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10-Q
Quarterly Report
AB Private Lending Fund

CIK: 1982701

File #: 814-01744

Period End: Mar 31, 2025

Fiscal Year: 2025

View on EDGAR
Balance Sheet
607 line items · 2 periods
XBRL
ItemMar 31, 2025Dec 31, 2024
Assets
Investments, at fair value
Total investments, at fair value
267,367,277279,777,506
US Corporate Debt | 1st Lien/Senior Secured Debt | GS AcquisitionCo, Inc. | Diversified Financial Services | Delayed Draw Term Loan | 9.57% (S + 5.25%; 0.75% Floor) | 5/25/2028
—9,057
US Corporate Debt | 1st Lien/Senior Secured Debt | NI Topco, Inc. | Diversified Telecommunication Services | Term Loan | 9.07% (S + 4.75%; 0.75% Floor) | 12/28/2028
—471,887
Canadian Corporate Debt | 1st Lien/Senior Secured Debt | Versaterm Public Safety Inc. | Commercial Services & Supplies | Delayed Draw | 10.70% (S + 6.25%; 1.00% Floor) | 12/4/2025
—416,495
NMI AcquisitionCo, Inc. - Revolver - 1st Lien/Senior Secured Debt
(494)(2,962)
US Corporate Debt | 1st Lien/Senior Secured Debt | NMI Acquisitionco, Inc. | Internet and Direct Marketing Retail | Term Loan | 9.45% (S + 5.00%; 0.75% Floor) | 9/6/2028 | Three
—2,374,726
US Corporate Debt | 1st Lien/Senior Secured Debt | GHA Buyer, Inc. | Health Care Technology | Term Loan | 9.82% (S + 5.50%; 1.00% Floor) | 6/24/2026
—85,482
US Corporate Debt | 1st Lien/Senior Secured Debt | Businessolver.com, Inc. | Professional Services | Term Loan | 9.92% (S + 5.50%; 0.75% Floor) | 12/1/2027
—3,082,876
Socket Holdings Corporation - Delayed Draw Term Loan - 1st Lien/Senior Secured Debt
00
US Corporate Debt | 1st Lien/Senior Secured Debt | Exterro, Inc. | Software | Term Loan | 10.11% (S + 5.50%; 1.00% Floor) | 6/1/2027
—3,635,986
KPA Parent Holdings, Inc - Revolver - 1st Lien/Senior Secured Debt
00
Nasuni Corporation - Revolver - 1st Lien/Senior Secured Debt
(8,684)(4,737)
US Corporate Debt | 1st Lien/Senior Secured Debt | Brightspot Buyer, Inc. | Media | Revolver | (S + 6.50%; 0.75% Floor) | 11/16/2027
(3,529)(3,025)
US Corporate Debt | 1st Lien/Senior Secured Debt | Businessolver.com, Inc. | Professional Services | Delayed Draw Term Loan | 9.92% (S + 5.50%; 0.75% Floor) | 12/1/2027
—110,144
US Corporate Debt | 1st Lien/Senior Secured Debt | Ridge Trail US Bidco, Inc. | Capital Markets | Revolver | 8.82% (S + 4.50%; 0.75% Floor) | 3/30/2031
—22,827
US Corporate Debt | 1st Lien/Senior Secured Debt | Telcor Buyer, Inc. | Health Care Technology | Term Loan | 8.70% (S + 4.25%; 1.00% Floor) | 8/20/2027
—2,960,596
US Corporate Debt | 1st Lien/Senior Secured Debt | Sako and Partners Lower Holdings LLC | Real Estate Management & Development | Delayed Draw Term Loan | 8.82% (S + 4.50%; 1.00% Floor) | 9/15/2028
—1,045,740
US Corporate Debt | 1st Lien/Senior Secured Debt | Labvantage Solutions Inc. | Pharmaceuticals | Revolver | 9.58% (S + 5.25%; 1.00% Floor) | 12/23/2030
—25,624
MSP Global Holdings, Inc. - Revolver - 1st Lien/Senior Secured Debt
0(1,041)
US Corporate Debt | 1st Lien/Senior Secured Debt | Pinnacle Treatment Centers, Inc. | Health Care Providers & Services | Delayed Draw Term Loan | 10.01% (S + 5.50%; 1.00% Floor) | 1/4/2027
—77,303
US Corporate Debt | 1st Lien/Senior Secured Debt | Sauce Labs Inc | Software | Revolver | (S + 5.50%; 1.00% Floor) | 8/16/2027
(10,005)(11,255)
US Corporate Debt | 1st Lien/Senior Secured Debt | Greenlight Intermediate II, Inc. | Diversified Telecommunication Services | Term Loan | 9.97% (S + 5.50%; 0.75% Floor) | 6/1/2028
—2,436,811
Amercare Royal LLC - Revolver - 1st Lien/Senior Secured Debt
(61)(122)
US Corporate Debt | 1st Lien/Senior Secured Debt | Redwood Family Care Network, Inc. | Health Care Providers & Services | Delayed Draw Term Loan | 9.97% (S + 5.50%; 1.00% Floor) | 6/18/2026 | One
—1,223,254
US Corporate Debt | 1st Lien/Senior Secured Debt | Velocity Holdco III Inc. | Commercial Services & Supplies | Term Loan | 10.11% (S + 5.50%; 1.00% Floor) | 4/22/2027
—4,471,703
US Corporate Debt | 1st Lien/Senior Secured Debt | Honor HN Buyer, Inc.| Health Care Providers & Services | Delayed Draw Term Loan | 10.22% (S + 5.75%; 1.00% Floor) | 10/15/2027 | One
—989,507
US Corporate Debt | 1st Lien/Senior Secured Debt | Nasuni Corporation | Software | Revolver | (S + 5.75%; 0.75% Floor) | 9/10/2030
(3,948)(4,737)
Exterro, Inc. - Revolver - 1st Lien/Senior Secured Debt
00
US Corporate Debt | 1st Lien/Senior Secured Debt | ASURION CORPORATION | Property/Casualty Ins | Term Loan | 8.62% (S + 0.00%) | 8/19/2028
—999,601
US Corporate Debt | 1st Lien/Senior Secured Debt | NC Topco, LLC | Banks | Delayed Draw Term Loan | (S + 2.50%; 0.75% Floor) | 8/29/2031
—(2,920)
US Corporate Debt | 1st Lien/Senior Secured Debt | Salisbury House, LLC | Diversified Consumer Services | Term Loan | 10.48% (S + 5.75%; 1.00% Floor) | 2/27/2026 | Two
—474,585
Puerto Rico Corporate Debt
987,0851,002,940
US Corporate Debt | 1st Lien/Senior Secured Debt | AppViewX, Inc. | Software | Term Loan | 9.57% (S + 5.25%; 0.75%% Floor) | 12/24/2031
—789,369
US Corporate Debt | 1st Lien/Senior Secured Debt | Avalara, Inc. | Diversified Consumer Services | Term Loan | 10.57% (S + 6.25%; 0.75% Floor) | 10/19/2028
—3,975,452
US Corporate Debt | 1st Lien/Senior Secured Debt | NMI Acquisitionco, Inc. | Internet and Direct Marketing Retail | Revolver | (S + 5.00%; 0.75% Floor) | 9/6/2028
—(2,961)
US Corporate Debt | 1st Lien/Senior Secured Debt | UNIVISION COMMUNICATIONS INC. | Broadcast Serv/Program | Term Loan | 7.85% (S + 2.00%; 0.50% Floor) | 1/31/2029
—1,001,234
US Corporate Debt | 1st Lien/Senior Secured Debt | Visionary Buyer, LLC | Diversified Telecommunication Services | Revolver | (S + 5.25%; 0.75% Floor) | 3/21/2030
(4,310)(1,078)
Wealth Enhancement Group, LLC - Revolver - 1st Lien/Senior Secured Debt
(926)0
US Corporate Debt | 1st Lien/Senior Secured Debt | Navigate360, LLC | Diversified Consumer Services | Delayed Draw Term Loan | (S + 5.75%; 1.00% Floor) | 3/17/2027
—0
Ridge Trail US Bidco, Inc - Delayed Draw Term Loan - 1st Lien/Senior Secured Debt
(2,014)(2,014)
Visionary Buyer LLC - Delayed Draw Term Loan - 1st Lien/Senior Secured Debt
00
US Corporate Debt | 1st Lien/Senior Secured Debt | Pinnacle Treatment Centers, Inc. | Health Care Providers & Services | Term Loan | 10.01% (S + 5.50%; 1.00% Floor) | 1/4/2027 | Two
—919,088
US Corporate Debt | 1st Lien/Senior Secured Debt | Honor HN Buyer, Inc.| Health Care Providers & Services | Delayed Draw Term Loan | (S + 5.75%; 1.00% Floor) | 10/15/2027
00
Soladoc, LLC - Revolver - 1st Lien/Senior Secured Debt
(1,729)(7,490)
UK Corporate Debt | 1st Lien/Senior Secured Debt | Labvantage Systems Limited | Pharmaceuticals | Term Loan | 9.60% (S + 5.25%; 1.00% Floor) | 12/23/2030
—912,604
US Corporate Debt | 1st Lien/Senior Secured Debt | Saab Purchaser, Inc. | Banks | Term Loan | 9.52% (S + 5.00%; 0.75% Floor) | 11/12/2031
—705,638
US Corporate Debt | 1st Lien/Senior Secured Debt | EET Buyer, Inc. | Construction & Engineering | Term Loan | 9.27% (S + 4.75%; 0.75% Floor) | 11/8/2027| One
—2,776,295
US Corporate Debt | 1st Lien/Senior Secured Debt | Zendesk, Inc. | Software | Term Loan | 9.32% (S + 5.00%; 0.75% Floor) | 11/22/2028
—4,948,908
US Corporate Debt | 1st Lien/Senior Secured Debt | Pinnacle Treatment Centers, Inc. | Health Care Providers & Services | Term Loan | 10.01% (S + 5.50%; 1.00% Floor) | 1/4/2027 | One
—69,977
Socket Holdings Corporation - Revolver - 1st Lien/Senior Secured Debt
00
US Corporate Debt | 1st Lien/Senior Secured Debt | Bridgepointe Technologies, LLC | Technology Hardware, Storage & Peripherals | Term Loan | 9.32% (S + 5.00%; 1.00% Floor) | 12/31/2027 | One
—1,158,726
US Corporate Debt | 1st Lien/Senior Secured Debt | Avalara, Inc. | Diversified Consumer Services | Revolver | (S + 0.25%; 0.75% Floor) | 10/19/2028
—0
US Corporate Debt | 1st Lien/Senior Secured Debt | GHA Buyer, Inc. | Health Care Technology | Term Loan | 9.82% (S + 5.50%; 1.00% Floor) | 6/24/2026 | Four
—736,780
US Corporate Debt | 1st Lien/Senior Secured Debt | Honor HN Buyer, Inc.| Health Care Providers & Services | Term Loan | 10.22% (S + 5.75%; 1.00% Floor) | 10/15/2027
—1,051,510
Ping Identity Holding Corp - Revolver - 1st Lien/Senior Secured Debt
(3,368)0
Puerto Rico Corporate Debt | 1st Lien/Senior Secured Debt | CORAL US CO BORROWER LLC | Cable/Satellite TV | Term Loan | 7.45% (S + 3.00%) | 9/23/2029
—1,002,940
US Corporate Debt | 1st Lien/Senior Secured Debt | BSI2 Hold Nettle, LLC | Real Estate Management & Development | Revolver | 9.74% (S + 5.00%; 0.75% Floor) | 6/30/2028
—103,712
US Corporate Debt | 1st Lien/Senior Secured Debt | Nasuni Corporation | Software | Term Loan | 10.17% (S + 5.75%; 0.75% Floor) | 9/10/2030
—1,493,100
Honor HN Buyer, Inc - Revolver - 1st Lien/Senior Secured Debt
00
Navigate360, LLC - Delayed Draw Term Loan - 1st Lien/Senior Secured Debt
00
US Corporate Debt | 1st Lien/Senior Secured Debt | Zendesk, Inc. | Software | Delayed Draw Term Loan | (S + 5.00%; 0.75% Floor) | 11/22/2028
00
US Corporate Debt | 1st Lien/Senior Secured Debt | NC Topco, LLC | Banks | Term Loan | 9.60% (S + 2.50%; 0.75% Floor; 2.75% PIK) | 9/1/2031
—1,352,330
US Corporate Debt | 1st Lien/Senior Secured Debt | Vehlo Purchaser, LLC | Automobiles | Revolver | (S + 5.25%; 0.75% Floor) | 5/24/2028
00
US Corporate Debt | 1st Lien/Senior Secured Debt | BV EMS Buyer, Inc | Health Care Technology | Term Loan | 10.20% (S + 5.75%; 1.00% Floor) | 11/23/2027
—963,320
Admiral Buyer, Inc. - Delayed Draw Term Loan - 1st Lien/Senior Secured Debt
00
US Corporate Debt | 1st Lien/Senior Secured Debt | Bonterra LLC | Diversified Financial Services | Revolver | 11.32% (S + 7.00%; 0.75% Floor) | 9/8/2027
—110,055
Ranger Buyer, Inc. - Revolver - 1st Lien/Senior Secured Debt
(1,824)0
MMP Intermediate, LLC - Revolver - 1st Lien/Senior Secured Debt
(1,190)(595)
Veracross LLC - Revolver - 1st Lien/Senior Secured Debt
00
US Corporate Debt | 1st Lien/Senior Secured Debt | Bridgepointe Technologies, LLC | Technology Hardware, Storage & Peripherals | Delayed Draw Term Loan | 9.32% (S + 5.00%; 1.00% Floor) | 12/31/2027
—1,806,612
US Corporate Debt | 1st Lien/Senior Secured Debt | MSP Global Holdings, Inc. | Technology Hardware, Storage & Peripherals | Revolver | 10.14% (S + 5.50%; 1.00% Floor) | 4/9/2029
—124,444
US Corporate Debt | 1st Lien/Senior Secured Debt | OPOC Acquisition, LLC | Insurance | Delayed Draw Term Loan | (S + 5.00%; 1.00% Floor) | 12/20/2030
(874)(1,311)
US Corporate Debt | 1st Lien/Senior Secured Debt | Sauce Labs Inc | Software | Delayed Draw Term Loan | 10.68% (S + 5.50%; 1.00% Floor; 0.50% PIK) | 8/16/2027
—310,190
US Corporate Debt | 1st Lien/Senior Secured Debt | Bridgepointe Technologies, LLC | Technology Hardware, Storage & Peripherals | Term Loan | 9.32% (S + 5.00%; 1.00% Floor) | 12/31/2027
—807,383
US Corporate Debt | 1st Lien/Senior Secured Debt | Ungerboeck Systems International, LLC | Leisure Products | Delayed Draw Term Loan | 10.26% (S + 5.75%; 1.00% Floor) | 4/30/2027 | One
