determined by dividing the value of total assets attributable to the class minus liabilities attributable to the share class by the total number of each share class of Common Shares outstanding at the date as of which the determination is made. The following table summarizes each month-end NAV per share for Class I, Class S and Class D shares during the three months ended March 31, 2024 and 2023.

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	NAV Per Share
	Class I		Class S		Class D
January 31, 2024	$	27.17	$	27.17	$	27.17
February 29, 2024	$	27.19	$	27.19	$	27.19
March 31, 2024	$	27.30	$	27.30	$	27.30

	NAV Per Share
	Class I(1)
January 31, 2023	$	25.40
February 28, 2023	$	25.58
March 31, 2023	$	25.71

____________________________________

(1)The date of the first sale of Class S shares and D shares was August 1, 2023.

Distributions

The Fund’s board of trustees declared monthly regular distributions for each class of its Common Shares. The following table presents the monthly regular distributions that were declared and payable during the three months ended March 31, 2024.

			Class I
Declaration Date	Record Date	Payment Date	Net Distribution Per Share		Distribution Amount
January 23, 2024	January 31, 2024	February 22, 2024	$	0.21430	$	12,120
January 23, 2024	February 29, 2024	March 25, 2024	0.21430		13,234
January 23, 2024	March 29, 2024	April 24, 2024	0.21430		14,439
			$	0.64290	$	39,793

			Class S
Declaration Date	Record Date	Payment Date	Net Distribution Per Share		Distribution Amount
January 23, 2024	January 31, 2024	February 22, 2024	$	0.19470	$	2,417
January 23, 2024	February 29, 2024	March 25, 2024	0.19600		2,778
January 23, 2024	March 29, 2024	April 24, 2024	0.19472		3,181
			$	0.58542	$	8,376

			Class D
Declaration Date	Record Date	Payment Date	Net Distribution Per Share		Distribution Amount
January 23, 2024	January 31, 2024	February 22, 2024	$	0.20854	$	471
January 23, 2024	February 29, 2024	March 25, 2024	0.20892		498
January 23, 2024	March 29, 2024	April 24, 2024	0.20854		529
			$	0.62600	$	1,498

The net distributions received by shareholders of Class S shares and Class D shares include the effect of the shareholder servicing and/or distribution fees applicable to such class of shares. Class I shares have no shareholder servicing and/or distribution fees.

See Note 11 for subsequent events relating to regular distributions declared by the Fund’s board of trustees.

Distribution Reinvestment Plan

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The Fund has adopted a distribution reinvestment plan, pursuant to which the Fund will not reinvest cash distributions declared by the board of trustees on behalf of the Fund’s shareholders unless such shareholders elect for their shares to be automatically reinvested. As a result, if the board of trustees authorizes, and the Fund declares, a cash distribution, then the Fund’s shareholders who have opted into the Fund’s distribution reinvestment plan will have their cash distributions automatically reinvested in additional shares, rather than receiving the cash distribution. Distributions on fractional shares will be credited to each participating shareholder’s account. The purchase price for shares issued under the Fund’s distribution reinvestment plan will be equal to the most recent available NAV per share for such shares at the time the distribution is payable.

Share Repurchase Program

The Fund has commenced a share repurchase program in which the Fund intends to offer to repurchase, at the discretion of the Fund’s board of trustees, up to 5% of its Common Shares outstanding (either by number of shares or aggregate NAV) in each quarter. The Fund’s board of trustees may amend, suspend or terminate the share repurchase program if it deems such action to be in its best interest and the best interest of its common shareholders. As a result, share repurchases may not be available each quarter, or at all. The Fund conducts any such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Securities Exchange Act of 1934, as amended, and the Investment Company Act, with the terms of such tender offer published in a tender offer statement to be sent to all shareholders and filed with the SEC on Schedule TO. All common shareholders will be given at least 20 full business days to elect to participate in such share repurchases. All shares purchased by the Fund, pursuant to the terms of each tender offer, will be retired and thereafter will be authorized and unissued shares.

Under the Fund’s share repurchase program, to the extent the Fund offers to repurchase shares in any particular quarter, the Fund 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 month designated by the Fund’s board of trustees, except that the Fund deducts 2.00% from such NAV for shares that have not been outstanding for at least one year (the “Early Repurchase Deduction”). The one-year holding period is measured as of the subscription closing date immediately following the prospective repurchase date. The Fund could waive the Early Repurchase Deduction in the case of repurchase requests arising from the death or qualified disability of the holder. The Early Repurchase Deduction will be retained by the Fund for the benefit of remaining shareholders. See Note 11 for a subsequent event relating to the plan adopted by the Fund pursuant to Rule 18f-3 under the Investment Company Act so the Fund may issue multiple classes of Common Shares (the “Multiple Class Plan”) and the Early Repurchase Deduction.

During the three months ended March 31, 2024, the Fund repurchased approximately 382 Class I shares and 5 Class S shares for a total value of $10,250 and $126, respectively, each of which are net of the Early Repurchase Deduction. The following table presents the share repurchases completed during the three months ended March 31, 2024:

Repurchase Pricing Date	Total Number of Shares Repurchased	Percentage of Outstanding Shares Repurchased (1)		Repurchase Request Deadline	Purchase Price Per Share (2)		Amount Repurchased (All Classes) (2)		Maximum number of shares that may yet be purchased under the repurchase plan (3)
February 29, 2024	387	0.54	%	March 20, 2024	$	27.19	$	10,376	—

_______________________________________________________________________________

(1) Percentage is based on total shares outstanding as of the close of business on January 31, 2024.

(2) Amounts shown net of the Early Repurchase Deduction.

(3) All repurchase requests were satisfied in full.

10. FINANCIAL HIGHLIGHTS

The following is a schedule of financial highlights as of and for the three months ended March 31, 2024 and 2023:

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	As of and For the Three Months Ended March 31, 2024
	Class I			Class S			Class D
Per Share Data:
Net asset value at beginning of period	$	27.22		$	27.22		$	27.22
Net investment income for period(1)	0.60			0.54			0.59
Net realized and unrealized gains for period(1)	0.12			0.12			0.12
Net increase in net assets resulting from operations	0.72			0.66			0.71
Distributions from net investment income	(0.64)			(0.58)			(0.63)
Total increase in net assets	0.08			0.08			0.08
Net asset value at end of period	$	27.30		$	27.30		$	27.30
Total return based on net asset value(2)	2.59		%	2.39		%	2.53		%
Shares outstanding at end of period	67,378			16,338			2,534
Ratio/Supplemental Data:
Net assets at end of period	$	1,839,270		$	445,988		$	69,172
Ratio of operating expenses (excluding expense support) to average net assets(3)(4)	6.84		%	7.69		%	7.09		%
Ratio of operating expenses (including expense support) to average net assets(3)	5.72		%	6.62		%	5.97		%
Ratio of net investment income to average net assets(3)(5)	8.82		%	7.97		%	8.59		%
Portfolio turnover rate(3)	55		%	55		%	55		%

	As of and For the Three Months Ended March 31, 2023
	Class I(6)
Per Share Data:
Net asset value, beginning of period	$	24.99
Issuances of common shares	0.05
Net investment income for period(1)	0.58
Net realized and unrealized gains for period(1)	0.09
Net increase in net assets	0.72
Net asset value, end of period	$	25.71
Total return based on net asset value(2)	2.88		%
Shares outstanding, end of period	9,742
Ratio/Supplemental Data:
Net assets, end of period	$	250,454
Ratio of operating expenses (excluding expense support) to average net assets(3)(4)	6.30		%
Ratio of operating expenses (including expense support) to average net assets(3)(4)	0.61		%
Ratio of net investment income to average net assets(3)(5)	9.90		%
Portfolio turnover rate(3)	190		%

_______________________________________________________________________________

(1)Weighted average basic per share data.

(2)For the three months ended March 31, 2024 and 2023, the total return based on net asset value equaled the change in net asset value during the period divided by the beginning net asset value for the period. The Fund’s performance changes over time and currently may be different than that shown. Past performance is no guarantee of future results. Total return is not annualized.

(3)The ratios reflect an annualized amount.

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(4)For the three months ended March 31, 2024 and 2023, the ratio of operating expenses to average net assets consisted of the following:

	For the Three Months Ended March 31, 2024
	Class I		Class S		Class D
Base management fee	1.25	%	1.25	%	1.25	%
Income based fee and capital gains incentive fee	1.39		1.39		1.39
Interest and credit facility fees	3.27		3.27		3.27
Shareholder servicing and/or distribution fees	—		0.85		0.25
Other operating expenses	0.93		0.93		0.93
Total operating expenses	6.84	%	7.69	%	7.09	%

	As of and For the Three Months Ended March 31, 2023
	Class I(6)
Base management fee	1.34	%
Income based fee and capital gains incentive fee	0.15	%
Interest and credit facility fees	2.32	%
Other operating expenses	2.49	%
Total operating expenses	6.30	%

(5)The ratio of net investment income to average net assets excludes income taxes related to realized gains and losses.

(6)The date of the first sale of Class S shares and D shares was August 1, 2023.

11. SUBSEQUENT EVENTS

The Fund’s management has evaluated subsequent events through the date of issuance of the consolidated financial statements included herein. There have been no subsequent events that occurred during such period that would require disclosure in this Form 10-Q or would be required to be recognized in the consolidated financial statements or accompanying notes as of and for the three months ended March 31, 2024, except as discussed below.

On April 15, 2024, the Fund amended and restated its Revolving Credit Facility. The amendment, among other things, (a) extended the end of the revolving period and the stated maturity date for the Revolving Credit Facility from December 20, 2026 and December 20, 2027, respectively, to April 15, 2028 and April 15, 2029, respectively, (b) increased the aggregate commitments under the Revolving Credit Facility from $800,000 to $1,750,000 and (c) modified certain covenant restrictions. The Revolving Credit Facility also provides for a feature that allows the Fund, under certain circumstances, to increase the overall size of the Revolving Credit Facility to a maximum of $2,625,000.

On April 1, 2024, the Fund issued and sold approximately 18,281 Common Shares (consisting of 16,207 Class I shares, 1,842 Class S shares and 232 Class D shares at an offering price of $27.30 per share for each class of share), and received approximately $499,064 as payment for such shares.

The Fund received approximately $298,295 of net proceeds relating to the issuance of Class I shares, Class S shares and Class D shares for subscriptions effective May 1, 2024. The purchase price per Class I share, Class S share and Class D share will equal the Fund’s NAV per Class I share, Class S share and Class D share, respectively, as of the last calendar day of April 2024 (the “April NAV”), which is generally expected to be available within 20 business days after May 1, 2024. At that time, the number of Class I shares, Class S shares and Class D shares issued to each investor based on the April NAV and such investor’s subscription amount will be determined and Class I shares, Class S shares and Class D shares, as applicable, will be credited to the investor’s account as of the effective date of the share purchase, May 1, 2024.

On May 8, 2024, the Fund amended and restated the Multiple Class Plan to provide that the Early Repurchase Deduction may be waived in the case of repurchase requests: (i) arising from the death or qualified disability of the holder; (ii) submitted by discretionary model portfolio management programs (and similar arrangements); (iii) from feeder funds (or similar vehicles) primarily created to hold the Fund's Common Shares, which are offered to non-U.S. persons, where such funds

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seek to avoid imposing such a deduction because of administrative or systems limitations; and (iv) in the event that a shareholder's Common Shares are repurchased because the shareholder has failed to maintain the $500 minimum account balance.

As previously disclosed, on March 14, 2024, the Fund announced the declaration of regular monthly gross distributions for May and June 2024. On May 10, 2024, the Fund announced the declaration of regular monthly gross distributions for July, August and September 2024, in each case for each class of its Common Shares. The following table presents the regular monthly gross distributions per share that were declared and payable:

		Gross Distribution Per Share
Record Date	Payment Date(1)	Class I		Class S		Class D
May 31, 2024	June 25, 2024	$	0.21430	$	0.21430	$	0.21430
June 28, 2024	July 24, 2024	$	0.21430	$	0.21430	$	0.21430
July 31, 2024	August 23, 2024	$	0.21430	$	0.21430	$	0.21430
August 30, 2024	September 23, 2024	$	0.21430	$	0.21430	$	0.21430
September 30, 2024	October 23, 2024	$	0.21430	$	0.21430	$	0.21430

______________________________________________________________________________

(1)The distributions for each class of the Fund’s Common Shares will be paid on or about the payment dates above.

These distributions will be paid in cash or reinvested in the Common Shares for shareholders participating in the Fund’s distribution reinvestment plan. The net distributions received by shareholders of each of the Class S shares and Class D shares will be equal to the gross distributions in the table above, less specific shareholder servicing and/or distribution fees applicable to such class of the Fund’s Common Shares as of their respective record dates. Class I shares have no shareholder servicing and/or distribution fees.

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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 our consolidated financial statements and notes thereto appearing elsewhere in this Quarterly Report. In addition, some of the statements in this Quarterly Report (including in the following discussion) constitute forward-looking statements, which relate to future events or the future performance or financial condition of Ares Strategic Income Fund (the “Fund,” “we,” “us,” or “our”). The forward-looking statements contained in this report involve a number of risks and uncertainties, including statements concerning:

•our, or our portfolio companies’, future business, operations, operating results or prospects;

•the return or impact of current and future investments;

•the impact of a protracted decline in the liquidity of credit markets on our business;

•changes in the general economy, slowing economy, rising inflation and risk of recession;

•the impact of changes in laws or regulations (including the interpretation thereof), including tax laws, governing our operations or the operations of our portfolio companies or the operations of our competitors;

•the valuation of our investments in portfolio companies, particularly those having no liquid trading market;

•our ability to recover unrealized losses;

•market conditions and our ability to access different debt markets and additional debt and equity capital and our ability to manage our capital resources effectively;

•our contractual arrangements and relationships with third parties;

•the state of the general economy;

•the impact of supply chain constraints on our portfolio companies and the global economy;

•uncertainty surrounding global financial stability;

•the Israel-Hamas war;

•the disruption of global shipping activities;

•the Russia-Ukraine war and the potential for volatility in energy prices and other commodities and their impact on the industries in which we invest;

•the financial condition of our current and prospective portfolio companies and their ability to achieve their objectives;

•the impact of information technology system failures, data security breaches, data privacy compliance, network disruptions, and cybersecurity attacks;

•our ability to anticipate and identify evolving market expectations with respect to environmental, social and governance matters, including the environmental impacts of our portfolio companies’ supply chain and operations;

•our ability to successfully complete and integrate any acquisitions;

•the outcome and impact of any litigation or regulatory proceeding;

•the adequacy of our cash resources and working capital;

•the timing, form and amount of any distributions;

•the timing of cash flows, if any, from the operations of our portfolio companies;

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•the ability of our investment adviser to locate suitable investments for us and to monitor and administer our investments; and

•the fluctuations in global interest rates.

We use words such as “anticipates,” “believes,” “expects,” “intends,” “project,” “estimates,” “will,” “should,” “could,” “would,” “may” and similar expressions to identify forward-looking statements, although not all forward-looking statements include these words. Our actual results and condition could differ materially from those implied or expressed in the forward-looking statements for any reason, including the factors set forth in “Risk Factors” and elsewhere in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the SEC on March 14, 2024 (the “Annual Report”) and in this Quarterly Report.

We have based the forward-looking statements included in this Quarterly Report on information available to us on the filing date of this Quarterly Report, and we assume no obligation to update any such forward-looking statements. Although we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make directly to you or through reports that we have filed or in the future may file with the Securities and Exchange Commission (the “SEC”), including annual reports on Form 10-K, registration statements on Form N-2, quarterly reports on Form 10-Q and current reports on Form 8-K.

OVERVIEW

We are an externally managed, closed-end management investment company. Formed as a Delaware statutory trust on March 15, 2022, we have elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “Investment Company Act”).

We are externally managed by Ares Capital Management LLC (“Ares Capital Management” or our “investment adviser”), a subsidiary of Ares Management Corporation (NYSE:ARES) (“Ares Management” or “Ares”), a publicly traded, leading global alternative investment manager, pursuant to our investment advisory and management agreement (the “investment advisory and management agreement”). Our investment adviser 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 investment adviser is registered as an investment adviser with the SEC. Our administrator, Ares Operations LLC (“Ares Operations” or “our administrator”), a subsidiary of Ares Management, provides certain administrative and other services necessary for us to operate.

Our investment objective is to generate current income and, to a lesser extent, long-term capital appreciation. We seek to invest primarily in first lien senior secured loans, second lien senior secured loans, subordinated secured and unsecured loans, subordinated debt, which in some cases include equity and/or preferred components, and other types of credit instruments which may include commercial real estate mezzanine loans, real estate mortgages, distressed investments, securitized products, notes, bills, debentures, bank loans, convertible and preferred securities, infrastructure debt and government and municipal obligations, made to or issued by U.S. middle-market companies, which we generally define as companies with annual EBITDA between $10 million and $250 million. As used herein, EBITDA represents annual net income before net interest expense, income tax expense, depreciation and amortization. We expect that a majority of our investments will be in directly originated loans. For cash management and other purposes, we also intend to invest in broadly syndicated loans and other more liquid credit investments, including in publicly traded debt instruments and other instruments that are not directly originated. We primarily invest in illiquid and restricted investments, and while most of our investments are expected to be in private U.S. companies (we generally have to invest at least 70% of our total assets in “qualifying assets,” including private U.S. companies), we may also invest from time to time in non-U.S. companies. Our portfolio may also include equity securities such as common stock, preferred stock, warrants or options, which may be obtained as part of providing a broader financing solution. Under normal circumstances, we will invest directly or indirectly at least 80% of our total assets (net assets plus borrowings for investment purposes) in debt instruments of varying maturities.

To seek to enhance our returns, we employ leverage as market conditions permit and at the discretion of our investment adviser, but in no event will leverage employed exceed the limitations set forth in the Investment Company Act. We intend to use leverage in the form of borrowings, including loans from certain financial institutions, including any potential borrowings under our Facilities (as defined below) 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 analyze the maturity, covenant package and rate structure of the proposed borrowings as well as the risks of such borrowings compared to

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our investment outlook. Any such leverage, if incurred, would be expected to increase the total capital available for investment by us. See “Risk Factors—Risks Relating to Our Business and Structure—We borrow money, which magnifies the potential for gain or loss on amounts invested and may increase the risk of investing in us” in our Annual Report. To finance investments, we may securitize certain of our secured loans or other investments, including through the formation of one or more collateralized loan obligations, while retaining all or most of the exposure to the performance of these investments. See “Risk Factors—Risks Relating to Our Business and Structure—We may form or invest in one or more CLOs, which may subject us to certain structured financing risks” in our Annual Report. Our investments are subject to a number of risks. See “Risk Factors" below and “Risk Factors” in our Annual Report.

As a BDC, we are required to comply with certain regulatory requirements. For instance, we generally have to invest at least 70% of our total assets in “qualifying assets,” including securities and indebtedness of private U.S. companies and certain public U.S. companies, cash, cash equivalents, U.S. government securities and high-quality debt investments that mature in one year or less. We also may invest up to 30% of our portfolio in non-qualifying assets, as permitted by the Investment Company Act. Specifically, as part of this 30% basket, we may invest in entities that are not considered “eligible portfolio companies” (as defined in the Investment Company Act), including companies located outside of the United States, entities that are operating pursuant to certain exceptions under the Investment Company Act, and publicly traded entities whose public equity market capitalization exceeds the levels provided for under the Investment Company Act. In addition, we, our investment adviser and certain of our affiliates have received an exemptive relief order from the SEC that permits us and other BDCs and registered closed-end management investment companies managed by Ares Management and its affiliates to co-invest in portfolio companies with each other and with affiliated investment funds (the “Co-Investment Exemptive Order”). Co-investments made under the Co-Investment Exemptive Order are subject to compliance with certain conditions and other requirements, which could limit our ability to participate in a co-investment transaction. We may also otherwise co-invest with funds managed by Ares Management or any of its downstream affiliates, subject to compliance with existing regulatory guidance, applicable regulations and our investment adviser’s allocation policy.

We have elected to be treated as a regulated investment company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”), and operate in a manner so as to qualify for the tax treatment applicable to RICs. To qualify as a RIC, we must, among other requirements, meet certain source-of-income and asset diversification requirements and timely distribute to our shareholders generally at least 90% of our investment company taxable income, as defined by the Code, for each year. Pursuant to this election, we generally will not have to pay U.S. federal corporate-level taxes on any income that we distribute to our shareholders provided that we satisfy those requirements.

MACROECONOMIC ENVIRONMENT

During the first quarter of 2024, credit markets posted positive returns, driven by sustained economic growth, a healthy level of corporate earnings and further stability in the capital markets and U.S. banking system. Against this strength, the Federal Reserve has signaled a continued willingness to maintain its restrictive monetary policies given persistent levels of inflation.

PORTFOLIO AND INVESTMENT ACTIVITY

Our investment activity for the three months ended March 31, 2024 and 2023 is presented below.

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	For the Three Months Ended March 31,
(dollar amounts in thousands)	2024			2023
New investment commitments(1):
Total new investment commitments(2)	$	1,346,862		$	358,114
Less: investment commitments exited(3)	(409,282)			(114,805)
Net investment commitments	$	937,580		$	243,309
Principal amount of investments funded:
First lien senior secured loans	$	1,154,845		$	335,114
Second lien senior secured loans	41,742			9,420
Senior subordinated loans	7,420			250
Collateralized loan obligations	33,804			—
Private asset-backed investments	39,405			—
Preferred equity	20			—
Other equity	20,238			250
Total	$	1,297,474		$	345,034
Principal amount of investments sold or repaid:
First lien senior secured loans	$	399,515		$	114,472
Senior subordinated loans	8,483			250
Collateralized loan obligations	3,454			—
Private asset-backed investments	3,093			—
Total	$	414,545		$	114,722
Weighted average remaining term for investment commitments (in months)	67			70
Percentage of new investment commitments at floating rates	95		%	100		%
Weighted average yield(4):
Funded during the period at amortized cost	10.3		%	9.2		%
Funded during the period at fair value	10.1		%	9.2		%

_______________________________________________________________________________

(1)New investment commitments include new agreements to fund revolving loans or delayed draw loans. See Note 7 to our consolidated financial statements for the three months ended March 31, 2024 for more information on our commitments to fund revolving loans or delayed draw loans.

(2)Includes both funded and unfunded commitments. Of these new investment commitments, we funded approximately $1.3 billion and $344 million for the three months ended March 31, 2024 and 2023, respectively.

(3)Includes funded commitments. For the three months ended March 31, 2024 and 2023, investment commitments exited included exits of unfunded commitments of $5.3 million and $0.1 million, respectively.

(4)“Weighted average yield” is computed as (a) the annual stated interest rate or yield earned plus the net annual amortization of original issue discount and market discount or premium earned on the relevant accruing investments, divided by (b) the total accruing investments at amortized cost or at fair value, as applicable.

As of March 31, 2024 and December 31, 2023, our investments consisted of the following:

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	As of
	March 31, 2024				December 31, 2023
(in thousands)	Amortized Cost(1)		Fair Value		Amortized Cost(1)		Fair Value
First lien senior secured loans	$	3,119,005	$	3,140,400	$	2,369,207	$	2,385,971
Second lien senior secured loans	84,393		84,788		43,237		43,771
Senior subordinated loans	47,094		46,699		46,631		46,966
Corporate bonds	10,000		10,476		10,000		10,507
Collateralized loan obligations	52,850		53,230		22,500		22,681
Commercial mortgage-backed securities	4,988		5,042		4,988		5,010
Private asset-backed investments	48,098		47,894		11,786		11,901
Preferred equity	39,783		42,851		39,500		41,033
Other equity	29,173		31,387		8,935		9,718
Total	$	3,435,384	$	3,462,767	$	2,556,784	$	2,577,558

________________________________________

(1)The amortized cost represents the original cost adjusted for any accretion of discounts, amortization of premiums and PIK interest or dividends.

Our commitment to fund delayed draw loans is triggered upon the satisfaction of certain pre-negotiated terms and conditions. Generally, the most significant and uncertain term requires the borrower to satisfy a specific use of proceeds covenant. The use of proceeds covenant typically requires the borrower to use the additional loans for the specific purpose of a permitted acquisition or permitted investment, for example. In addition to the use of proceeds covenant, the borrower is generally required to satisfy additional negotiated covenants (including specified leverage levels). We are also party to subscription agreements to fund equity investments. See Note 7 to our consolidated financial statements for the three months ended March 31, 2024 for more information on our unfunded commitments.

The weighted average yields at amortized cost and fair value of our portfolio as of March 31, 2024 and December 31, 2023 were as follows:

	As of
	March 31, 2024				December 31, 2023
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Debt and other income producing securities(1)	10.6	%	10.6	%	10.7	%	10.6	%
Total portfolio(2)	10.4	%	10.4	%	10.5	%	10.4	%
First lien senior secured loans(3)	10.5	%	10.4	%	10.6	%	10.5	%
Second lien senior secured loans(3)	12.9	%	12.8	%	12.8	%	12.6	%
Senior subordinated loans(3)	16.3	%	16.5	%	15.4	%	15.3	%
Corporate bonds(3)	9.4	%	9.0	%	9.4	%	9.0	%
Collateralized loan obligations(3)	10.3	%	10.3	%	10.2	%	10.1	%
Commercial mortgage-backed securities(3)	10.5	%	10.3	%	10.4	%	10.4	%
Private asset-backed investments(3)	10.5	%	10.5	%	11.2	%	11.2	%
Other income producing equity securities(4)	9.0	%	8.7	%	9.0	%	8.9	%

_______________________________________________________________________________

(1)“Weighted average yields on debt and other income producing securities” are computed as (a) the annual stated interest rate or yield earned plus the net annual amortization of original issue discount and market discount or premium earned on accruing debt and other income producing securities, divided by (b) the total accruing debt and other income producing securities at amortized cost or at fair value, as applicable.

(2)“Weighted average yields on total portfolio” are computed as (a) the annual stated interest rate or yield earned plus the net annual amortization of original issue discount and market discount or premium earned on accruing debt and other income producing securities, divided by (b) total investments at amortized cost or at fair value, as applicable.

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(3)“Weighted average yields” of investments are computed as (a) the annual stated interest rate or yield earned plus the net annual amortization of original issue discount and market discount or premium earned on the relevant accruing investments, divided by (b) the total relevant investments at amortized cost or at fair value, as applicable.

(4)“Weighted average yield on other income producing equity securities” is computed as (a) the yield earned on the relevant income producing equity securities, divided by (b) the total relevant income producing equity securities at amortized cost or fair value, as applicable.

Ares Capital Management employs an investment rating system to categorize our investments. In addition to various risk management and monitoring tools, our investment adviser grades the credit risk of all investments on a scale of 1 to 4 no less frequently than quarterly. This system is intended primarily to reflect the underlying risk of a portfolio investment relative to our initial cost basis in respect of such portfolio investment (i.e., at the time of origination or acquisition), although it may also take into account under certain circumstances the performance of the portfolio company’s business, the collateral coverage of the investment and other relevant factors. The grade of a portfolio investment may be reduced or increased over time. The following is a description of each investment grade:

Investment grade	Description
4	Involves the least amount of risk to our initial cost basis. The trends and risk factors for this investment since origination or acquisition are generally favorable, which may include the performance of the portfolio company or a potential exit.
3	Involves a level of risk to our initial cost basis that is similar to the risk to our initial cost basis at the time of origination or acquisition. This portfolio company is generally performing as expected and the risk factors to our ability to ultimately recoup the cost of our investment are neutral to favorable. All investments or acquired investments in new portfolio companies are initially assessed a grade of 3.
2	Indicates that the risk to our ability to recoup the initial cost basis of such investment has increased materially since origination or acquisition, including as a result of factors such as declining performance and non-compliance with debt covenants; however, payments are generally not more than 120 days past due. For investments graded 2, our investment adviser enhances its level of scrutiny over the monitoring of such portfolio company.
1	Indicates that the risk to our ability to recoup the initial cost basis of such investment has substantially increased since origination or acquisition, and the portfolio company likely has materially declining performance. For debt investments with an investment grade of 1, most or all of the debt covenants are out of compliance and payments are substantially delinquent. For investments graded 1, it is anticipated that we will not recoup our initial cost basis and may realize a substantial loss of our initial cost basis upon exit. For investments graded 1, our investment adviser enhances its level of scrutiny over the monitoring of such portfolio company.

Set forth below is the grade distribution of our portfolio companies as of March 31, 2024 and December 31, 2023:

	As of
	March 31, 2024							December 31, 2023
(dollar amounts in thousands)	Fair Value		%		Number of Companies	%		Fair Value		%		Number of Companies	%
Grade 4	$	15,133	0.5	%	1	0.3	%	$	15,112	0.6	%	1	0.4	%
Grade 3	3,442,671		99.4		325	99.4		2,557,743		99.2		257	99.2
Grade 2	4,963		0.1		1	0.3		4,703		0.2		1	0.4
Grade 1	—		—		—	—		—		—		—	—
Total	$	3,462,767	100.0	%	327	100.0	%	$	2,577,558	100.0	%	259	100.0	%

As of March 31, 2024 and December 31, 2023, the weighted average grade of the investments in our portfolio at fair value was 3.0 and 3.0, respectively.

As of March 31, 2024 and December 31, 2023, none of the loans were on non-accrual status.

KEY COMPONENTS OF OUR RESULTS OF OPERATIONS

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Revenues

We generate revenue in the form of interest 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 payment-in-kind (“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 in the form of commitment and other fees in connection with transactions. 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 realized gains. Dividend income on preferred equity, if any, will be recognized on an accrual basis to the extent that we expect to collect such amounts.

Expenses

The services of all investment professionals and staff of our investment adviser, when and to the extent engaged in providing investment advisory and management services to us and the compensation and routine overhead expenses of such personnel allocable to such services, are provided and paid for by our investment adviser. Under the investment advisory and management agreement, we bear all other costs and expenses of our operations and transactions. See Note 3 to our consolidated financial statements for the three months ended March 31, 2024 for more information on fees and expenses.

From time to time, our investment adviser, our administrator or their affiliates may pay third-party providers of goods or services. We will reimburse our investment adviser, our administrator or such affiliates thereof for any such amounts paid on our behalf. From time to time, our investment adviser or our administrator may defer or waive fees and/or rights to be reimbursed for expenses.

Expense Support and Conditional Reimbursement Agreement

We have entered into an expense support and conditional reimbursement agreement (the “Expense Support and Conditional Reimbursement Agreement”) with our investment adviser. See Note 3 to our consolidated financial statements for the three months ended March 31, 2024 for more information on the Expense Support and Conditional Reimbursement Agreement.

RESULTS OF OPERATIONS

For the three months ended March 31, 2024 and 2023

Operating results for the three months ended March 31, 2024 and 2023 were as follows:

	For the Three Months Ended March 31,
(in thousands)	2024		2023
Total investment income	$	77,683	$	5,352
Total expenses	37,345		3,205
Expense support	(5,969)		(2,895)
Net expenses	31,376		310
Net investment income before income taxes	46,307		5,042
Income tax expense, including excise tax	228		—
Net investment income	46,079		5,042
Net realized gains on investments and foreign currency transactions	2,960		1,340
Net unrealized gains (losses) on investments and foreign currency transactions	8,104		(490)
Net increase in net assets resulting from operations	$	57,143	$	5,892

Net income can vary substantially from period to period due to various factors, including but not limited to the level of new investment commitments, the recognition of realized gains and losses and unrealized appreciation and depreciation.

Investment Income

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	For the Three Months Ended March 31,
(in thousands)	2024		2023
Interest income from investments	$	75,406	$	5,246
Dividend income	483		—
Other income	1,794		106
Total investment income	$	77,683	$	5,352

Total investment income for the three months ended March 31, 2024 increased from the comparable period in 2023 primarily as a result of an increase in the average size of our investment portfolio. The average size and the weighted average yield of our portfolio at amortized cost for the three months ended March 31, 2024 and 2023 were as follows:

	For the Three Months Ended March 31,
(dollar amounts in thousands)	2024			2023
Average size of portfolio(1)	$	2,988,578		$	221,795
Weighted average yield on portfolio	10.2		%	9.7		%

_______________________________________________________________________________

(1)Includes non-interest earning investments.

Operating Expenses

	For the Three Months Ended March 31,
(in thousands)	2024		2023
Interest and credit facility fees	$	17,412	$	1,181
Base management fee	6,649		684
Income based fee	6,051		—
Capital gains incentive fee(1)	1,383		74
Offering expenses	1,792		—
Shareholder servicing and distribution fees
Class S	822		—
Class D	40		—
Administrative and other fees	1,332		684
Other general and administrative	1,864		582
Total expenses	37,345		3,205
Expense support	(5,969)		(2,895)
Net expenses	$	31,376	$	310

_______________________________________________________________________________

(1)Calculated in accordance with GAAP as discussed below.

Interest and credit facility fees for the three months ended March 31, 2024 and 2023, were comprised of the following:

	For the Three Months Ended March 31,
(in thousands)	2024		2023
Stated interest expense	$	14,897	$	310
Credit facility fees	1,508		569
Amortization of debt issuance costs	1,007		302
Total interest and credit facility fees	$	17,412	$	1,181

Stated interest expense for the three months ended March 31, 2024 increased from the comparable period in 2023 primarily due to increased borrowings under our revolving facilities. Our weighted average stated interest rate on debt

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outstanding for the three months ended March 31, 2024 increased from the comparable period in 2023 primarily due to the higher utilization of our floating revolving facilities. Average debt outstanding and weighted average stated interest rate on our debt outstanding for the three months ended March 31, 2024 and 2023 were as follows:

	For the Three Months Ended March 31,
(dollar amounts in thousands)	2024			2023
Average debt outstanding	$	804,085		$	18,500
Weighted average stated interest rate on debt outstanding	7.3		%	6.7		%

Base management fee for the three months ended March 31, 2024 increased from the comparable period in 2023 primarily due to the increase in the average size of our portfolio.

Income based fee for the three months ended March 31, 2024 increased from the comparable period in 2023 primarily due to the pre-incentive fee net investment income, as defined in the investment advisory and management agreement, for the three months ended March 31, 2024 being higher than in the comparable period in 2023.

For the three months ended March 31, 2024 and 2023, the capital gains incentive fee calculated in accordance with GAAP was $1.4 million and $74 thousand, respectively. The capital gains incentive fee accrual for the three months ended March 31, 2024 changed from the comparable period in 2023 primarily due to net gains on investments and foreign currency transactions of $11.1 million compared to $850 thousand for the three months ended March 31, 2023. The capital gains incentive fee accrued under GAAP includes an accrual related to unrealized capital appreciation, whereas the capital gains incentive fee actually payable under our investment advisory and management agreement does not. There can be no assurance that such unrealized capital appreciation will be realized in the future. The accrual for any capital gains incentive fee under 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 than in the prior period. If such cumulative amount is negative, then there is no accrual. As of March 31, 2024, there was approximately $4.5 million of capital gains incentive fee accrued in accordance with GAAP. As of March 31, 2024, there was no capital gains incentive fee actually payable under our investment advisory and management agreement.

Our investment adviser agreed not to seek recoupment of any base management fee and incentive fee from the commencement of operations through July 31, 2023. See Note 3 to our consolidated financial statements for the three months ended March 31, 2024, for more information on the base management fee, income based fee and capital gains incentive fee.

Offering expenses include expenses incurred in connection with our continuous offering of Common Shares (as defined below). Administrative and other fees represent fees paid to Ares Operations and our investment adviser for our allocable portion of overhead and other expenses incurred by Ares Operations and our investment adviser, in performing their obligations under each of the administration agreement and the investment advisory and management agreement, respectively, including our allocable portion of the compensation, rent and other expenses of certain of our corporate officers and their respective staffs. See Note 3 to our consolidated financial statements for the three months ended March 31, 2024, for more information on the administrative and other fees. Other general and administrative expenses include, among other costs, professional fees, insurance, fees and expenses related to evaluating and making investments in portfolio companies and independent trustees’ fees.

For the three months ended March 31, 2024 and 2023, total other expenses was approximately $5.9 million and $1.3 million, respectively, which is comprised of shareholder servicing and distribution fees, administrative and other fees, offering expenses and other general and administrative expenses. Total other expenses for the three months ended March 31, 2024 increased from the comparable period in 2023 as a result of our continuous registered offering of Common Shares, which began on August 1, 2023.

Income Tax Expense, Including Excise Tax

We have elected to be treated as a RIC under the Code and operate in a manner so as to qualify for the tax treatment applicable to RICs. To qualify as a RIC, we must, among other requirements, meet certain source-of-income and asset diversification requirements and timely distribute to our shareholders at least 90% of our investment company taxable income, as defined by the Code, for each year. We have made and intend to continue to make the requisite distributions to our shareholders which will generally relieve us from U.S. federal corporate-level income taxes.

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Depending on the level of taxable income earned in a tax year, we may choose to carry forward such taxable income in excess of current year distributions from such current year taxable income into the next tax year and pay a 4% excise tax on such income, as required. To the extent that we determine that our estimated current year taxable income will be in excess of estimated distributions for the current year from such income, we accrue excise tax, if any, on estimated excess taxable income as such taxable income is earned. For the three months ended March 31, 2024, we recorded an expense of $0.2 million for U.S. federal excise tax.

Net Realized and Unrealized Gains/Losses

For the three months ended March 31, 2024 and 2023, we recorded net realized gains on investments of $3.1 million and $1.3 million, respectively, primarily from full or partial sales of our debt investments. For the three months ended March 31, 2024, we also recognized net realized losses on foreign currency transactions of $0.1 million.

For the three months ended March 31, 2024 and 2023, we recorded net unrealized gains on investments of $7.4 million and $0.5 million, respectively. For the three months ended March 31, 2024, we also recognized net unrealized gains on foreign currency transactions of $0.7 million.

FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES

Our current liquidity and capital resources are expected to be generated primarily from the proceeds received from the sale of common shares of beneficial interest, including Class I shares, Class S shares and Class D shares (“Common Shares”), pursuant to our registration statement on Form N-2 (File No. 333-264145) declared effective by the SEC on April 24, 2023 (as amended and supplemented, the “Registration Statement”) on a continuous basis at a price per share equal to the then-current net asset value (“NAV”) per share, cash flows from our operations and advances from our credit facilities (the Revolving Credit Facility, the SG Funding Facility and SB Funding Facility (each as defined below, and together, the “Facilities”)). Further, we expect to generate additional liquidity and capital resources from the net proceeds of any future offerings of our debt or equity securities, and any financing arrangements we may enter into in the future.

Our primary uses of cash and cash equivalents are for (i) investments in portfolio companies and other investments, (ii) the cost of operations (including paying our investment adviser and our administrator), (iii) the cost of any borrowings or other financing arrangements and (iv) cash distributions to the holders of our Common Shares.

In accordance with the Investment Company Act, we may borrow amounts such that our asset coverage calculated pursuant to the Investment Company Act, is at least 150% (or 200% if certain requirements under the Investment Company Act are not met) immediately after such borrowing (i.e., we are able to borrow up to two dollars for every dollar we have in assets less all liabilities and indebtedness not represented by senior securities issued by us). As of March 31, 2024, we had approximately $68 million in cash and cash equivalents and $905 million in total aggregate principal amount of debt outstanding ($905 million at carrying value) and our asset coverage was 360%. Subject to borrowing base and other restrictions, we had approximately $1.5 billion available for additional borrowings under the Facilities as of March 31, 2024.

We have implemented a share repurchase program pursuant to which we intend to offer to repurchase, at the discretion of our board of trustees, up to 5% of our Common Shares outstanding (either by number of shares or aggregate NAV) in each quarter. We conduct any such repurchases of our Common Shares pursuant to the terms of tender offers in accordance with the requirements of Rule 13e-4 promulgated under the Exchange Act and the Investment Company Act, with the terms of such tender offer published in a tender offer statement to be sent to all shareholders and filed with the SEC on Schedule TO. We may from time to time seek to retire, cancel or purchase any of our outstanding debt through cash purchases and/or exchanges, in open market purchases, privately negotiated transactions or otherwise. The amounts involved may be material. In addition, we may from time to time enter into new debt facilities, increase the size of existing facilities or issue debt securities, including secured debt, unsecured debt and/or debt securities convertible into common stock. Any such purchases or exchanges of common stock or outstanding debt, or incurrence or issuance of additional debt would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors.

We believe that our current cash and cash equivalents on hand, our short-term investments, our available borrowing capacity under the Facilities and our anticipated cash flows from operations will be adequate to meet our cash needs for our daily operations in the near term.

Equity Capital Activities

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Pursuant to subscription agreements providing for the commitment to purchase an aggregate of up to $847.1 million of our Class I shares entered into between us and several investors between November 2022 and ending on January 30, 2023 (the “Seed Investment Agreements”), we called an aggregate of $847.1 million from October 6, 2022 through July 31, 2023, and in exchange therefore, we issued approximately 32,402,451 Class I shares to 61 shareholders, including the investment from our sole initial shareholder.

On August 1, 2023, we held the first closing in the offering of Common Shares, pursuant to our Registration Statement. We offer on a continuous basis up to $7.5 billion of our Common Shares, pursuant to an offering (the “Offering”) registered with the SEC. The purchase price per share for each class of Common Shares equals to our NAV per share, as of the effective date of the monthly share purchase date. Ares Wealth Management Solutions, LLC, our intermediary manager, will use its best efforts to sell Common Shares, but is not obligated to purchase or sell any specific amount of Common Shares in the Offering. We also engage in offerings of our Common Shares to non-U.S. investors pursuant to Regulation S of the Securities Act.

The following table summarizes transactions in Common Shares during the three months ended March 31, 2024:

	For the Three Months Ended March 31, 2024
(in thousands)	Shares	Amount
Class I
Subscriptions(1)	15,425	$	419,424
Distributions reinvested	393	10,682
Repurchased shares, net of early repurchase deduction	(382)	(10,250)
Net increase	15,436	$	419,856
Class S
Subscriptions(1)	5,332	$	144,981
Distributions reinvested	38	1,049
Repurchased shares, net of early repurchase deduction	(5)	(126)
Net increase	5,365	$	145,904
Class D
Subscriptions(1)	719	$	19,560
Distributions reinvested	9	242
Net increase	728	$	19,802
Total net increase	21,529	$	585,562

____________________________________

(1)See “Recent Developments” as well as Note 11 to our consolidated financial statements for the three months ended March 31, 2024 for subsequent events relating to subscription activities.

Net Asset Value Per Share and Offering Price

We determine 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. The NAV per share for each class of Common Shares is determined by dividing the value of total assets attributable to the class minus liabilities attributable to the share class by the total number of each share class of Common Shares outstanding at the date as of which the determination is made. The following table summarizes each month-end NAV per share for Class I, Class S and Class D shares during the three months ended March 31, 2024.

	NAV Per Share
	Class I		Class S		Class D
January 31, 2024	$	27.17	$	27.17	$	27.17
February 29, 2024	$	27.19	$	27.19	$	27.19
March 31, 2024	$	27.30	$	27.30	$	27.30

Distributions

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Our board of trustees declared monthly regular distributions for each class of our Common Shares. The following table presents the monthly regular distributions that were declared and payable during the three months ended March 31, 2024 (dollars in thousands except per share amounts).

			Class I
Declaration Date	Record Date	Payment Date	Net Distribution Per Share		Distribution Amount
January 23, 2024	January 31, 2024	February 22, 2024	$	0.21430	$	12,120
January 23, 2024	February 29, 2024	March 25, 2024	0.21430		13,234
January 23, 2024	March 29, 2024	April 24, 2024	0.21430		14,439
			$	0.64290	$	39,793

			Class S
Declaration Date	Record Date	Payment Date	Net Distribution Per Share		Distribution Amount
January 23, 2024	January 31, 2024	February 22, 2024	$	0.19470	$	2,417
January 23, 2024	February 29, 2024	March 25, 2024	0.19600		2,778
January 23, 2024	March 29, 2024	April 24, 2024	0.19472		3,181
			$	0.58542	$	8,376

			Class D
Declaration Date	Record Date	Payment Date	Net Distribution Per Share		Distribution Amount
January 23, 2024	January 31, 2024	February 22, 2024	$	0.20854	$	471
January 23, 2024	February 29, 2024	March 25, 2024	0.20892		498
January 23, 2024	March 29, 2024	April 24, 2024	0.20854		529
			$	0.62600	$	1,498

The net distributions received by shareholders of Class S shares and Class D shares include the effect of the shareholder servicing and/or distribution fees applicable to such class of shares. Class I shares have no shareholder servicing and/or distribution fees.

See “Recent Developments” as well as Note 11 to our consolidated financial statements for the three months ended March 31, 2024 for a subsequent event relating to regular distributions declared by our board of trustees.

Distribution Reinvestment Plan

We have adopted a distribution reinvestment plan (“distribution reinvestment plan”), pursuant to which we will not reinvest cash distributions declared by our board of trustees on behalf of our shareholders unless such shareholders elect for their shares to be automatically reinvested. As a result, if our board of trustees authorizes, and we declare, a cash distribution, then our shareholders who have opted into our distribution reinvestment plan will have their cash distributions automatically reinvested in additional shares, rather than receiving the cash distribution. Distributions on fractional shares will be credited to each participating shareholder’s account. The purchase price for shares issued under our distribution reinvestment plan will be equal to the most recent available NAV per share for such shares at the time the distribution is payable.

Share Repurchase Program

We have implemented a share repurchase program, pursuant to which we intend to offer to repurchase, at the discretion of our board of trustees, up to 5% of our Common Shares outstanding (either by number of shares or aggregate NAV) in each quarter. Our board of trustees may amend, suspend or terminate the share repurchase program if it deems such action to be in our best interest and the best interest of our common shareholders. As a result, share repurchases may not be available each quarter, or at all. We will conduct any such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Securities Exchange Act of 1934, as amended, and the Investment Company Act, with the terms of such tender offer published in a tender offer statement to be sent to all our shareholders and filed with the SEC on Schedule TO. All our common shareholders will be given at least 20 full business days to elect to participate in such share repurchases. All shares purchased by us pursuant to the terms of each tender offer, will be retired and thereafter will be authorized and unissued shares.

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Under our share repurchase program, to the extent we offer to repurchase shares in any particular quarter, we expect 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 month designated by our board of trustees, except that we deduct 2.00% from such NAV for shares that have not been outstanding for at least one year (the “Early Repurchase Deduction”). The one-year holding period is measured as of the subscription closing date immediately following the prospective repurchase date. We could waive the Early Repurchase Deduction in the case of repurchase requests arising from the death or qualified disability of the holder. The Early Repurchase Deduction will be retained by us for the benefit of remaining shareholders. See “Recent Developments” as well as Note 11 to our consolidated financial statements for the three months ended March 31, 2024 for a subsequent event relating to the plan adopted by us pursuant to Rule 18f-3 under the Investment Company Act so we may issue multiple classes of Common Shares (the “Multiple Class Plan”) and the Early Repurchase Deduction.

During the three months ended March 31, 2024, we repurchased 382,484 Class I shares and 4,749 Class S shares for a total value of $10.3 million and $0.1 million, respectively, each of which are net of the Early Repurchase Deduction. The following table presents the share repurchases completed during the three months ended March 31, 2024 (dollars in thousands except per share amounts):

Repurchase Pricing Date	Total Number of Shares Repurchased	Percentage of Outstanding Shares Repurchased (1)		Repurchase Request Deadline	Purchase Price Per Share (2)		Amount Repurchased (All Classes) (2)		Maximum number of shares that may yet be purchased under the repurchase plan (3)
February 29, 2024	387,233	0.54	%	March 20, 2024	$	27.19	$	10,376	—

_______________________________________________________________________________

(1) Percentage is based on total shares outstanding as of the close of business on January 31, 2024.

(2) Amounts shown net of the Early Repurchase Deduction.

(3) All repurchase requests were satisfied in full.

Debt Capital Activities

Our outstanding debt as of March 31, 2024 and December 31, 2023 was as follows:

	As of
	March 31, 2024							December 31, 2023
(in thousands)	Total Aggregate Principal Amount Committed/ Outstanding (1)			Principal Amount Outstanding		Carrying Value		Total Aggregate Principal Amount Committed/ Outstanding (1)			Principal Amount Outstanding		Carrying Value
Revolving Credit Facility	$	800,000	(2)	$	245,206	$	245,203	$	800,000	(2)	$	460,349	$	460,325
SG Funding Facility	1,400,000		(3)	460,000		460,000		1,000,000		(3)	250,000		250,000
SB Funding Facility	750,000		(4)	200,000		200,000		—			—		—
Total	$	2,950,000		$	905,206	$	905,203	$	1,800,000		$	710,349	$	710,325

________________________________________

(1)Represents the total aggregate amount committed or outstanding, as applicable, under such instrument. Borrowings under the committed Revolving Credit Facility, SG Funding Facility and SB Funding Facility (each as defined below) are subject to borrowing base and other restrictions.

(2)Provides for a feature that allows us, under certain circumstances, to increase the size of the Revolving Credit Facility to a maximum of approximately $1.1 billion.

(3)Provides for a feature that allows ASIF Funding I (as defined below), under certain circumstances, to increase the size of the SG Funding Facility to a maximum of $2.0 billion.

(4)As of March 31, 2024, $250 million of the total commitment was available under the SB Funding Facility and subject to borrowing base and other restrictions. See additional information below.

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Revolving Credit Facility

We are party to a senior secured revolving credit facility agreement with JPMorgan Chase Bank, N.A and each of the other parties thereto (the “Revolving Credit Facility”), that as of March 31, 2024, allowed us to borrow up to $800 million at any one time outstanding. As of March 31, 2024, the end of the revolving period and the stated maturity date were December 20, 2026 and December 20, 2027, respectively. As of March 31, 2024, the Revolving Credit Facility also provided for a feature that allowed us, under certain circumstances, to increase the overall size of the Revolving Credit Facility to a maximum of approximately $1.1 billion. The interest rate charged on the Revolving Credit Facility is based on Secured Overnight Financing Rate (“SOFR”) plus a credit spread adjustment of 0.10% (or an alternate rate of interest for certain loans, commitments and/or other extensions of credit denominated in approved foreign currencies plus a spread adjustment, if applicable) and an applicable spread of either 1.75% or 1.875% or an “alternate base rate” (as defined in the agreements governing the Revolving Credit Facility) plus an applicable spread of 0.75% or 0.875%, in each case, determined monthly based on the total amount of the borrowing base relative to the sum of (i) the greater of (a) the aggregate amount of revolving exposure and term loans outstanding under the Revolving Credit Facility and (b) 85% of the total commitments of the Revolving Credit Facility (or, if higher, the total revolving exposure) plus (ii) other debt, if any, secured by the same collateral as the Revolving Credit Facility. We are also required to pay a letter of credit fee of 0.25% per annum on letters of credit issued, determined monthly based on the total amount of the borrowing base relative to the total commitments of the Revolving Credit Facility and other debt, if any, secured by the same collateral as the Revolving Credit Facility. Additionally, we are required to pay a commitment fee of 0.375% per annum on any unused portion of the Revolving Credit Facility. As of March 31, 2024, there was approximately $245 million aggregate principal amount outstanding under the Revolving Credit Facility and we were in compliance in all material respects with the terms of the Revolving Credit Facility. See “Recent Developments,” as well as Note 11 to our consolidated financial statements for the three months ended March 31, 2024 for a subsequent event related to the Revolving Credit Facility.

SG Funding Facility

We and our wholly owned subsidiary, ASIF Funding I, LLC (“ASIF Funding I”) are a party to a revolving funding facility with Société Générale and each of the other parties thereto (the “SG Funding Facility”), that provides for a facility amount of $1.4 billion. The end of the revolving period and the stated maturity date are July 26, 2026 and July 26, 2028, respectively. The SG Funding Facility also provides for a feature that allows ASIF Funding I, under certain circumstances, to increase the overall size of the SG Funding Facility to a maximum of $2.0 billion. The interest rate charged on the SG Funding Facility is based on SOFR plus an applicable margin that is a blended rate determined as follows: (i) 1.90% per annum for the portion of the collateral pool that consists of broadly syndicated loans, determined by multiplying the aggregate amount of loans outstanding under the SG Funding Facility by the percentage of the collateral pool that consists of broadly syndicated loans, plus (ii) 2.80% per annum for the portion of the collateral pool that does not consist of broadly syndicated loans, determined by multiplying the aggregate amount of loans outstanding under the SG Funding Facility by the percentage of the collateral pool that does not consist of broadly syndicated loans. From and after the six-month anniversary of the effective date of the SG Funding Facility, the applicable margin will be subject to a floor of 2.75% per annum. In addition to the stated interest expense, ASIF Funding I is required to pay, among other fees, a daily commitment fee on any monthly distribution date, termination date or on the date of any payment or prepayment of a loan outstanding under the SG Funding Facility. As of March 31, 2024, there was $460 million aggregate principal amount outstanding under the SG Funding Facility and we and ASIF Funding I were in compliance in all material respects with the terms of the SG Funding Facility.

SB Funding Facility

We and our wholly owned subsidiary, ASIF Funding II, LLC (“ASIF Funding II”) are party to a revolving funding facility with the Bank of Nova Scotia and each of the other parties thereto (the “SB Funding Facility”), that provides for a facility amount of $750 million, of which $250 million was available as of March 31, 2024 and the remaining $500 million will become fully available on September 1, 2024. The end of the reinvestment period and the stated maturity date are September 1, 2026 and March 1, 2033, respectively. The interest rate charged on the SB Funding Facility is based on SOFR plus an applicable margin of (i) 2.40% during the reinvestment period and (ii) 2.70% following the reinvestment period. In addition, ASIF Funding II is required to pay, among other fees, a commitment fee of 0.50% per annum on any unused portion of the SB Funding Facility. As of March 31, 2024, there was $200 million aggregate principal amount outstanding under the SB Funding Facility and we and ASIF Funding II were in compliance in all material respects with the terms of the SB Funding Facility.

RECENT DEVELOPMENTS

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On April 15, 2024, we amended and restated our Revolving Credit Facility. The amendment, among other things, (a) extended the end of the revolving period and the stated maturity date for the Revolving Credit Facility from December 20, 2026 and December 20, 2027, respectively, to April 15, 2028 and April 15, 2029, respectively, (b) increased the aggregate commitments under the Revolving Credit Facility from $800 million to $1.8 billion and (c) modified certain covenant restrictions. The Revolving Credit Facility also provides for a feature that allows us, under certain circumstances, to increase the overall size of the Revolving Credit Facility to a maximum of $2.6 billion.

On April 1, 2024, we issued and sold 18,280,736 Common Shares (consisting of 16,206,535 Class I shares, 1,841,856 Class S shares and 232,345 Class D shares at an offering price of $27.30 per share for each class of share), and we received approximately $499 million as payment for such shares.

We received approximately $298 million of net proceeds relating to the issuance of Class I shares, Class S shares and Class D shares for subscriptions effective May 1, 2024. The purchase price per Class I share, Class S share and Class D share will equal our NAV per Class I share, Class S share and Class D share, respectively, as of the last calendar day of April 2024 (the “April NAV”), which is generally expected to be available within 20 business days after May 1, 2024. At that time, the number of Class I shares, Class S shares and Class D shares issued to each investor based on the April NAV and such investor’s subscription amount will be determined and Class I shares, Class S shares and Class D shares, as applicable, will be credited to the investor’s account as of the effective date of the share purchase, May 1, 2024.

On May 8, 2024, we amended and restated the Multiple Class Plan to provide that the Early Repurchase Deduction may be waived in the case of repurchase requests: (i) arising from the death or qualified disability of the holder; (ii) submitted by discretionary model portfolio management programs (and similar arrangements); (iii) from feeder funds (or similar vehicles) primarily created to hold our Common Shares, which are offered to non-U.S. persons, where such funds seek to avoid imposing such a deduction because of administrative or systems limitations; and (iv) in the event that a shareholder's Common Shares are repurchased because the shareholder has failed to maintain the $500 minimum account balance.

As previously disclosed, on March 14, 2024, we announced the declaration of regular monthly gross distributions for May and June 2024. On May 10, 2024, we announced the declaration of regular monthly gross distributions for July, August and September 2024, in each case for each class of our Common Shares. The following table presents the regular gross monthly distributions per share that were declared and payable:

		Gross Distribution Per Share
Record Date	Payment Date(1)	Class I		Class S		Class D
May 31, 2024	June 25, 2024	$	0.21430	$	0.21430	$	0.21430
June 28, 2024	July 24, 2024	$	0.21430	$	0.21430	$	0.21430
July 31, 2024	August 23, 2024	$	0.21430	$	0.21430	$	0.21430
August 30, 2024	September 23, 2024	$	0.21430	$	0.21430	$	0.21430
September 30, 2024	October 23, 2024	$	0.21430	$	0.21430	$	0.21430

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(1)The distributions for each class of our Common Shares will be paid on or about the payment dates above.

These distributions will be paid in cash or reinvested in our Common Shares for shareholders participating in our distribution reinvestment plan. The net distributions received by shareholders of each of the Class S shares and Class D shares will be equal to the gross distribution in the table above, less specific shareholder servicing and/or distribution fees applicable to such class of our Common Shares as of their respective record dates. Class I shares have no shareholder servicing and/or distribution fees.

CRITICAL ACCOUNTING ESTIMATES

This discussion of our expected operating plans is based upon our expected consolidated financial statements, which will be prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). The preparation of these consolidated financial statements will require our management 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. The critical accounting estimates should be

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read in conjunction with the risk factors elsewhere in this prospectus. See Note 2 to our consolidated financial statements for the three months ended March 31, 2024 for more information on our critical accounting policies.

Investments

Investment transactions are recorded on the trade date. Realized gains or losses are measured by the difference between the net proceeds from the repayment or sale 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. Unrealized gains or losses primarily reflect the change in investment values, including the reversal of previously recorded unrealized gains or losses when gains or losses are realized.

Pursuant to Rule 2a-5 under the Investment Company Act, our board of trustees has designated our investment adviser as our valuation designee (the “Valuation Designee”) to perform fair value determinations for investments held by us without readily available market quotations, subject to the oversight by our board of trustees. All investments are recorded at their fair value.

Investments for which market quotations are readily available are typically valued at such market quotations. In order to validate market quotations, the Valuation Designee looks at a number of factors to determine if the quotations are representative of fair value, including the source and nature of the quotations. Debt and equity securities that are not publicly traded or whose market prices are not readily available are valued at fair value as determined in good faith by the Valuation Designee, subject to the oversight of our board of trustees, based on, among other things, the input of the independent third‑party valuation providers (“IVPs”) that have been engaged to support the valuation of such portfolio investments at least quarterly (with certain de minimis exceptions) and under a valuation policy and a consistently applied valuation process. In addition, our independent registered public accounting firm obtains an understanding of, and performs select procedures relating to, our investment valuation process within the context of performing our financial statement audit.

Investments in our portfolio that do not have a readily available market are valued at fair value as determined in good faith by the Valuation Designee, as described herein. As part of the valuation process for investments that do not have readily available market prices, the Valuation Designee may take into account the following types of factors, if relevant, in determining the fair value of our investments: the enterprise value of a portfolio company (the entire value of the portfolio company to a market participant, including the sum of the values of debt and equity securities used to capitalize the enterprise at a point in time), the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings and discounted cash flow, the markets in which the portfolio company does business, a comparison of the portfolio company’s securities to any similar publicly traded securities, changes in the interest rate environment and the credit markets, which may affect the price at which similar investments would trade in their principal markets and other relevant factors. When an external event such as a purchase transaction, public offering or subsequent sale occurs, the Valuation Designee considers the pricing indicated by the external event to corroborate the valuation.

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 our investments may fluctuate from period to period. Additionally, the fair value of our 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 we 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 we were required to liquidate a portfolio investment in a forced or liquidation sale, we could realize significantly less than the value at which we have 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.

The Valuation Designee, subject to the oversight of our board of trustees, undertakes a multi‑step valuation process each quarter, as described below:

•Our quarterly valuation process begins with a preliminary valuation being prepared by the investment professionals responsible for the portfolio investment in conjunction with our portfolio management team and valuation team.

•Preliminary valuations are reviewed and discussed by the valuation committee of the Valuation Designee.

•For portfolio investments selected for review by an IVP,

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◦Relevant information related to the portfolio investment is made available by the Valuation Designee to the IVP, who does not independently verify such information.

◦The IVP reviews and analyzes the information provided by the Valuation Designee, along with relevant market and economic data, and independently determines a range of values for each of the selected portfolio investments.

◦The IVP provides its analysis to the Valuation Designee to support the IVP’s valuation methodology and calculations.

•The valuation committee of the Valuation Designee determines the fair value of each investment in our portfolio without a readily available market quotation in good faith based on, among other things, the input of the IVPs, where applicable.

•For portfolio investments selected for review by an IVP, a positive assurance opinion or independent valuation report is issued by the IVP that confirms the fair value determined by the Valuation Designee for a selected portfolio investment is within the range of values independently calculated by such IVP.

When the Valuation Designee determines our NAV as of the last day of a month that is not also the last day of a calendar quarter, the Valuation Designee intends to update the value of securities with reliable market quotations to the most recent market quotation. For securities without reliable market quotations, the Valuation Designee will generally value such assets at the most recent quarterly valuation unless the Valuation Designee determines that a significant observable change has occurred since the most recent quarter end with respect to the investment (which determination may be as a result of a material event at a portfolio company, material change in market spreads, secondary market transaction in the securities of an investment or otherwise). If the Valuation Designee determines such a change has occurred with respect to one or more investments, the Valuation Designee will determine whether to update the value for each relevant investment.

Fair Value of Financial Instruments

We follow ASC 825-10, Recognition and Measurement of Financial Assets and Financial Liabilities (“ASC 825-10”), which provides companies the option to report selected financial assets and liabilities at fair value. ASC 825-10 also establishes presentation and disclosure requirements designed to facilitate comparisons between companies that choose different measurement attributes for similar types of assets and liabilities and to more easily understand the effect of our choice to use fair value on its earnings. ASC 825-10 also requires entities to display the fair value of the selected assets and liabilities on the face of the balance sheet. We have not elected the ASC 825-10 option to report selected financial assets and liabilities at fair value. With the exception of the line items entitled “other assets” and “debt,” which are reported at amortized cost, the carrying value of all other assets and liabilities approximate fair value.

We also follow ASC 820-10, Fair Value Measurements and Disclosures (“ASC 820-10”), which expands the application of fair value accounting. ASC 820-10 defines fair value, establishes a framework for measuring fair value in accordance with GAAP and expands disclosure of fair value measurements. ASC 820-10 determines fair value to be the price that would be received for an investment in a current sale, which assumes an orderly transaction between market participants on the measurement date. ASC 820-10 requires us to assume that the portfolio investment is sold in its principal market to market participants or, in the absence of a principal market, the most advantageous market, which may be a hypothetical market. Market participants are defined as buyers and sellers in the principal or most advantageous market that are independent, knowledgeable, and willing and able to transact. In accordance with ASC 820-10, we have considered its principal market as the market in which we exit our portfolio investments with the greatest volume and level of activity. ASC 820-10 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. In accordance with ASC 820-10, these inputs are summarized in the three broad levels listed below:

•Level 1 - Valuations based on quoted prices in active markets for identical assets or liabilities that we have the ability to access.

•Level 2 - Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

•Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

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In addition to using the above inputs in investment valuations, the Valuation Designee continues to employ the net asset valuation policy and procedures that have been reviewed by our board of trustees in connection with their designation of our investment adviser as our valuation designee and are consistent with the provisions of Rule 2a-5 under the Investment Company Act and ASC 820-10. Consistent with its valuation policies and procedures, the Valuation Designee evaluates the source of inputs, including any markets in which our investments are trading (or any markets in which securities with similar attributes are trading), in determining fair value. Because there may not be a readily available market value for some of the investments in our portfolio, the fair value of a portion of our investments may be determined using unobservable inputs.

Our portfolio investments classified as Level 3 are typically valued using two different valuation techniques. The first valuation technique is an analysis of the enterprise value (“EV”) of the portfolio company. EV means the entire value of the portfolio company to a market participant, including the sum of the values of debt and equity securities used to capitalize the enterprise at a point in time. The primary method for determining EV uses a multiple analysis whereby appropriate multiples are applied to the portfolio company’s EBITDA (generally defined as net income before net interest expense, income tax expense, depreciation and amortization). EBITDA multiples are typically determined based upon review of market comparable transactions and publicly traded comparable companies, if any. The Valuation Designee may also employ other valuation multiples to determine EV, such as revenues or, in the case of certain portfolio companies in the power generation industry, kilowatt capacity. The second method for determining EV uses a discounted cash flow analysis whereby future expected cash flows of the portfolio company are discounted to determine a present value using estimated discount rates (typically a weighted average cost of capital based on costs of debt and equity consistent with current market conditions). The EV analysis is performed to determine the value of equity investments, the value of debt investments in portfolio companies where we have control or could gain control through an option or warrant security, and to determine if there is credit impairment for debt investments. If debt investments are credit impaired, an EV analysis may be used to value such debt investments; however, in addition to the methods outlined above, other methods such as a liquidation or wind-down analysis may be utilized to estimate EV. The second valuation technique is a yield analysis, which is typically performed for non-credit impaired debt investments in portfolio companies where we do not own a controlling equity position. To determine fair value using a yield analysis, a current price is imputed for the investment based upon an assessment of the expected market yield for a similarly structured investment with a similar level of risk. In the yield analysis, the Valuation Designee considers the current contractual interest rate, the maturity and other terms of the investment relative to the risk of us and the specific investment. A key determinant of risk, among other things, is the leverage through the investment relative to the EV of the portfolio company. As debt investments held by us are substantially illiquid with no active transaction market, the Valuation Designee depends on primary market data, including newly funded transactions, as well as secondary market data with respect to high yield debt instruments and syndicated loans, as inputs in determining the appropriate market yield, as applicable.

See Note 8 to our consolidated financial statements for the three months ended March 31, 2024 for more information on our valuation process.

Item 3.    Quantitative and Qualitative Disclosures About Market Risk

We are subject to financial market risks, including changes in interest rates and the valuations of our investment portfolio. Uncertainty with respect to the rising interest rates, inflationary pressures, the Russia-Ukraine war and more recently the Israel-Hamas war and the failure of financial institutions introduced significant volatility in the financial markets, and the effects of this volatility has materially impacted and could continue to materially impact our market risks, including those listed below. For additional information concerning these risks and their potential impact on our business and our operating results, see “Risk Factors—General Risk Factors—Global economic, political and market conditions, including uncertainty about the financial stability of the United States, could have a significant adverse effect on our business, financial condition and results of operations”, “Risk Factors—Risks Relating to Our Investments—Economic recessions or downturns could impair our portfolio companies and harm our operating results” and “Risk Factors—Risks Relating to Our Business and Structure—Inflation has adversely affected the business, results of operations and financial condition of our portfolio companies” in our Annual Report.

