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Investment Portfolio
 12 Months Ended
Dec. 31, 2022
Investment Company [Abstract]  
Investment Portfolio
The following table summarizes the composition of the Company’s investment portfolio at cost and fair value as of December 31, 2022 and 2021:
December 31, 2022December 31, 2021
 
Amortized
Cost(1)
Fair ValuePercentage
of Portfolio
Amortized
Cost(1)
Fair ValuePercentage
of Portfolio
Senior Secured Loans—First Lien$9,607 $9,278 60.3 %$9,695 $9,765 60.7 %
Senior Secured Loans—Second Lien1,299 1,194 7.8 %1,564 1,557 9.7 %
Other Senior Secured Debt152 110 0.7 %149 120 0.7 %
Subordinated Debt384 265 1.7 %188 111 0.7 %
Asset Based Finance2,024 1,903 12.4 %2,132 2,245 13.9 %
Credit Opportunities Partners JV, LLC1,572 1,428 9.3 %1,397 1,396 8.7 %
Equity/Other1,276 1,199 7.8 %932 907 5.6 %
Total$16,314 $15,377 100.0 %$16,057 $16,101 100.0 %
________________
(1)Amortized cost represents the original cost adjusted for the amortization of premiums and/or accretion of discounts, as applicable, on investments.
In general, under the 1940 Act, the Company would be presumed to “control” a portfolio company if it owned more than 25% of its voting securities or it had the power to exercise control over the management or policies of such portfolio company, and would be an “affiliated person” of a portfolio company if it owned 5% or more of its voting securities.
As of December 31, 2022, the Company held investments in eighteen portfolio companies of which it is deemed to “control.” As of December 31, 2022, the Company held investments in ten portfolio companies of which it is deemed to be an “affiliated person” but is not deemed to “control.” For additional information with respect to such portfolio companies, see footnotes (ac) and (ad) to the consolidated schedule of investments as of December 31, 2022.
As of December 31, 2021, the Company held investments in seventeen portfolio companies of which it is deemed to “control.” As of December 31, 2021, the Company held investments in sixteen portfolio companies of which it is deemed to be an “affiliated person” but is not deemed to “control.” For additional information with respect to such portfolio companies, see footnotes (ac) and (ad) to the consolidated schedule of investments as of December 31, 2021.
 The Company’s investment portfolio may contain loans and other unfunded arrangements that are in the form of lines of credit, revolving credit facilities, delayed draw credit facilities or other investments, which require the Company to provide funding when requested by portfolio companies in accordance with the terms of the underlying agreements. As of December 31, 2022, the Company had unfunded debt investments with aggregate unfunded commitments of $952.4, unfunded equity/other commitments of $475.3 and unfunded commitments of $560.2 to Credit Opportunities Partners JV, LLC. As of December 31, 2021, the Company had unfunded debt investments with aggregate unfunded commitments of $1,724.1, unfunded equity/other commitments of $576.9 and unfunded commitments of $350.2 to Credit Opportunities Partners JV, LLC. The Company maintains sufficient cash on hand and available borrowings to fund such unfunded commitments should the need arise. For additional details regarding the Company's unfunded debt investments, see the Company's consolidated schedule of investments as of December 31, 2022 and 2021.
The table below describes investments by industry classification and enumerates the percentage, by fair value, of the total portfolio assets in such industries as of December 31, 2022 and 2021:
December 31, 2022December 31, 2021
Industry ClassificationFair
Value		Percentage  of
Portfolio		Fair
Value		Percentage  of
Portfolio
Automobiles & Components$25 0.2 %$89 0.5 %
Banks— — 15 0.1 %
Capital Goods2,366 15.4 %2,281 14.2 %
Commercial & Professional Services1,670 10.9 %1,615 10.0 %
Consumer Durables & Apparel235 1.5 %551 3.4 %
Consumer Services189 1.2 %393 2.4 %
Credit Opportunities Partners JV, LLC1,428 9.3 %1,396 8.7 %
Diversified Financials583 3.8 %672 4.2 %
Energy272 1.8 %241 1.5 %
Food & Staples Retailing103 0.7 %296 1.8 %
Food, Beverage & Tobacco226 1.5 %256 1.6 %
Health Care Equipment & Services1,963 12.8 %1,613 10.0 %
Household & Personal Products242 1.6 %227 1.4 %
Insurance974 6.3 %898 5.6 %
Materials197 1.3 %211 1.3 %
Media & Entertainment695 4.5 %720 4.5 %
Pharmaceuticals, Biotechnology & Life Sciences231 1.4 %235 1.5 %
Real Estate753 4.9 %876 5.4 %
Retailing282 1.8 %288 1.8 %
Software & Services2,591 16.8 %2,698 16.8 %
Technology Hardware & Equipment1 0.0 %42 0.3 %
Telecommunication Services76 0.5 %128 0.8 %
Transportation275 1.8 %360 2.2 %
Total $15,377 100.0 %$16,101 100.0 %

Credit Opportunities Partners JV, LLC
Credit Opportunities Partners JV, LLC (formerly known as Strategic Credit Opportunities Partners, LLC), or COPJV, is a joint venture between the Company and South Carolina Retirement Systems Group Trust, or SCRS. SCRS purchased its interests in COPJV from Conway Capital, LLC, an affiliate of Guggenheim Life and Annuity Company and Delaware Life Insurance Company, in June 2019, which had no impact on the significant terms governing COPJV other than an increase in the aggregate capital commitment (but not the percentage of the aggregate capital committed by each member) to COPJV. Effective as of June 18, 2021, Credit Opportunities Partners, LLC, or COP, merged with and into COPJV, with COPJV surviving the merger, or the COPJV Merger. As of June 18, 2021, COPJV assumed all of COP’s obligations under its credit facilities, and COP’s wholly- owned special purpose financing subsidiaries became wholly-owned special purpose financing subsidiaries of COPJV, in each case, as a result of the consummation of the COPJV Merger. COPJV’s second amended and restated limited liability company agreement, or the COPJV Agreement, requires the Company and SCRS to provide capital to COPJV of up to $2,440 in the aggregate where the Company and SCRS would provide 87.5% and 12.5%, respectively, of the committed capital. Pursuant to the terms of the COPJV Agreement, the Company and SCRS each have 50% voting control of COPJV and are required to agree on all investment decisions as well as certain other significant actions for COPJV. COPJV invests its capital in a range of investments, including senior secured loans (both first lien and second lien) to middle market companies, broadly syndicated loans, equity, warrants and other investments. As administrative agent of COPJV, the Company performs certain day-to-day management responsibilities on behalf of COPJV and is entitled to a fee of 0.25% of COPJV’s assets under administration, calculated and payable quarterly in arrears. As of December 31, 2022, the Company and SCRS have funded approximately $1,799.8 to COPJV, of which $1,574.8 was from the Company.
