The following table shows the composition of the investment portfolio, at amortized cost and fair value as of September 30, 2022 (with corresponding percentage of total portfolio investments):

(1)	Represents debt and equity investment in ISLP and SLP.

The following table shows the composition of the investment portfolio, at amortized cost and fair value as of December 31, 2021 (with corresponding percentage of total portfolio investments):


	As of December 31, 2021
			Percentage of				Percentage of
	Amortized Cost		Total Portfolio		Fair Value		Total Portfolio
First Lien Senior Secured Loans	$	1,807,805	78.2	%	$	1,774,675	77.5	%
Equity Interest		156,399	6.8			151,844	6.6
Subordinated Note Investment Vehicles ⁽¹⁾		125,437	5.5			125,437	5.5
Second Lien Senior Secured Loans		120,058	5.2			118,561	5.2
Preferred Equity		42,452	1.8			53,991	2.4
Equity Interest Investment Vehicles ⁽¹⁾		39,596	1.7			44,444	1.9
Subordinated Debt		19,635	0.8			20,027	0.9
Warrants		2	0.0			126	0.0
Total	$	2,311,384	100.0	%	$	2,289,105	100.0	%

(1)	Represents debt and equity investment in ISLP.

The following table shows the composition of the investment portfolio by geographic region, at amortized cost and fair value as of September 30, 2022 (with corresponding percentage of total portfolio investments):


	As of September 30, 2022
			Percentage of				Percentage of
	Amortized Cost		Total Portfolio		Fair Value		Total Portfolio
United States	$	2,054,218	87.2	%	$	2,005,137	87.4	%
Cayman Islands		114,115	5.0			113,796	5.1
United Kingdom		81,284	3.4			74,077	3.2
Germany		26,833	1.1			25,984	1.1
Canada		18,833	0.8			18,847	0.8
Ireland		19,146	0.8			16,838	0.7
Belgium		11,036	0.5			12,024	0.5
Australia		12,087	0.5			10,512	0.5
Luxembourg		8,125	0.3			6,671	0.3
Netherlands		5,160	0.2			4,646	0.2
Guernsey		4,780	0.2			4,503	0.2
Israel		341	0.0			344	0.0
Sweden		185	0.0			143	0.0
Total	$	2,356,143	100.0	%	$	2,293,522	100.0	%

The following table shows the composition of the investment portfolio by geographic region, at amortized cost and fair value as of December 31, 2021 (with corresponding percentage of total portfolio investments):


	As of December 31, 2021
			Percentage of				Percentage of
	Amortized Cost		Total Portfolio		Fair Value		Total Portfolio
United States	$	2,071,058	89.5	%	$	2,061,372	90.0	%
Cayman Islands		116,916	5.1			101,888	4.5
United Kingdom		41,736	1.8			43,658	1.9
Ireland		27,315	1.2			28,050	1.2
Luxembourg		24,848	1.1			24,973	1.1
Germany		20,657	0.9			20,352	0.9
Guernsey		3,499	0.2			3,528	0.2
Belgium		2,372	0.1			2,424	0.1
Canada		2,195	0.1			2,232	0.1
Israel		386	0.0			391	0.0
Sweden		185	0.0			171	0.0
Australia		217	0.0			66	0.0
Total	$	2,311,384	100.0	%	$	2,289,105	100.0	%

The following table shows the composition of the investment portfolio by industry, at amortized cost and fair value as of September 30, 2022 (with corresponding percentage of total portfolio investments):


	As of September 30, 2022
			Percentage of				Percentage of
	Amortized Cost		Total Portfolio		Fair Value		Total Portfolio
Aerospace & Defense	$	398,665	16.9	%	$	380,118	16.6	%
Investment Vehicles⁽²⁾		284,780	11.9			282,498	12.3
High Tech Industries		220,512	9.4			217,497	9.5
Services: Business		170,902	7.3			163,918	7.1
Consumer Goods: Non-Durable		130,849	5.6			129,695	5.7
Construction & Building		117,017	5.0			113,634	5.0
Healthcare & Pharmaceuticals		101,715	4.3			99,633	4.3
Transportation: Cargo		86,852	3.7			91,874	4.0
Automotive		78,189	3.3			78,215	3.4
Transportation: Consumer		81,733	3.5			78,151	3.4
Energy: Oil & Gas		57,002	2.4			74,898	3.3
Consumer Goods: Durable		84,266	3.6			74,692	3.3
FIRE: Insurance⁽¹⁾		64,944	2.8			62,954	2.7
Retail		60,350	2.6			53,266	2.3
FIRE: Finance⁽¹⁾		49,741	2.1			47,545	2.1
Telecommunications		46,415	2.0			47,204	2.1
Hotel, Gaming, & Leisure		37,159	1.6			36,068	1.6
Environmental Industries		35,140	1.5			34,538	1.5
Media: Diversified & Production		36,721	1.6			34,136	1.5
Capital Equipment		31,046	1.3			30,728	1.3
Media: Advertising, Printing & Publishing		54,169	2.3			27,819	1.2
Wholesale		26,426	1.1			27,640	1.2
Media: Publishing		21,507	0.9			20,356	0.9
Services: Consumer		17,585	0.7			17,823	0.8
Containers, Packaging & Glass		16,372	0.7			16,071	0.7
Beverage, Food & Tobacco		7,359	0.3			14,702	0.6
Chemicals, Plastics, & Rubber		14,177	0.6			14,065	0.6
Banking		7,736	0.3			7,980	0.3
Consumer goods: Wholesale		8,839	0.4			7,086	0.3
Hospitality Holdings		5,000	0.2			5,841	0.3
Media: Broadcasting & Subscription		2,825	0.1			2,717	0.1
Banking, Finance, Insurance & Real Estate		150	0.0			160	0.0
Total	$	2,356,143	100.0	%	$	2,293,522	100.0	%

(1)	Finance, Insurance, and Real Estate (“FIRE”).

(2)	Represents debt and equity investment in ISLP and SLP.

The following table shows the composition of the investment portfolio by industry, at amortized cost and fair value as of December 31, 2021 (with corresponding percentage of total portfolio investments):


	As of December 31, 2021
			Percentage of				Percentage of
	Amortized Cost		Total Portfolio		Fair Value		Total Portfolio
Aerospace & Defense	$	309,458	13.4	%	$	282,598	12.3	%
Services: Business		226,035	9.8			225,437	9.8
High Tech Industries		182,811	7.9			183,069	8.0
Consumer Goods: Non-Durable		179,733	7.8			182,063	8.0
Investment Vehicles ⁽²⁾		165,033	7.1			169,881	7.4
Transportation: Cargo		103,012	4.5			106,458	4.7
Healthcare & Pharmaceuticals		102,116	4.4			100,771	4.4
Automotive		87,597	3.8			88,555	3.9
Retail		83,036	3.6			83,064	3.6
Wholesale		77,737	3.4			80,070	3.5
Energy: Oil & Gas		69,588	3.0			79,548	3.5
Consumer Goods: Durable		83,903	3.6			76,575	3.3
Transportation: Consumer		80,027	3.5			69,040	3.0
Construction & Building		70,256	3.0			68,570	3.0
Capital Equipment		65,129	2.8			64,841	2.8
FIRE: Insurance⁽¹⁾		62,165	2.7			63,123	2.8
Hotel, Gaming & Leisure		53,232	2.3			51,956	2.3
Media: Diversified & Production		46,420	2.0			44,835	2.0
Telecommunications		40,938	1.8			41,570	1.8
Services: Consumer		40,467	1.8			41,236	1.8
Media: Advertising, Printing & Publishing		50,389	2.2			39,459	1.7
Containers, Packaging & Glass		27,379	1.2			27,378	1.2
Chemicals, Plastics & Rubber		26,135	1.1			26,863	1.2
FIRE: Finance ⁽¹⁾		24,245	1.0			24,452	1.1
Beverage, Food & Tobacco		7,563	0.3			19,755	0.9
Banking		18,370	0.8			18,690	0.8
Consumer Goods: Wholesale		14,870	0.6			14,827	0.6
Media: Broadcasting and Subscription		8,740	0.4			8,979	0.4
Hospitality Holdings		5,000	0.2			5,442	0.2
Total	$	2,311,384	100.0	%	$	2,289,105	100.0	%

(1)	Finance, Insurance, and Real Estate (“FIRE”).

