| | | | | | 2 | | | |
| | | | | | 3 | | | |
| | | | | | 12 | | | |
| | | | | | 13 | | | |
| | | | | | 14 | | | |
| | | | | | 16 | | | |
| | | | | | 17 | | | |
| | | | | | 18 | | | |
| | | | | | 47 | | | |
| | | | | | 50 | | |
| | ASSETS | | | | | | | |
| |
Investments, at fair value (cost $1,636,868,764)(1)
|
| | | $ | 1,434,085,798 | | |
| |
Unrealized appreciation on forward currency contracts
|
| | | | 74,280 | | |
| |
Cash and cash equivalents (restricted cash of $5,560,000)
|
| | | | 56,759,115 | | |
| |
Cash denominated in foregin currency (cost $724,968)
|
| | | | 851,076 | | |
| |
Interest receivable
|
| | | | 47,821,127 | | |
| |
Receivable for shares of common stock issued pursuant to the Company’s dividend reinvestment plan
|
| | | | 2,064,105 | | |
| |
Receivable for securities sold
|
| | | | 1,620,000 | | |
| |
Prepaid expenses
|
| | | | 463,105 | | |
| |
Total Assets
|
| | | | 1,543,738,606 | | |
| | LIABILITIES | | | | | | | |
| |
Unsecured notes issued and outstanding, at fair value (aggregate principal amount of $285,523,800) (Note 8)
|
| | | | 277,452,459 | | |
| |
Mandatorily redeemable preferred stock, at fair value, net of share issuance (discount)/premium of $4,806 (4,658,797 shares issued and outstanding) (Note 7)
|
| | | | 113,936,478 | | |
| |
Payable for securities purchased
|
| | | | 16,326,003 | | |
| |
Incentive fee payable
|
| | | | 8,720,156 | | |
| |
Management fee payable
|
| | | | 5,365,932 | | |
| |
Deferred tax liability
|
| | | | 1,550,910 | | |
| |
Unrealized depreciation on forward currency contracts
|
| | | | 1,194,226 | | |
| |
Professional fees payable
|
| | | | 601,636 | | |
| |
Directors’ fees payable
|
| | | | 298,125 | | |
| |
Administration fees payable
|
| | | | 247,170 | | |
| |
Due to affiliates
|
| | | | 62,247 | | |
| |
Tax expense payable
|
| | | | 15,025 | | |
| |
Interest payable
|
| | | | 5,606 | | |
| |
Other expenses payable
|
| | | | 70,932 | | |
| |
Total Liabilities
|
| | | | 425,846,905 | | |
| | TEMPORARY EQUITY (Note 2) | | | | | | | |
| |
7.00% Series AA Convertible Perpetual Preferred Stock (4,630,283 shares outstanding) (Note 7)
|
| | | | 109,169,173 | | |
| |
6.75% Series D Perpetual Preferred Stock (4,218,232 shares outstanding) (Note 7)
|
| | | | 86,031,890 | | |
| |
7.00% Series AB Convertible Perpetual Preferred Stock (295,452 shares outstanding) (Note 7)
|
| | | | 7,236,488 | | |
| |
Total Temporary Equity
|
| | | | 202,437,551 | | |
| | COMMITMENTS AND CONTINGENCIES (Note 10) | | | | | | | |
| |
NET ASSETS applicable to common stock, $0.001 par value, 200,000,000 shares authorized, 130,832,939 shares issued and
outstanding |
| | | $ | 915,454,150 | | |
| | NET ASSETS consist of: | | | | | | | |
| |
Paid-in capital
|
| | | $ | 1,387,112,071 | | |
| |
Aggregate distributable earnings (losses)
|
| | | | (469,672,858) | | |
| |
Accumulated other comprehensive income (loss)
|
| | | | (1,985,063) | | |
| |
Total Net Assets
|
| | | $ | 915,454,150 | | |
| |
Net asset value per share of common stock
|
| | | $ | 7.00 | | |
|
Issuer(1)
|
| |
Investment Description
|
| |
Acquisition
Date(2) |
| |
Principal
Amount / Shares |
| |
Cost
|
| |
Fair Value(3)
|
| |
% of
Net Assets |
| ||||||||||||
| Investments, at fair value(5) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Collateralized Loan Obligation Debt(4)(6)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Structured Finance
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
United States
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
AGL CLO 13 Ltd.
|
| | Secured Note – Class E, 11.09% (3M SOFR + 6.76%, due 10/20/2034) | | |
06/14/23
|
| | |
$
|
5,950,000
|
| | | |
$
|
5,689,232
|
| | | |
$
|
5,916,415
|
| | | | | 0.65% | | |
|
Ares LXI CLO Ltd.
|
| | Secured Note – Class F-R, 12.33% (3M SOFR + 8.00%, due 04/20/2037) | | |
03/27/24
|
| | | | 212,921 | | | | | | 212,921 | | | | | | 211,119 | | | | | | 0.02% | | |
|
Battalion CLO XXI Ltd.
|
| | Secured Note – Class E, 11.04% (3M SOFR + 6.72%, due 07/15/2034) | | |
06/27/23
|
| | | | 1,625,000 | | | | | | 1,353,584 | | | | | | 1,400,841 | | | | | | 0.15% | | |
|
Dryden 53 CLO, Ltd.
|
| | Secured Note – Class F, 12.02% (3M SOFR + 7.76%, due 01/15/2031) | | |
11/28/17
|
| | | | 1,664,500 | | | | | | 1,483,550 | | | | | | 911,869 | | | | | | 0.10% | | |
|
Dryden 68 CLO, Ltd.
|
| | Secured Note – Class E-R, 11.33% (3M SOFR + 7.01%, due 07/15/2035) | | |
04/24/24
|
| | | | 4,750,000 | | | | | | 4,540,525 | | | | | | 4,706,138 | | | | | | 0.51% | | |
|
Dryden 75 CLO, Ltd.
|
| | Secured Note – Class E-R2, 11.18% (3M SOFR + 6.86%, due 04/14/2034) | | |
05/30/23
|
| | | | 3,200,000 | | | | | | 2,830,179 | | | | | | 3,171,906 | | | | | | 0.35% | | |
|
HarbourView CLO VII-R, Ltd.
|
| | Secured Note – Class F, 12.86% (3M SOFR + 8.53%, due 07/18/2031) | | |
05/17/18
|
| | | | 733,333 | | | | | | 703,561 | | | | | | 300,667 | | | | | | 0.03% | | |
|
KKR CLO 17 Ltd.
|
| | Secured Note – Class E-R, 11.97% (3M SOFR + 7.65%, due 04/15/2034) | | |
09/07/23
|
| | | | 3,900,000 | | | | | | 3,691,043 | | | | | | 3,829,314 | | | | | | 0.42% | | |
|
Morgan Stanley Eaton Vance CLO 2023-19, Ltd.
|
| | Secured Note – Class E-R, 9.82% (3M SOFR + 5.50%, due 07/15/2038) | | |
06/13/25
|
| | | | 1,190,000 | | | | | | 1,134,296 | | | | | | 1,169,260 | | | | | | 0.13% | | |
|
Octagon Investment Partners 27, Ltd.
|
| | Secured Note – Class F-R, 12.43% (3M SOFR + 8.11%, due 07/15/2030) | | |
07/05/18
|
| | | | 900,000 | | | | | | 859,777 | | | | | | 269,730 | | | | | | 0.03% | | |
|
Octagon Investment Partners 43, Ltd.
|
| | Secured Note – Class E, 11.18% (3M SOFR + 6.86%, due 10/25/2032) | | |
06/26/23
|
| | | | 4,325,000 | | | | | | 4,032,404 | | | | | | 4,324,090 | | | | | | 0.47% | | |
|
Octagon 59, Ltd.
|
| | Secured Note – Class E, 11.81% (3M SOFR + 7.60%, due 05/15/2035) | | |
06/12/23
|
| | | | 3,375,000 | | | | | | 3,139,964 | | | | | | 3,365,514 | | | | | | 0.37% | | |
|
Rockford Tower CLO 2021-2, Ltd.
|
| | Secured Note – Class E, 10.99% (3M SOFR + 6.66%, due 07/20/2034) | | |
02/06/24
|
| | | | 3,400,000 | | | | | | 3,202,338 | | | | | | 3,322,134 | | | | | | 0.36% | | |
|
Wind River 2013-2 CLO Ltd.
|
| | Secured Note – Class E1-R, 11.34% (3M SOFR + 7.01%, due 10/18/2030) | | |
05/16/24
|
| | | | 2,250,000 | | | | | | 2,248,065 | | | | | | 2,250,113 | | | | | | 0.25% | | |
|
Total Collateralized Loan Obligation Debt
|
| | | | | | | | | | | | | | | | 35,121,439 | | | | | | 35,149,110 | | | | | | 3.84% | | |
|
Collateralized Loan Obligation Equity(4)(8)(9)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Structured Finance
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
United States
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
1988 CLO 1 Ltd.
|
| | Income Note (effective yield 19.67%, maturity 10/15/2039)(10) | | |
09/23/22
|
| | | | 9,196,000 | | | | | | 5,761,824 | | | | | | 5,369,856 | | | | | | 0.59% | | |
|
1988 CLO 2 Ltd.
|
| | Income Note (effective yield 20.45%, maturity 04/15/2038)(10) | | |
02/08/23
|
| | | | 6,334,000 | | | | | | 3,737,334 | | | | | | 3,810,735 | | | | | | 0.42% | | |
|
1988 CLO 3 Ltd.
|
| | Income Note (effective yield 2.59%, maturity 10/15/2040)(10) | | |
09/12/23
|
| | | | 9,267,000 | | | | | | 6,238,220 | | | | | | 5,372,641 | | | | | | 0.59% | | |
|
1988 CLO 4 Ltd.
|
| | Income Note (effective yield 8.23%, maturity 04/15/2037)(10) | | |
04/09/24
|
| | | | 7,970,000 | | | | | | 6,335,493 | | | | | | 5,633,134 | | | | | | 0.62% | | |
|
1988 CLO 5 Ltd.
|
| | Income Note (effective yield 9.51%, maturity 07/15/2037)(10) | | |
06/03/24
|
| | | | 9,250,000 | | | | | | 6,271,430 | | | | | | 4,996,485 | | | | | | 0.55% | | |
|
1988 CLO 6 Ltd.
|
| | Income Note (effective yield 15.78%, maturity 04/15/2038)(10) | | |
02/20/25
|
| | | | 5,125,000 | | | | | | 4,414,005 | | | | | | 4,354,420 | | | | | | 0.48% | | |
|
ALM VIII, Ltd.
|
| | Preferred Share (effective yield 0.00%, maturity 10/15/2028)(11) | | |
06/02/16
|
| | | | 8,725,000 | | | | | | — | | | | | | 12,215 | | | | | | 0.00% | | |
|
AMMC CLO 23, Limited
|
| | Subordinated Note (effective yield 17.46%, maturity 07/17/2038) | | |
09/19/25
|
| | | | 5,279,000 | | | | | | 3,378,560 | | | | | | 3,436,546 | | | | | | 0.38% | | |
|
AMMC CLO 28, Limited
|
| | Subordinated Note (effective yield 16.11%, maturity 07/20/2037) | | |
01/28/25
|
| | | | 20,925,000 | | | | | | 15,958,069 | | | | | | 15,113,329 | | | | | | 1.65% | | |
|
AMMC CLO 30, Limited
|
| | Subordinated Note (effective yield 14.18%, maturity 01/15/2037) | | |
12/10/24
|
| | | | 3,475,000 | | | | | | 2,560,098 | | | | | | 2,527,763 | | | | | | 0.28% | | |
|
Anchorage Credit Funding 12, Ltd.
|
| | Income Note (effective yield 13.11%, maturity 10/25/2038) | | |
09/04/20
|
| | | | 9,250,000 | | | | | | 6,120,340 | | | | | | 5,083,277 | | | | | | 0.56% | | |
|
Anchorage Credit Funding 13, Ltd.
|
| | Subordinated Note (effective yield 12.40%, maturity 07/27/2039) | | |
05/25/21
|
| | | | 1,200,000 | | | | | | 953,743 | | | | | | 811,020 | | | | | | 0.09% | | |
|
Ares Loan Funding IV, Ltd.
|
| | Subordinated Note (effective yield 10.38%, maturity 10/15/2038) | | |
05/06/24
|
| | | | 2,500,000 | | | | | | 1,683,921 | | | | | | 1,676,593 | | | | | | 0.18% | | |
|
Ares Loan Funding V, Ltd.
|
| | Subordinated Note (effective yield 16.43%, maturity 07/25/2037) | | |
02/07/25
|
| | | | 12,400,000 | | | | | | 8,722,287 | | | | | | 8,381,876 | | | | | | 0.92% | | |
|
Ares XXXIX CLO Ltd.
|
| | Subordinated Note (effective yield 13.17%, maturity 07/18/2037) | | |
11/01/24
|
| | | | 11,340,000 | | | | | | 4,408,916 | | | | | | 3,715,288 | | | | | | 0.41% | | |
|
Ares XLI CLO Ltd.
|
| | Income Note (effective yield 8.61%, maturity 04/15/2034)(10) | | |
11/29/16
|
| | | | 29,388,000 | | | | | | 12,157,262 | | | | | | 8,529,803 | | | | | | 0.93% | | |
|
Ares XLI CLO Ltd.
|
| | Subordinated Note (effective yield 8.61%, maturity 04/15/2034) | | |
09/05/24
|
| | | | 750,000 | | | | | | 237,179 | | | | | | 208,683 | | | | | | 0.02% | | |
|
Ares XLIII CLO Ltd.
|
| | Income Note (effective yield 12.11%, maturity 01/15/2038)(10) | | |
04/04/17
|
| | | | 43,860,000 | | | | | | 16,342,367 | | | | | | 13,611,273 | | | | | | 1.49% | | |
|
Ares XLIV CLO Ltd.
|
| | Subordinated Note (effective yield 15.85%, maturity 04/15/2034) | | |
10/06/21
|
| | | | 16,376,572 | | | | | | 4,635,152 | | | | | | 3,685,309 | | | | | | 0.40% | | |
|
Ares LI CLO Ltd.
|
| | Income Note (effective yield 13.81%, maturity 10/15/2037)(10) | | |
01/25/19
|
| | | | 18,981,463 | | | | | | 10,035,447 | | | | | | 8,638,583 | | | | | | 0.94% | | |
|
Ares LXI CLO Ltd.
|
| | Subordinated Note (effective yield 10.60%, maturity 04/20/2037) | | |
01/24/24
|
| | | | 4,650,000 | | | | | | 2,785,179 | | | | | | 2,227,375 | | | | | | 0.24% | | |
|
Ares LXIII CLO Ltd.
|
| | Subordinated Note (effective yield 16.67%, maturity 10/15/2038) | | |
08/20/24
|
| | | | 5,952,500 | | | | | | 4,095,762 | | | | | | 3,974,495 | | | | | | 0.43% | | |
|
Ares LXIV CLO Ltd.
|
| | Subordinated Note (effective yield 14.56%, maturity 10/22/2039) | | |
01/26/23
|
| | | | 28,159,000 | | | | | | 16,796,421 | | | | | | 15,839,992 | | | | | | 1.73% | | |
|
Ares LXVI CLO Ltd.
|
| | Subordinated Note (effective yield 20.67%, maturity 10/25/2038) | | |
08/12/24
|
| | | | 12,750,000 | | | | | | 6,928,231 | | | | | | 7,800,811 | | | | | | 0.85% | | |
|
Ares LXIX CLO Ltd.
|
| | Income Note (effective yield 16.35%, maturity 04/15/2036)(10) | | |
01/31/24
|
| | | | 14,100,000 | | | | | | 8,857,881 | | | | | | 9,117,901 | | | | | | 1.00% | | |
|
Ares LXXII CLO Ltd.
|
| | Income Note (effective yield 17.20%, maturity 07/15/2037)(10) | | |
06/21/24
|
| | | | 33,950,000 | | | | | | 22,925,151 | | | | | | 21,731,261 | | | | | | 2.37% | | |
|
Ares LXXIV CLO Ltd.
|
| | Subordinated Note (effective yield 15.15%, maturity 10/15/2037) | | |
07/23/25
|
| | | | 27,150,000 | | | | | | 22,770,625 | | | | | | 22,204,140 | | | | | | 2.43% | | |
|
Ares LXXVI CLO Ltd.
|
| | Income Note (effective yield 17.26%, maturity 05/27/2038)(10) | | |
04/14/25
|
| | | | 10,075,000 | | | | | | 7,214,996 | | | | | | 7,589,416 | | | | | | 0.83% | | |
|
Bain Capital Credit CLO 2021-1, Limited
|
| | Subordinated Note (effective yield 2.14%, maturity 04/18/2034) | | |
04/29/21
|
| | | | 9,100,000 | | | | | | 5,931,485 | | | | | | 3,965,100 | | | | | | 0.43% | | |
|
Bardin Hill CLO 2021-2 Ltd.
|
| | Subordinated Note (effective yield 22.53%, maturity 10/25/2034)(10) | | |
09/24/21
|
| | | | 5,550,000 | | | | | | 3,149,306 | | | | | | 2,399,567 | | | | | | 0.26% | | |
|
Barings CLO Ltd. 2018-I
|
| | Income Note (effective yield 0.00%, maturity 04/15/2031)(10)(11) | | |
02/23/18
|
| | | | 20,808,000 | | | | | | 5,139,239 | | | | | | 3,072,392 | | | | | | 0.34% | | |
|
Barings CLO Ltd. 2019-I
|
| | Income Note (effective yield 5.49%, maturity 10/15/2038)(10) | | |
02/12/19
|
| | | | 21,223,000 | | | | | | 10,313,208 | | | | | | 8,592,719 | | | | | | 0.94% | | |
|
Barings CLO Ltd. 2019-II
|
| | Income Note (effective yield 8.69%, maturity 01/15/2038)(10) | | |
03/15/19
|
| | | | 14,700,500 | | | | | | 10,854,022 | | | | | | 8,016,471 | | | | | | 0.88% | | |
|
Barings CLO Ltd. 2020-I
|
| | Income Note (effective yield 26.34%, maturity 01/15/2038)(10) | | |
09/04/20
|
| | | | 6,966,000 | | | | | | 3,313,403 | | | | | | 4,103,447 | | | | | | 0.45% | | |
|
Barings CLO Ltd. 2021-I
|
| | Subordinated Note (effective yield 12.22%, maturity 04/25/2034) | | |
06/05/24
|
| | | | 20,000,000 | | | | | | 10,731,603 | | | | | | 8,746,987 | | | | | | 0.96% | | |
|
Barings CLO Ltd. 2021-II
|
| | Subordinated Note (effective yield 10.19%, maturity 07/15/2034) | | |
09/07/22
|
| | | | 9,250,000 | | | | | | 5,410,060 | | | | | | 4,244,345 | | | | | | 0.46% | | |
|
Barings CLO Ltd. 2021-III
|
| | Subordinated Note (effective yield 3.59%, maturity 01/18/2035) | | |
11/17/21
|
| | | | 2,000,000 | | | | | | 1,189,965 | | | | | | 714,021 | | | | | | 0.08% | | |
|
Barings CLO Ltd. 2022-I
|
| | Income Note (effective yield 7.21%, maturity 04/19/2035)(10) | | |
03/18/22
|
| | | | 7,500,000 | | | | | | 4,605,497 | | | | | | 2,921,560 | | | | | | 0.32% | | |
|
Barings CLO Ltd. 2022-II
|
| | Income Note (effective yield 33.45%, maturity 07/15/2039)(10) | | |
06/21/22
|
| | | | 10,800,000 | | | | | | 3,648,595 | | | | | | 4,805,547 | | | | | | 0.52% | | |
|
Issuer(1)
|
| |
Investment Description
|
| |
Acquisition
Date(2) |
| |
Principal
Amount / Shares |
| |
Cost
|
| |
Fair Value(3)
|
| |
% of
Net Assets |
| ||||||||||||
|
Collateralized Loan Obligation Equity(4)(8)(9) (continued)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Structured Finance (continued)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
United States (continued)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Barings CLO Ltd. 2024-II
|
| | Income Note (effective yield 17.80%, maturity 07/15/2039)(10) | | |
05/31/24
|
| | | $ | 9,300,000 | | | | | $ | 5,831,188 | | | | | $ | 6,199,473 | | | | | | 0.68% | | |
|
Barings CLO Ltd. 2025-IV
|
| | Income Note (effective yield 16.87%, maturity 10/15/2040)(10) | | |
08/07/25
|
| | | | 10,575,000 | | | | | | 7,362,419 | | | | | | 7,533,579 | | | | | | 0.82% | | |
|
Basswood Park CLO, Ltd.
