[N-2ASR] Blackstone Secured Lending Fund SEC Filing

Rhea-AI Filing Summary

Blackstone Secured Lending Fund (NYSE: BXSL) has filed an automatic shelf registration statement (Form N-2 ASR) as a well-known seasoned issuer, enabling it to issue, from time to time, common shares, preferred shares, debt securities, subscription rights and warrants. No specific size or timing is disclosed; each take-down will be detailed in a future prospectus supplement.

The BDC targets current income and, secondarily, long-term capital appreciation by investing at least 80% of total assets in secured debt—primarily first-lien and unitranche loans to larger and middle-market U.S. private companies. As of 31 Mar 2025 its net asset value (NAV) was $27.39 per share, while the market price on 10 Jul 2025 was $31.56, a c. 15% premium. The fund employs leverage up to the 2:1 statutory cap and may use credit facilities, unsecured notes and securitizations.

The prospectus emphasises the competitive advantages of the $389 bn Blackstone Credit & Insurance platform (part of Blackstone’s $1.2 trn AUM), including a 102-person dedicated direct-lending team, extensive sponsor relationships and the Value Creation Program designed to add operational value to portfolio companies. Blackstone’s North America Direct Lending track record (2005-Mar 2025) shows $135 bn deployed with an annualised loss rate of 0.05%.

Key risks highlighted include potential share dilution from future offerings, use of leverage, economic downturns, interest-rate volatility, competition for deals and the possibility of trading below NAV. The document reiterates that BDCs often trade at discounts and that distributions are not guaranteed.

Proceeds from any issuance will be used for general corporate purposes, including new investments and debt repayment, subject to re-borrowing. The fund intends to maintain its RIC status by distributing at least 90% of investment company taxable income and to continue paying quarterly dividends, though part of any distribution could be a return of capital.

Positive

• Automatic shelf status allows rapid, cost-efficient issuance when market windows open, supporting portfolio expansion.
• Shares trade at a premium to NAV, offering the possibility of accretive equity raises if executed prudently.

Negative

• Future equity offerings may dilute existing shareholders if priced near or below NAV.
• Incremental leverage increases balance-sheet risk and heightens sensitivity to credit-cycle downturns.

Insights

Financial Analyst

TL;DR Shelf filing gives BXSL flexible capital-raising capacity; positive for growth but poses dilution and leverage management challenges; overall neutral impact.

Assessment: The ASR positions BXSL to tap equity or debt markets quickly, matching funding to deal flow and potentially lowering cost of capital. Given the current 15% premium to NAV, an equity issuance could be accretive. However, repeated share issuance risks eroding that premium and pressuring dividend coverage if deployment lags. Additional debt raises asset coverage considerations under the 2:1 limit. Blackstone’s scale and track record mitigate origination risk, yet macro headwinds (rates, credit spreads) may widen underwriting margins. On balance, the filing is strategically useful but not immediately transformative—rating 0 (neutral).

As filed with the Securities and Exchange Commission on July 11, 2025

Securities Act File No. 333-

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 ____________________________ 

FORM N-2
REGISTRATION STATEMENT
UNDER

THE SECURITIES ACT OF 1933		☒
Pre-Effective Amendment No.		☐
Post-Effective Amendment No.		☐

 ____________________________ 

Blackstone Secured Lending Fund
(Exact Name of Registrant as Specified in Charter)

 ____________________________ 

345 Park Avenue, 31st Floor
New York, New York 10154
(Address of Principal Executive Offices)

(877) 876-1121
(Registrant’s Telephone Number, including Area Code)

Oran Ebel, Esq.
Lucie Enns, Esq.
Blackstone Private Credit Strategies LLC
345 Park Avenue, 31st Floor
New York, New York 10154
(Name and Address of Agent for Service)

 ____________________________ 

WITH COPIES TO:

Rajib Chanda, Esq.
Steven Grigoriou, Esq.
Jonathan Pacheco, Esq.
Simpson Thacher & Bartlett LLP
900 G Street, N.W.
Washington, DC 20001

 ____________________________ 

Approximate Date of Commencement of Proposed Public Offering: From time to time after the effective date of this Registration Statement.

☐ Check box if the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans.

☒ Check box if any securities being registered on this Form will be offered on a delayed or continuous basis in reliance on Rule 415 under the Securities Act of 1933 (“Securities Act”), other than securities offered in connection with a dividend reinvestment plan.

☐ Check box if this Form is a registration statement pursuant to General Instruction A.2 or a post-effective amendment thereto.

☒ Check box if this Form is a registration statement pursuant to General Instruction B or a post-effective amendment thereto that will become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act.

☐ Check box if this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction B to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act.

It is proposed that this filing will become effective (check appropriate box)

☐ when declared effective pursuant to Section 8(c) of the Securities Act.

If appropriate, check the following box:

☐ This [post-effective] amendment designates a new effective date for a previously filed [post-effective amendment] [registration statement].

☐ This Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is: ______.

☐ This Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is: ______.

☐ This Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is: ______.

Check each box that appropriately characterizes the Registrant:

☐ Registered Closed-End Fund (closed-end company that is registered under the Investment Company Act of 1940 (“Investment Company Act”)).

☒ Business Development Company (closed-end company that intends or has elected to be regulated as a business development company under the Investment Company Act).

☐ Interval Fund (Registered Closed-End Fund or a Business Development Company that makes periodic repurchase offers under Rule 23c-3 under the Investment Company Act).

☐ A.2 Qualified (qualified to register securities pursuant to General Instruction A.2 of this Form).

☒ Well-Known Seasoned Issuer (as defined by Rule 405 under the Securities Act).

☐ Emerging Growth Company (as defined by Rule 12b-2 under the Securities Exchange Act of 1934 (“Exchange Act”)).

☐ If an Emerging Growth Company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of Securities Act.

☐ New Registrant (registered or regulated under the Investment Company Act for less than 12 calendar months preceding this filing).

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PROSPECTUS

Blackstone Secured Lending Fund

Common Shares
Preferred Shares
Debt Securities
Subscription Rights
Warrants

______________________

Blackstone Secured Lending Fund (together, with its consolidated subsidiaries, the “Company,” “we,” “us,” or “our”) is a Delaware statutory trust that seeks to invest primarily in originated loans and other securities, including broadly syndicated loans of U.S. private companies, which include larger and middle market companies.

We are a non-diversified, closed-end management investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). 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 the Company to operate pursuant to a sub-administration agreement between Blackstone Private Credit Strategies LLC, in its capacity as administrator to the Company (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”).

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; 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).

Our common shares of beneficial interest (“common shares”), preferred shares of beneficial interest (“preferred shares”), debt securities, subscription rights to purchase our securities or warrants representing rights to purchase our securities (collectively, the “securities”) may be offered at prices and on terms to be disclosed in one or more supplements to this prospectus. You should read this prospectus and the applicable prospectus supplement carefully before you invest in our securities.

The securities may be offered directly to one or more purchasers, including existing shareholders in a rights offering, or through agents designated from time to time by us, or to or through underwriters or dealers. Each prospectus supplement relating to an offering will identify any agents or underwriters involved in the sale of the securities, and will disclose any applicable purchase price, fee, discount or commissions arrangement between us and our agents or underwriters or among our underwriters or the basis upon which such amount may be calculated. See “Plan of Distribution” in this prospectus. We may not sell any of the securities pursuant to this registration statement through agents, underwriters or dealers without delivery of this prospectus and a prospectus supplement describing the method and terms of the offering of such securities.

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Our common shares are traded on the New York Stock Exchange (“NYSE”) under the symbol “BXSL.” On July 10, 2025, the last reported sales price of our common shares on the NYSE was $31.56 per share. The net asset value per share of our common shares at March 31, 2025 (the last date prior to the date of this prospectus for which we reported net asset value) was $27.39.

 ______________________ 

Investing in our securities involves a high degree of risk, including credit risk and the risk of the use of leverage, and is highly speculative. In addition, shares of closed-end investment companies, including BDCs, frequently trade at a discount to their net asset values. Before investing in our securities, you should read the discussion of the material risks of investing in our securities, including the risk of leverage, in “Risk Factors” beginning on page 25 of this prospectus, Part I, Item 1A “Risk Factors” in our most recent Annual Report on Form 10-K, Part II, Item 1A “Risk Factors” in our most recent Quarterly Report on Form 10-Q, as well as in any of our subsequent SEC filings, and in, or incorporated by reference into, the applicable prospectus supplement and in any free writing prospectuses we may authorize for use in connection with a specific offering, and under similar headings in the other documents that are incorporated by reference into this prospectus.

This prospectus contains important information you should know before investing in our securities. Please read this prospectus before investing and keep it for future reference. We also file periodic and current reports, proxy statements and other information about us with the U.S. Securities and Exchange Commission (the “SEC”). This information is available free of charge by contacting us at 345 Park Avenue, 31st Floor, New York, New York 10154, calling us at (212) 503-2100 or visiting our corporate website located 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.

The information in this prospectus or any subsequently filed prospectus supplement is current only as of the date on its respective cover, and may change after that date. We do not represent that at any time after the date of this prospectus our affairs will be the same as what is described in this prospectus or that the information in this prospectus otherwise will continue to be correct—nor do we imply those things by delivering this prospectus or selling securities to you. Unless otherwise noted, the terms “we,” “us,” “our,” the “Company,” the “Issuer,” the “Fund” and “BXSL” refer to Blackstone Secured Lending Fund, together with its consolidated subsidiaries. In addition, the term “Adviser” refers to Blackstone Private Credit Strategies LLC, the term “Sub-Adviser” refers to Blackstone Credit BDC Advisors LLC and the term “Advisers” refers to the Adviser and the Sub-Adviser. The term “Administrator” refers to Blackstone Private Credit Strategies LLC, in its capacity as administrator to the Fund, and the term “Sub-Administrator” refers to Blackstone Alternative Credit Advisors LP. The term “Administrators” refers to the Administrator and the Sub-Administrator. The term “Blackstone Credit & Insurance” refers to Blackstone Alternative Credit Advisors LP collectively with its affiliates in the credit, asset based finance and insurance asset management business unit of Blackstone Inc. “Blackstone” refers to Blackstone Inc., collectively with its affiliates as the context requires.

Neither the U.S. Securities and Exchange Commission (the “SEC”) nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

This prospectus may not be used to consummate sales of securities unless accompanied by a prospectus supplement.

 ______________________ 

The date of this prospectus is July 11, 2025.

Table of Contents

TABLE OF CONTENTS

		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

Statistical and market data used in this prospectus has been obtained from governmental and independent industry sources and publications. We have not independently verified the data obtained from these sources. Forward-looking information obtained from these sources is subject to the same qualifications and the additional uncertainties regarding the other forward-looking statements contained in this prospectus, for which the safe harbor provided in Section 27A of the Securities Act and Section 21E of the Exchange Act is not available.

We have not authorized anyone to give you any information other than in this prospectus, any prospectus supplement to this prospectus, any free writing prospectus or any information that we have incorporated by reference herein or therein and we take no responsibility for any other information that others may give you. If anyone provides you with different or inconsistent information, you should not rely on it. We are not making an offer to sell these securities in any jurisdiction where the offer or sale is not permitted. You should assume that the information appearing or incorporated by reference in this prospectus, any prospectus supplements or any free writing prospectus is accurate only as of the date on their respective front covers. Our business, financial condition and prospects may have changed since that date. To the extent required by applicable law, we will update this prospectus during the offering period to reflect material changes to the disclosure herein.

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ABOUT THIS PROSPECTUS

This prospectus is part of an automatic shelf registration statement that we have filed with the U.S. Securities and Exchange Commission (the “SEC”), as a “well-known seasoned issuer” as defined in Rule 405 under the Securities Act of 1933, as amended (the “Securities Act”). Under the shelf registration process, which constitutes a delayed offering in reliance on Rule 415 under the Securities Act, we may offer, from time to time, in one or more offerings or series, our common shares, preferred shares, debt securities, subscription rights to purchase our securities or warrants representing rights to purchase our securities on terms to be determined at the time of the offering.

The securities may be offered at prices and on terms described in one or more supplements to this prospectus. This prospectus provides you with a general description of the securities that we may offer. Each time we use this prospectus to offer securities, we will provide a prospectus supplement that will contain specific information about the terms of that offering. We may also authorize one or more free writing prospectuses to be provided to you that may contain material information relating to these offerings. Such prospectus supplement and/or free writing prospectus (collectively referred to hereinafter as a “prospectus supplement”) may also add, update or change information contained in this prospectus or in the documents we incorporate by reference herein. This prospectus and the prospectus supplement, together with any documents incorporated by reference herein, will include all material information relating to the applicable offering.

Please carefully read this prospectus and the prospectus supplement, together with any documents incorporated by reference in this prospectus and the applicable prospectus supplement, any exhibits and the additional information described or incorporated by reference under the headings “Available Information,” “Incorporation of Certain Information by Reference,” “Prospectus Summary” and “Risk Factors” before you make an investment decision.

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PROSPECTUS SUMMARY

This summary highlights some of the information in this prospectus. It is not complete and may not contain all of the information that you may want to consider. To understand this offering fully, you should read the entire prospectus carefully, including the section in this prospectus entitled “Risk Factors” and any documents incorporated by reference herein in this prospectus, before making a decision to invest in our securities.

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 (a “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,” or “BXCI”). 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 (the “Administration Agreement”) and a sub-administration agreement between the Administrator and the Sub-Administrator (the “Sub-Administration Agreement,” and together with the Administration Agreement, the “Administration Agreements”), respectively.

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, as described herein, 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 Part II, Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Borrowings” in our most recent Annual Report on Form 10-K and Part I, Item 2 “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Borrowings” in our most recent Quarterly Report on Form 10-Q, which are incorporated herein by reference.

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The Advisers and the Administrators

The Company’s investment activities are managed by Blackstone Private Credit Strategies LLC and Blackstone Credit BDC Advisors LLC, each an investment adviser registered with the SEC under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). Our Advisers are responsible for originating prospective investments, conducting research and due diligence investigations on potential investments, analyzing investment opportunities, negotiating and structuring our investments and monitoring our investments and portfolio companies on an ongoing basis, in each case with respect to the portion of the assets of the Fund allocated to such Adviser pursuant to the investment advisory agreement between the Fund and the Adviser, effective January 1, 2025 (the “Investment Advisory Agreement”), or the sub-advisory agreement among the Fund, the Adviser and the Sub-Adviser, effective January 1, 2025 (the “Sub-Advisory Agreement” and, together with the Investment Advisory Agreement, the “Advisory Agreements”), as the case may be (in each case, the “Allocated Portion”).

The Advisers are affiliates of Blackstone Credit & Insurance and are led by substantially the same investment personnel as Blackstone Credit & Insurance. As such, our Advisers have access to the broader resources of Blackstone Credit & Insurance and Blackstone, subject to Blackstone’s policies and procedures regarding the management of conflicts of interest. As such, the term “Blackstone Credit & Insurance” may be used when describing advisory services and resources.

Blackstone Private Credit Strategies LLC, as our Administrator and Blackstone Alternative Credit Advisors LP, as our Sub-Administrator, provide, or oversee the performance of, administrative and compliance services, including, but not limited to, maintaining financial records, overseeing the calculation of net asset value (“NAV”), compliance monitoring (including diligence and oversight of our other service providers), preparing reports to shareholders and reports filed with the SEC, preparing materials and coordinating meetings of our Board of Trustees (the “Board”), managing the payment of expenses and the performance of administrative and professional services rendered by others and providing office space, equipment and office services.

Blackstone Credit & Insurance is the credit, asset based finance and insurance asset management business unit of Blackstone, which is the largest alternative asset manager in the world with leading investment businesses across asset classes. Blackstone’s platform provides competitive advantages including scale, expertise across industries and capital structures, and deep relationships with companies and financial sponsors.

Blackstone’s four business segments are real estate, private equity, credit and insurance, and multi-asset investing. Blackstone Credit & Insurance is an expansive, fully integrated credit platform, that includes private and liquid credit, infrastructure and asset based credit and insurance businesses. As of March 31, 2025, Blackstone had total assets under management (“AUM”) of nearly $1.2 trillion and Blackstone Credit & Insurance had total AUM of $389 billion.

Blackstone Credit & Insurance, through its affiliates, employed 647 people headquartered in New York and in offices globally as of March 31, 2025. Blackstone Credit & Insurance’s 385-person investment team also includes a 102-person Office of the Chief Investment Officer (“CIO”) team, which consists of individuals focused on Underwriting & Execution, Capital Formation, Asset Allocation, Structuring, Asset Management, Portfolio Insights, and Portfolio Analytics.

Blackstone Credit & Insurance’s Senior Managing Directors have on average 24 years of industry experience. The Company brings Blackstone Credit & Insurance’s preeminent credit-focused investment platform to the exchange traded BDC industry.

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Market Opportunity

We believe that there are and will continue to be significant investment opportunities in the targeted asset classes discussed below.

Attractive Opportunities in Floating Rate, Senior Secured Loans We believe that opportunities in senior secured loans are significant because of the strong defensive characteristics of this asset class. While there is inherent risk in investing in any securities, senior secured debt is on the top of the capital structure and thus has priority in payment among an issuer’s security holders (i.e., senior secured debt holders are due to receive payment before junior creditors and equity holders). Further, these investments are secured by the issuer’s assets, which may be collateralized in the event of a default, if necessary. Senior secured debt often has restrictive covenants for the purpose of additional principal protection and ensuring repayment before junior creditors (i.e., most types of unsecured bondholders, and other security holders) and preserving collateral to protect against credit deterioration. The senior secured loans we invest in will generally pay floating interest rates based on a variable base rate, such as the Secured Overnight Financing Rate (“SOFR”). By originating predominantly floating rate assets, the majority of which have a reference rate floor, and utilizing predominantly floating rate leverage, we aim to provide attractive yields even as the interest rate environment changes over time. We will seek to identify what we believe are compelling investment opportunities in floating rate, senior secured loans based on prevailing market conditions and continue to focus on current income and capital appreciation in an effort to generate attractive risk-adjusted returns for investors across various market environments.

Opportunity in U.S. Private Companies In addition to investing in senior secured loans generally, we believe that the market for lending to private companies within the United States, is underserved and presents a compelling investment opportunity. We believe that the following characteristics support our belief:

Secular Tailwinds in the Private Market, Including Private Credit. One of the important drivers of growth in the strategy is the increasing secular tailwinds in the private markets (i.e., social or economic trends positively impacting private markets), including growing demand for private credit. Private equity funds with strategies focused on North America had over $1.5 trillion of “dry powder” (i.e., uncalled capital commitments) (as of September 30, 2024, as published by Preqin on July 10, 2025), which should similarly drive demand for private capital. Further, financial sponsors and companies are becoming increasingly interested in working directly with private lenders as they are seeing the tremendous benefits versus accessing the public credit markets. The Company believes some of these benefits include faster execution and greater certainty, ability to partner with sophisticated lenders, a more efficient process, and in some instances fewer regulatory requirements. As a result, Blackstone Credit & Insurance benefits from greater flow of larger scale deals that have become increasingly available to the direct lending universe over traditional banks and other financing institutions.

Attractive Market Segment. We believe that the underserved nature of such a large segment of the market can at times create a significant opportunity for investment. In many environments, we believe that private companies are more likely to offer attractive economics in terms of transaction pricing, up-front and ongoing fees, prepayment penalties and security features in the form of stricter covenants and quality collateral than loans to public companies.

Limited Investment Competition. Despite the size of the market, we believe that regulatory changes and other factors have diminished the role of traditional financial institutions and certain other capital providers in providing financing to companies. As tracked by Leverage Commentary & Data (LCD), as of March 31, 2025, private credit markets financed 58 leveraged buyouts (“LBOs”) (81% of total LBOs in 2025) compared to the publicly syndicated markets, which financed only 14 (19% of total LBOs in 2025). In addition, due to bank consolidation, the number of banks has also declined during the past several decades, furthering the lack of supply in financing to private companies.

We also believe that lending and originating new loans to private companies generally requires a greater dedication of the lender’s time and resources compared to lending to public companies, due in part to the size of each investment and the often fragmented nature of information available from these companies. Further, we believe that many investment firms lack the breadth and scale necessary to identify investment opportunities, particularly in regards to directly originated investments in private companies, and thus attractive investment opportunities are often overlooked.

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Blackstone Credit & Insurance Strengths

Blackstone Credit & Insurance is the world’s largest third-party private credit manager and a key player in the direct lending space. Blackstone Credit & Insurance has experience scaling funds across its platform that invest in all parts of the capital structure. Blackstone Credit & Insurance focuses on transactions where it can differentiate itself from other providers of capital, targeting sponsor-backed transactions and those where Blackstone Credit & Insurance can bring its expertise and experience in negotiating and structuring. We believe that Blackstone Credit & Insurance has the scale and platform to effectively manage a North American private credit investment strategy, offering investors the following potential strengths:

Ability to Provide Scaled, Differentiated Capital Solutions. We believe that the breadth and scale of Blackstone Credit & Insurance’s platform, with $389 billion of AUM as of March 31, 2025, and affiliation with Blackstone provide a distinct advantage in sourcing and deploying capital toward proprietary investment opportunities and provide a differentiated capability to invest in large, complex opportunities. Scale allows for more resources to source, diligence and monitor investments, and may enable us to move up market where there is often less competition and may allow us to negotiate more favorable terms for investments. As of March 31, 2025, Blackstone Credit & Insurance is invested in over 4,900 corporate issuers1 across portfolios globally and has over 400 sponsor and advisor relationships, which we believe provides invaluable insight and access to a broad and diverse set of investment opportunities. Blackstone Credit & Insurance’s focus on larger transactions and larger issuers is often associated with more established management teams and higher quality assets, which, in our experience, tend to better maintain their value through cycles and can serve to reduce investment risk. Blackstone Credit & Insurance offers its clients and borrowers a comprehensive solution across corporate and asset based, as well as investment grade and non-investment grade credit. Blackstone Credit & Insurance expects that in the current environment, where borrowers increasingly value the benefits of private credit, the ability to provide flexible, well-structured capital commitments in appropriate sizes will enable Blackstone Credit & Insurance to command more favorable terms for its investments.

Established Origination Platform with Strong Credit Expertise. The global presence of Blackstone Credit & Insurance generates access to a substantial amount of directly originated transactions with what Blackstone Credit & Insurance believes to be attractive investment characteristics. Over the last several years, Blackstone Credit & Insurance has expanded its origination and sponsor coverage footprint with regional offices in select markets. We anticipate capitalizing on Blackstone Credit & Insurance’s global footprint and broad and diverse origination platform to provide, primarily, senior secured financings.

We believe that Blackstone Credit & Insurance can provide a significant pipeline of investment opportunities for us. Blackstone Credit & Insurance has a strong trading presence and actively monitors thousands of companies across the public and private markets through its $111 billion Liquid Corporate Credit platform, and as a result has deep insight across sectors and industries. Furthermore, we believe that Blackstone Credit & Insurance’s strong reputation and longstanding relationships with corporate boards, management teams, leveraged buyout sponsors, financial advisors, and intermediaries position Blackstone Credit & Insurance as a partner and counterparty of choice, providing us with attractive sourcing capabilities. In Blackstone Credit & Insurance’s experience, these relationships help drive substantial proprietary deal flow and insight into investment opportunities.

The Blackstone Credit & Insurance team has dedicated sector coverage across technology, healthcare and business services and is focused on making investments in what we characterize as “good neighborhoods,” which are industries we believe are experiencing favorable tailwinds. In addition, the Blackstone Credit & Insurance team is able to leverage the expertise of other parts of Blackstone’s business that specialize in these fields.

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​1 Reflects issuers across all asset types within Private Corporate Credit, Liquid Corporate Credit, and Infrastructure & Asset Based Credit.

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Over the last several years, Blackstone Credit & Insurance has expanded its North American origination and sponsor coverage footprint by opening regional offices in select markets. Blackstone Credit & Insurance has investment professionals across North America, Europe, Asia and Australia, and has developed a reputation for being a valued partner with the ability to provide speed, creativity, and assurance of transaction execution. We believe Blackstone Credit & Insurance’s global presence may help Blackstone Credit & Insurance to more effectively source investment opportunities from private equity sponsors as well as directly from companies.

Value-Added Capital Provider and Partner Leveraging the Blackstone Credit & Insurance Value Creation Program. Blackstone Credit & Insurance has established a reputation for providing creative, value-added solutions to address a company’s financing requirements and we believe our ability to solve a need for a company can lead to attractive investment opportunities. In addition, Blackstone Credit & Insurance has access to the significant resources of the Blackstone platform, including 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. Specifically, the Value Creation Program focuses on three areas of improvement: (i) reducing costs by leveraging the scale and purchasing power of Blackstone through the Group Purchasing Organization (GPO), preferred partnerships, and the Blackstone Sourcing Center; (ii) helping to create revenue generating opportunities from Value Creation Program introductions, which includes a network of over 400 Blackstone portfolio companies as of March 31, 2025; and (iii) providing valuable access to industry and functional experts within the Blackstone organization (including the Blackstone Portfolio Operations team which consists of over 100 internal resources as of March 31, 2025) who are focused on areas such as cybersecurity, sustainability, quant solutions, data science, healthcare, human resources, information technology, among others, and the network among portfolio companies. Through the Value Creation Program, which the Company’s portfolio companies can fully access, Blackstone has created $5 billion in illustrative value across Blackstone Credit & Insurance portfolio companies.2

Flexible Investment Approach. Blackstone Credit & Insurance believes that the ability to invest opportunistically throughout a capital structure is a meaningful strength when sourcing transactions and enables the Company to seek investments that provide the best risk/return proposition in any given transaction. Blackstone Credit & Insurance’s creativity and flexibility with regard to deal-structuring distinguishes it from other financing sources, including traditional mezzanine providers, whose investment mandates are typically more restrictive. Over time, Blackstone Credit & Insurance has demonstrated the ability to negotiate favorable terms for its investments by providing creative structures that add value for an issuer. Blackstone Credit & Insurance will continue to seek to use this flexible investment approach to focus on principal preservation, while generating attractive returns throughout different economic and market cycles.

Long-Term Investment Horizon. Our long-term investment horizon gives us great flexibility, which we believe allows us to maximize returns on our investments. Unlike most private equity and venture capital funds, as well as many private debt funds, we will not be required to return capital to our shareholders once we exit a portfolio investment. We believe that freedom from such capital return requirements, which allows us to invest using a long-term focus, provides us with an attractive opportunity to increase total returns on invested capital.

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​2 Numbers presented are since inception of the Value Creation Program in 2016. Figures are presented for illustrative purposes and include underlying information provided by third parties. They do not reflect actual cost savings or realized proceeds to BXCI, a fund, or to the equity sponsor or the company, and there can be no assurance that cost savings or realized proceeds received by Blackstone or any investor in a Blackstone fund will be increased as a result. Figures presented are based on data reported by portfolio companies and assets and not from financial statements of portfolio companies. While the data reported by portfolio companies and assets is believed to be reliable for purposes used herein, it is subject to change, and Blackstone has not fully verified, and does not assume responsibility for, the accuracy or completeness of this information. Represents the sum of (a) estimated identified total cost reduction opportunities at the time cost is benchmarked with portfolio companies multiplied by the average enterprise value multiple across the portfolio, by finding the mean of the enterprise value multiples at time of BXCI’s initial investments, and (b) total revenue from introductions across Blackstone portfolio companies multiplied by earnings before interest, taxes, depreciation, and amortization (“EBITDA”) margin and multiple at investment of the portfolio company, with the exception of significantly longer term projects (projects that are greater than or equal to 10 years in project duration) in which total revenue is multiplied by EBITDA margin. Estimates assume revenue enhancements and costs savings directly improve enterprise value or EBITDA margins and that such revenue gains or cost savings will endure for the period of time implied by multiples.

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Disciplined Investment Process and Income-Oriented Investment Philosophy. Blackstone Credit & Insurance employs a rigorous investment process and defensive investment approach to evaluate all potential opportunities with a focus on long-term credit performance and principal protection. We believe Blackstone Credit & Insurance has generated attractive risk-adjusted returns in its investing activities throughout many economic and credit cycles by (i) maintaining its investment discipline; (ii) performing intensive credit work; (iii) carefully structuring transactions; and (iv) actively managing its portfolios. Blackstone Credit & Insurance’s investment approach involves a multi-stage selection process for each investment opportunity, as well as ongoing monitoring of each investment made, with particular emphasis on early detection of deteriorating credit conditions at portfolio companies, which would result in adverse portfolio developments. This strategy is designed to maximize current income and minimize the risk of capital loss while maintaining the potential for long-term capital appreciation. Additionally, Blackstone Credit & Insurance’s senior investment professionals have dedicated their careers to the leveraged finance and private equity sectors and we believe that their experience in due diligence, credit analysis and ongoing management of investments is invaluable to the success of the North America direct lending investment strategy. Blackstone Credit & Insurance generally targets businesses with leading market share positions, sustainable barriers to entry, high free cash flow generation, strong asset values, liquidity to withstand market cycles, favorable underlying industry trends, strong internal controls and high-quality management teams.

Strong Investment Track Record. Blackstone Credit & Insurance’s track record in private debt lending and investing in below investment grade credit dates back to the inception of Blackstone Credit & Insurance. Since 2005 through March 31, 2025, Blackstone Credit & Insurance has invested approximately $237 billion in capital in privately-originated transactions.3 Specifically within the North America Direct Lending strategy, Blackstone Credit & Insurance has invested approximately $135 billion4 in privately-originated or privately negotiated first lien and unitranche transactions. Corresponding to this North America Direct Lending track record, Blackstone Credit & Insurance has an annualized loss rate of 0.05%.5 We believe maintaining this consistent strategy in the North America Direct Lending strategy across market cycles, with a specific emphasis on combining current yield, downside protection, and inflation protection, will generate compelling investment outcomes for the Adviser. Blackstone Credit & Insurance believes that the depth and breadth of its team provides it with a competitive advantage in sourcing product on a global basis, structuring transactions and actively managing investments in the portfolio.

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​3 Includes invested and committed capital for privately originated and anchor investments across private credit strategies and vehicles since 2005, including Direct Lending, Sustainable Resources, Mezzanine, and Opportunistic. Excludes liquid credit strategy investments.

​4 As of March 31, 2025. The North America Direct Lending track record represents U.S. and Canada first lien and unitranche debt, or non-U.S. first lien and unitranche debt where >50% of the revenue is generated from the U.S. (which may be secured by the applicable borrower’s assets and/or equity) transactions in companies that were originated or anchored by certain Blackstone Credit & Insurance managed, advised or sub-advised funds (including the Fund, Blackstone Credit & Insurance managed mezzanine funds and Blackstone Credit & Insurance sub-advised BDCs, as well as certain other Blackstone Credit & Insurance managed funds and accounts) and, with respect to certain transactions, investments allocated to affiliates of Blackstone Credit & Insurance, which may be sold to Blackstone Credit & Insurance managed funds or accounts in the future (the “North America Direct Lending track record”). The track record includes investments for periods prior to December 31, 2017, in BDCs that were sub-advised by Blackstone Credit & Insurance on a non-discretionary basis until April 9, 2018 (the “Sub-Advised Investments”). With respect to certain transactions, the North America Direct Lending track record includes free equity and/or warrants that accompanied the debt financings, as well as any loans or securities into which the applicable first lien and unitranche debt may have been restructured subsequent to Blackstone Credit & Insurance’s initial investment. The North America Direct Lending track record excludes (i) broadly syndicated, mezzanine, second lien and equity (other than the aforementioned free equity and/or warrants or securities issued upon restructuring) transactions, among others and (ii) transactions where Blackstone Credit & Insurance’s invested capital (net of transactions fees) was under $25 million.

​5 As of March 31, 2025. The annualized loss rate represents annualized net losses for substantially realized investments. Whether an investment is substantially realized is determined in the manager’s discretion. Investments are included in the loss rate if (1) a payment was missed, (2) bankruptcy was declared, (3) there was a restructuring, or (4) it was realized with a total multiple on invested capital less than 1.0x. Net losses include all profits and losses associated with these investments, including interest payments received. Net losses are represented in the year the investment is substantially realized and excludes all losses associated with unrealized investments. The annualized net loss rate is the net losses divided by the average annual remaining invested capital within the platform. Investments sourced by Blackstone Credit & Insurance for the Sub-Advised Investments did, in certain cases, experience defaults and losses after Blackstone Credit & Insurance was no longer sub-adviser, and such defaults and losses are not included in the rates provided. Prior to December 31, 2022, the methodology used by the North America Direct Lending track record for calculating the platform’s average annual loss rate was based on net loss of principal resulting only from payment defaults in the year of default which would exclude interest payments. Past performance is not necessarily indicative of future results, and there can be no assurance that Blackstone Credit & Insurance will achieve comparable results or that any entity or account managed by or advised by Blackstone Credit & Insurance will be able to implement its investment strategy or achieve its investment objectives.