Big Cedar Creek LLC, or Big Cedar Creek Funding, a wholly-owned subsidiary of COPJV, has a revolving credit facility with BNP Paribas, or as amended, the Big Cedar Creek Funding Credit Facility, which provides for up to $300 of borrowings as of December 31, 2022. The Big Cedar Creek Funding Credit Facility provides loans in U.S. dollars, Australian dollars, Canadian dollars, New Zealand dollars, Euros and pounds sterling. U.S. dollar loans bear interest at the rate of LIBOR (subject to a 0% floor) plus a spread of 1.85% to 2.55% during the reinvestment period and 2.00% to 2.65% thereafter. Foreign currency loans bear interest at the applicable floating rate (subject to a 0% floor) plus a spread of 1.85% to 2.55% during the reinvestment period and 2.00% to 2.65%
thereafter. Big Cedar Creek Funding also pays a commitment fee of up to 1.00% on undrawn commitments. The Big Cedar Creek Funding Credit Facility matures on March 11, 2025. As of December 31, 2022, total outstanding borrowings under the Big Cedar Creek Funding Credit Facility were $259.4. Borrowings under the Big Cedar Creek Funding Credit Facility are secured by substantially all of the assets of Big Cedar Creek.
Boxwood Drive Funding LLC, or Boxwood Drive Funding, a wholly-owned subsidiary of COPJV, has a revolving credit facility with BNP Paribas, or as amended, the Boxwood Drive Funding Credit Facility, which provides for up to $300 of borrowings as of December 31, 2022. The Boxwood Drive Funding Credit Facility provides for loans in U.S. dollars, Australian dollars, Canadian dollars, New Zealand dollars, Euros and pounds sterling. U.S. dollar loans bear interest at the rate of LIBOR (subject to a 0% floor) plus a spread of 2.05% to 3.15% during the reinvestment period and 2.50% to 3.25% thereafter. Foreign currency loans bear interest at the applicable floating rate (subject to 0% floor) plus the spread applicable to the specified currency. Boxwood Drive Funding also pays a commitment fee of up to 1.00% on undrawn commitments. The Boxwood Drive Funding Credit Facility matures on April 15, 2025. As of December 31, 2022, total outstanding borrowings under the Boxwood Drive Funding Credit Facility were $260.8. Borrowings under the Boxwood Drive Funding Credit Facility are secured by substantially all of the assets of Boxwood Drive Funding.
Chestnut Street Funding LLC, or Chestnut Street Funding, a wholly-owned subsidiary of COPJV, has a revolving credit facility with Citibank, N.A., or as amended, the Chestnut Street Funding Credit Facility, which provides for up to $400 of borrowings as of December 31, 2022. The Chestnut Street Funding Credit Facility provides loans in U.S. dollars, Australian dollars, Canadian dollars, Euros and pounds sterling. U.S. dollar loans bear interest at the rate of SOFR (subject to a 0% floor) plus 2.45%. Foreign currency loans bear interest at the applicable floating rate (subject to a 0% floor) plus 2.45%. Chestnut Street Funding also pays a commitment fee of up to 0.50% on undrawn commitments. The Chestnut Street Funding Credit Facility matures on September 18, 2027. As of December 31, 2022, total outstanding borrowings under the Chestnut Street Funding Credit Facility were $316.4. Borrowings under the Chestnut Street Funding Credit Facility are secured by substantially all of the assets of Chestnut Street Funding.
