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

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

Former Name, Former Address and Former Fiscal Year, If Changed Since Last Report.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. yes ☒ no ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). yes ☒ no ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the 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 13(a) of the Exchange Act. ☒

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). YES ☐ NO ☒

As of ~~August 8,~~November 7, 2023, there were 13,854,750 units of the limited liability company's common units outstanding.

This report contains forward-looking statements that involve substantial risks and uncertainties. You can identify these statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “project,” “target,” “estimate,” “intend,” “continue” or “believe” or the negatives of, or other variations on, these terms or comparable terminology. You should read statements that contain these words carefully because they discuss our plans, strategies, prospects and expectations concerning our business, operating results, financial condition and other similar matters. We believe that it is important to communicate our future expectations to our investors. Our forward-looking statements include information in this report regarding general domestic and global economic conditions, our future financing plans, our ability to operate as a business development company (“BDC”) and the expected performance of, and the yield on, our portfolio companies. There may be events in the future, however, that we are not able to predict accurately or control. The factors listed under “Risk Factors” in this report, in our annual report on Form 10-K for the year ended December 31, 2022 and in our quarterly ~~report~~reports on Form 10-Q for the ~~quarter~~quarters ended March 31, 2023 and June 30, 2023, as well as any cautionary language in this report, provide examples of risks, uncertainties and events that may cause our actual results to differ materially from the expectations we describe in our forward-looking statements. The occurrence of the events described in these risk factors and elsewhere in this report could have a material adverse effect on our business, results of operations and financial position. Any forward-looking statement made by us in this report speaks only as of the date of this report. Factors or events that could cause our actual results to differ from our forward-looking statements may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. You are advised to consult any additional disclosures that we may make directly to you or through reports that we have filed or in the future may file with the U.S. Securities and Exchange Commission (the “SEC”), including annual reports on Form 10-K, registration statements on Form N-2, quarterly reports on Form 10-Q and current reports on Form 8-K. The safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which preclude civil liability for certain forward-looking statements, do not apply to the forward-looking statements in this quarterly report because we are an investment company. The following factors are among those that may cause actual results to differ materially from our forward-looking statements:


							September 30, 2023 (Unaudited)			December 31, 2022
	June 30, 2023 (Unaudited)			December 31, 2022
Assets
Investments, at fair value
Non-controlled/non-affiliated investments (cost of $2,700,568 and $2,691,993)	$	2,653,852		$	2,637,489
Non-controlled affiliated investments (cost of $17,977 and $10,576)		18,370			10,708
Total investments, at fair value (cost of $2,718,545 and $2,702,569)		2,672,222			2,648,197
Investments in affiliated money market fund (cost of $134,787 and $122,499)		134,787			122,499
Non-controlled/non-affiliated investments (cost of $2,639,468 and $2,691,993)							$	2,575,649		$	2,637,489
Non-controlled affiliated investments (cost of $17,967 and $10,576)								18,571			10,708
Total investments, at fair value (cost of $2,657,435 and $2,702,569)								2,594,220			2,648,197
Investments in affiliated money market fund (cost of $153,923 and $122,499)								153,923			122,499
Cash		4,138			36,657			10,283			36,657
Interest and dividends receivable		25,969			32,763			21,474			32,763
Deferred financing costs		5,975			7,215			9,228			7,215
Other assets		2,147			2,680			470			2,680
Total assets	$	2,845,238		$	2,850,011		$	2,789,598		$	2,850,011
Liabilities
Debt	$	1,501,687		$	1,465,196		$	1,465,376		$	1,465,196
Interest and other debt expenses payable		27,647			24,117			30,356			24,117
Management fees payable		4,683			4,598			4,647			4,598
Incentive fees payable		42,029			33,111			46,255			33,111
Distribution payable		—			78,068			—			78,068
Directors’ fees payable								70			—
Accrued expenses and other liabilities		4,891			4,411			3,673			4,411
Total liabilities	$	1,580,937		$	1,609,501		$	1,550,377		$	1,609,501
Commitments and contingencies (Note 7)
Members’ capital
Preferred units (0 units issued and outstanding)	$	—		$	—		$	—		$	—
Common units (13,854,750 and 13,694,584 units issued and outstanding as of June 30, 2023 and December 31, 2022)		1,320,430			1,305,672
Common units (13,854,750 and 13,694,584 units issued and outstanding as of September 30, 2023 and December 31, 2022)								1,320,430			1,305,672
Distributable earnings (loss)		(56,129	)		(65,162	)		(81,209	)		(65,162	)
Total members’ capital	$	1,264,301		$	1,240,510		$	1,239,221		$	1,240,510
Total liabilities and members’ capital	$	2,845,238		$	2,850,011		$	2,789,598		$	2,850,011
Net asset value per unit	$	91.25		$	90.58		$	89.44		$	90.58

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


	For the Three Months Ended						For the Six Months Ended						For the Three Months Ended						For the Nine Months Ended
	June 30, 2023			June 30, 2022			June 30, 2023			June 30, 2022			September 30, 2023			September 30, 2022			September 30, 2023			September 30, 2022
Investment income:
From non-controlled/non-affiliated investments:
Interest income	$	73,248		$	46,509		$	143,440		$	89,643		$	74,039		$	60,036		$	217,479		$	149,679
Payment-in-kind income		6,915			3,527			12,520			6,418			6,433			4,348			18,953			10,766
Other income		644			855			1,560			1,697			679			931			2,239			2,628
From non-controlled affiliated investments:
Dividend income		1,967			—			3,129			—			2,093			240			5,222			240
Interest income		291			—			566			—			340			—			906			—
Other income		10			—			21			—			9			—			30			—
Total investment income	$	83,075		$	50,891		$	161,236		$	97,758		$	83,593		$	65,555		$	244,829		$	163,313
Expenses:
Interest and other debt expenses	$	29,966		$	14,992		$	59,039		$	27,141		$	33,384		$	21,769		$	92,423		$	48,910
Management fees		4,683			3,954			9,316			7,705			4,647			4,353			13,963			12,058
Incentive fees		7,555			2,352			8,918			6,345			4,226			2,714			13,144			9,059
Professional fees		377			322			858			726			548			398			1,406			1,124
Directors’ fees		75			72			148			143			73			74			221			217
Other general and administrative expenses		668			633			1,390			1,249			749			565			2,139			1,814
Total expenses	$	43,324		$	22,325		$	79,669		$	43,309		$	43,627		$	29,873		$	123,296		$	73,182
Net investment income	$	39,751		$	28,566		$	81,567		$	54,449		$	39,966		$	35,682		$	121,533		$	90,131


Net realized and unrealized gains (losses):
Net realized gain (loss) from:
Non-controlled/non-affiliated investments	$	(37,358	)	$	(5,325	)	$	(37,352	)	$	(5,325	)	$	69		$	(1	)	$	(37,283	)	$	(5,326	)
Foreign currency transactions		10			(1	)		8			(1	)		(14	)		(112	)		(6	)		(113	)
Net change in unrealized appreciation (depreciation) from:
Non-controlled/non-affiliated investments		41,125			(11,013	)		7,788			(14,528	)		(17,103	)		(21,933	)		(9,315	)		(36,461	)
Non-controlled affiliated investments		231			—			261			—			211			—			472			—
Foreign currency translations		(596	)		1,031			(982	)		1,453			841			1,606			(141	)		3,059
Net realized and unrealized gains (losses)	$	3,412		$	(15,308	)	$	(30,277	)	$	(18,401	)	$	(15,996	)	$	(20,440	)	$	(46,273	)	$	(38,841	)
(Provision) benefit for taxes on unrealized appreciation/depreciation on investments		(352	)		69			(757	)		(94	)		(20	)		133			(777	)		39
Net increase in members’ capital from operations	$	42,811		$	13,327		$	50,533		$	35,954		$	23,950		$	15,375		$	74,483		$	51,329
Weighted average units outstanding		13,750,906			10,414,230			13,722,900			10,355,771			13,854,750			12,029,671			13,767,333			10,919,869
Net investment income per unit (basic and diluted)	$	2.89		$	2.74		$	5.94		$	5.26
Earnings per unit (basic and diluted)	$	3.11		$	1.28		$	3.68		$	3.47
Basic and diluted net investment income per unit													$	2.88		$	2.97		$	8.83		$	8.25
Basic and diluted earnings (loss) per unit													$	1.73		$	1.28		$	5.41		$	4.70

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


	For the Three Months Ended						For the Six Months Ended						For the Three Months Ended						For the Nine Months Ended
	June 30, 2023			June 30, 2022			June 30, 2023			June 30, 2022			September 30, 2023			September 30, 2022			September 30, 2023			September 30, 2022

Members’ capital at beginning of period	$	1,248,232		$	1,007,775		$	1,240,510		$	985,148		$	1,264,301		$	1,094,510		$	1,240,510		$	985,148
Increase in members’ capital from operations:
Net investment income	$	39,751		$	28,566		$	81,567		$	54,449		$	39,966		$	35,682		$	121,533		$	90,131
Net realized gain (loss)		(37,348	)		(5,326	)		(37,344	)		(5,326	)		55			(113	)		(37,289	)		(5,439	)
Net change in unrealized appreciation (depreciation)		40,760			(9,982	)		7,067			(13,075	)		(16,051	)		(20,327	)		(8,984	)		(33,402	)
(Provision) benefit for unrealized appreciation/depreciation on investments		(352	)		69			(757	)		(94	)		(20	)		133			(777	)		39
Net increase in members’ capital from operations	$	42,811		$	13,327		$	50,533		$	35,954		$	23,950		$	15,375		$	74,483		$	51,329
Distributions to unitholders from:
Distributable earnings	$	(41,500	)	$	(29,899	)	$	(41,500	)	$	(29,899	)	$	(49,030	)	$	(30,917	)	$	(90,530	)	$	(60,816	)
Total distributions to unitholders	$	(41,500	)	$	(29,899	)	$	(41,500	)	$	(29,899	)	$	(49,030	)	$	(30,917	)	$	(90,530	)	$	(60,816	)
Capital transactions:
Issuance of units	$	14,758		$	103,307		$	14,758		$	103,307		$	—		$	147,581		$	14,758		$	250,888
Net increase in members’ capital from capital transactions	$	14,758		$	103,307		$	14,758		$	103,307		$	—		$	147,581		$	14,758		$	250,888
Total increase in members’ capital	$	16,069		$	86,735		$	23,791		$	109,362		$	(25,080	)	$	132,039		$	(1,289	)	$	241,401
Members’ capital at end of period	$	1,264,301		$	1,094,510		$	1,264,301		$	1,094,510		$	1,239,221		$	1,226,549		$	1,239,221		$	1,226,549
Distributions per unit	$	3.03		$	2.90		$	3.03		$	2.90		$	3.54		$	2.72		$	6.57		$	5.62

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


	For the Six Months Ended						For the Nine Months Ended
	June 30, 2023			June 30, 2022			September 30, 2023			September 30, 2022

Cash flows from operating activities:
Net increase in members’ capital from operations:	$	50,533		$	35,954		$	74,483		$	51,329
Adjustments to reconcile net increase (decrease) in members’ capital from operations to net cash provided by (used for) operating activities:
Purchases of investments		(90,662	)		(404,540	)		(129,949	)		(579,106	)
Payment-in-kind interest capitalized		(11,544	)		(6,470	)		(17,892	)		(10,815	)
Investments in affiliated money market fund, net		(12,288	)		(1,047	)		(31,424	)		(66,170	)
Proceeds from sales of investments and principal repayments		53,962			67,404			164,713			142,187
Net realized (gain) loss		37,352			5,325			37,283			5,326
Net change in unrealized (appreciation) depreciation on investments		(8,049	)		14,528			8,843			36,461
Net change in unrealized (appreciation) depreciation on foreign currency transactions		(13	)		24			(20	)		7
Amortization of premium and accretion of discount, net		(5,084	)		(4,547	)		(9,021	)		(9,154	)
Amortization of deferred financing costs		1,650			1,647			2,525			2,488
Change in operating assets and liabilities:
(Increase) decrease in receivable for investments sold		—			(1,765	)
(Increase) decrease in receivable for common units sold		—			(629	)
(Increase) decrease in interest and dividends receivable		6,794			(8,473	)		11,289			(3,001	)
(Increase) decrease in other assets		533			(2,457	)		2,210			(1,291	)
Increase (decrease) in interest and other debt expenses payable		3,530			3,356			6,238			10,161
Increase (decrease) in management fees payable		85			192			49			591
Increase (decrease) in incentive fees payable		8,918			6,345			13,144			9,059
Increase (decrease) in payable for investments purchased		—			2,731
Increase (decrease) in directors’ fees payable								70			—
Increase (decrease) in accrued expenses and other liabilities		480			(379	)		(738	)		2,433
Net cash provided by (used for) operating activities	$	36,197		$	(292,801	)	$	131,803		$	(409,495	)
Cash flows from financing activities:
Proceeds from issuance of common units	$	14,758		$	103,307		$	14,758		$	250,888
Distributions paid		(119,568	)		(58,262	)		(168,598	)		(89,179	)
Financing costs paid		(410	)		(2,796	)		(4,537	)		(2,838	)
Borrowings on debt		69,491			398,026			76,680			513,036
Repayments of debt		(33,000	)		(129,000	)		(76,500	)		(276,076	)
Net cash provided by (used for) financing activities	$	(68,729	)	$	311,275		$	(158,197	)	$	395,831
Net increase (decrease) in cash	$	(32,532	)	$	18,474		$	(26,394	)	$	(13,664	)
Effect of foreign exchange rate changes on cash and cash equivalents		13			(24	)		20			(7	)
Cash, beginning of period		36,657			31,602			36,657			31,602
Cash, end of period	$	4,138		$	50,052		$	10,283		$	17,931
Supplemental and non-cash activities
Interest expense paid	$	52,827		$	21,023		$	82,140		$	34,602
Exchange of investments	$	6,075		$	—		$	25,934		$	80,545

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


Investment (1)	Industry	Interest Rate (2)	Reference Rate and Spread (2)	Maturity		Par/Shares(3)		Cost			Fair Value			Footnotes	Industry	Interest Rate (2)	Reference Rate and Spread (2)	Maturity		Par(3)		Cost			Fair Value			Footnotes
1st Lien/Senior Secured Debt - 204.03%
1st Lien/Senior Secured Debt - 202.09%
1272775 B.C. LTD. (dba Everest Clinical Research)	Professional Services	11.39%	S + 6.00%	11/06/26	$		8,502	$	8,427		$	8,396		(4) (5) (6) (7)	Professional Services	11.54%	S + 6.00%	11/06/26	$		8,480	$	8,411		$	8,374		(4) (5) (6) (7)
1272775 B.C. LTD. (dba Everest Clinical Research)	Professional Services	12.45%	P + 6.00%	11/06/26			846		805			801		(4) (5) (6) (7) (8)	Professional Services	14.50%	P + 6.00%	11/06/26			846		805			801		(4) (5) (6) (7) (8)
1272775 B.C. LTD. (dba Everest Clinical Research)	Professional Services	11.70%	CDN P + 4.75%	11/06/26	CAD		418		312			311		(4) (5) (6) (7)	Professional Services	12.20%	CDN P + 4.75%	11/06/26	CAD		418		312			304		(4) (5) (6) (7)
3SI Security Systems, Inc.	Commercial Services & Supplies	12.01%	S + 6.50%	12/16/26			2,033		2,018			1,922		(6) (7)	Commercial Services & Supplies	12.05%	S + 6.50%	12/16/26			2,033		2,014			1,927		(6) (7)
Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings)	Software	11.48%	S + 6.25%	03/10/27			14,592		14,361			14,300		(5) (6) (7)	Software	11.72%	S + 6.25%	03/10/27			14,555		14,339			14,264		(5) (6) (7)
Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings)	Software	11.48%	S + 6.25%	03/10/27			1,530		1,518			1,499		(5) (6) (7)	Software	11.72%	S + 6.25%	03/10/27			1,526		1,515			1,495		(5) (6) (7)
Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings)	Software	11.48%	S + 6.25%	03/10/27			1,100		698			693		(5) (6) (7) (8)	Software	11.72%	S + 6.25%	03/10/27			1,100		1,084			1,078		(5) (6) (7)
Acquia, Inc.	Software	12.34%	L + 7.00%	10/31/25			24,940		24,667			24,442		(5) (6) (7)	Software	12.34%	S + 7.00%	10/31/25			24,940		24,694			24,504		(5) (6) (7)
Acquia, Inc.	Software	12.29%	L + 7.00%	10/31/25			1,933		1,490			1,469		(5) (6) (7) (8)	Software	12.72%	S + 7.00%	10/31/25			1,933		935			917		(5) (6) (7) (8)
Acuity Specialty Products, Inc. (dba Zep Inc.)															Chemicals	9.40%	S + 4.00%	10/02/28			15,410		15,410			14,524		(5) (6) (7)
Admiral Buyer, Inc. (dba Fidelity Payment Services)	Diversified Financial Services	10.74%	S + 5.50%	05/08/28			24,009		23,604			23,648		(5) (6) (7)	Diversified Financial Services	10.89%	S + 5.50%	05/08/28			23,948		23,562			23,709		(5) (6) (7)
Admiral Buyer, Inc. (dba Fidelity Payment Services)	Diversified Financial Services		S + 5.50%	05/08/28			2,330		(38	)		(35	)	(5) (7) (8)	Diversified Financial Services		S + 5.50%	05/08/28			2,330		(36	)		(23	)	(5) (7) (8)
Admiral Buyer, Inc. (dba Fidelity Payment Services)	Diversified Financial Services		S + 5.50%	05/08/28			6,510		(53	)		(98	)	(5) (7) (8)	Diversified Financial Services		S + 5.50%	05/08/28			6,510		(50	)		(65	)	(5) (7) (8)
Apptio, Inc.	IT Services	10.20%	S + 5.00%	01/10/25			26,813		26,463			26,545		(6) (7)
Apptio, Inc.	IT Services	10.20%	S + 5.00%	01/10/25			769		220			223		(6) (7) (8)
AQ Helios Buyer, Inc. (dba SurePoint)	Software	12.28%	S + 7.00%	07/01/26			35,280		34,808			34,222		(5) (6) (7)	Software	12.64%	S + 7.00%	07/01/26			35,280		34,843			34,222		(5) (6) (7)
AQ Helios Buyer, Inc. (dba SurePoint)	Software	13.17%	S + 8.00%	07/01/26			5,900		4,665			4,636		(5) (7) (8)	Software	13.63%	S + 8.00%	07/01/26			5,900		5,900			5,856		(5) (6) (7)
AQ Helios Buyer, Inc. (dba SurePoint)	Software	13.28%	S + 8.00%	07/01/26			2,127		2,127			2,116		(5) (6) (7)	Software	13.62%	S + 8.00%	07/01/26			2,127		2,127			2,111		(5) (6) (7)
AQ Helios Buyer, Inc. (dba SurePoint)	Software		S + 7.00%	07/01/26			4,160		(50	)		(125	)	(5) (6) (7) (8)	Software		S + 7.00%	07/01/26			4,160		(46	)		(125	)	(5) (6) (7) (8)
Argos Health Holdings, Inc	Health Care Providers & Services	10.65%	S + 5.50%	12/03/27			19,651		19,347			19,061		(5) (6) (7)	Health Care Providers & Services	11.06%	S + 5.75%	12/03/27			19,601		19,313			18,915		(5) (6) (7)
Aria Systems, Inc.	Diversified Financial Services	13.22%	S + 8.00%	06/30/26			24,609		24,325			23,624		(5) (6) (7)	Diversified Financial Services	13.43%	S + 8.00%	06/30/26			24,562		24,300			23,580		(5) (6) (7)
Assembly Intermediate LLC	Diversified Consumer Services	11.84%	S + 6.50%	10/19/27			39,908		39,300			39,509		(5) (6) (7)	Diversified Consumer Services	11.49%	S + 6.00%	10/19/27			39,908		39,330			39,509		(5) (6) (7)
Assembly Intermediate LLC	Diversified Consumer Services	11.84%	S + 6.50%	10/19/27			9,977		5,469			5,487		(5) (6) (7) (8)	Diversified Consumer Services	11.49%	S + 6.00%	10/19/27			9,977		5,475			5,487		(5) (6) (7) (8)
Assembly Intermediate LLC	Diversified Consumer Services		S + 6.50%	10/19/27			3,991		(58	)		(40	)	(5) (7) (8)	Diversified Consumer Services		S + 6.00%	10/19/27			3,991		(55	)		(40	)	(5) (7) (8)
Bigchange Group Limited	Software	10.93%	SN + 6.00%	12/23/26	GBP		10,810		14,290			13,420		(4) (5) (6) (7)	Software	11.19%	SN + 6.00%	12/23/26	GBP		10,810		14,303			12,925		(4) (5) (6) (7)
Bigchange Group Limited	Software	10.93%	SN + 6.00%	12/23/26	GBP		1,629		1,756			1,763		(4) (5) (6) (7) (8)	Software	11.19%	SN + 6.00%	12/23/26	GBP		1,678		2,134			2,006		(4) (5) (6) (7)
Bigchange Group Limited	Software		SN + 6.00%	12/23/26	GBP		2,160		(42	)		(62	)	(4) (5) (6) (7) (8)	Software		SN + 6.00%	12/23/26	GBP		2,160		(39	)		(53	)	(4) (5) (6) (7) (8)
Broadway Technology, LLC	Diversified Financial Services	11.89%	S + 6.50%	01/08/26			23,656		23,371			23,537		(5) (6) (7)	Diversified Financial Services	11.89%	S + 6.50%	01/08/26			23,656		23,397			23,656		(5) (6) (7)
Broadway Technology, LLC	Diversified Financial Services		S + 6.50%	01/08/26			1,010		(13	)		(5	)	(5) (7) (8)	Diversified Financial Services		S + 6.50%	01/08/26			1,010		(12	)		—		(5) (7) (8)
BSI3 Menu Buyer, Inc (dba Kydia)	Diversified Financial Services	11.22%	S + 6.00%	01/25/28			48,084		47,413			45,680		(5) (6) (7)	Diversified Financial Services	11.43%	S + 6.00%	01/25/28			48,084		47,445			44,718		(5) (6) (7)
BSI3 Menu Buyer, Inc (dba Kydia)	Diversified Financial Services		S + 6.00%	01/25/28			1,924		(26	)		(96	)	(5) (7) (8)	Diversified Financial Services		S + 6.00%	01/25/28			1,924		(24	)		(135	)	(5) (7) (8)
Bullhorn, Inc.	Professional Services	10.95%	S + 5.75%	09/30/26			13,491		13,348			13,289		(5) (6) (7)	Professional Services	11.24%	S + 5.75%	09/30/26			13,456		13,323			13,254		(5) (6) (7)
Bullhorn, Inc.	Professional Services	10.95%	S + 5.75%	09/30/26			2,402		2,394			2,366		(5) (6) (7)	Professional Services	11.24%	S + 5.75%	09/30/26			2,396		2,388			2,360		(5) (6) (7)
Bullhorn, Inc.	Professional Services	10.95%	S + 5.75%	09/30/26			624		618			615		(5) (6) (7)	Professional Services	11.24%	S + 5.75%	09/30/26			623		617			613		(5) (6) (7)
Bullhorn, Inc.	Professional Services	10.95%	S + 5.75%	09/30/26			280		277			276		(5) (6) (7)	Professional Services	11.24%	S + 5.75%	09/30/26			279		276			275		(5) (6) (7)
Bullhorn, Inc.	Professional Services	10.95%	S + 5.75%	09/30/26			223		221			220		(5) (6) (7)	Professional Services	11.24%	S + 5.75%	09/30/26			222		220			219		(5) (6) (7)
Bullhorn, Inc.	Professional Services		S + 5.75%	09/30/26			693		(7	)		(10	)	(5) (6) (7) (8)	Professional Services		S + 5.75%	09/30/26			693		(6	)		(10	)	(5) (6) (7) (8)
Businessolver.com, Inc.	Health Care Technology	10.84%	S + 5.50%	12/01/27			16,612		16,483			16,446		(5) (6) (7)	Health Care Technology	10.99%	S + 5.50%	12/01/27			16,570		16,448			16,404		(5) (6) (7)
Businessolver.com, Inc.	Health Care Technology	10.84%	S + 5.50%	12/01/27			4,526		367			340		(5) (6) (7) (8)	Health Care Technology	10.99%	S + 5.50%	12/01/27			4,525		367			339		(5) (6) (7) (8)
Capitol Imaging Acquisition Corp.	Health Care Providers & Services	11.72%	S + 6.50%	10/01/26			39,622		39,149			38,433		(5) (6) (7)	Health Care Providers & Services	12.13%	S + 6.50%	10/01/26			39,521		39,082			38,335		(5) (6) (7)
Capitol Imaging Acquisition Corp.	Health Care Providers & Services		P + 5.50%	10/01/25			9,170		(86	)		(275	)	(5) (7) (8)	Health Care Providers & Services		S + 6.50%	10/01/25			9,170		(77	)		(275	)	(5) (7) (8)
CFS Management, LLC (dba Center for Sight Management)															Health Care Providers & Services	12.65%	S + 7.00% (Incl. 0.75% PIK)	07/01/24			17,786		17,728			16,808		(5) (6) (7)

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

Consolidated Schedule of Investments as of ~~June~~September 30, 2023 (continued)


Investment (1)	Industry	Interest Rate (2)	Reference Rate and Spread (2)	Maturity		Par/Shares(3)		Cost			Fair Value			Footnotes	Industry	Interest Rate (2)	Reference Rate and Spread (2)	Maturity		Par(3)		Cost			Fair Value			Footnotes
CFS Management, LLC (dba Center for Sight Management)	Health Care Providers & Services	13.25%	S + 7.00% (incl. 0.75% PIK)	07/01/24	$		17,798	$	17,721		$	16,819		(5) (6) (7)
CFS Management, LLC (dba Center for Sight Management)	Health Care Providers & Services	13.25%	S + 7.00% (incl. 0.75% PIK)	07/01/24			4,471		4,451			4,225		(5) (6) (7)	Health Care Providers & Services	12.65%	S + 7.00% (Incl. 0.75% PIK)	07/01/24	$		4,472	$	4,456		$	4,226		(5) (6) (7)
CFS Management, LLC (dba Center for Sight Management)	Health Care Providers & Services	13.25%	S + 7.00% (incl. 0.75% PIK)	07/01/24			1,734		1,729			1,639		(5) (6) (7)	Health Care Providers & Services	12.65%	S + 7.00% (Incl. 0.75% PIK)	07/01/24			1,733		1,729			1,638		(5) (6) (7)
CFS Management, LLC (dba Center for Sight Management)	Health Care Providers & Services	13.25%	S + 7.00% (incl. 0.75% PIK)	07/01/24			914		291			245		(5) (6) (7) (8)	Health Care Providers & Services	12.65%	S + 7.00% (Incl. 0.75% PIK)	07/01/24			913		292			245		(5) (6) (7) (8)
Checkmate Finance Merger Sub, LLC	Entertainment	11.84%	S + 6.50%	12/31/27			27,953		27,513			27,184		(5) (6) (7)	Entertainment	11.99%	S + 6.50%	12/31/27			27,882		27,464			27,116		(5) (6) (7)
Checkmate Finance Merger Sub, LLC	Entertainment		S + 6.50%	12/31/27			2,831		(43	)		(78	)	(5) (6) (7) (8)	Entertainment		S + 6.50%	12/31/27			2,831		(40	)		(78	)	(5) (6) (7) (8)
Chronicle Bidco Inc. (dba Lexitas)	Professional Services	11.61%	S + 6.75%	05/18/29			42,552		41,629			41,382		(5) (6) (7)	Professional Services	12.07%	S + 6.75%	05/18/29			42,444		41,553			41,277		(5) (6) (7)
Chronicle Bidco Inc. (dba Lexitas)	Professional Services	11.76%	S + 6.75%	05/18/29			3,676		929			891		(5) (6) (7) (8)	Professional Services	12.07%	S + 6.75%	05/18/29			3,676		1,226			1,186		(5) (6) (7) (8)
CivicPlus LLC	Software	12.23%	L + 6.50% (incl. 2.50% PIK)	08/24/27			5,851		5,755			5,719		(5) (6) (7)	Software	12.07%	S + 6.50% (Incl. 2.50% PIK)	08/24/27			5,888		5,798			5,785		(5) (6) (7)
CivicPlus LLC	Software	12.23%	L + 6.50% (incl. 2.50% PIK)	08/24/27			5,797		5,701			5,666		(5) (6) (7)	Software	12.07%	S + 6.50% (Incl. 2.50% PIK)	08/24/27			5,834		5,743			5,732		(5) (6) (7)
CivicPlus LLC	Software	12.23%	L + 6.50% (incl. 2.50% PIK)	08/24/27			2,725		2,678			2,664		(5) (6) (7)	Software	12.07%	S + 6.50% (Incl. 2.50% PIK)	08/24/27			2,743		2,698			2,695		(5) (6) (7)
CivicPlus LLC	Software	11.15%	L + 6.25%	08/24/27			1,112		182			175		(5) (6) (7) (8)	Software	11.42%	S + 6.00%	08/24/27			1,112		72			69		(5) (6) (7) (8)
Clearcourse Partnership Acquireco Finance Limited	IT Services	12.43%	SN + 8.25% (incl. 0.75% PIK)	07/25/28	GBP		5,574		6,576			6,884		(4) (5) (6) (7)	IT Services	12.43%	SN + 7.50% (Incl. 0.75% PIK)	08/19/28	GBP		5,692		6,734			6,754		(4) (5) (6) (7)
Clearcourse Partnership Acquireco Finance Limited	IT Services	11.68%	SN + 7.50%	07/25/28	GBP		4,842		2,705			2,843		(4) (5) (6) (7) (8)	IT Services	12.43%	SN + 7.50% (Incl. 0.75% PIK)	08/19/28	GBP		4,892		2,773			2,791		(4) (5) (6) (7) (8)
CloudBees, Inc.	Software	12.22%	S + 7.00% (incl. 2.50% PIK)	11/24/26			26,219		25,049			25,826		(5) (6) (7)	Software	12.43%	S + 7.00% (Incl. 2.50% PIK)	11/24/26			26,385		25,294			26,121		(5) (6) (7)
CloudBees, Inc.	Software	12.22%	S + 7.00% (incl. 2.50% PIK)	11/24/26			11,867		10,654			11,025		(5) (6) (7) (8)	Software	12.43%	S + 7.00% (Incl. 2.50% PIK)	11/24/26			11,938		10,761			11,154		(5) (6) (7) (8)
Coding Solutions Acquisition, Inc.	Health Care Providers & Services	10.60%	S + 5.50%	05/11/28			13,488		13,255			13,151		(5) (6) (7)	Health Care Providers & Services	10.82%	S + 5.75%	05/11/28			13,454		13,230			12,983		(5) (6) (7)
Coding Solutions Acquisition, Inc.	Health Care Providers & Services	10.60%	S + 5.50%	05/11/28			1,938		358			339		(5) (6) (7) (8)	Health Care Providers & Services	10.89%	S + 5.75%	05/11/28			4,075		4,036			3,932		(5) (6) (7)
Coding Solutions Acquisition, Inc.	Health Care Providers & Services	10.58%	S + 5.50%	05/11/28			4,076		388			324		(5) (6) (7) (8)	Health Care Providers & Services	10.82%	S + 5.75%	05/11/28			1,938		360			320		(5) (6) (7) (8)
CORA Health Holdings Corp	Health Care Providers & Services	11.16%	S + 5.75%	06/15/27			20,442		20,235			17,172		(5) (6) (7)	Health Care Providers & Services	11.32%	S + 5.75%	06/15/27			20,532		20,339			17,247		(5) (6) (7)
CORA Health Holdings Corp	Health Care Providers & Services	11.16%	S + 5.75%	06/15/27			344		341			289		(5) (6) (7)	Health Care Providers & Services	11.32%	S + 5.75%	06/15/27			344		340			289		(5) (6) (7)
CorePower Yoga LLC	Diversified Consumer Services	12.54%	L + 7.00% (incl. 5.00% PIK)	05/14/25			10,114		10,058			8,496		(5) (6) (7)	Diversified Consumer Services	12.65%	S + 7.00% (Incl. 5.00% PIK)	05/14/25			10,242		10,184			8,603		(5) (6) (7)
CorePower Yoga LLC	Diversified Consumer Services		L + 7.00% (incl. 5.00% PIK)	05/14/25			633		(4	)		(101	)	(5) (6) (7) (8)	Diversified Consumer Services		S + 7.00% (Incl. 5.00% PIK)	05/14/25			633		(3	)		(101	)	(5) (6) (7) (8)
DECA Dental Holdings LLC	Health Care Providers & Services	11.09%	S + 5.75%	08/28/28			19,314		19,013			18,542		(5) (6) (7)	Health Care Providers & Services	11.24%	S + 5.75%	08/28/28			19,265		18,977			18,495		(5) (6) (7)
DECA Dental Holdings LLC	Health Care Providers & Services	11.09%	S + 5.75%	08/28/28			6,689		1,967			1,766		(5) (6) (7) (8)	Health Care Providers & Services	11.24%	S + 5.75%	08/28/28			2,028		1,998			1,947		(5) (6) (7)
DECA Dental Holdings LLC	Health Care Providers & Services	11.09%	S + 5.75%	08/26/27			1,552		1,427			1,386		(5) (6) (7) (8)	Health Care Providers & Services	11.24%	S + 5.75%	08/26/27			1,552		1,014			973		(5) (6) (7) (8)
Diligent Corporation	Professional Services	11.45%	S + 6.25%	08/04/25			20,502		20,268			20,451		(5) (6) (7)	Professional Services	11.77%	S + 6.25%	08/04/25			20,449		20,242			20,398		(5) (6) (7)
Diligent Corporation	Professional Services	10.95%	L + 5.75%	08/04/25			12,708		12,641			12,549		(5) (6) (7)	Professional Services	11.27%	S + 5.75%	08/04/25			12,675		12,616			12,517		(5) (6) (7)
Diligent Corporation	Professional Services	10.95%	L + 5.75%	08/04/25			8,631		8,587			8,523		(5) (6) (7)	Professional Services	11.27%	S + 5.75%	08/04/25			8,609		8,570			8,502		(5) (6) (7)
Diligent Corporation	Professional Services	11.45%	L + 6.25%	08/04/25			1,715		1,696			1,711		(5) (6) (7)	Professional Services	11.77%	S + 6.25%	08/04/25			1,711		1,694			1,706		(5) (6) (7)
Diligent Corporation	Professional Services	11.48%	S + 6.25%	08/04/25			3,503		1,654			1,673		(5) (6) (7) (8)	Professional Services	11.77%	S + 6.25%	08/04/25			3,503		1,412			1,427		(5) (6) (7) (8)
Diligent Corporation	Professional Services	11.45%	L + 6.25%	08/04/25			1,081		1,069			1,079		(5) (6) (7)	Professional Services	11.77%	S + 6.25%	08/04/25			1,079		1,068			1,076		(5) (6) (7)
Elemica Parent, Inc.	Chemicals	11.54%	S + 6.00%	09/18/25			3,493		3,457			3,353		(5) (6) (7)	Chemicals	11.54%	S + 6.00%	09/18/25			3,484		3,451			3,388		(5) (6) (7)
Elemica Parent, Inc.	Chemicals	11.00%	S + 5.50%	09/18/25			1,365		1,343			1,310		(5) (6) (7)	Chemicals	11.00%	S + 5.50%	09/18/25			1,361		1,342			1,324		(5) (6) (7)
Elemica Parent, Inc.	Chemicals	11.54%	S + 6.00%	09/18/25			683		675			655		(5) (6) (7)	Chemicals	11.54%	S + 6.00%	09/18/25			681		674			662		(5) (6) (7)
Elemica Parent, Inc.	Chemicals	11.54%	S + 6.00%	09/18/25			510		502			490		(5) (6) (7)	Chemicals	11.54%	S + 6.00%	09/18/25			509		502			495		(5) (6) (7)
Elemica Parent, Inc.	Chemicals	10.82%	S + 5.50%	09/18/25			470		465			451		(5) (6) (7)	Chemicals	10.88%	S + 5.50%	09/18/25			470		466			457		(5) (6) (7)
Eptam Plastics, Ltd.	Health Care Equipment & Supplies	11.37%	S + 6.00%	12/06/25			8,528		8,395			8,357		(5) (6) (7)	Health Care Equipment & Supplies	11.56%	S + 6.00%	12/06/25			8,506		8,386			8,315		(5) (6) (7)
Eptam Plastics, Ltd.	Health Care Equipment & Supplies	10.70%	S + 5.50%	12/06/25			6,205		6,163			6,004		(5) (6) (7)	Health Care Equipment & Supplies	10.92%	S + 5.50%	12/06/25			6,189		6,151			5,988		(5) (6) (7)
Eptam Plastics, Ltd.	Health Care Equipment & Supplies	10.70%	S + 5.50%	12/06/25			2,940		2,905			2,845		(5) (6) (7)	Health Care Equipment & Supplies	10.92%	S + 5.50%	12/06/25			2,933		2,901			2,837		(5) (6) (7)
Eptam Plastics, Ltd.															Health Care Equipment & Supplies	10.92%	S + 5.50%	12/06/25			2,912		2,886			2,817		(5) (6) (7)

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

Consolidated Schedule of Investments as of ~~June~~September 30, 2023 (continued)