—181,890
US Corporate Debt | 1st Lien/Senior Secured Debt | Bridgepointe Technologies, LLC | Technology Hardware, Storage & Peripherals | Delayed Draw Term Loan | 9.32% (S + 5.00%; 1.00% Floor) | 12/31/2027 | One
—703,979
US Corporate Debt | 1st Lien/Senior Secured Debt | The Center for Orthopedic and Research Excellence, Inc. | Health Care Providers & Services | Delayed Draw Term Loan | 10.73% (S + 6.00%; 1.00% Floor) | 8/15/2025
—228,143
Wealth Enhancement Group, LLC - Delayed Draw Term Loan - 1st Lien/Senior Secured Debt
(4,757)0
Canadian Corporate Debt
—5,527,507
Mist Holding Co - Delayed Draw Term Loan - 1st Lien/Senior Secured Debt
(1,202)(601)
Vectra AI, Inc. - Delayed Draw Term Loan - 1st Lien/Senior Secured Debt
0(3,534)
US Corporate Debt | 1st Lien/Senior Secured Debt | Navigate360, LLC | Diversified Consumer Services | Term Loan | 10.20% (S + 5.75%; 1.00% Floor) | 3/17/2027
—312,118
Admiral Buyer, Inc. - Revolver - 1st Lien/Senior Secured Debt
(2,438)0
Joink, LLC - Delayed Draw Term Loan - 1st Lien/Senior Secured Debt
0(7,676)
Hirevue, Inc. - Revolver - 1st Lien/Senior Secured Debt
0(1,970)
US Corporate Debt | 1st Lien/Senior Secured Debt | Foundation Risk Partners, Corp. | Insurance | Delayed Draw Term Loan | 9.57% (S + 5.25%; 0.75% Floor) | 10/29/2030| One
—895,649
US Corporate Debt | 1st Lien/Senior Secured Debt | The Center for Orthopedic and Research Excellence, Inc. | Health Care Providers & Services | Delayed Draw Term Loan | 10.73% (S + 6.00%; 1.00% Floor) | 8/15/2025 | One
—367,385
AAH Topco, LLC - Delayed Draw Term Loan - 1st Lien/Senior Secured Debt
00
US Corporate Debt | 1st Lien/Senior Secured Debt | Medical Management Resource Group, L.L.C. | Health Care Providers & Services | Term Loan | 10.42% (S + 6.00%; 0.75% Floor) | 9/30/2027
—1,025,355
U.S. Corporate Debt | 2nd Lien/Junior Secured Debt | Symplr Software, Inc. | Health Care Technology | Term Loan | 12.56% (S + 7.87%; 0.75% Floor) | 12/22/2028
—891,979
US Corporate Debt | 1st Lien/Senior Secured Debt | Foundation Risk Partners, Corp. | Insurance | Revolver | (S + 5.25%; 0.75% Floor) | 10/29/2029
—0
US Corporate Debt | 1st Lien/Senior Secured Debt | MMP Intermediate, LLC. | Hotels, Restaurants & Leisurey | Revolver | (S + 6.25%; 1.00% Floor) | 2/15/2029
—(595)
Rep Tec Intermediate Holdings, Inc. - Revolver - 1st Lien/Senior Secured Debt
(727)0
Mr. Greens Intermediate, LLC - Revolver - 1st Lien/Senior Secured Debt
(2,592)0
US Corporate Debt | 1st Lien/Senior Secured Debt | Bonterra LLC | Diversified Financial Services | Term Loan | 11.32% (S + 7.00%; 0.75% Floor) | 9/8/2027
—2,670,800
US Corporate Debt | 1st Lien/Senior Secured Debt | Veracross LLC | Diversified Consumer Services | Delayed Draw Term Loan | 10.95% (S + 2.00%; 1.00% Floor; 4.50% PIK) | 12/28/2027
—645,835
US Corporate Debt | 1st Lien/Senior Secured Debt | Greenhouse Software, Inc. | Professional Services | Term Loan | 10.57% (S+ 6.25%; 1.00% Floor) | 9/1/2028
—5,500,000
US Corporate Debt | 1st Lien/Senior Secured Debt | Community Based Care Acquisition, Inc. | Health Care Providers & Services | Delayed Draw Term Loan | 9.67% (S + 5.25%; 1.00% Floor) | 9/16/2027
—807,107
Joink, LLC - Revolver - 1st Lien/Senior Secured Debt
0(1,316)
US Corporate Debt | 1st Lien/Senior Secured Debt | VIRGIN MEDIA BRISTOL LLC | Cable/Satellite TV | Term Loan | 8.18% (S + 5.00%) | 1/31/2029
—946,067
US Corporate Debt | 1st Lien/Senior Secured Debt | Exterro, Inc. | Software | Revolver | (S + 5.50%; 1.00% Floor) | 6/1/2027
—0
Unlimited Technology Holdings LLC - Revolver - 1st Lien/Senior Secured Debt
(2,112)0
US Corporate Debt | 1st Lien/Senior Secured Debt | Vectra AI, Inc. | Software | Revolver | (S + 5.25%; 1.00% Floor) | 3/2/2028
(1,414)(1,414)
Zendesk, Inc. - Delayed Draw Term Loan - 1st Lien/Senior Secured Debt
(12,088)0
US Corporate Debt | 1st Lien/Senior Secured Debt | LeadVenture, Inc. | Auto Components | Term Loan | 9.35% (S + 5.00%; 0.75% Floor) | 8/28/2026 | One
—556,903
Einstein Parent, Inc. - Revolver - 1st Lien/Senior Secured Debt
00
US Corporate Debt | 1st Lien/Senior Secured Debt | Visionary Buyer, LLC | Diversified Telecommunication Services | Delayed Draw Term Loan | 9.76% (S + 5.25%; 0.75% Floor) | 3/21/2031
—603,347
US Corporate Debt | 1st Lien/Senior Secured Debt | Ungerboeck Systems International, LLC | Leisure Products | Term Loan | 10.26% (S + 5.75%; 1.00% Floor) | 4/30/2027 | One
—38,855
US Corporate Debt | 1st Lien/Senior Secured Debt | Brightspot Buyer, Inc. | Media | Term Loan | 11.11% (S + 6.50%; 0.75% Floor) | 11/16/2027 | One
—1,679,421
US Corporate Debt | 1st Lien/Senior Secured Debt | Amercare Royal LLC | Commercial Services & Supplies | Revolver | 9.35%(S + 5.00%; 1.00% Floor) | 9/10/2030
—124,653
US Corporate Debt | 1st Lien/Senior Secured Debt | Navigate360, LLC | Diversified Consumer Services | Term Loan | 10.20% (S + 5.75%; 1.00% Floor) | 3/17/2027 | One
—567,596
US Corporate Debt | 1st Lien/Senior Secured Debt | Telesoft Holdings, LLC | Diversified Telecommunication Services | Term Loan | 10.20% (S + 5.75%; 1.00% Floor) | 12/16/2026
—1,408,759
Vectra AI, Inc. - Revolver - 1st Lien/Senior Secured Debt
(707)(1,413)
Bonterra LLC - Delayed Draw Term Loan - 1st Lien/Senior Secured Debt
(444)0
Serrano Parent, LLC - Revolver - 1st Lien/Senior Secured Debt
(4,057)(10,820)
US Corporate Debt | 1st Lien/Senior Secured Debt | Veracross LLC | Diversified Consumer Services | Revolver | 10.39% (S + 2.00%; 1.00% Floor; 4.50% PIK) | 12/28/2027
—177,103
US Corporate Debt | 1st Lien/Senior Secured Debt | The Center for Orthopedic and Research Excellence, Inc. | Health Care Providers & Services | Delayed Draw Term Loan | 10.66% (S + 6.00%; 1.00% Floor) | 8/15/2025
—405,271
US Corporate Debt | 1st Lien/Senior Secured Debt | Mavenlink, Inc. | Professional Services | Revolver | 11.03% (S + 2.00%; 0.75% Floor; 4.50% PIK) | 6/3/2027
—206,788
US Corporate Debt | 1st Lien/Senior Secured Debt | AAH Topco, LLC | Health Care Providers & Services | Revolver | (S + 5.25%; 0.75% Floor) | 12/22/2027
(706)(4,235)
US Corporate Debt | 1st Lien/Senior Secured Debt | DeLorean Purchaser, Inc.| Health Care Technology | Revolver | (S + 4.75%; 0.75% Floor) | 12/16/2031
(1,631)(1,957)
US Corporate Debt | 1st Lien/Senior Secured Debt | Moon Buyer, Inc. | Software | Delayed Draw Term Loan | 9.32% (S + 5.00%; 0.75% Floor) | 4/21/2031
—262,381
UK 1st Lien/Senior Secured Debt
910,322912,604
Medical Management Resource Group, LLC - 1st Lien/Senior Secured Debt
0(379)
US Corporate Debt | 1st Lien/Senior Secured Debt | Medical Management Resource Group, L.L.C. | Health Care Providers & Services | Revolver | 10.42% (S + 6.00%; 0.75% Floor) | 9/30/2026
—52,784
US Corporate Debt | 1st Lien/Senior Secured Debt | LeadVenture, Inc. | Auto Components | Term Loan | 9.35% (S + 5.00%; 0.75% Floor) | 8/28/2026
—4,827,347
US Corporate Debt | 1st Lien/Senior Secured Debt | Amercare Royal LLC | Commercial Services & Supplies | Delayed Draw Term Loan | 9.35%(S + 5.00%; 1.00% Floor) | 9/10/2030
—160,159
US Corporate Debt | 1st Lien/Senior Secured Debt | Transtelco Holding, Inc. | Diversified Telecommunication Services | Term Loan | 10.61% (S + 5.75%; 0.50% Floor) | 3/26/2026
—1,834,936
US Corporate Debt | 1st Lien/Senior Secured Debt | GHA Buyer, Inc. | Health Care Technology | Term Loan | 9.82% (S + 5.50%; 1.00% Floor) | 6/24/2026 |One
861,388861,344
U.S. Corporate Debt
265,469,870272,334,455
Mr. Greens Intermediate, LLC - Delayed Draw Term Loan - 1st Lien/Senior Secured Debt
(9,634)0
Cash Equivalents | STATE STREET INSTITUTIONAL US | Money Market Portfolio
—5,517,240
US Corporate Debt | 1st Lien/Senior Secured Debt | Azurite Intermediate Holdings, Inc. | Software | Delayed Draw Term Loan | 10.85% (S + 6.50%; 0.75% Floor) | 3/19/2031
—2,090,347
US Corporate Debt | 1st Lien/Senior Secured Debt | Amercare Royal LLC | Commercial Services & Supplies | Term Loan | 9.35%(S + 5.00%; 1.00% Floor) | 9/10/2030
—1,005,651
US Corporate Debt | 1st Lien/Senior Secured Debt | Transtelco Holding, Inc. | Diversified Telecommunication Services | Term Loan | 9.82% (S + 5.50%; 1.00% Floor) | 3/26/2026
—2,151,684
US Corporate Debt | 1st Lien/Senior Secured Debt | Ping Identity Holding Corp. | Software | Revolver | (S + 4.75%; 0.75% Floor) | 10/17/2028
00
US Corporate Debt | 1st Lien/Senior Secured Debt | Admiral Buyer, Inc. | Diversified Financial Services | Revolver | (S + 5.50%; 0.75% Floor) | 5/8/2028
—0
LabVantage Solutions, Inc - Revolver - 1st Lien/Senior Secured Debt
0(667)
US Corporate Debt | 1st Lien/Senior Secured Debt | Ungerboeck Systems International, LLC | Leisure Products | Delayed Draw Term Loan | 10.26% (S + 5.75%; 1.00% Floor) | 4/30/2027
—86,317
US Corporate Debt | 1st Lien/Senior Secured Debt | Ping Identity Holding Corp. | Software | Term Loan | 9.07% (S + 4.75%; 0.75% Floor) | 10/17/2029
—4,479,061
Bonterra LLC - Revolver - 1st Lien/Senior Secured Debt
0(155)
US Corporate Debt | 1st Lien/Senior Secured Debt | GHA Buyer, Inc. | Health Care Technology | Delayed Draw Term Loan | 9.82% (S + 5.50%; 1.00% Floor) | 6/24/2026
—150,735
AppViewX, Inc. - Revolver - 1st Lien/Senior Secured Debt
0(997)
US Corporate Debt | 1st Lien/Senior Secured Debt | Peter C. Foy & Associates Insurance Services, LLC | Insurance | Term Loan | 9.82% (S + 5.50%; 0.75% Floor) | 11/1/2028
190,672192,125
US Corporate Debt | 1st Lien/Senior Secured Debt | The Center for Orthopedic and Research Excellence, Inc. | Health Care Providers & Services | Term Loan | 10.73% (S + 6.00%; 1.00% Floor) | 8/15/2025
—967,680
NET ASSETS — 100.00%
119,092,926116,526,076
US Corporate Debt | 1st Lien/Senior Secured Debt | AAH Topco, LLC | Health Care Providers & Services | Term Loan | 9.70% (S + 5.25%; 0.75% Floor) | 12/22/2027
—2,544,596
US Corporate Debt | 1st Lien/Senior Secured Debt | HireVue, Inc.| Diversified Financial Services | Term Loan | 11.33% (S + 6.75%; 1.00% Floor) | 5/3/2029
—4,175,134
NC Topco, LLC - Delayed Draw Term Loan - 1st Lien/Senior Secured Debt
(1,947)(2,920)
US Corporate Debt | 1st Lien/Senior Secured Debt | MMP Intermediate, LLC. | Hotels, Restaurants & Leisurey | Term Loan | 10.22% (S + 5.75%; 1.00% Floor) | 2/15/2029
—3,773,668
Second Nature Brands, Inc. - Revolver - 1st Lien/Senior Secured Debt
00
US Corporate Debt | 1st Lien/Senior Secured Debt | Sandstone Care Holdings, LLC | Health Care Providers & Services | Delayed Draw Term Loan | 10.42% (S + 5.50%; 1.00% Floor) | 6/28/2028
—321,171
US Corporate Debt | 1st Lien/Senior Secured Debt | Vehlo Purchaser, LLC | Automobiles | Term Loan | 9.60% (S + 5.25%; 0.75% Floor) | 5/24/2028
—4,285,714
Ungerboeck Systems International, LLC - Revolver - 1st Lien/Senior Secured Debt
(439)(88)
MSP Global Holdings, Inc. - Delayed Draw Term Loan - 1st Lien/Senior Secured Debt
(2,227)(557)