Green Creek LLC, or Green Creek Funding, a wholly-owned subsidiary of COPJV, has a revolving credit facility with Goldman Sachs Bank, or as amended, the Green Creek Funding Credit Facility, which provides for up to $400 of borrowings as of December 31, 2022. The Green Creek Credit Facility provides for loans in U.S. dollars, Canadian dollars, Euros and pounds sterling. U.S. dollar loans bear interest at the rate of LIBOR (subject to a 0% floor) plus 2.25%. Foreign currency loans bear interest at the rate of the applicable floating rate (subject to a 0% floor) plus the spread applicable to the specified currency. Green Creek Funding also pays a commitment fee of up to 2.25% on undrawn commitments. The Green Creek Funding Credit Facility matures on January 30, 2027. As of December 31, 2022, total outstanding borrowings under the Green Creek Funding Credit Facility were $304.1. Borrowings under the Green Creek Funding Credit Facility are secured by substantially all of the assets of Green Creek Funding.
Magnolia Funding LLC, or Magnolia Funding, a wholly-owned subsidiary of COPJV, has a revolving credit facility with
Morgan Stanley Senior Funding, Inc., or the Magnolia Funding Credit Facility, which provides for up to $300 of borrowings as of December 31, 2022. The Magnolia Funding Credit Facility provides for loans in U.S. dollars, Australian dollars, Canadian dollars,
Swedish Krona, Euros and pounds sterling. U.S. dollar loans bear interest at the rate of SOFR (subject to a 0% floor) plus a spread of
2.20%. Foreign currency loans bear interest at the applicable floating rate (subject to a 0% floor) plus the spread applicable to the
specified currency. Magnolia Funding also pays a commitment fee of 0.35% on undrawn commitments. The Magnolia Funding Credit
Facility matures on July 14, 2027. As of December 31, 2022, total outstanding borrowings under the Magnolia Funding Credit
Facility were $251.4. Borrowings under the Magnolia Funding Credit Facility are secured by substantially all of the assets of Magnolia Funding.
On March 31, 2021, COPJV sold in a private placement $300 of aggregate principal amount of unsecured notes, or the April COPJV Notes, to qualified institutional buyers in reliance on Section 4(a)(2) of the Securities Act. Interest of the April COPJV Notes is payable quarterly on the 1st of each of January, April, July and October, at a fixed annual rate of 4.25%, commencing July 1, 2021. This interest rate is subject to increase up to 4.75% in the event that the April COPJV Notes cease to be rated investment grade, and the April COPJV Notes will be subject to an additional 2.0% of default interest during the continuance of an event of default. The April COPJV Notes mature on April 1, 2026, unless redeemed, purchased or prepaid prior to such date by COPJV in accordance with their terms.
On August 17, 2021, COPJV sold in a private placement $225 of aggregate principal amount of Series B senior unsecured notes, or the August COPJV Notes and together with the April COPJV Notes, the COPJV Notes, to qualified institutional buyers in reliance on Section 4(a)(2) of the Securities Act. Interest of the August COPJV Notes is payable semi-annually on the 17th of each of February and August, at a fixed annual rate of 3.62%, commencing February 17, 2022. This interest rate is subject to increase up to 4.12% in the event that the COPJV Notes cease to be rated investment grade, and the August COPJV Notes will be subject to an additional
2.0% of default interest during the continuance of an event of default. The August COPJV Notes mature on August 17, 2026, unless redeemed, purchased or prepaid prior to such date by COPJV in accordance with their terms.
The COPJV Notes are general unsecured obligations that rank pari passu with all outstanding and future unsecured and unsubordinated indebtedness that COPJV may issue. COPJV used the net proceeds from the COPJV Notes for general corporate purposes, including to make investments, repay existing debt and make permitted distributions.
During the year ended December 31, 2022, the Company sold investments with a cost of $1,067.6 for proceeds of $1,067.8 to COPJV and recognized a net realized gain (loss) of $0.2 in connection with the transactions. As of December 31, 2022, $178.9 of these sales to COPJV are included in receivable for investments sold in the consolidated statements of assets and liabilities.
As of December 31, 2022 and December 31, 2021, COPJV had total investments with a fair value of $3,562.9 and $3,260.0, respectively. As of December 31, 2022 and December 31, 2021, COPJV had two and zero investments on non-accrual status, respectively.
Below is a summary of COPJV’s portfolio, followed by a listing of the individual loans in COPJV’s portfolio as of December 31, 2022 and 2021:
As of
December 31, 2022December 31, 2021
Total debt investments(1)
$3,363.8 $2,954.2 
Weighted average current interest rate on debt investments(2)
11.0 %8.1 %
Number of portfolio companies in COPJV122 95 
Largest investment in a single portfolio company(1)
$132.4 $131.5 
Unfunded commitments(1)
$3.3 $1.9 
____________
(1)“Debt Investments” means investments that pay or are expected to pay a stated interest rate, stated dividend rate or other similar stated return.
(2)The Weighted Average Annual Yield on Accruing Debt Investments is computed as (i) the sum of (a) the stated annual interest rate, dividend rate or other similar stated return of each accruing Debt Investment, multiplied by its par amount, adjusted to U.S. dollars and for any partial income accrual when necessary, as of the end of the applicable reporting period, plus (b) the annual amortization of the purchase or original issue discount or premium of each accruing Debt Investment; divided by (ii) the total amortized cost of Debt Investments included in the calculated group as of the end of the applicable reporting period. Stated annual interest rate for floating rate Debt Investments assumes the greater of (a) the respective base rate in effect as of December 31, 2022, and (b) the stated base rate floor. The base rate utilized in this calculation may not be indicative of the base rates for specific contracts as of December 31, 2022.