|
| | Subordinated Note (effective yield 11.78%, maturity 04/20/2034) | | |
08/17/21
|
| | | | 27,750,000 | | | | | | 17,262,201 | | | | | | 14,354,269 | | | | | | 1.57% | | |
|
Basswood Park CLO, Ltd.
|
| | Class M-1 Note (effective yield 1942.05%, maturity 04/20/2034) | | |
02/15/24
|
| | | | 5,000,000 | | | | | | 3,360 | | | | | | 8,288 | | | | | | 0.00% | | |
|
Basswood Park CLO, Ltd.
|
| | Class M-2 Note (effective yield 1942.03%, maturity 04/20/2034) | | |
02/15/24
|
| | | | 5,000,000 | | | | | | 7,840 | | | | | | 19,336 | | | | | | 0.00% | | |
|
Battalion CLO IX Ltd.
|
| | Income Note (effective yield 0.00%, maturity 07/15/2031)(10)(12) | | |
07/09/15
|
| | | | 18,734,935 | | | | | | 4,814,079 | | | | | | 612,488 | | | | | | 0.07% | | |
|
Battalion CLO 18 Ltd.
|
| | Income Note (effective yield 21.75%, maturity 10/15/2036)(10) | | |
08/25/20
|
| | | | 8,400,000 | | | | | | 3,819,711 | | | | | | 2,422,827 | | | | | | 0.26% | | |
|
Battalion CLO XIX Ltd.
|
| | Income Note (effective yield 8.49%, maturity 04/15/2034)(10) | | |
03/11/21
|
| | | | 8,600,000 | | | | | | 3,688,676 | | | | | | 1,824,785 | | | | | | 0.20% | | |
|
Battalion CLO XXIII Ltd.
|
| | Income Note (effective yield 12.96%, maturity 10/15/2037)(10) | | |
05/19/22
|
| | | | 18,010,000 | | | | | | 8,149,757 | | | | | | 5,764,846 | | | | | | 0.63% | | |
|
Bear Mountain Park CLO, Ltd.
|
| | Income Note (effective yield 25.78%, maturity 07/15/2037)(10) | | |
07/13/22
|
| | | | 14,500,000 | | | | | | 11,152,689 | | | | | | 13,231,626 | | | | | | 1.45% | | |
|
Belmont Park CLO, Ltd.
|
| | Income Note (effective yield 12.97%, maturity 04/15/2037)(10) | | |
02/21/24
|
| | | | 14,950,000 | | | | | | 9,471,548 | | | | | | 8,696,163 | | | | | | 0.95% | | |
|
Benefit Street Partners CLO XII, Ltd.
|
| | Subordinated Note (effective yield 15.25%, maturity 10/15/2037) | | |
12/12/24
|
| | | | 11,341,132 | | | | | | 9,394,854 | | | | | | 9,135,588 | | | | | | 1.00% | | |
|
Bethpage Park CLO, Ltd.
|
| | Income Note (effective yield 7.74%, maturity 10/15/2035)(10) | | |
09/24/21
|
| | | | 14,750,000 | | | | | | 7,575,327 | | | | | | 4,908,551 | | | | | | 0.54% | | |
|
BlueMountain CLO 2013-2 Ltd.
|
| | Subordinated Note (effective yield 0.00%, maturity 10/22/2030)(12) | | |
10/21/14
|
| | | | 23,000,000 | | | | | | 2,300 | | | | | | 102,258 | | | | | | 0.01% | | |
|
BlueMountain CLO 2018-1 Ltd.
|
| | Subordinated Note (effective yield 0.00%, maturity 07/30/2030)(12) | | |
03/26/20
|
| | | | 5,550,000 | | | | | | — | | | | | | 26,923 | | | | | | 0.00% | | |
|
BlueMountain CLO XXIV Ltd.
|
| | Subordinated Note (effective yield 15.71%, maturity 04/20/2034) | | |
06/16/20
|
| | | | 7,375,000 | | | | | | 3,570,376 | | | | | | 2,321,921 | | | | | | 0.25% | | |
|
BlueMountain CLO XXV Ltd.
|
| | Subordinated Note (effective yield 14.88%, maturity 01/15/2038)(10) | | |
06/23/20
|
| | | | 6,525,000 | | | | | | 3,691,170 | | | | | | 2,599,437 | | | | | | 0.28% | | |
|
Bowling Green Park CLO, LLC
|
| | Subordinated Note (effective yield 16.82%, maturity 04/18/2035) | | |
05/15/24
|
| | | | 6,318,000 | | | | | | 4,311,162 | | | | | | 4,058,180 | | | | | | 0.44% | | |
|
Bristol Park CLO, Ltd.
|
| | Income Note (effective yield 0.00%, maturity 04/15/2029)(10)(11) | | |
11/01/16
|
| | | | 34,250,000 | | | | | | 3,419,196 | | | | | | 1,370,812 | | | | | | 0.15% | | |
|
Carlyle Global Market Strategies CLO 2014-5,
Ltd. |
| | Subordinated Note (effective yield 0.00%, maturity 07/15/2031)(11) | | |
06/02/16
|
| | | | 10,800,000 | | | | | | 1,295,271 | | | | | | 648,000 | | | | | | 0.07% | | |
|
Carlyle US CLO 2018-1, Ltd.
|
| | Subordinated Note (effective yield 0.00%, maturity 04/20/2031)(11) | | |
03/23/21
|
| | | | 4,730,000 | | | | | | 55,321 | | | | | | 67,076 | | | | | | 0.01% | | |
|
Carlyle US CLO 2018-4, Ltd.
|
| | Subordinated Note (effective yield 15.21%, maturity 10/17/2037)(10) | | |
02/18/21
|
| | | | 11,750,000 | | | | | | 5,433,799 | | | | | | 4,803,672 | | | | | | 0.52% | | |
|
Carlyle US CLO 2019-4, Ltd.
|
| | Subordinated Note (effective yield 10.38%, maturity 04/15/2035)(10) | | |
04/13/21
|
| | | | 7,005,000 | | | | | | 4,848,846 | | | | | | 3,811,351 | | | | | | 0.42% | | |
|
Carlyle US CLO 2021-1, Ltd.
|
| | Income Note (effective yield 14.40%, maturity 01/15/2040)(10) | | |
02/02/21
|
| | | | 14,175,000 | | | | | | 6,996,536 | | | | | | 6,105,338 | | | | | | 0.67% | | |
|
Carlyle US CLO 2021-4, Ltd.
|
| | Subordinated Note (effective yield 8.29%, maturity 04/20/2034) | | |
11/17/21
|
| | | | 12,000,000 | | | | | | 8,346,729 | | | | | | 7,173,655 | | | | | | 0.78% | | |
|
Carlyle US CLO 2021-7, Ltd.
|
| | Income Note (effective yield 14.51%, maturity 04/15/2040)(10) | | |
08/11/21
|
| | | | 13,200,000 | | | | | | 7,505,119 | | | | | | 6,860,856 | | | | | | 0.75% | | |
|
Carlyle US CLO 2022-1, Ltd.
|
| | Income Note (effective yield 6.50%, maturity 04/15/2035)(10) | | |
03/15/22
|
| | | | 8,150,000 | | | | | | 5,110,217 | | | | | | 3,541,640 | | | | | | 0.39% | | |
|
Carlyle US CLO 2022-5, Ltd.
|
| | Subordinated Note (effective yield 17.86%, maturity 10/15/2037) | | |
05/02/25
|
| | | | 11,375,000 | | | | | | 6,946,492 | | | | | | 6,908,102 | | | | | | 0.75% | | |
|
Carlyle US CLO 2023-3, Ltd.
|
| | Income Note (effective yield 4.62%, maturity 10/15/2040)(10) | | |
07/06/23
|
| | | | 9,400,000 | | | | | | 6,460,937 | | | | | | 6,199,926 | | | | | | 0.68% | | |
|
Carlyle US CLO 2024-1, Ltd.
|
| | Income Note (effective yield 8.11%, maturity 04/15/2037)(10) | | |
01/26/24
|
| | | | 11,475,000 | | | | | | 8,463,550 | | | | | | 7,240,122 | | | | | | 0.79% | | |
|
CBAM 2019-9, Ltd.
|
| | Subordinated Note (effective yield 13.80%, maturity 07/15/2037) | | |
11/01/24
|
| | | | 18,390,000 | | | | | | 6,421,521 | | | | | | 7,867,188 | | | | | | 0.86% | | |
|
CIFC Funding 2013-II, Ltd.
|
| | Income Note (effective yield 0.00%, maturity 10/18/2030)(10)(12) | | |
06/06/14
|
| | | | 17,265,625 | | | | | | 1,505,931 | | | | | | 172,311 | | | | | | 0.02% | | |
|
CIFC Funding 2014, Ltd.
|
| | Income Note (effective yield 0.00%, maturity 01/18/2031)(10)(12) | | |
06/06/14
|
| | | | 16,033,750 | | | | | | 2,140,901 | | | | | | 168,680 | | | | | | 0.02% | | |
|
CIFC Funding 2014-III, Ltd.
|
| | Income Note (effective yield 18.46%, maturity 03/31/2038) | | |
02/17/15
|
| | | | 18,290,500 | | | | | | 10,413,979 | | | | | | 10,016,859 | | | | | | 1.09% | | |
|
CIFC Funding 2014-IV-R, Ltd.
|
| | Income Note (effective yield 14.07%, maturity 01/17/2035) | | |
08/05/14
|
| | | | 8,457,500 | | | | | | 3,092,688 | | | | | | 2,454,223 | | | | | | 0.27% | | |
|
CIFC Funding 2015-III, Ltd.
|
| | Income Note (effective yield 0.00%, maturity 04/19/2029)(10)(11) | | |
06/23/15
|
| | | | 9,724,324 | | | | | | — | | | | | | 145,865 | | | | | | 0.02% | | |
|
CIFC Funding 2019-III, Ltd.
|
| | Subordinated Note (effective yield 15.34%, maturity 01/16/2038) | | |
04/18/19
|
| | | | 3,216,500 | | | | | | 2,331,395 | | | | | | 2,380,288 | | | | | | 0.26% | | |
|
CIFC Funding 2019-IV, Ltd.
|
| | Income Note (effective yield 16.73%, maturity 07/15/2038)(10) | | |
06/07/19
|
| | | | 17,648,000 | | | | | | 10,929,569 | | | | | | 10,771,045 | | | | | | 1.18% | | |
|
CIFC Funding 2019-V, Ltd.
|
| | Income Note (effective yield 13.26%, maturity 10/15/2038) | | |
08/13/25
|
| | | | 21,020,000 | | | | | | 13,136,389 | | | | | | 12,608,128 | | | | | | 1.38% | | |
|
CIFC Funding 2020-I, Ltd.
|
| | Income Note (effective yield 24.20%, maturity 07/15/2036)(10) | | |
06/12/20
|
| | | | 9,400,000 | | | | | | 4,915,455 | | | | | | 4,881,486 | | | | | | 0.53% | | |
|
CIFC Funding 2020-II, Ltd.
|
| | Subordinated Note (effective yield 14.16%, maturity 10/20/2034) | | |
02/07/23
|
| | | | 5,500,000 | | | | | | 3,433,588 | | | | | | 3,091,266 | | | | | | 0.34% | | |
|
CIFC Funding 2020-II, Ltd.
|
| | Income Note (effective yield 14.16%, maturity 10/20/2034) | | |
11/05/24
|
| | | | 1,800,000 | | | | | | 1,146,809 | | | | | | 1,013,058 | | | | | | 0.11% | | |
|
CIFC Funding 2020-IV, Ltd.
|
| | Income Note (effective yield 16.90%, maturity 01/15/2040)(10) | | |
12/11/20
|
| | | | 9,625,000 | | | | | | 6,529,369 | | | | | | 7,004,419 | | | | | | 0.77% | | |
|
CIFC Funding 2021-III, Ltd.
|
| | Income Note (effective yield 9.60%, maturity 10/15/2038)(10) | | |
04/23/21
|
| | | | 17,275,000 | | | | | | 8,968,549 | | | | | | 6,568,536 | | | | | | 0.72% | | |
|
CIFC Funding 2021-VI, Ltd.
|
| | Income Note (effective yield 9.45%, maturity 10/15/2034)(10) | | |
09/22/21
|
| | | | 12,200,000 | | | | | | 7,690,422 | | | | | | 5,779,001 | | | | | | 0.63% | | |
|
CIFC Funding 2022-I, Ltd.
|
| | Income Note (effective yield 12.45%, maturity 04/17/2035)(10) | | |
01/27/22
|
| | | | 12,950,000 | | | | | | 8,942,131 | | | | | | 7,518,507 | | | | | | 0.82% | | |
|
CIFC Funding 2022-VI, Ltd.
|
| | Income Note (effective yield 20.32%, maturity 10/16/2038)(10) | | |
08/01/22
|
| | | | 10,700,000 | | | | | | 7,594,637 | | | | | | 8,097,005 | | | | | | 0.88% | | |
|
CIFC Funding 2023-I, Ltd.
|
| | Income Note (effective yield 11.34%, maturity 10/15/2038)(10) | | |
09/14/23
|
| | | | 13,475,000 | | | | | | 9,848,827 | | | | | | 11,070,990 | | | | | | 1.21% | | |
|
CIFC Funding 2023-II, Ltd.
|
| | Subordinated Note (effective yield 8.68%, maturity 01/21/2037) | | |
05/16/24
|
| | | | 5,500,000 | | | | | | 3,751,802 | | | | | | 3,421,953 | | | | | | 0.37% | | |
|
CIFC Funding 2025-II, Ltd.
|
| | Income Note (effective yield 16.87%, maturity 04/15/2038)(10) | | |
02/07/25
|
| | | | 14,400,000 | | | | | | 11,782,266 | | | | | | 12,261,142 | | | | | | 1.34% | | |
|
CIFC Funding 2025-V, Ltd.
|
| | Income Note (effective yield 13.66%, maturity 10/15/2038)(10) | | |
07/30/25
|
| | | | 13,775,000 | | | | | | 11,223,100 | | | | | | 11,179,697 | | | | | | 1.22% | | |
|
Cutwater 2015-I, Ltd.
|
| | Income Note (effective yield 0.00%, maturity 01/15/2029)(10)(11) | | |
05/01/15
|
| | | | 31,100,000 | | | | | | — | | | | | | 4,665 | | | | | | 0.00% | | |
|
Danby Park CLO, Ltd.
|
| | Subordinated Note (effective yield 10.27%, maturity 10/21/2037) | | |
10/31/24
|
| | | | 5,150,000 | | | | | | 4,732,461 | | | | | | 3,782,762 | | | | | | 0.41% | | |
|
Dewolf Park CLO, Ltd.
|
| | Income Note (effective yield 0.00%, maturity 10/15/2030)(10)(12) | | |
08/10/17
|
| | | | 940,000 | | | | | | 273,232 | | | | | | 227,108 | | | | | | 0.02% | | |
|
Dryden 53 CLO, Ltd.
|
| | Income Note (effective yield 0.00%, maturity 01/15/2031)(12) | | |
11/28/17
|
| | | | 7,684,999 | | | | | | 1,065,697 | | | | | | 372,638 | | | | | | 0.04% | | |
|
Dryden 64 CLO, Ltd.
|
| | Subordinated Note (effective yield 0.00%, maturity 04/18/2031)(12) | | |
05/11/20
|
| | | | 9,600,000 | | | | | | 1,742,631 | | | | | | 96,019 | | | | | | 0.01% | | |
|
Dryden 68 CLO, Ltd.
|
| | Income Note (effective yield 0.38%, maturity 07/15/2035)(10)(12) | | |
05/30/19
|
| | | | 14,080,000 | | | | | | 7,514,191 | | | | | | 4,436,384 | | | | | | 0.48% | | |
|
Issuer(1)
|
| |
Investment Description
|
| |
Acquisition
Date(2) |
| |
Principal
Amount / Shares |
| |
Cost
|
| |
Fair Value(3)
|
| |
% of
Net Assets |
| ||||||||||||
|
Collateralized Loan Obligation Equity(4)(8)(9) (continued)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Structured Finance (continued)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
United States (continued)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Dryden 76 CLO, Ltd.
|
| | Subordinated Note (effective yield 13.50%, maturity 10/15/2037)(10) | | |
05/14/24
|
| | | $ | 1,856,000 | | | | | $ | 722,228 | | | | | $ | 802,167 | | | | | | 0.09% | | |
|
Dryden 78 CLO Ltd.
|
| | Subordinated Note (effective yield 11.93%, maturity 04/17/2037) | | |
07/31/24
|
| | | | 26,520,000 | | | | | | 12,463,633 | | | | | | 10,973,709 | | | | | | 1.20% | | |
|
Dryden 85 CLO, Ltd.
|
| | Income Note (effective yield 8.35%, maturity 07/15/2037)(10) | | |
09/17/20
|
| | | | 12,750,000 | | | | | | 7,593,595 | | | | | | 5,879,678 | | | | | | 0.64% | | |
|
Dryden 90 CLO, Ltd.
|
| | Subordinated Note (effective yield 5.74%, maturity 11/15/2038)(10) | | |
04/09/24
|
| | | | 56,619,000 | | | | | | 17,478,149 | | | | | | 18,521,424 | | | | | | 2.02% | | |
|
Dryden 94 CLO, Ltd.
|
| | Income Note (effective yield 6.48%, maturity 10/15/2037)(10) | | |
04/28/22
|
| | | | 19,425,000 | | | | | | 10,962,918 | | | | | | 7,815,850 | | | | | | 0.85% | | |
|
Dryden 109 CLO, Ltd.
|
| | Subordinated Note (effective yield 18.60%, maturity 04/15/2038)(10) | | |
02/15/23
|
| | | | 48,500,000 | | | | | | 23,881,904 | | | | | | 24,071,446 | | | | | | 2.63% | | |
|
Eaton Vance CLO 2015-1, Ltd.
|
| | Subordinated Note (effective yield 0.00%, maturity 01/20/2030)(12) | | |
06/05/20
|
| | | | 6,372,500 | | | | | | 615,557 | | | | | | 60,673 | | | | | | 0.01% | | |
|
Eaton Vance CLO 2020-1, Ltd.
|
| | Subordinated Note (effective yield 15.67%, maturity 10/15/2037)(10) | | |
08/08/23
|
| | | | 7,975,000 | | | | | | 4,604,200 | | | | | | 3,952,815 | | | | | | 0.43% | | |
|
Eaton Vance CLO 2020-2, Ltd.
|
| | Subordinated Note (effective yield 13.93%, maturity 10/15/2037)(10) | | |
09/16/22
|
| | | | 13,700,000 | | | | | | 8,201,416 | | | | | | 6,687,929 | | | | | | 0.73% | | |
|
Elmwood CLO 21 Ltd.
|
| | Subordinated Note (effective yield 3.00%, maturity 10/15/2038) | | |
10/27/23
|
| | | | 4,900,000 | | | | | | 2,903,173 | | | | | | 2,482,517 | | | | | | 0.27% | | |
|
Flatiron CLO 17 Ltd.
|
| | Subordinated Note (effective yield 0.00%, maturity 05/15/2030)(11) | | |
05/16/24
|
| | | | 3,000,000 | | | | | | — | | | | | | 1,500 | | | | | | 0.00% | | |
|
Flatiron CLO 21 Ltd.
|
| | Subordinated Note (effective yield 11.21%, maturity 10/19/2037) | | |
12/10/24
|
| | | | 28,145,000 | | | | | | 20,130,640 | | | | | | 15,728,137 | | | | | | 1.72% | | |
|
Greywolf CLO IV, Ltd.
|
| | Subordinated Note (effective yield 0.88%, maturity 04/17/2034) | | |
03/26/21
|
| | | | 7,520,000 | | | | | | 3,653,235 | | | | | | 1,730,602 | | | | | | 0.19% | | |
|
Generate CLO 2 Ltd.
|
| | Subordinated Note (effective yield 12.29%, maturity 10/22/2037) | | |
05/14/24
|
| | | | 2,058,000 | | | | | | 909,241 | | | | | | 607,458 | | | | | | 0.07% | | |
|
Generate CLO 4 Ltd.
