INVESTMENTS

9 Months Ended

Sep. 30, 2022

INVESTMENTS

INVESTMENTS

NOTE 4 - INVESTMENTS

Investments consisted of the following:

	As of September 30, 2022				As of December 31, 2021
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
First lien secured loans	$	622,517	$	615,945	$	709,318	$	697,232
Second lien secured loans		24,529		20,383		25,484		23,650
Subordinated unsecured loans		167		167		167		167
Subordinated Note to STRS JV		80,000		80,000		60,000		60,000
Equity (excluding STRS JV)		26,193		25,993		21,991		22,552
Equity in STRS JV		20,000		22,066		15,000		15,607
Total	$	773,406	$	764,554	$	831,960	$	819,208

The following table shows the portfolio composition by industry grouping at fair value:

Industry ($ in thousands)	As of September 30, 2022				As of December 31, 2021
Advertising	$	219	—	%	$	9,738	1.3	%
Air Freight & Logistics		16,046	2.4			21,379	2.9
Alternative Carriers		11,993	1.8			—	—
Application Software		18,145	2.7			22,590	3.0
Asset Management & Custody Banks		10,169	1.5			—	—
Automotive Retail		14,594	2.2			15,286	2.1
Broadcasting		7,942	1.2			8,027	1.1
Building Products		25,317	3.8			44,184	5.9
Cable & Satellite		14,323	2.2			14,526	2.0
Commodity Chemicals		16,003	2.4			15,172	2.0
Construction & Engineering		—	—			11,086	1.5
Construction Materials		8,168	1.2			7,673	1.0
Consumer Finance		—	—			9,628	1.3
Data Processing & Outsourced Services		43,387	6.5			32,864	4.4
Department Stores		—	—			13,538	1.8
Distributors		3,618	0.5			4,025	0.5
Diversified Chemicals		13,941	2.1			18,360	2.5
Diversified Support Services		11,309	1.7			11,618	1.6
Education Services		13,403	2.0			13,398	1.8
Electric Utilities		10,408	1.6			10,296	1.4
Electronic Equipment & Instruments		—	—			6,687	0.9
Environmental & Facilities Services		18,769	2.8			32,998	4.4
Health Care Facilities		10,318	1.6			25,576	3.4
Health Care Services		32,756	4.9			58,055	7.8
Health Care Supplies		23,354	3.5			—	—
Heavy Electrical Equipment		13,897	2.1			11,088	1.5
Home Furnishings		25,311	3.8			24,017	3.2
Household Appliances		6,003	0.9			—	—
Household Products		11,414	1.7			11,773	1.6
Industrial Machinery		8,209	1.2			—	—
Interactive Media & Services		10,260	1.5			20,157	2.7
Internet & Direct Marketing Retail		40,312	6.1			45,668	6.1
Investment Banking & Brokerage		18,372	2.8			19,603	2.6
IT Consulting & Other Services		15,471	2.3			19,162	2.6
Leisure Facilities		22,089	3.3			22,142	3.0
Leisure Products		5,608	0.9			3,072	0.4
Life Sciences Tools & Services		4,912	0.8			4,925	0.7
Office Services & Supplies		25,039	3.8			20,921	2.8
Other Diversified Financial Services		3,823	0.7			3,492	0.5
Packaged Foods & Meats		10,922	1.6			10,862	1.5
Paper Packaging		8,499	1.4			—	—
Personal Products		13,566	2.1			12,260	1.6
Real Estate Operating Companies		—	—			5,431	0.7
Research & Consulting Services		22,316	3.4			23,822	3.2
Specialized Consumer Services		37,949	5.7			36,225	4.9
Specialized Finance(1)		—	—			—	—
Systems Software		17,525	2.7			19,160	2.6
Technology Hardware, Storage & Peripherals		16,809	2.6			23,117	3.1
Total(1)	$	662,488	100.0	%	$	743,601	100.0	%

(1) Excludes investments in STRS JV.

As of September 30, 2022, the portfolio companies underlying the investments are all located in the United States and its territories, except for JZ Capital Partners Ltd., which is domiciled in Guernsey, Solar Holdings Bidco Limited, which is domiciled in the United Kingdom, and Arcole Acquisition Corp and Trimlite Buyer, LLC, which are domiciled in Canada. As of September 30, 2022 and December 31, 2021, the weighted average remaining term of the Company’s debt investments, excluding non-accrual investments, were approximately 3.5 years and 3.8 years, respectively.

As of September 30, 2022 there were no loans on non-accrual status. As of December 31, 2021, the total fair value of non-accrual loans was $10,046.

An affiliated company is generally a portfolio company in which the Company owns 5% or more of its voting securities. A controlled affiliated company is generally a portfolio company in which the Company owns more than 25% of its voting securities or has the power to exercise control over its management or policies (including through a management agreement). The following table presents the schedule of investments in and advances to affiliated and controlled persons (as defined by the 1940 Act) as of and for the nine months ended September 30, 2022:

		Dividends and		Beginning								Net Change in		Ending Fair
		interest		Fair Value at						Net		Unrealized		Value at
	Type of	included in		December 31,						Realized		Appreciation		September 30,
Affiliated Person(1)	Asset	income		2021		Purchases		Sales		Gain (Loss)		(Depreciation)		2022
Non-controlled affiliates
Arcole Holding Corporation	Equity	$	261	$	6,874	$	—	$	—	$	—	$	(579)	$	6,295
PlayMonster LLC	First Lien Secured Revolving Loan		13		—		1,088		(1,088)		—		—		—
Playmonster Group LLC	First Lien Secured Loan		215		—		3,565		—		—		(56)		3,509
Playmonster Group Equity, Inc. (d/b/a PlayMonster)	Preferred Equity		—		—		3,600		—		—		(1,501)		2,099
Playmonster Group Equity, Inc. (d/b/a PlayMonster)	Common Equity		—		—		460		—		—		(460)		—
Total Non-controlled affiliates		$	489	$	6,874	$	8,713	$	(1,088)	$	—	$	(2,596)	$	11,903
Controlled affiliates
WHF STRS Ohio Senior Loan Fund LLC*	Subordinated Note	$	4,339	$	60,000	$	20,000	$	—	$	—	$	—	$	80,000
WHF STRS Ohio Senior Loan Fund LLC*	Equity		5,042		15,607		5,000		—		—		1,459		22,066
Total Controlled affiliates		$	9,381	$	75,607	$	25,000	$	—	$	—	$	1,459	$	102,066

