10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

______________________________________________________________________________________________________

FORM 10-Q

                QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended June 30, 2023

OR

        TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____

Commission File Number 814-01366

SL Investment Corp. 

(Exact name of registrant as specified in its charter)

Delaware (State or other jurisdiction of incorporation or registration)	85-3472615 (I.R.S. Employer Identification No.)
1585 Broadway, New York, NY	10036
(Address of principal executive offices)	(Zip Code)

1 212-761-4000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
None	None	None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days:    Yes  ☒     No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒   No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☐
Emerging growth company	☒

1

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☒

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐   No  ☒

As of August 10, 2023, there was no established public market for the registrant’s common stock.

As of August 10, 2023, the Registrant had 27,281,428 shares of common stock, $0.001 par value per share, outstanding.

2

SL Investment Corp.

TABLE OF CONTENTS

Part I. Financial Information
Item 1.	Consolidated Financial Statements
	Report of Independent Registered Public Accounting Firm	4
	Consolidated Statements of Assets and Liabilities as of June 30, 2023 (unaudited) and December 31, 2022	5
	Consolidated Statements of Operations for the three and six months ended June 30, 2023 (unaudited) and June 30, 2022 (unaudited)	6
	Consolidated Statements of Changes in Net Assets for the three and six months ended June 30, 2023 (unaudited) and June 30, 2022 (unaudited)	7
	Consolidated Statements of Cash Flows for the six months ended June 30, 2023 (unaudited) and June 30, 2022 (unaudited)	8
	Consolidated Schedule of Investments as of June 30, 2023 (unaudited) and December 31, 2022	9
	Notes to the Consolidated Financial Statements (unaudited)	43
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	56
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	65
Item 4.	Controls and Procedures	66
Part II. Other Information
Item 1.	Legal Proceedings	67
Item 1A.	Risk Factors	67
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	68
Item 3.	Defaults Upon Senior Securities	68
Item 4.	Mine Safety Disclosures	68
Item 5.	Other Information	68
Item 6.	Exhibits	68

SIGNATURES

3

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the stockholders and the Board of Directors of SL Investment Corp.

Results of Review of Interim Financial Information

We have reviewed the accompanying consolidated statement of assets and liabilities of SL Investment Corp. and subsidiaries (the “Company”), including the consolidated schedule of investments as of June 30, 2023, and the related consolidated statements of operations, changes in net assets for the three-month and six-month periods ended June 30, 2023, and 2022, and cash flows for the six-month periods ended June 30, 2023 and 2022, and the related notes (collectively referred to as the “interim financial information”). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial information for it to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated statement of assets and liabilities of the Company including the consolidated schedule of investments as of December 31, 2022, and the related consolidated statements of operations, changes in net assets, and cash flows for the year then ended (not presented herein); and in our report dated March 10, 2023, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated statements of assets and liabilities as of December 31, 2022, is fairly stated, in all material respects, in relation to the consolidated statements of assets and liabilities from which it has been derived.

Basis for Review Results

This interim financial information is the responsibility of the Company's management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our reviews in accordance with standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

/s/ Deloitte & Touche LLP

New York, NY

August 10, 2023

4

SL Investment Corp.

Consolidated Statements of Assets and Liabilities

(In thousands, except share and per share amounts)

	As of
	June 30, 2023		December 31, 2022
	(unaudited)		(audited)
Assets
Non-controlled/non-affiliated investments, at fair value (amortized cost of $1,133,053 and $1,103,185 at June 30, 2023 and December 31, 2022, respectively)	$	1,110,931	$	1,078,117
Cash	32,387		25,116
Deferred financing costs	6,759		6,070
Subscription receivable	—		18,597
Interest and dividend receivable from non-controlled/non-affiliated investments	8,907		7,712
Receivable for investments sold/repaid	703		228
Prepaid expenses and other assets	60		17
Total assets	1,159,747		1,135,857
Liabilities
Debt	576,173		591,307
Payable for investments purchased	55		39
Payable to affiliates (Note 3)	657		1,167
Financing costs payable	963		1,664
Dividends payable	18,551		14,285
Management fees payable	347		325
Interest payable	11,236		9,710
Accrued expenses and other liabilities	1,355		1,128
Total liabilities	609,337		619,625
Commitments and Contingencies (Note 7)
Net Assets
Series A Preferred stock, par value $0.001 (1,000,000 shares authorized and 521 and 521 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively)	1		1
Paid-in capital in excess of par value of Series A Preferred Stock	520		520
Common Stock, par value $0.001 per share (100,000,000 shares authorized and 27,281,428 and 25,807,951 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively)	27		26
Paid-in capital in excess of par value of Common Stock	569,365		539,366
Net distributable earnings (accumulated losses)	(19,503)		(23,681)
Total net assets	550,410		516,232
Total liabilities and net assets	$	1,159,747	$	1,135,857
Net asset value per common share	$	20.16	$	19.98