Investment (1)	Industry	Interest Rate (2)	Reference Rate and Spread (2)	Maturity	Par/Shares(3)		Cost			Fair Value			Footnotes	Industry	Interest Rate (2)	Reference Rate and Spread (2)	Maturity	Par(3)		Cost			Fair Value			Footnotes
Eptam Plastics, Ltd.	Health Care Equipment & Supplies	10.70%	S + 5.50%	12/06/25	$	2,919	$	2,890		$	2,825		(5) (6) (7)
Eptam Plastics, Ltd.	Health Care Equipment & Supplies	10.70%	S + 5.50%	12/06/25		2,675		2,655			2,588		(5) (6) (7)	Health Care Equipment & Supplies	10.92%	S + 5.50%	12/06/25	$	2,668	$	2,650		$	2,581		(5) (6) (7)
Eptam Plastics, Ltd.	Health Care Equipment & Supplies	10.71%	S + 5.50%	12/06/25		1,365		1,219			1,184		(5) (6) (7) (8)	Health Care Equipment & Supplies	10.92%	S + 5.50%	12/06/25		1,365		1,356			1,320		(5) (6) (7)
ESO Solutions, Inc	Health Care Technology	12.25%	S + 7.00%	05/03/27		36,294		35,789			35,750		(5) (6) (7)	Health Care Technology	12.40%	S + 7.00%	05/03/27		36,294		35,817			35,750		(5) (6) (7)
ESO Solutions, Inc	Health Care Technology	12.33%	S + 7.00%	05/03/27		3,292		1,933			1,926		(5) (6) (7) (8)	Health Care Technology	12.33%	S + 7.00%	05/03/27		3,292		1,935			1,926		(5) (6) (7) (8)
Everest Clinical Research Corporation	Professional Services	11.39%	S + 6.00%	11/06/26		5,423		5,328			5,355		(4) (5) (6) (7)	Professional Services	11.54%	S + 6.00%	11/06/26		5,409		5,320			5,342		(4) (5) (6) (7)
Experity, Inc.	Health Care Technology	11.09%	S + 5.75%	02/24/28		33,748		33,629			32,567		(5) (6) (7)	Health Care Technology	11.24%	S + 5.75%	02/24/28		33,748		33,635			32,567		(5) (6) (7)
Experity, Inc.	Health Care Technology	11.09%	S + 5.75%	02/24/28		3,023		680			585		(5) (6) (7) (8)	Health Care Technology		S + 5.75%	02/24/28		3,023		(10	)		(106	)	(5) (6) (7) (8)
Fullsteam Operations LLC	Diversified Financial Services	13.00%	L + 7.50% (Incl. 3.00% PIK)	10/04/27		56,214		55,097			54,809		(5) (6) (7)	Diversified Financial Services	11.65%	S + 6.00% (Incl. 3.00% PIK)	10/04/27		57,325		56,247			55,892		(5) (6) (7)
Fullsteam Operations LLC	Diversified Financial Services	13.00%	L + 7.50% (Incl. 3.00% PIK)	10/04/27		21,754		21,288			21,210		(5) (6) (7)	Diversified Financial Services	17.65%	S + 12.00% (Incl. 4.50% PIK)	10/04/27		22,172		21,729			21,617		(5) (6) (7)
Fullsteam Operations LLC	Diversified Financial Services	13.00%	L + 7.50% (Incl. 3.00% PIK)	10/04/27		3,067		1,007			993		(5) (6) (7) (8)	Diversified Financial Services	13.15%	S + 7.50% PIK	10/04/27		3,067		1,011			993		(5) (6) (7) (8)
Fullsteam Operations LLC	Diversified Financial Services	13.00%	L + 7.50% (Incl. 3.00% PIK)	10/04/27		766		230			229		(5) (7) (8)	Diversified Financial Services	13.16%	S + 7.76% PIK	10/04/27		770		332			334		(5) (7) (8)
Fullsteam Operations LLC	Diversified Financial Services		S + 8.25%	05/01/28		1,478		—			—		(5) (8)	Diversified Financial Services		S + 7.50% PIK	05/01/28		1,478		—			—		(5) (8)
Fullsteam Operations LLC	Diversified Financial Services		S + 8.25%	05/01/30		26,415		—			—		(5) (8)	Diversified Financial Services		S + 6.00% (Incl. 3.00% PIK)	05/01/30		26,415		—			—		(5) (8)
Fullsteam Operations LLC	Diversified Financial Services		S + 8.25%	05/01/30		8,313		—			—		(5) (8)	Diversified Financial Services		S + 12.00% (Incl. 4.50% PIK)	05/01/30		8,313		—			—		(5) (8)
Fullsteam Operations LLC	Diversified Financial Services		S + 8.25%	05/01/30		3,694		—			—		(5) (8)	Diversified Financial Services		S + 7.76% PIK	05/01/30		3,694		—			—		(5) (8)
Gainsight, Inc.	Software	11.58%	S + 6.75% PIK	07/30/27		42,920		42,442			41,847		(5) (6) (7)	Software	12.27%	L + 6.75% PIK	07/30/27		44,218		43,765			43,333		(5) (6) (7)
Gainsight, Inc.	Software	11.94%	S + 6.75% PIK	07/30/27		4,830		3,392			3,329		(5) (6) (7) (8)	Software	12.27%	P + 6.75% PIK	07/30/27		4,868		2,329			2,286		(5) (6) (7) (8)
GHA Buyer Inc. (dba Cedar Gate)	Health Care Technology	13.64%	S + 8.25% (incl. 3.75% PIK)	06/24/26		14,038		13,878			13,337		(5) (6) (7)	Health Care Technology	13.79%	S + 8.25% (Incl. 3.75% PIK)	06/24/26		14,136		13,988			13,571		(5) (6) (7)
GHA Buyer Inc. (dba Cedar Gate)	Health Care Technology	13.64%	S + 8.25% (incl. 3.75% PIK)	06/24/26		2,456		2,433			2,333		(5) (6) (7)	Health Care Technology	13.79%	S + 8.25% (Incl. 3.75% PIK)	06/24/26		2,473		2,453			2,374		(5) (6) (7)
GHA Buyer Inc. (dba Cedar Gate)	Health Care Technology	13.64%	S + 8.25% (incl. 3.75% PIK)	06/24/26		917		906			872		(5) (6) (7)	Health Care Technology	13.79%	S + 8.25% (Incl. 3.75% PIK)	06/24/26		924		914			887		(5) (6) (7)
GHA Buyer Inc. (dba Cedar Gate)	Health Care Technology		S + 8.25% (incl. 3.75% PIK)	06/24/26		1,749		(19	)		(87	)	(5) (7) (8)	Health Care Technology		S + 8.25% (incl. 3.75% PIK)	06/24/26		1,749		(18	)		(70	)	(5) (7) (8)
GovDelivery Holdings, LLC (dba Granicus, Inc.)	Software	12.15%	S + 7.00% (incl. 1.50% PIK)	01/29/27		26,336		25,908			26,204		(5) (6)	Software	12.47%	S + 7.00% (Incl. 1.50% PIK)	01/29/27		26,439		26,039			26,307		(5) (6)
GovDelivery Holdings, LLC (dba Granicus, Inc.)	Software	11.15%	S + 6.00%	01/29/27		3,425		3,377			3,408		(5) (6)	Software	11.47%	S + 6.00%	01/29/27		3,425		3,380			3,408		(5) (6)
GovDelivery Holdings, LLC (dba Granicus, Inc.)	Software	11.55%	S + 6.50%	01/29/27		2,337		703			713		(5) (8)	Software	11.96%	S + 6.50%	01/29/27		2,337		1,055			1,063		(5) (8)
Governmentjobs.com, Inc. (dba NeoGov)	Software	10.70%	S + 5.50%	12/01/28		37,717		37,641			37,057		(5) (6) (7)	Software	10.92%	S + 5.50%	12/01/28		37,622		37,548			37,057		(5) (6) (7)
Governmentjobs.com, Inc. (dba NeoGov)	Software	10.70%	S + 5.50%	12/02/27		4,244		1,584			1,517		(5) (7) (8)	Software	10.90%	S + 5.50%	12/01/28		13,262		1,564			1,393		(5) (7) (8)
Governmentjobs.com, Inc. (dba NeoGov)	Software		S + 5.50%	12/01/28		13,262		(13	)		(232	)	(5) (7) (8)	Software		S + 5.50%	12/02/27		4,244		(7	)		(64	)	(5) (7) (8)
GS AcquisitionCo, Inc. (dba Insightsoftware)	Diversified Financial Services	11.14%	S + 5.75%	05/22/26		22,738		22,558			22,055		(5) (6)	Diversified Financial Services	11.29%	S + 5.75%	05/22/26		22,679		22,513			22,339		(5) (6)
GS AcquisitionCo, Inc. (dba Insightsoftware)	Diversified Financial Services	11.14%	S + 5.75%	05/22/26		914		296			277		(5) (6) (8)	Diversified Financial Services		S + 5.75%	05/22/26		914		(7	)		(14	)	(5) (6) (8)
HealthEdge Software, Inc.	Health Care Technology	11.41%	L + 7.00%	04/09/26		32,000		31,565			31,360		(5) (6) (7)	Health Care Technology	12.43%	S + 7.00%	04/09/26		32,000		31,601			31,520		(5) (6) (7)
HealthEdge Software, Inc.	Health Care Technology	11.41%	L + 7.00%	04/09/26		2,964		2,964			2,905		(5) (6) (7)	Health Care Technology	12.43%	S + 7.00%	04/09/26		2,964		2,964			2,920		(5) (6) (7)
HealthEdge Software, Inc.	Health Care Technology		P + 6.00%	04/09/26		3,400		(44	)		(68	)	(5) (6) (7) (8)	Health Care Technology		S + 7.00%	04/09/26		3,400		(40	)		(51	)	(5) (6) (7) (8)
HealthEdge Software, Inc.	Health Care Technology		L + 7.00%	04/09/26		8,500		(55	)		(170	)	(5) (6) (7) (8)	Health Care Technology		S + 7.00%	04/09/26		8,500		(50	)		(128	)	(5) (6) (7) (8)
Helios Buyer, Inc. (dba Heartland)	Diversified Consumer Services	11.10%	S + 6.00%	12/15/26		17,468		17,272			17,250		(5) (6) (7)	Diversified Consumer Services	11.32%	S + 6.00%	12/15/26		17,423		17,240			17,205		(5) (6) (7)
Helios Buyer, Inc. (dba Heartland)	Diversified Consumer Services	10.96%	L + 5.75%	12/15/26		18,542		14,526			14,256		(5) (6) (7) (8)	Diversified Consumer Services	11.07%	S + 5.75%	12/15/26		14,590		14,496			14,298		(5) (6) (7)
Helios Buyer, Inc. (dba Heartland)	Diversified Consumer Services	11.27%	S + 6.00%	12/15/26		13,403		13,309			13,236		(5) (6) (7)	Diversified Consumer Services	11.32%	S + 6.00%	12/15/26		13,369		13,282			13,202		(5) (6) (7)
Helios Buyer, Inc. (dba Heartland)	Diversified Consumer Services	11.10%	S + 6.00%	12/15/26		7,242		7,143			7,152		(5) (6) (7)	Diversified Consumer Services	11.32%	S + 6.00%	12/15/26		7,224		7,131			7,133		(5) (6) (7)
Helios Buyer, Inc. (dba Heartland)	Diversified Consumer Services		S + 6.00%	12/15/26		2,199		(26	)		(27	)	(5) (7) (8)	Diversified Consumer Services		S + 6.00%	12/15/26		2,199		(24	)		(27	)	(5) (7) (8)
Honor HN Buyer, Inc	Health Care Providers & Services	11.14%	S + 5.75%	10/15/27		21,765		21,435			21,329		(5) (6) (7)	Health Care Providers & Services	11.29%	S + 5.75%	10/15/27		21,709		21,397			21,275		(5) (6) (7)
Honor HN Buyer, Inc														Health Care Providers & Services	11.29%	S + 5.75%	10/15/27		13,728		13,518			13,453		(5) (7)

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

Consolidated Schedule of Investments as of ~~June~~September 30, 2023 (continued)


Investment (1)	Industry	Interest Rate (2)	Reference Rate and Spread (2)	Maturity		Par/Shares(3)		Cost			Fair Value			Footnotes	Industry	Interest Rate (2)	Reference Rate and Spread (2)	Maturity		Par(3)		Cost			Fair Value			Footnotes
Honor HN Buyer, Inc	Health Care Providers & Services	11.04%	S + 5.75%	10/15/27	$		13,781	$	13,560		$	13,505		(5) (7)
Honor HN Buyer, Inc	Health Care Providers & Services	11.29%	S + 6.00%	10/15/27			19,535		7,887			7,739		(5) (7) (8)	Health Care Providers & Services	11.29%	S + 5.75%	10/15/27	$		19,515	$	7,879		$	7,719		(5) (7) (8)
Honor HN Buyer, Inc	Health Care Providers & Services	13.00%	P + 4.75%	10/15/27			2,542		281			267		(5) (7) (8)	Health Care Providers & Services	11.29%	S + 5.75%	10/15/27			2,542		283			267		(5) (7) (8)
HowlCO LLC (dba Lone Wolf)	Real Estate Mgmt. & Development	11.23%	S + 6.00%	10/23/26			31,926		31,590			30,329		(4) (5) (6) (7)	Real Estate Mgmt. & Development	11.43%	S + 6.00%	10/23/26			31,926		31,613			30,329		(4) (5) (6) (7)
HowlCO LLC (dba Lone Wolf)	Real Estate Mgmt. & Development	11.32%	S + 6.50%	10/23/26			10,237		10,167			9,725		(4) (5) (6) (7)	Real Estate Mgmt. & Development	11.42%	S + 6.00%	10/23/26			10,237		10,172			9,725		(4) (5) (6) (7)
HowlCO LLC (dba Lone Wolf)	Real Estate Mgmt. & Development	11.39%	S + 6.50%	10/23/26			9,793		9,737			9,303		(4) (5) (6) (7)	Real Estate Mgmt. & Development	11.43%	S + 6.00%	10/23/26			9,793		9,741			9,303		(4) (5) (6) (7)
HS4 AcquisitionCo, Inc. (dba HotSchedules & Fourth)	Hotels, Restaurants & Leisure	11.95%	S + 6.75%	07/09/25			26,350		26,139			25,560		(5) (6) (7)	Hotels, Restaurants & Leisure	12.17%	S + 6.75%	07/09/25			26,283		26,097			25,757		(5) (6) (7)
HS4 AcquisitionCo, Inc. (dba HotSchedules & Fourth)	Hotels, Restaurants & Leisure	11.95%	S + 6.75%	07/09/25			5,466		5,403			5,302		(5) (6) (7)	Hotels, Restaurants & Leisure	12.17%	S + 6.75%	07/09/25			5,452		5,396			5,343		(5) (6) (7)
HS4 AcquisitionCo, Inc. (dba HotSchedules & Fourth)	Hotels, Restaurants & Leisure	11.95%	S + 6.75%	07/09/25			2,186		1,482			1,432		(5) (6) (7) (8)	Hotels, Restaurants & Leisure	12.17%	S + 6.75%	07/09/25			2,186		1,407			1,377		(5) (6) (7) (8)
HumanState Limited (dba PayProp)	Diversified Consumer Services	10.58%	SN + 6.00%	11/23/28	GBP		1,000		1,190			1,251		(4) (5) (6) (7)	Diversified Consumer Services	11.33%	SN + 6.00%	11/23/28	GBP		1,000		1,190			1,202		(4) (5) (6) (7)
HumanState Limited (dba PayProp)	Diversified Consumer Services		SN + 6.00%	11/23/28	GBP		100		—			(2	)	(4) (5) (6) (7) (8)	Diversified Consumer Services		SN + 6.00%	11/23/28	GBP		100		—			(2	)	(4) (5) (6) (7) (8)
HumanState Limited (dba PayProp)	Diversified Consumer Services		SN + 6.00%	11/23/28	GBP		270		1			(5	)	(4) (5) (6) (7) (8)	Diversified Consumer Services		SN + 6.00%	11/23/28	GBP		270		1			(5	)	(4) (5) (6) (7) (8)
iCIMS, Inc.	Professional Services	12.38%	S + 7.25% (incl. 3.88% PIK)	08/18/28			38,976		38,382			37,612		(5) (6) (7)	Professional Services	12.63%	S + 7.25% (Incl. 3.88% PIK)	08/18/28			39,362		38,797			38,083		(5) (6) (7)
iCIMS, Inc.	Professional Services	11.99%	S + 6.75%	08/18/28			3,639		553			480		(5) (6) (7) (8)	Professional Services	12.14%	S + 6.75%	08/18/28			3,639		556			489		(5) (6) (7) (8)
iCIMS, Inc.	Professional Services		S + 7.25% (incl. 3.88% PIK)	08/18/28			9,385		—			(328	)	(5) (6) (7) (8)	Professional Services		S + 6.75%	08/18/28			8,999		—			(292	)	(5) (6) (7) (8)
Intelligent Medical Objects, Inc.	Health Care Technology	11.09%	S + 6.00%	05/11/29			11,329		11,132			11,103		(5) (6) (7)	Health Care Technology	11.36%	S + 6.00%	05/11/29			11,301		11,111			10,962		(5) (6) (7)
Intelligent Medical Objects, Inc.	Health Care Technology	11.04%	S + 6.00%	05/11/29			2,688		695			671		(5) (6) (7) (8)	Health Care Technology	11.38%	S + 6.00%	05/11/29			2,686		694			642		(5) (6) (7) (8)
Intelligent Medical Objects, Inc.	Health Care Technology		S + 6.00%	05/11/28			1,396		(24	)		(28	)	(5) (6) (7) (8)	Health Care Technology	11.42%	S + 6.00%	05/11/28			1,396		201			181		(5) (6) (7) (8)
Internet Truckstop Group, LLC (dba Truckstop)	Transportation Infrastructure	10.89%	S + 5.50%	04/02/25			37,599		37,157			37,223		(5) (6) (7)	Transportation Infrastructure	10.54%	S + 5.00%	04/02/25			37,599		37,216			37,223		(5) (6) (7)
Kaseya Inc.	IT Services	11.36%	S + 6.25% (incl. 2.50% PIK)	06/25/29			16,900		16,675			16,646		(5) (6) (7)	IT Services	11.62%	S + 6.25% (Incl. 2.50% PIK)	06/25/29			16,936		16,719			16,682		(5) (6) (7)
Kaseya Inc.	IT Services	11.36%	S + 6.25% (incl. 2.50% PIK)	06/25/29			1,010		240			237		(5) (6) (7) (8)	IT Services	11.57%	S + 6.25% (Incl. 2.50% PIK)	06/25/29			1,012		242			239		(5) (6) (7) (8)
Kaseya Inc.	IT Services	11.36%	S + 6.25% (incl. 2.50% PIK)	06/25/29			1,010		55			46		(5) (6) (7) (8)	IT Services	11.62%	S + 6.25% (Incl. 2.50% PIK)	06/25/29			1,010		55			47		(5) (6) (7) (8)
LS Clinical Services Holdings, Inc (dba CATO)	Pharmaceuticals	12.28%	S + 6.75%	12/16/27			13,758		13,490			13,380		(5) (6) (7)	Pharmaceuticals	12.43%	S + 6.75%	12/16/27			13,723		13,469			12,591		(5) (6) (7)
LS Clinical Services Holdings, Inc (dba CATO)	Pharmaceuticals	12.14%	S + 6.75%	12/16/26			1,995		1,960			1,941		(5) (6) (7)	Pharmaceuticals	12.52%	S + 6.75%	12/16/26			1,995		1,963			1,831		(5) (6) (7)
MedeAnalytics, Inc.	Health Care Technology		3.00% PIK	10/09/26			9,333		6,075			6,075		(5) (6) (7) (9) (10)	Health Care Technology		3.00% PIK	10/23/28			9,333		6,075			6,075		(5) (6) (7) (9) (10)
MerchantWise Solutions, LLC (dba HungerRush)	Diversified Financial Services	11.24%	S + 6.00%	06/01/28			19,680		19,346			18,696		(5) (6) (7)	Diversified Financial Services	11.39%	S + 6.00%	06/01/28			19,630		19,311			18,649		(5) (6) (7)
MerchantWise Solutions, LLC (dba HungerRush)	Diversified Financial Services	11.24%	S + 6.00%	06/01/28			4,952		3,225			3,060		(5) (6) (7) (8)	Diversified Financial Services	11.38%	S + 6.00%	06/01/28			4,943		4,215			4,047		(5) (6) (7) (8)
MerchantWise Solutions, LLC (dba HungerRush)	Diversified Financial Services		S + 6.00%	06/01/28			2,485		(41	)		(124	)	(5) (7) (8)	Diversified Financial Services	11.31%	S + 6.00%	06/01/28			2,485		334			248		(5) (7) (8)
Millstone Medical Outsourcing, LLC	Health Care Providers & Services	11.34%	S + 5.75%	12/15/27			9,185		9,041			9,001		(5) (6) (7)	Health Care Providers & Services	11.34%	S + 5.75%	12/15/27			9,161		9,025			8,978		(5) (6) (7)
Millstone Medical Outsourcing, LLC	Health Care Providers & Services	13.25%	P + 5.00%	12/15/27			1,998		236			226		(5) (6) (7) (8)	Health Care Providers & Services	13.50%	P + 5.00%	12/15/27			1,998		278			266		(5) (6) (7) (8)
MRI Software LLC	Real Estate Mgmt. & Development	10.84%	S + 5.50%	02/10/26			29,270		28,985			28,245		(6)	Real Estate Mgmt. & Development	10.90%	S + 5.50%	02/10/26			30,475		30,205			29,675		(6)
MRI Software LLC	Real Estate Mgmt. & Development	10.84%	S + 5.50%	02/10/26			16,375		16,294			15,802		(6)	Real Estate Mgmt. & Development	10.99%	S + 5.50%	02/10/26			16,333		16,259			15,904		(6)
MRI Software LLC	Real Estate Mgmt. & Development		S + 5.50%	02/10/26			1,143		(5	)		(40	)	(6) (8)	Real Estate Mgmt. & Development		S + 5.50%	02/10/26			1,143		(5	)		(30	)	(6) (8)
MRI Software LLC	Real Estate Mgmt. & Development		S + 5.50%	02/10/26			1,284		(9	)		(45	)	(5) (8)
NFM & J, L.P. (dba the Facilities Group)	Professional Services	10.95%	S + 5.75%	11/30/27			15,313		15,085			14,854		(5) (6) (7)	Professional Services	11.22%	S + 5.75%	11/30/27			15,274		15,059			14,816		(5) (6) (7)
NFM & J, L.P. (dba the Facilities Group)	Professional Services	11.11%	S + 5.75%	11/30/27			15,558		13,894			13,662		(5) (6) (7) (8)	Professional Services	11.27%	S + 5.75%	11/30/27			15,522		13,871			13,627		(5) (6) (7) (8)
NFM & J, L.P. (dba the Facilities Group)	Professional Services		P + 4.75%	11/30/27			2,696		(40	)		(81	)	(5) (6) (7) (8)	Professional Services	13.25%	P + 4.75%	11/30/27			2,696		52			9		(5) (6) (7) (8)
One GI LLC	Health Care Providers & Services	11.95%	S + 6.75%	12/22/25			20,871		20,640			19,619		(5) (6) (7)	Health Care Providers & Services	12.17%	S + 6.75%	12/22/25			20,817		20,608			19,568		(5) (6) (7)
One GI LLC	Health Care Providers & Services	11.95%	S + 6.75%	12/22/25			10,255		10,121			9,640		(5) (6) (7)	Health Care Providers & Services	12.17%	S + 6.75%	12/22/25			10,229		10,108			9,615		(5) (6) (7)
One GI LLC	Health Care Providers & Services	11.95%	S + 6.75%	12/22/25			8,678		8,583			8,157		(5) (6) (7)	Health Care Providers & Services	12.17%	S + 6.75%	12/22/25			8,655		8,569			8,136		(5) (6) (7)
One GI LLC															Health Care Providers & Services	12.17%	S + 6.75%	12/22/25			5,650		5,537			5,274		(5) (6) (7) (8)
One GI LLC															Health Care Providers & Services	12.17%	S + 6.75%	12/22/25			3,246		3,215			3,052		(5) (6) (7)

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

Consolidated Schedule of Investments as of ~~June~~September 30, 2023 (continued)


Investment (1)	Industry	Interest Rate (2)	Reference Rate and Spread (2)	Maturity	Par/Shares(3)		Cost			Fair Value			Footnotes	Industry	Interest Rate (2)	Reference Rate and Spread (2)	Maturity	Par(3)		Cost			Fair Value			Footnotes
One GI LLC	Health Care Providers & Services	11.95%	S + 6.75%	12/22/25	$	5,665	$	5,544		$	5,287		(5) (6) (7) (8)
One GI LLC	Health Care Providers & Services	11.95%	S + 6.75%	12/22/25		3,246		3,212			3,052		(5) (6) (7)
PDDS Holdco, Inc. (dba Planet DDS)	Health Care Technology	13.09%	S + 7.50%	07/18/28		22,055		21,668			21,614		(5) (6) (7)
PDDS Holdco, Inc. (dba Planet DDS)	Health Care Technology	12.93%	S + 7.50%	07/18/28		2,530		2,530			2,479		(5) (6) (7)	Health Care Technology	13.09%	S + 7.50%	07/18/28	$	22,055	$	21,684		$	21,724		(5) (6) (7)
PDDS Holdco, Inc. (dba Planet DDS)	Health Care Technology	13.09%	S + 7.50%	07/18/28		2,145		2,126			2,102		(5) (6) (7)	Health Care Technology	12.94%	S + 7.50%	07/18/28		7,351		3,827			3,717		(5) (6) (7) (8)
PDDS Holdco, Inc. (dba Planet DDS)	Health Care Technology	13.09%	S + 7.50%	07/18/28		8,765		544			435		(5) (6) (7) (8)	Health Care Technology	13.09%	S + 7.50%	07/18/28		2,145		2,127			2,113		(5) (6) (7)
PDDS Holdco, Inc. (dba Planet DDS)	Health Care Technology		S + 7.50%	07/18/28		1,705		(29	)		(21	)	(5) (7) (8)	Health Care Technology		S + 7.50%	07/18/28		1,705		(27	)		(26	)	(5) (7) (8)
PDDS Holdco, Inc. (dba Planet DDS)	Health Care Technology		S + 7.50%	07/18/28		2,530		(21	)		(32	)	(5) (7) (8)	Health Care Technology		S + 7.50%	07/18/28		2,530		(20	)		(38	)	(5) (7) (8)
Picture Head Midco LLC	Entertainment	12.06%	S + 6.75%	08/31/23		19,422		19,395			19,033		(5) (6) (7)	Entertainment	12.88%	S + 7.25% (incl. 0.50% PIK)	12/31/24		19,376		19,171			18,601		(5) (6) (7) (11)
Pioneer Buyer I, LLC	Software	12.24%	S + 7.00% PIK	11/01/28		25,253		24,908			24,748		(5) (6) (7)	Software	12.39%	S + 7.00% PIK	11/01/28		26,035		25,703			25,514		(5) (6) (7)
Pioneer Buyer I, LLC	Software		S + 7.00% PIK	11/01/27		3,900		(57	)		(78	)	(5) (6) (7) (8)	Software		S + 7.00% PIK	11/01/27		3,900		(54	)		(78	)	(5) (6) (7) (8)
Pluralsight, Inc	Professional Services	13.04%	S + 8.00%	04/06/27		68,747		67,791			67,200		(5) (6) (7)	Professional Services	13.45%	S + 8.00%	04/06/27		68,747		67,845			65,997		(5) (6) (7)
Pluralsight, Inc	Professional Services	13.04%	S + 8.00%	04/06/27		4,600		2,241			2,196		(5) (6) (7) (8)	Professional Services	13.44%	S + 8.00%	04/06/27		4,600		2,829			2,700		(5) (6) (7) (8)
Premier Care Dental Management, LLC	Health Care Providers & Services	10.60%	S + 5.50%	08/05/28		16,820		16,560			15,769		(5) (6) (7)	Health Care Providers & Services	10.82%	S + 5.50%	08/05/28		16,778		16,529			15,813		(5) (6) (7)
Premier Care Dental Management, LLC	Health Care Providers & Services	10.60%	S + 5.50%	08/05/28		9,126		9,010			8,555		(5) (6) (7)	Health Care Providers & Services	10.82%	S + 5.50%	08/05/28		9,102		8,992			8,579		(5) (6) (7)
Premier Care Dental Management, LLC	Health Care Providers & Services		S + 5.50%	08/05/27		2,769		(38	)		(173	)	(5) (6) (7) (8)	Health Care Providers & Services		S + 5.50%	08/05/27		2,769		(36	)		(159	)	(5) (6) (7) (8)
Premier Imaging, LLC (dba Lucid Health)	Health Care Providers & Services	11.22%	S + 6.00%	01/02/25		16,404		16,301			15,994		(5) (6) (7)	Health Care Providers & Services	11.65%	S + 6.00%	01/02/25		16,404		16,317			15,994		(5) (6) (7)
Premier Imaging, LLC (dba Lucid Health)	Health Care Providers & Services	11.22%	S + 6.00%	01/02/25		10,776		10,692			10,507		(5) (6) (7)	Health Care Providers & Services	11.65%	S + 6.00%	01/02/25		10,749		10,679			10,480		(5) (6) (7)
Premier Imaging, LLC (dba Lucid Health)	Health Care Providers & Services	11.22%	S + 6.00%	01/02/25		4,563		4,528			4,449		(5) (6) (7)	Health Care Providers & Services	11.65%	S + 6.00%	01/02/25		4,551		4,522			4,438		(5) (6) (7)
Premier Imaging, LLC (dba Lucid Health)	Health Care Providers & Services	11.22%	S + 6.00%	01/02/25		10,227		2,843			2,666		(5) (6) (7) (8)	Health Care Providers & Services	11.65%	S + 6.00%	01/02/25		2,914		2,895			2,841		(5) (6) (7)
Project Eagle Holdings, LLC (dba Exostar)	Aerospace & Defense	11.22%	S + 6.00%	07/06/26		39,779		39,209			39,182		(5) (6) (7)	Aerospace & Defense	11.43%	S + 6.00%	07/06/26		39,692		39,165			39,593		(5) (6) (7)
Project Eagle Holdings, LLC (dba Exostar)	Aerospace & Defense		L + 6.25%	07/06/26		3,418		(44	)		(51	)	(5) (7) (8)	Aerospace & Defense		S + 6.00%	07/06/26		3,418		(40	)		(9	)	(5) (7) (8)
Prophix Software Inc. (dba Pound Bidco)	Diversified Financial Services	11.66%	L + 6.50%	01/30/26		17,147		16,953			16,975		(4) (5) (6) (7)	Diversified Financial Services	11.93%	S + 6.50%	01/30/26		17,147		16,970			17,018		(4) (5) (6) (7)
Prophix Software Inc. (dba Pound Bidco)	Diversified Financial Services	11.66%	L + 6.50%	01/30/26		7,015		6,925			6,945		(4) (5) (6) (7)	Diversified Financial Services	11.93%	S + 6.50%	01/30/26		7,015		6,933			6,963		(4) (5) (6) (7)
Prophix Software Inc. (dba Pound Bidco)	Diversified Financial Services		L + 6.50%	01/30/26		3,118		(33	)		(31	)	(4) (5) (7) (8)	Diversified Financial Services		S + 6.50%	01/30/26		3,118		(29	)		(23	)	(4) (5) (7) (8)
PT Intermediate Holdings III, LLC (dba Parts Town)	Trading Companies & Distributors	11.37%	S + 5.98%	11/01/28		20,439		20,274			19,723		(5) (6)	Trading Companies & Distributors	11.52%	S + 5.98%	11/01/28		20,387		20,229			20,081		(5) (6)
PT Intermediate Holdings III, LLC (dba Parts Town)	Trading Companies & Distributors	11.37%	S + 5.98%	11/01/28		1,817		1,802			1,753		(5) (6)	Trading Companies & Distributors	11.52%	S + 5.98%	11/01/28		1,812		1,798			1,785		(5) (6)
PT Intermediate Holdings III, LLC (dba Parts Town)	Trading Companies & Distributors	11.37%	S + 5.98%	11/01/28		1,753		1,739			1,692		(5) (6)	Trading Companies & Distributors	11.52%	S + 5.98%	11/01/28		1,749		1,735			1,723		(5) (6)
PT Intermediate Holdings III, LLC (dba Parts Town)	Trading Companies & Distributors	11.37%	S + 5.98%	11/01/28		1,255		1,245			1,211		(5) (6)	Trading Companies & Distributors	11.52%	S + 5.98%	11/01/28		1,251		1,242			1,233		(5) (6)
Purfoods, LLC	Health Care Providers & Services	11.49%	S + 6.25%	08/12/26		23,924		23,614			23,385		(5) (6) (7)	Health Care Providers & Services	11.76%	S + 6.25%	08/12/26		23,862		23,576			23,325		(5) (6) (7)
Purfoods, LLC	Health Care Providers & Services	11.55%	S + 6.25%	08/12/26		16,151		15,942			15,788		(5) (6) (7)	Health Care Providers & Services	11.79%	S + 6.25%	08/12/26		16,110		15,917			15,748		(5) (6) (7)
Riverpoint Medical, LLC	Health Care Equipment & Supplies	10.11%	S + 5.00%	06/21/25		13,443		13,355			13,141		(5) (6) (7)	Health Care Equipment & Supplies	10.54%	S + 5.00%	06/21/25		13,410		13,332			13,108		(5) (6) (7)
Riverpoint Medical, LLC	Health Care Equipment & Supplies	10.11%	S + 5.00%	06/21/25		9,523		9,493			9,309		(5) (6) (7)	Health Care Equipment & Supplies	10.54%	S + 5.00%	06/21/25		9,499		9,472			9,285		(5) (6) (7)
Riverpoint Medical, LLC	Health Care Equipment & Supplies	10.19%	S + 5.00%	06/21/25		1,806		178			140		(5) (6) (7) (8)	Health Care Equipment & Supplies	10.42%	S + 5.00%	06/21/25		1,806		223			185		(5) (6) (7) (8)
Rodeo Buyer Company (dba Absorb Software)	Professional Services	11.44%	S + 6.25%	05/25/27		19,155		18,887			18,915		(4) (5) (6) (7)	Professional Services	11.67%	S + 6.25%	05/25/27		19,155		18,902			18,915		(4) (5) (6) (7)
Rodeo Buyer Company (dba Absorb Software)	Professional Services	11.44%	S + 6.25%	05/25/27		3,065		1,185			1,188		(4) (5) (7) (8)	Professional Services	11.67%	S + 6.25%	05/25/27		3,065		1,188			1,188		(4) (5) (7) (8)
Rubrik, Inc.	Software	12.64%	S + 7.00%	06/10/27		32,242		31,713			31,597		(5) (6) (7)	Software	12.53%	S + 7.00%	08/17/28		4,387		4,344			4,343		(5) (6)
Rubrik, Inc.	Software	12.35%	S + 7.00%	06/10/27		3,685		2,657			2,584		(5) (6) (7) (8)	Software	12.37%	S + 7.00%	08/17/28		613		56			56		(5) (6) (8)
Southeast Mechanical, LLC (dba. SEM Holdings, LLC)	Diversified Consumer Services	11.22%	S + 6.00%	07/06/27		9,801		9,637			9,629		(5) (6) (7) (10)	Diversified Consumer Services	11.43%	S + 6.00%	07/06/27		9,776		9,622			9,630		(5) (6) (7) (10)
Southeast Mechanical, LLC (dba. SEM Holdings, LLC)	Diversified Consumer Services	13.25%	S + 6.00%	07/06/27		6,800		1,292			1,241		(5) (7) (8) (10)	Diversified Consumer Services	11.65%	S + 6.00%	07/06/27		6,800		1,296			1,258		(5) (7) (8) (10)
Southeast Mechanical, LLC (dba. SEM Holdings, LLC)														Diversified Consumer Services		S + 6.00%	07/06/27		1,700		(26	)		(26	)	(5) (7) (8) (10)
SpendMend, LLC														Health Care Providers & Services	11.04%	S + 5.50%	03/01/28		12,120		11,956			11,817		(5) (6) (7)
SpendMend, LLC														Health Care Providers & Services	11.03%	S + 5.50%	03/01/28		5,322		2,197			2,115		(5) (6) (7) (8)

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

Consolidated Schedule of Investments as of ~~June~~September 30, 2023 (continued)


