Blackstone Private Credit Fund 424B2 Prospectus for primary offering

Filed Pursuant to Rule

424(b)(2)

Registration No. 333-284601

PROSPECTUS SUPPLEMENT

(To Prospectus dated January 30, 2025)

$150,000,000

Blackstone Private Credit Fund

7.300% Notes due 2028

We are offering $150,000,000 in aggregate principal amount of 7.300% notes due 2028, which we refer to as the Notes. The Notes will mature on November 27, 2028. We will pay interest on the Notes on May 27 and November 27 of each year, beginning on May 27, 2025. The Notes offered hereby are a further issuance of the 7.300% Notes due 2028 that we issued on November 27, 2023 in the aggregate principal amount of $500,000,000 (the “Existing November 2028 Notes”).

The Notes offered hereby will be treated as a single series with the Existing November 2028 Notes under the indenture governing the Existing November 2028 Notes and will have the same terms as the Existing November 2028 Notes (except the issue date, public offering price and initial interest payment date). The Notes offered hereby will have the same CUSIP number and will be fungible and rank equally with the Existing November 2028 Notes. Upon the issuance of the Notes offered hereby, the outstanding aggregate principal amount of our 7.300% Notes due 2028 will be $650,000,000. Unless the context otherwise requires, references herein to the “Notes” include the Notes offered hereby and the Existing November 2028 Notes.

We may redeem the Notes in whole or in part at any time or from time to time at the redemption price discussed under the caption “

Description of Notes — Optional Redemption

” in this prospectus supplement. In addition, holders of the Notes can require us to repurchase some or all of the Notes at 100% of their principal amount upon the occurrence of a Change of Control Repurchase Event (as defined herein). The Notes will be issued in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof.

The Notes will be our general unsecured obligations that rank senior in right of payment to all of our existing and future indebtedness that is expressly subordinated in right of payment to the Notes, rank

pari passu

with all existing and future unsecured unsubordinated indebtedness issued by us, rank effectively junior to any of our secured indebtedness (including unsecured indebtedness that we later secure) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by our subsidiaries, financing vehicles or similar facilities. None of our current indebtedness is subordinated to the Notes and we do not presently expect to issue any such subordinated debt. This prospectus supplement includes additional information on the terms of the Notes, including redemption and repurchase prices, covenants and transfer restrictions.

We are a

non-diversified,

closed-end

management investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). Our adviser, Blackstone Private Credit Strategies LLC (the “Adviser”), and our

sub-adviser,

Blackstone Credit BDC Advisors LLC (the

“Sub-Adviser”

and, together with the Adviser, the “Advisers”), are affiliates of Blackstone Alternative Credit Advisors LP (the

“Sub-Administrator”

and, collectively with its affiliates in the credit, asset based finance and insurance asset management business unit of Blackstone Inc. (“Blackstone”), “Blackstone Credit & Insurance”), which provides certain administrative and other services necessary for the Fund to operate pursuant to a

sub-administration

agreement between Blackstone Private Credit Strategies LLC, in its capacity as the administrator to the Fund (in such capacity, the “Administrator”), and the

Sub-Administrator.

We have elected to be treated for federal income tax purposes, and intend to qualify annually, as a regulated investment company (a “RIC”) under the Internal Revenue Code of 1986, as amended (together with the rules and regulations promulgated thereunder, the “Code”).

Our investment objectives are to generate current income and, to a lesser extent, long-term capital appreciation. We will seek to meet our investment objectives by utilizing the experience and expertise of the management team of the Adviser, along with the broader resources of Blackstone Credit & Insurance and Blackstone, in sourcing, evaluating and structuring transactions, subject to Blackstone’s policies and procedures regarding the management of conflicts of interest; employing a defensive investment approach focused on longterm credit performance and principal protection, generally investing in loans with asset coverage ratios and interest coverage ratios that the Adviser believes provide substantial credit protection, and also seeking favorable financial protections, including, where the Adviser believes necessary, one or more financial maintenance and incurrence covenants (i.e., covenants that are tested when affirmative action is taken, such as the incurrence of additional debt and/or making distribution payments); focusing on loans and securities of U.S. private companies, and to a lesser extent European and other

non-U.S.

companies. In many market environments, we believe such a focus offers an opportunity for superior risk-adjusted returns; maintaining rigorous portfolio monitoring, in an attempt to anticipate and

pre-empt

negative credit events within our portfolio; and utilizing the power and scale of Blackstone and the Blackstone Credit & Insurance platform to offer operational expertise to portfolio companies through the Value Creation Program (as defined below).

Investing in the Notes involves risks, including the risk of leverage, that are described in the “Risk Factors” section beginning on

page S-12

of this prospectus supplement and page 30 of the accompanying prospectus and the matters discussed in the documents incorporated or deemed to be incorporated by reference in this prospectus supplement and the accompanying prospectus.

This prospectus supplement and the accompanying prospectus contain important information you should know before investing in the Notes. You should carefully read this prospectus supplement, the accompanying prospectus, and any information incorporated by reference into each, before investing in the Notes and keep them for future reference. We file annual, quarterly and current reports, proxy statements and other information about us with the Securities and Exchange Commission (the “SEC”). You may obtain this information by written or oral request and free of charge by contacting us at 345 Park Avenue, 31

st

 Floor, New York, NY 10154, calling us at (212)

503-2100

or visiting our website at www.bcred.com. The SEC also maintains a website at http://www.sec.gov that contains this information. Information on our website and the SEC’s website is not incorporated into or a part of this prospectus supplement or the accompanying prospectus.

	Per Note			Total
Public offering price (1)		105.258	%	$	157,887,000
Underwriting discount (sales load)		0.200	%	$	300,000
Proceeds to us, before expenses (2)		105.058	%	$	157,587,000

(1) The public offering price set forth above excludes the Aggregate Accrued Interest (as defined herein) on the Notes from November 27, 2024.

(2) Before deducting expenses payable by us related to this offering, estimated at $0.5 million.

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

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

Delivery of the Notes in book-entry form only through The Depository Trust Company for the accounts of its participants, including Euroclear Bank S.A./N.V., as operator of the Euroclear System, and Clearstream Banking S.A., will be made on or about February 6, 2025.

Sole Book-Running Manager

SMBC Nikko

Co-Manager

Blackstone

The date of this prospectus supplement is

January 

30, 2025.

 

TABLE OF CONTENTS

Prospectus Supplement

	Page
ABOUT THIS PROSPECTUS SUPPLEMENT		S-1
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS		S-2
THE COMPANY		S-4
SPECIFIC TERMS OF THE NOTES AND THE OFFERING		S-8
RISK FACTORS		S-12
USE OF PROCEEDS		S-17
CAPITALIZATION		S-18
DESCRIPTION OF NOTES		S-20
CERTAIN MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS		S-35
UNDERWRITING		S-40
PORTFOLIO COMPANIES		S-48
LEGAL MATTERS		S-139
EXPERTS		S-140
INFORMATION INCORPORATED BY REFERENCE		S-141

Prospectus

	Page
ABOUT THIS PROSPECTUS		1
PROSPECTUS SUMMARY		2
OFFERINGS		22
FINANCIAL HIGHLIGHTS		26
RISK FACTORS		30
POTENTIAL CONFLICTS OF INTEREST		31
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS		32
USE OF PROCEEDS		34
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS		35
THE COMPANY		36
SENIOR SECURITIES		37
PORTFOLIO COMPANIES		38
MANAGEMENT		129
PORTFOLIO MANAGEMENT		130
MANAGEMENT AND OTHER AGREEMENTS		134
CONTROL PERSONS AND PRINCIPAL SHAREHOLDERS		135
DETERMINATION OF NET ASSET VALUE		136
DISTRIBUTION REINVESTMENT PLAN		137
CERTAIN U.S. FEDERAL INCOME TAX CONSIDERATIONS		138
DESCRIPTION OF OUR DEBT SECURITIES		139
REGULATION		155
PLAN OF DISTRIBUTION		156
CUSTODIAN, TRANSFER AND DISTRIBUTION PAYING AGENT AND REGISTRAR		158
BROKERAGE ALLOCATION AND OTHER PRACTICES		159
LEGAL MATTERS		160
EXPERTS		161
AVAILABLE INFORMATION		162
INCORPORATION OF CERTAIN INFORMATION BY REFERENCE		163

ABOUT THIS PROSPECTUS

SUPPLEMENT

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

You should rely only on the information contained in or incorporated by reference into this prospectus supplement and the accompanying prospectus. The Company has not, and the underwriters have not, authorized any other person to provide you with different information or to make any representations not contained in this prospectus supplement or the accompanying prospectus. If anyone provides you with different or inconsistent information, you should not rely on it. The Company is not, and the underwriters are not, making an offer to sell these securities in any jurisdiction where the offer or sale is not permitted. You should not assume that the information appearing in this prospectus supplement or the accompanying prospectus is accurate as of any date other than their respective dates, or that any information incorporated by reference herein or therein is accurate as of any date other than the date of the document incorporated by reference, regardless of the time of delivery of this prospectus supplement or sale of the Notes offered hereby. The Company’s business, financial condition, results of operations, cash flows and prospects may have changed since such dates.

S-1

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

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

• our future operating results;

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

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

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

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

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

• our current and expected financing arrangements and investments;

• changes in the general interest rate environment;

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

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

• our contractual arrangements and relationships with third parties;

• risks associated with the demand for liquidity under our share repurchase program and the continued approval of quarterly tender offers by the Board;

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

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

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

• our business prospects and the prospects of our portfolio companies, including our and their ability to effectively respond to the macroeconomic effects from adverse public health developments;

S-2

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

• the impact of future acquisitions and divestitures;

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

• general price and volume fluctuations in the stock market;

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

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

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

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

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this prospectus supplement, the accompanying prospectus, any documents we may incorporate by reference herein and any related free writing prospectus should not be regarded as a representation by us that our plans and objectives will be achieved. These forward-looking statements apply only as of the dates of this prospectus supplement, the accompanying prospectus, any documents we may incorporate by reference herein and any related free writing prospectus. Moreover, we assume no duty and do not undertake to update the forward-looking statements, except as required by applicable law. Because we are regulated as an investment company, the forward-looking statements and projections contained in this prospectus supplement, the accompanying prospectus, any documents we may incorporate by reference herein and any related free writing prospectus are excluded from the safe harbor protection provided by Section 21E of Securities Exchange Act of 1934, as amended (the “Exchange Act”).

S-3

THE COMPANY

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

Blackstone Private Credit Fund

Blackstone Private Credit Fund (together with its consolidated subsidiaries, the “Company,” the “Fund,” “we,” “us” or “our”) is a Delaware statutory trust that seeks to invest primarily in originated loans and other securities, including broadly syndicated loans, of U.S. private companies and to a lesser extent European and other

non-U.S.

companies. We are a

non-diversified,

closed-end

management investment company that has elected to be regulated as a BDC under the 1940 Act. In addition, the Company has elected to be treated for U.S. federal income tax purposes, and intends to qualify annually, as a regulated investment company (a “RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (together with the rules and regulations promulgated thereunder, the “Code”).

We are externally managed by an affiliate of Blackstone Inc. (“Blackstone”). Our adviser, Blackstone Private Credit Strategies LLC (the “Adviser”), and our

sub-adviser,

Blackstone Credit BDC Advisors LLC (the

“Sub-Adviser”

and, together with the Adviser, the “Advisers”), are affiliates of Blackstone Alternative Credit Advisors LP (the

“Sub-Administrator”

and, collectively with its affiliates in the credit, asset based finance and insurance asset management business unit of Blackstone, “Blackstone Credit & Insurance”), which provides certain administrative and other services necessary for the Fund to operate pursuant to a sub-administration agreement between Blackstone Private Credit Strategies LLC in its capacity as the administrator to the Fund (in such capacity, the “Administrator” and together with the

Sub-Administrator,

the “Administrators”), on behalf of the Fund, and the

Sub-Administrator.

We are offering on a continuous basis up to $45.0 billion of common shares of beneficial interest (the “Common Shares”) pursuant to an offering registered with the SEC (the “Continuous Offering”). We are offering to sell any combination of three classes of Common Shares — Class S shares, Class D shares and Class I shares — with a dollar value up to the maximum offering amount. The share classes have different ongoing shareholder servicing and/or distribution fees. Blackstone Securities Partners L.P., the intermediary manager, will use its best efforts to sell shares, but is not obligated to purchase or sell any specific amount of shares in the Continuous Offering.

Our investment objectives are to generate current income and, to a lesser extent, long-term capital appreciation.

Under normal circumstances, we will invest at least 80% of our total assets (net assets plus borrowings for investment purposes) in private credit investments (loans, bonds and other credit instruments that are issued in private offerings or issued by private companies). Under normal circumstances, we expect that the majority of our portfolio will be in privately originated and privately negotiated investments, predominantly direct lending to U.S. private companies through (i) first lien senior secured and unitranche loans (including

first-out/last-out

loans) (generally with total investment sizes less than $300 million, which criteria may change from time to time) and (ii) second lien, unsecured, subordinated or mezzanine loans and structured credit (generally with total investment sizes less than $100 million, which criteria may change from time to time), as well as broadly syndicated loans (for which we may serve as an anchor investor), club deals (generally investments made by a small group of investment firms) and other debt and equity securities (the investments described in this sentence,

S-4

collectively, “Private Credit”). In limited instances, we may retain the “last out” portion of a first-lien loan. In such cases, the “first out” portion of the first lien loan would receive priority with respect to payment over our “last out” position. In exchange for the higher risk of loss associated with such “last out” portion, we would earn a higher rate of interest than the “first out” position. To a lesser extent, we will also invest in publicly traded securities of large corporate issuers (“Opportunistic Credit”). We expect that the Opportunistic Credit investments will generally be liquid, and may be used for the purposes of maintaining liquidity for our share repurchase program and cash management, while also presenting an opportunity for attractive investment returns.

Most of our investments are in U.S. private companies, but (subject to compliance with BDCs’ requirement to invest at least 70% of its assets in U.S. private companies) we also expect to invest to some extent in European and other

non-U.S.

companies, but we do not expect to invest in emerging markets. We may invest in companies of any size or capitalization. Subject to the limitations of the 1940 Act, we may invest in loans or other securities, the proceeds of which may refinance or otherwise repay debt or securities of companies whose debt is owned by other Blackstone Credit & Insurance funds. We generally will

co-invest

with other Blackstone Credit & Insurance funds.

BDCs are subject to certain restrictions applicable to investment companies under the 1940 Act. As a BDC, at least 70% of our assets must be the type of “qualifying” assets listed in Section 55(a) of the 1940 Act, which are generally privately-offered securities issued by U.S. private or thinly-traded companies. We may also invest up to 30% of our portfolio opportunistically in

“non-qualifying”

portfolio investments, such as investments in

non-U.S.

companies.

Investment Strategy

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

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

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

• focusing on loans and securities of U.S. private companies, and to a lesser extent European and other non-U.S. companies. In many market environments, we believe such a focus offers an opportunity for superior risk-adjusted returns;

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

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

Our investment strategy is expected to capitalize on Blackstone Credit & Insurance’s scale and reputation in the market as an attractive financing partner to acquire our target investments at attractive pricing. We also

S-5

expect to benefit from Blackstone’s reputation and ability to transact in scale with speed and certainty, and its long-standing and extensive relationships with private equity firms that require financing for their transactions.

Under normal circumstances, we will invest at least 80% of our total assets (net assets plus borrowings for investment purposes) in private credit investments (loans, bonds and other credit instruments that are issued in private offerings or issued by private companies). Under normal circumstances, we expect that the majority of our portfolio will be in privately originated and privately negotiated investments, predominantly direct lending to U.S. private companies through Private Credit. In limited instances we may retain the “last out” portion of a first-lien loan. In such cases, the “first out” portion of the first lien loan would receive priority with respect to payment over our “last out” position. In exchange for the higher risk of loss associated with such “last out” portion, we would earn a higher rate of interest than the “first out” position. To a lesser extent, we will also invest in Opportunistic Credit. We expect that the Opportunistic Credit investments will generally be liquid, and may be used for the purposes of maintaining liquidity for our share repurchase program and cash management, while also presenting an opportunity for attractive investment returns.

Most of our investments are in U.S. private companies, but (subject to compliance with BDCs’ requirement to invest at least 70% of its assets in U.S. private companies) we also expect to invest to some extent in European and other

non-U.S.

companies, but we do not expect to invest in emerging markets. We may invest in companies of any size or capitalization. Subject to the limitations of the 1940 Act, we may invest in loans or other securities, the proceeds of which may refinance or otherwise repay debt or securities of companies whose debt is owned by other Blackstone Credit & Insurance funds. We generally will

co-invest

with other Blackstone Credit & Insurance funds.

Investment Selection

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

Leading, Defensible Market Positions.

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

Proven Management Teams.

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

Private Equity Sponsorship.

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

Broad Exposure.

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

S-6

Viable Exit Strategy.

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

Recent Developments

On November 7, 2024, the board of trustees of the Company (the “Board”) approved the

Sub-Adviser’s

a

ssignment of the investment advisory agreement between the Company and the

Sub-Adviser

to the Adviser pursuant to Rule

2a-6

under the 1940 Act, effective January 1, 2025, and approved the second amended and restated investment advisory agreement (the “Investment Advisory Agreement”) to acknowledge such assignment. Accordingly, effective January 1, 2025, the Adviser became the Company’s investment adviser pursuant to the Investment Advisory Agreement. Further, on November 7, 2024, the Board approved a

sub-advisory

agreement (the

“Sub-Advisory

Agreement” and, together with the Investment Advisory Agreement, the “Advisory Agreements”) between the Company, the Adviser and the

Sub-Adviser.

Accordingly, effective January 1, 2025, the

Sub-Adviser

became the Company’s investment sub-adviser pursuant to the

Sub-Advisory

Agreement. These changes are the result of a reorganization of certain subsidiaries of Blackstone Inc. and will not result in any change in the aggregate fees paid by the Company. Further, the nature and level of services provided to the Company will remain the same, as will the personnel that provide investment management services to the Company on behalf of the Adviser or the

Sub-Adviser.

On November 7, 2024, the Board approved the termination of the administration agreement between the Company and the

Sub-Administrator

pursuant to which the

Sub-Administrator

had been serving as the administrator to the Company, effective December 31, 2024, and a new administration agreement (the “Administration Agreement”) between the Company and Blackstone Private Credit Strategies LLC in its capacity as the Administrator to the Company, effective January 1, 2025. Accordingly, effective January 1, 2025, the Administrator became the Company’s administrator pursuant to the Administration Agreement. Further, on November 7, 2024, the Board approved a sub-administration agreement (the

“Sub-Administration

Agreement” and, together with the Administration Agreement, the “Administration Agreements”) between the Administrator, on behalf of the Company, and the

Sub-Administrator.

Accordingly, effective January 1, 2025, the

Sub-Administrator

became one of the Company’s

sub-administrators

pursuant to the

Sub-Administration

Agreement. To acknowledge the change of the administrator, the Board also approved the assignment of the sub-administration agreement with State Street Bank and Trust Company from Blackstone Alternative Credit Advisors LP to the Administrator, effective January 1, 2025. These changes will not result in any change in the aggregate fees paid by the Company. Further, the nature and level of services provided to the Company will remain the same, as will the personnel that provide administrative services to the Company on behalf of the Administrator or the

Sub-Administrator.

Corporate Information

Our corporate headquarters are located at 345 Park Avenue, 31

st

Floor, New York, NY 10154. We maintain a website at

www.bcred.com

. Information contained on our website or on Blackstone’s website at

www.blackstone.com

is not incorporated by reference into this prospectus supplement or the accompanying base prospectus.

S-7

SPECIFIC TERMS OF THE NOTES AND THE OFFERING

This prospectus supplement sets forth certain terms of the Notes that we are offering pursuant to this prospectus supplement and supplements the accompanying prospectus that is attached to the back of this prospectus supplement. This section outlines certain legal and financial terms of the Notes. You should read this section together with the more detailed description of the Notes under the heading “

Description of Notes

” in this prospectus supplement and in the accompanying prospectus under the heading “

Description of Our Debt Securities

” before investing in the Notes. Capitalized terms used in this prospectus supplement and not otherwise defined shall have the meanings ascribed to them in the accompanying prospectus or in the indenture governing the Notes, as amended from time to time, the “indenture.”

Issuer Blackstone Private Credit Fund

Title of the Securities 7.300% Notes due 2028

Aggregate Principal Amount Being Offered $150,000,000

The Notes offered hereby are a further issuance of the Existing November 2028 Notes. The Notes offered hereby will be treated as a single series with the Existing November 2028 Notes under the indenture and will have the same terms as the Existing November 2028 Notes (except the issue date, public offering price and initial interest payment date). The Notes offered hereby will have the same CUSIP number and will be fungible and rank equally with the Existing November 2028 Notes. Upon the issuance of the Notes offered hereby, the outstanding principal amount of our 7.300% Notes due 2028 will be $650,000,000.

Initial Public Offering Price 105.258% of the aggregate principal amount of the Notes, plus the Aggregate Accrued Interest on the Notes.

Aggregate Accrued Interest $2,098,750 of accrued and unpaid interest from November 27, 2024 up to, but not including, the date of delivery.

Interest Rate 7.300%

Yield to Maturity 5.711%

Trade Date January 30, 2025

Issue Date February 6, 2025

Maturity Date November 27, 2028

Interest Payment Dates May 27 and November 27, commencing on May 27, 2025.

Ranking of Notes The Notes will be our general unsecured obligations that rank senior in right of payment to all of our existing and future indebtedness that is expressly subordinated in right of payment to the Notes. The Notes will rank equally in right of payment with all of our existing and future senior liabilities that are not so subordinated, or junior, including without limitation, our 3.27% Series B Senior Unsecured

S-8

Notes due June 21, 2026, our 5.61% Notes due May 3, 2027, our 7.49% Series D Senior Notes due October 11, 2027, our 1.750% Notes due 2024, our 2.625% Notes due 2026, our 1.750% Notes due 2026, our 2.350% Notes due 2024, our 3.250% Notes due 2027, our 2.700% Notes due 2025, our 4.000% Notes due 2029, our 4.700% Notes due 2025, our 4.875% Notes due 2026, our 7.050% Notes due 2025, our 6.250% Note due 2031, our 5.950% Notes due 2029, our 4.950% Notes due 2027, our 5.250% Notes due 2030, our 5.600% Notes due 2029 (the “November 2029 Notes”), our 6.000% Notes due 2032 (the “January 2032 Notes”) and our 6.000% Notes due 2034 (the “November 2034 Notes”) (collectively, the “Existing Senior Notes”), effectively subordinated, or junior, to any of our secured indebtedness (including unsecured indebtedness that we later secure) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by our subsidiaries, financing vehicles or similar facilities.

As of September 30, 2024, our total consolidated indebtedness, at par value, was approximately $26.7 billion, $16.5 billion of which was secured, and $13.8 billion of which was indebtedness of our subsidiaries. The Notes will be ranked

pari passu

to the Existing Senior Notes and to the approximately $10.2 billion of our outstanding unsecured senior debt as of September 30, 2024, which does not include the issuance of $2.2 billion aggregate principal amount collectively of (i) the November 2029 Notes, (ii) the November 2034 Notes and (iii) the January 2032 Notes.

Denominations We will issue the Notes in denominations of $2,000 and integral multiples of $1,000 in excess thereof.

Optional Redemption Prior to October 27, 2028 (one month prior to the maturity date of the Notes), we may redeem some or all of the Notes, in whole or in part, at any time, or from time to time, at the “make-whole” redemption price described in “ Description of Notes — Optional Redemption ” in this prospectus supplement. Commencing on October 27, 2028 (one month prior to the maturity date of the Notes), we may redeem the Notes, in whole or in part, from time to time, at a redemption price equal to 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest to the redemption date.

Sinking Fund The Notes will not be subject to any sinking fund (i.e., no amounts will be set aside by us to ensure repayment of the Notes at maturity). As a result, our ability to repay the Notes at maturity will depend on our financial condition on the date that we are required to repay the Notes.

Offer to Purchase upon a Change of Control Repurchase Event If a Change of Control Repurchase Event occurs prior to maturity, unless we have exercised our right to redeem the Notes in full,

S-9

holders of the Notes will have the right, at their option, to require us to repurchase for cash some or all of the Notes at a repurchase price equal to 100% of the principal amount of the Notes being repurchased, plus accrued and unpaid interest to, but not including, the repurchase date.

Legal Defeasance The Notes are subject to legal defeasance by us, which means that, subject to the satisfaction of certain conditions, including, but not limited to, (i) depositing in trust for the benefit of the holders of the Notes a combination of money and U.S. government or U.S. government agency notes or bonds that will generate enough cash, in the opinion of a nationally recognized firm of independent public accountants, to make interest, principal and any other payments on the Notes on their various due dates and (ii) delivering to the trustee an opinion of counsel as described herein under “ Description of Notes — Defeasance ,” we can legally release ourselves from all payment and other obligations on the Notes.

Covenant Defeasance The Notes are subject to covenant defeasance by us, which means that, subject to the satisfaction of certain conditions, including, but not limited to, (i) depositing in trust for the benefit of the holders of the Notes a combination of money and U.S. government or U.S. government agency notes or bonds that will generate enough cash, in the opinion of a nationally recognized firm of independent public accountants, to make interest, principal and any other payments on the Notes on their various due dates and (ii) delivering to the trustee an opinion of counsel as described herein under “ Description of Notes — Defeasance ,” we will be released from some of the restrictive covenants in the indenture.

Form of Notes The Notes will be represented by global securities that will be deposited and registered in the name of The Depository Trust Company, or DTC, or its nominee. This means that, except in limited circumstances, you will not receive certificates for the Notes. Beneficial interests in the Notes will be represented through book-entry accounts of financial institutions acting on behalf of beneficial owners as direct and indirect participants in DTC. Investors may elect to hold interests in the Notes through either DTC, if they are a participant, or indirectly through organizations that are participants in DTC.

Trustee, Paying Agent and Registrar U.S. Bank Trust Company, National Association.

Events of Default If an event of default (as described under “ Description of Notes ”) on the Notes occurs, the principal amount of the Notes, plus accrued and unpaid interest, may be declared immediately due and payable, subject to conditions set forth in the indenture. These amounts automatically become due and payable in the case of certain types of bankruptcy or insolvency events involving us.

S-10

Other Covenants In addition to the covenants described in the accompanying prospectus, the following covenants shall apply to the Notes:

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

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

Trading Market While a trading market developed after issuing the Existing November 2028 Notes, we cannot assure you that a liquid market for the Notes will be maintained. Although certain of the underwriters have informed us that they may continue to make a market in the Notes, as permitted by applicable law and regulations, they are not obligated to do so and may discontinue any such market making activities at any time without notice. See “ Underwriting . ” Accordingly, we cannot assure you that a liquid market for the Notes will be maintained.

The Notes are not listed on any securities exchange or quoted on any automated dealer quotation system, and we do not intend to apply for a listing of the Notes on any securities exchange or any automated dealer quotation system.

Global Clearance and Settlement Procedures Interests in the Notes will trade in DTC’s Same Day Funds Settlement System, and any permitted secondary market trading activity in such Notes will, therefore, be required by DTC to be settled in immediately available funds. None of the Company, the trustee or the paying agent will have any responsibility or liability for the performance by DTC or its participants or indirect participants of their respective obligations under the rules and procedures governing their operations.

Governing Law The Notes and the indenture are governed by and construed in accordance with the laws of the State of New York.

S-11

RISK FACTORS

Investing in our securities involves a number of significant risks. Before deciding whether to invest in the Notes, you should carefully consider the risks and uncertainties described in the section titled “Risk Factors” in our annual report on Form

10-K

for the year ended December 31, 2023, as well as in subsequent filings with the SEC, which are incorporated by reference into this prospectus supplement and the accompanying prospectus, in their entirety, together with other information in this prospectus supplement, the accompanying prospectus and the documents incorporated by reference herein and therein. The risks described in these documents are not the only ones we face. Additional risks and uncertainties not presently known to us or not presently deemed material by us might also impair our operations and performance. The Notes will not be an appropriate investment for you if you are not knowledgeable about significant features of the Notes or financial matters in general. Past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results or trends in future periods. If any of these risks occur, our business, financial condition and results of operations could be materially and adversely affected. In such case, our net asset value, the trading price of our common shares and the value of our other securities could decline, and you may lose all or part of your investment. Please also read carefully the section titled “Cautionary Statement Regarding Forward-Looking Statements” in this prospectus supplement.

Risks Related to This Offering

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

The Notes are not secured by any of our assets or any of the assets of our subsidiaries. As a result, the Notes are effectively subordinated, or junior, to any secured indebtedness or other obligations we or our subsidiaries have incurred and may incur in the future (or any indebtedness that is initially unsecured that we later secure) to the extent of the value of the assets securing such indebtedness. In any liquidation, dissolution, bankruptcy or other similar proceeding, the holders of any of our existing or future secured indebtedness and the secured indebtedness of our subsidiaries may assert rights against the assets pledged to secure that indebtedness in order to receive full payment of their indebtedness before the assets may be used to pay other creditors, including the holders of the Notes. As of September 30, 2024, our total consolidated indebtedness, at par value, was approximately $26.7 billion, $16.5 billion of which was secured, and $13.8 billion of which was indebtedness of our subsidiaries. The Notes will be ranked

pari passu

to the Existing Senior Notes and to the approximately $10.2 billion of our outstanding unsecured senior debt as of September 30, 2024, which does not include the issuance of $2.2 billion aggregate principal amount collectively of (i) the November 2029 Notes, (ii) the November 2034 Notes and (iii) the January 2032 Notes.

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

The Notes are obligations exclusively of the Company and not of any of our subsidiaries. None of our subsidiaries is a guarantor of the Notes and the Notes are not required to be guaranteed by any subsidiaries we may acquire or create in the future. As of September 30, 2024, approximately $13.8 billion of the indebtedness, at par value, required to be consolidated on our balance sheet was held through subsidiary financing vehicles and secured by certain assets of such subsidiaries. Except to the extent we are a creditor with recognized claims against our subsidiaries, all claims of creditors (including trade creditors) and holders of preferred stock, if any, of our subsidiaries will have priority over our equity interests in such subsidiaries (and therefore the claims of our creditors, including holders of the Notes) with respect to the assets of such subsidiaries. Even if we were recognized as a creditor of one or more of our subsidiaries, our claims would still be effectively subordinated to any security interests in the assets of any such subsidiary and to any indebtedness or other liabilities of any such subsidiary senior to our claims. Consequently, the Notes are structurally subordinated, or junior, to all existing and future indebtedness and other obligations (including trade payables) incurred by any of our subsidiaries, financing vehicles or similar facilities and any subsidiaries, financing vehicles or similar facilities that we may in

S-12

the future acquire or establish. Our subsidiaries may incur substantial additional indebtedness in the future, all of which would be structurally senior to the Notes.

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

As of September 30, 2024, our total consolidated indebtedness, at par value, was approximately $26.7 billion, $16.5 billion of which was secured, and $13.8 billion of which was indebtedness of our subsidiaries. The Notes will be ranked

pari passu

to the Existing Senior Notes and to the approximately $10.2 billion of our outstanding unsecured senior debt as of September 30, 2024, which does not include the issuance of $2.2 billion aggregate principal amount collectively of (i) the November 2029 Notes, (ii) the November 2034 Notes and (iii) the January 2032 Notes. See “

Capitalization

.”

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

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

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

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

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

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

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

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

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

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

Our credit ratings are an assessment by rating agencies of our ability to pay our debts when due. Consequently, real or anticipated changes in our credit ratings will generally affect the market value of the Notes.

S-13

These credit ratings may not reflect the potential impact of risks relating to the structure or marketing of the Notes. Credit ratings are not a recommendation to buy, sell or hold any security, and may be revised or withdrawn at any time by the issuing organization in its sole discretion. Neither we nor any underwriter undertakes any obligation to maintain our credit ratings or to advise holders of Notes of any changes in our credit ratings.

The Notes are subject to periodic review by independent credit rating agencies. There can be no assurance that their respective credit ratings will remain for any given period of time or that such credit ratings will not be lowered or withdrawn entirely by the applicable ratings agency if in its judgment future circumstances relating to the basis of the credit rating, such as adverse changes in our business, financial condition and results of operations, so warrant.

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

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

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

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

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

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

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

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

• enter into transactions with affiliates;

• make investments; or

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

S-14

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

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

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

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

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

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

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

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

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

If we are unable to repay debt, lenders having secured obligations, including the lenders under our Revolving Credit Facility (as defined herein), could proceed against the collateral securing the debt. Because our credit facilities and Existing Senior Notes have, the indenture will have, and any future debt will likely have, customary cross-default provisions, if the indebtedness thereunder, hereunder or under any future credit facility is accelerated, we may be unable to repay or finance the amounts due. See “

Description of Notes

” in this prospectus supplement and “

Description of Our Debt Securities

” in the accompanying prospectus.

S-15

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

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

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

Description of Notes — Offer to Repurchase Upon a Change of Control Repurchase Event.

”

While a trading market developed after issuing the Existing November 2028 Notes, we cannot assure you that an active trading market for the Notes will be maintained.

While a trading market developed after issuing the Existing November 2028 Notes, we cannot assure you that an active and liquid market for the Notes will be maintained. Although certain of the underwriters have informed us that they may continue to make a market in the Notes, as permitted by applicable laws and regulations, they are not obligated to do so and may discontinue market making activities at any time without notice. In addition, any market-making activity will be subject to limits imposed by law. The liquidity of the trading market in the Notes, and the market price quoted for the Notes, may be adversely affected by changes in the overall market for this type of security and by changes in our financial performance or prospects or in the prospects for companies in our industry generally or other factors. Accordingly, we cannot assure you that an active trading market for the Notes will be maintained, that you will be able to sell your Notes at a particular time or that the price you receive when you sell will be favorable. If an active trading market is not maintained, the market price and liquidity of the Notes may be adversely affected. The Notes are not listed on any securities exchange or quoted on any automated dealer quotation system, and we do not intend to apply for a listing of the Notes on any securities exchange or any automated dealer quotation system.

S-16

USE OF PROCEEDS

We estimate that the net proceeds we will receive from the sale of $150 million aggregate principal amount of Notes in this offering will be approximately $157.1 million (excluding Aggregate Accrued Interest), after deducting the underwriting discount, accrued and unpaid interest and estimated offering expenses payable by us.

We intend to use the net proceeds of this offering for general corporate purposes, which may include, among other things, investing in accordance with our investment objectives and strategies described in this prospectus supplement and the accompanying prospectus and repaying indebtedness (which will be subject to reborrowing). We may use a portion of net proceeds to repay existing borrowings outstanding. For the nine months ended September 30, 2024, the weighted average interest rate on all borrowings outstanding (including unused fees, accretion of net discounts on unsecured debt, and the impact of the application of hedge accounting) was 7.20% and the weighted average

all-in

cost of debt (including unused fees, accretion of net discounts on unsecured debt, amortization of deferred financing costs, and the impact of the application of hedge accounting) was 7.37%. The weighted average time to maturity as of September 30, 2024, was 4.5 years. For further information about our borrowings, see Note 7 in our notes to the unaudited condensed consolidated financial statements for the period ended September 30, 2024, incorporated by reference in this prospectus supplement.

Affiliates of certain of the underwriters are lenders under certain of our indebtedness, including our Revolving Credit Facility and/or our SPV Financing Facilities (each of which is defined herein). Accordingly, affiliates of certain of the underwriters may receive more than 5% of the proceeds of this offering to the extent such proceeds are used to repay or repurchase such outstanding indebtedness.

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

S-17

CAPITALIZATION

The following table sets forth our consolidated capitalization at September 30, 2024. You should read this table together with “

Use of Proceeds

” described in this prospectus supplement and our most recent balance sheet included in our Form

10-Q

for the quarter ended September 30, 2024 incorporated by reference in this prospectus supplement.

Dollar amounts are presented in thousands, except share data.

	Actual
ASSETS
Investment at fair value
Non-controlled/non-affiliated investments (cost of $59,210,695 at September 30, 2024)	$	59,166,572
Non-controlled/affiliated investments (cost of $558 at September 30, 2024)		1,987
Controlled/affiliated investments (cost of $2,580,499 at September 30, 2024)		2,494,703
Total investments at fair value (cost of $61,791,752 at September 30, 2024)		61,663,262
Cash and cash equivalents (restricted cash of $901 at September 30, 2024)		1,341,345
Interest receivable from non-controlled/non-affiliated investments		641,912
Interest receivable from controlled/affiliated investments		126
Dividend receivable from controlled/affiliated investments		94,023
Receivable from broker		150,669
Deferred financing costs		123,358
Deferred offering costs		1,556
Receivable for investments		602,953
Derivative assets at fair value*		55,247
Total assets	$	64,674,451
LIABILITIES
Debt (net of unamortized debt issuance costs of $110,340 at September 30, 2024)	$	26,538,391
Payable for investments		101,435
Management fees payable**		112,634
Income based incentive fees payable**		139,413
Interest payable		350,012
Derivative liabilities at fair value*		69,280
Due to affiliates		23,724
Distribution payable***		310,553
Payable for share repurchases***		547,722
Accrued expenses and other liabilities		34,694
Total liabilities	$	28,227,858
Commitments and contingencies****
NET ASSETS
Common Shares, $0.01 par value (1,429,358,181 shares issued and outstanding at September 30, 2024)		14,294
Additional paid in capital		36,466,156
Distributable earnings (loss)		(33,857	)
Total net assets		36,446,593
Total liabilities and net assets	$	64,674,451

(1) The above table reflects the principal amount of indebtedness outstanding as of September 30, 2024. As of January 29, 2025, the principal amount of indebtedness outstanding was approximately $32.1 billion,

S-18

which includes $1.0 billion in aggregate principal amount of the January 2032 Notes issued on January 29, 2025. The net proceeds may be used to repay outstanding indebtedness. See “

Use of Proceeds

.”

* See Note 6 in our notes to the unaudited condensed consolidated financial statements for the period ended September 30, 2024, incorporated by reference into this prospectus supplement.

** See Note 3 in our notes to the unaudited condensed consolidated financial statements for the period ended September 30, 2024, incorporated by reference into this prospectus supplement.

*** See Note 9 in our notes to the unaudited condensed consolidated financial statements for the period ended September 30, 2024, incorporated by reference into this prospectus supplement.

**** See Note 8 in our notes to the unaudited condensed consolidated financial statements for the period ended September 30, 2024, incorporated by reference into this prospectus supplement.

S-19

DESCRIPTION OF NOTES

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

On November 27, 2023, we issued $500.0 million in aggregate principal amount of the Existing November 2028 Notes under the base indenture between us and U.S. Bank Trust Company, National Association, as trustee, dated as of September 15, 2021, as supplemented by the eleventh supplemental indenture between us and the trustee, dated as of November 27, 2023 (the “Eleventh Supplemental Indenture”). We will issue the Notes offered hereby under the base indenture, as supplemented by the Eleventh Supplemental Indenture. As used in this section, all references to the indenture mean the base indenture as supplemented by the Eleventh Supplemental Indenture.

We may issue additional Notes (“Additional Notes”) from time to time under the indenture, subject to the terms and conditions of the indenture, and the Notes offered hereby will constitute Additional Notes for purposes of the indenture. The $150,000,000 aggregate principal amount of the Additional Notes offered hereby will be treated as a single series with the Existing November 2028 Notes under the indenture and will have the same terms as the Existing November 2028 Notes (except the issue date, public offering price and initial interest payment date). The Notes offered hereby will have the same CUSIP number and will be fungible and rank equally with the Existing November 2028 Notes. Unless the context otherwise requires, for all purposes of this “Description of Notes,” references to the “Notes” include the Notes offered hereby, the Existing November 2028 Notes and any further Additional Notes that may be issued from time to time under the indenture. The terms of the Notes include those expressly set forth in the indenture and those made part of the indenture by reference to the Trust Indenture Act of 1939, as amended.

The following description is a summary of the material provisions of the Notes and the indenture and does not purport to be complete. This summary is subject to and is qualified by reference to all the provisions of the Notes and the indenture, including the definitions of certain terms used in the indenture. We urge you to read these documents because they, and not this description, define your rights as a holder of the Notes. You may request a copy of the indenture from us by making a written request to Blackstone Private Credit Fund, 345 Park Avenue, 31st Floor, New York, NY 10154 or by calling us at

(212) 503-2100.

In addition, the SEC maintains a website at www.sec.gov that contains information we file with the SEC, including the indenture.

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

General

The Notes:

• are our general unsecured, senior obligations;

• were issued prior to the date hereof in an aggregate principal amount of $500,000,000, not including the $150,000,000 aggregate principal amount of Notes offered hereby;

• will mature on November 27, 2028, unless earlier redeemed or repurchased, as discussed below;

S-20

• will bear cash interest from November 27, 2024, at an annual rate of 7.300% payable semiannually in arrears on May 27 and November 27 of each year, beginning on May 27, 2025;

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

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

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

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

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

—

Offer to Repurchase Upon a Change of Control Repurchase Event

” and “

—

Covenants — Merger, Consolidation or Sale of Assets

” in this prospectus supplement, the indenture does not contain any covenants or other provisions designed to afford holders of the Notes protection in the event of a highly leveraged transaction involving us or in the event of a decline in our credit rating as the result of a takeover, recapitalization, highly leveraged transaction or similar restructuring involving us that could adversely affect such holders.

We may, without the consent of the holders, issue Additional Notes under the indenture with the same terms (except the issue date, public offering price and initial interest payment date) as the Notes offered hereby and the Existing November 2028 Notes in an unlimited aggregate principal amount;

provided

that, if such Additional Notes are not fungible with the Notes offered hereby and the Existing November 2028 Notes (or any other tranche of Additional Notes) for U.S. federal income tax purposes, then such Additional Notes will have different CUSIP numbers from the Notes offered hereby and the Existing November 2028 Notes (and any such other tranche of Additional Notes). The $150,000,000 aggregate principal amount of Notes offered hereby will be issued as Additional Notes under the indenture.

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

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

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

Payment of principal (and premium, if any) and any such interest on the Notes will be made at the corporate trust office of the trustee in such coin or currency of the United States as at the time of payment is legal tender for payment of public and private debts;

provided

,

however

, that at our option payment of interest may be made by check mailed to the address of the person entitled thereto as such address will appear in the security register.

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

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

S-21

Interest

The Notes will bear cash interest at a rate of 7.300% per year until maturity. Interest on the Notes has accrued from November 27, 2023. Interest on the Notes will be payable semi-annually in arrears on May 27 and November 27 of each year, beginning on May 27, 2025. Interest accrued from, and including, November 27, 2024 up to, but not including, the date of delivery will be paid by the purchasers of the Notes offered hereby (the “Aggregate Accrued Interest”). On May 27, 2025, we will pay this Aggregate Accrued Interest to the holders of the Notes offered hereby as of the applicable record date along with interest accrued on the Notes offered hereby from the date of delivery to such interest payment date.

Interest on the Notes will be paid to the person in whose name a Note is registered at 5:00 p.m. New York City time, or the close of business, on May 12 or November 12, as the case may be, immediately preceding the relevant interest payment date. Interest on the Notes will be computed on the basis of a

360-day

year composed of twelve

30-day

months.

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

Ranking

The Notes will be our general unsecured obligations that rank:

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

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

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

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

As of September 30, 2024, our total consolidated indebtedness, at par value, was approximately $26.7 billion, $16.5 billion of which was secured, and $13.8 billion of which was indebtedness of our subsidiaries. The Notes will be ranked

pari passu

to the Existing Senior Notes and to the approximately $10.2 billion of our outstanding unsecured senior debt as of September 30, 2024, which does not include the issuance of $2.2 billion aggregate principal amount collectively of (i) the November 2029 Notes, (ii) the November 2034 Notes and (iii) the January 2032 Notes. See “

Capitalization

.”

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

S-22

Optional Redemption

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

• (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the Notes matured on the Par Call Date (as defined herein)) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined herein) plus 50 basis points less (b) interest accrued to the date of redemption, or

• 100% of the principal amount of the Notes to be redeemed, plus, in either case accrued and unpaid interest thereon to the redemption date of the Notes.

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

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

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

“Par Call Date” means October 27, 2028 (one month prior to the maturity date of the Notes).

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

The Treasury Rate shall be determined by us after 4:15 p.m., New York City time (or after such time as yields on U.S. government securities are posted daily by the Board of Governors of the Federal Reserve System), on the third business day preceding the redemption date based upon the yield or yields for the most recent day that appear after such time on such day in the most recent statistical release published by the Board of Governors of the Federal Reserve System designated as “Selected Interest Rates (Daily) — H.15” (or any successor designation or publication) (“H.15”) under the caption “U.S. government securities — Treasury constant maturities — Nominal” (or any successor caption or heading) (“H.15 TCM”). In determining the Treasury Rate, we shall select, as applicable: (1) the yield for the Treasury constant maturity on H.15 exactly equal to the period from the redemption date to the maturity date of the Notes (the “Remaining Life”); or (2) if there is no such Treasury constant maturity on H.15 exactly equal to the Remaining Life, the two yields — one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the Treasury constant maturity on H.15 immediately longer than the Remaining Life — and shall interpolate to the Par Call Date on a straight-line basis (using the actual number of days) using such yields and rounding the result to three decimal places; or (3) if there is no such Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant maturity or maturities on H.15 shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity from the redemption date.

S-23

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

Offer to Repurchase Upon a Change of Control Repurchase Event

If a Change of Control Repurchase Event occurs, unless we have exercised our right to redeem the Notes in full, we will make an offer to each holder of the Notes to repurchase all or any part (in minimum denominations of $2,000 and integral multiples of $1,000 principal amount in excess thereof) of that holder’s Notes at a repurchase price in cash equal to 100% of the aggregate principal amount of Notes repurchased plus any accrued and unpaid interest on the Notes repurchased to, but not including, the date of purchase. Within 30 days following any Change of Control Repurchase Event or, at our option, prior to any Change of Control, but after the public announcement of the Change of Control, we will mail a notice to each holder describing the transaction or transactions that constitute or may constitute the Change of Control Repurchase Event and offering to repurchase Notes on the payment date specified in the notice, which date will be no earlier than 30 days and no later than 60 days from the date such notice is mailed. The notice will, if mailed prior to the date of consummation of the Change of Control, state that the offer to purchase is conditioned on the Change of Control Repurchase Event occurring on or prior to the payment date specified in the notice. We will comply with the requirements of

Rule 14e-1

promulgated under the Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control Repurchase Event. To the extent that the provisions of any securities laws or regulations conflict with the Change of Control Repurchase Event provisions of the Notes, we will comply with the applicable securities laws and regulations and will not be deemed to have breached our obligations under the Change of Control Repurchase Event provisions of the Notes by virtue of such conflict.

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

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

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

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

The paying agent will promptly remit to each holder of Notes properly tendered the purchase price for the Notes, and the trustee will promptly authenticate and mail (or cause to be transferred by book-entry) to each holder a new Note equal in principal amount to any unpurchased portion of any Notes surrendered;

provided

that each new Note will be in a minimum principal amount of $2,000 or an integral multiple of $1,000 in excess thereof.

S-24

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

The source of funds that will be required to repurchase Notes in the event of a Change of Control Repurchase Event will be our available cash or cash generated from our operations or other potential sources, including funds provided by a purchaser in the Change of Control transaction, borrowings, sales of assets or sales of equity. We cannot assure you that sufficient funds from such sources will be available at the time of any Change of Control Repurchase Event to make required repurchases of Notes tendered. The terms of certain of our and our subsidiaries’ financing arrangements provide that certain change of control events will constitute an event of default thereunder entitling the lenders to accelerate any indebtedness outstanding under our and our subsidiaries’ financing arrangements at that time and to terminate the financing arrangements. See “

Management

’

s Discussion and Analysis of Financial Condition and Results of Operations — Financial Condition

,

Liquidity and Capital Resources

” in our most recent Annual Report on

Form 10-K

and our most recent Quarterly Reports on Form

10-Q

for a general discussion of our and our subsidiaries’ indebtedness, which are incorporated by reference into this prospectus supplement. Our and our subsidiaries’ future financing arrangements may contain similar restrictions and provisions. If the holders of the Notes exercise their right to require us to repurchase Notes upon a Change of Control Repurchase Event, the financial effect of this repurchase could cause a default under our and our subsidiaries’ future financing arrangements, even if the Change of Control Repurchase Event itself would not cause a default. It is possible that we will not have sufficient funds at the time of the Change of Control Repurchase Event to make the required repurchase of the Notes and/or our and our subsidiaries’ other debt. See “

Risk Factors —

Risks Related

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

” in this prospectus supplement for more information.

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

For purposes of the Notes:

“Below Investment Grade Rating Event” means the Notes are downgraded below Investment Grade by both of the Rating Agencies on any date from the date of the public notice of an arrangement that results in a Change of Control until the end of the

60-day

period following public notice of the occurrence of a Change of Control (which period will be extended so long as the rating of the Notes is under publicly announced consideration for possible downgrade by either of the Rating Agencies);

provided

that a Below Investment Grade Rating Event otherwise arising by virtue of a particular reduction in rating will not be deemed to have occurred in respect of a particular Change of Control (and thus will not be deemed a Below Investment Grade Rating Event for purposes of the definition of Change of Control Repurchase Event hereunder) if the Rating Agencies making the reduction in rating to which this definition would otherwise apply do not announce or publicly confirm or inform the trustee in writing at its request that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control will have occurred at the time of the Below Investment Grade Rating Event).

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

(1) the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation) in one or a series of related transactions, of all or substantially all of the assets of Blackstone Private Credit Fund and its Controlled Subsidiaries taken as a whole to any “person” or

S-25

“group” (as those terms are used in Section 13(d)(3) of the Exchange Act), other than to any Permitted Holders;

provided

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

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

(3) the approval by Blackstone Private Credit Fund’s stockholders of any plan or proposal relating to the liquidation or dissolution of Blackstone Private Credit Fund.

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

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

“Investment Grade” means a rating of Baa3 or better by Moody’s (or its equivalent under any successor rating categories of Moody’s) and

BBB-

or better by S&P (or its equivalent under any successor rating categories of S&P) (or, in each case, if such Rating Agency ceases to rate the Notes for reasons outside of our control, the equivalent investment grade credit rating from any Rating Agency selected by us as a replacement Rating Agency).

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

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

“Rating Agency” means:

(1) one or both of Moody’s and S&P; and

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

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

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

S-26

Covenants

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

Merger, Consolidation or Sale of Assets

The indenture provides that we will not merge or consolidate with or into any other person (other than a merger of a wholly owned subsidiary into us), or sell, transfer, lease, convey or otherwise dispose of all or substantially all our property (

provided

that, for the avoidance of doubt, a pledge of assets pursuant to any secured debt instrument of Blackstone Private Credit Fund or its Controlled Subsidiaries will not be deemed to be any such sale, transfer, lease, conveyance or disposition) in any one transaction or series of related transactions unless:

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

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

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

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

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

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

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

S-27

Other Covenants

• We agree that for the period of time during which the Notes are outstanding, we will not violate, whether or not we are subject to, Section 18(a)(1)(A) of the 1940 Act as modified by Section 61(a)(1) and (2) of the 1940 Act or any successor provisions, as such obligations may be amended or superseded, giving effect to any exemptive relief granted to us by the SEC.

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

Events of Default

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

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

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

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

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

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

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

If an event of default occurs and is continuing, then and in every such case (other than an event of default specified in item (6) above) the trustee or the holders of at least 25% in principal amount of the Notes may

S-28

declare the entire principal amount of the outstanding Notes to be due and payable immediately, by a notice in writing to us (and to the trustee if given by the holders), and upon any such declaration such principal or specified portion thereof will become immediately due and payable. Notwithstanding the foregoing, in the case of the events of bankruptcy, insolvency or reorganization described in item (6) above, 100% of the principal of and accrued and unpaid interest on the Notes will automatically become due and payable.

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

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

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

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

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

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

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

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

The trustee will be under no obligation to exercise any of the rights or powers vested in it by the indenture at the request or direction of any of the holders of the Notes unless such holders have offered to the trustee security or indemnity satisfactory to the trustee against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction. Subject to the foregoing, the holders of a majority in principal amount of the outstanding Notes will have the right to direct the time, method and place of conducting any proceeding for any remedy available to the trustee or exercising any trust or power conferred on the trustee with respect to the Notes,

provided

that (i) such direction may not be in conflict with any rule of law or with the indenture, (ii) the trustee may take any other action deemed proper by the trustee that is not inconsistent with such direction and (iii) the trustee need not take any action that it determines in good faith may involve it in personal liability or be unjustly prejudicial to the holders of Notes not consenting.

S-29

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

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

Within 90 days after the occurrence of any default under the indenture with respect to the Notes, the trustee must transmit notice of such default known to the trustee, unless such default has been cured or waived;

provided

,

however

, that, except in the case of a default in the payment of the principal of (or premium, if any, on) or interest, if any, on any Note, the trustee will be protected in withholding such notice if and so long as the board of directors, the executive committee or a trust committee of directors of the trustee in good faith determines that withholding of such notice is in the interest of the holders of the Notes.

Meetings of Noteholders

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

Satisfaction and Discharge

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

Defeasance

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

Covenant Defeasance

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

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

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

S-30

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

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

Legal Defeasance

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

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

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

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

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

Trustee

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

Governing Law

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

S-31

Book-Entry, Settlement and Clearance

Global Notes

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

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

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

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

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

Book-Entry Procedures for Global Notes

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

DTC has advised us that it is:

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

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

• a member of the Federal Reserve System;

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

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

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

Euroclear and Clearstream hold securities for participating organizations. They also facilitate the clearance and settlement of securities transactions between their respective participants through electronic book-entry changes in the accounts of such participants. Euroclear and Clearstream provide various services to their participants, including the safekeeping, administration, clearance, settlement, lending and borrowing of

S-32

internationally traded securities. Euroclear and Clearstream interface with domestic securities markets. Euroclear and Clearstream participants are financial institutions such as underwriters, securities brokers and dealers, banks, trust companies and certain other organizations. Indirect access to Euroclear and Clearstream is also available to others such as banks, brokers, dealers and trust companies that clear through or maintain a custodial relationship with a Euroclear and Clearstream participant, either directly or indirectly.

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

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

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

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

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

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

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

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

Transfers between participants in DTC, Euroclear or Clearstream will be effected under DTC, Euroclear or Clearstream’s procedures and will be settled in

same-day

funds.

Cross-market transfers of beneficial interests in Global Notes between DTC participants, on the one hand, and Euroclear or Clearstream participants, on the other hand, will be effected within DTC through the DTC participants that are acting as depositaries for Euroclear and Clearstream. To deliver or receive an interest in a Global Note held in a Euroclear or Clearstream account, an investor must send transfer instructions to Euroclear or Clearstream, as the case may be, under the rules and procedures of that system and within the established deadlines of that system. If the transaction meets its settlement requirements, Euroclear or Clearstream, as the case may be, will send instructions to its DTC depositary to take action to effect final settlement by delivering or receiving interests in the relevant Global Notes in DTC, and making or receiving payment under normal procedures for

same-day

funds settlement applicable to DTC. Euroclear and Clearstream participants may not deliver instructions directly to the DTC depositaries that are acting for Euroclear or Clearstream.

S-33

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

Certificated Notes

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

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

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

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

S-34

CERTAIN MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS

The following is a summary of certain United States federal income tax consequences of the purchase, ownership and disposition of the Notes offered hereby. This summary deals only with Notes held as capital assets (within the meaning of Section 1221 of the Code) by persons who purchase the Notes for cash pursuant to this offering at the offering price listed on the cover page of this prospectus supplement.

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

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

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

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

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

As used herein, a

“non-U.S.

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

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

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

• a dealer or broker in securities or currencies;

• a financial institution;

• a regulated investment company;

• a real estate investment trust;

• a tax-exempt entity;

• an insurance company;

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

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

• a person liable for alternative minimum tax;

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

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

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

• a “controlled foreign corporation”;

S-35

• a “passive foreign investment company”;

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

• a United States expatriate.

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

This summary does not represent a detailed description of the United States federal income tax consequences to you in light of your particular circumstances, and does not address any United States federal taxes other than income taxes (such as estate and gift taxes), the Medicare tax on certain investment income or any state, local or

non-U.S.

tax laws. It is not intended to be, and should not be construed to be, legal or tax advice to any particular purchaser of Notes.

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

Qualified Reopening

We intend to treat the issuance of the Notes offered by this prospectus supplement as constituting a “qualified reopening” of the Existing November 2028 Notes for United States federal income tax purposes. In such case, the Notes offered by this prospectus supplement will be deemed to have the same issue date and issue price as the Existing November 2028 Notes, and will be fungible with the Existing November 2028 Notes for United States federal income tax purposes. The remainder of this discussion assumes that the issuance of the Notes offered by this prospectus supplement will be treated as a qualified reopening of the Existing November 2028 Notes for United States federal income tax purposes.

Certain Tax Consequences to U.S. Holders

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

Pre-Issuance

Accrued Interest

. The initial offering price for the Notes will include amounts attributable to accrued and unpaid interest from November 27, 2024 up to, but not including, the date of delivery, which we call

“pre-issuance

accrued interest.” For United States federal income tax purposes, we intend to treat the Notes as having been purchased for a price that does not include any

pre-issuance

accrued interest. Accordingly, the portion of the first interest payment equal to the

pre-issuance

accrued interest should be treated as a nontaxable return of such

pre-issuance

accrued interest and should not be taxable as interest on the Notes.

Stated Interest.

Subject to the discussion below regarding amortizable bond premium, stated interest on the Notes (excluding any

pre-issuance

accrued interest excluded from the purchase price of the Notes, as discussed above under

“

—

Pre-Issuance

Accrued Interest

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

Amortizable Bond Premium.

If your initial purchase price for a Note (excluding any amount attributable to

pre-issuance

accrued interest excluded from the purchase price of a Note, as discussed above under

S-36

“

—

Pre-Issuance

Accrued Interest

”) exceeds the stated principal amount of such Note, you will be considered to have amortizable bond premium equal to such excess. You generally may elect to amortize any bond premium over the remaining term of a Note on a constant yield to maturity method (based on the Note’s yield to maturity) as an offset to stated interest when includible in income under your regular method of tax accounting. However, because we may redeem the Notes prior to maturity at a premium, special rules apply that may reduce, eliminate or defer the amount of bond premium that you may amortize with respect to a Note. If you make the election to amortize bond premium, you will be required to reduce your adjusted tax basis in a Note by the amount of premium amortized. An election to amortize bond premium will also apply to all other taxable debt instruments held or subsequently acquired by you on or after the first day of the first taxable year for which the election is made. Such an election may not be revoked without the consent of the IRS. You should consult your own tax advisors regarding the election to amortize bond premium, including the effect of the special rules noted above.

Sale, Exchange, Retirement, Redemption or Other Taxable Disposition of Notes.

Upon the sale, exchange, retirement, redemption or other taxable disposition of a Note, you generally will recognize gain or loss equal to the difference, if any, between the amount realized upon the sale, exchange, retirement, redemption or other taxable disposition (less any amount attributable to accrued and unpaid stated interest, which will be treated in the manner described above) and the adjusted tax basis of the Note. Your adjusted tax basis in a Note will, in general, be your cost for that Note (excluding any amount attributable to

pre-issuance

accrued interest excluded from the purchase price of a Note, as discussed above under “

—

Pre-Issuance

Accrued Interest

”), reduced by any amortized bond premium. Any gain or loss will generally be capital gain or loss and will generally be long-term capital gain or loss if you have held the Note for more than one year. Long-term capital gains of

non-corporate

U.S. holders (including individuals) are eligible for reduced rates of taxation. The deductibility of capital losses is subject to limitations.

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

Certain Tax Consequences to

Non-U.S.

Holders

The following is a summary of certain United States federal income tax consequences that will apply to

non-U.S.

holders of the Notes.

United States Federal Withholding Tax.

Subject to the discussions of backup withholding and FATCA below, United States federal withholding tax will not apply to any payment of interest (including for this purpose the portion of the first interest payment allocable to

pre-issuance

accrued interest) on the Notes under the “portfolio interest rule,” provided that:

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

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

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

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

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

S-37

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

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

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

Non-U.S.

holders should consult their tax advisors regarding the possibility of claiming a refund with respect to any withholding imposed on the portion of the first interest payment on the Notes allocable to

pre-issuance

accrued interest.

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

United States Federal Income Tax.

If you are engaged in a trade or business in the United States and interest on the Notes is effectively connected with the conduct of that trade or business (and, if required by an applicable income tax treaty, is attributable to a United States permanent establishment), then you will be subject to United States federal income tax on that interest on a net income basis in generally the same manner as if you were a United States person as defined under the Code (although you will be exempt from the 30% withholding tax described above, provided the certification requirements discussed above in “

—

United States Federal Withholding Tax

” are satisfied). In addition, if you are a foreign corporation, you may be subject to a branch profits tax equal to 30% (or a lower applicable income tax treaty rate) of your effectively connected earnings and profits, subject to adjustments.

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

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

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

Information Reporting and Backup Withholding

U.S. Holders.

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

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

S-38

Non-U.S.

Holders.

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

In general, you will not be subject to backup withholding with respect to payments of interest on the Notes that we make to you, provided that the applicable withholding agent does not have actual knowledge or reason to know that you are a United States person as defined under the Code, and such withholding agent has received from you the required certification that you are a

non-U.S.

holder described above in the fifth bullet point under “

—

Certain Tax Consequences to

Non-U.S.

Holders

— United States Federal Withholding Tax

.”

Information reporting and, depending on the circumstances, backup withholding will apply to the proceeds of a sale or other taxable disposition (including a retirement or redemption) of Notes within the United States or conducted through certain United States-related financial intermediaries, unless you certify to the payor under penalties of perjury that you are a

non-U.S.

holder (and the payor does not have actual knowledge or reason to know that you are a United States person as defined under the Code), or you otherwise establish an exemption.

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

Foreign Account Tax Compliance Act

Under Sections 1471 through 1474 of the Code (such Sections commonly referred to as “FATCA”), a 30% United States federal withholding tax may apply to any interest paid on the Notes to (i) a “foreign financial institution” (as specifically defined in the Code and whether such foreign financial institution is the beneficial owner or an intermediary) which does not provide sufficient documentation, typically on IRS Form

W-8BEN-E,

evidencing either (x) an exemption from FATCA, or (y) its compliance (or deemed compliance) with FATCA (which may alternatively be in the form of compliance with an intergovernmental agreement with the United States) in a manner which avoids withholding, or (ii) a

“non-financial

foreign entity” (as specifically defined in the Code and whether such

non-financial

foreign entity is the beneficial owner or an intermediary) which does not provide sufficient documentation, typically on IRS Form

W-8BEN-E,

evidencing either (x) an exemption from FATCA, or (y) adequate information regarding certain substantial United States beneficial owners of such entity (if any). If an interest payment is both subject to withholding under FATCA and subject to the withholding tax discussed above under “

—

Certain Tax Consequences to

Non-U.S.

Holders

— United States Federal Withholding Tax

,” an applicable withholding agent may credit the withholding under FATCA against, and therefore reduce, such other withholding tax. While withholding under FATCA would also have applied to payments of gross proceeds from the sale or other taxable disposition of the Notes, proposed United States Treasury regulations (upon which taxpayers may rely until final regulations are issued) eliminate FATCA withholding on payments of gross proceeds entirely. You should consult your own tax advisors regarding these rules and whether they may be relevant to your purchase, ownership and disposition of the Notes.

S-39

UNDERWRITING

SMBC Nikko Securities America, Inc. is acting as representative of the underwriters named below. Subject to the terms and conditions set forth in an underwriting agreement among us and the several underwriters, we have agreed to sell to the underwriters, and each of the underwriters has agreed, severally and not jointly, to purchase from us, the aggregate principal amount of Notes set forth opposite its name below.

Underwriter	Principal Amount of Notes
SMBC Nikko Securities America, Inc.	$	75,000,000
Blackstone Securities Partners L.P.	$	75,000,000
Total	$	150,000,000

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

non-defaulting

underwriters may be increased or the underwriting agreement may be terminated.

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

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

Commissions and Discounts

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

	Per Note			Total
Public offering price		105.258	%	$	157,887,000
Underwriting discount (sales load)		0.200	%	$	300,000
Proceeds to us, before expenses		105.058	%	$	157,587,000

The underwriters propose to offer some of the Notes to the public at the public offering price set forth on the cover page of this prospectus supplement, and some of the Notes to certain other Financial Industry Regulatory Authority, or FINRA, members at the public offering price less a concession not in excess of 0.120% of the aggregate principal amount of the Notes. The underwriters may allow, and the dealers may reallow, a discount not in excess of 0.070% of the aggregate principal amount of the Notes. After the initial offering of the Notes to the public, the public offering price and such concessions may be changed. No such change shall change the amount of proceeds to be received by us as set forth on the cover page of this prospectus supplement.

The expenses of the offering, not including the underwriting discount, are estimated at $0.5 million and are payable by us.

S-40

No Sales of Similar Securities

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

Listing

The “Additional Notes” will be treated as a single series with the Existing Notes under the Indenture. While a trading market developed after issuing the Existing Notes, we cannot assure you that an active and liquid market for the Notes will be maintained. The Notes will not be listed on any securities exchange or quoted on any automated dealer quotation system.

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

Price Stabilization, Short Positions

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

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

Any of these activities may cause the price of the Notes to be higher than the price that otherwise would exist in the open market in the absence of such transactions. These transactions may be effected in the

over-the-counter

market or otherwise and, if commenced, may be discontinued at any time without any notice relating thereto.

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

Other Relationships

The underwriters and their respective affiliates are full service financial institutions engaged in various activities, which may include sales and trading, commercial and investment banking, advisory, investment management, investment research, principal investment, hedging, market making, brokerage and other financial and

non-financial

activities and services. The underwriters and their respective affiliates have provided, and may in the future provide, a variety of these services to us and to persons and entities with relationships with us, for which they received or will receive customary fees and expenses.

S-41

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

The net proceeds of this offering may be used to pay down a portion of our outstanding indebtedness, including under our senior secured credit facility (entered into on May 18, 2021, which was most recently amended and restated on August 6, 2024, and as further amended from time to time, the “Revolving Credit Facility”) and/or our secured financing facilities that our wholly-owned subsidiaries have entered into as of September 30, 2024 (collectively, the “SPV Financing Facilities”). Affiliates of certain of the underwriters are lenders under the Revolving Credit Facility or the SPV Financing Facilities. Accordingly, affiliates of certain of the underwriters may receive more than 5% of the proceeds of this offering to the extent such proceeds are used to repay or repurchase such outstanding indebtedness. See “

Use of Proceeds.

”

The underwriters or their respective affiliates may also trade in our securities, securities of our portfolio companies or other financial instruments related thereto for their own accounts or for the account of others and may extend loans or financing directly or through derivative transactions to the Advisers or any of our portfolio companies. Blackstone controls Blackstone Securities Partners L.P., a participating underwriter in this offering, and we and the Advisers are under common control with Blackstone Securities Partners L.P.

Settlement

We expect that delivery of the Notes will be made to investors on or about February 6, 2025, which will be the fifth business day following the date hereof. Under Rule

15c6-1

under the Exchange Act, trades in the secondary market are required to settle in one business day, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade notes prior to the business day before the delivery of the Notes will be required, by virtue of the fact that the Notes initially settle in T+5, to specify an alternative arrangement at the time of any such trade to prevent a failed settlement and should consult their own advisors.

Principal Business Addresses

The principal business address of SMBC Nikko Securities America, Inc. is 277 Park Avenue, Fifth Floor, New York, NY 10172.

S-42

Disclaimers

About Non-US Jurisdictions

Notice to Prospective Investors in the European Economic Area

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

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

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

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

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

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

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

Notice to Prospective Investors in the United Kingdom

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

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

(i) a retail client as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 (“EUWA”); or

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

(iii) not a qualified investor as defined in Article 2 of the Prospectus Regulation as it forms part of domestic law by virtue of the EUWA (the “UK Prospectus Regulation”); and

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

Consequently, no key information document required by Regulation (EU) No 1286/2014 as it forms part of domestic law by virtue of the EUWA (the “UK PRIIPs Regulation”) for offering or selling the Notes or otherwise making them available to retail investors in the UK has been prepared and therefore offering or selling

S-43

the Notes or otherwise making them available to any retail investor in the UK may be unlawful under the UK PRIIPs Regulation. This prospectus supplement has been prepared on the basis that any offer of Notes in the UK will be made pursuant to an exemption under the UK Prospectus Regulation from the requirement to publish a prospectus for offers of Notes. This prospectus supplement is not a prospectus for the purposes of the UK Prospectus Regulation.

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

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

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

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

Notice to Prospective Investors in Canada

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

Canadian investors are advised that this prospectus supplement has been prepared in reliance on section 3A.3 of National

Instrument 33-105 Underwriting

Conflicts

(“NI 33-105”). Pursuant

to section 3A.3 of

NI 33-105, the

Company and the underwriters in the offering are exempt from the requirement to provide Canadian investors with certain conflicts of interest disclosure pertaining to “connected issuer” and/or “related issuer” relationships as would otherwise be required pursuant to subsection 2.1(1) of

NI 33-105.

Resale Restrictions

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

S-44

Representations of Purchasers

Each Canadian investor who purchases the Notes will be deemed to have represented to the Company, the underwriters and to each dealer from whom a purchase confirmation is received, as applicable, that the investor is (i) purchasing as principal, or is deemed to be purchasing as principal in accordance with applicable Canadian securities laws; (ii) an “accredited investor” as such term is defined in section 1.1 of National Instrument

45-106

Prospectus Exemptions or, in Ontario, as such term is defined in section 73.3(1) of the Securities Act (Ontario); and (iii) a “permitted client” as such term is defined in section 1.1 of National Instrument

31-103

Registration Requirements, Exemptions and Ongoing Registrant Obligations.

Taxation and Eligibility for Investment

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

Rights of Action for Damages or Rescission

Securities legislation in certain of the Canadian jurisdictions provides certain purchasers of securities pursuant to a prospectus (such as this prospectus supplement), including where the distribution involves an “eligible foreign security” as such term is defined in Ontario Securities Commission

Rule 45-501 Ontario

Prospectus and Registration Exemptions and in Multilateral

Instrument 45-107 Listing

Representation and Statutory Rights of Action Disclosure Exemptions, as applicable, with a remedy for damages or rescission, or both, in addition to any other rights they may have at law, where the prospectus, or other offering document that constitutes a prospectus, and any amendment thereto, contains a “misrepresentation” as defined under applicable Canadian securities laws. These remedies, or notice with respect to these remedies, must be exercised or delivered, as the case may be, by the purchaser within the time limits prescribed under, and are subject to limitations and defences under, applicable Canadian securities legislation. In addition, these remedies are in addition to and without derogation from any other right or remedy available at law to the investor.

Language of Documents

Upon receipt of this prospectus supplement, each Canadian investor hereby confirms that it has expressly requested that all documents evidencing or relating in any way to the sale of the securities described herein (including for greater certainty any purchase confirmation or any notice) be drawn up in the English language only.

 Par la réception de

 ce document, chaque investisseur canadien confirme par les présentes qu’il a

 expressément exigé que tous les documents faisant foi ou se rapportant de quelque manière que ce soit à la vente

 des valeurs mobilières décrites aux présentes (incluant, pour plus de certitude, toute confirmation d’achat ou tout avis) soient rédigés en anglais seulement.

Notice to Prospective Investors in Israel

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

S-45

Notice to Prospective Investors in Hong Kong

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

Notice to Prospective Investors in Singapore

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

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

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

S-46

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

SFA 04-N12: Notice

on the Sale of Investment Products and MAS

Notice FAA-N16: Notice

on Recommendations on Investment Products).

S-47

PORTFOLIO COMPANIES

The following table sets forth certain information as of September 30, 2024 for each portfolio company in which the Company had an investment. Percentages shown for class of securities held by the Company represent percentage of the class owned and do not necessarily represent voting ownership or economic ownership.

The Board approved the valuation of the Company’s investment portfolio, as of September 30, 2024, at fair value as determined in good faith using a consistently applied valuation process in accordance with the Company’s documented valuation policy that has been reviewed and approved by the Board, who also approve in good faith the valuation of such securities as of the end of each quarter. For more information relating to the Company’s investments, see the Company’s financial statements incorporated by reference in this prospectus supplement and the accompanying prospectus.

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread	Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024	Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt
First Lien Debt-non-controlled/non-affiliated
Aerospace & Defense
Atlas CC Acquisition Corp.	9465 Wilshire Blvd, Suite 300 Beverly Hills, CA 90212 United States	(7)(10)	SOFR + 4.25%	9.57%		5/25/2021		5/25/2028			$ 50,078	$	49,146	$	35,125		0.10	%
Atlas CC Acquisition Corp.	9465 Wilshire Blvd, Suite 300 Beverly Hills, CA 90212 United States	(4)(5)(7)(10)	SOFR + 4.00%	9.29%		5/25/2021		5/26/2026			5,596		5,459		714		0.00	%
Corfin Holdings, Inc.	1050 Perimeter Road, Manchester, NH 03103 United States	(4)(10)	SOFR + 5.25%	10.61%		1/7/2021		12/31/2027			32,553		32,513		32,553		0.09	%
Frontgrade Technologies Holdings, Inc.	4350 Centennial Blvd Colorado Springs, CO, 80907 United States	(4)(7)(10)	SOFR + 5.00%	10.10%		1/9/2023		1/9/2030			2,352		2,292		2,352		0.01	%
Loar Group Inc	450 Lexington Avenue, New York, NY 10017 United States	(4)(6)(7)(11)	SOFR + 4.75%	9.60%		7/28/2022		5/10/2030			252,178		251,601		251,238		0.69	%
Loar Group Inc	450 Lexington Avenue, New York, NY 10017 United States	(4)(5)(6)(11)	SOFR + 4.75%	9.60%		8/26/2024		5/10/2030			359,100		352,042		359,100		0.99	%
Magneto Components BuyCo, LLC	311 Sinclair Rd, Bristol, PA 19007 United States	(4)(7)(10)	SOFR + 6.00%	10.60% (incl. 2.65% PIK)		12/5/2023		12/5/2030			54,337		52,831		54,202		0.15	%
Maverick Acquisition, Inc.	3063 Philmont Ave B, Huntingdon Valley, PA 19006 United States	(4)(11)	SOFR + 6.25%	10.85%		6/1/2021		6/1/2027			47,851		47,382		37,563		0.10	%
Peraton Corp.	12975 Worldgate Drive, Herndon, VA 20170 United States	(10)	SOFR + 3.75%	8.70%		2/1/2021		2/1/2028			14,361		14,382		13,851		0.04	%

S-48

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread	Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024	Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Aerospace & Defense (continued)
TransDigm Inc	1350 Euclid Avenue, Suite 1600, Cleveland, Ohio 44115 United States	(6)(8)	SOFR + 2.50%	7.10%		11/28/2023		2/28/2031			$  7,980	$	8,004	$	7,958		0.02	%
Vertex Aerospace Services Corp.	555 Industrial Drive South, Madison, MS,39110 United States	(10)	SOFR + 2.75%	7.60%		12/6/2021		12/6/2030			11,702		11,661		11,709		0.03	%
West Star Aviation Acquisition, LLC	796 Heritage Way, Grand Junction, CO 81506 United States	(4)(5)(11)	SOFR + 5.00%	9.60%		11/3/2023		3/1/2028			9,903		9,747		9,903		0.03	%
West Star Aviation Acquisition, LLC	796 Heritage Way, Grand Junction, CO 81506 United States	(4)(10)	SOFR + 5.00%	9.60%		3/1/2022		3/1/2028			4,889		4,816		4,889		0.01	%
													841,876		821,157		2.26	%
Air Freight & Logistics
AGI-CFI Holdings, Inc.	9130 S Dadeland Blvd Ste 1801, Miami, FL, 33156 United States	(4)(10)	SOFR + 5.75%	11.26%		6/11/2021		6/11/2027			211,975		209,979		207,205		0.57	%
AGI-CFI Holdings, Inc.	9130 S Dadeland Blvd Ste 1801, Miami, FL, 33156 United States	(4)(10)	SOFR + 5.75%	11.23%		12/21/2021		6/11/2027			51,581		51,073		50,420		0.14	%
Alliance Ground	9130 S Dadeland Blvd Ste 1801, Miami, FL, 33156 United States	(4)(9)	SOFR + 5.75%	11.26%		7/25/2022		6/11/2027			93,986		92,949		91,871		0.25	%
ENV Bidco AB	Staffans väg 2A SE-192 78 Sollentuna, Sweden	(4)(6)(7)(8)	E + 5.75%	9.10%		7/19/2022		7/19/2029			EUR 114,140		113,391		126,691		0.35	%
ENV Bidco AB	Staffans väg 2A SE-192 78 Sollentuna, Sweden	(4)(6)(10)	SOFR + 5.75%	10.35%		7/19/2022		7/19/2029			102,349		100,586		102,349		0.28	%
Livingston International, Inc.	The West Mall Suite 400, Toronto, ON M9C 5K7 Canada	(4)(6)(10)	SOFR + 5.50%	10.24%		8/13/2021		4/30/2027			101,042		100,684		98,768		0.27	%
Mode Purchaser, Inc.	17330 Preston Rd., Suite 200 C Dallas, TX 75252 United States	(4)(11)	SOFR + 6.25%	11.50%		1/7/2021		12/9/2026			27,349		27,012		27,213		0.07	%
Mode Purchaser, Inc.	17330 Preston Rd., Suite 200 C Dallas, TX 75252 United States	(4)(11)	SOFR + 6.25%	11.50%		2/4/2022		2/5/2029			135,783		134,097		135,104		0.37	%

S-49

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024	Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Air Freight & Logistics (continued)
RoadOne Inc	1 Kellaway Dr, Randolph, MA 02368 United States	(4)(5)(7)(11)		SOFR + 6.25%	11.10%		12/30/2022		12/30/2028			$ 1,090		$ 1,062		$ 1,063		0.00	%
RWL Holdings, LLC	767 5th Ave #4200, New York, NY 10153 United States	(4)(10)		SOFR + 5.75%	10.50%		12/13/2021		12/31/2028			270,834		267,569		249,844		0.69	%
SEKO Global Logistics Network, LLC	1100 N. Arlington Heights Rd., Itasca, IL 60143 United States	(4)(5)(11)(17)		E + 8.00%	11.38%		12/21/2021		12/30/2026			EUR 34,596		39,792		26,958		0.07	%
SEKO Global Logistics Network, LLC	1100 N. Arlington Heights Rd., Itasca, IL 60143 United States	(4)(5)(11)(17)		SOFR + 8.00%	12.95%		1/7/2021		12/30/2026			74,663		73,767		52,264		0.14	%
SEKO Global Logistics Network, LLC	1100 N. Arlington Heights Rd., Itasca, IL 60143 United States	(4)(5)(11)(17)		SOFR + 8.00%	12.95%		7/25/2022		12/30/2026			9,420		9,246		6,594		0.02	%
SEKO Global Logistics Network, LLC	1100 N. Arlington Heights Rd., Itasca, IL 60143 United States	(4)(5)(7)(11)		SOFR + 8.00%	12.95%		7/1/2024		12/30/2026			1,398		1,365		1,398		0.00	%
SEKO Global Logistics Network, LLC	1100 N. Arlington Heights Rd., Itasca, IL 60143 United States	(4)(5)(7)(11)(17)		SOFR + 8.00%	12.95%		1/7/2021		12/30/2026			6,920		6,863		4,270		0.01	%
The Kenan Advantage Group, Inc.	4895 Dressler Road, Canton, OH 44718 United States	(8)		SOFR + 3.25%	8.10%		8/6/2024		1/25/2029			12,983		12,983		12,962		0.04	%
Wwex Uni Topco Holdings, LLC	2323 Victory Avenue Suite 1600, Dallas, TX 75219 United States	(10)		SOFR + 4.00%	8.87%		7/26/2021		7/26/2028			13,935		13,860		14,018		0.04	%
														1,256,278		1,208,992		3.31	%
Airlines
Air Canada	2001 University Street Suite 1600, Montreal, QC H3A 2A6 Canada	(6)(8)		SOFR + 2.50%	7.25%		3/21/2024		3/14/2031			6,308		6,293		6,331		0.02	%
Auto Components
Clarios Global LP	Florist Tower, 5757 N. Green Bay Ave., Glendale, WI 53209 United States	(6)(8)		SOFR + 2.50%	7.35%		7/16/2024		5/6/2030			3,491		3,491		3,497		0.01	%

S-50

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread	Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Auto Components (continued)
Dellner Couplers Group AB	Vikavagen 144 79195 Falun, Sweden	(5)(6)(8)	E + 5.50%	8.85%		6/20/2024		6/18/2029		EUR		23,500	$	24,907	$	26,192		0.07	%
														28,398		29,689		0.08	%
Beverages
Triton Water Holdings, Inc.	900 Long Ridge Road, Building 2, Stamford, CT 06902 United States	(9)	SOFR + 3.25%	8.12%		3/31/2021		3/31/2028				44,424		43,867		44,398		0.12	%
Biotechnology
Grifols Worldwide Operations USA Inc	18 Commerce Way, Suite 4800, Wilmington, MA 01801 United States	(8)	SOFR + 2.00%	7.40%		1/7/2021		11/15/2027				4094		4,057		3,986		0.01	%
Broadline Retail
Peer USA, LLC	Perenmarkt 15, 1681 PG Zwaagdijk, Netherlands	(6)(8)	SOFR + 3.00%	7.60%		6/26/2024		6/20/2031				7000		7,021		7,031		0.02	%
Building Products
Cornerstone Building Brands, Inc.	5020 Weston Parkway, Cary, NC 27513 United States	(6)(9)	SOFR + 5.63%	10.72%		7/25/2022		8/1/2028				25,545		25,268		25,759		0.07	%
Cornerstone Building Brands, Inc.	5020 Weston Parkway, Cary, NC 27513 United States	(6)(9)	SOFR + 3.25%	8.45%		4/15/2021		4/12/2028				4,830		4,808		4,739		0.01	%
Engineered Stone Group Holdings III Ltd.	Floor 5, Smithson Tower Smithson Plaza, St. James’s Street, London, England, SW1A 1HJ	(4)(6)(8)	E + 5.75%	10.35% (incl. 6.53% PIK)		11/22/2021		4/23/2028		EUR		31,114		33,896		29,959		0.08	%
Engineered Stone Group Holdings III Ltd.	Floor 5, Smithson Tower Smithson Plaza, St. James’s Street, London, England, SW1A 1HJ	(4)(6)(10)	SOFR + 5.75%	12.10% (incl. 7.54% PIK)		11/22/2021		4/23/2028				64,832		63,826		56,080		0.15	%
Fencing Supply Group Acquisition, LLC	211 Perimeter Center Pkwy NE #250, Dunwoody, GA 30346 United States	(4)(11)	SOFR + 6.00%	10.95%		2/26/2021		2/26/2027				109,862		109,078		108,215		0.30	%
Great Day Improvements, LLC	700 Highland Rd, Macedonia, OH 44056 United States	(4)(7)(13)	SOFR + 5.50%	10.71%		6/13/2024		6/13/2030				36,237		35,436		35,394		0.10	%
Jacuzzi Brands, LLC	3925 City Center Drive Suite 200, Chino Hills, CA 91709 United States	(4)(10)	SOFR + 6.00%	10.60%		1/7/2021		2/25/2027				43,474		43,273		39,562		0.11	%

S-51

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024	Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Building Products (continued)
Jacuzzi Brands, LLC	3925 City Center Drive Suite 200, Chino Hills, CA 91709 United States	(4)(10)		SOFR + 6.00%	10.60%		4/20/2022		2/25/2027		$	187,540	$	186,384	$	170,661		0.47	%
Jacuzzi Brands, LLC	3925 City Center Drive Suite 200, Chino Hills, CA 91709 United States	(4)(10)		SOFR + 6.00%	10.60%		1/7/2021		2/25/2027			6,319		6,287		5,750		0.02	%
Kodiak BP, LLC	1745 Shea Center Drive Suite 130, Highlands Ranch, CO 80129 United States	(10)		SOFR + 3.25%	8.21%		3/12/2021		3/12/2028			40,069		39,921		40,123		0.11	%
L&S Mechanical Acquisition, LLC	1101 E Arapaho Rd, Suite 190, Richardson, TX 75081, United States	(4)(10)		SOFR + 6.25%	11.55%		9/1/2021		9/1/2027			109,203		108,153		109,203		0.30	%
L&S Mechanical Acquisition, LLC	1101 E Arapaho Rd, Suite 190, Richardson, TX 75081, United States	(4)(5)(10)		SOFR + 6.25%	11.55%		8/19/2024		9/1/2027			11,009		10,797		11,009		0.03	%
LBM Acquisition, LLC	1000 Corporate Grove Drive, Buffalo Grove IL 60089 United States	(10)		SOFR + 3.75%	8.97%		6/6/2024		5/31/2031			44,630		44,204		43,837		0.12	%
Lindstrom, LLC	2950 100th Court Northeast, Blaine, MN 55449 United States	(4)(11)		SOFR + 6.25%	11.55%		4/19/2022		5/1/2026			146,952		146,245		145,482		0.40	%
Oscar Acquisitionco, LLC	5005 Lyndon B Johnson Fwy Suite 1050, Dallas, TX 75244 United States	(9)		SOFR + 4.25%	8.85%		4/29/2022		4/29/2029			2,985		2,996		2,952		0.01	%
Tamko Building Products, LLC	198 Four States Drive, P.O. Box 97, Galena, KS 66739 United States	(8)		SOFR + 3.25%	8.17%		9/20/2023		9/20/2030			2,985		2,992		2,996		0.01	%
The Chamberlain Group, Inc.	300 Windsor Drive, Oak Brook, IL 60523 United States	(9)		SOFR + 3.25%	8.20%		11/3/2021		11/3/2028			25,016		24,869		24,913		0.07	%
Windows Acquisition Holdings, Inc.	235 Sunshine Road Royal, AR 71968 United States	(4)(11)		SOFR + 6.50%	11.25% (incl. 10.03% PIK)		1/7/2021		12/29/2026			57,420		57,000		52,539		0.14	%
														945,433		909,173		2.50	%

S-52

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread	Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Capital Markets
Apex Group Treasury, LLC	4 Embarcadero Center Suite 1900 San Francisco,CA,94111 United States	(6)(9)	SOFR + 3.75%	8.96%		7/27/2021		7/27/2028			$	15,024	$	15,004	$	15,062		0.04	%
Apex Group Treasury, LLC	4 Embarcadero Center Suite 1900 San Francisco,CA,94111 United States	(6)(9)	SOFR + 4.00%	9.08%		8/2/2024		7/27/2028				78,157		78,157		78,450		0.22	%
Aretec Group, Inc.	2301 Rosecrans Ave., Suite 5100, El Segundo, CA 90245 United States	(6)(8)	SOFR + 4.00%	8.85%		5/29/2024		8/9/2030				853		853		837		0.00	%
FFML Holdco Ltd	Private Bag 93502, Takapuna, Auckland 0740, New Zealand	(4)(6)(10)	B + 6.25%	11.53%		11/11/2022		11/30/2028		NZD		37,316		22,694		23,707		0.07	%
Focus Financial Partners LLC	875 3rd Avenue, 28th Floor New York, NY 10022 United States	(7)(8)	SOFR + 3.25%	8.10%		9/11/2024		9/11/2031				14,889		14,851		14,858		0.04	%
GTCR Everest Borrower, LLC	1655 Grant Street, 10th Floor Concord, CA 94520 United States	(6)(7)(8)	SOFR + 3.00%	7.60%		9/5/2024		9/5/2031				12,388		12,287		12,200		0.03	%
Osaic Holdings Inc	20 East Thomas Road, Phoenix, AZ 85012 United States	(8)	SOFR + 4.00%	8.85%		5/6/2024		8/17/2028				10,594		10,602		10,493		0.03	%
Resolute Investment Managers, Inc.	220 E. Las Colinas Blvd., Suite 1200, Irving, Texas 75039 United States	(5)(11)	SOFR + 6.50%	11.37%		12/29/2023		4/30/2027				3,894		3,848		3,604		0.01	%
Situs-AMC Holdings Corporation	5065 Westheimer Suite 700E, Houston, TX 77056 United States	(4)(11)	SOFR + 5.50%	10.20%		12/22/2021		12/22/2027				12,151		12,085		12,090		0.03	%
Superannuation And Investments US, LLC	Ground Floor Tower 1 201 Sussex Street Sydney,NSW,2000 Australia	(6)(9)	SOFR + 3.75%	8.71%		12/1/2021		12/1/2028				13,059		13,005		13,097		0.04	%
The Edelman Financial Engines Center, LLC	28 State Street, 21st Floor, Boston, MA 021094 United States	(8)	SOFR + 3.25%	8.10%		6/5/2024		4/7/2028				18,370		18,370		18,357		0.05	%
														201,756		202,755		0.56	%
Chemicals
Charter Next Generation Inc	300 N. LaSalle Drive, Suite 1575, Chicago, IL 60654 United States	(10)	SOFR + 3.25%	8.10%		1/30/2024		12/1/2027				1,990		2,003		1,992		0.01	%
DCG Acquisition Corp.	45 Rockefeller Plaza 20th Floor, New York, NY 10111 United States	(4)(5)(7)(10)	SOFR + 4.75%	9.60%		6/13/2024		6/13/2031				210,895		208,353		209,293		0.57	%

S-53

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024	Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Chemicals (continued)
Derby Buyer, LLC	200 Powder Mill Road, Wilmington DE 19803 United States	(6)(9)		SOFR + 3.50%	8.70%		5/14/2024		11/1/2030		$	6,468	$	6,506	$	6,486		0.02	%
Formulations Parent Corp.	375 University Avenue, Westwood, MA 02090 United States	(4)(7)(10)		SOFR + 5.75%	10.87%		11/15/2023		11/15/2030			21,321		20,888		21,073		0.06	%
Geon Performance Solutions, LLC	25777 Detroit Road Suite 202, Westlake, OH 44145 United States	(10)		SOFR + 4.25%	9.12%		8/18/2021		8/18/2028			3,589		3,574		3,603		0.01	%
Hyperion Materials & Technologies, Inc.	6325 Huntley Road, Worthington, OH 43229 United States	(9)		SOFR + 4.50%	9.46%		8/30/2021		8/30/2028			7,925		7,915		7,392		0.02	%
														249,239		249,839		0.69	%
Commercial Services & Supplies
Access CIG, LLC	6818 A Patterson Pass Road, Livermore CA 94550 United States	(9)		SOFR + 5.00%	10.25%		8/18/2023		8/18/2028			43,524		43,067		43,765		0.12	%
Allied Universal Holdco, LLC	1551 North Tustin Avenue Suite 650, Santa Ana, CA 92705 United States	(9)		SOFR + 3.75%	8.70%		4/8/2021		5/12/2028			40,833		40,782		40,480		0.11	%
Anticimex, Inc.	400 Connell Drive Suite 1300, Berkeley Heights, NJ 07922 United States	(6)(9)		SOFR + 3.15%	8.48%		11/8/2021		11/16/2028			11,675		11,648		11,678		0.03	%
APX Group, Inc.	4931 North 300 West, Provo, UT, 84604 United States	(6)(9)		SOFR + 2.75%	8.03%		7/9/2021		7/10/2028			17,256		17,234		17,279		0.05	%
Bazaarvoice, Inc.	338 Pier Avenue, Hermosa Beach CA 90254 United States	(4)(7)(8)		SOFR + 5.25%	9.25%		5/7/2021		5/7/2028			405,472		405,472		405,472		1.11	%
CFS Brands, LLC	4711 E. Hefner Rd. Oklahoma City, OK 73131 United States	(4)(7)(11)		SOFR + 5.75%	10.60%		10/2/2023		10/2/2030			210,048		205,827		209,942		0.58	%
DG Investment Intermediate Holdings 2, Inc.	One Commerce Drive, Schaumburg, Illinois 60173 United States	(10)		SOFR + 3.75%	8.71%		3/31/2021		3/31/2028			22,535		22,557		22,514		0.06	%
Divisions Holding Corp.	1 Riverfront Place Suite 500, Newport, KY 41071 United States	(4)(10)		SOFR + 4.75%	9.71%		5/27/2021		5/27/2028			5,865		5,832		5,873		0.02	%
EAB Global, Inc.	2008 Saint Johns Ave, Washington DC 20037 United States	(9)		SOFR + 3.25%	8.10%		8/16/2021		8/16/2028			13,374		13,354		13,342		0.04	%
Foundational Education Group, Inc.	4500 East West Highway Suite 300, Bethesda,MD,20814 United States	(9)		SOFR + 3.75%	9.26%		8/31/2021		8/31/2028			8,891		8,842		8,614		0.02	%

S-54

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024	Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Commercial Services & Supplies (continued)
FusionSite Midco, LLC	5611 Ohio Ave, Nashville, TN 37209 United States	(4)(11)		SOFR + 5.75%	10.62%		11/17/2023		11/17/2029		$	45,126	$	44,258	$	45,126		0.12	%
FusionSite Midco, LLC	5611 Ohio Ave, Nashville, TN 37209 United States	(4)(11)		SOFR + 5.75%	11.29%		11/17/2023		11/17/2029			19,516		19,140		19,516		0.05	%
FusionSite Midco, LLC	5611 Ohio Ave, Nashville, TN 37209 United States	(4)(5)(7)(11)		SOFR + 5.75%	10.49%		9/25/2024		11/17/2029			2,978		2,026		1,945		0.01	%
Garda World Security Corp.	1390 Barre Street, Montreal QC H3C 1N4 Canada	(6)(8)		SOFR + 3.50%	8.60%		8/6/2024		2/1/2029			20,967		20,967		20,991		0.06	%
Gatekeeper Systems Inc	90 Icon, Foothill Ranch, CA 92610, United States	(4)(10)		SOFR + 5.00%	10.06%		8/27/2024		8/28/2030			252,665		247,690		247,612		0.68	%
Gatekeeper Systems Inc	90 Icon, Foothill Ranch, CA 92610, United States	(4)(5)(7)(10)		SOFR + 5.00%	10.06%		8/27/2024		8/28/2030			6,159		5,188		5,172		0.01	%
GBT US III, LLC	666 Third Avenue, 4th Floor, New York, NY, NY 10017, United States	(6)(8)		SOFR + 3.00%	8.28%		7/26/2024		7/25/2031			4,000		4,010		3,997		0.01	%
Gorilla Investor LLC	712 Fifth Avenue, 44th Floor, New York, NY 10019, United States	(4)(5)(10)		SOFR + 5.00%	9.60%		9/26/2024		9/30/2031			168,043		164,684		166,363		0.46	%
Iris Buyer, LLC	1501 Yamato Road, Boca Raton, FL 33431 United States	(4)(11)		SOFR + 6.25%	11.50%		10/2/2023		10/2/2030			54,679		53,390		54,679		0.15	%
Iris Buyer, LLC	1501 Yamato Road, Boca Raton, FL 33431 United States	(4)(5)(7)(11)		SOFR + 6.25%	10.85%		10/2/2023		10/2/2030			5,155		4,822		4,902		0.01	%
Java Buyer, Inc.	191 4th St W Ketchum, ID, 83340 United States	(4)(7)(10)		SOFR + 5.75%	10.79%		12/15/2021		12/15/2027			162,481		160,234		161,457		0.44	%
Java Buyer, Inc.	191 4th St W Ketchum, ID, 83340 United States	(4)(10)		SOFR + 5.75%	10.45%		11/9/2023		12/15/2027			54,083		53,114		54,083		0.15	%
Java Buyer, Inc.	191 4th St W Ketchum, ID, 83340 United States	(4)(10)		SOFR + 5.75%	11.17%		12/15/2021		12/15/2027			92,906		92,001		92,906		0.25	%
JSS Holdings, Inc.	180 North Stetson, 29th Floor, Chicago, IL 60601 United States	(4)(10)		SOFR + 5.25%	10.10%		12/29/2021		12/17/2030			236,063		233,923		236,063		0.65	%
JSS Holdings, Inc.	180 North Stetson, 29th Floor, Chicago, IL 60601 United States	(4)(10)		SOFR + 5.25%	10.10%		1/7/2021		12/17/2030			45,220		44,806		45,220		0.12	%
Knowledge Pro Buyer, Inc.	Country Squire Lane, Princeton Junction, NJ 8550 United States	(4)(7)(10)		SOFR + 5.00%	9.95%		12/10/2021		12/10/2027			89,216		88,336		89,137		0.24	%

S-55

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024	Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Commercial Services & Supplies (continued)
KPSKY Acquisition, Inc.	500 Unicorn Park 3rd Floor, Woburn, MA 01801 United States	(4)(10)(18)		SOFR + 5.50%	10.85%		10/19/2021		10/19/2028		$	46,601	$	46,062	$	41,941		0.12	%
KPSKY Acquisition, Inc.	500 Unicorn Park 3rd Floor, Woburn, MA 01801 United States	(4)(10)(18)		SOFR + 5.50%	10.90%		10/19/2021		10/19/2028			20,790		20,549		18,711		0.05	%
Onex Baltimore Buyer, Inc.	712 Fifth Avenue New York, NY 10019 United States	(4)(11)(18)		SOFR + 5.00%	9.85%		12/1/2021		12/1/2027			187,232		185,238		187,232		0.51	%
Onex Baltimore Buyer, Inc.	712 Fifth Avenue New York, NY 10019 United States	(4)(7)(11)(18)		SOFR + 5.00%	9.85%		12/1/2021		12/1/2027			219,692		216,704		218,457		0.60	%
Pearce Intermediate Holdings, Inc	1690 Scenic Ave, Costa Mesa, CA 92626 United States	(4)(12)		SOFR + 4.50%	9.52%		6/2/2021		6/2/2027			82,554		81,587		82,554		0.23	%
Pearce Intermediate Holdings, Inc	1690 Scenic Ave, Costa Mesa, CA 92626 United States	(4)(5)(7)(11)		SOFR + 4.50%	9.91%		6/29/2023		6/2/2027			814		787		787		0.00	%
Polyphase Elevator Holding Co.	60 Shawmut Road, Suite 1, Canton, MA 02021 United States	(4)(5)(7)(11)		SOFR + 6.00%	10.70% (incl. 5.00% PIK)		6/23/2021		6/23/2027			6,019		5,980		4,578		0.01	%
Polyphase Elevator Holding Co.	60 Shawmut Road, Suite 1, Canton, MA 02021 United States	(4)(5)(11)		SOFR + 6.00%	10.70% (incl. 5.00% PIK)		12/21/2021		6/23/2027			10,694		10,694		8,128		0.02	%
Prime Security Services Borrower, LLC	1501 Yamato Road, Boca Raton, FL, 33431 United States	(8)		SOFR + 2.25%	7.45%		4/15/2024		10/13/2030			1,496		1,505		1,496		0.00	%
Pye-Barker Fire & Safety, LLC	2500 Northwinds Parkway, Ste 200, Alpharetta, GA 30009 United States	(4)(5)(10)		SOFR + 4.50%	9.10%		5/24/2024		5/24/2031			4,461		4,461		4,461		0.01	%
Pye-Barker Fire & Safety, LLC	2500 Northwinds Parkway, Ste 200, Alpharetta, GA 30009 United States	(4)(5)(10)		SOFR + 4.50%	9.10%		5/24/2024		5/24/2031			13,816		13,751		13,747		0.04	%
Safety Products/JHC Acquisition Corp	1751 Lake Cook Rd, Suite 370, Deerfield, Illinois 60015, United States	(7)(8)		SOFR + 4.50%	9.45%		1/7/2021		6/28/2026			50,567		50,447		50,606		0.14	%
The Hiller Companies, LLC	3751 Joy Springs Drive, Mobile, AL 36693 United States	(4)(10)		SOFR + 5.00%	9.96%		6/20/2024		6/20/2030			75,563		74,843		74,808		0.21	%
The Hiller Companies, LLC	3751 Joy Springs Drive, Mobile, AL 36693 United States	(4)(5)(7)(10)		SOFR + 5.00%	10.28%		6/20/2024		6/20/2030			4,335		4,080		4,089		0.01	%
TRC Companies, Inc (fka Bolt Infrastructure Merger Sub, Inc.)	21 Griffin Road North, Windsor, CT 06095 United States	(9)		SOFR + 3.75%	8.71%		12/9/2021		12/8/2028			26,862		26,785		26,883		0.07	%
Vaco Holdings, Inc.	5410 Maryland Way, Suite 460, Brentwood, TN, 37027 United States	(10)		SOFR + 5.00%	9.95%		1/21/2022		1/21/2029			8,963		8,936		8,820		0.02	%