Credit Opportunities Partners JV, LLC Portfolio
As of December 31, 2022 (in millions)
Company(a)
FootnotesIndustry
Interest Rate(b)
Base Rate FloorMaturity Date
No. Shares/Principal Amount(c)
Cost
Fair Value(d)
Senior Secured Loans—First Lien—148.1%
48Forty Solutions LLC(e)(o)Commercial & Professional Services
SF+550
1.0%11/30/26$19.4 $19.2 $18.8 
Accuride Corp(i)(j)Capital Goods
L+525
1.0%11/17/2320.8 20.4 17.7 
Advania Sverige AB(e)(o)Software & Services
SR+610, 0.0% PIK (3.3% Max PIK)
0.0%4/28/28SEK588.0 66.6 54.1 
Advania Sverige AB(e)(o)Software & Services
R+610, 0.0% PIK (3.3% Max PIK)
0.0%4/28/28ISK1,644.9 12.8 11.2 
Affordable Care Inc(e)(h)(i)(o)Health Care Equipment & Services
L+550, 0.0% PIK (1.3% Max PIK)
0.8%8/2/28$76.1 75.6 74.6 
Alacrity Solutions Group LLC(e)(j)(o)Insurance
L+525
0.8%12/22/2840.6 39.9 39.1 
Alera Group Intermediate Holdings Inc(e)(k)(o)Insurance
SF+600
0.8%10/2/2832.3 31.9 30.7 
Company(a)
FootnotesIndustry
Interest Rate(b)
Base Rate FloorMaturity Date
No. Shares/Principal Amount(c)
Cost
Fair Value(d)
Alstom SA(k)Transportation
L+550, 2.5% PIK (2.5% Max PIK)
1.0%8/29/246.2 5.8 3.5 
American Airlines Group Inc(k)Transportation
L+175
0.0%6/27/252.5 2.3 2.4 
American Vision Partners(e)(o)Health Care Equipment & Services
L+575
0.8%9/30/2719.5 19.3 18.9 
Ammeraal Beltech Holding BV(h)(k)Capital Goods
E+375
0.0%7/30/25€4.8 4.8 4.8 
Apex Group Limited(h)Diversified Financials
L+375
0.5%7/27/28$4.2 4.2 4.0 
Apex Group Limited(h)Diversified Financials
E+400
0.0%7/27/28€1.6 1.9 1.6 
Arcfield Acquisition Corp(e)(o)Capital Goods
L+575
0.8%3/10/28$8.0 8.0 7.9 
Arcos LLC/VA(e)(h)(j)Software & Services
L+575
1.0%3/31/2822.2 22.0 20.6 
Ardonagh Group Ltd(e)(i)Insurance
SA+700
0.8%7/14/26£3.8 4.7 4.5 
Ardonagh Group Ltd(e)(i)Insurance
E+700
1.0%7/14/26€0.5 0.5 0.5 
Ardonagh Group Ltd(e)(j)(k)(o)Insurance
SF+575
0.8%7/14/26$54.8 54.3 53.1 
Arrotex Australia Group Pty Ltd(e)(j)(k)(o)Pharmaceuticals, Biotechnology & Life Sciences
B+525
1.0%7/10/24A$109.4 73.9 74.5 
Arrotex Australia Group Pty Ltd(e)(j)(k)(o)Pharmaceuticals, Biotechnology & Life Sciences
B+525
1.0%7/10/248.0 5.7 5.4 
athenahealth Inc(k)Health Care Equipment & Services
SF+350
0.5%2/15/29$7.1 6.4 6.4 
athenahealth Inc(f)Health Care Equipment & Services
SF+350
0.5%2/15/290.9 0.9 0.8 
Barbri Inc(e)(h)(i)Consumer Services
L+575
0.8%4/28/2847.2 47.3 46.9 
BearCom Acquisition Corp(e)(j)Technology Hardware & Equipment
L+650, 0.5% PIK (0.5% Max PIK)

1.0%7/5/242.2 2.2 2.2 
BearCom Acquisition Corp(e)(j)Technology Hardware & Equipment
C+650, 0.5% PIK (0.5% Max PIK)

1.0%7/5/24C$14.3 10.6 10.3 
BearCom Acquisition Corp(e)(f)Technology Hardware & Equipment
C+550
1.0%1/5/241.3 1.0 1.0 
Belk IncRetailing
L+750
1.0%7/31/25$0.6 0.6 0.6 
Belk Inc(g)(p)Retailing
5.0%, 8.0% PIK (8.0% Max PIK)
7/31/253.1 1.7 0.4 
BGB Group LLC(e)(h)(i)(o)Media & Entertainment
L+575
1.0%8/16/2754.4 54.0 53.0 
Big Bus Tours Ltd(e)(j)Consumer Services
L+850 PIK (L+850 Max PIK)
1.0%3/15/2410.7 10.7 8.8 
Big Bus Tours Ltd(e)(j)Consumer Services
E+850 PIK (E+850 Max PIK)
1.0%3/15/24€12.6 14.0 11.0 
Big Bus Tours Ltd(e)(j)Consumer Services
L+850 PIK (L+850 Max PIK)
1.0%3/15/24$7.2 7.2 5.9 
Bugaboo International BV(e)(h)(i)Consumer Durables & Apparel
E+700, 0.0% PIK (7.8% Max PIK)
0.0%3/20/25€35.0 41.0 37.4 
CFC Underwriting Ltd(e)(h)(j)Insurance
SF+500, 0.0% PIK (2.8% Max PIK)
0.5%5/16/29$39.5 38.3 39.2 
Cision LtdSoftware & Services
L+375