Investment (1)	Industry	Interest Rate (2)	Reference Rate and Spread (2)	Maturity	Par/Shares(3)		Cost			Fair Value			Footnotes	Industry	Interest Rate (2)	Reference Rate and Spread (2)	Maturity	Par(3)		Cost			Fair Value			Footnotes
Southeast Mechanical, LLC (dba. SEM Holdings, LLC)	Diversified Consumer Services		S + 6.00%	07/06/27	$	1,700	$	(27	)	$	(30	)	(5) (7) (8) (10)
SpendMend, LLC	Health Care Providers & Services	10.86%	S + 5.75%	03/01/28		12,151		11,978			11,847		(5) (6) (7)
SpendMend, LLC	Health Care Providers & Services	10.87%	S + 5.75%	03/01/28		5,328		2,200			2,121		(5) (6) (7) (8)
SpendMend, LLC	Health Care Providers & Services	11.14%	S + 5.75%	03/01/28		1,605		619			602		(5) (6) (7) (8)	Health Care Providers & Services	11.03%	S + 5.50%	03/01/28	$	1,605	$	620		$	602		(5) (6) (7) (8)
StarCompliance Intermediate, LLC	Diversified Financial Services	12.09%	S + 6.75%	01/12/27		14,400		14,214			14,184		(5) (6) (7)	Diversified Financial Services	12.24%	S + 6.75%	01/12/27		14,400		14,226			14,184		(5) (6) (7)
StarCompliance Intermediate, LLC	Diversified Financial Services	12.09%	S + 6.75%	01/12/27		2,319		2,286			2,285		(5) (6) (7)	Diversified Financial Services	12.24%	S + 6.75%	01/12/27		2,319		2,288			2,285		(5) (6) (7)
StarCompliance Intermediate, LLC	Diversified Financial Services	11.95%	S + 6.75%	01/12/27		2,300		639			632		(5) (7) (8)	Diversified Financial Services	12.20%	S + 6.75%	01/12/27		2,300		1,331			1,323		(5) (7) (8)
Sundance Group Holdings, Inc. (dba NetDocuments)	Software	11.41%	S + 6.25%	07/02/27		37,327		36,911			36,580		(5) (6) (7)	Software	11.72%	S + 6.25%	07/02/27		37,327		36,933			36,580		(5) (6) (7)
Sundance Group Holdings, Inc. (dba NetDocuments)	Software	11.44%	S + 6.25%	07/02/27		11,198		11,039			10,974		(5) (6) (7)	Software	11.73%	S + 6.25%	07/02/27		11,198		11,047			10,974		(5) (6) (7)
Sundance Group Holdings, Inc. (dba NetDocuments)	Software	11.61%	S + 6.25%	07/02/27		3,239		3,152			3,175		(6) (7)	Software	11.77%	S + 6.25%	07/02/27		3,239		3,157			3,175		(6) (7)
Sundance Group Holdings, Inc. (dba NetDocuments)	Software	11.49%	S + 6.25%	07/02/27		4,479		998			956		(5) (6) (7) (8)	Software	11.71%	S + 6.25%	07/02/27		4,479		2,345			2,299		(5) (6) (7) (8)
Sunstar Insurance Group, LLC	Insurance	11.14%	S + 5.75%	10/09/26		11,951		11,796			11,712		(5) (6) (7)	Insurance	11.54%	S + 6.00%	10/09/26		11,920		11,776			11,742		(5) (6) (7)
Sunstar Insurance Group, LLC	Insurance	11.14%	S + 5.75%	10/09/26		7,567		7,471			7,415		(5) (6) (7)	Insurance	11.54%	S + 6.00%	10/09/26		7,547		7,459			7,434		(5) (6) (7)
Sunstar Insurance Group, LLC	Insurance	11.14%	S + 5.75%	10/09/26		18,117		2,937			2,861		(5) (7) (8)	Insurance	11.54%	S + 6.00%	10/09/26		18,117		5,430			5,424		(5) (7) (8)
Sunstar Insurance Group, LLC	Insurance	13.00%	S + 5.75%	10/09/26		3,503		1,122			1,098		(5) (7) (8)	Insurance	13.50%	P + 5.00%	10/09/26		3,503		658			648		(5) (7) (8)
Sunstar Insurance Group, LLC	Insurance	11.14%	S + 5.75%	10/09/26		337		334			330		(5) (6) (7)	Insurance	11.54%	S + 6.00%	10/09/26		336		334			331		(5) (6) (7)
Superman Holdings, LLC (dba Foundation Software)	Construction & Engineering	10.99%	S + 6.50%	08/31/27		39,971		39,304			38,972		(5) (6) (7)	Construction & Engineering	11.52%	S + 6.13%	08/31/27		39,871		39,238			39,073		(5) (6) (7)
Superman Holdings, LLC (dba Foundation Software)	Construction & Engineering	10.99%	S + 6.50%	08/31/27		4,037		3,940			3,937		(5) (6) (7)	Construction & Engineering	11.52%	S + 6.13%	08/31/27		4,027		3,934			3,947		(5) (6) (7)
Superman Holdings, LLC (dba Foundation Software)	Construction & Engineering		S + 6.50%	08/31/27		952		(11	)		(24	)	(5) (6) (7) (8)	Construction & Engineering		S + 6.13%	08/31/27		952		(11	)		(19	)	(5) (6) (7) (8)
Superman Holdings, LLC (dba Foundation Software)	Construction & Engineering		S + 6.50%	08/31/26		5,134		(69	)		(128	)	(5) (7) (8)	Construction & Engineering		S + 6.13%	08/31/26		5,134		(63	)		(103	)	(5) (7) (8)
Sweep Purchaser LLC	Commercial Services & Supplies	11.09%	S + 5.75%	11/30/26		25,873		25,552			25,226		(5) (6) (7)	Commercial Services & Supplies	11.24%	S + 5.75%	11/30/26		25,806		25,508			24,516		(5) (6) (7)
Sweep Purchaser LLC	Commercial Services & Supplies	11.02%	S + 5.75%	11/30/26		8,214		8,110			8,008		(5) (6) (7)	Commercial Services & Supplies	11.22%	S + 5.75%	11/30/26		8,193		8,096			7,783		(5) (6) (7)
Sweep Purchaser LLC	Commercial Services & Supplies	11.02%	S + 5.75%	11/30/26		6,586		6,501			6,421		(5) (6) (7)	Commercial Services & Supplies	11.22%	S + 5.75%	11/30/26		6,569		6,490			6,241		(5) (6) (7)
Sweep Purchaser LLC	Commercial Services & Supplies	11.02%	S + 5.75%	11/30/26		3,285		3,237			3,203		(5) (6) (7)	Commercial Services & Supplies	11.23%	S + 5.75%	11/30/26		4,201		4,071			3,907		(5) (7) (8)
Sweep Purchaser LLC	Commercial Services & Supplies	11.09%	S + 5.75%	11/30/26		4,201		3,059			3,004		(5) (7) (8)	Commercial Services & Supplies	11.22%	S + 5.75%	11/30/26		3,276		3,231			3,113		(5) (6) (7)
Syntellis Performance Solutions, LLC (dba Axiom)	Health Care Technology	11.60%	S + 6.50%	08/02/27		37,186		36,450			36,535		(5) (6) (7)
The Center for Orthopedic and Research Excellence, Inc. (dba HOPCo)	Health Care Providers & Services	10.70%	S + 5.50%	08/15/25		16,475		16,313			16,187		(5) (6) (7)	Health Care Providers & Services	11.52%	S + 6.00%	08/15/25		16,432		16,288			16,145		(5) (6) (7)
The Center for Orthopedic and Research Excellence, Inc. (dba HOPCo)	Health Care Providers & Services	10.74%	S + 5.50%	08/15/25		8,906		8,801			8,750		(5) (6) (7)	Health Care Providers & Services	11.01%	S + 6.00%	08/15/25		8,884		8,790			8,728		(5) (6) (7)
The Center for Orthopedic and Research Excellence, Inc. (dba HOPCo)	Health Care Providers & Services	10.77%	S + 5.50%	08/15/25		7,128		7,036			7,003		(5) (6) (7)	Health Care Providers & Services	11.19%	S + 6.00%	08/15/25		7,111		7,030			6,987		(5) (6) (7)
The Center for Orthopedic and Research Excellence, Inc. (dba HOPCo)	Health Care Providers & Services	10.70%	S + 5.50%	08/15/25		3,883		3,842			3,815		(5) (6) (7)	Health Care Providers & Services	11.02%	S + 6.00%	08/15/25		3,873		3,837			3,806		(5) (6) (7)
The Center for Orthopedic and Research Excellence, Inc. (dba HOPCo)	Health Care Providers & Services	10.70%	S + 5.50%	08/15/25		2,361		1,867			1,847		(5) (6) (7) (8)	Health Care Providers & Services	11.50%	S + 6.00%	08/15/25		3,938		3,270			3,246		(5) (7) (8)
The Center for Orthopedic and Research Excellence, Inc. (dba HOPCo)	Health Care Providers & Services	10.85%	S + 5.50%	08/15/25		3,941		1,195			1,157		(5) (7) (8)	Health Care Providers & Services		S + 6.00%	08/15/25		2,361		(20	)		(41	)	(5) (6) (7) (8)
Thrasio, LLC	Internet & Direct Marketing Retail	12.50%	S + 7.00%	12/18/26		36,065		35,647			32,458		(5) (6) (7)	Internet & Direct Marketing Retail		S + 7.00%	12/18/26		35,972		35,555			21,224		(5) (6) (7) (9)
Total Vision LLC	Health Care Providers & Services	11.33%	S + 6.00%	07/15/26		15,444		15,213			15,174		(5) (6) (7)	Health Care Providers & Services	11.61%	S + 6.00%	07/15/26		15,405		15,192			15,135		(5) (6) (7)
Total Vision LLC	Health Care Providers & Services	11.33%	S + 6.00%	07/15/26		4,529		4,471			4,450		(5) (6) (7)	Health Care Providers & Services	11.63%	S + 6.00%	07/15/26		9,482		8,768			8,746		(5) (6) (7) (8)
Total Vision LLC	Health Care Providers & Services	11.35%	S + 6.00%	07/15/26		9,489		2,747			2,673		(5) (6) (7) (8)	Health Care Providers & Services	11.63%	S + 6.00%	07/15/26		4,518		4,464			4,439		(5) (6) (7)
Total Vision LLC	Health Care Providers & Services	11.29%	S + 6.00%	07/15/26		2,264		2,234			2,224		(5) (6) (7)	Health Care Providers & Services	11.58%	S + 6.00%	07/15/26		2,258		2,231			2,219		(5) (6) (7)
Total Vision LLC	Health Care Providers & Services		S + 6.00%	07/15/26		1,150		(14	)		(20	)	(5) (7) (8)	Health Care Providers & Services		S + 6.00%	07/15/26		1,150		(13	)		(20	)	(5) (7) (8)
USN Opco LLC (dba Global Nephrology Solutions)	Health Care Providers & Services	11.14%	S + 5.75%	12/21/26		19,935		19,685			19,337		(5) (6) (7)	Health Care Providers & Services	11.29%	S + 5.75%	12/21/26		19,884		19,651			19,287		(5) (6) (7)
USN Opco LLC (dba Global Nephrology Solutions)	Health Care Providers & Services	11.14%	S + 5.75%	12/21/26		6,928		6,867			6,720		(5) (6) (7)	Health Care Providers & Services	11.29%	S + 5.75%	12/21/26		8,591		8,330			8,153		(5) (6) (7) (8)
USN Opco LLC (dba Global Nephrology Solutions)														Health Care Providers & Services	11.29%	S + 5.75%	12/21/26		6,910		6,853			6,703		(5) (6) (7)
USN Opco LLC (dba Global Nephrology Solutions)														Health Care Providers & Services	11.29%	S + 5.75%	12/21/26		2,812		1,886			1,834		(5) (7) (8)
Viant Medical Holdings, Inc.														Health Care Equipment & Supplies	11.68%	L + 6.25%	07/02/25		18,660		18,546			18,473		(5) (6)
Volt Bidco, Inc. (dba Power Factors)														Independent Power and Renewable Electricity Producers	12.39%	S + 7.00%	08/11/27		31,886		31,425			31,328		(5) (6) (7)

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

Consolidated Schedule of Investments as of ~~June~~September 30, 2023 (continued)


Investment (1)	Industry	Interest Rate (2)	Reference Rate and Spread (2)	Maturity	Par/Shares(3)		Cost			Fair Value			Footnotes	Industry	Interest Rate (2)	Reference Rate and Spread (2)	Maturity	Par(3)		Cost			Fair Value			Footnotes
USN Opco LLC (dba Global Nephrology Solutions)	Health Care Providers & Services	11.14%	S + 5.75%	12/21/26	$	8,602	$	4,267		$	4,064		(5) (6) (7) (8)
USN Opco LLC (dba Global Nephrology Solutions)	Health Care Providers & Services	11.14%	S + 5.75%	12/21/26		2,812		1,772			1,721		(5) (7) (8)
Viant Medical Holdings, Inc.	Health Care Equipment & Supplies	11.44%	L + 6.25%	07/02/25		18,708		18,579			18,521		(5) (6)
Volt Bidco, Inc. (dba Power Factors)	Independent Power and Renewable Electricity Producers	12.24%	S + 7.00%	08/11/27		31,617		31,131			31,064		(5) (6) (7)
Volt Bidco, Inc. (dba Power Factors)	Independent Power and Renewable Electricity Producers	12.24%	S + 7.00%	08/11/27		5,932		5,207			5,103		(5) (6) (7) (8)	Independent Power and Renewable Electricity Producers	12.40%	S + 7.00%	08/11/27	$	6,093	$	6,093		$	5,987		(5) (6) (7)
Volt Bidco, Inc. (dba Power Factors)	Independent Power and Renewable Electricity Producers		S + 7.00%	08/11/27		3,343		(49	)		(59	)	(5) (7) (8)	Independent Power and Renewable Electricity Producers		S + 7.00%	08/11/27		3,343		(46	)		(59	)	(5) (7) (8)
VRC Companies, LLC (dba Vital Records Control)	Commercial Services & Supplies	10.72%	S + 5.50%	06/29/27		29,481		29,168			28,597		(5) (6) (7)	Commercial Services & Supplies	11.13%	S + 5.50%	06/29/27		29,406		29,111			28,524		(5) (6) (7)
VRC Companies, LLC (dba Vital Records Control)	Commercial Services & Supplies		S + 5.50%	06/29/27		858		(9	)		(26	)	(5) (6) (7) (8)	Commercial Services & Supplies		P + 4.50%	06/29/27		858		(8	)		(26	)	(5) (6) (7) (8)
WebPT, Inc.	Health Care Technology	12.11%	S + 6.75%	01/18/28		12,701		12,396			12,320		(5) (6) (7)	Health Care Technology	12.27%	S + 6.75%	01/18/28		12,701		12,410			12,383		(5) (6) (7)
WebPT, Inc.	Health Care Technology	11.98%	S + 6.75%	01/18/28		12,434		12,285			12,061		(5) (6) (7)	Health Care Technology	12.23%	S + 6.75%	01/18/28		12,434		12,291			12,123		(5) (6) (7)
WebPT, Inc.	Health Care Technology	12.01%	S + 6.75%	01/18/28		2,146		1,083			1,039		(5) (6) (7) (8)	Health Care Technology	12.25%	S + 6.75%	01/18/28		2,146		1,665			1,635		(5) (6) (7) (8)
WebPT, Inc.	Health Care Technology	14.00%	P + 5.75%	01/18/28		2,146		590			549		(5) (6) (7) (8)	Health Care Technology	12.30%	S + 6.75%	01/18/28		2,146		346			314		(5) (6) (7) (8)
Wellness AcquisitionCo, Inc. (dba SPINS)	IT Services	10.86%	S + 5.50%	01/20/27		20,099		19,837			19,798		(5) (6) (7)	IT Services	11.02%	S + 5.50%	01/20/27		20,048		19,803			19,747		(5) (6) (7)
Wellness AcquisitionCo, Inc. (dba SPINS)	IT Services		S + 5.50%	01/20/27		2,400		(29	)		(36	)	(5) (7) (8)	IT Services		S + 5.50%	01/20/27		2,400		(27	)		(36	)	(5) (7) (8)
Wellness AcquisitionCo, Inc. (dba SPINS)	IT Services		S + 5.50%	01/20/27		3,700		(27	)		(56	)	(5) (6) (7) (8)	IT Services		S + 5.50%	01/20/27		3,700		(25	)		(56	)	(5) (6) (7) (8)
Whitewater Holding Company LLC	Diversified Consumer Services	11.14%	S + 5.75%	12/21/27		15,549		15,307			15,044		(5) (6) (7)	Diversified Consumer Services	11.29%	S + 5.75%	12/21/27		15,510		15,280			15,044		(5) (6) (7)
Whitewater Holding Company LLC	Diversified Consumer Services	11.16%	S + 5.75%	12/21/27		5,219		5,134			5,049		(5) (6) (7)	Diversified Consumer Services	11.31%	S + 5.75%	12/21/27		5,206		5,125			5,050		(5) (6) (7)
Whitewater Holding Company LLC	Diversified Consumer Services	11.14%	S + 5.75%	12/21/27		5,186		5,105			5,018		(5) (6) (7)	Diversified Consumer Services	11.29%	S + 5.75%	12/21/27		5,173		5,096			5,018		(5) (6) (7)
Whitewater Holding Company LLC	Diversified Consumer Services	11.32%	S + 6.00%	12/21/27		2,898		1,906			1,876		(5) (6) (7) (8)	Diversified Consumer Services	11.54%	S + 6.00%	12/21/27		2,894		2,047			2,024		(5) (6) (7) (8)
Whitewater Holding Company LLC	Diversified Consumer Services		S + 5.75%	12/21/27		2,100		(32	)		(68	)	(5) (6) (7) (8)	Diversified Consumer Services	11.22%	S + 5.75%	12/21/27		2,100		180			147		(5) (6) (7) (8)
WorkForce Software, LLC	Software	12.66%	S + 7.25% (incl. 3.00% PIK)	07/31/25		11,828		11,724			11,562		(5) (6) (7)	Software	12.82%	S + 7.25% (Incl. 3.00% PIK)	07/31/25		11,919		11,826			11,681		(5) (6) (7)
WorkForce Software, LLC	Software	12.46%	L + 7.25% (incl. 3.00% PIK)	07/31/25		9,099		9,007			8,895		(5) (6) (7)	Software	12.82%	S + 7.25% (incl. 3.00% PIK)	07/31/25		9,169		9,087			8,986		(5) (6) (7)
WorkForce Software, LLC	Software	12.66%	S + 7.25% (incl. 3.00% PIK)	07/31/25		2,852		2,818			2,787		(5) (6) (7)	Software	12.82%	S + 7.25% (Incl. 3.00% PIK)	07/31/25		2,873		2,844			2,816		(5) (6) (7)
WorkForce Software, LLC	Software	12.66%	S + 7.25% (incl. 3.00% PIK)	07/31/25		2,092		2,074			2,045		(5) (6) (7)	Software	12.82%	S + 7.25% (Incl. 3.00% PIK)	07/31/25		2,108		2,092			2,066		(5) (6) (7)
WorkForce Software, LLC	Software		S + 7.25% (Incl. 3.00% PIK)	07/31/25		980		(8	)		(22	)	(5) (6) (7) (8)	Software		S + 7.25% (Incl. 3.00% PIK)	07/31/25		980		(7	)		(20	)	(5) (6) (7) (8)
WSO2, Inc.	IT Services	12.85%	S + 7.50% (incl. 3.00% PIK)	11/04/26		29,518		29,124			28,928		(5) (6) (7)	IT Services	12.46%	S + 7.50% (Incl. 3.00% PIK)	11/04/26		29,821		29,454			29,225		(5) (6) (7)
Zarya Intermediate, LLC (dba iOFFICE)	Real Estate Mgmt. & Development	11.76%	S + 6.50%	07/01/27		80,545		80,545			79,740		(5) (6) (7)	Real Estate Mgmt. & Development	11.92%	S + 6.50%	07/01/27		80,545		80,545			79,740		(5) (6) (7)
Zarya Intermediate, LLC (dba iOFFICE)	Real Estate Mgmt. & Development	11.73%	S + 6.50%	07/01/27		8,383		1,198			1,114		(5) (7) (8)	Real Estate Mgmt. & Development	11.91%	S + 6.50%	07/01/27		8,383		3,593			3,509		(5) (7) (8)
Zodiac Intermediate, LLC (dba Zipari)	Health Care Technology	13.54%	L + 8.00%	12/21/26		46,540		45,659			40,606		(5) (6) (7)	Health Care Technology		S + 8.00%	12/21/26		46,540		45,659			28,296		(5) (6) (7) (9)
Zodiac Intermediate, LLC (dba Zipari)	Health Care Technology	13.54%	L + 8.00%	12/22/25		7,000		6,892			6,107		(5) (7)	Health Care Technology		S + 8.00%	12/22/25		7,000		6,843			4,256		(5) (7) (9)
Total 1st Lien/Senior Secured Debt								2,626,489			2,579,587										2,580,211			2,504,305
1st Lien/Last-Out Unitranche (11) - 1.53%
1st Lien/Last-Out Unitranche (12) - 1.60%
EDB Parent, LLC (dba Enterprise DB)	Software	11.99%	S + 6.75%	07/07/28	$	17,879	$	17,463		$	17,432		(5) (6) (7)	Software	12.14%	S + 6.75%	07/07/28	$	17,879	$	17,480		$	17,432		(5) (6) (7)
EDB Parent, LLC (dba Enterprise DB)	Software	11.99%	S + 6.75%	07/07/28		6,958		2,068			1,894		(5) (6) (7) (8)	Software	12.14%	S + 6.75%	07/07/28		6,958		2,606			2,432		(5) (6) (7) (8)
Total 1st Lien/Last-Out Unitranche								19,531			19,326										20,086			19,864
2nd Lien/Senior Secured Debt 0.67%
Zep Inc.	Chemicals	13.79%	L + 8.25%	08/11/25	$	15,410	$	15,389		$	8,476		(6)
Total 2nd Lien/Senior Secured Debt								15,389			8,476
Unsecured Debt 0.52%
Unsecured Debt 0.53%
CivicPlus LLC	Software	17.09%	S + 11.75% PIK	06/09/34	$	6,734	$	6,569		$	6,566		(5) (6) (7)	Software	17.09%	S + 11.75% PIK	06/09/34	$	6,734	$	6,571		$	6,566		(5) (6) (7)
Total Unsecured Debt								6,569			6,566										6,571			6,566

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

Consolidated Schedule of Investments as of ~~June~~September 30, 2023 (continued)


Investment (1)	Industry	Initial Acquisition Date(12)	Par/Shares(3)		Cost		Fair Value		Footnotes	Industry	Initial Acquisition Date(13)	Shares(3)		Cost		Fair Value		Footnotes
Preferred Stock - 3.52%
Preferred Stock - 3.82%
Broadway Parent, LLC	Diversified Financial Services	01/25/21		3,700,000	$	3,718	$	6,144	(5) (7) (13)	Diversified Financial Services	01/25/21		3,700,000	$	3,718	$	7,400	(5) (7) (14)
CloudBees, Inc.	Software	11/24/21		1,038,917		11,623		12,758	(5) (7) (13)	Software	11/24/21		1,038,917		11,623		13,973	(5) (7) (14)
Diligent Corporation	Professional Services	04/06/21		4,400		4,290		5,424	(5) (7) (13)	Professional Services	04/06/21		4,400		4,290		5,566	(5) (7) (14)
Foundation Software	Construction & Engineering	08/31/20		912		912		1,173	(5) (7) (13)	Construction & Engineering	08/31/20		912		912		1,200	(5) (7) (14)
Governmentjobs.com, Inc. (dba NeoGov)	Software	12/02/21		9,549		9,310		10,966	(5) (7) (13)	Software	12/02/21		9,549		9,310		11,253	(5) (7) (14)
MedeAnalytics, Inc.	Health Care Technology	10/09/20		—		—		—	(5) (7) (10) (13) (14)	Health Care Technology	10/09/20		—		—		—	(5) (7) (10) (14) (15)
WSO2, Inc.	IT Services	11/04/21		509,767		8,052		7,956	(5) (7) (13)	IT Services	11/04/21		509,767		8,052		7,970	(5) (7) (14)
Total Preferred Stock						37,905		44,421							37,905		47,362
Common Stock - 1.06%
Common Stock - 1.28%
Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings)	Software	03/10/21		26,555	$	2,655	$	2,456	(5) (7) (13)	Software	03/10/21		26,555	$	2,655	$	2,390	(5) (7) (14)
Exostar LLC - Class B	Aerospace & Defense	07/06/20		1,424,165		—		1,752	(5) (7) (13)	Aerospace & Defense	07/06/20		1,424,165		—		3,617	(5) (7) (14)
Foundation Software - Class B	Construction & Engineering	08/31/20		490,234		—		431	(5) (7) (13)	Construction & Engineering	08/31/20		490,234		—		652	(5) (7) (14)
MedeAnalytics, Inc.	Health Care Technology	04/21/23		373		—		—	(7) (10) (13)	Health Care Technology	04/21/23		373		—		—	(7) (10) (14)
Southeast Mechanical, LLC (dba. SEM Holdings, LLC)	Diversified Consumer Services	07/06/22		1,000		1,000		1,455	(5) (7) (10) (13)	Diversified Consumer Services	07/06/22		1,000		1,000		1,634	(5) (7) (10) (14)
Total Vision LLC	Health Care Providers & Services	07/15/21		115,714		2,150		2,106	(5) (7) (13)	Health Care Providers & Services	07/15/21		115,714		2,150		2,164	(5) (7) (14)
Volt Bidco, Inc. (dba Power Factors)	Independent Power and Renewable Electricity Producers	08/11/21		3,044		3,091		3,315	(5) (7) (13)	Independent Power and Renewable Electricity Producers	08/11/21		3,044		3,091		3,367	(5) (7) (14)
Whitewater Holding Company LLC	Diversified Consumer Services	12/21/21		21,000		2,100		1,925	(5) (7) (13)	Diversified Consumer Services	12/21/21		21,000		2,100		2,004	(5) (7) (14)
Total Common Stock						10,996		13,440							10,996		15,828
Warrants - 0.03%
Warrants - 0.02%
CloudBees, Inc.	Software	11/24/21		300,946	$	1,666	$	406	(5) (7) (13)	Software	11/24/21		300,946	$	1,666	$	295	(5) (7) (14)
Total Warrants						1,666		406							1,666		295
Total Investments - 211.36%					$	2,718,545	$	2,672,222
Investments in Affiliated Money Market Fund - 10.66%
Total Investments - 209.34%														$	2,657,435	$	2,594,220
Investments in Affiliated Money Market Fund - 12.42%
Goldman Sachs Financial Square Government Fund - Institutional Shares				134,787,186	$	134,787	$	134,787	(6) (15) (16)				153,923,175	$	153,923	$	153,923	(6) (16) (17)
Total Investments in Affiliated Money Market Fund						134,787		134,787							153,923		153,923
Total Investments and Investments in Affiliated Money Market Fund - 222.02%					$	2,853,332	$	2,807,009
Total Investments and Investments in Affiliated Money Market Fund - 221.76%														$	2,811,358	$	2,748,143

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


Investment #	Industry	Interest Rate (+)	Reference Rate and Spread (+)	Maturity		Par/Shares (++)		Cost			Fair Value			Footnotes	Industry	Interest Rate (+)	Reference Rate and Spread (+)	Maturity		Par(++)		Cost			Fair Value			Footnotes
1st Lien/Senior Secured Debt - 206.50%
1272775 B.C. LTD. (dba Everest Clinical Research)	Professional Services	10.73%	S + 6.00%	11/06/26	$		8,546	$	8,460		$	8,439		(1) (2) (3) (4)	Professional Services	10.73%	S + 6.00%	11/06/26	$		8,546	$	8,460		$	8,439		(1) (2) (3) (4)
1272775 B.C. LTD. (dba Everest Clinical Research)	Professional Services	11.46%	P + 6.00%	11/06/26			846		688			685		(1) (2) (3) (4) (5)	Professional Services	11.46%	P + 6.00%	11/06/26			846		688			685		(1) (2) (3) (4) (5)
1272775 B.C. LTD. (dba Everest Clinical Research)	Professional Services	11.45%	CDN P + 4.75%	11/06/26	CAD		418		312			305		(1) (2) (3) (4)	Professional Services	11.45%	CDN P + 4.75%	11/06/26	CAD		418		312			305		(1) (2) (3) (4)
3SI Security Systems, Inc.	Commercial Services & Supplies	11.24%	L + 6.50%	12/16/24			2,059		2,038			1,992		(3) (4)	Commercial Services & Supplies	11.24%	L + 6.50%	12/16/24			2,059		2,038			1,992		(3) (4)
Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings)	Software	9.99%	L + 6.25%	03/10/27			14,667		14,405			14,373		(2) (3) (4)	Software	9.99%	L + 6.25%	03/10/27			14,667		14,405			14,373		(2) (3) (4)
Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings)	Software	9.99%	L + 6.25%	03/10/27			2,751		1,513			1,482		(2) (3) (4) (5)	Software	9.99%	L + 6.25%	03/10/27			2,751		1,513			1,482		(2) (3) (4) (5)
Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings)	Software	10.64%	L + 6.25%	03/10/27			1,100		532			528		(2) (3) (4) (5)	Software	10.64%	L + 6.25%	03/10/27			1,100		532			528		(2) (3) (4) (5)
Acquia, Inc.	Software	10.74%	L + 7.00%	10/31/25			24,940		24,615			24,379		(2) (3) (4)	Software	10.74%	L + 7.00%	10/31/25			24,940		24,615			24,379		(2) (3) (4)
Acquia, Inc.	Software	12.16%	L + 7.00%	10/31/25			1,933		1,115			1,093		(2) (3) (4) (5)	Software	12.16%	L + 7.00%	10/31/25			1,933	��	1,115			1,093		(2) (3) (4) (5)
Admiral Buyer, Inc. (dba Fidelity Payment Services)	Diversified Financial Services	10.08%	S + 5.50%	05/08/28			24,130		23,689			23,647		(2) (3) (4)	Diversified Financial Services	10.08%	S + 5.50%	05/08/28			24,130		23,689			23,647		(2) (3) (4)
Admiral Buyer, Inc. (dba Fidelity Payment Services)	Diversified Financial Services		S + 6.00%	05/08/28			2,330		(42	)		(47	)	(2) (3) (4) (5)	Diversified Financial Services		S + 6.00%	05/08/28			2,330		(42	)		(47	)	(2) (3) (4) (5)
Admiral Buyer, Inc. (dba Fidelity Payment Services)	Diversified Financial Services		S + 6.00%	05/08/28			6,510		(58	)		(130	)	(2) (3) (4) (5)	Diversified Financial Services		S + 6.00%	05/08/28			6,510		(58	)		(130	)	(2) (3) (4) (5)
Apptio, Inc.	IT Services	9.94%	L + 6.00%	01/10/25			26,813		26,357			26,545		(3) (4)	IT Services	9.94%	L + 6.00%	01/10/25			26,813		26,357			26,545		(3) (4)
Apptio, Inc.	IT Services	9.93%	L + 6.00%	01/10/25			769		447			454		(3) (4) (5)	IT Services	9.93%	L + 6.00%	01/10/25			769		447			454		(3) (4) (5)
AQ Helios Buyer, Inc. (dba SurePoint)	Software	10.03%	S + 7.00%	07/01/26			35,280		34,740			34,222		(2) (3) (4)	Software	10.03%	S + 7.00%	07/01/26			35,280		34,740			34,222		(2) (3) (4)
AQ Helios Buyer, Inc. (dba SurePoint)	Software	12.01%	S + 8.00%	07/01/26			2,127		2,127			2,121		(2) (3) (4)	Software	12.01%	S + 8.00%	07/01/26			2,127		2,127			2,121		(2) (3) (4)
AQ Helios Buyer, Inc. (dba SurePoint)	Software	12.35%	S + 8.00%	07/01/26			5,900		2,040			2,025		(2) (3) (4) (5)	Software	12.35%	S + 8.00%	07/01/26			5,900		2,040			2,025		(2) (3) (4) (5)
AQ Helios Buyer, Inc. (dba SurePoint)	Software		S + 7.00%	07/01/26			4,160		(59	)		(125	)	(2) (3) (4) (5)	Software		S + 7.00%	07/01/26			4,160		(59	)		(125	)	(2) (3) (4) (5)
Argos Health Holdings, Inc	Health Care Providers & Services	9.72%	L + 5.50%	12/03/27			19,750		19,416			19,158		(2) (3) (4)	Health Care Providers & Services	9.72%	L + 5.50%	12/03/27			19,750		19,416			19,158		(2) (3) (4)
Aria Systems, Inc.	Diversified Financial Services	11.44%	S + 7.00%	06/30/26			24,702		24,376			23,899		(2) (3) (4)	Diversified Financial Services	11.44%	S + 7.00%	06/30/26			24,702		24,376			23,899		(2) (3) (4)
Assembly Intermediate LLC	Diversified Consumer Services	11.23%	L + 6.50%	10/19/27			39,908		39,242			39,310		(2) (3) (4)	Diversified Consumer Services	11.23%	L + 6.50%	10/19/27			39,908		39,242			39,310		(2) (3) (4)
Assembly Intermediate LLC	Diversified Consumer Services	10.77%	L + 6.50%	10/19/27			9,977		5,456			5,437		(2) (3) (4) (5)	Diversified Consumer Services	10.77%	L + 6.50%	10/19/27			9,977		5,456			5,437		(2) (3) (4) (5)
Assembly Intermediate LLC	Diversified Consumer Services	11.05%	L + 6.50%	10/19/27			3,991		1,532			1,536		(2) (3) (4) (5)	Diversified Consumer Services	11.05%	L + 6.50%	10/19/27			3,991		1,532			1,536		(2) (3) (4) (5)
Bigchange Group Limited	Software	9.43%	SN + 6.00%	12/23/26	GBP		10,810		14,265			12,775		(1) (2) (3) (4)	Software	9.43%	SN + 6.00%	12/23/26	GBP		10,810		14,265			12,775		(1) (2) (3) (4)
Bigchange Group Limited	Software	9.43%	SN + 6.00%	12/23/26	GBP		790		450			424		(1) (2) (3) (4) (5)	Software	9.43%	SN + 6.00%	12/23/26	GBP		790		450			424		(1) (2) (3) (4) (5)
Bigchange Group Limited	Software		SN + 6.00%	12/23/26	GBP		2,160		(49	)		(59	)	(1) (2) (3) (4) (5)	Software		SN + 6.00%	12/23/26	GBP		2,160		(49	)		(59	)	(1) (2) (3) (4) (5)
Broadway Technology, LLC	Diversified Financial Services	11.34%	S + 6.50%	01/08/26			23,777		23,440			23,539		(2) (3) (4)	Diversified Financial Services	11.34%	S + 6.50%	01/08/26			23,777		23,440			23,539		(2) (3) (4)
Broadway Technology, LLC	Diversified Financial Services		S + 6.50%	01/08/26			1,010		(16	)		(10	)	(2) (3) (4) (5)	Diversified Financial Services		S + 6.50%	01/08/26			1,010		(16	)		(10	)	(2) (3) (4) (5)
BSI3 Menu Buyer, Inc (dba Kydia)	Diversified Financial Services	10.44%	S + 6.00%	01/25/28			48,084		47,351			46,161		(2) (3) (4)	Diversified Financial Services	10.44%	S + 6.00%	01/25/28			48,084		47,351			46,161		(2) (3) (4)
BSI3 Menu Buyer, Inc (dba Kydia)	Diversified Financial Services		S + 6.00%	01/25/28			1,924		(29	)		(77	)	(2) (3) (4) (5)	Diversified Financial Services		S + 6.00%	01/25/28			1,924		(29	)		(77	)	(2) (3) (4) (5)
Bullhorn, Inc.	Professional Services	10.48%	L + 5.75%	09/30/26			13,561		13,398			13,358		(2) (3) (4)	Professional Services	10.48%	L + 5.75%	09/30/26			13,561		13,398			13,358		(2) (3) (4)
Bullhorn, Inc.	Professional Services	10.48%	L + 5.75%	09/30/26			2,415		2,405			2,378		(2) (3) (4)	Professional Services	10.48%	L + 5.75%	09/30/26			2,415		2,405			2,378		(2) (3) (4)
Bullhorn, Inc.	Professional Services	10.48%	L + 5.75%	09/30/26			628		620			618		(2) (3) (4)	Professional Services	10.48%	L + 5.75%	09/30/26			628		620			618		(2) (3) (4)
Bullhorn, Inc.	Professional Services	10.48%	L + 5.75%	09/30/26			693		311			309		(2) (3) (4) (5)	Professional Services	10.48%	L + 5.75%	09/30/26			693		311			309		(2) (3) (4) (5)
Bullhorn, Inc.	Professional Services	10.48%	L + 5.75%	09/30/26			281		278			277		(2) (3) (4)	Professional Services	10.48%	L + 5.75%	09/30/26			281		278			277		(2) (3) (4)
Bullhorn, Inc.	Professional Services	10.48%	L + 5.75%	09/30/26			224		221			221		(2) (3) (4)	Professional Services	10.48%	L + 5.75%	09/30/26			224		221			221		(2) (3) (4)
Businessolver.com, Inc.	Health Care Technology	9.67%	L + 5.50%	12/01/27			16,696		16,554			16,529		(2) (3) (4)	Health Care Technology	9.67%	L + 5.50%	12/01/27			16,696		16,554			16,529		(2) (3) (4)
Businessolver.com, Inc.	Health Care Technology	9.88%	L + 5.50%	12/01/27			4,528		367			342		(2) (3) (4) (5)	Health Care Technology	9.88%	L + 5.50%	12/01/27			4,528		367			342		(2) (3) (4) (5)
Capitol Imaging Acquisition Corp.	Health Care Providers & Services	11.38%	S + 6.50%	10/01/26			39,824		39,287			38,630		(2) (3) (4)	Health Care Providers & Services	11.38%	S + 6.50%	10/01/26			39,824		39,287			38,630		(2) (3) (4)
Capitol Imaging Acquisition Corp.	Health Care Providers & Services	13.00%	P + 5.50%	10/01/25			9,170		7,140			6,969		(2) (4) (5)	Health Care Providers & Services	13.00%	P + 5.50%	10/01/25			9,170		7,140			6,969		(2) (4) (5)

