| NC SLF Inc. |
| CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED) |
| September 30, 2024 |
| (dollars in thousands) |
Portfolio Company (1) (2) | Footnotes | Investment | Spread Above Reference Rate (3) | Interest Rate (3) | Maturity Date | Par Amount | Amortized Cost | Fair Value | % of Net Assets (5) | ||||||||||||
| Investments | |||||||||||||||||||||
| Debt Investments | |||||||||||||||||||||
| Aerospace and Defense | |||||||||||||||||||||
| Precision Aviation Group | (4) (11) | First Lien Term Loan | S + | 5.25% | 9.85% | 12/21/2029 | 14,703 | 14,434 | 14,554 | 3.06% | |||||||||||
| Precision Aviation Group (Delayed Draw) | (4) | First Lien Term Loan | S + | 5.25% | 9.97% | 12/21/2029 | 4,874 | 4,831 | 4,825 | 1.02% | |||||||||||
| Total Aerospace and Defense | 19,265 | 19,379 | 4.08% | ||||||||||||||||||
| Air Freight & Logistics | |||||||||||||||||||||
| Kenco | (4) (11) | First Lien Term Loan | S + | 4.25% | 8.99% | 11/15/2029 | 16,362 | 16,128 | 16,513 | 3.48% | |||||||||||
| Kenco (Delayed Draw) | (4) (6) | First Lien Term Loan | S + | 4.25% | 8.99% | 11/15/2029 | 2,766 | (37) | 26 | 0.01% | |||||||||||
| Kenco (Delayed Draw) | (4) (6) | First Lien Term Loan | S + | 4.25% | 8.99% | 11/15/2029 | 488 | (5) | 5 | 0.00% | |||||||||||
| Total Air Freight & Logistics | 16,086 | 16,544 | 3.49% | ||||||||||||||||||
| Auto Components | |||||||||||||||||||||
| Randy's Worldwide Automotive | (4) (7) | First Lien Term Loan | S + | 6.25% | 11.54% | 11/1/2028 | 12,895 | 12,700 | 12,750 | 2.69% | |||||||||||
| Randy's Worldwide Automotive (Delayed Draw) | (4) (6) (7) | First Lien Term Loan | S + | 6.25% | 11.51% | 11/1/2028 | 4,372 | 1,296 | 1,247 | 0.26% | |||||||||||
| Total Auto Components | 13,996 | 13,997 | 2.95% | ||||||||||||||||||
| Beverages | |||||||||||||||||||||
| Sunny Sky Products | (4) (11) | First Lien Term Loan | S + | 4.75% | 9.35% | 12/23/2028 | 3,399 | 3,370 | 3,368 | 0.70% | |||||||||||
| Sunny Sky Products (Delayed Draw) | (4) (6) | First Lien Term Loan | S + | 4.75% | 9.35% | 12/23/2028 | 856 | - | (8) | 0.00% | |||||||||||
| Total Beverages | 3,370 | 3,360 | 0.70% | ||||||||||||||||||
| Building Products | |||||||||||||||||||||
| Clean Solutions Buyer | (4) (11) | First Lien Term Loan | S + | 4.50% | 9.35% | 9/9/2030 | 4,313 | 4,270 | 4,271 | 0.90% | |||||||||||
| Tencate | (7) (10) (11) | First Lien Term Loan | S + | 3.25% | 7.85% | 2/21/2031 | 3,732 | 3,719 | 3,733 | 0.79% | |||||||||||
| Vertex Service Partners | (4) (11) | First Lien Term Loan | S + | 5.75% | 10.81% | 11/8/2030 | 2,258 | 2,227 | 2,226 | 0.47% | |||||||||||
| Vertex Service Partners (Delayed Draw) | (4) (6) | First Lien Term Loan | S + | 5.62% | 10.88% | 11/8/2030 | 4,351 | 4,309 | 4,257 | 0.90% | |||||||||||
| Total Building Products | 14,525 | 14,487 | 3.06% | ||||||||||||||||||
| Chemicals | |||||||||||||||||||||
| Ascensus | (4) (7) | First Lien Term Loan | S + | 4.25% | 9.20% | 6/30/2028 | 14,036 | 13,861 | 11,969 | 2.52% | |||||||||||
| Chroma Color | (4) | First Lien Term Loan | S + | 6.00% | 11.28% | 4/23/2029 | 3,029 | 2,980 | 3,007 | 0.63% | |||||||||||
| Chroma Color (Delayed Draw) | (4) (6) | First Lien Term Loan | S + | 6.00% | 11.28% | 4/23/2029 | 667 | (5) | (5) | 0.00% | |||||||||||
| Total Chemicals | 16,836 | 14,971 | 3.15% | ||||||||||||||||||
| Commercial Services & Supplies | |||||||||||||||||||||
| Firstcall Mechanical Group | (4) (11) | First Lien Term Loan | S + | 4.75% | 9.35% | 6/27/2030 | 6,550 | 6,486 | 6,486 | 1.37% | |||||||||||
| Firstcall Mechanical Group (Delayed Draw) | (4) (6) | First Lien Term Loan | S + | 4.75% | 9.61% | 6/27/2030 | 13,133 | (16) | (130) | -0.03% | |||||||||||
| Integrated Power Services | (4) | First Lien Term Loan | S + | 4.50% | 9.46% | 11/22/2028 | 4,954 | 4,931 | 4,954 | 1.04% | |||||||||||