The accompanying notes are an integral part of these unaudited consolidated financial statements

5

SL Investment Corp.

Consolidated Statements of Operations (Unaudited)

(In thousands, except share and per share amounts)

	For the Three Months Ended				For the Six Months Ended
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Investment income:
From non-controlled/non-affiliated investments:
Interest income	$	31,244	$	17,446	$	62,215	$	33,200
Payment-in-kind interest income	217		60		363		119
Dividend income	138		66		277		126
Other income	367		437		754		892
Total investment income	31,966		18,009		63,609		34,337
Expenses:
Interest expense and other financing expenses	12,490		5,540		25,710		9,650
Management fees	347		278		684		543
Professional fees	380		238		693		516
Directors’ fees	52		52		103		103
General and other expenses	74		302		128		446
Total expenses	13,343		6,410		27,318		11,258
Net investment income (loss) before taxes	18,623		11,599		36,291		23,079
Excise tax expense	—		—		23		—
Net investment income (loss) after taxes	18,623		11,599		36,268		23,079
Net realized and unrealized gains (losses) on investment transactions:
Net realized gain (loss) from non-controlled/non-affiliated investments	1		151		64		215
Net change in unrealized appreciation (depreciation) from non-controlled/non-affiliated investments	4,234		(14,296)		2,946		(15,095)
Net realized and unrealized gains (losses)	4,235		(14,145)		3,010		(14,880)
Net increase (decrease) in net assets resulting from operations	22,858		(2,546)		39,278		8,199
Preferred Stock dividend	(15)		(16)		(31)		(32)
Net increase (decrease) in net assets resulting from operations attributable to holders of Common Stock	$	22,843	$	(2,562)	$	39,247	$	8,167
Per common share information—basic and diluted
Net investment income (loss) per common share	$	0.70	$	0.55	$	1.38	$	1.11
Earnings (loss) per common share	$	0.86	$	(0.12)	$	1.50	$	0.39
Weighted average common shares outstanding (Note 9)	26,617,554		21,248,667		26,214,989		20,749,146

The accompanying notes are an integral part of these unaudited consolidated financial statements

6

SL Investment Corp.

Consolidated Statements of Changes in Net Assets (Unaudited)

(In thousands)

	For the Three Months Ended				For the Six Months Ended
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Net assets at beginning of period	$	516,119	$	427,902	$	516,232	$	429,724
Increase (decrease) in net assets resulting from operations:
Net investment income (loss)	18,623		11,599		36,268		23,079
Net realized gain (loss)	1		151		64		215
Net change in unrealized appreciation (depreciation)	4,234		(14,296)		2,946		(15,095)
Net increase (decrease) in net assets resulting from operations	22,858		(2,546)		39,278		8,199
Capital transactions:
Issuance of Common Stock	30,000		40,000		30,000		40,000
Dividends declared on Preferred Stock and Common Stock	(18,567)		(12,176)		(35,100)		(24,743)
Net increase (decrease) in net assets resulting from capital transactions	11,433		27,824		(5,100)		15,257
Total increase (decrease) in net assets	34,291		25,278		34,178		23,456
Net assets at end of period	$	550,410	$	453,180	$	550,410	$	453,180

The accompanying notes are an integral part of these unaudited consolidated financial statements

7

SL Investment Corp.

