Blackstone Secured Lending Fund (BXSL) offers $400M 5.25% notes due 2029

Rhea-AI Filing Summary

Blackstone Secured Lending Fund is offering $400,000,000 of 5.250% Notes due September 4, 2029. The Notes will be issued on March 3, 2026 at an initial public offering price of 99.345% (yield to maturity 5.458%) and pay interest semiannually on March 4 and September 4, beginning September 4, 2026.

The offering is unsecured senior debt of the Company, pari passu with existing unsecured notes and effectively subordinated to secured indebtedness to the extent of collateral value. Net proceeds are expected to be approximately $394.0 million and are intended for general corporate purposes, including potential repayment of borrowings.

Insights

Credit Analyst

Structured senior unsecured debt with a mid-single-digit coupon and standard optional redemption and change-of-control repurchase rights.

The Notes carry a 5.250% coupon and yield to maturity of 5.458%, mature on September 4, 2029, and were offered at 99.345% of par. They are unsecured obligations that rank pari passu with the Company’s other unsecured indebtedness but are effectively subordinated to secured facilities to the extent of collateral value.

Key dependencies include the Company’s consolidated leverage (approximately $8.1 billion of indebtedness at par as of December 31, 2025) and availability of cash or financing to satisfy the Change of Control Repurchase Event obligation. Subsequent filings will show how proceeds are applied and any impact on leverage metrics.

Fixed Income Strategist

Terms include semiannual interest, optional par call, and repurchase on certain change-of-control plus ratings-linked provisions.

The Notes are redeemable before the Par Call Date at a Treasury-plus spread formula (Treasury Rate plus 0.30%) or at par on or after the Par Call Date (August 4, 2029 defined as one month before maturity). Holders receive repurchase rights at 100% of principal upon a qualifying Change of Control coincident with a below-investment-grade ratings event.

Liquidity is not assured—the Notes will not be listed and underwriters are not required to make a market. Investors should note the absence of restrictive financial covenants in the indenture and that repayment priority is dependent on collateral and subsidiary indebtedness levels disclosed.

Filed Pursuant to Rule 424(b)(2)
Registration No. 333-288640

PROSPECTUS SUPPLEMENT
(To Prospectus dated July 11, 2025)

$400,000,000

BLACKSTONE SECURED LENDING FUND

5.250% Notes due 2029

 __________________________ 

We are offering $400,000,000 in aggregate principal amount of 5.250% notes due 2029, which we refer to as the Notes. The Notes will mature on September 4, 2029. We will pay interest on the Notes on March 4 and September 4 of each year, beginning on September 4, 2026. We may redeem the Notes in whole or in part at any time or from time to time at the redemption price discussed under the caption “Description of Notes — Optional Redemption” in this prospectus supplement. In addition, holders of the Notes can require us to repurchase some or all of the Notes at 100% of their principal amount upon the occurrence of a Change of Control Repurchase Event (as defined herein). The Notes will be issued in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof.

The Notes will be our direct, general unsecured obligations and rank pari passu, or equal, with all existing and future unsecured unsubordinated indebtedness issued by us, but will rank senior to our future indebtedness that is expressly subordinated in right of payment to the Notes. We are a specialty finance company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). We seek to generate current income primarily through direct originations of senior secured loans and, to a lesser extent, originations of mezzanine and unsecured loans and investments in corporate bonds and equity securities.

Our adviser, Blackstone Private Credit Strategies LLC (the “Adviser”), and our sub-adviser, Blackstone Credit BDC Advisors LLC (the “Sub-Adviser” and, together with the Adviser, the “Advisers”), are affiliates of Blackstone Alternative Credit Advisors LP (the “Sub-Administrator” and, collectively with its affiliates in the credit, asset based finance and insurance asset management business unit of Blackstone Inc. (“Blackstone”), “Blackstone Credit & Insurance” or “BXCI”), which provides certain administrative and other services necessary for us to operate pursuant to a sub-administration agreement between Blackstone Private Credit Strategies LLC, in its capacity as our administrator (in such capacity, the “Administrator” and together with the Sub-Administrator, the “Administrators”), and the Sub-Administrator. We have elected to be treated for federal income tax purposes, and intend to qualify annually, as a regulated investment company (a “RIC”) under the Internal Revenue Code of 1986, as amended (together with the rules and regulations promulgated thereunder, the “Code”).

We will seek to meet our investment objectives by utilizing the experience and expertise of the management team of the Advisers, along with the broader resources of Blackstone Credit & Insurance and Blackstone, in sourcing, evaluating and structuring transactions, subject to Blackstone’s policies and procedures regarding the management of conflicts of interest; employing a defensive investment approach focused on long-term credit performance and principal protection, generally investing in loans with asset coverage ratios and interest coverage ratios that the Advisers believe provide substantial credit protection, and also seeking favorable financial protections, including, where the Advisers believe necessary, one or more financial maintenance and incurrence covenants (i.e., covenants that are tested when affirmative action is taken, such as the incurrence of additional debt and/or making dividend payments); focusing primarily on loans and securities of private U.S. companies including syndicated loans, specifically larger and middle market companies. In many market environments, we believe such a focus offers an opportunity for superior risk-adjusted returns; maintaining rigorous portfolio monitoring, in an attempt to anticipate and pre-empt negative credit events within our portfolio; and utilizing the power and scale of Blackstone and the Blackstone Credit & Insurance platform to offer operational expertise to portfolio companies through the Value Creation Program (as defined below).

 __________________________ 

Investing in the Notes involves risks, including the risk of leverage, that are described in the “Risk Factors” section beginning on page S-10 of this prospectus supplement and page 25 of the accompanying prospectus and the matters discussed in the documents incorporated or deemed to be incorporated by reference in this prospectus supplement and the accompanying prospectus.

This prospectus supplement and the accompanying prospectus contain important information you should know before investing in the Notes. You should carefully read this prospectus supplement, the accompanying prospectus, and any information incorporated by reference into each, before investing in the Notes and keep them for future reference. We file annual, quarterly and current reports, proxy statements and other information about us with the Securities and Exchange Commission (the “SEC”). You may obtain this information by written or oral request and free of charge by contacting us at 345 Park Avenue, New York, NY 10154, calling us at (212) 503-2100 or visiting our website at www.bxsl.com. The SEC also maintains a website at http://www.sec.gov that contains this information. Information on our website and the SEC’s website is not incorporated into or a part of this prospectus supplement or the accompanying prospectus.

				Per Note			Total
		Public offering price(1)		99.345	%		$	397,380,000
		Underwriting discount (sales load)		0.500	%		$	2,000,000
		Proceeds to us, before expenses(2)		98.845	%		$	395,380,000

__________________________________

(1)       The public offering price set forth above does not include accrued interest, if any. Interest on the Notes must be paid by the purchaser if the Notes are delivered after March 3, 2026.

(2)       Before deducting expenses payable by us related to this offering, estimated at $1.4 million.

THE NOTES ARE NOT DEPOSITS OR OTHER OBLIGATIONS OF A BANK AND ARE NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY.

Neither the SEC, any state securities commission nor any other regulatory body has approved or disapproved of these securities or determined if this prospectus supplement or the accompanying prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

Delivery of the Notes in book-entry form only through The Depository Trust Company for the accounts of its participants, including Euroclear Bank S.A./N.V., as operator of the Euroclear System, and Clearstream Banking S.A., will be made on or about March 3, 2026.

__________________________ 

Joint Book-Running Managers

Citigroup Barclays J.P. Morgan SMBC Nikko Truist Securities

Deutsche Bank Securities Goldman Sachs & Co. LLC Morgan Stanley MUFG

Wells Fargo Securities RBC Capital Markets

BNP PARIBAS BofA Securities ING TD Securities US Bancorp

Credit Agricole CIB HSBC Mizuho Regions Securities LLC SOCIETE GENERALE

Co-Managers

Blackstone

BNY Capital Markets CIBC Capital Markets Fifth Third Securities M&T Securities

Keefe, Bruyette & Woods A Stifel Company Natixis Synovus Raymond James

Academy Securities Drexel Hamilton CastleOak Securities, L.P. R. Seelaus & Co., LLC

The date of this prospectus supplement is February 26, 2026.

Table of Contents

TABLE OF CONTENTS

Prospectus Supplement

		Page
ABOUT THIS PROSPECTUS SUPPLEMENT		S-1
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS		S-2
THE COMPANY		S-4
SPECIFIC TERMS OF THE NOTES AND THE OFFERING		S-7
RISK FACTORS		S-10
USE OF PROCEEDS		S-15
CAPITALIZATION		S-16
DESCRIPTION OF NOTES		S-17
CERTAIN U.S. FEDERAL INCOME TAX CONSIDERATIONS		S-30
UNDERWRITING		S-34
PORTFOLIO COMPANIES		S-42
LEGAL MATTERS		S-106
EXPERTS		S-107
INCORPORATION OF CERTAIN INFORMATION BY REFERENCE		S-108

Prospectus

		Page
ABOUT THIS PROSPECTUS		1
PROSPECTUS SUMMARY		2
OFFERINGS		17
FEES AND EXPENSES		21
FINANCIAL HIGHLIGHTS		23
RISK FACTORS		25
POTENTIAL CONFLICTS OF INTEREST		26
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS		27
USE OF PROCEEDS		29
PRICE RANGE OF COMMON SHARES		30
DISTRIBUTIONS		31
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS		33
THE COMPANY		34
SENIOR SECURITIES		35
PORTFOLIO COMPANIES		36
MANAGEMENT		112
PORTFOLIO MANAGEMENT		113
MANAGEMENT AND OTHER AGREEMENTS		117
CONTROL PERSONS AND PRINCIPAL SHAREHOLDERS		118
DETERMINATION OF NET ASSET VALUE		120
DIVIDEND REINVESTMENT PLAN		121
CERTAIN U.S. FEDERAL INCOME TAX CONSIDERATIONS		122
DESCRIPTION OF OUR SHARES		128
DESCRIPTION OF OUR PREFERRED SHARES		134
DESCRIPTION OF OUR SUBSCRIPTION RIGHTS		135
DESCRIPTION OF OUR WARRANTS		137
DESCRIPTION OF OUR DEBT SECURITIES		139
REGULATION		154
PLAN OF DISTRIBUTION		155
CUSTODIAN, TRANSFER AND DIVIDEND PAYING AGENT AND REGISTRAR		157
BROKERAGE ALLOCATION AND OTHER PRACTICES		158
LEGAL MATTERS		159
EXPERTS		160
AVAILABLE INFORMATION		161
INCORPORATION OF CERTAIN INFORMATION BY REFERENCE		162

Table of Contents

ABOUT THIS PROSPECTUS SUPPLEMENT

This document is in two parts. The first part is this prospectus supplement, which describes the terms of this offering of the Notes and also adds to and updates the information contained in the accompanying prospectus and the documents incorporated by reference into this prospectus supplement and the accompanying prospectus. The second part is the accompanying prospectus, which provides more general information about us and related matters. To the extent the information contained in this prospectus supplement differs from the information contained in the accompanying prospectus or any document filed with the SEC prior to the date of this prospectus supplement and incorporated herein by reference, the information in this prospectus supplement shall control. Generally, when we refer to this “prospectus,” we are referring to both this prospectus supplement and the accompanying prospectus combined, together with any free writing prospectus that we have authorized for use in connection with this offering.

You should rely only on the information contained in or incorporated by reference into this prospectus supplement and the accompanying prospectus or in any free writing prospectus prepared by or on behalf of us that relates to this offering of Notes. The Company has not, and the underwriters have not, authorized any other person to provide you with different information or to make any representations not contained in this prospectus supplement, the accompanying prospectus or in any free writing prospectus prepared by or on behalf of us that relates to this offering of Notes. We take no responsibility for and can provide no assurance as to the reliability of, any other information that others may give you. If anyone provides you with different or inconsistent information, you should not rely on it. The Company is not, and the underwriters are not, making an offer to sell these securities in any jurisdiction where the offer or sale is not permitted. You should not assume that the information appearing in this prospectus supplement, the accompanying prospectus or in any such free writing prospectus is accurate as of any date other than their respective dates, or that any information incorporated by reference herein or therein is accurate as of any date other than the date of the document incorporated by reference, regardless of the time of delivery of this prospectus supplement or sale of the Notes offered hereby. The Company’s business, financial condition, results of operations, cash flows and prospects may have changed since such dates.

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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

Some of the statements included or incorporated by reference in this prospectus supplement and the accompanying prospectus and any related free writing prospectus contain 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. You can generally identify forward-looking statements by our use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “anticipate,” “estimate,” “believe,” “continue” or other similar words. These statements include our plans and objectives for future operations (including plans and objectives relating to future growth and availability of funds), expectations for current or future investments, and expectations for market and other macroeconomic trends, and are based on current expectations that involve numerous risks and uncertainties. Assumptions relating to these statements involve judgments with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to accurately predict and many of which are beyond our control. Although we believe the assumptions underlying the forward-looking statements, and the forward-looking statements themselves, are reasonable, any of the assumptions could be inaccurate and, therefore, there can be no assurance that these forward-looking statements will prove to be accurate and our actual results, performance and achievements may be materially different from that expressed or implied by these forward-looking statements. In light of the significant uncertainties inherent in these forward-looking statements, the inclusion of this information should not be regarded as a representation by us or any other person that our objectives and plans, which we consider to be reasonable, will be achieved. Forward-looking statements in this prospectus are subject to risks, uncertainties and other factors including, but not limited to:

•        our future operating results;

•        our business prospects and the prospects of the companies in which we may invest;

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

•        our ability to raise sufficient capital and buy back shares to execute our investment strategy;

•        general economic, logistical and political trends and other external factors, including inflation, trade policies and recent supply chain disruptions and their impacts on our portfolio companies and on the industries in which we invest;

•        the ability of our portfolio companies to achieve their objectives;

•        our current and expected financing arrangements and investments;

•        changes in the general interest rate environment;

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

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

•        our contractual arrangements and relationships with third parties;

•        actual and potential conflicts of interest with the Advisers or any of their affiliates;

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

•        our use of financial leverage, including the use of borrowed money to finance a portion of our investments and the availability of equity and debt capital on favorable terms or at all;

•        our business prospects and the prospects of our portfolio companies, including our and their ability to effectively respond to macroeconomic effects;

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

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•        the impact of future acquisitions and divestitures;

•        the ability of the Advisers or their affiliates to attract and retain highly talented professionals;

•        general price and volume fluctuations in the stock market;

•        our ability to maintain our qualification as a RIC and as a BDC;

•        the impact on our business of U.S. and international financial reform legislation, rules and regulations;

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

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

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this prospectus supplement, the accompanying prospectus, any documents we may incorporate by reference herein and any related free writing prospectus should not be regarded as a representation by us that our plans and objectives will be achieved. The factors listed under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, as amended or supplemented in any subsequent filings with the SEC, which are incorporated by reference in this prospectus supplement, as well as any cautionary language included or incorporated by reference in this prospectus supplement and the accompanying prospectus provide examples of risks, uncertainties and events that may cause our actual results to differ materially from the expectations we describe in our forward-looking statements. The occurrence of the events described in these risk factors and elsewhere in this prospectus supplement or the accompanying prospectus could have a material adverse effect on our business, results of operations and financial position. These projections and forward-looking statements apply only as of the dates of this prospectus supplement, the accompanying prospectus, any documents we may incorporate by reference herein and any related free writing prospectus. Moreover, we assume no duty and do not undertake to update the forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law. 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 will file with the SEC including registration statements on Form N-2, annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. Because we are regulated as an investment company, the forward-looking statements and projections contained in this prospectus supplement, the accompanying prospectus, any documents we may incorporate by reference herein and any related free writing prospectus are excluded from the safe harbor protection provided by Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

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THE COMPANY

This summary highlights some of the information contained elsewhere in or incorporated by reference into this prospectus supplement and the accompanying prospectus. This summary is not complete and may not contain all of the information that you should consider before investing in the Notes. You should read this entire document and the other information incorporated by reference into this document and the other documents to which we refer herein before investing.

Blackstone Secured Lending Fund

Blackstone Secured Lending Fund (together with its consolidated subsidiaries, the “Company,” “we,” “us” or “our”) is a Delaware statutory trust formed on March 26, 2018, and structured as an externally managed, non-diversified, closed-end management investment company. On October 26, 2018, the Company elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”). In addition, the Company has elected to be treated for U.S. federal income tax purposes, and intends to qualify annually, as a regulated investment company (a “RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (together with the rules and regulations promulgated thereunder, the “Code”).

We are externally managed by Blackstone Private Credit Strategies LLC (the “Adviser”) and Blackstone Credit BDC Advisors LLC (the “Sub-Adviser” and, together with the Adviser, the “Advisers”). The Advisers are affiliates of Blackstone Alternative Credit Advisors LP (the “Sub-Administrator” and, collectively with its affiliates in the credit, asset based finance and insurance asset management business unit of Blackstone Inc. (“Blackstone”), “Blackstone Credit & Insurance”). Additionally, Blackstone Private Credit Strategies LLC, in its capacity as the administrator to the Company (in such capacity, the “Administrator” and, together with the Sub-Administrator, the “Administrators”), and the Sub-Administrator provide certain administrative and other services necessary for the Company to operate pursuant to an administration agreement between the Administrator and the Company and a sub-administration agreement between the Administrator and the Sub-Administrator.

Our investment objectives are to generate current income and, to a lesser extent, long-term capital appreciation. We believe that Blackstone’s investment platform provides us with a competitive advantage in selecting investments, and to achieve our investment objectives, we will leverage the Advisers’ investment teams’ and Blackstone’s extensive network of relationships with other sophisticated institutions to source, evaluate and, as appropriate, partner with on transactions. There are no assurances that we will achieve our investment objectives.

BDCs are subject to certain restrictions applicable to investment companies under the 1940 Act. As a BDC, at least 70% of our assets must be the type of “qualifying” assets listed in Section 55(a) of the 1940 Act, which are generally privately-offered securities issued by U.S. private or thinly-traded companies. We may also invest up to 30% of our portfolio opportunistically in “non-qualifying” portfolio investments, such as investments in non-U.S. companies. We generally intend to distribute substantially all of our available earnings annually by making quarterly cash distributions. We use leverage and intend to continue to use leverage for our investment activities. We use and intend to continue to use leverage, which is permitted up to the maximum amount allowed by the 1940 Act (currently limited to a debt-to-equity ratio of 2:1), to enhance potential returns. See “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations — Financial Condition, Liquidity and Capital Resources — Borrowings” in our recent Annual Report on Form 10-K for the year ended December 31, 2025, which is incorporated by reference herein.

Investment Strategy

Our investment objectives are to generate current income and, to a lesser extent, long-term capital appreciation. We will seek to meet our investment objectives by:

•        utilizing the experience and expertise of the management team of the Advisers, along with the broader resources of Blackstone Credit & Insurance and Blackstone, in sourcing, evaluating and structuring transactions, subject to Blackstone’s policies and procedures regarding the management of conflicts of interest;

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•        employing a defensive investment approach focused on long-term credit performance and principal protection, generally investing in loans with asset coverage ratios and interest coverage ratios that the Advisers believe provide substantial credit protection, and also seeking favorable financial protections, including, where the Advisers believe necessary, one or more financial maintenance and incurrence covenants (i.e., covenants that are tested when affirmative action is taken, such as the incurrence of additional debt and/or making dividend payments);

•        focusing primarily on loans and securities of private U.S. companies, including syndicated loans, specifically larger and middle market companies. In many market environments, we believe such a focus offers an opportunity for superior risk-adjusted returns;

•        maintaining rigorous portfolio monitoring in an attempt to anticipate and pre-empt negative credit events within our portfolio; and

•        utilizing the power and scale of Blackstone and the Blackstone Credit & Insurance platform to offer operational expertise to portfolio companies through the Blackstone Credit & Insurance Value Creation Program (the “Value Creation Program”), a global platform that intends to help Blackstone Credit & Insurance investments create meaningful value by leveraging the scale, network and expertise within the Blackstone platform.

Under normal market conditions, we generally invest at least 80% of our total assets (net assets plus borrowings for investment purposes) in secured debt investments and our portfolio is composed primarily of first lien senior secured and unitranche loans. To a lesser extent, we have and may continue to also invest in second lien, third lien, unsecured or subordinated loans and other debt and equity securities. In limited instances, we may retain the “last out” portion of a first lien loan. In such cases, the “first out” portion of the first lien loan would receive priority with respect to payment over our “last out” position. In exchange for the higher risk of loss associated with such “last out” portion, we would earn a higher rate of interest than the “first out” position. We do not currently focus on investments in issuers that are distressed or in need of rescue financing. Subject to the limitations of the 1940 Act, we may invest in loans or other securities, the proceeds of which may refinance or otherwise repay debt or securities of companies whose debt is owned by other Blackstone Credit & Insurance funds. We generally will co-invest with other Blackstone Credit & Insurance funds.

Although we do not expect a significant portion of our portfolio to be composed of second lien, third lien, unsecured or subordinated loans, there is no limit on the amount of such loans in which we may invest, subject to compliance with our 80% policy. We may purchase interests in loans or make other debt investments, including investments in senior secured bonds, through secondary market transactions in the “over-the-counter” market or directly from our target companies as primary market, directly originated or syndicated investments. In connection with our debt investments, we may on occasion receive equity interests such as warrants or options as additional consideration. We have and may continue to also purchase or otherwise acquire minority interests in the form of common or preferred equity or equity-related securities, such as rights and warrants that may be converted into or exchanged for our common shares or other equity or the cash value of shares or other equity, in our target companies, generally in conjunction with one of our debt investments or through a co-investment with a financial sponsor, such as an institutional investor or private equity firm, or a finance company transaction (such as a joint venture). In addition, a portion of our portfolio may be composed of unsecured bonds, collateralized loan obligations, other debt securities and derivatives, including total return swaps and credit default swaps. Depending on market conditions, we may increase or decrease our exposure to less senior portions of the capital structure or otherwise make opportunistic investments.

Our investment strategy is expected to capitalize on Blackstone Credit & Insurance’s scale and reputation in the market as an attractive financing partner to acquire our target investments at attractive pricing. We also expect to benefit from Blackstone’s reputation and ability to transact in scale with speed and certainty, and its long-standing and extensive relationships with private equity firms that require financing for their transactions.

Use of Leverage

The amount of leverage we use in any period depends on a variety of factors, including cash available for investing, the cost of financing and general economic and market conditions. Generally, pursuant to the 1940 Act, our total borrowings are limited so that we cannot incur additional borrowings if immediately after such borrowing,

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the ratio of our total assets (less total liabilities other than indebtedness represented by senior securities) to our total indebtedness represented by senior securities plus preferred shares, if any, is at or above 150%. This means that generally, a BDC can borrow up to $2 for every $1 of investor equity.

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 subject to the limits of the 1940 Act. In addition, we may dedicate assets to financing facilities.

Corporate Information

Our principal executive offices are located at 345 Park Avenue, New York, New York 10154 and our telephone number is (212) 503-2100. We maintain a website at www.bxsl.com. Information contained on our website or on Blackstone’s website at www.blackstone.com is not incorporated by reference into this prospectus supplement or the accompanying base prospectus.

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SPECIFIC TERMS OF THE NOTES AND THE OFFERING

This prospectus supplement sets forth certain terms of the Notes that we are offering pursuant to this prospectus supplement and supplements the accompanying prospectus that is attached to the back of this prospectus supplement. This section outlines certain legal and financial terms of the Notes. You should read this section together with the more detailed description of the Notes under the heading “Description of Notes” in this prospectus supplement and in the accompanying prospectus under the heading “Description of Our Debt Securities” before investing in the Notes. Capitalized terms used in this prospectus supplement and not otherwise defined shall have the meanings ascribed to them in the accompanying prospectus or in the indenture governing the Notes, as amended from time to time, the “indenture.”

Issuer		Blackstone Secured Lending Fund
Title of the Securities		5.250% Notes due 2029
Aggregate Principal Amount Being Offered		$400,000,000
Initial Public Offering Price		99.345% of the aggregate principal amount of the Notes
Interest Rate		5.250%
Yield to Maturity		5.458%
Trade Date		February 26, 2026
Issue Date		March 3, 2026
Maturity Date		September 4, 2029
Interest Payment Dates		March 4 and September 4, commencing September 4, 2026.
Ranking of Notes		The Notes will be our general unsecured obligations that rank senior in right of payment to all of our existing and future indebtedness that is expressly subordinated in right of payment to the Notes. The Notes will rank equally in right of payment with all of our existing and future senior liabilities that are not so subordinated, or junior, including without limitation, our 2.750% notes due 2026, which will mature on September 16, 2026 (the “New 2026 Notes”), our 2.125% notes due 2027, which will mature on February 15, 2027 (the “2027 Notes”), our 5.875% Notes due 2027, which will mature on November 15, 2027 (the “November 2027 Notes”), our 2.850% notes due 2028, which will mature on September 30, 2028 (the “2028 Notes”), our 5.350% notes due 2028, which will mature on April 13, 2028 (the “April 2028 Notes”), our 5.300% Notes due 2030, which will mature on June 30, 2030 (the “June 2030 Notes”) and our 5.125% Notes due 2031 (the “January 2031 Notes” and, together with the New 2026 Notes, the 2027 Notes, the November 2027 Notes, the 2028 Notes, the April 2028 Notes and the June 2030 Notes, the “Existing Unsecured Notes”), rank effectively subordinated, or junior, to any of our secured indebtedness (including unsecured indebtedness that we later secure) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by our subsidiaries, financing vehicles or similar facilities.
		As of December 31, 2025, our total consolidated indebtedness, at par, was approximately $8.1 billion, $3.2 billion of which was secured (of which $1.8 billion was indebtedness of our subsidiaries) and $4.9 billion of which was unsecured. See “Capitalization.”

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Denominations		We will issue the Notes in denominations of $2,000 and integral multiples of $1,000 in excess thereof.
Optional Redemption		Prior to August 4, 2029 (one month prior to the maturity date of the Notes) (the “Par Call Date”), we may redeem the Notes at our option, in whole or in part, at any time and from time to time, at a redemption price equal to the greater of (1) (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the notes matured on the Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 30 basis points less (b) interest accrued to the date of redemption, or (2) 100% of the principal amount of the Notes to be redeemed, plus, in either case accrued and unpaid interest thereon to the redemption date of the Notes.
		Notwithstanding the foregoing, at any time on or after the Par Call Date, we may redeem some or all of the Notes at any time, or from time to time, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed plus, in each case, accrued and unpaid interest, if any, to, but excluding, the redemption date of the Notes.
Sinking Fund		The Notes will not be subject to any sinking fund (i.e., no amounts will be set aside by us to ensure repayment of the Notes at maturity). As a result, our ability to repay the Notes at maturity will depend on our financial condition on the date that we are required to repay the Notes.
Offer to Purchase upon a Change of Control Repurchase Event		If a Change of Control Repurchase Event (as defined herein) occurs prior to maturity, unless we have exercised our right to redeem the Notes in full, holders of the Notes will have the right, at their option, to require us to repurchase for cash some or all of the Notes at a repurchase price equal to 100% of the principal amount of the Notes being repurchased, plus accrued and unpaid interest to, but not including, the repurchase date.
Legal Defeasance		The Notes are subject to legal defeasance by us, which means that, subject to the satisfaction of certain conditions, including, but not limited to, (i) depositing in trust for the benefit of the holders of the Notes a combination of money and U.S. government or U.S. government agency notes or bonds that will generate enough cash, in the opinion of a nationally recognized firm of independent public accountants, to make interest, principal and any other payments on the Notes on their various due dates and (ii) delivering to the trustee an opinion of counsel as described herein under “Description of Notes — Defeasance,” we can legally release ourselves from all payment and other obligations on the Notes.
Covenant Defeasance			The Notes are subject to covenant defeasance by us, which means that, subject to the satisfaction of certain conditions, including, but not limited to, (i) depositing in trust for the benefit of the holders of the Notes a combination of money and U.S. government or U.S. government agency notes or bonds that will generate enough cash, in the opinion of a nationally recognized firm of independent public accountants, to make interest, principal and any other payments on the Notes on their various due dates and (ii) delivering to the trustee an opinion of counsel as described herein under “Description of Notes — Defeasance,” we will be released from some of the restrictive covenants in the indenture.

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Form of Notes		The Notes will be represented by global securities that will be deposited and registered in the name of The Depository Trust Company, or DTC, or its nominee. This means that, except in limited circumstances, you will not receive certificates for the Notes. Beneficial interests in the Notes will be represented through book-entry accounts of financial institutions acting on behalf of beneficial owners as direct and indirect participants in DTC. Investors may elect to hold interests in the Notes through either DTC, if they are a participant, or indirectly through organizations that are participants in DTC.
Trustee, Paying Agent and Registrar		U.S. Bank Trust Company, National Association.
Events of Default		If an event of default (as described under “Description of Notes”) on the Notes occurs, the principal amount of the Notes, plus accrued and unpaid interest, may be declared immediately due and payable, subject to conditions set forth in the indenture. These amounts automatically become due and payable in the case of certain types of bankruptcy or insolvency events involving us.
Other Covenants		In addition to the covenants described in the accompanying prospectus, the following covenants shall apply to the Notes:
		•        We agree that for the period of time during which the Notes are outstanding, we will not violate, whether or not we are subject to, Section 18(a)(1)(A) of the 1940 Act as modified by Section 61(a) of the 1940 Act or any successor provisions, as such obligations may be amended or superseded, giving effect to any exemptive relief granted to us by the SEC. •        If, at any time, we are not subject to the reporting requirements of Sections 13 or 15(d) of the Exchange Act to file any periodic reports with the SEC, we agree to furnish to holders of the Notes and the trustee, for the period of time during which the Notes are outstanding, our audited annual consolidated financial statements, within 90 days of our fiscal year end, and unaudited interim consolidated financial statements, within 45 days of our fiscal quarter end (other than our fourth fiscal quarter). All such financial statements will be prepared, in all material respects, in accordance with applicable United States generally accepted accounting principles (“GAAP”) as applicable.
No Established Trading Market		The Notes are a new issue of securities with no established trading market. The Notes will not be listed on any securities exchange or quoted on any automated dealer quotation system. Although certain of the underwriters have informed us that they currently intend to make a market in the Notes, as permitted by applicable laws and regulations, they are not obligated to do so and may discontinue any such market making activities at any time without notice and at their sole discretion. See “Underwriting.” Accordingly, we cannot assure you that a liquid market for the Notes will develop or be maintained.
Global Clearance and Settlement Procedures		Interests in the Notes will trade in DTC’s Same Day Funds Settlement System, and any permitted secondary market trading activity in such Notes will, therefore, be required by DTC to be settled in immediately available funds. None of the Company, the trustee or the paying agent will have any responsibility or liability for the performance by DTC or its participants or indirect participants of their respective obligations under the rules and procedures governing their operations.
Governing Law		The Notes and the indenture are governed by and construed in accordance with the laws of the State of New York.

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RISK FACTORS

Investing in the Notes involves a number of significant risks. Before deciding whether to invest in the Notes, you should carefully consider the risks and uncertainties described in the section titled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024, as well as in subsequent filings with the SEC, which are incorporated by reference into this prospectus supplement and the accompanying prospectus, in their entirety, together with other information in this prospectus supplement, the accompanying prospectus and the documents incorporated by reference herein and therein. The risks described in these documents are not the only ones we face. Additional risks and uncertainties not presently known to us or not presently deemed material by us might also impair our operations and performance. The Notes will not be an appropriate investment for you if you are not knowledgeable about significant features of the Notes or financial matters in general. Past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results or trends in future periods. If any of these risks occur, our business, financial condition and results of operations could be materially and adversely affected. In such case, our net asset value, the trading price of our common shares and the value of our other securities could decline, and you may lose all or part of your investment. Please also read carefully the section titled “Cautionary Statement Regarding Forward-Looking Statements” in this prospectus supplement.

Risks Related to This Offering

The Notes are unsecured and therefore are effectively subordinated to any secured indebtedness we have incurred or may incur in the future.

The Notes are not secured by any of our assets or any of the assets of our subsidiaries. As a result, the Notes are effectively subordinated, or junior, to any secured indebtedness or other obligations we or our subsidiaries have incurred and may incur in the future (or any indebtedness that is initially unsecured that we later secure) to the extent of the value of the assets securing such indebtedness. In any liquidation, dissolution, bankruptcy or other similar proceeding, the holders of any of our existing or future secured indebtedness and the secured indebtedness of our subsidiaries may assert rights against the assets pledged to secure that indebtedness in order to receive full payment of their indebtedness before the assets may be used to pay other creditors, including the holders of the Notes. As of December 31, 2025, we had $1.4 billion aggregate principal amount of outstanding indebtedness under our senior secured revolving credit facility (the “Revolving Credit Facility”). The Revolving Credit Facility is secured by a perfected first-priority security interest in substantially all the portfolio investments held by us and each guarantor party thereto; the indebtedness thereunder is therefore effectively senior to the Notes to the extent of the value of such assets.

The Notes are structurally subordinated to the indebtedness and other liabilities of our subsidiaries.

The Notes are obligations exclusively of the Company and not of any of our subsidiaries. None of our subsidiaries is a guarantor of the Notes and the Notes are not required to be guaranteed by any subsidiaries we may acquire or create in the future. As of December 31, 2025, approximately $1.8 billion of the indebtedness, at par value, required to be consolidated on our balance sheet was held through subsidiary financing vehicles and secured by certain assets of such subsidiaries. Except to the extent we are a creditor with recognized claims against our subsidiaries, all claims of creditors (including trade creditors) and holders of preferred stock, if any, of our subsidiaries will have priority over our equity interests in such subsidiaries (and therefore the claims of our creditors, including holders of the Notes) with respect to the assets of such subsidiaries. Even if we were recognized as a creditor of one or more of our subsidiaries, our claims would still be effectively subordinated to any security interests in the assets of any such subsidiary and to any indebtedness or other liabilities of any such subsidiary senior to our claims. Consequently, the Notes are structurally subordinated, or junior, to all existing and future indebtedness and other obligations (including trade payables) incurred by any of our subsidiaries, financing vehicles or similar facilities and any subsidiaries, financing vehicles or similar facilities that we may in the future acquire or establish. Our subsidiaries may incur substantial additional indebtedness in the future, all of which would be structurally senior to the Notes.

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Our amount of debt outstanding may increase as a result of this offering. Our current indebtedness could adversely affect our business, financial condition and results of operations and our ability to meet our payment obligations under the Notes and our other debt.

As of December 31, 2025, our total consolidated indebtedness, at par, was approximately $8.1 billion, $3.2 billion of which was secured (of which $1.8 billion was indebtedness of our subsidiaries) and $4.9 billion of which was unsecured. See “Capitalization.”

The use of debt could have significant consequences on our future operations, including:

•        making it more difficult for us to meet our payment and other obligations under the Notes and our other outstanding indebtedness;

•        resulting in an event of default if we fail to comply with the financial and other restrictive covenants contained in our financing arrangements, which event of default could result in substantially all of our debt becoming immediately due and payable;

•        reducing the availability of our cash flow to fund investments, acquisitions and other general corporate purposes, and limiting our ability to obtain additional financing for these purposes;

•        subjecting us to the risk of increased sensitivity to interest rate increases on our indebtedness with variable interest rates, including borrowings under our financing arrangements; and

•        limiting our flexibility in planning for, or reacting to, and increasing our vulnerability to, changes in our business, the industry in which we operate and the general economy.

Any of the above-listed factors could have an adverse effect on our business, financial condition and results of operations and our ability to meet our payment obligations under the Notes and our other debt.

Our ability to meet our payment and other obligations under our financing arrangements depends on our ability to generate significant cash flow in the future. This, to some extent, is subject to general economic, financial, competitive, legislative and regulatory factors as well as other factors that are beyond our control.

We cannot assure you that our business will generate sufficient cash flow from operations or that future borrowings will be available to us under our Revolving Credit Facility or otherwise in an amount sufficient to enable us to pay our indebtedness, including the Notes, or to fund our other liquidity needs. We may need to refinance all or a portion of our indebtedness, including the Notes, on or before it matures. We cannot assure you that we will be able to refinance any of our indebtedness on commercially reasonable terms or at all. If we cannot service our indebtedness, we may have to take actions such as selling assets or seeking additional equity. We cannot assure you that any such actions, if necessary, could be effected on commercially reasonable terms or at all, or on terms that would not be disadvantageous to our shareholders or on terms that would not require us to breach the terms and conditions of our existing or future debt agreements, including our payment obligations under the Notes.

A downgrade, suspension or withdrawal of the credit rating assigned by a rating agency to us or the Notes, if any, or change in the debt markets could cause the liquidity or market value of the Notes to decline significantly.

Our credit ratings are an assessment by rating agencies of our ability to pay our debts when due. Consequently, real or anticipated changes in our credit ratings will generally affect the market value of the Notes. These credit ratings may not reflect the potential impact of risks relating to the structure or marketing of the Notes. Credit ratings are not a recommendation to buy, sell or hold any security, and may be revised or withdrawn at any time by the issuing organization in its sole discretion. Neither we nor any underwriter undertakes any obligation to maintain our credit ratings or to advise holders of Notes of any changes in our credit ratings. The Notes are rated by Moody’s Investor Service, or Moody’s, S&P Global Ratings, or S&P, and Fitch Ratings, or Fitch. There can be no assurance that their respective credit ratings will remain for any given period of time or that such credit ratings will not be lowered or withdrawn entirely by Moody’s, S&P or Fitch if in any of their respective judgments future circumstances relating to the basis of the credit rating, such as adverse changes in our company, so warrant. The conditions of the financial markets and prevailing interest rates have fluctuated in the past and are likely to fluctuate in the future.

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An increase in market interest rates could result in a decrease in the market value of the Notes.

The condition of the financial markets and prevailing interest rates have fluctuated in the past and are likely to fluctuate in the future, which could have an adverse effect on the market prices of the Notes. In general, as market interest rates rise, debt securities bearing interest at fixed rates of interest decline in value. Consequently, if you purchase Notes bearing interest at fixed rates and market interest rates increase, the market values of those Notes may decline. We cannot predict the future level of market interest rates.

The indenture governing the Notes contains limited protection for holders of the Notes.

The indenture governing the Notes offers limited protection to holders of the Notes. The terms of the indenture and the Notes do not restrict our or any of our subsidiaries’ ability to engage in, or otherwise be a party to, a variety of corporate transactions, circumstances or events that could have an adverse impact on your investment in the Notes. In particular, the terms of the indenture and the Notes do not place any restrictions on our or our subsidiaries’ ability to:

•        issue securities or otherwise incur additional indebtedness or other obligations, including (1) any indebtedness or other obligations that would be pari passu, or equal, in right of payment to the Notes, (2) any indebtedness or other obligations that would be secured and therefore rank effectively senior in right of payment to the Notes to the extent of the value of the assets securing such indebtedness, (3) indebtedness or other obligations of ours that are guaranteed by one or more of our subsidiaries and which therefore are structurally senior to the Notes and (4) indebtedness or obligations (including trade payables) incurred by our subsidiaries, financing vehicles or similar facilities that would be senior to our equity interests in those entities and therefore rank structurally senior to the Notes with respect to the assets of those subsidiaries, in each case other than an incurrence of indebtedness or other obligations that would cause a violation of Section 18(a)(1)(A) of the 1940 Act as modified by Section 61(a) of the 1940 Act or any successor provisions, as such obligations may be amended or superseded, giving effect to any exemptive relief granted to us by the SEC;

•        pay dividends on, or purchase or redeem or make any payments in respect of, capital stock or other securities ranking junior in right of payment to the Notes;

•        sell assets (other than certain limited restrictions on our ability to consolidate, merge or sell all or substantially all of our assets);

•        create liens (including liens on the shares of our subsidiaries) or enter into sale and leaseback transactions;

•        enter into transactions with affiliates;

•        make investments; or

•        create restrictions on the payment of dividends or other amounts to us from our subsidiaries.

Furthermore, the terms of the indenture and the Notes do not protect holders of the Notes in the event that we experience changes (including significant adverse changes) in our financial condition, results of operations or credit ratings, as they do not require that we or our subsidiaries adhere to any financial tests or ratios or specified levels of net worth, revenues, income, cash flow or liquidity.

Our ability to recapitalize, incur additional debt and take a number of other actions that are not limited by the terms of the Notes may have important consequences for you as a holder of the Notes, including making it more difficult for us to satisfy our obligations with respect to the Notes or negatively affecting the trading value of the Notes.

Certain of our current debt instruments include more protections for their holders than the indenture and the Notes. In addition, other debt we issue or incur in the future could contain more protections for its holders than the indenture and the Notes, including additional covenants and events of default. The issuance or incurrence of any such debt with incremental protections could affect the market for and trading levels and prices of the Notes.