(2)	Represents debt and equity investment in ISLP.

International Senior Loan Program, LLC

On February 9, 2021, the Company and Pantheon ("Pantheon"), a leading global alternative private markets manager, formed the International Senior Loan Program, LLC (“ISLP”), an unconsolidated joint venture. ISLP invests primarily in non-US first lien senior secured loans. ISLP was formed as a Delaware limited liability company. The Company and Pantheon committed to initially provide $138.3 million of debt and $46.1 million of equity capital, to ISLP. Equity contributions will be called from each member on a pro-rata basis, based on their equity commitments. Pursuant to the terms of the transaction, Pantheon invested $50.0 million to acquire a 29.5% stake in ISLP. The Company contributed debt investments of $317.1 million for a 70.5% stake in ISLP, and received a one-time gross distribution of $190.2 million in cash in consideration of contributing such investments. As of September 30, 2022, the Company’s investment in ISLP consisted of subordinated notes of $173.3 million, and equity interests of $54.6 million. As of December 31, 2021, the Company’s investment in ISLP consisted of subordinated notes of $125.4 million, and equity interests of $44.4 million

As of September 30, 2022, the Company had commitments with respect to their equity and subordinated note interests of ISLP in the aggregate amount of $249.3 million. The Company has contributed $229.6 million in capital and has $19.7 million in unfunded capital contributions. As of September 30, 2022, Pantheon had commitments with respect to their equity and subordinated note interests of ISLP in the aggregate amount of $103.9 million. Pantheon has contributed $91.1 million in capital and has $12.8 million in unfunded capital contributions.

As of December 31, 2021, the Company had commitments with respect to their equity and subordinated note interests of ISLP in the aggregate amount of $189.5 million. The Company has contributed $165.7 million in capital and has $23.8 million in unfunded capital contributions. As of December 31, 2021, Pantheon had commitments with respect to their equity and subordinated note interests of ISLP in the aggregate amount of $78.9 million. Pantheon has contributed $69.8 million in capital and has $9.1 million in unfunded capital contributions.

In future periods, the Company may sell certain of its investments or a participating interest in certain of its investments to ISLP. Since inception, the Company has sold $791.5 million of its investments to ISLP. The sale of the investments met the criteria set forth in ASC 860, Transfers and Servicing for treatment as a sale.

The Company has determined that ISLP is an investment company under ASC, Topic 946, Financial Services—Investment Companies; however, in accordance with such guidance, the Company will generally not consolidate its investment in a company other than a wholly or substantially owned investment company subsidiary, which is an extension of the operations of the Company, or a controlled operating company whose business consists of providing services to the Company. The Company does not consolidate its investments in ISLP as it is not a substantially wholly owned investment company subsidiary. In addition, the Company does not control ISLP due to the allocation of voting rights among ISLP members. The Company measures the fair value of ISLP in accordance with ASC Subtopic 820, Fair Value Measurements and Disclosures, using the net asset value (or its equivalent) as a practical expedient. The Company and Pantheon each appointed two members to ISLP’s four-person Member Designees’ Committee. All material decisions with respect to ISLP, including those involving its investment portfolio, require unanimous approval of a quorum of Member Designees’ Committee.

As of September 30, 2022, ISLP had $623.0 million in debt and equity investments, at fair value. As of December 31, 2021, ISLP had $501.5 million in debt investments, at fair value.

Additionally, ISLP, through a wholly-owned subsidiary, has entered into a $300.0 million senior secured revolving credit facility which bears interest at LIBOR (or an alternative risk-free interest rate index) plus 225 basis points with JP Morgan (“ISLP Credit Facility Tranche A”). On February 4, 2022, ISLP entered into the second amended and restated credit agreement, which among other things formed an additional tranche (“ISLP Credit Facility Tranche B” and collectively with ISLP Credit Facility Tranche A, the “ISLP Credit Facilities”) with an initial financing limit of $50.0 million on May 31, 2022, and $200.0 million on August 31, 2022, bringing the total facility size to $550.0 million. As of September 30, 2022, the ISLP Credit Facility had $338.8 million of outstanding debt under the credit facility. As of December 31, 2021 the ISLP Credit Facility had $272.1 million of outstanding debt under the credit facility. As of September 30, 2022, the effective rate on the ISLP Credit Facility was 2.9% per annum. As of December 31, 2021, the effective rate on the ISLP Credit Facility was 2.5% per annum.

Below is a summary of ISLP’s portfolio at fair value:


	As of			As of
	September 30, 2022			December 31, 2021
Total investments	$	623,017		$	501,545
Weighted average yield on investments		8.0	%		6.5	%
Number of borrowers in ISLP		34			27
Largest portfolio company investment	$	43,581		$	40,071
Total of five largest portfolio company investments	$	184,555		$	171,291
Unfunded commitments	$	15,171		$	105

Below is a listing of ISLP’s individual investments as of:

International Senior Loan Program, LLC

Consolidated Schedule of Investments

As of September 30, 2022

(unaudited)


		Portfolio	Investment	Spread Above			Interest		Maturity				Market	% of Members
Currency	Industry	Company	Type	Index			Rate		Date	Currency	Principal/Shares	Cost	Value	Equity
Australian Dollar
	Aerospace & Defense	Ansett Aviation Training	First Lien Senior Secured Loan	BBSY+	4.69	%	5.69	%	9/24/2031	AUD	14,144	9,830	9,052
		Ansett Aviation Training	Equity Interest		—		—		—		10,238	7,115	6,552
											Aerospace & Defense Total	16,945	15,604	20.8	%

	Healthcare & Pharmaceuticals	Datix Bidco Limited	First Lien Senior Secured Loan	BBSW+	4.50	%	4.57	%	4/28/2025	AUD	4,169	3,291	2,608
											Healthcare & Pharmaceuticals Total	3,291	2,608	3.5	%

	Media: Advertising, Printing & Publishing	TGI Sport Bidco Pty Ltd	First Lien Senior Secured Loan	BBSY+	7.00	%	8.50	%	4/30/2026	AUD	9,658	6,949	5,841
											Media: Advertising, Printing & Publishing Total	6,949	5,841	7.8	%

	Services: Consumer	Zeppelin BidCo Pty Limited	First Lien Senior Secured Loan	BBSY+	5.00	%	7.12	%	6/28/2024	AUD	20,415	16,070	13,000
											Services: Consumer Total	16,070	13,000	17.3	%