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


Investment #	Industry	Interest Rate (+)	Reference Rate and Spread (+)	Maturity		Par/Shares (++)		Cost			Fair Value			Footnotes	Industry	Interest Rate (+)	Reference Rate and Spread (+)	Maturity		Par(++)		Cost			Fair Value			Footnotes
CFS Management, LLC (dba Center for Sight Management)	Health Care Providers & Services	11.84%	S + 7.00% (incl. 0.75% PIK)	07/01/24	$		18,099	$	17,983		$	16,741		(2) (3) (4)	Health Care Providers & Services	11.84%	S + 7.00% (incl. 0.75% PIK)	07/01/24	$		18,099	$	17,983		$	16,741		(2) (3) (4)
CFS Management, LLC (dba Center for Sight Management)	Health Care Providers & Services	11.84%	S + 7.00% (incl. 0.75% PIK)	07/01/24			4,540		4,509			4,200		(2) (3) (4)	Health Care Providers & Services	11.84%	S + 7.00% (incl. 0.75% PIK)	07/01/24			4,540		4,509			4,200		(2) (3) (4)
CFS Management, LLC (dba Center for Sight Management)	Health Care Providers & Services	11.84%	S + 7.00% (incl. 0.75% PIK)	07/01/24			1,764		1,755			1,631		(2) (3) (4)	Health Care Providers & Services	11.84%	S + 7.00% (incl. 0.75% PIK)	07/01/24			1,764		1,755			1,631		(2) (3) (4)
CFS Management, LLC (dba Center for Sight Management)	Health Care Providers & Services	11.84%	S + 7.00%	07/01/24			919		293			232		(2) (3) (4) (5)	Health Care Providers & Services	11.84%	S + 7.00%	07/01/24			919		293			232		(2) (3) (4) (5)
Checkmate Finance Merger Sub, LLC	Entertainment	11.23%	L + 6.50%	12/31/27			28,095		27,611			27,252		(2) (3) (4)	Entertainment	11.23%	L + 6.50%	12/31/27			28,095		27,611			27,252		(2) (3) (4)
Checkmate Finance Merger Sub, LLC	Entertainment		L + 6.50%	12/31/27			2,831		(47	)		(85	)	(2) (3) (4) (5)	Entertainment		L + 6.50%	12/31/27			2,831		(47	)		(85	)	(2) (3) (4) (5)
Chronicle Bidco Inc. (dba Lexitas)	Professional Services	10.83%	S + 6.25%	05/18/29			42,768		41,784			41,485		(2) (3) (4)	Professional Services	10.83%	S + 6.25%	05/18/29			42,768		41,784			41,485		(2) (3) (4)
Chronicle Bidco Inc. (dba Lexitas)	Professional Services		S + 6.25%	05/18/29			3,676		(69	)		(110	)	(2) (3) (4) (5)	Professional Services		S + 6.25%	05/18/29			3,676		(69	)		(110	)	(2) (3) (4) (5)
CivicPlus LLC	Software	11.48%	L + 6.75% (incl. 2.50% PIK)	08/24/27			5,777		5,673			5,633		(2) (3) (4)	Software	11.48%	L + 6.75% (incl. 2.50% PIK)	08/24/27			5,777		5,673			5,633		(2) (3) (4)
CivicPlus LLC	Software	11.48%	L + 6.75% (incl. 2.50% PIK)	08/24/27			5,724		5,619			5,581		(2) (3) (4)	Software	11.48%	L + 6.75% (incl. 2.50% PIK)	08/24/27			5,724		5,619			5,581		(2) (3) (4)
CivicPlus LLC	Software	11.48%	L + 6.75% (incl. 2.50% PIK)	08/24/27			2,691		2,640			2,624		(2) (3) (4)	Software	11.48%	L + 6.75% (incl. 2.50% PIK)	08/24/27			2,691		2,640			2,624		(2) (3) (4)
CivicPlus LLC	Software		L + 6.75% (incl. 2.50% PIK)	08/24/27			1,112		(20	)		(28	)	(2) (3) (4) (5)	Software		L + 6.75% (incl. 2.50% PIK)	08/24/27			1,112		(20	)		(28	)	(2) (3) (4) (5)
Clearcourse Partnership Acquireco Finance Limited	IT Services	10.69%	SN + 7.25% (Incl. 0.75% PIK)	07/25/28	GBP		5,379		6,324			6,340		(1) (2) (3) (4)	IT Services	10.69%	SN + 7.25% (Incl. 0.75% PIK)	07/25/28	GBP		5,379		6,324			6,340		(1) (2) (3) (4)
Clearcourse Partnership Acquireco Finance Limited	IT Services	9.55%	SN + 7.25% PIK	07/25/28	GBP		4,771		1,864			1,894		(1) (2) (3) (4) (5)	IT Services	9.55%	SN + 7.25% PIK	07/25/28	GBP		4,771		1,864			1,894		(1) (2) (3) (4) (5)
CloudBees, Inc.	Software	11.39%	L + 7.00% (incl. 2.50% PIK)	11/24/26			25,890		24,568			25,437		(2) (3) (4)	Software	11.39%	L + 7.00% (incl. 2.50% PIK)	11/24/26			25,890		24,568			25,437		(2) (3) (4)
CloudBees, Inc.	Software	11.39%	L + 7.00% (incl. 2.50% PIK)	11/24/26			11,727		10,443			10,857		(2) (3) (4) (5)	Software	11.39%	L + 7.00% (incl. 2.50% PIK)	11/24/26			11,727		10,443			10,857		(2) (3) (4) (5)
Coding Solutions Acquisition, Inc.	Health Care Providers & Services	9.82%	S + 5.50%	05/11/28			13,556		13,305			13,217		(2) (3) (4)	Health Care Providers & Services	9.82%	S + 5.50%	05/11/28			13,556		13,305			13,217		(2) (3) (4)
Coding Solutions Acquisition, Inc.	Health Care Providers & Services	9.82%	S + 5.50%	05/11/28			1,938		354			339		(2) (3) (4) (5)	Health Care Providers & Services	9.82%	S + 5.50%	05/11/28			1,938		354			339		(2) (3) (4) (5)
Coding Solutions Acquisition, Inc.	Health Care Providers & Services		S + 5.50%	05/11/28			4,077		(37	)		(102	)	(2) (3) (4) (5)	Health Care Providers & Services		S + 5.50%	05/11/28			4,077		(37	)		(102	)	(2) (3) (4) (5)
CORA Health Holdings Corp	Health Care Providers & Services	10.48%	L + 5.75%	06/15/27			20,404		20,172			18,160		(2) (3) (4)	Health Care Providers & Services	10.48%	L + 5.75%	06/15/27			20,404		20,172			18,160		(2) (3) (4)
CORA Health Holdings Corp	Health Care Providers & Services	10.31%	L + 5.75%	06/15/27			8,090		298			(544	)	(2) (3) (4) (5)	Health Care Providers & Services	10.31%	L + 5.75%	06/15/27			8,090		298			(544	)	(2) (3) (4) (5)
CorePower Yoga LLC	Diversified Consumer Services	11.73%	L + 7.00% (incl. 5.00% PIK)	05/14/25			9,860		9,790			8,061		(2) (3) (4)	Diversified Consumer Services	11.73%	L + 7.00% (incl. 5.00% PIK)	05/14/25			9,860		9,790			8,061		(2) (3) (4)
CorePower Yoga LLC	Diversified Consumer Services	11.72%	L + 7.00% (incl. 5.00% PIK)	05/14/25			633		207			96		(2) (3) (4) (5)	Diversified Consumer Services	11.72%	L + 7.00% (incl. 5.00% PIK)	05/14/25			633		207			96		(2) (3) (4) (5)
DECA Dental Holdings LLC	Health Care Providers & Services	10.48%	L + 5.75%	08/28/28			19,413		19,086			18,442		(2) (3) (4)	Health Care Providers & Services	10.48%	L + 5.75%	08/28/28			19,413		19,086			18,442		(2) (3) (4)
DECA Dental Holdings LLC	Health Care Providers & Services	10.48%	L + 5.75%	08/28/28			6,699		1,971			1,708		(2) (3) (4) (5)	Health Care Providers & Services	10.48%	L + 5.75%	08/28/28			6,699		1,971			1,708		(2) (3) (4) (5)
DECA Dental Holdings LLC	Health Care Providers & Services	10.48%	L + 5.75%	08/26/27			1,552		1,321			1,267		(2) (3) (4) (5)	Health Care Providers & Services	10.48%	L + 5.75%	08/26/27			1,552		1,321			1,267		(2) (3) (4) (5)
Diligent Corporation	Professional Services	10.63%	L + 6.25%	08/04/25			20,608		20,320			20,556		(2) (3) (4)	Professional Services	10.63%	L + 6.25%	08/04/25			20,608		20,320			20,556		(2) (3) (4)
Diligent Corporation	Professional Services	10.13%	L + 5.75%	08/04/25			12,773		12,691			12,613		(2) (3) (4)	Professional Services	10.13%	L + 5.75%	08/04/25			12,773		12,691			12,613		(2) (3) (4)
Diligent Corporation	Professional Services	10.13%	L + 5.75%	08/04/25			8,675		8,621			8,567		(2) (3) (4)	Professional Services	10.13%	L + 5.75%	08/04/25			8,675		8,621			8,567		(2) (3) (4)
Diligent Corporation	Professional Services	10.63%	L + 6.25%	08/04/25			1,724		1,700			1,719		(2) (3) (4)	Professional Services	10.63%	L + 6.25%	08/04/25			1,724		1,700			1,719		(2) (3) (4)
Diligent Corporation	Professional Services	10.63%	L + 6.25%	08/04/25			1,087		1,072			1,084		(2) (3) (4)	Professional Services	10.63%	L + 6.25%	08/04/25			1,087		1,072			1,084		(2) (3) (4)
Diligent Corporation	Professional Services	10.63%	L + 6.25%	08/04/25			3,503		1,017			1,042		(2) (3) (4) (5)	Professional Services	10.63%	L + 6.25%	08/04/25			3,503		1,017			1,042		(2) (3) (4) (5)
Elemica Parent, Inc.	Chemicals	10.74%	L + 6.00%	09/18/25			3,511		3,467			3,371		(2) (3) (4)	Chemicals	10.74%	L + 6.00%	09/18/25			3,511		3,467			3,371		(2) (3) (4)
Elemica Parent, Inc.	Chemicals	10.58%	S + 6.00%	09/18/25			1,372		1,346			1,317		(2) (3) (4)	Chemicals	10.58%	S + 6.00%	09/18/25			1,372		1,346			1,317		(2) (3) (4)
Elemica Parent, Inc.	Chemicals	10.68%	S + 6.00%	09/18/25			686		677			659		(2) (3) (4)	Chemicals	10.68%	S + 6.00%	09/18/25			686		677			659		(2) (3) (4)
Elemica Parent, Inc.	Chemicals	10.68%	S + 6.00%	09/18/25			513		503			492		(2) (3) (4)	Chemicals	10.68%	S + 6.00%	09/18/25			513		503			492		(2) (3) (4)
Elemica Parent, Inc.	Chemicals	10.51%	S + 6.00%	09/18/25			470		464			451		(2) (3) (4)	Chemicals	10.51%	S + 6.00%	09/18/25			470		464			451		(2) (3) (4)
Eptam Plastics, Ltd.	Health Care Equipment & Supplies	9.75%	S + 5.75%	12/06/25			8,571		8,413			8,399		(2) (3) (4)	Health Care Equipment & Supplies	9.75%	S + 5.75%	12/06/25			8,571		8,413			8,399		(2) (3) (4)
Eptam Plastics, Ltd.	Health Care Equipment & Supplies	9.67%	S + 5.25%	12/06/25			6,237		6,187			6,035		(2) (3) (4)	Health Care Equipment & Supplies	9.67%	S + 5.25%	12/06/25			6,237		6,187			6,035		(2) (3) (4)
Eptam Plastics, Ltd.	Health Care Equipment & Supplies	9.67%	S + 5.50%	12/06/25			2,955		2,914			2,859		(2) (3) (4)	Health Care Equipment & Supplies	9.67%	S + 5.50%	12/06/25			2,955		2,914			2,859		(2) (3) (4)

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


Investment #	Industry	Interest Rate (+)	Reference Rate and Spread (+)	Maturity	Par/Shares (++)		Cost			Fair Value			Footnotes	Industry	Interest Rate (+)	Reference Rate and Spread (+)	Maturity	Par(++)		Cost			Fair Value			Footnotes
Eptam Plastics, Ltd.	Health Care Equipment & Supplies	9.67%	S + 5.25%	12/06/25	$	2,934	$	2,899		$	2,839		(2) (3) (4)	Health Care Equipment & Supplies	9.67%	S + 5.25%	12/06/25	$	2,934	$	2,899		$	2,839		(2) (3) (4)
Eptam Plastics, Ltd.	Health Care Equipment & Supplies	9.67%	S + 5.25%	12/06/25		2,688		2,665			2,601		(2) (3) (4)	Health Care Equipment & Supplies	9.67%	S + 5.25%	12/06/25		2,688		2,665			2,601		(2) (3) (4)
Eptam Plastics, Ltd.	Health Care Equipment & Supplies	9.67%	S + 5.25%	12/06/25		1,365		126			92		(2) (3) (4) (5)	Health Care Equipment & Supplies	9.67%	S + 5.25%	12/06/25		1,365		126			92		(2) (3) (4) (5)
ESO Solutions, Inc	Health Care Technology	11.59%	S + 7.00%	05/03/27		36,294		35,733			35,750		(2) (3) (4)	Health Care Technology	11.59%	S + 7.00%	05/03/27		36,294		35,733			35,750		(2) (3) (4)
ESO Solutions, Inc	Health Care Technology		S + 7.00%	05/03/27		3,292		(48	)		(49	)	(2) (3) (4) (5)	Health Care Technology		S + 7.00%	05/03/27		3,292		(48	)		(49	)	(2) (3) (4) (5)
Everest Clinical Research Corporation	Professional Services	10.65%	S + 6.00%	11/06/26		5,450		5,342			5,382		(1) (2) (3) (4)	Professional Services	10.65%	S + 6.00%	11/06/26		5,450		5,342			5,382		(1) (2) (3) (4)
Experity, Inc.	Health Care Technology	10.48%	L + 5.75%	02/24/28		34,005		33,873			33,495		(2) (3) (4)	Health Care Technology	10.48%	L + 5.75%	02/24/28		34,005		33,873			33,495		(2) (3) (4)
Experity, Inc.	Health Care Technology		L + 5.75%	02/24/28		3,023		(12	)		(45	)	(2) (3) (4) (5)	Health Care Technology		L + 5.75%	02/24/28		3,023		(12	)		(45	)	(2) (3) (4) (5)
Fullsteam Operations LLC	Diversified Financial Services	12.23%	L + 7.50% (Incl. 5.25% PIK)	10/04/27		53,981		52,748			52,632		(2) (3) (4)	Diversified Financial Services	12.23%	L + 7.50% (Incl. 5.25% PIK)	10/04/27		53,981		52,748			52,632		(2) (3) (4)
Fullsteam Operations LLC	Diversified Financial Services	12.23%	L + 7.50% (Incl. 5.25% PIK)	10/04/27		20,906		20,398			20,383		(2) (3) (4)	Diversified Financial Services	12.23%	L + 7.50% (Incl. 5.25% PIK)	10/04/27		20,906		20,398			20,383		(2) (3) (4)
Fullsteam Operations LLC	Diversified Financial Services	12.23%	L + 7.50% (Incl. 5.25% PIK)	10/04/27		3,067		1,001			993		(2) (3) (4) (5)	Diversified Financial Services	12.23%	L + 7.50% (Incl. 5.25% PIK)	10/04/27		3,067		1,001			993		(2) (3) (4) (5)
Fullsteam Operations LLC	Diversified Financial Services		L + 7.50% (Incl. 5.25% PIK)	10/04/27		764		(16	)		(19	)	(2) (4) (5)	Diversified Financial Services		L + 7.50% (Incl. 5.25% PIK)	10/04/27		764		(16	)		(19	)	(2) (4) (5)
Gainsight, Inc.	Software	11.16%	L + 6.75% PIK	07/30/27		40,594		40,066			39,072		(2) (3) (4)	Software	11.16%	L + 6.75% PIK	07/30/27		40,594		40,066			39,072		(2) (3) (4)
Gainsight, Inc.	Software		L + 6.75%	07/30/27		4,830		(65	)		(181	)	(2) (3) (4) (5)	Software		L + 6.75%	07/30/27		4,830		(65	)		(181	)	(2) (3) (4) (5)
GHA Buyer Inc. (dba Cedar Gate)	Health Care Technology	12.98%	S + 8.25% (Incl. 3.75% PIK)	06/24/26		13,845		13,682			13,014		(2) (3) (4)	Health Care Technology	12.98%	S + 8.25% (Incl. 3.75% PIK)	06/24/26		13,845		13,682			13,014		(2) (3) (4)
GHA Buyer Inc. (dba Cedar Gate)	Health Care Technology	12.98%	S + 8.25% (Incl. 3.75% PIK)	06/24/26		2,422		2,394			2,277		(2) (3) (4)	Health Care Technology	12.98%	S + 8.25% (Incl. 3.75% PIK)	06/24/26		2,422		2,394			2,277		(2) (3) (4)
GHA Buyer Inc. (dba Cedar Gate)	Health Care Technology	12.98%	S + 8.25% (Incl. 3.75% PIK)	06/24/26		905		891			850		(2) (3) (4)	Health Care Technology	12.98%	S + 8.25% (Incl. 3.75% PIK)	06/24/26		905		891			850		(2) (3) (4)
GHA Buyer Inc. (dba Cedar Gate)	Health Care Technology		S + 8.25% (Incl. 3.75% PIK)	06/24/26		1,749		(20	)		(105	)	(2) (4) (5)	Health Care Technology		S + 8.25% (Incl. 3.75% PIK)	06/24/26		1,749		(20	)		(105	)	(2) (4) (5)
GovDelivery Holdings, LLC (dba Granicus, Inc.)	Software	9.64%	L + 5.50%	01/29/27		26,375		25,892			25,715		(2) (3)	Software	9.64%	L + 5.50%	01/29/27		26,375		25,892			25,715		(2) (3)
GovDelivery Holdings, LLC (dba Granicus, Inc.)	Software	10.14%	L + 6.00%	01/29/27		3,444		3,390			3,358		(2) (3)	Software	10.14%	L + 6.00%	01/29/27		3,444		3,390			3,358		(2) (3)
GovDelivery Holdings, LLC (dba Granicus, Inc.)	Software	10.69%	L + 6.50%	01/29/27		2,337		760			726		(2) (5)	Software	10.69%	L + 6.50%	01/29/27		2,337		760			726		(2) (5)
Governmentjobs.com, Inc. (dba NeoGov)	Software	9.88%	L + 5.50%	12/01/28		37,908		37,825			37,245		(2) (3) (4)	Software	9.88%	L + 5.50%	12/01/28		37,908		37,825			37,245		(2) (3) (4)
Governmentjobs.com, Inc. (dba NeoGov)	Software		L + 5.50%	12/02/27		4,244		(9	)		(74	)	(2) (3) (4) (5)	Software		L + 5.50%	12/02/27		4,244		(9	)		(74	)	(2) (3) (4) (5)
Governmentjobs.com, Inc. (dba NeoGov)	Software		L + 5.50%	12/01/28		13,262		(14	)		(232	)	(2) (3) (4) (5)	Software		L + 5.50%	12/01/28		13,262		(14	)		(232	)	(2) (3) (4) (5)
GS AcquisitionCo, Inc. (dba Insightsoftware)	Diversified Financial Services	9.92%	L + 5.75%	05/22/26		22,855		22,648			22,055		(2) (3)	Diversified Financial Services	9.92%	L + 5.75%	05/22/26		22,855		22,648			22,055		(2) (3)
GS AcquisitionCo, Inc. (dba Insightsoftware)	Diversified Financial Services		L + 5.75%	05/22/26		914		(9	)		(32	)	(2) (3) (5)	Diversified Financial Services		L + 5.75%	05/22/26		914		(9	)		(32	)	(2) (3) (5)
HealthEdge Software, Inc.	Health Care Technology	11.74%	L + 7.00%	04/09/26		32,000		31,496			31,280		(2) (3) (4)	Health Care Technology	11.74%	L + 7.00%	04/09/26		32,000		31,496			31,280		(2) (3) (4)
HealthEdge Software, Inc.	Health Care Technology	11.74%	L + 7.00%	04/09/26		2,964		2,964			2,897		(2) (3) (4)	Health Care Technology	11.74%	L + 7.00%	04/09/26		2,964		2,964			2,897		(2) (3) (4)
HealthEdge Software, Inc.	Health Care Technology		L + 7.00%	04/09/26		3,400		(52	)		(77	)	(2) (3) (4) (5)	Health Care Technology		L + 7.00%	04/09/26		3,400		(52	)		(77	)	(2) (3) (4) (5)
HealthEdge Software, Inc.	Health Care Technology		L + 7.00%	04/09/26		8,500		(65	)		(191	)	(2) (3) (4) (5)	Health Care Technology		L + 7.00%	04/09/26		8,500		(65	)		(191	)	(2) (3) (4) (5)
Helios Buyer, Inc. (dba Heartland)	Diversified Consumer Services	10.38%	L + 6.00%	12/15/26		17,557		17,336			17,206		(2) (3) (4)	Diversified Consumer Services	10.38%	L + 6.00%	12/15/26		17,557		17,336			17,206		(2) (3) (4)
Helios Buyer, Inc. (dba Heartland)	Diversified Consumer Services	10.10%	L + 5.75%	12/15/26		18,616		13,934			13,668		(2) (3) (4) (5)	Diversified Consumer Services	10.10%	L + 5.75%	12/15/26		18,616		13,934			13,668		(2) (3) (4) (5)
Helios Buyer, Inc. (dba Heartland)	Diversified Consumer Services	10.38%	L + 6.00%	12/15/26		13,471		13,365			13,202		(2) (3) (4)	Diversified Consumer Services	10.38%	L + 6.00%	12/15/26		13,471		13,365			13,202		(2) (3) (4)
Helios Buyer, Inc. (dba Heartland)	Diversified Consumer Services	10.38%	L + 6.00%	12/15/26		7,279		7,167			7,134		(2) (3) (4)	Diversified Consumer Services	10.38%	L + 6.00%	12/15/26		7,279		7,167			7,134		(2) (3) (4)
Helios Buyer, Inc. (dba Heartland)	Diversified Consumer Services		L + 6.00%	12/15/26		2,199		(30	)		(44	)	(2) (4) (5)	Diversified Consumer Services		L + 6.00%	12/15/26		2,199		(30	)		(44	)	(2) (4) (5)
Honor HN Buyer, Inc	Health Care Providers & Services	10.48%	S + 5.75%	10/15/27		21,875		21,511			21,383		(2) (3) (4)	Health Care Providers & Services	10.48%	S + 5.75%	10/15/27		21,875		21,511			21,383		(2) (3) (4)
Honor HN Buyer, Inc	Health Care Providers & Services	10.48%	S + 5.75%	10/15/27		13,816		5,801			5,654		(2) (3) (4) (5)	Health Care Providers & Services	10.48%	S + 5.75%	10/15/27		13,816		5,801			5,654		(2) (3) (4) (5)
Honor HN Buyer, Inc	Health Care Providers & Services		S + 5.75%	10/15/27		2,542		(41	)		(57	)	(2) (3) (4) (5)	Health Care Providers & Services		S + 5.75%	10/15/27		2,542		(41	)		(57	)	(2) (3) (4) (5)
Honor HN Buyer, Inc	Health Care Providers & Services		S + 5.75%	10/15/27		19,555		(183	)		(440	)	(2) (4) (5)	Health Care Providers & Services		S + 5.75%	10/15/27		19,555		(183	)		(440	)	(2) (4) (5)
HowlCO LLC (dba Lone Wolf)	Real Estate Mgmt. & Development	10.57%	L + 6.00%	10/23/26		32,007		31,627			30,407		(1) (2) (3) (4)	Real Estate Mgmt. & Development	10.57%	L + 6.00%	10/23/26		32,007		31,627			30,407		(1) (2) (3) (4)

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


Investment #	Industry	Interest Rate (+)	Reference Rate and Spread (+)	Maturity		Par/Shares (++)		Cost			Fair Value			Footnotes	Industry	Interest Rate (+)	Reference Rate and Spread (+)	Maturity		Par(++)		Cost			Fair Value			Footnotes
HowlCO LLC (dba Lone Wolf)	Real Estate Mgmt. & Development	10.69%	L + 6.00%	10/23/26	$		10,263	$	10,184		$	9,750		(1) (2) (3) (4)	Real Estate Mgmt. & Development	10.69%	L + 6.00%	10/23/26	$		10,263	$	10,184		$	9,750		(1) (2) (3) (4)
HowlCO LLC (dba Lone Wolf)	Real Estate Mgmt. & Development	10.73%	L + 6.00%	10/23/26			9,818		9,755			9,327		(1) (2) (3) (4)	Real Estate Mgmt. & Development	10.73%	L + 6.00%	10/23/26			9,818		9,755			9,327		(1) (2) (3) (4)
HS4 AcquisitionCo, Inc. (dba HotSchedules & Fourth)	Hotels, Restaurants & Leisure	11.14%	L + 6.75%	07/09/25			26,485		26,225			25,690		(2) (3) (4)	Hotels, Restaurants & Leisure	11.14%	L + 6.75%	07/09/25			26,485		26,225			25,690		(2) (3) (4)
HS4 AcquisitionCo, Inc. (dba HotSchedules & Fourth)	Hotels, Restaurants & Leisure	11.14%	L + 6.75%	07/09/25			5,493		5,416			5,329		(2) (3) (4)	Hotels, Restaurants & Leisure	11.14%	L + 6.75%	07/09/25			5,493		5,416			5,329		(2) (3) (4)
HS4 AcquisitionCo, Inc. (dba HotSchedules & Fourth)	Hotels, Restaurants & Leisure	11.14%	L + 6.75%	07/09/25			2,186		1,074			1,027		(2) (3) (4) (5)	Hotels, Restaurants & Leisure	11.14%	L + 6.75%	07/09/25			2,186		1,074			1,027		(2) (3) (4) (5)
HumanState Limited (dba PayProp)	Diversified Consumer Services	9.43%	SN + 6.00%	11/23/28	GBP		1,000		1,189			1,191		(1) (2) (3)	Diversified Consumer Services	9.43%	SN + 6.00%	11/23/28	GBP		1,000		1,189			1,191		(1) (2) (3)
HumanState Limited (dba PayProp)	Diversified Consumer Services		SN + 6.00%	11/23/28	GBP		100		(4	)		(2	)	(1) (2) (3) (5)	Diversified Consumer Services		SN + 6.00%	11/23/28	GBP		100		(4	)		(2	)	(1) (2) (3) (5)
HumanState Limited (dba PayProp)	Diversified Consumer Services		SN + 6.00%	11/23/28	GBP		270		(2	)		(2	)	(1) (2) (3) (5)	Diversified Consumer Services		SN + 6.00%	11/23/28	GBP		270		(2	)		(2	)	(1) (2) (3) (5)
iCIMS, Inc.	Professional Services	11.52%	S + 7.25% (Incl. 3.88% PIK)	08/18/28			38,211		37,574			37,543		(2) (3) (4)	Professional Services	11.52%	S + 7.25% (Incl. 3.88% PIK)	08/18/28			38,211		37,574			37,543		(2) (3) (4)
iCIMS, Inc.	Professional Services		S + 7.25% (Incl. 3.88% PIK)	08/18/28			3,639		(60	)		(64	)	(2) (3) (4) (5)	Professional Services		S + 7.25% (Incl. 3.88% PIK)	08/18/28			3,639		(60	)		(64	)	(2) (3) (4) (5)
iCIMS, Inc.	Professional Services		S + 7.25%	08/18/28			10,150		—			(178	)	(2) (3) (4) (5)	Professional Services		S + 7.25%	08/18/28			10,150		—			(178	)	(2) (3) (4) (5)
Intelligent Medical Objects, Inc.	Health Care Technology	10.62%	S + 6.00%	05/11/29			11,386		11,175			11,159		(2) (3) (4)	Health Care Technology	10.62%	S + 6.00%	05/11/29			11,386		11,175			11,159		(2) (3) (4)
Intelligent Medical Objects, Inc.	Health Care Technology	10.61%	S + 6.00%	05/11/28			1,396		240			237		(2) (3) (4) (5)	Health Care Technology	10.61%	S + 6.00%	05/11/28			1,396		240			237		(2) (3) (4) (5)
Intelligent Medical Objects, Inc.	Health Care Technology		S + 6.00%	05/11/29			2,690		(25	)		(54	)	(2) (3) (4) (5)	Health Care Technology		S + 6.00%	05/11/29			2,690		(25	)		(54	)	(2) (3) (4) (5)
Internet Truckstop Group, LLC (dba Truckstop)	Transportation Infrastructure	10.23%	L + 5.50%	04/02/25			38,291		37,723			37,812		(2) (3) (4)	Transportation Infrastructure	10.23%	L + 5.50%	04/02/25			38,291		37,723			37,812		(2) (3) (4)
Kaseya Inc.	IT Services	10.33%	S + 5.75%	06/25/29			16,900		16,661			16,646		(2) (3) (4)	IT Services	10.33%	S + 5.75%	06/25/29			16,900		16,661			16,646		(2) (3) (4)
Kaseya Inc.	IT Services		S + 5.75%	06/25/29			1,010		(7	)		(15	)	(2) (3) (4) (5)	IT Services		S + 5.75%	06/25/29			1,010		(7	)		(15	)	(2) (3) (4) (5)
Kaseya Inc.	IT Services		S + 5.75%	06/25/29			1,010		(14	)		(15	)	(2) (3) (4) (5)	IT Services		S + 5.75%	06/25/29			1,010		(14	)		(15	)	(2) (3) (4) (5)
LS Clinical Services Holdings, Inc (dba CATO)	Pharmaceuticals	11.48%	L + 6.75%	12/16/27			13,828		13,533			13,448		(2) (3) (4)	Pharmaceuticals	11.48%	L + 6.75%	12/16/27			13,828		13,533			13,448		(2) (3) (4)
LS Clinical Services Holdings, Inc (dba CATO)	Pharmaceuticals	11.18%	L + 6.75%	12/16/26			1,995		1,956			1,941		(2) (3) (4)	Pharmaceuticals	11.18%	L + 6.75%	12/16/26			1,995		1,956			1,941		(2) (3) (4)
MedeAnalytics, Inc.	Health Care Technology		S + 8.00% (incl. 1.50% PIK)	10/09/26			43,737		41,615			34,552		(2) (3) (4) (6)	Health Care Technology		S + 8.00% (incl. 1.50% PIK)	10/09/26			43,737		41,615			34,552		(2) (3) (4) (6)
MerchantWise Solutions, LLC (dba HungerRush)	Diversified Financial Services	9.31%	S + 6.00%	06/01/28			19,779		19,415			19,186		(2) (3) (4)	Diversified Financial Services	9.31%	S + 6.00%	06/01/28			19,779		19,415			19,186		(2) (3) (4)
MerchantWise Solutions, LLC (dba HungerRush)	Diversified Financial Services	10.63%	S + 6.00%	06/01/28			4,968		3,234			3,204		(2) (3) (4) (5)	Diversified Financial Services	10.63%	S + 6.00%	06/01/28			4,968		3,234			3,204		(2) (3) (4) (5)
MerchantWise Solutions, LLC (dba HungerRush)	Diversified Financial Services		S + 6.00%	06/01/28			2,485		(45	)		(75	)	(2) (3) (4) (5)	Diversified Financial Services		S + 6.00%	06/01/28			2,485		(45	)		(75	)	(2) (3) (4) (5)
Millstone Medical Outsourcing, LLC	Health Care Providers & Services	10.87%	S + 6.00%	12/15/27			9,231		9,074			9,047		(2) (3) (4)	Health Care Providers & Services	10.87%	S + 6.00%	12/15/27			9,231		9,074			9,047		(2) (3) (4)
Millstone Medical Outsourcing, LLC	Health Care Providers & Services	12.5%	P + 5.00%	12/15/27			1,998		366			360		(2) (3) (4) (5)	Health Care Providers & Services	12.5%	P + 5.00%	12/15/27			1,998		366			360		(2) (3) (4) (5)
MRI Software LLC	Real Estate Mgmt. & Development	10.23%	L + 5.50%	02/10/26			27,464		27,138			26,331		(3)	Real Estate Mgmt. & Development	10.23%	L + 5.50%	02/10/26			27,464		27,138			26,331		(3)
MRI Software LLC	Real Estate Mgmt. & Development	10.23%	L + 5.50%	02/10/26			16,460		16,364			15,781		(3)	Real Estate Mgmt. & Development	10.23%	L + 5.50%	02/10/26			16,460		16,364			15,781		(3)
MRI Software LLC	Real Estate Mgmt. & Development		L + 5.50%	02/10/26			1,143		(6	)		(47	)	(3) (5)	Real Estate Mgmt. & Development		L + 5.50%	02/10/26			1,143		(6	)		(47	)	(3) (5)
MRI Software LLC	Real Estate Mgmt. & Development		L + 5.50%	02/10/26			3,238		(13	)		(134	)	(2) (5)	Real Estate Mgmt. & Development		L + 5.50%	02/10/26			3,238		(13	)		(134	)	(2) (5)
NFM & J, L.P. (dba the Facilities Group)	Professional Services	10.13%	L + 5.75%	11/30/27			15,391		15,137			14,929		(2) (3) (4)	Professional Services	10.13%	L + 5.75%	11/30/27			15,391		15,137			14,929		(2) (3) (4)
NFM & J, L.P. (dba the Facilities Group)	Professional Services	10.27%	L + 5.75%	11/30/27			15,625		12,621			12,397		(2) (3) (4) (5)	Professional Services	10.27%	L + 5.75%	11/30/27			15,625		12,621			12,397		(2) (3) (4) (5)
NFM & J, L.P. (dba the Facilities Group)	Professional Services		L + 5.75%	11/30/27			2,696		(45	)		(81	)	(2) (3) (4) (5)	Professional Services		L + 5.75%	11/30/27			2,696		(45	)		(81	)	(2) (3) (4) (5)
One GI LLC	Health Care Providers & Services	11.13%	L + 6.75%	12/22/25			20,978		20,704			19,929		(2) (3) (4)	Health Care Providers & Services	11.13%	L + 6.75%	12/22/25			20,978		20,704			19,929		(2) (3) (4)
One GI LLC	Health Care Providers & Services	11.13%	L + 6.75%	12/22/25			10,307		10,148			9,791		(2) (3) (4)	Health Care Providers & Services	11.13%	L + 6.75%	12/22/25			10,307		10,148			9,791		(2) (3) (4)
One GI LLC	Health Care Providers & Services	11.13%	L + 6.75%	12/22/25			8,722		8,610			8,286		(2) (3) (4)	Health Care Providers & Services	11.13%	L + 6.75%	12/22/25			8,722		8,610			8,286		(2) (3) (4)
One GI LLC	Health Care Providers & Services	11.07%	L + 6.75%	12/22/25			5,679		5,543			5,357		(2) (3) (4) (5)	Health Care Providers & Services	11.07%	L + 6.75%	12/22/25			5,679		5,543			5,357		(2) (3) (4) (5)
One GI LLC	Health Care Providers & Services		L + 6.75%	12/22/25			3,246		(42	)		(162	)	(2) (3) (4) (5)	Health Care Providers & Services		L + 6.75%	12/22/25			3,246		(42	)		(162	)	(2) (3) (4) (5)
PDDS Holdco, Inc. (dba Planet DDS)	Health Care Technology	12.54%	S + 7.50%	07/18/28			22,055		21,639			21,614		(2) (3) (4)	Health Care Technology	12.54%	S + 7.50%	07/18/28			22,055		21,639			21,614		(2) (3) (4)
PDDS Holdco, Inc. (dba Planet DDS)	Health Care Technology	12.54%	S + 7.50%	07/18/28			2,145		2,125			2,102		(2) (3) (4)	Health Care Technology	12.54%	S + 7.50%	07/18/28			2,145		2,125			2,102		(2) (3) (4)

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


Investment #	Industry	Interest Rate (+)	Reference Rate and Spread (+)	Maturity	Par/Shares (++)		Cost			Fair Value			Footnotes	Industry	Interest Rate (+)	Reference Rate and Spread (+)	Maturity	Par(++)		Cost			Fair Value			Footnotes
PDDS Holdco, Inc. (dba Planet DDS)	Health Care Technology	12.53%	S + 7.50%	07/18/28	$	2,530	$	1,170		$	1,119		(2) (3) (4) (5)	Health Care Technology	12.53%	S + 7.50%	07/18/28	$	2,530	$	1,170		$	1,119		(2) (3) (4) (5)
PDDS Holdco, Inc. (dba Planet DDS)	Health Care Technology		S + 6.75%	07/18/28		1,705		(32	)		(34	)	(2) (3) (4) (5)	Health Care Technology		S + 6.75%	07/18/28		1,705		(32	)		(34	)	(2) (3) (4) (5)
PDDS Holdco, Inc. (dba Planet DDS)	Health Care Technology		S + 6.75%	07/18/28		2,530		(23	)		(51	)	(2) (3) (4) (5)	Health Care Technology		S + 6.75%	07/18/28		2,530		(23	)		(51	)	(2) (3) (4) (5)
Picture Head Midco LLC	Entertainment	11.11%	S + 6.75%	08/31/23		19,521		19,416			19,130		(2) (3) (4)	Entertainment	11.11%	S + 6.75%	08/31/23		19,521		19,416			19,130		(2) (3) (4)
Pioneer Buyer I, LLC	Software	11.72%	L + 7.00% PIK	11/01/28		23,810		23,438			23,334		(2) (3) (4)	Software	11.72%	L + 7.00% PIK	11/01/28		23,810		23,438			23,334		(2) (3) (4)
Pioneer Buyer I, LLC	Software		L + 7.00%	11/01/27		3,900		(63	)		(78	)	(2) (3) (4) (5)	Software		L + 7.00%	11/01/27		3,900		(63	)		(78	)	(2) (3) (4) (5)
Pluralsight, Inc	Professional Services	11.83%	L + 8.00%	04/06/27		68,747		67,688			67,200		(2) (3) (4)	Professional Services	11.83%	L + 8.00%	04/06/27		68,747		67,688			67,200		(2) (3) (4)
Pluralsight, Inc	Professional Services	12.36%	L + 8.00%	04/06/27		4,600		2,234			2,196		(2) (3) (4) (5)	Professional Services	12.36%	L + 8.00%	04/06/27		4,600		2,234			2,196		(2) (3) (4) (5)
Premier Care Dental Management, LLC	Health Care Providers & Services	9.88%	L + 5.50%	08/05/28		16,906		16,623			16,399		(2) (3) (4)	Health Care Providers & Services	9.88%	L + 5.50%	08/05/28		16,906		16,623			16,399		(2) (3) (4)
Premier Care Dental Management, LLC	Health Care Providers & Services	9.88%	L + 5.50%	08/05/28		9,172		7,647			7,475		(2) (3) (4) (5)	Health Care Providers & Services	9.88%	L + 5.50%	08/05/28		9,172		7,647			7,475		(2) (3) (4) (5)
Premier Care Dental Management, LLC	Health Care Providers & Services	9.73%	L + 5.50%	08/05/27		2,769		880			840		(2) (3) (4) (5)	Health Care Providers & Services	9.73%	L + 5.50%	08/05/27		2,769		880			840		(2) (3) (4) (5)
Premier Imaging, LLC (dba Lucid Health)	Health Care Providers & Services	10.13%	L + 5.75%	01/02/25		16,404		16,269			15,994		(2) (3) (4)	Health Care Providers & Services	10.13%	L + 5.75%	01/02/25		16,404		16,269			15,994		(2) (3) (4)
Premier Imaging, LLC (dba Lucid Health)	Health Care Providers & Services	10.13%	L + 5.75%	01/02/25		10,831		10,720			10,560		(2) (3) (4)	Health Care Providers & Services	10.13%	L + 5.75%	01/02/25		10,831		10,720			10,560		(2) (3) (4)
Premier Imaging, LLC (dba Lucid Health)	Health Care Providers & Services	10.13%	L + 5.75%	01/02/25		4,580		4,533			4,466		(2) (3) (4)	Health Care Providers & Services	10.13%	L + 5.75%	01/02/25		4,580		4,533			4,466		(2) (3) (4)
Premier Imaging, LLC (dba Lucid Health)	Health Care Providers & Services	10.13%	L + 5.75%	01/02/25		10,242		2,832			2,680		(2) (3) (4) (5)	Health Care Providers & Services	10.13%	L + 5.75%	01/02/25		10,242		2,832			2,680		(2) (3) (4) (5)
Project Eagle Holdings, LLC (dba Exostar)	Aerospace & Defense	10.64%	L + 6.25%	07/06/26		40,093		39,438			39,291		(2) (3) (4)	Aerospace & Defense	10.64%	L + 6.25%	07/06/26		40,093		39,438			39,291		(2) (3) (4)
Project Eagle Holdings, LLC (dba Exostar)	Aerospace & Defense		L + 6.50%	07/06/26		3,418		(51	)		(68	)	(2) (3) (4) (5)	Aerospace & Defense		L + 6.50%	07/06/26		3,418		(51	)		(68	)	(2) (3) (4) (5)
Prophix Software Inc. (dba Pound Bidco)	Diversified Financial Services	10.67%	L + 6.50%	01/30/26		17,147		16,920			16,932		(1) (2) (3) (4)	Diversified Financial Services	10.67%	L + 6.50%	01/30/26		17,147		16,920			16,932		(1) (2) (3) (4)
Prophix Software Inc. (dba Pound Bidco)	Diversified Financial Services	10.67%	L + 6.50%	01/30/26		7,015		6,910			6,928		(1) (2) (3) (4)	Diversified Financial Services	10.67%	L + 6.50%	01/30/26		7,015		6,910			6,928		(1) (2) (3) (4)
Prophix Software Inc. (dba Pound Bidco)	Diversified Financial Services		L + 6.50%	01/30/26		3,118		(39	)		(39	)	(1) (2) (4) (5)	Diversified Financial Services		L + 6.50%	01/30/26		3,118		(39	)		(39	)	(1) (2) (4) (5)
PT Intermediate Holdings III, LLC (dba Parts Town)	Trading Companies & Distributors	10.23%	L + 5.50%	11/01/28		20,543		20,364			19,824		(2) (3)	Trading Companies & Distributors	10.23%	L + 5.50%	11/01/28		20,543		20,364			19,824		(2) (3)
PT Intermediate Holdings III, LLC (dba Parts Town)	Trading Companies & Distributors	10.23%	L + 5.50%	11/01/28		1,826		1,810			1,762		(2) (3)	Trading Companies & Distributors	10.23%	L + 5.50%	11/01/28		1,826		1,810			1,762		(2) (3)
PT Intermediate Holdings III, LLC (dba Parts Town)	Trading Companies & Distributors	10.23%	L + 5.50%	11/01/28		1,762		1,747			1,701		(2) (3)	Trading Companies & Distributors	10.23%	L + 5.50%	11/01/28		1,762		1,747			1,701		(2) (3)
PT Intermediate Holdings III, LLC (dba Parts Town)	Trading Companies & Distributors	10.23%	L + 5.50%	11/01/28		1,261		1,250			1,217		(2) (3)	Trading Companies & Distributors	10.23%	L + 5.50%	11/01/28		1,261		1,250			1,217		(2) (3)
Purfoods, LLC	Health Care Providers & Services	10.90%	L + 6.25%	08/12/26		24,047		23,692			23,505		(2) (3) (4)	Health Care Providers & Services	10.90%	L + 6.25%	08/12/26		24,047		23,692			23,505		(2) (3) (4)
Purfoods, LLC	Health Care Providers & Services	10.88%	L + 6.25%	08/12/26		16,233		15,994			15,868		(2) (3) (4)	Health Care Providers & Services	10.88%	L + 6.25%	08/12/26		16,233		15,994			15,868		(2) (3) (4)
Qualawash Holdings, LLC	Commercial Services & Supplies	9.44%	L + 5.50%	08/31/26		10,345		10,211			10,138		(2) (3) (4)	Commercial Services & Supplies	9.44%	L + 5.50%	08/31/26		10,345		10,211			10,138		(2) (3) (4)
Qualawash Holdings, LLC	Commercial Services & Supplies	9.89%	L + 5.50%	08/31/26		2,607		2,123			2,098		(2) (3) (4) (5)	Commercial Services & Supplies	9.89%	L + 5.50%	08/31/26		2,607		2,123			2,098		(2) (3) (4) (5)
Qualawash Holdings, LLC	Commercial Services & Supplies		L + 5.50%	08/31/26		2,613		(33	)		(52	)	(2) (3) (4) (5)	Commercial Services & Supplies		L + 5.50%	08/31/26		2,613		(33	)		(52	)	(2) (3) (4) (5)
Riverpoint Medical, LLC	Health Care Equipment & Supplies	9.73%	S + 5.00%	06/21/25		13,477		13,367			13,174		(2) (3) (4)	Health Care Equipment & Supplies	9.73%	S + 5.00%	06/21/25		13,477		13,367			13,174		(2) (3) (4)
Riverpoint Medical, LLC	Health Care Equipment & Supplies	9.73%	S + 5.00%	06/21/25		9,548		9,510			9,333		(2) (3) (4)	Health Care Equipment & Supplies	9.73%	S + 5.00%	06/21/25		9,548		9,510			9,333		(2) (3) (4)
Riverpoint Medical, LLC	Health Care Equipment & Supplies		S + 5.00%	06/21/25		1,806		(4	)		(41	)	(2) (3) (4) (5)	Health Care Equipment & Supplies		S + 5.00%	06/21/25		1,806		(4	)		(41	)	(2) (3) (4) (5)
Rodeo Buyer Company (dba Absorb Software)	Professional Services	10.63%	L + 6.25%	05/25/27		19,155		18,858			18,819		(1) (2) (3) (4)	Professional Services	10.63%	L + 6.25%	05/25/27		19,155		18,858			18,819		(1) (2) (3) (4)
Rodeo Buyer Company (dba Absorb Software)	Professional Services	10.49%	L + 6.25%	05/25/27		3,065		261			253		(1) (2) (4) (5)	Professional Services	10.49%	L + 6.25%	05/25/27		3,065		261			253		(1) (2) (4) (5)
Rubrik,Inc.	Software	10.75%	S + 6.50%	06/10/27		32,242		31,657			31,597		(2) (3) (4)	Software	10.75%	S + 6.50%	06/10/27		32,242		31,657			31,597		(2) (3) (4)
Rubrik,Inc.	Software	11.45%	S + 7.00%	06/10/27		3,685		1,567			1,493		(2) (3) (4) (5)	Software	11.45%	S + 7.00%	06/10/27		3,685		1,567			1,493		(2) (3) (4) (5)
Southeast Mechanical, LLC (dba. SEM Holdings, LLC)	Diversified Consumer Services	10.44%	S + 6.00%	07/06/27		9,851		9,669			9,653		^ (2) (3) (4)	Diversified Consumer Services	10.44%	S + 6.00%	07/06/27		9,851		9,669			9,653		^ (2) (3) (4)
Southeast Mechanical, LLC (dba. SEM Holdings, LLC)	Diversified Consumer Services		S + 6.00%	07/06/27		1,700		(31	)		(34	)	^ (2) (3) (4) (5)	Diversified Consumer Services		S + 6.00%	07/06/27		1,700		(31	)		(34	)	^ (2) (3) (4) (5)
Southeast Mechanical, LLC (dba. SEM Holdings, LLC)	Diversified Consumer Services		S + 6.00%	07/06/27		6,800		(62	)		(136	)	^ (2) (3) (4) (5)	Diversified Consumer Services		S + 6.00%	07/06/27		6,800		(62	)		(136	)	^ (2) (3) (4) (5)
SpendMend, LLC	Health Care Providers & Services	10.17%	S + 5.75%	03/01/28		12,212		12,023			11,907		(2) (3) (4)	Health Care Providers & Services	10.17%	S + 5.75%	03/01/28		12,212		12,023			11,907		(2) (3) (4)

