Stone Point Credit Corporation

Consolidated Statements of Assets and Liabilities

(in thousands, except share and per share amounts)


	March 31, 2026			December 31, 2025
	(unaudited)
Assets:
Investments at fair value:
Non-controlled/non-affiliated investments (amortized cost of $2,955,247 and $2,878,151, respectively)	$	2,934,363		$	2,877,134
Controlled/affiliated investments (amortized cost of $8,740 and $5,318, respectively)		9,404			5,820
Derivative Instruments (amortized cost of $0 and $0, respectively)		112			-
Total Investments, at fair value (amortized cost of $2,963,987 and $2,883,469, respectively)		2,943,879			2,882,954
Cash and cash equivalents (Note 2)		74,508			56,376
Non-controlled/non-affiliated investments interest receivable		22,496			22,330
Non-controlled/non-affiliated investments dividends receivable		244			187
Unsettled trades receivable		7,903			141
Paydown receivable		1,231			1,016
Deferred offering expenses		27			27
Prepaid expenses and other assets		55			16
Total assets	$	3,050,343		$	2,963,047

Liabilities:
Revolving credit facilities payable (net of deferred financing costs of $10,341 and $8,551, respectively) (Note 7)	$	1,118,088		$	1,049,973
Notes payable (net of debt issuance costs of $4,639 and $4,988, respectively) (Note 7)		495,362			495,012
Unsettled trades payable		13,160			14,102
Base management fees payable (Note 3)		9,428			9,201
Incentive fees payable (Note 3)		5,270			5,176
Accounts payable and accrued expenses		3,600			2,743
Interest and financing fees payable		25,036			17,458
Total liabilities	$	1,669,944		$	1,593,665

Commitments and contingencies (Note 5)	$	—		$	—
Net Assets:
Preferred stock, $0.001 par value, 1,000,000 shares authorized, 0 shares issued and outstanding at March 31, 2026 and December 31, 2025	$	—		$	—
Common stock, $0.001 par value, 250,000,000 shares authorized, 70,712,106 and 69,072,088 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively		71			69
Paid in capital in excess of par		1,402,820			1,370,492
Distributable earnings (accumulated losses)		(22,492	)		(1,179	)
Total net assets		1,380,399			1,369,382
Total liabilities and net assets	$	3,050,343		$	2,963,047
Net asset value per share of Common Stock	$	19.52		$	19.83

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

Stone Point Credit Corporation

Consolidated Statements of Operations

(in thousands, except share and per share amounts)


	Three Months Ended March 31, 2026 (Unaudited)			Three Months Ended March 31, 2025 (Unaudited)
Investment income:
Interest income from non-controlled/non-affiliated investments	$	66,348		$	67,205
Payment-in-Kind interest income from non-controlled/non-affiliated investments		3,624			1,212
Dividend income from non-controlled/non-affiliated investments		1,077			987
Interest income from cash and cash equivalents		—			1
Total interest and dividend income		71,049			69,405

Fee income		68			74
Total fee income		68			74
Total investment income	$	71,117		$	69,479

Operating expenses:
Base management fees (Note 3)	$	9,428		$	8,337
Incentive fees (Note 3)		5,270			5,216
Interest and financing fees (Note 7)		24,729			24,100
Offering costs (Note 4)		12			12
Professional fees		2,075			2,150
Directors fees		92			92
Insurance expense		36			18
Operating expenses before fee waivers		41,642			39,925
Professional fees waivers		(387	)		—
Total expenses, net of fee waiver		41,255			39,925
Net investment income (loss)	$	29,862		$	29,554
Net realized gains (losses) and change in unrealized appreciation (depreciation):
Net realized gains (losses):
Non-controlled/non-affiliated investments	$	18		$	319
Foreign currency transactions		(31	)		—
Total net realized gains (losses)	$	(13	)	$	319
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments	$	(19,867	)	$	168
Controlled/affiliated investments		161			—
Net change in unrealized appreciation (depreciation) from interest rate swaps		72			—
Translation of assets and liabilities in foreign currencies		245			—
Total net change in unrealized appreciation (depreciation)	$	(19,389	)	$	168
Net increase (decrease) in net assets resulting from operations	$	10,460		$	30,041

Per share information - basic and diluted:
Net investment income (loss)	$	0.42		$	0.47
Net increase (decrease) in net assets resulting from operations	$	0.15		$	0.48
Weighted average shares outstanding		69,090,310			63,058,843

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

Stone Point Credit Corporation

Consolidated Statements of Changes in Net Assets

(in thousands, except shares and per share amounts)


	Three Months Ended March 31, 2026 (Unaudited)			Three Months Ended March 31, 2025 (Unaudited)
Increase (decrease) in net assets resulting from operations:
Net investment income (loss)	$	29,862		$	29,554
Total net realized gains (losses)		(13	)		319
Total net change in unrealized appreciation (depreciation)		(19,389	)		168
Net increase (decrease) in net assets resulting from operations		10,460			30,041

Decrease in net assets resulting from Stockholder distributions:
Shares distributed pursuant to dividend reinvestment plan		(7,338	)		(6,983	)
Distributions to Stockholders from earnings		(24,435	)		(23,913	)
Net decrease in net assets resulting from Stockholder distributions		(31,773	)		(30,896	)

Increase in net assets resulting from capital share transactions:
Issuance of Common Stock pursuant to dividend reinvestment plan		7,338			6,983
Issuance of shares of Common Stock		24,992			1,750
Net increase in net assets resulting from capital share transactions		32,330			8,733

Total increase in net assets		11,017			7,878
Net assets, beginning of period		1,369,382			1,251,497
Net assets, end of period	$	1,380,399		$	1,259,375
Net asset value per share	$	19.52		$	19.83
Common Stock shares outstanding at the end of the period		70,712,106			63,494,413

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

Stone Point Credit Corporation

Consolidated Statements of Cash Flows

(in thousands)


	Three Months Ended March 31, 2026 (Unaudited)			Three Months Ended March 31, 2025 (Unaudited)
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$	10,460		$	30,041
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities:
Net change in unrealized (appreciation) depreciation on investments		19,634			(168	)
Net change in unrealized (appreciation) depreciation on interest rate swaps		(72	)		—
Net change in unrealized (appreciation) depreciation on translation of assets in foreign currencies		(252	)		—
Net realized (gains) losses on investments		(18	)		(319	)
Net realized (gains) losses on foreign currency transactions		31			—
Net amortization and accretion of premiums and discounts		(3,566	)		(3,901	)
Purchases of investments		(264,276	)		(193,821	)
Payment-in-kind interest capitalized		(3,624	)		-
Sales and repayments of investments, net		190,978			82,868
Amortization of deferred financing costs		679			710
Amortization of debt issuance costs		350			382
Changes in operating assets and liabilities:
Interest receivable		(166	)		5,179
Dividend receivable		(57	)		(221	)
Unsettled trades receivable		(7,762	)		66
Paydown receivable		(215	)		1,473
Capital call receivable		—			(1,750	)
Deferred offering expenses		(13	)		(12	)
Prepaid expenses and other assets		(39	)		23
Base management fees payable		227			324
Incentive fees payable		94			5,216
Accounts payable and accrued expenses		857			145
Interest and financing fees payable		7,578			7,259
Unsettled trades payable		(942	)		6,388
Net cash used in operating activities		(50,114	)		(60,118	)

Cash flows from financing activities:
Borrowings under revolving credit facilities		295,658			184,000
Payments on revolving credit facilities		(225,500	)		(103,000	)
Deferred financing costs		(43	)		—
Debt issuance costs		(2,426	)		—
Distributions paid in cash		(24,435	)		(23,913	)
Proceeds from issuance of shares of Common Stock		24,992			1,750
Net cash provided by financing activities		68,246			58,837

Net increase (decrease) in cash and cash equivalents		18,132			(1,281	)
Cash and cash equivalents, beginning of period		56,376			51,760
Cash and cash equivalents, end of period	$	74,508		$	50,479

Supplemental and Non-Cash Information
Cash paid during the period for interest	$	16,157		$	15,816
Reinvestment of distributions pursuant to dividend reinvestment plan during the period	$	7,338		$	6,983

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


Portfolio Company 1 2 3 4	Type of Investment	Footnotes	Reference Rate and Spread 5	Interest Rate 5	Maturity 6	Par Amount / Units		Cost 7			Fair Value			Percentage of Net Assets 8
Non-Controlled/Non-Affiliated Investments
Debt Investments - 208.9%
Capital Markets
Cliffwater, LLC	First Lien Term Loan		SOFR + 4.75%, 0.75% Floor	8.42%	4/22/2032		43,594	$	43,082		$	43,197		3.2%
Cliffwater, LLC	First Lien Revolving Loan	(10)	SOFR + 4.75%, 0.75% Floor	8.42%	4/22/2032		-		(66	)		(54	)	0.0%
Wharf Street Ratings Acquisition LLC	First Lien Term Loan		SOFR + 4.75%, 0.75% Floor	8.42%	9/16/2032		65,099		64,485			64,884		4.7%
Wharf Street Ratings Acquisition LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.75%, 0.75% Floor	8.42%	9/16/2027		-		(33	)		(24	)	0.0%
Wharf Street Ratings Acquisition LLC	First Lien Revolving Loan	(10)	SOFR + 4.75%, 0.75% Floor	8.42%	9/16/2032		-		(69	)		(25	)	0.0%
Total Capital Markets									107,399			107,978

Consumer Finance
ACM ASOF VIII LClub LLC	First Lien Term Loan		N/A	13.00%	6/30/2030		4,694		4,677			4,806		0.4%
Best Egg Asset Structured Pass Through Master Trust	Unsecured Note	(11)(13)	N/A	0.00%	9/15/2035		4		769			819		0.1%
Best Egg Asset Structured Pass Through Master Trust	Unsecured Note	(11)(13)	N/A	0.00%	1/15/2035		2		328			265		0.0%
Best Egg Asset Structured Pass Through Master Trust	Unsecured Note	(11)(13)	N/A	0.00%	3/15/2035		2		242			242		0.0%
Best Egg Asset Structured Pass Through Master Trust	Unsecured Note	(11)(13)	N/A	0.00%	4/15/2035		2		420			430		0.0%
Best Egg Asset Structured Pass Through Master Trust	Unsecured Note	(11)(13)	N/A	0.00%	2/21/2035		2		439			346		0.0%
Best Egg Asset Structured Pass Through Master Trust	Unsecured Note	(11)(13)	N/A	0.00%	11/15/2035		5		833			902		0.1%
Equinox Buyer LLC	First Lien Term Loan		SOFR + 5.25%, 1.00% Floor	8.92%	9/9/2031		35,136		34,658			34,655		2.5%
Equinox Buyer LLC	First Lien Revolving Loan	(10)	SOFR + 5.25%, 1.00% Floor	8.92%	9/9/2031		-		(65	)		(65	)	0.0%
Exeter Short Term Funding LLC	First Lien Revolving Loan	(10)(13)	SOFR + 5.50%, 2.00% Floor	9.17%	3/8/2027		5,411		5,283			5,411		0.4%
LendDirect Trust	Second Lien Revolving Loan	(13)	N/A	12.00%	2/28/2030		13,170		9,511			9,346		0.7%
Total Consumer Finance									57,095			57,157

Diversified Consumer Services
Harbor Purchaser Inc,	Second Lien Term Loan	(9)	SOFR + 8.50%, 0.50% Floor	12.17%	4/8/2030		12,500		12,343			8,919		0.7%
Houghton Mifflin Harcourt Co	First Lien Term Loan	(9)	SOFR + 5.25%, 0.50% Floor	9.02%	4/9/2029		4,923		4,882			4,188		0.3%
Total Diversified Consumer Services									17,225			13,107

Financial Services
ALP CFO 2024, L.P.	Unsecured Note	(13)	N/A	10.04%	10/15/2036		11,355		11,355			11,549		0.8%
Apex Group Treasury LLC	First Lien Term Loan	(9)(13)	SOFR + 3.50%	7.17%	2/27/2032		27,713		26,242			25,334		1.9%
Barings Middle Market CLO Ltd.	Unsecured Note	(13)	SOFR + 6.17%	9.84%	4/15/2037		5,475		5,424			5,420		0.4%
Beacon Pointe Harmony, LLC	First Lien Term Loan		SOFR + 4.50%, 0.75% Floor	8.17%	12/29/2028		22,930		22,717			22,930		1.7%
Beacon Pointe Harmony, LLC	First Lien Delayed Draw Term Loan		SOFR + 4.50%, 0.75% Floor	8.17%	12/29/2028		10,920		10,758			10,920		0.8%
Beacon Pointe Harmony, LLC	First Lien Delayed Draw Term Loan		SOFR + 4.50%, 0.75% Floor	8.17%	12/29/2028		11,053		11,000			11,053		0.8%
Beacon Pointe Harmony, LLC	First Lien Delayed Draw Term Loan		SOFR + 4.50%, 0.75% Floor	8.17%	12/29/2028		11,914		11,859			11,914		0.9%
Beacon Pointe Harmony, LLC	First Lien Revolving Loan	(10)	SOFR + 4.50%, 0.75% Floor	8.18%	12/29/2027		-		(17	)		-		0.0%
Bottomline Technologies, Inc.	First Lien Term Loan		SOFR + 4.50%, 0.75% Floor	8.20%	5/14/2029		39,345		38,928			39,345		2.9%
Bottomline Technologies, Inc.	First Lien Revolving Loan	(10)	SOFR + 4.50%, 0.75% Floor	8.20%	5/15/2028		-		(27	)		-		0.0%


Portfolio Company 1 2 3 4	Type of Investment	Footnotes	Reference Rate and Spread 5	Interest Rate 5	Maturity 6	Par Amount / Units		Cost 7			Fair Value			Percentage of Net Assets 8
Financial Services (continued)
Cerity Partners Equity Holding LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.50%, 0.75% Floor	8.17%	12/20/2027		-		(57	)		(60	)	0.0%
Cerity Partners Equity Holding LLC	First Lien Revolving Loan	(10)	SOFR + 4.50%, 0.75% Floor	8.17%	7/28/2031		908		897			902		0.1%
Choreo Buyer LLC.	First Lien Term Loan		SOFR + 5.00%, 1.00% Floor	8.70%	2/18/2028		5,086		5,030			5,065		0.4%
Choreo Buyer LLC.	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.00%, 1.00% Floor	8.70%	2/18/2028		5,657		5,539			5,591		0.4%
Churchill Middle Market CLO Ltd.	Unsecured Note	(13)	SOFR + 6.85%	10.52%	4/27/2037		1,570		1,570			1,570		0.1%
Coller Private Equity Backed Notes & Loans II-A L.P.	Unsecured Note	(10)(13)	SOFR + 5.20%	8.92%	4/30/2037		2,920		2,890			2,941		0.2%
Eclipse Buyer, Inc.	First Lien Term Loan		SOFR + 4.50%, 0.50% Floor	8.18%	9/8/2031		12,590		12,494			12,555		0.9%
Eclipse Buyer, Inc.	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.50%, 0.50% Floor	8.67%	9/7/2026		-		(8	)		(6	)	0.0%
Eclipse Buyer, Inc.	First Lien Revolving Loan	(10)	SOFR + 4.50%, 0.50% Floor	8.18%	9/8/2031		-		(8	)		(3	)	0.0%
Flow Traders Holding, LLC	First Lien Term Loan	(13)	SOFR + 5.00%	8.70%	10/29/2031		29,538		29,122			29,124		2.1%
Flow Traders Holding, LLC	First Lien Revolving Loan	(10)(13)	SOFR + 5.00%	8.70%	10/29/2031		-		(161	)		(162	)	0.0%
GC Waves Holdings, Inc.	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.50%	8.17%	10/4/2030		6,335		6,276			6,276		0.5%
HBWM Intermediate II, LLC	First Lien Term Loan		SOFR + 4.75%, 0.75% Floor	8.42%	11/17/2031		4,536		4,519			4,536		0.3%
HBWM Intermediate II, LLC	First Lien Delayed Draw Term Loan		SOFR + 4.75%, 0.75% Floor	8.42%	11/17/2031		5,443		5,423			5,443		0.4%
HBWM Intermediate II, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.50%, 0.75% Floor	8.17%	11/17/2031		947		929			915		0.1%
HBWM Intermediate II, LLC	First Lien Revolving Loan	(10)	SOFR + 4.75%, 0.50% Floor	8.43%	8/18/2031		721		712			721		0.1%
Ivy Hill Asset Management, L.P.	Unsecured Note	(13)	N/A	9.00%	6/29/2028		4,300		4,300			4,323		0.3%
Ivy Hill Middle Market Credit Fund XII Ltd	Unsecured Note	(13)	SOFR + 6.25%	9.92%	4/20/2037		4,421		4,421			4,421		0.3%
LendingTree, Inc.	First Lien Term Loan	(9)(13)	SOFR + 4.25%	7.92%	8/21/2030		4,478		4,437			4,410		0.3%
MAI Capital Management Intermediate LLC	First Lien Term Loan		SOFR + 4.75%, 0.75% Floor	8.45%	8/29/2031		6,858		6,803			6,858		0.5%
MAI Capital Management Intermediate LLC	First Lien Delayed Draw Term Loan		SOFR + 4.75%, 0.75% Floor	8.45%	8/29/2031		4,051		4,017			4,051		0.3%
MAI Capital Management Intermediate LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.75%, 0.75% Floor	8.45%	8/29/2031		3,036		3,003			3,036		0.2%
MAI Capital Management Intermediate LLC	First Lien Revolving Loan	(10)	SOFR + 4.75%, 0.75% Floor	8.45%	8/29/2031		736		721			736		0.1%
Ministry Brands Holdings, LLC	First Lien Term Loan		SOFR + 5.50%, 0.75% Floor	9.27%	12/28/2028		16,949		16,876			16,632		1.2%
Ministry Brands Holdings, LLC	First Lien Delayed Draw Term Loan		SOFR + 5.50%, 1.00% Floor	9.27%	12/28/2028		1,714		1,710			1,682		0.1%
Ministry Brands Holdings, LLC	First Lien Revolving Loan	(10)	ABR + 4.50%, 0.75% Floor	11.25%	12/30/2027		141		136			110		0.0%
Minotaur Acquisition, Inc.	First Lien Term Loan		SOFR + 5.00%, 1.00% Floor	8.67%	5/10/2030		1,455		1,441			1,441		0.1%
Minotaur Acquisition, Inc.	First Lien Term Loan		SOFR + 5.00%, 1.00% Floor	8.67%	5/10/2030		20,042		19,740			19,854		1.4%
Minotaur Acquisition, Inc.	First Lien Delayed Draw Term Loan		SOFR + 5.00%, 1.00% Floor	8.67%	5/10/2030		3,401		3,345			3,369		0.2%
Minotaur Acquisition, Inc.	First Lien Delayed Draw Term Loan		SOFR + 5.00%, 1.00% Floor	8.67%	5/10/2030		3,221		3,172			3,191		0.2%
Minotaur Acquisition, Inc.	First Lien Revolving Loan	(10)	SOFR + 5.00%, 1.00% Floor	8.67%	5/10/2030		-		(28	)		(19	)	0.0%
New Mountain Guardian IV Income Rated Feeder II, Ltd.	Unsecured Note	(13)	SOFR + 8.40%	12.11%	4/3/2037		1,000		1,000			1,017		0.1%
New Mountain Guardian IV Income Rated Feeder III, Ltd.	Unsecured Note	(13)	SOFR + 5.10%	8.81%	8/28/2037		1,689		1,689			1,720		0.1%
New Mountain Guardian IV Income Rated Feeder III, Ltd.	Unsecured Note	(13)	SOFR + 7.50%	11.21%	8/28/2037		8,050		8,050			8,181		0.6%
New Mountain Guardian IV Income Rated Feeder III, Ltd.	Unsecured Note	(13)	SOFR + 8.02%	11.73%	8/28/2037		5,885		5,807			5,978		0.4%
Nexus Buyer LLC	Second Lien Term Loan	(9)	SOFR + 5.75%	9.42%	1/30/2032		23,124		22,908			22,489		1.6%
Orion US Finco	Second Lien Term Loan	(9)	SOFR + 5.50%	9.15%	10/10/2033		10,000		9,914			9,475		0.7%
Payscape Buyer, Inc.	First Lien Term Loan		SOFR + 4.75%, 1.00% Floor	8.42%	11/1/2027		1,057		1,053			1,054		0.1%
Payscape Buyer, Inc.	First Lien Term Loan		SOFR + 4.75%, 0.75% Floor	8.42%	11/1/2027		14,690		14,593			14,643		1.1%
Payscape Buyer, Inc.	Second Lien Term Loan		SOFR + 8.00%, 1.00% Floor	11.67%	4/28/2028		245		244			244		0.0%
Payscape Buyer, Inc.	Second Lien Term Loan		SOFR + 8.00%, 1.00% Floor	11.67%	4/28/2028		1,250		1,221			1,246		0.1%
Payscape Buyer, Inc.	Second Lien Term Loan		SOFR + 8.00%, 1.00% Floor	11.67%	4/28/2028		3,461		3,461			3,449		0.3%
Payscape Buyer, Inc.	Second Lien Delayed Draw Term Loan		SOFR + 8.00%, 1.00% Floor	11.67%	4/28/2028		539		539			537		0.0%
Payscape Buyer, Inc.	First Lien Revolving Loan	(10)	ABR + 3.75%	10.50%	11/1/2027		170		168			169		0.0%
SRS Acquiom Holdings LLC	First Lien Term Loan		SOFR + 4.75%, 0.75% Floor	8.42%	1/14/2032		11,821		11,709			11,703		0.9%
SRS Acquiom Holdings LLC	First Lien Revolving Loan	(10)	SOFR + 4.75%, 0.75% Floor	8.42%	1/14/2032		284		263			263		0.0%
TA/WEG Intermediate Holdings, LLC	First Lien Delayed Draw Term Loan		SOFR + 4.25%, 1.00% Floor	7.91%	10/2/2028		1,455		1,445			1,449		0.1%
TA/WEG Intermediate Holdings, LLC	First Lien Delayed Draw Term Loan		SOFR + 4.25%, 1.00% Floor	7.91%	10/2/2028		1,459		1,439			1,453		0.1%
TA/WEG Intermediate Holdings, LLC	First Lien Delayed Draw Term Loan		SOFR + 4.25%, 1.00% Floor	7.91%	10/2/2028		13,020		12,948			12,965		0.9%
TA/WEG Intermediate Holdings, LLC	First Lien Delayed Draw Term Loan		SOFR + 4.25%, 1.00% Floor	7.91%	10/2/2028		15,366		15,336			15,301		1.1%
TA/WEG Intermediate Holdings, LLC	First Lien Delayed Draw Term Loan		SOFR + 4.25%, 1.00% Floor	7.91%	10/2/2028		11,930		11,810			11,879		0.9%
TA/WEG Intermediate Holdings, LLC	First Lien Revolving Loan	(10)	SOFR + 4.25%, 1.00% Floor	7.91%	10/2/2028		-		(15	)		(8	)	0.0%
The Edelman Financial Engines Center LLC	Second Lien Term Loan	(9)	SOFR + 5.25%	8.92%	10/6/2028		10,100		10,089			10,027		0.7%
WEG Sub Intermediate Holdings, LLC	Unsecured Note		N/A	13.00% PIK	5/26/2033		15,912		15,732			15,922		1.2%
Total Financial Services									438,903			439,124


Portfolio Company 1 2 3 4	Type of Investment	Footnotes	Reference Rate and Spread 5	Interest Rate 5	Maturity 6	Par Amount / Units		Cost 7			Fair Value			Percentage of Net Assets 8
Health Care Providers & Services
Acentra Holdings, LLC	First Lien Term Loan		SOFR + 5.50%, 0.50% Floor	9.20%	12/17/2029		14,667		14,293			14,576		1.1%
Acentra Holdings, LLC	First Lien Term Loan		SOFR + 5.50%, 0.50% Floor	9.20%	12/17/2029		2,839		2,809			2,821		0.2%
Acentra Holdings, LLC	First Lien Revolving Loan	(10)	SOFR + 5.50%, 0.50% Floor	9.20%	12/17/2029		-		(17	)		(9	)	0.0%
Action Behavior Centers Therapy LLC	First Lien Term Loan		SOFR + 5.25%, 0.75% Floor	8.92%	7/2/2031		33,363		32,950			33,133		2.4%
Action Behavior Centers Therapy LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.25%, 0.75% Floor	8.92%	7/2/2031		3,013		2,959			2,971		0.2%
Action Behavior Centers Therapy LLC	First Lien Revolving Loan	(10)	SOFR + 5.25%, 0.75% Floor	8.92%	7/2/2031		-		(35	)		(21	)	0.0%
Belmont Buyer, Inc.	First Lien Term Loan		SOFR + 5.25%, 1.00% Floor	8.96%	6/21/2029		16,243		16,112			15,999		1.2%
Belmont Buyer, Inc.	First Lien Term Loan		SOFR + 6.50%, 1.00% Floor	10.21%	6/21/2029		17,952		17,619			17,952		1.3%
Belmont Buyer, Inc.	First Lien Delayed Draw Term Loan		SOFR + 6.50%, 1.00% Floor	10.17%	6/21/2029		4,261		4,181			4,261		0.3%
Belmont Buyer, Inc.	First Lien Delayed Draw Term Loan		SOFR + 5.25%, 1.00% Floor	8.94%	6/21/2029		1,938		1,916			1,909		0.1%
Belmont Buyer, Inc.	First Lien Revolving Loan	(10)	SOFR + 6.50%, 1.00% Floor	10.21%	6/21/2029		291		256			291		0.0%
Chartis Group, LLC	First Lien Term Loan		SOFR + 4.25%, 0.75% Floor	7.95%	9/17/2031		8,121		8,059			8,061		0.6%
Chartis Group, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.25%, 0.75% Floor	7.95%	9/17/2031		417		406			399		0.0%
Chartis Group, LLC	First Lien Revolving Loan	(10)	SOFR + 4.25%, 0.75% Floor	7.95%	9/17/2031		-		(10	)		(9	)	0.0%
Continental Buyer Inc.	First Lien Term Loan		SOFR + 4.50%, 0.75% Floor	8.17%	4/2/2031		28,529		28,178			28,401		2.1%
Continental Buyer Inc.	First Lien Term Loan		SOFR + 4.50%, 0.75% Floor	8.17%	4/2/2031		3,430		3,414			3,414		0.2%
Continental Buyer Inc.	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.50%, 0.75% Floor	8.17%	4/21/2028		-		(1	)		(3	)	0.0%
Continental Buyer, Inc	First Lien Delayed Draw Term Loan		SOFR + 4.50%, 0.75% Floor	8.17%	4/2/2031		3,482		3,467			3,466		0.3%
Continental Buyer Inc.	First Lien Revolving Loan	(10)	SOFR + 4.50%, 0.75% Floor	8.17%	4/2/2031		-		(41	)		(22	)	0.0%
CORA Health Holdings Corp.	First Lien Term Loan		SOFR + 5.75%, 1.00% Floor	9.57%	6/15/2027		14,261		14,227			12,547		0.9%
CORA Health Holdings Corp.	First Lien Delayed Draw Term Loan		SOFR + 5.75%, 1.00% Floor	9.57%	6/15/2027		234		234			206		0.0%
Covetrus, Inc.	First Lien Term Loan	(9)	SOFR + 5.00%, 0.50% Floor	8.70%	10/12/2029		8,153		7,868			7,619		0.6%
Giving Home Health Care	First Lien Term Loan		SOFR + 6.00%	9.66%	4/26/2029		45,152		45,090			45,152		3.3%
Headlands Buyer, Inc.	First Lien Term Loan		SOFR + 4.50%, 0.75% Floor	8.16%	9/29/2032		28,060		27,801			27,790		2.0%
Headlands Buyer, Inc.	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.50%, 0.75% Floor	8.16%	9/29/2027		-		(53	)		(109	)	0.0%
Headlands Buyer, Inc.	First Lien Revolving Loan	(10)	SOFR + 4.50%, 0.75% Floor	8.16%	9/29/2032		-		(52	)		(53	)	0.0%
Jerry Erwin Associates, LLC	First Lien Term Loan		SOFR + 6.75%, 1.00% Floor	10.43%	10/15/2030		16,036		15,593			15,555		1.1%
Kwol Acquisition Inc	First Lien Term Loan		SOFR + 5.00%	8.70%	12/12/2029		2,373		2,369			2,355		0.2%
Kwol Acquisition Inc	First Lien Delayed Draw Term Loan		SOFR + 5.00%, 0.75% Floor	8.70%	12/12/2029		1,394		1,381			1,383		0.1%
Kwol Acquisition Inc	First Lien Delayed Draw Term Loan		SOFR + 5.00%, 0.75% Floor	8.70%	12/12/2029		1,973		1,959			1,958		0.1%
Kwol Acquisition Inc	First Lien Revolving Loan	(10)	SOFR + 5.00%, 0.75% Floor	8.70%	12/12/2029		-		(2	)		(5	)	0.0%
MB2 Dental Solutions, LLC	First Lien Term Loan		SOFR + 5.50%, 0.75% Floor	9.17%	2/13/2031		53,707		53,326			54,244		4.0%
MB2 Dental Solutions, LLC	First Lien Delayed Draw Term Loan		SOFR + 5.50%, 0.75% Floor	9.17%	2/13/2031		6,556		6,524			6,621		0.5%
MB2 Dental Solutions, LLC	First Lien Delayed Draw Term Loan		SOFR + 5.50%, 0.75% Floor	9.17%	2/13/2031		4,599		4,574			4,645		0.3%
MB2 Dental Solutions, LLC	First Lien Revolving Loan	(10)	SOFR + 5.50%, 0.75% Floor	9.17%	2/13/2031		90		74			90		0.0%
MEDX Holdings, LLC	First Lien Term Loan		SOFR + 4.50%, 0.75% Floor	8.17%	7/21/2032		23,584		23,363			23,365		1.7%
MEDX Holdings, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.50%, 0.75% Floor	8.18%	7/21/2032		52		8			(39	)	0.0%
MEDX Holdings, LLC	First Lien Revolving Loan	(10)	SOFR + 4.50%, 0.75% Floor	8.17%	7/21/2032		-		(41	)		(43	)	0.0%
MIRRA-PRIMEACCESS Holdings, LLC	First Lien Term Loan		SOFR + 6.50%	10.43%	7/29/2026		23,875		23,834			20,315		1.5%
MIRRA-PRIMEACCESS Holdings, LLC	First Lien Revolving Loan	(10)	SOFR + 6.50%, 1.00% Floor	10.43%	7/29/2026		2,055		1,994			1,646		0.1%