											Australian Dollar Total	43,255	37,053	49.4	%

British Pound
	FIRE: Finance	Parmenion	First Lien Senior Secured Loan	SONIA+	5.75	%	6.69	%	5/11/2029	£	32,300	39,063	36,079
											FIRE: Finance Total	39,063	36,079	48.1	%

	Healthcare & Pharmaceuticals	Datix Bidco Limited	Second Lien Senior Secured Loan	SONIA+	7.75	%	9.44	%	4/27/2026	£	12,013	16,916	13,083
											Healthcare & Pharmaceuticals Total	16,916	13,083	17.4	%

	Media: Diversified & Production	International Entertainment Investments Limited	First Lien Senior Secured Loan	SONIA+	4.75	%	6.47	%	5/31/2025	£	8,753	12,316	9,777
											Media: Diversified & Production Total	12,316	9,777	13.0	%

	Services: Business	Caribou Bidco Limited	First Lien Senior Secured Loan	SONIA+	6.00	%	7.19	%	1/29/2029	£	1,577	1,951	1,761
		Caribou Bidco Limited	First Lien Senior Secured Loan	SONIA+	6.00	%	7.19	%	1/29/2029	£	19,500	24,141	21,782
		Comet Bidco Limited	First Lien Senior Secured Loan	SONIA+	5.25	%	5.29	%	9/30/2024	£	7,362	9,603	5,715
		Brook Bidco I Limited	First Lien Senior Secured Loan	SONIA+	3.00	% (4.25% PIK)	8.06	%	7/7/2028	£	21,739	29,552	24,283
		Brook Bidco I Limited	First Lien Senior Secured Loan	L+	3.00	% (4.25% PIK)	9.18	%	7/7/2028	£	4,747	6,351	5,302
		Brook Bidco I Limited	First Lien Senior Secured Loan	L+	3.00	% (4.25% PIK)	9.18	%	7/7/2028	£	6,582	8,807	7,352
		Midcap Invest UK 1 Bidco Limited	First Lien Senior Secured Loan	SONIA+	5.28	%	5.97	%	5/5/2028	£	12,151	16,361	13,573
		Pack-A-Punch Bidco Limited	First Lien Senior Secured Loan	SONIA+	5.75	%	7.44	%	7/15/2028	£	3,825	5,088	4,272
		Pack-A-Punch Bidco Limited	First Lien Senior Secured Loan	SONIA+	5.75	%	7.94	%	7/15/2028	£	12,395	16,657	13,845
											Services: Business Total	118,511	97,885	130.6	%

	Services: Consumer	Surrey Bidco Limited	First Lien Senior Secured Loan	SONIA+	6.00	%	7.97	%	5/11/2026	£	5,353	7,195	5,112
											Services: Consumer Total	7,195	5,112	6.8	%

											British Pound Total	194,001	161,936	215.9	%


		Portfolio	Investment	Spread Above			Interest		Maturity				Market	% of Members
Currency	Industry	Company	Type	Index			Rate		Date	Currency	Principal/Shares	Cost	Value	Equity
Canadian Dollar
	Media: Diversified & Production	9 Story Media Group Inc.	First Lien Senior Secured Loan	CDOR+	5.25	%	9.03	%	4/30/2026	CAD	6,816	5,411	4,929
											Media: Diversified & Production Total	5,411	4,929	6.5	%

	Retail	New Look Vision Group	First Lien Senior Secured Loan	CDOR+	5.50	%	9.67	%	5/26/2028	CAD	17,920	14,660	12,829
		New Look Vision Group	First Lien Senior Secured Loan	CDOR+	5.50	%	9.67	%	5/26/2028	CAD	3,510	2,708	2,514
											Retail Total	17,368	15,343	20.5	%

											Canadian Dollar Total	22,779	20,272	27.0	%
Danish Krone
	High Tech Industries	VPARK BIDCO AB	First Lien Senior Secured Loan	CIBOR+	4.00	%	4.75	%	3/10/2025	DKK	56,429	9,231	7,438
											High Tech Industries Total	9,231	7,438	9.9	%

											Danish Krone Total	9,231	7,438	9.9	%

European Currency
	Chemicals, Plastics & Rubber	V Global Holdings LLC	First Lien Senior Secured Loan	EURIBOR+	5.75	%	6.50	%	12/22/2027	€	9,400	9,466	9,122
											Chemicals, Plastics & Rubber Total	9,466	9,122	12.2	%

	FIRE: Insurance	MRH Trowe Beteiligungsgesellschaft MBH	First Lien Senior Secured Loan	EURIBOR+	5.50	%	5.70	%	7/26/2028	€	21,335	24,541	20,703
		Paisley Bidco Limited	First Lien Senior Secured Loan	EURIBOR+	5.50	%	6.19	%	11/26/2028	€	3,178	3,367	3,115
											FIRE: Insurance Total	27,908	23,818	31.8	%

	Healthcare & Pharmaceuticals	RH Diagnostik & Therapie Holding GmbH	First Lien Senior Secured Loan	EURIBOR+	6.25	%	8.11	%	5/28/2026	€	12,999	15,695	12,487
		RH Diagnostik & Therapie Holding GmbH	First Lien Senior Secured Loan	EURIBOR+	6.25	%	6.25	%	5/28/2026	€	22,244	26,856	21,367
		Pharmathen Bidco B.V.	First Lien Senior Secured Loan	EURIBOR+	5.75	%	5.98	%	10/25/2028	€	13,492	14,957	13,192
		Pharmathen Bidco B.V.	First Lien Senior Secured Loan	EURIBOR+	5.75	%	5.98	%	10/25/2028	€	358	337	345
											Healthcare & Pharmaceuticals Total	57,845	47,391	63.2	%

	High Tech Industries	Utimaco	First Lien Senior Secured Loan	EURIBOR+	6.00	%	6.58	%	5/13/2029	€	8,250	8,328	8,087
											High Tech Industries Total	8,328	8,087	10.8	%

	Media: Broadcasting & Subscription	Lightning Finco Limited	First Lien Senior Secured Loan	EURIBOR+	5.50	%	6.25	%	9/1/2028	€	2,619	2,951	2,567
											Media: Broadcasting & Subscription Total	2,951	2,567	3.4	%

	Media: Diversified & Production	9 Story Media Group Inc.	First Lien Senior Secured Loan	EURIBOR+	5.25	%	5.83	%	4/30/2026	€	3,674	4,469	3,601
		Aptus 1724 Gmbh	First Lien Senior Secured Loan	EURIBOR+	6.00	%	6.78	%	8/23/2027	€	35,000	41,063	33,706
											Media: Diversified & Production Total	45,532	37,307	49.7	%

	Services: Business	Condor Finco SRL	First Lien Senior Secured Loan	EURIBOR+	8.50	% PIK	10.00	%	7/13/2028	€	10,580	11,974	10,371
		SumUp Holdings Midco S.à.r.l.	First Lien Senior Secured Loan	EURIBOR+	8.50	%	10.00	%	2/17/2026	€	30,900	35,395	30,288
											Services: Business Total	47,369	40,659	54.2	%

											European Currency Total	199,399	168,951	225.3	%

Norwegian Krone
	High Tech Industries	VPARK BIDCO AB	First Lien Senior Secured Loan	NIBOR+	4.00	%	6.60	%	3/10/2025	NOK	73,280	8,651	6,731
											High Tech Industries Total	8,651	6,731	9.0	%