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Efficient Cost Structure. We believe that we have an efficient cost structure, as compared to other publicly traded BDCs, with low operating expenses, and financing costs. We believe our operating efficiency and senior investment strategy enable us to generate greater risk-adjusted investment returns for our investors relative to other publicly traded BDCs.

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;

•        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.

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.

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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.

Investment Selection

When identifying prospective investment opportunities, the Advisers currently intend to rely on fundamental credit analysis in order to minimize the loss of the Company’s capital. The Advisers expect to invest in companies generally possessing the following attributes, which they believe will help achieve our investment objectives:

Leading, Defensible Market Positions. The Advisers intend to invest in companies that they believe have developed strong positions within their respective markets and exhibit the potential to maintain sufficient cash flows and profitability to service their obligations in a range of economic environments. The Advisers will seek companies that they believe possess advantages in scale, scope, customer loyalty, product pricing, or product quality versus their competitors, thereby minimizing business risk and protecting profitability.

Proven Management Teams. The Advisers focus on investments in which the target company has an experienced and high-quality management team with an established track record of success. The Advisers typically require companies to have in place proper incentives to align management’s goals with the Company’s goals.

Private Equity Sponsorship. Often the Advisers seek to participate in transactions sponsored by what they believe to be high-quality private equity firms. The Advisers believe that a private equity sponsor’s willingness to invest significant sums of equity capital into a company is an implicit endorsement of the quality of the investment. Further, private equity sponsors of companies with significant investments at risk generally have the ability and a strong incentive to contribute additional capital in difficult economic times should operational issues arise, which could provide additional protections for our investments.

Broad Exposure. The Advisers seek to invest broadly among industries and issuers, thereby potentially reducing the risk of a downturn in any one company or industry having a disproportionate impact on the value of the Company’s portfolio.

Viable Exit Strategy. In addition to payments of principal and interest, we expect the primary methods for the strategy to realize returns on our investments include refinancings, sales of portfolio companies, and in some cases initial public offerings and secondary offerings. While many debt instruments in which we will invest have stated maturities of five to eight years, we expect the majority to be redeemed or sold prior to maturity. These instruments often have call protection that requires an issuer to pay a premium if it redeems in the early years of an investment. The investment team regularly reviews investments and related market conditions in order to determine if an opportunity exists to realize returns on a particular investment. We believe the ability to utilize the entire resources of Blackstone Credit & Insurance, including the public market traders and research analysts, allows the Advisers to gain access to current market information where the opportunity may exist to sell positions into the market at attractive prices.

Investment Process Overview

Our investment activities are managed by our Advisers. The Advisers are responsible for originating prospective investments, conducting research and due diligence investigations on potential investments, analyzing investment opportunities, negotiating and structuring our investments and monitoring our investments and portfolio companies on an ongoing basis, in each case with respect to the Allocated Portion.

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The investment professionals employed by Blackstone Credit & Insurance have spent their careers developing the resources necessary to invest in private companies. Our transaction process is highlighted below.

Sourcing and Origination

The private credit investment team, comprised of 102 dedicated investment professionals as of March 31, 2025, is responsible for establishing regular dialogue with, and coverage of, the financial advisory, corporate issuer, financial sponsor, legal and restructuring communities. The team also has regular contact with Wall Street firms, business brokers, industry executives and others who help identify direct origination investment opportunities. Blackstone Credit & Insurance seeks to be a value-added partner to its counterparties in connection with their capital needs, and believes that these relationships have driven, and will continue to drive, substantial proprietary deal flow and insight into investment opportunities.

The Company seeks to generate investment opportunities primarily through direct origination channels. The global presence of Blackstone Credit & Insurance generates access to a substantial amount of directly originated transactions with what it believes to be attractive investment characteristics. Blackstone Credit & Insurance’s team has over 400 sponsor and advisor relationships with a primary focus on what it believes are the largest, highest quality, and most-well capitalized sponsors and advisors, leading to substantial repeat counterparties and making Blackstone Credit & Insurance a partner of choice to these sponsors. In addition to the depth and breadth of Blackstone Credit & Insurance’s relationships, sponsor and advisor partners also seek to transact with Blackstone Credit & Insurance due to its value-add through the Value Creation Program by not only helping companies with operational support, but also potentially enhancing revenue generation and cost savings opportunities for Blackstone Credit & Insurance’s portfolio companies, all of which further contribute to our origination efforts. With respect to syndicate and club deals, Blackstone Credit & Insurance has built a network of relationships with commercial and investment banks, finance companies and other investment funds as a result of the long track record of its investment professionals in the leveraged finance marketplace. Blackstone Credit & Insurance also has a $111 billion Liquid Corporate Credit platform, which, we believe, allows us access to the secondary market for investment opportunities. Blackstone Credit & Insurance is invested in over 4,900 corporate issuers across its $389 billion platform which we believe offers us deep insight across all sectors and industries in our market.

Blackstone Credit & Insurance aims to leverage the broader Blackstone network to generate additional deal flow. Blackstone’s Private Equity platform has been built over the past 35 years and invests globally across industries in both established and growth-oriented structures. Blackstone’s Real Estate group is the world’s largest owner of commercial real estate. Blackstone’s General Partnership Stakes group seeks to serve as a strategic partner to talented managers at all stages of their life cycles and help them build enduring franchises. Through such other business units of Blackstone, Blackstone Credit & Insurance aims to increase its connectivity and deepen sponsor relationships.

We believe that Blackstone Credit & Insurance’s strong reputation and longstanding relationships with its broad network will help drive substantial proprietary deal flow and provide a significant pipeline of investment opportunities for us.

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Evaluation and Due Diligence

The hallmark of Blackstone Credit & Insurance’s approach to investing will continue to be defined by a rigorous due diligence process focused on downside protection and capital preservation. This process includes a thorough business review of the industry, competitive landscape, products, customers, returns on capital, strength of management team and consultation with outside advisors and industry experts, and benefits from Blackstone’s global platform, offering broad access and insight. When a new investment opportunity is sourced, the Blackstone Credit & Insurance team spends time with management, analyzing the company’s assets and its financial position. This initial assessment is then followed by extensive credit analysis, including asset valuation work; financial modeling and scenario analysis; cash flow and liquidity analyses; and legal, tax and accounting review. Blackstone Credit & Insurance’s diligence process will also include a detailed review of key qualitative factors, including the strength of management, quality / strategic value of the company’s assets, and potential operational risks. Further detail on this process is outlined below.

Initial Review. The investment team examines information furnished by the target company and external sources, including financial sponsors, banks, advisors and rating agencies, if applicable, to determine whether the investment meets our basic investment criteria within the context of proper allocation of our portfolio among various issuers and industries, and offers an acceptable probability of attractive returns with identifiable downside risk. Blackstone Credit & Insurance conducts detailed due diligence investigations. Given its incumbent positions, for the majority of securities available on the secondary market, a comprehensive analysis is conducted and continuously maintained by a dedicated Blackstone Credit & Insurance research analyst, the results of which are available for the transaction team to review.

Credit Analysis/Due Diligence. Before undertaking an investment, the investment team conducts a thorough and rigorous due diligence review of the opportunity to ensure the company fits our investment strategy for originated investments, which may include:

•        a full operational analysis to identify the key risks and opportunities of the target’s business, including a detailed review of historical and estimated financial results;

•        a detailed analysis of industry and customer dynamics, competitive position, regulatory, tax, legal, environmental, social and governance matters;

•        a detailed financial modeling and scenario analysis;

•        reference calls within the Blackstone network on the company and relevant industry outlook;

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

•        on-site visits and customer and supplier reference calls, if deemed necessary;

•        background checks to further evaluate management and other key personnel;

•        a review by legal and accounting professionals, environmental or other industry consultants, if necessary;

•        a review of financial sponsor due diligence, including portfolio company and lender reference checks, if necessary; and

•        a review of management’s experience and track record.

Third parties are often involved in the Advisers’ due diligence process, whether they are hired by the Advisers or by the lead sponsor in a transaction. Utilizing consultants to help evaluate a business and test an investment thesis is typically very beneficial. When possible, the Advisers seek to structure transactions in such a way that our target companies are required to bear the costs of due diligence, including those costs related to any outside consulting work we may require.

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The foregoing initial assessment is then followed by extensive credit analysis, including asset valuation, financial analysis, cash flow analysis and scenario analysis, legal and accounting review, and comparable credit and equity analyses. A thorough assessment of structure and leverage of a transaction and how the particular investment fits into the overall investment strategy of the portfolio is conducted. Blackstone Credit & Insurance’s typical investment process (including diligence) for an originated investment opportunity typically spans two to six months, from the initial screen through final approval and funding. Depending on the deal, each investment team typically consists of four to five investment professionals, consisting of a senior managing director, managing director, principal or vice president and associate and/or analyst.

The Investment Committee utilizes a consensus-driven approach and includes long-tenured professionals that have been with Blackstone Credit & Insurance on average of approximately 15 years and have approximately 23 years of industry experience: Brad Marshall, Michael Zawadzki, Michael Carruthers, Brad Colman, Justin Hall, Robert Horn, Valerie Kritsberg, Daniel Leiter, Ferdinand Niederhofer, Daniel Oneglia, Robert Petrini and Louis Salvatore. For transactions above certain size parameters, others who participate in the Investment Committee process include members of Blackstone senior leadership, Jonathan Gray, Michael Chae, Vikrant Sawhney, and Kenneth Caplan, as well as others on the investment team responsible for conducting due diligence, and other senior members of Blackstone Credit & Insurance and broader Blackstone. For certain investments, generally smaller investments where the Company is participating alongside other lenders in a “club” deal, providing an anchor order or purchasing broadly syndicated loans, the Investment Committee has delegated the authority to make an investment decision to the CIO or Portfolio Manager of a strategy or fund.

The Investment Committee review process is multi-step and iterative and occurs in parallel with the diligence and structuring of investments. The initial investment screening process involves an Investment Committee “Heads-Up” review presentation by the senior managing director leading a given transaction and members of the investment team. The Heads-Up review involves the production of a short memorandum with a focus on the following diligence items: an early diligence review of the underlying business fundamentals; expected return potential; expected investment size; assessment of key risks; and an appropriate initial diligence plan. At this point in the decision-making process, the Investment Committee will decide whether or not the investment team should proceed with deeper diligence on the investment opportunity.

Once in-depth diligence has commenced, the investment team compiles its findings, credit risks and mitigants, and preliminary transaction recommendation into a memorandum that is presented to a select group of senior managing directors in a weekly forum referred to as “Office Hours.” Office Hours provides a subset of the Investment Committee the opportunity to review the investment team’s detailed diligence findings in advance of presenting to the full Investment Committee, and to pose questions and recommendations to the investment team regarding its credit evaluation.

The ultimate results and findings of the investment analysis, including any follow up diligence items identified at Office Hours, are compiled in comprehensive investment memoranda that are used as the basis to support the investment thesis and are utilized by the Investment Committee (or delegate, if applicable) for final investment review and approval.

Portfolio Monitoring

Active management of our investments is performed by the team responsible for making the initial investment as well as by members of the Office of the CIO. Blackstone Credit & Insurance believes that actively managing an investment allows it to identify problems early and work with companies to develop constructive solutions when necessary. Blackstone Credit & Insurance will monitor our portfolio with a focus toward anticipating negative credit events. In seeking to maintain portfolio company performance and help to ensure a successful exit, Blackstone Credit & Insurance will work closely with, as applicable, the lead equity sponsor, loan syndicator, portfolio company management, consultants, advisers and other security holders to discuss financial position, compliance with covenants, financial requirements and execution of the company’s business plan. In addition, depending on the size, nature and performance of the transaction, we may occupy a seat or serve as an observer on a portfolio company’s board of directors or similar governing body.

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

While the initial investment team remains primarily responsible for the collection, analysis, and dissemination of financial information received from portfolio companies, the portfolio managers and members of the Office of the CIO also review portfolio reporting on a daily, weekly, and monthly basis to identify early signs of outperformance or underperformance.

Blackstone Credit & Insurance maintains several formal forums to review and monitor the portfolio. Quarterly portfolio reviews are conducted to identify broad trends across the portfolio and assess recent performance. Blackstone Credit & Insurance conducts industry-specific reviews across both our private and liquids businesses to provide in-depth insights into particular sectors, bringing together comprehensive insights across our platform. In addition, bi-weekly portfolio screening committees and monthly Watch List Committee meetings are used for in-depth reviews of credits.

In instances of weaker than expected performance, members of the Office of the CIO, including over 20 professionals dedicated to asset management as of March 31, 2025, may work closely with deal teams to review and diligence the source of underperformance, re-underwrite the business, and develop a comprehensive strategy for go-forward management of the position. Blackstone Credit & Insurance’s Asset Management Group, housed within the Office of the CIO, comprises a team of functionally-oriented professionals focused on three verticals: Financial Solutions, Operational Asset Management, and Legal / Restructuring. Financial Solutions provides detailed financial analysis, re-underwriting capabilities, and support for portfolio companies such as cash flow estimates or other financial management tools, as needed. Operational Asset Management assesses portfolio company processes, management, and operational capabilities to support and drive operational improvements. Operational Asset Management also is responsible for our Value Creation Program, which leverages the scale of the broader Blackstone platform in order to improve operations and profitability at Blackstone Credit & Insurance portfolio companies.

Financial reporting for portfolio companies is reviewed on a daily, weekly and monthly basis by deal teams and members of the Office of the CIO, including the Asset Management Group. Blackstone Credit & Insurance utilizes a series of proprietary portfolio dashboards and automated reports to ensure responsible parties receive detailed information on a timely basis. Each week, all financial reporting results across the portfolio are aggregated and distributed to the portfolio management team for review. Portfolio company performance updates, including recent developments and go-forward action plans for underperforming assets, are reviewed at bi-weekly portfolio screening committee and monthly Watch List Committee meetings, which include members of the Investment Committee. Our formal Watch List, which is managed by the Office of the CIO, is reviewed at monthly Watch List Committee meetings, with interim updates as needed. The Watch List Committee is comprised of members of the Investment Committee and includes investment professionals from both our Liquid Credit and Private Credit businesses. On a quarterly basis, the watch list is also reviewed in depth with Blackstone senior management including President and Chief Operating Officer Jonathan Gray, Chief Financial Officer Michael Chae, and Global Co-Chief Investment Officer Kenneth Caplan.

Valuation Process. Each quarter, we will value investments in our portfolio, and such values will be disclosed each quarter in reports filed with the SEC. With respect to investments for which market quotations are not readily available, the Board reviews the valuation recommendations of the Audit Committee of the Board (the “Audit Committee”) and determines the fair value of each investment in the portfolio in good faith, based on the input of the Audit Committee, the Advisers’ valuation committee and where applicable, the independent valuation firms and other external service providers, based on procedures adopted by, and subject to the supervision of, the Board.

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Managerial Assistance. As a BDC, we must offer, and provide upon request, significant managerial assistance to certain of our portfolio companies except where the Company purchases securities of an issuer in conjunction with one or more other persons acting together, one of the other persons in the group makes available such managerial assistance. This assistance could involve, among other things, monitoring the operations of our portfolio companies, participating in board and management meetings, consulting with and advising officers of portfolio companies and providing other organizational and financial guidance, including through the Value Creation Program. The Advisers and the Administrators will provide such managerial assistance on our behalf to portfolio companies that request this assistance. To the extent fees are paid for these services, we, rather than the Advisers, will retain any fees paid for such assistance.

Exit

In addition to payments of principal and interest, we expect the primary methods for the strategy to realize returns on its investments to include refinancings, sales of portfolio companies, and in some cases initial public offerings and secondary offerings. While many debt securities in which we will invest have stated maturities of five to eight years, based on Blackstone Credit & Insurance’s past experience, we believe most of these securities will be redeemed or sold prior to maturity. These securities often have call protection that requires an issuer to pay a premium if it redeems in the early years of an investment. However, there is no assurance that our investments will achieve realization events as a result of refinancings, sales of portfolio companies or public offerings and these realization events will become more unlikely when conditions in the credit and capital markets have deteriorated.

The investment team regularly reviews investments and related market conditions in order to determine if an opportunity exists to realize returns on a particular investment. We believe the Advisers’ ability to utilize the entire resources of Blackstone Credit & Insurance, including the public market traders, research analysts and capital markets functions, allows the Advisers to gain access to current market information where the opportunity may exist to sell positions into the market at attractive prices.

Co-Investment Relief

We have in the past co-invested, and in the future will co-invest, with certain affiliates of Blackstone and the Advisers. The Company has received an exemptive order from the SEC that permits the Company, among other things, to co-invest with certain other persons, including certain affiliates of Blackstone and the Advisers and certain funds managed and controlled by Blackstone, the Advisers and their respective affiliates, subject to certain terms and conditions. Pursuant to such order, the Board has approved co-investment policies and procedures describing how the Company will comply with the co-investment exemptive relief. Further, the Advisers have adopted co-investment policies and procedures describing the allocation of co-investment opportunities in which the Company will have the opportunity to participate with one or more Blackstone and Blackstone Credit & Insurance BDCs, other Regulated Funds (as defined below) and other public or private Blackstone and Blackstone Credit & Insurance funds that target similar assets. “Regulated Funds” are other Blackstone or Blackstone Credit & Insurance clients that are closed-end management investment companies that have elected to be regulated as a BDC or are registered under the 1940 Act and who intend to rely on the exemptive order. If Blackstone Credit & Insurance considers an investment that is consistent with our then-current investment objectives and strategies, Blackstone Credit & Insurance must present the Company with the opportunity to participate in the investment. The Company may determine to participate or not to participate, depending on whether Blackstone or Blackstone Credit & Insurance determine that the investment is appropriate for the Company (e.g., based on investment strategy). If the Company does participate, the co-investment is generally allocated to the Company, any other Blackstone Credit & Insurance BDCs and other Regulated Funds (including Blackstone Private Credit Fund) and the other Blackstone and Blackstone Credit & Insurance funds participating in the investment pro rata based on available capital in the applicable asset class. If the Advisers determine that such investment is not appropriate for the Company or that the Company should not participate, the investment will not be allocated to the Company.

Corporate Information

Our corporate headquarters are located at 345 Park Avenue, 31st Floor, New York, New York 10154. We maintain a website at www.bxsl.com. Information on our website or on Blackstone’s website at www.blackstone.com is not incorporated by reference into this prospectus, and you should not consider that information to be part of this prospectus.

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Risk Factors

An investment in our securities involves a high degree of risk and may be considered speculative. You should carefully consider the information found in “Risk Factors” before deciding to invest in our securities. Risks involved in an investment in our securities include:

Risks Related to Our Business and Structure

•                  Price declines in the medium- and large-sized U.S. corporate debt market may adversely affect the fair value of our portfolio and our market price.

•                  Our ability to achieve our investment objectives depends on the ability of the Advisers to manage and support our investment process largely through relationships with private equity sponsors, investment banks and commercial banks.

•                  Our Board may change our operating policies and strategies or amend our Fourth Amended and Restated Declaration of Trust (the “Declaration of Trust”) without prior notice or shareholder approval, the effects of which may be adverse to our results of operations and financial condition.

•                  We may face increasing competition for investment opportunities, have difficulty sourcing investment opportunities and experience fluctuations in our quarterly results.

•                  As required by the 1940 Act, a significant portion of our investment portfolio is and will be recorded at fair value as determined in good faith by our Board and, as a result, there is and will be uncertainty as to the value of our portfolio investments.

•                  There is a risk that investors in our shares may not receive distributions or that our distributions may decrease over time.

•                  Changes in laws or regulations governing our operations and the possibility of increased regulatory focus on areas related to our business could result in additional burdens on our business.

•                  General economic conditions could adversely affect the performance of our investments and our market price, including recessionary fears, geopolitical events and inflation.

•                  We and our portfolio companies and service providers may be subject to cybersecurity risks and our business could be adversely affected by changes to data protection laws and regulations.

Risks Related to Our Investments

•                  We generally will not control our portfolio companies and our investments in prospective portfolio companies may be risky.

•                  Economic recessions or downturns or restrictions on trade could impair our portfolio companies and adversely affect our operating results.

•                  Our portfolio companies may incur debt that ranks equally with, or senior to, our investments in such companies and breach covenants or defaults on such debt.

•                  We are exposed to risks associated with changes in interest rates.

•                  Second priority liens on collateral securing debt investments that we make to our portfolio companies may be subject to control by senior creditors with first priority liens.

•                  Our portfolio may be concentrated in a limited number of industries, which may subject us to specific risks.

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Risks Related to the Advisers and Their Affiliates

•                  The Advisers and their affiliates, including our officers and some of our trustees, face conflicts of interest caused by compensation arrangements with us and our affiliates, which could result in actions that are not in the best interests of our shareholders.

•                  We may be obligated to pay the Adviser, and the Adviser may be obligated to pay the Sub-Adviser, incentive compensation even if we incur a net loss due to a decline in the value of our portfolio;

•                  The Advisers rely on key personnel, the loss of any of whom could impair its ability to successfully manage us.

Risks Related to Business Development Companies

•                  The requirement that we invest a sufficient portion of our assets in assets of the type listed in Section 55(a) of the 1940 Act (“Qualifying Assets”) could preclude us from investing in accordance with our current business strategy; conversely, the failure to invest a sufficient portion of our assets in Qualifying Assets could result in our failure to maintain our status as a BDC.

•                  Regulations governing our operation as a BDC and RIC will affect our ability to raise, and the way in which we raise, additional capital or borrow for investment purposes.

Risks Related to Debt Financing

•                  We borrow money, which magnifies the potential for loss on amounts invested in us and may increase the risk of investing in us.

•                  Provisions in a credit facility may limit our investment discretion.

•                  We are subject to risks associated with the unsecured notes and debt securitizations that we have issued and our credit facilities.

Federal Income Tax Risks

•                  We will be subject to corporate-level income tax if we are unable to maintain RIC tax treatment under Subchapter M of the Code or satisfy RIC distribution requirements.

•                  Our portfolio investments may present special tax issues.

•                  Legislative or regulatory tax changes could adversely affect investors.

Risks Related to an Investment in the Common Shares

•                  Shares of closed-end management investment companies, including BDCs, often trade at a discount to their net asset value.

•                  An investment in our shares involves a high degree of risk and the market price of our securities could fluctuate significantly.

•                  There is a risk that investors in our equity securities will not receive distributions or that our distributions do not grow over time and a portion of our distributions could be a return of capital.

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OFFERINGS

Under the shelf registration process, which constitutes a delayed offering in reliance on Rule 415 under the Securities Act, we may offer, from time to time, in one or more offerings or series, our common shares, preferred shares, debt securities, subscription rights to purchase our securities, or warrants representing rights to purchase our securities on terms to be determined at the time of the offering. We will offer our securities at prices and on terms to be set forth in one or more supplements to this prospectus.

We may offer our securities directly to one or more purchasers, including existing shareholders in a rights offering, through agents that we designate from time to time or to or through underwriters or dealers. The prospectus supplement relating to each offering will identify any agents or underwriters involved in the sale of our securities, and will set forth any applicable purchase price, fee, commission or discount arrangement between us and our agents or underwriters or among our underwriters or the basis upon which such amount may be calculated. See “Plan of Distribution” in this prospectus. We may not sell any of our securities through agents, underwriters or dealers without delivery of a prospectus supplement describing the method and terms of the offering of our securities. Set forth below is additional information regarding offerings of our securities:

		Symbol on the New York Stock Exchange		“BXSL”
		Use of Proceeds		Unless otherwise specified in a prospectus supplement, we intend to use the net proceeds from the sale of our securities for general corporate purposes, which may include, among other things, investing in accordance with our investment objectives and strategies and repaying indebtedness (which will be subject to reborrowing).
				Each supplement to this prospectus relating to an offering will more fully identify the use of the proceeds from such offering.
				See “Use of Proceeds” in this prospectus.
		Distributions		We intend to make quarterly distributions to our shareholders out of assets legally available for distribution. Our distributions, if any, will be determined by our Board. All future distributions will be subject to lawfully available funds therefor, and we can offer no assurance that we will be able to declare such distributions in future periods.
				We intend to timely distribute substantially all of our annual income for each year to shareholders in such a manner so as to meet the requirements prescribed under Section 852(a) of Subchapter M of the Code, except that we may retain certain net capital gains for reinvestment and, depending upon the level of annual income earned in a year, we may choose to carry forward income for distribution in the following year and as such pay any applicable U.S. federal excise tax associated with carrying forward such income. The distributions we pay to our shareholders in a year may exceed our taxable earnings and profits for that year and, accordingly, a portion of such distributions may constitute a return of capital to our shareholders for U.S. federal income tax purposes. The specific tax characteristics of our distributions will be reported to shareholders after the end of the calendar year. See “Distributions” in this prospectus.

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		Taxation		We have elected to be treated for U.S. federal income tax purposes, and intend to qualify annually, as a RIC under Subchapter M of the Code. Our tax treatment as a RIC will enable us to deduct from income any qualifying distributions made to our shareholders, so that we will only be potentially subject to corporate-level U.S. federal income taxation in respect of earnings that we retain and do not distribute, if any.
				To maintain our status as a RIC and to avoid being subject to corporate-level U.S. federal income taxation on our earnings, we must, among other things: •        maintain our election under the 1940 Act to be treated as a BDC; •        derive in each taxable year at least 90% of our gross income from dividends, interest, gains from the sale or other disposition of stock or securities and other specified categories of investment income; and •        maintain diversified holdings as prescribed by Subchapter M of the Code.
				In addition, to qualify and maintain our tax treatment as a RIC, we must distribute (or be deemed to have distributed) in each taxable year dividends, for tax purposes, in an amount equal to at least 90% of our investment company taxable income (“ICTI”) (which is generally our ordinary income plus the excess, if any, of our realized net short-term capital gains over our realized net long-term capital losses) and net tax-exempt income for that taxable year.
				As a RIC, we generally will not be subject to corporate-level U.S. federal income tax on our ICTI and net capital gains, if any, that we distribute to our shareholders. If we fail to distribute for a calendar year at least an amount equal to the sum of (i) 98% of our ordinary income for the calendar year, (ii) 98.2% of our capital gain net income (both long-term and short-term), if any, for the one-year period ending October 31 of the calendar year, and (iii) any ordinary income and capital gains for previous years that were not distributed during those years, on a timely basis, we may be subject to a non-deductible, entity level, 4% U.S. federal excise tax on the amount of undistributed earnings falling short of the aforementioned minimum percentages. See “Distributions” and “Certain U.S. Federal Income Tax Considerations” in this prospectus.
		Leverage		As a BDC, we are permitted under the 1940 Act to borrow funds or issue “senior securities” to finance a portion of our investments. As a result, we are exposed to the risks of leverage, which may be considered a speculative investment technique.

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				Leverage increases the potential for gain and loss on amounts invested and, as a result, increases the risks associated with investing in our securities. With certain limited exceptions, we may issue “senior securities,” including borrowing money from banks or other financial institutions only in amounts such that 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% after such incurrence or issuance. This means that generally, we can borrow up to $2 for every $1 of investor equity. The costs associated with our borrowings, including any increase in the management fee payable to the Adviser, are borne by our shareholders.
				As of March 31, 2025, our asset coverage was 184.2%. See “Regulation” in this prospectus.
		Dividend reinvestment plan		We have adopted an “opt out” dividend reinvestment plan (“DRIP”) for our shareholders. As a result, if we declare a cash dividend or other distribution, each shareholder that has not “opted out” of our DRIP will have their dividends or distributions automatically reinvested in additional amounts of our common shares rather than receiving cash distributions. There will be no up-front selling commissions or dealer manager fees to you if you elect to participate in the dividend reinvestment plan. We will pay the plan administrator fees under the plan.
				Shareholders who receive dividends and other distributions in the form of common shares generally are subject to the same U.S. federal tax considerations as shareholders who elect to receive their distributions in cash; however, since their cash dividends will be reinvested, those shareholders will not receive cash with which to pay any applicable taxes on reinvested dividends. See “Dividend Reinvestment Plan” in this prospectus.
		Management Agreements		We are managed by our Adviser, Blackstone Private Credit Strategies LLC, and our Sub-Adviser, Blackstone Credit BDC Advisors LLC. The Advisers are affiliates of our Sub-Administrator, Blackstone Alternative Credit Advisors LP. Blackstone Private Credit Strategies LLC, in its capacity as Administrator to the Company, and the Sub-Administrator provide certain administrative and other services necessary for the Company to operate pursuant to the Administration Agreements. For a description of our Advisory Agreements and Administration Agreements, see “Management and Other Agreements” in this prospectus.
		Custodian, Transfer and Dividend Paying Agent and Registrar		State Street Bank and Trust Company serves as our custodian. SS&C GIDS, Inc. acts as our transfer agent and dividend disbursing agent for our common shares. See “Custodian, Transfer and Dividend Paying Agent and Registrar” in this prospectus.

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		Available Information		We have filed with the SEC a registration statement on Form N-2, of which this prospectus is a part, under the Securities Act. This registration statement contains additional information about us and the securities being offered by this prospectus. We are also required to file periodic reports, current reports, proxy statements and other information with the SEC. This information is available on the SEC’s website at http://www.sec.gov.
				We maintain a website at www.bxsl.com and make all of our periodic and current reports, proxy statements and other information available, free of charge, on or through our website. Information on our website and the SEC’s website is not incorporated into or part of this prospectus. You may also obtain such information free of charge by contacting us in writing at 345 Park Avenue, 31st Floor, New York, New York 10154, Attention: Blackstone Secured Lending Fund, or by phone at (212) 503-2100.
		Incorporation of Certain Information by Reference		This prospectus is part of a registration statement that we have filed with the SEC. The information incorporated by reference is considered to comprise a part of this prospectus from the date we file any such document. Any reports filed by us with the SEC subsequent to the date of this prospectus and before the date that any offering of any securities by means of this prospectus and any supplement thereto is terminated will automatically update and, where applicable, supersede any information contained in this prospectus or incorporated by reference in this prospectus. See “Incorporation of Certain Information by Reference” in this prospectus.

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FEES AND EXPENSES

The following table is intended to assist you in understanding the costs and expenses that you will bear directly or indirectly. We caution you that some of the percentages indicated in the table below are estimates and may vary. The following table should not be considered a representation of our future expenses. Actual expenses may be greater or less than shown. Except where the context suggests otherwise, whenever this prospectus contains a reference to fees or expenses paid by “us” or “the Company” or that “we” will pay fees or expenses, you will indirectly bear these fees or expenses as an investor in the Company.

Shareholder transaction expenses:
Sales load (as a percentage of offering price)		—%(1)
Offering expenses (as a percentage of offering price)		—%(2)
Dividend reinvestment plan expenses		None(3)
Total shareholder transaction expenses (as a percentage of offering price)		—%

Annual expenses (as a percentage of net assets attributable to common shares)(9):
Management Fee payable under the Investment Advisory Agreement		2.18%(4)
Incentive Fee payable under the Investment Advisory Agreement		2.48%(5)
Interest payments on borrowed funds		5.90%(6)
Other expenses		0.47%(7)
Total annual expenses		11.03%(8)

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(1)    In the event that the securities are sold to or through underwriters, a related prospectus supplement will disclose the applicable sales load (underwriting discount or commission).

(2)    A related prospectus supplement will disclose the estimated amount of offering expenses, the offering price and the estimated amount of offering expenses borne by the Company as a percentage of the offering price.

(3)    The expenses of the dividend reinvestment plan are included in “other expenses” in the table above. For additional information, see “Dividend Reinvestment Plan” in this prospectus.

(4)    The Management Fee is 1.0% of our average gross assets (excluding undrawn commitments but including assets purchased with borrowed amounts). We may from time to time decide it is appropriate to change the terms of the agreement. Under the 1940 Act, any material change to our Investment Advisory Agreement must be submitted to shareholders for approval. See “Management and Other Agreements” in this prospectus.

        The Management Fee reflected in the table is calculated by determining the ratio that the Management Fee bears to our net assets attributable to common shares (rather than our gross assets). The estimate of our Management Fee referenced in the table assumes that our average gross assets are 2.18x our average net assets.

(5)    The Incentive Fee will consist of two components, “Income based incentive fees” and “Capital Gains incentive fees” that are independent of each other, with the result that one component may be payable even if the other is not. The amount included in the table above are estimated by annualizing “Income based incentive fees” expense for the three months ended March 31, 2025, without regard to any impact from the cap applicable to the “Income based incentive fees,” and adding the “Capital gains based incentive fees” accrued in accordance with accounting principles generally accepted in the United States (U.S. GAAP). The table reflects each incentive fee calculated at a rate of 17.5%.

        For a more detailed discussion of the calculation of this fee, see “Management and Other Agreements” in this prospectus and Note 3 in our notes to the unaudited condensed consolidated financial statements in our most recent Quarterly Report on Form 10-Q.