Portfolio Company 1 2 3 4	Type of Investment	Footnotes	Reference Rate and Spread 5	Interest Rate 5	Maturity 6	Par Amount / Units		Cost 7			Fair Value			Percentage of Net Assets 8
Health Care Providers & Services (continued)
RCP Nats Purchaser, LLC	First Lien Term Loan		SOFR + 5.00%, 0.75% Floor	8.69%	3/19/2032		40,840		40,386			40,431		3.0%
RCP Nats Purchaser, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.00%, 0.75% Floor	8.69%	3/19/2032		4,913		4,823			4,831		0.4%
RCP Nats Purchaser, LLC	First Lien Revolving Loan	(10)	SOFR + 5.00%, 0.75% Floor	8.69%	3/19/2032		-		(61	)		(57	)	0.0%
RxB Holdings, Inc.	First Lien Term Loan	(9)	SOFR + 5.00%	8.67%	12/23/2030		14,389		14,115			14,371		1.0%
SpecialtyCare, Inc.	First Lien Term Loan		SOFR + 5.00%	8.66%	12/18/2029		13,721		13,693			13,584		1.0%
SpecialtyCare, Inc.	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.00%	8.67%	12/18/2029		124		121			119		0.0%
SpecialtyCare, Inc.	First Lien Revolving Loan	(10)	SOFR + 5.00%	8.66%	6/18/2026		-		(5	)		(11	)	0.0%
Stepping Stones Healthcare Services, LLC	First Lien Term Loan		SOFR + 4.75%, 0.75% Floor	8.45%	1/5/2033		16,756		16,679			16,672		1.2%
Stepping Stones Healthcare Services, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.75%, 0.75% Floor	8.45%	1/5/2028		-		(11	)		(23	)	0.0%
Stepping Stones Healthcare Services, LLC	First Lien Revolving Loan	(10)	SOFR + 4.75%, 0.75% Floor	8.45%	1/5/2033		-		(12	)		(13	)	0.0%
Trinity Partners Holdings, LLC	First Lien Term Loan		SOFR + 4.75%, 0.75% Floor	8.52%	12/31/2030		26,526		26,375			26,526		1.9%
Trinity Partners Holdings, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.75%, 0.75% Floor	8.52%	6/30/2027		-		(103	)		-		0.0%
TST Intermediate Holdings, LLC	First Lien Term Loan		SOFR + 5.50%, 1.00% Floor	9.27%	11/27/2028		15,687		15,647			15,015		1.1%
TST Intermediate Holdings, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.50%, 1.00% Floor	9.27%	11/27/2028		12,653		12,566			11,862		0.9%
TST Intermediate Holdings, LLC	First Lien Revolving Loan	(10)	ABR + 4.50%, 1.00% Floor	11.25%	11/27/2028		481		472			443		0.0%
Zelis Payments Buyer Inc	First Lien Term Loan	(9)	SOFR + 3.25%	6.92%	11/26/2031		5,830		5,519			5,655		0.4%
Total Health Care Providers & Services									516,790			512,237

Health Care Technology
Finthrive Software Intermediate Holdings, Inc.,	First Lien Term Loan	(9)	SOFR + 5.25%	8.94%	12/15/2028		11,029		10,874			9,127		0.7%
Homecare Software Solutions LLC	First Lien Term Loan		SOFR + 5.25%, 0.75% Floor	8.92%	6/16/2031		12,238		12,151			12,115		0.9%
Homecare Software Solutions LLC	First Lien Term Loan		SOFR + 5.25%, 0.75% Floor	8.92%	6/16/2031		5,220		5,182			5,168		0.4%
Homecare Software Solutions LLC	First Lien Delayed Draw Term Loan		SOFR + 5.25%, 0.75% Floor	8.92%	6/16/2031		4,545		4,513			4,500		0.3%
Imagine Acquisition, Inc.	First Lien Term Loan		SOFR + 5.00%, 1.00% Floor	8.75%	11/16/2027		27,709		27,594			27,709		2.0%
Imagine Acquisition, Inc.	First Lien Revolving Loan	(10)	SOFR + 5.00%, 1.00% Floor	8.75%	11/16/2027		-		(19	)		-		0.0%
NextGen Healthcare	First Lien Term Loan		SOFR + 5.25%, 0.75% Floor	8.89%	11/11/2030		9,056		8,962			8,902		0.7%
NextGen Healthcare	First Lien Revolving Loan	(10)	SOFR + 5.25%, 0.75% Floor	8.89%	11/9/2029		-		(8	)		(15	)	0.0%
Project Ruby Ultimate Parent Corp	Second Lien Term Loan		SOFR + 5.25%, 0.75% Floor	9.03%	3/12/2029		15,000		14,943			14,751		1.1%
Total Health Care Technology									84,192			82,257


Portfolio Company 1 2 3 4	Type of Investment	Footnotes	Reference Rate and Spread 5	Interest Rate 5	Maturity 6	Par Amount / Units		Cost 7			Fair Value			Percentage of Net Assets 8
Insurance
Alkeme Intermediary Holdings, LLC	First Lien Term Loan		SOFR + 5.00%, 1.00% Floor	8.70%	5/28/2027		11,492		11,481			11,434		0.8%
Alkeme Intermediary Holdings, LLC	First Lien Delayed Draw Term Loan		SOFR + 5.00%, 1.00% Floor	8.70%	5/28/2027		23,073		23,051			22,958		1.7%
Alkeme Intermediary Holdings, LLC	First Lien Delayed Draw Term Loan		SOFR + 5.00%, 1.00% Floor	8.70%	5/28/2027		9,935		9,918			9,885		0.7%
Amerilife Holdings LLC	First Lien Term Loan		SOFR + 5.00%, 0.75% Floor	8.67%	8/31/2029		55,655		55,221			55,232		4.0%
Amerilife Holdings LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.00%, 0.75% Floor	8.67%	8/31/2029		7,187		7,119			7,130		0.5%
Amerilife Holdings LLC	First Lien Delayed Draw Term Loan		SOFR + 5.00%, 0.75% Floor	8.67%	8/31/2029		147		146			145		0.0%
AmeriLife Holdings LLC	First Lien Revolving Loan	(10)	SOFR + 5.00%, 0.75% Floor	8.67%	8/31/2028		945		913			902		0.1%
Arden Insurance Services LLC	First Lien Term Loan		SOFR + 4.75%, 1.00% Floor	8.45%	11/27/2030		13,006		12,852			12,876		0.9%
Arden Insurance Services LLC	First Lien Revolving Loan	(10)	SOFR + 4.75%, 1.00% Floor	8.45%	11/27/2030		1,449		1,427			1,430		0.1%
ARMStrong Receivable Management	First Lien Term Loan		SOFR + 4.75%, 1.00% Floor	8.55%	10/5/2029		8,714		8,700			8,687		0.6%
ARMStrong Receivable Management	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.75%, 1.00% Floor	8.55%	10/6/2026		-		(1	)		(1	)	0.0%
ARMStrong Receivable Management	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.75%, 1.00% Floor	8.52%	10/5/2029		812		807			809		0.1%
ARMStrong Receivable Management	First Lien Revolving Loan	(10)	SOFR + 4.75%, 1.00% Floor	8.55%	10/5/2029		-		1			(1	)	0.0%
Babylon Buyer, Inc.	First Lien Term Loan		SOFR + 5.25%, 0.75% Floor	8.93%	3/8/2030		2,691		2,669			2,665		0.2%
Babylon Buyer, Inc.	First Lien Term Loan		SOFR + 5.50%, 0.75% Floor	9.18%	3/8/2030		35,882		35,241			35,882		2.6%
Babylon Buyer, Inc.	First Lien Revolving Loan	(10)	SOFR + 5.50%, 0.75% Floor	9.18%	3/8/2030		-		(24	)		-		0.0%
Bellwether Buyer, LLC	First Lien Term Loan		SOFR + 4.50%, 0.75% Floor	8.17%	4/15/2032		14,458		14,400			14,393		1.1%
Bellwether Buyer, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.50%, 0.75% Floor	8.17%	10/15/2027		-		(16	)		(34	)	0.0%
Bellwether Buyer, LLC	First Lien Revolving Loan	(10)	SOFR + 4.50%, 0.75% Floor	8.18%	4/15/2032		783		770			770		0.1%
Captive Resources MIDCO, LLC	First Lien Term Loan		SOFR + 4.50%, 0.75% Floor	8.17%	7/2/2029		30,285		29,981			30,285		2.2%
Captive Resources MIDCO, LLC	First Lien Revolving Loan	(10)	SOFR + 4.50%, 0.75% Floor	8.17%	7/1/2028		-		(17	)		-		0.0%
CFC USA 2025 LLC	First Lien Term Loan	(9)	SOFR + 3.50%	7.16%	7/1/2032		23,155		22,360			22,229		1.6%
Fetch, Inc	First Lien Term Loan		SOFR + 4.75%, 0.75% Floor	8.42%	3/31/2033		20,058		19,857			19,857		1.5%
Fetch, Inc.	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.75%, 0.75% Floor	8.42%	9/30/2028		-		(29	)		(59	)	0.0%
Fetch, Inc	First Lien Revolving Loan	(10)	SOFR + 4.75%, 0.75% Floor	8.42%	3/31/2033		-		(37	)		(37	)	0.0%
Foundation Risk Partners, Corp.	First Lien Term Loan		SOFR + 4.75%, 0.75% Floor	8.45%	10/29/2030		3,608		3,608			3,593		0.3%
Foundation Risk Partners, Corp.	First Lien Term Loan		SOFR + 4.75%, 0.75% Floor	8.45%	10/29/2030		32,977		32,977			32,835		2.4%
Foundation Risk Partners, Corp.	First Lien Delayed Draw Term Loan		SOFR + 4.75%, 0.75% Floor	8.45%	10/29/2030		7,569		7,562			7,536		0.6%
Foundation Risk Partners, Corp.	First Lien Delayed Draw Term Loan		SOFR + 4.75%, 0.75% Floor	8.45%	10/29/2030		4,468		4,468			4,448		0.3%
Foundation Risk Partners, Corp.	First Lien Delayed Draw Term Loan		SOFR + 4.75%, 0.75% Floor	8.45%	10/29/2030		15,412		15,412			15,346		1.1%
Foundation Risk Partners, Corp.	First Lien Revolving Loan	(10)	SOFR + 4.75%, 0.75% Floor	8.45%	10/29/2029		661		661			646		0.0%
Galway Borrower LLC	First Lien Term Loan		SOFR + 4.50%, 0.75% Floor	8.20%	9/29/2028		33,514		33,303			33,356		2.4%
Galway Borrower LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.50%, 0.75% Floor	8.20%	9/29/2028		2,691		2,683			2,678		0.2%
Galway Borrower LLC	First Lien Delayed Draw Term Loan		SOFR + 4.50%, 0.75% Floor	8.20%	9/29/2028		17,599		17,362			17,517		1.3%
Galway Borrower LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.50%, 0.75% Floor	8.20%	2/7/2028		-		(19	)		(39	)	0.0%
Galway Borrower LLC	First Lien Revolving Loan	(10)	SOFR + 4.50%, 0.75% Floor	8.20%	9/29/2028		1,148		1,142			1,134		0.1%


Portfolio Company 1 2 3 4	Type of Investment	Footnotes	Reference Rate and Spread 5	Interest Rate 5	Maturity 6	Par Amount / Units		Cost 7			Fair Value			Percentage of Net Assets 8
Insurance (continued)
Howden UK Refinance PLC	Unsecured Note	(9)(13)	N/A	8.13%	2/16/2032		8,543		8,169			7,979		0.6%
Redwood Purchaser, INC	First Lien Term Loan		SOFR + 4.75%, 0.75% Floor	8.45%	3/3/2031		20,410		20,190			20,188		1.5%
Redwood Purchaser, INC	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.75%, 0.75% Floor	8.45%	3/3/2027		-		(55	)		(116	)	0.0%
Redwood Purchaser, INC	First Lien Revolving Loan	(10)	SOFR + 4.75%, 0.75% Floor	8.45%	3/3/2031		-		(51	)		(55	)	0.0%
THG Acquisition, LLC	First Lien Term Loan		SOFR + 4.75%, 0.75% Floor	8.42%	10/31/2031		25,967		25,752			25,746		1.9%
THG Acquisition, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.75%, 0.75% Floor	8.42%	10/31/2031		2,230		2,197			2,181		0.2%
THG Acquisition, LLC	First Lien Revolving Loan	(10)	SOFR + 4.75%, 0.75% Floor	8.42%	10/31/2031		718		695			694		0.1%
World Insurance Associates, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.00%, 1.00% Floor	8.70%	4/3/2030		7,318		7,280			7,275		0.5%
World Insurance Associates, LLC	First Lien Revolving Loan	(10)	SOFR + 5.00%, 1.00% Floor	8.70%	4/3/2030		-		(3	)		(2	)	0.0%
Worldwide Insurance Network, LLC	First Lien Term Loan		SOFR + 5.00%, 0.75% Floor	9.40%	5/28/2030		23,798		23,533			23,714		1.7%
Worldwide Insurance Network, LLC	First Lien Delayed Draw Term Loan		SOFR + 5.00%, 0.75% Floor	9.51%	5/28/2030		19,057		18,954			18,990		1.4%
Worldwide Insurance Network, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.00%, 0.75% Floor	9.36%	5/28/2030		2,479		2,406			2,427		0.2%
Total Insurance									485,016			485,508

IT Services
Auctane Holdings, LLC	First Lien Term Loan		SOFR + 5.75%, 0.75% Floor	9.58%	10/5/2028		38,800		38,467			38,218		2.8%
Auctane Holdings, LLC	First Lien Term Loan		SOFR + 5.75%, 0.75% Floor	9.58%	10/5/2028		12,731		12,621			12,540		0.9%
DCert Buyer, Inc.	Second Lien Term Loan	(9)	SOFR + 7.00%	10.67%	2/19/2029		8,259		8,186			6,380		0.5%
Evergreen Services Group PIK Holdco, LLC	Unsecured Note		N/A	13.75% PIK	4/7/2031		8,369		8,244			8,420		0.6%
Evergreen Services Group PIK Holdco, LLC	Unsecured Note		N/A	13.75% PIK	4/7/2031		4,596		4,528			4,624		0.3%
Omega Systems Intermediate Holdings, INC	First Lien Term Loan		SOFR + 5.00%, 0.75% Floor	8.70%	1/15/2031		10,767		10,656			10,449		0.8%
Omega Systems Intermediate Holdings, INC	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.00%, 0.75% Floor	8.70%	1/15/2031		2,001		1,958			1,814		0.1%
Omega Systems Intermediate Holdings, INC	First Lien Revolving Loan	(10)	SOFR + 5.00%, 0.75% Floor	8.70%	1/15/2031		253		234			197		0.0%
OneSource Virtual, Inc	First Lien Term Loan		SOFR + 4.75%, 0.50% Floor	8.45%	1/31/2033		8,495		8,455			8,453		0.6%
OneSource Virtual, Inc	First Lien Revolving Loan	(10)	SOFR + 4.75%, 0.50% Floor	8.45%	1/31/2033		-		(7	)		(8	)	0.0%
Redwood Services Group, LLC	First Lien Term Loan		SOFR + 5.00%, 0.75% Floor	8.70%	6/15/2029		8,694		8,645			8,694		0.6%
Redwood Services Group, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.00%, 0.75% Floor	8.70%	2/11/2028		-		(11	)		(21	)	0.0%
Redwood Services Group, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.00%, 0.75% Floor	8.70%	6/15/2029		9,125		9,045			9,125		0.7%
Syntax USA Holding Corporation	First Lien Term Loan	(13)	SOFR + 5.00%, 0.75% Floor	8.78%	10/29/2028		535		531			535		0.0%
Syntax USA Holding Corporation	First Lien Term Loan	(13)	SOFR + 5.00%, 0.75% Floor	8.77%	10/29/2028		10,329		10,288			10,328		0.8%
Total IT Services									121,840			119,748


Portfolio Company 1 2 3 4	Type of Investment	Footnotes	Reference Rate and Spread 5	Interest Rate 5	Maturity 6	Par Amount / Units		Cost 7			Fair Value			Percentage of Net Assets 8
Professional Services
Accordion Partners Holdings LLC	Unsecured Note		N/A	12.75% PIK	11/15/2034		17,968		17,711			17,707		1.3%
Accordion Partners LLC	First Lien Term Loan		SOFR + 5.00%, 0.75% Floor	8.68%	11/17/2031		32,559		32,381			32,482		2.4%
Accordion Partners LLC	First Lien Term Loan		SOFR + 5.00%, 0.75% Floor	8.68%	11/17/2031		5,029		5,024			5,017		0.4%
Accordion Partners LLC	First Lien Delayed Draw Term Loan		SOFR + 5.00%	8.68%	11/17/2031		8,020		7,965			8,001		0.6%
Accordion Partners LLC	First Lien Revolving Loan	(10)	SOFR + 5.00%, 0.75% Floor	8.68%	11/17/2031		-		(24	)		(10	)	0.0%
ALKU Intermediate Holdings, LLC	First Lien Term Loan		SOFR + 6.25%, 0.75% Floor	9.95%	5/23/2029		3,603		3,548			3,603		0.3%
ALKU Intermediate Holdings, LLC	First Lien Term Loan		SOFR + 5.50%, 0.75% Floor	9.20%	5/23/2029		398		393			392		0.0%
Aprio Advisory Group, LLC	First Lien Term Loan		SOFR + 4.75%, 0.75% Floor	8.45%	8/1/2031		19,998		19,834			19,798		1.4%
Aprio Advisory Group, LLC	First Lien Term Loan		SOFR + 4.75%, 0.75% Floor	8.45%	8/1/2031		2,743		2,693			2,715		0.2%
Aprio Advisory Group, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.75%, 0.75% Floor	8.45%	8/1/2031		12,540		12,318			12,403		0.9%
Aprio Advisory Group, LLC	First Lien Delayed Draw Term Loan		SOFR + 4.75%, 0.75% Floor	8.45%	8/1/2031		8,709		8,627			8,621		0.6%
Aprio Advisory Group, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.75%, 0.75% Floor	8.45%	12/23/2027		-		(1	)		(3	)	0.0%
Aprio Advisory Group, LLC	First Lien Revolving Loan	(10)	SOFR + 4.75%, 0.75% Floor	8.42%	8/1/2031		1,467		1,434			1,423		0.1%
Baker Tilly Advisory Group, L.P.	First Lien Term Loan		SOFR + 4.75%, 0.75% Floor	8.42%	6/3/2031		20,619		20,367			20,516		1.5%
Baker Tilly Advisory Group, L.P.	First Lien Term Loan		SOFR + 4.50%, 0.75% Floor	8.17%	6/3/2031		7,671		7,602			7,556		0.6%
Baker Tilly Advisory Group, L.P.	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.50%, 0.75% Floor	8.17%	6/3/2027		-		(7	)		(20	)	0.0%
Baker Tilly Advisory Group, L.P.	First Lien Revolving Loan	(10)	SOFR + 4.50%, 0.75% Floor	8.17%	6/3/2031		-		(9	)		(16	)	0.0%
Baker Tilly Advisory Group, L.P.	First Lien Revolving Loan	(10)	SOFR + 4.75%, 0.75% Floor	8.42%	6/3/2030		-		(43	)		(19	)	0.0%
BDO USA, P.C.	First Lien Term Loan		SOFR + 5.00%, 2.00% Floor	8.64%	8/31/2028		13,195		13,048			13,079		1.0%
Cherry Bekaert Advisory LLC	First Lien Term Loan		SOFR + 4.50%, 0.75% Floor	8.17%	6/28/2030		4,266		4,257			4,188		0.3%
Cherry Bekaert Advisory LLC	First Lien Term Loan		SOFR + 4.50%, 0.75% Floor	8.17%	6/28/2030		4,221		4,181			4,145		0.3%
Cherry Bekaert Advisory LLC	First Lien Term Loan		SOFR + 4.50%, 0.75% Floor	8.17%	6/28/2030		2,471		2,449			2,427		0.2%
Cherry Bekaert Advisory LLC	First Lien Delayed Draw Term Loan		SOFR + 4.50%, 0.75% Floor	8.17%	6/28/2030		2,471		2,449			2,427		0.2%
Cherry Bekaert Advisory LLC	First Lien Delayed Draw Term Loan		SOFR + 4.50%, 0.75% Floor	8.17%	6/28/2030		5,554		5,543			5,454		0.4%
Eisner Advisory Group LLC	First Lien Term Loan	(9)	SOFR + 4.00%, 0.50% Floor	7.67%	2/28/2031		5,286		5,108			5,048		0.4%
Explorer Investor, Inc	First Lien Term Loan		SOFR + 6.00%, 0.50% Floor	9.73%	6/28/2029		27,973		26,963			23,201		1.7%
Heights Buyer, LLC	First Lien Term Loan		SOFR + 5.75%, 1.00% Floor	9.52%	8/25/2028		15,403		14,941			15,403		1.1%
Heights Buyer, LLC	First Lien Delayed Draw Term Loan		SOFR + 5.75%, 1.00% Floor	9.52%	8/25/2028		2,528		2,486			2,528		0.2%
Heights Buyer, LLC	First Lien Revolving Loan	(10)	SOFR + 5.75%, 1.00% Floor	9.52%	8/25/2028		575		548			575		0.0%
IG Investments Holdings, LLC	First Lien Term Loan		SOFR + 5.00%, 0.75% Floor	8.67%	9/22/2028		46,496		46,141			46,285		3.4%
IG Investments Holdings, LLC	First Lien Revolving Loan	(10)	SOFR + 5.00%, 0.75% Floor	8.67%	9/22/2028		-		(35	)		(16	)	0.0%
Inizio Group Limited	First Lien Term Loan	(9)(13)	SOFR + 4.25%, 0.50% Floor	8.05%	8/19/2028		2,864		2,800			2,567		0.2%
KRIV Acquisition Inc.	First Lien Term Loan		SOFR + 4.75%, 1.00% Floor	8.45%	7/31/2031		32,878		32,620			32,714		2.4%
KRIV Acquisition Inc.	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.75%, 1.00% Floor	8.45%	9/30/2027		-		(97	)		(42	)	0.0%
KRIV Acquisition Inc.	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.75%, 1.00% Floor	8.45%	9/30/2027		-		(5	)		(3	)	0.0%
KRIV Acquisition Inc.	First Lien Revolving Loan	(10)	SOFR + 4.75%, 1.00% Floor	8.45%	7/31/2031		164		160			162		0.0%
More Cowbell II LLC	First Lien Term Loan		SOFR + 4.50%, 0.75% Floor	7.99%	9/3/2030		27,156		26,728			27,156		2.0%


Portfolio Company 1 2 3 4	Type of Investment	Footnotes	Reference Rate and Spread 5	Interest Rate 5	Maturity 6	Par Amount / Units		Cost 7			Fair Value			Percentage of Net Assets 8
Professional Services (continued)
More Cowbell II LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.50%, 0.75% Floor	7.99%	9/3/2027		-		-			-		0.0%
More Cowbell II LLC	First Lien Revolving Loan	(10)	SOFR + 4.50%, 0.75% Floor	7.99%	9/4/2029		-		-			-		0.0%
OMNIA Partners LLC	Second Lien Term Loan		SOFR + 5.00%	8.67%	5/31/2032		10,000		9,959			10,100		0.7%
P20 Parent, Inc.	First Lien Term Loan		SOFR + 7.50%, 1.00% Floor	11.20%	7/12/2028		43,908		43,501			42,608		3.1%
PAS Parent Inc.	First Lien Term Loan		SOFR + 4.50%, 0.75% Floor	8.17%	8/18/2032		9,587		9,506			9,498		0.7%
PAS Parent Inc.	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.50%, 0.75% Floor	8.17%	8/18/2028		-		-			(63	)	0.0%
PAS Parent Inc.	First Lien Revolving Loan	(10)	SOFR + 4.50%, 0.75% Floor	8.17%	8/18/2031		-		-			(9	)	0.0%
Petra Borrower, LLC	First Lien Term Loan		SOFR + 5.75%, 1.00% Floor	9.41%	11/15/2030		15,646		15,364			15,419		1.1%
Petra Borrower, LLC	First Lien Delayed Draw Term Loan		SOFR + 5.75%, 1.00% Floor	9.44%	11/15/2030		6,104		5,989			6,015		0.4%
Petra Borrower, LLC	First Lien Revolving Loan	(10)	SOFR + 5.75%, 1.00% Floor	9.42%	11/15/2029		1,228		1,188			1,192		0.1%
Ryan LLC	First Lien Term Loan	(9)	SOFR + 3.50%, 0.50% Floor	7.17%	11/5/2032		3,806		3,702			3,697		0.3%
TRAK Purchaser, Inc	First Lien Term Loan		SOFR + 5.50%, 1.00% Floor	9.17%	6/20/2031		31,078		30,666			30,811		2.2%
TRAK Purchaser, Inc	First Lien Revolving Loan	(10)	SOFR + 5.50%, 1.00% Floor	9.17%	6/20/2031		-		(29	)		(19	)	0.0%
True Talent Advisory Borrower LLC	First Lien Term Loan		SOFR + 5.25%, 1.00% Floor	8.95%	1/10/2033		16,638		16,317			16,305		1.2%
True Talent Advisory Borrower LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.25%, 1.00% Floor	8.95%	1/9/2028		-		(75	)		(155	)	0.0%
True Talent Advisory Borrower LLC	First Lien Revolving Loan	(10)	SOFR + 5.25%, 1.00% Floor	8.95%	1/9/2032		-		(77	)		(80	)	0.0%
Wasteology Group Transporation LLC	First Lien Term Loan		SOFR + 4.75%, 0.75% Floor	8.41%	11/3/2032		13,082		12,959			12,962		0.9%
Wasteology Group Transporation LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.75%, 0.75% Floor	8.41%	11/3/2027		-		(72	)		(139	)	0.0%
Wasteology Group Transporation LLC	First Lien Revolving Loan	(10)	SOFR + 4.75%, 0.75% Floor	8.41%	11/3/2032		-		(44	)		(43	)	0.0%
Total Professional Services									478,952			475,563

Real Estate Management & Development
Accuserve Solutions, Inc.	First Lien Term Loan		SOFR + 6.00% (incl 3.38% PIK), 1.00% Floor	9.68%	3/15/2030		65,025		64,698			62,502		4.6%
Accuserve Solutions, Inc.	First Lien Revolving Loan	(10)	SOFR + 6.00% (incl 3.38% PIK), 1.00% Floor	9.68%	3/15/2030		2,746		2,746			2,492		0.2%
AKAM Buyer, Inc.	First Lien Term Loan		SOFR + 4.75%, 0.75% Floor	8.45%	2/27/2032		13,843		13,711			13,705		1.0%
AKAM Buyer, Inc.	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.75%, 0.75% Floor	8.45%	2/27/2028		-		(37	)		(75	)	0.0%
AKAM Buyer, Inc.	First Lien Revolving Loan	(10)	SOFR + 4.75%, 0.75% Floor	8.45%	2/27/2032		-		(28	)		(29	)	0.0%
Conservice Midco LLC	First Lien Term Loan		SOFR + 4.50%, 0.75% Floor	8.20%	2/25/2033		5,886		5,858			5,856		0.4%
Conservice Midco LLC	First Lien Revolving Loan	(10)	SOFR + 4.50%, 0.75% Floor	8.20%	2/25/2033		-		(5	)		(5	)	0.0%
Freedom Funding Center LLC	Unsecured Note	(9)(11)	N/A	12.00%	10/1/2037		15,000		15,000			15,139		1.1%
Guardian Restoration Partners Buyers, LLC	First Lien Term Loan		SOFR + 5.00%, 0.75% Floor	8.70%	11/3/2031		8,146		8,063			8,060		0.6%
Guardian Restoration Partners Buyers, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.00%, 0.75% Floor	8.70%	11/3/2031		12,287		12,160			12,143		0.9%
Guardian Restoration Partners Buyers, LLC	First Lien Revolving Loan	(10)	SOFR + 5.00%, 0.75% Floor	8.69%	11/3/2031		1,495		1,474			1,473		0.1%
Low Voltage Holdings Inc.	First Lien Term Loan		SOFR + 4.75%, 0.75% Floor	8.45%	4/28/2032		4,083		4,055			4,081		0.3%
Low Voltage Holdings Inc.	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.75%, 0.75% Floor	8.45%	10/28/2027		-		(2	)		-		0.0%
Low Voltage Holdings Inc.	First Lien Revolving Loan	(10)	SOFR + 4.75%, 0.75% Floor	8.45%	4/28/2032		-		(4	)		-		0.0%
Metropolis Technologies Inc	First Lien Term Loan	(9)	SOFR + 5.25%	8.98%	11/3/2032		15,960		15,808			15,810		1.2%
Redwood Trust, Inc.	First Lien Revolving Loan	(10)(13)	SOFR + 5.00%, 2.00% Floor	8.70%	3/31/2027		10,921		10,726			10,656		0.8%
Southpaw AP Buyer, LLC	First Lien Term Loan		SOFR + 5.50%, 1.00% Floor	9.32%	3/2/2028		10,539		10,458			10,475		0.8%
Southpaw AP Buyer, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.50%, 1.00% Floor	9.33%	3/2/2028		781		774			776		0.1%
Southpaw AP Buyer, LLC	First Lien Revolving Loan	(10)	SOFR + 5.50%, 1.00% Floor	9.32%	3/2/2028		198		191			193		0.0%
Titan Home Improvement, LLC	First Lien Term Loan		SOFR + 4.75%, 1.00% Floor	8.42%	5/31/2030		24,190		23,831			24,133		1.8%
Titan Home Improvement, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.75%, 1.00% Floor	8.42%	5/29/2026		-		(32	)		(11	)	0.0%
Titan Home Improvement, LLC	First Lien Revolving Loan	(10)	SOFR + 4.75%, 1.00% Floor	8.42%	5/31/2030		-		(53	)		(9	)	0.0%
Total Real Estate Management & Development									189,392			187,365