Investment Valuation Risk

Because there is not a readily available market value for most of the investments in our portfolio, substantially all of our portfolio investments are valued at fair value as determined in good faith by the Valuation Designee, subject to the oversight of our board of trustees, based on, among other things, the input of the independent third-party valuation firms that have been engaged to support the valuation of each portfolio investment without a readily available market quotation at least quarterly (with certain de minimis exceptions). 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 our investments may fluctuate from period to period. Additionally, the fair value of our investments may differ significantly from the values that would have been used had a ready

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market existed for such investments and may differ materially from the values that we 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 we were required to liquidate a portfolio investment in a forced or liquidation sale, we could realize significantly less than the value at which we have 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. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Estimates” as well as Notes 2 and 8 to our consolidated financial statements for the three months ended March 31, 2024 for more information relating to our investment valuation.

Interest Rate Risk

Interest rate sensitivity refers to the change in our earnings that may result from changes in the level of interest rates. Because we fund a portion of our investments with borrowings, our net investment income is affected by the difference between the rate at which we invest and the rate at which we borrow. As a result, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income. See “Risk Factors—Risks Relating to Our Business and Structure—We are exposed to risks associated with changes in interest rates including the current rising interest rate environment” in our Annual Report.

In a prolonged low interest rate environment, the difference between the total interest income earned on interest earning assets and the total interest expense incurred on interest bearing liabilities may be compressed, reducing our net income and potentially adversely affecting our operating results. Conversely, in a rising interest rate environment, such difference could potentially increase thereby increasing our net income as indicated per the table below.

As of March 31, 2024, 95% of the investments at fair value in our portfolio were at floating rates, 3% bore interest at fixed rate and 2% were non-income producing. Additionally, 71% of the variable rate investments at fair value contained interest rate floors. The Facilities bear interest at variable rates with no interest rate floors.

We regularly measure our exposure to interest rate risk. We assess interest rate risk and manage our interest rate exposure on an ongoing basis by comparing our interest rate sensitive assets to our interest rate sensitive liabilities. Based on that review, we determine whether or not any hedging transactions are necessary to mitigate exposure to changes in interest rates.

Based on our March 31, 2024 consolidated statement of assets and liabilities, the following table shows the annualized impact on net income of base rate changes in interest rates (considering interest rate floors for variable rate instruments) assuming no changes in our investment and borrowing structure:

(in millions) Basis Point Change	Interest Income		Interest Expense		Net Income(1)
Up 300 basis points	$	100	$	27	$	73
Up 200 basis points	$	67	$	18	$	49
Up 100 basis points	$	33	$	9	$	24
Down 100 basis points	$	(33)	$	(9)	$	(24)
Down 200 basis points	$	(67)	$	(18)	$	(49)
Down 300 basis points	$	(100)	$	(27)	$	(73)

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(1)Excludes the impact of any income based fee. See Note 3 to our consolidated financial statements for the three months ended March 31, 2024 for more information on the income based fee.

Item 4.    Controls and Procedures

Evaluation of Disclosure Controls and Procedures

We maintain disclosure controls and procedures (as that term is defined in Rules 13a‑15(e) and 15d‑15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) that are designed to ensure that information required to be disclosed in our reports under the Exchange Act is recorded, processed, summarized and reported within the time periods

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specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our principal executive officers and principal financial officer, as appropriate, to allow timely decisions regarding required disclosures. Any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. Our management, with the participation of our principal executive officers and principal financial officer, has evaluated the effectiveness of the design and operation of our disclosure controls and procedures as of March 31, 2024. Based upon that evaluation and subject to the foregoing, our principal executive officers and principal financial officer concluded that, as of March 31, 2024, the design and operation of our disclosure controls and procedures were effective to accomplish their objectives at the reasonable assurance level.

Changes in Internal Control over Financial Reporting

There have been no changes in our internal control over financial reporting (as defined in Rules 13a‑15(f) and 15d‑15(f) under the Exchange Act) during the quarter ended March 31, 2024 that have materially affected, or that are reasonably likely to materially affect, our internal control over financial reporting.

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PART II — OTHER INFORMATION

Item 1.    Legal Proceedings

From time to time, we, our executive officers, trustees and our investment adviser, its affiliates and/or any of their respective principals and employees are subject to legal proceedings, including those arising from our investments in our portfolio companies, and as a result, incur significant costs and expenses in connection with such legal proceedings. Legal proceedings may increase to the extent we find it necessary to foreclose or otherwise enforce remedies with respect to loans that are in default, which borrowers may seek to resist by asserting counterclaims and defenses, against us or our investment adviser.

We and our investment adviser are also subject to extensive regulation, which, from time to time, results in requests for information from us or our investment adviser or legal or regulatory proceedings or investigations against us or our investment adviser, respectively. We incur significant costs and expenses in connection with any such information requests, proceedings and investigations.

Item 1A.     Risk Factors

In addition to the other information set forth in this report, you should carefully consider the risk factors described in Part I, “Item 1A. Risk Factors” in our Annual Report and those set forth under the caption “Risk Factors” in our Registration Statement on Form N-2, which could materially affect our business, financial condition and/or operating results. The risks described in our Annual Report, and in our Registration Statement on Form N-2 are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results.

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

Refer to Item 3.02 in our Current Reports on Form 8-K filed with SEC on January 23, 2024, February 21, 2024 and March 21, 2024 for information about unregistered sales of our equity securities during the quarter.

Item 3.     Defaults Upon Senior Securities.

Not applicable.

Item 4.     Mine Safety Disclosures.

Not applicable.

Item 5.    Other Information.

Rule 10b5-1 Trading Plans

During the fiscal quarter ended March 31, 2024, none of our board of trustees or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”

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Item 6.     Exhibits.

EXHIBIT INDEX

Exhibit Number	Description
3.1	Fourth Amended and Restated Declaration of Trust(1)
3.2	Second Amended and Restated Bylaws(2)
10.1	Amendment No. 2 to the Loan and Servicing Agreement, dated as of February 9, 2024, among ASIF Funding I, LLC as borrower, Ares Strategic Income Fund, as equityholder and servicer, the lenders from time to time parties thereto, Société Générale, as agent and swingline lender, the collateral agent and collateral administrator party, and the document custodian party(3)
10.2	Amendment No. 3 to the Loan and Servicing Agreement, dated as of February 27, 2024, among ASIF Funding I, LLC as borrower, Ares Strategic Income Fund, as equityholder and servicer, the lenders from time to time parties thereto, Société Générale, as agent and swingline lender, U.S. Bank Trust Company, National Association, as collateral agent and collateral administrator, and U.S. Bank National Association, as document custodian party(4)
10.3	Credit Agreement, dated as of March 1, 2024, among ASIF Funding II, LLC, as borrower, Ares Strategic Income Fund, as parent and servicer, the lenders from time to time party thereto, The Bank of Nova Scotia, as administrative agent, U.S. Bank Trust Company, National Association, as collateral agent and collateral administrator, and U.S. Bank National Association, as custodian and document custodian(5)
10.4	Contribution Agreement, dated as of March 1, 2024, among Ares Strategic Income Fund, as transferor, and ASIF Funding II, LLC, as transferee(6)
10.5	Amended and Restated Senior Secured Credit Agreement, dated as of April 15, 2024, by and among Ares Strategic Income Fund, the lenders party thereto, and JPMorgan Chase Bank, N.A., as administrative agent(7)
10.6	Second Amended and Restated Multiple Class Plan*
31.1	Certification by Co-Chief Executive Officer pursuant to Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*
31.2	Certification by Co-Chief Executive Officer pursuant to Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*
31.3	Certification by Chief Financial Officer pursuant to Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*
32.1	Certification by the Chief Executive Officers and Chief 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 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

**    This certification is not deemed filed by the SEC and is not to be incorporated by reference in any filing we make under the Securities Act of 1933 or the Securities Exchange Act of 1934, irrespective of any general incorporation language in any filings.

(1)Incorporated by reference to Exhibit 3.1 to the Fund’s Form 8-K (File No. 814-01512), filed on May 25, 2023.

(2)Incorporated by reference to Exhibit 3.2 to the Fund’s Form 8-K (File No. 814-01512), filed on May 25, 2023.

(3)Incorporated by reference to Exhibit 10.1 to the Fund’s Form 8-K (File No. 814-01512), filed on February 13, 2024.

(4)Incorporated by reference to Exhibit 10.1 to the Fund’s Form 8-K (File No. 814-01512), filed on March 4, 2024.

(5)Incorporated by reference to Exhibit 10.1 to the Fund’s Form 8-K (File No. 814-01512), filed on March 6, 2024.

(6)Incorporated by reference to Exhibit 10.2 to the Fund’s Form 8-K (File No. 814-01512), filed on March 6, 2024.

(7)Incorporated by reference to Exhibit 10.1 to the Fund’s Form 8-K (File No. 814-01512), filed on April 19, 2024.

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SIGNATURES

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

  

	ARES STRATEGIC INCOME FUND
Date: May 10, 2024	By	/s/ MICHAEL L. SMITH
		Michael L. Smith Co-Chief Executive Officer
Date: May 10, 2024	By	/s/ MITCHELL GOLDSTEIN
		Mitchell Goldstein Co-Chief Executive Officer
Date: May 10, 2024	By	/s/ SCOTT C. LEM
		Scott C. Lem Chief Financial Officer and Treasurer

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EX-10.6

Exhibit 10.6

ARES STRATEGIC INCOME FUND

SECOND AMENDED AND RESTATED

MULTIPLE CLASS PLAN

May 8, 2024

This Second Amended and Restated Multiple Class Plan (this “Plan”) is adopted pursuant to Rule 18f-3(d) under the Investment Company Act of 1940, as amended (the “1940 Act”), by Ares Strategic Income Fund, a Delaware statutory trust (the “Fund”).

W I T N E S S E T H:

WHEREAS, the Fund is a closed-end management investment company that has elected to be regulated as a business development company;

WHEREAS, the Fund relies on exemptive relief from the Securities and Exchange Commission that permits it to issue multiple classes of shares, and one of the conditions of this relief is that the Fund must comply with the provisions of Rule 18f-3 under the 1940 Act as if it were an open-end management investment company;

WHEREAS, Rule 18f-3 requires that a board of directors of an investment company offering multiple classes of shares pursuant to said Rule adopt a plan setting forth the differences among the classes with respect to shareholder services, distribution arrangements, expense allocations and any related conversion features or exchange privileges; and

WHEREAS, the Board of Trustees of the Fund (the “Board”) voluntarily adopted a plan pursuant to Rule 18f-3 under the 1940 Act on September 9, 2022 (the "Initial Plan"), in order that the Fund may issue multiple classes (each, a “Class”) of shares of its beneficial interests (“Shares”), and amended and restated the Initial Plan on November 10, 2023 (the "Amended and Restated Plan").

NOW THEREFORE, the Fund hereby seeks to amend and restate that Amended and Restated Plan on the following terms and conditions:

Class Designation; General Description of Classes

The Fund may issue Shares in one or more Classes, as set forth in Exhibit A, as may be amended from time to time. Shares so issued will have the rights and preferences set forth in this Plan, the Fund’s Agreement and Declaration of Trust and Bylaws (each as amended from time to time) and any applicable resolutions adopted by the Board from time to time.

Shares issued in Classes will be issued subject to, and in accordance with, the terms of Rule 18f-3 under the 1940 Act, including, without limitation:

(a) each Class will have a different arrangement for shareholder services or the distribution of Shares or both, and will pay all of the expenses of that arrangement, as set forth in Exhibit A;

(b) each Class may pay a different share of other expenses, not including advisory or custodial fees or other expenses related to the management of the Fund’s assets, if these expenses are actually

1

incurred in a different amount by that Class, or if the Class receives services of a different kind or to a different degree than other Classes;

(c) each Class may pay a different advisory fee to the extent that any difference in amount paid is the result of the application of the same performance fee provisions in the advisory contract of the Fund to the different investment performance of each Class;

(d) each Class will have exclusive voting rights on any matter submitted to shareholders that relates solely to its arrangement;

(e) each Class will have separate voting rights on any matter submitted to shareholders in which the interests of one Class differ from the interests of any other Class; and

(f) except as otherwise permitted under Rule 18f-3 under the 1940 Act, each Class will have the same rights and obligations as each other Class.

In addition, pursuant to Rule 12b-1 under the 1940 Act, the Fund has adopted a Shareholder Servicing and Distribution Plan (the “12b-1 Plan”) pursuant to which Class D and Class S Shares are subject to a shareholder servicing and/or distribution fee.Those fees are described in the 12b-1 Plan.

A 2% early repurchase deduction may be charged by the Fund with respect to any repurchase of Shares that have not been outstanding for at least one year (measured as of the subscription closing date immediately following the prospective date of repurchase of such Shares).This deduction may be waived in the case of repurchase requests: (i) arising from the death or qualified disability of a shareholder; (ii) submitted by discretionary model portfolio management programs (and similar arrangements); (iii) from feeder funds (or similar vehicles) primarily created to hold the Fund's Shares, which are offered to non-U.S. persons, where such funds seek to avoid imposing such a deduction because of administrative or systems limitations; and (iv) in the event that a shareholder’s Shares are repurchased because the shareholder has failed to maintain the $500 minimum account balance.

The early repurchase deduction will apply uniformly to all Shares regardless of Class.

Conversion Features; Exchange Privileges

Shares of one Class may be exchanged, including at the shareholder's option, for Shares of another Class of the Fund (an "intra-Fund exchange"), if and to the extent an applicable intra-Fund exchange privilege is disclosed in the Fund’s then-current Prospectus and subject to the terms and conditions (including the imposition or waiver of any sales load or repurchase fee) set forth in the Prospectus, provided that the shareholder requesting the intra-Fund exchange meets the eligibility requirements of the Class into which such shareholder seeks to exchange.

Assuming the intra-Fund exchange meets the eligibility requirements of the Class into which such shareholder seeks to exchange and the Fund has received proper instruction from the financial intermediary to effect such intra-Fund exchange and consents to such intra-Fund exchange, (i) a financial intermediary may, in its discretion, determine to exchange a shareholder's Shares at such shareholder's request and (ii) in certain cases, where a holder of Class S Shares or Class D Shares is no longer eligible to hold such Class of Shares based on the shareholder's arrangements with its financial intermediary, (a) such holder's Class S Shares may be exchanged into an equivalent net asset value amount of Class D Shares or Class I Shares and (b) such holder's Class D Shares may be exchanged into an equivalent net asset value amount of Class I Shares.

2

Expense Allocations of Each Class

Class-specific expenses of the Fund shall be allocated to the specific Class. Non-class specific expenses shall be allocated in accordance with Rule 18f-3 and any related guidance from the SEC or its staff. All expenses incurred by the Fund will be allocated, as provided for herein, among its Classes based on the respective net assets of the Fund attributable to each such Class. The value of the Fund’s net assets attributable to each Class shall be computed in the manner specified in the Prospectus for the computation of the Fund’s net asset value.

In addition to different expenses associated with the Rule 12b-1 Plan, each Class may pay a different amount of the following expenses:

(a) administrative and/or accounting or similar fees incurred by a specific Class;

(b) legal, printing and postage expenses related to preparing and distributing to current shareholders of aspecific Class materials such as shareholder reports, Prospectuses and proxies;

(c) blue sky fees incurred by a specific Class;

(d) SEC registration fees incurred by a specific Class;

(e) expenses of administrative personnel and services required to support the shareholders of a specific Class;

(f) Trustees’ fees incurred as a result of issues relating to a specific Class;

(g) auditors’ fees, litigation expenses, and other legal fees and expenses relating to a specific Class;

(h)transfer agent fees and shareholder servicing expenses identified as being attributable to a specific Class;

(i) account expenses relating solely to a specific Class;

(j) expenses incurred in connection with any shareholder meetings as a result of issues relating to a specific Class; and

(k)any such other expenses (not including advisory or custodial fees or other expenses related to the management of the Fund’s assets) actually incurred in a different amount by a Class or related to a Class’s receipt of services of a different kind or to a different degree than another Class.

Expenses of the Fund allocated to a particular Class of the Fund are borne on a pro rata basis by each outstanding Share of that Class.

Waivers and Reimbursements

Fees and expenses may be waived or reimbursed by Ares Capital Management LLC, the Fund’s investment adviser, or any other service provider to the Fund.Such waiver or reimbursement may be applicable to some or all of the Classes and may be in different amounts for one or more Classes.

3

Income, Gains and Losses

Income, realized gains and losses and unrealized appreciation and depreciation shall be allocated to each Class on the basis of the net asset value of that Class in relation to the net asset value of the Fund, in each case in accordance with U.S. Generally Accepted Accounting Principles.

Class Designation

Subject to approval by the Board, the Fund may alter the nomenclature for the designation of one or more Classes.

Additional Information

Nothing in this Plan will be deemed to require the Fund to take any action contrary to its Agreement and Declaration of Trust or Bylaws, or any applicable statutory or regulatory requirement to which it is subject or by which it is bound, or to relieve or deprive the Board of the responsibility for and control of the conduct of the affairs of the Fund.

This Plan will be construed in accordance with the internal laws of the State of Delaware and the applicable provisions of the 1940 Act. If any provision of this Plan is held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Plan will not be affected thereby.

This Plan is qualified by and subject to the terms of the then-current Prospectus for the applicable Class; provided, however, that none of the terms set forth in any such Prospectus shall be inconsistent with the terms of the Classes contained in this Plan.

Effective Date; Termination and Amendments

This Plan shall become effective at such time as specified by the Board.This Plan may terminated or amended at any time with respect to the Fund or a Class thereof by a vote of a majority of the Board, including a majority of the Trustees who are not considered “interested persons” (as defined in Section 2(a)(19) of the 1940 Act) of the Fund.

4

EXHIBIT A

Class	Shareholder Servicing and/or Distribution Fee (calculated per annum as a percent of the aggregate net asset value as of the beginning of the first calendar day of each applicable month)	Sales Loads
Class I	N/A	None.
Class S	0.85%	None.
Class D	0.25%	None.

5

EX-31.1

Exhibit 31.1

Certification of Co-Chief Executive Officer

of Periodic Report Pursuant to Exchange Act Rule 13a-14(a) and Rule 15d-14(a) as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Michael L. Smith, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Ares Strategic Income Fund;

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 officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) 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) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) 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

(d) 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 officers 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 directors (or persons performing the equivalent functions):

(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 10, 2024

/s/ MICHAEL L. SMITH

Michael L. Smith

Co-Chief Executive Officer (principal executive officer)

EX-31.2

Exhibit 31.2

Certification of Co-Chief Executive Officer

of Periodic Report Pursuant to Exchange Act Rule 13a-14(a) and Rule 15d-14(a) as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Mitchell Goldstein, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Ares Strategic Income Fund;

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 officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) 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) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) 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

(d) 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 officers 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 directors (or persons performing the equivalent functions):

(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 10, 2024

/s/ MITCHELL GOLDSTEIN

Mitchell Goldstein

Co-Chief Executive Officer (principal executive officer)

EX-31.3

Exhibit 31.3

Certification of Chief Financial Officer

of Periodic Report Pursuant to Exchange Act Rule 13a-14(a) and Rule 15d-14(a) as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Scott C. Lem, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Ares Strategic Income Fund;

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 officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) 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) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) 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

(d) 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 officers 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 directors (or persons performing the equivalent functions):

(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 10, 2024

/s/ SCOTT C. LEM

Scott C. Lem

Chief Financial Officer (principal financial officer)

EX-32.1

Exhibit 32.1

Certification of the Chief Executive Officers and Chief Financial Officer

Pursuant to

18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report on Form 10-Q of Ares Strategic Income Fund (the “Fund”) for the quarter ended March 31, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), Michael L. Smith and Mitchell Goldstein, as the Chief Executive Officers of the Fund, and Scott C. Lem, as Chief Financial Officer of the Fund, each hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his knowledge:

1.    The Report 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 Report fairly presents, in all material respects, the financial condition and results of operations of the Fund.

Date: May 10, 2024

/s/ MICHAEL L. SMITH

Michael L. Smith

Co-Chief Executive Officer (principal executive officer)

Date: May 10, 2024

/s/ MITCHELL GOLDSTEIN

Mitchell Goldstein

Co-Chief Executive Officer (principal executive officer)

Date: May 10, 2024

/s/ SCOTT C. LEM

Scott C. Lem

Chief Financial Officer (principal financial officer)

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to Ares Strategic Income Fund and will be retained by Ares Strategic Income Fund and furnished to the Securities and Exchange Commission or its staff upon request.

XML

Cover Page - shares	3 Months Ended
	Mar. 31, 2024	May 09, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	814-01512
Entity Registrant Name	ARES STRATEGIC INCOME FUND
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	88-6432468
Entity Address, Address Line One	245 Park Avenue
Entity Address, Address Line Two	44th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10167
City Area Code	212
Local Phone Number	750-7300
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
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001918712
Class I
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		83,735,555
Class S Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		18,200,342
Class D Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,769,616

XML

Consolidated Statement of Assets and Liabilities - USD ($) shares in Thousands	Mar. 31, 2024		Dec. 31, 2023
ASSETS
Non-controlled/non-affiliate company investments (amortized cost of $3,435,384 and $2,556,784, respectively)	$ 3,462,766,600	[1],[2]	$ 2,577,558,100	[3],[4]
Cash and cash equivalents	68,497,000		57,972,000
Interest receivable	21,802,000		18,126,000
Receivable for open trades	81,651,000		21,971,000
Other assets	31,115,000		29,925,000
Total assets	3,665,832,000		2,705,552,000
LIABILITIES
Debt	905,203,000		710,325,000
Base management fee payable	4,597,000		1,851,000
Income based fee payable	6,051,000		4,606,000
Capital gains incentive fee payable	4,489,000		3,162,000
Interest and facility fees payable	2,247,000		1,656,000
Payable for open trades	361,151,000		199,602,000
Accounts payable and other liabilities	9,181,000		9,089,000
Distribution payable	18,149,000		13,645,000
Distribution and servicing fee payable	334,000		224,000
Total liabilities	1,311,402,000		944,160,000
Commitments and contingencies (Note 7)
NET ASSETS
Common shares, par value $0.01 per share, unlimited common shares authorized; 86,250 and 64,721 common shares issued and outstanding, respectively	862,000		647,000
Capital in excess of par value	2,304,532,000		1,719,185,000
Accumulated earnings	49,036,000		41,560,000
Total net assets	2,354,430,000		1,761,392,000
Total liabilities and net assets	3,665,832,000		2,705,552,000
NET ASSET VALUE PER SHARE
Net assets	$ 2,354,430,000		$ 1,761,392,000
Common shares outstanding (in shares)	86,250		64,721
Class I
NET ASSETS
Total net assets	$ 1,839,270,000		$ 1,413,632,000
NET ASSET VALUE PER SHARE
Net assets	$ 1,839,270,000		$ 1,413,632,000
Common shares outstanding (in shares)	67,378		51,943
Net asset value per share (in dollars per share)	$ 27.30		$ 27.22
Class S Shares
NET ASSETS
Total net assets	$ 445,988,000		$ 298,608,000
NET ASSET VALUE PER SHARE
Net assets	$ 445,988,000		$ 298,608,000
Common shares outstanding (in shares)	16,338		10,972
Net asset value per share (in dollars per share)	$ 27.30		$ 27.22
Class D Shares
NET ASSETS
Total net assets	$ 69,172,000		$ 49,152,000
NET ASSET VALUE PER SHARE
Net assets	$ 69,172,000		$ 49,152,000
Common shares outstanding (in shares)	2,534		1,806
Net asset value per share (in dollars per share)	$ 27.30		$ 27.22

[1] All investments are non-controlled, non-affiliated investments. Non-controlled, non-affiliated investments are defined as investments in which the Fund owns less than 5% of the portfolio company’s outstanding voting securities and does not have the power to exercise control over the management or policies of such portfolio company.

[2] As of March 31, 2024, the estimated net unrealized gain for federal tax purposes was $27.5 million based on a tax cost basis of $3.4 billion. As of March 31, 2024, the estimated aggregate gross unrealized gain for federal income tax purposes was $35.1 million and the estimated aggregate gross unrealized loss for federal income tax purposes was $7.6 million.

[3] All investments are non-controlled, non-affiliated investments. Non-controlled, non-affiliated investments are defined as investments in which the Fund owns less than 5% of the portfolio company’s outstanding voting securities and does not have the power to exercise control over the management or policies of such portfolio company.

[4] As of December 31, 2023, the estimated net unrealized gain for federal tax purposes was $20.8 million based on a tax cost basis of $2.6 billion. As of December 31, 2023, the estimated aggregate gross unrealized gain for federal income tax purposes was $24.3 million and the estimated aggregate gross unrealized loss for federal income tax purposes was $3.5 million.

XML

Consolidated Statement of Assets and Liabilities (Parenthetical) - USD ($) shares in Thousands	Mar. 31, 2024		Dec. 31, 2023
Non-controlled/non-affiliate company investments, at amortized cost	$ 3,435,383,700	[1],[2]	$ 2,556,783,900	[3],[4]
Common stock per value (in dollars per share)	$ 0.01		$ 0.01
Common shares issued (in shares)	86,250		64,721
Common shares outstanding (in shares)	86,250		64,721
Class I
Common stock per value (in dollars per share)	$ 0.01		$ 0.01
Common shares outstanding (in shares)	67,378		51,943
Class S Shares
Common stock per value (in dollars per share)	$ 0.01		$ 0.01
Common shares outstanding (in shares)	16,338		10,972
Class D Shares
Common stock per value (in dollars per share)	$ 0.01		$ 0.01
Common shares outstanding (in shares)	2,534		1,806

[1] All investments are non-controlled, non-affiliated investments. Non-controlled, non-affiliated investments are defined as investments in which the Fund owns less than 5% of the portfolio company’s outstanding voting securities and does not have the power to exercise control over the management or policies of such portfolio company.

[2] As of March 31, 2024, the estimated net unrealized gain for federal tax purposes was $27.5 million based on a tax cost basis of $3.4 billion. As of March 31, 2024, the estimated aggregate gross unrealized gain for federal income tax purposes was $35.1 million and the estimated aggregate gross unrealized loss for federal income tax purposes was $7.6 million.

[3] All investments are non-controlled, non-affiliated investments. Non-controlled, non-affiliated investments are defined as investments in which the Fund owns less than 5% of the portfolio company’s outstanding voting securities and does not have the power to exercise control over the management or policies of such portfolio company.

[4] As of December 31, 2023, the estimated net unrealized gain for federal tax purposes was $20.8 million based on a tax cost basis of $2.6 billion. As of December 31, 2023, the estimated aggregate gross unrealized gain for federal income tax purposes was $24.3 million and the estimated aggregate gross unrealized loss for federal income tax purposes was $3.5 million.

XML

Consolidated Statement of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
INVESTMENT INCOME:
Interest income	$ 75,406	$ 5,246
Dividend income	483	0
Other income	1,794	106
Total investment income from non-controlled/non-affiliate company investments	77,683	5,352
EXPENSES:
Interest and credit facility fees	17,412	1,181
Base management fee	6,649	684
Income based fee	6,051	0
Capital gains incentive fee	1,383	74
Offering expenses	1,792	0
Administrative and other fees	1,332	684
Other general and administrative	1,864	582
Total expenses	37,345	3,205
Expense support	(5,969)	(2,895)
Net expenses	31,376	310
NET INVESTMENT INCOME BEFORE INCOME TAXES	46,307	5,042
Income tax expense, including excise tax	228	0
NET INVESTMENT INCOME	46,079	5,042
Net realized gains (losses):
Net realized gains from non-controlled/non-affiliate company investments	3,082	1,340
Net realized losses on foreign currency transactions	(122)	0
Net realized gains	2,960	1,340
Net unrealized gains (losses):
Net unrealized gains (losses) from non-controlled/non-affiliate company investments	7,375	(490)
Net unrealized gains on foreign currency transactions	729	0
Net unrealized gains (losses)	8,104	(490)
Net realized and unrealized gains on investments and foreign currency transactions	11,064	850
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	57,143	5,892
Class S
EXPENSES:
Shareholder servicing and distribution fees	822	0
Class D
EXPENSES:
Shareholder servicing and distribution fees	$ 40	$ 0