| Phaidon | (4) (8) | First Lien Term Loan | S + | 5.50% | 10.45% | 8/22/2029 | 17,482 | 17,353 | 17,152 | 3.61% | |||||||||||
| Safety Infrastructure Services | (4) (11) | First Lien Term Loan | S + | 4.75% | 9.35% | 7/21/2028 | 3,092 | 3,062 | 3,063 | 0.64% | |||||||||||
| Total Commercial Services & Supplies | 31,816 | 31,525 | 6.63% | ||||||||||||||||||
| Construction & Engineering | |||||||||||||||||||||
| BTX Precision | (4) (11) | First Lien Term Loan | S + | 5.00% | 9.85% | 7/25/2030 | 684 | 675 | 676 | 0.14% | |||||||||||
| BTX Precision (Delayed Draw) | (4) (6) | First Lien Term Loan | S + | 5.00% | 9.85% | 7/25/2030 | 156 | - | (2) | 0.00% | |||||||||||
| BTX Precision (Delayed Draw) | (4) (6) | First Lien Term Loan | S + | 5.00% | 9.85% | 7/25/2030 | 234 | (1) | (3) | 0.00% | |||||||||||
| Contract Land Staff | (4) (11) | First Lien Term Loan | S + | 4.75% | 9.35% | 3/27/2030 | 3,276 | 3,244 | 3,245 | 0.68% | |||||||||||
| Contract Land Staff (Delayed Draw) | (4) | First Lien Term Loan | S + | 4.75% | 9.86% | 3/27/2030 | 1,317 | 1,314 | 1,304 | 0.27% | |||||||||||
| Contract Land Staff (Delayed Draw) | (4) (6) | First Lien Term Loan | S + | 5.00% | 10.28% | 3/27/2030 | 2,176 | (5) | (21) | 0.00% | |||||||||||
| Heartland Paving Partners | (4) (11) | First Lien Term Loan | S + | 5.00% | 9.60% | 8/9/2030 | 8,443 | 8,359 | 8,363 | 1.76% | |||||||||||
| Heartland Paving Partners (Delayed Draw) | (4) (6) | First Lien Term Loan | S + | 5.00% | 9.60% | 8/9/2030 | 5,629 | (14) | (54) | -0.01% | |||||||||||
| Heartland Paving Partners (Delayed Draw) | (4) (6) | First Lien Term Loan | S + | 5.00% | 9.60% | 8/9/2030 | 5,629 | (14) | (54) | -0.01% | |||||||||||
| ICE USA Infrastructure LLC | (4) (11) | First Lien Term Loan | S + | 5.25% | 9.85% | 3/15/2030 | 799 | 791 | 791 | 0.17% | |||||||||||
| ICE USA Infrastructure LLC | (4) (11) | First Lien Term Loan | S + | 5.25% | 9.85% | 3/15/2030 | 2,868 | 2,841 | 2,840 | 0.60% | |||||||||||
| MEI Buyer LLC | (4) (11) | First Lien Term Loan | S + | 5.00% | 9.85% | 6/29/2029 | 5,484 | 5,391 | 5,486 | 1.15% | |||||||||||
| MEI Buyer LLC (Delayed Draw) | (4) (6) | First Lien Term Loan | S + | 5.00% | 9.85% | 6/29/2029 | 877 | (4) | - | 0.00% | |||||||||||
| WSB / EST | (4) (11) | First Lien Term Loan | S + | 6.00% | 11.06% | 8/31/2029 | 3,124 | 3,084 | 3,083 | 0.65% | |||||||||||
| WSB / EST (Delayed Draw) | (4) (6) | First Lien Term Loan | S + | 6.00% | 11.25% | 8/31/2029 | 2,093 | 1,449 | 1,434 | 0.30% | |||||||||||
| Total Construction & Engineering | 27,110 | 27,088 | 5.70% | ||||||||||||||||||
| Construction Materials | |||||||||||||||||||||
| Sciens Building Solutions, LLC | (4) (7) | First Lien Term Loan | S + | 5.75% | 10.79% | 12/15/2027 | 9,941 | 9,821 | 9,941 | 2.09% | |||||||||||
| Sciens Building Solutions, LLC (Delayed Draw) | (4) (7) | First Lien Term Loan | S + | 5.75% | 11.04% | 12/15/2027 | 5,251 | 5,221 | 5,251 | 1.11% | |||||||||||
| Total Construction Materials | 15,042 | 15,192 | 3.20% | ||||||||||||||||||
| Containers & Packaging | |||||||||||||||||||||
| Five Star Packaging | (10) (11) | First Lien Term Loan | S + | 4.25% | 9.19% | 5/5/2029 | 5,495 | 5,434 | 5,382 | 1.13% | |||||||||||
| Impact Environmental Group | (4) | First Lien Term Loan | S + | 5.00% | 9.70% | 3/23/2029 | 3,605 | 3,545 | 3,605 | 0.76% | |||||||||||
| Impact Environmental Group (Delayed Draw) | (4) | First Lien Term Loan | S + | 5.00% | 9.70% | 3/23/2029 | 1,684 | 1,677 | 1,684 | 0.35% | |||||||||||
| Impact Environmental Group (Delayed Draw) | (4) (6) | First Lien Term Loan | S + | 5.00% | 9.77% | 3/23/2029 | 1,524 | (3) | - | 0.00% | |||||||||||
| Impact Environmental Group (Delayed Draw) | (4) (6) | First Lien Term Loan | S + | 5.00% | 9.71% | 3/23/2029 | 3,283 | 1,505 | 1,518 | 0.32% | |||||||||||