US Corporate Debt | 1st Lien/Senior Secured Debt | Salisbury House, LLC | Diversified Consumer Services | Term Loan | 10.48% (S + 5.75%; 1.00% Floor) | 2/27/2026
—1,633,346
US Corporate Debt | 1st Lien/Senior Secured Debt | Admiral Buyer, Inc. | Diversified Financial Services | Term Loan | 9.82%(S + 5.50%; 0.75% Floor) | 5/8/2028
—3,995,398
Sauce Labs, Inc. - Revolver - 1st Lien/Senior Secured Debt
0(11,256)
US Corporate Debt | 1st Lien/Senior Secured Debt | REP TEC Intermediate Holdings, Inc. | Professional Services | Revolver | (S + 5.00%; 1.00% Floor) | 12/1/2027
00
AAH Topco, LLC - Revolver - 1st Lien/Senior Secured Debt
(706)(4,235)
US Corporate Debt | 1st Lien/Senior Secured Debt | Mastery Acquisition Corp. | Diversified Consumer Services | Term Loan | 9.49% (S + 5.25%; 1.00% Floor) | 9/7/2029
—1,225,586
Livtech Purchaser, Inc - Revolver - 1st Lien/Senior Secured Debt
(588)(1,176)
US Corporate Debt | 1st Lien/Senior Secured Debt | Joink, LLC | Diversified Telecommunication Services | Delayed Draw Term Loan | (S + 5.25%; 1.00% Floor) | 10/4/2030
—(7,676)
Amercare Royal LLC - Delayed Draw Term Loan - 1st Lien/Senior Secured Debt
00
US Corporate Debt | 1st Lien/Senior Secured Debt | Datacor, Inc. | Chemicals | Delayed Draw Term Loan | (S + 6.00%; 1.00% Floor) | 3/13/2029
00
Iodine Software, LLC - Revolver - 1st Lien/Senior Secured Debt
00
US Corporate Debt | 1st Lien/Senior Secured Debt | LivTech Purchaser, Inc. | Health Care Providers & Services | Term Loan | 9.01% (S + 4.50%; 0.75% Floor) | 11/24/2031
—407,647
US Corporate Debt | 1st Lien/Senior Secured Debt | LeadVenture, Inc. | Auto Components | Term Loan | 9.35% (S + 5.00%; 0.75% Floor) | 8/28/2026 | Two
—31,132
US Corporate Debt | 1st Lien/Senior Secured Debt | MSP Global Holdings, Inc. | Technology Hardware, Storage & Peripherals | Term Loan | 10.14% (S + 5.50%; 1.00% Floor) | 4/9/2029
—1,600,211
OPOC Acquisition, LLC - Delayed Draw Term Loan - 1st Lien/Senior Secured Debt
(2,185)(1,311)
US Corporate Debt | 1st Lien/Senior Secured Debt | Transtelco Holding, Inc. | Diversified Telecommunication Services | Term Loan | 10.61% (S + 6.25%; 0.50% Floor) | 3/26/2026
—1,489,614
US Corporate Debt | 1st Lien/Senior Secured Debt | Veracross LLC | Diversified Consumer Services | Term Loan | 10.95% (S + 2.00%; 1.00% Floor; 4.50% PIK) | 12/28/2027
—5,024,876
US Corporate Debt | 1st Lien/Senior Secured Debt | The Center for Orthopedic and Research Excellence, Inc. | Health Care Providers & Services | Term Loan | 10.67% (S + 6.00%; 1.00% Floor) | 8/15/2025
—760,336
NC Topco, LLC - Revolver - 1st Lien/Senior Secured Debt
(1,557)(1,168)
Saab Purchaser, Inc - Revolver - 1st Lien/Senior Secured Debt
(957)(957)
US Corporate Debt | 1st Lien/Senior Secured Debt | Sako and Partners Lower Holdings LLC | Real Estate Management & Development | Revolver | (S + 4.50%; 1.00% Floor) | 9/15/2028
(1,873)(2,809)
US Corporate Debt | 1st Lien/Senior Secured Debt | Honor HN Buyer, Inc.| Health Care Providers & Services | Revolver | 12.25% (S + 4.75%; 1.00% Floor) | 10/15/2027
—14,643
Saab Purchaser, Inc - Delayed Draw Term Loan - 1st Lien/Senior Secured Debt
(1,915)(957)
US Corporate Debt | 1st Lien/Senior Secured Debt | Datacor, Inc. | Chemicals | Term Loan | 10.35% (S + 6.00%; 1.00% Floor) | 3/13/2029
—5,500,000
US Corporate Debt | 1st Lien/Senior Secured Debt | BSI2 Hold Nettle, LLC | Real Estate Management & Development | Term Loan | 9.32% (S + 5.00%; 0.75% Floor) | 6/30/2028
—1,802,273
US Corporate Debt | 1st Lien/Senior Secured Debt | Saab Purchaser, Inc. | Banks | Delayed Draw Term Loan | (S + 5.00%; 0.75% Floor) | 11/12/2031
0(957)
US Corporate Debt | 1st Lien/Senior Secured Debt | MSP Global Holdings, Inc. | Technology Hardware, Storage & Peripherals | Term Loan | 9.95% (S + 5.50%; 1.00% Floor) | 4/9/2029
—3,311,416
US Corporate Debt | 1st Lien/Senior Secured Debt | AppViewX, Inc. | Software | Revolver | (S + 5.25%; 0.75%% Floor) | 12/24/2031
—(997)
US Corporate Debt | 1st Lien/Senior Secured Debt | DeLorean Purchaser, Inc.| Health Care Technology | Term Loan | 9.07% (S + 4.75%; 0.75% Floor) | 12/16/2031
—856,522
Puerto Rico 1st Lien/Senior Secured Debt
987,0851,002,940
US Corporate Debt | 1st Lien/Senior Secured Debt | Ranger Buyer, Inc. | Commercial Services & Supplies | Term Loan | 9.07% (S + 4.75%; 0.75% Floor) | 11/20/2028
—5,457,908
Cash | US Dollar | USD
—915,285
Towerco IV Holdings, LLC - Delayed Draw Term Loan - 1st Lien/Senior Secured Debt
(4,622)0
US Corporate Debt | 1st Lien/Senior Secured Debt | Pace Health Companies, LLC | Health Care Providers & Services | Term Loan | 9.72% (S + 5.25%; 1.00% Floor) | 8/3/2026
—2,782,656
US Corporate Debt | 1st Lien/Senior Secured Debt | Cerifi, LLC | Banks | Revolver | 10.20% (S + 5.75%; 1.00% Floor) | 4/1/2027
—136,436
US Corporate Debt | 1st Lien/Senior Secured Debt | Fusion Holding, Corp. | Software | Revolver | (S + 6.25%; 0.75% Floor) | 9/15/2027
—(12,503)
US Corporate Debt | 1st Lien/Senior Secured Debt | Redwood Family Care Network, Inc. | Health Care Providers & Services | Term Loan | 9.97% (S + 5.50%; 1.00% Floor) | 6/18/2026
—2,251,995
US Corporate Debt | 1st Lien/Senior Secured Debt | MSP Global Holdings, Inc. | Technology Hardware, Storage & Peripherals | Delayed Draw Term Loan | 11.00% (S + 5.50%; 1.00% Floor) | 4/9/2029
—258,667
BSI2 Hold Nettle, LLC - Revolver - 1st Lien/Senior Secured Debt
(1,268)0
US Corporate Debt | 1st Lien/Senior Secured Debt | Towerco IV Holdings, LLC | Diversified Telecommunication Services | Delayed Draw Term Loan | 8.20% (S + 3.75%; 1.00% Floor) | 8/31/2028
—6,155,393
Canadian Corporate Debt | 1st Lien/Senior Secured Debt | Versaterm Public Safety Inc. | Commercial Services & Supplies | Term Loan | 10.70% (S + 6.25%; 1.00% Floor) | 12/4/2025
—5,081,655
US Corporate Debt | 1st Lien/Senior Secured Debt | HireVue, Inc.| Diversified Financial Services | Revolver | 11.29% (S + 6.75%; 1.00% Floor) | 5/3/2029
—338,393
US Corporate Debt | 1st Lien/Senior Secured Debt | LivTech Purchaser, Inc. | Health Care Providers & Services | Delayed Draw Term Loan | (S + 4.50%; 0.75% Floor) | 11/24/2031
(2,353)(2,353)
US Corporate Debt | 1st Lien/Senior Secured Debt | Salisbury House, LLC | Diversified Consumer Services | Term Loan | 10.48% (S + 5.75%; 1.00% Floor) | 2/27/2026 | One
—547,428
US Corporate Debt | 1st Lien/Senior Secured Debt | MBS Holdings, Inc. | Diversified Telecommunication Services | Term Loan | 10.59% (S + 5.75%; 1.00% Floor) | 4/16/2027
—4,391,180
US Corporate Debt | 1st Lien/Senior Secured Debt | Datacor, Inc. | Chemicals | Revolver | 10.35% (S + 6.00%; 1.00% Floor) | 3/13/2029
—34,479
US Corporate Debt | 1st Lien/Senior Secured Debt | Mr. Greens Intermediate, LLC | Food & Staples Retailing | Delayed Draw Term Loan | (S + 6.25%; 1.00% Floor) | 5/1/2029
—0
DA Blocker Corp. - Delayed Draw Term Loan - 1st Lien/Senior Secured Debt
00
US Corporate Debt | 1st Lien/Senior Secured Debt | NMI Acquisitionco, Inc. | Internet and Direct Marketing Retail | Term Loan | 9.45% (S + 5.00%; 0.75% Floor) | 9/6/2028
—354,591
US Corporate Debt | 1st Lien/Senior Secured Debt | Avant Communications, LLC | Diversified Telecommunication Services | Term Loan | 9.47% (S + 5.00%; 1.00% Floor) | 11/30/2026
—5,457,973
Avant Communications, LLC - Revolver - 1st Lien/Senior Secured Debt
(542)0
US Corporate Debt | 1st Lien/Senior Secured Debt | OPOC Acquisition, LLC | Insurance | Revolver | 9.35% (S + 5.00%; 1.00% Floor) | 12/20/2030
—5,944
US Corporate Debt | 1st Lien/Senior Secured Debt | Bonterra LLC | Diversified Financial Services | Term Loan | 11.42% (S + 7.00%; 0.75% Floor) | 9/8/2027
—72,923
US Corporate Debt | 1st Lien/Senior Secured Debt | Community Based Care Acquisition, Inc. | Health Care Providers & Services | Revolver | (S + 5.25%; 1.00% Floor) | 9/16/2027
—(1,664)
TOTAL CASH AND CASH EQUIVALENTS
21,453,05011,736,791
US Corporate Debt | 1st Lien/Senior Secured Debt | Vehlo Purchaser, LLC | Automobiles | Delayed Draw Term Loan | 9.58% (S + 5.25%; 0.75% Floor) | 5/24/2028
—1,190,476
US Corporate Debt | 1st Lien/Senior Secured Debt | REP TEC Intermediate Holdings, Inc. | Professional Services | Term Loan | 9.82% (S + 5.50%; 1.00% Floor) | 12/1/2027
—5,458,649
Level Data, LLC - Delayed Draw Term Loan - 1st Lien/Senior Secured Debt
(2,326)0
DA Blocker Corp. - Revolver - 1st Lien/Senior Secured Debt
00
GS AcquisitionCo, Inc. - Delayed Draw Term Loan - 1st Lien/Senior Secured Debt
00
US Corporate Debt | 1st Lien/Senior Secured Debt | Serrano Parent, LLC | Software | Revolver | (S + 6.50%; 1.00% Floor) | 5/13/2030
(10,820)(10,820)
EET Buyer, Inc. - Revolver - 1st Lien/Senior Secured Debt
(950)0
US Corporate Debt | 1st Lien/Senior Secured Debt | Navigate360, LLC | Diversified Consumer Services | Term Loan | 10.20% (S + 5.75%; 1.00% Floor) | 3/17/2027 | Two
—1,757,236
Sauce Labs, Inc. - Delayed Draw Term Loan - 1st Lien/Senior Secured Debt
0(7,038)
Cash Equivalents | Total Cash Equivalents
19,484,35710,821,506
US Corporate Debt | 1st Lien/Senior Secured Debt | Serrano Parent, LLC | Software | Term Loan | 10.92% (S + 6.50%; 1.00% Floor) | 5/13/2030
5,390,0005,390,000
US Corporate Debt | 1st Lien/Senior Secured Debt | Wealth Enhancement Group, LLC | Diversified Financial Services | Delayed Draw Term Loan | (S + 5.00%; 1.00% Floor) | 10/2/2028
00
AppViewX, Inc. - Delayed Draw Term Loan - 1st Lien/Senior Secured Debt
00
US Corporate Debt | 1st Lien/Senior Secured Debt | GHA Buyer, Inc. | Health Care Technology | Term Loan | 9.82% (S + 5.50%; 1.00% Floor) | 6/24/2026 | Three
—142,859
US Corporate Debt | 1st Lien/Senior Secured Debt | Redwood Family Care Network, Inc. | Health Care Providers & Services | Delayed Draw Term Loan | 9.97% (S + 5.50%; 1.00% Floor) | 6/18/2026
—1,968,961
US Corporate Debt | 1st Lien/Senior Secured Debt | Mist Holding Co. | Health Care Technology | Revolver | 9.58% (S + 5.25%; 0.75% Floor) | 12/23/2030
—29,091
Fusion Holding Corp - Revolver - 1st Lien/Senior Secured Debt
0(12,503)
Veracross LLC - Delayed Draw Term Loan - 1st Lien/Senior Secured Debt
00
Priority Ondemand Midco 2,L.P - Delayed Draw Term Loan - 1st Lien/Senior Secured Debt
(13,528)0
US Corporate Debt | 1st Lien/Senior Secured Debt | Priority OnDemand Midco 2, L.P. | Health Care Providers & Services | Delayed Draw Term Loan | 9.77% (S + 5.25%; 1.00% Floor) | 7/17/2028
—50,089
US Corporate Debt | 1st Lien/Senior Secured Debt | MSP Global Holdings, Inc. | Technology Hardware, Storage & Peripherals | Delayed Draw Term Loan | (S + 5.50%; 1.00% Floor) | 4/9/2029
—(557)
US Corporate Debt | 1st Lien/Senior Secured Debt | Vectra AI, Inc. | Software | Delayed Draw Term Loan | 9.98% (S + 5.25%; 1.00% Floor) | 3/2/2028
—525,899
US Corporate Debt | 1st Lien/Senior Secured Debt | NMI Acquisitionco, Inc. | Internet and Direct Marketing Retail | Delayed Draw Term Loan | 9.45% (S + 5.00%; 0.75% Floor) | 9/6/2028
—1,266,731
US Corporate Debt | 1st Lien/Senior Secured Debt | Azurite Intermediate Holdings, Inc. | Software | Revolver | (S + 6.50%; 0.75% Floor) | 3/19/2031