* The Company and STRS Ohio are the members of STRS JV, a joint venture formed as a Delaware limited liability company that is not consolidated by either member for financial reporting purposes. The members make investments in STRS JV in the form of limited liability company (“LLC”) equity interests and interest-bearing subordinated notes as STRS JV makes investments, and all portfolio and other material decisions regarding STRS JV must be submitted to STRS JV’s board of managers which is comprised of an equal number of members appointed by each of the Company and STRS Ohio. Because management of STRS JV is shared equally between the Company and STRS Ohio, the Company does not believe it controls STRS JV for purposes of the 1940 Act or otherwise.

(1) Refer to the consolidated schedule of investments for the principal amount, industry classification and other security detail of each portfolio company.

On January 24, 2022, as part of a restructuring agreement between the Company and PlayMonster LLC, the Company’s first lien secured term loan and delayed draw loan investments to PlayMonster LLC, with a total cost basis of $7,045, converted into a new first lien secured term loan, preferred stock and common stock of Playmonster Group LLC. On June 24, 2022, the PlayMonster LLC first lien secured revolving loan investment was fully realized. A portion of the PlayMonster LLC first lien secured revolving loan investment restructured into the existing Playmonster Group LLC first lien secured term loan, with a total cost basis of $437.

For the nine months ended September 30, 2022, the Company recovered $1,725 on an equity investment to the RCS Creditor Trust Class B Units and is reported as a non-controlled affiliate realized gain in the consolidated statements of operations. The Company previously recovered $562 on the RCS Creditor Trust Class B Units during the three months ended December 31, 2021.

The following table presents the schedule of investments in and advances to affiliated and controlled persons (as defined by the 1940 Act) as of and for the year ended December 31, 2021:

		Dividends and		Beginning Fair								Net Change in		Ending Fair
		interest		Value at						Net		Unrealized		Value at
	Type of	included in		December 31,						Realized		Appreciation		December 31,
Affiliated Person(1)	Asset	income		2020		Purchases		Sales		Gain (Loss)		(Depreciation)		2021
Non-controlled affiliates
Arcole Holding Corporation	Equity	$	897	$	6,448	$	—	$	—	$	—	$	426	$	6,874
NMFC Senior Loan Program I LLC Units	Equity		293		9,269		—		(10,000)		—		761		—
Total Non-controlled affiliates		$	1,190	$	15,717	$	—	$	(10,000)	$	—	$	1,187	$	6,874
Controlled affiliates
WHF STRS Ohio Senior Loan Fund LLC*	Subordinated Note	$	3,307	$	41,073	$	18,927	$	—	$	—	$	—	$	60,000
WHF STRS Ohio Senior Loan Fund LLC*	Equity		4,907		10,167		4,732		—		—		708		15,607
Total Controlled affiliates		$	8,214	$	51,240	$	23,659	$	—	$	—	$	708	$	75,607

* The Company and STRS Ohio are the members of STRS JV, a joint venture formed as a Delaware LLC that is not consolidated by either member for financial reporting purposes. The members make investments in STRS JV in the form of LLC equity interests and interest-bearing subordinated notes as STRS JV makes investments, and all portfolio and other material decisions regarding STRS JV must be submitted to STRS JV’s board of managers which is comprised of an equal number of members appointed by each of the Company and STRS Ohio. Because management of STRS JV is shared equally between the Company and STRS Ohio, the Company does not believe it controls STRS JV for purposes of the 1940 Act or otherwise.

(1) Refer to the consolidated schedule of investments for the principal amount, industry classification and other security detail of each portfolio company.

WHF STRS Ohio Senior Loan Fund LLC

On January 14, 2019, the Company entered into an LLC operating agreement with STRS Ohio to co-manage a newly formed joint venture investment company, STRS JV, a Delaware LLC. STRS Ohio and the Company committed to provide up to $125,000 of subordinated notes and equity to STRS JV, with STRS Ohio providing up to $50,000 and the Company providing up to $75,000, respectively. In July 2019, STRS JV formally launched operations. STRS JV invests primarily in lower middle market, senior secured debt facilities, to performing lower middle market companies across a broad range of industries that typically carry a floating interest index rate such as LIBOR or SOFR and have a term of three to six years.

In February 2022, the Company increased its capital commitment to the STRS JV in the amount of an additional $25,000, which brings the Company’s total capital commitment to $100,000, comprised of $80,000 of subordinated notes and $20,000 of LLC equity interests. In connection with this increase in the Company’s capital commitment, the Company and STRS Ohio’s amended economic ownership in the STRS JV is approximately 66.67% and 33.33%, respectively.

As of September 30, 2022 and December 31, 2021, STRS JV had total assets of $306,392 and $273,523, respectively. STRS JV’s portfolio consisted of debt investments in 28 portfolio companies as of September 30, 2022 and December 31, 2021. As of September 30, 2022 and December 31, 2021, the largest investment by aggregate principal amount (including any unfunded commitments) in a single portfolio company in STRS JV’s portfolio was $20,086 and $23,483, respectively. The five largest investments in portfolio companies by fair value in STRS JV totaled $77,439 and $83,057 as of September 30, 2022 and December 31, 2021, respectively. STRS JV invests in portfolio companies in the same industries in which the Company may directly invest.