|
| | Subordinated Note (effective yield 10.11%, maturity 07/20/2037) | | |
09/24/24
|
| | | | 12,425,000 | | | | | | 9,051,505 | | | | | | 5,669,547 | | | | | | 0.62% | | |
|
Generate CLO 17 Ltd.
|
| | Subordinated Note (effective yield 13.77%, maturity 10/22/2037) | | |
01/30/25
|
| | | | 4,000,000 | | | | | | 3,104,221 | | | | | | 2,467,853 | | | | | | 0.27% | | |
|
HarbourView CLO VII-R, Ltd.
|
| | Subordinated Note (effective yield 0.00%, maturity 07/18/2031)(12) | | |
09/29/17
|
| | | | 1,100,000 | | | | | | 110 | | | | | | 167 | | | | | | 0.00% | | |
|
Invesco CLO 2022-2, Ltd.
|
| | Subordinated Note (effective yield 15.83%, maturity 07/20/2035) | | |
08/14/24
|
| | | | 16,450,000 | | | | | | 9,148,729 | | | | | | 7,931,471 | | | | | | 0.87% | | |
|
Invesco CLO 2022-2, Ltd.
|
| | Class Y Note (effective yield 14.15%, maturity 07/20/2035) | | |
08/14/24
|
| | | | 1,280,000 | | | | | | 164,285 | | | | | | 230,244 | | | | | | 0.03% | | |
|
Kings Park CLO, Ltd.
|
| | Subordinated Note (effective yield 19.53%, maturity 01/21/2035) | | |
04/27/23
|
| | | | 5,222,500 | | | | | | 2,690,507 | | | | | | 2,379,473 | | | | | | 0.26% | | |
|
KKR CLO 36 Ltd.
|
| | Subordinated Note (effective yield 2.39%, maturity 10/15/2034) | | |
05/03/22
|
| | | | 7,500,000 | | | | | | 4,496,307 | | | | | | 2,308,477 | | | | | | 0.25% | | |
|
Lake George Park CLO, Ltd.
|
| | Income Note (effective yield 17.91%, maturity 04/15/2038)(10) | | |
02/18/25
|
| | | | 22,650,000 | | | | | | 18,558,413 | | | | | | 20,377,090 | | | | | | 2.23% | | |
|
Lake Shore MM CLO I Ltd.
|
| | Income Note (effective yield 0.00%, maturity 04/15/2033)(10)(12) | | |
03/08/19
|
| | | | 14,550,000 | | | | | | 9,396,393 | | | | | | 2,925,016 | | | | | | 0.32% | | |
|
LCM 38 Ltd.
|
| | Income Note (effective yield 13.67%, maturity 11/04/2038) | | |
01/31/24
|
| | | | 5,228,500 | | | | | | 4,020,550 | | | | | | 3,027,497 | | | | | | 0.33% | | |
|
Lodi Park CLO, Ltd.
|
| | Subordinated Note (effective yield 12.40%, maturity 07/21/2036) | | |
11/13/24
|
| | | | 2,775,000 | | | | | | 2,281,558 | | | | | | 1,976,459 | | | | | | 0.22% | | |
|
Lodi Park CLO, Ltd.
|
| | Income Note (effective yield 12.40%, maturity 07/21/2036) | | |
11/13/24
|
| | | | 4,725,000 | | | | | | 3,910,712 | | | | | | 3,366,100 | | | | | | 0.37% | | |
|
Madison Park Funding XX, Ltd.
|
| | Subordinated Note (effective yield 17.14%, maturity 10/27/2037) | | |
02/06/25
|
| | | | 35,450,000 | | | | | | 8,617,704 | | | | | | 7,555,956 | | | | | | 0.83% | | |
|
Madison Park Funding XXI, Ltd.
|
| | Subordinated Note (effective yield 5.30%, maturity 10/15/2032)(11) | | |
08/22/16
|
| | | | 6,462,500 | | | | | | 2,237,426 | | | | | | 1,518,300 | | | | | | 0.17% | | |
|
Madison Park Funding XXII, Ltd.
|
| | Subordinated Note (effective yield 17.20%, maturity 01/15/2038) | | |
10/30/18
|
| | | | 11,731,082 | | | | | | 5,899,172 | | | | | | 5,619,304 | | | | | | 0.61% | | |
|
Madison Park Funding XXXIV, Ltd.
|
| | Subordinated Note (effective yield 16.80%, maturity 10/16/2037) | | |
09/27/22
|
| | | | 12,825,000 | | | | | | 6,419,814 | | | | | | 5,866,266 | | | | | | 0.64% | | |
|
Madison Park Funding XL, Ltd.
|
| | Subordinated Note (effective yield 0.00%, maturity 02/28/2047)(12) | | |
06/02/16
|
| | | | 17,857,979 | | | | | | 3,347,665 | | | | | | 3,107,288 | | | | | | 0.34% | | |
|
Madison Park Funding XL-R, Ltd.
|
| | Income Note (effective yield 14.03%, maturity 10/16/2038) | | |
09/05/25
|
| | | | 25,000,000 | | | | | | 23,749,999 | | | | | | 23,715,797 | | | | | | 2.59% | | |
|
Madison Park Funding XLIV, Ltd.
|
| | Subordinated Note (effective yield 15.87%, maturity 07/16/2037) | | |
11/16/18
|
| | | | 9,919,821 | | | | | | 4,428,100 | | | | | | 3,810,580 | | | | | | 0.42% | | |
|
Madison Park Funding XLVII, Ltd.
|
| | Subordinated Note (effective yield 14.39%, maturity 04/19/2037) | | |
04/29/21
|
| | | | 5,000,000 | | | | | | 3,180,949 | | | | | | 2,804,379 | | | | | | 0.31% | | |
|
Madison Park Funding LII, Ltd.
|
| | Subordinated Note (effective yield 12.10%, maturity 01/22/2035) | | |
03/13/24
|
| | | | 6,500,000 | | | | | | 3,865,908 | | | | | | 3,040,603 | | | | | | 0.33% | | |
|
Madison Park Funding LXII, Ltd.
|
| | Subordinated Note (effective yield 14.94%, maturity 07/16/2038) | | |
07/27/23
|
| | | | 13,025,000 | | | | | | 8,092,616 | | | | | | 7,671,464 | | | | | | 0.84% | | |
|
Madison Park Funding LXIX, Ltd.
|
| | Subordinated Note (effective yield 15.17%, maturity 07/25/2037) | | |
05/22/25
|
| | | | 8,050,000 | | | | | | 6,115,524 | | | | | | 5,991,230 | | | | | | 0.65% | | |
|
Marathon CLO VIII Ltd.
|
| | Income Note (effective yield 0.00%, maturity 10/18/2031)(11) | | |
06/16/15
|
| | | | 16,333,000 | | | | | | — | | | | | | 8,167 | | | | | | 0.00% | | |
|
Marathon CLO X Ltd.
|
| | Subordinated Note (effective yield 0.00%, maturity 11/15/2029)(11) | | |
08/09/17
|
| | | | 2,550,000 | | | | | | — | | | | | | 5,814 | | | | | | 0.00% | | |
|
Marathon CLO XI Ltd.
|
| | Subordinated Note (effective yield 0.00%, maturity 04/20/2031)(11) | | |
02/06/18
|
| | | | 2,075,000 | | | | | | 45,650 | | | | | | 311 | | | | | | 0.00% | | |
|
Marathon CLO XII Ltd.
|
| | Subordinated Note (effective yield 0.00%, maturity 04/18/2031)(11) | | |
09/06/18
|
| | | | 4,500,000 | | | | | | 125,089 | | | | | | 11,790 | | | | | | 0.00% | | |
|
Meacham Park CLO, Ltd.
|
| | Subordinated Note (effective yield 14.07%, maturity 10/20/2037) | | |
01/24/25
|
| | | | 9,950,000 | | | | | | 7,083,962 | | | | | | 6,245,561 | | | | | | 0.68% | | |
|
Morgan Stanley Eaton Vance CLO 2023-19,
Ltd. |
| | Subordinated Note (effective yield 23.17%, maturity 07/15/2038) | | |
02/21/24
|
| | | | 4,150,000 | | | | | | 2,141,188 | | | | | | 2,355,349 | | | | | | 0.26% | | |
|
Morgan Stanley Eaton Vance CLO 2023-20,
Ltd. |
| | Subordinated Note (effective yield 8.20%, maturity 01/20/2037) | | |
05/08/24
|
| | | | 6,050,000 | | | | | | 4,378,641 | | | | | | 3,463,374 | | | | | | 0.38% | | |
|
Muzinich & Co., Inc.
|
| | CLO Participation Share | | |
10/28/21
|
| | | | — | | | | | | — | | | | | | 2,642,425 | | | | | | 0.29% | | |
|
OCP CLO 2019-17, Ltd.
|
| | Preferred Share (effective yield 10.62%, maturity 07/20/2037) | | |
09/03/24
|
| | | | 26,750,000 | | | | | | 15,497,595 | | | | | | 12,815,339 | | | | | | 1.40% | | |
|
OCP CLO 2021-22, Ltd.
|
| | Subordinated Note (effective yield 11.17%, maturity 10/20/2037) | | |
05/08/24
|
| | | | 6,855,000 | | | | | | 4,663,327 | | | | | | 3,787,246 | | | | | | 0.41% | | |
|
OCP CLO 2022-24, Ltd.
|
| | Subordinated Note (effective yield 10.95%, maturity 10/20/2037) | | |
10/29/24
|
| | | | 3,500,000 | | | | | | 2,483,766 | | | | | | 2,152,692 | | | | | | 0.24% | | |
|
OCP CLO 2023-26, Ltd.
|
| | Subordinated Note (effective yield 20.96%, maturity 04/17/2037) | | |
08/12/24
|
| | | | 3,000,000 | | | | | | 2,081,701 | | | | | | 2,367,334 | | | | | | 0.26% | | |
|
OCP CLO 2023-30, Ltd.
|
| | Subordinated Note (effective yield 5.51%, maturity 01/24/2037) | | |
05/10/24
|
| | | | 8,350,000 | | | | | | 6,313,295 | | | | | | 5,687,646 | | | | | | 0.62% | | |
|
OCP CLO 2024-36, Ltd.
|
| | Subordinated Note (effective yield 13.56%, maturity 10/16/2037) | | |
05/15/25
|
| | | | 3,200,000 | | | | | | 2,521,975 | | | | | | 2,349,929 | | | | | | 0.26% | | |
|
Octagon Investment Partners XIV, Ltd.
|
| | Income Note (effective yield 0.00%, maturity 07/15/2029)(10)(11) | | |
06/06/14
|
| | | | 20,572,125 | | | | | | — | | | | | | 3,086 | | | | | | 0.00% | | |
|
Octagon Investment Partners 26, Ltd.
|
| | Income Note (effective yield 0.00%, maturity 07/15/2030)(10)(12) | | |
03/23/16
|
| | | | 13,750,000 | | | | | | 1,627,897 | | | | | | 112,530 | | | | | | 0.01% | | |
|
Octagon Investment Partners 27, Ltd.
|
| | Income Note (effective yield 0.00%, maturity 07/15/2030)(10)(12) | | |
05/25/16
|
| | | | 11,804,048 | | | | | | 19,701 | | | | | | 106,793 | | | | | | 0.01% | | |
|
Octagon Investment Partners 29, Ltd.
|
| | Subordinated Note (effective yield 5.94%, maturity 07/18/2037)(10) | | |
05/05/21
|
| | | | 23,400,000 | | | | | | 8,376,621 | | | | | | 5,348,692 | | | | | | 0.58% | | |
|
Octagon Investment Partners 37, Ltd.
|
| | Subordinated Note (effective yield 0.00%, maturity 07/25/2030)(11) | | |
05/25/21
|
| | | | 1,550,000 | | | | | | 414,062 | | | | | | 7,750 | | | | | | 0.00% | | |
|
Octagon Investment Partners 44, Ltd.
|
| | Income Note (effective yield 0.00%, maturity 10/15/2034)(10)(12) | | |
06/19/19
|
| | | | 13,500,000 | | | | | | 6,628,028 | | | | | | 1,955,887 | | | | | | 0.21% | | |
|
Octagon Investment Partners 45, Ltd.
|
| | Subordinated Note (effective yield 5.79%, maturity 04/15/2035) | | |
07/27/23
|
| | | | 18,155,000 | | | | | | 8,850,888 | | | | | | 4,967,435 | | | | | | 0.54% | | |
|
Issuer(1)
|
| |
Investment Description
|
| |
Acquisition
Date(2) |
| |
Principal
Amount / Shares |
| |
Cost
|
| |
Fair Value(3)
|
| |
% of
Net Assets |
| ||||||||||||
|
Collateralized Loan Obligation Equity(4)(8)(9) (continued)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Structured Finance (continued)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
United States (continued)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Octagon Investment Partners 46, Ltd.
|
| | Income Note (effective yield 6.47%, maturity 07/15/2036)(10) | | |
06/26/20
|
| | | $ | 10,650,000 | | | | | $ | 3,641,458 | | | | | $ | 1,216,576 | | | | | | 0.13% | | |
|
Octagon Investment Partners 48, Ltd.
|
| | Subordinated Note (effective yield 10.77%, maturity 01/15/2039)(10) | | |
03/25/22
|
| | | | 13,875,000 | | | | | | 8,348,097 | | | | | | 6,455,333 | | | | | | 0.71% | | |
|
Octagon Investment Partners 50, Ltd.
|
| | Income Note (effective yield 6.91%, maturity 01/15/2035)(10) | | |
10/06/20
|
| | | | 9,250,000 | | | | | | 4,078,702 | | | | | | 1,953,974 | | | | | | 0.21% | | |
|
Octagon 51, Ltd.
|
| | Income B Note (effective yield 14.38%, maturity 07/20/2034) | | |
04/16/21
|
| | | | 19,300,000 | | | | | | 11,510,961 | | | | | | 7,898,937 | | | | | | 0.86% | | |
|
Octagon 55, Ltd.
|
| | Subordinated Note (effective yield 12.43%, maturity 03/20/2038) | | |
02/11/22
|
| | | | 14,052,000 | | | | | | 7,201,448 | | | | | | 5,252,945 | | | | | | 0.57% | | |
|
Octagon 58, Ltd.
|
| | Income Note (effective yield 11.76%, maturity 04/15/2038)(10) | | |
04/21/22
|
| | | | 15,625,000 | | | | | | 15,234,561 | | | | | | 12,568,833 | | | | | | 1.37% | | |
|
OFSI BSL VIII, Ltd.
|
| | Income Note (effective yield 0.00%, maturity 08/16/2029)(10)(11) | | |
07/18/17
|
| | | | 7,719,320 | | | | | | 615,335 | | | | | | 270,564 | | | | | | 0.03% | | |
|
Park Blue CLO 2022-II, Ltd.
|
| | Subordinated Note (effective yield 13.38%, maturity 07/20/2037) | | |
12/10/24
|
| | | | 36,000,000 | | | | | | 20,482,635 | | | | | | 17,094,612 | | | | | | 1.87% | | |
|
RAD CLO 3, Ltd.
|
| | Subordinated Note (effective yield 22.20%, maturity 07/15/2037)(10) | | |
09/30/25
|
| | | | 8,350,000 | | | | | | 4,030,334 | | | | | | 4,228,187 | | | | | | 0.46% | | |
|
RAD CLO 27, Ltd.
|
| | Subordinated Note (effective yield 14.69%, maturity 01/15/2038) | | |
12/11/24
|
| | | | 10,800,000 | | | | | | 9,878,555 | | | | | | 9,061,585 | | | | | | 0.99% | | |
|
Regatta VII Funding Ltd.
|
| | Subordinated Note (effective yield 0.00%, maturity 06/20/2034)(12) | | |
10/01/21
|
| | | | 6,450,000 | | | | | | 2,121,618 | | | | | | 1,287,420 | | | | | | 0.14% | | |
|
Regatta VII Funding Ltd.
|
| | Class R1A Note (effective yield 62.18%, maturity 06/20/2034) | | |
10/01/21
|
| | | | 10,126,500 | | | | | | 14,184 | | | | | | 7,021 | | | | | | 0.00% | | |
|
Regatta VII Funding Ltd.
|
| | Class R2 Note (effective yield 109.75%, maturity 06/20/2034) | | |
10/01/21
|
| | | | 10,126,500 | | | | | | 93,921 | | | | | | 62,924 | | | | | | 0.01% | | |
|
Regatta XII Funding Ltd.
|
| | Subordinated Note (effective yield 11.89%, maturity 10/15/2037) | | |
12/12/24
|
| | | | 20,575,000 | | | | | | 11,252,824 | | | | | | 8,702,080 | | | | | | 0.95% | | |
|
Regatta XII Funding Ltd.
|
| | Class R1A Note (effective yield 37.38%, maturity 10/15/2037) | | |
12/12/24
|
| | | | 14,629,350 | | | | | | 34,844 | | | | | | 46,009 | | | | | | 0.01% | | |
|
Regatta XII Funding Ltd.
|
| | Class R2 Note (effective yield 37.38%, maturity 10/15/2037) | | |
12/12/24
|
| | | | 14,629,350 | | | | | | 313,592 | | | | | | 414,005 | | | | | | 0.05% | | |
|
Regatta XVII Funding Ltd.
|
| | Subordinated Note (effective yield 13.71%, maturity 10/15/2037) | | |
11/19/24
|
| | | | 14,100,000 | | | | | | 9,991,613 | | | | | | 8,747,134 | | | | | | 0.96% | | |
|
Regatta XX Funding Ltd.
|
| | Income Note (effective yield 17.17%, maturity 01/15/2038)(10) | | |
08/04/21
|
| | | | 11,000,000 | | | | | | 6,741,261 | | | | | | 6,619,672 | | | | | | 0.72% | | |
|
Regatta XX Funding Ltd
|
| | Subordinated Note (effective yield 17.17%, maturity 01/15/2038) | | |
03/04/25
|
| | | | 250,000 | | | | | | 136,113 | | | | | | 137,965 | | | | | | 0.02% | | |
|
Regatta XXI Funding Ltd.
|
| | Subordinated Note (effective yield 14.48%, maturity 10/15/2037) | | |
06/10/22
|
| | | | 9,000,000 | | | | | | 5,535,978 | | | | | | 4,731,489 | | | | | | 0.52% | | |
|
Regatta XXII Funding Ltd.
|
| | Subordinated Note (effective yield 21.00%, maturity 07/20/2035) | | |
06/20/23
|
| | | | 3,937,500 | | | | | | 2,470,643 | | | | | | 2,695,450 | | | | | | 0.29% | | |
|
Regatta XXIV Funding Ltd.
|
| | Subordinated Note (effective yield 17.65%, maturity 01/20/2038) | | |
12/27/24
|
| | | | 5,800,000 | | | | | | 3,200,820 | | | | | | 3,199,800 | | | | | | 0.35% | | |
|
Rockford Tower CLO 2019-1, Ltd.
|
| | Subordinated Note (effective yield 6.11%, maturity 04/20/2034) | | |
06/14/21
|
| | | | 10,300,000 | | | | | | 5,687,048 | | | | | | 3,171,135 | | | | | | 0.35% | | |
|
Rockford Tower CLO 2021-3, Ltd.
|
| | Subordinated Note (effective yield 7.88%, maturity 01/15/2038)(10) | | |
04/22/22
|
| | | | 46,111,625 | | | | | | 23,662,030 | | | | | | 14,275,765 | | | | | | 1.56% | | |
|
Rockford Tower CLO 2022-3, Ltd.
|
| | Subordinated Note (effective yield 36.59%, maturity 07/20/2037)(10) | | |
07/27/23
|
| | | | 3,600,000 | | | | | | 1,528,254 | | | | | | 2,256,169 | | | | | | 0.25% | | |
|
Rockford Tower CLO 2023-1, Ltd.
|
| | Subordinated Note (effective yield 9.52%, maturity 03/15/2038) | | |
05/21/24
|
| | | | 7,280,000 | | | | | | 5,796,232 | | | | | | 5,993,297 | | | | | | 0.65% | | |
|
Rockford Tower 2024-2 Ltd
|
| | Subordinated Note (effective yield 18.30%, maturity 10/20/2037) | | |
02/14/25
|
| | | | 11,050,000 | | | | | | 8,504,158 | | | | | | 8,111,632 | | | | | | 0.89% | | |
|
RR 23 Ltd.