00
US Corporate Debt | 1st Lien/Senior Secured Debt | Azurite Intermediate Holdings, Inc. | Software | Term Loan | 10.85% (S + 6.50%; 0.75% Floor) | 3/19/2031
—919,753
US Corporate Debt | 1st Lien/Senior Secured Debt | NMI Acquisitionco, Inc. | Internet and Direct Marketing Retail | Term Loan | 9.45% (S + 5.00%; 0.75% Floor) | 9/6/2028 | One
—96,263
US Corporate Debt | 1st Lien/Senior Secured Debt | Foundation Risk Partners, Corp. | Insurance | Delayed Draw Term Loan | 9.57% (S + 5.25%; 0.75% Floor) | 10/29/2030
—356,094
US Corporate Debt | 1st Lien/Senior Secured Debt | BV EMS Buyer, Inc | Health Care Technology | Delayed Draw Term Loan | 10.20% (S + 5.75%; 1.00% Floor) | 11/23/2027
—1,298,162
Livtech Purchaser, Inc - Delayed Draw Term Loan - 1st Lien/Senior Secured Debt
(2,353)(2,353)
US Corporate Debt | 1st Lien/Senior Secured Debt | AAH Topco, LLC | Health Care Providers & Services | Delayed Draw Term Loan | 9.70% (S + 5.25%; 0.75% Floor) | 12/22/2027
—2,831,589
Community Based Care Acquisition, Inc. - Revolver - 1st Lien/Senior Secured Debt
0(1,664)
Sako and Partners Lower Holdings LLC - Revolver - 1st Lien/Senior Secured Debt
0(2,809)
US Corporate Debt | 1st Lien/Senior Secured Debt | Community Based Care Acquisition, Inc. | Health Care Providers & Services | Term Loan | 9.67% (S + 5.25%; 1.00% Floor) | 9/16/2027
—2,112,719
US Corporate Debt | 1st Lien/Senior Secured Debt | Sandstone Care Holdings, LLC | Health Care Providers & Services | Revolver | 10.10% (S + 5.50%; 1.00% Floor) | 6/28/2028
—288,779
US Corporate Debt | 1st Lien/Senior Secured Debt | Iodine Software, LLC | Health Care Technology | Delayed Draw Term Loan | 9.60% (S + 5.25%; 1.00% Floor) | 5/19/2027
—3,047,848
US Corporate Debt | 1st Lien/Senior Secured Debt | EET Buyer, Inc. | Construction & Engineering | Revolver | (S + 5.00%; 0.75% Floor) | 11/8/2027
—0
Ridge Trail US Bidco, Inc - Revolver - 1st Lien/Senior Secured Debt
0(980)
Non-controlled/non-affiliated investments
267,367,277279,777,506
US Corporate Debt | 1st Lien/Senior Secured Debt | Honor HN Buyer, Inc.| Health Care Providers & Services | Delayed Draw Term Loan | 10.22% (S + 5.75%; 1.00% Floor) | 10/15/2027
—663,261
US Corporate Debt | 1st Lien/Senior Secured Debt | BV EMS Buyer, Inc | Health Care Technology | Revolver | 10.20% (S + 5.75%; 1.00% Floor) | 11/23/2027
—64,544
US Corporate Debt | 1st Lien/Senior Secured Debt | Foundation Risk Partners, Corp. | Insurance | Term Loan | 9.57% (S + 5.25%; 0.75% Floor) | 10/29/2030| One
—4,118,084
Cash Equivalents | US BANK MMDA GCTS | Money Market Portfolio
—5,304,266
US Corporate Debt | 1st Lien/Senior Secured Debt | Ampler QSR Holdings LLC | Hotels, Restaurants & Leisure | Term Loan | 10.20%(S + 5.75%; 1.00% Floor) | 7/21/2027
—4,721,032
US Corporate Debt | 1st Lien/Senior Secured Debt | Moon Buyer, Inc. | Software | Term Loan | 9.32% (S + 5.00%; 0.75% Floor) | 4/21/2031
—2,842,020
Navigate360, LLC - Revolver - 1st Lien/Senior Secured Debt
(1,300)(1,951)
US Corporate Debt | 1st Lien/Senior Secured Debt | Mist Holding Co. | Health Care Technology | Term Loan | 9.60% (S + 5.25%; 0.75% Floor) | 12/23/2030
—481,050
US Corporate Debt | 1st Lien/Senior Secured Debt | GS AcquisitionCo, Inc. | Diversified Financial Services | Revolver | (S + 5.25%; 1.00% Floor) | 5/25/2028
(77)(77)
US Corporate Debt | 1st Lien/Senior Secured Debt | Thrive Buyer, Inc. | Technology Hardware, Storage & Peripherals | Term Loan | 10.47% (S + 6.00%; 1.00% Floor) | 1/22/2027
—1,460,516
US Corporate Debt | 1st Lien/Senior Secured Debt | Sandstone Care Holdings, LLC | Health Care Providers & Services | Term Loan | 10.18% (S + 5.50%; 1.00% Floor) | 6/28/2028
—1,608,909
US Corporate Debt | 1st Lien/Senior Secured Debt | Soladoc, LLC | Health Care Equipment & Supplies | Term Loan | 9.39% (S + 5.00%; 0.75% Floor) | 6/12/2028
2,247,0802,229,795
US Corporate Debt | 1st Lien/Senior Secured Debt | Mr. Greens Intermediate, LLC | Food & Staples Retailing | Term Loan | 10.74% (S + 6.25%; 1.00% Floor) | 5/1/2029
—2,042,680
Avalara, Inc - Revolver - 1st Lien/Senior Secured Debt
00
US Corporate Debt | 1st Lien/Senior Secured Debt | NI Topco, Inc. | Diversified Telecommunication Services | Term Loan | 9.07% (S + 4.75%; 0.75% Floor) | 12/28/2028 | One
—3,262,080
US Corporate Debt | 1st Lien/Senior Secured Debt | Higginbotham Insurance Agency, Inc. | Insurance | Term Loan | 8.86% (S + 4.50%; 1.00% Floor) | 11/24/2028
—4,869,173
Azurite Intermediate Holdings, Inc. - Revolver - 1st Lien/Senior Secured Debt
00
Visionary Buyer LLC - Revolver - 1st Lien/Senior Secured Debt
(2,155)(1,077)
Versaterm Public Safety Inc. - Revolver - 1st Lien/Senior Secured Debt
00
US Corporate Debt | 1st Lien/Senior Secured Debt | Wealth Enhancement Group, LLC | Diversified Financial Services | Delayed Draw Term Loan | 9.55% (S + 5.00%; 1.00% Floor) | 10/2/2028 | One
—526,193
US Corporate Debt | 1st Lien/Senior Secured Debt | Mr. Greens Intermediate, LLC | Food & Staples Retailing | Revolver | (S + 6.25%; 1.00% Floor) | 5/1/2029
—0
US Corporate Debt | 1st Lien/Senior Secured Debt | OPOC Acquisition, LLC | Insurance | Term Loan | 9.35% (S + 5.00%; 1.00% Floor) | 12/20/2030
745,804743,916
US Corporate Debt | 1st Lien/Senior Secured Debt | Admiral Buyer, Inc. | Diversified Financial Services | Delayed Draw Term Loan | 9.85% (S + 5.50%; 0.75% Floor) | 5/8/2028
—29,094
Tau Buyer, LLC - Revolver - 1st Lien/Senior Secured Debt
00
Datacor, Inc. - Delayed Draw Term Loan - 1st Lien/Senior Secured Debt
00
US Corporate Debt | 1st Lien/Senior Secured Debt | Soladoc, LLC | Health Care Equipment & Supplies | Revolver | (S + 5.00%; 0.75% Floor) | 6/12/2028
(5,762)(7,491)
US Corporate Debt | 1st Lien/Senior Secured Debt | Visionary Buyer, LLC | Diversified Telecommunication Services | Term Loan | 9.57% (S + 5.25%; 0.75% Floor) | 3/21/2031
—1,719,537
Vehlo Purchaser, LLC - Revolver - 1st Lien/Senior Secured Debt
00
US Corporate Debt | 1st Lien/Senior Secured Debt | Navigate360, LLC | Diversified Consumer Services | Revolver | (S + 5.75%; 1.00% Floor) | 3/17/2027
—(1,951)
US Corporate Debt | 1st Lien/Senior Secured Debt | Iodine Software, LLC | Health Care Technology | Revolver | (S + 5.25%; 1.00% Floor) | 5/19/2027
00
Brightspot Buyer, Inc - Revolver - 1st Lien/Senior Secured Debt
(3,529)(3,025)
US Corporate Debt | 1st Lien/Senior Secured Debt | Joink, LLC | Diversified Telecommunication Services | Revolver | (S + 5.25%; 1.00% Floor) | 10/4/2030
(878)(1,316)
US Corporate Debt | 1st Lien/Senior Secured Debt | Ungerboeck Systems International, LLC | Leisure Products | Delayed Draw Term Loan | 10.26% (S + 5.75%; 1.00% Floor) | 4/30/2027 | Two
—123,191
US Corporate Debt | 1st Lien/Senior Secured Debt | Ungerboeck Systems International, LLC | Leisure Products | Revolver | (S + 5.75%; 1.00% Floor) | 4/30/2027
(87)(87)
BusinesSolver.com, Inc. - Delayed Draw Term Loan - 1st Lien/Senior Secured Debt
(1,756)0
Mavenlink, Inc. - Revolver - 1st Lien/Senior Secured Debt
0(1,366)
US Corporate Debt | 1st Lien/Senior Secured Debt | Pinnacle Treatment Centers, Inc. | Health Care Providers & Services | Term Loan | 10.01% (S + 5.50%; 1.00% Floor) | 1/4/2027
—37,142
US Corporate Debt | 1st Lien/Senior Secured Debt | Navigate360, LLC | Diversified Consumer Services | Delayed Draw Term Loan | 10.20% (S + 5.75%; 1.00% Floor) | 3/17/2027
—756,973
US Corporate Debt | 1st Lien/Senior Secured Debt | Mist Holding Co. | Health Care Technology | Delayed Draw Term Loan | (S + 5.25%; 0.75% Floor) | 12/23/2030 | One
(601)(601)
LIABILITIES IN EXCESS OF OTHER ASSETS — (150.17%)
—(174,988,221)
Datacor, Inc. - Revolver - 1st Lien/Senior Secured Debt
00
US Corporate Debt | 1st Lien/Senior Secured Debt | Thrive Buyer, Inc. | Technology Hardware, Storage & Peripherals | Revolver | 11.73% (S + 6.00%; 1.00% Floor) | 1/22/2027
—33,296
US Corporate Debt | 1st Lien/Senior Secured Debt | GS AcquisitionCo, Inc. | Diversified Financial Services | Term Loan | 9.57% (S + 5.25%; 1.00% Floor) | 5/25/2028
—789,297
Revolver - 1st Lien/Senior Secured Debt
(119,558)(113,131)
Cash | Total Cash
1,968,693915,285
US Corporate Debt | 1st Lien/Senior Secured Debt | Peter C. Foy & Associates Insurance Services, LLC | Insurance | Delayed Draw Term Loan | 9.82% (S + 5.50%; 0.75% Floor) | 11/1/2028 | One
477,138480,774
Canada 1st Lien/Senior Secured Debt
—5,527,507
US Corporate Debt | 1st Lien/Senior Secured Debt | Thrive Buyer, Inc. | Technology Hardware, Storage & Peripherals | Delayed Draw Term Loan | 10.47% (S + 6.00%; 1.00% Floor) | 1/22/2027
—3,980,783
US Corporate Debt | 1st Lien/Senior Secured Debt | Ridge Trail US Bidco, Inc. | Capital Markets | Term Loan | 8.82% (S + 4.50%; 0.75% Floor) | 9/30/2031
—767,124
US Corporate Debt | 1st Lien/Senior Secured Debt | AppViewX, Inc. | Software | Delayed Draw Term Loan | (S + 5.25%; 0.75%% Floor) | 12/24/2031
—0
US Corporate Debt | 1st Lien/Senior Secured Debt | Fusion Holding, Corp. | Software | Term Loan | 10.57% (S + 6.25%; 0.75% Floor) | 9/14/2029
—5,308,127
US Corporate Debt | 1st Lien/Senior Secured Debt | Saab Purchaser, Inc. | Banks | Revolver | (S + 5.00%; 0.75% Floor) | 11/12/2031
(479)(958)
HITRUST Services, LLC - Revolver - 1st Lien/Senior Secured Debt
00
US Corporate Debt | 1st Lien/Senior Secured Debt | Telcor Buyer, Inc. | Health Care Technology | Revolver | (S + 4.25%; 1.00% Floor) | 8/20/2027
00
US Corporate Debt | 1st Lien/Senior Secured Debt | Amercare Royal LLC | Commercial Services & Supplies | Delayed Draw Term Loan | (S + 5.00%; 1.00% Floor) | 9/10/2030
00
Delorean Purchaser, Inc. - Revolver - 1st Lien/Senior Secured Debt
0(1,957)
US Corporate Debt | 1st Lien/Senior Secured Debt | Mavenlink, Inc. | Professional Services | Term Loan | 11.17% (S + 2.00%; 0.75% Floor; 4.50% PIK) | 6/3/2027
—2,595,414
US Corporate Debt | 1st Lien/Senior Secured Debt | Greenlight Intermediate II, Inc. | Diversified Telecommunication Services | Delayed Draw Term Loan | 9.97% (S + 5.50%; 0.75% Floor) | 6/1/2028
—3,063,189
US Corporate Debt | 1st Lien/Senior Secured Debt | Community Based Care Acquisition, Inc. | Health Care Providers & Services | Delayed Draw Term Loan | 9.92% (S + 5.50%; 1.00% Floor) | 9/16/2027
—1,074,078
US Corporate Debt | 1st Lien/Senior Secured Debt | Sauce Labs Inc | Software | Revolver | 10.68% (S + 5.50%; 1.00% Floor; 0.50% PIK) | 8/16/2027
—740,915
Canadian Corporate Debt | 1st Lien/Senior Secured Debt | Versaterm Public Safety Inc. | Commercial Services & Supplies | Revolver | 12.75% (S + 5.25%; 1.00% Floor) | 12/4/2025
—29,357
US Corporate Debt | 1st Lien/Senior Secured Debt | Ranger Buyer, Inc. | Commercial Services & Supplies | Revolver | (S + 4.75%; 0.75% Floor) | 11/18/2027
00
KPA Parent Holdings, Inc - Delayed Draw Term Loan - 1st Lien/Senior Secured Debt
00
US Corporate Debt | 1st Lien/Senior Secured Debt | Sauce Labs Inc | Software | Term Loan | 10.68% (S + 5.50%; 1.00% Floor; 0.50% PIK) | 8/16/2027