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The optional redemption provision may materially adversely affect your return on the Notes.

The Notes are redeemable in whole or in part upon certain conditions at any time or from time to time at our option. We may choose to redeem the Notes at times when prevailing interest rates are lower than the interest rate paid on the Notes. In this circumstance, you may not be able to reinvest the redemption proceeds in a comparable security at an effective interest rate as high as that of the Notes being redeemed.

If we default on our obligations to pay our other indebtedness, we may not be able to make payments on the Notes.

Any default under the agreements governing our indebtedness, including a default under our Revolving Credit Facility or under the Existing Unsecured Notes, or under other indebtedness to which we may be a party, that is not waived by the required lenders or holders and the remedies sought by the holders of such indebtedness could make us unable to pay principal, premium, if any, and interest on the Notes and substantially decrease the market value of the Notes.

If we are unable to generate sufficient cash flow and are otherwise unable to obtain funds necessary to meet required payments of principal, premium, if any, and interest on our indebtedness, or if we otherwise fail to comply with the various covenants, including financial and operating covenants, in the instruments governing our indebtedness, we could be in default under the terms of the agreements governing such indebtedness. In the event of such default, the holders of such indebtedness could elect to declare all the funds borrowed thereunder to be due and payable, together with accrued and unpaid interest, the lenders under our Revolving Credit Facility or other debt we may incur in the future could elect to terminate their commitments, cease making further loans and institute foreclosure proceedings against our assets, and we could be forced into bankruptcy or liquidation.

If our operating performance declines, we may in the future need to seek to obtain waivers from the required lenders or holders under the agreements governing our indebtedness, or other indebtedness that we may incur in the future, to avoid being in default. If we breach our covenants under the agreements governing our indebtedness and seek a waiver, we may not be able to obtain a waiver from the required lenders or holders. If this occurs, we would be in default and our lenders or debt holders could exercise their rights as described above, and we could be forced into bankruptcy or liquidation.

If we are unable to repay debt, lenders having secured obligations, including the lenders under our Revolving Credit Facility, could proceed against the collateral securing the debt. Because our Revolving Credit Facility and Existing Unsecured Notes have, the indenture will have, and any future debt will likely have, customary cross-default provisions, if the indebtedness thereunder, hereunder or under any future credit facility is accelerated, we may be unable to repay or finance the amounts due. See “Description of Notes” in this prospectus supplement and “Description of Our Debt Securities” in the accompanying prospectus.

We may not be able to repurchase the Notes upon a Change of Control Repurchase Event.

We may not be able to repurchase the Notes upon a Change of Control Repurchase Event because we may not have sufficient funds. Upon the occurrence of a Change of Control Repurchase Event, as defined in the indenture that governs the Notes, as supplemented, subject to certain conditions, we will be required to offer to repurchase all outstanding Notes at 100% of their principal amount, plus accrued and unpaid interest, to but not including, the repurchase date. Our failure to purchase such tendered Notes upon the occurrence of such Change of Control Repurchase Event would cause an event of default under the indenture governing the Notes and a cross-default under the agreements governing certain of our other indebtedness, which may result in the acceleration of such indebtedness requiring us to repay that indebtedness immediately. If a Change of Control Repurchase Event were to occur, we may not have sufficient funds to repay any such accelerated indebtedness and/or to make the required repurchase of the Notes. The source of funds for that purchase of Notes will be our available cash or cash generated from our operations or other potential sources, including borrowings, investment repayments, sales of assets or sales of equity. We cannot assure you that sufficient funds from such sources will be available at the time of any Change of Control Repurchase Event to make required repurchases of Notes tendered. The terms of the Revolving Credit Facility provide that certain change of control events will constitute an event of default thereunder

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entitling the lenders to accelerate any indebtedness outstanding under the credit facility at that time and to terminate the credit facility. In addition, the indentures governing our Existing Unsecured Notes each contain a provision that would require us to offer to purchase the respective Existing Unsecured Notes upon the occurrence of a fundamental change.

Any failure to comply with these provisions would constitute an event of default under each of the other agreements governing our indebtedness, including the indenture. Our future debt instruments also may contain similar restrictions and provisions. If the holders of the Notes exercise their right to require us to repurchase all the Notes upon a Change of Control Repurchase Event, the financial effect of this repurchase could cause a default under our future debt instruments, even if the Change of Control Repurchase Event itself would not cause a default. It is possible that we will not have sufficient funds at the time of the Change of Control Repurchase Event to make the required repurchase of the Notes or our other debt. See “Description of Notes — Offer to Repurchase Upon a Change of Control Repurchase Event.”

We cannot assure that an active trading market will be maintained for the Notes.

The Notes are a new issue of debt securities for which there currently is no trading market. We do not intend to apply for listing of the Notes on any securities exchange or for quotation of the Notes on any automated dealer quotation system. If no active trading market develops, you may not be able to resell your Notes at their fair market value or at all. If the Notes are traded after their initial issuance, they may trade at a discount from their initial offering price depending on prevailing interest rates, the market for similar securities, our credit ratings, general economic conditions, our financial condition, performance and prospects and other factors. Although certain of the underwriters have informed us that they currently intend to make a market in the Notes, as permitted by applicable laws and regulations, they are not obligated to do so and may discontinue any market-making in the Notes at any time without notice and at their sole discretion. In addition, any market-making activity will be subject to limits imposed by law. Accordingly, we cannot assure you that a liquid market for the Notes will develop or be maintained, that you will be able to sell your Notes at a particular time or that the price you receive when you sell will be favorable. To the extent an active trading market does not develop or is not maintained, the liquidity and trading price for the Notes may be harmed. Accordingly, you may be required to bear the financial risk of an investment in the Notes for an indefinite period of time.

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USE OF PROCEEDS

We estimate that the net proceeds we will receive from the sale of $400.0 million aggregate principal amount of Notes in this offering will be approximately $394.0 million, after deducting the underwriting discount and estimated offering expenses payable by us.

We intend to use the net proceeds from this offering for general corporate purposes, which may include, among other things, investing in accordance with our investment objectives and strategies described in this prospectus supplement and the accompanying prospectus and repaying indebtedness (which will be subject to reborrowing). We may use a portion of net proceeds to repay existing borrowings outstanding. For the year ended December 31, 2025, the weighted average interest rate on all borrowings outstanding (including unused fees, amortization of debt issuance costs (including premiums and discounts) and the impact of the application of hedge accounting) was 5.03%, and the weighted average all-in cost of debt (including unused fees, amortization of debt issuance costs (including premiums and discounts), amortization of deferred financing costs and the impact of the application of hedge accounting) was 5.11%. The weighted average time to maturity as of December 31, 2025 was 3.1 years. For further information about our borrowings, see Note 7 in our notes to the consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2025, which is incorporated by reference in this prospectus supplement.

Affiliates of certain of the underwriters are lenders under certain of our indebtedness, including our Revolving Credit Facility and/or our secured financing facilities that our wholly-owned subsidiaries have entered into as of December 31, 2025 (collectively, the “SPV Financing Facilities”). Accordingly, affiliates of certain of the underwriters may receive more than 5% of the proceeds from this offering to the extent such proceeds are used to repay or repurchase such outstanding indebtedness. See “Underwriting” for additional information.

We anticipate that it will take us less than six months after the completion of this offering for us to substantially invest the net proceeds from this offering for the above purposes, depending on the availability of appropriate investment opportunities consistent with our investment objectives, market conditions and the amounts raised. We cannot assure you that we will achieve our targeted investment pace.

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CAPITALIZATION

The following table sets forth our consolidated capitalization as of December 31, 2025. You should read this table together with “Use of Proceeds” described in this prospectus supplement and our consolidated financial statements and the notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2025, which is incorporated by reference in this prospectus supplement.

Dollar amounts are presented in thousands, except share data.

		Actual
ASSETS
Investment at fair value
Non-controlled/non-affiliated investments (cost of $14,349,416)		$	14,167,499
Non-controlled/affiliated investments (cost of $38,551)			39,795
Total investments at fair value (cost of $14,387,967)			14,207,294
Cash and cash equivalents (restricted cash of $89,406)			289,605
Interest receivable from non-controlled/non-affiliated investments			105,695
Interest receivable from non-controlled/affiliated investments			10
Receivable from broker			11,286
Deferred financing costs			19,753
Receivable for investments			3,187
Receivable for shares sold			—
Derivative assets at fair value*			19,633
Total assets		$	14,656,463
LIABILITIES
Debt (net of unamortized debt issuance costs of $39,900)		$	8,080,129
Payable for investments			2,172
Due to affiliates			4,817
Management fees payable**			36,141
Income based incentive fees payable**			26,400
Capital gains incentive fees payable**			—
Interest payable			61,952
Distribution payable***			178,616
Board of Trustee payable			289
Accrued expenses and other liabilities			20,722
Total liabilities		$	8,411,288
Commitments and contingencies****
NET ASSETS
Common Shares, $0.001 par value (231,969,058 shares issued and outstanding)			232
Additional paid in capital			6,047,750
Distributable earnings (loss)			197,193
Total net assets			6,245,175
Total liabilities and net assets		$	14,656,463

__________________________________

(1)       The above table reflects the principal amount of indebtedness outstanding as of December 31, 2025. As of February 24, 2026 the principal amount of indebtedness outstanding was approximately $8.3 billion. The net proceeds may be used to repay amounts outstanding under our Revolving Credit Facility and/or the SPV Financing Facilities. See “Use of Proceeds.”

*         See Note 6 in our notes to the consolidated financial statements in our Annual Report on Form 10-K for the period ended December 31, 2025, incorporated by reference into this prospectus supplement.

**       See Note 3 in our notes to the consolidated financial statements in our Annual Report on Form 10-K for the period ended December 31, 2025, incorporated by reference into this prospectus supplement.

***     See Note 9 in our notes to the consolidated financial statements in our Annual Report on Form 10-K for the period ended December 31, 2025, incorporated by reference into this prospectus supplement.

****   See Note 8 in our notes to the consolidated financial statements in our Annual Report on Form 10-K for the period ended December 31, 2025, incorporated by reference into this prospectus supplement.

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DESCRIPTION OF NOTES

The following is a description of particular terms of the Notes.

We will issue the Notes under the base indenture between us and U.S. Bank Trust Company, National Association, as trustee, dated as of July 15, 2020, as supplemented by the separate tenth supplemental indenture between us and the trustee, to be dated as of the settlement date for the Notes. As used in this section, all references to the indenture mean the base indenture as supplemented by the tenth supplemental indenture. The terms of the Notes include those expressly set forth in the indenture and those made part of the indenture by reference to the Trust Indenture Act of 1939, as amended.

The following description is a summary of the material provisions of the Notes and the indenture and does not purport to be complete. This summary is subject to and is qualified by reference to all the provisions of the Notes and the indenture, including the definitions of certain terms used in the indenture. We urge you to read these documents because they, and not this description, define your rights as a holder of the Notes. You may request a copy of the indenture from us by making a written request to Blackstone Secured Lending Fund, 345 Park Avenue, New York, NY 10154 or by calling us at (212) 503-2100. In addition, the SEC maintains a website at www.sec.gov that contains information we file with the SEC, including the indenture.

For purposes of this description, references to “we,” “our” and “us” refer only to Blackstone Secured Lending Fund and not to any of its current or future subsidiaries and references to “subsidiaries” refer to our consolidated subsidiaries and exclude any investments held by Blackstone Secured Lending Fund in the ordinary course of business which are not, under GAAP, consolidated on the financial statements of Blackstone Secured Lending Fund and its subsidiaries. Such references also include entities that engage in investment activities in securities or other assets that are primarily controlled by the Company. The Company complies with the provisions of the 1940 Act governing investment policies, capital structure, and leverage on an aggregate basis with its subsidiaries, and it treats subsidiary debt as its own. The principal investment strategies of the subsidiaries are substantially similar to those of the Company. The Company and its subsidiaries comply with provisions of the 1940 Act relating to affiliated transactions and custody.

General

The Notes:

•        will be our general unsecured, senior obligations;

•        will initially be issued in an aggregate principal amount of $400,000,000;

•        will mature on September 4, 2029, unless earlier redeemed or repurchased, as discussed below;

•        will bear cash interest from March 3, 2026, at an annual rate of 5.250% payable semiannually in arrears on March 4 and September 4 of each year, beginning on September 4, 2026;

•        will be subject to redemption at our option as described in this prospectus supplement under the caption “— Optional Redemption;”

•        will be subject to repurchase by us at the option of the holders following a Change of Control Repurchase Event (as defined in this prospectus supplement under the caption “— Offer to Repurchase Upon a Change of Control Repurchase Event”), at a repurchase price equal to 100% of the principal amount of the Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the date of repurchase;

•        will be issued in denominations of $2,000 and integral multiples of $1,000 in excess thereof; and

•        will be represented by one or more registered Notes in global form, but in certain limited circumstances may be represented by Notes in definitive form. See “— Book-Entry, Settlement and Clearance” in this prospectus supplement.

The indenture does not limit the amount of debt that may be issued by us or our subsidiaries under the indenture or otherwise. The indenture does not contain any financial covenants and does not restrict us from paying dividends or distributions or issuing or repurchasing our other securities. Other than restrictions described under

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“— Offer to Repurchase Upon a Change of Control Repurchase Event” and “— Covenants — Merger, Consolidation or Sale of Assets” in this prospectus supplement, the indenture does not contain any covenants or other provisions designed to afford holders of the Notes protection in the event of a highly leveraged transaction involving us or in the event of a decline in our credit rating as the result of a takeover, recapitalization, highly leveraged transaction or similar restructuring involving us that could adversely affect such holders.

We may, without the consent of the holders, issue additional Notes under the indenture with the same terms (except for the issue date, public offering price, and, if applicable, the initial interest payment date) as the Notes offered hereby in an unlimited aggregate principal amount; provided that, if such additional Notes are not fungible with the Notes offered hereby (or any other tranche of additional Notes) for U.S. federal income tax purposes, then such additional Notes will have different CUSIP numbers from the Notes offered hereby (and any such other tranche of additional Notes).

We do not intend to list the Notes on any securities exchange or any automated dealer quotation system.

Payments on the Notes; Paying Agent and Registrar; Transfer and Exchange

We will pay the principal of, and interest on, the Notes in global form registered in the name of or held by DTC or its nominee in immediately available funds to DTC or its nominee, as the case may be, as the registered holder of such Global Note (as defined below).

Payment of principal (and premium, if any) and any such interest on the Notes will be made at the corporate trust office of the trustee in such coin or currency of the United States as at the time of payment is legal tender for payment of public and private debts; provided, however, that at our option payment of interest may be made by check mailed to the address of the person entitled thereto as such address will appear in the security register.

A holder of Notes may transfer or exchange Notes at the office of the security registrar in accordance with the indenture. The security registrar and the trustee may require a holder, among other things, to furnish appropriate endorsements and transfer documents. No service charge will be imposed by us, the trustee or the security registrar for any registration of transfer or exchange of Notes, but we may require a holder to pay a sum sufficient to cover any transfer tax or other similar governmental charge required by law or permitted by the indenture.

The registered holder of a Note will be treated as its owner for all purposes.

Interest

The Notes will bear cash interest at a rate of 5.250% per year until maturity. Interest on the Notes will accrue from March 3, 2026. Interest on the Notes will be payable semi-annually in arrears on March 4 and September 4 of each year, beginning on September 4, 2026.

Interest on the Notes will be paid to the person in whose name a Note is registered at 5:00 p.m. New York City time, or the close of business, on February 17 or August 17, as the case may be, immediately preceding the relevant interest payment date. Interest on the Notes will be computed on the basis of a 360-day year composed of twelve 30-day months.

If any interest payment date, redemption date, the maturity date or any earlier required repurchase date upon a Change of Control Repurchase Event (defined below) of a Note falls on a day that is not a business day, the required payment will be made on the next succeeding business day and no interest on such payment will accrue in respect of the delay. The term “business day” means, with respect to any Note, any day other than a Saturday, a Sunday or a day on which banking institutions in New York are authorized or obligated by law or executive order to close.

Ranking

The Notes will be our general unsecured obligations that rank:

•        senior in right of payment to all of our existing and future indebtedness that is expressly subordinated in right of payment to the Notes;

•        pari passu, or equal, in right of payment with all of our existing and future liabilities that are not so subordinated, or junior, including without limitation, our Existing Unsecured Notes;

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•        effectively subordinated, or junior, to any of our secured indebtedness (including unsecured indebtedness that we later secure) to the extent of the value of the assets securing such indebtedness; and

•        structurally junior to all existing and future indebtedness (including trade payables) incurred by our subsidiaries, financing vehicles or similar facilities.

As of December 31, 2025, our total consolidated indebtedness, at par, was approximately $8.1 billion, $3.2 billion of which was secured (of which $1.8 billion was indebtedness of our subsidiaries) and $4.9 billion of which was unsecured. See “Capitalization.”

In the event of our bankruptcy, liquidation, reorganization or other winding up, our assets that secure secured debt will be available to pay obligations on the Notes only after all indebtedness under such secured debt has been repaid in full from such assets. We advise you that there may not be sufficient assets remaining to pay amounts due on any or all the Notes then outstanding.

Optional Redemption

Prior to the Par Call Date (as defined herein), we may redeem the Notes at our option, in whole or in part, at any time and from time to time, at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of:

•        (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the Notes matured on the Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined herein) plus 30 basis points less (b) interest accrued to the date of redemption, or

•        100% of the principal amount of the Notes to be redeemed,

plus, in either case accrued and unpaid interest thereon to the redemption date of the Notes.

Notwithstanding the foregoing, at any time on or after the Par Call Date, we may redeem some or all of the Notes at any time, or from time to time, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed plus, in each case, accrued and unpaid interest, if any, to, but excluding, the redemption date of the Notes.

If we choose to redeem any Notes, we will deliver a notice of redemption to holders of the Notes to be redeemed not less than 10 nor more than 60 days before the redemption date. If we are redeeming less than all of the Notes, the particular Notes to be redeemed will be selected in accordance with the applicable procedures of the trustee and, so long as the Notes are registered to DTC or its nominee, the DTC; provided, however, that no such partial redemption will reduce the portion of the principal amount of a Note not redeemed to less than $2,000. Unless we default in payment of the redemption price, on and after the redemption date, interest will cease to accrue on the Notes or portions of the Notes called for redemption.

For purposes of calculating the redemption price in connection with the redemption of the Notes, on any redemption date, the following terms have the meanings set forth below:

“Par Call Date” means August 4, 2029 (one month prior to the maturity date of the Notes).

“Treasury Rate” means, with respect to any redemption date of the Notes, the yield determined by us in accordance with the following two paragraphs.

The Treasury Rate shall be determined by us after 4:15 p.m., New York City time (or after such time as yields on U.S. government securities are posted daily by the Board of Governors of the Federal Reserve System), on the third business day preceding the redemption date based upon the yield or yields for the most recent day that appear after such time on such day in the most recent statistical release published by the Board of Governors of the Federal Reserve System designated as “Selected Interest Rates (Daily) — H.15” (or any successor designation or publication) (“H.15”) under the caption “U.S. government securities — Treasury constant maturities — Nominal” (or any successor caption or heading) (“H.15 TCM”). In determining the Treasury Rate, we shall select, as applicable: (1) the yield for the Treasury constant maturity on H.15 exactly equal to the period from the redemption date to the Par Call Date (the “Remaining Life”); or (2) if there is no such Treasury constant

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maturity on H.15 exactly equal to the Remaining Life, the two yields — one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the Treasury constant maturity on H.15 immediately longer than the Remaining Life — and shall interpolate to the Par Call Date on a straight-line basis (using the actual number of days) using such yields and rounding the result to three decimal places; or (3) if there is no such Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant maturity or maturities on H.15 shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity from the redemption date.

If on the third business day preceding the redemption date H.15 TCM is no longer published, we shall calculate the Treasury Rate based on the rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second business day preceding such redemption date of the United States Treasury security maturing on, or with a maturity that is closest to, the Par Call Date, as applicable. If there is no United States Treasury security maturing on the Par Call Date but there are two or more United States Treasury securities with a maturity date equally distant from the Par Call Date, one with a maturity date preceding the Par Call Date and one with a maturity date following the Par Call Date, we shall select the United States Treasury security with a maturity date preceding the Par Call Date. If there are two or more United States Treasury securities maturing on the Par Call Date or two or more United States Treasury securities meeting the criteria of the preceding sentence, we shall select from among these two or more United States Treasury securities the United States Treasury security that is trading closest to par based upon the average of the bid and asked prices for such United States Treasury securities at 11:00 a.m., New York City time. In determining the Treasury Rate in accordance with the terms of this paragraph, the semi-annual yield to maturity of the applicable United States Treasury security shall be based upon the average of the bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m., New York City time, of such United States Treasury security, and rounded to three decimal places. Our actions and determinations in determining the redemption price of any of the Notes shall be conclusive and binding for all purposes, absent manifest error.

Offer to Repurchase Upon a Change of Control Repurchase Event

If a Change of Control Repurchase Event occurs, unless we have exercised our right to redeem the Notes in full, we will make an offer to each holder of the Notes to repurchase all or any part (in minimum denominations of $2,000 and integral multiples of $1,000 principal amount in excess thereof) of that holder’s Notes at a repurchase price in cash equal to 100% of the aggregate principal amount of Notes repurchased plus any accrued and unpaid interest on the Notes repurchased up to, but not including, the date of purchase. Within 30 days following any Change of Control Repurchase Event or, at our option, prior to any Change of Control, but after the public announcement of the Change of Control, we will mail a notice to each holder describing the transaction or transactions that constitute or may constitute the Change of Control Repurchase Event and offering to repurchase Notes on the payment date specified in the notice, which date will be no earlier than 30 days and no later than 60 days from the date such notice is mailed. The notice will, if mailed prior to the date of consummation of the Change of Control, state that the offer to purchase is conditioned on the Change of Control Repurchase Event occurring on or prior to the payment date specified in the notice. We will comply with the requirements of Rule 14e-1 promulgated under the Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control Repurchase Event. To the extent that the provisions of any securities laws or regulations conflict with the Change of Control Repurchase Event provisions of the Notes, we will comply with the applicable securities laws and regulations and will not be deemed to have breached our obligations under the Change of Control Repurchase Event provisions of the Notes by virtue of such conflict.

On the Change of Control Repurchase Event payment date, subject to extension if necessary to comply with the provisions of the 1940 Act and the rules and regulations promulgated thereunder, we will, to the extent lawful:

(1)    accept for payment all Notes or portions of Notes properly tendered pursuant to our offer;

(2)    deposit with the paying agent an amount equal to the aggregate purchase price in respect of all Notes or portions of Notes properly tendered; and

(3)    deliver or cause to be delivered to the trustee the Notes properly accepted, together with an officers’ certificate stating the aggregate principal amount of Notes being purchased by us.

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The paying agent will promptly remit to each holder of Notes properly tendered the purchase price for the Notes, and the trustee will promptly authenticate and mail (or cause to be transferred by book-entry) to each holder a new Note equal in principal amount to any unpurchased portion of any Notes surrendered; provided that each new Note will be in a minimum principal amount of $2,000 or an integral multiple of $1,000 in excess thereof.

We will not be required to make an offer to repurchase the Notes upon a Change of Control Repurchase Event if a third party makes an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by us and such third party purchases all Notes properly tendered and not withdrawn under its offer.

The source of funds that will be required to repurchase Notes in the event of a Change of Control Repurchase Event will be our available cash or cash generated from our operations or other potential sources, including funds provided by a purchaser in the Change of Control transaction, borrowings, sales of assets or sales of equity. We cannot assure you that sufficient funds from such sources will be available at the time of any Change of Control Repurchase Event to make required repurchases of Notes tendered. The terms of certain of our and our subsidiaries’ financing arrangements provide that certain change of control events will constitute an event of default thereunder entitling the lenders to accelerate any indebtedness outstanding under our and our subsidiaries’ financing arrangements at that time and to terminate the financing arrangements. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Financial Condition, Liquidity and Capital Resources” in our most recent Annual Report on Form 10-K and our most recent Quarterly Reports on Form 10-Q for a general discussion of our and our subsidiaries’ indebtedness, which are incorporated by reference into this prospectus supplement. Our and our subsidiaries’ future financing arrangements may contain similar restrictions and provisions. If the holders of the Notes exercise their right to require us to repurchase Notes upon a Change of Control Repurchase Event, the financial effect of this repurchase could cause a default under our and our subsidiaries’ future financing arrangements, even if the Change of Control Repurchase Event itself would not cause a default. It is possible that we will not have sufficient funds at the time of the Change of Control Repurchase Event to make the required repurchase of the Notes and/or our and our subsidiaries’ other debt. See “Risk Factors — Risks Related to the Notes — We may not be able to repurchase the Notes upon a Change of Control Repurchase Event” in this prospectus supplement for more information.

The definition of “Change of Control” includes a phrase relating to the direct or indirect sale, transfer, conveyance or other disposition of “all or substantially all” of our properties or assets and those of our subsidiaries taken as a whole. Although there is a limited body of case law interpreting the phrase “substantially all,” there is no precise, established definition of the phrase under applicable law. Accordingly, the ability of a holder of Notes to require us to repurchase the Notes as a result of a sale, transfer, conveyance or other disposition of less than all of our assets and the assets of our subsidiaries taken as a whole to another person or group may be uncertain.

For purposes of the Notes:

“Below Investment Grade Rating Event” means the Notes are downgraded below Investment Grade by all three of the Rating Agencies on any date from the date of the public notice of an arrangement that results in a Change of Control until the end of the 60-day period following public notice of the occurrence of a Change of Control (which period will be extended so long as the rating of the Notes is under publicly announced consideration for possible downgrade by any of the Rating Agencies); provided that a Below Investment Grade Rating Event otherwise arising by virtue of a particular reduction in rating will not be deemed to have occurred in respect of a particular Change of Control (and thus will not be deemed a Below Investment Grade Rating Event for purposes of the definition of Change of Control Repurchase Event hereunder) if the Rating Agencies making the reduction in rating to which this definition would otherwise apply do not announce or publicly confirm or inform the trustee in writing at its request that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control will have occurred at the time of the Below Investment Grade Rating Event).

“Change of Control” means the occurrence of any of the following:

(1)    the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation) in one or a series of related transactions, of all or substantially all of the assets of Blackstone Secured Lending Fund and its Controlled Subsidiaries taken as a whole to any “person” or “group” (as those terms are used in Section 13(d)(3) of the Exchange Act), other than to

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any Permitted Holders; provided that, for the avoidance of doubt, a pledge of assets pursuant to any secured debt instrument of Blackstone Secured Lending Fund or its Controlled Subsidiaries will not be deemed to be any such sale, lease, transfer, conveyance or disposition;

(2)    the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any “person” or “group” (as those terms are used in Section 13(d)(3) of the Exchange Act) (other than any Permitted Holders) becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 promulgated under the Exchange Act), directly or indirectly, of more than 50% of the outstanding Voting Stock of Blackstone Secured Lending Fund, measured by voting power rather than number of shares; or

(3)    the approval by Blackstone Secured Lending Fund’s shareholders of any plan or proposal relating to the liquidation or dissolution of Blackstone Secured Lending Fund.

“Change of Control Repurchase Event” means the occurrence of a Change of Control and a Below Investment Grade Rating Event.

“Controlled Subsidiary” means any subsidiary of Blackstone Secured Lending Fund, 50% or more of the outstanding equity interests of which are owned by Blackstone Secured Lending Fund and its direct or indirect subsidiaries and of which Blackstone Secured Lending Fund possesses, directly or indirectly, the power to direct or cause the direction of the management or policies, whether through the ownership of voting equity interests, by agreement or otherwise.

“Fitch” means Fitch Ratings, Inc., or any successor thereto.

“Investment Grade” means a rating of BBB- or better by Fitch (or its equivalent under any successor rating categories of Fitch), Baa3 or better by Moody’s (or its equivalent under any successor rating categories of Moody’s) and BBB- or better by S&P (or its equivalent under any successor rating categories of S&P) (or, in each case, if such Rating Agency ceases to rate the Notes for reasons outside of our control, the equivalent investment grade credit rating from any Rating Agency selected by us as a replacement Rating Agency).

“Moody’s” means Moody’s Investors Service or any successor thereto.

“Permitted Holders” means (i) us, (ii) one or more of our Controlled Subsidiaries and (iii) the Advisers, any affiliate of the Advisers or any entity that is managed by the Advisers that is organized under the laws of a jurisdiction located in the United States and in the business of managing or advising clients.

“Rating Agency” means:

(1)    each of Fitch, Moody’s and S&P; and

(2)    if any of Fitch, Moody’s or S&P ceases to rate the Notes or fails to make a rating of the Notes publicly available for reasons outside of our control, a “nationally recognized statistical rating organization” as defined in Section 3(a)(62) of the Exchange Act selected by us as a replacement agency for Fitch, Moody’s or S&P, as the case may be.

“S&P” means S&P’s Global Ratings Services, or any successor thereto.

“Voting Stock” as applied to stock of any person, means shares, interests, participations or other equivalents in the equity interest (however designated) in such person having ordinary voting power for the election of a majority of the directors (or the equivalent) of such person, other than shares, interests, participations or other equivalents having such power only by reason of the occurrence of a contingency.

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Covenants

In addition to the covenants described in the base indenture, the following covenants will apply to the Notes. To the extent of any conflict or inconsistency between the base indenture and the following covenants, the following covenants will govern:

Merger, Consolidation or Sale of Assets

The indenture will provide that we will not merge or consolidate with or into any other person (other than a merger of a wholly owned subsidiary into us), or sell, transfer, lease, convey or otherwise dispose of all or substantially all our property (provided that, for the avoidance of doubt, a pledge of assets pursuant to any secured debt instrument of Blackstone Secured Lending Fund or its Controlled Subsidiaries will not be deemed to be any such sale, transfer, lease, conveyance or disposition) in any one transaction or series of related transactions unless:

•        we are the surviving person, or the surviving person (if other than us) formed by such merger or consolidation or to which such sale, transfer, lease, conveyance or disposition is made will be a statutory trust, corporation or limited liability company organized and existing under the laws of the United States or any state or territory thereof;

•        the surviving person (if other than us) expressly assumes, by supplemental indenture in form reasonably satisfactory to the trustee, executed and delivered to the trustee by such surviving person, the due and punctual payment of the principal of, and premium, if any, and interest on, all the Notes outstanding, and the due and punctual performance and observance of all the covenants and conditions of the indenture to be performed by us;

•        immediately before and immediately after giving effect to such transaction or series of related transactions, no default or event of default will have occurred and be continuing; and

•        we will deliver, or cause to be delivered, to the trustee, an officers’ certificate and an opinion of counsel, each stating that such transaction and the supplemental indenture, if any, in respect thereto, comply with this covenant and that all conditions precedent in the indenture relating to such transaction have been complied with.

For the purposes of this covenant, the sale, transfer, lease, conveyance or other disposition of all the property of one or more of our subsidiaries, which property, if held by us instead of such subsidiaries, would constitute all or substantially all of our property on a consolidated basis, will be deemed to be the transfer of all or substantially all of our property.

Although there is a limited body of case law interpreting the phrase “substantially all,” there is no precise established definition of the phrase under applicable law. Accordingly, in certain circumstances there may be a degree of uncertainty as to whether a particular transaction would involve “all or substantially all” of the properties or assets of a person. As a result, it may be unclear as to whether the merger, consolidation or sale of assets covenant would apply to a particular transaction as described above absent a decision by a court of competent jurisdiction. Although these types of transactions may be permitted under the indenture, certain of the foregoing transactions could constitute a Change of Control that results in a Change of Control Repurchase Event permitting each holder to require us to repurchase the Notes of such holder as described above.

An assumption by any person of obligations under the Notes and the indenture might be deemed for U.S. federal income tax purposes to be an exchange of the Notes for new Notes by the holders thereof, resulting in recognition of gain or loss for such purposes and possibly other adverse tax consequences to the holders. Holders should consult their own tax advisors regarding the tax consequences of such an assumption.

Other Covenants

•        We agree that for the period of time during which the Notes are outstanding, we will not violate, whether or not we are subject to, Section 18(a)(1)(A) of the 1940 Act as modified by Section 61(a) of the 1940 Act or any successor provisions, as such obligations may be amended or superseded, giving effect to any exemptive relief granted to us by the SEC.

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•        If, at any time, we are not subject to the reporting requirements of Sections 13 or 15(d) of the Exchange Act to file any periodic reports with the SEC, we agree to furnish to holders of the Notes and the trustee, for the period of time during which the Notes are outstanding, our audited annual consolidated financial statements, within 90 days of our fiscal year end, and unaudited interim consolidated financial statements, within 45 days of our fiscal quarter end (other than our fourth fiscal quarter). All such financial statements will be prepared, in all material respects, in accordance with GAAP, as applicable.

Events of Default

Each of the following will be an event of default for the Notes:

(1)    default in the payment of any interest upon any Note when due and payable and the default continues for a period of 30 days;

(2)    default in the payment of the principal of (or premium, if any, on) any Note when it becomes due and payable at its maturity including upon any redemption date or required repurchase date;

(3)    default by us in the performance, or breach, of any covenant or agreement in the indenture or the Notes (other than a covenant or agreement a default in whose performance or whose breach is elsewhere in the indenture specifically dealt with or which has expressly been included in the indenture solely for the benefit of a series of securities other than the Notes), and continuance of such default or breach for a period of 60 consecutive days after there has been given, by registered or certified mail, to us by the trustee or to us and the trustee by the holders of at least 25% in principal amount of the Notes a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” under the indenture;

(4)    default by us or any of our significant subsidiaries, as defined in Article 1, Rule 1-02 of Regulation S-X promulgated under the Exchange Act (but excluding any subsidiary which is (a) a non-recourse or limited recourse subsidiary, (b) a bankruptcy remote special purpose vehicle or (c) is not consolidated with Blackstone Secured Lending Fund for purposes of GAAP), with respect to any mortgage, agreement or other instrument under which there may be outstanding, or by which there may be secured or evidenced, any indebtedness for money borrowed in excess of $100 million in the aggregate of us and/or any such significant subsidiary, whether such indebtedness now exists or will hereafter be created (i) resulting in such indebtedness becoming or being declared due and payable or (ii) constituting a failure to pay the principal or interest of any such debt when due and payable at its stated maturity, upon required repurchase, upon declaration of acceleration or otherwise, unless, in either case, such indebtedness is discharged, or such acceleration is rescinded, stayed or annulled, within a period of 30 calendar days after written notice of such failure is given to us by the trustee or to us and the trustee by the holders of at least 25% in aggregate principal amount of the Notes then outstanding;

(5)    pursuant to Section 18(a)(1)(C)(ii) and Section 61 of the 1940 Act, on the last business day of each of 24 consecutive calendar months, any class of securities must have an asset coverage (as such term is used in the 1940 Act and the rules and regulations promulgated thereunder) of less than 100% giving effect to any exemptive relief granted to us by the SEC; or

(6)    certain events of bankruptcy, insolvency, or reorganization involving us occur and remain undischarged or unstayed for a period of 60 days.

If an event of default occurs and is continuing, then and in every such case (other than an event of default specified in item (6) above) the trustee or the holders of at least 25% in principal amount of the Notes may declare the entire principal amount of the outstanding Notes to be due and payable immediately, by a notice in writing to us (and to the trustee if given by the holders), and upon any such declaration such principal or specified portion thereof will become immediately due and payable. Notwithstanding the foregoing, in the case of the events of bankruptcy, insolvency or reorganization described in item (6) above, 100% of the principal of and accrued and unpaid interest on the Notes will automatically become due and payable.

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At any time after a declaration of acceleration with respect to the Notes has been made and before a judgment or decree for payment of the money due has been obtained by the trustee, the holders of a majority in principal amount of the outstanding Notes, by written notice to us and the trustee, may rescind and annul such declaration and its consequences if (i) we have paid or deposited with the trustee a sum sufficient to pay all overdue installments of interest, if any, on all outstanding Notes, the principal of (and premium, if any, on) all outstanding Notes that have become due otherwise than by such declaration of acceleration and interest thereon at the rate or rates borne by or provided for in such Notes, to the extent that payment of such interest is lawful interest upon overdue installments of interest at the rate or rates borne by or provided for in such Notes, and all sums paid or advanced by the trustee and the reasonable compensation, expenses, disbursements and advances of the trustee, its agents and counsel, and (ii) all events of default with respect to the Notes, other than the nonpayment of the principal of (or premium, if any, on) or interest on such Notes that have become due solely by such declaration of acceleration, have been cured or waived. No such rescission will affect any subsequent default or impair any right consequent thereon.

No holder of Notes will have any right to institute any proceeding, judicial or otherwise, with respect to the indenture, or for the appointment of a receiver or trustee, or for any other remedy under the indenture, unless:

i.       such holder has previously given written notice to the trustee of a continuing event of default with respect to the Notes;

ii.      the holders of not less than 25% in principal amount of the outstanding Notes have made written request to the trustee to institute proceedings in respect of such event of default;

iii.     such holder or holders have offered to the trustee indemnity, security, or both, satisfactory to the trustee, against the costs, expenses and liabilities to be incurred in compliance with such request;

iv.      the trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding; and

v.       no direction inconsistent with such written request has been given to the trustee during such 60-day period by the holders of a majority in principal amount of the outstanding Notes.

Notwithstanding any other provision in the indenture, the holder of any Note will have the right, which is absolute and unconditional, to receive payment of the principal of (and premium, if any, on) and interest, if any, on such Note on the stated maturity or maturity expressed in such Note (or, in the case of redemption, on the redemption date or, in the case of repayment at the option of the holders, on the repayment date) and to institute suit for the enforcement of any such payment, and such rights will not be impaired without the consent of such holder.

The trustee will be under no obligation to exercise any of the rights or powers vested in it by the indenture at the request or direction of any of the holders of the Notes unless such holders have offered to the trustee security or indemnity satisfactory to the trustee against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction. Subject to the foregoing, the holders of a majority in principal amount of the outstanding Notes will have the right to direct the time, method and place of conducting any proceeding for any remedy available to the trustee or exercising any trust or power conferred on the trustee with respect to the Notes, provided that (i) such direction may not be in conflict with any rule of law or with the indenture, (ii) the trustee may take any other action deemed proper by the trustee that is not inconsistent with such direction and (iii) the trustee need not take any action that it determines in good faith may involve it in personal liability or be unjustly prejudicial to the holders of Notes not consenting.

The holders of not less than a majority in principal amount of the outstanding Notes may on behalf of the holders of all of the Notes waive any past default under the indenture with respect to the Notes and its consequences, except a default (i) in the payment of (or premium, if any, on) or interest, if any, on any Note, or (ii) in respect of a covenant or provision of the indenture which cannot be modified or amended without the consent of the holder of each outstanding Note affected. Upon any such waiver, such default will cease to exist, and any event of default arising therefrom will be deemed to have been cured, for every purpose, but no such waiver may extend to any subsequent or other default or event of default or impair any right consequent thereto.

We are required to deliver to the trustee, within 120 days after the end of each fiscal year, an officers’ certificate as to the knowledge of the signers whether we are in default in the performance of any of the terms, provisions or conditions of the indenture.

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Within 90 days after the occurrence of any default under the indenture with respect to the Notes, the trustee must transmit notice of such default known to the trustee, unless such default has been cured or waived; provided, however, that, except in the case of a default in the payment of the principal of (or premium, if any, on) or interest, if any, on any Note, the trustee will be protected in withholding such notice if and so long as the board of directors, the executive committee or a trust committee of directors of the trustee in good faith determines that withholding of such notice is in the interest of the holders of the Notes.

Meetings of Noteholders

The indenture contains provisions relating to meetings of holders of the Notes, voting rights, conduct and adjournment of meetings, quorums, and actions that can be taken at such meetings.

Satisfaction and Discharge

We may satisfy and discharge our obligations under the indenture by delivering to the security registrar for cancellation all outstanding Notes or by depositing with the trustee or delivering to the holders, as applicable, after the Notes have become due and payable, or otherwise, moneys sufficient to pay all of the outstanding Notes and paying all other sums payable under the indenture by us. Such discharge is subject to terms contained in the indenture.

Defeasance

In addition, the Notes are subject to defeasance and covenant defeasance, in each case, in accordance with the terms of the indenture.