S-56

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024	Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Commercial Services & Supplies (continued)
Veregy Consolidated, Inc.	23325 N. 23rd Ave, Suite 120 Phoenix, AZ 85027 United States	(11)		SOFR + 6.00%	11.51%		1/7/2021		11/2/2027		$	20,000	$	20,024	$	19,983		0.05	%
Water Holdings Acquisition LLC	2002 West Grand Parkway North, Suite 100, Katy, TX 77449, United States	(4)(5)(7)(10)		SOFR + 5.00%	10.25%		7/31/2024		7/31/2031			185,476		183,497		183,436		0.50	%
														2,969,134		2,978,845		8.14	%
Construction & Engineering
ASP Endeavor Acquisition, LLC	515 Houston St Ste 500, Fort Worth, TX 76102 United States	(4)(5)(9)		SOFR + 6.50%	11.87%		5/3/2021		5/3/2027			30,600		30,336		30,600		0.08	%
Atlas Securitized Products Funding 2, L.P.	13215 Bee Cave Parkway Building B, Suite 230, Austin, TX 78738 United States	(4)(5)(7)(8)		SOFR + 1.50%	6.70%		3/28/2024		4/10/2026			134,503		130,697		134,503		0.37	%
Azuria Water Solutions Inc	787 7th Avenue 49th Floor New York NY 10019 United States	(10)		SOFR + 3.75%	8.60%		7/23/2024		5/17/2028			34,522		34,522		34,706		0.10	%
Brookfield WEC Holdings, Inc.	1000 Westinghouse Drive, Cranberry Township, PA 16066 United States	(8)		SOFR + 2.75%	7.60%		1/25/2024		1/27/2031			7,963		7,884		7,970		0.02	%
Consor Intermediate II, LLC	6505 Blue Lagoon Drive, Suite 470 Miami, FL 33126 United States	(4)(5)(7)(10)		SOFR + 4.75%	9.35%		5/10/2024		5/10/2031			48,883		48,100		48,357		0.13	%
COP Home Services TopCo IV, Inc.	3150 E Birch St., Brea, CA 92821, United States	(4)(7)(11)		SOFR + 6.00%	11.35%		6/9/2023		12/31/2027			209,500		205,980		209,077		0.57	%
Gannett Fleming Inc	207 Senate Ave, Camp Hill, PA 17011, United States	(4)(5)(7)(10)		SOFR + 4.50%	9.67%		8/5/2024		8/5/2030			361,703		355,874		355,718		0.98	%
Groundworks, LLC	1741 Corporate Landing Parkway, Virginia Beach, VA 23454 United States	(8)		SOFR + 3.50%	8.60%		3/14/2024		3/14/2031			9,056		9,074		9,008		0.02	%
Groundworks, LLC	1741 Corporate Landing Parkway, Virginia Beach, VA 23454 United States	(7)(8)		SOFR + 3.50%	8.60%		3/14/2024		3/14/2031			267		165		258		0.00	%
Peak Utility Services Group, Inc.	310 Interlocken Parkway Suite 220 Broomfield CO 80021 United States	(4)(11)		SOFR + 5.00%	10.41%		3/2/2021		3/2/2028			15,170		15,096		13,881		0.04	%
Peak Utility Services Group, Inc.	310 Interlocken Parkway Suite 220 Broomfield CO 80021 United States	(4)(11)		SOFR + 5.00%	10.41%		3/2/2021		3/2/2028			2,023		2,016		1,851		0.01	%
Refficiency Holdings, LLC	1601 Las Plumas Ave San Jose, CA, 95133-1613 United States	(10)		SOFR + 3.50%	8.45%		10/28/2021		12/16/2027			11,258		11,212		11,318		0.03	%

S-57

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024	Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Construction & Engineering (continued)
Thermostat Purchaser III, Inc.	10 Parkway North Suite 100 Deerfield,IL,60015 United States	(4)(7)(10)		SOFR + 4.25%	8.85%		6/20/2024		8/31/2028		$	9,975	$	9,869	$	9,942		0.03	%
														860,825		867,189		2.38	%
Containers & Packaging
Anchor Packaging, LLC	13515 Barrett Parkway #100, St. Louis, MO 63021, United States	(8)		SOFR + 3.75%	8.60%		5/7/2024		7/18/2029			1,995		2,000		2,005		0.01	%
Ascend Buyer, LLC	1111 Busch Parkway, Buffalo Grove, IL 60089, United States	(4)(10)		SOFR + 5.75%	10.50%		10/18/2022		9/30/2028			11,328		11,100		11,328		0.03	%
Ascend Buyer, LLC	1111 Busch Parkway, Buffalo Grove, IL 60089, United States	(4)(5)(7)(10)		SOFR + 5.75%	10.50%		9/30/2021		9/30/2027			2,587		2,509		2,587		0.01	%
Berlin Packaging, LLC	525 West Monroe Street, Chicago IL 60661 United States	(8)		SOFR + 3.75%	8.95%		6/7/2024		6/7/2031			15,361		15,325		15,367		0.04	%
Clydesdale Acquisition Holdings, Inc.	101 E Carolina Ave Hartsville, SC 29550 United States	(9)		SOFR + 3.18%	8.02%		4/13/2022		4/13/2029			13,989		13,737		13,933		0.04	%
Graham Packaging Co, Inc.	148 Quay Street Floor 9, Auckland Central Auckland, 1010 New Zealand	(8)		SOFR + 2.50%	7.35%		7/31/2024		8/4/2027			7,932		7,932		7,933		0.02	%
MAR Bidco S.à r.l.	46A Avenue J.F. Kennedy, L-1855 Luxembourg, Grand-Duché de Luxembourg	(6)(9)		SOFR + 4.20%	9.29%		6/28/2021		7/6/2028			3,829		3,818		3,714		0.01	%
Pretium PKG Holdings, Inc.	15450 South Outer Forty Drive Suite 120 Chesterfield,MO,63017 United States	(11)(18)		SOFR + 4.60%	9.85% (incl. 1.38% PIK)		10/2/2023		10/2/2028			22,230		21,985		17,914		0.05	%
ProAmpac PG Borrower, LLC	12025 Tricon Road, Cincinnati, OH 45246 United States	(10)		SOFR + 4.00%	9.30%		4/9/2024		9/15/2028			16,232		16,232		16,277		0.04	%
Ring Container Technologies Group, LLC	1 Industrial Park Rd. Oakland, TN 38060 United States	(9)		SOFR + 2.75%	7.60%		7/19/2024		8/12/2028			985		985		985		0.00	%
TricorBraun Holdings, Inc.	6 CityPlace Drive Suite 1000 Saint Louis MO 63141 United States	(9)		SOFR + 3.25%	8.21%		3/3/2021		3/3/2028			13,663		13,598		13,419		0.04	%
Trident TPI Holdings, Inc.	460 Swedesford Rd Wayne, PA 19087 United States	(9)		SOFR + 4.00%	8.60%		4/1/2024		9/15/2028			21,739		21,739		21,798		0.06	%
														130,960		127,260		0.35	%

S-58

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread	Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024	Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Distributors
BP Purchaser, LLC	2650 Galvin Dr, Elgin, IL 60124, United States	(4)(5)(10)	SOFR + 5.50%	10.69%		12/10/2021		12/10/2028		$	7,820	$	7,726	$	7,096		0.02	%
BradyIFS Holdings, LLC	7055 S Lindell Road, Las Vegas, NV 89118 United States	(4)(11)	SOFR + 6.00%	11.25%		10/31/2023		10/31/2029			202,799		199,365		202,799		0.56	%
BradyIFS Holdings, LLC	7055 S Lindell Road, Las Vegas, NV 89118 United States	(4)(5)(7)(11)	SOFR + 6.00%	11.06%		10/31/2023		10/31/2029			15,991		15,665		15,767		0.04	%
Genuine Cable Group, LLC	50 Broadway, Hawthorne, NY 10532, United States	(4)(10)	SOFR + 5.75%	10.70%		11/1/2021		11/2/2026			29,725		29,410		28,759		0.08	%
Marcone Yellowstone Buyer, Inc.	One City Place Ste 400 St Louis MO 63141, United States	(4)(10)	SOFR + 6.50%	11.98%		11/1/2022		6/23/2028			15,532		15,223		14,290		0.04	%
Marcone Yellowstone Buyer, Inc.	One City Place Ste 400 St Louis MO 63141, United States	(4)(10)	SOFR + 6.25%	11.53%		12/31/2021		6/23/2028			26,188		25,910		23,897		0.07	%
NDC Acquisition Corp.	402 BNA Drive, Suite 500, Nashville, TN 37217 United States	(4)(7)(8)	SOFR + 5.50%	10.20%		3/9/2021		3/9/2027			21,713		21,432		21,713		0.06	%
PT Intermediate Holdings III, LLC	1200 Greenbriar Dr., Addison, IL 60101 United States	(4)(9)	SOFR + 5.00%	10.33% (incl. 1.75% PIK)		4/9/2024		4/9/2030			167,958		167,577		167,958		0.46	%
PT Intermediate Holdings III, LLC	1200 Greenbriar Dr., Addison, IL 60101 United States	(4)(5)(7)(10)	SOFR + 4.75%	9.35%		4/9/2024		4/9/2030			1,432		1,417		1,415		0.00	%
S&S Holdings, LLC	220 Remington Blvd, Bolingbrook, IL 60440 United States	(9)	SOFR + 5.00%	10.06%		3/11/2021		3/11/2028			7,812		7,828		7,790		0.02	%
Tailwind Colony Holding Corporation	269 South Lambert Road Orange, CT 06512 United States	(4)(11)	SOFR + 6.50%	11.85%		1/7/2021		5/13/2026			82,044		81,646		80,813		0.22	%
													573,199		572,297		1.57	%
Diversified Consumer Services
American Restoration Holdings, LLC	1585 Broadway, 37th Floor, New York, NY 10036, United States	(4)(5)(11)	SOFR + 5.00%	10.28%		7/19/2024		7/24/2030			27,542		27,008		26,991		0.07	%
American Restoration Holdings, LLC	1585 Broadway, 37th Floor, New York, NY 10036, United States	(4)(5)(7)(11)	SOFR + 5.00%	10.05%		7/19/2024		7/24/2030			5,571		5,232		5,221		0.01	%
American Restoration Holdings, LLC	1585 Broadway, 37th Floor, New York, NY 10036, United States	(4)(5)(7)(11)	SOFR + 5.00%	10.28%		7/19/2024		7/24/2030			1,697		1,546		1,541		0.00	%
Ascend Learning, LLC	11161 Overbrook Road, Leawood, KS, 66211, United States	(9)	SOFR + 3.50%	8.45%		12/10/2021		12/11/2028			20,422		20,161		20,353		0.06	%

S-59

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Diversified Consumer Services (continued)
Barbri Holdings, Inc.	12222 Merit Drive, Suite 1340, Dallas, TX 75251 United States	(4)(10)		SOFR + 5.75%	10.70%		12/21/2021		4/28/2028			$	133,249	$	131,864	$	132,582		0.36	%
BPPH2 Limited	One Wood Street, London, EC2V 7WS United Kingdom	(4)(6)(8)		S + 6.87%	11.82%		3/16/2021		3/16/2028		GBP		40,700		55,517		54,414		0.15	%
BPPH2 Limited	One Wood Street, London, EC2V 7WS United Kingdom	(4)(5)(6)(8)		S + 6.25%	11.20%		6/17/2024		3/16/2028		GBP		8,269		10,349		11,055		0.03	%
BPPH2 Limited	One Wood Street, London, EC2V 7WS United Kingdom	(4)(5)(6)(10)		CA + 6.25%	10.78%		6/17/2024		3/16/2028		CAD		5,090		3,647		3,764		0.01	%
BPPH2 Limited	One Wood Street, London, EC2V 7WS United Kingdom	(4)(5)(6)(10)		SOFR + 6.25%	11.31%		6/17/2024		3/16/2028				2,645		2,583		2,645		0.01	%
Cambium Learning Group, Inc.	17855 North Dallas Parkway, Suite 400, Dallas, TX 75287, United States	(4)(7)(10)		SOFR + 5.50%	10.88%		7/20/2021		7/20/2028				941,434		936,323		941,434		2.58	%
Caribou Bidco Ltd	70 Gray’s Inn Road, London, WC1X 8NH, United Kingdom	(4)(5)(6)(7)(8)		S + 5.00%	9.95%		7/2/2024		2/1/2029		GBP		198,859		252,188		263,056		0.72	%
Cengage Learning, Inc.	3 Center Plaza, Suite 700, Boston, MA 02108 United States	(11)		SOFR + 4.25%	9.54%		3/22/2024		3/22/2031				8,458		8,498		8,486		0.02	%
Charger Debt Merger Sub, LLC	375 Northridge Rd. Suite 450, Atlanta, GA 30350 United States	(4)(5)(10)		SOFR + 5.00%	10.25%		5/31/2024		5/31/2031				55,000		54,476		54,725		0.15	%
Charger Debt Merger Sub, LLC	375 Northridge Rd. Suite 450, Atlanta, GA 30350 United States	(4)(5)(7)(10)		SOFR + 5.00%	9.75%		5/31/2024		5/31/2031				8,690		8,440		8,470		0.02	%
DTA Intermediate II Ltd.	7430 East Caley Ave, Suite 320E, Centennial, CO 80111 United States	(4)(12)		SOFR + 5.25%	9.89%		3/27/2024		3/27/2030				51,584		50,640		51,584		0.14	%
DTA Intermediate II Ltd.	7430 East Caley Ave, Suite 320E, Centennial, CO 80111 United States	(4)(5)(7)(11)		SOFR + 5.25%	10.56%		3/27/2024		3/27/2030				3,879		3,393		3,645		0.01	%
Element Materials Technology Group US Holdings Inc.	1181 Trapp Road St Paul, MN 55121 United States	(6)(9)		SOFR + 3.75%	8.35%		6/24/2022		7/6/2029				7,403		7,347		7,431		0.02	%
Endeavor Schools Holdings, LLC	9350 South Dixie Highway, Suite 950, Miami, Florida 33156 United States	(4)(11)		SOFR + 6.25%	11.53%		7/18/2023		7/18/2029				47,060		46,120		46,001		0.13	%
Endeavor Schools Holdings, LLC	9350 South Dixie Highway, Suite 950, Miami, Florida 33156 United States	(4)(5)(7)(11)		SOFR + 6.25%	11.54%		7/18/2023		7/18/2029				8,662		8,365		8,347		0.02	%

S-60

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024	Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Diversified Consumer Services (continued)
Essential Services Holding Corp	139 S. English Station Road, Suite 250, Louisville, KY 40245 United States	(4)(5)(7)(10)		SOFR + 5.00%	10.29%		6/17/2024		6/17/2031		$	69,595	$	68,772	$	68,736		0.19	%
Go Car Wash Management Corp.	9801 Troup Ave, Kansas City, Kansas 66111, United States	(4)(11)		SOFR + 6.25%	11.20%		10/12/2021		12/31/2026			41,428		41,027		41,118		0.11	%
Go Car Wash Management Corp.	9801 Troup Ave, Kansas City, Kansas 66111, United States	(4)(11)		SOFR + 6.25%	11.20%		10/12/2021		12/31/2026			47,897		47,346		47,538		0.13	%
Imagine Learning, LLC	8860 E. Chaparral Road, Scottsdale, AZ 85250 United States	(9)		SOFR + 3.50%	8.35%		2/1/2024		12/21/2029			64,874		64,585		64,919		0.18	%
Mckissock Investment Holdings, LLC	399 South Spring Street Suite 108, St Louis, MO 63110 United States	(10)		SOFR + 5.00%	10.45%		3/10/2022		3/12/2029			9,765		9,703		9,795		0.03	%
Mckissock Investment Holdings, LLC	399 South Spring Street Suite 108, St Louis, MO 63110 United States	(10)		SOFR + 5.00%	9.96%		11/20/2023		3/12/2029			27,294		26,721		27,376		0.08	%
Pre-Paid Legal Services, Inc.	1 Pre-Paid Way, Ada OK 74820 United States	(9)		SOFR + 3.75%	8.71%		12/15/2021		12/15/2028			17,606		17,522		17,614		0.05	%
Spring Education Group, Inc.	1999 S Bascom Ave, Suite 400 Campbell, CA 95008 United States	(8)		SOFR + 4.00%	8.60%		9/29/2023		9/29/2030			13,682		13,534		13,798		0.04	%
Sunshine Cadence Holdco, LLC	90 Clubhouse Rd Woodmere, NY, 11598-1905 United States	(4)(10)		SOFR + 5.00%	10.20%		5/1/2024		5/1/2031			200,000		198,120		198,000		0.54	%
Sunshine Cadence Holdco, LLC	90 Clubhouse Rd Woodmere, NY, 11598-1905 United States	(4)(5)(7)(10)		SOFR + 5.00%	10.16%		5/1/2024		5/1/2031			16,640		16,186		16,320		0.04	%
University Support Services, LLC	3500 Sunrise Hwy, Great River, NY 11739 United States	(9)		SOFR + 2.75%	7.60%		2/10/2022		2/10/2029			9,521		9,491		9,504		0.03	%
														2,146,704		2,166,463		5.93	%
Diversified REITs
Iron Mountain Information Management, LLC	1 Federal Street Boston, MA 02110 United States	(8)		SOFR + 2.00%	6.85%		12/28/2023		1/31/2031			5,970		5,991		5,944		0.02	%
Diversified Telecommunication Services
Point Broadband Acquisition, LLC	3120 Fredrick Rd., Suite E, Opelika, Alabama 36801, United States	(4)(7)(11)		SOFR + 5.50%	10.43%		10/1/2021		10/1/2028			230,465		227,165		229,620		0.63	%
Zacapa, LLC	4 E Pennslyvania Ave, Pen Argyl, 18072, PA, United States	(6)(9)		SOFR + 4.00%	8.60%		3/22/2022		3/22/2029			7,464		7,460		7,488		0.02	%
														234,625		237,108		0.65	%

S-61

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread	Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Electric Utilities
Qualus Power Services Corp.	4040 Rev Drive Cincinatti, OH 45232 United States	(4)(11)	SOFR + 5.25%	10.31%		3/26/2021		3/26/2027			$	61,209	$	60,670	$	60,903		0.17	%
Qualus Power Services Corp.	4040 Rev Drive Cincinatti, OH 45232 United States	(4)(11)	SOFR + 5.25%	10.31%		7/27/2023		3/26/2027				54,130		53,215		53,860		0.15	%
Qualus Power Services Corp.	4040 Rev Drive Cincinatti, OH 45232 United States	(4)(5)(7)(11)	SOFR + 5.25%	10.55%		5/9/2024		3/26/2027				3,167		2,670		2,667		0.01	%
Sabre Industries Inc	8653 East Highway 67, Alvarado, TX 76009 United States	(9)	SOFR + 3.25%	8.20%		6/1/2021		6/1/2028				13,119		13,107		13,073		0.04	%
														129,662		130,503		0.37	%
Electrical Equipment
Emergency Power Holdings, LLC	44 S Commerce Way, Bethlehem, PA 18017 United States	(4)(7)(11)	SOFR + 4.75%	9.70%		8/17/2021		8/17/2030				194,843		192,512		194,405		0.53	%
IEM New Sub 2, LLC	48205 Warm Springs Blvd, Freemont, California 94539, United States	(4)(7)(10)	SOFR + 4.75%	9.81%		8/8/2024		8/8/2030				327,813		322,460		322,325		0.88	%
Madison IAQ, LLC	500 W Madison St #3890, Chicago IL United States	(9)	SOFR + 2.75%	7.89%		6/21/2021		6/21/2028				39,700		39,430		39,715		0.11	%
														554,402		556,445		1.52	%
Electronic Equipment, Instruments & Components
Albireo Energy, LLC	3 Ethel Road, Suite 300, Edison, NJ 08817 United States	(4)(11)	SOFR + 6.00%	10.76%		1/7/2021		12/23/2026				25,060		24,872		23,117		0.06	%
Albireo Energy, LLC	3 Ethel Road, Suite 300, Edison, NJ 08817 United States	(4)(5)(11)	SOFR + 6.00%	10.70%		1/7/2021		12/23/2026				7,522		7,487		6,939		0.02	%
Albireo Energy, LLC	3 Ethel Road, Suite 300, Edison, NJ 08817 United States	(4)(5)(11)	SOFR + 6.00%	11.33%		1/7/2021		12/23/2026				1,929		1,921		1,780		0.00	%
Infinite Bidco, LLC	17792 Fitch, Irvine, CA 92614 United States	(9)	SOFR + 3.75%	9.26%		3/2/2021		3/2/2028				11,916		11,902		11,593		0.03	%
Modena Buyer, LLC	3421 Hillview Avenue Palo Alto, CA 94304 United States	(8)	SOFR + 4.50%	9.10%		7/1/2024		7/1/2031				49,961		48,994		47,947		0.13	%
Phoenix 1 Buyer Corp.	13723 Riverport Drive, St. Louis, MO 63043 United States	(4)(7)(10)	SOFR + 5.50%	10.63%		11/20/2023		11/20/2030				42,921		42,471		42,921		0.12	%
Spectrum Safety Solutions Purchaser, LLC	13995 Pasteur Blvd., Palm Beach Gardens, FL 33418, United States	(4)(5)(6)(9)	E + 5.00%	8.71%		7/1/2024		7/1/2030		EUR		8,660		9,300		9,496		0.03	%
Spectrum Safety Solutions Purchaser, LLC	13995 Pasteur Blvd., Palm Beach Gardens, FL 33418, United States	(4)(5)(6)(9)	E + 5.00%	8.70%		7/1/2024		7/1/2031		EUR		64,338		68,095		70,544		0.19	%

S-62

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024	Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Electronic Equipment, Instruments & Components (continued)
Spectrum Safety Solutions Purchaser, LLC	13995 Pasteur Blvd., Palm Beach Gardens, FL 33418, United States	(4)(6)(7)(9)		SOFR + 5.00%	9.60%		7/1/2024		7/1/2031		$	263,667	$	258,379	$	258,308		0.71	%
														473,421		472,645		1.29	%
Energy Equipment & Services
ISQ Hawkeye Holdco, Inc.	10640 Company Highway D20 Alden, IA 50006 United States	(4)(5)(10)		SOFR + 4.75%	9.63%		8/20/2024		8/20/2031			8,834		8,667		8,834		0.02	%
ISQ Hawkeye Holdco, Inc.	10640 Company Highway D20 Alden, IA 50006 United States	(4)(5)(7)(10)		P + 3.75%	11.75%		8/20/2024		8/20/2030			73		49		65		0.00	%
LPW Group Holdings, Inc.	5775 North Sam Houston Pkwy W Suite 100, Houston, TX 77086 United States	(4)(7)(11)		SOFR + 6.00%	11.20%		3/15/2024		3/15/2031			32,750		31,846		32,160		0.09	%
														40,562		41,059		0.11	%
Entertainment
CE Intermediate I, LLC	455 Delta Ave Fl 3 Cincinnati,OH,45226 United States	(9)		SOFR + 3.50%	8.76%		11/10/2021		11/10/2028			7,583		7,539		7,605		0.02	%
Renaissance Holdings Corp	2911 Peach Street, Wisconsin Rapids, WI 54494 United States	(9)		SOFR + 4.25%	9.10%		2/9/2024		4/5/2030			2,517		2,522		2,519		0.01	%
														10,061		10,124		0.03	%
Financial Services
DM Intermediate Parent LLC	305 West Big Beaver Road, Suite 200, Troy, Michigan 48084, United States	(4)(7)(10)		SOFR + 5.00%	9.60%		9/30/2024		9/30/2030			104,836		102,452		102,451		0.28	%
Mitchell International, Inc.	6220 Greenwich Drive, San Diego, CA 92122 United States	(9)		SOFR + 3.25%	8.10%		6/17/2024		6/17/2031			65,205		64,891		64,327		0.18	%
More Cowbell II, LLC	545 Boylston Street, 6th Floor, Boston, MA 02116 United States	(4)(10)		SOFR + 5.00%	8.89%		9/1/2023		9/1/2030			19,841		19,422		19,841		0.05	%
More Cowbell II, LLC	545 Boylston Street, 6th Floor, Boston, MA 02116 United States	(4)(5)(7)(10)		SOFR + 5.00%	9.44%		9/1/2023		9/1/2029			1,176		1,095		1,149		0.00	%
RFS Opco, LLC	45 Rockefeller Plaza, Floor 5, New York, NY 10111 United States	(4)(9)		SOFR + 5.00%	9.60%		4/4/2024		4/4/2031			30,476		30,193		30,324		0.08	%
SelectQuote Inc.	6800 West 115th Street Suite 2511 Overland Park KS 66211 United States	(4)(6)(10)		SOFR + 9.50%	14.45% (incl. 3.00% PIK)		2/29/2024		9/15/2025			265,576		265,501		239,018		0.66	%

S-63

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Financial Services (continued)
Solera, LLC	1500 Solana Blvd, Ste 6300 Roanoke, TX 76262-1713	(9)(18)		SOFR + 4.00%	9.51%		6/4/2021		6/2/2028			$	32,580	$	32,376	$	32,080		0.09	%
															515,930		489,190		1.34	%
Food Products
Snacking Investments US, LLC	2 Henry St, North City, Dublin 1, D01 C3Y9, Ireland	(6)(11)		SOFR + 4.00%	8.86%		1/7/2021		12/18/2026				4,843		4,858		4,870		0.01	%
Ground Transportation
Channelside AcquisitionCo, Inc.	1208 E Kennedy Blvd Tampa, FL 33602, United States	(4)(7)(10)		SOFR + 4.75%	10.00%		5/15/2024		5/15/2031				156,848		156,361		156,818		0.43	%
Channelside AcquisitionCo, Inc.	1208 E Kennedy Blvd Tampa, FL 33602, United States	(4)(5)(7)(11)		SOFR + 4.75%	10.00%		5/15/2024		5/15/2029				5,002		4,902		5,002		0.01	%
															161,263		161,820		0.44	%
Health Care Equipment & Supplies
AEC Parent Holdings Inc.	11825 Central Parkway Jacksonville FL 32224 United States	(9)		SOFR + 5.75%	10.50%		6/13/2022		6/13/2029				24,872		24,460		20,240		0.06	%
Auris Luxembourg III S.à r.l.	23 Rue Aldringen, Luxembourg, L-1118, Luxembourg	(6)(8)		SOFR + 4.25%	9.56%		9/27/2024		2/28/2029				8,878		8,878		8,892		0.02	%
Bamboo US BidCo, LLC	1 Baxter Pkwy, Deerfield, IL 60015 United States	(4)(5)(7)(11)		SOFR + 6.75%	12.00% (incl. 3.38% PIK)		9/29/2023		9/30/2030				32,962		31,948		32,925		0.09	%
Bamboo US BidCo, LLC	1 Baxter Pkwy, Deerfield, IL 60015 United States	(4)(11)		E + 6.75%	10.39% (incl. 3.38% PIK)		9/29/2023		9/30/2030		EUR		72,155		74,484		80,319		0.22	%
CPI Buyer, LLC	300 North LaSalle Drive, Suite 5600, Chicago, IL, 60654, United States	(4)(10)		SOFR + 5.50%	10.82%		11/1/2021		11/1/2028				168,996		167,138		165,193		0.45	%
CPI Buyer, LLC	300 North LaSalle Drive, Suite 5600, Chicago, IL, 60654, United States	(4)(5)(7)(10)		SOFR + 5.50%	10.82%		5/23/2024		11/1/2028				6,471		6,138		5,704		0.02	%
Egrotron Acquisition, LLC	1181 Trapp Road St Paul, MN 55121 United States	(4)(10)		SOFR + 5.75%	10.70%		7/6/2022		7/6/2028				66,517		65,684		66,517		0.18	%
GCX Corporation Buyer, LLC	3875 Cypress Drive, Petaluma, CA 94954, United States	(4)(10)		SOFR + 5.50%	10.45%		9/13/2021		9/13/2027				192,055		190,156		187,253		0.51	%
GCX Corporation Buyer, LLC	3875 Cypress Drive, Petaluma, CA 94954, United States	(4)(10)		SOFR + 5.50%	10.70%		9/13/2021		9/13/2027				48,634		48,204		47,418		0.13	%
Natus Medical Incorporated	3150 Pleasant View Road, Middleton, WI 53562 United States	(4)(9)		SOFR + 5.50%	10.25%		7/21/2022		7/20/2029				49,125		46,755		48,143		0.13	%
Natus Medical Incorporated	3150 Pleasant View Road, Middleton, WI 53562 United States	(4)(5)(7)(9)		SOFR + 4.50%	9.45%		7/21/2022		7/21/2027				5,025		4,946		4,705		0.01	%

S-64

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Health Care Equipment & Supplies (continued)
Sharp Services, LLC	2600 Regent Boulevard Dfw Airport, TX 75261 United States	(8)		SOFR + 3.75%	8.35%		4/3/2024		12/31/2028			$	7,684	$	7,696	$	7,693		0.02	%
Zeus, LLC	3740 Industrial Blvd, Orangeburg, South Carolina 29118 United States	(4)(7)(10)		SOFR + 5.50%	10.10%		2/28/2024		2/28/2031				48,979		48,151		48,876		0.13	%
															724,638		723,878		1.97	%
Health Care Providers & Services
123Dentist, Inc.	4321 Still Creek Dr suite 200, Burnaby, BC V5C 6S7, Canada	(4)(6)(7)(10)		CA + 5.00%	9.24%		8/10/2022		8/10/2029		CAD		254,221		194,362		187,939		0.52	%
ACI Group Holdings, Inc.	629 Davis Drive, Suite 300, Morrisville, NC 27560, United States	(4)(5)(7)(10)		SOFR + 5.50%	10.45%		8/2/2021		8/2/2027				9,667		9,464		9,237		0.03	%
ACI Group Holdings, Inc.	629 Davis Drive, Suite 300, Morrisville, NC 27560, United States	(4)(10)		SOFR + 5.50%	10.45%		7/7/2023		8/2/2028				133,389		131,218		130,721		0.36	%
ADCS Clinics Intermediate Holdings, LLC	151 Southhall Lane Suite 300 Maitland FL 32751 United States	(4)(11)		SOFR + 6.25%	11.66%		5/7/2021		5/7/2027				10,431		10,339		10,431		0.03	%
ADCS Clinics Intermediate Holdings, LLC	151 Southhall Lane Suite 300 Maitland FL 32751 United States	(4)(11)		SOFR + 6.25%	10.60%		5/7/2021		5/7/2027				8,581		8,515		8,581		0.02	%
ADCS Clinics Intermediate Holdings, LLC	151 Southhall Lane Suite 300 Maitland FL 32751 United States	(4)(5)(7)(11)		SOFR + 6.25%	10.68%		5/7/2021		5/7/2026				334		310		334		0.00	%
ADCS Clinics Intermediate Holdings, LLC	151 Southhall Lane Suite 300 Maitland FL 32751 United States	(4)(5)(11)		SOFR + 6.25%	11.66%		4/14/2022		5/7/2027				251		249		251		0.00	%
ADMI Corp.	299 Park Avenue 34th Floor New York NY 10171 United States	(9)		SOFR + 3.75%	8.71%		6/30/2021		12/23/2027				8,265		8,242		8,107		0.02	%
Amerivet Partners Management, Inc.	520 Madison Avenue, New York, NY 10022 United States	(4)(7)(10)		SOFR + 5.25%	9.75%		2/25/2022		2/25/2028				21,053		20,587		21,053		0.06	%
Canadian Hospital Specialties Ltd.	2060 Winston Park Drive, Suite 400, Oakville, Ontario L6H 5R7 Canada	(4)(6)(11)		CA + 4.50%	9.11%		4/15/2021		4/14/2028		CAD		14,707		11,666		10,712		0.03	%
Canadian Hospital Specialties Ltd.	2060 Winston Park Drive, Suite 400, Oakville, Ontario L6H 5R7 Canada	(4)(6)(7)(10)		CA + 4.50%	9.11%		4/15/2021		4/15/2027		CAD		3,780		2,848		2,735		0.01	%

S-65

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Health Care Providers & Services (continued)
Caramel Bidco Limited	Western House Broad Lane, Yate, Bristol, England, BS37 7LD	(4)(6)(8)		S + 6.00%	11.20%		2/11/2022		2/24/2029		GBP		60,000	$	78,733	$	72,596		0.20	%
Caramel Bidco Limited	Western House Broad Lane, Yate, Bristol, England, BS37 7LD	(4)(5)(6)(8)		S + 6.00%	11.20%		2/24/2022		2/24/2029		GBP		2,265		3,024		2,741		0.01	%
Caramel Bidco Limited	Western House Broad Lane, Yate, Bristol, England, BS37 7LD	(4)(6)(8)		E + 6.00%	9.77%		2/24/2022		2/24/2029		EUR		14,000		15,585		14,104		0.04	%
Caramel Bidco Limited	Western House Broad Lane, Yate, Bristol, England, BS37 7LD	(4)(6)(8)		SOFR + 6.00%	11.31%		2/24/2022		2/24/2029				6,125		6,381		5,543		0.02	%
CCBlue Bidco, Inc.	1148 Main St Saint Helena, CA, 94574-2013 United States	(4)(10)		SOFR + 6.50%	11.21% PIK		12/21/2021		12/21/2028				556,038		550,342		482,364		1.32	%
Compsych Investments Corp	455 N. Cityfront Plaza Drive, 13th Floor, Chicago, Illinois 60611, United States	(4)(5)(7)(10)		SOFR + 4.75%	9.35%		7/22/2024		7/22/2031				70,669		70,276		70,265		0.19	%
CSC Mkg Topco, LLC	One World Trade Center, 285 Fulton St Floor 84, New York, NY 10006 United States	(4)(10)		SOFR + 5.75%	10.70%		2/1/2022		2/1/2029				160,827		158,834		160,827		0.44	%
CSC Mkg Topco, LLC	One World Trade Center, 285 Fulton St Floor 84, New York, NY 10006 United States	(4)(10)		SOFR + 5.75%	11.05%		8/1/2022		2/1/2029				21,524		21,058		21,524		0.06	%
DCA Investment Holdings, LLC	6240 Lake Osprey Drive, Sarasota, FL 34240 United States	(4)(5)(10)		SOFR + 6.41%	11.01%		3/12/2021		4/3/2028				25,209		25,097		25,020		0.07	%
DCA Investment Holdings, LLC	6240 Lake Osprey Drive, Sarasota, FL 34240 United States	(4)(5)(10)		SOFR + 6.50%	11.10%		12/28/2022		4/3/2028				9,920		9,722		9,846		0.03	%
Epoch Acquisition, Inc.	4600 Lena Drive Mechanicsburg, PA 17055 United States	(4)(11)		SOFR + 6.00%	11.35%		1/7/2021		10/4/2026				28,587		28,587		28,587		0.08	%
Heartland Dental, LLC	1200 Network Centre Dr, Effingham, IL 62401, United States	(10)		SOFR + 4.50%	9.35%		5/30/2024		4/30/2028				9,950		9,996		9,796		0.03	%
Imagine 360 LLC	444 W. Lake St., Suite 1800, Chicago, Illinois 60606, United States	(4)(5)(7)(10)		SOFR + 5.00%	9.81%		9/18/2024		9/30/2028				97,521		96,400		96,391		0.26	%
Inception Fertility Ventures, LLC	4828 Loop Central Dr Suite 900, Houston, TX 77081 United States	(4)(7)(10)		SOFR + 5.50%	10.76%		4/29/2024		4/29/2030				262,560		262,295		261,890		0.72	%

S-66

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024	Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Health Care Providers & Services (continued)
Jayhawk Buyer, LLC	8717 West 110th Street, Suite 300 Overland Park, KS 66210 United States	(4)(11)		SOFR + 5.00%	9.71%		5/26/2021		10/15/2026		$	270,090	$	267,916	$	255,235		0.70	%
Kwol Acquisition, Inc.	600 Park Offices Drive, Suite 200, Research Triangle Park, Durham, NC 27709 United States	(4)(5)(10)		SOFR + 6.25%	11.51%		12/8/2023		12/6/2029			6,570		6,428		6,570		0.02	%
Kwol Acquisition, Inc.	600 Park Offices Drive, Suite 200, Research Triangle Park, Durham, NC 27709 United States	(4)(5)(7)(10)		SOFR + 6.25%	11.11%		12/8/2023		12/6/2029			112		93		112		0.00	%
MB2 Dental Solutions, LLC	2403 Lacy Lane, Carrollton, TX 75006 United States	(4)(10)		SOFR + 6.00%	10.85%		2/13/2024		2/13/2031			37,648		37,304		37,648		0.10	%
MB2 Dental Solutions, LLC	2403 Lacy Lane, Carrollton, TX 75006 United States	(4)(5)(7)(10)		SOFR + 6.00%	10.85%		2/13/2024		2/13/2031			2,141		2,054		2,089		0.01	%
Navigator Acquiror, Inc.	311 South Wacker Drive, 64th Floor, Chicago, IL 60606, United States	(4)(7)(9)		SOFR + 5.50%	10.85%		7/16/2021		7/16/2027			503,358		501,269		442,955		1.22	%
Odyssey Holding Company, LLC	100 Winners Circle Suite 440 Brentwood, TN 37027 United States	(4)(11)(18)		SOFR + 5.75%	10.91%		1/7/2021		11/16/2026			50,082		49,958		50,082		0.14	%
Odyssey Holding Company, LLC	100 Winners Circle Suite 440 Brentwood, TN 37027 United States	(4)(11)		SOFR + 5.75%	10.91%		1/7/2021		11/16/2026			4,211		4,211		4,211		0.01	%
Odyssey Holding Company, LLC	100 Winners Circle Suite 440 Brentwood, TN 37027 United States	(4)(11)		SOFR + 5.75%	10.91%		1/7/2021		11/16/2026			9,357		9,357		9,357		0.03	%
Onex TSG Intermediate Corp.	200 Corporate Boulevard, Lafayette LA 70508 United States	(6)(10)		SOFR + 4.75%	9.71%		2/26/2021		2/28/2028			22,614		22,517		22,621		0.06	%
ONS MSO, LLC	5 High Ridge Park 2nd floor, Stamford, CT 06905 United States	(4)(5)(7)(11)		SOFR + 5.75%	10.60%		12/13/2023		7/8/2026			34,984		34,504		34,621		0.09	%
ONS MSO, LLC	5 High Ridge Park 2nd floor, Stamford, CT 06905 United States	(4)(5)(7)(11)		P + 5.25%	13.25%		12/13/2023		7/8/2026			2,250		2,178		2,250		0.01	%
ONS MSO, LLC	5 High Ridge Park 2nd floor, Stamford, CT 06905 United States	(4)(5)(11)		SOFR + 5.75%	10.60%		4/26/2024		7/8/2026			9,950		9,870		9,925		0.03	%
Plasma Buyer, LLC	300 North LaSalle Street, Suite 5600. Chicago, Illinois, 60654 United States	(4)(7)(10)		SOFR + 5.75%	10.35%		5/12/2022		5/12/2029			91,920		90,625		86,043		0.24	%

S-67

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Health Care Providers & Services (continued)
Plasma Buyer, LLC	300 North LaSalle Street, Suite 5600. Chicago, Illinois, 60654 United States	(4)(5)(7)(10)		SOFR + 5.75%	10.35%		5/12/2022		5/12/2028			$	8,101	$	7,927	$	7,161		0.02	%
PPV Intermediate Holdings, LLC	4927 NW Front Ave, Portland, OR 97210 United States	(4)(10)		SOFR + 5.75%	10.81%		8/31/2022		8/31/2029				126,609		124,910		126,609		0.35	%
PPV Intermediate Holdings, LLC	4927 NW Front Ave, Portland, OR 97210 United States	(4)(5)(7)(10)		SOFR + 6.00%	10.94%		9/6/2023		8/31/2029				3,106		2,767		2,982		0.01	%
PSKW Intermediate, LLC	The Crossings at Jefferson Park, 200 Jefferson Park, Whippany, NJ 07981 United States	(4)(11)		SOFR + 6.25%	11.20%		1/7/2021		3/9/2026				16,825		16,825		16,825		0.05	%
Smile Doctors, LLC	295 SE Inner Loop Ste 102 Georgetown, TX, 78626-2141 United States	(4)(10)		SOFR + 5.90%	10.81%		6/9/2023		12/23/2028				519,423		512,905		509,034		1.40	%
Smile Doctors, LLC	295 SE Inner Loop Ste 102 Georgetown, TX, 78626-2141 United States	(4)(5)(7)(10)		SOFR + 5.90%	10.81%		6/9/2023		12/23/2028				47,284		44,499		44,127		0.12	%
Snoopy Bidco, Inc.	8039 Beach Blvd, Buena Park, CA United States	(4)(10)		SOFR + 6.00%	11.28%		6/1/2021		6/1/2028				707,413		701,264		680,885		1.87	%
SpecialtyCare, Inc.	111 Radio Circle, Mount Kisco NY 10549 United States	(4)(11)		SOFR + 5.75%	11.34%		6/18/2021		6/18/2028				67,237		66,164		65,892		0.18	%
SpecialtyCare, Inc.	111 Radio Circle, Mount Kisco NY 10549 United States	(4)(5)(11)		SOFR + 5.75%	11.30%		6/18/2021		6/18/2028				583		578		571		0.00	%
SpecialtyCare, Inc.	111 Radio Circle, Mount Kisco NY 10549 United States	(4)(5)(7)(8)		SOFR + 4.00%	9.32%		6/18/2021		6/18/2026				2,255		2,194		2,255		0.01	%
Stepping Stones Healthcare Services, LLC	2586 Trailridge Dr E Suite 100, Lafayette, CO, 80026-3111, United States	(4)(10)		SOFR + 5.00%	9.60%		12/30/2021		1/2/2029				179,099		177,383		178,204		0.49	%
Stepping Stones Healthcare Services, LLC	2586 Trailridge Dr E Suite 100, Lafayette, CO, 80026-3111, United States	(4)(5)(7)(10)		SOFR + 5.00%	9.60%		4/25/2024		1/2/2029				4,913		4,335		4,422		0.01	%
Surgery Centers Holdings, Inc.	310, 7 Springs Way Suite 500 Brentwood TN 37027 United States	(6)(8)		SOFR + 2.75%	7.67%		6/20/2024		12/19/2030				5,658		5,658		5,668		0.02	%
The Fertility Partners, Inc.	21 St. Clair East, Suite 900, Toronto, ON M4T 1L9 Canada	(4)(6)(7)(10)		CA + 5.75%	10.29%		3/16/2022		3/16/2028		CAD		136,068		105,036		95,221		0.26	%

S-68

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Health Care Providers & Services (continued)
The Fertility Partners, Inc.	21 St. Clair East, Suite 900, Toronto, ON M4T 1L9 Canada	(4)(6)(10)		SOFR + 5.75%	10.72%		3/16/2022		3/16/2028			$	45,693	$	45,084	$	43,408		0.12	%
The GI Alliance Management, LLC	8267 Elmbrook Drive, Ste. 200 Dallas, TX 75247 United States	(4)(11)		SOFR + 5.50%	10.45%		9/15/2022		9/15/2028				256,525		251,445		256,525		0.70	%
The GI Alliance Management, LLC	8267 Elmbrook Drive, Ste. 200 Dallas, TX 75247 United States	(4)(11)		SOFR + 5.50%	10.77%		1/22/2024		9/15/2028				28,444		28,193		28,444		0.08	%
The GI Alliance Management, LLC	8267 Elmbrook Drive, Ste. 200 Dallas, TX 75247 United States	(4)(11)		SOFR + 5.50%	10.71%		9/15/2022		9/15/2028				55,273		54,180		55,273		0.15	%
The GI Alliance Management, LLC	8267 Elmbrook Drive, Ste. 200 Dallas, TX 75247 United States	(4)(5)(7)(11)		SOFR + 5.50%	10.91%		3/7/2024		9/15/2028				15,802		14,630		15,802		0.04	%
UMP Holdings, LLC	5669 Peachtree Dunwoody Rd Suite 350, Atlanta, GA 30342 United States	(4)(10)		SOFR + 5.75%	11.04%		7/15/2022		7/15/2028				9,524		9,404		9,476		0.03	%
UMP Holdings, LLC	5669 Peachtree Dunwoody Rd Suite 350, Atlanta, GA 30342 United States	(4)(5)(10)		SOFR + 5.75%	11.00%		7/15/2022		7/15/2028				13,065		13,001		13,000		0.04	%
Unified Women’s Healthcare LP	1501 Yamato Road Suite 200 W, Boca Raton, FL 33431, United States	(4)(9)		SOFR + 5.25%	10.10%		6/16/2022		6/18/2029				880,676		880,676		880,676		2.42	%
Unified Women’s Healthcare LP	1501 Yamato Road Suite 200 W, Boca Raton, FL 33431, United States	(4)(5)(7)(9)		SOFR + 5.25%	10.36%		3/22/2024		6/18/2029				1,757		1,734		1,738		0.00	%
US Oral Surgery Management Holdco, LLC	201 E. John Carpenter Freeway Suite 660 Irving, TX 75062 United States	(4)(10)		SOFR + 5.25%	10.47%		11/18/2021		11/20/2028				153,992		152,748		153,992		0.42	%
US Oral Surgery Management Holdco, LLC	201 E. John Carpenter Freeway Suite 660 Irving, TX 75062 United States	(4)(10)		SOFR + 5.25%	10.69%		11/18/2021		11/20/2028				62,247		61,775		62,247		0.17	%
US Oral Surgery Management Holdco, LLC	201 E. John Carpenter Freeway Suite 660 Irving, TX 75062 United States	(4)(5)(7)(10)		SOFR + 6.00%	11.12%		8/16/2023		11/20/2028				4,750		4,474		4,624		0.01	%
US Oral Surgery Management Holdco, LLC	201 E. John Carpenter Freeway Suite 660 Irving, TX 75062 United States	(4)(5)(10)		SOFR + 6.50%	11.92%		12/5/2022		11/20/2028				2,682		2,682		2,682		0.01	%
Veonet GmbH	Balanstraße 73, Haus 8, 81541 München, Germany	(6)(8)		S + 5.50%	10.45%		4/18/2024		3/14/2029		GBP		253,448		321,708		338,001		0.93	%

S-69

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024	Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Health Care Providers & Services (continued)
WHCG Purchaser III Inc	251 Little Falls Drive, Wilmington, DE 19808 United States	(4)(5)(7)(10)		SOFR + 6.50%	11.10% (incl. 5.55% PIK)		8/2/2024		6/30/2029		$	45,297	$	45,297	$	45,297		0.12	%
WHCG Purchaser III Inc	251 Little Falls Drive, Wilmington, DE 19808 United States	(4)(5)(10)(17)		10.00%	10.00% PIK		8/2/2024		6/30/2030			36,317		14,654		14,654		0.04	%
														6,446,544		6,281,009		17.28	%
Health Care Technology
athenahealth, Inc.	Arsenal Street, Watertown, MA 02472 United States	(9)		SOFR + 3.25%	8.10%		2/15/2022		2/15/2029			36,282		36,030		36,115		0.10	%
Caerus US 1, Inc.	450 Lexington Ave, C/O Warburg Pincus LLC; New York; 10017 United States	(4)(6)(10)		SOFR + 5.00%	9.60%		5/25/2022		5/25/2029			384,626		379,521		384,626		1.06	%
Caerus US 1, Inc.	450 Lexington Ave, C/O Warburg Pincus LLC; New York; 10017 United States	(4)(6)(7)(10)		SOFR + 5.00%	9.60%		5/25/2022		5/25/2029			25,968		25,405		25,640		0.07	%
Caerus US 1, Inc.	450 Lexington Ave, C/O Warburg Pincus LLC; New York; 10017 United States	(4)(5)(6)(7)(12)		SOFR + 5.00%	9.96%		5/25/2022		5/25/2029			31,760		31,083		31,760		0.09	%
Caerus US 1, Inc.	450 Lexington Ave, C/O Warburg Pincus LLC; New York; 10017 United States	(4)(5)(6)(7)(10)		SOFR + 5.00%	9.60%		10/28/2022		5/25/2029			15,980		15,853		15,855		0.04	%
Caerus US 1, Inc.	450 Lexington Ave, C/O Warburg Pincus LLC; New York; 10017 United States	(4)(6)(10)		SOFR + 5.00%	9.60%		10/28/2022		5/25/2029			247,431		246,227		247,431		0.68	%
Caerus US 1, Inc.	450 Lexington Ave, C/O Warburg Pincus LLC; New York; 10017 United States	(4)(6)(8)		SOFR + 5.00%	9.60%		3/27/2024		5/25/2029			69,996		69,996		69,996		0.19	%
Color Intermediate, LLC	3055 Lebanon Pike Suite 1000 Nashville, TN 37214 United States	(4)(10)		SOFR + 4.75%	9.45%		7/2/2024		10/1/2029			366,075		359,567		366,075		1.00	%
Continental Buyer Inc	1 Eden Parkway, La Grange, KY 40031 United States	(4)(5)(7)(10)		SOFR + 5.25%	9.50%		4/2/2024		4/2/2031			29,121		28,576		28,971		0.08	%
Cotiviti, Inc.	10701 S. River Front Pkwy, Unit 200, South Jordan, UT 84095 United States	(8)		SOFR + 3.25%	8.45%		5/1/2024		5/1/2031			43,373		43,169		43,400		0.12	%

S-70

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024	Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Health Care Technology (continued)
CT Technologies Intermediate Holdings, Inc.	2222 W. Dunlap Avenue, Suite 250, Phoenix, AZ 85021, United States	(4)(5)(7)(10)		SOFR + 5.00%	10.06%		8/30/2024		8/30/2031		$	160,631	$	158,906	$	158,883		0.44	%
Edifecs, Inc.	756 114th Ave SE, Bellevue, WA 98004 United States	(4)(10)		SOFR + 5.75%	10.35% (incl. 2.01% PIK)		9/10/2021		9/21/2026			155,660		154,677		155,660		0.43	%
Edifecs, Inc.	756 114th Ave SE, Bellevue, WA 98004 United States	(4)(10)		SOFR + 5.75%	10.42% (incl. 2.01% PIK)		11/20/2023		11/20/2028			205,229		202,299		205,229		0.56	%
Edifecs, Inc.	756 114th Ave SE, Bellevue, WA 98004 United States	(4)(11)		SOFR + 5.75%	10.35% (incl. 2.01% PIK)		1/7/2021		9/21/2026			96,061		96,131		96,061		0.26	%
GI Ranger Intermediate, LLC	188 The Embarcadero Suite 700 San Francisco, CA 94105 United States	(4)(7)(10)		SOFR + 6.00%	10.75%		10/29/2021		10/29/2028			103,081		101,918		103,081		0.28	%
Healthcomp Holding Company, LLC	621 Santa Fe Ave. Fresno, CA 93721 United States	(4)(10)		SOFR + 6.25%	11.31% (incl. 3.00% PIK)		11/8/2023		11/8/2029			183,599		182,073		182,681		0.50	%
Imprivata, Inc.	150 North Riverside Plaza, Suite 2800, Chicago, IL, 60606, United States	(9)		SOFR + 3.50%	8.75%		4/4/2024		12/1/2027			2,008		2,008		2,018		0.01	%
Kona Buyer, LLC	201 West Saint John Street, Spartanburg, SC, 29306, United States	(4)(5)(7)(10)		SOFR + 4.50%	9.78%		7/23/2024		7/23/2031			215,636		212,983		212,909		0.58	%
Magic Bidco Inc	5th Floor 25 Farringdon Street London EC4A 4AB, United Kingdom	(4)(5)(6)(7)(10)		SOFR + 5.75%	10.41%		7/1/2024		7/1/2030			4,742		4,349		4,313		0.01	%
Magic Bidco Inc	5th Floor 25 Farringdon Street London EC4A 4AB, United Kingdom	(4)(5)(6)(10)		SOFR + 5.75%	10.35%		7/1/2024		7/1/2030			45,052		43,973		43,925		0.12	%
Neptune Holdings, Inc.	4221 W Boy Scout Blvd, Suite 350, Tampa, FL 33607 United States	(4)(7)(10)		SOFR + 5.75%	10.35%		8/31/2023		8/31/2030			14,888		14,532		14,888		0.04	%
Netsmart Technologies Inc	11100 Nall Avenue, Overland Park KS 66211 United States	(4)(5)(7)(10)		SOFR + 5.20%	10.05% (incl. 2.70% PIK)		8/23/2024		8/23/2031			184,817		182,613		182,573		0.50	%
NMC Crimson Holdings, Inc.	1050 Winter Street, Suite 2700 Waltham, MA 02451 United States	(4)(10)		SOFR + 6.09%	11.56%		3/1/2021		3/1/2028			71,173		70,132		71,173		0.20	%
NMC Crimson Holdings, Inc.	1050 Winter Street, Suite 2700 Waltham, MA 02451 United States	(4)(10)		SOFR + 6.09%	11.35%		3/1/2021		3/1/2028			14,758		14,634		14,758		0.04	%
Project Ruby Ultimate Parent Corp.	11711 West 79th Street Lenexa, Kansas 62214 United States	(10)		SOFR + 3.25%	8.21%		3/10/2021		3/10/2028			9,111		9,087		9,108		0.02	%

S-71

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024	Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Health Care Technology (continued)
Rocky MRA Acquisition Corp	541 Buttermilk Pike, Suite 401, Crescent Springs, KY 41017 United States	(4)(9)		SOFR + 5.75%	11.17%		4/1/2022		4/1/2028		$	163,891	$	162,163	$	163,891		0.45	%
Vizient, Inc.	290 E. John Carpenter Freeway, Irving, TX 75062, United States	(9)		SOFR + 2.00%	6.85%		8/1/2024		8/1/2031			5,000		5,037		5,015		0.01	%
Waystar Technologies, Inc.	2055 Sugarloaf Circle Suite 600 Duluth GA 30097 United States	(8)		SOFR + 2.75%	7.60%		6/27/2024		10/22/2029			6,513		6,513		6,525		0.02	%
														2,859,455		2,882,560		7.90	%
Hotels, Restaurants & Leisure
Alterra Mountain Company	3501 Wazee Street, Denver CO 80216 United States	(8)		SOFR + 3.25%	8.10%		4/1/2024		8/17/2028			9,131		9,131		9,164		0.03	%
Bally’s Corp	100 Westminster St, Providence, RI 02903 United States	(6)(9)		SOFR + 3.25%	8.79%		10/1/2021		10/2/2028			9,553		9,522		9,120		0.03	%
Caesars Entertainment, Inc.	3570 Las Vegas Blvd S, Las Vegas, NV 89109 United States	(6)(9)		SOFR + 2.75%	7.60%		2/6/2023		2/6/2030			2,864		2,884		2,869		0.01	%
Century Casinos, Inc.	455 East Pikes Peak Avenue Suite 210, Colorado Springs, CO,80903 ,United States	(6)(10)		SOFR + 6.00%	11.30%		4/1/2022		4/2/2029			31,207		30,803		29,667		0.08	%
Fertitta Entertainment, LLC	1510 W. Loop South, Houston, Texas 77027 United States	(9)		SOFR + 3.75%	8.85%		1/27/2022		1/27/2029			13,358		13,353		13,336		0.04	%
IRB Holding Corp.	Three Glenlake Parkway Northeast Atlanta GA 30328 United States	(10)		SOFR + 2.75%	7.70%		1/22/2024		12/15/2027			21,480		21,490		21,477		0.06	%
Mic Glen, LLC	88 S State St, Hackensack, NJ 07601 United States	(9)		SOFR + 3.50%	8.46%		7/21/2021		7/21/2028			12,758		12,747		12,787		0.04	%
New Red Finance, Inc.	5707 Blue Lagoon Dr, Miami, FL 33126 United States	(6)(8)		SOFR + 1.75%	6.60%		6/16/2024		9/12/2030			6,468		6,452		6,413		0.02	%
Scientific Games Holdings LP	1500 Bluegrass Lakes Parkway, Alpharetta, GA 30004 United States	(9)		SOFR + 3.00%	8.32%		6/11/2024		4/4/2029			14,778		14,784		14,708		0.04	%
Tacala Investment Corp.	3750 Corporate Woods Drive, Vestavia Hills, AL 35242 United States	(10)		SOFR + 4.00%	9.25%		9/26/2024		1/31/2031			2,999		3,010		3,007		0.01	%

S-72

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Hotels, Restaurants & Leisure (continued)
Whatabrands, LLC	300 Concord Plz, San Antonio, Texas, 78216 United States	(9)		SOFR + 2.75%	7.60%		5/14/2024		8/3/2028			$	11,332	$	11,332	$	11,328		0.03	%
															135,508		133,876		0.39	%
Household Durables
AI Aqua Merger Sub, Inc.	9399 West Higgins Road, Rosemont, IL 60018 United States	(9)		SOFR + 3.50%	8.70%		7/30/2021		7/31/2028				32,473		32,382		32,471		0.09	%
Industrial Conglomerates
Bettcher Industries, Inc.	6801 State Route 60 Birmingham,OH,44889 United States	(9)		SOFR + 4.00%	8.60%		12/14/2021		12/14/2028				6,954		6,912		6,931		0.02	%
CEP V Investment 11 S.à r.l.	2 Avenue Charles De Gaulle Luxembourg	(4)(6)(7)(10)		SA + 6.52%	7.73%		5/6/2022		2/11/2028		CHF		47,449		47,838		55,507		0.15	%
CEP V Investment 11 S.à r.l.	2 Avenue Charles De Gaulle Luxembourg	(4)(6)(10)		E + 6.45%	9.84%		3/31/2023		2/23/2028		EUR		57,485		55,500		63,961		0.18	%
Engineered Machinery Holdings, Inc.	450 Lexington Avenue New York,NY,10017 United States	(10)		SOFR + 3.75%	8.62%		8/12/2021		5/19/2028				11,784		11,754		11,837		0.03	%
Excelitas Technologies Corp.	200 West Street, Waltham MA 02451 United States	(4)(8)		E + 5.25%	8.60%		8/12/2022		8/13/2029		EUR		24,880		25,190		27,696		0.08	%
Excelitas Technologies Corp.	200 West Street, Waltham MA 02451 United States	(4)(7)(10)		SOFR + 5.25%	9.85%		8/12/2022		8/13/2029				33,241		32,559		33,192		0.09	%
															179,753		199,124		0.55	%
Insurance
Alera Group, Inc.	3 Parkway North, Suite 500, Deerfield, IL 60015, United States	(4)(10)		SOFR + 5.25%	10.10%		9/30/2021		10/2/2028				55,011		54,689		55,011		0.15	%
Alera Group, Inc.	3 Parkway North, Suite 500, Deerfield, IL 60015, United States	(4)(5)(7)(11)		SOFR + 5.75%	10.60%		11/17/2023		10/2/2028				6,788		6,669		6,788		0.02	%
Alliant Holdings Intermediate LLC	1301 Dove Street, Suite 200, Newport Beach, CA 92660 United States	(8)		SOFR + 3.00%	7.96%		9/12/2024		9/19/2031				3,663		3,663		3,646		0.01	%
Amerilife Holdings, LLC	2650 McCormick Dr, Clearwater, FL 33759 United States	(4)(10)		SOFR + 5.00%	9.70%		6/17/2024		8/31/2029				464,909		458,134		464,909		1.28	%
Amerilife Holdings, LLC	2650 McCormick Dr, Clearwater, FL 33759 United States	(4)(5)(7)(13)		SOFR + 5.00%	9.70%		6/17/2024		8/31/2029				36,439		35,444		36,043		0.10	%
AmWINS Group Inc	4725 Piedmont Row Drive, Suite 600, Charlotte, NC 28210 United States	(10)		SOFR + 2.25%	7.21%		2/19/2021		2/19/2028				6,450		6,439		6,447		0.02	%

S-73

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Insurance (continued)
AssuredPartners, Inc.	200 Colonial Center Parkway Suite 140 Lake Mary FL 32746 United States	(9)		SOFR + 3.50%	8.35%		2/16/2024		2/14/2031			$	25,545	$	25,515	$	25,549		0.07	%
Baldwin Risk Partners, LLC	4211 W Boy Scout Blvd Suite 800 Tampa FL 33607 United States	(6)(8)		SOFR + 3.25%	8.10%		5/24/2024		5/26/2031				11,209		11,201		11,237		0.03	%
BroadStreet Partners, Inc.	580 North Fourth Street, Suite 560, Columbus, Ohio 43215 United States	(8)		SOFR + 3.25%	8.10%		6/14/2024		6/14/2031				13,965		14,006		13,925		0.04	%
CFC Underwriting, Ltd.	85 Gracechurch Street, London, United Kingdom, EC3V 0AA	(4)(6)(7)(9)		SOFR + 4.95%	10.27%		1/25/2022		5/16/2029				138,161		135,672		137,889		0.38	%
Foundation Risk Partners Corp.	1540 Cornerstone Blvd #230, Daytona Beach, FL 32117, United States	(4)(10)		SOFR + 5.25%	9.85%		10/29/2021		10/29/2030				27,991		27,698		27,991		0.08	%
Foundation Risk Partners Corp.	1540 Cornerstone Blvd #230, Daytona Beach, FL 32117, United States	(4)(5)(7)(10)		SOFR + 5.25%	9.85%		11/17/2023		10/29/2030				24,761		24,094		24,157		0.07	%
Foundation Risk Partners Corp.	1540 Cornerstone Blvd #230, Daytona Beach, FL 32117, United States	(4)(10)		SOFR + 5.25%	9.85%		4/14/2022		10/29/2030				38,794		38,428		38,794		0.11	%
Galway Borrower, LLC	1 California Street, Suite 400, San Francisco, CA 94111 United States	(4)(10)		SOFR + 4.50%	9.10%		9/30/2021		9/29/2028				242,531		240,400		242,531		0.67	%
Galway Borrower, LLC	1 California Street, Suite 400, San Francisco, CA 94111 United States	(4)(5)(7)(10)		SOFR + 4.50%	9.14%		9/30/2021		9/29/2028				5,340		5,111		5,340		0.01	%
Galway Borrower, LLC	1 California Street, Suite 400, San Francisco, CA 94111 United States	(4)(5)(7)(10)		SOFR + 4.50%	9.14%		4/28/2023		9/29/2028				251		242		242		0.00	%
Gimlet Bidco GmbH	Fischertwiete 1, Chilehaus B, 20095 Hamburg, Germany	(4)(6)(8)		E + 5.75%	9.39%		4/15/2024		4/23/2031		EUR		110,003		114,435		120,613		0.33	%
Gimlet Bidco GmbH	Fischertwiete 1, Chilehaus B, 20095 Hamburg, Germany	(4)(6)(7)(8)		E + 5.75%	9.39%		4/15/2024		4/23/2031		EUR		8,148		7,850		8,322		0.02	%
Higginbotham Insurance Agency, Inc.	500 W 13th St, Fort Worth, Texas 76102, United States	(4)(5)(6)(11)		SOFR + 4.50%	9.35%		7/3/2024		11/25/2028				90,424		90,338		90,424		0.25	%
High Street Buyer, Inc.	600 Unicorn Park Drive, Suite 208, Woburn, MA 01801 United States	(4)(10)		SOFR + 5.25%	9.85%		4/16/2021		4/14/2028				96,505		95,577		96,505		0.26	%
High Street Buyer, Inc.	600 Unicorn Park Drive, Suite 208, Woburn, MA 01801 United States	(4)(5)(7)(10)		SOFR + 5.25%	10.45%		2/4/2022		4/14/2028				64,209		62,954		63,505		0.17	%

S-74

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Insurance (continued)
Hyperion Refinance S.à r.l.	One Creechurch Lane, London, EC3A 5AF, United Kingdom	(6)(9)		SOFR + 3.50%	8.35%		2/15/2024		2/15/2031			$	7,486	$	7,492	$	7,500		0.02	%
Integrity Marketing Acquisition LLC	2300 Highland Village Suite 300 Highland Village, TX 75077 United States	(4)(7)(10)		SOFR + 5.00%	10.08%		8/27/2024		8/25/2028				255,187		253,202		255,090		0.70	%
OneDigital Borrower, LLC	200 Galleria Pkwy SE, Suite 1950, Atlanta, GA 30339 United States	(9)		SOFR + 3.25%	8.10%		7/2/2024		6/13/2031				9,975		9,963		9,909		0.03	%
Paisley Bidco Ltd	1 Minster Court, Mincing Lane, London, EC3R 7AA	(4)(5)(6)(7)(8)		S + 5.25%	10.20%		4/17/2024		4/18/2031		GBP		12,094		14,876		15,920		0.04	%
Paisley Bidco Ltd	1 Minster Court, Mincing Lane, London, EC3R 7AA	(4)(5)(6)(8)		E + 5.25%	8.89%		4/17/2024		4/18/2031		EUR		7,947		8,434		8,758		0.02	%
Patriot Growth Insurance Services, LLC.	5704 Binbranch Ln McKinney, TX, 75071-8475 United States	(4)(10)		SOFR + 5.00%	9.75%		10/14/2021		10/16/2028				24,034		23,837		24,034		0.07	%
Patriot Growth Insurance Services, LLC.	5704 Binbranch Ln McKinney, TX, 75071-8475 United States	(4)(5)(7)(10)		SOFR + 5.75%	10.35%		11/17/2023		10/16/2028				11,563		11,341		11,262		0.03	%
Patriot Growth Insurance Services, LLC.	5704 Binbranch Ln McKinney, TX, 75071-8475 United States	(4)(5)(7)(10)		SOFR + 5.00%	9.95%		10/14/2021		10/16/2028				1,189		1,103		1,046		0.00	%
Riser Merger Sub, Inc.	1648 South 51st Avenue Phoenix, AZ 85008 United States	(4)(5)(10)		S + 6.00%	10.95%		10/31/2023		10/31/2029		GBP		9,221		11,036		12,329		0.03	%
Riser Merger Sub, Inc.	1648 South 51st Avenue Phoenix, AZ 85008 United States	(4)(10)		SOFR + 6.00%	10.60%		10/31/2023		10/31/2029				91,116		89,569		91,116		0.25	%
Riser Topco II LLC	1648 South 51st Avenue Phoenix, AZ 85008 United States	(4)(5)(10)		S + 5.00%	9.95%		8/16/2024		10/31/2029		GBP		16,481		20,759		21,925		0.06	%
Riser Topco II LLC	1648 South 51st Avenue Phoenix, AZ 85008 United States	(4)(5)(7)(10)		SOFR + 5.00%	10.02%		6/4/2024		10/31/2029				63,557		62,408		62,785		0.17	%
RSC Acquisition, Inc.	160 Federal Street, Boston, MA 02110 United States	(4)(10)		SOFR + 4.75%	10.00%		11/12/2021		11/1/2029				59,946		59,928		59,871		0.16	%
RSC Acquisition, Inc.	160 Federal Street, Boston, MA 02110 United States	(4)(5)(7)(10)		SOFR + 4.75%	10.00%		1/7/2021		11/1/2029				172,187		170,659		171,579		0.47	%

S-75

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Insurance (continued)
SG Acquisition, Inc.	2635 Century Parkway Northeast Suite 900 Atlanta GA 30345 United States	(4)(7)(10)		SOFR + 4.75%	10.07%		4/3/2024		4/3/2030			$	216,037	$	214,139	$	216,037		0.59	%
Shelf Bidco Ltd	Level 42, 22 Bishopsgate London, EC2N 4BQ United Kingdom	(4)(6)(10)(18)		SOFR + 6.19%	11.47%		12/3/2022		1/3/2030				131,049		128,076		131,049		0.36	%
Sparta UK Bidco Ltd	One America Square, 17 Crosswall, London, EC3N 2LB, United Kingdom	(4)(5)(6)(7)(8)		S + 6.00%	10.95%		9/4/2024		9/25/2031		GBP		31,208		41,032		40,889		0.11	%
Tennessee Bidco Limited	33920 US Highway 19, North Suite 151, Palm, Stoke On Trent, ST4 9DN, United Kingdom	(4)(5)(6)(8)		E + 5.25%	8.93%		7/1/2024		7/1/2031		EUR		4,515		5,672		4,976		0.01	%
Tennessee Bidco Limited	33920 US Highway 19, North Suite 151, Palm, Stoke On Trent, ST4 9DN, United Kingdom	(4)(6)(8)		S + 5.25%	10.20%		7/1/2024		7/1/2031		GBP		149,270		200,809		197,571		0.54	%
Tennessee Bidco Limited	33920 US Highway 19, North Suite 151, Palm, Stoke On Trent, ST4 9DN, United Kingdom	(4)(5)(6)(7)(8)		S + 5.25%	10.20%		7/1/2024		7/1/2031		GBP		13,483		16,868		17,086		0.05	%
Tennessee Bidco Limited	33920 US Highway 19, North Suite 151, Palm, Stoke On Trent, ST4 9DN, United Kingdom	(4)(6)(8)		SOFR + 5.25%	10.51%		7/1/2024		7/1/2031				585,611		569,778		579,755		1.59	%
TIH Insurance Holdings, LLC.	214 N Tryon Street, Charlotte, NC 28202 United States	(8)		SOFR + 3.25%	7.85%		5/6/2024		3/24/2031				38,401		37,731		38,405		0.11	%
TIH Insurance Holdings, LLC.	214 N Tryon Street, Charlotte, NC 28202 United States	(4)(5)(7)(8)		SOFR + 3.25%	7.85%		5/6/2024		5/6/2029				847		435		686		0.00	%
USI, Inc.	100 Summit Lake Drive, Suite 400, Valhalla, NY 10595 United States	(8)		SOFR + 2.75%	7.35%		6/21/2024		11/22/2029				8,846		8,846		8,830		0.02	%
USI, Inc.	100 Summit Lake Drive, Suite 400, Valhalla, NY 10595 United States	(8)		SOFR + 2.75%	7.35%		5/30/2024		9/29/2030				1,980		1,980		1,976		0.01	%
World Insurance Associates, LLC	100 Wood Ave South, 4th Floor, Iselin, NJ 08830 United States	(4)(11)		SOFR + 6.00%	10.60%		10/20/2023		4/3/2028				43,008		42,332		43,008		0.12	%
World Insurance Associates, LLC	100 Wood Ave South, 4th Floor, Iselin, NJ 08830 United States	(4)(5)(7)(11)		SOFR + 5.75%	11.00%		10/20/2023		4/3/2028				17,740		17,129		17,207		0.05	%
															3,487,993		3,530,467		9.68	%

S-76

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread	Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024	Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Interactive Media & Services
Arches Buyer Inc	1300 West Traverse Parkway Lehi, UT 84043 United States	(9)	SOFR + 3.25%	8.20%		2/25/2021		12/6/2027			$ 3,571		$ 3,557		$ 3,433		0.01	%
North Haven Ushc Acquisition Inc	1301 Virginia Drive , Suite 300, Fort Washington, PA 19038, United States	(4)(5)(11)	SOFR + 5.00%	9.70%		8/28/2024		10/30/2027			12,533		12,351		12,345		0.03	%
North Haven Ushc Acquisition Inc	1301 Virginia Drive , Suite 300, Fort Washington, PA 19038, United States	(4)(5)(11)	SOFR + 5.00%	10.38%		8/28/2024		10/30/2027			7,337		7,230		7,227		0.02	%
North Haven Ushc Acquisition Inc	1301 Virginia Drive , Suite 300, Fort Washington, PA 19038, United States	(4)(5)(11)	SOFR + 5.00%	10.40%		8/28/2024		10/30/2027			3,121		3,076		3,075		0.01	%
North Haven Ushc Acquisition Inc	1301 Virginia Drive , Suite 300, Fort Washington, PA 19038, United States	(4)(5)(7)(11)	SOFR + 5.00%	10.16%		8/28/2024		10/30/2027			4,509		4,256		4,248		0.01	%
North Haven Ushc Acquisition Inc	1301 Virginia Drive , Suite 300, Fort Washington, PA 19038, United States	(4)(5)(11)	SOFR + 5.00%	9.70%		8/28/2024		10/30/2027			3,631		3,579		3,577		0.01	%
North Haven Ushc Acquisition Inc	1301 Virginia Drive , Suite 300, Fort Washington, PA 19038, United States	(4)(5)(11)	SOFR + 5.00%	10.38%		8/28/2024		10/30/2027			22,355		22,029		22,019		0.06	%
North Haven Ushc Acquisition Inc	1301 Virginia Drive , Suite 300, Fort Washington, PA 19038, United States	(4)(5)(7)(11)	SOFR + 5.00%	9.74%		8/28/2024		10/30/2027			6,341		6,092		6,085		0.02	%
Project Boost Purchaser, LLC	11660 Alpharetta Highway Suite 210 Roswell, GA 30076 United States	(8)	SOFR + 3.50%	8.79%		7/16/2024		7/16/2031			6,862		6,850		6,867		0.02	%
													69,020		68,876		0.19	%
Internet & Direct Marketing Retail
Hoya Midco, LLC	11 North Canal Street Suite 800 60606 Chicago IL United States	(6)(9)	SOFR + 3.00%	7.85%		2/3/2022		2/3/2029			9,496		9,463		9,556		0.03	%
Identity Digital, Inc.	10500 NE 8th Street, Ste. 750 Bellevue, WA 98004 United States	(4)(11)	SOFR + 5.25%	10.35%		1/7/2021		12/29/2027			502,357		501,335		502,357		1.38	%
Prodege International Holdings, LLC	100 North Pacific Coast Highway, 8th Floor El Segundo,CA,90245 United States	(4)(10)	SOFR + 5.75%	10.84%		12/15/2021		12/15/2027			551,658		546,568		536,488		1.47	%
													1,057,366		1,048,401		2.88	%

S-77

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread	Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
IT Services
Ahead DB Holdings, LLC	401 N Michigan Ave., Suite 3400, Chicago IL 60611 United States	(10)	SOFR + 3.50%	8.10%		8/2/2024		2/1/2031				$ 2,524		$ 2,521		$ 2,531		0.01	%
AI Altius Luxembourg S.à r.l.	Suite 1, 3rd Floor, 11-12 St James’s Square, London, SW1Y 4LB United Kingdom	(4)(5)(8)	9.75%	9.75% PIK		12/21/2021		12/21/2029				27,000		26,618		26,865		0.07	%
AI Altius US Bidco, Inc.	9350 South Dixie Highway, Suite 950. Miami, FL 33156 United States	(4)(7)(10)	SOFR + 4.75%	10.03%		12/13/2021		12/21/2028				27,021		26,568		27,021		0.07	%
AI Altius US Bidco, Inc.	9350 South Dixie Highway, Suite 950. Miami, FL 33156 United States	(4)(10)	SOFR + 4.75%	10.03%		5/21/2024		12/21/2028				218,247		216,142		218,247		0.60	%
Allium Buyer, LLC	321 Inverness Drive South, Englewood, CO 80112 United States	(4)(7)(11)	SOFR + 5.00%	10.25%		5/2/2023		5/2/2030				1,584		1,540		1,584		0.00	%
Dcert Buyer, Inc.	2801 N Thanksgiving Way #500, Lehi 84043 United States	(8)	SOFR + 4.00%	8.85%		1/7/2021		10/16/2026				19,355		19,367		18,829		0.05	%
Fern Bidco Ltd	Focus House, Shoreham-by-Sea BN43 6PA, United Kingdom	(4)(5)(6)(7)(8)	S + 5.25%	10.20%		7/1/2024		7/3/2031		GBP		40,356		49,796		52,336		0.14	%
Infostretch Corporation	28411 Northwestern Highway, Suite 640, Southfield, MI, 48034, United States	(4)(10)	SOFR + 5.75%	11.23%		4/1/2022		4/1/2028				178,883		176,797		165,914		0.46	%
Inovalon Holdings, Inc.	4321 Collington Rd, Bowie, MD 20716, United States	(4)(10)	SOFR + 6.25%	11.79% (incl. 2.75% PIK)		11/24/2021		11/24/2028				1,003,353		989,564		1,003,353		2.75	%
Inovalon Holdings, Inc.	4321 Collington Rd, Bowie, MD 20716, United States	(4)(5)(10)	SOFR + 6.25%	11.46% (incl. 2.75% PIK)		11/24/2021		11/24/2028				76,908		75,738		76,908		0.21	%
KEN Bidco Ltd	10-14 White Lion St, London N1 9PD, United Kingdom	(4)(5)(6)(10)	S + 6.00%	11.07%		5/3/2024		8/3/2028		GBP		13,921		16,998		18,380		0.05	%
Monterey Financing, S.à r.l.	41 Boulevard Du Prince Henri, L-1724, Luxembourg	(4)(6)(8)	CI + 6.00%	9.32%		9/28/2022		9/28/2029		DKK		560,750		72,569		83,318		0.23	%
Monterey Financing, S.à r.l.	41 Boulevard Du Prince Henri, L-1724, Luxembourg	(4)(6)(9)	N + 6.00%	10.64%		9/28/2022		9/28/2029		NOK		599,094		54,804		56,486		0.15	%
Monterey Financing, S.à r.l.	41 Boulevard Du Prince Henri, L-1724, Luxembourg	(4)(6)(8)	ST + 6.00%	9.31%		9/28/2022		9/28/2029		SEK		243,186		21,344		23,826		0.07	%
Monterey Financing, S.à r.l.	41 Boulevard Du Prince Henri, L-1724, Luxembourg	(4)(6)(8)	E + 6.00%	9.38%		9/28/2022		9/28/2029		EUR		110,819		106,449		122,455		0.34	%

S-78

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
IT Services (continued)
Newfold Digital Holdings Group Inc	12808 Gran Bay Parkway West, Jacksonville, FL 32258 United States	(10)		SOFR + 3.50%	8.81%		2/10/2021		2/10/2028				$ 44,255		$ 44,061		$ 39,241		0.11	%
Park Place Technologies, LLC	5910 Landerbrook Drive, Mayfield Heights, OH 44124 United States	(4)(10)		SOFR + 5.25%	9.85%		3/25/2024		3/25/2031				546,804		542,318		544,070		1.49	%
Park Place Technologies, LLC	5910 Landerbrook Drive, Mayfield Heights, OH 44124 United States	(4)(5)(7)(10)		SOFR + 5.25%	10.10%		3/25/2024		3/25/2031				10,271		9,289		9,522		0.03	%
Razor Holdco, LLC	26 Meadow VW, Victoria, TX, 77904-1676, United States	(4)(10)		SOFR + 5.75%	11.11%		10/25/2021		10/25/2027				186,001		184,098		186,001		0.51	%
Red River Technology, LLC	875 3rd Avenue, New York NY 10022 United States	(4)(11)		SOFR + 6.00%	10.95%		5/26/2021		5/26/2027				146,664		145,531		146,664		0.40	%
Redwood Services Group, LLC	949 Shady Grove Road, Suite 403, Memphis, TN, 38120, United States	(4)(10)		SOFR + 6.25%	10.96%		6/15/2022		6/15/2029				62,261		61,517		62,261		0.17	%
Redwood Services Group, LLC	949 Shady Grove Road, Suite 403, Memphis, TN, 38120, United States	(4)(5)(7)(10)		SOFR + 5.75%	10.46%		2/5/2024		6/29/2028				405		310		352		0.00	%
Turing Holdco, Inc.	10-14 White Lion St, London N1 9PD, United Kingdom	(4)(6)(8)		E + 6.00%	9.82% (incl. 2.50% PIK)		10/14/2021		9/28/2028		EUR		16,952		19,257		18,635		0.05	%
Turing Holdco, Inc.	10-14 White Lion St, London N1 9PD, United Kingdom	(4)(6)(8)		E + 6.00%	9.35% (incl. 2.50% PIK)		10/14/2021		8/3/2028		EUR		6,228		7,159		6,846		0.02	%
Turing Holdco, Inc.	10-14 White Lion St, London N1 9PD, United Kingdom	(4)(6)(8)		SOFR + 6.00%	11.43% (incl. 2.50% PIK)		10/14/2021		10/16/2028				6,585		6,921		6,503		0.02	%
Turing Holdco, Inc.	10-14 White Lion St, London N1 9PD, United Kingdom	(4)(6)(8)		SOFR + 6.00%	11.39% (incl. 2.50% PIK)		10/14/2021		9/28/2028				13,231		13,013		13,065		0.04	%
Turing Holdco, Inc.	10-14 White Lion St, London N1 9PD, United Kingdom	(4)(5)(6)(7)(10)		S + 6.00%	11.07%		5/3/2024		8/3/2028		GBP		23,404		28,576		30,899		0.08	%
Turing Holdco, Inc.	10-14 White Lion St, London N1 9PD, United Kingdom	(4)(5)(6)(7)(10)		SOFR + 6.00%	11.16%		5/3/2024		8/3/2028				31,139		30,293		30,750		0.08	%
Virtusa Corp.	132 Turnpike Road Suite 300 Southborough MA 01772 United States	(10)		SOFR + 3.25%	8.10%		6/21/2024		2/15/2029				12,151		12,151		12,160		0.03	%
															2,961,309		3,005,022		8.23	%
Leisure Products
Motion Finco, LLC	2-4, rue Eugene Ruppert, Luxembourg, L-2453	(6)(8)		SOFR + 3.50%	8.10%		2/5/2024		11/12/2029				12,374		12,349		11,923		0.03	%

S-79

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread	Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Life Sciences Tools & Services
Cambrex Corp.	One Meadowlands Plaza, East Rutherford NJ 07073 United States	(10)	SOFR + 3.50%	8.45%		1/29/2021		12/4/2026				$ 4,518		$ 4,525		$ 4,498		0.01	%
Jupiter Bidco Limited	Unit 15, Road 5, Winsford Industrial Estate, Winsford, Cheshire, United Kingdom, CW73SG	(4)(6)(7)(9)	E + 6.25%	9.60%		8/5/2022		8/27/2029		EUR		5,922		2,381		4,579		0.01	%
Jupiter Bidco Limited	Unit 15, Road 5, Winsford Industrial Estate, Winsford, Cheshire, United Kingdom, CW73SG	(4)(6)(10)	SOFR + 6.25%	10.85%		8/5/2022		8/27/2029				88,177		86,325		70,101		0.19	%
LSCS Holdings, Inc.	190 North Milwaukee Street Milwaukee,WI,53202 United States	(9)	SOFR + 4.50%	9.46%		12/16/2021		12/16/2028				7,948		7,923		7,944		0.02	%
Packaging Coordinators Midco, Inc.	3001 Red Lion Road, Philadelphia, PA 19114 United States	(10)	SOFR + 3.25%	8.10%		5/28/2024		11/30/2027				1,857		1,857		1,859		0.01	%
PAREXEL International Inc/Wilmington	275 Grove Street, Suite 100C, Newton, MA 02466, United States	(9)	SOFR + 3.00%	7.85%		7/25/2024		11/15/2028				1,898		1,898		1,901		0.01	%
														104,909		90,882		0.25	%
Machinery
Chart Industries, Inc.	2200 Airport Industrial Dr, Suite 100, Ball Ground, GA 30107 United States	(4)(6)(9)	SOFR + 2.50%	7.82%		7/2/2024		3/16/2030				5,328		5,328		5,324		0.01	%
LSF11 Trinity Bidco, Inc.	5555 N Channel Ave Portland, OR 97217 United States	(4)(8)	SOFR + 3.50%	8.42%		6/20/2024		6/14/2030				1,063		1,063		1,066		0.00	%
MHE Intermediate Holdings, LLC	3235 Levis Common Blvd. Perrysburg, OH 43551 United States	(4)(7)(11)	SOFR + 6.00%	11.40%		7/21/2021		7/21/2027				5,600		5,539		5,600		0.02	%
MHE Intermediate Holdings, LLC	3235 Levis Common Blvd. Perrysburg, OH 43551 United States	(4)(5)(11)	SOFR + 6.50%	11.78%		12/20/2022		7/21/2027				229		226		229		0.00	%
MHE Intermediate Holdings, LLC	3235 Levis Common Blvd. Perrysburg, OH 43551 United States	(4)(5)(11)	SOFR + 6.25%	11.65%		8/30/2022		7/21/2027				228		225		228		0.00	%
Pro Mach Group, Inc.	50 East Rivercenter Blvd Suite 1800 Covington KY 41011 United States	(11)	SOFR + 3.50%	8.35%		9/3/2024		8/31/2028				6,912		6,912		6,943		0.02	%

S-80

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Machinery (continued)
SPX Flow, Inc.	13320 Ballantyne Corporate Pla, Charlotte, NC, 28277, United States	(9)		SOFR + 3.50%	8.35%		6/6/2024		4/5/2029			$	6,901	$	6,901	$	6,918		0.02	%
TK Elevator U.S. Newco, Inc.	E-Plus Straße 1, Düsseldorf, North Rhine-Westphalia 40472 Germany	(6)(9)		SOFR + 3.50%	8.59%		3/14/2024		4/30/2030				17,539		17,498		17,593		0.05	%
Victory Buyer, LLC	50 East 153rd Street Bronx, NY 10451-2104 United States	(9)		SOFR + 3.75%	8.72%		11/19/2021		11/19/2028				22,460		22,399		21,716		0.06	%
															66,091		65,617		0.18	%
Marine
Armada Parent, Inc.	93 Eastmont Ave Ste 100 East Wenatchee, WA, 98802-5305 United States	(4)(7)(10)		SOFR + 5.75%	10.91%		10/29/2021		10/29/2027				229,838		227,233		227,269		0.62	%
Kattegat Project Bidco AB	Salsmästaregatan 21, Hisings Backa, Sweden	(4)(5)(6)(7)(8)		E + 6.00%	9.35%		3/20/2024		4/7/2031		EUR		51,768		54,667		56,605		0.16	%
Kattegat Project Bidco AB	Salsmästaregatan 21, Hisings Backa, Sweden	(4)(5)(6)(8)		SOFR + 6.00%	10.60%		3/20/2024		4/7/2031				4,522		4,417		4,454		0.01	%
															286,317		288,328		0.79	%
Media
Bimini Group Purchaser Inc	1221 Brickell Avenue, Suite 2300 Miami, FL 33131 United States	(4)(5)(10)		SOFR + 5.25%	10.31%		4/26/2024		4/26/2031				207,645		205,697		206,607		0.57	%
Bimini Group Purchaser Inc	1221 Brickell Avenue, Suite 2300 Miami, FL 33131 United States	(4)(5)(7)(10)		SOFR + 5.25%	10.49%		4/26/2024		4/26/2031				8,555		8,006		8,070		0.02	%
Digital Media Solutions, LLC	4800 140th Avenue North Suite 101 Clearwater FL 33762 United States	(6)(10)(17)		SOFR + 11.00%	15.96% PIK		5/25/2021		5/25/2026				25,859		25,627		3,222		0.01	%
Digital Media Solutions, LLC	4800 140th Avenue North Suite 101 Clearwater FL 33762 United States	(4)(5)(6)(10)		SOFR + 8.00%	13.1% (incl. 7.00% PIK)		4/17/2024		2/25/2026				2,813		2,813		2,813		0.01	%
Digital Media Solutions, LLC	4800 140th Avenue North Suite 101 Clearwater FL 33762 United States	(4)(5)(6)(7)(14)		SOFR + 8.00%	13.1% (incl. 7.00% PIK)		9/13/2024		12/10/2024				1,723		1,511		1,628		0.00	%
Digital Media Solutions, LLC	4800 140th Avenue North Suite 101 Clearwater FL 33762 United States	(4)(6)(10)(17)		SOFR + 8.00%	12.79% (incl. 7.00% PIK)		4/17/2024		5/25/2026				8,280		8,215		1,391		0.00	%
McGraw-Hill Education, Inc.	2 Penn Plaza 20th Floor New York, NY, 10121 United States	(9)		SOFR + 4.00%	8.60%		8/6/2024		8/6/2031				12,651		12,620		12,714		0.03	%

S-81

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Media (continued)
Radiate Holdco, LLC	650 College Road East, Suite 3100, Princeton, NJ 08540 United States	(10)		SOFR + 3.25%	8.21%		11/1/2021		9/25/2026			$	28,263	$	28,238	$	24,323		0.07	%
Sunrise Financing Partnership	Thurgauerstrasse 101b, Glattpark (Opfikon), Zurich 8152 Switzerland	(6)(8)		SOFR + 2.93%	8.14%		4/20/2021		1/31/2029				5,000		4,945		4,982		0.01	%
Trader Corp.	405 The West Mall , Suite 110 Etobicoke, ON M9C 5J1 Canada	(4)(6)(7)(10)		CA + 5.50%	9.80%		12/22/2022		12/22/2029		CAD		108,852		77,210		80,485		0.22	%
Trader Corp.	405 The West Mall , Suite 110 Etobicoke, ON M9C 5J1 Canada	(4)(5)(6)(10)		CA + 5.50%	9.80%		6/20/2024		12/21/2029		CAD		44,093		31,952		32,603		0.09	%
															406,834		378,838		1.03	%
Metals & Mining
American Rock Salt Co LLC	5520 Route 63 PO Box 190 Mount Morris NY 14510 United States	(10)		SOFR + 4.00%	9.32%		6/11/2021		6/9/2028				9,317		9,311		7,701		0.02	%
American Rock Salt Co LLC	5520 Route 63 PO Box 190 Mount Morris NY 14510 United States	(5)(7)(14)		SOFR + 7.00%	12.08%		9/19/2024		6/9/2028				3,325		1,606		1,606		0.00	%
SCIH Salt Holdings, Inc.	10955 Lowell Ave Ste 500 Overland Park KS 66210 United States	(10)		SOFR + 3.50%	8.76%		4/29/2021		3/16/2027				13,247		13,205		13,261		0.04	%
															24,122		22,568		0.06	%
Oil, Gas & Consumable Fuels
Eagle Midstream Canada Finance Inc	222 3rd Avenue S.W. Suite 900 Calgary, Alberta T2P 0B4 Canada	(4)(6)(10)		SOFR + 5.25%	10.37%		8/30/2024		8/15/2028				39,004		38,668		39,004		0.11	%
Freeport LNG Investments, LLLP	333 Clay Street Suite 5050 Houston,TX,77002 United States	(9)		SOFR + 3.50%	9.04%		12/21/2021		12/21/2028				34,904		34,846		34,638		0.10	%
KKR Alberta Midstream Finance Inc.	585 8 Ave SW #4000, Calgary, AB T2P 1G1, Canada	(4)(6)(10)		SOFR + 5.25%	10.37%		8/30/2024		8/15/2028				21,218		21,034		21,218		0.06	%
															94,548		94,860		0.27	%
Paper & Forest Products
Profile Products, LLC	219 Simpson St SW Conover, NC, 28613-8207 United States	(4)(10)		SOFR + 5.50%	10.70%		11/12/2021		11/12/2027				62,752		62,181		61,340		0.17	%
Profile Products, LLC	219 Simpson St SW Conover, NC, 28613-8207 United States	(4)(5)(7)(10)		P + 4.50%	12.50%		11/12/2021		11/12/2027				7,674		7,574		7,452		0.02	%

S-82

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Paper & Forest Products (continued)
Profile Products, LLC	219 Simpson St SW Conover, NC, 28613-8207 United States	(4)(5)(7)(10)		P + 4.50%	12.50%		11/12/2021		11/12/2027			$	387	$	334	$	228		0.00	%
															70,089		69,020		0.19	%
Pharmaceuticals
Dechra Pharmaceuticals Holdings Ltd	24 Cheshire Ave, Lostock Gralam, Northwich CW9 7UA, United Kingdom	(4)(5)(6)(7)(8)		E + 6.25%	9.89%		1/23/2024		1/24/2031		EUR		97,791		104,345		108,691		0.30	%
Dechra Pharmaceuticals Holdings Ltd	24 Cheshire Ave, Lostock Gralam, Northwich CW9 7UA, United Kingdom	(4)(5)(6)(7)(10)		SOFR + 6.25%	11.39%		1/23/2024		1/24/2031				1,083		912		919		0.00	%
Doc Generici (Diocle S.p.A.)	Via Filippo Turati, 40, 20121 Milano MI, Italy	(4)(5)(6)(7)(8)		E + 5.50%	8.99%		10/11/2022		10/27/2028		EUR		60,136		58,351		66,867		0.18	%
Eden Acquisitionco Ltd	1 Occam Court, The Surrey Research Park, Guildford, Surrey GU2 7HJ United Kingdom	(4)(6)(7)(10)		SOFR + 6.25%	11.51%		11/2/2023		11/18/2030				108,046		105,599		107,944		0.30	%
Gusto Sing Bidco Pte Ltd	One Temasek Ave, #04-01 Millenia Tower, Singapore 039192	(4)(5)(6)(7)(10)		BB + 6.50%	10.96%		1/29/2024		10/30/2028		AUD		1,000		642		676		0.00	%
Padagis, LLC	1251 Lincoln Rd Allegan, MI 49010 United States	(6)(9)		SOFR + 4.75%	10.33%		7/6/2021		7/6/2028				27,824		27,792		26,015		0.07	%
Rhea Parent, Inc.	Avenue Einstein 8 1300 Wavre Belgium	(4)(10)		SOFR + 5.50%	10.25%		2/18/2022		2/18/2029				201,854		199,316		201,854		0.55	%
															496,957		512,966		1.40	%
Professional Services
ALKU, LLC	200 Brickstone Square, Suite 503, Andover, MA 01810 United States	(4)(10)		SOFR + 6.25%	10.50%		5/23/2023		5/23/2029				54,992		53,952		54,992		0.15	%
ALKU, LLC	200 Brickstone Square, Suite 503, Andover, MA 01810 United States	(4)(10)		SOFR + 5.50%	9.75%		2/21/2024		5/23/2029				4,975		4,887		4,950		0.01	%
Apex Companies, LLC	2101 Gaither Rd, Suite 500, Rockville, MD 20850 United States	(4)(11)		SOFR + 5.50%	10.75%		1/31/2023		1/31/2028				1,605		1,576		1,581		0.00	%
Apex Companies, LLC	2101 Gaither Rd, Suite 500, Rockville, MD 20850 United States	(4)(5)(11)		SOFR + 5.50%	10.56%		3/15/2024		3/15/2026				738		722		727		0.00	%
Apex Companies, LLC	2101 Gaither Rd, Suite 500, Rockville, MD 20850 United States	(4)(5)(11)		SOFR + 5.50%	10.44%		1/31/2023		1/31/2028				368		361		362		0.00	%

S-83

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024	Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Professional Services (continued)
Apex Companies, LLC	2101 Gaither Rd, Suite 500, Rockville, MD 20850 United States	(4)(5)(11)		SOFR + 5.50%	10.56%		8/28/2024		1/31/2028		$	12,851	$	12,664	$	12,658		0.03	%
Apex Companies, LLC	2101 Gaither Rd, Suite 500, Rockville, MD 20850 United States	(4)(5)(7)(11)		SOFR + 5.50%	10.56%		8/28/2024		1/31/2028			319		243		244		0.00	%
APFS Staffing Holdings, Inc.	125 S Wacker Dr Ste 2700, Chicago, Illinois 60606, United States	(9)		SOFR + 4.00%	8.85%		12/29/2021		12/29/2028			6,100		6,077		5,970		0.02	%
Armor Holdco, Inc.	48 Wall Street 22nd Floor New York,NY,10005 United States	(4)(6)(9)		SOFR + 4.50%	10.01%		12/10/2021		12/11/2028			6,379		6,358		6,427		0.02	%
Artisan Acquisitionco Ltd	4th Floor, Martin House, 5 Martin Lane, London EC4R 0DP, United Kingdom	(4)(5)(6)(8)		SOFR + 5.00%	9.64%		9/23/2024		9/30/2031			392,805		384,952		384,949		1.06	%
Baker Tilly Advisory Group LP	205 N. Michigan Ave. 28th Floor Chicago, IL 60601 United States	(4)(5)(7)(10)		SOFR + 5.00%	9.85%		6/3/2024		6/3/2031			176,767		173,521		174,426		0.48	%
Cast & Crew Payroll, LLC	2300 Empire Avenue, 5th Floor, Burbank, CA 91504 United States	(9)		SOFR + 3.75%	8.60%		12/30/2021		12/29/2028			11,601		11,514		11,637		0.03	%
CFGI Holdings, LLC	1 Lincoln Street, Suite 1301 Boston, MA 02111, United States	(4)(7)(10)		SOFR + 4.50%	9.35%		11/2/2021		11/2/2027			20,834		20,414		20,435		0.06	%
Chronicle Bidco, Inc.	720 14th Street, Sacramento, CA 95814 United States	(4)(5)(11)		SOFR + 6.25%	11.50%		5/19/2022		5/18/2029			2,884		2,884		2,884		0.01	%
Chronicle Bidco, Inc.	720 14th Street, Sacramento, CA 95814 United States	(4)(11)		SOFR + 6.25%	11.50%		5/19/2022		5/18/2029			41,869		41,615		41,869		0.11	%
Chronicle Bidco, Inc.	720 14th Street, Sacramento, CA 95814 United States	(4)(5)(7)(11)		SOFR + 6.25%	11.50%		3/26/2024		5/18/2029			731		596		591		0.00	%
Cisive Holdings Corp	1180 Welsh Rd # 110 North Wales, PA, 19454-2053 United States	(4)(7)(11)		SOFR + 5.75%	10.45%		12/8/2021		12/8/2028			33,688		33,564		33,093		0.09	%
Claims Automation Intermediate 2, LLC	101 South Tryon Street, Suite 3300, Charlotte, NC 28280 United States	(4)(10)		SOFR + 4.50%	8.89%		12/16/2021		12/16/2027			44,573		44,096		44,573		0.12	%
Claims Automation Intermediate 2, LLC	101 South Tryon Street, Suite 3300, Charlotte, NC 28280 United States	(4)(5)(7)(10)		SOFR + 4.50%	9.70%		12/16/2021		12/16/2027			34,175		33,626		33,148		0.09	%