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


Investment #	Industry	Interest Rate (+)	Reference Rate and Spread (+)	Maturity	Par/ Shares (++)		Cost			Fair Value			Footnotes	Industry	Interest Rate (+)	Reference Rate and Spread (+)	Maturity	Par(++)		Cost			Fair Value			Footnotes
SpendMend, LLC	Health Care Providers & Services	10.17%	S + 5.75%	03/01/28	$	5,339	$	2,093		$	2,018		(2) (3) (4) (5)	Health Care Providers & Services	10.17%	S + 5.75%	03/01/28	$	5,339	$	2,093		$	2,018		(2) (3) (4) (5)
SpendMend, LLC	Health Care Providers & Services	10.17%	S + 5.75%	03/01/28		1,605		189			174		(2) (3) (4) (5)	Health Care Providers & Services	10.17%	S + 5.75%	03/01/28		1,605		189			174		(2) (3) (4) (5)
StarCompliance Intermediate, LLC	Diversified Financial Services	11.48%	L + 6.75%	01/12/27		14,400		14,192			14,184		(2) (3) (4)	Diversified Financial Services	11.48%	L + 6.75%	01/12/27		14,400		14,192			14,184		(2) (3) (4)
StarCompliance Intermediate, LLC	Diversified Financial Services	11.48%	L + 6.75%	01/12/27		2,319		2,282			2,285		(2) (3) (4)	Diversified Financial Services	11.48%	L + 6.75%	01/12/27		2,319		2,282			2,285		(2) (3) (4)
StarCompliance Intermediate, LLC	Diversified Financial Services	11.14%	L + 6.75%	01/12/27		2,300		544			540		(2) (4) (5)	Diversified Financial Services	11.14%	L + 6.75%	01/12/27		2,300		544			540		(2) (4) (5)
Sundance Group Holdings, Inc. (dba NetDocuments)	Software	10.75%	S + 6.25%	07/02/27		37,327		36,867			36,394		(2) (3) (4)	Software	10.75%	S + 6.25%	07/02/27		37,327		36,867			36,394		(2) (3) (4)
Sundance Group Holdings, Inc. (dba NetDocuments)	Software	10.75%	S + 6.25%	07/02/27		11,198		11,023			10,918		(2) (3) (4)	Software	10.75%	S + 6.25%	07/02/27		11,198		11,023			10,918		(2) (3) (4)
Sundance Group Holdings, Inc. (dba NetDocuments)	Software	10.93%	S + 6.25%	07/02/27		3,239		3,144			3,158		(3) (4)	Software	10.93%	S + 6.25%	07/02/27		3,239		3,144			3,158		(3) (4)
Sundance Group Holdings, Inc. (dba NetDocuments)	Software		S + 6.25%	07/02/27		4,479		(53	)		(112	)	(2) (3) (4) (5)	Software		S + 6.25%	07/02/27		4,479		(53	)		(112	)	(2) (3) (4) (5)
Sunstar Insurance Group, LLC	Insurance	10.73%	S + 6.00%	10/09/26		12,009		11,833			11,769		(2) (3) (4)	Insurance	10.73%	S + 6.00%	10/09/26		12,009		11,833			11,769		(2) (3) (4)
Sunstar Insurance Group, LLC	Insurance	10.73%	S + 6.00%	10/09/26		7,603		7,495			7,451		(2) (3) (4)	Insurance	10.73%	S + 6.00%	10/09/26		7,603		7,495			7,451		(2) (3) (4)
Sunstar Insurance Group, LLC	Insurance	10.73%	S + 6.00%	10/09/26		338		288			284		(2) (3) (4) (5)	Insurance	10.73%	S + 6.00%	10/09/26		338		288			284		(2) (3) (4) (5)
Sunstar Insurance Group, LLC	Insurance		S + 6.00%	10/09/26		3,503		(53	)		(70	)	(2) (3) (4) (5)	Insurance		S + 6.00%	10/09/26		3,503		(53	)		(70	)	(2) (3) (4) (5)
Sunstar Insurance Group, LLC	Insurance		S + 6.00%	10/09/26		18,136		(328	)		(363	)	(2) (3) (4) (5)	Insurance		S + 6.00%	10/09/26		18,136		(328	)		(363	)	(2) (3) (4) (5)
Superman Holdings, LLC (dba Foundation Software)	Construction & Engineering	10.85%	L + 6.13%	08/31/27		40,174		39,442			39,370		(2) (3) (4)	Construction & Engineering	10.85%	L + 6.13%	08/31/27		40,174		39,442			39,370		(2) (3) (4)
Superman Holdings, LLC (dba Foundation Software)	Construction & Engineering		L + 8.00%	08/31/26		5,134		(79	)		(103	)	(2) (4) (5)	Construction & Engineering		L + 8.00%	08/31/26		5,134		(79	)		(103	)	(2) (4) (5)
Sweep Purchaser LLC	Commercial Services & Supplies	10.48%	L + 5.75%	11/30/26		26,005		25,642			25,550		(2) (3) (4)	Commercial Services & Supplies	10.48%	L + 5.75%	11/30/26		26,005		25,642			25,550		(2) (3) (4)
Sweep Purchaser LLC	Commercial Services & Supplies	10.35%	L + 5.75%	11/30/26		8,256		8,139			8,111		(2) (3) (4)	Commercial Services & Supplies	10.35%	L + 5.75%	11/30/26		8,256		8,139			8,111		(2) (3) (4)
Sweep Purchaser LLC	Commercial Services & Supplies	10.20%	L + 5.75%	11/30/26		6,620		6,523			6,504		(2) (3) (4)	Commercial Services & Supplies	10.20%	L + 5.75%	11/30/26		6,620		6,523			6,504		(2) (3) (4)
Sweep Purchaser LLC	Commercial Services & Supplies	10.35%	L + 5.75%	11/30/26		3,301		3,247			3,244		(2) (3) (4)	Commercial Services & Supplies	10.35%	L + 5.75%	11/30/26		3,301		3,247			3,244		(2) (3) (4)
Sweep Purchaser LLC	Commercial Services & Supplies	10.14%	L + 5.75%	11/30/26		4,201		700			683		(2) (4) (5)	Commercial Services & Supplies	10.14%	L + 5.75%	11/30/26		4,201		700			683		(2) (4) (5)
Syntellis Performance Solutions, LLC (dba Axiom)	Health Care Technology	10.82%	S + 6.50%	08/02/27		37,377		36,565			36,630		(2) (3) (4)	Health Care Technology	10.82%	S + 6.50%	08/02/27		37,377		36,565			36,630		(2) (3) (4)
The Center for Orthopedic and Research Excellence, Inc. (dba HOPCo)	Health Care Providers & Services	10.24%	S + 6.00%	08/15/25		16,561		16,363			16,271		(2) (3) (4)	Health Care Providers & Services	10.24%	S + 6.00%	08/15/25		16,561		16,363			16,271		(2) (3) (4)
The Center for Orthopedic and Research Excellence, Inc. (dba HOPCo)	Health Care Providers & Services	10.41%	S + 6.00%	08/15/25		8,951		8,823			8,794		(2) (3) (4)	Health Care Providers & Services	10.41%	S + 6.00%	08/15/25		8,951		8,823			8,794		(2) (3) (4)
The Center for Orthopedic and Research Excellence, Inc. (dba HOPCo)	Health Care Providers & Services	9.91%	S + 5.50%	08/15/25		7,164		7,052			7,039		(2) (3) (4)	Health Care Providers & Services	9.91%	S + 5.50%	08/15/25		7,164		7,052			7,039		(2) (3) (4)
The Center for Orthopedic and Research Excellence, Inc. (dba HOPCo)	Health Care Providers & Services	10.24%	S + 6.00%	08/15/25		3,903		3,853			3,835		(2) (3) (4)	Health Care Providers & Services	10.24%	S + 6.00%	08/15/25		3,903		3,853			3,835		(2) (3) (4)
The Center for Orthopedic and Research Excellence, Inc. (dba HOPCo)	Health Care Providers & Services	10.05%	S + 5.50%	08/15/25		2,361		1,862			1,847		(2) (3) (4) (5)	Health Care Providers & Services	10.05%	S + 5.50%	08/15/25		2,361		1,862			1,847		(2) (3) (4) (5)
The Center for Orthopedic and Research Excellence, Inc. (dba HOPCo)	Health Care Providers & Services	10.20%	S + 5.50%	08/15/25		3,947		1,018			985		(2) (3) (4) (5)	Health Care Providers & Services	10.20%	S + 5.50%	08/15/25		3,947		1,018			985		(2) (3) (4) (5)
Thrasio, LLC	Internet & Direct Marketing Retail	11.17%	L + 7.00%	12/18/26		36,249		35,781			33,712		(2) (3) (4)	Internet & Direct Marketing Retail	11.17%	L + 7.00%	12/18/26		36,249		35,781			33,712		(2) (3) (4)
Thrasio, LLC	Internet & Direct Marketing Retail		L + 7.00%	12/18/26		13,604		(52	)		(952	)	(2) (3) (4) (5)	Internet & Direct Marketing Retail		L + 7.00%	12/18/26		13,604		(52	)		(952	)	(2) (3) (4) (5)
Total Vision LLC	Health Care Providers & Services	10.32%	S + 6.00%	07/15/26		15,522		15,256			15,212		(2) (3) (4)	Health Care Providers & Services	10.32%	S + 6.00%	07/15/26		15,522		15,256			15,212		(2) (3) (4)
Total Vision LLC	Health Care Providers & Services	10.60%	S + 6.00%	07/15/26		4,552		4,485			4,461		(2) (3) (4)	Health Care Providers & Services	10.60%	S + 6.00%	07/15/26		4,552		4,485			4,461		(2) (3) (4)
Total Vision LLC	Health Care Providers & Services	10.22%	S + 6.00%	07/15/26		2,275		2,242			2,230		(2) (3) (4)	Health Care Providers & Services	10.22%	S + 6.00%	07/15/26		2,275		2,242			2,230		(2) (3) (4)
Total Vision LLC	Health Care Providers & Services	10.42%	S + 6.00%	07/15/26		9,494		1,009			907		(2) (3) (4) (5)	Health Care Providers & Services	10.42%	S + 6.00%	07/15/26		9,494		1,009			907		(2) (3) (4) (5)
Total Vision LLC	Health Care Providers & Services		S + 6.00%	07/15/26		1,150		(16	)		(23	)	(2) (3) (4) (5)	Health Care Providers & Services		S + 6.00%	07/15/26		1,150		(16	)		(23	)	(2) (3) (4) (5)
USN Opco LLC (dba Global Nephrology Solutions)	Health Care Providers & Services	10.48%	S + 5.75%	12/21/26		20,037		19,754			19,436		(2) (3) (4)	Health Care Providers & Services	10.48%	S + 5.75%	12/21/26		20,037		19,754			19,436		(2) (3) (4)
USN Opco LLC (dba Global Nephrology Solutions)	Health Care Providers & Services	10.48%	S + 5.75%	12/21/26		6,963		6,893			6,754		(2) (3) (4)	Health Care Providers & Services	10.48%	S + 5.75%	12/21/26		6,963		6,893			6,754		(2) (3) (4)
USN Opco LLC (dba Global Nephrology Solutions)	Health Care Providers & Services	10.45%	S + 5.75%	12/21/26		8,622		4,280			4,084		(2) (3) (4) (5)	Health Care Providers & Services	10.45%	S + 5.75%	12/21/26		8,622		4,280			4,084		(2) (3) (4) (5)
USN Opco LLC (dba Global Nephrology Solutions)	Health Care Providers & Services	10.48%	S + 5.75%	12/21/26		2,812		1,767			1,721		(2) (4) (5)	Health Care Providers & Services	10.48%	S + 5.75%	12/21/26		2,812		1,767			1,721		(2) (4) (5)
Viant Medical Holdings, Inc.	Health Care Equipment & Supplies	10.63%	L + 6.25%	07/02/25		18,805		18,646			18,100		(2) (3)	Health Care Equipment & Supplies	10.63%	L + 6.25%	07/02/25		18,805		18,646			18,100		(2) (3)

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


Investment #	Industry	Interest Rate (+)	Reference Rate and Spread (+)	Maturity	Par/Shares (++)		Cost			Fair Value			Footnotes	Industry	Interest Rate (+)	Reference Rate and Spread (+)	Maturity	Par(++)		Cost			Fair Value			Footnotes
Volt Bidco, Inc. (dba Power Factors)	Independent Power and Renewable Electricity Producers	11.08%	S + 6.50%	08/11/27	$	31,617	$	31,082		$	31,064		(2) (3) (4)	Independent Power and Renewable Electricity Producers	11.08%	S + 6.50%	08/11/27	$	31,617	$	31,082		$	31,064		(2) (3) (4)
Volt Bidco, Inc. (dba Power Factors)	Independent Power and Renewable Electricity Producers	11.07%	S + 6.50% PIK	08/11/27		5,716		3,059			2,959		(2) (3) (4) (5)	Independent Power and Renewable Electricity Producers	11.07%	S + 6.50% PIK	08/11/27		5,716		3,059			2,959		(2) (3) (4) (5)
Volt Bidco, Inc. (dba Power Factors)	Independent Power and Renewable Electricity Producers		S + 6.50%	08/11/27		3,343		(55	)		(59	)	(2) (3) (4) (5)	Independent Power and Renewable Electricity Producers		S + 6.50%	08/11/27		3,343		(55	)		(59	)	(2) (3) (4) (5)
VRC Companies, LLC (dba Vital Records Control)	Commercial Services & Supplies	10.65%	L + 5.50%	06/29/27		29,631		29,283			28,668		(2) (3) (4)	Commercial Services & Supplies	10.65%	L + 5.50%	06/29/27		29,631		29,283			28,668		(2) (3) (4)
VRC Companies, LLC (dba Vital Records Control)	Commercial Services & Supplies		P + 4.50%	06/29/27		858		(10	)		(28	)	(2) (3) (4) (5)	Commercial Services & Supplies		P + 4.50%	06/29/27		858		(10	)		(28	)	(2) (3) (4) (5)
WebPT, Inc.	Health Care Technology	11.48%	L + 6.75%	01/18/28		12,701		12,369			12,320		(2) (3) (4)	Health Care Technology	11.48%	L + 6.75%	01/18/28		12,701		12,369			12,320		(2) (3) (4)
WebPT, Inc.	Health Care Technology	10.98%	L + 6.75%	01/18/28		12,434		12,271			12,061		(2) (3) (4)	Health Care Technology	10.98%	L + 6.75%	01/18/28		12,434		12,271			12,061		(2) (3) (4)
WebPT, Inc.	Health Care Technology	11.26%	L + 6.75%	01/18/28		2,146		802			763		(2) (3) (4) (5)	Health Care Technology	11.26%	L + 6.75%	01/18/28		2,146		802			763		(2) (3) (4) (5)
WebPT, Inc.	Health Care Technology		L + 6.75%	01/18/28		2,146		(14	)		(64	)	(2) (3) (4) (5)	Health Care Technology		L + 6.75%	01/18/28		2,146		(14	)		(64	)	(2) (3) (4) (5)
Wellness AcquisitionCo, Inc. (dba SPINS)	IT Services	9.91%	L + 5.50%	01/20/27		20,202		19,906			19,899		(2) (3) (4)	IT Services	9.91%	L + 5.50%	01/20/27		20,202		19,906			19,899		(2) (3) (4)
Wellness AcquisitionCo, Inc. (dba SPINS)	IT Services		L + 5.50%	01/20/27		2,400		(33	)		(36	)	(2) (4) (5)	IT Services		L + 5.50%	01/20/27		2,400		(33	)		(36	)	(2) (4) (5)
Wellness AcquisitionCo, Inc. (dba SPINS)	IT Services		L + 5.50%	01/20/27		3,700		(31	)		(56	)	(2) (3) (4) (5)	IT Services		L + 5.50%	01/20/27		3,700		(31	)		(56	)	(2) (3) (4) (5)
Whitewater Holding Company LLC	Diversified Consumer Services	10.48%	L + 5.75%	12/21/27		15,628		15,361			15,198		(2) (3) (4)	Diversified Consumer Services	10.48%	L + 5.75%	12/21/27		15,628		15,361			15,198		(2) (3) (4)
Whitewater Holding Company LLC	Diversified Consumer Services	10.48%	L + 5.75%	12/21/27		5,245		5,152			5,101		(2) (3) (4)	Diversified Consumer Services	10.48%	L + 5.75%	12/21/27		5,245		5,152			5,101		(2) (3) (4)
Whitewater Holding Company LLC	Diversified Consumer Services	10.48%	L + 5.75%	12/21/27		5,213		5,123			5,069		(2) (3) (4)	Diversified Consumer Services	10.48%	L + 5.75%	12/21/27		5,213		5,123			5,069		(2) (3) (4)
Whitewater Holding Company LLC	Diversified Consumer Services	10.50%	L + 5.75%	12/21/27		2,100		700			677		(2) (3) (4) (5)	Diversified Consumer Services	10.50%	L + 5.75%	12/21/27		2,100		700			677		(2) (3) (4) (5)
Whitewater Holding Company LLC	Diversified Consumer Services	10.54%	L + 6.00%	12/21/27		2,900		268			239		(2) (3) (4) (5)	Diversified Consumer Services	10.54%	L + 6.00%	12/21/27		2,900		268			239		(2) (3) (4) (5)
WorkForce Software, LLC	Software	12.46%	L + 7.25% (incl. 3.00% PIK)	07/31/25		11,651		11,524			11,418		(2) (3) (4)	Software	12.46%	L + 7.25% (incl. 3.00% PIK)	07/31/25		11,651		11,524			11,418		(2) (3) (4)
WorkForce Software, LLC	Software	12.46%	L + 7.25% (incl. 3.00% PIK)	07/31/25		8,963		8,850			8,784		(2) (3) (4)	Software	12.46%	L + 7.25% (incl. 3.00% PIK)	07/31/25		8,963		8,850			8,784		(2) (3) (4)
WorkForce Software, LLC	Software	12.46%	L + 7.25% (incl. 3.00% PIK)	07/31/25		2,809		2,768			2,753		(2) (3) (4)	Software	12.46%	L + 7.25% (incl. 3.00% PIK)	07/31/25		2,809		2,768			2,753		(2) (3) (4)
WorkForce Software, LLC	Software	12.46%	L + 7.25% (incl. 3.00% PIK)	07/31/25		2,065		2,042			2,023		(2) (3) (4)	Software	12.46%	L + 7.25% (incl. 3.00% PIK)	07/31/25		2,065		2,042			2,023		(2) (3) (4)
WorkForce Software, LLC	Software	11.71%	L + 6.50%	07/31/25		980		643			634		(2) (3) (4) (5)	Software	11.71%	L + 6.50%	07/31/25		980		643			634		(2) (3) (4) (5)
WSO2, Inc.	IT Services	11.80%	L + 7.50% (incl. 3.00% PIK)	11/04/26		29,147		28,700			28,856		(2) (3) (4)	IT Services	11.80%	L + 7.50% (incl. 3.00% PIK)	11/04/26		29,147		28,700			28,856		(2) (3) (4)
Zarya Intermediate, LLC (dba iOFFICE)	Real Estate Mgmt. & Development	10.90%	S + 6.50%	07/01/27		80,545		80,545			79,740		(2) (3) (4)	Real Estate Mgmt. & Development	10.90%	S + 6.50%	07/01/27		80,545		80,545			79,740		(2) (3) (4)
Zarya Intermediate, LLC (dba iOFFICE)	Real Estate Mgmt. & Development		S + 6.50%	07/01/27		8,383		—			(84	)	(2) (3) (4) (5)	Real Estate Mgmt. & Development		S + 6.50%	07/01/27		8,383		—			(84	)	(2) (3) (4) (5)
Zodiac Intermediate, LLC (dba Zipari)	Health Care Technology	12.42%	L + 8.00%	12/21/26		46,540		45,553			42,002		(2) (3) (4)	Health Care Technology	12.42%	L + 8.00%	12/21/26		46,540		45,553			42,002		(2) (3) (4)
Zodiac Intermediate, LLC (dba Zipari)	Health Care Technology	12.30%	L + 8.00%	12/22/25		7,000		6,873			6,317		(2) (4)	Health Care Technology	12.30%	L + 8.00%	12/22/25		7,000		6,873			6,317		(2) (4)
Total 1st Lien/Senior Secured Debt								2,610,793			2,561,708										2,610,793			2,561,708
1st Lien/Last-Out Unitranche (7) - 1.47%
EDB Parent, LLC (dba Enterprise DB)	Software	11.58%	S + 7.00%	07/07/28	$	17,879	$	17,425		$	17,432		(2) (3) (4)	Software	11.58%	S + 7.00%	07/07/28	$	17,879	$	17,425		$	17,432		(2) (3) (4)
EDB Parent, LLC (dba Enterprise DB)	Software	11.58%	S + 7.00%	07/07/28		6,958		985			811		(2) (3) (4) (5)	Software	11.58%	S + 7.00%	07/07/28		6,958		985			811		(2) (3) (4) (5)
Total 1st Lien/Last-Out Unitranche								18,410			18,243										18,410			18,243
2nd Lien/Senior Secured Debt 0.75%
Zep Inc.	Chemicals	12.98%	L + 8.25%	08/11/25	$	15,410	$	15,384		$	9,246		(3)	Chemicals	12.98%	L + 8.25%	08/11/25	$	15,410	$	15,384		$	9,246		(3)
Total 2nd Lien/Senior Secured Debt								15,384			9,246										15,384			9,246
Unsecured Debt 0.45%
CivicPlus LLC	Software	16.54%	S + 11.75% PIK	06/09/34	$	5,753	$	5,590		$	5,552		(2) (3) (4)	Software	16.54%	S + 11.75% PIK	06/09/34	$	5,753	$	5,590		$	5,552		(2) (3) (4)
Total Unsecured Debt								5,590			5,552										5,590			5,552

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


Investment #	Industry	Initial Acquisition Date(8)	Par/Shares (++)		Cost		Fair Value		Footnotes	Industry	Initial Acquisition Date(8)	Shares (++)		Cost		Fair Value		Footnotes
Preferred Stock - 3.30%
Broadway Parent, LLC	Diversified Financial Services	01/25/21		3,700,000	$	3,718	$	5,022	(2) (4) (9)	Diversified Financial Services	01/25/21		3,700,000	$	3,718	$	5,022	(2) (4) (9)
CloudBees, Inc.	Software	11/24/21		1,038,917		11,623		11,407	(2) (4) (9)	Software	11/24/21		1,038,917		11,623		11,407	(2) (4) (9)
Diligent Corporation	Professional Services	04/06/21		4,400		4,290		5,152	(2) (4) (9)	Professional Services	04/06/21		4,400		4,290		5,152	(2) (4) (9)
Foundation Software	Construction & Engineering	08/31/20		912		912		1,123	(2) (4) (9)	Construction & Engineering	08/31/20		912		912		1,123	(2) (4) (9)
Governmentjobs.com, Inc. (dba NeoGov)	Software	12/02/21		9,549		9,310		10,412	(2) (4) (9)	Software	12/02/21		9,549		9,310		10,412	(2) (4) (9)
MedeAnalytics, Inc.	Health Care Technology	10/09/20		1,825,100		1,825		—	(2) (4) (9)	Health Care Technology	10/09/20		1,825,100		1,825		—	(2) (4) (9)
WSO2, Inc.	IT Services	11/04/21		509,767		8,052		7,878	(2) (4) (9)	IT Services	11/04/21		509,767		8,052		7,878	(2) (4) (9)
Total Preferred Stock						39,730		40,994							39,730		40,994
Common Stock - 0.96%
Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings)	Software	03/10/21		26,555	$	2,655	$	2,124	(2) (4) (9)	Software	03/10/21		26,555	$	2,655	$	2,124	(2) (4) (9)
Exostar LLC - Class B	Aerospace & Defense	07/06/20		1,424,165		—		1,225	(2) (4) (9)	Aerospace & Defense	07/06/20		1,424,165		—		1,225	(2) (4) (9)
Foundation Software - Class B	Construction & Engineering	08/31/20		490,234		—		431	(2) (4) (9)	Construction & Engineering	08/31/20		490,234		—		431	(2) (4) (9)
Southeast Mechanical, LLC (dba. SEM Holdings, LLC)	Diversified Consumer Services	07/06/22		1,000		1,000		1,225	^ (2) (4) (9)	Diversified Consumer Services	07/06/22		1,000		1,000		1,225	^ (2) (4) (9)
Total Vision LLC	Health Care Providers & Services	07/15/21		115,714		2,150		1,971	(2) (4) (9)	Health Care Providers & Services	07/15/21		115,714		2,150		1,971	(2) (4) (9)
Volt Bidco, Inc. (dba Power Factors)	Independent Power and Renewable Electricity Producers	08/11/21		3,044		3,091		2,765	(2) (4) (9)	Independent Power and Renewable Electricity Producers	08/11/21		3,044		3,091		2,765	(2) (4) (9)
Whitewater Holding Company LLC	Diversified Consumer Services	12/21/21		21,000		2,100		2,162	(2) (4) (9)	Diversified Consumer Services	12/21/21		21,000		2,100		2,162	(2) (4) (9)
Total Common Stock						10,996		11,903							10,996		11,903
Warrants - 0.04%
CloudBees, Inc.	Software	11/24/21		300,946	$	1,666	$	551	(2) (4) (9)	Software	11/24/21		300,946	$	1,666	$	551	(2) (4) (9)
Total Warrants						1,666		551							1,666		551
Investments in Affiliated Money Market Fund - 9.88%
Goldman Sachs Financial Square Government Fund - Institutional Shares				122,498,973	$	122,499	$	122,499	^^^ (3) (10)				122,498,973	$	122,499	$	122,499	^^^ (3) (10)
Total Investments in Affiliated Money Market Fund						122,499		122,499							122,499		122,499
Total Investments - 223.35%					$	2,825,068	$	2,770,696						$	2,825,068	$	2,770,696

(+) Represents the actual interest rate for partially or fully funded debt in effect as of the reporting date. Certain investments are subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by the larger of the floor or the reference to either ~~LIBOR ("L"), SOFR including SOFR adjustment, if any, ("S"), SONIA ("SN"),~~L, S, SN or alternate base rate (commonly based on the ~~U.S. Prime Rate ("P"),~~P, unless otherwise noted) at the borrower's option, which reset periodically based on the terms of the credit agreement. L and S loans are typically indexed to 12 month, 6 month, 3 month or 1 month L or S rates. As of December 31, 2022, rates for the 12 month, 6 month, 3 month and 1 month L ~~are~~were 5.48%, 5.14%, 4.77% and 4.39%, respectively. As of December 31, 2022, 1 month S was 4.06%, 3 month S was 3.62%, 3 month SN was 3.43%, P was 7.50%, and ~~Canadian Prime rate ("~~CDN ~~P")~~P was 6.45%. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at December 31, 2022.

(++) Par amount is presented for debt investments, while the number of shares or units owned is presented for equity investments. Par amount is denominated in ~~U.S. Dollars ("~~$") unless otherwise noted, ~~Euro ("€"), Great British Pound ("GBP"),~~€, GBP or ~~Canadian Dollar (“CAD”).~~CAD.

^ As defined in the Investment Company Act, ~~of 1940, as amended (the “Investment Company Act”),~~ the investment is deemed to be an “affiliated person” of the Company because the Company owns, either directly or indirectly, 5% or more of the portfolio company’s outstanding voting securities. See Note 3 “Significant Agreements and Related Party Transactions”.

^^^ The investment is otherwise deemed to be an “affiliated person” of the Company. See Note 3 “Significant Agreements and Related Party Transactions”.

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

2. SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The Company’s functional currency is ~~U.S. dollars (“USD”)~~USD and these consolidated financial statements have been prepared in that currency. The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to Regulation S-X. This requires the Company to make certain estimates and assumptions that may affect the amounts reported in the consolidated financial statements and accompanying notes. These consolidated financial statements reflect normal and recurring adjustments that in the opinion of the Company are necessary for the fair statement of the results for the periods presented. Actual results may differ from the estimates and assumptions included in the consolidated financial statements.

Certain financial information that is included in annual consolidated financial statements, including certain financial statement disclosures, prepared in accordance with GAAP, is not required for interim reporting purposes and has been condensed or omitted herein. These consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes related thereto for the year ended December 31, 2022, included in the Company’s annual report on Form 10-K, which was filed with the U.S. Securities and Exchange Commission (the "SEC") on March 2, 2023. The results for the three and ~~six~~nine months ended ~~June~~September 30, 2023 are not necessarily indicative of the results to be expected for the full fiscal year, any other interim period, or any future year or period.

As an investment company, the Company applies the accounting and reporting guidance in Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies (“ASC 946”) issued by the Financial Accounting Standards Board (“FASB”).

Basis of Consolidation

As provided under ASC 946, the Company will not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the financial position and results of operations of its wholly owned subsidiaries, PMMC II Blocker III LLC, Goldman Sachs Private Middle Market Credit II SPV II LLC (“SPV”), PMMC II Blocker IV LLC, PMMC II Blocker V LLC and PMMC II Blocker VI LLC. All significant intercompany transactions and balances have been eliminated in consolidation.

Revenue Recognition

The Company records its investment transactions on a trade date basis, which is the date when the Company assumes the risks for gains and losses related to that instrument. Realized gains and losses are based on the specific identification method.

Interest income, adjusted for amortization of premium and accretion of discount, is recorded on an accrual basis. Discounts and premiums to par value on investments purchased are accreted and amortized into interest income over the life of the respective investment using the effective interest method. Loan origination fees, original issue discount (“OID”) and market discounts or premiums are capitalized and amortized into interest income using the effective interest method or straight-line method, as applicable. Exit fees that are receivable upon repayment of a loan or debt security are amortized into interest income over the life of the respective investment. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income, for which the Company has earned the following:

For the Three Months Ended

For the Six Months Ended

June 30, 2023

June 30, 2022

June 30, 2023

June 30, 2022

Prepayment premiums

$
—

$
—

$
—

$
—

Accelerated amortization of upfront loan origination fees and unamortized discounts

$
231

$
80

$
389

$
188


	For the Three Months Ended				For the Nine Months Ended
	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Accelerated amortization of upfront loan origination fees and unamortized discounts	$	1,721	$	2,193	$	2,110	$	2,381

Fees received from portfolio companies (directors’ fees, consulting fees, administrative fees, tax advisory fees and other similar compensation) are paid to the Company, unless, to the extent required by applicable law or exemptive relief, if any, therefrom, the Company only receives its allocable portion of such fees when invested in the same portfolio company as another Account (as defined below) managed by the Investment Adviser.

Dividend income on preferred equity investments is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity investments is recorded on the record date for private portfolio companies and on the ex-dividend date for publicly traded portfolio companies. Interest and dividend income are presented net of withholding tax, if any.

Certain investments may have contractual payment-in-kind (“PIK”) interest or dividends. PIK represents accrued interest or accumulated dividends that are added to the principal amount or shares (if equity) of the investment on the respective interest or dividend payment dates rather than being paid in cash and generally becomes due at maturity or upon the investment being called by the issuer. PIK is recorded as interest or dividend income, as applicable. If at any point the Company believes PIK is not expected to be realized, the investment generating PIK will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest or dividends are generally reversed through interest or dividend income.

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Certain structuring fees, amendment fees, syndication fees and commitment fees are recorded as other income when earned. Administrative agent fees received by the Company are recorded as other income when the services are rendered over time.

Non-Accrual Investments

Investments are placed on non-accrual status when it is probable that principal, interest or dividends will not be collected according to contractual terms. Accrued interest or dividends generally are reversed when an investment is placed on non-accrual status. Interest or dividend payments received on non-accrual investments may be recognized as income or applied to principal depending upon management’s judgment. Non-accrual investments are restored to accrual status when past due principal and interest or dividends are paid and, in management’s judgment, principal and interest or dividend payments are likely to remain current. The Company may make exceptions to this treatment if an investment has sufficient collateral value and is in the process of collection. As of ~~June~~September 30, 2023, the Company had certain investments held in ~~one~~3 portfolio ~~company~~companies on non-accrual status, which represented ~~0.2~~3.5% and ~~0.2~~2.3% of total investments (excluding investments in money market funds, if any) at amortized cost and at fair value. As of December 31, 2022, the Company had certain investments held in one portfolio company on non-accrual status, which represented 1.5% and 1.3% of total investments (excluding investments in money market funds, if any) at amortized cost and at fair value.

Investments

The Company carries its investments in accordance with ASC Topic 820, Fair Value Measurements and Disclosures (“ASC 820”), issued by the FASB, which defines fair value, establishes a framework for measuring fair value and requires disclosures about fair value measurements. Fair value is generally based on quoted market prices provided by independent price sources. In the absence of quoted market prices, investments are measured at fair value as determined by the Investment Adviser, as the valuation designee ("Valuation Designee") designated by the Board of Directors, pursuant to Rule 2a-5 under the Investment Company Act.

Due to the inherent uncertainties of valuation, certain estimated fair values may differ significantly from the values that would have been realized had a ready market for these investments existed, and these differences could be material. See Note 5 “Fair Value Measurement”.

The Company generally invests in illiquid securities, including debt and equity investments, of middle-market companies. The Board of Directors has designated to the Investment Adviser day-to-day responsibilities for implementing and maintaining internal controls and procedures related to the valuation of the Company’s portfolio investments. Under valuation procedures approved by the Board of Directors and adopted by the Valuation Designee, market quotations are generally used to assess the value of the investments for which market quotations are readily available (as defined in Rule 2a-5). The Investment Adviser obtains these market quotations from independent pricing sources. If market quotations are not readily available, the Investment Adviser prices securities at the bid prices obtained from at least two brokers or dealers, if available; otherwise, the Investment Adviser obtains prices from a principal market maker or a primary market dealer. To assess the continuing appropriateness of pricing sources and methodologies, the Investment Adviser regularly performs price verification procedures and issues challenges as necessary to independent pricing sources or brokers, and any differences are reviewed in accordance with the valuation procedures. If the Valuation Designee believes any such market quotation does not reflect the fair value of an investment, it may independently value such investment in accordance with valuation procedures for investments for which market quotations are not readily available.