XML

Consolidated Schedule of Investments - USD ($)		Mar. 31, 2024		Dec. 31, 2023
Amortized cost		$ 3,435,383,700	[1],[2]	$ 2,556,783,900	[3],[4]
Fair Value		$ 3,462,766,600	[1],[2]	$ 2,577,558,100	[3],[4]
Net assets (as a percent)		147.07%		146.34%
Software and Services
Amortized cost		$ 696,716,000		$ 519,562,500
Fair Value		$ 703,110,900		$ 524,586,500
Net assets (as a percent)		29.86%		29.78%
Health Care Services
Amortized cost		$ 417,986,400		$ 311,942,300
Fair Value		$ 420,011,400		$ 314,256,800
Net assets (as a percent)		17.84%		17.84%
Consumer Services
Amortized cost		$ 373,215,400		$ 269,120,900
Fair Value		$ 376,646,400		$ 271,695,000
Net assets (as a percent)		16.00%		15.43%
Capital Goods
Amortized cost		$ 351,518,900		$ 266,586,700
Fair Value		$ 354,414,400		$ 268,098,300
Net assets (as a percent)		15.05%		15.22%
Financial Services
Amortized cost		$ 264,808,100		$ 180,835,800
Fair Value		$ 269,117,500		$ 184,342,800
Net assets (as a percent)		11.43%		10.47%
Insurance Services
Amortized cost		$ 244,757,700		$ 193,373,400
Fair Value		$ 245,732,800		$ 194,485,900
Net assets (as a percent)		10.44%		11.04%
Media and Entertainment
Amortized cost		$ 175,198,300		$ 113,530,200
Fair Value		$ 175,839,000		$ 113,822,900
Net assets (as a percent)		7.47%		6.46%
Commercial and Professional Services
Amortized cost		$ 170,770,200		$ 140,370,400
Fair Value		$ 173,971,700		$ 141,990,500
Net assets (as a percent)		7.39%		8.06%
Pharmaceuticals, Biotechnology and Life Sciences
Amortized cost		$ 106,499,500		$ 102,715,400
Fair Value		$ 107,369,600		$ 103,037,700
Net assets (as a percent)		4.56%		5.85%
Automobiles and Components
Amortized cost		$ 96,727,500		$ 43,916,100
Fair Value		$ 97,531,600		$ 43,950,800
Net assets (as a percent)		4.14%		2.50%
Retailing and Distribution
Amortized cost		$ 85,232,700		$ 69,171,100
Fair Value		$ 85,386,600		$ 69,323,600
Net assets (as a percent)		3.63%		3.94%
Food and Beverage
Amortized cost		$ 80,927,500		$ 69,245,400
Fair Value		$ 80,711,700		$ 69,566,600
Net assets (as a percent)		3.43%		3.95%
Investment Funds and Vehicles
Amortized cost		$ 72,228,900		$ 33,593,200
Fair Value		$ 72,630,900		$ 33,790,700
Net assets (as a percent)		3.08%		1.92%
Materials
Amortized cost		$ 72,065,200		$ 41,534,500
Fair Value		$ 71,510,700		$ 41,364,000
Net assets (as a percent)		3.04%		2.35%
Technology Hardware and Equipment
Amortized cost		$ 42,452,400		$ 28,799,100
Fair Value		$ 42,463,900		$ 28,823,400
Net assets (as a percent)		1.80%		1.64%
Telecommunication Services
Amortized cost		$ 31,357,300		$ 35,639,400
Fair Value		$ 31,469,100		$ 35,548,100
Net assets (as a percent)		1.34%		2.02%
Education
Amortized cost		$ 27,801,600		$ 20,415,800
Fair Value		$ 27,951,200		$ 20,565,800
Net assets (as a percent)		1.19%		1.17%
Power Generation
Amortized cost		$ 25,787,900		$ 11,260,500
Fair Value		$ 25,889,500		$ 11,294,800
Net assets (as a percent)		1.10%		0.64%
Energy
Amortized cost		$ 25,248,300		$ 24,436,800
Fair Value		$ 25,741,700		$ 25,000,000
Net assets (as a percent)		1.09%		1.42%
Consumer Durables and Apparel
Amortized cost		$ 25,417,100		$ 10,164,400
Fair Value		$ 25,595,400		$ 10,247,800
Net assets (as a percent)		1.09%		0.58%
Consumer Staples Distribution and Retail
Amortized cost		$ 20,620,800		$ 19,419,800
Fair Value		$ 21,014,600		$ 19,798,000
Net assets (as a percent)		0.89%		1.12%
Household And Personal Products
Amortized cost		$ 14,609,000		$ 35,688,800
Fair Value		$ 15,132,300		$ 36,369,000
Net assets (as a percent)		0.64%		2.06%
Real Estate Management and Development
Amortized cost		$ 5,426,000
Fair Value		$ 5,444,600
Net assets (as a percent)		0.23%
Transportation
Amortized cost		$ 3,082,400		$ 5,531,300
Fair Value		$ 3,145,100		$ 5,615,800
Net assets (as a percent)		0.13%		0.32%
Real Estate
Amortized cost		$ 2,475,700		$ 5,458,800
Fair Value		$ 2,470,900		$ 5,496,600
Net assets (as a percent)		0.10%		0.31%
Semiconductors and Semiconductor Equipment
Amortized cost		$ 2,452,900		$ 4,471,300
Fair Value		$ 2,463,100		$ 4,486,700
Net assets (as a percent)		0.10%		0.25%
Activate Holdings (US) Corp. and CrossPoint Capital AS SPV, LP
Amortized cost		$ 13,630,800
Fair Value		14,001,800
Bobcat Purchaser, LLC and Bobcat Topco, L.P.
Amortized cost		13,155,100		$ 13,162,500
Fair Value		13,450,700		13,470,700
Cloud Software Group, Inc. and Picard Parent, Inc.
Amortized cost		62,840,000		36,591,200
Fair Value		64,404,800		37,363,100
Crosspoint Capital AS SPV, LP
Amortized cost				13,835,500
Fair Value				14,048,600
Echo Purchaser, Inc.
Amortized cost				25,817,000
Fair Value				25,804,500
Edmunds Govtech, Inc.
Amortized cost		3,366,300
Fair Value		3,365,200
Epicor Software Corporation
Amortized cost		12,840,300		11,665,300
Fair Value		12,969,400		11,821,600
Hakken Midco B.V.
Amortized cost				4,543,600
Fair Value				4,716,400
eResearch Technology, Inc.
Amortized cost		37,141,000
Fair Value		38,826,800
Genesys Cloud Services Holdings I, LLC
Amortized cost		17,011,600
Fair Value		17,070,400
Mitchell International, Inc.
Amortized cost		14,861,200		14,879,100
Fair Value		15,206,800		15,216,500
Project Boost Purchaser, LLC
Amortized cost		22,787,200		21,097,200
Fair Value		22,950,100		21,222,700
RealPage, Inc.
Amortized cost		51,338,100		25,029,000
Fair Value		50,396,100		25,084,000
Sophia, L.P.
Amortized cost				13,140,300
Fair Value				13,257,200
Amerivet Partners Management, Inc. and AVE Holdings LP
Amortized cost		31,770,500		25,301,200
Fair Value		31,385,700		25,258,500
Artivion, Inc.
Amortized cost		28,120,600
Fair Value		28,096,100
Mamba Purchaser, Inc.
Amortized cost		15,334,800
Fair Value		15,407,500
Nomi Health, Inc.
Amortized cost		11,337,100
Fair Value		11,470,600
Paragon 28, Inc. and Paragon Advanced Technologies, Inc.
Amortized cost		20,726,800		20,700,200
Fair Value		20,685,000		20,685,000
Sharp Midco LLC
Amortized cost		9,777,700		5,291,800
Fair Value		9,809,200		5,338,200
Sotera Health Holdings, LLC
Amortized cost		11,338,100		9,466,700
Fair Value		11,296,200		9,472,200
United Digestive MSO Parent, LLC and Koln Co-Invest Unblocked, LP
Amortized cost		10,842,300		10,494,300
Fair Value		11,142,200		10,771,300
Viant Medical Holdings, Inc.
Amortized cost		31,183,900		31,071,000
Fair Value		31,628,400		31,398,700
Alterra Mountain Company
Amortized cost		11,583,600		9,154,700
Fair Value		11,637,900		9,210,500
Apex Service Partners, LLC and Apex Service Partners Holdings, LLC
Amortized cost		30,348,100		27,534,100
Fair Value		30,491,100		27,511,000
ClubCorp Holdings, Inc.
Amortized cost				4,122,800
Fair Value				4,088,000
Caesars Entertainment Inc
Amortized cost		15,415,700
Fair Value		15,458,100
Equinox Holdings, Inc.
Amortized cost		43,958,500
Fair Value		43,951,400
GS SEER Group Borrower LLC and GS SEER Group Holdings LLC
Amortized cost		11,233,900		10,106,000
Fair Value		11,583,000		10,472,000
Helios Service Partners, LLC and Astra Service Partners, LLC
Amortized cost		8,299,200		6,839,500
Fair Value		8,438,000		6,740,400
Infinity Home Services HoldCo, Inc. and IHS Parent Holdings, L.P.
Amortized cost		5,286,000		4,888,700
Fair Value		5,579,600		5,224,300
Leviathan Intermediate Holdco, LLC and Leviathan Holdings, L.P.
Amortized cost		16,323,100		9,537,100
Fair Value		16,709,900		9,768,400
Northwinds Holding, Inc. and Northwinds Services Group LLC
Amortized cost		11,674,600		11,245,200
Fair Value		12,060,600		11,608,500
PestCo Holdings, LLC and PestCo, LLC
Amortized cost		10,273,900		9,703,100
Fair Value		10,596,800		9,973,600
Service Logic Acquisition, Inc. and MSHC, Inc.
Amortized cost				19,228,900
Fair Value				19,466,400
Vertex Service Partners, LLC and Vertex Service Partners Holdings, LLC
Amortized cost		19,975,700		15,656,200
Fair Value		19,953,000		15,383,000
AI Aqua Merger Sub, Inc.
Amortized cost		15,722,400		14,772,200
Fair Value		15,775,000		14,806,800
Airx Climate Solutions, Inc.
Amortized cost		23,423,100
Fair Value		23,380,800
Artera Services, LLC
Amortized cost				5,608,500
Fair Value				5,630,600
Brookfield WEC Holdings Inc.
Amortized cost				16,144,800
Fair Value				16,206,200
Brown Group Holding, LLC
Amortized cost		6,911,900		7,923,000
Fair Value		6,921,000		7,946,900
CPIG Holdco Inc.
Amortized cost		14,560,800		14,575,100
Fair Value		14,925,500		14,963,000
Cube Industrials Buyer, Inc. and Cube A&D Buyer Inc.
Amortized cost		21,888,100
Fair Value		22,413,800
Husky Injection Molding Systems Ltd.
Amortized cost		31,564,200
Fair Value		31,871,600
Gates Global LLC
Amortized cost				3,670,900
Fair Value				3,674,000
TransDigm Inc.
Amortized cost		25,999,500		20,877,900
Fair Value		26,073,300		20,962,000
Focus Financial Partners, LLC
Amortized cost		13,993,700		13,529,500
Fair Value		13,941,900		13,540,600
GC Waves Holdings, Inc.
Amortized cost		2,623,400
Fair Value		2,948,000
GTCR F Buyer Corp. and GTCR (D) Investors LP
Amortized cost		11,294,200		9,833,700
Fair Value		11,564,800		9,827,700
Isthmus Capital LLC
Amortized cost		1,782,900		1,883,200
Fair Value		1,819,300		1,927,200
NEP Group, Inc.
Amortized cost		12,837,500
Fair Value		12,594,700
Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P.
Amortized cost		13,731,700		13,643,000
Fair Value		14,120,700		14,057,700
PCIA SPV-3, LLC and ASE Royal Aggregator, LLC
Amortized cost		10,083,700		10,092,900
Fair Value		10,480,500		10,400,000
PCS MidCo, Inc. and PCS Parent, L.P.
Amortized cost		11,199,100
Fair Value		11,193,300
Accession Risk Management Group, Inc. and RSC Insurance Brokerage, Inc.
Amortized cost		3,994,900		3,997,300
Fair Value		4,033,400		3,956,600
Acrisure, LLC
Amortized cost		32,692,200		33,317,400
Fair Value		33,049,500		33,715,700
AssuredPartners, Inc
Amortized cost		5,708,900
Fair Value		5,733,200
Asurion, LLC
Amortized cost		13,337,900		14,412,200
Fair Value		13,269,100		14,686,800
DOXA Insurance Holdings LLC and Rocket Co-Invest, SLP
Amortized cost		31,577,100
Fair Value		31,544,400
Hub International Limited
Amortized cost				13,373,300
Fair Value				13,432,700
OakBridge Insurance Agency LLC and Maple Acquisition Holdings, LP
Amortized cost		11,074,700		11,074,700
Fair Value		11,062,500		11,062,500
USI, Inc.
Amortized cost		21,972,200		16,744,600
Fair Value		22,005,600		16,781,900
3 Step Sports LLC and 3 Step Holdings, LLC
Amortized cost		20,322,500		20,251,200
Fair Value		19,862,200		20,141,400
AVSC Holding Corp.
Amortized cost		12,931,700		10,609,300
Fair Value		13,191,700		10,658,000
Univision Communications Inc.
Amortized cost		5,238,800
Fair Value		5,210,900
FlyWheel Acquireco, Inc.
Amortized cost		14,008,700		14,024,700
Fair Value		14,397,300		14,281,200
Kings Buyer, LLC
Amortized cost		18,265,700
Fair Value		18,531,300
Lightbeam Bidco, Inc.
Amortized cost		17,021,800		15,974,600
Fair Value		17,289,600		16,209,300
North Haven Fairway Buyer, LLC, Fairway Lawns, LLC and Command Pest Control, LLC
Amortized cost		3,762,700
Fair Value		3,868,500
Priority Waste Holdings LLC, Priority Waste Holdings Indiana LLC and Priority Waste Super Holdings, LLC
Amortized cost		24,288,300		18,603,000
Fair Value		26,203,500		19,509,000
Saturn Purchaser Corp.
Amortized cost				8,264,400
Fair Value				8,261,300
Summer (BC) Bidco B LLC
Amortized cost		6,959,500
Fair Value		6,973,400
UP Intermediate II LLC and UPBW Blocker LLC
Amortized cost		5,649,200
Fair Value		5,648,700
ADMA Biologics Inc.
Amortized cost		4,209,100		4,201,800
Fair Value		4,255,200		4,255,200
Bamboo US BidCo LLC
Amortized cost		20,712,100		20,431,600
Fair Value		21,187,400		20,664,500
WCI-BXC Purchaser, LLC and WCI-BXC Investment Holdings, L.P.
Amortized cost		5,074,100		5,081,000
Fair Value		5,067,500		5,078,300
Collision SP Subco, LLC
Amortized cost		3,624,000
Fair Value		3,620,200
New ChurcHill HoldCo LLC and Victory Topco, LP
Amortized cost		16,132,700		14,547,900
Fair Value		16,566,300		14,345,200
Truck-Lite Co., LLC, Ecco Holdings Corp. and Clarience Technologies, LLC
Amortized cost		36,742,300
Fair Value		36,822,200
Hills Distribution, Inc., Hills Intermediate FT Holdings, LLC and GMP Hills, LP
Amortized cost		6,581,500		6,586,500
Fair Value		6,577,600		6,567,900
Chobani, LLC
Amortized cost		12,814,200		12,844,500
Fair Value		12,889,500		12,887,700
Meyer Laboratory, LLC and Meyer Parent, LLC
Amortized cost		9,944,500
Fair Value		9,941,800
Trident TPI Holdings, Inc.
Amortized cost		15,896,500		12,747,600
Fair Value		16,111,200		12,960,000
Vobey, LLC and Vobey Holdings, LLC
Amortized cost		5,966,100		5,287,900
Fair Value		4,963,000		4,702,500
Cotiviti Holdings, Inc.
Amortized cost		14,950,000
Fair Value		14,981,300
Fugue Finance LLC
Amortized cost		7,933,900
Fair Value		7,973,300
City Line Distributors LLC and City Line Investments LLC
Amortized cost		2,850,300		2,048,600
Fair Value		2,928,100		2,053,900
Mr. Greens Intermediate, LLC, Florida Veg Investments LLC, MRG Texas, LLC and Restaurant Produce and Services Blocker, LLC
Amortized cost		9,263,800		9,275,100
Fair Value		9,498,300		9,530,600
Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P.
Amortized cost		7,612,100		7,204,100
Fair Value		7,716,400		7,341,700
Silk Holdings III Corp. and Silk Holdings I Corp.
Amortized cost		14,609,000		14,626,900
Fair Value		15,132,300		$ 15,112,300
Pallas Funding Trust No.2
Amortized cost		5,426,000
Fair Value		$ 5,444,600
Investment, Identifier [Axis]: 22 HoldCo Limited, Senior subordinated loan
Coupon, PIK		12.96%	[5]	12.96%	[6]
Spread		7.50%	[5]	7.50%	[6]
Principal		$ 15,462,900	[7],[8],[9]	$ 14,698,000	[10],[11],[12]
Amortized cost		14,974,100	[7],[8],[9]	14,049,200	[10],[11],[12]
Fair Value		$ 14,840,700	[7],[8],[9]	$ 14,097,200	[10],[11],[12]
Investment, Identifier [Axis]: 3 Step Sports LLC and 3 Step Holdings, LLC, First lien senior secured loan
Coupon		13.46%	[5]	13.47%	[6]
Coupon, PIK		1.50%	[5]	1.50%	[6]
Spread		8.00%	[5]	8.00%	[6]
Principal		$ 16,436,900	[7],[8]	$ 16,415,100	[10],[11]
Amortized cost		15,472,000	[7],[8]	15,404,900	[10],[11]
Fair Value		$ 15,041,100	[7],[8]	$ 15,299,300	[10],[11]
Investment, Identifier [Axis]: 3 Step Sports LLC and 3 Step Holdings, LLC, First lien senior secured revolving loan
Coupon		13.47%	[5]	13.33%	[6]
Spread		8.00%	[5]	8.00%	[6]
Principal		$ 526,300	[7],[8]	$ 526,300	[10],[11]
Amortized cost		450,500	[7],[8]	446,300	[10],[11]
Fair Value		$ 421,100	[7],[8]	$ 442,100	[10],[11]
Investment, Identifier [Axis]: 3 Step Sports LLC and 3 Step Holdings, LLC, Series D preferred units
Shares/Units (in shares)		267,369	[8]	267,369	[11]
Amortized cost		$ 4,400,000	[8]	$ 4,400,000	[11]
Fair Value		$ 4,400,000	[8]	$ 4,400,000	[11]
Investment, Identifier [Axis]: 8th Avenue Food & Provisions, Inc., First lien senior secured loan
Coupon	[5]	9.19%
Spread	[5]	3.75%
Principal		$ 4,986,800
Amortized cost		4,884,700
Fair Value		$ 4,890,500
Investment, Identifier [Axis]: ABPCI 2019-5A, Collaterized loan obligation
Coupon	[5]	11.04%
Spread	[5]	5.75%
Principal	[8],[9]	$ 1,100,000
Amortized cost	[8],[9]	1,100,000
Fair Value	[8],[9]	$ 1,103,100
Investment, Identifier [Axis]: ADMA Biologics Inc., First lien senior secured loan
Coupon		11.83%	[5]	11.88%	[6]
Spread		6.50%	[5]	6.50%	[6]
Principal		$ 4,308,000	[7],[8],[9]	$ 4,308,000	[10],[11],[12]
Amortized cost		4,208,100	[7],[8],[9]	4,200,800	[10],[11],[12]
Fair Value		$ 4,254,200	[7],[8],[9]	$ 4,254,200	[10],[11],[12]
Investment, Identifier [Axis]: ADMA Biologics Inc., First lien senior secured revolving loan
Coupon		9.08%	[5]	9.13%	[6]
Spread		3.75%	[5]	3.75%	[6]
Principal		$ 1,000.0	[7],[8],[9]	$ 1,000.0	[10],[11],[12]
Amortized cost		1,000.0	[7],[8],[9]	1,000.0	[10],[11],[12]
Fair Value		$ 1,000.0	[7],[8],[9]	$ 1,000.0	[10],[11],[12]
Investment, Identifier [Axis]: AI Aqua Merger Sub, Inc., First lien senior secured loan 1
Coupon		9.07%	[5]	9.58%	[6]
Spread		3.75%	[5]	4.25%	[6]
Principal		$ 8,982,300	[7]	$ 5,782,600	[10]
Amortized cost		8,967,700	[7]	5,782,600	[10]
Fair Value		$ 8,992,700	[7]	$ 5,806,700	[10]
Investment, Identifier [Axis]: AI Aqua Merger Sub, Inc., First lien senior secured loan 2
Coupon		9.58%	[5]	9.09%	[6]
Spread		4.25%	[5]	3.75%	[6]
Principal		$ 6,754,100	[7]	$ 9,005,200	[10]
Amortized cost		6,754,700	[7]	8,989,600	[10]
Fair Value		$ 6,782,300	[7]	$ 9,000,100	[10]
Investment, Identifier [Axis]: AMCP Clean Acquisition Company, LLC, First lien senior secured loan
Coupon	[5]	10.33%
Spread	[5]	5.00%
Principal	[7],[8]	$ 5,475,400
Amortized cost	[7],[8]	5,393,800
Fair Value	[7],[8]	$ 5,393,300
Investment, Identifier [Axis]: AMWINS Group, Inc., First lien senior secured loan
Coupon	[6]			7.72%
Spread	[6]			2.25%
Principal	[10]			$ 7,246,600
Amortized cost	[10]			7,235,800
Fair Value	[10]			$ 7,248,600
Investment, Identifier [Axis]: AUDAX 2024-9, Collaterized loan obligation
Coupon	[5]	10.50%
Spread	[5]	5.20%
Principal	[8],[9]	$ 2,000,000
Amortized cost	[8],[9]	2,000,000
Fair Value	[8],[9]	$ 2,004,600
Investment, Identifier [Axis]: AVSC Holding Corp., First lien senior secured loan 1
Coupon		8.93%	[5]	8.96%	[6]
Coupon, PIK		0.48%	[5]	0.48%	[6]
Spread		3.50%	[5]	3.50%	[6]
Principal		$ 5,848,500	[7]	$ 5,508,600	[10]
Amortized cost		5,723,800	[7]	5,318,800	[10]
Fair Value		$ 5,852,500	[7]	$ 5,383,000	[10]
Investment, Identifier [Axis]: AVSC Holding Corp., First lien senior secured loan 2
Coupon		10.93%	[5]	10.96%	[6]
Coupon, PIK		1.61%	[5]	1.61%	[6]
Spread		5.50%	[5]	5.50%	[6]
Principal		$ 7,327,000	[7]	$ 5,401,000	[10]
Amortized cost		7,207,900	[7]	5,290,500	[10]
Fair Value		$ 7,339,200	[7]	$ 5,275,000	[10]
Investment, Identifier [Axis]: Access CIG, LLC, First lien senior secured loan
Coupon		10.33%	[5]	10.39%	[6]
Spread		5.00%	[5]	5.00%	[6]
Principal		$ 18,090,500	[7]	$ 10,972,500	[10]
Amortized cost		17,869,300	[7]	10,770,500	[10]
Fair Value		$ 18,090,500	[7]	$ 10,979,400	[10]
Investment, Identifier [Axis]: Accession Risk Management Group, Inc. and RSC Insurance Brokerage, Inc., First lien senior secured loan 1
Coupon		10.96%	[5]	11.03%	[6]
Spread		5.50%	[5]	5.50%	[6]
Principal		$ 4,022,400	[7],[8]	$ 4,032,900	[10],[11]
Amortized cost		3,984,100	[7],[8]	3,993,100	[10],[11]
Fair Value		$ 4,022,400	[7],[8]	$ 3,952,300	[10],[11]
Investment, Identifier [Axis]: Accession Risk Management Group, Inc. and RSC Insurance Brokerage, Inc., First lien senior secured loan 2
Coupon		11.31%	[5]	11.35%	[6]
Spread		6.00%	[5]	6.00%	[6]
Principal		$ 11,000.0	[7],[8]	$ 1,400	[10],[11]
Amortized cost		10,800	[7],[8]	1,100	[10],[11]
Fair Value		$ 11,000.0	[7],[8]	$ 1,200	[10],[11]
Investment, Identifier [Axis]: Accession Risk Management Group, Inc. and RSC Insurance Brokerage, Inc., First lien senior secured loan 3
Coupon	[6]			11.41%
Spread	[6]			6.00%
Principal	[10],[11]			$ 3,100
Amortized cost	[10],[11]			3,100
Fair Value	[10],[11]			$ 3,100
Investment, Identifier [Axis]: Acrisure, LLC, First lien senior secured loan
Coupon	[6]			9.89%
Spread	[6]			4.50%
Principal				$ 30,000,000
Amortized cost				29,706,200
Fair Value				$ 30,024,900
Investment, Identifier [Axis]: Acrisure, LLC, First lien senior secured loan 1
Coupon	[5]	9.83%
Spread	[5]	4.50%
Principal		$ 29,925,000
Amortized cost		29,642,600
Fair Value		$ 29,999,800
Investment, Identifier [Axis]: Acrisure, LLC, First lien senior secured loan 2
Coupon	[5]	9.69%
Spread	[5]	4.25%
Principal	[7]	$ 3,045,900
Amortized cost	[7]	3,049,600
Fair Value	[7]	$ 3,049,700
Investment, Identifier [Axis]: Acrisure, LLC, Senior subordinated loan
Coupon	[6]			7.00%
Principal				$ 3,700,000
Amortized cost				3,611,200
Fair Value				$ 3,690,800
Investment, Identifier [Axis]: Activate Holdings (US) Corp. and CrossPoint Capital AS SPV, LP, First lien senior secured loan
Coupon	[5]	11.56%
Spread	[5]	6.25%
Principal	[7],[8],[9]	$ 13,873,900
Amortized cost	[7],[8],[9]	13,528,300
Fair Value	[7],[8],[9]	$ 13,873,900
Investment, Identifier [Axis]: Activate Holdings (US) Corp. and CrossPoint Capital AS SPV, LP, Limited partnership interests
Coupon, PIK	[5]	8.00%
Shares/Units (in shares)	[8],[9]	100,000
Amortized cost	[8],[9]	$ 102,500
Fair Value	[8],[9]	$ 127,900
Investment, Identifier [Axis]: Agiliti Health, Inc., First lien senior secured loan
Coupon	[6]			8.39%
Spread	[6]			3.00%
Principal	[12]			$ 4,381,900
Amortized cost	[12]			4,368,800
Fair Value	[12]			$ 4,376,400
Investment, Identifier [Axis]: Airx Climate Solutions, Inc., First lien senior secured loan
Coupon		11.68%	[5]	11.68%	[6]
Spread		6.25%	[5]	6.25%	[6]
Principal		$ 23,505,900	[7],[8]	$ 23,564,800	[10],[11]
Amortized cost		22,955,300	[7],[8]	22,990,400	[10],[11]
Fair Value		$ 22,918,200	[7],[8]	$ 22,975,700	[10],[11]
Investment, Identifier [Axis]: Airx Climate Solutions, Inc., First lien senior secured revolving loan
Coupon	[5]	11.57%
Spread	[5]	6.25%
Principal	[7],[8]	$ 540,600
Amortized cost	[7],[8]	467,800
Fair Value	[7],[8]	$ 462,600
Investment, Identifier [Axis]: Alcami Corporation, First lien senior secured loan
Coupon		12.49%	[5]	12.46%	[6]
Spread		7.00%	[5]	7.00%	[6]
Principal		$ 4,367,100	[7],[8]	$ 4,068,500	[10],[11]
Amortized cost		4,178,100	[7],[8]	3,883,100	[10],[11]
Fair Value		$ 4,367,100	[7],[8]	$ 4,068,500	[10],[11]
Investment, Identifier [Axis]: AlixPartners, LLP, First lien senior secured loan
Coupon		7.94%	[5]	8.22%	[6]
Spread		2.50%	[5]	2.75%	[6]
Principal		$ 17,129,000	[7]	$ 17,173,100	[10]
Amortized cost		17,095,200	[7]	17,137,000	[10]
Fair Value		$ 17,142,800	[7]	$ 17,206,400	[10]
Investment, Identifier [Axis]: Alliant Holdings Intermediate, LLC, First lien senior secured loan
Coupon		8.83%	[5]	8.86%	[6]
Spread		3.50%	[5]	3.50%	[6]
Principal		$ 2,551,600	[7]	$ 2,558,100	[10]
Amortized cost		2,528,900	[7]	2,534,400	[10]
Fair Value		$ 2,561,200	[7]	$ 2,566,400	[10]
Investment, Identifier [Axis]: Alterra Mountain Company, First lien senior secured loan 1
Coupon		9.15%	[5]	9.21%	[6]
Spread		3.75%	[5]	3.75%	[6]
Principal		$ 9,287,600	[8]	$ 7,887,400	[11]
Amortized cost		9,284,900	[8]	7,881,800	[11]
Fair Value		$ 9,322,400	[8]	$ 7,926,900	[11]
Investment, Identifier [Axis]: Alterra Mountain Company, First lien senior secured loan 2
Coupon		8.94%	[5]	8.97%	[6]
Spread		3.50%	[5]	3.50%	[6]
Principal		$ 1,280,300	[7]	$ 1,283,600	[10]
Amortized cost		1,270,200	[7]	1,272,900	[10]
Fair Value		$ 1,284,000	[7]	$ 1,283,600	[10]
Investment, Identifier [Axis]: Alterra Mountain Company, First lien senior secured loan 3
Coupon	[5]	8.58%
Spread	[5]	3.25%
Principal		$ 1,028,500
Amortized cost		1,028,500
Fair Value		$ 1,031,500
Investment, Identifier [Axis]: American Auto Auction Group, LLC, First lien senior secured loan
Coupon	[5]	10.46%
Spread	[5]	5.00%
Principal	[7]	$ 997,400
Amortized cost	[7]	990,300
Fair Value	[7]	$ 988,700
Investment, Identifier [Axis]: Amerivet Partners Management, Inc. and AVE Holdings LP, Class A units
Shares/Units (in shares)	[8]	1,575
Amortized cost	[8]	$ 1,575,000
Fair Value	[8]	$ 1,575,000
Investment, Identifier [Axis]: Amerivet Partners Management, Inc. and AVE Holdings LP, Class C units
Shares/Units (in shares)		3,849	[8]	3,849	[11]
Amortized cost		$ 768,400	[8]	$ 768,400	[11]
Fair Value		$ 768,000.0	[8]	$ 768,400	[11]
Investment, Identifier [Axis]: Amerivet Partners Management, Inc. and AVE Holdings LP, Subordinated loan
Coupon, PIK		16.50%	[5]	16.50%	[6]
Principal		$ 31,113,200	[8]	$ 26,053,300	[11]
Amortized cost		29,427,100	[8]	24,532,800	[11]
Fair Value		$ 29,042,700	[8]	$ 24,490,100	[11]
Investment, Identifier [Axis]: Apex Service Partners, LLC and Apex Service Partners Holdings, LLC, First lien senior secured loan
Coupon		12.32%	[5]	12.40%	[6]
Coupon, PIK		2.00%	[5]	2.00%	[6]
Spread		7.00%	[5]	7.00%	[6]
Principal		$ 29,115,300	[7],[8]	$ 26,941,400	[10],[11]
Amortized cost		28,370,300	[7],[8]	26,170,300	[10],[11]
Fair Value		$ 28,318,200	[7],[8]	$ 26,148,900	[10],[11]
Investment, Identifier [Axis]: Apex Service Partners, LLC and Apex Service Partners Holdings, LLC, First lien senior secured revolving loan
Coupon	[5]	11.82%
Spread	[5]	6.50%
Principal	[7],[8]	$ 775,000.0
Amortized cost	[7],[8]	727,800
Fair Value	[7],[8]	$ 724,000.0
Investment, Identifier [Axis]: Apex Service Partners, LLC and Apex Service Partners Holdings, LLC, First lien senior secured revolving loan 1
Coupon	[6]			14.00%
Spread	[6]			5.50%
Principal	[10],[11]			$ 68,000.0
Amortized cost	[10],[11]			47,400
Fair Value	[10],[11]			$ 46,700
Investment, Identifier [Axis]: Apex Service Partners, LLC and Apex Service Partners Holdings, LLC, First lien senior secured revolving loan 2
Coupon	[6]			11.87%
Spread	[6]			6.50%
Principal	[10],[11]			$ 95,200
Amortized cost	[10],[11]			66,400
Fair Value	[10],[11]			$ 65,400
Investment, Identifier [Axis]: Apex Service Partners, LLC and Apex Service Partners Holdings, LLC, Series B common units
Shares/Units (in shares)		45,351	[8]	45,351	[11]
Amortized cost		$ 1,250,000	[8]	$ 1,250,000	[11]
Fair Value		$ 1,448,900	[8]	$ 1,250,000	[11]
Investment, Identifier [Axis]: AppLovin Corporation, First lien senior secured loan
Coupon	[5]	7.83%
Spread	[5]	2.50%
Principal	[7],[9]	$ 8,600,000
Amortized cost	[7],[9]	8,578,600
Fair Value	[7],[9]	$ 8,589,300
Investment, Identifier [Axis]: Applied Systems, Inc., First lien senior secured loan
Coupon		9.81%	[5]	9.85%	[6]
Spread		4.50%	[5]	4.50%	[6]
Principal		$ 13,027,600		$ 9,397,300	[10]
Amortized cost		13,028,100		9,399,800	[10]
Fair Value		$ 13,099,700		$ 9,430,300	[10]
Investment, Identifier [Axis]: Aptean, Inc. and Aptean Acquiror Inc., First lien senior secured loan
Coupon		10.57%	[5]	9.71%	[6]
Spread		5.25%	[5]	4.25%	[6]
Principal		$ 34,974,000	[7],[8]	$ 5,953,100
Amortized cost		34,605,200	[7],[8]	5,858,600
Fair Value		$ 34,578,100	[7],[8]	$ 5,935,700
Investment, Identifier [Axis]: Artera Services, LLC, First lien senior secured loan
Coupon	[5]	9.81%
Spread	[5]	4.50%
Principal		$ 8,254,100
Amortized cost		8,201,400
Fair Value		$ 8,278,900
Investment, Identifier [Axis]: Artera Services, LLC, First lien senior secured loan 1
Coupon	[6]			8.70%
Spread	[6]			3.25%
Principal	[10]			$ 3,941,200
Amortized cost	[10]			3,696,400
Fair Value	[10]			$ 3,699,100
Investment, Identifier [Axis]: Artera Services, LLC, First lien senior secured loan 2
Coupon	[6]			8.95%
Spread	[6]			3.50%
Principal	[10]			$ 2,058,200
Amortized cost	[10]			1,912,100
Fair Value	[10]			$ 1,931,500
Investment, Identifier [Axis]: Artivion, Inc., First lien senior secured loan
Coupon	[5]	11.80%
Spread	[5]	6.50%
Principal	[7],[8],[9]	$ 26,884,300
Amortized cost	[7],[8],[9]	26,233,400
Fair Value	[7],[8],[9]	$ 26,212,200
Investment, Identifier [Axis]: Artivion, Inc., First lien senior secured revolving loan
Coupon	[5]	9.30%
Spread	[5]	4.00%
Principal	[7],[8],[9]	$ 1,983,000
Amortized cost	[7],[8],[9]	1,887,200
Fair Value	[7],[8],[9]	$ 1,883,900
Investment, Identifier [Axis]: AssuredPartners, Inc, First lien senior secured loan 1
Coupon	[5]	8.89%
Spread	[5]	3.50%
Principal	[7]	$ 1,228,200
Amortized cost	[7]	1,231,300
Fair Value	[7]	$ 1,229,000
Investment, Identifier [Axis]: AssuredPartners, Inc, First lien senior secured loan 2
Coupon	[5]	8.83%
Spread	[5]	3.50%
Principal	[7]	$ 4,500,000
Amortized cost	[7]	4,477,600
Fair Value	[7]	$ 4,504,200
Investment, Identifier [Axis]: Asurion, LLC, First lien senior secured loan 1
Coupon		8.69%	[5]	8.72%	[6]
Spread		3.25%	[5]	3.25%	[6]
Principal		$ 1,428,600		$ 11,461,400
Amortized cost		1,376,800		11,258,500
Fair Value		$ 1,370,200		$ 11,423,200
Investment, Identifier [Axis]: Asurion, LLC, First lien senior secured loan 2
Coupon		8.69%	[5]	9.71%	[6]
Spread		3.25%	[5]	4.25%	[6]
Principal		$ 12,163,900		$ 3,279,400
Amortized cost		11,961,100		3,153,700
Fair Value		$ 11,898,900		$ 3,263,600
Investment, Identifier [Axis]: Avalign Holdings, Inc. and Avalign Technologies, Inc., First lien senior secured loan
Coupon	[5]	11.83%
Spread	[5]	6.50%
Principal	[7],[8]	$ 26,559,600
Amortized cost	[7],[8]	26,035,200
Fair Value	[7],[8]	$ 26,028,400
Investment, Identifier [Axis]: B&G Foods Inc, First lien senior secured loan
Coupon	[6]			7.86%
Spread	[6]			2.50%
Principal	[12]			$ 2,880,100
Amortized cost	[12]			2,866,500
Fair Value	[12]			$ 2,851,800
Investment, Identifier [Axis]: BALLY 2023-24, Collaterized loan obligation
Coupon		10.36%	[5]	10.31%	[6]
Spread		5.05%	[5]	5.05%	[6]
Principal		$ 1,500,000	[8],[9]	$ 1,500,000	[11],[12]
Amortized cost		1,500,000	[8],[9]	1,500,000	[11],[12]
Fair Value		$ 1,543,800	[8],[9]	$ 1,522,700	[11],[12]
Investment, Identifier [Axis]: BCC 2023-3, Collaterized loan obligation
Coupon		10.57%	[5]	10.61%	[6]
Spread		5.25%	[5]	5.25%	[6]
Principal		$ 1,500,000	[8],[9]	$ 1,500,000	[11],[12]
Amortized cost		1,500,000	[8],[9]	1,500,000	[11],[12]
Fair Value		$ 1,534,800	[8],[9]	$ 1,528,800	[11],[12]
Investment, Identifier [Axis]: BCPE Empire Holdings, Inc., First lien senior secured loan
Coupon	[5]	9.33%
Spread	[5]	4.00%
Principal	[7]	$ 5,000,000
Amortized cost	[7]	4,992,700
Fair Value	[7]	$ 5,002,200
Investment, Identifier [Axis]: BCTO Ignition Purchaser, Inc., First lien senior secured loan
Coupon, PIK		14.30%	[5]	14.40%	[6]
Spread		9.00%	[5]	9.00%	[6]
Principal		$ 16,456,500	[7],[8],[9]	$ 15,967,500	[10],[11],[12]
Amortized cost		16,063,800	[7],[8],[9]	15,559,900	[10],[11],[12]
Fair Value		$ 16,456,500	[7],[8],[9]	$ 15,648,200	[10],[11],[12]
Investment, Identifier [Axis]: BIFM CA Buyer Inc., First lien senior secured loan
Coupon	[6]			8.97%
Spread	[6]			3.50%
Principal	[12]			$ 2,611,300
Amortized cost	[12]			2,616,100
Fair Value	[12]			$ 2,611,700
Investment, Identifier [Axis]: BIP PipeCo Holdings LLC, First lien senior secured loan
Coupon	[6]			8.62%
Spread	[6]			3.25%
Principal	[11]			$ 3,000,000
Amortized cost	[11]			2,985,100
Fair Value	[11]			$ 2,988,800
Investment, Identifier [Axis]: BR PJK Produce, LLC, First lien senior secured loan
Coupon		11.46%	[5]	11.46%	[6]
Spread		6.00%	[5]	6.00%	[6]
Principal		$ 932,700	[7],[8]	$ 932,700	[10],[11]
Amortized cost		894,600	[7],[8]	892,000.0	[10],[11]
Fair Value		$ 871,800	[7],[8]	$ 871,800	[10],[11]
Investment, Identifier [Axis]: BROOKP 2024-1, Collaterized loan obligation
Coupon	[5]	11.83%
Spread	[5]	6.50%
Principal	[8],[9]	$ 1,000,000
Amortized cost	[8],[9]	1,000,000
Fair Value	[8],[9]	$ 1,005,200
Investment, Identifier [Axis]: BSP 2024-34, Collaterized loan obligation
Coupon	[5]	12.01%
Spread	[5]	6.70%
Principal	[8],[9]	$ 1,250,000
Amortized cost	[8],[9]	1,250,000
Fair Value	[8],[9]	$ 1,256,500
Investment, Identifier [Axis]: BTCP 2023-1, Collaterized loan obligation
Coupon	[5]	12.27%
Spread	[5]	6.50%
Principal	[8],[9]	$ 6,100,000
Amortized cost	[8],[9]	6,105,700
Fair Value	[8],[9]	$ 6,100,000
Investment, Identifier [Axis]: BTCP 2023-1, Private asset-backed investment
Coupon	[6]			11.85%
Spread	[6]			6.50%
Principal	[11],[12]			$ 6,100,000
Amortized cost	[11],[12]			6,105,700
Fair Value	[11],[12]			$ 6,100,000
Investment, Identifier [Axis]: Bamboo US BidCo LLC, First lien senior secured loan 1
Coupon		10.66%	[5]	9.95%	[6]
Coupon, PIK	[5]	3.38%
Spread		6.75%	[5]	6.00%	[6]
Principal		$ 8,515,200	[7],[8]	$ 8,640,000	[10],[11]
Amortized cost		8,186,900	[7],[8]	8,104,800	[10],[11]
Fair Value		$ 8,430,000	[7],[8]	$ 8,380,800	[10],[11]
Investment, Identifier [Axis]: Bamboo US BidCo LLC, First lien senior secured loan 2
Coupon		12.06%	[5]	11.38%	[6]
Coupon, PIK	[5]	3.38%
Spread		6.75%	[5]	6.00%	[6]
Principal		$ 12,904,000	[7],[8]	$ 12,720,200	[10],[11]
Amortized cost		12,525,200	[7],[8]	12,326,800	[10],[11]
Fair Value		12,757,400	[7],[8]	$ 12,283,700	[10],[11]
Investment, Identifier [Axis]: Bamboo US BidCo LLC, First lien senior secured revolving loan
Principal	[7],[8],[13]	0
Amortized cost	[7],[8],[13]	0
Fair Value	[7],[8],[13]	$ 0
Investment, Identifier [Axis]: Barentz International B.V., First lien senior secured loan
Coupon	[5]	9.48%
Spread	[5]	4.25%
Principal	[8],[9]	$ 5,000,000
Amortized cost	[8],[9]	4,975,000
Fair Value	[8],[9]	$ 5,012,500
Investment, Identifier [Axis]: Bausch + Lomb Corporation, First lien senior secured loan
Coupon	[6]			9.36%
Spread	[6]			4.00%
Principal	[12]			$ 4,987,500
Amortized cost	[12]			4,939,700
Fair Value	[12]			$ 4,968,800
Investment, Identifier [Axis]: Belfor Holdings, Inc., First lien senior secured loan
Coupon		9.08%	[5]	9.11%	[6]
Spread		3.75%	[5]	3.75%	[6]
Principal		$ 15,436,200	[7],[8]	$ 16,434,200	[10]
Amortized cost		15,312,900	[7],[8]	16,298,000	[10]
Fair Value		$ 15,494,100	[7],[8]	$ 16,465,100	[10]
Investment, Identifier [Axis]: Blackhawk Network Holdings Inc., First lien senior secured loan
Coupon	[5]	10.33%
Spread	[5]	5.00%
Principal	[7]	$ 4,100,000
Amortized cost	[7]	4,018,500
Fair Value	[7]	$ 4,102,500
Investment, Identifier [Axis]: Bleriot US Bidco Inc., First lien senior secured loan
Coupon		9.57%	[5]	9.61%	[6]
Spread		4.00%	[5]	4.00%	[6]
Principal		$ 4,470,100		$ 2,481,400
Amortized cost		4,472,900		2,479,100
Fair Value		$ 4,484,500		$ 2,489,400
Investment, Identifier [Axis]: Bobcat Purchaser, LLC and Bobcat Topco, L.P., Class A-1 units
Shares/Units (in shares)		113,541	[8]	100,000	[11]
Amortized cost		$ 113,500	[8]	$ 100,000.0	[11]
Fair Value		$ 113,500	[8]	$ 100,000.0	[11]
Investment, Identifier [Axis]: Bobcat Purchaser, LLC and Bobcat Topco, L.P., First lien senior secured loan
Coupon		11.56%	[5]	11.59%	[6]
Spread		6.25%	[5]	6.25%	[6]
Principal		$ 13,337,200	[7],[8]	$ 13,370,700	[10],[11]
Amortized cost		13,041,600	[7],[8]	13,062,500	[10],[11]
Fair Value		$ 13,337,200	[7],[8]	$ 13,370,700	[10],[11]
Investment, Identifier [Axis]: Boxer Parent Company Inc., First lien senior secured loan
Coupon		9.58%	[5]	9.61%	[6]
Spread		4.25%	[5]	4.25%	[6]
Principal		$ 9,383,800	[9]	$ 9,157,300	[12]
Amortized cost		9,358,000	[9]	9,132,100	[12]
Fair Value		$ 9,436,600	[9]	$ 9,210,000	[12]
Investment, Identifier [Axis]: Bracket Intermediate Holding Corp., First lien senior secured loan
Coupon		10.40%	[5]	10.45%	[6]
Spread		5.00%	[5]	5.00%	[6]
Principal		$ 16,400,100	[7]	$ 11,316,400	[10]
Amortized cost		16,233,400	[7]	11,129,900	[10]
Fair Value		$ 16,424,700	[7]	$ 11,299,900	[10]
Investment, Identifier [Axis]: BradyIFS Holdings, LLC, First lien senior secured loan
Coupon		11.31%	[5]	11.38%	[6]
Spread		6.00%	[5]	6.00%	[6]
Principal		$ 30,008,500	[7],[8]	$ 30,083,700	[10],[11]
Amortized cost		29,432,900	[7],[8]	29,483,100	[10],[11]
Fair Value		$ 29,359,700	[7],[8]	$ 29,433,400	[10],[11]
Investment, Identifier [Axis]: Broadcast Music, Inc., First lien senior secured loan
Coupon	[5]	11.07%
Spread	[5]	5.75%
Principal	[7],[8]	$ 29,615,400
Amortized cost	[7],[8]	28,892,900
Fair Value	[7],[8]	$ 28,875,000
Investment, Identifier [Axis]: Broadstreet Partners, Inc., First lien senior secured loan
Coupon		9.08%	[5]	9.10%	[6]
Spread		3.75%	[5]	3.75%	[6]
Principal		$ 13,603,700		$ 13,637,800
Amortized cost		13,548,800		13,579,900
Fair Value		$ 13,630,900		$ 13,659,100
Investment, Identifier [Axis]: Brookfield WEC Holdings Inc., First lien senior secured loan 1
Coupon	[6]			9.11%
Spread	[6]			3.75%
Principal	[10]			$ 2,806,500
Amortized cost	[10]			2,806,500
Fair Value	[10]			$ 2,813,600
Investment, Identifier [Axis]: Brookfield WEC Holdings Inc., First lien senior secured loan 2
Coupon	[6]			8.22%
Spread	[6]			2.75%
Principal	[10]			$ 13,366,900
Amortized cost	[10]			13,338,300
Fair Value	[10]			$ 13,392,600
Investment, Identifier [Axis]: Brown Group Holding, LLC, First lien senior secured loan 1
Coupon		9.07%	[5]	9.13%	[6]
Spread		3.75%	[5]	3.75%	[6]
Principal		$ 4,942,200	[7]	$ 5,942,200	[10]
Amortized cost		4,930,500	[7]	5,936,300	[10]
Fair Value		$ 4,939,800	[7]	$ 5,957,100	[10]
Investment, Identifier [Axis]: Brown Group Holding, LLC, First lien senior secured loan 2
Coupon		8.18%	[5]	8.21%	[6]
Spread		2.75%	[5]	2.75%	[6]
Principal		$ 1,983,600	[7]	$ 1,989,100	[10]
Amortized cost		1,981,400	[7]	1,986,700	[10]
Fair Value		$ 1,981,200	[7]	$ 1,989,800	[10]
Investment, Identifier [Axis]: Burgess Point Purchaser Corporation, First lien senior secured loan
Coupon		10.68%	[5]	10.71%	[6]
Spread		5.25%	[5]	5.25%	[6]
Principal		$ 43,450,700	[7]	$ 34,850,000	[10]
Amortized cost		40,977,600	[7]	32,837,900	[10]
Fair Value		$ 41,343,400	[7]	$ 32,795,300	[10]
Investment, Identifier [Axis]: CCC Intelligent Solutions Inc., First lien senior secured loan
Coupon		7.69%	[5]	7.72%	[6]
Spread		2.25%	[5]	2.25%	[6]
Principal		$ 3,806,900	[7],[9]	$ 3,816,600	[10],[12]
Amortized cost		3,807,900	[7],[9]	3,817,700	[10],[12]
Fair Value		$ 3,800,500	[7],[9]	$ 3,814,300	[10],[12]
Investment, Identifier [Axis]: CFC Funding LLC, Loan instrument units
Coupon, PIK		9.75%	[5]	9.75%	[6]
Shares/Units (in shares)		5,300	[8],[9]	5,300	[11],[12]
Amortized cost		$ 5,295,900	[8],[9]	$ 5,035,300	[11],[12]
Fair Value		$ 5,558,400	[8],[9]	$ 5,141,000	[11],[12]
Investment, Identifier [Axis]: CGMS 2023-1, Collaterized loan obligation
Coupon		10.42%	[5]	10.45%	[6]
Spread		5.10%	[5]	5.10%	[6]
Principal		$ 1,250,000	[8],[9]	$ 1,250,000	[11],[12]
Amortized cost		1,250,000	[8],[9]	1,250,000	[11],[12]
Fair Value		$ 1,282,700	[8],[9]	$ 1,275,700	[11],[12]
Investment, Identifier [Axis]: CGMS 2023-2, Collaterized loan obligation
Coupon		10.32%	[5]	10.26%	[6]
Spread		5.00%	[5]	5.00%	[6]
Principal		$ 2,000,000	[8],[9]	$ 2,000,000	[11],[12]
Amortized cost		2,000,000	[8],[9]	2,000,000	[11],[12]
Fair Value		$ 2,052,200	[8],[9]	$ 2,030,000	[11],[12]
Investment, Identifier [Axis]: CGMS 2024-2, Collaterized loan obligation
Coupon	[5]	12.17%
Spread	[5]	6.85%
Principal	[8],[9]	$ 1,500,000
Amortized cost	[8],[9]	1,500,000
Fair Value	[8],[9]	$ 1,500,000
Investment, Identifier [Axis]: CIFC 2022-5, Collaterized loan obligation
Coupon	[5]	9.22%
Spread	[5]	3.90%
Principal	[8],[9]	$ 6,000,000
Amortized cost	[8],[9]	6,000,000
Fair Value	[8],[9]	$ 6,006,500
Investment, Identifier [Axis]: CIFC 2024-2A, Collaterized loan obligation
Coupon	[5]	11.71%
Spread	[5]	6.40%
Principal	[8],[9]	$ 2,000,000
Amortized cost	[8],[9]	2,000,000
Fair Value	[8],[9]	$ 2,010,400
Investment, Identifier [Axis]: CNT Holdings I Corp, First lien senior secured loan
Coupon		8.82%	[5]	8.93%	[6]
Spread		3.50%	[5]	3.50%	[6]
Principal		$ 20,893,100	[7]	$ 8,945,500	[10]
Amortized cost		20,801,800	[7]	8,874,400	[10]
Fair Value		$ 20,919,200	[7]	$ 8,955,400	[10]
Investment, Identifier [Axis]: CP Atlas Buyer Inc, First lien senior secured loan
Coupon	[5]	9.18%
Spread	[5]	3.75%
Principal	[7]	$ 9,546,200
Amortized cost	[7]	9,349,900
Fair Value	[7]	$ 9,419,200
Investment, Identifier [Axis]: CPIG Holdco Inc., First lien senior secured loan
Coupon		12.43%	[5]	12.49%	[6]
Spread		7.00%	[5]	7.00%	[6]
Principal		$ 14,925,000	[7],[8]	$ 14,962,500	[10],[11]
Amortized cost		14,560,300	[7],[8]	14,574,600	[10],[11]
Fair Value		$ 14,925,000	[7],[8]	$ 14,962,500	[10],[11]
Investment, Identifier [Axis]: CPIG Holdco Inc., First lien senior secured revolving loan
Coupon		10.18%	[5]	10.24%	[6]
Spread		4.75%	[5]	4.75%	[6]
Principal		$ 500	[7],[8],[14]	$ 500	[10],[11]
Amortized cost		500	[7],[8],[14]	500	[10],[11]
Fair Value		$ 500	[7],[8],[14]	$ 500	[10],[11]
Investment, Identifier [Axis]: CWC Fund I Co-Invest (ALTI) LP, Limited partnership interest
Shares/Units (in shares)	[8],[9]	6,653,000
Amortized cost	[8],[9]	$ 6,673,600
Fair Value	[8],[9]	$ 6,653,000
Investment, Identifier [Axis]: Caesars Entertainment Inc, First lien senior secured loan
Coupon	[6]			8.71%
Spread	[6]			3.25%
Principal	[10],[12]			$ 8,465,300
Amortized cost	[10],[12]			8,453,600
Fair Value	[10],[12]			$ 8,477,200
Investment, Identifier [Axis]: Caesars Entertainment Inc, First lien senior secured loan 1
Coupon	[5]	8.04%
Spread	[5]	2.75%
Principal	[7],[9]	$ 7,000,000
Amortized cost	[7],[9]	6,982,900
Fair Value	[7],[9]	$ 7,000,000
Investment, Identifier [Axis]: Caesars Entertainment Inc, First lien senior secured loan 2
Coupon	[5]	8.66%
Spread	[5]	3.25%
Principal	[7],[9]	$ 8,444,000
Amortized cost	[7],[9]	8,432,800
Fair Value	[7],[9]	$ 8,458,100
Investment, Identifier [Axis]: Calpine Corp, First lien senior secured loan
Coupon	[5]	7.33%
Spread	[5]	2.00%
Principal		$ 5,697,200
Amortized cost		5,673,100
Fair Value		$ 5,662,200
Investment, Identifier [Axis]: Cambrex Corporation, First lien senior secured loan
Coupon		8.93%	[5]	8.96%	[6]
Spread		3.50%	[5]	3.50%	[6]
Principal		$ 9,013,000	[7]	$ 7,426,200	[10]
Amortized cost		8,977,300	[7]	7,417,200	[10]
Fair Value		$ 8,765,100	[7]	$ 7,257,300	[10]
Investment, Identifier [Axis]: Catalent Pharma Solutions, Inc., First lien senior secured loan
Coupon		8.33%	[5]	8.36%	[6]
Spread		3.00%	[5]	3.00%	[6]
Principal		$ 8,000,000	[7],[8],[9]	$ 8,000,000	[10],[11],[12]
Amortized cost		7,944,000	[7],[8],[9]	7,940,400	[10],[11],[12]
Fair Value		$ 8,010,000	[7],[8],[9]	$ 8,000,000	[10],[11],[12]
Investment, Identifier [Axis]: Chart Industries, Inc., First lien senior secured loan
Coupon		8.67%	[5]	8.69%	[6]
Spread		3.25%	[5]	3.25%	[6]
Principal		$ 13,277,400	[7],[9]	$ 13,277,400	[10],[12]
Amortized cost		13,229,600	[7],[9]	13,227,600	[10],[12]
Fair Value		$ 13,294,000	[7],[9]	$ 13,288,400	[10],[12]
Investment, Identifier [Axis]: Charter Next Generation, Inc., First lien senior secured loan
Coupon		8.83%	[5]	9.22%	[6]
Spread		3.50%	[5]	3.75%	[6]
Principal		$ 11,171,600	[7]	$ 11,200,400	[10]
Amortized cost		11,137,500	[7]	11,163,900	[10]
Fair Value		$ 11,188,200	[7]	$ 11,239,000	[10]
Investment, Identifier [Axis]: Chobani, LLC, First lien senior secured loan 1
Coupon		9.08%	[5]	9.11%	[6]
Spread		3.75%	[5]	3.75%	[6]
Principal		$ 6,483,800		$ 6,500,000
Amortized cost		6,453,600		6,467,600
Fair Value		$ 6,516,200		$ 6,505,400
Investment, Identifier [Axis]: Chobani, LLC, First lien senior secured loan 2
Coupon		8.94%	[5]	8.97%	[6]
Spread		3.50%	[5]	3.50%	[6]
Principal		$ 6,362,700	[7]	$ 6,379,100	[10]
Amortized cost		6,360,600	[7]	6,376,900	[10]
Fair Value		$ 6,373,300	[7]	$ 6,382,300	[10]
Investment, Identifier [Axis]: Citco Funding LLC, First lien senior secured loan
Coupon		8.42%	[5]	8.64%	[6]
Spread		3.25%	[5]	3.25%	[6]
Principal		$ 7,960,000	[7]	$ 7,980,000	[10]
Amortized cost		7,937,400	[7]	7,956,000	[10]
Fair Value		$ 7,967,500	[7]	$ 8,000,000	[10]
Investment, Identifier [Axis]: City Line Distributors LLC and City Line Investments LLC, Class A units
Coupon, PIK		8.00%	[5]	8.00%	[6]
Shares/Units (in shares)		120,151	[8]	100,000	[11]
Amortized cost		$ 124,200	[8]	$ 102,000.0	[11]
Fair Value		$ 140,000.0	[8]	$ 110,100	[11]
Investment, Identifier [Axis]: City Line Distributors LLC and City Line Investments LLC, First lien senior secured loan
Coupon		11.42%	[5]	11.46%	[6]
Spread		6.00%	[5]	6.00%	[6]
Principal		$ 2,788,100	[7],[8]	$ 1,993,700	[10],[11]
Amortized cost		2,726,100	[7],[8]	1,946,600	[10],[11]
Fair Value		$ 2,788,100	[7],[8]	$ 1,943,800	[10],[11]
Investment, Identifier [Axis]: Clarios Global LP, First lien senior secured loan
Coupon		9.08%	[5]	9.11%	[6]
Spread		3.75%	[5]	3.75%	[6]
Principal		$ 7,733,100		$ 6,733,100
Amortized cost		7,713,400		6,712,600
Fair Value		$ 7,745,200		$ 6,741,500
Investment, Identifier [Axis]: Clean Harbors, Inc., First lien senior secured loan
Coupon	[6]			7.22%
Spread	[6]			1.75%
Principal	[12]			$ 997,500
Amortized cost	[12]			997,500
Fair Value	[12]			$ 998,900
Investment, Identifier [Axis]: Cliffwater LLC, First lien senior secured loan
Coupon		11.33%	[5]	11.36%	[6]
Spread		6.00%	[5]	6.00%	[6]
Principal		$ 11,029,400	[7],[8],[9]	$ 11,029,400	[10],[11]
Amortized cost		10,821,800	[7],[8],[9]	10,813,900	[10],[11]
Fair Value		$ 10,808,800	[7],[8],[9]	$ 10,808,800	[10],[11]
Investment, Identifier [Axis]: Cloud Software Group, Inc. and Picard Parent, Inc., First lien senior secured loan 1
Coupon		9.91%	[5]	9.95%	[6]
Spread		4.50%	[5]	4.50%	[6]
Principal		$ 43,059,400	[7]	$ 31,676,700	[10]
Amortized cost		41,618,900	[7]	30,255,700	[10]
Fair Value		$ 42,850,100	[7]	$ 30,820,500	[10]
Investment, Identifier [Axis]: Cloud Software Group, Inc. and Picard Parent, Inc., First lien senior secured loan 2
Coupon		9.91%	[5]	9.99%	[6]
Spread		4.50%	[5]	4.50%	[6]
Principal		$ 6,596,600	[7]	$ 6,613,400	[10]
Amortized cost		6,252,500	[7]	6,255,000	[10]
Fair Value		$ 6,561,800	[7]	$ 6,447,300	[10]
Investment, Identifier [Axis]: Cloud Software Group, Inc. and Picard Parent, Inc., First lien senior secured loan 3
Coupon	[5]	9.73%
Spread	[5]	4.50%
Principal	[7]	$ 15,000,000
Amortized cost	[7]	14,887,500
Fair Value	[7]	$ 14,897,000
Investment, Identifier [Axis]: Cloud Software Group, Inc. and Picard Parent, Inc., Second lien senior secured notes
Coupon		9.00%	[5]	9.00%	[6]
Principal		$ 100,000.0		$ 100,000.0
Amortized cost		81,100		80,500
Fair Value		$ 95,900		$ 95,300
Investment, Identifier [Axis]: ClubCorp Holdings, Inc., First lien senior secured loan
Coupon	[5]	10.56%
Spread	[5]	5.00%
Principal		$ 9,027,700
Amortized cost		8,880,100
Fair Value		$ 9,035,000
Investment, Identifier [Axis]: ClubCorp Holdings, Inc., First lien senior secured loan 1
Coupon	[6]			10.61%
Spread	[6]			5.00%
Principal				$ 2,710,500
Amortized cost				2,599,600
Fair Value				$ 2,607,200
Investment, Identifier [Axis]: ClubCorp Holdings, Inc., First lien senior secured loan 2
Coupon	[6]			8.18%
Spread	[6]			2.75%
Principal				$ 1,542,500
Amortized cost				1,523,200
Fair Value				$ 1,480,800
Investment, Identifier [Axis]: Coherent Corp., First lien senior secured loan
Coupon	[5]	7.83%
Spread	[5]	2.50%
Principal	[7],[8],[9]	$ 2,000,000
Amortized cost	[7],[8],[9]	2,000,000
Fair Value	[7],[8],[9]	$ 2,000,000
Investment, Identifier [Axis]: Collision SP Subco, LLC, First lien senior secured loan
Coupon	[5]	10.82%
Spread	[5]	5.50%
Principal	[7],[8]	$ 3,667,600
Amortized cost	[7],[8]	3,578,100
Fair Value	[7],[8]	$ 3,574,500
Investment, Identifier [Axis]: Collision SP Subco, LLC, First lien senior secured revolving loan
Coupon	[5]	10.82%
Spread	[5]	5.50%
Principal	[7],[8]	$ 52,900
Amortized cost	[7],[8]	45,900
Fair Value	[7],[8]	$ 45,700
Investment, Identifier [Axis]: Confluent Medical Technologies, Inc., First lien senior secured loan
Coupon		9.06%	[5]	9.10%	[6]
Spread		3.75%	[5]	3.75%	[6]
Principal		$ 7,108,200	[7],[8]	$ 4,608,200	[10],[11]
Amortized cost		7,025,000	[7],[8]	4,543,400	[10],[11]
Fair Value		$ 7,090,400	[7],[8]	$ 4,596,700	[10],[11]
Investment, Identifier [Axis]: Conservice Midco, LLC, First lien senior secured loan
Coupon		9.58%	[5]	9.71%	[6]
Spread		4.25%	[5]	4.25%	[6]
Principal		$ 11,461,000		$ 3,989,700
Amortized cost		11,452,500		3,958,300
Fair Value		$ 11,486,200		$ 3,991,400
Investment, Identifier [Axis]: Constellation Wealth Capital Fund, L.P., Limited partner interests
Shares/Units (in shares)	[9]	1,605,502
Amortized cost	[9]	$ 1,611,800
Fair Value	[9]	$ 1,605,500
Investment, Identifier [Axis]: Corient Holdings, Inc., Series A preferred stock
Shares/Units (in shares)		15,000	[8]	15,000	[11]
Amortized cost		$ 15,000,000	[8]	$ 15,000,000	[11]
Fair Value		$ 17,018,200	[8]	$ 16,424,000	[11]
Investment, Identifier [Axis]: Corporation Service Company, First lien senior secured loan
Coupon		8.08%	[5]	8.71%	[6]
Spread		2.75%	[5]	3.25%	[6]
Principal		$ 6,334,100	[7]	$ 6,838,500	[10]
Amortized cost		6,335,900	[7]	6,840,400	[10]
Fair Value		$ 6,342,000	[7]	$ 6,847,000	[10]
Investment, Identifier [Axis]: Cotiviti Holdings, Inc., First lien senior secured loan 1
Coupon	[5]	7.63%
Principal		$ 5,000,000
Amortized cost		5,000,000
Fair Value		$ 5,006,300
Investment, Identifier [Axis]: Cotiviti Holdings, Inc., First lien senior secured loan 2
Coupon	[5]	8.73%
Spread	[5]	3.50%
Principal		$ 10,000,000
Amortized cost		9,950,000
Fair Value		$ 9,975,000
Investment, Identifier [Axis]: Coupa Holdings, LLC and Coupa Software Incorporated, First lien senior secured loan
Coupon		12.81%	[5]	12.86%	[6]
Spread		7.50%	[5]	7.50%	[6]
Principal		$ 4,590,200	[7],[8]	$ 4,590,200	[10],[11]
Amortized cost		4,493,200	[7],[8]	4,489,100	[10],[11]
Fair Value		$ 4,590,200	[7],[8]	$ 4,590,200	[10],[11]
Investment, Identifier [Axis]: Creative Artists Agency, LLC, First lien senior secured loan
Coupon		8.83%	[5]	8.86%	[6]
Spread		3.50%	[5]	3.50%	[6]
Principal		$ 17,116,100		$ 13,374,900
Amortized cost		17,102,900		13,361,200
Fair Value		$ 17,135,100		$ 13,420,100
Investment, Identifier [Axis]: Cross Financial Corp., First lien senior secured loan
Coupon		8.83%	[5]	9.47%	[6]
Spread		3.50%	[5]	4.00%	[6]
Principal		$ 5,116,700	[7]	$ 5,116,700	[10]
Amortized cost		5,106,300	[7]	5,103,700	[10]
Fair Value		$ 5,110,300	[7]	$ 5,116,700	[10]
Investment, Identifier [Axis]: Crosspoint Capital AS SPV, LP, First lien senior secured loan
Coupon	[6]			12.10%
Spread	[6]			6.75%
Principal	[10],[11],[12]			$ 13,908,800
Amortized cost	[10],[11],[12]			13,548,700
Fair Value	[10],[11],[12]			$ 13,769,700
Investment, Identifier [Axis]: Crosspoint Capital AS SPV, LP, First lien senior secured revolving loan
Coupon	[6]			12.10%
Spread	[6]			6.75%
Principal	[10],[11],[12]			$ 211,300
Amortized cost	[10],[11],[12]			184,300
Fair Value	[10],[11],[12]			$ 182,200
Investment, Identifier [Axis]: Crosspoint Capital AS SPV, LP, Limited partnership interest
Coupon, PIK	[6]			8.00%
Shares/Units (in shares)	[11],[12]			100,000
Amortized cost	[11],[12]			$ 102,500
Fair Value	[11],[12]			$ 96,700
Investment, Identifier [Axis]: Crown Subsea Communications Holding, Inc., First lien senior secured loan
Coupon	[5]	10.07%
Spread	[5]	4.75%
Principal	[7]	$ 3,847,400
Amortized cost	[7]	3,814,500
Fair Value	[7]	$ 3,866,600
Investment, Identifier [Axis]: Cube Industrials Buyer, Inc. and Cube A&D Buyer Inc., First lien senior secured loan
Coupon		11.30%	[5]	11.40%	[6]
Spread		6.00%	[5]	6.00%	[6]
Principal		$ 22,413,800	[7],[8]	$ 22,413,800	[10],[11]
Amortized cost		21,888,100	[7],[8]	21,868,100	[10],[11]
Fair Value		22,413,800	[7],[8]	$ 21,853,400	[10],[11]
Investment, Identifier [Axis]: Cube Industrials Buyer, Inc. and Cube A&D Buyer Inc., First lien senior secured revolving loan
Principal	[7],[8],[13]	0
Amortized cost	[7],[8],[13]	0
Fair Value	[7],[8],[13]	$ 0
Investment, Identifier [Axis]: Curia Global, Inc., First lien senior secured loan
Coupon	[5]	9.16%
Spread	[5]	3.75%
Principal	[7]	$ 8,733,500
Amortized cost	[7]	8,223,800
Fair Value	[7]	$ 8,295,400
Investment, Identifier [Axis]: Curium BidCo S.a r.l., First lien senior secured loan
Coupon		9.81%	[5]	9.85%	[6]
Spread		4.50%	[5]	4.50%	[6]
Principal		$ 8,901,100	[8],[9]	$ 8,923,500	[12]
Amortized cost		8,891,800	[8],[9]	8,913,800	[12]
Fair Value		$ 8,934,500	[8],[9]	$ 8,906,800	[12]
Investment, Identifier [Axis]: DOXA Insurance Holdings LLC and Rocket Co-Invest, SLP, First lien senior secured loan
Coupon	[5]	10.83%
Spread	[5]	5.50%
Principal	[7],[8],[9]	$ 28,937,900
Amortized cost	[7],[8],[9]	28,159,800
Fair Value	[7],[8],[9]	$ 28,127,100
Investment, Identifier [Axis]: DOXA Insurance Holdings LLC and Rocket Co-Invest, SLP, Limited partnership interests
Shares/Units (in shares)	[8],[9]	3,417,348
Amortized cost	[8],[9]	$ 3,417,300
Fair Value	[8],[9]	$ 3,417,300
Investment, Identifier [Axis]: DOXA Insurance Holdings LLC, First lien senior secured loan
Coupon	[6]			10.87%
Spread	[6]			5.50%
Principal	[10],[11]			$ 20,789,100
Amortized cost	[10],[11]			20,375,300
Fair Value	[10],[11]			$ 20,373,300
Investment, Identifier [Axis]: Da Vinci Purchaser Corp., First lien senior secured loan
Coupon		9.44%	[5]	9.47%	[6]
Spread		4.00%	[5]	4.00%	[6]
Principal		$ 8,907,100	[7]	$ 8,930,200	[10]
Amortized cost		8,814,000	[7]	8,828,500	[10]
Fair Value		$ 8,905,000	[7]	$ 8,938,600	[10]
Investment, Identifier [Axis]: Dayforce, Inc., First lien senior secured loan
Coupon	[5]	7.83%
Spread	[5]	2.50%
Principal	[9]	$ 3,750,000
Amortized cost	[9]	3,740,700
Fair Value	[9]	$ 3,743,000
Investment, Identifier [Axis]: Delta Topco, Inc., First lien senior secured loan
Coupon		9.12%	[5]	9.12%	[6]
Spread		3.75%	[5]	3.75%	[6]
Principal		$ 11,468,300	[7]	$ 4,896,100	[10]
Amortized cost		11,461,600	[7]	4,877,200	[10]
Fair Value		$ 11,473,700	[7]	$ 4,883,800	[10]
Investment, Identifier [Axis]: Demakes Borrower, LLC, First lien senior secured loan
Coupon		11.57%	[5]	11.60%	[6]
Spread		6.25%	[5]	6.25%	[6]
Principal		$ 11,678,000	[7],[8]	$ 11,707,300	[10],[11]
Amortized cost		11,399,900	[7],[8]	11,417,300	[10],[11]
Fair Value		$ 11,386,100	[7],[8]	$ 11,414,600	[10],[11]
Investment, Identifier [Axis]: Derby Buyer LLC, First lien senior secured loan
Coupon		9.58%	[5]	9.59%	[6]
Spread		4.25%	[5]	4.25%	[6]
Principal		$ 8,445,000	[7]	$ 6,445,000	[10]
Amortized cost		8,361,100	[7]	6,350,100	[10]
Fair Value		$ 8,489,800	[7]	$ 6,445,000	[10]
Investment, Identifier [Axis]: Discovery Energy Corp., First lien senior secured loan
Coupon	[5]	9.98%
Spread	[5]	4.75%
Principal	[9]	$ 4,000,000
Amortized cost	[9]	3,880,000
Fair Value	[9]	$ 4,003,300
Investment, Identifier [Axis]: Dun & Bradstreet Corporation, First lien senior secured loan
Coupon	[5]	8.08%
Spread	[5]	2.75%
Principal	[9]	$ 12,319,100
Amortized cost	[9]	12,312,400
Fair Value	[9]	$ 12,313,300
Investment, Identifier [Axis]: Dun & Bradstreet Corporation, The, First lien senior secured loan
Coupon	[6]			8.21%
Spread	[6]			2.75%
Principal	[12]			$ 19,419,100
Amortized cost	[12]			19,417,700
Fair Value	[12]			$ 19,446,500
Investment, Identifier [Axis]: Dynasty Acquisition Co., Inc., First lien senior secured loan
Coupon		9.33%	[5]	9.36%	[6]
Spread		4.00%	[5]	4.00%	[6]
Principal		$ 19,389,000		$ 12,037,800
Amortized cost		19,281,900		11,907,700
Fair Value		$ 19,410,900		$ 12,061,800
Investment, Identifier [Axis]: ELM27 2024-3, Collaterized loan obligation
Coupon	[5]	11.56%
Spread	[5]	6.25%
Principal	[8],[9]	$ 2,000,000
Amortized cost	[8],[9]	2,000,000
Fair Value	[8],[9]	$ 2,010,400
Investment, Identifier [Axis]: ELMW1 2019-1, Collaterized loan obligation
Coupon	[5]	9.06%
Spread	[5]	3.75%
Principal	[8],[9]	$ 6,000,000
Amortized cost	[8],[9]	6,000,000
Fair Value	[8],[9]	$ 6,012,400
Investment, Identifier [Axis]: Eagle Parent Corp., First lien senior secured loan
Coupon	[5]	9.55%
Spread	[5]	4.25%
Principal	[7]	$ 2,670,000
Amortized cost	[7]	2,619,000
Fair Value	[7]	$ 2,644,400
Investment, Identifier [Axis]: Echo Purchaser, Inc., First lien senior secured loan
Coupon		10.83%	[5]	10.87%	[6]
Spread		5.50%	[5]	5.50%	[6]
Principal		$ 26,184,400	[7],[8]	$ 26,250,000	[10],[11]
Amortized cost		25,691,400	[7],[8]	25,735,800	[10],[11]
Fair Value		$ 25,660,700	[7],[8]	$ 25,725,000	[10],[11]
Investment, Identifier [Axis]: Echo Purchaser, Inc., First lien senior secured revolving loan
Coupon	[6]			10.87%
Spread	[6]			5.50%
Principal	[10],[11]			$ 159,100
Amortized cost	[10],[11]			81,200
Fair Value	[10],[11]			$ 79,500
Investment, Identifier [Axis]: Edmunds Govtech, Inc., First lien senior secured loan
Coupon	[5]	10.80%
Spread	[5]	5.50%
Principal	[7],[8]	$ 3,138,600
Amortized cost	[7],[8]	3,076,700
Fair Value	[7],[8]	$ 3,075,800
Investment, Identifier [Axis]: Edmunds Govtech, Inc., First lien senior secured revolving loan
Coupon	[5]	9.30%
Spread	[5]	4.00%
Principal	[7],[8]	$ 301,400
Amortized cost	[7],[8]	289,600
Fair Value	[7],[8]	$ 289,400
Investment, Identifier [Axis]: Electron Bidco Inc., First lien senior secured loan
Coupon		8.44%	[5]	8.47%	[6]
Spread		3.00%	[5]	3.00%	[6]
Principal		$ 10,454,000	[7]	$ 10,480,700	[10]
Amortized cost		10,385,900	[7]	10,408,700	[10]
Fair Value		$ 10,470,300	[7]	$ 10,495,200	[10]
Investment, Identifier [Axis]: Element Solutions Inc (Macdermid, Incorporated), First lien senior secured loan
Coupon	[6]			7.36%
Spread	[6]			2.00%
Principal	[12]			$ 2,000,000
Amortized cost	[12]			1,995,000
Fair Value	[12]			$ 2,005,000
Investment, Identifier [Axis]: Emerald Debt Merger Sub LLC, First lien senior secured loan
Coupon		7.79%	[5]	8.36%	[6]
Spread		2.50%	[5]	3.00%	[6]
Principal		$ 19,432,500		$ 19,481,200
Amortized cost		19,409,800		19,457,500
Fair Value		$ 19,413,000		$ 19,537,300
Investment, Identifier [Axis]: Empower Payments Investor, LLC, First lien senior secured loan
Coupon	[5]	10.48%
Spread	[5]	5.25%
Principal	[7],[8]	$ 12,325,600
Amortized cost	[7],[8]	12,081,000
Fair Value	[7],[8]	$ 12,079,100
Investment, Identifier [Axis]: Ensemble RCM, LLC, First lien senior secured loan
Coupon		9.07%	[5]	9.23%	[6]
Spread		3.75%	[5]	3.75%	[6]
Principal		$ 19,418,700		$ 19,267,800
Amortized cost		19,401,900		19,254,500
Fair Value		$ 19,455,200		$ 19,288,400
Investment, Identifier [Axis]: Ensono, Inc., First lien senior secured loan
Coupon	[5]	9.44%
Spread	[5]	4.00%
Principal	[7]	$ 2,253,800
Amortized cost	[7]	2,186,200
Fair Value	[7]	$ 2,181,000
Investment, Identifier [Axis]: Epicor Software Corporation, First lien senior secured loan 1
Coupon		9.08%	[5]	9.11%	[6]
Spread		3.75%	[5]	3.75%	[6]
Principal		$ 6,483,800	[7]	$ 6,500,000	[10]
Amortized cost		6,437,900	[7]	6,450,700	[10]
Fair Value		$ 6,511,600	[7]	$ 6,552,000	[10]
Investment, Identifier [Axis]: Epicor Software Corporation, First lien senior secured loan 2
Coupon		8.69%	[5]	8.72%	[6]
Spread		3.25%	[5]	3.25%	[6]
Principal		$ 6,439,300	[7]	$ 5,256,000	[10]
Amortized cost		6,402,400	[7]	5,214,600	[10]
Fair Value		$ 6,457,800	[7]	$ 5,269,600	[10]
Investment, Identifier [Axis]: Equinox Holdings, Inc., First lien senior secured loan
Coupon	[5]	13.56%
Coupon, PIK	[5]	4.13%
Spread	[5]	8.25%
Principal	[7],[8]	$ 41,747,200
Amortized cost	[7],[8]	40,709,100
Fair Value	[7],[8]	$ 40,703,600
Investment, Identifier [Axis]: Equinox Holdings, Inc., Second lien senior secured loan
Coupon	[5]	13.50%
Principal	[8]	$ 3,348,200
Amortized cost	[8]	3,249,400
Fair Value	[8]	$ 3,247,800
Investment, Identifier [Axis]: Eternal Aus Bidco Pty Ltd, First lien senior secured loan
Coupon		10.64%	[5]	10.70%	[6]
Coupon, PIK	[6]			2.50%
Spread		6.25%	[5]	6.25%	[6]
Principal		$ 6,416,600	[7],[8],[9]	$ 6,708,000	[10],[11],[12]
Amortized cost		6,351,600	[7],[8],[9]	6,266,500	[10],[11],[12]
Fair Value		$ 6,416,600	[7],[8],[9]	$ 6,708,000	[10],[11],[12]
Investment, Identifier [Axis]: Excel Fitness Consolidator LLC, First lien senior secured loan
Coupon		10.85%	[5]	11.00%	[6]
Spread		5.50%	[5]	5.50%	[6]
Principal		$ 6,633,300	[7],[8]	$ 6,650,000	[10],[11]
Amortized cost		6,485,200	[7],[8]	6,494,200	[10],[11]
Fair Value		$ 6,633,300	[7],[8]	$ 6,483,800	[10],[11]
Investment, Identifier [Axis]: Fertitta Entertainment, LLC, First lien senior secured loan
Coupon		9.08%	[5]	9.36%	[6]
Spread		3.75%	[5]	4.00%	[6]
Principal		$ 12,319,300	[7]	$ 7,850,800	[10]
Amortized cost		12,278,100	[7]	7,811,300	[10]
Fair Value		$ 12,342,500	[7]	$ 7,849,100	[10]
Investment, Identifier [Axis]: Financiere Mendel, First lien senior secured loan
Coupon		9.56%	[5]	9.62%	[6]
Spread		4.25%	[5]	4.25%	[6]
Principal		$ 8,000,000	[9]	$ 8,000,000	[12]
Amortized cost		7,929,400	[9]	7,926,700	[12]
Fair Value		$ 8,006,000	[9]	$ 7,992,500	[12]
Investment, Identifier [Axis]: Finastra USA, Inc., DH Corporation/Societe DH, and Finastra Europe S.A R.L., First lien senior secured loan
Coupon		12.46%	[5]	12.71%	[6]
Spread		7.25%	[5]	7.25%	[6]
Principal		$ 22,650,400	[7],[8],[9]	$ 22,650,400	[10],[11],[12]
Amortized cost		22,237,200	[7],[8],[9]	22,218,300	[10],[11],[12]
Fair Value		$ 22,650,400	[7],[8],[9]	$ 22,423,900	[10],[11],[12]
Investment, Identifier [Axis]: First Brands Group, LLC, First lien senior secured loan
Coupon		10.57%	[5]	10.88%	[6]
Spread		5.00%	[5]	5.00%	[6]
Principal		$ 10,765,200	[7]	$ 6,930,800	[10]
Amortized cost		10,609,800	[7]	6,781,000	[10]
Fair Value		$ 10,762,100	[7]	$ 6,865,900	[10]
Investment, Identifier [Axis]: First Student Bidco Inc., First lien senior secured loan
Coupon		8.40%	[5]	8.62%	[6]
Spread		3.00%	[5]	3.00%	[6]
Principal		$ 3,151,700	[7]	$ 5,664,200	[10]
Amortized cost		3,082,400	[7]	5,531,300	[10]
Fair Value		$ 3,145,100	[7]	$ 5,615,800	[10]
Investment, Identifier [Axis]: Flexera Software LLC, First lien senior secured loan
Coupon		9.19%	[5]	9.22%	[6]
Spread		3.75%	[5]	3.75%	[6]
Principal		$ 12,108,900	[7]	$ 8,677,500	[10]
Amortized cost		12,093,200	[7]	8,663,700	[10]
Fair Value		$ 12,127,400	[7]	$ 8,659,800	[10]
Investment, Identifier [Axis]: Flint OpCo, LLC, First lien senior secured loan
Coupon		10.56%	[5]	10.60%	[6]
Spread		5.25%	[5]	5.25%	[6]
Principal		$ 9,271,100	[7],[8]	$ 7,812,900	[10],[11]
Amortized cost		9,075,600	[7],[8]	7,609,300	[10],[11]
Fair Value		$ 9,271,100	[7],[8]	$ 7,562,900	[10],[11]
Investment, Identifier [Axis]: FlyWheel Acquireco, Inc., First lien senior secured loan
Coupon		11.83%	[5]	11.86%	[6]
Spread		6.50%	[5]	6.50%	[6]
Principal		$ 13,325,900	[7],[8]	$ 13,359,400	[10],[11]
Amortized cost		12,976,900	[7],[8]	12,995,300	[10],[11]
Fair Value		$ 13,325,900	[7],[8]	$ 13,225,800	[10],[11]
Investment, Identifier [Axis]: FlyWheel Acquireco, Inc., First lien senior secured revolving loan
Coupon		11.83%	[5]	11.86%	[6]
Spread		6.50%	[5]	6.50%	[6]
Principal		$ 1,071,400	[7],[8]	$ 1,071,400	[10],[11]
Amortized cost		1,031,800	[7],[8]	1,029,400	[10],[11]
Fair Value		$ 1,071,400	[7],[8]	$ 1,055,400	[10],[11]
Investment, Identifier [Axis]: Focus Financial Partners, LLC, First lien senior secured loan 1
Coupon		8.83%	[5]	8.86%	[6]
Spread		3.50%	[5]	3.50%	[6]
Principal		$ 12,011,400	[7]	$ 3,990,000	[10]
Amortized cost		12,009,000	[7]	3,990,000	[10]
Fair Value		$ 11,966,400	[7]	$ 3,995,000	[10]
Investment, Identifier [Axis]: Focus Financial Partners, LLC, First lien senior secured loan 2
Coupon		7.83%	[5]	8.61%	[6]
Spread		2.50%	[5]	3.25%	[6]
Principal		$ 1,984,700	[7]	$ 7,551,500	[10]
Amortized cost		1,984,700	[7]	7,549,700	[10]
Fair Value		$ 1,975,500	[7]	$ 7,557,800	[10]
Investment, Identifier [Axis]: Focus Financial Partners, LLC, First lien senior secured loan 3
Coupon	[6]			7.86%
Spread	[6]			2.50%
Principal	[10]			$ 1,989,800
Amortized cost	[10]			1,989,800
Fair Value	[10]			$ 1,987,800
Investment, Identifier [Axis]: Four Seasons Holdings Inc., First lien senior secured loan
Coupon	[6]			7.96%
Spread	[6]			2.50%
Principal	[10],[12]			$ 11,110,300
Amortized cost	[10],[12]			11,123,600
Fair Value	[10],[12]			$ 11,140,900
Investment, Identifier [Axis]: Freeport LNG investments, LLLP, First lien senior secured loan
Coupon	[5]	8.58%
Spread	[5]	3.00%
Principal		$ 1,383,000
Amortized cost		1,372,600
Fair Value		$ 1,366,700
Investment, Identifier [Axis]: Fugue Finance LLC, First lien senior secured loan
Coupon	[6]			9.39%
Spread	[6]			4.00%
Principal	[10],[12]			$ 4,974,900
Amortized cost	[10],[12]			4,952,400
Fair Value	[10],[12]			$ 4,989,700
Investment, Identifier [Axis]: Fugue Finance LLC, First lien senior secured loan 1
Coupon	[5]	9.34%
Spread	[5]	4.00%
Principal	[7],[9]	$ 4,962,400
Amortized cost	[7],[9]	4,941,300
Fair Value	[7],[9]	$ 4,968,600
Investment, Identifier [Axis]: Fugue Finance LLC, First lien senior secured loan 2
Coupon	[5]	9.07%
Spread	[5]	3.75%
Principal	[7],[9]	$ 3,000,000
Amortized cost	[7],[9]	2,992,600
Fair Value	[7],[9]	$ 3,004,700
Investment, Identifier [Axis]: GC Waves Holdings, Inc., First lien senior secured loan
Coupon	[6]			11.46%
Spread	[6]			6.00%
Principal	[10],[11],[12]			$ 2,092,500
Amortized cost	[10],[11],[12]			1,758,000
Fair Value	[10],[11],[12]			$ 1,724,700
Investment, Identifier [Axis]: GC Waves Holdings, Inc., First lien senior secured loan 1
Coupon	[5]	10.68%
Spread	[5]	5.25%
Principal	[7],[8],[9]	$ 808,700
Amortized cost	[7],[8],[9]	794,500
Fair Value	[7],[8],[9]	$ 808,700
Investment, Identifier [Axis]: GC Waves Holdings, Inc., First lien senior secured loan 2
Coupon	[5]	11.43%
Spread	[5]	6.00%
Principal	[7],[8],[9]	$ 2,139,300
Amortized cost	[7],[8],[9]	1,828,900
Fair Value	[7],[8],[9]	$ 2,139,300
Investment, Identifier [Axis]: GIP Pilot Acquisition Partners, L.P., First lien senior secured loan
Coupon		8.33%	[5]	8.39%	[6]
Spread		3.00%	[5]	3.00%	[6]
Principal		$ 4,350,000		$ 4,350,000
Amortized cost		4,336,700		4,336,200
Fair Value		$ 4,359,800		$ 4,346,400
Investment, Identifier [Axis]: GOCAP 2024-71, Collaterized loan obligation
Coupon	[5]	10.42%
Spread	[5]	5.10%
Principal	[8],[9]	$ 4,500,000
Amortized cost	[8],[9]	4,500,000
Fair Value	[8],[9]	$ 4,512,100
Investment, Identifier [Axis]: GS SEER Group Borrower LLC and GS SEER Group Holdings LLC, Class A common units
Shares/Units (in shares)		100	[8]	100	[11]
Amortized cost		$ 100,000.0	[8]	$ 100,000.0	[11]
Fair Value		$ 89,400	[8]	$ 90,800	[11]
Investment, Identifier [Axis]: GS SEER Group Borrower LLC and GS SEER Group Holdings LLC, First lien senior secured loan
Coupon		12.06%	[5]	12.10%	[6]
Spread		6.75%	[5]	6.75%	[6]
Principal		$ 11,493,600	[7],[8]	$ 10,381,200	[10],[11]
Amortized cost		11,133,900	[7],[8]	10,006,000	[10],[11]
Fair Value		$ 11,493,600	[7],[8]	$ 10,381,200	[10],[11]
Investment, Identifier [Axis]: GTCR F Buyer Corp. and GTCR (D) Investors LP, First lien senior secured loan
Coupon		11.31%	[5]	11.36%	[6]
Spread		6.00%	[5]	6.00%	[6]
Principal		$ 11,487,500	[7],[8]	$ 10,000,000	[10],[11]
Amortized cost		11,219,500	[7],[8]	9,759,000	[10],[11]
Fair Value		$ 11,487,500	[7],[8]	$ 9,750,000	[10],[11]
Investment, Identifier [Axis]: GTCR F Buyer Corp. and GTCR (D) Investors LP, Limited partnership interests
Shares/Units (in shares)		74,074	[8]	74,074	[11]
Amortized cost		$ 74,700	[8]	$ 74,700	[11]
Fair Value		$ 77,300	[8]	$ 77,700	[11]
Investment, Identifier [Axis]: GTCR W Merger Sub LLC, First lien senior secured loan
Coupon		8.31%	[5]	9.08%	[6]
Spread		3.00%	[5]	3.75%	[6]
Principal		$ 17,900,000	[7]	$ 17,900,000	[10]
Amortized cost		17,845,000	[7]	17,843,900	[10]
Fair Value		$ 17,948,500	[7]	$ 17,967,100	[10]
Investment, Identifier [Axis]: Gainwell Acquisition Corp., First lien senior secured loan
Coupon		9.41%	[5]	9.45%	[6]
Spread		4.00%	[5]	4.00%	[6]
Principal		$ 11,501,600	[7]	$ 8,451,300	[10]
Amortized cost		11,287,100	[7]	8,293,400	[10]
Fair Value		$ 10,978,300	[7]	$ 8,197,800	[10]
Investment, Identifier [Axis]: Gates Global LLC, First lien senior secured loan
Coupon	[5]	7.93%
Spread	[5]	2.50%
Principal	[7],[9]	$ 1,000.0
Amortized cost	[7],[9]	1,000.0
Fair Value	[7],[9]	$ 1,000.0
Investment, Identifier [Axis]: Gates Global LLC, First lien senior secured loan 1
Coupon	[6]			8.36%
Spread	[6]			3.00%
Principal	[10],[12]			$ 790,000.0
Amortized cost	[10],[12]			790,900
Fair Value	[10],[12]			$ 791,700
Investment, Identifier [Axis]: Gates Global LLC, First lien senior secured loan 2
Coupon	[6]			7.96%
Spread	[6]			2.50%
Principal	[10],[12]			$ 2,880,500
Amortized cost	[10],[12]			2,880,000
Fair Value	[10],[12]			$ 2,882,300
Investment, Identifier [Axis]: Gems Menasa (Cayman) Limited, First lien senior secured loan
Coupon		10.08%	[5]	10.40%	[6]
Spread		4.75%	[5]	4.75%	[6]
Principal		$ 8,817,400	[7],[9]	$ 7,450,600	[10],[12]
Amortized cost		8,841,000	[7],[9]	7,471,000	[10],[12]
Fair Value		$ 8,839,500	[7],[9]	$ 7,464,600	[10],[12]
Investment, Identifier [Axis]: Genesys Cloud Services Holdings I, LLC, First lien senior secured loan
Coupon	[6]			9.47%
Spread	[6]			4.00%
Principal	[10]			$ 7,040,900
Amortized cost	[10]			7,055,500
Fair Value	[10]			$ 7,063,500
Investment, Identifier [Axis]: Genesys Cloud Services Holdings I, LLC, First lien senior secured loan 1
Coupon	[5]	9.33%
Spread	[5]	4.00%
Principal	[7]	$ 7,022,800
Amortized cost	[7]	7,036,400
Fair Value	[7]	$ 7,039,100
Investment, Identifier [Axis]: Genesys Cloud Services Holdings I, LLC, First lien senior secured loan 2
Coupon	[5]	9.19%
Spread	[5]	3.75%
Principal	[7]	$ 10,000,000
Amortized cost	[7]	9,975,200
Fair Value	[7]	$ 10,031,300
Investment, Identifier [Axis]: Gentiva Health Services, Inc., First lien senior secured loan
Coupon	[5]	10.57%
Spread	[5]	5.25%
Principal	[7]	$ 5,802,200
Amortized cost	[7]	5,816,300
Fair Value	[7]	$ 5,816,100
Investment, Identifier [Axis]: Gestion ABS Bidco Inc. / ABS Bidco Holdings Inc., First lien senior secured loan
Coupon	[5]	10.27%
Spread	[5]	5.25%
Principal	[7],[8],[9]	$ 13,428,200
Amortized cost	[7],[8],[9]	13,192,200
Fair Value	[7],[8],[9]	$ 13,293,900
Investment, Identifier [Axis]: Go Daddy Operating Company, LLC (GD Finance Co, Inc.), First lien senior secured loan
Coupon	[6]			7.86%
Spread	[6]			2.50%
Principal	[12]			$ 8,569,400
Amortized cost	[12]			8,566,200
Fair Value	[12]			$ 8,591,600
Investment, Identifier [Axis]: Greeneden U.S. Holdings I, LLC, First lien senior secured loan
Coupon	[5]	8.73%
Spread	[5]	3.50%
Principal	[7]	$ 1,016,100
Amortized cost	[7]	1,016,100
Fair Value	[7]	$ 1,018,100
Investment, Identifier [Axis]: GroundWorks, LLC, First lien senior secured loan
Coupon		8.83%	[5]	11.90%	[6]
Spread		3.50%	[5]	6.50%	[6]
Principal		$ 13,177,700		$ 11,938,800	[10],[11]
Amortized cost		13,070,500		11,631,400	[10],[11]
Fair Value		$ 13,165,500		$ 11,938,800	[10],[11]
Investment, Identifier [Axis]: Guidepoint Security Holdings, LLC, First lien senior secured loan
Coupon		11.32%	[5]	11.38%	[6]
Spread		6.00%	[5]	6.00%	[6]
Principal		$ 6,116,200	[7],[8]	$ 6,131,500	[10],[11]
Amortized cost		6,003,500	[7],[8]	6,013,500	[10],[11]
Fair Value		$ 5,993,800	[7],[8]	$ 6,008,900	[10],[11]
Investment, Identifier [Axis]: HIG Finance 2 Limited, First lien senior secured loan
Coupon		9.33%	[5]	9.36%	[6]
Spread		4.00%	[5]	4.00%	[6]
Principal		$ 11,226,500	[7],[9]	$ 10,473,700	[10],[12]
Amortized cost		11,194,000	[7],[9]	10,440,000	[10],[12]
Fair Value		$ 11,261,600	[7],[9]	$ 10,484,600	[10],[12]
Investment, Identifier [Axis]: HP RSS Buyer, Inc., First lien senior secured loan
Coupon		10.32%	[5]	10.37%	[6]
Spread		5.00%	[5]	5.00%	[6]
Principal		$ 9,525,000	[7],[8]	$ 8,297,100	[10],[11]
Amortized cost		9,352,400	[7],[8]	8,116,800	[10],[11]
Fair Value		$ 9,323,800	[7],[8]	$ 8,060,500	[10],[11]
Investment, Identifier [Axis]: HV Chimera LLC, Private asset-backed investment
Coupon		8.33%	[5]	8.39%	[6]
Spread		2.80%	[5]	2.80%	[6]
Principal		$ 2,200,500	[8],[9]	$ 2,397,300	[11],[12]
Amortized cost		2,171,900	[8],[9]	2,362,800	[11],[12]
Fair Value		$ 2,184,000	[8],[9]	$ 2,361,300	[11],[12]
Investment, Identifier [Axis]: Hakken Midco B.V., First lien senior secured loan
Coupon	[5]	10.93%
Spread	[5]	7.00%
Principal	[7],[8],[9]	$ 4,608,500
Amortized cost	[7],[8],[9]	4,549,300
Fair Value	[7],[8],[9]	$ 4,608,500
Investment, Identifier [Axis]: Hakken Midco B.V., First lien senior secured loan 1
Coupon	[6]			10.94%
Spread	[6]			7.00%
Principal	[10],[11],[12]			$ 4,222,600
Amortized cost	[10],[11],[12]			4,118,800
Fair Value	[10],[11],[12]			$ 4,222,600
Investment, Identifier [Axis]: Hakken Midco B.V., First lien senior secured loan 2
Coupon	[6]			10.94%
Spread	[6]			7.00%
Principal	[10],[11],[12]			$ 493,800
Amortized cost	[10],[11],[12]			424,800
Fair Value	[10],[11],[12]			$ 493,800
Investment, Identifier [Axis]: Helios Service Partners, LLC and Astra Service Partners, LLC, First lien senior secured loan
Coupon		11.82%	[5]	11.87%	[6]
Spread		6.25%	[5]	6.25%	[6]
Principal		$ 8,437,400	[7],[8]	$ 6,989,600	[10],[11]
Amortized cost		8,298,600	[7],[8]	6,838,900	[10],[11]
Fair Value		$ 8,437,400	[7],[8]	$ 6,739,800	[10],[11]
Investment, Identifier [Axis]: Helios Service Partners, LLC and Astra Service Partners, LLC, First lien senior secured revolving loan
Coupon		11.56%	[5]	11.62%	[6]
Spread		6.00%	[5]	6.00%	[6]
Principal		$ 600	[7],[8],[14]	$ 600	[10],[11]
Amortized cost		600	[7],[8],[14]	600	[10],[11]
Fair Value		$ 600	[7],[8],[14]	$ 600	[10],[11]
Investment, Identifier [Axis]: Helix Acquisition Holdings, Inc., First lien senior secured loan
Coupon		12.40%	[5]	12.45%	[6]
Spread		7.00%	[5]	7.00%	[6]
Principal		$ 14,188,700	[7],[8]	$ 14,188,700	[10],[11]
Amortized cost		13,822,500	[7],[8]	13,808,900	[10],[11]
Fair Value		$ 14,188,700	[7],[8]	$ 14,188,700	[10],[11]