S-84

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024	Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Professional Services (continued)
Clearview Buyer, Inc.	1 Newton Pl Ste 405, 275 Washington Street, Newton, MA 02458, United States	(4)(7)(10)		SOFR + 5.35%	9.95%		8/26/2021		8/26/2027		$	118,875	$	117,639	$	118,875		0.33	%
CRCI Longhorn Holdings Inc	6504 Bridge Point Parkway, Suite 425, Austin, TX 78730, United States	(4)(5)(10)		SOFR + 5.00%	9.85%		8/27/2024		8/27/2031			64,147		63,514		63,506		0.17	%
CRCI Longhorn Holdings Inc	6504 Bridge Point Parkway, Suite 425, Austin, TX 78730, United States	(4)(5)(7)(10)		SOFR + 5.00%	9.85%		8/27/2024		8/27/2031			5,555		5,363		5,360		0.01	%
Cumming Group, Inc.	485 Lexington Avenue, New York NY 10017 United States	(4)(11)		SOFR + 5.25%	9.50%		5/26/2021		11/16/2027			196,540		194,664		196,540		0.54	%
Cumming Group, Inc.	485 Lexington Avenue, New York NY 10017 United States	(4)(7)(11)		SOFR + 5.25%	9.50%		11/18/2022		11/16/2027			25,294		24,626		25,150		0.07	%
Deerfield Dakota Holding, LLC	55 East 52nd Street 31st Floorm Park Avenue Plaza, New York, NY 10055 United States	(11)		SOFR + 3.75%	8.35%		1/7/2021		4/9/2027			84,598		84,361		82,996		0.23	%
Eliassen Group, LLC	55 Walkers Brook Drive, Reading MA, 01867 United States	(4)(10)		SOFR + 5.75%	10.35%		4/14/2022		4/14/2028			67,215		66,632		66,207		0.18	%
Emerald US, Inc.	31910 Del Obispo Street Suite 200 San Juan Capistrano, CA 92675 United States	(6)(8)		SOFR + 3.75%	8.62%		1/7/2021		7/12/2028			3,819		3,816		3,832		0.01	%
EP Purchaser, LLC	2950 N. Hollywood Way, Burbank, CA 91505 United States	(9)		SOFR + 3.50%	8.37%		11/4/2021		11/6/2028			9,473		9,334		9,509		0.03	%
G&A Partners Holding Company II, LLC	17220 Katy Freeway, Suite 350, Houston, TX 77094 United States	(4)(9)		SOFR + 5.50%	10.52%		3/1/2024		3/1/2031			60,342		59,236		60,040		0.16	%
G&A Partners Holding Company II, LLC	17220 Katy Freeway, Suite 350, Houston, TX 77094 United States	(4)(5)(7)(9)		SOFR + 5.50%	10.52%		3/1/2024		3/1/2030			2,361		2,040		2,065		0.01	%
Genuine Financial Holdings, LLC	100 Centerview Drive, Suite 300 Nashville, TN 37214 United States	(8)		SOFR + 4.00%	8.85%		6/28/2024		9/27/2030			3,987		3,999		3,967		0.01	%
Guidehouse, Inc.	1676 International Drive, Suite 800, McLean, VA 22102 United States	(4)(10)		SOFR + 5.75%	10.60% (incl. 2.00% PIK)		10/15/2021		12/16/2030			1,238,581		1,229,372		1,238,581		3.40	%
IG Investments Holdings, LLC	4170 Ashford Dunwood Road, Northeast, Ste 250 Atlanta GA 30319 United States	(4)(7)(10)		SOFR + 6.00%	11.35%		9/22/2021		9/22/2028			440,466		434,921		440,466		1.21	%

S-85

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Professional Services (continued)
IG Investments Holdings, LLC	4170 Ashford Dunwood Road, Northeast, Ste 250 Atlanta GA 30319 United States	(4)(5)(10)		SOFR + 6.00%	11.25%		4/8/2024		9/22/2028			$	4,233	$	4,196	$	4,233		0.01	%
Inmar, Inc.	8150 Industrial Blvd, Breinigsville, PA 18031 United States	(11)		SOFR + 5.50%	10.35%		6/21/2023		5/1/2026				29,346		28,780		29,437		0.08	%
Kwor Acquisition, Inc.	303 Timber Creek Hammond, LA,70403 United States	(4)(5)(11)		P + 4.25%	12.25%		6/22/2022		12/22/2028				1,389		1,377		1,156		0.00	%
Kwor Acquisition, Inc.	303 Timber Creek Hammond, LA,70403 United States	(4)(5)(11)		P + 4.25%	12.25%		12/22/2021		12/22/2027				12,195		12,097		10,152		0.03	%
Legacy Intermediate, LLC	3701 FAU Blvd, Suite 300, Boca Raton, FL 33431, United States	(4)(10)		SOFR + 5.75%	10.96%		2/25/2022		2/25/2028				120,861		119,506		120,861		0.33	%
Legacy Intermediate, LLC	3701 FAU Blvd, Suite 300, Boca Raton, FL 33431, United States	(4)(9)		SOFR + 5.75%	11.13%		12/22/2023		2/25/2028				23,283		22,892		23,283		0.06	%
Lereta, LLC	1123 Parkview Drive Covina,CA,91724 United States	(10)		SOFR + 5.25%	10.21%		7/30/2021		7/30/2028				28,933		28,775		23,581		0.06	%
Mantech International CP	9 West 57th Street, 29th Floor, New York, NY, 10019, United States	(4)(7)(10)		SOFR + 5.00%	10.25%		4/12/2024		9/14/2029				901,369		887,627		900,170		2.47	%
Mercury Bidco Globe Limited	3rd Floor, 8 St. James’s Square, London, SW1Y 4JU, United Kingdom	(4)(5)(6)(7)(8)		S + 6.25%	11.20%		1/18/2024		1/31/2031		GBP		80,581		100,347		107,430		0.29	%
Mercury Borrower, Inc.	200 Dryden Road, Dresher, PA 19025 United States	(9)		SOFR + 3.50%	8.46%		8/2/2021		8/2/2028				40,937		40,856		40,988		0.11	%
Minotaur Acquisition, Inc.	2001 Spring Road, Suite 700, Oak Brook, IL 60523 United States	(4)(5)(7)(11)		SOFR + 5.00%	9.85%		5/10/2024		5/10/2030				115,614		113,085		114,194		0.31	%
MPG Parent Holdings, LLC	One Vanderbilt Avenue, 53rd Floor, New York, New York 10017 United States	(4)(11)		SOFR + 5.25%	9.85%		1/8/2024		1/8/2030				18,166		17,846		18,166		0.05	%
MPG Parent Holdings, LLC	One Vanderbilt Avenue, 53rd Floor, New York, New York 10017 United States	(4)(5)(7)(11)		SOFR + 5.25%	9.84%		1/8/2024		1/8/2030				1,781		1,687		1,781		0.00	%

S-86

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024	Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Professional Services (continued)
Oxford Global Resources Inc	100 Cummings Center, Suite 206L, Beverly, MA 01915, United States	(4)(11)		SOFR + 6.00%	10.22%		8/17/2021		8/17/2027		$	93,117	$	92,224	$	93,117		0.26	%
Oxford Global Resources Inc	100 Cummings Center, Suite 206L, Beverly, MA 01915, United States	(4)(5)(7)(11)		SOFR + 6.00%	11.20%		8/17/2021		8/17/2027			8,750		8,599		8,750		0.02	%
Oxford Global Resources Inc	100 Cummings Center, Suite 206L, Beverly, MA 01915, United States	(4)(5)(9)		SOFR + 6.00%	11.39%		6/6/2024		8/17/2027			9,949		9,761		9,949		0.03	%
Pavion Corp.	4151 Lafayette Center Dr, Suite 700, Chantilly, Virginia 20151, United States	(4)(6)(10)		SOFR + 5.75%	11.00%		10/30/2023		10/30/2030			117,394		115,356		117,394		0.32	%
Pavion Corp.	4151 Lafayette Center Dr, Suite 700, Chantilly, Virginia 20151, United States	(4)(5)(6)(7)(10)		SOFR + 5.75%	11.03%		10/30/2023		10/30/2030			23,827		23,379		23,550		0.06	%
Petrus Buyer Inc	100 Bayview Cir Ste 400, Newport Beach, California, 92660 United States	(4)(10)		SOFR + 5.25%	10.54%		10/17/2022		10/17/2029			35,630		34,860		35,630		0.10	%
Petrus Buyer Inc	100 Bayview Cir Ste 400, Newport Beach, California, 92660 United States	(4)(5)(7)(10)		SOFR + 5.25%	10.31%		10/17/2022		10/17/2029			6,375		6,073		6,206		0.02	%
Polyconcept Investments B.V.	Kabelweg 1 2371 DX, Roelofarendsveen, ZUID-HOLLAND, Netherlands	(10)		SOFR + 5.50%	10.10%		5/20/2022		5/18/2029			24,352		24,028		23,819		0.07	%
Sedgwick Claims Management Services, Inc.	8125 Sedgwick Way, Memphis TN 38125 United States	(6)(8)		SOFR + 3.00%	8.25%		2/24/2023		7/31/2031			5,185		5,143		5,181		0.01	%
Soliant Lower Intermediate, LLC	5550 Peachtree Parkway, Suite 500 Peachtree Corners, GA 30092, United States	(8)		SOFR + 3.75%	8.60%		7/18/2024		7/18/2031			50,286		46,964		50,411		0.14	%
Soliant Lower Intermediate, LLC	5550 Peachtree Parkway, Suite 500 Peachtree Corners, GA 30092, United States	(4)(5)(7)(8)		SOFR + 3.75%	8.61%		7/18/2024		7/18/2029			1,500		1,068		1,050		0.00	%
STV Group, Inc.	350 5th Avenue, Suite 1120, New York, NY 10001 United States	(4)(10)		SOFR + 5.00%	9.96%		3/20/2024		3/20/2031			58,543		57,461		58,250		0.16	%
STV Group, Inc.	350 5th Avenue, Suite 1120, New York, NY 10001 United States	(4)(5)(7)(10)		P + 4.00%	12.50%		3/20/2024		3/20/2030			1,681		1,311		1,454		0.00	%

S-87

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Professional Services (continued)
Thevelia US, LLC	Level 15, Manulife Place, 348 Kwun Tong Rd, Ngau Tau Kok, Hong Kong	(6)(9)		SOFR + 3.25%	7.85%		7/29/2024		6/18/2029			$	33,861	$	33,861	$	33,959		0.09	%
Trinity Air Consultants Holdings Corp.	330 7th Ave, New York, NY 10001 United States	(4)(10)		SOFR + 5.25%	10.66%		6/29/2021		6/29/2028				24,735		24,528		24,735		0.07	%
Trinity Air Consultants Holdings Corp.	330 7th Ave, New York, NY 10001 United States	(4)(7)(10)		SOFR + 5.25%	10.61%		6/29/2021		6/29/2028				53,725		52,921		53,578		0.15	%
Trinity Partners Holdings, LLC	230 3rd Ave Prospect Place Waltham, MA 02451 United States	(4)(7)(11)		SOFR + 5.75%	10.90%		12/21/2021		12/21/2028				381,408		376,047		380,263		1.04	%
Victors CCC Buyer, LLC	251 Little Falls Drive. Wilmington, DE 19808 United States	(4)(7)(10)		SOFR + 4.75%	9.85%		6/1/2022		6/1/2029				143,692		141,393		143,382		0.39	%
West Monroe Partners, LLC	311 W Monroe St 14th Floor, Chicago, IL 60606, United States	(4)(7)(10)		SOFR + 5.50%	10.73%		11/9/2021		11/8/2028				717,044		708,148		704,495		1.93	%
															6,275,335		6,323,215		17.30	%
Real Estate Management & Development
Castle Management Borrower, LLC	870 Seventh Avenue 2nd Fl New York, New York 10019, United States	(4)(11)		SOFR + 5.50%	10.10%		11/3/2023		11/3/2029				33,083		32,662		33,083		0.09	%
Castle Management Borrower, LLC	870 Seventh Avenue 2nd Fl New York, New York 10019, United States	(4)(5)(7)(11)		SOFR + 5.50%	10.10%		11/3/2023		11/3/2029				417		346		417		0.00	%
Cushman & Wakefield US Borrower, LLC	Suite 3000, 225 W. Wacker Drive, Chicago, Illinois, 60606, United States	(4)(6)(9)		SOFR + 3.00%	7.85%		6/18/2024		1/31/2030				7,461		7,461		7,471		0.02	%
Cushman & Wakefield US Borrower, LLC	Suite 3000, 225 W. Wacker Drive, Chicago, Illinois, 60606, United States	(6)(9)		SOFR + 3.00%	7.85%		9/25/2024		1/31/2030				1,600		1,600		1,603		0.00	%
McCarthy & Stone PLC	2711 North Haskell Avenue Suite 1700 Dallas TX 75204 United States	(4)(5)(6)(8)		7.00%	7.00%		1/27/2021		2/2/2026		GBP		20,000		28,078		25,736		0.07	%
Neptune BidCo SAS	21 Avenue Kleber, 75116 Paris, France	(4)(5)(6)(7)(8)		E + 5.25%	8.89%		3/28/2024		4/1/2031		EUR		6,495		6,857		7,165		0.02	%
Progress Residential PM Holdings, LLC	7500 N Dobson Rd., Suite 300 Scottsdale, AZ 85256 United States	(4)(10)		SOFR + 5.50%	10.25%		2/16/2021		8/8/2030				79,357		78,211		79,357		0.22	%

S-88

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Real Estate Management & Development (continued)
Progress Residential PM Holdings, LLC	7500 N Dobson Rd., Suite 300 Scottsdale, AZ 85256 United States	(4)(7)(10)		SOFR + 5.50%	10.25%		7/26/2022		8/8/2030			$	15,205	$	14,930	$	15,205		0.04	%
															170,145		170,037		0.46	%
Software
Aareon Holding GmbH	Isaac-Fulda-Allee 6, 55124 Mainz, Germany	(4)(6)(10)		E + 6.00%	9.72%		8/8/2023		8/16/2030		EUR		38,317		40,683		42,652		0.12	%
Aareon Holding GmbH	Isaac-Fulda-Allee 6, 55124 Mainz, Germany	(4)(6)(10)		E + 6.00%	9.72%		8/8/2023		8/19/2030		EUR		15,779		16,880		17,565		0.05	%
AI Titan Parent Inc	4601 Six Forks Road, Suite 220, Raleigh, NC 27609, United States	(4)(5)(7)(10)		SOFR + 4.75%	9.81%		8/29/2024		8/29/2031				110,274		108,941		108,924		0.30	%
Analytic Partners LP	1441 Brickell Avenue Suite 1220 Miami, Florida 33131	(4)(7)(10)		SOFR + 5.00%	9.60%		4/4/2022		4/4/2028				21,304		21,017		21,304		0.06	%
Anaplan, Inc.	50 Hawthorne St, San Francisco, CA 94105 United States	(4)(5)(10)		SOFR + 5.25%	9.85%		4/25/2024		6/21/2029				200		198		200		0.00	%
Anaplan, Inc.	50 Hawthorne St, San Francisco, CA 94105 United States	(4)(7)(10)		SOFR + 5.25%	9.85%		6/21/2022		6/21/2029				537,534		529,690		537,534		1.47	%
Aptean Inc	4325 Alexander Drive, Suite 100, Alpharetta, GA 30022 United States	(4)(10)		SOFR + 5.25%	10.10%		1/29/2024		1/29/2031				41,196		40,833		41,196		0.11	%
Aptean Inc	4325 Alexander Drive, Suite 100, Alpharetta, GA 30022 United States	(4)(5)(7)(10)		SOFR + 5.25%	10.06%		1/29/2024		1/29/2031				102		46		76		0.00	%
Armstrong Bidco Limited	The Old School School Lane, Stratford St Mary, Colchester, Essex, United Kingdom, CO7 6LZ	(4)(6)(8)		S + 5.25%	10.20%		6/2/2022		6/28/2029		GBP		478,945		573,578		621,116		1.70	%
AuditBoard Inc	12900 Park Plaza Dr. Ste 200, Cerritos, CA, 90703, United States	(4)(7)(10)		SOFR + 4.75%	9.35%		7/12/2024		7/12/2031				80,730		79,613		79,577		0.22	%
Avalara Inc	255 South King St., Suite 1800, Seattle, WA 98104 United States	(4)(7)(10)		SOFR + 6.25%	10.85%		10/19/2022		10/19/2028				23,077		22,649		23,077		0.06	%
Azurite Intermediate Holdings Inc.	233 Wilshire Blvd., Suite 800 Santa Monica, CA 90401 United States	(4)(7)(10)		SOFR + 6.50%	11.35%		3/19/2024		3/19/2031				46,170		45,329		45,708		0.13	%

S-89

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024	Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Software (continued)
Bayshore Intermediate #2 LP	1 W Elm St ste 200, Conshohocken, PA 19428, United States	(4)(5)(10)		SOFR + 6.25%	11.55% (incl. 2.88% PIK)		6/6/2024		10/1/2028		$	72,103	$	71,770	$	71,833		0.20	%
BlueCat Networks USA, Inc.	156 W. 56th Street, 3rd Floor, New York, New York 10019 United States	(4)(10)		SOFR + 5.75%	10.86%		8/8/2022		8/8/2028			70,091		69,223		69,741		0.19	%
BlueCat Networks USA, Inc.	156 W. 56th Street, 3rd Floor, New York, New York 10019 United States	(4)(10)		SOFR + 5.75%	10.71%		8/8/2022		8/8/2028			12,340		12,186		12,279		0.03	%
BlueCat Networks USA, Inc.	156 W. 56th Street, 3rd Floor, New York, New York 10019 United States	(4)(5)(10)		SOFR + 5.75%	10.87%		8/8/2022		8/8/2028			8,520		8,428		8,477		0.02	%
Bluefin Holding, LLC	8200 Roberts Drive, Suite 400, Atlanta, GA 30350 United States	(4)(7)(11)		SOFR + 7.25%	12.20%		9/12/2023		9/12/2029			45,513		44,482		45,263		0.12	%
Boxer Parent Company, Inc.	John Hancock Tower 200 Clarendon Street Boston MA 02116 United States	(8)		SOFR + 3.75%	9.01%		7/30/2024		7/30/2031			14,681		14,645		14,669		0.04	%
Brave Parent Holdings, Inc.	11695 Johns Creek Parkway, Suite 200, Johns Creek, Georgia 30097 United States	(4)(7)(10)		SOFR + 5.00%	10.25%		11/28/2023		11/28/2030			501,528		496,594		501,126		1.37	%
CDK Global Inc.	1950 Hassell Rd, Hoffman Estates, Illinois, 60169 United States	(8)		SOFR + 3.25%	7.85%		5/16/2024		7/6/2029			4,985		4,985		4,939		0.01	%
Cloud Software Group, Inc.	4980 Great America Parkway, Santa Clara, CA 95054 United States	(9)		SOFR + 4.00%	8.60%		5/24/2024		3/30/2029			7,481		7,487		7,459		0.02	%
Cloud Software Group, Inc.	4980 Great America Parkway, Santa Clara, CA 95054 United States	(9)		SOFR + 4.50%	9.10%		3/22/2024		3/21/2031			2,600		2,605		2,610		0.01	%
Cloudera, Inc.	1001 Page Mill Road Building 3 Palo Alto,CA,94304 United States	(9)		SOFR + 3.75%	8.70%		10/8/2021		10/8/2028			35,162		34,872		34,326		0.09	%
Confine Visual Bidco	Kistagången 12, 164 40 Kista, Sweden	(4)(6)(8)		SOFR + 5.75%	10.58%		2/23/2022		2/23/2029			257,960		253,132		211,527		0.58	%
Confine Visual Bidco	Kistagången 12, 164 40 Kista, Sweden	(4)(6)(8)		SOFR + 5.75%	10.58%		3/11/2022		2/23/2029			6,159		6,039		5,050		0.01	%
Conga Corp.	13699 Via Varra, Broomfield, CO 80020, United States	(10)		SOFR + 3.50%	8.56%		8/8/2024		5/8/2028			11,509		11,509		11,565		0.03	%

S-90

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Software (continued)
Connatix Buyer, Inc.	666 Broadway, 10th Floor, New York, NY 10012, United States	(4)(10)		SOFR + 5.50%	10.53%		7/14/2021		7/14/2027			$	107,049	$	106,056	$	104,908		0.29	%
Connatix Buyer, Inc.	666 Broadway, 10th Floor, New York, NY 10012, United States	(4)(5)(7)(10)		SOFR + 5.50%	10.42%		7/14/2021		7/14/2027				3,715		3,564		3,389		0.01	%
ConnectWise, LLC	4110 George Road Suite 200, Tampa, FL, 33634, United States	(9)		SOFR + 3.50%	8.37%		9/30/2021		9/29/2028				28,103		28,052		28,117		0.08	%
Cornerstone OnDemand, Inc.	1601 Cloverfield Blvd Suite 620 South Santa Monica,CA,90404 United States	(9)		SOFR + 3.75%	8.71%		10/15/2021		10/16/2028				26,934		26,868		25,301		0.07	%
Cornerstone OnDemand, Inc.	1601 Cloverfield Blvd Suite 620 South Santa Monica,CA,90404 United States	(4)(11)		SOFR + 6.00%	11.10%		9/7/2023		10/16/2028				34,563		33,725		34,130		0.09	%
Coupa Software Inc.	1855 S. Grant Street, San Mateo, CA 94402 United States	(4)(6)(7)(10)		SOFR + 5.50%	10.75%		2/27/2023		2/27/2030				1,827		1,788		1,825		0.01	%
Crewline Buyer, Inc.	188 Spear St, San Francisco, CA 94105 United States	(4)(6)(7)(11)		SOFR + 6.75%	11.35%		11/8/2023		11/8/2030				118,659		115,804		117,349		0.32	%
Delta Topco, Inc.	3111 Coronado Drive in Santa Clara, CA 95054 United States	(8)		SOFR + 3.50%	8.20%		5/1/2024		12/1/2029				74,786		74,612		74,760		0.21	%
Denali Bidco Ltd	53 rue de Châteaudun,75009 Paris, France	(4)(5)(6)(7)(10)		S + 6.00%	10.95%		8/29/2023		8/29/2030		GBP		14,404		17,763		19,255		0.05	%
Denali Bidco Ltd	53 rue de Châteaudun,75009 Paris, France	(4)(5)(6)(8)		E + 6.00%	9.35%		8/29/2023		8/29/2030		EUR		4,174		4,416		4,647		0.01	%
Denali Bidco Ltd	53 rue de Châteaudun,75009 Paris, France	(4)(5)(6)(8)		E + 5.50%	8.85%		2/28/2024		8/29/2030		EUR		263		276		293		0.00	%
Denali Bidco Ltd	53 rue de Châteaudun,75009 Paris, France	(4)(5)(6)(9)		E + 6.00%	9.35%		2/28/2024		8/29/2030		EUR		5,845		6,206		6,507		0.02	%
Diligent Corp	61 W 23rd Street, 4th Floor, New York, NY 10010 United States	(4)(7)(10)		SOFR + 5.00%	10.09%		4/30/2024		8/2/2030				173,460		171,697		171,626		0.47	%
Diligent Corp	61 W 23rd Street, 4th Floor, New York, NY 10010 United States	(4)(10)		SOFR + 5.00%	10.09%		4/30/2024		8/2/2030				29,736		29,582		29,736		0.08	%

S-91

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Software (continued)
Discovery Education, Inc.	233 Wilshire Blvd, Suite 800, Santa Monica, CA, 90401, United States	(4)(5)(10)		SOFR + 5.75%	10.91%		4/7/2022		4/9/2029			$	635,419	$	628,721	$	563,934		1.55	%
Discovery Education, Inc.	233 Wilshire Blvd, Suite 800, Santa Monica, CA, 90401, United States	(4)(11)		SOFR + 5.75%	10.98%		10/3/2023		4/9/2029				65,604		64,961		58,224		0.16	%
DTI Holdco, Inc.	Two Ravinia Drive, Suite 201, 19904 Dover, DE United States	(10)		SOFR + 4.75%	9.60%		4/26/2022		4/26/2029				24,500		24,027		24,627		0.07	%
ECI Macola Max Holding, LLC	5455 Rings Road Suite 100 Dublin OH 43017 United States	(6)(10)		SOFR + 3.75%	8.35%		9/20/2024		5/9/2030				10,628		10,628		10,671		0.03	%
Elements Finco Ltd	Heathrow Approach, 470 London Road, Slough, Berkshire SL3 8QY, Great Britain	(4)(5)(6)(7)(8)		S + 5.00%	9.95%		3/27/2024		4/29/2031		GBP		67,590		83,697		89,484		0.25	%
Elements Finco Ltd	Heathrow Approach, 470 London Road, Slough, Berkshire SL3 8QY, Great Britain	(4)(5)(6)(8)		SOFR + 4.75%	9.60%		3/27/2024		4/29/2031				21,157		20,923		20,999		0.06	%
Elements Finco Ltd	Heathrow Approach, 470 London Road, Slough, Berkshire SL3 8QY, Great Britain	(4)(5)(6)(8)		SOFR + 4.75%	9.60%		4/30/2024		4/29/2031				17,609		17,511		17,477		0.05	%
Ellucian Holdings, Inc.	2003 Edmund Halley Drive, Reston, VA 20191 United States	(9)		SOFR + 3.50%	8.45%		2/29/2024		10/9/2029				1,957		1,955		1,964		0.01	%
Epicor Software Corp.	807 Las Cimas Pkwy, Austin, TX 78746, United States	(10)		SOFR + 3.25%	8.10%		5/30/2024		5/30/2031				4,564		4,549		4,573		0.01	%
Epicor Software Corp.	807 Las Cimas Pkwy, Austin, TX 78746, United States	(7)(10)		SOFR + 3.25%	8.10%		5/30/2024		4/25/2031				309		308		310		0.00	%
Episerver, Inc.	542A Amherst Street Route 101A Nashua, NH 03063 United States	(4)(11)		SOFR + 5.25%	9.85%		12/21/2021		4/9/2026				7,064		7,027		6,994		0.02	%
Episerver, Inc.	542A Amherst Street Route 101A Nashua, NH 03063 United States	(4)(7)(11)		SOFR + 5.25%	10.00%		5/26/2021		4/9/2026				17,590		17,489		17,376		0.05	%
Everbridge Holdings, LLC	25 Corporate Drive, Suite 400, Burlington, MA 01803, United States	(4)(5)(6)(10)		SOFR + 5.00%	10.33%		7/2/2024		7/2/2031				34,815		34,647		34,641		0.10	%

S-92

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024	Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Software (continued)
Everbridge Holdings, LLC	25 Corporate Drive, Suite 400, Burlington, MA 01803, United States	(4)(5)(6)(7)(10)		SOFR + 5.00%	10.30%		7/2/2024		7/2/2031		$	3,412	$	3,366	$	3,364		0.01	%
Experity, Inc.	101 South Phillips Avenue, Suite 300, Sioux Falls, SD 57104, United States	(4)(10)		SOFR + 5.50%	10.60% (incl. 3.25% PIK)		7/22/2021		2/24/2028			105,722		104,648		105,722		0.29	%
Experity, Inc.	101 South Phillips Avenue, Suite 300, Sioux Falls, SD 57104, United States	(4)(7)(10)		SOFR + 5.50%	10.60% (incl. 3.25% PIK)		2/24/2022		2/24/2028			34,067		33,538		34,067		0.09	%
Flash Charm, Inc.	Brookhollow Ctr III, 2950 Nort Loop Freeway W, Suite 700 Houston TX 77092 United States	(10)		SOFR + 3.50%	8.75%		6/11/2024		3/2/2028			52,090		52,086		51,138		0.14	%
Flexera Software, LLC	Park Blvd Suite 400 Itasca, IL 60143 United States	(10)		SOFR + 3.50%	8.46%		5/20/2024		3/3/2028			9,299		9,344		9,315		0.03	%
Gen Digital Inc	60 East Rio Salado Parkway Suite 1000, Tempe, AZ, 8528, United States	(6)(9)		SOFR + 1.75%	6.60%		6/5/2024		9/12/2029			5,020		5,020		5,010		0.01	%
Genesys Cloud Services Holdings II, LLC	1302 El Camino Real, Suite 300 Menlo Park, CA, 94025, United States	(10)		SOFR + 3.75%	8.60%		9/26/2024		12/1/2027			5,770		5,770		5,789		0.02	%
Gigamon Inc.	3300 Olcott Street Santa Clara, CA 95054, United States	(4)(11)		SOFR + 5.75%	11.19%		3/11/2022		3/9/2029			423,957		418,581		417,598		1.15	%
Gigamon Inc.	3300 Olcott Street Santa Clara, CA 95054, United States	(4)(5)(7)(10)		SOFR + 5.75%	11.21%		3/11/2022		3/9/2029			20,619		20,472		20,233		0.06	%
GovernmentJobs.com, Inc.	300 Continental Blvd., El Segundo, CA 90245, United States	(4)(7)(10)		SOFR + 5.00%	9.60%		7/15/2024		12/2/2028			287,035		284,017		286,428		0.79	%
Granicus Inc.	1999 Broadway, Suite 3600, Denver, Colorado 80202 United States	(4)(10)		SOFR + 5.75%	11.00% (incl. 2.25% PIK)		1/17/2024		1/17/2031			30,470		30,202		30,470		0.08	%
Granicus Inc.	1999 Broadway, Suite 3600, Denver, Colorado 80202 United States	(4)(5)(7)(10)		SOFR + 5.25%	10.10% (incl. 2.25% PIK)		1/17/2024		1/17/2031			8,211		8,128		8,122		0.02	%
Graphpad Software, LLC	225 Franklin Street, Fl. 26. Boston, MA 02110, United States	(4)(10)		SOFR + 4.75%	9.35%		6/28/2024		6/28/2031			143,417		142,382		142,700		0.39	%
Graphpad Software, LLC	225 Franklin Street, Fl. 26. Boston, MA 02110, United States	(4)(5)(7)(10)		SOFR + 4.75%	9.35%		6/28/2024		6/28/2031			3,729		3,359		3,473		0.01	%
GS Acquisitionco Inc	8529 Six Forks Rd, Suite 400, Raleigh, North Carolina 27615 United States	(4)(5)(7)(10)		SOFR + 5.25%	10.54%		3/26/2024		5/25/2028			12,027		11,962		11,952		0.03	%

S-93

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Software (continued)
GS Acquisitionco Inc	8529 Six Forks Rd, Suite 400, Raleigh, North Carolina 27615 United States	(4)(5)(7)(11)		SOFR + 5.25%	9.85%		3/26/2024		5/25/2028			$	583	$	564	$	561		0.00	%
Homecare Software Solutions, LLC	130 West 42nd Street, 2nd Floor, New York, NY 10036, United States	(4)(5)(10)		SOFR + 5.00%	10.10%		6/14/2024		6/14/2031				76,735		76,000		75,968		0.21	%
Homecare Software Solutions, LLC	130 West 42nd Street, 2nd Floor, New York, NY 10036, United States	(4)(5)(10)		SOFR + 5.00%	10.10%		6/14/2024		6/14/2031				29,969		29,682		29,669		0.08	%
Homecare Software Solutions, LLC	130 West 42nd Street, 2nd Floor, New York, NY 10036, United States	(4)(5)(10)		SOFR + 5.25%	10.10%		9/26/2024		6/14/2031				35,450		35,096		35,095		0.10	%
HS Purchaser, LLC	6455 City West Parkway Eden Prairie, MN United States	(10)		SOFR + 4.00%	8.95%		6/23/2021		11/19/2026				35,928		35,929		34,356		0.09	%
Icefall Parent, Inc.	30 Braintree Hill Office Park, Suite 101, Boston, MA 02184 United States	(4)(7)(11)		SOFR + 6.50%	11.35%		1/26/2024		1/25/2030				72,237		70,834		71,644		0.20	%
Idemia America Corp	2 place Samuel Champlain, Courbevoie, Ile de France 92400, France	(6)(10)		SOFR + 4.25%	8.85%		2/2/2024		9/30/2028				997		1,004		1,002		0.00	%
IGT Holding II AB	Stureplan 4, Stockholm, 114 35 Sweden	(4)(5)(6)(8)		SOFR + 6.50%	11.27% (incl. 6.50% PIK)		8/13/2024		8/27/2033				121,993		119,579		119,553		0.33	%
IGT Holding IV AB	Stureplan 4, Stockholm, 114 35 Sweden	(4)(5)(6)(8)		E + 5.25%	8.6% (incl. 2.13% PIK)		10/25/2022		3/31/2028		EUR		14,538		15,634		16,061		0.04	%
ION Trading Finance Ltd.	10 Queen St Place, 2nd floor, London, EC4R 1BE United Kingdom	(6)(8)		SOFR + 4.00%	9.02%		6/3/2024		4/1/2028				24,025		23,927		24,064		0.07	%
IQN Holding Corp	5011 Gate Parkway Building 100, Suite 250, Jacksonville, FL 32256, United States	(4)(10)		SOFR + 5.25%	10.31%		5/2/2022		5/2/2029				46,024		45,736		46,024		0.13	%
IQN Holding Corp	5011 Gate Parkway Building 100, Suite 250, Jacksonville, FL 32256, United States	(4)(5)(7)(10)		SOFR + 5.25%	10.31%		5/2/2022		5/2/2028				1,293		1,260		1,293		0.00	%
IRI Group Holdings Inc	203 North LaSalle Street, Suite 1500 Chicago, IL 60601, United States	(4)(10)		SOFR + 5.00%	9.85%		4/1/2024		12/1/2028				1,591,181		1,568,258		1,591,181		4.37	%

S-94

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Software (continued)
IRI Group Holdings Inc	203 North LaSalle Street, Suite 1500 Chicago, IL 60601, United States	(4)(5)(7)(10)		SOFR + 5.00%	9.85%		4/1/2024		12/1/2027			$	58,750	$	57,351	$	58,750		0.16	%
JS Parent Inc	135 SW Taylor Suite 200 Portland, Oregon, 97204, United States	(4)(5)(7)(10)		SOFR + 5.00%	10.25%		4/24/2024		4/24/2031				81,422		81,003		81,382		0.22	%
Kaseya, Inc.	701 Brickell Avenue, Miami FL 33131 United States	(4)(10)		SOFR + 5.50%	10.75%		6/23/2022		6/25/2029				747,047		736,970		747,047		2.05	%
Kaseya, Inc.	701 Brickell Avenue, Miami FL 33131 United States	(4)(5)(7)(10)		SOFR + 5.50%	10.75%		6/23/2022		6/25/2029				11,426		10,985		11,095		0.03	%
Kaseya, Inc.	701 Brickell Avenue, Miami FL 33131 United States	(4)(5)(7)(10)		SOFR + 5.50%	10.10%		6/23/2022		6/25/2029				12,317		11,646		12,317		0.03	%
LD Lower Holdings, Inc.	8201 Greensboro Drive, Suite 717 Mclean, VA 22102-3810 United States	(4)(11)		SOFR + 7.50%	12.20%		2/8/2021		8/9/2027				107,688		107,090		106,880		0.29	%
Lightbox Intermediate, LP	9 West 57th Street, 43rd Floor, New York, NY, 10019, United States	(4)(8)		SOFR + 5.00%	10.11%		6/1/2022		5/9/2026				37,145		36,767		35,566		0.10	%
Magenta Security Holdings LLC	6000 Headquarters Drive, Plano, TX 75024, United States	(5)(11)		SOFR + 6.25%	11.37%		8/14/2024		7/27/2028				9,724		9,341		9,919		0.03	%
Magenta Security Holdings LLC	6000 Headquarters Drive, Plano, TX 75024, United States	(5)(10)(18)		SOFR + 6.75%	12.13%		8/14/2024		7/27/2028				27,581		26,248		26,216		0.07	%
Magenta Security Holdings LLC	6000 Headquarters Drive, Plano, TX 75024, United States	(5)(10)(17)(18)		SOFR + 7.00%	12.38% (incl. 5.5% PIK)		8/14/2024		7/27/2028				6,619		2,317		2,002		0.01	%
Magnesium BorrowerCo, Inc.	1 Finsbury Avenue, London, United Kingdom, EC2M 2PF	(4)(10)		S + 5.00%	9.95%		5/19/2022		5/18/2029		GBP		101,483		124,688		135,677		0.37	%
Magnesium BorrowerCo, Inc.	1 Finsbury Avenue, London, United Kingdom, EC2M 2PF	(4)(10)		SOFR + 5.00%	9.85%		5/19/2022		5/18/2029				1,048,417		1,030,677		1,048,417		2.88	%
Magnesium BorrowerCo, Inc.	1 Finsbury Avenue, London, United Kingdom, EC2M 2PF	(4)(5)(10)		SOFR + 5.00%	9.85%		3/21/2024		5/18/2029				29,338		29,014		29,338		0.08	%
Mandolin Technology Intermediate Holdings, Inc.	Nova Tower 1, 1 Allegheny Square, Suite 800, Pittsburgh, PA 15212, United States	(4)(9)		SOFR + 3.75%	8.50%		7/30/2021		7/31/2028				76,147		75,520		70,055		0.19	%

S-95

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024	Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Software (continued)
Mandolin Technology Intermediate Holdings, Inc.	Nova Tower 1, 1 Allegheny Square, Suite 800, Pittsburgh, PA 15212, United States	(4)(9)		SOFR + 6.25%	11.00%		6/9/2023		6/9/2030		$	62,212	$	60,694	$	62,212		0.17	%
Mandolin Technology Intermediate Holdings, Inc.	Nova Tower 1, 1 Allegheny Square, Suite 800, Pittsburgh, PA 15212, United States	(4)(5)(7)(8)		SOFR + 3.75%	8.54%		7/30/2021		7/31/2026			8,149		8,110		7,298		0.02	%
Maverick Bidco Inc.	5001 Plaza on the Lake #111 Austin, TX 78746 United States	(10)		SOFR + 3.75%	9.15%		5/18/2021		5/18/2028			16,534		16,491		16,523		0.05	%
Maverick Bidco Inc.	5001 Plaza on the Lake #111 Austin, TX 78746 United States	(4)(5)(10)		SOFR + 5.00%	10.20%		5/26/2023		5/18/2028			69,511		67,673		69,338		0.19	%
Maverick Bidco Inc.	5001 Plaza on the Lake #111 Austin, TX 78746 United States	(4)(5)(7)(10)		SOFR + 4.75%	9.79%		8/16/2024		5/18/2028			15,368		14,965		15,028		0.04	%
McAfee Corp.	6220 America Center Drive San Jose, CA 95002 United States	(6)(9)		SOFR + 3.25%	8.45%		5/31/2024		3/1/2029			29,722		29,476		29,654		0.08	%
Medallia, Inc.	200 W 41st St, New York, NY 10036, United States	(4)(10)		SOFR + 6.50%	10.85% (incl. 4.00% PIK)		10/28/2021		10/29/2028			857,065		847,973		814,212		2.23	%
Medallia, Inc.	200 W 41st St, New York, NY 10036, United States	(4)(7)(10)		SOFR + 6.50%	10.85% (incl. 4.00% PIK)		8/16/2022		10/29/2028			211,446		208,724		200,740		0.55	%
Mitnick Purchaser, Inc.	64 Willow Place, Suite 100, Menlo Park DE 94025 United States	(9)(18)		SOFR + 4.50%	9.85%		5/2/2022		5/2/2029			11,646		11,607		10,412		0.03	%
Monk Holding Co.	5473 Morris Hunt Dr Fort Mill, SC, 29708-6523 United States	(4)(10)(18)		SOFR + 5.50%	10.20%		12/1/2021		12/1/2027			10,972		10,833		10,972		0.03	%
Monk Holding Co.	5473 Morris Hunt Dr Fort Mill, SC, 29708-6523 United States	(4)(7)(10)		SOFR + 5.50%	10.20%		12/1/2021		12/1/2027			5,444		5,273		5,214		0.01	%
MRI Software, LLC	28925 Fountain Parkway Solon OH 44139 United States	(4)(5)(11)		SOFR + 4.75%	9.35%		12/19/2023		2/10/2027			50,702		50,287		50,448		0.14	%
MRI Software, LLC	28925 Fountain Parkway Solon OH 44139 United States	(4)(11)		SOFR + 4.75%	9.35%		1/7/2021		2/10/2027			183,587		182,476		180,833		0.50	%
MRI Software, LLC	28925 Fountain Parkway Solon OH 44139 United States	(4)(5)(7)(11)		SOFR + 4.75%	9.35%		8/27/2024		2/10/2027			7,811		7,441		6,828		0.02	%

S-96

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024	Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Software (continued)
NAVEX TopCo, Inc.	5500 Meadows Road, Suite 500, Lake Oswego, OR, 97035 United States	(4)(7)(10)		SOFR + 5.50%	10.60%		11/9/2023		11/9/2030		$	100,143	$	98,251	$	100,143		0.27	%
Nintex Topco Limited	10800 NE 8th Street, Suite 400 Bellevue, WA 98004 United States	(4)(6)(8)		SOFR + 4.50%	9.26% (incl. 1.50% PIK)		11/12/2021		11/13/2028			677,565		669,674		643,686		1.77	%
Noble Midco 3 Ltd	2 Seething Ln, London EC3N 4AT, United Kingdom	(4)(5)(6)(7)(10)		SOFR + 5.00%	9.60%		6/10/2024		6/24/2031			39,181		38,708		38,909		0.11	%
Oranje Holdco Inc	33 N Garden Ave, Clearwater, FL 33755 United States	(4)(5)(11)		SOFR + 7.25%	12.50%		4/19/2024		2/1/2029			5,000		4,906		5,000		0.01	%
Oranje Holdco Inc	33 N Garden Ave, Clearwater, FL 33755 United States	(4)(7)(11)		SOFR + 7.50%	12.75%		2/1/2023		2/1/2029			66,000		64,659		66,000		0.18	%
PDI TA Holdings, Inc.	11675 Rainwater Dr., Suite 350, Alpharetta, GA 30009, United States	(4)(7)(10)		SOFR + 5.25%	10.50%		2/1/2024		2/3/2031			68,890		67,748		68,161		0.19	%
Perforce Software, Inc.	2320 Blanding Avenue, Alameda CA 94501 United States	(9)		SOFR + 4.75%	9.60%		3/22/2024		3/25/2031			19,950		19,857		19,950		0.05	%
Perforce Software, Inc.	2320 Blanding Avenue, Alameda CA 94501 United States	(8)		SOFR + 3.75%	8.70%		1/7/2021		7/1/2026			15,176		15,169		15,141		0.04	%
Project Alpha Intermediate Holding, Inc.	211 South Gulph Road, Suite 500, King of Prussia, PA 19406 United States	(9)		SOFR + 3.75%	9.00%		5/14/2024		10/28/2030			71,031		71,031		71,269		0.20	%
Project Leopard Holdings, Inc.	300 North La Salle Street, Suite 4350, Chicago, IL 60654 United States	(9)		SOFR + 5.25%	10.60%		7/20/2022		7/20/2029			133,570		128,269		120,394		0.33	%
Project Leopard Holdings, Inc.	300 North La Salle Street, Suite 4350, Chicago, IL 60654 United States	(4)(5)(7)(8)		SOFR + 4.25%	9.49%		7/20/2022		7/20/2027			9,006		9,015		6,526		0.02	%
Proofpoint, Inc.	892 Ross Drive, Sunnyvale CA 94089 United States	(9)		SOFR + 3.00%	7.85%		5/28/2024		8/31/2028			6,938		6,938		6,943		0.02	%
Rally Buyer, Inc.	5213 Tacome Building C · Houston, TX 77041 United States	(4)(10)		SOFR + 5.75%	10.56% (incl. 1.75% PIK)		7/19/2022		7/19/2028			142,701		140,971		135,566		0.37	%
Rally Buyer, Inc.	5213 Tacome Building C · Houston, TX 77041 United States	(4)(5)(7)(10)		SOFR + 5.75%	10.57%		7/19/2022		7/19/2028			11,535		11,309		10,647		0.03	%
RealPage, Inc.	4000 International Parkway, Carrollton, TX, 75007, United States	(9)		SOFR + 3.00%	7.96%		4/22/2021		4/24/2028			1,955		1,951		1,900		0.01	%

S-97

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Software (continued)
Recorded Future Inc	363 Highland Avenue, Somerville, MA 02144, United States	(4)(10)		SOFR + 5.75%	10.60%		6/28/2024		6/28/2030			$	131,314	$	129,629	$	131,314		0.36	%
Recorded Future Inc	363 Highland Avenue, Somerville, MA 02144, United States	(4)(5)(7)(10)		SOFR + 5.75%	10.88%		6/28/2024		6/28/2030				7,952		7,494		7,474		0.02	%
Relativity ODA, LLC	231 South LaSalle Street, 8th Floor, Chicago, IL 60604 United States	(4)(7)(11)		SOFR + 4.50%	9.46%		5/12/2021		5/12/2029				37,640		37,587		37,520		0.10	%
Rocket Software, Inc.	77 4th Avenue, Waltham MA 02451 United States	(9)		SOFR + 4.75%	9.60%		10/5/2023		11/28/2028				42,977		42,454		43,073		0.12	%
S2P Acquisition Borrower, Inc.	3020 Carrington Mill Blvd Suite 100, Morrisville, NC 27560 United States	(6)(8)		SOFR + 4.00%	9.16%		1/7/2021		8/14/2026				12,380		12,390		12,411		0.03	%
Sailpoint Technologies, Inc.	11120 Four Points Drive Suite 100 Austin, TX 78726 United States	(4)(7)(10)		SOFR + 6.00%	11.10%		8/16/2022		8/16/2029				384,906		379,073		384,860		1.06	%
Scorpio BidCo SAS	131, Chemin du Bac -a-Traille Caluire-et-Cuire, 69300 France	(4)(5)(6)(7)(8)		E + 5.75%	9.60%		4/3/2024		4/30/2031		EUR		37,234		39,519		40,952		0.11	%
Skopima Consilio Parent, LLC	188 The Embarcadero, San Francisco, CA United States 94016 United States	(9)		SOFR + 4.00%	8.96%		5/14/2021		5/12/2028				39,612		39,178		39,600		0.11	%
Solarwinds Holdings, Inc.	7171 Southwest Parkway, Bldg 400, Austin, TX 78735 United States	(6)(8)		SOFR + 2.75%	7.60%		7/24/2024		2/5/2030				2,978		2,974		2,983		0.01	%
Sovos Compliance, LLC	200 Ballardvale Street 4th Floor Wilmington,MA,1887 United States	(9)		SOFR + 4.50%	9.46%		8/12/2021		8/11/2028				13,791		13,737		13,803		0.04	%
Spitfire Parent, Inc.	10161 Park Run Drive, Suite 150, Las Vegas, Nevada United States	(4)(11)		E + 5.50%	8.88%		3/8/2021		3/11/2027		EUR		18,866		22,593		21,001		0.06	%
Spitfire Parent, Inc.	10161 Park Run Drive, Suite 150, Las Vegas, Nevada United States	(4)(11)		SOFR + 5.50%	10.45%		3/9/2021		3/11/2027				117,026		116,271		117,026		0.32	%
Stamps.com, Inc.	1990 East Grand Avenue El Segundo, CA 90245 United States	(4)(5)(10)		SOFR + 5.75%	10.94%		12/14/2021		10/5/2028				9,870		9,754		9,697		0.03	%
Stamps.com, Inc.	1990 East Grand Avenue El Segundo, CA 90245 United States	(4)(10)		SOFR + 5.75%	10.94%		10/5/2021		10/5/2028				839,170		829,554		824,484		2.26	%

S-98

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Software (continued)
Surf Holdings, LLC	18595 Vineyard Point Lane, Cornelius, NC 28031 United States	(6)(8)		SOFR + 3.50%	8.53%		1/7/2021		3/5/2027				$ 12,622		$ 12,646		$ 12,666		0.03	%
Tegra118 Wealth Solutions, Inc.	255 Fiserv Drive, Brookfield WI 53045 United States	(8)		SOFR + 4.00%	9.13%		1/7/2021		2/18/2027				6,811		6,795		6,564		0.02	%
TravelPerk Inc	C/ dels Almogàvers, 154-164 08018 Barcelona, Spain	(4)(5)(6)(8)		11.50%	11.50% PIK		5/2/2024		5/2/2029				43,984		41,286		41,785		0.11	%
Triple Lift, Inc.	400 Lafayette St 5th floor, New York, NY 10003 United States	(4)(10)		SOFR + 5.75%	10.71%		5/6/2021		5/5/2028				43,621		43,174		41,440		0.11	%
Triple Lift, Inc.	400 Lafayette St 5th floor, New York, NY 10003 United States	(4)(5)(7)(11)		SOFR + 5.75%	11.20%		5/6/2021		5/5/2028				5,480		5,333		4,677		0.01	%
Triple Lift, Inc.	400 Lafayette St 5th floor, New York, NY 10003 United States	(4)(10)		SOFR + 5.75%	10.56%		3/18/2022		5/5/2028				25,586		25,286		24,307		0.07	%
Varicent Parent Holdings Corp	4711 Yonge St., Suite 300, Toronto, Ontario M2N 6K8, Canada	(4)(5)(7)(10)		SOFR + 6.00%	10.60% (incl. 3.25% PIK)		8/23/2024		8/23/2031				68,826		67,544		67,511		0.19	%
Vision Solutions, Inc.	15300 Barranca Parkway Suite 100 Irvine CA 92618 United States	(10)		SOFR + 4.00%	9.51%		10/25/2021		4/24/2028				40,102		40,014		39,150		0.11	%
VS Buyer, LLC	8800 Lyra Drive Columbus, Ohio 43240 United States	(6)(7)(8)		SOFR + 3.25%	8.35%		4/4/2024		4/12/2031				6,318		5,420		5,362		0.01	%
WPEngine, Inc.	504 Lavaca Street, Suite 1000, Austin, TX 78701 United States	(4)(7)(10)		SOFR + 6.50%	11.62%		8/14/2023		8/14/2029				81,400		79,221		81,156		0.22	%
XPLOR T1, LLC	950 East Paces Ferry Road NE Atlanta, GA 30326, United States	(4)(8)		SOFR + 4.25%	8.85%		6/24/2024		6/24/2031				35,000		34,832		35,175		0.10	%
Yellow Castle AB	3 Cavendish Square, London, W1G 0LB	(4)(6)(8)		ST + 4.75%	8.38% (incl. 2.59% PIK)		4/14/2022		7/9/2029		SEK		112,563		10,488		11,084		0.03	%
Yellow Castle AB	3 Cavendish Square, London, W1G 0LB	(4)(6)(8)		SA + 4.75%	5.96% (incl. 1.86% PIK)		4/14/2022		7/9/2029		CHF		10,674		10,773		12,612		0.03	%
Yellow Castle AB	3 Cavendish Square, London, W1G 0LB	(4)(5)(6)(10)		SA + 4.75%	5.96% (incl. 1.86% PIK)		7/28/2022		7/9/2029		CHF		3,484		3,486		4,116		0.01	%

S-99

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Software (continued)
Yellow Castle AB	3 Cavendish Square, London, W1G 0LB	(4)(6)(8)		E + 4.75%	8.42% (incl. 2.60% PIK)		4/14/2022		7/9/2029		EUR		31,713	$	31,678	$	35,301		0.10	%
Yellow Castle AB	3 Cavendish Square, London, W1G 0LB	(4)(5)(6)(7)(8)		E + 4.75%	8.42% (incl. 2.60% PIK)		4/14/2022		7/9/2029		EUR		1,639		1,714		1,825		0.01	%
Yellow Castle AB	3 Cavendish Square, London, W1G 0LB	(4)(5)(6)(10)		S + 4.75%	9.95% (incl. 3.06% PIK)		7/28/2022		7/9/2029		GBP		8,894		10,504		11,890		0.03	%
Zendesk Inc	989 Market St, San Francisco, CA 94103 United States	(4)(7)(10)		SOFR + 5.00%	9.69%		7/23/2024		11/22/2028				936,617		916,681		933,497		2.56	%
Zorro Bidco Ltd	740 Waterside Drive, Aztec West, Almondsbury, Bristol, BS32 4UF, United Kingdom	(4)(5)(6)(7)(8)		S + 5.00%	9.95%		8/13/2024		8/13/2031		GBP		65,579		82,099		85,727		0.24	%
															15,531,921		15,501,413		42.54	%
Specialty Retail
CustomInk, LLC	2910 District Avenue Fairfax VA 22031 United States	(4)(11)(18)		SOFR + 6.04%	11.39%		1/7/2021		5/3/2026				36,866		36,635		36,866		0.10	%
EG America, LLC	65 Flanders Rd, Westborough, MA 01581 United States	(6)(8)		SOFR + 5.50%	10.44%		7/12/2023		2/7/2028				13,781		13,474		13,792		0.04	%
Mavis Tire Express Services Topco, Corp.	358 Saw Mill River Rd, Millwood, NY 10546 United States	(10)		SOFR + 3.50%	8.35%		7/18/2024		5/4/2028				27,696		27,696		27,715		0.08	%
Metis Buyer, Inc.	358 Saw Mill River Rd, Millwood, NY 10546 United States	(4)(5)(7)(8)		SOFR + 3.25%	8.36%		5/4/2021		5/4/2026				3,690		3,626		3,622		0.01	%
Runner Buyer, Inc.	8 Santa Fe Way Cranbury,NJ,8512 United States	(10)		SOFR + 5.50%	10.67%		10/21/2021		10/20/2028				76,050		75,092		38,514		0.11	%
StubHub Holdco Sub, LLC	160 Greentree Drive, Suite 101, Dover, Delaware, County of Kent, 19904 United States	(8)		SOFR + 4.75%	9.60%		3/15/2024		3/15/2030				11,239		11,230		11,248		0.03	%
															167,753		131,757		0.37	%
Technology Hardware, Storage & Peripherals
Lytx, Inc.	9785 Towne Centre Drive San Diego CA 92121 United States	(4)(11)		SOFR + 5.00%	10.20%		6/13/2024		2/28/2028				75,139		75,190		75,139		0.21	%

S-100

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024	Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Trading Companies & Distributors
FCG Acquisitions, Inc.	800 Concar Drive, Suite 100, San Mateo, CA 94402 United States	(9)		SOFR + 3.75%	8.71%		4/1/2021		3/31/2028		$	22,760	$	22,702	$	22,794		0.06	%
Foundation Building Materials, Inc.	2520 Red Hill Avenue, Santa Ana, CA 92705 United States	(9)		SOFR + 3.25%	8.76%		1/29/2021		1/31/2028			14,652		14,463		14,298		0.04	%
Hillman Group Inc	1280 Kemper Meadow Drive, Cincinnati, OH 45240, Unted States	(9)		SOFR + 2.25%	7.10%		7/14/2021		7/14/2028			3,977		3,984		3,980		0.01	%
Icebox Holdco III, Inc.	80 Pall Mall, London, SW1Y 5ES, United Kingdom	(9)		SOFR + 3.75%	8.62%		12/22/2021		12/22/2028			15,663		15,626		15,728		0.04	%
Park River Holdings, Inc.	1 E. 4th Street Suite 1400, Cincinnati, OH, 45202 United States	(10)		SOFR + 3.25%	8.84%		1/7/2021		12/28/2027			45,781		45,460		45,128		0.12	%
Porcelain Acquisition Corp.	20 Sanker Road, Dickson, TN 37055 United States	(4)(11)		SOFR + 6.00%	10.70%		4/30/2021		4/1/2027			81,276		80,406		76,805		0.21	%
Red Fox CD Acquisition Corp	3916 Westpoint Blvd., Winston-Salem, NC 27103 United States	(4)(11)		SOFR + 6.00%	10.60%		3/4/2024		3/4/2030			114,533		112,135		114,533		0.31	%
Sunsource Borrower, LLC	2301 Windsor Court, Suite A, Addison, IL 6010, United States	(8)		SOFR + 4.00%	8.95%		3/25/2024		3/25/2031			2,985		2,992		2,969		0.01	%
White Cap Buyer, LLC	6250 Brook Hollow Parkway, Norcross, Georgia 30071 United States	(8)		SOFR + 3.25%	8.10%		6/13/2024		10/19/2029			16,915		16,875		16,812		0.05	%
Windsor Holdings III LLC	3075 Highland Pkwy Ste 200 Downers Grove IL 60515 United States	(8)		SOFR + 3.50%	8.46%		9/20/2024		8/1/2030			8,881		8,881		8,934		0.02	%
														323,524		321,981		0.87	%
Transportation Infrastructure
Capstone Acquisition Holdings Inc	30 Technology Parkway South, Suite 200, Peachtree Corner, GA 30092 United States	(4)(7)(11)		SOFR + 4.50%	9.56%		8/29/2024		11/13/2029			96,131		95,585		96,131		0.26	%
Enstructure, LLC	16 Laurel Avenue, Suite 300 Wellesley, MA 02481 United States	(4)(9)(18)		SOFR + 5.00%	10.11%		6/10/2024		6/10/2029			142,519		141,196		142,519		0.39	%

S-101

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Transportation Infrastructure (continued)
Enstructure, LLC	16 Laurel Avenue, Suite 300 Wellesley, MA 02481 United States	(4)(5)(7)(9)		SOFR + 5.00%	10.11%		6/10/2024		6/10/2029			$	88,177	$	86,357	$	85,355		0.23	%
Frontline Road Safety, LLC	2714 Sherman Street, Grand Prairie, TX 75051 United States	(4)(10)		SOFR + 5.75%	11.42%		5/3/2021		5/3/2027				180,328		178,787		180,328		0.49	%
Frontline Road Safety, LLC	2714 Sherman Street, Grand Prairie, TX 75051 United States	(4)(10)		SOFR + 5.75%	11.42%		12/15/2023		5/3/2027				22,446		22,103		22,446		0.06	%
Frontline Road Safety, LLC	2714 Sherman Street, Grand Prairie, TX 75051 United States	(4)(5)(7)(10)		SOFR + 5.75%	11.34%		12/15/2023		5/3/2027				17,947		17,630		17,666		0.05	%
Helix TS, LLC	114 Capital Way Christiana, TN 37037, United States	(4)(10)		SOFR + 6.25%	11.65%		8/4/2021		8/4/2027				92,074		91,203		89,312		0.25	%
Helix TS, LLC	114 Capital Way Christiana, TN 37037, United States	(4)(10)		SOFR + 6.25%	11.74%		8/4/2021		8/4/2027				61,726		61,360		59,874		0.16	%
Helix TS, LLC	114 Capital Way Christiana, TN 37037, United States	(4)(10)		SOFR + 6.25%	11.09%		12/22/2023		8/4/2027				13,795		13,579		13,381		0.04	%
Helix TS, LLC	114 Capital Way Christiana, TN 37037, United States	(4)(5)(10)		SOFR + 6.25%	11.00%		12/14/2022		8/4/2027				985		973		956		0.00	%
Italian Motorway Holdings S.à r.l	Meif 6 Hra Italian Motorway Holdings SARL, Luxembourg	(4)(6)(8)		E + 5.25%	9.09%		4/28/2022		4/28/2029		EUR		236,429		244,330		263,180		0.72	%
Liquid Tech Solutions Holdings, LLC	79 Madison Ave #439, New York, NY 10016 United States	(4)(10)		SOFR + 4.75%	9.71%		3/19/2021		3/20/2028				18,755		18,707		18,778		0.05	%
Roadsafe Holdings, Inc.	3331 Street Rd #430, Bensalem, PA 19020 United States	(4)(11)		SOFR + 5.75%	11.14%		4/19/2021		10/19/2027				76,046		75,200		73,764		0.20	%
Roadsafe Holdings, Inc.	3331 Street Rd #430, Bensalem, PA 19020 United States	(4)(11)		SOFR + 5.75%	11.06%		1/31/2022		10/19/2027				76,325		75,766		74,035		0.20	%
Roadsafe Holdings, Inc.	3331 Street Rd #430, Bensalem, PA 19020 United States	(4)(11)		SOFR + 5.75%	11.06%		4/19/2021		10/19/2027				54,780		54,704		53,136		0.15	%
Safety Borrower Holdings LP	8814 Horizon Blvd, Northeast, Suite 100, Albuquerque, NM 87113, United States	(4)(11)		SOFR + 5.25%	10.21%		9/1/2021		9/1/2027				47,430		47,211		47,430		0.13	%
Safety Borrower Holdings LP	8814 Horizon Blvd, Northeast, Suite 100, Albuquerque, NM 87113, United States	(4)(5)(7)(11)		P + 4.25%	12.25%		9/1/2021		9/1/2027				1,258		1,242		1,225		0.00	%

S-102

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024	Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Transportation Infrastructure (continued)
Sam Holding Co, Inc.	7414 Circle17 South, Sebring, FL 33876, United States	(4)(11)		SOFR + 5.75%	10.91%		9/24/2021		9/24/2027			$ 147,440		$ 145,976		$ 147,440		0.40	%
Sam Holding Co, Inc.	7414 Circle17 South, Sebring, FL 33876, United States	(4)(11)		SOFR + 5.75%	11.13%		9/19/2023		9/24/2027			63,360		62,419		63,360		0.17	%
Sam Holding Co, Inc.	7414 Circle17 South, Sebring, FL 33876, United States	(4)(5)(11)		SOFR + 5.75%	11.08%		9/19/2023		9/24/2027			39,894		39,293		39,894		0.11	%
Sam Holding Co, Inc.	7414 Circle17 South, Sebring, FL 33876, United States	(4)(11)		SOFR + 5.75%	11.17%		9/24/2021		9/24/2027			45,738		45,310		45,738		0.13	%
Sam Holding Co, Inc.	7414 Circle17 South, Sebring, FL 33876, United States	(4)(5)(7)(11)		P + 5.00%	13.50%		9/24/2021		3/24/2027			6,000		5,784		6,000		0.02	%
TRP Infrastructure Services, LLC	2411 Minnis Dr, Haltom City, TX 76117, United States	(4)(11)		SOFR + 5.50%	10.90%		7/9/2021		7/9/2027			71,663		70,989		68,081		0.19	%
														1,595,704		1,610,029		4.40	%
Wireless Telecommunication Services
CCI Buyer, Inc.	300 N. LaSalle St, Suite 5600, Chicago 60602 United States	(10)		SOFR + 4.00%	8.60%		1/7/2021		12/17/2027			20,975		20,963		20,973		0.06	%
CyrusOne Revolving Warehouse	2850 N Harwood St., Suite 2200, Dallas, Texas 75201, United States	(4)(5)(6)(7)(8)		SOFR + 3.00%	8.13%		7/12/2024		7/2/2029			38,333		37,045		38,335		0.11	%
														58,008		59,308		0.17	%
Total First Lien Debt - non-controlled/non-affiliated														56,109,579		55,938,678		153.40	%
First Lien Debt - controlled/affiliated
Chemicals
Pigments Services, Inc.	1 Concorde Gate, Suite 608, Toronto, Ontario, Canada	(4)(6)(11)(16)(17)		SOFR + 8.25% 13.27% PIK			4/14/2023		4/14/2029			18,387		15,191		8,072		0.02	%
Pigments Services, Inc.	1 Concorde Gate, Suite 608, Toronto, Ontario, Canada	(4)(6)(11)(16)		SOFR + 8.25% 13.27% PIK			4/14/2023		4/14/2029			10,960		10,960		10,960		0.03	%
														26,151		19,032		0.05	%
Insurance
CFCo, LLC (Benefytt Technologies, Inc.)	15438 North Florida Avenue, Suite 201, Tampa, FL 33613, United States	(4)(5)(8)(16)(17)(18)		0.00%	0.00%		9/11/2023		9/13/2038			86,098		12,571		—		0.00	%

S-103

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024	Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Insurance (continued)
Daylight Beta Parent, LLC (Benefytt Technologies, Inc.)	15438 North Florida Avenue, Suite 201, Tampa, FL 33613, United States	(4)(5)(8)(16)(17)(18)		10.00%	10.00% PIK		9/11/2023		9/12/2033			$ 49,530		$ 49,530		$ 12,194		0.03	%
														62,101		12,194		0.03	%
Professional Services
Material Holdings, LLC	1900 Avenue of the Stars Ste 1600 19th floor Los Angeles, CA 90067 United States	(4)(5)(10)(16)		SOFR + 6.00%	10.70% (incl. 8.02% PIK)		6/14/2024		8/19/2027			227,908		225,891		227,908		0.63	%
Material Holdings, LLC	1900 Avenue of the Stars Ste 1600 19th floor Los Angeles, CA 90067 United States	(4)(5)(7)(10)(16)		SOFR + 6.00%	10.70% PIK		6/14/2024		8/19/2027			55,991		55,470		33,188		0.09	%
														281,361		261,096		0.72	%
Total First Lien Debt - controlled/affiliated														369,613		292,322		0.80	%
Total First Lien Debt														56,479,192		56,231,000		154.20	%
Second Lien Debt
Second Lien Debt - non-controlled/non-affiliated
Aerospace & Defense
Atlas CC Acquisition Corp.	9465 Wilshire Blvd, Suite 300 Beverly Hills, CA 90212 United States	(4)(10)		SOFR + 7.63%	12.94%		5/25/2021		5/25/2029			44,520		44,132		34,058		0.09	%
Peraton Corp.	12975 Worldgate Drive, Herndon, VA 20170 United States	(10)		SOFR + 7.75%	12.97%		5/6/2021		2/1/2029			53,259		52,824		50,146		0.14	%
														96,956		84,204		0.23	%
Air Freight & Logistics
Wwex Uni Topco Holdings, LLC	2323 Victory Avenue Suite 1600, Dallas, TX 75219 United States	(10)		SOFR + 7.00%	11.87%		7/26/2021		7/26/2029			33,000		32,710		32,285		0.09	%
Commercial Services & Supplies
DG Investment Intermediate Holdings 2, Inc.	One Commerce Drive, Schaumburg, Illinois 60173 United States	(10)		SOFR + 6.75%	11.71%		3/31/2021		3/30/2029			29,464		29,381		27,789		0.08	%

S-104

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Commercial Services & Supplies (continued)
OMNIA Partners, LLC	5001 Aspen Grove Drive Franklin, TN 37067, United States	(4)(5)(8)		SOFR + 5.00%	10.28%		5/31/2024		5/31/2032			$	165,000	$	164,210	$	165,000		0.45	%
															193,591		192,789		0.53	%
Construction & Engineering
Thermostat Purchaser III, Inc.	10 Parkway North Suite 100 Deerfield,IL,60015 United States	(4)(10)		SOFR + 7.25%	12.96% (incl. 0.50% PIK)		8/31/2021		8/31/2029				32,783		32,481		32,619		0.09	%
Health Care Providers & Services
Canadian Hospital Specialties Ltd.	2060 Winston Park Drive, Suite 400, Oakville, Ontario L6H 5R7 Canada	(4)(6)(8)		8.75%	8.75%		4/15/2021		4/15/2029		CAD		3,800		3,000		2,501		0.01	%
CD&R Artemis UK Bidco Ltd.	26 Southampton Buildings, 8th Floor, Holborn Gate London, WC2A 1AN United Kingdom	(4)(6)(8)		S + 7.50%	12.45%		8/19/2021		8/19/2029		GBP		65,340		87,873		86,701		0.24	%
CD&R Artemis UK Bidco Ltd.	26 Southampton Buildings, 8th Floor, Holborn Gate London, WC2A 1AN United Kingdom	(4)(6)(9)		SOFR + 7.35%	12.10%		12/31/2021		8/19/2029				15,000		14,760		14,700		0.04	%
CD&R Artemis UK Bidco Ltd.	26 Southampton Buildings, 8th Floor, Holborn Gate London, WC2A 1AN United Kingdom	(4)(5)(6)(9)		SOFR + 7.35%	12.10%		3/31/2022		8/19/2029				10,000		9,835		9,800		0.03	%
Jayhawk Buyer, LLC	8717 West 110th Street, Suite 300 Overland Park, KS 66210 United States	(4)(11)		SOFR + 8.75%	14.10%		5/26/2021		10/15/2027				6,537		6,474		5,948		0.02	%
															121,942		119,650		0.34	%
Interactive Media & Services
Project Boost Purchaser, LLC	11660 Alpharetta Highway Suite 210 Roswell, GA 30076 United States	(5)(8)		SOFR + 5.25%	10.53%		7/16/2024		7/16/2032				44,853		44,634		45,003		0.12	%
IT Services
Dcert Buyer, Inc.	2801 N Thanksgiving Way #500, Lehi 84043 United States	(8)		SOFR + 7.00%	11.85%		2/19/2021		2/19/2029				60,975		61,107		52,961		0.15	%
Inovalon Holdings, Inc.	4321 Collington Rd, Bowie, MD 20716, United States	(4)(10)		SOFR + 10.50%	16.01% PIK		11/24/2021		11/24/2033				121,576		119,709		121,576		0.33	%
															180,816		174,537		0.48	%

S-105

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024	Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Life Sciences Tools & Services
Curia Global, Inc.	26 Corporate Circle Albany,NY,12203 United States	(4)(10)		SOFR + 6.50%	12.01%		9/1/2021		8/31/2029		$	45,977	$	45,412	$	40,919		0.11	%
LSCS Holdings, Inc.	190 North Milwaukee Street Milwaukee,WI,53202 United States	(9)		SOFR + 8.00%	12.96%		12/16/2021		12/17/2029			40,000		39,608		38,500		0.11	%
														85,020		79,419		0.22	%
Machinery
Victory Buyer, LLC	50 East 153rd Street Bronx, NY 10451-2104 United States	(4)(9)		SOFR + 7.00%	11.96%		11/19/2021		11/19/2029			24,677		24,509		23,320		0.06	%
Media
Houghton Mifflin, LLC	125 High St, Suite 900, Boston, MA 02110, United States	(4)(9)		SOFR + 8.50%	13.35%		4/7/2022		4/8/2030			80,500		79,370		78,085		0.21	%
Professional Services
Celestial Saturn Parent, Inc.	40 Pacifica #900, Irvine, CA 92618 United States	(9)		SOFR + 6.50%	11.46%		6/4/2021		6/4/2029			67,488		67,093		66,026		0.18	%
Deerfield Dakota Holding, LLC	55 East 52nd Street 31st Floorm Park Avenue Plaza, New York, NY 10055 United States	(10)		SOFR + 6.75%	11.62%		4/22/2021		4/7/2028			27,069		27,022		26,604		0.07	%
Sedgwick Claims Management Services, Inc.	8125 Sedgwick Way, Memphis TN 38125 United States	(4)(5)(6)(8)		SOFR + 5.00%	10.25%		7/31/2024		7/31/2032			230,000		227,749		228,275		0.63	%
Thevelia US, LLC	Level 15, Manulife Place, 348 Kwun Tong Rd, Ngau Tau Kok, Hong Kong	(4)(6)(9)		SOFR + 6.00%	10.60%		6/17/2022		6/17/2030			182,046		178,149		182,046		0.50	%
														500,013		502,951		1.38	%
Software
Boxer Parent Company, Inc.	John Hancock Tower 200 Clarendon Street Boston MA 02116 United States	(5)(8)		SOFR + 5.75%	11.01%		7/30/2024		7/30/2032			45,494		45,381		44,850		0.12	%
Cloudera, Inc.	1001 Page Mill Road Building 3 Palo Alto,CA,94304 United States	(9)		SOFR + 6.00%	10.95%		10/8/2021		10/8/2029			66,697		66,348		63,140		0.17	%
Delta Topco, Inc.	3111 Coronado Drive in Santa Clara, CA 95054 United States	(8)		SOFR + 5.25%	9.95%		5/1/2024		12/1/2030			87,913		87,500		88,609		0.24	%

S-106

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024	Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Software (continued)
Flash Charm, Inc.	Brookhollow Ctr III, 2950 Nort Loop Freeway W, Suite 700 Houston TX 77092 United States	(8)		SOFR + 6.75%	12.15%		3/2/2021		3/2/2029			$ 27,051		$ 26,860		$ 26,409		0.07	%
Human Security, Inc.	111 W 33rd St 11TH Fl, New York, New York, 10001, United States	(4)(11)		SOFR + 6.75%	11.60%		7/22/2022		7/22/2027			50,000		49,507		47,750		0.13	%
Human Security, Inc.	111 W 33rd St 11TH Fl, New York, New York, 10001, United States	(4)(5)(11)		SOFR + 6.75%	12.00%		7/22/2022		7/22/2027			50,000		49,507		47,750		0.13	%
Mandolin Technology Intermediate Holdings, Inc.	Nova Tower 1, 1 Allegheny Square, Suite 800, Pittsburgh, PA 15212, United States	(4)(9)		SOFR + 6.50%	11.25%		7/30/2021		7/30/2029			31,950		31,682		29,234		0.08	%
Maverick Bidco Inc.	5001 Plaza on the Lake #111 Austin, TX 78746 United States	(4)(5)(10)		SOFR + 8.00%	13.16%		12/19/2023		5/18/2029			628		617		619		0.00	%
Maverick Bidco Inc.	5001 Plaza on the Lake #111 Austin, TX 78746 United States	(5)(10)		SOFR + 6.75%	12.15%		5/18/2021		5/18/2029			18,000		17,954		17,639		0.05	%
Vision Solutions, Inc.	15300 Barranca Parkway Suite 100 Irvine CA 92618 United States	(5)(10)		SOFR + 7.25%	12.76%		4/23/2021		4/23/2029			41,439		41,257		39,030		0.11	%
														416,613		405,030		1.10	%
Trading Companies & Distributors
Icebox Holdco III, Inc.	80 Pall Mall, London, SW1Y 5ES, United Kingdom	(9)		SOFR + 6.75%	11.62%		12/22/2021		12/21/2029			14,000		13,908		14,158		0.04	%
Total Second Lien Debt - non-controlled/non-affiliated														1,822,563		1,784,050		4.89	%
Total Second Lien Debt														1,822,563		1,784,050		4.89	%
Unsecured Debt
Unsecured Debt - non-controlled/non-affiliated
Biotechnology
AbbVie Inc	1 N. Waukegan Road, North Chicago, Illinois 60064, United States	(5)(6)(8)		4.80%	4.80%		9/10/2024		3/15/2029			1,000		1,032		1,029		0.00	%

S-107

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024	Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Biotechnology (continued)
Amgen Inc	One Amgen Center Drive, Thousand Oaks, CA 91320, United States	(5)(6)(8)		5.15%	5.15%		9/10/2024		3/2/2028		$	1,000	$	1,030	$	1,030		0.00	%
Biogen Inc	225 Binney Street, Cambridge, MA 02142, United States	(5)(6)(8)		2.25%	2.25%		9/10/2024		5/1/2030			1,000		896		893		0.00	%
Gilead Sciences Inc	333 Lakeside Drive Foster City, CA 94404, United States	(5)(6)(8)		1.65%	1.65%		9/10/2024		10/1/2030			1,000		866		864		0.00	%
Regeneron Pharmaceuticals Inc	777 Old Saw Mill River Road, Tarrytown, NY 10591, United States	(5)(6)(8)		1.75%	1.75%		9/10/2024		9/15/2030			1,000		869		864		0.00	%
														4,693		4,680		0.00	%
Health Care Equipment & Supplies
Abbott Laboratories	100 Abbott Park Road, Abbott Park, Illinois 60064, United States	(5)(6)(8)		1.40%	1.40%		9/10/2024		6/30/2030			1,000		880		875		0.00	%
Alcon Finance Corp	Avenue Louis-Casaï 58, Geneva, Switzerland	(5)(6)(8)		2.60%	2.60%		9/10/2024		5/27/2030			1,000		915		913		0.00	%
Becton Dickinson & Co	18-03 NJ-208, Franklin Lakes, NJ 07417, United States	(5)(6)(8)		5.08%	5.08%		9/10/2024		6/7/2029			1,000		1,035		1,034		0.00	%
Boston Scientific Corp	300 Boston Scientific Way, Marlborough, MA 01752, United States	(5)(6)(8)		2.65%	2.65%		9/10/2024		6/1/2030			1,000		924		920		0.00	%
														3,754		3,742		0.00	%
Health Care Technology
Healthcomp Holding Company, LLC	621 Santa Fe Ave. Fresno, CA 93721 United States	(4)(5)(8)		13.75%	13.75% PIK		11/8/2023		11/8/2031			20,471		19,973		20,164		0.06	%
IT Services
PPT Holdings III, LLC	5910 Landerbrook Drive, Mayfield Heights, OH 44124 United States	(4)(5)(8)		12.75%	12.75% PIK		3/25/2024		3/27/2034			8,285		8,101		8,244		0.02	%
Life Sciences Tools & Services
Thermo Fisher Scientific Inc.	168 Third Avenue, Waltham, MA 02451, United States	(5)(6)(8)		5.00%	5.00%		9/10/2024		1/31/2029			1,000		1,038		1,037		0.00	%

S-108

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024	Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Pharmaceuticals
Astrazeneca Finance LLC	1 Francis Crick Avenue, Cambridge Biomedical Campus, Cambridge, Cambridgeshire CB2 0AA, United Kingdom	(5)(6)(8)		4.85%	4.85%		9/10/2024		2/26/2029		$	1,000	$	1,033	$	1,032		0.00	%
Bristol-Myers Squibb Co	Route 206 & Province Line Road , Princeton, New Jersey 08543, United States	(5)(6)(8)		4.90%	4.90%		9/10/2024		2/22/2029			1,000		1,035		1,034		0.00	%
Eli Lilly & Co	893 Delaware St, Indianapolis, IN 46225, United States	(5)(6)(8)		4.20%	4.20%		9/10/2024		8/14/2029			1,000		1,012		1,010		0.00	%
GlaxoSmithKline Capital PLC	79 New Oxford Street, London, England WC1A 1DG, United Kingdom	(5)(6)(8)		3.38%	3.38%		9/10/2024		6/1/2029			1,000		974		972		0.00	%
Johnson & Johnson	1 Johnson And Johnson Plaza, New Brunswick, New Jersey, 08933, United States	(5)(6)(8)		4.80%	4.80%		9/10/2024		6/1/2029			1,000		1,044		1,041		0.00	%
Merck & Co Inc	126 East Lincoln Avenue P.O. Box 2000. Rahway, NJ 07065, United States	(5)(6)(8)		4.30%	4.30%		9/10/2024		5/17/2030			1,000		1,017		1,015		0.00	%
Novartis Capital Corp	Forum 1, Novartis Campus, Basel, Switzerland	(5)(6)(8)		2.20%	2.20%		9/10/2024		8/14/2030			1,000		912		908		0.00	%
Novo Nordisk Finance Netherlands BV	Novo Allé, 2880 Bagsvaerd, Denmark	(5)(6)(8)		3.13%	3.13%		9/10/2024		1/21/2029			1,000		1,119		1,136		0.00	%
Pfizer Inc	66 Hudson Boulevard East, New York, NY, 10001, United States	(5)(6)(8)		1.70%	1.70%		9/10/2024		5/28/2030			1,000		884		883		0.00	%
Roche Holdings Inc	Grenzacherstrasse 124, Basel, Switzerland	(5)(6)(8)		4.20%	4.20%		9/10/2024		9/9/2029			1,000		1,009		1,005		0.00	%
Takeda Pharmaceutical Co Ltd	12-10, Nihonbashi 2-chome, Chuo-ku, Tokyo, Japan	(5)(6)(8)		2.05%	2.05%		9/10/2024		3/31/2030			1,000		891		890		0.00	%

S-109

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024	Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Pharmaceuticals (continued)
Teva Pharmaceutical Finance Netherlands III B.V.	Piet Heinkade 107, Amsterdam, Netherlands	(5)(6)(8)		3.15%	3.15%		9/10/2024		10/1/2026			$ 1,000		$ 959		$ 962		0.00	%
														11,889		11,888		0.00	%
Total Unsecured Debt - non-controlled/non-affiliated														49,448		49,755		0.08	%
Total Unsecured Debt														49,448		49,755		0.08	%
Structured Finance Obligations - Debt Instruments
Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated
Financial Services
522 Funding CLO 2020-6, Ltd.	522 5th Avenue New York,NY,10036 United States	(4)(5)(6)(8)		SOFR + 6.76%	12.04%		11/9/2021		10/23/2034			3,000		3,000		2,884		0.01	%
Allegro CLO XIII Ltd	c/o Ocorian Trust (Cayman) Limited Windward 3 Regatta Office Park P.O. Box 1350, Grand Cayman George Town, KY1-1108 KY	(4)(5)(6)(8)		SOFR + 6.87%	12.15%		5/25/2021		7/20/2034			2,500		2,451		2,496		0.01	%
Apidos CLO XXXIII	C/O MaplesFS Limited PO Box 1093 Queensgate House Grand Cayman George Town, KY1-1102 KY	(4)(5)(6)(8)		SOFR + 6.61%	12.01%		9/14/2021		10/24/2034			5,000		4,961		5,015		0.01	%
Apidos CLO XXXVI	C/O MaplesFS Limited PO Box 1093 Queensgate House Grand Cayman George Town, KY1-1102 KY	(4)(5)(6)(8)		SOFR + 6.21%	11.54%		7/28/2021		7/20/2034			8,500		8,500		8,547		0.02	%
Ares Loan Funding VI Ltd	PO Box 1093 Queensgate House Grand Cayman George Town, KY1-1102 KY	(4)(5)(6)(8)		SOFR + 6.40%	11.72%		5/24/2024		7/10/2037			2,000		2,000		2,006		0.01	%

S-110

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024	Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Financial Services (continued)
Ares LX CLO LTD	PO Box 1093 Queensgate House Grand Cayman George Town, KY1-1102 KY	(4)(5)(6)(8)		SOFR + 6.51%	11.79%		5/6/2021		7/18/2034		$	5,000	$	4,978	$	4,950		0.01	%
Ares LXII CLO, Ltd.	PO Box 1093 Queensgate House Grand Cayman George Town, KY1-1102 KY	(4)(5)(6)(8)		SOFR + 6.76%	12.05%		11/18/2021		1/25/2034			9,000		9,000		9,020		0.02	%
Ares XXVII CLO, Ltd.	PO Box 1093 Queensgate House Grand Cayman George Town, KY1-1102 KY	(4)(5)(6)(8)		SOFR + 7.01%	12.29%		9/23/2021		10/28/2034			5,000		4,961		5,024		0.01	%
Bain Capital Credit CLO 2020-4 Ltd	c/o Maples Fiduciary Services (Jersey) Limited 2nd Floor, Sir Walter Raleigh House St. Helier, JE2 3QB Jersey	(4)(5)(6)(8)		SOFR + 7.98%	13.26%		10/11/2023		10/20/2036			5,500		5,347		5,718		0.02	%
Bain Capital Credit CLO 2024-3 Ltd	c/o Maples Fiduciary Services (Jersey) Limited 2nd Floor, Sir Walter Raleigh House St. Helier, JE2 3QB Jersey	(4)(5)(6)(8)		SOFR + 6.25%	11.59%		5/16/2024		7/16/2037			2,500		2,500		2,544		0.01	%
Balboa Bay Loan Funding 2021-2, Ltd.	c/o Walkers Fiduciary, 190 Elgin Avenue, George Town, Grand Cayman, Cayman Islands	(4)(5)(6)(8)		SOFR + 6.86%	12.14%		10/20/2021		1/20/2035			7,000		6,945		6,742		0.02	%
Balboa Bay Loan Funding 2024-1 Ltd	c/o Walkers Fiduciary, 190 Elgin Avenue, George Town, Grand Cayman, Cayman Islands	(4)(5)(6)(8)		SOFR + 6.25%	11.60%		5/17/2024		7/20/2037			2,300		2,300		2,329		0.01	%
Barings CLO Ltd 2018-II	190 Elgin Avenue Grand Cayman George Town, KY 1-9008 KY	(4)(5)(6)(8)		SOFR + 6.90%	12.00%		8/9/2024		7/15/2036			4,000		4,000		4,038		0.01	%
Barings Clo Ltd 2019-IV	190 Elgin Avenue Grand Cayman George Town, KY 1-9008 KY	(4)(5)(6)(8)		SOFR + 6.40%	11.70%		5/13/2024		7/15/2037			5,000		5,000		5,032		0.01	%
Barings CLO Ltd 2021-II	190 Elgin Avenue Grand Cayman George Town, KY 1-9008 KY	(4)(5)(6)(8)		SOFR + 6.51%	11.81%		7/14/2021		7/15/2034			6,000		6,000		5,925		0.02	%
Barings CLO Ltd 2021-III	190 Elgin Avenue Grand Cayman George Town, KY 1-9008 KY	(4)(5)(6)(8)		SOFR + 6.91%	12.19%		11/17/2021		1/18/2035			7,200		7,200		6,806		0.02	%

S-111

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024	Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Financial Services (continued)
Barings Clo Ltd 2022-II	190 Elgin Avenue Grand Cayman George Town, KY 1-9008 KY	(4)(5)(6)(8)		SOFR + 6.90%	12.20%		7/2/2024		7/15/2039		$	5,000	$	5,000	$	5,020		0.01	%
Barings CLO Ltd 2023-IV	190 Elgin Avenue Grand Cayman George Town, KY 1-9008 KY	(4)(5)(6)(8)		SOFR + 7.59%	12.87%		12/6/2023		1/20/2037			3,000		2,972		3,133		0.01	%
Benefit Street Partners CLO XX	190 Elgin Avenue, George Town, Grand Cayman, Cayman Islands	(4)(5)(6)(8)		SOFR + 7.01%	12.31%		8/9/2021		7/15/2034			6,500		6,500		6,536		0.02	%
Benefit Street Partners CLO XXVI Ltd	190 Elgin Avenue, George Town, Grand Cayman, Cayman Islands	(4)(5)(6)(8)		SOFR + 6.00%	11.28%		7/3/2024		7/20/2037			3,000		3,000		2,985		0.01	%
Benefit Street Partners, LLC BSP 2020-21A	190 Elgin Avenue, George Town, Grand Cayman, Cayman Islands	(4)(5)(6)(8)		SOFR + 6.96%	12.29%		8/25/2021		10/15/2034			3,000		2,976		3,011		0.01	%
BlueMountain CLO XXIX Ltd	280 Park Ave 12th Floor, New York, NY 10017 United States	(4)(5)(6)(8)		SOFR + 7.12%	12.41%		7/15/2021		7/25/2034			2,750		2,696		2,660		0.01	%
Broad River Ltd 2020-1	C/O MaplesFS Limited PO Box 1093, Queensgate House, Grand Cayman George Town, KY1-1102 KY	(4)(5)(6)(8)		SOFR + 6.76%	12.04%		5/17/2021		7/20/2034			7,000		6,955		7,024		0.02	%
Carlyle US CLO 2018-4, Ltd.	c/o Walkers Fiduciary, 190 Elgin Avenue, George Town, Grand Cayman, Cayman Islands	(4)(5)(6)(8)		SOFR + 6.43%	11.44%		7/23/2024		10/17/2037			1,000		970		976		0.00	%
Carlyle US CLO 2018-4, Ltd.	c/o Walkers Fiduciary, 190 Elgin Avenue, George Town, Grand Cayman, Cayman Islands	(4)(5)(6)(8)		SOFR + 7.86%	12.87%		7/23/2024		10/17/2037			5,000		5,025		5,024		0.01	%
Carlyle US CLO 2020-1, Ltd.	c/o Walkers Fiduciary, 190 Elgin Avenue, George Town, Grand Cayman, Cayman Islands	(4)(5)(6)(8)		SOFR + 6.51%	11.79%		7/14/2021		7/20/2034			11,500		11,500		11,530		0.03	%
Carlyle US CLO 2022-4 Ltd	c/o Walkers Fiduciary, 190 Elgin Avenue, George Town, Grand Cayman, Cayman Islands	(4)(5)(6)(8)		SOFR + 6.75%	12.03%		7/12/2024		7/25/2036			4,000		4,000		4,016		0.01	%

S-112

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024	Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Financial Services (continued)
Carlyle US CLO 2023-5 Ltd	c/o Walkers Fiduciary, 190 Elgin Avenue, George Town, Grand Cayman, Cayman Islands	(4)(5)(6)(8)		SOFR + 7.90%	13.16%		11/10/2023		1/27/2036		$	7,000	$	6,869	$	7,297		0.02	%
Carval CLO V-C, LTD.	15 Esplanade St Helier St Helier, JE1 1RB JE	(4)(5)(6)(8)		SOFR + 7.01%	12.34%		11/24/2021		10/15/2034			8,000		7,937		8,028		0.02	%
Carval CLO VI-C, LTD.	15 Esplanade St Helier St Helier, JE1 1RB JE	(4)(5)(6)(8)		SOFR + 7.33%	12.61%		4/22/2022		4/21/2034			8,750		8,680		8,789		0.02	%
Carval Clo VIII-C Ltd	15 Esplanade St Helier St Helier, JE1 1RB JE	(4)(5)(6)(8)		SOFR + 7.60%	12.23%		9/13/2024		10/22/2037			2,000		2,000		2,010		0.01	%
Carval Clo X-C Ltd	15 Esplanade St Helier St Helier, JE1 1RB JE	(4)(5)(6)(8)		SOFR + 6.15%	11.43%		6/13/2024		7/20/2037			3,000		3,000		3,042		0.01	%
CarVal CLO XI C Ltd	15 Esplanade St Helier St Helier, JE1 1RB JE	(4)(5)(6)(8)		SOFR + 6.35%	11.02%		8/14/2024		10/20/2037			3,000		3,000		3,036		0.01	%
CBAM 2018-8 Ltd	One Vanderbilt Ave, Suite 3400, New York, NY, 10017 United States	(4)(5)(6)(8)		SOFR + 7.40%	12.75%		5/10/2024		7/15/2037			4,000		4,000		4,035		0.01	%
CBAM 2018-8 Ltd	One Vanderbilt Ave, Suite 3400, New York, NY, 10017 United States	(4)(5)(6)(8)		SOFR + 6.37%	11.72%		5/10/2024		7/15/2037			1,000		962		970		0.00	%
CIFC Funding 2019-III, Ltd.	c/o Ocorian Trust (Cayman) Limited Windward 3 Regatta Office Park PO Box 1350 Grand Cayman, KY1-1108 KY	(4)(5)(6)(8)		SOFR + 7.06%	12.39%		8/16/2021		10/16/2034			8,000		8,000		8,046		0.02	%
Dryden 112 CLO, Ltd.	3 Gateway Center 14th Floor Newark,NJ,7102 United States	(4)(5)(6)(8)		SOFR + 7.75%	12.87%		11/9/2023		11/15/2036			4,900		4,791		4,936		0.01	%
Dryden 78 CLO Ltd	3 Gateway Center 14th Floor Newark,NJ,7102 United States	(4)(5)(6)(8)		SOFR + 7.70%	12.99%		4/4/2024		4/17/2037			4,000		4,000		4,091		0.01	%
Dryden 78 CLO Ltd	3 Gateway Center 14th Floor Newark,NJ,7102 United States	(4)(5)(6)(8)		SOFR + 6.63%	11.92%		4/4/2024		4/17/2037			1,000		978		992		0.00	%
Dryden 95 CLO, Ltd.	3 Gateway Center 14th Floor Newark,NJ,7102 United States	(4)(5)(6)(8)		SOFR + 6.41%	11.54%		7/29/2021		8/20/2034			8,000		8,000		7,753		0.02	%
Eaton Vance CLO 2019-1 Ltd	One Post Office Square Boston, MA 02110, United States	(4)(5)(6)(8)		SOFR + 6.40%	11.74%		5/9/2024		7/15/2037			5,000		5,000		5,056		0.01	%

S-113

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024	Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Financial Services (continued)
Elmwood CLO 22 Ltd	c/o The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street Wilmington, DE 19801 United States	(4)(5)(6)(8)		SOFR + 6.50%	11.79%		2/8/2023		4/17/2036		$	3,500	$	3,466	$	3,370		0.01	%
Flatiron RR CLO 22, LLC	51 Madison Avenue 2nd Floor New York,NY,10010 United States	(4)(5)(6)(8)		SOFR + 6.46%	11.70%		9/27/2021		10/15/2034			5,000		5,000		5,030		0.01	%
Fort Washington CLO 2021-2, Ltd.	303 Broadway Suite 1200 Cincinnati,OH,45202 United States	(4)(5)(6)(8)		SOFR + 6.87%	12.15%		8/4/2021		10/20/2034			13,000		12,882		12,978		0.04	%
Galaxy 30 CLO, Ltd.	C/O INTERTRUST SPV (CAYMAN) LIMITED One Nexus Way, Camana Bay, KY1-9005 KY	(4)(5)(6)(8)		SOFR + 6.95%	12.25%		2/25/2022		4/15/2035			3,000		2,976		3,011		0.01	%
Galaxy XXV CLO, Ltd.	C/O INTERTRUST SPV (CAYMAN) LIMITED One Nexus Way, Camana Bay, KY1-9005 KY	(4)(5)(6)(8)		SOFR + 6.50%	11.78%		4/19/2024		4/25/2036			4,000		4,000		4,014		0.01	%
Galaxy 32 CLO Ltd	C/O INTERTRUST SPV (CAYMAN) LIMITED One Nexus Way, Camana Bay, KY1-9005 KY	(4)(5)(6)(8)		SOFR + 7.33%	12.61%		9/22/2023		10/20/2036			2,140		2,120		2,186		0.01	%
Goldentree Loan Management US Clo 8 Ltd.	C/O MaplesFS Limited PO Box 1093 Queensgate House Grand Cayman George Town, KY1-1102 KY	(4)(5)(6)(8)		SOFR + 6.41%	11.69%		8/4/2021		10/20/2034			7,400		7,406		7,419		0.02	%
Goldentree Loan Management US Clo 15 Ltd	C/O MaplesFS Limited PO Box 1093 Queensgate House Grand Cayman George Town, KY1-1102 KY	(4)(5)(6)(8)		SOFR + 6.50%	11.78%		8/18/2023		10/20/2036			6,500		6,442		6,600		0.02	%
GoldenTree Loan Management US CLO 16 Ltd	C/O MaplesFS Limited PO Box 1093 Queensgate House Grand Cayman George Town, KY1-1102 KY	(4)(5)(6)(8)		SOFR + 8.50%	13.78%		11/15/2023		1/20/2034			4,000		3,993		3,949		0.01	%

S-114

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024	Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Financial Services (continued)
Goldentree Loan Management US Clo 18 Ltd	C/O MaplesFS Limited PO Box 1093 Queensgate House Grand Cayman George Town, KY1-1102 KY	(4)(5)(6)(8)		SOFR + 8.50%	13.78%		10/20/2023		1/20/2037			$ 5,000		$ 4,934		$ 5,018		0.01	%
Gulf Stream Meridian 5, Ltd.	4350 Congress Street, Charlotte, NC 28209 United States	(4)(5)(6)(8)		SOFR + 6.59%	11.89%		5/27/2021		7/15/2034			5,000		4,960		4,929		0.01	%
Gulf Stream Meridian 7, Ltd.	4350 Congress Street, Charlotte, NC 28209 United States	(4)(5)(6)(8)		SOFR + 6.85%	12.15%		2/18/2022		7/15/2035			5,000		4,959		4,961		0.01	%
Halseypoint Clo 5, Ltd.	C/O Walkers Fiduciary Limited 190 Elgin Avenue Grand Cayman George Town, KY1-9008 KY	(4)(5)(6)(8)		SOFR + 7.20%	12.27%		11/19/2021		1/30/2035			9,500		9,350		9,059		0.02	%
HPS Loan Management 15-2019 Ltd	c/o Ocorian Trust (Cayman) Limited Windward 3 Regatta Office Park, PO Box 1350 Grand Cayman, KY1-1108 KY	(4)(5)(6)(8)		SOFR + 6.80%	12.08%		2/8/2022		1/22/2035			4,000		3,968		4,014		0.01	%
HPS Loan Management 2024-20 Ltd	c/o Ocorian Trust (Cayman) Limited Windward 3 Regatta Office Park, PO Box 1350 Grand Cayman, KY1-1108 KY	(4)(5)(6)(8)		SOFR + 6.20%	11.54%		5/15/2024		7/25/2037			2,000		2,000		1,980		0.01	%
Invesco CLO 2022-3 Ltd	331 Spring Street NW, Suite 2500 Atlanta, GA 30309, United States	(4)(5)(6)(8)		SOFR + 6.75%	12.13%		9/30/2024		10/22/2037			1,500		1,485		1,485		0.00	%
Jamestown CLO XIV, Ltd.	280 Park Avenue New York,NY,10017 United States	(4)(5)(6)(8)		SOFR + 7.46%	12.74%		9/23/2021		10/20/2034			10,000		9,845		10,032		0.03	%
Jamestown CLO XV, Ltd.	280 Park Avenue New York,NY,10017 United States	(4)(5)(6)(8)		SOFR + 7.06%	12.39%		5/28/2024		7/15/2035			3,000		2,971		3,009		0.01	%
Magnetite XXXII Ltd	WALKERS FIDUCIARY LIMITED 190 Elgin Avenue, George Town George Town, KY1-9008 KY	(4)(5)(6)(8)		SOFR + 6.90%	12.20%		3/7/2022		4/15/2035			5,000		5,000		5,033		0.01	%

S-115

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024	Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Financial Services (continued)
MidOcean Credit CLO XIII Ltd	c/o Maples Fiduciary Services (Jersey) Limited 2nd Floor, Sir Walter Raleigh House St. Helier, JE2 3QB Jersey	(4)(5)(6)(8)		SOFR + 7.80%	13.08%		11/16/2023		1/21/2037		$	9,500	$	9,143	$	9,687		0.03	%
MidOcean Credit CLO XIV Ltd	c/o Maples Fiduciary Services (Jersey) Limited 2nd Floor, Sir Walter Raleigh House St. Helier, JE2 3QB Jersey	(4)(5)(6)(8)		SOFR + 6.56%	11.86%		2/15/2024		4/15/2037			1,500		1,460		1,506		0.00	%
MidOcean Credit CLO XIV Ltd	c/o Maples Fiduciary Services (Jersey) Limited 2nd Floor, Sir Walter Raleigh House St. Helier, JE2 3QB Jersey	(4)(5)(6)(8)		SOFR + 7.40%	12.70%		2/15/2024		4/15/2037			3,500		3,500		3,538		0.01	%
Morgan Stanley Eaton Vance Clo 2021-1, Ltd.	71 Fort Street PO Box 500 Grand Cayman George Town, KY1-1106 KY	(4)(5)(6)(8)		SOFR + 7.01%	12.25%		9/24/2021		10/20/2034			6,500		6,500		6,532		0.02	%
Morgan Stanley Eaton Vance CLO 2022-17A Ltd	71 Fort Street PO Box 500 Grand Cayman George Town, KY1-1106 KY	(4)(5)(6)(8)		SOFR + 7.90%	13.18%		6/30/2022		7/20/2035			1,000		1,007		1,008		0.00	%
Neuberger Berman Loan Advisers CLO 38, Ltd.	PO Box 1093 Queensgate House Grand Cayman George Town, KY1-1102 KY	(4)(5)(6)(8)		SOFR + 6.51%	11.79%		9/27/2021		10/20/2035			11,000		11,000		11,044		0.03	%
Northwoods Capital XI-B Ltd	PO Box 1093 Queensgate House Grand Cayman George Town, KY1-1102 KY	(4)(5)(6)(8)		SOFR + 7.35%	12.63%		7/3/2024		7/19/2037			3,412		3,354		3,364		0.01	%
OCP CLO 2021-22, Ltd.	c/o Ocorian Trust (Cayman) Limited Windward 3, Regatta Office Park PO Box 1350 Grand Cayman George Town, KY1-1108 KY	(4)(5)(6)(8)		SOFR + 6.86%	12.14%		10/15/2021		12/2/2034			9,000		8,904		9,066		0.02	%
OCP CLO 2020-18 Ltd	c/o Ocorian Trust (Cayman) Limited Windward 3, Regatta Office Park PO Box 1350 Grand Cayman George Town, KY1-1108 KY	(4)(5)(6)(8)		SOFR + 6.25%	11.38%		7/30/2024		7/20/2037			1,000		1,000		1,009		0.00	%