Covenant Defeasance

If certain conditions are satisfied, we can make the deposit described below and be released from some of the restrictive covenants in the indenture under which the Notes were issued. This is called “covenant defeasance.” In that event, you would lose the protection of those restrictive covenants but would gain the protection of having money and government securities set aside in trust to repay your Notes. In order to achieve covenant defeasance, we must do the following:

•        deposit in trust for the benefit of all holders of the Notes a combination of money and United States government or United States government agency notes or bonds that will generate enough cash, in the opinion of a nationally recognized firm of independent public accountants to make interest, principal and any other payments on the Notes on their various due dates;

•        deliver to the trustee a legal opinion of our counsel confirming that, under current U.S. federal income tax law, we may make the above deposit without causing holders of the Notes to recognize income, gain, or loss for U.S. federal income tax purposes as a result of such covenant defeasance or to be taxed on the Notes any differently than if such covenant defeasance had not occurred; and

•        deliver to the trustee a legal opinion and officers’ certificate stating that all conditions precedent to covenant defeasance have been complied with.

If we accomplished covenant defeasance, you can still look to us for repayment of the Notes if there were a shortfall in the trust deposit or the trustee is prevented from making payment. For example, if one of the remaining Events of Default occurred (such as our bankruptcy) and the Notes became immediately due and payable, there might be a shortfall. Depending on the event causing the default, you may not be able to obtain payment of the shortfall.

Legal Defeasance

If there is a change in U.S. federal income tax law, as described below, we can legally release ourselves from all payment and other obligations on the Notes (called “defeasance” or “legal defeasance”) if we put in place the following other arrangements for you to be repaid:

•        We must deposit in trust for the benefit of all holders of the Notes a combination of money and United States government or United States government agency notes or bonds that will generate enough cash, in the opinion of a nationally recognized firm of independent public accountants to make interest, principal and any other payments on the Notes on their various due dates.

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•        We must deliver to the trustee a legal opinion of our counsel confirming that there has been a change in the applicable U.S. federal income tax law or we have received from, or there has been published by, the Internal Revenue Service a ruling that in either case allows us to make the above deposit without causing holders of the Notes to recognize income, gain, or loss for U.S. federal income tax purposes as a result of such defeasance or to be taxed on the Notes any differently than if we did not make the deposit and repaid the Notes at maturity. Under current U.S. federal income tax law, the deposit and our legal release from the Notes would be treated as though we paid you your share of the cash and notes or bonds that were deposited in trust in exchange for your Notes and you would recognize gain or loss on the Notes at the time of the deposit.

•        We must deliver to the trustee a legal opinion and officers’ certificate stating that all conditions precedent to defeasance have been complied with.

If we ever accomplished legal defeasance, as described above, you would have to rely solely on the trust deposit for repayment of the Notes. You could not look to us for repayment in the unlikely event of any shortfall. Conversely, the trust deposit would most likely be protected from claims of our lenders and other creditors if we ever became bankrupt or insolvent.

Trustee

U.S. Bank Trust Company, National Association is the trustee, security registrar and paying agent. U.S. Bank Trust Company, National Association, in each of its capacities, including without limitation as trustee, security registrar and paying agent, assumes no responsibility for the accuracy or completeness of the information concerning us or our affiliates or any other party contained in this document or the related documents or for any failure by us or any other party to disclose events that may have occurred and may affect the significance or accuracy of such information, or for any information provided to it by us, including but not limited to settlement amounts and any other information. U.S. Bank Trust Company, National Association’s address is 111 Fillmore Ave., St. Paul, MN 55107. We may maintain banking relationships in the ordinary course of business with the trustee and its affiliates.

Governing Law

The indenture provides that it and the Notes will be governed by and construed in accordance with the laws of the State of New York, without regard to principles of conflicts of laws that would cause the application of laws of another jurisdiction.

Book-Entry, Settlement and Clearance

Global Notes

The Notes will be initially issued in the form of one or more registered Notes in global form (the “Global Note”). Upon issuance, the Global Note will be deposited with the trustee as custodian for DTC and registered in the name of Cede & Co., as nominee of DTC.

Ownership of beneficial interests in a Global Note will be limited to persons who have accounts with DTC, Euroclear or Clearstream or DTC, Euroclear or Clearstream participants or persons who hold interests through DTC, Euroclear or Clearstream participants. We expect that under procedures established by DTC:

•        upon deposit of a Global Note with DTC, Euroclear or Clearstream’s custodian, DTC, Euroclear or Clearstream will credit portions of the principal amount of the Global Note to the accounts of the DTC, Euroclear or Clearstream participants designated by the underwriters; and

•        ownership of beneficial interests in a Global Note will be shown on, and transfer of ownership of those interests will be effected only through, records maintained by DTC (with respect to interests of DTC, Euroclear or Clearstream participants) and the records of DTC, Euroclear or Clearstream participants (with respect to other owners of beneficial interests in the Global Note).

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Beneficial interests in Global Notes may not be exchanged for Notes in physical, certificated form except in the limited circumstances described below.

Book-Entry Procedures for Global Notes

All interests in the Global Notes will be subject to the operations and procedures of DTC. We provide the following summary of those operations and procedures solely for the convenience of investors. The operations and procedures of DTC are controlled by that settlement system and may be changed at any time. Neither we nor the underwriters are responsible for those operations or procedures.

DTC has advised us that it is:

•        a limited purpose trust company organized under the laws of the State of New York;

•        a “banking organization” within the meaning of the New York State Banking Law;

•        a member of the Federal Reserve System;

•        a “clearing corporation” within the meaning of the Uniform Commercial Code; and

•        a “clearing agency” registered under Section 17A of the Exchange Act.

DTC was created to hold securities for its participants and to facilitate the clearance and settlement of securities transactions between its participants through electronic book-entry changes to the accounts of its participants. DTC’s participants include securities brokers and dealers, including the underwriters; banks and trust companies; clearing corporations and other organizations. Indirect access to DTC’s system is also available to others such as banks, brokers, dealers and trust companies; these indirect participants clear through or maintain a custodial relationship with a DTC participant, either directly or indirectly. Investors who are not DTC participants may beneficially own securities held by or on behalf of DTC only through DTC participants or indirect participants in DTC.

Euroclear and Clearstream hold securities for participating organizations. They also facilitate the clearance and settlement of securities transactions between their respective participants through electronic book-entry changes in the accounts of such participants. Euroclear and Clearstream provide various services to their participants, including the safekeeping, administration, clearance, settlement, lending and borrowing of internationally traded securities. Euroclear and Clearstream interface with domestic securities markets. Euroclear and Clearstream participants are financial institutions such as underwriters, securities brokers and dealers, banks, trust companies and certain other organizations. Indirect access to Euroclear and Clearstream is also available to others such as banks, brokers, dealers and trust companies that clear through or maintain a custodial relationship with a Euroclear and Clearstream participant, either directly or indirectly.

So long as the Notes are held in global form, Euroclear, Clearstream and/or DTC, as applicable, (or their respective nominees) will be considered the sole holders of Global Notes for all purposes under the indenture. As such, participants must rely on the procedures of Euroclear, Clearstream and/or DTC and indirect participants must rely on the procedures of Euroclear, Clearstream and/ or DTC and the participants through which they own interests in the Notes, or book-entry interests, in order to exercise any rights of holders under the indenture.

So long as DTC, Euroclear or Clearstream’s nominee is the registered owner of a Global Note, that nominee will be considered the sole owner or holder of the Notes represented by that Global Note for all purposes under the indenture. Except as provided below, owners of beneficial interests in a Global Note:

•        will not be entitled to have Notes represented by the Global Note registered in their names;

•        will not receive or be entitled to receive physical, certificated Notes; and

•        will not be considered the owners or holders of the Notes under the indenture for any purpose, including with respect to the giving of any direction, instruction or approval to the trustee under the indenture.

As a result, each investor who owns a beneficial interest in a Global Note must rely on the procedures of DTC, Euroclear or Clearstream to exercise any rights of a holder of Notes under the indenture (and, if the investor is not a participant or an indirect participant in DTC, Euroclear or Clearstream, on the procedures of the DTC, Euroclear or Clearstream participant through which the investor owns its interest).

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Payments of principal and interest with respect to the Notes represented by a Global Note will be made by the trustee to DTC, Euroclear or Clearstream’s nominee as the registered holder of the Global Note. Neither we nor the trustee will have any responsibility or liability for the payment of amounts to owners of beneficial interests in a Global Note, for any aspect of the records relating to or payments made on account of those interests by DTC, Euroclear or Clearstream, or for maintaining, supervising or reviewing any records of DTC, Euroclear or Clearstream relating to those interests.

Payments by participants and indirect participants in DTC, Euroclear or Clearstream to the owners of beneficial interests in a Global Note will be governed by standing instructions and customary industry practice and will be the responsibility of those participants or indirect participants and DTC, Euroclear or Clearstream.

Transfers between participants in DTC, Euroclear or Clearstream will be effected under DTC, Euroclear or Clearstream’s procedures and will be settled in same-day funds.

Cross-market transfers of beneficial interests in Global Notes between DTC participants, on the one hand, and Euroclear or Clearstream participants, on the other hand, will be effected within DTC through the DTC participants that are acting as depositaries for Euroclear and Clearstream. To deliver or receive an interest in a Global Note held in a Euroclear or Clearstream account, an investor must send transfer instructions to Euroclear or Clearstream, as the case may be, under the rules and procedures of that system and within the established deadlines of that system. If the transaction meets its settlement requirements, Euroclear or Clearstream, as the case may be, will send instructions to its DTC depositary to take action to effect final settlement by delivering or receiving interests in the relevant Global Notes in DTC, and making or receiving payment under normal procedures for same-day funds settlement applicable to DTC. Euroclear and Clearstream participants may not deliver instructions directly to the DTC depositaries that are acting for Euroclear or Clearstream.

Because the settlement of cross-market transfers takes place during New York business hours, DTC participants may employ their usual procedures for sending securities to the applicable DTC participants acting as depositaries for Euroclear and Clearstream. The sale proceeds will be available to the DTC participant seller on the settlement date. Thus, to a DTC participant, a cross-market transaction will settle no differently from a trade between two DTC participants. Because of time zone differences, the securities account of a Euroclear or Clearstream participant that purchases an interest in a Global Note from a DTC participant will be credited on the business day for Euroclear or Clearstream immediately following the DTC settlement date. Cash received in Euroclear or Clearstream from the sale of an interest in a Global Note to a DTC participant will be reflected in the account of the Euroclear of Clearstream participant the following business day, and receipt of the cash proceeds in the Euroclear or Clearstream participant’s account will be back-valued to the date on which settlement occurs in New York. DTC, Euroclear and Clearstream have agreed to the above procedures to facilitate transfers of interests in the Global Notes among participants in those settlement systems. However, the settlement systems are not obligated to perform these procedures and may discontinue or change these procedures at any time. Neither we nor the trustee will have any responsibility or liability for the performance by DTC, Euroclear or Clearstream or their participants or indirect participants of their obligations under the rules and procedures governing their operations, including maintaining, supervising or reviewing the records relating to, or payments made on account of, beneficial ownership interests in Global Notes.

Certificated Notes

Notes in physical, certificated form will be issued and delivered to each person that DTC, Euroclear or Clearstream identifies as a beneficial owner of the related Notes only if:

•        DTC, Euroclear or Clearstream notifies us at any time that it is unwilling or unable to continue as depositary for the Global Notes and a successor depositary is not appointed within 90 days;

•        DTC ceases to be registered as a clearing agency under the Exchange Act and a successor depositary is not appointed within 90 days; or

•        an event of default with respect to the Notes has occurred and is continuing and such beneficial owner requests that its Notes be issued in physical, certificated form.

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CERTAIN U.S. FEDERAL INCOME TAX CONSIDERATIONS

The following is a summary of certain United States federal income tax considerations of the purchase, ownership and disposition of the Notes. This summary deals only with Notes held as capital assets (within the meaning of Section 1221 of the Code) by persons who purchase the Notes for cash upon original issuance at their “issue price” (the first price at which a substantial amount of the Notes is sold for money to investors, excluding sales to bond houses, brokers or similar persons or organizations acting in the capacity of underwriter, placement agent or wholesaler).

As used herein, a “U.S. holder” means a beneficial owner of the Notes that is, for United States federal income tax purposes, any of the following:

•        an individual who is a citizen or resident of the United States;

•        a corporation that is created or organized under the laws of the United States, any state thereof or the District of Columbia;

•        an estate the income of which is subject to United States federal income taxation regardless of its source; or

•        a trust if it (i) is subject to the primary supervision of a court within the United States and one or more United States persons have the authority to control all substantial decisions of the trust or (ii) has a valid election in effect under applicable United States Treasury regulations to be treated as a United States person.

As used herein, a “non-U.S. holder” means a beneficial owner of the Notes (other than an entity or arrangement classified as a partnership for United States federal income tax purposes) that is not a U.S. holder.

If any entity or arrangement classified as a partnership for United States federal income tax purposes holds Notes, the tax treatment of a partner in the partnership will generally depend upon the status of the partner and the activities of the partnership. If you are a partnership or a partner in a partnership considering an investment in the Notes, you should consult your own tax advisors.

This summary does not represent a detailed description of the United States federal income tax considerations applicable to you if you are a person subject to special tax treatment under the United States federal income tax laws, including, without limitation:

•        a dealer or broker in securities or currencies;

•        a financial institution;

•        a regulated investment company;

•        a real estate investment trust;

•        a tax-exempt entity;

•        an insurance company;

•        a person holding the Notes as part of a hedging, integrated, conversion or constructive sale transaction or a straddle;

•        a trader in securities that has elected the mark-to-market method of accounting for your securities;

•        a person liable for alternative minimum tax;

•        a partnership or other pass-through entity (or an investor in such an entity);

•        a U.S. holder that holds Notes through a non-U.S. broker or other non-U.S. intermediary;

•        a U.S. holder whose “functional currency” is not the U.S. dollar;

•        a “controlled foreign corporation”;

•        a “passive foreign investment company”;

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•        a person required to accelerate the recognition of any item of gross income with respect to the Notes as a result of such income being recognized on an applicable financial statement; or

•        a United States expatriate.

This summary is based on the Code, United States Treasury regulations, administrative rulings and judicial decisions as of the date hereof. Those authorities may be changed, possibly on a retroactive basis, so as to result in United States federal income tax considerations different from those summarized below. We have not sought and will not seek any rulings from the Internal Revenue Service (“IRS”) regarding the matters discussed below. There can be no assurance that the IRS will not take positions concerning the tax considerations of the purchase, ownership or disposition of the Notes that are different from those discussed below.

This summary does not represent a detailed description of the United States federal income tax considerations for you in light of your particular circumstances, and does not address any United States federal taxes other than income taxes (such as estate and gift taxes), the Medicare tax on certain investment income or any state, local or non-U.S. tax laws. It is not intended to be, and should not be construed to be, legal or tax advice to any particular purchaser of Notes. We expect, and this summary assumes, that the Notes will be issued with less than a de minimis amount of original issue discount.

If you are considering the purchase of Notes, you should consult your own tax advisors concerning the particular United States federal income tax considerations for you of the purchase, ownership and disposition of the Notes, as well as the consequences to you arising under other United States federal tax laws and the laws of any other taxing jurisdiction.

Certain Tax Considerations for U.S. Holders

The following is a summary of certain United States federal income tax considerations that will apply for U.S. holders of the Notes.

Stated Interest. Stated interest on the Notes generally will be taxable to you as ordinary income at the time it is received or accrued, depending on your method of accounting for United States federal income tax purposes.

Sale, Exchange, Retirement, Redemption or Other Taxable Disposition of Notes. Upon the sale, exchange, retirement, redemption or other taxable disposition of a Note, you generally will recognize gain or loss equal to the difference, if any, between the amount realized upon the sale, exchange, retirement, redemption or other taxable disposition (less any amount attributable to accrued and unpaid stated interest, which will be treated in the manner described above) and the adjusted tax basis of the Note. Your adjusted tax basis in a Note will, in general, be your cost for that Note. Any gain or loss will generally be capital gain or loss and will generally be long-term capital gain or loss if you have held the Note for more than one year. Long-term capital gains of non-corporate U.S. holders (including individuals) are eligible for reduced rates of taxation. The deductibility of capital losses is subject to limitations.

In certain circumstances, United States Treasury regulations require losses in excess of a threshold amount to be reported to the IRS. U.S. holders should consult their tax advisors to determine any reporting obligations they may have with respect to the sale, exchange, retirement, redemption or other taxable disposition of a Note.

Certain Tax Considerations for Non-U.S. Holders

The following is a summary of certain United States federal income tax considerations that will apply for non-U.S. holders of the Notes.

United States Federal Withholding Tax. Subject to the discussions of backup withholding and FATCA below, United States federal withholding tax will not apply to any payment of interest on the Notes under the “portfolio interest rule,” provided that:

•        interest paid on the Notes is not effectively connected with your conduct of a trade or business in the United States;

•        you do not actually or constructively own 10% or more of the total combined voting power of all classes of our voting stock within the meaning of the Code and applicable United States Treasury regulations;

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•        you are not a controlled foreign corporation that is actually or constructively related to us through stock ownership;

•        you are not a bank whose receipt of interest on the Notes is described in Section 881(c)(3)(A) of the Code; and

•        either (1) you provide your name and address on an applicable IRS Form W-8, and certify, under penalties of perjury, that you are not a United States person as defined under the Code or (2) you hold your Notes through certain foreign intermediaries and satisfy the certification requirements of applicable United States Treasury regulations. Special certification rules apply to non-U.S. holders that are pass-through entities rather than corporations or individuals.

If you cannot satisfy the requirements described above, payments of interest made to you will be subject to a 30% United States federal withholding tax, unless you provide the applicable withholding agent with a properly executed:

•        IRS Form W-8BEN or Form W-8BEN-E (or other applicable form) certifying an exemption from or reduction in withholding under the benefit of an applicable income tax treaty; or

•        IRS Form W-8ECI (or other applicable form) certifying that interest paid on the Notes is not subject to withholding tax because it is effectively connected with your conduct of a trade or business in the United States (as discussed below under “— United States Federal Income Tax”).

The 30% United States federal withholding tax generally will not apply to any payment of principal or gain that you realize on the sale, exchange, retirement, redemption or other taxable disposition of a Note.

United States Federal Income Tax. If you are engaged in a trade or business in the United States and interest on the Notes is effectively connected with the conduct of that trade or business (and, if required by an applicable income tax treaty, is attributable to a United States permanent establishment), then you will be subject to United States federal income tax on that interest on a net income basis in generally the same manner as if you were a United States person as defined under the Code (although you will be exempt from the 30% withholding tax described above, provided the certification requirements discussed above in “— United States Federal Withholding Tax” are satisfied). In addition, if you are a foreign corporation, you may be subject to a branch profits tax equal to 30% (or a lower applicable income tax treaty rate) of your effectively connected earnings and profits, subject to adjustments.

Subject to the discussion of backup withholding below, any gain realized on the sale or other taxable disposition of a Note generally will not be subject to United States federal income tax unless:

•        the gain is effectively connected with your conduct of a trade or business in the United States (and, if required by an applicable income tax treaty, is attributable to a United States permanent establishment), in which case such gain will be subject to United States federal income tax (and possibly branch profits tax) in generally the same manner as effectively connected interest is taxed; or

•        you are an individual who is present in the United States for 183 days or more in the taxable year of that disposition, and certain other conditions are met, in which case, unless an applicable income tax treaty provides otherwise, you will be subject to a flat 30% United States federal income tax on the gain derived from the sale or other taxable disposition, which may be offset by certain United States-source capital losses.

Information Reporting and Backup Withholding

U.S. Holders. In general, information reporting requirements will apply to payments of stated interest on the Notes and the proceeds of the sale or other taxable disposition (including a retirement or redemption) of a Note paid to you (unless you establish that you are an exempt recipient such as a corporation). Backup withholding may apply to any payments described in the preceding sentence if you fail to provide a correct taxpayer identification number and a certification that you are not subject to backup withholding.

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Backup withholding is not an additional tax and any amounts withheld under the backup withholding rules may be allowed as a refund or a credit against your United States federal income tax liability provided the required information is timely furnished to the IRS.

Non-U.S. Holders. Generally, the amount of interest paid to you and the amount of tax, if any, withheld with respect to those payments will be reported to the IRS. Copies of the information returns reporting such interest payments and any withholding may also be made available to the tax authorities in the country in which you reside under the provisions of an applicable income tax treaty.

In general, you will not be subject to backup withholding with respect to payments of interest on the Notes that we make to you, provided that the applicable withholding agent does not have actual knowledge or reason to know that you are a United States person as defined under the Code, and such withholding agent has received from you the required certification that you are a non-U.S. holder described above in the fifth bullet point under “— Certain Tax Considerations for Non-U.S. Holders — United States Federal Withholding Tax.”

Information reporting and, depending on the circumstances, backup withholding will apply to the proceeds of a sale or other taxable disposition (including a retirement or redemption) of Notes within the United States or conducted through certain United States-related financial intermediaries, unless you certify to the payor under penalties of perjury that you are a non-U.S. holder (and the payor does not have actual knowledge or reason to know that you are a United States person as defined under the Code), or you otherwise establish an exemption.

Backup withholding is not an additional tax and any amounts withheld under the backup withholding rules may be allowed as a refund or a credit against your United States federal income tax liability provided the required information is timely furnished to the IRS.

Foreign Account Tax Compliance Act

Under Sections 1471 through 1474 of the Code (such Sections commonly referred to as “FATCA”), a 30% United States federal withholding tax may apply to any interest paid on the Notes to (i) a “foreign financial institution” (as specifically defined in the Code and whether such foreign financial institution is the beneficial owner or an intermediary) which does not provide sufficient documentation, typically on IRS Form W-8BEN-E, evidencing either (x) an exemption from FATCA, or (y) its compliance (or deemed compliance) with FATCA (which may alternatively be in the form of compliance with an intergovernmental agreement with the United States) in a manner which avoids withholding, or (ii) a “non-financial foreign entity” (as specifically defined in the Code and whether such non-financial foreign entity is the beneficial owner or an intermediary) which does not provide sufficient documentation, typically on IRS Form W-8BEN-E, evidencing either (x) an exemption from FATCA, or (y) adequate information regarding certain substantial United States beneficial owners of such entity (if any). If an interest payment is both subject to withholding under FATCA and subject to the withholding tax discussed above under “— Certain Tax Considerations for Non-U.S. Holders — United States Federal Withholding Tax,” an applicable withholding agent may credit the withholding under FATCA against, and therefore reduce, such other withholding tax. While withholding under FATCA would also have applied to payments of gross proceeds from the sale or other taxable disposition of the Notes, proposed United States Treasury regulations (upon which taxpayers may rely until final regulations are issued) eliminate FATCA withholding on payments of gross proceeds entirely. You should consult your own tax advisors regarding these rules and whether they may be relevant to your purchase, ownership and disposition of the Notes.

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UNDERWRITING

Citigroup Global Markets Inc., Barclays Capital Inc., J.P. Morgan Securities LLC, SMBC Nikko Securities America, Inc. and Truist Securities, Inc. are acting as representatives of each of the several underwriters named below. Subject to the terms and conditions set forth in an underwriting agreement among us and the underwriters, we have agreed to sell to the underwriters, and each of the underwriters has agreed, severally and not jointly, to purchase from us, the aggregate principal amount of Notes set forth opposite its name below.

		Underwriter		Principal Amount of Securities to be Purchased
		Citigroup Global Markets Inc.		$	47,000,000
		Barclays Capital Inc.		$	47,000,000
		J.P. Morgan Securities LLC		$	47,000,000
		SMBC Nikko Securities America, Inc.		$	47,000,000
		Truist Securities, Inc.		$	47,000,000
		Deutsche Bank Securities Inc.		$	8,000,000
		Goldman Sachs & Co. LLC		$	8,000,000
		Morgan Stanley & Co. LLC		$	8,000,000
		MUFG Securities Americas Inc.		$	8,000,000
		RBC Capital Markets, LLC		$	8,000,000
		Wells Fargo Securities, Inc.		$	8,000,000
		BNP Paribas Securities Corp.		$	7,000,000
		BofA Securities, Inc.		$	7,000,000
		ING Financial Markets LLC		$	7,000,000
		TD Securities (USA) LLC		$	7,000,000
		U.S. Bancorp Investments, Inc.		$	7,000,000
		SG Americas Securities, LLC		$	6,000,000
		Credit Agricole Securities (USA) Inc.		$	6,000,000
		HSBC Securities (USA) Inc.		$	6,000,000
		Mizuho Securities USA LLC		$	6,000,000
		Regions Securities LLC		$	6,000,000
		Blackstone Securities Partners L.P.		$	28,000,000
		BNY Melon Capital Markets, LLC		$	3,000,000
		CIBC World Markets Corp.		$	3,000,000
		Fifth Third Securities, Inc.		$	3,000,000
		M&T Securities, Inc.		$	3,000,000
		Keefe, Bruyette & Woods, Inc.		$	2,000,000
		Natixis Securities Americas LLC		$	2,000,000
		Synovus Securities, Inc.		$	2,000,000
		Raymond James & Associates, Inc.		$	2,000,000
		Academy Securities, Inc.		$	1,000,000
		CastleOak Securities, L.P.		$	1,000,000
		Drexel Hamilton, LLC		$	1,000,000
		R. Seelaus & Co., LLC		$	1,000,000
		Total		$	400,000,000

Subject to the terms and conditions set forth in the underwriting agreement, the underwriters have agreed, severally and not jointly, to purchase all of the Notes sold under the underwriting agreement if any of these Notes are purchased. If an underwriter defaults, the underwriting agreement provides that the purchase commitments of the nondefaulting underwriters may be increased or the underwriting agreement may be terminated.

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We have agreed to indemnify the underwriters against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”), or to contribute to payments the underwriters may be required to make in respect of those liabilities.

The underwriters are offering the Notes, subject to prior sale, when, as and if issued to and accepted by them, subject to approval of legal matters by their counsel, including the validity of the Notes, and other conditions contained in the underwriting agreement, such as the receipt by the underwriters of officers’ certificates and legal opinions. The underwriters reserve the right to withdraw, cancel or modify offers to the public and to reject orders in whole or in part.

Discount

The following table shows the per Note and total underwriting discount that we are to pay to the underwriters in connection with this offering.

				Per Note		Total
		Public offering price		99.345%		$	397,380,000
		Underwriting discount (sales load)		0.500%		$	2,000,000
		Proceeds to us, before expenses		98.845%		$	395,380,000

The underwriters propose to offer some of the Notes to the public at the public offering price set forth on the cover page of this prospectus supplement, and some of the Notes to certain other Financial Industry Regulatory Authority, or FINRA, members at the public offering price less a concession not in excess of 0.300% of the aggregate principal amount of the Notes. The underwriters may allow, and the dealers may reallow, a discount not in excess of 0.200% of the aggregate principal amount of the Notes. After the initial offering of the Notes to the public, the public offering price and such concessions may be changed. No such change shall change the amount of proceeds to be received by us as set forth on the cover page of this prospectus supplement.

The expenses of the offering, not including the underwriting discount, are estimated at $1.4 million and are payable by us.

No Sales of Similar Securities

Subject to certain exceptions, we have agreed not to directly or indirectly, offer, pledge, sell, contract to sell, grant any option for the sale of or otherwise transfer or dispose of any debt securities issued or guaranteed by us or any securities convertible into or exercisable or exchangeable for debt securities issued or guaranteed by us or file any registration statement under the Securities Act with respect to any of the foregoing through the closing date of this offering without first obtaining the written consent of the representatives. This consent may be given at any time without public notice.

Listing

The Notes are a new issue of securities with no established trading market. The Notes will not be listed on any securities exchange or quoted on any automated dealer quotation system.

We have been informed by certain of the underwriters that they currently intend to make a market in the Notes after completion of the offering as permitted by applicable laws and regulations. The underwriters are not obligated, however, to make a market in the Notes and any such market-making may be discontinued at any time without notice and at their sole discretion. Accordingly, no assurance can be given as to the liquidity of, or development of a public trading market for, the Notes. If an active public trading market for the Notes does not develop, the market price and liquidity of the Notes may be adversely affected.

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Price Stabilization, Short Positions

In connection with the offering, the underwriters may purchase and sell Notes in the open market. These transactions may include over-allotment, covering transactions and stabilizing transactions. Over-allotment involves sales of Notes in excess of the aggregate principal amount of Notes to be purchased by the underwriters in the offering, which creates a short position for the underwriters. Covering transactions involve purchases of the Notes in the open market after the distribution has been completed in order to cover short positions. Stabilizing transactions consist of certain bids or purchases of Notes made for the purpose of preventing or retarding a decline in the market price of the Notes while the offering is in progress.

The underwriters also may impose a penalty bid. This occurs when a particular underwriter repays to the underwriters a portion of the underwriting discount received by it because the representatives have repurchased Notes sold by or for the account of such underwriter in stabilizing or short covering transactions.

Any of these activities may cause the price of the Notes to be higher than the price that otherwise would exist in the open market in the absence of such transactions. These transactions may be effected in the over-the-counter market or otherwise and, if commenced, may be discontinued at any time without any notice relating thereto.

Neither we nor any of the underwriters make any representation or prediction as to the direction or magnitude of any effect that the transactions described above may have on the price of the Notes. In addition, neither we nor any of the underwriters make any representation that the representatives will engage in these transactions or that these transactions, once commenced, will not be discontinued without notice.

Other Relationships

The underwriters and their respective affiliates are full service financial institutions engaged in various activities, which may include sales and trading, commercial and investment banking, advisory, investment management, investment research, principal investment, hedging, market making, brokerage, valuation services and other financial and non-financial activities and services. Certain of the underwriters and their respective affiliates have provided, currently provide, and may in the future provide, a variety of these services to us and to persons and entities with relationships with us, for which they received or will receive customary fees and expenses. For example, certain of the underwriters and their affiliates are underwriters and/or agents in connection with the Company’s debt and equity offerings, for which they receive customary fees. Additionally, affiliates of certain underwriters are lenders under the credit facilities of the Company and its subsidiaries.

In the ordinary course of their various business activities, the underwriters and their respective affiliates, officers, directors and employees may purchase, sell or hold a broad array of investments and actively trade securities, derivatives, loans, commodities, currencies, credit default swaps and other financial instruments for their own account and for the accounts of their customers, and such investment and trading activities may involve or relate to assets, securities or instruments of us (directly, as collateral securing other obligations or otherwise) or persons and entities with relationships with us. Certain of the underwriters and their affiliates that have a lending relationship with us routinely hedge their credit exposure to us consistent with their customary risk management policies. Typically, such underwriters and their affiliates would hedge such exposure by entering into transactions which consist of either the purchase of credit default swaps or the creation of short positions in our securities, including potentially the Notes offered hereby. Any such credit default swaps or short positions could adversely affect future trading prices of the Notes offered hereby. The underwriters and their respective affiliates may also communicate independent investment recommendations, market color or trading ideas or publish or express independent research views in respect of such assets, securities or instruments and may at any time hold, or recommend to clients that they should acquire, long or short positions in such assets, securities and instruments. Blackstone controls Blackstone Securities Partners L.P., a participating underwriter in this offering, and we and the Advisers are under common control with Blackstone Securities Partners L.P. In addition, U.S. Bancorp Investments, Inc., one of the underwriters, is an affiliate of the trustee, paying agent and registrar.

The net proceeds of this offering may be used to pay down a portion of the outstanding indebtedness under the Revolving Credit Facility or the SPV Financing Facilities. Affiliates of certain of the underwriters are lenders under the Revolving Credit Facility or the SPV Financing Facilities. Accordingly, affiliates of certain of the underwriters may receive more than 5% of the proceeds of this offering to the extent such proceeds are used to repay or repurchase outstanding indebtedness under the Revolving Credit Facility or the SPV Financing Facilities.

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The underwriters or their respective affiliates may also trade in our securities, securities of our portfolio companies or other financial instruments related thereto for their own accounts or for the account of others and may extend loans or financing directly or through derivative transactions to the Advisers or any of our portfolio companies.

Certain funds or accounts managed by the affiliates of the Advisers may purchase Notes in the transaction through the underwriters at the public offering price.

Settlement

We expect that delivery of the Notes will be made to investors on or about March 3, 2026, which will be the third business day following the date hereof. Under Rule 15c6-1 under the Exchange Act, trades in the secondary market are required to settle in one business day, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the Notes prior to the business day before the delivery of the Notes will be required, by virtue of the fact that the Notes initially settle in T+3, to specify an alternative arrangement at the time of any such trade to prevent a failed settlement and should consult their own advisors.

Principal Business Addresses

The principal business address of Citigroup Global Markets Inc. is 388 Greenwich Street, New York, New York 10013. The principal business address of Barclays Capital Inc. is 745 Seventh Avenue, New York, New York 10019. The principal business address of J.P. Morgan Securities LLC is 270 Park Avenue, New York, New York 10017. The principal business address of SMBC Nikko Securities America, Inc. is 277 Park Avenue, 5th Floor, New York, New York 10172.The principal business address of Truist Securities, Inc. is 50 Hudson Yards, 70th Floor, New York, New York 10001.

Disclaimers About Non-U.S. Jurisdictions

Notice to Prospective Investors in the European Economic Area

The Notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the European Economic Area (“EEA”). For the purposes of this provision:

(a)     the expression “retail investor” means a person who is one (or more) of the following:

(i)     a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, “MiFID II”); or

(ii)    a customer within the meaning of Directive (EU) 2016/97 (as amended, the “Insurance Distribution Directive”), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or

(iii)   not a qualified investor as defined in Regulation (EU) 2017/1129 (as amended, the “Prospectus Regulation”); and

(b)    the expression “offer” includes the communication in any form and by any means of sufficient information on the terms of the offer and the Notes to be offered so as to enable an investor to decide to purchase or subscribe for the Notes.

Consequently, no key information document required by Regulation (EU) No 1286/2014 (as amended, the “PRIIPs Regulation”) for offering or selling the Notes or otherwise making them available to retail investors in the EEA has been prepared and therefore offering or selling the Notes or otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPs Regulation. This prospectus supplement has been prepared on the basis that any offer of Notes in any member state of the EEA will be made pursuant to an exemption under the Prospectus Regulation from the requirement to publish a prospectus for offers of Notes. This prospectus supplement is not a prospectus for the purposes of the Prospectus Regulation.

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Notice to Prospective Investors in the United Kingdom

The Notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the United Kingdom. For the purposes of this provision:

(a)     the expression “retail investor” means a person who is one (or more) of the following:

(i)     a retail client as defined in the Conduct of Business Sourcebook of the handbook of rules and guidance adopted by the U.K.’s Financial Conduct Authority (the “FCA Handbook”), rule 3.4.1; or

(ii)    a customer within the meaning of the provisions of the Financial Services and Markets Act 2000 (as amended, the “FSMA”) of the United Kingdom and any rules or regulations made under the FSMA to implement Directive (EU) 2016/97, where that customer would not qualify as a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of domestic law by virtue of the EUWA; or

(iii)   not a qualified investor as defined in paragraph 15 of Schedule 1 to The Public Offers and Admissions to Trading Regulations 2024 (the “POAT Regulations”); and

(b)    the expression “offer” includes the communication in any form and by any means of sufficient information on the terms of the offer and the Notes to be offered so as to enable an investor to decide to purchase or subscribe for the Notes.

Consequently, no key information document required by Regulation (EU) No 1286/2014 as it forms part of domestic law by virtue of the EUWA (the “UK PRIIPs Regulation”) for offering or selling the Notes or otherwise making them available to retail investors in the UK has been prepared and therefore offering or selling the Notes or otherwise making them available to any retail investor in the UK may be unlawful under the UK PRIIPs Regulation. This prospectus supplement has been prepared on the basis that any offer of Notes in the UK will be made pursuant to an exemption under the POAT Regulations from the prohibition on public offers of relevant securities. This prospectus supplement is not a prospectus for the purposes of the POAT Regulations or the Admission to Trading on a Regulated Market Sourcebook of the FCA Handbook, has not been approved by the U.K.’s Financial Conduct Authority and should not be relied on and should not be construed as an offer (or any other form of marketing).

This prospectus supplement and any other material in relation to the Notes is only being distributed to, and is directed only at, persons in the United Kingdom who are “qualified investors” (as defined in paragraph 15 of Schedule I to the POAT Regulations) who are also (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the “Order”), or (ii) high net worth entities or other persons falling within Articles 49(2)(a) to (d) of the Order, or (iii) persons to whom it would otherwise be lawful to distribute it, all such persons together being referred to as “Relevant Persons”. The Notes are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such Notes will be engaged in only with, Relevant Persons. This prospectus supplement and its contents are confidential and should not be distributed, published or reproduced (in whole or in part) or disclosed by any recipients to any other person in the United Kingdom. Any person in the United Kingdom that is not a Relevant Person should not act or rely on this prospectus supplement or its contents. The Notes are not being offered to the public in the United Kingdom.

In addition, in the United Kingdom, each underwriter has represented and agreed the Notes may not be offered other than by an underwriter that:

•        has only communicated or caused to be communicated and will only communicate or cause to be communicated an invitation or inducement to engage in investment activity (within the meaning of Section 21 of the FSMA) received by it in connection with the issue or sale of the Notes in circumstances in which Section 21(1) of the FSMA does not apply to us; and

•        has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in relation to the Notes in, from or otherwise involving the United Kingdom.

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Notice to Prospective Investors in Canada

This prospectus supplement constitutes an “exempt offering document” as defined in and for the purposes of applicable Canadian securities laws. No prospectus has been filed with any securities commission or similar regulatory authority in Canada in connection with the offer and sale of the Notes. No securities commission or similar regulatory authority in Canada has reviewed or in any way passed upon this prospectus supplement or on the merits of the Notes and any representation to the contrary is an offence.

Canadian investors are advised that this prospectus supplement has been prepared in reliance on section 3A.3 of National Instrument 33-105 Underwriting Conflicts (“NI 33-105”). Pursuant to section 3A.3 of NI 33-105, the Company and the underwriters in the offering are exempt from the requirement to provide Canadian investors with certain conflicts of interest disclosure pertaining to “connected issuer” and/or “related issuer” relationships as would otherwise be required pursuant to subsection 2.1(1) of NI 33-105.

Resale Restrictions

The offer and sale of the Notes in Canada is being made on a private placement basis only and is exempt from the requirement that the Company prepares and files a prospectus under applicable Canadian securities laws. Any resale of Notes by a Canadian investor in this offering must be made in accordance with applicable Canadian securities laws, which may vary depending on the relevant jurisdiction, and which may require resales to be made in accordance with Canadian prospectus requirements, a statutory exemption from the prospectus requirements, in a transaction exempt from the prospectus requirements or otherwise under a discretionary exemption from the prospectus requirements granted by the applicable local Canadian securities regulatory authority. These resale restrictions may under certain circumstances apply to resales of the Notes outside of Canada.

Representations of Purchasers

Each Canadian investor who purchases the Notes will be deemed to have represented to the Company, the underwriters and to each dealer from whom a purchase confirmation is received, as applicable, that the investor is (i) purchasing as principal, or is deemed to be purchasing as principal in accordance with applicable Canadian securities laws; (ii) an “accredited investor” as such term is defined in section 1.1 of National Instrument 45-106 Prospectus Exemptions or, in Ontario, as such term is defined in section 73.3(1) of the Securities Act (Ontario); and (iii) a “permitted client” as such term is defined in section 1.1 of National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations.

Taxation and Eligibility for Investment

Any discussion of taxation and related matters contained in this prospectus supplement does not purport to be a comprehensive description of all of the tax considerations that may be relevant to a Canadian investor when deciding to purchase the Notes and, in particular, does not address any Canadian tax considerations. No representation or warranty is hereby made as to the tax consequences to a resident, or deemed resident, of Canada of an investment in the Notes or with respect to the eligibility of the Notes for investment by such investor under relevant Canadian federal and provincial legislation and regulations.

Rights of Action for Damages or Rescission

Securities legislation in certain of the Canadian jurisdictions provides certain purchasers of securities pursuant to a prospectus (such as this prospectus supplement), including where the distribution involves an “eligible foreign security” as such term is defined in Ontario Securities Commission Rule 45-501 Ontario Prospectus and Registration Exemptions and in Multilateral Instrument 45-107 Listing Representation and Statutory Rights of Action Disclosure Exemptions, as applicable, with a remedy for damages or rescission, or both, in addition to any other rights they may have at law, where the prospectus, or other offering document that constitutes a prospectus, and any amendment thereto, contains a “misrepresentation” as defined under applicable Canadian securities laws. These remedies, or notice with respect to these remedies, must be exercised or delivered, as the case may be, by the purchaser within the time limits prescribed under, and are subject to limitations and defences under, applicable Canadian securities legislation. In addition, these remedies are in addition to and without derogation from any other right or remedy available at law to the investor.