Investment, Identifier [Axis]: Hg Saturn LuchaCo Limited, Private asset-backed investment
Coupon	[6]			12.69%
Spread	[6]			7.50%
Principal	[10],[11],[12]			$ 1,529,500
Amortized cost	[10],[11],[12]			1,434,600
Fair Value	[10],[11],[12]			$ 1,512,300
Investment, Identifier [Axis]: Higginbotham Insurance Agency, Inc., First lien senior secured loan
Coupon		10.93%	[5]	10.96%	[6]
Spread		5.50%	[5]	5.50%	[6]
Principal		$ 2,579,900	[7],[8]	$ 1,721,100	[10],[11]
Amortized cost		2,568,500	[7],[8]	1,709,000	[10],[11]
Fair Value		$ 2,579,900	[7],[8]	$ 1,695,200	[10],[11]
Investment, Identifier [Axis]: HighPeak Energy, Inc., First lien senior secured loan
Coupon		12.95%	[5]	13.00%	[6]
Spread		7.50%	[5]	7.50%	[6]
Principal		$ 24,375,000	[7],[8],[9]	$ 25,000,000	[10],[11],[12]
Amortized cost		23,875,700	[7],[8],[9]	24,436,800	[10],[11],[12]
Fair Value		$ 24,375,000	[7],[8],[9]	$ 25,000,000	[10],[11],[12]
Investment, Identifier [Axis]: HighTower Holding, LLC, First lien senior secured loan
Coupon	[5]	9.59%
Spread	[5]	4.00%
Principal	[7],[9]	$ 4,987,200
Amortized cost	[7],[9]	4,975,000
Fair Value	[7],[9]	$ 4,987,200
Investment, Identifier [Axis]: Hills Distribution, Inc., Hills Intermediate FT Holdings, LLC and GMP Hills, LP, First lien senior secured loan
Coupon		11.32%	[5]	11.37%	[6]
Spread		6.00%	[5]	6.00%	[6]
Principal		$ 3,094,900	[7],[8]	$ 3,102,700	[10],[11]
Amortized cost		3,036,900	[7],[8]	3,041,900	[10],[11]
Fair Value		$ 3,033,000	[7],[8]	$ 3,040,600	[10],[11]
Investment, Identifier [Axis]: Hills Distribution, Inc., Hills Intermediate FT Holdings, LLC and GMP Hills, LP, First lien senior secured revolving loan
Coupon		9.82%	[5]	9.87%	[6]
Spread		4.50%	[5]	4.50%	[6]
Principal		$ 600	[7],[8]	$ 600	[10],[11]
Amortized cost		600	[7],[8]	600	[10],[11]
Fair Value		$ 600	[7],[8]	$ 600	[10],[11]
Investment, Identifier [Axis]: Hills Distribution, Inc., Hills Intermediate FT Holdings, LLC and GMP Hills, LP, Limited partnership interest
Coupon, PIK		8.00%	[5]	8.00%	[6]
Shares/Units (in shares)		3,544,000	[8]	3,544,000	[11]
Amortized cost		$ 3,544,000	[8]	$ 3,544,000	[11]
Fair Value		$ 3,544,000	[8]	$ 3,526,700	[11]
Investment, Identifier [Axis]: Hilton Domestic Operating Company Inc., First lien senior secured loan
Coupon	[6]			7.46%
Spread	[6]			2.00%
Principal	[12]			$ 3,500,000
Amortized cost	[12]			3,491,400
Fair Value	[12]			$ 3,510,600
Investment, Identifier [Axis]: Hub International Limited, First lien senior secured loan
Coupon	[5]	8.57%
Spread	[5]	3.25%
Principal	[7]	$ 9,314,600
Amortized cost	[7]	9,306,100
Fair Value	[7]	$ 9,316,300
Investment, Identifier [Axis]: Hub International Limited, First lien senior secured loan 1
Coupon	[6]			9.66%
Spread	[6]			4.25%
Principal	[10]			$ 9,314,600
Amortized cost	[10]			9,305,600
Fair Value	[10]			$ 9,349,800
Investment, Identifier [Axis]: Hub International Limited, First lien senior secured loan 2
Coupon	[6]			9.37%
Spread	[6]			4.00%
Principal	[10]			$ 4,070,000
Amortized cost	[10]			4,067,700
Fair Value	[10]			$ 4,082,900
Investment, Identifier [Axis]: Husky Injection Molding Systems Ltd., First lien senior secured loan
Coupon	[6]			8.47%
Spread	[6]			3.00%
Principal	[12]			$ 16,906,300
Amortized cost	[12]			16,815,600
Fair Value	[12]			$ 16,871,200
Investment, Identifier [Axis]: Husky Injection Molding Systems Ltd., First lien senior secured loan 1
Coupon	[5]	8.44%
Spread	[5]	3.00%
Principal	[9]	$ 16,861,500
Amortized cost	[9]	16,789,200
Fair Value	[9]	$ 16,840,400
Investment, Identifier [Axis]: Husky Injection Molding Systems Ltd., First lien senior secured loan 2
Coupon	[5]	10.48%
Spread	[5]	5.25%
Principal	[9]	$ 15,000,000
Amortized cost	[9]	14,775,000
Fair Value	[9]	$ 15,031,200
Investment, Identifier [Axis]: Hyland Software, Inc., First lien senior secured loan
Coupon		11.33%	[5]	11.36%	[6]
Spread		6.00%	[5]	6.00%	[6]
Principal		$ 23,837,300	[7],[8]	$ 23,897,100	[10],[11]
Amortized cost		23,505,800	[7],[8]	23,551,900	[10],[11]
Fair Value		$ 23,837,300	[7],[8]	$ 23,538,600	[10],[11]
Investment, Identifier [Axis]: Hyperion Refinance S.a r.l., First lien senior secured loan
Coupon		8.83%	[5]	8.75%	[6]
Spread		3.50%	[5]	3.25%	[6]
Principal		$ 12,425,000	[7],[9]	$ 7,829,200	[10],[12]
Amortized cost		12,363,700	[7],[9]	7,827,500	[10],[12]
Fair Value		$ 12,426,100	[7],[9]	$ 7,836,400	[10],[12]
Investment, Identifier [Axis]: IQVIA Inc, First lien senior secured loan
Coupon	[6]			7.35%
Spread	[6]			2.00%
Principal	[12]			$ 8,000,000
Amortized cost	[12]			8,000,000
Fair Value	[12]			$ 8,022,900
Investment, Identifier [Axis]: IRB Holding Corp., First lien senior secured loan
Coupon		8.18%	[5]	8.46%	[6]
Spread		2.75%	[5]	3.00%	[6]
Principal		$ 15,303,200	[7]	$ 12,692,500	[10]
Amortized cost		15,233,200	[7]	12,617,700	[10]
Fair Value		$ 15,299,900	[7]	$ 12,701,500	[10]
Investment, Identifier [Axis]: ISolved, Inc., First lien senior secured loan
Coupon		9.33%	[5]	9.48%	[6]
Spread		4.00%	[5]	4.00%	[6]
Principal		$ 8,381,200	[7]	$ 5,770,700	[10]
Amortized cost		8,334,900	[7]	5,719,100	[10]
Fair Value		$ 8,417,900	[7]	$ 5,770,700	[10]
Investment, Identifier [Axis]: Icefall Parent, Inc., First lien senior secured loan
Coupon	[5]	11.80%
Spread	[5]	6.50%
Principal	[7],[8]	$ 11,140,800
Amortized cost	[7],[8]	10,923,500
Fair Value	[7],[8]	$ 10,918,000
Investment, Identifier [Axis]: Idemia Group S.A.S., First lien senior secured loan
Coupon		9.56%	[5]	10.10%	[6]
Spread		4.25%	[5]	4.75%	[6]
Principal		$ 3,980,000	[7],[9]	$ 3,980,000	[10],[12]
Amortized cost		3,945,300	[7],[9]	3,943,400	[10],[12]
Fair Value		$ 3,999,900	[7],[9]	$ 3,987,500	[10],[12]
Investment, Identifier [Axis]: Imagine Learning LLC, First lien senior secured loan
Coupon	[5]	8.94%
Spread	[5]	3.50%
Principal	[7]	$ 2,450,000
Amortized cost	[7]	2,438,000
Fair Value	[7]	$ 2,439,900
Investment, Identifier [Axis]: Imprivata, Inc., First lien senior secured loan
Coupon	[5]	8.73%
Spread	[5]	3.50%
Principal	[7],[8]	$ 679,800
Amortized cost	[7],[8]	679,800
Fair Value	[7],[8]	$ 679,800
Investment, Identifier [Axis]: Infinity Home Services HoldCo, Inc., D&S Amalco and IHS Parent Holdings, L.P., Class A units
Shares/Units (in shares)		50,000	[8]	50,000	[11]
Amortized cost		$ 50,000.0	[8]	$ 50,000.0	[11]
Fair Value		$ 65,900	[8]	$ 65,200	[11]
Investment, Identifier [Axis]: Infinity Home Services HoldCo, Inc., D&S Amalco and IHS Parent Holdings, L.P., First lien senior secured loan 1
Coupon		12.16%	[5]	12.20%	[6]
Spread		6.75%	[5]	6.75%	[6]
Principal		$ 4,409,300	[7],[8],[9]	$ 4,108,300	[10],[11],[12]
Amortized cost		4,304,800	[7],[8],[9]	3,995,800	[10],[11],[12]
Fair Value		$ 4,409,300	[7],[8],[9]	$ 4,108,300	[10],[11],[12]
Investment, Identifier [Axis]: Infinity Home Services HoldCo, Inc., D&S Amalco and IHS Parent Holdings, L.P., First lien senior secured loan 2
Coupon		11.31%	[5]	11.50%	[6]
Spread		6.00%	[5]	6.00%	[6]
Principal		$ 1,024,400	[7],[8],[9]	$ 1,013,400	[10],[11],[12]
Amortized cost		862,300	[7],[8],[9]	842,900	[10],[11],[12]
Fair Value		$ 1,024,800	[7],[8],[9]	$ 1,050,800	[10],[11],[12]
Investment, Identifier [Axis]: Infinity Home Services HoldCo, Inc., D&S Amalco and IHS Parent Holdings, L.P., First lien senior secured revolving loan
Coupon	[5]	14.25%
Spread	[5]	5.75%
Principal	[7],[8],[9]	$ 79,600
Amortized cost	[7],[8],[9]	68,900
Fair Value	[7],[8],[9]	$ 79,600
Investment, Identifier [Axis]: Instructure Holdings, INC., First lien senior secured loan
Coupon	[6]			8.68%
Spread	[6]			2.75%
Principal	[10],[12]			$ 9,176,600
Amortized cost	[10],[12]			9,112,000
Fair Value	[10],[12]			$ 9,211,100
Investment, Identifier [Axis]: Instructure Holdings, Inc., First lien senior secured loan
Coupon	[5]	8.35%
Spread	[5]	2.75%
Principal	[7],[9]	$ 9,171,500
Amortized cost	[7],[9]	9,108,600
Fair Value	[7],[9]	$ 9,160,100
Investment, Identifier [Axis]: Iridium Satellite LLC, First lien senior secured loan
Coupon		7.83%	[5]	7.86%	[6]
Spread		2.50%	[5]	2.50%	[6]
Principal		$ 7,551,600	[7],[9]	$ 6,570,600	[10],[12]
Amortized cost		7,542,500	[7],[9]	6,562,400	[10],[12]
Fair Value		$ 7,543,800	[7],[9]	$ 6,581,500	[10],[12]
Investment, Identifier [Axis]: Iron Mountain Information Management, LLC, First lien senior secured loan
Coupon		7.58%	[5]	7.58%	[6]
Spread		2.25%	[5]	2.25%	[6]
Principal		$ 2,493,800	[9]	$ 5,500,000	[12]
Amortized cost		2,475,700	[9]	5,458,800	[12]
Fair Value		$ 2,470,900	[9]	$ 5,496,600	[12]
Investment, Identifier [Axis]: Isthmus Capital LLC, Private asset-backed investment 1
Coupon		9.50%	[5]	9.50%	[6]
Principal		$ 1,802,900	[8],[9]	$ 1,905,100	[11],[12]
Amortized cost		1,782,900	[8],[9]	1,883,200	[11],[12]
Fair Value		$ 1,802,900	[8],[9]	$ 1,905,100	[11],[12]
Investment, Identifier [Axis]: Isthmus Capital LLC, Private asset-backed investment 2
Shares/Units (in shares)		4	[8],[9]	4	[11],[12]
Amortized cost		$ 0	[8],[9]	$ 0	[11],[12]
Fair Value		$ 16,400	[8],[9]	$ 22,100	[11],[12]
Investment, Identifier [Axis]: JNPPK 2023-1, Collaterized loan obligation
Coupon		10.02%	[5]	10.12%	[6]
Spread		4.70%	[5]	4.70%	[6]
Principal		$ 2,000,000	[8],[9]	$ 2,000,000	[11],[12]
Amortized cost		2,000,000	[8],[9]	2,000,000	[11],[12]
Fair Value		$ 2,009,700	[8],[9]	$ 2,011,900	[11],[12]
Investment, Identifier [Axis]: KKR 48, Collaterized loan obligation
Coupon		9.66%	[5]	9.66%	[6]
Spread		4.30%	[5]	4.30%	[6]
Principal		$ 2,000,000	[8],[9]	$ 2,000,000	[11],[12]
Amortized cost		2,000,000	[8],[9]	2,000,000	[11],[12]
Fair Value		$ 2,007,900	[8],[9]	$ 1,989,500	[11],[12]
Investment, Identifier [Axis]: KUEHG Corp, First lien senior secured loan
Coupon	[5]	10.30%
Spread	[5]	5.00%
Principal	[7]	$ 3,491,200
Amortized cost	[7]	3,482,500
Fair Value	[7]	$ 3,496,900
Investment, Identifier [Axis]: Kaman Corporation, First lien senior secured loan
Coupon	[5]	8.81%
Spread	[5]	3.50%
Principal	[7]	$ 10,000,000
Amortized cost	[7]	10,005,000
Fair Value	[7]	$ 10,006,300
Investment, Identifier [Axis]: Keystone Agency Partners LLC, First lien senior secured loan
Coupon		10.95%	[5]	10.96%	[6]
Spread		5.50%	[5]	5.50%	[6]
Principal		$ 10,664,200	[7],[8]	$ 10,690,900	[10],[11]
Amortized cost		10,467,800	[7],[8]	10,477,500	[10],[11]
Fair Value		$ 10,557,600	[7],[8]	$ 10,477,100	[10],[11]
Investment, Identifier [Axis]: Kings Buyer, LLC, First lien senior secured loan
Coupon		11.80%	[5]	11.99%	[6]
Spread		6.50%	[5]	6.50%	[6]
Principal		$ 18,378,400	[7],[8]	$ 18,424,600	[10],[11]
Amortized cost		18,132,800	[7],[8]	18,161,700	[10],[11]
Fair Value		$ 18,378,400	[7],[8]	$ 18,148,200	[10],[11]
Investment, Identifier [Axis]: Kings Buyer, LLC, First lien senior secured revolving loan
Coupon	[5]	14.00%
Spread	[5]	5.50%
Principal	[7],[8]	$ 152,900
Amortized cost	[7],[8]	132,900
Fair Value	[7],[8]	$ 152,900
Investment, Identifier [Axis]: Kodiak Building Partners Inc., First lien senior secured loan
Coupon	[5]	8.98%
Spread	[5]	3.75%
Principal	[8]	$ 6,750,000
Amortized cost	[8]	6,716,300
Fair Value	[8]	$ 6,750,000
Investment, Identifier [Axis]: LABL, Inc., First lien senior secured loan
Coupon	[5]	10.43%
Spread	[5]	5.00%
Principal	[7]	$ 4,266,500
Amortized cost	[7]	4,147,000
Fair Value	[7]	$ 4,172,900
Investment, Identifier [Axis]: LBM Acquisition LLC, First lien senior secured loan
Coupon		9.18%	[5]	9.21%	[6]
Spread		3.75%	[5]	3.75%	[6]
Principal		$ 7,898,200	[7]	$ 5,765,300	[10]
Amortized cost		7,799,200	[7]	5,659,400	[10]
Fair Value		$ 7,879,500	[7]	$ 5,689,700	[10]
Investment, Identifier [Axis]: LS Group Opco Acquisition LLC (LS Group PropCo Acquisition LLC), First lien senior secured loan
Coupon	[6]			8.71%
Spread	[6]			3.25%
Principal	[10]			$ 9,007,800
Amortized cost	[10]			8,982,700
Fair Value	[10]			$ 8,996,600
Investment, Identifier [Axis]: LS Group Opco Acquisition LLC, First lien senior secured loan
Coupon	[5]	8.68%
Spread	[5]	3.25%
Principal	[7]	$ 9,549,000
Amortized cost	[7]	9,525,500
Fair Value	[7]	$ 9,546,000
Investment, Identifier [Axis]: Lakeshore Learning Materials, LLC, First lien senior secured loan
Coupon		8.94%	[5]	8.97%	[6]
Spread		3.50%	[5]	3.50%	[6]
Principal		$ 10,240,800	[7]	$ 10,267,000	[10]
Amortized cost		10,143,900	[7]	10,164,400	[10]
Fair Value		$ 10,235,700	[7]	$ 10,247,800	[10]
Investment, Identifier [Axis]: League One Volleyball, Inc., Series B preferred stock
Shares/Units (in shares)		194	[8]	194	[11]
Amortized cost		$ 1,000.0	[8]	$ 1,000.0	[11]
Fair Value		$ 1,200	[8]	$ 1,000.0	[11]
Investment, Identifier [Axis]: Learning Care Group (US) No. 2 Inc., First lien senior secured loan
Coupon		10.07%	[5]	10.13%	[6]
Spread		4.75%	[5]	4.75%	[6]
Principal		$ 5,957,900	[7]	$ 5,972,800	[10]
Amortized cost		5,928,900	[7]	5,942,100	[10]
Fair Value		$ 5,959,100	[7]	$ 5,999,700	[10]
Investment, Identifier [Axis]: Leviathan Intermediate Holdco, LLC and Leviathan Holdings, L.P., First lien senior secured loan
Coupon		12.96%	[5]	13.00%	[6]
Spread		7.50%	[5]	7.50%	[6]
Principal		$ 16,534,400	[7],[8]	$ 9,719,600	[10],[11]
Amortized cost		16,190,100	[7],[8]	9,487,100	[10],[11]
Fair Value		$ 16,534,400	[7],[8]	$ 9,719,600	[10],[11]
Investment, Identifier [Axis]: Leviathan Intermediate Holdco, LLC and Leviathan Holdings, L.P., Limited partnership interests
Shares/Units (in shares)		133,000	[8]	50,000	[11]
Amortized cost		$ 133,000.0	[8]	$ 50,000.0	[11]
Fair Value		$ 175,500	[8]	$ 48,800	[11]
Investment, Identifier [Axis]: Lifepoint Health Inc, First lien senior secured loan
Coupon		11.09%	[5]	11.17%	[6]
Spread		5.50%	[5]	5.50%	[6]
Principal		$ 7,785,600		$ 7,805,100
Amortized cost		7,566,400		7,573,600
Fair Value		$ 7,803,600		$ 7,771,900
Investment, Identifier [Axis]: Lightbeam Bidco, Inc., First lien senior secured loan 1
Coupon		11.56%	[5]	11.70%	[6]
Spread		6.25%	[5]	6.25%	[6]
Principal		$ 14,962,500	[7],[8]	$ 15,000,000	[10],[11]
Amortized cost		14,719,300	[7],[8]	14,746,200	[10],[11]
Fair Value		$ 14,962,500	[7],[8]	$ 15,000,000	[10],[11]
Investment, Identifier [Axis]: Lightbeam Bidco, Inc., First lien senior secured loan 2
Coupon		10.83%	[5]	10.86%	[6]
Spread		5.50%	[5]	5.50%	[6]
Principal		$ 2,327,000	[7],[8]	$ 1,254,000	[10],[11]
Amortized cost		2,302,400	[7],[8]	1,228,400	[10],[11]
Fair Value		$ 2,327,000	[7],[8]	$ 1,209,300	[10],[11]
Investment, Identifier [Axis]: Lightbeam Bidco, Inc., First lien senior secured revolving loan
Coupon	[5]	11.56%
Spread	[5]	6.25%
Principal	[7],[8],[14]	$ 100
Amortized cost	[7],[8],[14]	100
Fair Value	[7],[8],[14]	$ 100
Investment, Identifier [Axis]: LiveBarn Inc., Middle preferred shares
Shares/Units (in shares)		2,838,691	[8],[9]	2,838,691	[11],[12]
Amortized cost		$ 10,000,000	[8],[9]	$ 10,000,000	[11],[12]
Fair Value		$ 10,625,000	[8],[9]	$ 10,000,000	[11],[12]
Investment, Identifier [Axis]: MAGNE 2019-24, Collaterized loan obligation
Coupon	[5]	11.71%
Spread	[5]	6.40%
Principal	[8],[9]	$ 500,000.0
Amortized cost	[8],[9]	500,100
Fair Value	[8],[9]	$ 494,000.0
Investment, Identifier [Axis]: MAGNE 2023-36, Collaterized loan obligation
Coupon		10.22%	[5]	10.31%	[6]
Spread		4.90%	[5]	4.90%	[6]
Principal		$ 1,750,000	[8],[9]	$ 1,750,000	[11],[12]
Amortized cost		1,750,000	[8],[9]	1,750,000	[11],[12]
Fair Value		$ 1,765,100	[8],[9]	$ 1,765,900	[11],[12]
Investment, Identifier [Axis]: MDPK 2024-67, Collaterized loan obligation
Coupon	[5]	12.09%
Spread	[5]	6.80%
Principal	[8],[9]	$ 2,500,000
Amortized cost	[8],[9]	2,500,000
Fair Value	[8],[9]	$ 2,512,900
Investment, Identifier [Axis]: MH Sub I, LLC, First lien senior secured loan
Coupon	[5]	9.58%
Spread	[5]	4.25%
Principal	[7]	$ 5,486,200
Amortized cost	[7]	5,372,700
Fair Value	[7]	$ 5,447,500
Investment, Identifier [Axis]: MIWD Holdco II LLC, First lien senior secured loan
Coupon	[5]	8.73%
Spread	[5]	3.50%
Principal		$ 2,000,000
Amortized cost		1,990,000
Fair Value		$ 2,007,500
Investment, Identifier [Axis]: MKS Instruments, Inc., First lien senior secured loan
Coupon	[6]			7.84%
Spread	[6]			2.50%
Principal	[10],[12]			$ 4,482,200
Amortized cost	[10],[12]			4,471,300
Fair Value	[10],[12]			$ 4,486,700
Investment, Identifier [Axis]: Mamba Purchaser, Inc., First lien senior secured loan
Coupon		8.94%	[5]	8.97%	[6]
Spread		3.50%	[5]	3.50%	[6]
Principal		$ 13,324,900	[7]	$ 13,358,900	[10]
Amortized cost		13,237,300	[7]	13,266,300	[10]
Fair Value		$ 13,320,900	[7]	$ 13,334,000	[10]
Investment, Identifier [Axis]: Mamba Purchaser, Inc., Second lien senior secured loan
Coupon	[5]	11.94%
Spread	[5]	6.50%
Principal	[7]	$ 2,113,000
Amortized cost	[7]	2,097,500
Fair Value	[7]	$ 2,086,600
Investment, Identifier [Axis]: Maravai Intermediate Holdings, LLC, First lien senior secured loan
Coupon		8.31%	[5]	8.40%	[6]
Spread		3.00%	[5]	3.00%	[6]
Principal		$ 4,656,600	[7],[9]	$ 10,372,500	[10],[12]
Amortized cost		4,591,600	[7],[9]	10,349,900	[10],[12]
Fair Value		$ 4,569,300	[7],[9]	$ 10,078,600	[10],[12]
Investment, Identifier [Axis]: Marcel Bidco GmbH, First lien senior secured loan
Coupon		9.81%	[5]	9.81%	[6]
Spread		4.50%	[5]	4.50%	[6]
Principal		$ 10,884,300	[7],[9]	$ 10,312,900	[10],[12]
Amortized cost		10,831,100	[7],[9]	10,255,500	[10],[12]
Fair Value		$ 10,959,200	[7],[9]	$ 10,355,900	[10],[12]
Investment, Identifier [Axis]: Mars Downstop Loan Purchaser Trust, Private asset-backed investment
Coupon	[5]	11.00%
Shares/Units (in shares)	[8],[9]	29,990,339
Amortized cost	[8],[9]	$ 28,711,900
Fair Value	[8],[9]	$ 28,437,000
Investment, Identifier [Axis]: Max US Bidco Inc., First lien senior secured loan
Coupon		10.31%	[5]	10.35%	[6]
Spread		5.00%	[5]	5.00%	[6]
Principal		$ 25,000,000		$ 25,000,000
Amortized cost		23,055,800		22,981,300
Fair Value		$ 22,839,300		$ 23,287,500
Investment, Identifier [Axis]: Medline Borrower, LP, First lien senior secured loan
Coupon		8.33%	[5]	8.47%	[6]
Spread		3.00%	[5]	3.00%	[6]
Principal		$ 14,560,700	[7]	$ 12,972,600	[10]
Amortized cost		14,514,800	[7]	12,919,400	[10]
Fair Value		$ 14,592,000	[7]	$ 13,025,300	[10]
Investment, Identifier [Axis]: Meyer Laboratory, LLC and Meyer Parent, LLC, Common units
Shares/Units (in shares)	[8]	169,000
Amortized cost	[8]	$ 169,000.0
Fair Value	[8]	$ 169,200
Investment, Identifier [Axis]: Meyer Laboratory, LLC and Meyer Parent, LLC, First lien senior secured loan
Coupon	[5]	10.83%
Spread	[5]	5.50%
Principal	[7],[8]	$ 9,972,100
Amortized cost	[7],[8]	9,775,500
Fair Value	[7],[8]	$ 9,772,600
Investment, Identifier [Axis]: Midcap Financial Issuer Trust, Senior subordinated loan
Coupon		6.50%	[5]	6.50%	[6]
Principal		$ 3,053,000	[9]	$ 5,000,000	[12]
Amortized cost		2,693,000	[9]	4,438,100	[12]
Fair Value		$ 2,816,500	[9]	$ 4,688,800	[12]
Investment, Identifier [Axis]: Mirion Technologies (US Holdings), Inc., First lien senior secured loan
Coupon		8.31%	[5]	8.36%	[6]
Spread		2.75%	[5]	2.75%	[6]
Principal		$ 3,149,700	[7],[9]	$ 3,671,400	[10],[12]
Amortized cost		3,151,800	[7],[9]	3,673,600	[10],[12]
Fair Value		$ 3,153,700	[7],[9]	$ 3,681,500	[10],[12]
Investment, Identifier [Axis]: Mister Car Wash Holdings, Inc., First lien senior secured loan
Coupon	[5]	8.48%
Spread	[5]	3.25%
Principal	[9]	$ 10,000,000
Amortized cost	[9]	10,000,000
Fair Value	[9]	$ 10,016,700
Investment, Identifier [Axis]: Mitchell International, Inc., First lien senior secured loan
Coupon	[5]	9.19%
Spread	[5]	3.75%
Principal	[7]	$ 15,062,000
Amortized cost	[7]	14,726,000
Fair Value	[7]	$ 15,061,200
Investment, Identifier [Axis]: Mitchell International, Inc., First lien senior secured loan 1
Coupon	[6]			9.40%
Spread	[6]			3.75%
Principal	[10]			$ 15,000,000
Amortized cost	[10]			14,647,000
Fair Value	[10]			$ 14,974,100
Investment, Identifier [Axis]: Mitchell International, Inc., First lien senior secured loan 2
Coupon	[6]			9.40%
Spread	[6]			3.75%
Principal	[10]			$ 99,700
Amortized cost	[10]			97,400
Fair Value	[10]			$ 99,600
Investment, Identifier [Axis]: Mitchell International, Inc., Second lien senior secured loan
Coupon		11.94%	[5]	12.15%	[6]
Spread		6.50%	[5]	6.50%	[6]
Principal		$ 145,800	[7]	$ 145,800	[10]
Amortized cost		135,200	[7]	134,700	[10]
Fair Value		$ 145,600	[7]	$ 142,800	[10]
Investment, Identifier [Axis]: Monroe Capital Income Plus Corporation, Corporate Bond
Coupon	[5]	9.42%
Principal	[8],[9]	$ 10,000,000
Amortized cost	[8],[9]	10,000,000
Fair Value	[8],[9]	$ 10,475,500
Investment, Identifier [Axis]: Monroe Capital Income Plus Corporation, Senior subordinated loan
Coupon	[6]			9.42%
Principal	[11],[12]			$ 10,000,000
Amortized cost	[11],[12]			10,000,000
Fair Value	[11],[12]			$ 10,506,900
Investment, Identifier [Axis]: Mosel Bidco SE, First lien senior secured loan
Coupon		10.06%	[5]	10.10%	[6]
Spread		4.75%	[5]	4.75%	[6]
Principal		$ 8,112,100	[7],[8],[9]	$ 8,112,100	[10],[11],[12]
Amortized cost		8,108,800	[7],[8],[9]	8,108,600	[10],[11],[12]
Fair Value		$ 8,122,200	[7],[8],[9]	$ 8,112,100	[10],[11],[12]
Investment, Identifier [Axis]: Motion Acquisition Limited, First lien senior secured loan
Coupon		9.07%	[5]	8.86%	[6]
Spread		3.50%	[5]	3.25%	[6]
Principal		$ 9,086,500	[9]	$ 11,081,500	[12]
Amortized cost		9,043,500	[9]	11,030,800	[12]
Fair Value		$ 9,066,000	[9]	$ 11,081,500	[12]
Investment, Identifier [Axis]: Mr. Greens Intermediate, LLC, Florida Veg Investments LLC, MRG Texas, LLC and Restaurant Produce and Services Blocker, LLC, Class B limited liability company interest
Shares/Units (as a percent)		0.0018	[8]	0.0018	[11]
Amortized cost		$ 100,000.0	[8]	$ 100,000.0	[11]
Fair Value		$ 95,700	[8]	$ 104,300	[11]
Investment, Identifier [Axis]: Mr. Greens Intermediate, LLC, Florida Veg Investments LLC, MRG Texas, LLC and Restaurant Produce and Services Blocker, LLC, First lien senior secured loan
Coupon		11.67%	[5]	11.70%	[6]
Spread		6.25%	[5]	6.25%	[6]
Principal		$ 9,402,600	[7],[8]	$ 9,426,300	[10],[11]
Amortized cost		9,163,800	[7],[8]	9,175,100	[10],[11]
Fair Value		9,402,600	[7],[8]	$ 9,426,300	[10],[11]
Investment, Identifier [Axis]: Mr. Greens Intermediate, LLC, Florida Veg Investments LLC, MRG Texas, LLC and Restaurant Produce and Services Blocker, LLC, First lien senior secured revolving loan
Principal	[7],[8],[13]	0
Amortized cost	[7],[8],[13]	0
Fair Value	[7],[8],[13]	$ 0
Investment, Identifier [Axis]: NASCAR Holdings, LLC, First lien senior secured loan
Coupon		7.94%	[5]	7.97%	[6]
Spread		2.50%	[5]	2.50%	[6]
Principal		$ 854,300		$ 895,500
Amortized cost		856,100		897,600
Fair Value		$ 857,000.0		$ 897,900
Investment, Identifier [Axis]: NEP Group, Inc., First lien senior secured loan
Coupon	[6]			10.22%
Coupon, PIK	[6]			1.50%
Spread	[6]			4.75%
Principal	[11]			$ 6,038,500
Amortized cost	[11]			5,871,200
Fair Value	[11]			$ 5,736,600
Investment, Identifier [Axis]: NEP Group, Inc., First lien senior secured loan 1
Coupon	[5]	10.19%
Coupon, PIK	[5]	1.50%
Spread	[5]	4.75%
Principal		$ 9,636,600
Amortized cost		9,361,500
Fair Value		$ 9,148,800
Investment, Identifier [Axis]: NEP Group, Inc., First lien senior secured loan 2
Coupon	[5]	10.94%
Spread	[5]	5.50%
Principal	[7],[8]	$ 3,617,800
Amortized cost	[7],[8]	3,476,000
Fair Value	[7],[8]	$ 3,445,900
Investment, Identifier [Axis]: NFP Corp., First lien senior secured loan
Coupon		8.69%	[5]	8.72%	[6]
Spread		3.25%	[5]	3.25%	[6]
Principal		$ 8,252,700		$ 8,274,200	[10],[11]
Amortized cost		8,164,300		8,177,900	[10],[11]
Fair Value		$ 8,254,800		$ 8,309,100	[10],[11]
Investment, Identifier [Axis]: NRG Energy Inc, First lien senior secured loan
Coupon	[5]	7.23%
Spread	[5]	2.00%
Principal	[9]	$ 8,000,000
Amortized cost	[9]	7,980,000
Fair Value	[9]	$ 7,985,000
Investment, Identifier [Axis]: Netsmart, Inc. and Netsmart Technologies, Inc., First lien senior secured loan
Coupon		9.19%	[5]	9.22%	[6]
Spread		3.75%	[5]	3.75%	[6]
Principal		$ 34,785,200	[7]	$ 34,874,800	[10]
Amortized cost		34,595,100	[7]	34,649,100	[10]
Fair Value		$ 34,829,000	[7]	$ 34,891,200	[10]
Investment, Identifier [Axis]: New ChurcHill HoldCo LLC and Victory Topco, LP, Class A-2 common units
Shares/Units (in shares)		23,290	[8]	23,290	[11]
Amortized cost		$ 2,329,000	[8]	$ 2,329,000	[11]
Fair Value		$ 2,980,900	[8]	$ 2,329,000	[11]
Investment, Identifier [Axis]: New ChurcHill HoldCo LLC and Victory Topco, LP, First lien senior secured loan
Coupon		10.81%	[5]	10.87%	[6]
Spread		5.50%	[5]	5.50%	[6]
Principal		$ 14,186,600	[7],[8]	$ 12,348,100	[10],[11]
Amortized cost		13,803,700	[7],[8]	11,947,600	[10],[11]
Fair Value		$ 13,585,400	[7],[8]	$ 11,746,100	[10],[11]
Investment, Identifier [Axis]: New ChurcHill HoldCo LLC and Victory Topco, LP, First lien senior secured revolving loan
Coupon	[6]			10.87%
Spread	[6]			5.50%
Principal	[10],[11]			$ 321,600
Amortized cost	[10],[11]			271,300
Fair Value	[10],[11]			$ 270,100
Investment, Identifier [Axis]: Next Holdco, LLC, First lien senior secured loan
Coupon		11.32%	[5]	11.37%	[6]
Spread		6.00%	[5]	6.00%	[6]
Principal		$ 5,786,100	[7],[8]	$ 5,786,100	[10],[11]
Amortized cost		5,704,000	[7],[8]	5,700,900	[10],[11]
Fair Value		$ 5,699,400	[7],[8]	$ 5,699,400	[10],[11]
Investment, Identifier [Axis]: Nomi Health, Inc., First lien senior secured loan
Coupon		13.58%	[5]	13.64%	[6]
Spread		8.25%	[5]	8.25%	[6]
Principal		$ 11,639,200	[7],[8]	$ 11,639,200	[10],[11]
Amortized cost		11,337,100	[7],[8]	11,319,600	[10],[11]
Fair Value		$ 11,406,400	[7],[8]	$ 11,290,000	[10],[11]
Investment, Identifier [Axis]: Nomi Health, Inc., Warrant to purchase shares of Series B preferred stock
Shares/Units (in shares)	[8]	10,142
Amortized cost	[8]	$ 0
Fair Value	[8]	$ 64,200
Investment, Identifier [Axis]: North Haven Fairway Buyer, LLC, Fairway Lawns, LLC and Command Pest Control, LLC, First lien senior secured loan
Coupon		11.81%	[5]	11.86%	[6]
Spread		6.50%	[5]	6.50%	[6]
Principal		$ 3,760,300	[7],[8]	$ 3,413,400	[10],[11]
Amortized cost		3,664,900	[7],[8]	3,312,000	[10],[11]
Fair Value		$ 3,760,300	[7],[8]	$ 3,413,400	[10],[11]
Investment, Identifier [Axis]: North Haven Fairway Buyer, LLC, Fairway Lawns, LLC and Command Pest Control, LLC, First lien senior secured revolving loan
Coupon	[5]	11.81%
Spread	[5]	6.50%
Principal	[7],[8]	$ 108,200
Amortized cost	[7],[8]	97,800
Fair Value	[7],[8]	$ 108,200
Investment, Identifier [Axis]: North Haven Stack Buyer, LLC, First lien senior secured loan
Coupon		10.72%	[5]	11.01%	[6]
Spread		5.25%	[5]	5.50%	[6]
Principal		$ 13,900	[7],[8]	$ 7,100	[10],[11]
Amortized cost		13,600	[7],[8]	6,500	[10],[11]
Fair Value		$ 13,900	[7],[8]	$ 7,100	[10],[11]
Investment, Identifier [Axis]: Northwinds Holding, Inc. and Northwinds Services Group LLC, Common units
Shares/Units (in shares)		121,368	[8]	76,923	[11]
Amortized cost		$ 166,700	[8]	$ 100,000.0	[11]
Fair Value		$ 173,600	[8]	$ 109,400	[11]
Investment, Identifier [Axis]: Northwinds Holding, Inc. and Northwinds Services Group LLC, First lien senior secured loan
Coupon		12.16%	[5]	12.18%	[6]
Spread		6.50%	[5]	6.50%	[6]
Principal		$ 11,470,300	[7],[8]	$ 11,499,100	[10],[11]
Amortized cost		11,133,600	[7],[8]	11,145,200	[10],[11]
Fair Value		$ 11,470,300	[7],[8]	$ 11,499,100	[10],[11]
Investment, Identifier [Axis]: Northwinds Holding, Inc. and Northwinds Services Group LLC, First lien senior secured revolving loan
Coupon	[5]	11.83%
Spread	[5]	6.50%
Principal	[7],[8]	$ 416,700
Amortized cost	[7],[8]	374,300
Fair Value	[7],[8]	$ 416,700
Investment, Identifier [Axis]: OAKC 2022-12, Collaterized loan obligation
Coupon		10.32%	[5]	10.42%	[6]
Spread		5.00%	[5]	5.00%	[6]
Principal		$ 2,000,000	[8],[9]	$ 2,000,000	[11],[12]
Amortized cost		2,000,000	[8],[9]	2,000,000	[11],[12]
Fair Value		$ 2,028,200	[8],[9]	$ 1,992,200	[11],[12]
Investment, Identifier [Axis]: OAKC 2023-15, Collaterized loan obligation
Coupon		10.32%	[5]	10.12%	[6]
Spread		5.00%	[5]	5.00%	[6]
Principal		$ 2,000,000	[8],[9]	$ 2,000,000	[11],[12]
Amortized cost		2,000,000	[8],[9]	2,000,000	[11],[12]
Fair Value		$ 2,039,300	[8],[9]	$ 2,047,400	[11],[12]
Investment, Identifier [Axis]: OAKC 2023-16, Collaterized loan obligation
Coupon		9.36%	[5]	9.36%	[6]
Spread		4.00%	[5]	4.00%	[6]
Principal		$ 2,000,000	[8],[9]	$ 2,000,000	[11],[12]
Amortized cost		2,000,000	[8],[9]	2,000,000	[11],[12]
Fair Value		$ 2,008,800	[8],[9]	$ 1,994,600	[11],[12]
Investment, Identifier [Axis]: OakBridge Insurance Agency LLC and Maple Acquisition Holdings, LP, Class A2 units
Shares/Units (in shares)		102,501	[8]	102,501	[11]
Amortized cost		$ 2,050,000	[8]	$ 2,050,000	[11]
Fair Value		$ 2,050,000	[8]	$ 2,050,000	[11]
Investment, Identifier [Axis]: OakBridge Insurance Agency LLC and Maple Acquisition Holdings, LP, First lien senior secured loan
Coupon		11.07%	[5]	11.09%	[6]
Spread		5.75%	[5]	5.75%	[6]
Principal		$ 9,196,400	[7],[8]	$ 9,196,400	[10],[11]
Amortized cost		9,024,700	[7],[8]	9,017,000	[10],[11]
Fair Value		$ 9,012,500	[7],[8]	$ 9,012,500	[10],[11]
Investment, Identifier [Axis]: Omnia Partners, LLC, First lien senior secured loan
Coupon		9.57%	[5]	9.63%	[6]
Spread		4.25%	[5]	4.25%	[6]
Principal		$ 4,987,500		$ 4,570,600
Amortized cost		4,942,300		4,527,600
Fair Value		$ 5,006,200		$ 4,596,400
Investment, Identifier [Axis]: OneDigital Borrower LLC, First lien senior secured loan
Coupon		9.68%	[5]	9.71%	[6]
Spread		4.25%	[5]	4.25%	[6]
Principal		$ 6,048,500	[7]	$ 4,987,300	[10],[11]
Amortized cost		6,017,000	[7]	4,950,900	[10],[11]
Fair Value		$ 6,040,900	[7]	$ 4,987,300	[10],[11]
Investment, Identifier [Axis]: Ontario Gaming GTA LP, First lien senior secured loan
Coupon	[5]	9.56%
Spread	[5]	4.25%
Principal	[7],[9]	$ 5,486,300
Amortized cost	[7],[9]	5,477,600
Fair Value	[7],[9]	$ 5,502,900
Investment, Identifier [Axis]: Open Text Corporation, First lien senior secured loan
Coupon		8.18%	[5]	8.21%	[6]
Spread		2.75%	[5]	2.75%	[6]
Principal		$ 7,134,100	[7],[9]	$ 7,533,000	[10],[12]
Amortized cost		7,118,300	[7],[9]	7,515,600	[10],[12]
Fair Value		$ 7,142,300	[7],[9]	$ 7,545,300	[10],[12]
Investment, Identifier [Axis]: Option Care Health Inc, First lien senior secured loan
Coupon		8.19%	[5]	8.22%	[6]
Spread		2.75%	[5]	2.75%	[6]
Principal		$ 5,879,800	[7],[9]	$ 5,894,900	[10],[12]
Amortized cost		5,878,500	[7],[9]	5,893,500	[10],[12]
Fair Value		$ 5,894,500	[7],[9]	$ 5,914,500	[10],[12]
Investment, Identifier [Axis]: Orange Barrel Media, LLC/IKE Smart City, LLC, Private asset-backed investment
Coupon	[5]	11.08%
Spread	[5]	5.75%
Principal	[7],[8]	$ 2,852,000
Amortized cost	[7],[8]	2,817,300
Fair Value	[7],[8]	$ 2,816,400
Investment, Identifier [Axis]: PCIA SPV-3, LLC and ASE Royal Aggregator, LLC, First lien senior secured loan
Coupon		11.56%	[5]	11.62%	[6]
Spread		6.25%	[5]	6.25%	[6]
Principal		$ 9,044,000	[7],[8],[9]	$ 9,066,700	[10],[11],[12]
Amortized cost		8,768,200	[7],[8],[9]	8,777,400	[10],[11],[12]
Fair Value		$ 9,044,000	[7],[8],[9]	$ 9,066,700	[10],[11],[12]
Investment, Identifier [Axis]: PCIA SPV-3, LLC and ASE Royal Aggregator, LLC, Preferred units
Shares/Units (in shares)		1,333,333	[8],[9]	1,333,333	[11],[12]
Amortized cost		$ 1,315,500	[8],[9]	$ 1,315,500	[11],[12]
Fair Value		$ 1,436,500	[8],[9]	$ 1,333,300	[11],[12]
Investment, Identifier [Axis]: PCS MidCo, Inc. and PCS Parent, L.P., Class A units
Shares/Units (in shares)	[8]	806,000
Amortized cost	[8]	$ 806,000.0
Fair Value	[8]	$ 806,000.0
Investment, Identifier [Axis]: PCS MidCo, Inc. and PCS Parent, L.P., First lien senior secured loan
Coupon	[5]	11.09%
Spread	[5]	5.75%
Principal	[7],[8]	$ 10,588,600
Amortized cost	[7],[8]	10,351,800
Fair Value	[7],[8]	$ 10,346,400
Investment, Identifier [Axis]: PCS MidCo, Inc. and PCS Parent, L.P., First lien senior secured revolving loan
Coupon	[5]	11.08%
Spread	[5]	5.75%
Principal	[7],[8]	$ 68,200
Amortized cost	[7],[8]	41,300
Fair Value	[7],[8]	$ 40,900
Investment, Identifier [Axis]: PG Investment Company 59 S.a r.l., First lien senior secured loan
Coupon	[5]	9.31%
Spread	[5]	4.00%
Principal	[8],[9]	$ 6,000,000
Amortized cost	[8],[9]	5,985,000
Fair Value	[8],[9]	$ 6,007,500
Investment, Identifier [Axis]: Packaging Coordinators Midco, Inc., First lien senior secured loan
Coupon		9.07%	[5]	9.11%	[6]
Spread		3.50%	[5]	3.50%	[6]
Principal		$ 15,796,800	[7]	$ 9,279,600	[10]
Amortized cost		15,742,300	[7]	9,245,000	[10]
Fair Value		$ 15,818,700	[7]	$ 9,274,400	[10]
Investment, Identifier [Axis]: Pallas Funding Trust No.2, Private asset-backed investment 1
Coupon	[5]	2.75%
Principal	[8],[9]	$ 2,646,400
Amortized cost	[8],[9]	2,622,300
Fair Value	[8],[9]	$ 2,631,300
Investment, Identifier [Axis]: Pallas Funding Trust No.2, Private asset-backed investment 2
Coupon	[5]	6.50%
Principal	[8],[9]	$ 1,832,700
Amortized cost	[8],[9]	1,815,600
Fair Value	[8],[9]	$ 1,821,800
Investment, Identifier [Axis]: Pallas Funding Trust No.2, Private asset-backed investment 3
Coupon	[5]	7.85%
Principal	[8],[9]	$ 997,700
Amortized cost	[8],[9]	988,100
Fair Value	[8],[9]	$ 991,500
Investment, Identifier [Axis]: Paragon 28, Inc. and Paragon Advanced Technologies, Inc., First lien senior secured loan
Coupon		12.08%	[5]	12.13%	[6]
Coupon, PIK	[6]			3.38%
Spread		6.75%	[5]	6.75%	[6]
Principal		$ 21,214,900	[7],[8],[9]	$ 21,214,900	[10],[11],[12]
Amortized cost		20,726,300	[7],[8],[9]	20,699,700	[10],[11],[12]
Fair Value		$ 20,684,500	[7],[8],[9]	$ 20,684,500	[10],[11],[12]
Investment, Identifier [Axis]: Paragon 28, Inc. and Paragon Advanced Technologies, Inc., First lien senior secured revolving loan
Coupon		9.33%	[5]	9.38%	[6]
Spread		4.00%	[5]	4.00%	[6]
Principal		$ 500	[7],[8],[9]	$ 500	[10],[11],[12]
Amortized cost		500	[7],[8],[9]	500	[10],[11],[12]
Fair Value		$ 500	[7],[8],[9]	$ 500	[10],[11],[12]
Investment, Identifier [Axis]: Particle Luxembourg S.a.r.l., First lien senior secured loan
Coupon	[6]			10.72%
Spread	[6]			5.25%
Principal	[10],[12]			$ 1,447,700
Amortized cost	[10],[12]			1,427,500
Fair Value	[10],[12]			$ 1,440,500
Investment, Identifier [Axis]: Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P., First lien senior secured loan 1
Coupon		12.18%	[5]	14.25%	[6]
Spread		6.75%	[5]	5.75%	[6]
Principal		$ 13,747,300	[7],[8],[9]	$ 32,400	[10],[11],[12]
Amortized cost		13,372,800	[7],[8],[9]	31,500	[10],[11],[12]
Fair Value		$ 13,747,300	[7],[8],[9]	$ 32,400	[10],[11],[12]
Investment, Identifier [Axis]: Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P., First lien senior secured loan 2
Coupon		14.25%	[5]	12.21%	[6]
Spread		5.75%	[5]	6.75%	[6]
Principal		$ 30,400	[7],[8],[9]	$ 13,779,800	[10],[11],[12]
Amortized cost		29,600	[7],[8],[9]	13,386,200	[10],[11],[12]
Fair Value		$ 30,400	[7],[8],[9]	$ 13,779,800	[10],[11],[12]
Investment, Identifier [Axis]: Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P., First lien senior secured revolving loan
Coupon		12.09%	[5]	12.21%	[6]
Spread		6.75%	[5]	6.75%	[6]
Principal		$ 262,100	[7],[8],[9]	$ 166,100	[10],[11],[12]
Amortized cost		242,100	[7],[8],[9]	144,900	[10],[11],[12]
Fair Value		$ 262,100	[7],[8],[9]	$ 166,100	[10],[11],[12]
Investment, Identifier [Axis]: Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P., Limited partnership interests
Shares/Units (in shares)		87,190	[8],[9]	80,390	[11],[12]
Amortized cost		$ 87,200	[8],[9]	$ 80,400	[11],[12]
Fair Value		$ 80,900	[8],[9]	$ 79,400	[11],[12]
Investment, Identifier [Axis]: Peer Holding III B.V., First lien senior secured loan
Coupon	[6]			8.60%
Spread	[6]			3.25%
Principal	[12]			$ 5,000,000
Amortized cost	[12]			4,962,500
Fair Value	[12]			$ 5,010,400
Investment, Identifier [Axis]: PestCo Holdings, LLC and PestCo, LLC, Class A units
Shares/Units (in shares)		8	[8]	8	[11]
Amortized cost		$ 100,000.0	[8]	$ 100,000.0	[11]
Fair Value		$ 138,300	[8]	$ 128,000.0	[11]
Investment, Identifier [Axis]: PestCo Holdings, LLC and PestCo, LLC, First lien senior secured loan
Coupon		11.46%	[5]	12.03%	[6]
Spread		6.00%	[5]	6.50%	[6]
Principal		$ 10,458,500	[7],[8]	$ 9,845,600	[10],[11]
Amortized cost		10,173,900	[7],[8]	9,603,100	[10],[11]
Fair Value		$ 10,458,500	[7],[8]	$ 9,845,600	[10],[11]
Investment, Identifier [Axis]: Phoenix Guarantor Inc., First lien senior secured loan
Coupon	[5]	8.58%
Spread	[5]	3.25%
Principal		$ 2,416,500
Amortized cost		2,344,800
Fair Value		$ 2,383,600
Investment, Identifier [Axis]: Pike Corporation, First lien senior secured loan
Coupon		8.44%	[5]	8.47%	[6]
Spread		3.00%	[5]	3.00%	[6]
Principal		$ 7,535,600		$ 7,535,600
Amortized cost		7,535,600		7,535,600
Fair Value		$ 7,556,100		$ 7,551,300
Investment, Identifier [Axis]: PointClickCare Technologies Inc., First lien senior secured loan
Coupon		8.57%	[5]	8.61%	[6]
Spread		3.00%	[5]	3.00%	[6]
Principal		$ 5,960,100	[7],[9]	$ 5,975,500	[10],[12]
Amortized cost		5,949,700	[7],[9]	5,964,300	[10],[12]
Fair Value		$ 5,963,900	[7],[9]	$ 5,968,000	[10],[12]
Investment, Identifier [Axis]: Polaris Newco, LLC, First lien senior secured loan
Coupon		9.57%	[5]	9.47%	[6]
Spread		4.00%	[5]	4.00%	[6]
Principal		$ 4,469,900	[7]	$ 4,481,300	[10]
Amortized cost		4,284,900	[7]	4,284,800	[10]
Fair Value		$ 4,424,500	[7]	$ 4,415,200	[10]
Investment, Identifier [Axis]: Prairie ECI Acquiror LP, First lien senior secured loan
Coupon	[5]	10.08%
Spread	[5]	4.75%
Principal		$ 10,133,700
Amortized cost		10,115,000
Fair Value		$ 10,088,500
Investment, Identifier [Axis]: Precision Medicine Group, LLC, First lien senior secured loan
Coupon		8.40%	[5]	8.45%	[6]
Spread		3.00%	[5]	3.00%	[6]
Principal		$ 8,659,600	[7]	$ 7,946,300	[10]
Amortized cost		8,556,100	[7]	7,841,300	[10]
Fair Value		$ 8,544,200	[7]	$ 7,827,100	[10]
Investment, Identifier [Axis]: Pregis TopCo LLC, First lien senior secured loan
Coupon	[5]	9.08%
Spread	[5]	3.75%
Principal		$ 16,139,300
Amortized cost		16,123,900
Fair Value		$ 16,153,600
Investment, Identifier [Axis]: Priority Waste Holdings LLC, Priority Waste Holdings Indiana LLC and Priority Waste Super Holdings, LLC, First lien senior secured loan
Coupon	[6]			13.40%
Coupon, PIK	[6]			4.00%
Spread	[6]			8.00%
Principal	[10],[11]			$ 19,060,000
Amortized cost	[10],[11]			18,152,900
Fair Value	[10],[11]			$ 18,699,200
Investment, Identifier [Axis]: Priority Waste Holdings LLC, Priority Waste Holdings Indiana LLC and Priority Waste Super Holdings, LLC, First lien senior secured loan 1
Coupon	[5]	13.33%
Coupon, PIK	[5]	4.00%
Spread	[5]	8.00%
Principal	[7],[8]	$ 20,218,600
Amortized cost	[7],[8]	19,353,300
Fair Value	[7],[8]	$ 20,218,600
Investment, Identifier [Axis]: Priority Waste Holdings LLC, Priority Waste Holdings Indiana LLC and Priority Waste Super Holdings, LLC, First lien senior secured loan 2
Coupon	[5]	13.32%
Coupon, PIK	[5]	4.00%
Spread	[5]	8.00%
Principal	[7],[8]	$ 4,700,000
Amortized cost	[7],[8]	4,484,900
Fair Value	[7],[8]	$ 4,700,000
Investment, Identifier [Axis]: Priority Waste Holdings LLC, Priority Waste Holdings Indiana LLC and Priority Waste Super Holdings, LLC, First lien senior secured revolving loan
Coupon		10.83%	[5]	10.89%	[6]
Spread		5.50%	[5]	5.50%	[6]
Principal		$ 500	[7],[8]	$ 500	[10],[11]
Amortized cost		500	[7],[8]	500	[10],[11]
Fair Value		$ 500	[7],[8]	$ 500	[10],[11]
Investment, Identifier [Axis]: Priority Waste Holdings LLC, Priority Waste Holdings Indiana LLC and Priority Waste Super Holdings, LLC, Warrant to purchase Class A common units
Shares/Units (in shares)	[8]	27,048
Amortized cost	[8]	$ 449,600
Fair Value	[8]	$ 1,284,400
Investment, Identifier [Axis]: Priority Waste Holdings LLC, Priority Waste Holdings Indiana LLC and Priority Waste Super Holdings, LLC, Warrant to purchase units of Class A common units
Shares/Units (in shares)	[11]			26,353
Amortized cost	[11]			$ 449,600
Fair Value	[11]			$ 809,300
Investment, Identifier [Axis]: Pro Mach Group, Inc., First lien senior secured loan
Coupon	[5]	9.08%
Spread	[5]	3.75%
Principal	[7]	$ 3,500,000
Amortized cost	[7]	3,500,000
Fair Value	[7]	$ 3,510,300
Investment, Identifier [Axis]: ProAmpac PG Borrower LLC, First lien senior secured loan
Coupon	[5]	11.50%
Spread	[5]	3.00%
Principal		$ 550,000.0
Amortized cost		550,000.0
Fair Value		$ 551,000.0
Investment, Identifier [Axis]: Project Accelerate Parent, LLC, First lien senior secured loan
Coupon	[6]			9.89%
Spread	[6]			4.25%
Principal	[10]			$ 17,094,900
Amortized cost	[10]			17,005,700
Fair Value	[10]			$ 17,052,200
Investment, Identifier [Axis]: Project Boost Purchaser, LLC, First lien senior secured loan 1
Coupon		8.94%	[5]	8.97%	[6]
Spread		3.50%	[5]	3.50%	[6]
Principal		$ 11,413,700		$ 11,065,700
Amortized cost		11,314,000		10,954,300
Fair Value		$ 11,430,000		$ 11,063,200
Investment, Identifier [Axis]: Project Boost Purchaser, LLC, First lien senior secured loan 2
Coupon		8.96%	[5]	8.97%	[6]
Spread		3.50%	[5]	3.50%	[6]
Principal		$ 11,497,600	[7]	$ 10,168,000	[10]
Amortized cost		11,473,200	[7]	10,142,900	[10]
Fair Value		$ 11,520,100	[7]	$ 10,159,500	[10]
Investment, Identifier [Axis]: Proofpoint, Inc., First lien senior secured loan
Coupon		8.69%	[5]	8.72%	[6]
Spread		3.25%	[5]	3.25%	[6]
Principal		$ 35,585,600	[7]	$ 17,676,600	[10]
Amortized cost		35,438,000	[7]	17,529,500	[10]
Fair Value		$ 35,586,000	[7]	$ 17,658,200	[10]
Investment, Identifier [Axis]: Propulsion (BC) Newco LLC, First lien senior secured loan
Coupon		9.06%	[5]	9.10%	[6]
Spread		3.75%	[5]	3.75%	[6]
Principal		$ 3,959,700	[7],[9]	$ 7,841,300	[10],[12]
Amortized cost		3,942,400	[7],[9]	7,819,900	[10],[12]
Fair Value		$ 3,960,400	[7],[9]	$ 7,842,800	[10],[12]
Investment, Identifier [Axis]: PushPay USA Inc., First lien senior secured loan
Coupon		12.21%	[5]	12.28%	[6]
Spread		6.75%	[5]	6.75%	[6]
Principal		$ 4,619,600	[7],[8]	$ 4,631,200	[10],[11]
Amortized cost		4,498,800	[7],[8]	4,505,100	[10],[11]
Fair Value		$ 4,619,600	[7],[8]	$ 4,584,900	[10],[11]
Investment, Identifier [Axis]: Quartz AcquireCo, LLC, First lien senior secured loan
Coupon		8.81%	[5]	8.86%	[6]
Spread		3.50%	[5]	3.50%	[6]
Principal		$ 8,462,500		$ 6,483,800	[11]
Amortized cost		8,449,200		6,472,500	[11]
Fair Value		$ 8,473,100		$ 6,500,000	[11]
Investment, Identifier [Axis]: Quartz Holding Company, First lien senior secured loan
Coupon	[5]	9.05%
Spread	[5]	3.75%
Principal	[7]	$ 6,000,000
Amortized cost	[7]	5,975,000
Fair Value	[7]	$ 5,981,400
Investment, Identifier [Axis]: Quest Software US Holdings Inc., First lien senior secured loan
Coupon	[6]			9.78%
Spread	[6]			4.25%
Principal	[10]			$ 1,994,900
Amortized cost	[10]			1,687,000
Fair Value	[10]			$ 1,515,600
Investment, Identifier [Axis]: R1 RCM Inc., First lien senior secured loan
Coupon	[6]			10.33%
Spread	[6]			5.00%
Principal	[12]			$ 1,180,000
Amortized cost	[12]			1,165,700
Fair Value	[12]			$ 1,178,900
Investment, Identifier [Axis]: Radiant Intermediate Holding, LLC, First lien senior secured loan
Coupon		11.19%	[5]	11.24%	[6]
Spread		5.75%	[5]	5.75%	[6]
Principal		$ 903,100	[7],[8]	$ 905,400	[10],[11]
Amortized cost		885,100	[7],[8]	885,600	[10],[11]
Fair Value		$ 849,000.0	[7],[8]	$ 869,200	[10],[11]
Investment, Identifier [Axis]: Radnet Management, Inc., First lien senior secured loan
Coupon		8.57%	[5]	8.64%	[6]
Spread		3.00%	[5]	3.00%	[6]
Principal		$ 14,165,500	[7],[9]	$ 14,165,500	[10],[12]
Amortized cost		14,165,500	[7],[9]	14,165,200	[10],[12]
Fair Value		$ 14,163,600	[7],[9]	$ 14,195,700	[10],[12]
Investment, Identifier [Axis]: RealPage, Inc., First lien senior secured loan
Coupon		8.44%	[5]	8.47%	[6]
Spread		3.00%	[5]	3.00%	[6]
Principal		$ 13,648,000	[7]	$ 14,683,000	[10]
Amortized cost		13,555,200	[7]	14,572,600	[10]
Fair Value		$ 13,268,800	[7]	$ 14,549,000	[10]
Investment, Identifier [Axis]: RealPage, Inc., Second lien senior secured loan
Coupon		11.94%	[5]	11.97%	[6]
Spread		6.50%	[5]	6.50%	[6]
Principal		$ 37,885,000	[7],[8]	$ 10,535,000	[10],[11]
Amortized cost		37,782,900	[7],[8]	10,456,400	[10],[11]
Fair Value		$ 37,127,300	[7],[8]	$ 10,535,000	[10],[11]
Investment, Identifier [Axis]: Recess Holdings, Inc., First lien senior secured loan
Coupon	[5]	9.84%
Spread	[5]	4.50%
Principal	[7]	$ 15,311,800
Amortized cost	[7]	15,273,200
Fair Value	[7]	$ 15,359,700
Investment, Identifier [Axis]: Restaurant Brands International Inc., First lien senior secured loan
Coupon		7.58%	[5]	7.61%	[6]
Spread		2.25%	[5]	2.25%	[6]
Principal		$ 11,970,000	[9]	$ 12,000,000	[12]
Amortized cost		11,937,500	[9]	11,966,200	[12]
Fair Value		$ 11,958,000	[9]	$ 11,995,700	[12]
Investment, Identifier [Axis]: SCIH Salt Holdings Inc., First lien senior secured loan
Coupon		9.44%	[5]	9.45%	[6]
Spread		4.00%	[5]	4.00%	[6]
Principal		$ 18,957,200	[7]	$ 10,355,000	[10]
Amortized cost		18,891,000	[7]	10,281,900	[10]
Fair Value		$ 18,984,100	[7]	$ 10,359,900	[10]
Investment, Identifier [Axis]: SPX Flow, Inc., First lien senior secured loan
Coupon	[5]	9.93%
Spread	[5]	4.50%
Principal	[7]	$ 5,500,000
Amortized cost	[7]	5,506,800
Fair Value	[7]	$ 5,518,900
Investment, Identifier [Axis]: SRS Distribution Inc., First lien senior secured loan
Coupon		8.68%	[5]	8.96%	[6]
Spread		3.25%	[5]	3.50%	[6]
Principal		$ 1,872,900	[7]	$ 1,877,700	[10]
Amortized cost		1,866,500	[7]	1,870,900	[10]
Fair Value		$ 1,881,600	[7]	$ 1,875,400	[10]
Investment, Identifier [Axis]: Safe Fleet Holdings LLC, First lien senior secured loan
Coupon	[6]			9.21%
Spread	[6]			3.75%
Principal	[10]			$ 2,782,700
Amortized cost	[10]			2,727,500
Fair Value	[10]			$ 2,786,800
Investment, Identifier [Axis]: Saratoga Food Specialties LLC, First lien senior secured loan
Coupon	[5]	9.07%
Spread	[5]	3.75%
Principal	[9]	$ 2,260,000
Amortized cost	[9]	2,248,700
Fair Value	[9]	$ 2,255,800
Investment, Identifier [Axis]: Saturn Purchaser Corp., First lien senior secured loan
Coupon	[5]	10.78%
Spread	[5]	5.50%
Principal	[7],[8]	$ 8,026,000
Amortized cost	[7],[8]	7,990,500
Fair Value	[7],[8]	$ 8,026,000
Investment, Identifier [Axis]: Saturn Purchaser Corp., First lien senior secured loan 1
Coupon	[6]			10.71%
Spread	[6]			5.25%
Principal	[10],[11]			$ 537,600
Amortized cost	[10],[11]			535,100
Fair Value	[10],[11]			$ 534,900
Investment, Identifier [Axis]: Saturn Purchaser Corp., First lien senior secured loan 2
Coupon	[6]			11.01%
Spread	[6]			5.50%
Principal	[10],[11]			$ 7,765,200
Amortized cost	[10],[11]			7,729,300
Fair Value	[10],[11]			$ 7,726,400
Investment, Identifier [Axis]: Sedgwick Claims Management Services, Inc. (Lightning Cayman Merger Sub, Ltd.), First lien senior secured loan
Coupon	[6]			9.11%
Spread	[6]			3.75%
Principal				$ 8,076,900
Amortized cost				8,049,700
Fair Value				$ 8,095,900
Investment, Identifier [Axis]: Sedgwick Claims Management Services, Inc., First lien senior secured loan
Coupon	[5]	9.08%
Spread	[5]	3.75%
Principal		$ 14,605,000
Amortized cost		14,580,700
Fair Value		$ 14,627,300
Investment, Identifier [Axis]: Select Medical Corporation, First lien senior secured loan
Coupon		8.33%	[5]	8.36%	[6]
Spread		3.00%	[5]	3.00%	[6]
Principal		$ 10,164,200	[9]	$ 5,563,500	[12]
Amortized cost		10,142,300	[9]	5,538,800	[12]
Fair Value		$ 10,170,600	[9]	$ 5,558,200	[12]
Investment, Identifier [Axis]: Service Logic Acquisition, Inc. and MSHC, Inc., First lien senior secured loan
Coupon	[5]	9.57%
Spread	[5]	4.00%
Principal	[7]	$ 16,319,400
Amortized cost	[7]	16,291,900
Fair Value	[7]	$ 16,299,000
Investment, Identifier [Axis]: Service Logic Acquisition, Inc. and MSHC, Inc., First lien senior secured loan 1
Coupon	[6]			9.64%
Spread	[6]			4.00%
Principal	[10]			$ 5,361,400
Amortized cost	[10]			5,331,900
Fair Value	[10]			$ 5,352,500
Investment, Identifier [Axis]: Service Logic Acquisition, Inc. and MSHC, Inc., First lien senior secured loan 2
Coupon	[6]			11.14%
Spread	[6]			5.50%
Principal	[10],[11]			$ 14,113,900
Amortized cost	[10],[11]			13,897,000
Fair Value	[10],[11]			$ 14,113,900
Investment, Identifier [Axis]: Severin Acquisition, LLC, First lien senior secured loan
Coupon		8.31%	[5]	8.60%	[6]
Spread		3.00%	[5]	3.25%	[6]
Principal		$ 10,435,700	[9]	$ 10,461,900	[12]
Amortized cost		10,416,900	[9]	10,441,600	[12]
Fair Value		$ 10,446,600	[9]	$ 10,494,600	[12]
Investment, Identifier [Axis]: Sharp Midco LLC, First lien senior secured loan 1
Coupon		9.41%	[5]	9.45%	[6]
Spread		4.00%	[5]	4.00%	[6]
Principal		$ 6,473,400	[7]	$ 1,989,900	[10],[11]
Amortized cost		6,473,400	[7]	1,989,900	[10],[11]
Fair Value		$ 6,461,300	[7]	$ 1,992,400	[10],[11]
Investment, Identifier [Axis]: Sharp Midco LLC, First lien senior secured loan 2
Coupon		9.81%	[5]	9.85%	[6]
Spread		4.50%	[5]	4.50%	[6]
Principal		$ 3,350,000	[7]	$ 3,350,000	[10]
Amortized cost		3,304,300	[7]	3,301,900	[10]
Fair Value		$ 3,347,900	[7]	$ 3,345,800	[10]
Investment, Identifier [Axis]: Sigma Holdco BV, First lien senior secured loan
Coupon	[5]	10.29%
Spread	[5]	4.75%
Principal	[9]	$ 2,025,400
Amortized cost	[9]	1,995,000
Fair Value	[9]	$ 2,013,000
Investment, Identifier [Axis]: Silk Holdings III Corp. and Silk Holdings I Corp., Common stock
Shares/Units (in shares)		100	[8]	100	[11]
Amortized cost		$ 100,000.0	[8]	$ 100,000.0	[11]
Fair Value		$ 245,200	[8]	$ 187,700	[11]
Investment, Identifier [Axis]: Silk Holdings III Corp. and Silk Holdings I Corp., First lien senior secured loan
Coupon		13.06%	[5]	13.10%	[6]
Spread		7.75%	[5]	7.75%	[6]
Principal		$ 14,886,500	[7],[8]	$ 14,924,000	[10],[11]
Amortized cost		14,508,400	[7],[8]	14,526,300	[10],[11]
Fair Value		$ 14,886,500	[7],[8]	$ 14,924,000	[10],[11]
Investment, Identifier [Axis]: Silk Holdings III Corp. and Silk Holdings I Corp., First lien senior secured revolving loan
Coupon		11.31%	[5]	11.35%	[6]
Spread		6.00%	[5]	6.00%	[6]
Principal		$ 600	[7],[8]	$ 600	[10],[11]
Amortized cost		600	[7],[8]	600	[10],[11]
Fair Value		$ 600	[7],[8]	$ 600	[10],[11]
Investment, Identifier [Axis]: Simon & Schuster, Inc., First lien senior secured loan
Coupon		9.32%	[5]	9.39%	[6]
Spread		4.00%	[5]	4.00%	[6]
Principal		$ 15,971,400		$ 11,571,400
Amortized cost		15,916,300		11,502,900
Fair Value		$ 16,019,300		$ 11,600,400
Investment, Identifier [Axis]: Solar Bidco Limited, First lien senior secured loan
Coupon		9.65%	[5]	9.69%	[6]
Spread		5.75%	[5]	5.75%	[6]
Principal		$ 660,600	[7],[8],[9]	$ 667,100	[10],[11],[12]
Amortized cost		585,200	[7],[8],[9]	581,800	[10],[11],[12]
Fair Value		$ 650,200	[7],[8],[9]	$ 665,500	[10],[11],[12]
Investment, Identifier [Axis]: Sophia, L.P., First lien senior secured loan
Coupon	[5]	9.68%
Spread	[5]	4.25%
Principal	[7]	$ 13,880,800
Amortized cost	[7]	13,779,500
Fair Value	[7]	$ 13,932,900
Investment, Identifier [Axis]: Sophia, L.P., First lien senior secured loan 1
Coupon	[6]			8.96%
Spread	[6]			3.50%
Principal	[10]			$ 12,330,900
Amortized cost	[10]			12,234,100
Fair Value	[10]			$ 12,342,500
Investment, Identifier [Axis]: Sophia, L.P., First lien senior secured loan 2
Coupon	[6]			9.61%
Spread	[6]			4.25%
Principal	[10]			$ 916,800
Amortized cost	[10]			906,200
Fair Value	[10]			$ 914,700
Investment, Identifier [Axis]: Sotera Health Holdings, LLC, First lien senior secured loan 1
Coupon		9.08%	[5]	9.11%	[6]
Spread		3.75%	[5]	3.75%	[6]
Principal		$ 2,977,500	[7],[9]	$ 2,985,000	[10],[12]
Amortized cost		2,977,500	[7],[9]	2,985,000	[10],[12]
Fair Value		$ 2,964,500	[7],[9]	$ 2,983,100	[10],[12]
Investment, Identifier [Axis]: Sotera Health Holdings, LLC, First lien senior secured loan 2
Coupon		8.19%	[5]	8.39%	[6]
Spread		2.75%	[5]	2.75%	[6]
Principal		$ 8,377,100	[7],[9]	$ 6,500,000	[10],[12]
Amortized cost		8,360,600	[7],[9]	6,481,700	[10],[12]
Fair Value		$ 8,331,700	[7],[9]	$ 6,489,100	[10],[12]
Investment, Identifier [Axis]: Specialty Building Products Holdings, LLC, First lien senior secured loan
Coupon		9.18%	[5]	9.21%	[6]
Spread		3.75%	[5]	3.75%	[6]
Principal		$ 5,950,700	[7]	$ 5,965,900	[10]
Amortized cost		5,893,200	[7]	5,905,100	[10]
Fair Value		$ 5,925,000	[7]	$ 5,950,900	[10]
Investment, Identifier [Axis]: Star US Bidco LLC, First lien senior secured loan
Coupon		9.68%	[5]	9.71%	[6]
Spread		4.25%	[5]	4.25%	[6]
Principal		$ 8,678,700	[7]	$ 6,500,000	[10]
Amortized cost		8,641,800	[7]	6,452,600	[10]
Fair Value		$ 8,703,100	[7]	$ 6,488,600	[10]
Investment, Identifier [Axis]: Station Casinos LLC, First lien senior secured loan
Coupon	[5]	7.58%
Spread	[5]	2.25%
Principal	[9]	$ 6,306,300
Amortized cost	[9]	6,287,600
Fair Value	[9]	$ 6,294,100
Investment, Identifier [Axis]: Steward Partners Global Advisory, LLC and Steward Partners Investment Advisory, LLC, First lien senior secured loan
Coupon		10.73%	[5]	10.78%	[6]
Spread		5.25%	[5]	5.25%	[6]
Principal		$ 2,031,100	[7],[8],[9]	$ 1,917,700	[10],[11],[12]
Amortized cost		1,968,000	[7],[8],[9]	1,879,600	[10],[11],[12]
Fair Value		$ 1,935,400	[7],[8],[9]	$ 1,879,300	[10],[11],[12]
Investment, Identifier [Axis]: StubHub Holdco Sub, LLC, First lien senior secured loan
Coupon	[5]	10.08%
Spread	[5]	4.75%
Principal		$ 5,750,000
Amortized cost		5,692,700
Fair Value		$ 5,747,600
Investment, Identifier [Axis]: Sugar PPC Buyer LLC, First lien senior secured loan
Coupon		11.32%	[5]	11.34%	[6]
Spread		6.00%	[5]	6.00%	[6]
Principal		$ 25,000,000	[7],[8]	$ 19,565,200	[10],[11]
Amortized cost		24,529,200	[7],[8]	19,135,800	[10],[11]
Fair Value		$ 24,437,500	[7],[8]	$ 19,125,000	[10],[11]
Investment, Identifier [Axis]: Summer (BC) Bidco B LLC, First lien senior secured loan 1
Coupon	[5]	10.11%
Spread	[5]	4.50%
Principal	[7],[9]	$ 1,017,200
Amortized cost	[7],[9]	1,017,200
Fair Value	[7],[9]	$ 1,011,300
Investment, Identifier [Axis]: Summer (BC) Bidco B LLC, First lien senior secured loan 2
Coupon	[5]	10.57%
Spread	[5]	5.00%
Principal	[9]	$ 5,992,100
Amortized cost	[9]	5,942,300
Fair Value	[9]	$ 5,962,100
Investment, Identifier [Axis]: Summit Materials, LLC, First lien senior secured loan
Coupon	[6]			8.33%
Spread	[6]			3.00%
Principal	[12]			$ 4,000,000
Amortized cost	[12]			3,990,000
Fair Value	[12]			$ 4,012,500
Investment, Identifier [Axis]: Sunbit Receivables Trust IV, Private asset-backed investment
Coupon	[5]	12.59%
Spread	[5]	7.25%
Principal	[7],[8]	$ 1,106,100
Amortized cost	[7],[8]	1,081,600
Fair Value	[7],[8]	$ 1,092,600
Investment, Identifier [Axis]: Sunshine Luxembourg VII S.a r.l., First lien senior secured loan
Coupon	[6]			8.95%
Spread	[6]			3.50%
Principal	[10],[12]			$ 21,165,900
Amortized cost	[10],[12]			21,061,900
Fair Value	[10],[12]			$ 21,256,700
Investment, Identifier [Axis]: Surgery Center Holdings, Inc., First lien senior secured loan
Coupon		8.83%	[5]	8.86%	[6]
Spread		3.50%	[5]	3.50%	[6]
Principal		$ 12,536,200	[9]	$ 9,528,200	[12]
Amortized cost		12,535,200	[9]	9,518,100	[12]
Fair Value		$ 12,586,700	[9]	$ 9,556,000	[12]
Investment, Identifier [Axis]: Switch Master Holdco LLC, First lien senior secured loan
Coupon		8.33%	[5]	8.36%	[6]
Spread		3.00%	[5]	3.00%	[6]
Principal		$ 16,202,600	[8]	$ 27,355,900	[11]
Amortized cost		15,826,300	[8]	26,498,900	[11]
Fair Value		$ 15,829,800	[8]	$ 26,398,500	[11]
Investment, Identifier [Axis]: TCIFC 2023-2, Collaterized loan obligation
Coupon		10.62%	[5]	10.71%	[6]
Spread		5.30%	[5]	5.30%	[6]
Principal		$ 2,500,000	[8],[9]	$ 2,500,000	[11],[12]
Amortized cost		2,500,000	[8],[9]	2,500,000	[11],[12]
Fair Value		$ 2,514,000	[8],[9]	$ 2,520,300	[11],[12]
Investment, Identifier [Axis]: TGG TS Acquisition Company, First lien senior secured loan
Coupon		11.94%	[5]	11.97%	[6]
Spread		6.50%	[5]	6.50%	[6]
Principal		$ 2,942,900		$ 2,942,900
Amortized cost		2,940,800		2,940,500
Fair Value		$ 2,915,900		$ 2,817,800
Investment, Identifier [Axis]: THPT 2023-THL, Commercial mortgage-backed security
Coupon		10.40%	[5]	10.40%	[6]
Spread		5.00%	[5]	5.00%	[6]
Principal		$ 5,000,000	[8],[9]	$ 5,000,000	[11],[12]
Amortized cost		4,987,700	[8],[9]	4,987,500	[11],[12]
Fair Value		$ 5,042,500	[8],[9]	$ 5,009,600	[11],[12]
Investment, Identifier [Axis]: TK Elevator Midco GmbH, First lien senior secured loan
Coupon	[5]	8.79%
Spread	[5]	3.50%
Principal	[7],[9]	$ 7,481,300
Amortized cost	[7],[9]	7,470,000
Fair Value	[7],[9]	$ 7,503,100
Investment, Identifier [Axis]: TSS Buyer, LLC, First lien senior secured loan
Coupon		10.95%	[5]	11.00%	[6]
Spread		5.50%	[5]	5.50%	[6]
Principal		$ 7,113,300	[7],[8]	$ 7,026,100	[10],[11]
Amortized cost		6,892,400	[7],[8]	6,794,300	[10],[11]
Fair Value		$ 7,113,300	[7],[8]	$ 6,776,500	[10],[11]
Investment, Identifier [Axis]: Tempo Acquisition, LLC, First lien senior secured loan
Coupon		8.08%	[5]	8.11%	[6]
Spread		2.75%	[5]	2.75%	[6]
Principal		$ 4,974,900	[7],[9]	$ 4,987,500	[10],[12]
Amortized cost		4,974,000	[7],[9]	4,986,500	[10],[12]
Fair Value		$ 4,987,400	[7],[9]	$ 5,005,300	[10],[12]
Investment, Identifier [Axis]: Tenable Holdings, Inc., First lien senior secured loan
Coupon		8.19%	[5]	8.22%	[6]
Spread		2.75%	[5]	2.75%	[6]
Principal		$ 3,421,300	[7],[9]	$ 3,430,000	[10],[12]
Amortized cost		3,421,300	[7],[9]	3,430,000	[10],[12]
Fair Value		$ 3,419,800	[7],[9]	$ 3,421,400	[10],[12]
Investment, Identifier [Axis]: Teneo Holdings LLC, First lien senior secured loan
Coupon	[5]	10.08%
Spread	[5]	4.75%
Principal	[7]	$ 4,697,900
Amortized cost	[7]	4,647,900
Fair Value	[7]	$ 4,704,700
Investment, Identifier [Axis]: Terraform Power Operating, LLC, First lien senior secured loan
Coupon		7.90%	[5]	7.85%	[6]
Spread		2.50%	[5]	2.50%	[6]
Principal		$ 8,301,300	[7]	$ 8,324,300	[10]
Amortized cost		8,254,800	[7]	8,275,400	[10]
Fair Value		$ 8,239,000	[7]	$ 8,306,000	[10]
Investment, Identifier [Axis]: The Edelman Financial Center, LLC, Second lien senior secured loan
Coupon		12.19%	[5]	12.22%	[6]
Spread		6.75%	[5]	6.75%	[6]
Principal		$ 33,000,000	[9]	$ 33,000,000	[12]
Amortized cost		32,573,600	[9]	32,527,400	[12]
Fair Value		$ 33,113,500	[9]	$ 32,958,800	[12]
Investment, Identifier [Axis]: Touchdown Acquirer Inc., First lien senior secured loan
Coupon	[5]	9.31%
Spread	[5]	4.00%
Principal	[9]	$ 4,101,800
Amortized cost	[9]	4,085,600
Fair Value	[9]	$ 4,112,100
Investment, Identifier [Axis]: TransDigm Inc., First lien senior secured loan 1
Coupon		8.06%	[5]	8.60%	[6]
Spread		2.75%	[5]	3.25%	[6]
Principal		$ 1,989,900	[9]	$ 2,000,000	[10],[12]
Amortized cost		1,994,700	[9]	1,995,000	[10],[12]
Fair Value		$ 1,993,300	[9]	$ 2,007,500	[10],[12]
Investment, Identifier [Axis]: TransDigm Inc., First lien senior secured loan 2
Coupon		8.56%	[5]	8.60%	[6]
Spread		3.25%	[5]	3.25%	[6]
Principal		$ 24,004,800	[9]	$ 1,989,900	[12]
Amortized cost		24,004,800	[9]	1,994,900	[12]
Fair Value		$ 24,080,000	[9]	$ 1,996,900	[12]
Investment, Identifier [Axis]: TransDigm Inc., First lien senior secured loan 3
Coupon	[6]			8.60%
Spread	[6]			3.25%
Principal	[12]			$ 16,894,200
Amortized cost	[12]			16,888,000
Fair Value	[12]			$ 16,957,600
Investment, Identifier [Axis]: Trident TPI Holdings, Inc., First lien senior secured loan 1
Coupon		9.81%	[5]	9.85%	[6]
Spread		4.50%	[5]	4.50%	[6]
Principal		$ 15,112,500	[7]	$ 10,079,700	[10]
Amortized cost		14,920,500	[7]	9,872,500	[10]
Fair Value		$ 15,114,500	[7]	$ 10,074,900	[10]
Investment, Identifier [Axis]: Trident TPI Holdings, Inc., First lien senior secured loan 2
Coupon		10.56%	[5]	9.61%	[6]
Spread		5.25%	[5]	4.00%	[6]
Principal		$ 995,000.0	[7]	$ 1,895,200	[10]
Amortized cost		976,000.0	[7]	1,897,600	[10]
Fair Value		$ 996,700	[7]	$ 1,886,100	[10]
Investment, Identifier [Axis]: Trident TPI Holdings, Inc., First lien senior secured loan 3
Coupon	[6]			10.60%
Spread	[6]			5.25%
Principal	[10]			$ 997,500
Amortized cost	[10]			977,500
Fair Value	[10]			$ 999,000.0
Investment, Identifier [Axis]: Truck-Lite Co., LLC, Ecco Holdings Corp. and Clarience Technologies, LLC, Class A common units
Shares/Units (in shares)	[8]	1,071.5
Amortized cost	[8]	$ 2,636,000
Fair Value	[8]	$ 2,636,000
Investment, Identifier [Axis]: Truck-Lite Co., LLC, Ecco Holdings Corp. and Clarience Technologies, LLC, First lien senior secured loan
Coupon	[5]	11.06%
Spread	[5]	5.75%
Principal	[7],[8]	$ 34,832,600
Amortized cost	[7],[8]	34,063,600
Fair Value	[7],[8]	$ 34,136,000
Investment, Identifier [Axis]: Truck-Lite Co., LLC, Ecco Holdings Corp. and Clarience Technologies, LLC, First lien senior secured revolving loan
Coupon	[5]	11.06%
Spread	[5]	5.75%
Principal	[7],[8]	$ 125,500
Amortized cost	[7],[8]	42,700
Fair Value	[7],[8]	$ 50,200
Investment, Identifier [Axis]: Truist Insurance Holdings, LLC, First lien senior secured loan
Coupon	[5]	8.58%
Spread	[5]	3.25%
Principal		$ 15,400,000
Amortized cost		15,361,500
Fair Value		$ 15,374,300
Investment, Identifier [Axis]: UP Intermediate II LLC and UPBW Blocker LLC, Common units
Shares/Units (in shares)	[8]	31,790
Amortized cost	[8]	$ 3,179,000
Fair Value	[8]	$ 3,179,000
Investment, Identifier [Axis]: UP Intermediate II LLC and UPBW Blocker LLC, First lien senior secured loan
Coupon	[5]	10.58%
Spread	[5]	5.25%
Principal	[7],[8]	$ 2,533,000
Amortized cost	[7],[8]	2,470,200
Fair Value	[7],[8]	$ 2,469,700
Investment, Identifier [Axis]: USI, Inc., First lien senior secured loan 1
Coupon		8.30%	[5]	8.35%	[6]
Spread		3.00%	[5]	3.00%	[6]
Principal		$ 8,449,100		$ 8,301,700
Amortized cost		8,439,600		8,291,900
Fair Value		$ 8,447,900		$ 8,308,200
Investment, Identifier [Axis]: USI, Inc., First lien senior secured loan 2
Coupon		8.55%	[5]	8.63%	[6]
Spread		3.25%	[5]	3.25%	[6]
Principal		$ 13,553,500		$ 8,471,000
Amortized cost		13,532,600		8,452,700
Fair Value		$ 13,557,700		$ 8,473,700
Investment, Identifier [Axis]: Ultra Clean Holdings, Inc., First lien senior secured loan
Coupon	[5]	9.19%
Spread	[5]	3.75%
Principal	[7],[9]	$ 2,461,500
Amortized cost	[7],[9]	2,452,900
Fair Value	[7],[9]	$ 2,463,100
Investment, Identifier [Axis]: United Digestive MSO Parent, LLC and Koln Co-Invest Unblocked, LP, Class A interests
Shares/Units (in shares)		100	[8]	100	[11]
Amortized cost		$ 100,000.0	[8]	$ 100,000.0	[11]
Fair Value		$ 98,800	[8]	$ 97,200	[11]
Investment, Identifier [Axis]: United Digestive MSO Parent, LLC and Koln Co-Invest Unblocked, LP, First lien senior secured loan
Coupon		12.21%	[5]	12.25%	[6]
Spread		6.75%	[5]	6.75%	[6]
Principal		$ 10,647,200	[7],[8]	$ 10,674,100	[10],[11]
Amortized cost		10,381,400	[7],[8]	10,394,300	[10],[11]
Fair Value		$ 10,647,200	[7],[8]	$ 10,674,100	[10],[11]
Investment, Identifier [Axis]: United Digestive MSO Parent, LLC and Koln Co-Invest Unblocked, LP, First lien senior secured revolving loan
Coupon	[5]	12.07%
Spread	[5]	6.75%
Principal	[7],[8]	$ 396,200
Amortized cost	[7],[8]	360,900
Fair Value	[7],[8]	$ 396,200
Investment, Identifier [Axis]: United Talent Agency, LLC, First lien senior secured loan
Coupon		9.44%	[5]	9.65%	[6]
Spread		4.00%	[5]	4.00%	[6]
Principal		$ 9,402,300	[7]	$ 9,426,400	[10]
Amortized cost		9,365,900	[7]	9,387,800	[10]
Fair Value		$ 9,402,300	[7]	$ 9,430,900	[10]
Investment, Identifier [Axis]: University Support Services LLC, First lien senior secured loan
Coupon		8.43%	[5]	8.71%	[6]
Spread		3.00%	[5]	3.25%	[6]
Principal		$ 3,969,500	[7],[9]	$ 3,979,700	[10],[12]
Amortized cost		3,951,400	[7],[9]	3,960,500	[10],[12]
Fair Value		$ 3,958,600	[7],[9]	$ 3,975,700	[10],[12]
Investment, Identifier [Axis]: Univision Communications Inc., First lien senior secured loan 1
Coupon	[5]	8.66%
Spread	[5]	3.25%
Principal		$ 2,832,600
Amortized cost		2,832,600
Fair Value		$ 2,809,000
Investment, Identifier [Axis]: Univision Communications Inc., First lien senior secured loan 2
Coupon	[5]	8.69%
Spread	[5]	3.25%
Principal	[7]	$ 2,400,200
Amortized cost	[7]	2,406,200
Fair Value	[7]	$ 2,401,900
Investment, Identifier [Axis]: UserZoom Technologies, Inc., First lien senior secured loan
Coupon		12.99%	[5]	12.99%	[6]
Spread		7.50%	[5]	7.50%	[6]
Principal		$ 634,400	[7],[8]	$ 634,400	[10],[11]
Amortized cost		619,100	[7],[8]	618,300	[10],[11]
Fair Value		$ 628,100	[7],[8]	$ 628,100	[10],[11]
Investment, Identifier [Axis]: VOYA 2022-3, Collaterized loan obligation
Coupon		9.82%	[5]	9.92%	[6]
Spread		4.50%	[5]	4.50%	[6]
Principal		$ 2,000,000	[8],[9]	$ 2,000,000	[11],[12]
Amortized cost		2,000,000	[8],[9]	2,000,000	[11],[12]
Fair Value		$ 2,015,300	[8],[9]	$ 2,002,100	[11],[12]
Investment, Identifier [Axis]: Verscend Holding Corp., First lien senior secured loan
Coupon		9.44%	[5]	9.47%	[6]
Spread		4.00%	[5]	4.00%	[6]
Principal		$ 24,787,500		$ 17,051,200
Amortized cost		24,786,200		17,039,200
Fair Value		$ 24,787,500		$ 17,065,400
Investment, Identifier [Axis]: Vertex Service Partners, LLC and Vertex Service Partners Holdings, LLC, Class B common units
Shares/Units (in shares)		351	[8]	351	[11]
Amortized cost		$ 351,000.0	[8]	$ 351,000.0	[11]
Fair Value		$ 620,300	[8]	$ 351,000.0	[11]
Investment, Identifier [Axis]: Vertex Service Partners, LLC and Vertex Service Partners Holdings, LLC, First lien senior secured loan
Coupon		10.86%	[5]	10.89%	[6]
Spread		5.50%	[5]	5.50%	[6]
Principal		$ 20,123,800	[7],[8]	$ 15,823,200	[10],[11]
Amortized cost		19,624,700	[7],[8]	15,305,200	[10],[11]
Fair Value		$ 19,332,700	[7],[8]	$ 15,032,000	[10],[11]
Investment, Identifier [Axis]: Viant Medical Holdings, Inc., First lien senior secured loan
Coupon		9.19%	[5]	9.22%	[6]
Spread		3.75%	[5]	3.75%	[6]
Principal		$ 31,713,300		$ 31,797,200
Amortized cost		31,119,500		31,033,300
Fair Value		$ 31,562,600		$ 31,360,000
Investment, Identifier [Axis]: Viant Medical Holdings, Inc., Second lien senior secured loan
Coupon		13.19%	[5]	13.22%	[6]
Spread		7.75%	[5]	7.75%	[6]
Principal		$ 67,100		$ 40,400
Amortized cost		64,400		37,700
Fair Value		$ 65,800		$ 38,700
Investment, Identifier [Axis]: Vobev, LLC and Vobev Holdings, LLC, First lien senior secured loan 1
Coupon		13.18%	[5]	13.23%	[6]
Coupon, PIK		4.00%	[5]	4.00%	[6]
Spread		7.75%	[5]	7.75%	[6]
Principal		$ 5,146,700	[7],[8]	$ 4,610,000	[10],[11]
Amortized cost		5,000,900	[7],[8]	4,493,600	[10],[11]
Fair Value		$ 4,168,800	[7],[8]	$ 3,780,200	[10],[11]
Investment, Identifier [Axis]: Vobev, LLC and Vobev Holdings, LLC, First lien senior secured loan 2
Coupon		12.41%	[5]	12.48%	[6]
Coupon, PIK	[5]	4.00%
Spread		7.00%	[5]	7.00%	[6]
Principal		$ 979,700	[7],[8]	$ 809,800	[10],[11]
Amortized cost		964,500	[7],[8]	793,600	[10],[11]
Fair Value		$ 793,500	[7],[8]	$ 634,100	[10],[11]
Investment, Identifier [Axis]: Vobev, LLC and Vobev Holdings, LLC, First lien senior secured revolving loan
Coupon		10.43%	[5]	10.49%	[6]
Spread		5.00%	[5]	5.00%	[6]
Principal		$ 800	[7],[8]	$ 700	[10],[11]
Amortized cost		700	[7],[8]	700	[10],[11]
Fair Value		$ 700	[7],[8]	$ 700	[10],[11]
Investment, Identifier [Axis]: Vobev, LLC and Vobev Holdings, LLC, Warrant to purchase Class B units
Shares/Units (in shares)	[11]			4,485
Amortized cost	[11]			$ 0
Fair Value	[11]			$ 287,500
Investment, Identifier [Axis]: WCI-BXC Purchaser, LLC and WCI-BXC Investment Holdings, L.P., First lien senior secured loan
Coupon		11.54%	[5]	11.64%	[6]
Spread		6.25%	[5]	6.25%	[6]
Principal		$ 4,447,700	[7],[8]	$ 4,458,800	[10],[11]
Amortized cost		4,342,500	[7],[8]	4,349,400	[10],[11]
Fair Value		$ 4,336,500	[7],[8]	$ 4,347,300	[10],[11]
Investment, Identifier [Axis]: WCI-BXC Purchaser, LLC and WCI-BXC Investment Holdings, L.P., Limited partnership interest
Shares/Units (in shares)		731,000	[8]	731,000	[11]
Amortized cost		$ 731,600	[8]	$ 731,600	[11]
Fair Value		$ 731,000.0	[8]	$ 731,000.0	[11]
Investment, Identifier [Axis]: WEC US Holdings Ltd., First lien senior secured loan
Coupon	[5]	9.08%
Spread	[5]	3.75%
Principal		$ 12,523,800
Amortized cost		12,467,400
Fair Value		$ 12,505,600
Investment, Identifier [Axis]: Wand Newco 3, Inc., First lien senior secured loan
Coupon		9.08%	[5]	8.22%	[6]
Spread		3.75%	[5]	2.75%	[6]
Principal		$ 29,691,300		$ 22,691,300
Amortized cost		29,618,700		22,587,200
Fair Value		$ 29,760,800		$ 22,739,700
Investment, Identifier [Axis]: Waystar Technologies, Inc., First lien senior secured loan
Coupon		9.33%	[5]	9.47%	[6]
Spread		4.00%	[5]	4.00%	[6]
Principal		$ 18,349,300		$ 10,867,500
Amortized cost		18,327,500		10,848,300
Fair Value		$ 18,376,900		$ 10,894,700
Investment, Identifier [Axis]: Webpros Luxembourg S.a.r.l., First lien senior secured loan
Coupon	[5]	9.33%
Spread	[5]	4.00%
Principal	[8],[9]	$ 5,000,000
Amortized cost	[8],[9]	5,008,800
Fair Value	[8],[9]	$ 5,006,300
Investment, Identifier [Axis]: Whatabrands LLC, First lien senior secured loan
Coupon		8.69%	[5]	8.47%	[6]
Spread		3.25%	[5]	3.00%	[6]
Principal		$ 9,611,900	[7]	$ 5,221,500	[10]
Amortized cost		9,597,600	[7]	5,217,600	[10]
Fair Value		$ 9,611,400	[7]	$ 5,223,800	[10]
Investment, Identifier [Axis]: William Morris Endeavor Entertainment, LLC (IMG Worldwide Holdings, LLC), First lien senior secured loan
Coupon		8.19%	[5]	8.22%	[6]
Spread		2.75%	[5]	2.75%	[6]
Principal		$ 24,841,700	[9]	$ 19,025,300	[12]
Amortized cost		24,822,700	[9]	18,998,400	[12]
Fair Value		$ 24,806,100	[9]	$ 19,061,100	[12]
Investment, Identifier [Axis]: Wilsonart LLC, First lien senior secured loan
Coupon		8.65%	[5]	8.70%	[6]
Spread		3.25%	[5]	3.25%	[6]
Principal		$ 17,156,300	[7]	$ 13,407,100	[10]
Amortized cost		17,024,400	[7]	13,261,400	[10]
Fair Value		$ 17,166,000	[7]	$ 13,423,800	[10]
Investment, Identifier [Axis]: Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P., Common units
Shares/Units (in shares)		50,000	[8]	50,000	[11]
Amortized cost		$ 50,300	[8]	$ 50,000.0	[11]
Fair Value		$ 43,400	[8]	$ 53,300	[11]
Investment, Identifier [Axis]: Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P., First lien senior secured loan
Coupon		11.56%	[5]	11.60%	[6]
Spread		6.25%	[5]	6.25%	[6]
Principal		$ 7,752,500	[7],[8]	$ 6,981,100	[10],[11]
Amortized cost		7,561,800	[7],[8]	6,780,000	[10],[11]
Fair Value		7,673,000	[7],[8]	$ 6,901,400	[10],[11]
Investment, Identifier [Axis]: Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P., First lien senior secured revolving loan
Coupon	[6]			11.60%
Spread	[6]			6.25%
Principal		0	[7],[8],[13]	$ 395,500	[10],[11]
Amortized cost		0	[7],[8],[13]	374,100	[10],[11]
Fair Value		$ 0	[7],[8],[13]	$ 387,000.0	[10],[11]
Investment, Identifier [Axis]: Wrench Group LLC, First lien senior secured loan
Coupon	[5]	9.57%
Spread	[5]	4.00%
Principal		$ 5,000,000
Amortized cost		4,987,800
Fair Value		$ 5,012,500
Investment, Identifier [Axis]: Zayo Group Holdings, Inc., First lien senior secured loan
Coupon		8.44%	[5]	8.47%	[6]
Spread		3.00%	[5]	3.00%	[6]
Principal		$ 9,250,000		$ 3,000,000
Amortized cost		7,988,500		2,578,100
Fair Value		$ 8,095,500		$ 2,568,100
Investment, Identifier [Axis]: Zelis Cost Management Buyer, Inc., First lien senior secured loan
Coupon		8.08%	[5]	8.97%	[6]
Spread		2.75%	[5]	3.50%	[6]
Principal		$ 15,435,900		$ 10,614,800
Amortized cost		15,374,600		10,634,500
Fair Value		$ 15,427,300		$ 10,625,700
Investment, Identifier [Axis]: Zuffa Guarantor LLC, First lien senior secured loan
Coupon		8.34%	[5]	8.40%	[6]
Spread		2.75%	[5]	2.75%	[6]
Principal		$ 10,914,300	[7],[9]	$ 10,945,400	[10],[12]
Amortized cost		10,908,800	[7],[9]	10,939,200	[10],[12]
Fair Value		$ 10,928,000	[7],[9]	$ 10,974,300	[10],[12]
Investment, Identifier [Axis]: athenahealth Group Inc., First lien senior secured loan
Coupon		8.58%	[5]	8.61%	[6]
Spread		3.25%	[5]	3.25%	[6]
Principal		$ 33,401,900	[7]	$ 33,486,800	[10]
Amortized cost		32,488,000	[7]	32,537,200	[10]
Fair Value		$ 33,041,800	[7]	$ 33,302,700	[10]
Investment, Identifier [Axis]: eResearch Technology, Inc., First lien senior secured loan
Coupon		9.94%	[5]	9.97%	[6]
Spread		4.50%	[5]	4.50%	[6]
Principal		$ 29,845,000	[7]	$ 29,922,500	[10]
Amortized cost		28,731,900	[7]	28,708,800	[10]
Fair Value		$ 29,922,300	[7]	$ 29,847,700	[10]
Investment, Identifier [Axis]: eResearch Technology, Inc., Second lien senior secured loan
Coupon	[5]	13.43%
Spread	[5]	8.00%
Principal	[8]	$ 8,904,500
Amortized cost	[8]	8,409,100
Fair Value	[8]	$ 8,904,500