S-116

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024	Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Financial Services (continued)
Octagon 55, Ltd	250 Park Avenue 15th Floor New York,NY,10177 United States	(4)(5)(6)(8)		SOFR + 6.76%	12.04%		7/1/2021		7/20/2034		$	11,000	$	10,896	$	10,885		0.03	%
Octagon Investment Partners 41, Ltd.	250 Park Avenue 15th Floor New York,NY,10177 United States	(4)(5)(6)(8)		SOFR + 7.39%	12.69%		9/24/2021		10/15/2033			2,500		2,491		2,460		0.01	%
Onex Credit Partners OCP 2020-19A	c/o Ocorian Trust (Cayman) Limited Windward 3, Regatta Office Park PO Box 1350 Grand Cayman George Town, KY1-1108 KY	(4)(5)(6)(8)		SOFR + 6.76%	12.04%		8/6/2021		10/20/2034			4,250		4,099		4,278		0.01	%
Palmer Square CLO 2015-1, Ltd.	PO Box 1093 Queensgate House South Church Street George Town, KY1-1102 KY	(4)(5)(6)(8)		SOFR + 6.76%	11.89%		5/25/2021		5/21/2034			2,000		1,924		2,006		0.01	%
Palmer Square CLO 2019-1, Ltd.	PO Box 1093 Queensgate House South Church Street George Town, KY1-1102 KY	(4)(5)(6)(8)		SOFR + 6.76%	11.88%		11/16/2021		11/14/2034			13,000		13,003		13,039		0.04	%
Palmer Square CLO 2022-1, Ltd.	PO Box 1093 Queensgate House South Church Street George Town, KY1-1102 KY	(4)(5)(6)(8)		SOFR + 6.35%	11.63%		1/24/2022		4/20/2035			2,500		2,500		2,515		0.01	%
Palmer Square CLO 2023-3 Ltd	PO Box 1093 Queensgate House South Church Street George Town, KY1-1102 KY	(4)(5)(6)(8)		SOFR + 7.83%	13.11%		11/17/2023		1/20/2037			10,000		9,906		10,383		0.03	%
Parallel 2020-1 Ltd	2002 North Tampa Street, Suite 200, Tampa, FL 33602 United States	(4)(5)(6)(8)		SOFR + 6.76%	12.04%		6/14/2021		7/20/2034			3,500		3,437		3,460		0.01	%
Park Avenue Institutional Advisers CLO Ltd 2022-1	10 Hudson Yards New York, NY, 10001-2157 United States	(4)(5)(6)(8)		SOFR + 7.29%	12.57%		2/11/2022		4/20/2035			6,000		5,855		5,982		0.02	%
Pikes Peak CLO 3	C/O TMF (Cayman) Ltd. 2nd Floor The Grand Pavilion Commercial Centre 802 West Bay Road, Grand Cayman, KY1-1003 Cayman Islands	(4)(5)(6)(8)		SOFR + 6.87%	12.16%		8/13/2021		10/25/2034			3,000		3,010		3,021		0.01	%

S-117

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024	Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Financial Services (continued)
Pikes Peak CLO 5	C/O TMF (Cayman) Ltd. 2nd Floor The Grand Pavilion Commercial Centre 802 West Bay Road, Grand Cayman, KY1-1003 Cayman Islands	(4)(5)(6)(8)		SOFR + 6.90%	11.53%		9/19/2024		10/20/2037		$	1,000	$	1,000	$	1,005		0.00	%
Post CLO 2021-1, Ltd.	C/O MAPLESFS LIMITED PO Box 1093 Queensgate House Grand Cayman George Town, KY1-1102 KY	(4)(5)(6)(8)		SOFR + 6.71%	12.01%		7/30/2021		10/15/2034			6,000		6,000		5,999		0.02	%
Post CLO 2022-1, Ltd.	C/O MAPLESFS LIMITED PO Box 1093 Queensgate House Grand Cayman George Town, KY1-1102 KY	(4)(5)(6)(8)		SOFR + 6.75%	12.03%		2/15/2022		4/20/2035			5,000		4,981		4,992		0.01	%
Post CLO 2024-1, Ltd.	C/O MAPLESFS LIMITED PO Box 1093 Queensgate House Grand Cayman George Town, KY1-1102 KY	(4)(5)(6)(8)		SOFR + 6.80%	12.11%		2/6/2024		4/20/2037			2,500		2,500		2,551		0.01	%
PPM CLO 4, Ltd.	PO Box 1093 Queensgate House Grand Cayman George Town, KY1-1102 KY	(4)(5)(6)(8)		SOFR + 6.76%	12.04%		9/29/2021		10/18/2034			6,775		6,775		6,351		0.02	%
PPM CLO 5, Ltd.	PO Box 1093 Queensgate House Grand Cayman George Town, KY1-1102 KY	(4)(5)(6)(8)		SOFR + 6.76%	12.04%		9/17/2021		10/18/2034			4,800		4,800		4,560		0.01	%
Rad CLO 14, Ltd.	1800 Avenue of the Stars 3rd Floor Los Angeles,CA,90067 United States	(4)(5)(6)(8)		SOFR + 6.76%	12.09%		11/2/2021		1/15/2035			6,750		6,750		6,731		0.02	%
Rad CLO 16 Ltd	1800 Avenue of the Stars 3rd Floor Los Angeles,CA,90067 United States	(4)(5)(6)(8)		SOFR + 6.50%	11.80%		5/3/2024		7/15/2037			5,000		5,000		5,024		0.01	%
Rad CLO 22 Ltd	1800 Avenue of the Stars 3rd Floor Los Angeles,CA,90067 United States	(4)(5)(6)(8)		SOFR + 7.73%	13.01%		10/27/2023		1/20/2037			7,500		7,290		7,627		0.02	%
Rad CLO 25 Ltd	1800 Avenue of the Stars 3rd Floor Los Angeles,CA,90067 United States	(4)(5)(6)(8)		SOFR + 6.00%	11.34%		5/16/2024		7/20/2037			3,000		3,000		3,028		0.01	%

S-118

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024	Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Financial Services (continued)
Rad CLO 3 Ltd	1800 Avenue of the Stars 3rd Floor Los Angeles,CA,90067 United States	(4)(5)(6)(8)		SOFR + 5.88%	11.19%		6/18/2024		7/15/2037		$	2,715	$	2,662	$	2,655		0.01	%
Rad CLO 3 Ltd	1800 Avenue of the Stars 3rd Floor Los Angeles,CA,90067 United States	(4)(5)(6)(8)		SOFR + 7.00%	12.31%		6/18/2024		7/15/2037			2,715		2,715		2,696		0.01	%
Rockford Tower CLO 2021-3, Ltd.	65 East 55th Street, 30th Floor, New York, NY 10022 United States	(4)(5)(6)(8)		SOFR + 6.98%	12.25%		9/22/2021		10/20/2034			2,000		1,977		1,847		0.01	%
RR 19, Ltd.	C/O Walkers Fiduciary Limited 190 Elgin Avenue Grand Cayman George Town, KY1-9008 KY	(4)(5)(6)(8)		SOFR + 6.76%	12.06%		9/24/2021		10/15/2035			3,000		3,000		3,010		0.01	%
RR 20, Ltd.	C/O Walkers Fiduciary Limited 190 Elgin Avenue Grand Cayman George Town, KY1-9008 KY	(4)(5)(6)(8)		SOFR + 7.25%	12.55%		4/6/2022		7/15/2037			4,000		3,966		4,017		0.01	%
Sound Point CLO XXVII, Ltd.	375 Park Avenue 33rd Floor New York,NY,10152 United States	(4)(5)(6)(8)		SOFR + 6.82%	12.11%		10/1/2021		10/25/2034			5,000		4,923		4,622		0.01	%
Symphony CLO 34-PS Ltd.	555 California St San Francisco, CA 94104 United States	(4)(5)(6)(8)		SOFR + 8.15%	13.43%		7/13/2023		7/24/2036			4,000		3,927		4,127		0.01	%
Symphony CLO 44 Ltd	555 California St San Francisco, CA 94104 United States	(4)(5)(6)(8)		SOFR + 6.15%	11.50%		5/20/2024		7/14/2037			2,500		2,500		2,528		0.01	%
Trestles Clo IV, Ltd.	C/o Ocorian Trust (Cayman) Limited Windward 3 Regatta Office Park PO Box 1350 George Town, KY1-1108 KY	(4)(5)(6)(8)		SOFR + 6.51%	11.84%		7/12/2021		7/21/2034			8,000		8,000		8,035		0.02	%
Trinitas CLO XVI Ltd	60 East 42nd Street Suite 3014 New York, NY 10165, United States	(4)(5)(6)(8)		SOFR + 7.26%	12.54%		6/14/2021		7/20/2034			5,000		4,832		4,763		0.01	%
Vibrant CLO IV-R Ltd	747 3rd Avenue 38th Floor New York,NY,10017 United States	(4)(5)(6)(8)		SOFR + 7.90%	12.53%		9/19/2024		10/20/2037			1,000		970		1,005		0.00	%
Vibrant CLO XII Ltd.	747 3rd Avenue 38th Floor New York,NY,10017 United States	(4)(5)(6)(8)		SOFR + 6.94%	12.22%		5/16/2024		4/20/2034			2,695		2,602		2,611		0.01	%
Vibrant CLO XIII, Ltd.	747 3rd Avenue 38th Floor New York,NY,10017 United States	(4)(5)(6)(8)		SOFR + 7.32%	12.62%		4/21/2021		7/15/2034			6,250		6,204		6,274		0.02	%

S-119

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024			Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Financial Services (continued)
Voya CLO 2019-4, Ltd.	230 Park Avenue, New York, NY 10169	(4)(5)(6)(8)		SOFR + 6.97%	12.27%		12/14/2021		1/15/2035				$	8,250	$	8,120	$	8,278		0.02	%
Voya CLO 2020-2, Ltd.	230 Park Avenue, New York, NY 10169	(4)(5)(6)(8)		SOFR + 6.66%	11.94%		8/6/2021		7/19/2034					5,000		4,922		4,982		0.01	%
Total Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated																508,116		511,250		1.39	%
Total Structured Finance Obligations - Debt Instruments																508,116		511,250		1.39	%
Equity and other
Equity - non-controlled/non-affiliated
Aerospace & Defense
Loar Holdings Inc. - Common Equity	450 Lexington Avenue, New York, NY 10017 United States	(6)					4/25/2024				7.1	%		910,404		12,614		67,907		0.19	%
Micross Topco, Inc. - Common Equity	1050 Perimeter Road, Manchester, NH 03103 United States	(4)					3/28/2022				0.0	%		116		125		141		0.00	%
																12,739		68,048		0.19	%
Air Freight & Logistics
AGI Group Holdings LP - Class A-2 Common Units	9130 S Dadeland Blvd Ste 1801, Miami, FL, 33156-7858 United States	(4)					6/11/2021				55.8	%		1,674		1,674		1,471		0.00	%
Mode Holdings, L.P. - Class A-2 Common Units	17330 Preston Rd., Suite 200 C Dallas, TX 75252 United States	(4)					1/7/2021				1.8	%		1,076,923		1,077		1,314		0.00	%
																2,751		2,785		0.00	%
Biotechnology
Moderna Inc - Common Stock	325 Binney St, Cambridge, MA 02142, United States	(6)					9/12/2024				100.0	%		12,613		983		843		0.00	%
Capital Markets
Resolute Investment Managers, Inc. - Common Equity	220 E. Las Colinas Blvd., Suite 1200, Irving, Texas 75039 United States	(4)					12/29/2023				10.3	%		48,476		1,212		103		0.00	%

S-120

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread	Interest Rate (2)(15)	Acquisition Date		Maturity Date	% of Class Held as of 9/30/2024			Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Commercial Services & Supplies
GTCR Investors LP - Class A-1 Common Units	1501 Yamato Road, Boca Raton, FL 33431 United States	(4)				9/29/2023			9.9	%	$	893,584	$	894	$	933		0.00	%
Distributors
Box Co-Invest Blocker, LLC - (BP Alpha Holdings, L.P.) - Class A Units	2650 Galvin Dr, Elgin, IL 60124, United States	(4)				12/10/2021			55.1	%		3,308,320		3,308		728		0.00	%
Box Co-Invest Blocker, LLC - (BP Alpha Holdings, L.P.) - Class C Preferred Units	2650 Galvin Dr, Elgin, IL 60124, United States	(4)				7/12/2023			55.1	%		401,889		390		478		0.00	%
														3,698		1,206		0.00	%
Diversified Consumer Services
Cambium Holdings, LLC - Senior Preferred Interest	17855 North Dallas Parkway, Suite 400, Dallas, TX 75287, United States	(4)		11.50%		8/3/2021			6.1	%		29,194,330		28,735		40,672		0.11	%
DTA LP - Class A Common Units	7430 East Caley Ave, Suite 320E, Centennial, CO 80111 United States	(4)				3/25/2024			5.8	%		2,612,843		2,613		2,613		0.01	%
														31,348		43,285		0.12	%
Diversified Telecommunication Services
Point Broadband Holdings, LLC - Class A Common Units	3120 Fredrick Rd., Suite E, Opelika, Alabama 36801, United States	(4)				10/1/2021			4.1	%		12,870		10,915		12,469		0.03	%
Point Broadband Holdings, LLC - Class B Common Units	3120 Fredrick Rd., Suite E, Opelika, Alabama 36801, United States	(4)				10/1/2021			4.1	%		685,760		1,955		2,750		0.01	%
Point Broadband Holdings, LLC - Class Additional A Common Units	3120 Fredrick Rd., Suite E, Opelika, Alabama 36801, United States	(4)				3/24/2022			4.1	%		2,766		2,346		2,680		0.01	%
Point Broadband Holdings, LLC - Class Additional B Common Units	3120 Fredrick Rd., Suite E, Opelika, Alabama 36801, United States	(4)				3/24/2022			4.1	%		147,380		420		591		0.00	%
														15,636		18,490		0.05	%

S-121

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread	Interest Rate (2)(15)	Acquisition Date		Maturity Date	% of Class Held as of 9/30/2024			Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Electronic Equipment, Instruments & Components
Spectrum Safety Solutions Purchaser, LLC - Common Equity	13995 Pasteur Blvd., Palm Beach Gardens, FL 33418, United States	(4)(6)				7/1/2024			75.9	%	$	22,774,695	$	22,775	$	22,775		0.06	%
Financial Services
THL Fund IX Investors (Plymouth II), LP - LP Interest	545 Boylston Street, 6th Floor, Boston, MA 02116 United States	(4)				8/31/2023			33.3	%		666,667		667		857		0.00	%
Health Care Equipment & Supplies
GCX Corporation Group Holdings, L.P. - Class A-2 Units	3875 Cypress Drive, Petaluma, CA 94954, United States	(4)				9/10/2021			90.0	%		4,853		4,853		2,427		0.01	%
Health Care Providers & Services
AVE Holdings I Corp. - Series A-1 Preferred Shares	520 Madison Avenue, New York, NY 10022 United States	(4)		11.50%		2/25/2022			8.1	%		12,237,213		11,870		13,155		0.04	%
CD&R Artemis Holdco 2 Limited - Preferred Shares	26 Southampton Buildings 8th Floor, Holborn Gate London, WC2A 1AN United Kingdom	(4)(6)		10.00%		8/19/2021			40.0	%		33,000,000		43,662		57,165		0.16	%
CD&R Ulysses Equity Holdings, L.P. - Common Shares	375 Park Avenue 18th Floor New York,NY,10152 United States	(4)(6)				8/19/2021			40.0	%		6,000,000		6,090		5,100		0.01	%
Jayhawk Holdings, LP - Class A-1 Common Units	8717 West 110th Street, Suite 300 Overland Park, KS 66210 United States	(4)				5/26/2021			0.4	%		12,472		2,220		409		0.00	%
Jayhawk Holdings, LP - Class A-2 Common Units	8717 West 110th Street, Suite 300 Overland Park, KS 66210 United States	(4)				5/26/2021			0.4	%		6,716		1,195		220		0.00	%

S-122

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread	Interest Rate (2)(15)	Acquisition Date		Maturity Date	% of Class Held as of 9/30/2024			Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Health Care Providers & Services (continued)
Maia Aggregator, L.P. - Class A Units	One World Trade Center 285 Fulton Street, 84th Floor New York, NY 10007 United States	(4)				2/1/2022			98.5	%	$	19,700,000	$	19,700	$	15,563		0.04	%
NC Eve, L.P. - LP Interest	26 Esplanade, St Helier, Jersey JE4 8PS, Jersey	(4)(6)				2/22/2022			50.0	%		2,500,000		3,398		1,738		0.00	%
WHCG Purchaser, Inc. - Class A Common Units	251 Little Falls Drive, Wilmington, DE 19808 United States	(4)				8/2/2024			65.0	%		10,966,377		—		—		0.00	%
														88,135		93,350		0.25	%
Health Care Technology
Azalea Parent Corp - Series A-1 Preferred Shares	4150 International Plaza Suite 900 Fort Worth, TX 76109, United States	(4)		12.75%		4/30/2024			17.9	%		91,500		89,213		96,075		0.26	%
Caerus Midco 2 S.à r.l. - Additional Vehicle Units	450 Lexington Ave, C/O Warburg Pincus LLC; New York; 10017 United States	(4)(6)				10/28/2022			3.3	%		988,290		988		109		0.00	%
Caerus Midco 2 S.à r.l. - Vehicle Units	450 Lexington Ave, C/O Warburg Pincus LLC; New York; 10017 United States	(4)(6)				5/25/2022			16.5	%		4,941,452		4,941		4,596		0.01	%
Healthcomp Holding Company, LLC - Preferred Interest	621 Santa Fe Ave. Fresno, CA 93721 United States	(4)		6.00%		11/8/2023			7.1	%		18,035		1,804		1,804		0.00	%
														96,946		102,584		0.27	%
Insurance
RSC Topco, Inc. - Preferred Shares	160 Federal Street, Boston, MA 02110 United States	(4)		13.25%		8/14/2023			0.1	%		100		97		116		0.00	%
Shelf Holdco Ltd - Common Equity	Level 42, 22 Bishopsgate London, EC2N 4BQ United Kingdom	(4)(6)				12/30/2022			1.0	%		1,300,000		1,300		4,875		0.01	%
														1,397		4,991		0.01	%
IT Services
NC Ocala Co-Invest Beta, L.P. - LP Interest	4321 Collington Rd, Bowie, MD 20716, United States	(4)				11/12/2021			31.7	%		25,687,196		25,687		30,311		0.08	%

S-123

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread	Interest Rate (2)(15)	Acquisition Date		Maturity Date	% of Class Held as of 9/30/2024			Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Professional Services
OHCP V TC COI, LP. - LP Interest	330 7th Ave, New York, NY 10001 United States	(4)				6/29/2021			65.0	%	$	6,500,000	$	6,500	$	14,040		0.04	%
Tricor Horizon - LP Interest	11 Middle Neck Road, Great Neck, New York NY 11021 United States	(4)(6)				6/13/2022			70.0	%		14,396,424		14,519		15,260		0.04	%
Trinity Air Consultants Holdings Corp - Common Units	330 7th Ave, New York, NY 10001 United States	(4)				6/12/2024			65.0	%		4,797		5		10		0.00	%
Victors CCC Topco, LP - Common Equity	251 Little Falls Drive. Wilmington, DE 19808 United States	(4)				6/1/2022			96.0	%		9,600,000		9,600		17,568		0.05	%
														30,624		46,878		0.13	%
Software
AI Titan Group Holdings, LP - Class A-2 Common Units	4601 Six Forks Road, Suite 220, Raleigh, NC 27609, United States	(4)				8/28/2024			88.9	%		1,103		1,103		1,103		0.00	%
Connatix Parent, LLC - Class L Common Units	666 Broadway, 10th Floor, New York, NY 10012, United States	(4)				7/14/2021			69.4	%		126,136		1,388		628		0.00	%
Descartes Holdings, Inc - Class A Common Stock	777 108th Ave NE, Bellevue, WA 98004, United States	(4)				10/9/2023			81.2	%		937,585		4,060		413		0.00	%
Expedition Holdco, LLC - Common Units	101 South Phillips Avenue, Suite 300, Sioux Falls, SD 57104, United States	(4)				2/24/2022			81.0	%		810,810		810		552		0.00	%
Knockout Intermediate Holdings I, Inc. - Perpetual Preferred Stock	100 West Whitehall Avenue Northlake, IL 60164 United States	(4)		11.75%		6/23/2022			49.0	%		49,020		47,795		68,015		0.19	%
Lobos Parent, Inc. - Series A Preferred Shares	206 S Earl St # 394, Schaller, Iowa, United States	(4)		10.50%		11/30/2021			85.6	%		45,090		43,963		57,490		0.16	%
Mandolin Technology Holdings, Inc. - Series A Preferred Shares	Nova Tower 1 1 Allegheny Square, Suite 800 Pittsburgh,PA,15212 United States	(4)		10.50%		7/30/2021			90.0	%		31,950,000		30,992		34,346		0.09	%

S-124

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread	Interest Rate (2)(15)	Acquisition Date		Maturity Date	% of Class Held as of 9/30/2024			Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Software (continued)
Mimecast Limited - LP Interest	1 Finsbury Avenue, London, United Kingdom, EC2M 2PF	(4)				5/3/2022			75.0	%	$	75,088,584	$	75,089	$	81,096		0.22	%
Mitratech Holdings, Inc. - Class A Preferred Shares	5001 Plaza on the Lake #111 Austin, TX 78746 United States	(4)		13.50%		12/19/2023			1.0	%		1,573		1,535		1,722		0.00	%
TPG IX Newark CI, L.P. - LP Interest	188 Spear St, San Francisco, CA 94105 United States	(4)(6)				10/26/2023			10.6	%		3,846,970		3,847		3,847		0.01	%
TravelPerk Inc - Warrants	C/ dels Almogàvers, 154-164 08018 Barcelona, Spain	(4)(6)				5/2/2024			65.9	%		244,818		2,101		2,159		0.01	%
Zoro - Common Equity	989 Market St, San Francisco, CA 94103 United States	(4)				11/22/2022			35.3	%		1,195,880		11,959		11,959		0.03	%
Zoro - Series A Preferred Shares	989 Market St, San Francisco, CA 94103 United States	(4)		12.50%		11/22/2022			17.8	%		44,535		42,976		56,782		0.16	%
														267,618		320,112		0.87	%
Transportation Infrastructure
Atlas Intermediate Holding, LLC - Preferred Interest	9465 Wilshire Blvd, Suit 300 Beverly Hills, California 90212 United States	(4)		11.00%		5/24/2021			84.0	%		34,238,400		33,723		34,581		0.09	%
Enstructure, LLC - Class A-7 Common Units	16 Laurel Avenue, Suite 300 Wellesley, MA 02481 United States	(4)				9/27/2022			18.7	%		3,783,785		2,803		3,859		0.01	%
Enstructure, LLC - Class A-8 Common Units	16 Laurel Avenue, Suite 300 Wellesley, MA 02481 United States	(4)				3/1/2023			18.7	%		858,469		635		876		0.00	%
Frontline Road Safety Investments, LLC - Class A Common Units	2714 Sherman Street, Grand Prairie, TX 75051 United States	(4)				4/30/2021			64.1	%		58,590		6,178		13,024		0.04	%
Ncp Helix Holdings, LLC. - Preferred Shares	888 Boylston Street, Suite 1100, Boston, Massachusetts 02199 United States	(4)		8.00%		8/3/2021			73.9	%		1,485,282		1,116		1,384		0.00	%
														44,455		53,724		0.14	%
Total Equity - non-controlled/non-affiliated														652,418		813,702		2.18	%

S-125

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024			Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated
Financial Services
Galaxy 34 Clo Ltd	C/O INTERTRUST SPV (CAYMAN) LIMITED One Nexus Way, Camana Bay, KY1-9005 KY	(4)(6)		Estimated Yield:	16.18%		9/26/2024		10/20/2037		51.9	%	$	20,000,000	$	18,500	$	18,500		0.05	%
MidOcean Credit CLO XV Ltd - Subordinated Notes	c/o Maples Fiduciary Services (Jersey) Limited 2nd Floor, Sir Walter Raleigh House St. Helier, JE2 3QB Jersey	(4)(6)		Estimated Yield:	12.28%		5/10/2024		7/21/2037		11.3	%		5,000,000		3,550		3,734		0.01	%
New Mountain CLO 6 Ltd	1633 Broadway, 48th Floor, New York, NY 10019, United States	(4)(6)		Estimated Yield:	15.01%		8/23/2024		10/15/2037		49.5	%		18,750,000		16,238		16,051		0.04	%
New Mountain CLO 6 Ltd	1633 Broadway, 48th Floor, New York, NY 10019, United States	(4)(6)					8/23/2024		10/15/2037		49.5	%		1,875,000		—		—		0.00	%
RAD CLO 25 Ltd - Subordinated Notes	1800 Avenue of the Stars 3rd Floor Los Angeles,CA,90067 United States	(4)(6)		Estimated Yield:	12.90%		5/16/2024		7/20/2037		13.2	%		5,000,000		4,317		4,461		0.01	%
RAD CLO 26 Ltd	1800 Avenue of the Stars 3rd Floor Los Angeles,CA,90067 United States	(4)(6)		Estimated Yield:	16.71%		8/7/2024		10/20/2037		14.9	%		7,180,000		6,156		6,173		0.02	%
Signal Peak CLO 11 Ltd - Subordinated Notes	605 Post Oak Place Dr Ste 100, Houston, Texas, 77027, United States	(4)(6)		Estimated Yield:	14.84%		6/5/2024		7/18/2037		13.4	%		5,000,000		4,450		4,595		0.01	%
Sixth Street CLO XXI Ltd	1 Letterman Drive, Building B/Yoda Fountain, San Francisco, CA 94129, United States	(4)(6)		Estimated Yield:	15.28%		9/29/2022		10/15/2035		18.8	%		8,000,000		5,760		6,023		0.02	%
Vibrant CLO XVI, Ltd	747 3rd Avenue 38th Floor New York,NY,10017 United States	(4)(6)		Estimated Yield:	17.95%		4/14/2023		4/15/2036		32.4	%		12,000,000		9,600		9,600		0.03	%
Total Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated																68,571		69,137		0.19	%
Total Equity and other - non-controlled/non-affiliated																720,989		882,839		2.37	%

S-126

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread	Interest Rate (2)(15)	Acquisition Date		Maturity Date	% of Class Held as of 9/30/2024			Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Equity - non-controlled/affiliated
Distributors
GSO DL Co-Invest EIS LP (EIS Acquisition Holdings, LP - Class A Common Units)	2018 Powers Ferry Road, Suite 400 Atlanta, Georgia 30339 United States	(4)(6)(16)				11/1/2021			20.0	%	$	265,556	$	558	$	1,987		0.01	%
Total Equity - non-controlled/affiliated														558		1,987		0.01	%
Equity - controlled/affiliated (excluding Investments in Joint Ventures)
Chemicals
Pigments Holdings LP - LP Interest	1 Concorde Gate, Suite 608, Toronto, Ontario, Canada	(4)(6)(16)				4/14/2023			39.4	%		3,943		—		—		0.00	%
Financial Services
Specialty Lending Company, LLC - LLC Interest	251 Little Falls Drive, Wilmington, DE 19808 United States	(4)(6)(16)				10/19/2021			90.0	%		276,759,000		276,759		276,482		0.76	%
Insurance
CFCo, LLC (Benefytt Technologies, Inc.) - Class B Units	15438 North Florida Avenue, Suite 201, Tampa, FL 33613, United States	(4)(16)				9/28/2023			80.9	%		134,166,603		—		—		0.00	%
Professional Services
Material+ Holding Company, LLC - Class C Units	1900 Avenue of the Stars Ste 1600 19th floor Los Angeles, CA 90067 United States	(4)(16)				6/14/2024			91.5	%		63,589		—		—		0.00	%
Specialty Retail
GSO DL CoInvest CI LP (CustomInk, LLC - Series A Preferred Units)	2910 District Avenue Fairfax VA 22031 United States	(4)(6)(16)				1/7/2021			31.9	%		1,500,000		1,421		2,185		0.01	%
Total Equity - controlled/affiliated (excluding Investments in Joint Ventures)														278,180		278,667		0.77	%
Total Equity and other														999,727		1,163,493		3.15	%

S-127

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread	Interest Rate (2)(15)	Acquisition Date		Maturity Date	% of Class Held as of 9/30/2024			Par Amount/ Units (1)	Cost (3)		Fair Value		% of Net Assets
Investments in Joint Ventures
BCRED Emerald JV LP - LP Interest	345 Park Avenue New York, NY 10154 United States	(6)(16)				1/19/2022			75.0	%		$	1,815,000	$	1,795,374		4.93	%
BCRED Verdelite JV LP - LP Interest	345 Park Avenue New York, NY 10154 United States	(6)(16)				10/21/2022			87.5	%			117,706		128,340		0.35	%
Investments in Joint Ventures Total													1,932,706		1,923,714		5.28	%
Total Investments - non-controlled/non-affiliated													59,210,695		59,166,572		162.13	%
Total Investments - non-controlled/affiliated													558		1,987		0.01	%
Total Investments - controlled/affiliated (excluding Investments in Joint Ventures)													647,793		570,989		1.57	%
Total Investments - Investments in Joint Ventures													1,932,706		1,923,714		5.28	%
Total Investment Portfolio													61,791,752		61,663,262		168.99	%
Cash and Cash Equivalents
State Street Institutional U.S. Government Money Market Fund				4.87%									15,805		15,805		0.04	%
Other Cash and Cash Equivalents													1,325,540		1,325,540		3.64	%
Total Portfolio Investments, Cash and Cash Equivalents												$	63,133,097	$	63,004,607		172.67	%

(1) Unless otherwise indicated, all debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. As of September 30, 2024, the Company had investments denominated in Canadian Dollars (CAD), Euros (EUR), British Pounds (GBP), Swiss Francs (CHF), Danish Krone (DKK), Swedish Krona (SEK), Norwegian Krone (NOK), New Zealand Dollars (NZD), and Australian Dollars (AUD). All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount (in thousands) is presented for debt investments, while the number of shares or units (in whole amounts) owned is presented for equity investments. Each of the Company’s investments is pledged as collateral, under one or more of its credit facilities unless otherwise indicated.

S-128

(2) Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either Sterling Overnight Interbank Average Rate (“SONIA” or “S”), Euro Interbank Offer Rate (“Euribor” or “E”), Secured Overnight Financing Rate (“SOFR”), Stockholm Interbank Offered Rate (“STIBOR” or “ST”), Copenhagen Interbank Offered Rate (“CIBOR” or “CI”), Norwegian Interbank Offered Rate (“NIBOR” or “N”), Swiss Average Rate Overnight (“SARON” or “SA”), New Zealand Bank Bill Reference Rate (“BKBM” or “B”), Australian Bank Bill Swap Bid Rate (“BBSY” or “BB”), Canadian Overnight Repo Rate Average (“CORRA” or “CA”), or an alternate base rate (commonly based on the Federal Funds Rate (“F”) or the U.S. Prime Rate (“P”)), which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of September 30, 2024. Variable rate loans typically include an interest reference rate floor feature.

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

(4) These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by or under the direction of the Board of Trustees (the “Board”) (see Note 2 and Note 5), pursuant to the Company’s valuation policy.

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

(6) The investment is not a qualifying asset under Section 55(a) of the 1940 Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70.0% of the Company’s total assets. As of September 30, 2024, non-qualifying assets represented 23.5% of total assets as calculated in accordance with regulatory requirements.

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

Investments	Commitment Type	Commitment Expiration Date		Unfunded Commitment		Fair Value
123Dentist, Inc.	Delayed Draw Term Loan		8/9/2026	$	25,460	$	—
123Dentist, Inc.	Delayed Draw Term Loan		8/9/2026		6,562		(31	)
ACI Group Holdings, Inc.	Revolver		8/2/2027		11,815		—
Accountor Group	Term Loan		9/18/2031		803		—
Accountor Group	Delayed Draw Term Loan		9/18/2031		299		—
ADCS Clinics Intermediate Holdings, LLC	Revolver		5/7/2026		3,567		—
AI Altius Bidco, Inc.	Delayed Draw Term Loan		12/21/2028		39,500		—
AI Titan Parent Inc	Delayed Draw Term Loan		9/30/2026		22,055		—
AI Titan Parent Inc	Revolver		8/29/2031		13,784		(138	)
Alera Group, Inc.	Delayed Draw Term Loan		11/17/2025		15,528		—
Allium Buyer LLC	Revolver		5/2/2029		249		—
American Restoration Holdings, LLC	Revolver		7/19/2030		6,079		—
American Restoration Holdings, LLC	Delayed Draw Term Loan		1/24/2025		2,630		—
American Restoration Holdings, LLC	Delayed Draw Term Loan		7/24/2026		21,227		(212	)
American Rock Salt Co LLC	Delayed Draw Term Loan		9/16/2026		1,718		—
Amerilife Holdings LLC	Revolver		8/31/2028		48,715		—
Amerilife Holdings LLC	Delayed Draw Term Loan		6/17/2026		79,071		—
Amerivet Partners Management, Inc.	Revolver		2/25/2028		11,511		—
Analytic Partners LP	Revolver		4/4/2028		3,261		—
Anaplan, Inc.	Revolver		6/21/2028		47,983		—
Apex Companies, LLC	Delayed Draw Term Loan		8/28/2026		9,696		—

S-129

Investments	Commitment Type	Commitment Expiration Date		Unfunded Commitment		Fair Value
Aptean Inc	Revolver		1/30/2031		3,641		—
Aptean Inc	Delayed Draw Term Loan		1/30/2026		4,962		—
Armada Parent, Inc.	Revolver		10/29/2027		27,000		(270	)
Arnhem BidCo GmbH	Term Loan		9/18/2031		253,111		—
Arnhem BidCo GmbH	Delayed Draw Term Loan		9/18/2031		57,525		—
Ascend Buyer, LLC	Revolver		9/30/2027		5,173		—
Atlas CC Acquisition Corp.	Revolver		5/26/2026		12,921		—
Atlas CC Acquisition Corp.	Delayed Draw Term Loan		5/26/2026		14,403		(3,797	)
Atlas Securitized Products Funding 2, L.P.	Revolver		4/10/2026		15,497		—
AuditBoard Inc	Delayed Draw Term Loan		7/12/2026		38,443		—
AuditBoard Inc	Revolver		7/12/2031		15,377		(154	)
Avalara Inc	Revolver		10/19/2028		2,308		—
Azurite Intermediate Holdings Inc.	Delayed Draw Term Loan		3/30/2026		15,390		—
Azurite Intermediate Holdings Inc.	Revolver		3/19/2031		6,840		—
Baker Tilly Advisory Group LP	Revolver		6/3/2030		37,285		(373	)
Baker Tilly Advisory Group LP	Delayed Draw Term Loan		6/3/2026		26,608		(200	)
Bamboo US BidCo LLC	Delayed Draw Term Loan		3/31/2025		2,439		—
Bamboo US BidCo LLC	Revolver		9/28/2029		6,278		—
Bazaarvoice, Inc.	Revolver		5/7/2026		45,117		—
Bimini Group Purchaser Inc	Delayed Draw Term Loan		4/26/2026		76,993		(385	)
Bimini Group Purchaser Inc	Revolver		4/26/2031		11,406		—
BlueCat Networks, Inc.	Term Loan		8/18/2028		55,827		—
Bluefin Holding, LLC	Revolver		9/12/2029		4,487		(22	)
BradyIFS Holdings, LLC	Delayed Draw Term Loan		10/31/2025		6,426		—
Brave Parent Holdings, Inc.	Delayed Draw Term Loan		5/28/2025		22,569		—
Brave Parent Holdings, Inc.	Revolver		11/29/2030		26,868		—
Caerus US 1, Inc.	Delayed Draw Term Loan		10/28/2024		32,788		—
Caerus US 1, Inc.	Revolver		5/25/2029		35,995		—
Caerus US 1, Inc.	Delayed Draw Term Loan		10/28/2024		20,176		—
Cambium Learning Group, Inc.	Revolver		7/20/2028		101,715		—
Canadian Hospital Specialties Ltd.	Revolver		4/15/2027		1,432		—
Capstone Acquisition Holdings Inc	Delayed Draw Term Loan		8/29/2026		8,261		—
Caribou Bidco Ltd	Delayed Draw Term Loan		7/9/2027		28,928		—
Castle Management Borrower, LLC	Revolver		11/3/2029		3,750		—
CEP V Investment 11 S.à r.l.	Delayed Draw Term Loan		9/1/2026		52,464		(556	)
CFC Underwriting, Ltd.	Delayed Draw Term Loan		5/16/2029		20,232		(272	)
CFGI Holdings, LLC	Revolver		11/2/2027		19,950		—
CFS Brands, LLC	Delayed Draw Term Loan		4/2/2025		10,595		(106	)
CFS Brands, LLC	Revolver		10/2/2030		30,858		—
Channelside AcquisitionCo, Inc.	Delayed Draw Term Loan		4/28/2025		6,792		(20	)
Channelside AcquisitionCo, Inc.	Delayed Draw Term Loan		4/28/2025		918		(9	)
Channelside AcquisitionCo, Inc.	Revolver		5/15/2029		13,756		—
Charger Debt Merger Sub, LLC	Revolver		5/31/2030		7,000		(70	)
Charger Debt Merger Sub, LLC	Delayed Draw Term Loan		5/31/2026		21,310		—
Chronicle Bidco, Inc.	Revolver		11/14/2025		4,331		—
Chronicle Bidco, Inc.	Delayed Draw Term Loan		3/26/2026		13,265		—
Cisive Holdings Corp	Revolver		12/8/2027		4,445		(89	)
Claims Automation Intermediate 2, LLC	Delayed Draw Term Loan		12/16/2024		34,260		—
Clearview Buyer, Inc.	Revolver		2/26/2027		8,085		—
Compsych Investments Corp	Delayed Draw Term Loan		7/22/2027		20,230		(51	)

S-130

Investments	Commitment Type	Commitment Expiration Date		Unfunded Commitment		Fair Value
Connatix Buyer, Inc.	Revolver		7/14/2027		12,579		—
Consor Intermediate II LLC	Delayed Draw Term Loan		5/10/2026		44,439		(222	)
Consor Intermediate II LLC	Revolver		5/10/2031		11,850		(59	)
Continental Buyer Inc	Revolver		4/2/2031		4,282		(64	)
Continental Buyer Inc	Delayed Draw Term Loan		4/2/2026		11,420		(86	)
COP Home Services TopCo IV, Inc.	Revolver		12/31/2025		19,964		(214	)
COP Home Services TopCo IV, Inc.	Delayed Draw Term Loan		12/30/2027		13,936		(209	)
Coupa Software Inc.	Delayed Draw Term Loan		8/27/2025		164		(2	)
Coupa Software Inc.	Revolver		2/27/2029		126		—
CPI Buyer, LLC	Revolver		11/1/2026		28,928		(579	)
CPI Buyer, LLC	Delayed Draw Term Loan		11/23/2025		8,588		—
CRCI Longhorn Holdings Inc	Revolver		8/27/2031		5,555		—
CRCI Longhorn Holdings Inc	Delayed Draw Term Loan		8/27/2026		16,678		(83	)
Crewline Buyer, Inc.	Revolver		11/8/2030		12,790		(124	)
CT Technologies Intermediate Holdings, Inc.	Delayed Draw Term Loan		8/30/2026		5,636		—
CT Technologies Intermediate Holdings, Inc.	Revolver		8/30/2031		14,164		(142	)
Cumming Group, Inc.	Revolver		11/16/2027		25,468		—
Cumming Group, Inc.	Delayed Draw Term Loan		5/21/2025		14,626		—
CyrusOne Revolving Warehouse	Revolver		7/2/2029		229,667		—
DCG Acquisition Corp.	Revolver		6/13/2031		36,470		(365	)
DCG Acquisition Corp.	Delayed Draw Term Loan		6/13/2026		36,470		(182	)
Dechra Pharmaceuticals Holdings Ltd	Delayed Draw Term Loan		1/24/2026		13,071		(163	)
Dechra Pharmaceuticals Holdings Ltd	Delayed Draw Term Loan		1/24/2026		12,081		(165	)
Denali Bidco Ltd	Delayed Draw Term Loan		4/17/2026		300		(3	)
Digital Media Solutions, LLC	Delayed Draw Term Loan		12/10/2024		2,254		—
Diligent Corp	Delayed Draw Term Loan		4/26/2026		50,000		(375	)
Diligent Corp	Revolver		8/4/2030		33,333		—
DM Intermediate Parent LLC	Revolver		9/30/2030		30,960		(464	)
DM Intermediate Parent LLC	Delayed Draw Term Loan		9/30/2026		46,461		—
Doc Generici (Diocle S.p.A.)	Delayed Draw Term Loan		10/26/2024		5,367		(73	)
DTA Intermediate II Ltd.	Delayed Draw Term Loan		3/27/2026		19,441		—
DTA Intermediate II Ltd.	Revolver		3/27/2030		12,961		—
DTI Holdco, Inc.	Revolver		4/26/2027		16,000		(1,459	)
Elements Finco Ltd	Delayed Draw Term Loan		4/30/2027		37,680		(203	)
Emergency Power Holdings, LLC	Delayed Draw Term Loan		8/17/2025		43,758		(438	)
Endeavor Schools Holdings LLC	Delayed Draw Term Loan		1/18/2025		12,377		—
Enstructure LLC	Delayed Draw Term Loan		6/10/2026		88,177		—
ENV Bidco AB	Delayed Draw Term Loan		7/28/2025		27,675		(364	)
Epicor Software Corp.	Delayed Draw Term Loan		5/30/2031		226		—
Episerver, Inc.	Revolver		4/9/2026		3,833		(38	)
Eden Acquisitionco Ltd	Delayed Draw Term Loan		11/17/2025		7,569		(102	)
Essential Services Holding Corp	Delayed Draw Term Loan		6/17/2026		14,519		(73	)
Essential Services Holding Corp	Revolver		6/17/2030		9,056		(91	)
Everbridge Holdings, LLC	Delayed Draw Term Loan		7/2/2026		5,292		—
Everbridge Holdings, LLC	Revolver		7/2/2031		3,481		(17	)
Excelitas Technologies Corp.	Revolver		8/14/2028		14,780		—
Excelitas Technologies Corp.	Delayed Draw Term Loan		5/1/2026		4,927		(49	)
Experity, Inc.	Revolver		2/24/2028		13,452		—
Experity, Inc.	Delayed Draw Term Loan		9/13/2026		39,911		—
Fern Bidco Ltd	Delayed Draw Term Loan		7/3/2027		25,512		(540	)

S-131

Investments	Commitment Type	Commitment Expiration Date		Unfunded Commitment		Fair Value
Fidelis Insurance Holdings Ltd	Term Loan		8/21/2031		938,360		—
Focus Financial Partners LLC	Delayed Draw Term Loan		9/11/2031		1,599		—
Formulations Parent Corp.	Revolver		11/15/2029		3,571		(36	)
Foundation Risk Partners Corp.	Revolver		10/29/2029		16,269		(244	)
Foundation Risk Partners Corp.	Delayed Draw Term Loan		10/29/2025		2,255		—
Foundation Risk Partners Corp.	Delayed Draw Term Loan		5/21/2026		17,972		(90	)
Frontgrade Technologies Holdings, Inc.	Revolver		1/9/2028		516		—
Frontline Road Safety, LLC	Delayed Draw Term Loan		6/15/2025		4,489		—
FusionSite Midco, LLC	Delayed Draw Term Loan		9/30/2027		54,556		(546	)
FusionSite Midco, LLC	Revolver		11/17/2029		7,366		(166	)
FusionSite Midco, LLC	Delayed Draw Term Loan		9/25/2025		34,251		—
G&A Partners Holding Company II, LLC	Delayed Draw Term Loan		3/1/2026		23,934		—
G&A Partners Holding Company II, LLC	Revolver		3/1/2030		6,575		(33	)
Galway Borrower, LLC	Revolver		9/30/2027		15,015		—
Galway Borrower, LLC	Delayed Draw Term Loan		2/7/2026		1,961		(10	)
Galway Borrower, LLC	Delayed Draw Term Loan		7/25/2025		20		—
Gannett Fleming Inc	Revolver		8/5/2030		37,324		(560	)
Gatekeeper Systems Inc	Delayed Draw Term Loan		8/27/2026		61,694		—
Gatekeeper Systems Inc	Revolver		8/28/2030		12,318		—
GI Ranger Intermediate, LLC	Revolver		10/29/2027		10,800		—
Gigamon Inc.	Revolver		3/11/2028		5,155		—
Gimlet Bidco GmbH	Delayed Draw Term Loan		4/23/2027		39,244		—
GovernmentJobs.com, Inc.	Delayed Draw Term Loan		12/2/2024		60,893		—
GovernmentJobs.com, Inc.	Revolver		12/2/2027		38,416		(607	)
Granicus Inc.	Delayed Draw Term Loan		8/2/2026		1,431		(7	)
Granicus, Inc.	Revolver		1/17/2031		4,284		—
Graphpad Software LLC	Revolver		6/28/2031		13,945		(70	)
Graphpad Software LLC	Delayed Draw Term Loan		6/28/2026		33,558		—
Great Day Improvements LLC	Revolver		6/13/2030		5,914		(118	)
Groundworks LLC	Delayed Draw Term Loan		3/14/2026		1,404		—
GS Acquisitionco, Inc.	Delayed Draw Term Loan		3/26/2026		5,940		—
GS Acquisitionco, Inc.	Revolver		5/25/2028		3,917		—
GTCR Everest Borrower, LLC	Revolver		9/5/2029		3,125		(58	)
Gusto Sing Bidco Pte Ltd	Delayed Draw Term Loan		10/28/2028		102		(3	)
Hargreaves Lansdown	Term Loan		9/26/2031		110,792		—
High Street Buyer, Inc.	Revolver		4/16/2027		4,186		(84	)
High Street Buyer, Inc.	Delayed Draw Term Loan		2/4/2025		18,244		—
High Street Buyer, Inc.	Delayed Draw Term Loan		3/1/2026		44,077		(439	)
Houghton Mifflin, LLC	Revolver		4/7/2027		18,750		(96	)
Icefall Parent, Inc.	Revolver		1/17/2030		6,880		(52	)
IEM New Sub 2, LLC	Delayed Draw Term Loan		8/8/2026		76,076		(571	)
IG Investments Holdings, LLC	Revolver		9/22/2027		55,251		—
Imagine 360 LLC	Delayed Draw Term Loan		9/18/2026		13,684		(68	)
Imagine 360 LLC	Revolver		9/30/2028		8,582		(86	)
Inception Fertility Ventures LLC	Revolver		4/29/2030		12,329		(247	)
Inception Fertility Ventures LLC	Delayed Draw Term Loan		4/29/2026		61,644		—
Integrity Marketing Acquisition, LLC	Delayed Draw Term Loan		8/23/2026		19,372		(97	)
Integrity Marketing Acquisition, LLC	Revolver		8/27/2028		2,183		—
Integrity Marketing Acquisition, LLC	Revolver		8/27/2026		653		—
IQN Holding Corp	Revolver		5/2/2028		4,249		—

S-132

Investments	Commitment Type	Commitment Expiration Date		Unfunded Commitment		Fair Value
IRI Group Holdings Inc	Revolver		12/1/2027		46,161		—
Iris Buyer, LLC	Revolver		10/2/2029		7,870		(216	)
Iris Buyer, LLC	Delayed Draw Term Loan		4/2/2025		2,759		—
ISQ Hawkeye Holdco, Inc.	Revolver		8/17/2028		734		—
ISQ Hawkeye Holdco, Inc.	Delayed Draw Term Loan		8/20/2026		1,595		(8	)
Java Buyer, Inc.	Delayed Draw Term Loan		6/26/2026		50,996		—
Java Buyer, Inc.	Revolver		12/15/2027		12,142		(121	)
Java Buyer, Inc.	Revolver		12/15/2027		24,284		(243	)
JS Parent Inc	Revolver		4/24/2031		7,880		(39	)
Jupiter Bidco Limited	Delayed Draw Term Loan		8/5/2029		41,392		(662	)
Kaseya, Inc.	Delayed Draw Term Loan		6/25/2029		33,089		—
Kaseya, Inc.	Revolver		6/25/2029		36,559		—
Kattegat Project Bidco AB	Delayed Draw Term Loan		10/5/2026		12,225		(157	)
Knowledge Pro Buyer, Inc.	Revolver		12/10/2027		9,171		—
Knowledge Pro Buyer, Inc.	Delayed Draw Term Loan		12/8/2025		8,737		—
Kona Buyer, LLC	Delayed Draw Term Loan		7/23/2025		63,422		—
Kona Buyer, LLC	Delayed Draw Term Loan		7/23/2026		63,422		(317	)
Kona Buyer, LLC	Revolver		7/23/2031		25,369		(254	)
Kwol Acquisition, Inc.	Revolver		12/6/2029		785		—
Loar Group, Inc.	Delayed Draw Term Loan		12/31/2024		100,000		—
LPW Group Holdings, Inc.	Revolver		3/15/2030		6,566		(98	)
Magic Bidco Inc	Delayed Draw Term Loan		7/1/2026		17,784		—
Magic Bidco Inc	Revolver		7/1/2030		3,557		—
Magneto Components BuyCo, LLC	Revolver		12/5/2029		8,983		—
Magneto Components BuyCo, LLC	Delayed Draw Term Loan		6/5/2025		10,780		(135	)
Mandolin Technology Intermediate Holdings, Inc.	Revolver		7/30/2026		2,651		—
Mantech International CP	Delayed Draw Term Loan		6/14/2025		133,060		(1,200	)
Mantech International CP	Revolver		4/12/2030		111,612		—
Material Holdings, LLC	Revolver		8/17/2027		3,179		(374	)
Maverick Bidco Inc.	Delayed Draw Term Loan		8/16/2026		52,632		—
MB2 Dental Solutions, LLC	Delayed Draw Term Loan		8/12/2025		8,029		(26	)
MB2 Dental Solutions, LLC	Delayed Draw Term Loan		8/12/2025		11,241		—
MB2 Dental Solutions, LLC	Revolver		2/13/2031		2,241		—
Medline Borrower LP	Revolver		2/27/2026		17,850		(133	)
Mercury Bidco Globe Limited	Delayed Draw Term Loan		1/31/2026		25,268		—
Metis Buyer, Inc.	Revolver		5/4/2026		5,310		—
MHE Intermediate Holdings, LLC	Revolver		7/21/2027		804		—
Minotaur Acquisition, Inc.	Revolver		5/10/2030		9,910		(99	)
Minotaur Acquisition, Inc.	Delayed Draw Term Loan		5/10/2025		16,516		(165	)
Monk Holding Co.	Delayed Draw Term Loan		12/1/2024		17,311		—
More Cowbell II, LLC	Delayed Draw Term Loan		9/1/2025		2,244		(27	)
More Cowbell II, LLC	Revolver		9/1/2029		1,655		—
MPG Parent Holdings, LLC	Delayed Draw Term Loan		1/8/2026		2,679		—
MPG Parent Holdings, LLC	Revolver		1/8/2030		2,232		—
MRI Software, LLC	Revolver		2/10/2026		25,354		(824	)
MRI Software, LLC	Delayed Draw Term Loan		1/16/2027		23,940		—
Natus Medical Incorporated	Revolver		7/21/2027		1,225		—
NAVEX TopCo, Inc.	Revolver		11/9/2028		8,855		—
Navigator Acquiror, Inc.	Delayed Draw Term Loan		1/16/2025		21,446		—
NDC Acquisition Corp.	Revolver		3/9/2027		3,425		—

S-133

Investments	Commitment Type	Commitment Expiration Date		Unfunded Commitment		Fair Value
Neptune BidCo	Delayed Draw Term Loan		4/2/2031		2,051		—
Neptune Holdings, Inc.	Revolver		8/14/2030		2,000		—
Netsmart Technologies Inc	Delayed Draw Term Loan		8/23/2026		26,031		—
Netsmart Technologies Inc	Revolver		8/23/2031		26,555		(266	)
Noble Midco 3 Ltd	Delayed Draw Term Loan		6/10/2027		9,042		(45	)
Noble Midco 3 Ltd	Revolver		6/10/2030		6,028		(30	)
North Haven Ushc Acquisition Inc	Revolver		10/30/2027		10,730		—
North Haven Ushc Acquisition Inc	Delayed Draw Term Loan		8/28/2026		25,764		—
Onex Baltimore Buyer, Inc.	Delayed Draw Term Loan		1/21/2025		68,013		—
ONS MSO, LLC	Delayed Draw Term Loan		12/13/2025		36,836		—
ONS MSO, LLC	Revolver		7/8/2026		4,750		—
Oranje Holdco Inc	Revolver		2/1/2029		8,250		—
Orisha SAS	Term Loan		10/4/2031		78,678		—
Orisha SAS	Delayed Draw Term Loan		10/4/2031		5,737		—
Orisha SAS	Revolver		10/4/2031		30,261		—
Oxford Global Resources Inc	Revolver		8/17/2027		9,254		—
Paisley Bidco Ltd	Delayed Draw Term Loan		4/18/2027		10,906		(87	)
Park Place Technologies, LLC	Delayed Draw Term Loan		9/1/2025		85,594		(428	)
Park Place Technologies, LLC	Revolver		3/25/2030		53,924		—
Pavion Corp.	Delayed Draw Term Loan		10/30/2025		3,902		—
PDI TA Holdings, Inc.	Delayed Draw Term Loan		2/1/2026		15,993		(160	)
PDI TA Holdings, Inc.	Revolver		2/3/2031		6,996		(52	)
Pearce Services, LLC	Delayed Draw Term Loan		12/29/2024		949		—
Petrus Buyer Inc	Delayed Draw Term Loan		10/17/2025		4,929		—
Petrus Buyer Inc	Revolver		10/17/2029		5,163		—
PGIS Intermediate Holdings, LLC	Revolver		10/16/2028		5,945		—
PGIS Intermediate Holdings, LLC	Delayed Draw Term Loan		10/16/2028		15,112		—
Phoenix 1 Buyer Corp.	Revolver		11/20/2029		8,349		—
Plasma Buyer, LLC	Revolver		5/12/2028		6,365		—
Plasma Buyer, LLC	Delayed Draw Term Loan		5/12/2029		1,359		—
Point Broadband Acquisition, LLC	Delayed Draw Term Loan		5/29/2026		67,596		(845	)
Polyphase Elevator Holding Co.	Revolver		6/23/2027		374		—
PPV Intermediate Holdings, LLC	Revolver		8/31/2029		9,910		—
PPV Intermediate Holdings, LLC	Delayed Draw Term Loan		9/6/2025		1,867		—
PPV Intermediate Holdings, LLC	Delayed Draw Term Loan		8/7/2026		19,691		(98	)
Profile Products, LLC	Revolver		11/12/2027		2,212		—
Profile Products, LLC	Revolver		11/12/2027		6,700		—
Progress Residential PM Holdings, LLC	Delayed Draw Term Loan		11/8/2024		16,623		—
Progress Residential PM Holdings, LLC	Delayed Draw Term Loan		11/8/2024		2,915		—
Project Leopard Holdings, Inc.	Revolver		7/20/2027		8,769		—
PT Intermediate Holdings III LLC	Delayed Draw Term Loan		4/4/2026		12,013		—
Qualus Power Services Corp.	Delayed Draw Term Loan		5/9/2026		46,833		—
Rally Buyer, Inc.	Revolver		7/19/2028		6,211		—
Recorded Future Inc	Delayed Draw Term Loan		6/28/2026		24,673		—
Recorded Future Inc	Revolver		6/28/2030		15,241		(152	)
Redwood Services Group, LLC	Delayed Draw Term Loan		8/15/2025		5,379		—
Relativity ODA, LLC	Revolver		5/12/2027		4,813		(120	)
Riser Merger Sub, Inc.	Revolver		10/31/2029		16,200		—
Riser Merger Sub, Inc.	Delayed Draw Term Loan		10/31/2025		37,800		(378	)
Riser Merger Sub, Inc.	Delayed Draw Term Loan		10/31/2025		15,233		—

S-134

Investments	Commitment Type	Commitment Expiration Date		Unfunded Commitment		Fair Value
RoadOne Inc	Revolver		12/30/2028		275		—
RSC Acquisition, Inc.	Revolver		11/1/2029		6,174		(108	)
RSC Acquisition, Inc.	Delayed Draw Term Loan		10/30/2026		5,881		(7	)
RSC Acquisition, Inc.	Delayed Draw Term Loan		11/1/2029		55,566		(278	)
Safety Borrower Holdings LP	Revolver		9/1/2027		2,097		—
Safety Products/JHC Acquisition Corp	Delayed Draw Term Loan		6/28/2026		12,675		—
Sailpoint Technologies, Inc.	Revolver		8/16/2028		34,083		—
Sam Holding Co, Inc.	Revolver		3/24/2027		18,000		—
Scorpio BidCo SAS	Delayed Draw Term Loan		4/3/2026		7,858		(81	)
SEKO Global Logistics Network, LLC	Revolver		12/30/2026		2,207		—
SEKO Global Logistics Network, LLC	Revolver		12/30/2026		498		—
SG Acquisition, Inc.	Revolver		4/3/2030		13,537		—
Skopima Consilio Parent LLC	Revolver		5/14/2026		6,300		(45	)
Smile Doctors, LLC	Revolver		12/23/2027		51,955		(1,299	)
Smile Doctors, LLC	Delayed Draw Term Loan		6/9/2025		76,573		—
Soliant Lower Intermediate, LLC	Revolver		7/18/2029		18,500		—
Sparta UK Bidco Ltd	Delayed Draw Term Loan		9/25/2028		19,292		—
SpecialtyCare, Inc.	Revolver		6/18/2026		3,680		—
Spectrum Safety Solutions Purchaser, LLC	Delayed Draw Term Loan		7/1/2026		69,467		(521	)
Spectrum Safety Solutions Purchaser, LLC	Revolver		7/1/2030		58,815		—
Stepping Stones Healthcare Services, LLC	Revolver		12/30/2026		24,314		(122	)
Stepping Stones Healthcare Services, LLC	Delayed Draw Term Loan		4/24/2026		44,329		—
STV Group, Inc.	Delayed Draw Term Loan		3/20/2026		16,811		(168	)
STV Group, Inc.	Revolver		3/20/2031		10,086		—
Sunshine Cadence Holdco, LLC	Delayed Draw Term Loan		5/1/2026		35,360		—
Sunshine Cadence Holdco, LLC	Revolver		5/1/2030		32,000		(320	)
Tennessee Bidco Limited	Delayed Draw Term Loan		7/1/2026		159,961		—
The Fertility Partners, Inc.	Revolver		9/16/2027		8,152		(357	)
The GI Alliance Management, LLC	Delayed Draw Term Loan		3/1/2026		102,475		—
The Hiller Companies LLC	Delayed Draw Term Loan		6/20/2026		17,397		—
The Hiller Companies LLC	Revolver		6/20/2030		13,713		(137	)
Thermostat Purchaser III, Inc.	Revolver		8/31/2026		8,125		(51	)
Trader Corp.	Term Loan		9/9/2026		100,150		—
Trader Corp.	Term Loan		9/9/2026		57,153		—
Trader Corp.	Second Lien Term Loan		8/14/2026		592,593		—
Trader Corp.	Revolver		9/9/2026		28,322		—
Trader Corp.	Revolver		12/22/2028		8,022		—
Trinity Air Consultants Holdings Corp.	Delayed Draw Term Loan		12/31/2024		15,079		—
Trinity Air Consultants Holdings Corp.	Revolver		6/29/2028		13,269		—
Trinity Partners Holdings, LLC	Delayed Draw Term Loan		6/20/2025		115,743		—
Triple Lift, Inc.	Revolver		5/6/2028		8,815		—
Truist Insurance Holdings LLC	Revolver		5/6/2029		19,048		—
Turing Holdco, Inc.	Delayed Draw Term Loan		8/3/2028		47,204		—
Turing Holdco, Inc.	Delayed Draw Term Loan		8/3/2028		31,353		—
Unified Women’s Healthcare LP	Revolver		6/18/2029		101,845		—
Unified Women’s Healthcare LP	Delayed Draw Term Loan		3/25/2026		3,243		—
US Oral Surgery Management Holdco, LLC	Revolver		11/18/2027		15,496		—
US Oral Surgery Management Holdco, LLC	Delayed Draw Term Loan		12/31/2024		6,452		—
Varicent Parent Holdings Corp	Delayed Draw Term Loan		8/23/2026		18,545		—
Varicent Parent Holdings Corp	Revolver		8/23/2031		9,550		(143	)

S-135

Investments	Commitment Type	Commitment Expiration Date		Unfunded Commitment		Fair Value
Victors CCC Buyer, LLC	Delayed Draw Term Loan		6/1/2029		31,095		—
Victors CCC Buyer, LLC	Revolver		6/1/2029		29,205		—
VS Buyer, LLC	Revolver		4/12/2029		15,000		(975	)
Water Holdings Acquisition LLC	Delayed Draw Term Loan		7/31/2026		37,122		(186	)
West Monroe Partners, LLC	Revolver		11/9/2027		70,714		—
WHCG Purchaser III Inc	Delayed Draw Term Loan		6/30/2027		17,234		—
World Insurance Associates, LLC	Delayed Draw Term Loan		4/21/2025		35,593		—
World Insurance Associates, LLC	Revolver		4/3/2028		3,333		—
WPEngine, Inc.	Revolver		8/14/2029		8,140		(244	)
Yellow Castle AB	Delayed Draw Term Loan		7/7/2029		11,621		—
Young & Associates, LLC	Term Loan		10/1/2031		43,861		—
Young & Associates, LLC	Delayed Draw Term Loan		10/1/2031		18,977		—
Young & Associates, LLC	Revolver		10/1/2031		9,054		—
Zellis Topco Ltd.	Term Loan		1/13/2026		21,107		—
Zendesk Inc	Delayed Draw Term Loan		11/22/2025		208,035		(3,121	)
Zendesk Inc	Revolver		7/23/2030		97,650		—
Zeus, LLC	Revolver		2/8/2030		6,851		(34	)
Zeus, LLC	Delayed Draw Term Loan		2/27/2026		9,135		(69	)
Zorro Bidco Ltd	Delayed Draw Term Loan		8/13/2027		18,421		—
Total unfunded commitments				$	9,564,958	$	(34,016	)

(8) There are no interest rate floors on these investments.

(9) The interest rate floor on these investments as of September 30, 2024 was 0.50%.

(10) The interest rate floor on these investments as of September 30, 2024 was 0.75%.

(11) The interest rate floor on these investments as of September 30, 2024 was 1.00%.

(12) The interest rate floor on these investments as of September 30, 2024 was 1.25%.

(13) The interest rate floor on these investments as of September 30, 2024 was 1.50%.

(14) The interest rate floor on these investments as of September 30, 2024 was 2.00%.

(15) For unsettled positions the interest rate does not include the base rate.

S-136

(16) Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”), the Company is deemed to “control” a portfolio company if the Company owns more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. Under the 1940 Act, the Company is deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of September 30, 2024, the Company’s controlled/affiliated and non-controlled/affiliated investments were as follows:

	December 31, 2023		Gross Additions		Gross Reductions			Change in Unrealized Gains (Losses)			Net Realized Gain (Loss)		September 30, 2024		Income
Non-Controlled/Affiliated Investments
GSO DL Co-Invest EIS LP (EIS Acquisition Holdings, LP — Class A Common Units)	$	2,499	$	—	$	—		$	(512	)	$	—	$	1,987	$	13
Controlled/Affiliated Investments
Daylight Beta Parent, LLC (Benefytt Technologies, Inc.)		49,530		—		—			(37,336	)		—		12,194		—
CFCo, LLC (Benefytt Technologies, Inc.)		612		—		—			(612	)		—		—		—
CFCo, LLC (Benefytt Technologies, Inc.) — Class B Units		—		—		—			—			—		—		—
Pigments Services, Inc.		9,412		—		(115	)		(1,225	)		—		8,072		—
Pigments Services, Inc.		9,908		1,120		(68	)		—			—		10,960		1,084
Pigments Holdings LP — LP Interest		—		—		—			—			—		—		—
Material Holdings, LLC		—		225,891		—			2,017			—		227,908		7,710
Material Holdings, LLC		—		55,470		—			(22,282	)		—		33,188		1,876
Material+ Holding Company, LLC — Class C Units		—		—		—			—			—		—		—
Specialty Lending Company, LLC — LLC Interest		265,631		39,285		(13,500	)		(14,934	)		—		276,482		—
BCRED Emerald JV LP — LP Interest		2,032,260		—		(187,500	)		(49,386	)		—		1,795,374		213,271
BCRED Verdelite JV LP — LP Interest		129,265		—		—			(925	)		—		128,340		11,170
GSO DL CoInvest CI LP (CustomInk, LLC — Series A Preferred Units)		1,981		—		—			204			—		2,185		—
Total	$	2,501,098	$	321,766	$	(201,183	)	$	(124,991	)	$	—	$	2,496,690	$	235,124

(17) Loan was on non-accrual status as of September 30, 2024.

(18) These loans are “last-out” portions of loans. The “last-out” portion of the Company’s loan investment generally earns a higher interest rate than the “first-out” portion, and in exchange the “first-out” portion would generally receive priority with respect to payment principal, interest and any other amounts due thereunder over the “last-out” portion.

S-137

(19) All securities are exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), including investments in joint ventures but excluding Loar Holdings Inc.—Common Equity and Moderna Inc—Common Stock, and may be deemed to be “restricted securities.” As of September 30, 2024, the aggregate fair value of these securities is $61,594.5 million or 168.80% of the Company’s net assets. The initial acquisition dates have been included for such securities.

ADDITIONAL INFORMATION

Foreign Currency Forward Contracts
Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Appreciation (Depreciation)
Deutsche Bank AG	USD	11,063	CAD	15,000		12/18/2024	$	(58	)
Deutsche Bank AG	USD	14,751	CAD	20,000		12/17/2024		(77	)
BNP PARIBAS US	USD	1,695	CAD	2,300		11/21/2024		(9	)
Deutsche Bank AG	USD	11,737	CHF	9,820		12/18/2024		10
Goldman Sachs Bank USA	USD	83,534	DKK	557,791		12/18/2024		(183	)
BNP PARIBAS US	USD	100,608	EUR	90,200		11/21/2024		(114	)
Deutsche Bank AG	USD	170,802	EUR	153,000		12/18/2024		(230	)
Deutsche Bank AG	USD	104,044	GBP	78,800		12/18/2024		(1,512	)
BNP PARIBAS US	USD	53,582	GBP	40,900		11/21/2024		(1,211	)
Goldman Sachs Bank USA	USD	53,108	NOK	562,273		12/18/2024		(275	)
BNP PARIBAS US	USD	2,847	NOK	30,100		11/21/2024		(10	)
Goldman Sachs Bank USA	USD	24,324	NZD	39,280		12/18/2024		(673	)
Goldman Sachs Bank USA	USD	23,580	SEK	239,106		12/18/2024		(77	)
Goldman Sachs Bank USA	USD	10,823	SEK	109,749		12/17/2024		(36	)
BNP PARIBAS US	USD	1,874	SEK	19,100		11/21/2024		(13	)
Total Foreign Currency Forward Contracts		668,372		1,967,419			$	(4,468	)

Interest Rate Swaps
Counterparty	Hedged Instrument	Company Receives			Company Pays	Maturity Date		Notional Amount		Fair Market Value			Upfront Payments / Receipts		Change in Unrealized Gains / (Losses) (1)
Goldman Sachs Bank USA	November 2024 Notes		2.35	%	SOFR + 0.66%		11/22/2024		500,000	$	(2,305	)		—	$	11,451
Goldman Sachs Bank USA	January 2025 Notes		2.70	%	SOFR + 0.99%		1/15/2025		500,000		(4,323	)		—		11,089
Goldman Sachs Bank USA	December 2026 Notes		2.63	%	SOFR + 0.26%		12/15/2026		625,000		(14,119	)		—		10,605
Deutsche Bank	December 2026 Notes		2.63	%	SOFR + 0.26%		12/15/2026		625,000		(13,945	)		—		10,550
Goldman Sachs Bank USA	March 2025 Notes		4.70	%	SOFR + 2.43%		3/24/2025		400,000		(4,011	)		—		7,078
Deutsche Bank	March 2025 Notes		4.70	%	SOFR + 2.43%		3/24/2025		500,000		(5,019	)		—		8,855
Deutsche Bank	April 2026 UK Bonds		4.87	%	SONIA + 2.78%		4/14/2026		GBP 250,000		(9,437	)		—		2,984
Sumitomo Mitsui Banking Corporation	May 2027 Notes		5.61	%	SOFR + 2.79%		5/3/2027		625,000		(9,094	)		—		9,081
Sumitomo Mitsui Banking Corporation	September 2025 Notes		7.05	%	SOFR + 2.93%		9/29/2025		600,000		1,041			—		2,882
Goldman Sachs Bank USA	October 2027 Notes		7.49	%	SOFR + 3.72%		10/11/2027		350,000		3,607			—		3,143
Sumitomo Mitsui Banking Corporation	September 2025 Notes		7.05	%	SOFR + 2.97%		9/29/2025		200,000		262			—		1,022
Sumitomo Mitsui Banking Corporation	November 2028 Notes		7.30	%	SOFR + 3.06%		11/27/2028		500,000		17,000			—		3,318
Goldman Sachs Bank USA	January 2031 Notes		6.25	%	SOFR + 2.46%		1/25/2031		250,000		6,664			—		6,664
BNP Paribas US	January 2031 Notes		6.25	%	SOFR + 2.45%		1/25/2031		250,000		6,542			—		6,542
Deutsche Bank	July 2029 Notes		5.95	%	SOFR + 1.74%		7/16/2029		500,000		20,121			—		20,121
BNP Paribas US	September 2027 Notes		4.95	%	SOFR + 1.69%		9/26/2027		400,000		(1,306	)		—		(1,306	)
Sumitomo Mitsui Banking Corporation	April 2030 Notes		5.25	%	SOFR + 2.01%		4/1/2030		400,000		(1,243	)		—		(1,243	)
Total Interest Rate Swaps										$	(9,565	)	$	—	$	112,836

(1) For interest rates swaps designated in qualifying hedge relationships, the change in fair value is recorded in Interest expense in the Condensed Consolidated Statements of Operations.

S-138

LEGAL MATTERS

Certain legal matters in connection with the offering will be passed upon for us by Simpson Thacher & Bartlett LLP, Washington, D.C. and New York, New York. In addition, Richards, Layton & Finger, P.A., as special Delaware counsel to the Company, the Adviser and the Administrator, will pass on certain legal matters for us. Certain legal matters in connection with the offering will be passed upon for the underwriters by Ropes & Gray LLP.

S-139

EXPERTS

The financial statements of Blackstone Private Credit Fund and subsidiaries as of December 31, 2023 and 2022, and for the years ended December 31, 2023 and 2022 and for the period from January 7, 2021 (commencement of operations) to December 31, 2021, incorporated by reference in this prospectus supplement, have been audited by Deloitte & Touche LLP, an independent registered public accounting firm, located at 30 Rockefeller Plaza, New York, New York, 10112, as stated in their report. Such financial statements are incorporated by reference in reliance upon the reports of such firm given their authority as experts in accounting and auditing.

S-140

INFORMATION INCORPORATED BY REFERENCE

This prospectus supplement is part of a registration statement that we have filed with the SEC. The information incorporated by reference is considered to be part of this prospectus supplement. Any reports filed by us with the SEC subsequent to the date of this prospectus supplement will automatically update and, where applicable, supersede any information contained in this prospectus supplement and any document incorporated by reference herein.

We incorporate by reference into this prospectus supplement our filings listed below and any future filings that we may file with the SEC under Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act, subsequent to the date of this prospectus supplement until all of the securities offered by this prospectus supplement and the accompanying prospectus have been sold or we otherwise terminate the offering of these securities; provided, however, that information “furnished” under Item 2.02 or Item 7.01 of Form

8-K

or other information “furnished” to the SEC that is not deemed filed is not incorporated by reference in this prospectus supplement.

• our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the SEC on March 15, 2024;

• our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2024, June 30, 2024, and September  30, 2024 filed with the SEC on May 13, 2024, August 13, 2024 and November 13, 2024, respectively; and

• our Current Reports on Form 8-K filed with the SEC (other than any information furnished rather than filed) on  January 22, 2024,  January 25, 2024, January 29, 2024, February 23, 2024, March 22, 2024, April 18, 2024, May 2, 2024, May 21, 2024, May 22, 2024, May 29, 2024, June 21, 2024, July 18, 2024, August 21, 2024, September 20, 2024, September 26, 2024, October 17, 2024, November 20, 2024, November 22, 2024, December 20, 2024, January 23, 2025, January 23, 2025 and January 29, 2025.

See “

Available Information

” in the accompanying prospectus for information on how to obtain a copy of

these

filings.

S-141

PROSPECTUS

Blackstone Private Credit Fund

Debt Securities

We are a non-diversified, closed-end management investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). Our adviser, Blackstone Private Credit Strategies LLC (the “Adviser”), and our sub-adviser, Blackstone Credit BDC Advisors LLC (the “Sub-Adviser” and, together with the Adviser, the “Advisers”), are affiliates of Blackstone Alternative Credit Advisors LP (the “Sub-Administrator” and, collectively with its affiliates in the credit, asset based finance and insurance asset management business unit of Blackstone Inc. (“Blackstone”), “Blackstone Credit & Insurance”), which provides certain administrative and other services necessary for the Fund to operate pursuant to a sub-administration agreement between Blackstone Private Credit Strategies LLC, in its capacity as the administrator to the Fund (in such capacity, the “Administrator”), and the Sub-Administrator. We have elected to be treated for federal income tax purposes, and intend to qualify annually, as a regulated investment company (a “RIC”) under the Internal Revenue Code of 1986, as amended (together with the rules and regulations promulgated thereunder, the “Code”).

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

Our debt securities (the “debt securities”) may be offered at prices and on terms to be disclosed in one or more supplements to this prospectus. You should read this prospectus and the applicable prospectus supplement carefully before you invest in our debt securities.

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

We intend to invest in securities that are rated below investment grade by rating agencies or that would be rated below investment grade if they were rated. Below investment grade securities, which are often referred to as “junk,” have predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal. They may also be illiquid and difficult to value.

Investing in our debt securities may be considered speculative and involves a high degree of risk, including the risk of a substantial loss of investment. Before investing in our debt securities, you should read the discussion of the material risks of investing in our debt securities, including the risk of leverage, in “Risk Factors” beginning on page 30 of this prospectus, Part I, Item 1A “Risk Factors” in our most recent Annual Report on Form 10-K, Part II, Item 1A “Risk Factors” in our most recent Quarterly Report on Form 10-Q, as well as in any of our subsequent SEC filings, and in, or incorporated by reference into, the applicable prospectus supplement and in any free writing prospectuses we may authorize for use in connection with a specific offering, and under similar headings in the other documents that are incorporated by reference into this prospectus.

This prospectus contains important information about us that a prospective investor should know before investing in our debt securities. Please read this prospectus and any applicable prospectus supplements before investing and keep them for future reference. We also file periodic and current reports and other information about us with the U.S. Securities and Exchange Commission (the “SEC”) at www.sec.gov. This information is available free of charge by contacting us at 345 Park Avenue, 31^st Floor, New York, NY 10154, by calling us collect at (212) 503-2100 or by visiting our website at www.bcred.com. Information contained on our website or Blackstone’s website at www.blackstone.com is not incorporated by reference into this prospectus, and you should not consider that information to be part of this prospectus. The contact information provided above may be used by you to make investor inquiries.

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

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

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

The date of this prospectus is January 30, 2025.

TABLE OF CONTENTS

	Page
ABOUT THIS PROSPECTUS		1
PROSPECTUS SUMMARY		2
OFFERINGS		22
FINANCIAL HIGHLIGHTS		26
RISK FACTORS		30
POTENTIAL CONFLICTS OF INTEREST		31
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS		32
USE OF PROCEEDS		34
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS		35
THE COMPANY		36
SENIOR SECURITIES		37
PORTFOLIO COMPANIES		38
MANAGEMENT		129
PORTFOLIO MANAGEMENT		130
MANAGEMENT AND OTHER AGREEMENTS		134
CONTROL PERSONS AND PRINCIPAL SHAREHOLDERS		135
DETERMINATION OF NET ASSET VALUE		136
DISTRIBUTION REINVESTMENT PLAN		137
CERTAIN U.S. FEDERAL INCOME TAX CONSIDERATIONS		138
DESCRIPTION OF OUR DEBT SECURITIES		139
REGULATION		155
PLAN OF DISTRIBUTION		156
CUSTODIAN, TRANSFER AND DISTRIBUTION PAYING AGENT AND REGISTRAR		158
BROKERAGE ALLOCATION AND OTHER PRACTICES		159
LEGAL MATTERS		160
EXPERTS		161
AVAILABLE INFORMATION		162
INCORPORATION OF CERTAIN INFORMATION BY REFERENCE		163

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

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

i

ABOUT THIS PROSPECTUS

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

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

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

1

PROSPECTUS SUMMARY

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

Blackstone Private Credit Fund

Blackstone Private Credit Fund is a Delaware statutory trust that seeks to invest primarily in originated loans and other securities, including broadly syndicated loans, of U.S. private companies and to a lesser extent European and other non-U.S. companies. We are a non-diversified, closed-end management investment company that has elected to be regulated as a BDC under the 1940 Act. In addition, the Company has elected to be treated for U.S. federal income tax purposes, and intends to qualify annually, as a regulated investment company (a “RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (together with the rules and regulations promulgated thereunder, the “Code”).

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

We are offering on a continuous basis up to $45.0 billion of common shares of beneficial interest (the “Common Shares”) pursuant to an offering registered with the SEC (the “Continuous Offering”). We are offering to sell any combination of three classes of Common Shares—Class S shares, Class D shares and Class I shares—with a dollar value up to the maximum offering amount. The share classes have different ongoing shareholder servicing and/or distribution fees. Blackstone Securities Partners L.P., the intermediary manager, will use its best efforts to sell shares, but is not obligated to purchase or sell any specific amount of shares in the Continuous Offering.

Our investment objectives are to generate current income and, to a lesser extent, long-term capital appreciation.

Under normal circumstances, we will invest at least 80% of our total assets (net assets plus borrowings for investment purposes) in private credit investments (loans, bonds and other credit instruments that are issued in private offerings or issued by private companies). Under normal circumstances, we expect that the majority of our portfolio will be in privately originated and privately negotiated investments, predominantly direct lending to U.S. private companies through (i) first lien senior secured and unitranche loans (including first-out/last-out loans) (generally with total investment sizes less than $300 million, which criteria may change from time to time) and (ii) second lien, unsecured, subordinated or mezzanine loans and structured credit (generally with total investment sizes less than $100 million, which criteria may change from time to time), as well as broadly syndicated loans (for which we may serve as an anchor investor), club deals (generally investments made by a small group of investment firms) and other debt and equity securities (the investments described in this sentence, collectively, “Private Credit”). In limited instances, we may retain the

2

“last out” portion of a first-lien loan. In such cases, the “first out” portion of the first lien loan would receive priority with respect to payment over our “last out” position. In exchange for the higher risk of loss associated with such “last out” portion, we would earn a higher rate of interest than the “first out” position. To a lesser extent, we will also invest in publicly traded securities of large corporate issuers (“Opportunistic Credit”). We expect that the Opportunistic Credit investments will generally be liquid, and may be used for the purposes of maintaining liquidity for our share repurchase program and cash management, while also presenting an opportunity for attractive investment returns.

Most of our investments are in U.S. private companies, but (subject to compliance with BDCs’ requirement to invest at least 70% of its assets in U.S. private companies) we also expect to invest to some extent in European and other non-U.S. companies, but we do not expect to invest in emerging markets. We may invest in companies of any size or capitalization. Subject to the limitations of the 1940 Act, we may invest in loans or other securities, the proceeds of which may refinance or otherwise repay debt or securities of companies whose debt is owned by other Blackstone Credit & Insurance funds. We generally will co-invest with other Blackstone Credit & Insurance funds.

BDCs are subject to certain restrictions applicable to investment companies under the 1940 Act. As a BDC, at least 70% of our assets must be the type of “qualifying” assets listed in Section 55(a) of the 1940 Act, which are generally privately-offered securities issued by U.S. private or thinly-traded companies. We may also invest up to 30% of our portfolio opportunistically in “non-qualifying” portfolio investments, such as investments in non-U.S. companies.

The loans in which we invest will generally pay floating interest rates based on a variable base rate. The senior secured loans, unitranche loans and senior secured bonds in which we will invest generally have stated terms of five to eight years, and the mezzanine, unsecured or subordinated debt investments that we may make will generally have stated terms of up to ten years, but the expected average life of such securities is generally between three and five years. However, there is no limit on the maturity or duration of any security we may hold in our portfolio. Loans and securities purchased in the secondary market will generally have shorter remaining terms to maturity than newly issued investments. We expect most of our debt investments will be unrated. Our debt investments may also be rated by a nationally recognized statistical rating organization, and, in such case, may carry a rating below investment grade (rated lower than “Baa3” by Moody’s Investors Service, Inc. or lower than “BBB-” by S&P Global Ratings).

We expect that our unrated debt investments will generally have credit quality consistent with below investment grade securities. In addition, we may invest in collateralized loan obligations (“CLOs”) and will generally have the right to receive payments only from the CLOs, and will generally not have direct rights against the underlying borrowers or entities that sponsored the CLOs.

We may, but are not required to, enter into interest rate, foreign exchange or other derivative agreements to hedge interest rate, currency, credit or other risks, but we do not generally intend to enter into any such derivative agreements for speculative purposes. Any derivative agreements entered into for speculative purposes are not expected to be material to our business or results of operations. These hedging activities, which will be in compliance with applicable legal and regulatory requirements, may include the use of futures, options and forward contracts. We will bear the costs incurred in connection with entering into, administering and settling any such derivative contracts. There can be no assurance any hedging strategy we employ will be successful.

To seek to enhance our returns, we use and continue to expect to use leverage as market conditions permit and at the discretion of the Advisers, but in no event will leverage employed exceed the limitations set forth in

3

the 1940 Act, which currently allows us to borrow up to a 2:1 debt to equity ratio. We use and continue to expect to use leverage in the form of borrowings, including loans from certain financial institutions and issuances of debt securities. We may also use leverage in the form of the issuance of preferred shares or by using reverse repurchase agreements or similar transactions and derivatives, including credit default swaps. In determining whether to borrow money, we will analyze the maturity, covenant package and rate structure of the proposed borrowings, as well as the risks of such borrowings compared to our investment outlook. Any such leverage, if incurred, would be expected to increase the total capital available for investment by the Company. Additionally, some of our portfolio companies may be highly leveraged, which may have adverse consequences to these companies and to us as an investor. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Financial Condition, Liquidity and Capital Resources—Borrowings” and “Risk Factors—Our portfolio companies may be highly leveraged.” We have and will continue to, from time to time, enter into additional credit facilities, increase the size of our existing credit facilities or issue additional debt securities, including debt securitizations, unsecured debt and other forms of debt. Any such incurrence or issuance may be from sources within the U.S. or from various foreign geographies or jurisdictions, and may be denominated in currencies other than the U.S. Dollar.

As of September 30, 2024, based on fair value, our portfolio consisted of 91.2% first lien senior secured investments, 2.9% second lien debt investments, 0.1% unsecured debt investments, 0.8% structured finance obligations - debt instruments, 1.9% in equity and other investments and 3.1% in joint venture investments. As of September 30, 2024, on a fair value basis, approximately 99.7% of performing debt investments bore interest at a floating rate and approximately 0.3% of performing debt investments bore interest at a fixed rate.

The Advisers and the Administrators

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

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

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

4

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

Blackstone’s four business segments are real estate, private equity, credit and insurance, and multi-asset investing. Blackstone Credit & Insurance is an expansive, fully integrated credit platform, that includes private and liquid credit, infrastructure and asset based credit and insurance businesses. As of September 30, 2024, Blackstone had total AUM of more than $1.1 trillion and Blackstone Credit & Insurance had total AUM of $355 billion.¹

Blackstone Credit & Insurance, through its affiliates, employed 659 people headquartered in New York and in offices globally as of September 30, 2024. Blackstone Credit & Insurance’s 372-person investment team also includes a 93-person Chief Investment Office (“CIO”) team, which consists of individuals focused on Underwriting & Execution, Capital Formation, Asset Allocation, Structuring, Asset Management, Portfolio Insights, and Portfolio Analytics.

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

Blackstone Investment

An affiliate of Blackstone has invested $25 million in our Common Shares through one or more private placement transactions. In addition, officers and employees of Blackstone and its affiliates have also invested $123.0 million in our Common Shares as of October 1, 2024.

Market Opportunity

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

Attractive Opportunities in Floating Rate, Senior Secured Loans

We believe that opportunities in senior secured loans are significant because of the strong defensive characteristics of this asset class. While there is inherent risk in investing in any securities, senior secured debt is on the top of the capital structure and thus has priority in payment among an issuer’s security holders (i.e., senior secured debt holders are due to receive payment before junior creditors and equity holders). Further, these investments are secured by the issuer’s assets, which may be collateralized in the event of a default, if necessary. Senior secured debt often has restrictive covenants for the purpose of additional principal protection and ensuring repayment before junior creditors (i.e., most types of unsecured bondholders, and other security holders) and preserving collateral to protect against credit deterioration. The senior secured loans we invest in will generally pay floating interest rates based on a variable base rate, such as the Secured Overnight Financing Rate (“SOFR”). We expect that our loans will generally pay floating interest rates and are likely to benefit as rates remain elevated. With base rates (3 month SOFR) at approximately 4.3% as of January 6, 2025 we believe the market provides an attractive opportunity to generate strong all-in yields and risk-adjusted returns for investors.

¹  AUM is estimated and unaudited as of September 30, 2024

5

Opportunity in U.S. Private Companies

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

Secular Tailwinds in the Private Market, Including Private Credit. One of the important drivers of growth in the strategy is the increasing secular tailwinds in the private markets (i.e., social or economic trends positively impacting private markets), including growing demand for private credit, which has created attractive opportunities for private capital providers like Blackstone Credit & Insurance. Private equity funds with strategies focused on North America had over $1.4 trillion of “dry powder” (i.e., uncalled capital commitments) (published by Preqin as of January 6, 2025), which should similarly drive demand for private capital providers like Blackstone Credit & Insurance. This shift is partially due to traditional banks continuing to face regulatory limitations and retreating from the space, creating additional opportunities for private credit to take advantage of. Further, financial sponsors and companies are becoming increasingly interested in working directly with private lenders as they are seeing the tremendous benefits versus accessing the public credit markets. The Company believes some of these benefits include faster execution and greater certainty, ability to partner with sophisticated lenders, a more efficient process, and in some instances fewer regulatory requirements. As a result, Blackstone Credit & Insurance benefits from greater flow of larger scale deals that have become increasingly available to the direct lending universe over traditional banks and other financing institutions.

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

Limited Investment Competition. Despite the size of the market, we believe that regulatory changes and other factors have diminished the role of traditional financial institutions and certain other capital providers in providing financing to companies. As tracked by Leverage Commentary & Data (LCD), private credit markets financed 198 leveraged buyouts (“LBOs”) (84% of total LBOs in 2024) compared to the publicly syndicated markets, which financed only 39 (16% of total LBOs in 2024). In addition, due to bank consolidation, the number of banks has also declined during the past several decades, furthering the lack of supply in financing to private companies.

We also believe that lending and originating new loans to private companies generally requires a greater dedication of the lender’s time and resources compared to lending to public companies, due in part to the size of each investment and the often fragmented nature of information available from these companies. Further, we believe that many investment firms lack the breadth and scale necessary to identify investment opportunities, particularly in regards to directly originated investments in private companies, and thus attractive investment opportunities are often overlooked. Our track record in financing these opportunities gives us credibility in approaching companies and management teams proactively with solutions. Furthermore, we believe that our ability to provide speed and certainty of financing, as well as large-scale commitments, positions us to take advantage of the favorable supply / demand dynamics in the current market environment and negotiate more favorable economic terms for our investments.

Growing Opportunities in Europe. We believe the market for European direct lending provides attractive opportunities. In recent years, we have continued to see a growing opportunity set driven by “public to private” transactions, corporate carve-outs, and companies looking to remain private. This creates a source of deal flow

6

that we believe Blackstone Credit & Insurance is uniquely placed to execute. We further believe that the strong fundraising environment globally for private equity over the past few years will also continue to drive deal flow for European originated transactions. We anticipate that many of our opportunities to provide originated loans or other financing will be in connection with leveraged buyouts by private equity firms. Globally, private equity dry powder (uncalled capital commitments) currently stands at over $2.5 trillion (published by Preqin as of January 6, 2025), which means that these private equity firms have a large amount of capital available to conduct transactions, which we believe will create debt financing opportunities for us. Although we believe the alternative credit market in Europe is still somewhat less developed compared to its U.S. counterpart, acceptance of private capital in Europe has grown substantially in recent years. Across the U.S. and Europe, we believe Blackstone Credit & Insurance has the ability to take advantage of a dislocation in capital markets as a result of volatility by providing financing solutions, including anchoring loan syndications, originating loans where traditional banks are unwilling or unable to do so, or buying investments in the secondary market, all of which we may be able to do on more attractive terms in times of market disruption than would otherwise be available. This deployment of capital through a market dislocation strategy remains firmly within Blackstone Credit & Insurance’s investment philosophy—focusing on performing companies where Blackstone Credit & Insurance has enhanced access and a due diligence advantage.

Blackstone Credit & Insurance Strengths

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

Ability to Provide Scaled, Differentiated Capital Solutions. We believe that the breadth and scale of Blackstone Credit & Insurance’s platform, with $355 billion AUM as of September 30, 2024, and affiliation with Blackstone provide a distinct advantage in sourcing and deploying capital toward proprietary investment opportunities and provide a differentiated capability to invest in large, complex opportunities. Scale allows for more resources to source, diligence and monitor investments, and may enable us to move up market where there is often less competition and may allow us to negotiate more favorable terms for investments. As of September 30, 2024, Blackstone Credit & Insurance is invested in over 4,750 corporate issuers² across portfolios globally and has over 400 sponsor and advisor relationships, which we believe provides invaluable insight and access to a broad and diverse set of investment opportunities. Blackstone Credit & Insurance’s focus on larger transactions and larger issues is often associated with more established management teams and higher quality assets, which, in our experience, tend to better maintain their value through cycles and can serve to reduce investment risk. Blackstone Credit & Insurance offers its clients and borrowers a comprehensive solution across corporate and asset based, as well as investment grade and non-investment grade credit. Blackstone Credit & Insurance expects that in the current environment, where borrowers increasingly value the benefits of private credit, the ability to provide flexible, well-structured capital commitments in appropriate sizes will enable Blackstone Credit & Insurance to command more favorable terms for its investments.

Established Origination Platform with Strong Credit Expertise. The global presence of Blackstone Credit & Insurance generates access to a substantial amount of directly originated transactions with what Blackstone Credit & Insurance believes to be attractive investment characteristics. Over the last several years, Blackstone Credit & Insurance has expanded its origination and sponsor coverage footprint with regional offices

²  As of September 30, 2024. Reflects issuers across all asset types within Private Corporate Credit, Liquid Corporate Credit, and Infrastructure & Asset Based Credit.

7

in select markets. As of September 30, 2024, Blackstone Credit & Insurance had 659 employees globally, including 102 private credit investment professionals that have operated through multiple industry cycles, with a deep reservoir of credit expertise, providing them valuable experience and a long-term view of the market. Together with a 93-person CIO team (comprised of investment management and portfolio operations professionals), these professionals power a strong loan origination engine which we believe is a key advantage to the Blackstone Credit & Insurance platform. We anticipate capitalizing on Blackstone Credit & Insurance’s global footprint and broad and diverse origination platform to provide, primarily, senior secured financings.

We believe that the broad network of Blackstone Credit & Insurance can provide a significant pipeline of investment opportunities for us. Blackstone Credit & Insurance has a strong trading presence and actively monitors thousands of companies across the public and private markets through its $111 billion Liquid Corporate

Credit platform,³ and as a result has deep insight across sectors and industries. Furthermore, we believe that Blackstone Credit & Insurance’s strong reputation and longstanding relationships with corporate boards, management teams, leveraged buyout sponsors, financial advisors, and intermediaries position Blackstone Credit & Insurance as a partner and counterparty of choice, providing us with attractive sourcing capabilities. In Blackstone Credit & Insurance’s experience, these relationships help drive substantial proprietary deal flow and insight into investment opportunities.

Value-Added Capital Provider and Partner Leveraging the Blackstone Credit & Insurance Value Creation Program. Blackstone Credit & Insurance has established a reputation for providing creative, value-added solutions to address a company’s financing requirements and we believe our ability to solve a need for a company may lead to attractive investment opportunities. In addition, Blackstone Credit & Insurance has access to the significant resources of the Blackstone platform, including the Blackstone Credit & Insurance Value Creation Program (the “Value Creation Program”), a global platform that intends to help Blackstone Credit & Insurance investments create meaningful value by leveraging the scale, network and expertise within the Blackstone platform. Specifically, the Value Creation Program focuses on three areas of improvement: (i) reducing costs by leveraging the scale and purchasing power of Blackstone through the Group Purchasing Organization (the “GPO”), preferred partnerships and the Blackstone Sourcing Center; (ii) identifying potential revenue-generating opportunities across Blackstone’s portfolio by facilitating introductions to other Blackstone portfolio companies, which includes a network of over 350 Blackstone portfolio companies as of September 30, 2024; and (iii) subject to information walls, providing valuable access to industry and functional experts within the Blackstone organization (including the Blackstone Portfolio Operations team which consists of over 100 internal resources) who are focused on areas such as cybersecurity, sustainability, data science, healthcare, human resources and information technology, among others, and the network among portfolio companies.

The Value Creation Program helps companies to identify cost reduction opportunities through the GPO, preferred partnerships and the Blackstone Sourcing Center. Blackstone portfolio companies have generally achieved cost savings, that at times have been substantial, through their use of the GPO, often from existing suppliers, on maintenance, repair, operations, back office, information technology, hardware, software, telecommunications, business insurance and human resources, among others. The preferred partnership program also assists smaller and medium sized companies in gaining access to enterprise level sales teams that can be more attentive in addressing service issues these companies may experience. As of September 30, 2024, the

³  As of September 30, 2024. The AUM for the Liquid Corporate Credit platform may differ from any comparable AUM disclosure in other non-public or public sources (including public regulatory filings) due to, among other factors, methods of net asset value and capital commitment reporting, differences in categorizing certain funds and accounts within specific investment strategies and exclusion of certain funds and accounts, or any part of net asset value or capital commitment thereof, from the related AUM calculations. Certain of these differences are in some cases required by applicable regulation. All figures are subject to change.

8

Value Creation Program has identified $386 million in cost reductions across Blackstone Credit & Insurance’s portfolio since inception of the program in 2016.⁴ On the revenue generating side, the Value Creation Program team actively works with management teams to create cross-selling plans for potential introductions to other Blackstone portfolio companies. This involves working with management to refine marketing material, create pitch material and identify companies that might be meaningful connections. As of September 30, 2024, the Value Creation Program has generated $247 million for Blackstone Credit & Insurance portfolio companies.⁵

The Value Creation Program also provides access to valuable resources across Blackstone Credit & Insurance, Blackstone and their respective affiliates, including the Portfolio Operations team which consists of over 100 internal resources, who are focused on areas such as cybersecurity, sustainability, data science, healthcare, human resources and information technology, among others. One area of focus has been improving the cybersecurity posture of companies in which Blackstone Credit & Insurance is invested by leveraging the Blackstone Portfolio Cybersecurity Program. The Blackstone Portfolio Cybersecurity Program’s goal is to help reduce operating risk within Blackstone’s portfolio by improving cybersecurity practices in order to minimize the occurrence and impact of cyber incidents. Through the Value Creation Program, which the Fund’s portfolio companies can fully access, Blackstone has generated meaningful revenue for Blackstone portfolio companies through cross-sell introductions across Blackstone and created more than $5 billion of total illustrative value across Blackstone Credit & Insurance.⁶

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

Long-Term Investment Horizon. Our long-term investment horizon gives us great flexibility, which we believe allows us to maximize returns on our investments. Unlike most private equity and venture capital funds,

⁴  Numbers presented are since inception of the Value Creation Program in 2016. Data presented is based on internal Blackstone data recorded and not from financial statements of portfolio companies. Represents estimated identified total cost reduction across all BXCI portfolio companies at the time cost is benchmarked with portfolio companies.

⁵  Numbers presented are since inception of the Value Creation Program in 2016. Data presented is based on internal Blackstone data recorded and not from financial statements of portfolio companies. Represents total contract value, including multi-year contracts.

⁶  Numbers presented are since inception of the Value Creation Program in 2016. Data presented is based on internal Blackstone data recorded and not from financial statements of portfolio companies. Represents the sum of (a) estimated identified total cost reduction at the time cost is benchmarked with portfolio companies multiplied by the average enterprise value multiple across the portfolio, by finding the mean of the enterprise value multiples at time of BXCI’s initial investments, and (b) total revenue from introductions across Blackstone portfolio companies multiplied by EBITDA margin and multiple at investment of the portfolio company, with the exception of significantly longer term projects (projects that are greater than or equal to 10 years in project duration) in which total revenue is multiplied by EBITDA margin. The number is presented for illustrative purposes and does not reflect actual realized proceeds to BXCI, to the Fund or to the equity sponsor or the company, and there can be no assurance that realized proceeds received by Blackstone or any investor in a Blackstone fund will be increased as a result.

9

as well as many private debt funds, we will not be required to return capital to our shareholders once we exit a portfolio investment. We believe that freedom from such capital return requirements, which allows us to invest using a long-term focus, provides us with an attractive opportunity to increase total returns on invested capital.

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

Strong Investment Track Record. Blackstone Credit & Insurance’s track record in private debt lending and investing in below investment grade credit dates back to the inception of Blackstone Credit & Insurance. Since 2005 through September 30, 2024, Blackstone Credit & Insurance has invested nearly $210 billion in capital in privately-originated transactions.⁷ Specifically within the North America Direct Lending Strategy, Blackstone Credit & Insurance has invested nearly $120 billion⁸ in privately originated or privately negotiated first lien and unitranche transactions. Corresponding to this North America Direct Lending track record, Blackstone Credit &

⁷  Includes invested and committed capital for privately originated and anchor investments across private credit strategies and vehicles since 2005, including Direct Lending, Sustainable Resources, Mezzanine, and Opportunistic. Excludes liquid credit strategy investments.

⁸  As of September 30, 2024. The North America Direct Lending track record represents U.S. and Canada first lien and unitranche debt, or non-U.S. first lien and unitranche debt where >50% of the revenue is generated from the U.S. (which may be secured by the applicable borrower’s assets and/or equity) transactions in companies that were originated or anchored by certain Blackstone Credit & Insurance managed, advised or sub-advised funds (including the Fund, Blackstone Credit & Insurance managed mezzanine funds and Blackstone Credit & Insurance sub-advised BDCs, as well as certain other Blackstone Credit & Insurance managed funds and accounts) and, with respect to certain transactions, investments allocated to affiliates of Blackstone Credit & Insurance, which may be sold to Blackstone Credit & Insurance managed funds or accounts in the future (the “North America Direct Lending track record”). The track record includes investments for periods prior to December 31, 2017, in BDCs that were sub-advised by Blackstone Credit & Insurance on a non-discretionary basis until April 9, 2018 (the “Sub-Advised Investments”). With respect to certain transactions, the North America Direct Lending track record includes free equity and/or warrants that accompanied the debt financings, as well as any loans or securities into which the applicable first lien and unitranche debt may have been restructured subsequent to Blackstone Credit & Insurance’s initial investment. The North America Direct Lending track record excludes (i) broadly syndicated, mezzanine, second lien and equity (other than the aforementioned free equity and/or warrants or securities issued upon restructuring) transactions, among others and (ii) transactions where Blackstone Credit & Insurance’s invested capital (net of transactions fees) was under $25 million.

10

Insurance has an annualized loss rate of 0.07%.⁹ We believe maintaining this consistent strategy in the North America Direct Lending strategy across market cycles, with a specific emphasis on combining current yield, downside protection, and inflation protection, will generate compelling investment outcomes for the Advisers. Blackstone Credit & Insurance believes that the depth and breadth of its team provides it with a competitive advantage in sourcing product on a global basis, structuring transactions and actively managing investments in the portfolio.