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Language of Documents

Upon receipt of this prospectus supplement, each Canadian investor hereby confirms that it has expressly requested that all documents evidencing or relating in any way to the sale of the securities described herein (including for greater certainty any purchase confirmation or any notice) be drawn up in the English language only. Par la réception de ce document, chaque investisseur canadien confirme par les présentes qu’il a expressément exigé que tous les documents faisant foi ou se rapportant de quelque manière que ce soit à la vente des valeurs mobilières décrites aux présentes (incluant, pour plus de certitude, toute confirmation d’achat ou tout avis) soient rédigés en anglais seulement.

Notice to Prospective Investors in Israel

Sales of the Notes in Israel will be made through the underwriters and/or through an Israeli broker(s) engaged by them. The Notes will not be offered to an Israeli person unless such offeree is a “qualified investor” (as defined in the First Appendix to the Israeli Securities Law) who is not an individual (a “Qualified Israeli Investor”) and who has (x) completed and signed a questionnaire regarding qualification as a Qualified Israel Investor and (y) certified that it has an exemption from Israeli withholding taxes on interest.

Notice to Prospective Investors in Hong Kong

The contents of this prospectus supplement have not been reviewed, approved or endorsed by any regulatory authority in Hong Kong. The Notes have not been offered or sold and will not be offered or sold in Hong Kong, by means of any document, other than (a) to “professional investors” as defined in the Securities and Futures Ordinance (Cap. 571) of Hong Kong and any rules made under that Ordinance, or the professional investors; or (b) in other circumstances which do not result in the document being a “prospectus” as defined in the Companies Ordinance (Cap. 32) of Hong Kong or which do not constitute an offer to the public within the meaning of that Ordinance. No advertisement, invitation or document relating to the Notes has been or may be issued or has been or may be in the possession of any person for the purposes of issue, whether in Hong Kong or elsewhere, which is directed at, or the contents of which are likely to be accessed or read by, the public of Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with respect to Notes which are or are intended to be disposed of only to persons outside Hong Kong or only to “professional investors”. This prospectus supplement is intended solely for the use of the person to whom it has been delivered for the purpose of evaluating a possible investment by the recipient in the Notes described herein, and is not to be reproduced or distributed to any other persons (other than professional advisors of the prospective investor receiving this prospectus supplement).

Notice to Prospective Investors in Singapore

This prospectus supplement has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, this prospectus supplement and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the Notes may not be circulated or distributed, nor may the Notes be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor (as defined in Section 4A of the Securities and Futures Act, Chapter 289 of Singapore (the “SFA”)) under Section 274 of the SFA, (ii) to a relevant person (as defined in Section 275(2) of the SFA) pursuant to Section 275(1) of the SFA, or any person pursuant to Section 275(1A) of the SFA, and in accordance with the conditions specified in Section 275 of the SFA or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA, in each case subject to conditions set forth in the SFA.

Where the Notes are subscribed or purchased under Section 275 of the SFA by a relevant person which is a corporation (which is not an accredited investor (as defined in Section 4A of the SFA)) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor, the securities (as defined in Section 239(1) of the SFA) of that corporation shall not be transferable for 6 months after that corporation has acquired the Notes under Section 275 of the SFA except: (1) to an institutional investor under Section 274 of the SFA or to a relevant person (as defined in Section 275(2) of the SFA), (2) where such transfer arises from an offer in that corporation’s securities pursuant to Section 275(1A) of the SFA, (3) where no consideration is or will be given for the transfer, (4) where the transfer is by operation of law, (5) as specified in Section 276(7) of the SFA, or (6) as specified in Regulation 32 of the Securities and Futures (Offers of Investments) (Shares and Debentures) Regulations 2005 of Singapore (“Regulation 32”).

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Where the Notes are subscribed or purchased under Section 275 of the SFA by a relevant person which is a trust (where the trustee is not an accredited investor (as defined in Section 4A of the SFA)) whose sole purpose is to hold investments and each beneficiary of the trust is an accredited investor, the beneficiaries’ rights and interest (howsoever described) in that trust shall not be transferable for 6 months after that trust has acquired the Notes under Section 275 of the SFA except: (1) to an institutional investor under Section 274 of the SFA or to a relevant person (as defined in Section 275(2) of the SFA), (2) where such transfer arises from an offer that is made on terms that such rights or interest are acquired at a consideration of not less than S$200,000 (or its equivalent in a foreign currency) for each transaction (whether such amount is to be paid for in cash or by exchange of securities or other assets), (3) where no consideration is or will be given for the transfer, (4) where the transfer is by operation of law, (5) as specified in Section 276(7) of the SFA, or (6) as specified in Regulation 32.

Singapore Securities and Futures Act Product Classification: Solely for the purpose of its obligations pursuant to sections 309B(1)(a) and 309B(1)(c) of the SFA, the Company has determined, and hereby notifies all relevant persons (as defined in Section 309A of the SFA) that the Notes are “prescribed capital markets products” (as defined in the Securities and Futures (Capital Markets Products) Regulations 2018) and Excluded Investment Products (as defined in MAS Notice SFA 04-N12: Notice on the Sale of Investment Products and MAS Notice FAA-N16: Notice on Recommendations on Investment Products).

Notice to Prospective Investors in Switzerland

The offer and the marketing of notes of the Company in Switzerland will be exclusively made to, and directed at, qualified investors (“Qualified Investors”), as defined in Article 10(3) and (3ter) of the Swiss Collective Investment Schemes Act (“CISA”) and its implementing ordinance, at the exclusion of qualified investors with an opting-out pursuant to Article 5(1) of the Swiss Federal Law on Financial Services (“FinSA”) and without any portfolio management or advisory relationship with a financial intermediary pursuant to Article 10(3ter) CISA (“Excluded Qualified Investors”). Accordingly, the Company has not been and will not be registered with the Swiss Financial Market Supervisory Authority (“FINMA”) and no representative or paying agent have been or will be appointed in Switzerland. This prospectus supplement and/or any other offering or marketing materials relating to the notes of the Company may be made available in Switzerland solely to Qualified Investors, at the exclusion of Excluded Qualified Investors. The legal documents of the Company may be obtained free of charge from the Company by calling us at (212) 503-2100.

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PORTFOLIO COMPANIES

The following table sets forth certain information as of December 31, 2025 for each portfolio company in which the Company had an investment. Percentages shown for class of securities held by the Company represent percentage of the class owned and do not necessarily represent voting ownership or economic ownership.

The Board approved the valuation of the Company’s investment portfolio, as of December 31, 2025, at fair value as determined in good faith using a consistently applied valuation process in accordance with the Company’s documented valuation policy that has been reviewed and approved by the Board, who also approve in good faith the valuation of such securities as of the end of each quarter. For more information relating to the Company’s investments, see the Company’s financial statements incorporated by reference in this prospectus supplement and the accompanying prospectus.

Investments(1)(19)		Address		Footnotes		Reference Rate and Spread(2)		Interest Rate(2)(15)		Acquisition Date		Maturity Date		% of class held as of 12/31/2025		Par Amount/ Units(1)			Cost(3)			Fair Value			% of Net Assets
First Lien Debt
First Lien Debt –  non-controlled/ non-affiliated
Aerospace & Defense
Aevex Holdings, LLC		440 Stevens Ave., Suite 150, Solana Beach, CA 92075 United States		(4)(11)		SOFR + 6.00%		9.82%		4/30/2024		3/18/2028				$	46,833		$	46,781		$	46,598		0.75	%
Aevex Holdings, LLC		440 Stevens Ave., Suite 150, Solana Beach, CA 92075 United States		(4)(11)		SOFR + 6.00%		9.82%		3/17/2020		3/18/2028					107,946			107,869			107,406		1.72	%
Corfin Holdings, Inc.		1050 Perimeter Road, Manchester, NH 03103 United States		(4)(10)		SOFR + 5.25%		9.07%		2/5/2020		12/27/2027					261,290			260,279			261,290		4.18	%
Corfin Holdings, Inc.		1050 Perimeter Road, Manchester, NH 03103 United States		(4)(5)(10)		SOFR + 5.25%		9.07%		1/10/2025		12/27/2027					1,564			1,554			1,564		0.03	%
Fastener Distribution Holdings, LLC		201 East John Carpenter Freeway, Mandalay Tower 3, Suite 700, Irving, TX 75062 United States		(4)(10)		SOFR + 4.75%		8.42%		10/31/2024		11/4/2031					30,705			30,449			30,705		0.49	%
Fastener Distribution Holdings, LLC		201 East John Carpenter Freeway, Mandalay Tower 3, Suite 700, Irving, TX 75062 United States		(4)(7)(10)		SOFR + 4.75%		8.42%		10/31/2024		11/4/2031					4,458			4,392			4,458		0.07	%
Frontgrade Technologies Holdings, Inc.		4350 Centennial Blvd Colorado Springs, CO, 80907 United States		(4)(5)(7)(10)		SOFR + 5.25%		9.13% (incl. 1.50% PIK)		1/9/2023		1/9/2030					2,405			2,361			2,355		0.04	%
Frontgrade Technologies Holdings, Inc.		4350 Centennial Blvd Colorado Springs, CO, 80907 United States		(4)(5)(10)		SOFR + 5.25%		9.12% (incl. 1.50% PIK)		3/18/2025		1/9/2030					354			351			347		0.01	%
Frontgrade Technologies Holdings, Inc.		4350 Centennial Blvd Colorado Springs, CO, 80907 United States		(4)(5)(10)		SOFR + 5.00%		8.94%		7/7/2025		1/9/2030					92			92			90		0.00	%

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Investments(1)(19)		Address		Footnotes		Reference Rate and Spread(2)		Interest Rate(2)(15)		Acquisition Date		Maturity Date		% of class held as of 12/31/2025		Par Amount/ Units(1)			Cost(3)			Fair Value			% of Net Assets
First Lien Debt –  non-controlled/ non-affiliated (continued)
Aerospace & Defense (continued)
Horizon CTS Buyer, LLC		490 1st Ave South, Suite 600 St. Petersburg, FL United States 33701		(4)(5)(7)(10)		SOFR + 4.75%		8.42%		3/28/2025		3/29/2032				$	1,298		$	1,285		$	1,291		0.02	%
MAG DS Corp.		3580 Groupe Drive Suite 200 Woodbridge VA 22192 United States		(11)		SOFR + 5.50%		9.27%		4/1/2020		4/1/2027					78,684			77,251			78,610		1.26	%
Magneto Components BuyCo, LLC		311 Sinclair Rd, Bristol, PA 19007 United States		(4)(7)(10)		SOFR + 6.00%		9.67%		12/5/2023		12/5/2030					33,602			32,936			33,308		0.53	%
West Star Aviation Acquisition, LLC		796 Heritage Way, Grand Junction, CO 81506 United States		(4)(5)(10)		SOFR + 4.50%		8.22%		5/20/2025		5/20/2032					2,147			2,132			2,147		0.03	%
West Star Aviation Acquisition, LLC		796 Heritage Way, Grand Junction, CO 81506 United States		(4)(5)(7)(10)		SOFR + 4.50%		8.22%		5/20/2025		5/20/2032					255			251			255		0.00	%
																				567,983			570,424		9.13	%
Air Freight & Logistics
AGI-CFI Holdings, Inc.		9130 S Dadeland Blvd Ste 1801, Miami, FL, 33156-7858 United States		(4)(10)		SOFR + 4.75%		8.57%		6/11/2021		6/11/2027					93,442			92,974			93,442		1.50	%
AGI-CFI Holdings, Inc.		9130 S Dadeland Blvd Ste 1801, Miami, FL, 33156-7858 United States		(4)(5)(10)		SOFR + 4.75%		8.57%		3/19/2025		6/11/2027					6,087			6,068			6,087		0.10	%
ENV Bidco, AB		Staffans väg 2A SE-192 78 Sollentuna, Sweden		(4)(5)(6)(10)		SOFR + 5.00%		8.69%		12/12/2024		7/27/2029					1,115			1,103			1,115		0.02	%
ENV Bidco, AB		Staffans väg 2A SE-192 78 Sollentuna, Sweden		(4)(5)(6)(7)(8)		E + 5.00%		7.02%		12/12/2024		7/27/2029				EUR	1,337			1,355			1,567		0.03	%
Mode Purchaser, Inc.		17330 Preston Rd., Suite 200 C Dallas, TX 75252 United States		(4)(11)		SOFR + 6.25%		10.24%		12/9/2019		12/9/2027					138,170			137,787			125,734		2.01	%
Mode Purchaser, Inc.		17330 Preston Rd., Suite 200 C Dallas, TX 75252 United States		(4)(11)		SOFR + 6.25%		10.24%		2/4/2022		12/9/2027					3,944			3,909			3,589		0.06	%
R1 Holdings, LLC		1 Kellaway Dr, Randolph, MA 02368 United States		(4)(5)(7)(11)		SOFR + 6.25%		9.95%		12/30/2022		12/29/2028					1,320			1,301			1,260		0.02	%
RWL Holdings, LLC		767 5th Ave #4200, New York, NY 10153 United States		(4)(10)		SOFR + 5.75%		9.57%		12/13/2021		12/31/2028					29,708			29,455			27,628		0.44	%
SEKO Global Logistics Network, LLC		1100 N. Arlington Heights Rd., Itasca, IL 60143 United States		(4)(5)(11)		SOFR + 7.00%		10.82% PIK		11/27/2024		5/27/2030					2,097			2,096			2,097		0.03	%

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Investments(1)(19)		Address		Footnotes		Reference Rate and Spread(2)		Interest Rate(2)(15)		Acquisition Date		Maturity Date		% of class held as of 12/31/2025		Par Amount/ Units(1)			Cost(3)			Fair Value			% of Net Assets
First Lien Debt –  non-controlled/ non-affiliated (continued)
Air Freight & Logistics (continued)
SEKO Global Logistics Network, LLC		1100 N. Arlington Heights Rd., Itasca, IL 60143 United States		(4)(5)(11)		SOFR + 10.00%		13.82% PIK		11/27/2024		11/27/2029				$	697		$	689		$	697		0.01	%
SEKO Global Logistics Network, LLC		1100 N. Arlington Heights Rd., Itasca, IL 60143 United States		(4)(5)(7)(11)		SOFR + 10.50%		14.36% (incl. 9.50% PIK)		11/10/2025		11/27/2029					162			162			162		0.00	%
																				276,899			263,378		4.22	%
Auto Components
Dellner Couplers Group, AB		Vikavagen 144 79195 Falun, Sweden		(5)(6)(8)		E + 5.43%		7.32%		6/20/2024		6/18/2029				EUR	1,000			1,066			1,179		0.02	%
Biotechnology
Axsome Therapeutics, Inc.		One World Trade Center, 29th Floor, New York, NY 10007 United States		(4)(5)(6)(10)		SOFR + 4.75%		8.42%		5/6/2025		5/8/2030					11,740			11,638			11,740		0.19	%
Axsome Therapeutics, Inc.		One World Trade Center, 29th Floor, New York, NY 10007 United States		(4)(5)(6)(7)(10)		SOFR + 4.00%		7.69%		5/6/2025		5/8/2030					6,848			6,818			6,848		0.11	%
MannKind Corp.		30930 Russell Ranch Road Suite 300, Westlake Village, CA 91362 United States		(4)(6)(7)(14)		SOFR + 4.75%		8.53%		8/6/2025		8/6/2030					138,898			136,595			137,455		2.20	%
																				155,051			156,043		2.50	%
Building Products
Fencing Supply Group Acquisition, LLC		211 Perimeter Center Pkwy NE #250, Dunwoody, GA 30346 United States		(4)(11)		SOFR + 6.00%		9.82%		2/26/2021		2/26/2027					52,464			52,311			50,496		0.81	%
Jacuzzi Brands, LLC		3925 City Center Drive Suite 200, Chino Hills, CA 91709 United States		(4)(5)(10)		SOFR + 6.00%		9.82%		2/25/2019		2/25/2027					11,318			11,285			10,469		0.17	%
Jacuzzi Brands, LLC		3925 City Center Drive Suite 200, Chino Hills, CA 91709 United States		(4)(10)		SOFR + 6.00%		9.82%		2/25/2019		2/25/2027					77,867			77,673			72,027		1.15	%
L&S Mechanical Acquisition, LLC		1101 E Arapaho Rd, Suite 190, Richardson, TX 75081, United States		(4)(10)		SOFR + 6.25%		10.09%		9/1/2021		9/1/2027					14,902			14,804			14,306		0.23	%
Windows Acquisition Holdings, Inc.		235 Sunshine Road Royal, AR 71968 United States		(4)(5)(11)		SOFR + 6.50%		10.32%		12/29/2020		12/29/2026					52,750			52,587			43,387		0.69	%
																				208,660			190,685		3.05	%

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Investments(1)(19)		Address		Footnotes		Reference Rate and Spread(2)		Interest Rate(2)(15)		Acquisition Date		Maturity Date		% of class held as of 12/31/2025		Par Amount/ Units(1)			Cost(3)			Fair Value			% of Net Assets
First Lien Debt –  non-controlled/ non-affiliated (continued)
Chemicals
DCG Acquisition Corp.		45 Rockefeller Plaza 20th Floor, New York, NY 10111 United States		(4)(7)(10)		SOFR + 5.00%		8.67%		6/13/2024		6/13/2031				$	39,719		$	39,371		$	39,245		0.63	%
Commercial Services & Supplies
Bazaarvoice, Inc.		338 Pier Avenue, Hermosa Beach CA 90254 United States		(4)(7)(8)		SOFR + 4.50%		8.09%		5/7/2021		5/7/2029					238,337			238,337			238,337		3.82	%
CFS Brands, LLC		4711 E. Hefner Rd. Oklahoma City, OK 73131 United States		(4)(7)(11)		SOFR + 5.00%		8.72%		12/20/2024		10/2/2030					138,043			136,064			138,043		2.21	%
Divisions Holding Corp.		50 W. 5th Street, Suite 300, Cincinnati, Ohio 45202, United States		(4)(5)(7)(10)		SOFR + 4.50%		8.17%		4/17/2025		4/17/2032					1,606			1,590			1,605		0.03	%
ELK Bidco, Inc.		9701 E. I-20, Eastland, Texas 76448, United States		(4)(5)(7)(9)		SOFR + 4.50%		8.50%		6/13/2025		6/14/2032					17,942			17,835			17,871		0.29	%
EMB Purchaser, Inc.		35 Philmack Drive, Middletown, CT 06457 United States		(4)(10)		SOFR + 4.50%		8.23%		3/13/2025		3/12/2032					27,315			27,073			27,315		0.44	%
EMB Purchaser, Inc.		35 Philmack Drive, Middletown, CT 06457 United States		(4)(5)(7)(10)		SOFR + 4.50%		8.34%		3/13/2025		3/12/2032					9,748			9,603			9,715		0.16	%
FusionSite Midco, LLC		5611 Ohio Ave, Nashville, TN 37209 United States		(4)(11)		SOFR + 5.25%		9.18%		4/30/2025		11/17/2029					57,536			56,955			57,536		0.92	%
FusionSite Midco, LLC		5611 Ohio Ave, Nashville, TN 37209 United States		(4)(5)(7)(11)		SOFR + 5.25%		9.37%		4/30/2025		11/17/2029					18,692			18,328			18,534		0.30	%
Gatekeeper Systems, Inc.		90 Icon, Foothill Ranch, CA 92610, United States		(4)(10)		SOFR + 5.00%		8.72%		8/27/2024		8/28/2030					44,002			43,490			42,792		0.69	%
Gatekeeper Systems, Inc.		90 Icon, Foothill Ranch, CA 92610, United States		(4)(5)(7)(10)		SOFR + 5.00%		8.72%		8/27/2024		8/28/2030					3,446			3,289			3,069		0.05	%
Gorilla Investor, LLC		712 Fifth Avenue, 44th Floor, New York, NY 10019, United States		(4)(10)		SOFR + 5.00%		8.67%		9/26/2024		9/30/2031					24,570			24,167			24,324		0.39	%
Ground Penetrating Radar Systems, LLC		1901 Indian Wood Cir Maumee, OH 43537 United States		(4)(5)(10)		SOFR + 4.50%		8.17%		1/2/2025		1/2/2032					2,944			2,918			2,944		0.05	%

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Investments(1)(19)		Address		Footnotes		Reference Rate and Spread(2)		Interest Rate(2)(15)		Acquisition Date		Maturity Date		% of class held as of 12/31/2025		Par Amount/ Units(1)			Cost(3)			Fair Value			% of Net Assets
First Lien Debt –  non-controlled/ non-affiliated (continued)
Commercial Services & Supplies (continued)
Ground Penetrating Radar Systems, LLC		1901 Indian Wood Cir Maumee, OH 43537 United States		(4)(5)(7)(10)		SOFR + 4.50%		8.19%		1/2/2025		1/2/2032				$	15		$	13		$	15		0.00	%
Ground Penetrating Radar Systems, LLC		1901 Indian Wood Cir Maumee, OH 43537 United States		(4)(5)(7)(10)		SOFR + 4.50%		8.17%		1/2/2025		1/2/2032					72			69			72		0.00	%
Iris Buyer, LLC		1501 Yamato Road, Boca Raton, FL 33431 United States		(4)(11)		SOFR + 5.25%		9.09%		10/2/2023		10/2/2030					25,196			24,726			25,196		0.40	%
Iris Buyer, LLC		1501 Yamato Road, Boca Raton, FL 33431 United States		(4)(5)(11)		SOFR + 5.25%		8.92%		10/2/2023		10/2/2030					2,376			2,339			2,376		0.04	%
Iris Buyer, LLC		1501 Yamato Road, Boca Raton, FL 33431 United States		(4)(5)(7)(11)		SOFR + 5.25%		8.92%		2/4/2025		10/2/2030					3,667			3,549			3,667		0.06	%
Iris Buyer, LLC		1501 Yamato Road, Boca Raton, FL 33431 United States		(4)(5)(11)		SOFR + 5.25%		8.92%		8/19/2025		10/2/2030					1,022			1,012			1,022		0.02	%
ISQ Hawkeye Holdco, Inc.		10640 Company Highway D20 Alden, IA 50006 United States		(4)(5)(7)(10)		SOFR + 4.68%		8.43%		8/20/2024		8/20/2031					995			980			995		0.02	%
ISQ Hawkeye Holdco, Inc.		10640 Company Highway D20 Alden, IA 50006 United States		(4)(5)(7)(10)		SOFR + 4.68%		8.43%		8/20/2024		8/20/2030					37			36			37		0.00	%
Java Buyer, Inc.		191 4th St W Ketchum, ID, 83340 United States		(4)(10)		SOFR + 5.00%		8.94%		12/15/2021		12/15/2027					4,129			4,104			4,129		0.07	%
Java Buyer, Inc.		191 4th St W Ketchum, ID, 83340 United States		(4)(5)(10)		SOFR + 5.00%		8.94%		12/15/2021		12/15/2027					2,867			2,852			2,867		0.05	%
Java Buyer, Inc.		191 4th St W Ketchum, ID, 83340 United States		(4)(5)(10)		SOFR + 5.00%		8.94%		11/9/2023		12/15/2027					1,616			1,593			1,616		0.03	%
Java Buyer, Inc.		191 4th St W Ketchum, ID, 83340 United States		(4)(5)(7)(10)		SOFR + 5.00%		8.67%		6/28/2024		12/15/2027					2,426			2,406			2,426		0.04	%
Java Buyer, Inc.		191 4th St W Ketchum, ID, 83340 United States		(4)(5)(7)(10)		SOFR + 5.00%		8.82%		5/9/2025		12/15/2027					1,493			1,474			1,493		0.02	%
JSS Holdings, Inc.		180 North Stetson, 29th Floor, Chicago, IL 60601 United States		(4)(10)		SOFR + 5.00%		8.69% (incl. 2.75% PIK)		12/17/2020		11/8/2031					290,582			288,360			290,582		4.65	%
JSS Holdings, Inc.		180 North Stetson, 29th Floor, Chicago, IL 60601 United States		(4)(5)(10)		SOFR + 5.00%		8.69% (incl. 2.75% PIK)		12/29/2021		11/8/2031					5,018			4,975			5,018		0.08	%

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Investments(1)(19)		Address		Footnotes		Reference Rate and Spread(2)		Interest Rate(2)(15)		Acquisition Date		Maturity Date		% of class held as of 12/31/2025		Par Amount/ Units(1)			Cost(3)			Fair Value			% of Net Assets
First Lien Debt –  non-controlled/ non-affiliated (continued)
Commercial Services & Supplies (continued)
JSS Holdings, Inc.		180 North Stetson, 29th Floor, Chicago, IL 60601 United States		(4)(7)(10)		SOFR + 5.00%		8.67% (incl. 2.75% PIK)		11/8/2024		11/8/2031				$	31,958		$	31,669		$	31,921		0.51	%
Knowledge Pro Buyer, Inc.		Country Squire Lane, Princeton Junction, NJ 8550 United States		(4)(7)(10)		SOFR + 4.50%		8.32%		12/10/2021		12/10/2029					9,713			9,632			9,709		0.16	%
KPSKY Acquisition, Inc.		500 Unicorn Park 3rd Floor, Woburn, MA 01801 United States		(4)(10)(18)		SOFR + 5.50%		9.44%		10/19/2021		10/19/2028					19,802			19,644			17,228		0.28	%
KPSKY Acquisition, Inc.		500 Unicorn Park 3rd Floor, Woburn, MA 01801 United States		(4)(5)(10)(18)		SOFR + 5.50%		9.53%		10/19/2021		10/19/2028					2,280			2,263			1,984		0.03	%
Minerva Bidco, Ltd.		Rosemary Cottage-SG4 7JE		(4)(5)(6)(8)		S + 4.25%		8.22%		7/29/2025		11/7/2030				GBP	4,812			6,360			6,438		0.10	%
Onex Baltimore Buyer, Inc.		712 Fifth Avenue New York, NY 10019 United States		(4)(10)(18)		SOFR + 5.27%		8.99%		12/1/2021		12/1/2027					10,804			10,734			10,804		0.17	%
Onex Baltimore Buyer, Inc.		712 Fifth Avenue New York, NY 10019 United States		(4)(7)(11)(18)		SOFR + 4.75%		8.47%		12/1/2021		12/1/2027					14,591			14,458			14,591		0.23	%
RailPros Parent, LLC		5605 N. MacArthur Blvd, Suite 650 Irving, Texas 75038, United States		(4)(5)(7)(10)		SOFR + 4.25%		8.13%		5/22/2025		5/24/2032					401			397			398		0.01	%
SIQ Holdings III Corp.		SIQ Holdings III Corp. 80 South 8th Street, Suite 1850 Minneapolis, MN 55402		(4)(10)		SOFR + 4.75%		9.20%		12/19/2025		12/19/2032					15,000			14,851			14,850		0.24	%
SIQ Holdings III Corp.		SIQ Holdings III Corp. 80 South 8th Street, Suite 1850 Minneapolis, MN 55402		(4)(5)(7)(10)		SOFR + 4.75%		9.23%		12/19/2025		12/19/2030					227			160			160		0.00	%
TEI Intermediate, LLC		200 Innerbelt Road, Somerville, MA 02143 United States		(4)(10)		SOFR + 5.25%		8.85% (incl. 2.88% PIK)		12/13/2024		12/15/2031					25,988			25,769			25,988		0.42	%
TEI Intermediate, LLC		200 Innerbelt Road, Somerville, MA 02143 United States		(4)(5)(7)(10)		SOFR + 4.75%		8.63%		12/13/2024		12/15/2031					970			940			970		0.02	%
TEI Intermediate, LLC		200 Innerbelt Road, Somerville, MA 02143 United States		(4)(5)(7)(10)		SOFR + 4.75%		8.63%		12/13/2024		12/15/2031					1,053			1,013			1,053		0.02	%
The Hiller Companies, LLC		3751 Joy Springs Drive, Mobile, AL 36693 United States		(4)(10)		SOFR + 5.00%		8.72%		6/20/2024		6/20/2030					8,131			8,071			8,131		0.13	%

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Investments(1)(19)		Address		Footnotes		Reference Rate and Spread(2)		Interest Rate(2)(15)		Acquisition Date		Maturity Date		% of class held as of 12/31/2025		Par Amount/ Units(1)			Cost(3)			Fair Value			% of Net Assets
First Lien Debt –  non-controlled/ non-affiliated (continued)
Commercial Services & Supplies (continued)
The Hiller Companies, LLC		3751 Joy Springs Drive, Mobile, AL 36693 United States		(4)(5)(7)(10)		SOFR + 5.00%		8.72%		6/20/2024		6/20/2030				$	2,128		$	2,101		$	2,128		0.03	%
The Hiller Companies, LLC		3751 Joy Springs Drive, Mobile, AL 36693 United States		(4)(5)(7)(10)		SOFR + 4.75%		8.49%		7/17/2025		6/20/2030					942			932			938		0.02	%
Veregy Consolidated, Inc.		23325 N. 23rd Ave, Suite 120 Phoenix, AZ 85027 United States		(4)(7)(10)		SOFR + 4.25%		8.14%		4/16/2025		4/16/2031					27,626			27,397			27,576		0.44	%
Water Holdings Acquisition, LLC		2002 West Grand Parkway North, Suite 100, Katy, TX 77449, United States		(4)(10)		SOFR + 5.25%		9.07% (incl. 2.75% PIK)		7/31/2024		7/31/2031					31,992			31,742			31,992		0.51	%
Water Holdings Acquisition, LLC		2002 West Grand Parkway North, Suite 100, Katy, TX 77449, United States		(4)(5)(7)(10)		SOFR + 5.25%		9.07% (incl. 2.75% PIK)		7/31/2024		7/31/2031					3,922			3,908			3,922		0.06	%
																				1,130,178			1,134,377		18.21	%
Construction & Engineering
Consor Intermediate II, LLC		6505 Blue Lagoon Drive, Suite 470 Miami, FL 33126 United States		(4)(5)(7)(10)		SOFR + 4.50%		8.17%		5/10/2024		5/10/2031					6,190			6,137			6,190		0.10	%
Gannett Fleming, Inc.		207 Senate Ave, Camp Hill, PA 17011, United States		(4)(7)(10)		SOFR + 4.75%		8.69%		8/5/2024		8/5/2030					64,451			63,648			64,035		1.03	%
Home Service TopCo IV, Inc.		3150 E Birch St., Brea, CA 92821, United States		(4)(7)(11)		SOFR + 4.50%		8.10%		6/9/2023		12/31/2027					36,950			36,439			36,912		0.59	%
Home Service TopCo IV, Inc.		3150 E Birch St., Brea, CA 92821, United States		(4)(5)(11)		SOFR + 4.50%		8.10%		2/28/2025		12/31/2027					2,888			2,878			2,888		0.05	%
Pave America Holding, LLC		Pave America Holding, LLC 6801 Kennedy Road Suite 201 Warrenton, VA 20187		(4)(10)		SOFR + 5.25%		8.92% (incl. 2.88% PIK)		8/29/2025		8/27/2032					14,348			14,214			14,277		0.23	%
Pave America Holding, LLC		Pave America Holding, LLC 6801 Kennedy Road Suite 201 Warrenton, VA 20187		(4)(5)(7)(10)		SOFR + 5.25%		9.19% (incl. 2.88% PIK)		8/29/2025		8/27/2032					2,572			2,507			2,529		0.04	%
Saber Power Services, LLC		9841 Saber Power Lane, Rosharon, Texas 77583 United States		(4)(5)(10)		SOFR + 5.50%		9.27%		10/21/2025		10/21/2031					46,154			46,087			46,154		0.74	%
Saber Power Services, LLC		9841 Saber Power Lane, Rosharon, Texas 77583 United States		(4)(5)(7)(10)		SOFR + 5.50%		9.27%		10/21/2025		10/21/2031					769			769			769		0.01	%
																				172,679			173,754		2.79	%

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Investments(1)(19)		Address		Footnotes		Reference Rate and Spread(2)		Interest Rate(2)(15)		Acquisition Date		Maturity Date		% of class held as of 12/31/2025		Par Amount/ Units(1)			Cost(3)			Fair Value			% of Net Assets
First Lien Debt –  non-controlled/ non-affiliated (continued)
Consumer Staples Distribution & Retail
Crumbl Enterprises, LLC		2570 W 600 N, Ste 200, Lindon, Utah 84042 United States		(4)(5)(7)(10)		SOFR + 4.50%		8.17%		4/30/2025		5/5/2032				$	1,493		$	1,478		$	1,484		0.02	%
Containers & Packaging
Ascend Buyer, LLC		1111 Busch Parkway, Buffalo Grove, IL 60089, United States		(4)(7)(10)		SOFR + 5.25%		8.92%		9/30/2021		9/30/2028					20,668			20,479			20,668		0.33	%
Ascend Buyer, LLC		1111 Busch Parkway, Buffalo Grove, IL 60089, United States		(4)(5)(10)		SOFR + 5.25%		8.92%		3/20/2025		9/30/2028					1,599			1,585			1,599		0.03	%
																				22,064			22,267		0.36	%
Distributors
BP Purchaser, LLC		2650 Galvin Dr, Elgin, IL 60124, United States		(4)(10)		SOFR + 5.50%		9.48%		12/10/2021		12/11/2028					7,493			7,433			5,751		0.09	%
Genuine Cable Group, LLC		2018 Powers Ferry Road, Suite 400 Atlanta, Georgia 30339 United States		(4)(10)		SOFR + 5.75%		9.57%		11/1/2021		11/2/2026					164,782			164,284			160,663		2.57	%
Marcone Yellowstone Buyer, Inc.		One City Place Ste 400 St Louis MO 63141, United States		(4)(5)(10)		SOFR + 7.00%		11.13% (incl. 3.25% PIK)		12/31/2021		6/23/2028					5,025			4,988			4,498		0.07	%
Marcone Yellowstone Buyer, Inc.		One City Place Ste 400 St Louis MO 63141, United States		(4)(5)(10)		SOFR + 7.25%		11.38% (incl. 3.25% PIK)		11/1/2022		6/23/2028					1,606			1,586			1,446		0.02	%
Marcone Yellowstone Buyer, Inc.		One City Place Ste 400 St Louis MO 63141, United States		(4)(5)(10)		SOFR + 7.00%		11.13% (incl. 3.25% PIK)		12/31/2021		6/23/2028					1,617			1,610			1,448		0.02	%
NDC Acquisition Corp.		402 BNA Drive, Suite 500, Nashville, TN 37217 United States		(4)(7)(11)		SOFR + 5.00%		8.84%		3/9/2021		3/9/2028					13,489			13,397			13,489		0.22	%
PT Intermediate Holdings III, LLC		1200 Greenbriar Dr., Addison, IL 60101 United States		(4)(7)(10)		SOFR + 5.00%		9.00% (incl. 1.75% PIK)		4/9/2024		4/9/2030					63,193			63,080			63,193		1.01	%
Tailwind Colony Holding Corporation		269 South Lambert Road Orange, CT 06512 United States		(4)(11)		SOFR + 6.50%		10.44%		11/20/2018		11/13/2026					47,053			47,008			45,759		0.73	%
																				303,386			296,247		4.73	%

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Investments(1)(19)		Address		Footnotes		Reference Rate and Spread(2)		Interest Rate(2)(15)		Acquisition Date		Maturity Date		% of class held as of 12/31/2025		Par Amount/ Units(1)			Cost(3)			Fair Value			% of Net Assets
First Lien Debt –  non-controlled/ non-affiliated (continued)
Diversified Consumer Services
American Restoration Holdings, LLC		1585 Broadway, 37th Floor, New York, NY 10036, United States		(4)(5)(11)		SOFR + 5.00%		8.97%		7/19/2024		7/24/2030				$	4,579		$	4,509		$	4,556		0.07	%
American Restoration Holdings, LLC		1585 Broadway, 37th Floor, New York, NY 10036, United States		(4)(5)(11)		SOFR + 5.00%		8.92%		7/19/2024		7/24/2030					1,363			1,343			1,357		0.02	%
American Restoration Holdings, LLC		1585 Broadway, 37th Floor, New York, NY 10036, United States		(4)(5)(7)(11)		SOFR + 5.00%		8.83%		7/19/2024		7/24/2030					1,152			1,128			1,143		0.02	%
American Restoration Holdings, LLC		1585 Broadway, 37th Floor, New York, NY 10036, United States		(4)(5)(11)		SOFR + 5.00%		8.97%		7/19/2024		7/24/2030					3,532			3,478			3,514		0.06	%
American Restoration Holdings, LLC		1585 Broadway, 37th Floor, New York, NY 10036, United States		(4)(5)(7)(11)		SOFR + 5.00%		8.77%		2/19/2025		7/24/2030					3,056			3,007			3,014		0.05	%
American Restoration Holdings, LLC		1585 Broadway, 37th Floor, New York, NY 10036, United States		(4)(5)(11)		SOFR + 5.00%		8.77%		10/15/2025		7/24/2030					590			584			587		0.01	%
Barbri Holdings, Inc.		12222 Merit Drive, Suite 1340, Dallas, TX 75251 United States		(4)(10)		SOFR + 5.00%		8.69%		12/20/2024		4/30/2030					80,225			79,641			80,225		1.28	%
Cambium Learning Group, Inc.		17855 North Dallas Parkway, Suite 400, Dallas, TX 75287, United States		(4)(7)(10)		SOFR + 5.50%		9.46%		7/20/2021		7/20/2028					283,227			282,196			275,439		4.41	%
Charger Debt Merger Sub, LLC		375 Northridge Rd. Suite 450, Atlanta, GA 30350 United States		(4)(10)		SOFR + 5.00%		8.67%		5/31/2024		5/31/2031					11,807			11,717			11,748		0.19	%
Charger Debt Merger Sub, LLC		375 Northridge Rd. Suite 450, Atlanta, GA 30350 United States		(4)(5)(7)(10)		SOFR + 5.00%		8.67%		5/31/2024		5/31/2031					5,690			5,621			5,634		0.09	%
DTA Intermediate II, Ltd.		7430 East Caley Ave, Suite 320E, Centennial, CO 80111 United States		(4)(11)		SOFR + 5.50%		9.19%		3/27/2024		3/27/2030					42,431			41,832			42,431		0.68	%
DTA Intermediate II, Ltd.		7430 East Caley Ave, Suite 320E, Centennial, CO 80111 United States		(4)(7)(11)		SOFR + 5.50%		9.44%		3/27/2024		3/27/2030					10,713			10,435			10,713		0.17	%
DTA Intermediate II, Ltd.		7430 East Caley Ave, Suite 320E, Centennial, CO 80111 United States		(4)(5)(11)		S + 5.50%		9.22%		9/18/2025		3/27/2030				GBP	17,194			22,858			23,176		0.37	%

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Investments(1)(19)		Address		Footnotes		Reference Rate and Spread(2)		Interest Rate(2)(15)		Acquisition Date		Maturity Date		% of class held as of 12/31/2025		Par Amount/ Units(1)			Cost(3)			Fair Value			% of Net Assets
First Lien Debt –  non-controlled/ non-affiliated (continued)
Diversified Consumer Services (continued)
Endeavor Schools Holdings, LLC		9350 South Dixie Highway, Suite 950, Miami, Florida 33156 United States		(4)(11)		SOFR + 6.25%		10.12%		7/18/2023		7/18/2029				$	21,684		$	21,364		$	20,112		0.32	%
Endeavor Schools Holdings, LLC		9350 South Dixie Highway, Suite 950, Miami, Florida 33156 United States		(4)(5)(7)(11)		SOFR + 6.25%		10.16%		7/18/2023		7/18/2029					3,991			3,942			3,702		0.06	%
Essential Services Holding Corp.		139 S. English Station Road, Suite 250, Louisville, KY 40245 United States		(4)(7)(10)		SOFR + 5.00%		8.88%		6/17/2024		6/17/2031					12,291			12,180			12,148		0.19	%
Go Car Wash Management Corp.		9801 Troup Ave, Kansas City, Kansas 66111, United States		(4)(11)		SOFR + 5.75%		9.57%		10/12/2021		6/30/2028					22,045			21,951			21,494		0.34	%
Metrodora S.L.		8 Rue Notre Dame, 2240 –  Luxembourg		(4)(5)(6)(8)		E + 4.25%		6.32%		8/7/2025		7/15/2032				EUR	91			105			106		0.00	%
Metrodora S.L.		8 Rue Notre Dame, 2240 –  Luxembourg		(4)(5)(6)(8)		E + 4.25%		6.32%		8/7/2025		7/15/2032				EUR	37			43			43		0.00	%
Scientian 2 Spain, S.L.		8 Rue Notre Dame, 2240 –  Luxembourg		(4)(5)(6)(8)		E + 4.25%		6.39%		8/7/2025		7/15/2032				EUR	107			123			124		0.00	%
Scientian France, SAS		8 Rue Notre Dame, 2240 –  Luxembourg		(4)(5)(6)(8)		E + 4.25%		6.33%		8/7/2025		7/15/2032				EUR	235			271			273		0.00	%
Seahawk Bidco, LLC		900 East 8th Avenue, Suite 106, King of Prussia, PA 19406 United States		(4)(7)(11)		SOFR + 4.75%		8.44%		12/18/2024		12/19/2031					49,534			49,095			49,124		0.79	%
																				577,423			570,663		9.12	%
Electric Utilities
Grid Alliance Partners, LLC		2350 US Highway 31, North Hartselle, AL 35640 United States		(4)(5)(7)(10)		SOFR + 4.75%		8.42%		7/1/2025		7/1/2032					15,630			15,436			15,476		0.25	%
Qualus Power Services Corp.		4040 Rev Drive Cincinatti, OH 45232 United States		(4)(11)		SOFR + 4.25%		8.07%		3/26/2021		3/27/2028					32,436			32,244			32,436		0.52	%
Qualus Power Services Corp.		4040 Rev Drive Cincinatti, OH 45232 United States		(4)(11)		SOFR + 4.25%		8.07%		7/27/2023		3/27/2028					35,077			34,772			35,077		0.56	%
Qualus Power Services Corp.		4040 Rev Drive Cincinatti, OH 45232 United States		(4)(11)		SOFR + 4.25%		8.02%		5/9/2024		3/27/2028					82,455			81,258			82,455		1.32	%
Qualus Power Services Corp.		4040 Rev Drive Cincinatti, OH 45232 United States		(4)(5)(11)		SOFR + 4.25%		8.02%		5/9/2024		3/27/2028					33,718			33,498			33,718		0.54	%
																				197,208			199,162		3.19	%