(6)    We borrow funds to make investments. The costs associated with such borrowing will be indirectly borne by shareholders. The interest payment on borrowed funds referenced in the table above is estimated based on annualizing the actual amounts of interest payment on borrowed funds incurred during the three months ended March 31, 2025, divided by our weighted average net assets. We may also issue additional debt securities or preferred shares, subject to our compliance with applicable requirements under the 1940 Act.

(7)    Includes our overhead expenses, such as payments under the Administration Agreement for certain expenses incurred by the Adviser. See “Management and Other Agreements—Administration Agreement” in this prospectus. We based these expenses on estimated amounts for the current fiscal year.

(8)    Estimated.

(9)    Average net assets employed as the denominator for expense ratio computation is $6,299.5 million.

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The following example demonstrates the projected dollar amount of total cumulative expenses over various periods with respect to a hypothetical investment in our common shares. In calculating the following expense amounts, we have assumed that our annual operating expenses would remain at the levels set forth in the table above. Transaction expenses are not included in the following example.

		1 year		3 years		5 years		10 years
You would pay the following expenses on a $1,000 investment, assuming a 5% annual return resulting entirely from net investment income(1)		$84		$243		$391		$718
You would pay the following expenses on a $1,000 investment, assuming a 5% annual return resulting entirely from net realized capital gains(2)		$107		$302		$474		$822

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(1)    The income based incentive fee is subject to a 6% hurdle. Accordingly, no incentive fee would be payable in this example.

(2)    Assumes no unrealized capital depreciation or realized capital losses and 5% annual return on our portfolio resulting entirely from net realized capital gains (and therefore subject to the capital gains incentive fee).

While the example assumes, as required by the SEC, a 5% annual return, our performance will vary and may result in a return greater or less than 5%. There is no incentive compensation either on income or on capital gains under our Investment Advisory Agreement assuming a 5% annual return and therefore it is not included in the example. If we achieve sufficient returns on our investments, including through the realization of capital gains, to trigger an incentive compensation of a material amount, our distributions to our shareholders and our expenses would likely be higher. In addition, while the example assumes reinvestment of all dividends and distributions at net asset value, participants in our dividend reinvestment plan will receive a number of common shares, determined by dividing the total dollar amount of the dividend or distribution payable to a participant by the market price per common share at the close of trading on the valuation date for the dividend. See “Dividend Reinvestment Plan” in this prospectus for additional information regarding our dividend reinvestment plan.

Except where the context suggests otherwise, whenever this prospectus contains a reference to fees or expenses paid by “you,” the “Company,” or “us,” our common shareholders will indirectly bear such fees or expenses.

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FINANCIAL HIGHLIGHTS

The financial data set forth in the following table as of and for the years ended December 31, 2024, 2023, 2022, 2021, 2020, 2019 and 2018 are derived from our consolidated financial statements, which have been audited by Deloitte & Touche LLP, an independent registered public accounting firm whose reports thereon are incorporated by reference in this prospectus, certain documents incorporated by reference in this prospectus or the accompanying prospectus supplement, or our Annual Reports on Form 10-K filed with the SEC, which may be obtained from www.sec.gov or upon request. The financial data set forth in the following table as of and for the three months ended March 31, 2025 is derived from our unaudited financial statements, but in the opinion of management, reflects all adjustments (consisting only of normal recurring adjustments) that are necessary to present fairly the results of such interim period. Interim results as of and for the three months ended March 31, 2025 are not necessarily indicative of the results that may be expected for the year ending December 31, 2025. You should read these financial highlights in conjunction with our consolidated financial statements and notes thereto and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” incorporated by reference into this prospectus, any documents incorporated by reference in this prospectus or the accompanying prospectus supplement, or our Annual Reports on Form 10-K filed with the SEC.

		Three Months Ended March 31,			For The Year Ended December 31,
		2025			2024			2023			2022			2021
Per Share Data(1):
Net asset value, beginning of period		$	27.39		$	26.66		$	25.93		$	26.27		$	25.20
Net investment income			0.83			3.51			3.90			2.91			2.43
Net change in unrealized and realized gain (loss)			(0.17)			(0.06)			(0.24)			(0.47)			0.76
Net increase (decrease) in net assets resulting from operations			0.66			3.45			3.66			2.44			3.19
Distributions declared(2)			(0.77)			(3.08)			(2.94)			(2.91)			(2.03)
Net increase (decrease) in net assets from capital share transactions			0.11			0.36			0.01			0.13			(0.09)
Total increase (decrease) in net assets			0.00			0.73			0.73			(0.34)			1.07
Net asset value, end of period		$	27.39		$	27.39		$	26.66		$	25.93		$	26.27
Market value, end of period		$	32.36		$	32.31		$	27.64		$	22.35		$	34.00
Shares outstanding, end of period			227,818,928			221,892,184			185,782,408			160,362,861			169,274,033
Total return based on NAV(3)			2.8%			13.7%			14.7%			10.3%			12.6%
Total Return based on market value(4)			2.6%			29.8%			37.4%			(26.1)%			32.1%
Ratios:
Ratio of net expenses to average net assets(5)			10.5%			11.2%			10.9%			8.4%			7.2%
Ratio of net investment income to average net assets(5)			12.2%			12.8%			14.6%			11.1%			9.3%
Portfolio turnover rate			5.3%			6.9%			13.4%			9.9%			35.4%
Supplemental Data:
Net assets, end of period		$	6,240,869		$	6,076,521		$	4,952,041		$	4,158,966		$	4,447,479
Asset coverage ratio			184.2%			185.7%			200.3%			174.8%			180.2%

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		For the Year Ended December 31,
		2020			2019			2018(6)
Per Share Data(1):
Net asset value, beginning of period		$	26.02		$	24.57		$	25.00
Net investment income			2.51			2.18			0.17
Net change in unrealized and realized gain (loss)			(0.22)			0.96			(0.57)
Net increase (decrease) in net assets resulting from operations			2.29			3.14			(0.40)
Distributions declared(2)			(2.30)			(2.00)			—
Net increase (decrease) in net assets from capital share transactions			(0.81)			0.31			(0.03)
Total increase (decrease) in net assets			(0.82)			1.45			(0.43)
Net asset value, end of period		$	25.20		$	26.02		$	24.57
Market value, end of period			N/A			N/A			N/A
Shares outstanding, end of period			129,661,586			64,289,742			9,621,319
Total return based on NAV(3)			6.5%			14.4%			(1.7)%
Total Return based on market value(4)			N/A			N/A			N/A
Ratios:
Ratio of net expenses to average net assets(5)			6.5%			8.5%			8.9%
Ratio of net investment income to average net assets(5)			10.4%			8.5%			6.1%
Portfolio turnover rate			46.8%			31.5%			—%
Supplemental Data:
Net assets, end of period		$	3,267,809		$	1,673,117		$	236,365
Asset coverage ratio			230.0%			215.1%			227.8%

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(1)    The per share data was derived by using the weighted average shares outstanding during the period.

(2)    The per share data for distributions was derived by using the actual shares outstanding at the date of the relevant transactions.

(3)    Total return is calculated as the change in NAV per share during the period, plus distributions per share (assuming dividends and distributions are reinvested in accordance with the Company’s dividend reinvestment plan) divided by the beginning NAV per share. Total return does not include sales load.

(4)    Total return based on market value is calculated as the change in market value per share during the respective periods, taking into account distributions, if any, reinvested in accordance with the Company’s DRIP. The beginning market value per share is based on the initial public offering price of $26.15 per share and not annualized.

(5)    Amounts are annualized except for expense support amounts relating to organizational costs, excise tax, and management fee and income based incentive fee waivers by the Advisers. For the years ended December 31, 2024, 2023, 2022, 2021, 2020, 2019 and the period ended December 31, 2018, the ratio of total operating expenses to average net assets was 11.2%, 11.7%, 9.3%, 7.4%, 6.4%, 8.5% and 14.1%, respectively, on an annualized basis, excluding the effect of expense support/(recoupment) and management fee and income based incentive fee waivers by the Advisers which represented 0.0%, (0.8)%, (0.9)%, (0.2)%, (0.1)%, 0.0% and 5.2%, respectively, of average net assets. The Waiver Period ended on October 28, 2023.

(6)    The period ended December 31, 2018 represents the period from November 20, 2018 (commencement of operations) to December 31, 2018.

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RISK FACTORS

Investing in our securities involves a number of significant risks. Before you invest in our securities, you should be aware of various risks associated with the investment, including those described in this prospectus, the accompanying prospectus supplement, Part I, Item 1A “Risk Factors” in our most recent Annual Report on Form 10-K, which is incorporated by reference into this prospectus in their entirety, Part II, Item 1A “Risk Factors” in our most recent Quarterly Report on Form 10-Q, which is incorporated by reference into this prospectus in their entirety, any document incorporated by reference herein, and any free writing prospectus we may authorize in connection with a specific offering. You should carefully consider these risk factors, together with all of the other information included in this prospectus, before you decide whether to make an investment in our securities. The risks set out in this prospectus, the accompanying prospectus supplement, Part I, Item 1A “Risk Factors” in our most recent Annual Report on Form 10-K, Part II, Item 1A “Risk Factors” in our most recent Quarterly Report on Form 10-Q, any document incorporated by reference herein, and any free writing prospectus we may authorize in connection with a specific offering are not the only risks we face. Additional risks and uncertainties not presently known to us or not presently deemed material by us may also impair our operations and performance. If any of the following events occur, our business, financial condition and results of operations could be materially and adversely affected. In such case, you may lose all or part of your investment.

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POTENTIAL CONFLICTS OF INTEREST

The information included under the captions “Business—Allocation of Investment Opportunities and Potential Conflicts of Interests” in Part I, Item 1 and “Risk Factors—Various potential and actual conflicts of interest will arise, and there are conflicts that may not be identified or resolved in a manner favorable to us.” in Part I, Item 1A of our most recent Annual Report on Form 10-K is incorporated herein by reference.

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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

Some of the statements in the prospectus, any prospectus supplement, any documents we may incorporate by reference herein 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. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about Blackstone Secured Lending Fund (together, with its consolidated subsidiaries, the “Company,” “we,” “us” or “our”), our current and prospective portfolio investments, our industry, our beliefs and opinions, and our assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” “outlook,” “potential,” “predicts” and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including without limitation:

•      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;

•      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;

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•      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, the prospectus supplement, 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. These risks and uncertainties include those described or identified in the section entitled “Item 1A. Risk Factors” in our most recent Annual Report on Form 10-K. These forward-looking statements apply only as of the dates of this prospectus, the prospectus supplement, 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, except as required by applicable law.

Because we are regulated as an investment company, the forward-looking statements and projections contained in this prospectus, the prospectus supplement, 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 Exchange Act.

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USE OF PROCEEDS

Unless otherwise specified in a prospectus supplement, we intend to use the net proceeds from the sale of our securities pursuant to this prospectus for general corporate purposes, which may include, among other things, investing in accordance with our investment objectives and strategies described in this prospectus and repaying indebtedness (which will be subject to reborrowing). The supplement to this prospectus relating to an offering will more fully identify the use of the proceeds from such offering.

We anticipate that it will take us less than six months for us to substantially invest the net proceeds of any offering made pursuant to this prospectus, 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.

Proceeds not immediately used for new investments or the temporary repayment of debt will be invested primarily in cash, cash equivalents, U.S. government securities and other high-quality investments that mature in one year or less from the date of investment. These securities may have lower yields than the types of investments we would typically make in accordance with our investment objective and, accordingly, may result in lower dividends, if any, during such period.

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PRICE RANGE OF COMMON SHARES

Our common shares are traded on the NYSE under the symbol “BXSL.” Historically, our common shares have traded at prices above our net asset value per share since trading began on October 28, 2021, however, our common shares have on occasion traded at or below our net asset value per share and may trade at prices below our net asset value per share in the future. It is not possible to predict whether our common shares will trade at a price per share at, above or below net asset value per share. See Part I, Item 1A “Risk Factors—Risks Related to an Investment in the Common Shares” in our most recent Annual Report on Form 10-K as well as in any subsequent SEC filing for more information.

The following table sets forth the net asset value per share of our common shares, the range of high and low closing sales prices of our common shares reported on the NYSE, the closing sales price as a premium (discount) to net asset value and the dividends declared by us in each fiscal quarter since we began trading on the NYSE. On July 10, 2025, the last reported closing sales price of our common shares on the NYSE was $31.56 per share, which represented a premium of approximately 15.2% to the net asset value per share reported by us as of March 31, 2025.

		Period		Net Asset Value(1)			Price Range						High Sales Price Premium (Discount) to Net Asset Value(2)		Low Sales Price Premium (Discount) to Net Asset Value(2)		Cash Dividend Per Share(3)
							High			Low
		For the Year Ended December 31, 2025
		First Quarter		$	27.39		$	34.50		$	31.30		26.0%		14.3%		$	0.77
		Second Quarter		$	*		$	32.74		$	26.88		*%		*%		$	0.77
		For the Year Ended December 31, 2024
		First Quarter		$	26.87		$	31.42		$	27.87		16.9%		3.7%		$	0.77
		Second Quarter		$	27.19		$	32.50		$	30.45		19.5%		12.0%		$	0.77
		Third Quarter		$	27.27		$	31.59		$	28.75		15.8%		5.4%		$	0.77
		Fourth Quarter		$	27.39		$	33.27		$	29.25		21.5%		6.8%		$	0.77
		For the Year Ended December 31, 2023
		First Quarter		$	26.10		$	26.25		$	22.26		0.6%		(14.7)%		$	0.70
		Second Quarter		$	26.30		$	27.51		$	23.95		4.6%		(8.9)%		$	0.70
		Third Quarter		$	26.54		$	28.77		$	26.67		8.4%		0.5%		$	0.77
		Fourth Quarter		$	26.66		$	28.63		$	26.06		7.4%		(2.3)%		$	0.77

__________________________________

(1)    NAV per share is determined as of the last day in the relevant quarter and therefore may not reflect the NAV per share on the date of the high and low closing sales prices.

(2)    Calculated as the respective high or low closing sales price less NAV, divided by NAV (in each case, as of the applicable quarter).

(3)    Represents the dividend or distribution declared and payable in the relevant quarter.

*      NAV has not yet been calculated for this period. NAV for the second quarter of 2025 will be available with the filing of the Company’s Quarterly Report on Form 10-Q for such quarter.

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DISTRIBUTIONS

The Company has elected to be treated as a BDC under the 1940 Act. The Company also has elected to be treated as a RIC under the Code. So long as the Company maintains its tax treatment as a RIC, it generally will not pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its shareholders as dividends. Rather, any tax liability related to income earned and distributed by the Company would represent obligations of the Company’s investors and would not be reflected in the consolidated financial statements of the Company.

The Company evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. Management has analyzed the Company’s tax positions taken, or to be taken, on federal income tax returns for all open tax years, and has concluded that there are no material uncertain tax positions through December 31, 2024. As applicable, the Company’s federal tax returns are subject to examination by the Internal Revenue Service for a period of three fiscal years after they are filed.

To qualify for and maintain qualification as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Company must distribute to its shareholders, for each taxable year, at least 90% of the sum of (i) its “investment company taxable income” for that year (without regard to the deduction for dividends paid), which is generally its net ordinary income plus the excess, if any, of its realized net short-term capital gains over its realized net long-term capital losses, and (ii) its net tax-exempt income.

In addition, based on the excise tax distribution requirements, the Company is subject to a 4% nondeductible federal excise tax on certain undistributed income unless the Company distributes in a timely manner in each taxable year an amount at least equal to the sum of

•      98% of its ordinary income for the calendar year;

•      98.2% of its capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year; and

•      any income realized, but not distributed, in prior years. For this purpose, however, any ordinary income or capital gain net income retained by the Company that is subject to corporate income tax is considered to have been distributed.

We have previously incurred, and may incur in the future, excise tax on a portion of our income and gains. While we intend to distribute income and capital gains to minimize exposure to the 4% excise tax, we may not be able to, or may not choose to, distribute amounts sufficient to avoid the imposition of the tax entirely. In that event, we will be liable for the tax only on the amount by which we do not meet the foregoing distribution requirement.

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Distributions

We generally intend to distribute, out of assets legally available for distribution, substantially all of our available earnings, on a quarterly basis, as determined by the Board in its discretion. The following table summarizes our distributions declared and payable for the fiscal years ended December 31, 2023 and 2024 and for the fiscal quarter ended March 31, 2025 (dollars in thousands except per share amounts):

		Date Declared		Record Date		Payment Date		Per Share Amount			Total Amount
		For the fiscal quarter ended March 31, 2025
		February 26, 2025		March 31, 2025		April 25, 2025		$	0.7700		$	175,421
		Total distributions						$	0.7700		$	175,421
		For the fiscal year ended December 31, 2024
		February 28, 2024		March 31, 2024		April 26, 2024			0.7700			147,743
		May 8, 2024		June 30, 2024		July 26, 2024			0.7700			152,706
		August 7, 2024		September 30, 2024		October 25, 2024			0.7700			160,912
		November 12, 2024		December 31, 2024		January 24, 2025			0.7700			170,751
		Total distributions						$	3.0800		$	632,112
		For the fiscal year ended December 31, 2023
		February 27, 2023		March 31, 2023		April 27, 2023			0.7000			112,400
		May 10, 2023		June 30, 2023		July 27, 2023			0.7000			115,783
		June 20, 2023		September 30, 2023		October 26, 2023			0.7700			133,552
		November 8, 2023		December 31, 2023		January 26, 2024			0.7700			143,052
		Total distributions						$	2.9400		$	504,787

Pursuant to the Company’s DRIP, the following table summarizes the amounts and shares issued to shareholders who have not opted out of the Company’s DRIP for the fiscal years ended December 31, 2023 and 2024 and for the fiscal quarter ended March 31, 2025 (dollars in thousands except per share amounts):

Payment Date		DRIP Shares Value			DRIP Shares Issued
For the fiscal quarter ended March 31, 2025
January 24, 2025		$	5,130		165,096
Total distributions		$	5,130		165,096
For the fiscal year ended December 31, 2024
January 26, 2024			5,614		206,465
April 26, 2024			5,293		173,614
July 26, 2024			5,074		173,720
October 25, 2024			5,082		170,818
Total distributions		$	21,063		724,617
For the fiscal year ended December 31, 2023
January 31, 2023			5,132		208,510
April 27, 2023			5,439		213,130
July 27, 2023			4,635		172,888
October 26, 2023			5,445		205,149
Total distributions		$	20,651		799,677

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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS

The information included under the caption “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of our most recent Annual Report on Form 10-K and Part I, Item 2 of our most recent Quarterly Report on Form 10-Q is incorporated herein by reference.

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THE COMPANY

The information included under the captions “Business—Our Company” in Part I, Item 1 of our most recent Annual Report on Form 10-K and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part I, Item 2 of our most recent Quarterly Report on Form 10-Q is incorporated herein by reference.

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SENIOR SECURITIES

Information about the Company’s senior securities included under the captions “Consolidated Financial Statements and Supplementary Data—Notes to Consolidated Financial Statements—Note 11. Financial Highlights and Senior Securities” in Part II, Item 8 of our most recent Annual Report on Form 10-K and “Financial Statements—Notes to Condensed Consolidated Financial Statements (Unaudited)—Note 11. Financial Highlights and Senior Securities” in Part I, Item 1 of our most recent Quarterly Report on Form 10-Q is incorporated by reference herein. The report of Deloitte & Touche LLP, our independent registered public accounting firm, is included in our most recent Annual Report on Form 10-K and is incorporated by reference herein.

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PORTFOLIO COMPANIES

The following table sets forth certain information as of March 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 March 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 approves 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.

Investments(1)(19)		Address		Footnotes		Reference Rate and Spread(2)		Interest Rate(2)(15)		Acquisition Date		Maturity Date		% of Class Held as of 3/31/2025		Par Amount/Units(1)				Cost(3)			Fair Value			% of Net Assets
First Lien
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%		10.42%		4/30/2024		3/18/2026				$		47,204		$	46,962		$	46,967		0.75	%
Corfin Holdings, Inc.		1050 Perimeter Road, Manchester, NH 03103 United States		(4)(10)		SOFR + 5.25%		9.67%		2/5/2020		12/27/2027						263,362			261,749			263,362		4.22	%
Corfin Holdings, Inc.		1050 Perimeter Road, Manchester, NH 03103 United States		(4)(10)		SOFR + 5.25%		9.67%		1/10/2025		12/27/2027						1,576			1,561			1,576		0.03	%
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%		9.07%		10/31/2024		11/4/2031						30,938			30,591			30,725		0.49	%
Frontgrade Technologies Holdings, Inc.		4350 Centennial Blvd Colorado Springs, CO, 80907 United States		(4)(5)(7)(10)		SOFR + 5.00%		9.32%		1/9/2023		1/9/2030						2,341			2,287			2,341		0.04	%
Frontgrade Technologies Holdings, Inc.		4350 Centennial Blvd Colorado Springs, CO, 80907 United States		(4)(5)(10)		SOFR + 5.00%		9.30%		3/18/2025		1/9/2030						355			351			355		0.01	%
Horizon CTS Buyer, LLC		490 1st Ave South, Suite 600 St. Petersburg, FL United States 33701		(4)(7)(10)		SOFR + 4.50%		8.83%		3/28/2025		3/28/2032						1,080			1,066			1,066		0.02	%
MAG DS Corp.		3580 Groupe Drive Suite 200 Woodbridge VA 22192 United States		(11)		SOFR + 5.50%		9.90%		4/1/2020		4/1/2027						79,342			77,025			74,260		1.19	%

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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 3/31/2025		Par Amount/Units(1)				Cost(3)			Fair Value			% of Net Assets
First Lien Debt – non-controlled/ non-affiliated (continued)
Aerospace & Defense (continued)
Magneto Components BuyCo, LLC		311 Sinclair Rd, Bristol, PA 19007 United States		(4)(7)(10)		SOFR + 6.00%		10.30% (incl. 2.57% PIK)		12/5/2023		12/5/2030				$		33,583		$	32,740		$	32,719		0.52	%
Maverick Acquisition, Inc.		3063 Philmont Ave B, Huntingdon Valley, PA 19006 United States		(4)(11)(17)		SOFR + 6.25%		10.55%		6/1/2021		6/1/2027						18,456			18,305			10,151		0.16	%
Maverick Acquisition, Inc.		3063 Philmont Ave B, Huntingdon Valley, PA 19006 United States		(4)(7)(11)		SOFR + 6.25%		10.69%		3/4/2025		6/1/2027						276			276			276		0.00	%
TCFI AEVEX, LLC		440 Stevens Ave., Suite 150, Solana Beach, CA 92075 United States		(4)(11)		SOFR + 6.00%		10.42%		3/17/2020		3/18/2026						108,803			108,442			108,259		1.73	%
																					581,355			572,057		9.16	%
Air Freight & Logistics
AGI-CFI Holdings, Inc.		9130 S Dadeland Blvd Ste 1801, Miami, FL, 33156 – 7858 United States		(4)(10)		SOFR + 4.75%		9.20%		6/11/2021		6/11/2027						94,196			93,477			94,196		1.51	%
AGI-CFI Holdings, Inc.		9130 S Dadeland Blvd Ste 1801, Miami, FL, 33156 – 7858 United States		(4)(5)(10)		SOFR + 4.75%		9.17%		3/19/2025		6/11/2027						6,133			6,103			6,133		0.10	%
ENV Bidco AB		Staffans väg 2A SE – 192 78 Sollentuna, Sweden		(4)(5)(6)(10)		SOFR + 5.25%		9.55%		12/12/2024		7/19/2029						1,115			1,100			1,115		0.02	%
ENV Bidco AB		Staffans väg 2A SE – 192 78 Sollentuna, Sweden		(4)(5)(6)(7)(8)		E + 5.25%		7.61%		12/12/2024		7/19/2029				EUR		1,337			1,350			1,442		0.02	%
Mode Purchaser, Inc.		17330 Preston Rd., Suite 200 C Dallas, TX 75252 United States		(4)(11)		SOFR + 6.25%		10.71%		12/9/2019		12/9/2026						139,345			138,672			135,164		2.17	%

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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 3/31/2025		Par Amount/Units(1)				Cost(3)			Fair Value			% of Net Assets
First Lien Debt – non-controlled/ non-affiliated (continued)
Air Freight & Logistics (continued)
Mode Purchaser, Inc.		17330 Preston Rd., Suite 200 C Dallas, TX 75252 United States		(4)(11)		SOFR + 6.25%		10.71%		2/4/2022		2/5/2029				$		3,978		$	3,934		$	3,858		0.06	%
R1 Holdings LLC		1 Kellaway Dr, Randolph, MA 02368 United States		(4)(5)(7)(11)		SOFR + 6.25%		10.49%		12/30/2022		12/30/2028						1,182			1,157			1,148		0.02	%
RWL Holdings, LLC		767 5th Ave #4200, New York, NY 10153 United States		(4)(10)		SOFR + 5.75%		10.20%		12/13/2021		12/31/2028						29,939			29,620			26,646		0.43	%
SEKO Global Logistics Network, LLC		1100 N. Arlington Heights Rd., Itasca, IL 60143 United States		(4)(5)(11)		SOFR + 8.00%		12.79%		7/1/2024		12/30/2026						139			139			139		0.00	%
SEKO Global Logistics Network, LLC		1100 N. Arlington Heights Rd., Itasca, IL 60143 United States		(4)(5)(11)		SOFR + 8.00%		12.67%		10/15/2024		12/30/2026						78			77			78		0.00	%
SEKO Global Logistics Network, LLC		1100 N. Arlington Heights Rd., Itasca, IL 60143 United States		(4)(5)(11)		SOFR + 5.00%		9.32%		11/27/2024		5/27/2030						1,953			1,952			1,953		0.03	%
SEKO Global Logistics Network, LLC		1100 N. Arlington Heights Rd., Itasca, IL 60143 United States		(4)(5)(11)		SOFR + 8.00%		12.32%		11/27/2024		11/27/2029						412			404			412		0.01	%
																					277,985			272,284		4.37	%
Auto Components
Dellner Couplers Group AB		Vikavagen 144 79195 Falun, Sweden		(5)(6)(8)		E + 5.50%		7.78%		6/20/2024		6/18/2029				EUR		1,000			1,062			1,085		0.02	%
Building Products
Fencing Supply Group Acquisition, LLC		211 Perimeter Center Pkwy NE #250, Dunwoody, GA 30346 United States		(4)(11)		SOFR + 6.00%		10.42%		2/26/2021		2/26/2027						52,876			52,606			50,893		0.82	%
Jacuzzi Brands, LLC		3925 City Center Drive Suite 200, Chino Hills, CA 91709 United States		(4)(5)(10)		SOFR + 6.00%		10.31%		2/25/2019		2/25/2027						11,318			11,263			10,469		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 3/31/2025		Par Amount/Units(1)				Cost(3)			Fair Value			% of Net Assets
First Lien Debt – non-controlled/ non-affiliated (continued)
Building Products (continued)
Jacuzzi Brands, LLC		3925 City Center Drive Suite 200, Chino Hills, CA 91709 United States		(4)(10)		SOFR + 6.00%		10.31%		2/25/2019		2/25/2027				$		77,867		$	77,546		$	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%		10.58%		9/1/2021		9/1/2027						15,054			14,908			14,903		0.24	%
Lindstrom, LLC		2950 100th Court Northeast, Blaine, MN 55449 United States		(4)(11)		SOFR + 6.25%		10.67%		4/5/2019		5/1/2027						119,891			119,884			118,692		1.90	%
Windows Acquisition Holdings, Inc.		235 Sunshine Road Royal, AR 71968 United States		(4)(5)(11)		SOFR + 6.50%		10.98% (incl. 8.58% PIK)		12/29/2020		12/29/2026						53,169			52,880			42,137		0.68	%
																					329,087			309,121		4.96	%
Chemicals
DCG Acquisition Corp.		45 Rockefeller Plaza 20th Floor, New York, NY 10111 United States		(4)(7)(10)		SOFR + 4.50%		8.80%		6/13/2024		6/13/2031						35,505			35,112			35,150		0.56	%
Formulations Parent Corp.		375 University Avenue, Westwood, MA 02090 United States		(4)(7)(10)		SOFR + 5.75%		10.07%		11/15/2023		11/15/2030						8,486			8,327			8,387		0.13	%
																					43,439			43,537		0.69	%
Commercial Services & Supplies
Bazaarvoice, Inc.		338 Pier Avenue, Hermosa Beach CA 90254 United States		(4)(7)(8)		SOFR + 4.75%		8.75%		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%		9.32%		12/20/2024		10/2/2030						129,330			127,007			129,330		2.07	%

39

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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 3/31/2025		Par Amount/Units(1)				Cost(3)			Fair Value			% of Net Assets
First Lien Debt – non-controlled/ non-affiliated (continued)
Commercial Services & Supplies (continued)
EMB Purchaser, Inc.		35 Philmack Drive, Middletown, CT 06457 United States		(4)(10)		SOFR + 4.50%		8.80%		3/13/2025		3/13/2032				$		27,452		$	27,180		$	27,178		0.44	%
EMB Purchaser, Inc.		35 Philmack Drive, Middletown, CT 06457 United States		(4)(5)(7)(10)		SOFR + 4.50%		8.80%		3/13/2025		3/13/2032						360			244			243		0.00	%
FusionSite Midco, LLC		5611 Ohio Ave, Nashville, TN 37209 United States		(4)(11)		SOFR + 5.75%		10.31%		11/17/2023		11/17/2029						25,656			25,211			25,656		0.41	%
FusionSite Midco, LLC		5611 Ohio Ave, Nashville, TN 37209 United States		(4)(11)		SOFR + 5.50%		10.06%		11/17/2023		11/17/2029						11,096			10,907			11,096		0.18	%
FusionSite Midco, LLC		5611 Ohio Ave, Nashville, TN 37209 United States		(4)(5)(7)(11)		SOFR + 5.75%		10.31%		9/25/2024		11/17/2029						21,219			21,003			21,125		0.34	%
Gatekeeper Systems, Inc.		90 Icon, Foothill Ranch, CA 92610, United States		(4)(10)		SOFR + 5.00%		9.31%		8/27/2024		8/28/2030						44,336			43,737			44,004		0.71	%
Gatekeeper Systems, Inc.		90 Icon, Foothill Ranch, CA 92610, United States		(4)(5)(7)(10)		SOFR + 5.00%		9.29%		8/27/2024		8/28/2030						4,953			4,770			4,832		0.08	%
Gorilla Investor LLC		712 Fifth Avenue, 44th Floor, New York, NY 10019, United States		(4)(10)		SOFR + 5.00%		9.30%		9/26/2024		9/30/2031						24,805			24,345			24,557		0.39	%
Ground Penetrating Radar Systems, LLC		1901 Indian Wood Cir Maumee, OH 43537		(4)(5)(10)		SOFR + 4.50%		8.80%		1/2/2025		1/2/2032						2,958			2,930			2,929		0.05	%
Ground Penetrating Radar Systems, LLC		1901 Indian Wood Cir Maumee, OH 43537		(4)(7)(10)		SOFR + 4.50%		8.80%		1/2/2025		1/2/2032						38			32			32		0.00	%
Iris Buyer, LLC		1501 Yamato Road, Boca Raton, FL 33431 United States		(4)(11)		SOFR + 5.25%		9.54%		10/2/2023		10/2/2030						25,392			24,844			25,392		0.41	%
Iris Buyer, LLC		1501 Yamato Road, Boca Raton, FL 33431 United States		(4)(5)(11)		SOFR + 5.25%		9.55%		10/2/2023		10/2/2030						2,394			2,351			2,394		0.04	%
Iris Buyer, LLC		1501 Yamato Road, Boca Raton, FL 33431 United States		(4)(5)(7)(11)		SOFR + 5.25%		9.55%		10/2/2023		10/2/2029						1,102			1,026			1,102		0.02	%