With respect to investments for which market quotations are not readily available, or for which market quotations are deemed not reflective of the fair value, the valuation procedures approved by the Board of Directors and adopted by the Valuation Designee, contemplate a multi-step valuation process conducted by the Investment Adviser each quarter and more frequently as needed. As the Valuation Designee, the Investment Adviser is primarily responsible for the valuation of the Company’s assets, subject to the oversight of the Board of Directors, as described below:

(1)

The quarterly valuation process begins with each portfolio company or investment being initially valued by the investment professionals of the Investment Adviser responsible for the valuation of the portfolio investment;

(2)

The Valuation Designee also engages independent valuation firms (the “Independent Valuation Advisors”) to provide independent valuations of the investments for which market quotations are not readily available or are readily available but deemed not reflective of the fair value of an investment. The Independent Valuation Advisors independently value such investments using quantitative and qualitative information. The Independent Valuation Advisors also provide analyses to support their valuation methodology and calculations. The Independent Valuation Advisors provide an opinion on a final range of values on such investments to the Valuation Designee. The Independent Valuation Advisors define fair value in accordance with ASC 820 and utilize valuation approaches including the market approach, the income approach or both. A portion of the portfolio is reviewed on a quarterly basis, and all investments in the portfolio for which market quotations are not readily available, or are readily available, but deemed not reflective of the fair value of an investment, are reviewed at least annually by an Independent Valuation Advisor;

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(3)

The Independent Valuation Advisors’ preliminary valuations are reviewed by the Investment Adviser and the Valuation Oversight Group (“VOG”), a team that is part of the controllers group of Goldman Sachs. The Independent Valuation Advisors’ valuation ranges are compared to the Investment Adviser’s valuations to ensure the Investment Adviser’s valuations are reasonable. VOG presents the valuations to the Asset Management Private Investment Valuation and Side Pocket Working Group of the Asset Management Valuation Committee (the “Asset Management Private Investment Valuation and Side Pocket Working Group”), which is comprised of a number of representatives from different functions and areas of expertise related to GSAM’s business and controls who are independent of the investment decision making process;

(4)

The Asset Management Private Investment Valuation and Side Pocket Working Group reviews and preliminarily approves the fair valuations and makes fair valuation recommendations to the Asset Management Valuation Committee;

(5)

The Asset Management Valuation Committee reviews the valuation information provided by the Asset Management Private Investment Valuation and Side Pocket Working Group, the VOG, the investment professionals of the Investment Adviser responsible for valuations, and the Independent Valuation Advisors. The Asset Management Valuation Committee then assesses such valuation recommendations; and

(6)

Through the Asset Management Valuation Committee, the Valuation Designee discusses the valuations, provides written reports to the Board of Directors on at least a quarterly basis, and, within the meaning of the Investment Company Act, determines the fair value of the investments in good faith, based on the inputs of the Asset Management Valuation Committee, the Asset Management Private Investment Valuation and Side Pocket Working Group, the VOG, the investment professionals of the Investment Adviser responsible for valuations, and the Independent Valuation Advisors.

Money Market Funds

Investments in money market funds are valued at net asset value (“NAV”) per share. See Note 3 “Significant Agreements and Related Party Transactions.”

Cash

Cash consists of deposits held at a custodian bank. As of ~~June~~September 30, 2023 and December 31, 2022, the Company held $~~4,138~~10,283 and $36,657 in cash. Foreign currency of $~~604~~309 and $534 (acquisition cost of $~~601~~298 and $544) is included in cash as of ~~June~~September 30, 2023 and December 31, 2022.

Foreign Currency Translation

Amounts denominated in foreign currencies are translated into USD on the following basis: (i) investments and other assets and liabilities denominated in foreign currencies are translated into USD based upon currency exchange rates effective on the last business day of the period; and (ii) purchases and sales of investments, borrowings and repayments of such borrowings, income, and expenses denominated in foreign currencies are translated into USD based upon currency exchange rates prevailing on the transaction dates.

The Company does not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included within the net realized and unrealized gains or losses on investments. Fluctuations arising from the translation of non-investment assets and liabilities, if any, are included with the net change in unrealized gains (losses) on foreign currency translations in the Consolidated Statements of Operations.

Foreign securities and currency translations may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, currency fluctuations and revaluations and future adverse political, social and economic developments, which could cause investments in foreign markets to be less liquid and prices to be more volatile than those of comparable U.S. companies or U.S. government securities.

Income Taxes

The Company recognizes tax positions in its consolidated financial statements only when it is more likely than not that the position will be sustained upon examination by the relevant taxing authority based on the technical merits of the position. A position that meets this standard is measured at the largest amount of benefit that will more likely than not be realized upon settlement. The Company reports any interest expense related to income tax matters in income tax expense and any income tax penalties under expenses in the Consolidated Statements of Operations.

The Company’s tax positions have been reviewed based on applicable statutes of limitation for tax assessments, which may vary by jurisdiction, and based on such review, the Company has concluded that no additional provision for income tax is required in the consolidated financial statements. The Company is subject to potential examination by certain taxing authorities in various jurisdictions. The Company’s tax positions are subject to ongoing interpretation of laws and regulations by taxing authorities.

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The Company has elected to be treated as a RIC commencing with its taxable year ended December 31, 2019. So long as the Company maintains its qualification for tax treatment as a RIC, it will generally not be required to pay corporate-level U.S. federal income tax on any ordinary income or capital gains that it distributes at least annually to its Unitholders as dividends. As a result, any U.S. federal income tax liability related to income earned and distributed by the Company represents obligations of the Company’s Unitholders and will not be reflected in the consolidated financial statements of the Company.

To maintain its tax treatment as a RIC, the Company must meet specified source-of-income and asset diversification requirements and timely distribute to its Unitholders for each taxable year at least 90% of its investment company taxable income (generally, its net ordinary income plus the excess of its realized net short-term capital gains over realized net long-term capital losses, determined without regard to the dividends paid deduction). In order for the Company not to be subject to U.S. federal excise taxes, it must distribute annually an amount at least equal to the sum of (i) 98% of its net ordinary income (taking into account certain deferrals and elections) for the calendar year, (ii) 98.2% of its capital gains in excess of capital losses for the one-year period ending on October 31 of the calendar year and (iii) any net ordinary income and capital gains in excess of capital losses for preceding years that were not distributed during such years. The Company, at its discretion, may carry forward taxable income in excess of calendar year dividends and pay a 4% nondeductible U.S. federal excise tax on this income. If the Company chooses to do so, this generally would increase expenses and reduce the amount available to be distributed to Unitholders. The Company will accrue excise tax on estimated undistributed taxable income as required.

Certain of the Company’s consolidated subsidiaries are subject to U.S. federal and state corporate level income taxes. Income tax expense, if any, is included under the income category for which it applies in the Consolidated Statements of Operations.

Distributions

Distributions from net investment income and net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from those amounts determined in accordance with GAAP. The Company may pay distributions in excess of its taxable net investment income. This excess would be a tax-free return of capital in the period and reduce the Unitholder’s tax basis in its Units. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, they are charged or credited to common Units or distributable earnings, as appropriate, in the period that the differences arise. Temporary and permanent differences are primarily attributable to differences in the tax treatment of certain loans and the tax characterization of income and non-deductible expenses. These differences are generally determined in conjunction with the preparation of the Company’s annual RIC tax return. Distributions to common Unitholders are recorded on the record date. The amount to be paid out as a distribution is determined by the Board of Directors each quarter and is generally based upon the earnings estimated by the Investment Adviser. The Company may pay distributions to its Unitholders in a year in excess of its net ordinary income and capital gains for that year and, accordingly, a portion of such distributions may constitute a return of capital for U.S. federal income tax purposes. The Company intends to timely distribute to its Unitholders substantially all of its annual taxable income for each year, except that the Company may retain certain net capital gains for reinvestment and, depending upon the level of the Company’s taxable income earned in a year, the Company may choose to carry forward taxable income for distribution in the following year and pay any applicable tax. The specific tax characteristics of the Company’s distributions will be reported to Unitholders after the end of the calendar year. All distributions will be subject to available funds, and no assurance can be given that the Company will be able to declare such distributions in future periods.

Deferred Financing Costs

Deferred financing costs consist of fees and expenses paid in connection with the closing of, and amendments to, the JPM Revolving Credit Facility and the revolving credit facility between the Company and MUFG Bank Ltd. (as amended, restated, supplemented or otherwise modified from time to time, the “MUFG Revolving Credit Facility” and together with the JPM Revolving Credit Facility, the “Revolving Credit Facilities”). These costs are amortized using the straight-line method over the respective terms of the Revolving Credit Facilities. Deferred financing costs related to the Revolving Credit Facilities are presented separately as an asset on the Company’s Consolidated Statements of Financial Condition.

3. SIGNIFICANT AGREEMENTS AND RELATED PARTY TRANSACTIONS

Investment Advisory Agreement

The Company entered into an investment advisory agreement effective as of February 27, 2019 (the “Investment Advisory Agreement”) with the Investment Adviser, pursuant to which the Investment Adviser manages the Company’s investment program and related activities.

Management Fee

The Company pays the Investment Adviser a management fee (the “Management Fee”), payable quarterly in arrears, equal to 0.375% (i.e., an annual rate of 1.50%) of the average of the NAV of the Company (including un-invested cash and cash equivalents) at the end of the then-current calendar quarter and the prior calendar quarter (and, in the case of the Company’s first quarter, the average of the NAV of the Company at the end of such quarter and zero). The Management Fee for any partial quarter will be appropriately prorated. The Investment Adviser waives a portion of its management fee payable by the Company in an amount equal to the management fees it earns as an investment adviser for any affiliated money market funds in which the Company invests.

For the three and ~~six~~nine months ended ~~June~~September 30, 2023, Management Fees amounted to $~~4,683~~4,647 and $~~9,316~~13,963. As of ~~June~~September 30, 2023, $~~4,683~~4,647 remained payable. For the three and ~~six~~nine months ended ~~June~~September 30, 2022, Management Fees amounted to $~~3,954~~4,353 and $~~7,705~~12,058.

Incentive Fee

Pursuant to the Investment Advisory Agreement, the Company pays to the Investment Adviser an incentive fee (the “Incentive Fee”) as follows:

First, no Incentive Fee is payable to the Investment Adviser until the Company has made cumulative distributions pursuant to this clause (a) equal to aggregate Contributed Capital (as defined below);

Second, no Incentive Fee is payable to the Investment Adviser until the Company has made cumulative distributions pursuant to this clause (b) equal to a 7% return per annum, compounded annually, on aggregate unreturned Contributed Capital, from the date each capital contribution is made through the date such capital has been returned;

Third, subject to clauses (a) and (b), the Investment Adviser is entitled to an Incentive Fee equal to 100% of all amounts designated by the Company as proceeds intended for distribution and Incentive Fee payments, until such time as the cumulative Incentive Fee paid to the Investment Adviser pursuant to this clause (c) is equal to 15% of the amount by which the sum of (i) cumulative distributions to Unitholders pursuant to clauses (a) and (b) above and (ii) the cumulative Incentive Fee previously paid to the Investment Adviser pursuant to this clause exceeds Contributed Capital; and

Fourth, at any time that clause (c) has been satisfied, the Investment Adviser is entitled to an Incentive Fee equal to 15% of all amounts designated by the Company as proceeds intended for distribution and Incentive Fee payments.

The Incentive Fee is calculated on a cumulative basis and the amount of the Incentive Fee payable prior to a proposed distribution will be determined and, if applicable, paid in accordance with the foregoing formula each time amounts are to be distributed to the Unitholders. The Incentive Fee is a fee owed by the Company to the Investment Adviser and is not paid out of distributions made to Unitholders.

“Contributed Capital” is the aggregate amount of capital contributions that have been made by all Unitholders in respect of their Units to the Company. All distributions (or deemed distributions), including investment income (i.e. proceeds received in respect of interest payments, dividends and fees) and proceeds attributable to the repayment or disposition of any Investment, to Unitholders will be considered a return of Contributed Capital. Unreturned Contributed Capital equals aggregate Contributed Capital minus cumulative distributions, but is never less than zero.

The term “proceeds intended for distribution and Incentive Fee payments” includes proceeds from the full or partial realization of the Company’s investments and income from investing activities and may include return of capital, ordinary income and capital gains.

If, at the termination of the Company, the Investment Adviser has received aggregate payments of Incentive Fees in excess of the amount the Investment Adviser would have received had the Incentive Fees been determined upon such termination, then the Investment Adviser will reimburse the Company for the difference between the amount of Incentive Fees actually received and the amount determined at termination (the “Investment Adviser Reimbursement Obligation”). However, the Investment Adviser will not be required to reimburse the Company an amount greater than the aggregate Incentive Fees paid to the Investment Adviser, reduced by the excess (if any) of (a) the aggregate federal, state and local income tax liability the Investment Adviser incurred in connection with the payment of such Incentive Fees (assuming the highest marginal applicable federal and New York city and state income tax rates applied to such payments), over (b) an amount equal to the U.S. federal and state tax benefits available to the Investment Adviser by virtue of the payment made by the Investment Adviser pursuant to its Investment Adviser Reimbursement Obligation (assuming that, to the extent such payments are deductible by the Investment Adviser, the benefit of such deductions will be computed using the then highest marginal applicable federal and New York city and state income tax rates).

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If the Investment Advisory Agreement is terminated prior to the termination of the Company (other than the Investment Adviser voluntarily terminating the agreement), the Company will pay to the Investment Adviser a final Incentive Fee payment (the “Final Incentive Fee Payment”). The Final Incentive Fee Payment will be calculated as of the date the Investment Advisory Agreement is terminated and will equal the amount of Incentive Fee that would be payable to the Investment Adviser if (a) all investments were liquidated for their current value (but without taking into account any unrealized appreciation of any Investment), and any unamortized deferred Investment-related fees would be deemed accelerated, (b) the proceeds from such liquidation were used to pay all of the Company’s outstanding liabilities, and (c) the remainder was distributed to Unitholders and paid as Incentive Fee in accordance with the Incentive Fee waterfall described above for determining the amount of the Incentive Fee, subject to the Incentive Fee Cap. The Company will make the Final Incentive Fee Payment in cash on or immediately following the date the Investment Advisory Agreement is so terminated. The Investment Adviser Reimbursement Obligation will be determined as of the date of the termination of the Investment Advisory Agreement for purposes of the Final Incentive Fee Payment.

For the three and ~~six~~nine months ended ~~June~~September 30, 2023, the Company accrued unvested Incentive Fees of $~~7,555~~4,226 and $~~8,918~~13,144. As of ~~June~~September 30, 2023, $~~42,029~~46,255 remained payable in accordance with the terms of the Investment Advisory Agreement. For the three and ~~six~~nine months ended ~~June~~September 30, 2022, the Company accrued unvested Incentive Fees of $~~2,352~~2,714 and $~~6,345~~9,059.

Expense Limitation

Pursuant to the Investment Advisory Agreement, Company expenses borne by the Company in the ordinary course on an annual basis (excluding Management Fee, Incentive Fee, organizational and start-up expenses and leverage-related expenses) will not exceed an amount equal to 0.5% of the aggregate amount of commitments to the Company by holders of its common Units; provided, however, that expenses incurred outside of the ordinary course, including litigation and similar expenses, are not subject to such cap. For the three and ~~six~~nine months ended ~~June~~September 30, 2023 and ~~June~~September 30, 2022, there have been no reimbursements from the Investment Adviser pursuant to this provision.

Administration and Custodian Fees

The Company has entered into an administration agreement with State Street Bank and Trust Company (the “Administrator”) under which the Administrator provides various accounting and administrative services to the Company. The Company pays the Administrator fees for its services as it determines to be commercially reasonable in its sole discretion. The Company also reimburses the Administrator for all reasonable expenses. To the extent that the Administrator outsources any of its functions, the Administrator pays any compensation associated with such functions. The Administrator also serves as the Company’s custodian (the “Custodian”).

For the three and ~~six~~nine months ended ~~June~~September 30, 2023, the Company incurred expenses for services provided by the Administrator and the Custodian of $~~412~~414 and $~~825~~1,239. As of ~~June~~September 30, 2023, $~~389~~397 remained payable. For the three and ~~six~~nine months ended ~~June~~September 30, 2022, the Company incurred expenses for services provided by the Administrator and the Custodian of $~~357~~361 and $~~706~~1,067.

Transfer Agent Fees

State Street Bank and Trust Company serves as the Company’s transfer agent (“Transfer Agent”), registrar and disbursing agent. For the three and ~~six~~nine months ended ~~June~~September 30, 2023, the Company incurred expenses for services provided by the Transfer Agent of $2138 and $5694. As of ~~June~~September 30, 2023, $2031 remained payable. For the three and ~~six~~nine months ended ~~June~~September 30, 2022, the Company incurred expenses for services provided by the Transfer Agent of $35 and $6196.

Affiliates

The table below presents the Company’s affiliated investments:

Beginning
Fair Value
Balance

Gross
Additions(1)

Gross
Reductions(2)

Net
Realized
Gain(Loss)

Net Change in
Unrealized
Appreciation
(Depreciation)

Ending
Fair Value
Balance

Dividend,
Interest
and Other
Income

For the Six Months Ended June 30, 2023

Non-Controlled Affiliates

Goldman Sachs Financial Square Government Fund

$
122,499

$
244,645

$
(232,357
)
$
—

$
—

$
134,787

$
3,129

Southeast Mechanical, LLC (dba. SEM Holdings, LLC)

10,708

1,376

(50
)

—

261

12,295

587

Medeanalytics Inc

—

6,075

—

—

—

6,075

—

Total Non-Controlled Affiliates

$
133,207

$
252,096

$
(232,407
)
$
—

$
261

$
153,157

$
3,716

For the Year Ended December 31, 2022

Non-Controlled Affiliates

Goldman Sachs Financial Square Government Fund

$
—

$
803,088

$
(680,589
)
$
—

$
—

$
122,499

$
920

Southeast Mechanical, LLC (dba. SEM Holdings, LLC)

—

10,625

(49
)

—

132

10,708

493

Total Non-Controlled Affiliates

$
—

$
813,713

$
(680,638
)
$
—

$
132

$
133,207

$
1,413

~~Table of Contents~~


	Beginning Fair Value Balance		Gross Additions(1)		Gross Reductions(2)			Net Realized Gain(Loss)		Net Change in Unrealized Appreciation (Depreciation)		Ending Fair Value Balance		Dividend, Interest and Other Income
For the Nine Months Ended September 30, 2023
Non-Controlled Affiliates
Goldman Sachs Financial Square Government Fund	$	122,499	$	481,806	$	(450,382	)	$	—	$	—	$	153,923	$	5,222
Southeast Mechanical, LLC (dba. SEM Holdings, LLC)		10,708		1,390		(74	)		—		472		12,496		936
MedeAnalytics Inc		—		6,075		—			—		—		6,075		—
Total Non-Controlled Affiliates	$	133,207	$	489,271	$	(450,456	)	$	—	$	472	$	172,494	$	6,158
For the Year Ended December 31, 2022
Non-Controlled Affiliates
Goldman Sachs Financial Square Government Fund	$	—	$	803,088	$	(680,589	)	$	—	$	—	$	122,499	$	920
Southeast Mechanical, LLC (dba. SEM Holdings, LLC)		—		10,625		(49	)		—		132		10,708		493
Total Non-Controlled Affiliates	$	—	$	813,713	$	(680,638	)	$	—	$	132	$	133,207	$	1,413

(1)

Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK, the accretion of discounts, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.

Table of Contents

(2)

Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.

Due to Affiliates

The Investment Adviser pays certain general and administrative expenses on behalf of the Company in the ordinary course of business. As of ~~June~~September 30, 2023 and December 31, 2022, there were $~~201~~460 and $206~~, respectively,~~ included within Accrued expenses and other liabilities that were paid by the Investment Adviser and its affiliates on behalf of the Company.

Co-Investment Activity

In certain circumstances, the Company can make negotiated co-investments pursuant to an order from the SEC permitting it to do so. On November 16, 2022, the SEC granted to the Investment Adviser, the BDCs advised by the Investment Adviser and certain other affiliated applicants exemptive relief on which the Company expects to rely to co-invest alongside certain other client accounts managed by the Investment Adviser (collectively with the Company, the “Accounts”), which may include proprietary accounts of Goldman Sachs, in a manner consistent with the Company’s investment objectives and strategies, certain Board-established criteria, the conditions of such exemptive relief and other pertinent factors (the “Relief”). Additionally, if the Investment Adviser forms other funds in the future, the Company may co-invest alongside such other affiliates, subject to compliance with the Relief, applicable regulations and regulatory guidance, as well as applicable allocation procedures. As a result of the Relief, there could be significant overlap in the Company’s investment portfolio and the investment portfolios of other Accounts, including, in some cases, proprietary accounts of Goldman Sachs. The Goldman Sachs Asset Management Private Credit Team is composed of investment professionals dedicated to the Company’s investment strategy and to other funds that share a similar investment strategy with the Company. The Goldman Sachs Asset Management Private Credit Team is responsible for identifying investment opportunities, conducting research and due diligence on prospective investments, negotiating and structuring the Company’s investments and monitoring and servicing the Company’s investments. The team works together with investment professionals who are primarily focused on investment strategies in syndicated, liquid credit. Under the terms of the Relief, a “required majority” (as defined in Section 57(o) of the Investment Company Act) of the Company’s independent directors must make certain conclusions in connection with a co-investment transaction, including that (1) the terms of the proposed transaction are reasonable and fair to the Company and the Company’s Unitholders and do not involve overreaching in respect of the Company or its Unitholders on the part of any person concerned, and (2) the transaction is consistent with the interests of the Company’s Unitholders and is consistent with the then-current investment objectives and strategies of the Company.

In addition, the Company has filed an application to amend the Relief to permit the Company to participate in follow-on investments in the Company’s existing portfolio companies with certain affiliates covered by the Relief if such affiliates, that are not BDCs or registered investment companies, did not have an investment in such existing portfolio company. There can be no assurance if and when the Company will receive the amended exemptive order.

4. INVESTMENTS

The Company’s investments (excluding investments in money market funds, if any) consisted of the following:


	June 30, 2023				December 31, 2022				September 30, 2023				December 31, 2022
Investment Type	Cost		Fair Value		Cost		Fair Value		Cost		Fair Value		Cost		Fair Value
1st Lien/Senior Secured Debt	$	2,626,489	$	2,579,587	$	2,610,793	$	2,561,708	$	2,580,211	$	2,504,305	$	2,610,793	$	2,561,708
1st Lien/Last-Out Unitranche		19,531		19,326		18,410		18,243		20,086		19,864		18,410		18,243
2nd Lien/Senior Secured Debt		15,389		8,476		15,384		9,246		—		—		15,384		9,246
Unsecured Debt		6,569		6,566		5,590		5,552		6,571		6,566		5,590		5,552
Preferred Stock		37,905		44,421		39,730		40,994		37,905		47,362		39,730		40,994
Common Stock		10,996		13,440		10,996		11,903		10,996		15,828		10,996		11,903
Warrants		1,666		406		1,666		551		1,666		295		1,666		551
Total investments	$	2,718,545	$	2,672,222	$	2,702,569	$	2,648,197	$	2,657,435	$	2,594,220	$	2,702,569	$	2,648,197

Table of Contents

The industry composition of the Company’s investments atas a percentage of fair value and net assets was as follows:


	June 30, 2023						December 31, 2022						September 30, 2023						December 31, 2022
Industry	Fair Value			Net Assets			Fair Value			Net Assets			Fair Value			Net Assets			Fair Value			Net Assets
Health Care Providers & Services														17.5	%		36.5	%		16.1	%		34.4	%
Software		16.8	%		35.7	%		16.3	%		34.6	%		16.5			34.6			16.3			34.6
Health Care Providers & Services		16.5			34.8			16.1			34.4
Health Care Technology		10.9			23.1			12.0			25.5
Diversified Financial Services		10.7			22.5			10.6			22.7			11.1			23.3			10.6			22.7
Professional Services		10.5			22.2			10.5			22.3			10.8			22.6			10.5			22.3
Health Care Technology														9.3			19.5			12.0			25.5
Real Estate Mgmt. & Development		6.5			13.8			6.5			13.8			6.9			14.4			6.5			13.8
Diversified Consumer Services		5.5			11.7			5.5			11.8			5.7			12.0			5.5			11.8
IT Services		4.1			8.7			4.1			8.7			3.2			6.7			4.1			8.7
Commercial Services & Supplies		2.9			6.0			3.3			7.0			2.9			6.1			3.3			7.0
Health Care Equipment & Supplies		2.4			5.1			2.4			5.1			2.5			5.2			2.4			5.1
Entertainment		1.7			3.7			1.7			3.7			1.8			3.7			1.7			3.7
Construction & Engineering		1.7			3.5			1.5			3.3			1.7			3.6			1.5			3.3
Aerospace & Defense		1.5			3.2			1.5			3.3			1.7			3.5			1.5			3.3
Independent Power and Renewable Electricity Producers		1.5			3.1			1.4			3.0			1.6			3.3			1.4			3.0
Transportation Infrastructure		1.4			2.9			1.4			3.0			1.4			3.0			1.4			3.0
Hotels, Restaurants & Leisure														1.2			2.6			1.2			2.6
Insurance														1.0			2.1			0.7			1.5
Trading Companies & Distributors														1.0			2.0			0.9			2.0
Internet & Direct Marketing Retail		1.2			2.6			1.2			2.6			0.8			1.7			1.2			2.6
Hotels, Restaurants & Leisure		1.2			2.6			1.2			2.6
Trading Companies & Distributors		0.9			1.9			0.9			2.0
Insurance		0.9			1.9			0.7			1.5
Chemicals														0.8			1.7			0.6			1.2
Pharmaceuticals		0.6			1.2			0.6			1.2			0.6			1.2			0.6			1.3
Chemicals		0.6			1.2			0.6			1.3
Total		100.0	%		211.4	%		100.0	%		213.4	%		100.0	%		209.3	%		100.0	%		213.4	%

The geographic composition of the Company’s investments at fair value was as follows:


Geographic	June 30, 2023			December 31, 2022			September 30, 2023			December 31, 2022
United States		96.8	%		97.0	%		96.7	%		97.0	%
Canada		2.2			2.2			2.3			2.2
United Kingdom		1.0			0.8			1.0			0.8
Total		100.0	%		100.0	%		100.0	%		100.0	%

5. FAIR VALUE MEASUREMENT

The fair value of a financial instrument is the amount that would be received to sell an asset or would be paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price).

The fair value hierarchy under ASC 820 prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these securities. The three levels of the fair value hierarchy are as follows:

Basis of Fair Value Measurement

Level 1 – Inputs to the valuation methodology are quoted prices available in active markets for identical instruments as of the reporting date. The types of financial instruments included in Level 1 include unrestricted securities, including equities and derivatives, listed in active markets.

Level 2 – Inputs to the valuation methodology are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date. The types of financial instruments in this category include less liquid and restricted securities listed in active markets, securities traded in other than active markets, government and agency securities and certain over-the-counter derivatives where the fair value is based on observable inputs.

Level 3 – Inputs to the valuation methodology are unobservable and significant to overall fair value measurement. The inputs into the determination of fair value require significant management judgment or estimation. Financial instruments that are included in this category include investments in privately held entities and certain over-the-counter derivatives where the fair value is based on unobservable inputs.

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Note 2 “Significant Accounting Policies” should be read in conjunction with the information outlined below.

Table of Contents

The table below presents the valuation techniques and the nature of significant inputs generally used in determining the fair value of Level 2 and Level 3 Instruments.


Level 2 Instruments	Valuation Techniques and Significant Inputs
Equity and Fixed Income	The types of instruments that trade in markets that are not considered to be active but are valued based on quoted market prices, broker or dealer quotations or alternative pricing sources with reasonable levels of price transparency include commercial paper, most government agency obligations, most corporate debt securities, certain mortgage-backed securities, certain bank loans, less liquid publicly listed equities, certain state and municipal obligations, certain money market instruments and certain loan commitments. Valuations of Level 2 Equity and Fixed Income instruments can be verified to quoted prices, broker or dealer quotations or alternative pricing sources with reasonable levels of price transparency. Consideration is given to the nature of the quotations (e.g. indicative or firm) and the relationship of recent market activity to the prices provided from alternative pricing sources.
Derivative Contracts	Over-the-counter (“OTC”) derivatives (both centrally cleared and bilateral) are valued using market transactions and other market evidence whenever possible, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources with reasonable levels of price transparency. Where models are used, the selection of a particular model to value an OTC derivative depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. The Company generally uses similar models to value similar instruments. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.


Level 3 Instruments	Valuation Techniques and Significant Inputs
Bank Loans, Corporate Debt, and Other Debt Obligations	Valuations are generally based on discounted cash flow techniques, for which the significant inputs are the amount and timing of expected future cash flows, market yields and recovery assumptions. The significant inputs are generally determined based on relative value analyses, which incorporate comparisons both to credit default swaps that reference the same underlying credit risk and to other debt instruments for the same issuer for which observable prices or broker quotes are available. Other valuation methodologies are used as appropriate including market comparables, transactions in similar instruments and recovery/liquidation analysis.
Equity	Recent third-party investments or pending transactions are considered to be the best evidence for any change in fair value. When these are not available, the following valuation methodologies are used, as appropriate and available: (i) Transactions in similar instruments; (ii) Discounted cash flow techniques; (iii) Third party appraisals; and (iv) Industry multiples and public comparables. Evidence includes recent or pending reorganizations (for example, merger proposals, tender offers and debt restructurings) and significant changes in financial metrics, including: (i) Current financial performance as compared to projected performance; (ii) Capitalization rates and multiples; and (iii) Market yields implied by transactions of similar or related assets.

Table of Contents

The tables below present the ranges of significant unobservable inputs used to value the Company’s Level 3 assets as of ~~June~~September 30, 2023 and December 31, 2022. These ranges represent the significant unobservable inputs that were used in the valuation of each type of instrument, but they do not represent a range of values for any one instrument. For example, the lowest discount rate in 1st Lien/Senior Secured Debt is appropriate for valuing that specific debt investment but may not be appropriate for valuing any other debt investments in this asset class. Accordingly, the ranges of inputs presented below do not represent uncertainty in, or possible ranges of, fair value measurements of the Company’s Level 3 assets.

Level 3 Instruments

Fair
Value(1)(2)

Valuation
Techniques(3)

Significant
Unobservable
Inputs

Range(4) of Significant
Unobservable Inputs

Weighted
Average(5)

Fair
Value(1)(2)

Valuation
Techniques(3)

Significant
Unobservable
Inputs

Range(4) of Significant
Unobservable Inputs

Weighted
Average(5)

As of June 30, 2023

As of September 30, 2023

Bank Loans, Corporate Debt, and Other Debt Obligations

1st Lien/Senior Secured

2,433,993

Discounted cash flows

Discount Rate

9.2% - 24.8%

11.1%

2,298,108

Discounted cash flows

Discount Rate

9.3% - 22.4%

11.4%

6,075

Comparable multiples

EV/Revenue

—

0.5x

59,851

Comparable multiples

EV/Revenue

0.4x - 2.7x

1.7x

1st Lien/Last-Out Unitranche

19,326

Discounted cash flows

Discount Rate

—

11.8%

19,864

Discounted cash flows

Discount Rate

—

12.1%

Unsecured Debt

6,566

Discounted cash flows

Discount Rate

—

17.2%

6,566

Discounted cash flows

Discount Rate

—

17.2%

Equity

Preferred Stock

20,635

Comparable multiples

EV/EBITDA(6)

14.1x - 33.6x

28.4x

25,419

Comparable multiples

EV/EBITDA(6)

13.7x - 34.5x

31.0x

23,786

Comparable multiples

EV/Revenue

3.8x - 4.5x

4.0x

21,943

Comparable multiples

EV/Revenue

4.1x - 4.2x

4.1x

Common Stock

10,125

Comparable multiples

EV/EBITDA(6)

9.3x - 19.0x

13.5x

12,461

Comparable multiples

EV/EBITDA(6)

9.3x - 18.6x

14.9x

3,315

Comparable multiples

EV/Revenue

—

15.5x

3,367

Comparable multiples

EV/Revenue

—

14.8x

Warrants

406

Comparable multiples

EV/Revenue

—

3.8x

295

Comparable multiples

EV/Revenue

—

4.2x

As of December 31, 2022

Bank Loans, Corporate Debt, and Other Debt Obligations

1st Lien/Senior Secured

2,389,612

Discounted cash flows

Discount Rate

7.8% - 19.7%

10.9%

2,389,612

Discounted cash flows

Discount Rate

7.8% - 19.7%

10.9%

34,552

Comparable multiples

EV/Revenue

—

2.3x

34,552

Comparable multiples

EV/Revenue

—

2.3x

1st Lien/Last-Out Unitranche

18,243

Discounted cash flows

Discount Rate

—

10.9%

18,243

Discounted cash flows

Discount Rate

—

10.9%

Unsecured Debt

5,552

Discounted cash flows

Discount Rate

—

17.3%

5,552

Discounted cash flows

Discount Rate

—

17.3%

Equity

Preferred Stock

19,198

Comparable multiples

EV/EBITDA(6)

14.4x - 29.7x

27.1x

19,198

Comparable multiples

EV/EBITDA(6)

14.4x - 29.7x

27.1x

21,796

Comparable multiples

EV/Revenue

4.0x - 7.3x

4.6x

21,796

Comparable multiples

EV/Revenue

4.0x - 7.3x

4.6x

Common Stock

9,138

Comparable multiples

EV/EBITDA(6)

9.1x - 18.3x

13.9x

9,138

Comparable multiples

EV/EBITDA(6)

9.1x - 18.3x

13.9x

2,765

Comparable multiples

EV/Revenue

—

15.2x

2,765

Comparable multiples

EV/Revenue

—

15.2x

Warrants

551

Comparable multiples

EV/Revenue

—

4.0x

551

Comparable multiples

EV/Revenue

—

4.0x

(1)

As of ~~June~~September 30, 2023, included within Level 3 assets of $~~2,576,884~~2,505,376 is an amount of $~~52,657~~57,502 for which the Investment Adviser did not develop the unobservable inputs (examples include single source broker quotations, third party pricing, and prior transactions). The income approach was used in the determination of fair value for $~~2,459,885~~2,324,538 or ~~97.7~~95.2% of Level 3 bank loans, corporate debt, and other debt obligations.

(2)

As of December 31, 2022, included within Level 3 assets of $2,578,920 is an amount of $77,513 for which the Investment Adviser did not develop the unobservable inputs (examples include single source broker quotations, third party pricing, and prior transactions). The income approach was used in the determination of fair value for $2,413,407 or 95.6% of Level 3 bank loans, corporate debt, and other debt obligations.

(3)

The fair value of any one instrument may be determined using multiple valuation techniques. For example, market comparable and discounted cash flows may be used together to determine fair value. Therefore, the Level 3 balance encompasses both of these techniques.

(4)

The range for an asset category consisting of a single investment, if any, is not meaningful and therefore has been excluded.

(5)

Weighted average for an asset category consisting of multiple investments is calculated by weighting the significant unobservable input by the relative fair value of the investment. Weighted average for an asset category consisting of a single investment represents the significant unobservable input used in the fair value of the investment.

(6)

Enterprise value of portfolio company as a multiple of earnings before interest, taxes, depreciation and amortization (“EBITDA”).

As noted above, the income and market approaches were used in the determination of fair value of certain Level 3 assets as of ~~June~~September 30, 2023 and December 31, 2022. The significant unobservable inputs used in the income approach are the discount rate or market yield used to discount the estimated future cash flows expected to be received from the underlying investment, which include both future principal and interest payments. An increase in the discount rate or market yield would result in a decrease in the fair value. Included in the consideration and selection of discount rates or market yields is risk of default, rating of the investment, call provisions and comparable company investments. The significant unobservable inputs used in the market approach are based on market comparable transactions and market multiples of publicly traded comparable companies. Increases or decreases in market comparable transactions or market multiples would result in an increase or decrease in the fair value.

The following is a summary of the Company’s assets categorized within the fair value hierarchy:


	June 30, 2023								December 31, 2022								September 30, 2023								December 31, 2022
Assets	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
1st Lien/Senior Secured Debt	$	—	$	86,862	$	2,492,725	$	2,579,587	$	—	$	60,031	$	2,501,677	$	2,561,708	$	—	$	88,844	$	2,415,461	$	2,504,305	$	—	$	60,031	$	2,501,677	$	2,561,708
1st Lien/Last-Out Unitranche		—		—		19,326		19,326		—		—		18,243		18,243		—		—		19,864		19,864		—		—		18,243		18,243
2nd Lien/Senior Secured Debt		—		8,476		—		8,476		—		9,246		—		9,246		—		—		—		—		—		9,246		—		9,246
Unsecured Debt		—		—		6,566		6,566		—		—		5,552		5,552		—		—		6,566		6,566		—		—		5,552		5,552
Preferred Stock		—		—		44,421		44,421		—		—		40,994		40,994		—		—		47,362		47,362		—		—		40,994		40,994
Common Stock		—		—		13,440		13,440		—		—		11,903		11,903		—		—		15,828		15,828		—		—		11,903		11,903
Warrants		—		—		406		406		—		—		551		551		—		—		295		295		—		—		551		551
Investments in Affiliated Money Market Fund		134,787		—		—		134,787		122,499		—		—		122,499		153,923		—		—		153,923		122,499		—		—		122,499
Total	$	134,787	$	95,338	$	2,576,884	$	2,807,009	$	122,499	$	69,277	$	2,578,920	$	2,770,696	$	153,923	$	88,844	$	2,505,376	$	2,748,143	$	122,499	$	69,277	$	2,578,920	$	2,770,696

The below table presents a summary of changes in fair value of Level 3 assets by investment type:


Assets	Beginning Balance		Purchases(1)		Net Realized Gain (Loss)			Net Change in Unrealized Appreciation (Depreciation)			Sales and Settlements (1)			Net Amortization of Premium/ Discount			Transfers In (2)		Transfers Out (2)			Ending Balance		Net Change in Unrealized Appreciation (Depreciation) for assets still held				Beginning Balance		Purchases(1)		Net Realized Gain (Loss)			Net Change in Unrealized Appreciation (Depreciation)			Sales and Settlements (1)			Net Amortization of Premium/ Discount		Transfers In (2)		Transfers Out (2)			Ending Balance		Net Change in Unrealized Appreciation (Depreciation) for assets still held
For the Six Months Ended June 30, 2023
For the Nine Months Ended September 30, 2023																											For the Nine Months Ended September 30, 2023
1st Lien/Senior Secured Debt	$	2,501,677	$	104,267	$	(35,527	)	$	1,460		$	(59,579	)	$	4,931		$	—	$	(24,504	)	$	2,492,725	$	(6,621	)		$	2,501,677	$	167,943	$	(35,458	)	$	(28,420	)	$	(174,546	)	$	8,769	$	—	$	(24,504	)	$	2,415,461	$	(36,375	)
1st Lien/Last-Out Unitranche		18,243		1,083		—			(38	)		—			38			—		—			19,326		(39	)			18,243		1,621		—			(55	)		—			55		—		—			19,864		(55	)
2nd Lien/Senior Secured Debt		—		—		—			—			—			—			—		—			—		—				—		—		—			—			—			—		—		—			—		—
Unsecured Debt		5,552		981		—			35			—			(2	)		—		—			6,566		36				5,552		981		—			33			—			—		—		—			6,566		33
Preferred Stock		40,994		—		(1,825	)		5,252			—			—			—		—			44,421		3,427				40,994		—		(1,825	)		8,193			—			—		—		—			47,362		6,368
Common Stock		11,903		—		—			1,537			—			—			—		—			13,440		1,537				11,903		—		—			3,925			—			—		—		—			15,828		3,925
Warrants		551		—		—			(145	)		—			—			—		—			406		(145	)			551		—		—			(256	)		—			—		—		—			295		(256	)
Total assets	$	2,578,920	$	106,331	$	(37,352	)	$	8,101		$	(59,579	)	$	4,967		$	—	$	(24,504	)	$	2,576,884	$	(1,805	)		$	2,578,920	$	170,545	$	(37,283	)	$	(16,580	)	$	(174,546	)	$	8,824	$	—	$	(24,504	)	$	2,505,376	$	(26,360	)
For the Six Months Ended June 30, 2022
For the Nine Months Ended September 30, 2022																											For the Nine Months Ended September 30, 2022
1st Lien/Senior Secured Debt	$	2,183,501	$	404,048	$	(5,325	)	$	(8,672	)	$	(67,097	)	$	4,453		$	—	$	—		$	2,510,908	$	(16,263	)		$	2,183,501	$	643,017	$	(5,326	)	$	(27,759	)	$	(222,152	)	$	8,994	$	—	$	—		$	2,580,275	$	(33,780	)
1st Lien/Last-Out Unitranche																													—		17,400		—			109			—			12		—		—			17,521		109
2nd Lien/Senior Secured Debt		—		—		—			(1,493	)		—			4			14,588		—			13,099		(1,493	)			—		—		—			(2,266	)		—			6		14,588		—			12,328		(2,266	)
Unsecured Debt		—		5,580		—			—			—			—			—		—			5,580		—				—		5,580		—			(4	)		—			5		—		—			5,581		(4	)
Preferred Stock		40,782		—		—			(1,927	)		—			—			—		—			38,855		(1,927	)			40,782		—		—			(2,181	)		—			—		—		—			38,601		(2,181	)
Common Stock		10,343		1,452		—			(1,017	)		—			—			—		—			10,778		(1,017	)			10,343		2,452		—			(1,308	)		—			—		—		—			11,487		(1,308	)
Warrants		1,667		—		—			(999	)		—			—			—		—			668		(999	)			1,667		—		—			(1,246	)		—			—		—		—			421		(1,246	)
Total assets	$	2,236,293	$	411,080	$	(5,325	)	$	(14,108	)	$	(67,097	)	$	4,457		$	14,588	$	—		$	2,579,888	$	(21,699	)		$	2,236,293	$	668,449	$	(5,326	)	$	(34,655	)	$	(222,152	)	$	9,017	$	14,588	$	—		$	2,666,214	$	(40,676	)

(1)

Purchases may include PIK, securities received in corporate actions and restructurings. Sales and Settlements may include securities delivered in corporate actions and restructuring of investments.