|
| | Subordinated Note (effective yield 15.03%, maturity 07/15/2037) | | |
10/12/23
|
| | | | 6,800,000 | | | | | | 3,808,180 | | | | | | 3,845,106 | | | | | | 0.42% | | |
|
RR 25 Ltd.
|
| | Subordinated Note (effective yield 8.13%, maturity 10/15/2037) | | |
08/13/24
|
| | | | 15,636,000 | | | | | | 10,833,058 | | | | | | 9,480,296 | | | | | | 1.04% | | |
|
Shackleton 2019-XIV CLO, Ltd.
|
| | Subordinated Note (effective yield 19.10%, maturity 07/20/2034) | | |
02/01/24
|
| | | | 5,525,000 | | | | | | 3,685,110 | | | | | | 3,353,141 | | | | | | 0.37% | | |
|
Signal Peak CLO 8, Ltd.
|
| | Subordinated Note (effective yield 14.41%, maturity 10/20/2037) | | |
12/12/24
|
| | | | 42,126,000 | | | | | | 23,725,944 | | | | | | 18,913,411 | | | | | | 2.07% | | |
|
Steele Creek CLO 2018-1, Ltd.
|
| | Income Note (effective yield 0.00%, maturity 04/15/2031)(10)(12) | | |
03/28/18
|
| | | | 11,370,000 | | | | | | 3,380,844 | | | | | | 85,537 | | | | | | 0.01% | | |
|
Steele Creek CLO 2019-1, Ltd.
|
| | Income Note (effective yield 0.00%, maturity 04/15/2032)(10)(12) | | |
03/22/19
|
| | | | 8,500,000 | | | | | | 3,689,748 | | | | | | 806,473 | | | | | | 0.09% | | |
|
Thompson Park CLO, Ltd.
|
| | Subordinated Note (effective yield 17.63%, maturity 04/15/2034) | | |
07/25/24
|
| | | | 34,025,000 | | | | | | 23,484,671 | | | | | | 21,685,281 | | | | | | 2.37% | | |
|
Unity-Peace Park CLO, Ltd.
|
| | Subordinated Note (effective yield 10.65%, maturity 04/20/2035) | | |
09/07/23
|
| | | | 34,020,000 | | | | | | 22,319,292 | | | | | | 15,912,469 | | | | | | 1.74% | | |
|
Wehle Park CLO, Ltd.
|
| | Subordinated Note (effective yield 14.21%, maturity 10/21/2038) | | |
07/01/24
|
| | | | 4,588,000 | | | | | | 2,907,034 | | | | | | 2,410,298 | | | | | | 0.26% | | |
|
Wehle Park CLO, Ltd.
|
| | Class M-2 Note (effective yield 101.81%, maturity 10/21/2038) | | |
07/01/24
|
| | | | 4,000,000 | | | | | | 35,301 | | | | | | 43,726 | | | | | | 0.00% | | |
|
Wellman Park CLO, Ltd.
|
| | Subordinated Note (effective yield 16.14%, maturity 07/15/2037) | | |
09/20/23
|
| | | | 20,025,000 | | | | | | 12,200,905 | | | | | | 10,532,879 | | | | | | 1.15% | | |
|
Wellman Park CLO, Ltd.
|
| | Class M-1 Note (effective yield 18.38%, maturity 07/15/2037) | | |
09/20/23
|
| | | | 20,025,000 | | | | | | 162,648 | | | | | | 199,585 | | | | | | 0.02% | | |
|
Wellman Park CLO, Ltd.
|
| | Class M-2 Note (effective yield 23.96%, maturity 07/15/2037) | | |
09/20/23
|
| | | | 24,205,000 | | | | | | 544,704 | | | | | | 554,370 | | | | | | 0.06% | | |
|
Whetstone Park CLO, Ltd.
|
| | Subordinated Note (effective yield 9.93%, maturity 01/20/2035) | | |
05/03/22
|
| | | | 10,560,000 | | | | | | 6,843,023 | | | | | | 4,612,422 | | | | | | 0.50% | | |
|
Wind River 2013-2 CLO Ltd.
|
| | Income Note (effective yield 0.00%, maturity 10/18/2030)(10)(12) | | |
06/06/14
|
| | | | 11,597,500 | | | | | | 2,841,731 | | | | | | 185,324 | | | | | | 0.02% | | |
|
Wind River 2014-1 CLO Ltd.
|
| | Subordinated Note (effective yield 0.00%, maturity 07/18/2031)(12) | | |
05/05/16
|
| | | | 9,681,764 | | | | | | 968 | | | | | | 1,481 | | | | | | 0.00% | | |
|
Wind River 2014-3 CLO Ltd.
|
| | Subordinated Note (effective yield 0.00%, maturity 10/22/2031)(12) | | |
12/17/14
|
| | | | 11,000,000 | | | | | | 1,100 | | | | | | 1,683 | | | | | | 0.00% | | |
|
Wind River 2017-1 CLO Ltd.
|
| | Income Note (effective yield 0.00%, maturity 04/18/2036)(10)(12) | | |
02/02/17
|
| | | | 17,700,000 | | | | | | 8,246,982 | | | | | | 4,484,096 | | | | | | 0.49% | | |
|
Wind River 2017-3 CLO Ltd.
|
| | Income Note (effective yield 0.00%, maturity 04/15/2035)(10)(12) | | |
08/09/17
|
| | | | 23,940,000 | | | | | | 11,596,835 | | | | | | 5,683,920 | | | | | | 0.62% | | |
|
Wind River 2018-1 CLO Ltd.
|
| | Income Note (effective yield 0.00%, maturity 07/15/2030)(10)(12) | | |
06/22/18
|
| | | | 15,750,000 | | | | | | 6,296,034 | | | | | | 3,636,843 | | | | | | 0.40% | | |
|
Wind River 2019-2 CLO Ltd.
|
| | Income Note (effective yield 0.00%, maturity 01/15/2035)(10)(12) | | |
09/20/19
|
| | | | 13,470,000 | | | | | | 7,167,322 | | | | | | 3,668,561 | | | | | | 0.40% | | |
|
Wind River 2022-2 CLO Ltd.
|
| | Income Note (effective yield 0.71%, maturity 07/20/2035)(10) | | |
06/03/22
|
| | | | 8,950,000 | | | | | | 5,075,848 | | | | | | 2,556,778 | | | | | | 0.28% | | |
|
Zais CLO 3, Limited
|
| | Income Note (effective yield 0.00%, maturity 07/15/2031)(10)(12) | | |
04/08/15
|
| | | | 16,871,644 | | | | | | — | | | | | | 33,715 | | | | | | 0.00% | | |
|
Zais CLO 5, Limited
|
| | Subordinated Note (effective yield 0.00%, maturity 10/15/2028)(12) | | |
09/23/16
|
| | | | 5,950,000 | | | | | | 595 | | | | | | 893 | | | | | | 0.00% | | |
|
Zais CLO 7, Limited
|
| | Income Note (effective yield 0.00%, maturity 04/15/2030)(12) | | |
09/11/17
|
| | | | 12,777,500 | | | | | | 1,278 | | | | | | 1,917 | | | | | | 0.00% | | |
|
Zais CLO 9, Limited
|
| | Subordinated Note (effective yield 0.00%, maturity 07/20/2031)(11) | | |
10/29/18
|
| | | | 3,015,000 | | | | | | 11,759 | | | | | | 2,291 | | | | | | 0.00% | | |
|
Total United States
|
| | | | | | | | | | | | | | | | 1,253,850,061 | | | | | | 1,051,203,312 | | | | | | 114.88% | | |
|
European Union – Various
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Aqueduct European CLO 5-2020 DAC
|
| | Class M-1 Note (effective yield 8.20%, maturity 04/20/2034)(10)(13) | | |
12/27/24
|
| | | | 13,158,000 | | | | | | 9,705,858 | | | | | | 9,225,084 | | | | | | 1.01% | | |
|
Aqueduct European CLO 5-2020 DAC
|
| | Class M-2 Note (effective yield 8.20%, maturity 04/20/2034)(13) | | |
12/27/24
|
| | | | 13,304,000 | | | | | | 9,247,263 | | | | | | 9,075,447 | | | | | | 0.99% | | |
|
Issuer(1)
|
| |
Investment Description
|
| |
Acquisition
Date(2) |
| |
Principal
Amount / Shares |
| |
Cost
|
| |
Fair Value(3)
|
| |
% of
Net Assets |
| ||||||||||||
|
Collateralized Loan Obligation Equity(4)(8)(9) (continued)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Structured Finance (continued)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
European Union – Various (continued)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Aurium CLO XIII DAC
|
| | Subordinated Note (effective yield 18.26%, maturity 04/15/2038)(13) | | |
01/30/25
|
| | | $ | 3,277,500 | | | | | $ | 3,241,128 | | | | | $ | 3,582,365 | | | | | | 0.39% | | |
|
Avoca CLO XXXI DAC
|
| | Subordinated Note (effective yield 11.30%, maturity 07/15/2038)(13) | | |
02/12/25
|
| | | | 2,830,000 | | | | | | 2,427,135 | | | | | | 2,612,440 | | | | | | 0.29% | | |
|
BBAM European CLO II DAC
|
| | Subordinated Note (effective yield 23.95%, maturity 10/15/2034)(10)(13) | | |
11/05/21
|
| | | | 1,000,000 | | | | | | 961,873 | | | | | | 944,314 | | | | | | 0.10% | | |
|
Blackrock European CLO XV DAC
|
| | Subordinated Note (effective yield 9.96%, maturity 01/28/2038)(13) | | |
11/29/24
|
| | | | 3,250,000 | | | | | | 3,167,174 | | | | | | 3,260,362 | | | | | | 0.36% | | |
|
CIFC European Funding VI DAC
|
| | Subordinated Note (effective yield 14.77%, maturity 10/15/2037)(13) | | |
07/17/24
|
| | | | 5,000,000 | | | | | | 4,520,790 | | | | | | 4,799,219 | | | | | | 0.52% | | |
|
Clonkeen Park CLO DAC
|
| | Subordinated Note (effective yield 13.98%, maturity 10/15/2037)(10)(13) | | |
08/16/24
|
| | | | 33,291,000 | | | | | | 25,018,580 | | | | | | 25,063,670 | | | | | | 2.74% | | |
|
CVC Cordatus Loan Fund XXXIII DAC
|
| | Subordinated Note (effective yield 15.23%, maturity 03/24/2038)(13) | | |
10/18/24
|
| | | | 5,417,000 | | | | | | 4,825,502 | | | | | | 5,555,704 | | | | | | 0.61% | | |
|
Dryden 88 Euro CLO 2020 DAC
|
| | Subordinated Note (effective yield 14.00%, maturity 07/20/2034)(13) | | |
04/23/21
|
| | | | 600,000 | | | | | | 439,215 | | | | | | 379,276 | | | | | | 0.04% | | |
|
Henley CLO XI DAC
|
| | Subordinated Note (effective yield 16.06%, maturity 04/25/2039)(13) | | |
02/10/25
|
| | | | 1,500,000 | | | | | | 1,545,900 | | | | | | 1,785,416 | | | | | | 0.20% | | |
|
OCP Euro CLO 2019-3 DAC
|
| | Subordinated Note (effective yield 11.44%, maturity 04/20/2033)(13) | | |
05/26/21
|
| | | | 1,500,000 | | | | | | 984,522 | | | | | | 921,803 | | | | | | 0.10% | | |
|
OCP Euro CLO 2022-6 DAC
|
| | Subordinated Note (effective yield 18.54%, maturity 07/20/2036)(13) | | |
04/23/24
|
| | | | 1,125,000 | | | | | | 916,277 | | | | | | 1,199,232 | | | | | | 0.13% | | |
|
OCP Euro CLO 2024-10 DAC
|
| | Subordinated Note (effective yield 11.00%, maturity 10/20/2037)(13) | | |
07/10/24
|
| | | | 5,000,000 | | | | | | 4,378,905 | | | | | | 4,494,355 | | | | | | 0.49% | | |
|
Sculptor European CLO XII DAC
|
| | Subordinated Note (effective yield 17.55%, maturity 01/15/2038)(13) | | |
11/27/24
|
| | | | 7,050,000 | | | | | | 5,858,115 | | | | | | 6,563,201 | | | | | | 0.72% | | |
|
Total European Union – Various
|
| | | | | | | | | | | | | | | | 77,238,237 | | | | | | 79,461,888 | | | | | | 8.69% | | |
|
Total Collateralized Loan Obligation Equity
|
| | | | | | | | | | | | | | | | 1,331,088,298 | | | | | | 1,130,665,200 | | | | | | 123.57% | | |
|
Loan Accumulation Facilities(4)(9)(14)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Structured Finance
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
United States
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Steamboat LIV Ltd.
|
| | Loan Accumulation Facility | | |
06/04/25
|
| | | | 5,846,250 | | | | | | 5,846,250 | | | | | | 5,911,016 | | | | | | 0.65% | | |
|
Steamboat LV Ltd.
|
| | Loan Accumulation Facility | | |
06/16/25
|
| | | | 7,072,000 | | | | | | 7,072,000 | | | | | | 7,075,300 | | | | | | 0.77% | | |
|
Steamboat LVI Ltd.
|
| | Loan Accumulation Facility | | |
05/27/25
|
| | | | 5,500,750 | | | | | | 5,500,750 | | | | | | 5,560,682 | | | | | | 0.61% | | |
|
Steamboat LVII Ltd.
|
| | Loan Accumulation Facility | | |
04/22/25
|
| | | | 6,094,000 | | | | | | 6,094,000 | | | | | | 6,099,143 | | | | | | 0.67% | | |
|
Steamboat LVIII Ltd.
|
| | Loan Accumulation Facility | | |
06/04/25
|
| | | | 3,077,000 | | | | | | 3,077,000 | | | | | | 3,114,941 | | | | | | 0.34% | | |
|
Steamboat LIX Ltd.
|
| | Loan Accumulation Facility | | |
06/23/25
|
| | | | 9,936,250 | | | | | | 9,936,250 | | | | | | 9,973,456 | | | | | | 1.09% | | |
|
Steamboat LX Ltd.
|
| | Loan Accumulation Facility | | |
09/04/25
|
| | | | 3,614,250 | | | | | | 4,210,963 | | | | | | 4,242,949 | | | | | | 0.46% | | |
|
Total Loan Accumulation Facilities
|
| | | | | | | | | | | | | | | | 41,737,213 | | | | | | 41,977,487 | | | | | | 4.59% | | |
|
Asset Backed Securities
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Structured Finance
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Germany
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Fortuna Consumer Loan ABS 2024-2
DAC |
| | Class G Note, 12.41% (1M EURIBOR + 10.50%, due 10/18/2034)(6)(13) | | |
09/13/24
|
| | | | 7,500,000 | | | | | | 8,308,125 | | | | | | 8,911,337 | | | | | | 0.97% | | |
|
Spain
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Autonoria Spain 2022 FT
|
| | Class G Note, 13.87% (1M EURIBOR + 12.00%, due 01/31/2040)(6)(9)(13) | | |
09/14/22
|
| | | | 1,123,634 | | | | | | 1,121,218 | | | | | | 1,336,767 | | | | | | 0.15% | | |
|
United States
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Carmax Select Receivables Trust 2025-B
|
| | Class R Note (effective yield 21.17%, maturity 09/15/2032)(8) | | |
09/17/25
|
| | | | 3,580 | | | | | | 2,531,418 | | | | | | 2,529,793 | | | | | | 0.28% | | |
|
Carvana Auto Receivables Trust 2024-P2
|
| | Class R Note (effective yield 10.63%, maturity 06/10/2031)(8) | | |
06/04/24
|
| | | | 23,083 | | | | | | 6,669,418 | | | | | | 6,281,808 | | | | | | 0.69% | | |
|
Carvana Auto Receivables Trust 2024-P3
|
| | Class R Note (effective yield 11.71%, maturity 09/10/2032)(8) | | |
09/10/24
|
| | | | 17,730 | | | | | | 8,712,060 | | | | | | 8,558,477 | | | | | | 0.93% | | |
|
Carvana Auto Receivables Trust 2024-P4
|
| | Class R Note (effective yield 9.60%, maturity 12/10/2032)(8) | | |
12/10/24
|
| | | | 15,578 | | | | | | 7,033,441 | | | | | | 6,872,017 | | | | | | 0.75% | | |
|
Carvana Auto Receivables Trust 2025-N1
|
| | Class EX5 Note (effective yield 10.28%, maturity 08/10/2032)(8) | | |
02/11/25
|
| | | | 12,500 | | | | | | 3,869,689 | | | | | | 3,973,533 | | | | | | 0.43% | | |
|
Carvana Auto Receivables Trust 2025-P1
|
| | Class R Note (effective yield 16.25%, maturity 03/10/2033)(8) | | |
03/11/25
|
| | | | 14,850 | | | | | | 7,792,241 | | | | | | 7,529,084 | | | | | | 0.82% | | |
|
Carvana Auto Receivables Trust 2025-P3
|
| | Class R Note (effective yield 16.92%, maturity 09/12/2033)(8) | | |
09/16/25
|
| | | | 16,180 | | | | | | 11,395,412 | | | | | | 11,399,477 | | | | | | 1.25% | | |
|
Chase Auto Owner Trust 2024-4
|
| | Class R1 Note (effective yield 8.57%, maturity 11/25/2031)(8) | | |
07/25/24
|
| | | | 5,000 | | | | | | 1,530,024 | | | | | | 1,424,995 | | | | | | 0.16% | | |
|
Chase Auto Owner Trust 2025-1
|
| | Class R1 Note (effective yield 13.50%, maturity 11/26/2032)(8) | | |
07/24/25
|
| | | | 25,000 | | | | | | 4,325,000 | | | | | | 4,481,042 | | | | | | 0.49% | | |
|
GoodLeap Home Improvement Solutions
Trust 2025-2 |
| | Class R Subordinate Notes (effective yield 19.59%, maturity 06/20/2049)(8) | | |
06/09/25
|
| | | | 1,184,151 | | | | | | 2,592,403 | | | | | | 2,848,505 | | | | | | 0.31% | | |
|
Mercury Financial Credit Card Master Trust Series 2024-VFN1
|
| | Class B Note, 12.84% (1M SOFR + 8.50%, due 01/20/2028)(6)(9)(16) | | |
09/20/24
|
| | | | 8,133,658 | | | | | | 8,133,658 | | | | | | 8,122,986 | | | | | | 0.89% | | |
|
PenFed Auto Receivables Owner Trust 2025-A
|
| | Class R Note (effective yield 12.03%, maturity 10/17/2033)(8) | | |
09/11/25
|
| | | | 17,500 | | | | | | 2,625,000 | | | | | | 2,622,758 | | | | | | 0.29% | | |
|
Total United States
|
| | | | | | | | | | | | | | | | 67,209,764 | | | | | | 66,644,475 | | | | | | 7.29% | | |
|
Total Asset Backed Securities
|
| | | | | | | | | | | | | | | | 76,639,107 | | | | | | 76,892,579 | | | | | | 8.41% | | |
|
Collateralized Fund Obligation Equity(4)(8)(9)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Structured Finance
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
United States
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
ALP CFO 2024, L.P.
|
| | Subordinated Note (effective yield 38.50%, maturity 10/15/2036) | | |
10/21/24
|
| | | | 16,286,000 | | | | | | 16,286,000 | | | | | | 12,610,342 | | | | | | 1.38% | | |
|
ALP CFO 2025, L.P.
|
| | Subordinated Note (effective yield 39.04%, maturity 07/15/2037) | | |
07/30/25
|
| | | | 21,671,000 | | | | | | 21,671,000 | | | | | | 21,029,982 | | | | | | 2.30% | | |
|
Coller Private Equity Backed Notes &
Loans II-A L.P. |
| | Preferred Equity (effective yield 21.86%, maturity 04/30/2037)(16) | | |
07/21/25
|
| | | | 5,008,986 | | | | | | 5,008,986 | | | | | | 4,830,513 | | | | | | 0.53% | | |
|
Issuer(1)
|
| |
Investment Description
|
| |
Acquisition
Date(2) |
| |
Principal
Amount / Shares |
| |
Cost
|
| |
Fair Value(3)
|
| |
% of
Net Assets |
| ||||||||||||
|
Collateralized Fund Obligation Equity(4)(8)(9) (continued)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Structured Finance (continued)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
United States (continued)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Glendower Capital Secondaries CFO, LLC
|
| | Subordinated Loan (effective yield 44.85%, maturity 07/13/2038) | | |
07/13/23
|
| | | $ | 2,203,689 | | | | | $ | 2,203,689 | | | | | $ | 2,204,556 | | | | | | 0.24% | | |
|
StepStone Private Equity LP Secondary Opportunities Ltd.