The Company provides capital to STRS JV in the form of LLC equity interests and through interest-bearing subordinated notes. As of September 30, 2022, the Company and STRS Ohio owned 66.67% and 33.33%, respectively, of the LLC equity interests of STRS JV. As of December 31, 2021, the Company and STRS Ohio owned 60% and 40%, respectively, of the LLC equity interests of STRS JV. The Company’s investment in STRS JV consisted of equity contributions of $20,000 and $15,000 and advances of the subordinated notes of $80,000 and $60,000 as of September 30, 2022 and December 31, 2021, respectively. As of September 30, 2022, the Company had commitments to fund equity interests and subordinated notes in STRS JV of $20,000 and $80,000, respectively, both of which were fully funded. As of December 31, 2021, the Company had commitments to fund equity interests and subordinated notes in STRS JV of $15,000 and $60,000, respectively, both of which were fully funded.

The Company and STRS Ohio each appoint two members to STRS JV’s four-person board of managers. All material decisions with respect to STRS JV, including those involving its investment portfolio, require unanimous approval of a quorum of the board of managers. Quorum is defined as (i) the presence of two members of the board of managers; provided that at least one individual is present that was elected, designated or appointed by each member; (ii) the presence of three members of the board of managers; provided that the individual that was elected, designated or appointed by the member with only one individual present shall be entitled to cast two votes on each matter; or (iii) the presence of four members of the board of managers; provided that two individuals are present that were elected, designated or appointed by each member.

On July 19, 2019, STRS JV entered into a $125,000 credit and security agreement (the “STRS JV Credit Facility”) with JPMorgan Chase Bank, National Association (“JPMorgan”). On January 27, 2021, the terms of the STRS JV Credit Facility were amended to, among other things, increase the size of the STRS JV Credit Facility from $125,000 to $175,000. On April 28, 2021, the terms of the STRS JV Credit Facility were amended and restated to, among other things, enable borrowings in British pounds or euros. On July 15, 2021, the terms of the STRS JV Credit Facility were amended to, among other things, allow STRS JV to reduce the applicable margins for interest rates to 2.35%, extend the non-call period from January 19, 2022 to January 19, 2023, extend the end of the reinvestment period from July 19, 2022 to July 19, 2023 and extend the scheduled termination date from July 19, 2024 to July 19, 2025.

On March 11, 2022, the terms of the STRS JV Credit Facility were further amended to, among other things, (i) permanently increase STRS Credit’s availability under the Credit Facility from $175,000 to $225,000, (ii) increase the minimum funding amount from $131,250 to $168,750, and (iii) apply an annual interest rate equal to the applicable SOFR plus 2.50% to USD borrowings greater than $175,000 in the Credit Facility.

As of September 30, 2022, the STRS JV Credit Facility had $225,000 of commitments subject to leverage and borrowing base restrictions with an interest rate based on a floating index rate such as LIBOR, SONIA or CDOR plus 2.35% for borrowings up to $175,000 and SOFR plus 2.50% for USD borrowings above $175,000. The final maturity date of the STRS JV Credit Facility is July 19, 2025. As of September 30, 2022, STRS JV had $151,127 of outstanding borrowings and a weighted average effective interest rate of 3.3% per annum under the STRS JV Credit Facility. As of September 30, 2022, the interest rate outstanding under the STRS JV Credit Facility was 5.1%.

As of December 31, 2021, the STRS JV Credit Facility had $175,000 of commitments subject to leverage and borrowing base restrictions with an interest rate based on a floating index rate such as LIBOR, SONIA or CDOR plus 2.35%. As of December 31, 2021, STRS JV had $146,782 of outstanding borrowings and an effective interest rate of 2.5% per annum under the STRS JV Credit Facility.

Below is a listing of STRS JV’s individual investments as of September 30, 2022:

Issuer	Investment Type(1)	Floor	Spread Above Index(2)	Interest Rate(3)	Acquisition Date(4)	Maturity Date	Principal/ Share Amount	Amortized Cost		Fair Value(5)
North America
Debt Investments
Advertising
I&I Sales Group, LLC (d/b/a Avision Sales Group)	First Lien Secured Term Loan	1.00%	L+ 5.75%	9.42%	02/18/22	12/15/26	9,216	$	9,061	$	9,074
I&I Sales Group, LLC (d/b/a Avision Sales Group)(6)	First Lien Secured Delayed Draw Loan	1.00%	L+ 5.75%	9.00%	03/11/22	12/15/26	714		702		707
I&I Sales Group, LLC (d/b/a Avision Sales Group)	First Lien Secured Revolving Loan	1.00%	L+ 5.75%	9.42%	02/18/22	12/15/26	—		—		1
									9,763		9,782
Air Freight & Logistics
ITS Buyer Inc.	First Lien Secured Term Loan	1.00%	L+ 6.00%	9.67%	02/17/22	06/15/26	3,589		3,531		3,553
ITS Buyer Inc.	First Lien Secured Revolving Loan	1.00%	L+ 6.00%	9.67%	02/17/22	06/15/26	—		—		4
									3,531		3,557
Application Software
MEP-TS Midco, LLC (d/b/a Tax Slayer)	First Lien Secured Term Loan	1.00%	L+ 6.00%	8.88%	01/21/21	12/31/26	13,387		13,183		13,387
MEP-TS Midco, LLC (d/b/a Tax Slayer)	First Lien Secured Revolving Loan	1.00%	L+ 6.00%	8.88%	01/21/21	12/31/26	—		—		24
									13,183		13,411
Building Products
Drew Foam Companies Inc	First Lien Secured Term Loan	1.00%	L+ 6.00%	9.67%	11/09/20	11/05/25	14,305		14,125		14,305
									14,125		14,305
Construction & Engineering
Road Safety Services, Inc.	First Lien Secured Term Loan	1.00%	SF+ 6.50%	9.63%	12/31/19	03/18/25	8,625		8,534		8,625
									8,534		8,625
Data Processing & Outsourced Services
Geo Logic Systems Ltd.(7)	First Lien Secured Term Loan	1.00%	C+ 6.50%	10.67%	01/22/20	12/19/24	20,225		15,497		14,505
Geo Logic Systems Ltd.(7)	First Lien Secured Revolving Loan	1.00%	C+ 6.50%	10.67%	01/22/20	12/19/24	—		—		2
									15,497		14,507
Diversified Support Services
Quest Events, LLC	First Lien Secured Term Loan	1.00%	L+ 6.00%	9.67%	07/19/19	12/28/24	11,926		11,838		11,317
Quest Events, LLC	First Lien Secured Revolving Loan	1.00%	L+ 6.00%	9.67%	07/19/19	12/28/24	468		464		424
									12,302		11,741
Electronic Equipment & Instruments
LMG Holdings, Inc.	First Lien Secured Term Loan	1.00%	L+ 7.00%	10.67%	06/28/21	04/30/26	13,501		13,303		13,229
LMG Holdings, Inc.	First Lien Secured Revolving Loan	1.00%	L+ 7.00%	10.09%	06/28/21	04/30/26	265		261		256
									13,564		13,485
Environmental & Facilities Services
Juniper Landscaping Holdings LLC	First Lien Secured Term Loan	1.00%	L+ 6.00%	9.67%	03/01/22	12/29/26	11,334		11,165		11,151
Juniper Landscaping Holdings LLC(6)	First Lien Secured Delayed Draw Loan	1.00%	L+ 6.00%	9.67%	03/01/22	12/29/26	—		—		(3)
Juniper Landscaping Holdings LLC	First Lien Secured Revolving Loan	1.00%	L+ 6.00%	9.67%	03/01/22	12/29/26	—		—		(1)
WH Lessor Corp. (d/b/a Waste Harmonics, LLC)	First Lien Secured Term Loan	1.00%	L+ 5.59%	8.70%	01/22/20	12/26/24	7,490		7,412		7,489
WH Lessor Corp. (d/b/a Waste Harmonics, LLC)	First Lien Secured Revolving Loan	1.00%	L+ 5.59%	8.70%	01/22/20	12/26/24	—		—		5
									18,577		18,641