Consolidated Statements of Cash Flows (Unaudited)

(In thousands)

	For the Six Months Ended
	June 30, 2023		June 30, 2022
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$	39,278	$	8,199
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Net unrealized (appreciation) depreciation on investments	(2,946)		15,095
Net realized (gain) loss on investments	(64)		(215)
Net accretion of discount and amortization of premium on investments	(1,913)		(1,929)
Payment-in-kind interest and dividend capitalized	(676)		(238)
Amortization of deferred financing costs	1,561		762
Purchases of investments and change in payable for investments purchased	(76,481)		(157,748)
Proceeds from sale of investments and principal repayments and change in receivable for investments sold.	48,808		68,409
Changes in operating assets and liabilities:
(Increase) decrease in interest and dividend receivable from non-controlled/non-affiliated investments	(1,195)		(1,716)
(Increase) decrease in prepaid expenses and other assets	(43)		36
(Decrease) increase in payable to affiliates	(510)		(614)
(Decrease) increase in management fee payable	22		64
(Decrease) increase in interest payable	1,526		2,223
(Decrease) increase in accrued expenses and other liabilities	227		(681)
Net cash provided by (used in) operating activities	7,594		(68,353)
Cash flows from financing activities:
Borrowings on debt	47,000		125,000
Repayments on debt	(62,135)		(80,000)
Proceeds from issuance of Common Stock and change in subscription receivable	48,597		73,190
Deferred financing costs paid	(2,951)		(1,153)
Dividends paid in cash	(30,834)		(23,856)
Net cash provided by (used in) financing activities	(323)		93,181
Net increase (decrease) in cash	7,271		24,828
Cash, beginning of period	25,116		20,232
Cash, end of period	$	32,387	$	45,060

Supplemental information and non-cash activities:
Excise Tax Paid	$	26	$	45
Interest expense paid	$	22,623	$	5,531
Accrued but unpaid dividends	$	18,551	$	12,160
Accrued but unpaid deferred financing costs	$	—	$	661

The accompanying notes are an integral part of these unaudited consolidated financial statements

8

SL Investment Corp.

Consolidated Schedule of Investments (Unaudited)

June 30, 2023

(In thousands)

Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares	Cost(3)		Fair Value		Percentage of Net Assets
First Lien Debt
Aerospace and Defense
Jonathan Acquisition Company	(4) (5) (6)	S +	5.00%	10.34%	12/22/2026	12,048	$	11,858	$	11,814	2.15	%
Jonathan Acquisition Company	(4) (6) (12)	S +	5.00%	10.34%	12/22/2025	1,236	1,212		1,198		0.22
Mantech International CP	(4) (5) (7)	S +	5.75%	10.80%	09/14/2029	10,719	10,522		10,637		1.93
Mantech International CP	(4) (7) (12)	S +	5.75%	10.80%	09/14/2029	—	(23)		(20)		—
Mantech International CP	(4) (7) (12)	S +	5.75%	10.80%	09/14/2028	—	(28)		(12)		—
PCX Holding Corp.	(4) (5) (6)	S +	6.25%	11.64%	04/22/2027	7,774	7,720		7,626		1.39
PCX Holding Corp.	(4) (5) (6)	S +	6.25%	11.64%	04/22/2027	7,829	7,716		7,679		1.40
PCX Holding Corp.	(4) (6) (12)	S +	6.25%	11.64%	04/22/2027	238	233		223		0.04
Two Six Labs, LLC	(4) (5) (7)	S +	5.50%	10.74%	08/20/2027	4,673	4,604		4,588		0.83
Two Six Labs, LLC	(4) (7) (12)	S +	5.50%	10.74%	08/20/2027	903	883		870		0.16
Two Six Labs, LLC	(4) (7) (12)	S +	5.50%	10.74%	08/20/2027	—	(12)		(17)		—
							44,685		44,586		8.10
Air Freight & Logistics
AGI-CFI Holdings, Inc.	(4) (5) (7)	S +	6.00%	11.24%	06/11/2027	2,376	2,336		2,324		0.42
Omni Intermediate Holdings, LLC	(4) (5) (6)	S +	5.00%	10.39%	12/30/2026	14,616	14,509		14,136		2.57
Omni Intermediate Holdings, LLC	(4) (6) (12)	S +	5.00%	10.39%	12/30/2026	1,553	1,535		1,501		0.27
Omni Intermediate Holdings, LLC	(4) (6) (12)	S +	5.00%	10.39%	12/30/2025	—	(9)		(43)		(0.01)
RoadOne IntermodaLogistics	(4) (6)	S +	6.25%	11.12%	12/30/2028	632	614		610		0.11
RoadOne IntermodaLogistics	(4) (6) (12)	S +	6.25%	11.12%	12/30/2028	49	46		44		0.01
RoadOne IntermodaLogistics	(4) (6) (12)	S +	6.25%	11.12%	12/30/2028	8	4		3		—
							19,035		18,575		3.37
Automobile Components
Continental Battery Company	(4) (5) (6)	S +	6.75%	11.89%	01/20/2027	6,156	6,063		5,432		0.99
Randy's Holdings, Inc.	(4) (5) (6)	S +	6.50%	11.53%	11/01/2028	2,500	2,431		2,449		0.44
Randy's Holdings, Inc.	(4) (6) (12)	S +	6.50%	11.53%	11/01/2028	—	(11)		(17)		—
Randy's Holdings, Inc.	(4) (6) (12)	S +	6.50%	11.53%	11/01/2028	63	54		56		0.01
Sonny's Enterprises, LLC	(4) (6)	S +	6.75%	11.96%	08/05/2028	20,080	19,800		19,538		3.55
Sonny's Enterprises, LLC	(4) (6) (12)	S +	6.75%	11.96%	08/05/2028	—	(7)		(7)		—
Sonny's Enterprises, LLC	(4) (6) (12)	S +	6.75%	11.96%	08/05/2027	—	(6)		(6)		—
Spectrum Automotive Holdings Corp.	(4) (5) (7)	S +	5.75%	11.25%	06/29/2028	10,084	9,968		9,682		1.76
Spectrum Automotive Holdings Corp.	(4) (7) (12)	S +	5.75%	11.25%	06/29/2028	2,311	2,283		2,199		0.40
Spectrum Automotive Holdings Corp.	(4) (7) (12)	S +	5.75%	11.25%	06/29/2027	—	(4)		(15)		—
							40,571		39,311		7.14