| Impact Environmental Group | (4) (11) | First Lien Term Loan | S + | 5.00% | 9.70% | 3/23/2029 | 739 | 726 | 739 | 0.16% | |||||||||||
| Online Labels Group | (4) (11) | First Lien Term Loan | S + | 5.25% | 9.85% | 12/19/2029 | 1,595 | 1,581 | 1,595 | 0.34% | |||||||||||
| Online Labels Group (Delayed Draw) | (4) (6) | First Lien Term Loan | S + | 5.25% | 9.85% | 12/19/2029 | 195 | - | - | 0.00% | |||||||||||
| Online Labels Group (Delayed Draw) | (4) (6) | First Lien Term Loan | S + | 5.25% | 9.85% | 12/19/2029 | 195 | - | - | 0.00% | |||||||||||
| Pelican Products | (7) (10) | First Lien Term Loan | S + | 4.25% | 9.12% | 12/29/2028 | 7,780 | 7,728 | 7,201 | 1.52% | |||||||||||
| Spartech | (7) (10) | First Lien Term Loan | S + | 4.75% | 10.05% | 5/6/2028 | 9,749 | 9,749 | 7,622 | 1.60% | |||||||||||
| Total Containers & Packaging | 31,942 | 29,346 | 6.18% | ||||||||||||||||||
| Distributors | |||||||||||||||||||||
| Aramsco | (4) (7) (11) | First Lien Term Loan | S + | 4.75% | 9.35% | 10/10/2030 | 2,965 | 2,911 | 2,973 | 0.63% | |||||||||||
| Aramsco (Delayed Draw) | (4) (6) (7) | First Lien Term Loan | S + | 4.75% | 9.35% | 10/10/2030 | 520 | - | 1 | 0.00% | |||||||||||
| Motion & Control Enterprises | (4) (11) | First Lien Term Loan | S + | 6.00% | 11.02% | 6/1/2028 | 4,001 | 3,960 | 3,989 | 0.84% | |||||||||||
| Motion & Control Enterprises (Delayed Draw) | (4) | First Lien Term Loan | S + | 6.00% | 11.02% | 6/1/2028 | 11,015 | 11,004 | 10,980 | 2.31% | |||||||||||
| Motion & Control Enterprises (Delayed Draw) | (4) | First Lien Term Loan | S + | 6.00% | 11.02% | 6/1/2028 | 4,002 | 4,002 | 3,989 | 0.84% | |||||||||||
| Motion & Control Enterprises | (4) (11) | First Lien Term Loan | S + | 6.00% | 11.02% | 6/1/2028 | 552 | 547 | 550 | 0.12% | |||||||||||
| Rhino Tool House | (4) | First Lien Term Loan | S + | 5.25% | 10.43% | 4/4/2029 | 4,967 | 4,890 | 4,929 | 1.04% | |||||||||||
| Rhino Tool House (Delayed Draw) | (4) (6) | First Lien Term Loan | S + | 5.25% | 10.61% | 4/4/2029 | 1,087 | 1,062 | 1,058 | 0.22% | |||||||||||
| Total Distributors | 28,376 | 28,469 | 6.00% | ||||||||||||||||||
| Diversified Consumer Services | |||||||||||||||||||||
| Excel Fitness | (4) (11) | First Lien Term Loan | S + | 5.25% | 9.85% | 4/27/2029 | 11,820 | 11,716 | 11,713 | 2.47% | |||||||||||
| Excel Fitness (Delayed Draw) | (4) (6) | First Lien Term Loan | S + | 5.50% | 10.10% | 4/27/2029 | 1,032 | (7) | - | 0.00% | |||||||||||
| Total Diversified Consumer Services | 11,709 | 11,713 | 2.47% | ||||||||||||||||||
| Diversified Financial Services | |||||||||||||||||||||
| Ascend | (4) (11) | First Lien Term Loan | S + | 4.50% | 9.35% | 8/11/2031 | 7,247 | 7,176 | 7,178 | 1.51% | |||||||||||
| Ascend (Delayed Draw) | (4) (6) | First Lien Term Loan | S + | 4.50% | 9.35% | 8/11/2031 | 12,453 | (61) | (119) | -0.03% | |||||||||||
| Province | (4) (11) | First Lien Term Loan | S + | 5.25% | 10.10% | 7/1/2030 | 2,261 | 2,239 | 2,240 | 0.47% | |||||||||||
| Riveron | (4) (11) | First Lien Term Loan | S + | 6.25% | 11.10% | 7/6/2029 | 9,751 | 9,515 | 9,653 | 2.02% | |||||||||||
| Riveron (Delayed Draw) | (4) | First Lien Term Loan | S + | 6.25% | 11.04% | 7/6/2029 | 1,463 | 1,447 | 1,448 | 0.30% | |||||||||||
| Vensure | (4) (7) (11) | First Lien Term Loan | S + | 5.00% | 9.64% | 9/27/2031 | 12,228 | 12,106 | 12,111 | 2.55% | |||||||||||
| Vensure (Delayed Draw) | (4) (6) (7) | First Lien Term Loan | S + | 5.00% | 9.64% | 9/27/2031 | 3,472 | (17) | (33) | -0.01% | |||||||||||
| Total Diversified Financial Services | 32,405 | 32,478 | 6.81% | ||||||||||||||||||
| Diversified Telecommunication Services | |||||||||||||||||||||
| Sapphire Telecom Inc | (4) (11) | First Lien Term Loan | S + | 5.00% | 9.60% | 6/27/2029 | 8,310 | 8,230 | 8,293 | 1.75% | |||||||||||
| Total Diversified Telecommunication Services | 8,230 | 8,293 | 1.75% | ||||||||||||||||||