—2,848,052
Aggregate Fair Value Securities
1,734,8097,253,672
US Corporate Debt | 1st Lien/Senior Secured Debt | Ridge Trail US Bidco, Inc. | Capital Markets | Delayed Draw Term Loan | (S + 4.75%; 0.75% Floor) | 9/30/2031
0(2,014)
Thrive Buyer, Inc. - Revolver - 1st Lien/Senior Secured Debt
00
US Corporate Debt | 1st Lien/Senior Secured Debt | Joink, LLC | Diversified Telecommunication Services | Term Loan | 9.77% (S + 5.25%; 1.00% Floor) | 10/4/2030
—1,212,629
US Corporate Debt | 1st Lien/Senior Secured Debt | Foundation Risk Partners, Corp. | Insurance | Term Loan | 9.57% (S + 5.25%; 0.75% Floor) | 10/29/2030
—88,112
US Corporate Debt | 1st Lien/Senior Secured Debt | NC Topco, LLC | Banks | Revolver | (S + 2.50%; 0.75% Floor) | 9/1/2031
(1,168)(1,168)
OPOC Acquisition, LLC - Revolver - 1st Lien/Senior Secured Debt
(524)(944)
US Corporate Debt | 1st Lien/Senior Secured Debt | Ungerboeck Systems International, LLC | Leisure Products | Term Loan | 10.26% (S + 5.75%; 1.00% Floor) | 4/30/2027
—726,195
US Corporate Debt | 1st Lien/Senior Secured Debt | Brightspot Buyer, Inc. | Media | Term Loan | 11.11% (S + 6.50%; 0.75% Floor) | 11/16/2027
—340,154
Mist Holding Co - Revolver - 1st Lien/Senior Secured Debt
(227)(909)
US Corporate Debt | 1st Lien/Senior Secured Debt | EET Buyer, Inc. | Construction & Engineering | Term Loan | 9.27% (S + 4.75%; 0.75% Floor) | 11/8/2027
—1,346,347
Level Data, LLC - Revolver - 1st Lien/Senior Secured Debt
(1,163)0
US Corporate Debt | 1st Lien/Senior Secured Debt | GHA Buyer, Inc. | Health Care Technology | Term Loan | 9.82% (S + 5.50%; 1.00% Floor) | 6/24/2026 | Two
—757,962
GS AcquisitionCo, Inc. - Revolver - 1st Lien/Senior Secured Debt
0(77)
US Corporate Debt | 1st Lien/Senior Secured Debt | Vectra AI, Inc. | Software | Term Loan | 9.97% (S + 5.25%; 1.00% Floor) | 3/2/2028
—2,743,280
US Corporate Debt | 1st Lien/Senior Secured Debt | Avant Communications, LLC | Diversified Telecommunication Services | Revolver | (S + 5.00%; 1.00% Floor) | 11/30/2026
00
Foundation Risk Partners, Corp. - Revolver - 1st Lien/Senior Secured Debt
00
US Corporate Debt | 1st Lien/Senior Secured Debt | Priority OnDemand Midco 2, L.P. | Health Care Providers & Services | Term Loan | 9.77% (S + 5.25%; 1.00% Floor) | 7/17/2028
—3,179,411
US Corporate Debt | 1st Lien/Senior Secured Debt | Sako and Partners Lower Holdings LLC | Real Estate Management & Development | Term Loan | 8.82% (S + 4.50%; 1.00% Floor) | 9/15/2028
—4,371,588
US Corporate Debt | 1st Lien/Senior Secured Debt | LivTech Purchaser, Inc. | Health Care Providers & Services | Revolver | (S + 4.50%; 0.75% Floor) | 11/24/2031
(1,176)(1,176)
U.S. 1st Lien/Senior Secured Debt
264,612,483271,442,476
U.S. 2nd Lien/Junior Secured Debt
857,387891,979
US Corporate Debt | 1st Lien/Senior Secured Debt | Bridgepointe Technologies, LLC | Technology Hardware, Storage & Peripherals | Delayed Draw Term Loan | 9.32% (S + 5.00%; 1.00% Floor) | 12/31/2027 | Two
—917,367
US Corporate Debt | 1st Lien/Senior Secured Debt | Zendesk, Inc. | Software | Revolver | (S + 5.00%; 0.75% Floor) | 11/22/2028
00
Zendesk, Inc. - Revolver - 1st Lien/Senior Secured Debt
(4,977)0
Tau Buyer, LLC - Delayed Draw Term Loan - 1st Lien/Senior Secured Debt
00
US Corporate Debt | 1st Lien/Senior Secured Debt | Iodine Software, LLC | Health Care Technology | Term Loan | 9.60% (S + 5.25%; 1.00% Floor) | 5/19/2027
—2,409,753
US Corporate Debt | 1st Lien/Senior Secured Debt | NMI Acquisitionco, Inc. | Internet and Direct Marketing Retail | Term Loan | 9.45% (S + 5.00%; 0.75% Floor) | 9/6/2028 | Two
—1,282,743
US Corporate Debt | 1st Lien/Senior Secured Debt | Cerifi, LLC | Banks | Term Loan | 10.20% (S + 5.75%; 1.00% Floor) | 3/31/2028
—2,580,036
UK Corporate Debt
910,322912,604
US Corporate Debt | 1st Lien/Senior Secured Debt | Peter C. Foy & Associates Insurance Services, LLC | Insurance | Delayed Draw Term Loan | 9.82% (S + 5.50%; 0.75% Floor) | 11/1/2028
2,680,3132,700,755
Honor HN Buyer, Inc - Delayed Draw Term Loan - 1st Lien/Senior Secured Debt
00
US Corporate Debt | 1st Lien/Senior Secured Debt | Admiral Buyer, Inc. | Diversified Financial Services | Delayed Draw Term Loan | 9.89% (S + 5.50%; 0.75% Floor) | 5/8/2028
—201,498
US Corporate Debt | 1st Lien/Senior Secured Debt | Wealth Enhancement Group, LLC | Diversified Financial Services | Delayed Draw Term Loan | 9.55% (S + 5.00%; 1.00% Floor) | 10/2/2028
—2,376,082
US Corporate Debt | 1st Lien/Senior Secured Debt | BV EMS Buyer, Inc | Health Care Technology | Term Loan | 10.20% (S + 5.75%; 1.00% Floor) | 11/23/2027 | One
—1,287,367
BV EMS Buyer, Inc. - Revolver - 1st Lien/Senior Secured Debt
(117)0
US Corporate Debt | 1st Lien/Senior Secured Debt | Mist Holding Co. | Health Care Technology | Delayed Draw Term Loan | (S + 5.25%; 0.75% Floor) | 12/23/2030
(1,363)(1,363)
US Corporate Debt | 1st Lien/Senior Secured Debt | Wealth Enhancement Group, LLC | Diversified Financial Services | Revolver | (S + 5.00%; 1.00% Floor) | 10/2/2028
00
Telcor Buyer, Inc. - Revolver - 1st Lien/Senior Secured Debt
(567)0
US Corporate Debt | 1st Lien/Senior Secured Debt | Medical Management Resource Group, L.L.C. | Health Care Providers & Services | Delayed Draw Term Loan | 10.42% (S + 6.00%; 0.75% Floor) | 9/30/2027
—427,128
US Corporate Debt | 1st Lien/Senior Secured Debt | Visionary Buyer, LLC | Diversified Telecommunication Services | Delayed Draw Term Loan | (S + 5.25%; 0.75% Floor) | 3/21/2031
(5,000)—
US Corporate Debt | 1st Lien/Senior Secured Debt | Honor HN Buyer, Inc.| Health Care Providers & Services | Delayed Draw Term Loan | 10.19% (S + 5.75%; 1.00% Floor) | 10/15/2027 | One
987,005—
US Corporate Debt | 1st Lien/Senior Secured Debt | Veracross LLC | Diversified Consumer Services | Delayed Draw Term Loan | 10.92% (S + 6.50%; 1.00% Floor; ) | 12/28/2027
645,835—
Puerto Rico Corporate Debt | 1st Lien/Senior Secured Debt | CORAL US CO BORROWER LLC | Cable/Satellite TV | Term Loan | 7.96% (S + 3.52%) | 9/25/2029
987,085—
US Corporate Debt | 1st Lien/Senior Secured Debt | Honor HN Buyer, Inc.| Health Care Providers & Services | Delayed Draw Term Loan | 10.19% (S + 5.75%; 1.00% Floor) | 10/15/2027
661,564—
US Corporate Debt | 1st Lien/Senior Secured Debt | Second Nature Brands, Inc. | Real Estate Management & Development | Revolver | (S + 6.00%; 1.00% Floor) | 2/6/2031
(1,334)—
US Corporate Debt | 1st Lien/Senior Secured Debt | Labvantage Solutions Inc. | Pharmaceuticals | Revolver |9.55% (S + 5.25%; 1.00% Floor) | 12/23/2030
25,624—
US Corporate Debt | 1st Lien/Senior Secured Debt | Ping Identity Holding Corp. | Software | Term Loan | 9.04% (S + 4.75%; 0.75% Floor) | 10/17/2029
4,467,835—
US Corporate Debt | 1st Lien/Senior Secured Debt | Salisbury House, LLC | Diversified Consumer Services | Term Loan | 10.19% (S + 5.75%; 1.00% Floor) | 2/27/2026 | Two
473,371—
US Corporate Debt | 1st Lien/Senior Secured Debt | Sandstone Care Holdings, LLC | Health Care Providers & Services | Revolver | 9.81% (S + 5.50%; 1.00% Floor) | 6/28/2028
290,392—
US Corporate Debt | 1st Lien/Senior Secured Debt | Foundation Risk Partners, Corp.| Insurance | Term Loan | 9.29% (S + 5.00%; 0.75% Floor) | 10/29/2030
87,886—
US Corporate Debt | 1st Lien/Senior Secured Debt | Towerco IV Holdings, LLC | Diversified Telecommunication Services | Delayed Draw Term Loan | 8.17% (S + 3.75%; 1.00% Floor) | 8/31/2028
6,192,671—
UK Corporate Debt | 1st Lien/Senior Secured Debt | Labvantage Systems Limited | Pharmaceuticals | Term Loan | 9.54% (S + 5.25%; 1.00% Floor) | 12/23/2030
910,322—
US Corporate Debt | 1st Lien/Senior Secured Debt | Sauce Labs Inc | Software | Term Loan | 10.39% (S + 5.50%; 1.00% Floor; 0.50% PIK) | 8/16/2027
2,858,985—
US Corporate Debt | 1st Lien/Senior Secured Debt | AppViewX, Inc. | Software | Delayed Draw Term Loan | (S + 5.25%; 0.75% Floor) | 12/24/2031
0—
US Corporate Debt | 1st Lien/Senior Secured Debt | Zendesk, Inc. | Software | Term Loan | 9.30% (S + 5.00%; 0.75% Floor) | 11/22/2028
4,936,824—
US Corporate Debt | 1st Lien/Senior Secured Debt | MMP Intermediate, LLC | Hotels, Restaurants & Leisure | Revolver | (S + 6.25%; 1.00% Floor) | 2/15/2029
0—
US Corporate Debt | 1st Lien/Senior Secured Debt | Vehlo Purchaser, LLC | Automobiles | Delayed Draw Term Loan | 9.57% (S + 5.25%; 0.75% Floor) | 5/24/2028
1,190,476—
US Corporate Debt | 1st Lien/Senior Secured Debt | The Center for Orthopedic and Research Excellence, Inc. | Health Care Providers & Services | Delayed Draw Term Loan | 10.44% (S + 6.00%; 1.00% Floor) | 12/31/2026 | One
366,445—
US Corporate Debt | 1st Lien/Senior Secured Debt | Level Data, LLC | Software | Term Loan| 9.80% (S + 5.50%; 0.75% Floor) | 3/5/2031
567,907—
US Corporate Debt | 1st Lien/Senior Secured Debt | NMI Acquisitionco, Inc.| Internet and Direct Marketing Retail | Term Loan | 9.42% (S + 5.00%; 0.75% Floor) | 9/6/2028
354,538—
US Corporate Debt | 1st Lien/Senior Secured Debt | Sauce Labs Inc | Software | Delayed Draw Term Loan | 10.39% (S + 5.50%; 1.00% Floor; 0.50% PIK) | 8/16/2027
743,759—
US Corporate Debt | 1st Lien/Senior Secured Debt | Mr. Greens Intermediate, LLC| Food & Staples Retailing | Revolver | 10.64% (S + 6.25%; 1.00% Floor) | 5/1/2029
86,408—
US Corporate Debt | 1st Lien/Senior Secured Debt | HireVue, Inc.| Diversified Financial Services | Revolver | 11.04% (S + 6.75%; 1.00% Floor) | 5/3/2029
155,676—
U.S. Corporate Debt | 2nd Lien/Junior Secured Debt | Symplr Software, Inc. | Health Care Technology | Term Loan | 12.26% (S + 7.88%; 0.75% Floor) | 12/22/2028
857,387—
US Corporate Debt | 1st Lien/Senior Secured Debt | Einstein Parent, Inc.| Software | Term Loan | 10.79% (S + 6.50%; 0.75% Floor) | 1/22/2031
888,125—
US Corporate Debt | 1st Lien/Senior Secured Debt | Wealth Enhancement Group, LLC | Diversified Financial Services | Delayed Draw Term Loan | 9.30% (S + 5.00%; 1.00% Floor) | 10/2/2028
2,369,989—
US Corporate Debt | 1st Lien/Senior Secured Debt | Mist Holding Co. | Health Care Technology | Revolver | 9.55% (S + 5.25%; 0.75% Floor) | 12/23/2030
29,091—
US Corporate Debt | 1st Lien/Senior Secured Debt | KPA Parent Holdings, Inc | Automobiles | Delayed Draw Term Loan | (S + 4.75%; 0.75% Floor) | 3/12/2032
(575)—
Cash Equivalents | STATE STREET INSTITUTIONAL US
9,640,186—
US Corporate Debt | 1st Lien/Senior Secured Debt | Vectra AI, Inc. | Software | Term Loan | 9.64% (S + 5.25%; 1.00% Floor) | 3/2/2028
2,743,426—
US Corporate Debt | 1st Lien/Senior Secured Debt | Higginbotham Insurance Agency, Inc. | Insurance | Term Loan | 8.83% (S + 4.50%; 1.00% Floor) | 11/24/2028
4,881,407—
US Corporate Debt | 1st Lien/Senior Secured Debt | HITRUST Services, LLC | Health Care Technology | Term Loan | 9.03% (S + 4.75%; 0.75% Floor) | 3/15/2032
801,429—
US Corporate Debt | 1st Lien/Senior Secured Debt | Ampler QSR Holdings LLC | Hotels, Restaurants & Leisure | Term Loan | 10.17% (S + 5.75%; 2.00% Floor) | 7/21/2027