|
| | Subordinated Note (effective yield 28.90%, maturity 12/28/2035)(16) | | |
07/03/24
|
| | | | 10,838,624 | | | | | | 10,838,624 | | | | | | 8,792,407 | | | | | | 0.96% | | |
|
Total Collateralized Fund Obligation Equity
|
| | | | | | | | | | | | | | | | 56,008,299 | | | | | | 49,467,800 | | | | | | 5.41% | | |
|
Common Stock
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Financial Services
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
United States
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Delta Financial Holdings LLC
|
| | Common Units(4)(9)(17)(18) | | |
07/19/23
|
| | | | 1 | | | | | | 1,147 | | | | | | 574 | | | | | | 0.00% | | |
|
Delta Leasing SPV III, LLC
|
| | Common Equity(4)(9)(17)(18) | | |
07/19/23
|
| | | | 18 | | | | | | 18 | | | | | | 621,522 | | | | | | 0.07% | | |
|
Lender MCS Holdings, Inc.
|
| | Common Stock(4)(9)(17) | | |
08/12/22
|
| | | | 589 | | | | | | — | | | | | | 5,301 | | | | | | 0.00% | | |
|
Oxford Lane Capital Corp.
|
| | Common Stock | | |
07/24/25
|
| | | | 188,221 | | | | | | 3,320,430 | | | | | | 3,186,582 | | | | | | 0.35% | | |
|
Senior Credit Corp 2022 LLC
|
| | Common Stock(4)(16)(18) | | |
01/30/23
|
| | | | 2,950,684 | | | | | | 2,950,684 | | | | | | 3,110,021 | | | | | | 0.34% | | |
|
Total Financial Services
|
| | | | | | | | | | | | | | | | 6,272,279 | | | | | | 6,924,000 | | | | | | 0.76% | | |
|
Leisure
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
United States
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
All Day Holdings LLC
|
| | Common Stock(4)(17) | | |
08/19/22
|
| | | | 560 | | | | | | — | | | | | | 8 | | | | | | 0.00% | | |
|
Oil & Gas
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
United States
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
McDermott International Ltd
|
| | Common Stock(4)(17) | | |
12/31/20
|
| | | | 1,951 | | | | | | 121,936 | | | | | | 29,997 | | | | | | 0.00% | | |
|
Total Common Stock
|
| | | | | | | | | | | | | | | | 6,394,215 | | | | | | 6,954,005 | | | | | | 0.76% | | |
|
Equipment Financing⁽⁴⁾
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Equipment Financing
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
United States
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Applied Digital Corporation
|
| | Equipment Financing, 14.62% (due 04/08/2026)(15) | | |
07/08/24
|
| | | | 1,593,475 | | | | | | 1,593,475 | | | | | | 1,613,389 | | | | | | 0.18% | | |
|
Applied Digital Corporation
|
| | Equipment Financing, 14.62% (due 04/08/2026)(15) | | |
07/08/24
|
| | | | 1,523,297 | | | | | | 1,523,297 | | | | | | 1,542,333 | | | | | | 0.17% | | |
|
Total Equipment Financing
|
| | | | | | | | | | | | | | | | 3,116,772 | | | | | | 3,155,722 | | | | | | 0.35% | | |
|
Loans and Notes
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Consumer Products
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
United States
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
JP Intermediate B LLC
|
| |
First Lien Senior Secured Term Loan, 11.01% (3M SOFR + 5.76%, due 11/22/2027)(4)(6)
|
| |
03/02/21
|
| | | | 496,049 | | | | | | 489,451 | | | | | | 22,322 | | | | | | 0.00% | | |
|
Financial Services
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
United States
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
B. Riley Financial, Inc.
|
| | Senior Unsecured Note(15) | | |
08/14/25
|
| | | | 17,991 | | | | | | 421,261 | | | | | | 428,186 | | | | | | 0.05% | | |
|
BSD Capital Inc.
|
| | Senior Unsecured Note, 6.95% (3M SOFR + 2.66%, due 10/31/2027)(4)(6)(9) | | |
01/16/25
|
| | | | 10,726,000 | | | | | | 9,295,104 | | | | | | 9,701,667 | | | | | | 1.06% | | |
|
Delta Leasing SPV III, LLC
|
| | Senior Secured Note, 13.00% (due 07/18/2030)(4)(7)(9)(15)(16)(18) | | |
07/19/23
|
| | | | 11,172,483 | | | | | | 11,172,180 | | | | | | 11,172,483 | | | | | | 1.22% | | |
|
Horizon Technology Finance Corporation
|
| | Convertible Senior Unsecured Note, 5.50% (due 09/04/2030)(4)(9)(15) | | |
09/04/25
|
| | | | 7,500,000 | | | | | | 6,871,310 | | | | | | 7,129,125 | | | | | | 0.78% | | |
|
Senior Credit Corp 2022 LLC
|
| | Senior Unsecured Note, 8.50% (due 12/05/2028)(4)(15)(16)(18) | | |
01/30/23
|
| | | | 6,884,929 | | | | | | 6,884,929 | | | | | | 6,884,929 | | | | | | 0.75% | | |
|
Total Financial Services
|
| | | | | | | | | | | | | | | | 34,644,784 | | | | | | 35,316,390 | | | | | | 3.86% | | |
|
Manufacturing
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
United States
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Integrated Modular Data Centers, LLC
|
| | Senior Secured Loan, 11.00% (due 10/19/2026)(4)(9)(15)(16) | | |
09/22/25
|
| | | | 1,097,605 | | | | | | 1,097,605 | | | | | | 1,097,605 | | | | | | 0.12% | | |
|
Structured Finance
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
United States
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Glendower Capital Secondaries CFO, LLC
|
| |
Collateralized Fund Obligation Debt, Senior Secured Loan, Class B, 11.50% (due
07/13/2038)(4)(9)(15) |
| |
07/13/23
|
| | | | 2,111,133 | | | | | | 2,090,022 | | | | | | 2,172,449 | | | | | | 0.24% | | |
|
Glendower Capital Secondaries CFO, LLC
|
| |
Collateralized Fund Obligation Debt, Senior Secured Loan, Class C, 14.50% (due
07/13/2038)(4)(9)(15) |
| |
07/13/23
|
| | | | 966,685 | | | | | | 957,018 | | | | | | 1,000,407 | | | | | | 0.11% | | |
|
Total Structured Finance
|
| | | | | | | | | | | | | | | | 3,047,040 | | | | | | 3,172,856 | | | | | | 0.35% | | |
|
Total Loans and Notes
|
| | | | | | | | | | | | | | | | 39,278,880 | | | | | | 39,609,173 | | | | | | 4.33% | | |
|
Preferred Stock(4)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Financial Services
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
United States
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Delta Financial Holdings LLC
|
| | Preferred Units(9)(17)(18) | | |
07/19/23
|
| | | | 252 | | | | | | 251,801 | | | | | | 251,849 | | | | | | 0.03% | | |
|
Rated Feeder Fund Equity(8)(9)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Structured Finance
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
United States
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
CVC Structured Solutions 2, LLC
|
| | Subordinated Loan (effective yield 28.30%, maturity 09/03/2040)(16) | | |
09/02/25
|
| | | | 1,344,159 | | | | | | 1,344,159 | | | | | | 1,336,797 | | | | | | 0.15% | | |
|
Issuer(1)
|
| |
Investment Description
|
| |
Acquisition
Date(2) |
| |
Principal
Amount / Shares |
| |
Cost
|
| |
Fair Value(3)
|
| |
% of
Net Assets |
| ||||||||||||
|
Regulatory Capital Relief Securities(4)(9)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Banking
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
France
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
AASFL 2022-1
|
| |
Credit Linked Note – Class B, 14.39% (1M EURIBOR + 12.50%, due 12/27/2030)(6)(13)
|
| |
11/22/22
|
| | | $ | 1,184,231 | | | | | $ | 1,219,699 | | | | | $ | 1,393,847 | | | | | | 0.15% | | |
|
BNP Paribas
|
| | Credit Linked Note, 11.77% (3M EURIBOR + 9.50%, due 10/12/2032)(6)(13) | | |
09/22/23
|
| | | | 538,394 | | | | | | 573,201 | | | | | | 640,750 | | | | | | 0.07% | | |
|
PXL 2022-1
|
| | Junior Credit Linked Note, 16.78% (3M EURIBOR + 12.875%, due 12/29/2029)(6)(13) | | |
12/16/22
|
| | | | 3,800,000 | | | | | | 3,924,067 | | | | | | 4,756,431 | | | | | | 0.52% | | |
|
Total France
|
| | | | | | | | | | | | | | | | 5,716,967 | | | | | | 6,791,028 | | | | | | 0.74% | | |
|
United States
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Ally Bank Auto Credit-Linked Notes Series 2024-A
|
| | Credit Linked Note – Class G, 12.75% (due 05/17/2032)(15) | | |
06/13/24
|
| | | | 3,078,601 | | | | | | 2,707,080 | | | | | | 2,796,441 | | | | | | 0.31% | | |
|
Ally Bank Auto Credit-Linked Notes Series 2024-B
|
| | Credit Linked Note – Class G, 11.40% (due 09/15/2032)(15) | | |
10/29/24
|
| | | | 1,645,208 | | | | | | 1,645,208 | | | | | | 1,677,441 | | | | | | 0.18% | | |
|
CRAFT 2022-1
|
| | Credit Linked Note, 16.33% (SOFR + 12.00%, due 04/21/2032)(6) | | |
10/26/22
|
| | | | 3,982,828 | | | | | | 3,882,367 | | | | | | 4,165,536 | | | | | | 0.46% | | |
|
Huntington Bank Auto 2024-1
|
| | Credit Linked Note – Class E, 12.64% (CD 1M SOFR + 8.25%, due 05/20/2032)(6) | | |
06/14/24
|
| | | | 1,271,107 | | | | | | 1,271,107 | | | | | | 1,304,233 | | | | | | 0.14% | | |
|
Huntington Bank Auto 2024-2
|
| | Credit Linked Note – Class G, 11.89% (CD 1M SOFR + 7.50%, due 10/20/2032)(6) | | |
10/29/24
|
| | | | 690,066 | | | | | | 690,066 | | | | | | 693,702 | | | | | | 0.08% | | |
|
Huntington Bank Auto 2025-1
|
| | Credit Linked Note – Class E, 11.54% (CD 1M SOFR + 7.15%, due 03/21/2033)(6) | | |
03/11/25
|
| | | | 2,834,358 | | | | | | 2,834,358 | | | | | | 2,865,695 | | | | | | 0.31% | | |
|
LOFT 2022-1
|
| | Class C Note, 23.36% (CD 3M SOFR + 19.00%, due 02/28/2032)(6) | | |
08/22/22
|
| | | | 8,679,173 | | | | | | 8,350,649 | | | | | | 9,235,238 | | | | | | 1.01% | | |
|
Manitoulin USD Ltd.
|
| |
Guarantee Linked Note – Class F, 14.57% (CD 3M SOFR + 10.25%, due 11/10/2027)(6)
|
| |
10/12/22
|
| | | | 22,137 | | | | | | 22,137 | | | | | | 22,276 | | | | | | 0.00% | | |
|
Santander Bank Auto Credit-Linked Notes Series 2024-B
|
| | Credit Linked Note – Class G, 12.23% (due 01/18/2033)(15) | | |
12/10/24
|
| | | | 5,375,000 | | | | | | 5,375,000 | | | | | | 5,449,605 | | | | | | 0.60% | | |
|
Standard Chartered 7
|
| | Class B Note, 15.34% (CD 3M SOFR + 11.00%, due 04/25/2031)(6) | | |
10/07/22
|
| | | | 5,536,923 | | | | | | 5,536,923 | | | | | | 5,564,652 | | | | | | 0.61% | | |
|
TRAFIN 2023-1
|
| | Credit Linked Note, 14.28% (CD 3M SOFR + 10.00%, due 06/01/2029)(6) | | |
11/27/23
|
| | | | 2,375,000 | | | | | | 2,375,000 | | | | | | 2,437,016 | | | | | | 0.27% | | |
|
US Bank NA 2025-SUP1
|
| | Credit Linked Note – Class R, 11.86% (CD 1M SOFR + 7.50%, due 02/25/2032)(6) | | |
03/06/25
|
| | | | 5,481,719 | | | | | | 5,481,719 | | | | | | 5,623,213 | | | | | | 0.61% | | |
|
Total United States
|
| | | | | | | | | | | | | | | | 40,171,614 | | | | | | 41,835,048 | | | | | | 4.58% | | |
|
Total Regulatory Capital Relief Securities
|
| | | | | | | | | | | | | | | | 45,888,581 | | | | | | 48,626,076 | | | | | | 5.32% | | |
|
Total investments, at fair value as of September 30, 2025
|
| | | | | | | | | | | | | | |
$
|
1,636,868,764
|
| | | |
$
|
1,434,085,798
|
| | | | | 156.76% | | |
| Liabilities, at fair value(19) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
6.6875% Unsecured Notes due 2028
|
| | Unsecured Note | | | | | | |
$
|
(32,423,800)
|
| | | |
$
|
(32,423,800)
|
| | | |
$
|
(31,905,019)
|
| | | | | -3.49% | | |
|
5.375% Unsecured Notes due 2029
|
| | Unsecured Note | | | | | | | | (93,250,000) | | | | | | (93,250,000) | | | | | | (87,648,659) | | | | | | -9.57% | | |
|
7.75% Unsecured Notes due 2030
|
| | Unsecured Note | | | | | | | | (115,000,000) | | | | | | (115,000,000) | | | | | | (115,184,000) | | | | | | -12.58% | | |
|
6.75% Unsecured Notes due 2031
|
| | Unsecured Note | | | | | | | | (44,850,000) | | | | | | (44,850,000) | | | | | | (42,714,781) | | | | | | -4.67% | | |
|
6.50% Series C Term Preferred Stock due
2031 |
| | Preferred Stock | | | | | | | | (54,313,825) | | | | | | (54,313,825) | | | | | | (57,464,027) | | | | | | -6.28% | | |
|
8.00% Series F Term Preferred Stock due
2029 |
| | Preferred Stock | | | | | | | | (62,156,100) | | | | | | (62,164,825) | | | | | | (62,777,661) | | | | | | -6.86% | | |
|
Total liabilities, at fair value as of September 30, 2025
|
| | | | | | | | | | | | | | |
$
|
(402,002,450)
|
| | | |
$
|
(397,694,147)
|
| | | | | -43.45% | | |
|
Net assets above (below) investments and liabilities, at
fair value |
| | | | | | | | | | | | | | | | | | | | |
|
(120,937,501)
|
| | | | | | | |
|
Net assets as of September 30, 2025
|
| | | | | | | | | | | | | | | | | | | | | $ | 915,454,150 | | | | | | | | |
| |
(1)
|
| | Unless otherwise noted, the Company is not affiliated with, nor does it “control” (as such term is defined in the Investment Company Act of 1940 (the “1940 Act”)), any of the issuers listed. In general, under the 1940 Act, the Company would be presumed to “control” an issuer if it owned 25% or more of its voting securities. | |
| | (2) | | |
Acquisition date represents the initial date of purchase or the date the investment was contributed to the Company at the time of the Company’s formation.
|
|
| |
(3)
|
| | Fair value is determined by the Adviser in accordance with written valuation policies and procedures, subject to oversight by the Company’s Board of Directors, in accordance with Rule 2a-5 under the 1940 Act. | |
| |
(4)
|
| |
Securities exempt from registration under the Securities Act of 1933, and are deemed to be “restricted securities”. As of September 30, 2025, the aggregate fair value of these securities is $1,430.5 million, or 156.26% of the Company’s net assets.
|
|
| | (5) | | |
Country represents the principal country of risk where the investment has exposure.
|
|
| | (6) | | |
Variable rate investment. Interest rate shown reflects the rate in effect at the reporting date. Investment description includes the reference rate and spread.
|
|
| |
(7)
|
| | As of September 30, 2025, the investment includes interest income capitalized as additional investment principal, referred to as “PIK” interest. The PIK interest rate represents the interest rate at payment date when PIK interest is received. See Note 2 “Summary of Significant Accounting Policies” for further discussion. | |
| |
(8)
|
| | Collateralized loan obligation (“CLO”) equity, Collateralized Fund Obligations equity, Rated Feeder Equity and Asset Backed Security residual tranches are entitled to recurring distributions which are generally equal to the remaining cash flow of payments made by underlying assets less contractual payments to debt holders and fund expenses. The effective yield is estimated based on the current projection of the amount and timing of these recurring distributions in addition to the estimated amount of terminal principal payment. The effective yield and investment cost may ultimately not be realized. As of September 30, 2025, the Company’s weighted average effective yield on its aggregate CLO equity positions, based on current amortized cost, was 12.29%. When excluding called CLOs, the Company’s weighted average effective yield on its CLO equity positions was 12.41%. | |
| | (9) | | |
Classified as Level III investment. See Note 3 “Investments” for further discussion.
|
|
| | (10) | | |
Fair value includes the Company’s interest in fee rebates on CLO subordinated and income notes.
|
|
| |
(11)
|
| |
As of September 30, 2025, the investment has been called. Expected value of residual distributions, once received, is anticipated to be recognized as return of capital, pending any remaining amortized cost, and/or realized gain for any amounts received in excess of such amortized cost.
|
|
| |
(12)
|
| | As of September 30, 2025 the effective yield has been estimated to be 0%. The aggregate projected amount of future recurring distributions and terminal principal payment is less than the amortized investment cost. Future recurring distributions, once received, will be recognized solely as return of capital until the aggregate projected amount of future recurring distributions and terminal principal payment exceeds the amortized investment cost. | |
| | (13) | | |
Investment principal amount is denominated in EUR.
|
|
| | (14) | | |
Loan accumulation facilities are financing structures intended to aggregate loans that may be used to form the basis of a CLO vehicle.
|
|
| | (15) | | |
Fixed rate investment.
|
|
| | (16) | | |
This investment has an unfunded commitment as of September 30, 2025. See Note 10 “Commitments and Contingencies” for further discussion.
|
|
| | (17) | | |
The following investment is not an income producing security.