[1] All investments are non-controlled, non-affiliated investments. Non-controlled, non-affiliated investments are defined as investments in which the Fund owns less than 5% of the portfolio company’s outstanding voting securities and does not have the power to exercise control over the management or policies of such portfolio company.

[2] As of March 31, 2024, the estimated net unrealized gain for federal tax purposes was $27.5 million based on a tax cost basis of $3.4 billion. As of March 31, 2024, the estimated aggregate gross unrealized gain for federal income tax purposes was $35.1 million and the estimated aggregate gross unrealized loss for federal income tax purposes was $7.6 million.

[3] All investments are non-controlled, non-affiliated investments. Non-controlled, non-affiliated investments are defined as investments in which the Fund owns less than 5% of the portfolio company’s outstanding voting securities and does not have the power to exercise control over the management or policies of such portfolio company.

[4] As of December 31, 2023, the estimated net unrealized gain for federal tax purposes was $20.8 million based on a tax cost basis of $2.6 billion. As of December 31, 2023, the estimated aggregate gross unrealized gain for federal income tax purposes was $24.3 million and the estimated aggregate gross unrealized loss for federal income tax purposes was $3.5 million.

[5] Investments without an interest rate are non-income producing.

[6] Investments without an interest rate are non-income producing.

[7] Loan includes interest rate floor feature.     

[8] These investments were valued using unobservable inputs and are considered Level 3 investments. See Note 8 to the consolidated financial statements for more information regarding the fair value of the Fund’s investments.

[9] This portfolio company is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “Investment Company Act”). Under the Investment Company Act, the Fund may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Fund's total assets. Pursuant to Section 55(a) of the Investment Company Act, 26% of the Fund's total assets are represented by investments at fair value and other assets that are considered “non-qualifying assets” as of March 31, 2024.

[10] Loan includes interest rate floor feature.

[11] These investments were valued using unobservable inputs and are considered Level 3 investments. See Note 8 to the consolidated financial statements for more information regarding the fair value of the Fund’s investments.

[12] This portfolio company is not a qualifying asset under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Fund may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Fund’s total assets. Pursuant to Section 55(a) of the Investment Company Act, 26% of the Fund's total assets are represented by investments at fair value and other assets that are considered “non-qualifying assets” as of December 31, 2023.

[13] As of March 31, 2024, no amounts were funded by the Fund under this first lien senior secured revolving loan; however, there were letters of credit issued and outstanding through a financial intermediary under the loan. See Note 7 for further information on letters of credit commitments related to certain portfolio companies.

[14] As of March 31, 2024, in addition to the amounts funded by the Fund under this first lien senior secured revolving loan, there were also letters of credit issued and outstanding through a financial intermediary under the loan. See Note 7 for further information on letters of credit commitments related to certain portfolio companies.

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Consolidated Schedule of Investments (Parenthetical) € in Thousands, £ in Thousands, $ in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)	Mar. 31, 2023	Mar. 31, 2024 GBP (£)	Mar. 31, 2024 CAD ($)	Mar. 31, 2024 EUR (€)	Mar. 31, 2024 AUD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 GBP (£)	Dec. 31, 2023 CAD ($)	Dec. 31, 2023 EUR (€)	Dec. 31, 2023 AUD ($)
Open Forward Foreign Currency Contract [Line Items]
Derivatives	$ 0						$ 0
Net assets (as a percent)	147.07%		147.07%	147.07%	147.07%	147.07%	146.34%	146.34%	146.34%	146.34%	146.34%
% of total assets	94.00%		94.00%	94.00%	94.00%	94.00%	95.00%	95.00%	95.00%	95.00%	95.00%
Net unrealized gain (loss) for federal tax purposes	$ 27,500,000						$ 20,800,000
Tax cost basis	3,400,000,000						2,600,000,000
Gross unrealized appreciation	35,100,000						24,300,000
Gross unrealized depreciation	7,600,000						3,500,000
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total net unfunded revolving loan commitments	3,191,000						4,008,000
Revolving and Delayed Draw Loan Commitments
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments	397,473,500						337,829,000
Less: funded commitments	(8,709,100)						(3,019,500)
Total net unfunded revolving loan commitments	388,764,400						334,809,500
Less: commitments substantially at discretion of the Fund	0						0
Less: unavailable commitments due to borrowing base or other covenant restrictions	0						0
Total net unfunded revolving and delayed draw term loan commitments	388,764,400						334,809,500
Equity Investment Commitments
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments	3,951,000						51,100
Less: funded commitments	(1,605,500)						0
Total net unfunded revolving loan commitments	2,345,500						51,100
Less: commitments substantially at discretion of the Fund	0						0
Total net unfunded revolving and delayed draw term loan commitments	2,345,500						51,100
Investment, Identifier [Axis]: 22 HoldCo Limited
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments	4,179,100						4,179,100
Less: funded commitments	0						0
Total net unfunded revolving loan commitments	4,179,100						4,179,100
Less: commitments substantially at discretion of the Fund	0						0
Less: unavailable commitments due to borrowing base or other covenant restrictions	0						0
Total net unfunded revolving and delayed draw term loan commitments	4,179,100						4,179,100
Investment, Identifier [Axis]: 3 Step Sports LLC and 3 Step Holdings, LLC
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments	13,584,900						13,584,900
Less: funded commitments	(526,300)						(526,300)
Total net unfunded revolving loan commitments	13,058,600						13,058,600
Less: commitments substantially at discretion of the Fund	0						0
Less: unavailable commitments due to borrowing base or other covenant restrictions	0						0
Total net unfunded revolving and delayed draw term loan commitments	13,058,600						13,058,600
Investment, Identifier [Axis]: ADMA Biologics Inc.
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments	1,000.0						1,000.0
Less: funded commitments	(1,000.0)						(1,000.0)
Total net unfunded revolving loan commitments	0						0
Less: commitments substantially at discretion of the Fund	0						0
Less: unavailable commitments due to borrowing base or other covenant restrictions	0						0
Total net unfunded revolving and delayed draw term loan commitments	0						0
Investment, Identifier [Axis]: AI Aqua Merger Sub, Inc.
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments	772,300						1,217,400
Less: funded commitments	0						0
Total net unfunded revolving loan commitments	772,300						1,217,400
Less: commitments substantially at discretion of the Fund	0						0
Less: unavailable commitments due to borrowing base or other covenant restrictions	0						0
Total net unfunded revolving and delayed draw term loan commitments	772,300						1,217,400
Investment, Identifier [Axis]: Accession Risk Management Group, Inc. and RSC Insurance Brokerage, Inc.
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments	396,300						402,800
Less: funded commitments	0						0
Total net unfunded revolving loan commitments	396,300						402,800
Less: commitments substantially at discretion of the Fund	0						0
Less: unavailable commitments due to borrowing base or other covenant restrictions	0						0
Total net unfunded revolving and delayed draw term loan commitments	396,300						402,800
Investment, Identifier [Axis]: Activate Holdings (US) Corp. and CrossPoint Capital AS SPV, LP
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments	1,056,300
Less: funded commitments	0
Total net unfunded revolving loan commitments	1,056,300
Less: commitments substantially at discretion of the Fund	0
Less: unavailable commitments due to borrowing base or other covenant restrictions	0
Total net unfunded revolving and delayed draw term loan commitments	1,056,300
Investment, Identifier [Axis]: Airx Climate Solutions, Inc.
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments	11,435,200						11,435,200
Less: funded commitments	(540,600)						0
Total net unfunded revolving loan commitments	10,894,600						11,435,200
Less: commitments substantially at discretion of the Fund	0						0
Less: unavailable commitments due to borrowing base or other covenant restrictions	0						0
Total net unfunded revolving and delayed draw term loan commitments	10,894,600						11,435,200
Investment, Identifier [Axis]: Alcami Corporation
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments	547,900
Less: funded commitments	0
Total net unfunded revolving loan commitments	547,900
Less: commitments substantially at discretion of the Fund	0
Less: unavailable commitments due to borrowing base or other covenant restrictions	0
Total net unfunded revolving and delayed draw term loan commitments	547,900
Investment, Identifier [Axis]: Alcami Corporation and ACM Note Holdings, LLC
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments							890,400
Less: funded commitments							0
Total net unfunded revolving loan commitments							890,400
Less: commitments substantially at discretion of the Fund							0
Less: unavailable commitments due to borrowing base or other covenant restrictions							0
Total net unfunded revolving and delayed draw term loan commitments							890,400
Investment, Identifier [Axis]: Amerivet Partners Management, Inc. and AVE Holdings LP
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments	3,393,900						7,713,500
Less: funded commitments	(100)						0
Total net unfunded revolving loan commitments	3,393,800						7,713,500
Less: commitments substantially at discretion of the Fund	0						0
Less: unavailable commitments due to borrowing base or other covenant restrictions	0						0
Total net unfunded revolving and delayed draw term loan commitments	3,393,800						7,713,500
Investment, Identifier [Axis]: Apex Service Partners, LLC and Apex Service Partners Holdings, LLC
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments	4,808,000						6,798,600
Less: funded commitments	(775,000.0)						(163,200)
Total net unfunded revolving loan commitments	4,033,000						6,635,400
Less: commitments substantially at discretion of the Fund	0						0
Less: unavailable commitments due to borrowing base or other covenant restrictions	0						0
Total net unfunded revolving and delayed draw term loan commitments	4,033,000						6,635,400
Investment, Identifier [Axis]: Aptean, Inc. and Aptean Acquiror Inc.
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments	10,026,000
Less: funded commitments	0
Total net unfunded revolving loan commitments	10,026,000
Less: commitments substantially at discretion of the Fund	0
Less: unavailable commitments due to borrowing base or other covenant restrictions	0
Total net unfunded revolving and delayed draw term loan commitments	10,026,000
Investment, Identifier [Axis]: Artivion, Inc.
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments	18,115,700
Less: funded commitments	(1,983,000)
Total net unfunded revolving loan commitments	16,132,700
Less: commitments substantially at discretion of the Fund	0
Less: unavailable commitments due to borrowing base or other covenant restrictions	0
Total net unfunded revolving and delayed draw term loan commitments	16,132,700
Investment, Identifier [Axis]: Avalign Holdings, Inc. and Avalign Technologies, Inc.
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments	3,440,400
Less: funded commitments	0
Total net unfunded revolving loan commitments	3,440,400
Less: commitments substantially at discretion of the Fund	0
Less: unavailable commitments due to borrowing base or other covenant restrictions	0
Total net unfunded revolving and delayed draw term loan commitments	3,440,400
Investment, Identifier [Axis]: BR PJK Produce, LLC
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments	1,774,100						1,774,100
Less: funded commitments	0						0
Total net unfunded revolving loan commitments	1,774,100						1,774,100
Less: commitments substantially at discretion of the Fund	0						0
Less: unavailable commitments due to borrowing base or other covenant restrictions	0						0
Total net unfunded revolving and delayed draw term loan commitments	1,774,100						1,774,100
Investment, Identifier [Axis]: Bamboo US BidCo LLC
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments	4,378,600						2,621,900
Less: funded commitments	(700)						0
Total net unfunded revolving loan commitments	4,377,900						2,621,900
Less: commitments substantially at discretion of the Fund	0						0
Less: unavailable commitments due to borrowing base or other covenant restrictions	0						0
Total net unfunded revolving and delayed draw term loan commitments	4,377,900						2,621,900
Investment, Identifier [Axis]: Bobcat Purchaser, LLC and Bobcat Topco, L.P.
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments	1,595,700						1,595,700
Less: funded commitments	0						0
Total net unfunded revolving loan commitments	1,595,700						1,595,700
Less: commitments substantially at discretion of the Fund	0						0
Less: unavailable commitments due to borrowing base or other covenant restrictions	0						0
Total net unfunded revolving and delayed draw term loan commitments	1,595,700						1,595,700
Investment, Identifier [Axis]: BradyIFS Holdings, LLC
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments	4,916,300						4,916,300
Less: funded commitments	0						0
Total net unfunded revolving loan commitments	4,916,300						4,916,300
Less: commitments substantially at discretion of the Fund	0						0
Less: unavailable commitments due to borrowing base or other covenant restrictions	0						0
Total net unfunded revolving and delayed draw term loan commitments	4,916,300						4,916,300
Investment, Identifier [Axis]: Broadcast Music, Inc.
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments	5,384,600
Less: funded commitments	0
Total net unfunded revolving loan commitments	5,384,600
Less: commitments substantially at discretion of the Fund	0
Less: unavailable commitments due to borrowing base or other covenant restrictions	0
Total net unfunded revolving and delayed draw term loan commitments	5,384,600
Investment, Identifier [Axis]: CPIG Holdco Inc.
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments	1,000.0						1,000.0
Less: funded commitments	(500)						(500)
Total net unfunded revolving loan commitments	500						500
Less: commitments substantially at discretion of the Fund	0						0
Less: unavailable commitments due to borrowing base or other covenant restrictions	0						0
Total net unfunded revolving and delayed draw term loan commitments	500						500
Investment, Identifier [Axis]: City Line Distributors LLC and City Line Investments LLC
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments	1,500						800,500
Less: funded commitments	0						0
Total net unfunded revolving loan commitments	1,500						800,500
Less: commitments substantially at discretion of the Fund	0						0
Less: unavailable commitments due to borrowing base or other covenant restrictions	0						0
Total net unfunded revolving and delayed draw term loan commitments	1,500						800,500
Investment, Identifier [Axis]: Cliffwater LLC
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments	1,470,600						1,470,600
Less: funded commitments	(100)						0
Total net unfunded revolving loan commitments	1,470,500						1,470,600
Less: commitments substantially at discretion of the Fund	0						0
Less: unavailable commitments due to borrowing base or other covenant restrictions	0						0
Total net unfunded revolving and delayed draw term loan commitments	1,470,500						1,470,600
Investment, Identifier [Axis]: Collision SP Subco, LLC
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments	2,328,700
Less: funded commitments	(52,900)
Total net unfunded revolving loan commitments	2,275,800
Less: commitments substantially at discretion of the Fund	0
Less: unavailable commitments due to borrowing base or other covenant restrictions	0
Total net unfunded revolving and delayed draw term loan commitments	2,275,800
Investment, Identifier [Axis]: Constellation Wealth Capital Fund, L.P.
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments	3,693,200
Less: funded commitments	(1,605,500)
Total net unfunded revolving loan commitments	2,087,700
Less: commitments substantially at discretion of the Fund	0
Total net unfunded revolving and delayed draw term loan commitments	2,087,700
Investment, Identifier [Axis]: Coupa Holdings, LLC and Coupa Software Incorporated
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments	410,800						410,800
Less: funded commitments	0						0
Total net unfunded revolving loan commitments	410,800						410,800
Less: commitments substantially at discretion of the Fund	0						0
Less: unavailable commitments due to borrowing base or other covenant restrictions	0						0
Total net unfunded revolving and delayed draw term loan commitments	410,800						410,800
Investment, Identifier [Axis]: Crosspoint Capital AS SPV, LP
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments							2,887,700
Less: funded commitments							(211,300)
Total net unfunded revolving loan commitments							2,676,400
Less: commitments substantially at discretion of the Fund							0
Less: unavailable commitments due to borrowing base or other covenant restrictions							0
Total net unfunded revolving and delayed draw term loan commitments							2,676,400
Investment, Identifier [Axis]: Cube Industrials Buyer, Inc. and Cube A&D Buyer Inc.
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments	2,586,200						2,586,200
Less: funded commitments	(536,100)						0
Total net unfunded revolving loan commitments	2,050,100						2,586,200
Less: commitments substantially at discretion of the Fund	0						0
Less: unavailable commitments due to borrowing base or other covenant restrictions	0						0
Total net unfunded revolving and delayed draw term loan commitments	2,050,100						2,586,200
Investment, Identifier [Axis]: DOXA Insurance Holdings LLC
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments							24,210,900
Less: funded commitments							0
Total net unfunded revolving loan commitments							24,210,900
Less: commitments substantially at discretion of the Fund							0
Less: unavailable commitments due to borrowing base or other covenant restrictions							0
Total net unfunded revolving and delayed draw term loan commitments							24,210,900
Investment, Identifier [Axis]: DOXA Insurance Holdings LLC and Rocket Co-Invest, SLP
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments	16,056,700
Less: funded commitments	0
Total net unfunded revolving loan commitments	16,056,700
Less: commitments substantially at discretion of the Fund	0
Less: unavailable commitments due to borrowing base or other covenant restrictions	0
Total net unfunded revolving and delayed draw term loan commitments	16,056,700
Investment, Identifier [Axis]: DOXA Insurance Holdings LLC and Rocket Co-Invest, SLP 1
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments	213,500
Less: funded commitments	0
Total net unfunded revolving loan commitments	213,500
Less: commitments substantially at discretion of the Fund	0
Total net unfunded revolving and delayed draw term loan commitments	213,500
Investment, Identifier [Axis]: Demakes Borrower, LLC
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments	3,292,700						3,292,700
Less: funded commitments	0						0
Total net unfunded revolving loan commitments	3,292,700						3,292,700
Less: commitments substantially at discretion of the Fund	0						0
Less: unavailable commitments due to borrowing base or other covenant restrictions	0						0
Total net unfunded revolving and delayed draw term loan commitments	3,292,700						3,292,700
Investment, Identifier [Axis]: Echo Purchaser, Inc.
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments	8,750,000						8,750,000
Less: funded commitments	0						(159,100)
Total net unfunded revolving loan commitments	8,750,000						8,590,900
Less: commitments substantially at discretion of the Fund	0						0
Less: unavailable commitments due to borrowing base or other covenant restrictions	0						0
Total net unfunded revolving and delayed draw term loan commitments	8,750,000						8,590,900
Investment, Identifier [Axis]: Edmunds Govtech, Inc.
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments	4,224,400
Less: funded commitments	(301,400)
Total net unfunded revolving loan commitments	3,923,000
Less: commitments substantially at discretion of the Fund	0
Less: unavailable commitments due to borrowing base or other covenant restrictions	0
Total net unfunded revolving and delayed draw term loan commitments	3,923,000
Investment, Identifier [Axis]: Empower Payments Investor, LLC
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments	2,674,400
Less: funded commitments	0
Total net unfunded revolving loan commitments	2,674,400
Less: commitments substantially at discretion of the Fund	0
Less: unavailable commitments due to borrowing base or other covenant restrictions	0
Total net unfunded revolving and delayed draw term loan commitments	2,674,400
Investment, Identifier [Axis]: Envisage Management Ltd
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments	4,299,000
Less: funded commitments	0
Total net unfunded revolving loan commitments	4,299,000
Less: commitments substantially at discretion of the Fund	0
Less: unavailable commitments due to borrowing base or other covenant restrictions	0
Total net unfunded revolving and delayed draw term loan commitments	4,299,000
Investment, Identifier [Axis]: Eternal Aus Bidco Pty Ltd
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments	1,895,700						1,895,700
Less: funded commitments	0						0
Total net unfunded revolving loan commitments	1,895,700						1,895,700
Less: commitments substantially at discretion of the Fund	0						0
Less: unavailable commitments due to borrowing base or other covenant restrictions	0						0
Total net unfunded revolving and delayed draw term loan commitments	1,895,700						1,895,700
Investment, Identifier [Axis]: Excel Fitness Consolidator LLC
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments	3,333,300						3,333,300
Less: funded commitments	0						0
Total net unfunded revolving loan commitments	3,333,300						3,333,300
Less: commitments substantially at discretion of the Fund	0						0
Less: unavailable commitments due to borrowing base or other covenant restrictions	0						0
Total net unfunded revolving and delayed draw term loan commitments	3,333,300						3,333,300
Investment, Identifier [Axis]: Finastra USA, Inc., DH Corporation/Societe DH, and Finastra Europe S.A R.L.
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments	2,349,600						2,349,600
Less: funded commitments	0						0
Total net unfunded revolving loan commitments	2,349,600						2,349,600
Less: commitments substantially at discretion of the Fund	0						0
Less: unavailable commitments due to borrowing base or other covenant restrictions	0						0
Total net unfunded revolving and delayed draw term loan commitments	2,349,600						2,349,600
Investment, Identifier [Axis]: Flint OpCo, LLC
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments	704,700						2,186,200
Less: funded commitments	0						0
Total net unfunded revolving loan commitments	704,700						2,186,200
Less: commitments substantially at discretion of the Fund	0						0
Less: unavailable commitments due to borrowing base or other covenant restrictions	0						0
Total net unfunded revolving and delayed draw term loan commitments	704,700						2,186,200
Investment, Identifier [Axis]: FlyWheel Acquireco, Inc.
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments	1,607,100						1,607,100
Less: funded commitments	(1,071,400)						(1,071,400)
Total net unfunded revolving loan commitments	535,700						535,700
Less: commitments substantially at discretion of the Fund	0						0
Less: unavailable commitments due to borrowing base or other covenant restrictions	0						0
Total net unfunded revolving and delayed draw term loan commitments	535,700						535,700
Investment, Identifier [Axis]: GC Waves Holdings, Inc.
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments	12,037,300						12,900,200
Less: funded commitments	0						0
Total net unfunded revolving loan commitments	12,037,300						12,900,200
Less: commitments substantially at discretion of the Fund	0						0
Less: unavailable commitments due to borrowing base or other covenant restrictions	0						0
Total net unfunded revolving and delayed draw term loan commitments	12,037,300						12,900,200
Investment, Identifier [Axis]: GS SEER Group Borrower LLC and GS SEER Group Holdings LLC
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments	3,427,000						4,568,300
Less: funded commitments	0						0
Total net unfunded revolving loan commitments	3,427,000						4,568,300
Less: commitments substantially at discretion of the Fund	0						0
Less: unavailable commitments due to borrowing base or other covenant restrictions	0						0
Total net unfunded revolving and delayed draw term loan commitments	3,427,000						4,568,300
Investment, Identifier [Axis]: GTCR F Buyer Corp. and GTCR (D) Investors LP
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments	3,487,500						5,000,000
Less: funded commitments	0						0
Total net unfunded revolving loan commitments	3,487,500						5,000,000
Less: commitments substantially at discretion of the Fund	0						0
Less: unavailable commitments due to borrowing base or other covenant restrictions	0						0
Total net unfunded revolving and delayed draw term loan commitments	3,487,500						5,000,000
Investment, Identifier [Axis]: GTCR F Buyer Corp. and GTCR (D) Investors LP 1
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments	25,900						25,900
Less: funded commitments	0						0
Total net unfunded revolving loan commitments	25,900						25,900
Less: commitments substantially at discretion of the Fund	0						0
Total net unfunded revolving and delayed draw term loan commitments	25,900						25,900
Investment, Identifier [Axis]: Gestion ABS Bidco Inc. / ABS Bidco Holdings Inc.
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments	11,818,200
Less: funded commitments	0
Total net unfunded revolving loan commitments	11,818,200
Less: commitments substantially at discretion of the Fund	0
Less: unavailable commitments due to borrowing base or other covenant restrictions	0
Total net unfunded revolving and delayed draw term loan commitments	11,818,200
Investment, Identifier [Axis]: GroundWorks, LLC
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments	2,425,300						503,800
Less: funded commitments	0						0
Total net unfunded revolving loan commitments	2,425,300						503,800
Less: commitments substantially at discretion of the Fund	0						0
Less: unavailable commitments due to borrowing base or other covenant restrictions	0						0
Total net unfunded revolving and delayed draw term loan commitments	2,425,300						503,800
Investment, Identifier [Axis]: Guidepoint Security Holdings, LLC
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments	2,659,500						2,659,500
Less: funded commitments	0						0
Total net unfunded revolving loan commitments	2,659,500						2,659,500
Less: commitments substantially at discretion of the Fund	0						0
Less: unavailable commitments due to borrowing base or other covenant restrictions	0						0
Total net unfunded revolving and delayed draw term loan commitments	2,659,500						2,659,500
Investment, Identifier [Axis]: HP RSS Buyer, Inc.
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments	8,205,100						3,529,900
Less: funded commitments	0						0
Total net unfunded revolving loan commitments	8,205,100						3,529,900
Less: commitments substantially at discretion of the Fund	0						0
Less: unavailable commitments due to borrowing base or other covenant restrictions	0						0
Total net unfunded revolving and delayed draw term loan commitments	8,205,100						3,529,900
Investment, Identifier [Axis]: Hakken Midco B.V.
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments	1,082,700						1,082,700
Less: funded commitments	0						0
Total net unfunded revolving loan commitments	1,082,700						1,082,700
Less: commitments substantially at discretion of the Fund	0						0
Less: unavailable commitments due to borrowing base or other covenant restrictions	0						0
Total net unfunded revolving and delayed draw term loan commitments	1,082,700						1,082,700
Investment, Identifier [Axis]: Helios Service Partners, LLC and Astra Service Partners, LLC
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments	5,063,700						3,001,000
Less: funded commitments	(600)						(600)
Total net unfunded revolving loan commitments	5,063,100						3,000,400
Less: commitments substantially at discretion of the Fund	0						0
Less: unavailable commitments due to borrowing base or other covenant restrictions	0						0
Total net unfunded revolving and delayed draw term loan commitments	5,063,100						3,000,400
Investment, Identifier [Axis]: Higginbotham Insurance Agency, Inc.
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments	4,620,000						865,300
Less: funded commitments	0						0
Total net unfunded revolving loan commitments	4,620,000						865,300
Less: commitments substantially at discretion of the Fund	0						0
Less: unavailable commitments due to borrowing base or other covenant restrictions	0						0
Total net unfunded revolving and delayed draw term loan commitments	4,620,000						865,300
Investment, Identifier [Axis]: Hills Distribution, Inc., Hills Intermediate FT Holdings, LLC and GMP Hills, LP
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments	1,826,100						1,826,100
Less: funded commitments	(600)						(600)
Total net unfunded revolving loan commitments	1,825,500						1,825,500
Less: commitments substantially at discretion of the Fund	0						0
Less: unavailable commitments due to borrowing base or other covenant restrictions	0						0
Total net unfunded revolving and delayed draw term loan commitments	1,825,500						1,825,500
Investment, Identifier [Axis]: Hyland Software, Inc.
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments	1,102,900						1,102,900
Less: funded commitments	0						0
Total net unfunded revolving loan commitments	1,102,900						1,102,900
Less: commitments substantially at discretion of the Fund	0						0
Less: unavailable commitments due to borrowing base or other covenant restrictions	0						0
Total net unfunded revolving and delayed draw term loan commitments	1,102,900						1,102,900
Investment, Identifier [Axis]: Icefall Parent, Inc.
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments	735,500
Less: funded commitments	0
Total net unfunded revolving loan commitments	735,500
Less: commitments substantially at discretion of the Fund	0
Less: unavailable commitments due to borrowing base or other covenant restrictions	0
Total net unfunded revolving and delayed draw term loan commitments	735,500
Investment, Identifier [Axis]: Infinity Home Services HoldCo, Inc. and IHS Parent Holdings, L.P.
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments							6,727,800
Less: funded commitments							0
Total net unfunded revolving loan commitments							6,727,800
Less: commitments substantially at discretion of the Fund							0
Less: unavailable commitments due to borrowing base or other covenant restrictions							0
Total net unfunded revolving and delayed draw term loan commitments							6,727,800
Investment, Identifier [Axis]: Infinity Home Services HoldCo, Inc., D&S Amalco and IHS Parent Holdings, L.P.
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments	6,315,000
Less: funded commitments	(79,600)
Total net unfunded revolving loan commitments	6,235,400
Less: commitments substantially at discretion of the Fund	0
Less: unavailable commitments due to borrowing base or other covenant restrictions	0
Total net unfunded revolving and delayed draw term loan commitments	6,235,400
Investment, Identifier [Axis]: Keystone Agency Partners LLC
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments	34,309,100						34,309,100
Less: funded commitments	0						0
Total net unfunded revolving loan commitments	34,309,100						34,309,100
Less: commitments substantially at discretion of the Fund	0						0
Less: unavailable commitments due to borrowing base or other covenant restrictions	0						0
Total net unfunded revolving and delayed draw term loan commitments	34,309,100						34,309,100
Investment, Identifier [Axis]: Kings Buyer, LLC
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments	1,529,300						1,529,300
Less: funded commitments	(152,900)						0
Total net unfunded revolving loan commitments	1,376,400						1,529,300
Less: commitments substantially at discretion of the Fund	0						0
Less: unavailable commitments due to borrowing base or other covenant restrictions	0						0
Total net unfunded revolving and delayed draw term loan commitments	1,376,400						1,529,300
Investment, Identifier [Axis]: Leviathan Intermediate Holdco, LLC and Leviathan Holdings, L.P.
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments	182,200						182,200
Less: funded commitments	0						0
Total net unfunded revolving loan commitments	182,200						182,200
Less: commitments substantially at discretion of the Fund	0						0
Less: unavailable commitments due to borrowing base or other covenant restrictions	0						0
Total net unfunded revolving and delayed draw term loan commitments	182,200						182,200
Investment, Identifier [Axis]: Lightbeam Bidco, Inc.
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments	2,150,800						3,225,700
Less: funded commitments	(400)						0
Total net unfunded revolving loan commitments	2,150,400						3,225,700
Less: commitments substantially at discretion of the Fund	0						0
Less: unavailable commitments due to borrowing base or other covenant restrictions	0						0
Total net unfunded revolving and delayed draw term loan commitments	2,150,400						3,225,700
Investment, Identifier [Axis]: Meyer Laboratory, LLC and Meyer Parent, LLC
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments	5,027,900
Less: funded commitments	0
Total net unfunded revolving loan commitments	5,027,900
Less: commitments substantially at discretion of the Fund	0
Less: unavailable commitments due to borrowing base or other covenant restrictions	0
Total net unfunded revolving and delayed draw term loan commitments	5,027,900
Investment, Identifier [Axis]: Mr. Greens Intermediate, LLC, Florida Veg Investments LLC, MRG Texas, LLC and Restaurant Produce and Services Blocker, LLC
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments	5,526,300						5,526,300
Less: funded commitments	(139,400)						0
Total net unfunded revolving loan commitments	5,386,900						5,526,300
Less: commitments substantially at discretion of the Fund	0						0
Less: unavailable commitments due to borrowing base or other covenant restrictions	0						0
Total net unfunded revolving and delayed draw term loan commitments	5,386,900						5,526,300
Investment, Identifier [Axis]: New ChurcHill HoldCo LLC and Victory Topco, LP
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments	18,445,000						20,322,900
Less: funded commitments	0						(321,600)
Total net unfunded revolving loan commitments	18,445,000						20,001,300
Less: commitments substantially at discretion of the Fund	0						0
Less: unavailable commitments due to borrowing base or other covenant restrictions	0						0
Total net unfunded revolving and delayed draw term loan commitments	18,445,000						20,001,300
Investment, Identifier [Axis]: Next Holdco, LLC
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments	1,697,600						1,697,600
Less: funded commitments	0						0
Total net unfunded revolving loan commitments	1,697,600						1,697,600
Less: commitments substantially at discretion of the Fund	0						0
Less: unavailable commitments due to borrowing base or other covenant restrictions	0						0
Total net unfunded revolving and delayed draw term loan commitments	1,697,600						1,697,600
Investment, Identifier [Axis]: North Haven Fairway Buyer, LLC, Fairway Lawns, LLC and Command Pest Control, LLC
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments	844,900						1,200,400
Less: funded commitments	(108,200)						0
Total net unfunded revolving loan commitments	736,700						1,200,400
Less: commitments substantially at discretion of the Fund	0						0
Less: unavailable commitments due to borrowing base or other covenant restrictions	0						0
Total net unfunded revolving and delayed draw term loan commitments	736,700						1,200,400
Investment, Identifier [Axis]: North Haven Stack Buyer, LLC
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments	11,100						17,900
Less: funded commitments	0						0
Total net unfunded revolving loan commitments	11,100						17,900
Less: commitments substantially at discretion of the Fund	0						0
Less: unavailable commitments due to borrowing base or other covenant restrictions	0						0
Total net unfunded revolving and delayed draw term loan commitments	11,100						17,900
Investment, Identifier [Axis]: Northwinds Holding, Inc. and Northwinds Services Group LLC
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments	3,450,000						3,450,000
Less: funded commitments	(416,700)						0
Total net unfunded revolving loan commitments	3,033,300						3,450,000
Less: commitments substantially at discretion of the Fund	0						0
Less: unavailable commitments due to borrowing base or other covenant restrictions	0						0
Total net unfunded revolving and delayed draw term loan commitments	3,033,300						3,450,000
Investment, Identifier [Axis]: OakBridge Insurance Agency LLC and Maple Acquisition Holdings, LP
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments	5,803,600						5,803,600
Less: funded commitments	0						0
Total net unfunded revolving loan commitments	5,803,600						5,803,600
Less: commitments substantially at discretion of the Fund	0						0
Less: unavailable commitments due to borrowing base or other covenant restrictions	0						0
Total net unfunded revolving and delayed draw term loan commitments	5,803,600						5,803,600
Investment, Identifier [Axis]: Omnia Partners, LLC
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments							429,400
Less: funded commitments							0
Total net unfunded revolving loan commitments							429,400
Less: commitments substantially at discretion of the Fund							0
Less: unavailable commitments due to borrowing base or other covenant restrictions							0
Total net unfunded revolving and delayed draw term loan commitments							429,400
Investment, Identifier [Axis]: Orange Barrel Media, LLC/IKE Smart City, LLC
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments	3,348,000
Less: funded commitments	0
Total net unfunded revolving loan commitments	3,348,000
Less: commitments substantially at discretion of the Fund	0
Less: unavailable commitments due to borrowing base or other covenant restrictions	0
Total net unfunded revolving and delayed draw term loan commitments	3,348,000
Investment, Identifier [Axis]: PCIA SPV-3, LLC and ASE Royal Aggregator, LLC
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments	4,600,000						4,600,000
Less: funded commitments	0						0
Total net unfunded revolving loan commitments	4,600,000						4,600,000
Less: commitments substantially at discretion of the Fund	0						0
Less: unavailable commitments due to borrowing base or other covenant restrictions	0						0
Total net unfunded revolving and delayed draw term loan commitments	4,600,000						4,600,000
Investment, Identifier [Axis]: PCS MidCo, Inc. and PCS Parent, L.P.
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments	4,411,400
Less: funded commitments	(68,200)
Total net unfunded revolving loan commitments	4,343,200
Less: commitments substantially at discretion of the Fund	0
Less: unavailable commitments due to borrowing base or other covenant restrictions	0
Total net unfunded revolving and delayed draw term loan commitments	4,343,200
Investment, Identifier [Axis]: PYE-Barker Fire & Safety, LLC
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments	14,963,600						14,963,600
Less: funded commitments	0						0
Total net unfunded revolving loan commitments	14,963,600						14,963,600
Less: commitments substantially at discretion of the Fund	0						0
Less: unavailable commitments due to borrowing base or other covenant restrictions	0						0
Total net unfunded revolving and delayed draw term loan commitments	14,963,600						14,963,600
Investment, Identifier [Axis]: Pallas Funding Trust No.2
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments	1,497,300
Less: funded commitments	0
Total net unfunded revolving loan commitments	1,497,300
Less: commitments substantially at discretion of the Fund	0
Less: unavailable commitments due to borrowing base or other covenant restrictions	0
Total net unfunded revolving and delayed draw term loan commitments	1,497,300
Investment, Identifier [Axis]: Paragon 28, Inc. and Paragon Advanced Technologies, Inc.
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments	7,072,400						7,072,400
Less: funded commitments	(500)						(500)
Total net unfunded revolving loan commitments	7,071,900						7,071,900
Less: commitments substantially at discretion of the Fund	0						0
Less: unavailable commitments due to borrowing base or other covenant restrictions	0						0
Total net unfunded revolving and delayed draw term loan commitments	7,071,900						7,071,900
Investment, Identifier [Axis]: Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P.
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments	1,183,600						1,183,600
Less: funded commitments	(262,100)						(166,100)
Total net unfunded revolving loan commitments	921,500						1,017,500
Less: commitments substantially at discretion of the Fund	0						0
Less: unavailable commitments due to borrowing base or other covenant restrictions	0						0
Total net unfunded revolving and delayed draw term loan commitments	921,500						1,017,500
Investment, Identifier [Axis]: Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P. 1
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments	12,800						19,600
Less: funded commitments	0						0
Total net unfunded revolving loan commitments	12,800						19,600
Less: commitments substantially at discretion of the Fund	0						0
Total net unfunded revolving and delayed draw term loan commitments	12,800						19,600
Investment, Identifier [Axis]: PestCo Holdings, LLC and PestCo, LLC
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments	1,843,300						2,481,000
Less: funded commitments	0						0
Total net unfunded revolving loan commitments	1,843,300						2,481,000
Less: commitments substantially at discretion of the Fund	0						0
Less: unavailable commitments due to borrowing base or other covenant restrictions	0						0
Total net unfunded revolving and delayed draw term loan commitments	1,843,300						2,481,000
Investment, Identifier [Axis]: Priority Waste Holdings LLC, Priority Waste Holdings Indiana LLC and Priority Waste Super Holdings, LLC
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments	301,000.0						6,001,000
Less: funded commitments	(500)						(500)
Total net unfunded revolving loan commitments	300,500						6,000,500
Less: commitments substantially at discretion of the Fund	0						0
Less: unavailable commitments due to borrowing base or other covenant restrictions	0						0
Total net unfunded revolving and delayed draw term loan commitments	300,500						6,000,500
Investment, Identifier [Axis]: PushPay USA Inc.
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments	357,100						357,100
Less: funded commitments	0						0
Total net unfunded revolving loan commitments	357,100						357,100
Less: commitments substantially at discretion of the Fund	0						0
Less: unavailable commitments due to borrowing base or other covenant restrictions	0						0
Total net unfunded revolving and delayed draw term loan commitments	357,100						357,100
Investment, Identifier [Axis]: Silk Holdings III Corp. and Silk Holdings I Corp.
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments	1,000.0						1,000.0
Less: funded commitments	(600)						(600)
Total net unfunded revolving loan commitments	400						400
Less: commitments substantially at discretion of the Fund	0						0
Less: unavailable commitments due to borrowing base or other covenant restrictions	0						0
Total net unfunded revolving and delayed draw term loan commitments	400						400
Investment, Identifier [Axis]: Solar Bidco Limited
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments	3,276,600						1,476,600
Less: funded commitments	0						0
Total net unfunded revolving loan commitments	3,276,600						1,476,600
Less: commitments substantially at discretion of the Fund	0						0
Less: unavailable commitments due to borrowing base or other covenant restrictions	0						0
Total net unfunded revolving and delayed draw term loan commitments	3,276,600						1,476,600
Investment, Identifier [Axis]: Steward Partners Global Advisory, LLC and Steward Partners Investment Advisory, LLC
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments	2,758,300						2,876,500
Less: funded commitments	0						0
Total net unfunded revolving loan commitments	2,758,300						2,876,500
Less: commitments substantially at discretion of the Fund	0						0
Less: unavailable commitments due to borrowing base or other covenant restrictions	0						0
Total net unfunded revolving and delayed draw term loan commitments	2,758,300						2,876,500
Investment, Identifier [Axis]: Sugar PPC Buyer LLC
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments							5,434,800
Less: funded commitments							0
Total net unfunded revolving loan commitments							5,434,800
Less: commitments substantially at discretion of the Fund							0
Less: unavailable commitments due to borrowing base or other covenant restrictions							0
Total net unfunded revolving and delayed draw term loan commitments							5,434,800
Investment, Identifier [Axis]: Sunbit Receivables Trust IV
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments	2,700,000						2,700,000
Less: funded commitments	(1,106,100)						0
Total net unfunded revolving loan commitments	1,593,900						2,700,000
Less: commitments substantially at discretion of the Fund	0						0
Less: unavailable commitments due to borrowing base or other covenant restrictions	0						0
Total net unfunded revolving and delayed draw term loan commitments	1,593,900						2,700,000
Investment, Identifier [Axis]: TSS Buyer, LLC
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments	2,851,600						2,956,600
Less: funded commitments	0						0
Total net unfunded revolving loan commitments	2,851,600						2,956,600
Less: commitments substantially at discretion of the Fund	0						0
Less: unavailable commitments due to borrowing base or other covenant restrictions	0						0
Total net unfunded revolving and delayed draw term loan commitments	2,851,600						2,956,600
Investment, Identifier [Axis]: Touchdown Acquirer Inc.
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments	898,200
Less: funded commitments	0
Total net unfunded revolving loan commitments	898,200
Less: commitments substantially at discretion of the Fund	0
Less: unavailable commitments due to borrowing base or other covenant restrictions	0
Total net unfunded revolving and delayed draw term loan commitments	898,200
Investment, Identifier [Axis]: Truck-Lite Co., LLC, Ecco Holdings Corp. and Clarience Technologies, LLC
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments	7,531,400
Less: funded commitments	(125,500)
Total net unfunded revolving loan commitments	7,405,900
Less: commitments substantially at discretion of the Fund	0
Less: unavailable commitments due to borrowing base or other covenant restrictions	0
Total net unfunded revolving and delayed draw term loan commitments	7,405,900
Investment, Identifier [Axis]: UP Intermediate II LLC and UPBW Blocker LLC
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments	2,210,200
Less: funded commitments	0
Total net unfunded revolving loan commitments	2,210,200
Less: commitments substantially at discretion of the Fund	0
Less: unavailable commitments due to borrowing base or other covenant restrictions	0
Total net unfunded revolving and delayed draw term loan commitments	2,210,200
Investment, Identifier [Axis]: United Digestive MSO Parent, LLC and Koln Co-Invest Unblocked, LP
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments	4,245,300						4,245,300
Less: funded commitments	(396,200)						0
Total net unfunded revolving loan commitments	3,849,100						4,245,300
Less: commitments substantially at discretion of the Fund	0						0
Less: unavailable commitments due to borrowing base or other covenant restrictions	0						0
Total net unfunded revolving and delayed draw term loan commitments	3,849,100						4,245,300
Investment, Identifier [Axis]: Vertex Service Partners, LLC and Vertex Service Partners Holdings, LLC
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments	14,476,200						18,776,800
Less: funded commitments	0						0
Total net unfunded revolving loan commitments	14,476,200						18,776,800
Less: commitments substantially at discretion of the Fund	0						0
Less: unavailable commitments due to borrowing base or other covenant restrictions	0						0
Total net unfunded revolving and delayed draw term loan commitments	14,476,200						18,776,800
Investment, Identifier [Axis]: Vobev, LLC and Vobev Holdings, LLC
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments	1,000.0						166,900
Less: funded commitments	(800)						(700)
Total net unfunded revolving loan commitments	200						166,200
Less: commitments substantially at discretion of the Fund	0						0
Less: unavailable commitments due to borrowing base or other covenant restrictions	0						0
Total net unfunded revolving and delayed draw term loan commitments	200						166,200
Investment, Identifier [Axis]: WCI-BXC Purchaser, LLC and WCI-BXC Investment Holdings, L.P.
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments	194,600						194,600
Less: funded commitments	0						0
Total net unfunded revolving loan commitments	194,600						194,600
Less: commitments substantially at discretion of the Fund	0						0
Less: unavailable commitments due to borrowing base or other covenant restrictions	0						0
Total net unfunded revolving and delayed draw term loan commitments	194,600						194,600
Investment, Identifier [Axis]: World Insurance Associates, LLC and World Associates Holdings, LLC
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments	25,000,000						25,000,000
Less: funded commitments	0						0
Total net unfunded revolving loan commitments	25,000,000						25,000,000
Less: commitments substantially at discretion of the Fund	0						0
Less: unavailable commitments due to borrowing base or other covenant restrictions	0						0
Total net unfunded revolving and delayed draw term loan commitments	25,000,000						25,000,000
Investment, Identifier [Axis]: Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P.
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments	2,175,100						2,966,100
Less: funded commitments	(61,100)						(395,500)
Total net unfunded revolving loan commitments	2,114,000						2,570,600
Less: commitments substantially at discretion of the Fund	0						0
Less: unavailable commitments due to borrowing base or other covenant restrictions	0						0
Total net unfunded revolving and delayed draw term loan commitments	2,114,000						2,570,600
Investment, Identifier [Axis]: Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P. 1
Financial Support for Nonconsolidated Legal Entity [Abstract]
Total revolving loan commitments	5,600						5,600
Less: funded commitments	0						0
Total net unfunded revolving loan commitments	5,600						5,600
Less: commitments substantially at discretion of the Fund	0						0
Total net unfunded revolving and delayed draw term loan commitments	$ 5,600						$ 5,600
Open Forward Foreign Currency Contract, Identifier [Axis]: AUD, Wells Fargo Bank, N.A., Company Settlement Date February 18, 2026
Open Forward Foreign Currency Contract [Line Items]
Description	Foreign currency forward contract		Foreign currency forward contract	Foreign currency forward contract	Foreign currency forward contract	Foreign currency forward contract
Notional Amount to be Purchased	$ 1,255,000
Notional Amount to be Sold						$ 1,897
Counterparty	Wells Fargo Bank, N.A. [Member]		Wells Fargo Bank, N.A. [Member]	Wells Fargo Bank, N.A. [Member]	Wells Fargo Bank, N.A. [Member]	Wells Fargo Bank, N.A. [Member]
Unrealized Appreciation / (Depreciation)	$ 0
Open Forward Foreign Currency Contract, Identifier [Axis]: AUD, Wells Fargo Bank, N.A., Company Settlement Date November 17, 2026
Open Forward Foreign Currency Contract [Line Items]
Description							Foreign currency forward contract	Foreign currency forward contract	Foreign currency forward contract	Foreign currency forward contract	Foreign currency forward contract
Notional Amount to be Purchased							$ 6,165,000
Notional Amount to be Sold											$ 9,518
Counterparty							Wells Fargo Bank, N.A. [Member]	Wells Fargo Bank, N.A. [Member]	Wells Fargo Bank, N.A. [Member]	Wells Fargo Bank, N.A. [Member]	Wells Fargo Bank, N.A. [Member]
Unrealized Appreciation / (Depreciation)							$ 0
Open Forward Foreign Currency Contract, Identifier [Axis]: AUD, Wells Fargo Bank, N.A., Company Settlement Date November 17,2026
Open Forward Foreign Currency Contract [Line Items]
Description	Foreign currency forward contract		Foreign currency forward contract	Foreign currency forward contract	Foreign currency forward contract	Foreign currency forward contract
Notional Amount to be Purchased	$ 6,165,000
Notional Amount to be Sold						$ 9,518
Counterparty	Wells Fargo Bank, N.A. [Member]		Wells Fargo Bank, N.A. [Member]	Wells Fargo Bank, N.A. [Member]	Wells Fargo Bank, N.A. [Member]	Wells Fargo Bank, N.A. [Member]
Unrealized Appreciation / (Depreciation)	$ 0
Open Forward Foreign Currency Contract, Identifier [Axis]: AUD, Wells Fargo Bank, N.A., Company Settlement Date October 18. 2024
Open Forward Foreign Currency Contract [Line Items]
Description	Foreign currency forward contract		Foreign currency forward contract	Foreign currency forward contract	Foreign currency forward contract	Foreign currency forward contract
Notional Amount to be Purchased	$ 4,812,000
Notional Amount to be Sold | £			£ 7,290
Counterparty	Wells Fargo Bank, N.A. [Member]		Wells Fargo Bank, N.A. [Member]	Wells Fargo Bank, N.A. [Member]	Wells Fargo Bank, N.A. [Member]	Wells Fargo Bank, N.A. [Member]
Unrealized Appreciation / (Depreciation)	$ 0
Open Forward Foreign Currency Contract, Identifier [Axis]: CAD, Wells Fargo Bank, N.A., Company Settlement Date November 11, 2026
Open Forward Foreign Currency Contract [Line Items]
Description	Foreign currency forward contract		Foreign currency forward contract	Foreign currency forward contract	Foreign currency forward contract	Foreign currency forward contract
Notional Amount to be Purchased	$ 14,602,000
Notional Amount to be Sold				$ 19,573
Counterparty	Wells Fargo Bank, N.A. [Member]		Wells Fargo Bank, N.A. [Member]	Wells Fargo Bank, N.A. [Member]	Wells Fargo Bank, N.A. [Member]	Wells Fargo Bank, N.A. [Member]
Unrealized Appreciation / (Depreciation)	$ 0
Open Forward Foreign Currency Contract, Identifier [Axis]: CAD, Wells Fargo Bank, N.A., Company Settlement Date November 16, 2026
Open Forward Foreign Currency Contract [Line Items]
Description							Foreign currency forward contract	Foreign currency forward contract	Foreign currency forward contract	Foreign currency forward contract	Foreign currency forward contract
Notional Amount to be Purchased							$ 1,017,000
Notional Amount to be Sold									$ 1,391
Counterparty							Wells Fargo Bank, N.A. [Member]	Wells Fargo Bank, N.A. [Member]	Wells Fargo Bank, N.A. [Member]	Wells Fargo Bank, N.A. [Member]	Wells Fargo Bank, N.A. [Member]
Unrealized Appreciation / (Depreciation)							$ 0
Open Forward Foreign Currency Contract, Identifier [Axis]: EUR, Wells Fargo Bank, N.A., Company Settlement Date April 26, 2024
Open Forward Foreign Currency Contract [Line Items]
Description	Foreign currency forward contract		Foreign currency forward contract	Foreign currency forward contract	Foreign currency forward contract	Foreign currency forward contract
Notional Amount to be Purchased	$ 8,807,000
Notional Amount to be Sold | €					€ 8,053
Counterparty	Wells Fargo Bank, N.A. [Member]		Wells Fargo Bank, N.A. [Member]	Wells Fargo Bank, N.A. [Member]	Wells Fargo Bank, N.A. [Member]	Wells Fargo Bank, N.A. [Member]
Unrealized Appreciation / (Depreciation)	$ 0
Open Forward Foreign Currency Contract, Identifier [Axis]: EUR, Wells Fargo Bank, N.A., Company Settlement Date January 26, 2024
Open Forward Foreign Currency Contract [Line Items]
Description							Foreign currency forward contract	Foreign currency forward contract	Foreign currency forward contract	Foreign currency forward contract	Foreign currency forward contract
Notional Amount to be Purchased							$ 8,380,000
Notional Amount to be Sold | €										€ 7,826
Counterparty							Wells Fargo Bank, N.A. [Member]	Wells Fargo Bank, N.A. [Member]	Wells Fargo Bank, N.A. [Member]	Wells Fargo Bank, N.A. [Member]	Wells Fargo Bank, N.A. [Member]
Unrealized Appreciation / (Depreciation)							$ 0
Open Forward Foreign Currency Contract, Identifier [Axis]: EUR, Wells Fargo Bank, N.A., Company Settlement Date March 26, 2025
Open Forward Foreign Currency Contract [Line Items]
Description	Foreign currency forward contract		Foreign currency forward contract	Foreign currency forward contract	Foreign currency forward contract	Foreign currency forward contract
Notional Amount to be Purchased	$ 465,000
Notional Amount to be Sold | €					€ 424
Counterparty	Wells Fargo Bank, N.A. [Member]		Wells Fargo Bank, N.A. [Member]	Wells Fargo Bank, N.A. [Member]	Wells Fargo Bank, N.A. [Member]	Wells Fargo Bank, N.A. [Member]
Unrealized Appreciation / (Depreciation)	$ 0
Open Forward Foreign Currency Contract, Identifier [Axis]: EUR, Wells Fargo Bank, N.A., Company Settlement Date March 26, 2026
Open Forward Foreign Currency Contract [Line Items]
Description	Foreign currency forward contract		Foreign currency forward contract	Foreign currency forward contract	Foreign currency forward contract	Foreign currency forward contract
Notional Amount to be Purchased	$ 380,000
Notional Amount to be Sold | €					€ 341
Counterparty	Wells Fargo Bank, N.A. [Member]		Wells Fargo Bank, N.A. [Member]	Wells Fargo Bank, N.A. [Member]	Wells Fargo Bank, N.A. [Member]	Wells Fargo Bank, N.A. [Member]
Unrealized Appreciation / (Depreciation)	$ 0
Open Forward Foreign Currency Contract, Identifier [Axis]: EUR, Wells Fargo Bank, N.A., Company Settlement Date March 30, 2027
Open Forward Foreign Currency Contract [Line Items]
Description	Foreign currency forward contract		Foreign currency forward contract	Foreign currency forward contract	Foreign currency forward contract	Foreign currency forward contract
Notional Amount to be Purchased	$ 833,000
Notional Amount to be Sold | €					€ 736
Counterparty	Wells Fargo Bank, N.A. [Member]		Wells Fargo Bank, N.A. [Member]	Wells Fargo Bank, N.A. [Member]	Wells Fargo Bank, N.A. [Member]	Wells Fargo Bank, N.A. [Member]
Unrealized Appreciation / (Depreciation)	$ 0
Open Forward Foreign Currency Contract, Identifier [Axis]: GBP, Wells Fargo Bank, N.A., Company Settlement Date August 21, 2026
Open Forward Foreign Currency Contract [Line Items]
Description	Foreign currency forward contract		Foreign currency forward contract	Foreign currency forward contract	Foreign currency forward contract	Foreign currency forward contract	Foreign currency forward contract	Foreign currency forward contract	Foreign currency forward contract	Foreign currency forward contract	Foreign currency forward contract
Notional Amount to be Purchased	$ 14,878,000						$ 14,240,000
Notional Amount to be Sold | £			£ 12,035					£ 11,532
Counterparty	Wells Fargo Bank, N.A. [Member]		Wells Fargo Bank, N.A. [Member]	Wells Fargo Bank, N.A. [Member]	Wells Fargo Bank, N.A. [Member]	Wells Fargo Bank, N.A. [Member]	Wells Fargo Bank, N.A. [Member]	Wells Fargo Bank, N.A. [Member]	Wells Fargo Bank, N.A. [Member]	Wells Fargo Bank, N.A. [Member]	Wells Fargo Bank, N.A. [Member]
Unrealized Appreciation / (Depreciation)	$ 0						$ 0
Open Forward Foreign Currency Contract, Identifier [Axis]: GBP, Wells Fargo Bank, N.A., Company Settlement Date March 31, 2025
Open Forward Foreign Currency Contract [Line Items]
Description	Foreign currency forward contract		Foreign currency forward contract	Foreign currency forward contract	Foreign currency forward contract	Foreign currency forward contract	Foreign currency forward contract	Foreign currency forward contract	Foreign currency forward contract	Foreign currency forward contract	Foreign currency forward contract
Notional Amount to be Purchased	$ 583,000						$ 583,000
Notional Amount to be Sold | £			£ 480					£ 480
Counterparty	Wells Fargo Bank, N.A. [Member]		Wells Fargo Bank, N.A. [Member]	Wells Fargo Bank, N.A. [Member]	Wells Fargo Bank, N.A. [Member]	Wells Fargo Bank, N.A. [Member]	Wells Fargo Bank, N.A. [Member]	Wells Fargo Bank, N.A. [Member]	Wells Fargo Bank, N.A. [Member]	Wells Fargo Bank, N.A. [Member]	Wells Fargo Bank, N.A. [Member]
Unrealized Appreciation / (Depreciation)	$ 0						$ 0
Open Forward Foreign Currency Contract, Identifier [Axis]: GBP, Wells Fargo Bank, N.A., Company Settlement Date March 31, 2026
Open Forward Foreign Currency Contract [Line Items]
Description	Foreign currency forward contract		Foreign currency forward contract	Foreign currency forward contract	Foreign currency forward contract	Foreign currency forward contract	Foreign currency forward contract	Foreign currency forward contract	Foreign currency forward contract	Foreign currency forward contract	Foreign currency forward contract
Notional Amount to be Purchased	$ 5,015,000						$ 874,000
Notional Amount to be Sold | £			£ 3,989					£ 720
Counterparty	Wells Fargo Bank, N.A. [Member]		Wells Fargo Bank, N.A. [Member]	Wells Fargo Bank, N.A. [Member]	Wells Fargo Bank, N.A. [Member]	Wells Fargo Bank, N.A. [Member]	Wells Fargo Bank, N.A. [Member]	Wells Fargo Bank, N.A. [Member]	Wells Fargo Bank, N.A. [Member]	Wells Fargo Bank, N.A. [Member]	Wells Fargo Bank, N.A. [Member]
Unrealized Appreciation / (Depreciation)	$ 0
Unrealized Appreciation / (Depreciation)							$ 0
Investments, at Fair Value, and Other Non-Qualifying Assets | Customer Concentration Risk | Non-Qualifying Assets
Composition, percent of fair value	26.00%	26.00%