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

Investment Strategy

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

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

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

• focusing on loans and securities of U.S. private companies, and to a lesser extent European and other non-U.S. companies. In many market environments, we believe such a focus offers an opportunity for superior risk-adjusted returns;

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

⁹  As of September 30, 2024. The annualized loss rate represents annualized net losses for substantially realized investments. Whether an investment is substantially realized is determined in the manager’s discretion. Investments are included in the loss rate if (1) a payment was missed, (2) bankruptcy was declared, (3) there was a restructuring, or (4) it was realized with a total multiple on invested capital less than 1.0x. Net losses include all profits and losses associated with these investments, including interest payments received. Net losses are represented in the year the investment is substantially realized and excludes all losses associated with unrealized investments. The annualized net loss rate is the net losses divided by the average annual remaining invested capital within the platform. Investments sourced by Blackstone Credit & Insurance for the Sub-Advised Investments did, in certain cases, experience defaults and losses after Blackstone Credit & Insurance was no longer sub-adviser, and such defaults and losses are not included in the rates provided. Prior to December 31, 2022, the methodology used by the North America Direct Lending track record for calculating the platform’s average annual loss rate was based on net loss of principal resulting only from payment defaults in the year of default which would exclude interest payments. Past performance is not necessarily indicative of future results, and there can be no assurance that Blackstone Credit & Insurance will achieve comparable results or that any entity or account managed by or advised by Blackstone Credit & Insurance will be able to implement its investment strategy or achieve its investment objectives.

11

• utilizing the power and scale of Blackstone and the Blackstone Credit & Insurance platform to offer operational expertise to portfolio companies through the Value Creation Program.

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

Under normal circumstances, we will invest at least 80% of our total assets (net assets plus borrowings for investment purposes) in private credit investments (loans, bonds and other credit instruments that are issued in private offerings or issued by private companies). Under normal circumstances, we expect that the majority of our portfolio will be in privately originated and privately negotiated investments, predominantly direct lending to U.S. private companies through Private Credit. In limited instances we may retain the “last out” portion of a first-lien loan. In such cases, the “first out” portion of the first lien loan would receive priority with respect to payment over our “last out” position. In exchange for the higher risk of loss associated with such “last out” portion, we would earn a higher rate of interest than the “first out” position. To a lesser extent, we will also invest in Opportunistic Credit. We expect that the Opportunistic Credit investments will generally be liquid, and may be used for the purposes of maintaining liquidity for our share repurchase program and cash management, while also presenting an opportunity for attractive investment returns.

Most of our investments are in U.S. private companies, but (subject to compliance with BDCs’ requirement to invest at least 70% of its assets in U.S. private companies) we also expect to invest to some extent in European and other non-U.S. companies, but we do not expect to invest in emerging markets. We may invest in companies of any size or capitalization. Subject to the limitations of the 1940 Act, we may invest in loans or other securities, the proceeds of which may refinance or otherwise repay debt or securities of companies whose debt is owned by other Blackstone Credit & Insurance funds. We generally will co-invest with other Blackstone Credit & Insurance funds.

As a BDC, at least 70% of our assets must be the type of “qualifying” assets listed in Section 55(a) of the 1940 Act, which are generally privately-offered securities issued by U.S. private or thinly-traded companies. We may also invest up to 30% of our portfolio opportunistically in “non-qualifying” portfolio investments, such as investments in non-U.S. companies.

The loans in which we invest will generally pay floating interest rates based on a variable base rate. The senior secured loans, unitranche loans and senior secured bonds in which we will invest generally have stated terms of five to eight years, and the mezzanine, unsecured or subordinated debt investments that we may make will generally have stated terms of up to ten years, but the expected average life of such securities is generally between three and five years. However, there is no limit on the maturity or duration of any security we may hold in our portfolio. Loans and securities purchased in the secondary market will generally have shorter remaining terms to maturity than newly issued investments. We expect most of our debt investments will be unrated. Our debt investments may also be rated by a nationally recognized statistical rating organization, and, in such case, may carry a rating below investment grade (rated lower than “Baa3” by Moody’s Investors Service, Inc. or lower than “BBB-” by S&P Global Ratings).

We expect that our unrated debt investments will generally have credit quality consistent with below investment grade securities. In addition, we may invest in CLOs and will generally have the right to receive payments only from the CLOs, and will generally not have direct rights against the underlying borrowers or entities that sponsored the CLOs.

We may, but are not required to, enter into interest rate, foreign exchange or other derivative agreements to hedge interest rate, currency, credit or other risks, but we do not generally intend to enter into any such derivative

12

agreements for speculative purposes. Any derivative agreements entered into for speculative purposes are not expected to be material to our business or results of operations. These hedging activities, which will be in compliance with applicable legal and regulatory requirements, may include the use of futures, options and forward contracts. We will bear the costs incurred in connection with entering into, administering and settling any such derivative contracts. There can be no assurance any hedging strategy we employ will be successful.

To seek to enhance our returns, we use and continue to expect to use leverage as market conditions permit and at the discretion of the Advisers, but in no event will leverage employed exceed the limitations set forth in the 1940 Act, which currently allows us to borrow up to a 2:1 debt to equity ratio. We use and continue to expect to use leverage in the form of borrowings, including loans from certain financial institutions and issuances of debt securities. We may also use leverage in the form of the issuance of preferred shares or by using reverse repurchase agreements or similar transactions and derivatives, including credit default swaps. In determining whether to borrow money, we will analyze the maturity, covenant package and rate structure of the proposed borrowings, as well as the risks of such borrowings compared to our investment outlook. Any such leverage, if incurred, would be expected to increase the total capital available for investment by the Company. Additionally, some of our portfolio companies may be highly leveraged, which may have adverse consequences to these companies and to us as an investor. See “Risk Factors—Risks Related to Debt Financing.”

We are offering on a continuous basis up to $45.0 billion of Common Shares pursuant to the Continuous Offering. We are offering to sell any combination of three classes of Common Shares—Class S shares, Class D shares and Class I shares—with a dollar value up to the maximum offering amount. The share classes have different ongoing shareholder servicing and/or distribution fees. The purchase price per share for each class of Common Shares equals the NAV per share, as of the effective date of the monthly share purchase date. The Intermediary Manager will use its best efforts to sell shares, but is not obligated to purchase or sell any specific amount of shares in the Continuous Offering.

We have declared distributions each month beginning in January 2021 through the date of this prospectus and expect to continue to pay regular monthly distributions. Any distributions we make will be at the discretion of our Board of Trustees, considering factors such as our earnings, cash flow, capital and liquidity needs and general financial condition and the requirements of Delaware law. As a result, our distribution rates and payment frequency may vary from time to time.

Our investments are subject to a number of risks, including risks related to potential concentration in the software industry. See “Risk Factors.”

Investment Selection

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

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

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

13

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

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

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

Investment Process Overview

Our investment activities are managed by our Advisers. The Advisers are responsible for originating prospective investments, conducting research and due diligence investigations on potential investments, analyzing investment opportunities, negotiating and structuring our investments and monitoring our investments and portfolio companies on an ongoing basis, in each case with respect to assets allocated to each of the Advisers pursuant to the Investment Advisory Agreement or the Sub-Advisory Agreement, as the case may be.

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

Sourcing and Origination

The private credit investment team, comprised of 102 dedicated investment professionals as of September 30, 2024, is responsible for establishing regular dialogue with, and coverage of, the financial advisory, corporate issuer, financial sponsor, legal and restructuring communities. The team also has regular contact with Wall Street firms, business brokers, industry executives and others who help identify direct origination investment opportunities. Blackstone Credit & Insurance seeks to be a value-added partner to its counterparties in connection with their capital needs, and believes that these relationships have driven, and will continue to drive, substantial proprietary deal flow and insight into investment opportunities.

The Company seeks to generate investment opportunities primarily through direct origination channels. The global presence of Blackstone Credit & Insurance generates access to a substantial amount of directly originated transactions with what it believes to be attractive investment characteristics. Blackstone Credit & Insurance’s team has over 400 sponsor and advisor relationships with a primary focus on what it believes are the largest,

14

highest quality, and most-well capitalized sponsors and advisors, leading to substantial repeat counterparties and making Blackstone Credit & Insurance a partner of choice to these sponsors. In addition to the depth and breadth of Blackstone Credit & Insurance’s relationships, sponsor and advisor partners also seek to transact with Blackstone Credit & Insurance due to its value-add through the Value Creation Program by not only helping companies with operational support, but also enhancing revenue generation and cost savings opportunities for Blackstone Credit & Insurance’s portfolio companies, all of which further contribute to its origination efforts. With respect to syndicate and club deals, Blackstone Credit & Insurance has built a network of relationships with commercial and investment banks, finance companies and other investment funds as a result of the long track record of its investment professionals in the leveraged finance marketplace. Blackstone Credit & Insurance also has a $111 billion Liquid Corporate Credit platform,¹⁰ which, we believe, allows us access to the secondary market for investment opportunities. Blackstone Credit & Insurance is invested in over 4,750 corporate issuers¹¹ across its $355 billion platform¹² which we believe offers us deep insight across all sectors and industries in our market.

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

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

Evaluation and Due Diligence

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

¹⁰  As of September 30, 2024. The AUM for the Liquid Corporate Credit platform may differ from any comparable AUM disclosure in other non-public or public sources (including public regulatory filings) due to, among other factors, methods of net asset value and capital commitment reporting, differences in categorizing certain funds and accounts within specific investment strategies and exclusion of certain funds and accounts, or any part of net asset value or capital commitment thereof, from the related AUM calculations. Certain of these differences are in some cases required by applicable regulation. All figures are subject to change.

¹¹  As of September 30, 2024. Reflects issuers across all asset types within Private Corporate Credit, Liquid Corporate Credit, and Infrastructure & Asset Based Credit.

¹²  AUM is estimated and unaudited as of September 30, 2024.

15

Initial Review

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

Credit Analysis/Due Diligence

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

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

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

• a detailed financial modeling and scenario analysis;

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

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

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

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

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

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

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

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

The Investment Committee utilizes a consensus-driven approach and includes long-tenured professionals that have been with Blackstone Credit & Insurance on average approximately 15 years and have approximately 23 years of industry experience: Brad Marshall, Michael Zawadzki, Michael Carruthers, Brad Colman, Justin

16

Hall, Robert Horn, Valerie Kritsberg, Daniel Leiter, Ferdinand Niederhofer, Daniel Oneglia, Robert Petrini and Louis Salvatore. For transactions above certain size parameters, others who participate in the Investment Committee process include members of Blackstone senior leadership, Jon Gray, Michael Chae, Vikrant Sawhney, and Ken Caplan, as well as others on the investment team responsible for conducting due diligence, and other senior members of Blackstone Credit & Insurance and broader Blackstone. For certain investments, generally smaller investments where the Company is participating alongside other lenders in a “club” deal, providing an anchor order or purchasing broadly syndicated loans, the Investment Committee has delegated the authority to make an investment decision to the CIO or Portfolio Manager of a strategy or fund.

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

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

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

Portfolio Monitoring

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

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

While the initial investment team remains primarily responsible for the collection, analysis, and dissemination of financial information received from portfolio companies, portfolio managers and members of

17

the Office of the CIO, consisting of 93 professionals as of September 30, 2024, also review portfolio reporting on a daily, weekly, and monthly basis to identify early signs of outperformance or underperformance. Blackstone Credit & Insurance maintains several formal forums to review and monitor the portfolio. Quarterly portfolio reviews are conducted to identify broad trends across the portfolio and assess recent performance. Blackstone Credit & Insurance conducts industry-specific reviews across both our private and liquids businesses to provide in-depth insights into particular sectors, bringing together comprehensive insights across our platform. In addition, weekly portfolio review committees and monthly Watch List Committee meetings are used for in-depth reviews of credits, as further described below.

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

Financial reporting for portfolio companies is reviewed on a daily, weekly and monthly basis by deal teams and members of the Office of the CIO, including the Asset Management Group. Blackstone Credit & Insurance utilizes a series of proprietary portfolio dashboards and automated reports to ensure responsible parties receive detailed information on a timely basis. Each week, all financial reporting results across the portfolio are aggregated and distributed to the portfolio management team for review. Portfolio company performance updates, including recent developments and go-forward action plans for underperforming assets, are reviewed at portfolio review committee and Watch List Committee meetings. Individual credits are discussed in depth at weekly portfolio review committee meetings, which include members of the Investment Committee. Our formal watch list, which is managed by the Office of the CIO, is reviewed at monthly Watch List Committee meetings, with interim updates as needed.

The Watch List Committee is comprised of members of the Investment Committee and includes investment professionals from both our Liquid Credit and Private Credit businesses. On a quarterly basis, the watch list is also reviewed in depth with Blackstone senior management including President and COO Jonathan Gray, CFO Michael Chae, and Global Co-CIO Ken Caplan.

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

Managerial Assistance. As a BDC, we must offer, and provide upon request, significant managerial assistance to certain of our portfolio companies except where the Company purchases securities of an issuer in conjunction with one or more other persons acting together, one of the other persons in the group makes available such managerial assistance. This assistance could involve, among other things, monitoring the operations of our

18

portfolio companies, participating in board and management meetings, consulting with and advising officers of portfolio companies and providing other organizational and financial guidance, including through the Value Creation Program. The Advisers and the Administrators will provide such managerial assistance on our behalf to portfolio companies that request this assistance. To the extent fees are paid for these services, we, rather than the Advisers, will retain any fees paid for such assistance.

Exit

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

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

Co-Investment Relief

We have in the past co-invested, and in the future will co-invest, with certain affiliates of the Advisers. We have received an exemptive order from the SEC that permits us, among other things, to co-invest with certain other persons, including certain affiliates of the Advisers and certain funds managed and controlled by the Advisers and their affiliates, subject to certain terms and conditions which could limit our ability to participate in co-investment transactions. Pursuant to such order, the Board of Trustees of the Company (the “Board of Trustees” or the “Board”) has established objective criteria (the “Board Criteria”) clearly defining co-investment opportunities in which the Company will have the opportunity to participate with one or more Blackstone Credit & Insurance BDCs, and other public or private Blackstone Credit & Insurance funds that target similar assets. If an investment falls within the Board Criteria and is otherwise consistent within the Company’s then-current investment objectives and strategies, Blackstone Credit & Insurance must present the investment opportunity to the Advisers to consider the investment opportunity for participation by the Blackstone Credit & Insurance BDCs. The Blackstone Credit & Insurance BDCs may determine to participate or not to participate, depending on whether Blackstone Credit & Insurance determines that the investment is appropriate for the Blackstone Credit & Insurance BDCs (e.g., based on investment strategy). The co-investment is generally allocated to us, any other Blackstone Credit & Insurance BDCs (including Blackstone Secured Lending Fund (“BXSL”)) and the other Blackstone Credit & Insurance funds that target similar assets pro rata based on available capital in the applicable asset class. If the Advisers determine that such investment is not appropriate for us, the investment will not be allocated to us, but the Advisers will be required to report such investment and the rationale for their determination for us to not participate in the investment to the Board at the next quarterly board meeting.

Corporate Information

Our corporate headquarters are located at 345 Park Avenue, 31^st Floor, New York, NY 10154. We maintain a website at www.bcred.com. Information contained on our website or on Blackstone’s website at

19

www.blackstone.com is not incorporated by reference into this prospectus, and you should not consider that information to be part of this prospectus.

Risk Factors

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

Risks Related to Our Business and Structure

• price declines in the medium- and large-sized U.S. corporate debt market may adversely affect the fair value of our portfolio, reducing our NAV through increased net unrealized depreciation;

• we may face increasing competition for investment opportunities, which could delay deployment of our capital, reduce returns and result in losses;

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

• although we have implemented a share repurchase program, we have discretion to not repurchase Common Shares, and our Board has the ability to amend or suspend any share repurchase program;

• there is a risk that investors in our Common Shares may not receive distributions or that our distributions may decrease over time;

• as a public reporting company, we are subject to regulations not applicable to private companies, such as provisions of the Sarbanes-Oxley Act. Efforts to comply with such regulations will involve significant expenditures, and non-compliance with such regulations may adversely affect us;

• changes in laws or regulations governing our operations may adversely affect our business or cause us to alter our business strategy;

• we, the Advisers, the Intermediary Manager and respective affiliates are subject to regulatory oversight, which could negatively impact our operations, cash flow or financial condition, impose additional costs on us or otherwise adversely affect our business;

• general economic conditions could adversely affect the performance of our investments and operations;

Risks Related to Our Investments

• our investments in prospective portfolio companies may be risky, and we could lose all or part of our investment;

• we are exposed to risks associated with changes in interest rates;

• our portfolio companies may incur debt that ranks equally with, or senior to, our investments in such companies;

• second priority liens on collateral securing debt investments that we make to our portfolio companies may be subject to control by senior creditors with first priority liens. If there is a default, the value of the collateral may not be sufficient to repay in full both the first priority creditors and us;

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

20

• our portfolio companies may be highly leveraged;

• our portfolio may be concentrated in a limited number of industries, which may subject us to a risk of significant loss if there is a downturn in a particular industry in which a number of our investments are concentrated;

Risks Related to the Advisers and Their Affiliates; Conflicts of Interest

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

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

• the Advisers rely on key personnel, the loss of any of whom could impair their ability to successfully manage us;

Risks Related to Business Development Companies

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

• regulations governing our operation as a BDC and RIC will affect our ability to raise, and the way in which we raise, additional capital or borrow for investment purposes, which may have a negative effect on our growth;

Risks Related to Debt Financing

• when we use leverage, the potential for loss on amounts invested in us will be magnified and may increase the risk of investing in us. Leverage may also adversely affect the return on our assets, reduce cash available for distribution to our shareholders, and result in losses;

• we may default under our credit facilities;

• provisions in a credit facility may limit our investment discretion;

Federal Income Tax Risks

• we will be subject to corporate-level income tax if we are unable to maintain RIC tax treatment under Subchapter M of the Code; and

• we may have difficulty paying our required distributions if we recognize income before or without receiving cash representing such income.

21

OFFERINGS

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

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

Issuer Blackstone Private Credit Fund

Use of Proceeds Unless otherwise specified in a prospectus supplement, we intend to use the net proceeds from the sale of our debt securities for general corporate purposes, which may include, among other things, investing in accordance with our investment objectives and strategies and repaying indebtedness (which will be subject to reborrowing).

Each supplement to this prospectus relating to an offering will more fully identify the use of the proceeds from such offering.

See “Use of Proceeds” in this prospectus.

Distributions We make, and intend to continue to make, monthly distributions to our shareholders out of assets legally available for distribution. Our distributions, if any, will be determined by our Board. All future distributions will be subject to lawfully available funds therefor, and we can offer no assurance that we will be able to declare such distributions in future periods.

The Company intends to timely distribute substantially all of its annual income for each year to shareholders in such a manner so as to meet the requirements prescribed under Section 852(a) of Subchapter M of the Code, except that we may retain certain net capital gains for reinvestment and, depending upon the level of annual income earned in a year, we may choose to carry forward income for distribution in the following year and as such pay any applicable U.S. federal excise tax associated with carrying forward such income. The distributions we pay to our shareholders in a year may exceed our taxable earnings and profits for that year and, accordingly, a portion of such distribution(s) may constitute a return of capital to our shareholders for U.S. federal income tax purposes. The specific tax characteristics of our distributions will be reported to shareholders after the end of the calendar year. See “Distributions” in this prospectus.

Taxation The Company has elected to be treated for U.S. federal income tax purposes, and intends to qualify annually, as a RIC under Subchapter M of the Code. Our tax treatment as a RIC will enable us to deduct

22

from income any qualifying distributions made to our shareholders, so that we will only be potentially subject to corporate-level U.S. federal income taxation in respect of earnings that we retain and do not distribute, if any.

To maintain our status as a RIC and to avoid being subject to corporate-level U.S. federal income taxation on our earnings, we must, among other things:

• maintain our election under the 1940 Act to be treated as a BDC;

• derive in each taxable year at least 90% of our gross income from dividends, interest, gains from the sale or other disposition of stock or securities and other specified categories of investment income; and

• maintain diversified holdings as prescribed by Subchapter M of the Code.

In addition, to qualify and maintain our tax treatment as a RIC, we must distribute (or be deemed to have distributed) in each taxable year dividends, for tax purposes, in an amount equal to at least 90% of our investment company taxable income (“ICTI”) (which is generally our ordinary income plus the excess, if any, of our realized net short-term capital gains over our realized net long-term capital losses) and net tax-exempt income for that taxable year.

As a RIC, we generally will not be subject to corporate-level U.S. federal income tax on our ICTI and net capital gains, if any, that we distribute to our shareholders. If we fail to distribute for a calendar year at least an amount equal to the sum of (i) 98% of our ordinary income for the calendar year, (ii) 98.2% of our capital gain net income (both long-term and short-term), if any, for the one-year period ending October 31 of the calendar year, and (iii) any ordinary income and capital gains for previous years that were not distributed during those years, on a timely basis, we may be subject to a non-deductible, entity level, 4% U.S. federal excise tax on the amount of undistributed earnings falling short of the aforementioned minimum percentages.

Leverage As a BDC, we are permitted under the 1940 Act to borrow funds or issue “senior securities” to finance a portion of our investments. As a result, we are exposed to the risks of leverage, which may be considered a speculative investment technique.

Leverage increases the potential for gain and loss on amounts invested and, as a result, increases the risks associated with investing in our debt securities. With certain limited exceptions, we may issue “senior securities,” including borrowing money from banks or other financial institutions only in amounts such that the ratio of our total assets (less total liabilities other than indebtedness represented by senior securities) to our total indebtedness represented by senior securities plus preferred shares, if any, is at or above 150% after such incurrence or issuance. This means that generally, we can borrow up

23

to $2 for every $1 of investor equity. The costs associated with our borrowings, including any increase in the management fee payable to the Adviser, are borne by our shareholders.

As of September 30, 2024, our asset coverage was 236.7%. See “Regulation” in this prospectus.

Distribution reinvestment plan We have adopted an “opt out” distribution reinvestment plan (“DRIP”) for our shareholders (excluding shareholders residing in certain states and clients of certain participating brokers that do not permit automatic enrollment in our DRIP). As a result, if we declare a cash dividend or other distribution, each shareholder that has not “opted out” of our DRIP will have their dividends or distributions automatically reinvested in additional amounts of our Common Shares rather than receiving cash distributions. There will be no up-front selling commissions or intermediary manager fees to you if you elect to participate in the distribution reinvestment plan. We will pay the plan administrator fees under the plan.

Shareholders who receive dividends and other distributions in the form of Common Shares generally are subject to the same U.S. federal tax considerations as shareholders who elect to receive their distributions in cash; however, since their cash dividends will be reinvested, those shareholders will not receive cash with which to pay any applicable taxes on reinvested dividends. See “Distribution Reinvestment Plan” in this prospectus.

Management Agreements We are managed by our Investment Adviser, Blackstone Private Credit Strategies LLC, and our Sub-Adviser, Blackstone Credit BDC Advisors LLC. The Advisers are affiliates of our Sub-Administrator, Blackstone Alternative Credit Advisors LP. Blackstone Private Credit Strategies LLC, in its capacity as Administrator to the Company, and the Sub-Administrator provide certain administrative and other services necessary for the Company to operate pursuant to the administration agreement between the Company and the Administrator, effective January 1, 2025 (the “Administration Agreement”) and the sub-administration agreement between the Administrator, on behalf of the Company, and the Sub-Administrator, effective January 1, 2025 (the “Sub-Administration Agreement” and, together with the Administration Agreement, the “Administration Agreements”). For a description of our Advisory Agreements and Administration Agreements, see “Management and Other Agreements” in this prospectus.

Custodian, Transfer and Distribution Paying Agent and Registrar State Street Bank and Trust Company serves as our custodian SS&C GIDS, Inc. acts as our transfer agent and distribution disbursing agent for our Common Shares. See “Custodian, Transfer and Distribution Paying Agent and Registrar” in this prospectus.

Available Information We have filed with the SEC a registration statement on Form N-2, of which this prospectus is a part, under the Securities Act. This registration statement contains additional information about us and

24

the debt securities being offered by this prospectus. We also file periodic and current reports and other information with the SEC. This information is available on the SEC’s website at http://www.sec.gov.

We maintain a website at www.bcred.com and make all of our periodic and current reports and other information available, free of charge, on or through our website. Information on our website and the SEC’s website is not incorporated into or part of this prospectus. You may also obtain such information free of charge by contacting us in writing at 345 Park Avenue, 31st floor, New York, New York 10153, Attention: Blackstone Private Credit Fund, or by phone at (212) 503-2100.

Incorporation of Certain Information by Reference This prospectus is part of a registration statement that we have filed with the SEC. The information incorporated by reference is considered to comprise a part of this prospectus from the date we file any such document. Any reports filed by us with the SEC subsequent to the date of this prospectus and before the date that any offering of any debt securities by means of this prospectus and any supplement thereto is terminated will automatically update and, where applicable, supersede any information contained in this prospectus or incorporated by reference in this prospectus. See “Incorporation of Certain Information by Reference” in this prospectus.

25

FINANCIAL HIGHLIGHTS

The following tables of financial highlights are intended to help you understand the Company’s financial performance for the periods presented. The financial data set forth in the tables below with respect to the periods as of and for the years ended December 31, 2023, 2022 and 2021 are derived from our consolidated financial statements, which have been audited by Deloitte & Touche LLP, an independent registered public accounting firm whose report thereon is incorporated by reference in this prospectus.

The following are the financial highlights for the nine months ended September 30, 2024:

	For the nine months ended September 30, 2024
	Class I			Class S			Class D
Per Share Data(1):
Net asset value, beginning of period	$	25.39		$	25.39		$	25.39
Net investment income		2.14			1.98			2.09
Net change in unrealized and realized gain (loss)		(0.05	)		(0.05	)		(0.05	)
Net increase (decrease) in net assets resulting from operations		2.09			1.93			2.04
Distributions from net investment income(2)		(1.98	)		(1.82	)		(1.93	)
Distributions from net realized gains(2)		—			—			—
Net increase (decrease) in net assets from shareholders’ distributions		(1.98	)		(1.82	)		(1.93	)
Early repurchase deduction fees(3)		0.00			0.00			0.00
Total increase (decrease) in net assets		0.11			0.11			0.11
Net asset value, end of period	$	25.50		$	25.50		$	25.50
Shares outstanding, end of period		941,701,780			466,379,311			21,277,090
Total return based on NAV(4)		8.5	%		7.8	%		8.3	%
Ratios:
Ratio of net expenses to average net assets(5)		8.4	%		9.3	%		8.6	%
Ratio of net investment income to average net assets(5)		11.2	%		10.3	%		10.9	%
Portfolio turnover rate		10.4	%		10.4	%		10.4	%
Supplemental Data:
Net assets, end of period	$	24,012,040		$	11,892,013		$	542,540
Asset coverage ratio		236.7	%		236.7	%		236.7	%

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

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

(3) The per share amount rounds to less than $0.01 per share, for Class I, Class S and Class D.

(4) Total return is calculated as the change in NAV per share during the period, plus distributions per share (assuming dividends and distributions are reinvested in accordance with the Company’s distribution reinvestment plan) divided by the beginning NAV per share. Total return does not include upfront transaction fee, if any.

(5) For the nine months ended September 30, 2024, amounts are annualized except for organizational costs, excise tax, and management fee and income based incentive fee waivers by the Adviser, if any. For the nine months ended September 30, 2024, the ratio of total operating expenses to average net assets was 8.4%, 9.3%, and 8.6% on Class I, Class S and Class D, respectively, on an annualized basis, excluding the effect of expense support/(recoupment) and management fee and income based incentive fee waivers by the Adviser, if any, which represented 0.0%, 0.0% and 0.0% on Class I, Class S and Class D, respectively, of average net assets.

26

The following are the financial highlights for the year ended December 31, 2023:

	Year Ended December 31, 2023
	Class I			Class S			Class D
Per Share Data(1):
Net asset value, beginning of period	$	24.59		$	24.59		$	24.59
Net investment income		3.08			2.87			3.02
Net change in unrealized and realized gain (loss)		0.29			0.29			0.29
Net increase (decrease) in net assets resulting from operations		3.37			3.16			3.31
Distributions from net investment income(2)		(2.57	)		(2.36	)		(2.51	)
Distributions from net realized gains(2)		—			—			—
Net increase (decrease) in net assets from shareholders’ distributions		(2.57	)		(2.36	)		(2.51	)
Early repurchase deduction fees(5)		0.00			0.00			0.00
Total increase (decrease) in net assets		0.80			0.80			0.80
Net asset value, end of period	$	25.39		$	25.39		$	25.39
Shares outstanding, end of period		734,579,940			373,864,258			15,452,672
Total return based on NAV(3)		14.4	%		13.4	%		14.1	%
Ratios:
Ratio of net expenses to average net assets(4)		10.3	%		11.1	%		10.6	%
Ratio of net investment income to average net assets(4)		12.3	%		11.5	%		12.0	%
Portfolio turnover rate		13.5	%		13.5	%		13.5	%
Supplemental Data:
Net assets, end of period	$	18,649,595		$	9,492,496		$	392,346
Asset coverage ratio		221.9	%		221.9	%		221.9	%

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

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

(3) Total return is calculated as the change in NAV per share during the period, plus distributions per share (assuming dividends and distributions are reinvested in accordance with the Fund’s distribution reinvestment plan) divided by the beginning NAV per share. Total return does not include upfront transaction fee, if any.

(4) For the year ended December 31, 2023, amounts are annualized except for organizational costs and management fee and income based incentive fee waivers by the Adviser. For the year ended December 31, 2023, the ratio of total operating expenses to average net assets was 10.3%, 11.1%, and 10.6% on Class I, Class S and Class D respectively, on an annualized basis, excluding the effect of expense support/(recoupment) and management fee and income based incentive fee waivers by the Adviser which represented 0.0%, 0.0% and 0.0% on Class I, Class S and Class D, respectively, of average net assets.

(5) The per share amount rounds to less than $0.01 per share, for Class S and Class D.

27

The following are the financial highlights for the year ended December 31, 2022:

	Year Ended December 31, 2022
	Class I			Class S			Class D
Per Share Data(1):
Net asset value, beginning of period	$	25.93		$	25.93		$	25.93
Net investment income		2.44			2.23			2.38
Net change in unrealized and realized gain (loss)		(1.56	)		(1.56	)		(1.56	)
Net increase (decrease) in net assets resulting from operations		0.88			0.67			0.82
Distributions from net investment income(2)		(2.23	)		(2.01	)		(2.16	)
Distributions from net realized gains(2)		—			—			—
Net increase (decrease) in net assets from shareholders’ distributions		(2.23	)		(2.01	)		(2.16	)
Early repurchase deduction fees(5)		0.01			—			—
Total increase (decrease) in net assets		(1.34	)		(1.34	)		(1.34	)
Net asset value, end of period	$	24.59		$	24.59		$	24.59
Shares outstanding, end of period		591,237,616			282,541,041			48,795,925
Total return based on NAV(3)		3.6	%		2.7	%		3.3	%
Ratios:
Ratio of net expenses to average net assets(4)		7.5	%		8.4	%		8.0	%
Ratio of net investment income to average net assets(4)		9.8	%		9.0	%		9.6	%
Portfolio turnover rate		21.2	%		21.2	%		21.2	%
Supplemental Data:
Net assets, end of period	$	14,537,932		$	6,947,313		$	1,199,819
Asset coverage ratio		184.5	%		184.5	%		184.5	%

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

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

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

(4) For the year ended December 31, 2022, amounts are annualized except for organizational costs and management fee and income based incentive fee waivers by the Adviser. For the year ended December 31, 2022, the ratio of total operating expenses to average net assets was 7.5%, 8.4%, and 8.0% on Class I, Class S and Class D respectively, on an annualized basis, excluding the effect of expense support/(recoupment) and management fee and income based incentive fee waivers by the Adviser which represented 0.0%, 0.0% and 0.0% on Class I, Class S and Class D, respectively, of average net assets.

(5) The per share amount rounds to less than $0.01 per share.

28

The following are the financial highlights for the year ended December 31, 2021:

	Year Ended December 31, 2021
	Class I			Class S			Class D(6)
Per Share Data(1):
Net asset value, beginning of period	$	25.00		$	25.00		$	25.59
Net investment income		2.20			1.99			1.46
Net change in unrealized and realized gain (loss)(2)		0.84			0.84			0.39
Net increase (decrease) in net assets resulting from operations		3.04			2.83			1.85
Distributions from net investment income(3)		(2.09	)		(1.88	)		(1.49	)
Distributions from net realized gains(3)		(0.02	)		(0.02	)		(0.02	)
Net increase (decrease) in net assets from shareholders’ distributions		(2.11	)		(1.90	)		(1.51	)
Early repurchase deduction fees(7)		—			—			—
Total increase (decrease) in net assets		0.93			0.93			0.34
Net asset value, end of period	$	25.93		$	25.93		$	25.93
Shares outstanding, end of period		346,591,556			132,425,100			16,814,460
Total return based on NAV(4)		12.6	%		11.6	%		7.4	%
Ratios:
Ratio of net expenses to average net assets(5)		4.8	%		5.9	%		5.7	%
Ratio of net investment income to average net assets(5)		8.6	%		7.8	%		8.3	%
Portfolio turnover rate		29.1	%		29.1	%		29.1	%
Supplemental Data:
Net assets, end of period	$	8,985,674		$	3,433,213		$	435,933
Asset coverage ratio		170.2	%		170.2	%		170.2	%

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

(2) For the year ended December 31, 2021, the amount shown does not correspond with the aggregate amount for the period as it includes a $0.31, $0.38 and $0.15 impact, on Class I, Class S and Class D, respectively, from the effect of the timing of capital transactions.

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

(4) Total return is calculated as the change in NAV per share during the period, plus distributions per share (assuming dividends and distributions are reinvested in accordance with the Company’s distribution reinvestment plan) divided by the beginning NAV per share. Total return does not include upfront transaction fee, if any.

(5) For the year ended December 31, 2021, amounts are annualized except for organizational costs and management fee and income based incentive fee waivers by the Adviser. For the year ended December 31, 2021, the ratio of total operating expenses to average net assets was 5.4%, 6.3%, and 5.9% on Class I, Class S and Class D respectively, on an annualized basis, excluding the effect of expense support/(recoupment) and management fee and income based incentive fee waivers by the Adviser which represented 0.6%, 0.5% and 0.2% on Class I, Class S and Class D, respectively, of average net assets.

(6) Class D commenced on May 1, 2021.

(7) The per share amount rounds to less than $0.01 per share.

29

RISK FACTORS

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

30

POTENTIAL CONFLICTS OF INTEREST

The information included under the caption “Risk Factors—Potential Conflicts of Interest” in Part I, Item 1A of our most recent Annual Report on Form 10-K is incorporated herein by reference.

31

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

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

• our future operating results;

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

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

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

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

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

• our current and expected financing arrangements and investments;

• changes in the general interest rate environment;

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

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

• our contractual arrangements and relationships with third parties;

• risks associated with the demand for liquidity under our share repurchase program and the continued approval of quarterly tender offers by the Board;

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

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

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

• our business prospects and the prospects of our portfolio companies, including our and their ability to effectively respond to the macroeconomic effects from adverse public health developments;

32

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

• the impact of future acquisitions and divestitures;

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

• general price and volume fluctuations in the stock market;

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

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

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

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

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this prospectus, the prospectus supplement, any documents we may incorporate by reference herein and any related free writing prospectus should not be regarded as a representation by us that our plans and objectives will be achieved. These forward-looking statements apply only as of the dates of this prospectus, any prospectus supplement, any documents we may incorporate by reference herein and any related free writing prospectus. Moreover, we assume no duty and do not undertake to update the forward-looking statements, except as required by applicable law. Because we are regulated as an investment company, the forward-looking statements and projections contained in this prospectus, the prospectus supplement, any documents we may incorporate by reference herein and any related free writing prospectus are excluded from the safe harbor protection provided by Section 21E of the Exchange Act.

33

USE OF PROCEEDS

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

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

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

34

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS

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

35

THE COMPANY

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

36

SENIOR SECURITIES

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

37

PORTFOLIO COMPANIES

The following table sets forth certain information as of September 30, 2024 for each portfolio company in which the Company had an investment. Percentages shown for class of securities held by the Company represent percentage of the class owned and do not necessarily represent voting ownership or economic ownership.

The Board approved the valuation of the Company’s investment portfolio, as of September 30, 2024, at fair value as determined in good faith using a consistently applied valuation process in accordance with the Company’s documented valuation policy that has been reviewed and approved by the Board, who also approve in good faith the valuation of such securities as of the end of each quarter. For more information relating to the Company’s investments, see the Company’s financial statements incorporated by reference in this prospectus.

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread	Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024	Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
First Lien Debt
First Lien Debt-non-controlled/non-affiliated
Aerospace & Defense
Atlas CC Acquisition Corp.	9465 Wilshire Blvd, Suite 300 Beverly Hills, CA 90212 United States	(7)(10)	SOFR + 4.25%	9.57%		5/25/2021		5/25/2028			$ 50,078	$	49,146	$	35,125		0.10	%
Atlas CC Acquisition Corp.	9465 Wilshire Blvd, Suite 300 Beverly Hills, CA 90212 United States	(4)(5)(7)(10)	SOFR + 4.00%	9.29%		5/25/2021		5/26/2026			5,596		5,459		714		0.00	%
Corfin Holdings, Inc.	1050 Perimeter Road, Manchester, NH 03103 United States	(4)(10)	SOFR + 5.25%	10.61%		1/7/2021		12/31/2027			32,553		32,513		32,553		0.09	%
Frontgrade Technologies Holdings, Inc.	4350 Centennial Blvd Colorado Springs, CO, 80907 United States	(4)(7)(10)	SOFR + 5.00%	10.10%		1/9/2023		1/9/2030			2,352		2,292		2,352		0.01	%
Loar Group Inc	450 Lexington Avenue, New York, NY 10017 United States	(4)(6)(7)(11)	SOFR + 4.75%	9.60%		7/28/2022		5/10/2030			252,178		251,601		251,238		0.69	%
Loar Group Inc	450 Lexington Avenue, New York, NY 10017 United States	(4)(5)(6)(11)	SOFR + 4.75%	9.60%		8/26/2024		5/10/2030			359,100		352,042		359,100		0.99	%
Magneto Components BuyCo, LLC	311 Sinclair Rd, Bristol, PA 19007 United States	(4)(7)(10)	SOFR + 6.00%	10.60% (incl. 2.65% PIK)		12/5/2023		12/5/2030			54,337		52,831		54,202		0.15	%
Maverick Acquisition, Inc.	3063 Philmont Ave B, Huntingdon Valley, PA 19006 United States	(4)(11)	SOFR + 6.25%	10.85%		6/1/2021		6/1/2027			47,851		47,382		37,563		0.10	%
Peraton Corp.	12975 Worldgate Drive, Herndon, VA 20170 United States	(10)	SOFR + 3.75%	8.70%		2/1/2021		2/1/2028			14,361		14,382		13,851		0.04	%

38

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread	Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024	Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Aerospace & Defense (continued)
TransDigm Inc	1350 Euclid Avenue, Suite 1600, Cleveland, Ohio 44115 United States	(6)(8)	SOFR + 2.50%	7.10%		11/28/2023		2/28/2031			$  7,980	$	8,004	$	7,958		0.02	%
Vertex Aerospace Services Corp.	555 Industrial Drive South, Madison, MS,39110 United States	(10)	SOFR + 2.75%	7.60%		12/6/2021		12/6/2030			11,702		11,661		11,709		0.03	%
West Star Aviation Acquisition, LLC	796 Heritage Way, Grand Junction, CO 81506 United States	(4)(5)(11)	SOFR + 5.00%	9.60%		11/3/2023		3/1/2028			9,903		9,747		9,903		0.03	%
West Star Aviation Acquisition, LLC	796 Heritage Way, Grand Junction, CO 81506 United States	(4)(10)	SOFR + 5.00%	9.60%		3/1/2022		3/1/2028			4,889		4,816		4,889		0.01	%
													841,876		821,157		2.26	%
Air Freight & Logistics
AGI-CFI Holdings, Inc.	9130 S Dadeland Blvd Ste 1801, Miami, FL, 33156 United States	(4)(10)	SOFR + 5.75%	11.26%		6/11/2021		6/11/2027			211,975		209,979		207,205		0.57	%
AGI-CFI Holdings, Inc.	9130 S Dadeland Blvd Ste 1801, Miami, FL, 33156 United States	(4)(10)	SOFR + 5.75%	11.23%		12/21/2021		6/11/2027			51,581		51,073		50,420		0.14	%
Alliance Ground	9130 S Dadeland Blvd Ste 1801, Miami, FL, 33156 United States	(4)(9)	SOFR + 5.75%	11.26%		7/25/2022		6/11/2027			93,986		92,949		91,871		0.25	%
ENV Bidco AB	Staffans väg 2A SE-192 78 Sollentuna, Sweden	(4)(6)(7)(8)	E + 5.75%	9.10%		7/19/2022		7/19/2029			EUR 114,140		113,391		126,691		0.35	%
ENV Bidco AB	Staffans väg 2A SE-192 78 Sollentuna, Sweden	(4)(6)(10)	SOFR + 5.75%	10.35%		7/19/2022		7/19/2029			102,349		100,586		102,349		0.28	%
Livingston International, Inc.	The West Mall Suite 400, Toronto, ON M9C 5K7 Canada	(4)(6)(10)	SOFR + 5.50%	10.24%		8/13/2021		4/30/2027			101,042		100,684		98,768		0.27	%
Mode Purchaser, Inc.	17330 Preston Rd., Suite 200 C Dallas, TX 75252 United States	(4)(11)	SOFR + 6.25%	11.50%		1/7/2021		12/9/2026			27,349		27,012		27,213		0.07	%
Mode Purchaser, Inc.	17330 Preston Rd., Suite 200 C Dallas, TX 75252 United States	(4)(11)	SOFR + 6.25%	11.50%		2/4/2022		2/5/2029			135,783		134,097		135,104		0.37	%

39

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024	Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Air Freight & Logistics (continued)
RoadOne Inc	1 Kellaway Dr, Randolph, MA 02368 United States	(4)(5)(7)(11)		SOFR + 6.25%	11.10%		12/30/2022		12/30/2028		$	1,090	$	1,062	$	1,063		0.00	%
RWL Holdings, LLC	767 5th Ave #4200, New York, NY 10153 United States	(4)(10)		SOFR + 5.75%	10.50%		12/13/2021		12/31/2028			270,834		267,569		249,844		0.69	%
SEKO Global Logistics Network, LLC	1100 N. Arlington Heights Rd., Itasca, IL 60143 United States	(4)(5)(11)(17)		E + 8.00%	11.38%		12/21/2021		12/30/2026			EUR 34,596		39,792		26,958		0.07	%
SEKO Global Logistics Network, LLC	1100 N. Arlington Heights Rd., Itasca, IL 60143 United States	(4)(5)(11)(17)		SOFR + 8.00%	12.95%		1/7/2021		12/30/2026			74,663		73,767		52,264		0.14	%
SEKO Global Logistics Network, LLC	1100 N. Arlington Heights Rd., Itasca, IL 60143 United States	(4)(5)(11)(17)		SOFR + 8.00%	12.95%		7/25/2022		12/30/2026			9,420		9,246		6,594		0.02	%
SEKO Global Logistics Network, LLC	1100 N. Arlington Heights Rd., Itasca, IL 60143 United States	(4)(5)(7)(11)		SOFR + 8.00%	12.95%		7/1/2024		12/30/2026			1,398		1,365		1,398		0.00	%
SEKO Global Logistics Network, LLC	1100 N. Arlington Heights Rd., Itasca, IL 60143 United States	(4)(5)(7)(11)(17)		SOFR + 8.00%	12.95%		1/7/2021		12/30/2026			6,920		6,863		4,270		0.01	%
The Kenan Advantage Group, Inc.	4895 Dressler Road, Canton, OH 44718 United States	(8)		SOFR + 3.25%	8.10%		8/6/2024		1/25/2029			12,983		12,983		12,962		0.04	%
Wwex Uni Topco Holdings, LLC	2323 Victory Avenue Suite 1600, Dallas, TX 75219 United States	(10)		SOFR + 4.00%	8.87%		7/26/2021		7/26/2028			13,935		13,860		14,018		0.04	%
														1,256,278		1,208,992		3.31	%
Airlines
Air Canada	2001 University Street Suite 1600, Montreal, QC H3A 2A6 Canada	(6)(8)		SOFR + 2.50%	7.25%		3/21/2024		3/14/2031			6,308		6,293		6,331		0.02	%
Auto Components
Clarios Global LP	Florist Tower, 5757 N. Green Bay Ave., Glendale, WI 53209 United States	(6)(8)		SOFR + 2.50%	7.35%		7/16/2024		5/6/2030			3,491		3,491		3,497		0.01	%

40

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread	Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Auto Components (continued)
Dellner Couplers Group AB	Vikavagen 144 79195 Falun, Sweden	(5)(6)(8)	E + 5.50%	8.85%		6/20/2024		6/18/2029		EUR		23,500	$	24,907	$	26,192		0.07	%
														28,398		29,689		0.08	%
Beverages
Triton Water Holdings, Inc.	900 Long Ridge Road, Building 2, Stamford, CT 06902 United States	(9)	SOFR + 3.25%	8.12%		3/31/2021		3/31/2028				44,424		43,867		44,398		0.12	%
Biotechnology
Grifols Worldwide Operations USA Inc	18 Commerce Way, Suite 4800, Wilmington, MA 01801 United States	(8)	SOFR + 2.00%	7.40%		1/7/2021		11/15/2027				4094		4,057		3,986		0.01	%
Broadline Retail
Peer USA, LLC	Perenmarkt 15, 1681 PG Zwaagdijk, Netherlands	(6)(8)	SOFR + 3.00%	7.60%		6/26/2024		6/20/2031				7000		7,021		7,031		0.02	%
Building Products
Cornerstone Building Brands, Inc.	5020 Weston Parkway, Cary, NC 27513 United States	(6)(9)	SOFR + 5.63%	10.72%		7/25/2022		8/1/2028				25,545		25,268		25,759		0.07	%
Cornerstone Building Brands, Inc.	5020 Weston Parkway, Cary, NC 27513 United States	(6)(9)	SOFR + 3.25%	8.45%		4/15/2021		4/12/2028				4,830		4,808		4,739		0.01	%
Engineered Stone Group Holdings III Ltd.	Floor 5, Smithson Tower Smithson Plaza, St. James’s Street, London, England, SW1A 1HJ	(4)(6)(8)	E + 5.75%	10.35% (incl. 6.53% PIK)		11/22/2021		4/23/2028		EUR		31,114		33,896		29,959		0.08	%
Engineered Stone Group Holdings III Ltd.	Floor 5, Smithson Tower Smithson Plaza, St. James’s Street, London, England, SW1A 1HJ	(4)(6)(10)	SOFR + 5.75%	12.10% (incl. 7.54% PIK)		11/22/2021		4/23/2028				64,832		63,826		56,080		0.15	%
Fencing Supply Group Acquisition, LLC	211 Perimeter Center Pkwy NE #250, Dunwoody, GA 30346 United States	(4)(11)	SOFR + 6.00%	10.95%		2/26/2021		2/26/2027				109,862		109,078		108,215		0.30	%
Great Day Improvements, LLC	700 Highland Rd, Macedonia, OH 44056 United States	(4)(7)(13)	SOFR + 5.50%	10.71%		6/13/2024		6/13/2030				36,237		35,436		35,394		0.10	%
Jacuzzi Brands, LLC	3925 City Center Drive Suite 200, Chino Hills, CA 91709 United States	(4)(10)	SOFR + 6.00%	10.60%		1/7/2021		2/25/2027				43,474		43,273		39,562		0.11	%

41

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024	Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Building Products (continued)
Jacuzzi Brands, LLC	3925 City Center Drive Suite 200, Chino Hills, CA 91709 United States	(4)(10)		SOFR + 6.00%	10.60%		4/20/2022		2/25/2027		$	187,540	$	186,384	$	170,661		0.47	%
Jacuzzi Brands, LLC	3925 City Center Drive Suite 200, Chino Hills, CA 91709 United States	(4)(10)		SOFR + 6.00%	10.60%		1/7/2021		2/25/2027			6,319		6,287		5,750		0.02	%
Kodiak BP, LLC	1745 Shea Center Drive Suite 130, Highlands Ranch, CO 80129 United States	(10)		SOFR + 3.25%	8.21%		3/12/2021		3/12/2028			40,069		39,921		40,123		0.11	%
L&S Mechanical Acquisition, LLC	1101 E Arapaho Rd, Suite 190, Richardson, TX 75081, United States	(4)(10)		SOFR + 6.25%	11.55%		9/1/2021		9/1/2027			109,203		108,153		109,203		0.30	%
L&S Mechanical Acquisition, LLC	1101 E Arapaho Rd, Suite 190, Richardson, TX 75081, United States	(4)(5)(10)		SOFR + 6.25%	11.55%		8/19/2024		9/1/2027			11,009		10,797		11,009		0.03	%
LBM Acquisition, LLC	1000 Corporate Grove Drive, Buffalo Grove IL 60089 United States	(10)		SOFR + 3.75%	8.97%		6/6/2024		5/31/2031			44,630		44,204		43,837		0.12	%
Lindstrom, LLC	2950 100th Court Northeast, Blaine, MN 55449 United States	(4)(11)		SOFR + 6.25%	11.55%		4/19/2022		5/1/2026			146,952		146,245		145,482		0.40	%
Oscar Acquisitionco, LLC	5005 Lyndon B Johnson Fwy Suite 1050, Dallas, TX 75244 United States	(9)		SOFR + 4.25%	8.85%		4/29/2022		4/29/2029			2,985		2,996		2,952		0.01	%
Tamko Building Products, LLC	198 Four States Drive, P.O. Box 97, Galena, KS 66739 United States	(8)		SOFR + 3.25%	8.17%		9/20/2023		9/20/2030			2,985		2,992		2,996		0.01	%
The Chamberlain Group, Inc.	300 Windsor Drive, Oak Brook, IL 60523 United States	(9)		SOFR + 3.25%	8.20%		11/3/2021		11/3/2028			25,016		24,869		24,913		0.07	%
Windows Acquisition Holdings, Inc.	235 Sunshine Road Royal, AR 71968 United States	(4)(11)		SOFR + 6.50%	11.25% (incl. 10.03% PIK)		1/7/2021		12/29/2026			57,420		57,000		52,539		0.14	%
														945,433		909,173		2.50	%

42

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread	Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Capital Markets
Apex Group Treasury, LLC	4 Embarcadero Center Suite 1900 San Francisco,CA,94111 United States	(6)(9)	SOFR + 3.75%	8.96%		7/27/2021		7/27/2028			$	15,024	$	15,004	$	15,062		0.04	%
Apex Group Treasury, LLC	4 Embarcadero Center Suite 1900 San Francisco,CA,94111 United States	(6)(9)	SOFR + 4.00%	9.08%		8/2/2024		7/27/2028				78,157		78,157		78,450		0.22	%
Aretec Group, Inc.	2301 Rosecrans Ave., Suite 5100, El Segundo, CA 90245 United States	(6)(8)	SOFR + 4.00%	8.85%		5/29/2024		8/9/2030				853		853		837		0.00	%
FFML Holdco Ltd	Private Bag 93502, Takapuna, Auckland 0740, New Zealand	(4)(6)(10)	B + 6.25%	11.53%		11/11/2022		11/30/2028		NZD		37,316		22,694		23,707		0.07	%
Focus Financial Partners LLC	875 3rd Avenue, 28th Floor New York, NY 10022 United States	(7)(8)	SOFR + 3.25%	8.10%		9/11/2024		9/11/2031				14,889		14,851		14,858		0.04	%
GTCR Everest Borrower, LLC	1655 Grant Street, 10th Floor Concord, CA 94520 United States	(6)(7)(8)	SOFR + 3.00%	7.60%		9/5/2024		9/5/2031				12,388		12,287		12,200		0.03	%
Osaic Holdings Inc	20 East Thomas Road, Phoenix, AZ 85012 United States	(8)	SOFR + 4.00%	8.85%		5/6/2024		8/17/2028				10,594		10,602		10,493		0.03	%
Resolute Investment Managers, Inc.	220 E. Las Colinas Blvd., Suite 1200, Irving, Texas 75039 United States	(5)(11)	SOFR + 6.50%	11.37%		12/29/2023		4/30/2027				3,894		3,848		3,604		0.01	%
Situs-AMC Holdings Corporation	5065 Westheimer Suite 700E, Houston, TX 77056 United States	(4)(11)	SOFR + 5.50%	10.20%		12/22/2021		12/22/2027				12,151		12,085		12,090		0.03	%
Superannuation And Investments US, LLC	Ground Floor Tower 1 201 Sussex Street Sydney,NSW,2000 Australia	(6)(9)	SOFR + 3.75%	8.71%		12/1/2021		12/1/2028				13,059		13,005		13,097		0.04	%
The Edelman Financial Engines Center, LLC	28 State Street, 21st Floor, Boston, MA 021094 United States	(8)	SOFR + 3.25%	8.10%		6/5/2024		4/7/2028				18,370		18,370		18,357		0.05	%
														201,756		202,755		0.56	%
Chemicals
Charter Next Generation Inc	300 N. LaSalle Drive, Suite 1575, Chicago, IL 60654 United States	(10)	SOFR + 3.25%	8.10%		1/30/2024		12/1/2027				1,990		2,003		1,992		0.01	%
DCG Acquisition Corp.	45 Rockefeller Plaza 20th Floor, New York, NY 10111 United States	(4)(5)(7)(10)	SOFR + 4.75%	9.60%		6/13/2024		6/13/2031				210,895		208,353		209,293		0.57	%

43

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024	Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Chemicals (continued)
Derby Buyer, LLC	200 Powder Mill Road, Wilmington DE 19803 United States	(6)(9)		SOFR + 3.50%	8.70%		5/14/2024		11/1/2030		$	6,468	$	6,506	$	6,486		0.02	%
Formulations Parent Corp.	375 University Avenue, Westwood, MA 02090 United States	(4)(7)(10)		SOFR + 5.75%	10.87%		11/15/2023		11/15/2030			21,321		20,888		21,073		0.06	%
Geon Performance Solutions, LLC	25777 Detroit Road Suite 202, Westlake, OH 44145 United States	(10)		SOFR + 4.25%	9.12%		8/18/2021		8/18/2028			3,589		3,574		3,603		0.01	%
Hyperion Materials & Technologies, Inc.	6325 Huntley Road, Worthington, OH 43229 United States	(9)		SOFR + 4.50%	9.46%		8/30/2021		8/30/2028			7,925		7,915		7,392		0.02	%
														249,239		249,839		0.69	%
Commercial Services & Supplies
Access CIG, LLC	6818 A Patterson Pass Road, Livermore CA 94550 United States	(9)		SOFR + 5.00%	10.25%		8/18/2023		8/18/2028			43,524		43,067		43,765		0.12	%
Allied Universal Holdco, LLC	1551 North Tustin Avenue Suite 650, Santa Ana, CA 92705 United States	(9)		SOFR + 3.75%	8.70%		4/8/2021		5/12/2028			40,833		40,782		40,480		0.11	%
Anticimex, Inc.	400 Connell Drive Suite 1300, Berkeley Heights, NJ 07922 United States	(6)(9)		SOFR + 3.15%	8.48%		11/8/2021		11/16/2028			11,675		11,648		11,678		0.03	%
APX Group, Inc.	4931 North 300 West, Provo, UT, 84604 United States	(6)(9)		SOFR + 2.75%	8.03%		7/9/2021		7/10/2028			17,256		17,234		17,279		0.05	%
Bazaarvoice, Inc.	338 Pier Avenue, Hermosa Beach CA 90254 United States	(4)(7)(8)		SOFR + 5.25%	9.25%		5/7/2021		5/7/2028			405,472		405,472		405,472		1.11	%
CFS Brands, LLC	4711 E. Hefner Rd. Oklahoma City, OK 73131 United States	(4)(7)(11)		SOFR + 5.75%	10.60%		10/2/2023		10/2/2030			210,048		205,827		209,942		0.58	%
DG Investment Intermediate Holdings 2, Inc.	One Commerce Drive, Schaumburg, Illinois 60173 United States	(10)		SOFR + 3.75%	8.71%		3/31/2021		3/31/2028			22,535		22,557		22,514		0.06	%
Divisions Holding Corp.	1 Riverfront Place Suite 500, Newport, KY 41071 United States	(4)(10)		SOFR + 4.75%	9.71%		5/27/2021		5/27/2028			5,865		5,832		5,873		0.02	%
EAB Global, Inc.	2008 Saint Johns Ave, Washington DC 20037 United States	(9)		SOFR + 3.25%	8.10%		8/16/2021		8/16/2028			13,374		13,354		13,342		0.04	%
Foundational Education Group, Inc.	4500 East West Highway Suite 300, Bethesda,MD,20814 United States	(9)		SOFR + 3.75%	9.26%		8/31/2021		8/31/2028			8,891		8,842		8,614		0.02	%

44

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024	Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Commercial Services & Supplies (continued)
FusionSite Midco, LLC	5611 Ohio Ave, Nashville, TN 37209 United States	(4)(11)		SOFR + 5.75%	10.62%		11/17/2023		11/17/2029		$	45,126	$	44,258	$	45,126		0.12	%
FusionSite Midco, LLC	5611 Ohio Ave, Nashville, TN 37209 United States	(4)(11)		SOFR + 5.75%	11.29%		11/17/2023		11/17/2029			19,516		19,140		19,516		0.05	%
FusionSite Midco, LLC	5611 Ohio Ave, Nashville, TN 37209 United States	(4)(5)(7)(11)		SOFR + 5.75%	10.49%		9/25/2024		11/17/2029			2,978		2,026		1,945		0.01	%
Garda World Security Corp.	1390 Barre Street, Montreal QC H3C 1N4 Canada	(6)(8)		SOFR + 3.50%	8.60%		8/6/2024		2/1/2029			20,967		20,967		20,991		0.06	%
Gatekeeper Systems Inc	90 Icon, Foothill Ranch, CA 92610, United States	(4)(10)		SOFR + 5.00%	10.06%		8/27/2024		8/28/2030			252,665		247,690		247,612		0.68	%
Gatekeeper Systems Inc	90 Icon, Foothill Ranch, CA 92610, United States	(4)(5)(7)(10)		SOFR + 5.00%	10.06%		8/27/2024		8/28/2030			6,159		5,188		5,172		0.01	%
GBT US III, LLC	666 Third Avenue, 4th Floor, New York, NY, NY 10017, United States	(6)(8)		SOFR + 3.00%	8.28%		7/26/2024		7/25/2031			4,000		4,010		3,997		0.01	%
Gorilla Investor LLC	712 Fifth Avenue, 44th Floor, New York, NY 10019, United States	(4)(5)(10)		SOFR + 5.00%	9.60%		9/26/2024		9/30/2031			168,043		164,684		166,363		0.46	%
Iris Buyer, LLC	1501 Yamato Road, Boca Raton, FL 33431 United States	(4)(11)		SOFR + 6.25%	11.50%		10/2/2023		10/2/2030			54,679		53,390		54,679		0.15	%
Iris Buyer, LLC	1501 Yamato Road, Boca Raton, FL 33431 United States	(4)(5)(7)(11)		SOFR + 6.25%	10.85%		10/2/2023		10/2/2030			5,155		4,822		4,902		0.01	%
Java Buyer, Inc.	191 4th St W Ketchum, ID, 83340 United States	(4)(7)(10)		SOFR + 5.75%	10.79%		12/15/2021		12/15/2027			162,481		160,234		161,457		0.44	%
Java Buyer, Inc.	191 4th St W Ketchum, ID, 83340 United States	(4)(10)		SOFR + 5.75%	10.45%		11/9/2023		12/15/2027			54,083		53,114		54,083		0.15	%
Java Buyer, Inc.	191 4th St W Ketchum, ID, 83340 United States	(4)(10)		SOFR + 5.75%	11.17%		12/15/2021		12/15/2027			92,906		92,001		92,906		0.25	%
JSS Holdings, Inc.	180 North Stetson, 29th Floor, Chicago, IL 60601 United States	(4)(10)		SOFR + 5.25%	10.10%		12/29/2021		12/17/2030			236,063		233,923		236,063		0.65	%
JSS Holdings, Inc.	180 North Stetson, 29th Floor, Chicago, IL 60601 United States	(4)(10)		SOFR + 5.25%	10.10%		1/7/2021		12/17/2030			45,220		44,806		45,220		0.12	%
Knowledge Pro Buyer, Inc.	Country Squire Lane, Princeton Junction, NJ 8550 United States	(4)(7)(10)		SOFR + 5.00%	9.95%		12/10/2021		12/10/2027			89,216		88,336		89,137		0.24	%

45

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024	Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Commercial Services & Supplies (continued)
KPSKY Acquisition, Inc.	500 Unicorn Park 3rd Floor, Woburn, MA 01801 United States	(4)(10)(18)		SOFR + 5.50%	10.85%		10/19/2021		10/19/2028		$	46,601	$	46,062	$	41,941		0.12	%
KPSKY Acquisition, Inc.	500 Unicorn Park 3rd Floor, Woburn, MA 01801 United States	(4)(10)(18)		SOFR + 5.50%	10.90%		10/19/2021		10/19/2028			20,790		20,549		18,711		0.05	%
Onex Baltimore Buyer, Inc.	712 Fifth Avenue New York, NY 10019 United States	(4)(11)(18)		SOFR + 5.00%	9.85%		12/1/2021		12/1/2027			187,232		185,238		187,232		0.51	%
Onex Baltimore Buyer, Inc.	712 Fifth Avenue New York, NY 10019 United States	(4)(7)(11)(18)		SOFR + 5.00%	9.85%		12/1/2021		12/1/2027			219,692		216,704		218,457		0.60	%
Pearce Intermediate Holdings, Inc	1690 Scenic Ave, Costa Mesa, CA 92626 United States	(4)(12)		SOFR + 4.50%	9.52%		6/2/2021		6/2/2027			82,554		81,587		82,554		0.23	%
Pearce Intermediate Holdings, Inc	1690 Scenic Ave, Costa Mesa, CA 92626 United States	(4)(5)(7)(11)		SOFR + 4.50%	9.91%		6/29/2023		6/2/2027			814		787		787		0.00	%
Polyphase Elevator Holding Co.	60 Shawmut Road, Suite 1, Canton, MA 02021 United States	(4)(5)(7)(11)		SOFR + 6.00%	10.70% (incl. 5.00% PIK)		6/23/2021		6/23/2027			6,019		5,980		4,578		0.01	%
Polyphase Elevator Holding Co.	60 Shawmut Road, Suite 1, Canton, MA 02021 United States	(4)(5)(11)		SOFR + 6.00%	10.70% (incl. 5.00% PIK)		12/21/2021		6/23/2027			10,694		10,694		8,128		0.02	%
Prime Security Services Borrower, LLC	1501 Yamato Road, Boca Raton, FL, 33431 United States	(8)		SOFR + 2.25%	7.45%		4/15/2024		10/13/2030			1,496		1,505		1,496		0.00	%
Pye-Barker Fire & Safety, LLC	2500 Northwinds Parkway, Ste 200, Alpharetta, GA 30009 United States	(4)(5)(10)		SOFR + 4.50%	9.10%		5/24/2024		5/24/2031			4,461		4,461		4,461		0.01	%
Pye-Barker Fire & Safety, LLC	2500 Northwinds Parkway, Ste 200, Alpharetta, GA 30009 United States	(4)(5)(10)		SOFR + 4.50%	9.10%		5/24/2024		5/24/2031			13,816		13,751		13,747		0.04	%
Safety Products/JHC Acquisition Corp	1751 Lake Cook Rd, Suite 370, Deerfield, Illinois 60015, United States	(7)(8)		SOFR + 4.50%	9.45%		1/7/2021		6/28/2026			50,567		50,447		50,606		0.14	%
The Hiller Companies, LLC	3751 Joy Springs Drive, Mobile, AL 36693 United States	(4)(10)		SOFR + 5.00%	9.96%		6/20/2024		6/20/2030			75,563		74,843		74,808		0.21	%
The Hiller Companies, LLC	3751 Joy Springs Drive, Mobile, AL 36693 United States	(4)(5)(7)(10)		SOFR + 5.00%	10.28%		6/20/2024		6/20/2030			4,335		4,080		4,089		0.01	%
TRC Companies, Inc (fka Bolt Infrastructure Merger Sub, Inc.)	21 Griffin Road North, Windsor, CT 06095 United States	(9)		SOFR + 3.75%	8.71%		12/9/2021		12/8/2028			26,862		26,785		26,883		0.07	%
Vaco Holdings, Inc.	5410 Maryland Way, Suite 460, Brentwood, TN, 37027 United States	(10)		SOFR + 5.00%	9.95%		1/21/2022		1/21/2029			8,963		8,936		8,820		0.02	%

46

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024	Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Commercial Services & Supplies (continued)
Veregy Consolidated, Inc.	23325 N. 23rd Ave, Suite 120 Phoenix, AZ 85027 United States	(11)		SOFR + 6.00%	11.51%		1/7/2021		11/2/2027		$	20,000	$	20,024	$	19,983		0.05	%
Water Holdings Acquisition LLC	2002 West Grand Parkway North, Suite 100, Katy, TX 77449, United States	(4)(5)(7)(10)		SOFR + 5.00%	10.25%		7/31/2024		7/31/2031			185,476		183,497		183,436		0.50	%
														2,969,134		2,978,845		8.14	%
Construction & Engineering
ASP Endeavor Acquisition, LLC	515 Houston St Ste 500, Fort Worth, TX 76102 United States	(4)(5)(9)		SOFR + 6.50%	11.87%		5/3/2021		5/3/2027			30,600		30,336		30,600		0.08	%
Atlas Securitized Products Funding 2, L.P.	13215 Bee Cave Parkway Building B, Suite 230, Austin, TX 78738 United States	(4)(5)(7)(8)		SOFR + 1.50%	6.70%		3/28/2024		4/10/2026			134,503		130,697		134,503		0.37	%
Azuria Water Solutions Inc	787 7th Avenue 49th Floor New York NY 10019 United States	(10)		SOFR + 3.75%	8.60%		7/23/2024		5/17/2028			34,522		34,522		34,706		0.10	%
Brookfield WEC Holdings, Inc.	1000 Westinghouse Drive, Cranberry Township, PA 16066 United States	(8)		SOFR + 2.75%	7.60%		1/25/2024		1/27/2031			7,963		7,884		7,970		0.02	%
Consor Intermediate II, LLC	6505 Blue Lagoon Drive, Suite 470 Miami, FL 33126 United States	(4)(5)(7)(10)		SOFR + 4.75%	9.35%		5/10/2024		5/10/2031			48,883		48,100		48,357		0.13	%
COP Home Services TopCo IV, Inc.	3150 E Birch St., Brea, CA 92821, United States	(4)(7)(11)		SOFR + 6.00%	11.35%		6/9/2023		12/31/2027			209,500		205,980		209,077		0.57	%
Gannett Fleming Inc	207 Senate Ave, Camp Hill, PA 17011, United States	(4)(5)(7)(10)		SOFR + 4.50%	9.67%		8/5/2024		8/5/2030			361,703		355,874		355,718		0.98	%
Groundworks, LLC	1741 Corporate Landing Parkway, Virginia Beach, VA 23454 United States	(8)		SOFR + 3.50%	8.60%		3/14/2024		3/14/2031			9,056		9,074		9,008		0.02	%
Groundworks, LLC	1741 Corporate Landing Parkway, Virginia Beach, VA 23454 United States	(7)(8)		SOFR + 3.50%	8.60%		3/14/2024		3/14/2031			267		165		258		0.00	%
Peak Utility Services Group, Inc.	310 Interlocken Parkway Suite 220 Broomfield CO 80021 United States	(4)(11)		SOFR + 5.00%	10.41%		3/2/2021		3/2/2028			15,170		15,096		13,881		0.04	%
Peak Utility Services Group, Inc.	310 Interlocken Parkway Suite 220 Broomfield CO 80021 United States	(4)(11)		SOFR + 5.00%	10.41%		3/2/2021		3/2/2028			2,023		2,016		1,851		0.01	%
Refficiency Holdings, LLC	1601 Las Plumas Ave San Jose, CA, 95133-1613 United States	(10)		SOFR + 3.50%	8.45%		10/28/2021		12/16/2027			11,258		11,212		11,318		0.03	%

47

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024	Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Construction & Engineering (continued)
Thermostat Purchaser III, Inc.	10 Parkway North Suite 100 Deerfield,IL,60015 United States	(4)(7)(10)		SOFR + 4.25%	8.85%		6/20/2024		8/31/2028		$	9,975	$	9,869	$	9,942		0.03	%
														860,825		867,189		2.38	%
Containers & Packaging
Anchor Packaging, LLC	13515 Barrett Parkway #100, St. Louis, MO 63021, United States	(8)		SOFR + 3.75%	8.60%		5/7/2024		7/18/2029			1,995		2,000		2,005		0.01	%
Ascend Buyer, LLC	1111 Busch Parkway, Buffalo Grove, IL 60089, United States	(4)(10)		SOFR + 5.75%	10.50%		10/18/2022		9/30/2028			11,328		11,100		11,328		0.03	%
Ascend Buyer, LLC	1111 Busch Parkway, Buffalo Grove, IL 60089, United States	(4)(5)(7)(10)		SOFR + 5.75%	10.50%		9/30/2021		9/30/2027			2,587		2,509		2,587		0.01	%
Berlin Packaging, LLC	525 West Monroe Street, Chicago IL 60661 United States	(8)		SOFR + 3.75%	8.95%		6/7/2024		6/7/2031			15,361		15,325		15,367		0.04	%
Clydesdale Acquisition Holdings, Inc.	101 E Carolina Ave Hartsville, SC 29550 United States	(9)		SOFR + 3.18%	8.02%		4/13/2022		4/13/2029			13,989		13,737		13,933		0.04	%
Graham Packaging Co, Inc.	148 Quay Street Floor 9, Auckland Central Auckland, 1010 New Zealand	(8)		SOFR + 2.50%	7.35%		7/31/2024		8/4/2027			7,932		7,932		7,933		0.02	%
MAR Bidco S.à r.l.	46A Avenue J.F. Kennedy, L-1855 Luxembourg, Grand-Duché de Luxembourg	(6)(9)		SOFR + 4.20%	9.29%		6/28/2021		7/6/2028			3,829		3,818		3,714		0.01	%
Pretium PKG Holdings, Inc.	15450 South Outer Forty Drive Suite 120 Chesterfield,MO,63017 United States	(11)(18)		SOFR + 4.60%	9.85% (incl. 1.38% PIK)		10/2/2023		10/2/2028			22,230		21,985		17,914		0.05	%
ProAmpac PG Borrower, LLC	12025 Tricon Road, Cincinnati, OH 45246 United States	(10)		SOFR + 4.00%	9.30%		4/9/2024		9/15/2028			16,232		16,232		16,277		0.04	%
Ring Container Technologies Group, LLC	1 Industrial Park Rd. Oakland, TN 38060 United States	(9)		SOFR + 2.75%	7.60%		7/19/2024		8/12/2028			985		985		985		0.00	%
TricorBraun Holdings, Inc.	6 CityPlace Drive Suite 1000 Saint Louis MO 63141 United States	(9)		SOFR + 3.25%	8.21%		3/3/2021		3/3/2028			13,663		13,598		13,419		0.04	%
Trident TPI Holdings, Inc.	460 Swedesford Rd Wayne, PA 19087 United States	(9)		SOFR + 4.00%	8.60%		4/1/2024		9/15/2028			21,739		21,739		21,798		0.06	%
														130,960		127,260		0.35	%

48

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread	Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024	Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Distributors
BP Purchaser, LLC	2650 Galvin Dr, Elgin, IL 60124, United States	(4)(5)(10)	SOFR + 5.50%	10.69%		12/10/2021		12/10/2028		$	7,820	$	7,726	$	7,096		0.02	%
BradyIFS Holdings, LLC	7055 S Lindell Road, Las Vegas, NV 89118 United States	(4)(11)	SOFR + 6.00%	11.25%		10/31/2023		10/31/2029			202,799		199,365		202,799		0.56	%
BradyIFS Holdings, LLC	7055 S Lindell Road, Las Vegas, NV 89118 United States	(4)(5)(7)(11)	SOFR + 6.00%	11.06%		10/31/2023		10/31/2029			15,991		15,665		15,767		0.04	%
Genuine Cable Group, LLC	50 Broadway, Hawthorne, NY 10532, United States	(4)(10)	SOFR + 5.75%	10.70%		11/1/2021		11/2/2026			29,725		29,410		28,759		0.08	%
Marcone Yellowstone Buyer, Inc.	One City Place Ste 400 St Louis MO 63141, United States	(4)(10)	SOFR + 6.50%	11.98%		11/1/2022		6/23/2028			15,532		15,223		14,290		0.04	%
Marcone Yellowstone Buyer, Inc.	One City Place Ste 400 St Louis MO 63141, United States	(4)(10)	SOFR + 6.25%	11.53%		12/31/2021		6/23/2028			26,188		25,910		23,897		0.07	%
NDC Acquisition Corp.	402 BNA Drive, Suite 500, Nashville, TN 37217 United States	(4)(7)(8)	SOFR + 5.50%	10.20%		3/9/2021		3/9/2027			21,713		21,432		21,713		0.06	%
PT Intermediate Holdings III, LLC	1200 Greenbriar Dr., Addison, IL 60101 United States	(4)(9)	SOFR + 5.00%	10.33% (incl. 1.75% PIK)		4/9/2024		4/9/2030			167,958		167,577		167,958		0.46	%
PT Intermediate Holdings III, LLC	1200 Greenbriar Dr., Addison, IL 60101 United States	(4)(5)(7)(10)	SOFR + 4.75%	9.35%		4/9/2024		4/9/2030			1,432		1,417		1,415		0.00	%
S&S Holdings, LLC	220 Remington Blvd, Bolingbrook, IL 60440 United States	(9)	SOFR + 5.00%	10.06%		3/11/2021		3/11/2028			7,812		7,828		7,790		0.02	%
Tailwind Colony Holding Corporation	269 South Lambert Road Orange, CT 06512 United States	(4)(11)	SOFR + 6.50%	11.85%		1/7/2021		5/13/2026			82,044		81,646		80,813		0.22	%
													573,199		572,297		1.57	%
Diversified Consumer Services
American Restoration Holdings, LLC	1585 Broadway, 37th Floor, New York, NY 10036, United States	(4)(5)(11)	SOFR + 5.00%	10.28%		7/19/2024		7/24/2030			27,542		27,008		26,991		0.07	%
American Restoration Holdings, LLC	1585 Broadway, 37th Floor, New York, NY 10036, United States	(4)(5)(7)(11)	SOFR + 5.00%	10.05%		7/19/2024		7/24/2030			5,571		5,232		5,221		0.01	%
American Restoration Holdings, LLC	1585 Broadway, 37th Floor, New York, NY 10036, United States	(4)(5)(7)(11)	SOFR + 5.00%	10.28%		7/19/2024		7/24/2030			1,697		1,546		1,541		0.00	%
Ascend Learning, LLC	11161 Overbrook Road, Leawood, KS, 66211, United States	(9)	SOFR + 3.50%	8.45%		12/10/2021		12/11/2028			20,422		20,161		20,353		0.06	%

49

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Diversified Consumer Services (continued)
Barbri Holdings, Inc.	12222 Merit Drive, Suite 1340, Dallas, TX 75251 United States	(4)(10)		SOFR + 5.75%	10.70%		12/21/2021		4/28/2028			$	133,249	$	131,864	$	132,582		0.36	%
BPPH2 Limited	One Wood Street, London, EC2V 7WS United Kingdom	(4)(6)(8)		S + 6.87%	11.82%		3/16/2021		3/16/2028		GBP		40,700		55,517		54,414		0.15	%
BPPH2 Limited	One Wood Street, London, EC2V 7WS United Kingdom	(4)(5)(6)(8)		S + 6.25%	11.20%		6/17/2024		3/16/2028		GBP		8,269		10,349		11,055		0.03	%
BPPH2 Limited	One Wood Street, London, EC2V 7WS United Kingdom	(4)(5)(6)(10)		CA + 6.25%	10.78%		6/17/2024		3/16/2028		CAD		5,090		3,647		3,764		0.01	%
BPPH2 Limited	One Wood Street, London, EC2V 7WS United Kingdom	(4)(5)(6)(10)		SOFR + 6.25%	11.31%		6/17/2024		3/16/2028				2,645		2,583		2,645		0.01	%
Cambium Learning Group, Inc.	17855 North Dallas Parkway, Suite 400, Dallas, TX 75287, United States	(4)(7)(10)		SOFR + 5.50%	10.88%		7/20/2021		7/20/2028				941,434		936,323		941,434		2.58	%
Caribou Bidco Ltd	70 Gray’s Inn Road, London, WC1X 8NH, United Kingdom	(4)(5)(6)(7)(8)		S + 5.00%	9.95%		7/2/2024		2/1/2029		GBP		198,859		252,188		263,056		0.72	%
Cengage Learning, Inc.	3 Center Plaza, Suite 700, Boston, MA 02108 United States	(11)		SOFR + 4.25%	9.54%		3/22/2024		3/22/2031				8,458		8,498		8,486		0.02	%
Charger Debt Merger Sub, LLC	375 Northridge Rd. Suite 450, Atlanta, GA 30350 United States	(4)(5)(10)		SOFR + 5.00%	10.25%		5/31/2024		5/31/2031				55,000		54,476		54,725		0.15	%
Charger Debt Merger Sub, LLC	375 Northridge Rd. Suite 450, Atlanta, GA 30350 United States	(4)(5)(7)(10)		SOFR + 5.00%	9.75%		5/31/2024		5/31/2031				8,690		8,440		8,470		0.02	%
DTA Intermediate II Ltd.	7430 East Caley Ave, Suite 320E, Centennial, CO 80111 United States	(4)(12)		SOFR + 5.25%	9.89%		3/27/2024		3/27/2030				51,584		50,640		51,584		0.14	%
DTA Intermediate II Ltd.	7430 East Caley Ave, Suite 320E, Centennial, CO 80111 United States	(4)(5)(7)(11)		SOFR + 5.25%	10.56%		3/27/2024		3/27/2030				3,879		3,393		3,645		0.01	%
Element Materials Technology Group US Holdings Inc.	1181 Trapp Road St Paul, MN 55121 United States	(6)(9)		SOFR + 3.75%	8.35%		6/24/2022		7/6/2029				7,403		7,347		7,431		0.02	%
Endeavor Schools Holdings, LLC	9350 South Dixie Highway, Suite 950, Miami, Florida 33156 United States	(4)(11)		SOFR + 6.25%	11.53%		7/18/2023		7/18/2029				47,060		46,120		46,001		0.13	%
Endeavor Schools Holdings, LLC	9350 South Dixie Highway, Suite 950, Miami, Florida 33156 United States	(4)(5)(7)(11)		SOFR + 6.25%	11.54%		7/18/2023		7/18/2029				8,662		8,365		8,347		0.02	%

50

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024	Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Diversified Consumer Services (continued)
Essential Services Holding Corp	139 S. English Station Road, Suite 250, Louisville, KY 40245 United States	(4)(5)(7)(10)		SOFR + 5.00%	10.29%		6/17/2024		6/17/2031		$	69,595	$	68,772	$	68,736		0.19	%
Go Car Wash Management Corp.	9801 Troup Ave, Kansas City, Kansas 66111, United States	(4)(11)		SOFR + 6.25%	11.20%		10/12/2021		12/31/2026			41,428		41,027		41,118		0.11	%
Go Car Wash Management Corp.	9801 Troup Ave, Kansas City, Kansas 66111, United States	(4)(11)		SOFR + 6.25%	11.20%		10/12/2021		12/31/2026			47,897		47,346		47,538		0.13	%
Imagine Learning, LLC	8860 E. Chaparral Road, Scottsdale, AZ 85250 United States	(9)		SOFR + 3.50%	8.35%		2/1/2024		12/21/2029			64,874		64,585		64,919		0.18	%
Mckissock Investment Holdings, LLC	399 South Spring Street Suite 108, St Louis, MO 63110 United States	(10)		SOFR + 5.00%	10.45%		3/10/2022		3/12/2029			9,765		9,703		9,795		0.03	%
Mckissock Investment Holdings, LLC	399 South Spring Street Suite 108, St Louis, MO 63110 United States	(10)		SOFR + 5.00%	9.96%		11/20/2023		3/12/2029			27,294		26,721		27,376		0.08	%
Pre-Paid Legal Services, Inc.	1 Pre-Paid Way, Ada OK 74820 United States	(9)		SOFR + 3.75%	8.71%		12/15/2021		12/15/2028			17,606		17,522		17,614		0.05	%
Spring Education Group, Inc.	1999 S Bascom Ave, Suite 400 Campbell, CA 95008 United States	(8)		SOFR + 4.00%	8.60%		9/29/2023		9/29/2030			13,682		13,534		13,798		0.04	%
Sunshine Cadence Holdco, LLC	90 Clubhouse Rd Woodmere, NY, 11598-1905 United States	(4)(10)		SOFR + 5.00%	10.20%		5/1/2024		5/1/2031			200,000		198,120		198,000		0.54	%
Sunshine Cadence Holdco, LLC	90 Clubhouse Rd Woodmere, NY, 11598-1905 United States	(4)(5)(7)(10)		SOFR + 5.00%	10.16%		5/1/2024		5/1/2031			16,640		16,186		16,320		0.04	%
University Support Services, LLC	3500 Sunrise Hwy, Great River, NY 11739 United States	(9)		SOFR + 2.75%	7.60%		2/10/2022		2/10/2029			9,521		9,491		9,504		0.03	%
														2,146,704		2,166,463		5.93	%
Diversified REITs
Iron Mountain Information Management, LLC	1 Federal Street Boston, MA 02110 United States	(8)		SOFR + 2.00%	6.85%		12/28/2023		1/31/2031			5,970		5,991		5,944		0.02	%
Diversified Telecommunication Services
Point Broadband Acquisition, LLC	3120 Fredrick Rd., Suite E, Opelika, Alabama 36801, United States	(4)(7)(11)		SOFR + 5.50%	10.43%		10/1/2021		10/1/2028			230,465		227,165		229,620		0.63	%
Zacapa, LLC	4 E Pennslyvania Ave, Pen Argyl, 18072, PA, United States	(6)(9)		SOFR + 4.00%	8.60%		3/22/2022		3/22/2029			7,464		7,460		7,488		0.02	%
														234,625		237,108		0.65	%

51

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread	Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Electric Utilities
Qualus Power Services Corp.	4040 Rev Drive Cincinatti, OH 45232 United States	(4)(11)	SOFR + 5.25%	10.31%		3/26/2021		3/26/2027			$	61,209	$	60,670	$	60,903		0.17	%
Qualus Power Services Corp.	4040 Rev Drive Cincinatti, OH 45232 United States	(4)(11)	SOFR + 5.25%	10.31%		7/27/2023		3/26/2027				54,130		53,215		53,860		0.15	%
Qualus Power Services Corp.	4040 Rev Drive Cincinatti, OH 45232 United States	(4)(5)(7)(11)	SOFR + 5.25%	10.55%		5/9/2024		3/26/2027				3,167		2,670		2,667		0.01	%
Sabre Industries Inc	8653 East Highway 67, Alvarado, TX 76009 United States	(9)	SOFR + 3.25%	8.20%		6/1/2021		6/1/2028				13,119		13,107		13,073		0.04	%
														129,662		130,503		0.37	%
Electrical Equipment
Emergency Power Holdings, LLC	44 S Commerce Way, Bethlehem, PA 18017 United States	(4)(7)(11)	SOFR + 4.75%	9.70%		8/17/2021		8/17/2030				194,843		192,512		194,405		0.53	%
IEM New Sub 2, LLC	48205 Warm Springs Blvd, Freemont, California 94539, United States	(4)(7)(10)	SOFR + 4.75%	9.81%		8/8/2024		8/8/2030				327,813		322,460		322,325		0.88	%
Madison IAQ, LLC	500 W Madison St #3890, Chicago IL United States	(9)	SOFR + 2.75%	7.89%		6/21/2021		6/21/2028				39,700		39,430		39,715		0.11	%
														554,402		556,445		1.52	%
Electronic Equipment, Instruments & Components
Albireo Energy, LLC	3 Ethel Road, Suite 300, Edison, NJ 08817 United States	(4)(11)	SOFR + 6.00%	10.76%		1/7/2021		12/23/2026				25,060		24,872		23,117		0.06	%
Albireo Energy, LLC	3 Ethel Road, Suite 300, Edison, NJ 08817 United States	(4)(5)(11)	SOFR + 6.00%	10.70%		1/7/2021		12/23/2026				7,522		7,487		6,939		0.02	%
Albireo Energy, LLC	3 Ethel Road, Suite 300, Edison, NJ 08817 United States	(4)(5)(11)	SOFR + 6.00%	11.33%		1/7/2021		12/23/2026				1,929		1,921		1,780		0.00	%
Infinite Bidco, LLC	17792 Fitch, Irvine, CA 92614 United States	(9)	SOFR + 3.75%	9.26%		3/2/2021		3/2/2028				11,916		11,902		11,593		0.03	%
Modena Buyer, LLC	3421 Hillview Avenue Palo Alto, CA 94304 United States	(8)	SOFR + 4.50%	9.10%		7/1/2024		7/1/2031				49,961		48,994		47,947		0.13	%
Phoenix 1 Buyer Corp.	13723 Riverport Drive, St. Louis, MO 63043 United States	(4)(7)(10)	SOFR + 5.50%	10.63%		11/20/2023		11/20/2030				42,921		42,471		42,921		0.12	%
Spectrum Safety Solutions Purchaser, LLC	13995 Pasteur Blvd., Palm Beach Gardens, FL 33418, United States	(4)(5)(6)(9)	E + 5.00%	8.71%		7/1/2024		7/1/2030		EUR		8,660		9,300		9,496		0.03	%
Spectrum Safety Solutions Purchaser, LLC	13995 Pasteur Blvd., Palm Beach Gardens, FL 33418, United States	(4)(5)(6)(9)	E + 5.00%	8.70%		7/1/2024		7/1/2031		EUR		64,338		68,095		70,544		0.19	%

52

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024	Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Electronic Equipment, Instruments & Components (continued)
Spectrum Safety Solutions Purchaser, LLC	13995 Pasteur Blvd., Palm Beach Gardens, FL 33418, United States	(4)(6)(7)(9)		SOFR + 5.00%	9.60%		7/1/2024		7/1/2031		$	263,667	$	258,379	$	258,308		0.71	%
														473,421		472,645		1.29	%
Energy Equipment & Services
ISQ Hawkeye Holdco, Inc.	10640 Company Highway D20 Alden, IA 50006 United States	(4)(5)(10)		SOFR + 4.75%	9.63%		8/20/2024		8/20/2031			8,834		8,667		8,834		0.02	%
ISQ Hawkeye Holdco, Inc.	10640 Company Highway D20 Alden, IA 50006 United States	(4)(5)(7)(10)		P + 3.75%	11.75%		8/20/2024		8/20/2030			73		49		65		0.00	%
LPW Group Holdings, Inc.	5775 North Sam Houston Pkwy W Suite 100, Houston, TX 77086 United States	(4)(7)(11)		SOFR + 6.00%	11.20%		3/15/2024		3/15/2031			32,750		31,846		32,160		0.09	%
														40,562		41,059		0.11	%
Entertainment
CE Intermediate I, LLC	455 Delta Ave Fl 3 Cincinnati,OH,45226 United States	(9)		SOFR + 3.50%	8.76%		11/10/2021		11/10/2028			7,583		7,539		7,605		0.02	%
Renaissance Holdings Corp	2911 Peach Street, Wisconsin Rapids, WI 54494 United States	(9)		SOFR + 4.25%	9.10%		2/9/2024		4/5/2030			2,517		2,522		2,519		0.01	%
														10,061		10,124		0.03	%
Financial Services
DM Intermediate Parent LLC	305 West Big Beaver Road, Suite 200, Troy, Michigan 48084, United States	(4)(7)(10)		SOFR + 5.00%	9.60%		9/30/2024		9/30/2030			104,836		102,452		102,451		0.28	%
Mitchell International, Inc.	6220 Greenwich Drive, San Diego, CA 92122 United States	(9)		SOFR + 3.25%	8.10%		6/17/2024		6/17/2031			65,205		64,891		64,327		0.18	%
More Cowbell II, LLC	545 Boylston Street, 6th Floor, Boston, MA 02116 United States	(4)(10)		SOFR + 5.00%	8.89%		9/1/2023		9/1/2030			19,841		19,422		19,841		0.05	%
More Cowbell II, LLC	545 Boylston Street, 6th Floor, Boston, MA 02116 United States	(4)(5)(7)(10)		SOFR + 5.00%	9.44%		9/1/2023		9/1/2029			1,176		1,095		1,149		0.00	%
RFS Opco, LLC	45 Rockefeller Plaza, Floor 5, New York, NY 10111 United States	(4)(9)		SOFR + 5.00%	9.60%		4/4/2024		4/4/2031			30,476		30,193		30,324		0.08	%
SelectQuote Inc.	6800 West 115th Street Suite 2511 Overland Park KS 66211 United States	(4)(6)(10)		SOFR + 9.50%	14.45% (incl. 3.00% PIK)		2/29/2024		9/15/2025			265,576		265,501		239,018		0.66	%

53

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Financial Services (continued)
Solera, LLC	1500 Solana Blvd, Ste 6300 Roanoke, TX 76262-1713	(9)(18)		SOFR + 4.00%	9.51%		6/4/2021		6/2/2028			$	32,580	$	32,376	$	32,080		0.09	%
															515,930		489,190		1.34	%
Food Products
Snacking Investments US, LLC	2 Henry St, North City, Dublin 1, D01 C3Y9, Ireland	(6)(11)		SOFR + 4.00%	8.86%		1/7/2021		12/18/2026				4,843		4,858		4,870		0.01	%
Ground Transportation
Channelside AcquisitionCo, Inc.	1208 E Kennedy Blvd Tampa, FL 33602, United States	(4)(7)(10)		SOFR + 4.75%	10.00%		5/15/2024		5/15/2031				156,848		156,361		156,818		0.43	%
Channelside AcquisitionCo, Inc.	1208 E Kennedy Blvd Tampa, FL 33602, United States	(4)(5)(7)(11)		SOFR + 4.75%	10.00%		5/15/2024		5/15/2029				5,002		4,902		5,002		0.01	%
															161,263		161,820		0.44	%
Health Care Equipment & Supplies
AEC Parent Holdings Inc.	11825 Central Parkway Jacksonville FL 32224 United States	(9)		SOFR + 5.75%	10.50%		6/13/2022		6/13/2029				24,872		24,460		20,240		0.06	%
Auris Luxembourg III S.à r.l.	23 Rue Aldringen, Luxembourg, L-1118, Luxembourg	(6)(8)		SOFR + 4.25%	9.56%		9/27/2024		2/28/2029				8,878		8,878		8,892		0.02	%
Bamboo US BidCo, LLC	1 Baxter Pkwy, Deerfield, IL 60015 United States	(4)(5)(7)(11)		SOFR + 6.75%	12.00% (incl. 3.38% PIK)		9/29/2023		9/30/2030				32,962		31,948		32,925		0.09	%
Bamboo US BidCo, LLC	1 Baxter Pkwy, Deerfield, IL 60015 United States	(4)(11)		E + 6.75%	10.39% (incl. 3.38% PIK)		9/29/2023		9/30/2030		EUR		72,155		74,484		80,319		0.22	%
CPI Buyer, LLC	300 North LaSalle Drive, Suite 5600, Chicago, IL, 60654, United States	(4)(10)		SOFR + 5.50%	10.82%		11/1/2021		11/1/2028				168,996		167,138		165,193		0.45	%
CPI Buyer, LLC	300 North LaSalle Drive, Suite 5600, Chicago, IL, 60654, United States	(4)(5)(7)(10)		SOFR + 5.50%	10.82%		5/23/2024		11/1/2028				6,471		6,138		5,704		0.02	%
Egrotron Acquisition, LLC	1181 Trapp Road St Paul, MN 55121 United States	(4)(10)		SOFR + 5.75%	10.70%		7/6/2022		7/6/2028				66,517		65,684		66,517		0.18	%
GCX Corporation Buyer, LLC	3875 Cypress Drive, Petaluma, CA 94954, United States	(4)(10)		SOFR + 5.50%	10.45%		9/13/2021		9/13/2027				192,055		190,156		187,253		0.51	%
GCX Corporation Buyer, LLC	3875 Cypress Drive, Petaluma, CA 94954, United States	(4)(10)		SOFR + 5.50%	10.70%		9/13/2021		9/13/2027				48,634		48,204		47,418		0.13	%
Natus Medical Incorporated	3150 Pleasant View Road, Middleton, WI 53562 United States	(4)(9)		SOFR + 5.50%	10.25%		7/21/2022		7/20/2029				49,125		46,755		48,143		0.13	%
Natus Medical Incorporated	3150 Pleasant View Road, Middleton, WI 53562 United States	(4)(5)(7)(9)		SOFR + 4.50%	9.45%		7/21/2022		7/21/2027				5,025		4,946		4,705		0.01	%

54

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Health Care Equipment & Supplies (continued)
Sharp Services, LLC	2600 Regent Boulevard Dfw Airport, TX 75261 United States	(8)		SOFR + 3.75%	8.35%		4/3/2024		12/31/2028			$	7,684	$	7,696	$	7,693		0.02	%
Zeus, LLC	3740 Industrial Blvd, Orangeburg, South Carolina 29118 United States	(4)(7)(10)		SOFR + 5.50%	10.10%		2/28/2024		2/28/2031				48,979		48,151		48,876		0.13	%
															724,638		723,878		1.97	%
Health Care Providers & Services
123Dentist, Inc.	4321 Still Creek Dr suite 200, Burnaby, BC V5C 6S7, Canada	(4)(6)(7)(10)		CA + 5.00%	9.24%		8/10/2022		8/10/2029		CAD		254,221		194,362		187,939		0.52	%
ACI Group Holdings, Inc.	629 Davis Drive, Suite 300, Morrisville, NC 27560, United States	(4)(5)(7)(10)		SOFR + 5.50%	10.45%		8/2/2021		8/2/2027				9,667		9,464		9,237		0.03	%
ACI Group Holdings, Inc.	629 Davis Drive, Suite 300, Morrisville, NC 27560, United States	(4)(10)		SOFR + 5.50%	10.45%		7/7/2023		8/2/2028				133,389		131,218		130,721		0.36	%
ADCS Clinics Intermediate Holdings, LLC	151 Southhall Lane Suite 300 Maitland FL 32751 United States	(4)(11)		SOFR + 6.25%	11.66%		5/7/2021		5/7/2027				10,431		10,339		10,431		0.03	%
ADCS Clinics Intermediate Holdings, LLC	151 Southhall Lane Suite 300 Maitland FL 32751 United States	(4)(11)		SOFR + 6.25%	10.60%		5/7/2021		5/7/2027				8,581		8,515		8,581		0.02	%
ADCS Clinics Intermediate Holdings, LLC	151 Southhall Lane Suite 300 Maitland FL 32751 United States	(4)(5)(7)(11)		SOFR + 6.25%	10.68%		5/7/2021		5/7/2026				334		310		334		0.00	%
ADCS Clinics Intermediate Holdings, LLC	151 Southhall Lane Suite 300 Maitland FL 32751 United States	(4)(5)(11)		SOFR + 6.25%	11.66%		4/14/2022		5/7/2027				251		249		251		0.00	%
ADMI Corp.	299 Park Avenue 34th Floor New York NY 10171 United States	(9)		SOFR + 3.75%	8.71%		6/30/2021		12/23/2027				8,265		8,242		8,107		0.02	%
Amerivet Partners Management, Inc.	520 Madison Avenue, New York, NY 10022 United States	(4)(7)(10)		SOFR + 5.25%	9.75%		2/25/2022		2/25/2028				21,053		20,587		21,053		0.06	%
Canadian Hospital Specialties Ltd.	2060 Winston Park Drive, Suite 400, Oakville, Ontario L6H 5R7 Canada	(4)(6)(11)		CA + 4.50%	9.11%		4/15/2021		4/14/2028		CAD		14,707		11,666		10,712		0.03	%
Canadian Hospital Specialties Ltd.	2060 Winston Park Drive, Suite 400, Oakville, Ontario L6H 5R7 Canada	(4)(6)(7)(10)		CA + 4.50%	9.11%		4/15/2021		4/15/2027		CAD		3,780		2,848		2,735		0.01	%

55

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Health Care Providers & Services (continued)
Caramel Bidco Limited	Western House Broad Lane, Yate, Bristol, England, BS37 7LD	(4)(6)(8)		S + 6.00%	11.20%		2/11/2022		2/24/2029		GBP		60,000	$	78,733	$	72,596		0.20	%
Caramel Bidco Limited	Western House Broad Lane, Yate, Bristol, England, BS37 7LD	(4)(5)(6)(8)		S + 6.00%	11.20%		2/24/2022		2/24/2029		GBP		2,265		3,024		2,741		0.01	%
Caramel Bidco Limited	Western House Broad Lane, Yate, Bristol, England, BS37 7LD	(4)(6)(8)		E + 6.00%	9.77%		2/24/2022		2/24/2029		EUR		14,000		15,585		14,104		0.04	%
Caramel Bidco Limited	Western House Broad Lane, Yate, Bristol, England, BS37 7LD	(4)(6)(8)		SOFR + 6.00%	11.31%		2/24/2022		2/24/2029				6,125		6,381		5,543		0.02	%
CCBlue Bidco, Inc.	1148 Main St Saint Helena, CA, 94574-2013 United States	(4)(10)		SOFR + 6.50%	11.21% PIK		12/21/2021		12/21/2028				556,038		550,342		482,364		1.32	%
Compsych Investments Corp	455 N. Cityfront Plaza Drive, 13th Floor, Chicago, Illinois 60611, United States	(4)(5)(7)(10)		SOFR + 4.75%	9.35%		7/22/2024		7/22/2031				70,669		70,276		70,265		0.19	%
CSC Mkg Topco, LLC	One World Trade Center, 285 Fulton St Floor 84, New York, NY 10006 United States	(4)(10)		SOFR + 5.75%	10.70%		2/1/2022		2/1/2029				160,827		158,834		160,827		0.44	%
CSC Mkg Topco, LLC	One World Trade Center, 285 Fulton St Floor 84, New York, NY 10006 United States	(4)(10)		SOFR + 5.75%	11.05%		8/1/2022		2/1/2029				21,524		21,058		21,524		0.06	%
DCA Investment Holdings, LLC	6240 Lake Osprey Drive, Sarasota, FL 34240 United States	(4)(5)(10)		SOFR + 6.41%	11.01%		3/12/2021		4/3/2028				25,209		25,097		25,020		0.07	%
DCA Investment Holdings, LLC	6240 Lake Osprey Drive, Sarasota, FL 34240 United States	(4)(5)(10)		SOFR + 6.50%	11.10%		12/28/2022		4/3/2028				9,920		9,722		9,846		0.03	%
Epoch Acquisition, Inc.	4600 Lena Drive Mechanicsburg, PA 17055 United States	(4)(11)		SOFR + 6.00%	11.35%		1/7/2021		10/4/2026				28,587		28,587		28,587		0.08	%
Heartland Dental, LLC	1200 Network Centre Dr, Effingham, IL 62401, United States	(10)		SOFR + 4.50%	9.35%		5/30/2024		4/30/2028				9,950		9,996		9,796		0.03	%
Imagine 360 LLC	444 W. Lake St., Suite 1800, Chicago, Illinois 60606, United States	(4)(5)(7)(10)		SOFR + 5.00%	9.81%		9/18/2024		9/30/2028				97,521		96,400		96,391		0.26	%
Inception Fertility Ventures, LLC	4828 Loop Central Dr Suite 900, Houston, TX 77081 United States	(4)(7)(10)		SOFR + 5.50%	10.76%		4/29/2024		4/29/2030				262,560		262,295		261,890		0.72	%