Portfolio Company 1 2 3 4	Type of Investment	Footnotes	Reference Rate and Spread 5	Interest Rate 5	Maturity 6	Par Amount / Units		Cost 7			Fair Value			Percentage of Net Assets 8
Software
Anaplan Inc.	First Lien Term Loan		SOFR + 4.50%, 0.75% Floor	8.17%	6/21/2029		20,415		20,415			20,300		1.5%
Anaplan Inc.	First Lien Revolving Loan	(10)	SOFR + 4.50%, 0.75% Floor	8.17%	6/21/2028		-		-			(8	)	0.0%
Archduke Buyer, Inc.	First Lien Term Loan		SOFR + 5.50%, 0.50% Floor	9.17%	12/3/2032		8,470		8,390			8,216		0.6%
Archduke Buyer, Inc.	First Lien Revolving Loan	(10)	SOFR + 5.50%, 0.50% Floor	9.17%	12/3/2032		-		(8	)		(26	)	0.0%
Boxer Parent Company, Inc.	First Lien Term Loan	(9)	SOFR + 3.00%	6.67%	7/30/2031		2,552		2,392			2,373		0.2%
Cardinal Parent, Inc.	First Lien Term Loan	(9)	SOFR + 4.50%, 0.75% Floor	8.17%	11/12/2027		2,961		2,882			2,732		0.2%
Diligent Corporation	First Lien Term Loan		SOFR + 5.00%, 0.75% Floor	8.67%	8/2/2030		7,812		7,534			7,696		0.6%
Diligent Corporation	First Lien Term Loan		SOFR + 5.00%, 0.75% Floor	8.67%	8/2/2030		45,568		45,453			44,893		3.3%
Diligent Corporation	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.00%, 0.75% Floor	8.67%	4/30/2026		-		(22	)		(61	)	0.0%
Diligent Corporation	First Lien Revolving Loan	(10)	SOFR + 5.00%, 0.75% Floor	8.67%	8/2/2030		1,319		1,273			1,231		0.1%
Flexera Software LLC	First Lien Term Loan		SOFR + 4.50%, 0.50% Floor	8.15%	8/16/2032		4,781		4,771			4,672		0.3%
Flexera Software LLC	First Lien Term Loan		EURIBOR + 4.50%, 0.50% Floor	6.45%	8/16/2032		2,836		3,312			3,201		0.2%
Flexera Software LLC	First Lien Revolving Loan	(10)	SOFR + 4.50%, 0.50% Floor	8.15%	8/16/2032		-		(2	)		(24	)	0.0%
Fullsteam Holdco L.P. LLC	Unsecured Note		N/A	13.00% PIK	8/9/2032		19,015		18,782			18,465		1.3%
Fullsteam Operations LLC	First Lien Term Loan		SOFR + 5.25%, 0.75% Floor	8.89%	8/8/2031		27,500		27,247			26,958		2.0%
Fullsteam Operations LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.25%, 0.75% Floor	8.89%	8/8/2027		-		(41	)		(181	)	0.0%
Fullsteam Operations LLC	First Lien Revolving Loan	(10)	SOFR + 5.25%, 0.75% Floor	8.89%	8/8/2031		-		(30	)		(66	)	0.0%
GovDelivery Holdings LLC	First Lien Term Loan		SOFR + 5.50% (incl 2.00% PIK), 0.75% Floor	9.17%	1/17/2031		15,930		15,827			15,930		1.2%
GovDelivery Holdings LLC	First Lien Delayed Draw Term Loan		SOFR + 5.00% (incl 2.00% PIK), 0.75% Floor	8.92%	1/17/2031		2,360		2,339			2,360		0.2%
GovDelivery Holdings LLC	First Lien Revolving Loan	(10)	ABR + 4.00%	10.75%	1/17/2031		-		(15	)		-		0.0%
GS Acquisitionco, Inc.	First Lien Term Loan		SOFR + 5.25%, 1.00% Floor	8.95%	5/25/2028		38,731		38,680			37,860		2.8%
GS Acquisitionco, Inc.	First Lien Delayed Draw Term Loan		SOFR + 5.25%, 1.00% Floor	8.95%	5/25/2028		526		525			515		0.0%
GS Acquisitionco, Inc.	First Lien Revolving Loan	(10)	SOFR + 5.25%, 1.00% Floor	8.95%	5/25/2028		566		564			542		0.0%
Helpsystems Holdings, Inc.	Second Lien Term Loan		SOFR + 9.00% PIK, 2.00% Floor	12.76%	5/19/2029		10,414		10,254			8,290		0.6%
Hyland Software, Inc	First Lien Term Loan		SOFR + 5.00%, 0.75% Floor	8.70%	9/19/2030		24,732		24,474			24,447		1.8%
Hyland Software, Inc	First Lien Revolving Loan	(10)	SOFR + 5.00%, 0.75% Floor	8.70%	9/19/2029		-		(10	)		(14	)	0.0%
Kona Buyer, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.50%, 0.75% Floor	8.16%	6/27/2027		-		(7	)		(15	)	0.0%
Kona Buyer, LLC	First Lien Revolving Loan	(10)	SOFR + 4.50%, 0.75% Floor	8.16%	7/23/2031		-		(2	)		(2	)	0.0%
Mandolin Technology Intermediate Holdings, Inc.	Second Lien Term Loan		SOFR + 6.50% PIK, 1.00% Floor	10.30%	7/30/2029		18,692		18,596			14,823		1.1%
MRI Software LLC	First Lien Term Loan		SOFR + 4.75%, 1.00% Floor	8.45%	2/10/2028		5,022		5,019			4,975		0.4%
MRI Software LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.75%, 1.00% Floor	8.44%	2/10/2028		6,344		6,298			6,190		0.5%
MRI Software LLC	First Lien Revolving Loan	(10)	SOFR + 4.75%, 1.00% Floor	8.45%	2/10/2028		633		623			609		0.0%
oneZero Financial Systems, LLC	First Lien Term Loan		SOFR + 5.00%, 0.75% Floor	8.66%	10/7/2031		26,654		26,439			26,286		1.9%
oneZero Financial Systems, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.00%, 0.75% Floor	8.66%	10/7/2031		1,573		1,548			1,508		0.1%
oneZero Financial Systems, LLC	First Lien Revolving Loan	(10)	SOFR + 5.00%, 0.75% Floor	8.66%	10/7/2031		-		(27	)		(47	)	0.0%
Orion Advisor Solutions INC.	Second Lien Term Loan		SOFR + 5.75%, 1.00% Floor	9.42%	12/31/2030		19,800		19,713			19,256		1.4%
Propio LS, LLC	First Lien Term Loan		SOFR + 4.75%, 0.75% Floor	8.45%	5/13/2030		6,765		6,705			6,724		0.5%
Propio LS, LLC	First Lien Revolving Loan	(10)	SOFR + 4.75%, 0.75% Floor	8.45%	5/13/2030		81		80			80		0.0%


Portfolio Company 1 2 3 4	Type of Investment	Footnotes	Reference Rate and Spread 5	Interest Rate 5	Maturity 6	Par Amount / Units		Cost 7			Fair Value			Percentage of Net Assets 8
Software (continued)
Saab Purchaser, Inc	First Lien Term Loan		SOFR + 4.50%, 0.75% Floor	8.20%	11/12/2031		7,136		7,070			7,010		0.5%
Saab Purchaser, Inc	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.50%, 0.75% Floor	8.20%	9/22/2027		-		(32	)		(122	)	0.0%
Saab Purchaser, Inc	First Lien Revolving Loan	(10)	SOFR + 4.50%, 0.75% Floor	8.20%	11/12/2031		-		(9	)		(17	)	0.0%
Simplifi Holdings, Inc.	First Lien Term Loan		SOFR + 5.25%, 0.75% Floor	9.02%	12/29/2028		25,956		25,752			25,956		1.9%
Simplifi Holdings, Inc.	First Lien Revolving Loan	(10)	SOFR + 5.25%, 0.75% Floor	9.02%	6/29/2029		1,120		1,098			1,120		0.1%
Skywalker Purchaser, LLC	First Lien Delayed Draw Term Loan		SOFR + 4.50%, 0.75% Floor	8.16%	7/23/2031		1,881		1,873			1,872		0.1%
Skywalker Purchaser, LLC	First Lien Delayed Draw Term Loan		SOFR + 4.50%, 0.75% Floor	8.16%	7/23/2031		2,112		2,103			2,102		0.2%
Sovos Compliance LLC	First Lien Term Loan	(9)	SOFR + 3.25%	6.92%	8/13/2029		2,109		1,931			2,008		0.1%
Tamarack Intermediate, L.L.C.	First Lien Term Loan		SOFR + 5.00%, 0.75% Floor	8.67%	3/12/2029		20,679		20,469			20,441		1.5%
Tamarack Intermediate, L.L.C.	First Lien Revolving Loan	(10)	SOFR + 5.00%, 0.75% Floor	8.67%	3/12/2029		-		(26	)		(40	)	0.0%
Trintech, Inc.	First Lien Term Loan		SOFR + 4.75%, 0.75% Floor	8.42%	1/28/2033		12,446		12,327			12,322		0.9%
Trintech, Inc.	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.75%, 0.75% Floor	8.42%	1/29/2028		-		(10	)		(21	)	0.0%
Trintech, Inc.	First Lien Revolving Loan	(10)	SOFR + 4.75%, 0.75% Floor	8.42%	1/28/2033		-		(17	)		(17	)	0.0%
Total Software									392,500			383,302

Technology Hardware, Storage & Peripherals
LYTX, INC.	First Lien Term Loan		SOFR + 5.00%, 1.00% Floor	8.78%	2/28/2028		19,661		19,661			19,661		1.4%
Technology Hardware, Storage & Peripherals									19,661			19,661

Total Debt Investments									2,908,965			2,883,007


Portfolio Company 1 2 3 4	Type of Investment	Footnotes	Interest Rate 5	Acquisition Date	Par Amount / Units		Cost 7		Fair Value		Percentage of Net Assets 8
Preferred Equity - 2.6%
Financial Services
Eclipse Buyer, Inc.	Preferred Equity		12.50% PIK	9/6/2024		3,939		3,872		3,904	0.3%
MC CIF Wealth Management (UK) Ltd.	Preferred Equity	(13)	12.00% PIK	8/12/2025		2,694		2,669		2,673	0.2%
MC CIF Wealth Management (UK) Ltd.	Preferred Equity	(13)	12.00% (incl. 6.00 PIK)	8/12/2025		2,596		2,571		2,558	0.2%
Total Financial Services								9,112		9,135

Health Care Technology
Imagine Acquisition, Inc.	Preferred Equity	(14)	N/A	11/16/2021		2,000		2,000		3,080	0.2%
Total Health Care Technology								2,000		3,080

Insurance
Galway Partners Holdings LLC	Preferred Equity		14.00% PIK	4/28/2023		14,959		14,792		14,810	1.1%
Total Insurance								14,792		14,810

Real Estate Management & Development
ACC Ultimate Holdings, L.P.	Preferred Equity		N/A	12/9/2025		44		272		544	0.0%
Total Real Estate Management & Development								272		544

Software
GT Polaris Holdings, Inc	Preferred Equity		12.50% PIK	6/6/2022		8,348		8,297		8,050	0.6%
Total Software								8,297		8,050

Total Preferred Equity Investments								34,473		35,619


Portfolio Company 1 2 3 4	Type of Investment	Footnotes	Interest Rate 5	Acquisition Date	Par Amount / Units		Cost 7		Fair Value		Percentage of Net Assets 8
Common Equity and Warrants - 1.1%
Capital Markets
Resolute Investment Managers, Inc.	Equity	(14)	N/A	12/29/2023		58		1,249		1,502	0.1%
Winterfell Co-Invest SCSP	Equity	(14)	N/A	9/19/2022		3,586		3,635		7,208	0.5%
Total Capital Markets								4,884		8,710

Health Care Providers & Services
New Giving Acquisition, Inc.	Equity	(14)	N/A	8/19/2022		2		-		1,112	0.1%
Total Health Care Providers & Services								-		1,112

Professional Services
THL Fund IX Investors (Plymouth), L.P.	Equity	(12)(14)	N/A	9/1/2023		3,175		3,175		5,633	0.4%
Total Professional Services								3,175		5,633

Real Estate Management & Development
ACC Ultimate Holdings, L.P.	Equity		N/A	5/8/2024		375		3,750		282	0.0%
Total Real Estate Management & Development								3,750		282

Total Common Equity and Warrants Investments								11,809		15,737

Total Non-Controlled/Non-Affiliated Investments							$	2,955,247	$	2,934,363


Portfolio Company 1 2 3 4	Type of Investment	Footnotes	Interest Rate 5	Acquisition Date	Par Amount / Units		Cost 7		Fair Value		Percentage of Net Assets 8
Controlled/Affiliated - Investments
Common Equity - 0.7%
Professional Services
SPV CA IX, LLC	Equity	(10)(12)(14)(15)	N/A	7/18/2025		8,972		8,740		9,404	0.7%
Total Professional Services								8,740		9,404

Total Common Equity Investments							$	8,740	$	9,404

Total Controlled/Affiliated Investments							$	8,740	$	9,404


Description	Hedging Item	Footnotes	Company Receives	Company Pays	Counterparty	Maturity Date		Notional Amount		Fair Value		Unrealized Appreciation / (Depreciation)
Derivative Instruments
Interest Rate Swap	2029 Notes	(9)	6.70%	SOFR + 2.99%	Goldman Sachs Bank USA	4/10/2029			100,000		59		40
Interest Rate Swap	2030 Notes	(9)	6.26%	SOFR + 2.57%	Goldman Sachs Bank USA	11/15/2029			120,000		53		32
Total Derivative Instruments								$	220,000	$	112	$	72

TOTAL INVESTMENTS						$	2,963,987	$	2,943,879

(1)

All of the Company’s investments are domiciled in the United States except for Apex Group Treasury LLC, Barings Middle Market CLO Ltd., Flow Traders Holding, LLC, Howden UK Refinance PLC, Inizio Group Limited, LendDirect Trust, MC CIF Wealth Management (UK) Ltd., New Mountain Guardian IV Income Rated Feeder II, Ltd., New Mountain Guardian IV Income Rated Feeder III, Ltd., and Syntax USA Holding Corporation, which are domiciled in Ireland, Cayman Islands, Bermuda, United Kingdom, United Kingdom, Canada, United Kingdom, Bermuda, Cayman Islands, and Canada, respectively.

(2)

Unless otherwise indicated, all securities are valued using significant unobservable inputs, which are categorized as Level 3 assets under the definition of ASC 820 fair value hierarchy.

(3)

All investments were qualifying assets as defined under Section 55(a) of the Investment Company Act of 1940, as amended (the "1940 Act"), except for ALP CFO 2024, L.P., Apex Group Treasury LLC, Barings Middle Market CLO Ltd., Best Egg Asset Structured Pass Through Master Trust, Churchill Middle Market CLO Ltd., Coller Private Equity Backed Notes & Loans II-A L.P., Exeter Short Term Funding LLC, Flow Traders Holding, LLC, Howden UK Refinance PLC, Inizio Group Limited, Ivy Hill Asset Management, L.P., Ivy Hill Middle Market Credit Fund XII Ltd, LendDirect Trust, LendingTree, Inc., MC CIF Wealth Management (UK) Ltd., New Mountain Guardian IV Income Rated Feeder II, Ltd., New Mountain Guardian IV Income Rated Feeder III, Ltd., Redwood Trust, Inc., and Syntax USA Holding Corporation.

(4)

As of March 31, 2026, all investments are pledged as collateral unless otherwise stated.

(5)

The majority of the securities bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate ("SOFR"), which at March 31, 2026 was 3.68%; Alternate Base Rate ("ABR"), which at March 31, 2026 was 6.75%; and the Euro Interbank Offered Rate ("EURIBOR"), which at March 31, 2026 was 1.89%. For each such security, the Company has provided the applicable spread over SOFR, ABR and EURIBOR and the current contractual interest rate in effect at March 31, 2026. Certain investments contain a Payment-in-Kind (“PIK”) provision. SOFR based contracts may include a credit spread adjustment, which is included within the stated all-in interest rate, if applicable, that is charged in addition to the base rate and the stated spread.

(6)

The date disclosed represents the expiration of the commitment period of the unfunded term loan. Upon expiration of the commitment period, the funded portion of the term loan may be subject to a longer maturity date.

(7)

Cost represents the original cost adjusted for amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.

(8)

Percentage is based on net assets of $1,380,399 as of March 31, 2026.

(9)

Represents securities categorized as Level 2 assets under the definition of ASC 820 fair value hierarchy.

(10)

This investment has an unfunded commitment as of March 31, 2026. For further details, see Note 5. Fair value includes an analysis of the unfunded commitment.

(11)

Securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities represent a fair value of $18,143 or 1.3% of net assets as of March 31, 2026 and are considered restricted.

(12)

Investment measured at net asset value (“NAV”)

(13)

This investment is treated as a non-qualifying investment under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of March 31, 2026, non-qualifying assets totaled 5.4% of the Company's total assets.

(14)

Securities are non-income producing.

(15)

As defined in the 1940 Act, the Company is deemed to be both an "affiliated person" and "control" the portfolio company because it owns more than 25% of the portfolio company's outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company (including through a management agreement). Transactions for the three months ended March 31, 2026 in which the portfolio company is deemed to be a "Control Investment" of the Company were as follows:


Portfolio Company	Asset Type	Fair value at December 31, 2025		Transfers in (out)		Purchases (cost)		Sales and paydowns		PIK interest (cost)		Amortization		Net realized gain (loss)		Net unrealized gain (loss)		Fair value at March 31, 2026
Controlled/affiliated company investment:
SPV CA IX, LLC	Equity	$	5,820	$	—	$	3,423	$	—	$	—	$	—	$	—	$	161	$	9,404
Total controlled/affiliated company investments		$	5,820	$	—	$	3,423	$	—	$	—	$	—	$	—	$	161	$	9,404


		Three Months Ended March 31,
		2026						2025
Portfolio Company	Asset Type	Interest Income		Dividend Income		Fee Income		Interest Income	Dividend Income	Fee Income
Controlled/affiliated company investments:
SPV CA IX, LLC	Equity	$	—	$	—	$	—	n/a	n/a	n/a
Total controlled affiliated company investments		$	—	$	—	$	—	n/a	n/a	n/a

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


Portfolio Company 1 2 3 4	Type of Investment	Footnotes	Reference Rate and Spread 5	Interest Rate 5	Maturity 6	Par Amount / Units		Cost 7			Fair Value			Percentage of Net Assets 8
Non-Controlled/Non-Affiliated Investments
Debt Investments - 206.0%
Capital Markets
Cliffwater, LLC	First Lien Term Loan		SOFR + 4.75%, 0.75% Floor	8.47%	4/22/2032		43,704	$	43,168		$	43,551		3.2%
Cliffwater, LLC	First Lien Revolving Loan	(10)	SOFR + 4.75%, 0.75% Floor	8.47%	4/22/2032		-		(69	)		(20	)	0.0%
Wharf Street Ratings Acquisition LLC	First Lien Term Loan		SOFR + 4.75%, 0.75% Floor	8.47%	9/16/2032		65,262		64,622			64,936		4.7%
Wharf Street Ratings Acquisition LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.75%, 0.75% Floor	8.47%	9/16/2027		-		(35	)		(36	)	0.0%
Wharf Street Ratings Acquisition LLC	First Lien Revolving Loan	(10)	SOFR + 4.75%, 0.75% Floor	8.47%	9/16/2032		-		(72	)		(37	)	0.0%
Total Capital Markets									107,614			108,394

Consumer Finance
ACM ASOF VIII LClub LLC	First Lien Term Loan		N/A	13.00%	6/30/2030		6,106		6,080			6,242		0.5%
Best Egg Asset Structured Pass Through Master Trust	Unsecured Note	(11)(13)	N/A	0.00%	9/15/2035		5		906			906		0.1%
Best Egg Asset Structured Pass Through Master Trust	Unsecured Note	(11)(13)	N/A	0.00%	1/15/2035		2		383			509		0.0%
Best Egg Asset Structured Pass Through Master Trust	Unsecured Note	(11)(13)	N/A	0.00%	3/15/2035		2		289			389		0.0%
Best Egg Asset Structured Pass Through Master Trust	Unsecured Note	(11)(13)	N/A	0.00%	4/15/2035		2		495			577		0.0%
Best Egg Asset Structured Pass Through Master Trust	Unsecured Note	(11)(13)	N/A	0.00%	2/21/2035		2		518			596		0.0%
Best Egg Asset Structured Pass Through Master Trust	Unsecured Note	(11)(13)	N/A	0.00%	11/15/2035		5		937			937		0.1%
Equinox Buyer LLC	First Lien Term Loan		SOFR + 5.25%, 1.00% Floor	9.11%	9/9/2031		35,224		34,716			34,724		2.5%
Equinox Buyer LLC	First Lien Revolving Loan	(10)	SOFR + 5.25%, 1.00% Floor	9.11%	9/9/2031		-		(68	)		(68	)	0.0%
Exeter Short Term Funding LLC	First Lien Revolving Loan	(10)(13)	SOFR + 5.50%, 2.00% Floor	9.37%	2/9/2026		22,370		22,236			22,370		1.6%
Total Consumer Finance									66,492			67,182

Diversified Consumer Services
Harbor Purchaser Inc,	Second Lien Term Loan	(9)	SOFR + 8.50%, 0.50% Floor	12.22%	4/8/2030		12,500		12,334			9,022		0.7%
Houghton Mifflin Harcourt Co	First Lien Term Loan	(9)	SOFR + 5.25%, 0.50% Floor	9.07%	4/9/2029		4,936		4,891			4,369		0.3%
Total Diversified Consumer Services									17,225			13,391

Financial Services
ALP CFO 2024, L.P.	Unsecured Note	(13)	N/A	10.04%	10/15/2036		11,356		11,355			11,547		0.8%
Apex Group Treasury LLC	First Lien Term Loan	(9)(13)	SOFR + 3.50%	7.39%	2/27/2032		27,783		26,255			26,255		1.9%
Beacon Pointe Harmony, LLC	First Lien Term Loan		SOFR + 4.50%, 0.75% Floor	8.22%	12/29/2028		22,989		22,755			22,989		1.7%
Beacon Pointe Harmony, LLC	First Lien Delayed Draw Term Loan		SOFR + 4.50%, 0.75% Floor	8.22%	12/29/2028		10,948		10,771			10,948		0.8%
Beacon Pointe Harmony, LLC	First Lien Delayed Draw Term Loan		SOFR + 4.50%, 0.75% Floor	8.22%	12/29/2028		11,081		11,022			11,081		0.8%
Beacon Pointe Harmony, LLC	First Lien Delayed Draw Term Loan		SOFR + 4.50%, 0.75% Floor	8.23%	12/29/2028		11,944		11,882			11,944		0.9%
Beacon Pointe Harmony, LLC	First Lien Revolving Loan	(10)	SOFR + 4.50%, 0.75% Floor	8.22%	12/29/2027		-		(20	)		-		0.0%
Barings Middle Market CLO Ltd.	Unsecured Note	(13)	SOFR + 6.17%	10.07%	4/15/2037		5,475		5,421			5,420		0.4%
Bottomline Technologies, Inc.	First Lien Term Loan		SOFR + 4.50%, 0.75% Floor	8.17%	5/14/2029		39,444		38,990			39,444		2.9%
Bottomline Technologies, Inc.	First Lien Revolving Loan	(10)	SOFR + 4.50%, 0.75% Floor	8.17%	5/15/2028		-		(30	)		-		0.0%


Portfolio Company 1 2 3 4	Type of Investment	Footnotes	Reference Rate and Spread 5	Interest Rate 5	Maturity 6	Par Amount / Units		Cost 7			Fair Value			Percentage of Net Assets 8
Financial Services (continued)
Cerity Partners Equity Holding LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.50%, 0.75% Floor	8.17%	12/20/2027		-		(60	)		(121	)	0.0%
Cerity Partners Equity Holding LLC	First Lien Revolving Loan	(10)	SOFR + 4.50%, 0.75% Floor	8.17%	7/28/2031		363		352			352		0.0%
Choreo Buyer LLC.	First Lien Term Loan		SOFR + 5.00%, 1.00% Floor	8.72%	2/18/2028		5,099		5,039			5,078		0.4%
Choreo Buyer LLC.	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.00%, 1.00% Floor	8.72%	2/18/2028		248		164			183		0.0%
Churchill Middle Market CLO Ltd.	Unsecured Note	(13)	SOFR + 6.85%	10.71%	4/27/2037		1,570		1,570			1,570		0.1%
Coller Private Equity Backed Notes & Loans II-A L.P.	Unsecured Note	(10)(13)	SOFR + 5.20%	9.19%	4/30/2037		2,549		2,518			2,576		0.2%
Eclipse Buyer, Inc.	First Lien Term Loan		SOFR + 4.50%, 0.50% Floor	8.25%	9/8/2031		12,590		12,486			12,554		0.9%
Eclipse Buyer, Inc.	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.50%, 0.50% Floor	8.25%	9/7/2026		-		(9	)		(6	)	0.0%
Eclipse Buyer, Inc.	First Lien Revolving Loan	(10)	SOFR + 4.50%, 0.50% Floor	8.25%	9/8/2031		-		(9	)		(3	)	0.0%
Flow Traders Holding, LLC	First Lien Term Loan	(13)	SOFR + 5.00%	8.84%	10/29/2031		29,612		29,174			29,168		2.1%
Flow Traders Holding, LLC	First Lien Revolving Loan	(10)(13)	SOFR + 5.00%	8.84%	10/29/2031		-		(168	)		(173	)	0.0%
GC Waves Holdings, Inc.	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.50%	8.22%	10/4/2030		1,007		957			908		0.1%
HBWM Intermediate II, LLC	First Lien Term Loan		SOFR + 4.75%, 0.75% Floor	8.47%	11/17/2031		4,548		4,529			4,528		0.3%
HBWM Intermediate II, LLC	First Lien Delayed Draw Term Loan		SOFR + 4.75%, 0.75% Floor	8.47%	11/17/2031		5,457		5,435			5,433		0.4%
HBWM Intermediate II, LLC	First Lien Revolving Loan	(10)	SOFR + 4.75%, 0.50% Floor	8.47%	8/18/2031		605		596			600		0.0%
Ivy Hill Asset Management, L.P.	Unsecured Note	(13)	N/A	9.00%	6/29/2028		4,300		4,300			4,432		0.3%
Ivy Hill Middle Market Credit Fund XII Ltd	Unsecured Note	(13)	SOFR + 6.26%	10.13%	4/20/2037		4,421		4,421			4,421		0.3%
LendingTree LLC	First Lien Term Loan	(9)(13)	SOFR + 4.50%	8.22%	8/21/2030		4,490		4,446			4,489		0.3%
MAI Capital Management Intermediate LLC	First Lien Term Loan		SOFR + 4.75%, 0.75% Floor	8.42%	8/29/2031		6,876		6,817			6,811		0.5%
MAI Capital Management Intermediate LLC	First Lien Delayed Draw Term Loan		SOFR + 4.75%, 0.75% Floor	8.42%	8/29/2031		4,061		4,026			4,023		0.3%
MAI Capital Management Intermediate LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.75%, 0.75% Floor	8.42%	8/29/2031		2,431		2,398			2,388		0.2%
MAI Capital Management Intermediate LLC	First Lien Revolving Loan	(10)	SOFR + 4.75%, 0.75% Floor	8.44%	8/29/2031		368		352			350		0.0%
Ministry Brands Holdings, LLC	First Lien Term Loan		SOFR + 5.50%, 0.75% Floor	9.32%	12/28/2028		16,993		16,910			16,812		1.2%
Ministry Brands Holdings, LLC	First Lien Delayed Draw Term Loan		SOFR + 5.50%, 1.00% Floor	9.32%	12/28/2028		1,719		1,714			1,700		0.1%
Ministry Brands Holdings, LLC	First Lien Revolving Loan	(10)	ABR + 4.50%, 0.75% Floor	11.25%	12/30/2027		141		136			123		0.0%
Minotaur Acquisition, Inc.	First Lien Term Loan		SOFR + 5.00%, 1.00% Floor	8.72%	5/10/2030		1,459		1,444			1,444		0.1%
Minotaur Acquisition, Inc.	First Lien Term Loan		SOFR + 5.00%, 1.00% Floor	8.72%	5/10/2030		20,093		19,773			19,892		1.5%
Minotaur Acquisition, Inc.	First Lien Delayed Draw Term Loan		SOFR + 5.00%, 1.00% Floor	8.72%	5/10/2030		3,401		3,342			3,367		0.2%
Minotaur Acquisition, Inc.	First Lien Delayed Draw Term Loan		SOFR + 5.00%, 1.00% Floor	8.72%	5/10/2030		3,255		3,203			3,223		0.2%
Minotaur Acquisition, Inc.	First Lien Revolving Loan	(10)	SOFR + 5.00%, 1.00% Floor	8.72%	5/10/2030		-		(30	)		(20	)	0.0%
New Mountain Guardian IV Income Rated Feeder II, Ltd.	Unsecured Note	(13)	SOFR + 8.40%	12.09%	4/3/2037		1,000		1,000			1,017		0.1%
New Mountain Guardian IV Income Rated Feeder III, Ltd.	Unsecured Note	(13)	SOFR + 5.10%	8.79%	8/28/2037		1,689		1,689			1,720		0.1%
New Mountain Guardian IV Income Rated Feeder III, Ltd.	Unsecured Note	(13)	SOFR + 7.50%	11.19%	8/28/2037		8,050		8,050			8,182		0.6%
New Mountain Guardian IV Income Rated Feeder III, Ltd.	Unsecured Note	(13)	SOFR + 8.02%	11.71%	8/28/2037		5,885		5,804			5,979		0.4%
Nexus Buyer LLC	Second Lien Term Loan	(9)	SOFR + 5.75%	9.47%	1/14/2032		23,124		22,898			22,962		1.7%
Orion US Finco	Second Lien Term Loan	(9)	SOFR + 5.50%	9.43%	10/10/2033		10,000		9,908			10,100		0.7%
Payscape Buyer, Inc.	First Lien Term Loan		SOFR + 4.75%, 1.00% Floor	8.47%	10/29/2027		1,060		1,055			1,060		0.1%
Payscape Buyer, Inc.	First Lien Term Loan		SOFR + 4.75%, 0.75% Floor	8.47%	10/29/2027		14,728		14,612			14,728		1.1%
Payscape Buyer, Inc.	Second Lien Term Loan		SOFR + 8.00%, 1.00% Floor	11.72%	4/28/2028		245		244			245		0.0%
Payscape Buyer, Inc.	Second Lien Term Loan		SOFR + 8.00%, 1.00% Floor	11.72%	4/28/2028		1,250		1,217			1,250		0.1%
Payscape Buyer, Inc.	Second Lien Term Loan		SOFR + 8.00%, 1.00% Floor	11.72%	4/28/2028		3,461		3,461			3,461		0.3%
Payscape Buyer, Inc.	Second Lien Delayed Draw Term Loan		SOFR + 8.00%, 1.00% Floor	11.72%	4/28/2028		539		539			539		0.0%
Payscape Buyer, Inc.	First Lien Revolving Loan	(10)	SOFR + 4.75%, 0.75% Floor	8.47%	10/29/2027		-		(2	)		-		0.0%
TA/WEG Intermediate Holdings, LLC	First Lien Delayed Draw Term Loan		SOFR + 4.50%, 1.00% Floor	8.49%	10/2/2028		1,459		1,448			1,453		0.1%
TA/WEG Intermediate Holdings, LLC	First Lien Delayed Draw Term Loan		SOFR + 4.50%, 1.00% Floor	8.49%	10/2/2028		1,462		1,440			1,456		0.1%
TA/WEG Intermediate Holdings, LLC	First Lien Delayed Draw Term Loan		SOFR + 4.50%, 1.00% Floor	8.49%	10/2/2028		13,054		12,972			12,995		0.9%
TA/WEG Intermediate Holdings, LLC	First Lien Delayed Draw Term Loan		SOFR + 4.50%, 1.00% Floor	8.49%	10/2/2028		15,405		15,368			15,336		1.1%
TA/WEG Intermediate Holdings, LLC	First Lien Delayed Draw Term Loan		SOFR + 4.50%, 1.00% Floor	8.49%	10/2/2028		11,960		11,826			11,906		0.9%
TA/WEG Intermediate Holdings, LLC	First Lien Revolving Loan	(10)	SOFR + 4.50%, 1.00% Floor	8.49%	10/2/2028		-		(17	)		(9	)	0.0%
The Edelman Financial Engines Center LLC	Second Lien Term Loan	(9)	SOFR + 5.25%	8.97%	10/6/2028		10,100		10,085			10,104		0.7%
WEG Sub Intermediate Holdings, LLC	Unsecured Note		N/A	13.00% PIK	5/26/2033		15,395		15,207			15,406		1.1%
Total Financial Services									413,031			415,620