4,708,833—
US Corporate Debt | 1st Lien/Senior Secured Debt | Ranger Buyer, Inc. | Commercial Services & Supplies | Term Loan | 9.04% (S + 4.75%; 0.75% Floor) | 11/20/2028
5,443,878—
US Corporate Debt | 1st Lien/Senior Secured Debt | LivTech Purchaser, Inc. | Health Care Providers & Services | Term Loan | 8.82% (S + 4.50%; 0.75% Floor) | 11/24/2031
407,647—
US Corporate Debt | 1st Lien/Senior Secured Debt | Bridgepointe Technologies, LLC | Technology Hardware, Storage & Peripherals | Delayed Draw Term Loan | 9.29%(S + 5.00%; 1.00% Floor) | 12/31/2027 | Two
921,964—
US Corporate Debt | 1st Lien/Senior Secured Debt | Iodine Software, LLC | Health Care Technology | Term Loan | 9.57% (S + 5.25%; 1.00% Floor) | 5/19/2027
2,403,496—
US Corporate Debt | 1st Lien/Senior Secured Debt | Redwood Family Care Network, Inc. | Health Care Providers & Services | Delayed Draw Term Loan | 9.94% (S + 5.50%; 1.00% Floor) | 6/18/2026 | One
1,220,148—
US Corporate Debt | 1st Lien/Senior Secured Debt | NMI Acquisitionco, Inc.| Internet and Direct Marketing Retail | Delayed Draw Term Loan | 9.42% (S + 5.00%; 0.75% Floor) | 9/6/2028
1,266,697—
US Corporate Debt | 1st Lien/Senior Secured Debt | Pinnacle Treatment Centers, Inc. | Health Care Providers & Services | Delayed Draw Term Loan | 10.06% (S + 5.75%; 1.00% Floor) | 1/4/2027
76,713—
US Corporate Debt | 1st Lien/Senior Secured Debt | Medical Management Resource Group, L.L.C.| Health Care Providers & Service | Term Loan | 10.14% (S + 5.75%; 0.75% Floor) | 9/30/2027
1,027,884—
US Corporate Debt | 1st Lien/Senior Secured Debt | Businessolver.com, Inc. | Professional Services | Delayed Draw Term Loan | 9.89%(S + 5.50%; 0.75% Floor) | 12/1/2027
109,866—
US Corporate Debt | 1st Lien/Senior Secured Debt | BV EMS Buyer, Inc | Health Care Technology | Term Loan | 10.17%(S + 5.75%; 1.00% Floor) | 11/23/2027
960,900—
US Corporate Debt | 1st Lien/Senior Secured Debt | BV EMS Buyer, Inc | Health Care Technology | Delayed Draw Term Loan | 10.17%(S + 5.75%; 1.00% Floor) | 11/23/2027
1,294,869—
US Corporate Debt | 1st Lien/Senior Secured Debt | Bonterra LLC | Diversified Financial Services | Term Loan | 9.29%(S + 5.00%; 0.75% Floor) | 3/5/2032
814,000—
US Corporate Debt | 1st Lien/Senior Secured Debt | Datacor, Inc. | Chemicals | Term Loan | 10.32% (S + 6.00%; 1.00% Floor) | 3/13/2029
5,500,000—
US Corporate Debt | 1st Lien/Senior Secured Debt | Greenlight Intermediate II, Inc. | Diversified Telecommunication Services | Term Loan | 9.94% (S + 5.50%; 0.75% Floor) | 6/1/2028
2,436,811—
US Corporate Debt | 1st Lien/Senior Secured Debt | Sandstone Care Holdings, LLC | Health Care Providers & Services | Delayed Draw Term Loan | 9.81% (S + 5.50%; 1.00% Floor) | 6/28/2028
322,154—
US Corporate Debt | 1st Lien/Senior Secured Debt | Admiral Buyer, Inc. | Diversified Financial Services | Delayed Draw Term Loan | 9.29% (S + 5.00%; 0.75% Floor) | 12/6/2029 | One
199,979—
US Corporate Debt | 1st Lien/Senior Secured Debt | Einstein Parent, Inc.| Software | Revolver | (S + 6.50%; 0.75% Floor) | 1/22/2031
(1,875)—
US Corporate Debt | 1st Lien/Senior Secured Debt | Visionary Buyer, LLC | Diversified Telecommunication Services | Delayed Draw Term Loan | 9.54% (S + 5.25%; 0.75% Floor) | 3/21/2031
1,130,556—
US Corporate Debt | 1st Lien/Senior Secured Debt | Community Based Care Acquisition, Inc. | Health Care Providers & Services | Delayed Draw Term Loan | 9.64% (S + 5.25%; 1.00% Floor) | 9/16/2027
807,056—
US Corporate Debt | 1st Lien/Senior Secured Debt | Community Based Care Acquisition, Inc. | Health Care Providers & Services | Term Loan | 9.64% (S + 5.25%; 1.00% Floor) | 9/16/2027
2,112,554—
US Corporate Debt | 1st Lien/Senior Secured Debt | Cerifi, LLC | Banks | Revolver | 10.17% (S + 5.75%; 1.00% Floor) | 4/1/2027
135,750—
US Corporate Debt | 1st Lien/Senior Secured Debt | Bridgepointe Technologies, LLC | Technology Hardware, Storage & Peripherals | Delayed Draw Term Loan | 9.29%(S + 5.00%; 1.00% Floor) | 12/31/2027
1,815,725—
US Corporate Debt | 1st Lien/Senior Secured Debt | Telcor Buyer, Inc. | Health Care Technology | Term Loan | 8.64% (S + 4.25%; 1.00% Floor) | 8/20/2027
2,808,331—
US Corporate Debt | 1st Lien/Senior Secured Debt | Level Data, LLC | Software | Revolver| (S + 5.50%; 0.75% Floor) | 3/5/2031
(1,163)—
US Corporate Debt | 1st Lien/Senior Secured Debt | Bonterra LLC | Diversified Financial Services | Delayed Draw Term Loan | (S + 5.00%; 0.75% Floor) | 3/5/2032
(445)—
US Corporate Debt | 1st Lien/Senior Secured Debt | AAH Topco, LLC | Health Care Providers & Services | Term Loan | 9.67% (S + 5.25%; 0.75% Floor) | 12/22/2027
2,570,246—
US Corporate Debt | 1st Lien/Senior Secured Debt | Navigate360, LLC | Diversified Consumer Services | Delayed Draw Term Loan | 9.92% (S + 5.50%; 1.00% Floor) | 3/17/2027 | One
597,003—
US Corporate Debt | 1st Lien/Senior Secured Debt | MSP Global Holdings, Inc. | Technology Hardware, Storage & Peripheral | Revolver | 10.09% (S + 5.50%; 1.00% Floor) | 4/9/2029
160,593—
US Corporate Debt | 1st Lien/Senior Secured Debt | Mavenlink, Inc. | Professional Services | Term Loan | 10.69% (S + 2.00%; 0.75% Floor; 4.25% PIK) | 6/3/2027
2,629,947—
US Corporate Debt | 1st Lien/Senior Secured Debt | MMP Intermediate, LLC | Hotels, Restaurants & Leisure | Term Loan | 10.18% (S + 5.75%; 1.00% Floor) | 2/15/2029
3,773,375—
US Corporate Debt | 1st Lien/Senior Secured Debt | GHA Buyer, Inc. | Health Care Technology | Term Loan | 9.79% (S + 5.50%; 1.00% Floor) | 6/24/2026 | Four
736,773—
US Corporate Debt | 1st Lien/Senior Secured Debt | Level Data, LLC | Software | Delayed Draw Term Loan | (S + 5.50%; 0.75% Floor) | 3/5/2031
(3,101)—
US Corporate Debt | 1st Lien/Senior Secured Debt | Greenlight Intermediate II, Inc. | Diversified Telecommunication Services | Delayed Draw Term Loan | 9.94% (S + 5.50%; 0.75% Floor) | 6/1/2028
3,063,189—
US Corporate Debt | 1st Lien/Senior Secured Debt | Exterro, Inc.| Software | Revolver | (S + 5.50%; 1.00% Floor) | 6/1/2027
0—
US Corporate Debt | 1st Lien/Senior Secured Debt | Second Nature Brands, Inc. | Real Estate Management & Development | Term Loan | 10.26% (S + 6.00%; 1.00% Floor) | 2/6/2031
788,369—
US Corporate Debt | 1st Lien/Senior Secured Debt | Redwood Family Care Network, Inc. | Health Care Providers & Services | Delayed Draw Term Loan | 9.94% (S + 5.50%; 1.00% Floor) | 6/18/2026
1,963,887—
US Corporate Debt | 1st Lien/Senior Secured Debt | Amercare Royal LLC | Commercial Services & Supplies | Revolver | 9.32% (S + 5.00%; 1.00% Floor) | 9/10/2030
125,028—
US Corporate Debt | 1st Lien/Senior Secured Debt | Avant Communications, LLC | Diversified Telecommunication Services | Term Loan | 9.44%(S + 5.00%; 1.00% Floor) | 11/30/2026
5,443,964—
US Corporate Debt | 1st Lien/Senior Secured Debt | DA Blocker Corp.| Diversified Consumer Services | Term Loan | 9.04% (S + 4.75%; 0.75% Floor) | 2/10/2032
698,824—
US Corporate Debt | 1st Lien/Senior Secured Debt | Admiral Buyer, Inc. | Diversified Financial Services | Delayed Draw Term Loan | 9.29% (S + 5.00%; 0.75% Floor) | 12/6/2029
29,020—
US Corporate Debt | 1st Lien/Senior Secured Debt | MSP Global Holdings, Inc. | Technology Hardware, Storage & Peripheral | Term Loan | 10.14% (S + 5.50%; 1.00% Floor) | 4/9/2029
1,596,190—
US Corporate Debt | 1st Lien/Senior Secured Debt | NMI Acquisitionco, Inc.| Internet and Direct Marketing Retail | Revolver | (S + 5.00%; 0.75% Floor) | 9/6/2028
(2,468)—
US Corporate Debt | 1st Lien/Senior Secured Debt | GHA Buyer, Inc. | Health Care Technology | Delayed Draw Term Loan | 9.79% (S + 5.50%; 1.00% Floor) | 6/24/2026
150,743—
US Corporate Debt | 1st Lien/Senior Secured Debt | Medical Management Resource Group, L.L.C.| Health Care Providers & Service | Revolver | 10.15% (S + 5.75%; 0.75% Floor) | 9/30/2026
41,428—
US Corporate Debt | 1st Lien/Senior Secured Debt | Ungerboeck Systems International, LLC | Leisure Products | Delayed Draw Term Loan | 10.07% (S + 5.75%; 1.00% Floor) | 4/30/2027
86,100—
US Corporate Debt | 1st Lien/Senior Secured Debt | MSP Global Holdings, Inc. | Technology Hardware, Storage & Peripheral | Delayed Draw Term Loan | (S + 5.50%; 1.00% Floor) | 4/9/2029
(557)—
US Corporate Debt | 1st Lien/Senior Secured Debt | Sako and Partners Lower Holdings LLC | Real Estate Management & Development | Delayed Draw Term Loan | 8.79% (S + 4.50%; 1.00% Floor) | 9/15/2028
1,045,712—
US Corporate Debt | 1st Lien/Senior Secured Debt | NMI Acquisitionco, Inc.| Internet and Direct Marketing Retail | Term Loan | 9.42% (S + 5.00%; 0.75% Floor) | 9/6/2028 | One
96,257—
US Corporate Debt | 1st Lien/Senior Secured Debt | REP TEC Intermediate Holdings, Inc. | Professional Services | Term Loan | 9.79% (S + 5.50%; 1.00% Floor) | 12/1/2027
5,444,865—
US Corporate Debt | 1st Lien/Senior Secured Debt | BSI2 Hold Nettle, LLC | Real Estate Management & Development | Term Loan | 9.29%(S + 5.00%; 0.75% Floor) | 6/30/2028
1,797,664—
US Corporate Debt | 1st Lien/Senior Secured Debt | Navigate360, LLC | Diversified Consumer Services | Term Loan | 9.92% (S + 5.50%; 1.00% Floor) | 3/17/2027 | One
566,144—
US Corporate Debt | 1st Lien/Senior Secured Debt | AppViewX, Inc. | Software | Revolver | (S + 5.25%; 0.75% Floor) | 12/24/2031
(997)—
US Corporate Debt | 1st Lien/Senior Secured Debt | Priority OnDemand Midco 2, L.P. | Health Care Providers & Services | Term Loan | 9.74% (S + 5.25%; 1.00% Floor) | 7/17/2028
3,171,300—
US Corporate Debt | 1st Lien/Senior Secured Debt | Cerifi, LLC | Banks | Term Loan | 10.17%(S + 5.75%; 1.00% Floor) | 3/31/2028
2,560,512—
US Corporate Debt | 1st Lien/Senior Secured Debt | MSP Global Holdings, Inc. | Technology Hardware, Storage & Peripheral | Delayed Draw Term Loan | 9.91% (S + 5.50%; 1.00% Floor) | 4/9/2029
258,006—
US Corporate Debt | 1st Lien/Senior Secured Debt | Ridge Trail US Bidco, Inc. | Capital Markets | Revolver | 8.79% (S + 4.50%; 0.75% Floor) | 3/30/2031
23,946—
US Corporate Debt | 1st Lien/Senior Secured Debt | Veracross LLC | Diversified Consumer Services | Term Loan | 10.92% (S + 6.50%; 1.00% Floor; ) | 12/28/2027
5,207,834—
US Corporate Debt | 1st Lien/Senior Secured Debt | NC Topco, LLC | Banks | Delayed Draw Term Loan | (S + 2.50%; 0.75% Floor) | 9/1/2031
(973)—
US Corporate Debt | 1st Lien/Senior Secured Debt | Mr. Greens Intermediate, LLC| Food & Staples Retailing | Term Loan | 10.66% (S + 6.25%; 1.00% Floor) | 5/1/2029
2,037,496—
US Corporate Debt | 1st Lien/Senior Secured Debt | Brightspot Buyer, Inc. | Media | Term Loan | 10.91%(S + 6.50%; 0.75% Floor) | 11/16/2027 | One
1,675,159—
US Corporate Debt | 1st Lien/Senior Secured Debt | Fusion Holding, Corp. | Software | Term Loan | 10.54% (S + 6.25%; 0.75% Floor) | 9/14/2029
5,321,807—
US Corporate Debt | 1st Lien/Senior Secured Debt | EET Buyer, Inc.| Construction & Engineering | Revolver | (S + 5.00%; 0.75% Floor) | 11/8/2027
0—