40

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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 3/31/2025		Par Amount/Units(1)				Cost(3)			Fair Value			% of Net Assets
First Lien Debt – non-controlled/ non-affiliated (continued)
Commercial Services & Supplies (continued)
Iris Buyer, LLC		1501 Yamato Road, Boca Raton, FL 33431 United States		(4)(7)(11)		SOFR + 5.25%		9.55%		2/4/2025		10/2/2030				$		268		$	221		$	236		0.00	%
Java Buyer, Inc.		191 4th St W Ketchum, ID, 83340 United States		(4)(10)		SOFR + 5.00%		9.30%		12/15/2021		12/15/2027						4,171			4,135			4,171		0.07	%
Java Buyer, Inc.		191 4th St W Ketchum, ID, 83340 United States		(4)(10)		SOFR + 5.00%		9.30%		12/15/2021		12/15/2027						2,895			2,874			2,895		0.05	%
Java Buyer, Inc.		191 4th St W Ketchum, ID, 83340 United States		(4)(10)		SOFR + 5.00%		9.30%		11/9/2023		12/15/2027						1,628			1,600			1,628		0.03	%
Java Buyer, Inc.		191 4th St W Ketchum, ID, 83340 United States		(4)(5)(7)(10)		SOFR + 5.00%		9.30%		6/28/2024		12/15/2027						1,978			1,955			1,968		0.03	%
JSS Holdings, Inc.		180 North Stetson, 29th Floor, Chicago, IL 60601 United States		(4)(10)		SOFR + 5.25%		9.55% (incl. 3.00% PIK)		12/17/2020		11/8/2031						284,023			281,631			284,023		4.55	%
JSS Holdings, Inc.		180 North Stetson, 29th Floor, Chicago, IL 60601 United States		(4)(5)(10)		SOFR + 5.25%		9.55% (incl. 3.00% PIK)		12/29/2021		11/8/2031						4,905			4,866			4,905		0.08	%
JSS Holdings, Inc.		180 North Stetson, 29th Floor, Chicago, IL 60601 United States		(4)(5)(7)(10)		SOFR + 5.25%		9.55% (incl. 3.00% PIK)		11/8/2024		11/8/2031						31,237			30,910			31,200		0.50	%
Knowledge Pro Buyer, Inc.		Country Squire Lane, Princeton Junction, NJ 8550 United States		(4)(7)(10)		SOFR + 5.00%		9.42%		12/10/2021		12/10/2027						8,080			7,904			7,866		0.13	%
KPSKY Acquisition, Inc.		500 Unicorn Park 3rd Floor, Woburn, MA 01801 United States		(4)(10)(18)		SOFR + 5.50%		9.89%		10/19/2021		10/19/2028						19,957			19,755			17,163		0.28	%
KPSKY Acquisition, Inc.		500 Unicorn Park 3rd Floor, Woburn, MA 01801 United States		(4)(5)(10)(18)		SOFR + 5.50%		9.89%		10/19/2021		10/19/2028						2,298			2,276			1,976		0.03	%

41

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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 3/31/2025		Par Amount/Units(1)				Cost(3)			Fair Value			% of Net Assets
First Lien Debt – non-controlled/ non-affiliated (continued)
Commercial Services & Supplies (continued)
Onex Baltimore Buyer, Inc.		712 Fifth Avenue New York, NY 10019 United States		(4)(10)(18)		SOFR + 5.27%		9.60%		12/1/2021		12/1/2027				$		10,804		$	10,707		$	10,804		0.17	%
Onex Baltimore Buyer, Inc.		712 Fifth Avenue New York, NY 10019 United States		(4)(7)(11)(18)		SOFR + 4.75%		9.08%		12/1/2021		12/1/2027						14,724			14,534			14,724		0.24	%
Pye-Barker Fire & Safety, LLC		2500 Northwinds Parkway, Ste 200, Alpharetta, GA 30009 United States		(4)(5)(10)		SOFR + 4.50%		8.80%		5/24/2024		5/24/2031						4,461			4,461			4,461		0.07	%
Pye-Barker Fire & Safety, LLC		2500 Northwinds Parkway, Ste 200, Alpharetta, GA 30009 United States		(4)(5)(10)		SOFR + 4.50%		8.83%		5/24/2024		5/24/2031						13,816			13,756			13,747		0.22	%
TEI Intermediate LLC		200 Innerbelt Road, Somerville, MA 02143 United States		(4)(10)		SOFR + 4.75%		9.05%		12/13/2024		12/15/2031						25,799			25,552			25,670		0.41	%
TEI Intermediate LLC		200 Innerbelt Road, Somerville, MA 02143 United States		(4)(5)(7)(10)		P + 3.75%		11.25%		12/13/2024		12/15/2031						495			422			437		0.01	%
The Hiller Companies, LLC		3751 Joy Springs Drive, Mobile, AL 36693 United States		(4)(10)		SOFR + 5.00%		9.30%		6/20/2024		6/20/2030						8,193			8,122			8,131		0.13	%
The Hiller Companies, LLC		3751 Joy Springs Drive, Mobile, AL 36693 United States		(4)(5)(7)(10)		SOFR + 5.00%		9.30%		6/20/2024		6/20/2030						569			544			545		0.01	%
Veregy Consolidated, Inc.		23325 N. 23rd Ave, Suite 120 Phoenix, AZ 85027 United States		(11)		SOFR + 6.00%		10.55%		11/3/2020		11/2/2027						20,406			20,199			20,457		0.33	%
Water Holdings Acquisition LLC		2002 West Grand Parkway North, Suite 100, Katy, TX 77449, United States		(4)(7)(10)		SOFR + 5.50%		9.79% (incl. 3.00% PIK)		7/31/2024		7/31/2031						31,674			31,374			31,488		0.50	%
																					1,041,722			1,046,702		16.80	%

42

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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 3/31/2025		Par Amount/Units(1)				Cost(3)			Fair Value			% of Net Assets
First Lien Debt – non-controlled/ non-affiliated (continued)
Construction & Engineering
Consor Intermediate II, LLC		6505 Blue Lagoon Drive, Suite 470 Miami, FL 33126 United States		(4)(5)(7)(10)		SOFR + 4.50%		8.80%		5/10/2024		5/10/2031				$		5,176		$	5,111		$	5,160		0.08	%
Gannett Fleming Inc		207 Senate Ave, Camp Hill, PA 17011, United States		(4)(7)(10)		SOFR + 4.75%		9.04%		8/5/2024		8/5/2030						64,938			63,997			64,357		1.03	%
Home Service TopCo IV Inc		3150 E Birch St., Brea, CA 92821, United States		(4)(7)(11)		SOFR + 4.50%		8.91%		6/9/2023		12/31/2027						37,319			36,595			37,267		0.60	%
																					105,703			106,784		1.71	%
Containers & Packaging
Ascend Buyer, LLC		1111 Busch Parkway, Buffalo Grove, IL 60089, United States		(4)(7)(10)		SOFR + 5.75%		10.05%		9/30/2021		9/30/2028						20,407			20,162			20,407		0.33	%
Ascend Buyer, LLC		1111 Busch Parkway, Buffalo Grove, IL 60089, United States		(4)(5)(10)		SOFR + 5.75%		10.05%		3/20/2025		9/30/2028						1,611			1,595			1,611		0.03	%
																					21,757			22,018		0.36	%
Distributors
BP Purchaser, LLC		2650 Galvin Dr, Elgin, IL 60124, United States		(4)(10)		SOFR + 5.50%		10.06%		12/10/2021		12/11/2028						7,566			7,490			6,431		0.10	%
Bradyplus Holdings LLC		7055 S Lindell Road, Las Vegas, NV 89118 United States		(4)(11)		SOFR + 5.00%		9.29%		10/11/2024		10/31/2029						97,595			96,120			97,595		1.56	%
Bradyplus Holdings LLC		7055 S Lindell Road, Las Vegas, NV 89118 United States		(4)(5)(7)(11)		SOFR + 5.00%		9.29%		10/11/2024		10/31/2029						618			574			595		0.01	%

43

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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 3/31/2025		Par Amount/Units(1)				Cost(3)			Fair Value			% of Net Assets
First Lien Debt – non-controlled/ non-affiliated (continued)
Distributors (continued)
Genuine Cable Group, LLC		50 Broadway, Hawthorne, NY 10532, United States		(4)(10)		SOFR + 5.75%		10.17%		11/1/2021		11/2/2026				$		166,071		$	165,110		$	156,107		2.50	%
Marcone Yellowstone Buyer, Inc.		One City Place Ste 400 St Louis MO 63141, United States		(4)(5)(10)		SOFR + 7.00%		11.46% (incl. 3.25% PIK)		12/31/2021		6/23/2028						4,903			4,855			4,388		0.07	%
Marcone Yellowstone Buyer, Inc.		One City Place Ste 400 St Louis MO 63141, United States		(4)(5)(10)		SOFR + 7.25%		11.71% (incl. 3.25% PIK)		11/1/2022		6/23/2028						1,554			1,528			1,399		0.02	%
Marcone Yellowstone Buyer, Inc.		One City Place Ste 400 St Louis MO 63141, United States		(4)(5)(10)		SOFR + 7.00%		11.41% (incl. 3.25% PIK)		12/31/2021		6/23/2028						1,566			1,557			1,402		0.02	%
NDC Acquisition Corp.		402 BNA Drive, Suite 500, Nashville, TN 37217 United States		(4)(7)(11)		SOFR + 5.00%		9.32%		3/9/2021		3/9/2028						13,250			13,102			13,250		0.21	%
PT Intermediate Holdings III, LLC		1200 Greenbriar Dr., Addison, IL 60101 United States		(4)(7)(10)		SOFR + 5.00%		9.30% (incl. 1.75% PIK)		4/9/2024		4/9/2030						61,686			61,554			61,681		0.99	%
Tailwind Colony Holding Corporation		269 South Lambert Road Orange, CT 06512 United States		(4)(11)		SOFR + 6.50%		10.89%		11/20/2018		5/13/2026						47,452			47,311			46,265		0.74	%
																					399,201			389,113		6.22	%

44

Table of Contents

Investments(1)(19)		Address		Footnotes		Reference Rate and Spread(2)		Interest Rate(2)(15)		Acquisition Date		Maturity Date		% of Class Held as of 3/31/2025		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%		9.40%		7/19/2024		7/24/2030				$		4,614		$	4,532		$	4,614		0.07	%
American Restoration Holdings, LLC		1585 Broadway, 37th Floor, New York, NY 10036, United States		(4)(5)(11)		SOFR + 5.00%		9.40%		7/19/2024		7/24/2030						1,374			1,349			1,374		0.02	%
American Restoration Holdings, LLC		1585 Broadway, 37th Floor, New York, NY 10036, United States		(4)(5)(7)(11)		SOFR + 5.00%		9.40%		7/19/2024		7/24/2030						524			500			524		0.01	%
American Restoration Holdings, LLC		1585 Broadway, 37th Floor, New York, NY 10036, United States		(4)(5)(11)		SOFR + 5.00%		9.40%		7/19/2024		7/24/2030						3,559			3,496			3,559		0.06	%
American Restoration Holdings, LLC		1585 Broadway, 37th Floor, New York, NY 10036, United States		(4)(5)(7)(11)		SOFR + 5.00%		9.41%		2/19/2025		7/24/2030						198			157			158		0.00	%
Barbri Holdings, Inc.		12222 Merit Drive, Suite 1340, Dallas, TX 75251 United States		(4)(10)		SOFR + 5.00%		9.30%		12/20/2024		4/30/2030						61,387			60,783			61,387		0.98	%
Barbri Holdings, Inc.		12222 Merit Drive, Suite 1340, Dallas, TX 75251 United States		(4)(10)		SOFR + 5.00%		9.30%		12/20/2024		4/30/2030						19,479			19,386			19,479		0.31	%
BPPH2 Limited		One Wood Street, London, EC2V 7WS United Kingdom		(4)(5)(6)(8)		S + 6.75%		11.32%		3/16/2021		3/16/2028				GBP		26,300			35,976			33,973		0.54	%
BPPH2 Limited		One Wood Street, London, EC2V 7WS United Kingdom		(4)(5)(6)(8)		S + 6.00%		10.46%		6/17/2024		3/16/2028				GBP		5,343			6,710			7,075		0.11	%
BPPH2 Limited		One Wood Street, London, EC2V 7WS United Kingdom		(4)(5)(6)(10)		CA + 6.00%		8.99%		6/17/2024		3/16/2028				CAD		3,289			2,364			2,343		0.04	%

45

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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 3/31/2025		Par Amount/Units(1)				Cost(3)			Fair Value			% of Net Assets
First Lien Debt – non-controlled/ non-affiliated (continued)
Diversified Consumer Services (continued)
BPPH2 Limited		One Wood Street, London, EC2V 7WS United Kingdom		(4)(5)(6)(10)		SOFR + 6.00%		10.31%		6/17/2024		3/16/2028				$		1,709		$	1,675		$	1,752		0.03	%
Cambium Learning Group, Inc.		17855 North Dallas Parkway, Suite 400, Dallas, TX 75287, United States		(4)(7)(10)		SOFR + 5.50%		9.89%		7/20/2021		7/20/2028						285,446			284,100			285,446		4.57	%
Charger Debt Merger Sub, LLC		375 Northridge Rd. Suite 450, Atlanta, GA 30350 United States		(4)(5)(10)		SOFR + 4.75%		9.08%		5/31/2024		5/31/2031						11,897			11,792			11,897		0.19	%
Charger Debt Merger Sub, LLC		375 Northridge Rd. Suite 450, Atlanta, GA 30350 United States		(4)(5)(7)(10)		SOFR + 4.75%		9.05%		5/31/2024		5/31/2031						3,401			3,345			3,369		0.05	%
DTA Intermediate II Ltd.		7430 East Caley Ave, Suite 320E, Centennial, CO 80111 United States		(4)(11)		SOFR + 5.25%		9.55%		3/27/2024		3/27/2030						42,646			41,937			42,006		0.67	%
DTA Intermediate II Ltd.		7430 East Caley Ave, Suite 320E, Centennial, CO 80111 United States		(4)(7)(11)		SOFR + 5.25%		9.54%		3/27/2024		3/27/2030						5,355			4,970			4,941		0.08	%
Endeavor Schools Holdings, LLC		9350 South Dixie Highway, Suite 950, Miami, Florida 33156 United States		(4)(11)		SOFR + 6.25%		10.54%		7/18/2023		7/18/2029						21,902			21,510			20,588		0.33	%
Endeavor Schools Holdings, LLC		9350 South Dixie Highway, Suite 950, Miami, Florida 33156 United States		(4)(5)(11)		SOFR + 6.25%		10.57%		7/18/2023		7/18/2029						4,020			3,959			3,778		0.06	%
Essential Services Holding Corp		139 S. English Station Road, Suite 250, Louisville, KY 40245 United States		(4)(5)(7)(10)		SOFR + 5.00%		9.30%		6/17/2024		6/17/2031						11,946			11,820			11,935		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 3/31/2025		Par Amount/Units(1)				Cost(3)			Fair Value			% of Net Assets
First Lien Debt – non-controlled/ non-affiliated (continued)
Diversified Consumer Services (continued)
Go Car Wash Management Corp.		9801 Troup Ave, Kansas City, Kansas 66111, United States		(4)(11)		SOFR + 5.75%		10.17%		10/12/2021		12/31/2026				$		22,217		$	22,051		$	21,661		0.35	%
Seahawk Bidco, LLC		900 East 8th Avenue, Suite 106, King of Prussia, PA 19406 United States		(4)(7)(11)		SOFR + 4.75%		9.05%		12/18/2024		12/19/2031						42,225			41,780			41,929		0.67	%
																					584,192			583,788		9.33	%
Diversified Telecommunication Services
Point Broadband Acquisition, LLC		3120 Fredrick Rd., Suite E, Opelika, Alabama 36801, United States		(4)(7)(11)		SOFR + 5.50%		9.79%		10/1/2021		10/1/2028						124,139			122,609			122,898		1.97	%
Electric Utilities
Qualus Power Services Corp.		4040 Rev Drive Cincinatti, OH 45232 United States		(4)(11)		SOFR + 5.00%		9.31%		3/26/2021		3/26/2027						32,703			32,443			32,703		0.52	%
Qualus Power Services Corp.		4040 Rev Drive Cincinatti, OH 45232 United States		(4)(11)		SOFR + 5.00%		9.31%		7/27/2023		3/26/2027						35,387			34,902			35,387		0.57	%
Qualus Power Services Corp.		4040 Rev Drive Cincinatti, OH 45232 United States		(4)(7)(11)		SOFR + 5.00%		9.30%		5/9/2024		3/26/2027						70,925			69,468			70,636		1.13	%
																					136,813			138,726		2.22	%
Electrical Equipment
Emergency Power Holdings, LLC		44 S Commerce Way, Bethlehem, PA 18017 United States		(4)(7)(11)		SOFR + 4.75%		9.04%		8/17/2021		8/17/2030						45,941			45,458			45,795		0.73	%
IEM New Sub 2, LLC		48205 Warm Springs Blvd, Freemont, California 94539, United States		(4)(7)(10)		SOFR + 4.75%		9.27%		8/8/2024		8/8/2030						58,361			57,492			57,825		0.93	%
																					102,950			103,620		1.66	%

47

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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 3/31/2025		Par Amount/Units(1)				Cost(3)			Fair Value			% of Net Assets
First Lien Debt – non-controlled/ non-affiliated (continued)
Electronic Equipment, Instruments & Components
Albireo Energy, LLC		3 Ethel Road, Suite 300, Edison, NJ 08817 United States		(4)(5)(11)		SOFR + 6.00%		10.30%		12/23/2020		12/23/2026				$		77,139		$	76,695		$	74,439		1.19	%
Albireo Energy, LLC		3 Ethel Road, Suite 300, Edison, NJ 08817 United States		(4)(5)(11)		SOFR + 6.00%		10.39%		12/23/2020		12/23/2026						23,153			23,048			22,343		0.36	%
Albireo Energy, LLC		3 Ethel Road, Suite 300, Edison, NJ 08817 United States		(4)(5)(11)		SOFR + 6.00%		10.40%		12/23/2020		12/23/2026						6,246			6,225			6,028		0.10	%
Duro Dyne National Corp		13235 Reese Boulevard, West Huntersville, NC 28078 United States		(4)(7)(10)		SOFR + 5.00%		9.30%		11/15/2024		11/15/2031						33,548			33,150			33,290		0.53	%
Dwyer Instruments LLC		102 Indiana Hwy. 212, Michigan City, IN 46360 United States		(4)(5)(7)(10)		SOFR + 4.75%		9.05%		11/15/2024		7/30/2029						8,265			8,172			8,165		0.13	%
Phoenix 1 Buyer Corp.		13723 Riverport Drive, St. Louis, MO 63043 United States		(4)(7)(10)		SOFR + 4.75%		9.04%		11/20/2023		11/20/2030						25,688			25,441			25,688		0.41	%
Spectrum Safety Solutions Purchaser, LLC		13995 Pasteur Blvd., Palm Beach Gardens, FL 33418, United States		(4)(6)(7)(9)		SOFR + 5.00%		9.31%		7/1/2024		7/1/2031						62,153			61,022			61,466		0.98	%
Spectrum Safety Solutions Purchaser, LLC		13995 Pasteur Blvd., Palm Beach Gardens, FL 33418, United States		(4)(5)(6)(9)		E + 5.00%		7.68%		7/1/2024		7/1/2031				EUR		15,064			15,961			16,167		0.26	%
Spectrum Safety Solutions Purchaser, LLC		13995 Pasteur Blvd., Palm Beach Gardens, FL 33418, United States		(4)(5)(6)(9)		E + 5.00%		7.68%		7/1/2024		7/1/2030				EUR		1,170			1,256			1,256		0.02	%
																					250,970			248,842		3.98	%

48

Table of Contents

Investments(1)(19)		Address		Footnotes		Reference Rate and Spread(2)		Interest Rate(2)(15)		Acquisition Date		Maturity Date		% of Class Held as of 3/31/2025		Par Amount/Units(1)				Cost(3)			Fair Value			% of Net Assets
First Lien Debt – non-controlled/ non-affiliated (continued)
Energy Equipment & Services
ISQ Hawkeye Holdco, Inc.		10640 Company Highway D20 Alden, IA 50006 United States		(4)(5)(10)		SOFR + 4.75%		9.13%		8/20/2024		8/20/2031				$		977		$	959		$	977		0.02	%
ISQ Hawkeye Holdco, Inc.		10640 Company Highway D20 Alden, IA 50006 United States		(4)(5)(7)(10)		SOFR + 4.75%		9.13%		8/20/2024		8/20/2030						64			61			63		0.00	%
LPW Group Holdings, Inc.		5775 North Sam Houston Pkwy W Suite 100, Houston, TX 77086 United States		(4)(7)(11)		SOFR + 6.00%		10.42%		3/15/2024		3/15/2031						26,661			25,983			26,661		0.43	%
																					27,003			27,701		0.45	%
Financial Services
Carr Riggs & Ingram Capital LLC		901 Boll Weevil Circle, Ste 200, Enterprise, AL 36330 United States		(4)(5)(9)		SOFR + 4.75%		9.07%		11/18/2024		11/18/2031						7,444			7,373			7,407		0.12	%
Carr Riggs & Ingram Capital LLC		901 Boll Weevil Circle, Ste 200, Enterprise, AL 36330 United States		(4)(5)(7)(9)		SOFR + 4.75%		9.07%		11/18/2024		11/18/2031						1,046			1,012			1,019		0.02	%
DM Intermediate Parent LLC		305 West Big Beaver Road, Suite 200, Troy, Michigan 48084, United States		(4)(5)(7)(10)		SOFR + 5.00%		9.28%		9/30/2024		9/30/2030						18,176			17,811			17,948		0.29	%
Harp Finco, Ltd.		Level 1, IFC 1, Esplanade, St. Helier, JE2 3BX, Jersey		(4)(5)(6)(8)		S + 5.50%		9.96%		3/27/2025		3/27/2032				GBP		14,508			18,412			18,366		0.29	%
More Cowbell II, LLC		545 Boylston Street, 6th Floor, Boston, MA 02116 United States		(4)(10)		SOFR + 5.00%		8.89%		9/1/2023		9/1/2030						7,897			7,744			7,897		0.13	%
More Cowbell II, LLC		545 Boylston Street, 6th Floor, Boston, MA 02116 United States		(4)(5)(7)(10)		SOFR + 5.00%		9.20%		9/1/2023		9/1/2029						209			180			198		0.00	%

49

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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 3/31/2025		Par Amount/Units(1)				Cost(3)			Fair Value			% of Net Assets
First Lien Debt – non-controlled/ non-affiliated (continued)
Financial Services (continued)
PKF O’Connor Davies Advisory, LLC		500 Mamaroneck Avenue, Harrison, NY 10528 United States		(4)(5)(7)(10)		SOFR + 4.50%		8.79%		11/15/2024		11/18/2031				$		1,048		$	1,035		$	1,040		0.02	%
RFS Opco, LLC		45 Rockefeller Plaza, Floor 5, New York, NY 10111 United States		(4)(7)(9)		SOFR + 4.75%		9.05%		4/4/2024		4/4/2031						9,873			9,782			9,864		0.16	%
																					63,349			63,739		1.03	%
Ground Transportation
Channelside AcquisitionCo, Inc.		1208 E Kennedy Blvd Tampa, FL 33602, United States		(4)(5)(7)(10)		SOFR + 4.75%		9.04%		5/15/2024		5/15/2031						19,703			19,479			19,693		0.32	%
Health Care Equipment & Supplies
Bamboo US BidCo, LLC		1 Baxter Pkwy, Deerfield, IL 60015 United States		(4)(5)(7)(11)		SOFR + 5.25%		9.54%		9/29/2023		9/30/2030						695			675			694		0.01	%
Bamboo US BidCo, LLC		1 Baxter Pkwy, Deerfield, IL 60015 United States		(4)(5)(11)		E + 5.25%		7.86%		9/29/2023		9/30/2030				EUR		354			365			382		0.01	%
Bamboo US BidCo, LLC		1 Baxter Pkwy, Deerfield, IL 60015 United States		(4)(5)(11)		SOFR + 5.25%		9.54%		11/20/2024		9/30/2030						106			103			106		0.00	%
CPI Buyer, LLC		300 North LaSalle Drive, Suite 5600, Chicago, IL, 60654, United States		(4)(10)		SOFR + 5.50%		10.07%		11/1/2021		11/1/2028						27,707			27,423			27,707		0.44	%
CPI Buyer, LLC		300 North LaSalle Drive, Suite 5600, Chicago, IL, 60654, United States		(4)(10)		SOFR + 5.50%		10.07%		11/1/2021		11/1/2028						2,963			2,943			2,963		0.05	%

50

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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 3/31/2025		Par Amount/Units(1)				Cost(3)			Fair Value			% of Net Assets
First Lien Debt – non-controlled/ non-affiliated (continued)
Health Care Equipment & Supplies (continued)
CPI Buyer, LLC		300 North LaSalle Drive, Suite 5600, Chicago, IL, 60654, United States		(4)(5)(7)(10)		SOFR + 5.50%		10.07%		5/23/2024		11/1/2028				$		2,276		$	2,240		$	2,210		0.04	%
GCX Corporation Buyer, LLC		3875 Cypress Drive, Petaluma, CA 94954, United States		(4)(10)		SOFR + 5.50%		9.90%		9/13/2021		9/13/2027						21,230			21,057			20,699		0.33	%
GCX Corporation Buyer, LLC		3875 Cypress Drive, Petaluma, CA 94954, United States		(4)(10)		SOFR + 5.50%		9.92%		9/13/2021		9/13/2027						5,376			5,338			5,242		0.08	%
Zeus, LLC		3740 Industrial Blvd, Orangeburg, South Carolina 29118 United States		(4)(7)(10)		SOFR + 5.50%		9.80%		2/28/2024		2/28/2031						25,965			25,575			25,926		0.42	%
																					85,719			85,929		1.38	%
Health Care Providers & Services
123Dentist, Inc.		4321 Still Creek Dr suite 200, Burnaby, BC V5C 6S7, Canada		(4)(5)(6)(10)		CA + 5.00%		7.72%		8/10/2022		8/10/2029				CAD		2,187			1,680			1,520		0.02	%
123Dentist, Inc.		4321 Still Creek Dr suite 200, Burnaby, BC V5C 6S7, Canada		(4)(5)(6)(7)(10)		CA + 5.00%		7.72%		8/9/2024		8/10/2029				CAD		127			61			87		0.00	%
ACI Group Holdings, Inc.		629 Davis Drive, Suite 300, Morrisville, NC 27560, United States		(4)(10)		SOFR + 6.00%		10.42% (incl. 3.25% PIK)		7/7/2023		8/2/2028						129,891			128,507			124,695		2.00	%
ACI Group Holdings, Inc.		629 Davis Drive, Suite 300, Morrisville, NC 27560, United States		(4)(5)(7)(10)		SOFR + 5.50%		9.92%		7/7/2023		8/2/2027						1,388			1,298			925		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 3/31/2025		Par Amount/Units(1)				Cost(3)			Fair Value			% of Net Assets
First Lien Debt – non-controlled/ non-affiliated (continued)
Health Care Providers & Services (continued)
ADCS Clinics Intermediate Holdings, LLC		151 Southhall Lane Suite 300 Maitland FL 32751 United States		(4)(11)		SOFR + 6.25%		10.78%		5/7/2021		5/7/2027				$		6,761		$	6,714		$	6,761		0.11	%
ADCS Clinics Intermediate Holdings, LLC		151 Southhall Lane Suite 300 Maitland FL 32751 United States		(4)(5)(11)		SOFR + 6.25%		10.57%		5/7/2021		5/7/2027						1,620			1,611			1,620		0.03	%
ADCS Clinics Intermediate Holdings, LLC		151 Southhall Lane Suite 300 Maitland FL 32751 United States		(4)(5)(7)(11)		SOFR + 6.25%		10.63%		5/7/2021		5/7/2026						297			292			297		0.00	%
Amerivet Partners Management, Inc.		520 Madison Avenue, New York, NY 10022 United States		(4)(7)(11)		SOFR + 5.25%		9.72%		2/25/2022		2/25/2028						5,529			5,465			5,529		0.09	%
Canadian Hospital Specialties Ltd.		2060 Winston Park Drive, Suite 400, Oakville, Ontario L6H 5R7 Canada		(4)(5)(6)(11)		CA + 4.50%		7.57%		4/15/2021		4/14/2028				CAD		29,242			23,216			20,015		0.32	%
Canadian Hospital Specialties Ltd.		2060 Winston Park Drive, Suite 400, Oakville, Ontario L6H 5R7 Canada		(4)(5)(6)(7)(10)		CA + 4.50%		7.57%		4/15/2021		4/15/2027				CAD		2,220			1,661			1,505		0.02	%
CCBlue Bidco, Inc.		1148 Main St Saint Helena, CA, 94574 – 2013 United States		(4)(5)(10)		SOFR + 6.50%		10.90% (incl. 4.00% PIK)		12/21/2021		12/21/2028						12,087			11,975			10,365		0.17	%
Compsych Investments Corp		455 N. Cityfront Plaza Drive, 13th Floor, Chicago, Illinois 60611, United States		(4)(5)(7)(10)		SOFR + 4.75%		9.04%		7/22/2024		7/22/2031						12,094			12,032			12,085		0.19	%
DCA Investment Holdings, LLC		6240 Lake Osprey Drive, Sarasota, FL 34240 United States		(4)(10)		SOFR + 6.41%		10.70%		3/12/2021		4/3/2028						32,420			32,251			30,799		0.49	%

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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 3/31/2025		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)		SOFR + 6.50%		10.80%		12/28/2022		4/3/2028				$		983		$	974		$	933		0.01	%
Epoch Acquisition, Inc.		4600 Lena Drive Mechanicsburg, PA 17055 United States		(4)(11)		SOFR + 6.00%		10.53%		11/20/2018		10/4/2026						23,801			23,739			23,801		0.38	%
Imagine 360 LLC		444 W. Lake St., Suite 1800, Chicago, Illinois 60606, United States		(4)(5)(7)(10)		SOFR + 4.75%		9.05%		9/18/2024		9/30/2028						17,112			16,940			16,999		0.27	%
Inception Fertility Ventures, LLC		4828 Loop Central Dr Suite 900, Houston, TX 77081 United States		(4)(7)(10)		SOFR + 5.50%		9.79%		4/29/2024		4/29/2030						46,321			46,280			45,534		0.73	%
Jayhawk Buyer, LLC		8717 West 110th Street, Suite 300 Overland Park, KS 66210 United States		(4)(11)		SOFR + 5.00%		9.40%		10/15/2020		10/15/2026						126,345			125,581			120,343		1.93	%
Kwol Acquisition, Inc.		600 Park Offices Drive, Suite 200, Research Triangle Park, Durham, NC 27709 United States		(4)(5)(7)(10)		SOFR + 4.75%		9.05%		12/8/2023		12/6/2029						6,537			6,392			6,537		0.10	%
MB2 Dental Solutions, LLC		2403 Lacy Lane, Carrollton, TX 75006 United States		(4)(10)		SOFR + 5.50%		9.82%		2/13/2024		2/13/2031						23,104			22,908			23,104		0.37	%
MB2 Dental Solutions, LLC		2403 Lacy Lane, Carrollton, TX 75006 United States		(4)(5)(7)(10)		SOFR + 5.50%		9.83%		2/13/2024		2/13/2031						2,671			2,634			2,655		0.04	%
MB2 Dental Solutions, LLC		2403 Lacy Lane, Carrollton, TX 75006 United States		(4)(5)(10)		SOFR + 5.50%		9.82%		2/13/2024		2/13/2031						3,417			3,393			3,417		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 3/31/2025		Par Amount/Units(1)				Cost(3)			Fair Value			% of Net Assets
First Lien Debt – non-controlled/ non-affiliated (continued)
Health Care Providers & Services (continued)
Navigator Acquiror, Inc.		311 South Wacker Drive, 64th Floor, Chicago, IL 60606, United States		(4)(7)(9)		SOFR + 5.50%		9.92% (incl. 4.00% PIK)		7/16/2021		7/16/2030				$		259,276		$	258,228		$	229,343		3.67	%
PPV Intermediate Holdings, LLC		4927 NW Front Ave, Portland, OR 97210 United States		(4)(5)(10)		SOFR + 5.75%		10.06%		8/31/2022		8/31/2029						1,972			1,954			1,972		0.03	%
PPV Intermediate Holdings, LLC		4927 NW Front Ave, Portland, OR 97210 United States		(4)(5)(7)(10)		SOFR + 6.00%		10.31%		9/6/2023		8/31/2029						199			196			199		0.00	%
Smile Doctors, LLC		295 SE Inner Loop Ste 102 Georgetown, TX, 78626 – 2141 United States		(4)(10)		SOFR + 5.90%		10.32%		6/9/2023		12/23/2028						10,720			10,588			10,452		0.17	%
Smile Doctors, LLC		295 SE Inner Loop Ste 102 Georgetown, TX, 78626 – 2141 United States		(4)(5)(7)(10)		SOFR + 5.90%		10.32%		6/9/2023		12/23/2028						1,856			1,802			1,771		0.03	%
Snoopy Bidco, Inc.		8039 Beach Blvd, Buena Park, CA United States		(4)(10)		SOFR + 6.00%		10.58%		6/1/2021		6/1/2028						344,997			341,952			328,610		5.27	%
SpecialtyCare, Inc.		111 Radio Circle, Mount Kisco NY 10549 United States		(4)(5)(11)		SOFR + 5.75%		10.32%		6/18/2021		6/18/2028						11,828			11,665			11,591		0.19	%
SpecialtyCare, Inc.		111 Radio Circle, Mount Kisco NY 10549 United States		(4)(5)(7)(8)		SOFR + 4.00%		8.44%		6/18/2021		6/18/2026						440			432			431		0.01	%
SpecialtyCare, Inc.		111 Radio Circle, Mount Kisco NY 10549 United States		(4)(5)(11)		SOFR + 5.75%		10.31%		6/18/2021		6/18/2028						102			102			100		0.00	%