Portfolio Company 1 2 3 4	Type of Investment	Footnotes	Reference Rate and Spread 5	Interest Rate 5	Maturity 6	Par Amount / Units		Cost 7			Fair Value			Percentage of Net Assets 8
Health Care Providers & Services
Acentra Holdings, LLC	First Lien Term Loan		SOFR + 5.50%, 0.50% Floor	9.17%	12/17/2029		14,705		14,303			14,655		1.1%
Acentra Holdings, LLC	First Lien Term Loan		SOFR + 5.50%, 0.50% Floor	9.17%	12/17/2029		2,846		2,814			2,837		0.2%
Acentra Holdings, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.50%, 0.50% Floor	9.17%	3/19/2026		-		(45	)		(30	)	0.0%
Acentra Holdings, LLC	First Lien Revolving Loan	(10)	SOFR + 5.50%, 0.50% Floor	9.17%	12/17/2029		-		(20	)		(5	)	0.0%
Action Behavior Centers Therapy LLC	First Lien Term Loan		SOFR + 5.25%, 0.75% Floor	8.97%	7/2/2031		33,448		33,016			33,197		2.4%
Action Behavior Centers Therapy LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.25%, 0.75% Floor	8.97%	7/2/2031		2,194		2,142			2,148		0.2%
Action Behavior Centers Therapy LLC	First Lien Revolving Loan	(10)	SOFR + 5.25%, 0.75% Floor	8.97%	7/2/2031		-		(36	)		(23	)	0.0%
Belmont Buyer, Inc.	First Lien Term Loan		SOFR + 5.25%, 1.00% Floor	8.94%	6/21/2029		16,284		16,140			16,022		1.2%
Belmont Buyer, Inc.	First Lien Term Loan		SOFR + 6.50%, 1.00% Floor	10.19%	6/21/2029		17,998		17,638			17,998		1.3%
Belmont Buyer, Inc.	First Lien Delayed Draw Term Loan		SOFR + 6.50%, 1.00% Floor	10.24%	6/21/2029		4,272		4,185			4,272		0.3%
Belmont Buyer, Inc.	First Lien Delayed Draw Term Loan		SOFR + 5.25%, 1.00% Floor	8.94%	6/21/2029		1,943		1,918			1,912		0.1%
Belmont Buyer, Inc.	First Lien Revolving Loan	(10)	SOFR + 6.50%, 1.00% Floor	10.19%	6/21/2029		-		(38	)		-		0.0%
Chartis Group, LLC	First Lien Term Loan		SOFR + 4.25%, 0.75% Floor	7.95%	9/17/2031		8,142		8,075			8,117		0.6%
Chartis Group, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.25%, 0.75% Floor	7.92%	9/17/2031		419		406			411		0.0%
Chartis Group, LLC	First Lien Revolving Loan	(10)	SOFR + 4.25%, 0.75% Floor	7.95%	9/17/2031		-		(10	)		(4	)	0.0%
Continental Buyer, Inc	First Lien Term Loan		SOFR + 4.50%, 0.75% Floor	8.22%	4/2/2031		28,601		28,233			28,461		2.1%
Continental Buyer, Inc	First Lien Term Loan		SOFR + 4.50%, 0.75% Floor	8.22%	4/2/2031		3,430		3,413			3,413		0.2%
Continental Buyer, Inc	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.50%, 0.75% Floor	8.22%	4/21/2028		-		(2	)		(3	)	0.0%
Continental Buyer, Inc	First Lien Delayed Draw Term Loan		SOFR + 4.50%, 0.75% Floor	8.22%	4/2/2031		3,499		3,482			3,481		0.3%
Continental Buyer, Inc	First Lien Revolving Loan	(10)	SOFR + 4.50%, 0.75% Floor	8.22%	4/2/2031		-		(43	)		(24	)	0.0%
CORA Health Holdings Corp.	First Lien Term Loan		SOFR + 5.75%, 1.00% Floor	9.72%	6/15/2027		14,156		14,101			13,208		1.0%
CORA Health Holdings Corp.	First Lien Delayed Draw Term Loan		SOFR + 5.75%, 1.00% Floor	9.72%	6/15/2027		234		234			219		0.0%
Covetrus, Inc.	First Lien Term Loan	(9)	SOFR + 5.00%, 0.50% Floor	8.67%	10/12/2029		8,174		7,870			7,368		0.5%
Giving Home Health Care	First Lien Term Loan		SOFR + 6.25%	10.23%	4/26/2029		45,152		45,083			44,732		3.3%
Headlands Buyer, Inc.	First Lien Term Loan		SOFR + 4.50%, 0.75% Floor	8.49%	9/29/2032		28,060		27,786			27,785		2.0%
Headlands Buyer, Inc.	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.50%, 0.75% Floor	8.49%	9/29/2027		-		(55	)		(111	)	0.0%
Headlands Buyer, Inc.	First Lien Revolving Loan	(10)	SOFR + 4.50%, 0.75% Floor	8.49%	9/29/2032		-		(54	)		(55	)	0.0%
Jerry Erwin Associates, LLC	First Lien Term Loan		SOFR + 6.75%, 1.00% Floor	10.49%	10/15/2030		16,844		16,352			16,338		1.2%
Kwol Acquisition Inc	First Lien Term Loan		SOFR + 5.00%	8.72%	12/12/2029		2,379		2,375			2,357		0.2%
Kwol Acquisition Inc	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.00%, 0.75% Floor	8.72%	12/12/2029		1,366		1,353			1,353		0.1%
Kwol Acquisition Inc	First Lien Revolving Loan	(10)	SOFR + 5.00%	8.72%	12/12/2029		-		(1	)		(5	)	0.0%
MB2 Dental Solutions, LLC	First Lien Term Loan		SOFR + 5.50%, 0.75% Floor	9.22%	2/13/2031		53,844		53,437			54,382		4.0%
MB2 Dental Solutions, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.50%, 0.75% Floor	9.22%	2/13/2031		5,805		5,754			5,917		0.4%
MB2 Dental Solutions, LLC	First Lien Delayed Draw Term Loan		SOFR + 5.50%, 0.75% Floor	9.22%	2/13/2031		4,611		4,583			4,657		0.3%
MB2 Dental Solutions, LLC	First Lien Revolving Loan	(10)	SOFR + 5.50%, 0.75% Floor	9.22%	2/13/2031		404		388			404		0.0%
MEDX Holdings, LLC	First Lien Term Loan		SOFR + 4.75%, 0.75% Floor	8.47%	7/21/2032		23,585		23,354			23,358		1.7%
MEDX Holdings, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.75%, 0.75% Floor	8.47%	7/21/2027		-		(46	)		(94	)	0.0%
MEDX Holdings, LLC	First Lien Revolving Loan	(10)	SOFR + 4.75%, 0.75% Floor	8.47%	7/21/2032		-		(43	)		(44	)	0.0%
MIRRA-PRIMEACCESS Holdings, LLC	First Lien Term Loan		SOFR + 6.50%	10.60%	7/29/2026		23,938		23,863			20,368		1.5%
MIRRA-PRIMEACCESS Holdings, LLC	First Lien Revolving Loan	(10)	SOFR + 6.50%, 1.00% Floor	10.60%	7/29/2026		2,055		1,995			1,646		0.1%


Portfolio Company 1 2 3 4	Type of Investment	Footnotes	Reference Rate and Spread 5	Interest Rate 5	Maturity 6	Par Amount / Units		Cost 7			Fair Value			Percentage of Net Assets 8
Health Care Providers & Services (continued)
RCP Nats Purchaser, LLC	First Lien Term Loan		SOFR + 5.00%, 0.75% Floor	8.69%	3/19/2032		40,942		40,462			40,709		3.0%
RCP Nats Purchaser, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.00%, 0.75% Floor	8.69%	3/19/2027		-		(46	)		(47	)	0.0%
RCP Nats Purchaser, LLC	First Lien Revolving Loan	(10)	SOFR + 5.00%, 0.75% Floor	8.69%	3/19/2032		-		(64	)		(33	)	0.0%
RxB Holdings, Inc.	First Lien Term Loan	(9)	SOFR + 5.00%	8.73%	12/20/2027		14,390		14,102			14,228		1.0%
SpecialtyCare, Inc.	First Lien Term Loan		SOFR + 5.00%	8.99%	12/18/2029		13,755		13,726			13,632		1.0%
SpecialtyCare, Inc.	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.00%	8.84%	12/18/2029		124		121			120		0.0%
SpecialtyCare, Inc.	First Lien Revolving Loan	(10)	SOFR + 4.50%, 0.75% Floor	8.99%	6/18/2026		-		(5	)		(10	)	0.0%
Stepping Stones Healthcare Services, LLC	First Lien Term Loan		SOFR + 5.00%	8.67%	1/2/2029		23,581		23,400			23,463		1.7%
Stepping Stones Healthcare Services, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.00%, 0.75% Floor	8.67%	1/2/2029		1,902		1,850			1,867		0.1%
Stepping Stones Healthcare Services, LLC	First Lien Delayed Draw Term Loan		SOFR + 5.00%, 0.75% Floor	8.67%	1/2/2029		5,293		5,257			5,267		0.4%
Stepping Stones Healthcare Services, LLC	First Lien Revolving Loan	(10)	ABR + 4.00%, 0.75% Floor	10.75%	12/29/2026		2,100		2,090			2,082		0.2%
Trinity Partners Holdings, LLC	First Lien Term Loan		SOFR + 4.75%, 0.75% Floor	8.57%	12/31/2030		26,593		26,382			26,593		1.9%
Trinity Partners Holdings, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.75%, 0.75% Floor	8.57%	6/30/2027		-		(103	)		-		0.0%
TST Intermediate Holdings, LLC	First Lien Term Loan		SOFR + 5.50%, 1.00% Floor	9.44%	12/31/2028		15,726		15,680			15,017		1.1%
TST Intermediate Holdings, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.50%, 1.00% Floor	9.44%	12/31/2028		12,685		12,587			11,850		0.9%
TST Intermediate Holdings, LLC	First Lien Revolving Loan	(10)	ABR + 4.25%, 1.00% Floor	11.25%	12/31/2028		374		364			334		0.0%
Total Health Care Providers & Services									519,703			515,690

Health Care Technology
Finthrive Software Intermediate Holdings, Inc.,	First Lien Term Loan	(9)	SOFR + 5.25%	8.94%	12/15/2028		11,057		10,886			10,267		0.7%
Homecare Software Solutions LLC	First Lien Term Loan		SOFR + 5.55% (incl 2.93% PIK), 0.75% Floor	9.28%	6/16/2031		12,147		12,052			12,019		0.9%
Homecare Software Solutions LLC	First Lien Term Loan		SOFR + 5.55% (incl 2.93% PIK), 0.75% Floor	9.28%	6/16/2031		5,181		5,139			5,127		0.4%
Homecare Software Solutions LLC	First Lien Delayed Draw Term Loan		SOFR + 5.55% (incl 2.93% PIK), 0.75% Floor	9.28%	6/16/2031		4,512		4,476			4,464		0.3%
Imagine Acquisition, Inc.	First Lien Term Loan		SOFR + 5.00%, 1.00% Floor	8.98%	11/16/2027		27,781		27,643			27,781		2.0%
Imagine Acquisition, Inc.	First Lien Revolving Loan	(10)	SOFR + 5.00%, 1.00% Floor	8.98%	11/16/2027		-		(22	)		-		0.0%
NextGen Healthcare	First Lien Term Loan		SOFR + 5.25%, 0.75% Floor	9.09%	11/11/2030		9,079		8,979			8,918		0.7%
NextGen Healthcare	First Lien Revolving Loan	(10)	SOFR + 5.25%, 0.75% Floor	9.09%	11/9/2029		-		(9	)		(16	)	0.0%
Project Ruby Ultimate Parent Corp	Second Lien Term Loan		SOFR + 5.25%, 0.75% Floor	9.08%	3/12/2029		15,000		14,938			15,150		1.1%
Total Health Care Technology									84,082			83,710


Portfolio Company 1 2 3 4	Type of Investment	Footnotes	Reference Rate and Spread 5	Interest Rate 5	Maturity 6	Par Amount / Units		Cost 7			Fair Value			Percentage of Net Assets 8
Insurance
Alkeme Intermediary Holdings, LLC	First Lien Term Loan		SOFR + 5.00%, 1.00% Floor	8.67%	5/28/2027		11,521		11,507			11,475		0.8%
Alkeme Intermediary Holdings, LLC	First Lien Delayed Draw Term Loan		SOFR + 5.00%, 1.00% Floor	8.67%	5/28/2027		23,131		23,103			23,039		1.7%
Alkeme Intermediary Holdings, LLC	First Lien Delayed Draw Term Loan		SOFR + 5.00%, 1.00% Floor	8.67%	5/28/2027		9,960		9,939			9,920		0.7%
Amerilife Holdings LLC	First Lien Term Loan		SOFR + 5.00%, 0.75% Floor	8.79%	8/31/2029		55,797		55,324			55,351		4.0%
Amerilife Holdings LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.00%, 0.75% Floor	8.79%	8/31/2029		7,205		7,132			7,145		0.5%
Amerilife Holdings LLC	First Lien Delayed Draw Term Loan		SOFR + 5.00%, 0.75% Floor	8.79%	8/31/2029		147		146			146		0.0%
AmeriLife Holdings LLC	First Lien Revolving Loan	(10)	SOFR + 5.00%, 0.75% Floor	8.79%	8/31/2028		945		909			900		0.1%
AP Highlands Holdings, L.P.	Unsecured Note		N/A	9.75%	10/16/2028		5,207		5,172			5,207		0.4%
AP Highlands Co-Invest, L.P.	Unsecured Note		N/A	9.75%	10/16/2028		3,184		3,162			3,183		0.2%
Arden Insurance Services LLC	First Lien Term Loan		SOFR + 4.75%, 1.00% Floor	8.42%	11/27/2030		13,039		12,876			12,931		0.9%
Arden Insurance Services LLC	First Lien Revolving Loan	(10)	ABR + 3.75%, 1.00% Floor	10.50%	11/27/2030		498		475			482		0.0%
ARMStrong Receivable Management	First Lien Term Loan		SOFR + 4.75%, 1.00% Floor	8.52%	10/5/2029		8,751		8,733			8,722		0.6%
ARMStrong Receivable Management	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.75%, 1.00% Floor	8.52%	10/06/2026		-		(1	)		(1	)	0.0%
ARMStrong Receivable Management	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.75%, 1.00% Floor	8.74%	10/5/2029		815		809			811		0.1%
ARMStrong Receivable Management	First Lien Revolving Loan	(10)	SOFR + 4.75%, 1.00% Floor	8.52%	10/5/2029		-		1			(1	)	0.0%
Babylon Buyer, Inc.	First Lien Term Loan		SOFR + 5.25%, 0.75% Floor	8.97%	3/8/2030		2,691		2,664			2,664		0.2%
Babylon Buyer, Inc.	First Lien Term Loan		SOFR + 5.50%, 0.75% Floor	9.23%	3/8/2030		35,974		35,284			35,974		2.6%
Babylon Buyer, Inc.	First Lien Revolving Loan	(10)	SOFR + 5.50%, 0.75% Floor	9.23%	3/8/2030		-		(26	)		-		0.0%
Bellwether Buyer, LLC	First Lien Term Loan		SOFR + 4.50%, 0.75% Floor	8.23%	4/15/2032		14,458		14,393			14,391		1.1%
Bellwether Buyer, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.50%, 0.75% Floor	8.23%	10/15/2027		-		(17	)		(35	)	0.0%
Bellwether Buyer, LLC	First Lien Revolving Loan	(10)	SOFR + 4.50%, 0.75% Floor	8.23%	4/15/2032		-		(14	)		(14	)	0.0%
Captive Resources MIDCO, LLC	First Lien Term Loan		SOFR + 4.50%, 0.75% Floor	8.22%	7/2/2029		30,285		29,953			30,285		2.2%
Captive Resources MIDCO, LLC	First Lien Revolving Loan	(10)	SOFR + 4.50%, 0.75% Floor	8.22%	7/1/2028		-		(18	)		-		0.0%
CFC USA 2025 LLC	First Lien Term Loan	(9)	SOFR + 3.75%	7.74%	7/1/2032		20,000		19,336			19,525		1.4%
Euclid Transactional, LLC	First Lien Term Loan		SOFR + 5.50%, 0.75% Floor	10.63%	10/2/2028		71,561		70,802			71,561		5.2%
Foundation Risk Partners, Corp.	First Lien Term Loan		SOFR + 4.75%, 0.75% Floor	8.42%	10/29/2030		3,617		3,618			3,601		0.3%
Foundation Risk Partners, Corp.	First Lien Term Loan		SOFR + 4.75%, 0.75% Floor	8.42%	10/29/2030		33,062		33,062			32,913		2.4%
Foundation Risk Partners, Corp.	First Lien Delayed Draw Term Loan		SOFR + 4.75%, 0.75% Floor	8.42%	10/29/2030		7,588		7,580			7,554		0.6%
Foundation Risk Partners, Corp.	First Lien Delayed Draw Term Loan		SOFR + 4.75%, 0.75% Floor	8.42%	10/29/2030		4,479		4,479			4,459		0.3%
Foundation Risk Partners, Corp.	First Lien Delayed Draw Term Loan		SOFR + 4.75%, 0.75% Floor	8.42%	10/29/2030		15,452		15,451			15,382		1.1%
Foundation Risk Partners, Corp.	First Lien Revolving Loan	(10)	SOFR + 4.75%, 0.75% Floor	8.42%	10/29/2029		881		881			866		0.1%
Galway Borrower LLC	First Lien Term Loan		SOFR + 4.50%, 0.75% Floor	8.17%	9/29/2028		33,598		33,358			33,598		2.5%
Galway Borrower LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.50%, 0.75% Floor	8.17%	9/29/2028		2,201		2,168			2,143		0.2%
Galway Borrower LLC	First Lien Delayed Draw Term Loan		SOFR + 4.50%, 0.75% Floor	8.17%	9/29/2028		17,643		17,379			17,545		1.3%
Galway Borrower LLC	First Lien Revolving Loan	(10)	SOFR + 4.50%, 0.75% Floor	8.19%	9/29/2028		528		522			528		0.0%


Portfolio Company 1 2 3 4	Type of Investment	Footnotes	Reference Rate and Spread 5	Interest Rate 5	Maturity 6	Par Amount / Units		Cost 7			Fair Value			Percentage of Net Assets 8
Insurance (continued)
Redwood Purchaser, INC	First Lien Term Loan		SOFR + 4.75%, 0.75% Floor	8.42%	3/3/2031		20,462		20,228			20,230		1.5%
Redwood Purchaser, INC	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.75%, 0.75% Floor	8.42%	3/3/2027		-		(57	)		(120	)	0.0%
Redwood Purchaser, INC	First Lien Revolving Loan	(10)	SOFR + 4.75%, 0.75% Floor	8.42%	3/3/2031		1,004		950			948		0.1%
THG Acquisition, LLC	First Lien Term Loan		SOFR + 4.75%, 0.75% Floor	8.47%	10/31/2031		26,032		25,806			25,801		1.9%
THG Acquisition, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.75%, 0.75% Floor	8.47%	10/31/2031		1,696		1,663			1,644		0.1%
THG Acquisition, LLC	First Lien Revolving Loan	(10)	SOFR + 4.75%, 0.75% Floor	8.47%	10/31/2031		384		360			358		0.0%
World Insurance Associates, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.00%, 1.00% Floor	8.67%	4/3/2030		6,739		6,698			6,686		0.5%
World Insurance Associates, LLC	First Lien Revolving Loan	(10)	SOFR + 5.00%, 1.00% Floor	8.67%	4/3/2030		-		(3	)		(3	)	0.0%
Worldwide Insurance Network, LLC	First Lien Term Loan		SOFR + 5.00%, 0.75% Floor	9.38%	5/28/2030		23,858		23,576			23,772		1.7%
Worldwide Insurance Network, LLC	First Lien Delayed Draw Term Loan		SOFR + 5.00%, 0.75% Floor	9.48%	5/28/2030		19,105		18,995			19,036		1.4%
Worldwide Insurance Network, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.00%, 0.75% Floor	9.43%	5/28/2030		1,980		1,903			1,925		0.1%
Total Insurance									530,261			532,527

IT Services
Auctane Holdings, LLC	First Lien Term Loan		SOFR + 5.75%, 0.75% Floor	9.58%	10/5/2028		38,800		38,433			38,218		2.8%
Auctane Holdings, LLC	First Lien Term Loan		SOFR + 5.75%, 0.75% Floor	9.58%	10/5/2028		12,731		12,610			12,540		0.9%
DCert Buyer, Inc.	Second Lien Term Loan	(9)	SOFR + 7.00%	10.72%	2/19/2029		8,259		8,180			7,475		0.5%
Evergreen Services Group PIK Holdco, LLC	Unsecured Note		N/A	13.75% PIK	4/7/2031		8,095		7,962			8,147		0.6%
Evergreen Services Group PIK Holdco, LLC	Unsecured Note		N/A	13.75% PIK	4/7/2031		4,445		4,373			4,474		0.3%
Omega Systems Intermediate Holdings, INC	First Lien Term Loan		SOFR + 4.75%, 0.75% Floor	8.42%	1/15/2031		10,767		10,649			10,646		0.8%
Omega Systems Intermediate Holdings, INC	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.75%, 0.75% Floor	8.42%	1/15/2031		2,001		1,956			1,930		0.1%
Omega Systems Intermediate Holdings, INC	First Lien Revolving Loan	(10)	SOFR + 4.75%, 0.75% Floor	8.44%	1/15/2031		253		233			232		0.0%
Redwood Services Group, LLC	First Lien Term Loan		SOFR + 5.25%, 0.75% Floor	8.93%	6/15/2029		8,717		8,662			8,677		0.6%
Redwood Services Group, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.25%, 0.75% Floor	8.93%	6/15/2029		9,134		9,047			9,083		0.7%
Syntax USA Holding Corporation	First Lien Term Loan	(13)	SOFR + 5.00%, 0.75% Floor	8.84%	10/29/2028		536		532			535		0.0%
Syntax USA Holding Corporation	First Lien Term Loan	(13)	SOFR + 5.00%, 0.75% Floor	8.82%	10/29/2028		10,359		10,312			10,340		0.8%
Total IT Services									112,949			112,297


Portfolio Company 1 2 3 4	Type of Investment	Footnotes	Reference Rate and Spread 5	Interest Rate 5	Maturity 6	Par Amount / Units		Cost 7			Fair Value			Percentage of Net Assets 8
Professional Services
Accordion Partners Holdings LLC	Unsecured Note		N/A	12.75% PIK	11/15/2034		17,413		17,142			17,152		1.3%
Accordion Partners LLC	First Lien Term Loan		SOFR + 5.00%, 0.75% Floor	8.70%	11/17/2031		32,559		32,370			32,478		2.4%
Accordion Partners LLC	First Lien Term Loan		SOFR + 5.00%, 0.75% Floor	8.70%	11/17/2031		5,030		5,023			5,017		0.4%
Accordion Partners LLC	First Lien Delayed Draw Term Loan		SOFR + 5.00%, 0.75% Floor	8.70%	11/17/2031		8,022		7,965			7,982		0.6%
Accordion Partners LLC	First Lien Revolving Loan	(10)	SOFR + 5.00%, 0.75% Floor	8.70%	11/17/2031		-		(25	)		(22	)	0.0%
ALKU Intermediate Holdings, LLC	First Lien Term Loan		SOFR + 6.25%, 0.75% Floor	9.92%	5/23/2029		3,613		3,553			3,612		0.3%
ALKU Intermediate Holdings, LLC	First Lien Term Loan		SOFR + 5.50%, 0.75% Floor	9.17%	5/23/2029		399		394			392		0.0%
Aprio Advisory Group, LLC	First Lien Term Loan		SOFR + 4.75%, 0.75% Floor	8.42%	8/1/2031		20,049		19,872			19,862		1.5%
Aprio Advisory Group, LLC	First Lien Term Loan		SOFR + 4.75%, 0.75% Floor	8.42%	8/1/2031		2,749		2,698			2,724		0.2%
Aprio Advisory Group, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.75%, 0.75% Floor	8.42%	8/1/2031		9,035		8,818			8,907		0.7%
Aprio Advisory Group, LLC	First Lien Delayed Draw Term Loan		SOFR + 4.75%, 0.75% Floor	8.42%	8/1/2031		8,731		8,643			8,649		0.6%
Aprio Advisory Group, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.75%, 0.75% Floor	8.42%	12/23/2027		-		(1	)		(2	)	0.0%
Aprio Advisory Group, LLC	First Lien Revolving Loan	(10)	SOFR + 4.75%, 0.75% Floor	8.42%	8/1/2031		-		(35	)		(41	)	0.0%
Baker Tilly Advisory Group, L.P.	First Lien Term Loan		SOFR + 4.75%, 0.75% Floor	8.47%	6/3/2031		20,672		20,408			20,672		1.5%
Baker Tilly Advisory Group, L.P.	First Lien Term Loan		SOFR + 4.25%, 0.75% Floor	7.97%	6/2/2032		6,716		6,653			6,653		0.5%
Baker Tilly Advisory Group, L.P.	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.25%, 0.75% Floor	7.97%	6/3/2027		-		(12	)		(22	)	0.0%
Baker Tilly Advisory Group, L.P.	First Lien Revolving Loan	(10)	SOFR + 4.25%, 0.75% Floor	7.97%	6/2/2032		-		(9	)		(10	)	0.0%
Baker Tilly Advisory Group, L.P.	First Lien Revolving Loan	(10)	SOFR + 4.75%, 0.75% Floor	8.47%	6/3/2030		-		(45	)		-		0.0%
BDO USA, P.C.	First Lien Term Loan		SOFR + 5.00%, 2.00% Floor	8.86%	8/31/2028		13,229		13,065			13,229		1.0%
Cherry Bekaert Advisory LLC	First Lien Term Loan		SOFR + 4.50%, 0.75% Floor	8.22%	6/28/2030		4,277		4,266			4,234		0.3%
Cherry Bekaert Advisory LLC	First Lien Term Loan		SOFR + 4.50%, 0.75% Floor	8.22%	6/28/2030		4,231		4,189			4,189		0.3%
Cherry Bekaert Advisory LLC	First Lien Term Loan		SOFR + 4.50%, 0.75% Floor	8.22%	6/28/2030		2,478		2,454			2,453		0.2%
Cherry Bekaert Advisory LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.50%, 0.75% Floor	8.22%	6/28/2030		1,335		1,317			1,311		0.1%
Cherry Bekaert Advisory LLC	First Lien Delayed Draw Term Loan		SOFR + 4.50%, 0.75% Floor	8.22%	6/28/2030		5,568		5,555			5,513		0.4%
Explorer Investor, Inc	First Lien Term Loan		SOFR + 6.00%, 0.50% Floor	9.73%	6/28/2029		28,046		26,965			25,625		1.9%
Heights Buyer, LLC	First Lien Term Loan		SOFR + 5.75%, 1.00% Floor	9.67%	8/25/2028		15,443		14,980			15,443		1.1%
Heights Buyer, LLC	First Lien Delayed Draw Term Loan		SOFR + 5.75%, 1.00% Floor	9.67%	8/25/2028		2,535		2,489			2,535		0.2%
Heights Buyer, LLC	First Lien Revolving Loan	(10)	SOFR + 5.75%, 1.00% Floor	9.67%	8/25/2028		-		(30	)		-		0.0%
IG Investments Holdings, LLC	First Lien Term Loan		SOFR + 5.00%, 0.75% Floor	8.84%	9/22/2028		46,612		46,214			46,384		3.4%
IG Investments Holdings, LLC	First Lien Revolving Loan	(10)	SOFR + 5.00%, 0.75% Floor	8.84%	9/22/2028		-		(38	)		(17	)	0.0%
Inizio Group Limited	First Lien Term Loan	(9)(13)	SOFR + 4.25%, 0.50% Floor	8.02%	8/19/2028		3,974		3,860			3,880		0.3%
KRIV Acquisition Inc.	First Lien Term Loan		SOFR + 5.00%, 1.00% Floor	8.67%	7/31/2031		19,216		19,102			19,033		1.4%
KRIV Acquisition Inc.	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.00%, 1.00% Floor	8.67%	9/30/2027		-		(194	)		(202	)	0.0%
KRIV Acquisition Inc.	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.00%, 1.00% Floor	8.67%	9/30/2027		-		(8	)		(14	)	0.0%
KRIV Acquisition Inc.	First Lien Revolving Loan	(10)	SOFR + 4.50%, 1.00% Floor	8.49%	7/31/2031		30		27			27		0.0%
More Cowbell II LLC	First Lien Term Loan		SOFR + 4.50%, 0.75% Floor	7.99%	9/3/2030		27,224		26,766			27,224		2.0%


Portfolio Company 1 2 3 4	Type of Investment	Footnotes	Reference Rate and Spread 5	Interest Rate 5	Maturity 6	Par Amount / Units		Cost 7			Fair Value			Percentage of Net Assets 8
Professional Services (continued)
More Cowbell II LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.50%, 0.75% Floor	7.99%	9/3/2027		-		-			-		0.0%
More Cowbell II LLC	First Lien Revolving Loan	(10)	SOFR + 4.50%, 0.75% Floor	7.99%	9/4/2029		-		-			-		0.0%
OMNIA Partners LLC	Second Lien Term Loan		SOFR + 5.00%	8.86%	5/31/2032		10,000		9,957			10,100		0.7%
P20 Parent, Inc.	First Lien Term Loan		SOFR + 7.50%, 1.00% Floor	11.17%	7/12/2028		44,021		43,561			42,833		3.1%
PAS Parent Inc.	First Lien Term Loan		SOFR + 4.50%, 0.75% Floor	8.22%	8/18/2032		9,611		9,526			9,518		0.7%
PAS Parent Inc.	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.50%, 0.75% Floor	8.22%	8/18/2028		-		-			(65	)	0.0%
PAS Parent Inc.	First Lien Revolving Loan	(10)	SOFR + 4.50%, 0.75% Floor	8.22%	8/18/2031		-		-			(10	)	0.0%
Petra Borrower, LLC	First Lien Term Loan		SOFR + 5.75%, 1.00% Floor	9.65%	11/15/2030		15,686		15,387			15,512		1.1%
Petra Borrower, LLC	First Lien Delayed Draw Term Loan		SOFR + 5.75%, 1.00% Floor	9.45%	11/15/2030		6,111		5,990			6,043		0.4%
Petra Borrower, LLC	First Lien Revolving Loan	(10)	SOFR + 5.75%, 1.00% Floor	9.65%	11/15/2029		-		(43	)		(27	)	0.0%
TRAKPurchaser, Inc	First Lien Term Loan		SOFR + 5.50%, 1.00% Floor	9.34%	6/20/2031		31,156		30,721			30,879		2.3%
TRAKPurchaser, Inc	First Lien Revolving Loan	(10)	SOFR + 5.50%, 1.00% Floor	9.34%	6/20/2031		-		(30	)		(19	)	0.0%
Wasteology Group Transporation LLC	First Lien Term Loan		SOFR + 4.75%, 0.75% Floor	8.60%	11/3/2032		13,082		12,952			12,951		0.9%
Wasteology Group Transporation LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.75%, 0.75% Floor	8.60%	11/3/2027		-		(74	)		(152	)	0.0%
Wasteology Group Transporation LLC	First Lien Revolving Loan	(10)	SOFR + 4.75%, 0.75% Floor	8.60%	11/3/2032		-		(46	)		(47	)	0.0%
Total Professional Services									432,292			432,366