XML

Consolidated Statement of Changes in Net Assets - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operations:
Net investment income	$ 46,079	$ 5,042
Net realized gains	2,960	1,340
Net unrealized gains (losses)	8,104	(490)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	57,143	5,892
Distributions to shareholders:
Net decrease in net assets from distributions	(49,667)	0
Share transactions:
Net increase in net assets from share transactions	585,562
Total increase in net assets	593,038	102,356
Net assets, beginning of period	1,761,392	148,098
Net assets, end of period	2,354,430	250,454
Class I
Distributions to shareholders:
Net decrease in net assets from distributions	(39,794)	0
Share transactions:
Distributions reinvested	10,682	0
Repurchased shares, net of early repurchase deduction	(10,250)	0
Net increase in net assets from share transactions	419,856	96,464
Net assets, beginning of period	1,413,632
Net assets, end of period	1,839,270	250,454
Class S Shares
Distributions to shareholders:
Net decrease in net assets from distributions	(8,376)	0
Share transactions:
Distributions reinvested	1,049	0
Repurchased shares, net of early repurchase deduction	(126)	0
Net increase in net assets from share transactions	145,904	0
Net assets, beginning of period	298,608
Net assets, end of period	445,988
Class D Shares
Distributions to shareholders:
Net decrease in net assets from distributions	(1,497)	0
Share transactions:
Distributions reinvested	242	0
Net increase in net assets from share transactions	19,802	0
Net assets, beginning of period	49,152
Net assets, end of period	69,172
Capital in Excess of Par Value | Class I
Share transactions:
Proceeds from shares sold	419,424	96,464
Capital in Excess of Par Value | Class S Shares
Share transactions:
Proceeds from shares sold	144,981	0
Capital in Excess of Par Value | Class D Shares
Share transactions:
Proceeds from shares sold	$ 19,560	$ 0

XML

Consolidated Statement of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
OPERATING ACTIVITIES:
Net increase in net assets resulting from operations	$ 57,143	$ 5,892
Adjustments to reconcile net increase in net assets resulting from operations:
Net realized gains on investments and foreign currency transactions	(2,960)	(1,340)
Net unrealized (gains) losses on investments and foreign currency transactions	(8,104)	490
Net accretion of investments	(2,863)	(376)
PIK interest	(483)	0
PIK dividends	(2,648)	0
Amortization of debt issuance costs	1,007	302
Purchases of investments	(1,121,940)	(348,842)
Proceeds from repayments or sales of investments	353,341	76,182
Changes in operating assets and liabilities:
Interest receivable	(545)	(999)
Other assets	7,023	(1,176)
Base management fee payable	2,746	0
Income based fee payable	1,445	0
Capital gains incentive fee payable	1,327	0
Interest and facility fees payable	591	885
Accounts payable and other liabilities	(725)	128
Net cash used in operating activities	(715,645)	(268,854)
FINANCING ACTIVITIES:
Borrowings on debt	760,003	85,000
Repayments of debt	(565,122)	0
Debt issuance costs	(9,220)	0
Net proceeds from issuance of common shares	583,965	96,464
Repurchased shares, net of early repurchase deduction	(10,376)	0
Distributions to shareholders	(33,080)	0
Net cash provided by financing activities	726,170	181,464
CHANGE IN CASH AND CASH EQUIVALENTS	10,525	(87,390)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	57,972	113,417
CASH AND CASH EQUIVALENTS, END OF PERIOD	68,497	26,027
Supplemental Information:
Interest paid during the period	15,813	0
Distribution declared and payable during the period	$ 49,667	$ 0

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Organization

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization

1. ORGANIZATION

Ares Strategic Income Fund (together with its consolidated subsidiaries, the “Fund”) is a Delaware statutory trust formed on March 15, 2022. The Fund is a 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 (together with the rules and regulations promulgated thereunder, the “Investment Company Act”). The Fund has elected to be treated as a regulated investment company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”) and operates in a manner so as to qualify for the tax treatment applicable to RICs.

The Fund is externally managed by Ares Capital Management LLC (“Ares Capital Management” or the Fund’s “investment adviser”), a subsidiary of Ares Management Corporation (“Ares Management” or “Ares”), a publicly traded, leading global alternative investment manager, pursuant to an investment advisory and management agreement. Ares Operations LLC (“Ares Operations” or the Fund’s “administrator”), a subsidiary of Ares Management, provides certain administrative and other services necessary for the Fund to operate.

The Fund’s investment objective is to generate current income and, to a lesser extent, long-term capital appreciation. The Fund seeks to invest primarily in first lien senior secured loans, second lien senior secured loans, subordinated secured and unsecured loans, subordinated debt, which in some cases include equity and/or preferred components, and other types of credit instruments which may include commercial real estate mezzanine loans, real estate mortgages, distressed investments, securitized products, notes, bills, debentures, bank loans, convertible and preferred securities, infrastructure debt and government and municipal obligations, made to or issued by U.S. middle-market companies, which the Fund generally defines as companies with annual EBITDA between $10 million and $250 million. As used herein, EBITDA represents annual net income before net interest expense, income tax expense, depreciation and amortization. The Fund expects that a majority of its investments will be in directly originated loans. For cash management and other purposes, the Fund also intends to invest in broadly syndicated loans and other more liquid credit investments, including in publicly traded debt instruments and other instruments that are not directly originated. The Fund primarily invests in illiquid and restricted investments, and while most of the Fund’s investments are expected to be in private U.S. companies (the Fund generally has to invest at least 70% of its total assets in “qualifying assets,” including private U.S. companies), the Fund may also invest from time to time in non-U.S. companies. The Fund’s portfolio may also include equity securities such as common stock, preferred stock, warrants or options, which may be obtained as part of providing a broader financing solution. Under normal circumstances, the Fund will invest directly or indirectly at least 80% of its total assets (net assets plus borrowings for investment purposes) in debt instruments of varying maturities.

Beginning in November 2022 and ending on January 30, 2023, the Fund entered into agreements with several investors pursuant to which such investors committed to purchase the Fund’s Class I shares (the “Private Placement”). The Private Placement was conducted pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), and Rule 506(b) of Regulation D promulgated under the Securities Act and was thus exempt from registration under the Securities Act as it was made only to investors (or advisors and/or managers of such investors) with whom the Fund’s investment adviser had substantive pre-existing relationships, as each of such investors (or such investor’s advisors and/or managers) was known by the Fund’s investment adviser (or persons acting on the Fund’s investment adviser's behalf ) due to a prior investment relationship with entities affiliated with Ares Management, and who are “accredited investors” pursuant to Rule 501(a) under the Securities Act.

Pursuant to such agreements entered into between the Fund and each investor in connection with the Private Placement, the investors participating in the Private Placement (the “Private Placement Investors”) committed to purchase Class I shares at an initial offering price of $25.00 per share, to be adjusted following the initial drawdown of such Private Placement Investors’ subscriptions to a price equal to the net asset value (“NAV”) per share as of the most recently completed month-end prior to the date of such drawdown.

The Fund offers on a continuous basis up to $7.5 billion of its common shares, including Class S shares, Class D shares and Class I shares (“Common Shares”), pursuant to an offering (the “Offering”) registered with the Securities and

Exchange Commission (the “SEC”). On April 17, 2023, the Fund was granted an exemptive relief order from the SEC that permits the Fund to offer to sell any combination of three classes of Common Shares, with a dollar value up to the maximum offering amount of $7.5 billion of its Common Shares. The share classes have different ongoing shareholder servicing and/or distribution fees. Prior to receiving the exemptive relief order, the Fund only offered and sold Class I shares and did not offer any Class S or Class D shares. The purchase price per share for each class of Common Shares equals the Fund’s NAV per share, as of the effective date of the monthly share purchase date. The Offering is a “best efforts” offering, which means that Ares Wealth Management Solutions, LLC (“AWMS”), the intermediary manager for the Offering and an affiliate of the Fund’s investment adviser, will use its best efforts to sell Common Shares, but is not obligated to purchase or sell any specific amount of shares. The Fund also engages in offerings of its Common Shares to non-U.S. investors pursuant to Regulation S of the Securities Act.

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Significant Accounting Policies

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Significant Accounting Policies

2. SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying consolidated financial statements have been prepared on the accrual basis of accounting in conformity with U.S. generally accepted accounting principles (“GAAP”), and include the accounts of the Fund and its consolidated subsidiaries. The Fund is an investment company following accounting and reporting guidance in Accounting Standards Codification (“ASC”) 946, Financial Services—Investment Companies. The consolidated financial statements reflect all adjustments and reclassifications that, in the opinion of management, are necessary for the fair presentation of the results of operations and financial condition as of and for the periods presented. All significant intercompany balances and transactions have been eliminated.

Interim financial statements are prepared in accordance with GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6 or 10 of Regulation S-X. In the opinion of management, all adjustments, consisting solely of normal recurring accruals considered necessary for the fair presentation of financial statements for the interim period presented, have been included. 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, 2024.

The Fund reclassified certain industry and investment classifications of its portfolio companies in the accompanying consolidated financial statements as of December 31, 2023 to conform to their current period presentations. These reclassifications had no impact on the prior period’s consolidated balance sheet.

Cash and Cash Equivalents

Cash and cash equivalents include funds from time to time deposited with financial institutions and short-term, liquid investments in a money market account. Cash and cash equivalents are carried at cost which approximates fair value.

Concentration of Credit Risk

The Fund places its cash and cash equivalents with financial institutions and, at times, cash held in depository or money market accounts 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 from the repayment or sale 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. Unrealized gains or losses primarily reflect the change in investment values, including the reversal of previously recorded unrealized gains or losses when gains or losses are realized.

Pursuant to Rule 2a-5 under the Investment Company Act, the Fund's board of trustees designated the Fund’s investment adviser as the Fund’s valuation designee (the “Valuation Designee”) to perform fair value determinations for investments held by the Fund without readily available market quotations, subject to the oversight of the Fund’s board of trustees. All investments are recorded at their fair value.

Investments for which market quotations are readily available are typically valued at such market quotations. In order to validate market quotations, the Valuation Designee looks at a number of factors to determine if the quotations are representative of fair value, including the source and nature of the quotations. Debt and equity securities that are not publicly

traded or whose market prices are not readily available are valued at fair value as determined in good faith by the Valuation Designee, subject to the oversight of the Fund’s board of trustees, based on, among other things, the input of the Fund’s independent third-party valuation providers (“IVPs”) that have been engaged to support the valuation of such portfolio investments at least quarterly (with certain de minimis exceptions) and under the valuation policy and a consistently applied valuation process. In addition, the Fund’s independent registered public accounting firm obtains an understanding of, and performs select procedures relating to, the Fund’s investment valuation process within the context of performing the Fund’s financial statement audit.

Investments in the Fund’s portfolio that do not have a readily available market are valued at fair value as determined in good faith by the Valuation Designee, as described herein. As part of the valuation process for investments that do not have readily available market prices, the Valuation Designee may take into account the following types of factors, if relevant, in determining the fair value of the Fund’s investments: the enterprise value of a portfolio company (the entire value of the portfolio company to a market participant, including the sum of the values of debt and equity securities used to capitalize the enterprise at a point in time), the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings and discounted cash flow, the markets in which the portfolio company does business, a comparison of the portfolio company’s securities to any similar publicly traded securities, changes in the interest rate environment and the credit markets, which may affect the price at which similar investments would trade in their principal markets and other relevant factors. When an external event such as a purchase transaction, public offering or subsequent sale occurs, the Valuation Designee considers the pricing indicated by the external event to corroborate its valuation.

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 Fund’s investments may fluctuate from period to period. Additionally, the fair value of the Fund’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 Fund 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 Fund was required to liquidate a portfolio investment in a forced or liquidation sale, the Fund could realize significantly less than the value at which the Fund 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.

The Valuation Designee, subject to the oversight of the Fund’s board of trustees, undertakes a multi‑step valuation process each quarter, as described below:

•The Fund’s quarterly valuation process begins with a preliminary valuation being prepared by the investment professionals responsible for the portfolio investment in conjunction with the Fund’s portfolio management team and valuation team.

•Preliminary valuations are reviewed and discussed by the valuation committee of the Valuation Designee.

•For portfolio investments selected for review by an IVP,

◦Relevant information related to the portfolio investment is made available by the Valuation Designee to the IVP, who does not independently verify such information.

◦The IVP reviews and analyzes the information provided by the Valuation Designee, along with relevant market and economic data, and independently determines a range of values for each of the selected portfolio investments.

◦The IVP provides its analysis to the Valuation Designee to support the IVP’s valuation methodology and calculations.

•The valuation committee of the Valuation Designee determines the fair value of each investment in the Fund’s portfolio without a readily available market quotation in good faith based on, among other things, the input of the IVPs, where applicable.

•For portfolio investments selected for review by an IVP, a positive assurance opinion or independent valuation report is issued by the IVP that confirms the fair value determined by the Valuation Designee for a selected portfolio investment is within the range of values independently calculated by such IVP.

When the Valuation Designee determines the Fund's NAV as of the last day of a month that is not also the last day of a calendar quarter, the Valuation Designee intends to update the value of securities with reliable market quotations to the most recent market quotation. For securities without reliable market quotations, the Valuation Designee will generally value such assets at the most recent quarterly valuation unless the Valuation Designee determines that a significant observable change has occurred since the most recent quarter end with respect to the investment (which determination may be as a result of a material event at a portfolio company, material change in market spreads, secondary market transaction in the securities of an investment or otherwise). If the Valuation Designee determines such a change has occurred with respect to one or more investments, the Valuation Designee will determine whether to update the value for each relevant investment. See Note 8 for more information on the Fund’s valuation process.

Interest Income Recognition

Interest income is recorded on an accrual basis and includes the accretion of discounts, amortization of premiums and payment-in-kind (“PIK”) interest. Discounts from and premiums to par value on investments purchased are accreted/amortized into interest income over the life of the respective security using the effective yield method. To the extent loans contain PIK provisions, PIK interest, computed at the contractual rate specified in each applicable agreement, is accrued and recorded as interest income and added to the principal balance of the loan. PIK interest income added to the principal balance is generally collected upon repayment of the outstanding principal. To maintain the Fund’s tax treatment as a RIC, this non-cash source of income must be paid out to shareholders in the form of distributions for the year the income was earned, even though the Fund has not yet collected the cash. The amortized cost of investments represents the original cost adjusted for any accretion of discounts, amortization of premiums and PIK interest.

Loans are generally placed on non-accrual status when principal or interest payments are past due 30 days or more or when there is reasonable doubt that principal or interest will be collected in full. Accrued and unpaid interest is generally reversed when a 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 the Fund’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest are paid or there is no longer any reasonable doubt that such principal or interest will be collected in full and, in the Fund’s judgment, are likely to remain current. The Fund may make exceptions to this policy if the loan has sufficient collateral value (i.e., typically measured as enterprise value of the portfolio company) or is in the process of collection.

Dividend Income Recognition 

Dividend income on preferred equity is recorded on an 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 is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies. To the extent a preferred equity contains PIK provisions, PIK dividends, computed at the contractual rate specified in each applicable agreement, are accrued and recorded as dividend income and added to the principal balance of the preferred equity. PIK dividends added to the principal balance are generally collected upon redemption of the equity.

Other Income

Other income includes amendment fees that are fixed based on contractual terms and are generally non-recurring and non-refundable and are recognized as revenue when earned upon closing of the related transaction. Other income also includes fees for management and consulting services, loan guarantees, commitments and other services rendered by the Fund to portfolio companies. Such fees are fixed based on contractual terms and are recognized as income as services are rendered.

Foreign Currency Translation

The Fund’s books and records are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis:

(1)Fair value of investment securities, other assets and liabilities—at the exchange rates prevailing at the end of the period.

(2)Purchases and sales of investment securities, income and expenses—at the exchange rates prevailing on the respective dates of such transactions, income or expenses.

Results of operations based on changes in foreign exchange rates are separately disclosed in the consolidated statement of operations, if any. 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. 

Derivative Instruments

The Fund follows the guidance in ASC Topic 815, Derivatives and Hedging, when accounting for derivative instruments. The Fund does not utilize hedge accounting and as such values its derivatives at fair value with the unrealized gains or losses recorded in “net unrealized gains (losses) from foreign currency transactions” in the Fund’s consolidated statement of operations.

Organization and Offering Expenses

Costs associated with the organization of the Fund are expensed as incurred. Costs associated with the offering of Common Shares of the Fund are capitalized as deferred offering expenses and included in other assets on the consolidated statements of assets and liabilities and amortized over a twelve-month period from incurrence.

Debt Issuance Costs

Debt issuance costs are amortized over the life of the related debt instrument using the straight line method.

Income Taxes

The Fund has elected to be treated as a RIC under the Code and operates in a manner so as to qualify for the tax treatment applicable to RICs. To qualify for tax treatment as a RIC, the Fund must, among other requirements, meet certain source-of-income and asset diversification requirements and timely distribute to its shareholders at least 90% of its investment company taxable income, as defined by the Code, for each year. The Fund has made and intends to continue to make the requisite distributions to its shareholders, which will generally relieve the Fund from U.S. federal corporate-level income taxes.

Depending on the level of taxable income earned in a tax year, the Fund may choose to carry forward taxable income in excess of current year distributions from such current year taxable income into the next tax year and pay a 4% excise tax on such income, as required. To the extent that the Fund determines that its estimated current year taxable income will be in excess of estimated distributions for the current year from such income, the Fund accrues excise tax, if any, on estimated excess taxable income as such taxable income is earned.

Distributions

To the extent that the Fund has taxable income available, the Fund intends to make monthly distributions to its shareholders. Distributions to shareholders are recorded on the record date. All distributions will be paid at the sole discretion of the board of trustees and will depend on the Fund’s earnings, financial condition, maintenance of the Fund’s tax treatment as a RIC, compliance with applicable BDC regulations and such other factors as the board of trustees 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 shareholder servicing and/or distribution fees, if any.

The Fund has adopted a distribution reinvestment plan (“distribution reinvestment plan”), pursuant to which the Fund will not reinvest cash distributions declared by the board of trustees on behalf of the Fund’s shareholders unless such shareholders elect for their shares to be automatically reinvested. As a result, if the board of trustees authorizes, and the Fund declares, a cash distribution, then the Fund’s shareholders who have opted into the Fund’s distribution reinvestment plan will have their cash distributions automatically reinvested in additional shares, rather than receiving the cash distribution. Distributions on fractional shares will be credited to each participating shareholder’s account. The purchase price for shares issued under the Fund’s distribution reinvestment plan will be equal to the most recent available NAV per share for such shares at the time the distribution is payable.

Use of Estimates in the Preparation of the Consolidated Financial Statements

The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of actual and contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of income or loss and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include the valuation of investments.

Recent Accounting Pronouncements

The Fund considers the applicability and impact of all accounting standard updates (“ASU”) issued by the Financial Accounting Standards Board (“FASB”). ASUs not listed were assessed and either determined to be not applicable or expected to have minimal impact on its consolidated financial statements.

In June 2022, the FASB issued ASU 2022-03, “Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”),” which clarifies guidance for fair value measurement of an equity security subject to a contractual sale restriction and establishes new disclosure requirements for such equity securities. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023 and for interim periods within those fiscal years, with early adoption permitted. The Fund has concluded that this guidance did not have a material impact on its consolidated financial statements.

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Agreements

3 Months Ended

Mar. 31, 2024

Investment Company [Abstract]

Agreements

3. AGREEMENTS

Investment Advisory and Management Agreement

The Fund is party to an investment advisory and management agreement (the “investment advisory and management agreement”) with Ares Capital Management. Subject to the overall supervision of the Fund’s board of trustees and in accordance with the Investment Company Act, Ares Capital Management provides investment advisory and management services to the Fund. For providing these services, Ares Capital Management receives fees from the Fund consisting of a base management fee and an incentive fee. The cost of both the base management fee and the incentive fee is ultimately borne by the Fund’s shareholders. Without payment of any penalty, the Fund has the right to terminate the investment advisory and management agreement upon 60 days’ written notice, and Ares Capital Management has the right to terminate the agreement upon 120 days’ written notice.

The base management fee is payable monthly in arrears at an annual rate of 1.25% of the value of the Fund’s net assets as of the beginning of the first calendar day of the applicable month. For purposes of the investment advisory and management agreement, “net assets” means the Fund’s total assets less liabilities, determined on a consolidated basis in accordance with GAAP.

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 Fund’s income and a portion is based on a percentage of the Fund’s capital gains, each as described below.

(i)    Income Based Fee

The portion of the incentive fee based on the Fund’s income is based on pre-incentive fee net investment income, as defined in the investment advisory and management agreement, for the quarter. Pre-incentive fee net investment income means, as the context requires, either the dollar value of, or percentage rate of return on the value of the Fund’s net assets in accordance with GAAP at the end of the immediately preceding quarter from, interest income, dividend income and any other income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, diligence and consulting fees or other fees that the Fund receives from portfolio companies) accrued during the calendar quarter, minus the Fund’s operating expenses accrued for the quarter (including the base management fee, expenses payable under the administration agreement entered into between the Fund and the Fund’s administrator, and any interest expense or fees on any credit facilities or outstanding debt and dividends paid on any issued and outstanding preferred shares, but excluding the incentive fee and any shareholder servicing and/or distribution fees).

Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as market or original issue discount, debt investments with PIK interest, preferred stock with PIK dividends and zero coupon securities), accrued income that the Fund has not yet received in cash. The Fund’s investment adviser is not under any obligation to reimburse the Fund for any part of the income based fee it receives that are based on accrued interest income that the Fund never actually receives. Pre-incentive fee net investment income is not adjusted for incentive fee payments or any shareholder servicing and/or distribution fee payments by the Class S shares and the Class D shares. Accordingly, pre-incentive

fee net investment income may be calculated on higher amounts of income than the Fund may ultimately realize and that may ultimately be distributed to common shareholders.

Pre-incentive fee net investment income does 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. See “Expense Support and Conditional Reimbursement Agreement” below. Because of the structure of the income based fee, it is possible that the Fund may pay such fees in a quarter where it incurs a loss. For example, if the Fund receives pre-incentive fee net investment income in excess of the hurdle rate for a quarter, the Fund will pay the applicable income based fee even if the Fund has incurred a loss in that quarter due to realized and/or unrealized losses.

Pre-incentive fee net investment income, expressed as a rate of return on the value of the Fund’s net assets at the end of the immediately preceding quarter, is compared to a “hurdle rate” of return of 1.25% per quarter (5.0% annualized).

The Fund pays its investment adviser an income based fee quarterly in arrears with respect to the Fund’s pre-incentive fee net investment income in each calendar quarter as follows:

•No incentive fee based on pre-incentive fee net investment income in any calendar quarter in which the Fund’s pre-incentive fee net investment income does not exceed the hurdle rate of 1.25% per quarter (5.00% annualized);

•100% of the dollar amount of Fund’s pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, 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 (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 Fund’s investment adviser with 12.5% of the pre-incentive fee net investment income as if a hurdle rate did not apply if this net investment income exceeds 1.43% in any calendar quarter; and

•12.5% of the dollar amount of the Fund’s pre-incentive fee net investment income, if any, that exceeds a rate of return of 1.43% (5.72% annualized). This reflects that once the hurdle rate is reached and the catch-up is achieved, 12.5% of all pre-incentive fee net investment income thereafter are allocated to the investment adviser.

The fees that are payable under the investment advisory and management agreement for any partial period will be appropriately prorated and adjusted for any share issuances or repurchases during the relevant period.

(ii)    Capital Gains Incentive Fee

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

Notwithstanding the foregoing, if the Fund is required by GAAP to record an investment at its fair value as of the time of acquisition instead of at the actual amount paid for such investment by the Fund (including, for example, as a result of the application of the asset acquisition method of accounting), then solely for the purposes of calculating the capital gains incentive fee, the “accreted or amortized cost basis” of an investment shall be an amount (the “Contractual Cost Basis”) equal to (1) (x) the actual amount paid by the Fund for such investment plus (y) any amounts recorded in the Fund’s consolidated financial statements as required by GAAP that are attributable to the accretion of such investment plus (z) any other adjustments made to the cost basis included in the Fund’s consolidated financial statements, including PIK interest or additional amounts funded (net of repayments) minus (2) any amounts recorded in the Fund’s consolidated financial statements as required by GAAP that are attributable to the amortization of such investment, whether such calculated Contractual Cost Basis is higher or lower than the fair value of such investment (as determined in accordance with GAAP) at the time of acquisition.

Each year, the fee paid for the capital gains incentive fee is net of the aggregate amount of any previously paid capital gains incentive fee for all prior periods. In no event will the capital gains incentive fee payable pursuant to the investment advisory and management agreement be in excess of the amount permitted by the Investment Advisers Act of 1940, as amended, including Section 205 thereof. If the investment advisory and management agreement shall terminate as of a date that is not a calendar year end, the termination shall be treated as though it were a calendar year end for purposes of calculating and paying a capital gains incentive fee.

The fees that are payable under the investment advisory and management agreement for any partial period will be appropriately prorated and adjusted for any share issuances or repurchases during the relevant period.

The base management fee, income based fee and capital gains incentive fee for the three months ended March 31, 2024 and 2023 were as follows:

	For the Three Months Ended March 31,
	2024		2023
Base management fee	$	6,649	$	684
Income based fee	$	6,051	$	—
Capital gains incentive fee(1)	$	1,383	$	74

________________________________________

(1)Calculated in accordance with GAAP as discussed below.

There was no capital gains incentive fee payable to the Fund’s investment adviser as calculated under the investment advisory and management agreement for the three months ended March 31, 2024 and 2023. In addition, in accordance with GAAP, the Fund had cumulatively accrued a capital gains incentive fee of $4,489 as of March 31, 2024. GAAP requires that the capital gains incentive fee accrual consider the cumulative aggregate unrealized capital appreciation in the calculation, as a capital gains incentive fee would be payable if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee actually payable under the investment advisory and management agreement. This GAAP accrual is calculated using the aggregate cumulative realized capital gains and losses and aggregate cumulative unrealized capital depreciation included in the calculation of the capital gains incentive fee plus the aggregate cumulative unrealized capital appreciation, net of any expense associated with cumulative unrealized capital depreciation or appreciation. If such amount is positive at the end of a period, then GAAP requires the Fund to record a capital gains incentive fee equal to 12.5% of such cumulative amount, less the aggregate amount of actual capital gains incentive fee paid or capital gains incentive fee accrued under GAAP in all prior periods. As of March 31, 2024, the Fund has paid capital gains incentive fee since inception totaling $56. The resulting accrual for any capital gains incentive fee under GAAP in a given period may result in an additional expense if such cumulative amount is greater than in the prior period or a reversal of previously recorded expense if such cumulative amount is less than in the prior period. If such cumulative amount is negative, then there is no accrual. There can be no assurance that such unrealized capital appreciation will be realized in the future.

The services of all investment professionals and staff of the Fund’s investment adviser, when and to the extent engaged in providing investment advisory and management services to the Fund, and the compensation and routine overhead expenses of such personnel allocable to such services, are provided and paid for by the Fund’s investment adviser. Under the investment advisory and management agreement, the Fund bears all other costs and expenses of its operations and transactions, including, but not limited to, those relating to: organization and offering expenses of the Fund associated with the Offering, as provided for in Financial Industry Regulatory Authority, Inc. (“FINRA”). Conduct Rule 2310(a)(12) (but excluding any shareholder servicing and/or distribution fees); calculation of the Fund’s NAV (including the cost and expenses of any independent valuation firm or pricing services); expenses incurred by the Fund’s investment adviser payable to third parties, including agents, consultants or other advisers, in monitoring the Fund’s financial and legal affairs and in monitoring the Fund’s investments (including the cost of consultants hired to develop information technology systems designed to monitor the Fund’s investments) and performing due diligence on the Fund’s prospective portfolio companies; interest payable on indebtedness, if any, incurred to finance the Fund’s investments; offerings of the Fund’s Common Shares and other securities; the costs of effecting any repurchases of the Common Shares and the Fund’s other securities; investment advisory fees, including any management fee and incentive fee; payable under the investment advisory and management agreement; administration fees, if any, payable under the administration agreement; fees payable, if any, under any intermediary manager or selected intermediary agreements; shareholder servicing and/or distribution fees payable under the Fund’s distribution and shareholder servicing plan adopted pursuant to Rule 12b-1 under the Investment Company Act; fees payable to third parties, including agents, consultants or other advisers, relating to, or associated with, evaluating and making investments (including payments to third party vendors for financial information services); transfer agent, escrow agent and custodial fees and expenses; federal and state registration fees; all costs of registration and listing the Fund’s Common Shares or any other securities on any securities exchange; federal, state and local taxes; independent trustees’ fees and expenses; costs of preparing and filing reports or other documents required by governmental bodies (including the SEC) and an official or agency administering the securities laws of a state; the costs of any reports, proxy statements or other notices to shareholders, including printing and other related costs; commissions and other compensation payable to brokers or dealers; to the extent the Fund is covered by any joint insurance policies, the Fund’s allocable portion of the fidelity bond, trustees and officers’ errors or omissions liability insurance and any other insurance

premiums; outside legal expenses; accounting expenses (including fees and disbursements and expenses related to the audit of the Fund and the preparation of the Fund’s tax information); direct costs and expenses of administration, including printing, mailing, long distance telephone, cellular phone and data service, copying, and staff; and all other expenses incurred by the Fund or its administrator in connection with administering the Fund’s business, as described in more detail under “Administration Agreement” below.

Administration Agreement

The Fund is party to an administration agreement (the “administration agreement”) with its administrator, Ares Operations. Pursuant to the administration agreement, Ares Operations furnishes the Fund with office equipment and clerical, bookkeeping and record keeping services at the Fund’s office facilities. Under the administration agreement, Ares Operations may also arrange for the services of, and oversee custodians, depositories, transfer agents, escrow agents, distribution disbursing agents, other shareholder servicing agents, accountants, attorneys, underwriters, brokers and dealers, corporate fiduciaries, insurers, banks and such other persons in any such other capacity deemed to be necessary or desirable. Ares Operations also performs, or oversees the performance of, the Fund’s required administrative services, which include, among other things, providing assistance in accounting, legal, compliance, operations, technology and investor relations, being responsible for the financial and other records that the Fund is required to maintain and preparing reports to its shareholders and reports and other materials required to be filed with the SEC or any other regulatory authority.

In addition, Ares Operations assists the Fund in determining and publishing its NAV, assists the Fund in providing managerial assistance to its portfolio companies, oversees the preparation and filing of the Fund’s tax returns and the printing and dissemination of reports to its shareholders, and generally oversees the payment of its expenses and the performance of administrative and professional services rendered to the Fund by others. Payments under the administration agreement are equal to an amount based upon the Fund’s allocable portion of Ares Operations’ overhead and other expenses (including travel expenses) incurred by Ares Operations in performing its obligations under the administration agreement, including the Fund’s allocable portion of the compensation, rent and other expenses of certain of the Fund’s officers and their respective staffs. The administration agreement may be terminated by either party without penalty upon 60 days’ written notice to the other party.

For the three months ended March 31, 2024 and 2023, the Fund incurred $1,332 and $684, respectively, in administrative and other fees, including certain costs that are reimbursable under the investment advisory and management agreement or administration agreement, of which $1,061 and $684, respectively, have been supported by the Fund’s investment adviser pursuant to the Expense Support and Conditional Reimbursement Agreement (as defined below).

Intermediary Manager Agreement

On April 24, 2023, the Fund entered into an intermediary manager agreement (the “Intermediary Manager Agreement”) with AWMS (the “Intermediary Manager”). The Intermediary Manager is entitled to receive shareholder servicing and/or distribution fees monthly in arrears at an annual rate of 0.85% and 0.25% of the value of the Fund’s net assets attributable to Class S shares and Class D shares, respectively, as of the beginning of the first calendar day of the month. No shareholder servicing and/or distribution fees are paid with respect to Class I shares. The shareholder servicing and/or distribution fees are payable to the Intermediary Manager, but the Intermediary Manager anticipates that all or a portion of the shareholder servicing and/or distribution fees will be retained by, or reallowed (paid) to, participating broker-dealers.

The Intermediary Manager is a broker-dealer registered with the SEC and a member of the FINRA.

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

Shareholder Servicing and/or Distribution Fees

Pursuant to Rule 12b-1 under the Investment Company Act, the Fund adopted a shareholder servicing and distribution plan pursuant to which Class S shares and Class D shares are subject to shareholder servicing and/or distribution fees. The following table shows the shareholder servicing and/or distribution fees the Fund and, ultimately, certain classes of the Fund’s common shareholders, pay the Intermediary Manager with respect to the Class S shares and Class D shares on an annualized basis as a percentage of the Fund’s NAV for such class. Subject to FINRA and other limitations on underwriting compensation,

the Fund and, ultimately, certain classes of the Fund's shareholders, will pay a shareholder servicing and/or distribution fee equal to 0.85% per annum of the aggregate NAV for the Class S shares and a shareholder servicing and/or distribution fee equal to 0.25% per annum of the aggregate NAV for the Class D shares, in each case, payable monthly. No shareholder servicing and/or distribution fees are paid with respect to the Class I shares.

	Annual Shareholder Servicing and/or Distribution Fees as a % of NAV
Class S	0.85	%
Class D	0.25	%
Class I	—	%

The shareholder servicing and/or distribution fees are paid monthly in arrears, calculated using the NAV of the applicable class as of the beginning of the first calendar day of the month, subject to FINRA and other limitations on underwriting compensation.

The Intermediary Manager 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. Because the shareholder servicing and/or distribution fees with respect to Class S shares and Class D shares are calculated based on the aggregate NAV for all of the outstanding shares of each such class, such shareholder servicing and/or distribution fees reduce the NAV with respect to all shares of each such class, including shares issued under the Fund’s distribution reinvestment plan.

Eligibility to receive shareholder servicing and/or distribution fees is conditioned on a broker providing the following ongoing services with respect to the Class S or Class D shares: assistance with recordkeeping, answering investor inquiries regarding the Fund, including regarding distribution payments and reinvestments, helping investors understand their investments upon their request, and assistance with share repurchase requests. The shareholder servicing and/or distribution fees are ongoing fees that are not paid at the time of purchase. Because the shareholder servicing and/or distribution fees are paid out of the Fund’s other assets on an ongoing basis, over time these fees will increase the cost of a shareholder’s investment and may cost the shareholder more than paying other types of sales charges.

The Fund’s investment adviser, or its affiliates, may pay additional compensation out of its own resources (i.e., not Fund assets) to certain selling agents or financial intermediaries in connection with the sale of the Fund’s Common Shares. The additional compensation may differ among brokers or dealers in amount or in the amount of calculation. Payments of additional compensation may be fixed dollar amounts or, based on the aggregate value of outstanding Common Shares held by the Fund’s common shareholders introduced by the broker or dealer, or determined in some other manner. The receipt of the additional compensation by a selling broker or dealer may create potential conflicts of interest between an investor and its broker or dealer who is recommending the Fund over other potential investments.

The shareholder servicing and/or distribution fees that were attributable to Class S shares and D shares for the three months ended March 31, 2024 were as follows:

	For the Three Months Ended March 31, 2024
Class S	$	822
Class D	$	40

There were no shareholder servicing and/or distribution fees that were attributable to Class S shares and D shares prior to the date of the first sale of Class S shares and D shares on August 1, 2023.

Expense Support and Conditional Reimbursement Agreement

The Fund has entered into an expense support and conditional reimbursement agreement (the “Expense Support and Conditional Reimbursement Agreement”) with the Fund’s investment adviser, pursuant to which, among other things, the Fund’s investment adviser has agreed to advance all of the Fund’s estimated organization and initial offering expenses, which includes all of the Fund’s organization and initial offering expenses incurred in connection with the Private Placement.

The Fund’s investment adviser may also elect to pay certain of the Fund’s other expenses on the Fund’s behalf (each, an “Expense Payment”), provided that no portion of an Expense Payment will be used to pay any interest expense or

shareholder servicing and/or distribution fees of the Fund. Any Expense Payment that the Fund’s investment adviser has committed to pay must be paid by the Fund’s investment adviser to the Fund in any combination of cash or other immediately available funds no later than 45 days after such commitment was made in writing, and/or offset against amounts due from the Fund to the Fund’s investment adviser or its affiliates.

Following any calendar month in which Available Operating Funds (as defined below) exceed the cumulative distributions accrued to the Fund’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 Fund shall pay such Excess Operating Funds, or a portion thereof, to the Fund’s investment adviser until such time as all Expense Payments made by the Fund’s investment adviser to the Fund within three years prior to the last business day of the applicable calendar month in which such reimbursement payment obligation is accrued. Any payments required to be made by the Fund shall be referred to herein as a “Reimbursement Payment.” Reimbursement Payments are conditioned on (i) an expense ratio (excluding any management or incentive fee) that, after giving effect to the recoupment, is lower than the expense ratio (excluding any management or incentive fee) at the time of the fee waiver or expense reimbursement and (ii) a distribution level (exclusive of return of capital, if any) equal to, or greater than, the rate at the time of the waiver or reimbursement. “Available Operating Funds” means the sum of (i) net investment company taxable income (including net short-term capital gains reduced by net long-term capital losses), (ii) 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 Fund 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 Fund’s obligation to make a Reimbursement Payment shall automatically become a liability of the Fund on the last business day of the applicable calendar month, except to the extent the Fund’s investment adviser has waived its right to receive such payment for the applicable month. Reimbursement Payments for a given Expense Payment must be made within three years prior to the last business day of the applicable calendar month in which such Reimbursement Payment obligation is accrued. The expense support is measured on a per share class basis.

The Fund’s investment adviser agreed not to seek recoupment of any base management fee and incentive fee from the commencement of operations through July 31, 2023. As a result, as of March 31, 2024, a $2,487 base management fee and $1,286 of income based fee were included in the expense support amounts below and will not be repaid to the investment adviser.

The following table presents a summary of Expense Payments and the related Reimbursement Payments since the Fund’s commencement of operations:

For the Month Ended	Expense Support from the Adviser		Recoupment of Expense Support		Expense Support No Longer Eligible for Reimbursement		Unreimbursed Expense Support		Ratio of Operating Expenses to Average Net Assets for the Period(1)		Effective Rate of Distribution per Share(2)		Eligible for Reimbursement through
December 31, 2022	$	1,449	$	—	$	—	$	1,449	5.04	%	—		12/30/2025
January 31, 2023	$	1,088	$	—	$	—	$	1,088	4.56	%	—		01/31/2026
February 28, 2023	$	891	$	—	$	—	$	891	3.53	%	—		02/28/2026
March 31, 2023	$	916	$	—	$	—	$	916	3.63	%	—		03/31/2026
April 30, 2023	$	1,083	$	—	$	—	$	1,083	2.99	%	—		04/30/2026
May 31, 2023	$	1,312	$	—	$	—	$	1,312	2.47	%	—		05/31/2026
June 30, 2023	$	2,253	$	—	$	—	$	2,253	2.48	%	—		06/30/2026
July 31, 2023	$	2,502	$	—	$	—	$	2,502	1.16	%	—		07/31/2026
August 31, 2023	$	2,300	$	—	$	—	$	2,300	1.94	%	8.69	%	08/31/2026
September 30, 2023	$	1,636	$	—	$	—	$	1,636	1.66	%	8.95	%	09/30/2026
October 31, 2023	$	—	$	—	$	—	$	—	1.20	%	8.67	%	10/31/2026
November 30, 2023	$	1,637	$	—	$	—	$	1,637	1.18	%	9.69	%	11/30/2026
December 31, 2023	$	1,144	$	—	$	—	$	1,144	1.08	%	9.33	%	12/31/2026
January 31, 2024	$	1,592	$	—	$	—	$	1,592	1.20	%	9.27	%	01/31/2027
February 29, 2024	$	2,183	$	—	$	—	$	2,183	1.10	%	9.93	%	02/29/2027
March 31, 2024	$	2,194	$	—	$	—	$	2,194	1.49	%	9.28	%	03/31/2027

________________________________________

(1)In accordance with the Expense Support and Conditional Reimbursement Agreement, the ratio of operating expenses excludes organization and offering expenses, stated interest expense, any base management fee and any incentive fee.

(2)The effective rate of distribution per share is the (a) annualized regular cash distributions per share, exclusive of returns of capital, distribution rate reductions due to distribution and shareholder fees, and declared special dividends or special distributions, if any, (b) divided by the prior month’s NAV per share.

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Investments

3 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Investments

4. INVESTMENTS

As of March 31, 2024 and December 31, 2023, investments consisted of the following:

	As of
	March 31, 2024				December 31, 2023
	Amortized Cost(1)		Fair Value		Amortized Cost(1)		Fair Value
First lien senior secured loans	$	3,119,005	$	3,140,400	$	2,369,207	$	2,385,971
Second lien senior secured loans	84,393		84,788		43,237		43,771
Senior subordinated loans	47,094		46,699		46,631		46,966
Corporate bonds	10,000		10,476		10,000		10,507
Collateralized loan obligations	52,850		53,230		22,500		22,681
Commercial mortgage-backed securities	4,988		5,042		4,988		5,010
Private asset-backed investments	48,098		47,894		11,786		11,901
Preferred equity	39,783		42,851		39,500		41,033
Other equity	29,173		31,387		8,935		9,718
Total	$	3,435,384	$	3,462,767	$	2,556,784	$	2,577,558

________________________________________

(1)The amortized cost represents the original cost adjusted for any accretion of discounts, amortization of premiums and PIK interest or dividends.

The Fund uses Global Industry Classification Standards for classifying the industry groupings of its portfolio companies. The industrial and geographic compositions of the Fund’s portfolio at fair value as of March 31, 2024 and December 31, 2023 were as follows:

	As of
	March 31, 2024		December 31, 2023
Industry
Software and Services	20.3	%	20.4	%
Health Care Services	12.1		12.2
Consumer Services	10.9		10.5
Capital Goods	10.2		10.4
Financial Services	7.9		7.2
Insurance Services	7.1		7.5
Media and Entertainment	5.1		4.4
Commercial and Professional Services	5.0		5.5
Pharmaceuticals, Biotechnology and Life Sciences	3.1		4.0
Automobiles and Components	2.8		1.7
Retailing and Distribution	2.5		2.7
Food and Beverage	2.3		2.7
Investment Funds and Vehicles	2.1		1.3
Materials	2.1		1.6
Technology Hardware and Equipment	1.2		1.1
Other	5.3		6.8
Total	100.0	%	100.0	%

	As of
	March 31, 2024		December 31, 2023
Geographic Region
United States	92.0	%	91.5	%
Europe	3.9		5.0
Canada	2.5		2.3
Bermuda/Cayman Islands	1.3		0.7
Other	0.3		0.5
Total	100.0	%	100.0	%

As of March 31, 2024 and December 31, 2023, none of the loans were on non-accrual status.

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Debt

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Debt

5. DEBT

In accordance with the Investment Company Act, a BDC generally is allowed to borrow amounts such that its asset coverage, calculated pursuant to the Investment Company Act, is at least 150% (or 200% if certain requirements under the Investment Company Act are not met) immediately after such borrowing. The Fund’s sole initial shareholder has approved a proposal that allows the Fund to reduce its asset coverage ratio applicable to senior securities from 200% to 150%. As of March 31, 2024, the Fund’s asset coverage was 360%.

The Fund’s outstanding debt as of March 31, 2024 and December 31, 2023 was as follows:

	As of
	March 31, 2024							December 31, 2023
	Total Aggregate Principal Amount Committed/ Outstanding (1)			Principal Amount Outstanding		Carrying Value		Total Aggregate Principal Amount Committed/ Outstanding (1)			Principal Amount Outstanding		Carrying Value
Revolving Credit Facility	$	800,000	(2)	$	245,206	$	245,203	$	800,000	(2)	$	460,349	$	460,325
SG Funding Facility	1,400,000		(3)	460,000		460,000		1,000,000			250,000		250,000
SB Funding Facility	750,000		(4)	200,000		200,000		—			—		—
Total	$	2,950,000		$	905,206	$	905,203	$	1,800,000		$	710,349	$	710,325

________________________________________

(1)Represents the total aggregate amount committed or outstanding, as applicable, under such instrument. Borrowings under the committed Revolving Credit Facility, SG Funding Facility and SB Funding Facility (each as defined below) are subject to borrowing base and other restrictions.

(2)Provides for a feature that allows the Fund, under certain circumstances, to increase the size of the Revolving Credit Facility to a maximum of $1,050,000.

(3)Provides for a feature that allows ASIF Funding I (as defined below), under certain circumstances, to increase the size of the SG Funding Facility to a maximum of $2,000,000.

(4)As of March 31, 2024, $250,000 of the total commitment was available under the SB Funding Facility and subject to borrowing base and other restrictions. See additional information below.

Revolving Credit Facility

The Fund is party to a senior secured revolving credit facility agreement with JPMorgan Chase Bank, N.A. and each of the other parties thereto (the “Revolving Credit Facility”), that as of March 31, 2024, allowed the Fund to borrow up to $800,000 at any one time outstanding. As of March 31, 2024, the end of the revolving period and the stated maturity date were December 20, 2026 and December 20, 2027, respectively. As of March 31, 2024, the Revolving Credit Facility also provided for a feature that allowed the Fund, under certain circumstances, to increase the overall size of the Revolving Credit Facility to a maximum of $1,050,000. The Revolving Credit Facility generally requires payments of interest at the end of each Secured Overnight Financing Rate (“SOFR”) interest period, but no less frequently than quarterly, on SOFR based loans, and monthly payments of interest on other loans. Subsequent to the end of the respective revolving periods and prior to the respective stated maturity dates, the Fund is required to repay the relevant outstanding principal amounts under both the term loan tranche and revolving tranche on a monthly basis in an amount equal to 1/12th of the outstanding principal amount at the end of the respective revolving periods. See Note 11 for a subsequent event relating to the Revolving Credit Facility.

Under the Revolving Credit Facility, the Fund is required to comply with various covenants, reporting requirements and other customary requirements for similar revolving credit facilities, including, without limitation, covenants related to: (a) limitations on the incurrence of additional indebtedness and liens, (b) limitations on certain investments, (c) limitations on certain restricted payments, (d) maintaining a certain minimum shareholders’ equity, (e) maintaining a ratio of total assets (less total liabilities not representing indebtedness) to total indebtedness of the Fund (subject to certain exceptions) of not less than 1.5:1.0, (f) limitations on pledging certain unencumbered assets, and (g) limitations on the creation or existence of agreements that prohibit liens on certain properties of the Fund. These covenants are subject to important limitations and exceptions that are described in the documents governing the Revolving Credit Facility. Amounts available to borrow under the Revolving Credit Facility (and the incurrence of certain other permitted debt) are also subject to compliance with a borrowing base that applies different advance rates to different types of assets (based on their value as determined pursuant to the Revolving Credit Facility) that are pledged as collateral. As of March 31, 2024, the Fund was in compliance in all material respects with the terms of the Revolving Credit Facility.

As of March 31, 2024 and December 31, 2023, there was $245,206 and $460,349 aggregate principal amount outstanding, respectively, under the Revolving Credit Facility. The Revolving Credit Facility also provides for a sub-limit for the issuance of letters of credit for up to an aggregate amount of $100,000.

The interest rate charged on the Revolving Credit Facility is based on SOFR plus a credit spread adjustment of 0.10% (or an alternate rate of interest for certain loans, commitments and/or other extensions of credit denominated in approved foreign currencies plus a spread adjustment, if applicable) and an applicable spread of either 1.75% or 1.875% or an “alternate base rate” (as defined in the agreements governing the Revolving Credit Facility) plus an applicable spread of 0.75% or 0.875%, in each case, determined monthly based on the total amount of the borrowing base relative to the sum of (i) the greater of (a) the aggregate amount of revolving exposure and term loans outstanding under the Revolving Credit Facility and (b) 85% of the total commitments of the Revolving Credit Facility (or, if higher, the total revolving exposure) plus (ii) other debt, if any, secured by the same collateral as the Revolving Credit Facility. The Revolving Credit Facility allows for borrowings to be made using one, three or six month SOFR. As of March 31, 2024, the one, three and six month SOFR was 5.33%, 5.30% and 5.22%, respectively. As of March 31, 2024, the applicable spread in effect was 1.75%. In addition to the stated interest expense on the Revolving Credit Facility, the Fund is required to pay a commitment fee of 0.375% per annum on any unused portion of the Revolving Credit Facility. The Fund is also required to pay a letter of credit fee of 0.25% per annum on letters of credit issued and the applicable spread.  

For the three months ended March 31, 2024 and 2023, the components of interest and credit facility fees expense, cash paid for interest expense, average stated interest rates (i.e., rate in effect plus the spread) and average outstanding balances for the Revolving Credit Facility were as follows:

	For the Three Months Ended March 31,
	2024			2023
Stated interest expense	$	7,519		$	310
Credit facility fees	367			569
Amortization of debt issuance costs	352			302
Total interest and credit facility fees expense	$	8,238		$	1,181
Cash paid for interest expense	$	7,598		$	—
Average stated interest rate	7.18		%	6.35		%
Average outstanding balance	$	414,213		$	18,500

SG Funding Facility

The Fund and the Fund’s wholly owned subsidiary, ASIF Funding I, LLC (“ASIF Funding I”), are party to a revolving funding facility with Société Générale and each of the other parties thereto (the “SG Funding Facility”), that provides for a facility amount of $1,400,000. The end of the revolving period and the stated maturity date are July 26, 2026 and July 26, 2028, respectively. The SG Funding Facility also provides for a feature that allows ASIF Funding I, under certain circumstances, to increase the overall size of the SG Funding Facility to a maximum of $2,000,000.

In addition, the Fund, as transferor, and ASIF Funding I, as transferee, are party to a contribution agreement, pursuant to which the Fund will transfer to ASIF Funding I certain originated or acquired loans and related assets from time to time. The obligations of ASIF Funding I under the SG Funding Facility are secured by substantially all assets held by ASIF Funding I.

Under the SG Funding Facility, the Fund and ASIF Funding I are required to comply with various covenants, reporting requirements and other customary requirements for similar facilities. These covenants are subject to important limitations and exceptions that are described in the documents governing the SG Funding Facility. As of March 31, 2024, the Fund and ASIF Funding I were in compliance in all material respects with the terms of the SG Funding Facility.