(2)

Transfers in (out) of Level 3 are due to a decrease (increase) in the quantity and reliability of broker quotes obtained by the Investment Adviser.

The fair value of the Company’s debt, which would have been categorized as Level 3 within the fair value hierarchy as of ~~June~~September 30, 2023 and December 31, 2022, approximates its carrying value because the Revolving Credit Facilities have variable interest based on selected short-term rates.

6. DEBT

On May 2, 2019, the Initial Member approved the application of the reduced asset coverage requirements in Section 61(a)(2) of the Investment Company Act to the Company and such election became effective the following day. As a result of this approval, the Company is currently allowed to borrow amounts such that its asset coverage ratio, as defined in the Investment Company Act, is at least 150% after such borrowing (if certain requirements are met). As of ~~June~~September 30, 2023 and December 31, 2022, the Company’s asset coverage ratio based on the aggregate amount outstanding of senior securities was ~~184~~185% and 185%.

The Company’s outstanding debt was as follows:


	June 30, 2023						December 31, 2022						September 30, 2023						December 31, 2022
	Aggregate Borrowing Amount Committed		Amount Available		Carrying Value		Aggregate Borrowing Amount Committed		Amount Available		Carrying Value		Aggregate Borrowing Amount Committed		Amount Available		Carrying Value		Aggregate Borrowing Amount Committed		Amount Available		Carrying Value
MUFG Revolving Credit Facility(1)	$	50,050	$	14,550		35,500	$	91,000		91,000	$	—	$	50,050	$	50,050	$	—	$	91,000		91,000	$	—
JPM Revolving Credit Facility(2)		1,650,000		184,721		1,466,187		1,650,000		184,721		1,465,196		1,650,000		184,721		1,465,376		1,650,000		184,721		1,465,196
Total debt	$	1,700,050	$	199,271	$	1,501,687	$	1,741,000	$	275,721	$	1,465,196	$	1,700,050	$	234,771	$	1,465,376	$	1,741,000	$	275,721	$	1,465,196

(1)

Provides, under certain circumstances, a total borrowing capacity of $50,050.

(2)

Provides, under certain circumstances, a total borrowing capacity of $2,000,000. The Company may borrow amounts in USD or certain other permitted currencies. Debt outstanding denominated in currencies other than USD has been converted to USD using the applicable foreign currency exchange rate as of the applicable reporting date. As of ~~June~~September 30, 2023, the Company had outstanding borrowings denominated in USD of $1,445,500 in ~~Canadian Dollars (CAD)~~CAD of CAD 150 and in ~~British Pound (GBP)~~GBP of GBP 16,200.As of December 31, 2022, the Company had outstanding borrowings denominated in USD of $1,445,500, in ~~Canadian Dollars (CAD)~~CAD of CAD 150 and in ~~British Pound (GBP)~~GBP of GBP 16,200.

The combined weighted average interest ~~rates~~rate of the aggregate borrowings outstanding for the ~~six~~nine months ended ~~June~~September 30, 2023 was 7.88% and ~~for~~ the year ended December 31, 2022 ~~were~~ ~~7.57% and~~was 4.57%. The combined weighted average debt of the aggregate borrowings outstanding for the ~~six~~nine months ended ~~June~~September 30, 2023 was $1,496,718and ~~for~~ the year ended December 31, 2022 was $~~1,500,702~~ ~~and~~ $1,529,965.

MUFG Revolving Credit Facility

The Company entered into the MUFG Revolving Credit Facility on May 7, 2019 with MUFG Bank Ltd., as administrative agent (the “Administrative Agent”), lead arranger, letter of credit issuer and lender. The Company amended the MUFG Revolving Credit Facility on numerous occasions between July 31, 2019 and May 4, 2023.

Subject to availability under the “Borrowing Base,” the maximum principal amount of the MUFG Revolving Credit Facility was $50,050 as of ~~June~~September 30, 2023. The Borrowing Base is calculated based on the unfunded capital commitments of the investors meeting various eligibility requirements (subject to investor concentration limits) multiplied by specified advance rates. The stated maturity date of the MUFG Revolving Credit Facility is November 3, 2023, which may be extended by the Company exercising its committed 6-month extension option. Subsequent to the three months ended September 30, 2023, the Company exercised the option to extend the maturity of the MUFG Revolving Credit Facility. See Note 11 “Subsequent Events.”

Proceeds from the MUFG Revolving Credit Facility may be used for investments, working capital, expenses and general corporate purposes (including to pay dividends or distributions).

Under the MUFG Revolving Credit Facility, the Company has the ability to elect, for loans denominated in U.S. Dollars, either Term SOFR with a one-, three- or, if available, six-month tenor or the alternative base rate at the time of draw-down (and with respect to loans denominated in non-U.S. Dollar currencies, the applicable benchmark specified in the MUFG Revolving Credit Facility), and loans denominated in U.S. Dollars may be converted from one rate to another at any time, subject to certain conditions. The interest rate on obligations under the MUFG Revolving Credit Facility is (A) Term Loan plus a credit adjustment spread for the applicable tenor (or other listed offered rate, depending upon the currency of borrowing) plus 2.75% per annum or (B) an alternative base rate (the greatest of the prime rate set by MUFG Bank, Ltd., the federal funds rate plus 0.50%, and Term SOFR with a one-month tenor plus 1.00% (“ABR”)) plus 1.75% per annum. The Company pays a 0.35% annualized fee on a quarterly basis on committed but undrawn amounts under the MUFG Revolving Credit Facility.

Amounts drawn under the MUFG Revolving Credit Facility may be prepaid at any time without premium or penalty, subject to applicable breakage costs. Loans are subject to mandatory prepayment for amounts exceeding the Borrowing Base or the lenders’ aggregate commitment and to the extent required to comply with the Investment Company Act, as applied to BDCs. Transfers of interests in the Company by investors are subject to certain restrictions under the MUFG Revolving Credit Facility. In addition, any transfer of Units from a Unitholder whose undrawn commitments are included in the Borrowing Base to a Unitholder that is not eligible to be included in the Borrowing Base (or that is eligible to be included in the Borrowing Base at a lower advance rate) may trigger mandatory prepayment obligations.

Table of Contents

The MUFG Revolving Credit Facility is secured by a perfected first priority security interest in the unfunded capital commitments of the Company’s investors (with certain exceptions) and the proceeds thereof, including an assignment of the right to make capital calls, receive and apply capital contributions, and enforce remedies and claims related thereto, and a pledge of the collateral account into which capital call proceeds are deposited. Additionally, under the MUFG Revolving Credit Facility, in certain circumstances after an event of default, the Administrative Agent will be able to require investors to fund their capital commitments directly to the Administrative Agent for the purposes of repaying the loans, but lenders cannot seek recourse against a Unitholder in excess of such Unitholder’s obligation to contribute capital to the Company.

The MUFG Revolving Credit Facility contains customary representations, warranties, and affirmative and negative covenants, including without limitation, representations and covenants regarding treatment as a RIC under the Code and as a BDC under the Investment Company Act and restrictions on the Company’s ability to make certain distributions, to incur additional indebtedness, to incur any liens on the collateral and to permit certain transfers of Unitholders’ ownership interest in the Units. The MUFG Revolving Credit Facility includes customary conditions precedent to the draw-down of loans and customary events of default. As of ~~June~~September 30, 2023, the Company was in compliance with these covenants.

Costs of $~~5,968~~5,970 were incurred in connection with obtaining and amending the MUFG Revolving Credit Facility and exercising its right under the accordion feature, which have been recorded as deferred financing costs in the Consolidated Statements of Financial Condition and are being amortized over the life of the MUFG Revolving Credit Facility using the straight-line method. As of ~~June~~September 30, 2023 and December 31, 2022, outstanding deferred financing costs were $~~284~~77 and $263.

The below table presents the summary information of the MUFG Revolving Credit Facility:


	For the Three Months Ended						For the Six Months Ended						For the Three Months Ended						For the Nine Months Ended
	June 30, 2023			June 30, 2022			June 30, 2023			June 30, 2022			September 30, 2023			September 30, 2022			September 30, 2023			September 30, 2022
Borrowing interest expense	$	909		$	2,213		$	1,295		$	4,119		$	470		$	2,007		$	1,765		$	6,126
Facility fees		16			4			105			4			31			9			136			13
Amortization of financing costs		200			242			389			562			209			198			598			760
Total	$	1,125		$	2,459		$	1,789		$	4,685		$	710		$	2,214		$	2,499		$	6,899
Weighted average interest rate		7.61	%		3.19	%		7.44	%		2.91	%		8.19	%		4.51	%		7.62	%		3.30	%
Average outstanding balance	$	47,901		$	278,363		$	35,133		$	285,144		$	22,761		$	176,446		$	30,963		$	248,513

JPM Revolving Credit Facility

On September 24, 2020, SPV entered into the JPM Revolving Credit Facility. JPMorgan Chase Bank, National Association (“JPM”) serves as administrative agent, U.S. Bank Trust Company, National Association serves as collateral agent and collateral administrator, U.S. Bank National Association serves as securities intermediary and the Company serves as portfolio manager under the JPM Revolving Credit Facility. The Company amended the JPM Revolving Credit Facility on numerous occasions between February 12, 2021 and ~~February 15, 2022.~~September 14, 2023.

Borrowings under the JPM Revolving Credit Facility bear interest (at SPV’s election) at a per annum rate equal to (x) Term SOFR (or the applicable benchmark for loans denominated in non-U.S. Dollar currencies) plus a credit spread adjustment of 0.15% (or other listed offered rate, depending upon the currency of borrowing) in effect and, (y) to the extent Term SOFR is unavailable, a rate per annum equal to the greater of (i) the prime rate of JPM in effect on such day and (ii) the Federal Funds Effective Rate in effect on such day plus 0.50%, in each case, plus the applicable margin. The applicable margin is ~~2.75~~2.55% per annum, after giving effect to the amendment dated ~~February 15, 2022.~~September 14, 2023. SPV will also pay a commitment fee of ~~0.75~~0.55% per annum on the average daily unused amount of the financing commitments until the last day of the reinvestment period (as defined in the JPM Revolving Credit Facility)., and an administrative fee of 0.20% per annum on the total commitment. The JPM Revolving Credit Facility is a multicurrency facility. As of ~~June~~September 30, 2023, the total commitments under the JPM Revolving Credit Facility were $1,650,000. The JPM Revolving Credit Facility also has an accordion feature, subject to the satisfaction of various conditions, which could bring total commitments under the JPM Revolving Credit Facility to $2,000,000. All amounts outstanding under the JPM Revolving Credit Facility must be repaid by the ~~fifth~~sixth anniversary of the JPM Revolving Credit Facility, subject to a six-month extension of the maturity date with the consent of the administrative agent at such time.

SPV’s obligations to the lenders under the JPM Revolving Credit Facility are secured by a first priority security interest in all of SPV’s portfolio of investments and cash. The obligations of SPV under the JPM Revolving Credit Facility are non-recourse to the Company, and the Company’s exposure under the JPM Revolving Credit Facility is limited to the value of the Company’s investment in SPV.

In connection with the JPM Revolving Credit Facility, SPV has made certain customary representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar facilities. The JPM Revolving Credit Facility contains customary events of default for similar financing transactions, including if a change of control of SPV occurs or if the Company is no longer the portfolio manager of SPV. Upon the occurrence and during the continuation of an event of default, JPM may declare the outstanding advances and all other obligations under the JPM Revolving Credit Facility immediately due and payable. As of ~~June~~September 30, 2023, the Company was in compliance with these covenants.

Table of Contents

Costs of $~~10,797~~14,922 were incurred in connection with obtaining the JPM Revolving Credit Facility, which have been recorded as deferred financing costs in the Consolidated Statements of Financial Condition and are being amortized over the life of the JPM Revolving Credit Facility using the straight-line method. As of ~~June~~September 30, 2023 and December 31, 2022, outstanding deferred financing costs were $~~5,691~~9,151 and $6,952.

The below table presents the summary information of the JPM Revolving Credit Facility:


	For the Three Months Ended							For the Six Months Ended						For the Three Months Ended						For the Nine Months Ended
	June 30, 2023			June 30, 2022				June 30, 2023			June 30, 2022			September 30, 2023			September 30, 2022			September 30, 2023			September 30, 2022
Borrowing interest expense	$	27,747		$	11,439			$	55,067		$	20,340		$	31,408		$	18,408		$	86,475		$	38,748
Facility fees		460			524				922			1,031			601			505			1,523			1,535
Amortization of financing costs		634			570				1,261			1,085			665			642			1,926			1,728
Total	$	28,841		$	12,533			$	57,250		$	22,456		$	32,674		$	19,555		$	89,924		$	42,011
Weighted average interest rate		7.59	%		3.64	%	*		7.58	%		3.43	%		8.50	%		5.05	%		7.89	%		4.04	%
Average outstanding balance	$	1,465,840		$	1,260,324		*	$	1,465,569		$	1,196,973		$	1,466,120		$	1,445,845		$	1,465,755		$	1,280,842

7. COMMITMENTS AND CONTINGENCIES

Capital Commitments

The Company had aggregate capital commitments and undrawn capital commitments from investors as follows:

June 30, 2023

December 31, 2022

Capital
Commitments

Unfunded
Capital
Commitments

% of Capital
Commitments
Funded

Capital
Commitments

Unfunded
Capital
Commitments

% of Capital
Commitments
Funded

Common Units

$
1,475,812

$
132,823

91
%

$
1,475,812

$
147,581

90
%


	September 30, 2023							December 31, 2022
	Capital Commitments		Unfunded Capital Commitments		% of Capital Commitments Funded			Capital Commitments		Unfunded Capital Commitments		% of Capital Commitments Funded
Common Units	$	1,475,812	$	132,823		91	%	$	1,475,812	$	147,581		90	%

Portfolio Company Commitments

The Company may enter into investment commitments to fund investments through signed commitment letters. In many circumstances, borrower acceptance and final terms are subject to transaction-related contingencies. These are disclosed as commitments upon execution of a final agreement. As of ~~June~~September 30, 2023, the Company believed that it had adequate financial resources to satisfy its unfunded commitments. The Company had the following unfunded commitments by investment types:


	Unfunded Commitment Balances(1)				Unfunded Commitment Balances(1)
	June 30, 2023		December 31, 2022		September 30, 2023		December 31, 2022
1st Lien/Senior Secured Debt
1272775 B.C. LTD. (dba Everest Clinical Research)	$	34	$	150	$	34	$	150
Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings)		385		1,764
Acquia, Inc.		425		796		982		796
Admiral Buyer, Inc. (dba Fidelity Payment Services)		8,840		8,840		8,840		8,840
Apptio, Inc.		538		308
AQ Helios Buyer, Inc. (dba SurePoint)		5,395		8,020		4,160		8,020
Assembly Intermediate LLC		8,381		6,785		8,381		6,785
Bigchange Group Limited		3,003		3,121		2,635		3,121
Broadway Technology, LLC		1,010		1,010		1,010		1,010
BSI3 Menu Buyer, Inc (dba Kydia)		1,924		1,924		1,924		1,924
Bullhorn, Inc.		693		374		693		374
Businessolver.com, Inc.		4,141		4,141		4,141		4,141
Capitol Imaging Acquisition Corp.		9,170		1,926		9,170		1,926
CFS Management, LLC (dba Center for Sight Management)		618		618		618		618
Checkmate Finance Merger Sub, LLC		2,831		2,831		2,831		2,831
Chronicle Bidco Inc. (dba Lexitas)		2,684		3,676		2,389		3,676
CivicPlus LLC		912		1,112		1,023		1,112
Clearcourse Partnership Acquireco Finance Limited		3,137		3,730		3,014		3,730
CloudBees, Inc.		665		665		665		665
Coding Solutions Acquisition, Inc.		5,201		5,628		1,551		5,628
CorePower Yoga LLC		633		422		633		422
DECA Dental Holdings LLC		4,759		4,863		517		4,863
Diligent Corporation		1,821		2,452		2,067		2,452
Eptam Plastics, Ltd.		136		1,228
ESO Solutions, Inc		1,317		3,292		1,317		3,292
Experity, Inc.		2,332		3,023		3,023		3,023
Fullsteam Operations LLC		41,398		2,761		41,297		2,761
Gainsight, Inc.		1,380		4,830		2,484		4,830
GHA Buyer Inc. (dba Cedar Gate)		1,749		1,749		1,749		1,749

Table of Contents


	Unfunded Commitment Balances(1)				Unfunded Commitment Balances(1)
	June 30, 2023		December 31, 2022		September 30, 2023		December 31, 2022
GovDelivery Holdings, LLC (dba Granicus, Inc.)	$	1,613	$	1,553	$	1,262	$	1,553
Governmentjobs.com, Inc. (dba NeoGov)		15,914		17,506		15,915		17,506
GS AcquisitionCo, Inc. (dba Insightsoftware)		609		914		914		914
HealthEdge Software, Inc.		11,900		11,900		11,900		11,900
Helios Buyer, Inc. (dba Heartland)		6,115		6,775		2,199		6,775
Honor HN Buyer, Inc		13,630		29,948		13,629		29,948
HS4 AcquisitionCo, Inc. (dba HotSchedules & Fourth)		689		1,093		765		1,093
HumanState Limited (dba PayProp)		470		447		451		447
iCIMS, Inc.		12,416		13,789		12,030		13,789
Intelligent Medical Objects, Inc.		3,360		3,821		3,137		3,821
Kaseya Inc.		1,706		2,020		1,706		2,020
MerchantWise Solutions, LLC (dba HungerRush)		4,129		4,100		2,762		4,100
Millstone Medical Outsourcing, LLC		1,732		1,599		1,692		1,599
MRI Software LLC		2,427		4,381		1,143		4,381
NFM & J, L.P. (dba the Facilities Group)		4,125		5,455		4,035		5,455
One GI LLC		38		3,284		38		3,284
PDDS Holdco, Inc. (dba Planet DDS)		12,456		5,595		7,759		5,595
Pioneer Buyer I, LLC		3,900		3,900		3,900		3,900
Pluralsight, Inc		2,300		2,300		1,716		2,300
Premier Care Dental Management, LLC		2,769		3,268		2,769		3,268
Premier Imaging, LLC (dba Lucid Health)		7,305		7,305
Project Eagle Holdings, LLC (dba Exostar)		3,418		3,418		3,418		3,418
Prophix Software Inc. (dba Pound Bidco)		3,118		3,118		3,118		3,118
Riverpoint Medical, LLC		1,625		1,806		1,580		1,806
Rodeo Buyer Company (dba Absorb Software)		1,839		2,758		1,839		2,758
Rubrik, Inc.		1,027		2,118
Rubrik,Inc.						551		2,118
Southeast Mechanical, LLC (dba. SEM Holdings, LLC)		7,140		8,500		7,140		8,500
SpendMend, LLC		4,037		4,579		4,037		4,579
StarCompliance Intermediate, LLC		1,633		1,725		943		1,725
Sundance Group Holdings, Inc. (dba NetDocuments)		3,434		4,479		2,090		4,479
Sunstar Insurance Group, LLC		17,228		21,687		15,224		21,687
Superman Holdings, LLC (dba Foundation Software)		6,086		5,134		6,086		5,134
Sweep Purchaser LLC		1,092		3,445		84		3,445
The Center for Orthopedic and Research Excellence, Inc. (dba HOPCo)		3,187		3,365		2,985		3,365
Total Vision LLC		7,800		9,548		1,720		9,548
USN Opco LLC (dba Global Nephrology Solutions)		5,287		5,287		1,074		5,287
Volt Bidco, Inc. (dba Power Factors)		4,068		6,000		3,343		6,000
VRC Companies, LLC (dba Vital Records Control)		858		858		858		858
WebPT, Inc.		2,575		3,464		2,235		3,464
Wellness AcquisitionCo, Inc. (dba SPINS)		6,100		6,100		6,100		6,100
Whitewater Holding Company LLC		3,050		3,968		2,695		3,968
WorkForce Software, LLC		980		327		980		327
Zarya Intermediate, LLC (dba iOFFICE)		7,186		8,383		4,790		8,383
Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings)						—		1,764
Apptio, Inc.						—		308
CORA Health Holdings Corp		—		7,744		—		7,744
Eptam Plastics, Ltd.						—		1,228
Premier Imaging, LLC (dba Lucid Health)						—		7,305
Qualawash Holdings, LLC		—		3,070		—		3,070
Thrasio, LLC		—		13,604		—		13,604
Total 1st Lien/Senior Secured Debt	$	317,883	$	347,477	$	269,760	$	347,477

1st Lien/Last-Out Unitranche
EDB Parent, LLC (dba Enterprise DB)	$	4,890	$	5,973	$	4,352	$	5,973
Total 1st Lien/Last-Out Unitranche	$	4,890	$	5,973	$	4,352	$	5,973
Total	$	322,773	$	353,450	$	274,112	$	353,450

(1)

Unfunded commitments denominated in currencies other than USD have been converted to USD using the exchange rate as of the applicable reporting date.

Contingencies

In the normal course of business, the Company enters into contracts that provide a variety of general indemnifications. Any exposure to the Company under these arrangements could involve future claims that may be made against the Company. Currently, no such claims exist or are expected to arise and, accordingly, the Company has not accrued any liability in connection with such indemnifications.

10. FINANCIAL HIGHLIGHTS

The below table presents the schedule of financial highlights of the Company:


	For the Six Months Ended						For the Nine Months Ended
	June 30, 2023			June 30, 2022			September 30, 2023			September 30, 2022
Per Unit Data:(1)
NAV, beginning of period	$	90.58		$	95.68		$	90.58		$	95.68
Net investment income		5.94			5.26			8.83			8.25
Net realized and unrealized gains (losses)(2)		(2.18	)		(1.74	)		(3.34	)		(3.46	)
Income tax provision, realized and unrealized gains		(0.06	)		(0.01	)		(0.06	)		—
Net increase in Members’ Capital from operations(2)	$	3.70		$	3.51		$	5.43		$	4.79
Distributions declared from net investment income		(3.03	)		(2.90	)		(6.57	)		(5.62	)
Total increase (decrease) in Members’ Capital	$	0.67		$	0.61		$	(1.14	)	$	(0.83	)
NAV, end of period	$	91.25		$	96.29		$	89.44		$	94.85
Units outstanding, end of period		13,854,750			11,366,534			13,854,750			12,930,858
Weighted average units outstanding		13,722,900			10,355,771			13,767,333			10,919,869
Total return based on NAV(3)		4.08	%		3.67	%		5.99	%		5.01	%
Supplemental Data/Ratio:(4)
Members’ Capital, end of period	$	1,264,301		$	1,094,510		$	1,239,221		$	1,226,549
Ratio of expenses (without incentive fees and interest and other debt expenses) to Members’ Capital		1.89	%		1.98	%		1.90	%		1.93	%
Ratio of interest and other debt expenses to average Members’ Capital		9.53	%		5.45	%		9.88	%		6.21	%
Ratio of incentive fees to average Members’ Capital		0.71	%		0.63	%		1.05	%		0.86	%
Ratio of total expenses to average Members’ Capital		12.13	%		8.06	%		12.83	%		9.00	%
Ratio of net investment income to average Members’ Capital		13.90	%		11.58	%		13.35	%		11.74	%
Portfolio turnover		2	%		3	%		6	%		9	%

(1)

The per unit data was derived by using the weighted average units outstanding during the applicable period, except for distributions declared, which reflects the actual amount of distributions declared per unit for the applicable period.

(2)

The amount shown may not correspond for the period as it includes the effect of the timing of capital drawdowns and distributions.

(3)

Calculated as the change in NAV per unit during the period plus dividends declared per unit, divided by the beginning NAV per unit.

(4)

Ratios are annualized, except for, as applicable, unvested Incentive Fees.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and other parts of this report contain forward-looking information that involves risks and uncertainties. References to “we,” “us,” “our,” and the “Company,” mean Goldman Sachs Private Middle Market Credit II LLC or Goldman Sachs Private Middle Market Credit II LLC, together with its consolidated subsidiaries, as the context may require. The terms “GSAM,” “Goldman Sachs Asset Management,” our “Adviser” or our “Investment Adviser” refer to Goldman Sachs Asset Management, L.P., a Delaware limited partnership. The term “GS Group Inc.” refers to The Goldman Sachs Group, Inc. “GS & Co.” refers to Goldman Sachs & Co. LLC and its predecessors. The term “Goldman Sachs” refers to GS Group Inc., together with GS & Co., GSAM and its other subsidiaries and affiliates. The discussion and analysis contained in this section refers to our financial condition, results of operations and cash flows. The information contained in this section should be read in conjunction with the consolidated financial statements and notes thereto appearing elsewhere in this report. Please see “Cautionary Statement Regarding Forward-Looking Statements” for a discussion of the uncertainties, risks and assumptions associated with this discussion and analysis. Our actual results could differ materially from those anticipated by such forward-looking information due to factors discussed under “Cautionary Statement Regarding Forward-Looking Statements” appearing elsewhere in this report.

We are a specialty finance company focused on lending to middle-market companies. We are a 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 “Investment Company Act”). In addition, we have elected to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and we expect to qualify annually for tax treatment as a RIC, commencing with our taxable year ended December 31, 2019. From our commencement of investment operations on April 11, 2019 through ~~June~~September 30, 2023, we have originated ~~$4.04~~approximately $4.06 billion in aggregate principal amount of debt and equity investments prior to any subsequent exits and repayments. We seek to generate current income and, to a lesser extent, capital appreciation primarily through direct originations of secured debt, including first lien, unitranche debt, including last-out portions of such loans, and second lien debt, and unsecured debt, including mezzanine debt, as well as through select equity investments.

“Unitranche” loans are first lien loans that extend deeper in a borrower’s capital structure than traditional first lien debt and may provide for a waterfall of cash flow priority between different lenders in such loan. In a number of instances, we may find another lender to provide the “first-out” portion of a unitranche loan while we retain the “last-out” portion of such loan, in which case, the “first-out” portion of the loan would generally receive priority with respect to the payment of principal, interest and any other amounts due thereunder as compared to the “last-out” portion that we would continue to hold. In exchange for taking greater risk of loss, the “last-out” portion generally earns a higher interest rate than the “first-out” portion of the loan. We use the term “mezzanine” to refer to debt that ranks senior in right of payment only to a borrower’s equity securities and ranks junior in right of payment to all of such borrower’s other indebtedness. We may make multiple investments in the same portfolio company.

We expect to invest, under normal circumstances, at least 80% of our net assets (plus any borrowings for investment purposes), directly or indirectly in private middle-market credit obligations and related instruments. We define “credit obligations and related instruments” for this purpose as any fixed-income instrument, including loans to, and bonds and preferred stock of, portfolio companies and other instruments that provide exposure to such fixed-income instruments. “Middle market” is used to refer to companies with between $5 million and $200 million of annual earnings before interest expense, income tax expense, depreciation and amortization (“EBITDA”) excluding certain one-time and non-recurring items that are outside the operations of these companies. While, as a result of fluctuations in the net asset value (“NAV”) of one asset relative to other assets, private middle-market credit obligations and related instruments may represent less than 80% of our net assets (plus any borrowings for investment purposes) at any time, we may not invest, under normal circumstances, more than 20% of our net assets (plus any borrowings for investment purposes) in securities and other instruments that are not private middle-market credit obligations and related instruments. To the extent we determine to invest indirectly in private middle-market credit obligations and related instruments, we may invest through certain synthetic instruments, including derivatives that have similar economic characteristics to private middle-market credit obligations. For purposes of determining compliance with our 80% policy, each applicable derivative instrument will be valued based upon its market value. We will notify our unitholders (the “Unitholders”) at least 60 days prior to any change to the 80% investment policy described above.

We may also originate “covenant-lite” loans, which are loans with fewer financial maintenance covenants than other obligations, or no financial maintenance covenants. Such covenant-lite loans may not include terms that allow the lender to monitor the performance of the borrower or to declare a default if certain criteria are breached. These flexible covenants (or the absence of covenants) could permit borrowers to experience a significant downturn in their results of operations without triggering any default that would permit holders of their debt (such as us) to accelerate indebtedness or negotiate terms and pricing. In the event of default, covenant-lite loans may recover less value than traditional loans as the lender may not have an opportunity to negotiate with the borrower prior to such default.

We expect to directly or indirectly invest at least 70% of our total assets in middle-market companies domiciled in the United States. However, we may from time to time invest opportunistically in large U.S. companies, non-U.S. companies, stressed or distressed debt, structured products, private equity or other opportunities, subject to limits imposed by the Investment Company Act.

While our investment program is expected to focus primarily on debt investments, our investments may include equity features, such as a direct investment in the equity or convertible securities of a portfolio company or warrants or options to buy a minority interest in a portfolio company. Any warrants we may receive with debt securities will generally require only a nominal cost to exercise, so as a portfolio company appreciates in value, we may achieve additional investment return from these equity investments. We may structure the warrants to provide provisions protecting our rights as a minority-interest holder, as well as puts, or rights to sell such securities back to the portfolio company, upon the occurrence of specified events. In many cases, we may also obtain registration rights in connection with these equity investments, which may include demand and “piggyback” registration rights.

For a discussion of the competitive landscape we face, please see “Item 1A. Risk Factors—Competition—We operate in a highly competitive market for investment opportunities” and ~~“Item~~“Item 1. Business—Competitive Advantages” in our annual report on Form 10-K for the year ended December 31, 2022.

Replacement of Interbank Offered Rates (IBORs) Including the London InterBank Offered Rate (“LIBOR”):

On July 1, 2023, the publication of all LIBOR settings as representative rates ~~has~~ ceased. The Financial Conduct Authority has allowed the publication and use of synthetic rates for certain U.S. dollar (“USD”) LIBOR settings in legal USD LIBOR-based contracts through September 2024. Since January 1, 2022, our new investments ~~are~~have generally been indexed to SOFR. As of ~~June~~September 30, 2023, we have facilitated an orderly transition of a majority of our investments and our Revolving Credit Facilities (as defined below) to SOFR or to alternative risk-free reference rates. Any remaining USD LIBOR-based investments will have transitioned subsequent to ~~June~~September 30, 2023 or have fallback provisions that will be utilized.

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

As a BDC, we may not acquire any assets other than “qualifying assets” specified in the Investment Company Act, unless, at the time the acquisition is made, at least 70% of our total assets are qualifying assets (with certain limited exceptions). Qualifying assets include investments in “eligible portfolio companies.” Pursuant to rules adopted by the Securities and Exchange Commission (the “SEC”), “eligible portfolio companies” include certain companies that do not have any securities listed on a national securities exchange and public companies whose securities are listed on a national securities exchange but whose market capitalization is less than $250 million.

We generate revenues in the form of interest income on debt investments and, to a lesser extent, capital gains and distributions, if any, on equity securities that we may acquire in portfolio companies. Some of our investments may provide for deferred interest payments or payment-in-kind (“PIK”) income. The principal amount of the debt investments and any accrued but unpaid interest generally becomes due at the maturity date.

We generate revenues primarily through receipt of interest income from the investments we hold. In addition, we may generate revenue in the form of commitment, origination, structuring, syndication, exit fees or diligence fees, fees for providing managerial assistance and consulting fees. Portfolio company fees (directors’ fees, consulting fees, administrative fees, tax advisory fees and other similar compensation) will be paid to us, unless, to the extent required by applicable law or exemptive relief, if any, therefrom, we receive our allocable portion of such fees when invested in the same portfolio company as other client accounts managed by our Investment Adviser (collectively with the Company, the “Accounts”), which other Accounts could receive their allocable portion of such fee. We do not expect to receive material fee income as it is not our principal investment strategy. We record contractual prepayment premiums on loans and debt securities as interest income.

Our primary operating expenses include the payment of the management fee (the “Management Fee”) and the incentive fee (the “Incentive Fee”) to our Investment Adviser, legal and professional fees, interest and other debt expenses and other operating and overhead related expenses. The Management Fee and Incentive Fee compensate our Investment Adviser for its work in identifying, evaluating, negotiating, closing and monitoring our investments. Pursuant to an investment advisory agreement with the Investment Adviser (the “Investment Advisory Agreement”), Company expenses borne by us in the ordinary course on an annual basis (excluding Management Fees, Incentive Fees, organizational and start-up expenses and leverage-related expenses) will not exceed an amount equal to 0.5% of the aggregate amount of commitments to us by holders of common units of our limited liability company interests (“Units”); provided, however, that expenses incurred outside of the ordinary course, including litigation and similar expenses, are not subject to such cap. We bear all other expenses of our operations and transactions in accordance with our Investment Advisory Agreement and administration agreement (the “Administration Agreement”), including:

• fees and expenses, including travel expenses, incurred by our Investment Adviser or payable to third parties related to our investments, including, among others, professional fees (including the fees and expenses of consultants and experts) and fees and expenses from evaluating, monitoring, researching and performing due diligence on investments and prospective investments;

• interest, fees and other expenses payable on indebtedness for borrowed money (including through the issuance of notes and other evidence of indebtedness), other indebtedness, financings or extensions of credit, if any, incurred by us;

• fees and expenses incurred by us in connection with membership in investment company organizations;

• fees and expenses associated with calculating our NAV (including expenses of any independent valuation firm);

• the fees and expenses of our administrator, transfer agent, or sub-transfer agent;

• the cost of preparing unit certificates or any other expenses, including clerical expenses of issue or repurchase of our Units;

• the expenses of and fees for registering or qualifying our Units for sale and of maintaining our registration or qualifying and registering us as a broker or a dealer;

• the fees and expenses of our directors who are not affiliated with our Investment Adviser;

• the cost of preparing and distributing reports, proxy statements and notices to our Unitholders, the SEC and other regulatory authorities;

• the fees or disbursements of custodians of our assets, including expenses incurred in the performance of any obligations enumerated by limited liability company agreement or other organizational documents insofar as they govern agreements with any such custodian;

• costs incurred in connection with any claim, litigation, arbitration, mediation, government investigation or dispute in connection with our business and the amount of any judgment or settlement paid in connection therewith, or the enforcement of our rights against any person and indemnification or contribution expenses payable by us to any person and other extraordinary expenses not incurred in the ordinary course of our business.

Our Investment Adviser will not be required to pay expenses of activities which are primarily intended to result in sales of Units.

We expect our general and administrative expenses to be relatively stable or decline as a percentage of total assets during periods of asset growth and to increase during periods of asset declines.

The revolving credit facility with JPMorgan Chase Bank, National Association (as amended, restated, supplemented or otherwise modified from time to time, the “JPM Revolving Credit Facility”), and the revolving credit facility between the Company and MUFG Bank Ltd. (the “MUFG Revolving Credit Facility” and together with the JPM Revolving Credit Facility, the “Revolving Credit Facilities”) allow us to borrow money and lever our investment portfolio, subject to the limitations of the Investment Company Act, with the objective of increasing our yield. This is known as “leverage” and could increase or decrease returns to our Unitholders. The use of leverage involves significant risks. As a BDC, with certain limited exceptions, we are only permitted to borrow amounts such that our asset coverage ratio, as defined in the Investment Company Act, equals at least 150% after such borrowing (if certain requirements are met). As of ~~June~~September 30, 2023 and December 31, 2022, our asset coverage ratio based on the aggregate amount outstanding of our senior securities (which includes the Revolving Credit Facilities) was ~~184%~~185% and 185%. In accordance with applicable SEC staff guidance and interpretations, when we engage in such transactions, instead of maintaining an asset coverage ratio of at least 200% (or 150% if the above referenced requirements are met), we may segregate or earmark liquid assets, or enter into an offsetting position, in an amount at least equal to our exposure, on a mark-to-market basis, to such transactions (as calculated pursuant to requirements of the SEC). Short-term credits necessary for the settlement of securities transactions and arrangements with respect to securities lending will not be considered borrowings for these purposes. Practices and investments that may involve leverage but are not considered borrowings are not subject to the Investment Company Act’s asset coverage ~~requirement, and we will not otherwise~~

~~segregate or earmark liquid assets or enter into offsetting positions for such transactions.~~requirement. The amount of leverage that we employ will depend on the assessment by our Investment Adviser and our board of directors (the “Board of Directors” or the “Board”) of market conditions and other factors at the time of any proposed borrowing.