| Electrical Equipment | |||||||||||||||||||||
| Insulation Technology Group | (4) (8) (11) | First Lien Term Loan | S + | 5.50% | 10.35% | 6/25/2030 | 9,755 | 9,660 | 9,662 | 2.03% | |||||||||||
| Insulation Technology Group (Delayed Draw) | (4) (6) (8) | First Lien Term Loan | S + | 5.50% | 10.35% | 6/25/2030 | 2,574 | - | (25) | -0.01% | |||||||||||
| Total Electrical Equipment | 9,660 | 9,637 | 2.02% | ||||||||||||||||||
| Electronic Equipment, Instruments & Components | |||||||||||||||||||||
| Ergotech (INS) | (4) | First Lien Term Loan | S + | 6.50% | 11.91% | 1/19/2029 | 6,899 | 6,795 | 6,908 | 1.45% | |||||||||||
| Ergotech (INS) (Delayed Draw) | (4) (6) | First Lien Term Loan | S + | 6.50% | 11.91% | 1/19/2029 | 1,732 | (25) | 2 | 0.00% | |||||||||||
| Total Electronic Equipment, Instruments & Components | 6,770 | 6,910 | 1.45% | ||||||||||||||||||
| Energy Equipment & Services | |||||||||||||||||||||
| National Power | (4) (11) | First Lien Term Loan | S + | 5.75% | 10.60% | 10/22/2029 | 2,719 | 2,683 | 2,708 | 0.57% | |||||||||||
| National Power (Delayed Draw) | (4) (6) | First Lien Term Loan | S + | 5.75% | 10.60% | 10/22/2029 | 1,473 | (3) | (6) | 0.00% | |||||||||||
| Ovation Holdings | (4) | First Lien Term Loan | S + | 5.00% | 10.40% | 2/5/2029 | 6,978 | 6,858 | 6,971 | 1.47% | |||||||||||
| Ovation Holdings (Delayed Draw) | (4) (6) | First Lien Term Loan | S + | 5.00% | 10.40% | 2/5/2029 | 1,651 | 1,335 | 1,350 | 0.28% | |||||||||||
| SI Solutions (Delayed Draw) | (4) (6) | First Lien Term Loan | S + | 4.75% | 9.60% | 8/15/2030 | 2,438 | (6) | (23) | 0.00% | |||||||||||
| SI Solutions | (4) (11) | First Lien Term Loan | S + | 4.75% | 9.60% | 8/15/2030 | 5,181 | 5,130 | 5,131 | 1.08% | |||||||||||
| Total Energy Equipment & Services | 15,997 | 16,131 | 3.40% | ||||||||||||||||||
| Food Products | |||||||||||||||||||||
| AmerCareRoyal | (4) (11) | First Lien Term Loan | S + | 5.00% | 9.85% | 9/10/2030 | 14,184 | 14,044 | 14,045 | 2.96% | |||||||||||
| AmerCareRoyal (Delayed Draw) | (4) (6) | First Lien Term Loan | S + | 5.00% | 9.85% | 9/10/2030 | 3,257 | - | (32) | -0.01% | |||||||||||
| AmerCareRoyal (Delayed Draw) | (4) (6) | First Lien Term Loan | S + | 5.00% | 9.85% | 9/10/2030 | 2,259 | (11) | (22) | 0.00% | |||||||||||
| Commercial Bakeries | (4) (8) (11) | First Lien Term Loan | S + | 5.50% | 10.10% | 9/25/2029 | 7,357 | 7,231 | 7,264 | 1.53% | |||||||||||
| Commercial Bakeries | (4) (8) (11) | First Lien Term Loan | S + | 5.50% | 10.60% | 9/25/2029 | 883 | 876 | 872 | 0.18% | |||||||||||
| Sugar Foods | (4) (7) (11) | First Lien Term Loan | S + | 5.25% | 10.37% | 10/2/2030 | 5,840 | 5,721 | 5,840 | 1.23% | |||||||||||
| Sugar Foods (Delayed Draw) | (4) (7) | First Lien Term Loan | S + | 5.25% | 10.36% | 10/2/2030 | 1,622 | 1,606 | 1,622 | 0.34% | |||||||||||
| Summit Hill Foods | (4) (11) | First Lien Term Loan | S + | 5.75% | 10.81% | 11/29/2029 | 4,319 | 4,260 | 4,302 | 0.91% | |||||||||||
| Total Food Products | 33,727 | 33,891 | 7.14% | ||||||||||||||||||
| Gas Utilities | |||||||||||||||||||||
| D&H United Fueling Solutions | (4) (11) | First Lien Term Loan | S + | 5.50% | 10.51% | 9/15/2028 | 7,248 | 7,143 | 7,139 | 1.50% | |||||||||||
| D&H United Fueling Solutions | (4) (11) | First Lien Term Loan | S + | 6.00% | 10.75% | 9/15/2028 | 2,393 | 2,353 | 2,396 | 0.50% | |||||||||||
| D&H United Fueling Solutions (Delayed Draw) | (4) (6) (7) | First Lien Term Loan | S + | 5.50% | 10.90% | 9/15/2028 | 2,864 | 898 | 869 | 0.18% | |||||||||||
| D&H United Fueling Solutions (Delayed Draw) | (4) | First Lien Term Loan | S + | 5.50% | 10.67% | 9/15/2028 | 2,307 | 2,291 | 2,272 | 0.48% | |||||||||||
| D&H United Fueling Solutions (Delayed Draw) | (4) | First Lien Term Loan | S + | 6.00% | 11.42% | 9/15/2028 | 1,085 | 1,080 | 1,086 | 0.23% | |||||||||||