US Corporate Debt | 1st Lien/Senior Secured Debt | GS AcquisitionCo, Inc. | Diversified Financial Services | Term Loan | 9.54% (S + 5.25%; 1.00% Floor) | 5/25/2028
787,225—
US Corporate Debt | 1st Lien/Senior Secured Debt | Foundation Risk Partners, Corp.| Insurance | Revolver | (S + 5.00%; 0.75% Floor) | 10/29/2029
0—
US Corporate Debt | 1st Lien/Senior Secured Debt | Tau Buyer, LLC | Technology Hardware, Storage & Peripherals | Revolver | (S + 4.75%; 0.75% Floor) | 2/2/2032
(2,984)—
US Corporate Debt | 1st Lien/Senior Secured Debt | HITRUST Services, LLC | Health Care Technology | Revolver | (S + 4.75%; 0.75% Floor) | 3/14/2031
(1,905)—
US Corporate Debt | 1st Lien/Senior Secured Debt | Socket Holdings Corporation | Diversified Telecommunication Services | Delayed Draw Term Loan | (S + 5.25%; 0.75% Floor) | 3/31/2031
(3,389)—
US Corporate Debt | 1st Lien/Senior Secured Debt | BV EMS Buyer, Inc | Health Care Technology | Term Loan | 10.17%(S + 5.75%; 1.00% Floor) | 11/23/2027 | One
1,284,055—
US Corporate Debt | 1st Lien/Senior Secured Debt | Foundation Risk Partners, Corp.| Insurance | Delayed Draw Term Loan | 9.29% (S + 5.00%; 0.75% Floor) | 10/29/2030 | One
893,348—
US Corporate Debt | 1st Lien/Senior Secured Debt | OPOC Acquisition, LLC | Insurance | Revolver | (S + 5.00%; 1.00% Floor) | 12/20/2030
(874)—
US Corporate Debt | 1st Lien/Senior Secured Debt | The Center for Orthopedic and Research Excellence, Inc. | Health Care Providers & Services | Delayed Draw Term Loan | 10.44% (S + 6.00%; 1.00% Floor) | 12/31/2026 | Two
404,245—
US Corporate Debt | 1st Lien/Senior Secured Debt | EET Buyer, Inc.| Construction & Engineering | Term Loan | 9.04% (S + 4.75%; 0.75% Floor) | 11/8/2027 | One
2,769,158—
US Corporate Debt | 1st Lien/Senior Secured Debt | AAH Topco, LLC | Health Care Providers & Services | Delayed Draw Term Loan | (S + 5.00%; 0.75% Floor) | 12/22/2027
(2,370)—
US Corporate Debt | 1st Lien/Senior Secured Debt | Amercare Royal LLC | Commercial Services & Supplies | Term Loan | 9.32% (S + 5.00%; 1.00% Floor) | 9/10/2030
1,005,658—
US Corporate Debt | 1st Lien/Senior Secured Debt | Socket Holdings Corporation | Diversified Telecommunication Services | Term Loan | 9.57% (S + 5.25%; 0.75% Floor) | 3/31/2031
651,102—
US Corporate Debt | 1st Lien/Senior Secured Debt | EET Buyer, Inc.| Construction & Engineering | Term Loan | 9.04% (S + 4.75%; 0.75% Floor) | 11/8/2027
1,342,938—
US Corporate Debt | 1st Lien/Senior Secured Debt | HireVue, Inc.| Diversified Financial Services | Term Loan | 11.04% (S + 6.75%; 1.00% Floor) | 5/3/2029
4,185,624—
Cash Equivalents | US BANK MMDA GCTS
9,844,171—
US Corporate Debt | 1st Lien/Senior Secured Debt | Ridge Trail US Bidco, Inc. | Capital Markets | Term Loan | 8.79% (S + 4.50%; 0.75% Floor) | 9/30/2031
774,917—
US Corporate Debt | 1st Lien/Senior Secured Debt | Admiral Buyer, Inc. | Diversified Financial Services | Revolver | (S + 5.00%; 0.75% Floor) | 12/6/2029
(2,438)—
US Corporate Debt | 1st Lien/Senior Secured Debt | Moon Buyer, Inc. | Software | Delayed Draw Term Loan | 9.04% (S + 4.75%; 0.75% Floor) | 4/21/2031
263,690—
US Corporate Debt | 1st Lien/Senior Secured Debt | Pace Health Companies, LLC | Health Care Providers & Services | Term Loan | 9.69% (S +5.25%; 1.00% Floor) | 8/3/2026
2,775,314—
US Corporate Debt | 1st Lien/Senior Secured Debt | Admiral Buyer, Inc. | Diversified Financial Services | Term Loan | 9.29% (S + 5.00%; 0.75% Floor) | 12/6/2029 | One
3,965,382—
US Corporate Debt | 1st Lien/Senior Secured Debt | Joink, LLC | Diversified Telecommunication Services | Delayed Draw Term Loan | 9.56% (S + 5.25%; 1.00% Floor) | 10/4/2030
84,511—
US Corporate Debt | 1st Lien/Senior Secured Debt | Velocity Holdco III Inc. | Commercial Services & Supplies | Term Loan | 9.91% (S + 5.50%; 1.00% Floor) | 4/22/2027
4,460,119—
US Corporate Debt | 1st Lien/Senior Secured Debt | Community Based Care Acquisition, Inc. | Health Care Providers & Services | Delayed Draw Term Loan | 9.89% (S + 5.25%; 1.00% Floor) | 9/16/2027
1,074,054—
US Corporate Debt | 1st Lien/Senior Secured Debt | Joink, LLC | Diversified Telecommunication Services | Term Loan | 9.56% (S + 5.25%; 1.00% Floor) | 10/4/2030
1,218,785—
US Corporate Debt | 1st Lien/Senior Secured Debt | UNIVISION COMMUNICATIONS INC. | Broadcast Serv/Program | Term Loan | 9.53% (S + 5.09%; 0.50% Floor) | 1/31/2029
976,645—
LIABILITIES IN EXCESS OF OTHER ASSETS — (142.52%)
(169,727,401)—
US Corporate Debt | 1st Lien/Senior Secured Debt | Pinnacle Treatment Centers, Inc. | Health Care Providers & Services | Term Loan | 10.06% (S + 5.75%; 1.00% Floor) | 1/4/2027
36,861—
US Corporate Debt | 1st Lien/Senior Secured Debt | The Center for Orthopedic and Research Excellence, Inc. | Health Care Providers & Services | Term Loan | 10.47% (S + 6.00%; 1.00% Floor) | 12/31/2026
758,386—
US Corporate Debt | 1st Lien/Senior Secured Debt | NC Topco, LLC | Banks | Term Loan | 9.57% (S + 2.50%; 0.75% Floor; 2.75% PIK) | 8/29/2031
1,358,300—
US Corporate Debt | 1st Lien/Senior Secured Debt | Honor HN Buyer, Inc.| Health Care Providers & Services | Term Loan | 10.19% (S + 5.75%; 1.00% Floor) | 10/15/2027
1,048,800—
US Corporate Debt | 1st Lien/Senior Secured Debt | MBS Holdings, Inc. | Diversified Telecommunication Services | Term Loan | 10.10% (S + 5.75; 1.00% Floor) | 4/16/2027
4,357,905—
US Corporate Debt | 1st Lien/Senior Secured Debt | Bonterra LLC | Diversified Financial Services | Revolver | 9.29%(S + 5.00%; 0.75% Floor) | 3/5/2032
13,608—
US Corporate Debt | 1st Lien/Senior Secured Debt | Telesoft Holdings, LLC | Diversified Telecommunication Services | Term Loan | 10.17% (S + 5.75%; 1.00% Floor) | 12/16/2026
1,405,061—
US Corporate Debt | 1st Lien/Senior Secured Debt | Redwood Family Care Network, Inc. | Health Care Providers & Services | Term Loan | 9.94% (S + 5.50%; 1.00% Floor) | 6/18/2026
2,246,160—
US Corporate Debt | 1st Lien/Senior Secured Debt | LeadVenture, Inc. | Auto Components | Term Loan | 9.32% (S + 5.00%; 0.75% Floor) | 8/28/2026 | One
558,270—
US Corporate Debt | 1st Lien/Senior Secured Debt | Iodine Software, LLC | Health Care Technology | Delayed Draw Term Loan | 9.57% (S + 5.25%; 1.00% Floor) | 5/19/2027
3,039,972—
US Corporate Debt | 1st Lien/Senior Secured Debt | Ungerboeck Systems International, LLC | Leisure Products | Delayed Draw Term Loan | 10.07% (S + 5.75%; 1.00% Floor) | 4/30/2027 | One
181,433—
US Corporate Debt | 1st Lien/Senior Secured Debt | KPA Parent Holdings, Inc | Automobiles | Revolver | (S + 4.75%; 0.75% Floor) | 3/12/2032
(805)—
US Corporate Debt | 1st Lien/Senior Secured Debt | Tau Buyer, LLC | Technology Hardware, Storage & Peripherals | Delayed Draw Term Loan | 9.04% (S + 4.75%; 0.75% Floor) | 2/2/2032
27,694—
US Corporate Debt | 1st Lien/Senior Secured Debt | Sako and Partners Lower Holdings LLC | Real Estate Management & Development | Term Loan | 8.79% (S + 4.50%; 1.00% Floor) | 9/15/2028
4,371,420—
US Corporate Debt | 1st Lien/Senior Secured Debt | Vectra AI, Inc. | Software | Delayed Draw Term Loan | 9.64% (S + 5.25%; 1.00% Floor) | 3/2/2028
525,899—
Cash | US Dollar
1,968,693—
US Corporate Debt | 1st Lien/Senior Secured Debt | Ungerboeck Systems International, LLC | Leisure Products | Delayed Draw Term Loan | 10.07% (S + 5.75%; 1.00% Floor) | 4/30/2027 | Two
122,881—
US Corporate Debt | 1st Lien/Senior Secured Debt | Foundation Risk Partners, Corp.| Insurance | Term Loan | 9.29% (S + 5.00%; 0.75% Floor) | 10/29/2030 | One
4,107,497—
US Corporate Debt | 1st Lien/Senior Secured Debt | DA Blocker Corp.| Diversified Consumer Services | Revolver | 9.04% (S + 4.75%; 0.75% Floor) | 2/10/2032
21,323—
US Corporate Debt | 1st Lien/Senior Secured Debt | Navigate360, LLC | Diversified Consumer Services | Revolver | (S + 5.50%; 1.00% Floor) | 3/17/2027
(1,951)—
US Corporate Debt | 1st Lien/Senior Secured Debt | Navigate360, LLC | Diversified Consumer Services | Term Loan | 9.92% (S + 5.50%; 1.00% Floor) | 3/17/2027 | Two
1,752,719—
US Corporate Debt | 1st Lien/Senior Secured Debt | NI Topco, Inc. | Diversified Telecommunication Services | Term Loan | 11.25% (S + 4.75%; 0.75% Floor) | 12/28/2028
470,677—
US Corporate Debt | 1st Lien/Senior Secured Debt | The Center for Orthopedic and Research Excellence, Inc. | Health Care Providers & Services | Delayed Draw Term Loan | 10.44% (S + 6.00%; 1.00% Floor) | 12/31/2026
227,550—
US Corporate Debt | 1st Lien/Senior Secured Debt | GHA Buyer, Inc. | Health Care Technology | Term Loan | 9.79% (S + 5.50%; 1.00% Floor) | 6/24/2026 | Two
757,991—
US Corporate Debt | 1st Lien/Senior Secured Debt | Unlimited Technology Holdings, LLC | Health Care Technology | Term Loan | 9.04% (S + 4.75%; 0.75% Floor) | 3/12/2032
877,941—
US Corporate Debt | 1st Lien/Senior Secured Debt | ASURION CORPORATION | Property/Casualty Ins | Term Loan | 9.99% (S + 5.56%) | 8/19/2028
987,283—
US Corporate Debt | 1st Lien/Senior Secured Debt | NMI Acquisitionco, Inc.| Internet and Direct Marketing Retail | Term Loan | 9.42% (S + 5.00%; 0.75% Floor) | 9/6/2028 | Two
1,282,684—
US Corporate Debt | 1st Lien/Senior Secured Debt | Community Based Care Acquisition, Inc.| Health Care Providers & Services | Revolver | (S + 5.250%; 1.00% Floor) | 9/16/2027
(832)—
US Corporate Debt | 1st Lien/Senior Secured Debt | Salisbury House, LLC | Diversified Consumer Services | Term Loan | 10.19% (S + 5.75%; 1.00% Floor) | 2/27/2026 | One
546,013—
US Corporate Debt | 1st Lien/Senior Secured Debt | Sandstone Care Holdings, LLC | Health Care Providers & Services | Term Loan | 9.81% (S + 5.50%; 1.00% Floor) | 6/28/2028
1,613,749—
US Corporate Debt | 1st Lien/Senior Secured Debt | GS AcquisitionCo, Inc. | Diversified Financial Services | Delayed Draw Term Loan | 9.54% (S + 5.25%; 0.75% Floor) | 5/25/2028
9,035—
US Corporate Debt | 1st Lien/Senior Secured Debt | VIRGIN MEDIA BRISTOL LLC | Cable/Satellite TV | Term Loan | 8.30% (S + 3.86%) | 1/31/2029
932,943—
US Corporate Debt | 1st Lien/Senior Secured Debt | DA Blocker Corp.| Diversified Consumer Services | Delayed Draw Term Loan | (S + 4.75%; 0.75% Floor) | 2/10/2032
(1,103)—
US Corporate Debt | 1st Lien/Senior Secured Debt | Admiral Buyer, Inc. | Diversified Financial Services | Term Loan | 9.29% (S + 5.00%; 0.75% Floor) | 12/6/2029
201,556—
US Corporate Debt | 1st Lien/Senior Secured Debt | Businessolver.com, Inc. | Professional Services | Term Loan | 9.89%(S + 5.50%; 0.75% Floor) | 12/1/2027
3,074,951—
US Corporate Debt | 1st Lien/Senior Secured Debt | Pinnacle Treatment Centers, Inc. | Health Care Providers & Services | Term Loan | 10.06% (S + 5.75%; 1.00% Floor) | 1/4/2027 | Two
912,069—
US Corporate Debt | 1st Lien/Senior Secured Debt | DeLorean Purchaser, Inc.| Health Care Technology | Term Loan | 9.04% (S + 4.75%; 0.75% Floor) | 12/16/2031
858,696—
US Corporate Debt | 1st Lien/Senior Secured Debt | Priority OnDemand Midco 2, L.P. | Health Care Providers & Services | Delayed Draw Term Loan | 9.76% (S + 5.25%; 1.00% Floor) | 7/17/2028