Our portfolio (excluding investments in money market funds, if any) consisted of the following:

The weighted average yield of our portfolio by asset type (excluding investments in money market funds, if any), at amortized cost and fair value, was as follows:

As of ~~June~~September 30, 2023, the total portfolio weighted average yield measured at amortized cost and fair value was ~~11.9%~~11.6% and ~~12.7%~~12.3%, as compared to 10.9% and 11.5% as of December 31, 2022. The increase in the weighted average yield at fair value within First Lien/Senior Secured Debt was primarily driven by rising interest rates and financial underperformance. The increase in the weighted average yield at amortized cost and fair value within First Lien/Last-Out Unitranche was primarily driven by rising interest rates. Within Second Lien/Senior Secured Debt, the decrease in weighted average yield at amortized cost and fair value was primarily driven by ~~rising interest rates and an increase~~the recapitalization of our investment in ~~market volatility. Within the Second Lien/Senior Secured Debt, the increase in weighted average yield at fair value was primarily driven by the financial underperformance of~~ Zep, Inc.

The following table presents certain selected information regarding our investment portfolio (excluding investments in money market funds, if any):

Our Investment Adviser monitors on an ongoing basis, the financial trends of each portfolio company to determine if it is meeting its respective business plan and to assess the appropriate course of action for each portfolio company. Our Investment Adviser has several methods of evaluating and monitoring the performance and fair value of our investments, which may include the following: (i) assessment of success in adhering to the portfolio company’s business plan and compliance with covenants; (ii) periodic or regular contact with portfolio company management and, if appropriate, the financial or strategic sponsor to discuss financial position, requirements and accomplishments; (iii) comparisons to our other portfolio companies in the industry, if any; (iv) attendance at and participation in Board meetings or presentations by portfolio companies; and (v) review of monthly and quarterly financial statements and financial projections of portfolio companies.

As part of the monitoring process, our Investment Adviser also employs an investment rating system to categorize our investments. In addition to various risk management and monitoring tools, our Investment Adviser grades the credit risk of all investments on a scale of 1 to 4 no less frequently than quarterly. This system is intended primarily to reflect the underlying risk of a portfolio investment relative to our initial cost basis in respect of such portfolio investment (i.e., at the time of origination or acquisition), although it may also take into account in certain circumstances the performance of the portfolio company’s business, the collateral coverage of the investment and other relevant factors. The grading system for our investments is as follows:

• Grade 1 investments involve the least amount of risk to our initial cost basis. The trends and risk factors for this investment since origination or acquisition are generally favorable, which may include the performance of the portfolio company or a potential exit;

• Grade 2 investments involve a level of risk to our initial cost basis that is similar to the risk to our initial cost basis at the time of origination or acquisition. This portfolio company is generally performing as expected and the risk factors to our ability to ultimately recoup the cost of our investment are neutral to favorable. All investments or acquired investments in new portfolio companies are initially assessed a grade of 2;

• Grade 3 investments indicate that the risk to our ability to recoup the initial cost basis of such investment has increased materially since origination or acquisition, including as a result of factors such as declining performance and non-compliance with debt covenants; however, payments are generally not more than 120 days past due; and

• Grade 4 investments indicate that the risk to our ability to recoup the initial cost basis of such investment has substantially increased since origination or acquisition, and the portfolio company likely has materially declining performance. For debt investments with an investment grade of 4, in most cases, most or all of the debt covenants are out of compliance and payments are substantially delinquent. For investments graded 4, it is anticipated that we will not recoup our initial cost basis and may realize a substantial loss of our initial cost basis upon exit.

Our Investment Adviser grades the investments in our portfolio at least each quarter and it is possible that the grade of a portfolio investment may be reduced or increased over time. For investments with a grade of 3 or 4, our Investment Adviser enhances its level of scrutiny over the monitoring of such portfolio company. The following table shows the composition of our portfolio (excluding investments in money market funds, if any) on the 1 to 4 grading scale:

The increase in investments with a grade 1 investment performance rating was driven by investments with an aggregate fair value of ~~$133.69~~$189.07 million being upgraded from a grade 2 investment performance rating due to potential exits. The increase in investments with a grade 34 investment performance rating was primarily driven by investments with an aggregate fair value of ~~$55.19~~$53.78 million being downgraded from a grade 2 investment performance rating due to financial ~~underperformance. The decrease in investments with a grade 4 investment performance rating was primarily driven~~underperformance offset by the restructuring of an investment with a fair value of $34.55 million.

The following table shows the amortized cost of our performing and non-accrual investments (excluding investments in money market funds, if any):

Investments are placed on non-accrual status when it is probable that principal, interest or dividends will not be collected according to the contractual terms. Accrued interest or dividends generally are reversed when an investment is placed on non-accrual status. Interest or dividend payments received on non-accrual investments may be recognized as income or applied to principal depending upon management’s judgment. Non-accrual investments are restored to accrual status when past due principal and interest or dividends are paid and, in management’s judgment, principal and interest or dividend payments are likely to remain current. We may make exceptions to this treatment if the loan has sufficient collateral value and is in the process of collection.


	For the Three Months Ended						For the Three Months Ended
	June 30, 2023			June 30, 2022			September 30, 2023			September 30, 2022
	($ in millions)						($ in millions)
Amount of investments committed at cost:
First Lien/Senior Secured Debt	$	52.54		$	317.61		$	20.36		$	208.30
Unsecured Debt		—			5.58
Common Stock		—			1.45			—			1.00
Total	$	52.54		$	324.64		$	20.36		$	209.30
Proceeds from investments sold or repaid:
First Lien/Senior Secured Debt	$	16.81		$	41.13		$	104.08		$	154.94
Second Lien/Senior Secured Debt								15.41			—
Total	$	16.81		$	41.13		$	119.49		$	154.94
Net increase (decrease) in portfolio	$	35.73		$	283.51		$	(99.13	)	$	54.36
Number of new portfolio companies with new investment commitments		—			7			—			3
Total new investment commitment amount in new portfolio companies	$	—		$	196.16		$	—		$	39.19
Average new investment commitment amount in new portfolio companies	$	—		$	28.02		$	—		$	13.06
Number of existing portfolio companies with new investment commitments		3			9			2			8
Total new investment commitment amount in existing portfolio companies	$	52.54		$	128.48		$	20.36		$	170.11
Weighted average remaining term for new investment commitments (in years)(2)		2.2			5.6			—			5.0
Percentage of new debt investment commitments at floating interest rates		100.0	%		100.0	%		100.0	%		100.0	%
Percentage of new debt investment commitments at fixed interest rates(3)		—	%		—	%		—	%		—	%
Weighted average yield on new debt and income producing investment commitments(4)		13.8	%		8.3	%		10.2	%		10.0	%
Weighted average yield on new investment commitments(5)		13.8	%		8.2	%		10.2	%		9.9	%
Weighted average yield on debt and income producing investments sold or repaid(6)		10.9	%		11.3	%		11.9	%		8.0	%
Weighted average yield on investments sold or repaid(7)		10.9	%		2.2	%		11.9	%		8.0	%

Net increase in members’ capital from operations can vary from period to period as a result of various factors, including acquisitions, the level of new investment commitments, the recognition of realized gains and losses and changes in unrealized appreciation and depreciation in the investment portfolio.

Net Realized Gains (Losses) and Net Change in Unrealized Appreciation (Depreciation) on Investments

The realized gains and losses on fully exited and partially exited investments in portfolio companies consisted of the following:

For the ~~three and six~~nine months ended ~~June~~September 30, 2023, net realized losses were primarily driven by the restructuring of our first lien debt investment in MedeAnalytics Inc. which resulted in a realized loss of $37.37 million. For the ~~three and six~~nine months ended ~~June~~September 30, 2022, net realized losses were primarily driven by the full exit of our first lien debt investments in Convene 237 Park Avenue, LLC (dba Convene) in April 2022, which resulted in a realized loss of $5.33 million.

Any changes in fair value are recorded as a change in unrealized appreciation (depreciation) on investments. For further details on the valuation process, refer to Note 2 “Significant Accounting Policies—Investments” in our consolidated financial statements. Net change in unrealized appreciation (depreciation) on investments were as follows:

The net change in unrealized appreciation (depreciation) on investments consisted of the following:

Net change in unrealized appreciation (depreciation) in our investments for the three months ended ~~June~~September 30, 2023 was primarily driven by the financial underperformance of Thrasio, LLC and Zodiac Intermediate, LLC (dba Zipari), partially offset by the reversal of unrealized depreciation in connection with the recapitalization of our second lien debt investment in Zep Inc.

Net change in unrealized appreciation (depreciation) in our investments for the nine months ended September 30, 2023 was primarily driven by the financial underperformance of Thrasio, LLC and Zodiac Intermediate, LLC (dba Zipari), partially offset by the reversal of unrealized depreciation in connection with the aforementioned restructuring of our first lien debt investments in MedeAnalytics, Inc. and the reversal of unrealized depreciation in connection with the recapitalization of our second lien debt investment in Zep Inc.

Net change in unrealized appreciation (depreciation) in our investments for the three and ~~six~~nine months ended ~~June~~September 30, 2022 was primarily driven by increased market volatility and widening credit spreads, partially offset by the reversal of unrealized depreciation in connection with the aforementioned exit of our first lien debt investments in Convene 237 Park Avenue, LLC (dba Convene).

The primary use of existing funds and any funds raised in the future is expected to be for our investments in portfolio companies, cash distributions to our Unitholders or for other general corporate purposes, including paying for operating expenses or debt service to the extent we borrow or issue senior securities.

We expect to generate cash primarily from the net proceeds of any future offerings of securities, drawdowns of capital commitments, future borrowings and cash flows from operations. To the extent we determine that additional capital would allow us to take advantage of additional investment opportunities, if the market for debt financing presents attractively priced debt financing opportunities, or if our Board of Directors otherwise determines that leveraging our portfolio would be in our best interest and the best interests of our Unitholders, we may enter into credit facilities in addition to our Revolving Credit Facilities, or issue other senior securities. We would expect any such credit facilities may

be secured by certain of our assets and may contain advance rates based upon pledged collateral. The pricing and other terms of any such facilities would depend upon market conditions when we enter into any such facilities as well as the performance of our business, among other factors. As a BDC, with certain limited exceptions, we are only permitted to borrow amounts such that our asset coverage ratio, as defined in the Investment Company Act, is at least 150% after such borrowing (if certain requirements are met). See “—Key Components of Operations—Leverage.” As of ~~June~~September 30, 2023 and December 31, 2022, our asset coverage ratio based on the aggregate amount outstanding of our senior securities (which includes the Revolving Credit Facilities) was ~~184%~~185% and 185%. We may also refinance or repay any of our indebtedness at any time based on our financial condition and market conditions.

We may enter into investment commitments through signed commitment letters, that may ultimately become investment transactions in the future. We regularly evaluate and carefully consider our unfunded commitments using GSAM’s proprietary risk management framework for the purpose of planning our capital resources and ongoing liquidity, including our financial leverage.

We began accepting subscription agreements (“Subscription Agreements”) from investors acquiring common Units in our private offering. Under the terms of the Subscription Agreements, investors are required to make capital contributions up to the amount of their undrawn capital commitment to purchase Units each time we deliver a drawdown notice. As of the dates indicated, we had aggregate capital commitments and undrawn capital commitments from investors as follows:

The following table summarizes the total Units issued and proceeds related to capital drawdowns:

We have entered into certain contracts under which we have future commitments. Payments under the Investment Advisory Agreement, pursuant to which GSAM has agreed to serve as our Investment Adviser, are equal to (1) a percentage of our average NAV and (2) an Incentive Fee based on investment performance. Under the Administration Agreement, pursuant to which State Street Bank and Trust Company (the “Administrator”) has agreed to furnish us with the administrative services necessary to conduct our day-to-day operations, we pay our Administrator such fees as may be agreed between us and our Administrator that we determine are commercially reasonable in our sole discretion. Generally, either party may terminate the Investment Advisory Agreement without penalty on at least 60 days’ written notice to the other party. Either party may terminate the Administration Agreement without penalty upon at least 30 days’ written notice to the other party. The following table shows our contractual obligations as of ~~June~~September 30, 2023:

We entered into the MUFG Revolving Credit Facility on May 7, 2019 with MUFG Bank Ltd., as administrative agent (the “Administrative Agent”), lead arranger, letter of credit issuer and a lender, and the other lenders from time to time party thereto. We amended the MUFG Revolving Credit Facility on numerous occasions between July 31, 2019 and May 4, 2023.

Subject to availability under the “Borrowing Base,” the maximum principal amount of the MUFG Revolving Credit Facility was $50.05 million as of ~~June~~September 30, 2023. The Borrowing Base is calculated based on the unfunded capital commitments of the investors meeting various eligibility requirements (subject to investor concentration limits) multiplied by specified advance rates. The stated maturity date of the MUFG Revolving Credit Facility is November 3, 2023, which may be extended by us exercising our committed 6-month extension option.

Under the MUFG Revolving Credit Facility, we have the ability to elect, for loans denominated in U.S. Dollars, either Term SOFR with a one-, three- or, if available, six-month tenor or the alternative base rate at the time of draw-down (and with respect to loans denominated in non-U.S. Dollar currencies, the applicable benchmark specified in the MUFG Revolving Credit Facility), and loans denominated in U.S. Dollars may be converted from one rate to another at any time, subject to certain conditions. The interest rate on obligations under the MUFG Revolving Credit Facility is (A) Term SOFR plus a credit spread adjustment for the applicable tenor (or other listed offered rate, depending upon the currency of borrowing) plus 2.75% per annum or (B) an alternative base rate (the greatest of the prime rate set by MUFG Bank, Ltd., the federal funds rate plus 0.50%, and Term SOFR with a one-month tenor plus 1.00% (“ABR”)) plus 1.75% per annum. We pay a 0.35% annualized fee on a quarterly basis on committed but undrawn amounts under the MUFG Revolving Credit Facility.

For further details, see Note 6 “Debt – MUFG Revolving Credit Facility” to our consolidated financial statements included in this report.

On September 24, 2020, Goldman Sachs Private Middle Market Credit II SPV II LLC (“SPV”) entered into the JPM Revolving Credit Facility. JPMorgan Chase Bank, National Association (“JPM”) serves as administrative agent, U.S. Bank Trust Company, National Association serves as collateral agent and collateral administrator, U.S. Bank National Association serves as securities intermediary and the Company serves as portfolio manager under the JPM Revolving Credit Facility. The Company amended the JPM Revolving Credit Facility on numerous occasions between February 12, 2021 and ~~February 15, 2022.~~September 14, 2023.

Borrowings under the JPM Revolving Credit Facility bear interest (at SPV’s election) at a per annum rate equal to (x) Term SOFR (or the applicable benchmark for loans denominated in non-U.S. Dollar currencies) plus a credit spread adjustment of 0.15% (or other listed offered rate, depending upon the currency of borrowing) in effect and, (y) to the extent Term SOFR is unavailable, a rate per annum equal to the greater of (i) the prime rate of JPM in effect on such day and (ii) the Federal Funds Effective Rate in effect on such day plus 0.50%, in each case, plus the applicable margin. The applicable margin is ~~2.75%~~2.55% per annum, after giving effect to the amendment dated ~~February 15, 2022.~~September 14, 2023. SPV will also pay a commitment fee of ~~0.75%~~0.55% per annum on the average daily unused amount of the financing commitments until the last day of the reinvestment period (as defined in the JPM Revolving Credit Facility)., and an administrative fee of 0.20% per annum on the total commitment. The JPM Revolving Credit Facility is a multicurrency facility. As of ~~June~~September 30, 2023, the total commitments under the JPM Revolving Credit Facility were $1,650.00 million. The JPM Revolving Credit Facility also has an accordion feature, subject to the satisfaction of various conditions, which could bring total commitments under the JPM Revolving Credit Facility to $2,000.00 million. All amounts outstanding under the JPM Revolving Credit Facility must be repaid by the ~~fifth~~sixth anniversary of the JPM Revolving Credit Facility, subject to a six-month extension of the maturity date with the consent of the administrative agent at that time.

SPV’s obligations to the lenders under the JPM Revolving Credit Facility are secured by a first priority security interest in all of SPV’s portfolio of investments and cash. The obligations of SPV under the JPM Revolving Credit Facility are non-recourse to us, and our exposure under the JPM Revolving Credit Facility is limited to the value of our investment in SPV.

For further details, see Note 6 “Debt – JPM Revolving Credit Facility” to our consolidated financial statements included in this report.

We may become a party to investment commitments and to financial instruments with off-balance sheet risk in the normal course of our business to fund investments and to meet the financial needs of our portfolio companies. These instruments may include commitments to extend credit and involve, to varying degrees, elements of liquidity and credit risk in excess of the amount recognized in the balance sheet. As of ~~June~~September 30, 2023, we believed that we had adequate financial resources to satisfy our unfunded commitments. Our unfunded commitments to provide funds to portfolio companies were as follows:

Subject to applicable provisions of the Investment Company Act and applicable Commodity Futures Trading Commission (“CFTC”) regulations, we may enter into hedging transactions in a manner consistent with SEC guidance. To the extent that any of our loans are denominated in a currency other than U.S. dollars, we may enter into currency hedging contracts to reduce our exposure to fluctuations in currency exchange rates. We may also enter into interest rate hedging agreements. Such hedging activities, which will be subject to compliance with applicable legal requirements, may include the use of futures, options, swaps and forward contracts. Costs incurred in entering into such contracts or in settling them, if any, will be borne by us. Our Investment Adviser has claimed no-action relief from CFTC registration and regulation as a commodity pool operator pursuant to a CFTC Rule 4.5 with respect to our operations, with the result that we will be limited in our ability to use futures contracts or options on futures contracts or engage in swap transactions. Specifically, CFTC Rule 4.5 imposes strict

limitations on using such derivatives other than for hedging purposes, whereby the use of derivatives not used solely for hedging purposes is generally limited to situations where (i) the aggregate initial margin and premiums required to establish such positions does not exceed five percent of the liquidation value of our portfolio, after taking into account unrealized profits and unrealized losses on any such contracts it has entered into; or (ii) the aggregate net notional value of such derivatives does not exceed 100% of the liquidation value of our portfolio. Moreover, we anticipate entering into transactions involving such derivatives to a very limited extent solely for hedging purposes or otherwise within the limitations of CFTC Rule 4.5.

In August 2022, Rule 18f-4 under the Investment Company Act, regarding the ability of a BDC (or a RIC) to use derivatives and other transactions that create future payment or delivery obligations (including reverse repurchase agreements and similar financing transactions), became effective. Under the newly adopted rule, BDCs that make significant use of derivatives are subject to a value-at-risk leverage limit, a derivatives risk management program, testing requirements and requirements related to board reporting. These new requirements will apply unless the BDC qualifies as a “limited derivatives user,” as defined under the adopted rules. Under the new rule, a BDC may enter into an unfunded commitment agreement that is not a derivatives transaction, such as an agreement to provide financing to a portfolio company, if the BDC has, among other things, a reasonable belief, at the time it enters into such an agreement, that it will have sufficient cash and cash equivalents to meet its obligations with respect to all of its unfunded commitment agreements, in each case as it becomes due. Under the final rule, when we trade reverse repurchase agreements or similar financing transactions, including certain tender option bonds, we need to aggregate the amount of any other senior securities representing indebtedness (e.g., bank borrowings, if applicable) when calculating our asset coverage ratio. We currently operate as a “limited derivatives user” and these requirements may limit our ability to use derivatives and/or enter into certain other financial contracts.

Our discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of these consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Changes in the economic environment, financial markets and any other parameters used in determining such estimates could cause actual results to differ materially.

For a description of our critical accounting policies, see Note 2 “Significant Accounting Policies” to our consolidated financial statements included in this report. We consider the most significant accounting policies to be those related to our Valuation of Portfolio Investments, Revenue Recognition, Non-Accrual Investments, Distribution Policy, and Income Taxes.

On ~~August 2,~~September 7, 2023, David Pessah notified us of his intention to resign as our Chief Financial Officer, Treasurer and principal accounting officer to pursue a new professional opportunity. Effective November 10, 2023, Mr. Pessah will cease serving as our Chief Financial Officer, Treasurer and principal accounting officer. Mr. Pessah’s resignation was not the result of any disagreement with us.

On September 25, 2023, the Board of Directors appointed Stanley Matuszewski as our Chief Financial Officer and Treasurer and John Lanza as our principal accounting officer, each effective November 10, 2023.

To assist in an orderly transition, Mr. Pessah will continue to serve in his current roles during the transition period, until Mr. Matuszewski and Mr. Lanza each assume their respective roles on November 10, 2023.

On October 5, 2023, we exercised the option to extend the maturity on the MUFG Revolving Credit Facility to May 3, 2024.

On November 1, 2023, our Board of Directors ~~approved and authorized~~declared a distribution equal to an ~~extension~~amount up to the Company’s taxable earnings per unit, including net investment income (if positive) for the period July 1, 2023 through September 30, 2023, payable on or about November 27, 2023 to Unitholders of ~~our investment period for an additional twelve-month period ending on September 26, 2024.~~record as of October 3, 2023.

We are subject to financial market risks, most significantly changes in interest rates. Interest rate sensitivity refers to the change in our earnings that may result from changes in the level of interest rates. Because we expect to fund a portion of our investments with borrowings, our net investment income is expected to be affected by the difference between the rate at which we invest and the rate at which we borrow. As a result, we can offer no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income.

As of ~~June~~September 30, 2023 and December 31, 2022, on a fair value basis, 100.0% and 100.0% of our performing debt investments bore interest at a floating rate. Our borrowings under the Revolving Credit Facilities bear interest at a floating rate.

We regularly measure our exposure to interest rate risk. We assess interest rate risk and manage our interest rate exposure on an ongoing basis by comparing our interest rate sensitive assets to our interest rate sensitive liabilities.

Based on our ~~June~~September 30, 2023 Consolidated Statements of Financial Condition, the following table shows the annual impact on net income of base rate changes in interest rates (considering interest rate floors for variable rate instruments) assuming no changes in our investment and borrowing structure:

We may, in the future, hedge against interest rate fluctuations by using standard hedging instruments such as futures, options and forward contracts subject to the requirements of the Investment Company Act, applicable CFTC regulations and in a manner consistent with SEC guidance. While hedging activities may insulate us against adverse changes in interest rates, they may also limit our ability to participate in benefits of lower interest rates with respect to our portfolio of investments with fixed interest rates.

Inflation is likely to continue in the near to medium-term, particularly in the United States, with the possibility that monetary policy will continue to tighten in response. Persistent inflationary pressures could affect our portfolio companies’ profit margins.

Evaluation of Disclosure Controls and Procedures. As of the end of the period covered by this report, our management carried out an evaluation, under the supervision and with the participation of our Co-Chief Executive Officers and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act). Based on that evaluation, our Co-Chief Executive Officers and Chief Financial Officer have concluded that our disclosure controls and procedures were effective as of ~~June~~September 30, 2023. In designing and evaluating our disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives, and management necessarily applies its judgment in evaluating the benefits of possible controls and procedures relative to their costs.

Changes in Internal Control over Financial Reporting. There have been no changes in our internal control over financial reporting that occurred during our most recently completed fiscal quarter ended ~~June~~September 30, 2023 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

From time to time, we may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under loans to or other contracts with our portfolio companies. We are not currently subject to any material legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against us.

Item 2. UNREGISTERED SALES OF EQUITY SECURITIES, ~~AND~~ USE OF PROCEEDS, AND ISSUER PURCHASES OF EQUITY SECURITIES

The following table summarizes the total Units issued and proceeds related to capital drawdowns:

The exhibits filed as part of this Quarterly Report on Form 10-Q are set forth on the Index to Exhibits, which is incorporated herein by reference.

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.



Delaware	83-3053002
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification No.)

200 West Street, New York, New York	10282
(Address of Principal Executive Offices)	(Zip Code)


	INDEX	PAGE
	Cautionary Statement Regarding Forward-Looking Statements	3
PART I	FINANCIAL INFORMATION	4
ITEM 1.	Financial Statements (Unaudited)	4
	Consolidated Statements of Financial Condition	4
	Consolidated Statements of Operations	5
	Consolidated Statements of Changes in Members' Capital	6
	Consolidated Statements of Cash Flows	7
	Consolidated Schedules of Investments	8
	Notes to the Consolidated Financial Statements	25
ITEM 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	44
ITEM 3.	Quantitative and Qualitative Disclosures About Market Risk	5657
ITEM 4.	Controls and Procedures	5657

PART II	OTHER INFORMATION	5758
ITEM 1.	Legal Proceedings	5758
ITEM 1A.	Risk Factors	5758
ITEM 2.	Unregistered Sales of Equity Securities, ~~and~~ Use of Proceeds, and Issuer Purchases of Equity Securities	5758
ITEM 3.	Defaults Upon Senior Securities	5758
ITEM 4.	Mine Safety Disclosures	5758
ITEM 5.	Other Information	5758
ITEM 6.	Exhibits	5758

SIGNATURES		5960


Unit Issue Date	Units Issued		Proceeds Received
For the Six Months Ended June 30, 2023
May 30, 2023		160,166	$	14,758
Total capital drawdowns		160,166	$	14,758
For the Six Months Ended June 30, 2022
June 21, 2022		1,069,872	$	103,307
Total capital drawdowns		1,069,872	$	103,307


Unit Issue Date	Units Issued		Proceeds Received
For the Nine Months Ended September 30, 2023
May 30, 2023		160,166	$	14,758
Total capital drawdowns		160,166	$	14,758
For the Nine Months Ended September 30, 2022
June 21, 2022		1,069,872	$	103,307
August 23, 2022		1,564,324		147,581
Total capital drawdowns		2,634,196	$	250,888


	As of								As of
	June 30, 2023				December 31, 2022				September 30, 2023				December 31, 2022
	Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value
	($ in millions)								($ in millions)
First Lien/Senior Secured Debt	$	2,626.49	$	2,579.59	$	2,610.79	$	2,561.72	$	2,580.21	$	2,504.30	$	2,610.79	$	2,561.72
First Lien/Last-Out Unitranche		19.53		19.33		18.41		18.24		20.09		19.86		18.41		18.24
Second Lien/Senior Secured Debt		15.39		8.48		15.38		9.25		—		—		15.38		9.25
Unsecured Debt		6.57		6.56		5.59		5.55		6.57		6.57		5.59		5.55
Preferred Stock		37.90		44.42		39.73		40.99		37.90		47.36		39.73		40.99
Common Stock		11.00		13.44		11.00		11.90		11.00		15.83		11.00		11.90
Warrants		1.67		0.40		1.67		0.55		1.67		0.30		1.67		0.55
Total investments	$	2,718.55	$	2,672.22	$	2,702.57	$	2,648.20	$	2,657.44	$	2,594.22	$	2,702.57	$	2,648.20


Large accelerated filer:	☐	Accelerated filer:	☐	Non-accelerated filer:	☒	Smaller reporting company:	☐
Emerging growth company:	☒


	As of								As of
	June 30, 2023				December 31, 2022				September 30, 2023				December 31, 2022
Number of portfolio companies			91				92				89				92
Percentage of performing debt bearing a floating rate(1)			100.0	%			100.0	%			100.0	%			100.0	%
Percentage of performing debt bearing a fixed rate(1)(2)		—%				—%				—%				—%
Weighted average leverage (net debt/EBITDA)(3)		5.9x				6.0x				5.8x				6.0x
Weighted average interest coverage(3)		1.6x				1.7x				1.5x				1.7x
Median EBITDA(3)	$	48.49 million			$	45.10 million			$	47.73 million			$	45.10 million


(1)	Measured on a fair value basis. Excludes investments, if any, placed on non-accrual.
(2)	Includes income producing preferred stock investments, if applicable.
(3)	For a particular portfolio company, we calculate the level of contractual indebtedness net of cash (“net debt”) owed by the portfolio company and compare that amount to measures of cash flow available to service the net debt. To calculate net debt, we include debt that is both senior and pari passu to the tranche of debt owned by us but exclude debt that is legally and contractually subordinated in ranking to the debt owned by us. We believe this calculation method assists in describing the risk of our portfolio investments, as it takes into consideration contractual rights of repayment of the tranche of debt owned by us relative to other senior and junior creditors of a portfolio company. We typically calculate cash flow available for debt service at a portfolio company by taking EBITDA for the


	trailing ~~twelve month~~twelve-month period. Weighted average net debt to EBITDA is weighted based on the fair value of our debt investments, excluding investments where net debt to EBITDA may not be the appropriate measure of credit risk, such as cash collateralized loans and investments that are underwritten and covenanted based on recurring revenue.


	For a particular portfolio company, we also calculate the level of contractual interest expense owed by the portfolio company and compare that amount to EBITDA (“interest coverage ratio”). We believe this calculation method assists in describing the risk of our portfolio investments, as it takes into consideration contractual interest obligations of the portfolio company. Weighted average interest coverage is weighted based on the fair value of our performing debt investments, excluding investments where interest coverage may not be the appropriate measure of credit risk, such as cash collateralized loans and investments that are underwritten and covenanted based on recurring revenue.
	Median EBITDA is based on our debt investments, excluding investments where net debt to EBITDA may not be the appropriate measure of credit risk, such as cash collateralized loans and investments that are underwritten and covenanted based on recurring revenue.
	Portfolio company statistics are derived from the most recently available financial statements of each portfolio company as of the reported end date. Statistics of the portfolio companies have not been independently verified by us and may reflect a normalized or adjusted amount.
	As of ~~June~~September 30, 2023 and December 31, 2022, investments where net debt to EBITDA may not be the appropriate measure of credit risk represented 39.1% and 38.2% of total debt investments at fair value.


	For the Three Months Ended June 30, 2023			For the Six Months Ended June 30, 2023
	($ in millions)
Portfolio Company:
MedeAnalytics, Inc.	$	37.37		$	8.89
Other, net(1)		3.32			0.86
GovDelivery Holdings, LLC (dba Granicus, Inc.)		1.42			0.58
CloudBees, Inc.		0.55			1.07
Gainsight, Inc.		0.52			0.45
MRI Software LLC		0.48			0.25
Bigchange Group Limited		0.40			0.65
iCIMS, Inc.		0.11			(0.96	)
Broadway Parent, LLC		0.09			1.10
Zep Inc.		—			(0.78	)
Experity, Inc.		(0.37	)		(0.75	)
Whitewater Holding Company LLC		(0.42	)		(0.42	)
Thrasio, LLC		(0.56	)		(0.22	)
Zodiac Intermediate, LLC (dba Zipari)		(0.60	)		(1.72	)
Premier Care Dental Management, LLC		(0.95	)		(0.95	)
Total	$	41.36		$	8.05


	For the Three Months Ended September 30, 2023			For the Nine Months Ended September 30, 2023
	($ in millions)
Portfolio Company:
Zep Inc.	$	6.90		$	6.14
Exostar LLC - Class B		1.87			2.39
Broadway Parent, LLC		1.26			2.38
CloudBees, Inc.		1.18			2.25
PT Intermediate Holdings III, LLC (dba Parts Town)		0.50			0.49
Other, net (1)		0.27			0.56
MedeAnalytics, Inc.		—			8.89
BSI3 Menu Buyer, Inc (dba Kydia)		(1.04	)		(1.61	)
Pluralsight, Inc		(1.34	)		(1.45	)
Sweep Purchaser LLC		(1.24	)		(1.68	)
Thrasio, LLC		(11.14	)		(11.36	)
Zodiac Intermediate, LLC (dba Zipari)		(14.11	)		(15.84	)
Total	$	(16.89	)	$	(8.84	)


	For the Three Months Ended June 30, 2022			For the Six Months Ended June 30, 2022			For the Three Months Ended September 30, 2022			For the Nine Months Ended September 30, 2022
	($ in millions)						($ in millions)
Portfolio Company:
Broadway Parent, LLC							$	0.29		$	(0.39	)
Governmentjobs.com, Inc. (dba NeoGov)								0.26			(0.03	)
Superman Holdings, LLC (dba Foundation Software)								0.19			0.01
Exostar LLC - Class B								0.16			(0.07	)
Syntellis Performance Solutions, LLC (dba Axiom)								0.15			0.18
EDB Parent, LLC (dba Enterprise DB)								0.11			0.11
Kaseya Inc.								0.08			0.08
HS4 AcquisitionCo, Inc. (dba HotSchedules & Fourth)								0.06			0.08
Convene 237 Park Avenue, LLC (dba Convene)	$	6.02		$	7.59		—				7.59
Chronicle Bidco Inc. (dba Lexitas)		0.58			0.56
Total Vision LLC		0.18			(0.17	)
Diligent Corporation		0.08			0.63
Viant Medical Holdings, Inc.		0.08			(0.22	)
WhiteWater Holding Company LLC		(0.01	)		0.10
Zarya Intermediate, LLC (dba iOFFICE)		(0.37	)		0.70
MedeAnalytics, Inc.		(0.38	)		(3.17	)		(0.28	)		(3.46	)
Zep Inc.		(0.77	)		(1.49	)		(0.77	)		(2.27	)
Purfoods, LLC		(0.81	)		(0.85	)
Gainsight, Inc.		(0.91	)		(0.98	)
CloudBees, Inc.								(1.00	)		(2.51	)
Bigchange Group Limited		(1.03	)		(1.49	)		(1.07	)		(2.56	)
CloudBees, Inc.		(2.29	)		(1.52	)
MRI Software LLC								(1.28	)		(1.48	)
GHA Buyer Inc. (dba Cedar Gate)								(1.34	)		(1.55	)
Zodiac Intermediate, LLC (dba Zipari)								(1.53	)		(1.65	)
Zarya Intermediate, LLC (dba iOFFICE)								(1.67	)		(0.96	)
Thrasio, LLC								(2.03	)		(2.08	)
Other, net(1)		(11.38	)		(14.22	)		(12.26	)		(25.50	)
Total	$	(11.01	)	$	(14.53	)	$	(21.93	)	$	(36.46	)


	June 30, 2023							December 31, 2022
	Capital Commitments ($ in millions)		Unfunded Capital Commitments ($ in millions)		% of Capital Commitments Funded			Capital Commitments ($ in millions)		Unfunded Capital Commitments ($ in millions)		% of Capital Commitments Funded
Common Units	$	1,475.81	$	132.82		91	%	$	1,475.81	$	147.58		90	%


Unit Issue Date	Units Issued		Proceeds Received ($ in millions)		Units Issued		Proceeds Received ($ in millions)
For the Six Months Ended June 30, 2023
For the Nine Months Ended September 30, 2023
May 30, 2023		160,166	$	14.76		160,166	$	14.76
Total capital drawdowns		160,166	$	14.76		160,166	$	14.76
For the Six Months Ended June 30, 2022
For the Nine Months Ended September 30, 2022
June 21, 2022		1,069,872	$	103.31		1,069,872	$	103.31
August 23, 2022						1,564,324		147.58
Total capital drawdowns		1,069,872	$	103.31		2,634,196	$	250.89


	Payments Due by Period ($ in millions)										Payments Due by Period ($ in millions)
	Total		Less Than 1 Year		1 – 3 Years		3 – 5 Years		More Than 5 Years		Total		Less Than 1 Year		1 – 3 Years		3 – 5 Years		More Than 5 Years
MUFG Revolving Credit Facility	$	35.50	$	35.50	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
JPM Revolving Credit Facility(1)	$	1,466.19	$	—	$	1,466.19	$	—	$	—	$	1,465.38	$	—	$	1,465.38	$	—	$	—


As of June 30, 2023 Basis Point Change	Interest Income			Interest Expense			Net Income
As of September 30, 2023 Basis Point Change										Interest Income			Interest Expense			Net Income
($ in millions)
Up 300 basis points	$	64.90		$	(34.21	)	$	30.69		$	61.89		$	(33.46	)	$	28.43
Up 200 basis points		43.27			(22.80	)		20.47			41.26			(22.31	)		18.95
Up 100 basis points		21.63			(11.40	)		10.23			20.63			(11.15	)		9.48
Up 75 basis points		16.23			(8.55	)		7.68			15.47			(8.36	)		7.11
Up 50 basis points		10.82			(5.70	)		5.12			10.32			(5.58	)		4.74
Up 25 basis points		5.41			(2.85	)		2.56			5.16			(2.79	)		2.37
Down 25 basis points		(5.41	)		2.85			(2.56	)		(5.16	)		2.79			(2.37	)
Down 50 basis points		(10.82	)		5.70			(5.12	)		(10.32	)		5.58			(4.74	)
Down 75 basis points		(16.23	)		8.55			(7.68	)		(15.47	)		8.36			(7.11	)
Down 100 basis points		(21.63	)		11.40			(10.23	)		(20.63	)		11.15			(9.48	)
Down 200 basis points		(43.27	)		22.80			(20.47	)		(41.26	)		22.31			(18.95	)
Down 300 basis points		(64.90	)		34.21			(30.69	)		(61.89	)		33.46			(28.43	)



EXHIBIT NO.		EXHIBIT

3.1		Certificate of Formation (incorporated by reference to Exhibit 3.1 to the Company’s Registration Statement on Form 10 (File No. 000-56052), filed on May 2, 2019).

3.2		Third Amended and Restated Limited Liability Company Agreement dated December 16, 2021 (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K (File No. 814-01307), filed on December 20, 2021).
10.1		Fourth Amendment to Amended and Restated Loan and Security Agreement, dated September 14, 2023, by and among SPV, as borrower, the Company, as its portfolio manager, JPMorgan Chase Bank, National Association as lender and administrative agent for the lenders thereunder, and U.S. Bank Trust Company, National Association, as collateral agent and collateral administrator, and U.S. Bank National Association, as securities intermediary (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No. 814-01307), filed on September 20, 2023).
10.1*		Seventh Amendment to Revolving Credit Agreement, dated as of May 4, 2023, by and among Goldman Sachs Private Middle Market Credit II LLC, as borrower, MUFG Bank, Ltd. (as successor to MUFG Union Bank, N.A.), as Administrative Agent, and MUFG Union Bank, N.A., as the Letter of Credit Issuer, and the Lenders party thereto.
31.1*		Certification of Co-Chief Executive Officer pursuant to Securities Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2*		Certification of Co-Chief Executive Officer pursuant to Securities Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.3*		Certification of Chief Financial Officer pursuant to Securities Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1*		Certification of Co-Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2*		Certification of Co-Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.3*		Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS*		Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document

101.SCH*		Inline XBRL Taxonomy Extension Schema Document

101 CAL*		Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF*		Inline XBRL Taxonomy Extension Definition Linkbase Document

101.LAB*		Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE*		Inline XBRL Taxonomy Extension Presentation Linkbase Document

104*		Cover Page Interactive Data File (embedded within the Inline XBRL document)



						GOLDMAN SACHS PRIVATE MIDDLE MARKET CREDIT II LLC

Date: ~~August 8,~~November 7, 2023						/s/ Alex Chi
						Name: Alex Chi
						Title: Co-Chief Executive Officer and Co-President
						(Co-Principal Executive Officer)

Date: ~~August 8,~~November 7, 2023						/s/ David Miller
						Name: David Miller
						Title: Co-Chief Executive Officer and Co-President
						(Co-Principal Executive Officer)

Date: ~~August 8,~~November 7, 2023						/s/ David Pessah
						David Pessah
						Chief Financial Officer and Treasurer
						(Principal Financial Officer)