| Total Gas Utilities | 13,765 | 13,762 | 2.89% | ||||||||||||||||||
| Health Care Equipment & Supplies | |||||||||||||||||||||
| TIDI Products | (4) (7) (11) | First Lien Term Loan | S + | 5.50% | 10.35% | 12/19/2029 | 7,439 | 7,372 | 7,460 | 1.57% | |||||||||||
| TIDI Products (Delayed Draw) | (4) (6) (7) | First Lien Term Loan | S + | 5.50% | 10.35% | 12/19/2029 | 1,972 | - | 6 | 0.00% | |||||||||||
| Young Innovations | (4) (7) (11) | First Lien Term Loan | S + | 5.75% | 10.87% | 12/3/2029 | 11,189 | 11,091 | 11,086 | 2.33% | |||||||||||
| Young Innovations (Delayed Draw) | (4) (6) (7) | First Lien Term Loan | S + | 5.75% | 10.87% | 12/3/2029 | 2,349 | - | (22) | 0.00% | |||||||||||
| Total Health Care Equipment & Supplies | 18,463 | 18,530 | 3.90% | ||||||||||||||||||
| Health Care Providers & Services | |||||||||||||||||||||
| Action Behavior Centers | (4) (11) | First Lien Term Loan | S + | 5.25% | 10.57% | 7/2/2031 | 6,823 | 6,755 | 6,760 | 1.42% | |||||||||||
| Action Behavior Centers (Delayed Draw) | (4) (6) | First Lien Term Loan | S + | 5.25% | 10.57% | 7/2/2031 | 1,240 | (3) | (11) | 0.00% | |||||||||||
| EyeSouth | (4) | First Lien Term Loan | S + | 5.50% | 10.45% | 10/5/2029 | 7,706 | 7,573 | 7,559 | 1.59% | |||||||||||
| EyeSouth (Delayed Draw) | (4) (6) | First Lien Term Loan | S + | 5.50% | 10.46% | 10/5/2029 | 2,526 | 1,606 | 1,558 | 0.33% | |||||||||||
| Forefront Dermatology | (7) (10) (11) | First Lien Term Loan | S + | 4.25% | 9.10% | 3/30/2029 | 4,568 | 4,513 | 4,365 | 0.92% | |||||||||||
| Gastro Health | (4) | First Lien Term Loan | S + | 4.50% | 9.46% | 7/3/2028 | 8,185 | 8,148 | 7,962 | 1.68% | |||||||||||
| Prompt Care | (4) (7) | First Lien Term Loan | S + | 6.00% | 11.02% | 9/1/2027 | 9,143 | 9,083 | 9,117 | 1.92% | |||||||||||
| Prompt Care (Delayed Draw) | (4) (7) | First Lien Term Loan | S + | 6.00% | 11.02% | 9/1/2027 | 1,424 | 1,419 | 1,420 | 0.30% | |||||||||||
| Prompt Care (Delayed Draw) | (4) (6) (7) | First Lien Term Loan | S + | 6.00% | 10.95% | 9/1/2027 | 1,250 | 624 | 620 | 0.13% | |||||||||||
| Prime Time Healthcare | (4) | First Lien Term Loan | S + | 6.00% | 11.36% | 9/19/2028 | 15,667 | 15,314 | 15,606 | 3.28% | |||||||||||
| VMG Health | (4) (11) | First Lien Term Loan | S + | 5.00% | 9.60% | 4/16/2030 | 6,935 | 6,869 | 6,868 | 1.45% | |||||||||||
| Total Health Care Providers & Services | 61,901 | 61,824 | 13.02% | ||||||||||||||||||
| Household Durables | |||||||||||||||||||||
| All My Sons | (4) (11) | First Lien Term Loan | S + | 4.75% | 9.71% | 10/25/2028 | 5,804 | 5,766 | 5,768 | 1.21% | |||||||||||
| Total Household Durables | 5,766 | 5,768 | 1.21% | ||||||||||||||||||
| Household Products | |||||||||||||||||||||
| Market Performance Group | (4) (11) | First Lien Term Loan | S + | 5.25% | 9.85% | 1/8/2030 | 6,063 | 6,007 | 6,123 | 1.29% | |||||||||||
| Market Performance Group (Delayed Draw) | (4) (6) | First Lien Term Loan | S + | 5.25% | 10.51% | 1/8/2030 | 1,488 | 594 | 609 | 0.13% | |||||||||||
| Total Household Products | 6,601 | 6,732 | 1.42% | ||||||||||||||||||
| Industrial Conglomerates | |||||||||||||||||||||
| Industrial Service Group | (4) | First Lien Term Loan | S + | 5.75% | 11.00% | 12/7/2028 | 5,666 | 5,579 | 5,604 | 1.18% | |||||||||||
| Industrial Service Group (Delayed Draw) | (4) | First Lien Term Loan | S + | 5.75% | 11.00% | 12/7/2028 | 2,950 | 2,939 | 2,918 | 0.61% | |||||||||||
| Industrial Service Group (Delayed Draw) | (4) (6) | First Lien Term Loan | S + | 5.75% | 11.01% | 12/7/2028 | 10,924 | 10,404 | 10,295 | 2.17% | |||||||||||
| Total Industrial Conglomerates | 18,922 | 18,817 | 3.96% | ||||||||||||||||||
| Insurance | |||||||||||||||||||||
| Patriot Growth (Delayed Draw) | (4) (7) | First Lien Term Loan | S + | 5.00% | 9.75% | 10/16/2028 | 8,898 | 8,835 | 8,799 | 1.85% | |||||||||||