											Norwegian Krone Total	8,651	6,731	9.0	%

U.S. Dollar
	Automotive	CST Buyer Company	First Lien Senior Secured Loan	L+	5.50	%	8.62	%	10/3/2025	$	14,855	14,855	14,853
		BTM Comms Jersey Limited	First Lien Senior Secured Loan	L+	5.00	%	7.09	%	5/12/2028	$	9,653	9,572	9,653
											Automotive Total	24,427	24,506	32.7	%

	Chemicals, Plastics & Rubber	V Global Holdings LLC	First Lien Senior Secured Loan	SOFR+	5.75	%	8.99	%	12/22/2027	$	23,575	23,575	23,163
											Chemicals, Plastics & Rubber Total	23,575	23,163	30.9	%


		Portfolio	Investment	Spread Above			Interest		Maturity				Market	% of Members
Currency	Industry	Company	Type	Index			Rate		Date	Currency	Principal/Shares	Cost	Value	Equity
	Consumer Goods: Non-Durable	RoC Opco LLC	First Lien Senior Secured Loan	L+	8.50	%	12.17	%	2/25/2025	$	15,918	15,918	15,879
											Consumer Goods: Non-Durable Total	15,918	15,879	21.2	%

	Consumer Goods: Durable	Stanton Carpet Corp.	Second Lien Senior Secured Loan	L+	9.00	%	12.75	%	4/1/2028	$	5,000	4,929	5,000
											Consumer Goods: Durable Total	4,929	5,000	6.7	%

	Healthcare & Pharmaceuticals	Golden State Buyer, Inc.	First Lien Senior Secured Loan	L+	4.75	%	8.92	%	6/22/2026	$	14,124	14,068	13,347
											Healthcare & Pharmaceuticals Total	14,068	13,347	17.8	%

	High Tech Industries	CB Nike Intermediate Co Ltd	First Lien Senior Secured Loan	L+	4.75	%	7.56	%	10/31/2025	$	34,104	34,104	34,104
		Utimaco	First Lien Senior Secured Loan	SOFR+	6.00	%	8.83	%	5/13/2029	$	16,450	16,288	16,450
		Utimaco	First Lien Senior Secured Loan	SOFR+	6.00	%	8.83	%	5/13/2029	$	8,550	8,466	8,550
											High Tech Industries Total	58,858	59,104	78.8	%

	Media: Broadcasting & Subscription	Lightning Finco Limited	First Lien Senior Secured Loan	L+	5.50	%	8.57	%	9/1/2028	$	23,907	23,721	23,907
											Media: Broadcasting & Subscription Total	23,721	23,907	31.9	%

	Media: Diversified & Production	Aptus 1724 Gmbh	First Lien Senior Secured Loan	L+	6.25	%	9.39	%	8/23/2027	$	10,000	9,939	9,875
											Media: Diversified & Production Total	9,939	9,875	13.2	%

	Services: Business	Avalon Acquiror, Inc.	First Lien Senior Secured Loan	SOFR+	6.25	%	9.80	%	3/10/2028	$	11,970	11,858	11,761
		Chamber Bidco Limited	First Lien Senior Secured Loan	L+	5.50	%	7.85	%	6/7/2028	$	23,423	23,225	23,423
		Smartronix, LLC	First Lien Senior Secured Loan	L+	6.00	%	10.17	%	11/23/2027	$	10,945	10,816	10,671
											Services: Business Total	45,899	45,855	61.0	%

											U.S. Dollar Total	221,334	220,636	294.2	%

											Total	698,650	623,017	830.7	%

Forward Foreign Currency Exchange Contracts


				Unrealized
			Settlement	Appreciation
Currency Purchased	Currency Sold	Counterparty	Date	(Depreciation)
EURO 1,932	AUSTRALIAN DOLLARS 2,872	Morgan Stanley	10/18/2022	$	56
EURO 479	CANADIAN DOLLARS 640	Morgan Stanley	3/27/2023		11
EURO 669	CANADIAN DOLLARS 885	Standard Chartered	10/18/2022		16
EURO 874	DANISH KRONE 6,502	Standard Chartered	10/18/2022		-
EURO 1,099	BRITISH POUNDS 940	Morgan Stanley	2/17/2023		27
EURO 5,224	BRITISH POUNDS 4,459	Morgan Stanley	10/18/2022		140
EURO 829	NORWEGIAN KRONE 8,444	Standard Chartered	10/18/2022		36
EURO 2,530	US DOLLARS 2,610	Morgan Stanley	1/9/2023		(130)
EURO 23,474	US DOLLARS 24,060	Standard Chartered	10/18/2022		(1,050)
EURO 7,922	US DOLLARS 7,880	Morgan Stanley	12/09/2022		(80)
US DOLLARS 7,663	AUSTRALIAN DOLLARS 11,118	Morgan Stanley	10/18/2022		547
US DOLLARS 1,801	CANADIAN DOLLARS 2,456	Morgan Stanley	3/27/2023		19
US DOLLARS 2,650	CANADIAN DOLLARS 3,425	Standard Chartered	10/18/2022		173
US DOLLARS 3,466	DANISH KRONE 25,168	Standard Chartered	10/18/2022		148
US DOLLARS 5,084	EURO 5,150	Morgan Stanley	1/9/2023		(3)
US DOLLARS 45,228	EURO 44,150	Morgan Stanley	10/18/2022		1,952
US DOLLARS 5,938	BRITISH POUNDS 4,970	Morgan Stanley	2/17/2023		386
US DOLLARS 20,718	BRITISH POUNDS 17,261	Goldman Sachs	10/18/2022		1,438
US DOLLARS 3,285	NORWEGIAN KRONE 32,686	Standard Chartered	10/18/2022		282
				$	3,968

Below is a listing of ISLP’s individual investments as of:

International Senior Loan Program, LLC

Consolidated Schedule of Investments

As of December 31, 2021

(in thousands)