Issuer	Investment Type(1)	Floor	Spread Above Index(2)	Interest Rate(3)	Acquisition Date(4)	Maturity Date	Principal/ Share Amount	Amortized Cost		Fair Value(5)
Household Appliances
Smalto Inc. (d/b/a PEMCO International)(9)	First Lien Secured Term Loan	1.00%	E + 6.25%	7.25%	05/04/22	04/28/28	6,659	$	6,876	$	6,364
Smalto Inc. (d/b/a PEMCO International)	First Lien Secured Term Loan	1.00%	SF+ 6.00%	9.19%	05/04/22	04/28/28	1,014		995		996
Smalto Inc. (d/b/a PEMCO International)(9)	First Lien Secured Revolving Loan	1.00%	E + 6.25%	7.25%	05/04/22	04/29/27	419		437		396
Smalto Inc. (d/b/a PEMCO International)	First Lien Secured Revolving Loan	1.00%	SF+ 6.00%	8.68%	05/04/22	04/29/27	17		17		17
									8,325		7,773
Industrial Machinery
BLP Buyer, Inc. (d/b/a Bishop Lifting Products, Inc.)	First Lien Secured Term Loan	1.00%	L+ 6.25%	9.03%	02/18/22	02/01/27	8,209		8,066		8,080
BLP Buyer, Inc. (d/b/a Bishop Lifting Products, Inc.)	First Lien Secured Revolving Loan	1.00%	L+ 6.25%	9.00%	02/18/22	02/01/27	274		269		271
Pennsylvania Machine Works, LLC (d/b/a Penn Western)	First Lien Secured Term Loan	1.00%	SF+ 6.25%	10.06%	03/25/22	03/08/27	6,925		6,833		6,925
									15,168		15,276
Internet & Direct Marketing Retail
Marlin DTC-LS Midco 2, LLC (d/b/a Clarus Commerce, LLC)	First Lien Secured Term Loan	1.00%	L+ 6.50%	9.57%	07/19/19	07/01/25	19,105		18,901		19,105
Marlin DTC-LS Midco 2, LLC (d/b/a Clarus Commerce, LLC)	First Lien Secured Revolving Loan	1.00%	L+ 6.50%	9.57%	07/19/19	07/01/25	—		—		9
									18,901		19,114
Investment Banking & Brokerage
TOUR Intermediate Holdings, LLC	First Lien Secured Term Loan	1.00%	L+ 6.50%	9.62%	05/19/20	05/15/25	3,182		3,150		3,182
TOUR Intermediate Holdings, LLC	First Lien Secured Delayed Draw Loan	1.00%	L+ 6.50%	9.62%	05/19/20	05/15/25	2,505		2,493		2,505
									5,643		5,687
IT Consulting & Other Services
Cennox Holdings Limited (d/b/a Cennox)(8)	First lien Secured Term Loan	1.00%	L+ 6.00%	7.69%	07/16/21	05/04/26	2,844		3,868		3,140
Cennox Holdings Limited (d/b/a Cennox)(9)	First lien Secured Term Loan	1.00%	L+ 6.25%	9.78%	06/28/22	05/04/26	9,482		9,845		9,205
Cennox Holdings Limited (d/b/a Cennox)(8)	First lien Secured Revolving Loan	1.00%	L+ 6.00%	8.03%	07/16/21	05/04/26	450		680		502
RCKC Acquisitions LLC (d/b/a KSM Consulting, LLC)	First Lien Secured Term Loan	1.00%	L+ 6.25%	9.92%	01/27/21	12/31/26	11,179		11,018		11,011
RCKC Acquisitions LLC (d/b/a KSM Consulting, LLC)	First Lien Secured Delayed Draw Loan	1.00%	L+ 6.25%	9.04%	01/27/21	12/31/26	3,014		2,967		2,969
RCKC Acquisitions LLC (d/b/a KSM Consulting, LLC)(6)	First Lien Secured Revolving Loan	1.00%	L+ 6.25%	9.20%	01/27/21	12/31/26	533		526		525
Turnberry Solutions, Inc.	First Lien Secured Term Loan	1.00%	SF+ 6.00%	9.19%	08/10/21	09/02/26	6,103		6,008		5,973
Turnberry Solutions, Inc.	First Lien Secured Revolving Loan	1.00%	P+ 5.00%	11.25%	08/10/21	09/02/26	22		21		17
									34,933		33,342
Leisure Products
Unleashed Brands, LLC (d/b/a Unleashed Brands Group)	First Lien Secured Term Loan	1.00%	L+ 5.50%	8.62%	11/30/21	11/19/26	3,887		3,854		3,887
Unleashed Brands, LLC (d/b/a Unleashed Brands Group)(6)	First Lien Secured Delayed Draw Loan	1.00%	L+ 5.50%	8.62%	11/30/21	11/19/26	5,133		5,091		5,151
Unleashed Brands, LLC (d/b/a Unleashed Brands Group)	First Lien Secured Revolving Loan	1.00%	L+ 5.50%	8.62%	11/30/21	11/19/26	—		—		6
									8,945		9,044
Packaged Foods & Meats
Poultry Holdings LLC (HPP)	First Lien Secured Term Loan	1.00%	SF+ 7.25%	10.38% (8.88% Cash + 1.50% PIK)	10/21/19	06/28/25	7,183		7,117		6,914
Stella & Chewy's LLC	First Lien Secured Term Loan	1.00%	SF+ 8.75%	12.24% (10.24% Cash + 2.00% PIK)	12/29/20	12/16/25	3,874		3,826		3,758
Stella & Chewy's LLC	First Lien Secured Delayed Draw Loan	1.00%	SF+ 8.75%	11.92% (9.92% Cash + 2.00% PIK)	03/26/21	12/16/25	1,367		1,354		1,326
									12,297		11,998