0.0%1/29/273.8 3.4 2.4 
ClubCorp Club Operations Inc(j)(k)Consumer Services
L+275
0.0%9/18/2431.9 29.9 28.9 
Creation Technologies Inc(k)Technology Hardware & Equipment
L+550
0.5%10/5/282.3 2.1 1.8 
CSafe Global(e)(h)(i)(k)Capital Goods
L+625
0.8%12/23/2759.4 59.3 59.4 
CSafe Global(e)(h)Capital Goods
L+625
0.8%8/13/2817.3 17.3 17.3 
Company(a)
FootnotesIndustry
Interest Rate(b)
Base Rate FloorMaturity Date
No. Shares/Principal Amount(c)
Cost
Fair Value(d)
Cubic Corp(i)Software & Services
L+425
0.8%5/25/289.1 9.1 7.7 
EIF Van Hook Holdings LLC(i)(k)Energy
SF+525
0.0%9/5/247.2 7.0 7.0 
Emerald Expositions Holding Inc(k)Media & Entertainment
L+250
0.0%5/22/241.4 1.3 1.4 
Encora Digital Inc(e)(o)Software & Services
L+550, 0.0% PIK (2.4% Max PIK)
0.8%12/20/2816.3 15.9 15.4 
Envirotainer Ltd(e)(h)Transportation
E+600, 0.0% PIK (3.0% Max PIK)
0.0%7/30/29€14.9 13.9 15.1 
Envirotainer Ltd(e)(i)Transportation
SF+600, 0.0% PIK (3.0% Max PIK)
0.8%7/30/29$7.6 7.4 7.3 
Excelitas Technologies Corp(e)(k)Technology Hardware & Equipment
E+575
0.0%8/12/29€4.1 4.2 4.2 
Excelitas Technologies Corp(e)(j)(k)Technology Hardware & Equipment
SF+575
0.8%8/12/29$24.5 24.3 23.9 
Follett Software Co(e)(h)(i)Software & Services
L+575
0.8%8/31/2837.5 37.2 36.7 
Galaxy Universal LLC(e)(h)Consumer Durables & Apparel
SF+500
1.0%11/12/268.8 8.8 8.7 
Galway Partners Holdings LLC(e)(k)(o)Insurance
L+525, 0.0% PIK (1.3% Max PIK)
0.8%9/29/2836.9 36.2 36.4 
General Datatech LP(e)(j)Software & Services
L+625
1.0%6/18/2718.3 17.7 17.1 
Greystone Equity Member Corp(e)Diversified Financials
L+725
3.8%4/1/2630.2 30.1 29.3 
HealthChannels LLC(j)Health Care Equipment & Services
L+450
0.0%4/3/2515.4 15.3 10.9 
Hermes UK Ltd(e)(k)Transportation
SA+650
0.0%11/30/27£14.7 19.5 16.1 
Higginbotham Insurance Agency Inc(e)(h)(i)Insurance
L+525
0.8%11/25/26$37.6 38.0 37.7 
Industria Chimica Emiliana Srl(e)(j)(k)(o)Pharmaceuticals, Biotechnology & Life Sciences
E+725
0.0%9/27/26€113.9 125.5 117.1 
iNova Pharmaceuticals (Australia) Pty Limited(e)(k)Pharmaceuticals, Biotechnology & Life Sciences
B+650
0.8%10/30/28A$34.2 22.5 22.6 
Insight Global LLC(e)(h)(i)(o)Commercial & Professional Services
L+600
0.8%9/22/28$63.7 62.9 61.8 
KBP Investments LLC(e)(h)(i)Food & Staples Retailing
SF+550, 0.5% PIK (0.5% Max PIK)

0.8%5/26/2723.6 23.5 21.9 
Kellermeyer Bergensons Services LLC(e)(i)(j)Commercial & Professional Services
L+600
1.0%11/7/2629.2 28.1 26.5 
Lakefield Veterinary Group(e)(o)Health Care Equipment & Services
L+550
0.8%11/23/2827.1 26.7 25.9 
Lakeview Farms Inc(e)(j)Food, Beverage & Tobacco
L+625
1.0%6/10/2715.5 15.4 15.0 
Lexitas Inc(e)(h)Commercial & Professional Services
SF+675
1.0%5/18/2918.5 18.4 18.2 
Lionbridge Technologies Inc(e)(i)(j)Media & Entertainment
SF+700
1.0%12/29/2526.8 26.3 26.9 
Lloyd's Register Quality Assurance Ltd(e)(i)(o)Consumer Services
E+575, 0.0% PIK (6.3% Max PIK)
0.0%12/2/28€44.3 48.8 45.9 
MB2 Dental Solutions LLC(e)(i)Health Care Equipment & Services
SF+600
1.0%1/29/27$11.9 11.8 11.7 
Med-Metrix(e)(o)Software & Services
L+600
1.0%9/15/2711.9 11.9 12.0 
Misys Ltd(k)Software & Services
L+350
1.0%6/13/242.3 2.2 2.0 
Monitronics International Inc(h)(i)(k)Commercial & Professional Services
L+600
1.5%7/3/2435.5 33.7 33.7 
Motion Recruitment Partners LLC(e)(h)(j)Commercial & Professional Services
SF+650
1.0%12/22/2524.8 24.5 24.6 
New Era Technology Inc(e)(h)(j)(k)Software & Services
L+625
1.0%10/31/2634.3 33.8 33.7 
Company(a)