As of March 31, 2024 and December 31, 2023, there was $460,000 and $250,000 aggregate principal amount outstanding, respectively, under the SG Funding Facility. The interest rate charged on the SG Funding Facility is based on SOFR plus an applicable margin that is a blended rate determined as follows: (i) 1.90% per annum for the portion of the collateral pool that consists of broadly syndicated loans, determined by multiplying the aggregate amount of loans outstanding under the SG Funding Facility by the percentage of the collateral pool that consists of broadly syndicated loans, plus (ii) 2.80% per annum for the portion of the collateral pool that does not consist of broadly syndicated loans, determined by multiplying the aggregate amount of loans outstanding under the SG Funding Facility by the percentage of the collateral pool that does not consist of broadly syndicated loans. From and after the six-month anniversary of the effective date of the SG Funding Facility,

the applicable margin will be subject to a floor of 2.75% per annum. As of March 31, 2024, the applicable spread in effect was 2.60%. In addition to the stated interest expense, ASIF Funding I is required to pay, among other fees, a daily commitment fee on any monthly distribution date, termination date or on the date of any payment or prepayment of a loan outstanding under the SG Funding Facility.

For the three months ended March 31, 2024, the components of interest and credit facility fees expense, cash paid for interest expense, average stated interest rates (i.e., rate in effect plus the spread) and average outstanding balances for the SG Funding Facility were as follows:

	For the Three Months Ended March 31, 2024
Stated interest expense	$	7,163
Credit facility fees	1,047
Amortization of debt issuance costs	601
Total interest and credit facility fees expense	$	8,811
Cash paid for interest expense	$	8,215
Average stated interest rate	7.95		%
Average outstanding balance	$	356,538

SB Funding Facility

The Fund and the Fund’s wholly owned subsidiary, ASIF Funding II, LLC (“ASIF Funding II”), are party to a revolving funding facility with the Bank of Nova Scotia and each of the other parties thereto (the “SB Funding Facility”), that provides for a facility amount of $750,000, of which $250,000 was available as of March 31, 2024 and the remaining $500,000 will become fully available on September 1, 2024. The end of the reinvestment period and the stated maturity date are September 1, 2026 and March 1, 2033, respectively.

In addition, the Fund, as transferor, and ASIF Funding II, as transferee, are party to a contribution agreement, pursuant to which the Fund will transfer to ASIF Funding II certain originated or acquired loans and related assets from time to time. The obligations of ASIF Funding II under the SB Funding Facility are secured by substantially all assets held by ASIF Funding II.

Under the SB Funding Facility, the Fund and ASIF Funding II, as applicable, have made representations and warranties regarding their businesses, among other things, and are required to comply with various covenants, servicing procedures, reporting requirements and other customary requirements for similar facilities. The SB Funding Facility includes usual and customary events of default for facilities of this nature. As of March 31, 2024, the Fund and ASIF Funding II were in compliance in all material respects with the terms of the SB Funding Facility.

As of March 31, 2024, there was $200,000 aggregate principal amount outstanding under the SB Funding Facility. The interest rate charged on the SB Funding Facility is based on SOFR plus an applicable margin of (i) 2.40% during the reinvestment period and (ii) 2.70% following the reinvestment period. As of March 31, 2024, the applicable spread in effect was 2.40%. In addition, ASIF Funding II is required to pay, among other fees, a commitment fee of 0.50% per annum on any unused portion of the SB Funding Facility.

For the three months ended March 31, 2024, the components of interest and credit facility fees expense, cash paid for interest expense, average stated interest rates (i.e., rate in effect plus the spread) and average outstanding balances for the SB Funding Facility were as follows:

	For the Three Months Ended March 31, 2024
Stated interest expense	$	215
Credit facility fees	94
Amortization of debt issuance costs	54
Total interest and credit facility fees expense	$	363
Cash paid for interest expense	$	—
Average stated interest rate	7.72		%
Average outstanding balance	$	33,333

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Derivative Instruments

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

6. DERIVATIVE INSTRUMENTS

The Fund enters into derivative instruments from time to time to help mitigate its foreign currency risk exposure.

Certain information related to the Fund’s foreign currency forward derivative instruments as of March 31, 2024 and December 31, 2023 is presented below.

	March 31, 2024
Derivative Instrument	Notional Amount		Maturity Date	Gross Amount of Recognized Assets		Gross Amount of Recognized Liabilities		Balance Sheet Location of Net Amounts
Foreign currency forward contract	CAD	19,573	11/16/2026	$	14,602	$	(14,602)	Other assets
Foreign currency forward contract	£	12,035	08/21/2026	14,878		(14,878)		Other assets
Foreign currency forward contract	AUD	9,518	11/17/2026	6,165		(6,165)		Other assets
Foreign currency forward contract	€	8,053	04/26/2024	8,807		(8,807)		Other assets
Foreign currency forward contract	AUD	7,290	10/18/2024	4,812		(4,812)		Other assets
Foreign currency forward contract	£	3,989	03/31/2026	5,015		(5,015)		Other assets
Foreign currency forward contract	AUD	1,897	02/18/2026	1,255		(1,255)		Other assets
Foreign currency forward contract	€	736	03/30/2027	833		(833)		Other assets
Foreign currency forward contract	£	480	03/31/2025	583		(583)		Other assets
Foreign currency forward contract	€	424	03/26/2025	465		(465)		Other assets
Foreign currency forward contract	€	341	03/26/2026	380		(380)		Other assets
Total				$	57,795	$	(57,795)

	As of December 31, 2023
Derivative Instrument	Notional Amount		Maturity Date	Gross Amount of Recognized Assets		Gross Amount of Recognized Liabilities		Balance Sheet Location of Net Amounts
Foreign currency forward contract	£	11,532	08/21/2026	$	14,240	$	(14,240)	Accounts payable and other liabilities
Foreign currency forward contract	AUD	9,518	11/17/2026	6,165		(6,165)		Accounts payable and other liabilities
Foreign currency forward contract	€	7,826	01/26/2024	8,380		(8,380)		Accounts payable and other liabilities
Foreign currency forward contract	CAD	1,391	11/16/2026	1,017		(1,017)		Accounts payable and other liabilities
Foreign currency forward contract	£	720	03/31/2026	874		(874)		Accounts payable and other liabilities
Foreign currency forward contract	£	480	03/31/2025	583		(583)		Accounts payable and other liabilities
Total				$	31,259	$	(31,259)

As of March 31, 2024 and December 31, 2023, the counterparty to all of the Fund’s foreign currency forward contracts was Wells Fargo Bank, N.A.

Net realized and unrealized gains and losses on derivative instruments recognized by the Fund for the three months ended March 31, 2024 are in the following locations in the consolidated statement of operations:

Derivative Instrument	Statement Location	For the Three Months Ended March 31, 2024
Foreign currency forward contract	Net realized gains (losses) on foreign currency transactions	$	—
Foreign currency forward contract	Net unrealized gains (losses) on foreign currency transactions	$	779

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Commitment and Contingencies

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

7. COMMITMENTS AND CONTINGENCIES

Investment Commitments

The Fund’s investment portfolio may contain debt investments which are in the form of revolving and delayed draw loan commitments, which require the Fund to provide funding when requested by portfolio companies in accordance with underlying loan agreements. As of March 31, 2024 and December 31, 2023, the Fund had the following commitments to fund various revolving and delayed draw term loans:

	As of
	March 31, 2024		December 31, 2023
Total revolving loan commitments	$	90,633	$	59,388
Less: funded commitments	(8,709)		(3,020)
Total net unfunded revolving loan commitments	81,924		56,368
Total delayed draw term loan commitments	306,840		278,442
Total net unfunded revolving and delayed draw term loan commitments	$	388,764	$	334,810

The Fund’s commitment to fund delayed draw loans is generally triggered upon the satisfaction of certain pre-negotiated terms and conditions. Generally, the most significant and uncertain term requires the borrower to satisfy a specific use of proceeds covenant. The use of proceeds covenant typically requires the borrower to use the additional loans for the specific purpose of a permitted acquisition or permitted investment, for example. In addition to the use of proceeds covenant, the borrower is generally required to satisfy additional negotiated covenants (including specified leverage levels).

In addition, as of March 31, 2024 and December 31, 2023, the Fund was party to subscription agreements to fund equity investment commitments as follows:

	As of
	March 31, 2024		December 31, 2023
Total equity commitments	$	3,951	$	51
Less: funded commitments	(1,605)		—
Total net unfunded equity commitments	$	2,346	$	51

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Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

8. FAIR VALUE OF FINANCIAL INSTRUMENTS

The Fund follows ASC 825-10, Recognition and Measurement of Financial Assets and Financial Liabilities (“ASC 825-10”), which provides funds the option to report selected financial assets and liabilities at fair value. ASC 825-10 also establishes presentation and disclosure requirements designed to facilitate comparisons between funds that choose different measurement attributes for similar types of assets and liabilities and to more easily understand the effect of the fund’s choice to use fair value on its earnings. ASC 825-10 also requires entities to display the fair value of the selected assets and liabilities on the face of the balance sheet. The Fund has not elected the ASC 825-10 option to report selected financial assets and liabilities at fair value. With the exception of the line items entitled “other assets” and “debt,” which are reported at amortized cost, the carrying value of all other assets and liabilities approximate fair value.

The Fund also follows ASC 820-10, Fair Value Measurements and Disclosures (“ASC 820-10”), which among other matters, requires enhanced disclosures about investments that are measured and reported at fair value. ASC 820-10 defines fair value, establishes a framework for measuring fair value in accordance with GAAP and expands disclosure of fair value measurements. ASC 820-10 determines fair value to be the price that would be received for an investment in a current sale, which assumes an orderly transaction between market participants on the measurement date. ASC 820-10 requires the Fund to assume that the portfolio investment is sold in its principal market to market participants or, in the absence of a principal market, the most advantageous market, which may be a hypothetical market. Market participants are defined as buyers and sellers in the principal or most advantageous market that are independent, knowledgeable, and willing and able to transact. In accordance with ASC 820-10, the Fund has considered its principal market as the market in which the Fund exits its portfolio investments with the greatest volume and level of activity. ASC 820-10 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. In accordance with ASC 820-10, these inputs are summarized in the three broad levels listed below:

•Level 1—Valuations based on quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

•Level 2—Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

•Level 3—Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

In addition to using the above inputs in investment valuations, the Valuation Designee continues to employ the net asset valuation policy and procedures that have been reviewed by the Fund’s board of trustees in connection with their designation of the Fund’s investment adviser as the valuation designee that are consistent with the provisions of Rule 2a-5 under the Investment Company Act and ASC 820-10 (see Note 2 for more information). Consistent with its valuation policies and procedures, the Valuation Designee will evaluate the source of inputs, including any markets in which the Fund’s investments are trading (or any markets in which securities with similar attributes are trading), in determining fair value. Where there may not be a readily available market value for some of the investments in the Fund’s portfolio, the fair value of a portion of the Fund’s investments may be determined using unobservable inputs.

    The Fund’s portfolio investments classified as Level 3 are typically valued using two different valuation techniques. The first valuation technique is an analysis of the enterprise value (“EV”) of the portfolio company. EV means the entire value of the portfolio company to a market participant, including the sum of the values of debt and equity securities used to capitalize the enterprise at a point in time. The primary method for determining EV uses a multiple analysis whereby appropriate multiples are applied to the portfolio company’s EBITDA. EBITDA multiples are typically determined based upon review of market comparable transactions and publicly traded comparable companies, if any. The Valuation Designee may also employ other valuation multiples to determine EV, such as revenues or, in the case of certain portfolio companies in the power

generation industry, kilowatt capacity. The second method for determining EV uses a discounted cash flow analysis whereby future expected cash flows of the portfolio company are discounted to determine a present value using estimated discount rates (typically a weighted average cost of capital based on costs of debt and equity consistent with current market conditions). The EV analysis is performed to determine the value of equity investments, the value of debt investments in portfolio companies where the Fund has control or could gain control through an option or warrant security, and to determine if there is credit impairment for debt investments. If debt investments are credit impaired, an EV analysis may be used to value such debt investments; however, in addition to the methods outlined above, other methods such as a liquidation or wind-down analysis may be utilized to estimate EV. The second valuation technique is a yield analysis, which is typically performed for non-credit impaired debt investments in portfolio companies where the Fund does not own a controlling equity position. To determine fair value using a yield analysis, a current price is imputed for the investment based upon an assessment of the expected market yield for a similarly structured investment with a similar level of risk. In the yield analysis, the Valuation Designee considers the current contractual interest rate, the maturity and other terms of the investment relative to risk of the Fund and the specific investment. A key determinant of risk, among other things, is the leverage through the investment relative to the EV of the portfolio company. As debt investments held by the Fund are substantially illiquid with no active transaction market, the Valuation Designee depends on primary market data, including newly funded transactions, as well as secondary market data with respect to high yield debt instruments and syndicated loans, as inputs in determining the appropriate market yield, as applicable.

The following table presents fair value measurements of cash and cash equivalents, investments, derivatives and unfunded revolving and delayed draw loan commitments as of March 31, 2024:

	Fair Value Measurements Using
	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	68,497	$	—	$	—	$	68,497
First lien senior secured loans	$	—	$	1,969,981	$	1,170,419	$	3,140,400
Second lien senior secured loans	—		35,508		49,280		84,788
Senior subordinated loans	—		2,816		43,883		46,699
Corporate bonds	—		—		10,476		10,476
Collateralized loan obligations	—		—		53,230		53,230
Commercial mortgage-backed securities	—		—		5,042		5,042
Private asset-backed investments	—		—		47,894		47,894
Preferred equity	—		—		42,851		42,851
Other equity	—		—		29,781		29,781
Investments not measured at net asset value	$	—	$	2,008,305	$	1,452,856	$	3,461,161
Investments measured at net asset value(1)							1,606
Total investments							$	3,462,767
Derivatives - Foreign currency forward contracts	$	—	$	—	$	—	$	—
Unfunded revolving and delayed draw loan commitments(2)	$	—	$	—	$	(3,191)	$	(3,191)

________________________________________

(1)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated statement of assets and liabilities.

(2)The fair value of unfunded revolving and delayed draw loan commitments is included in “accounts payable and other liabilities” in the accompanying consolidated statement of assets and liabilities.

The following table presents fair value measurements of cash and cash equivalents and investments as of December 31, 2023:

	Fair Value Measurements Using
	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	57,972	$	—	$	—	$	57,972
First lien senior secured loans	$	—	$	1,533,600	$	852,371	$	2,385,971
Second lien senior secured loans	—		33,236		10,535		43,771
Senior subordinated loans	—		8,379		38,587		46,966
Corporate bonds	—		—		10,507		10,507
Collateralized loan obligations	—		—		22,681		22,681
Commercial mortgage-backed securities	—		—		5,010		5,010
Private asset-backed investments	—		—		11,901		11,901
Preferred equity	—		—		41,033		41,033
Other equity	—		—		9,718		9,718
Total investments	$	—	$	1,575,215	$	1,002,343	$	2,577,558
Derivatives - Foreign currency forward contracts	$	—	$	—	$	—	$	—
Unfunded revolving and delayed draw loan commitments(1)	$	—	$	—	$	(4,008)	$	(4,008)

________________________________________

(1)The fair value of unfunded revolving and delayed draw loan commitments is included in “accounts payable and other liabilities” in the accompanying consolidated statement of assets and liabilities.

The following tables summarize the significant unobservable inputs the Valuation Designee used to value the majority of the Fund’s investments categorized within Level 3 as of March 31, 2024 and December 31, 2023. The table is not intended to be all-inclusive, but instead to capture the significant unobservable inputs relevant to the determination of fair values.

	As of March 31, 2024
				Unobservable Input
Asset Category	Fair Value		Primary Valuation Techniques	Input	Estimated Range	Weighted Average(1)
First lien senior secured loans	$	1,080,544	Yield analysis	Market yield	9.2% - 22.0%	12.1%
	87,195		Broker quotes	N/A	N/A	N/A
	2,680		Transaction cost	N/A	N/A	N/A
Second lien senior secured loans	49,280		Yield analysis	Market yield	12.6% - 17.3%	13.0%
Senior subordinated loans	43,883		Yield analysis	Market yield	13.9% - 19.2%	17.4%
Corporate bonds	10,476		Broker quotes	N/A	N/A	N/A
Collateralized loan obligations	53,230		Broker quotes	N/A	N/A	N/A
Commercial mortgage-backed securities	5,042		Broker quotes	N/A	N/A	N/A
Private asset-backed investments	28,437		Transaction cost	N/A	N/A	N/A
	19,457		Yield analysis	Market yield	3.3% - 10.7%	5.5%
Preferred equity	42,851		EV market multiple analysis	EBITDA multiple	3.0x - 35.3x	22.2x
			Yield analysis	Market yield	9.8%	9.8%
Other equity	29,781		EV market multiple analysis	EBITDA multiple	8.2x - 24.4x	15.4x
Total investments	$	1,452,856

____________________________________

(1)Unobservable inputs were weighted by the relative fair value of the investments.

	As of December 31, 2023
				Unobservable Input
Asset Category	Fair Value		Primary Valuation Techniques	Input	Estimated Range	Weighted Average(1)
First lien senior secured loans	$	801,531	Yield analysis	Market yield	9.6% - 21.4%	12.3%
	50,840		Broker quotes	N/A	N/A	N/A
Second lien senior secured loans	10,535		Yield analysis	Market yield	11.8%	11.8%
Senior subordinated loans	38,587		Yield analysis	Market yield	13.9% - 19.2%	17.3%
Corporate bonds	10,507		Broker quotes	N/A	N/A	N/A
Collateralized loan obligations	22,681		Broker quotes	N/A	N/A	N/A
Commercial mortgage-backed securities	5,010		Broker quotes	N/A	N/A	N/A
Private asset-backed investments	11,901		Yield analysis	Market yield	10.7% - 16.2%	13.1%
Preferred equity	41,033		EV market multiple analysis	EBITDA multiple	9.5x - 32.5x	21.7x
Other equity	9,718		EV market multiple analysis	EBITDA multiple	7.0x - 23.4x	15.5x
Total investments	$	1,002,343

____________________________________

(1)Unobservable inputs were weighted by the relative fair value of the investments.

Changes in market yields, discount rates or EBITDA multiples, each in isolation, may change the fair value of certain of the Fund’s investments. Generally, an increase in market yields or discount rates or decrease in EBITDA multiples may result in a decrease in the fair value of certain of the Fund’s investments.

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 Fund’s investments may fluctuate from period to period. Additionally, the fair value of the Fund’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 Fund 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 Fund was required to liquidate a portfolio investment in a forced or liquidation sale, it could realize significantly less than the value at which the Fund 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.

The following table presents changes in investments that use Level 3 inputs as of and for the three months ended March 31, 2024:

	As of and For the Three Months Ended March 31, 2024
Balance as of December 31, 2023	$	1,002,343
Net realized gains	1,102
Net unrealized gains	5,067
Purchases	500,262
Sales	(9,497)
Repayments	(50,429)
PIK interest and dividends	3,205
Net accretion of discount on investments	1,615
Net transfers in and/or out of Level 3	(812)
Balance as of March 31, 2024	$	1,452,856

Investments were transferred into and out of Level 3 during the three months ended March 31, 2024. Transfers into and out of Level 3 were generally as a result of changes in the observability of significant inputs or available market data for certain portfolio companies.

As of March 31, 2024, the net unrealized appreciation on the investments that use Level 3 inputs was $15,185.

For the three months ended March 31, 2024, the total amount of gains (losses) included in earnings attributable to the change in unrealized gains (losses) relating to the Fund’s Level 3 assets still held as of March 31, 2024, and reported within the net unrealized gains (losses) on investments in the Fund’s consolidated statement of operations, was $5,996.

The following table presents changes in investments that use Level 3 inputs as of and for the three months ended March 31, 2023:

	As of and For the Three Months Ended March 31, 2023
Balance as of December 31, 2022	$	18,744
Net realized gains	163
Net unrealized losses	(692)
Purchases	98,764
Sales	(11,607)
Repayments	(78)
Net accretion of discount on investments	135
Net transfers in and/or out of Level 3	2,673
Balance as of March 31, 2023	$	108,102

Investments were transferred into and out of Level 3 during the three months ended March 31, 2023. Transfers into and out of Level 3 were generally as a result of changes in the observability of significant inputs or available market data for certain portfolio companies.

As of March 31, 2023, the net unrealized depreciation on the investments that use Level 3 inputs was $394.

For the three months ended March 31, 2023, the total amount of gains (losses) included in earnings attributable to the change in unrealized gains (losses) relating to the Fund’s Level 3 assets still held as of March 31, 2023, and reported within the net unrealized gains (losses) on investments in the Fund’s consolidated statement of operations was $(379).

The following are the carrying and fair values of the Fund’s debt obligations as of March 31, 2024 and December 31, 2023.

	As of
	March 31, 2024					December 31, 2023
	Carrying Value(1)			Fair Value(3)		Carrying Value(1)			Fair Value(3)
Revolving Credit Facility	$	245,203		$	245,203	$	460,325		$	460,325
SG Funding Facility	460,000			460,000		250,000			250,000
SB Funding Facility	200,000			200,000		—			—
Total	$	905,203	(2)	$	905,203	$	710,325	(2)	$	710,325

____________________________________

(1)The Revolving Credit Facility, SG Funding Facility and SB Funding Facility carrying values are the same as the principal amounts outstanding.

(2)Total principal amount of debt outstanding totaled $905,206 and $710,349 as of March 31, 2024 and December 31, 2023, respectively.

(3)The fair value of the debt obligations would be categorized as Level 2 under ASC 820-10.

XML

Net Assets

3 Months Ended

Mar. 31, 2024

Investment Company [Abstract]

Net Assets

9. NET ASSETS

The Fund has the authority to issue an unlimited number of Common Shares of beneficial interest at $0.01 par value per share.

Pursuant to subscription agreements providing for the commitment to purchase an aggregate of up to $847,098 of the Fund’s Class I shares entered into between the Fund and several investors between November 2022 and ending on January 30, 2023, the Fund called an aggregate of $847,098 from October 6, 2022 through July 31, 2023, and in exchange therefore, the Fund issued approximately 32,402 Class I shares to 61 shareholders, including the investment from the Fund’s sole initial shareholder. Of the $847,098 of commitments called, $96,463 was called during the three months ended March 31, 2023, in exchange for approximately 3,815 Class I shares.

On August 1, 2023, the Fund held the first closing in the Offering, pursuant to its Registration Statement on Form N-2 (File No. 333-264145) declared effective by the SEC on April 24, 2023, as amended and supplemented. The Fund offers on a continuous basis up to $7.5 billion of its Common Shares, pursuant to the Offering. The purchase price per share for each class of Common Shares equals the Fund’s NAV per share, as of the effective date of the monthly share purchase date. The Fund also engages in offerings of its Common Shares to non-U.S. investors pursuant to Regulation S of the Securities Act.

The following table summarizes transactions in Common Shares during the three months ended March 31, 2024:

	For the Three Months Ended March 31, 2024
	Shares	Amount
Class I
Subscriptions(1)	15,425	$	419,424
Distributions reinvested	393	10,682
Repurchased shares, net of early repurchase deduction	(382)	(10,250)
Net increase	15,436	$	419,856
Class S
Subscriptions(1)	5,332	$	144,981
Distributions reinvested	38	1,049
Repurchased shares, net of early repurchase deduction	(5)	(126)
Net increase	5,365	$	145,904
Class D
Subscriptions(1)	719	$	19,560
Distributions reinvested	9	242
Net increase	728	$	19,802
Total net increase	21,529	$	585,562

____________________________________

(1)See Note 11 for subsequent events related to subscription activities.

Net Asset Value Per Share and Offering Price

The Fund 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. The NAV per share for each class of shares is determined by dividing the value of total assets attributable to the class minus liabilities attributable to the share class by the total number of each share class of Common Shares outstanding at the date as of which the determination is made. The following table summarizes each month-end NAV per share for Class I, Class S and Class D shares during the three months ended March 31, 2024 and 2023.

	NAV Per Share
	Class I		Class S		Class D
January 31, 2024	$	27.17	$	27.17	$	27.17
February 29, 2024	$	27.19	$	27.19	$	27.19
March 31, 2024	$	27.30	$	27.30	$	27.30

	NAV Per Share
	Class I(1)
January 31, 2023	$	25.40
February 28, 2023	$	25.58
March 31, 2023	$	25.71

____________________________________

(1)The date of the first sale of Class S shares and D shares was August 1, 2023.

Distributions

The Fund’s board of trustees declared monthly regular distributions for each class of its Common Shares. The following table presents the monthly regular distributions that were declared and payable during the three months ended March 31, 2024.

			Class I
Declaration Date	Record Date	Payment Date	Net Distribution Per Share		Distribution Amount
January 23, 2024	January 31, 2024	February 22, 2024	$	0.21430	$	12,120
January 23, 2024	February 29, 2024	March 25, 2024	0.21430		13,234
January 23, 2024	March 29, 2024	April 24, 2024	0.21430		14,439
			$	0.64290	$	39,793

			Class S
Declaration Date	Record Date	Payment Date	Net Distribution Per Share		Distribution Amount
January 23, 2024	January 31, 2024	February 22, 2024	$	0.19470	$	2,417
January 23, 2024	February 29, 2024	March 25, 2024	0.19600		2,778
January 23, 2024	March 29, 2024	April 24, 2024	0.19472		3,181
			$	0.58542	$	8,376

			Class D
Declaration Date	Record Date	Payment Date	Net Distribution Per Share		Distribution Amount
January 23, 2024	January 31, 2024	February 22, 2024	$	0.20854	$	471
January 23, 2024	February 29, 2024	March 25, 2024	0.20892		498
January 23, 2024	March 29, 2024	April 24, 2024	0.20854		529
			$	0.62600	$	1,498

The net distributions received by shareholders of Class S shares and Class D shares include the effect of the shareholder servicing and/or distribution fees applicable to such class of shares. Class I shares have no shareholder servicing and/or distribution fees.

See Note 11 for subsequent events relating to regular distributions declared by the Fund’s board of trustees.

Distribution Reinvestment Plan

The Fund has adopted a distribution reinvestment plan, pursuant to which the Fund will not reinvest cash distributions declared by the board of trustees on behalf of the Fund’s shareholders unless such shareholders elect for their shares to be automatically reinvested. As a result, if the board of trustees authorizes, and the Fund declares, a cash distribution, then the Fund’s shareholders who have opted into the Fund’s distribution reinvestment plan will have their cash distributions automatically reinvested in additional shares, rather than receiving the cash distribution. Distributions on fractional shares will be credited to each participating shareholder’s account. The purchase price for shares issued under the Fund’s distribution reinvestment plan will be equal to the most recent available NAV per share for such shares at the time the distribution is payable.

Share Repurchase Program

The Fund has commenced a share repurchase program in which the Fund intends to offer to repurchase, at the discretion of the Fund’s board of trustees, up to 5% of its Common Shares outstanding (either by number of shares or aggregate NAV) in each quarter. The Fund’s board of trustees may amend, suspend or terminate the share repurchase program if it deems such action to be in its best interest and the best interest of its common shareholders. As a result, share repurchases may not be available each quarter, or at all. The Fund conducts any such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Securities Exchange Act of 1934, as amended, and the Investment Company Act, with the terms of such tender offer published in a tender offer statement to be sent to all shareholders and filed with the SEC on Schedule TO. All common shareholders will be given at least 20 full business days to elect to participate in such share repurchases. All shares purchased by the Fund, pursuant to the terms of each tender offer, will be retired and thereafter will be authorized and unissued shares.

Under the Fund’s share repurchase program, to the extent the Fund offers to repurchase shares in any particular quarter, the Fund 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 month designated by the Fund’s board of trustees, except that the Fund deducts 2.00% from such NAV for shares that have not been outstanding for at least one year (the “Early Repurchase Deduction”). The one-year holding period is measured as of the subscription closing date immediately following the prospective repurchase date. The Fund could waive the Early Repurchase Deduction in the case of repurchase requests arising from the death or qualified disability of the holder. The Early Repurchase Deduction will be retained by the Fund for the benefit of remaining shareholders. See Note 11 for a subsequent event relating to the plan adopted by the Fund pursuant to Rule 18f-3 under the Investment Company Act so the Fund may issue multiple classes of Common Shares (the “Multiple Class Plan”) and the Early Repurchase Deduction.

During the three months ended March 31, 2024, the Fund repurchased approximately 382 Class I shares and 5 Class S shares for a total value of $10,250 and $126, respectively, each of which are net of the Early Repurchase Deduction. The following table presents the share repurchases completed during the three months ended March 31, 2024:

Repurchase Pricing Date	Total Number of Shares Repurchased	Percentage of Outstanding Shares Repurchased (1)		Repurchase Request Deadline	Purchase Price Per Share (2)		Amount Repurchased (All Classes) (2)		Maximum number of shares that may yet be purchased under the repurchase plan (3)
February 29, 2024	387	0.54	%	March 20, 2024	$	27.19	$	10,376	—

_______________________________________________________________________________

(1) Percentage is based on total shares outstanding as of the close of business on January 31, 2024.

(2) Amounts shown net of the Early Repurchase Deduction.

(3) All repurchase requests were satisfied in full.

XML

Financial Highlights

3 Months Ended

Mar. 31, 2024

Investment Company [Abstract]

Financial Highlights

10. FINANCIAL HIGHLIGHTS

The following is a schedule of financial highlights as of and for the three months ended March 31, 2024 and 2023:

	As of and For the Three Months Ended March 31, 2024
	Class I			Class S			Class D
Per Share Data:
Net asset value at beginning of period	$	27.22		$	27.22		$	27.22
Net investment income for period(1)	0.60			0.54			0.59
Net realized and unrealized gains for period(1)	0.12			0.12			0.12
Net increase in net assets resulting from operations	0.72			0.66			0.71
Distributions from net investment income	(0.64)			(0.58)			(0.63)
Total increase in net assets	0.08			0.08			0.08
Net asset value at end of period	$	27.30		$	27.30		$	27.30
Total return based on net asset value(2)	2.59		%	2.39		%	2.53		%
Shares outstanding at end of period	67,378			16,338			2,534
Ratio/Supplemental Data:
Net assets at end of period	$	1,839,270		$	445,988		$	69,172
Ratio of operating expenses (excluding expense support) to average net assets(3)(4)	6.84		%	7.69		%	7.09		%
Ratio of operating expenses (including expense support) to average net assets(3)	5.72		%	6.62		%	5.97		%
Ratio of net investment income to average net assets(3)(5)	8.82		%	7.97		%	8.59		%
Portfolio turnover rate(3)	55		%	55		%	55		%

	As of and For the Three Months Ended March 31, 2023
	Class I(6)
Per Share Data:
Net asset value, beginning of period	$	24.99
Issuances of common shares	0.05
Net investment income for period(1)	0.58
Net realized and unrealized gains for period(1)	0.09
Net increase in net assets	0.72
Net asset value, end of period	$	25.71
Total return based on net asset value(2)	2.88		%
Shares outstanding, end of period	9,742
Ratio/Supplemental Data:
Net assets, end of period	$	250,454
Ratio of operating expenses (excluding expense support) to average net assets(3)(4)	6.30		%
Ratio of operating expenses (including expense support) to average net assets(3)(4)	0.61		%
Ratio of net investment income to average net assets(3)(5)	9.90		%
Portfolio turnover rate(3)	190		%

_______________________________________________________________________________

(1)Weighted average basic per share data.

(2)For the three months ended March 31, 2024 and 2023, the total return based on net asset value equaled the change in net asset value during the period divided by the beginning net asset value for the period. The Fund’s performance changes over time and currently may be different than that shown. Past performance is no guarantee of future results. Total return is not annualized.

(3)The ratios reflect an annualized amount.

(4)For the three months ended March 31, 2024 and 2023, the ratio of operating expenses to average net assets consisted of the following:

	For the Three Months Ended March 31, 2024
	Class I		Class S		Class D
Base management fee	1.25	%	1.25	%	1.25	%
Income based fee and capital gains incentive fee	1.39		1.39		1.39
Interest and credit facility fees	3.27		3.27		3.27
Shareholder servicing and/or distribution fees	—		0.85		0.25
Other operating expenses	0.93		0.93		0.93
Total operating expenses	6.84	%	7.69	%	7.09	%

	As of and For the Three Months Ended March 31, 2023
	Class I(6)
Base management fee	1.34	%
Income based fee and capital gains incentive fee	0.15	%
Interest and credit facility fees	2.32	%
Other operating expenses	2.49	%
Total operating expenses	6.30	%

(5)The ratio of net investment income to average net assets excludes income taxes related to realized gains and losses.

(6)The date of the first sale of Class S shares and D shares was August 1, 2023.

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Subsequent Events

3 Months Ended

Mar. 31, 2024

Subsequent Events [Abstract]

Subsequent Events

11. SUBSEQUENT EVENTS

The Fund’s management has evaluated subsequent events through the date of issuance of the consolidated financial statements included herein. There have been no subsequent events that occurred during such period that would require disclosure in this Form 10-Q or would be required to be recognized in the consolidated financial statements or accompanying notes as of and for the three months ended March 31, 2024, except as discussed below.

On April 15, 2024, the Fund amended and restated its Revolving Credit Facility. The amendment, among other things, (a) extended the end of the revolving period and the stated maturity date for the Revolving Credit Facility from December 20, 2026 and December 20, 2027, respectively, to April 15, 2028 and April 15, 2029, respectively, (b) increased the aggregate commitments under the Revolving Credit Facility from $800,000 to $1,750,000 and (c) modified certain covenant restrictions. The Revolving Credit Facility also provides for a feature that allows the Fund, under certain circumstances, to increase the overall size of the Revolving Credit Facility to a maximum of $2,625,000.

On April 1, 2024, the Fund issued and sold approximately 18,281 Common Shares (consisting of 16,207 Class I shares, 1,842 Class S shares and 232 Class D shares at an offering price of $27.30 per share for each class of share), and received approximately $499,064 as payment for such shares.

The Fund received approximately $298,295 of net proceeds relating to the issuance of Class I shares, Class S shares and Class D shares for subscriptions effective May 1, 2024. The purchase price per Class I share, Class S share and Class D share will equal the Fund’s NAV per Class I share, Class S share and Class D share, respectively, as of the last calendar day of April 2024 (the “April NAV”), which is generally expected to be available within 20 business days after May 1, 2024. At that time, the number of Class I shares, Class S shares and Class D shares issued to each investor based on the April NAV and such investor’s subscription amount will be determined and Class I shares, Class S shares and Class D shares, as applicable, will be credited to the investor’s account as of the effective date of the share purchase, May 1, 2024.

On May 8, 2024, the Fund amended and restated the Multiple Class Plan to provide that the Early Repurchase Deduction may be waived in the case of repurchase requests: (i) arising from the death or qualified disability of the holder; (ii) submitted by discretionary model portfolio management programs (and similar arrangements); (iii) from feeder funds (or similar vehicles) primarily created to hold the Fund's Common Shares, which are offered to non-U.S. persons, where such funds

seek to avoid imposing such a deduction because of administrative or systems limitations; and (iv) in the event that a shareholder's Common Shares are repurchased because the shareholder has failed to maintain the $500 minimum account balance.

As previously disclosed, on March 14, 2024, the Fund announced the declaration of regular monthly gross distributions for May and June 2024. On May 10, 2024, the Fund announced the declaration of regular monthly gross distributions for July, August and September 2024, in each case for each class of its Common Shares. The following table presents the regular monthly gross distributions per share that were declared and payable:

		Gross Distribution Per Share
Record Date	Payment Date(1)	Class I		Class S		Class D
May 31, 2024	June 25, 2024	$	0.21430	$	0.21430	$	0.21430
June 28, 2024	July 24, 2024	$	0.21430	$	0.21430	$	0.21430
July 31, 2024	August 23, 2024	$	0.21430	$	0.21430	$	0.21430
August 30, 2024	September 23, 2024	$	0.21430	$	0.21430	$	0.21430
September 30, 2024	October 23, 2024	$	0.21430	$	0.21430	$	0.21430

______________________________________________________________________________

(1)The distributions for each class of the Fund’s Common Shares will be paid on or about the payment dates above.

These distributions will be paid in cash or reinvested in the Common Shares for shareholders participating in the Fund’s distribution reinvestment plan. The net distributions received by shareholders of each of the Class S shares and Class D shares will be equal to the gross distributions in the table above, less specific shareholder servicing and/or distribution fees applicable to such class of the Fund’s Common Shares as of their respective record dates. Class I shares have no shareholder servicing and/or distribution fees.

XML

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net increase in net assets resulting from operations	$ 57,143	$ 5,892

XML

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

XML

Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

The accompanying consolidated financial statements have been prepared on the accrual basis of accounting in conformity with U.S. generally accepted accounting principles (“GAAP”), and include the accounts of the Fund and its consolidated subsidiaries. The Fund is an investment company following accounting and reporting guidance in Accounting Standards Codification (“ASC”) 946, Financial Services—Investment Companies. The consolidated financial statements reflect all adjustments and reclassifications that, in the opinion of management, are necessary for the fair presentation of the results of operations and financial condition as of and for the periods presented. All significant intercompany balances and transactions have been eliminated.

Interim financial statements are prepared in accordance with GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6 or 10 of Regulation S-X. In the opinion of management, all adjustments, consisting solely of normal recurring accruals considered necessary for the fair presentation of financial statements for the interim period presented, have been included. 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, 2024.

The Fund reclassified certain industry and investment classifications of its portfolio companies in the accompanying consolidated financial statements as of December 31, 2023 to conform to their current period presentations. These reclassifications had no impact on the prior period’s consolidated balance sheet.

Cash and Cash Equivalents

Cash and Cash Equivalents

Cash and cash equivalents include funds from time to time deposited with financial institutions and short-term, liquid investments in a money market account. Cash and cash equivalents are carried at cost which approximates fair value.

Concentration of Credit Risk

Concentration of Credit Risk

The Fund places its cash and cash equivalents with financial institutions and, at times, cash held in depository or money market accounts 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 from the repayment or sale 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. Unrealized gains or losses primarily reflect the change in investment values, including the reversal of previously recorded unrealized gains or losses when gains or losses are realized.

Pursuant to Rule 2a-5 under the Investment Company Act, the Fund's board of trustees designated the Fund’s investment adviser as the Fund’s valuation designee (the “Valuation Designee”) to perform fair value determinations for investments held by the Fund without readily available market quotations, subject to the oversight of the Fund’s board of trustees. All investments are recorded at their fair value.

Investments for which market quotations are readily available are typically valued at such market quotations. In order to validate market quotations, the Valuation Designee looks at a number of factors to determine if the quotations are representative of fair value, including the source and nature of the quotations. Debt and equity securities that are not publicly

traded or whose market prices are not readily available are valued at fair value as determined in good faith by the Valuation Designee, subject to the oversight of the Fund’s board of trustees, based on, among other things, the input of the Fund’s independent third-party valuation providers (“IVPs”) that have been engaged to support the valuation of such portfolio investments at least quarterly (with certain de minimis exceptions) and under the valuation policy and a consistently applied valuation process. In addition, the Fund’s independent registered public accounting firm obtains an understanding of, and performs select procedures relating to, the Fund’s investment valuation process within the context of performing the Fund’s financial statement audit.

Investments in the Fund’s portfolio that do not have a readily available market are valued at fair value as determined in good faith by the Valuation Designee, as described herein. As part of the valuation process for investments that do not have readily available market prices, the Valuation Designee may take into account the following types of factors, if relevant, in determining the fair value of the Fund’s investments: the enterprise value of a portfolio company (the entire value of the portfolio company to a market participant, including the sum of the values of debt and equity securities used to capitalize the enterprise at a point in time), the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings and discounted cash flow, the markets in which the portfolio company does business, a comparison of the portfolio company’s securities to any similar publicly traded securities, changes in the interest rate environment and the credit markets, which may affect the price at which similar investments would trade in their principal markets and other relevant factors. When an external event such as a purchase transaction, public offering or subsequent sale occurs, the Valuation Designee considers the pricing indicated by the external event to corroborate its valuation.

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 Fund’s investments may fluctuate from period to period. Additionally, the fair value of the Fund’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 Fund 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 Fund was required to liquidate a portfolio investment in a forced or liquidation sale, the Fund could realize significantly less than the value at which the Fund 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.

The Valuation Designee, subject to the oversight of the Fund’s board of trustees, undertakes a multi‑step valuation process each quarter, as described below:

•The Fund’s quarterly valuation process begins with a preliminary valuation being prepared by the investment professionals responsible for the portfolio investment in conjunction with the Fund’s portfolio management team and valuation team.

•Preliminary valuations are reviewed and discussed by the valuation committee of the Valuation Designee.

•For portfolio investments selected for review by an IVP,

◦Relevant information related to the portfolio investment is made available by the Valuation Designee to the IVP, who does not independently verify such information.

◦The IVP reviews and analyzes the information provided by the Valuation Designee, along with relevant market and economic data, and independently determines a range of values for each of the selected portfolio investments.

◦The IVP provides its analysis to the Valuation Designee to support the IVP’s valuation methodology and calculations.

•The valuation committee of the Valuation Designee determines the fair value of each investment in the Fund’s portfolio without a readily available market quotation in good faith based on, among other things, the input of the IVPs, where applicable.

•For portfolio investments selected for review by an IVP, a positive assurance opinion or independent valuation report is issued by the IVP that confirms the fair value determined by the Valuation Designee for a selected portfolio investment is within the range of values independently calculated by such IVP.

When the Valuation Designee determines the Fund's NAV as of the last day of a month that is not also the last day of a calendar quarter, the Valuation Designee intends to update the value of securities with reliable market quotations to the most recent market quotation. For securities without reliable market quotations, the Valuation Designee will generally value such assets at the most recent quarterly valuation unless the Valuation Designee determines that a significant observable change has occurred since the most recent quarter end with respect to the investment (which determination may be as a result of a material event at a portfolio company, material change in market spreads, secondary market transaction in the securities of an investment or otherwise). If the Valuation Designee determines such a change has occurred with respect to one or more investments, the Valuation Designee will determine whether to update the value for each relevant investment. See Note 8 for more information on the Fund’s valuation process.

Interest Income Recognition

Interest Income Recognition

Interest income is recorded on an accrual basis and includes the accretion of discounts, amortization of premiums and payment-in-kind (“PIK”) interest. Discounts from and premiums to par value on investments purchased are accreted/amortized into interest income over the life of the respective security using the effective yield method. To the extent loans contain PIK provisions, PIK interest, computed at the contractual rate specified in each applicable agreement, is accrued and recorded as interest income and added to the principal balance of the loan. PIK interest income added to the principal balance is generally collected upon repayment of the outstanding principal. To maintain the Fund’s tax treatment as a RIC, this non-cash source of income must be paid out to shareholders in the form of distributions for the year the income was earned, even though the Fund has not yet collected the cash. The amortized cost of investments represents the original cost adjusted for any accretion of discounts, amortization of premiums and PIK interest.

Loans are generally placed on non-accrual status when principal or interest payments are past due 30 days or more or when there is reasonable doubt that principal or interest will be collected in full. Accrued and unpaid interest is generally reversed when a 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 the Fund’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest are paid or there is no longer any reasonable doubt that such principal or interest will be collected in full and, in the Fund’s judgment, are likely to remain current. The Fund may make exceptions to this policy if the loan has sufficient collateral value (i.e., typically measured as enterprise value of the portfolio company) or is in the process of collection.

Dividend Income Recognition

Dividend Income Recognition 

Dividend income on preferred equity is recorded on an 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 is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies. To the extent a preferred equity contains PIK provisions, PIK dividends, computed at the contractual rate specified in each applicable agreement, are accrued and recorded as dividend income and added to the principal balance of the preferred equity. PIK dividends added to the principal balance are generally collected upon redemption of the equity.

Other Income

Other Income

Other income includes amendment fees that are fixed based on contractual terms and are generally non-recurring and non-refundable and are recognized as revenue when earned upon closing of the related transaction. Other income also includes fees for management and consulting services, loan guarantees, commitments and other services rendered by the Fund to portfolio companies. Such fees are fixed based on contractual terms and are recognized as income as services are rendered.

Foreign Currency Translation

Foreign Currency Translation

The Fund’s books and records are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis:

(1)Fair value of investment securities, other assets and liabilities—at the exchange rates prevailing at the end of the period.

(2)Purchases and sales of investment securities, income and expenses—at the exchange rates prevailing on the respective dates of such transactions, income or expenses.

Results of operations based on changes in foreign exchange rates are separately disclosed in the consolidated statement of operations, if any. 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.

Derivative Instruments

Derivative Instruments

The Fund follows the guidance in ASC Topic 815, Derivatives and Hedging, when accounting for derivative instruments. The Fund does not utilize hedge accounting and as such values its derivatives at fair value with the unrealized gains or losses recorded in “net unrealized gains (losses) from foreign currency transactions” in the Fund’s consolidated statement of operations.

Organization and Offering Expenses

Organization and Offering Expenses

Costs associated with the organization of the Fund are expensed as incurred. Costs associated with the offering of Common Shares of the Fund are capitalized as deferred offering expenses and included in other assets on the consolidated statements of assets and liabilities and amortized over a twelve-month period from incurrence.

Debt Issuance Costs

Debt Issuance Costs

Debt issuance costs are amortized over the life of the related debt instrument using the straight line method.

Income Taxes

Income Taxes

The Fund has elected to be treated as a RIC under the Code and operates in a manner so as to qualify for the tax treatment applicable to RICs. To qualify for tax treatment as a RIC, the Fund must, among other requirements, meet certain source-of-income and asset diversification requirements and timely distribute to its shareholders at least 90% of its investment company taxable income, as defined by the Code, for each year. The Fund has made and intends to continue to make the requisite distributions to its shareholders, which will generally relieve the Fund from U.S. federal corporate-level income taxes.

Depending on the level of taxable income earned in a tax year, the Fund may choose to carry forward taxable income in excess of current year distributions from such current year taxable income into the next tax year and pay a 4% excise tax on such income, as required. To the extent that the Fund determines that its estimated current year taxable income will be in excess of estimated distributions for the current year from such income, the Fund accrues excise tax, if any, on estimated excess taxable income as such taxable income is earned.

Distributions

Distributions

To the extent that the Fund has taxable income available, the Fund intends to make monthly distributions to its shareholders. Distributions to shareholders are recorded on the record date. All distributions will be paid at the sole discretion of the board of trustees and will depend on the Fund’s earnings, financial condition, maintenance of the Fund’s tax treatment as a RIC, compliance with applicable BDC regulations and such other factors as the board of trustees 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 shareholder servicing and/or distribution fees, if any.

The Fund has adopted a distribution reinvestment plan (“distribution reinvestment plan”), pursuant to which the Fund will not reinvest cash distributions declared by the board of trustees on behalf of the Fund’s shareholders unless such shareholders elect for their shares to be automatically reinvested. As a result, if the board of trustees authorizes, and the Fund declares, a cash distribution, then the Fund’s shareholders who have opted into the Fund’s distribution reinvestment plan will have their cash distributions automatically reinvested in additional shares, rather than receiving the cash distribution. Distributions on fractional shares will be credited to each participating shareholder’s account. The purchase price for shares issued under the Fund’s distribution reinvestment plan will be equal to the most recent available NAV per share for such shares at the time the distribution is payable.

Use of Estimates in the Preparation of the Consolidated Financial Statements

Use of Estimates in the Preparation of the Consolidated Financial Statements

The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of actual and contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of income or loss and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include the valuation of investments.

Recent Accounting Pronouncements

Recent Accounting Pronouncements

The Fund considers the applicability and impact of all accounting standard updates (“ASU”) issued by the Financial Accounting Standards Board (“FASB”). ASUs not listed were assessed and either determined to be not applicable or expected to have minimal impact on its consolidated financial statements.

In June 2022, the FASB issued ASU 2022-03, “Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”),” which clarifies guidance for fair value measurement of an equity security subject to a contractual sale restriction and establishes new disclosure requirements for such equity securities. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023 and for interim periods within those fiscal years, with early adoption permitted. The Fund has concluded that this guidance did not have a material impact on its consolidated financial statements.

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Agreements (Tables)

3 Months Ended

Mar. 31, 2024

Investment Company [Abstract]

Schedule of Base Management Fee, Income Based Incentive Fee and Capital Gains Incentive Fee

The base management fee, income based fee and capital gains incentive fee for the three months ended March 31, 2024 and 2023 were as follows:

	For the Three Months Ended March 31,
	2024		2023
Base management fee	$	6,649	$	684
Income based fee	$	6,051	$	—
Capital gains incentive fee(1)	$	1,383	$	74

________________________________________

(1)Calculated in accordance with GAAP as discussed below.

Schedule of Shareholder Servicing and/or Distribution Fees

The following table shows the shareholder servicing and/or distribution fees the Fund and, ultimately, certain classes of the Fund’s common shareholders, pay the Intermediary Manager with respect to the Class S shares and Class D shares on an annualized basis as a percentage of the Fund’s NAV for such class. Subject to FINRA and other limitations on underwriting compensation,

the Fund and, ultimately, certain classes of the Fund's shareholders, will pay a shareholder servicing and/or distribution fee equal to 0.85% per annum of the aggregate NAV for the Class S shares and a shareholder servicing and/or distribution fee equal to 0.25% per annum of the aggregate NAV for the Class D shares, in each case, payable monthly. No shareholder servicing and/or distribution fees are paid with respect to the Class I shares.

	Annual Shareholder Servicing and/or Distribution Fees as a % of NAV
Class S	0.85	%
Class D	0.25	%
Class I	—	%

The shareholder servicing and/or distribution fees that were attributable to Class S shares and D shares for the three months ended March 31, 2024 were as follows:

	For the Three Months Ended March 31, 2024
Class S	$	822
Class D	$	40

Schedule of Expense Payments and Related Reimbursement Payments

The following table presents a summary of Expense Payments and the related Reimbursement Payments since the Fund’s commencement of operations:

For the Month Ended	Expense Support from the Adviser		Recoupment of Expense Support		Expense Support No Longer Eligible for Reimbursement		Unreimbursed Expense Support		Ratio of Operating Expenses to Average Net Assets for the Period(1)		Effective Rate of Distribution per Share(2)		Eligible for Reimbursement through
December 31, 2022	$	1,449	$	—	$	—	$	1,449	5.04	%	—		12/30/2025
January 31, 2023	$	1,088	$	—	$	—	$	1,088	4.56	%	—		01/31/2026
February 28, 2023	$	891	$	—	$	—	$	891	3.53	%	—		02/28/2026
March 31, 2023	$	916	$	—	$	—	$	916	3.63	%	—		03/31/2026
April 30, 2023	$	1,083	$	—	$	—	$	1,083	2.99	%	—		04/30/2026
May 31, 2023	$	1,312	$	—	$	—	$	1,312	2.47	%	—		05/31/2026
June 30, 2023	$	2,253	$	—	$	—	$	2,253	2.48	%	—		06/30/2026
July 31, 2023	$	2,502	$	—	$	—	$	2,502	1.16	%	—		07/31/2026
August 31, 2023	$	2,300	$	—	$	—	$	2,300	1.94	%	8.69	%	08/31/2026
September 30, 2023	$	1,636	$	—	$	—	$	1,636	1.66	%	8.95	%	09/30/2026
October 31, 2023	$	—	$	—	$	—	$	—	1.20	%	8.67	%	10/31/2026
November 30, 2023	$	1,637	$	—	$	—	$	1,637	1.18	%	9.69	%	11/30/2026
December 31, 2023	$	1,144	$	—	$	—	$	1,144	1.08	%	9.33	%	12/31/2026
January 31, 2024	$	1,592	$	—	$	—	$	1,592	1.20	%	9.27	%	01/31/2027
February 29, 2024	$	2,183	$	—	$	—	$	2,183	1.10	%	9.93	%	02/29/2027
March 31, 2024	$	2,194	$	—	$	—	$	2,194	1.49	%	9.28	%	03/31/2027

________________________________________

(1)In accordance with the Expense Support and Conditional Reimbursement Agreement, the ratio of operating expenses excludes organization and offering expenses, stated interest expense, any base management fee and any incentive fee.

(2)The effective rate of distribution per share is the (a) annualized regular cash distributions per share, exclusive of returns of capital, distribution rate reductions due to distribution and shareholder fees, and declared special dividends or special distributions, if any, (b) divided by the prior month’s NAV per share.

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Investments (Tables)

3 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of Investments

As of March 31, 2024 and December 31, 2023, investments consisted of the following:

	As of
	March 31, 2024				December 31, 2023
	Amortized Cost(1)		Fair Value		Amortized Cost(1)		Fair Value
First lien senior secured loans	$	3,119,005	$	3,140,400	$	2,369,207	$	2,385,971
Second lien senior secured loans	84,393		84,788		43,237		43,771
Senior subordinated loans	47,094		46,699		46,631		46,966
Corporate bonds	10,000		10,476		10,000		10,507
Collateralized loan obligations	52,850		53,230		22,500		22,681
Commercial mortgage-backed securities	4,988		5,042		4,988		5,010
Private asset-backed investments	48,098		47,894		11,786		11,901
Preferred equity	39,783		42,851		39,500		41,033
Other equity	29,173		31,387		8,935		9,718
Total	$	3,435,384	$	3,462,767	$	2,556,784	$	2,577,558

________________________________________

(1)The amortized cost represents the original cost adjusted for any accretion of discounts, amortization of premiums and PIK interest or dividends.

The industrial and geographic compositions of the Fund’s portfolio at fair value as of March 31, 2024 and December 31, 2023 were as follows:

	As of
	March 31, 2024		December 31, 2023
Industry
Software and Services	20.3	%	20.4	%
Health Care Services	12.1		12.2
Consumer Services	10.9		10.5
Capital Goods	10.2		10.4
Financial Services	7.9		7.2
Insurance Services	7.1		7.5
Media and Entertainment	5.1		4.4
Commercial and Professional Services	5.0		5.5
Pharmaceuticals, Biotechnology and Life Sciences	3.1		4.0
Automobiles and Components	2.8		1.7
Retailing and Distribution	2.5		2.7
Food and Beverage	2.3		2.7
Investment Funds and Vehicles	2.1		1.3
Materials	2.1		1.6
Technology Hardware and Equipment	1.2		1.1
Other	5.3		6.8
Total	100.0	%	100.0	%

	As of
	March 31, 2024		December 31, 2023
Geographic Region
United States	92.0	%	91.5	%
Europe	3.9		5.0
Canada	2.5		2.3
Bermuda/Cayman Islands	1.3		0.7
Other	0.3		0.5
Total	100.0	%	100.0	%

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Debt (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of Outstanding Debt

The Fund’s outstanding debt as of March 31, 2024 and December 31, 2023 was as follows:

	As of
	March 31, 2024							December 31, 2023
	Total Aggregate Principal Amount Committed/ Outstanding (1)			Principal Amount Outstanding		Carrying Value		Total Aggregate Principal Amount Committed/ Outstanding (1)			Principal Amount Outstanding		Carrying Value
Revolving Credit Facility	$	800,000	(2)	$	245,206	$	245,203	$	800,000	(2)	$	460,349	$	460,325
SG Funding Facility	1,400,000		(3)	460,000		460,000		1,000,000			250,000		250,000
SB Funding Facility	750,000		(4)	200,000		200,000		—			—		—
Total	$	2,950,000		$	905,206	$	905,203	$	1,800,000		$	710,349	$	710,325

________________________________________

(1)Represents the total aggregate amount committed or outstanding, as applicable, under such instrument. Borrowings under the committed Revolving Credit Facility, SG Funding Facility and SB Funding Facility (each as defined below) are subject to borrowing base and other restrictions.

(2)Provides for a feature that allows the Fund, under certain circumstances, to increase the size of the Revolving Credit Facility to a maximum of $1,050,000.

(3)Provides for a feature that allows ASIF Funding I (as defined below), under certain circumstances, to increase the size of the SG Funding Facility to a maximum of $2,000,000.

(4)As of March 31, 2024, $250,000 of the total commitment was available under the SB Funding Facility and subject to borrowing base and other restrictions. See additional information below.

For the three months ended March 31, 2024 and 2023, the components of interest and credit facility fees expense, cash paid for interest expense, average stated interest rates (i.e., rate in effect plus the spread) and average outstanding balances for the Revolving Credit Facility were as follows:

	For the Three Months Ended March 31,
	2024			2023
Stated interest expense	$	7,519		$	310
Credit facility fees	367			569
Amortization of debt issuance costs	352			302
Total interest and credit facility fees expense	$	8,238		$	1,181
Cash paid for interest expense	$	7,598		$	—
Average stated interest rate	7.18		%	6.35		%
Average outstanding balance	$	414,213		$	18,500

For the three months ended March 31, 2024, the components of interest and credit facility fees expense, cash paid for interest expense, average stated interest rates (i.e., rate in effect plus the spread) and average outstanding balances for the SG Funding Facility were as follows:

	For the Three Months Ended March 31, 2024
Stated interest expense	$	7,163
Credit facility fees	1,047
Amortization of debt issuance costs	601
Total interest and credit facility fees expense	$	8,811
Cash paid for interest expense	$	8,215
Average stated interest rate	7.95		%
Average outstanding balance	$	356,538

For the three months ended March 31, 2024, the components of interest and credit facility fees expense, cash paid for interest expense, average stated interest rates (i.e., rate in effect plus the spread) and average outstanding balances for the SB Funding Facility were as follows:

	For the Three Months Ended March 31, 2024
Stated interest expense	$	215
Credit facility fees	94
Amortization of debt issuance costs	54
Total interest and credit facility fees expense	$	363
Cash paid for interest expense	$	—
Average stated interest rate	7.72		%
Average outstanding balance	$	33,333

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Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Certain Information Related to the Company’s Foreign Currency Forward Derivative Instruments

Certain information related to the Fund’s foreign currency forward derivative instruments as of March 31, 2024 and December 31, 2023 is presented below.

	March 31, 2024
Derivative Instrument	Notional Amount		Maturity Date	Gross Amount of Recognized Assets		Gross Amount of Recognized Liabilities		Balance Sheet Location of Net Amounts
Foreign currency forward contract	CAD	19,573	11/16/2026	$	14,602	$	(14,602)	Other assets
Foreign currency forward contract	£	12,035	08/21/2026	14,878		(14,878)		Other assets
Foreign currency forward contract	AUD	9,518	11/17/2026	6,165		(6,165)		Other assets
Foreign currency forward contract	€	8,053	04/26/2024	8,807		(8,807)		Other assets
Foreign currency forward contract	AUD	7,290	10/18/2024	4,812		(4,812)		Other assets
Foreign currency forward contract	£	3,989	03/31/2026	5,015		(5,015)		Other assets
Foreign currency forward contract	AUD	1,897	02/18/2026	1,255		(1,255)		Other assets
Foreign currency forward contract	€	736	03/30/2027	833		(833)		Other assets
Foreign currency forward contract	£	480	03/31/2025	583		(583)		Other assets
Foreign currency forward contract	€	424	03/26/2025	465		(465)		Other assets
Foreign currency forward contract	€	341	03/26/2026	380		(380)		Other assets
Total				$	57,795	$	(57,795)

	As of December 31, 2023
Derivative Instrument	Notional Amount		Maturity Date	Gross Amount of Recognized Assets		Gross Amount of Recognized Liabilities		Balance Sheet Location of Net Amounts
Foreign currency forward contract	£	11,532	08/21/2026	$	14,240	$	(14,240)	Accounts payable and other liabilities
Foreign currency forward contract	AUD	9,518	11/17/2026	6,165		(6,165)		Accounts payable and other liabilities
Foreign currency forward contract	€	7,826	01/26/2024	8,380		(8,380)		Accounts payable and other liabilities
Foreign currency forward contract	CAD	1,391	11/16/2026	1,017		(1,017)		Accounts payable and other liabilities
Foreign currency forward contract	£	720	03/31/2026	874		(874)		Accounts payable and other liabilities
Foreign currency forward contract	£	480	03/31/2025	583		(583)		Accounts payable and other liabilities
Total				$	31,259	$	(31,259)

Schedule of Net Realized and Unrealized Gains and Losses on Derivative Instruments

Net realized and unrealized gains and losses on derivative instruments recognized by the Fund for the three months ended March 31, 2024 are in the following locations in the consolidated statement of operations:

Derivative Instrument	Statement Location	For the Three Months Ended March 31, 2024
Foreign currency forward contract	Net realized gains (losses) on foreign currency transactions	$	—
Foreign currency forward contract	Net unrealized gains (losses) on foreign currency transactions	$	779

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Commitment and Contingencies (Tables)

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Commitments to Fund Various Revolving and Delayed Draw Term Loans

As of March 31, 2024 and December 31, 2023, the Fund had the following commitments to fund various revolving and delayed draw term loans:

	As of
	March 31, 2024		December 31, 2023
Total revolving loan commitments	$	90,633	$	59,388
Less: funded commitments	(8,709)		(3,020)
Total net unfunded revolving loan commitments	81,924		56,368
Total delayed draw term loan commitments	306,840		278,442
Total net unfunded revolving and delayed draw term loan commitments	$	388,764	$	334,810

In addition, as of March 31, 2024 and December 31, 2023, the Fund was party to subscription agreements to fund equity investment commitments as follows:

	As of
	March 31, 2024		December 31, 2023
Total equity commitments	$	3,951	$	51
Less: funded commitments	(1,605)		—
Total net unfunded equity commitments	$	2,346	$	51

XML

Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value Measurements of Cash and Cash Equivalents and Investments

The following table presents fair value measurements of cash and cash equivalents, investments, derivatives and unfunded revolving and delayed draw loan commitments as of March 31, 2024:

	Fair Value Measurements Using
	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	68,497	$	—	$	—	$	68,497
First lien senior secured loans	$	—	$	1,969,981	$	1,170,419	$	3,140,400
Second lien senior secured loans	—		35,508		49,280		84,788
Senior subordinated loans	—		2,816		43,883		46,699
Corporate bonds	—		—		10,476		10,476
Collateralized loan obligations	—		—		53,230		53,230
Commercial mortgage-backed securities	—		—		5,042		5,042
Private asset-backed investments	—		—		47,894		47,894
Preferred equity	—		—		42,851		42,851
Other equity	—		—		29,781		29,781
Investments not measured at net asset value	$	—	$	2,008,305	$	1,452,856	$	3,461,161
Investments measured at net asset value(1)							1,606
Total investments							$	3,462,767
Derivatives - Foreign currency forward contracts	$	—	$	—	$	—	$	—
Unfunded revolving and delayed draw loan commitments(2)	$	—	$	—	$	(3,191)	$	(3,191)

________________________________________

(1)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated statement of assets and liabilities.

(2)The fair value of unfunded revolving and delayed draw loan commitments is included in “accounts payable and other liabilities” in the accompanying consolidated statement of assets and liabilities.

The following table presents fair value measurements of cash and cash equivalents and investments as of December 31, 2023:

	Fair Value Measurements Using
	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	57,972	$	—	$	—	$	57,972
First lien senior secured loans	$	—	$	1,533,600	$	852,371	$	2,385,971
Second lien senior secured loans	—		33,236		10,535		43,771
Senior subordinated loans	—		8,379		38,587		46,966
Corporate bonds	—		—		10,507		10,507
Collateralized loan obligations	—		—		22,681		22,681
Commercial mortgage-backed securities	—		—		5,010		5,010
Private asset-backed investments	—		—		11,901		11,901
Preferred equity	—		—		41,033		41,033
Other equity	—		—		9,718		9,718
Total investments	$	—	$	1,575,215	$	1,002,343	$	2,577,558
Derivatives - Foreign currency forward contracts	$	—	$	—	$	—	$	—
Unfunded revolving and delayed draw loan commitments(1)	$	—	$	—	$	(4,008)	$	(4,008)

________________________________________

(1)The fair value of unfunded revolving and delayed draw loan commitments is included in “accounts payable and other liabilities” in the accompanying consolidated statement of assets and liabilities.

Schedule of Significant Unobservable Inputs used to Value Investments

The following tables summarize the significant unobservable inputs the Valuation Designee used to value the majority of the Fund’s investments categorized within Level 3 as of March 31, 2024 and December 31, 2023. The table is not intended to be all-inclusive, but instead to capture the significant unobservable inputs relevant to the determination of fair values.

	As of March 31, 2024
				Unobservable Input
Asset Category	Fair Value		Primary Valuation Techniques	Input	Estimated Range	Weighted Average(1)
First lien senior secured loans	$	1,080,544	Yield analysis	Market yield	9.2% - 22.0%	12.1%
	87,195		Broker quotes	N/A	N/A	N/A
	2,680		Transaction cost	N/A	N/A	N/A
Second lien senior secured loans	49,280		Yield analysis	Market yield	12.6% - 17.3%	13.0%
Senior subordinated loans	43,883		Yield analysis	Market yield	13.9% - 19.2%	17.4%
Corporate bonds	10,476		Broker quotes	N/A	N/A	N/A
Collateralized loan obligations	53,230		Broker quotes	N/A	N/A	N/A
Commercial mortgage-backed securities	5,042		Broker quotes	N/A	N/A	N/A
Private asset-backed investments	28,437		Transaction cost	N/A	N/A	N/A
	19,457		Yield analysis	Market yield	3.3% - 10.7%	5.5%
Preferred equity	42,851		EV market multiple analysis	EBITDA multiple	3.0x - 35.3x	22.2x
			Yield analysis	Market yield	9.8%	9.8%
Other equity	29,781		EV market multiple analysis	EBITDA multiple	8.2x - 24.4x	15.4x
Total investments	$	1,452,856

____________________________________

(1)Unobservable inputs were weighted by the relative fair value of the investments.

	As of December 31, 2023
				Unobservable Input
Asset Category	Fair Value		Primary Valuation Techniques	Input	Estimated Range	Weighted Average(1)
First lien senior secured loans	$	801,531	Yield analysis	Market yield	9.6% - 21.4%	12.3%
	50,840		Broker quotes	N/A	N/A	N/A
Second lien senior secured loans	10,535		Yield analysis	Market yield	11.8%	11.8%
Senior subordinated loans	38,587		Yield analysis	Market yield	13.9% - 19.2%	17.3%
Corporate bonds	10,507		Broker quotes	N/A	N/A	N/A
Collateralized loan obligations	22,681		Broker quotes	N/A	N/A	N/A
Commercial mortgage-backed securities	5,010		Broker quotes	N/A	N/A	N/A
Private asset-backed investments	11,901		Yield analysis	Market yield	10.7% - 16.2%	13.1%
Preferred equity	41,033		EV market multiple analysis	EBITDA multiple	9.5x - 32.5x	21.7x
Other equity	9,718		EV market multiple analysis	EBITDA multiple	7.0x - 23.4x	15.5x
Total investments	$	1,002,343

____________________________________

(1)Unobservable inputs were weighted by the relative fair value of the investments.