56

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024	Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Health Care Providers & Services (continued)
Jayhawk Buyer, LLC	8717 West 110th Street, Suite 300 Overland Park, KS 66210 United States	(4)(11)		SOFR + 5.00%	9.71%		5/26/2021		10/15/2026		$	270,090	$	267,916	$	255,235		0.70	%
Kwol Acquisition, Inc.	600 Park Offices Drive, Suite 200, Research Triangle Park, Durham, NC 27709 United States	(4)(5)(10)		SOFR + 6.25%	11.51%		12/8/2023		12/6/2029			6,570		6,428		6,570		0.02	%
Kwol Acquisition, Inc.	600 Park Offices Drive, Suite 200, Research Triangle Park, Durham, NC 27709 United States	(4)(5)(7)(10)		SOFR + 6.25%	11.11%		12/8/2023		12/6/2029			112		93		112		0.00	%
MB2 Dental Solutions, LLC	2403 Lacy Lane, Carrollton, TX 75006 United States	(4)(10)		SOFR + 6.00%	10.85%		2/13/2024		2/13/2031			37,648		37,304		37,648		0.10	%
MB2 Dental Solutions, LLC	2403 Lacy Lane, Carrollton, TX 75006 United States	(4)(5)(7)(10)		SOFR + 6.00%	10.85%		2/13/2024		2/13/2031			2,141		2,054		2,089		0.01	%
Navigator Acquiror, Inc.	311 South Wacker Drive, 64th Floor, Chicago, IL 60606, United States	(4)(7)(9)		SOFR + 5.50%	10.85%		7/16/2021		7/16/2027			503,358		501,269		442,955		1.22	%
Odyssey Holding Company, LLC	100 Winners Circle Suite 440 Brentwood, TN 37027 United States	(4)(11)(18)		SOFR + 5.75%	10.91%		1/7/2021		11/16/2026			50,082		49,958		50,082		0.14	%
Odyssey Holding Company, LLC	100 Winners Circle Suite 440 Brentwood, TN 37027 United States	(4)(11)		SOFR + 5.75%	10.91%		1/7/2021		11/16/2026			4,211		4,211		4,211		0.01	%
Odyssey Holding Company, LLC	100 Winners Circle Suite 440 Brentwood, TN 37027 United States	(4)(11)		SOFR + 5.75%	10.91%		1/7/2021		11/16/2026			9,357		9,357		9,357		0.03	%
Onex TSG Intermediate Corp.	200 Corporate Boulevard, Lafayette LA 70508 United States	(6)(10)		SOFR + 4.75%	9.71%		2/26/2021		2/28/2028			22,614		22,517		22,621		0.06	%
ONS MSO, LLC	5 High Ridge Park 2nd floor, Stamford, CT 06905 United States	(4)(5)(7)(11)		SOFR + 5.75%	10.60%		12/13/2023		7/8/2026			34,984		34,504		34,621		0.09	%
ONS MSO, LLC	5 High Ridge Park 2nd floor, Stamford, CT 06905 United States	(4)(5)(7)(11)		P + 5.25%	13.25%		12/13/2023		7/8/2026			2,250		2,178		2,250		0.01	%
ONS MSO, LLC	5 High Ridge Park 2nd floor, Stamford, CT 06905 United States	(4)(5)(11)		SOFR + 5.75%	10.60%		4/26/2024		7/8/2026			9,950		9,870		9,925		0.03	%
Plasma Buyer, LLC	300 North LaSalle Street, Suite 5600. Chicago, Illinois, 60654 United States	(4)(7)(10)		SOFR + 5.75%	10.35%		5/12/2022		5/12/2029			91,920		90,625		86,043		0.24	%

57

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Health Care Providers & Services (continued)
Plasma Buyer, LLC	300 North LaSalle Street, Suite 5600. Chicago, Illinois, 60654 United States	(4)(5)(7)(10)		SOFR + 5.75%	10.35%		5/12/2022		5/12/2028			$	8,101	$	7,927	$	7,161		0.02	%
PPV Intermediate Holdings, LLC	4927 NW Front Ave, Portland, OR 97210 United States	(4)(10)		SOFR + 5.75%	10.81%		8/31/2022		8/31/2029				126,609		124,910		126,609		0.35	%
PPV Intermediate Holdings, LLC	4927 NW Front Ave, Portland, OR 97210 United States	(4)(5)(7)(10)		SOFR + 6.00%	10.94%		9/6/2023		8/31/2029				3,106		2,767		2,982		0.01	%
PSKW Intermediate, LLC	The Crossings at Jefferson Park, 200 Jefferson Park, Whippany, NJ 07981 United States	(4)(11)		SOFR + 6.25%	11.20%		1/7/2021		3/9/2026				16,825		16,825		16,825		0.05	%
Smile Doctors, LLC	295 SE Inner Loop Ste 102 Georgetown, TX, 78626-2141 United States	(4)(10)		SOFR + 5.90%	10.81%		6/9/2023		12/23/2028				519,423		512,905		509,034		1.40	%
Smile Doctors, LLC	295 SE Inner Loop Ste 102 Georgetown, TX, 78626-2141 United States	(4)(5)(7)(10)		SOFR + 5.90%	10.81%		6/9/2023		12/23/2028				47,284		44,499		44,127		0.12	%
Snoopy Bidco, Inc.	8039 Beach Blvd, Buena Park, CA United States	(4)(10)		SOFR + 6.00%	11.28%		6/1/2021		6/1/2028				707,413		701,264		680,885		1.87	%
SpecialtyCare, Inc.	111 Radio Circle, Mount Kisco NY 10549 United States	(4)(11)		SOFR + 5.75%	11.34%		6/18/2021		6/18/2028				67,237		66,164		65,892		0.18	%
SpecialtyCare, Inc.	111 Radio Circle, Mount Kisco NY 10549 United States	(4)(5)(11)		SOFR + 5.75%	11.30%		6/18/2021		6/18/2028				583		578		571		0.00	%
SpecialtyCare, Inc.	111 Radio Circle, Mount Kisco NY 10549 United States	(4)(5)(7)(8)		SOFR + 4.00%	9.32%		6/18/2021		6/18/2026				2,255		2,194		2,255		0.01	%
Stepping Stones Healthcare Services, LLC	2586 Trailridge Dr E Suite 100, Lafayette, CO, 80026-3111, United States	(4)(10)		SOFR + 5.00%	9.60%		12/30/2021		1/2/2029				179,099		177,383		178,204		0.49	%
Stepping Stones Healthcare Services, LLC	2586 Trailridge Dr E Suite 100, Lafayette, CO, 80026-3111, United States	(4)(5)(7)(10)		SOFR + 5.00%	9.60%		4/25/2024		1/2/2029				4,913		4,335		4,422		0.01	%
Surgery Centers Holdings, Inc.	310, 7 Springs Way Suite 500 Brentwood TN 37027 United States	(6)(8)		SOFR + 2.75%	7.67%		6/20/2024		12/19/2030				5,658		5,658		5,668		0.02	%
The Fertility Partners, Inc.	21 St. Clair East, Suite 900, Toronto, ON M4T 1L9 Canada	(4)(6)(7)(10)		CA + 5.75%	10.29%		3/16/2022		3/16/2028		CAD		136,068		105,036		95,221		0.26	%

58

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Health Care Providers & Services (continued)
The Fertility Partners, Inc.	21 St. Clair East, Suite 900, Toronto, ON M4T 1L9 Canada	(4)(6)(10)		SOFR + 5.75%	10.72%		3/16/2022		3/16/2028			$	45,693	$	45,084	$	43,408		0.12	%
The GI Alliance Management, LLC	8267 Elmbrook Drive, Ste. 200 Dallas, TX 75247 United States	(4)(11)		SOFR + 5.50%	10.45%		9/15/2022		9/15/2028				256,525		251,445		256,525		0.70	%
The GI Alliance Management, LLC	8267 Elmbrook Drive, Ste. 200 Dallas, TX 75247 United States	(4)(11)		SOFR + 5.50%	10.77%		1/22/2024		9/15/2028				28,444		28,193		28,444		0.08	%
The GI Alliance Management, LLC	8267 Elmbrook Drive, Ste. 200 Dallas, TX 75247 United States	(4)(11)		SOFR + 5.50%	10.71%		9/15/2022		9/15/2028				55,273		54,180		55,273		0.15	%
The GI Alliance Management, LLC	8267 Elmbrook Drive, Ste. 200 Dallas, TX 75247 United States	(4)(5)(7)(11)		SOFR + 5.50%	10.91%		3/7/2024		9/15/2028				15,802		14,630		15,802		0.04	%
UMP Holdings, LLC	5669 Peachtree Dunwoody Rd Suite 350, Atlanta, GA 30342 United States	(4)(10)		SOFR + 5.75%	11.04%		7/15/2022		7/15/2028				9,524		9,404		9,476		0.03	%
UMP Holdings, LLC	5669 Peachtree Dunwoody Rd Suite 350, Atlanta, GA 30342 United States	(4)(5)(10)		SOFR + 5.75%	11.00%		7/15/2022		7/15/2028				13,065		13,001		13,000		0.04	%
Unified Women’s Healthcare LP	1501 Yamato Road Suite 200 W, Boca Raton, FL 33431, United States	(4)(9)		SOFR + 5.25%	10.10%		6/16/2022		6/18/2029				880,676		880,676		880,676		2.42	%
Unified Women’s Healthcare LP	1501 Yamato Road Suite 200 W, Boca Raton, FL 33431, United States	(4)(5)(7)(9)		SOFR + 5.25%	10.36%		3/22/2024		6/18/2029				1,757		1,734		1,738		0.00	%
US Oral Surgery Management Holdco, LLC	201 E. John Carpenter Freeway Suite 660 Irving, TX 75062 United States	(4)(10)		SOFR + 5.25%	10.47%		11/18/2021		11/20/2028				153,992		152,748		153,992		0.42	%
US Oral Surgery Management Holdco, LLC	201 E. John Carpenter Freeway Suite 660 Irving, TX 75062 United States	(4)(10)		SOFR + 5.25%	10.69%		11/18/2021		11/20/2028				62,247		61,775		62,247		0.17	%
US Oral Surgery Management Holdco, LLC	201 E. John Carpenter Freeway Suite 660 Irving, TX 75062 United States	(4)(5)(7)(10)		SOFR + 6.00%	11.12%		8/16/2023		11/20/2028				4,750		4,474		4,624		0.01	%
US Oral Surgery Management Holdco, LLC	201 E. John Carpenter Freeway Suite 660 Irving, TX 75062 United States	(4)(5)(10)		SOFR + 6.50%	11.92%		12/5/2022		11/20/2028				2,682		2,682		2,682		0.01	%
Veonet GmbH	Balanstraße 73, Haus 8, 81541 München, Germany	(6)(8)		S + 5.50%	10.45%		4/18/2024		3/14/2029		GBP		253,448		321,708		338,001		0.93	%

59

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024	Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Health Care Providers & Services (continued)
WHCG Purchaser III Inc	251 Little Falls Drive, Wilmington, DE 19808 United States	(4)(5)(7)(10)		SOFR + 6.50%	11.10% (incl. 5.55% PIK)		8/2/2024		6/30/2029		$	45,297	$	45,297	$	45,297		0.12	%
WHCG Purchaser III Inc	251 Little Falls Drive, Wilmington, DE 19808 United States	(4)(5)(10)(17)		10.00%	10.00% PIK		8/2/2024		6/30/2030			36,317		14,654		14,654		0.04	%
														6,446,544		6,281,009		17.28	%
Health Care Technology
athenahealth, Inc.	Arsenal Street, Watertown, MA 02472 United States	(9)		SOFR + 3.25%	8.10%		2/15/2022		2/15/2029			36,282		36,030		36,115		0.10	%
Caerus US 1, Inc.	450 Lexington Ave, C/O Warburg Pincus LLC; New York; 10017 United States	(4)(6)(10)		SOFR + 5.00%	9.60%		5/25/2022		5/25/2029			384,626		379,521		384,626		1.06	%
Caerus US 1, Inc.	450 Lexington Ave, C/O Warburg Pincus LLC; New York; 10017 United States	(4)(6)(7)(10)		SOFR + 5.00%	9.60%		5/25/2022		5/25/2029			25,968		25,405		25,640		0.07	%
Caerus US 1, Inc.	450 Lexington Ave, C/O Warburg Pincus LLC; New York; 10017 United States	(4)(5)(6)(7)(12)		SOFR + 5.00%	9.96%		5/25/2022		5/25/2029			31,760		31,083		31,760		0.09	%
Caerus US 1, Inc.	450 Lexington Ave, C/O Warburg Pincus LLC; New York; 10017 United States	(4)(5)(6)(7)(10)		SOFR + 5.00%	9.60%		10/28/2022		5/25/2029			15,980		15,853		15,855		0.04	%
Caerus US 1, Inc.	450 Lexington Ave, C/O Warburg Pincus LLC; New York; 10017 United States	(4)(6)(10)		SOFR + 5.00%	9.60%		10/28/2022		5/25/2029			247,431		246,227		247,431		0.68	%
Caerus US 1, Inc.	450 Lexington Ave, C/O Warburg Pincus LLC; New York; 10017 United States	(4)(6)(8)		SOFR + 5.00%	9.60%		3/27/2024		5/25/2029			69,996		69,996		69,996		0.19	%
Color Intermediate, LLC	3055 Lebanon Pike Suite 1000 Nashville, TN 37214 United States	(4)(10)		SOFR + 4.75%	9.45%		7/2/2024		10/1/2029			366,075		359,567		366,075		1.00	%
Continental Buyer Inc	1 Eden Parkway, La Grange, KY 40031 United States	(4)(5)(7)(10)		SOFR + 5.25%	9.50%		4/2/2024		4/2/2031			29,121		28,576		28,971		0.08	%
Cotiviti, Inc.	10701 S. River Front Pkwy, Unit 200, South Jordan, UT 84095 United States	(8)		SOFR + 3.25%	8.45%		5/1/2024		5/1/2031			43,373		43,169		43,400		0.12	%

60

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024	Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Health Care Technology (continued)
CT Technologies Intermediate Holdings, Inc.	2222 W. Dunlap Avenue, Suite 250, Phoenix, AZ 85021, United States	(4)(5)(7)(10)		SOFR + 5.00%	10.06%		8/30/2024		8/30/2031		$	160,631	$	158,906	$	158,883		0.44	%
Edifecs, Inc.	756 114th Ave SE, Bellevue, WA 98004 United States	(4)(10)		SOFR + 5.75%	10.35% (incl. 2.01% PIK)		9/10/2021		9/21/2026			155,660		154,677		155,660		0.43	%
Edifecs, Inc.	756 114th Ave SE, Bellevue, WA 98004 United States	(4)(10)		SOFR + 5.75%	10.42% (incl. 2.01% PIK)		11/20/2023		11/20/2028			205,229		202,299		205,229		0.56	%
Edifecs, Inc.	756 114th Ave SE, Bellevue, WA 98004 United States	(4)(11)		SOFR + 5.75%	10.35% (incl. 2.01% PIK)		1/7/2021		9/21/2026			96,061		96,131		96,061		0.26	%
GI Ranger Intermediate, LLC	188 The Embarcadero Suite 700 San Francisco, CA 94105 United States	(4)(7)(10)		SOFR + 6.00%	10.75%		10/29/2021		10/29/2028			103,081		101,918		103,081		0.28	%
Healthcomp Holding Company, LLC	621 Santa Fe Ave. Fresno, CA 93721 United States	(4)(10)		SOFR + 6.25%	11.31% (incl. 3.00% PIK)		11/8/2023		11/8/2029			183,599		182,073		182,681		0.50	%
Imprivata, Inc.	150 North Riverside Plaza, Suite 2800, Chicago, IL, 60606, United States	(9)		SOFR + 3.50%	8.75%		4/4/2024		12/1/2027			2,008		2,008		2,018		0.01	%
Kona Buyer, LLC	201 West Saint John Street, Spartanburg, SC, 29306, United States	(4)(5)(7)(10)		SOFR + 4.50%	9.78%		7/23/2024		7/23/2031			215,636		212,983		212,909		0.58	%
Magic Bidco Inc	5th Floor 25 Farringdon Street London EC4A 4AB, United Kingdom	(4)(5)(6)(7)(10)		SOFR + 5.75%	10.41%		7/1/2024		7/1/2030			4,742		4,349		4,313		0.01	%
Magic Bidco Inc	5th Floor 25 Farringdon Street London EC4A 4AB, United Kingdom	(4)(5)(6)(10)		SOFR + 5.75%	10.35%		7/1/2024		7/1/2030			45,052		43,973		43,925		0.12	%
Neptune Holdings, Inc.	4221 W Boy Scout Blvd, Suite 350, Tampa, FL 33607 United States	(4)(7)(10)		SOFR + 5.75%	10.35%		8/31/2023		8/31/2030			14,888		14,532		14,888		0.04	%
Netsmart Technologies Inc	11100 Nall Avenue, Overland Park KS 66211 United States	(4)(5)(7)(10)		SOFR + 5.20%	10.05% (incl. 2.70% PIK)		8/23/2024		8/23/2031			184,817		182,613		182,573		0.50	%
NMC Crimson Holdings, Inc.	1050 Winter Street, Suite 2700 Waltham, MA 02451 United States	(4)(10)		SOFR + 6.09%	11.56%		3/1/2021		3/1/2028			71,173		70,132		71,173		0.20	%
NMC Crimson Holdings, Inc.	1050 Winter Street, Suite 2700 Waltham, MA 02451 United States	(4)(10)		SOFR + 6.09%	11.35%		3/1/2021		3/1/2028			14,758		14,634		14,758		0.04	%
Project Ruby Ultimate Parent Corp.	11711 West 79th Street Lenexa, Kansas 62214 United States	(10)		SOFR + 3.25%	8.21%		3/10/2021		3/10/2028			9,111		9,087		9,108		0.02	%

61

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024	Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Health Care Technology (continued)
Rocky MRA Acquisition Corp	541 Buttermilk Pike, Suite 401, Crescent Springs, KY 41017 United States	(4)(9)		SOFR + 5.75%	11.17%		4/1/2022		4/1/2028		$	163,891	$	162,163	$	163,891		0.45	%
Vizient, Inc.	290 E. John Carpenter Freeway, Irving, TX 75062, United States	(9)		SOFR + 2.00%	6.85%		8/1/2024		8/1/2031			5,000		5,037		5,015		0.01	%
Waystar Technologies, Inc.	2055 Sugarloaf Circle Suite 600 Duluth GA 30097 United States	(8)		SOFR + 2.75%	7.60%		6/27/2024		10/22/2029			6,513		6,513		6,525		0.02	%
														2,859,455		2,882,560		7.90	%
Hotels, Restaurants & Leisure
Alterra Mountain Company	3501 Wazee Street, Denver CO 80216 United States	(8)		SOFR + 3.25%	8.10%		4/1/2024		8/17/2028			9,131		9,131		9,164		0.03	%
Bally’s Corp	100 Westminster St, Providence, RI 02903 United States	(6)(9)		SOFR + 3.25%	8.79%		10/1/2021		10/2/2028			9,553		9,522		9,120		0.03	%
Caesars Entertainment, Inc.	3570 Las Vegas Blvd S, Las Vegas, NV 89109 United States	(6)(9)		SOFR + 2.75%	7.60%		2/6/2023		2/6/2030			2,864		2,884		2,869		0.01	%
Century Casinos, Inc.	455 East Pikes Peak Avenue Suite 210, Colorado Springs, CO,80903 ,United States	(6)(10)		SOFR + 6.00%	11.30%		4/1/2022		4/2/2029			31,207		30,803		29,667		0.08	%
Fertitta Entertainment, LLC	1510 W. Loop South, Houston, Texas 77027 United States	(9)		SOFR + 3.75%	8.85%		1/27/2022		1/27/2029			13,358		13,353		13,336		0.04	%
IRB Holding Corp.	Three Glenlake Parkway Northeast Atlanta GA 30328 United States	(10)		SOFR + 2.75%	7.70%		1/22/2024		12/15/2027			21,480		21,490		21,477		0.06	%
Mic Glen, LLC	88 S State St, Hackensack, NJ 07601 United States	(9)		SOFR + 3.50%	8.46%		7/21/2021		7/21/2028			12,758		12,747		12,787		0.04	%
New Red Finance, Inc.	5707 Blue Lagoon Dr, Miami, FL 33126 United States	(6)(8)		SOFR + 1.75%	6.60%		6/16/2024		9/12/2030			6,468		6,452		6,413		0.02	%
Scientific Games Holdings LP	1500 Bluegrass Lakes Parkway, Alpharetta, GA 30004 United States	(9)		SOFR + 3.00%	8.32%		6/11/2024		4/4/2029			14,778		14,784		14,708		0.04	%
Tacala Investment Corp.	3750 Corporate Woods Drive, Vestavia Hills, AL 35242 United States	(10)		SOFR + 4.00%	9.25%		9/26/2024		1/31/2031			2,999		3,010		3,007		0.01	%

62

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Hotels, Restaurants & Leisure (continued)
Whatabrands, LLC	300 Concord Plz, San Antonio, Texas, 78216 United States	(9)		SOFR + 2.75%	7.60%		5/14/2024		8/3/2028			$	11,332	$	11,332	$	11,328		0.03	%
															135,508		133,876		0.39	%
Household Durables
AI Aqua Merger Sub, Inc.	9399 West Higgins Road, Rosemont, IL 60018 United States	(9)		SOFR + 3.50%	8.70%		7/30/2021		7/31/2028				32,473		32,382		32,471		0.09	%
Industrial Conglomerates
Bettcher Industries, Inc.	6801 State Route 60 Birmingham,OH,44889 United States	(9)		SOFR + 4.00%	8.60%		12/14/2021		12/14/2028				6,954		6,912		6,931		0.02	%
CEP V Investment 11 S.à r.l.	2 Avenue Charles De Gaulle Luxembourg	(4)(6)(7)(10)		SA + 6.52%	7.73%		5/6/2022		2/11/2028		CHF		47,449		47,838		55,507		0.15	%
CEP V Investment 11 S.à r.l.	2 Avenue Charles De Gaulle Luxembourg	(4)(6)(10)		E + 6.45%	9.84%		3/31/2023		2/23/2028		EUR		57,485		55,500		63,961		0.18	%
Engineered Machinery Holdings, Inc.	450 Lexington Avenue New York,NY,10017 United States	(10)		SOFR + 3.75%	8.62%		8/12/2021		5/19/2028				11,784		11,754		11,837		0.03	%
Excelitas Technologies Corp.	200 West Street, Waltham MA 02451 United States	(4)(8)		E + 5.25%	8.60%		8/12/2022		8/13/2029		EUR		24,880		25,190		27,696		0.08	%
Excelitas Technologies Corp.	200 West Street, Waltham MA 02451 United States	(4)(7)(10)		SOFR + 5.25%	9.85%		8/12/2022		8/13/2029				33,241		32,559		33,192		0.09	%
															179,753		199,124		0.55	%
Insurance
Alera Group, Inc.	3 Parkway North, Suite 500, Deerfield, IL 60015, United States	(4)(10)		SOFR + 5.25%	10.10%		9/30/2021		10/2/2028				55,011		54,689		55,011		0.15	%
Alera Group, Inc.	3 Parkway North, Suite 500, Deerfield, IL 60015, United States	(4)(5)(7)(11)		SOFR + 5.75%	10.60%		11/17/2023		10/2/2028				6,788		6,669		6,788		0.02	%
Alliant Holdings Intermediate LLC	1301 Dove Street, Suite 200, Newport Beach, CA 92660 United States	(8)		SOFR + 3.00%	7.96%		9/12/2024		9/19/2031				3,663		3,663		3,646		0.01	%
Amerilife Holdings, LLC	2650 McCormick Dr, Clearwater, FL 33759 United States	(4)(10)		SOFR + 5.00%	9.70%		6/17/2024		8/31/2029				464,909		458,134		464,909		1.28	%
Amerilife Holdings, LLC	2650 McCormick Dr, Clearwater, FL 33759 United States	(4)(5)(7)(13)		SOFR + 5.00%	9.70%		6/17/2024		8/31/2029				36,439		35,444		36,043		0.10	%
AmWINS Group Inc	4725 Piedmont Row Drive, Suite 600, Charlotte, NC 28210 United States	(10)		SOFR + 2.25%	7.21%		2/19/2021		2/19/2028				6,450		6,439		6,447		0.02	%

63

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Insurance (continued)
AssuredPartners, Inc.	200 Colonial Center Parkway Suite 140 Lake Mary FL 32746 United States	(9)		SOFR + 3.50%	8.35%		2/16/2024		2/14/2031			$	25,545	$	25,515	$	25,549		0.07	%
Baldwin Risk Partners, LLC	4211 W Boy Scout Blvd Suite 800 Tampa FL 33607 United States	(6)(8)		SOFR + 3.25%	8.10%		5/24/2024		5/26/2031				11,209		11,201		11,237		0.03	%
BroadStreet Partners, Inc.	580 North Fourth Street, Suite 560, Columbus, Ohio 43215 United States	(8)		SOFR + 3.25%	8.10%		6/14/2024		6/14/2031				13,965		14,006		13,925		0.04	%
CFC Underwriting, Ltd.	85 Gracechurch Street, London, United Kingdom, EC3V 0AA	(4)(6)(7)(9)		SOFR + 4.95%	10.27%		1/25/2022		5/16/2029				138,161		135,672		137,889		0.38	%
Foundation Risk Partners Corp.	1540 Cornerstone Blvd #230, Daytona Beach, FL 32117, United States	(4)(10)		SOFR + 5.25%	9.85%		10/29/2021		10/29/2030				27,991		27,698		27,991		0.08	%
Foundation Risk Partners Corp.	1540 Cornerstone Blvd #230, Daytona Beach, FL 32117, United States	(4)(5)(7)(10)		SOFR + 5.25%	9.85%		11/17/2023		10/29/2030				24,761		24,094		24,157		0.07	%
Foundation Risk Partners Corp.	1540 Cornerstone Blvd #230, Daytona Beach, FL 32117, United States	(4)(10)		SOFR + 5.25%	9.85%		4/14/2022		10/29/2030				38,794		38,428		38,794		0.11	%
Galway Borrower, LLC	1 California Street, Suite 400, San Francisco, CA 94111 United States	(4)(10)		SOFR + 4.50%	9.10%		9/30/2021		9/29/2028				242,531		240,400		242,531		0.67	%
Galway Borrower, LLC	1 California Street, Suite 400, San Francisco, CA 94111 United States	(4)(5)(7)(10)		SOFR + 4.50%	9.14%		9/30/2021		9/29/2028				5,340		5,111		5,340		0.01	%
Galway Borrower, LLC	1 California Street, Suite 400, San Francisco, CA 94111 United States	(4)(5)(7)(10)		SOFR + 4.50%	9.14%		4/28/2023		9/29/2028				251		242		242		0.00	%
Gimlet Bidco GmbH	Fischertwiete 1, Chilehaus B, 20095 Hamburg, Germany	(4)(6)(8)		E + 5.75%	9.39%		4/15/2024		4/23/2031		EUR		110,003		114,435		120,613		0.33	%
Gimlet Bidco GmbH	Fischertwiete 1, Chilehaus B, 20095 Hamburg, Germany	(4)(6)(7)(8)		E + 5.75%	9.39%		4/15/2024		4/23/2031		EUR		8,148		7,850		8,322		0.02	%
Higginbotham Insurance Agency, Inc.	500 W 13th St, Fort Worth, Texas 76102, United States	(4)(5)(6)(11)		SOFR + 4.50%	9.35%		7/3/2024		11/25/2028				90,424		90,338		90,424		0.25	%
High Street Buyer, Inc.	600 Unicorn Park Drive, Suite 208, Woburn, MA 01801 United States	(4)(10)		SOFR + 5.25%	9.85%		4/16/2021		4/14/2028				96,505		95,577		96,505		0.26	%
High Street Buyer, Inc.	600 Unicorn Park Drive, Suite 208, Woburn, MA 01801 United States	(4)(5)(7)(10)		SOFR + 5.25%	10.45%		2/4/2022		4/14/2028				64,209		62,954		63,505		0.17	%

64

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Insurance (continued)
Hyperion Refinance S.à r.l.	One Creechurch Lane, London, EC3A 5AF, United Kingdom	(6)(9)		SOFR + 3.50%	8.35%		2/15/2024		2/15/2031			$	7,486	$	7,492	$	7,500		0.02	%
Integrity Marketing Acquisition LLC	2300 Highland Village Suite 300 Highland Village, TX 75077 United States	(4)(7)(10)		SOFR + 5.00%	10.08%		8/27/2024		8/25/2028				255,187		253,202		255,090		0.70	%
OneDigital Borrower, LLC	200 Galleria Pkwy SE, Suite 1950, Atlanta, GA 30339 United States	(9)		SOFR + 3.25%	8.10%		7/2/2024		6/13/2031				9,975		9,963		9,909		0.03	%
Paisley Bidco Ltd	1 Minster Court, Mincing Lane, London, EC3R 7AA	(4)(5)(6)(7)(8)		S + 5.25%	10.20%		4/17/2024		4/18/2031		GBP		12,094		14,876		15,920		0.04	%
Paisley Bidco Ltd	1 Minster Court, Mincing Lane, London, EC3R 7AA	(4)(5)(6)(8)		E + 5.25%	8.89%		4/17/2024		4/18/2031		EUR		7,947		8,434		8,758		0.02	%
Patriot Growth Insurance Services, LLC.	5704 Binbranch Ln McKinney, TX, 75071-8475 United States	(4)(10)		SOFR + 5.00%	9.75%		10/14/2021		10/16/2028				24,034		23,837		24,034		0.07	%
Patriot Growth Insurance Services, LLC.	5704 Binbranch Ln McKinney, TX, 75071-8475 United States	(4)(5)(7)(10)		SOFR + 5.75%	10.35%		11/17/2023		10/16/2028				11,563		11,341		11,262		0.03	%
Patriot Growth Insurance Services, LLC.	5704 Binbranch Ln McKinney, TX, 75071-8475 United States	(4)(5)(7)(10)		SOFR + 5.00%	9.95%		10/14/2021		10/16/2028				1,189		1,103		1,046		0.00	%
Riser Merger Sub, Inc.	1648 South 51st Avenue Phoenix, AZ 85008 United States	(4)(5)(10)		S + 6.00%	10.95%		10/31/2023		10/31/2029		GBP		9,221		11,036		12,329		0.03	%
Riser Merger Sub, Inc.	1648 South 51st Avenue Phoenix, AZ 85008 United States	(4)(10)		SOFR + 6.00%	10.60%		10/31/2023		10/31/2029				91,116		89,569		91,116		0.25	%
Riser Topco II LLC	1648 South 51st Avenue Phoenix, AZ 85008 United States	(4)(5)(10)		S + 5.00%	9.95%		8/16/2024		10/31/2029		GBP		16,481		20,759		21,925		0.06	%
Riser Topco II LLC	1648 South 51st Avenue Phoenix, AZ 85008 United States	(4)(5)(7)(10)		SOFR + 5.00%	10.02%		6/4/2024		10/31/2029				63,557		62,408		62,785		0.17	%
RSC Acquisition, Inc.	160 Federal Street, Boston, MA 02110 United States	(4)(10)		SOFR + 4.75%	10.00%		11/12/2021		11/1/2029				59,946		59,928		59,871		0.16	%
RSC Acquisition, Inc.	160 Federal Street, Boston, MA 02110 United States	(4)(5)(7)(10)		SOFR + 4.75%	10.00%		1/7/2021		11/1/2029				172,187		170,659		171,579		0.47	%

65

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Insurance (continued)
SG Acquisition, Inc.	2635 Century Parkway Northeast Suite 900 Atlanta GA 30345 United States	(4)(7)(10)		SOFR + 4.75%	10.07%		4/3/2024		4/3/2030			$	216,037	$	214,139	$	216,037		0.59	%
Shelf Bidco Ltd	Level 42, 22 Bishopsgate London, EC2N 4BQ United Kingdom	(4)(6)(10)(18)		SOFR + 6.19%	11.47%		12/3/2022		1/3/2030				131,049		128,076		131,049		0.36	%
Sparta UK Bidco Ltd	One America Square, 17 Crosswall, London, EC3N 2LB, United Kingdom	(4)(5)(6)(7)(8)		S + 6.00%	10.95%		9/4/2024		9/25/2031		GBP		31,208		41,032		40,889		0.11	%
Tennessee Bidco Limited	33920 US Highway 19, North Suite 151, Palm, Stoke On Trent, ST4 9DN, United Kingdom	(4)(5)(6)(8)		E + 5.25%	8.93%		7/1/2024		7/1/2031		EUR		4,515		5,672		4,976		0.01	%
Tennessee Bidco Limited	33920 US Highway 19, North Suite 151, Palm, Stoke On Trent, ST4 9DN, United Kingdom	(4)(6)(8)		S + 5.25%	10.20%		7/1/2024		7/1/2031		GBP		149,270		200,809		197,571		0.54	%
Tennessee Bidco Limited	33920 US Highway 19, North Suite 151, Palm, Stoke On Trent, ST4 9DN, United Kingdom	(4)(5)(6)(7)(8)		S + 5.25%	10.20%		7/1/2024		7/1/2031		GBP		13,483		16,868		17,086		0.05	%
Tennessee Bidco Limited	33920 US Highway 19, North Suite 151, Palm, Stoke On Trent, ST4 9DN, United Kingdom	(4)(6)(8)		SOFR + 5.25%	10.51%		7/1/2024		7/1/2031				585,611		569,778		579,755		1.59	%
TIH Insurance Holdings, LLC.	214 N Tryon Street, Charlotte, NC 28202 United States	(8)		SOFR + 3.25%	7.85%		5/6/2024		3/24/2031				38,401		37,731		38,405		0.11	%
TIH Insurance Holdings, LLC.	214 N Tryon Street, Charlotte, NC 28202 United States	(4)(5)(7)(8)		SOFR + 3.25%	7.85%		5/6/2024		5/6/2029				847		435		686		0.00	%
USI, Inc.	100 Summit Lake Drive, Suite 400, Valhalla, NY 10595 United States	(8)		SOFR + 2.75%	7.35%		6/21/2024		11/22/2029				8,846		8,846		8,830		0.02	%
USI, Inc.	100 Summit Lake Drive, Suite 400, Valhalla, NY 10595 United States	(8)		SOFR + 2.75%	7.35%		5/30/2024		9/29/2030				1,980		1,980		1,976		0.01	%
World Insurance Associates, LLC	100 Wood Ave South, 4th Floor, Iselin, NJ 08830 United States	(4)(11)		SOFR + 6.00%	10.60%		10/20/2023		4/3/2028				43,008		42,332		43,008		0.12	%
World Insurance Associates, LLC	100 Wood Ave South, 4th Floor, Iselin, NJ 08830 United States	(4)(5)(7)(11)		SOFR + 5.75%	11.00%		10/20/2023		4/3/2028				17,740		17,129		17,207		0.05	%
															3,487,993		3,530,467		9.68	%

66

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread	Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024	Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Interactive Media & Services
Arches Buyer Inc	1300 West Traverse Parkway Lehi, UT 84043 United States	(9)	SOFR + 3.25%	8.20%		2/25/2021		12/6/2027		$	3,571	$	3,557	$	3,433		0.01	%
North Haven Ushc Acquisition Inc	1301 Virginia Drive , Suite 300, Fort Washington, PA 19038, United States	(4)(5)(11)	SOFR + 5.00%	9.70%		8/28/2024		10/30/2027			12,533		12,351		12,345		0.03	%
North Haven Ushc Acquisition Inc	1301 Virginia Drive , Suite 300, Fort Washington, PA 19038, United States	(4)(5)(11)	SOFR + 5.00%	10.38%		8/28/2024		10/30/2027			7,337		7,230		7,227		0.02	%
North Haven Ushc Acquisition Inc	1301 Virginia Drive , Suite 300, Fort Washington, PA 19038, United States	(4)(5)(11)	SOFR + 5.00%	10.40%		8/28/2024		10/30/2027			3,121		3,076		3,075		0.01	%
North Haven Ushc Acquisition Inc	1301 Virginia Drive , Suite 300, Fort Washington, PA 19038, United States	(4)(5)(7)(11)	SOFR + 5.00%	10.16%		8/28/2024		10/30/2027			4,509		4,256		4,248		0.01	%
North Haven Ushc Acquisition Inc	1301 Virginia Drive , Suite 300, Fort Washington, PA 19038, United States	(4)(5)(11)	SOFR + 5.00%	9.70%		8/28/2024		10/30/2027			3,631		3,579		3,577		0.01	%
North Haven Ushc Acquisition Inc	1301 Virginia Drive , Suite 300, Fort Washington, PA 19038, United States	(4)(5)(11)	SOFR + 5.00%	10.38%		8/28/2024		10/30/2027			22,355		22,029		22,019		0.06	%
North Haven Ushc Acquisition Inc	1301 Virginia Drive , Suite 300, Fort Washington, PA 19038, United States	(4)(5)(7)(11)	SOFR + 5.00%	9.74%		8/28/2024		10/30/2027			6,341		6,092		6,085		0.02	%
Project Boost Purchaser, LLC	11660 Alpharetta Highway Suite 210 Roswell, GA 30076 United States	(8)	SOFR + 3.50%	8.79%		7/16/2024		7/16/2031			6,862		6,850		6,867		0.02	%
													69,020		68,876		0.19	%
Internet & Direct Marketing Retail
Hoya Midco, LLC	11 North Canal Street Suite 800 60606 Chicago IL United States	(6)(9)	SOFR + 3.00%	7.85%		2/3/2022		2/3/2029			9,496		9,463		9,556		0.03	%
Identity Digital, Inc.	10500 NE 8th Street, Ste. 750 Bellevue, WA 98004 United States	(4)(11)	SOFR + 5.25%	10.35%		1/7/2021		12/29/2027			502,357		501,335		502,357		1.38	%
Prodege International Holdings, LLC	100 North Pacific Coast Highway, 8th Floor El Segundo,CA,90245 United States	(4)(10)	SOFR + 5.75%	10.84%		12/15/2021		12/15/2027			551,658		546,568		536,488		1.47	%
													1,057,366		1,048,401		2.88	%

67

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread	Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
IT Services
Ahead DB Holdings, LLC	401 N Michigan Ave., Suite 3400, Chicago IL 60611 United States	(10)	SOFR + 3.50%	8.10%		8/2/2024		2/1/2031			$	2,524	$	2,521	$	2,531		0.01	%
AI Altius Luxembourg S.à r.l.	Suite 1, 3rd Floor, 11-12 St James’s Square, London, SW1Y 4LB United Kingdom	(4)(5)(8)	9.75%	9.75% PIK		12/21/2021		12/21/2029				27,000		26,618		26,865		0.07	%
AI Altius US Bidco, Inc.	9350 South Dixie Highway, Suite 950. Miami, FL 33156 United States	(4)(7)(10)	SOFR + 4.75%	10.03%		12/13/2021		12/21/2028				27,021		26,568		27,021		0.07	%
AI Altius US Bidco, Inc.	9350 South Dixie Highway, Suite 950. Miami, FL 33156 United States	(4)(10)	SOFR + 4.75%	10.03%		5/21/2024		12/21/2028				218,247		216,142		218,247		0.60	%
Allium Buyer, LLC	321 Inverness Drive South, Englewood, CO 80112 United States	(4)(7)(11)	SOFR + 5.00%	10.25%		5/2/2023		5/2/2030				1,584		1,540		1,584		0.00	%
Dcert Buyer, Inc.	2801 N Thanksgiving Way #500, Lehi 84043 United States	(8)	SOFR + 4.00%	8.85%		1/7/2021		10/16/2026				19,355		19,367		18,829		0.05	%
Fern Bidco Ltd	Focus House, Shoreham-by-Sea BN43 6PA, United Kingdom	(4)(5)(6)(7)(8)	S + 5.25%	10.20%		7/1/2024		7/3/2031		GBP		40,356		49,796		52,336		0.14	%
Infostretch Corporation	28411 Northwestern Highway, Suite 640, Southfield, MI, 48034, United States	(4)(10)	SOFR + 5.75%	11.23%		4/1/2022		4/1/2028				178,883		176,797		165,914		0.46	%
Inovalon Holdings, Inc.	4321 Collington Rd, Bowie, MD 20716, United States	(4)(10)	SOFR + 6.25%	11.79% (incl. 2.75% PIK)		11/24/2021		11/24/2028				1,003,353		989,564		1,003,353		2.75	%
Inovalon Holdings, Inc.	4321 Collington Rd, Bowie, MD 20716, United States	(4)(5)(10)	SOFR + 6.25%	11.46% (incl. 2.75% PIK)		11/24/2021		11/24/2028				76,908		75,738		76,908		0.21	%
KEN Bidco Ltd	10-14 White Lion St, London N1 9PD, United Kingdom	(4)(5)(6)(10)	S + 6.00%	11.07%		5/3/2024		8/3/2028		GBP		13,921		16,998		18,380		0.05	%
Monterey Financing, S.à r.l.	41 Boulevard Du Prince Henri, L-1724, Luxembourg	(4)(6)(8)	CI + 6.00%	9.32%		9/28/2022		9/28/2029		DKK		560,750		72,569		83,318		0.23	%
Monterey Financing, S.à r.l.	41 Boulevard Du Prince Henri, L-1724, Luxembourg	(4)(6)(9)	N + 6.00%	10.64%		9/28/2022		9/28/2029		NOK		599,094		54,804		56,486		0.15	%
Monterey Financing, S.à r.l.	41 Boulevard Du Prince Henri, L-1724, Luxembourg	(4)(6)(8)	ST + 6.00%	9.31%		9/28/2022		9/28/2029		SEK		243,186		21,344		23,826		0.07	%
Monterey Financing, S.à r.l.	41 Boulevard Du Prince Henri, L-1724, Luxembourg	(4)(6)(8)	E + 6.00%	9.38%		9/28/2022		9/28/2029		EUR		110,819		106,449		122,455		0.34	%

68

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
IT Services (continued)
Newfold Digital Holdings Group Inc	12808 Gran Bay Parkway West, Jacksonville, FL 32258 United States	(10)		SOFR + 3.50%	8.81%		2/10/2021		2/10/2028			$	44,255	$	44,061	$	39,241		0.11	%
Park Place Technologies, LLC	5910 Landerbrook Drive, Mayfield Heights, OH 44124 United States	(4)(10)		SOFR + 5.25%	9.85%		3/25/2024		3/25/2031				546,804		542,318		544,070		1.49	%
Park Place Technologies, LLC	5910 Landerbrook Drive, Mayfield Heights, OH 44124 United States	(4)(5)(7)(10)		SOFR + 5.25%	10.10%		3/25/2024		3/25/2031				10,271		9,289		9,522		0.03	%
Razor Holdco, LLC	26 Meadow VW, Victoria, TX, 77904-1676, United States	(4)(10)		SOFR + 5.75%	11.11%		10/25/2021		10/25/2027				186,001		184,098		186,001		0.51	%
Red River Technology, LLC	875 3rd Avenue, New York NY 10022 United States	(4)(11)		SOFR + 6.00%	10.95%		5/26/2021		5/26/2027				146,664		145,531		146,664		0.40	%
Redwood Services Group, LLC	949 Shady Grove Road, Suite 403, Memphis, TN, 38120, United States	(4)(10)		SOFR + 6.25%	10.96%		6/15/2022		6/15/2029				62,261		61,517		62,261		0.17	%
Redwood Services Group, LLC	949 Shady Grove Road, Suite 403, Memphis, TN, 38120, United States	(4)(5)(7)(10)		SOFR + 5.75%	10.46%		2/5/2024		6/29/2028				405		310		352		0.00	%
Turing Holdco, Inc.	10-14 White Lion St, London N1 9PD, United Kingdom	(4)(6)(8)		E + 6.00%	9.82% (incl. 2.50% PIK)		10/14/2021		9/28/2028		EUR		16,952		19,257		18,635		0.05	%
Turing Holdco, Inc.	10-14 White Lion St, London N1 9PD, United Kingdom	(4)(6)(8)		E + 6.00%	9.35% (incl. 2.50% PIK)		10/14/2021		8/3/2028		EUR		6,228		7,159		6,846		0.02	%
Turing Holdco, Inc.	10-14 White Lion St, London N1 9PD, United Kingdom	(4)(6)(8)		SOFR + 6.00%	11.43% (incl. 2.50% PIK)		10/14/2021		10/16/2028				6,585		6,921		6,503		0.02	%
Turing Holdco, Inc.	10-14 White Lion St, London N1 9PD, United Kingdom	(4)(6)(8)		SOFR + 6.00%	11.39% (incl. 2.50% PIK)		10/14/2021		9/28/2028				13,231		13,013		13,065		0.04	%
Turing Holdco, Inc.	10-14 White Lion St, London N1 9PD, United Kingdom	(4)(5)(6)(7)(10)		S + 6.00%	11.07%		5/3/2024		8/3/2028		GBP		23,404		28,576		30,899		0.08	%
Turing Holdco, Inc.	10-14 White Lion St, London N1 9PD, United Kingdom	(4)(5)(6)(7)(10)		SOFR + 6.00%	11.16%		5/3/2024		8/3/2028				31,139		30,293		30,750		0.08	%
Virtusa Corp.	132 Turnpike Road Suite 300 Southborough MA 01772 United States	(10)		SOFR + 3.25%	8.10%		6/21/2024		2/15/2029				12,151		12,151		12,160		0.03	%
															2,961,309		3,005,022		8.23	%
Leisure Products
Motion Finco, LLC	2-4, rue Eugene Ruppert, Luxembourg, L-2453	(6)(8)		SOFR + 3.50%	8.10%		2/5/2024		11/12/2029				12,374		12,349		11,923		0.03	%

69

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread	Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Life Sciences Tools & Services
Cambrex Corp.	One Meadowlands Plaza, East Rutherford NJ 07073 United States	(10)	SOFR + 3.50%	8.45%		1/29/2021		12/4/2026			$	4,518	$	4,525	$	4,498		0.01	%
Jupiter Bidco Limited	Unit 15, Road 5, Winsford Industrial Estate, Winsford, Cheshire, United Kingdom, CW73SG	(4)(6)(7)(9)	E + 6.25%	9.60%		8/5/2022		8/27/2029		EUR		5,922		2,381		4,579		0.01	%
Jupiter Bidco Limited	Unit 15, Road 5, Winsford Industrial Estate, Winsford, Cheshire, United Kingdom, CW73SG	(4)(6)(10)	SOFR + 6.25%	10.85%		8/5/2022		8/27/2029				88,177		86,325		70,101		0.19	%
LSCS Holdings, Inc.	190 North Milwaukee Street Milwaukee,WI,53202 United States	(9)	SOFR + 4.50%	9.46%		12/16/2021		12/16/2028				7,948		7,923		7,944		0.02	%
Packaging Coordinators Midco, Inc.	3001 Red Lion Road, Philadelphia, PA 19114 United States	(10)	SOFR + 3.25%	8.10%		5/28/2024		11/30/2027				1,857		1,857		1,859		0.01	%
PAREXEL International Inc/Wilmington	275 Grove Street, Suite 100C, Newton, MA 02466, United States	(9)	SOFR + 3.00%	7.85%		7/25/2024		11/15/2028				1,898		1,898		1,901		0.01	%
														104,909		90,882		0.25	%
Machinery
Chart Industries, Inc.	2200 Airport Industrial Dr, Suite 100, Ball Ground, GA 30107 United States	(4)(6)(9)	SOFR + 2.50%	7.82%		7/2/2024		3/16/2030				5,328		5,328		5,324		0.01	%
LSF11 Trinity Bidco, Inc.	5555 N Channel Ave Portland, OR 97217 United States	(4)(8)	SOFR + 3.50%	8.42%		6/20/2024		6/14/2030				1,063		1,063		1,066		0.00	%
MHE Intermediate Holdings, LLC	3235 Levis Common Blvd. Perrysburg, OH 43551 United States	(4)(7)(11)	SOFR + 6.00%	11.40%		7/21/2021		7/21/2027				5,600		5,539		5,600		0.02	%
MHE Intermediate Holdings, LLC	3235 Levis Common Blvd. Perrysburg, OH 43551 United States	(4)(5)(11)	SOFR + 6.50%	11.78%		12/20/2022		7/21/2027				229		226		229		0.00	%
MHE Intermediate Holdings, LLC	3235 Levis Common Blvd. Perrysburg, OH 43551 United States	(4)(5)(11)	SOFR + 6.25%	11.65%		8/30/2022		7/21/2027				228		225		228		0.00	%
Pro Mach Group, Inc.	50 East Rivercenter Blvd Suite 1800 Covington KY 41011 United States	(11)	SOFR + 3.50%	8.35%		9/3/2024		8/31/2028				6,912		6,912		6,943		0.02	%

70

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Machinery (continued)
SPX Flow, Inc.	13320 Ballantyne Corporate Pla, Charlotte, NC, 28277, United States	(9)		SOFR + 3.50%	8.35%		6/6/2024		4/5/2029			$	6,901	$	6,901	$	6,918		0.02	%
TK Elevator U.S. Newco, Inc.	E-Plus Straße 1, Düsseldorf, North Rhine-Westphalia 40472 Germany	(6)(9)		SOFR + 3.50%	8.59%		3/14/2024		4/30/2030				17,539		17,498		17,593		0.05	%
Victory Buyer, LLC	50 East 153rd Street Bronx, NY 10451-2104 United States	(9)		SOFR + 3.75%	8.72%		11/19/2021		11/19/2028				22,460		22,399		21,716		0.06	%
															66,091		65,617		0.18	%
Marine
Armada Parent, Inc.	93 Eastmont Ave Ste 100 East Wenatchee, WA, 98802-5305 United States	(4)(7)(10)		SOFR + 5.75%	10.91%		10/29/2021		10/29/2027				229,838		227,233		227,269		0.62	%
Kattegat Project Bidco AB	Salsmästaregatan 21, Hisings Backa, Sweden	(4)(5)(6)(7)(8)		E + 6.00%	9.35%		3/20/2024		4/7/2031		EUR		51,768		54,667		56,605		0.16	%
Kattegat Project Bidco AB	Salsmästaregatan 21, Hisings Backa, Sweden	(4)(5)(6)(8)		SOFR + 6.00%	10.60%		3/20/2024		4/7/2031				4,522		4,417		4,454		0.01	%
															286,317		288,328		0.79	%
Media
Bimini Group Purchaser Inc	1221 Brickell Avenue, Suite 2300 Miami, FL 33131 United States	(4)(5)(10)		SOFR + 5.25%	10.31%		4/26/2024		4/26/2031				207,645		205,697		206,607		0.57	%
Bimini Group Purchaser Inc	1221 Brickell Avenue, Suite 2300 Miami, FL 33131 United States	(4)(5)(7)(10)		SOFR + 5.25%	10.49%		4/26/2024		4/26/2031				8,555		8,006		8,070		0.02	%
Digital Media Solutions, LLC	4800 140th Avenue North Suite 101 Clearwater FL 33762 United States	(6)(10)(17)		SOFR + 11.00%	15.96% PIK		5/25/2021		5/25/2026				25,859		25,627		3,222		0.01	%
Digital Media Solutions, LLC	4800 140th Avenue North Suite 101 Clearwater FL 33762 United States	(4)(5)(6)(10)		SOFR + 8.00%	13.1% (incl. 7.00% PIK)		4/17/2024		2/25/2026				2,813		2,813		2,813		0.01	%
Digital Media Solutions, LLC	4800 140th Avenue North Suite 101 Clearwater FL 33762 United States	(4)(5)(6)(7)(14)		SOFR + 8.00%	13.1% (incl. 7.00% PIK)		9/13/2024		12/10/2024				1,723		1,511		1,628		0.00	%
Digital Media Solutions, LLC	4800 140th Avenue North Suite 101 Clearwater FL 33762 United States	(4)(6)(10)(17)		SOFR + 8.00%	12.79% (incl. 7.00% PIK)		4/17/2024		5/25/2026				8,280		8,215		1,391		0.00	%
McGraw-Hill Education, Inc.	2 Penn Plaza 20th Floor New York, NY, 10121 United States	(9)		SOFR + 4.00%	8.60%		8/6/2024		8/6/2031				12,651		12,620		12,714		0.03	%

71

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Media (continued)
Radiate Holdco, LLC	650 College Road East, Suite 3100, Princeton, NJ 08540 United States	(10)		SOFR + 3.25%	8.21%		11/1/2021		9/25/2026			$	28,263	$	28,238	$	24,323		0.07	%
Sunrise Financing Partnership	Thurgauerstrasse 101b, Glattpark (Opfikon), Zurich 8152 Switzerland	(6)(8)		SOFR + 2.93%	8.14%		4/20/2021		1/31/2029				5,000		4,945		4,982		0.01	%
Trader Corp.	405 The West Mall , Suite 110 Etobicoke, ON M9C 5J1 Canada	(4)(6)(7)(10)		CA + 5.50%	9.80%		12/22/2022		12/22/2029		CAD		108,852		77,210		80,485		0.22	%
Trader Corp.	405 The West Mall , Suite 110 Etobicoke, ON M9C 5J1 Canada	(4)(5)(6)(10)		CA + 5.50%	9.80%		6/20/2024		12/21/2029		CAD		44,093		31,952		32,603		0.09	%
															406,834		378,838		1.03	%
Metals & Mining
American Rock Salt Co LLC	5520 Route 63 PO Box 190 Mount Morris NY 14510 United States	(10)		SOFR + 4.00%	9.32%		6/11/2021		6/9/2028				9,317		9,311		7,701		0.02	%
American Rock Salt Co LLC	5520 Route 63 PO Box 190 Mount Morris NY 14510 United States	(5)(7)(14)		SOFR + 7.00%	12.08%		9/19/2024		6/9/2028				3,325		1,606		1,606		0.00	%
SCIH Salt Holdings, Inc.	10955 Lowell Ave Ste 500 Overland Park KS 66210 United States	(10)		SOFR + 3.50%	8.76%		4/29/2021		3/16/2027				13,247		13,205		13,261		0.04	%
															24,122		22,568		0.06	%
Oil, Gas & Consumable Fuels
Eagle Midstream Canada Finance Inc	222 3rd Avenue S.W. Suite 900 Calgary, Alberta T2P 0B4 Canada	(4)(6)(10)		SOFR + 5.25%	10.37%		8/30/2024		8/15/2028				39,004		38,668		39,004		0.11	%
Freeport LNG Investments, LLLP	333 Clay Street Suite 5050 Houston,TX,77002 United States	(9)		SOFR + 3.50%	9.04%		12/21/2021		12/21/2028				34,904		34,846		34,638		0.10	%
KKR Alberta Midstream Finance Inc.	585 8 Ave SW #4000, Calgary, AB T2P 1G1, Canada	(4)(6)(10)		SOFR + 5.25%	10.37%		8/30/2024		8/15/2028				21,218		21,034		21,218		0.06	%
															94,548		94,860		0.27	%
Paper & Forest Products
Profile Products, LLC	219 Simpson St SW Conover, NC, 28613-8207 United States	(4)(10)		SOFR + 5.50%	10.70%		11/12/2021		11/12/2027				62,752		62,181		61,340		0.17	%
Profile Products, LLC	219 Simpson St SW Conover, NC, 28613-8207 United States	(4)(5)(7)(10)		P + 4.50%	12.50%		11/12/2021		11/12/2027				7,674		7,574		7,452		0.02	%

72

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Paper & Forest Products (continued)
Profile Products, LLC	219 Simpson St SW Conover, NC, 28613-8207 United States	(4)(5)(7)(10)		P + 4.50%	12.50%		11/12/2021		11/12/2027			$	387	$	334	$	228		0.00	%
															70,089		69,020		0.19	%
Pharmaceuticals
Dechra Pharmaceuticals Holdings Ltd	24 Cheshire Ave, Lostock Gralam, Northwich CW9 7UA, United Kingdom	(4)(5)(6)(7)(8)		E + 6.25%	9.89%		1/23/2024		1/24/2031		EUR		97,791		104,345		108,691		0.30	%
Dechra Pharmaceuticals Holdings Ltd	24 Cheshire Ave, Lostock Gralam, Northwich CW9 7UA, United Kingdom	(4)(5)(6)(7)(10)		SOFR + 6.25%	11.39%		1/23/2024		1/24/2031				1,083		912		919		0.00	%
Doc Generici (Diocle S.p.A.)	Via Filippo Turati, 40, 20121 Milano MI, Italy	(4)(5)(6)(7)(8)		E + 5.50%	8.99%		10/11/2022		10/27/2028		EUR		60,136		58,351		66,867		0.18	%
Eden Acquisitionco Ltd	1 Occam Court, The Surrey Research Park, Guildford, Surrey GU2 7HJ United Kingdom	(4)(6)(7)(10)		SOFR + 6.25%	11.51%		11/2/2023		11/18/2030				108,046		105,599		107,944		0.30	%
Gusto Sing Bidco Pte Ltd	One Temasek Ave, #04-01 Millenia Tower, Singapore 039192	(4)(5)(6)(7)(10)		BB + 6.50%	10.96%		1/29/2024		10/30/2028		AUD		1,000		642		676		0.00	%
Padagis, LLC	1251 Lincoln Rd Allegan, MI 49010 United States	(6)(9)		SOFR + 4.75%	10.33%		7/6/2021		7/6/2028				27,824		27,792		26,015		0.07	%
Rhea Parent, Inc.	Avenue Einstein 8 1300 Wavre Belgium	(4)(10)		SOFR + 5.50%	10.25%		2/18/2022		2/18/2029				201,854		199,316		201,854		0.55	%
															496,957		512,966		1.40	%
Professional Services
ALKU, LLC	200 Brickstone Square, Suite 503, Andover, MA 01810 United States	(4)(10)		SOFR + 6.25%	10.50%		5/23/2023		5/23/2029				54,992		53,952		54,992		0.15	%
ALKU, LLC	200 Brickstone Square, Suite 503, Andover, MA 01810 United States	(4)(10)		SOFR + 5.50%	9.75%		2/21/2024		5/23/2029				4,975		4,887		4,950		0.01	%
Apex Companies, LLC	2101 Gaither Rd, Suite 500, Rockville, MD 20850 United States	(4)(11)		SOFR + 5.50%	10.75%		1/31/2023		1/31/2028				1,605		1,576		1,581		0.00	%
Apex Companies, LLC	2101 Gaither Rd, Suite 500, Rockville, MD 20850 United States	(4)(5)(11)		SOFR + 5.50%	10.56%		3/15/2024		3/15/2026				738		722		727		0.00	%
Apex Companies, LLC	2101 Gaither Rd, Suite 500, Rockville, MD 20850 United States	(4)(5)(11)		SOFR + 5.50%	10.44%		1/31/2023		1/31/2028				368		361		362		0.00	%

73

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024	Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Professional Services (continued)
Apex Companies, LLC	2101 Gaither Rd, Suite 500, Rockville, MD 20850 United States	(4)(5)(11)		SOFR + 5.50%	10.56%		8/28/2024		1/31/2028		$	12,851	$	12,664	$	12,658		0.03	%
Apex Companies, LLC	2101 Gaither Rd, Suite 500, Rockville, MD 20850 United States	(4)(5)(7)(11)		SOFR + 5.50%	10.56%		8/28/2024		1/31/2028			319		243		244		0.00	%
APFS Staffing Holdings, Inc.	125 S Wacker Dr Ste 2700, Chicago, Illinois 60606, United States	(9)		SOFR + 4.00%	8.85%		12/29/2021		12/29/2028			6,100		6,077		5,970		0.02	%
Armor Holdco, Inc.	48 Wall Street 22nd Floor New York,NY,10005 United States	(4)(6)(9)		SOFR + 4.50%	10.01%		12/10/2021		12/11/2028			6,379		6,358		6,427		0.02	%
Artisan Acquisitionco Ltd	4th Floor, Martin House, 5 Martin Lane, London EC4R 0DP, United Kingdom	(4)(5)(6)(8)		SOFR + 5.00%	9.64%		9/23/2024		9/30/2031			392,805		384,952		384,949		1.06	%
Baker Tilly Advisory Group LP	205 N. Michigan Ave. 28th Floor Chicago, IL 60601 United States	(4)(5)(7)(10)		SOFR + 5.00%	9.85%		6/3/2024		6/3/2031			176,767		173,521		174,426		0.48	%
Cast & Crew Payroll, LLC	2300 Empire Avenue, 5th Floor, Burbank, CA 91504 United States	(9)		SOFR + 3.75%	8.60%		12/30/2021		12/29/2028			11,601		11,514		11,637		0.03	%
CFGI Holdings, LLC	1 Lincoln Street, Suite 1301 Boston, MA 02111, United States	(4)(7)(10)		SOFR + 4.50%	9.35%		11/2/2021		11/2/2027			20,834		20,414		20,435		0.06	%
Chronicle Bidco, Inc.	720 14th Street, Sacramento, CA 95814 United States	(4)(5)(11)		SOFR + 6.25%	11.50%		5/19/2022		5/18/2029			2,884		2,884		2,884		0.01	%
Chronicle Bidco, Inc.	720 14th Street, Sacramento, CA 95814 United States	(4)(11)		SOFR + 6.25%	11.50%		5/19/2022		5/18/2029			41,869		41,615		41,869		0.11	%
Chronicle Bidco, Inc.	720 14th Street, Sacramento, CA 95814 United States	(4)(5)(7)(11)		SOFR + 6.25%	11.50%		3/26/2024		5/18/2029			731		596		591		0.00	%
Cisive Holdings Corp	1180 Welsh Rd # 110 North Wales, PA, 19454-2053 United States	(4)(7)(11)		SOFR + 5.75%	10.45%		12/8/2021		12/8/2028			33,688		33,564		33,093		0.09	%
Claims Automation Intermediate 2, LLC	101 South Tryon Street, Suite 3300, Charlotte, NC 28280 United States	(4)(10)		SOFR + 4.50%	8.89%		12/16/2021		12/16/2027			44,573		44,096		44,573		0.12	%
Claims Automation Intermediate 2, LLC	101 South Tryon Street, Suite 3300, Charlotte, NC 28280 United States	(4)(5)(7)(10)		SOFR + 4.50%	9.70%		12/16/2021		12/16/2027			34,175		33,626		33,148		0.09	%

74

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024	Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Professional Services (continued)
Clearview Buyer, Inc.	1 Newton Pl Ste 405, 275 Washington Street, Newton, MA 02458, United States	(4)(7)(10)		SOFR + 5.35%	9.95%		8/26/2021		8/26/2027		$	118,875	$	117,639	$	118,875		0.33	%
CRCI Longhorn Holdings Inc	6504 Bridge Point Parkway, Suite 425, Austin, TX 78730, United States	(4)(5)(10)		SOFR + 5.00%	9.85%		8/27/2024		8/27/2031			64,147		63,514		63,506		0.17	%
CRCI Longhorn Holdings Inc	6504 Bridge Point Parkway, Suite 425, Austin, TX 78730, United States	(4)(5)(7)(10)		SOFR + 5.00%	9.85%		8/27/2024		8/27/2031			5,555		5,363		5,360		0.01	%
Cumming Group, Inc.	485 Lexington Avenue, New York NY 10017 United States	(4)(11)		SOFR + 5.25%	9.50%		5/26/2021		11/16/2027			196,540		194,664		196,540		0.54	%
Cumming Group, Inc.	485 Lexington Avenue, New York NY 10017 United States	(4)(7)(11)		SOFR + 5.25%	9.50%		11/18/2022		11/16/2027			25,294		24,626		25,150		0.07	%
Deerfield Dakota Holding, LLC	55 East 52nd Street 31st Floorm Park Avenue Plaza, New York, NY 10055 United States	(11)		SOFR + 3.75%	8.35%		1/7/2021		4/9/2027			84,598		84,361		82,996		0.23	%
Eliassen Group, LLC	55 Walkers Brook Drive, Reading MA, 01867 United States	(4)(10)		SOFR + 5.75%	10.35%		4/14/2022		4/14/2028			67,215		66,632		66,207		0.18	%
Emerald US, Inc.	31910 Del Obispo Street Suite 200 San Juan Capistrano, CA 92675 United States	(6)(8)		SOFR + 3.75%	8.62%		1/7/2021		7/12/2028			3,819		3,816		3,832		0.01	%
EP Purchaser, LLC	2950 N. Hollywood Way, Burbank, CA 91505 United States	(9)		SOFR + 3.50%	8.37%		11/4/2021		11/6/2028			9,473		9,334		9,509		0.03	%
G&A Partners Holding Company II, LLC	17220 Katy Freeway, Suite 350, Houston, TX 77094 United States	(4)(9)		SOFR + 5.50%	10.52%		3/1/2024		3/1/2031			60,342		59,236		60,040		0.16	%
G&A Partners Holding Company II, LLC	17220 Katy Freeway, Suite 350, Houston, TX 77094 United States	(4)(5)(7)(9)		SOFR + 5.50%	10.52%		3/1/2024		3/1/2030			2,361		2,040		2,065		0.01	%
Genuine Financial Holdings, LLC	100 Centerview Drive, Suite 300 Nashville, TN 37214 United States	(8)		SOFR + 4.00%	8.85%		6/28/2024		9/27/2030			3,987		3,999		3,967		0.01	%
Guidehouse, Inc.	1676 International Drive, Suite 800, McLean, VA 22102 United States	(4)(10)		SOFR + 5.75%	10.60% (incl. 2.00% PIK)		10/15/2021		12/16/2030			1,238,581		1,229,372		1,238,581		3.40	%
IG Investments Holdings, LLC	4170 Ashford Dunwood Road, Northeast, Ste 250 Atlanta GA 30319 United States	(4)(7)(10)		SOFR + 6.00%	11.35%		9/22/2021		9/22/2028			440,466		434,921		440,466		1.21	%

75

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Professional Services (continued)
IG Investments Holdings, LLC	4170 Ashford Dunwood Road, Northeast, Ste 250 Atlanta GA 30319 United States	(4)(5)(10)		SOFR + 6.00%	11.25%		4/8/2024		9/22/2028			$	4,233	$	4,196	$	4,233		0.01	%
Inmar, Inc.	8150 Industrial Blvd, Breinigsville, PA 18031 United States	(11)		SOFR + 5.50%	10.35%		6/21/2023		5/1/2026				29,346		28,780		29,437		0.08	%
Kwor Acquisition, Inc.	303 Timber Creek Hammond, LA,70403 United States	(4)(5)(11)		P + 4.25%	12.25%		6/22/2022		12/22/2028				1,389		1,377		1,156		0.00	%
Kwor Acquisition, Inc.	303 Timber Creek Hammond, LA,70403 United States	(4)(5)(11)		P + 4.25%	12.25%		12/22/2021		12/22/2027				12,195		12,097		10,152		0.03	%
Legacy Intermediate, LLC	3701 FAU Blvd, Suite 300, Boca Raton, FL 33431, United States	(4)(10)		SOFR + 5.75%	10.96%		2/25/2022		2/25/2028				120,861		119,506		120,861		0.33	%
Legacy Intermediate, LLC	3701 FAU Blvd, Suite 300, Boca Raton, FL 33431, United States	(4)(9)		SOFR + 5.75%	11.13%		12/22/2023		2/25/2028				23,283		22,892		23,283		0.06	%
Lereta, LLC	1123 Parkview Drive Covina,CA,91724 United States	(10)		SOFR + 5.25%	10.21%		7/30/2021		7/30/2028				28,933		28,775		23,581		0.06	%
Mantech International CP	9 West 57th Street, 29th Floor, New York, NY, 10019, United States	(4)(7)(10)		SOFR + 5.00%	10.25%		4/12/2024		9/14/2029				901,369		887,627		900,170		2.47	%
Mercury Bidco Globe Limited	3rd Floor, 8 St. James’s Square, London, SW1Y 4JU, United Kingdom	(4)(5)(6)(7)(8)		S + 6.25%	11.20%		1/18/2024		1/31/2031		GBP		80,581		100,347		107,430		0.29	%
Mercury Borrower, Inc.	200 Dryden Road, Dresher, PA 19025 United States	(9)		SOFR + 3.50%	8.46%		8/2/2021		8/2/2028				40,937		40,856		40,988		0.11	%
Minotaur Acquisition, Inc.	2001 Spring Road, Suite 700, Oak Brook, IL 60523 United States	(4)(5)(7)(11)		SOFR + 5.00%	9.85%		5/10/2024		5/10/2030				115,614		113,085		114,194		0.31	%
MPG Parent Holdings, LLC	One Vanderbilt Avenue, 53rd Floor, New York, New York 10017 United States	(4)(11)		SOFR + 5.25%	9.85%		1/8/2024		1/8/2030				18,166		17,846		18,166		0.05	%
MPG Parent Holdings, LLC	One Vanderbilt Avenue, 53rd Floor, New York, New York 10017 United States	(4)(5)(7)(11)		SOFR + 5.25%	9.84%		1/8/2024		1/8/2030				1,781		1,687		1,781		0.00	%

76

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024	Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Professional Services (continued)
Oxford Global Resources Inc	100 Cummings Center, Suite 206L, Beverly, MA 01915, United States	(4)(11)		SOFR + 6.00%	10.22%		8/17/2021		8/17/2027		$	93,117	$	92,224	$	93,117		0.26	%
Oxford Global Resources Inc	100 Cummings Center, Suite 206L, Beverly, MA 01915, United States	(4)(5)(7)(11)		SOFR + 6.00%	11.20%		8/17/2021		8/17/2027			8,750		8,599		8,750		0.02	%
Oxford Global Resources Inc	100 Cummings Center, Suite 206L, Beverly, MA 01915, United States	(4)(5)(9)		SOFR + 6.00%	11.39%		6/6/2024		8/17/2027			9,949		9,761		9,949		0.03	%
Pavion Corp.	4151 Lafayette Center Dr, Suite 700, Chantilly, Virginia 20151, United States	(4)(6)(10)		SOFR + 5.75%	11.00%		10/30/2023		10/30/2030			117,394		115,356		117,394		0.32	%
Pavion Corp.	4151 Lafayette Center Dr, Suite 700, Chantilly, Virginia 20151, United States	(4)(5)(6)(7)(10)		SOFR + 5.75%	11.03%		10/30/2023		10/30/2030			23,827		23,379		23,550		0.06	%
Petrus Buyer Inc	100 Bayview Cir Ste 400, Newport Beach, California, 92660 United States	(4)(10)		SOFR + 5.25%	10.54%		10/17/2022		10/17/2029			35,630		34,860		35,630		0.10	%
Petrus Buyer Inc	100 Bayview Cir Ste 400, Newport Beach, California, 92660 United States	(4)(5)(7)(10)		SOFR + 5.25%	10.31%		10/17/2022		10/17/2029			6,375		6,073		6,206		0.02	%
Polyconcept Investments B.V.	Kabelweg 1 2371 DX, Roelofarendsveen, ZUID-HOLLAND, Netherlands	(10)		SOFR + 5.50%	10.10%		5/20/2022		5/18/2029			24,352		24,028		23,819		0.07	%
Sedgwick Claims Management Services, Inc.	8125 Sedgwick Way, Memphis TN 38125 United States	(6)(8)		SOFR + 3.00%	8.25%		2/24/2023		7/31/2031			5,185		5,143		5,181		0.01	%
Soliant Lower Intermediate, LLC	5550 Peachtree Parkway, Suite 500 Peachtree Corners, GA 30092, United States	(8)		SOFR + 3.75%	8.60%		7/18/2024		7/18/2031			50,286		46,964		50,411		0.14	%
Soliant Lower Intermediate, LLC	5550 Peachtree Parkway, Suite 500 Peachtree Corners, GA 30092, United States	(4)(5)(7)(8)		SOFR + 3.75%	8.61%		7/18/2024		7/18/2029			1,500		1,068		1,050		0.00	%
STV Group, Inc.	350 5th Avenue, Suite 1120, New York, NY 10001 United States	(4)(10)		SOFR + 5.00%	9.96%		3/20/2024		3/20/2031			58,543		57,461		58,250		0.16	%
STV Group, Inc.	350 5th Avenue, Suite 1120, New York, NY 10001 United States	(4)(5)(7)(10)		P + 4.00%	12.50%		3/20/2024		3/20/2030			1,681		1,311		1,454		0.00	%

77

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Professional Services (continued)
Thevelia US, LLC	Level 15, Manulife Place, 348 Kwun Tong Rd, Ngau Tau Kok, Hong Kong	(6)(9)		SOFR + 3.25%	7.85%		7/29/2024		6/18/2029			$	33,861	$	33,861	$	33,959		0.09	%
Trinity Air Consultants Holdings Corp.	330 7th Ave, New York, NY 10001 United States	(4)(10)		SOFR + 5.25%	10.66%		6/29/2021		6/29/2028				24,735		24,528		24,735		0.07	%
Trinity Air Consultants Holdings Corp.	330 7th Ave, New York, NY 10001 United States	(4)(7)(10)		SOFR + 5.25%	10.61%		6/29/2021		6/29/2028				53,725		52,921		53,578		0.15	%
Trinity Partners Holdings, LLC	230 3rd Ave Prospect Place Waltham, MA 02451 United States	(4)(7)(11)		SOFR + 5.75%	10.90%		12/21/2021		12/21/2028				381,408		376,047		380,263		1.04	%
Victors CCC Buyer, LLC	251 Little Falls Drive. Wilmington, DE 19808 United States	(4)(7)(10)		SOFR + 4.75%	9.85%		6/1/2022		6/1/2029				143,692		141,393		143,382		0.39	%
West Monroe Partners, LLC	311 W Monroe St 14th Floor, Chicago, IL 60606, United States	(4)(7)(10)		SOFR + 5.50%	10.73%		11/9/2021		11/8/2028				717,044		708,148		704,495		1.93	%
															6,275,335		6,323,215		17.30	%
Real Estate Management & Development
Castle Management Borrower, LLC	870 Seventh Avenue 2nd Fl New York, New York 10019, United States	(4)(11)		SOFR + 5.50%	10.10%		11/3/2023		11/3/2029				33,083		32,662		33,083		0.09	%
Castle Management Borrower, LLC	870 Seventh Avenue 2nd Fl New York, New York 10019, United States	(4)(5)(7)(11)		SOFR + 5.50%	10.10%		11/3/2023		11/3/2029				417		346		417		0.00	%
Cushman & Wakefield US Borrower, LLC	Suite 3000, 225 W. Wacker Drive, Chicago, Illinois, 60606, United States	(4)(6)(9)		SOFR + 3.00%	7.85%		6/18/2024		1/31/2030				7,461		7,461		7,471		0.02	%
Cushman & Wakefield US Borrower, LLC	Suite 3000, 225 W. Wacker Drive, Chicago, Illinois, 60606, United States	(6)(9)		SOFR + 3.00%	7.85%		9/25/2024		1/31/2030				1,600		1,600		1,603		0.00	%
McCarthy & Stone PLC	2711 North Haskell Avenue Suite 1700 Dallas TX 75204 United States	(4)(5)(6)(8)		7.00%	7.00%		1/27/2021		2/2/2026		GBP		20,000		28,078		25,736		0.07	%
Neptune BidCo SAS	21 Avenue Kleber, 75116 Paris, France	(4)(5)(6)(7)(8)		E + 5.25%	8.89%		3/28/2024		4/1/2031		EUR		6,495		6,857		7,165		0.02	%
Progress Residential PM Holdings, LLC	7500 N Dobson Rd., Suite 300 Scottsdale, AZ 85256 United States	(4)(10)		SOFR + 5.50%	10.25%		2/16/2021		8/8/2030				79,357		78,211		79,357		0.22	%

78

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Real Estate Management & Development (continued)
Progress Residential PM Holdings, LLC	7500 N Dobson Rd., Suite 300 Scottsdale, AZ 85256 United States	(4)(7)(10)		SOFR + 5.50%	10.25%		7/26/2022		8/8/2030			$	15,205	$	14,930	$	15,205		0.04	%
															170,145		170,037		0.46	%
Software
Aareon Holding GmbH	Isaac-Fulda-Allee 6, 55124 Mainz, Germany	(4)(6)(10)		E + 6.00%	9.72%		8/8/2023		8/16/2030		EUR		38,317		40,683		42,652		0.12	%
Aareon Holding GmbH	Isaac-Fulda-Allee 6, 55124 Mainz, Germany	(4)(6)(10)		E + 6.00%	9.72%		8/8/2023		8/19/2030		EUR		15,779		16,880		17,565		0.05	%
AI Titan Parent Inc	4601 Six Forks Road, Suite 220, Raleigh, NC 27609, United States	(4)(5)(7)(10)		SOFR + 4.75%	9.81%		8/29/2024		8/29/2031				110,274		108,941		108,924		0.30	%
Analytic Partners LP	1441 Brickell Avenue Suite 1220 Miami, Florida 33131	(4)(7)(10)		SOFR + 5.00%	9.60%		4/4/2022		4/4/2028				21,304		21,017		21,304		0.06	%
Anaplan, Inc.	50 Hawthorne St, San Francisco, CA 94105 United States	(4)(5)(10)		SOFR + 5.25%	9.85%		4/25/2024		6/21/2029				200		198		200		0.00	%
Anaplan, Inc.	50 Hawthorne St, San Francisco, CA 94105 United States	(4)(7)(10)		SOFR + 5.25%	9.85%		6/21/2022		6/21/2029				537,534		529,690		537,534		1.47	%
Aptean Inc	4325 Alexander Drive, Suite 100, Alpharetta, GA 30022 United States	(4)(10)		SOFR + 5.25%	10.10%		1/29/2024		1/29/2031				41,196		40,833		41,196		0.11	%
Aptean Inc	4325 Alexander Drive, Suite 100, Alpharetta, GA 30022 United States	(4)(5)(7)(10)		SOFR + 5.25%	10.06%		1/29/2024		1/29/2031				102		46		76		0.00	%
Armstrong Bidco Limited	The Old School School Lane, Stratford St Mary, Colchester, Essex, United Kingdom, CO7 6LZ	(4)(6)(8)		S + 5.25%	10.20%		6/2/2022		6/28/2029		GBP		478,945		573,578		621,116		1.70	%
AuditBoard Inc	12900 Park Plaza Dr. Ste 200, Cerritos, CA, 90703, United States	(4)(7)(10)		SOFR + 4.75%	9.35%		7/12/2024		7/12/2031				80,730		79,613		79,577		0.22	%
Avalara Inc	255 South King St., Suite 1800, Seattle, WA 98104 United States	(4)(7)(10)		SOFR + 6.25%	10.85%		10/19/2022		10/19/2028				23,077		22,649		23,077		0.06	%
Azurite Intermediate Holdings Inc.	233 Wilshire Blvd., Suite 800 Santa Monica, CA 90401 United States	(4)(7)(10)		SOFR + 6.50%	11.35%		3/19/2024		3/19/2031				46,170		45,329		45,708		0.13	%

79

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024	Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Software (continued)
Bayshore Intermediate #2 LP	1 W Elm St ste 200, Conshohocken, PA 19428, United States	(4)(5)(10)		SOFR + 6.25%	11.55% (incl. 2.88% PIK)		6/6/2024		10/1/2028		$	72,103	$	71,770	$	71,833		0.20	%
BlueCat Networks USA, Inc.	156 W. 56th Street, 3rd Floor, New York, New York 10019 United States	(4)(10)		SOFR + 5.75%	10.86%		8/8/2022		8/8/2028			70,091		69,223		69,741		0.19	%
BlueCat Networks USA, Inc.	156 W. 56th Street, 3rd Floor, New York, New York 10019 United States	(4)(10)		SOFR + 5.75%	10.71%		8/8/2022		8/8/2028			12,340		12,186		12,279		0.03	%
BlueCat Networks USA, Inc.	156 W. 56th Street, 3rd Floor, New York, New York 10019 United States	(4)(5)(10)		SOFR + 5.75%	10.87%		8/8/2022		8/8/2028			8,520		8,428		8,477		0.02	%
Bluefin Holding, LLC	8200 Roberts Drive, Suite 400, Atlanta, GA 30350 United States	(4)(7)(11)		SOFR + 7.25%	12.20%		9/12/2023		9/12/2029			45,513		44,482		45,263		0.12	%
Boxer Parent Company, Inc.	John Hancock Tower 200 Clarendon Street Boston MA 02116 United States	(8)		SOFR + 3.75%	9.01%		7/30/2024		7/30/2031			14,681		14,645		14,669		0.04	%
Brave Parent Holdings, Inc.	11695 Johns Creek Parkway, Suite 200, Johns Creek, Georgia 30097 United States	(4)(7)(10)		SOFR + 5.00%	10.25%		11/28/2023		11/28/2030			501,528		496,594		501,126		1.37	%
CDK Global Inc.	1950 Hassell Rd, Hoffman Estates, Illinois, 60169 United States	(8)		SOFR + 3.25%	7.85%		5/16/2024		7/6/2029			4,985		4,985		4,939		0.01	%
Cloud Software Group, Inc.	4980 Great America Parkway, Santa Clara, CA 95054 United States	(9)		SOFR + 4.00%	8.60%		5/24/2024		3/30/2029			7,481		7,487		7,459		0.02	%
Cloud Software Group, Inc.	4980 Great America Parkway, Santa Clara, CA 95054 United States	(9)		SOFR + 4.50%	9.10%		3/22/2024		3/21/2031			2,600		2,605		2,610		0.01	%
Cloudera, Inc.	1001 Page Mill Road Building 3 Palo Alto,CA,94304 United States	(9)		SOFR + 3.75%	8.70%		10/8/2021		10/8/2028			35,162		34,872		34,326		0.09	%
Confine Visual Bidco	Kistagången 12, 164 40 Kista, Sweden	(4)(6)(8)		SOFR + 5.75%	10.58%		2/23/2022		2/23/2029			257,960		253,132		211,527		0.58	%
Confine Visual Bidco	Kistagången 12, 164 40 Kista, Sweden	(4)(6)(8)		SOFR + 5.75%	10.58%		3/11/2022		2/23/2029			6,159		6,039		5,050		0.01	%
Conga Corp.	13699 Via Varra, Broomfield, CO 80020, United States	(10)		SOFR + 3.50%	8.56%		8/8/2024		5/8/2028			11,509		11,509		11,565		0.03	%

80

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Software (continued)
Connatix Buyer, Inc.	666 Broadway, 10th Floor, New York, NY 10012, United States	(4)(10)		SOFR + 5.50%	10.53%		7/14/2021		7/14/2027			$	107,049	$	106,056	$	104,908		0.29	%
Connatix Buyer, Inc.	666 Broadway, 10th Floor, New York, NY 10012, United States	(4)(5)(7)(10)		SOFR + 5.50%	10.42%		7/14/2021		7/14/2027				3,715		3,564		3,389		0.01	%
ConnectWise, LLC	4110 George Road Suite 200, Tampa, FL, 33634, United States	(9)		SOFR + 3.50%	8.37%		9/30/2021		9/29/2028				28,103		28,052		28,117		0.08	%
Cornerstone OnDemand, Inc.	1601 Cloverfield Blvd Suite 620 South Santa Monica,CA,90404 United States	(9)		SOFR + 3.75%	8.71%		10/15/2021		10/16/2028				26,934		26,868		25,301		0.07	%
Cornerstone OnDemand, Inc.	1601 Cloverfield Blvd Suite 620 South Santa Monica,CA,90404 United States	(4)(11)		SOFR + 6.00%	11.10%		9/7/2023		10/16/2028				34,563		33,725		34,130		0.09	%
Coupa Software Inc.	1855 S. Grant Street, San Mateo, CA 94402 United States	(4)(6)(7)(10)		SOFR + 5.50%	10.75%		2/27/2023		2/27/2030				1,827		1,788		1,825		0.01	%
Crewline Buyer, Inc.	188 Spear St, San Francisco, CA 94105 United States	(4)(6)(7)(11)		SOFR + 6.75%	11.35%		11/8/2023		11/8/2030				118,659		115,804		117,349		0.32	%
Delta Topco, Inc.	3111 Coronado Drive in Santa Clara, CA 95054 United States	(8)		SOFR + 3.50%	8.20%		5/1/2024		12/1/2029				74,786		74,612		74,760		0.21	%
Denali Bidco Ltd	53 rue de Châteaudun,75009 Paris, France	(4)(5)(6)(7)(10)		S + 6.00%	10.95%		8/29/2023		8/29/2030		GBP		14,404		17,763		19,255		0.05	%
Denali Bidco Ltd	53 rue de Châteaudun,75009 Paris, France	(4)(5)(6)(8)		E + 6.00%	9.35%		8/29/2023		8/29/2030		EUR		4,174		4,416		4,647		0.01	%
Denali Bidco Ltd	53 rue de Châteaudun,75009 Paris, France	(4)(5)(6)(8)		E + 5.50%	8.85%		2/28/2024		8/29/2030		EUR		263		276		293		0.00	%
Denali Bidco Ltd	53 rue de Châteaudun,75009 Paris, France	(4)(5)(6)(9)		E + 6.00%	9.35%		2/28/2024		8/29/2030		EUR		5,845		6,206		6,507		0.02	%
Diligent Corp	61 W 23rd Street, 4th Floor, New York, NY 10010 United States	(4)(7)(10)		SOFR + 5.00%	10.09%		4/30/2024		8/2/2030				173,460		171,697		171,626		0.47	%
Diligent Corp	61 W 23rd Street, 4th Floor, New York, NY 10010 United States	(4)(10)		SOFR + 5.00%	10.09%		4/30/2024		8/2/2030				29,736		29,582		29,736		0.08	%

81

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Software (continued)
Discovery Education, Inc.	233 Wilshire Blvd, Suite 800, Santa Monica, CA, 90401, United States	(4)(5)(10)		SOFR + 5.75%	10.91%		4/7/2022		4/9/2029			$	635,419	$	628,721	$	563,934		1.55	%
Discovery Education, Inc.	233 Wilshire Blvd, Suite 800, Santa Monica, CA, 90401, United States	(4)(11)		SOFR + 5.75%	10.98%		10/3/2023		4/9/2029				65,604		64,961		58,224		0.16	%
DTI Holdco, Inc.	Two Ravinia Drive, Suite 201, 19904 Dover, DE United States	(10)		SOFR + 4.75%	9.60%		4/26/2022		4/26/2029				24,500		24,027		24,627		0.07	%
ECI Macola Max Holding, LLC	5455 Rings Road Suite 100 Dublin OH 43017 United States	(6)(10)		SOFR + 3.75%	8.35%		9/20/2024		5/9/2030				10,628		10,628		10,671		0.03	%
Elements Finco Ltd	Heathrow Approach, 470 London Road, Slough, Berkshire SL3 8QY, Great Britain	(4)(5)(6)(7)(8)		S + 5.00%	9.95%		3/27/2024		4/29/2031		GBP		67,590		83,697		89,484		0.25	%
Elements Finco Ltd	Heathrow Approach, 470 London Road, Slough, Berkshire SL3 8QY, Great Britain	(4)(5)(6)(8)		SOFR + 4.75%	9.60%		3/27/2024		4/29/2031				21,157		20,923		20,999		0.06	%
Elements Finco Ltd	Heathrow Approach, 470 London Road, Slough, Berkshire SL3 8QY, Great Britain	(4)(5)(6)(8)		SOFR + 4.75%	9.60%		4/30/2024		4/29/2031				17,609		17,511		17,477		0.05	%
Ellucian Holdings, Inc.	2003 Edmund Halley Drive, Reston, VA 20191 United States	(9)		SOFR + 3.50%	8.45%		2/29/2024		10/9/2029				1,957		1,955		1,964		0.01	%
Epicor Software Corp.	807 Las Cimas Pkwy, Austin, TX 78746, United States	(10)		SOFR + 3.25%	8.10%		5/30/2024		5/30/2031				4,564		4,549		4,573		0.01	%
Epicor Software Corp.	807 Las Cimas Pkwy, Austin, TX 78746, United States	(7)(10)		SOFR + 3.25%	8.10%		5/30/2024		4/25/2031				309		308		310		0.00	%
Episerver, Inc.	542A Amherst Street Route 101A Nashua, NH 03063 United States	(4)(11)		SOFR + 5.25%	9.85%		12/21/2021		4/9/2026				7,064		7,027		6,994		0.02	%
Episerver, Inc.	542A Amherst Street Route 101A Nashua, NH 03063 United States	(4)(7)(11)		SOFR + 5.25%	10.00%		5/26/2021		4/9/2026				17,590		17,489		17,376		0.05	%
Everbridge Holdings, LLC	25 Corporate Drive, Suite 400, Burlington, MA 01803, United States	(4)(5)(6)(10)		SOFR + 5.00%	10.33%		7/2/2024		7/2/2031				34,815		34,647		34,641		0.10	%

82

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024	Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Software (continued)
Everbridge Holdings, LLC	25 Corporate Drive, Suite 400, Burlington, MA 01803, United States	(4)(5)(6)(7)(10)		SOFR + 5.00%	10.30%		7/2/2024		7/2/2031		$	3,412	$	3,366	$	3,364		0.01	%
Experity, Inc.	101 South Phillips Avenue, Suite 300, Sioux Falls, SD 57104, United States	(4)(10)		SOFR + 5.50%	10.60% (incl. 3.25% PIK)		7/22/2021		2/24/2028			105,722		104,648		105,722		0.29	%
Experity, Inc.	101 South Phillips Avenue, Suite 300, Sioux Falls, SD 57104, United States	(4)(7)(10)		SOFR + 5.50%	10.60% (incl. 3.25% PIK)		2/24/2022		2/24/2028			34,067		33,538		34,067		0.09	%
Flash Charm, Inc.	Brookhollow Ctr III, 2950 Nort Loop Freeway W, Suite 700 Houston TX 77092 United States	(10)		SOFR + 3.50%	8.75%		6/11/2024		3/2/2028			52,090		52,086		51,138		0.14	%
Flexera Software, LLC	Park Blvd Suite 400 Itasca, IL 60143 United States	(10)		SOFR + 3.50%	8.46%		5/20/2024		3/3/2028			9,299		9,344		9,315		0.03	%
Gen Digital Inc	60 East Rio Salado Parkway Suite 1000, Tempe, AZ, 8528, United States	(6)(9)		SOFR + 1.75%	6.60%		6/5/2024		9/12/2029			5,020		5,020		5,010		0.01	%
Genesys Cloud Services Holdings II, LLC	1302 El Camino Real, Suite 300 Menlo Park, CA, 94025, United States	(10)		SOFR + 3.75%	8.60%		9/26/2024		12/1/2027			5,770		5,770		5,789		0.02	%
Gigamon Inc.	3300 Olcott Street Santa Clara, CA 95054, United States	(4)(11)		SOFR + 5.75%	11.19%		3/11/2022		3/9/2029			423,957		418,581		417,598		1.15	%
Gigamon Inc.	3300 Olcott Street Santa Clara, CA 95054, United States	(4)(5)(7)(10)		SOFR + 5.75%	11.21%		3/11/2022		3/9/2029			20,619		20,472		20,233		0.06	%
GovernmentJobs.com, Inc.	300 Continental Blvd., El Segundo, CA 90245, United States	(4)(7)(10)		SOFR + 5.00%	9.60%		7/15/2024		12/2/2028			287,035		284,017		286,428		0.79	%
Granicus Inc.	1999 Broadway, Suite 3600, Denver, Colorado 80202 United States	(4)(10)		SOFR + 5.75%	11.00% (incl. 2.25% PIK)		1/17/2024		1/17/2031			30,470		30,202		30,470		0.08	%
Granicus Inc.	1999 Broadway, Suite 3600, Denver, Colorado 80202 United States	(4)(5)(7)(10)		SOFR + 5.25%	10.10% (incl. 2.25% PIK)		1/17/2024		1/17/2031			8,211		8,128		8,122		0.02	%
Graphpad Software, LLC	225 Franklin Street, Fl. 26. Boston, MA 02110, United States	(4)(10)		SOFR + 4.75%	9.35%		6/28/2024		6/28/2031			143,417		142,382		142,700		0.39	%
Graphpad Software, LLC	225 Franklin Street, Fl. 26. Boston, MA 02110, United States	(4)(5)(7)(10)		SOFR + 4.75%	9.35%		6/28/2024		6/28/2031			3,729		3,359		3,473		0.01	%
GS Acquisitionco Inc	8529 Six Forks Rd, Suite 400, Raleigh, North Carolina 27615 United States	(4)(5)(7)(10)		SOFR + 5.25%	10.54%		3/26/2024		5/25/2028			12,027		11,962		11,952		0.03	%

83

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Software (continued)
GS Acquisitionco Inc	8529 Six Forks Rd, Suite 400, Raleigh, North Carolina 27615 United States	(4)(5)(7)(11)		SOFR + 5.25%	9.85%		3/26/2024		5/25/2028			$	583	$	564	$	561		0.00	%
Homecare Software Solutions, LLC	130 West 42nd Street, 2nd Floor, New York, NY 10036, United States	(4)(5)(10)		SOFR + 5.00%	10.10%		6/14/2024		6/14/2031				76,735		76,000		75,968		0.21	%
Homecare Software Solutions, LLC	130 West 42nd Street, 2nd Floor, New York, NY 10036, United States	(4)(5)(10)		SOFR + 5.00%	10.10%		6/14/2024		6/14/2031				29,969		29,682		29,669		0.08	%
Homecare Software Solutions, LLC	130 West 42nd Street, 2nd Floor, New York, NY 10036, United States	(4)(5)(10)		SOFR + 5.25%	10.10%		9/26/2024		6/14/2031				35,450		35,096		35,095		0.10	%
HS Purchaser, LLC	6455 City West Parkway Eden Prairie, MN United States	(10)		SOFR + 4.00%	8.95%		6/23/2021		11/19/2026				35,928		35,929		34,356		0.09	%
Icefall Parent, Inc.	30 Braintree Hill Office Park, Suite 101, Boston, MA 02184 United States	(4)(7)(11)		SOFR + 6.50%	11.35%		1/26/2024		1/25/2030				72,237		70,834		71,644		0.20	%
Idemia America Corp	2 place Samuel Champlain, Courbevoie, Ile de France 92400, France	(6)(10)		SOFR + 4.25%	8.85%		2/2/2024		9/30/2028				997		1,004		1,002		0.00	%
IGT Holding II AB	Stureplan 4, Stockholm, 114 35 Sweden	(4)(5)(6)(8)		SOFR + 6.50%	11.27% (incl. 6.50% PIK)		8/13/2024		8/27/2033				121,993		119,579		119,553		0.33	%
IGT Holding IV AB	Stureplan 4, Stockholm, 114 35 Sweden	(4)(5)(6)(8)		E + 5.25%	8.6% (incl. 2.13% PIK)		10/25/2022		3/31/2028		EUR		14,538		15,634		16,061		0.04	%
ION Trading Finance Ltd.	10 Queen St Place, 2nd floor, London, EC4R 1BE United Kingdom	(6)(8)		SOFR + 4.00%	9.02%		6/3/2024		4/1/2028				24,025		23,927		24,064		0.07	%
IQN Holding Corp	5011 Gate Parkway Building 100, Suite 250, Jacksonville, FL 32256, United States	(4)(10)		SOFR + 5.25%	10.31%		5/2/2022		5/2/2029				46,024		45,736		46,024		0.13	%
IQN Holding Corp	5011 Gate Parkway Building 100, Suite 250, Jacksonville, FL 32256, United States	(4)(5)(7)(10)		SOFR + 5.25%	10.31%		5/2/2022		5/2/2028				1,293		1,260		1,293		0.00	%
IRI Group Holdings Inc	203 North LaSalle Street, Suite 1500 Chicago, IL 60601, United States	(4)(10)		SOFR + 5.00%	9.85%		4/1/2024		12/1/2028				1,591,181		1,568,258		1,591,181		4.37	%

84

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Software (continued)
IRI Group Holdings Inc	203 North LaSalle Street, Suite 1500 Chicago, IL 60601, United States	(4)(5)(7)(10)		SOFR + 5.00%	9.85%		4/1/2024		12/1/2027			$	58,750	$	57,351	$	58,750		0.16	%
JS Parent Inc	135 SW Taylor Suite 200 Portland, Oregon, 97204, United States	(4)(5)(7)(10)		SOFR + 5.00%	10.25%		4/24/2024		4/24/2031				81,422		81,003		81,382		0.22	%
Kaseya, Inc.	701 Brickell Avenue, Miami FL 33131 United States	(4)(10)		SOFR + 5.50%	10.75%		6/23/2022		6/25/2029				747,047		736,970		747,047		2.05	%
Kaseya, Inc.	701 Brickell Avenue, Miami FL 33131 United States	(4)(5)(7)(10)		SOFR + 5.50%	10.75%		6/23/2022		6/25/2029				11,426		10,985		11,095		0.03	%
Kaseya, Inc.	701 Brickell Avenue, Miami FL 33131 United States	(4)(5)(7)(10)		SOFR + 5.50%	10.10%		6/23/2022		6/25/2029				12,317		11,646		12,317		0.03	%
LD Lower Holdings, Inc.	8201 Greensboro Drive, Suite 717 Mclean, VA 22102-3810 United States	(4)(11)		SOFR + 7.50%	12.20%		2/8/2021		8/9/2027				107,688		107,090		106,880		0.29	%
Lightbox Intermediate, LP	9 West 57th Street, 43rd Floor, New York, NY, 10019, United States	(4)(8)		SOFR + 5.00%	10.11%		6/1/2022		5/9/2026				37,145		36,767		35,566		0.10	%
Magenta Security Holdings LLC	6000 Headquarters Drive, Plano, TX 75024, United States	(5)(11)		SOFR + 6.25%	11.37%		8/14/2024		7/27/2028				9,724		9,341		9,919		0.03	%
Magenta Security Holdings LLC	6000 Headquarters Drive, Plano, TX 75024, United States	(5)(10)(18)		SOFR + 6.75%	12.13%		8/14/2024		7/27/2028				27,581		26,248		26,216		0.07	%
Magenta Security Holdings LLC	6000 Headquarters Drive, Plano, TX 75024, United States	(5)(10)(17)(18)		SOFR + 7.00%	12.38% (incl. 5.5% PIK)		8/14/2024		7/27/2028				6,619		2,317		2,002		0.01	%
Magnesium BorrowerCo, Inc.	1 Finsbury Avenue, London, United Kingdom, EC2M 2PF	(4)(10)		S + 5.00%	9.95%		5/19/2022		5/18/2029		GBP		101,483		124,688		135,677		0.37	%
Magnesium BorrowerCo, Inc.	1 Finsbury Avenue, London, United Kingdom, EC2M 2PF	(4)(10)		SOFR + 5.00%	9.85%		5/19/2022		5/18/2029				1,048,417		1,030,677		1,048,417		2.88	%
Magnesium BorrowerCo, Inc.	1 Finsbury Avenue, London, United Kingdom, EC2M 2PF	(4)(5)(10)		SOFR + 5.00%	9.85%		3/21/2024		5/18/2029				29,338		29,014		29,338		0.08	%
Mandolin Technology Intermediate Holdings, Inc.	Nova Tower 1, 1 Allegheny Square, Suite 800, Pittsburgh, PA 15212, United States	(4)(9)		SOFR + 3.75%	8.50%		7/30/2021		7/31/2028				76,147		75,520		70,055		0.19	%