FootnotesIndustry
Interest Rate(b)
Base Rate FloorMaturity Date
No. Shares/Principal Amount(c)
Cost
Fair Value(d)
Novotech Pty Ltd(e)(k)(o)Health Care Equipment & Services
SF+525
0.5%1/13/2824.4 23.9 23.6 
Novotech Pty Ltd(e)(k)(o)Health Care Equipment & Services
B+525
0.5%1/13/28A$33.7 24.8 22.1 
One Call Care Management Inc(h)Health Care Equipment & Services
L+550
0.8%4/22/27$4.9 5.0 4.1 
Ontic Engineering & Manufacturing Inc(h)Capital Goods
L+400
0.0%10/30/262.1 1.9 2.1 
Pantherx Specialty LLC(e)(j)Pharmaceuticals, Biotechnology & Life Sciences
SF+550
0.5%7/16/2915.9 14.8 14.6 
Parts Town LLC(e)(h)(k)(o)Retailing
L+550
0.8%11/1/2849.4 48.3 47.8 
Peraton Corp(j)Capital Goods
L+375
0.8%2/1/288.8 8.4 8.6 
Plaskolite, LLC(k)Materials
L+400
0.8%12/15/251.1 1.1 1.0 
Precision Global Corp(e)(j)Materials
L+475
1.0%8/3/248.9 8.7 8.8 
Pretium Packaging LLC(j)Household & Personal Products
L+400
0.5%10/2/281.6 1.6 1.3 
Project Marron(e)(h)(j)(k)Consumer Services
B+625
0.5%7/2/25A$81.8 56.4 52.0 
Project Marron(e)(i)(j)Consumer Services
C+625
0.5%7/2/25C$52.5 40.1 36.3 
Pure Fishing Inc(i)Consumer Durables & Apparel
L+450
0.0%12/22/25$9.8 9.7 6.6 
Reliant Rehab Hospital Cincinnati LLC(e)(j)(o)Health Care Equipment & Services
L+625
0.0%2/28/2633.6 32.7 26.7 
Revere Superior Holdings Inc(e)(k)Software & Services
L+575
1.0%9/30/2619.6 19.6 19.6 
Rise Baking Company(e)(k)Food, Beverage & Tobacco
L+650
1.0%8/13/270.5 0.5 0.5 
Rise Baking Company(e)(j)(k)Food, Beverage & Tobacco
L+650
1.0%8/13/2730.4 29.8 29.2 
Rise Baking Company(e)(f)Food, Beverage & Tobacco
L+650
1.0%8/13/271.4 1.4 1.4 
RSC Insurance Brokerage Inc(e)(k)Insurance
SF+550
0.8%10/30/2618.8 18.8 18.5 
Safe-Guard Products International LLC(e)(i)(j)(k)Diversified Financials
L+500
0.5%1/27/2771.7 72.1 71.7 
SAMBA Safety Inc(e)(h)(j)Software & Services
L+525
1.0%9/1/2727.1 26.9 26.8 
SavATree LLC(e)(j)(k)Consumer Services
L+525
0.8%10/12/2839.6 39.2 38.9 
SI Group Inc(k)Materials
SF+475
0.0%10/15/251.5 1.5 1.2 
SIRVA Worldwide Inc(i)Commercial & Professional Services
L+550
0.0%8/4/256.9 6.6 6.1 
SitusAMC Holdings Corp(e)(j)(o)Real Estate
L+550
0.8%12/22/2739.5 38.7 38.1 
Sorenson Communications LLC(j)Telecommunication Services
L+550
0.8%3/17/2620.0 19.3 19.1 
Staples Canada(e)(h)(i)(j)(k)Retailing
C+700
1.0%9/12/24C$74.2 57.0 55.6 
Summit Interconnect Inc(e)(o)Capital Goods
SF+600
1.0%9/22/28$19.5 19.3 18.4 
Time Manufacturing Co(e)(h)(i)Capital Goods
E+650
0.8%12/1/27€29.2 32.4 29.4 
Total Safety US Inc(h)(i)Capital Goods
L+600
1.0%8/18/25$11.2 10.1 10.6 
Transaction Services Group Ltd(e)(j)(k)(n)(o)Software & Services
B+550
0.0%10/14/26A$124.1 85.3 82.6 
Unifrax I LLC / Unifrax Holding Co(k)Capital Goods
L+375
0.0%12/12/25$2.8 2.7 2.5 
Varsity Brands Inc(k)Consumer Durables & Apparel
L+350
1.0%12/16/244.0 3.8 3.8 
Version1 Software Ltd(e)(k)Software & Services
E+575, 0.0% PIK (1.7% Max PIK)
0.0%7/11/29€2.5 2.5 2.5 
Version1 Software Ltd(e)(k)Software & Services
SA+575, 0.0% PIK (1.7% Max PIK)
0.0%7/11/29£4.0 4.7 4.7 
West Corp(i)Software & Services
L+400
1.0%10/10/24$12.1 12.0 11.2 
West Corp(i)Software & Services
L+350
1.0%10/10/242.5 2.5 2.3 
Woolpert Inc(e)(h)(i)(j)Capital Goods
L+600
1.0%4/5/2853.0 52.6 51.6 
Company(a)
FootnotesIndustry
Interest Rate(b)
Base Rate FloorMaturity Date
No. Shares/Principal Amount(c)
Cost
Fair Value(d)
Worldwise Inc(e)(h)(i)(j)(k)(o)Household & Personal Products
SF+625
1.0%3/29/2864.7 61.7 59.8 