|
|
| |
(18)
|
| | The following is an affiliated investment as defined under the 1940 Act, which represents investments in which the Company owns 5% or more of the outstanding voting securities under common ownership or control. See Note 5 “Related Party Transactions” for further discussion. | |
| |
(19)
|
| | The Company has accounted for its unsecured notes and mandatorily redeemable preferred stock utilizing the fair value option election under ASC Topic 825. Accordingly, the aforementioned notes and preferred stock are carried at their fair value. See Note 2 “Summary of Significant Accounting Policies” for further discussion. | |
| | | | | Reference Key: | |
| | CD | | | Compounded Daily | |
| | DD | | | Delayed Draw | |
| | EUR | | | Euro | |
| | EURIBOR | | | Euro London Interbank Offered Rate | |
| | SOFR | | | Secured Overnight Financing Rate | |
| | USD | | | United States Dollar | |
| |
Currency Purchased
|
| |
Currency Sold
|
| |
Counterparty
|
| |
Acquisition
Date |
| |
Settlement
Date |
| |
Fair Value
|
| ||||||||||||||||||||||||
| | Unrealized appreciation on forward currency contracts | | |||||||||||||||||||||||||||||||||||||||
| | EUR | | | | | 5,262,506 | | | | | | USD | | | | | | 6,115,074 | | | |
Barclays Bank PLC
|
| | | | 8/4/2025 | | | | | | 10/31/2025 | | | | | $ | 74,280 | | |
| | Unrealized depreciation on forward currency contracts | | | ||||||||||||||||||||||||||||||||||||||
| | USD | | | | | 3,986,058.11 | | | | | | EUR | | | | | | 3,410,201 | | | |
Barclays Bank PLC
|
| | | | 9/2/2025 | | | | | | 10/31/2025 | | | | | $ | (24,758) | | |
| | USD | | | | | 106,593,910.84 | | | | | | EUR | | | | | | 91,625,943 | | | |
Barclays Bank PLC
|
| | | | 7/29/2025 | | | | | | 10/31/2025 | | | | | | (1,169,468) | | |
| | Total unrealized depreciation on forward currency contracts | | | | | | | | | | | | | | | | $ | (1,194,226) | | | |||||||||||||||||||||
| | INVESTMENT INCOME | | | | | | | |
| |
Interest income(1)
|
| | | $ | 144,710,677 | | |
| |
Other income
|
| | | | 6,924,058 | | |
| |
Dividend income(1)
|
| | | | 1,146,404 | | |
| |
Total Investment Income
|
| | | | 152,781,139 | | |
| | EXPENSES | | | | | | | |
| |
Interest expense
|
| | | | 20,729,027 | | |
| |
Incentive fee
|
| | | | 19,416,127 | | |
| |
Management fee
|
| | | | 15,370,356 | | |
| |
Professional fees
|
| | | | 1,848,202 | | |
| |
Administration fees
|
| | | | 1,276,259 | | |
| |
Tax expense
|
| | | | 1,172,634 | | |
| |
Directors’ fees
|
| | | | 298,125 | | |
| |
Other expenses
|
| | | | 1,409,140 | | |
| |
Total Expenses
|
| | | | 61,519,870 | | |
| |
NET INVESTMENT INCOME
|
| | | | 91,261,269 | | |
| | NET REALIZED AND UNREALIZED GAIN (LOSS) | | | | | | | |
| |
Net realized gain (loss) on:
|
| | | | | | |
| |
Investments, foreign currency and cash equivalents
|
| | | | (16,438,256) | | |
| |
Forward currency contracts
|
| | | | (7,298,648) | | |
| |
Redemption of 7.00% Series AA Convertible Perpetual Preferred Stock
|
| | | | (1,420) | | |
| |
Net unrealized appreciation (depreciation) on:
|
| | | | | | |
| |
Investments, foreign currency and cash equivalents(1)
|
| | | | (58,733,930) | | |
| |
Forward currency contracts
|
| | | | (5,225,697) | | |
| |
Net change in unrealized (appreciation) depreciation on liabilities at fair value under the fair value option
|
| | | | (14,452,662) | | |
| |
NET REALIZED AND UNREALIZED GAIN (LOSS)
|
| | | | (102,150,613) | | |
| |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
|
| | | | (10,889,344) | | |
| | DISTRIBUTIONS AND AMORTIZATION ON TEMPORARY EQUITY (NOTE 2) | | | | | | | |
| |
7.00% Series AA Convertible Perpetual Preferred Stock
|
| | | | (7,874,057) | | |
| |
6.75% Series D Perpetual Preferred Stock
|
| | | | (5,338,700) | | |
| |
7.00% Series AB Convertible Perpetual Preferred Stock
|
| | | | (384,004) | | |
| |
TOTAL DISTRIBUTIONS AND AMORTIZATION ON TEMPORARY EQUITY
|
| | | | (13,596,761) | | |
| |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS ATTRIBUTABLE TO COMMON STOCKHOLDERS
|
| | | $ | (24,486,105) | | |
| |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS ATTRIBUTABLE TO COMMON STOCKHOLDERS
|
| | | $ | (24,486,105) | | |
| | OTHER COMPREHENSIVE INCOME (LOSS)(1) | | | | | | | |
| |
Change in unrealized (appreciation) depreciation on liabilities at fair value under the fair value option
|
| | | | 6,790,731 | | |
| |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS AND COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
|
| | | $ | (17,695,374) | | |
| | | |
For the
nine months ended September 30, 2025 |
| |
For the
nine months ended September 30, 2024 |
| ||||||
| INVESTMENT INCOME | | | | | | | | | | | | | |
|
Interest income
|
| | | $ | 144,710,677 | | | | | $ | 124,216,311 | | |
|
Other income
|
| | | | 6,924,058 | | | | | | 5,366,630 | | |
|
Dividend income
|
| | | | 1,146,404 | | | | | | 637,560 | | |
|
Total Investment Income
|
| | | | 152,781,139 | | | | | | 130,220,501 | | |
| EXPENSES | | | | | | | | | | | | | |
|
Interest expense
|
| | | | 20,729,027 | | | | | | 13,159,231 | | |
|
Incentive fee
|
| | | | 19,416,127 | | | | | | 18,798,372 | | |
|
Management fee
|
| | | | 15,370,356 | | | | | | 12,529,193 | | |
|
Professional fees
|
| | | | 1,848,202 | | | | | | 1,537,355 | | |
|
Administration fees
|
| | | | 1,276,259 | | | | | | 1,050,927 | | |
|
Tax expense
|
| | | | 1,172,634 | | | | | | 309,860 | | |
|
Directors’ fees
|
| | | | 298,125 | | | | | | 298,125 | | |
|
Other expenses
|
| | | | 1,409,140 | | | | | | 1,104,702 | | |
|
Commission expense
|
| | | | — | | | | | | 1,723,850 | | |
|
Total Expenses
|
| | | | 61,519,870 | | | | | | 50,511,615 | | |
|
NET INVESTMENT INCOME
|
| | | | 91,261,269 | | | | | | 79,708,886 | | |
| REALIZED AND UNREALIZED GAIN (LOSS) | | | | | | | | | | | | | |
|
Net realized gain (loss) on:
|
| | | | | | | | | | | | |
|
Investments, foreign currency and cash equivalents
|
| | | | (16,438,256) | | | | | | (16,090,738) | | |
|
Forward currency contracts
|
| | | | (7,298,648) | | | | | | (381) | | |
|
Redemption of 7.00% Series AA Convertible Perpetual Preferred Stock
|
| | | | (1,420) | | | | | | — | | |
|
Net unrealized appreciation (depreciation) on:
|
| | | | | | | | | | | | |
|
Investments, foreign currency and cash equivalents(1)
|
| | | | (58,733,930) | | | | | | (18,137,199) | | |
|
Forward currency contracts
|
| | | | (5,225,697) | | | | | | (203,512) | | |
|
Net change in unrealized (appreciation) depreciation on liabilities at fair value under the fair value option
|
| | | | (14,452,662) | | | | | | (5,767,420) | | |
|
NET REALIZED AND UNREALIZED GAIN (LOSS)
|
| | | | (102,150,613) | | | | | | (40,199,250) | | |
|
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
|
| | | | (10,889,344) | | | | | | 39,509,636 | | |
|
DISTRIBUTIONS AND AMORTIZATION ON TEMPORARY EQUITY
(NOTE 2) |
| | | | | | | | | | | | |
|
7.00% Series AA Convertible Perpetual Preferred Stock
|
| | | | (7,874,057) | | | | | | (535,554) | | |
|
6.75% Series D Perpetual Preferred Stock
|
| | | | (5,338,700) | | | | | | (3,976,142) | | |
|
7.00% Series AB Convertible Perpetual Preferred Stock
|
| | | | (384,004) | | | | | | (3,704) | | |
|
TOTAL DISTRIBUTIONS AND AMORTIZATION ON TEMPORARY EQUITY
|
| | | | (13,596,761) | | | | | | (4,515,400) | | |
|
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS ATTRIBUTABLE TO COMMON STOCKHOLDERS
|
| | | $ | (24,486,105) | | | | | $ | 34,994,236 | | |
| | | |
For the
three months ended September 30, 2025 |
| |
For the
six months ended June 30, 2025 |
| |
For the
nine months ended September 30, 2025 |
| |||||||||
| INVESTMENT INCOME | | | | | | | | | | | | | | | | | | | |
|
Interest income
|
| | | $ | 49,272,127 | | | | | $ | 95,438,550 | | | | | $ | 144,710,677 | | |
|
Other income
|
| | | | 2,292,320 | | | | | | 4,631,738 | | | | | | 6,924,058 | | |
|
Dividend income
|
| | | | 451,771 | | | | | | 694,633 | | | | | | 1,146,404 | | |
|
Total Investment Income
|
| | | | 52,016,218 | | | | | | 100,764,921 | | | | | | 152,781,139 | | |
| EXPENSES | | | | | | | | | | | | | | | | | | | |
|
Interest expense
|
| | | | 6,909,746 | | | | | | 13,819,281 | | | | | | 20,729,027 | | |
|
Incentive fee
|
| | | | 6,160,845 | | | | | | 13,255,282 | | | | | | 19,416,127 | | |
|
Management fee
|
| | | | 5,365,932 | | | | | | 10,004,424 | | | | | | 15,370,356 | | |
|
Professional fees
|
| | | | 478,786 | | | | | | 1,369,416 | | | | | | 1,848,202 | | |
|
Administration fees
|
| | | | 456,646 | | | | | | 819,613 | | | | | | 1,276,259 | | |
|
Directors’ fees
|
| | | | 99,375 | | | | | | 198,750 | | | | | | 298,125 | | |
|
Tax expense
|
| | | | 1,122,609 | | | | | | 50,025 | | | | | | 1,172,634 | | |
|
Other expenses
|
| | | | 543,214 | | | | | | 865,926 | | | | | | 1,409,140 | | |
|
Total Expenses
|
| | | | 21,137,153 | | | | | | 40,382,717 | | | | | | 61,519,870 | | |
|
NET INVESTMENT INCOME
|
| | | | 30,879,065 | | | | | | 60,382,204 | | | | | | 91,261,269 | | |
| REALIZED AND UNREALIZED GAIN (LOSS) | | | | | | | | | | | | | | | | | | | |
| Net realized gain (loss) on: | | | | | | | | | | | | | | | | | | | |
|
Investments, foreign currency and cash equivalents
|
| | | | (10,169,815) | | | | | | (6,268,441) | | | | | | (16,438,256) | | |
|
Forward currency contracts
|
| | | | (861,909) | | | | | | (6,436,739) | | | | | | (7,298,648) | | |
|
Redemption of 7.00% Series AA Convertible Perpetual Preferred Stock
|
| | | | (1,420) | | | | | | — | | | | | | (1,420) | | |
| Net unrealized appreciation (depreciation) on: | | | | | | | | | | | | | | | | | | | |
|
Investments, foreign currency and cash equivalents(1)
|
| | | | 1,674,463 | | | | | | (60,408,393) | | | | | | (58,733,930) | | |
|
Forward currency contracts
|
| | | | 1,905,767 | | | | | | (7,131,464) | | | | | | (5,225,697) | | |
|
Net change in unrealized (appreciation) depreciation on liabilities at fair value under the fair value option
|
| | | | (1,669,808) | | | | | | (12,782,854) | | | | | | (14,452,662) | | |
|
NET REALIZED AND UNREALIZED GAIN (LOSS)
|
| | | | (9,122,722) | | | | | | (93,027,891) | | | | | | (102,150,613) | | |
|
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
|
| | | | 21,756,343 | | | | | | (32,645,687) | | | | | | (10,889,344) | | |
|
DISTRIBUTIONS AND AMORTIZATION ON TEMPORARY EQUITY (NOTE 2)
|
| | | | | | | | | | | | | | | | | | |
|
6.75% Series D Perpetual Preferred Stock
|
| | | | (1,779,567) | | | | | | (3,559,133) | | | | | | (5,338,700) | | |
|
7.00% Series AA Convertible Perpetual Preferred Stock
|
| | | | (4,266,414) | | | | | | (3,607,643) | | | | | | (7,874,057) | | |
|
7.00% Series AB Convertible Perpetual Preferred Stock
|
| | | | (189,705) | | | | | | (194,299) | | | | | | (384,004) | | |
|
TOTAL DISTRIBUTIONS AND AMORTIZATION ON TEMPORARY EQUITY
|
| | | | (6,235,686) | | | | | | (7,361,075) | | | | | | (13,596,761) | | |
|
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS ATTRIBUTABLE TO COMMON STOCKHOLDERS |
| | | $ | 15,520,657 | | | | | $ | (40,006,762) | | | | | $ | (24,486,105) | | |
| | | |
For the
nine months ended September 30, 2025 |
| |
For the
year ended December 31, 2024 |
| ||||||
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | | | | | | | | | | | | |
|
Net investment income
|
| | | $ | 91,261,269 | | | | | $ | 106,425,784 | | |
|
Net realized gain (loss) on:
|
| | | | | | | | | | | | |
|
Investments, foreign currency and cash equivalents
|
| | | | (16,438,256) | | | | | | (30,173,036) | | |
|
Forward currency contracts
|
| | | | (7,298,648) | | | | | | 336,488 | | |
|
Redemption of 7.00% Series AA Convertible Perpetual Preferred Stock
|
| | | | (1,420) | | | | | | — | | |
|
Net unrealized appreciation (depreciation) on:
|
| | | | | | | | | | | | |
|
Investments, foreign currency and cash equivalents
|
| | | | (58,733,930) | | | | | | (2,025,059) | | |
|
Forward currency contracts
|
| | | | (5,225,697) | | | | | | 5,479,647 | | |
|
Net unrealized (appreciation) depreciation on liabilities at fair value under the fair value
option |
| | | | (14,452,662) | | | | | | 5,447,384 | | |
|
Total net increase (decrease) in net assets resulting from operations
|
| | | | (10,889,344) | | | | | | 85,491,208 | | |
|
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OTHER COMPREHENSIVE INCOME (LOSS)
|
| | | | | | | | | | | | |
|
Net change in unrealized (appreciation) depreciation on liabilities at fair value under the fair value option
|
| | | | 6,790,731 | | | | | | (7,425,746) | | |
| COMMON STOCK DISTRIBUTIONS | | | | | | | | | | | | | |
|
Total earnings distributed
|
| | | | (132,500,673) | | | | | | (174,564,856) | | |
|
Common stock distributions from tax return of capital
|
| | | | (22,091,175) | | | | | | (9,826,464) | | |
|
Total common stock distributions
|
| | | | (154,591,848) | | | | | | (184,391,320) | | |
| DISTRIBUTIONS AND AMORTIZATION ON TEMPORARY EQUITY | | | | | | | | | | | | | |
|
6.75% Series D Perpetual Preferred Stock
|
| | | | (5,338,700) | | | | | | (3,762,891) | | |
|
7.00% Series AA Convertible Perpetual Preferred Stock
|
| | | | (7,874,057) | | | | | | (1,385,037) | | |
|
7.00% Series AB Convertible Perpetual Preferred Stock
|
| | | | (384,004) | | | | | | (33,582) | | |
|
Total distributions and amortization on temporary equity
|
| | | | (13,596,761) | | | | | | (5,181,510) | | |
| CAPITAL SHARE TRANSACTIONS | | | | | | | | | | | | | |
|
Issuance of shares of common stock pursuant to the Company’s “at the market” program, net of commissions and offering expenses
|
| | | | 132,638,287 | | | | | | 318,688,885 | | |
|
Issuance of shares of common stock pursuant to the Company’s dividend reinvestment
plan |
| | | | 18,190,471 | | | | | | 21,342,675 | | |
|
Issuance of shares of common stock from 7.00% Series AA Convertible Perpetual Preferred Stock Conversion
|
| | | | 11,329 | | | | | | — | | |
|
Issuance of shares of common stock from 7.00% Series AB Convertible Perpetual Preferred Stock Conversion
|
| | | | 33,526 | | | | | | — | | |
|
Total increase in net assets from capital share transactions
|
| | | | 150,873,613 | | | | | | 340,031,560 | | |
|
TOTAL INCREASE (DECREASE) IN NET ASSETS
|
| | | | (21,413,609) | | | | | | 228,524,192 | | |
|
NET ASSETS AT BEGINNING OF PERIOD
|
| | | | 936,867,759 | | | | | | 708,343,567 | | |
|
NET ASSETS AT END OF PERIOD
|
| | | $ | 915,454,150 | | | | | $ | 936,867,759 | | |
| CAPITAL SHARE ACTIVITY | | | | | | | | | | | | | |
|
Shares of common stock issued pursuant to the Company’s “at the market” program
|
| | | | 16,561,538 | | | | | | 32,584,457 | | |
|
Shares of common stock issued pursuant to the Company’s dividend reinvestment plan
|
| | | | 2,430,252 | | | | | | 2,302,409 | | |
|
Shares of common stock issued from 7.00% Series AA Convertible Perpetual Preferred Stock Conversion
|
| | | | 1,602 | | | | | | — | | |
|
Shares of common stock issued from 7.00% Series AB Convertible Perpetual Preferred Stock Conversion
|
| | | | 4,543 | | | | | | — | | |
|
Total increase (decrease) in capital share activity
|
| | | | 18,997,935 | | | | | | 34,886,866 | | |
| | CASH FLOWS FROM OPERATING ACTIVITIES | | | | | | | |
| |
Net increase (decrease) in net assets resulting from operations
|
| | | $ | (10,889,344) | | |
| |
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
|
| | | | | | |
| |
Purchases of investments
|
| | | | (511,231,366) | | |
| |
Proceeds from sales of investments and repayments of principal⁽¹⁾
|
| | | | 384,984,182 | | |
| |
Proceeds from investments purchased under agreements to resell
|
| | | | 3,789,735 | | |
| |
Payment-in-kind interest
|
| | | | (287,458) | | |
| |
Net realized gain (loss) on:
|
| | | | | | |
| |
Investments, foreign currency and cash equivalents
|
| | | | 16,516,095 | | |
| |
Redemption of 7.00% Series AA Convertible Perpetual Preferred Stock
|
| | | | 1,420 | | |
| |
Net unrealized appreciation (depreciation) on:
|
| | | | | | |
| |
Investments, foreign currency and cash equivalents
|
| | | | 58,590,333 | | |
| |
Forward currency contracts
|
| | | | 5,225,697 | | |
| |
Net change in unrealized appreciation (depreciation) on liabilities at fair value under the fair value option
|
| | | | 14,452,662 | | |
| |
Amortization (accretion) included in interest expense
|
| | | | 11,540 | | |
| |
Amortization (accretion) of premiums or discounts on debt securities
|
| | | | (585,425) | | |
| |
Changes in assets and liabilities:
|
| | | | | | |
| |
Interest receivable
|
| | | | (6,679,096) | | |
| |
Other expenses payable
|
| | | | (1,403,513) | | |
| |
Interest payable
|
| | | | (531,507) | | |
| |
Professional fees payable
|
| | | | (387,276) | | |
| |
Prepaid expenses
|
| | | | (129,263) | | |
| |
Administration fees payable
|
| | | | (126,333) | | |
| |
Tax expense payable
|
| | | | (5,012) | | |
| |
Due to affiliates
|
| | | | 62,247 | | |
| |
Directors’ fees payable
|
| | | | 99,375 | | |
| |
Management fee payable
|
| | | | 322,870 | | |
| |
Excise tax refund receivable
|
| | | | 842,230 | | |
| |
Deferred tax liability
|
| | | | 1,097,596 | | |
| |
Incentive fee payable
|
| | | | 1,386,236 | | |
| |
Net cash provided by (used in) operating activities