85

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024	Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Software (continued)
Mandolin Technology Intermediate Holdings, Inc.	Nova Tower 1, 1 Allegheny Square, Suite 800, Pittsburgh, PA 15212, United States	(4)(9)		SOFR + 6.25%	11.00%		6/9/2023		6/9/2030		$	62,212	$	60,694	$	62,212		0.17	%
Mandolin Technology Intermediate Holdings, Inc.	Nova Tower 1, 1 Allegheny Square, Suite 800, Pittsburgh, PA 15212, United States	(4)(5)(7)(8)		SOFR + 3.75%	8.54%		7/30/2021		7/31/2026			8,149		8,110		7,298		0.02	%
Maverick Bidco Inc.	5001 Plaza on the Lake #111 Austin, TX 78746 United States	(10)		SOFR + 3.75%	9.15%		5/18/2021		5/18/2028			16,534		16,491		16,523		0.05	%
Maverick Bidco Inc.	5001 Plaza on the Lake #111 Austin, TX 78746 United States	(4)(5)(10)		SOFR + 5.00%	10.20%		5/26/2023		5/18/2028			69,511		67,673		69,338		0.19	%
Maverick Bidco Inc.	5001 Plaza on the Lake #111 Austin, TX 78746 United States	(4)(5)(7)(10)		SOFR + 4.75%	9.79%		8/16/2024		5/18/2028			15,368		14,965		15,028		0.04	%
McAfee Corp.	6220 America Center Drive San Jose, CA 95002 United States	(6)(9)		SOFR + 3.25%	8.45%		5/31/2024		3/1/2029			29,722		29,476		29,654		0.08	%
Medallia, Inc.	200 W 41st St, New York, NY 10036, United States	(4)(10)		SOFR + 6.50%	10.85% (incl. 4.00% PIK)		10/28/2021		10/29/2028			857,065		847,973		814,212		2.23	%
Medallia, Inc.	200 W 41st St, New York, NY 10036, United States	(4)(7)(10)		SOFR + 6.50%	10.85% (incl. 4.00% PIK)		8/16/2022		10/29/2028			211,446		208,724		200,740		0.55	%
Mitnick Purchaser, Inc.	64 Willow Place, Suite 100, Menlo Park DE 94025 United States	(9)(18)		SOFR + 4.50%	9.85%		5/2/2022		5/2/2029			11,646		11,607		10,412		0.03	%
Monk Holding Co.	5473 Morris Hunt Dr Fort Mill, SC, 29708-6523 United States	(4)(10)(18)		SOFR + 5.50%	10.20%		12/1/2021		12/1/2027			10,972		10,833		10,972		0.03	%
Monk Holding Co.	5473 Morris Hunt Dr Fort Mill, SC, 29708-6523 United States	(4)(7)(10)		SOFR + 5.50%	10.20%		12/1/2021		12/1/2027			5,444		5,273		5,214		0.01	%
MRI Software, LLC	28925 Fountain Parkway Solon OH 44139 United States	(4)(5)(11)		SOFR + 4.75%	9.35%		12/19/2023		2/10/2027			50,702		50,287		50,448		0.14	%
MRI Software, LLC	28925 Fountain Parkway Solon OH 44139 United States	(4)(11)		SOFR + 4.75%	9.35%		1/7/2021		2/10/2027			183,587		182,476		180,833		0.50	%
MRI Software, LLC	28925 Fountain Parkway Solon OH 44139 United States	(4)(5)(7)(11)		SOFR + 4.75%	9.35%		8/27/2024		2/10/2027			7,811		7,441		6,828		0.02	%

86

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024	Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Software (continued)
NAVEX TopCo, Inc.	5500 Meadows Road, Suite 500, Lake Oswego, OR, 97035 United States	(4)(7)(10)		SOFR + 5.50%	10.60%		11/9/2023		11/9/2030		$	100,143	$	98,251	$	100,143		0.27	%
Nintex Topco Limited	10800 NE 8th Street, Suite 400 Bellevue, WA 98004 United States	(4)(6)(8)		SOFR + 4.50%	9.26% (incl. 1.50% PIK)		11/12/2021		11/13/2028			677,565		669,674		643,686		1.77	%
Noble Midco 3 Ltd	2 Seething Ln, London EC3N 4AT, United Kingdom	(4)(5)(6)(7)(10)		SOFR + 5.00%	9.60%		6/10/2024		6/24/2031			39,181		38,708		38,909		0.11	%
Oranje Holdco Inc	33 N Garden Ave, Clearwater, FL 33755 United States	(4)(5)(11)		SOFR + 7.25%	12.50%		4/19/2024		2/1/2029			5,000		4,906		5,000		0.01	%
Oranje Holdco Inc	33 N Garden Ave, Clearwater, FL 33755 United States	(4)(7)(11)		SOFR + 7.50%	12.75%		2/1/2023		2/1/2029			66,000		64,659		66,000		0.18	%
PDI TA Holdings, Inc.	11675 Rainwater Dr., Suite 350, Alpharetta, GA 30009, United States	(4)(7)(10)		SOFR + 5.25%	10.50%		2/1/2024		2/3/2031			68,890		67,748		68,161		0.19	%
Perforce Software, Inc.	2320 Blanding Avenue, Alameda CA 94501 United States	(9)		SOFR + 4.75%	9.60%		3/22/2024		3/25/2031			19,950		19,857		19,950		0.05	%
Perforce Software, Inc.	2320 Blanding Avenue, Alameda CA 94501 United States	(8)		SOFR + 3.75%	8.70%		1/7/2021		7/1/2026			15,176		15,169		15,141		0.04	%
Project Alpha Intermediate Holding, Inc.	211 South Gulph Road, Suite 500, King of Prussia, PA 19406 United States	(9)		SOFR + 3.75%	9.00%		5/14/2024		10/28/2030			71,031		71,031		71,269		0.20	%
Project Leopard Holdings, Inc.	300 North La Salle Street, Suite 4350, Chicago, IL 60654 United States	(9)		SOFR + 5.25%	10.60%		7/20/2022		7/20/2029			133,570		128,269		120,394		0.33	%
Project Leopard Holdings, Inc.	300 North La Salle Street, Suite 4350, Chicago, IL 60654 United States	(4)(5)(7)(8)		SOFR + 4.25%	9.49%		7/20/2022		7/20/2027			9,006		9,015		6,526		0.02	%
Proofpoint, Inc.	892 Ross Drive, Sunnyvale CA 94089 United States	(9)		SOFR + 3.00%	7.85%		5/28/2024		8/31/2028			6,938		6,938		6,943		0.02	%
Rally Buyer, Inc.	5213 Tacome Building C · Houston, TX 77041 United States	(4)(10)		SOFR + 5.75%	10.56% (incl. 1.75% PIK)		7/19/2022		7/19/2028			142,701		140,971		135,566		0.37	%
Rally Buyer, Inc.	5213 Tacome Building C · Houston, TX 77041 United States	(4)(5)(7)(10)		SOFR + 5.75%	10.57%		7/19/2022		7/19/2028			11,535		11,309		10,647		0.03	%
RealPage, Inc.	4000 International Parkway, Carrollton, TX, 75007, United States	(9)		SOFR + 3.00%	7.96%		4/22/2021		4/24/2028			1,955		1,951		1,900		0.01	%

87

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Software (continued)
Recorded Future Inc	363 Highland Avenue, Somerville, MA 02144, United States	(4)(10)		SOFR + 5.75%	10.60%		6/28/2024		6/28/2030			$	131,314	$	129,629	$	131,314		0.36	%
Recorded Future Inc	363 Highland Avenue, Somerville, MA 02144, United States	(4)(5)(7)(10)		SOFR + 5.75%	10.88%		6/28/2024		6/28/2030				7,952		7,494		7,474		0.02	%
Relativity ODA, LLC	231 South LaSalle Street, 8th Floor, Chicago, IL 60604 United States	(4)(7)(11)		SOFR + 4.50%	9.46%		5/12/2021		5/12/2029				37,640		37,587		37,520		0.10	%
Rocket Software, Inc.	77 4th Avenue, Waltham MA 02451 United States	(9)		SOFR + 4.75%	9.60%		10/5/2023		11/28/2028				42,977		42,454		43,073		0.12	%
S2P Acquisition Borrower, Inc.	3020 Carrington Mill Blvd Suite 100, Morrisville, NC 27560 United States	(6)(8)		SOFR + 4.00%	9.16%		1/7/2021		8/14/2026				12,380		12,390		12,411		0.03	%
Sailpoint Technologies, Inc.	11120 Four Points Drive Suite 100 Austin, TX 78726 United States	(4)(7)(10)		SOFR + 6.00%	11.10%		8/16/2022		8/16/2029				384,906		379,073		384,860		1.06	%
Scorpio BidCo SAS	131, Chemin du Bac -a-Traille Caluire-et-Cuire, 69300 France	(4)(5)(6)(7)(8)		E + 5.75%	9.60%		4/3/2024		4/30/2031		EUR		37,234		39,519		40,952		0.11	%
Skopima Consilio Parent, LLC	188 The Embarcadero, San Francisco, CA United States 94016 United States	(9)		SOFR + 4.00%	8.96%		5/14/2021		5/12/2028				39,612		39,178		39,600		0.11	%
Solarwinds Holdings, Inc.	7171 Southwest Parkway, Bldg 400, Austin, TX 78735 United States	(6)(8)		SOFR + 2.75%	7.60%		7/24/2024		2/5/2030				2,978		2,974		2,983		0.01	%
Sovos Compliance, LLC	200 Ballardvale Street 4th Floor Wilmington,MA,1887 United States	(9)		SOFR + 4.50%	9.46%		8/12/2021		8/11/2028				13,791		13,737		13,803		0.04	%
Spitfire Parent, Inc.	10161 Park Run Drive, Suite 150, Las Vegas, Nevada United States	(4)(11)		E + 5.50%	8.88%		3/8/2021		3/11/2027		EUR		18,866		22,593		21,001		0.06	%
Spitfire Parent, Inc.	10161 Park Run Drive, Suite 150, Las Vegas, Nevada United States	(4)(11)		SOFR + 5.50%	10.45%		3/9/2021		3/11/2027				117,026		116,271		117,026		0.32	%
Stamps.com, Inc.	1990 East Grand Avenue El Segundo, CA 90245 United States	(4)(5)(10)		SOFR + 5.75%	10.94%		12/14/2021		10/5/2028				9,870		9,754		9,697		0.03	%
Stamps.com, Inc.	1990 East Grand Avenue El Segundo, CA 90245 United States	(4)(10)		SOFR + 5.75%	10.94%		10/5/2021		10/5/2028				839,170		829,554		824,484		2.26	%

88

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Software (continued)
Surf Holdings, LLC	18595 Vineyard Point Lane, Cornelius, NC 28031 United States	(6)(8)		SOFR + 3.50%	8.53%		1/7/2021		3/5/2027			$	12,622	$	12,646	$	12,666		0.03	%
Tegra118 Wealth Solutions, Inc.	255 Fiserv Drive, Brookfield WI 53045 United States	(8)		SOFR + 4.00%	9.13%		1/7/2021		2/18/2027				6,811		6,795		6,564		0.02	%
TravelPerk Inc	C/ dels Almogàvers, 154-164 08018 Barcelona, Spain	(4)(5)(6)(8)		11.50%	11.50% PIK		5/2/2024		5/2/2029				43,984		41,286		41,785		0.11	%
Triple Lift, Inc.	400 Lafayette St 5th floor, New York, NY 10003 United States	(4)(10)		SOFR + 5.75%	10.71%		5/6/2021		5/5/2028				43,621		43,174		41,440		0.11	%
Triple Lift, Inc.	400 Lafayette St 5th floor, New York, NY 10003 United States	(4)(5)(7)(11)		SOFR + 5.75%	11.20%		5/6/2021		5/5/2028				5,480		5,333		4,677		0.01	%
Triple Lift, Inc.	400 Lafayette St 5th floor, New York, NY 10003 United States	(4)(10)		SOFR + 5.75%	10.56%		3/18/2022		5/5/2028				25,586		25,286		24,307		0.07	%
Varicent Parent Holdings Corp	4711 Yonge St., Suite 300, Toronto, Ontario M2N 6K8, Canada	(4)(5)(7)(10)		SOFR + 6.00%	10.60% (incl. 3.25% PIK)		8/23/2024		8/23/2031				68,826		67,544		67,511		0.19	%
Vision Solutions, Inc.	15300 Barranca Parkway Suite 100 Irvine CA 92618 United States	(10)		SOFR + 4.00%	9.51%		10/25/2021		4/24/2028				40,102		40,014		39,150		0.11	%
VS Buyer, LLC	8800 Lyra Drive Columbus, Ohio 43240 United States	(6)(7)(8)		SOFR + 3.25%	8.35%		4/4/2024		4/12/2031				6,318		5,420		5,362		0.01	%
WPEngine, Inc.	504 Lavaca Street, Suite 1000, Austin, TX 78701 United States	(4)(7)(10)		SOFR + 6.50%	11.62%		8/14/2023		8/14/2029				81,400		79,221		81,156		0.22	%
XPLOR T1, LLC	950 East Paces Ferry Road NE Atlanta, GA 30326, United States	(4)(8)		SOFR + 4.25%	8.85%		6/24/2024		6/24/2031				35,000		34,832		35,175		0.10	%
Yellow Castle AB	3 Cavendish Square, London, W1G 0LB	(4)(6)(8)		ST + 4.75%	8.38% (incl. 2.59% PIK)		4/14/2022		7/9/2029		SEK		112,563		10,488		11,084		0.03	%
Yellow Castle AB	3 Cavendish Square, London, W1G 0LB	(4)(6)(8)		SA + 4.75%	5.96% (incl. 1.86% PIK)		4/14/2022		7/9/2029		CHF		10,674		10,773		12,612		0.03	%
Yellow Castle AB	3 Cavendish Square, London, W1G 0LB	(4)(5)(6)(10)		SA + 4.75%	5.96% (incl. 1.86% PIK)		7/28/2022		7/9/2029		CHF		3,484		3,486		4,116		0.01	%

89

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Software (continued)
Yellow Castle AB	3 Cavendish Square, London, W1G 0LB	(4)(6)(8)		E + 4.75%	8.42% (incl. 2.60% PIK)		4/14/2022		7/9/2029		EUR		31,713	$	31,678	$	35,301		0.10	%
Yellow Castle AB	3 Cavendish Square, London, W1G 0LB	(4)(5)(6)(7)(8)		E + 4.75%	8.42% (incl. 2.60% PIK)		4/14/2022		7/9/2029		EUR		1,639		1,714		1,825		0.01	%
Yellow Castle AB	3 Cavendish Square, London, W1G 0LB	(4)(5)(6)(10)		S + 4.75%	9.95% (incl. 3.06% PIK)		7/28/2022		7/9/2029		GBP		8,894		10,504		11,890		0.03	%
Zendesk Inc	989 Market St, San Francisco, CA 94103 United States	(4)(7)(10)		SOFR + 5.00%	9.69%		7/23/2024		11/22/2028				936,617		916,681		933,497		2.56	%
Zorro Bidco Ltd	740 Waterside Drive, Aztec West, Almondsbury, Bristol, BS32 4UF, United Kingdom	(4)(5)(6)(7)(8)		S + 5.00%	9.95%		8/13/2024		8/13/2031		GBP		65,579		82,099		85,727		0.24	%
															15,531,921		15,501,413		42.54	%
Specialty Retail
CustomInk, LLC	2910 District Avenue Fairfax VA 22031 United States	(4)(11)(18)		SOFR + 6.04%	11.39%		1/7/2021		5/3/2026				36,866		36,635		36,866		0.10	%
EG America, LLC	65 Flanders Rd, Westborough, MA 01581 United States	(6)(8)		SOFR + 5.50%	10.44%		7/12/2023		2/7/2028				13,781		13,474		13,792		0.04	%
Mavis Tire Express Services Topco, Corp.	358 Saw Mill River Rd, Millwood, NY 10546 United States	(10)		SOFR + 3.50%	8.35%		7/18/2024		5/4/2028				27,696		27,696		27,715		0.08	%
Metis Buyer, Inc.	358 Saw Mill River Rd, Millwood, NY 10546 United States	(4)(5)(7)(8)		SOFR + 3.25%	8.36%		5/4/2021		5/4/2026				3,690		3,626		3,622		0.01	%
Runner Buyer, Inc.	8 Santa Fe Way Cranbury,NJ,8512 United States	(10)		SOFR + 5.50%	10.67%		10/21/2021		10/20/2028				76,050		75,092		38,514		0.11	%
StubHub Holdco Sub, LLC	160 Greentree Drive, Suite 101, Dover, Delaware, County of Kent, 19904 United States	(8)		SOFR + 4.75%	9.60%		3/15/2024		3/15/2030				11,239		11,230		11,248		0.03	%
															167,753		131,757		0.37	%
Technology Hardware, Storage & Peripherals
Lytx, Inc.	9785 Towne Centre Drive San Diego CA 92121 United States	(4)(11)		SOFR + 5.00%	10.20%		6/13/2024		2/28/2028				75,139		75,190		75,139		0.21	%

90

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024	Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Trading Companies & Distributors
FCG Acquisitions, Inc.	800 Concar Drive, Suite 100, San Mateo, CA 94402 United States	(9)		SOFR + 3.75%	8.71%		4/1/2021		3/31/2028		$	22,760	$	22,702	$	22,794		0.06	%
Foundation Building Materials, Inc.	2520 Red Hill Avenue, Santa Ana, CA 92705 United States	(9)		SOFR + 3.25%	8.76%		1/29/2021		1/31/2028			14,652		14,463		14,298		0.04	%
Hillman Group Inc	1280 Kemper Meadow Drive, Cincinnati, OH 45240, Unted States	(9)		SOFR + 2.25%	7.10%		7/14/2021		7/14/2028			3,977		3,984		3,980		0.01	%
Icebox Holdco III, Inc.	80 Pall Mall, London, SW1Y 5ES, United Kingdom	(9)		SOFR + 3.75%	8.62%		12/22/2021		12/22/2028			15,663		15,626		15,728		0.04	%
Park River Holdings, Inc.	1 E. 4th Street Suite 1400, Cincinnati, OH, 45202 United States	(10)		SOFR + 3.25%	8.84%		1/7/2021		12/28/2027			45,781		45,460		45,128		0.12	%
Porcelain Acquisition Corp.	20 Sanker Road, Dickson, TN 37055 United States	(4)(11)		SOFR + 6.00%	10.70%		4/30/2021		4/1/2027			81,276		80,406		76,805		0.21	%
Red Fox CD Acquisition Corp	3916 Westpoint Blvd., Winston-Salem, NC 27103 United States	(4)(11)		SOFR + 6.00%	10.60%		3/4/2024		3/4/2030			114,533		112,135		114,533		0.31	%
Sunsource Borrower, LLC	2301 Windsor Court, Suite A, Addison, IL 6010, United States	(8)		SOFR + 4.00%	8.95%		3/25/2024		3/25/2031			2,985		2,992		2,969		0.01	%
White Cap Buyer, LLC	6250 Brook Hollow Parkway, Norcross, Georgia 30071 United States	(8)		SOFR + 3.25%	8.10%		6/13/2024		10/19/2029			16,915		16,875		16,812		0.05	%
Windsor Holdings III LLC	3075 Highland Pkwy Ste 200 Downers Grove IL 60515 United States	(8)		SOFR + 3.50%	8.46%		9/20/2024		8/1/2030			8,881		8,881		8,934		0.02	%
														323,524		321,981		0.87	%
Transportation Infrastructure
Capstone Acquisition Holdings Inc	30 Technology Parkway South, Suite 200, Peachtree Corner, GA 30092 United States	(4)(7)(11)		SOFR + 4.50%	9.56%		8/29/2024		11/13/2029			96,131		95,585		96,131		0.26	%
Enstructure, LLC	16 Laurel Avenue, Suite 300 Wellesley, MA 02481 United States	(4)(9)(18)		SOFR + 5.00%	10.11%		6/10/2024		6/10/2029			142,519		141,196		142,519		0.39	%

91

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Transportation Infrastructure (continued)
Enstructure, LLC	16 Laurel Avenue, Suite 300 Wellesley, MA 02481 United States	(4)(5)(7)(9)		SOFR + 5.00%	10.11%		6/10/2024		6/10/2029			$	88,177	$	86,357	$	85,355		0.23	%
Frontline Road Safety, LLC	2714 Sherman Street, Grand Prairie, TX 75051 United States	(4)(10)		SOFR + 5.75%	11.42%		5/3/2021		5/3/2027				180,328		178,787		180,328		0.49	%
Frontline Road Safety, LLC	2714 Sherman Street, Grand Prairie, TX 75051 United States	(4)(10)		SOFR + 5.75%	11.42%		12/15/2023		5/3/2027				22,446		22,103		22,446		0.06	%
Frontline Road Safety, LLC	2714 Sherman Street, Grand Prairie, TX 75051 United States	(4)(5)(7)(10)		SOFR + 5.75%	11.34%		12/15/2023		5/3/2027				17,947		17,630		17,666		0.05	%
Helix TS, LLC	114 Capital Way Christiana, TN 37037, United States	(4)(10)		SOFR + 6.25%	11.65%		8/4/2021		8/4/2027				92,074		91,203		89,312		0.25	%
Helix TS, LLC	114 Capital Way Christiana, TN 37037, United States	(4)(10)		SOFR + 6.25%	11.74%		8/4/2021		8/4/2027				61,726		61,360		59,874		0.16	%
Helix TS, LLC	114 Capital Way Christiana, TN 37037, United States	(4)(10)		SOFR + 6.25%	11.09%		12/22/2023		8/4/2027				13,795		13,579		13,381		0.04	%
Helix TS, LLC	114 Capital Way Christiana, TN 37037, United States	(4)(5)(10)		SOFR + 6.25%	11.00%		12/14/2022		8/4/2027				985		973		956		0.00	%
Italian Motorway Holdings S.à r.l	Meif 6 Hra Italian Motorway Holdings SARL, Luxembourg	(4)(6)(8)		E + 5.25%	9.09%		4/28/2022		4/28/2029		EUR		236,429		244,330		263,180		0.72	%
Liquid Tech Solutions Holdings, LLC	79 Madison Ave #439, New York, NY 10016 United States	(4)(10)		SOFR + 4.75%	9.71%		3/19/2021		3/20/2028				18,755		18,707		18,778		0.05	%
Roadsafe Holdings, Inc.	3331 Street Rd #430, Bensalem, PA 19020 United States	(4)(11)		SOFR + 5.75%	11.14%		4/19/2021		10/19/2027				76,046		75,200		73,764		0.20	%
Roadsafe Holdings, Inc.	3331 Street Rd #430, Bensalem, PA 19020 United States	(4)(11)		SOFR + 5.75%	11.06%		1/31/2022		10/19/2027				76,325		75,766		74,035		0.20	%
Roadsafe Holdings, Inc.	3331 Street Rd #430, Bensalem, PA 19020 United States	(4)(11)		SOFR + 5.75%	11.06%		4/19/2021		10/19/2027				54,780		54,704		53,136		0.15	%
Safety Borrower Holdings LP	8814 Horizon Blvd, Northeast, Suite 100, Albuquerque, NM 87113, United States	(4)(11)		SOFR + 5.25%	10.21%		9/1/2021		9/1/2027				47,430		47,211		47,430		0.13	%
Safety Borrower Holdings LP	8814 Horizon Blvd, Northeast, Suite 100, Albuquerque, NM 87113, United States	(4)(5)(7)(11)		P + 4.25%	12.25%		9/1/2021		9/1/2027				1,258		1,242		1,225		0.00	%

92

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024	Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Transportation Infrastructure (continued)
Sam Holding Co, Inc.	7414 Circle17 South, Sebring, FL 33876, United States	(4)(11)		SOFR + 5.75%	10.91%		9/24/2021		9/24/2027		$	147,440	$	145,976	$	147,440		0.40	%
Sam Holding Co, Inc.	7414 Circle17 South, Sebring, FL 33876, United States	(4)(11)		SOFR + 5.75%	11.13%		9/19/2023		9/24/2027			63,360		62,419		63,360		0.17	%
Sam Holding Co, Inc.	7414 Circle17 South, Sebring, FL 33876, United States	(4)(5)(11)		SOFR + 5.75%	11.08%		9/19/2023		9/24/2027			39,894		39,293		39,894		0.11	%
Sam Holding Co, Inc.	7414 Circle17 South, Sebring, FL 33876, United States	(4)(11)		SOFR + 5.75%	11.17%		9/24/2021		9/24/2027			45,738		45,310		45,738		0.13	%
Sam Holding Co, Inc.	7414 Circle17 South, Sebring, FL 33876, United States	(4)(5)(7)(11)		P + 5.00%	13.50%		9/24/2021		3/24/2027			6,000		5,784		6,000		0.02	%
TRP Infrastructure Services, LLC	2411 Minnis Dr, Haltom City, TX 76117, United States	(4)(11)		SOFR + 5.50%	10.90%		7/9/2021		7/9/2027			71,663		70,989		68,081		0.19	%
														1,595,704		1,610,029		4.40	%
Wireless Telecommunication Services
CCI Buyer, Inc.	300 N. LaSalle St, Suite 5600, Chicago 60602 United States	(10)		SOFR + 4.00%	8.60%		1/7/2021		12/17/2027			20,975		20,963		20,973		0.06	%
CyrusOne Revolving Warehouse	2850 N Harwood St., Suite 2200, Dallas, Texas 75201, United States	(4)(5)(6)(7)(8)		SOFR + 3.00%	8.13%		7/12/2024		7/2/2029			38,333		37,045		38,335		0.11	%
														58,008		59,308		0.17	%
Total First Lien Debt - non-controlled/non-affiliated														56,109,579		55,938,678		153.40	%
First Lien Debt - controlled/affiliated
Chemicals
Pigments Services, Inc.	1 Concorde Gate, Suite 608, Toronto, Ontario, Canada	(4)(6)(11)(16)(17)		SOFR + 8.25% 13.27% PIK			4/14/2023		4/14/2029			18,387		15,191		8,072		0.02	%
Pigments Services, Inc.	1 Concorde Gate, Suite 608, Toronto, Ontario, Canada	(4)(6)(11)(16)		SOFR + 8.25% 13.27% PIK			4/14/2023		4/14/2029			10,960		10,960		10,960		0.03	%
														26,151		19,032		0.05	%
Insurance
CFCo, LLC (Benefytt Technologies, Inc.)	15438 North Florida Avenue, Suite 201, Tampa, FL 33613, United States	(4)(5)(8)(16)(17)(18)		0.00%	0.00%		9/11/2023		9/13/2038			86,098		12,571		—		0.00	%

93

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024	Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Insurance (continued)
Daylight Beta Parent, LLC (Benefytt Technologies, Inc.)	15438 North Florida Avenue, Suite 201, Tampa, FL 33613, United States	(4)(5)(8)(16)(17)(18)		10.00%	10.00% PIK		9/11/2023		9/12/2033		$	49,530	$	49,530	$	12,194		0.03	%
														62,101		12,194		0.03	%
Professional Services
Material Holdings, LLC	1900 Avenue of the Stars Ste 1600 19th floor Los Angeles, CA 90067 United States	(4)(5)(10)(16)		SOFR + 6.00%	10.70% (incl. 8.02% PIK)		6/14/2024		8/19/2027			227,908		225,891		227,908		0.63	%
Material Holdings, LLC	1900 Avenue of the Stars Ste 1600 19th floor Los Angeles, CA 90067 United States	(4)(5)(7)(10)(16)		SOFR + 6.00%	10.70% PIK		6/14/2024		8/19/2027			55,991		55,470		33,188		0.09	%
														281,361		261,096		0.72	%
Total First Lien Debt - controlled/affiliated														369,613		292,322		0.80	%
Total First Lien Debt														56,479,192		56,231,000		154.20	%
Second Lien Debt
Second Lien Debt - non-controlled/non-affiliated
Aerospace & Defense
Atlas CC Acquisition Corp.	9465 Wilshire Blvd, Suite 300 Beverly Hills, CA 90212 United States	(4)(10)		SOFR + 7.63%	12.94%		5/25/2021		5/25/2029			44,520		44,132		34,058		0.09	%
Peraton Corp.	12975 Worldgate Drive, Herndon, VA 20170 United States	(10)		SOFR + 7.75%	12.97%		5/6/2021		2/1/2029			53,259		52,824		50,146		0.14	%
														96,956		84,204		0.23	%
Air Freight & Logistics
Wwex Uni Topco Holdings, LLC	2323 Victory Avenue Suite 1600, Dallas, TX 75219 United States	(10)		SOFR + 7.00%	11.87%		7/26/2021		7/26/2029			33,000		32,710		32,285		0.09	%
Commercial Services & Supplies
DG Investment Intermediate Holdings 2, Inc.	One Commerce Drive, Schaumburg, Illinois 60173 United States	(10)		SOFR + 6.75%	11.71%		3/31/2021		3/30/2029			29,464		29,381		27,789		0.08	%

94

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024		Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Commercial Services & Supplies (continued)
OMNIA Partners, LLC	5001 Aspen Grove Drive Franklin, TN 37067, United States	(4)(5)(8)		SOFR + 5.00%	10.28%		5/31/2024		5/31/2032			$	165,000	$	164,210	$	165,000		0.45	%
															193,591		192,789		0.53	%
Construction & Engineering
Thermostat Purchaser III, Inc.	10 Parkway North Suite 100 Deerfield,IL,60015 United States	(4)(10)		SOFR + 7.25%	12.96% (incl. 0.50% PIK)		8/31/2021		8/31/2029				32,783		32,481		32,619		0.09	%
Health Care Providers & Services
Canadian Hospital Specialties Ltd.	2060 Winston Park Drive, Suite 400, Oakville, Ontario L6H 5R7 Canada	(4)(6)(8)		8.75%	8.75%		4/15/2021		4/15/2029		CAD		3,800		3,000		2,501		0.01	%
CD&R Artemis UK Bidco Ltd.	26 Southampton Buildings, 8th Floor, Holborn Gate London, WC2A 1AN United Kingdom	(4)(6)(8)		S + 7.50%	12.45%		8/19/2021		8/19/2029		GBP		65,340		87,873		86,701		0.24	%
CD&R Artemis UK Bidco Ltd.	26 Southampton Buildings, 8th Floor, Holborn Gate London, WC2A 1AN United Kingdom	(4)(6)(9)		SOFR + 7.35%	12.10%		12/31/2021		8/19/2029				15,000		14,760		14,700		0.04	%
CD&R Artemis UK Bidco Ltd.	26 Southampton Buildings, 8th Floor, Holborn Gate London, WC2A 1AN United Kingdom	(4)(5)(6)(9)		SOFR + 7.35%	12.10%		3/31/2022		8/19/2029				10,000		9,835		9,800		0.03	%
Jayhawk Buyer, LLC	8717 West 110th Street, Suite 300 Overland Park, KS 66210 United States	(4)(11)		SOFR + 8.75%	14.10%		5/26/2021		10/15/2027				6,537		6,474		5,948		0.02	%
															121,942		119,650		0.34	%
Interactive Media & Services
Project Boost Purchaser, LLC	11660 Alpharetta Highway Suite 210 Roswell, GA 30076 United States	(5)(8)		SOFR + 5.25%	10.53%		7/16/2024		7/16/2032				44,853		44,634		45,003		0.12	%
IT Services
Dcert Buyer, Inc.	2801 N Thanksgiving Way #500, Lehi 84043 United States	(8)		SOFR + 7.00%	11.85%		2/19/2021		2/19/2029				60,975		61,107		52,961		0.15	%
Inovalon Holdings, Inc.	4321 Collington Rd, Bowie, MD 20716, United States	(4)(10)		SOFR + 10.50%	16.01% PIK		11/24/2021		11/24/2033				121,576		119,709		121,576		0.33	%
															180,816		174,537		0.48	%

95

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024	Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Life Sciences Tools & Services
Curia Global, Inc.	26 Corporate Circle Albany,NY,12203 United States	(4)(10)		SOFR + 6.50%	12.01%		9/1/2021		8/31/2029		$	45,977	$	45,412	$	40,919		0.11	%
LSCS Holdings, Inc.	190 North Milwaukee Street Milwaukee,WI,53202 United States	(9)		SOFR + 8.00%	12.96%		12/16/2021		12/17/2029			40,000		39,608		38,500		0.11	%
														85,020		79,419		0.22	%
Machinery
Victory Buyer, LLC	50 East 153rd Street Bronx, NY 10451-2104 United States	(4)(9)		SOFR + 7.00%	11.96%		11/19/2021		11/19/2029			24,677		24,509		23,320		0.06	%
Media
Houghton Mifflin, LLC	125 High St, Suite 900, Boston, MA 02110, United States	(4)(9)		SOFR + 8.50%	13.35%		4/7/2022		4/8/2030			80,500		79,370		78,085		0.21	%
Professional Services
Celestial Saturn Parent, Inc.	40 Pacifica #900, Irvine, CA 92618 United States	(9)		SOFR + 6.50%	11.46%		6/4/2021		6/4/2029			67,488		67,093		66,026		0.18	%
Deerfield Dakota Holding, LLC	55 East 52nd Street 31st Floorm Park Avenue Plaza, New York, NY 10055 United States	(10)		SOFR + 6.75%	11.62%		4/22/2021		4/7/2028			27,069		27,022		26,604		0.07	%
Sedgwick Claims Management Services, Inc.	8125 Sedgwick Way, Memphis TN 38125 United States	(4)(5)(6)(8)		SOFR + 5.00%	10.25%		7/31/2024		7/31/2032			230,000		227,749		228,275		0.63	%
Thevelia US, LLC	Level 15, Manulife Place, 348 Kwun Tong Rd, Ngau Tau Kok, Hong Kong	(4)(6)(9)		SOFR + 6.00%	10.60%		6/17/2022		6/17/2030			182,046		178,149		182,046		0.50	%
														500,013		502,951		1.38	%
Software
Boxer Parent Company, Inc.	John Hancock Tower 200 Clarendon Street Boston MA 02116 United States	(5)(8)		SOFR + 5.75%	11.01%		7/30/2024		7/30/2032			45,494		45,381		44,850		0.12	%
Cloudera, Inc.	1001 Page Mill Road Building 3 Palo Alto,CA,94304 United States	(9)		SOFR + 6.00%	10.95%		10/8/2021		10/8/2029			66,697		66,348		63,140		0.17	%
Delta Topco, Inc.	3111 Coronado Drive in Santa Clara, CA 95054 United States	(8)		SOFR + 5.25%	9.95%		5/1/2024		12/1/2030			87,913		87,500		88,609		0.24	%

96

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024	Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Software (continued)
Flash Charm, Inc.	Brookhollow Ctr III, 2950 Nort Loop Freeway W, Suite 700 Houston TX 77092 United States	(8)		SOFR + 6.75%	12.15%		3/2/2021		3/2/2029		$	27,051	$	26,860	$	26,409		0.07	%
Human Security, Inc.	111 W 33rd St 11TH Fl, New York, New York, 10001, United States	(4)(11)		SOFR + 6.75%	11.60%		7/22/2022		7/22/2027			50,000		49,507		47,750		0.13	%
Human Security, Inc.	111 W 33rd St 11TH Fl, New York, New York, 10001, United States	(4)(5)(11)		SOFR + 6.75%	12.00%		7/22/2022		7/22/2027			50,000		49,507		47,750		0.13	%
Mandolin Technology Intermediate Holdings, Inc.	Nova Tower 1, 1 Allegheny Square, Suite 800, Pittsburgh, PA 15212, United States	(4)(9)		SOFR + 6.50%	11.25%		7/30/2021		7/30/2029			31,950		31,682		29,234		0.08	%
Maverick Bidco Inc.	5001 Plaza on the Lake #111 Austin, TX 78746 United States	(4)(5)(10)		SOFR + 8.00%	13.16%		12/19/2023		5/18/2029			628		617		619		0.00	%
Maverick Bidco Inc.	5001 Plaza on the Lake #111 Austin, TX 78746 United States	(5)(10)		SOFR + 6.75%	12.15%		5/18/2021		5/18/2029			18,000		17,954		17,639		0.05	%
Vision Solutions, Inc.	15300 Barranca Parkway Suite 100 Irvine CA 92618 United States	(5)(10)		SOFR + 7.25%	12.76%		4/23/2021		4/23/2029			41,439		41,257		39,030		0.11	%
														416,613		405,030		1.10	%
Trading Companies & Distributors
Icebox Holdco III, Inc.	80 Pall Mall, London, SW1Y 5ES, United Kingdom	(9)		SOFR + 6.75%	11.62%		12/22/2021		12/21/2029			14,000		13,908		14,158		0.04	%
Total Second Lien Debt - non-controlled/non-affiliated														1,822,563		1,784,050		4.89	%
Total Second Lien Debt														1,822,563		1,784,050		4.89	%
Unsecured Debt
Unsecured Debt - non-controlled/non-affiliated
Biotechnology
AbbVie Inc	1 N. Waukegan Road, North Chicago, Illinois 60064, United States	(5)(6)(8)		4.80%	4.80%		9/10/2024		3/15/2029			1,000		1,032		1,029		0.00	%

97

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024	Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Biotechnology (continued)
Amgen Inc	One Amgen Center Drive, Thousand Oaks, CA 91320, United States	(5)(6)(8)		5.15%	5.15%		9/10/2024		3/2/2028		$	1,000	$	1,030	$	1,030		0.00	%
Biogen Inc	225 Binney Street, Cambridge, MA 02142, United States	(5)(6)(8)		2.25%	2.25%		9/10/2024		5/1/2030			1,000		896		893		0.00	%
Gilead Sciences Inc	333 Lakeside Drive Foster City, CA 94404, United States	(5)(6)(8)		1.65%	1.65%		9/10/2024		10/1/2030			1,000		866		864		0.00	%
Regeneron Pharmaceuticals Inc	777 Old Saw Mill River Road, Tarrytown, NY 10591, United States	(5)(6)(8)		1.75%	1.75%		9/10/2024		9/15/2030			1,000		869		864		0.00	%
														4,693		4,680		0.00	%
Health Care Equipment & Supplies
Abbott Laboratories	100 Abbott Park Road, Abbott Park, Illinois 60064, United States	(5)(6)(8)		1.40%	1.40%		9/10/2024		6/30/2030			1,000		880		875		0.00	%
Alcon Finance Corp	Avenue Louis-Casaï 58, Geneva, Switzerland	(5)(6)(8)		2.60%	2.60%		9/10/2024		5/27/2030			1,000		915		913		0.00	%
Becton Dickinson & Co	18-03 NJ-208, Franklin Lakes, NJ 07417, United States	(5)(6)(8)		5.08%	5.08%		9/10/2024		6/7/2029			1,000		1,035		1,034		0.00	%
Boston Scientific Corp	300 Boston Scientific Way, Marlborough, MA 01752, United States	(5)(6)(8)		2.65%	2.65%		9/10/2024		6/1/2030			1,000		924		920		0.00	%
														3,754		3,742		0.00	%
Health Care Technology
Healthcomp Holding Company, LLC	621 Santa Fe Ave. Fresno, CA 93721 United States	(4)(5)(8)		13.75%	13.75% PIK		11/8/2023		11/8/2031			20,471		19,973		20,164		0.06	%
IT Services
PPT Holdings III, LLC	5910 Landerbrook Drive, Mayfield Heights, OH 44124 United States	(4)(5)(8)		12.75%	12.75% PIK		3/25/2024		3/27/2034			8,285		8,101		8,244		0.02	%
Life Sciences Tools & Services
Thermo Fisher Scientific Inc.	168 Third Avenue, Waltham, MA 02451, United States	(5)(6)(8)		5.00%	5.00%		9/10/2024		1/31/2029			1,000		1,038		1,037		0.00	%

98

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024	Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Pharmaceuticals
Astrazeneca Finance LLC	1 Francis Crick Avenue, Cambridge Biomedical Campus, Cambridge, Cambridgeshire CB2 0AA, United Kingdom	(5)(6)(8)		4.85%	4.85%		9/10/2024		2/26/2029		$	1,000	$	1,033	$	1,032		0.00	%
Bristol-Myers Squibb Co	Route 206 & Province Line Road , Princeton, New Jersey 08543, United States	(5)(6)(8)		4.90%	4.90%		9/10/2024		2/22/2029			1,000		1,035		1,034		0.00	%
Eli Lilly & Co	893 Delaware St, Indianapolis, IN 46225, United States	(5)(6)(8)		4.20%	4.20%		9/10/2024		8/14/2029			1,000		1,012		1,010		0.00	%
GlaxoSmithKline Capital PLC	79 New Oxford Street, London, England WC1A 1DG, United Kingdom	(5)(6)(8)		3.38%	3.38%		9/10/2024		6/1/2029			1,000		974		972		0.00	%
Johnson & Johnson	1 Johnson And Johnson Plaza, New Brunswick, New Jersey, 08933, United States	(5)(6)(8)		4.80%	4.80%		9/10/2024		6/1/2029			1,000		1,044		1,041		0.00	%
Merck & Co Inc	126 East Lincoln Avenue P.O. Box 2000. Rahway, NJ 07065, United States	(5)(6)(8)		4.30%	4.30%		9/10/2024		5/17/2030			1,000		1,017		1,015		0.00	%
Novartis Capital Corp	Forum 1, Novartis Campus, Basel, Switzerland	(5)(6)(8)		2.20%	2.20%		9/10/2024		8/14/2030			1,000		912		908		0.00	%
Novo Nordisk Finance Netherlands BV	Novo Allé, 2880 Bagsvaerd, Denmark	(5)(6)(8)		3.13%	3.13%		9/10/2024		1/21/2029			1,000		1,119		1,136		0.00	%
Pfizer Inc	66 Hudson Boulevard East, New York, NY, 10001, United States	(5)(6)(8)		1.70%	1.70%		9/10/2024		5/28/2030			1,000		884		883		0.00	%
Roche Holdings Inc	Grenzacherstrasse 124, Basel, Switzerland	(5)(6)(8)		4.20%	4.20%		9/10/2024		9/9/2029			1,000		1,009		1,005		0.00	%
Takeda Pharmaceutical Co Ltd	12-10, Nihonbashi 2-chome, Chuo-ku, Tokyo, Japan	(5)(6)(8)		2.05%	2.05%		9/10/2024		3/31/2030			1,000		891		890		0.00	%

99

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024	Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Pharmaceuticals (continued)
Teva Pharmaceutical Finance Netherlands III B.V.	Piet Heinkade 107, Amsterdam, Netherlands	(5)(6)(8)		3.15%	3.15%		9/10/2024		10/1/2026		$	1,000	$	959	$	962		0.00	%
														11,889		11,888		0.00	%
Total Unsecured Debt - non-controlled/non-affiliated														49,448		49,755		0.08	%
Total Unsecured Debt														49,448		49,755		0.08	%
Structured Finance Obligations - Debt Instruments
Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated
Financial Services
522 Funding CLO 2020-6, Ltd.	522 5th Avenue New York,NY,10036 United States	(4)(5)(6)(8)		SOFR + 6.76%	12.04%		11/9/2021		10/23/2034			3,000		3,000		2,884		0.01	%
Allegro CLO XIII Ltd	c/o Ocorian Trust (Cayman) Limited Windward 3 Regatta Office Park P.O. Box 1350, Grand Cayman George Town, KY1-1108 KY	(4)(5)(6)(8)		SOFR + 6.87%	12.15%		5/25/2021		7/20/2034			2,500		2,451		2,496		0.01	%
Apidos CLO XXXIII	C/O MaplesFS Limited PO Box 1093 Queensgate House Grand Cayman George Town, KY1-1102 KY	(4)(5)(6)(8)		SOFR + 6.61%	12.01%		9/14/2021		10/24/2034			5,000		4,961		5,015		0.01	%
Apidos CLO XXXVI	C/O MaplesFS Limited PO Box 1093 Queensgate House Grand Cayman George Town, KY1-1102 KY	(4)(5)(6)(8)		SOFR + 6.21%	11.54%		7/28/2021		7/20/2034			8,500		8,500		8,547		0.02	%
Ares Loan Funding VI Ltd	PO Box 1093 Queensgate House Grand Cayman George Town, KY1-1102 KY	(4)(5)(6)(8)		SOFR + 6.40%	11.72%		5/24/2024		7/10/2037			2,000		2,000		2,006		0.01	%

100

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024	Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Financial Services (continued)
Ares LX CLO LTD	PO Box 1093 Queensgate House Grand Cayman George Town, KY1-1102 KY	(4)(5)(6)(8)		SOFR + 6.51%	11.79%		5/6/2021		7/18/2034		$	5,000	$	4,978	$	4,950		0.01	%
Ares LXII CLO, Ltd.	PO Box 1093 Queensgate House Grand Cayman George Town, KY1-1102 KY	(4)(5)(6)(8)		SOFR + 6.76%	12.05%		11/18/2021		1/25/2034			9,000		9,000		9,020		0.02	%
Ares XXVII CLO, Ltd.	PO Box 1093 Queensgate House Grand Cayman George Town, KY1-1102 KY	(4)(5)(6)(8)		SOFR + 7.01%	12.29%		9/23/2021		10/28/2034			5,000		4,961		5,024		0.01	%
Bain Capital Credit CLO 2020-4 Ltd	c/o Maples Fiduciary Services (Jersey) Limited 2nd Floor, Sir Walter Raleigh House St. Helier, JE2 3QB Jersey	(4)(5)(6)(8)		SOFR + 7.98%	13.26%		10/11/2023		10/20/2036			5,500		5,347		5,718		0.02	%
Bain Capital Credit CLO 2024-3 Ltd	c/o Maples Fiduciary Services (Jersey) Limited 2nd Floor, Sir Walter Raleigh House St. Helier, JE2 3QB Jersey	(4)(5)(6)(8)		SOFR + 6.25%	11.59%		5/16/2024		7/16/2037			2,500		2,500		2,544		0.01	%
Balboa Bay Loan Funding 2021-2, Ltd.	c/o Walkers Fiduciary, 190 Elgin Avenue, George Town, Grand Cayman, Cayman Islands	(4)(5)(6)(8)		SOFR + 6.86%	12.14%		10/20/2021		1/20/2035			7,000		6,945		6,742		0.02	%
Balboa Bay Loan Funding 2024-1 Ltd	c/o Walkers Fiduciary, 190 Elgin Avenue, George Town, Grand Cayman, Cayman Islands	(4)(5)(6)(8)		SOFR + 6.25%	11.60%		5/17/2024		7/20/2037			2,300		2,300		2,329		0.01	%
Barings CLO Ltd 2018-II	190 Elgin Avenue Grand Cayman George Town, KY 1-9008 KY	(4)(5)(6)(8)		SOFR + 6.90%	12.00%		8/9/2024		7/15/2036			4,000		4,000		4,038		0.01	%
Barings Clo Ltd 2019-IV	190 Elgin Avenue Grand Cayman George Town, KY 1-9008 KY	(4)(5)(6)(8)		SOFR + 6.40%	11.70%		5/13/2024		7/15/2037			5,000		5,000		5,032		0.01	%
Barings CLO Ltd 2021-II	190 Elgin Avenue Grand Cayman George Town, KY 1-9008 KY	(4)(5)(6)(8)		SOFR + 6.51%	11.81%		7/14/2021		7/15/2034			6,000		6,000		5,925		0.02	%
Barings CLO Ltd 2021-III	190 Elgin Avenue Grand Cayman George Town, KY 1-9008 KY	(4)(5)(6)(8)		SOFR + 6.91%	12.19%		11/17/2021		1/18/2035			7,200		7,200		6,806		0.02	%

101

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024	Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Financial Services (continued)
Barings Clo Ltd 2022-II	190 Elgin Avenue Grand Cayman George Town, KY 1-9008 KY	(4)(5)(6)(8)		SOFR + 6.90%	12.20%		7/2/2024		7/15/2039		$	5,000	$	5,000	$	5,020		0.01	%
Barings CLO Ltd 2023-IV	190 Elgin Avenue Grand Cayman George Town, KY 1-9008 KY	(4)(5)(6)(8)		SOFR + 7.59%	12.87%		12/6/2023		1/20/2037			3,000		2,972		3,133		0.01	%
Benefit Street Partners CLO XX	190 Elgin Avenue, George Town, Grand Cayman, Cayman Islands	(4)(5)(6)(8)		SOFR + 7.01%	12.31%		8/9/2021		7/15/2034			6,500		6,500		6,536		0.02	%
Benefit Street Partners CLO XXVI Ltd	190 Elgin Avenue, George Town, Grand Cayman, Cayman Islands	(4)(5)(6)(8)		SOFR + 6.00%	11.28%		7/3/2024		7/20/2037			3,000		3,000		2,985		0.01	%
Benefit Street Partners, LLC BSP 2020-21A	190 Elgin Avenue, George Town, Grand Cayman, Cayman Islands	(4)(5)(6)(8)		SOFR + 6.96%	12.29%		8/25/2021		10/15/2034			3,000		2,976		3,011		0.01	%
BlueMountain CLO XXIX Ltd	280 Park Ave 12th Floor, New York, NY 10017 United States	(4)(5)(6)(8)		SOFR + 7.12%	12.41%		7/15/2021		7/25/2034			2,750		2,696		2,660		0.01	%
Broad River Ltd 2020-1	C/O MaplesFS Limited PO Box 1093, Queensgate House, Grand Cayman George Town, KY1-1102 KY	(4)(5)(6)(8)		SOFR + 6.76%	12.04%		5/17/2021		7/20/2034			7,000		6,955		7,024		0.02	%
Carlyle US CLO 2018-4, Ltd.	c/o Walkers Fiduciary, 190 Elgin Avenue, George Town, Grand Cayman, Cayman Islands	(4)(5)(6)(8)		SOFR + 6.43%	11.44%		7/23/2024		10/17/2037			1,000		970		976		0.00	%
Carlyle US CLO 2018-4, Ltd.	c/o Walkers Fiduciary, 190 Elgin Avenue, George Town, Grand Cayman, Cayman Islands	(4)(5)(6)(8)		SOFR + 7.86%	12.87%		7/23/2024		10/17/2037			5,000		5,025		5,024		0.01	%
Carlyle US CLO 2020-1, Ltd.	c/o Walkers Fiduciary, 190 Elgin Avenue, George Town, Grand Cayman, Cayman Islands	(4)(5)(6)(8)		SOFR + 6.51%	11.79%		7/14/2021		7/20/2034			11,500		11,500		11,530		0.03	%
Carlyle US CLO 2022-4 Ltd	c/o Walkers Fiduciary, 190 Elgin Avenue, George Town, Grand Cayman, Cayman Islands	(4)(5)(6)(8)		SOFR + 6.75%	12.03%		7/12/2024		7/25/2036			4,000		4,000		4,016		0.01	%

102

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024	Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Financial Services (continued)
Carlyle US CLO 2023-5 Ltd	c/o Walkers Fiduciary, 190 Elgin Avenue, George Town, Grand Cayman, Cayman Islands	(4)(5)(6)(8)		SOFR + 7.90%	13.16%		11/10/2023		1/27/2036		$	7,000	$	6,869	$	7,297		0.02	%
Carval CLO V-C, LTD.	15 Esplanade St Helier St Helier, JE1 1RB JE	(4)(5)(6)(8)		SOFR + 7.01%	12.34%		11/24/2021		10/15/2034			8,000		7,937		8,028		0.02	%
Carval CLO VI-C, LTD.	15 Esplanade St Helier St Helier, JE1 1RB JE	(4)(5)(6)(8)		SOFR + 7.33%	12.61%		4/22/2022		4/21/2034			8,750		8,680		8,789		0.02	%
Carval Clo VIII-C Ltd	15 Esplanade St Helier St Helier, JE1 1RB JE	(4)(5)(6)(8)		SOFR + 7.60%	12.23%		9/13/2024		10/22/2037			2,000		2,000		2,010		0.01	%
Carval Clo X-C Ltd	15 Esplanade St Helier St Helier, JE1 1RB JE	(4)(5)(6)(8)		SOFR + 6.15%	11.43%		6/13/2024		7/20/2037			3,000		3,000		3,042		0.01	%
CarVal CLO XI C Ltd	15 Esplanade St Helier St Helier, JE1 1RB JE	(4)(5)(6)(8)		SOFR + 6.35%	11.02%		8/14/2024		10/20/2037			3,000		3,000		3,036		0.01	%
CBAM 2018-8 Ltd	One Vanderbilt Ave, Suite 3400, New York, NY, 10017 United States	(4)(5)(6)(8)		SOFR + 7.40%	12.75%		5/10/2024		7/15/2037			4,000		4,000		4,035		0.01	%
CBAM 2018-8 Ltd	One Vanderbilt Ave, Suite 3400, New York, NY, 10017 United States	(4)(5)(6)(8)		SOFR + 6.37%	11.72%		5/10/2024		7/15/2037			1,000		962		970		0.00	%
CIFC Funding 2019-III, Ltd.	c/o Ocorian Trust (Cayman) Limited Windward 3 Regatta Office Park PO Box 1350 Grand Cayman, KY1-1108 KY	(4)(5)(6)(8)		SOFR + 7.06%	12.39%		8/16/2021		10/16/2034			8,000		8,000		8,046		0.02	%
Dryden 112 CLO, Ltd.	3 Gateway Center 14th Floor Newark,NJ,7102 United States	(4)(5)(6)(8)		SOFR + 7.75%	12.87%		11/9/2023		11/15/2036			4,900		4,791		4,936		0.01	%
Dryden 78 CLO Ltd	3 Gateway Center 14th Floor Newark,NJ,7102 United States	(4)(5)(6)(8)		SOFR + 7.70%	12.99%		4/4/2024		4/17/2037			4,000		4,000		4,091		0.01	%
Dryden 78 CLO Ltd	3 Gateway Center 14th Floor Newark,NJ,7102 United States	(4)(5)(6)(8)		SOFR + 6.63%	11.92%		4/4/2024		4/17/2037			1,000		978		992		0.00	%
Dryden 95 CLO, Ltd.	3 Gateway Center 14th Floor Newark,NJ,7102 United States	(4)(5)(6)(8)		SOFR + 6.41%	11.54%		7/29/2021		8/20/2034			8,000		8,000		7,753		0.02	%
Eaton Vance CLO 2019-1 Ltd	One Post Office Square Boston, MA 02110, United States	(4)(5)(6)(8)		SOFR + 6.40%	11.74%		5/9/2024		7/15/2037			5,000		5,000		5,056		0.01	%

103

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024	Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Financial Services (continued)
Elmwood CLO 22 Ltd	c/o The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street Wilmington, DE 19801 United States	(4)(5)(6)(8)		SOFR + 6.50%	11.79%		2/8/2023		4/17/2036		$	3,500	$	3,466	$	3,370		0.01	%
Flatiron RR CLO 22, LLC	51 Madison Avenue 2nd Floor New York,NY,10010 United States	(4)(5)(6)(8)		SOFR + 6.46%	11.70%		9/27/2021		10/15/2034			5,000		5,000		5,030		0.01	%
Fort Washington CLO 2021-2, Ltd.	303 Broadway Suite 1200 Cincinnati,OH,45202 United States	(4)(5)(6)(8)		SOFR + 6.87%	12.15%		8/4/2021		10/20/2034			13,000		12,882		12,978		0.04	%
Galaxy 30 CLO, Ltd.	C/O INTERTRUST SPV (CAYMAN) LIMITED One Nexus Way, Camana Bay, KY1-9005 KY	(4)(5)(6)(8)		SOFR + 6.95%	12.25%		2/25/2022		4/15/2035			3,000		2,976		3,011		0.01	%
Galaxy XXV CLO, Ltd.	C/O INTERTRUST SPV (CAYMAN) LIMITED One Nexus Way, Camana Bay, KY1-9005 KY	(4)(5)(6)(8)		SOFR + 6.50%	11.78%		4/19/2024		4/25/2036			4,000		4,000		4,014		0.01	%
Galaxy 32 CLO Ltd	C/O INTERTRUST SPV (CAYMAN) LIMITED One Nexus Way, Camana Bay, KY1-9005 KY	(4)(5)(6)(8)		SOFR + 7.33%	12.61%		9/22/2023		10/20/2036			2,140		2,120		2,186		0.01	%
Goldentree Loan Management US Clo 8 Ltd.	C/O MaplesFS Limited PO Box 1093 Queensgate House Grand Cayman George Town, KY1-1102 KY	(4)(5)(6)(8)		SOFR + 6.41%	11.69%		8/4/2021		10/20/2034			7,400		7,406		7,419		0.02	%
Goldentree Loan Management US Clo 15 Ltd	C/O MaplesFS Limited PO Box 1093 Queensgate House Grand Cayman George Town, KY1-1102 KY	(4)(5)(6)(8)		SOFR + 6.50%	11.78%		8/18/2023		10/20/2036			6,500		6,442		6,600		0.02	%
GoldenTree Loan Management US CLO 16 Ltd	C/O MaplesFS Limited PO Box 1093 Queensgate House Grand Cayman George Town, KY1-1102 KY	(4)(5)(6)(8)		SOFR + 8.50%	13.78%		11/15/2023		1/20/2034			4,000		3,993		3,949		0.01	%

104

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024	Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Financial Services (continued)
Goldentree Loan Management US Clo 18 Ltd	C/O MaplesFS Limited PO Box 1093 Queensgate House Grand Cayman George Town, KY1-1102 KY	(4)(5)(6)(8)		SOFR + 8.50%	13.78%		10/20/2023		1/20/2037		$	5,000	$	4,934	$	5,018		0.01	%
Gulf Stream Meridian 5, Ltd.	4350 Congress Street, Charlotte, NC 28209 United States	(4)(5)(6)(8)		SOFR + 6.59%	11.89%		5/27/2021		7/15/2034			5,000		4,960		4,929		0.01	%
Gulf Stream Meridian 7, Ltd.	4350 Congress Street, Charlotte, NC 28209 United States	(4)(5)(6)(8)		SOFR + 6.85%	12.15%		2/18/2022		7/15/2035			5,000		4,959		4,961		0.01	%
Halseypoint Clo 5, Ltd.	C/O Walkers Fiduciary Limited 190 Elgin Avenue Grand Cayman George Town, KY1-9008 KY	(4)(5)(6)(8)		SOFR + 7.20%	12.27%		11/19/2021		1/30/2035			9,500		9,350		9,059		0.02	%
HPS Loan Management 15-2019 Ltd	c/o Ocorian Trust (Cayman) Limited Windward 3 Regatta Office Park, PO Box 1350 Grand Cayman, KY1-1108 KY	(4)(5)(6)(8)		SOFR + 6.80%	12.08%		2/8/2022		1/22/2035			4,000		3,968		4,014		0.01	%
HPS Loan Management 2024-20 Ltd	c/o Ocorian Trust (Cayman) Limited Windward 3 Regatta Office Park, PO Box 1350 Grand Cayman, KY1-1108 KY	(4)(5)(6)(8)		SOFR + 6.20%	11.54%		5/15/2024		7/25/2037			2,000		2,000		1,980		0.01	%
Invesco CLO 2022-3 Ltd	331 Spring Street NW, Suite 2500 Atlanta, GA 30309, United States	(4)(5)(6)(8)		SOFR + 6.75%	12.13%		9/30/2024		10/22/2037			1,500		1,485		1,485		0.00	%
Jamestown CLO XIV, Ltd.	280 Park Avenue New York,NY,10017 United States	(4)(5)(6)(8)		SOFR + 7.46%	12.74%		9/23/2021		10/20/2034			10,000		9,845		10,032		0.03	%
Jamestown CLO XV, Ltd.	280 Park Avenue New York,NY,10017 United States	(4)(5)(6)(8)		SOFR + 7.06%	12.39%		5/28/2024		7/15/2035			3,000		2,971		3,009		0.01	%
Magnetite XXXII Ltd	WALKERS FIDUCIARY LIMITED 190 Elgin Avenue, George Town George Town, KY1-9008 KY	(4)(5)(6)(8)		SOFR + 6.90%	12.20%		3/7/2022		4/15/2035			5,000		5,000		5,033		0.01	%

105

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024	Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Financial Services (continued)
MidOcean Credit CLO XIII Ltd	c/o Maples Fiduciary Services (Jersey) Limited 2nd Floor, Sir Walter Raleigh House St. Helier, JE2 3QB Jersey	(4)(5)(6)(8)		SOFR + 7.80%	13.08%		11/16/2023		1/21/2037		$	9,500	$	9,143	$	9,687		0.03	%
MidOcean Credit CLO XIV Ltd	c/o Maples Fiduciary Services (Jersey) Limited 2nd Floor, Sir Walter Raleigh House St. Helier, JE2 3QB Jersey	(4)(5)(6)(8)		SOFR + 6.56%	11.86%		2/15/2024		4/15/2037			1,500		1,460		1,506		0.00	%
MidOcean Credit CLO XIV Ltd	c/o Maples Fiduciary Services (Jersey) Limited 2nd Floor, Sir Walter Raleigh House St. Helier, JE2 3QB Jersey	(4)(5)(6)(8)		SOFR + 7.40%	12.70%		2/15/2024		4/15/2037			3,500		3,500		3,538		0.01	%
Morgan Stanley Eaton Vance Clo 2021-1, Ltd.	71 Fort Street PO Box 500 Grand Cayman George Town, KY1-1106 KY	(4)(5)(6)(8)		SOFR + 7.01%	12.25%		9/24/2021		10/20/2034			6,500		6,500		6,532		0.02	%
Morgan Stanley Eaton Vance CLO 2022-17A Ltd	71 Fort Street PO Box 500 Grand Cayman George Town, KY1-1106 KY	(4)(5)(6)(8)		SOFR + 7.90%	13.18%		6/30/2022		7/20/2035			1,000		1,007		1,008		0.00	%
Neuberger Berman Loan Advisers CLO 38, Ltd.	PO Box 1093 Queensgate House Grand Cayman George Town, KY1-1102 KY	(4)(5)(6)(8)		SOFR + 6.51%	11.79%		9/27/2021		10/20/2035			11,000		11,000		11,044		0.03	%
Northwoods Capital XI-B Ltd	PO Box 1093 Queensgate House Grand Cayman George Town, KY1-1102 KY	(4)(5)(6)(8)		SOFR + 7.35%	12.63%		7/3/2024		7/19/2037			3,412		3,354		3,364		0.01	%
OCP CLO 2021-22, Ltd.	c/o Ocorian Trust (Cayman) Limited Windward 3, Regatta Office Park PO Box 1350 Grand Cayman George Town, KY1-1108 KY	(4)(5)(6)(8)		SOFR + 6.86%	12.14%		10/15/2021		12/2/2034			9,000		8,904		9,066		0.02	%
OCP CLO 2020-18 Ltd	c/o Ocorian Trust (Cayman) Limited Windward 3, Regatta Office Park PO Box 1350 Grand Cayman George Town, KY1-1108 KY	(4)(5)(6)(8)		SOFR + 6.25%	11.38%		7/30/2024		7/20/2037			1,000		1,000		1,009		0.00	%

106

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024	Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Financial Services (continued)
Octagon 55, Ltd	250 Park Avenue 15th Floor New York,NY,10177 United States	(4)(5)(6)(8)		SOFR + 6.76%	12.04%		7/1/2021		7/20/2034		$	11,000	$	10,896	$	10,885		0.03	%
Octagon Investment Partners 41, Ltd.	250 Park Avenue 15th Floor New York,NY,10177 United States	(4)(5)(6)(8)		SOFR + 7.39%	12.69%		9/24/2021		10/15/2033			2,500		2,491		2,460		0.01	%
Onex Credit Partners OCP 2020-19A	c/o Ocorian Trust (Cayman) Limited Windward 3, Regatta Office Park PO Box 1350 Grand Cayman George Town, KY1-1108 KY	(4)(5)(6)(8)		SOFR + 6.76%	12.04%		8/6/2021		10/20/2034			4,250		4,099		4,278		0.01	%
Palmer Square CLO 2015-1, Ltd.	PO Box 1093 Queensgate House South Church Street George Town, KY1-1102 KY	(4)(5)(6)(8)		SOFR + 6.76%	11.89%		5/25/2021		5/21/2034			2,000		1,924		2,006		0.01	%
Palmer Square CLO 2019-1, Ltd.	PO Box 1093 Queensgate House South Church Street George Town, KY1-1102 KY	(4)(5)(6)(8)		SOFR + 6.76%	11.88%		11/16/2021		11/14/2034			13,000		13,003		13,039		0.04	%
Palmer Square CLO 2022-1, Ltd.	PO Box 1093 Queensgate House South Church Street George Town, KY1-1102 KY	(4)(5)(6)(8)		SOFR + 6.35%	11.63%		1/24/2022		4/20/2035			2,500		2,500		2,515		0.01	%
Palmer Square CLO 2023-3 Ltd	PO Box 1093 Queensgate House South Church Street George Town, KY1-1102 KY	(4)(5)(6)(8)		SOFR + 7.83%	13.11%		11/17/2023		1/20/2037			10,000		9,906		10,383		0.03	%
Parallel 2020-1 Ltd	2002 North Tampa Street, Suite 200, Tampa, FL 33602 United States	(4)(5)(6)(8)		SOFR + 6.76%	12.04%		6/14/2021		7/20/2034			3,500		3,437		3,460		0.01	%
Park Avenue Institutional Advisers CLO Ltd 2022-1	10 Hudson Yards New York, NY, 10001-2157 United States	(4)(5)(6)(8)		SOFR + 7.29%	12.57%		2/11/2022		4/20/2035			6,000		5,855		5,982		0.02	%
Pikes Peak CLO 3	C/O TMF (Cayman) Ltd. 2nd Floor The Grand Pavilion Commercial Centre 802 West Bay Road, Grand Cayman, KY1-1003 Cayman Islands	(4)(5)(6)(8)		SOFR + 6.87%	12.16%		8/13/2021		10/25/2034			3,000		3,010		3,021		0.01	%

107

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024	Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Financial Services (continued)
Pikes Peak CLO 5	C/O TMF (Cayman) Ltd. 2nd Floor The Grand Pavilion Commercial Centre 802 West Bay Road, Grand Cayman, KY1-1003 Cayman Islands	(4)(5)(6)(8)		SOFR + 6.90%	11.53%		9/19/2024		10/20/2037		$	1,000	$	1,000	$	1,005		0.00	%
Post CLO 2021-1, Ltd.	C/O MAPLESFS LIMITED PO Box 1093 Queensgate House Grand Cayman George Town, KY1-1102 KY	(4)(5)(6)(8)		SOFR + 6.71%	12.01%		7/30/2021		10/15/2034			6,000		6,000		5,999		0.02	%
Post CLO 2022-1, Ltd.	C/O MAPLESFS LIMITED PO Box 1093 Queensgate House Grand Cayman George Town, KY1-1102 KY	(4)(5)(6)(8)		SOFR + 6.75%	12.03%		2/15/2022		4/20/2035			5,000		4,981		4,992		0.01	%
Post CLO 2024-1, Ltd.	C/O MAPLESFS LIMITED PO Box 1093 Queensgate House Grand Cayman George Town, KY1-1102 KY	(4)(5)(6)(8)		SOFR + 6.80%	12.11%		2/6/2024		4/20/2037			2,500		2,500		2,551		0.01	%
PPM CLO 4, Ltd.	PO Box 1093 Queensgate House Grand Cayman George Town, KY1-1102 KY	(4)(5)(6)(8)		SOFR + 6.76%	12.04%		9/29/2021		10/18/2034			6,775		6,775		6,351		0.02	%
PPM CLO 5, Ltd.	PO Box 1093 Queensgate House Grand Cayman George Town, KY1-1102 KY	(4)(5)(6)(8)		SOFR + 6.76%	12.04%		9/17/2021		10/18/2034			4,800		4,800		4,560		0.01	%
Rad CLO 14, Ltd.	1800 Avenue of the Stars 3rd Floor Los Angeles,CA,90067 United States	(4)(5)(6)(8)		SOFR + 6.76%	12.09%		11/2/2021		1/15/2035			6,750		6,750		6,731		0.02	%
Rad CLO 16 Ltd	1800 Avenue of the Stars 3rd Floor Los Angeles,CA,90067 United States	(4)(5)(6)(8)		SOFR + 6.50%	11.80%		5/3/2024		7/15/2037			5,000		5,000		5,024		0.01	%
Rad CLO 22 Ltd	1800 Avenue of the Stars 3rd Floor Los Angeles,CA,90067 United States	(4)(5)(6)(8)		SOFR + 7.73%	13.01%		10/27/2023		1/20/2037			7,500		7,290		7,627		0.02	%
Rad CLO 25 Ltd	1800 Avenue of the Stars 3rd Floor Los Angeles,CA,90067 United States	(4)(5)(6)(8)		SOFR + 6.00%	11.34%		5/16/2024		7/20/2037			3,000		3,000		3,028		0.01	%

108

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024	Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Financial Services (continued)
Rad CLO 3 Ltd	1800 Avenue of the Stars 3rd Floor Los Angeles,CA,90067 United States	(4)(5)(6)(8)		SOFR + 5.88%	11.19%		6/18/2024		7/15/2037		$	2,715	$	2,662	$	2,655		0.01	%
Rad CLO 3 Ltd	1800 Avenue of the Stars 3rd Floor Los Angeles,CA,90067 United States	(4)(5)(6)(8)		SOFR + 7.00%	12.31%		6/18/2024		7/15/2037			2,715		2,715		2,696		0.01	%
Rockford Tower CLO 2021-3, Ltd.	65 East 55th Street, 30th Floor, New York, NY 10022 United States	(4)(5)(6)(8)		SOFR + 6.98%	12.25%		9/22/2021		10/20/2034			2,000		1,977		1,847		0.01	%
RR 19, Ltd.	C/O Walkers Fiduciary Limited 190 Elgin Avenue Grand Cayman George Town, KY1-9008 KY	(4)(5)(6)(8)		SOFR + 6.76%	12.06%		9/24/2021		10/15/2035			3,000		3,000		3,010		0.01	%
RR 20, Ltd.	C/O Walkers Fiduciary Limited 190 Elgin Avenue Grand Cayman George Town, KY1-9008 KY	(4)(5)(6)(8)		SOFR + 7.25%	12.55%		4/6/2022		7/15/2037			4,000		3,966		4,017		0.01	%
Sound Point CLO XXVII, Ltd.	375 Park Avenue 33rd Floor New York,NY,10152 United States	(4)(5)(6)(8)		SOFR + 6.82%	12.11%		10/1/2021		10/25/2034			5,000		4,923		4,622		0.01	%
Symphony CLO 34-PS Ltd.	555 California St San Francisco, CA 94104 United States	(4)(5)(6)(8)		SOFR + 8.15%	13.43%		7/13/2023		7/24/2036			4,000		3,927		4,127		0.01	%
Symphony CLO 44 Ltd	555 California St San Francisco, CA 94104 United States	(4)(5)(6)(8)		SOFR + 6.15%	11.50%		5/20/2024		7/14/2037			2,500		2,500		2,528		0.01	%
Trestles Clo IV, Ltd.	C/o Ocorian Trust (Cayman) Limited Windward 3 Regatta Office Park PO Box 1350 George Town, KY1-1108 KY	(4)(5)(6)(8)		SOFR + 6.51%	11.84%		7/12/2021		7/21/2034			8,000		8,000		8,035		0.02	%
Trinitas CLO XVI Ltd	60 East 42nd Street Suite 3014 New York, NY 10165, United States	(4)(5)(6)(8)		SOFR + 7.26%	12.54%		6/14/2021		7/20/2034			5,000		4,832		4,763		0.01	%
Vibrant CLO IV-R Ltd	747 3rd Avenue 38th Floor New York,NY,10017 United States	(4)(5)(6)(8)		SOFR + 7.90%	12.53%		9/19/2024		10/20/2037			1,000		970		1,005		0.00	%
Vibrant CLO XII Ltd.	747 3rd Avenue 38th Floor New York,NY,10017 United States	(4)(5)(6)(8)		SOFR + 6.94%	12.22%		5/16/2024		4/20/2034			2,695		2,602		2,611		0.01	%
Vibrant CLO XIII, Ltd.	747 3rd Avenue 38th Floor New York,NY,10017 United States	(4)(5)(6)(8)		SOFR + 7.32%	12.62%		4/21/2021		7/15/2034			6,250		6,204		6,274		0.02	%

109

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024			Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Financial Services (continued)
Voya CLO 2019-4, Ltd.	230 Park Avenue, New York, NY 10169	(4)(5)(6)(8)		SOFR + 6.97%	12.27%		12/14/2021		1/15/2035				$	8,250	$	8,120	$	8,278		0.02	%
Voya CLO 2020-2, Ltd.	230 Park Avenue, New York, NY 10169	(4)(5)(6)(8)		SOFR + 6.66%	11.94%		8/6/2021		7/19/2034					5,000		4,922		4,982		0.01	%
Total Structured Finance Obligations - Debt Instruments - non-controlled/non-affiliated																508,116		511,250		1.39	%
Total Structured Finance Obligations - Debt Instruments																508,116		511,250		1.39	%
Equity and other
Equity - non-controlled/non-affiliated
Aerospace & Defense
Loar Holdings Inc. - Common Equity	450 Lexington Avenue, New York, NY 10017 United States	(6)					4/25/2024				7.1	%		910,404		12,614		67,907		0.19	%
Micross Topco, Inc. - Common Equity	1050 Perimeter Road, Manchester, NH 03103 United States	(4)					3/28/2022				0.0	%		116		125		141		0.00	%
																12,739		68,048		0.19	%
Air Freight & Logistics
AGI Group Holdings LP - Class A-2 Common Units	9130 S Dadeland Blvd Ste 1801, Miami, FL, 33156-7858 United States	(4)					6/11/2021				55.8	%		1,674		1,674		1,471		0.00	%
Mode Holdings, L.P. - Class A-2 Common Units	17330 Preston Rd., Suite 200 C Dallas, TX 75252 United States	(4)					1/7/2021				1.8	%		1,076,923		1,077		1,314		0.00	%
																2,751		2,785		0.00	%
Biotechnology
Moderna Inc - Common Stock	325 Binney St, Cambridge, MA 02142, United States	(6)					9/12/2024				100.0	%		12,613		983		843		0.00	%
Capital Markets
Resolute Investment Managers, Inc. - Common Equity	220 E. Las Colinas Blvd., Suite 1200, Irving, Texas 75039 United States	(4)					12/29/2023				10.3	%		48,476		1,212		103		0.00	%

110

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread	Interest Rate (2)(15)	Acquisition Date		Maturity Date	% of Class Held as of 9/30/2024			Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Commercial Services & Supplies
GTCR Investors LP - Class A-1 Common Units	1501 Yamato Road, Boca Raton, FL 33431 United States	(4)				9/29/2023			9.9	%	$	893,584	$	894	$	933		0.00	%
Distributors
Box Co-Invest Blocker, LLC - (BP Alpha Holdings, L.P.) - Class A Units	2650 Galvin Dr, Elgin, IL 60124, United States	(4)				12/10/2021			55.1	%		3,308,320		3,308		728		0.00	%
Box Co-Invest Blocker, LLC - (BP Alpha Holdings, L.P.) - Class C Preferred Units	2650 Galvin Dr, Elgin, IL 60124, United States	(4)				7/12/2023			55.1	%		401,889		390		478		0.00	%
														3,698		1,206		0.00	%
Diversified Consumer Services
Cambium Holdings, LLC - Senior Preferred Interest	17855 North Dallas Parkway, Suite 400, Dallas, TX 75287, United States	(4)		11.50%		8/3/2021			6.1	%		29,194,330		28,735		40,672		0.11	%
DTA LP - Class A Common Units	7430 East Caley Ave, Suite 320E, Centennial, CO 80111 United States	(4)				3/25/2024			5.8	%		2,612,843		2,613		2,613		0.01	%
														31,348		43,285		0.12	%
Diversified Telecommunication Services
Point Broadband Holdings, LLC - Class A Common Units	3120 Fredrick Rd., Suite E, Opelika, Alabama 36801, United States	(4)				10/1/2021			4.1	%		12,870		10,915		12,469		0.03	%
Point Broadband Holdings, LLC - Class B Common Units	3120 Fredrick Rd., Suite E, Opelika, Alabama 36801, United States	(4)				10/1/2021			4.1	%		685,760		1,955		2,750		0.01	%
Point Broadband Holdings, LLC - Class Additional A Common Units	3120 Fredrick Rd., Suite E, Opelika, Alabama 36801, United States	(4)				3/24/2022			4.1	%		2,766		2,346		2,680		0.01	%
Point Broadband Holdings, LLC - Class Additional B Common Units	3120 Fredrick Rd., Suite E, Opelika, Alabama 36801, United States	(4)				3/24/2022			4.1	%		147,380		420		591		0.00	%
														15,636		18,490		0.05	%

111

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread	Interest Rate (2)(15)	Acquisition Date		Maturity Date	% of Class Held as of 9/30/2024			Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Electronic Equipment, Instruments & Components
Spectrum Safety Solutions Purchaser, LLC - Common Equity	13995 Pasteur Blvd., Palm Beach Gardens, FL 33418, United States	(4)(6)				7/1/2024			75.9	%	$	22,774,695	$	22,775	$	22,775		0.06	%
Financial Services
THL Fund IX Investors (Plymouth II), LP - LP Interest	545 Boylston Street, 6th Floor, Boston, MA 02116 United States	(4)				8/31/2023			33.3	%		666,667		667		857		0.00	%
Health Care Equipment & Supplies
GCX Corporation Group Holdings, L.P. - Class A-2 Units	3875 Cypress Drive, Petaluma, CA 94954, United States	(4)				9/10/2021			90.0	%		4,853		4,853		2,427		0.01	%
Health Care Providers & Services
AVE Holdings I Corp. - Series A-1 Preferred Shares	520 Madison Avenue, New York, NY 10022 United States	(4)		11.50%		2/25/2022			8.1	%		12,237,213		11,870		13,155		0.04	%
CD&R Artemis Holdco 2 Limited - Preferred Shares	26 Southampton Buildings 8th Floor, Holborn Gate London, WC2A 1AN United Kingdom	(4)(6)		10.00%		8/19/2021			40.0	%		33,000,000		43,662		57,165		0.16	%
CD&R Ulysses Equity Holdings, L.P. - Common Shares	375 Park Avenue 18th Floor New York,NY,10152 United States	(4)(6)				8/19/2021			40.0	%		6,000,000		6,090		5,100		0.01	%
Jayhawk Holdings, LP - Class A-1 Common Units	8717 West 110th Street, Suite 300 Overland Park, KS 66210 United States	(4)				5/26/2021			0.4	%		12,472		2,220		409		0.00	%
Jayhawk Holdings, LP - Class A-2 Common Units	8717 West 110th Street, Suite 300 Overland Park, KS 66210 United States	(4)				5/26/2021			0.4	%		6,716		1,195		220		0.00	%

112

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread	Interest Rate (2)(15)	Acquisition Date		Maturity Date	% of Class Held as of 9/30/2024			Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Health Care Providers & Services (continued)
Maia Aggregator, L.P. - Class A Units	One World Trade Center 285 Fulton Street, 84th Floor New York, NY 10007 United States	(4)				2/1/2022			98.5	%	$	19,700,000	$	19,700	$	15,563		0.04	%
NC Eve, L.P. - LP Interest	26 Esplanade, St Helier, Jersey JE4 8PS, Jersey	(4)(6)				2/22/2022			50.0	%		2,500,000		3,398		1,738		0.00	%
WHCG Purchaser, Inc. - Class A Common Units	251 Little Falls Drive, Wilmington, DE 19808 United States	(4)				8/2/2024			65.0	%		10,966,377		—		—		0.00	%
														88,135		93,350		0.25	%
Health Care Technology
Azalea Parent Corp - Series A-1 Preferred Shares	4150 International Plaza Suite 900 Fort Worth, TX 76109, United States	(4)		12.75%		4/30/2024			17.9	%		91,500		89,213		96,075		0.26	%
Caerus Midco 2 S.à r.l. - Additional Vehicle Units	450 Lexington Ave, C/O Warburg Pincus LLC; New York; 10017 United States	(4)(6)				10/28/2022			3.3	%		988,290		988		109		0.00	%
Caerus Midco 2 S.à r.l. - Vehicle Units	450 Lexington Ave, C/O Warburg Pincus LLC; New York; 10017 United States	(4)(6)				5/25/2022			16.5	%		4,941,452		4,941		4,596		0.01	%
Healthcomp Holding Company, LLC - Preferred Interest	621 Santa Fe Ave. Fresno, CA 93721 United States	(4)		6.00%		11/8/2023			7.1	%		18,035		1,804		1,804		0.00	%
														96,946		102,584		0.27	%
Insurance
RSC Topco, Inc. - Preferred Shares	160 Federal Street, Boston, MA 02110 United States	(4)		13.25%		8/14/2023			0.1	%		100		97		116		0.00	%
Shelf Holdco Ltd - Common Equity	Level 42, 22 Bishopsgate London, EC2N 4BQ United Kingdom	(4)(6)				12/30/2022			1.0	%		1,300,000		1,300		4,875		0.01	%
														1,397		4,991		0.01	%
IT Services
NC Ocala Co-Invest Beta, L.P. - LP Interest	4321 Collington Rd, Bowie, MD 20716, United States	(4)				11/12/2021			31.7	%		25,687,196		25,687		30,311		0.08	%

113

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread	Interest Rate (2)(15)	Acquisition Date		Maturity Date	% of Class Held as of 9/30/2024			Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Professional Services
OHCP V TC COI, LP. - LP Interest	330 7th Ave, New York, NY 10001 United States	(4)				6/29/2021			65.0	%	$	6,500,000	$	6,500	$	14,040		0.04	%
Tricor Horizon - LP Interest	11 Middle Neck Road, Great Neck, New York NY 11021 United States	(4)(6)				6/13/2022			70.0	%		14,396,424		14,519		15,260		0.04	%
Trinity Air Consultants Holdings Corp - Common Units	330 7th Ave, New York, NY 10001 United States	(4)				6/12/2024			65.0	%		4,797		5		10		0.00	%
Victors CCC Topco, LP - Common Equity	251 Little Falls Drive. Wilmington, DE 19808 United States	(4)				6/1/2022			96.0	%		9,600,000		9,600		17,568		0.05	%
														30,624		46,878		0.13	%
Software
AI Titan Group Holdings, LP - Class A-2 Common Units	4601 Six Forks Road, Suite 220, Raleigh, NC 27609, United States	(4)				8/28/2024			88.9	%		1,103		1,103		1,103		0.00	%
Connatix Parent, LLC - Class L Common Units	666 Broadway, 10th Floor, New York, NY 10012, United States	(4)				7/14/2021			69.4	%		126,136		1,388		628		0.00	%
Descartes Holdings, Inc - Class A Common Stock	777 108th Ave NE, Bellevue, WA 98004, United States	(4)				10/9/2023			81.2	%		937,585		4,060		413		0.00	%
Expedition Holdco, LLC - Common Units	101 South Phillips Avenue, Suite 300, Sioux Falls, SD 57104, United States	(4)				2/24/2022			81.0	%		810,810		810		552		0.00	%
Knockout Intermediate Holdings I, Inc. - Perpetual Preferred Stock	100 West Whitehall Avenue Northlake, IL 60164 United States	(4)		11.75%		6/23/2022			49.0	%		49,020		47,795		68,015		0.19	%
Lobos Parent, Inc. - Series A Preferred Shares	206 S Earl St # 394, Schaller, Iowa, United States	(4)		10.50%		11/30/2021			85.6	%		45,090		43,963		57,490		0.16	%
Mandolin Technology Holdings, Inc. - Series A Preferred Shares	Nova Tower 1 1 Allegheny Square, Suite 800 Pittsburgh,PA,15212 United States	(4)		10.50%		7/30/2021			90.0	%		31,950,000		30,992		34,346		0.09	%

114

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread	Interest Rate (2)(15)	Acquisition Date		Maturity Date	% of Class Held as of 9/30/2024			Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Software (continued)
Mimecast Limited - LP Interest	1 Finsbury Avenue, London, United Kingdom, EC2M 2PF	(4)				5/3/2022			75.0	%	$	75,088,584	$	75,089	$	81,096		0.22	%
Mitratech Holdings, Inc. - Class A Preferred Shares	5001 Plaza on the Lake #111 Austin, TX 78746 United States	(4)		13.50%		12/19/2023			1.0	%		1,573		1,535		1,722		0.00	%
TPG IX Newark CI, L.P. - LP Interest	188 Spear St, San Francisco, CA 94105 United States	(4)(6)				10/26/2023			10.6	%		3,846,970		3,847		3,847		0.01	%
TravelPerk Inc - Warrants	C/ dels Almogàvers, 154-164 08018 Barcelona, Spain	(4)(6)				5/2/2024			65.9	%		244,818		2,101		2,159		0.01	%
Zoro - Common Equity	989 Market St, San Francisco, CA 94103 United States	(4)				11/22/2022			35.3	%		1,195,880		11,959		11,959		0.03	%
Zoro - Series A Preferred Shares	989 Market St, San Francisco, CA 94103 United States	(4)		12.50%		11/22/2022			17.8	%		44,535		42,976		56,782		0.16	%
														267,618		320,112		0.87	%
Transportation Infrastructure
Atlas Intermediate Holding, LLC - Preferred Interest	9465 Wilshire Blvd, Suit 300 Beverly Hills, California 90212 United States	(4)		11.00%		5/24/2021			84.0	%		34,238,400		33,723		34,581		0.09	%
Enstructure, LLC - Class A-7 Common Units	16 Laurel Avenue, Suite 300 Wellesley, MA 02481 United States	(4)				9/27/2022			18.7	%		3,783,785		2,803		3,859		0.01	%
Enstructure, LLC - Class A-8 Common Units	16 Laurel Avenue, Suite 300 Wellesley, MA 02481 United States	(4)				3/1/2023			18.7	%		858,469		635		876		0.00	%
Frontline Road Safety Investments, LLC - Class A Common Units	2714 Sherman Street, Grand Prairie, TX 75051 United States	(4)				4/30/2021			64.1	%		58,590		6,178		13,024		0.04	%
Ncp Helix Holdings, LLC. - Preferred Shares	888 Boylston Street, Suite 1100, Boston, Massachusetts 02199 United States	(4)		8.00%		8/3/2021			73.9	%		1,485,282		1,116		1,384		0.00	%
														44,455		53,724		0.14	%
Total Equity - non-controlled/non-affiliated														652,418		813,702		2.18	%

115

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread		Interest Rate (2)(15)	Acquisition Date		Maturity Date		% of Class Held as of 9/30/2024			Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated
Financial Services
Galaxy 34 Clo Ltd	C/O INTERTRUST SPV (CAYMAN) LIMITED One Nexus Way, Camana Bay, KY1-9005 KY	(4)(6)		Estimated Yield:	16.18%		9/26/2024		10/20/2037		51.9	%	$	20,000,000	$	18,500	$	18,500		0.05	%
MidOcean Credit CLO XV Ltd - Subordinated Notes	c/o Maples Fiduciary Services (Jersey) Limited 2nd Floor, Sir Walter Raleigh House St. Helier, JE2 3QB Jersey	(4)(6)		Estimated Yield:	12.28%		5/10/2024		7/21/2037		11.3	%		5,000,000		3,550		3,734		0.01	%
New Mountain CLO 6 Ltd	1633 Broadway, 48th Floor, New York, NY 10019, United States	(4)(6)		Estimated Yield:	15.01%		8/23/2024		10/15/2037		49.5	%		18,750,000		16,238		16,051		0.04	%
New Mountain CLO 6 Ltd	1633 Broadway, 48th Floor, New York, NY 10019, United States	(4)(6)					8/23/2024		10/15/2037		49.5	%		1,875,000		—		—		0.00	%
RAD CLO 25 Ltd - Subordinated Notes	1800 Avenue of the Stars 3rd Floor Los Angeles,CA,90067 United States	(4)(6)		Estimated Yield:	12.90%		5/16/2024		7/20/2037		13.2	%		5,000,000		4,317		4,461		0.01	%
RAD CLO 26 Ltd	1800 Avenue of the Stars 3rd Floor Los Angeles,CA,90067 United States	(4)(6)		Estimated Yield:	16.71%		8/7/2024		10/20/2037		14.9	%		7,180,000		6,156		6,173		0.02	%
Signal Peak CLO 11 Ltd - Subordinated Notes	605 Post Oak Place Dr Ste 100, Houston, Texas, 77027, United States	(4)(6)		Estimated Yield:	14.84%		6/5/2024		7/18/2037		13.4	%		5,000,000		4,450		4,595		0.01	%
Sixth Street CLO XXI Ltd	1 Letterman Drive, Building B/Yoda Fountain, San Francisco, CA 94129, United States	(4)(6)		Estimated Yield:	15.28%		9/29/2022		10/15/2035		18.8	%		8,000,000		5,760		6,023		0.02	%
Vibrant CLO XVI, Ltd	747 3rd Avenue 38th Floor New York,NY,10017 United States	(4)(6)		Estimated Yield:	17.95%		4/14/2023		4/15/2036		32.4	%		12,000,000		9,600		9,600		0.03	%
Total Structured Finance Obligations - Equity Instruments - non-controlled/non-affiliated																68,571		69,137		0.19	%
Total Equity and other - non-controlled/non-affiliated																720,989		882,839		2.37	%

116

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread	Interest Rate (2)(15)	Acquisition Date		Maturity Date	% of Class Held as of 9/30/2024			Par Amount/ Units (1)		Cost (3)		Fair Value		% of Net Assets
Equity - non-controlled/affiliated
Distributors
GSO DL Co-Invest EIS LP (EIS Acquisition Holdings, LP - Class A Common Units)	2018 Powers Ferry Road, Suite 400 Atlanta, Georgia 30339 United States	(4)(6)(16)				11/1/2021			20.0	%	$	265,556	$	558	$	1,987		0.01	%
Total Equity - non-controlled/affiliated														558		1,987		0.01	%
Equity - controlled/affiliated (excluding Investments in Joint Ventures)
Chemicals
Pigments Holdings LP - LP Interest	1 Concorde Gate, Suite 608, Toronto, Ontario, Canada	(4)(6)(16)				4/14/2023			39.4	%		3,943		—		—		0.00	%
Financial Services
Specialty Lending Company, LLC - LLC Interest	251 Little Falls Drive, Wilmington, DE 19808 United States	(4)(6)(16)				10/19/2021			90.0	%		276,759,000		276,759		276,482		0.76	%
Insurance
CFCo, LLC (Benefytt Technologies, Inc.) - Class B Units	15438 North Florida Avenue, Suite 201, Tampa, FL 33613, United States	(4)(16)				9/28/2023			80.9	%		134,166,603		—		—		0.00	%
Professional Services
Material+ Holding Company, LLC - Class C Units	1900 Avenue of the Stars Ste 1600 19th floor Los Angeles, CA 90067 United States	(4)(16)				6/14/2024			91.5	%		63,589		—		—		0.00	%
Specialty Retail
GSO DL CoInvest CI LP (CustomInk, LLC - Series A Preferred Units)	2910 District Avenue Fairfax VA 22031 United States	(4)(6)(16)				1/7/2021			31.9	%		1,500,000		1,421		2,185		0.01	%
Total Equity - controlled/affiliated (excluding Investments in Joint Ventures)														278,180		278,667		0.77	%
Total Equity and other														999,727		1,163,493		3.15	%

117

Investments (1)(19)	Address	Footnotes	Reference Rate and Spread	Interest Rate (2)(15)	Acquisition Date		Maturity Date	% of Class Held as of 9/30/2024			Par Amount/ Units (1)	Cost (3)		Fair Value		% of Net Assets
Investments in Joint Ventures
BCRED Emerald JV LP - LP Interest	345 Park Avenue New York, NY 10154 United States	(6)(16)				1/19/2022			75.0	%		$	1,815,000	$	1,795,374		4.93	%
BCRED Verdelite JV LP - LP Interest	345 Park Avenue New York, NY 10154 United States	(6)(16)				10/21/2022			87.5	%			117,706		128,340		0.35	%
Investments in Joint Ventures Total													1,932,706		1,923,714		5.28	%
Total Investments - non-controlled/non-affiliated													59,210,695		59,166,572		162.13	%
Total Investments - non-controlled/affiliated													558		1,987		0.01	%
Total Investments - controlled/affiliated (excluding Investments in Joint Ventures)													647,793		570,989		1.57	%
Total Investments - Investments in Joint Ventures													1,932,706		1,923,714		5.28	%
Total Investment Portfolio													61,791,752		61,663,262		168.99	%
Cash and Cash Equivalents
State Street Institutional U.S. Government Money Market Fund				4.87%									15,805		15,805		0.04	%
Other Cash and Cash Equivalents													1,325,540		1,325,540		3.64	%
Total Portfolio Investments, Cash and Cash Equivalents												$	63,133,097	$	63,004,607		172.67	%

(1) Unless otherwise indicated, all debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. As of September 30, 2024, the Company had investments denominated in Canadian Dollars (CAD), Euros (EUR), British Pounds (GBP), Swiss Francs (CHF), Danish Krone (DKK), Swedish Krona (SEK), Norwegian Krone (NOK), New Zealand Dollars (NZD), and Australian Dollars (AUD). All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount (in thousands) is presented for debt investments, while the number of shares or units (in whole amounts) owned is presented for equity investments. Each of the Company’s investments is pledged as collateral, under one or more of its credit facilities unless otherwise indicated.

118

(2) Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either Sterling Overnight Interbank Average Rate (“SONIA” or “S”), Euro Interbank Offer Rate (“Euribor” or “E”), Secured Overnight Financing Rate (“SOFR”), Stockholm Interbank Offered Rate (“STIBOR” or “ST”), Copenhagen Interbank Offered Rate (“CIBOR” or “CI”), Norwegian Interbank Offered Rate (“NIBOR” or “N”), Swiss Average Rate Overnight (“SARON” or “SA”), New Zealand Bank Bill Reference Rate (“BKBM” or “B”), Australian Bank Bill Swap Bid Rate (“BBSY” or “BB”), Canadian Overnight Repo Rate Average (“CORRA” or “CA”), or an alternate base rate (commonly based on the Federal Funds Rate (“F”) or the U.S. Prime Rate (“P”)), which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of September 30, 2024. Variable rate loans typically include an interest reference rate floor feature.

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

(4) These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by or under the direction of the Board of Trustees (the “Board”) (see Note 2 and Note 5), pursuant to the Company’s valuation policy.

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

(6) The investment is not a qualifying asset under Section 55(a) of the 1940 Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70.0% of the Company’s total assets. As of September 30, 2024, non-qualifying assets represented 23.5% of total assets as calculated in accordance with regulatory requirements.