Yak Access LLC(e)(n)Capital Goods
SF+825
2.0%1/27/230.2 0.2 0.2 
Yak Access LLC(g)(n)(p)Capital Goods
L+500
0.0%7/11/250.8 0.6 0.3 
Total Senior Secured Loans—First Lien2,522.8 2,418.2 
Unfunded Loan Commitments(3.3)(3.3)
Net Senior Secured Loans—First Lien2,519.5 2,414.9 
Senior Secured Loans—Second Lien—23.6%
Access CIG LLC(h)(i)Commercial & Professional Services
L+775
0.0%2/27/262.5 2.3 2.2 
Ammeraal Beltech Holding BV(e)(h)(k)(o)Capital Goods
L+775
0.0%9/12/2642.8 42.1 41.8 
Apex Group Limited(e)(h)(i)(o)Diversified Financials
L+675
0.5%7/27/2940.0 39.7 37.6 
Cubic Corp(e)(k)Software & Services
L+763
0.8%5/25/2910.0 9.7 9.1 
EaglePicher Technologies LLC(h)Capital Goods
L+725
0.0%3/8/260.4 0.4 0.2 
Element Materials Technology Group US Holdings Inc(e)(h)(i)Commercial & Professional Services
SA+725
0.5%6/24/30£21.0 23.0 24.7 
Misys Ltd(h)(i)(k)(o)Software & Services
L+725
1.0%6/13/25$46.6 44.6 35.1 
NEP Broadcasting LLC(i)Media & Entertainment
L+700
0.0%10/19/266.8 6.7 5.1 
OEConnection LLC(e)(h)(i)(j)Software & Services
SF+700
0.5%9/25/2750.0 50.0 48.4 
Paradigm Acquisition Corp(h)(k)Health Care Equipment & Services
L+750
0.0%10/26/262.5 2.5 2.4 
Peraton Corp(e)(h)(i)Capital Goods
L+775
0.8%2/1/2921.5 21.3 21.2 
Pretium Packaging LLC(e)(h)(i)(j)Household & Personal Products
L+675
0.5%10/1/2939.9 39.7 31.6 
Pure Fishing Inc(e)(h)Consumer Durables & Apparel
L+838
1.0%12/21/2626.5 24.2 14.8 
SIRVA Worldwide Inc(i)(j)Commercial & Professional Services
L+950
0.0%8/3/2610.3 8.7 8.9 
Valeo Foods Group Ltd(e)(h)Food, Beverage & Tobacco
SA+800
0.0%9/28/29£9.3 11.8 9.9 
Wittur Holding GmbH(e)(j)(k)(n)Capital Goods
E+850, 1.0% PIK (1.0% Max PIK)
0.0%9/23/27€121.1 $132.4 $92.0 
Total Senior Secured Loans—Second Lien459.1 385.0 
Other Senior Secured Debt—1.3%
One Call Care Management Inc(e)Health Care Equipment & Services
8.5% PIK (8.5% Max PIK)
11/1/2825.6 25.0 20.9 
Total Other Senior Secured Debt25.020.9
Subordinated Debt—1.3%
Arrotex Australia Group Pty Ltd(e)Pharmaceuticals, Biotechnology & Life Sciences
B+1,150 PIK (B+1,150 Max PIK)
1.0%12/22/26A$25.0 16.2 17.0 
athenahealth IncHealth Care Equipment & Services
6.5%
2/15/30$5.5 4.8 4.1 
Total Subordinated Debt21.0 21.1 
Asset Based Finance—33.2%
Abacus JV, Private Equity(e)Insurance31,400,80432.2 34.0 
Altavair AirFinance, Private Equity(e)Capital Goods36,500,00043.0 42.2 
Connecticut Avenue Securities Trust 2022-R08, Structured MezzanineReal Estate
SF+560
0.0%7/25/42$2.3 2.3 2.4 
Company(a)
FootnotesIndustry
Interest Rate(b)
Base Rate FloorMaturity Date
No. Shares/Principal Amount(c)
Cost
Fair Value(d)
GA Capital Specialty Lending Fund, Limited Partnership Interest(e)(n)Diversified Financials$1.0 — 5.3 
Global Lending Services LLC, Private Equity(e)(n)Diversified Financials2,209,115 2.2 2.4 
Global Lending Services LLC, Private Equity(e)Diversified Financials17,450,851 22.9 18.3 
Kilter Finance, Preferred Stock(e)(k)Insurance
12.0%
$24.0 24.0 24.0 
KKR Chord IP Aggregator LP, Partnership Interest(e)Media & Entertainment19,616,33022.9 21.1 
KKR Zeno Aggregator LP (K2 Aviation), Partnership Interest(e)(n)(p)Capital Goods19,642,734 24.4 16.6 
Lenovo Group Ltd, Structured Mezzanine(e)Technology Hardware & Equipment
SF+1,050
1.0%9/30/24$4.7 4.7 4.7 
Lenovo Group Ltd, Structured Mezzanine(e)Technology Hardware & Equipment
E+1,050
1.0%9/30/24€3.6 3.6 3.9 
Lenovo Group Ltd, Structured Mezzanine(e)Technology Hardware & Equipment
E+650
1.0%9/30/24€5.0 5.0 5.4 