|
| | | | (44,873,375) | | |
| | CASH FLOWS FROM FINANCING ACTIVITIES | | | | | | | |
| |
Common stock distributions, net of reinvestment and change in common stock distribution payable
|
| | | | (136,355,279) | | |
| |
Issuance of shares of common stock pursuant to the Company’s “at the market” program, net of commissions and offering expenses
|
| | | | 132,638,287 | | |
| |
Issuance of 6.75% Series D Perpetual Preferred Stock pursuant to the Company’s “at the market” program
|
| | | | 314,811 | | |
| |
Issuance of 7.00% Series AA Convertible Perpetual Preferred Stock
|
| | | | 68,822,848 | | |
| |
7.00% Series AA Convertible Perpetual Preferred Stock issued pursuant to the Company’s dividend reinvestment plan
|
| | | | 90,467 | | |
| |
Issuance of shares of common stock from 7.00% Series AA Convertible Perpetual Preferred Stock Conversion
|
| | | | 11,329 | | |
| |
Issuance of shares of common stock from 7.00% Series AB Convertible Perpetual Preferred Stock Conversion
|
| | | | 33,526 | | |
| |
Redemption of 7.00% Series AA Convertible Perpetual Preferred Stock
|
| | | | (30,088) | | |
| |
Issuance of 7.00% Series AB Convertible Perpetual Preferred Stock
|
| | | | 4,503,240 | | |
| |
6.75% Series D Perpetual Preferred Stock distributions
|
| | | | (5,338,700) | | |
| |
7.00% Series AA Convertible Perpetual Preferred Stock distributions
|
| | | | (4,143,000) | | |
| |
7.00% Series AB Convertible Perpetual Preferred Stock distributions
|
| | | | (288,667) | | |
| |
Net cash provided by (used in) financing activities
|
| | | | 60,258,774 | | |
| |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
| | | | 15,385,399 | | |
| |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD
|
| | | | 42,224,792 | | |
| |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD
|
| | | $ | 57,610,191 | | |
| |
Supplemental disclosures:
|
| | | | | | |
| |
Cash paid for interest expense
|
| | | $ | 21,237,379 | | |
| |
Cash paid for distributions on temporary equity
|
| | | $ | 9,782,380 | | |
| |
Cash paid for franchise taxes
|
| | | $ | 80,050 | | |
|
Amounts in millions
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | |
Series D
Perpetual Preferred Stock |
| |
Series AA
Convertible Perpetual Preferred Stock |
| |
Series AB
Convertible Perpetual Preferred Stock |
| |
Total
|
| ||||||||||||
|
Distributions (Including Accrued Distributions)
|
| | | $ | 5.3 | | | | | | 4.2 | | | | | $ | 0.3 | | | | | $ | 9.8 | | |
|
Amortization of Deferred Issuance Costs
|
| | | | — | | | | | | 3.7 | | | | | | 0.1 | | | | | | 3.8 | | |
|
Total Distributions (Including Accrued Distributions) and Amortization of Deferred Issuance Costs
|
| | | $ | 5.3 | | | | | $ | 7.9 | | | | | $ | 0.4 | | | | | $ | 13.6 | | |
|
Amounts in millions
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | |
Series C Term
Preferred Stock |
| |
Series F Term
Preferred Stock |
| |
Series 2028
Notes |
| |
Series 2029
Notes |
| |
Series 2030
Notes |
| |
Series 2031
Notes |
| |
Total
|
| |||||||||||||||||||||
|
Interest Expense
|
| | | $ | 2.6 | | | | | $ | 3.7 | | | | | $ | 1.6 | | | | | $ | 3.8 | | | | | $ | 6.7 | | | | | $ | 2.3 | | | | | $ | 20.7 | | |
|
Amortization of Issuance (Premium) Discount
|
| | | | — | | | | | | 0.00 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 0.0 | | |
|
Total Interest Expense
|
| | | $ | 2.6 | | | | | $ | 3.7 | | | | | $ | 1.6 | | | | | $ | 3.8 | | | | | $ | 6.7 | | | | | $ | 2.3 | | | | | $ | 20.7 | | |
| |
Cost for federal income tax purposes
|
| | | $ | 1,704,108,105 | | |
| |
Gross unrealized appreciation
|
| | | $ | 48,524,146 | | |
| |
Gross unrealized depreciation
|
| | | | (318,546,453) | | |
| |
Net unrealized depreciation
|
| | | $ | (270,022,307) | | |
| | | |
Distribution
per Share |
| |
Distribution
Amount |
| ||||||
|
Common Stock
|
| | | $ | 1.26 | | | | | $ | 154,591,848 | | |
|
Series C Term Preferred Stock
|
| | | | 1.22 | | | | | | 2,647,805 | | |
|
Series D Perpetual Preferred Stock
|
| | | | 1.27 | | | | | | 5,338,700 | | |
|
Series F Term Preferred Stock
|
| | | | 1.50 | | | | | | 3,729,373 | | |
|
Series AA Convertible Perpetual Preferred Stock
|
| | | | 1.31 | | | | | | 4,152,510 | | |
|
Series AB Convertible Perpetual Preferred Stock
|
| | | | 1.31 | | | | | | 291,170 | | |
| | | |
Level I
|
| |
Level II
|
| |
Level III
|
| |
Investments
measured at NAV |
| |
Total
|
| |||||||||||||||
| Assets at Fair Value | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investments at Fair Value | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
CLO Debt
|
| | | $ | — | | | | | $ | 35.1 | | | | | $ | — | | | | | $ | — | | | | | $ | 35.1 | | |
|
CLO Equity
|
| | | | — | | | | | | — | | | | | | 1,130.7 | | | | | | — | | | | | | 1,130.7 | | |
|
Loan Accumulation Facilities
|
| | | | — | | | | | | — | | | | | | 42.0 | | | | | | — | | | | | | 42.0 | | |
|
Asset Backed Securities
|
| | | | — | | | | | | 67.4 | | | | | | 9.5 | | | | | | — | | | | | | 76.9 | | |
|
CFO Equity
|
| | | | — | | | | | | — | | | | | | 49.5 | | | | | | — | | | | | | 49.5 | | |
|
Common Stock
|
| | | | 3.2 | | | | | | — | | | | | | 0.6 | | | | | | 3.1 | | | | | | 6.9 | | |
|
Equipment Financing
|
| | | | — | | | | | | — | | | | | | 3.2 | | | | | | — | | | | | | 3.2 | | |
|
Loans and Notes
|
| | | | 0.4 | | | | | | — | | | | | | 32.3 | | | | | | 6.9 | | | | | | 39.6 | | |
|
Preferred Stock
|
| | | | — | | | | | | — | | | | | | 0.3 | | | | | | — | | | | | | 0.3 | | |
|
Rated Feeder Fund Equity
|
| | | | — | | | | | | — | | | | | | 1.3 | | | | | | — | | | | | | 1.3 | | |
|
Regulatory Capital Relief Securities
|
| | | | — | | | | | | — | | | | | | 48.6 | | | | | | — | | | | | | 48.6 | | |
|
Total Investments at Fair Value(1)
|
| | | $ | 3.6 | | | | | $ | 102.6 | | | | | $ | 1,317.8 | | | | | $ | 10.0 | | | | | $ | 1,434.1 | | |
| Other Financial Instruments at Fair Value(2) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Forward Currency Contracts
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Unrealized appreciation on forward currency contracts
|
| | | $ | — | | | | | $ | 0.1 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
|
Unrealized depreciation on forward currency contracts
|
| | | | — | | | | | | (1.2) | | | | | | — | | | | | | — | | | | | | (1.2) | | |
|
Total Forward Currency Contracts(1)
|
| | | $ | — | | | | | $ | (1.1) | | | | | $ | — | | | | | $ | — | | | | | $ | (1.2) | | |
| | | |
Level I
|
| |
Level II
|
| |
Level III
|
| |
Investments
measured at NAV |
| |
Total
|
| |||||||||||||||
| Liabilities at Fair Value | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Term Preferred Stock and Unsecured Notes at Fair Value | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Series 2028 Notes
|
| | | $ | 31.9 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 31.9 | | |
|
Series 2029 Notes
|
| | | | 87.6 | | | | | | — | | | | | | — | | | | | | — | | | | | | 87.6 | | |
|
Series 2030 Notes
|
| | | | 115.2 | | | | | | — | | | | | | — | | | | | | — | | | | | | 115.2 | | |
|
Series 2031 Notes
|
| | | | 42.7 | | | | | | — | | | | | | — | | | | | | — | | | | | | 42.7 | | |
|
Series C Term Preferred Stock
|
| | | | 57.5 | | | | | | — | | | | | | — | | | | | | — | | | | | | 57.5 | | |
|
Series F Term Preferred Stock
|
| | | | 62.8 | | | | | | — | | | | | | — | | | | | | — | | | | | | 62.8 | | |
|
Total Term Preferred Stock and Unsecured Notes at Fair Value(1)
|
| | | $ | 397.7 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 397.7 | | |
| | |||||||||||||||||||||||||||||||
| | | |
Quantitative Information about Level III Fair Value Measurements
|
| ||||||||||||
|
Assets
|
| |
Fair Value
(in millions) |
| |
Valuation Techniques/
Methodologies |
| |
Unobservable Inputs
|
| |
Range / Weighted
Average(1) |
| |||
|
CLO Equity
|
| | | $ | 1,130.7 | | | |
Independent Pricing Service(2)
|
| | | | | | |
|
Asset Backed Securities
|
| | | | 9.5 | | | | Discounted Cash Flow | | | Discount Rate | | |
12.07% - 13.12% / 12.22%
|
|
|
CFO Equity
|
| | | | 49.5 | | | | Discounted Cash Flow | | | Discount Rate | | |
20.00% - 39.00% / 32.86%
|
|
|
Equipment Financing
|
| | | | 3.2 | | | | Discounted Cash Flow | | | Discount Rate | | |
14.30% - 14.30% / 14.30%
|
|
|
Loans and Notes
|
| | | | 31.2 | | | | Discounted Cash Flow | | | Discount Rate | | |
9.60% - 15.08% / 12.64%
|
|
|
Preferred Stock
|
| | | | 0.3 | | | | Discounted Cash Flow | | | Discount Rate(3) | | |
12.00%
|
|
|
Regulatory Capital Relief Securities
|
| | | | 48.6 | | | | Discounted Cash Flow | | | Discount Rate | | |
8.10% - 15.96% / 11.46%
|
|
| | | | | | | | | | | | |
Constant Prepayment Rate
|
| |
0.00% - 25.00% / 10.26%
|
|
| | | | | | | | | | | | | Constant Default Rate | | |
0.00% - 1.55% / 0.80%
|
|
| | | | | | | | | | | | | Loss Severity | | |
0.00% - 60.00% / 43.28%
|
|
|
Total Fair Value of Level III Investments(4)
|
| | | $ | 1,273.0 | | | | | | | | | | | |
|
Change in Investments Classified as Level III (in millions)
|
| | | | | | | | | | | | | | | | | | | | | | | | | ||||||
| | | |
CLO Equity
|
| |
Loan
Accumulation Facilities |
| |
Asset Backed
Securities |
| |
CFO Equity
|
| |
Common Stock
|
| |||||||||||||||
|
Balance as of January 1, 2025
|
| | | $ | 1,112.9 | | | | | $ | 31.0 | | | | | $ | 59.5 | | | | | $ | 18.8 | | | | | $ | 0.0 | | |
|
Purchases of investments
|
| | | | 264.1(1) | | | | | | 93.5 | | | | | | 7.9 | | | | | | 38.2 | | | | | | — | | |
|
Proceeds from sales or maturity of investments
|
| | | | (171.9)(2) | | | | | | (82.9)(1) | | | | | | (28.0) | | | | | | — | | | | | | — | | |
|
Payment-in-kind interest
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Net realized gains (losses) and net change in unrealized appreciation (depreciation)
|
| | | | (74.4) | | | | | | 0.4 | | | | | | 2.1 | | | | | | (6.2) | | | | | | 0.6 | | |
|
Transfers into Level III
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Transfers out of Level III
|
| | | | — | | | | | | — | | | | | | (32.0) | | | | | | — | | | | | | — | | |
|
Balance as of September 30, 2025(3)(4)
|
| | | $ | 1,130.7 | | | | | $ | 42.0 | | | | | $ | 9.5 | | | | | $ | 50.8 | | | | | $ | 0.6 | | |
|
Change in unrealized appreciation (depreciation) on
investments still held as September 30, 2025 |
| | | $ | (59.5) | | | | | $ | 0.2 | | | | | $ | 0.1 | | | | | $ | (6.2) | | | | | $ | 0.6 | | |
| | | |
Equipment
Financing |
| |
Loans and
Notes |
| |
Preferred
Stock |
| |
Rated Feeder
Fund Equity |
| |
Regulatory
Capital Relief Securities |
| |
Total
|
| ||||||||||||||||||
|
Balance as of January 1, 2025
|
| | | $ | 6.8 | | | | | $ | 13.0 | | | | | $ | 0.3 | | | | | $ | — | | | | | $ | 44.3 | | | | | $ | 1,286.6 | | |
|
Purchases of investments
|
| | | | — | | | | | | 19.6 | | | | | | — | | | | | | 1.3 | | | | | | 18.1 | | | | | | 441.4 | | |
|
Proceeds from sales or maturity of investments
|
| | | | (3.6) | | | | | | (1.4) | | | | | | — | | | | | | — | | | | | | (15.9) | | | | | | (303.7) | | |
|
Payment-in-kind interest
|
| | | | — | | | | | | 0.3 | | | | | | — | | | | | | — | | | | | | — | | | | | | 0.3 | | |
|
Net realized gains (losses) and net change in unrealized appreciation (depreciation)
|
| | | | — | | | | | | 0.8 | | | | | | — | | | | | | — | | | | | | 2.1 | | | | | | (74.5) | | |
|
Transfers into Level III
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Transfers out of Level III
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (32.0) | | |
|
Balance as of September 30, 2025(3)(4)
|
| | | $ | 3.2 | | | | | $ | 32.3 | | | | | $ | 0.3 | | | | | $ | 1.3 | | | | | $ | 48.6 | | | | | $ | 1,317.8 | | |
|
Change in unrealized appreciation (depreciation) on
investments still held as September 30, 2025 |
| | | $ | (0.0) | | | | | $ | 0.7 | | | | | $ | — | | | | | $ | (0.0) | | | | | $ | 2.1 | | | | | $ | (61.8) | | |
| | | |
Notional amounts
|
| |||||||||
|
Primary Underlying Risk
|
| |
Long Exposure
|
| |
Short exposure
|
| ||||||
| Foreign Exchange Risk | | | | | | | | | | | | | |
|
Forward Currency Contracts
|
| | | $ | 110,579,969 | | | | | $ | 6,115,074 | | |
|
Type of Contracts
|
| |
Derivative
Assets |
| |
Derivative
Liabilities |
| |
Realized
Gain (Loss) |
| |
Unrealized
Gain (Loss) |
| ||||||||||||
|
Forward Currency Contracts
|
| | | $ | 74,280 | | | | | $ | (1,194,226) | | | | | $ | (7,298,648) | | | | | $ | (5,225,697) | | |
|
Type of Contracts
|
| |
Presented on the Consolidated Statement of Assets and Liabilities
|
| |
Collateral (Received)
Pledged |
| |
Net Amount
|
| |||||||||||||||
| |
Derivative Assets
|
| |
Derivative Liabilities
|
| ||||||||||||||||||||
|
Counterparty 1
|
| | | $ | 74,280 | | | | | $ | (1,194,226) | | | | | $ | 5,560,000 | | | | | $ | 4,440,054 | | |
|
Issuer
|
| |
Investment
Description |
| |
Interest
Income |
| |
Dividend
Income |
| |
Net Unrealized
Appreciation (Depreciation) on Investments, Foreign Currency and Cash Equivalents |
| |
Fair Value
|
| |
Funded
Commitment |
| |
Unfunded
Commitment |
| ||||||||||||||||||
|
Delta Leasing SPV III, LLC
|
| |
Senior Secured Note,
DD, 13.00% (due 07/18/2030) |
| | | $ | 991,465 | | | | | $ | — | | | | | $ | (4,592) | | | | | $ | 11,172,483 | | | | | $ | 11,172,180 | | | | | $ | 376,858 | | |
|
Delta Financial Holdings LLC
|
| | Preferred Units | | | | | — | | | | | | — | | | | | | (15) | | | | | | 251,849 | | | | | | 251,801 | | | | | | N/A | | |
|
Delta Financial Holdings LLC
|
| | Common Units | | | | | — | | | | | | — | | | | | | — | | | | | | 574 | | | | | | 1,147 | | | | | | N/A | | |
|
Delta Leasing SPV III, LLC
|
| | Common Equity | | | | | — | | | | | | — | | | | | | 621,513 | | | | | | 621,522 | | | | | | 18 | | | | | | N/A | | |
|
Senior Credit Corp 2022 LLC
|
| |
Senior Unsecured
Note, 8.50% (due 12/05/2028) |
| | | | 443,791 | | | | | | — | | | | | | — | | | | | | 6,884,929 | | | | | | 6,884,929 | | | | | | 1,130,071 | | |
|
Senior Credit Corp 2022 LLC
|
| | Common Stock | | | | | — | | | | | | 1,001,875 | | | | | | (309,591) | | | | | | 3,110,021 | | | | | | 2,950,684 | | | | | | 484,316 | | |
|
Total
|
| | | | | | $ | 1,435,256 | | | | | $ | 1,001,875 | | | | | $ | 307,315 | | | | | $ | 22,041,378 | | | | | $ | 21,260,759 | | | | | $ | 1,991,245 | | |
|
Security
|
| |
Shares sold
|
| |
Net Proceeds
|
| |
Sales Agent
Commissions |
| ||||||
| ATM Offerings | | | | | | | | | | | | | | | | |
|
Common Stock
|
| | | | 16,561,538 | | | | | $ | 132.6 | | | |
$1.8
|
|
| DRIP | | | | | | | | | | | | | | | | |
|
Common Stock
|
| | | | 2,430,252 | | | | | $ | 18.2 | | | |
N/A
|
|
| | | |
Mandatorily Redeemable Preferred Stock
|
| |
Perpetual Preferred Stock
|
| ||||||||||||||||||||||||
| | | |
Series C Term
Preferred Stock |
| |
Series F Term
Preferred Stock |
| |
Series D Perpetual
Preferred Stock |
| |
Series AA
Convertible Perpetual Preferred Stock |
| |
Series AB
Convertible Perpetual Preferred Stock |
| |||||||||||||||
|
Shares Issued and Outstanding
|
| | | | 2,172,553 | | | | | | 2,486,244 | | | | | | 4,218,232 | | | | | | 4,630,283 | | | | | | 295,452 | | |
|
Amounts in millions
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
Change in fair value due to:
|
| |||||||||
|
Security
|
| |
Maturity Date(1)
|
| |
Callable Date(2)
|
| |
Liquidation
Preference |
| |
Fair Value(3)
|
| |
Market Risk(4)
|
| |
Instrument-
Specific Credit Risk(5) |
| ||||||||||||
|
Series C Term Preferred Stock
|
| |
June 30, 2031
|
| |
Callable
|
| | | $ | 54.3 | | | | | $ | 51.2 | | | | | $ | (2.1) | | | | | $ | 0.7 | | |
|
Series F Term Preferred Stock
|
| |
January 31, 2029
|
| |
January 18, 2026
|
| | | | 62.2 | | | | | | 62.8 | | | | | | (1.3) | | | | | | 0.6 | | |
|
Total
|
| | | | | | | | | $ | 116.5 | | | | | $ | 114.0 | | | | | $ | (3.4) | | | | | $ | 1.3 | | |
|
Amounts in millions
|
| | | | | | | | | | | | | | | | | | | | | | | | |
|
Security
|
| |
Maturity Date(1)
|
| |
Callable Date(2)
|
| |
Liquidation
Preference |
| |
Deferred Issuance
Costs(3) |
| |
Carrying Value(3)
|
| |||||||||
|
Series D Perpetual Preferred Stock
|
| |
Perpetual
|
| |
Callable
|
| | | $ | 105.5 | | | | | $ | (19.5) | | | | | $ | 86.0 | | |
|
Series AA Convertible Perpetual Preferred Stock
|
| |
Perpetual
|
| |
2 Years After Issuance
|
| | | | 115.8 | | | | | | (6.6) | | | | | | 109.2 | | |
|
Series AB Convertible Perpetual Preferred Stock
|
| |
Perpetual
|
| |
2 Years After Issuance
|
| | | | 7.4 | | | | | | (0.2) | | | | | | 7.2 | | |
|
Total
|
| | | | | | | | | $ | 228.7 | | | | | $ | (26.3) | | | | | $ | 202.4 | | |
|
Amounts in millions except share amounts
|
| | | | | | | | | | | | | | | | | | |
|
Security
|
| |
Shares sold
|
| |
Net Proceeds
|
| |
Sales Agent
Commissions |
| |||||||||
|
Series AA Convertible Perpetual Preferred Stock
|
| | | | 3,028,929 | | | | | $ | 68.8 | | | | | $ | 6.1 | | |
|
Series AB Convertible Perpetual Preferred Stock
|
| | | | 187,396 | | | | | | 4.5 | | | | | | 0.1 | | |
|
Total
|
| | | | | | | | | $ | 73.3 | | | | | $ | 6.2 | | |
|
Security
|
| |
Shares sold
|
| |
Net Proceeds
|
| |
Sales Agent
Commissions |
| |||||||||
|
Series D Preferred Stock
|
| | | | 16,399 | | | | | $ | 314,811 | | | | | $ | 6,431 | | |
|
Amounts in millions