Schedule of Changes in Investments using Level 3 Inputs

The following table presents changes in investments that use Level 3 inputs as of and for the three months ended March 31, 2024:

	As of and For the Three Months Ended March 31, 2024
Balance as of December 31, 2023	$	1,002,343
Net realized gains	1,102
Net unrealized gains	5,067
Purchases	500,262
Sales	(9,497)
Repayments	(50,429)
PIK interest and dividends	3,205
Net accretion of discount on investments	1,615
Net transfers in and/or out of Level 3	(812)
Balance as of March 31, 2024	$	1,452,856

The following table presents changes in investments that use Level 3 inputs as of and for the three months ended March 31, 2023:

	As of and For the Three Months Ended March 31, 2023
Balance as of December 31, 2022	$	18,744
Net realized gains	163
Net unrealized losses	(692)
Purchases	98,764
Sales	(11,607)
Repayments	(78)
Net accretion of discount on investments	135
Net transfers in and/or out of Level 3	2,673
Balance as of March 31, 2023	$	108,102

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The following are the carrying and fair values of the Fund’s debt obligations as of March 31, 2024 and December 31, 2023.

	As of
	March 31, 2024					December 31, 2023
	Carrying Value(1)			Fair Value(3)		Carrying Value(1)			Fair Value(3)
Revolving Credit Facility	$	245,203		$	245,203	$	460,325		$	460,325
SG Funding Facility	460,000			460,000		250,000			250,000
SB Funding Facility	200,000			200,000		—			—
Total	$	905,203	(2)	$	905,203	$	710,325	(2)	$	710,325

____________________________________

(1)The Revolving Credit Facility, SG Funding Facility and SB Funding Facility carrying values are the same as the principal amounts outstanding.

(2)Total principal amount of debt outstanding totaled $905,206 and $710,349 as of March 31, 2024 and December 31, 2023, respectively.

(3)The fair value of the debt obligations would be categorized as Level 2 under ASC 820-10.

XML

Net Assets (Tables)

3 Months Ended

Mar. 31, 2024

Investment Company [Abstract]

Schedule of Transactions in Common Shares of Beneficial Interest & Net Asset Value Per Share

The following table summarizes transactions in Common Shares during the three months ended March 31, 2024:

	For the Three Months Ended March 31, 2024
	Shares	Amount
Class I
Subscriptions(1)	15,425	$	419,424
Distributions reinvested	393	10,682
Repurchased shares, net of early repurchase deduction	(382)	(10,250)
Net increase	15,436	$	419,856
Class S
Subscriptions(1)	5,332	$	144,981
Distributions reinvested	38	1,049
Repurchased shares, net of early repurchase deduction	(5)	(126)
Net increase	5,365	$	145,904
Class D
Subscriptions(1)	719	$	19,560
Distributions reinvested	9	242
Net increase	728	$	19,802
Total net increase	21,529	$	585,562

____________________________________

(1)See Note 11 for subsequent events related to subscription activities.The following table summarizes each month-end NAV per share for Class I, Class S and Class D shares during the three months ended March 31, 2024 and 2023.

	NAV Per Share
	Class I		Class S		Class D
January 31, 2024	$	27.17	$	27.17	$	27.17
February 29, 2024	$	27.19	$	27.19	$	27.19
March 31, 2024	$	27.30	$	27.30	$	27.30

	NAV Per Share
	Class I(1)
January 31, 2023	$	25.40
February 28, 2023	$	25.58
March 31, 2023	$	25.71

____________________________________

(1)The date of the first sale of Class S shares and D shares was August 1, 2023.

Schedule of Regular Distributions Declared

The following table presents the monthly regular distributions that were declared and payable during the three months ended March 31, 2024.

			Class I
Declaration Date	Record Date	Payment Date	Net Distribution Per Share		Distribution Amount
January 23, 2024	January 31, 2024	February 22, 2024	$	0.21430	$	12,120
January 23, 2024	February 29, 2024	March 25, 2024	0.21430		13,234
January 23, 2024	March 29, 2024	April 24, 2024	0.21430		14,439
			$	0.64290	$	39,793

			Class S
Declaration Date	Record Date	Payment Date	Net Distribution Per Share		Distribution Amount
January 23, 2024	January 31, 2024	February 22, 2024	$	0.19470	$	2,417
January 23, 2024	February 29, 2024	March 25, 2024	0.19600		2,778
January 23, 2024	March 29, 2024	April 24, 2024	0.19472		3,181
			$	0.58542	$	8,376

			Class D
Declaration Date	Record Date	Payment Date	Net Distribution Per Share		Distribution Amount
January 23, 2024	January 31, 2024	February 22, 2024	$	0.20854	$	471
January 23, 2024	February 29, 2024	March 25, 2024	0.20892		498
January 23, 2024	March 29, 2024	April 24, 2024	0.20854		529
			$	0.62600	$	1,498

The following table presents the regular monthly gross distributions per share that were declared and payable:

		Gross Distribution Per Share
Record Date	Payment Date(1)	Class I		Class S		Class D
May 31, 2024	June 25, 2024	$	0.21430	$	0.21430	$	0.21430
June 28, 2024	July 24, 2024	$	0.21430	$	0.21430	$	0.21430
July 31, 2024	August 23, 2024	$	0.21430	$	0.21430	$	0.21430
August 30, 2024	September 23, 2024	$	0.21430	$	0.21430	$	0.21430
September 30, 2024	October 23, 2024	$	0.21430	$	0.21430	$	0.21430

______________________________________________________________________________

(1)The distributions for each class of the Fund’s Common Shares will be paid on or about the payment dates above.

Schedule of Treasury Stock

The following table presents the share repurchases completed during the three months ended March 31, 2024:

Repurchase Pricing Date	Total Number of Shares Repurchased	Percentage of Outstanding Shares Repurchased (1)		Repurchase Request Deadline	Purchase Price Per Share (2)		Amount Repurchased (All Classes) (2)		Maximum number of shares that may yet be purchased under the repurchase plan (3)
February 29, 2024	387	0.54	%	March 20, 2024	$	27.19	$	10,376	—

_______________________________________________________________________________

(1) Percentage is based on total shares outstanding as of the close of business on January 31, 2024.

(2) Amounts shown net of the Early Repurchase Deduction.

(3) All repurchase requests were satisfied in full.

XML

Financial Highlights (Tables)

3 Months Ended

Mar. 31, 2024

Investment Company [Abstract]

Schedule of Financial Highlights

The following is a schedule of financial highlights as of and for the three months ended March 31, 2024 and 2023:

	As of and For the Three Months Ended March 31, 2024
	Class I			Class S			Class D
Per Share Data:
Net asset value at beginning of period	$	27.22		$	27.22		$	27.22
Net investment income for period(1)	0.60			0.54			0.59
Net realized and unrealized gains for period(1)	0.12			0.12			0.12
Net increase in net assets resulting from operations	0.72			0.66			0.71
Distributions from net investment income	(0.64)			(0.58)			(0.63)
Total increase in net assets	0.08			0.08			0.08
Net asset value at end of period	$	27.30		$	27.30		$	27.30
Total return based on net asset value(2)	2.59		%	2.39		%	2.53		%
Shares outstanding at end of period	67,378			16,338			2,534
Ratio/Supplemental Data:
Net assets at end of period	$	1,839,270		$	445,988		$	69,172
Ratio of operating expenses (excluding expense support) to average net assets(3)(4)	6.84		%	7.69		%	7.09		%
Ratio of operating expenses (including expense support) to average net assets(3)	5.72		%	6.62		%	5.97		%
Ratio of net investment income to average net assets(3)(5)	8.82		%	7.97		%	8.59		%
Portfolio turnover rate(3)	55		%	55		%	55		%

	As of and For the Three Months Ended March 31, 2023
	Class I(6)
Per Share Data:
Net asset value, beginning of period	$	24.99
Issuances of common shares	0.05
Net investment income for period(1)	0.58
Net realized and unrealized gains for period(1)	0.09
Net increase in net assets	0.72
Net asset value, end of period	$	25.71
Total return based on net asset value(2)	2.88		%
Shares outstanding, end of period	9,742
Ratio/Supplemental Data:
Net assets, end of period	$	250,454
Ratio of operating expenses (excluding expense support) to average net assets(3)(4)	6.30		%
Ratio of operating expenses (including expense support) to average net assets(3)(4)	0.61		%
Ratio of net investment income to average net assets(3)(5)	9.90		%
Portfolio turnover rate(3)	190		%

_______________________________________________________________________________

(1)Weighted average basic per share data.

(2)For the three months ended March 31, 2024 and 2023, the total return based on net asset value equaled the change in net asset value during the period divided by the beginning net asset value for the period. The Fund’s performance changes over time and currently may be different than that shown. Past performance is no guarantee of future results. Total return is not annualized.

(3)The ratios reflect an annualized amount.

(4)For the three months ended March 31, 2024 and 2023, the ratio of operating expenses to average net assets consisted of the following:

	For the Three Months Ended March 31, 2024
	Class I		Class S		Class D
Base management fee	1.25	%	1.25	%	1.25	%
Income based fee and capital gains incentive fee	1.39		1.39		1.39
Interest and credit facility fees	3.27		3.27		3.27
Shareholder servicing and/or distribution fees	—		0.85		0.25
Other operating expenses	0.93		0.93		0.93
Total operating expenses	6.84	%	7.69	%	7.09	%

	As of and For the Three Months Ended March 31, 2023
	Class I(6)
Base management fee	1.34	%
Income based fee and capital gains incentive fee	0.15	%
Interest and credit facility fees	2.32	%
Other operating expenses	2.49	%
Total operating expenses	6.30	%

(5)The ratio of net investment income to average net assets excludes income taxes related to realized gains and losses.

(6)The date of the first sale of Class S shares and D shares was August 1, 2023.

XML

Subsequent Events (Tables)

3 Months Ended

Mar. 31, 2024

Subsequent Events [Abstract]

Schedule of Regular Distributions Declared

The following table presents the monthly regular distributions that were declared and payable during the three months ended March 31, 2024.

			Class I
Declaration Date	Record Date	Payment Date	Net Distribution Per Share		Distribution Amount
January 23, 2024	January 31, 2024	February 22, 2024	$	0.21430	$	12,120
January 23, 2024	February 29, 2024	March 25, 2024	0.21430		13,234
January 23, 2024	March 29, 2024	April 24, 2024	0.21430		14,439
			$	0.64290	$	39,793

			Class S
Declaration Date	Record Date	Payment Date	Net Distribution Per Share		Distribution Amount
January 23, 2024	January 31, 2024	February 22, 2024	$	0.19470	$	2,417
January 23, 2024	February 29, 2024	March 25, 2024	0.19600		2,778
January 23, 2024	March 29, 2024	April 24, 2024	0.19472		3,181
			$	0.58542	$	8,376

			Class D
Declaration Date	Record Date	Payment Date	Net Distribution Per Share		Distribution Amount
January 23, 2024	January 31, 2024	February 22, 2024	$	0.20854	$	471
January 23, 2024	February 29, 2024	March 25, 2024	0.20892		498
January 23, 2024	March 29, 2024	April 24, 2024	0.20854		529
			$	0.62600	$	1,498

The following table presents the regular monthly gross distributions per share that were declared and payable:

		Gross Distribution Per Share
Record Date	Payment Date(1)	Class I		Class S		Class D
May 31, 2024	June 25, 2024	$	0.21430	$	0.21430	$	0.21430
June 28, 2024	July 24, 2024	$	0.21430	$	0.21430	$	0.21430
July 31, 2024	August 23, 2024	$	0.21430	$	0.21430	$	0.21430
August 30, 2024	September 23, 2024	$	0.21430	$	0.21430	$	0.21430
September 30, 2024	October 23, 2024	$	0.21430	$	0.21430	$	0.21430

______________________________________________________________________________

(1)The distributions for each class of the Fund’s Common Shares will be paid on or about the payment dates above.

XML

Organization (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2024	Jan. 30, 2023
Minimum
Investment Company, Changes in Net Assets [Line Items]
Annual EBITDA of middle-market companies	$ 10
Maximum
Investment Company, Changes in Net Assets [Line Items]
Annual EBITDA of middle-market companies	250
Seed Investment Agreements
Investment Company, Changes in Net Assets [Line Items]
Maximum amount of offering	$ 7,500
Seed Investment Agreements | Class I
Investment Company, Changes in Net Assets [Line Items]
Offering price per share (in dollars per share)		$ 25.00

XML

Agreements - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended																3 Months Ended
	Mar. 31, 2024	Feb. 29, 2024	Jan. 31, 2024	Dec. 31, 2023	Nov. 30, 2023	Oct. 31, 2023	Sep. 30, 2023	Aug. 31, 2023	Jul. 31, 2023	Jun. 30, 2023	May 31, 2023	Apr. 30, 2023	Mar. 31, 2023	Feb. 28, 2023	Jan. 31, 2023	Dec. 31, 2022	Mar. 31, 2024	Mar. 31, 2023
Investment Company, Financial Highlights [Line Items]
Capital gains incentive fee payable	$ 4,489			$ 3,162													$ 4,489
Administrative and other fees																	1,332	$ 684
Expense support from the adviser																	$ 5,969	2,895
Investment Advisory And Management Agreement | Affiliated Entity
Investment Company, Financial Highlights [Line Items]
Termination notice period																	60 days
Base rate																	1.25%
Investment Advisory And Management Agreement | Affiliated Entity | Ares Capital Management
Investment Company, Financial Highlights [Line Items]
Termination notice period																	120 days
Income Based Fee, Quarterly Hurdle Rate | Affiliated Entity
Investment Company, Financial Highlights [Line Items]
Incentive rate																	1.25%
Income Based Fee, Annualized Hurdle Rate | Affiliated Entity
Investment Company, Financial Highlights [Line Items]
Incentive rate																	5.00%
Income Based Fee, Pre-Incentive Fee Net Investment Income Below Catch-Up Threshold | Affiliated Entity
Investment Company, Financial Highlights [Line Items]
Incentive rate																	100.00%
Income Based Fee, Quarterly Catch-Up Threshold | Affiliated Entity
Investment Company, Financial Highlights [Line Items]
Incentive rate																	1.43%
Income Based Fee, Annualized Catch-Up Threshold | Affiliated Entity
Investment Company, Financial Highlights [Line Items]
Incentive rate																	5.72%
Income Based Fee, Pre-Incentive Fee Net Investment Income Exceeds Catch-Up Threshold | Affiliated Entity
Investment Company, Financial Highlights [Line Items]
Incentive rate																	12.50%
Incentive Rate, Realized Capital Gains
Investment Company, Financial Highlights [Line Items]
Capital gains incentive fee payable	0			0													$ 0
Incentive Rate, Realized Capital Gains | Affiliated Entity
Investment Company, Financial Highlights [Line Items]
Incentive rate																	12.50%
Gains incentive fees	56																$ 56
Base Management Fees | Affiliated Entity
Investment Company, Financial Highlights [Line Items]
Expense support from the adviser																	2,487
Income Based Fees | Affiliated Entity
Investment Company, Financial Highlights [Line Items]
Expense support from the adviser																	$ 1,286
Administration Agreement | Affiliated Entity
Investment Company, Financial Highlights [Line Items]
Termination notice period																	60 days
Expense support from the adviser																	$ 1,061	$ 684
Intermediary Manager Agreement | Affiliated Entity
Investment Company, Financial Highlights [Line Items]
Termination notice period																	60 days
Intermediary Manager Agreement | Affiliated Entity | Class S Shares
Investment Company, Financial Highlights [Line Items]
Base rate																	0.85%
Intermediary Manager Agreement | Affiliated Entity | Class D Shares
Investment Company, Financial Highlights [Line Items]
Base rate																	0.25%
Expense Support and Conditional Reimbursement Agreement | Affiliated Entity
Investment Company, Financial Highlights [Line Items]
Expense support from the adviser	$ 2,194	$ 2,183	$ 1,592	$ 1,144	$ 1,637	$ 0	$ 1,636	$ 2,300	$ 2,502	$ 2,253	$ 1,312	$ 1,083	$ 916	$ 891	$ 1,088	$ 1,449
Payment terms																	45 days
Excess operating fund reimbursement term																	3 years

XML

Agreements - Base Management Fee, Income Based Incentive Fee and Capital Gains Incentive Fee (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Investment Company [Abstract]
Base management fee	$ 6,649	$ 684
Income based fee	6,051	0
Capital gains incentive fee	$ 1,383	$ 74

XML

Agreements - Shareholder Servicing and/or Distribution Fee (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Class S
Related Party Transaction [Line Items]
Shareholder servicing and/or distribution fees accrued	$ 822	$ 0
Class D
Related Party Transaction [Line Items]
Shareholder servicing and/or distribution fees accrued	$ 40	$ 0
Intermediary Manager Agreement | Class S | Affiliated Entity
Related Party Transaction [Line Items]
Annual Shareholder Servicing and/or Distribution Fees as a % of NAV	0.85%
Intermediary Manager Agreement | Class D | Affiliated Entity
Related Party Transaction [Line Items]
Annual Shareholder Servicing and/or Distribution Fees as a % of NAV	0.25%
Intermediary Manager Agreement | Class I | Affiliated Entity
Related Party Transaction [Line Items]
Annual Shareholder Servicing and/or Distribution Fees as a % of NAV	0.00%

XML

Agreements - Expense Payments and Related Reimbursement Payments (Details) - USD ($) $ in Thousands	1 Months Ended																3 Months Ended
	Mar. 31, 2024	Feb. 29, 2024	Jan. 31, 2024	Dec. 31, 2023	Nov. 30, 2023	Oct. 31, 2023	Sep. 30, 2023	Aug. 31, 2023	Jul. 31, 2023	Jun. 30, 2023	May 31, 2023	Apr. 30, 2023	Mar. 31, 2023	Feb. 28, 2023	Jan. 31, 2023	Dec. 31, 2022	Mar. 31, 2024	Mar. 31, 2023
Investment Company, Financial Highlights [Line Items]
Expense Support from the Adviser																	$ 5,969	$ 2,895
Expense Support and Conditional Reimbursement Agreement | Affiliated Entity
Investment Company, Financial Highlights [Line Items]
Expense Support from the Adviser	$ 2,194	$ 2,183	$ 1,592	$ 1,144	$ 1,637	$ 0	$ 1,636	$ 2,300	$ 2,502	$ 2,253	$ 1,312	$ 1,083	$ 916	$ 891	$ 1,088	$ 1,449
Recoupment of Expense Support	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Expense Support No Longer Eligible for Reimbursement	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Unreimbursed Expense Support	$ 2,194	$ 2,183	$ 1,592	$ 1,144	$ 1,637	$ 0	$ 1,636	$ 2,300	$ 2,502	$ 2,253	$ 1,312	$ 1,083	$ 916	$ 891	$ 1,088	$ 1,449	$ 2,194	$ 916
Ratio of Operating Expense to Average Net Assets for the Period	1.49%	1.10%	1.20%	1.08%	1.18%	1.20%	1.66%	1.94%	1.16%	2.48%	2.47%	2.99%	3.63%	3.53%	4.56%	5.04%
Effective Rate of Distribution per Share	0.0928	0.0993	0.0927	0.0933	0.0969	0.0867	0.0895	0.0869	0	0	0	0	0	0	0	0

XML

Investments (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2024 USD ($) loan		Dec. 31, 2023 USD ($) loan
Schedule of Investments [Line Items]
Amortized cost	$ 3,435,383,700	[1],[2]	$ 2,556,783,900	[3],[4]
Fair Value	$ 3,462,766,600	[1],[2]	$ 2,577,558,100	[3],[4]
Number of loans on non-accrual status | loan	0		0
Software and Services
Schedule of Investments [Line Items]
Amortized cost	$ 696,716,000		$ 519,562,500
Fair Value	703,110,900		524,586,500
Health Care Services
Schedule of Investments [Line Items]
Amortized cost	417,986,400		311,942,300
Fair Value	420,011,400		314,256,800
Capital Goods
Schedule of Investments [Line Items]
Amortized cost	351,518,900		266,586,700
Fair Value	354,414,400		268,098,300
Financial Services
Schedule of Investments [Line Items]
Amortized cost	264,808,100		180,835,800
Fair Value	269,117,500		184,342,800
Insurance Services
Schedule of Investments [Line Items]
Amortized cost	244,757,700		193,373,400
Fair Value	245,732,800		194,485,900
Media and Entertainment
Schedule of Investments [Line Items]
Amortized cost	175,198,300		113,530,200
Fair Value	175,839,000		113,822,900
Commercial and Professional Services
Schedule of Investments [Line Items]
Amortized cost	170,770,200		140,370,400
Fair Value	173,971,700		141,990,500
Automobiles and Components
Schedule of Investments [Line Items]
Amortized cost	96,727,500		43,916,100
Fair Value	97,531,600		43,950,800
Retailing and Distribution
Schedule of Investments [Line Items]
Amortized cost	85,232,700		69,171,100
Fair Value	85,386,600		69,323,600
Food and Beverage
Schedule of Investments [Line Items]
Amortized cost	80,927,500		69,245,400
Fair Value	80,711,700		69,566,600
Investment Funds and Vehicles
Schedule of Investments [Line Items]
Amortized cost	72,228,900		33,593,200
Fair Value	72,630,900		33,790,700
Materials
Schedule of Investments [Line Items]
Amortized cost	72,065,200		41,534,500
Fair Value	71,510,700		41,364,000
Technology Hardware and Equipment
Schedule of Investments [Line Items]
Amortized cost	42,452,400		28,799,100
Fair Value	$ 42,463,900		$ 28,823,400
Investments, At Fair Value | Industry Concentration Risk
Schedule of Investments [Line Items]
Composition, percent of fair value	100.00%		100.00%
Investments, At Fair Value | Industry Concentration Risk | Software and Services
Schedule of Investments [Line Items]
Composition, percent of fair value	20.30%		20.40%
Investments, At Fair Value | Industry Concentration Risk | Health Care Services
Schedule of Investments [Line Items]
Composition, percent of fair value	12.10%		12.20%
Investments, At Fair Value | Industry Concentration Risk | Consumer Services
Schedule of Investments [Line Items]
Composition, percent of fair value	10.90%		10.50%
Investments, At Fair Value | Industry Concentration Risk | Capital Goods
Schedule of Investments [Line Items]
Composition, percent of fair value	10.20%		10.40%
Investments, At Fair Value | Industry Concentration Risk | Financial Services
Schedule of Investments [Line Items]
Composition, percent of fair value	7.90%		7.20%
Investments, At Fair Value | Industry Concentration Risk | Insurance Services
Schedule of Investments [Line Items]
Composition, percent of fair value	7.10%		7.50%
Investments, At Fair Value | Industry Concentration Risk | Media and Entertainment
Schedule of Investments [Line Items]
Composition, percent of fair value	5.10%		4.40%
Investments, At Fair Value | Industry Concentration Risk | Commercial and Professional Services
Schedule of Investments [Line Items]
Composition, percent of fair value	5.00%		5.50%
Investments, At Fair Value | Industry Concentration Risk | Pharmaceuticals, Biotechnology and Life Sciences
Schedule of Investments [Line Items]
Composition, percent of fair value	3.10%		4.00%
Investments, At Fair Value | Industry Concentration Risk | Automobiles and Components
Schedule of Investments [Line Items]
Composition, percent of fair value	2.80%		1.70%
Investments, At Fair Value | Industry Concentration Risk | Retailing and Distribution
Schedule of Investments [Line Items]
Composition, percent of fair value	2.50%		2.70%
Investments, At Fair Value | Industry Concentration Risk | Food and Beverage
Schedule of Investments [Line Items]
Composition, percent of fair value	2.30%		2.70%
Investments, At Fair Value | Industry Concentration Risk | Investment Funds and Vehicles
Schedule of Investments [Line Items]
Composition, percent of fair value	2.10%		1.30%
Investments, At Fair Value | Industry Concentration Risk | Materials
Schedule of Investments [Line Items]
Composition, percent of fair value	2.10%		1.60%
Investments, At Fair Value | Industry Concentration Risk | Technology Hardware and Equipment
Schedule of Investments [Line Items]
Composition, percent of fair value	1.20%		1.10%
Investments, At Fair Value | Industry Concentration Risk | Other
Schedule of Investments [Line Items]
Composition, percent of fair value	5.30%		6.80%
Investments, At Fair Value | Geographic Concentration Risk
Schedule of Investments [Line Items]
Composition, percent of fair value	100.00%		100.00%
Investments, At Fair Value | Geographic Concentration Risk | United States
Schedule of Investments [Line Items]
Composition, percent of fair value	92.00%		91.50%
Investments, At Fair Value | Geographic Concentration Risk | Europe
Schedule of Investments [Line Items]
Composition, percent of fair value	3.90%		5.00%
Investments, At Fair Value | Geographic Concentration Risk | Canada
Schedule of Investments [Line Items]
Composition, percent of fair value	2.50%		2.30%
Investments, At Fair Value | Geographic Concentration Risk | Bermuda/Cayman Islands
Schedule of Investments [Line Items]
Composition, percent of fair value	1.30%		0.70%
Investments, At Fair Value | Geographic Concentration Risk | Other
Schedule of Investments [Line Items]
Composition, percent of fair value	0.30%		0.50%
First lien senior secured loans
Schedule of Investments [Line Items]
Amortized cost	$ 3,119,005,000		$ 2,369,207,000
Fair Value	3,140,400,000		2,385,971,000
Second lien senior secured loans
Schedule of Investments [Line Items]
Amortized cost	84,393,000		43,237,000
Fair Value	84,788,000		43,771,000
Senior subordinated loans
Schedule of Investments [Line Items]
Amortized cost	47,094,000		46,631,000
Fair Value	46,699,000		46,966,000
Corporate bonds
Schedule of Investments [Line Items]
Amortized cost	10,000,000		10,000,000
Fair Value	10,476,000		10,507,000
Collateralized loan obligations
Schedule of Investments [Line Items]
Amortized cost	52,850,000		22,500,000
Fair Value	53,230,000		22,681,000
Commercial mortgage-backed securities
Schedule of Investments [Line Items]
Amortized cost	4,988,000		4,988,000
Fair Value	5,042,000		5,010,000
Private asset-backed investments
Schedule of Investments [Line Items]
Amortized cost	48,098,000		11,786,000
Fair Value	47,894,000		11,901,000
Preferred equity
Schedule of Investments [Line Items]
Amortized cost	39,783,000		39,500,000
Fair Value	42,851,000		41,033,000
Other equity
Schedule of Investments [Line Items]
Amortized cost	29,173,000		8,935,000
Fair Value	$ 31,387,000		$ 9,718,000

[1] All investments are non-controlled, non-affiliated investments. Non-controlled, non-affiliated investments are defined as investments in which the Fund owns less than 5% of the portfolio company’s outstanding voting securities and does not have the power to exercise control over the management or policies of such portfolio company.

[2] As of March 31, 2024, the estimated net unrealized gain for federal tax purposes was $27.5 million based on a tax cost basis of $3.4 billion. As of March 31, 2024, the estimated aggregate gross unrealized gain for federal income tax purposes was $35.1 million and the estimated aggregate gross unrealized loss for federal income tax purposes was $7.6 million.

[3] All investments are non-controlled, non-affiliated investments. Non-controlled, non-affiliated investments are defined as investments in which the Fund owns less than 5% of the portfolio company’s outstanding voting securities and does not have the power to exercise control over the management or policies of such portfolio company.

[4] As of December 31, 2023, the estimated net unrealized gain for federal tax purposes was $20.8 million based on a tax cost basis of $2.6 billion. As of December 31, 2023, the estimated aggregate gross unrealized gain for federal income tax purposes was $24.3 million and the estimated aggregate gross unrealized loss for federal income tax purposes was $3.5 million.

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Debt - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Sep. 01, 2024	Dec. 31, 2023
Line of Credit Facility [Line Items]
Asset coverage ratio	360.00%
Principal amount outstanding	$ 905,206,000		$ 710,349,000
Total commitments	$ 2,950,000,000		1,800,000,000
Revolving Credit Facility
Line of Credit Facility [Line Items]
Percentage of total commitment under line of credit	0.85
Commitment fee percentage on unused portion	0.375%
Revolving Credit Facility | Minimum
Line of Credit Facility [Line Items]
Commitment fee percentage on letters of credit	0.25%
Line of Credit | Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 800,000,000
Borrowing capacity increase	$ 1,050,000,000
Minimum required ratio of total assets to total indebtedness	1.5
Principal amount outstanding	$ 245,206,000		460,349,000
Total commitments	$ 800,000,000		800,000,000
Line of Credit | Revolving Credit Facility | Secured Overnight Financing Rate (SOFR), Credit Spread Adjustment
Line of Credit Facility [Line Items]
Interest rate spread	0.10%
Line of Credit | Revolving Credit Facility | Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Interest rate spread	1.75%
Line of Credit | Revolving Credit Facility | Minimum | Base Rate
Line of Credit Facility [Line Items]
Interest rate spread	1.75%
Line of Credit | Revolving Credit Facility | Minimum | Alternate Base Rate
Line of Credit Facility [Line Items]
Interest rate spread	0.75%
Line of Credit | Revolving Credit Facility | Maximum | Base Rate
Line of Credit Facility [Line Items]
Interest rate spread	1.875%
Line of Credit | Revolving Credit Facility | Maximum | Alternate Base Rate
Line of Credit Facility [Line Items]
Interest rate spread	0.875%
Line of Credit | Revolving Credit Facility | Letter of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 100,000,000
Line of Credit | SG Funding Facility
Line of Credit Facility [Line Items]
Borrowing capacity increase	2,000,000,000
Principal amount outstanding	460,000,000		250,000,000
Total commitments	$ 1,400,000,000		1,000,000,000
Line of Credit | SG Funding Facility | Revolving Credit Facility
Line of Credit Facility [Line Items]
Interest rate floor	2.75%
Line of Credit | SG Funding Facility | Revolving Credit Facility | Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Interest rate spread	2.60%
Line of Credit | SG Funding Facility | Revolving Credit Facility | Applicable Benchmark, Collateral Pool, Broadly Syndicated Loans
Line of Credit Facility [Line Items]
Interest rate spread	1.90%
Line of Credit | SG Funding Facility | Revolving Credit Facility | Applicable Benchmark, Collateral Pool, Not Broadly Syndicated Loans
Line of Credit Facility [Line Items]
Interest rate spread	2.80%
Line of Credit | SB Funding Facility
Line of Credit Facility [Line Items]
Principal amount outstanding	$ 200,000,000		0
Commitment fee percentage on letters of credit	0.50%
Total commitments	$ 750,000,000		$ 0
Line of Credit | SB Funding Facility | Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Interest rate spread	2.40%
Line of Credit | SB Funding Facility | Secured Overnight Financing Rate (SOFR) | During Reinvestment Period
Line of Credit Facility [Line Items]
Interest rate spread	2.40%
Line of Credit | SB Funding Facility | Secured Overnight Financing Rate (SOFR) | Following Reinvestment Period
Line of Credit Facility [Line Items]
Interest rate spread	2.70%
Line of Credit | SB Funding Facility | Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 750,000,000
Current borrowing capacity	$ 250,000,000
Line of Credit | SB Funding Facility | Revolving Credit Facility | Forecast
Line of Credit Facility [Line Items]
Current borrowing capacity		$ 500,000,000

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Debt - Outstanding Debt (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Line of Credit Facility [Line Items]
Total Aggregate Principal Amount Committed/Outstanding	$ 2,950,000,000	$ 1,800,000,000
Principal Amount Outstanding	905,206,000	710,349,000
Carrying Value	905,203,000	710,325,000
Line of Credit
Line of Credit Facility [Line Items]
Carrying Value	905,203,000	710,325,000
Revolving Credit Facility | Line of Credit
Line of Credit Facility [Line Items]
Total Aggregate Principal Amount Committed/Outstanding	800,000,000	800,000,000
Principal Amount Outstanding	245,206,000	460,349,000
Carrying Value	245,203,000	460,325,000
Borrowing capacity increase	1,050,000,000
SG Funding Facility | Line of Credit
Line of Credit Facility [Line Items]
Total Aggregate Principal Amount Committed/Outstanding	1,400,000,000	1,000,000,000
Principal Amount Outstanding	460,000,000	250,000,000
Carrying Value	460,000,000	250,000,000
Borrowing capacity increase	2,000,000,000
SB Funding Facility | Line of Credit
Line of Credit Facility [Line Items]
Total Aggregate Principal Amount Committed/Outstanding	750,000,000	0
Principal Amount Outstanding	200,000,000	0
Carrying Value	200,000,000	$ 0
SB Funding Facility | Line of Credit | Revolving Credit Facility
Line of Credit Facility [Line Items]
Current borrowing capacity	$ 250,000,000

XML

Debt - Components of Debt Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Line of Credit Facility [Line Items]
Amortization of debt issuance costs	$ 1,007	$ 302
Total interest and credit facility fees expense	17,412	1,181
Cash paid for interest expense	15,813	0
Revolving Credit Facility | Line of Credit
Line of Credit Facility [Line Items]
Stated interest expense	7,519	310
Credit facility fees	367	569
Amortization of debt issuance costs	352	302
Total interest and credit facility fees expense	8,238	1,181
Cash paid for interest expense	$ 7,598	$ 0
Average stated interest rate	7.18%	6.35%
Average outstanding balance	$ 414,213	$ 18,500
SG Funding Facility | Line of Credit
Line of Credit Facility [Line Items]
Stated interest expense	7,163
Credit facility fees	1,047
Amortization of debt issuance costs	601
Total interest and credit facility fees expense	8,811
Cash paid for interest expense	$ 8,215
Average stated interest rate	7.95%
Average outstanding balance	$ 356,538
SB Funding Facility | Line of Credit
Line of Credit Facility [Line Items]
Stated interest expense	215
Credit facility fees	94
Amortization of debt issuance costs	54
Total interest and credit facility fees expense	363
Cash paid for interest expense	$ 0
Average stated interest rate	7.72%
Average outstanding balance	$ 33,333

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Derivative Instruments - Schedule of Certain Information Related to the Company’s Foreign Currency Forward Derivative Instruments (Details) € in Thousands, £ in Thousands, $ in Thousands, $ in Thousands, $ in Thousands	Mar. 31, 2024 CAD ($)	Mar. 31, 2024 USD ($)	Mar. 31, 2024 GBP (£)	Mar. 31, 2024 AUD ($)	Mar. 31, 2024 EUR (€)	Dec. 31, 2023 CAD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 GBP (£)	Dec. 31, 2023 AUD ($)	Dec. 31, 2023 EUR (€)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross Amount of Recognized Assets		$ 57,795					$ 31,259
Gross Amount of Recognized Liabilities		(57,795)					(31,259)
Foreign Currency Forward Contract, Maturity Date November 16, 2026 CAD
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	$ 19,573					$ 1,391
Foreign Currency Forward Contract, Maturity Date November 16, 2026 CAD | Other assets
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross Amount of Recognized Assets		14,602					1,017
Gross Amount of Recognized Liabilities		(14,602)					(1,017)
Foreign Currency Forward Contract, Maturity Date August 21 2026 GBP
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount | £			£ 12,035					£ 11,532
Foreign Currency Forward Contract, Maturity Date August 21 2026 GBP | Other assets
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross Amount of Recognized Assets		14,878					14,240
Gross Amount of Recognized Liabilities		(14,878)					(14,240)
Foreign Currency Forward Contract, Maturity Date November 17 2024 AUD
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount				$ 9,518					$ 9,518
Foreign Currency Forward Contract, Maturity Date November 17 2024 AUD | Other assets
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross Amount of Recognized Assets		6,165					6,165
Gross Amount of Recognized Liabilities		(6,165)					(6,165)
Foreign Currency Forward Contract, Maturity Date April 26, 2024 EUR
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount | €					€ 8,053
Foreign Currency Forward Contract, Maturity Date April 26, 2024 EUR | Other assets
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross Amount of Recognized Assets		8,807
Gross Amount of Recognized Liabilities		(8,807)
Foreign Currency Forward Contract, Maturity Date October 18, 2024 AUD
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount				7,290
Foreign Currency Forward Contract, Maturity Date October 18, 2024 AUD | Other assets
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross Amount of Recognized Assets		4,812
Gross Amount of Recognized Liabilities		(4,812)
Foreign Currency Forward Contract, Maturity Date March 31 2026 GBP
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount | £			3,989					720
Foreign Currency Forward Contract, Maturity Date March 31 2026 GBP | Other assets
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross Amount of Recognized Assets		5,015					874
Gross Amount of Recognized Liabilities		(5,015)					(874)
Foreign Currency Forward Contract, Maturity Date February 18, 2026 AUD
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount				$ 1,897
Foreign Currency Forward Contract, Maturity Date February 18, 2026 AUD | Other assets
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross Amount of Recognized Assets		1,255
Gross Amount of Recognized Liabilities		(1,255)
Foreign Currency Forward Contract, Maturity Date March 30, 2027 EUR
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount | €					736
Foreign Currency Forward Contract, Maturity Date March 30, 2027 EUR | Other assets
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross Amount of Recognized Assets		833
Gross Amount of Recognized Liabilities		(833)
Foreign Currency Forward Contract, Maturity Date March 31 2025 GBP
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount | £			£ 480					£ 480
Foreign Currency Forward Contract, Maturity Date March 31 2025 GBP | Other assets
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross Amount of Recognized Assets		583					583
Gross Amount of Recognized Liabilities		(583)					(583)
Foreign Currency Forward Contract, Maturity Date March 26, 2025 EUR
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount | €					424
Foreign Currency Forward Contract, Maturity Date March 26, 2025 EUR | Other assets
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross Amount of Recognized Assets		465
Gross Amount of Recognized Liabilities		(465)
Foreign Currency Forward Contract, Maturity Date March 26, 2026 EUR
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount | €					€ 341
Foreign Currency Forward Contract, Maturity Date March 26, 2026 EUR | Other assets
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross Amount of Recognized Assets		380
Gross Amount of Recognized Liabilities		$ (380)
Foreign Currency Forward Contract, Maturity Date January 26 2024 EUR
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount | €										€ 7,826
Foreign Currency Forward Contract, Maturity Date January 26 2024 EUR | Other assets
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross Amount of Recognized Assets							8,380
Gross Amount of Recognized Liabilities							$ (8,380)

XML

Derivative Instruments - Schedule of Net Realized and Unrealized Gains and Losses on Derivative Instruments (Details) - Foreign currency forward contract $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Derivative Instruments, Gain (Loss) [Line Items]
Net realized gains (losses) on foreign currency transactions	$ 0
Net unrealized gains (losses) on foreign currency transactions	$ 779

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Commitment and Contingencies - Schedule of Commitments to Fund Various Revolving and Delayed Draw Term Loans and Equity Investments (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Other Commitments [Line Items]
Total net unfunded revolving loan commitments	$ 3,191,000	$ 4,008,000
Revolving Loan Commitments
Other Commitments [Line Items]
Total revolving loan commitments	90,633,000	59,388,000
Less: funded commitments	(8,709,000)	(3,020,000)
Total net unfunded revolving loan commitments	81,924,000	56,368,000
Delayed Draw Loan Commitments
Other Commitments [Line Items]
Total revolving loan commitments	306,840,000	278,442,000
Equity Investment Commitments
Other Commitments [Line Items]
Total revolving loan commitments	3,951,000	51,100
Less: funded commitments	(1,605,500)	0
Total net unfunded revolving loan commitments	2,345,500	51,100
Total net unfunded revolving and delayed draw term loan commitments	$ 2,345,500	$ 51,100

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Fair Value of Financial Instruments - Fair Value Measurements of Cash and Cash Equivalents and Investments (Details) - USD ($)	Mar. 31, 2024		Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents			$ 57,972,000
Investments	$ 3,462,766,600	[1],[2]	2,577,558,100	[3],[4]
Derivatives	0		0
Unfunded revolving and delayed draw loan commitments	(3,191,000)		(4,008,000)
First lien senior secured loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	3,140,400,000		2,385,971,000
Second lien senior secured loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	84,788,000		43,771,000
Senior subordinated loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	46,699,000		46,966,000
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	10,476,000		10,507,000
Collateralized loan obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	53,230,000		22,681,000
Commercial mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	5,042,000		5,010,000
Private asset-backed investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	47,894,000		11,901,000
Preferred equity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	42,851,000		41,033,000
Other equity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	31,387,000		9,718,000
Total
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	68,497,000
Investments	3,461,161,000
Total | First lien senior secured loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	3,140,400,000
Total | Second lien senior secured loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	84,788,000
Total | Senior subordinated loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	46,699,000
Total | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	10,476,000
Total | Collateralized loan obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	53,230,000
Total | Commercial mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	5,042,000
Total | Private asset-backed investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	47,894,000
Total | Preferred equity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	42,851,000
Total | Other equity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	29,781,000
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	68,497,000		57,972,000
Investments	0		0
Derivatives	0		0
Unfunded revolving and delayed draw loan commitments	0		0
Level 1 | First lien senior secured loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0		0
Level 1 | Second lien senior secured loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0		0
Level 1 | Senior subordinated loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0		0
Level 1 | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0		0
Level 1 | Collateralized loan obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0		0
Level 1 | Commercial mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0		0
Level 1 | Private asset-backed investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0		0
Level 1 | Preferred equity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0		0
Level 1 | Other equity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0
Level 1 | Other equity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments			0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0		0
Investments	2,008,305,000		1,575,215,000
Derivatives	0		0
Unfunded revolving and delayed draw loan commitments	0		0
Level 2 | First lien senior secured loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	1,969,981,000		1,533,600,000
Level 2 | Second lien senior secured loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	35,508,000		33,236,000
Level 2 | Senior subordinated loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	2,816,000		8,379,000
Level 2 | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0		0
Level 2 | Collateralized loan obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0		0
Level 2 | Commercial mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0		0
Level 2 | Private asset-backed investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0		0
Level 2 | Preferred equity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0		0
Level 2 | Other equity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0
Level 2 | Other equity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments			0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0		0
Investments	1,452,856,000		1,002,343,000
Derivatives	0		0
Unfunded revolving and delayed draw loan commitments	(3,191,000)		(4,008,000)
Level 3 | First lien senior secured loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	1,170,419,000		852,371,000
Level 3 | Second lien senior secured loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	49,280,000		10,535,000
Level 3 | Senior subordinated loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	43,883,000		38,587,000
Level 3 | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	10,476,000		10,507,000
Level 3 | Collateralized loan obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	53,230,000		22,681,000
Level 3 | Commercial mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	5,042,000		5,010,000
Level 3 | Private asset-backed investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	47,894,000		11,901,000
Level 3 | Preferred equity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	42,851,000		41,033,000
Level 3 | Other equity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	29,781,000
Level 3 | Other equity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments			$ 9,718,000
Measured at NAV
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	$ 1,606,000

[1] All investments are non-controlled, non-affiliated investments. Non-controlled, non-affiliated investments are defined as investments in which the Fund owns less than 5% of the portfolio company’s outstanding voting securities and does not have the power to exercise control over the management or policies of such portfolio company.

[2] As of March 31, 2024, the estimated net unrealized gain for federal tax purposes was $27.5 million based on a tax cost basis of $3.4 billion. As of March 31, 2024, the estimated aggregate gross unrealized gain for federal income tax purposes was $35.1 million and the estimated aggregate gross unrealized loss for federal income tax purposes was $7.6 million.

[3] All investments are non-controlled, non-affiliated investments. Non-controlled, non-affiliated investments are defined as investments in which the Fund owns less than 5% of the portfolio company’s outstanding voting securities and does not have the power to exercise control over the management or policies of such portfolio company.

[4] As of December 31, 2023, the estimated net unrealized gain for federal tax purposes was $20.8 million based on a tax cost basis of $2.6 billion. As of December 31, 2023, the estimated aggregate gross unrealized gain for federal income tax purposes was $24.3 million and the estimated aggregate gross unrealized loss for federal income tax purposes was $3.5 million.

XML

Fair Value of Financial Instruments - Significant Unobservable Inputs (Details)	Mar. 31, 2024 USD ($)		Dec. 31, 2023 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 3,462,766,600	[1],[2]	$ 2,577,558,100	[3],[4]
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	1,452,856,000		1,002,343,000
Level 3 | First lien senior secured loans | Yield analysis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 1,080,544,000		$ 801,531,000
Level 3 | First lien senior secured loans | Yield analysis | Market yield | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unobservable Input	0.092		0.096
Level 3 | First lien senior secured loans | Yield analysis | Market yield | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unobservable Input	0.220		0.214
Level 3 | First lien senior secured loans | Yield analysis | Market yield | Weighted Average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unobservable Input	0.121		0.123
Level 3 | First lien senior secured loans | Broker quotes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 87,195,000		$ 50,840,000
Level 3 | First lien senior secured loans | Transaction cost
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	2,680,000
Level 3 | Second lien senior secured loans | Yield analysis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 49,280,000		$ 10,535,000
Level 3 | Second lien senior secured loans | Yield analysis | Market yield
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unobservable Input			0.118
Level 3 | Second lien senior secured loans | Yield analysis | Market yield | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unobservable Input	0.126
Level 3 | Second lien senior secured loans | Yield analysis | Market yield | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unobservable Input	0.173
Level 3 | Second lien senior secured loans | Yield analysis | Market yield | Weighted Average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unobservable Input	0.130		0.118
Level 3 | Senior subordinated loans | Yield analysis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 43,883,000		$ 38,587,000
Level 3 | Senior subordinated loans | Yield analysis | Market yield | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unobservable Input	0.139		0.139
Level 3 | Senior subordinated loans | Yield analysis | Market yield | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unobservable Input	0.192		0.192
Level 3 | Senior subordinated loans | Yield analysis | Market yield | Weighted Average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unobservable Input	0.174		0.173
Level 3 | Senior subordinated loans | Broker quotes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value			$ 10,507,000
Level 3 | Corporate bonds | Broker quotes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 10,476,000
Level 3 | Collateralized loan obligations | Broker quotes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	53,230,000		22,681,000
Level 3 | Commercial mortgage-backed securities | Broker quotes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	5,042,000		5,010,000
Level 3 | Private asset-backed investments | Yield analysis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 19,457,000		$ 11,901,000
Level 3 | Private asset-backed investments | Yield analysis | Market yield | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unobservable Input			0.107
Level 3 | Private asset-backed investments | Yield analysis | Market yield | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unobservable Input			0.162
Level 3 | Private asset-backed investments | Yield analysis | Market yield | Weighted Average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unobservable Input			0.131
Level 3 | Private asset-backed investments | Yield analysis | EBITDA multiple | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unobservable Input	0.033
Level 3 | Private asset-backed investments | Yield analysis | EBITDA multiple | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unobservable Input	0.107
Level 3 | Private asset-backed investments | Yield analysis | EBITDA multiple | Weighted Average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unobservable Input	0.055
Level 3 | Private asset-backed investments | Transaction cost
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 28,437,000
Level 3 | Preferred equity | Yield analysis | EBITDA multiple | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unobservable Input	0.098
Level 3 | Preferred equity | Yield analysis | EBITDA multiple | Weighted Average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unobservable Input	0.098
Level 3 | Preferred equity | EV market multiple analysis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 42,851,000		$ 41,033,000
Level 3 | Preferred equity | EV market multiple analysis | EBITDA multiple | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unobservable Input	3		9.5
Level 3 | Preferred equity | EV market multiple analysis | EBITDA multiple | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unobservable Input	35.3		32.5
Level 3 | Preferred equity | EV market multiple analysis | EBITDA multiple | Weighted Average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unobservable Input	22.2		21.7
Level 3 | Other equity | EV market multiple analysis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 29,781,000		$ 9,718,000
Level 3 | Other equity | EV market multiple analysis | EBITDA multiple | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unobservable Input	8.2		7
Level 3 | Other equity | EV market multiple analysis | EBITDA multiple | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unobservable Input	24.4		23.4
Level 3 | Other equity | EV market multiple analysis | EBITDA multiple | Weighted Average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unobservable Input	15.4		15.5

[1] All investments are non-controlled, non-affiliated investments. Non-controlled, non-affiliated investments are defined as investments in which the Fund owns less than 5% of the portfolio company’s outstanding voting securities and does not have the power to exercise control over the management or policies of such portfolio company.

[2] As of March 31, 2024, the estimated net unrealized gain for federal tax purposes was $27.5 million based on a tax cost basis of $3.4 billion. As of March 31, 2024, the estimated aggregate gross unrealized gain for federal income tax purposes was $35.1 million and the estimated aggregate gross unrealized loss for federal income tax purposes was $7.6 million.

[3] All investments are non-controlled, non-affiliated investments. Non-controlled, non-affiliated investments are defined as investments in which the Fund owns less than 5% of the portfolio company’s outstanding voting securities and does not have the power to exercise control over the management or policies of such portfolio company.

[4] As of December 31, 2023, the estimated net unrealized gain for federal tax purposes was $20.8 million based on a tax cost basis of $2.6 billion. As of December 31, 2023, the estimated aggregate gross unrealized gain for federal income tax purposes was $24.3 million and the estimated aggregate gross unrealized loss for federal income tax purposes was $3.5 million.

XML

Fair Value of Financial Instruments - Changes in Investments using Level 3 Inputs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at the beginning	$ 1,002,343	$ 18,744
Purchases	500,262	98,764
Sales	(9,497)	(11,607)
Repayments	(50,429)	(78)
PIK interest and dividends	3,205
Net accretion of discount on investments	1,615	135
Net transfers in and/or out of Level 3	(812)	2,673
Balance at the end	1,452,856	108,102
Debt and Equity Securities, Realized Gain (Loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized and unrealized gains (losses)	$ 1,102	$ 163
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Net realized gains from non-controlled/non-affiliate company investments	Net realized gains from non-controlled/non-affiliate company investments
Debt and Equity Securities, Unrealized Gain (Loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized and unrealized gains (losses)	$ 5,067	$ (692)
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Net unrealized gains (losses) from non-controlled/non-affiliate company investments	Net unrealized gains (losses) from non-controlled/non-affiliate company investments

XML

Fair Value of Financial Instruments - Narrative (Details) - Level 3 - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net unrealized appreciation (depreciation)	$ 15,185	$ (394)
Net unrealized gains (losses)	$ 5,996	$ (379)

XML

Fair Value of Financial Instruments - Carrying Values and Estimated Fair Values of Debt Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	$ 905,203	$ 710,325
Principal amount outstanding	905,206	710,349
Line of Credit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	905,203	710,325
Line of Credit | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	905,203	710,325
Revolving Credit Facility | Line of Credit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	245,203	460,325
Principal amount outstanding	245,206	460,349
Revolving Credit Facility | Line of Credit | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	245,203	460,325
SG Funding Facility | Line of Credit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	460,000	250,000
Principal amount outstanding	460,000	250,000
SG Funding Facility | Line of Credit | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	460,000	250,000
SB Funding Facility | Line of Credit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	200,000	0
Principal amount outstanding	200,000	0
SB Funding Facility | Line of Credit | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 200,000	$ 0

XML

Net Assets - Narrative (Details) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		10 Months Ended
	Mar. 31, 2024 USD ($) $ / shares	Mar. 31, 2023 USD ($) shares	Jul. 31, 2023 USD ($) shareholder shares	Dec. 31, 2023 $ / shares
Investment Company, Changes in Net Assets [Line Items]
Common stock per value (in dollars per share) | $ / shares	$ 0.01			$ 0.01
Shares offered to repurchase per quarter	5.00%
Deduction in NAV per share	2.00%
Class I
Investment Company, Changes in Net Assets [Line Items]
Common stock per value (in dollars per share) | $ / shares	$ 0.01			$ 0.01
Seed Investment Agreements
Investment Company, Changes in Net Assets [Line Items]
Total commitments under subscription agreements	$ 847,098
Aggregate amount		$ 96,463	$ 847,098
Maximum amount of offering	$ 7,500,000
Seed Investment Agreements | Class I
Investment Company, Changes in Net Assets [Line Items]
Number of shares issued (in shares) | shares		3,815	32,402
Number of shareholders | shareholder			61

XML

Net Assets - Transactions in Common Shares of Beneficial Interest (Details) - USD ($) $ in Thousands		3 Months Ended
	Feb. 29, 2024	Mar. 31, 2024	Mar. 31, 2023
Investment Company, Changes in Net Assets [Line Items]
Repurchased shares, net of early repurchase deduction (in shares)	(387,000)
Repurchased shares, net of early repurchase deduction	$ (10,376)
Net increase (in shares)		21,529,000
Net increase in net assets from share transactions		$ 585,562
Class I
Investment Company, Changes in Net Assets [Line Items]
Subscriptions (in shares)		15,425,000
Distributions reinvested (in shares)		393,000
Distributions reinvested		$ 10,682	$ 0
Repurchased shares, net of early repurchase deduction (in shares)		(382,000)
Repurchased shares, net of early repurchase deduction		$ (10,250)	0
Net increase (in shares)		15,436,000
Net increase in net assets from share transactions		$ 419,856	96,464
Class I | Capital in Excess of Par Value
Investment Company, Changes in Net Assets [Line Items]
Subscriptions		$ 419,424	96,464
Class S
Investment Company, Changes in Net Assets [Line Items]
Subscriptions (in shares)		5,332,000
Distributions reinvested (in shares)		38,000
Distributions reinvested		$ 1,049	0
Repurchased shares, net of early repurchase deduction (in shares)		(5,000)
Repurchased shares, net of early repurchase deduction		$ (126)	0
Net increase (in shares)		5,365,000
Net increase in net assets from share transactions		$ 145,904	0
Class S | Capital in Excess of Par Value
Investment Company, Changes in Net Assets [Line Items]
Subscriptions		$ 144,981	0
Class D
Investment Company, Changes in Net Assets [Line Items]
Subscriptions (in shares)		719,000
Distributions reinvested (in shares)		9,000
Distributions reinvested		$ 242	0
Net increase (in shares)		728,000
Net increase in net assets from share transactions		$ 19,802	0
Class D | Capital in Excess of Par Value
Investment Company, Changes in Net Assets [Line Items]
Subscriptions		$ 19,560	$ 0

XML

Net Assets - Net Asset Value Per Share (Details) - $ / shares	Mar. 31, 2024	Feb. 29, 2024	Jan. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Feb. 28, 2023	Jan. 31, 2023	Dec. 31, 2022
Class I
Investment Company, Changes in Net Assets [Line Items]
Net asset value per share (in dollars per share)	$ 27.30	$ 27.19	$ 27.17	$ 27.22	$ 25.71	$ 25.58	$ 25.40	$ 24.99
Class S
Investment Company, Changes in Net Assets [Line Items]
Net asset value per share (in dollars per share)	27.30	27.19	27.17	27.22
Class D
Investment Company, Changes in Net Assets [Line Items]
Net asset value per share (in dollars per share)	$ 27.30	$ 27.19	$ 27.17	$ 27.22

XML

Net Assets - Regular Distributions Declared (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	Jan. 23, 2024	Mar. 31, 2024
Class I
Investment Company, Changes in Net Assets [Line Items]
Net distribution per share (in dollars per share)		$ 0.64290
Distribution Amount		$ 39,793
Class I | Dividends Declared, January 31, 2024
Investment Company, Changes in Net Assets [Line Items]
Net distribution per share (in dollars per share)	$ 0.21430
Distribution Amount	$ 12,120
Class I | Dividends Declared, February 29, 2024
Investment Company, Changes in Net Assets [Line Items]
Net distribution per share (in dollars per share)	$ 0.21430
Distribution Amount	$ 13,234
Class I | Dividends Declared, March 29, 2024
Investment Company, Changes in Net Assets [Line Items]
Net distribution per share (in dollars per share)	$ 0.21430
Distribution Amount	$ 14,439
Class S
Investment Company, Changes in Net Assets [Line Items]
Net distribution per share (in dollars per share)		$ 0.58542
Distribution Amount		$ 8,376
Class S | Dividends Declared, January 31, 2024
Investment Company, Changes in Net Assets [Line Items]
Net distribution per share (in dollars per share)	$ 0.19470
Distribution Amount	$ 2,417
Class S | Dividends Declared, February 29, 2024
Investment Company, Changes in Net Assets [Line Items]
Net distribution per share (in dollars per share)	$ 0.19600
Distribution Amount	$ 2,778
Class S | Dividends Declared, March 29, 2024
Investment Company, Changes in Net Assets [Line Items]
Net distribution per share (in dollars per share)	$ 0.19472
Distribution Amount	$ 3,181
Class D
Investment Company, Changes in Net Assets [Line Items]
Net distribution per share (in dollars per share)		$ 0.62600
Distribution Amount		$ 1,498
Class D | Dividends Declared, January 31, 2024
Investment Company, Changes in Net Assets [Line Items]
Net distribution per share (in dollars per share)	$ 0.20854
Distribution Amount	$ 471
Class D | Dividends Declared, February 29, 2024
Investment Company, Changes in Net Assets [Line Items]
Net distribution per share (in dollars per share)	$ 0.20892
Distribution Amount	$ 498
Class D | Dividends Declared, March 29, 2024
Investment Company, Changes in Net Assets [Line Items]
Net distribution per share (in dollars per share)	$ 0.20854
Distribution Amount	$ 529

XML

Net Assets - Fund Repurchased Shares of Fund's Class (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	Feb. 29, 2024	Mar. 31, 2024	Mar. 31, 2023
Investment Company, Changes in Net Assets [Line Items]
Shares repurchased (in shares)	387,000
Repurchased outstanding shares percentage	0.54%
Repurchased investment (in USD per shares)	$ 27.19
Shares repurchased, value	$ 10,376
Maximum number of shares that may yet be purchased under the repurchase plan (in shares)	0
Class I
Investment Company, Changes in Net Assets [Line Items]
Shares repurchased (in shares)		382,000
Shares repurchased, value		$ 10,250	$ 0

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Financial Highlights - Schedule of Financial Highlights (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	1 Months Ended								3 Months Ended
	Mar. 31, 2024	Feb. 29, 2024	Jan. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Feb. 28, 2023	Jan. 31, 2023	Dec. 31, 2022	Mar. 31, 2024	Mar. 31, 2023
Investment Company, Financial Highlights [Roll Forward]
Shares outstanding at end of period (in shares)	86,250			64,721					86,250
Ratio/Supplemental Data:
Net assets at end of period	$ 2,354,430			$ 1,761,392	$ 250,454			$ 148,098	$ 2,354,430	$ 250,454
Class I
Investment Company, Financial Highlights [Roll Forward]
Net asset value, beginning of period (in dollars per share)	$ 27.19	$ 27.17	$ 27.22		$ 25.58	$ 25.40	$ 24.99		$ 27.22	$ 24.99
Issuances of common shares (in dollars per share)										0.05
Net investment income for period (in dollars per share)									0.60	0.58
Net realized and unrealized gains for period (in dollars per share)									0.12	0.09
Net increase in stockholders' equity (in dollars per share)									0.72
Distributions from net investment income (in dollars per share)									(0.64)
Total increase in net assets (in dollars per share)									0.08	0.72
Net asset value, end of period (in dollars per share)	$ 27.30	27.19	27.17	$ 27.22	$ 25.71	$ 25.58	$ 25.40	$ 24.99	$ 27.30	$ 25.71
Total return based on net asset value									2.59%	2.88%
Shares outstanding at end of period (in shares)	67,378			51,943	9,742				67,378	9,742
Ratio/Supplemental Data:
Net assets at end of period	$ 1,839,270			$ 1,413,632	$ 250,454				$ 1,839,270	$ 250,454
Ratio of operating expenses (excluding expense support) to average net assets									6.84%	6.30%
Ratio of operating expenses (including expense support) to average net assets									5.72%	0.61%
Ratio of net investment income to average net assets									8.82%	9.90%
Portfolio turnover rate									55.00%	190.00%
Class S
Investment Company, Financial Highlights [Roll Forward]
Net asset value, beginning of period (in dollars per share)	$ 27.19	27.17	27.22						$ 27.22
Net investment income for period (in dollars per share)									0.54
Net realized and unrealized gains for period (in dollars per share)									0.12
Net increase in stockholders' equity (in dollars per share)									0.66
Distributions from net investment income (in dollars per share)									(0.58)
Total increase in net assets (in dollars per share)									0.08
Net asset value, end of period (in dollars per share)	$ 27.30	27.19	27.17	$ 27.22					$ 27.30
Total return based on net asset value									2.39%
Shares outstanding at end of period (in shares)	16,338			10,972					16,338
Ratio/Supplemental Data:
Net assets at end of period	$ 445,988			$ 298,608					$ 445,988
Ratio of operating expenses (excluding expense support) to average net assets									7.69%
Ratio of operating expenses (including expense support) to average net assets									6.62%
Ratio of net investment income to average net assets									7.97%
Portfolio turnover rate									55.00%
Class D
Investment Company, Financial Highlights [Roll Forward]
Net asset value, beginning of period (in dollars per share)	$ 27.19	27.17	27.22						$ 27.22
Net investment income for period (in dollars per share)									0.59
Net realized and unrealized gains for period (in dollars per share)									0.12
Net increase in stockholders' equity (in dollars per share)									0.71
Distributions from net investment income (in dollars per share)									(0.63)
Total increase in net assets (in dollars per share)									0.08
Net asset value, end of period (in dollars per share)	$ 27.30	$ 27.19	$ 27.17	$ 27.22					$ 27.30
Total return based on net asset value									2.53%
Shares outstanding at end of period (in shares)	2,534			1,806					2,534
Ratio/Supplemental Data:
Net assets at end of period	$ 69,172			$ 49,152					$ 69,172
Ratio of operating expenses (excluding expense support) to average net assets									7.09%
Ratio of operating expenses (including expense support) to average net assets									5.97%
Ratio of net investment income to average net assets									8.59%
Portfolio turnover rate									55.00%

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Financial Highlights - Schedule of Financial Highlights, Additional Information (Details)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Class I
Investment Company, Financial Highlights [Line Items]
Total operating expenses	6.84%	6.30%
Class S
Investment Company, Financial Highlights [Line Items]
Total operating expenses	7.69%
Class D
Investment Company, Financial Highlights [Line Items]
Total operating expenses	7.09%
Base management fee | Class I
Investment Company, Financial Highlights [Line Items]
Total operating expenses	1.25%	1.34%
Base management fee | Class S
Investment Company, Financial Highlights [Line Items]
Total operating expenses	1.25%
Base management fee | Class D
Investment Company, Financial Highlights [Line Items]
Total operating expenses	1.25%
Income based fee and capital gains incentive fee | Class I
Investment Company, Financial Highlights [Line Items]
Total operating expenses	1.39%	0.15%
Income based fee and capital gains incentive fee | Class S
Investment Company, Financial Highlights [Line Items]
Total operating expenses	1.39%
Income based fee and capital gains incentive fee | Class D
Investment Company, Financial Highlights [Line Items]
Total operating expenses	1.39%
Interest and credit facility fees | Class I
Investment Company, Financial Highlights [Line Items]
Total operating expenses	3.27%	2.32%
Interest and credit facility fees | Class S
Investment Company, Financial Highlights [Line Items]
Total operating expenses	3.27%
Interest and credit facility fees | Class D
Investment Company, Financial Highlights [Line Items]
Total operating expenses	3.27%
Shareholder servicing and/or distribution fees | Class I
Investment Company, Financial Highlights [Line Items]
Total operating expenses	0.00%
Shareholder servicing and/or distribution fees | Class S
Investment Company, Financial Highlights [Line Items]
Total operating expenses	0.85%
Shareholder servicing and/or distribution fees | Class D
Investment Company, Financial Highlights [Line Items]
Total operating expenses	0.25%
Other operating expenses | Class I
Investment Company, Financial Highlights [Line Items]
Total operating expenses	0.93%	2.49%
Other operating expenses | Class S
Investment Company, Financial Highlights [Line Items]
Total operating expenses	0.93%
Other operating expenses | Class D
Investment Company, Financial Highlights [Line Items]
Total operating expenses	0.93%

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Subsequent Events - Narrative (Details) - USD ($) $ / shares in Units, shares in Thousands			3 Months Ended	10 Months Ended
	May 01, 2024	Apr. 01, 2024	Mar. 31, 2023	Jul. 31, 2023	May 08, 2024	Apr. 15, 2024	Mar. 31, 2024	Jan. 30, 2023
Revolving Credit Facility | Line of Credit
Subsequent Event [Line Items]
Maximum borrowing capacity							$ 800,000,000
Borrowing capacity increase							$ 1,050,000,000
Seed Investment Agreements
Subsequent Event [Line Items]
Aggregate amount			$ 96,463,000	$ 847,098,000
Seed Investment Agreements | Class I
Subsequent Event [Line Items]
Number of shares issued (in shares)			3,815	32,402
Offering price per share (in dollars per share)								$ 25.00
Subsequent Event
Subsequent Event [Line Items]
Number of business days	20 days
Minimum balance, stock repurchase program, deduction in net asset value waiver					$ 500,000
Subsequent Event | Revolving Credit Facility | Line of Credit
Subsequent Event [Line Items]
Maximum borrowing capacity						$ 1,750,000,000
Borrowing capacity increase						$ 2,625,000,000
Subsequent Event | Seed Investment Agreements
Subsequent Event [Line Items]
Number of shares issued (in shares)		18,281
Aggregate amount	$ 298,295,000	$ 499,064,000
Subsequent Event | Seed Investment Agreements | Class I
Subsequent Event [Line Items]
Number of shares issued (in shares)		16,207
Offering price per share (in dollars per share)		$ 27.30
Subsequent Event | Seed Investment Agreements | Class S Shares
Subsequent Event [Line Items]
Number of shares issued (in shares)		1,842
Offering price per share (in dollars per share)		$ 27.30
Subsequent Event | Seed Investment Agreements | Class D Shares
Subsequent Event [Line Items]
Number of shares issued (in shares)		232
Offering price per share (in dollars per share)		$ 27.30

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Subsequent Events - Schedule of Regular Distributions Declared (Details) - $ / shares						3 Months Ended
	Sep. 30, 2024	Aug. 30, 2024	Jul. 31, 2024	Jun. 28, 2024	May 31, 2024	Mar. 31, 2024
Class I
Subsequent Event [Line Items]
Distributions from net investment income (in dollars per share)						$ 0.64
Class I | Forecast
Subsequent Event [Line Items]
Distributions from net investment income (in dollars per share)	$ 0.21430	$ 0.21430	$ 0.21430	$ 0.21430	$ 0.21430
Class S
Subsequent Event [Line Items]
Distributions from net investment income (in dollars per share)						0.58
Class S | Forecast
Subsequent Event [Line Items]
Distributions from net investment income (in dollars per share)	0.21430	0.21430	0.21430	0.21430	0.21430
Class D
Subsequent Event [Line Items]
Distributions from net investment income (in dollars per share)						$ 0.63
Class D | Forecast
Subsequent Event [Line Items]
Distributions from net investment income (in dollars per share)	$ 0.21430	$ 0.21430	$ 0.21430	$ 0.21430	$ 0.21430