| RSC Acquisition Inc (Delayed Draw) | (4) (7) | First Lien Term Loan | S + | 4.75% | 9.69% | 11/1/2029 | 11,215 | 11,215 | 11,159 | 2.35% | |||||||||||
| Total Insurance | 20,050 | 19,958 | 4.20% | ||||||||||||||||||
| Internet and Direct Marketing Retail | |||||||||||||||||||||
| SmartSign | (4) | First Lien Term Loan | S + | 5.50% | 10.55% | 9/7/2028 | 7,252 | 7,202 | 7,252 | 1.53% | |||||||||||
| SmartSign | (4) | First Lien Term Loan | S + | 5.75% | 10.78% | 9/7/2028 | 2,659 | 2,617 | 2,659 | 0.56% | |||||||||||
| Total Internet and Direct Marketing Retail | 9,819 | 9,911 | 2.09% | ||||||||||||||||||
| IT Services | |||||||||||||||||||||
| 360 Training | (4) (11) | First Lien Term Loan | S + | 5.00% | 9.85% | 8/2/2028 | 1,500 | 1,487 | 1,501 | 0.32% | |||||||||||
| 360 Training (Delayed Draw) | (4) (6) | First Lien Term Loan | S + | 5.00% | 9.85% | 8/2/2028 | 1,346 | - | - | 0.00% | |||||||||||
| Evergreen Services Group | (4) (7) | First Lien Term Loan | S + | 6.25% | 10.96% | 6/15/2029 | 9,025 | 8,887 | 9,025 | 1.90% | |||||||||||
| Evergreen Services Group (Delayed Draw) | (4) (7) | First Lien Term Loan | S + | 6.25% | 10.96% | 6/15/2029 | 2,159 | 2,143 | 2,159 | 0.45% | |||||||||||
| Total IT Services | 12,517 | 12,685 | 2.67% | ||||||||||||||||||
| Leisure Products | |||||||||||||||||||||
| TouchTunes Interactive Network | (4) | First Lien Term Loan | S + | 4.75% | 9.35% | 4/2/2029 | 7,517 | 7,460 | 7,506 | 1.58% | |||||||||||
| Total Leisure Products | 7,460 | 7,506 | 1.58% | ||||||||||||||||||
| Machinery | |||||||||||||||||||||
| E-Technologies / Superior | (4) (11) | First Lien Term Loan | S + | 5.50% | 10.35% | 4/9/2030 | 3,176 | 3,145 | 3,112 | 0.66% | |||||||||||
| Hyperion | (10) | First Lien Term Loan | S + | 4.50% | 9.46% | 8/30/2028 | 4,218 | 4,207 | 3,934 | 0.83% | |||||||||||
| Total Machinery | 7,352 | 7,046 | 1.49% | ||||||||||||||||||
| Personal Products | |||||||||||||||||||||
| Thorne HealthTech | (4) (11) | First Lien Term Loan | S + | 5.50% | 10.35% | 10/16/2030 | 5,105 | 5,059 | 5,114 | 1.08% | |||||||||||
| Total Personal Products | 5,059 | 5,114 | 1.08% | ||||||||||||||||||
| Pharmaceuticals | |||||||||||||||||||||
| Wellspring | (4) | First Lien Term Loan | S + | 5.00% | 10.36% | 8/22/2028 | 3,353 | 3,305 | 3,320 | 0.70% | |||||||||||
| Wellspring | (4) | First Lien Term Loan | S + | 5.00% | 9.70% | 8/22/2028 | 2,625 | 2,583 | 2,599 | 0.55% | |||||||||||
| Wellspring | (4) (11) | First Lien Term Loan | S + | 5.00% | 9.70% | 8/22/2028 | 3,191 | 3,171 | 3,160 | 0.67% | |||||||||||
| Wellspring (Delayed Draw) | (4) | First Lien Term Loan | S + | 5.00% | 9.70% | 8/22/2028 | 1,559 | 1,551 | 1,544 | 0.33% | |||||||||||
| Wellspring (Delayed Draw) | (4) (6) | First Lien Term Loan | S + | 5.00% | 9.70% | 8/22/2028 | 7,975 | 5,420 | 5,371 | 1.12% | |||||||||||
| Total Pharmaceuticals | 16,030 | 15,994 | 3.37% | ||||||||||||||||||
| Professional Services | |||||||||||||||||||||
| Addison | (10) | First Lien Term Loan | S + | 4.00% | 8.68% | 12/29/2028 | 10,101 | 10,091 | 9,886 | 2.08% | |||||||||||
| ALKU | (4) | First Lien Term Loan | S + | 6.25% | 10.50% | 5/23/2029 | 3,947 | 3,880 | 3,983 | 0.84% | |||||||||||
| ARMstrong | (4) (11) | First Lien Term Loan | S + | 5.75% | 10.45% | 10/8/2029 | 5,486 | 5,412 | 5,464 | 1.15% | |||||||||||
| ARMstrong (Delayed Draw) | (4) (6) | First Lien Term Loan | S + | 5.75% | 11.13% | 10/8/2029 | 1,857 | 136 | 140 | 0.03% | |||||||||||
| Engage | (4) (7) (11) | First Lien Term Loan | S + | 5.00% | 9.85% | 8/1/2029 | 4,633 | 4,571 | 4,588 | 0.96% | |||||||||||
| Engage (Delayed Draw) | (4) (6) (7) | First Lien Term Loan | S + | 5.00% | 9.85% | 8/1/2029 | 4,488 | 1,997 | 1,963 | 0.41% | |||||||||||
| Engage (Delayed Draw) | (4) (6) (7) | First Lien Term Loan | S + | 5.00% | 9.85% | 8/1/2029 | 2,851 | (7) | (27) | -0.01% | |||||||||||