Issuer	Investment Type(1)	Floor	Spread Above Index(2)	Interest Rate(3)	Acquisition Date(4)	Maturity Date	Principal/ Share Amount	Amortized Cost		Fair Value(5)
Personal Products
Sunless, Inc.	First Lien Secured Term Loan	1.00%	L+ 6.50%	10.17%	10/21/19	08/13/25	3,691	$	3,639	$	3,691
Sunless, Inc.(6)	First Lien Secured Revolving Loan	1.00%	L+ 6.50%	10.17%	10/21/19	08/13/25	—		—		7
									3,639		3,698
Pharmaceuticals
Meta Buyer LLC (d/b/a Metagenics, Inc.)(9)	First Lien Secured Term Loan	1.00%	E + 6.00%	7.00%	12/16/21	11/01/27	12,318		13,664		11,844
Meta Buyer LLC (d/b/a Metagenics, Inc.)	First Lien Secured Term Loan	1.00%	L+ 6.00%	8.80%	12/16/21	11/01/27	984		967		971
Meta Buyer LLC (d/b/a Metagenics, Inc.)	First Lien Secured Delayed Draw Loan	1.00%	L+ 6.00%	9.52%	12/16/21	11/01/27	897		881		885
Meta Buyer LLC (d/b/a Metagenics, Inc.)	First Lien Secured Revolving Loan	1.00%	L+ 6.00%	8.80%	12/16/21	11/01/27	—		—		6
									15,512		13,706
Real Estate Operating Companies
HRG Management, LLC (d/b/a HomeRiver Group, LLC)	First Lien Secured Term Loan	1.00%	L+ 6.25%	8.99%	12/28/21	10/19/26	9,677		9,520		9,484
HRG Management, LLC (d/b/a HomeRiver Group, LLC)(6)	First Lien Secured Delayed Draw Loan	1.00%	L+ 6.25%	8.99%	02/18/22	10/19/26	1,273		1,257		1,242
HRG Management, LLC (d/b/a HomeRiver Group, LLC)	First Lien Secured Revolving Loan	1.00%	L+ 6.25%	8.99%	02/18/22	10/19/26	—		—		(4)
									10,777		10,722
Real Estate Services
NPAV Lessor Corp. (d/b/a Nationwide Property & Appraisal Services, LLC)	First Lien Secured Term Loan	1.00%	SF+ 6.00%	9.16%	03/01/22	01/21/27	8,946		8,791		8,588
NPAV Lessor Corp. (d/b/a Nationwide Property & Appraisal Services, LLC)	First Lien Secured Revolving Loan	1.00%	SF+ 6.00%	9.16%	03/01/22	01/21/27	—		—		(16)
									8,791		8,572
Research & Consulting Services
E-Phoenix Acquisition Co. Inc. (d/b/a Integreon, Inc.)	First Lien Secured Term Loan	1.00%	L+ 5.75%	9.42%	07/15/21	06/23/27	8,888		8,799		8,832
									8,799		8,832
Technology Hardware, Storage & Peripherals
Source Code Holdings, LLC (d/b/a Source Code Corporation)	First Lien Secured Term Loan	1.00%	SF+ 6.50%	9.63%	08/10/21	07/30/27	15,143		14,899		14,970
Source Code Holdings, LLC (d/b/a Source Code Corporation)(6)	First Lien Secured Delayed Draw Loan	1.00%	SF+ 6.50%	9.63%	08/10/21	07/30/27	—		—		21
									14,899		14,991
Trading Companies & Distributors
LINC Systems, LLC	First Lien Secured Term Loan	1.00%	L+ 6.25%	10.33%	06/22/21	02/24/26	10,058		9,909		10,058
LINC Systems, LLC	First Lien Secured Revolving Loan	1.00%	L+ 6.25%	10.33%	06/22/21	02/24/26	—		—		10
									9,909		10,068
Total Investments								$	285,614	$	280,877

Forward Currency Contracts

Counterparty	Currency to be sold			Currency to be purchased			Settlement date	Unrealized appreciation		Unrealized depreciation
Morgan Stanley	C$	348	CAD	$	270	USD	10/28/22	$	18	$	—
Morgan Stanley	£	282	GBP	$	340	USD	10/28/22		25		—
Morgan Stanley	€	1,383	EUR	$	1,394	USD	10/28/22		36		—
Total								$	79	$	—

(1) Except as noted, all investments provide collateral for the STRS JV Credit Facility.