															% of
				Spread Above				Interest		Maturity					Members’
Currency	Industry	Portfolio Company	Investment Type	Index				Rate		Date	Currency	Principal/Shares	Cost	Market Value	Equity
Australian Dollar
	Healthcare & Pharmaceuticals	Datix Bidco Limited	First Lien Senior Secured Loan	BBSW	+	4.00	%	4.25	%	4/28/2025	AUD	4,169	3,289	3,028
												Healthcare & Pharmaceuticals Total	3,289	3,028	4.9	%
	Information Technology Services	LEAP Legal Software PTY Ltd	First Lien Senior Secured Loan	BBSY	+	5.75	%	6.75	%	3/12/2025	AUD	30,093	22,867	21,856
												Information Technology Services Total	22,867	21,856	35.1	%
	Media: Advertising, Printing & Publishing	TGI Sport Bidco Pty Ltd	First Lien Senior Secured Loan	BBSY	+	7.00	%	7.50	%	4/30/2026	AUD	9,610	6,886	6,631
												Media: Advertising, Printing & Publishing Total	6,886	6,631	10.6	%
	Services: Consumer	Zeppelin BidCo Pty Limited	First Lien Senior Secured Loan	BBSY	+	6.00	%	5.12	%	6/28/2024	AUD	20,415	16,045	14,827
												Services: Consumer Total	16,045	14,827	23.8	%
												Australian Dollar Total	49,087	46,342	74.4	%
British Pounds
	Healthcare & Pharmaceuticals	Datix Bidco Limited	Second Lien Senior Secured Loan	L	+	7.75	%	8.21	%	4/27/2026	£	963	1,323	1,303
		Datix Bidco Limited	First Lien Senior Secured Loan— Revolver	L	+	4.50	%	4.96	%	10/28/2024	£	12,013	16,916	16,255
												Healthcare & Pharmaceuticals Total	18,239	17,558	28.2	%
	High Tech Industries	Armstrong Bidco Limited	First Lien Senior Secured Loan	SONIA	+	4.75	%	5.00	%	4/30/2025	£	5,602	7,711	7,581
												High Tech Industries Total	7,711	7,581	12.2	%
	Media: Diversified & Production	International Entertainment Investments Limited	First Lien Senior Secured Loan	GBP LIBOR	+	4.75	%	5.06	%	5/31/2023	£	8,734	12,255	11,782
												Media: Diversified & Production Total	12,255	11,782	18.9	%
	Services: Business	Comet Bidco Limited	First Lien Senior Secured Loan	GBP LIBOR	+	5.25	%	5.42	%	9/27/2024	£	7,362	9,460	9,249
		Learning Pool Facility B	First Lien Senior Secured Loan	L	+	6.00	%	6.09	%	7/7/2028	£	21,000	28,584	28,417
		Opus2	First Lien Senior Secured Loan	SONIA	+	5.50	%	5.55	%	5/5/2028	£	12,151	16,326	16,443
		Parcel2Go Facility B	First Lien Senior Secured Loan	SONIA	+	5.75	%	5.80	%	7/15/2028	£	12,395	16,619	16,689
												Services: Business Total	70,989	70,798	113.7	%
	Services: Consumer	Surrey Bidco Limited	First Lien Senior Secured Loan	GBP LIBOR	+	7.00	%	7.50	%	5/11/2026	£	4,979	6,732	5,929
												Services: Consumer Total	6,732	5,929	9.5	%
												British Pounds Total	115,926	113,648	182.5	%
Canadian Dollar
	Media: Diversified & Production	9 Story Media Group Inc.	First Lien Senior Secured Loan— Revolver	CDOR	+	5.50	%	6.25	%	4/30/2026	CAD	16	13	13
		9 Story Media Group Inc.	First Lien Senior Secured Loan	CDOR	+	5.50	%	6.25	%	4/30/2026	CAD	7,164	5,688	5,669


				Spread											% of
				Above			Interest		Maturity					Market	Members’
Currency	Industry	Portfolio Company	Investment Type	Index⁽¹⁾			Rate		Date		Currency	Principal/Shares⁽⁹⁾	Cost	Value	Equity
												Media: Diversified & Production Total	5,701	5,682	9.1	%
	Retail	New Look Vision Group	First Lien Senior Secured Loan— Delayed Draw	CDOR+	5.25	%	6.25	%		5/26/2028	CAD	18,056	14,752	14,288
												Retail Total	14,752	14,288	22.9	%
												Canadian Dollar Total	20,453	19,970	32.0	%
Danish Krone
	High Tech Industries	VPARK BIDCO AB	First Lien Senior Secured Loan	CIBOR+	4.00	%	4.75	%		3/10/2025	DKK	56,429	9,231	8,628
												High Tech Industries Total	9,231	8,628	13.9	%
												Danish Krone Total	9,231	8,628	13.9	%
European Currency
	FIRE: Insurance	MRHT Facility A	First Lien Senior Secured Loan	EURIBOR+	5.50	%	5.50	%		7/26/2028	€	21,335	24,521	24,257
												FIRE: Insurance Total	24,521	24,257	39.0	%
	Healthcare & Pharmaceuticals	Mertus 522. GmbH	First Lien Senior Secured Loan—Delayed Draw	EURIBOR+	6.25	%	6.25	%		5/28/2026	€	12,999	15,680	14,780
		Mertus 522. GmbH	First Lien Senior Secured Loan	EURIBOR+	6.25	%	6.25	%		5/28/2026	€	22,244	26,830	25,291
												Healthcare & Pharmaceuticals Total	42,510	40,071	64.4	%
	Media: Diversified & Production	9 Story Media Group Inc.	First Lien Senior Secured Loan	EURIBOR+	5.25	%	5.25	%		4/30/2026	€	3,859	4,694	4,388
		Aptus 1724 Gmbh	First Lien Senior Secured Loan	EURIBOR+	6.00	%	6.25	%		2/23/2028	€	35,000	40,944	39,795
												Media: Diversified & Production Total	45,638	44,183	71.0	%
	Services: Business	iBanFirst Facility B	First Lien Senior Secured Loan	EURIBOR+	8.50	%	10.00	%		7/13/2028	€	10,058	11,387	11,437
		SumUp Holdings Luxembourg S.à.r.l.	First Lien Senior Secured Loan	EURIBOR+	8.50	%	10.00	%		2/17/2026	€	21,000	25,038	23,877
												Services: Business Total	36,425	35,314	56.7	%
												European Currency Total	149,094	143,825	231.1	%
Norwegian Krone
	High Tech Industries	VPARK BIDCO AB	First Lien Senior Secured Loan	NIBOR+	4.00	%	4.75	%		3/10/2025	NOK	73,280	8,651	8,310
												High Tech Industries Total	8,651	8,310	13.3	%
												Norwegian Krone Total	8,651	8,310	13.3	%
U.S. Dollars
	Automotive	CST Buyer Company	First Lien Senior Secured Loan	L+	5.55	%	6.50	%		10/3/2025	$	14,927	14,927	14,927
		Cardo	First Lien Senior Secured Loan	L+	6.00	%	6.50	%		5/12/2028	$	9,653	9,560	9,653
												Automotive Total	24,487	24,580	39.5	%
	Chemicals, Plastics & Rubber	V Global Holdings LLC	First Lien Senior Secured Loan	L+	6.00	%	7.00	%		12/22/2027	$	23,634	23,634	23,634
												Chemicals, Plastics & Rubber Total	23,634	23,634	38.0	%
	Healthcare & Pharmaceuticals	Golden State Buyer, Inc.	First Lien Senior Secured Loan	L+	4.75	%	5.50	%		6/22/2026	$	14,779	14,709	14,733
												Healthcare & Pharmaceuticals Total	14,709	14,733	23.7	%
	High Tech Industries	CB Nike IntermediateCo Ltd	First Lien Senior Secured Loan—Revolver	L+	4.75	%	5.75	%		10/31/2025	$	4,384	4,384	4,384
		CB Nike IntermediateCo Ltd	First Lien Senior Secured Loan	L+	4.75	%	5.75	%		10/31/2025	$	34,367	34,367	34,367

% of

Spread Above

Interest

Maturity

Market

Members’

Currency

Industry

Portfolio Company

Investment Type

Index

Rate

Date

Currency

Principal/Shares⁽⁹⁾

Cost

Value

Equity

Utimaco, Inc.