Real Estate Management & Development
Accuserve Solutions, Inc.	First Lien Term Loan		SOFR + 6.00% (incl 3.38% PIK), 1.00% Floor	9.84%	3/15/2030		64,544		64,188			62,537		4.6%
Accuserve Solutions, Inc.	First Lien Revolving Loan	(10)	SOFR + 6.00% (incl 3.38% PIK), 1.00% Floor	9.84%	3/15/2030		1,643		1,643			1,439		0.1%
Claros Mortgage Trust Inc	First Lien Term Loan	(9)(13)	SOFR + 4.50%, 0.50% Floor	8.32%	8/9/2026		2,557		2,492			2,490		0.2%
Freedom Funding Center LLC	Unsecured Note	(9)(11)	N/A	12.00%	10/1/2037		15,000		15,000			16,081		1.2%
Guardian Restoration Partners Buyers, LLC	First Lien Term Loan		SOFR + 5.00%, 0.75% Floor	8.67%	11/3/2031		8,167		8,078			8,077		0.6%
Guardian Restoration Partners Buyers, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.00%, 0.75% Floor	8.67%	11/3/2031		11,411		11,279			11,260		0.8%
Guardian Restoration Partners Buyers, LLC	First Lien Revolving Loan	(10)	SOFR + 5.00%, 0.75% Floor	8.67%	11/3/2031		1,701		1,679			1,678		0.1%
Low Voltage Holdings Inc	First Lien Term Loan		SOFR + 4.75%, 0.75% Floor	8.42%	4/28/2032		3,929		3,900			3,925		0.3%
Low Voltage Holdings Inc	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.75%, 0.75% Floor	8.42%	10/28/2027		-		(3	)		(1	)	0.0%
Low Voltage Holdings Inc	First Lien Revolving Loan	(10)	SOFR + 4.75%, 0.75% Floor	8.42%	4/28/2032		-		(4	)		(1	)	0.0%
Metropolis Technologies Inc	First Lien Term Loan	(9)	SOFR + 5.25%	8.98%	11/3/2032		16,000		15,844			15,880		1.2%
Southpaw AP Buyer, LLC	First Lien Term Loan		SOFR + 5.50%, 1.00% Floor	9.49%	3/2/2028		10,567		10,475			10,492		0.8%
Southpaw AP Buyer, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.50%, 1.00% Floor	9.35%	3/2/2028		783		775			777		0.1%
Southpaw AP Buyer, LLC	First Lien Revolving Loan	(10)	SOFR + 5.50%, 1.00% Floor	9.53%	3/2/2028		198		191			192		0.0%
Titan Home Improvement, LLC	First Lien Term Loan		SOFR + 4.75%, 1.00% Floor	8.57%	5/31/2030		24,251		23,869			24,171		1.8%
Titan Home Improvement, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.75%, 1.00% Floor	8.57%	5/29/2026		-		(34	)		(15	)	0.0%
Titan Home Improvement, LLC	First Lien Revolving Loan	(10)	SOFR + 4.75%, 1.00% Floor	8.57%	5/31/2030		-		(56	)		(13	)	0.0%
Total Real Estate Management & Development									159,316			158,969


Portfolio Company 1 2 3 4	Type of Investment	Footnotes	Reference Rate and Spread 5	Interest Rate 5	Maturity 6	Par Amount / Units		Cost 7			Fair Value			Percentage of Net Assets 8
Software
Anaplan Inc.	First Lien Term Loan		SOFR + 4.50%, 0.75% Floor	8.32%	6/21/2029		20,466		20,466			20,466		1.5%
Anaplan Inc.	First Lien Revolving Loan	(10)	SOFR + 4.50%, 0.75% Floor	8.32%	6/21/2028		-		-			-		0.0%
Archduke Buyer, Inc.	First Lien Term Loan		SOFR + 5.50%, 0.50% Floor	9.27%	12/3/2032		8,470		8,387			8,385		0.6%
Archduke Buyer, Inc.	First Lien Revolving Loan	(10)	SOFR + 5.50%, 0.50% Floor	9.27%	12/3/2032		-		(9	)		(9	)	0.0%
Cardinal Parent, Inc.	First Lien Term Loan	(9)	SOFR + 4.50%, 0.75% Floor	8.41%	11/12/2027		2,969		2,877			2,895		0.2%
Diligent Corporation	First Lien Term Loan		SOFR + 5.00%, 0.75% Floor	8.82%	8/6/2030		45,568		45,446			45,290		3.3%
Diligent Corporation	First Lien Term Loan		SOFR + 5.00%, 0.75% Floor	8.82%	8/6/2030		7,812		7,521			7,764		0.6%
Diligent Corporation	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.00%, 0.75% Floor	8.82%	4/30/2026		-		(23	)		(25	)	0.0%
Diligent Corporation	First Lien Revolving Loan	(10)	SOFR + 5.00%, 0.75% Floor	8.69%	8/6/2030		1,409		1,362			1,373		0.1%
Flexera Software LLC	First Lien Term Loan		SOFR + 4.50%, 0.50% Floor	8.35%	8/16/2032		4,781		4,770			4,781		0.3%
Flexera Software LLC	First Lien Term Loan		EURIBOR + 4.50%	6.43%	8/16/2032		2,836		3,311			3,319		0.2%
Flexera Software LLC	First Lien Revolving Loan	(10)	SOFR + 4.50%, 0.50% Floor	8.35%	8/16/2032		-		(2	)		-		0.0%
Fullsteam Holdco L.P.	Unsecured Note		N/A	13.00% PIK	8/9/2032		18,416		18,160			18,155		1.3%
Fullsteam Operations LLC	First Lien Term Loan		SOFR + 5.25%, 0.75% Floor	9.11%	8/8/2031		27,500		27,232			27,239		2.0%
Fullsteam Operations LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.25%, 0.75% Floor	9.11%	8/8/2027		-		(43	)		(87	)	0.0%
Fullsteam Operations LLC	First Lien Revolving Loan	(10)	SOFR + 5.25%, 0.75% Floor	9.11%	8/8/2031		-		(31	)		(32	)	0.0%
GovDelivery Holdings LLC	First Lien Term Loan		SOFR + 5.50% (incl 2.00% PIK), 0.75% Floor	9.34%	1/17/2031		15,887		15,775			15,887		1.2%
GovDelivery Holdings LLC	First Lien Delayed Draw Term Loan		SOFR + 5.00% (incl 2.00% PIK), 0.75% Floor	8.84%	1/17/2031		2,353		2,331			2,347		0.2%
GovDelivery Holdings LLC	First Lien Revolving Loan	(10)	ABR + 4.25%	11.00%	1/17/2031		-		(16	)		-		0.0%
GS Acquisitionco, Inc.	First Lien Term Loan		SOFR + 5.25%, 1.00% Floor	8.92%	5/25/2028		38,834		38,773			38,446		2.8%
GS Acquisitionco, Inc.	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.25%, 1.00% Floor	8.92%	5/25/2028		528		523			514		0.0%
GS Acquisitionco, Inc.	First Lien Revolving Loan	(10)	SOFR + 5.25%, 1.00% Floor	8.92%	5/25/2028		400		397			389		0.0%
Helpsystems Holdings, Inc.	Second Lien Term Loan		SOFR + 9.00% PIK, 2.00% Floor	12.97%	11/19/2027		10,175		10,003			8,182		0.6%
Hyland Software, Inc	First Lien Term Loan		SOFR + 5.00%, 0.75% Floor	8.67%	9/19/2030		24,795		24,518			24,795		1.8%
Hyland Software, Inc	First Lien Revolving Loan	(10)	SOFR + 5.00%, 0.75% Floor	8.67%	9/19/2029		-		(11	)		-		0.0%
Kona Buyer, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.50%, 0.75% Floor	8.37%	6/27/2027		-		(7	)		(10	)	0.0%
Kona Buyer, LLC	First Lien Revolving Loan	(10)	SOFR + 4.50%, 0.75% Floor	8.37%	7/23/2031		-		(2	)		(1	)	0.0%
Mandolin Technology Intermediate Holdings, Inc.	Second Lien Term Loan		SOFR + 6.50% PIK, 1.00% Floor	10.50%	7/30/2029		18,377		18,272			14,703		1.1%
MRI Software LLC	First Lien Term Loan		SOFR + 4.75%, 1.00% Floor	8.42%	2/10/2028		5,036		5,031			5,031		0.4%
MRI Software LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.75%, 1.00% Floor	8.42%	2/10/2028		1,971		1,929			1,888		0.1%
MRI Software LLC	First Lien Revolving Loan	(10)	SOFR + 4.75%, 1.00% Floor	8.44%	2/10/2028		506		495			494		0.0%
oneZero Financial Systems, LLC	First Lien Term Loan		SOFR + 5.00%, 0.75% Floor	8.84%	10/7/2031		26,721		26,490			26,636		1.9%
oneZero Financial Systems, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 5.00%, 0.75% Floor	8.84%	10/7/2031		1,577		1,550			1,562		0.1%
oneZero Financial Systems, LLC	First Lien Revolving Loan	(10)	SOFR + 5.00%, 0.75% Floor	8.84%	10/7/2031		-		(28	)		(10	)	0.0%
Orion Advisor Solutions INC.	Second Lien Term Loan		SOFR + 5.75%, 1.00% Floor	9.65%	12/31/2030		19,800		19,705			19,800		1.4%


Portfolio Company 1 2 3 4	Type of Investment	Footnotes	Reference Rate and Spread 5	Interest Rate 5	Maturity 6	Par Amount / Units		Cost 7			Fair Value			Percentage of Net Assets 8
Software (continued)
Propio LS, LLC	First Lien Term Loan		SOFR + 4.75%, 0.75% Floor	8.47%	5/13/2030		6,782		6,718			6,764		0.5%
Propio LS, LLC	First Lien Revolving Loan	(10)	SOFR + 4.75%, 0.75% Floor	8.42%	5/13/2030		81		79			81		0.0%
Saab Purchaser, Inc	First Lien Term Loan		SOFR + 4.75%, 0.75% Floor	8.42%	11/12/2031		7,136		7,066			7,100		0.5%
Saab Purchaser, Inc	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.75%, 0.75% Floor	8.42%	9/22/2027		-		(33	)		(35	)	0.0%
Saab Purchaser, Inc	First Lien Revolving Loan	(10)	SOFR + 4.75%, 0.75% Floor	8.42%	11/12/2031		-		(9	)		(5	)	0.0%
Simplifi Holdings, Inc.	First Lien Term Loan		SOFR + 5.25%, 0.75% Floor	9.07%	12/31/2028		26,024		25,782			26,024		1.9%
Simplifi Holdings, Inc.	First Lien Revolving Loan	(10)	SOFR + 5.25%, 0.75% Floor	9.07%	6/30/2028		271		261			271		0.0%
Skywalker Purchaser, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.50%, 0.75% Floor	8.37%	6/27/2027		-		(4	)		(6	)	0.0%
Skywalker Purchaser, LLC	First Lien Delayed Draw Term Loan	(10)	SOFR + 4.50%, 0.75% Floor	8.37%	6/27/2027		-		(5	)		(7	)	0.0%
Tamarack Intermediate, L.L.C.	First Lien Term Loan		SOFR + 5.00%, 0.75% Floor	8.90%	3/13/2028		20,733		20,503			20,548		1.5%
Tamarack Intermediate, L.L.C.	First Lien Revolving Loan	(10)	SOFR + 5.00%, 0.75% Floor	8.90%	3/13/2028		-		(29	)		(31	)	0.0%
Total Software									365,481			360,871

Technology Hardware, Storage & Peripherals
LYTX, INC.	First Lien Term Loan		SOFR + 5.00%, 1.00% Floor	8.83%	2/28/2028		19,661		19,661			19,661		1.4%
Technology Hardware, Storage & Peripherals									19,661			19,661

Total Debt Investments									2,828,107			2,820,678


Portfolio Company 1 2 3 4	Type of Investment	Footnotes	Interest Rate 5	Acquisition Date	Par Amount / Units		Cost 7		Fair Value		Percentage of Net Assets 8
Preferred Equity - 2.9%
Financial Services
Eclipse Buyer, Inc.	Preferred Equity		12.5% PIK	9/6/2024		3,939		3,872		3,907	0.3%
MC CIF Wealth Management (UK) Ltd.	Preferred Equity	(13)	12.00% PIK	8/12/2025		2,616		2,591		2,593	0.2%
MC CIF Wealth Management (UK) Ltd.	Preferred Equity	(13)	12.00% (incl 6.00% PIK)	8/12/2025		2,558		2,533		2,530	0.2%
Total Financial Services								8,996		9,030

Health Care Technology
Imagine Acquisition, Inc.	Preferred Equity	(14)	N/A	11/16/2021		2,000		2,000		3,398	0.2%
Total Health Care Technology								2,000		3,398

Insurance
Galway Partners Holdings LLC	Preferred Equity		14.00% PIK	4/28/2023		14,460		14,279		14,575	1.1%
Total Insurance								14,279		14,575

Real Estate Management & Development
ACC Ultimate Holdings, L.P.	Preferred Equity		N/A	12/9/2025		44		272		544	0.0%
Total Real Estate Management & Development								272		544

Software
GT Polaris Holdings, Inc	Preferred Equity		12.5% PIK	6/6/2022		12,802		12,682		12,619	0.9%
Total Software								12,682		12,619

Total Preferred Equity Investments								38,229		40,166


Portfolio Company 1 2 3 4	Type of Investment	Footnotes	Interest Rate 5	Acquisition Date	Par Amount / Units		Cost 7		Fair Value		Percentage of Net Assets 8
Common Equity and Warrants - 1.2%
Capital Markets
Resolute Investment Managers, Inc.	Equity	(14)	N/A	12/29/2023		58		1,249		1,502	0.1%
Winterfell Co-Invest SCSP	Equity	(14)	N/A	9/19/2022		3,586		3,635		7,423	0.5%
Total Capital Markets								4,884		8,925

Health Care Providers & Services
New Giving Acquisition, Inc.	Equity	(14)	N/A	8/19/2022		2		-		1,007	0.1%
Total Health Care Providers & Services								-		1,007

Professional Services
THL Fund IX Investors (Plymouth), L.P.	Equity	(12)(14)	N/A	9/1/2023		3,182		3,181		5,646	0.4%
Total Professional Services								3,181		5,646

Real Estate Management & Development
ACC Ultimate Holdings, L.P.	Equity		N/A	5/8/2024		375		3,750		712	0.1%
Total Real Estate Management & Development								3,750		712

Total Common Equity and Warrants Investments								11,815		16,290

Total Non-Controlled/Non-Affiliated Investments							$	2,878,151	$	2,877,134


Portfolio Company 1 2 3 4	Type of Investment	Footnotes	Interest Rate 5	Acquisition Date	Par Amount / Units		Cost 7		Fair Value		Percentage of Net Assets 8
Controlled/Affiliated - Investments
Common Equity - 0.4%
Professional Services
SPV CA IX, LLC	Equity	(10)(12)(14)(15)	N/A	7/18/2025		5,549		5,318		5,820	0.4%
Total Professional Services								5,318		5,820

Total Common Equity Investments							$	5,318	$	5,820

Total Controlled/Affiliated Investments							$	5,318	$	5,820

TOTAL INVESTMENTS							$	2,883,469	$	2,882,954

(1)

All of the Company’s investments are domiciled in the United States except for Apex Group Treasury LLC, Barings Middle Market CLO Ltd., Inizio Group Limited, MC CIF Wealth Management Ltd, Flow Traders Holding LLC, New Mountain Guardian IV Income Rated Feeder II Ltd & New Mountain Guardian IV Rated Feeder III Ltd, and Syntax Systems Limited, which are domiciled in Ireland, the Cayman Islands, United Kingdom, United Kingdom, Bermuda, Bermuda, and Canada, respectively.

(2)

Unless otherwise indicated, all securities are valued using significant unobservable inputs, which are categorized as Level 3 assets under the definition of ASC 820 fair value hierarchy.

(3)

All investments were qualifying assets as defined under Section 55(a) of the Investment Company Act of 1940, as amended (the "1940 Act"), except for ALP CFO LP 2024-1, Apex Group Treasury LLC, Barings Middle Market CLO Ltd., Best Egg Asset Structured Pass Through Master Trust, Churchill Middle Market CLO Ltd., Claros Mortgage Trust, Inc., Coller Capital, Exeter Short Term Funding LLC, Inizio Group Limited, Ivy Hill Asset Management, Ivy Hill Middle Market Credit Fund XII Ltd, LD Holdings Group LLC., MC CIF Wealth Management (UK) Ltd. New Mountain Guardian IV Income Rated Feeder II, Ltd., New Mountain Guardian IV Rated Feeder III, LTD., and Syntax Systems Limited.

(4)

As of December 31, 2025, all investments are pledged as collateral unless otherwise stated.

(5)

The majority of the securities bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate ("SOFR"), which at December 31, 2025 was 3.87%; Alternate Base Rate ("ABR"), which at December 31, 2025 was 6.75%; and the Euro Interbank Offered Rate ("EURIBOR"), which at December 31, 2025 was 1.94%. For each such security, the Fund has provided the applicable spread over SOFR, ABR and EURIBOR and the current contractual interest rate in effect at December 31, 2025. Certain investments contain a Payment-in-Kind (“PIK”) provision. SOFR based contracts may include a credit spread adjustment, which is included within the stated all-in interest rate, if applicable, that is charged in addition to the base rate and the stated spread.

(6)

(7)

Cost represents the original cost adjusted for amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.

(8)

Percentage is based on net assets of $1,369,382 as of December 31, 2025.

(9)

Represents securities categorized as Level 2 assets under the definition of ASC 820 fair value hierarchy.

(10)

This investment has an unfunded commitment as of December 31, 2025. For further details, see Note 5. Fair value includes an analysis of the unfunded commitment.

(11)

Securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities represent a fair value of $19,995 or 1.5% of net assets as of December 31, 2025 and are considered restricted.

(12)

Investment measured at net asset value (“NAV”)

(13)

This investment is treated as a non-qualifying investment under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of December 31, 2025, non-qualifying assets totaled 5.2% of the Company's total assets.

(14)

Securities are non-income producing.

(15)

As defined in the 1940 Act, the Company is deemed to be both an "affiliated person" and "control" the portfolio company because it owns more than 25% of the portfolio company's outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company (including through a management agreement). Transactions for the year ended December 31, 2025 in which the portfolio company is deemed to be a "Control Investment" of the Company were as follows:


Portfolio Company	Asset Type	Fair value at December 31, 2024		Transfers in (out)		Purchases (cost)		Sales and paydowns		PIK interest (cost)		Amortization		Net realized gain (loss)		Net unrealized gain (loss)		Fair value at December 31, 2025
Controlled/affiliated company investment:
SPV CA IX, LLC	Equity	$	—	$	—	$	5,318	$	—	$	—	$	—	$	—	$	502	$	5,820
Total controlled/affiliated company investments		$	—	$	—	$	5,318	$	—	$	—	$	—	$	—	$	502	$	5,820


		Year Ended December 31,
		2025						2024
Portfolio Company	Asset Type	Interest Income		Dividend Income		Fee Income		Interest Income	Dividend Income	Fee Income
Controlled/affiliated company investments:
SPV CA IX, LLC	Equity	$	—	$	—	$	—	n/a	n/a	n/a
Total controlled affiliated company investments		$	—	$	—	$	—	n/a	n/a	n/a

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

Stone Point Credit Corporation

Notes to Consolidated Financial Statements

March 31, 2026

(unaudited)

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

Note 1. Organization

Organization

Stone Point Credit Corporation (together with its consolidated subsidiaries, except where the context suggests otherwise, the “Company”) was formed as a Delaware limited liability company on September 8, 2020 with the name Stone Point Capital Credit LLC. The Company has elected to be regulated as a business development company (a “BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In connection with its election to be regulated as a BDC, the Company converted to a Delaware corporation, changed its name to Stone Point Credit Corporation, and commenced operations on December 21, 2020. In addition, for tax purposes, the Company has elected to be treated, and intends to qualify annually, as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).

The Company is managed by Stone Point Credit Adviser LLC (the “Adviser”). The Adviser is a Delaware limited liability company that is registered with the Securities Exchange Commission (“SEC”) as an investment adviser under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). Subject to the supervision of the Company’s board of directors (the “Board”), the Adviser manages the day-to-day operations of the Company and provides the Company with investment advisory and management services. The Adviser is an affiliate of Stone Point Capital LLC (“Stone Point Capital” or together with its credit-focused affiliates, as applicable, “Stone Point Credit”), which is an alternative investment management platform specializing in investments within the global financial services industry and related sectors.

The Company’s investment objective is to generate current income and, to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. The Company intends to invest primarily in senior secured or unsecured loans and, to a lesser extent, subordinated loans, mezzanine loans, and equity or equity-related securities including rights and warrants that may be converted into or exchanged for the portfolio company's private equity or the cash value of the portfolio company's common equity.

The Company formed SPCC Funding I LLC (“SPV I”) on June 11, 2021, and SPCC Funding II LLC (“SPV II” and together with SPV I, the “SPVs”) on April 24, 2023, as wholly-owned financing subsidiaries for the purpose of holding pledged investments as collateral under financing facilities. From time to time, the Company may form additional wholly-owned subsidiaries to facilitate its course of business.

Note 2. Summary of Significant Accounting Policies

Basis of Presentation

Interim consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Regulation S-X, as appropriate. Accordingly, they may not include all information and notes required by U.S. GAAP for annual consolidated financial statements. U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the consolidated financial statements and the reported amounts of income and expenses during the reported periods. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ materially.

All intercompany balances and transactions have been eliminated in consolidation. All references made to the “Company,” “we,” and “us” herein include Stone Point Credit Corporation and the consolidated SPVs. The Company is an investment company and, therefore, applies the specialized accounting and reporting guidance in Accounting Standards Codification (“ASC”) Topic 946, Financial Services — Investment Companies. The Company’s fiscal year ends on December 31. The functional currency of the Company is U.S. dollars.

Use of Estimates

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

Cash and Cash Equivalents

Cash and cash equivalents consist of deposits in a money market account and demand deposits held at a custodian bank. Cash and cash equivalents are carried at cost, which approximates fair value. The Company’s deposits may, at times, exceed the insured limits under applicable law. The Company's deposits in money market funds are considered Level 1 securities within the fair value hierarchy. As of March 31, 2026 and December 31, 2025, there was $271 and $258, respectively, of cash denominated in foreign currencies included within “cash and cash equivalents” on the Consolidated Statement of Assets and Liabilities.

Investments at Fair Value

In accordance with Rule 2a-5 under the 1940 Act, the Board has designated the Adviser as the Company’s “Valuation Designee”. The Adviser, with the assistance of the Adviser’s Valuation Committee, subject to oversight by the Board, is responsible for determining the fair value of the Company’s investments in instances where there is no readily available market quotation. Investments for which market quotations are readily available may be priced by independent pricing services. From time to time, the Company retains external, independent valuation firms to provide input, data, and valuation analyses on the Company’s portfolio companies.

The Company’s investment portfolio is recorded at fair value as determined in good faith in accordance with procedures established by the Adviser and approved by the Board (“Valuation Policy”) and, as a result, there is and will be uncertainty as to the value of the Company’s portfolio investments. Under the 1940 Act, the Company is required to carry its portfolio investments at market value or, if there is no readily available market value, at fair value as determined in accordance with the Valuation Policy. There is not a public market or active secondary market for many of the types of investments in privately held companies that the Company intends to hold and make. The Company’s investments may not be publicly traded or actively traded on a secondary market but, instead, may be traded on a privately negotiated over-the-counter secondary market for institutional investors, if at all. As a result, these investments are valued quarterly at fair value as determined in good faith in accordance with the Valuation Policy approved by the Board.

The determination of fair value, and thus the amount of unrealized appreciation or depreciation the Company may recognize in any reporting period, is to a degree subjective, and the Adviser has a conflict of interest in making determinations of fair value. The types of factors that may be considered in determining the fair values of the Company’s investments include the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings, the markets in which the portfolio company does business, comparison to publicly traded companies, discounted cash flow, current market interest rates, precedent transactions and other relevant factors. Because such valuations, and particularly valuations of private securities and private companies, are inherently uncertain, the valuations may fluctuate significantly over short periods of time due to changes in current market conditions. The determinations of fair value in accordance with the Valuation Policy may differ materially from the values that would have been used if an active market and market quotations existed for such investments. The Company’s net asset value could be adversely affected if the determinations regarding the fair value of the investments were materially higher than the values that the Company ultimately realizes upon the disposal of such investments.

Deferred Financing and Debt Issuance Costs

Financing costs incurred in connection with the Company’s borrowings (see Note 7) are deferred and amortized over the life of the corresponding facility. The Company records origination and other expenses related to its debt obligations as deferred financing and debt issuance costs. Deferred financing costs and debt issuance costs are presented on the Consolidated Statements of Assets and Liabilities as a direct deduction from the debt liability.

Net Asset Value per Common Share

In accordance with U.S. GAAP, the net asset value per share of the Company's outstanding shares of common stock, par value, $0.001 per share ("Common Stock") is determined at least quarterly by dividing the value of total assets minus liabilities by the total number of shares outstanding.

Revenue Recognition

The Company recognizes revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers (“ASC Topic 606”), which requires that an entity recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company follows a five-step model to (a) identify the contract(s) with a customer, (b) identify the performance obligations in the contract, (c) determine the transaction price, (d) allocate the transaction price to the performance obligations in the contract, and (e) recognize revenue when (or as) the entity satisfies a performance obligation. In determining the transaction price, the Company includes variable consideration only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized would not occur when the uncertainty associated with the variable consideration is resolved. Significant judgments are required in the application of the five-step model including; when determining whether performance obligations are satisfied at a point in time or over time; how to allocate transaction prices where multiple performance obligations are identified; when to recognize revenue based on the appropriate measure of the Company’s progress under the contract; and whether constraints on variable consideration should be applied due to uncertain future events.

Revenue from contracts with customers includes fee income (underwriting and arranger fees). The Company earns underwriting and arranger fees in securities offerings in which the Company acts as an underwriter or arranger, such as initial public offerings, follow-on equity offerings, debt offerings, and convertible securities offerings. Fee revenue relating to underwriting and arranger commitments is recorded at the point in time when all significant items relating to the underwriting or arranger process has been completed and the amount of the underwriting or arranger revenue has been determined. This generally is the point at which all of the following have occurred: (i) the issuer’s registration statement has become effective with the SEC or the other offering documents are finalized; (ii) the Company has made a firm commitment for the purchase of securities from the issuer; (iii) the Company has been informed of the number of securities that it has been allotted; and (iv) the issuer obtains control and benefits of the offering; which generally occurs on trade date. The Company, or its affiliates, may receive fees for capital structuring services. These fees are generally non-recurring and are recognized as fee income by the Company on the investment closing date. The following table presents revenues from contracts with customers disaggregated by fee type:


($ in thousands)	Three Months Ended March 31, 2026		Three Months Ended March 31, 2025
Fee Income	$	68	$	74
Total revenue from contracts with customers	$	68	$	74

Interest income is recorded on the accrual basis and includes amortization of premiums or accretion of discounts. Discounts to par value on securities purchased are accreted into interest income over the contractual life of the respective security using the effective interest method. Premiums to par value on securities purchased are amortized to the first call date into interest income using the effective interest method. The amortized cost of investments represents the original cost adjusted for the amortization of premiums or accretion of discounts, if any. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period. Discounts and premiums to par generally include loan origination fees, original issue discount and market discounts.

Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in management’s judgment, are likely to remain current. Management may make exceptions to this treatment and determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection. As of both March 31, 2026 and December 31, 2025, no investments were on non-accrual status.

Dividend income on preferred equity securities is recorded on the accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies. During the three months ended March 31, 2026 and 2025 the Company earned dividend income of $1,077, and $987, respectively, that were included on the Consolidated Statements of Operations as dividend income.

For the three months ended March 31, 2026 and 2025, the Company earned $3,624 and $1,212, respectively, in payment-in-kind ("PIK") interest income. In 2026, the Company began presenting PIK interest income as a separate financial statement line item in the accompanying Consolidated Statement of Operations, which had previously been included in interest income. Prior periods have been conformed to the current presentation.

Foreign Currency

Foreign currency amounts are translated into U.S. dollars on the following basis:

•

cash, fair value of investments, outstanding debt, other assets and liabilities: at the spot exchange rate on the last business day of the period; and

•

purchases and sales of investments, borrowings and repayments of such borrowings, income and expenses: at the rates of exchange prevailing on the respective dates of such transactions.

The Company includes net changes in fair values on investments held resulting from foreign exchange rate fluctuations with the net change in unrealized appreciation (depreciation) from the translation of assets and liabilities in foreign currencies and other transactions on the Consolidated Statements of Operations.

The Company records realized gains and losses resulting from transactions in foreign currency on the Consolidated Statements of Operations. During the three months ended March 31, 2026 and 2025, the Company recorded $31 and $0, respectively, of net realized losses on foreign currency transactions.

Fluctuations arising from the translation of foreign currency borrowings are included with the net change in unrealized appreciation (depreciation) from translation of assets and liabilities in foreign currencies and other transactions on the Consolidated Statements of Operations. During the three months ended March 31, 2026 and 2025, the Company recorded a net change of $245 and $0, respectively, in net unrealized appreciation on the translation of assets and liabilities in foreign currencies.

Investments denominated in foreign currencies and foreign currency transactions may involve certain considerations and risks not typically associated with those of domestic origin, including unanticipated movements in the value of the foreign currency relative to the U.S. dollar.

Offering Costs

Offering expenses are costs associated with the offering of the Company's Common Stock, and are capitalized as deferred offering expenses on the Consolidated Statement of Assets and Liabilities. Deferred offering expenses are amortized over a twelve-month period from incurrence.

Income Taxes

The Company has elected to be treated, and intends to qualify annually, as a RIC under Subchapter M of the Code. So long as the Company maintains its tax treatment as a RIC, it generally will not be subject to corporate-level U.S. federal income taxes on any ordinary income or capital gains distributed to common stockholders of the Company (“Stockholders”) as dividends. To qualify as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements as well as distribute each taxable year dividends for U.S. federal income tax purposes of an amount generally at least equal to 90% of the Company’s “investment company taxable income,” which is generally the Company’s net ordinary income plus the excess of realized net short-term capital gains over realized net long-term capital losses and is determined without regard to any deduction for dividends paid. In order for the Company not to be subject to U.S. federal excise taxes, it must distribute annually an amount at least equal to the sum of (i) 98% of its net ordinary income (taking into account certain deferrals and elections) for the calendar year, (ii) 98.2% of its capital gains in excess of capital losses for the one-year period ending on October 31 of the calendar year and (iii) any net ordinary income and capital gains in excess of capital losses for preceding years that were not distributed during such years. The Company, at its discretion, may carry forward taxable income in excess of calendar year dividends and pay a 4% nondeductible U.S. federal excise tax on this income.