9

SL Investment Corp.

Consolidated Schedule of Investments (Unaudited)

June 30, 2023

(In thousands)

Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares	Cost(3)		Fair Value		Percentage of Net Assets
Automobiles
ARI Network Services, Inc.	(4) (5) (7)	S +	5.25%	10.45%	02/28/2025	8,842	$	8,755	$	8,699	1.58	%
ARI Network Services, Inc.	(4) (5) (7)	S +	5.25%	10.45%	02/28/2025	1,548	1,533		1,523		0.28
ARI Network Services, Inc.	(4) (7) (12)	S +	5.25%	10.45%	02/28/2025	753	741		732		0.13
Summit Buyer, LLC	(4) (5) (6)	S +	5.25%	10.45%	01/14/2026	9,432	9,314		9,174		1.67
Summit Buyer, LLC	(4) (6)	S +	5.25%	10.45%	01/14/2026	13,776	13,598		13,400		2.43
Summit Buyer, LLC	(4) (6) (12)	S +	5.25%	10.45%	01/14/2026	—	(12)		(28)		(0.01)
Turbo Buyer, Inc.	(4) (5) (6)	S +	6.00%	11.59%	12/02/2025	16,178	15,988		15,846		2.88
Turbo Buyer, Inc.	(4) (5) (6)	S +	6.00%	11.59%	12/02/2025	1,481	1,462		1,450		0.26
							51,379		50,796		9.23
Biotechnology
GraphPad Software, LLC	(4) (5) (6)	S +	5.50%	10.71%	04/27/2027	6,378	6,334		6,265		1.14
GraphPad Software, LLC	(4) (6) (12)	S +	5.50%	10.71%	04/27/2027	—	(5)		(13)		—
							6,329		6,252		1.14
Chemicals
V Global Holdings, LLC	(4) (5) (7)	S +	5.75%	10.84%	12/22/2027	1,525	1,499		1,476		0.27
V Global Holdings, LLC	(4) (7) (12)	S +	5.75%	10.84%	12/22/2025	52	49		45		0.01
							1,548		1,521		0.28
Commercial Services & Supplies
365 Retail Markets, LLC	(4) (5) (6)	S +	4.75%	9.93%	12/23/2026	7,368	7,278		7,338		1.33
365 Retail Markets, LLC	(4) (5) (6)	S +	4.75%	9.93%	12/23/2026	2,364	2,341		2,354		0.43
365 Retail Markets, LLC	(4) (6) (12)	S +	4.75%	9.93%	12/23/2026	—	(14)		(5)		—
Atlas Us Finco, Inc.	(4) (5) (6) (9)	S +	7.25%	12.40%	12/09/2029	840	816		823		0.15
Atlas Us Finco, Inc.	(4) (6) (9) (12)	S +	7.25%	12.40%	12/09/2028	—	(2)		(2)		—
BPG Holdings IV Corp.	(4) (5) (7)	S +	6.00%	11.24%	07/29/2029	9,578	8,988		9,188		1.67
Encore Holdings, LLC	(4) (5) (7)	S +	4.50%	10.04%	11/23/2028	9,201	9,070		9,137		1.66
Encore Holdings, LLC	(4) (5) (7) (12)	S +	4.50%	10.04%	11/23/2028	11,520	11,317		11,395		2.07
Encore Holdings, LLC	(4) (7) (12)	S +	4.50%	10.04%	11/23/2027	—	(35)		(19)		—
Energy Labs Holdings Corp.	(4) (5) (6)	S +	5.25%	10.50%	04/07/2028	386	381		377		0.07
Energy Labs Holdings Corp.	(4) (6)	S +	5.25%	10.50%	04/07/2028	37	36		36		0.01
Energy Labs Holdings Corp.	(4) (6) (12)	S +	5.25%	10.50%	04/07/2028	10	9		9		—
FLS Holding, Inc.	(4) (5) (6) (9)	S +	5.25%	10.79%	12/15/2028	16,498	16,226		16,301		2.96
FLS Holding, Inc.	(4) (5) (6) (9)	S +	5.25%	10.79%	12/15/2028	3,587	3,527		3,544		0.64
FLS Holding, Inc.	(4) (6) (9) (12)	S +	5.25%	10.79%	12/17/2027	—	(21)		(17)		—
PDFTron Systems, Inc.	(4) (5) (6) (9)	S +	5.50%	10.60%	07/15/2027	12,936	12,774		12,587		2.29
PDFTron Systems, Inc.	(4) (5) (6) (9)	S +	5.50%	10.60%	07/15/2027	4,190	4,126		4,076		0.74
PDFTron Systems, Inc.	(4) (6) (9) (12)	S +	5.50%	10.60%	07/15/2026	2,200	2,160		2,111		0.38