First Lien Senior Secured Loan

L+

4.00

4.10

8/9/2027

14,701

High Tech Industries Total

53,452

85.8

Media: Broadcasting and Subscription Industry

Lightning Finco Limited

First Lien Senior Secured Loan

L+

5.75

6.50

7/14/2028

21,000

20,790

21,000

Media: Broadcasting and Subscription Total

20,790

21,000

33.7

Services: Business

Chamber Bidco Limited

First Lien Senior Secured Loan

L+

6.00

6.50

6/7/2028

23,423

23,198

23,423

Services: Business Total

23,198

23,423

37.6

U.S. Dollars Total

160,270

160,822

258.3

Total

512,712

501,545

805.5

Forward Foreign Currency Exchange Contracts


				Unrealized
				Appreciation
Currency Purchased	Currency Sold	Counterparty	Settlement Date	(Depreciation)⁽⁸⁾
AUSTRALIAN DOLLARS 189	EURO 121	Morgan Stanley	1/21/2022	$	—
AUSTRALIAN DOLLARS 731	US DOLLARS 532	Morgan Stanley	1/21/2022		—
EURO 2,038	AUSTRALIAN DOLLARS 3,166	Morgan Stanley	1/21/2022		16
EURO 683	CANADIAN DOLLARS 982	Standard Chartered Bank	1/21/2022		(2)
EURO 892	DANISH KRONE 6,643	Standard Chartered Bank	1/21/2022		(1)
EURO 8,236	BRITISH POUNDS 6,959	Morgan Stanley	1/21/2022		(57)
EURO 884	NORWEGIAN KRONE 8,626	Standard Chartered Bank	1/21/2022		27
EURO 15,594	US DOLLARS 18,205	Standard Chartered Bank	1/21/2022		(477)
EURO 5,379	US DOLLARS 6,110	Standard Chartered Bank	1/21/2022		5
US DOLLARS 9,207	AUSTRALIAN DOLLARS 12,254	Morgan Stanley	1/21/2022		299
US DOLLARS 3,087	CANADIAN DOLLARS 3,803	Standard Chartered Bank	1/21/2022		75
US DOLLARS 4,033	DANISH KRONE 25,714	Standard Chartered Bank	1/21/2022		102
US DOLLARS 33,462	EURO 28,674	Morgan Stanley	1/21/2022		863
US DOLLARS 5,022	EURO 4,420	Goldman Sachs	1/21/2022		(3)
US DOLLARS 948	EURO 840	Morgan Stanley	1/21/2022		(7)
US DOLLARS 609	EURO 540	Morgan Stanley	1/21/2022		(5)
US DOLLARS 37,224	BRITISH POUNDS 26,939	Goldman Sachs	1/21/2022		756
US DOLLARS 3,993	NORWEGIAN KRONE 33,392	Standard Chartered Bank	1/21/2022		209
				$	1,800

Below is the financial information for ISLP:

Selected Balance Sheet Information


	As of		As of
	September 30, 2022		December 31, 2021
Investments at fair value (cost—$698,650 and $512,712, respectively)	$	623,017	$	501,545
Cash		30,480		6,830
Foreign cash		7,031		3,937
Deferred financing costs		2,983		1,981
Unrealized appreciation on forward currency exchange contracts		3,968		—
Other assets		6,889		7,347
Total assets	$	674,368	$	521,640
Debt	$	338,837	$	272,133
Subordinated notes payable to members		238,541		176,336
Dividend payable		1,100		1,150
Unrealized depreciation on forward currency exchange contracts		—		61
Payable for investments purchased		11,944		—
Other payables		8,949		9,693
Total liabilities	$	599,371	$	459,373
Members’ equity		74,997		62,267
Total liabilities and members’ equity	$	674,368	$	521,640

Selected Statements of Operations Information


	For the Three Months Ended				For the Nine Months Ended
	September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021
Investment Income
Interest Income	$	11,275	$	6,055	$	28,912	$	14,167
Other		—		—		—		—
Total investment income		11,275		6,055		28,912		14,167
Expenses
Interest and debt financing expenses		3,485		1,515		7,249		3,423
Interest expense on members subordinated notes		5,745		3,242		14,072		7,686
General and administrative expenses		660		457		1,822		1,215
Total expenses		9,890		5,214		23,143		12,324
Net investment income (loss)		1,385		841		5,769		1,843
Net realized and unrealized gain (losses)
Net realized gain (loss) on investments		(525)		(904)		(2,420)		(924)
Net realized gain (loss) on foreign currency transactions		2,966		843		5,774		3,509
Net realized gain (loss) on forward contracts		4,894		330		7,030		1,524
Net change in unrealized appreciation (depreciation) on foreign currency		21,883		4,279		41,380		9,148
Net change in unrealized appreciation (depreciation) on forward contracts		(587)		1,169		2,168		1,599
Net change in unrealized appreciation (depreciation) on investments		(31,496)		(5,228)		(64,466)		(9,005)
Net gain (loss) on investments		(2,865)		489		(10,534)		5,851
Net increase (decrease) in members’ equity resulting from operations	$	(1,480)	$	1,330	$	(4,765)	$	7,694

Bain Capital Senior Loan Program, LLC (“SLP”)

On February 9, 2022, the Company, and an entity advised by Amberstone Co., Ltd. (“Amberstone”), a credit focused investment manager that advises institutional investors, committed capital to a newly formed joint venture, SLP. Pursuant to an amended and restated limited liability company agreement (the “LLC Agreement”) between the Company and Amberstone, each such party has a 50% economic ownership interest in SLP. Amberstone’s initial capital commitments to SLP are $179.0 million, with each party expected to maintain their pro rata proportionate share for each capital contribution. SLP will seek to invest primarily in senior secured first lien loans of U.S. borrowers. Through these capital contributions, SLP acquired 70% of the membership equity interests of the Company’s 2018-1 portfolio (“2018-1”). The Company retained 30% of the 2018-1 membership equity interests as a non-controlling equity interest. As of September 30, 2022, the Company’s investment in SLP consisted of subordinated notes of $51.0 million, preferred equity interests of ($0.4) million and equity interests of $4.1 million.

In future periods, the Company may sell certain of its investments or a participating interest in certain of its investments to SLP. Since inception, the Company has sold $231.9 million of its investments to SLP. The sale of the investments met the criteria set forth in ASC 860, Transfers and Servicing for treatment as a sale.

The Company has determined that SLP is an investment company under ASC, Topic 946, Financial Services—Investment Companies; however, in accordance with such guidance, the Company will generally not consolidate its investment in a company other than a wholly or substantially owned investment company subsidiary, which is an extension of the operations of the Company, or a controlled operating company whose business consists of providing services to the Company. The Company does not consolidate its investments in SLP as it is not a substantially wholly owned investment company subsidiary. In addition, the Company does not control SLP due to the allocation of voting rights among SLP members. The Company measures the fair value of SLP in accordance with ASC Subtopic 820, Fair Value Measurements and Disclosures, using the net asset value (or its equivalent) as a practical expedient. The Company and Amberstone each appointed two members to SLP’s four-person Member Designees’ Committee. All material decisions with respect to SLP, including those involving its investment portfolio, require unanimous approval of a quorum of Member Designees’ Committee.

On March 7, 2022, SLP acquired 70% of the Company’s Membership Interests of BCC Middle Market CLO 2018-1 LLC (the “2018-1 Issuer”). The Company received $56.1 million in proceeds resulting in a realized gain of $1.2 million, which is included in net realized gain in non-controlled/non-affiliate investments. The sale of the investments met the criteria set forth in ASC 860, Transfers and Servicing for treatment as a sale. Through this acquisition, the 2018-1 Issuer became a consolidated subsidiary of SLP and was deconsolidated from the Company’s consolidated financial statements. The Company retained the remaining 30% of the 2018-1 membership interests as a non-controlling equity interest. Please see Note 6 for additional details on the formation of the 2018-1 Issuer and the related CLO Transaction.