(2) The investments bear interest at a rate that may be determined by reference to LIBOR, which resets monthly, quarterly or semiannually, SOFR, CDOR, Prime, Euro Interbank Offered Rate (“EurIBOR” or “E”).

(3) The interest rate is the “all-in-rate” including the current index and spread, the fixed rate, and the PIK interest rate, as the case may be.

(4) Except as otherwise noted, all of STRS JV’s portfolio company investments, which as of the date of the portfolio represented 849% of STRS JV’s members’ equity or 92% of STRS JV’s total assets, are subject to legal restrictions on sales.

(5) The fair value of each investment was determined using significant unobservable inputs.

(6) The investment or a portion of the investment does not provide collateral for the STRS JV Credit Facility.

(7) Principal amount is denominated in Canadian dollars and the issuer is domiciled in Canada.

(8) Principal amount is denominated in British Pounds and the issuer is domiciled in the United Kingdom.

(9) Principal amount is denominated in Euros.

Below is a listing of STRS JV’s individual investments as of December 31, 2021:

Issuer	Investment Type(1)	Floor	Spread Above Index(2)	Interest Rate(3)	Acquisition Date(4)	Maturity Date	Principal/ Share Amount	Amortized Cost		Fair Value(5)
North America
Debt Investments
Application Software
MEP-TS Midco, LLC (d/b/a Tax Slayer)	First Lien Secured Term Loan	1.00%	L+ 6.00%	7.00%	01/21/21	12/31/26	13,490	$	13,247	$	13,490
MEP-TS Midco, LLC (d/b/a Tax Slayer)	First Lien Secured Revolving Loan	1.00%	L+ 6.00%	7.00%	01/21/21	12/31/26	—		—		28
									13,247		13,518
Building Products
Drew Foam Companies Inc	First Lien Secured Term Loan	1.00%	L+ 6.00%	7.00%	11/09/20	11/05/25	7,207		7,096		7,183
LHS Borrower, LLC (d/b/a Leaf Home, LLC)	First Lien Secured Term Loan	1.00%	L+ 6.75%	7.75%	10/09/20	09/30/25	9,506		9,345		9,416
LHS Borrower, LLC (d/b/a Leaf Home, LLC)	First Lien Secured Revolving Loan	1.00%	L+ 6.75%	7.75%	10/09/20	09/30/25	—		—		4
									16,441		16,603
Construction & Engineering
Road Safety Services, Inc.	First Lien Secured Term Loan	1.00%	L+ 6.50%	7.50%	12/31/19	03/18/25	6,427		6,340		6,405
Road Safety Services, Inc.	First Lien Secured Revolving Loan	3.25%	P+ 5.50%	8.75%	12/31/19	09/18/23	496		489		501
Tensar Corporation	First Lien Secured Term Loan	1.00%	L+ 6.75%	7.75%	11/24/20	08/20/25	6,930		6,797		7,069
									13,626		13,975
Data Processing & Outsourced Services
Geo Logic Systems Ltd.(7)	First Lien Secured Term Loan	1.00%	C+ 6.50%	7.50%	01/22/20	12/19/24	20,632		15,766		16,156
Geo Logic Systems Ltd.(7)	First Lien Secured Revolving Loan	1.00%	C+ 6.50%	7.50%	01/22/20	12/19/24	—		—		4
									15,766		16,160
Diversified Support Services
Quest Events, LLC(10)	First Lien Secured Term Loan	1.00%	L+ 6.00%	7.00%	07/19/19	12/28/24	11,966		11,848		9,729
Quest Events, LLC(10)	First Lien Secured Revolving Loan	1.00%	L+ 6.00%	7.00%	07/19/19	12/28/24	935		925		760
									12,773		10,489
Electronic Equipment & Instruments
LMG Holdings, Inc.	First Lien Secured Term Loan	1.00%	L+ 6.50%	7.50%	06/28/21	04/30/26	6,802		6,680		6,687
LMG Holdings, Inc.	First Lien Secured Revolving Loan	1.00%	L+ 6.50%	7.50%	06/28/21	04/30/26	—		—		—
									6,680		6,687
Environmental & Facilities Services
WH Lessor Corp. (d/b/a Waste Harmonics, LLC)	First Lien Secured Term Loan	1.00%	L+ 6.00%	7.00%	01/22/20	12/26/24	6,870		6,780		6,866
WH Lessor Corp. (d/b/a Waste Harmonics, LLC)	First Lien Secured Revolving Loan	1.00%	L+ 6.00%	7.00%	01/22/20	12/26/24	—		—		6
									6,780		6,872
Industrial Machinery
FR Flow Control CB LLC	First Lien Secured Term Loan B	1.00%	L+ 5.50%	6.50%	07/19/19	06/28/26	6,815		6,727		6,815
									6,727		6,815
Internet & Direct Marketing Retail
Marlin DTC-LS Midco 2, LLC (d/b/a Clarus Commerce, LLC)	First Lien Secured Term Loan	1.00%	L+ 6.50%	7.50%	07/19/19	07/01/25	15,342		15,153		15,342
Marlin DTC-LS Midco 2, LLC (d/b/a Clarus Commerce, LLC)	First Lien Secured Revolving Loan	1.00%	L+ 6.50%	7.50%	07/19/19	07/01/25	—		—		11
									15,153		15,353
Investment Banking & Brokerage
TOUR Intermediate Holdings, LLC	First Lien Secured Term Loan	1.00%	L+ 6.50%	7.50%	05/19/20	05/15/25	7,438		7,343		7,438
TOUR Intermediate Holdings, LLC	First Lien Secured Delayed Draw Loan	1.00%	L+ 6.50%	7.50%	05/19/20	05/15/25	2,616		2,600		2,616
									9,943		10,054