Lenovo Group Ltd, Structured Mezzanine(e)Technology Hardware & Equipment
SA+650
1.0%9/30/24£1.1 1.3 1.4 
Lenovo Group Ltd, Structured Mezzanine(e)Technology Hardware & Equipment
SF+650
1.0%9/30/24$6.5 6.5 6.5 
Lenovo Group Ltd, Structured Mezzanine(e)Technology Hardware & Equipment
SA+1,050
1.0%9/30/24£0.8 0.9 1.0 
Luxembourg Life Fund - Absolute Return Fund I, 1L Term Loan(e)(h)(n)Insurance
L+750
1.5%2/27/25$21.3 21.3 21.3 
Luxembourg Life Fund - Absolute Return Fund III, Term Loan(e)(h)(k)(n)Insurance
L+925
0.0%5/27/26$56.2 55.8 57.0 
Luxembourg Life Fund - Long Term Growth Fund, Term Loan(e)(h)(i)(k)(n)Insurance
SF+925
0.0%4/1/23$67.4 67.4 68.4 
My Community Homes PropCo 2, Private Equity(e)(p)Real Estate34,708,333 34.7 32.5 
NewStar Clarendon 2014-1A Class D(e)(k)(n)Diversified Financials
17.8%
1/25/27$30.0 9.3 12.7 
Pretium Partners LLC P1, Structured Mezzanine(e)(h)(i)Real Estate
2.8%, 5.3% PIK (5.3% Max PIK)
10/22/26$29.6 28.6 28.3 
Pretium Partners LLC P2, Private Equity(e)Real Estate16,772,368 16.2 13.7 
Roemanu LLC (FKA Toorak Capital Partners LLC), Private Equity(e)Real Estate40,000,000 50.2 47.3 
Saluda Grade Alternative Mortgage Trust 2022-BC2, Term Loan(e)(k)Real Estate
7.3%
7/25/2030$24.0 23.7 23.7 
Sealane Trade Finance(e)(m)(p)Banks1,104,510 1.1 0.2 
SG Residential Mortgage Trust 2022-2, Structured MezzanineReal Estate
5.4%
8/25/62$4.6 3.8 3.7 
Star Mountain Strategic Credit Income Fund IV LP, Private Equity(e)Diversified Financials42,500,000 42.5 44.0 
Total Asset Based Finance550.5 542.0 
Equity/Other—11.0%
Ascent Resources Utica Holdings LLC / ARU Finance Corp, Common Stock(e)(l)(p)Energy13,556 3.6 4.8 
Company(a)
FootnotesIndustry
Interest Rate(b)
Base Rate FloorMaturity Date
No. Shares/Principal Amount(c)
Cost
Fair Value(d)
Ascent Resources Utica Holdings LLC / ARU Finance Corp, Trade Claim(e)(l)(p)Energy115,178,571 30.5 40.5 
athenahealth Inc, Preferred Stock(e)Health Care Equipment & Services
10.8% PIK (10.8% Max PIK)
50,000,000 47.5 43.2 
Belk Inc, Common Stock(e)(p)Retailing381 — — 
Misys Ltd, Preferred Stock(e)Software & Services
L+1,025 PIK (L+1,025 Max PIK)
0.0%25,265,621 24.8 21.1 
One Call Care Management Inc, Common Stock(e)(p)Health Care Equipment & Services34,873 2.2 1.9 
One Call Care Management Inc, Preferred Stock A(e)(p)Health Care Equipment & Services371,993 23.7 20.6 
One Call Care Management Inc, Preferred Stock B(e)Health Care Equipment & Services
9.0% PIK (9.0% Max PIK)
10/25/297,672,346 8.7 7.7 
Pure Gym Ltd, Private Equity(e)(p)Consumer Services30,218,000 39.4 39.2 
Total Equity/Other180.4 179.0 
TOTAL INVESTMENTS—218.5%
$3,755.5 $3,562.9 
Derivative Instruments—0.7%
Foreign currency forward contracts$11.9 
____________
(a)Security may be an obligation of one or more entities affiliated with the named company.
(b)Certain variable rate securities in the Company’s portfolio bear interest at a rate determined by a publicly disclosed base rate plus a basis point spread. As of December 31, 2022, the three-month London Interbank Offered Rate, or LIBOR or “L”, was 4.77%, the Euro Interbank Offered Rate, or EURIBOR, was 2.13%, Canadian Dollar Offer Rate, or CDOR was 4.94%, the Bank Bill Swap Bid Rate, or BBSY was 3.32%, the Reykjavik Interbank Offered Rate, or REIBOR, was 6.55%, the Stockholm Interbank Offered Rate, or STIBOR, was 2.70%, the Sterling Overnight Index Average, or SONIA, was 3.43%,
the Secured Overnight Financing Rate, or SOFR, was 4.59%,