The Company evaluates tax positions taken or expected to be taken while preparing its consolidated financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted later based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. There were no material uncertain income tax positions from inception through March 31, 2026. The Company’s federal and state tax returns remain open for the prior three or four years, depending upon the jurisdiction, and subject to examination by the Internal Revenue Service and state tax authorities.

As of March 31, 2026 and December 31, 2025, the tax cost of the Company's investments approximate its amortized cost.

Net Realized Gains or Losses and Net Change in Unrealized Appreciation or Depreciation

The Company measures realized gains or losses by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment using the specific identification method, without regard to unrealized appreciation or depreciation previously recognized. Net change in unrealized appreciation or depreciation reflects the change in portfolio investment values during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation, when gains or losses are realized. During the three months ended March 31, 2026 and 2025, the Company recorded $(13) and $319 of net realized gains (losses), respectively. During the three months ended March 31, 2026 and 2025, the Company recorded $(19,389) and $168 of net change in unrealized appreciation (depreciation), respectively.

Distributions to Common Stockholders

Distributions to Stockholders are recorded as of the record date. The amount to be paid out as a distribution is determined by the Board.

Dividend Reinvestment Plan

The Company has adopted an “opt out” dividend reinvestment plan (“DRIP”), under which a Stockholder’s distributions would automatically be reinvested under the DRIP in additional whole and fractional shares, unless the Stockholder “opts out” of the DRIP, thereby electing to receive cash dividends.

The Company uses newly issued shares of Common Stock to implement the DRIP. Shares of Common Stock are issued at a price per share equal to the most recent net asset value per share determined by the Board.

Stockholders who receive distributions in the form of additional shares of Common Stock generally will be subject to the same U.S. federal, state and local tax consequences as Stockholders who elect not to reinvest distributions. Participation in the DRIP will not in any way reduce the amount of a Stockholder’s capital commitment.

Consolidation

As provided under Regulation S-X and ASC Topic 946 - Financial Services - Investment Companies, the Company will generally not consolidate its investment in a company other than a wholly-owned investment company or controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidates the accounts of the Company’s SPVs in its consolidated financial statements. All significant intercompany balances and transactions have been eliminated in consolidation.

Segment Reporting

In accordance with ASC Topic 280 – Segment Reporting (“ASC 280”), the Company has determined that it has a single operating and reporting segment. As a result, the Company’s segment accounting policies are the same as described herein and the Company does not have any intra-segment sales and transfers of assets. The Company’s investment objective is to generate both current income and to a lesser extent capital appreciation through its investments. The chief operating decision maker (“CODM”) is comprised of the Company’s chairman, president, chief financial officer and chief compliance officer. The CODM assesses the performance and makes decisions of the Company on a consolidated basis primarily based on the Company’s net increase in stockholders’ equity resulting from operations (“net income”). In addition to numerous other factors and metrics, the CODM utilizes net income as a key metric in determining the amount of distributions to be distributed to the Company’s stockholders. As the Company’s operations comprise of a single reporting segment, the segment assets are reflected on the accompanying consolidated balance sheet as “total assets” and the significant segment expenses are listed on the accompanying consolidated statement of operations.

Recent Accounting Pronouncements

In November 2024, the FASB issued ASU 2024-03, “Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 2200-40),” which requires disaggregated disclosure of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, amortization and depletion, in each relevant expense caption. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently assessing the impact of the guidance but does not expect it will have a material impact on its consolidated financial statements.

In November 2024, the FASB issued ASU 2024-04, “Debt – Debt with Conversion and Other Options (Subtopic 470-20)”, which clarify the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion. ASU 2024-04 is effective for annual reporting periods beginning after December 15, 2025 and interim reporting periods within those annual reporting periods. The Company has adopted ASU 2024-04 for the period ended March 31, 2026 and concluded that the application of this guidance does not have any material impact on its consolidated financial statements.

Other than the aforementioned guidance, the Company’s management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the accompanying consolidated financial statements.

Note 3. Agreements and Related Party Transactions

Investment Advisory Agreement

Subject to the supervision of the Board and pursuant to an investment advisory agreement between the Company and the Adviser (the “Investment Advisory Agreement”), the Adviser manages the day-to-day operations of the Company and provides the Company with investment advisory and management services. Among other things, the Adviser (i) determines the composition and allocation of the Company’s investment portfolio, the nature and timing of the changes therein and the manner of implementing such changes; (ii) identifies, evaluates and negotiates the structure of the investments made by the Company; (iii) performs due diligence on prospective portfolio companies; (iv) executes, closes, services and monitors the Company’s investments; (v) determines the securities and other assets that the Company will purchase, retain or sell; (vi) arranges financings and borrowing facilities for the Company; (vii) provides the Company with such other investment advisory, research and related services as the Company may, from time to time, reasonably require for the investment of its funds; and (viii) to the extent permitted under the 1940 Act and the Advisers Act, on the Company’s behalf, and in coordination with any sub-adviser and any administrator, provides significant managerial assistance to those portfolio companies to which the Company is required to provide such assistance under the 1940 Act, including utilizing appropriate personnel of the Adviser to, among other things, monitor the operations of the Company’s portfolio companies, participate in board and management meetings, consult with and advise officers of portfolio companies and provide other organizational and financial consultation. The Adviser’s services under the Investment Advisory Agreement are not exclusive, and the Adviser is generally free to furnish similar services to other entities so long as its performance under the Investment Advisory Agreement is not adversely affected.

Under the Investment Advisory Agreement, the Company pays the Adviser (i) a base management fee and (ii) an incentive fee as compensation for the investment advisory and management services it provides the Company thereunder.

Base Management Fee

The Company pays to the Adviser an asset-based fee (the “Management Fee”) for management services in an amount equal to an annual rate of 1.30% of the average value of the Company’s gross assets (excluding cash and cash equivalents) as of the last day of the most recently completed calendar quarter and the last day of the immediately preceding calendar quarter payable quarterly in arrears. The Management Fee for any partial quarter is appropriately prorated based on the actual number of days elapsed during such partial quarter as a fraction of the number of days in the relevant calendar year. For the three months ended March 31, 2026 and 2025, the Company incurred Management Fees of $9,428 and $8,337, respectively. As of March 31, 2026 and December 31, 2025, the Company recorded Management Fees payable of $9,428 and $9,201, respectively.

Incentive Fee

Beginning December 21, 2024, on the fourth anniversary of the date on which Stockholders were required to fund their initial drawdown (the “Incentive Commencement Date”), the Company pays the Adviser an incentive fee (“Incentive Fee”) as set forth below. The Incentive Fee consists of two parts. The first part (the “Investment Income Incentive Fee”) is calculated and payable on a quarterly basis, in arrears, commencing December 31, 2024, following the Incentive Commencement Date, and equals 15% of “pre-incentive fee net investment income” for the immediately preceding calendar quarter, subject to a quarterly preferred return of 1.75% (i.e., 7% annualized) measured on a quarterly basis. For purposes of computing the initial installment of the Investment Income Incentive Fee, as the Incentive Commencement Date did not fall on the first day of a calendar quarter, the initial Investment Income Incentive Fee is calculated and payable for the period that commences on the Incentive Commencement Date through the last day of the first complete calendar quarter immediately following the Incentive Commencement Date (March 31, 2025). The second part (the “Capital Gains Incentive Fee”) is an annual fee that is calculated in arrears, as of the end of each calendar year (or as of the date of the termination of the Investment Advisory Agreement) in an amount equal to 15% of realized capital gains, if any, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis from the Incentive Commencement Date (based on the fair market value of each investment as of such date) through the end of such calendar year, less the aggregate amount of any previously paid Capital Gains Incentive Fee. As the Incentive Commencement Date did not fall on the first day of a calendar year, the initial Capital Gains Incentive Fee was calculated for the period that commenced on the Incentive Commencement Date through December 31, 2025, and as of December 31, 2025, there was no Capital Gains Incentive Fee payable under the Investment Advisory Agreement. For the three months ended March 31, 2026 and 2025, the Company incurred Investment Income Incentive Fees of $5,270 and $5,216, respectively. For the three months ended March 31, 2026 and 2025, the Company did not incur any Capital Gains Incentive Fees.

Administration Agreement

The Adviser also serves as the administrator of the Company (in such capacity, the “Administrator”). Subject to the supervision of the Board, the Administrator provides the administrative services necessary for the Company to operate and the Company utilizes the Administrator’s office facilities, equipment and recordkeeping services. The Company reimburses the Administrator for all reasonable costs and expenses incurred by the Administrator in providing these services, facilities and personnel, as provided by the administration agreement by and between the Company and the Administrator (the “Administration Agreement”). In addition, the Administrator is permitted to delegate its duties under the Administration Agreement to affiliates or third parties, and the Company reimburses the expenses of these parties incurred directly and/or paid by the Administrator on the Company’s behalf.

The Company reimburses the Administrator for the allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations under the Administration Agreement, including furnishing the Company with office facilities, equipment and clerical, bookkeeping and recordkeeping services at such facilities, as well as providing the Company with other administrative services. In addition, the Company reimburses the Administrator for the fees and expenses associated with performing compliance functions, and the Company’s allocable portion of the compensation of certain of the Company’s officers, including the Company’s Chief Financial Officer, Chief Compliance Officer and any support staff. The Adviser can waive any amounts owed to it under the Administration Agreement, at its discretion.

For the three months ended March 31, 2026 and 2025, the Company incurred $313 and $216, respectively, of administrative overhead expenses that were included on the Consolidated Statements of Operations as professional fees. As of March 31, 2026 and December 31, 2025, $313 and $440, respectively, of administrative overhead expenses remained payable and were included on the Consolidated Statements of Assets and Liabilities as accounts payable and accrued expenses. For each of the three months ended March 31, 2026 and 2025, the Administrator did not waive any charges that were eligible for reimbursement under the terms of the Administration Agreement.

Sub-Administration and Custodian Fees

On January 22, 2021, the Administrator entered into a sub-administration agreement with U.S. Bank Global Fund Services (in such capacity, the “Sub-Administrator”) under which the Sub-Administrator provides various accounting and other administrative services with respect to the Company. The Company pays the Sub-Administrator fees for services the Administrator determines are commercially reasonable in its sole discretion. The Company also reimburses the Sub-Administrator for all reasonable expenses. To the extent that the Sub-Administrator outsources any of its functions, the Sub-Administrator pays any compensation associated with such functions. The Sub-Administrator also serves as the Company’s custodian (the “Custodian”).

For the three months ended March 31, 2026 and 2025, the Company incurred expenses for services provided by the Sub-Administrator and the Custodian of $542 and $478, respectively, that were included on the Consolidated Statements of Operations as professional fees. As of March 31, 2026 and December 31, 2025, $530 and $160, respectively, remained payable on the Consolidated Statements of Assets and Liabilities as accounts payable and accrued expenses. For the three months ended March 31, 2026 and 2025, the Administrator waived $387 and $0, respectively, of Sub-Administrator fees which will not be subject to reimbursement by the Company to the Administrator, and is included on the Consolidated Statement of Operations as professional fee waivers.

Transfer Agent Fees

The Company has entered into a transfer agent servicing agreement with U.S. Bank Global Fund Services (in such capacity, the “Transfer Agent”). For the three months ended March 31, 2026 and 2025, the Company incurred expenses for services provided by the Transfer Agent of $16 and $19, respectively, that were included on the Consolidated Statements of Operations as professional fees. As of March 31, 2026 and December 31, 2025, $32 and $16, respectively, remained payable and were included on the Consolidated Statements of Assets and Liabilities as accounts payable and accrued expenses.

Affiliated Capital Market Entities

The Adviser is an affiliate of SPC Capital Markets LLC, a Delaware limited liability company (the “Affiliated Broker-Dealer”), which is registered as a broker-dealer with the SEC and a member of FINRA and the Securities Investor Protection Corporation (together with the other Stone Point affiliated entities that conduct financial services, loan origination, structuring, placement or other similar business as a broker, dealer, distributor, syndicator, arranger or originator of securities or loans, collectively the “Affiliated Capital Market Entities”). During the three months ended March 31, 2026 and 2025, the Company did not pay the Affiliated Broker-Dealer any fees. The Affiliated Broker-Dealer may receive fees from other investors and portfolio companies in which the Company invests but will not collect fees from the Company for the Company's portfolio investments.

To the extent permitted by the 1940 Act, the Affiliated Capital Market Entities may, among other assignments, arrange, structure, and/or place equity and debt securities to be issued by portfolio companies of the Company on a best efforts or firm commitment basis. These placements may from time to time include structuring of offerings, and placement of securities in public offerings of securities issued by portfolio companies of the Company. The Affiliated Capital Market Entities may act as a firm commitment underwriter (co-manager only) in public and private offerings of securities issued by portfolio companies of the Company. In certain limited circumstances, the Company may have a conflict resulting from the foregoing arrangements. When the Affiliated Capital Market Entities serve as underwriter with respect to the securities of a portfolio company of the Company, the Company may be subject to a “lock-up” period following the offering under applicable regulations or agreements during which time its ability to sell any securities that it continues to hold is restricted. This restriction may prevent the Company from disposing of such securities at an opportune time. To the extent permitted by the 1940 Act, the Company may make investments from time to time in transactions where Affiliated Capital Market Entities act as agent, broker, principal, arranger or syndicate manager or member on the other side of the transaction or for other parties in the transaction. The consent of the Board may be required to enter into certain of the Company’s potential investments and the failure of the Board to grant such consent would prevent the Company from consummating such investments, which could adversely affect the Company.

Co-Investment Exemptive Relief

The 1940 Act generally prohibits BDCs from entering into negotiated co-investments with affiliates absent an order from the SEC. On June 14, 2022, the SEC granted the Company exemptive relief (the “Order”) that permits the Company to co-invest alongside other funds managed by the Adviser or certain of its affiliates, if, among other things, a “required majority” (as defined in Section 57(o) of the 1940 Act) of the directors who are not “interested persons” of the Company, the Adviser of their respective affiliates as defined in Section 2 (a)(19) of the 1940 Act (“Independent Directors”) make certain conclusions in connection with a co-investment transaction, including, but not limited to, that (1) the terms of the potential co-investment transaction, including the consideration to be paid, are reasonable and fair to the Company and Stockholders and do not involve overreaching in respect of the Company or Stockholders on the part of any person concerned, and (2) the potential co-investment transaction is consistent with the interests of Stockholders and is consistent with the Company’s then-current investment objective and strategies. The Order provides that, in connection with any co-investment transaction, the Company may participate in any such co-investment transaction on terms that are the same as those applicable to the other funds managed by, or certain entities affiliated with, the Adviser or certain of its affiliates. To the extent an investment by such other fund or entity, as applicable, in an applicable co-investment opportunity is based on favorable terms, the Company will benefit from investing in such co-investment opportunity based on such favorable terms. In addition, the Order provides that, in connection with any such co-investment transaction, the Company will receive its pro rata share of any transaction fees (including break-up, structuring, monitoring or commitment fees but excluding brokerage or underwriting compensation permitted by section 17(e) or 57(k) of the 1940 Act), in respect of such co-investment transaction, based on the Company’s relative share of the amount invested or committed, as applicable, in such transaction.

Controlled/Affiliated Portfolio Companies

Under the 1940 Act, the Company is required to separately identify investments where it owns 5% or more of a portfolio company’s outstanding voting securities as investments in “affiliated” companies. In addition, under the 1940 Act, the Company is required to separately identify investments where it owns more than 25% of a portfolio company’s outstanding voting securities and/or has the power to exercise control over the management or policies of such portfolio company as investments in “controlled” companies. Under the 1940 Act, “non-affiliated investments” are defined as investments that are neither controlled investments nor affiliated investments. Detailed information with respect to the Company’s non-controlled, non-affiliated and controlled affiliated investments is contained in the accompanying consolidated financial statements, including the Consolidated Schedule of Investments.

The Company has made investments in controlled, affiliated companies, which include its investment in SPV CA IX LLC, for purposes of holding a loan to an underlying portfolio company in lieu of the Company receiving its California lenders license.

Note 4. Offering Costs

The Company has and may continue to bear expenses relating to the offering of its Common Stock, including any listing of its Common Stock on a national securities exchange. Offering expenses include, without limitation, legal, accounting, printing and other offering costs including those associated with the preparation of a registration statement in connection with any offering of Common Stock.

For the three months ended March 31, 2026 and 2025, the Company incurred offering costs of $12 and $12, respectively. As of both March 31, 2026 and December 31, 2025, there was no balance payable on the Consolidated Statements of Assets and Liabilities for offering expenses payable.

Note 5. Commitments and Contingencies

Litigation and Regulatory Matters

From time to time, the Company may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of the Company’s rights under contracts with the Company’s portfolio companies. As of March 31, 2026, the Company and the Adviser are not currently a party to any material legal proceedings. As of December 31, 2025, the Company incurred a de minimis penalty payment obligation to California due to a delay in obtaining a California lending license, which was borne entirely by the Adviser.

Unfunded Portfolio Company Commitments

From time to time, the Company enters into commitments to fund investments. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing these loans and letters of credit and there can be no assurance that such conditions will be satisfied. As of March 31, 2026 and December 31, 2025, the Company had the following unfunded portfolio company commitments under loan and financing agreements:


($ in thousands)
Portfolio Company	Type of Investment	March 31, 2026 Par		December 31, 2025 Par
Accordion Partners LLC	First Lien Revolving Loan	$	4,355		4,355
Accuserve Solutions, Inc.	First Lien Revolving Loan		3,845		4,930
Acentra Holdings, LLC	First Lien Delayed Draw Term Loan		-		8,715
Acentra Holdings, LLC	First Lien Revolving Loan		1,441		1,441
Action Behavior Centers Therapy LLC	First Lien Delayed Draw Term Loan		3,101		3,928
Action Behavior Centers Therapy LLC	First Lien Revolving Loan		3,071		3,071
AKAM Buyer, Inc.	First Lien Delayed Draw Term Loan		7,483		-
AKAM Buyer, Inc.	First Lien Revolving Loan		2,860		-
Amerilife Holdings LLC	First Lien Delayed Draw Term Loan		330		330
AmeriLife Holdings LLC	First Lien Revolving Loan		4,727		4,727
Anaplan Inc.	First Lien Revolving Loan		1,546		1,546
Aprio Advisory Group, LLC	First Lien Delayed Draw Term Loan		256		256
Aprio Advisory Group, LLC	First Lien Delayed Draw Term Loan		1,211		4,739
Aprio Advisory Group, LLC	First Lien Revolving Loan		2,935		4,402
Archduke Buyer, Inc.	First Lien Revolving Loan		876		876
Arden Insurance Services LLC	First Lien Revolving Loan		380		1,332
ARMStrong Receivable Management	First Lien Delayed Draw Term Loan		394		394
ARMStrong Receivable Management	First Lien Delayed Draw Term Loan		294		294
ARMStrong Receivable Management	First Lien Revolving Loan		299		299
Babylon Buyer, Inc.	First Lien Revolving Loan		1,479		1,479
Baker Tilly Advisory Group, L.P.	First Lien Delayed Draw Term Loan		1,339		2,314


($ in thousands)
Portfolio Company	Type of Investment	March 31, 2026 Par		December 31, 2025 Par
Baker Tilly Advisory Group, L.P.	First Lien Revolving Loan	$	1,050	$	1,050
Baker Tilly Advisory Group, L.P.	First Lien Revolving Loan		3,835		3,835
Beacon Pointe Harmony, LLC	First Lien Revolving Loan		3,000		3,000
Bellwether Buyer, LLC	First Lien Delayed Draw Term Loan		7,530		7,530
Bellwether Buyer, LLC	First Lien Revolving Loan		2,229		3,012
Belmont Buyer, Inc.	First Lien Revolving Loan		1,890		2,180
Bottomline Technologies, Inc.	First Lien Revolving Loan		3,849		3,849
Captive Resources MIDCO, LLC	First Lien Revolving Loan		2,203		2,203
Cerity Partners Equity Holding LLC	First Lien Delayed Draw Term Loan		24,111		24,111
Cerity Partners Equity Holding LLC	First Lien Revolving Loan		1,361		1,906
Chartis Group, LLC	First Lien Delayed Draw Term Loan		2,098		2,098
Chartis Group, LLC	First Lien Revolving Loan		1,259		1,259
Cherry Bekaert Advisory LLC	First Lien Delayed Draw Term Loan		-		1,142
Choreo Buyer LLC.	First Lien Delayed Draw Term Loan		9,902		15,311
Cliffwater, LLC	First Lien Revolving Loan		5,966		5,966
Coller Private Equity Backed Notes & Loans II-A L.P.	Unsecured Note		3,438		3,809
Conservice Midco LLC	First Lien Revolving Loan		949		-
Continental Buyer Inc.	First Lien Delayed Draw Term Loan		653		653
Continental Buyer Inc.	First Lien Revolving Loan		4,921		4,921
Diligent Corporation	First Lien Revolving Loan		4,677		4,587
Diligent Corporation	First Lien Delayed Draw Term Loan		4,124		4,124
Eclipse Buyer, Inc.	First Lien Delayed Draw Term Loan		2,134		2,134
Eclipse Buyer, Inc.	First Lien Revolving Loan		1,083		1,083
Equinox Buyer LLC	First Lien Revolving Loan		4,776		4,776
Exeter Short Term Funding LLC	First Lien Revolving Loan		27,144		10,184
Fetch, Inc.	First Lien Delayed Draw Term Loan		5,899		-
Fetch, Inc	First Lien Revolving Loan		3,744		-
Flexera Software LLC	First Lien Revolving Loan		1,056		1,056
Flow Traders Holding, LLC	First Lien Revolving Loan		11,564		11,564
Foundation Risk Partners, Corp.	First Lien Revolving Loan		2,865		2,644
Fullsteam Operations LLC	First Lien Delayed Draw Term Loan		9,167		9,167
Fullsteam Operations LLC	First Lien Revolving Loan		3,333		3,333
Galway Borrower LLC	First Lien Delayed Draw Term Loan		0		8,579
Galway Borrower LLC	First Lien Delayed Draw Term Loan		8,082		-
Galway Borrower LLC	First Lien Revolving Loan		1,871		2,491
GC Waves Holding, Inc.	First Lien Delayed Draw Term Loan		13,452		18,790
GovDelivery Holdings LLC	First Lien Revolving Loan		2,193		2,193
GS Acquisitionco, Inc.	First Lien Delayed Draw Term Loan		-		893
GS Acquisitionco, Inc.	First Lien Revolving Loan		514		680
Guardian Restoration Partners Buyers, LLC	First Lien Delayed Draw Term Loan		1,352		2,257
Guardian Restoration Partners Buyers, LLC	First Lien Revolving Loan		562		357
HBWM Intermediate II, LLC	First Lien Delayed Draw Term Loan		5,628		-
HBWM Intermediate II, LLC	First Lien Revolving Loan		378		495
Headlands Buyer, Inc.	First Lien Delayed Draw Term Loan		11,376		11,376
Headlands Buyer, Inc.	First Lien Revolving Loan		5,565		5,565
Heights Buyer, LLC	First Lien Revolving Loan		1,660		2,235
Hyland Software, Inc	First Lien Revolving Loan		1,199		1,199
IG Investments Holdings, LLC	First Lien Revolving Loan		3,509		3,509
Imagine Acquisition, Inc.	First Lien Revolving Loan		4,630		4,630
Kona Buyer, LLC	First Lien Delayed Draw Term Loan		3,188		3,188


($ in thousands)
Portfolio Company	Type of Investment	March 31, 2026 Par		December 31, 2025 Par
Kona Buyer, LLC	First Lien Revolving Loan	$	355	$	355
Low Voltage Holdings Inc.	First Lien Delayed Draw Term Loan		633		787
Low Voltage Holdings Inc.	First Lien Revolving Loan		606		606
KRIV Acquisition Inc.	First Lien Delayed Draw Term Loan		596		1,510
KRIV Acquisition Inc.	First Lien Delayed Draw Term Loan		8,382		21,215
KRIV Acquisition Inc.	First Lien Revolving Loan		223		356
Kwol Acquisition Inc	First Lien Delayed Draw Term Loan		-		31
Kwol Acquisition Inc	First Lien Revolving Loan		666		493
MAI Capital Management Intermediate LLC	First Lien Delayed Draw Term Loan		1,486		2,099
MAI Capital Management Intermediate LLC	First Lien Revolving Loan		1,254		1,622
MB2 Dental Solutions, LLC	First Lien Delayed Draw Term Loan		-		5,386
MB2 Dental Solutions, LLC	First Lien Revolving Loan		2,154		1,840
MEDX Holdings, LLC	First Lien Delayed Draw Term Loan		9,757		9,809
MEDX Holdings, LLC	First Lien Revolving Loan		4,606		4,606
Ministry Brands Holdings, LLC	First Lien Revolving Loan		1,554		1,554
Minotaur Acquisition, Inc.	First Lien Revolving Loan		2,041		2,041
MIRRA-PRIMEACCESS Holdings, LLC	First Lien Revolving Loan		685		685
More Cowbell II LLC	First Lien Delayed Draw Term Loan		1,891		1,891
More Cowbell II LLC	First Lien Revolving Loan		3,886		3,886
MRI Software LLC	First Lien Delayed Draw Term Loan		10,071		14,450
MRI Software LLC	First Lien Revolving Loan		1,898		2,024
NextGen Healthcare	First Lien Revolving Loan		889		889
Payscape Buyer, Inc.	First Lien Revolving Loan		157		326
Omega Systems Intermediate Holdings, INC	First Lien Delayed Draw Term Loan		4,332		4,332
Omega Systems Intermediate Holdings, INC	First Lien Revolving Loan		1,647		1,647
Onesource Merger Sub, Inc.	First Lien Revolving Loan		1,509		-
oneZero Financial Systems, LLC	First Lien Delayed Draw Term Loan		3,123		3,123
oneZero Financial Systems, LLC	First Lien Revolving Loan		3,365		3,365
PAS Parent Inc.	First Lien Delayed Draw Term Loan		6,737		6,737
PAS Parent Inc.	First Lien Revolving Loan		1,000		1,000
Petra Borrower, LLC	First Lien Revolving Loan		1,228		2,456
Propio LS, LLC	First Lien Revolving Loan		103		103
RCP Nats Purchaser, LLC	First Lien Delayed Draw Term Loan		3,284		8,209
RCP Nats Purchaser, LLC	First Lien Revolving Loan		5,746		5,746
Redwood Purchaser, INC	First Lien Delayed Draw Term Loan		10,663		10,663
Redwood Purchaser, INC	First Lien Revolving Loan		5,022		4,018
Redwood Services Group, LLC	First Lien Delayed Draw Term Loan		4,464		-
Redwood Services Group, LLC	First Lien Delayed Draw Term Loan		2,051		2,051
Redwood Trust, Inc.	First Lien Revolving Loan		2,281		-
Saab Purchaser, Inc	First Lien Delayed Draw Term Loan		6,905		6,905
Saab Purchaser, Inc	First Lien Revolving Loan		959		959


($ in thousands)
Portfolio Company	Type of Investment	March 31, 2026 Par		December 31, 2025 Par
Simplifi Holdings, Inc.	First Lien Revolving Loan	$	1,771	$	2,620
Skywalker Purchaser, LLC	First Lien Delayed Draw Term Loan		-		1,881
Skywalker Purchaser, LLC	First Lien Delayed Draw Term Loan		-		2,112
Southpaw AP Buyer, LLC	First Lien Delayed Draw Term Loan		76		76
Southpaw AP Buyer, LLC	First Lien Revolving Loan		670		670
SpecialtyCare, Inc.	First Lien Delayed Draw Term Loan		352		352
SpecialtyCare, Inc.	First Lien Revolving Loan		1,062		1,062
SPV CA IX, LLC	Equity		20,087		20,087
SRS Acquiom Holdings LLC	First Lien Revolving Loan		1,845		-
Stepping Stones Healthcare Services, LLC	First Lien Revolving Loan		-		1,400
Stepping Stones Healthcare Services, LLC	First Lien Delayed Draw Term Loan		4,698		-
Stepping Stones Healthcare Services, LLC	First Lien Revolving Loan		2,527		-
Stepping Stones Healthcare Services, LLC	First Lien Delayed Draw Term Loan		-		5,075
TA/WEG Intermediate Holdings, LLC	First Lien Revolving Loan		1,902		1,902
Tamarack Intermediate, L.L.C.	First Lien Revolving Loan		3,516		3,516
THG Acquisition, LLC	First Lien Delayed Draw Term Loan		3,604		4,144
THG Acquisition, LLC	First Lien Revolving Loan		2,205		2,539
Titan Home Improvement, LLC	First Lien Delayed Draw Term Loan		4,605		4,605
Titan Home Improvement, LLC	First Lien Revolving Loan		3,837		3,837
TRAK Purchaser, Inc	First Lien Revolving Loan		2,187		2,187
Trinity Partners Holdings, LLC	First Lien Delayed Draw Term Loan		7,447		7,447
Trintech, Inc.	First Lien Delayed Draw Term Loan		2,074		-
Trintech, Inc.	First Lien Revolving Loan		1,734		-
True Talent Advisory Borrower LLC	First Lien Delayed Draw Term Loan		7,764		-
True Talent Advisory Borrower LLC	First Lien Revolving Loan		4,017		-
TST Intermediate Holdings, LLC	First Lien Delayed Draw Term Loan		5,817		5,817
TST Intermediate Holdings, LLC	First Lien Revolving Loan		409		516
Wasteology Group Transporation LLC	First Lien Delayed Draw Term Loan		15,211		15,211
Wasteology Group Transporation LLC	First Lien Revolving Loan		4,707		4,707
Wharf Street Ratings Acquisition LLC	First Lien Delayed Draw Term Loan		7,251		7,251
Wharf Street Ratings Acquisition LLC	First Lien Revolving Loan		7,487		7,487
World Insurance Associates, LLC	First Lien Delayed Draw Term Loan		4,675		5,261
World Insurance Associates, LLC	First Lien Revolving Loan		649		649
Worldwide Insurance Network, LLC	First Lien Delayed Draw Term Loan		12,509		13,016
Total Par.		$	524,098	$	525,553

The unrealized appreciation or depreciation associated with unfunded portfolio company commitments is recorded on the consolidated financial statements and reflected as an adjustment to the valuation of the related security on the Consolidated Schedule of Investments as of both March 31, 2026 and December 31, 2025. The par amount of the unfunded portfolio company commitments is not recognized by the Company until the commitment is funded.

The credit agreements of the unfunded portfolio company commitments contain customary lending provisions which are subject to the portfolio company’s achievement of certain milestones. In instances where the underlying company experiences material adverse effects that would impact the financial condition or business outlook of the company, there is relief to the Company from funding obligations for previously made commitments. Unfunded portfolio company commitments may expire without being drawn upon, and therefore, do not necessarily represent future cash requirements or future earning assets for the Company. The Company expects to maintain sufficient liquidity in the form of cash, financing capacity, liquid investments, and undrawn capital commitments from its investors to cover any outstanding unfunded portfolio company commitments the Company may be required to fund.