| Evergreen Services Group II | (4) (7) (11) | First Lien Term Loan | S + | 5.75% | 10.35% | 10/4/2030 | 10,396 | 10,254 | 10,531 | 2.22% | |||||||||||
| Evergreen Services Group II (Delayed Draw) | (4) (7) | First Lien Term Loan | S + | 5.75% | 10.35% | 10/4/2030 | 8,405 | 8,387 | 8,514 | 1.79% | |||||||||||
| Leo Facilities | (4) (11) | First Lien Term Loan | S + | 5.50% | 9.75% | 7/3/2029 | 650 | 644 | 642 | 0.14% | |||||||||||
| Leo Facilities | (4) (11) | First Lien Term Loan | S + | 5.50% | 10.76% | 7/3/2029 | 7,693 | 7,592 | 7,593 | 1.61% | |||||||||||
| Leo Facilities (Delayed Draw) | (4) (6) | First Lien Term Loan | S + | 5.50% | 10.76% | 7/3/2029 | 5,488 | - | (72) | -0.02% | |||||||||||
| Leo Facilities (Delayed Draw) | (4) (6) | First Lien Term Loan | S + | 5.50% | 10.48% | 7/3/2029 | 5,817 | 4,290 | 4,226 | 0.89% | |||||||||||
| LSCS Holdings, Inc. (Dohmen) | (4) | First Lien Term Loan | S + | 4.50% | 9.46% | 12/16/2028 | 10,999 | 10,964 | 10,949 | 2.30% | |||||||||||
| Total Professional Services | 68,211 | 68,380 | 14.39% | ||||||||||||||||||
| Road & Rail | |||||||||||||||||||||
| Alternative Logistics Technologies Buyer, LLC | (4) (7) (11) | First Lien Term Loan | S + | 5.25% | 10.10% | 2/14/2031 | 5,112 | 5,065 | 5,062 | 1.06% | |||||||||||
| Alternative Logistics Technologies Buyer, LLC (Delayed Draw) | (4) (6) (7) | First Lien Term Loan | S + | 5.25% | 10.10% | 2/14/2031 | 1,468 | - | (14) | 0.00% | |||||||||||
| Total Road & Rail | 5,065 | 5,048 | 1.06% | ||||||||||||||||||
| Software | |||||||||||||||||||||
| AQ Holdco Inc. (Delayed Draw) | (4) (7) | First Lien Term Loan | S + | 5.75% | 11.15% | 4/15/2027 | 4,948 | 4,939 | 4,657 | 0.98% | |||||||||||
| AQ Holdco Inc. (Delayed Draw) | (4) (7) | First Lien Term Loan | S + | 5.75% | 11.15% | 4/15/2027 | 1,271 | 1,265 | 1,196 | 0.25% | |||||||||||
| AQ Holdco Inc. (Delayed Draw) | (4) (7) | First Lien Term Loan | S + | 5.75% | 11.15% | 4/15/2027 | 287 | 286 | 270 | 0.06% | |||||||||||
| BusinesSolver | (4) (7) | First Lien Term Loan | S + | 5.50% | 10.20% | 12/1/2027 | 8,757 | 8,705 | 8,757 | 1.84% | |||||||||||
| BusinesSolver (Delayed Draw) | (4) (6) (7) | First Lien Term Loan | S + | 5.50% | 10.20% | 12/1/2027 | 1,308 | 309 | 313 | 0.07% | |||||||||||
| Diligent Corporation (Delayed Draw) | (4) (6) (7) | First Lien Term Loan | S + | 5.00% | 10.09% | 8/2/2030 | 2,515 | (12) | - | 0.00% | |||||||||||
| Diligent Corporation | (4) (7) (11) | First Lien Term Loan | S + | 5.00% | 10.09% | 8/2/2030 | 2,515 | 2,502 | 2,515 | 0.53% | |||||||||||
| Diligent Corporation | (4) (7) (11) | First Lien Term Loan | S + | 5.00% | 10.09% | 8/2/2030 | 14,670 | 14,597 | 14,671 | 3.09% | |||||||||||
| Total Software | 32,591 | 32,379 | 6.82% | ||||||||||||||||||
| Transportation Infrastructure | |||||||||||||||||||||
| Kamps Pallets | (4) (11) | First Lien Term Loan | S + | 6.00% | 11.41% | 12/23/2026 | 8,575 | 8,475 | 8,315 | 1.75% | |||||||||||
| Propark Mobility | (4) | First Lien Term Loan | S + | 5.00% | 9.85% | 1/31/2029 | 5,849 | 5,780 | 5,844 | 1.23% | |||||||||||
| Propark Mobility (Delayed Draw) | (4) (6) | First Lien Term Loan | S + | 5.00% | 9.80% | 1/31/2029 | 2,690 | 2,286 | 2,323 | 0.49% | |||||||||||
| Propark Mobility (Delayed Draw) | (4) | First Lien Term Loan | S + | 6.25% | 10.31% | 1/31/2029 | 4,439 | 4,428 | 4,436 | 0.93% | |||||||||||
| Total Transportation Infrastructure | 20,969 | 20,918 | 4.40% | ||||||||||||||||||
| Wireless Telecommunication Services | |||||||||||||||||||||
| Mobile Communications America Inc | (4) (11) | First Lien Term Loan | S + | 5.25% | 10.26% | 10/16/2029 | 8,868 | 8,762 | 8,947 | 1.88% | |||||||||||
| Mobile Communications America Inc (Delayed Draw) | (4) (6) | First Lien Term Loan | S + | 5.25% | 10.44% | 10/16/2029 | 2,881 | 368 | 412 | 0.09% | |||||||||||