The Class A-1 A, A-1 B, A-2, B and C 2018-1 Notes (the “2018-1 Notes”) are scheduled to mature on October 20, 2030 and are included in SLP’s consolidated financial statements. The Membership Interests are eliminated in consolidation on SLP’s consolidated financial statements. Below is a table summary of the 2018-1 Notes as of September 30, 2022:


					Interest rate at
2018-1 Debt	Principal Amount		Spread above Index		September 30, 2022
Class A-1 A	$	205,900	1.55	% + 3 Month LIBOR	4.26	%
Class A-1 B		45,000	1.50	% + 3 Month LIBOR (first 24 months)	4.51	%
			1.80	% + 3 Month LIBOR (thereafter)
Class A-2		55,100	2.15	% + 3 Month LIBOR	4.86	%
Class B		29,300	3.00	% + 3 Month LIBOR	5.71	%
Class C		30,400	4.00	% + 3 Month LIBOR	6.71	%
Total 2018-1 Notes	$	365,700

Below is a summary of SLP’s portfolio at fair value:


	As of
	September 30, 2022
Total investments	$	570,584
Weighted average yield on investments		9.3	%
Number of borrowers in SLP		51
Largest portfolio company investment	$	23,075
Total of five largest portfolio company investments	$	110,629
Unfunded commitments	$	4,044

Additionally, SLP, through a wholly-owned subsidiary, has entered into a $225.0 million senior secured revolving credit facility which bears interest at SOFR plus 210 basis points with Wells Fargo, subject to leverage and borrowing base restrictions (the “MM_22_2 Credit Facility”). The maturity date of the MM_22_2 Credit Facility is August 24, 2025. As of September 30, 2022 the MM_22_2 Credit Facility had $28.0 million of outstanding debt under the credit facility. As of September 30, 2022, the effective rate on the MM_22_2 Credit Facility was 4.4% per annum.

Below is a listing of SLP’s individual investments as of:

Senior Loan Program, LLC

Consolidated Schedule of Investments

As of September 30, 2022

(unaudited)


Currency	Industry	Portfolio Company	Investment Type	Spread Above Index				Interest Rate		Maturity Date	Principal/Shares	Cost	Market Value	% of Members' Equity
U.S. Dollars
	Aerospace & Defense	Robinson Helicopter	First Lien Senior Secured Loan - Revolver	SOFR	+	6.50	%	9.63	%	6/30/2028	11,850	11,588	11,613
		Saturn Purchaser Corp.	First Lien Senior Secured Loan	SOFR	+	5.60	%	8.54	%	7/23/2029	12,000	11,882	11,880
		WCI-HSG Purchaser, Inc.	First Lien Senior Secured Loan - Revolver			—		—		2/22/2025	—	—	—
		WCI-HSG Purchaser, Inc.	First Lien Senior Secured Loan	L	+	4.50	%	7.62	%	2/24/2025	8,644	8,644	8,644
		Whitcraft LLC	First Lien Senior Secured Loan	L	+	6.00	%	9.67	%	4/3/2023	10,710	10,550	10,228
											Aerospace & Defense Total	42,664	42,365	160.8	%

	Automotive	Cardo	First Lien Senior Secured Loan	L	+	5.00	%	7.09	%	5/12/2028	10,800	10,800	10,800
		CST Buyer Company	First Lien Senior Secured Loan	L	+	5.50	%	8.62	%	10/3/2025	10,823	10,823	10,823
		JHCC Holdings, LLC	First Lien Senior Secured Loan	L	+	5.75	%	9.42	%	9/9/2025	7,540	7,540	7,314
											Automotive Total	29,163	28,937	109.8	%

	Banking	Green Street Parent, LLC	First Lien Senior Secured Loan	L	+	5.50	%	8.62	%	8/27/2026	10,670	10,670	10,777
											Banking Total	10,670	10,777	40.9	%

	Banking, Finance, Insurance & Real Estate	Morrow Sodali Global LLC	First Lien Senior Secured Loan	SOFR	+	5.00	%	7.69	%	4/25/2028	7,959	7,844	7,840
											Banking, Finance, Insurance & Real Estate Total	7,844	7,840	29.8	%

	Chemicals, Plastics & Rubber	V Global Holdings LLC	First Lien Senior Secured Loan	SOFR	+	5.75	%	8.99	%	12/22/2027	20,370	20,246	20,014
											Chemicals, Plastics & Rubber Total	20,246	20,014	76.0	%

	Construction & Building	YLG Holdings, Inc.	First Lien Senior Secured Loan	L	+	5.25	%	7.10	%	10/31/2025	10,561	10,561	10,535
											Construction & Building Total	10,561	10,535	40.0	%

	Consumer Goods: Durable	Stanton Carpet Corp.	Second Lien Senior Secured Loan	L	+	9.00	%	12.75	%	4/1/2028	5,000	4,909	5,000
		TLC Purchaser, Inc.	First Lien Senior Secured Loan	L	+	6.25	% (2.00% PIK)	11.54	%	10/13/2025	9,871	8,910	8,044
											Consumer Goods: Durable Total	13,819	13,044	49.5	%

	Consumer Goods: Non-Durable	FL Hawk Intermediate Holdings, Inc.	Second Lien Senior Secured Loan	L	+	9.00	%	12.42	%	8/22/2028	6,000	6,000	6,000
		RoC Opco LLC	First Lien Senior Secured Loan	L	+	8.50	%	12.17	%	2/25/2025	8,775	8,775	8,753
		Solaray, LLC	First Lien Senior Secured Loan	SOFR	+	5.75	%	9.40	%	9/11/2023	10,637	10,636	10,583
		WU Holdco, Inc.	First Lien Senior Secured Loan	L	+	5.50	%	9.17	%	3/26/2026	6,561	6,560	6,232
		WU Holdco, Inc.	First Lien Senior Secured Loan	L	+	5.50	%	9.17	%	3/26/2026	6,335	6,335	6,019
											Consumer Goods: Non-Durable Total	38,306	37,587	142.6	%

	Consumer Goods: Wholesale	WSP Midco LLC	First Lien Senior Secured Loan	L	+	6.25	%	9.37	%	4/27/2027	6,157	6,061	5,756
											Consumer Goods: Wholesale Total	6,061	5,756	21.8	%

	Containers, Packaging & Glass	ASP-r-pac Acquisition Co LLC	First Lien Senior Secured Loan	L	+	6.00	%	9.67	%	12/29/2027	23,109	22,873	22,936
		Iris Holding, Inc.	First Lien Senior Secured Loan	SOFR	+	4.75	%	7.89	%	6/15/2028	10,000	9,521	9,220
											Containers, Packaging & Glass Total	32,394	32,156	122.0	%

	Energy: Oil & Gas	Amspec Services, Inc.	First Lien Senior Secured Loan	L	+	5.75	%	9.42	%	7/2/2024	9,796	9,796	9,796
		Blackbrush Oil & Gas, L.P.	First Lien Senior Secured Loan	L	+	5.00	% (2.00% PIK)	9.11	%	9/3/2025	4,394	4,394	4,394
											Energy: Oil & Gas Total	14,190	14,190	53.8	%

	FIRE: Finance	Allworth Financial Group, L.P.	First Lien Senior Secured Loan - Delayed Draw	SOFR	+	4.75	%	7.88	%	12/23/2026	2,139	2,139	2,139
		Allworth Financial Group, L.P.	First Lien Senior Secured Loan	SOFR	+	4.75	%	7.88	%	12/23/2026	8,452	8,452	8,452
											FIRE: Finance Total	10,591	10,591	40.2	%