Note 6. Derivative Instruments

The Company enters into derivative instruments from time to time to help mitigate exposure to interest rate risk. Derivatives not designated as hedges are speculative and are used to manage the Company's exposure to interest rate movements but do not meet the strict hedge accounting requirements. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly as net change in unrealized appreciation (depreciation) from interest rate swaps in the Company's Consolidated Statement of Operations.

The Company did not hold any derivative instruments as of December 31, 2025.

Certain information related to the Company's derivative instruments as of March 31, 2026 is presented on the Consolidated Statements of Assets and Liabilities as follows:


($ in thousands)	As of March 31, 2026
Derivative Instrument		Notional amount		Maturity date	Gross Amount of Recognized Assets		Gross Amount of Recognized Liabilities			Consolidated Statements of Assets and Liabilites Location
Interest Rate Swap		$	100,000	4/10/2029	$	59	$	(19	)	Investments at fair value
Interest Rate Swap		$	120,000	11/15/2029	$	53	$	(21	)	Investments at fair value
Total		$	220,000		$	112	$	(40	)

Net unrealized appreciation (depreciation) from derivative instruments recognized by the Company for the three months ended March 31, 2026 is presented on the Consolidated Statements of Operations as follows:


($ in thousands)		For the three months ended March 31,
Derivative Instrument	Consolidated Statements of Operations Location	2026		2025
Interest rate swap	Net change in unrealized appreciation (depreciation) from interest rate swaps	$	72	$	—
Total		$	72	$	—

Net realized gain (loss) from derivative instruments recognized by the Company for the three months ended March 31, 2026, is presented in consolidated statements of operations as follows:


($ in thousands)		For the three months ended March 31,
Derivative Instrument	Consolidated Statements of Operations Location	2026		2025
Interest rate swap	Net realized gain (loss) from interest rate swaps	$	—	$	—
Total		$	—	$	—

Note 7. Borrowings

In accordance with the 1940 Act, with certain limitations, BDCs are allowed to borrow amounts such that their asset coverage ratios, as defined in the 1940 Act, are at least 200% (or 150% if certain conditions are met) after such borrowing. Effective December 21, 2020, the asset coverage ratio under the 1940 Act applicable to the Company decreased to 150% from 200%, so long as the Company meets certain disclosure requirements. As a result of complying with the requirements set forth in Section 61 of the 1940 Act, the Company is able to borrow amounts such that its asset coverage ratio is at least 150%, rather than 200%. As of March 31, 2026 and December 31, 2025, the Company’s asset coverage ratios were 185% and 188%, respectively. For the three months ended March 31, 2026, the weighted average daily borrowings and interest rate on the Company's floating rate credit facilities was $1,095.4 million and 5.7% compared to $927.1 million and 6.8% for the three months ended March 31, 2025.

The following tables show the Company’s outstanding debt as of March 31, 2026 and December 31, 2025, respectively:


	March 31, 2026
($ in thousands)	Aggregate Principal Committed		Outstanding Principal		Amount Available (1)		Net Carrying Value (2)
Capital Call Facility	$	65,000	$	4,500	$	60,500	$	4,488
Revolving Credit Facility (3)		850,000		773,430		76,570		767,521
Secured Credit Facility		300,000		284,500		15,500		282,496
2029 Notes		200,000		200,000		—		198,279
Senior Notes		300,000		300,000		—		297,082
Truist Facility		250,000		66,000		184,000		63,584
Total	$	1,965,000	$	1,628,430	$	336,570	$	1,613,450


	December 31, 2025
($ in thousands)	Aggregate Principal Committed		Outstanding Principal		Amount Available (1)		Net Carrying Value (2)
Capital Call Facility	$	65,000	$	31,500	$	33,500	$	31,435
Revolving Credit Facility (3)		850,000		803,524		46,476		797,166
Secured Credit Facility		300,000		223,500		76,500		221,372
2029 Notes		200,000		200,000		—		198,133
Senior Notes		300,000		300,000		—		296,879
Total	$	1,715,000	$	1,558,524	$	156,476	$	1,544,985

(1)

The amount available may be subject to limitations related to the borrowing base under the Company's outstanding debt (collectively the "Financing Facilities"), outstanding letters of credit issued and asset coverage requirements.

(2)

As of March 31, 2026 and December 31, 2025, all of the Company’s outstanding debt was categorized as Level 3 within the fair value hierarchy.

(3)

As of March 31, 2026 and December 31, 2025 the Company recorded $245 and $(20), respectively, of unrealized translation gain/(loss) on borrowings denominated in foreign currency.

Capital Call Facility

Effective as of December 29, 2020 (the “Initial Closing Date”), the Company entered into a revolving credit facility (as amended, the “Capital Call Facility”) by and among, inter alios, the Company as the initial borrower, the lenders from time-to-time party thereto (collectively, the “Lenders”) and Capital One, National Association, as the administrative agent (the “Administrative Agent”), sole lead arranger and a Lender.

As of March 31, 2026 and December 31, 2025, the maximum borrowing capacity of the Company under the Capital Call Facility was $65,000.

At the Company’s option, the Capital Call Facility accrues interest at a rate per annum based on (i) a daily simple SOFR plus an applicable margin of 2.35% or (ii) the greatest of (1) the prime rate or (2) the federal funds effective rate plus 0.5% plus an applicable margin of 1.35%. If the average unused portion of the commitment is greater than 50% during a calendar month, the unused fee will be 0.50% per annum multiplied by the daily unused portion of the commitment.

On December 16, 2025, the Company executed a letter agreement (the “Fifth Amendment”) to amend the Capital Call Facility agreement (as amended, the “Revolving Credit Agreement”), by and among, inter alios, the Company as the borrower, the lenders from time to time party thereto and Capital One, National Association, as the administrative agent, sole lead arranger and a lender. The Fifth Amendment, among other things, extended the maturity date to March 16, 2026 from December 26, 2025 and incorporated an additional committed 90-day extension option. The other material terms of the Capital Call Facility were unchanged. On March 13, 2026, upon the request of the Company, the maturity date was extended from March 16, 2026 to April 16, 2026.

The Capital Call Facility includes customary covenants as well as usual and customary events of default for revolving credit facilities of this nature.

As of each of March 31, 2026 and December 31, 2025, the carrying amount of the Company’s borrowings under the Capital Call Facility approximated its fair value. As of March 31, 2026, and December 31, 2025, unamortized financing costs of $12 and $65, respectively, are being deferred and amortized over the remaining term of the Capital Call Facility. As of March 31, 2026 and December 31, 2025, the Company had an outstanding balance of $4,500 and $31,500, respectively. As of March 31, 2026 and December 31, 2025, the Capital Call Facility is presented on the Consolidated Statements of Assets and Liabilities net of unamortized financing costs, which results in an outstanding balance totaling $4,488 and $31,435, respectively.

The following table shows additional information about the interest and financing costs related to the Capital Call Facility for three months ended March 31, 2026 and 2025:


($ in thousands)	Three Months Ended March 31, 2026		Three Months Ended March 31, 2025
Interest expense related to the Capital Call Facility	$	489	$	492
Financing expenses related to the Capital Call Facility		96		61
Total interest and financing expenses related to the Capital Call Facility	$	585	$	553

Revolving Credit Facility

On June 28, 2021, SPV I entered into a senior secured revolving credit facility (as amended, the “Revolving Credit Facility”) with JPMorgan Chase Bank, National Association (“JPM”). JPM serves as administrative agent and lender, U.S. Bank, National Association, serves as collateral agent, securities intermediary and collateral administrator, and the Adviser serves as portfolio manager under the Revolving Credit Facility.

On April 11, 2025, SPCC Funding I LLC executed a letter agreement (the “First Amendment”) to amend the Revolving Credit Facility. Under the First Amendment, the lenders party to the Revolving Credit Facility agreed to make advances to the respective financing commitment of such lender (a "Tranche A Advance" or a "Tranche B Advance," as applicable and together, an "Advance") with the following changes to the applicable margin: (a) with respect to interest based on the reference rate, 2.00% per annum; provided that, in the case of Tranche B Advances denominated in pound sterling, the applicable margin for Advances shall be 2.1193% per annum, (b) with respect to interest based on Term SOFR, 2.00% per annum, and (c) with respect to interest based on a base rate, 2.00% per annum; provided that, in the case of Tranche B Advances denominated in pound sterling, the applicable margin for Advances is 2.1193% per annum. The First Amendment also extended the non-call period to align with the reinvestment period of the Revolving Credit Facility. The other material terms of the Revolving Credit Facility were unchanged.

As of March 31, 2026 and December 31, 2025, the financing commitment from the lenders under the Revolving Credit Facility was $850,000 and borrowings under the Revolving Credit Facility bore interest at an applicable margin of 2.00% per annum with respect to SOFR loans. In connection with the Revolving Credit Facility, SPV I made certain customary representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar facilities. The Revolving Credit Facility contains customary events of default for similar financing transactions. The stated Maturity Date of the Revolving Credit Facility is June 27, 2029, unless otherwise terminated.

As of each of March 31, 2026 and December 31, 2025, the carrying amount of the Company’s borrowings under the Revolving Credit Facility approximated its fair value. As of March 31, 2026 and December 31, 2025, unamortized financing costs of $5,909 and $6,358, respectively, are being deferred and amortized over the remaining term of the Revolving Credit Facility. As of March 31, 2026 and December 31, 2025, the Revolving Credit Facility had an outstanding balance of $773,430 and $803,524, respectively. As of March 31, 2026 and December 31, 2025, the Revolving Credit Facility is presented in the Consolidated Statements of Assets and Liabilities net of unamortized financing costs, which results in an outstanding balance, totaling $767,521 and $797,166, respectively.

The following table shows additional information about the interest and financing costs related to the Revolving Credit Facility for the three months ended March 31, 2026 and 2025:


($ in thousands)	Three Months Ended March 31, 2026		Three Months Ended March 31, 2025
Interest expense related to the Revolving Credit Facility	$	11,494	$	11,851
Financing expenses related to the Revolving Credit Facility		449		449
Total interest and financing expenses related to the Revolving Credit Facility	$	11,943	$	12,300

Secured Credit Facility

On August 14, 2023, SPV II entered into a Credit Agreement (as amended, the “Secured Credit Facility”), with the lenders from time to time party thereto, Goldman Sachs Bank USA, as syndication agent and administrative agent (the “Administrative Agent”), U.S. Bank Trust Company, National Association, as collateral agent and collateral administrator, and U.S. Bank National Association, as collateral custodian.

As of March 31, 2026 and December 31, 2025, the Secured Credit Facility is comprised of (i) a $250,000 asset-based revolving loan facility (the “ABL Facility”) and (ii) a $50,000 asset-based revolving loan facility (the “Revolver Facility”), each of which has its own borrowing base. The Secured Credit Facility contains customary covenants, including certain limitations on the activities of SPV II, and customary events of default.

On March 3, 2025, (the “First Amendment Date”), SPV II entered into an amendment to the Secured Credit Facility, which, among other things, reduced the applicable margin on borrowings from 3.10% to 2.00% per annum, extended the reinvestment period to March 3, 2028, and extended the maturity date to March 3, 2030.

As of each of March 31, 2026 and December 31, 2025, the carrying amount of the Company’s borrowings under the Secured Credit Facility approximated its fair value. As of March 31, 2026, and December 31, 2025, unamortized financing costs of $2,004 and $2,128, respectively, are being deferred and amortized over the remaining term of the Secured Credit Facility. As of both March 31, 2026, and December 31, 2025, the Secured Credit Facility had an outstanding balance of $284,500 and $223,500, respectively. As of March 31, 2026 and December 31, 2025, the Secured Credit Facility is presented in the Consolidated Statements of Assets and Liabilities net of unamortized financing costs, which results in an outstanding balance totaling $282,496 and $221,372, respectively.

The following table shows additional information about the interest and financing costs related to the Secured Credit Facility for the three months ended March 31, 2026 and 2025:


($ in thousands)	Three Months Ended March 31, 2026		Three Months Ended March 31, 2025
Interest expense related to the Secured Credit Facility	$	3,666	$	3,777
Financing expenses related to the Secured Credit Facility		124		199
Total interest and financing expenses related to the Secured Credit Facility	$	3,790	$	3,976

2025 Notes

On May 19, 2022, the Company entered into a Note Purchase Agreement (the “NPA”) governing the issuance of $225,000 in aggregate principal amount of senior unsecured notes due May 19, 2025 (the “2025 Notes”) to qualified institutional investors in a private placement. $150,000 of the 2025 Notes were delivered and paid for on May 19, 2022, and $75,000 of the 2025 Notes were delivered and paid for on August 18, 2022. The 2025 Notes matured and were fully repaid on May 19, 2025.

The 2025 Notes had a fixed interest rate of 5.83% per year, which was due semiannually in May and November of each year.

As of March 31, 2026 and December 31, 2025, the 2025 Notes had an outstanding balance of zero and zero, respectively. The 2025 Notes are presented on the Consolidated Statements of Assets and Liabilities net of unamortized debt issuance costs, which results in an outstanding balance, totaling zero as of March 31, 2026 and zero as of December 31, 2025.

The following table shows additional information about the interest and financing costs related to the 2025 Notes for the three months ended March 31, 2026 and 2025:


($ in thousands)	Three Months Ended March 31, 2026		Three Months Ended March 31, 2025
Interest expense related to the 2025 Notes	$	—	$	3,279
Financing expenses related to the 2025 Notes		—		260
Total interest and financing expenses related to the 2025 Notes	$	—	$	3,539

2029 Notes

On September 17, 2024, the Company entered into a Note Purchase Agreement (the “September 2024 NPA”) governing the issuance of $200,000 in aggregate principal amount of senior unsecured notes due September 15, 2029 (the “2029 Notes”) to qualified institutional investors in a private placement.

The 2029 Notes have a fixed interest rate of 6.70% per year, subject to a step up of (1) 1.00% per year, to the extent and for so long as the 2029 Notes fail to satisfy certain investment grade rating conditions and/or (2) 1.50% per year, to the extent and for so long as either the ratio of the Company’s secured debt to total assets exceeds specified thresholds, measured as of each fiscal quarter-end, or the Company fails to deliver the required quarterly or annual financial statements and related certificates when due.

The 2029 Notes will mature on September 15, 2029 unless redeemed, purchased or prepaid prior to such date by the Company in accordance with the terms of the September 2024 NPA. Interest on the 2029 Notes is due semiannually in April and October of each year, beginning in April 2025. In addition, the Company is obligated to offer to repay the 2029 Notes at par (plus accrued and unpaid interest to, but not including, the date of prepayment) if certain change in control events occur. Subject to the terms of the September 2024 NPA, the Company may redeem the 2029 Notes in whole or in part at any time or from time to time at the Company’s option at par plus accrued interest to the prepayment date and, if redeemed on or before June 16, 2029, a make-whole premium.

On March 25, 2026, in connection with the 2029 Notes, the Company entered into an interest rate swap agreement for a total notional amount of $100,000 that matures on April 10, 2029. Under the interest rate swap agreement for the 2029 Notes, the Company receives a fixed interest rate of 6.70% and pays a floating interest rate of SOFR + 2.9945% on the notional amount of the interest rate swap agreement.

As of each of March 31, 2026 and December 31, 2025 the carrying amount of the Company’s borrowings under the 2029 Notes approximated its fair value. As of March 31, 2026 and December 31, 2025, unamortized debt issuance costs of $1,721 and $1,867, respectively, are being deferred and amortized over the remaining term of the 2029 Notes. As of both March 31, 2026 and December 31, 2025, the 2029 Notes had an outstanding balance of $200,000. The 2029 Notes are presented on the Consolidated Statements of Assets and Liabilities net of unamortized debt issuance costs, which results in an outstanding balance, totaling $198,279 as of March 31, 2026 and $198,133 as of December 31, 2025.

The following table shows additional information about the interest and financing costs related to the 2029 Notes for the three months ended March 31, 2026 and 2025:


($ in thousands)	Three Months Ended March 31, 2026		Three Months Ended March 31, 2025
Interest expense related to the 2029 Notes	$	3,350	$	3,350
Financing expenses related to the 2029 Notes		146		123
Total interest and financing expenses related to the 2029 Notes	$	3,496	$	3,473

Senior Notes

On March 21, 2025, the Company entered into a Note Purchase Agreement (the “March 2025 NPA”) governing the issuance of (i) $60,000 in aggregate principal amount of senior unsecured notes due May 15, 2028 (the “2028 Notes”) and (ii) $240,000 in aggregate principal amount of senior unsecured notes due May 15, 2030 (the “2030 Notes”) (together with the 2028 Notes, collectively, “Senior Notes”) to qualified institutional investors in a private placement.

The 2028 Notes have a fixed interest rate of 6.03% per year and the 2030 Notes have a fixed interest rate of 6.26% per year. Each of the 2028 Notes and 2030 Notes are subject to a step up of (1) 1.00% per year, to the extent and for so long as the 2028 Notes or 2030 Notes fail to satisfy certain investment grade rating conditions and/or (2) (a) if the 2028 Notes or 2030 Notes do not satisfy certain investment grade rating conditions, an additional 1.50% per year, to the extent and for so long as either the ratio of the Company’s secured debt to total assets exceeds specified thresholds, measured as of each fiscal quarter-end, or the Company fails to deliver the required quarterly or annual financial statements and related certificates when due or (b) if the 2028 Notes or 2030 Notes satisfy certain investment grade conditions, an additional 1.00% per year, to the extent and for so long as either the ratio of the Company’s secured debt to total assets exceeds specified thresholds, measured as of each fiscal quarter-end, or the Company fails to deliver the required quarterly or annual financial statements and related certificates when due.

The 2028 Notes will mature on May 15, 2028 and the 2030 Notes will mature on May 15, 2030, in each case, unless redeemed, purchased or prepaid prior to such date by the Company in accordance with the terms of the March 2025 NPA. Interest on each of the 2028 Notes and 2030 Notes is due semiannually in May and November of each year, beginning in November 2025. In addition, the Company is obligated to offer to repay each of the 2028 Notes and 2030 Notes at par (plus accrued and unpaid interest to, but not including, the date of prepayment) if certain change in control events occur. Subject to the terms of the March 2025 NPA, the Company may redeem each of the 2028 Notes and 2030 Notes in whole or in part at any time or from time to time at the Company’s option at par plus accrued interest to the prepayment date and, if redeemed, with respect to the 2028 Notes, on or before 90 days prior to the maturity date of such notes or, with respect to the 2030 Notes, on or before 180 days prior to the maturity date of such notes, a make-whole premium.

On March 25, 2026, in connection with the 2030 Notes, the Company entered into an interest rate swap agreement for a total notional amount of $120,000 that matures on November 15, 2029. Under the interest rate swap agreement for the 2030 Notes, the Company receives a fixed interest rate of 6.26% and pays a floating interest rate of SOFR + 2.5675%.

As of March 31, 2026 and December 31, 2025 the carrying amount of the Company’s borrowings under the Senior Notes approximated its fair value. As of March 31, 2026 and December 31, 2025, unamortized debt issuance costs of $2,918 and $3,121, respectively, are being deferred and amortized over the remaining term of the Senior Notes. As of both March 31, 2026 and December 31, 2025, the Senior Notes had an outstanding balance of $300,000. The Senior Notes are presented on the Consolidated Statements of Assets and Liabilities net of unamortized debt issuance costs, which results in an outstanding balance, totaling $297,082 as of March 31, 2026 and $296,879 as of December 31, 2025.

The following table shows additional information about the interest and financing costs related to the Senior Notes for the three months ended March 31, 2026 and 2025:


($ in thousands)	Three Months Ended March 31, 2026		Three Months Ended March 31, 2025
Interest expense related to the Senior Notes	$	4,661	$	-
Financing expenses related to the Senior Notes		203		-
Total interest and financing expenses related to the Senior Notes	$	4,864	$	-

Truist Facility

On March 23, 2026, the Company entered into a Senior Secured Revolving Credit Agreement (the “Truist Credit Agreement”) by and among the Company, Truist Bank, as administrative agent, and the lenders and issuing banks party thereto (the “Truist Facility”). Capitalized terms used but not defined herein will have the meaning set forth in the Truist Credit Agreement.

The aggregate initial principal amount of the Truist Facility, subject to availability under the borrowing base, is $250,000. The maximum capacity under the Truist Facility may be increased up to $450,000 through the exercise of an accordion that permits increases to the total facility amount, subject to the satisfaction of certain conditions. Borrowings based on Term SOFR or another applicable benchmark or risk-free rate will bear interest at a rate of 1.75% plus Term SOFR or the applicable benchmark rate. Borrowings based on the “alternate base rate” (as more fully described in the Truist Credit Agreement) will bear interest at a rate of 0.75% plus the “alternate base rate”. The rate of all borrowings will be increased by 0.125% if the Gross Borrowing Base is less than 1.6 times the Combined Debt Amount. All borrowings are subject to a credit adjustment spread. The Company will also pay a commitment fee at a rate of 0.375% per annum on the daily unused amount of each lender’s revolving commitment under the Truist Facility.

The revolving period under the Truist Facility will terminate on the earlier of March 22, 2030 and the occurrence of a Trigger Event (which is defined in the Truist Credit Agreement in relation to the consummation of an initial public offering of the Company’s common stock) and the Truist Facility will mature on March 21, 2031, unless earlier terminated in accordance with the terms of the Truist Credit Agreement, including upon the occurrence of a Trigger Event. During the period from the end of the revolving period to the maturity date, the Company will be obligated to make mandatory prepayments under the Truist Facility out of the proceeds of certain asset sales, other recovery events and equity and debt issuances.

The Truist Facility is secured by a security interest in substantially all of the portfolio investments held by the Company and each existing and future subsidiary that is a guarantor under the terms of the Truist Credit Agreement, subject to certain exceptions.

The Truist Credit Agreement includes customary affirmative and negative covenants, including financial covenants requiring the Company to maintain a minimum shareholders’ equity and asset coverage ratio, and certain limitations on the incurrence of additional indebtedness and liens, as well as usual and customary events of default for revolving credit facilities of this nature.

As of March 31, 2026 the carrying amount of the Company’s borrowings under the Truist Facility approximated its fair value. As of March 31, 2026, unamortized financing costs of $2,416, are being deferred and amortized over the remaining term of the Senior Notes. As of March 31, 2026, the Truist Facility had an outstanding balance of $66,000. As of March 31, 2026 the Truist Facility is presented on the Consolidated Statements of Assets and Liabilities net of unamortized debt issuance costs, which results in an outstanding balance, totaling $63,584.

The following table shows additional information about the interest and financing costs related to the Truist Facility for the three months ended March 31, 2026:


($ in thousands)	Three Months Ended March 31, 2026
Interest expense related to the Truist Facility	$	42
Financing expenses related to the Truist Facility		11
Total interest and financing expenses related to the Truist Facility	$	53

Note 8. Net Assets

Issuances of Equity Securities

For the three months ended March 31, 2026 and 2025, the Company completed the following issuances of Common Stock:


($ in thousands, except share information) Common Share Issuance Date	Number of Common Shares Issued		Net Proceeds		Per Share
March 31, 2026		1,267,768		24,992		19.71
March 31, 2026(1)		372,250		7,338		19.71
March 31, 2025(1)		352,159		6,983		19.85
March 31, 2025		88,251		1,750		19.85

(1)

Shares were issued to Stockholders participating in the Company’s DRIP.

The issuances of Common Stock were made at a price at least equal to the then-current net asset value, with such calculation carried out consistent with the Company’s Valuation Policy.

Except with respect to shares of Common Stock issued under the DRIP, sales of Common Stock were made pursuant to subscription agreements entered into by the Company and its investors. Each of the sales of Common Stock was exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), pursuant to Section 4(a)(2) thereof and Regulation D thereunder. Under the terms of the subscription agreements, investors are required to fund drawdowns to purchase shares of Common Stock up to the amount of their respective capital commitments on an as-needed basis with a minimum of ten business days’ prior notice to the funding date. As of March 31, 2026, the Company has received capital commitments totaling $1,514.7 million, of which, $226.6 million remains unfunded. As of December 31, 2025, the Company had received capital commitments totaling $1,514.7 million, of which, $251.6 million remained unfunded.

Distributions

For the three months ended March 31, 2026 and 2025, the Company declared the following distributions.


($ in thousands, except per share amounts)
Record Date	Payment Date	Distribution Rate per Share		Distribution Paid
March 30, 2026	March 31, 2026	$	0.460	$	31,773
March 27, 2025	March 31, 2025	$	0.490	$	30,896

Note 9. Investments

The following table presents the composition of the Company’s investment portfolio at cost and fair value as of March 31, 2026 and December 31, 2025:


($ in thousands)	March 31, 2026							December 31, 2025
Investments:	Amortized Cost		Fair Value		Percent of Total Investments at Fair Value			Amortized Cost		Fair Value		Percent of Total Investments at Fair Value
First Lien Loans	$	2,619,381	$	2,605,295		88.5	%	$	2,550,532	$	2,549,002		88.4	%
Second Lien Loans		151,881		139,332		4.7			141,741		133,093		4.6
Unsecured Notes		137,703		138,380		4.7			135,834		138,583		4.8
Preferred Equity		34,473		35,619		1.2			38,229		40,166		1.4
Common Equity and Warrants		20,549		25,141		0.9			17,133		22,110		0.8
Interest rate swaps		-		112		0.0			-		-		0.0
Total Investments	$	2,963,987	$	2,943,879		100.0	%	$	2,883,469	$	2,882,954		100.0	%

The geographic composition of investments based on fair value as of March 31, 2026 and December 31, 2025 was as follows:


	March 31, 2026			December 31, 2025
U.S.		96.2	%		96.6	%
Non-U.S.		3.8			3.4
Total		100.0	%		100.0	%

The industry composition of investments based on fair value as of March 31, 2026 and December 31, 2025 was as follows:


	March 31, 2026			December 31, 2025
Capital Markets		4.0	%		4.1	%
Consumer Finance		1.9			2.3
Diversified Consumer Services		0.4			0.5
Financial Services		15.2			14.7
Health Care Providers & Services		17.4			17.9
Health Care Technology		2.9			3.0
Insurance		17.0			19.0
IT Services		4.1			3.9
Professional Services		16.7			15.4
Real Estate Management & Development		6.4			5.6
Software		13.3			12.9
Technology Hardware, Storage & Peripherals		0.7			0.7
Total		100.0	%		100.0	%

Note 10. Fair Value of Investments

Under ASC Topic 820, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between a willing buyer and a willing seller at the measurement date. For the Company’s portfolio securities, fair value is generally the amount that the Company might reasonably expect to receive upon the current sale of the security. The fair value measurement assumes that the sale occurs in the principal market for the security, or in the absence of a principal market, in the most advantageous market for the security. If no market for the security exists or if the Company does not have access to the principal market, the security should be valued based on the sale occurring in a hypothetical market.

ASC 820 specifies a fair value hierarchy that prioritizes and ranks the level of observability of inputs used in determination of fair value. In accordance with ASC 820, these levels are summarized below:

Level 1 Valuations – include quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 Valuations – include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

Level 3 Valuations – include inputs that are unobservable and significant to the fair value measurement.

A financial instrument is categorized within the ASC Topic 820 valuation hierarchy based upon the lowest level of input to the valuation process that is significant to the fair value measurement. For example, a Level 3 fair value measurement may include inputs that are observable (Levels 1 and 2) and unobservable (Level 3). Therefore, unrealized appreciation and depreciation related to such investments categorized as Level 3 investments within the tables below may include changes in fair value that are attributable to both observable inputs (Levels 1 and 2) and unobservable inputs (Level 3). Transfers between levels, if any, will be recognized at the beginning of the period in which the transfer occurred.

The Company’s investment portfolio includes certain debt and equity instruments of privately held companies for which quoted prices or other inputs falling within the categories of Level 1 and Level 2 are generally not available. In such cases, the Adviser determines the fair value of the Company’s investments in good faith primarily using Level 3 inputs. In certain cases, quoted prices or other observable inputs exist, and if so, the Adviser assesses the appropriateness of the use of these third-party quotes in determining fair value based on (i) the Adviser’s understanding of the level of actual transactions used by the broker to develop the quote and whether the quote was an indicative price or binding offer and (ii) the depth and consistency of broker quotes and the correlation of changes in broker quotes with underlying performance of the portfolio company.

The Company applies the practical expedient provided by the ASC Topic 820 relating to investments in certain entities that calculate NAV per share (or its equivalent). ASC Topic 820 permits an entity holding investments in certain entities that either are investment companies, or have attributes similar to an investment company, and calculate NAV per share or its equivalent for which the fair value is not readily determinable, to measure the fair value of such investments on the basis of that NAV per share, or its equivalent, without adjustment. Investments which are valued using NAV per share as a practical expedient are not categorized within the fair value hierarchy as per ASC Topic 820.

There is no single standard for determining fair value in good faith, as fair value depends upon the specific circumstances of each individual investment. The recorded fair values of the Company’s Level 3 investments may differ significantly from fair values that would have been used had an active market for the securities existed. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the valuations currently assigned.

The following table presents the fair value hierarchy as of March 31, 2026.


					March 31, 2026
($ in thousands)		Level 1			Level 2			Level 3			Total
First Lien Loans	$		—	$		127,168	$		2,478,127	$		2,605,295
Second Lien Loans			—			57,290			82,042			139,332
Unsecured Notes			—			23,118			115,262			138,380
Preferred Equity			—			—			35,619			35,619
Common Equity & Warrants			—			—			10,104			10,104
Subtotal	$		—	$		207,576	$		2,721,154	$		2,928,730
Investments Measured at NAV	$		—	$		—	$		—	$		15,037
Interest rate swaps			—			112			—			112
Total	$		—	$		207,688	$		2,721,154	$		2,943,879

The following table presents the fair value hierarchy as of December 31, 2025.