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Investments(1)(19)		Address		Footnotes		Reference Rate and Spread(2)		Interest Rate(2)(15)		Acquisition Date		Maturity Date		% of class held as of 12/31/2025		Par Amount/ Units(1)			Cost(3)			Fair Value			% of Net Assets
First Lien Debt –  non-controlled/ non-affiliated (continued)
Electrical Equipment
Emergency Power Holdings, LLC		44 S Commerce Way, Bethlehem, PA 18017 United States		(4)(7)(11)		SOFR + 4.75%		8.59%		8/17/2021		8/17/2031				$	60,258		$	59,921		$	60,254		0.96	%
Griffon Bidco, Inc.		1500 Danner Drive, Aurora, Ohio 44202 United States		(4)(7)(10)		SOFR + 5.00%		8.67%		7/31/2025		7/31/2031					22,394			22,128			22,333		0.36	%
IEM New Sub 2, LLC		48205 Warm Springs Blvd, Freemont, California 94539, United States		(4)(7)(9)		SOFR + 4.50%		8.27%		12/3/2025		12/3/2031					114,803			113,711			114,102		1.83	%
																				195,760			196,689		3.15	%
Electronic Equipment, Instruments & Components
Albireo Energy, LLC		3 Ethel Road, Suite 300, Edison, NJ 08817 United States		(4)(5)(11)		SOFR + 6.00%		9.79%		12/23/2020		12/23/2026					76,535			76,286			76,535		1.23	%
Albireo Energy, LLC		3 Ethel Road, Suite 300, Edison, NJ 08817 United States		(4)(5)(11)		SOFR + 6.00%		10.04%		12/23/2020		12/23/2026					22,972			22,913			22,972		0.37	%
Albireo Energy, LLC		3 Ethel Road, Suite 300, Edison, NJ 08817 United States		(4)(5)(11)		SOFR + 6.00%		9.99%		12/23/2020		12/23/2026					6,198			6,186			6,198		0.10	%
Duro Dyne National Corp.		13235 Reese Boulevard, West Huntersville, NC 28078 United States		(4)(7)(10)		SOFR + 4.50%		8.32%		11/15/2024		11/17/2031					28,386			28,072			28,356		0.45	%
Dwyer Instruments, LLC		102 Indiana Hwy. 212, Michigan City, IN 46360 United States		(4)(5)(7)(10)		SOFR + 4.75%		8.42%		11/15/2024		7/20/2029					9,676			9,596			9,676		0.15	%
Electro Switch Business Trust, LLC		11611 San Vicente Blvd., Suite 700 Los Angeles, CA 90049 United States		(4)(7)(10)		SOFR + 4.75%		8.42%		9/2/2025		9/2/2032					31,501			31,235			31,143		0.50	%
Guardian Bidco, Inc.		11-13, boulevard de la Foire, L-1528 Luxembourg		(4)(5)(7)(8)		SOFR + 5.50%		9.52%		9/2/2025		8/30/2032					5,307			5,253			5,246		0.08	%
Phoenix 1 Buyer Corp.		13723 Riverport Drive, St. Louis, MO 63043 United States		(4)(7)(10)		SOFR + 4.75%		8.62%		11/20/2023		11/20/2030					25,429			25,218			25,429		0.41	%
Spectrum Safety Solutions Purchaser, LLC		13995 Pasteur Blvd., Palm Beach Gardens, FL 33418, United States		(4)(6)(7)(9)		SOFR + 4.50%		8.17%		7/1/2024		7/1/2031					66,840			65,894			66,840		1.07	%

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Investments(1)(19)		Address		Footnotes		Reference Rate and Spread(2)		Interest Rate(2)(15)		Acquisition Date		Maturity Date		% of class held as of 12/31/2025		Par Amount/ Units(1)			Cost(3)			Fair Value			% of Net Assets
First Lien Debt –  non-controlled/ non-affiliated (continued)
Electronic Equipment, Instruments & Components (continued)
Spectrum Safety Solutions Purchaser, LLC		13995 Pasteur Blvd., Palm Beach Gardens, FL 33418, United States		(4)(5)(6)(9)		E + 4.50%		6.52%		7/1/2024		7/1/2031				EUR	14,913		$	15,829		$	17,526		0.28	%
Spectrum Safety Solutions Purchaser, LLC		13995 Pasteur Blvd., Palm Beach Gardens, FL 33418, United States		(4)(5)(6)(9)		E + 4.50%		6.55%		7/1/2024		7/1/2030				EUR	1,111			1,243			1,306		0.02	%
																				287,725			291,227		4.66	%
Energy Equipment & Services
LPW Group Holdings, Inc.		5775 North Sam Houston Pkwy W Suite 100, Houston, TX 77086 United States		(4)(7)(11)		SOFR + 6.00%		9.79%		3/15/2024		3/15/2031				$	26,460			25,870			26,141		0.42	%
Financial Services
Carr Riggs & Ingram Capital, LLC		901 Boll Weevil Circle, Ste 200, Enterprise, AL 36330 United States		(4)(5)(9)		SOFR + 4.25%		7.92%		11/18/2024		11/18/2031					7,388			7,326			7,388		0.12	%
Carr Riggs & Ingram Capital, LLC		901 Boll Weevil Circle, Ste 200, Enterprise, AL 36330 United States		(4)(5)(7)(9)		SOFR + 4.25%		7.92%		11/18/2024		11/18/2031					1,012			981			1,003		0.02	%
DM Intermediate Parent, LLC		305 West Big Beaver Road, Suite 200, Troy, Michigan 48084, United States		(4)(5)(10)		SOFR + 4.75%		8.47%		9/30/2024		9/30/2030					18,039			17,825			18,039		0.29	%
DM Intermediate Parent, LLC		305 West Big Beaver Road, Suite 200, Troy, Michigan 48084, United States		(4)(5)(7)(10)		SOFR + 4.75%		8.47%		9/30/2024		9/30/2030					4,727			4,692			4,727		0.08	%
DM Intermediate Parent, LLC		305 West Big Beaver Road, Suite 200, Troy, Michigan 48084, United States		(4)(5)(7)(10)		SOFR + 4.75%		8.47%		9/30/2024		9/30/2030					416			289			350		0.01	%
Harp Finco, Ltd.		Level 1, IFC 1, Esplanade, St. Helier, JE2 3BX, Jersey		(4)(5)(6)(8)		S + 5.00%		8.72%		3/27/2025		3/27/2032				GBP	14,508			18,455			19,263		0.31	%
More Cowbell II, LLC		545 Boylston Street, 6th Floor, Boston, MA 02116 United States		(4)(7)(10)		SOFR + 4.50%		7.99%		9/3/2025		9/1/2030					7,877			7,746			7,866		0.13	%
PKF O’Connor Davies Advisory, LLC		500 Mamaroneck Avenue, Harrison, NY 10528 United States		(4)(5)(7)(10)		SOFR + 4.50%		8.24%		11/15/2024		11/18/2031					1,155			1,144			1,155		0.02	%
																				58,458			59,791		0.98	%

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Investments(1)(19)		Address		Footnotes		Reference Rate and Spread(2)		Interest Rate(2)(15)		Acquisition Date		Maturity Date		% of class held as of 12/31/2025		Par Amount/ Units(1)			Cost(3)			Fair Value			% of Net Assets
First Lien Debt –  non-controlled/ non-affiliated (continued)
Ground Transportation
Channelside AcquisitionCo, Inc.		1208 E Kennedy Blvd Tampa, FL 33602, United States		(4)(10)		SOFR + 4.75%		8.59%		5/15/2024		6/30/2028				$	19,505		$	19,335		$	19,505		0.31	%
Channelside AcquisitionCo, Inc.		1208 E Kennedy Blvd Tampa, FL 33602, United States		(4)(5)(7)(10)		SOFR + 4.75%		8.47%		5/15/2024		3/31/2028					265			257			265		0.00	%
																				19,592			19,770		0.31	%
Health Care Equipment & Supplies
Bamboo US BidCo, LLC		1 Baxter Pkwy, Deerfield, IL 60015 United States		(4)(5)(7)(11)		SOFR + 5.00%		8.84%		9/29/2023		9/30/2030					956			938			956		0.02	%
Bamboo US BidCo, LLC		1 Baxter Pkwy, Deerfield, IL 60015 United States		(4)(5)(11)		E + 5.00%		7.07%		9/29/2023		9/30/2030				EUR	351			364			412		0.01	%
Bamboo US BidCo, LLC		1 Baxter Pkwy, Deerfield, IL 60015 United States		(4)(5)(11)		SOFR + 5.00%		8.84%		11/20/2024		9/30/2030					106			103			106		0.00	%
GCX Corporation Buyer, LLC		3875 Cypress Drive, Petaluma, CA 94954, United States		(4)(10)		SOFR + 5.50%		9.32%		9/13/2021		9/13/2027					21,065			20,946			20,538		0.33	%
GCX Corporation Buyer, LLC		3875 Cypress Drive, Petaluma, CA 94954, United States		(4)(10)		SOFR + 5.50%		9.56%		9/13/2021		9/13/2027					5,335			5,309			5,202		0.08	%
Zeus, LLC		3740 Industrial Blvd, Orangeburg, South Carolina 29118 United States		(4)(10)		SOFR + 6.00%		9.67% (incl. 3.00% PIK)		2/28/2024		2/28/2031					24,556			24,289			23,021		0.37	%
Zeus, LLC		3740 Industrial Blvd, Orangeburg, South Carolina 29118 United States		(4)(5)(7)(10)		SOFR + 5.50%		9.17%		2/28/2024		2/28/2031					2,270			2,197			1,968		0.03	%
																				54,146			52,203		0.84	%
Health Care Providers & Services
123Dentist, Inc.		4321 Still Creek Dr suite 200, Burnaby, BC V5C 6S7, Canada		(4)(5)(6)(10)		CA + 5.00%		7.27%		8/10/2022		8/10/2029				CAD	2,170			1,671			1,581		0.03	%
123Dentist, Inc.		4321 Still Creek Dr suite 200, Burnaby, BC V5C 6S7, Canada		(4)(5)(6)(10)		CA + 5.00%		7.27%		8/9/2024		8/10/2029				CAD	293			214			213		0.00	%
123Dentist, Inc.		4321 Still Creek Dr suite 200, Burnaby, BC V5C 6S7, Canada		(4)(5)(6)(7)(10)		CA + 4.75%		7.02%		9/8/2025		8/10/2029				CAD	7,192			5,026			4,948		0.08	%

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Investments(1)(19)		Address		Footnotes		Reference Rate and Spread(2)		Interest Rate(2)(15)		Acquisition Date		Maturity Date		% of class held as of 12/31/2025		Par Amount/ Units(1)			Cost(3)			Fair Value			% of Net Assets
First Lien Debt –  non-controlled/ non-affiliated (continued)
Health Care Providers & Services (continued)
ACI Group Holdings, Inc.		629 Davis Drive, Suite 300, Morrisville, NC 27560, United States		(4)(10)		SOFR + 6.00%		9.77% (incl. 3.25% PIK)		7/7/2023		8/2/2028				$	133,103		$	132,031		$	106,482		1.71	%
ACI Group Holdings, Inc.		629 Davis Drive, Suite 300, Morrisville, NC 27560, United States		(4)(5)(7)(10)		SOFR + 5.50%		9.27%		7/7/2023		8/2/2027					11,451			11,390			9,138		0.15	%
ADCS Clinics Intermediate Holdings, LLC		151 Southhall Lane Suite 300 Maitland FL 32751 United States		(4)(11)		SOFR + 6.25%		10.05%		5/7/2021		5/7/2027					6,708			6,678			6,708		0.11	%
ADCS Clinics Intermediate Holdings, LLC		151 Southhall Lane Suite 300 Maitland FL 32751 United States		(4)(5)(11)		SOFR + 6.25%		9.95%		5/7/2021		5/7/2027					1,608			1,602			1,608		0.03	%
ADCS Clinics Intermediate Holdings, LLC		151 Southhall Lane Suite 300 Maitland FL 32751 United States		(4)(5)(7)(11)		SOFR + 6.25%		9.95%		5/7/2021		5/7/2026					186			184			186		0.00	%
Amerivet Partners Management, Inc.		520 Madison Avenue, New York, NY 10022 United States		(4)(7)(10)		SOFR + 5.50%		9.62%		2/25/2022		2/25/2028					5,487			5,439			5,253		0.08	%
Biotouch Global Solutions, Inc.		5700 Old Brim Road Midland, Georgia United States 31820		(4)(7)(11)		SOFR + 5.50%		9.32%		8/27/2025		8/27/2032					23,799			23,398			23,555		0.38	%
Canadian Hospital Specialties, Ltd.		2060 Winston Park Drive, Suite 400, Oakville, Ontario L6H 5R7 Canada		(4)(5)(6)(11)		CA + 4.50%		7.12%		4/15/2021		4/14/2028				CAD	29,022			23,074			21,145		0.34	%
Canadian Hospital Specialties, Ltd.		2060 Winston Park Drive, Suite 400, Oakville, Ontario L6H 5R7 Canada		(4)(5)(6)(7)(10)		CA + 4.50%		7.12%		4/15/2021		4/15/2027				CAD	1,920			1,363			1,399		0.02	%
CCBlue Bidco, Inc.		1148 Main St Saint Helena, CA, 94574-2013 United States		(4)(5)(10)		SOFR + 6.50%		10.27% (incl. 4.00% PIK)		12/21/2021		12/21/2028					12,466			12,377			10,035		0.16	%
Commander Buyer, Inc.		650 East 4500 South Salt Lake City, UT 84107, United States		(4)(5)(7)(10)		SOFR + 4.75%		8.42%		6/26/2025		6/26/2032					31,714			31,300			31,454		0.50	%
Compsych Investments Corp.		455 N. Cityfront Plaza Drive, 13th Floor, Chicago, Illinois 60611, United States		(4)(7)(10)		SOFR + 4.75%		8.61%		7/22/2024		7/22/2031					12,003			11,949			11,851		0.19	%
DCA Investment Holdings, LLC		6240 Lake Osprey Drive, Sarasota, FL 34240 United States		(4)(10)(17)		SOFR + 6.41%		12.08%		3/12/2021		4/3/2028					24,092			23,976			20,358		0.33	%

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Investments(1)(19)		Address		Footnotes		Reference Rate and Spread(2)		Interest Rate(2)(15)		Acquisition Date		Maturity Date		% of class held as of 12/31/2025		Par Amount/ Units(1)			Cost(3)			Fair Value			% of Net Assets
First Lien Debt –  non-controlled/ non-affiliated (continued)
Health Care Providers & Services (continued)
DCA Investment Holdings, LLC		6240 Lake Osprey Drive, Sarasota, FL 34240 United States		(4)(5)(10)(17)		SOFR + 6.50%		12.17%		12/28/2022		4/3/2028				$	975		$	969		$	824		0.01	%
DCA Investment Holdings, LLC		6240 Lake Osprey Drive, Sarasota, FL 34240 United States		(4)(5)(10)(17)		SOFR + 6.41%		12.08%		2/25/2022		4/3/2028					8,014			8,000			6,772		0.11	%
Imagine 360, LLC		444 W. Lake St., Suite 1800, Chicago, Illinois 60606, United States		(4)(7)(10)		SOFR + 4.75%		8.42%		9/18/2024		9/30/2028					16,983			16,848			16,956		0.27	%
Inception Fertility Ventures, LLC		4828 Loop Central Dr Suite 900, Houston, TX 77081 United States		(4)(7)(10)		SOFR + 5.50%		9.34%		4/29/2024		4/29/2030					47,308			47,242			46,496		0.74	%
Jayhawk Buyer, LLC		8717 West 110th Street, Suite 300 Overland Park, KS 66210 United States		(4)(11)		SOFR + 5.25%		9.07%		10/15/2020		4/15/2028					126,345			125,547			123,186		1.97	%
Kwol Acquisition, Inc.		600 Park Offices Drive, Suite 200, Research Triangle Park, Durham, NC 27709 United States		(4)(7)(10)		SOFR + 5.00%		8.72%		12/8/2023		12/6/2029					10,214			10,054			10,214		0.16	%
MB2 Dental Solutions, LLC		2403 Lacy Lane, Carrollton, TX 75006 United States		(4)(10)		SOFR + 5.50%		9.22%		2/13/2024		2/13/2031					22,928			22,760			22,928		0.37	%
MB2 Dental Solutions, LLC		2403 Lacy Lane, Carrollton, TX 75006 United States		(4)(5)(7)(10)		SOFR + 5.50%		9.22%		2/13/2024		2/13/2031					4,519			4,474			4,519		0.07	%
MB2 Dental Solutions, LLC		2403 Lacy Lane, Carrollton, TX 75006 United States		(4)(5)(10)		SOFR + 5.50%		9.22%		2/13/2024		2/13/2031					3,391			3,370			3,391		0.05	%
Navigator Acquiror, Inc.		311 South Wacker Drive, 64th Floor, Chicago, IL 60606, United States		(4)(7)(9)		SOFR + 5.50%		9.32% (incl. 4.00% PIK)		7/16/2021		7/16/2030					265,469			264,749			225,532		3.61	%
PPV Intermediate Holdings, LLC		4927 NW Front Ave, Portland, OR 97210 United States		(4)(10)		SOFR + 5.75%		9.57%		8/31/2022		8/31/2029					1,957			1,942			1,957		0.03	%
PPV Intermediate Holdings, LLC		4927 NW Front Ave, Portland, OR 97210 United States		(4)(5)(7)(10)		SOFR + 6.00%		9.82%		9/6/2023		8/31/2029					218			215			215		0.00	%
Smile Doctors, LLC		295 SE Inner Loop Ste 102 Georgetown, TX, 78626-2141 United States		(4)(10)		SOFR + 5.90%		9.84%		6/9/2023		12/23/2028					10,639			10,534			10,319		0.17	%

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Investments(1)(19)		Address		Footnotes		Reference Rate and Spread(2)		Interest Rate(2)(15)		Acquisition Date		Maturity Date		% of class held as of 12/31/2025		Par Amount/ Units(1)			Cost(3)			Fair Value			% of Net Assets
First Lien Debt –  non-controlled/ non-affiliated (continued)
Health Care Providers & Services (continued)
Smile Doctors, LLC		295 SE Inner Loop Ste 102 Georgetown, TX, 78626-2141 United States		(4)(5)(7)(10)		SOFR + 5.90%		9.84%		6/9/2023		12/23/2028				$	2,574		$	2,526		$	2,454		0.04	%
Snoopy Bidco, Inc.		8039 Beach Blvd, Buena Park, CA United States		(4)(10)		SOFR + 6.50%		10.53% (incl. 5.50% PIK)		6/1/2021		6/1/2028					354,710			352,390			339,635		5.44	%
SpecialtyCare, Inc.		111 Radio Circle, Mount Kisco NY 10549 United States		(4)(5)(11)		SOFR + 5.00%		8.99%		8/26/2025		12/18/2029					12,266			12,131			12,143		0.19	%
SpecialtyCare, Inc.		111 Radio Circle, Mount Kisco NY 10549 United States		(4)(5)(7)(8)		SOFR + 5.00%		8.99%		8/26/2025		12/18/2029					111			104			107		0.00	%
Stepping Stones Healthcare Services, LLC		2586 Trailridge Dr E Suite 100, Lafayette, CO, 80026-3111, United States		(4)(7)(10)		SOFR + 5.00%		8.67%		12/30/2021		1/2/2029					2,894			2,871			2,894		0.05	%
Stepping Stones Healthcare Services, LLC		2586 Trailridge Dr E Suite 100, Lafayette, CO, 80026-3111, United States		(4)(5)(7)(10)		SOFR + 5.00%		8.67%		4/25/2024		1/2/2029					202			198			202		0.00	%
The Fertility Partners, Inc.		21 St. Clair East, Suite 900, Toronto, ON M4T 1L9 Canada		(4)(5)(6)(10)		SOFR + 5.75%		9.58%		3/16/2022		3/16/2028					4,825			4,790			4,596		0.07	%
The Fertility Partners, Inc.		21 St. Clair East, Suite 900, Toronto, ON M4T 1L9 Canada		(4)(5)(6)(7)(10)		CA + 5.75%		8.31%		3/16/2022		3/16/2028				CAD	4,825			3,725			3,336		0.05	%
The Fertility Partners, Inc.		21 St. Clair East, Suite 900, Toronto, ON M4T 1L9 Canada		(4)(5)(6)(10)		SOFR + 5.75%		9.58%		3/16/2022		3/16/2028					268			268			255		0.00	%
UMP Holdings, LLC		5669 Peachtree Dunwoody Rd Suite 350, Atlanta, GA 30342 United States		(4)(5)(10)		SOFR + 5.75%		9.63%		7/15/2022		7/15/2028					1,073			1,064			1,041		0.02	%
UMP Holdings, LLC		5669 Peachtree Dunwoody Rd Suite 350, Atlanta, GA 30342 United States		(4)(5)(10)		SOFR + 5.75%		9.60%		7/15/2022		7/15/2028					1,472			1,461			1,428		0.02	%
Unified Women’s Healthcare, LP		1501 Yamato Road Suite 200 W, Boca Raton, FL 33431, United States		(4)(5)(9)		SOFR + 5.00%		8.67%		6/16/2022		6/18/2029					2,060			2,060			2,060		0.03	%
Unified Women’s Healthcare, LP		1501 Yamato Road Suite 200 W, Boca Raton, FL 33431, United States		(4)(9)		SOFR + 5.00%		8.73%		3/22/2024		6/18/2029					22,347			22,237			22,347		0.36	%
Unified Women’s Healthcare, LP		1501 Yamato Road Suite 200 W, Boca Raton, FL 33431, United States		(4)(5)(7)(9)		SOFR + 5.00%		8.74%		3/22/2024		6/18/2029					66,596			66,061			66,596		1.07	%

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Investments(1)(19)		Address		Footnotes		Reference Rate and Spread(2)		Interest Rate(2)(15)		Acquisition Date		Maturity Date		% of class held as of 12/31/2025		Par Amount/ Units(1)			Cost(3)			Fair Value			% of Net Assets
First Lien Debt –  non-controlled/ non-affiliated (continued)
Health Care Providers & Services (continued)
Unified Women’s Healthcare, LP		1501 Yamato Road Suite 200 W, Boca Raton, FL 33431, United States		(4)(9)		SOFR + 5.00%		8.67%		9/22/2025		6/18/2029				$	14,492		$	14,391		$	14,492		0.23	%
US Oral Surgery Management Holdco, LLC		201 E. John Carpenter Freeway Suite 660 Irving, TX 75062 United States		(4)(10)		SOFR + 5.25%		9.17%		11/18/2021		11/20/2028					37,021			36,762			37,021		0.59	%
US Oral Surgery Management Holdco, LLC		201 E. John Carpenter Freeway Suite 660 Irving, TX 75062 United States		(4)(10)		SOFR + 5.25%		9.31%		11/18/2021		11/20/2028					15,616			15,544			15,616		0.25	%
US Oral Surgery Management Holdco, LLC		201 E. John Carpenter Freeway Suite 660 Irving, TX 75062 United States		(4)(7)(10)		SOFR + 5.25%		9.17%		8/16/2023		11/20/2028					47,649			47,223			47,649		0.76	%
US Oral Surgery Management Holdco, LLC		201 E. John Carpenter Freeway Suite 660 Irving, TX 75062 United States		(4)(5)(10)		SOFR + 5.25%		9.02%		12/5/2022		11/20/2028					83			83			83		0.00	%
WHCG Purchaser III, Inc.		251 Little Falls Drive, Wilmington, DE 19808 United States		(4)(5)(7)(10)		SOFR + 6.50%		10.17% (incl. 5.09% PIK)		8/2/2024		6/30/2029					21,027			21,027			21,027		0.34	%
WHCG Purchaser III, Inc.		251 Little Falls Drive, Wilmington, DE 19808 United States		(4)(5)(10)(17)		10.00%		10.00% PIK		8/2/2024		6/30/2030					17,820			6,354			7,484		0.12	%
																				1,421,646			1,331,689		21.30	%
Health Care Technology
Accuity Delivery Systems, LLC		10000 Midlantic Drive, Suite 400W Mount Laurel, NJ 08054, United States		(4)(5)(7)(9)		SOFR + 4.75%		8.57%		5/29/2025		5/29/2031					31,885			31,695			31,778		0.51	%
Brilliance Technologies, Inc.		4300 Alpha Rd., Suite 200 Dallas, TX 75244 United States		(4)(5)(7)(9)		SOFR + 4.50%		8.22%		3/11/2025		3/11/2032					1,500			1,488			1,499		0.02	%
Brilliance Technologies, Inc.		4300 Alpha Rd., Suite 200 Dallas, TX 75244 United States		(4)(5)(9)		SOFR + 4.50%		8.22%		3/11/2025		3/11/2032					2,400			2,388			2,400		0.04	%
Brilliance Technologies, Inc.		4300 Alpha Rd., Suite 200 Dallas, TX 75244 United States		(4)(5)(9)		SOFR + 4.50%		8.22%		5/16/2025		3/11/2032					2,130			2,120			2,130		0.03	%
Caerus US 1, Inc.		450 Lexington Ave, C/O Warburg Pincus LLC; New York; 10017 United States		(4)(5)(6)(10)		SOFR + 5.00%		8.67%		5/25/2022		5/25/2029					11,169			11,061			11,169		0.18	%

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Investments(1)(19)		Address		Footnotes		Reference Rate and Spread(2)		Interest Rate(2)(15)		Acquisition Date		Maturity Date		% of class held as of 12/31/2025		Par Amount/ Units(1)			Cost(3)			Fair Value			% of Net Assets
First Lien Debt –  non-controlled/ non-affiliated (continued)
Health Care Technology (continued)
Caerus US 1, Inc.		450 Lexington Ave, C/O Warburg Pincus LLC; New York; 10017 United States		(4)(5)(6)(10)		SOFR + 5.00%		8.67%		10/28/2022		5/25/2029				$	2,154		$	2,131		$	2,154		0.03	%
Caerus US 1, Inc.		450 Lexington Ave, C/O Warburg Pincus LLC; New York; 10017 United States		(4)(5)(6)(10)		SOFR + 5.00%		8.67%		10/28/2022		5/25/2029					315			312			315		0.01	%
Caerus US 1, Inc.		450 Lexington Ave, C/O Warburg Pincus LLC; New York; 10017 United States		(4)(6)(10)		SOFR + 5.00%		8.67%		3/27/2024		5/25/2029					49,250			49,250			49,250		0.79	%
Caerus US 1, Inc.		450 Lexington Ave, C/O Warburg Pincus LLC; New York; 10017 United States		(4)(5)(6)(7)(10)		SOFR + 5.00%		8.73%		5/25/2022		5/25/2029					1,014			1,000			1,014		0.02	%
Color Intermediate, LLC		3055 Lebanon Pike Suite 1000 Nashville, TN 37214 United States		(4)(10)		SOFR + 4.75%		8.52%		7/2/2024		10/4/2029					19,758			19,491			19,758		0.32	%
Continental Buyer, Inc.		1 Eden Parkway, La Grange, KY 40031 United States		(4)(5)(7)(10)		SOFR + 4.50%		8.22%		4/2/2024		4/2/2031					36,992			36,581			36,949		0.59	%
Continental Buyer, Inc.		1 Eden Parkway, La Grange, KY 40031 United States		(4)(5)(10)		SOFR + 4.50%		8.22%		10/21/2025		4/2/2031					21,855			21,750			21,855		0.35	%
Cronos Crimson Holdings, Inc.		1050 Winter Street, Suite 2700 Waltham, MA 02451 United States		(4)(10)		SOFR + 6.09%		10.20%		3/1/2021		3/1/2028					71,173			70,514			71,173		1.14	%
Cronos Crimson Holdings, Inc.		1050 Winter Street, Suite 2700 Waltham, MA 02451 United States		(4)(10)		SOFR + 6.09%		9.94%		3/1/2021		3/1/2028					14,758			14,679			14,758		0.24	%
Cronos Crimson Holdings, Inc.		1050 Winter Street, Suite 2700 Waltham, MA 02451 United States		(4)(5)(10)		SOFR + 6.24%		10.25%		4/25/2025		3/1/2028					17,647			17,513			17,647		0.28	%
CT Technologies Intermediate Holdings, Inc.		2222 W. Dunlap Avenue, Suite 250, Phoenix, AZ 85021, United States		(4)(10)		SOFR + 5.00%		8.72%		8/30/2024		8/30/2031					28,062			27,835			28,062		0.45	%
CT Technologies Intermediate Holdings, Inc.		2222 W. Dunlap Avenue, Suite 250, Phoenix, AZ 85021, United States		(4)(5)(7)(10)		SOFR + 5.00%		8.72%		8/30/2024		8/30/2031					466			415			407		0.01	%

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Investments(1)(19)		Address		Footnotes		Reference Rate and Spread(2)		Interest Rate(2)(15)		Acquisition Date		Maturity Date		% of class held as of 12/31/2025		Par Amount/ Units(1)			Cost(3)			Fair Value			% of Net Assets
First Lien Debt –  non-controlled/ non-affiliated (continued)
Health Care Technology (continued)
CT Technologies Intermediate Holdings, Inc.		2222 W. Dunlap Avenue, Suite 250, Phoenix, AZ 85021, United States		(4)(5)(7)(10)		SOFR + 4.75%		8.47%		8/5/2025		8/30/2031				$	28,112		$	27,849		$	28,112		0.45	%
CT Technologies Intermediate Holdings, Inc.		2222 W. Dunlap Avenue, Suite 250, Phoenix, AZ 85021, United States		(4)(10)		SOFR + 4.75%		8.47%		7/10/2025		8/30/2031					12,116			12,005			12,116		0.19	%
CT Technologies Intermediate Holdings, Inc.		2222 W. Dunlap Avenue, Suite 250, Phoenix, AZ 85021, United States		(4)(5)(7)(10)		SOFR + 4.75%		8.47%		7/10/2025		8/30/2031					5,193			5,137			5,193		0.08	%
eResearch Technology, Inc.		1818 Market Street, Suite 2600 Philadelphia, PA 19103 United States		(4)(10)		SOFR + 4.75%		8.47%		1/15/2025		1/19/2032					152,793			151,474			152,793		2.45	%
eResearch Technology, Inc.		1818 Market Street, Suite 2600 Philadelphia, PA 19103 United States		(4)(5)(7)(10)		SOFR + 4.75%		8.47%		1/15/2025		1/19/2032					29,405			28,919			29,261		0.47	%
GI Ranger Intermediate, LLC		188 The Embarcadero Suite 700 San Francisco, CA 94105 United States		(4)(7)(10)		SOFR + 6.00%		9.82%		10/29/2021		10/30/2028					16,294			16,166			16,294		0.26	%
Healthcomp Holding Company, LLC		621 Santa Fe Ave. Fresno, CA 93721 United States		(4)(10)		SOFR + 5.75%		9.66%		11/8/2023		11/8/2029					102,693			102,072			97,045		1.55	%
Kona Buyer, LLC		201 West Saint John Street, Spartanburg, SC, 29306, United States		(4)(5)(7)(10)		SOFR + 4.50%		8.36%		7/23/2024		7/23/2031					78			76			73		0.00	%
Kona Buyer, LLC		201 West Saint John Street, Spartanburg, SC, 29306, United States		(4)(5)(10)		SOFR + 4.50%		8.36%		7/23/2024		7/23/2031					1,034			1,026			1,029		0.02	%
Magic Bidco, Inc.		5th Floor 25 Farringdon Street London EC4A 4AB, United Kingdom		(4)(10)		SOFR + 5.75%		9.47%		7/1/2024		7/1/2030					25,679			25,255			25,551		0.41	%
Magic Bidco, Inc.		5th Floor 25 Farringdon Street London EC4A 4AB, United Kingdom		(4)(5)(7)(10)		SOFR + 5.75%		9.47%		7/1/2024		7/1/2030					3,342			3,273			3,324		0.05	%
Magic Bidco, Inc.		5th Floor 25 Farringdon Street London EC4A 4AB, United Kingdom		(4)(5)(7)(10)		SOFR + 5.75%		9.47%		7/1/2024		7/1/2030					1,291			1,262			1,251		0.02	%
MEDX AMCP Holdings, LLC		9 Entin Road, 3rd Floor, Parsippany, NJ 07054		(4)(5)(7)(10)		SOFR + 4.75%		8.47%		7/21/2025		7/21/2032					4,090			4,037			4,034		0.06	%

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Investments(1)(19)		Address		Footnotes		Reference Rate and Spread(2)		Interest Rate(2)(15)		Acquisition Date		Maturity Date		% of class held as of 12/31/2025		Par Amount/ Units(1)			Cost(3)			Fair Value			% of Net Assets
First Lien Debt –  non-controlled/ non-affiliated (continued)
Health Care Technology (continued)
Modernizing Medicine, Inc.		4700 Exchange Ct, Ste 225,Boca Raton, FL 33431, United States		(4)(5)(7)(10)		SOFR + 4.75%		8.42% (incl. 2.25% PIK)		4/30/2025		4/30/2032				$	8,971		$	8,884		$	8,963		0.14	%
Neptune Holdings, Inc.		4221 W Boy Scout Blvd, Suite 350, Tampa, FL 33607 United States		(4)(7)(10)		SOFR + 4.50%		8.17%		12/12/2024		8/31/2030					6,860			6,732			6,837		0.11	%
Netsmart Technologies, Inc.		11100 Nall Avenue, Overland Park KS 66211 United States		(4)(7)(10)		SOFR + 5.20%		8.92% (incl. 2.70% PIK)		8/23/2024		8/23/2031					24,231			23,996			24,215		0.39	%
Octane Purchaser, Inc.		1633 Broadway, 48th Floor, New York, NY 10019, United States		(4)(5)(7)(9)		SOFR + 4.25%		7.97%		5/19/2025		5/19/2032					2,332			2,319			2,329		0.04	%
Project Ruby Ultimate Parent Corp.		11711 West 79th Street Lenexa, Kansas 62214 United States		(8)		SOFR + 2.75%		6.58%		7/18/2025		3/10/2028					8,248			8,248			8,280		0.13	%
Rocky MRA Acquisition Corp.		541 Buttermilk Pike, Suite 401, Crescent Springs, KY 41017 United States		(4)(9)		SOFR + 5.00%		9.04%		4/1/2022		4/2/2029					9,379			9,316			9,379		0.15	%
Signant Finance One, Ltd.		1 London Street Reading Berkshire RG1 4PN		(4)(5)(7)(10)		SOFR + 4.75%		8.42%		10/16/2025		10/16/2031					37,681			37,241			37,225		0.60	%
																				785,510			785,622		12.58	%
Insurance
Amerilife Holdings, LLC		2650 McCormick Dr, Clearwater, FL 33759 United States		(4)(10)		SOFR + 5.00%		8.79%		6/17/2024		8/31/2029					96,339			95,935			95,857		1.53	%
Amerilife Holdings, LLC		2650 McCormick Dr, Clearwater, FL 33759 United States		(4)(5)(7)(10)		SOFR + 5.00%		8.79%		6/17/2024		8/31/2029					3,335			3,205			3,172		0.05	%
Beacon Dc, Ltd.		Exchequer Court, 33 St. Mary Axe, London, England, EC3A 8AA		(4)(6)(10)		SOFR + 4.75%		8.52%		12/4/2025		12/4/2032					136,195			134,175			134,152		2.15	%
Beacon Dc, Ltd.		Exchequer Court, 33 St. Mary Axe, London, England, EC3A 8AA		(4)(5)(6)(7)(10)		SOFR + 4.75%		8.52%		12/4/2025		12/4/2032					2,851			2,544			2,530		0.04	%
CFCo, LLC (Benefytt Technologies, Inc.)		15438 North Florida Avenue, Suite 201, Tampa, FL 33613, United States		(4)(5)(8)(17)(18)		0.00%		0.00%		9/11/2023		9/13/2038					9,566			1,397			0		0.00	%
Daylight Beta Parent, LLC (Benefytt Technologies, Inc.)		15438 North Florida Avenue, Suite 201, Tampa, FL 33613, United States		(4)(5)(8)(17)(18)		10.00%		10.00% PIK		9/11/2023		9/12/2033					6,729			5,559			921		0.01	%
Foundation Risk Partners Corp.		1540 Cornerstone Blvd #230, Daytona Beach, FL 32117, United States		(4)(10)		SOFR + 4.75%		8.42%		10/29/2021		10/29/2030					14,285			14,197			14,285		0.23	%

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Investments(1)(19)		Address		Footnotes		Reference Rate and Spread(2)		Interest Rate(2)(15)		Acquisition Date		Maturity Date		% of class held as of 12/31/2025		Par Amount/ Units(1)			Cost(3)			Fair Value			% of Net Assets
First Lien Debt –  non-controlled/ non-affiliated (continued)
Insurance (continued)
Foundation Risk Partners Corp.		1540 Cornerstone Blvd #230, Daytona Beach, FL 32117, United States		(4)(10)		SOFR + 4.75%		8.42%		10/29/2021		10/29/2030				$	4,735		$	4,697		$	4,735		0.08	%
Foundation Risk Partners Corp.		1540 Cornerstone Blvd #230, Daytona Beach, FL 32117, United States		(4)(10)		SOFR + 4.75%		8.42%		11/17/2023		10/29/2030					6,822			6,744			6,822		0.11	%
Foundation Risk Partners Corp.		1540 Cornerstone Blvd #230, Daytona Beach, FL 32117, United States		(4)(5)(7)(10)		SOFR + 4.75%		8.42%		5/21/2024		10/29/2030					5,570			5,507			5,509		0.09	%
Foundation Risk Partners Corp.		1540 Cornerstone Blvd #230, Daytona Beach, FL 32117, United States		(4)(5)(7)(10)		SOFR + 4.75%		8.42%		5/21/2024		10/29/2030					4,164			4,140			4,164		0.07	%
Foundation Risk Partners Corp.		1540 Cornerstone Blvd #230, Daytona Beach, FL 32117, United States		(4)(5)(10)		SOFR + 4.75%		8.42%		9/24/2025		10/29/2030					2,034			2,034			2,034		0.03	%
Foundation Risk Partners Corp.		1540 Cornerstone Blvd #230, Daytona Beach, FL 32117, United States		(4)(5)(10)		SOFR + 4.75%		8.42%		9/24/2025		10/29/2030					951			951			951		0.02	%
Galway Borrower, LLC		1 California Street, Suite 400, San Francisco, CA 94111 United States		(4)(5)(10)		SOFR + 4.50%		8.17%		9/30/2021		9/29/2028					14,623			14,558			14,623		0.23	%
Galway Borrower, LLC		1 California Street, Suite 400, San Francisco, CA 94111 United States		(4)(5)(7)(10)		SOFR + 4.50%		8.17%		9/30/2021		9/29/2028					1,664			1,606			1,664		0.03	%
Galway Borrower, LLC		1 California Street, Suite 400, San Francisco, CA 94111 United States		(4)(5)(7)(10)		SOFR + 4.50%		8.17%		2/7/2024		9/29/2028					10,839			10,660			10,839		0.17	%
Gimlet Bidco, GmbH		Fischertwiete 1, Chilehaus B, 20095 Hamburg, Germany		(4)(6)(8)		E + 5.75%		7.82%		4/15/2024		4/23/2031				EUR	30,620			32,007			35,985		0.58	%
Gimlet Bidco, GmbH		Fischertwiete 1, Chilehaus B, 20095 Hamburg, Germany		(4)(6)(7)(8)		E + 5.75%		7.82%		4/15/2024		4/23/2031				EUR	11,947			13,201			13,855		0.22	%
Higginbotham Insurance Agency, Inc.		500 W 13th St, Fort Worth, Texas 76102, United States		(4)(5)(6)(11)		SOFR + 4.50%		8.22%		7/3/2024		11/25/2028					4,925			4,922			4,925		0.08	%
High Street Buyer, Inc.		600 Unicorn Park Drive, Suite 208, Woburn, MA 01801 United States		(4)(10)		SOFR + 4.50%		8.17%		4/16/2021		4/14/2028					10,226			10,159			10,226		0.16	%