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

Investments	Commitment Type	Commitment Expiration Date		Unfunded Commitment		Fair Value
123Dentist, Inc.	Delayed Draw Term Loan		8/9/2026	$	25,460	$	—
123Dentist, Inc.	Delayed Draw Term Loan		8/9/2026		6,562		(31	)
ACI Group Holdings, Inc.	Revolver		8/2/2027		11,815		—
Accountor Group	Term Loan		9/18/2031		803		—
Accountor Group	Delayed Draw Term Loan		9/18/2031		299		—
ADCS Clinics Intermediate Holdings, LLC	Revolver		5/7/2026		3,567		—
AI Altius Bidco, Inc.	Delayed Draw Term Loan		12/21/2028		39,500		—
AI Titan Parent Inc	Delayed Draw Term Loan		9/30/2026		22,055		—
AI Titan Parent Inc	Revolver		8/29/2031		13,784		(138	)
Alera Group, Inc.	Delayed Draw Term Loan		11/17/2025		15,528		—
Allium Buyer LLC	Revolver		5/2/2029		249		—
American Restoration Holdings, LLC	Revolver		7/19/2030		6,079		—
American Restoration Holdings, LLC	Delayed Draw Term Loan		1/24/2025		2,630		—
American Restoration Holdings, LLC	Delayed Draw Term Loan		7/24/2026		21,227		(212	)
American Rock Salt Co LLC	Delayed Draw Term Loan		9/16/2026		1,718		—
Amerilife Holdings LLC	Revolver		8/31/2028		48,715		—
Amerilife Holdings LLC	Delayed Draw Term Loan		6/17/2026		79,071		—
Amerivet Partners Management, Inc.	Revolver		2/25/2028		11,511		—
Analytic Partners LP	Revolver		4/4/2028		3,261		—
Anaplan, Inc.	Revolver		6/21/2028		47,983		—
Apex Companies, LLC	Delayed Draw Term Loan		8/28/2026		9,696		—

119

Investments	Commitment Type	Commitment Expiration Date		Unfunded Commitment		Fair Value
Aptean Inc	Revolver		1/30/2031		3,641		—
Aptean Inc	Delayed Draw Term Loan		1/30/2026		4,962		—
Armada Parent, Inc.	Revolver		10/29/2027		27,000		(270	)
Arnhem BidCo GmbH	Term Loan		9/18/2031		253,111		—
Arnhem BidCo GmbH	Delayed Draw Term Loan		9/18/2031		57,525		—
Ascend Buyer, LLC	Revolver		9/30/2027		5,173		—
Atlas CC Acquisition Corp.	Revolver		5/26/2026		12,921		—
Atlas CC Acquisition Corp.	Delayed Draw Term Loan		5/26/2026		14,403		(3,797	)
Atlas Securitized Products Funding 2, L.P.	Revolver		4/10/2026		15,497		—
AuditBoard Inc	Delayed Draw Term Loan		7/12/2026		38,443		—
AuditBoard Inc	Revolver		7/12/2031		15,377		(154	)
Avalara Inc	Revolver		10/19/2028		2,308		—
Azurite Intermediate Holdings Inc.	Delayed Draw Term Loan		3/30/2026		15,390		—
Azurite Intermediate Holdings Inc.	Revolver		3/19/2031		6,840		—
Baker Tilly Advisory Group LP	Revolver		6/3/2030		37,285		(373	)
Baker Tilly Advisory Group LP	Delayed Draw Term Loan		6/3/2026		26,608		(200	)
Bamboo US BidCo LLC	Delayed Draw Term Loan		3/31/2025		2,439		—
Bamboo US BidCo LLC	Revolver		9/28/2029		6,278		—
Bazaarvoice, Inc.	Revolver		5/7/2026		45,117		—
Bimini Group Purchaser Inc	Delayed Draw Term Loan		4/26/2026		76,993		(385	)
Bimini Group Purchaser Inc	Revolver		4/26/2031		11,406		—
BlueCat Networks, Inc.	Term Loan		8/18/2028		55,827		—
Bluefin Holding, LLC	Revolver		9/12/2029		4,487		(22	)
BradyIFS Holdings, LLC	Delayed Draw Term Loan		10/31/2025		6,426		—
Brave Parent Holdings, Inc.	Delayed Draw Term Loan		5/28/2025		22,569		—
Brave Parent Holdings, Inc.	Revolver		11/29/2030		26,868		—
Caerus US 1, Inc.	Delayed Draw Term Loan		10/28/2024		32,788		—
Caerus US 1, Inc.	Revolver		5/25/2029		35,995		—
Caerus US 1, Inc.	Delayed Draw Term Loan		10/28/2024		20,176		—
Cambium Learning Group, Inc.	Revolver		7/20/2028		101,715		—
Canadian Hospital Specialties Ltd.	Revolver		4/15/2027		1,432		—
Capstone Acquisition Holdings Inc	Delayed Draw Term Loan		8/29/2026		8,261		—
Caribou Bidco Ltd	Delayed Draw Term Loan		7/9/2027		28,928		—
Castle Management Borrower, LLC	Revolver		11/3/2029		3,750		—
CEP V Investment 11 S.à r.l.	Delayed Draw Term Loan		9/1/2026		52,464		(556	)
CFC Underwriting, Ltd.	Delayed Draw Term Loan		5/16/2029		20,232		(272	)
CFGI Holdings, LLC	Revolver		11/2/2027		19,950		—
CFS Brands, LLC	Delayed Draw Term Loan		4/2/2025		10,595		(106	)
CFS Brands, LLC	Revolver		10/2/2030		30,858		—
Channelside AcquisitionCo, Inc.	Delayed Draw Term Loan		4/28/2025		6,792		(20	)
Channelside AcquisitionCo, Inc.	Delayed Draw Term Loan		4/28/2025		918		(9	)
Channelside AcquisitionCo, Inc.	Revolver		5/15/2029		13,756		—
Charger Debt Merger Sub, LLC	Revolver		5/31/2030		7,000		(70	)
Charger Debt Merger Sub, LLC	Delayed Draw Term Loan		5/31/2026		21,310		—
Chronicle Bidco, Inc.	Revolver		11/14/2025		4,331		—
Chronicle Bidco, Inc.	Delayed Draw Term Loan		3/26/2026		13,265		—
Cisive Holdings Corp	Revolver		12/8/2027		4,445		(89	)
Claims Automation Intermediate 2, LLC	Delayed Draw Term Loan		12/16/2024		34,260		—
Clearview Buyer, Inc.	Revolver		2/26/2027		8,085		—
Compsych Investments Corp	Delayed Draw Term Loan		7/22/2027		20,230		(51	)

120

Investments	Commitment Type	Commitment Expiration Date		Unfunded Commitment		Fair Value
Connatix Buyer, Inc.	Revolver		7/14/2027		12,579		—
Consor Intermediate II LLC	Delayed Draw Term Loan		5/10/2026		44,439		(222	)
Consor Intermediate II LLC	Revolver		5/10/2031		11,850		(59	)
Continental Buyer Inc	Revolver		4/2/2031		4,282		(64	)
Continental Buyer Inc	Delayed Draw Term Loan		4/2/2026		11,420		(86	)
COP Home Services TopCo IV, Inc.	Revolver		12/31/2025		19,964		(214	)
COP Home Services TopCo IV, Inc.	Delayed Draw Term Loan		12/30/2027		13,936		(209	)
Coupa Software Inc.	Delayed Draw Term Loan		8/27/2025		164		(2	)
Coupa Software Inc.	Revolver		2/27/2029		126		—
CPI Buyer, LLC	Revolver		11/1/2026		28,928		(579	)
CPI Buyer, LLC	Delayed Draw Term Loan		11/23/2025		8,588		—
CRCI Longhorn Holdings Inc	Revolver		8/27/2031		5,555		—
CRCI Longhorn Holdings Inc	Delayed Draw Term Loan		8/27/2026		16,678		(83	)
Crewline Buyer, Inc.	Revolver		11/8/2030		12,790		(124	)
CT Technologies Intermediate Holdings, Inc.	Delayed Draw Term Loan		8/30/2026		5,636		—
CT Technologies Intermediate Holdings, Inc.	Revolver		8/30/2031		14,164		(142	)
Cumming Group, Inc.	Revolver		11/16/2027		25,468		—
Cumming Group, Inc.	Delayed Draw Term Loan		5/21/2025		14,626		—
CyrusOne Revolving Warehouse	Revolver		7/2/2029		229,667		—
DCG Acquisition Corp.	Revolver		6/13/2031		36,470		(365	)
DCG Acquisition Corp.	Delayed Draw Term Loan		6/13/2026		36,470		(182	)
Dechra Pharmaceuticals Holdings Ltd	Delayed Draw Term Loan		1/24/2026		13,071		(163	)
Dechra Pharmaceuticals Holdings Ltd	Delayed Draw Term Loan		1/24/2026		12,081		(165	)
Denali Bidco Ltd	Delayed Draw Term Loan		4/17/2026		300		(3	)
Digital Media Solutions, LLC	Delayed Draw Term Loan		12/10/2024		2,254		—
Diligent Corp	Delayed Draw Term Loan		4/26/2026		50,000		(375	)
Diligent Corp	Revolver		8/4/2030		33,333		—
DM Intermediate Parent LLC	Revolver		9/30/2030		30,960		(464	)
DM Intermediate Parent LLC	Delayed Draw Term Loan		9/30/2026		46,461		—
Doc Generici (Diocle S.p.A.)	Delayed Draw Term Loan		10/26/2024		5,367		(73	)
DTA Intermediate II Ltd.	Delayed Draw Term Loan		3/27/2026		19,441		—
DTA Intermediate II Ltd.	Revolver		3/27/2030		12,961		—
DTI Holdco, Inc.	Revolver		4/26/2027		16,000		(1,459	)
Elements Finco Ltd	Delayed Draw Term Loan		4/30/2027		37,680		(203	)
Emergency Power Holdings, LLC	Delayed Draw Term Loan		8/17/2025		43,758		(438	)
Endeavor Schools Holdings LLC	Delayed Draw Term Loan		1/18/2025		12,377		—
Enstructure LLC	Delayed Draw Term Loan		6/10/2026		88,177		—
ENV Bidco AB	Delayed Draw Term Loan		7/28/2025		27,675		(364	)
Epicor Software Corp.	Delayed Draw Term Loan		5/30/2031		226		—
Episerver, Inc.	Revolver		4/9/2026		3,833		(38	)
Eden Acquisitionco Ltd	Delayed Draw Term Loan		11/17/2025		7,569		(102	)
Essential Services Holding Corp	Delayed Draw Term Loan		6/17/2026		14,519		(73	)
Essential Services Holding Corp	Revolver		6/17/2030		9,056		(91	)
Everbridge Holdings, LLC	Delayed Draw Term Loan		7/2/2026		5,292		—
Everbridge Holdings, LLC	Revolver		7/2/2031		3,481		(17	)
Excelitas Technologies Corp.	Revolver		8/14/2028		14,780		—
Excelitas Technologies Corp.	Delayed Draw Term Loan		5/1/2026		4,927		(49	)
Experity, Inc.	Revolver		2/24/2028		13,452		—
Experity, Inc.	Delayed Draw Term Loan		9/13/2026		39,911		—
Fern Bidco Ltd	Delayed Draw Term Loan		7/3/2027		25,512		(540	)

121

Investments	Commitment Type	Commitment Expiration Date		Unfunded Commitment		Fair Value
Fidelis Insurance Holdings Ltd	Term Loan		8/21/2031		938,360		—
Focus Financial Partners LLC	Delayed Draw Term Loan		9/11/2031		1,599		—
Formulations Parent Corp.	Revolver		11/15/2029		3,571		(36	)
Foundation Risk Partners Corp.	Revolver		10/29/2029		16,269		(244	)
Foundation Risk Partners Corp.	Delayed Draw Term Loan		10/29/2025		2,255		—
Foundation Risk Partners Corp.	Delayed Draw Term Loan		5/21/2026		17,972		(90	)
Frontgrade Technologies Holdings, Inc.	Revolver		1/9/2028		516		—
Frontline Road Safety, LLC	Delayed Draw Term Loan		6/15/2025		4,489		—
FusionSite Midco, LLC	Delayed Draw Term Loan		9/30/2027		54,556		(546	)
FusionSite Midco, LLC	Revolver		11/17/2029		7,366		(166	)
FusionSite Midco, LLC	Delayed Draw Term Loan		9/25/2025		34,251		—
G&A Partners Holding Company II, LLC	Delayed Draw Term Loan		3/1/2026		23,934		—
G&A Partners Holding Company II, LLC	Revolver		3/1/2030		6,575		(33	)
Galway Borrower, LLC	Revolver		9/30/2027		15,015		—
Galway Borrower, LLC	Delayed Draw Term Loan		2/7/2026		1,961		(10	)
Galway Borrower, LLC	Delayed Draw Term Loan		7/25/2025		20		—
Gannett Fleming Inc	Revolver		8/5/2030		37,324		(560	)
Gatekeeper Systems Inc	Delayed Draw Term Loan		8/27/2026		61,694		—
Gatekeeper Systems Inc	Revolver		8/28/2030		12,318		—
GI Ranger Intermediate, LLC	Revolver		10/29/2027		10,800		—
Gigamon Inc.	Revolver		3/11/2028		5,155		—
Gimlet Bidco GmbH	Delayed Draw Term Loan		4/23/2027		39,244		—
GovernmentJobs.com, Inc.	Delayed Draw Term Loan		12/2/2024		60,893		—
GovernmentJobs.com, Inc.	Revolver		12/2/2027		38,416		(607	)
Granicus Inc.	Delayed Draw Term Loan		8/2/2026		1,431		(7	)
Granicus, Inc.	Revolver		1/17/2031		4,284		—
Graphpad Software LLC	Revolver		6/28/2031		13,945		(70	)
Graphpad Software LLC	Delayed Draw Term Loan		6/28/2026		33,558		—
Great Day Improvements LLC	Revolver		6/13/2030		5,914		(118	)
Groundworks LLC	Delayed Draw Term Loan		3/14/2026		1,404		—
GS Acquisitionco, Inc.	Delayed Draw Term Loan		3/26/2026		5,940		—
GS Acquisitionco, Inc.	Revolver		5/25/2028		3,917		—
GTCR Everest Borrower, LLC	Revolver		9/5/2029		3,125		(58	)
Gusto Sing Bidco Pte Ltd	Delayed Draw Term Loan		10/28/2028		102		(3	)
Hargreaves Lansdown	Term Loan		9/26/2031		110,792		—
High Street Buyer, Inc.	Revolver		4/16/2027		4,186		(84	)
High Street Buyer, Inc.	Delayed Draw Term Loan		2/4/2025		18,244		—
High Street Buyer, Inc.	Delayed Draw Term Loan		3/1/2026		44,077		(439	)
Houghton Mifflin, LLC	Revolver		4/7/2027		18,750		(96	)
Icefall Parent, Inc.	Revolver		1/17/2030		6,880		(52	)
IEM New Sub 2, LLC	Delayed Draw Term Loan		8/8/2026		76,076		(571	)
IG Investments Holdings, LLC	Revolver		9/22/2027		55,251		—
Imagine 360 LLC	Delayed Draw Term Loan		9/18/2026		13,684		(68	)
Imagine 360 LLC	Revolver		9/30/2028		8,582		(86	)
Inception Fertility Ventures LLC	Revolver		4/29/2030		12,329		(247	)
Inception Fertility Ventures LLC	Delayed Draw Term Loan		4/29/2026		61,644		—
Integrity Marketing Acquisition, LLC	Delayed Draw Term Loan		8/23/2026		19,372		(97	)
Integrity Marketing Acquisition, LLC	Revolver		8/27/2028		2,183		—
Integrity Marketing Acquisition, LLC	Revolver		8/27/2026		653		—
IQN Holding Corp	Revolver		5/2/2028		4,249		—

122

Investments	Commitment Type	Commitment Expiration Date		Unfunded Commitment		Fair Value
IRI Group Holdings Inc	Revolver		12/1/2027		46,161		—
Iris Buyer, LLC	Revolver		10/2/2029		7,870		(216	)
Iris Buyer, LLC	Delayed Draw Term Loan		4/2/2025		2,759		—
ISQ Hawkeye Holdco, Inc.	Revolver		8/17/2028		734		—
ISQ Hawkeye Holdco, Inc.	Delayed Draw Term Loan		8/20/2026		1,595		(8	)
Java Buyer, Inc.	Delayed Draw Term Loan		6/26/2026		50,996		—
Java Buyer, Inc.	Revolver		12/15/2027		12,142		(121	)
Java Buyer, Inc.	Revolver		12/15/2027		24,284		(243	)
JS Parent Inc	Revolver		4/24/2031		7,880		(39	)
Jupiter Bidco Limited	Delayed Draw Term Loan		8/5/2029		41,392		(662	)
Kaseya, Inc.	Delayed Draw Term Loan		6/25/2029		33,089		—
Kaseya, Inc.	Revolver		6/25/2029		36,559		—
Kattegat Project Bidco AB	Delayed Draw Term Loan		10/5/2026		12,225		(157	)
Knowledge Pro Buyer, Inc.	Revolver		12/10/2027		9,171		—
Knowledge Pro Buyer, Inc.	Delayed Draw Term Loan		12/8/2025		8,737		—
Kona Buyer, LLC	Delayed Draw Term Loan		7/23/2025		63,422		—
Kona Buyer, LLC	Delayed Draw Term Loan		7/23/2026		63,422		(317	)
Kona Buyer, LLC	Revolver		7/23/2031		25,369		(254	)
Kwol Acquisition, Inc.	Revolver		12/6/2029		785		—
Loar Group, Inc.	Delayed Draw Term Loan		12/31/2024		100,000		—
LPW Group Holdings, Inc.	Revolver		3/15/2030		6,566		(98	)
Magic Bidco Inc	Delayed Draw Term Loan		7/1/2026		17,784		—
Magic Bidco Inc	Revolver		7/1/2030		3,557		—
Magneto Components BuyCo, LLC	Revolver		12/5/2029		8,983		—
Magneto Components BuyCo, LLC	Delayed Draw Term Loan		6/5/2025		10,780		(135	)
Mandolin Technology Intermediate Holdings, Inc.	Revolver		7/30/2026		2,651		—
Mantech International CP	Delayed Draw Term Loan		6/14/2025		133,060		(1,200	)
Mantech International CP	Revolver		4/12/2030		111,612		—
Material Holdings, LLC	Revolver		8/17/2027		3,179		(374	)
Maverick Bidco Inc.	Delayed Draw Term Loan		8/16/2026		52,632		—
MB2 Dental Solutions, LLC	Delayed Draw Term Loan		8/12/2025		8,029		(26	)
MB2 Dental Solutions, LLC	Delayed Draw Term Loan		8/12/2025		11,241		—
MB2 Dental Solutions, LLC	Revolver		2/13/2031		2,241		—
Medline Borrower LP	Revolver		2/27/2026		17,850		(133	)
Mercury Bidco Globe Limited	Delayed Draw Term Loan		1/31/2026		25,268		—
Metis Buyer, Inc.	Revolver		5/4/2026		5,310		—
MHE Intermediate Holdings, LLC	Revolver		7/21/2027		804		—
Minotaur Acquisition, Inc.	Revolver		5/10/2030		9,910		(99	)
Minotaur Acquisition, Inc.	Delayed Draw Term Loan		5/10/2025		16,516		(165	)
Monk Holding Co.	Delayed Draw Term Loan		12/1/2024		17,311		—
More Cowbell II, LLC	Delayed Draw Term Loan		9/1/2025		2,244		(27	)
More Cowbell II, LLC	Revolver		9/1/2029		1,655		—
MPG Parent Holdings, LLC	Delayed Draw Term Loan		1/8/2026		2,679		—
MPG Parent Holdings, LLC	Revolver		1/8/2030		2,232		—
MRI Software, LLC	Revolver		2/10/2026		25,354		(824	)
MRI Software, LLC	Delayed Draw Term Loan		1/16/2027		23,940		—
Natus Medical Incorporated	Revolver		7/21/2027		1,225		—
NAVEX TopCo, Inc.	Revolver		11/9/2028		8,855		—
Navigator Acquiror, Inc.	Delayed Draw Term Loan		1/16/2025		21,446		—
NDC Acquisition Corp.	Revolver		3/9/2027		3,425		—

123

Investments	Commitment Type	Commitment Expiration Date		Unfunded Commitment		Fair Value
Neptune BidCo	Delayed Draw Term Loan		4/2/2031		2,051		—
Neptune Holdings, Inc.	Revolver		8/14/2030		2,000		—
Netsmart Technologies Inc	Delayed Draw Term Loan		8/23/2026		26,031		—
Netsmart Technologies Inc	Revolver		8/23/2031		26,555		(266	)
Noble Midco 3 Ltd	Delayed Draw Term Loan		6/10/2027		9,042		(45	)
Noble Midco 3 Ltd	Revolver		6/10/2030		6,028		(30	)
North Haven Ushc Acquisition Inc	Revolver		10/30/2027		10,730		—
North Haven Ushc Acquisition Inc	Delayed Draw Term Loan		8/28/2026		25,764		—
Onex Baltimore Buyer, Inc.	Delayed Draw Term Loan		1/21/2025		68,013		—
ONS MSO, LLC	Delayed Draw Term Loan		12/13/2025		36,836		—
ONS MSO, LLC	Revolver		7/8/2026		4,750		—
Oranje Holdco Inc	Revolver		2/1/2029		8,250		—
Orisha SAS	Term Loan		10/4/2031		78,678		—
Orisha SAS	Delayed Draw Term Loan		10/4/2031		5,737		—
Orisha SAS	Revolver		10/4/2031		30,261		—
Oxford Global Resources Inc	Revolver		8/17/2027		9,254		—
Paisley Bidco Ltd	Delayed Draw Term Loan		4/18/2027		10,906		(87	)
Park Place Technologies, LLC	Delayed Draw Term Loan		9/1/2025		85,594		(428	)
Park Place Technologies, LLC	Revolver		3/25/2030		53,924		—
Pavion Corp.	Delayed Draw Term Loan		10/30/2025		3,902		—
PDI TA Holdings, Inc.	Delayed Draw Term Loan		2/1/2026		15,993		(160	)
PDI TA Holdings, Inc.	Revolver		2/3/2031		6,996		(52	)
Pearce Services, LLC	Delayed Draw Term Loan		12/29/2024		949		—
Petrus Buyer Inc	Delayed Draw Term Loan		10/17/2025		4,929		—
Petrus Buyer Inc	Revolver		10/17/2029		5,163		—
PGIS Intermediate Holdings, LLC	Revolver		10/16/2028		5,945		—
PGIS Intermediate Holdings, LLC	Delayed Draw Term Loan		10/16/2028		15,112		—
Phoenix 1 Buyer Corp.	Revolver		11/20/2029		8,349		—
Plasma Buyer, LLC	Revolver		5/12/2028		6,365		—
Plasma Buyer, LLC	Delayed Draw Term Loan		5/12/2029		1,359		—
Point Broadband Acquisition, LLC	Delayed Draw Term Loan		5/29/2026		67,596		(845	)
Polyphase Elevator Holding Co.	Revolver		6/23/2027		374		—
PPV Intermediate Holdings, LLC	Revolver		8/31/2029		9,910		—
PPV Intermediate Holdings, LLC	Delayed Draw Term Loan		9/6/2025		1,867		—
PPV Intermediate Holdings, LLC	Delayed Draw Term Loan		8/7/2026		19,691		(98	)
Profile Products, LLC	Revolver		11/12/2027		2,212		—
Profile Products, LLC	Revolver		11/12/2027		6,700		—
Progress Residential PM Holdings, LLC	Delayed Draw Term Loan		11/8/2024		16,623		—
Progress Residential PM Holdings, LLC	Delayed Draw Term Loan		11/8/2024		2,915		—
Project Leopard Holdings, Inc.	Revolver		7/20/2027		8,769		—
PT Intermediate Holdings III LLC	Delayed Draw Term Loan		4/4/2026		12,013		—
Qualus Power Services Corp.	Delayed Draw Term Loan		5/9/2026		46,833		—
Rally Buyer, Inc.	Revolver		7/19/2028		6,211		—
Recorded Future Inc	Delayed Draw Term Loan		6/28/2026		24,673		—
Recorded Future Inc	Revolver		6/28/2030		15,241		(152	)
Redwood Services Group, LLC	Delayed Draw Term Loan		8/15/2025		5,379		—
Relativity ODA, LLC	Revolver		5/12/2027		4,813		(120	)
Riser Merger Sub, Inc.	Revolver		10/31/2029		16,200		—
Riser Merger Sub, Inc.	Delayed Draw Term Loan		10/31/2025		37,800		(378	)
Riser Merger Sub, Inc.	Delayed Draw Term Loan		10/31/2025		15,233		—

124

Investments	Commitment Type	Commitment Expiration Date		Unfunded Commitment		Fair Value
RoadOne Inc	Revolver		12/30/2028		275		—
RSC Acquisition, Inc.	Revolver		11/1/2029		6,174		(108	)
RSC Acquisition, Inc.	Delayed Draw Term Loan		10/30/2026		5,881		(7	)
RSC Acquisition, Inc.	Delayed Draw Term Loan		11/1/2029		55,566		(278	)
Safety Borrower Holdings LP	Revolver		9/1/2027		2,097		—
Safety Products/JHC Acquisition Corp	Delayed Draw Term Loan		6/28/2026		12,675		—
Sailpoint Technologies, Inc.	Revolver		8/16/2028		34,083		—
Sam Holding Co, Inc.	Revolver		3/24/2027		18,000		—
Scorpio BidCo SAS	Delayed Draw Term Loan		4/3/2026		7,858		(81	)
SEKO Global Logistics Network, LLC	Revolver		12/30/2026		2,207		—
SEKO Global Logistics Network, LLC	Revolver		12/30/2026		498		—
SG Acquisition, Inc.	Revolver		4/3/2030		13,537		—
Skopima Consilio Parent LLC	Revolver		5/14/2026		6,300		(45	)
Smile Doctors, LLC	Revolver		12/23/2027		51,955		(1,299	)
Smile Doctors, LLC	Delayed Draw Term Loan		6/9/2025		76,573		—
Soliant Lower Intermediate, LLC	Revolver		7/18/2029		18,500		—
Sparta UK Bidco Ltd	Delayed Draw Term Loan		9/25/2028		19,292		—
SpecialtyCare, Inc.	Revolver		6/18/2026		3,680		—
Spectrum Safety Solutions Purchaser, LLC	Delayed Draw Term Loan		7/1/2026		69,467		(521	)
Spectrum Safety Solutions Purchaser, LLC	Revolver		7/1/2030		58,815		—
Stepping Stones Healthcare Services, LLC	Revolver		12/30/2026		24,314		(122	)
Stepping Stones Healthcare Services, LLC	Delayed Draw Term Loan		4/24/2026		44,329		—
STV Group, Inc.	Delayed Draw Term Loan		3/20/2026		16,811		(168	)
STV Group, Inc.	Revolver		3/20/2031		10,086		—
Sunshine Cadence Holdco, LLC	Delayed Draw Term Loan		5/1/2026		35,360		—
Sunshine Cadence Holdco, LLC	Revolver		5/1/2030		32,000		(320	)
Tennessee Bidco Limited	Delayed Draw Term Loan		7/1/2026		159,961		—
The Fertility Partners, Inc.	Revolver		9/16/2027		8,152		(357	)
The GI Alliance Management, LLC	Delayed Draw Term Loan		3/1/2026		102,475		—
The Hiller Companies LLC	Delayed Draw Term Loan		6/20/2026		17,397		—
The Hiller Companies LLC	Revolver		6/20/2030		13,713		(137	)
Thermostat Purchaser III, Inc.	Revolver		8/31/2026		8,125		(51	)
Trader Corp.	Term Loan		9/9/2026		100,150		—
Trader Corp.	Term Loan		9/9/2026		57,153		—
Trader Corp.	Second Lien Term Loan		8/14/2026		592,593		—
Trader Corp.	Revolver		9/9/2026		28,322		—
Trader Corp.	Revolver		12/22/2028		8,022		—
Trinity Air Consultants Holdings Corp.	Delayed Draw Term Loan		12/31/2024		15,079		—
Trinity Air Consultants Holdings Corp.	Revolver		6/29/2028		13,269		—
Trinity Partners Holdings, LLC	Delayed Draw Term Loan		6/20/2025		115,743		—
Triple Lift, Inc.	Revolver		5/6/2028		8,815		—
Truist Insurance Holdings LLC	Revolver		5/6/2029		19,048		—
Turing Holdco, Inc.	Delayed Draw Term Loan		8/3/2028		47,204		—
Turing Holdco, Inc.	Delayed Draw Term Loan		8/3/2028		31,353		—
Unified Women’s Healthcare LP	Revolver		6/18/2029		101,845		—
Unified Women’s Healthcare LP	Delayed Draw Term Loan		3/25/2026		3,243		—
US Oral Surgery Management Holdco, LLC	Revolver		11/18/2027		15,496		—
US Oral Surgery Management Holdco, LLC	Delayed Draw Term Loan		12/31/2024		6,452		—
Varicent Parent Holdings Corp	Delayed Draw Term Loan		8/23/2026		18,545		—
Varicent Parent Holdings Corp	Revolver		8/23/2031		9,550		(143	)

125

Investments	Commitment Type	Commitment Expiration Date		Unfunded Commitment		Fair Value
Victors CCC Buyer, LLC	Delayed Draw Term Loan		6/1/2029		31,095		—
Victors CCC Buyer, LLC	Revolver		6/1/2029		29,205		—
VS Buyer, LLC	Revolver		4/12/2029		15,000		(975	)
Water Holdings Acquisition LLC	Delayed Draw Term Loan		7/31/2026		37,122		(186	)
West Monroe Partners, LLC	Revolver		11/9/2027		70,714		—
WHCG Purchaser III Inc	Delayed Draw Term Loan		6/30/2027		17,234		—
World Insurance Associates, LLC	Delayed Draw Term Loan		4/21/2025		35,593		—
World Insurance Associates, LLC	Revolver		4/3/2028		3,333		—
WPEngine, Inc.	Revolver		8/14/2029		8,140		(244	)
Yellow Castle AB	Delayed Draw Term Loan		7/7/2029		11,621		—
Young & Associates, LLC	Term Loan		10/1/2031		43,861		—
Young & Associates, LLC	Delayed Draw Term Loan		10/1/2031		18,977		—
Young & Associates, LLC	Revolver		10/1/2031		9,054		—
Zellis Topco Ltd.	Term Loan		1/13/2026		21,107		—
Zendesk Inc	Delayed Draw Term Loan		11/22/2025		208,035		(3,121	)
Zendesk Inc	Revolver		7/23/2030		97,650		—
Zeus, LLC	Revolver		2/8/2030		6,851		(34	)
Zeus, LLC	Delayed Draw Term Loan		2/27/2026		9,135		(69	)
Zorro Bidco Ltd	Delayed Draw Term Loan		8/13/2027		18,421		—
Total unfunded commitments				$	9,564,958	$	(34,016	)

(8) There are no interest rate floors on these investments.

(9) The interest rate floor on these investments as of September 30, 2024 was 0.50%.

(10) The interest rate floor on these investments as of September 30, 2024 was 0.75%.

(11) The interest rate floor on these investments as of September 30, 2024 was 1.00%.

(12) The interest rate floor on these investments as of September 30, 2024 was 1.25%.

(13) The interest rate floor on these investments as of September 30, 2024 was 1.50%.

(14) The interest rate floor on these investments as of September 30, 2024 was 2.00%.

(15) For unsettled positions the interest rate does not include the base rate.

126

(16) Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”), the Company is deemed to “control” a portfolio company if the Company owns more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. Under the 1940 Act, the Company is deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of September 30, 2024, the Company’s controlled/affiliated and non-controlled/affiliated investments were as follows:

	December 31, 2023		Gross Additions		Gross Reductions			Change in Unrealized Gains (Losses)			Net Realized Gain (Loss)		September 30, 2024		Income
Non-Controlled/Affiliated Investments
GSO DL Co-Invest EIS LP (EIS Acquisition Holdings, LP — Class A Common Units)	$	2,499	$	—	$	—		$	(512	)	$	—	$	1,987	$	13
Controlled/Affiliated Investments
Daylight Beta Parent, LLC (Benefytt Technologies, Inc.)		49,530		—		—			(37,336	)		—		12,194		—
CFCo, LLC (Benefytt Technologies, Inc.)		612		—		—			(612	)		—		—		—
CFCo, LLC (Benefytt Technologies, Inc.) — Class B Units		—		—		—			—			—		—		—
Pigments Services, Inc.		9,412		—		(115	)		(1,225	)		—		8,072		—
Pigments Services, Inc.		9,908		1,120		(68	)		—			—		10,960		1,084
Pigments Holdings LP — LP Interest		—		—		—			—			—		—		—
Material Holdings, LLC		—		225,891		—			2,017			—		227,908		7,710
Material Holdings, LLC		—		55,470		—			(22,282	)		—		33,188		1,876
Material+ Holding Company, LLC — Class C Units		—		—		—			—			—		—		—
Specialty Lending Company, LLC — LLC Interest		265,631		39,285		(13,500	)		(14,934	)		—		276,482		—
BCRED Emerald JV LP — LP Interest		2,032,260		—		(187,500	)		(49,386	)		—		1,795,374		213,271
BCRED Verdelite JV LP — LP Interest		129,265		—		—			(925	)		—		128,340		11,170
GSO DL CoInvest CI LP (CustomInk, LLC — Series A Preferred Units)		1,981		—		—			204			—		2,185		—
Total	$	2,501,098	$	321,766	$	(201,183	)	$	(124,991	)	$	—	$	2,496,690	$	235,124

(17) Loan was on non-accrual status as of September 30, 2024.

(18) These loans are “last-out” portions of loans. The “last-out” portion of the Company’s loan investment generally earns a higher interest rate than the “first-out” portion, and in exchange the “first-out” portion would generally receive priority with respect to payment principal, interest and any other amounts due thereunder over the “last-out” portion.

127

(19) All securities are exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), including investments in joint ventures but excluding Loar Holdings Inc.—Common Equity and Moderna Inc—Common Stock, and may be deemed to be “restricted securities.” As of September 30, 2024, the aggregate fair value of these securities is $61,594.5 million or 168.80% of the Company’s net assets. The initial acquisition dates have been included for such securities.

ADDITIONAL INFORMATION

Foreign Currency Forward Contracts
Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Appreciation (Depreciation)
Deutsche Bank AG	USD	11,063	CAD	15,000		12/18/2024	$	(58	)
Deutsche Bank AG	USD	14,751	CAD	20,000		12/17/2024		(77	)
BNP PARIBAS US	USD	1,695	CAD	2,300		11/21/2024		(9	)
Deutsche Bank AG	USD	11,737	CHF	9,820		12/18/2024		10
Goldman Sachs Bank USA	USD	83,534	DKK	557,791		12/18/2024		(183	)
BNP PARIBAS US	USD	100,608	EUR	90,200		11/21/2024		(114	)
Deutsche Bank AG	USD	170,802	EUR	153,000		12/18/2024		(230	)
Deutsche Bank AG	USD	104,044	GBP	78,800		12/18/2024		(1,512	)
BNP PARIBAS US	USD	53,582	GBP	40,900		11/21/2024		(1,211	)
Goldman Sachs Bank USA	USD	53,108	NOK	562,273		12/18/2024		(275	)
BNP PARIBAS US	USD	2,847	NOK	30,100		11/21/2024		(10	)
Goldman Sachs Bank USA	USD	24,324	NZD	39,280		12/18/2024		(673	)
Goldman Sachs Bank USA	USD	23,580	SEK	239,106		12/18/2024		(77	)
Goldman Sachs Bank USA	USD	10,823	SEK	109,749		12/17/2024		(36	)
BNP PARIBAS US	USD	1,874	SEK	19,100		11/21/2024		(13	)
Total Foreign Currency Forward Contracts		668,372		1,967,419			$	(4,468	)

Interest Rate Swaps
Counterparty	Hedged Instrument	Company Receives			Company Pays	Maturity Date		Notional Amount		Fair Market Value			Upfront Payments / Receipts		Change in Unrealized Gains / (Losses) (1)
Goldman Sachs Bank USA	November 2024 Notes		2.35	%	SOFR + 0.66%		11/22/2024		500,000	$	(2,305	)		—	$	11,451
Goldman Sachs Bank USA	January 2025 Notes		2.70	%	SOFR + 0.99%		1/15/2025		500,000		(4,323	)		—		11,089
Goldman Sachs Bank USA	December 2026 Notes		2.63	%	SOFR + 0.26%		12/15/2026		625,000		(14,119	)		—		10,605
Deutsche Bank	December 2026 Notes		2.63	%	SOFR + 0.26%		12/15/2026		625,000		(13,945	)		—		10,550
Goldman Sachs Bank USA	March 2025 Notes		4.70	%	SOFR + 2.43%		3/24/2025		400,000		(4,011	)		—		7,078
Deutsche Bank	March 2025 Notes		4.70	%	SOFR + 2.43%		3/24/2025		500,000		(5,019	)		—		8,855
Deutsche Bank	April 2026 UK Bonds		4.87	%	SONIA + 2.78%		4/14/2026		GBP 250,000		(9,437	)		—		2,984
Sumitomo Mitsui Banking Corporation	May 2027 Notes		5.61	%	SOFR + 2.79%		5/3/2027		625,000		(9,094	)		—		9,081
Sumitomo Mitsui Banking Corporation	September 2025 Notes		7.05	%	SOFR + 2.93%		9/29/2025		600,000		1,041			—		2,882
Goldman Sachs Bank USA	October 2027 Notes		7.49	%	SOFR + 3.72%		10/11/2027		350,000		3,607			—		3,143
Sumitomo Mitsui Banking Corporation	September 2025 Notes		7.05	%	SOFR + 2.97%		9/29/2025		200,000		262			—		1,022
Sumitomo Mitsui Banking Corporation	November 2028 Notes		7.30	%	SOFR + 3.06%		11/27/2028		500,000		17,000			—		3,318
Goldman Sachs Bank USA	January 2031 Notes		6.25	%	SOFR + 2.46%		1/25/2031		250,000		6,664			—		6,664
BNP Paribas US	January 2031 Notes		6.25	%	SOFR + 2.45%		1/25/2031		250,000		6,542			—		6,542
Deutsche Bank	July 2029 Notes		5.95	%	SOFR + 1.74%		7/16/2029		500,000		20,121			—		20,121
BNP Paribas US	September 2027 Notes		4.95	%	SOFR + 1.69%		9/26/2027		400,000		(1,306	)		—		(1,306	)
Sumitomo Mitsui Banking Corporation	April 2030 Notes		5.25	%	SOFR + 2.01%		4/1/2030		400,000		(1,243	)		—		(1,243	)
Total Interest Rate Swaps										$	(9,565	)	$	—	$	112,836

(1) For interest rates swaps designated in qualifying hedge relationships, the change in fair value is recorded in Interest expense in the Condensed Consolidated Statements of Operations.

128

MANAGEMENT

The information included under the captions “Directors, Executive Officers and Corporate Governance”, “Executive Compensation”, and “Certain Relationships and Related Transactions, and Director Independence” Part III, Item 10, Item 11 and Item 13, respectively, of our most recent Annual Report on Form 10-K is incorporated herein by reference.

129

PORTFOLIO MANAGEMENT

Blackstone Private Credit Strategies LLC serves as our investment adviser and Blackstone Credit BDC Advisors LLC serves as our investment sub-adviser. The Advisers are registered as investment advisers under the Advisers Act. Subject to the overall supervision of our Board of Trustees, the Advisers will manage the day-to-day operations of, and provide investment advisory and management services to, us.

Investment Personnel

Our senior staff of investment personnel currently consists of the members of the Investment Committee. The Investment Committee is currently comprised of Brad Marshall, Michael Zawadzki, Michael Carruthers, Brad Colman, Justin Hall, Robert Horn, Valerie Kritsberg, Daniel Leiter, Ferdinand Niederhofer, Daniel Oneglia, Robert Petrini, and Louis Salvatore. The portfolio managers primarily responsible for the day-to-day management of the Fund are Brad Marshall, Teddy Desloge and Michael Zawadzki.

The Advisers are currently staffed with 626 employees, including the investment personnel noted above. In addition, the Advisers may retain additional investment personnel in the future based upon their needs.

The table below shows the dollar range of Common Shares owned by the portfolio managers as of December 31, 2023:

Name of Portfolio Manager	Dollar Range of Equity Securities in the Company(1)
Brad Marshall		over $1,000,000
Michael Zawadzki		$100,001 – $500,000
Teddy Desloge		$100,001 – $500,000

(1) Dollar ranges are as follows: None, $1 – $10,000, $10,001 – $50,000, $50,001 – $100,000, $100,001 – $500,000, $500,001 – $1,000,000, or over $1,000,000.

Other Accounts Managed by Portfolio Managers

The portfolio managers primarily responsible for the day-to-day management of the Fund also manage other registered investment companies, other pooled investment vehicles and other accounts, as indicated below. The following table identifies, as of December 31, 2023: (i) the number of other registered investment companies, other pooled investment vehicles and other accounts managed by each portfolio manager; (ii) the total assets of such companies, vehicles and accounts; and (iii) the number and total assets of such companies, vehicles and accounts that are subject to an advisory fee based on performance.

Brad Marshall

Type of Account	Number of Accounts		Assets of Accounts		Number of Accounts Subject to a performance Fee		Assets Subject to a performance Fee
Registered investment companies		—		—		—		—
Other pooled investment vehicles(1)		4	$	77.56 billion		4	$	77.56 billion
Other accounts		16	$	18.28 billion		11	$	13.13 billion

130

Michael Zawadzki

Type of Account	Number of Accounts		Assets of Accounts		Number of Accounts Subject to a performance Fee		Assets Subject to a performance Fee
Registered investment companies		—		—		—		—
Other pooled investment vehicles(1)		5	$	87.56 billion		5	$	87.56 billion
Other accounts		13	$	4.01 billion		7	$	2.36 billion

Teddy Desloge

Type of Account	Number of Accounts		Assets of Accounts		Number of Accounts Subject to a performance Fee		Assets Subject to a performance Fee
Registered investment companies		—		—		—		—
Other pooled investment vehicles(1)		5	$	77.93 billion		5	$	77.93 billion
Other accounts		8	$	7.27 billion		7	$	7.00 billion

(1) Includes management investment companies that have elected to be regulated as business development companies under the 1940 Act.

Compensation of the Portfolio Managers

The Advisers’ financial arrangements with the portfolio managers, their competitive compensation and their career path emphasis at all levels reflect the value senior management places on key resources. Compensation may include a variety of components and may vary from year to year based on a number of factors. The principal components of compensation include a base salary and a discretionary bonus.

Base Compensation. Generally, portfolio managers receive base compensation and employee benefits based on their individual seniority and/or their position with the Advisers.

Discretionary Compensation. In addition to base compensation, portfolio managers may receive discretionary compensation. Discretionary compensation is based on individual seniority, contributions to the Advisers and performance of the client assets that the portfolio manager has primary responsibility for. The discretionary compensation is not based on a precise formula, benchmark or other metric. These compensation guidelines are structured to closely align the interests of employees with those of the Advisers and their clients.

Investment Committee

Investment opportunities and follow-on investments in existing portfolio companies will generally require the unanimous approval of the Investment Committee. The Investment Committee will meet regularly to consider our investments, direct our strategic initiatives and supervise the actions taken by the Advisers on our behalf. In addition, the Investment Committee reviews and determines whether to make prospective investments identified by the Advisers and monitors the performance of our investment portfolio. The day-to-day management of investments approved by the Investment Committees will be overseen by investment personnel.

All of the Investment Committee members have ownership and financial interests in, and may receive compensation and/or profit distributions from, the Advisers. None of the Investment Committee members receive any direct compensation from us. See “Control Persons and Principal Shareholders” for additional information about equity interests held by certain of these individuals.

131

Members of the Investment Committee and Portfolio Managers Who Are Not Our Trustees or Executive Officers

Michael Zawadzki (Portfolio Manager), Senior Managing Director, Global Chief Investment Officer of Blackstone Credit & Insurance. Michael Zawadzki is the Global Chief Investment Officer for Blackstone Credit & Insurance based in New York. Prior to joining Blackstone in 2006, Mr. Zawadzki was with Citigroup Private Equity. Before that, he worked in the investment banking division of Salomon Smith Barney. Mr. Zawadzki received a BS in Economics from the Wharton School of the University of Pennsylvania.

Michael Carruthers, Senior Managing Director, Co-Chief Investment Officer for Blackstone Credit & Insurance European and APAC Private Credit Businesses. Mike Carruthers is a Senior Managing Director and the Co-Chief Investment Officer for Blackstone Credit & Insurance European and APAC private credit businesses based in London. Mr. Carruthers is involved in the origination, researching, structuring, and managing of our investments. Mr. Carruthers re-joined the London team in 2022 after having previously relocated to Toronto, Canada to focus on Blackstone Credit origination efforts in Canada and the Midwest. Mr. Carruthers previously worked in the London office 2006- 2019. Prior to joining Blackstone, Mr. Carruthers worked in the investment banking division of Credit Suisse. Mr. Carruthers graduated with Honors in Business Administration from the Richard Ivey School of Business at the University of Western Ontario.

Brad Colman, Senior Managing Director, Global Head of Healthcare for Private Credit Strategies. Brad Colman is a Senior Managing Director and is the Global Head of Healthcare investing for Private Credit Strategies in Blackstone Credit & Insurance based in New York. Mr. Colman has been with Blackstone since 2012, focusing on originating, analyzing, executing and monitoring credit investments for the Performing Credit Group. Before joining Blackstone in 2012, Mr. Colman worked as a Director in the Strategic Investments group at PartnerRe, a Senior Associate in the sponsor finance team at American Capital, and an Analyst in Merrill Lynch’s investment banking group. Mr. Colman graduated magna cum laude from New York University’s Leonard N. Stern School of Business with a BS in Finance, Accounting, and Operations.

Justin Hall, Senior Managing Director, Global Head of Business Services for Blackstone Credit & Insurance. Justin Hall is a Senior Managing Director and is the Global Head of Business Services in Blackstone Credit & Insurance based in New York. Mr. Hall has been with Blackstone since 2007, focused on originating, structuring, and managing credit investments. Prior to joining Blackstone, Mr. Hall worked in the Leveraged Finance Group at Merrill Lynch in New York. Mr. Hall graduated from Cornell University with a BA in Information Science.

Robert Horn, Senior Managing Director, Global Head of Infrastructure and Asset Based Credit for Blackstone Credit & Insurance. Robert Horn is the Global Head of Infrastructure and Asset Based Credit in Blackstone Credit & Insurance based in New York, which comprises the firm’s activities in infrastructure credit, energy transition, and asset based finance. Mr. Horn joined Blackstone Credit at its inception in 2005. Prior to joining Blackstone, Mr. Horn worked in Credit Suisse’s Global Energy Group, where he advised on high yield financings and merger and acquisition assignments for companies in the power and utilities sector. Mr. Horn has a Bachelor of Commerce from McGill University, where he graduated with academic honors. Mr. Horn serves on the board of directors for various companies in the energy transition sector, including Altus Power, ClearGen, and M6 Midstream.

Valerie Kritsberg, Senior Managing Director, Global Head of Capital Markets and Trading for Blackstone Credit & Insurance. Valerie Kritsberg is a Senior Managing Director and the Global Head of Capital Markets and Trading for Blackstone Credit & Insurance based in New York Ms. Kritsberg leads Blackstone Credit & Insurance’s capital markets origination and sourcing across both liquid and private strategies. Ms. Kritsberg’s team acts as a single point of contact within Blackstone Credit & Insurance for banks, broker dealers and other key market participants. Since joining Blackstone Credit & Insurance, Ms. Kritsberg has focused on the group’s public and private market investments including distressed and special situation investments across multiple

132

industries. Prior to joining Blackstone Credit & Insurance in 2005, Ms. Kritsberg worked in Credit Suisse First Boston’s Global Energy Investment Banking Group where she worked on equity, leveraged finance and M&A transactions for a number of corporate and private equity clients. Ms. Kritsberg received a BS from New York University, Leonard N. Stern School of Business.

Daniel Leiter, Senior Managing Director, Head of International; Global Head of Liquid Credit Strategies for Blackstone Credit & Insurance. Prior to joining Blackstone in 2024, Mr. Leiter worked at Morgan Stanley where he was most recently a Managing Director in Fixed Income based in London. At Morgan Stanley, Mr. Leiter was globally responsible for the Securitized Products Trading and Alternative Financing businesses. Mr. Leiter was also the head of European Securitized Products across all business lines including trading, sales, structuring and lending. Mr. Leiter received a BA in Economics from Middlebury College where he graduated Phi-Beta-Kappa.

Ferdinand Niederhofer, Senior Managing Director, Global Head of Technology Investing for Blackstone Credit & Insurance. Mr. Niederhofer is based in San Francisco and has been with Blackstone since 2011 and has worked across the London, New York, and San Francisco offices. Prior to joining Blackstone, Mr. Niederhofer worked in the Investment Banking and Global Capital Markets divisions for Morgan Stanley in London. Mr. Niederhofer received a Business Administration degree from The University of St. Gallen, Switzerland, and an MBA with Distinction from INSEAD, France.

Daniel Oneglia, Senior Managing Director, Global CIO of Liquid Credit Strategies. Daniel Oneglia is a Senior Managing Director, the global CIO of Liquid Credit Strategies, and leads liquid asset allocation for Blackstone Credit & Insurance based in New York. Mr. Oneglia has spent his entire career in credit markets. Before joining Blackstone in 2019, he spent 20 years at Goldman Sachs where he was a partner and led the Americas Multi-Strategy Investment (MSI) team within the Special Situations Group (SSG). Prior to that, he co-led the same team from 2009 to 2017. Mr. Oneglia graduated from Princeton University with a B.A. in History and a Certificate in Latin American Studies. Mr. Oneglia serves as the Chair of the Board of Trustees for The New York Foundling.

Robert Petrini, Senior Managing Director, Chief Investment Officer of North American Private Credit. Robert Petrini is a Senior Managing Director and the Chief Investment Officer of North American Private Credit. Before joining Blackstone in 2005, Mr. Petrini was a Principal of DLJ Investment Partners, the $1.6 billion mezzanine fund of CSFB’s Alternative Capital Division. Prior to that, Mr. Petrini was a member of DLJ’s Leveraged Finance Group since 1997. Mr. Petrini graduated magna cum laude with a B.S. in Economics from the Wharton School of the University of Pennsylvania, where he was a Joseph Wharton and Benjamin Franklin Scholar.

Louis Salvatore, Senior Managing Director. Lou Salvatore is a Senior Managing Director and leads opportunistic asset allocation for Blackstone Credit & Insurance based in New York. Mr. Salvatore is responsible for sourcing, diligence, structuring and managing performing credit investments. Before joining Blackstone in 2005, Mr. Salvatore was a Principal of DLJ Investment Partners, the mezzanine fund of CSFB’s Alternative Capital Division. Mr. Salvatore joined CSFB in 2000 when it acquired DLJ, where he was a member of the Merchant Banking Group. He had been a member of DLJ’s Leveraged Finance Group, specializing in corporate restructurings. Prior to that, he worked for Kidder Peabody. Mr. Salvatore received a BA in Economics from Cornell University and an MBA from the Wharton School of the University of Pennsylvania.

Other Members of the Portfolio Management Team

Teddy Desloge (Portfolio Manager), Managing Director, Chief Financial Officer. Please see Mr. Desloge’s biography provided in “Management.”

133

MANAGEMENT AND OTHER AGREEMENTS

The information included under the captions “Business—Our Administrator”, “Business —Investment Advisory Agreement”, “Business —Administration Agreement”, “Business—Certain Terms of the Investment Advisory Agreement”, “Business—Expense Support”, “Business—Distributions” and “Business—Distribution Reinvestment Plan” in Part 1, Item 1 of our most recent Annual Report on Form 10-K and “Notes to Condensed Consolidated Financial Statements (Unaudited)—Note 12. Subsequent Events” is incorporated herein by reference.

134

CONTROL PERSONS AND PRINCIPAL SHAREHOLDERS

The following table sets forth, as of January 27, 2025, the beneficial ownership of each current trustee, the Fund’s executive officers and the executive officers and trustees as a group. We are not aware of any person that beneficially owns 5% or more of the outstanding voting shares. Percentage of beneficial ownership is based on 1,586,451,834 Common Shares outstanding as of January 27, 2025.

Beneficial ownership is determined in accordance with the rules of the SEC and includes voting or investment power with respect to the securities. There are no Common Shares subject to options that are currently exercisable or exercisable within 60 days of the Continuous Offering.

	Type of Ownership		Number		Percentage
Interested Trustees
Brad Marshall		Record/Beneficial		86,593		*
Vikrant Sawhney		Record/Beneficial		50,856		*
Independent Trustees
Robert Bass		Record/Beneficial		5,773		*
Tracy Collins		—		—		—
Vicki L. Fuller		—		—		—
James F. Clark		Record/Beneficial		20,205		*
Michelle Greene		—		—		—
Executive Officers Who Are Not Trustees(1)
Jonathan Bock		—		—		—
Carlos Whitaker		Record/Beneficial		4,293		*
Teddy Desloge		Record/Beneficial		5,030		*
Katherine Rubenstein		Record/Beneficial		3,939		*
Matthew Alcide		—		—		—
Oran Ebel		—		—		—
William Renahan		—		—		—
Stacy Wang		—		—		—
Lucie Enns		—		—		—
All Trustees and Executive Officers as a Group (16 persons)				176,689		*

* Less than 1%.

(1) The address for all of the Fund’s officers and Trustees is c/o Blackstone Private Credit Strategies LLC, 345 Park Avenue, 31st Floor, New York, NY 10154.

135

DETERMINATION OF NET ASSET VALUE

The information included under the caption “Business—Valuation Procedures” in Part 1, Item 1 of our most recent Annual Report on Form 10-K is incorporated herein by reference.

136

DISTRIBUTION REINVESTMENT PLAN

The information included under the caption “Business—Distribution Reinvestment Plan” in Part 1, Item 1 of our most recent Annual Report on Form 10-K is incorporated herein by reference.

137

CERTAIN U.S. FEDERAL INCOME TAX CONSIDERATIONS

Certain material U.S. federal income tax considerations relating to the purchase, ownership and disposition of the debt securities offered hereby will be set forth in the applicable prospectus supplement.

138

DESCRIPTION OF OUR DEBT SECURITIES

We may issue debt securities in one or more series. The specific terms of each series of debt securities will be described in the particular prospectus supplement relating to that series. The prospectus supplement may or may not modify the general terms found in this prospectus and will be filed with the SEC. For a complete description of the terms of a particular series of debt securities, you should read both this prospectus and the prospectus supplement relating to that particular series.

As required by federal law for all bonds and notes of companies that are publicly offered, the debt securities are governed by a document called an “indenture.” An indenture is a contract between us and the financial institution acting as trustee on your behalf, and is subject to and governed by the Trust Indenture Act of 1939, as amended. The trustee has two main roles. First, the trustee can enforce your rights against us if we default. There are some limitations on the extent to which the trustee acts on your behalf, described in the second paragraph under “ — Events of Default — Remedies if an Event of Default Occurs.” Second, the trustee performs certain administrative duties for us with respect to the debt securities.

This section includes a description of the material provisions of the indenture. Any accompanying prospectus supplement will describe any other material terms of the debt securities being offered thereunder. Because this section is a summary, however, it does not describe every aspect of the debt securities and the indenture. We urge you to read the indenture because it, and not this description, defines your rights as a holder of debt securities. We have filed the indenture with the SEC. We will file a supplemental indenture with the SEC in connection with any debt offering, at which time the supplemental indenture would be publicly available. See “Available Information” for information on how to obtain a copy of the indenture.

The prospectus supplement, which will accompany this prospectus, will describe the particular series of debt securities being offered, including among other things:

• the designation or title of the series of debt securities;

• the total principal amount of the series of debt securities;

• the percentage of the principal amount at which the series of debt securities will be offered;

• the date or dates on which principal will be payable;

• the rate or rates (which may be either fixed or variable) and/or the method of determining such rate or rates of interest, if any;

• the date or dates from which any interest will accrue, or the method of determining such date or dates, and the date or dates on which any interest will be payable;

• whether any interest may be paid by issuing additional debt securities of the same series in lieu of cash (and the terms upon which any such interest may be paid by issuing additional debt securities);

• the terms for redemption, extension or early repayment, if any;

• the currencies in which the series of debt securities are issued and payable;

• whether the amount of payments of principal, premium or interest, if any, on a series of debt securities will be determined with reference to an index, formula or other method (which could be based on one or more currencies, commodities, equity indices or other indices) and how these amounts will be determined;

• the place or places of payment, transfer, conversion and/or exchange of the debt securities;

• the denominations in which the offered debt securities will be issued (if other than $1,000 and any integral multiple thereof);

• the provision for any sinking fund;

139

• any Events of Default (as defined in “Events of Default” below);

• whether the series of debt securities is issuable in certificated form;

• any provisions for defeasance or covenant defeasance;

• any special U.S. federal income tax implications, including, if applicable, U.S. federal income tax considerations relating to original issue discount;

• whether and under what circumstances we will pay additional amounts in respect of any tax, assessment or governmental charge and, if so, whether we will have the option to redeem the debt securities rather than pay the additional amounts (and the terms of this option);

• any provisions for convertibility or exchangeability of the debt securities into or for any other securities;

• whether the debt securities are subject to subordination and the terms of such subordination;

• whether the debt securities are secured and the terms of any security interest;

• the listing, if any, on a securities exchange; and

• any other terms.

The debt securities may be secured or unsecured obligations. Under the provisions of the 1940 Act, we, as a BDC, are permitted to issue debt only in amounts such that our asset coverage, as defined in the 1940 Act, equals at least 150% after each issuance of debt, but giving effect to any exemptive relief granted to us by the SEC. For a discussion of risks involved with incurring additional leverage, see “Risk Factors” in our annual, quarterly and other reports filed with the SEC from time to time. Unless the prospectus supplement states otherwise, principal (and premium, if any) and interest, if any, will be paid by us in immediately available funds.

General

The indenture provides that any debt securities proposed to be sold under this prospectus and the accompanying prospectus supplement (“offered debt securities”) and any debt securities issuable upon the exercise of warrants or upon conversion or exchange of other offered securities (“underlying debt securities”) may be issued under the indenture in one or more series.

For purposes of this prospectus, any reference to the payment of principal of, or premium or interest, if any, on, debt securities will include additional amounts if required by the terms of the debt securities.

The indenture does not limit the amount of debt securities that may be issued thereunder from time to time. Debt securities issued under the indenture, when a single trustee is acting for all debt securities issued under the indenture, are called the “indenture securities.” The indenture also provides that there may be more than one trustee thereunder, each with respect to one or more different series of indenture securities. See “— Resignation of Trustee” below. At a time when two or more trustees are acting under the indenture, each with respect to only certain series, the term “indenture securities” means the one or more series of debt securities with respect to which each respective trustee is acting. In the event that there is more than one trustee under the indenture, the powers and trust obligations of each trustee described in this prospectus will extend only to the one or more series of indenture securities for which it is trustee. If two or more trustees are acting under the indenture, then the indenture securities for which each trustee is acting would be treated as if issued under separate indentures.

Except as described under “— Events of Default” and “— Merger or Consolidation” below, the indenture does not contain any provisions that give you protection in the event we issue a large amount of debt or we are acquired by another entity.

140

We refer you to the prospectus supplement for information with respect to any deletions from, modifications of or additions to the Events of Default or our covenants, as applicable, that are described below, including any addition of a covenant or other provision providing event risk protection or similar protection.

We have the ability to issue indenture securities with terms different from those of indenture securities previously issued and, without the consent of the holders thereof, to reopen a previous issue of a series of indenture securities and issue additional indenture securities of that series unless the reopening was restricted when that series was created.

Conversion and Exchange

If any debt securities are convertible into or exchangeable for other securities, the prospectus supplement will explain the terms and conditions of the conversion or exchange, including the conversion price or exchange ratio (or the calculation method), the conversion or exchange period (or how the period will be determined), if conversion or exchange will be mandatory or at the option of the holder or us, provisions for adjusting the conversion price or the exchange ratio, and provisions affecting conversion or exchange in the event of the redemption of the underlying debt securities. These terms may also include provisions under which the number or amount of other securities to be received by the holders of the debt securities upon conversion or exchange would be calculated according to the market price of the other securities as of a time stated in the prospectus supplement.

Issuance of Securities in Registered Form

We may issue the debt securities in registered form, in which case we may issue them either in book-entry form only or in “certificated” form. Debt securities issued in book-entry form will be represented by global securities. We expect that we will usually issue debt securities in book-entry only form represented by global securities.

Book-Entry Holders

We will issue registered debt securities in book-entry form only, unless we specify otherwise in the applicable prospectus supplement. This means debt securities will be represented by one or more global securities registered in the name of a depositary that will hold them on behalf of financial institutions that participate in the depositary’s book-entry system. These participating institutions, in turn, hold beneficial interests in the debt securities held by the depositary or its nominee. These institutions may hold these interests on behalf of themselves or customers.

Under the indenture, only the person in whose name a debt security is registered is recognized as the holder of that debt security. Consequently, for debt securities issued in book-entry form, we will recognize only the depositary as the holder of the debt securities and we will make all payments on the debt securities to the depositary. The depositary will then pass along the payments it receives to its participants, which in turn will pass the payments along to their customers who are the beneficial owners. The depositary and its participants do so under agreements they have made with one another or with their customers; they are not obligated to do so under the terms of the debt securities.

As a result, investors will not own debt securities directly. Instead, they will own beneficial interests in a global security, through a bank, broker or other financial institution that participates in the depositary’s book-entry system or holds an interest through a participant. As long as the debt securities are represented by one or more global securities, investors will be indirect holders, and not holders, of the debt securities.

Street Name Holders

In the future, we may issue debt securities in certificated form or terminate a global security. In these cases, investors may choose to hold their debt securities in their own names or in “street name.” Debt securities held in

141

street name are registered in the name of a bank, broker or other financial institution chosen by the investor, and the investor would hold a beneficial interest in those debt securities through the account he or she maintains at that institution.

For debt securities held in street name, we will recognize only the intermediary banks, brokers and other financial institutions in whose names the debt securities are registered as the holders of those debt securities, and we will make all payments on those debt securities to them. These institutions will pass along the payments they receive to their customers who are the beneficial owners, but only because they agree to do so in their customer agreements or because they are legally required to do so. Investors who hold debt securities in street name will be indirect holders, and not holders, of the debt securities.

Legal Holders

Our obligations, as well as the obligations of the applicable trustee and those of any third parties employed by us or the applicable trustee, run only to the legal holders of the debt securities. We do not have obligations to investors who hold beneficial interests in global securities, in street name or by any other indirect means. This will be the case whether an investor chooses to be an indirect holder of a debt security or has no choice because we are issuing the debt securities only in book-entry form.

For example, once we make a payment or give a notice to the holder, we have no further responsibility for the payment or notice even if that holder is required, under agreements with depositary participants or customers or by law, to pass it along to the indirect holders but does not do so. Similarly, if we want to obtain the approval of the holders for any purpose (for example, to amend an indenture or to relieve us of the consequences of a default or of our obligation to comply with a particular provision of an indenture), we would seek the approval only from the holders, and not the indirect holders, of the debt securities. Whether and how the holders contact the indirect holders is up to the holders.

When we refer to you in this Description of Our Debt Securities, we mean those who invest in the debt securities being offered by this prospectus, whether they are the holders or only indirect holders of those debt securities. When we refer to your debt securities, we mean the debt securities in which you hold a direct or indirect interest.

Special Considerations for Indirect Holders

If you hold debt securities through a bank, broker or other financial institution, either in book-entry form or in street name, we urge you to check with that institution to find out:

• how it handles securities payments and notices;

• whether it imposes fees or charges;

• how it would handle a request for the holders’ consent, if ever required;

• whether and how you can instruct it to send you debt securities registered in your own name so you can be a holder, if that is permitted in the future for a particular series of debt securities;

• how it would exercise rights under the debt securities if there were a default or other event triggering the need for holders to act to protect their interests; and

• if the debt securities are in book-entry form, how the depositary’s rules and procedures will affect these matters.

Global Securities

As noted above, we usually will issue debt securities as registered securities in book-entry form only. A global security represents one or any other number of individual debt securities. Generally, all debt securities represented by the same global securities will have the same terms.

142

Each debt security issued in book-entry form will be represented by a global security that we deposit with and register in the name of a financial institution or its nominee that we select. The financial institution that we select for this purpose is called the depositary. Unless we specify otherwise in the applicable prospectus supplement, The Depository Trust Company, New York, New York, known as DTC, will be the depositary for all debt securities issued in book-entry form.

A global security may not be transferred to or registered in the name of anyone other than the depositary or its nominee, unless special termination situations arise. We describe those situations below under “—Termination of a Global Security.” As a result of these arrangements, the depositary, or its nominee, will be the sole registered owner and holder of all debt securities represented by a global security, and investors will be permitted to own only beneficial interests in a global security. Beneficial interests must be held by means of an account with a broker, bank or other financial institution that in turn has an account with the depositary or with another institution that has an account with the depositary. Thus, an investor whose security is represented by a global security will not be a holder of the debt security, but only an indirect holder of a beneficial interest in the global security.

Special Considerations for Global Securities

As an indirect holder, an investor’s rights relating to a global security will be governed by the account rules of the investor’s financial institution and of the depositary, as well as general laws relating to securities transfers. The depositary that holds the global security will be considered the holder of the debt securities represented by the global security.

If debt securities are issued only in the form of a global security, an investor should be aware of the following:

• an investor cannot cause the debt securities to be registered in his, her or its name and cannot obtain certificates for his, her or its interest in the debt securities, except in the special situations we describe below;

• an investor will be an indirect holder and must look to his, her or its own bank or broker for payments on the debt securities and protection of his, her or its legal rights relating to the debt securities, as we describe under “—Issuance of Securities in Registered Form” above;

• an investor may not be able to sell interests in the debt securities to some insurance companies and other institutions that are required by law to own their securities in non-book-entry form;

• an investor may not be able to pledge his, her or its interest in a global security in circumstances where certificates representing the debt securities must be delivered to the lender or other beneficiary of the pledge in order for the pledge to be effective;

• the depositary’s policies, which may change from time to time, will govern payments, transfers, exchanges and other matters relating to an investor’s interest in a global security. We and the trustee have no responsibility for any aspect of the depositary’s actions or for its records of ownership interests in a global security. We and the trustee also do not supervise the depositary in any way;

• if we redeem less than all the debt securities of a particular series being redeemed, DTC’s practice is to determine by lot the amount to be redeemed from each of its participants holding that series;

• an investor is required to give notice of exercise of any option to elect repayment of its debt securities, through its participant, to the applicable trustee and to deliver the related debt securities by causing its participant to transfer its interest in those debt securities, on DTC’s records, to the applicable trustee;

• DTC requires that those who purchase and sell interests in a global security deposited in its book-entry system use immediately available funds; your broker or bank may also require you to use immediately available funds when purchasing or selling interests in a global security; and

143

• financial institutions that participate in the depositary’s book-entry system, and through which an investor holds its interest in a global security, may also have their own policies affecting payments, notices and other matters relating to the debt securities; there may be more than one financial intermediary in the chain of ownership for an investor; we do not monitor, nor are we responsible for the actions of, any of those intermediaries.

Termination of a Global Security

If a global security is terminated for any reason, interests in it will be exchanged for certificates in non-book-entry form (certificated securities). After that exchange, the choice of whether to hold the certificated debt securities directly or in street name will be up to the investor. Investors must consult their own banks or brokers to find out how to have their interests in a global security transferred on termination to their own names, so that they will be holders. We have described the rights of legal holders and street name investors under “—Issuance of Securities in Registered Form” above.

The prospectus supplement may list situations for terminating a global security that would apply only to the particular series of debt securities covered by the prospectus supplement. If a global security is terminated, only the depositary, and not us or the applicable trustee, is responsible for deciding the investors in whose names the debt securities represented by the global security will be registered and, therefore, who will be the holders of those debt securities.

Payment and Paying Agents

We will pay interest to the person listed in the applicable trustee’s records as the owner of the debt security at the close of business on a particular day in advance of each due date for interest, even if that person no longer owns the debt security on the interest due date. That day, usually about two weeks in advance of the interest due date, is called the “record date.” Since we will pay all the interest for an interest period to the holders on the record date, holders buying and selling debt securities must work out between themselves the appropriate purchase price. The most common manner is to adjust the sales price of the debt securities to prorate interest fairly between buyer and seller based on their respective ownership periods within the particular interest period. This prorated interest amount is called “accrued interest.”

Payments on Global Securities

We will make payments on a global security in accordance with the applicable policies of the depositary as in effect from time to time. Under those policies, we will make payments directly to the depositary, or its nominee, and not to any indirect holders who own beneficial interests in the global security. An indirect holder’s right to those payments will be governed by the rules and practices of the depositary and its participants, as described under “—Special Considerations for Global Securities.”

Payments on Certificated Securities

We will make payments on a certificated debt security as follows. We will pay interest that is due on an interest payment date to the holder of debt securities as shown on the trustee’s records as of the close of business on the regular record date at our office and/or at other offices that may be specified in the prospectus supplement. We will make all payments of principal and premium, if any, by check at the office of the applicable trustee in New York, New York and/or at other offices that may be specified in the prospectus supplement or in a notice to holders against surrender of the debt security.

Alternatively, at our option, we may pay any cash interest that becomes due on the debt security by mailing a check to the holder at his, her, or its address shown on the trustee’s records as of the close of business on the regular record date or by transfer to an account at a bank in the United States, in either case, on the due date.

144

Payment When Offices Are Closed

If any payment is due on a debt security on a day that is not a business day, we will make the payment on the next day that is a business day. Payments made on the next business day in this situation will be treated under the indenture as if they were made on the original due date, except as otherwise indicated in the attached prospectus supplement. Such payment will not result in a default under any debt security or the indenture, and no interest will accrue on the payment amount from the original due date to the next day that is a business day.

Book-entry and other indirect holders should consult their banks or brokers for information on how they will receive payments on their debt securities.

Events of Default

You will have rights if an Event of Default occurs in respect of the debt securities of your series and is not cured, as described later in this subsection.

The term “Event of Default” in respect of the debt securities of your series means any of the following:

• we do not pay the principal of (or premium, if any, on) a debt security of the series within five days of its due date;

• we do not pay interest on a debt security of the series within 30 days of its due date;

• we do not deposit any sinking fund payment in respect of debt securities of the series within five days of its due date;

• we remain in breach of a covenant in respect of debt securities of the series for 90 days after we receive a written notice of default stating we are in breach (the notice must be sent by either the trustee or holders of at least 25.0% of the principal amount of debt securities of the series);

• we voluntarily file for bankruptcy or consent to the commencement of certain other events of bankruptcy, insolvency or reorganization;

• a court of competent jurisdiction enters an order or decree under bankruptcy law that is for relief against us in an involuntary case or proceeding, adjudges us bankrupt or insolvent or orders the winding up or liquidation of us and the continuance of any such decree or order remains undischarged or unstayed for a period of 90 days;

• the series of debt securities has an asset coverage, as such term is defined in the 1940 Act, of less than 100.0% on the last business day of each of 24 consecutive calendar months, giving effect to any exemptive relief granted to us by the SEC; or

• any other Event of Default in respect of debt securities of the series described in the prospectus supplement occurs.

An Event of Default for a particular series of debt securities does not necessarily constitute an Event of Default for any other series of debt securities issued under the same or any other indenture. The trustee may withhold notice to the holders of debt securities of any default, except in the payment of principal, premium, interest, or sinking or purchase fund installment, if it in good faith considers the withholding of notice to be in the interest of the holders.

Remedies if an Event of Default Occurs

If an Event of Default has occurred and is continuing, the trustee or the holders of not less than 25.0% in principal amount of the outstanding debt securities of the affected series may (and the trustee shall at the request of such holders) declare the entire principal amount of all the outstanding debt securities of that series to be due and immediately payable by a notice in writing to us (and to the trustee if given by such holders). This is called a

145

declaration of acceleration of maturity. A declaration of acceleration of maturity may be canceled by the holders of a majority in principal amount of the outstanding debt securities of the affected series if (1) we have deposited with the trustee all amounts due and owing with respect to the securities (other than principal that has become due solely by reason of such acceleration) and certain other amounts, and (2) any other Events of Default have been cured or waived.

The trustee is not required to take any action under the indenture at the request of any holders unless the holders offer the trustee protection from expenses and liability reasonably satisfactory to it (called an “indemnity”). If indemnity reasonably satisfactory to the trustee is provided, the holders of a majority in principal amount of the outstanding debt securities of the relevant series may direct the time, method and place of conducting any lawsuit or other formal legal action seeking any remedy available to the trustee. The trustee may refuse to follow those directions in certain circumstances. No delay or omission in exercising any right or remedy will be treated as a waiver of that right, remedy or Event of Default.

Before you are allowed to bypass your trustee and bring your own lawsuit or other formal legal action or take other steps to enforce your rights or protect your interests relating to the debt securities, the following must occur:

• you must give the trustee written notice that an Event of Default with respect to the relevant series of debt securities has occurred and remains uncured;

• the holders of at least 25.0% in principal amount of all outstanding debt securities of the relevant series must make a written request that the trustee take action because of the default and must offer indemnity, security, or both reasonably satisfactory to the trustee against the costs, expenses, and other liabilities of taking that action;

• the trustee must not have taken action for 60 days after receipt of the above notice and offer of indemnity and/or security; and

• the holders of a majority in principal amount of the outstanding debt securities of that series must not have given the trustee a direction inconsistent with the above notice during that 60-day period.

However, you are entitled at any time to bring a lawsuit for the payment of money due on your debt securities on or after the due date.

Book-entry and other indirect holders should consult their banks or brokers for information on how to give notice or direction to or make a request of the trustee and how to declare or cancel an acceleration of maturity.

Each year, we will furnish to each trustee a written statement of certain of our officers certifying that to their knowledge we are in compliance with the indenture and the debt securities, or else specifying any default.

Waiver of Default

Holders of a majority in principal amount of the outstanding debt securities of the affected series may waive any past defaults other than a default:

• in the payment of principal, any premium or interest; or

• in respect of a covenant that cannot be modified or amended without the consent of each holder.

Merger or Consolidation

• Under the terms of the indenture, we are generally permitted to consolidate or merge with another entity. We are also permitted to sell all or substantially all of our assets to another entity. However, we may not take any of these actions unless all the following conditions are met:

• where we merge out of existence or sell substantially all of our assets, the resulting entity or transferee must agree to be legally responsible for our obligations under the debt securities;

146

• the merger or sale of assets must not cause a default on the debt securities and we must not already be in default (unless the merger or sale would cure the default). For purposes of this no-default test, a default would include an Event of Default that has occurred and has not been cured, as described under “Events of Default” above. A default for this purpose would also include any event that would be an Event of Default if the requirements for giving us a notice of default or our default having to exist for a specific period of time were disregarded;

• we must deliver certain certificates and documents to the trustee; and

• we must satisfy any other requirements specified in the prospectus supplement relating to a particular series of debt securities.

Modification or Waiver

There are three types of changes we can make to the indenture and the debt securities issued thereunder.

Changes Requiring Your Approval

First, there are changes that we cannot make to your debt securities without your specific approval. The following is a list of those types of changes:

• change the stated maturity of the principal of or interest on a debt security or the terms of any sinking fund with respect to any security;

• reduce any amounts due on a debt security;

• reduce the amount of principal payable upon acceleration of the maturity of an original issue discount or indexed security following a default or upon the redemption thereof or the amount thereof provable in a bankruptcy proceeding;

• adversely affect any right of repayment at the holder’s option;

• change the place or currency of payment on a debt security (except as otherwise described in the prospectus or prospectus supplement);

• impair your right to sue for payment;

• adversely affect any right to convert or exchange a debt security in accordance with its terms;

• modify the subordination provisions in the indenture in a manner that is adverse to outstanding holders of the debt securities;

• reduce the percentage of holders of debt securities whose consent is needed to modify or amend the indenture;

• reduce the percentage of holders of debt securities whose consent is needed to waive compliance with certain provisions of the indenture or to waive certain defaults;

• modify any other aspect of the provisions of the indenture dealing with supplemental indentures with the consent of holders, waiver of past defaults, changes to the quorum or voting requirements or the waiver of certain covenants; and

• change any obligation we have to pay additional amounts.

Changes Not Requiring Approval

The second type of change does not require any vote by the holders of the debt securities. This type is limited to clarifications, establishment of the form or terms of new securities of any series as permitted by the indenture and certain other changes that would not adversely affect holders of the outstanding debt securities in

147

any material respect. We also do not need any approval to make any change that affects only debt securities to be issued under the indenture after the change takes effect.

Changes Requiring Majority Approval

Any other change to the indenture and the debt securities would require the following approval:

• if the change affects only one series of debt securities, it must be approved by the holders of a majority in principal amount of that series; and

• if the change affects more than one series of debt securities issued under the same indenture, it must be approved by the holders of a majority in principal amount of all of the series affected by the change, with all affected series voting together as one class for this purpose.

In each case, the required approval must be given by written consent.

The holders of a majority in principal amount of a series of debt securities issued under the indenture, voting together as one class for this purpose, may waive our compliance with some of the covenants applicable to that series of debt securities. However, we cannot obtain a waiver of a payment default or of any of the matters covered by the bullet points included above under “—Changes Requiring Your Approval.”

Further Details Concerning Voting

When taking a vote, we will use the following rules to decide how much principal to attribute to a debt security:

• for original issue discount securities, we will use the principal amount that would be due and payable on the voting date if the maturity of these debt securities were accelerated to that date because of a default;

• for debt securities whose principal amount is not known (for example, because it is based on an index), we will use the principal face amount at original issuance or a special rule for that debt security described in the prospectus supplement; and

• for debt securities denominated in one or more foreign currencies, we will use the U.S. dollar equivalent.

Debt securities will not be considered outstanding, and therefore not eligible to vote, if we have deposited or set aside in trust money for their payment or redemption or if we, any other obligor, or any affiliate of us or any obligor own such debt securities. Debt securities will also not be eligible to vote if they have been fully defeased as described later under “—Defeasance—Full Defeasance”.

We will generally be entitled to set any day as a record date for the purpose of determining the holders of outstanding indenture securities that are entitled to vote or take other action under the indenture. However, the record date may not be more than 30 days before the date of the first solicitation of holders to vote on or take such action. If we set a record date for a vote or other action to be taken by holders of one or more series, that vote or action may be taken only by persons who are holders of outstanding indenture securities of those series on the record date and must be taken within 11 months following the record date.

Book-entry and other indirect holders should consult their banks or brokers for information on how approval may be granted or denied if we seek to change the indenture or the debt securities or request a waiver.

Defeasance

The following provisions will be applicable to each series of debt securities unless we state in the applicable prospectus supplement that the provisions of covenant defeasance and full defeasance will not be applicable to that series.

148

Covenant Defeasance

Under current U.S. federal tax law and the indenture, we can make the deposit described below and be released from some of the restrictive covenants in the indenture under which the particular series was issued. This is called “covenant defeasance”. In that event, you would lose the protection of those restrictive covenants but would gain the protection of having money and government securities set aside in trust to repay your debt securities. If we achieved covenant defeasance and your debt securities were subordinated as described under “—Indenture Provisions—Subordination” below, such subordination would not prevent the trustee under the indenture from applying the funds available to it from the deposit described in the first bullet below to the payment of amounts due in respect of such debt securities for the benefit of the subordinated debt holders. In order to achieve covenant defeasance, the following must occur:

• we must deposit in trust for the benefit of all holders of a series of debt securities a combination of cash (in such currency in which such securities are then specified as payable at stated maturity) or government obligations applicable to such securities (determined on the basis of the currency in which such securities are then specified as payable at stated maturity) that will generate enough cash to make interest, principal and any other payments on the debt securities on their various due dates and any mandatory sinking fund payments or analogous payments;

• we must deliver to the trustee a legal opinion of our counsel confirming that, under current U.S. federal income tax law, we may make the above deposit without causing you to be taxed on the debt securities any differently than if such covenant defeasance had not occurred;

• we must deliver to the trustee a legal opinion of our counsel stating that the above deposit does not require registration by us under the 1940 Act and a legal opinion and officers’ certificate stating that all conditions precedent to covenant defeasance have been complied with;

• defeasance must not result in a breach or violation of, or result in a default under, of the indenture or any of our other material agreements or instruments, as applicable;

• no default or event of default with respect to such debt securities shall have occurred and be continuing and no defaults or events of default related to bankruptcy, insolvency or reorganization shall occur during the next 90 days; and

• satisfy the conditions for covenant defeasance contained in any supplemental indentures.

If we accomplish covenant defeasance, you can still look to us for repayment of the debt securities if there were a shortfall in the trust deposit or the trustee is prevented from making payment. For example, if one of the remaining Events of Default occurred (such as our bankruptcy) and the debt securities became immediately due and payable, there might be such a shortfall. However, there is no assurance that we would have sufficient funds to make payment of the shortfall.

Full Defeasance

If there is a change in U.S. federal tax law or we obtain or there has been published an IRS ruling, as described in the second bullet below, we can legally release ourself from all payment and other obligations on the debt securities of a particular series (called “full defeasance”) if we put in place the following other arrangements for you to be repaid:

• we must deposit in trust for the benefit of all holders of a series of debt securities a combination of cash (in such currency in which such securities are then specified as payable at stated maturity) or government obligations applicable to such securities (determined on the basis of the currency in which such securities are then specified as payable at stated maturity) that will generate enough cash to make interest, principal and any other payments on the debt securities on their various due dates and any mandatory sinking fund payments or analogous payments;

149

• we must deliver to the trustee a legal opinion of our counsel confirming that there has been a change in current U.S. federal tax law or we obtain or there has been published an IRS ruling that allows us to make the above deposit without causing you to be taxed on the debt securities any differently than if such defeasance had not occurred. Under current U.S. federal tax law, the deposit and our legal release from the debt securities would be treated as though we paid you your share of the cash and notes or bonds at the time the cash and notes or bonds were deposited in trust in exchange for your debt securities and you would recognize gain or loss on the debt securities at the time of the deposit;

• we must deliver to the trustee a legal opinion of our counsel stating that the above deposit does not require registration by us under the 1940 Act and a legal opinion and officers’ certificate stating that all conditions precedent to defeasance have been complied with;

• defeasance must not result in a breach or violation of, or constitute a default under, of the indenture or any of our other material agreements or instruments, as applicable;

• no default or event of default with respect to such debt securities shall have occurred and be continuing and no defaults or events of default related to bankruptcy, insolvency or reorganization shall occur during the next 90 days; and

• satisfy the conditions for full defeasance contained in any supplemental indentures.

If we ever did accomplish full defeasance, as described above, you would have to rely solely on the trust deposit for repayment of the debt securities. You could not look to us for repayment in the unlikely event of any shortfall. Conversely, the trust deposit would most likely be protected from claims of our lenders and other creditors, as applicable, if we ever became bankrupt or insolvent. If your debt securities were subordinated as described later under “—Indenture Provisions—Subordination”, such subordination would not prevent the trustee under the indenture from applying the funds available to it from the deposit referred to in the first bullet of the preceding paragraph to the payment of amounts due in respect of such debt securities for the benefit of the subordinated debt holders.

Form, Exchange and Transfer of Certificated Registered Securities

If registered debt securities cease to be issued in book-entry form, they will be issued:

• only in fully registered certificated form;

• without interest coupons; and

• unless we indicate otherwise in the prospectus supplement, in denominations of $1,000 and amounts that are multiples of $1,000.

Holders may exchange their certificated securities for debt securities of smaller denominations or combined into fewer debt securities of larger denominations, as long as the total principal amount is not changed and as long as the denomination is greater than the minimum denomination for such securities.

Holders may exchange or transfer their certificated securities at the office of the trustee. We have appointed the trustee to act as our agent for registering debt securities in the names of holders transferring debt securities. We may appoint another entity to perform these functions or perform them ourself.

Holders will not be required to pay a service charge to transfer or exchange their certificated securities, but they may be required to pay any tax or other governmental charge associated with the transfer or exchange. The transfer or exchange will be made only if our transfer agent, as applicable, is satisfied with the holder’s proof of legal ownership.

If we have designated additional transfer agents for your debt security, they will be named in the prospectus supplement. We may appoint additional transfer agents or cancel the appointment of any particular transfer agent. We may also approve a change in the office through which any transfer agent acts.

150

If any certificated securities of a particular series are redeemable and we redeem less than all the debt securities of that series, we may block the transfer or exchange of those debt securities during the period beginning 15 days before the day we mail the notice of redemption and ending on the day of that mailing, in order to freeze the list of holders to prepare the mailing. We may also refuse to register transfers or exchanges of any certificated securities selected for redemption, except that we will continue to permit transfers and exchanges of the unredeemed portion of any debt security that will be partially redeemed.

If a registered debt security is issued in book-entry form, only the depositary will be entitled to transfer and exchange the debt security as described in this subsection, since it will be the sole holder of the debt security.

Resignation of Trustee

Each trustee may resign or be removed with respect to one or more series of indenture securities provided that a successor trustee is appointed to act with respect to these series and has accepted such appointment. In the event that two or more persons are acting as trustee with respect to different series of indenture securities under the indenture, each of the trustees will be a trustee of a trust separate and apart from the trust administered by any other trustee.

Indenture Provisions—Subordination

Upon any distribution of our assets upon our dissolution, winding up, liquidation or reorganization, the payment of the principal of (and premium, if any) and interest, if any, on any indenture securities denominated as subordinated debt securities is to be subordinated to the extent provided in the indenture in right of payment to the prior payment in full of all Senior Indebtedness (as defined below), but our obligation to you to make payment of the principal of (and premium, if any) and interest, if any, on such subordinated debt securities will not otherwise be affected. In addition, no payment on account of principal (or premium, if any), sinking fund or interest, if any, may be made on such subordinated debt securities at any time unless full payment of all amounts due in respect of the principal (and premium, if any), sinking fund and interest on Senior Indebtedness has been made or duly provided for in money or money’s worth.

In the event that, notwithstanding the foregoing, any payment by us is received by the trustee in respect of subordinated debt securities or by the holders of any of such subordinated debt securities, upon our dissolution, winding up, liquidation or reorganization before all Senior Indebtedness is paid in full, the payment or distribution must be paid over to the holders of the Senior Indebtedness or on their behalf for application to the payment of all the Senior Indebtedness remaining unpaid until all the Senior Indebtedness has been paid in full, after giving effect to any concurrent payment or distribution to the holders of the Senior Indebtedness. Subject to the payment in full of all Senior Indebtedness upon this distribution by us, the holders of such subordinated debt securities will be subrogated to the rights of the holders of the Senior Indebtedness to the extent of payments made to the holders of the Senior Indebtedness out of the distributive share of such subordinated debt securities.

By reason of this subordination, in the event of a distribution of our assets upon our insolvency, certain of our senior creditors may recover more, ratably, than holders of any subordinated debt securities or the holders of any indenture securities that are not Senior Indebtedness. The indenture provides that these subordination provisions will not apply to money and securities held in trust under the defeasance provisions of the indenture.

Senior Indebtedness is defined in the indenture as the principal of (and premium, if any) and unpaid interest on:

• our indebtedness (including indebtedness of others guaranteed by us), whenever created, incurred, assumed or guaranteed, for money borrowed that we have designated as “Senior Indebtedness” for purposes of the indenture and in accordance with the terms of the indenture (including any indenture securities designated as Senior Indebtedness), and

151

• renewals, extensions, modifications and refinancings of any of this indebtedness.

If this prospectus is being delivered in connection with the offering of a series of indenture securities denominated as subordinated debt securities, the accompanying prospectus supplement will set forth the approximate amount of our Senior Indebtedness and of our other Indebtedness outstanding as of a recent date.

Secured Indebtedness and Ranking

Certain of our indebtedness, including certain series of indenture securities, may be secured. The prospectus supplement for each series of indenture securities will describe the terms of any security interest for such series and will indicate the approximate amount of our secured indebtedness as of a recent date. Any unsecured indenture securities will effectively rank junior to any secured indebtedness, including any secured indenture securities, that we incur in the future to the extent of the value of the assets securing such future secured indebtedness. The debt securities, whether secured or unsecured, will rank structurally junior to all existing and future indebtedness (including trade payables) incurred by any subsidiaries, financing vehicles, or similar facilities we may have.

In the event of our bankruptcy, liquidation, reorganization or other winding up any of our assets that secure secured debt will be available to pay obligations on unsecured debt securities only after all indebtedness under such secured debt has been repaid in full from such assets. We advise you that there may not be sufficient assets remaining to pay amounts due on any or all unsecured debt securities then outstanding after fulfillment of this obligation. As a result, the holders of unsecured indenture securities may recover less, ratably, than holders of any of our secured indebtedness.

The Trustee under the Indenture

U.S Bank National Association serves as the trustee under the indenture.

Certain Considerations Relating To Foreign Currencies

Debt securities denominated or payable in foreign currencies may entail significant risks. These risks include the possibility of significant fluctuations in the foreign currency markets, the imposition or modification of foreign exchange controls and potential illiquidity in the secondary market. These risks will vary depending upon the currency or currencies involved and will be more fully described in the applicable prospectus supplement.

Book-Entry Debt Securities

The Depository Trust Company (“DTC”), New York, NY, will act as securities depository for the debt securities. The debt securities will be issued as fully registered securities registered in the name of Cede & Co. (DTC’s partnership nominee) or such other name as may be requested by an authorized representative of DTC. One fully registered certificate will be issued for the debt securities, in the aggregate principal amount of such issue, and will be deposited with DTC. If, however, the aggregate principal amount of any issue exceeds $500 million, one certificate will be issued with respect to each $500 million of principal amount, and an additional certificate will be issued with respect to any remaining principal amount of such issue.

DTC, the world’s largest securities depository, is a limited-purpose trust company organized under the New York Banking Law, a “banking organization” within the meaning of the New York Banking Law, a member of the Federal Reserve System, a “clearing corporation” within the meaning of the New York Uniform Commercial Code, and a “clearing agency” registered pursuant to the provisions of Section 17A of the Exchange Act. DTC holds and provides asset servicing for over 3.5 million issues of U.S. and non-U.S. equity, corporate and municipal debt issues, and money market instruments from over 100 countries that DTC’s participants (“Direct Participants”) deposit with DTC. DTC also facilitates the post-trade settlement among Direct Participants of sales and other securities transactions in deposited securities through electronic computerized book-entry

152

transfers and pledges between Direct Participants’ accounts. This eliminates the need for physical movement of securities certificates. Direct Participants include both U.S. and non-U.S. securities brokers and dealers, banks, trust companies, clearing corporations, and certain other organizations. DTC is a wholly owned subsidiary of The Depository Trust & Clearing Corporation (“DTCC”).

DTCC is the holding company for DTC, National Securities Clearing Corporation and Fixed Income Clearing Corporation, all of which are registered clearing agencies. DTCC is owned by the users of its regulated subsidiaries. Access to the DTC system is also available to others such as both U.S. and non-U.S. securities brokers and dealers, banks, trust companies and clearing corporations that clear through or maintain a custodial relationship with a Direct Participant, either directly or indirectly (“Indirect Participants”). DTC has a Standard & Poor’s rating of AA+. The DTC Rules applicable to its Participants are on file with the SEC. More information about DTC can be found at www.dtcc.com.

Purchases of debt securities under the DTC system must be made by or through Direct Participants, which will receive a credit for the debt securities on DTC’s records. The ownership interest of each actual purchaser of each security (“Beneficial Owner”) is in turn to be recorded on the Direct and Indirect Participants’ records. Beneficial Owners will not receive written confirmation from DTC of their purchase. Beneficial Owners are, however, expected to receive written confirmations providing details of the transaction, as well as periodic statements of their holdings, from the Direct or Indirect Participant through which the Beneficial Owner entered into the transaction. Transfers of ownership interests in the debt securities are to be accomplished by entries made on the books of Direct and Indirect Participants acting on behalf of Beneficial Owners. Beneficial Owners will not receive certificates representing their ownership interests in debt securities, except in the event that use of the book-entry system for the debt securities is discontinued.

To facilitate subsequent transfers, all debt securities deposited by Direct Participants with DTC are registered in the name of DTC’s partnership nominee, Cede & Co., or such other name as may be requested by an authorized representative of DTC. The deposit of debt securities with DTC and their registration in the name of Cede & Co. or such other DTC nominee do not effect any change in beneficial ownership. DTC has no knowledge of the actual Beneficial Owners of the debt securities; DTC’s records reflect only the identity of the Direct Participants to whose accounts such debt securities are credited, which may or may not be the Beneficial Owners. The Direct and Indirect Participants will remain responsible for keeping account of their holdings on behalf of their customers.

Conveyance of notices and other communications by DTC to Direct Participants, by Direct Participants to Indirect Participants, and by Direct Participants and Indirect Participants to Beneficial Owners will be governed by arrangements among them, subject to any statutory or regulatory requirements as may be in effect from time to time.

Redemption notices shall be sent to DTC. If less than all of the debt securities within an issue are being redeemed, DTC’s practice is to determine by lot the amount of the interest of each Direct Participant in such issue to be redeemed.

Neither DTC nor Cede & Co. (nor any other DTC nominee) will consent or vote with respect to the debt securities unless authorized by a Direct Participant in accordance with DTC’s Procedures. Under its usual procedures, DTC mails an Omnibus Proxy to us as soon as possible after the record date. The Omnibus Proxy assigns Cede & Co.’s consenting or voting rights to those Direct Participants to whose accounts the debt securities are credited on the record date (identified in a listing attached to the Omnibus Proxy).

153

Redemption proceeds, distributions, and distribution payments on the debt securities will be made to Cede & Co., or such other nominee as may be requested by an authorized representative of DTC. DTC’s practice is to credit Direct Participants’ accounts upon DTC’s receipt of funds and corresponding detail information from us or the trustee on the payment date in accordance with their respective holdings shown on DTC’s records. Payments by Participants to Beneficial Owners will be governed by standing instructions and customary practices, as is the case with securities held for the accounts of customers in bearer form or registered in “street name,” and will be the responsibility of such Participant and not of DTC or its nominee, the trustee, or us, subject to any statutory or regulatory requirements as may be in effect from time to time. Payment of redemption proceeds, distributions, and distribution payments to Cede & Co. (or such other nominee as may be requested by an authorized representative of DTC) is the responsibility of us or the trustee, but disbursement of such payments to Direct Participants will be the responsibility of DTC, and disbursement of such payments to the Beneficial Owners will be the responsibility of Direct and Indirect Participants.

DTC may discontinue providing its services as depository with respect to the debt securities at any time by giving reasonable notice to us or the trustee. Under such circumstances, in the event that a successor depository is not obtained, certificates are required to be printed and delivered. We may decide to discontinue use of the system of book-entry-only transfers through DTC (or a successor securities depository). In that event, certificates will be printed and delivered to DTC.

The information in this section concerning DTC and DTC’s book-entry system has been obtained from sources that we believe to be reliable, but we take no responsibility for the accuracy thereof.

154

REGULATION

The information included under the captions “Business—Our Company”, “Business—Regulation as a Business Development Company” and “Business—Proxy Voting Policies and Procedures” in Part 1, Item 1 of our most recent Annual Report on Form 10-K is incorporated herein by reference.

155

PLAN OF DISTRIBUTION

We may offer, from time to time, in one or more offerings or series, our debt securities on terms to be determined at the time of the offering, in one or more underwritten public offerings, negotiated transactions, block trades, best efforts offerings or a combination of these methods.

We may sell our debt securities through underwriters or dealers, directly to one or more purchasers, through agents designated from time to time by us or through a combination of any such methods of sale. Any underwriter or agent involved in the offer and sale of the debt securities will be named in the applicable prospectus supplement. A prospectus supplement or supplements will also describe the terms of the offering of the debt securities, including: the purchase price of the debt securities and the proceeds we will receive from the sale; any options under which underwriters may purchase additional debt securities from us; any agency fees or underwriting discounts and other items constituting agents’ or underwriters’ compensation; the public offering price; any discounts or concessions allowed or re-allowed or paid to dealers; and any securities exchange or market on which the debt securities may be listed. Only underwriters named in the prospectus supplement will be underwriters of the debt securities offered by such prospectus supplement.

In connection with the sale of our debt securities, underwriters or agents may receive compensation from us, or from purchasers of the debt securities, for whom they may act as agents, in the form of discounts, concessions or commissions. Underwriters may sell the debt securities to or through dealers, and such dealers may receive compensation in the form of discounts, concessions or commissions from the underwriters and/or commissions from the purchasers for whom they may act as agents. Underwriters, dealers and agents that participate in the distribution of our debt securities may be deemed to be underwriters under the Securities Act, and any discounts and commissions they receive from us and any profit realized by them on the resale of the debt securities may be deemed to be underwriting discounts and commissions under the Securities Act. Any such underwriter or agent will be identified and any such compensation received from us will be described in the applicable prospectus supplement. The maximum aggregate commission or discount to be received by any member of the Financial Industry Regulatory Authority, or FINRA, or independent broker-dealer will not be greater than 8% of the gross proceeds of the sale of securities offered pursuant to this prospectus and any applicable prospectus supplement. We may also reimburse the underwriter or agent for certain fees and legal expenses incurred by it.

Any underwriter may engage in over-allotment, stabilizing transactions, short-covering transactions and penalty bids in accordance with Regulation M under the Exchange Act. Over-allotment involves sales in excess of the offering size, which create a short position. Stabilizing transactions permit bids to purchase the underlying security so long as the stabilizing bids do not exceed a specified maximum price. Syndicate-covering or other short-covering transactions involve purchases of the debt securities, either through exercise of the option to purchase additional debt securities from us or in the open market after the distribution is completed, to cover short positions. Penalty bids permit the underwriters to reclaim a selling concession from a dealer when the debt securities originally sold by the dealer are purchased in a stabilizing or covering transaction to cover short positions. Those activities may cause the price of the debt securities to be higher than it would otherwise be. If commenced, the underwriters may discontinue any of the activities at any time.

We may sell securities directly or through agents we designate from time to time. We will name any agent involved in the offering and sale of securities and we will describe any commissions we will pay the agent in the prospectus supplement. Unless the prospectus supplement states otherwise, the agent will act on a best-efforts basis for the period of its appointment.

We may use the net proceeds from the sale of our debt securities to acquire investments in companies, the terms of which will be further disclosed in a prospectus supplement if such debt securities are issued in an offering hereunder.

156

Unless otherwise specified in the applicable prospectus supplement, each issuance of debt securities will be a new issue with no trading market. We may elect to list any series of our debt securities on any exchange, but we are not obligated to do so. We cannot guarantee the liquidity of the trading markets for any of our debt securities.

Under agreements that we may enter, underwriters, dealers and agents who participate in the distribution of the debt securities may be entitled to indemnification by us against certain liabilities, including liabilities under the Securities Act, or contribution with respect to payments that the agents or underwriters may make with respect to these liabilities. Underwriters, dealers and agents may engage in transactions with, or perform services for, us in the ordinary course of business.

If so indicated in the applicable prospectus supplement, we will authorize underwriters or other persons acting as agents to solicit offers by certain institutions to purchase debt securities from us pursuant to contracts providing for payment and delivery on a future date. Institutions with which such contracts may be made include commercial and savings banks, insurance companies, pension funds, investment companies, educational and charitable institutions and others, but in all cases such institutions must be approved by us. The obligations of any purchaser under any such contract will be subject to the condition that the purchase of the debt securities shall not at the time of delivery be prohibited under the laws of the jurisdiction to which such purchaser is subject. The underwriters and such other agents will not have any responsibility in respect of the validity or performance of such contracts. Such contracts will be subject only to those conditions set forth in the prospectus supplement, and the prospectus supplement will set forth the commission payable for solicitation of such contracts.

We may enter into derivative transactions with third parties, or sell securities, including debt securities, not covered by this prospectus to third parties in privately negotiated transactions. If the applicable prospectus supplement indicates, in connection with those derivatives, the third parties may sell securities covered by this prospectus and the applicable prospectus supplement, including in short sale transactions. If so, the third party may use securities pledged by us or borrowed from us or others to settle those sales or to close out any related open borrowings of stock, and may use securities received from us in settlement of those derivatives to close out any related open borrowings of stock. The third parties in such sale transactions will be underwriters and, if not identified in this prospectus, will be identified in the applicable prospectus supplement.

In order to comply with the securities laws of certain states, if applicable, the debt securities offered hereby will be sold in such jurisdictions only through registered or licensed brokers or dealers.

157

CUSTODIAN, TRANSFER AND DISTRIBUTION PAYING AGENT AND REGISTRAR

Our securities are held under a custody agreement by State Street Bank and Trust Company. The address of the custodian is: 100 Summer Street, Floor 5, Boston, Massachusetts 02110. SS&C GIDS, Inc. acts as our transfer agent and distribution disbursing agent for our Common Shares. The principal business address of SS&C GIDS, Inc. is 430 W. 7th Street, Suite 219270, Kansas City, Missouri 64105-1594, telephone number: (816) 435-3455.

158

BROKERAGE ALLOCATION AND OTHER PRACTICES

Since we will generally acquire and dispose of our investments in privately negotiated transactions, we will infrequently use brokers in the normal course of our business. Subject to policies established by the Board, if any, the Advisers will be primarily responsible for the execution of any publicly-traded securities portfolio transactions and the allocation of brokerage commissions. The Advisers do not expect to execute transactions through any particular broker or dealer, but will seek to obtain the best net results for us, taking into account such factors as price (including the applicable brokerage commission or dealer spread), size of order, difficulty of execution, and operational facilities of the firm and the firm’s risk and skill in positioning blocks of securities. While the Advisers generally will seek reasonably competitive trade execution costs, we will not necessarily pay the lowest spread or commission available. Subject to applicable legal requirements, the Advisers may select a broker based partly upon brokerage or research services provided to it and us and any other clients. In return for such services, we may pay a higher commission than other brokers would charge if the Advisers determine in good faith that such commission is reasonable in relation to the services provided.

159

LEGAL MATTERS

The validity of the debt securities offered hereby and certain legal matters for us in connection with the offering will be passed upon for us by Simpson Thacher & Bartlett LLP, Washington, D.C. and New York, New York and by Richards, Layton & Finger, P.A., Wilmington, Delaware.

Certain legal matters in connection with the offering will be passed upon for the underwriters, if any, by the counsel named in the prospectus supplement.

160

EXPERTS

The consolidated financial statements of the Company and its subsidiaries as of December 31, 2023 and 2022, and for the years ended December 31, 2023 and 2022 and for the period from January 7, 2021 (commencement of operations) to December 31, 2021, incorporated by reference in this prospectus, have been audited by Deloitte & Touche LLP, an independent registered public accounting firm, located at 30 Rockefeller Plaza, New York, New York, 10112, as stated in their report. Such financial statements are incorporated by reference in reliance upon the report of such firm given their authority as experts in accounting and auditing.

161

AVAILABLE INFORMATION

We have filed with the SEC a registration statement on Form N-2, together with all amendments and related exhibits, under the Securities Act, with respect to the debt securities offered by this prospectus. The registration statement contains additional information about us and the debt securities being offered by this prospectus.

We also file with or submit to the SEC periodic and current reports and other information meeting the informational requirements of the Exchange Act.

This information is available free of charge by calling us collect at (212) 503-2100 or is directly available on our website at www.bcred.com. Information contained on our website is not incorporated by reference into this prospectus, and you should not consider that information to be part of this prospectus. The SEC maintains an Internet website that contains reports and information statements and other information filed electronically by us with the SEC which are available free of charge on the SEC’s Internet website at www.sec.gov. Copies of these reports and information statements and other information may be obtained, after paying a duplicating fee, by sending a request by email to: publicinfo@sec.gov.

All requests for information should be directed to:

Stakeholder Relations

Blackstone Private Credit Fund

345 Park Avenue, 31st Floor

New York, NY 10154

(212) 503-2100

162

INCORPORATION OF CERTAIN INFORMATION BY REFERENCE

This prospectus is part of a registration statement that we have filed with the SEC. We are allowed to “incorporate by reference” the information that we file with the SEC, which means that we can disclose important information to you by referring you to such information incorporated by reference. The information incorporated by reference is considered to comprise a part of this prospectus from the date we file any such document. Any reports filed by us with the SEC subsequent to the date of this prospectus and before the date that any offering of any debt securities by means of this prospectus and any accompanying prospectus supplement is terminated will automatically update and, where applicable, supersede any information contained in this prospectus or incorporated by reference in this prospectus.

We incorporate by reference into this prospectus our filings listed below and any future filings that we may file with the SEC under Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act, subsequent to the date of this prospectus until all of the debt securities offered by this prospectus and any accompanying prospectus supplement have been sold or we otherwise terminate the offering of those securities; provided, however, that information “furnished” under Item 2.02 or Item 7.01 of Form 8-K or other information “furnished” to the SEC which is not deemed filed is not incorporated by reference in this prospectus and any accompanying prospectus supplement. Information that we file with the SEC subsequent to the date of this prospectus will automatically update and may supersede information in this prospectus, any accompanying prospectus supplement and other information previously filed with the SEC.

The prospectus incorporates by reference the documents set forth below that have been previously filed with the SEC:

• our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the SEC on March 15, 2024;

• our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2024, June 30, 2024, and September 30, 2024 filed with the SEC on May 13, 2024, August 13, 2024 and November 13, 2024, respectively; and

• our Current Reports on Form 8-K (other than any information furnished rather than filed) filed with the SEC on January 22, 2024, January 25, 2024, January 29, 2024, February 23, 2024, March 22, 2024, April 18, 2024, May 2, 2024, May 21, 2024, May 22, 2024, May 29, 2024, June 21, 2024, July 18, 2024, August 21, 2024, September 20, 2024, September 26, 2024, October 17, 2024, November 20, 2024, November 22, 2024, December 20, 2024, January 23, 2025, January 23, 2025 and January 29, 2025.

See “Available Information” for information on how to obtain a copy of these filings.

163

$150,000,000

Blackstone Private Credit Fund

7.300% Notes due 2028

PROSPECTUS SUPPLEMENT

Sole Book-Running Manager

SMBC Nikko

Co-Manager

Blackstone

January 30, 2025