	December 31, 2025
($ in thousands)		Level 1			Level 2			Level 3			Total
First Lien Loans	$		—	$		111,646	$		2,437,356	$		2,549,002
Second Lien Loans			—			59,663			73,430			133,093
Unsecured Notes			—			16,081			122,502			138,583
Preferred Equity			—			—			40,166			40,166
Common Equity & Warrants			—			—			10,644			10,644
Subtotal	$		—	$		187,390	$		2,684,098	$		2,871,488
Investments Measured at NAV	$		—	$		—	$		—	$		11,466
Total	$		—	$		187,390	$		2,684,098	$		2,882,954

The following tables present changes in the fair value of investments for which Level 3 inputs were used to determine the fair value as of and for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31, 2026
($ in thousands)	First Lien Loans			Second Lien Loans			Unsecured Note			Preferred Equity			Common Equity & Warrants			Total Investments
Fair value, beginning of period	$	2,437,356		$	73,430		$	122,504		$	40,166		$	10,645		$	2,684,101
Purchases of investments, net		221,083			10,062			2,466			962			-			234,573
Proceeds from sales and principal payments, net		(173,419	)		-			(8,888	)		(4,800	)		-			(187,107	)
Realized gain (loss) on investments		1,173			-			55			70			-			1,298
Net change in unrealized appreciation/(depreciation)		(10,018	)		(1,492	)		(940	)		(792	)		(541	)		(13,783	)
Net accretion of discount and amortization of investments		1,952			42			65			13			-			2,072
Ending balance	$	2,478,127		$	82,042		$	115,262		$	35,619		$	10,104		$	2,721,154


	Three Months Ended March 31, 2025
($ in thousands)	First Lien Loans			Second Lien Loans			Unsecured Note		Preferred Equity		Common Equity & Warrants		Total Investments
Fair value, beginning of period	$	2,175,756		$	79,596		$	87,941	$	36,227	$	11,696	$	2,391,216
Purchases of investments, net		166,164			1,678			13,696		987		13		182,538
Proceeds from sales and principal payments, net		(82,758	)		(4	)		—		—		—		(82,762	)
Realized gain (loss) on investments		624			—			1		—		—		625
Net change in unrealized appreciation/(depreciation)		500			(363	)		8		19		91		255
Net accretion of discount and amortization of investments		3,334			38			61		25		—		3,458
Transfers in (out) of Level 3		—			—			—		—		—		—
Ending balance	$	2,263,620		$	80,945		$	101,707	$	37,258	$	11,800	$	2,495,330

During the three months ended March 31, 2026 and 2025, there were no transfers into or out of Level 2 or Level 3 because of a change in the observability inputs.

The following table presents the net change in unrealized appreciation (depreciation) for the Level 3 investments held by the Company at the three months ended March 31, 2026 and 2025.


($ in thousands) Net Change in Unrealized Appreciation (Depreciation)	Three Months Ended March 31, 2026			Three Months Ended March 31, 2025
First Lien Loans	$	(10,018	)	$	500
Second Lien Loans		(1,492	)		(363	)
Unsecured Notes		(940	)		8
Preferred Equity		(792	)		19
Common Equity & Warrants		(541	)		91
Total	$	(13,783	)	$	255

The following table presents quantitative information about the significant unobservable inputs of the Company’s Level 3 investments as of March 31, 2026. The table is not intended to be all-inclusive but instead captures the significant unobservable inputs relevant to the Adviser’s determination of fair value.


($ in thousands)	March 31, 2026
Investments	Fair Value		Valuation Technique	Unobservable Input	Range (weighted average)
First Lien Loans	$	2,051,256	Discounted Cash Flow	Discount Rate	5.2% - 14.3% (9.1%)
First Lien Loans		381,709	Market Transaction	Market Transaction	98.0% - 99.5% (99.0%)
First Lien Loans		45,162	Recovery Analysis	Recovery Rate	0.3x - 6.0x (3.2x)
Second Lien Loans		72,696	Discounted Cash Flow	Discount Rate	8.2% - 21.8% (13.0%)
Second Lien Loans		9,346	Market Transaction	Market Transaction	98.8%
Unsecured Notes		115,262	Discounted Cash Flow	Discount Rate	5.2% - 15.5% (12.0%)
Preferred Equity		17,185	Discounted Cash Flow	Discount Rate	13.1% - 15.4% (14.3%)
Preferred Equity		3,624	Enterprise Value Analysis	EBITDA Multiple	13.0x - 17.3x (16.6x)
Preferred Equity		14,810	Market Transaction	Market Transaction	99.0%
Common Equity & Warrants		10,104	Enterprise Value Analysis	EBITDA Multiple	7.0x - 21.0x (17.4x)
Total	$	2,721,154

The following table presents quantitative information about the significant unobservable inputs of the Company’s Level 3 investments as of December 31, 2025. The table is not intended to be all-inclusive but instead captures the significant unobservable inputs relevant to the Adviser’s determination of fair value.

           ($ in thousands)

           December 31, 2025

           Investments

           Fair Value

           Valuation Technique

           Unobservable Input

           Range (weighted average)

First Lien Loans

1,991,420

Discounted Cash Flow

Discount Rate

5.5% - 15.4% (9.0%)

First Lien Loans

22,015

Recovery Analysis

Recovery Rate

5.8x

First Lien Loans

423,921

Market Transaction

Market Transaction

97.0% - 100.0% (99.2%)

Second Lien Loan

73,430

Discounted Cash Flow

Discount Rate

8.1% - 20.6% (12.1%)

Unsecured Notes

104,413

Discounted Cash Flow

Discount Rate

6.5% - 15.5% (11.6%)

Unsecured Notes

937

Market Transaction

Market Transaction

174.00

Unsecured Notes

17,152

Market Transaction

Market Transaction

98.5%

Preferred Equity

36,224

Discounted Cash Flow

Discount Rate

13.1% - 14.9% (14.2%)

Preferred Equity

3,942

Enterprise Value Analysis

EBITDA Multiple

13.0x - 19.0x (18.2x)

Common Equity & Warrants

10,644

Enterprise Value Analysis

EBITDA Multiple

7.0x - 21.5x (17.0x)

Total

2,684,098

Increases or decreases in unobservable inputs in isolation would result in a higher or lower fair value measurement for such assets. Generally, an increase in market yields may result in a decrease in the fair value of certain of the Company’s investments.

Note 11. Earnings Per Share

In accordance with the provisions of ASC Topic 260, Earnings per Share (“ASC 260”), basic and diluted net increase in net assets resulting from operations per common share is computed by dividing the net increase in net assets resulting from operations by the weighted average number of shares outstanding during the period. The methodology for the weighted average number of shares outstanding during the period utilizes the weighted average number of shares from the beginning of the period through the end of the period. Other potentially dilutive shares of Common Stock, and the related impact to earnings, are considered when calculating earnings per share on a diluted basis. For the three months ended March 31, 2026 and 2025, there were no dilutive shares.

The following table sets forth the computation of basic and diluted earnings per share of Common Stock for the three months ended March 31, 2026 and 2025:


($ in thousands, except share and per share information)	Three Months Ended March 31, 2026		Three Months Ended March 31, 2025
Net increase (decrease) in net assets resulting from operations	$	10,460	$	30,041
Weighted average shares of common stock outstanding - basic and diluted		69,090,310		63,058,843
Basic and diluted net increase (decrease) in net assets resulting from operations per share of common stock	$	0.15	$	0.48

Note 12. Financial Highlights

The following per share of Common Stock data has been derived from information provided on the consolidated financial statements. The following is a schedule of financial highlights for the three months ended March 31, 2026 and 2025:


($ in thousands, except share and per share information)	Three Months Ended March 31, 2026			Three Months Ended March 31, 2025
Per share of Common Stock operating performance:
Net asset value, beginning of period	$	19.83		$	19.85
Results of operations:
Net investment income (1)		0.43			0.47
Net realized gains (losses) and unrealized appreciation (depreciation) (2)		(0.28	)		—
Net increase (decrease) in net assets resulting from operations		0.15			0.47

Distributions to Common Stockholders
Distributions from earnings		(0.46	)		(0.49	)
Net decrease in net assets resulting from distributions		(0.46	)		(0.49	)
Net asset value, end of period	$	19.52		$	19.83

Shares outstanding, end of period		70,712,106			63,494,413
Ratio/Supplemental Data
Net assets, end of period	$	1,380,399		$	1,259,375
Weighted average shares outstanding		69,090,310			63,058,843
Total return (3)		0.73	%		2.37	%
Portfolio turnover		6.56	%		3.16	%
Ratio of operating expenses to average net assets (4)		12.17	%		12.90	%
Ratio of net investment income (loss) to average net assets (4)		8.81	%		9.55	%

(1)

The per share of Common Stock data was derived by using weighted average shares outstanding during the period.

(2)

The amount shown at this caption is the balancing amount derived from the other figures in the schedule. The amount shown at this caption for a share outstanding throughout the year/period does not agree with the change in the aggregate appreciation and depreciation in portfolio securities for the period because of the timing of sales of the Company’s shares in relation to fluctuating market values for the portfolio.

(3)

Total return is based upon the change in net asset value per share between the opening and ending net asset values per share, assuming reinvestment of any distributions during the period. Total return is not annualized and does not include a sales load.

(4)

The ratios reflect an annualized amount. For the three months ended March 31, 2026 and 2025, the ratio of total operating expenses to average net assets was 12.28% and 12.90%, respectively, on an annualized basis, excluding the effect of the professional fee waiver. For the three months ended March 31, 2026 and 2025, the ratio of net investment income to average net assets was 8.69% and 9.55%, respectively, on an annualized basis, excluding the effect of the professional fee waiver. Non-recurring expenses were not annualized. During the three months ended March 31, 2026 and 2025, the Company incurred $12 and $12 of Offering Expenses, respectively, which were deemed to be non-recurring.

Note 13. Subsequent Events

Management has evaluated subsequent events and transactions for potential recognition and/or disclosure through the date the consolidated financial statements were issued. There have been no subsequent events that occurred during such period that would require disclosure in this Form 10-Q or would be required to be recognized on the consolidated financial statements as of and for the three months ended March 31, 2026.

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

This Quarterly Report on Form 10-Q contains forward-looking statements that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about us, our current and prospective portfolio investments, our industry, our beliefs and our assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including:

•

our future operating results;

•

our business prospects and the prospects of our portfolio companies;

•

risk associated with possible disruptions in our operations or the economy generally, including disruptions from the impact of any public health emergencies or crises;

•

interest rate volatility could adversely affect our results, particularly because we use leverage as part of our investment strategy;

•

the impacts of rising interest and inflation rates and the risk of recession on our business prospects and the prospects of our portfolio companies;

•

general economic, political and industry trends and other external factors.

•

our contractual arrangements and relationships with third parties;

•

actual and potential conflicts of interest with our Adviser and its affiliates;

•

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

•

the ability of our portfolio companies to achieve their objectives;

•

the adequacy of our financing sources and working capital;

•

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

•

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

•

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

•

our ability to maintain our qualification as a BDC and as a RIC under the Code;

•

the effect of changes in tax laws and regulations and interpretations thereof; and

•

the risks, uncertainties and other factors we identify under “Item 1A. Risk Factors” of the Company’s Annual Report on Form 10-K and elsewhere in this report.

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of the assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this report should not be regarded as a representation by us that our plans and objectives will be achieved. These risks and uncertainties include those described or identified in the section entitled “Item 1A. Risk Factors” of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, and elsewhere in this report. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this report. Moreover, we assume no duty and do not undertake to update the forward-looking statements. You are advised to consult any additional disclosures that we make directly to you or through reports that we have filed or in the future file with the SEC, including Annual Reports on Form 10‑K, Quarterly Reports on Form 10‑Q and Current Reports on Form 8‑K.

You should understand that under Section 27A(b)(2)(B) of the Securities Act, and Section 21E(b)(2)(B) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 do not apply to forward-looking statements made in periodic reports we file under the Exchange Act.

The following discussion and analysis should be read in conjunction with our consolidated financial statements and related notes and other financial information appearing elsewhere in this Quarterly Report on Form 10‑Q. Unless indicated otherwise, the “Company,” “we,” “us,” and “our” refer to Stone Point Credit Corporation, and the “Adviser” refers to Stone Point Credit Adviser LLC, an affiliate of Stone Point Capital LLC (“Stone Point Capital”) (together with the Adviser and their other affiliates, collectively, “Stone Point”).

Overview

We were incorporated under the laws of the State of Delaware on September 8, 2020. We have elected to be treated as a BDC under the Investment Company Act of 1940, as amended (the “1940 Act”) and have elected to be treated, and intend to qualify annually, as a RIC for federal income tax purposes. As such, we are required to comply with various regulatory requirements, such as the requirement to invest at least 70% of our assets in “qualifying assets,” and tax requirements such as source of income limitations, asset diversification requirements, and the requirement to distribute annually at least 90% of our taxable income and tax-exempt interest.

As of March 31, 2026, we had called equity capital in the amount of $1,288.1 million. See “Subscriptions and Drawdowns” under “Financial Condition, Liquidity and Capital Resources” below for further details. Management anticipates calling additional equity capital for investment purposes through drawdowns in respect of capital commitments made by investors pursuant to Private Offerings.

Investment Objective and Strategy

Our investment objective is to generate current income and, to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. We seek to invest primarily in senior secured or unsecured loans and, to a lesser extent, subordinated loans, mezzanine loans, and equity or equity-related securities including warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company’s common equity. We may invest without limit in originated or syndicated debt. Under normal market conditions, we generally invest at least 80% of our total assets (net assets plus borrowings for investment purposes) in private credit investments (loans, bonds, and other credit instruments that are issued in private offerings or issued by private companies) (the “80% Policy”). If we change the 80% Policy, we will provide stockholders at least 60 days' notice of such change.

Our investment objective is to generate favorable risk-adjusted returns through current income and, to a lesser extent, capital appreciation by investing primarily in directly originated, senior secured first lien (including unitranche) loans. Although it is not our primary strategy, we also opportunistically invest in second lien loans, subordinated loans, mezzanine loans, structured finance securities and equity or equity-related securities. We typically target loans issued by U.S. middle market companies with EBITDA between $30 million and $250 million annually. In the context of leveraged buyouts, acquisitions, debt refinancings, recapitalizations, and other opportunistic asset purchases. We may from time to time invest in smaller or larger companies if an attractive opportunity presents itself, especially when there are dislocations in the capital markets, including the high yield and syndicated loan markets. Our investment objective may be changed without a vote of the holders of a majority of our common stock.

We have adopted a non-fundamental policy to invest, under normal market conditions, at least 75% of the value of our total assets (measured at the time of each such investment) in portfolio companies that are in the financial services, business services, software and technology or healthcare services sectors. The remaining 25% of the value of our total assets (measured at the time of each such investment) may be invested across a wide range of sectors (although we expect to avoid businesses which at the time of our investment participate in certain sectors such as payday lending, pawn shops, automobile title and tax refund anticipation loans, credit repair services, strip mining, drug paraphernalia, marijuana related businesses, gaming and pornography).

Key Components of our Results of Operations

Investments

Our level of investment activity can and will vary substantially from period to period depending on many factors, including the amount of debt available to middle market companies, the level of merger and acquisition activity for such companies, the general economic environment and the competitive environment for the type of investments we make.

Revenue

We expect to generate revenues primarily through receipt of interest and dividend income from our investments. In addition, we may generate income from capital gains on the sales of loans and debt and equity related securities and various loan origination and other fees and dividends on direct equity investments.

Expenses

Our day-to-day investment operations are managed by the Adviser, and services necessary for our business, including the origination and administration of our investment portfolio, are provided by individuals who are employees of the Adviser, Administrator, and Sub-Administrator, pursuant to the terms of the Investment Advisory Agreement, the Administration Agreement, and Sub-Administration Agreement. We will reimburse the Administrator for its allocable portion of expenses incurred by it in performing its obligations under the Administration Agreement, including its allocable portion of the cost of certain of our officers and their respective staff, and the Adviser for certain expenses under the Investment Advisory Agreement. We bear our allocable portion of the compensation paid by Stone Point to the Company’s Chief Compliance Officer and Chief Financial Officer and their respective staff (based on a percentage of time such individuals devote, on an estimated basis, to our business affairs). We bear all other costs and expenses of our operations, administration and transactions, including, but not limited to (i) investment advisory fees, including management fees and incentive fees, to the Adviser, pursuant to the Investment Advisory Agreement; (ii) our allocable portion of overhead and other expenses incurred by Administrator in performing its administrative obligations under the Administration Agreement, (iii) fees for services rendered by the Sub-Administrator that the Administrator determines are commercially reasonable; and (iv) all other expenses of its operations and transactions.

The Administrator can waive any amounts owed to it under the Administration Agreement, at its discretion. From time to time, the Adviser and the Administrator or its affiliates may pay third-party providers of goods or services. We will subsequently reimburse the Adviser or the Administrator, as applicable, for such amounts paid on our behalf.

Leverage

The amount of leverage that we employ will depend on the Adviser’s and the Board’s assessment of market and other factors at the time of any proposed borrowing. In accordance with the 1940 Act, with certain limitations, BDCs are allowed to borrow amounts such that their asset coverage ratios, as defined in the 1940 Act, are at least 200% (or 150% if certain conditions are met) after such borrowing. As defined in the 1940 Act, asset coverage of 150% means that for every $100 of net assets we hold, we may raise $200 from borrowing and issuing senior securities as compared to $100 from borrowing and issuing senior securities for every $100 of net assets under 200% asset coverage. As a result of complying with the requirements set forth in Section 61 of the 1940 Act, effective as of December 21, 2020 we are able to borrow amounts such that our asset coverage ratio is at least 150%, rather than 200%. As of March 31, 2026 and December 31, 2025, our asset coverage ratio was 185% and 188%, respectively.

In any period, our interest expense will depend largely on the extent of our borrowing and we expect interest expense will increase as we increase our leverage over time within the limits of the 1940 Act. In addition, we may dedicate assets or capital commitments as collateral to financing facilities.

Financial and Operating Highlights


($ in thousands, except per share amounts)	Three Months Ended March 31, 2026			Three Months Ended March 31, 2025
Total investment income	$	71,117		$	69,479
Total expenses		41,255			39,925
Net investment income (loss)		29,862			29,554
Total net realized gains (losses)		(13	)		319
Total net change in unrealized appreciation (depreciation)		(19,389	)		168
Net increase (decrease) in net assets resulting from operations	$	10,460		$	30,041
Per share information - basic and diluted:
Net investment income (loss)	$	0.42		$	0.47
Net increase (decrease) in net assets resulting from operations	$	0.15		$	0.48
Distributions declared per share	$	0.46		$	0.49


($ in thousands, except per share amounts) Consolidated balance sheet data	As of March 31, 2026			As of December 31, 2025
Cash and cash equivalents	$	74,508		$	56,376
Investments at fair value		2,943,879			2,882,954
Total assets		3,050,343			2,963,047
Total debt (net of unamortized debt issuance costs)		1,613,450			1,544,985
Total liabilities		1,669,944			1,593,665
Total net assets		1,380,399			1,369,382
Net asset value per share	$	19.52		$	19.83
Other data:
Number of portfolio companies		139			127
Distributions declared per share		0.46			1.91
Total return based on net asset value1		0.73	%		9.86	%

(1)

Portfolio and Investment Activity

Our investment activity for the three months ended March 31, 2026, is presented below (information presented herein is at par value unless otherwise indicated).


($ in thousands)	Three Months Ended March 31, 2026
New investment commitments:
Total new investment commitments	$	232,347
Principal amount of investments funded:
First lien loans	$	244,651
Second lien loans		13,170
Unsecured notes		8,913
Total principal amount of investments funded	$	266,734
Principal amount of investments sold or repaid:
First lien loans		(177,232	)
Second lien loans		-
Unsecured notes		(11,160	)
Total principal amount of investments sold or repaid	$	(188,392	)
Number of new investment commitments		21
Average new investment commitment	$	11,064
Percentage of new investment commitments at floating rates		90.7	%
Percentage of new investment commitments at fixed rates		9.3	%
Weighted average yield to maturity on purchased or funded investments during the period (1)		7.8	%
Weighted average yield to maturity on investments sold or repaid during the period		10.5	%

————————————————————

(1)

Weighted average yield to maturity is calculated by weighting the yield to maturity of each investment by its ending funded par amount. Yield to maturity is calculated inclusive of a portfolio company’s spread, reference rate floor (if any) or actual reference rate in effect and original issue discount through maturity and excludes any upfront fees.

As of March 31, 2026, we had 340 debt investments in 135 portfolio companies with an aggregate fair value of $2,883.0 million. As of December 31, 2025, we had 316 debt investments in 127 portfolio companies with an aggregate fair value of $2,820.7 million.

As of March 31, 2026 and December 31, 2025, our investments consisted of the following:


($ in thousands)	March 31, 2026							December 31, 2025
Investments:	Amortized Cost		Fair Value		Percent of Total Investments at Fair Value			Amortized Cost		Fair Value		Percent of Total Investments at Fair Value
First Lien Loans	$	2,619,381	$	2,605,295		88.5	%	$	2,550,532	$	2,549,002		88.4	%
Second Lien Loans		151,881		139,332		4.7			141,741		133,093		4.6
Unsecured Notes		137,703		138,380		4.7			135,834		138,583		4.8
Preferred Equity		34,473		35,619		1.2			38,229		40,166		1.4
Common Equity and Warrants		20,549		25,141		0.9			17,133		22,110		0.8
Interest rate swaps		-		112		0.0			-		-		0.0
Total Investments	$	2,963,987	$	2,943,879		100.0	%	$	2,883,469	$	2,882,954		100.0	%

The geographic composition of investments based on fair value as of March 31, 2026 and December 31, 2025 was as follows:


	March 31, 2026			December 31, 2025
U.S.		96.2	%		96.6	%
Non-U.S.		3.8			3.4
Total		100.0	%		100.0	%

The industry composition of investments based on fair value as of March 31, 2026 and December 31, 2025 was as follows:


	March 31, 2026			December 31, 2025
Capital Markets		4.0	%		4.1	%
Consumer Finance		1.9			2.3
Diversified Consumer Services		0.4			0.5
Financial Services		15.2			14.7
Health Care Providers & Services		17.4			17.9
Health Care Technology		2.9			3.0
Insurance		17.0			19.0
IT Services		4.1			3.9
Professional Services		16.7			15.4
Real Estate Management & Development		6.4			5.6
Software		13.3			12.9
Technology Hardware, Storage & Peripherals		0.7			0.7
Total		100.0	%		100.0	%

The following table presents certain selected information regarding our investment portfolio as of March 31, 2026 and 2025:


		As of
		March 31, 2026				December 31, 2025
Investments:
Number of portfolio companies			139				127
Median EBITDA	$	150.3 million			$	129.6 million
Percentage of performing debt bearing a floating rate			96.7	%			96.1	%
Percentage of performing debt bearing a fixed rate			3.3	%			3.9	%
Weighted average yield to maturity on investments(1)			9.3	%			9.7	%

————————————————————

(1)

Weighted average yield to maturity is calculated by weighting the yield to maturity of each investment by its ending funded par
amount. Yield to maturity is calculated inclusive of a portfolio company’s spread, reference rate floor (if any) or actual reference
rate in effect and original issue discount through maturity and excludes any upfront fees.

The following table presents the maturity schedule of our debt investments based on fair value as of March 31, 2026 and December 31, 2025:


($ in thousands)	March 31, 2026					December 31, 2025
Maturity Year	Fair Value		Percentage of Portfolio			Fair Value		Percentage of Portfolio
2026	$	21,871		0.8	%	$	48,869		1.7	%
2027		118,646		4.1			125,756		4.5
2028		532,621		18.6			626,584		22.3
2029		410,682		14.2			410,123		14.5
2030		556,619		19.3			528,272		18.7
2031		645,547		22.4			599,120		21.2
2032		413,592		14.3			376,869		13.4
2033		104,782		3.6			25,506		0.9
2034		17,707		0.6			17,152		0.6
2035		3,004		0.1			3,914		0.1
2036		11,549		0.4			11,547		0.4
2037		46,387		1.6			46,966		1.7
	$	2,883,007		100.0	%	$	2,820,678		100.0	%

The Adviser monitors our portfolio companies on an ongoing basis. The Adviser believes that actively managing an investment allows it to identify problems early and work with companies to develop constructive solutions when necessary. The Adviser will monitor our portfolio with a focus toward anticipating negative credit events. In seeking to maintain portfolio company performance and help to ensure a successful exit, the Adviser will work closely with, as applicable, the lead equity sponsor, portfolio company management, consultants, advisers and other security holders to discuss financial position, compliance with covenants, financial requirements and execution of the company’s business plan. In addition, the Adviser’s personnel may occupy a seat or serve as an observer on a portfolio company’s board of directors or similar governing body.

Typically, the Adviser receives financial reports detailing operating performance, sales volumes, margins, cash flows, financial position and other key operating metrics on a quarterly basis from portfolio companies. The Adviser will use this data, combined with the knowledge gained through due diligence of the company’s customers, suppliers, competitors, market research and other methods, to conduct an ongoing assessment of the company’s operating performance and prospects.

As part of the monitoring process, the Adviser rates the risk of all portfolio investments on a scale of 1 to 5, no less frequently than quarterly. This internal performance rating is primarily intended to assess the underlying risk of a portfolio investment relative to such investments’ cost taking into account the performance of the portfolio company’s business, the collateral coverage of the investment and other relevant factors. The Adviser’s internal performance ratings do not constitute any rating of investments by a nationally recognized rating organization or reflect any third-party assessment. The Adviser’s internal performance rating scale is as follows:


Investment Risk Rating		Description
1		The portfolio company is performing above expectations, and the business trends and risk factors for this investment since origination or acquisition are generally favorable.
2		The portfolio company is generally performing as expected and the risk factors are neutral to favorable. All investments or acquired investments in new portfolio companies are initially assessed a rating of 2.
3		The portfolio company is performing below expectations and the investment’s risk has increased somewhat since origination or acquisition. For debt investments rated 3, the portfolio company could be out of compliance with debt covenants; however, loan payments are generally not past due.
4		The portfolio company is performing materially below expectations and indicates that the investment’s risk has increased materially since origination or acquisition. For debt investments rated 4, in addition to the portfolio company being generally out of compliance with debt covenants, loan payments may be past due.
5		The portfolio company is performing substantially below expectations and indicates that the investment’s risk has increased substantially since origination or acquisition. For debt investments rated 5, most or all of the debt covenants are out of compliance and payments are substantially delinquent. It is anticipated that we will not recoup our initial cost basis and may realize a substantial loss upon exit of the investment.

It is possible that the rating of a portfolio investment may change over time. For investments rated 3, 4 or 5, the Adviser enhances its level of scrutiny over the monitoring of such portfolio company.

The following table shows the composition of our portfolio investments on the Adviser’s internal performance rating scale:


($ in thousands)	March 31, 2026					December 31, 2025
Investment Rating	Fair Value		Percentage of Portfolio			Fair Value		Percentage of Portfolio
1	$	504,414		17.1	%	$	540,164		18.7	%
2		2,220,883		75.5			2,160,900		75.0
3		171,918		5.8			158,374		5.5
4		46,664		1.6			23,516		0.8
5		—		—			—		—
	$	2,943,879		100.00	%	$	2,882,954		100.0	%

The following table presents the amortized cost of our performing and non-accrual investments as of March 31, 2026 and December 31, 2025:


	March 31, 2026					December 31, 2025
($ in thousands)	Amortized Cost		Percentage			Amortized Cost		Percentage
Performing	$	2,963,987		100.0	%	$	2,883,469		100.0	%
Non-accrual		—		—			—		—
Total	$	2,963,987		100.0	%	$	2,883,469		100.0	%

The following table presents the fair value of our performing and non-accrual investments as of March 31, 2026 and December 31, 2025:


	March 31, 2026					December 31, 2025
($ in thousands)	Fair Value		Percentage			Fair Value		Percentage
Performing	$	2,943,879		100.0	%	$	2,882,954		100.0	%
Non-accrual		—		—			—		—
Total	$	2,943,879		100.0	%	$	2,882,954		100.0	%


Large accelerated filer	☐	Accelerated filer	☐

Non-accelerated filer	☒	Smaller reporting company	☐

		Emerging growth company	☒


	Index	Page No.
PART I.	FINANCIAL INFORMATION
Item 1.	Consolidated Financial Statements	3
	Consolidated Statements of Assets and Liabilities as of March 31, 2026 (Unaudited) and December 31, 2025	3
	Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025 (Unaudited)	4
	Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2026 and 2025 (Unaudited)	5
	Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025 (Unaudited)	6
	Consolidated Schedules of Investments as of March 31, 2026 (Unaudited) and December 31, 2025	7
	Notes to Consolidated Financial Statements (Unaudited)	35
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	64
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	79
Item 4.	Controls and Procedures	80

PART II.	OTHER INFORMATION	81
Item 1.	Legal Proceedings	81
Item 1A.	Risk Factors	81
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	81
Item 3.	Defaults Upon Senior Securities	81
Item 4.	Mine Safety Disclosures	81
Item 5.	Other Information	81
Item 6.	Exhibits	82

SIGNATURES		83


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


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


($ in thousands) Common Share Issuance Date	Number of Common Shares Issued		Net Proceeds
March 31, 2026		1,267,768		24,992
March 31, 2026(1)		372,250		7,338
March 31, 2025(1)		352,159		6,983
March 31, 2025		88,251		1,750


	Payments Due by Period
	Total		Less Than 1 year		1-3 years		3-5 years		More Than 5 years
Capital Call Facility	$	65,000	$	65,000	$	—	$	—	$	—
Revolving Credit Facility		850,000		—		—		850,000		—
Secured Credit Facility		300,000		—		—		300,000		—
2029 Notes		200,000		—		—		200,000		—
Senior Notes		300,000		—		60,000		240,000		—
Truist Facility		250,000		—		—		250,000		—
Total Contractual Obligations	$	1,965,000	$	65,000	$	60,000	$	1,840,000	$	—


	Change in
Basis point change	Interest Income (1)			Interest Expense			Net Investment Income (Loss)
300	$	77,949		$	(33,853	)	$	44,096
200		51,966			(22,569	)		29,397
100		25,983			(11,284	)		14,699
(100)		(25,983	)		11,284			(14,699	)
(200)		(51,966	)		22,569			(29,397	)
(300)		(77,949	)		33,853			(44,096	)



3.1		Amended and Restated Certificate of Incorporation1

3.2		Amended and Restated Bylaws2

10.1		Senior Secured Revolving Credit Agreement among Stone Point Credit Corporation, as Borrower, Truist Securities, Inc., BofA Securities, Inc., Wells Fargo Securities, LLC, Capital One, National Association, Goldman Sachs Bank USA and JPMorgan Chase Bank N.A., as Joint Book Runners and Joint Lead Arrangers, the Lenders and Issuing Banks party thereto and Truist Bank, as Administrative Agent, dated March 23, 2026.3

31.1		Certification of Principal Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended*

31.2		Certification of Principal Financial Officer pursuant to Rule 13a‑14 of the Securities Exchange Act of 1934, as amended*

32.1		Certification of Principal Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**

32.2		Certification of Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**

101.INS		Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCH		Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents
104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)


			Stone Point Credit Corporation

Date:	May 14, 2026	By:	/s/ Scott J. Bronner
			Name: Scott J. Bronner
			Title: Principal Executive Officer

Date:	May 14, 2026	By:	/s/ Steven P. Henke
			Name: Steven P. Henke
			Title: Principal Financial Officer

Note 1. Organization

Organization

Note 2. Summary of Significant Accounting Policies

Basis of Presentation

Note 3. Agreements and Related Party Transactions

Investment Advisory Agreement

Note 4. Offering Costs

Note 5. Commitments and Contingencies

Litigation and Regulatory Matters

Note 6. Derivative Instruments

Note 7. Borrowings

Revolving Credit Facility

Secured Credit Facility

2025 Notes

2029 Notes

Note 8. Net Assets

Issuances of Equity Securities

Note 9. Investments

Note 10. Fair Value of Investments

Note 11. Earnings Per Share

Note 12. Financial Highlights

Note 13. Subsequent Events

Overview

Financing Facilities

Litigation and Regulatory Matters

Unfunded Portfolio Company Commitments

Revenue Recognition

U.S. Federal Income Taxes

Item 4. Controls and Procedures

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

Item 6. Exhibits