| Total Wireless Telecommunication Services | 9,130 | 9,359 | 1.97% | ||||||||||||||||||
| Total Debt Investments | 676,533 | 673,142 | 141.70% | ||||||||||||||||||
| Cash Equivalents | |||||||||||||||||||||
| BlackRock Liquidity Funds T-Fund Institutional Class | (9) | 4.76% | 5,876 | 5,876 | 1.24% | ||||||||||||||||
| First American Government Obligations Fund - Class Z | (9) | 4.75% | 3 | 3 | 0.0% | ||||||||||||||||
| U.S. Bank National Association Money Market Deposit Account | (9) | 1.90% | 7,287 | 7,287 | 1.53% | ||||||||||||||||
| Total Cash Equivalents | 13,166 | 13,166 | 2.77% | ||||||||||||||||||
| Total Investments | $ | 689,699 | $ | 686,308 | 144.47% | ||||||||||||||||
(1) All investments are non-controlled/non-affiliated investments as defined by the Investment Company Act of 1940, as amended (the "1940 Act"). The 1940 Act classifies investments based on the level of control that the Company maintains in a particular portfolio company. As defined in the 1940 Act, a company is generally presumed to be “non-controlled” when the Company owns 25% or less of the portfolio company’s voting securities and “controlled” when the Company owns more than 25% of the portfolio company’s voting securities. The 1940 Act also classifies investments further based on the level of ownership that the Company maintains in a particular portfolio company. As defined in the 1940 Act, a company is generally deemed as “non-affiliated” when the Company owns less than 5% of a portfolio company’s voting securities and “affiliated” when the Company owns 5% or more of a portfolio company’s voting securities. | |||||||||||||||||||
| (2) Unless otherwise indicated, issuers of debt held by the Company are domiciled in the United States. | |||||||||||||||||||
| (3) The majority of the investments bear interest at rates that may be determined by reference to Secured Overnight Financing Rate ("SOFR" or "S"), which reset monthly or quarterly. For each such investment, the Company has provided the spread over SOFR and the current contractual interest rate in effect at September 30, 2024. As of September 30, 2024, the rate for 1M S, 3M S, 6M S are 4.85%, 4.59%, and 4.25% respectively. Certain investments are subject to a SOFR floor. For fixed rate loans, a spread above a reference rate is not applicable. | |||||||||||||||||||
| (4) Investment valued using unobservable inputs (Level 3). | |||||||||||||||||||
| (5) Percentage is based on net assets of $475,041 as of September 30, 2024 | |||||||||||||||||||
| (6) Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion. See Note 6. The investment may be subject to unused commitment fees. | |||||||||||||||||||
| (7) Investment is a unitranche position. | |||||||||||||||||||
| (8) This portfolio company is not domiciled in the United States. The principal place of business for Phaidon International is the United Kingdom. The principal place of business for Commercial Bakeries is Canada. The principal place of business for Insulation Technology Group is Germany. | |||||||||||||||||||
| (9) Cash equivalents balance represents amounts held in interest-bearing money market funds issued by U.S. Bank National Association, Blackrock T-Fund and First American Government Obligations Fund - Class Z. | |||||||||||||||||||
| (10) Investments valued using observable inputs (Level 2) | |||||||||||||||||||
| (11) Denotes that all or a portion of the assets are owned by SPV I (as defined in Note 1 “Organization”). SPV I entered into a loan and security agreement (the “ABL Facility”) on April 27, 2023. The lenders of the ABL Facility have a first lien security interest in substantially all of the assets of SPV I. Accordingly, such assets are not available to creditors of the Company. See Note 5 “Secured Borrowings” for more information. |