75,391—
US Corporate Debt | 1st Lien/Senior Secured Debt | NMI Acquisitionco, Inc.| Internet and Direct Marketing Retail | Term Loan | 9.42% (S + 5.00%; 0.75% Floor) | 9/6/2028 | Three
2,374,336—
US Corporate Debt | 1st Lien/Senior Secured Debt | Moon Buyer, Inc. | Software | Term Loan | 9.07% (S + 4.75%; 0.75% Floor) | 4/21/2031
2,856,078—
US Corporate Debt | 1st Lien/Senior Secured Debt | Saab Purchaser, Inc. | Banks | Term Loan | 9.31% (S + 5.00%; 0.75% Floor) | 11/12/2031
709,202—
US Corporate Debt | 1st Lien/Senior Secured Debt | AppViewX, Inc. | Software | Term Loan | 9.46% (S + 5.25%; 0.75% Floor) | 12/24/2031
789,369—
US Corporate Debt | 1st Lien/Senior Secured Debt | Honor HN Buyer, Inc.| Health Care Providers & Services | Revolver | 12.25% (S + 5.75%; 1.00% Floor) | 10/15/2027
14,643—
US Corporate Debt | 1st Lien/Senior Secured Debt | Datacor, Inc. | Chemicals | Revolver | 10.32% (S + 6.00%; 1.00% Floor) | 3/13/2029
34,479—
US Corporate Debt | 1st Lien/Senior Secured Debt | Admiral Buyer, Inc. | Diversified Financial Services | Delayed Draw Term Loan | (S + 5.00%; 0.75% Floor) | 12/6/2029
0—
US Corporate Debt | 1st Lien/Senior Secured Debt | Sauce Labs Inc | Software | Delayed Draw Term Loan | 10.39% (S + 5.50%; 1.00% Floor; 0.50% PIK) | 8/16/2027 | One
317,633—
US Corporate Debt | 1st Lien/Senior Secured Debt | Unlimited Technology Holdings, LLC | Health Care Technology | Revolver | (S + 4.75%; 0.75% Floor) | 3/12/2032
(588)—
US Corporate Debt | 1st Lien/Senior Secured Debt | Ampler QSR Holdings LLC | Hotels, Restaurants & Leisure | Term Loan | 10.16% (S + 5.75%; 2.00% Floor) | 7/21/2027
87,059—
US Corporate Debt | 1st Lien/Senior Secured Debt | NI Topco, Inc. | Diversified Telecommunication Services | Term Loan | 11.25% (S + 4.75%; 0.75% Floor) | 12/28/2028 | One
3,253,695—
US Corporate Debt | 1st Lien/Senior Secured Debt | Exterro, Inc.| Software | Term Loan | 9.96% (S + 5.50%; 1.00% Floor) | 6/1/2027
3,635,986—
US Corporate Debt | 1st Lien/Senior Secured Debt | Visionary Buyer, LLC | Diversified Telecommunication Services | Term Loan | 9.54% (S + 5.25%; 0.75% Floor) | 3/21/2031
1,706,608—
US Corporate Debt | 1st Lien/Senior Secured Debt | The Center for Orthopedic and Research Excellence, Inc. | Health Care Providers & Services | Term Loan | 10.44% (S + 6.00%; 1.00% Floor) | 12/31/2026
965,127—
US Corporate Debt | 1st Lien/Senior Secured Debt | Navigate360, LLC | Diversified Consumer Services | Delayed Draw Term Loan | 9.92% (S + 5.50%; 1.00% Floor) | 3/17/2027
755,037—
US Corporate Debt | 1st Lien/Senior Secured Debt | Brightspot Buyer, Inc. | Media | Term Loan | 10.91%(S + 6.50%; 0.75% Floor) | 11/16/2027
339,291—
US Corporate Debt | 1st Lien/Senior Secured Debt | Veracross LLC | Diversified Consumer Services | Revolver | 10.92% (S + 6.50%; 1.00% Floor; ) | 12/28/2027
204,390—
US Corporate Debt | 1st Lien/Senior Secured Debt | Fusion Holding, Corp. | Software | Revolver | 12.75% (S + 6.25%; 0.75% Floor) | 9/15/2027
217,102—
US Corporate Debt | 1st Lien/Senior Secured Debt | Pinnacle Treatment Centers, Inc. | Health Care Providers & Services | Term Loan | 10.06% (S + 5.75%; 1.00% Floor) | 1/4/2027 | One
69,448—
US Corporate Debt | 1st Lien/Senior Secured Debt | Tau Buyer, LLC | Technology Hardware, Storage & Peripherals | Term Loan | 9.04% (S + 4.75%; 0.75% Floor) | 2/2/2032
2,265,048—
US Corporate Debt | 1st Lien/Senior Secured Debt | LeadVenture, Inc. | Auto Components | Term Loan | 9.32% (S + 5.00%; 0.75% Floor) | 8/28/2026 | Two
31,206—
US Corporate Debt | 1st Lien/Senior Secured Debt | Ungerboeck Systems International, LLC | Leisure Products | Term Loan | 10.07% (S + 5.75%; 1.00% Floor) | 4/30/2027 | One
38,757—
US Corporate Debt | 1st Lien/Senior Secured Debt | Medical Management Resource Group, L.L.C.| Health Care Providers & Service | Delayed Draw Term Loan | 10.14% (S + 5.75%; 0.75% Floor) | 9/30/2027
428,190—
US Corporate Debt | 1st Lien/Senior Secured Debt | BV EMS Buyer, Inc | Health Care Technology | Revolver | 10.17%(S + 5.75%; 1.00% Floor) | 11/23/2027
64,544—
US Corporate Debt | 1st Lien/Senior Secured Debt | Socket Holdings Corporation | Diversified Telecommunication Services | Revolver | (S + 5.25%; 0.75% Floor) | 3/31/2031
(848)—
US Corporate Debt | 1st Lien/Senior Secured Debt | Veracross LLC | Diversified Consumer Services | Delayed Draw Term Loan | 10.92% (S + 6.50%; 1.00% Floor; ) | 12/28/2027 One
63,602—
US Corporate Debt | 1st Lien/Senior Secured Debt | Foundation Risk Partners, Corp.| Insurance | Delayed Draw Term Loan | 9.29% (S + 5.00%; 0.75% Floor) | 10/29/2030
355,187—
US Corporate Debt | 1st Lien/Senior Secured Debt | Bridgepointe Technologies, LLC | Technology Hardware, Storage & Peripherals | Term Loan | 9.29%(S + 5.00%; 1.00% Floor) | 12/31/2027
807,352—
US Corporate Debt | 1st Lien/Senior Secured Debt | Vehlo Purchaser, LLC | Automobiles | Term Loan | 9.57% (S + 5.25%; 0.75% Floor) | 5/24/2028
4,285,714—
US Corporate Debt | 1st Lien/Senior Secured Debt | Mist Holding Co. | Health Care Technology | Term Loan | 9.54% (S + 5.25%; 0.75% Floor) | 12/23/2030
481,050—
US Corporate Debt | 1st Lien/Senior Secured Debt | KPA Parent Holdings, Inc | Automobiles | Term Loan | 9.07% (S + 4.75%; 0.75% Floor)| 3/12/2032
796,552—
US Corporate Debt | 1st Lien/Senior Secured Debt | LeadVenture, Inc. | Auto Components | Term Loan | 9.32% (S + 5.00%; 0.75% Floor) | 8/28/2026
4,838,659—
US Corporate Debt | 1st Lien/Senior Secured Debt | GHA Buyer, Inc. | Health Care Technology | Term Loan | 9.79% (S + 5.50%; 1.00% Floor) | 6/24/2026 | Three
142,871—
US Corporate Debt | 1st Lien/Senior Secured Debt | Azurite Intermediate Holdings, Inc. | Software | Term Loan | 10.82%(S + 6.50%; 0.75% Floor) | 3/19/2031
919,753—
US Corporate Debt | 1st Lien/Senior Secured Debt | Mastery Acquisition Corp. | Diversified Consumer Services | Term Loan | 9.54% (S + 5.25%; 1.00% Floor) | 9/7/2029
1,222,506—
US Corporate Debt | 1st Lien/Senior Secured Debt | Nasuni Corporation | Software | Term Loan | 10.04% (S + 5.75%; 0.75% Floor) | 9/10/2030
1,496,890—
US Corporate Debt | 1st Lien/Senior Secured Debt | Greenhouse Software, Inc. | Professional Services | Term Loan | 10.54% (S + 6.25%; 1.00% Floor) | 9/1/2028
5,500,000—
US Corporate Debt | 1st Lien/Senior Secured Debt | MSP Global Holdings, Inc. | Technology Hardware, Storage & Peripheral | Term Loan | 9.98% (S + 5.50%; 1.00% Floor) | 4/9/2029
3,302,903—
US Corporate Debt | 1st Lien/Senior Secured Debt | AAH Topco, LLC | Health Care Providers & Services | Delayed Draw Term Loan | 9.67% (S + 5.25%; 0.75% Floor) | 12/22/2027
2,860,216—
US Corporate Debt | 1st Lien/Senior Secured Debt | Bridgepointe Technologies, LLC | Technology Hardware, Storage & Peripherals | Delayed Draw Term Loan | 9.29%(S + 5.00%; 1.00% Floor) | 12/31/2027 | One
707,516—
US Corporate Debt | 1st Lien/Senior Secured Debt | Mr. Greens Intermediate, LLC| Food & Staples Retailing | Delayed Draw Term Loan | 10.65% (S + 6.25%; 1.00% Floor) | 5/1/2029
93,088—
US Corporate Debt | 1st Lien/Senior Secured Debt | Salisbury House, LLC | Diversified Consumer Services | Term Loan | 10.19% (S + 5.75%; 1.00% Floor) | 2/27/2026
1,633,346—
US Corporate Debt | 1st Lien/Senior Secured Debt | Ungerboeck Systems International, LLC | Leisure Products | Term Loan | 10.07% (S + 5.75%; 1.00% Floor) | 4/30/2027
724,370—
US Corporate Debt | 1st Lien/Senior Secured Debt | BSI2 Hold Nettle, LLC | Real Estate Management & Development | Revolver | 9.30%(S + 5.00%; 0.75% Floor) | 6/30/2028
103,712—
US Corporate Debt | 1st Lien/Senior Secured Debt | Navigate360, LLC | Diversified Consumer Services | Term Loan | 9.92% (S + 5.50%; 1.00% Floor) | 3/17/2027
311,331—
US Corporate Debt | 1st Lien/Senior Secured Debt | Mavenlink, Inc. | Professional Services | Revolver | 10.72% (S + 2.00%; 0.75% Floor; 4.25% PIK) | 6/3/2027
209,147—
US Corporate Debt | 1st Lien/Senior Secured Debt | Amercare Royal LLC | Commercial Services & Supplies | Delayed Draw Term Loan | 9.32% (S + 5.00%; 1.00% Floor) | 9/10/2030
160,160—
US Corporate Debt | 1st Lien/Senior Secured Debt | Bridgepointe Technologies, LLC | Technology Hardware, Storage & Peripherals | Term Loan | 9.29%(S + 5.00%; 1.00% Floor) | 12/31/2027 | One
1,164,525—
US Corporate Debt | 1st Lien/Senior Secured Debt | Wealth Enhancement Group, LLC | Diversified Financial Services | Delayed Draw Term Loan | 9.30% (S + 5.00%; 1.00% Floor) | 10/2/2028 One
524,860—
US Corporate Debt | 1st Lien/Senior Secured Debt | Azurite Intermediate Holdings, Inc. | Software | Delayed Draw Term Loan | 10.82%(S + 6.50%; 0.75% Floor) | 3/19/2031
2,090,347—
US Corporate Debt | 1st Lien/Senior Secured Debt | GHA Buyer, Inc. | Health Care Technology | Term Loan | 9.79% (S + 5.50%; 1.00% Floor) | 6/24/2026
85,484—
Cash and cash equivalents
21,453,05011,736,791
Deferred financing cost
1,253,3051,361,338
Deferred offering cost
133,611534,442
Interest receivable
967,471943,796
Prepaid expenses
24,58361,458
Receivable for investments sold
—2,920
Receivable due from Adviser (Note 2)
484,439—
Total assets
291,683,736294,418,251
Liabilities
Term loan payable (net of debt issuance costs of $895,217 and $972,384, respectively)
134,104,783124,027,616
Credit facility payable
32,750,00047,750,000
Revolving Credit Facility - ABPLF Credit Facility
23,750,00033,750,000
Revolving Credit Facility - Scotia Credit Facility
9,000,00014,000,000
Revolving Credit Facility
167,750,000172,750,000
Revolving Credit Facility - Scotia Term Loan
25,000,00025,000,000
Revolving Credit Facility - ABPLF Term Loan
110,000,000100,000,000
Income distribution payable
951,372—
Interest and borrowing expenses payable
1,539,2721,756,459
Professional fees payable
603,546354,708
Management fees payable
1,314,784949,652
Amended And Restated Investment Advisory Agreement
1,314,784—
Incentive fee payable
988,851692,450
Payable to Adviser
—148,778
Capital Gains Incentive Fee - Related Party
988,851692,450
Transfer Agent Fees - Related Party
20,42414,460
Accrued expenses and other liabilities
96,40847,250
Administrator and custodian fees payable
221,370161,300
Payable for investments purchased
—1,938,188
Transfer agent fees payable
20,42414,460
Offering cost payable
00
Organizational expense payable
051,314
Total Liabilities
172,590,810177,892,175
Net Assets
Common shares, par value $0.01 per share (unlimited shares authorized, 4,698,131 and 4,595,221 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively)
46,98245,953
Paid-in capital in excess of par value
116,447,216113,839,437
Distributable earnings (accumulated loss)
2,598,7282,640,686
Total net assets
119,092,926116,526,076
Distributable Earnings
2,598,7282,640,686
Common Units
46,98245,953
Paid in Capital in Excess of Par
116,447,216113,839,437
Total liabilities and net assets
291,683,736294,418,251
Net asset value per share
25.3525.36
AB Private Lending Fund — 10-Q Filing | Form 10 Explorer