Issuer	Investment Type(1)	Floor	Spread Above Index(2)	Interest Rate(3)	Acquisition Date(4)	Maturity Date	Principal/ Share Amount	Amortized Cost		Fair Value(5)
IT Consulting & Other Services
Cennox, Inc. (d/b/a Cennox)	First Lien Secured Term Loan	1.00%	L+ 6.00%	7.00%	06/28/21	05/04/26	8,525	$	8,365	$	8,438
Cennox, Inc. (d/b/a Cennox)	First Lien Secured Delayed Draw Loan	1.00%	L+ 6.00%	7.00%	06/28/21	05/04/26	8,915		8,755		8,915
Cennox, Inc. (d/b/a Cennox)	First Lien Secured Revolving Loan	1.00%	L+ 6.00%	7.00%	06/28/21	05/04/26	561		551		569
Cennox Holdings Limited (d/b/a Cennox)(8)	First lien Secured Term Loan	1.00%	L+ 6.00%	7.00%	07/16/21	05/04/26	2,866		3,889		3,877
Cennox Holdings Limited (d/b/a Cennox)(8)	First lien Secured Revolving Loan	1.00%	L+ 6.00%	7.00%	07/16/21	05/04/26	864		1,173		1,169
RCKC Acquisitions LLC (d/b/a KSM Consulting, LLC)	First Lien Secured Term Loan	1.00%	L+ 6.25%	7.25%	01/27/21	12/31/26	11,264		11,074		11,151
RCKC Acquisitions LLC (d/b/a KSM Consulting, LLC)(6)	First Lien Secured Delayed Draw Loan	1.00%	L+ 6.25%	7.25%	01/27/21	12/31/26	—		—		(5)
RCKC Acquisitions LLC (d/b/a KSM Consulting, LLC)(6)	First Lien Secured Revolving Loan	1.00%	L+ 6.25%	7.25%	01/27/21	12/31/26	818		804		814
Turnberry Solutions, Inc.	First Lien Secured Term Loan	1.00%	L+ 6.00%	7.00%	08/10/21	09/02/26	5,791		5,689		5,684
Turnberry Solutions, Inc.	First Lien Secured Revolving Loan	3.25%	P+ 5.00%	8.25%	08/10/21	09/02/26	86		84		85
									40,384		40,697
Leisure Products
Unleashed Brands, LLC (d/b/a Unleashed Brands Group)	First Lien Secured Term Loan	1.00%	L+ 5.50%	6.50%	11/30/21	11/19/26	3,887		3,848		3,848
Unleashed Brands, LLC (d/b/a Unleashed Brands Group)(6)	First Lien Secured Delayed Draw Loan	1.00%	L+ 5.50%	6.50%	11/30/21	11/19/26	5,133		5,083		5,082
Unleashed Brands, LLC (d/b/a Unleashed Brands Group)	First Lien Secured Revolving Loan	1.00%	L+ 5.50%	6.50%	11/30/21	11/19/26	—		—		—
									8,931		8,930
Packaged Foods & Meats
Mikawaya Holdings, LLC (aka MyMo)	First Lien Secured Term Loan	1.25%	L+ 5.50%	6.75%	02/18/20	01/29/25	3,026		2,988		3,026
Poultry Holdings LLC (HPP)	First Lien Secured Term Loan	1.00%	L+ 7.25%	8.25% (6.75% Cash + 1.50% PIK)	10/21/19	06/28/25	7,770		7,676		6,993
Stella & Chewy's LLC	First Lien Secured Term Loan	1.00%	L+ 6.75%	7.75%	12/29/20	12/16/25	5,313		5,228		4,967
Stella & Chewy's LLC(6)	First Lien Secured Delayed Draw Loan	1.00%	L+ 6.75%	7.75%	12/29/20	12/16/25	1,893		1,877		1,697
Westrock Coffee Company, LLC	First Lien Secured Term Loan	1.50%	L+ 8.50%	10.00% (9.75% Cash + 0.25% PIK)	03/20/20	02/28/25	9,105		9,033		8,923
									26,802		25,606
Personal Products
Sunless, Inc.	First Lien Secured Term Loan	1.00%	L+ 6.00%	7.00%	10/21/19	08/13/24	4,259		4,185		4,259
Sunless, Inc.(6)	First Lien Secured Revolving Loan	1.00%	L+ 6.00%	7.00%	10/21/19	08/13/24	—		—		14
									4,185		4,273
Pharmaceuticals
Meta Buyer LLC (d/b/a Metagenics, Inc.)(9)	First Lien Secured Term Loan	1.00%	E + 6.00%	7.00%	12/16/21	11/01/27	12,411		13,737		13,843
Meta Buyer LLC (d/b/a Metagenics, Inc.)	First Lien Secured Term Loan	1.00%	L+ 6.00%	7.00%	12/16/21	11/01/27	991		972		972
Meta Buyer LLC (d/b/a Metagenics, Inc.)	First Lien Secured Delayed Draw Loan	1.00%	L+ 6.00%	7.00%	12/16/21	11/01/27	—		—		—
Meta Buyer LLC (d/b/a Metagenics, Inc.)	First Lien Secured Revolving Loan	1.00%	L+ 6.00%	7.00%	12/16/21	11/01/27	251		246		246
									14,955		15,061
Real Estate Operating Companies
HRG Management, LLC (d/b/a HomeRiver Group, LLC)	First Lien Secured Term Loan	1.00%	L+ 6.25%	7.25%	12/28/21	10/19/26	4,875		4,781		4,780
									4,781		4,780
Research & Consulting Services
E-Phoenix Acquisition Co. Inc. (d/b/a Integreon, Inc.)	First Lien Secured Term Loan	1.00%	L+ 5.75%	6.75%	07/15/21	06/23/27	8,955		8,852		8,901
									8,852		8,901