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Investments(1)(19)		Address		Footnotes		Reference Rate and Spread(2)		Interest Rate(2)(15)		Acquisition Date		Maturity Date		% of class held as of 12/31/2025		Par Amount/ Units(1)			Cost(3)			Fair Value			% of Net Assets
First Lien Debt –  non-controlled/ non-affiliated (continued)
Insurance (continued)
High Street Buyer, Inc.		600 Unicorn Park Drive, Suite 208, Woburn, MA 01801 United States		(4)(7)(10)		SOFR + 4.50%		8.17%		4/16/2021		4/14/2028				$	77,731		$	77,120		$	77,686		1.24	%
High Street Buyer, Inc.		600 Unicorn Park Drive, Suite 208, Woburn, MA 01801 United States		(4)(10)		SOFR + 4.50%		8.17%		4/16/2021		4/14/2028					13,499			13,411			13,499		0.22	%
High Street Buyer, Inc.		600 Unicorn Park Drive, Suite 208, Woburn, MA 01801 United States		(4)(5)(7)(10)		SOFR + 4.50%		8.17%		7/18/2025		4/14/2028					2,847			2,749			2,847		0.05	%
Integrity Marketing Acquisition, LLC		2300 Highland Village Suite 300 Highland Village, TX 75077 United States		(4)(7)(10)		SOFR + 5.00%		8.82%		8/27/2024		8/25/2028					163,971			163,253			163,941		2.63	%
Koala Investment Holdings, Inc.		1215 Manor Drive, Suite 208 Mechanicsburg, PA 17055		(4)(5)(7)(10)		SOFR + 4.50%		8.17%		8/29/2025		8/29/2032					1,380			1,364			1,370		0.02	%
MRH Trowe Beteili- gungsgesellschaft mbH		Walther-von-Cronberg-Platz 6, 60594 Frankfurt am Main, Germany		(4)(6)(7)(8)		E + 5.00%		7.11%		5/15/2025		5/17/2032				EUR	406			450			474		0.01	%
Paisley Bidco, Ltd.		1 Minster Court, Mincing Lane, London, EC3R 7AA		(4)(5)(6)(7)(8)		S + 5.50%		9.40% (incl. 2.00% PIK)		4/17/2024		5/7/2031				GBP	6,450			7,989			8,408		0.13	%
Paisley Bidco, Ltd.		1 Minster Court, Mincing Lane, London, EC3R 7AA		(4)(5)(6)(8)		E + 5.50%		7.57% (incl. 2.00% PIK)		4/17/2024		5/7/2031				EUR	3,420			3,640			3,888		0.06	%
Paisley Bidco, Ltd.		1 Minster Court, Mincing Lane, London, EC3R 7AA		(4)(5)(6)(8)		E + 5.50%		7.57% (incl. 2.00% PIK)		4/17/2024		5/7/2031				EUR	3,016			3,114			3,430		0.05	%
Paisley Bidco, Ltd.		1 Minster Court, Mincing Lane, London, EC3R 7AA		(4)(5)(6)(8)		E + 5.50%		7.57% (incl. 2.00% PIK)		7/31/2025		5/7/2031				EUR	2,925			3,341			3,326		0.05	%
Patriot Growth Insurance Services, LLC		5704 Binbranch Ln McKinney, TX, 75071-8475 United States		(4)(5)(10)		SOFR + 5.00%		8.82%		10/14/2021		10/16/2028					4,498			4,472			4,498		0.07	%
Patriot Growth Insurance Services, LLC		5704 Binbranch Ln McKinney, TX, 75071-8475 United States		(4)(5)(7)(10)		SOFR + 5.00%		8.67%		11/17/2023		10/16/2028					4,274			4,245			4,214		0.07	%
Sail Bidco, Ltd.		55 Ludgate Hill, Level 1 West, London EC4M 7JW, United Kingdom		(4)(5)(6)(7)(8)		S + 5.25%		9.22%		11/28/2025		11/5/2032				GBP	8,010			10,493			10,680		0.17	%
SelectQuote, Inc.		6800 West 115th Street Suite 2511 Overland Park KS 66211 United States		(4)(5)(6)(20)		SOFR + 6.50%		10.32%		10/15/2024		9/30/2027					32,853			32,828			32,853		0.53	%

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Investments(1)(19)		Address		Footnotes		Reference Rate and Spread(2)		Interest Rate(2)(15)		Acquisition Date		Maturity Date		% of class held as of 12/31/2025		Par Amount/ Units(1)			Cost(3)			Fair Value			% of Net Assets
First Lien Debt –  non-controlled/ non-affiliated (continued)
Insurance (continued)
SG Acquisition, Inc.		2635 Century Parkway Northeast Suite 900 Atlanta GA 30345 United States		(4)(7)(10)		SOFR + 4.75%		8.71%		4/3/2024		4/3/2030				$	126,384		$	125,525		$	126,384		2.02	%
Shelf Bidco, Ltd.		2 Church Street, Hamilton HM 11, Bermuda		(4)(6)(10)(18)		SOFR + 5.18%		9.06%		10/17/2024		10/17/2031					148,382			147,768			148,382		2.38	%
Simplicity Financial Marketing Group Holdings, Inc.		86 Summit Ave, Suite 303, Summit, NJ 07901 United States		(4)(5)(6)(7)(10)		SOFR + 4.75%		8.42%		12/31/2024		12/31/2031					9,030			8,941			9,019		0.14	%
Sparta UK Bidco, Ltd.		One America Square, 17 Crosswall, London, EC3N 2LB, United Kingdom		(4)(5)(6)(8)		S + 6.00%		9.72%		9/25/2024		9/25/2031				GBP	17,779			23,468			23,965		0.38	%
Sparta UK Bidco, Ltd.		One America Square, 17 Crosswall, London, EC3N 2LB, United Kingdom		(4)(5)(6)(8)		E + 6.00%		7.85%		9/25/2024		9/25/2031				EUR	470			526			552		0.01	%
SQ ABS Issuer, LLC		6800 West 115th Street Suite 2511 Overland Park KS 66211 United States		(4)(5)(6)(8)		7.80%		7.80%		10/11/2024		10/20/2039					4,752			4,717			4,752		0.08	%
Tennessee Bidco, Limited		33920 US Highway 19, North Suite 151, Palm, Stoke On Trent, ST4 9DN, United Kingdom		(4)(6)(8)		SOFR + 5.25%		9.65% (incl. 2.00% PIK)		7/1/2024		7/1/2031					84,934			83,535			84,934		1.36	%
Tennessee Bidco, Limited		33920 US Highway 19, North Suite 151, Palm, Stoke On Trent, ST4 9DN, United Kingdom		(4)(5)(6)(8)		SOFR + 5.25%		8.85% (incl. 2.00% PIK)		7/1/2024		7/1/2031					19,750			19,656			19,750		0.32	%
Tennessee Bidco, Limited		33920 US Highway 19, North Suite 151, Palm, Stoke On Trent, ST4 9DN, United Kingdom		(4)(5)(6)(8)		S + 5.25%		9.47% (incl. 2.00% PIK)		7/1/2024		7/1/2031				GBP	45,824			62,000			61,768		0.99	%
Tennessee Bidco, Limited		33920 US Highway 19, North Suite 151, Palm, Stoke On Trent, ST4 9DN, United Kingdom		(4)(5)(6)(8)		S + 5.25%		9.47% (incl. 2.00% PIK)		7/1/2024		7/1/2031				GBP	3,455			4,346			4,657		0.07	%
Tennessee Bidco, Limited		33920 US Highway 19, North Suite 151, Palm, Stoke On Trent, ST4 9DN, United Kingdom		(4)(5)(6)(8)		E + 5.25%		7.30% (incl. 2.00% PIK)		7/1/2024		7/1/2031				EUR	1,916			2,020			2,252		0.04	%
Tennessee Bidco, Limited		33920 US Highway 19, North Suite 151, Palm, Stoke On Trent, ST4 9DN, United Kingdom		(4)(5)(6)(8)		E + 5.25%		7.39% (incl. 2.00% PIK)		7/1/2024		7/1/2031				EUR	9,407			10,809			11,056		0.18	%

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Investments(1)(19)		Address		Footnotes		Reference Rate and Spread(2)		Interest Rate(2)(15)		Acquisition Date		Maturity Date		% of class held as of 12/31/2025		Par Amount/ Units(1)			Cost(3)			Fair Value			% of Net Assets
First Lien Debt –  non-controlled/ non-affiliated (continued)
Insurance (continued)
Tennessee Bidco, Limited		33920 US Highway 19, North Suite 151, Palm, Stoke On Trent, ST4 9DN, United Kingdom		(4)(5)(6)(8)		SOFR + 5.25%		8.85%		5/9/2025		7/1/2031				$	6,639		$	6,606		$	6,639		0.11	%
Tennessee Bidco, Limited		33920 US Highway 19, North Suite 151, Palm, Stoke On Trent, ST4 9DN, United Kingdom		(4)(5)(6)(7)(8)		S + 5.25%		9.47%		5/9/2025		7/1/2031				GBP	380			547			512		0.01	%
Tennessee Bidco, Limited		33920 US Highway 19, North Suite 151, Palm, Stoke On Trent, ST4 9DN, United Kingdom		(4)(5)(6)(8)		E + 5.25%		7.30%		5/9/2025		7/1/2031				EUR	3,563			4,172			4,187		0.07	%
THG Acquisition, LLC		6802 Paragon Place, Suite 200, Richmond, Virginia 23230 United States		(4)(5)(10)		SOFR + 4.75%		8.47%		10/31/2024		10/31/2031					11,565			11,469			11,565		0.19	%
THG Acquisition, LLC		6802 Paragon Place, Suite 200, Richmond, Virginia 23230 United States		(4)(5)(7)(10)		SOFR + 4.75%		8.47%		10/31/2024		10/31/2031					924			899			924		0.01	%
World Insurance Associates, LLC		100 Wood Ave South, 4th Floor, Iselin, NJ 08830 United States		(4)(7)(11)		SOFR + 5.00%		8.67%		2/14/2025		4/3/2030					93,891			92,805			93,825		1.50	%
																				1,306,476			1,313,486		21.04	%
Interactive Media & Services
North Haven Ushc Acquisition, Inc.		1301 Virginia Drive, Suite 300, Fort Washington, PA 19038, United States		(4)(5)(7)(11)		SOFR + 5.25%		9.02%		8/28/2024		10/29/2027					2,651			2,625			2,546		0.04	%
North Haven Ushc Acquisition, Inc.		1301 Virginia Drive, Suite 300, Fort Washington, PA 19038, United States		(4)(5)(11)		SOFR + 5.25%		9.02%		8/28/2024		10/29/2027					2,182			2,163			2,105		0.03	%
North Haven Ushc Acquisition, Inc.		1301 Virginia Drive, Suite 300, Fort Washington, PA 19038, United States		(4)(5)(11)		SOFR + 5.25%		9.02%		8/28/2024		10/29/2027					1,277			1,266			1,233		0.02	%
North Haven Ushc Acquisition, Inc.		1301 Virginia Drive, Suite 300, Fort Washington, PA 19038, United States		(4)(5)(11)		SOFR + 5.25%		9.28%		8/28/2024		10/29/2027					544			539			525		0.01	%
North Haven Ushc Acquisition, Inc.		1301 Virginia Drive, Suite 300, Fort Washington, PA 19038, United States		(4)(5)(7)(11)		SOFR + 5.25%		9.02%		8/28/2024		10/29/2027					785			759			599		0.01	%

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Investments(1)(19)		Address		Footnotes		Reference Rate and Spread(2)		Interest Rate(2)(15)		Acquisition Date		Maturity Date		% of class held as of 12/31/2025		Par Amount/ Units(1)			Cost(3)			Fair Value			% of Net Assets
First Lien Debt –  non-controlled/ non-affiliated (continued)
Interactive Media & Services (continued)
North Haven Ushc Acquisition, Inc.		1301 Virginia Drive, Suite 300, Fort Washington, PA 19038, United States		(4)(5)(11)		SOFR + 5.25%		9.02%		8/28/2024		10/29/2027				$	632		$	627		$	610		0.01	%
North Haven Ushc Acquisition, Inc.		1301 Virginia Drive, Suite 300, Fort Washington, PA 19038, United States		(4)(5)(11)		SOFR + 5.25%		9.21%		8/28/2024		10/29/2027					3,892			3,858			3,756		0.06	%
Speedster Bidco, GmbH		Bothestraße 11-15, 81675 München, Germany		(4)(6)(7)(8)		E + 2.50%		4.56%		10/17/2024		6/10/2031				EUR	102			82			117		0.00	%
																				11,919			11,491		0.18	%
IT Services
AI Altius Luxembourg S.à r.l.		Suite 1, 3rd Floor, 11-12 St James’s Square, London, SW1Y 4LB United Kingdom		(4)(5)(8)		9.75%		9.75% PIK		12/13/2021		12/21/2029					1,172			1,162			1,166		0.02	%
AI Altius US Bidco, Inc.		Suite 1, 3rd Floor, 11-12 St James’s Square, London, SW1Y 4LB United Kingdom		(4)(7)(10)		SOFR + 4.75%		8.36%		5/21/2024		12/21/2028					7,531			7,473			7,531		0.12	%
Allium Buyer, LLC		321 Inverness Drive South, Englewood, CO 80112 United States		(4)(5)(7)(11)		SOFR + 5.00%		8.84%		5/2/2023		5/2/2030					1,564			1,531			1,557		0.02	%
Cassipoee, SASU		199, Bureaux de la Colline, 92210 Saint-Cloud, France		(4)(5)(6)(8)		E + 4.50%		6.52%		2/26/2025		2/26/2032				EUR	160			165			184		0.00	%
Denali TopCo, LLC		400 N Ashley Drive, Suite 1325, Tampa, FL 33602 United States		(4)(5)(7)(10)		SOFR + 4.75%		8.59%		8/26/2025		8/26/2032					16,921			16,754			16,800		0.27	%
Fern Bidco, Ltd.		Focus House, Shoreham-by-Sea BN43 6PA, United Kingdom		(4)(5)(6)(8)		S + 5.25%		9.09%		7/1/2024		7/1/2031				GBP	20,317			25,284			26,908		0.43	%
Fern Bidco, Ltd.		Focus House, Shoreham-by-Sea BN43 6PA, United Kingdom		(4)(5)(6)(7)(8)		S + 5.25%		8.97%		7/1/2024		7/1/2031				GBP	2,222			2,688			2,756		0.04	%
Infostretch Corporation		28411 Northwestern Highway, Suite 640, Southfield, MI, 48034, United States		(4)(5)(10)		SOFR + 5.75%		9.57%		4/1/2022		4/1/2028					4,825			4,789			4,270		0.07	%
Inovalon Holdings, Inc.		4321 Collington Rd, Bowie, MD 20716, United States		(4)(10)		SOFR + 5.50%		9.67% (incl. 2.75% PIK)		4/11/2025		11/24/2028					184,968			182,969			184,968		2.96	%

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Investments(1)(19)		Address		Footnotes		Reference Rate and Spread(2)		Interest Rate(2)(15)		Acquisition Date		Maturity Date		% of class held as of 12/31/2025		Par Amount/ Units(1)			Cost(3)			Fair Value			% of Net Assets
First Lien Debt –  non-controlled/ non-affiliated (continued)
IT Services (continued)
KEN Bidco, Ltd.		10-14 White Lion St, London N1 9PD, United Kingdom		(4)(5)(6)(10)		S + 6.00%		10.09% (incl. 2.50% PIK)		5/3/2024		10/14/2028				GBP	9,574		$	11,825		$	10,421		0.17	%
Monterey Financing, S.à r.l.		41 Boulevard Du Prince Henri, L-1724, Luxembourg		(4)(5)(6)(8)		ST + 6.00%		7.85%		9/28/2022		9/28/2029				SEK	2,090			186			221		0.00	%
Monterey Financing, S.à r.l.		41 Boulevard Du Prince Henri, L-1724, Luxembourg		(4)(5)(6)(8)		E + 6.00%		8.03%		9/28/2022		9/28/2029				EUR	952			918			1,091		0.02	%
Monterey Financing, S.à r.l.		41 Boulevard Du Prince Henri, L-1724, Luxembourg		(4)(5)(6)(8)		CI + 6.00%		7.98%		9/28/2022		9/28/2029				DKK	4,819			625			739		0.01	%
Monterey Financing, S.à r.l.		41 Boulevard Du Prince Henri, L-1724, Luxembourg		(4)(5)(6)(9)		N + 6.00%		10.14%		9/28/2022		9/28/2029				NOK	5,149			466			498		0.01	%
Nephele III, BV		Paulus Potterstraat 22 A, 1071 DA Amsterdam		(4)(5)(6)(7)(8)		E + 5.00%		7.00%		3/31/2025		1/14/2032				EUR	267			287			309		0.00	%
Razor Holdco, LLC		26 Meadow VW, Victoria, TX, 77904-1676, United States		(4)(10)		SOFR + 5.75%		9.67%		10/25/2021		10/25/2027				$	18,885			18,771			18,885		0.30	%
Red River Technology, LLC		875 3rd Avenue, New York NY 10022 United States		(4)(11)		SOFR + 6.00%		9.99%		5/26/2021		5/26/2027					78,331			78,012			73,436		1.18	%
Red River Technology, LLC		875 3rd Avenue, New York NY 10022 United States		(4)(5)(11)		SOFR + 6.00%		9.94%		12/1/2025		11/26/2028					8,776			8,611			8,228		0.13	%
Redwood Services Group, LLC		949 Shady Grove Road, Suite 403, Memphis, TN, 38120, United States		(4)(10)		SOFR + 5.25%		8.93%		1/3/2025		6/15/2029					76,375			75,764			76,375		1.22	%
Redwood Services Group, LLC		949 Shady Grove Road, Suite 403, Memphis, TN, 38120, United States		(4)(7)(10)		SOFR + 5.25%		8.93%		2/5/2024		6/15/2029					98,566			96,998			98,566		1.58	%
Turing Holdco, Inc.		10-14 White Lion St, London N1 9PD, United Kingdom		(4)(5)(6)(8)		SOFR + 6.00%		9.94% (incl. 2.50% PIK)		10/14/2021		10/14/2028					9,113			8,958			7,359		0.12	%
Turing Holdco, Inc.		10-14 White Lion St, London N1 9PD, United Kingdom		(4)(5)(6)(8)		SOFR + 6.00%		10.10% (incl. 2.50% PIK)		10/14/2021		10/14/2028					4,531			4,483			3,659		0.06	%
Turing Holdco, Inc.		10-14 White Lion St, London N1 9PD, United Kingdom		(4)(5)(6)(8)		E + 6.00%		8.00% (incl. 2.50% PIK)		10/14/2021		10/14/2028				EUR	11,772			13,431			11,171		0.18	%

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Investments(1)(19)		Address		Footnotes		Reference Rate and Spread(2)		Interest Rate(2)(15)		Acquisition Date		Maturity Date		% of class held as of 12/31/2025		Par Amount/ Units(1)			Cost(3)			Fair Value			% of Net Assets
First Lien Debt –  non-controlled/ non-affiliated (continued)
IT Services (continued)
Turing Holdco, Inc.		10-14 White Lion St, London N1 9PD, United Kingdom		(4)(5)(6)(8)		E + 6.00%		8.00% (incl. 2.50% PIK)		10/14/2021		10/14/2028				EUR	4,468		$	5,075		$	4,240		0.07	%
Turing Holdco, Inc.		10-14 White Lion St, London N1 9PD, United Kingdom		(4)(6)(10)		SOFR + 6.00%		10.10% (incl. 2.50% PIK)		5/3/2024		10/14/2028				$	21,423			21,043			17,299		0.28	%
Turing Holdco, Inc.		10-14 White Lion St, London N1 9PD, United Kingdom		(4)(5)(6)(10)		S + 6.00%		10.09% (incl. 2.50% PIK)		5/3/2024		10/14/2028				GBP	16,094			19,876			17,518		0.28	%
																				608,144			596,155		9.54	%
Life Sciences Tools & Services
Cambrex Corp.		One Meadowlands Plaza, East Rutherford NJ 07073 United States		(4)(7)(10)		SOFR + 4.50%		8.22%		3/5/2025		3/5/2032					22,373			22,137			22,105		0.35	%
Creek Parent, Inc.		14 Schoolhouse Road, Somerset, NJ 08873 United States		(4)(7)(10)		SOFR + 5.00%		8.73%		12/17/2024		12/18/2031					68,283			67,117			67,597		1.08	%
Falcon Parent Holdings, Inc.		3675 Green Level Road West, Suite 208, Apex, NC 27523 United States		(4)(7)(10)		SOFR + 5.00%		8.89%		11/6/2024		11/6/2031					28,209			27,946			27,963		0.45	%
PAS Parent, Inc.		1800 Elm Street Southeast Minneapolis, MN 55414 United States		(4)(5)(7)(10)		SOFR + 4.50%		8.42%		8/18/2025		8/18/2032					465			454			454		0.01	%
																				117,654			118,119		1.89	%
Machinery
Bidco 76 S.p.A.		Piazza Fontana 6, 20122, Milan Italy		(4)(6)(8)		E + 4.75%		6.87%		12/11/2024		12/10/2031				EUR	22,008			22,772			25,863		0.41	%
Cielo Bidco, Ltd.		47 Queen Anne Street, Marylebone, London, W1G 9JG United Kingdom		(4)(5)(6)(8)		S + 4.75%		8.47%		6/30/2025		3/31/2032				GBP	151			206			204		0.00	%
Cielo Bidco, Ltd.		47 Queen Anne Street, Marylebone, London, W1G 9JG United Kingdom		(4)(5)(6)(7)(8)		E + 4.75%		6.68%		6/30/2025		3/31/2032				EUR	69			80			81		0.00	%
Cielo Bidco, Ltd.		47 Queen Anne Street, Marylebone, London, W1G 9JG United Kingdom		(4)(5)(6)(8)		SOFR + 4.75%		8.41%		6/30/2025		3/31/2032					76			75			76		0.00	%
Cielo Bidco, Ltd.		47 Queen Anne Street, Marylebone, London, W1G 9JG United Kingdom		(4)(5)(6)(7)(8)		SOFR + 4.75%		8.62%		6/30/2025		3/31/2032					44			42			44		0.00	%

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Investments(1)(19)		Address		Footnotes		Reference Rate and Spread(2)		Interest Rate(2)(15)		Acquisition Date		Maturity Date		% of class held as of 12/31/2025		Par Amount/ Units(1)			Cost(3)			Fair Value			% of Net Assets
First Lien Debt –  non-controlled/ non-affiliated (continued)
Machinery (continued)
MHE Intermediate Holdings, LLC		3235 Levis Common Blvd. Perrysburg, OH 43551 United States		(4)(5)(7)(11)		SOFR + 6.00%		9.99%		7/21/2021		7/21/2027				$	1,964		$	1,953		$	1,927		0.03	%
MHE Intermediate Holdings, LLC		3235 Levis Common Blvd. Perrysburg, OH 43551 United States		(4)(5)(11)		SOFR + 6.25%		10.24%		8/30/2022		7/21/2027					76			75			75		0.00	%
MHE Intermediate Holdings, LLC		3235 Levis Common Blvd. Perrysburg, OH 43551 United States		(4)(5)(11)		SOFR + 6.50%		10.49%		12/20/2022		7/21/2027					76			76			75		0.00	%
																				25,279			28,345		0.44	%
Marine
Armada Parent, Inc.		93 Eastmont Ave Ste 100 East Wenatchee, WA, 98802-5305 United States		(4)(5)(7)(10)		SOFR + 5.25%		9.12%		10/29/2021		10/29/2030					1,247			1,223			1,247		0.02	%
Armada Parent, Inc.		93 Eastmont Ave Ste 100 East Wenatchee, WA, 98802-5305 United States		(4)(10)		SOFR + 5.25%		9.07%		6/9/2025		10/29/2030					25,216			25,039			25,216		0.40	%
Kattegat Project Bidco, AB		Salsmästaregatan 21, Hisings Backa, Sweden		(4)(5)(6)(8)		SOFR + 5.50%		9.19%		3/20/2024		4/7/2031					2,605			2,556			2,605		0.04	%
Kattegat Project Bidco, AB		Salsmästaregatan 21, Hisings Backa, Sweden		(4)(5)(6)(7)(8)		E + 5.50%		7.52%		3/20/2024		4/7/2031				EUR	29,819			31,694			34,947		0.56	%
																				60,512			64,015		1.02	%
Media
Bimini Group Purchaser, Inc.		1221 Brickell Avenue, Suite 2300 Miami, FL 33131 United States		(4)(10)		SOFR + 4.75%		8.57%		4/26/2024		4/26/2031					69,184			68,659			69,184		1.11	%
Bimini Group Purchaser, Inc.		1221 Brickell Avenue, Suite 2300 Miami, FL 33131 United States		(4)(5)(7)(10)		SOFR + 4.75%		8.49%		4/26/2024		4/26/2031					12,993			12,817			12,993		0.21	%
																				81,476			82,177		1.32	%
Oil, Gas & Consumable Fuels
Eagle Midstream Canada Finance, Inc.		222 3rd Avenue S.W. Suite 900 Calgary, Alberta T2P 0B4 Canada		(4)(6)(10)		SOFR + 5.25%		9.14%		8/30/2024		8/15/2028					43,141			42,859			43,141		0.69	%
KKR Alberta Midstream Finance, Inc.		222 3rd Avenue S.W. Suite 900 Calgary, Alberta T2P 0B4 Canada		(4)(6)(10)		SOFR + 5.25%		9.14%		8/30/2024		8/15/2028					23,468			23,281			23,468		0.38	%
																				66,140			66,609		1.07	%

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Investments(1)(19)		Address		Footnotes		Reference Rate and Spread(2)		Interest Rate(2)(15)		Acquisition Date		Maturity Date		% of class held as of 12/31/2025		Par Amount/ Units(1)			Cost(3)			Fair Value			% of Net Assets
First Lien Debt –  non-controlled/ non-affiliated (continued)
Paper & Forest Products
Profile Products, LLC		219 Simpson St SW Conover, NC, 28613-8207 United States		(4)(10)		SOFR + 5.50%		9.49%		11/12/2021		11/12/2027				$	7,143		$	7,107		$	7,072		0.11	%
Profile Products, LLC		219 Simpson St SW Conover, NC, 28613-8207 United States		(4)(5)(7)(10)		P + 4.50%		11.25%		11/12/2021		11/12/2027					345			341			336		0.01	%
																				7,448			7,408		0.12	%
Pharmaceuticals
Eden Acquisitionco, Ltd.		1 Occam Court, The Surrey Research Park, Guildford, Surrey GU2 7HJ United Kingdom		(4)(6)(7)(10)		SOFR + 5.00%		8.60%		11/2/2023		11/18/2030					36,081			35,522			35,898		0.57	%
Eden Acquisitionco, Ltd.		1 Occam Court, The Surrey Research Park, Guildford, Surrey GU2 7HJ United Kingdom		(4)(5)(6)(8)		E + 5.00%		7.12%		9/23/2025		11/18/2030				EUR	4,698			5,014			5,521		0.09	%
Galileo Pharma Bidco S.p.A		Viale Bianca Maria 25, 20122-Milan, Italy		(4)(5)(6)(7)(8)		E + 5.00%		7.10%		10/7/2025		10/7/2032				EUR	4,988			5,699			5,745		0.09	%
Gusto Sing Bidco Pte, Ltd.		One Temasek Ave, #04-01 Millenia Tower, Singapore 039192		(4)(5)(6)(7)(10)		BB + 4.75%		8.39%		11/15/2024		11/15/2031				AUD	1,000			639			664		0.01	%
Perseus Bidco US, Inc.		C/O Corporation Service Company, 251 Little Falls Drive, Wilmington, DE 19808		(4)(5)(6)(8)		SOFR + 5.00%		8.82%		8/13/2025		8/13/2032					10,406			10,290			10,276		0.16	%
Stark International Lux		C/O Corporation Service Company, 251 Little Falls Drive, Wilmington, DE 19808		(4)(5)(6)(8)		SOFR + 5.00%		8.82%		8/13/2025		8/13/2032					1,236			1,222			1,221		0.02	%
Stark International Lux		C/O Corporation Service Company, 251 Little Falls Drive, Wilmington, DE 19808		(4)(5)(6)(8)		E + 5.00%		7.07%		8/13/2025		8/13/2032				EUR	185			214			215		0.00	%
																				58,600			59,540		0.94	%
Professional Services
Accordion Partners, LLC		One Vanderbilt Ave, 24th floor, New York, NY 10017 United States		(4)(7)(10)		SOFR + 5.00%		8.70%		12/17/2025		11/15/2031					10,220			10,165			10,165		0.16	%
ALKU, LLC		200 Brickstone Square, Suite 503, Andover, MA 01810 United States		(4)(5)(10)		SOFR + 6.25%		9.92%		5/23/2023		5/23/2029					782			771			774		0.01	%

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Investments(1)(19)		Address		Footnotes		Reference Rate and Spread(2)		Interest Rate(2)(15)		Acquisition Date		Maturity Date		% of class held as of 12/31/2025		Par Amount/ Units(1)			Cost(3)			Fair Value			% of Net Assets
First Lien Debt –  non-controlled/ non-affiliated (continued)
Professional Services (continued)
ALKU, LLC		200 Brickstone Square, Suite 503, Andover, MA 01810 United States		(4)(10)		SOFR + 5.50%		9.17%		2/21/2024		5/23/2029				$	26,195		$	25,857		$	25,475		0.41	%
Apex Companies, LLC		2101 Gaither Rd, Suite 500, Rockville, MD 20850 United States		(4)(11)		SOFR + 5.00%		8.82%		8/28/2024		1/31/2030					10,841			10,718			10,841		0.17	%
Apex Companies, LLC		2101 Gaither Rd, Suite 500, Rockville, MD 20850 United States		(4)(5)(7)(11)		SOFR + 5.00%		8.84%		1/31/2023		1/31/2030					1,958			1,793			1,817		0.03	%
Apex Companies, LLC		2101 Gaither Rd, Suite 500, Rockville, MD 20850 United States		(4)(5)(7)(11)		SOFR + 5.00%		8.82%		8/28/2024		1/31/2030					7,242			7,155			7,242		0.12	%
Artisan Acquisitionco, Ltd.		4th Floor, Martin House, 5 Martin Lane, London EC4R 0DP, United Kingdom		(4)(6)(8)		SOFR + 4.75%		8.42%		9/27/2024		9/30/2031					57,154			56,216			57,011		0.91	%
Artisan Acquisitionco, Ltd.		4th Floor, Martin House, 5 Martin Lane, London EC4R 0DP, United Kingdom		(4)(6)(8)		SOFR + 4.75%		8.42%		9/27/2024		9/30/2031					7,938			7,808			7,918		0.13	%
Baker Tilly Advisory Group, LP		205 N. Michigan Ave. 28th Floor Chicago, IL 60601 United States		(4)(10)		SOFR + 4.75%		8.47%		6/3/2024		6/3/2031					53,135			52,519			53,135		0.85	%
Baker Tilly Advisory Group, LP		205 N. Michigan Ave. 28th Floor Chicago, IL 60601 United States		(4)(5)(7)(10)		SOFR + 4.25%		7.97%		6/2/2025		6/3/2031					3,657			3,505			3,644		0.06	%
CFGI Holdings, LLC		1 Lincoln Street, Suite 1301 Boston, MA 02111, United States		(4)(7)(10)		SOFR + 4.50%		8.22%		11/2/2021		11/2/2027					5,992			5,949			5,971		0.10	%
Chartwell Cumming Holding, Corp.		485 Lexington Avenue, New York NY 10017 United States		(4)(11)		SOFR + 4.75%		8.47%		5/26/2021		11/16/2029					86,330			85,946			86,330		1.38	%
Chartwell Cumming Holding, Corp.		485 Lexington Avenue, New York NY 10017 United States		(4)(5)(7)(11)		SOFR + 4.75%		8.47%		11/18/2022		11/16/2029					9,548			9,340			9,548		0.15	%
Chartwell Cumming Holding, Corp.		485 Lexington Avenue, New York NY 10017 United States		(4)(11)		SOFR + 4.75%		8.47%		2/14/2025		11/16/2029					13,933			13,817			13,933		0.22	%
Chartwell Cumming Holding, Corp.		485 Lexington Avenue, New York NY 10017 United States		(4)(5)(11)		SOFR + 4.75%		8.47%		10/7/2025		11/16/2029					8,115			8,077			8,115		0.13	%
Chartwell Cumming Holding, Corp.		485 Lexington Avenue, New York NY 10017 United States		(4)(5)(11)		SOFR + 4.75%		8.47%		2/14/2025		11/16/2029					16,136			16,004			16,136		0.26	%

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Investments(1)(19)		Address		Footnotes		Reference Rate and Spread(2)		Interest Rate(2)(15)		Acquisition Date		Maturity Date		% of class held as of 12/31/2025		Par Amount/ Units(1)			Cost(3)			Fair Value			% of Net Assets
First Lien Debt –  non-controlled/ non-affiliated (continued)
Professional Services (continued)
Cisive Holdings Corp.		1180 Welsh Rd # 110 North Wales, PA, 19454-2053 United States		(4)(7)(11)		SOFR + 5.75%		9.42%		12/8/2021		12/8/2030				$	8,315		$	8,233		$	8,126		0.13	%
Clearview Buyer, Inc.		1 Newton Pl Ste 405, 275 Washington Street, Newton, MA 02458, United States		(4)(7)(10)		SOFR + 4.50%		8.27%		8/26/2021		8/31/2029					7,182			7,139			7,182		0.12	%
CRCI Longhorn Holdings, Inc.		6504 Bridge Point Parkway, Suite 425, Austin, TX 78730, United States		(4)(7)(10)		SOFR + 4.75%		8.47%		8/27/2024		8/27/2031					11,355			11,236			11,339		0.18	%
Denali Intermediate Holdings, Inc.		5335 Gate Parkway Jacksonville, Florida 32256 United States		(4)(5)(6)(7)(10)		SOFR + 5.50%		9.23%		8/26/2025		8/26/2032					9,239			9,142			9,137		0.15	%
East River Bidco, GmbH		Bennigsen-Platz 1, 40474 Düsseldorf, Germany		(4)(6)(7)(8)		E + 5.25%		7.27%		3/26/2025		3/26/2032				EUR	97			103			112		0.00	%
G&A Partners Holding Company II, LLC		17220 Katy Freeway, Suite 350, Houston, TX 77094 United States		(4)(10)		SOFR + 5.00%		8.82%		5/6/2025		3/3/2031					33,440			32,967			33,440		0.54	%
G&A Partners Holding Company II, LLC		17220 Katy Freeway, Suite 350, Houston, TX 77094 United States		(4)(5)(10)		SOFR + 5.00%		8.82%		5/6/2025		3/3/2031					20,561			20,470			20,561		0.33	%
G&A Partners Holding Company II, LLC		17220 Katy Freeway, Suite 350, Houston, TX 77094 United States		(4)(5)(7)(10)		SOFR + 5.00%		8.67%		5/6/2025		3/3/2031					4,728			4,640			4,662		0.07	%
Guidehouse, Inc.		1676 International Drive, Suite 800, McLean, VA 22102 United States		(4)(10)		SOFR + 4.75%		8.47%		10/15/2021		12/16/2030					314,311			312,686			314,311		5.03	%
IG Investments Holdings, LLC		4170 Ashford Dunwood Road, Northeast, Ste 250 Atlanta GA 30319 United States		(4)(7)(10)		SOFR + 5.00%		8.84%		11/1/2024		9/22/2028					45,883			45,494			45,883		0.73	%
King Bidco S.P.E.C.		1, St. James’s Market, Carlton St, St. James’s, London SW1Y 4AH, United Kingdom		(4)(5)(6)(7)(8)		E + 5.25%		7.25%		6/26/2025		6/26/2032				EUR	175			200			201		0.00	%
Mercury Bidco Globe, Limited		3rd Floor, 8 St. James’s Square, London, SW1Y 4JU, United Kingdom		(4)(5)(6)(7)(8)		S + 6.00%		9.97%		1/18/2024		1/31/2031				GBP	54,601			68,369			73,600		1.18	%
Mercury Bidco Globe, Limited		3rd Floor, 8 St. James’s Square, London, SW1Y 4JU, United Kingdom		(4)(5)(6)(9)		SOFR + 6.00%		9.84%		1/30/2024		1/31/2031					4,520			4,254			4,520		0.07	%

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Investments(1)(19)		Address		Footnotes		Reference Rate and Spread(2)		Interest Rate(2)(15)		Acquisition Date		Maturity Date		% of class held as of 12/31/2025		Par Amount/ Units(1)			Cost(3)			Fair Value			% of Net Assets
First Lien Debt –  non-controlled/ non-affiliated (continued)
Professional Services (continued)
MPG Parent Holdings, LLC		One Vanderbilt Avenue, 53rd Floor, New York, New York 10017 United States		(4)(11)		SOFR + 5.00%		8.99%		1/8/2024		1/8/2030				$	10,762		$	10,618		$	10,762		0.17	%
MPG Parent Holdings, LLC		One Vanderbilt Avenue, 53rd Floor, New York, New York 10017 United States		(4)(5)(7)(11)		SOFR + 5.00%		8.87%		1/8/2024		1/8/2030					3,289			3,214			3,289		0.05	%
NDT Global Holding, Inc.		3400, rue de l’Éclipse, Bur. 700, Brossard (Québec) J4Z 0P3, Canada		(4)(5)(6)(7)(9)		SOFR + 4.50%		8.22%		6/3/2025		6/4/2032					931			920			929		0.01	%
Oxford Global Resources, Inc.		100 Cummings Center, Suite 206L, Beverly, MA 01915, United States		(4)(11)		SOFR + 6.00%		9.84%		8/17/2021		8/17/2027					18,580			18,479			18,580		0.30	%
Oxford Global Resources, Inc.		100 Cummings Center, Suite 206L, Beverly, MA 01915, United States		(4)(7)(11)		SOFR + 6.00%		9.82%		8/17/2021		8/17/2027					2,880			2,851			2,880		0.05	%
Oxford Global Resources, Inc.		100 Cummings Center, Suite 206L, Beverly, MA 01915, United States		(4)(9)		SOFR + 6.00%		10.21%		6/6/2024		8/17/2027					2,194			2,162			2,194		0.04	%
Pavion Corp.		4151 Lafayette Center Dr, Suite 700, Chantilly, Virginia 20151, United States		(4)(10)		SOFR + 6.00%		9.84%		10/30/2023		10/30/2030					75,024			73,991			75,024		1.20	%
Pavion Corp.		4151 Lafayette Center Dr, Suite 700, Chantilly, Virginia 20151, United States		(4)(10)		SOFR + 5.75%		9.47%		10/30/2023		10/30/2030					15,819			15,649			15,819		0.25	%
Petrus Buyer, Inc.		100 Bayview Cir Ste 400, Newport Beach, California, 92660 United States		(4)(10)		SOFR + 4.75%		8.64%		10/17/2022		10/17/2029					2,442			2,402			2,442		0.04	%
Petrus Buyer, Inc.		100 Bayview Cir Ste 400, Newport Beach, California, 92660 United States		(4)(5)(7)(10)		SOFR + 4.75%		8.59%		2/26/2025		10/17/2029					642			635			642		0.01	%
Red Pathway Bidco, AB		Sturegatan 10, 114 36 Stockholm, Sweden		(4)(5)(6)(7)(8)		ST + 5.00%		6.97%		10/15/2025		10/15/2032				SEK	55,110			5,693			5,844		0.09	%
Red Pathway Bidco, AB		Sturegatan 10, 114 36 Stockholm, Sweden		(4)(5)(6)(8)		N + 5.00%		9.19%		10/30/2025		10/30/2032				NOK	27,111			2,655			2,649		0.04	%
Red Pathway Bidco, AB		Sturegatan 10, 114 36 Stockholm, Sweden		(4)(5)(6)(8)		CI + 5.00%		6.97%		10/30/2025		10/30/2032				DKK	12,140			1,853			1,882		0.03	%
Red Pathway Bidco, AB		Sturegatan 10, 114 36 Stockholm, Sweden		(4)(5)(6)(8)		E + 5.00%		7.03%		10/30/2025		10/30/2032				EUR	3,658			4,168			4,234		0.07	%