Currency	Industry	Portfolio Company	Investment Type	Spread Above Index				Interest Rate		Maturity Date	Principal/Shares	Cost	Market Value	% of Members' Equity
U.S. Dollars
	FIRE: Insurance	McLarens Acquisition Inc.	First Lien Senior Secured Loan	L	+	5.75	%	8.03	%	12/19/2024	10,479	10,479	10,426
											FIRE: Insurance Total	10,479	10,426	39.6	%

	Healthcare & Pharmaceuticals	Apollo Intelligence	First Lien Senior Secured Loan	SOFR	+	5.75	%	8.26	%	6/1/2028	10,800	10,696	10,692
		CPS Group Holdings, Inc.	First Lien Senior Secured Loan	L	+	5.75	%	9.42	%	3/3/2025	9,776	9,776	9,776
		Sunmed Group Holdings, LLC	First Lien Senior Secured Loan	L	+	5.75	%	9.42	%	6/16/2028	9,655	9,655	9,341
											Healthcare & Pharmaceuticals Total	30,127	29,809	113.1	%

	High Tech Industries	AMI US Holdings Inc.	First Lien Senior Secured Loan - Revolver			—		—		4/1/2024	—	—	—
		AMI US Holdings Inc.	First Lien Senior Secured Loan	L	+	5.25	%	7.81	%	4/1/2025	8,926	8,926	8,926
		Drilling Info Holdings, Inc	First Lien Senior Secured Loan	L	+	4.25	%	7.37	%	7/30/2025	10,802	10,713	10,451
		Superna Inc.	First Lien Senior Secured Loan	SOFR	+	6.50	%	9.52	%	3/6/2028	21,691	21,491	21,474
		Ventiv Holdco, Inc.	First Lien Senior Secured Loan	L	+	5.50	%	9.17	%	9/3/2025	9,823	9,823	9,626
											High Tech Industries Total	50,953	50,477	191.6	%

	Hotel, Gaming & Leisure	Aimbridge Acquisition Co., Inc.	Second Lien Senior Secured Loan	L	+	7.50	%	10.06	%	2/1/2027	6,000	5,580	5,670
		Concert Golf Partners Holdco LLC	First Lien Senior Secured Loan	SOFR	+	5.75	%	6.50	%	3/30/2029	20,748	20,345	20,541
		Quidditch Acquisition, Inc.	First Lien Senior Secured Loan	L	+	7.00	%	9.52	%	3/21/2025	9,387	9,288	9,340
		Saltoun Franchise Holdings I, LLC	First Lien Senior Secured Loan			10.50	%	10.50	%	4/11/2028	10,455	10,417	10,132
											Hotel, Gaming & Leisure Total	45,630	45,683	173.4	%

	Retail	Batteries Plus Holding Corporation	First Lien Senior Secured Loan	L	+	6.75	%	9.87	%	6/30/2023	10,500	10,500	10,500
		Thrasio, LLC	First Lien Senior Secured Loan	L	+	7.00	%	11.17	%	12/18/2026	13,079	13,079	12,033
											Retail Total	23,579	22,533	85.5	%

	Services: Business	Avalon Acquiror, Inc.	First Lien Senior Secured Loan	SOFR	+	6.25	%	9.80	%	3/10/2028	22,743	22,529	22,344
		Refine Intermediate, Inc.	First Lien Senior Secured Loan	L	+	4.50	%	8.17	%	3/3/2027	20,800	20,800	20,800
		Smartronix, LLC	First Lien Senior Secured Loan	L	+	6.00	%	10.17	%	11/23/2027	13,101	12,862	12,774
		TEI Holdings Inc.	First Lien Senior Secured Loan	L	+	5.75	%	8.87	%	12/23/2026	9,861	9,861	9,861
		WCI-Gigawatt Purchaser, LLC	First Lien Senior Secured Loan	L	+	5.75	%	8.73	%	11/19/2027	20,694	20,378	20,228
											Services: Business Total	86,430	86,007	326.3	%

	Services: Consumer	Eagle Parent Corp	First Lien Senior Secured Loan	SOFR	+	4.25	%	7.80	%	3/19/2029	3,352	3,341	3,269
		MZR Buyer, LLC	First Lien Senior Secured Loan	SOFR	+	6.75	%	10.42	%	12/21/2026	23,075	23,075	23,075
											Services: Consumer Total	26,416	26,344	100.0	%

	Telecommunications	Conterra Ultra Broadband Holdings, Inc.	First Lien Senior Secured Loan	SOFR	+	4.75	%	7.78	%	4/27/2027	6,272	6,076	6,071
		Meriplex Communications Ltd.	First Lien Senior Secured Loan	SOFR	+	5.00	%	7.95	%	7/17/2028	12,000	11,764	11,760
											Telecommunications Total	17,840	17,831	67.7	%

	Transportation: Cargo	A&R Logistics, Inc.	First Lien Senior Secured Loan	SOFR	+	6.00	%	9.71	%	5/5/2025	10,696	10,696	10,696
		Grammer Purchaser, Inc.	First Lien Senior Secured Loan - Revolver			—		—		9/30/2024	—	—	(1)
		Grammer Purchaser, Inc.	First Lien Senior Secured Loan	L	+	4.50	%	7.57	%	9/30/2024	3,475	3,475	3,467
		Omni Intermediate Holdings, LLC	First Lien Senior Secured Loan	SOFR	+	5.00	%	8.69	%	11/23/2026	7,251	7,251	7,251
		Omni Intermediate Holdings, LLC	Second Lien Senior Secured Loan	L	+	9.00	%	12.69	%	12/30/2027	5,000	5,000	5,000
											Transportation: Cargo Total	26,422	26,413	100.2	%

	Wholesale	Abracon Group Holding, LLC	First Lien Senior Secured Loan	SOFR	+	6.00	%	7.86	%	7/6/2028	12,000	11,764	11,760
		Aramsco, Inc.	First Lien Senior Secured Loan	L	+	5.25	%	8.37	%	8/28/2024	9,509	9,509	9,509
											Wholesale Total	21,273	21,269	80.7	%


											Total	575,658	570,584	2,165.3	%

Below is the financial information for SLP:

Selected Balance Sheet Information


	As of
	September 30, 2022
Investments at fair value (cost—$575,658)	$	570,584
Cash		28,366
Deferred financing costs		6,702
Interest receivable on investments		2,542
Other assets		1,516
Total assets	$	609,710
Debt	$	393,700
Subordinated notes payable to members		102,000
Payable for investments purchased		79,688
Dividend Payable		1,649
Other payables		6,322
Total liabilities	$	583,359
Members’ equity		26,351
Total liabilities and members’ equity	$	609,710

Selected Statement of Operations Information



	For the Three		For the Nine
	Months Ended		Months Ended
	September 30, 2022		September 30, 2022
Investment Income
Interest Income	$	10,202	$	20,013
Other		—		—
Total investment income		10,202		20,013
Expenses
Interest and debt financing expenses		4,249		7,703
Interest expense on members subordinated notes		2,003		4,448
General and administrative expenses		881		1,351
Total expenses		7,133		13,502
Net investment income (loss)		3,069		6,511
Net realized and unrealized gain (losses)
Net realized gain (loss) on investments		10		21
Net change in unrealized appreciation (depreciation) on investments		(2,225)		(6,267)
Net gain (loss) on investments		(2,215)		(6,246)
Net increase (decrease) in members’ equity resulting from operations	$	854	$	265