Issuer	Investment Type(1)	Floor	Spread Above Index(2)	Interest Rate(3)	Acquisition Date(4)	Maturity Date	Principal/ Share Amount	Amortized Cost		Fair Value(5)
Systems Software
IDIG Parent, LLC (d/b/a IDIQ)	First Lien Secured Term Loan	1.00%	L+ 6.00%	7.00%	06/25/21	12/15/26	8,482	$	8,404	$	8,482
IDIG Parent, LLC (d/b/a IDIQ)	First Lien Secured Delayed Draw Loan	1.00%	L+ 6.00%	7.00%	09/21/21	12/15/26	1,411		1,397		1,411
IDIG Parent, LLC (d/b/a IDIQ)	First Lien Secured Revolving Loan	1.00%	L+ 6.00%	7.00%	06/25/21	12/15/26	—		—		5
									9,801		9,898
Technology Hardware, Storage & Peripherals
PS Lightwave, Inc.	First Lien Secured Term Loan	1.50%	L+ 6.75%	8.25%	05/19/20	03/10/25	7,304		7,207		7,230
PS Lightwave, Inc.(6)	First Lien Secured Delayed Draw Loan	1.50%	L+ 6.75%	8.25%	05/19/20	03/10/25	—		—		5
Source Code Holdings, LLC (d/b/a Source Code Corporation)	First Lien Secured Term Loan	1.00%	L+ 6.50%	7.50%	08/10/21	07/30/27	7,629		7,487		7,489
Source Code Holdings, LLC (d/b/a Source Code Corporation)(6)	First Lien Secured Delayed Draw Loan	1.00%	L+ 6.50%	7.50%	08/10/21	07/30/27	—		—		1
									14,694		14,725
Trading Companies & Distributors
LINC Systems, LLC	First Lien Secured Term Loan	1.00%	L+ 6.25%	7.25%	06/22/21	02/24/26	10,135		9,951		10,101
LINC Systems, LLC	First Lien Secured Revolving Loan	1.00%	L+ 6.25%	7.25%	06/22/21	02/24/26	—		—		12
									9,951		10,113
Total Investments								$	260,472	$	259,510

Forward Currency Contracts

Counterparty	Currency to be sold		Currency to be purchased		Settlement date	Unrealized appreciation		Unrealized depreciation
Morgan Stanley	C$	856 CAD	$	692 USD	1/27/2022	$	15	$	—
Morgan Stanley	£	175 GBP	$	241 USD	1/27/2022		4		—
Total						$	19	$	—

(1) Except as noted, all investments provide collateral for the Company’s Credit Facility.

(2) The investments bear interest at a rate that may be determined by reference to LIBOR, which resets monthly, quarterly or semiannually, CDOR, or Prime. The one-, three- and six-month LIBOR were 0.10%, 0.21% and 0.34%, respectively, as of December 31, 2021. The one-, three- and six-month GBP LIBOR were 0.19%, 0.26% and 0.47%, respectively, as of December 31, 2021. The three month Euro EurIBOR, CDOR and Prime were (0.57)%, 0.52% and 3.25%, respectively, as of December 31, 2021.

(3) The interest rate is the “all-in-rate” including the current index and spread, the fixed rate, and the payment-in-kind (“PIK”) interest rate, as the case may be.

(4) Except as otherwise noted, all of the Company’s portfolio company investments, which as of the date of the portfolio represented 998% of the Company’s members’ equity or 95% of the Company’s total assets, are subject to legal restrictions on sales.

(5) The fair value of each investment was determined using significant unobservable inputs.

(6) The investment or a portion of the investment does not provide collateral for the Company’s Credit Facility.

(7) Principal amount is denominated in Canadian dollars and the issuer is domiciled in Canada.

(8) Principal amount is denominated in British Pounds and the issuer is domiciled in the United Kingdom.

(9) Principal amount is denominated in Euros.

(10) At the option of the issuer, interest can be paid in cash or cash and PIK. The issuer may elect to pay up to 7.00% PIK.

As of September 30, 2022 and December 31, 2021, the portfolio companies underlying the STRS JV investments are all located in the United States and its territories except for Geo Logic Systems Ltd., which is domiciled in Canada, and Cennox Holdings Limited, which is domiciled in the United Kingdom. As of September 30, 2022 and December 31, 2021, STRS JV had no investments on non-accrual status. STRS JV had outstanding commitments to fund investments totaling $28,762, and $22,883 under delayed draw term loan commitments and undrawn revolvers as of September 30, 2022 and December 31, 2021, respectively.

Below is certain summarized financial information for STRS JV as of September 30, 2022 and December 31, 2021 and for the three and nine months ended September 30, 2022 and 2021:

Selected Balance Sheet Information ($ in thousands)	As of September 30, 2022		As of December 31, 2021
Assets
Investments, at fair value (amortized cost of $285,614 and $260,472, respectively)	$	280,877	$	259,510
Cash and cash equivalents		23,715		13,004
Interest receivable		1,433		735
Unrealized appreciation on foreign currency forward contracts		79		19
Other assets		288		255
Total assets	$	306,392	$	273,523
Liabilities
Credit facility	$	149,322	$	145,003
Note payable to members		120,000		100,000
Interest payable on credit facility		576		282
Interest payable on notes to members		2,630		1,575
Other liabilities		764		651
Total liabilities		273,292		247,511
Members’ equity		33,100		26,012
Total liabilities and members’ equity	$	306,392	$	273,523

	Three Months Ended				Nine Months Ended
Selected Statement of Operations Information ($ in thousands)	September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021
Interest income	$	7,858	$	4,972	$	20,985	$	13,554
Total investment income	$	7,858	$	4,972	$	20,985	$	13,554
Interest expense on credit facility		2,034		1,079		4,919		3,037
Interest expense on notes to members		2,630		1,511		6,611		3,937
Administrative fee		161		117		475		312
Other expenses		128		150		513		379
Total expenses	$	4,953	$	2,857	$	12,518	$	7,665
Net investment income		2,905		2,115		8,467		5,889
Net realized gains (losses) on investments and foreign currency transactions		130		8		250		(51)
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		(286)		874		1,306		1,209
Net increase in members’ equity resulting from operations	$	2,749	$	2,997	$	10,023	$	7,047