54

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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 3/31/2025		Par Amount/Units(1)				Cost(3)			Fair Value			% of Net Assets
First Lien Debt – non-controlled/ non-affiliated (continued)
Health Care Providers & Services (continued)
Stepping Stones Healthcare Services, LLC		2586 Trailridge Dr E Suite 100, Lafayette, CO, 80026 – 3111, United States		(4)(10)		SOFR + 5.00%		9.30%		12/30/2021		1/2/2029				$		2,692		$	2,665		$	2,692		0.04	%
Stepping Stones Healthcare Services, LLC		2586 Trailridge Dr E Suite 100, Lafayette, CO, 80026 – 3111, United States		(4)(5)(7)(10)		SOFR + 5.00%		9.30%		4/25/2024		1/2/2029						204			196			200		0.00	%
The Fertility Partners, Inc.		21 St. Clair East, Suite 900, Toronto, ON M4T 1L9 Canada		(4)(5)(6)(10)		SOFR + 5.75%		10.19%		3/16/2022		3/16/2028						5,145			5,097			4,836		0.08	%
The Fertility Partners, Inc.		21 St. Clair East, Suite 900, Toronto, ON M4T 1L9 Canada		(4)(5)(6)(10)		CA + 5.75%		8.78%		3/16/2022		3/16/2028				CAD		4,875			3,786			3,184		0.05	%
The Fertility Partners, Inc.		21 St. Clair East, Suite 900, Toronto, ON M4T 1L9 Canada		(4)(5)(6)(7)(10)		CA + 5.75%		8.78%		3/16/2022		9/16/2027				CAD		104			59			58		0.00	%
UMP Holdings, LLC		5669 Peachtree Dunwoody Rd Suite 350, Atlanta, GA 30342 United States		(4)(5)(10)		SOFR + 5.75%		10.05%		7/15/2022		7/15/2028						1,081			1,070			1,073		0.02	%
UMP Holdings, LLC		5669 Peachtree Dunwoody Rd Suite 350, Atlanta, GA 30342 United States		(4)(5)(10)		SOFR + 5.75%		10.04%		7/15/2022		7/15/2028						1,484			1,469			1,473		0.02	%
Unified Women’s Healthcare LP		1501 Yamato Road Suite 200 W, Boca Raton, FL 33431, United States		(4)(5)(9)		SOFR + 5.25%		9.55%		6/16/2022		6/18/2029						2,076			2,076			2,076		0.03	%

55

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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 3/31/2025		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)(5)(7)(9)		SOFR + 5.25%		9.57%		3/22/2024		6/18/2029				$		39,503		$	39,149		$	39,398		0.63	%
US Oral Surgery Management Holdco, LLC		201 E. John Carpenter Freeway Suite 660 Irving, TX 75062 United States		(4)(10)		SOFR + 5.25%		9.68%		11/18/2021		11/20/2028						37,021			36,694			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%		9.66%		11/18/2021		11/20/2028						15,616			15,525			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 + 6.00%		10.52%		8/16/2023		11/20/2028						30,530			30,067			30,197		0.48	%
US Oral Surgery Management Holdco, LLC		201 E. John Carpenter Freeway Suite 660 Irving, TX 75062 United States		(4)(5)(10)		SOFR + 5.25%		9.65%		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%		10.83% (incl. 5.40% PIK)		8/2/2024		6/30/2029						20,191			20,191			20,191		0.32	%
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						16,144			6,354			6,458		0.10	%
																					1,267,004			1,208,551		19.31	%

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 3/31/2025		Par Amount/Units(1)				Cost(3)			Fair Value			% of Net Assets
First Lien Debt – non-controlled/ non-affiliated (continued)
Health Care Technology
Brilliance Technologies, Inc.		4300 Alpha Rd., Suite 200 Dallas, TX 75244 United States		(4)(5)(7)(9)		SOFR + 4.50%		8.82%		3/11/2025		3/11/2032				$		1,500		$	1,478		$	1,482		0.02	%
Caerus US 1, Inc.		450 Lexington Ave, C/O Warburg Pincus LLC; New York; 10017 United States		(4)(5)(6)(10)		SOFR + 5.00%		9.30%		5/25/2022		5/25/2029						11,257			11,124			11,257		0.18	%
Caerus US 1, Inc.		450 Lexington Ave, C/O Warburg Pincus LLC; New York; 10017 United States		(4)(5)(6)(10)		SOFR + 5.00%		9.30%		10/28/2022		5/25/2029						2,170			2,143			2,170		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%		9.46%		10/28/2022		5/25/2029						318			314			318		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%		9.30%		3/27/2024		5/25/2029						49,650			49,650			49,650		0.80	%
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%		9.33%		5/25/2022		5/25/2029						32			16			32		0.00	%
Color Intermediate, LLC		3055 Lebanon Pike Suite 1000 Nashville, TN 37214 United States		(4)(10)		SOFR + 4.75%		9.15%		7/2/2024		10/1/2029						19,908			19,585			19,908		0.32	%
Continental Buyer, Inc.		1 Eden Parkway, La Grange, KY 40031 United States		(4)(5)(7)(10)		SOFR + 4.50%		8.82%		4/2/2024		4/2/2031						25,654			25,285			25,603		0.41	%
CT Technologies Intermediate Holdings, Inc.		2222 W. Dunlap Avenue, Suite 250, Phoenix, AZ 85021, United States		(4)(7)(10)		SOFR + 5.00%		9.32%		8/30/2024		8/30/2031						28,208			27,927			28,184		0.45	%

57

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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 3/31/2025		Par Amount/Units(1)				Cost(3)			Fair Value			% of Net Assets
First Lien Debt – non-controlled/ non-affiliated (continued)
Health Care Technology (continued)
eResearchTechnology, Inc.		1818 Market Street, Suite 2600 Philadelphia, PA 19103		(4)(10)		SOFR + 4.75%		9.07%		1/15/2025		1/19/2032				$		154,814		$	153,311		$	153,266		2.46	%
eResearchTechnology, Inc.		1818 Market Street, Suite 2600 Philadelphia, PA 19103		(4)(5)(7)(10)		SOFR + 4.75%		9.07%		1/15/2025		1/19/2032						1,461			1,045			1,033		0.02	%
GI Ranger Intermediate, LLC		188 The Embarcadero Suite 700 San Francisco, CA 94105 United States		(4)(7)(10)		SOFR + 5.75%		10.17%		10/29/2021		10/29/2028						16,259			16,096			16,259		0.26	%
Healthcomp Holding Company, LLC		621 Santa Fe Ave. Fresno, CA 93721 United States		(4)(10)		SOFR + 6.25%		10.55% (incl. 3.00% PIK)		11/8/2023		11/8/2029						101,371			100,614			101,371		1.62	%
Kona Buyer, LLC		201 West Saint John Street, Spartanburg, SC, 29306, United States		(4)(5)(7)(10)		SOFR + 4.50%		8.79%		7/23/2024		7/23/2031						61			57			59		0.00	%
Kona Buyer, LLC		201 West Saint John Street, Spartanburg, SC, 29306, United States		(4)(5)(10)		SOFR + 4.50%		8.79%		7/23/2024		7/23/2031						1,042			1,033			1,037		0.02	%
Magic Bidco Inc		5th Floor 25 Farringdon Street London EC4A 4AB, United Kingdom		(4)(10)		SOFR + 5.75%		10.05%		7/1/2024		7/1/2030						20,059			19,620			19,859		0.32	%
Magic Bidco Inc		5th Floor 25 Farringdon Street London EC4A 4AB, United Kingdom		(4)(5)(7)(10)		SOFR + 5.75%		10.05%		7/1/2024		7/1/2030						2,812			2,731			2,775		0.04	%
Magic Bidco Inc		5th Floor 25 Farringdon Street London EC4A 4AB, United Kingdom		(4)(5)(7)(10)		SOFR + 5.75%		10.05%		7/1/2024		7/1/2030						820			751			723		0.01	%
Neptune Holdings, Inc.		4221 W Boy Scout Blvd, Suite 350, Tampa, FL 33607 United States		(4)(7)(10)		SOFR + 4.50%		8.80%		12/12/2024		8/31/2030						6,913			6,762			6,889		0.11	%

58

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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 3/31/2025		Par Amount/Units(1)				Cost(3)			Fair Value			% of Net Assets
First Lien Debt – non-controlled/ non-affiliated (continued)
Health Care Technology (continued)
Netsmart Technologies Inc		11100 Nall Avenue, Overland Park KS 66211 United States		(4)(7)(10)		SOFR + 4.95%		9.27% (incl. 2.45% PIK)		8/23/2024		8/23/2031				$		33,034		$	32,677		$	33,012		0.53	%
NMC Crimson Holdings, Inc.		1050 Winter Street, Suite 2700 Waltham, MA 02451 United States		(4)(10)		SOFR + 6.09%		10.55%		3/1/2021		3/1/2028						71,173			70,284			71,173		1.14	%
NMC Crimson Holdings, Inc.		1050 Winter Street, Suite 2700 Waltham, MA 02451 United States		(4)(10)		SOFR + 6.09%		10.56%		3/1/2021		3/1/2028						14,758			14,652			14,758		0.24	%
Project Ruby Ultimate Parent Corp		11711 West 79th Street Lenexa, Kansas 62214 United States		(8)		SOFR + 3.00%		7.44%		11/20/2024		3/10/2028						8,289			8,290			8,274		0.13	%
Rocky MRA Acquisition Corp		541 Buttermilk Pike, Suite 401, Crescent Springs, KY 41017 United States		(4)(9)		SOFR + 5.75%		10.15%		4/1/2022		4/1/2028						9,253			9,170			9,253		0.15	%
																					574,615			578,345		9.27	%
Insurance
Alera Group, Inc.		3 Parkway North, Suite 500, Deerfield, IL 60015, United States		(4)(10)		SOFR + 5.25%		9.57%		9/30/2021		10/2/2028						3,619			3,601			3,619		0.06	%
Alera Group, Inc.		3 Parkway North, Suite 500, Deerfield, IL 60015, United States		(4)(5)(10)		SOFR + 5.75%		10.07%		11/17/2023		10/2/2028						1,283			1,279			1,283		0.02	%
Amerilife Holdings, LLC		2650 McCormick Dr, Clearwater, FL 33759 United States		(4)(7)(10)		SOFR + 5.00%		9.26%		6/17/2024		8/31/2029						97,112			96,538			97,033		1.55	%
Amerilife Holdings, LLC		2650 McCormick Dr, Clearwater, FL 33759 United States		(4)(5)(7)(10)		SOFR + 5.00%		9.26%		6/17/2024		8/31/2029						320			238			318		0.01	%

59

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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 3/31/2025		Par Amount/Units(1)				Cost(3)			Fair Value			% of Net Assets
First Lien Debt – non-controlled/ non-affiliated (continued)
Insurance (continued)
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						6,246			5,559			1,453		0.02	%
Foundation Risk Partners Corp.		1540 Cornerstone Blvd #230, Daytona Beach, FL 32117, United States		(4)(10)		SOFR + 5.00%		9.30%		10/29/2021		10/29/2030						14,398			14,296			14,398		0.23	%
Foundation Risk Partners Corp.		1540 Cornerstone Blvd #230, Daytona Beach, FL 32117, United States		(4)(10)		SOFR + 5.00%		9.30%		10/29/2021		10/29/2030						4,772			4,728			4,772		0.08	%
Foundation Risk Partners Corp.		1540 Cornerstone Blvd #230, Daytona Beach, FL 32117, United States		(4)(10)		SOFR + 5.00%		9.30%		11/17/2023		10/29/2030						6,874			6,764			6,874		0.11	%
Foundation Risk Partners Corp.		1540 Cornerstone Blvd #230, Daytona Beach, FL 32117, United States		(4)(5)(7)(10)		SOFR + 5.00%		9.30%		5/21/2024		10/29/2030						3,591			3,503			3,504		0.06	%
Galway Borrower, LLC		1 California Street, Suite 400, San Francisco, CA 94111 United States		(4)(5)(10)		SOFR + 4.50%		8.80%		9/30/2021		9/29/2028						14,746			14,663			14,746		0.24	%
Galway Borrower, LLC		1 California Street, Suite 400, San Francisco, CA 94111 United States		(4)(5)(7)(10)		SOFR + 4.50%		8.80%		9/30/2021		9/29/2028						3,049			2,975			3,049		0.05	%
Galway Borrower, LLC		1 California Street, Suite 400, San Francisco, CA 94111 United States		(4)(5)(7)(10)		SOFR + 4.50%		8.80%		2/7/2024		9/29/2028						3,002			2,802			2,736		0.04	%

60

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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 3/31/2025		Par Amount/Units(1)				Cost(3)			Fair Value			% of Net Assets
First Lien Debt – non-controlled/ non-affiliated (continued)
Insurance (continued)
Gimlet Bidco GmbH		Fischertwiete 1, Chilehaus B, 20095 Hamburg, Germany		(4)(6)(8)		E + 5.75%		8.36%		4/15/2024		4/23/2031				EUR		30,620		$	31,912		$	32,779		0.53	%
Gimlet Bidco GmbH		Fischertwiete 1, Chilehaus B, 20095 Hamburg, Germany		(4)(6)(7)(8)		E + 5.75%		8.36%		4/15/2024		4/23/2031				EUR		5,655			5,843			5,980		0.10	%
Higginbotham Insurance Agency, Inc.		500 W 13th St, Fort Worth, Texas 76102, United States		(4)(5)(6)(11)		SOFR + 4.50%		8.83%		7/3/2024		11/25/2028						4,963			4,958			4,963		0.08	%
High Street Buyer, Inc.		600 Unicorn Park Drive, Suite 208, Woburn, MA 01801 United States		(4)(10)		SOFR + 5.25%		9.55%		4/16/2021		4/14/2028						10,306			10,217			10,306		0.17	%
High Street Buyer, Inc.		600 Unicorn Park Drive, Suite 208, Woburn, MA 01801 United States		(4)(7)(10)		SOFR + 5.25%		9.55%		4/16/2021		4/14/2028						70,983			70,353			70,938		1.14	%
High Street Buyer, Inc.		600 Unicorn Park Drive, Suite 208, Woburn, MA 01801 United States		(4)(7)(10)		SOFR + 5.25%		9.57%		1/2/2025		4/14/2028						3,772			3,588			3,600		0.06	%
Integrity Marketing Acquisition LLC		2300 Highland Village Suite 300 Highland Village, TX 75077 United States		(4)(7)(10)		SOFR + 5.00%		9.31%		8/27/2024		8/25/2028						152,193			151,308			152,150		2.44	%
Paisley Bidco Ltd		1 Minster Court, Mincing Lane, London, EC3R 7AA		(4)(5)(6)(8)		S + 4.75%		9.21%		4/17/2024		4/18/2031				GBP		6,450			7,989			8,248		0.13	%
Paisley Bidco Ltd		1 Minster Court, Mincing Lane, London, EC3R 7AA		(4)(5)(6)(8)		E + 4.75%		7.36%		4/17/2024		4/18/2031				EUR		3,420			3,633			3,661		0.06	%
Paisley Bidco Ltd		1 Minster Court, Mincing Lane, London, EC3R 7AA		(4)(5)(6)(8)		E + 4.75%		7.50%		4/17/2024		4/18/2031				EUR		3,016			3,109			3,229		0.05	%

61

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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 3/31/2025		Par Amount/Units(1)				Cost(3)			Fair Value			% of Net Assets
First Lien Debt – non-controlled/ non-affiliated (continued)
Insurance (continued)
Patriot Growth Insurance Services, LLC.		5704 Binbranch Ln McKinney, TX, 75071 – 8475 United States		(4)(5)(10)		SOFR + 5.00%		9.45%		10/14/2021		10/16/2028				$		4,532		$	4,500		$	4,532		0.07	%
Patriot Growth Insurance Services, LLC.		5704 Binbranch Ln McKinney, TX, 75071 – 8475 United States		(4)(5)(7)(10)		SOFR + 5.00%		9.30%		11/17/2023		10/16/2028						3,023			2,992			2,974		0.05	%
Patriot Growth Insurance Services, LLC.		5704 Binbranch Ln McKinney, TX, 75071 – 8475 United States		(4)(5)(7)(10)		SOFR + 5.00%		9.42%		10/14/2021		10/16/2028						235			229			225		0.00	%
SelectQuote Inc.		6800 West 115th Street Suite 2511 Overland Park KS 66211 United States		(4)(5)(6)(20)		SOFR + 9.50%		13.92% (incl. 3.00% PIK)		10/15/2024		9/30/2027						34,201			34,162			32,833		0.53	%
SG Acquisition, Inc.		2635 Century Parkway Northeast Suite 900 Atlanta GA 30345 United States		(4)(7)(10)		SOFR + 4.75%		9.06%		4/3/2024		4/3/2030						130,811			129,764			130,811		2.10	%
Shelf Bidco Ltd		2 Church Street, Hamilton HM 11, Bermuda		(4)(6)(10)(18)		SOFR + 5.18%		9.48%		10/17/2024		10/17/2031						149,506			148,805			149,506		2.40	%
Simplicity Financial Marketing Group Holdings Inc		86 Summit Ave, Suite 303, Summit, NJ 07901 United States		(4)(5)(6)(7)(10)		SOFR + 5.00%		9.28%		12/31/2024		12/31/2031						8,411			8,312			8,309		0.13	%
Sparta UK Bidco Ltd		One America Square, 17 Crosswall, London, EC3N 2LB, United Kingdom		(4)(5)(6)(7)(8)		S + 6.00%		10.46%		9/25/2024		9/25/2031				GBP		17,263			22,729			22,300		0.36	%
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						5,717			5,673			5,689		0.09	%
Tennessee Bidco Limited		33920 US Highway 19, North Suite 151, Palm, Stoke On Trent, ST4 9DN, United Kingdom		(4)(6)(8)		SOFR + 5.25%		9.51% (incl. 2.00% PIK)		7/1/2024		7/1/2031						90,453			88,674			90,453		1.45	%

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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 3/31/2025		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%		9.51% (incl. 2.00% PIK)		7/1/2024		7/1/2031				$		5,690		$	5,663		$	5,690		0.09	%
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%		9.95% (incl. 2.00% PIK)		7/1/2024		7/1/2031				GBP		45,374			61,218			58,612		0.94	%
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%		9.70% (incl. 2.00% PIK)		7/1/2024		7/1/2031				GBP		2,608			3,392			3,250		0.05	%
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%		7.81% (incl. 2.00% PIK)		7/1/2024		7/1/2031				EUR		1,897			1,983			2,051		0.03	%
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%		7.81% (incl. 2.00% PIK)		7/1/2024		7/1/2031				EUR		1,674			1,753			1,810		0.03	%
THG Acquisition LLC		6802 Paragon Place, Suite 200, Richmond, Virginia 23230 United States		(4)(5)(10)		SOFR + 4.75%		9.07%		10/31/2024		10/31/2031						11,653			11,543			11,653		0.19	%
THG Acquisition LLC		6802 Paragon Place, Suite 200, Richmond, Virginia 23230 United States		(4)(7)(10)		SOFR + 4.75%		9.07%		10/31/2024		10/31/2031						105			81			92		0.00	%
World Insurance Associates, LLC		100 Wood Ave South, 4th Floor, Iselin, NJ 08830 United States		(4)(11)		SOFR + 5.00%		9.30%		10/20/2023		4/3/2030						34,650			34,182			34,650		0.56	%
World Insurance Associates, LLC		100 Wood Ave South, 4th Floor, Iselin, NJ 08830 United States		(4)(5)(11)		SOFR + 5.00%		9.30%		10/20/2023		4/3/2030						33,283			32,896			33,283		0.53	%
World Insurance Associates, LLC		100 Wood Ave South, 4th Floor, Iselin, NJ 08830 United States		(4)(7)(11)		SOFR + 5.00%		9.30%		10/20/2023		4/3/2030						3,830			3,514			3,564		0.06	%
																					1,053,318			1,051,926		16.89	%

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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 3/31/2025		Par Amount/Units(1)				Cost(3)			Fair Value			% of Net Assets
First Lien Debt – non-controlled/ non-affiliated (continued)
Interactive Media & Services
North Haven Ushc Acquisition Inc		1301 Virginia Drive, Suite 300, Fort Washington, PA 19038, United States		(4)(7)(11)		SOFR + 5.00%		9.40%		8/28/2024		10/30/2027				$		1,849		$	1,813		$	1,827		0.03	%
North Haven Ushc Acquisition Inc		1301 Virginia Drive, Suite 300, Fort Washington, PA 19038, United States		(4)(5)(11)		SOFR + 5.00%		9.40%		8/28/2024		10/30/2027						2,199			2,172			2,182		0.03	%
North Haven Ushc Acquisition Inc		1301 Virginia Drive, Suite 300, Fort Washington, PA 19038, United States		(4)(5)(11)		SOFR + 5.00%		9.40%		8/28/2024		10/30/2027						1,287			1,272			1,278		0.02	%
North Haven Ushc Acquisition Inc		1301 Virginia Drive, Suite 300, Fort Washington, PA 19038, United States		(4)(5)(11)		SOFR + 5.00%		9.39%		8/28/2024		10/30/2027						548			541			544		0.01	%
North Haven Ushc Acquisition Inc		1301 Virginia Drive, Suite 300, Fort Washington, PA 19038, United States		(4)(5)(7)(11)		SOFR + 5.00%		9.40%		8/28/2024		10/30/2027						791			754			751		0.01	%
North Haven Ushc Acquisition Inc		1301 Virginia Drive, Suite 300, Fort Washington, PA 19038, United States		(4)(5)(11)		SOFR + 5.00%		9.40%		8/28/2024		10/30/2027						637			629			632		0.01	%
North Haven Ushc Acquisition Inc		1301 Virginia Drive, Suite 300, Fort Washington, PA 19038, United States		(4)(5)(11)		SOFR + 5.00%		9.40%		8/28/2024		10/30/2027						3,922			3,874			3,893		0.06	%
Speedster Bidco GmbH		Bothestraße 11 – 15, 81675 München, Germany		(6)(7)(8)		E + 2.50%		5.66%		10/17/2024		12/10/2031				EUR		11,009			11,655			11,926		0.19	%
Speedster Bidco GmbH		Bothestraße 11 – 15, 81675 München, Germany		(6)(9)		SOFR + 3.25%		7.55%		10/17/2024		12/10/2031						2,830			2,769			2,830		0.05	%
																					25,479			25,863		0.41	%

64

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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 3/31/2025		Par Amount/Units(1)				Cost(3)			Fair Value			% of Net Assets
First Lien Debt – non-controlled/ non-affiliated (continued)
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				$		1,063		$	1,051		$	1,056		0.02	%
AI Altius US Bidco, Inc.		9350 South Dixie Highway, Suite 950. Miami, FL 33156 United States		(4)(7)(10)		SOFR + 4.75%		9.03%		5/21/2024		12/21/2028						7,531			7,458			7,531		0.12	%
Allium Buyer, LLC		321 Inverness Drive South, Englewood, CO 80112 United States		(4)(5)(7)(11)		SOFR + 5.00%		9.29%		5/2/2023		5/2/2030						1,572			1,533			1,565		0.03	%
Cassipoée SASU		199, Bureaux de la Colline, 92210 Saint-Cloud, France		(4)(5)(6)(8)		E + 4.50%		6.98%		2/26/2025		2/26/2032				EUR		160			164			170		0.00	%
Fern Bidco Ltd		Focus House, Shoreham-by-Sea BN43 6PA, United Kingdom		(4)(5)(6)(8)		S + 5.25%		9.71%		7/1/2024		7/3/2031				GBP		20,317			25,225			25,786		0.41	%
Fern Bidco Ltd		Focus House, Shoreham-by-Sea BN43 6PA, United Kingdom		(4)(5)(6)(7)(8)		S + 5.25%		9.71%		7/1/2024		7/3/2031				GBP		2,222			2,670			2,641		0.04	%
Infostretch Corporation		28411 Northwestern Highway, Suite 640, Southfield, MI, 48034, United States		(4)(5)(10)		SOFR + 5.75%		10.20%		4/1/2022		4/1/2028						4,863			4,814			4,522		0.07	%
Inovalon Holdings, Inc.		4321 Collington Rd, Bowie, MD 20716, United States		(4)(10)		SOFR + 5.75%		10.31%		11/24/2021		11/24/2028						112,568			111,220			112,568		1.80	%
Inovalon Holdings, Inc.		4321 Collington Rd, Bowie, MD 20716, United States		(4)(10)		SOFR + 5.75%		10.31%		11/24/2021		11/24/2028						8,180			8,073			8,180		0.13	%
KEN Bidco Ltd		10 – 14 White Lion St, London N1 9PD, United Kingdom		(4)(5)(6)(10)		S + 6.00%		10.57% (incl. 2.50% PIK)		5/3/2024		8/3/2028				GBP		9,417			11,548			11,799		0.19	%

65

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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 3/31/2025		Par Amount/Units(1)				Cost(3)			Fair Value			% of Net Assets
First Lien Debt – non-controlled/ non-affiliated (continued)
IT Services (continued)
Monterey Financing, S.à r.l.		41 Boulevard Du Prince Henri, L – 1724, Luxembourg		(4)(5)(6)(8)		ST + 6.00%		8.35%		9/28/2022		9/28/2029				SEK		2,090		$	185		$	208		0.00	%
Monterey Financing, S.à r.l.		41 Boulevard Du Prince Henri, L – 1724, Luxembourg		(4)(5)(6)(8)		E + 6.00%		8.36%		9/28/2022		9/28/2029				EUR		952			914			1,030		0.02	%
Monterey Financing, S.à r.l.		41 Boulevard Du Prince Henri, L – 1724, Luxembourg		(4)(5)(6)(8)		CI + 6.00%		8.31%		9/28/2022		9/28/2029				DKK		4,819			623			698		0.01	%
Monterey Financing, S.à r.l.		41 Boulevard Du Prince Henri, L – 1724, Luxembourg		(4)(5)(6)(9)		N + 6.00%		10.56%		9/28/2022		9/28/2029				NOK		5,149			465			489		0.01	%
Nephele III BV		Paulus Potterstraat 22 A, 1071 DA Amsterdam		(4)(5)(6)(7)(8)		E + 5.25%		7.61%		3/31/2025		1/14/2032				EUR		293			312			312		0.00	%
Park Place Technologies, LLC		5910 Landerbrook Drive, Mayfield Heights, OH 44124 United States		(4)(10)		SOFR + 5.25%		9.54%		3/25/2024		3/25/2031						112,970			112,105			112,970		1.81	%
Park Place Technologies, LLC		5910 Landerbrook Drive, Mayfield Heights, OH 44124 United States		(4)(5)(7)(10)		SOFR + 5.25%		9.57%		3/25/2024		3/25/2030						3,109			2,999			3,109		0.05	%
Park Place Technologies, LLC		5910 Landerbrook Drive, Mayfield Heights, OH 44124 United States		(4)(5)(7)(10)		SOFR + 5.25%		9.57%		3/25/2024		3/25/2031						9,127			9,012			9,084		0.15	%
Razor Holdco, LLC		26 Meadow VW, Victoria, TX, 77904 – 1676, United States		(4)(10)		SOFR + 5.75%		10.16%		10/25/2021		10/25/2027						18,885			18,724			18,885		0.30	%
Red River Technology, LLC		875 3rd Avenue, New York NY 10022 United States		(4)(11)		SOFR + 6.00%		10.44%		5/26/2021		5/26/2027						78,973			78,478			70,483		1.13	%

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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 3/31/2025		Par Amount/Units(1)				Cost(3)			Fair Value			% of Net Assets
First Lien Debt – non-controlled/ non-affiliated (continued)
IT Services (continued)
Redwood Services Group, LLC		949 Shady Grove Road, Suite 403, Memphis, TN, 38120, United States		(4)(10)		SOFR + 5.25%		9.55%		1/3/2025		6/15/2029				$		76,961		$	76,211		$	76,961		1.23	%
Redwood Services Group, LLC		949 Shady Grove Road, Suite 403, Memphis, TN, 38120, United States		(4)(7)(10)		SOFR + 5.25%		9.55%		2/5/2024		6/15/2029						74,682			72,923			74,520		1.19	%
Turing Holdco, Inc.		10 – 14 White Lion St, London N1 9PD, United Kingdom		(4)(5)(6)(8)		SOFR + 6.00%		10.39% (incl. 2.50% PIK)		10/14/2021		9/28/2028						8,942			8,745			8,674		0.14	%
Turing Holdco, Inc.		10 – 14 White Lion St, London N1 9PD, United Kingdom		(4)(5)(6)(8)		SOFR + 6.00%		10.40% (incl. 2.50% PIK)		10/14/2021		10/16/2028						4,473			4,411			4,339		0.07	%
Turing Holdco, Inc.		10 – 14 White Lion St, London N1 9PD, United Kingdom		(4)(5)(6)(8)		E + 6.00%		9.06% (incl. 2.50% PIK)		10/14/2021		9/28/2028				EUR		11,445			13,014			12,004		0.19	%
Turing Holdco, Inc.		10 – 14 White Lion St, London N1 9PD, United Kingdom		(4)(5)(6)(8)		E + 6.00%		8.36% (incl. 2.50% PIK)		10/14/2021		8/3/2028				EUR		4,404			4,977			4,620		0.07	%
Turing Holdco, Inc.		10 – 14 White Lion St, London N1 9PD, United Kingdom		(4)(6)(7)(10)		SOFR + 6.00%		10.42% (incl. 2.50% PIK)		5/3/2024		8/3/2028						20,998			20,507			20,368		0.33	%
Turing Holdco, Inc.		10 – 14 White Lion St, London N1 9PD, United Kingdom		(4)(5)(6)(7)(10)		S + 6.00%		10.57% (incl. 2.50% PIK)		5/3/2024		8/3/2028				GBP		15,797			22,718			19,794		0.32	%
																					621,079			614,366		9.83	%

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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 3/31/2025		Par Amount/Units(1)				Cost(3)			Fair Value			% of Net Assets
First Lien Debt – non-controlled/ non-affiliated (continued)
Life Sciences Tools & Services
Cambrex Corp.		One Meadowlands Plaza, East Rutherford NJ 07073 United States		(4)(5)(7)(10)		SOFR + 4.75%		9.07%		3/5/2025		3/5/2032				$		22,262		$	21,997		$	21,994		0.35	%
Creek Parent Inc.		14 Schoolhouse Road, Somerset, NJ 08873 United States		(4)(7)(10)		SOFR + 5.25%		9.57%		12/17/2024		12/18/2031						68,799			67,477			67,421		1.08	%
Falcon Parent Holdings, Inc.		3675 Green Level Road West, Suite 208, Apex, NC 27523 United States		(4)(5)(7)(10)		SOFR + 5.00%		9.30%		11/6/2024		11/6/2031						18,967			18,750			18,784		0.30	%
Falcon Parent Holdings, Inc.		3675 Green Level Road West, Suite 208, Apex, NC 27523 United States		(4)(5)(7)(10)		SOFR + 5.00%		9.30%		3/5/2025		11/6/2031						3,165			3,123			3,125		0.05	%
																					111,347			111,324		1.78	%
Machinery
Bidco 76 S.p.A.		Piazza Fontana 6, 20122, Milan Italy		(4)(6)(7)(8)		E + 5.00%		7.66%		12/11/2024		12/10/2031				EUR		18,340			18,894			19,449		0.31	%
MHE Intermediate Holdings, LLC		3235 Levis Common Blvd. Perrysburg, OH 43551 United States		(4)(5)(7)(11)		SOFR + 6.00%		10.44%		7/21/2021		7/21/2027						1,970			1,953			1,959		0.03	%
MHE Intermediate Holdings, LLC		3235 Levis Common Blvd. Perrysburg, OH 43551 United States		(4)(5)(11)		SOFR + 6.25%		10.69%		8/30/2022		7/21/2027						76			75			76		0.00	%
MHE Intermediate Holdings, LLC		3235 Levis Common Blvd. Perrysburg, OH 43551 United States		(4)(5)(11)		SOFR + 6.50%		10.97%		12/20/2022		7/21/2027						76			76			76		0.00	%
																					20,998			21,560		0.34	%
Marine
Armada Parent, Inc.		93 Eastmont Ave Ste 100 East Wenatchee, WA, 98802 – 5305 United States		(4)(7)(10)		SOFR + 5.75%		10.16%		10/29/2021		10/29/2027						25,663			25,422			25,663		0.41	%
Kattegat Project Bidco AB		Salsmästaregatan 21, Hisings Backa, Sweden		(4)(5)(6)(8)		SOFR + 5.50%		9.80%		3/20/2024		4/7/2031						2,605			2,549			2,605		0.04	%