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Investments(1)(19)		Address		Footnotes		Reference Rate and Spread(2)		Interest Rate(2)(15)		Acquisition Date		Maturity Date		% of class held as of 12/31/2025		Par Amount/ Units(1)			Cost(3)			Fair Value			% of Net Assets
First Lien Debt –  non-controlled/ non-affiliated (continued)
Professional Services (continued)
STV Group, Inc.		350 5th Avenue, Suite 1120, New York, NY 10001 United States		(4)(7)(10)		SOFR + 4.75%		8.47%		3/20/2024		3/20/2031				$	23,990		$	23,512		$	23,920		0.38	%
Teneo Holdings, LLC		280 Park Avenue, 4th Floor New York, NY 10017		(4)(5)(7)(9)		SOFR + 4.75%		8.47%		7/31/2025		7/31/2032					116,485			115,236			116,320		1.86	%
The North Highland Co, LLC		3333 Piedmont Road, NE, Suite 1000, Atlanta, GA 30305 United States		(4)(5)(10)		SOFR + 4.75%		8.47%		12/20/2024		12/20/2031					15,862			15,730			15,585		0.25	%
The North Highland Co, LLC		3333 Piedmont Road, NE, Suite 1000, Atlanta, GA 30305 United States		(4)(5)(7)(10)		SOFR + 4.75%		8.47%		12/20/2024		12/20/2030					590			531			487		0.01	%
Thevelia US, LLC		Level 15, Manulife Place, 348 Kwun Tong Rd, Ngau Tau Kok, Hong Kong		(5)(6)(9)		SOFR + 3.00%		6.67%		7/29/2024		6/18/2029					1,270			1,270			1,277		0.02	%
Titan Investment Company, Inc.		6130 Sprint Parkway, Overland Park, KS 66211 United States		(4)(8)(17)		SOFR + 5.75%		9.87%		3/20/2020		3/20/2027					40,839			40,453			31,242		0.50	%
Trinity Air Consultants Holdings Corp.		330 7th Ave, New York, NY 10001 United States		(4)(10)		SOFR + 4.50%		8.44%		6/29/2021		6/29/2029					59,601			59,172			59,601		0.95	%
Trinity Air Consultants Holdings Corp.		330 7th Ave, New York, NY 10001 United States		(4)(7)(10)		SOFR + 4.50%		8.50%		6/29/2021		6/29/2029					34,525			34,315			34,525		0.55	%
Trinity Partners Holdings, LLC		230 3rd Ave Prospect Place Waltham, MA 02451 United States		(4)(7)(11)(18)		SOFR + 5.24%		9.06%		12/21/2021		12/31/2030					5,153			5,107			5,153		0.08	%
West Monroe Partners, LLC		311 W Monroe St 14th Floor, Chicago, IL 60606, United States		(4)(10)		SOFR + 4.75%		8.48%		11/9/2021		11/8/2028					14,446			14,333			14,301		0.23	%
West Monroe Partners, LLC		311 W Monroe St 14th Floor, Chicago, IL 60606, United States		(4)(5)(7)(10)		SOFR + 4.75%		8.48%		12/18/2024		11/8/2028					494			490			460		0.01	%
West Monroe Partners, LLC		311 W Monroe St 14th Floor, Chicago, IL 60606, United States		(4)(5)(10)		SOFR + 4.75%		8.48%		9/15/2025		11/8/2028					25,870			25,636			25,611		0.41	%
YA Intermediate Holdings II, LLC		12851 Manchester Rd, Suite 160, St. Louis, MO 63131 United States		(4)(5)(10)		SOFR + 5.00%		8.85%		10/1/2024		10/1/2031					7,809			7,753			7,770		0.12	%

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Investments(1)(19)		Address		Footnotes		Reference Rate and Spread(2)		Interest Rate(2)(15)		Acquisition Date		Maturity Date		% of class held as of 12/31/2025		Par Amount/ Units(1)			Cost(3)			Fair Value			% of Net Assets
First Lien Debt –  non-controlled/ non-affiliated (continued)
Professional Services (continued)
YA Intermediate Holdings II, LLC		12851 Manchester Rd, Suite 160, St. Louis, MO 63131 United States		(4)(5)(7)(10)		SOFR + 5.00%		8.69%		10/1/2024		10/1/2031				$	902		$	875		$	878		0.01	%
																				1,330,276			1,335,429		21.35	%
Real Estate Management & Development
Castle Management Borrower, LLC		870 Seventh Avenue 2nd Fl New York, New York 10019, United States		(4)(7)(11)		SOFR + 5.50%		9.17%		11/3/2023		11/5/2029					22,867			22,470			22,725		0.36	%
Community Management Holdings Midco 2, LLC		8360 East Via de Ventura, Building L, #100, Scottsdale, AZ 85258 United States		(4)(10)		SOFR + 4.75%		8.60%		11/1/2024		11/1/2031					9,577			9,458			9,577		0.15	%
Community Management Holdings Midco 2, LLC		8360 East Via de Ventura, Building L, #100, Scottsdale, AZ 85258 United States		(4)(5)(7)(10)		SOFR + 4.75%		8.60%		11/1/2024		11/1/2031					2,564			2,496			2,564		0.04	%
Community Management Holdings Midco 2, LLC		8360 East Via de Ventura, Building L, #100, Scottsdale, AZ 85258 United States		(4)(5)(10)		SOFR + 4.75%		8.44%		7/8/2025		11/1/2031					5,500			5,449			5,500		0.09	%
Neptune BidCo, SAS		21 Avenue Kleber, 75116 Paris, France		(4)(5)(6)(7)(8)		E + 5.00%		7.07%		4/1/2024		4/1/2031				EUR	8,205			8,733			9,661		0.15	%
Odevo, AB		Kabyssgatan 4 D, 120 30 Stockholm, Sweden		(4)(5)(6)(8)		E + 5.25%		7.36%		10/31/2024		12/31/2030				EUR	251			261			295		0.00	%
Odevo, AB		Kabyssgatan 4 D, 120 30 Stockholm, Sweden		(4)(5)(6)(8)		S + 5.25%		9.22%		10/31/2024		12/31/2030				GBP	2,215			2,795			2,986		0.05	%
Odevo, AB		Kabyssgatan 4 D, 120 30 Stockholm, Sweden		(4)(5)(6)(8)		ST + 5.25%		7.21%		10/31/2024		12/31/2030				SEK	90,957			8,217			9,880		0.16	%
Odevo, AB		Kabyssgatan 4 D, 120 30 Stockholm, Sweden		(4)(6)(8)		SOFR + 5.25%		8.96%		10/31/2024		12/31/2030					28,239			28,122			28,239		0.45	%
Odevo, AB		Kabyssgatan 4 D, 120 30 Stockholm, Sweden		(4)(5)(6)(7)(8)		E + 5.25%		7.36%		11/28/2024		12/31/2030				EUR	12,352			12,691			14,307		0.23	%
Odevo, AB		Kabyssgatan 4 D, 120 30 Stockholm, Sweden		(4)(5)(6)(8)		SOFR + 5.25%		8.96%		6/30/2025		12/31/2030					10,329			9,451			10,329		0.17	%
Odevo, AB		Kabyssgatan 4 D, 120 30 Stockholm, Sweden		(4)(5)(6)(8)		S + 5.25%		9.22%		9/12/2025		12/31/2030				GBP	3,729			4,505			5,027		0.08	%
																				114,648			121,090		1.93	%
Software
Abacus Holdco 2, Oy		Kansakoulukuja 1, 00100 Helsinki, Finland		(4)(5)(6)(8)		E + 4.50%		6.51%		10/11/2024		10/10/2031				EUR	727			790			855		0.01	%

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Investments(1)(19)		Address		Footnotes		Reference Rate and Spread(2)		Interest Rate(2)(15)		Acquisition Date		Maturity Date		% of class held as of 12/31/2025		Par Amount/ Units(1)			Cost(3)			Fair Value			% of Net Assets
First Lien Debt –  non-controlled/ non-affiliated (continued)
Software (continued)
Abacus Holdco 2, Oy		Kansakoulukuja 1, 00100 Helsinki, Finland		(4)(5)(6)(7)(8)		E + 4.50%		6.51%		10/14/2024		8/13/2031				EUR	111		$	120		$	130		0.00	%
Acumatica Holdings, Inc.		3075 112th Avenue NE, Suite 200 Bellevue, WA 98004, USA		(4)(5)(7)(10)		SOFR + 4.75%		8.42%		7/28/2025		7/28/2032				$	11,613			11,486			11,477		0.18	%
AI Titan Parent, Inc.		4601 Six Forks Road, Suite 220, Raleigh, NC 27609, United States		(4)(5)(7)(10)		SOFR + 4.50%		8.22%		8/29/2024		8/29/2031					4,548			4,505			4,543		0.07	%
Anaplan, Inc.		50 Hawthorne St, San Francisco, CA 94105 United States		(4)(7)(10)		SOFR + 4.50%		8.32%		5/20/2025		6/21/2029					24,245			24,097			24,242		0.39	%
Arnhem BidCo, GmbH		Isaac-Fulda-Allee 6, 55124 Mainz, Germany		(4)(6)(7)(8)		E + 4.50%		6.52%		9/18/2024		9/30/2031				EUR	51,761			56,765			60,829		0.97	%
Auctane, Inc.		1990 East Grand Avenue El Segundo, CA 90245 United States		(4)(10)		SOFR + 5.75%		9.58%		10/5/2021		10/5/2028					278,297			276,103			274,123		4.39	%
Auctane, Inc.		1990 East Grand Avenue El Segundo, CA 90245 United States		(4)(5)(10)		SOFR + 5.75%		9.58%		12/14/2021		10/5/2028					3,273			3,247			3,224		0.05	%
AuditBoard, Inc.		12900 Park Plaza Dr. Ste 200, Cerritos, CA, 90703, United States		(4)(7)(10)		SOFR + 4.50%		8.24%		7/12/2024		7/12/2031					13,684			13,562			13,684		0.22	%
AuditBoard, Inc.		12900 Park Plaza Dr. Ste 200, Cerritos, CA, 90703, United States		(4)(5)(10)		SOFR + 4.50%		8.24%		12/10/2025		7/12/2031					1,766			1,753			1,752		0.03	%
Azurite Intermediate Holdings, Inc.		233 Wilshire Blvd., Suite 800 Santa Monica, CA 90401 United States		(4)(7)(10)		SOFR + 6.00%		9.72%		3/19/2024		3/19/2031					36,936			36,478			36,919		0.59	%
Banyan Software Holdings, LLC		303 Perimeter Center North, Suite 450 Atlanta, GA 30346 United States		(4)(11)		SOFR + 5.50%		9.22%		1/2/2025		1/2/2031					9,321			9,243			9,297		0.15	%
Banyan Software Holdings, LLC		303 Perimeter Center North, Suite 450 Atlanta, GA 30346 United States		(4)(5)(7)(11)		SOFR + 5.50%		9.22%		1/2/2025		1/2/2031					6,765			6,699			6,745		0.11	%
Banyan Software Holdings, LLC		303 Perimeter Center North, Suite 450 Atlanta, GA 30346 United States		(4)(5)(7)(11)		SOFR + 5.25%		8.98%		10/7/2025		1/2/2031					1,366			1,360			1,308		0.02	%
Bayshore Intermediate #2, LP		1 W Elm St ste 200, Conshohocken, PA 19428, United States		(4)(10)		SOFR + 5.50%		9.19% (incl. 3.00% PIK)		9/19/2025		10/2/2028					97,682			97,597			97,682		1.56	%

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Investments(1)(19)		Address		Footnotes		Reference Rate and Spread(2)		Interest Rate(2)(15)		Acquisition Date		Maturity Date		% of class held as of 12/31/2025		Par Amount/ Units(1)			Cost(3)			Fair Value			% of Net Assets
First Lien Debt –  non-controlled/ non-affiliated (continued)
Software (continued)
Bayshore Intermediate #2, LP		1 W Elm St ste 200, Conshohocken, PA 19428, United States		(4)(5)(7)(10)		SOFR + 5.00%		8.69%		11/8/2024		10/1/2027				$	2,287		$	2,262		$	2,287		0.04	%
Bending Spoons US, Inc.		169 Madison Ave, Suite 11218 New York, NY 10016, United States		(6)(11)		SOFR + 5.25%		9.03%		2/19/2025		3/7/2031					17,692			17,489			17,272		0.28	%
BlueCat Networks USA, Inc.		156 W. 56th Street, 3rd Floor, New York, New York 10019 United States		(4)(10)		SOFR + 5.75%		9.48%		8/8/2022		8/8/2028					1,956			1,940			1,937		0.03	%
BlueCat Networks USA, Inc.		156 W. 56th Street, 3rd Floor, New York, New York 10019 United States		(4)(5)(10)		SOFR + 5.75%		9.48%		8/8/2022		8/8/2028					345			343			342		0.01	%
BlueCat Networks USA, Inc.		156 W. 56th Street, 3rd Floor, New York, New York 10019 United States		(4)(5)(10)		SOFR + 5.75%		9.48%		8/8/2022		8/8/2028					238			236			235		0.00	%
BlueCat Networks USA, Inc.		156 W. 56th Street, 3rd Floor, New York, New York 10019 United States		(4)(5)(10)		SOFR + 5.75%		9.48%		10/25/2024		8/8/2028					1,589			1,573			1,573		0.03	%
Bluefin Holding, LLC		8200 Roberts Drive, Suite 400, Atlanta, GA 30350 United States		(4)(7)(11)		SOFR + 4.25%		7.98%		9/12/2023		9/12/2029					27,291			26,853			27,291		0.44	%
Bond Lux HoldCo S.à r.l.		13, rue Edward Steichen, L-2540 Luxembourg, Grand Duchy of		(4)(5)(6)(8)		E + 5.00%		7.10%		9/26/2025		9/27/2032				EUR	9,838			11,350			11,389		0.18	%
Brave Parent Holdings, Inc.		11695 Johns Creek Parkway, Suite 200, Johns Creek, Georgia 30097 United States		(4)(7)(10)		SOFR + 4.25%		7.97%		10/17/2025		11/28/2030					67,106			66,604			67,106		1.07	%
Businessolver.com. Inc.		5473 Morris Hunt Dr Fort Mill, SC, 29708-6523 United States		(4)(10)		SOFR + 4.50%		8.17%		12/3/2025		12/3/2032					5,121			5,080			5,096		0.08	%
Caribou Bidco, Ltd.		70 Gray’s Inn Road, London, WC1X 8NH, United Kingdom		(4)(6)(8)		S + 5.00%		9.22%		7/2/2024		2/1/2029				GBP	39,280			49,984			52,948		0.85	%
Confine Visual Bidco		Kistagången 12, 164 40 Kista, Sweden		(4)(6)(8)		SOFR + 5.75%		9.43%		2/23/2022		2/23/2029					15,868			15,657			12,694		0.20	%
Confine Visual Bidco		Kistagången 12, 164 40 Kista, Sweden		(4)(5)(6)(8)		SOFR + 5.75%		9.43%		3/11/2022		2/23/2029					379			379			303		0.00	%
Confluence Technologies, Inc.		Nova Tower 1 1 Allegheny Square, Suite 800 Pittsburgh, PA, 15212 United States		(4)(5)(9)		SOFR + 5.00%		8.85%		2/14/2025		7/30/2028					2,215			2,164			2,182		0.03	%

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Investments(1)(19)		Address		Footnotes		Reference Rate and Spread(2)		Interest Rate(2)(15)		Acquisition Date		Maturity Date		% of class held as of 12/31/2025		Par Amount/ Units(1)			Cost(3)			Fair Value			% of Net Assets
First Lien Debt –  non-controlled/ non-affiliated (continued)
Software (continued)
Connatix Buyer, Inc.		666 Broadway, 10th Floor, New York, NY 10012, United States		(4)(10)		SOFR + 5.50%		9.70%		7/14/2021		7/14/2027				$	21,137		$	21,029		$	20,820		0.33	%
Connatix Buyer, Inc.		666 Broadway, 10th Floor, New York, NY 10012, United States		(4)(5)(7)(10)		SOFR + 5.50%		9.70%		7/14/2021		7/14/2027					2,390			2,362			2,308		0.04	%
Connatix Buyer, Inc.		666 Broadway, 10th Floor, New York, NY 10012, United States		(4)(5)(10)		SOFR + 5.50%		9.70%		10/9/2024		7/14/2027					1,132			1,119			1,115		0.02	%
Connatix Buyer, Inc.		666 Broadway, 10th Floor, New York, NY 10012, United States		(4)(5)(7)(10)		SOFR + 5.50%		9.70%		10/9/2024		7/14/2027					505			485			490		0.01	%
Coupa Software, Inc.		1855 S. Grant Street, San Mateo, CA 94402 United States		(4)(5)(6)(7)(10)		SOFR + 5.25%		9.09%		2/27/2023		2/27/2030					1,809			1,779			1,810		0.03	%
Crewline Buyer, Inc.		188 Spear St, San Francisco, CA 94105 United States		(4)(7)(11)		SOFR + 6.75%		10.59%		11/8/2023		11/8/2030					61,956			60,769			61,956		0.99	%
Denali Bidco, Ltd.		53 rue de Châteaudun,75009 Paris, France		(4)(5)(6)(7)(8)		S + 5.00%		8.72%		9/5/2025		9/5/2031				GBP	17,654			23,270			23,674		0.38	%
Denali Bidco, Ltd.		53 rue de Châteaudun,75009 Paris, France		(4)(5)(6)(8)		E + 5.00%		7.02%		9/5/2025		9/5/2031				GBP	31,222			36,252			36,508		0.58	%
Denali Bidco, Ltd.		53 rue de Châteaudun,75009 Paris, France		(4)(5)(6)(8)		E + 5.00%		7.02%		9/5/2025		9/5/2031				GBP	1,632			1,760			1,909		0.03	%
Diligent Corp.		61 W 23rd Street, 4th Floor, New York, NY 10010 United States		(4)(10)		SOFR + 5.00%		8.82%		4/30/2024		8/2/2030					49,683			49,537			49,683		0.80	%
Diligent Corp.		61 W 23rd Street, 4th Floor, New York, NY 10010 United States		(4)(10)		SOFR + 5.00%		8.82%		4/30/2024		8/2/2030					8,517			8,492			8,517		0.14	%
Discovery Education, Inc.		4350 Congress Street, Suite 700, Charlotte, North Carolina 28209 United States		(4)(10)		SOFR + 6.75%		10.71% (incl. 5.85% PIK)		4/7/2022		4/9/2029					34,503			34,263			28,724		0.46	%
Discovery Education, Inc.		4350 Congress Street, Suite 700, Charlotte, North Carolina 28209 United States		(4)(5)(7)(10)		SOFR + 5.75%		9.71%		4/7/2022		4/9/2029					1,973			1,946			1,478		0.02	%
Discovery Education, Inc.		4350 Congress Street, Suite 700, Charlotte, North Carolina 28209 United States		(4)(5)(10)		SOFR + 6.75%		10.61% (incl. 5.80% PIK)		10/3/2023		4/9/2029					3,882			3,854			3,232		0.05	%
Doit International, Ltd.		David Elazar 12 St’, Tel Aviv-Yaffo, 6107408 Israel		(4)(5)(7)(11)		SOFR + 4.50%		8.32%		11/25/2024		11/26/2029					11,519			11,261			11,432		0.18	%

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Investments(1)(19)		Address		Footnotes		Reference Rate and Spread(2)		Interest Rate(2)(15)		Acquisition Date		Maturity Date		% of class held as of 12/31/2025		Par Amount/ Units(1)			Cost(3)			Fair Value			% of Net Assets
First Lien Debt –  non-controlled/ non-affiliated (continued)
Software (continued)
Dropbox, Inc.		1800 Owens Street, San Francisco, CA 94158 United States		(4)(6)(7)(10)(18)		SOFR + 4.91%		8.65%		12/10/2024		12/11/2029				$	78,915		$	78,035		$	77,905		1.25	%
Eagan Parent, Inc.		One Letterman Drive, Building C, Suite 410, San Francisco, CA 94129, United States		(4)(5)(7)(9)		SOFR + 4.50%		8.24%		9/6/2025		9/8/2032					361			359			360		0.01	%
Edison Bidco, AS		Hagaløkkveien 26, 1383, Asker, Norway		(4)(5)(6)(7)(8)		E + 5.25%		7.41%		12/18/2024		12/18/2031				EUR	345			345			406		0.01	%
Elements Finco, Ltd.		Heathrow Approach, 470 London Road, Slough, Berkshire SL3 8QY, Great Britain		(4)(5)(6)(8)		SOFR + 5.00%		8.72%		4/30/2024		4/29/2031					5,046			5,029			5,046		0.08	%
Elements Finco, Ltd.		Heathrow Approach, 470 London Road, Slough, Berkshire SL3 8QY, Great Britain		(4)(5)(6)(8)		S + 5.50%		9.23% (incl. 2.50% PIK)		3/27/2024		4/29/2031				GBP	19,845			24,657			26,750		0.43	%
Elements Finco, Ltd.		Heathrow Approach, 470 London Road, Slough, Berkshire SL3 8QY, Great Britain		(4)(6)(8)		SOFR + 5.25%		8.97% (incl. 2.50% PIK)		3/27/2024		4/29/2031					6,198			6,144			6,198		0.10	%
Elements Finco, Ltd.		Heathrow Approach, 470 London Road, Slough, Berkshire SL3 8QY, Great Britain		(4)(5)(6)(8)		S + 5.50%		9.23% (incl. 2.50% PIK)		3/27/2024		4/29/2031				GBP	8,896			11,052			11,991		0.19	%
Elements Finco, Ltd.		Heathrow Approach, 470 London Road, Slough, Berkshire SL3 8QY, Great Britain		(4)(5)(6)(8)		S + 5.50%		9.23% (incl. 2.50% PIK)		11/29/2024		4/29/2031				GBP	3,651			4,534			4,922		0.08	%
Everbridge Holdings, LLC		25 Corporate Drive, Suite 400, Burlington, MA 01803, United States		(4)(6)(10)		SOFR + 5.00%		8.98%		7/2/2024		7/2/2031					22,000			21,914			22,000		0.35	%
Everbridge Holdings, LLC		25 Corporate Drive, Suite 400, Burlington, MA 01803, United States		(4)(5)(6)(7)(10)		SOFR + 5.00%		8.98%		7/2/2024		7/2/2031					2,156			2,132			2,156		0.03	%
Experity, Inc.		101 South Phillips Avenue, Suite 300, Sioux Falls, SD 57104, United States		(4)(5)(10)		SOFR + 5.00%		8.67% (incl. 2.25% PIK)		7/22/2021		2/24/2030					12,227			12,116			12,227		0.20	%
Experity, Inc.		101 South Phillips Avenue, Suite 300, Sioux Falls, SD 57104, United States		(4)(5)(7)(10)		SOFR + 5.00%		8.67% (incl. 2.25% PIK)		2/24/2022		2/24/2030					3,944			3,876			3,922		0.06	%

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Investments(1)(19)		Address		Footnotes		Reference Rate and Spread(2)		Interest Rate(2)(15)		Acquisition Date		Maturity Date		% of class held as of 12/31/2025		Par Amount/ Units(1)			Cost(3)			Fair Value			% of Net Assets
First Lien Debt –  non-controlled/ non-affiliated (continued)
Software (continued)
Flexera Software, LLC		Park Blvd Suite 400 Itasca, IL 60143 United States		(4)(5)(9)		E + 4.75%		6.68%		8/15/2025		8/16/2032				EUR	9,726		$	11,353		$	11,429		0.18	%
Flexera Software, LLC		Park Blvd Suite 400 Itasca, IL 60143 United States		(4)(5)(7)(9)		SOFR + 4.75%		8.60%		8/15/2025		8/16/2032				$	32,226			32,144			32,220		0.52	%
Gigamon, Inc.		3300 Olcott Street Santa Clara, CA 95054, United States		(4)(10)		SOFR + 5.75%		9.78%		3/11/2022		3/9/2029					7,175			7,109			6,995		0.11	%
Gigamon, Inc.		3300 Olcott Street Santa Clara, CA 95054, United States		(4)(5)(7)(10)		SOFR + 5.75%		9.81%		3/11/2022		3/10/2028					175			173			164		0.00	%
Granicus, Inc.		1999 Broadway, Suite 3600, Denver, Colorado 80202 United States		(4)(10)		SOFR + 5.50%		9.09% (incl. 2.00% PIK)		1/17/2024		1/17/2031					17,733			17,612			17,733		0.28	%
Granicus, Inc.		1999 Broadway, Suite 3600, Denver, Colorado 80202 United States		(4)(7)(10)		SOFR + 5.50%		9.09% (incl. 2.00% PIK)		1/17/2024		1/17/2031					5,197			5,157			5,197		0.08	%
GS Acquisitionco, Inc.		8529 Six Forks Rd, Suite 400, Raleigh, North Carolina 27615 United States		(4)(5)(7)(10)		SOFR + 5.25%		8.92%		3/26/2024		5/25/2028					1,718			1,702			1,668		0.03	%
GS Acquisitionco, Inc.		8529 Six Forks Rd, Suite 400, Raleigh, North Carolina 27615 United States		(4)(5)(11)		SOFR + 5.25%		8.92%		3/26/2024		5/25/2028					5,275			5,263			5,223		0.08	%
Homecare Software Solutions, LLC		130 West 42nd Street, 2nd Floor, New York, NY 10036, United States		(4)(10)		SOFR + 5.55%		9.28% (incl. 2.93% PIK)		6/14/2024		6/16/2031					15,172			15,058			15,096		0.24	%
Homecare Software Solutions, LLC		130 West 42nd Street, 2nd Floor, New York, NY 10036, United States		(4)(10)		SOFR + 5.55%		9.28% (incl. 2.93% PIK)		9/26/2024		6/16/2031					6,913			6,858			6,878		0.11	%
Homecare Software Solutions, LLC		130 West 42nd Street, 2nd Floor, New York, NY 10036, United States		(4)(10)		SOFR + 5.55%		9.28% (incl. 2.93% PIK)		6/14/2024		6/16/2031					5,635			5,593			5,607		0.09	%
Icefall Parent, Inc.		30 Braintree Hill Office Park, Suite 101, Boston, MA 02184 United States		(4)(7)(11)		SOFR + 4.50%		8.17%		1/26/2024		1/25/2030					39,632			39,142			39,632		0.63	%
INK BC Bidco S.p.A.		Via Vittor Pisani no. 20, 20124, Milan, Italy		(4)(6)(7)(8)		E + 5.00%		7.08%		7/17/2025		7/16/2032				EUR	21,636			24,568			25,003		0.40	%
IQN Holding Corp.		5011 Gate Parkway Building 100, Suite 250, Jacksonville, FL 32256, United States		(4)(10)		SOFR + 5.75%		9.42% (incl. 3.13% PIK)		5/2/2022		5/2/2029					4,933			4,911			4,933		0.08	%

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Investments(1)(19)		Address		Footnotes		Reference Rate and Spread(2)		Interest Rate(2)(15)		Acquisition Date		Maturity Date		% of class held as of 12/31/2025		Par Amount/ Units(1)			Cost(3)			Fair Value			% of Net Assets
First Lien Debt –  non-controlled/ non-affiliated (continued)
Software (continued)
IQN Holding Corp.		5011 Gate Parkway Building 100, Suite 250, Jacksonville, FL 32256, United States		(4)(5)(7)(10)		SOFR + 5.25%		8.94%		5/2/2022		5/2/2028				$	384		$	382		$	384		0.01	%
IQN Holding Corp.		5011 Gate Parkway Building 100, Suite 250, Jacksonville, FL 32256, United States		(4)(5)(10)		SOFR + 5.75%		9.42% (incl. 3.13% PIK)		5/16/2025		5/2/2029					610			610			610		0.01	%
IRI Group Holdings, Inc.		203 North LaSalle Street, Suite 1500 Chicago, IL 60601, United States		(4)(7)(10)		SOFR + 4.25%		7.97%		4/9/2025		12/1/2029					197,537			195,529			197,537		3.16	%
Jeppesen Holdings, LLC		55 Inverness Drive Englewood, CO 80112 United States		(4)(5)(7)(9)		SOFR + 4.75%		8.59%		10/31/2025		11/1/2032					64,409			63,914			63,901		1.02	%
JS Parent, Inc.		135 SW Taylor Suite 200 Portland, Oregon, 97204, United States		(4)(7)(10)		SOFR + 4.75%		8.59%		4/24/2024		4/24/2031					35,220			35,074			35,203		0.56	%
LD Lower Holdings, Inc.		8201 Greensboro Drive, Suite 717 Mclean, VA 22102-3810 United States		(4)(11)		SOFR + 7.50%		11.27%		2/8/2021		8/9/2027					83,362			83,308			74,609		1.19	%
LogicMonitor, Inc.		820 State Street, Floor 5, Santa Barbara, CA 93101 United States		(4)(5)(7)(10)		SOFR + 5.50%		9.34%		11/15/2024		11/19/2031					21,381			21,108			21,232		0.34	%
Magnesium BorrowerCo, Inc.		1 Finsbury Avenue, London, United Kingdom, EC2M 2PF		(4)(10)		SOFR + 4.50%		8.22%		5/19/2022		5/18/2029					5,571			5,510			5,571		0.09	%
Magnesium BorrowerCo, Inc.		1 Finsbury Avenue, London, United Kingdom, EC2M 2PF		(4)(5)(10)		SOFR + 4.50%		8.22%		3/21/2024		5/18/2029					139			137			139		0.00	%
Magnesium BorrowerCo, Inc.		1 Finsbury Avenue, London, United Kingdom, EC2M 2PF		(4)(5)(10)		S + 4.50%		8.22%		5/19/2022		5/18/2029				GBP	3,339			4,121			4,501		0.07	%
Mandolin Technology Intermediate Holdings, Inc.		Nova Tower 1 1 Allegheny Square, Suite 800 Pittsburgh, PA,15212 United States		(4)(5)(9)		SOFR + 3.75%		7.57%		7/30/2021		7/31/2028					8,352			8,306			7,308		0.12	%
Mandolin Technology Intermediate Holdings, Inc.		Nova Tower 1 1 Allegheny Square, Suite 800 Pittsburgh, PA,15212 United States		(4)(5)(9)		SOFR + 6.25%		10.07%		6/9/2023		7/31/2028					6,825			6,695			6,416		0.10	%
Mandolin Technology Intermediate Holdings, Inc.		Nova Tower 1 1 Allegheny Square, Suite 800 Pittsburgh, PA,15212 United States		(4)(5)(7)(8)		SOFR + 3.75%		7.44%		2/14/2025		4/30/2028					393			390			351		0.01	%

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Investments(1)(19)		Address		Footnotes		Reference Rate and Spread(2)		Interest Rate(2)(15)		Acquisition Date		Maturity Date		% of class held as of 12/31/2025		Par Amount/ Units(1)			Cost(3)			Fair Value			% of Net Assets
First Lien Debt –  non-controlled/ non-affiliated (continued)
Software (continued)
Medallia, Inc.		200 W 41st St, New York, NY 10036, United States		(4)(10)		SOFR + 6.00%		9.70%		10/28/2021		10/29/2028				$	393,698		$	391,116		$	306,100		4.90	%
Medallia, Inc.		200 W 41st St, New York, NY 10036, United States		(4)(5)(10)		SOFR + 6.00%		9.70%		8/16/2022		10/29/2028					2,310			2,292			1,796		0.03	%
ML Holdco, LLC		Venture, Suite 235, Irvine, CA 92618 OR Centerbridge Partners, L.P., 375 Park Avenue, 12th Floor, New York, NY 10152		(4)(5)(7)(9)		SOFR + 4.50%		8.37%		10/24/2025		10/25/2032					1,153			1,147			1,147		0.02	%
MRI Software, LLC		28925 Fountain Parkway Solon OH 44139 United States		(4)(11)		SOFR + 4.75%		8.42%		9/22/2020		2/10/2028					6,655			6,658			6,655		0.11	%
MRI Software, LLC		28925 Fountain Parkway Solon OH 44139 United States		(4)(11)		SOFR + 4.75%		8.42%		2/10/2020		2/10/2028					89,728			89,480			89,728		1.44	%
MRI Software, LLC		28925 Fountain Parkway Solon OH 44139 United States		(4)(5)(7)(11)		SOFR + 4.75%		8.44%		2/10/2020		2/10/2028					1,609			1,580			1,387		0.02	%
MRI Software, LLC		28925 Fountain Parkway Solon OH 44139 United States		(4)(5)(7)(9)		SOFR + 4.75%		8.42%		10/2/2025		2/10/2028					614			601			614		0.01	%
NAVEX TopCo, Inc.		5500 Meadows Road, Suite 500, Lake Oswego, OR, 97035 United States		(4)(7)(10)		SOFR + 5.00%		8.91%		10/14/2025		10/14/2032					82,597			81,413			82,387		1.32	%
Nintex Topco, Limited		10800 NE 8th Street, Suite 400 Bellevue, WA 98004 United States		(4)(6)(8)		SOFR + 6.00%		9.83% (incl. 1.50% PIK)		11/12/2021		11/13/2028					34,201			33,930			30,439		0.49	%
Noble Midco 3, Ltd.		2 Seething Ln, London EC3N 4AT, United Kingdom		(4)(5)(6)(7)(10)		SOFR + 4.75%		8.42%		6/10/2024		6/24/2031					16,985			16,820			16,966		0.27	%
Optimizely North America, Inc.		119 5th Ave, 7th Floor, New York, NY 10003 United States		(4)(5)(10)		S + 5.50%		9.22%		10/30/2024		10/30/2031				GBP	858			1,104			1,122		0.02	%
Optimizely North America, Inc.		119 5th Ave, 7th Floor, New York, NY 10003 United States		(4)(5)(10)		E + 5.25%		7.15%		10/30/2024		10/30/2031				EUR	2,861			3,081			3,261		0.05	%
Optimizely North America, Inc.		119 5th Ave, 7th Floor, New York, NY 10003 United States		(4)(5)(7)(10)		SOFR + 5.00%		8.92%		10/30/2024		10/30/2031					8,153			8,075			7,896		0.13	%
PDI TA Holdings, Inc.		11675 Rainwater Dr., Suite 350, Alpharetta, GA 30009, United States		(4)(10)		SOFR + 5.50%		9.34%		2/1/2024		2/3/2031					47,301			46,833			47,301		0.76	%

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Investments(1)(19)		Address		Footnotes		Reference Rate and Spread(2)		Interest Rate(2)(15)		Acquisition Date		Maturity Date		% of class held as of 12/31/2025		Par Amount/ Units(1)			Cost(3)			Fair Value			% of Net Assets
First Lien Debt –  non-controlled/ non-affiliated (continued)
Software (continued)
PDI TA Holdings, Inc.		11675 Rainwater Dr., Suite 350, Alpharetta, GA 30009, United States		(4)(5)(7)(10)		SOFR + 5.50%		9.34%		2/1/2024		2/3/2031				$	2,787		$	2,745		$	2,787		0.04	%
QBS Parent, Inc.		811 Main Street, Suite 2200, Houston, TX 77002 United States		(4)(5)(7)(10)		SOFR + 4.50%		8.17%		6/3/2025		6/3/2032					13,619			13,552			13,619		0.22	%
Rally Buyer, Inc.		5213 Tacome Building C · Houston, TX 77041 United States		(4)(5)(10)		SOFR + 6.25%		9.97% (incl. 3.50% PIK)		7/19/2022		7/19/2029					900			892			815		0.01	%
Rally Buyer, Inc.		5213 Tacome Building C · Houston, TX 77041 United States		(4)(5)(7)(10)		SOFR + 5.75%		9.42%		7/19/2022		7/19/2029					64			63			54		0.00	%
Relativity ODA, LLC		231 South LaSalle Street, 8th Floor, Chicago, IL 60604 United States		(4)(7)(11)		SOFR + 4.50%		8.22%		5/12/2021		5/12/2029					19,337			19,136			19,257		0.31	%
Scorpio BidCo SAS		131, Chemin du Bac-a-Traille Caluire-et-Cuire, 69300 France		(4)(5)(6)(7)(8)		E + 5.75%		7.77%		4/3/2024		4/30/2031				EUR	22,826			24,327			26,773		0.43	%
Seven Bidco, SASU		2 More London Riverside, London, SE1 2AP		(4)(5)(6)(7)(8)		E + 4.50%		6.57%		8/29/2025		8/27/2032				EUR	3,412			3,966			3,986		0.06	%
SI Swan UK Bidco, Ltd.		2nd Floor, Dorey Court, Elizabeth Avenue, St. Peter Port, Guernsey, GY1 2HT		(4)(5)(6)(7)(8)		SOFR + 4.75%		8.46%		12/16/2025		12/16/2032					47,520			47,264			47,262		0.76	%
Solis Midco, SAS		Blackstone Alternative Credit Advisors LP, 345 Park Avenue, 30th Floor, New York, NY 10154		(4)(5)(6)(7)(8)		E + 4.75%		6.85%		10/8/2025		10/8/2032				EUR	313			357			361		0.01	%
Spaceship Purchaser, Inc.		320 Park Avenue, 33rd Floor, New York, New York 10022 United States		(4)(5)(7)(10)(18)		SOFR + 4.67%		8.34%		9/5/2025		10/17/2031					5,259			5,115			5,085		0.08	%
Spitfire Parent, Inc.		10161 Park Run Drive, Suite 150, Las Vegas, Nevada United States		(4)(11)		SOFR + 5.50%		9.32%		3/9/2021		3/11/2027					56,244			56,078			55,682		0.89	%
Spitfire Parent, Inc.		10161 Park Run Drive, Suite 150, Las Vegas, Nevada United States		(4)(11)		SOFR + 5.50%		9.32%		11/19/2021		3/11/2027					20,768			20,674			20,560		0.33	%
Spitfire Parent, Inc.		10161 Park Run Drive, Suite 150, Las Vegas, Nevada United States		(4)(5)(11)		E + 5.50%		7.40%		3/8/2021		3/11/2027				EUR	10,028			12,056			11,666		0.19	%
Tango Bidco, SAS		3, boulevard de Sébastopol, 75001 Paris France		(4)(5)(6)(8)		E + 5.25%		7.28%		10/17/2024		10/17/2031				EUR	11,872			12,706			13,882		0.22	%