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
Change in fair value due to:
|
| |||||||||
|
Security
|
| |
Maturity Date(1)
|
| |
Callable Date(2)
|
| |
Liquidation
Preference |
| |
Fair Value(3)
|
| |
Market Risk(4)
|
| |
Instrument-
Specific Credit Risk(5) |
| ||||||||||||
|
Series 2028 Notes
|
| |
April 30, 2028
|
| |
Callable
|
| | | $ | 32.4 | | | | | $ | 31.9 | | | | | $ | (0.7) | | | | | $ | 0.4 | | |
|
Series 2029 Notes
|
| |
January 31, 2029
|
| |
Callable
|
| | | | 93.3 | | | | | | 87.6 | | | | | | (3.1) | | | | | | — | | |
|
Series 2030 Notes
|
| |
June 30, 2030
|
| |
June 30, 2027
|
| | | | 115.0 | | | | | | 115.2 | | | | | | (5.4) | | | | | | 4.0 | | |
|
Series 2031 Notes
|
| |
March 31, 2031
|
| |
Callable
|
| | | | 44.9 | | | | | | 42.7 | | | | | | (1.7) | | | | | | 1.1 | | |
|
Total
|
| | | | | | | | | $ | 285.6 | | | | | $ | 277.4 | | | | | $ | (10.9) | | | | | $ | 5.5 | | |
|
Asset Coverage of Preferred Stock and Debt Securities
|
| | | | | | | | | | | | |
| | | |
As of
September 30, 2025 |
| |
As of
December 31, 2024 |
| ||||||
|
Total assets
|
| | | $ | 1,543,738,606 | | | | | $ | 1,505,444,143 | | |
|
Less liabilities and indebtedness not represented by senior securities
|
| | | | (34,457,968) | | | | | | (59,890,659) | | |
|
Net total assets and liabilities
|
| | | $ | 1,509,280,638 | | | | | $ | 1,445,553,484 | | |
|
Preferred Stock
|
| | | $ | 345,069,096 | | | | | $ | 264,232,758 | | |
|
Unsecured Notes
|
| | | | 285,523,800 | | | | | | 285,523,800 | | |
| | | | | $ | 630,592,896 | | | | | $ | 549,756,558 | | |
|
Asset coverage of preferred stock(1)
|
| | | | 239% | | | | | | 263% | | |
|
Asset coverage of debt securities(2)
|
| | | | 529% | | | | | | 506% | | |
|
Amounts in millions except share amounts
|
| | | | | | | | | | | | | | | | | | |
|
Security
|
| |
Shares sold
|
| |
Net Proceeds
|
| |
Sales Agent
Commissions |
| |||||||||
|
Series AA Convertible Perpetual Preferred Stock
|
| | | | 644,882 | | | | | $ | 14.8 | | | | | $ | 1.3 | | |
|
Series AB Convertible Perpetual Preferred Stock
|
| | | | 2,000 | | | | | | 0.1 | | | | | | 0.0 | | |
|
Total
|
| | | | | | | | | $ | 14.9 | | | | | $ | 1.3 | | |
| |
Per Share Data
|
| |
For the nine months
ended September 30, 2025 |
| |
For the year
ended December 31, 2024 |
| |
For the year
ended December 31, 2023 |
| |
For the year
ended December 31, 2022 |
| |
For the year
ended December 31, 2021 |
| |
For the year
ended December 31, 2020 |
| ||||||||||||||||||
| |
Net asset value at beginning of period
|
| | | $ | 8.38 | | | | | $ | 9.21 | | | | | $ | 9.07 | | | | | $ | 13.39 | | | | | $ | 11.18 | | | | | $ | 10.59 | | |
| |
Net investment income(1)(2)
|
| | | | 0.74 | | | | | | 1.10 | | | | | | 1.36 | | | | | | 1.53 | | | | | | 1.31 | | | | | | 1.15 | | |
| |
6.75% Series D Perpetual Preferred Stock distributions(2)
|
| | | | (0.04) | | | | | | (0.04) | | | | | | (0.03) | | | | | | (0.04) | | | | | | — | | | | | | — | | |
| |
7.00% Series AA Convertible Perpetual Preferred Stock distributions and amortization of offering costs(2)
|
| | | | (0.06) | | | | | | (0.01) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| |
7.00% Series AB Convertible Perpetual Preferred Stock distributions and amortization of offering costs(2)
|
| | | | (0.00) | | | | | | (0.00) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| |
Net realized gain (loss) and change in unrealized appreciation (depreciation) on:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| |
Investments, foreign currency and cash equivalents(2)(3)
|
| | | | (0.66) | | | | | | (0.31) | | | | | | 0.48 | | | | | | (4.39) | | | | | | 2.65 | | | | | | 0.49 | | |
| |
Forward currency contracts(2)
|
| | | | (0.10) | | | | | | 0.06 | | | | | | (0.02) | | | | | | — | | | | | | — | | | | | | — | | |
| |
Redemption of 7.00% Series AA Convertible Perpetual Preferred Stock
|
| | | | — | | | | | | 0.06 | | | | | | (0.02) | | | | | | — | | | | | | — | | | | | | — | | |
| |
Net change in unrealized (appreciation) depreciation on liabilities at fair value under the fair value option(2)
|
| | | | (0.12) | | | | | | 0.06 | | | | | | (0.05) | | | | | | 0.69 | | | | | | (0.02) | | | | | | 0.01 | | |
| |
Net income (loss) and net increase (decrease) in net assets resulting from operations(2)
|
| | | | (0.24) | | | | | | 0.86 | | | | | | 1.74 | | | | | | (2.21) | | | | | | 3.94 | | | | | | 1.65 | | |
| |
Common stock distributions from net investment
income(4) |
| | | | (1.08) | | | | | | (1.82) | | | | | | (1.86) | | | | | | (2.37) | | | | | | (1.64) | | | | | | (0.26) | | |
| |
Common stock distributions from net realized gains on investments(4)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| |
Common stock distributions from tax return of capital(4)
|
| | | | (0.18) | | | | | | (0.10) | | | | | | — | | | | | | — | | | | | | — | | | | | | (1.06) | | |
| |
Total common stock distributions declared to stockholders(4)
|
| | | | (1.26) | | | | | | (1.92) | | | | | | (1.86) | | | | | | (2.37) | | | | | | (1.64) | | | | | | (1.32) | | |
| |
Common stock distributions based on weighted average shares impact(5)
|
| | | | — | | | | | | 0.01 | | | | | | — | | | | | | (0.13) | | | | | | (0.04) | | | | | | 0.02 | | |
| |
Total common stock distributions
|
| | | | (1.26) | | | | | | (1.91) | | | | | | (1.86) | | | | | | (2.50) | | | | | | (1.68) | | | | | | (1.30) | | |
| |
Effect of other comprehensive income(2)(6)
|
| | | | 0.08 | | | | | | (0.08) | | | | | | (0.09) | | | | | | 0.15 | | | | | | (0.08) | | | | | | 0.05 | | |
| |
Effect of paid-in capital contribution(2)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| |
Effect of shares issued(7)
|
| | | | 0.06 | | | | | | 0.36 | | | | | | 0.39 | | | | | | 0.32 | | | | | | 0.06 | | | | | | 0.20 | | |
| |
Effect of underwriting discounts, commissions and offering
expenses associated with shares issued(7) |
| | | | (0.02) | | | | | | (0.07) | | | | | | (0.06) | | | | | | (0.08) | | | | | | (0.03) | | | | | | (0.02) | | |
| |
Effect of shares issued in accordance with the Company’s dividend reinvestment plan
|
| | | | — | | | | | | 0.01 | | | | | | 0.02 | | | | | | — | | | | | | — | | | | | | 0.01 | | |
| |
Net effect of shares issued
|
| | | | 0.04 | | | | | | 0.30 | | | | | | 0.35 | | | | | | 0.24 | | | | | | 0.03 | | | | | | 0.19 | | |
| |
Net asset value at end of period
|
| | | $ | 7.00 | | | | | $ | 8.38 | | | | | $ | 9.21 | | | | | $ | 9.07 | | | | | $ | 13.39 | | | | | $ | 11.18 | | |
| |
Per share market value at beginning of period
|
| | | $ | 8.88 | | | | | $ | 9.50 | | | | | $ | 10.12 | | | | | $ | 14.00 | | | | | $ | 10.09 | | | | | $ | 14.61 | | |
| |
Per share market value at end of period
|
| | | $ | 6.61 | | | | | $ | 8.88 | | | | | $ | 9.50 | | | | | $ | 10.12 | | | | | $ | 14.00 | | | | | $ | 10.09 | | |
| |
Total return(8)
|
| | | | -12.09% | | | | | | 14.66% | | | | | | 18.92% | | | | | | -11.60% | | | | | | 51.60% | | | | | | -19.76% | | |
| |
Shares of common stock outstanding at end of period
|
| | | | 130,832,939 | | | | | | 111,835,004 | | | | | | 76,948,138 | | | | | | 55,045,981 | | | | | | 37,526,810 | | | | | | 32,354,890 | | |
| | Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| |
Net asset value at end of period
|
| | | $ | 915,454,150 | | | | | $ | 936,867,759 | | | | | $ | 708,343,567 | | | | | $ | 499,265,764 | | | | | $ | 502,304,335 | | | | | $ | 361,660,688 | | |
| |
Ratio of expenses to average net assets(9)(10)
|
| | | | 8.96% | | | | | | 8.58% | | | | | | 8.51% | | | | | | 9.94% | | | | | | 9.71% | | | | | | 10.56% | | |
| |
Ratio of net investment income to average net assets(9)(10)
|
| | | | 13.29% | | | | | | 12.45% | | | | | | 14.73% | | | | | | 13.80% | | | | | | 9.90% | | | | | | 13.44% | | |
| |
Portfolio turnover rate(11)
|
| | | | 27.33% | | | | | | 37.13% | | | | | | 19.79% | | | | | | 30.19% | | | | | | 51.56% | | | | | | 52.80% | | |
| |
Asset coverage of preferred stock
|
| | | | 239% | | | | | | 263% | | | | | | 371% | | | | | | 286% | | | | | | 313% | | | | | | 354% | | |
| |
Asset coverage of debt securities
|
| | | | 529% | | | | | | 506% | | | | | | 551% | | | | | | 423% | | | | | | 534% | | | | | | 534% | | |
| |
Per Share Data
|
| |
For the year ended
December 31, 2019 |
| |
For the year ended
December 31, 2018 |
| |
For the year ended
December 31, 2017 |
| |
For the year ended
December 31, 2016 |
| |
For the year ended
December 31, 2015 |
| |||||||||||||||
| |
Net asset value at beginning of period
|
| | | $ | 12.40 | | | | | $ | 16.77 | | | | | $ | 17.48 | | | | | $ | 13.72 | | | | | $ | 19.08 | | |
| |
Net investment income(1)(2)
|
| | | | 1.34 | | | | | | 1.59 | | | | | | 1.88 | | | | | | 2.14 | | | | | | 1.89 | | |
| |
6.75% Series D Perpetual Preferred Stock distributions(2)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| |
7.00% Series AA Convertible Perpetual Preferred Stock distributions and amortization of offering costs(2)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| |
7.00% Series AB Convertible Perpetual Preferred Stock distributions and amortization of offering costs(2)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| |
Net realized gain (loss) and change in unrealized appreciation (depreciation) on:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| |
Investments, foreign currency and cash equivalents(2)(3)
|
| | | | (1.29) | | | | | | (3.92) | | | | | | (0.12) | | | | | | 3.88 | | | | | | (4.85) | | |
| |
Forward currency contracts(2)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| |
Redemption of 7.00% Series AA Convertible Perpetual Preferred Stock
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| |
Net change in unrealized (appreciation) depreciation on liabilities at fair value under the fair value option(2)
|
| | | | (0.08) | | | | | | 0.06 | | | | | | — | | | | | | — | | | | | | — | | |
| |
Net income (loss) and net increase (decrease) in net assets resulting from operations(2)
|
| | | | (0.03) | | | | | | (2.27) | | | | | | 1.76 | | | | | | 6.02 | | | | | | (2.96) | | |
| |
Common stock distributions from net investment
income(4) |
| | | | (1.40) | | | | | | (1.51) | | | | | | (2.60) | | | | | | (2.40) | | | | | | (1.53) | | |
| |
Common stock distributions from net realized gains on investments(4)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| |
Common stock distributions from tax return of capital(4)
|
| | | | (1.00) | | | | | | (0.89) | | | | | | (0.05) | | | | | | — | | | | | | (0.87) | | |
| |
Total common stock distributions declared to stockholders(4)
|
| | | | (2.40) | | | | | | (2.40) | | | | | | (2.65) | | | | | | (2.40) | | | | | | (2.40) | | |
| |
Common stock distributions based on weighted average shares impact(5)
|
| | | | — | | | | | | 0.01 | | | | | | — | | | | | | — | | | | | | — | | |
| |
Total common stock distributions
|
| | | | (2.40) | | | | | | (2.39) | | | | | | (2.65) | | | | | | (2.40) | | | | | | (2.40) | | |
| |
Effect of other comprehensive income(2)(6)
|
| | | | (0.10) | | | | | | 0.06 | | | | | | — | | | | | | — | | | | | | — | | |
| |
Effect of paid-in capital contribution(2)
|
| | | | — | | | | | | 0.06 | | | | | | — | | | | | | — | | | | | | — | | |
| |
Effect of shares issued(7)
|
| | | | 0.77 | | | | | | 0.29 | | | | | | 0.27 | | | | | | 0.18 | | | | | | — | | |
| |
Effect of underwriting discounts, commissions and offering
expenses associated with shares issued(7) |
| | | | (0.07) | | | | | | (0.12) | | | | | | (0.11) | | | | | | (0.04) | | | | | | — | | |
| |
Effect of shares issued in accordance with the Company’s dividend reinvestment plan
|
| | | | 0.02 | | | | | | — | | | | | | 0.02 | | | | | | — | | | | | | — | | |
| |
Net effect of shares issued
|
| | | | 0.72 | | | | | | 0.17 | | | | | | 0.18 | | | | | | 0.14 | | | | | | — | | |
| |
Net asset value at end of period
|
| | | $ | 10.59 | | | | | $ | 12.40 | | | | | $ | 16.77 | | | | | $ | 17.48 | | | | | $ | 13.72 | | |
| |
Per share market value at beginning of period
|
| | | $ | 14.21 | | | | | $ | 18.81 | | | | | $ | 16.71 | | | | | $ | 16.43 | | | | | $ | 20.10 | | |
| |
Per share market value at end of period
|
| | | $ | 14.61 | | | | | $ | 14.21 | | | | | $ | 18.81 | | | | | $ | 16.71 | | | | | $ | 16.43 | | |
| |
Total return(8)
|
| | | | 20.15% | | | | | | -13.33% | | | | | | 29.45% | | | | | | 17.42% | | | | | | -8.12% | | |
| |
Shares of common stock outstanding at end of period
|
| | | | 28,632,119 | | | | | | 23,153,319 | | | | | | 18,798,815 | | | | | | 16,474,879 | | | | | | 13,820,110 | | |
| | Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| |
Net asset value at end of period
|
| | | $ | 303,272,860 | | | | | $ | 287,127,842 | | | | | $ | 315,256,439 | | | | | $ | 288,047,335 | | | | | $ | 189,607,085 | | |
| |
Ratio of expenses to average net assets(9)(10)
|
| | | | 10.00% | | | | | | 9.85% | | | | | | 10.43% | | | | | | 10.69% | | | | | | 6.73% | | |
| |
Ratio of net investment income to average net assets(9)(10)
|
| | | | 10.64% | | | | | | 9.76% | | | | | | 10.77% | | | | | | 13.72% | | | | | | 10.78% | | |
| |
Portfolio turnover rate(11)
|
| | | | 34.83% | | | | | | 40.91% | | | | | | 41.16% | | | | | | 55.32% | | | | | | 39.07% | | |
| |
Asset coverage of preferred stock
|
| | | | 279% | | | | | | 246% | | | | | | 268% | | | | | | 286% | | | | | | 365% | | |
| |
Asset coverage of debt securities
|
| | | | 476% | | | | | | 477% | | | | | | 537% | | | | | | 722% | | | | | | 1028% | | |
|
Class
|
| |
Total Amount Outstanding
Exclusive of Treasury Securities |
| |
Asset Coverage
Per Unit(1) |
| |
Involuntary Liquidating
Preference Per Unit(2) |
| |
Average Market
Value Per Unit(3) |
| | ||||||||||||||
| For the nine months ended September 30, 2025 | | | | | | | | | | | | | | | | | | | | | | | ||||||
| Preferred Stock | | | | $ | 345,069,096 | | | | | $ | 59.84 | | | | | $ | 25 | | | | | $ | 22.75 | | | | ||
| Unsecured Notes | | | | $ | 285,523,800 | | | | | $ | 5,286.01 | | | |
N/A
|
| | | $ | 24.05 | | | | |||||
| For the year ended December 31, 2024 | | | | | | | | | | | | | | | | | | | | | | | ||||||
| Preferred Stock | | | | $ | 264,232,758 | | | | | $ | 65.74 | | | | | $ | 25 | | | | | $ | 22.51 | | | | ||
| Unsecured Notes | | | | $ | 285,523,800 | | | | | $ | 5,062.81 | | | |
N/A
|
| | | $ | 23.50 | | | | |||||
| For the year ended December 31, 2023 | | | | | | | | | | | | | | | | | | | | | | | ||||||
| Preferred Stock | | | | $ | 83,223,700 | | | | | $ | 92.65 | | | | | $ | 25 | | | | | $ | 21.04 | | | | ||
| Unsecured Notes | | | | $ | 170,523,800 | | | | | $ | 5,514.93 | | | |
N/A
|
| | | $ | 22.51 | | | | |||||
| For the year ended December 31, 2022 | | | | | | | | | | | | | | | | | | | | | | | ||||||
| Preferred Stock | | | | $ | 81,587,250 | | | | | $ | 71.47 | | | | | $ | 25 | | | | | $ | 23.25 | | | | ||
| Unsecured Notes | | | | $ | 170,523,800 | | | | | $ | 4,226.70 | | | |
N/A
|
| | | $ | 23.67 | | | | |||||
| For the year ended December 31, 2021 | | | | | | | | | | | | | | | | | | | | | | | ||||||
| Preferred Stock | | | | $ | 98,130,500 | | | | | $ | 78.16 | | | | | $ | 25 | | | | | $ | 25.48 | | | | ||
| Unsecured Notes | | | | $ | 138,584,775 | | | | | $ | 5,339.86 | | | |
N/A
|
| | | $ | 25.58 | | | | |||||
| For the year ended December 31, 2020 | | | | | | | | | | | | | | | | | | | | | | | ||||||
| Preferred Stock | | | | $ | 47,862,425 | | | | | $ | 88.39 | | | | | $ | 25 | | | | | $ | 24.25 | | | | ||
| Unsecured Notes | | | | $ | 93,734,775 | | | | | $ | 5,340.98 | | | |
N/A
|
| | | $ | 23.93 | | | | |||||
| For the year ended December 31, 2019 | | | | | | | | | | | | | | | | | | | | | | | ||||||
| Preferred Stock | | | | $ | 69,843,150 | | | | | $ | 69.71 | | | | | $ | 25 | | | | | $ | 26.04 | | | | ||
| Unsecured Notes | | | | $ | 98,902,675 | | | | | $ | 4,757.42 | | | |
N/A
|
| | | $ | 25.47 | | | | |||||
| For the year ended December 31, 2018 | | | | | | | | | | | | | | | | | | | | | | | ||||||
| Preferred Stock | | | | $ | 92,568,150 | | | | | $ | 61.55 | | | | | $ | 25 | | | | | $ | 25.78 | | | | ||
| Unsecured Notes | | | | $ | 98,902,675 | | | | | $ | 4,766.23 | | | |
N/A
|
| | | $ | 25.08 | | | | |||||
| For the year ended December 31, 2017 | | | | | | | | | | | | | | | | | | | | | | | ||||||
| Preferred Stock | | | | $ | 92,139,600 | | | | | $ | 66.97 | | | | | $ | 25 | | | | | $ | 25.75 | | | | ||
| Unsecured Notes | | | | $ | 91,623,750 | | | | | $ | 5,372.28 | | | |
N/A
|
| | | $ | 25.96 | | | | |||||
| For the year ended December 31, 2016 | | | | | | | | | | | | | | | | | | | | | | | ||||||
| Preferred Stock | | | | $ | 91,450,000 | | | | | $ | 71.53 | | | | | $ | 25 | | | | | $ | 25.41 | | | | ||
| Unsecured Notes | | | | $ | 59,998,750 | | | | | $ | 7,221.89 | | | |
N/A
|
| | | $ | 25.29 | | | | |||||
| For the year ended December 31, 2015 | | | | | | | | | | | | | | | | | | | | | | | ||||||
| Preferred Stock | | | | $ | 45,450,000 | | | | | $ | 91.16 | | | | | $ | 25 | | | | | $ | 25.43 | | | | ||
| Unsecured Notes | | | | $ | 25,000,000 | | | | | $ | 10,275.46 | | | |
N/A
|
| | | $ | 24.52 | | | | |||||