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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 3/31/2025		Par Amount/Units(1)				Cost(3)			Fair Value			% of Net Assets
First Lien Debt – non-controlled/ non-affiliated (continued)
Marine (continued)
Kattegat Project Bidco AB		Salsmästaregatan 21, Hisings Backa, Sweden		(4)(5)(6)(7)(8)		E + 5.50%		7.86%		3/20/2024		4/7/2031				EUR		29,819		$	31,573		$	32,155		0.52	%
																					59,544			60,423		0.97	%
Media
Bimini Group Purchaser Inc		1221 Brickell Avenue, Suite 2300 Miami, FL 33131 United States		(4)(10)		SOFR + 5.25%		9.56%		4/26/2024		4/26/2031						50,784			50,344			50,784		0.81	%
Bimini Group Purchaser Inc		1221 Brickell Avenue, Suite 2300 Miami, FL 33131 United States		(4)(5)(7)(10)		SOFR + 5.25%		9.55%		4/26/2024		4/26/2031						2,103			1,978			2,008		0.03	%
																					52,322			52,792		0.84	%
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%		9.57%		8/30/2024		8/15/2028						49,396			48,979			49,396		0.79	%
KKR Alberta Midstream Finance Inc.		585 8 Ave SW #4000, Calgary, AB T2P 1G1, Canada		(4)(6)(10)		SOFR + 5.25%		9.57%		8/30/2024		8/15/2028						26,870			26,627			26,870		0.43	%
																					75,606			76,266		1.22	%
Paper & Forest Products
Profile Products, LLC		219 Simpson St SW Conover, NC, 28613 – 8207 United States		(4)(10)		SOFR + 5.75%		10.29%		11/12/2021		11/12/2027						7,199			7,148			7,073		0.11	%
Profile Products, LLC		219 Simpson St SW Conover, NC, 28613 – 8207 United States		(4)(5)(7)(10)		P + 4.75%		12.25%		11/12/2021		11/12/2027						434			429			424		0.01	%
Profile Products, LLC		219 Simpson St SW Conover, NC, 28613 – 8207 United States		(4)(5)(7)(10)		P + 4.75%		12.25%		11/12/2021		11/12/2027						49			49			42		0.00	%
																					7,626			7,539		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 3/31/2025		Par Amount/Units(1)				Cost(3)			Fair Value			% of Net Assets
First Lien Debt – non-controlled/ non-affiliated (continued)
Pharmaceuticals
Dolcetto Holdco S.p.A.		Via Filippo Turati, 40, 20121 Milano MI, Italy		(4)(5)(6)(8)		E + 5.50%		8.96%		10/11/2022		10/27/2028				EUR		1,758		$	1,714		$	1,901		0.03	%
Dolcetto Holdco S.p.A.		Via Filippo Turati, 40, 20121 Milano MI, Italy		(4)(5)(6)(8)		E + 5.50%		7.87%		1/29/2025		10/27/2028				EUR		1,754			1,812			1,897		0.03	%
Eden Acquisitionco Ltd		1 Occam Court, The Surrey Research Park, Guildford, Surrey GU2 7HJ United Kingdom		(4)(6)(7)(10)		SOFR + 6.25%		10.53%		11/2/2023		11/18/2030						34,485			38,053			34,041		0.55	%
Elanco Animal Health, Inc.		2500 Innovation Way Greenfield, IN 46140 United States		(5)(6)(8)		SOFR + 1.75%		6.17%		1/30/2025		8/1/2027						996			997			995		0.02	%
Gusto Sing Bidco Pte Ltd		One Temasek Ave, #04 – 01 Millenia Tower, Singapore 039192		(4)(5)(6)(7)(10)		BB + 4.75%		9.46%		11/15/2024		11/15/2031				AUD		1,000			637			618		0.01	%
																					43,213			39,452		0.64	%
Professional Services
ALKU, LLC		200 Brickstone Square, Suite 503, Andover, MA 01810 United States		(4)(5)(10)		SOFR + 6.25%		10.47%		5/23/2023		5/23/2029						788			774			788		0.01	%
ALKU, LLC		200 Brickstone Square, Suite 503, Andover, MA 01810 United States		(4)(10)		SOFR + 5.50%		9.72%		2/21/2024		5/23/2029						26,395			25,979			26,000		0.42	%
Apex Companies, LLC		2101 Gaither Rd, Suite 500, Rockville, MD 20850 United States		(4)(5)(11)		SOFR + 5.25%		9.56%		8/28/2024		1/31/2028						10,924			10,785			10,842		0.17	%
Apex Companies, LLC		2101 Gaither Rd, Suite 500, Rockville, MD 20850 United States		(4)(5)(11)		SOFR + 5.25%		9.54%		1/31/2023		1/31/2028						1,970			1,942			1,955		0.03	%
Apex Companies, LLC		2101 Gaither Rd, Suite 500, Rockville, MD 20850 United States		(4)(5)(7)(11)		SOFR + 5.25%		9.56%		8/28/2024		1/31/2028						2,786			2,727			2,724		0.04	%

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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 3/31/2025		Par Amount/Units(1)				Cost(3)			Fair Value			% of Net Assets
First Lien Debt – non-controlled/ non-affiliated (continued)
Professional Services (continued)
Artisan Acquisitionco, Ltd.		4th Floor, Martin House, 5 Martin Lane, London EC4R 0DP, United Kingdom		(4)(6)(7)(8)		SOFR + 5.00%		9.30%		9/27/2024		9/30/2031				$		57,154		$	56,019		$	56,075		0.90	%
Baker Tilly Advisory Group LP		205 N. Michigan Ave. 28th Floor Chicago, IL 60601 United States		(4)(7)(10)		SOFR + 4.75%		9.07%		6/3/2024		6/3/2031						46,494			45,705			46,442		0.74	%
CFGI Holdings, LLC		1 Lincoln Street, Suite 1301 Boston, MA 02111, United States		(4)(7)(10)		SOFR + 4.50%		8.82%		11/2/2021		11/2/2027						6,867			6,799			6,846		0.11	%
Chartwell Cumming Holding, Corp.		485 Lexington Avenue, New York NY 10017 United States		(4)(7)(11)		SOFR + 4.75%		9.07%		5/26/2021		11/16/2029						87,023			86,401			86,942		1.39	%
Chartwell Cumming Holding, Corp.		485 Lexington Avenue, New York NY 10017 United States		(4)(5)(7)(11)		SOFR + 4.75%		9.07%		11/18/2022		11/16/2029						10,487			10,200			10,475		0.17	%
Chartwell Cumming Holding, Corp.		485 Lexington Avenue, New York NY 10017 United States		(4)(11)		SOFR + 4.75%		9.07%		2/14/2025		11/16/2029						14,038			13,899			14,038		0.22	%
Cisive Holdings Corp		1180 Welsh Rd # 110 North Wales, PA, 19454 – 2053 United States		(4)(7)(11)		SOFR + 5.75%		10.15%		12/8/2021		12/8/2028						8,379			8,280			8,231		0.13	%
Clearview Buyer, Inc.		1 Newton Pl Ste 405, 275 Washington Street, Newton, MA 02458, United States		(4)(7)(10)		SOFR + 5.35%		9.65%		8/26/2021		8/26/2027						7,252			7,188			7,252		0.12	%
CRCI Longhorn Holdings Inc		6504 Bridge Point Parkway, Suite 425, Austin, TX 78730, United States		(4)(5)(7)(10)		SOFR + 5.00%		9.32%		8/27/2024		8/27/2031						11,441			11,323			11,426		0.18	%
CRCI Longhorn Holdings Inc		6504 Bridge Point Parkway, Suite 425, Austin, TX 78730, United States		(4)(5)(7)(10)		SOFR + 5.00%		9.31%		8/27/2024		8/27/2031						994			977			994		0.02	%
East River Bidco Gmbh		Bennigsen-Platz 1, 40474 Düsseldorf, Germany		(4)(6)(7)(8)		E + 5.25%		7.62%		3/26/2025		3/26/2032				EUR		90			95			96		0.00	%

71

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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 3/31/2025		Par Amount/Units(1)				Cost(3)			Fair Value			% of Net Assets
First Lien Debt – non-controlled/ non-affiliated (continued)
Professional Services (continued)
G&A Partners Holding Company II, LLC		17220 Katy Freeway, Suite 350, Houston, TX 77094 United States		(4)(9)		SOFR + 5.50%		9.81%		3/1/2024		3/1/2031				$		30,020		$	29,512		$	30,020		0.48	%
G&A Partners Holding Company II, LLC		17220 Katy Freeway, Suite 350, Houston, TX 77094 United States		(4)(5)(7)(9)		SOFR + 5.50%		9.81%		3/1/2024		3/1/2031						3,673			3,477			3,542		0.06	%
Guidehouse, Inc.		1676 International Drive, Suite 800, McLean, VA 22102 United States		(4)(10)		SOFR + 5.00%		9.32% (incl. 2.00% PIK)		10/15/2021		12/16/2030						311,831			309,945			311,831		5.00	%
IG Investments Holdings, LLC		4170 Ashford Dunwood Road, Northeast, Ste 250 Atlanta GA 30319 United States		(4)(7)(10)		SOFR + 5.00%		9.29%		11/1/2024		9/22/2028						46,231			45,730			46,231		0.74	%
Legacy Intermediate, LLC		3701 FAU Blvd, Suite 300, Boca Raton, FL 33431, United States		(4)(5)(10)		SOFR + 5.75%		10.21%		2/25/2022		2/25/2028						6,684			6,621			6,684		0.11	%
Legacy Intermediate, LLC		3701 FAU Blvd, Suite 300, Boca Raton, FL 33431, United States		(4)(5)(10)		SOFR + 5.75%		10.20%		12/22/2023		2/25/2028						1,290			1,272			1,290		0.02	%
Mercury Bidco Globe Limited		3rd Floor, 8 St. James’s Square, London, SW1Y 4JU, United Kingdom		(4)(5)(6)(7)(8)		S + 5.75%		10.21%		1/18/2024		1/31/2031				GBP		47,583			59,381			61,292		0.98	%
MPG Parent Holdings, LLC		One Vanderbilt Avenue, 53rd Floor, New York, New York 10017 United States		(4)(11)		SOFR + 5.00%		9.30%		1/8/2024		1/8/2030						10,845			10,672			10,845		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%		9.30%		1/8/2024		1/8/2030						2,662			2,577			2,639		0.04	%
Oxford Global Resources Inc		100 Cummings Center, Suite 206L, Beverly, MA 01915, United States		(4)(11)		SOFR + 6.00%		10.42%		8/17/2021		8/17/2027						18,725			18,577			18,725		0.30	%

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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 3/31/2025		Par Amount/Units(1)				Cost(3)			Fair Value			% of Net Assets
First Lien Debt – non-controlled/ non-affiliated (continued)
Professional Services (continued)
Oxford Global Resources Inc		100 Cummings Center, Suite 206L, Beverly, MA 01915, United States		(4)(7)(11)		SOFR + 6.00%		10.42%		8/17/2021		8/17/2027				$		2,907		$	2,866		$	2,907		0.05	%
Oxford Global Resources Inc		100 Cummings Center, Suite 206L, Beverly, MA 01915, United States		(4)(9)		SOFR + 6.00%		10.41%		6/6/2024		8/17/2027						2,211			2,173			2,211		0.04	%
Pavion Corp.		4151 Lafayette Center Dr, Suite 700, Chantilly, Virginia 20151, United States		(4)(6)(10)		SOFR + 6.00%		10.29% (incl. 2.25% PIK)		10/30/2023		10/30/2030						73,714			72,539			72,977		1.17	%
Pavion Corp.		4151 Lafayette Center Dr, Suite 700, Chantilly, Virginia 20151, United States		(4)(6)(7)(10)		SOFR + 6.00%		10.29% (incl. 2.25% PIK)		10/30/2023		10/30/2030						15,588			15,357			15,406		0.25	%
Petrus Buyer, Inc.		100 Bayview Cir Ste 400, Newport Beach, California, 92660 United States		(4)(5)(10)		SOFR + 4.75%		9.07%		10/17/2022		10/17/2029						1,867			1,830			1,867		0.03	%
Petrus Buyer, Inc.		100 Bayview Cir Ste 400, Newport Beach, California, 92660 United States		(4)(7)(10)		SOFR + 4.75%		9.07%		10/17/2022		10/17/2029						334			320			330		0.01	%
Petrus Buyer, Inc.		100 Bayview Cir Ste 400, Newport Beach, California, 92660 United States		(4)(5)(10)		SOFR + 4.75%		9.07%		2/26/2025		10/17/2029						645			642			645		0.01	%
STV Group, Inc.		350 5th Avenue, Suite 1120, New York, NY 10001 United States		(4)(10)		SOFR + 5.00%		9.32%		3/20/2024		3/20/2031						24,173			23,761			24,173		0.39	%
STV Group, Inc.		350 5th Avenue, Suite 1120, New York, NY 10001 United States		(4)(5)(7)(10)		P + 4.00%		11.50%		3/20/2024		3/20/2030						1,046			906			977		0.02	%

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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 3/31/2025		Par Amount/Units(1)				Cost(3)			Fair Value			% of Net Assets
First Lien Debt – non-controlled/ non-affiliated (continued)
Professional Services (continued)
The North Highland Co LLC		3333 Piedmont Road, NE, Suite 1000, Atlanta, GA 30305 United States		(4)(5)(10)		SOFR + 4.75%		9.07%		12/20/2024		12/20/2031				$		15,982		$	15,830		$	15,823		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%		9.07%		12/20/2024		12/20/2030						2,024			1,956			1,952		0.03	%
Thevelia US, LLC		Level 15, Manulife Place, 348 Kwun Tong Rd, Ngau Tau Kok, Hong Kong		(5)(6)(9)		SOFR + 3.00%		7.30%		7/29/2024		6/18/2029						1,282			1,280			1,279		0.02	%
Titan Investment Company, Inc.		6130 Sprint Parkway, Overland Park, KS 66211 United States		(4)(8)		SOFR + 5.75%		10.28%		3/20/2020		3/20/2027						41,055			40,425			38,387		0.62	%
Trinity Air Consultants Holdings Corp.		330 7th Ave, New York, NY 10001 United States		(4)(10)		SOFR + 5.25%		9.76%		6/29/2021		6/29/2028						59,901			59,320			59,901		0.96	%
Trinity Air Consultants Holdings Corp.		330 7th Ave, New York, NY 10001 United States		(4)(7)(10)		SOFR + 5.25%		9.67%		6/29/2021		6/29/2028						34,698			34,398			34,684		0.56	%
Trinity Partners Holdings, LLC		230 3rd Ave Prospect Place Waltham, MA 02451 United States		(4)(7)(11)(18)		SOFR + 6.24%		10.66%		12/21/2021		12/21/2028						4,689			4,639			4,689		0.08	%
West Monroe Partners, LLC		311 W Monroe St 14th Floor, Chicago, IL 60606, United States		(4)(7)(10)		SOFR + 4.75%		9.07%		11/9/2021		11/8/2028						14,558			14,414			14,413		0.23	%
West Monroe Partners, LLC		311 W Monroe St 14th Floor, Chicago, IL 60606, United States		(4)(5)(7)(10)		SOFR + 4.75%		9.07%		12/18/2024		11/8/2028						498			493			493		0.01	%
YA Intermediate Holdings II, LLC		12851 Manchester Rd, Suite 160, St. Louis, MO 63131 United States		(4)(5)(10)		SOFR + 5.00%		9.31%		10/1/2024		10/1/2031						7,868			7,805			7,829		0.13	%
YA Intermediate Holdings II, LLC		12851 Manchester Rd, Suite 160, St. Louis, MO 63131 United States		(4)(5)(7)(10)		SOFR + 5.00%		9.32%		10/1/2024		10/1/2031						427			397			403		0.01	%
																					1,078,208			1,085,571		17.42	%

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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 3/31/2025		Par Amount/Units(1)				Cost(3)			Fair Value			% of Net Assets
First Lien Debt – non-controlled/ non-affiliated (continued)
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%		9.80%		11/3/2023		11/3/2029				$		24,150		$	23,840		$	24,150		0.39	%
Community Management Holdings Midco 2 LLC		8360 East Via de Ventura, Building L, #100, Scottsdale, AZ 85258 United States		(4)(5)(10)		SOFR + 5.00%		9.29%		11/1/2024		11/1/2031						9,650			9,512			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 + 5.00%		9.29%		11/1/2024		11/1/2031						379			328			337		0.01	%
Neptune BidCo SAS		21 Avenue Kleber, 75116 Paris, France		(4)(5)(6)(7)(8)		E + 5.25%		7.86%		4/1/2024		4/1/2031				EUR		6,495			6,886			6,937		0.11	%
Odevo AB		Kabyssgatan 4 D, 120 30 Stockholm, Sweden		(4)(5)(6)(8)		E + 5.50%		8.05%		10/31/2024		12/31/2030				EUR		251			261			270		0.00	%
Odevo AB		Kabyssgatan 4 D, 120 30 Stockholm, Sweden		(4)(5)(6)(8)		S + 5.50%		9.96%		10/31/2024		12/31/2030				GBP		2,215			2,793			2,847		0.05	%
Odevo AB		Kabyssgatan 4 D, 120 30 Stockholm, Sweden		(4)(5)(6)(8)		ST + 5.50%		7.84%		10/31/2024		12/31/2030				SEK		90,957			8,212			9,004		0.14	%
Odevo AB		Kabyssgatan 4 D, 120 30 Stockholm, Sweden		(4)(5)(6)(7)(8)		SOFR + 5.50%		9.80%		10/31/2024		12/31/2030						28,239			27,282			28,014		0.45	%
Progress Residential PM Holdings, LLC		7500 N Dobson Rd., Suite 300 Scottsdale, AZ 85256 United States		(4)(10)		SOFR + 5.50%		9.92%		2/16/2021		8/8/2030						67,900			67,138			67,900		1.09	%
Progress Residential PM Holdings, LLC		7500 N Dobson Rd., Suite 300 Scottsdale, AZ 85256 United States		(4)(7)(10)		SOFR + 5.50%		9.92%		7/26/2022		8/8/2030						833			819			833		0.01	%
																					147,071			149,869		2.40	%

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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 3/31/2025		Par Amount/Units(1)				Cost(3)			Fair Value			% of Net Assets
First Lien Debt – non-controlled/ non-affiliated (continued)
Software
Abacus Holdco 2 Oy		Kansakoulukuja 1, 00100 Helsinki, Finland		(4)(5)(6)(7)(8)		E + 4.75%		7.54%		10/11/2024		10/10/2031				EUR		838		$	909		$	900		0.01	%
AI Titan Parent Inc		4601 Six Forks Road, Suite 220, Raleigh, NC 27609, United States		(4)(5)(7)(10)		SOFR + 4.75%		9.07%		8/29/2024		8/29/2031						4,352			4,304			4,332		0.07	%
Anaplan, Inc.		50 Hawthorne St, San Francisco, CA 94105 United States		(4)(5)(7)(10)		SOFR + 5.00%		9.30%		6/21/2022		6/21/2029						1,799			1,776			1,799		0.03	%
Anaplan, Inc.		50 Hawthorne St, San Francisco, CA 94105 United States		(4)(10)		SOFR + 5.00%		9.30%		4/25/2024		6/21/2029						19,179			19,020			19,179		0.31	%
Arnhem BidCo GmbH		Isaac-Fulda-Allee 6, 55124 Mainz, Germany		(4)(6)(7)(8)		E + 4.75%		7.11%		9/18/2024		10/1/2031				EUR		48,873			53,493			52,258		0.84	%
AuditBoard Inc		12900 Park Plaza Dr. Ste 200, Cerritos, CA, 90703, United States		(4)(7)(10)		SOFR + 4.75%		9.05%		7/12/2024		7/12/2031						9,270			9,151			9,220		0.15	%
Azurite Intermediate Holdings, Inc.		233 Wilshire Blvd., Suite 800 Santa Monica, CA 90401 United States		(4)(7)(10)		SOFR + 6.50%		10.82%		3/19/2024		3/19/2031						36,936			36,411			36,936		0.59	%
Banyan Software Holdings, LLC		303 Perimeter Center North, Suite 450 Atlanta, GA 30346		(4)(5)(11)		SOFR + 5.25%		9.57%		1/2/2025		1/2/2031						9,391			9,301			9,297		0.15	%
Banyan Software Holdings, LLC		303 Perimeter Center North, Suite 450 Atlanta, GA 30346		(4)(5)(7)(11)		SOFR + 5.25%		9.57%		1/2/2025		1/2/2031						1,955			1,912			1,910		0.03	%
Bayshore Intermediate #2 LP		1 W Elm St ste 200, Conshohocken, PA 19428, United States		(4)(5)(7)(10)		SOFR + 6.25%		10.56% (incl. 3.38% PIK)		11/8/2024		10/1/2028						94,958			94,812			94,916		1.52	%

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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 3/31/2025		Par Amount/Units(1)				Cost(3)			Fair Value			% of Net Assets
First Lien Debt – non-controlled/ non-affiliated (continued)
Software (continued)
Bending Spoons US, Inc.		169 Madison Ave, Suite 11218 New York, NY 10016, United States		(6)(11)		SOFR + 5.25%		9.54%		2/19/2025		3/7/2031				$		14,338		$	14,089		$	14,408		0.23	%
BlueCat Networks USA, Inc.		156 W. 56th Street, 3rd Floor, New York, New York 10019 United States		(4)(5)(10)		SOFR + 6.00%		10.30% (incl. 1.00% PIK)		8/8/2022		8/8/2028						1,959			1,938			1,950		0.03	%
BlueCat Networks USA, Inc.		156 W. 56th Street, 3rd Floor, New York, New York 10019 United States		(4)(5)(10)		SOFR + 6.00%		10.30% (incl. 1.00% PIK)		8/8/2022		8/8/2028						346			342			344		0.01	%
BlueCat Networks USA, Inc.		156 W. 56th Street, 3rd Floor, New York, New York 10019 United States		(4)(5)(10)		SOFR + 6.00%		10.30% (incl. 1.00% PIK)		8/8/2022		8/8/2028						238			236			237		0.00	%
BlueCat Networks USA, Inc.		156 W. 56th Street, 3rd Floor, New York, New York 10019 United States		(4)(5)(10)		SOFR + 6.00%		10.30% (incl. 1.00% PIK)		10/25/2024		8/8/2028						1,591			1,570			1,583		0.03	%
Bluefin Holding, LLC		8200 Roberts Drive, Suite 400, Atlanta, GA 30350 United States		(4)(7)(11)		SOFR + 6.25%		10.80%		9/12/2023		9/12/2029						27,291			26,764			27,217		0.44	%
Brave Parent Holdings, Inc.		11695 Johns Creek Parkway, Suite 200, Johns Creek, Georgia 30097 United States		(4)(7)(10)		SOFR + 5.00%		9.32%		11/28/2023		11/28/2030						67,617			67,006			67,595		1.08	%
Caribou Bidco Ltd		70 Gray’s Inn Road, London, WC1X 8NH, United Kingdom		(4)(6)(8)		S + 5.00%		9.70%		7/2/2024		2/1/2029				GBP		39,280			49,897			50,740		0.81	%
Confine Visual Bidco		Kistagången 12, 164 40 Kista, Sweden		(4)(6)(8)		SOFR + 5.75%		10.06%		2/23/2022		2/23/2029						15,868			15,606			12,813		0.21	%
Confine Visual Bidco		Kistagången 12, 164 40 Kista, Sweden		(4)(5)(6)(8)		SOFR + 5.75%		10.06%		3/11/2022		2/23/2029						379			379			306		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 3/31/2025		Par Amount/Units(1)				Cost(3)			Fair Value			% of Net Assets
First Lien Debt – non-controlled/ non-affiliated (continued)
Software (continued)
Confluence Technologies, Inc.		Nova Tower 1 1 Allegheny Square, Suite 800 Pittsburgh, PA, 15212 United States		(4)(5)(9)		SOFR + 5.00%		9.29%		2/14/2025		7/30/2028				$		2,215		$	2,149		$	2,171		0.03	%
Connatix Buyer, Inc.		666 Broadway, 10th Floor, New York, NY 10012, United States		(4)(10)		SOFR + 5.50%		10.05%		7/14/2021		7/14/2027						21,307			21,145			20,988		0.34	%
Connatix Buyer, Inc.		666 Broadway, 10th Floor, New York, NY 10012, United States		(4)(5)(7)(10)		SOFR + 5.50%		10.07%		7/14/2021		7/14/2027						1,086			1,045			1,005		0.02	%
Connatix Buyer, Inc.		666 Broadway, 10th Floor, New York, NY 10012, United States		(4)(5)(7)(10)		SOFR + 5.50%		10.05%		10/9/2024		7/14/2027						1,308			1,257			1,275		0.02	%
Coupa Software Inc.		1855 S. Grant Street, San Mateo, CA 94402 United States		(4)(5)(6)(7)(10)		SOFR + 5.25%		9.54%		2/27/2023		2/27/2030						1,822			1,787			1,820		0.03	%
Crewline Buyer, Inc.		188 Spear St, San Francisco, CA 94105 United States		(4)(7)(11)		SOFR + 6.75%		11.07%		11/8/2023		11/8/2030						61,956			60,585			61,615		0.99	%
Denali Bidco Ltd		53 rue de Châteaudun,75009 Paris, France		(4)(5)(6)(7)(10)		S + 5.00%		9.46%		8/29/2023		8/29/2030				GBP		4,022			4,951			5,193		0.08	%
Denali Bidco Ltd		53 rue de Châteaudun,75009 Paris, France		(4)(5)(6)(8)		E + 5.00%		7.68%		8/29/2023		8/29/2030				EUR		1,166			1,231			1,260		0.02	%
Denali Bidco Ltd		53 rue de Châteaudun,75009 Paris, France		(4)(5)(6)(8)		E + 5.00%		7.68%		2/28/2024		8/29/2030				EUR		263			276			285		0.00	%
Denali Bidco Ltd		53 rue de Châteaudun,75009 Paris, France		(4)(5)(6)(8)		E + 5.00%		7.68%		2/28/2024		8/29/2030				EUR		1,632			1,747			1,765		0.03	%

78

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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 3/31/2025		Par Amount/Units(1)				Cost(3)			Fair Value			% of Net Assets
First Lien Debt – non-controlled/ non-affiliated (continued)
Software (continued)
Diligent Corp		61 W 23rd Street, 4th Floor, New York, NY 10010 United States		(4)(10)		SOFR + 5.00%		9.31%		4/30/2024		8/2/2030				$		49,683		$	49,513		$	49,683		0.80	%
Diligent Corp		61 W 23rd Street, 4th Floor, New York, NY 10010 United States		(4)(10)		SOFR + 5.00%		9.31%		4/30/2024		8/2/2030						8,517			8,488			8,517		0.14	%
Discovery Education, Inc.		4350 Congress Street, Suite 700, Charlotte, North Carolina 28209 United States		(4)(10)		SOFR + 6.75%		11.14% (incl. 6.07% PIK)		4/7/2022		4/9/2029						33,211			32,914			27,980		0.45	%
Discovery Education, Inc.		4350 Congress Street, Suite 700, Charlotte, North Carolina 28209 United States		(4)(5)(10)		SOFR + 5.75%		10.15%		4/7/2022		4/9/2029						2,960			2,926			2,494		0.04	%
Discovery Education, Inc.		4350 Congress Street, Suite 700, Charlotte, North Carolina 28209 United States		(4)(5)(11)		SOFR + 6.75%		11.04% (incl. 6.02% PIK)		10/3/2023		4/9/2029						3,738			3,705			3,149		0.05	%
Doit International Ltd		David Elazar 12 St’, Tel Aviv-Yaffo, 6107408 Israel		(4)(5)(7)(11)		SOFR + 4.50%		8.82%		11/25/2024		11/26/2029						17,409			17,089			17,060		0.27	%
Dropbox, Inc.		1800 Owens Street, San Francisco, CA 94158 United States		(4)(5)(6)(7)(10)(18)		SOFR + 6.38%		10.70%		12/10/2024		12/11/2029						35,206			34,381			34,413		0.55	%
Edison Bidco AS		Hagaløkkveien 26, 1383, Asker, Norway		(4)(5)(6)(7)(8)		E + 5.25%		7.91%		12/18/2024		12/18/2031				EUR		345			307			315		0.01	%
Elements Finco Ltd		Heathrow Approach, 470 London Road, Slough, Berkshire SL3 8QY, Great Britain		(4)(5)(6)(8)		SOFR + 4.75%		9.07%		4/30/2024		4/29/2031						5,046			5,027			5,008		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 3/31/2025		Par Amount/Units(1)				Cost(3)			Fair Value			% of Net Assets
First Lien Debt – non-controlled/ non-affiliated (continued)
Software (continued)
Elements Finco Ltd		Heathrow Approach, 470 London Road, Slough, Berkshire SL3 8QY, Great Britain		(4)(5)(6)(8)		S + 5.25%		9.7% (incl. 2.25% PIK)		3/27/2024		4/29/2031				GBP		19,513		$	24,181		$	25,016		0.40	%
Elements Finco Ltd		Heathrow Approach, 470 London Road, Slough, Berkshire SL3 8QY, Great Britain		(4)(5)(6)(8)		SOFR + 4.75%		9.29% (incl. 1.97% PIK)		3/27/2024		4/29/2031						6,101			6,039			6,055		0.10	%
Elements Finco Ltd		Heathrow Approach, 470 London Road, Slough, Berkshire SL3 8QY, Great Britain		(4)(5)(6)(8)		S + 5.25%		9.83% (incl. 2.25% PIK)		3/27/2024		4/29/2031				GBP		8,747			10,839			11,214		0.18	%
Elements Finco Ltd		Heathrow Approach, 470 London Road, Slough, Berkshire SL3 8QY, Great Britain		(4)(5)(6)(8)		S + 5.25%		9.70% (incl. 2.25% PIK)		11/29/2024		4/29/2031				GBP		3,597			4,455			4,611		0.07	%
Everbridge Holdings, LLC		25 Corporate Drive, Suite 400, Burlington, MA 01803, United States		(4)(6)(10)		SOFR + 5.00%		9.31%		7/2/2024		7/2/2031						22,167			22,068			22,111		0.35	%
Everbridge Holdings, LLC		25 Corporate Drive, Suite 400, Burlington, MA 01803, United States		(4)(5)(6)(7)(10)		SOFR + 5.00%		9.31%		7/2/2024		7/2/2031						2,167			2,140			2,147		0.03	%
Experity, Inc.		101 South Phillips Avenue, Suite 300, Sioux Falls, SD 57104, United States		(4)(10)		SOFR + 6.00%		10.30% (incl. 3.25% PIK)		7/22/2021		2/24/2028						11,957			11,855			11,957		0.19	%
Experity, Inc.		101 South Phillips Avenue, Suite 300, Sioux Falls, SD 57104, United States		(4)(5)(7)(10)		SOFR + 6.00%		10.30% (incl. 3.25% PIK)		2/24/2022		2/24/2028						3,848			3,781			3,825		0.06	%
Gigamon Inc.		3300 Olcott Street Santa Clara, CA 95054, United States		(4)(10)		SOFR + 5.75%		10.20%		3/11/2022		3/9/2029						7,232			7,150			6,780		0.11	%

80

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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 3/31/2025		Par Amount/Units(1)				Cost(3)			Fair Value			% of Net Assets
First Lien Debt – non-controlled/ non-affiliated (continued)
Software (continued)
Gigamon Inc.		3300 Olcott Street Santa Clara, CA 95054, United States		(4)(5)(7)(10)		SOFR + 5.75%		10.19%		3/11/2022		3/9/2029				$		131		$	129		$	104		0.00	%
GovernmentJobs.com, Inc.		300 Continental Blvd., El Segundo, CA 90245, United States		(4)(7)(10)		SOFR + 5.00%		9.30%		7/15/2024		12/2/2028						8,444			8,406			8,425		0.13	%
Granicus Inc.		1999 Broadway, Suite 3600, Denver, Colorado 80202 United States		(4)(10)		SOFR + 5.75%		10.04% (incl. 2.25% PIK)		1/17/2024		1/17/2031						17,565			17,424			17,565		0.28	%
Granicus Inc.		1999 Broadway, Suite 3600, Denver, Colorado 80202 United States		(4)(7)(10)		SOFR + 5.25%		9.54% (incl. 2.25% PIK)		1/17/2024		1/17/2031						4,726			4,681			4,722		0.08	%
Graphpad Software, LLC		225 Franklin Street, Fl. 26. Boston, MA 02110, United States		(4)(10)		SOFR + 4.75%		9.05%		6/28/2024		6/28/2031						24,024			23,864			24,024		0.38	%
Graphpad Software, LLC		225 Franklin Street, Fl. 26. Boston, MA 02110, United States		(4)(5)(7)(10)		SOFR + 4.75%		9.05%		6/28/2024		6/28/2031						601			545			562		0.01	%
GS Acquisitionco Inc		8529 Six Forks Rd, Suite 400, Raleigh, North Carolina 27615 United States		(4)(5)(7)(10)		SOFR + 5.25%		9.55%		3/26/2024		5/25/2028						584			568			566		0.01	%
GS Acquisitionco Inc		8529 Six Forks Rd, Suite 400, Raleigh, North Carolina 27615 United States		(4)(5)(11)		SOFR + 5.25%		9.55%		3/26/2024		5/25/2028						5,317			5,301			5,291		0.08	%
Homecare Software Solutions, LLC		130 West 42nd Street, 2nd Floor, New York, NY 10036, United States		(4)(10)		SOFR + 5.55%		9.87% (incl. 2.93% PIK)		6/14/2024		6/14/2031						14,828			14,698			14,753		0.24	%