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Investments(1)(19)		Address		Footnotes		Reference Rate and Spread(2)		Interest Rate(2)(15)		Acquisition Date		Maturity Date		% of class held as of 12/31/2025		Par Amount/ Units(1)			Cost(3)			Fair Value			% of Net Assets
First Lien Debt –  non-controlled/ non-affiliated (continued)
Software (continued)
Tango Bidco, SAS		3, boulevard de Sébastopol, 75001 Paris France		(4)(5)(6)(7)(8)		E + 5.25%		7.28%		10/17/2024		10/17/2031				EUR	3,252		$	3,470		$	3,787		0.06	%
Themis Solutions, Inc.		Themis Solutions Inc. 4611 Canada Way, Suite 301 Burnaby, BC V5G 4X3, Canada		(4)(5)(6)(7)(10)		SOFR + 5.50%		9.22% (incl. 3.75% PIK)		10/29/2025		10/29/2032				$	24,235			23,816			23,735		0.38	%
Tricentis Operations Holdings, Inc.		5301 Southwest Parkway, Building 2, Suite 200 Austin TX, 78735		(4)(5)(7)(11)		SOFR + 6.25%		10.09% (incl. 4.88% PIK)		2/11/2025		2/11/2032					23,838			23,592			23,787		0.38	%
Triple Lift, Inc.		400 Lafayette St 5th floor, New York, NY 10003 United States		(4)(10)		SOFR + 5.75%		9.59%		3/18/2022		5/5/2028					13,600			13,496			12,444		0.20	%
Triple Lift, Inc.		400 Lafayette St 5th floor, New York, NY 10003 United States		(4)(7)(10)		SOFR + 5.75%		9.59%		5/6/2021		5/5/2028					46,795			46,430			42,163		0.68	%
Varicent Parent Holdings Corp.		4711 Yonge St., Suite 300, Toronto, Ontario M2N 6K8, Canada		(4)(5)(7)(10)		SOFR + 6.25%		9.92% (incl. 3.38% PIK)		8/23/2024		8/23/2031					13,209			13,039			13,035		0.21	%
Varicent Parent Holdings Corp.		4711 Yonge St., Suite 300, Toronto, Ontario M2N 6K8, Canada		(4)(5)(7)(10)		SOFR + 6.25%		9.92% (incl. 3.38% PIK)		10/15/2025		8/23/2031					4,569			4,517			4,513		0.07	%
WPEngine, Inc.		504 Lavaca Street, Suite 1000, Austin, TX 78701 United States		(4)(7)(10)		SOFR + 5.75%		9.45%		8/14/2023		8/14/2029					66,667			65,341			66,467		1.06	%
Zendesk, Inc.		989 Market St, San Francisco, CA 94103 United States		(4)(5)(7)(10)		SOFR + 5.00%		8.69%		7/23/2024		11/22/2028					1,839			1,820			1,839		0.03	%
Zorro Bidco, Ltd.		740 Waterside Drive, Aztec West, Almondsbury, Bristol, BS32 4UF, United Kingdom		(4)(5)(6)(7)(8)		S + 4.65%		8.62%		8/13/2024		8/13/2031				GBP	28,916			36,197			38,544		0.62	%
Zorro Bidco, Ltd.		740 Waterside Drive, Aztec West, Almondsbury, Bristol, BS32 4UF, United Kingdom		(4)(5)(6)(8)		S + 4.65%		8.62%		1/30/2025		8/13/2031				GBP	3,165			3,903			4,223		0.07	%
Zorro Bidco, Ltd.		740 Waterside Drive, Aztec West, Almondsbury, Bristol, BS32 4UF, United Kingdom		(4)(5)(6)(8)		ST + 4.65%		6.66%		2/6/2025		8/13/2031				SEK	43,390			3,951			4,666		0.07	%
																				2,918,450			2,830,335		45.29	%
Specialty Retail
CustomInk, LLC		2910 District Avenue Fairfax VA 22031 United States		(4)(11)(18)		SOFR + 5.98%		9.83%		5/3/2019		5/3/2028					175,836			175,688			175,837		2.82	%

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Investments(1)(19)		Address		Footnotes		Reference Rate and Spread(2)		Interest Rate(2)(15)		Acquisition Date		Maturity Date		% of class held as of 12/31/2025		Par Amount/ Units(1)			Cost(3)			Fair Value			% of Net Assets
First Lien Debt –  non-controlled/ non-affiliated (continued)
Technology Hardware, Storage & Peripherals
Lytx, Inc.		9785 Towne Centre Drive San Diego CA 92121 United States		(4)(11)		SOFR + 5.00%		8.83%		6/13/2024		2/28/2028				$	84,454		$	84,084		$	84,454		1.35	%
Trading Companies & Distributors
Paramount Global Surfaces, Inc.		20 Sanker Road, Dickson, TN 37055 United States		(4)(11)		SOFR + 6.00%		9.82% (incl. 4.98% PIK)		4/30/2021		12/31/2028					55,562			55,217			41,393		0.66	%
Red Fox CD Acquisition Corp.		3916 Westpoint Blvd., Winston-Salem, NC 27103 United States		(4)(11)		SOFR + 6.00%		9.67%		3/4/2024		3/4/2030					73,267			72,096			73,267		1.17	%
Red Fox CD Acquisition Corp.		3916 Westpoint Blvd., Winston-Salem, NC 27103 United States		(4)(5)(7)(11)		SOFR + 6.00%		9.67%		5/31/2024		3/4/2030					11,583			11,098			11,583		0.19	%
																				138,411			126,243		2.02	%
Transportation Infrastructure
Capstone Acquisition Holdings, Inc.		30 Technology Parkway South, Suite 200, Peachtree Corner, GA 30092 United States		(4)(11)		SOFR + 4.50%		8.32%		8/29/2024		11/13/2029					5,404			5,390			5,404		0.09	%
Frontline Road Safety, LLC		1125 17th Street, Suite 1575, Denver, CO, United States 80202		(4)(8)		SOFR + 4.75%		8.47% (incl. 2.00% PIK)		3/4/2025		3/4/2032					15,275			15,143			15,199		0.24	%
Frontline Road Safety, LLC		1125 17th Street, Suite 1575, Denver, CO, United States 80202		(4)(5)(7)(8)		SOFR + 4.75%		8.47% (incl. 2.00% PIK)		3/4/2025		3/4/2032					4,481			4,430			4,446		0.07	%
Frontline Road Safety, LLC		1125 17th Street, Suite 1575, Denver, CO, United States 80202		(4)(5)(8)		SOFR + 4.75%		8.47% (incl. 2.00% PIK)		5/15/2025		3/4/2032					4,747			4,694			4,723		0.08	%
Frontline Road Safety, LLC		1125 17th Street, Suite 1575, Denver, CO, United States 80202		(4)(5)(7)(8)		SOFR + 4.75%		8.47% (incl. 2.00% PIK)		10/15/2025		3/4/2032					2,102			2,065			2,075		0.03	%
Frontline Road Safety, LLC		1125 17th Street, Suite 1575, Denver, CO, United States 80202		(4)(5)(8)		SOFR + 4.75%		8.47% (incl. 2.00% PIK)		12/31/2025		3/4/2032					2,812			2,784			2,798		0.04	%
Helix TS, LLC		114 Capital Way Christiana, TN 37037, United States		(4)(10)		SOFR + 5.00%		8.67%		8/4/2021		8/4/2030					34,369			33,991			34,026		0.54	%
Helix TS, LLC		114 Capital Way Christiana, TN 37037, United States		(4)(10)		SOFR + 5.00%		8.67%		8/4/2021		8/4/2030					20,649			20,454			20,442		0.33	%

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Investments(1)(19)		Address		Footnotes		Reference Rate and Spread(2)		Interest Rate(2)(15)		Acquisition Date		Maturity Date		% of class held as of 12/31/2025		Par Amount/ Units(1)			Cost(3)			Fair Value			% of Net Assets
First Lien Debt –  non-controlled/ non-affiliated (continued)
Transportation Infrastructure (continued)
Helix TS, LLC		114 Capital Way Christiana, TN 37037, United States		(4)(5)(10)		SOFR + 5.00%		8.67%		12/22/2023		8/4/2030				$	3,737		$	3,685		$	3,700		0.06	%
Helix TS, LLC		114 Capital Way Christiana, TN 37037, United States		(4)(5)(10)		SOFR + 5.00%		8.67%		12/14/2022		8/4/2030					973			962			963		0.02	%
Italian Motorway Holdings S.à r.l		Meif 6 Hra Italian Motorway Holdings SARL, Luxembourg		(4)(5)(6)(8)		E + 5.25%		7.38%		4/28/2022		4/28/2029				EUR	78,810			81,937			92,617		1.48	%
Roadsafe Holdings, Inc.		3331 Street Rd #430, Bensalem, PA 19020 United States		(4)(11)		SOFR + 5.75%		9.63%		4/19/2021		10/19/2027					32,734			32,533			31,588		0.51	%
Roadsafe Holdings, Inc.		3331 Street Rd #430, Bensalem, PA 19020 United States		(4)(11)		SOFR + 5.75%		9.65%		4/19/2021		10/19/2027					20,171			20,064			19,465		0.31	%
Roadsafe Holdings, Inc.		3331 Street Rd #430, Bensalem, PA 19020 United States		(4)(11)		SOFR + 5.75%		9.65%		1/31/2022		10/19/2027					4,113			4,087			3,969		0.06	%
Roadsafe Holdings, Inc.		3331 Street Rd #430, Bensalem, PA 19020 United States		(4)(5)(11)		P + 4.75%		11.50%		9/11/2024		10/19/2027					1,222			1,209			1,179		0.02	%
Safety Borrower Holdings, LP		8814 Horizon Blvd, Northeast, Suite 100, Albuquerque, NM 87113, United States		(4)(11)		SOFR + 4.75%		8.47%		12/19/2025		12/19/2032					7,606			7,582			7,606		0.12	%
Safety Borrower Holdings, LP		8814 Horizon Blvd, Northeast, Suite 100, Albuquerque, NM 87113, United States		(4)(5)(7)(11)		P + 3.75%		10.50%		9/1/2021		12/19/2032					37			32			30		0.00	%
Sam Holding Co, Inc.		7414 Circle17 South, Sebring, FL 33876, United States		(4)(11)		SOFR + 5.50%		9.42%		9/24/2021		9/24/2027					36,385			36,178			36,385		0.58	%
Sam Holding Co, Inc.		7414 Circle17 South, Sebring, FL 33876, United States		(4)(11)		SOFR + 5.50%		9.46%		9/19/2023		9/24/2027					15,640			15,505			15,640		0.25	%
Sam Holding Co, Inc.		7414 Circle17 South, Sebring, FL 33876, United States		(4)(11)		SOFR + 5.50%		9.54%		9/24/2021		9/24/2027					11,292			11,292			11,292		0.18	%
Sam Holding Co, Inc.		7414 Circle17 South, Sebring, FL 33876, United States		(4)(11)		SOFR + 5.50%		9.54%		9/19/2023		9/24/2027					9,849			9,764			9,849		0.16	%
Sam Holding Co, Inc.		7414 Circle17 South, Sebring, FL 33876, United States		(4)(5)(7)(11)		SOFR + 5.50%		9.46%		9/5/2024		9/24/2027					11,909			11,813			11,909		0.19	%

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Investments(1)(19)		Address		Footnotes		Reference Rate and Spread(2)		Interest Rate(2)(15)		Acquisition Date		Maturity Date		% of class held as of 12/31/2025		Par Amount/ Units(1)			Cost(3)			Fair Value			% of Net Assets
First Lien Debt –  non-controlled/ non-affiliated (continued)
Transportation Infrastructure (continued)
Sam Holding Co, Inc.		7414 Circle17 South, Sebring, FL 33876, United States		(4)(5)(7)(11)		SOFR + 5.50%		9.29%		11/5/2025		9/24/2027				$	2,200		$	2,135		$	2,200		0.04	%
TRP Infrastructure Services, LLC		2411 Minnis Dr, Haltom City, TX 76117, United States		(4)(11)		SOFR + 5.50%		9.49%		7/9/2021		7/9/2027					38,089			37,896			37,994		0.61	%
TRP Infrastructure Services, LLC		2411 Minnis Dr, Haltom City, TX 76117, United States		(4)(5)(7)(11)		SOFR + 5.50%		9.44%		12/2/2024		7/9/2027					33,481			33,161			33,330		0.53	%
																				398,786			408,829		6.54	%
Wireless Telecommunication Services
CCI Buyer, Inc.		300 N. LaSalle St, Suite 5600, Chicago 60602 United States		(4)(7)(10)		SOFR + 5.00%		8.67%		5/13/2025		5/13/2032					22,024			21,812			21,901		0.35	%
Total First Lien Debt – non-controlled/non-affiliated																				14,027,956			13,833,503		221.42	%
First Lien Debt –  non-controlled/ affiliated
Aerospace & Defense
Align Precision Group, LLC		22nd 730 W St., Tempe, AZ 85282 United States		(4)(5)(11)(16)		SOFR + 6.75%		10.42% PIK		7/3/2025		7/3/2030					8,762			8,762			8,762		0.14	%
Align Precision Group, LLC		22nd 730 W St., Tempe, AZ 85282 United States		(4)(5)(7)(11)(16)		SOFR + 6.75%		10.42% PIK		7/3/2025		7/3/2030					1,370			1,364			1,370		0.02	%
																				10,126			10,132		0.16	%
Professional Services
Material Holdings, LLC		1900 Avenue of the Stars Ste 1600 19th floor Los Angeles, CA 90067 United States		(4)(5)(10)(16)		SOFR + 6.00%		9.77% (incl. 2.25% PIK)		6/14/2024		8/19/2027					22,116			22,012			22,074		0.35	%
Material Holdings, LLC		1900 Avenue of the Stars Ste 1600 19th floor Los Angeles, CA 90067 United States		(4)(5)(10)(16)(17)		SOFR + 6.00%		9.77% PIK		6/14/2024		8/19/2027					5,917			5,263			0		0.00	%
Material Holdings, LLC		1900 Avenue of the Stars Ste 1600 19th floor Los Angeles, CA 90067 United States		(4)(5)(7)(10)(16)		SOFR + 6.00%		9.77% PIK		6/25/2025		8/19/2027					767			765			725		0.01	%
																				28,040			22,799		0.36	%
Total First Lien Debt – non-controlled/ affiliated																				38,166			32,931		0.52	%
Total First Lien Debt																				14,066,122			13,866,434		221.94	%

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Investments(1)(19)		Address		Footnotes		Reference Rate and Spread(2)		Interest Rate(2)(15)		Acquisition Date		Maturity Date		% of class held as of 12/31/2025		Par Amount/ Units(1)			Cost(3)			Fair Value			% of Net Assets
Second Lien Debt
Second Lien Debt – non-controlled/non-affiliated
Health Care Providers & Services
Canadian Hospital Specialties, Ltd.		2060 Winston Park Drive, Suite 400, Oakville, Ontario L6H 5R7 Canada		(4)(5)(6)(8)		8.75%		8.75%		4/15/2021		4/15/2029				CAD	10,533		$	8,335		$	7,272		0.12	%
Jayhawk Buyer, LLC		8717 West 110th Street, Suite 300 Overland Park, KS 66210 United States		(4)(11)		SOFR + 8.75%		12.69%		5/26/2021		7/16/2028				$	5,183			5,154			4,885		0.08	%
																				13,489			12,157		0.20	%
Health Care Technology
Project Ruby Ultimate Parent Corp.		11711 West 79th Street Lenexa, Kansas 62214 United States		(4)(5)(10)		SOFR + 5.25%		9.08%		10/15/2024		3/10/2029					1,000			996			998		0.02	%
Insurance
SQ ABS Issuer, LLC		6800 West 115th Street Suite 2511 Overland Park KS 66211 United States		(4)(5)(6)(8)		9.65%		9.65%		10/11/2024		10/20/2039					3,168			3,127			3,152		0.05	%
Interactive Media & Services
Speedster Bidco, GmbH		Bothestraße 11-15, 81675 München, Germany		(4)(6)(8)		CA + 5.50%		7.76%		12/10/2024		2/13/2032				CAD	50,654			35,565			36,536		0.59	%
IT Services
Inovalon Holdings, Inc.		4321 Collington Rd, Bowie, MD 20716, United States		(4)(10)		SOFR + 8.50%		12.60% PIK		4/11/2025		11/24/2033					16,170			15,989			15,685		0.25	%
Machinery
Victory Buyer, LLC		50 East 153rd Street Bronx, NY 10451-2104 United States		(4)(9)		SOFR + 7.00%		10.83%		11/19/2021		11/19/2029					9,619			9,572			9,619		0.15	%
Professional Services
Thevelia US, LLC		Level 15, Manulife Place, 348 Kwun Tong Rd, Ngau Tau Kok, Hong Kong		(4)(5)(6)(9)		SOFR + 5.00%		8.67%		6/17/2022		6/17/2032					4,920			4,838			4,920		0.08	%
Real Estate Management & Development
Progress Residential PM Holdings, LLC		7500 N Dobson Rd., Suite 300 Scottsdale, AZ 85256 United States		(4)(8)		SOFR + 4.75%		8.66%		9/11/2025		9/11/2028					73,660			72,999			72,923		1.17	%

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Investments(1)(19)		Address		Footnotes		Reference Rate and Spread(2)		Interest Rate(2)(15)		Acquisition Date		Maturity Date		% of class held as of 12/31/2025		Par Amount/ Units(1)			Cost(3)			Fair Value			% of Net Assets
Second Lien Debt –  non-controlled/ non-affiliated (continued)
Software
CB Nike Holdco, LLC		David Elazar 12 St’, Tel Aviv-Yaffo, 6107408 Israel		(4)(11)		SOFR + 7.35%		11.17% PIK		11/25/2024		11/26/2029				$	40,044		$	39,430		$	39,643		0.63	%
Denali Holdco, Ltd.		53 rue de Châteaudun,75009 Paris, France		(4)(5)(6)(8)		9.80%		9.80% PIK		9/5/2025		9/5/2032				EUR	13,914			16,154			16,188		0.26	%
Denali Holdco, Ltd.		53 rue de Châteaudun,75009 Paris, France		(4)(5)(6)(8)		11.20%		11.20% PIK		9/5/2025		9/5/2032				GBP	8,046			10,764			10,737		0.17	%
INK BC Bidco S.p.A.		Via Vittor Pisani no. 20, 20124, Milan, Italy		(4)(6)(8)		E + 8.25%		10.33% PIK		7/17/2025		7/16/2033				EUR	2,806			3,192			3,248		0.05	%
INK BC Bidco S.p.A.		Via Vittor Pisani no. 20, 20124, Milan, Italy		(4)(6)(8)		E + 8.25%		10.33% PIK		11/12/2025		7/17/2033				EUR	2,207			2,508			2,555		0.04	%
Mandolin Technology Intermediate Holdings, Inc.		Nova Tower 1 1 Allegheny Square, Suite 800 Pittsburgh, PA,15212 United States		(4)(5)(9)		SOFR + 6.50%		10.50% (incl. 6.50% PIK)		7/30/2021		7/30/2029					3,728			3,706			3,169		0.05	%
Solis Midco, SAS		Blackstone Alternative Credit Advisors LP, 345 Park Avenue, 30th Floor, New York, NY 10154		(4)(5)(6)(8)		E + 7.75%		9.85% PIK		10/8/2025		10/8/2033				EUR	104			119			120		0.00	%
																				75,873			75,660		1.20	%
Total Second Lien Debt – non-controlled/non-affiliated																				232,448			231,650		3.71	%
Total Second Lien Debt																				232,448			231,650		3.71	%
Unsecured Debt
Unsecured Debt – non-controlled/non-affiliated
Health Care Technology
Healthcomp Holding Company, LLC		621 Santa Fe Ave. Fresno, CA 93721 United States		(4)(5)(8)		13.75%		13.75% PIK		11/8/2023		11/7/2031					13,273			13,049			12,278		0.20	%
Total Unsecured Debt – non-controlled/non-affiliated																				13,049			12,278		0.20	%
Total Unsecured Debt																				13,049			12,278		0.20	%

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Investments(1)(19)		Address		Footnotes		Reference Rate and Spread(2)		Interest Rate(2)(15)		Acquisition Date		Maturity Date		% of class held as of 12/31/2025		Par Amount/ Units(1)		Cost(3)			Fair Value			% of Net Assets
Equity
Equity – non-controlled/non-affiliated
Aerospace & Defense
Micross Topco, Inc. – Common Equity		1050 Perimeter Road, Manchester, NH 03103 United States		(4)						3/28/2022				1.2%		4,767		$	4,767		$	7,198		0.12	%
Air Freight & Logistics
AGI Group Holdings, LP – Class A-2 Common Units		9130 S Dadeland Blvd Ste 1801, Miami, FL, 33156-7858 United States		(4)						6/11/2021				30.1%		902			902			1,511		0.02	%
Mode Holdings, LP – Class A-2 Common Units		17330 Preston Rd., Suite 200 C Dallas, TX 75252 United States		(4)						12/9/2019				9.2%		5,486,923			5,487			1,646		0.03	%
Red Griffin ParentCo, LLC – Class A Common Units		1100 N. Arlington Heights Rd., Itasca, IL 60143 United States		(4)						11/27/2024				5.0%		935			3,968			1,071		0.02	%
																			10,357			4,228		0.07	%
Biotechnology
Axsome Therapeutics, Inc. – Common Stock		One World Trade Center, 29th Floor, New York, NY 10007 United States		(6)						5/6/2025				0.0%		2,397			257			438		0.01	%
Commercial Services & Supplies
Genstar Neptune Blocker, LLC – Blocker Note		180 North Stetson, 29th Floor, Chicago, IL 60601 United States		(4)						12/2/2024				3.7%		8,738			9			9		0.00	%
Genstar Neptune Blocker, LLC – Blocker Units		180 North Stetson, 29th Floor, Chicago, IL 60601 United States		(4)						12/2/2024				3.7%		218			343			403		0.01	%
Genstar Neptune Blocker, LLC – Class Z Units		180 North Stetson, 29th Floor, Chicago, IL 60601 United States		(4)						12/2/2024				3.7%		57			81			96		0.00	%
GTCR Investors, LP – Class A-1 Common Units		1501 Yamato Road, Boca Raton, FL 33431 United States		(4)						9/29/2023				4.6%		417,006			417			619		0.01	%
GTCR/Jupiter Blocker, LLC – Blocker Note		180 North Stetson, 29th Floor, Chicago, IL 60601 United States		(4)						12/2/2024				3.7%		6,291			6			6		0.00	%
GTCR/Jupiter Blocker, LLC – Class Z Units		180 North Stetson, 29th Floor, Chicago, IL 60601 United States		(4)						12/2/2024				3.7%		41			58			69		0.00	%

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Investments(1)(19)		Address		Footnotes		Reference Rate and Spread(2)		Interest Rate(2)(15)		Acquisition Date		Maturity Date		% of class held as of 12/31/2025		Par Amount/ Units(1)		Cost(3)			Fair Value			% of Net Assets
Equity – non-controlled/non-affiliated (continued)
Commercial Services & Supplies (continued)
Jupiter Ultimate Holdings, LLC – Class A Common Units		180 North Stetson, 29th Floor, Chicago, IL 60601 United States		(4)						11/8/2024				3.7%		1		$	0		$	0		0.00	%
Jupiter Ultimate Holdings, LLC – Class B Common Units		180 North Stetson, 29th Floor, Chicago, IL 60601 United States		(4)						11/8/2024				3.7%		278			218			227		0.00	%
Jupiter Ultimate Holdings, LLC – Class C Common Units		180 North Stetson, 29th Floor, Chicago, IL 60601 United States		(4)						11/8/2024				3.7%		278,074			221			289		0.00	%
RC VI Buckeye Holdings, LLC – LLC Units		1901 Indian Wood Cir Maumee, OH 43537		(4)						1/2/2025				1.6%		161,291			161			187		0.00	%
																			1,514			1,905		0.02	%
Distributors
Box Co-Invest Blocker, LLC – (BP Alpha Holdings, LP) – Class A Units		2650 Galvin Dr, Elgin, IL 60124, United States		(4)						12/10/2021				11.70%		1			702			0		0.00	%
Box Co-Invest Blocker, LLC – (BP Alpha Holdings, LP) – Class C Preferred Units		2650 Galvin Dr, Elgin, IL 60124, United States		(4)						7/12/2023				9.66%		1			83			0		0.00	%
EIS Acquisition Holdings, LP – Class A Common Units		2018 Powers Ferry Road, Suite 400 Atlanta, Georgia 30339 United States		(4)						11/1/2021				60.18%		6,761			3,350			7,796		0.12	%
																			4,135			7,796		0.12	%
Diversified Consumer Services
Cambium Holdings, LLC – Senior Preferred Interest		17855 North Dallas Parkway, Suite 400, Dallas, TX 75287, United States		(4)				11.50%		8/3/2021				2.61%		12,511,857			12,315			15,641		0.26	%
DTA, LP – Class A Common Units		7430 East Caley Ave, Suite 320E, Centennial, CO 80111 United States		(4)						3/25/2024				4.86%		2,516,215			2,729			4,064		0.07	%
																			15,044			19,705		0.33	%
Diversified Telecommunication Services
Point Broadband Holdings, LLC – Class A Common Units		3120 Fredrick Rd., Suite E, Opelika, Alabama 36801, United States		(4)						10/1/2021				2.23%		6,930			5,877			7,553		0.13	%

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Investments(1)(19)		Address		Footnotes		Reference Rate and Spread(2)		Interest Rate(2)(15)		Acquisition Date		Maturity Date		% of class held as of 12/31/2025		Par Amount/ Units(1)		Cost(3)			Fair Value			% of Net Assets
Equity – non-controlled/non-affiliated (continued)
Diversified Telecommunication Services (continued)
Point Broadband Holdings, LLC – Class B Common Units		3120 Fredrick Rd., Suite E, Opelika, Alabama 36801, United States		(4)						10/1/2021				2.23%		369,255		$	1,053		$	1,196		0.02	%
Point Broadband Holdings, LLC – Class Additional A Common Units		3120 Fredrick Rd., Suite E, Opelika, Alabama 36801, United States		(4)						3/24/2022				2.23%		1,489			1,263			1,623		0.03	%
Point Broadband Holdings, LLC – Class Additional B Common Units		3120 Fredrick Rd., Suite E, Opelika, Alabama 36801, United States		(4)						3/24/2022				2.23%		79,358			226			257		0.00	%
																			8,419			10,629		0.18	%
Electrical Equipment
Griffon Aggregator, Ltd. – LP Interest		1500 Danner Drive, Aurora, Ohio 44202 United States		(4)						7/31/2025				12.21%		610,738			611			660		0.01	%
Electronic Equipment, Instruments & Components
NSI Parent, LP – Class A Common Units		13235 Reese Boulevard, West Huntersville, NC 28078 United States		(4)						12/23/2024				10.76%		578,564			466			526		0.01	%
Spectrum Safety Solutions Purchaser, LLC – Common Equity		13995 Pasteur Blvd., Palm Beach Gardens, FL 33418, United States		(4)(6)						7/1/2024				17.62%		5,286,915			5,287			6,186		0.10	%
																			5,753			6,712		0.11	%
Financial Services
THL Fund IX Investors (Plymouth II), LP – LP Interest		545 Boylston Street, 6th Floor, Boston, MA 02116 United States		(4)						8/31/2023				12.21%		212,137			212			389		0.01	%
Health Care Equipment & Supplies
GCX Corporation Group Holdings, L.P. – Class A-2 Units		3875 Cypress Drive, Petaluma, CA 94954, United States		(4)						9/10/2021				10.00%		539			539			243		0.00	%
Health Care Providers & Services
AVE Holdings I Corp. – Series A-1 Preferred Shares		520 Madison Avenue, New York, NY 10022 United States		(4)				11.50%		2/25/2022				0.41%		625,944			607			382		0.01	%
Jayhawk Holdings, LP – Class A-1 Common Units		8717 West 110th Street, Suite 300 Overland Park, KS 66210 United States		(4)						5/26/2021				0.07%		2,201			392			53		0.00	%

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Investments(1)(19)		Address		Footnotes		Reference Rate and Spread(2)		Interest Rate(2)(15)		Acquisition Date		Maturity Date		% of class held as of 12/31/2025		Par Amount/ Units(1)		Cost(3)			Fair Value			% of Net Assets
Equity – non-controlled/non-affiliated (continued)
Health Care Providers & Services (continued)
Jayhawk Holdings, LP – Class A-2 Common Units		8717 West 110th Street, Suite 300 Overland Park, KS 66210 United States		(4)						5/26/2021				0.07%		1,185		$	211		$	29		0.00	%
WHCG Purchaser, Inc. – Class A Common Units		251 Little Falls Drive, Wilmington, DE 19808 United States		(4)						8/2/2024				28.18%		4,755,436			0			0		0.00	%
																			1,210			464		0.01	%
Health Care Technology
Caerus Midco 2 S.à r.l. – Additional Vehicle Units		450 Lexington Ave, C/O Warburg Pincus LLC; New York; 10017 United States		(4)(6)						10/28/2022				0.04%		11,710			12			1		0.00	%
Caerus Midco 2 S.à r.l. – Vehicle Units		450 Lexington Ave, C/O Warburg Pincus LLC; New York; 10017 United States		(4)(6)						5/25/2022				0.19%		58,458			58			54		0.00	%
Healthcomp Holding Company, LLC – Preferred Interest		621 Santa Fe Ave. Fresno, CA 93721 United States		(4)				6.00%		11/8/2023				3.94%		9,850			985			266		0.00	%
																			1,055			321		0.00	%
Insurance
Beacon HC, Ltd. – Class A Shares		Exchequer Court, 33 St. Mary Axe, London, England, EC3A 8AA		(4)(6)						12/4/2025				1.13%		20,429			1,290			1,290		0.02	%
Beacon HC, Ltd. – Class C Shares		Exchequer Court, 33 St. Mary Axe, London, England, EC3A 8AA		(4)(6)						12/4/2025				1.14%		1,135			72			72		0.00	%
CFCo, LLC (Benefytt Technologies, Inc.) – Class B Units		15438 North Florida Avenue, Suite 201, Tampa, FL 33613, United States		(4)						9/28/2023				8.99%		14,907,400			0			0		0.00	%
SelectQuote, Inc. – Warrants		6800 West 115th Street Suite 2511 Overland Park KS 66211 United States		(4)(6)						10/11/2024				20.46%		601,075			0			72		0.00	%
Shelf Holdco, Ltd. – Common Equity		2 Church Street, Hamilton HM 11, Bermuda		(4)(6)						12/30/2022				0.04%		50,000			50			190		0.00	%
																			1,412			1,624		0.02	%
IT Services
NC Ocala Co-Invest Beta, LP – LP Interest		4321 Collington Rd, Bowie, MD 20716, United States		(4)						11/12/2021				3.52%		2,854,133			2,854			3,168		0.06	%

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Investments(1)(19)		Address		Footnotes		Reference Rate and Spread(2)		Interest Rate(2)(15)		Acquisition Date		Maturity Date		% of class held as of 12/31/2025		Par Amount/ Units(1)		Cost(3)			Fair Value			% of Net Assets
Equity – non-controlled/non-affiliated (continued)
Life Sciences Tools & Services
Falcon Top Parent, LLC – Class A Common Units		3675 Green Level Road West, Suite 208, Apex, NC 27523 United States		(4)						11/6/2024				10.30%		772,599		$	773		$	773		0.02	%
Professional Services
OHCP V TC COI, LP – LP Interest		330 7th Ave, New York, NY 10001 United States		(4)						6/29/2021				35.00%		3,500,000			3,500			8,647		0.15	%
Tricor Horizon – LP Interest		Level 15, Manulife Place, 348 Kwun Tong Rd, Ngau Tau Kok, Hong Kong		(4)(6)						6/13/2022				1.89%		402,339			402			394		0.01	%
Trinity Air Consultants Holdings Corp. – Common Units		330 7th Ave, New York, NY 10001 United States		(4)						6/12/2024				35.00%		2,583			3			6		0.00	%
																			3,905			9,047		0.16	%
Real Estate Management & Development
Community Management Holdings Parent, LP – Series A Preferred Units		8360 East Via de Ventura, Building L, #100, Scottsdale, AZ 85258 United States		(4)				8.00%		11/1/2024				10.34%		310,331			310			341		0.01	%
Software
AI Titan Group Holdings, LP – Class A-2 Common Units		4601 Six Forks Road, Suite 220, Raleigh, NC 27609, United States		(4)						8/28/2024				3.51%		44			44			49		0.00	%
Connatix Parent, LLC – Class L Common Units		666 Broadway, 10th Floor, New York, NY 10012, United States		(4)						7/14/2021				23.12%		42,045			462			194		0.00	%
Descartes Holdings, Inc. – Class A Common Stock		4350 Congress Street, Suite 700, Charlotte, North Carolina 28209 United States		(4)						10/9/2023				4.26%		4,913			213			0		0.00	%
Expedition Holdco, LLC – Class A Common Units		101 South Phillips Avenue, Suite 300, Sioux Falls, SD 57104, United States		(4)						2/24/2022				9.00%		90			57			53		0.00	%
Expedition Holdco, LLC – Class B Common Units		101 South Phillips Avenue, Suite 300, Sioux Falls, SD 57104, United States		(4)						2/24/2022				9.00%		90,000			33			19		0.00	%
Mandolin Technology Holdings, Inc. – Series A Preferred Shares		Nova Tower 1 1 Allegheny Square, Suite 800 Pittsburgh, PA, 15212 United States		(4)				10.50%		7/30/2021				10.00%		3,550,000			3,444			4,122		0.08	%

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Investments(1)(19)		Address		Footnotes		Reference Rate and Spread(2)		Interest Rate(2)(15)		Acquisition Date		Maturity Date		% of class held as of 12/31/2025		Par Amount/ Units(1)		Cost(3)			Fair Value			% of Net Assets
Equity – non-controlled/non-affiliated (continued)
Software (continued)
Mimecast Limited – LP Interest		1 Finsbury Avenue, London, United Kingdom, EC2M 2PF		(4)						5/3/2022				0.67%		667,850		$	668		$	735		0.01	%
Noble Aggregator GP, LLC – GP Units		5500 Meadows Road, Suite 500, Lake Oswego, OR, 97035 United States		(4)						10/14/2025				0.13%		318			0			0		0.00	%
Noble Aggregator, LP – Common Equity Class A Units		5500 Meadows Road, Suite 500, Lake Oswego, OR, 97035 United States		(4)						10/14/2025				0.13%		318			318			329		0.01	%
TPG IX Newark CI, LP – LP Interest		188 Spear St, San Francisco, CA 94105 United States		(4)						10/26/2023				5.40%		1,965,727			1,966			1,966		0.03	%
Zoro – Common Equity		989 Market St, San Francisco, CA 94103 United States		(4)						11/22/2022				0.06%		2,073			21			26		0.00	%
Zoro – Series A Preferred Shares		989 Market St, San Francisco, CA 94103 United States		(4)		SOFR + 9.50%		13.17%		11/22/2022				0.15%		122			118			182		0.00	%
																			7,344			7,675		0.13	%
Specialty Retail
CustomInk, LLC – Series A Preferred Units		2910 District Avenue Fairfax VA 22031 United States		(4)						5/3/2019				52.53%		384,520			5,200			6,252		0.11	%
Transportation Infrastructure
Ncp Helix Holdings, LLC – Preferred Shares		114 Capital Way Christiana, TN 37037, United States		(4)				8.00%		8/3/2021				24.51%		376,232			292			500		0.01	%
Total Equity – non-controlled/non-affiliated																			75,963			90,068		1.51	%
Equity – non-controlled/ affiliated
Aerospace & Defense
Align Precision Group, LLC – Class A-3 Units		22nd 730 W St., Tempe, AZ 85282 United States		(4)(16)						7/3/2025				24.26%		4,296			384			1,549		0.03	%
Insurance
Blackstone Donegal Holdings LP – LP Interests (Westland Insurance Group LTD)		200, 2121 – 160th Street, Surrey, BC Canada		(4)(6)(16)						1/5/2021				17.96%					1			5,315		0.10	%

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Investments(1)(19)		Address		Footnotes		Reference Rate and Spread(2)		Interest Rate(2)(15)		Acquisition Date		Maturity Date		% of class held as of 12/31/2025		Par Amount/ Units(1)		Cost(3)			Fair Value			% of Net Assets
Equity – non-controlled/ affiliated (continued)
Professional Services
Material+ Holding Company, LLC – Class C Units		1900 Avenue of the Stars Ste 1600 19th floor Los Angeles, CA 90067 United States		(4)(16)						6/14/2024				8.49%		5,898		$	0		$	0		0.00	%
Total Equity – non-controlled/ affiliated																			385			6,864		0.13	%
Total Equity																			76,348			96,932		1.64	%
Total Investments – non-controlled/ non-affiliated																			14,349,416			14,167,499		226.84	%
Total Investments – non-controlled/ affiliated																			38,551			39,795		0.65	%
Total Investment Portfolio																			14,387,967			14,207,294		227.49	%
Cash and Cash Equivalents
State Street Institutional U.S. Government Money Market Fund – Investor Class								3.66%											6,807			6,807		0.11	%
State Street Institutional U.S. Government Money Market Fund – Premier Class								3.74%											17,168			17,168		0.27	%
BlackRock ICS US Treasury Fund								3.70%											3,167			3,167		0.05	%
Other Cash and Cash Equivalents																			262,463			262,463		4.20	%
Total Cash and Cash Equivalents																			289,605			289,605		4.63	%
Total Portfolio Investments, Cash and Cash Equivalents																		$	14,677,572		$	14,496,899		232.12	%

__________________________________

(1)    Unless otherwise indicated, all debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in U.S. dollars. As of December 31, 2025, the Company had investments denominated in Canadian Dollars (CAD), Euros (EUR), British Pounds (GBP), Danish Krone (DKK), Swedish Krona (SEK), Norwegian Krone (NOK), and Australian Dollars (AUD). All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount (in thousands) is presented for debt investments, while the number of shares or units (in whole amounts) owned is presented for equity investments. Each of the Company’s investments is pledged as collateral, under one or more of its credit facilities unless otherwise indicated.

(2)    Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either Sterling Overnight Interbank Average Rate (“SONIA” or “S”), Euro Interbank Offer Rate (“Euribor” or “E”), Secured Overnight Financing Rate (“SOFR”), Stockholm Interbank Offered Rate (“STIBOR” or “ST”), Copenhagen Interbank Offered Rate (“CIBOR” or “CI”), Norwegian Interbank Offered Rate (“NIBOR” or “N”), Australian Bank Bill Swap Bid Rate (“BBSY” or “BB”), Canadian Overnight Repo Rate Average (“CORRA” or “CA”) or an alternate base rate (commonly based on the Federal Funds Rate (“F”) or the U.S. Prime Rate (“P”)), which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2025. Variable rate loans typically include an interest reference rate floor feature. As of December 31, 2025, 88.1% of the debt portfolio at fair value had an interest rate floor above zero. Rates on equity instruments represents contractual dividend rates on certain preferred equity positions.

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

(4)    These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by or under the direction of the Board of Trustees (see Note 2), pursuant to the Company’s valuation policy.

(5)    These investments are not pledged as collateral under any of the Company’s credit facilities. For other debt investments that are pledged to the Company’s credit facilities, a single investment may be divided into parts that are individually pledged as collateral to separate credit facilities. Any other debt investments listed above are pledged to financing facilities and are not available to satisfy the creditors of the Company.

(6)    The investment is not a Qualifying Asset under Section 55(a) of the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”). The Company may not acquire any non-qualifying asset unless, at the time of acquisition, Qualifying Assets represent at least 70% of the Company’s total assets. As of December 31, 2025, non-qualifying assets represented 17.2% of total assets as calculated in accordance with regulatory requirements.

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

Investments		Commitment Type		Commitment Expiration Date		Unfunded Commitment			Fair Value
123Dentist, Inc.		Delayed Draw Term Loan		9/16/2027		$	23,908		$	—
Abacus Holdco 2, Oy		Delayed Draw Term Loan		10/14/2027			177			—
Accordion Partners, LLC		Revolver		11/15/2031			1,789			(9	)
Accordion Partners, LLC		Delayed Draw Term Loan		12/17/2027			8,432			(21	)
Accuity Delivery Systems, LLC		Revolver		5/29/2031			5,327			(27	)
Accuity Delivery Systems, LLC		Delayed Draw Term Loan		5/29/2026			15,982			—
ACI Group Holdings, Inc.		Revolver		8/2/2027			116			—
Acumatica Holdings, Inc.		Revolver		7/28/2032			1,935			(19	)
ADCS Clinics Intermediate Holdings, LLC		Revolver		5/7/2026			1,115			—
AI Altius US Bidco, Inc.		Delayed Draw Term Loan		5/21/2026			500			—
AI Titan Parent, Inc.		Delayed Draw Term Loan		9/30/2026			675			—
AI Titan Parent, Inc.		Revolver		8/29/2031			544			⚠️ Filing Content Truncated This filing was too large to display in its entirety (original size: 35.2 MB). The content has been truncated to fit within database limits. To view the complete filing, please visit the original source: View Complete Filing on SEC Website Filing: 424B2 - Blackstone Secured Lending Fund (BXSL) Accession Number: 0001213900-26-021671

FAQ

What are the key terms of BXSL's 2029 notes offering?

The offering is $400,000,000 of 5.250% Notes due September 4, 2029, issued on March 3, 2026, with semiannual interest payments on March 4 and September 4 beginning September 4, 2026.

How much net proceeds will BXSL receive from the note sale?

Net proceeds are expected to be approximately $394.0 million after the underwriting discount and estimated offering expenses, before any use to repay indebtedness or for other corporate purposes.

What is the Notes' ranking relative to BXSL's other debt?

The Notes are general unsecured obligations that rank pari passu with other unsecured indebtedness and are effectively subordinated to secured debt to the extent of collateral value and structurally junior to subsidiary liabilities.

Can BXSL redeem the notes early and what protections do holders have?

BXSL may redeem prior to the Par Call Date at a Treasury-rate-based formula (Treasury Rate + 0.30%) or at par on/after the Par Call Date; holders also have a repurchase right at 100% of principal upon a qualifying Change of Control plus a below-investment-grade ratings event.

Will the Notes be listed or have an established market?

No listing is planned; the Notes will not be listed on an exchange and there is no assurance of an active secondary market, although some underwriters may make a market at their discretion.