81

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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 3/31/2025		Par Amount/Units(1)				Cost(3)			Fair Value			% of Net Assets
First Lien Debt – non-controlled/ non-affiliated (continued)
Software (continued)
Homecare Software Solutions, LLC		130 West 42nd Street, 2nd Floor, New York, NY 10036, United States		(4)(10)		SOFR + 5.55%		9.87% (incl. 2.93% PIK)		9/26/2024		6/14/2031				$		6,756		$	6,694		$	6,722		0.11	%
Homecare Software Solutions, LLC		130 West 42nd Street, 2nd Floor, New York, NY 10036, United States		(4)(10)		SOFR + 5.55%		9.87% (incl. 2.93% PIK)		6/14/2024		6/14/2031						5,507			5,459			5,480		0.09	%
Icefall Parent, Inc.		30 Braintree Hill Office Park, Suite 101, Boston, MA 02184 United States		(4)(7)(11)		SOFR + 6.50%		10.79%		1/26/2024		1/25/2030						32,592			32,018			32,592		0.52	%
IQN Holding Corp		5011 Gate Parkway Building 100, Suite 250, Jacksonville, FL 32256, United States		(4)(10)		SOFR + 5.25%		9.56%		5/2/2022		5/2/2029						4,879			4,852			4,879		0.08	%
IQN Holding Corp		5011 Gate Parkway Building 100, Suite 250, Jacksonville, FL 32256, United States		(4)(5)(7)(10)		SOFR + 5.25%		9.57%		5/2/2022		5/2/2028						335			332			335		0.01	%
IRI Group Holdings Inc		203 North LaSalle Street, Suite 1500 Chicago, IL 60601, United States		(4)(10)		SOFR + 5.00%		9.31%		4/1/2024		12/1/2028						197,025			194,773			197,025		3.16	%
IRI Group Holdings Inc		203 North LaSalle Street, Suite 1500 Chicago, IL 60601, United States		(4)(5)(7)(10)		SOFR + 5.00%		9.32%		4/1/2024		12/1/2027						1,546			1,393			1,546		0.02	%
JS Parent Inc		135 SW Taylor Suite 200 Portland, Oregon, 97204, United States		(4)(7)(10)		SOFR + 5.00%		9.59%		4/24/2024		4/24/2031						35,488			35,319			35,471		0.57	%

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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 3/31/2025		Par Amount/Units(1)				Cost(3)			Fair Value			% of Net Assets
First Lien Debt – non-controlled/ non-affiliated (continued)
Software (continued)
LD Lower Holdings, Inc.		8201 Greensboro Drive, Suite 717 Mclean, VA 22102 – 3810 United States		(4)(11)		SOFR + 7.50%		11.90%		2/8/2021		8/9/2027				$		84,068		$	83,779		$	83,437		1.34	%
LogicMonitor Inc		820 State Street, Floor 5, Santa Barbara, CA 93101 United States		(4)(5)(7)(10)		SOFR + 5.50%		9.79%		11/15/2024		11/15/2031						15,936			15,724			15,712		0.25	%
Magnesium BorrowerCo, Inc.		1 Finsbury Avenue, London, United Kingdom, EC2M 2PF		(4)(5)(10)		SOFR + 5.25%		9.57%		5/19/2022		5/18/2029						5,614			5,539			5,614		0.09	%
Magnesium BorrowerCo, Inc.		1 Finsbury Avenue, London, United Kingdom, EC2M 2PF		(4)(5)(10)		SOFR + 5.25%		9.57%		3/21/2024		5/18/2029						140			138			140		0.00	%
Magnesium BorrowerCo, Inc.		1 Finsbury Avenue, London, United Kingdom, EC2M 2PF		(4)(5)(10)		S + 5.25%		9.71%		5/19/2022		5/18/2029				GBP		3,357			4,130			4,336		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%		8.20%		7/30/2021		7/31/2028						8,417			8,357			7,323		0.12	%
Mandolin Technology Intermediate Holdings, Inc.		Nova Tower 1 1 Allegheny Square, Suite 800 Pittsburgh, PA, 15212 United States		(4)(5)(7)(9)		SOFR + 6.25%		10.70%		6/9/2023		7/31/2028						6,878			6,721			6,382		0.10	%
Medallia, Inc.		200 W 41st St, New York, NY 10036, United States		(4)(10)		SOFR + 6.50%		10.82% (incl. 4.00% PIK)		10/28/2021		10/29/2028						383,023			379,710			341,848		5.48	%
Medallia, Inc.		200 W 41st St, New York, NY 10036, United States		(4)(5)(10)		SOFR + 6.50%		10.82% (incl. 4.00% PIK)		8/16/2022		10/29/2028						2,247			2,224			2,006		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 3/31/2025		Par Amount/Units(1)				Cost(3)			Fair Value			% of Net Assets
First Lien Debt – non-controlled/ non-affiliated (continued)
Software (continued)
Monk Holding Co.		5473 Morris Hunt Dr Fort Mill, SC, 29708 – 6523 United States		(4)(10)(18)		SOFR + 5.50%		9.90%		12/1/2021		12/1/2027				$		4,743		$	4,692		$	4,743		0.08	%
Monk Holding Co.		5473 Morris Hunt Dr Fort Mill, SC, 29708 – 6523 United States		(4)(5)(7)(10)		SOFR + 5.50%		9.90%		12/1/2021		12/1/2027						287			280			275		0.00	%
MRI Software, LLC		28925 Fountain Parkway Solon OH 44139 United States		(11)		SOFR + 4.75%		9.05%		9/22/2020		2/10/2027						6,707			6,715			6,656		0.11	%
MRI Software, LLC		28925 Fountain Parkway Solon OH 44139 United States		(11)		SOFR + 4.75%		9.05%		2/10/2020		2/10/2027						90,441			90,126			89,761		1.44	%
MRI Software, LLC		28925 Fountain Parkway Solon OH 44139 United States		(4)(7)(11)		SOFR + 4.75%		9.05%		2/10/2020		2/10/2027						409			379			188		0.00	%
NAVEX TopCo, Inc.		5500 Meadows Road, Suite 500, Lake Oswego, OR, 97035 United States		(4)(7)(10)		SOFR + 5.50%		9.82%		11/9/2023		11/9/2030						60,690			59,640			60,690		0.97	%
Nintex Topco Limited		10800 NE 8th Street, Suite 400 Bellevue, WA 98004 United States		(4)(6)(8)		SOFR + 6.00%		10.45% (incl. 1.50% PIK)		11/12/2021		11/13/2028						34,067			33,722			31,342		0.50	%
Noble Midco 3 Ltd		2 Seething Ln, London EC3N 4AT, United Kingdom		(4)(5)(6)(7)(10)		SOFR + 5.00%		9.30%		6/10/2024		6/24/2031						16,985			16,800			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%		9.96%		10/30/2024		10/30/2031				GBP		865			1,111			1,106		0.02	%

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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 3/31/2025		Par Amount/Units(1)				Cost(3)			Fair Value			% of Net Assets
First Lien Debt – non-controlled/ non-affiliated (continued)
Software (continued)
Optimizely North America Inc		119 5th Ave, 7th Floor, New York, NY 10003 United States		(4)(5)(10)		E + 5.25%		7.61%		10/30/2024		10/30/2031				EUR		2,882		$	3,100		$	3,085		0.05	%
Optimizely North America Inc		119 5th Ave, 7th Floor, New York, NY 10003 United States		(4)(5)(7)(10)		SOFR + 5.00%		9.32%		10/30/2024		10/30/2031						8,214			8,126			8,120		0.13	%
Oranje Holdco, Inc.		33 N Garden Ave, Clearwater, FL 33755 United States		(4)(5)(7)(11)		SOFR + 7.75%		12.04%		2/1/2023		2/1/2029						2,000			1,964			2,000		0.03	%
Oranje Holdco, Inc.		33 N Garden Ave, Clearwater, FL 33755 United States		(4)(11)		SOFR + 7.25%		11.82%		4/19/2024		2/1/2029						33,969			33,402			33,969		0.54	%
PDI TA Holdings, Inc.		11675 Rainwater Dr., Suite 350, Alpharetta, GA 30009, United States		(4)(10)		SOFR + 5.50%		9.79%		2/1/2024		2/3/2031						43,815			43,326			43,815		0.70	%
PDI TA Holdings, Inc.		11675 Rainwater Dr., Suite 350, Alpharetta, GA 30009, United States		(4)(7)(10)		SOFR + 5.50%		9.79%		2/1/2024		2/3/2031						4,342			4,263			4,342		0.07	%
Ping Identity Holding Corp		1001 17th Street, Suite 100, Denver, CO 80202 United States		(4)(5)(7)(10)		SOFR + 4.75%		9.05%		10/21/2024		10/17/2029						6,674			6,674			6,674		0.11	%
QBS Parent, Inc.		811 Main Street, Suite 2200, Houston, TX 77002 United States		(4)(5)(7)(10)		SOFR + 4.75%		9.05%		11/7/2024		11/7/2031						9,319			9,270			9,291		0.15	%
QBS Parent, Inc.		811 Main Street, Suite 2200, Houston, TX 77002 United States		(4)(10)		SOFR + 4.75%		9.05%		2/28/2025		11/7/2031						904			899			902		0.01	%
Rally Buyer, Inc.		5213 Tacome Building C · Houston, TX 77041 United States		(4)(5)(10)		SOFR + 5.75%		10.05%		7/19/2022		7/19/2028						886			877			818		0.01	%
Rally Buyer, Inc.		5213 Tacome Building C · Houston, TX 77041 United States		(4)(5)(7)(10)		SOFR + 5.75%		10.05%		7/19/2022		7/19/2028						71			70			63		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 3/31/2025		Par Amount/Units(1)				Cost(3)			Fair Value			% of Net Assets
First Lien Debt – non-controlled/ non-affiliated (continued)
Software (continued)
Relativity ODA, LLC		231 South LaSalle Street, 8th Floor, Chicago, IL 60604 United States		(4)(7)(11)		SOFR + 4.50%		8.82%		5/12/2021		5/12/2029				$		19,337		$	19,153		$	19,204		0.31	%
Scorpio BidCo SAS		131, Chemin du Bac-a-Traille Caluire-et-Cuire, 69300 France		(4)(5)(6)(7)(8)		E + 5.75%		8.11%		4/3/2024		4/30/2031				EUR		22,826			24,697			24,634		0.39	%
Spaceship Purchaser Inc		320 Park Avenue, 33rd Floor, New York, New York 10022 United States		(4)(5)(7)(10)		SOFR + 5.00%		9.30%		10/17/2024		10/17/2031						91,506			90,487			90,874		1.46	%
Spitfire Parent, Inc.		10161 Park Run Drive, Suite 150, Las Vegas, Nevada United States		(4)(11)		SOFR + 5.50%		9.92%		3/9/2021		3/11/2027						56,702			56,428			56,702		0.91	%
Spitfire Parent, Inc.		10161 Park Run Drive, Suite 150, Las Vegas, Nevada United States		(4)(11)		SOFR + 5.50%		9.92%		11/19/2021		3/11/2027						20,930			20,776			20,930		0.34	%
Spitfire Parent, Inc.		10161 Park Run Drive, Suite 150, Las Vegas, Nevada United States		(4)(5)(11)		E + 5.50%		7.86%		3/8/2021		3/11/2027				EUR		10,080			12,090			10,900		0.17	%
Stamps.com, Inc.		1990 East Grand Avenue El Segundo, CA 90245 United States		(4)(5)(10)		SOFR + 5.75%		10.14%		12/14/2021		10/5/2028						3,273			3,239			3,216		0.05	%
Stamps.com, Inc.		1990 East Grand Avenue El Segundo, CA 90245 United States		(4)(10)		SOFR + 5.75%		10.14%		10/5/2021		10/5/2028						278,297			275,504			273,427		4.38	%
Tango Bidco SAS		3, boulevard de Sébastopol, 75001 Paris France		(4)(5)(6)(8)		E + 5.00%		7.79%		10/17/2024		10/17/2031				EUR		11,872			12,685			12,656		0.20	%
Tango Bidco SAS		3, boulevard de Sébastopol, 75001 Paris France		(4)(5)(6)(7)(8)		E + 5.00%		7.79%		10/17/2024		10/17/2031				EUR		3,252			3,466			3,435		0.06	%
Tricentis Operations Holdings, Inc.		5301 Southwest Parkway, Building 2, Suite 200 Austin TX, 78735		(4)(7)(11)		SOFR + 6.25%		10.55% (incl. 4.87% PIK)		2/11/2025		2/11/2032						22,975			22,699			22,694		0.36	%

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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 3/31/2025		Par Amount/Units(1)				Cost(3)			Fair Value			% of Net Assets
First Lien Debt – non-controlled/ non-affiliated (continued)
Software (continued)
Triple Lift, Inc.		400 Lafayette St 5th floor, New York, NY 10003 United States		(4)(10)		SOFR + 5.75%		10.20%		3/18/2022		5/5/2028				$		13,738		$	13,599		$	13,188		0.21	%
Triple Lift, Inc.		400 Lafayette St 5th floor, New York, NY 10003 United States		(4)(7)(10)		SOFR + 5.75%		10.20%		5/6/2021		5/5/2028						47,209			46,723			45,012		0.72	%
Varicent Parent Holdings Corp		4711 Yonge St., Suite 300, Toronto, Ontario M2N 6K8, Canada		(4)(5)(7)(10)		SOFR + 6.00%		10.33% (incl. 3.25% PIK)		8/23/2024		8/23/2031						12,450			12,252			12,314		0.20	%
WPEngine, Inc.		504 Lavaca Street, Suite 1000, Austin, TX 78701 United States		(4)(7)(10)		SOFR + 6.50%		10.82%		8/14/2023		8/14/2029						66,667			65,065			66,467		1.07	%
Zendesk Inc		989 Market St, San Francisco, CA 94103 United States		(4)(5)(7)(10)		SOFR + 5.00%		9.30%		7/23/2024		11/22/2028						1,615			1,592			1,610		0.03	%
Zorro Bidco Ltd		740 Waterside Drive, Aztec West, Almondsbury, Bristol, BS32 4UF, United Kingdom		(4)(5)(6)(7)(8)		S + 4.90%		9.36%		8/13/2024		8/13/2031				GBP		28,479			35,554			36,373		0.58	%
Zorro Bidco Ltd		740 Waterside Drive, Aztec West, Almondsbury, Bristol, BS32 4UF, United Kingdom		(4)(5)(6)(8)		S + 4.90%		9.36%		1/30/2025		8/13/2031				GBP		3,165			3,898			4,047		0.06	%
Zorro Bidco Ltd		740 Waterside Drive, Aztec West, Almondsbury, Bristol, BS32 4UF, United Kingdom		(4)(5)(6)(8)		ST + 4.90%		7.21%		2/6/2025		8/13/2031				SEK		43,390			3,946			4,273		0.07	%
																					2,664,014			2,621,274		41.99	%

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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 3/31/2025		Par Amount/Units(1)				Cost(3)			Fair Value			% of Net Assets
First Lien Debt – non-controlled/ non-affiliated (continued)
Specialty Retail
CustomInk, LLC		2910 District Avenue Fairfax VA 22031 United States		(4)(11)(18)		SOFR + 5.98%		10.38%		5/3/2019		5/3/2026				$		163,594		$	163,118		$	163,594		2.62	%
Technology Hardware, Storage & Peripherals
Lytx, Inc.		9785 Towne Centre Drive San Diego CA 92121 United States		(4)(11)		SOFR + 5.00%		9.42%		6/13/2024		2/28/2028						84,454			83,955			84,454		1.35	%
Trading Companies & Distributors
Paramount Global Surfaces Inc		20 Sanker Road, Dickson, TN 37055 United States		(4)(11)		SOFR + 6.00%		10.43%		4/30/2021		4/1/2027						53,904			53,359			47,436		0.76	%
Red Fox CD Acquisition Corp		3916 Westpoint Blvd., Winston-Salem, NC 27103 United States		(4)(11)		SOFR + 6.00%		10.30%		3/4/2024		3/4/2030						73,827			72,420			73,827		1.18	%
																					125,779			121,263		1.94	%
Transportation Infrastructure
Capstone Acquisition Holdings Inc		30 Technology Parkway South, Suite 200, Peachtree Corner, GA 30092 United States		(4)(11)		SOFR + 4.50%		8.92%		8/29/2024		11/13/2029						5,446			5,428			5,446		0.09	%
Frontline Road Safety, LLC		1125 17th Street, Suite 1575, Denver, CO, United States 80202		(4)(8)		SOFR + 4.75%		9.07% (incl. 2.00% PIK)		3/4/2025		3/4/2032						15,013			14,864			14,862		0.24	%
Frontline Road Safety, LLC		1125 17th Street, Suite 1575, Denver, CO, United States 80202		(4)(5)(7)(8)		SOFR + 4.75%		9.07% (incl. 2.00% PIK)		3/4/2025		3/4/2032						80			33			32		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 3/31/2025		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)(7)(10)		SOFR + 6.25%		10.55%		8/4/2021		8/4/2027				$		21,029		$	20,724		$	20,577		0.33	%
Helix TS, LLC		114 Capital Way Christiana, TN 37037, United States		(4)(10)		SOFR + 6.25%		10.54%		8/4/2021		8/4/2027						20,861			20,698			20,548		0.33	%
Helix TS, LLC		114 Capital Way Christiana, TN 37037, United States		(4)(5)(10)		SOFR + 6.25%		10.55%		12/22/2023		8/4/2027						3,766			3,717			3,709		0.06	%
Helix TS, LLC		114 Capital Way Christiana, TN 37037, United States		(4)(5)(10)		SOFR + 6.25%		10.55%		12/14/2022		8/4/2027						980			971			965		0.02	%
Italian Motorway Holdings S.à r.l		Meif 6 Hra Italian Motorway Holdings SARL, Luxembourg		(4)(5)(6)(8)		E + 5.25%		8.14%		4/28/2022		4/28/2029				EUR		78,810			81,692			85,217		1.37	%
Roadsafe Holdings, Inc.		3331 Street Rd #430, Bensalem, PA 19020 United States		(4)(11)		SOFR + 5.75%		10.27%		4/19/2021		10/19/2027						32,998			32,712			31,513		0.50	%
Roadsafe Holdings, Inc.		3331 Street Rd #430, Bensalem, PA 19020 United States		(4)(11)		SOFR + 5.75%		10.14%		4/19/2021		10/19/2027						20,375			20,221			19,459		0.31	%
Roadsafe Holdings, Inc.		3331 Street Rd #430, Bensalem, PA 19020 United States		(4)(11)		SOFR + 5.75%		10.14%		1/31/2022		10/19/2027						4,154			4,116			3,967		0.06	%
Roadsafe Holdings, Inc.		3331 Street Rd #430, Bensalem, PA 19020 United States		(4)(5)(11)		P + 4.75%		12.25%		9/11/2024		10/19/2027						1,235			1,215			1,179		0.02	%
Safety Borrower Holdings LP		8814 Horizon Blvd, Northeast, Suite 100, Albuquerque, NM 87113, United States		(4)(11)		SOFR + 5.25%		9.69%		9/1/2021		9/1/2027						5,243			5,225			5,243		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 3/31/2025		Par Amount/Units(1)				Cost(3)			Fair Value			% of Net Assets
First Lien Debt – non-controlled/ non-affiliated (continued)
Transportation Infrastructure (continued)
Safety Borrower Holdings LP		8814 Horizon Blvd, Northeast, Suite 100, Albuquerque, NM 87113, United States		(4)(5)(7)(11)		P + 4.25%		11.75%		9/1/2021		9/1/2027				$		93		$	92		$	89		0.00	%
Sam Holding Co, Inc.		7414 Circle17 South, Sebring, FL 33876, United States		(4)(11)		SOFR + 5.50%		9.91%		9/24/2021		9/24/2027						36,717			36,416			36,717		0.59	%
Sam Holding Co, Inc.		7414 Circle17 South, Sebring, FL 33876, United States		(4)(11)		SOFR + 5.50%		9.79%		9/19/2023		9/24/2027						15,760			15,565			15,760		0.25	%
Sam Holding Co, Inc.		7414 Circle17 South, Sebring, FL 33876, United States		(4)(11)		SOFR + 5.50%		9.79%		9/24/2021		9/24/2027						11,374			11,374			11,374		0.18	%
Sam Holding Co, Inc.		7414 Circle17 South, Sebring, FL 33876, United States		(4)(11)		SOFR + 5.50%		9.90%		9/19/2023		9/24/2027						9,945			9,822			9,945		0.16	%
Sam Holding Co, Inc.		7414 Circle17 South, Sebring, FL 33876, United States		(4)(5)(7)(11)		P + 4.50%		12.00%		9/24/2021		3/24/2027						1,600			1,557			1,600		0.03	%
Sam Holding Co, Inc.		7414 Circle17 South, Sebring, FL 33876, United States		(4)(5)(7)(11)		SOFR + 5.50%		9.89%		9/5/2024		9/24/2027						8,185			8,101			8,084		0.13	%
TRP Infrastructure Services, LLC		2411 Minnis Dr, Haltom City, TX 76117, United States		(4)(11)		SOFR + 5.50%		9.94%		7/9/2021		7/9/2027						38,388			38,098			38,388		0.62	%
TRP Infrastructure Services, LLC		2411 Minnis Dr, Haltom City, TX 76117, United States		(4)(5)(7)(11)		SOFR + 5.50%		9.97%		12/2/2024		7/9/2027						13,189			13,028			13,135		0.21	%
																					345,669			347,809		5.58	%
Total First Lien Debt – non-controlled/ non-affiliated																					12,714,360			12,579,878		201.55	%

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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 3/31/2025		Par Amount/Units(1)				Cost(3)			Fair Value			% of Net Assets
First Lien Debt – non-controlled/ affiliated
Professional Services
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%		10.43% (incl. 9.90% PIK)		6/14/2024		8/19/2027				$		22,123		$	21,966		$	22,082		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%		10.43% PIK		6/14/2024		8/19/2027						5,336			5,291			943		0.02	%
																					27,257			23,025		0.37	%
Total First Lien Debt – non-controlled/affiliated																					27,257			23,025		0.37	%
Total First Lien Debt																					12,741,617			12,602,903		201.92	%
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			8,320			6,715		0.11	%
Jayhawk Buyer, LLC		8717 West 110th Street, Suite 300 Overland Park, KS 66210 United States		(4)(11)		SOFR + 8.75%		13.14%		5/26/2021		10/15/2027						5,183			5,142			4,795		0.08	%
																					13,462			11,510		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 3/31/2025		Par Amount/Units(1)				Cost(3)			Fair Value			% of Net Assets
Second Lien Debt – non-controlled/ non-affiliated (continued)
Health Care Technology
Project Ruby Ultimate Parent Corp		11711 West 79th Street Lenexa, Kansas 62214 United States		(4)(5)(10)		SOFR + 5.25%		9.69%		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						3,812			3,759			3,783		0.06	%
Interactive Media & Services
Speedster Bidco GmbH		Bothestraße 11 – 15, 81675 München, Germany		(4)(6)(8)		CA + 5.50%		8.16%		12/10/2024		2/13/2032				CAD		50,654			35,488			34,584		0.55	%
IT Services
Inovalon Holdings, Inc.		4321 Collington Rd, Bowie, MD 20716, United States		(4)(10)		SOFR + 10.50%		15.05% PIK		11/24/2021		11/24/2033						14,613			14,414			14,613		0.23	%
Machinery
Victory Buyer, LLC		50 East 153rd Street Bronx, NY 10451 – 2104 United States		(4)(9)		SOFR + 7.00%		11.44%		11/19/2021		11/19/2029						9,619			9,562			9,186		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 + 6.00%		10.30%		6/17/2022		6/17/2032						4,920			4,824			4,920		0.08	%
Software
CB Nike Holdco LLC		David Elazar 12 St’, Tel Aviv-Yaffo, 6107408 Israel		(4)(5)(11)		SOFR + 7.35%		11.67% PIK		11/25/2024		11/26/2029						36,675			35,995			35,941		0.58	%

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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 3/31/2025		Par Amount/Units(1)				Cost(3)			Fair Value			% of Net Assets
Second Lien Debt – non-controlled/ non-affiliated (continued)
Software (continued)
Mandolin Technology Intermediate Holdings, Inc.		Nova Tower 1 1 Allegheny Square, Suite 800 Pittsburgh, PA, 15212 United States		(4)(5)(9)		SOFR + 6.50%		10.97% (incl. 6.50% PIK)		7/30/2021		7/30/2029				$		3,550		$	3,523		$	2,947		0.05	%
																					39,518			38,888		0.63	%
Total Second Lien Debt – non-controlled/non-affiliated																					122,023			118,482		1.91	%
Total Second Lien Debt																					122,023			118,482		1.91	%
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		11/8/2031						11,985			11,731			11,835		0.19	%
IT Services
PPT Holdings III, LLC		5910 Landerbrook Drive, Mayfield Heights, OH 44124 United States		(4)(5)(8)		12.75%		12.75% PIK		3/25/2024		3/27/2034						1,832			1,796			1,823		0.03	%
Total Unsecured Debt – non-controlled/non-affiliated																					13,527			13,658		0.22	%
Total Unsecured Debt																					13,527			13,658		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 3/31/2025		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		$	6,542		0.10	%
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			1,239		0.02	%
Mode Holdings, L.P. – 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			5,432		0.09	%
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			2,931		0.05	%
																					10,357			9,602		0.16	%
Commercial Services & Supplies
Genstar Neptune Blocker, LLC – Blocker Units		180 North Stetson, 29th Floor, Chicago, IL 60601 United States		(4)						12/2/2024				3.7%				218			343			336		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			79		0.00	%
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	%
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			465		0.01	%
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			57		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 3/31/2025		Par Amount/Units(1)				Cost(3)			Fair Value			% of Net Assets
Equity – non-controlled/non-affiliated (continued)
Commercial Services & Supplies (continued)
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		$	7		0.00	%
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			215		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			220		0.00	%
RC VI Buckeye Holdings, LLC – LLC Units		1901 Indian Wood Cir Maumee, OH 43537		(4)						1/2/2025								161,291			161			161		0.00	%
																					1,514			1,549		0.02	%
Distributors
Box Co-Invest Blocker, LLC – (BP Alpha Holdings, L.P.) – Class A Units		2650 Galvin Dr, Elgin, IL 60124, United States		(4)						12/10/2021				11.7%				1			702			0		0.00	%
Box Co-Invest Blocker, LLC – (BP Alpha Holdings, L.P.) – Class C Preferred Units		2650 Galvin Dr, Elgin, IL 60124, United States		(4)						7/12/2023				11.6%				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				60.2%				6,761			3,350			7,434		0.12	%
																					4,135			7,434		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 3/31/2025		Par Amount/Units(1)				Cost(3)			Fair Value			% of Net Assets
Equity – non-controlled/non-affiliated (continued)
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				2.6%		$		12,511,857		$	12,315		$	18,441		0.30	%
DTA LP – Class A Common Units		7430 East Caley Ave, Suite 320E, Centennial, CO 80111 United States		(4)						3/25/2024				4.8%				2,171,032			2,171			1,845		0.03	%
																					14,486			20,286		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				2.2%				6,930			5,877			5,906		0.09	%
Point Broadband Holdings, LLC – Class B Common Units		3120 Fredrick Rd., Suite E, Opelika, Alabama 36801, United States		(4)						10/1/2021				2.2%				369,255			1,053			631		0.01	%
Point Broadband Holdings, LLC – Class Additional A Common Units		3120 Fredrick Rd., Suite E, Opelika, Alabama 36801, United States		(4)						3/24/2022				2.2%				1,489			1,263			1,269		0.02	%
Point Broadband Holdings, LLC – Class Additional B Common Units		3120 Fredrick Rd., Suite E, Opelika, Alabama 36801, United States		(4)						3/24/2022				2.2%				79,358			226			136		0.00	%
																					8,419			7,942		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 3/31/2025		Par Amount/Units(1)				Cost(3)			Fair Value			% of Net Assets
Equity – non-controlled/non-affiliated (continued)
Electronic Equipment, Instruments & Components
NSI Parent, LP – Class A Common Units		13235 Reese Boulevard, West Huntersville, NC 28078 United States		(4)						12/23/2024				10.8%		$		578,564		$	579		$	579		0.01	%
Spectrum Safety Solutions Purchaser, LLC – Common Equity		13995 Pasteur Blvd., Palm Beach Gardens, FL 33418, United States		(4)(6)						7/1/2024				17.6%				5,286,915			5,287			5,287		0.08	%
																					5,866			5,866		0.09	%
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				13.3%				248,786			249			346		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				10.0%				539			539			270		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				0.4%				625,944			607			695		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				0.1%				2,201			392			34		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 3/31/2025		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				0.1%		$		1,185		$	211		$	18		0.00	%
WHCG Purchaser, Inc. – Class A Common Units		251 Little Falls Drive, Wilmington, DE 19808 United States		(4)						8/2/2024				28.2%				4,755,436			0			0		0.00	%
																					1,210			747		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				0.0%				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				0.2%				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				4.0%				9,850			985			916		0.01	%
																					1,055			971		0.01	%
Insurance
CFCo, LLC (Benefytt Technologies, Inc.) – Class B Units		15438 North Florida Avenue, Suite 201, Tampa, FL 33613, United States		(4)						9/28/2023				9.0%				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				20.5%				601,075			0			439		0.01	%
Shelf Holdco Ltd – Common Equity		2 Church Street, Hamilton HM 11, Bermuda		(4)(6)						12/30/2022				0.0%				50,000			50			190		0.00	%
																					50			629		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 3/31/2025		Par Amount/Units(1)				Cost(3)			Fair Value			% of Net Assets
Equity – non-controlled/non-affiliated (continued)
IT Services
NC Ocala Co-Invest Beta, L.P. - LP Interest		4321 Collington Rd, Bowie, MD 20716, United States		(4)						11/12/2021				3.5%		$		2,854,133		$	2,854		$	3,197		0.05	%
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				10.3%				772,599			773			773		0.01	%
Professional Services
OHCP V TC COI, LP. – LP Interest		330 7th Ave, New York, NY 10001 United States		(4)						6/29/2021				35.0%				3,500,000			3,500			8,260		0.13	%
Tricor Horizon – LP Interest		Level 15, Manulife Place, 348 Kwun Tong Rd, Ngau Tau Kok, Hong Kong		(4)(6)						6/13/2022				1.9%				399,027			397			421		0.01	%
Trinity Air Consultants Holdings Corp – Common Units		330 7th Ave, New York, NY 10001 United States		(4)						6/12/2024				35.0%				2,583			3			6		0.00	%
																					3,900			8,687		0.14	%
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				10.3%				310,331			310			301		0.00	%
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				3.5%				44			44			45		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 3/31/2025		Par Amount/Units(1)				Cost(3)			Fair Value			% of Net Assets
Equity – non-controlled/non-affiliated (continued)
Software (continued)
Connatix Parent, LLC – Class L Common Units		666 Broadway, 10th Floor, New York, NY 10012, United States		(4)						7/14/2021				23.1%		$		42,045		$	462		$	209		0.00	%
Descartes Holdings, Inc – Class A Common Stock		4350 Congress Street, Suite 700, Charlotte, North Carolina 28209 United States		(4)						10/9/2023				4.3%				49,139			213			2		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				9.0%				90			57			48		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				9.0%				90,000			33			14		0.00	%
Lobos Parent, Inc. – Series A Preferred Shares		300 Continental Blvd., El Segundo, CA 90245, United States		(4)				10.50%		11/30/2021				2.9%				1,545			1,506			2,062		0.03	%
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				10.0%				3,550,000			3,444			3,712		0.06	%
Mimecast Limited – LP Interest		1 Finsbury Avenue, London, United Kingdom, EC2M 2PF		(4)						5/3/2022				0.7%				667,850			668			721		0.01	%
TPG IX Newark CI, L.P. – LP Interest		188 Spear St, San Francisco, CA 94105 United States		(4)						10/26/2023				5.4%				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				0.1%				2,073			21			22		0.00	%
Zoro – Series A Preferred Shares		989 Market St, San Francisco, CA 94103 United States		(4)		SOFR + 9.50%		13.80%		11/22/2022				0.1%				373			362			509		0.01	%
																					8,776			9,310		0.14	%

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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 3/31/2025		Par Amount/Units(1)				Cost(3)			Fair Value			% of Net Assets
Equity – non-controlled/non-affiliated (continued)
Specialty Retail
CustomInk, LLC – Series A Preferred Units		2910 District Avenue Fairfax VA 22031 United States		(4)						5/3/2019				52.0%		$		384,520		$	5,200		$	7,844		0.13	%
Transportation Infrastructure
Ncp Helix Holdings, LLC – Preferred Shares		114 Capital Way Christiana, TN 37037, United States		(4)				8.00%		8/3/2021				24.6%				407,274			407			471		0.01	%
Total Equity – non-controlled/ non-affiliated																					74,867			92,767		1.46	%
Equity – non-controlled/affiliated
Insurance
Blackstone Donegal Holdings LP – LP Interest (Westland Insurance Group LTD)		200, 2121 – 160th Street, Surrey, BC Canada		(4)(6)(16)						1/5/2021				18.0%							1			6,396		0.10	%
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				8.5%				5,898			0			0		0.00	%
Total Equity – non-controlled/affiliated																					1			6,396		0.10	%
Total Equity																					74,868			99,163		1.56	%
Total Investments –  non-controlled/non-affiliated																					12,924,777			12,804,785		205.14	%
Total Investments –  non-controlled/ affiliated																					27,258			29,421		0.47	%
Total Investment Portfolio																					12,952,035			12,834,206		205.61	%

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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 3/31/2025		Par Amount/Units(1)				Cost(3)			Fair Value			% of Net Assets
Cash and Cash Equivalents
State Street Institutional U.S. Government Money Market Fund – Investor Class								4.21%												$	330,674		$	330,674		5.30	%
BlackRock ICS US Treasury Fund								4.18%													283			283		0.00	%
Other Cash and Cash Equivalents																					634,048			634,048		10.16	%
Total Portfolio Investments, Cash and Cash Equivalents																				$	13,917,040		$	13,799,211		221.07	%

__________________________________

(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 Condensed Consolidated Schedule of Investments) are denominated in U.S. dollars. As of March 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 March 31, 2025. Variable rate loans typically include an interest reference rate floor feature. As of March 31, 2025, 89.5% 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.

(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.

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(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 March 31, 2025, non-qualifying assets represented 13.9% 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:

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Investments		Commitment Type		Commitment Expiration Date		Unfunded Commitment			Fair Value
123Dentist, Inc.		Delayed Draw Term Loan		8/10/2026		$	154		$	—
Abacus Holdco 2 Oy		Delayed Draw Term Loan		5/7/2026			177			—
ACI Group Holdings, Inc.		Revolver		8/2/2027			10,179			—
ADCS Clinics Intermediate Holdings, LLC		Revolver		5/7/2026			1,003			—
AI Altius US Bidco, Inc.		Delayed Draw Term Loan		12/21/2028			500			—
AI Titan Parent Inc		Delayed Draw Term Loan		9/30/2026			870			(4	)
AI Titan Parent Inc		Revolver		8/29/2031			544			(5	)
Allium Buyer, LLC		Revolver		5/2/2029			249			(7	)
American Restoration Holdings, LLC		Revolver		7/19/2030			785			—
American Restoration Holdings, LLC		Delayed Draw Term Loan		2/19/2027			8,088			—
Amerilife Holdings, LLC		Revolver		8/31/2028			16,020			—
Amerilife Holdings, LLC		Delayed Draw Term Loan		6/17/2026			340			—
Amerilife Holdings, LLC		Delayed Draw Term Loan		2/28/2027			31,555			(79	)
Amerivet Partners Management, Inc.		Revolver		2/25/2028			589			—
Anaplan, Inc.		Revolver		6/21/2028			161			—
Apex Companies, LLC		Delayed Draw Term Loan		8/28/2026			5,507			—
Armada Parent, Inc.		Revolver		10/29/2027			2,750			—
Arnhem BidCo GmbH		Delayed Draw Term Loan		10/1/2027			12,332			(60	)
Artisan Acquisitionco, Ltd.		Delayed Draw Term Loan		9/30/2027			7,938			(79	)
Ascend Buyer, LLC		Revolver		9/30/2028			2,991			—
AuditBoard Inc		Delayed Draw Term Loan		7/12/2026			4,414			(22	)
AuditBoard Inc		Revolver		7/12/2031			1,766			(4	)
Azurite Intermediate Holdings, Inc.		Revolver		3/19/2031			4,104			—
Baker Tilly Advisory Group LP		Revolver		6/3/2030			9,856			—
Baker Tilly Advisory Group LP		Delayed Draw Term Loan		6/3/2026			7,034			(53	)
Bamboo US BidCo, LLC		Revolver		9/29/2029			142			—
Bamboo US BidCo, LLC		Delayed Draw Term Loan		11/20/2026			146			—
Bamboo US BidCo, LLC		Delayed Draw Term Loan		11/20/2026			146			(1	)
Banyan Software Holdings, LLC		Revolver		1/2/2031			1,006			(10	)
Banyan Software Holdings, LLC		Delayed Draw Term Loan		12/20/2026			3,076			—
Bayshore Intermediate #2 LP		Revolver		10/1/2027			4,217			(42	)
Bayshore Intermediate #2 LP		Revolver		10/1/2027			5,006			—
Bazaarvoice, Inc.		Revolver		5/7/2028			37,992			—
Bidco 76 S.p.A.		Delayed Draw Term Loan		12/10/2027			3,849			—
Bimini Group Purchaser Inc		Delayed Draw Term Loan		4/26/2026			18,925			(95	)
Bimini Group Purchaser Inc		Revolver		4/26/2031			2,804			—
Bluefin Holding, LLC		Revolver		9/12/2029			2,244			(6	)
Bradyplus Holdings LLC		Delayed Draw Term Loan		10/31/2025			2,260			—
Brave Parent Holdings, Inc.		Delayed Draw Term Loan		5/28/2025			3,058			—
Brave Parent Holdings, Inc.		Revolver		11/28/2030			3,641			—
Brilliance Technologies, Inc.		Delayed Draw Term Loan		9/11/2027			2,400			(6	)
Brilliance Technologies, Inc.		Revolver		3/11/2032			900			(5	)
Caerus US 1, Inc.		Revolver		5/25/2029			1,255			—
Cambium Learning Group, Inc.		Revolver		7/20/2027			43,592			—
Cambrex Corp.		Revolver		3/5/2032			2,907			(29	)
Cambrex Corp.		Delayed Draw Term Loan		3/5/2027			3,323			—
Canadian Hospital Specialties Ltd.		Revolver		4/15/2027			1,198			—
Carr Riggs & Ingram Capital LLC		Revolver		11/18/2031			1,295			—
Carr Riggs & Ingram Capital LLC		Delayed Draw Term Loan		11/18/2026			3,161			—
Castle Management Borrower, LLC		Revolver		11/3/2029			1,808			—
CFGI Holdings, LLC		Revolver		11/2/2027			1,050			(21	)
CFS Brands, LLC		Revolver		10/2/2029			18,177			—
Channelside AcquisitionCo, Inc.		Delayed Draw Term Loan		4/28/2025			1,980			(10	)

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Investments		Commitment Type		Commitment Expiration Date		Unfunded Commitment		Fair Value
Channelside AcquisitionCo, Inc.		Delayed Draw Term Loan		11/15/2025		19		—
Channelside AcquisitionCo, Inc.		Revolver		5/15/2029		3,178		—
Charger Debt Merger Sub, LLC		Revolver		5/31/2030		1,522		(15	)
Charger Debt Merger Sub, LLC		Delayed Draw Term Loan		5/31/2026		3,107		—
Chartwell Cumming Holding, Corp.		Delayed Draw Term Loan		2/14/2027		16,136		(81	)
Chartwell Cumming Holding, Corp.		Revolver		11/16/2027		18,271		—
Chartwell Cumming Holding, Corp.		Delayed Draw Term Loan		5/21/2025		1,629		—
Cisive Holdings Corp		Revolver		12/8/2027		1,111		(22	)
Clearview Buyer, Inc.		Revolver		2/26/2027		898		—
Community Management Holdings Midco 2 LLC		Revolver		11/1/2031		1,229		—
Community Management Holdings Midco 2 LLC		Delayed Draw Term Loan		11/1/2026		4,096		(31	)
Compsych Investments Corp		Delayed Draw Term Loan		7/22/2027		3,471		(9	)
Connatix Buyer, Inc.		Revolver		7/14/2027		4,345		—
Connatix Buyer, Inc.		Delayed Draw Term Loan		4/9/2026		848		—
Consor Intermediate II, LLC		Delayed Draw Term Loan		5/10/2026		3,218		(16	)
Consor Intermediate II, LLC		Revolver		5/10/2031		1,067		—
Continental Buyer, Inc.		Revolver		4/2/2031		2,715		—
Continental Buyer, Inc.		Delayed Draw Term Loan		8/14/2027		11,599		(29	)
Continental Buyer, Inc.		Revolver		4/2/2031		4,350		(22	)
Coupa Software Inc.		Delayed Draw Term Loan		8/27/2025		164		(2	)
Coupa Software Inc.		Revolver		2/27/2029		126		—
CPI Buyer, LLC		Delayed Draw Term Loan		11/23/2025		311		—
CPI Buyer, LLC		Revolver		11/1/2026		3,214		(64	)
CRCI Longhorn Holdings Inc		Revolver		8/27/2031		918		—
CRCI Longhorn Holdings Inc		Delayed Draw Term Loan		8/27/2026		2,867		(14	)
Creek Parent Inc.		Revolver		12/18/2031		9,893		(173	)
Crewline Buyer, Inc.		Revolver		11/8/2030		6,438		(31	)
CT Technologies Intermediate Holdings, Inc.		Delayed Draw Term Loan		8/30/2026		973		—
CT Technologies Intermediate Holdings, Inc.		Revolver		8/30/2031		2,433		(24	)
DCG Acquisition Corp.		Revolver		6/13/2031		5,937		(59	)
DCG Acquisition Corp.		Delayed Draw Term Loan		6/13/2026		5,937		(30	)
Denali Bidco Ltd		Delayed Draw Term Loan		4/17/2026		300		(3	)
DM Intermediate Parent LLC		Revolver		9/30/2030		5,206		(78	)
DM Intermediate Parent LLC		Delayed Draw Term Loan		9/30/2026		7,809		(59	)
Doit International Ltd		Delayed Draw Term Loan		11/25/2027		11,606		(87	)
Dropbox, Inc.		Delayed Draw Term Loan		12/10/2026		88,235		(441	)
DTA Intermediate II Ltd.		Delayed Draw Term Loan		3/27/2026		14,000		—
DTA Intermediate II Ltd.		Revolver		3/27/2030		10,769		(162	)
Duro Dyne National Corp		Delayed Draw Term Loan		11/15/2026		6,002		(30	)
Duro Dyne National Corp		Revolver		11/15/2031		6,002		(60	)
Dwyer Instruments LLC		Revolver		7/20/2029		1,209		—
Dwyer Instruments LLC		Delayed Draw Term Loan		11/20/2026		1,069		(5	)
East River Bidco Gmbh		Delayed Draw Term Loan		3/26/2028		39		—
Eden Acquisitionco Ltd		Delayed Draw Term Loan		11/17/2025		29,680		(444	)
Edison Bidco AS		Delayed Draw Term Loan		12/18/2026		687		—
Edison Bidco AS		Delayed Draw Term Loan		12/18/2026		3,161		—
EMB Purchaser, Inc.		Delayed Draw Term Loan		3/13/2028		16,111		—
EMB Purchaser, Inc.		Revolver		3/13/2032		3,294		(33	)
Emergency Power Holdings, LLC		Delayed Draw Term Loan		8/17/2025		14,586		(146	)
ENV Bidco AB		Delayed Draw Term Loan		12/13/2027		302		(4	)
eResearchTechnology, Inc.		Delayed Draw Term Loan		1/17/2027		27,750		—

105

Table of Contents

Investments		Commitment Type		Commitment Expiration Date		Unfunded Commitment		Fair Value
eResearchTechnology, Inc.		Revolver		10/17/2031		14,605		(146	)
eResearchTechnology, Inc.		Delayed Draw Term Loan		3/31/2026		25,705		—
Essential Services Holding Corp		Delayed Draw Term Loan		6/17/2026		2,297		(11	)
Essential Services Holding Corp		Revolver		6/17/2030		1,206		—
Everbridge Holdings, LLC		Delayed Draw Term Loan		7/2/2026		3,378		—
Everbridge Holdings, LLC		Revolver		7/2/2031		2,222		(6	)
Experity, Inc.		Revolver		2/24/2028		1,495		—
Experity, Inc.		Delayed Draw Term Loan		9/13/2026		4,457		(22	)
Falcon Parent Holdings, Inc.		Delayed Draw Term Loan		11/6/2026		2,239		—
Falcon Parent Holdings, Inc.		Revolver		11/6/2031		2,669		(40	)
Fastener Distribution Holdings LLC		Delayed Draw Term Loan		10/31/2026		11,594		(58	)
Fern Bidco Ltd		Delayed Draw Term Loan		7/3/2027		10,035		—
Formulations Parent Corp.		Revolver		11/15/2029		1,429		(14	)
Foundation Risk Partners Corp.		Revolver		10/29/2029		4,101		(62	)
Foundation Risk Partners Corp.		Delayed Draw Term Loan		5/21/2026		985		—
Foundation Risk Partners Corp.		Delayed Draw Term Loan		2/26/2027		7,140		—
Frontgrade Technologies Holdings, Inc.		Revolver		1/9/2028		516		—
Frontline Road Safety, LLC		Delayed Draw Term Loan		3/4/2028		4,329		—
Frontline Road Safety, LLC		Revolver		3/4/2032		2,565		(26	)
FusionSite Midco, LLC		Revolver		11/17/2029		4,209		(95	)
G&A Partners Holding Company II, LLC		Delayed Draw Term Loan		3/1/2026		9,468		—
G&A Partners Holding Company II, LLC		Revolver		3/1/2030		3,288		—
Galway Borrower, LLC		Revolver		9/29/2028		6,126		—
Galway Borrower, LLC		Delayed Draw Term Loan		2/7/2026		50,131		—
Gannett Fleming Inc		Revolver		8/5/2030		6,237		(94	)
Gatekeeper Systems, Inc.		Delayed Draw Term Loan		8/27/2026		7,218		—
Gatekeeper Systems, Inc.		Revolver		8/28/2030		1,588		—
GI Ranger Intermediate, LLC		Revolver		10/29/2027		1,200		—
Gigamon Inc.		Revolver		3/10/2028		306		—
Gimlet Bidco GmbH		Delayed Draw Term Loan		4/23/2027		7,299		—
GovernmentJobs.com, Inc.		Delayed Draw Term Loan		12/2/2025		2,086		—
GovernmentJobs.com, Inc.		Revolver		12/2/2027		1,153		(18	)
Granicus Inc.		Revolver		1/17/2031		2,448		—
Granicus Inc.		Delayed Draw Term Loan		8/2/2026		817		(4	)
Graphpad Software, LLC		Revolver		6/28/2031		2,264		(11	)
Graphpad Software, LLC		Delayed Draw Term Loan		6/28/2026		5,433		—
Ground Penetrating Radar Systems, LLC		Delayed Draw Term Loan		7/2/2027		569		(3	)
Ground Penetrating Radar Systems, LLC		Revolver		1/2/2032		265		—
GS Acquisitionco Inc		Delayed Draw Term Loan		3/26/2026		2,053		—
GS Acquisitionco Inc		Revolver		5/25/2028		2,000		(10	)
Gusto Sing Bidco Pte Ltd		Delayed Draw Term Loan		11/15/2027		101		—
Helix TS, LLC		Delayed Draw Term Loan		12/20/2026		13,623		—
High Street Buyer, Inc.		Revolver		4/16/2027		2,254		(45	)
High Street Buyer, Inc.		Delayed Draw Term Loan		3/1/2026		17,181		—
Home Service TopCo IV Inc		Delayed Draw Term Loan		2/28/2027		2,910		—
Home Service TopCo IV Inc		Revolver		12/30/2027		3,509		(38	)
Horizon CTS Buyer, LLC		Delayed Draw Term Loan		3/28/2027		200		—
Horizon CTS Buyer, LLC		Revolver		3/28/2032		230		—
Icefall Parent, Inc.		Revolver		1/17/2030		3,104		—
IEM New Sub 2, LLC		Delayed Draw Term Loan		8/8/2026		13,164		(99	)
IG Investments Holdings, LLC		Revolver		9/22/2028		4,416		—

106

Table of Contents

Investments		Commitment Type		Commitment Expiration Date		Unfunded Commitment		Fair Value
Imagine 360 LLC		Delayed Draw Term Loan		9/18/2026		2,413		(12	)
Imagine 360 LLC		Revolver		9/30/2028		1,514		(15	)
Inception Fertility Ventures, LLC		Revolver		4/29/2030		273		—
Inception Fertility Ventures, LLC		Delayed Draw Term Loan		4/29/2026		10,488		—
Integrity Marketing Acquisition LLC		Delayed Draw Term Loan		8/23/2026		20,378		(43	)
Integrity Marketing Acquisition LLC		Revolver		8/25/2028		2,767		—
IQN Holding Corp		Revolver		5/2/2028		256		—
IRI Group Holdings Inc		Revolver		12/1/2027		12,255		—
Iris Buyer, LLC		Revolver		10/2/2029		2,748		—
Iris Buyer, LLC		Delayed Draw Term Loan		8/4/2026		5,055		—
ISQ Hawkeye Holdco, Inc.		Revolver		8/20/2030		54		—
ISQ Hawkeye Holdco, Inc.		Delayed Draw Term Loan		8/20/2026		151		—
Java Buyer, Inc.		Delayed Draw Term Loan		6/28/2026		465		—
Java Buyer, Inc.		Revolver		12/15/2027		367		—
Java Buyer, Inc.		Revolver		12/15/2027		735		—
JS Parent Inc		Revolver		4/24/2031		3,452		(17	)
JSS Holdings, Inc.		Delayed Draw Term Loan		11/8/2026		7,492		(37	)
Kattegat Project Bidco AB		Delayed Draw Term Loan		10/5/2026		7,030		(88	)
Knowledge Pro Buyer, Inc.		Revolver		12/10/2027		454		—
Knowledge Pro Buyer, Inc.		Delayed Draw Term Loan		12/8/2025		906		—
Kona Buyer, LLC		Delayed Draw Term Loan		7/23/2025		246		—
Kona Buyer, LLC		Delayed Draw Term Loan		7/23/2026		307		(2	)
Kona Buyer, LLC		Revolver		7/23/2031		123		(1	)
Kwol Acquisition, Inc.		Revolver		12/6/2029		897		—
LogicMonitor Inc		Revolver		11/15/2031		1,992		(25	)
LPW Group Holdings, Inc.		Revolver		3/15/2030		5,373		—
Lsf12 Crown US Commercial Bidco LLC		Revolver		12/2/2029		4,345		(205	)
Magic Bidco Inc		Delayed Draw Term Loan		7/1/2026		7,098		—
Magic Bidco Inc		Revolver		7/1/2030		902		—
Magneto Components BuyCo, LLC		Revolver		12/5/2029		5,508		(110	)
Magneto Components BuyCo, LLC		Delayed Draw Term Loan		6/5/2025		6,610		(83	)
Mandolin Technology Intermediate Holdings, Inc.		Revolver		7/30/2026		1,200		(48	)
Material Holdings, LLC		Revolver		8/19/2027		353		—
Maverick Acquisition, Inc.		Delayed Draw Term Loan		4/15/2025		96		—
MB2 Dental Solutions, LLC		Delayed Draw Term Loan		2/13/2026		5,579		—
MB2 Dental Solutions, LLC		Revolver		2/13/2031		1,382		—
Mercury Bidco Globe Limited		Delayed Draw Term Loan		1/31/2026		14,933		(173	)
MHE Intermediate Holdings, LLC		Revolver		7/21/2027		161		—
Monk Holding Co.		Delayed Draw Term Loan		6/1/2025		917		—
More Cowbell II, LLC		Delayed Draw Term Loan		9/1/2025		871		(11	)
More Cowbell II, LLC		Revolver		9/1/2029		968		—
MPG Parent Holdings, LLC		Revolver		1/8/2030		1,339		—
MPG Parent Holdings, LLC		Delayed Draw Term Loan		1/8/2027		3,087		(23	)
MRI Software, LLC		Revolver		2/10/2027		6,953		—
NAVEX TopCo, Inc.		Revolver		11/9/2028		5,394		—
Navigator Acquiror, Inc.		Delayed Draw Term Loan		7/15/2030		7,762		—
Navigator Acquiror, Inc.		Delayed Draw Term Loan		7/15/2030		7,762		—
NDC Acquisition Corp.		Revolver		3/9/2027		3,425		—
Nephele III BV		Delayed Draw Term Loan		3/31/2028		28		—
Neptune BidCo SAS		Delayed Draw Term Loan		4/1/2031		2,051		—
Neptune Holdings, Inc.		Revolver		8/31/2029		933		(23	)

107

Table of Contents

Investments		Commitment Type		Commitment Expiration Date		Unfunded Commitment		Fair Value
Netsmart Technologies Inc		Delayed Draw Term Loan		8/23/2026		4,345		(22	)
Netsmart Technologies Inc		Revolver		8/23/2031		4,432		—
Noble Midco 3 Ltd		Delayed Draw Term Loan		6/10/2027		3,875		(19	)
Noble Midco 3 Ltd		Revolver		6/10/2030		2,390		—
North Haven Stallone Buyer, LLC		Delayed Draw Term Loan		10/1/2026		511		(1	)
North Haven Stallone Buyer, LLC		Revolver		5/24/2027		913		(2	)
North Haven Ushc Acquisition Inc		Revolver		10/30/2027		1,161		—
North Haven Ushc Acquisition Inc		Delayed Draw Term Loan		8/28/2026		4,544		—
Odevo AB		Delayed Draw Term Loan		12/12/2027		32,980		(83	)
Onex Baltimore Buyer, Inc.		Delayed Draw Term Loan		3/19/2026		4,472		—
Optimizely North America Inc		Revolver		10/30/2031		1,218		(12	)
Oranje Holdco, Inc.		Revolver		2/1/2029		250		—
Oxford Global Resources Inc		Revolver		8/17/2027		3,085		—
Park Place Technologies, LLC		Delayed Draw Term Loan		9/1/2025		8,617		—
Park Place Technologies, LLC		Revolver		3/25/2030		10,216		—
Patriot Growth Insurance Services, LLC.		Delayed Draw Term Loan		11/17/2025		1,275		—
Patriot Growth Insurance Services, LLC.		Revolver		10/16/2028		235		—
Pavion Corp.		Delayed Draw Term Loan		10/30/2025		2,559		—
PDI TA Holdings, Inc.		Revolver		2/3/2031		3,293		—
Petrus Buyer, Inc.		Delayed Draw Term Loan		10/17/2025		260		—
Petrus Buyer, Inc.		Revolver		10/17/2029		272		—
Phoenix 1 Buyer Corp.		Revolver		11/20/2029		5,009		—
Ping Identity Holding Corp		Revolver		10/17/2028		671		—
PKF O’Connor Davies Advisory, LLC		Delayed Draw Term Loan		11/15/2026		504		(3	)
PKF O’Connor Davies Advisory, LLC		Revolver		11/15/2031		141		(1	)
Point Broadband Acquisition, LLC		Delayed Draw Term Loan		5/29/2026		36,397		—
PPV Intermediate Holdings, LLC		Revolver		8/31/2029		159		—
PPV Intermediate Holdings, LLC		Delayed Draw Term Loan		8/7/2026		187		—
Profile Products, LLC		Revolver		11/12/2027		324		—
Profile Products, LLC		Revolver		11/12/2027		87		—
Progress Residential PM Holdings, LLC		Delayed Draw Term Loan		5/8/2025		16,623		—
Progress Residential PM Holdings, LLC		Delayed Draw Term Loan		5/8/2025		333		—
PT Intermediate Holdings III, LLC		Delayed Draw Term Loan		4/9/2026		4,338		(5	)
QBS Parent, Inc.		Revolver		11/7/2031		984		(5	)
Qualus Power Services Corp.		Delayed Draw Term Loan		5/9/2026		12,093		—
Qualus Power Services Corp.		Delayed Draw Term Loan		10/25/2026		33,748		(169	)
Rally Buyer, Inc.		Revolver		7/19/2028		38		—
Redwood Services Group, LLC		Delayed Draw Term Loan		8/15/2025		3,929		—
Redwood Services Group, LLC		Delayed Draw Term Loan		1/3/2027		25,154		(126	)
Relativity ODA, LLC		Revolver		5/12/2029		2,966		(74	)
RFS Opco, LLC		Delayed Draw Term Loan		12/3/2025		1,984		—
R1 Holdings LLC		Revolver		12/29/2028		177		—
Safety Borrower Holdings LP		Revolver		9/1/2027		280		—
Sam Holding Co, Inc.		Revolver		3/24/2027		4,400		—
Sam Holding Co, Inc.		Delayed Draw Term Loan		9/5/2025		3,800		—
Scorpio BidCo SAS		Delayed Draw Term Loan		3/10/2026		4,386		(48	)
Seahawk Bidco, LLC		Delayed Draw Term Loan		12/19/2026		10,322		—
Seahawk Bidco, LLC		Revolver		12/19/2030		3,753		(34	)
SG Acquisition, Inc.		Revolver		4/3/2030		8,301		—
Simplicity Financial Marketing Group Holdings Inc		Delayed Draw Term Loan		12/31/2026		1,807		—
Simplicity Financial Marketing Group Holdings Inc		Revolver		12/31/2031		1,076		(11	)

108

Table of Contents

Investments		Commitment Type		Commitment Expiration Date		Unfunded Commitment		Fair Value
Skopima Consilio Parent LLC		Revolver		5/12/2028		4,200		(59	)
Smile Doctors, LLC		Delayed Draw Term Loan		6/9/2025		738		—
Smile Doctors, LLC		Revolver		12/23/2027		1,233		(37	)
Spaceship Purchaser Inc		Revolver		10/17/2031		10,894		(109	)
Spaceship Purchaser Inc		Delayed Draw Term Loan		10/17/2026		5,447		—
Spaceship Purchaser Inc		Delayed Draw Term Loan		10/17/2027		13,072		(65	)
Sparta UK Bidco Ltd		Delayed Draw Term Loan		9/25/2028		1,237		—
SpecialtyCare, Inc.		Revolver		6/18/2026		607		—
Spectrum Safety Solutions Purchaser, LLC		Delayed Draw Term Loan		7/1/2026		16,126		(121	)
Spectrum Safety Solutions Purchaser, LLC		Revolver		7/1/2030		13,310		—
Speedster Bidco GmbH		Revolver		5/13/2031		1,801		(10	)
Stepping Stones Healthcare Services, LLC		Revolver		12/30/2026		371		—
Stepping Stones Healthcare Services, LLC		Delayed Draw Term Loan		4/24/2026		540		—
STV Group, Inc.		Delayed Draw Term Loan		3/20/2026		6,976		(70	)
STV Group, Inc.		Revolver		3/20/2030		3,837		—
Tango Bidco SAS		Delayed Draw Term Loan		10/17/2027		962		(6	)
Tango Bidco SAS		Delayed Draw Term Loan		10/17/2027		1,580		—
TEI Intermediate LLC		Revolver		12/13/2031		3,013		—
TEI Intermediate LLC		Delayed Draw Term Loan		12/13/2026		8,256		(41	)
Tennessee Bidco Limited		Delayed Draw Term Loan		7/1/2026		22,998		—
The Fertility Partners, Inc.		Revolver		9/16/2027		211		—
The Hiller Companies, LLC		Delayed Draw Term Loan		6/20/2026		1,696		—
The Hiller Companies, LLC		Revolver		6/20/2030		1,432		(11	)
The North Highland Co LLC		Revolver		12/20/2030		2,193		—
The North Highland Co LLC		Delayed Draw Term Loan		12/20/2026		5,903		(30	)
THG Acquisition LLC		Revolver		10/31/2031		1,239		—
THG Acquisition LLC		Delayed Draw Term Loan		10/31/2026		2,552		—
Tricentis Operations Holdings, Inc.		Revolver		12/31/2031		2,872		(29	)
Tricentis Operations Holdings, Inc.		Delayed Draw Term Loan		2/11/2027		4,595		(23	)
Trinity Air Consultants Holdings Corp.		Delayed Draw Term Loan		4/24/2025		956		—
Trinity Air Consultants Holdings Corp.		Revolver		6/29/2028		7,269		—
Trinity Partners Holdings, LLC		Delayed Draw Term Loan		6/20/2025		1,433		(14	)
Triple Lift, Inc.		Revolver		5/5/2028		7,697		(308	)
TRP Infrastructure Services, LLC		Delayed Draw Term Loan		12/2/2026		10,766		(54	)
Turing Holdco, Inc.		Delayed Draw Term Loan		8/3/2028		28,117		—
Turing Holdco, Inc.		Delayed Draw Term Loan		8/3/2028		20,901		—
Unified Women’s Healthcare LP		Revolver		6/18/2029		241		—
Unified Women’s Healthcare LP		Delayed Draw Term Loan		10/25/2026		27,807		—
US Oral Surgery Management Holdco, LLC		Delayed Draw Term Loan		12/13/2026		38,655		—
US Oral Surgery Management Holdco, LLC		Revolver		11/20/2028		3,735		—
Varicent Parent Holdings Corp		Delayed Draw Term Loan		8/23/2026		2,576		(19	)
Varicent Parent Holdings Corp		Revolver		8/23/2031		1,557		(23	)
Water Holdings Acquisition LLC		Delayed Draw Term Loan		7/31/2026		5,554		—
West Monroe Partners, LLC		Revolver		11/9/2027		1,443		—
West Monroe Partners, LLC		Delayed Draw Term Loan		12/18/2026		2,500		—	Source: View Original Filing on SEC EDGAR FAQ What securities can BXSL (NYSE: BXSL) now issue under this shelf? The registration covers common shares, preferred shares, debt securities, subscription rights and warrants to be priced per future supplements. How does the current market price compare with NAV? On 10 Jul 2025 BXSL closed at $31.56 versus a 31 Mar 2025 NAV of $27.39, a ~15% premium. What is BXSL’s investment focus? At least 80% of total assets are invested in secured debt, mainly first-lien and unitranche loans to U.S. private companies. Will the shelf registration affect dividends? Management intends to continue quarterly distributions; however, payouts depend on earnings and may include return of capital. What leverage does BXSL employ? As a BDC it may lever up to a 2:1 debt-to-equity ratio; proceeds from new debt could refinance existing facilities. Who manages BXSL’s portfolio? The fund is advised by Blackstone Private Credit Strategies LLC with sub-adviser Blackstone Credit BDC Advisors LLC, leveraging Blackstone’s $389 bn credit platform. Blackstone Secd Lending Fd NYSE:BXSL BXSL Rankings #1479 Ranked by Market Cap #207 Ranked by Dividends BXSL Latest News May 7, 2025 Blackstone Secured Lending Fund Reports First Quarter 2025 Results Apr 11, 2025 Blackstone Secured Lending Announces First Quarter 2025 Earnings Release and Conference Call Feb 26, 2025 Blackstone Secured Lending Fund Reports Fourth Quarter and Full Year 2024 Results Feb 19, 2025 Blackstone Secured Lending to Present at the Raymond James Institutional Investor Conference 2025 Jan 31, 2025 Blackstone Secured Lending Announces Fourth Quarter and Full Year 2024 Earnings Release and Conference Call BXSL Latest SEC Filings Jul 11, 2025 [8-K] Blackstone Secured Lending Fund Reports Material Event Jul 11, 2025 [424B2] Blackstone Secured Lending Fund Prospectus Supplement Jul 2, 2025 [ARS] Blackstone Secured Lending Fund SEC Filing Jul 2, 2025 [DEFA14A] Blackstone Secured Lending Fund Additional Proxy Soliciting Materials Jul 2, 2025 [DEF 14A] Blackstone Secured Lending Fund Definitive Proxy Statement BXSL Stock Data Market Cap 7.11B Float 205.53M Insiders Ownership 8.84% Institutions Ownership 40.76% Short Percent 0.99% Industry Asset Management Sector Financial Services Website Link Country United States City NEW YORK Explore About FAQ Rhea-AI Sitemap Legal Terms of Use Cookie Notice Privacy Policy Links RSS feed Discord Server Facebook Reddit © 2020-2025 StockTitan.net Login Please enter your login and password Email address Password Forgot password? LOGIN Close Don't have an account? Sign Up! Forgot Password Please enter your email address Email address RECOVER Close Sign Up To create a free account, please fill out the form below. Username Email address Password I accept the user agreement Sign me up for the newsletter CREATE ACCOUNT Close Already have an account? Login