10

SL Investment Corp.

Consolidated Schedule of Investments (Unaudited)

June 30, 2023

(In thousands)

Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares	Cost(3)		Fair Value		Percentage of Net Assets
Procure Acquireco, Inc. (Procure Analytics)	(4) (5) (7)	S +	5.00%	10.17%	12/20/2028	15,635	$	15,377	$	14,956	2.72	%
Procure Acquireco, Inc. (Procure Analytics)	(4) (7) (12)	S +	5.00%	10.17%	12/20/2028	—	(25)		(138)		(0.03)
Procure Acquireco, Inc. (Procure Analytics)	(4) (7) (12)	S +	5.00%	10.17%	12/20/2028	—	(13)		(41)		(0.01)
Sherlock Buyer Corp.	(4) (5) (7)	S +	5.75%	11.09%	12/08/2028	18,460	18,156		18,231		3.31
Sherlock Buyer Corp.	(4) (7) (12)	S +	5.75%	11.09%	12/08/2028	—	(42)		(67)		(0.01)
Sherlock Buyer Corp.	(4) (7) (12)	S +	5.75%	11.09%	12/08/2027	—	(32)		(27)		—
Surewerx Purchaser III, Inc.	(4) (5) (7) (9)	S +	6.75%	11.99%	12/28/2029	2,079	2,019		2,060		0.37
Surewerx Purchaser III, Inc.	(4) (7) (9) (12)	S +	6.75%	11.99%	12/28/2029	—	(8)		(4)		—
Surewerx Purchaser III, Inc.	(4) (7) (9) (12)	S +	6.75%	11.99%	12/28/2028	71	60		67		0.01
Sweep Purchaser, LLC	(4) (5) (6)	L +	5.75%	11.09%	11/30/2026	2,887	2,851		2,779		0.50
Sweep Purchaser, LLC	(4) (5) (6) (12)	L +	5.75%	11.09%	11/30/2026	1,968	1,942		1,890		0.34
Sweep Purchaser, LLC	(4) (6) (12)	L +	5.75%	11.09%	11/30/2026	347	342		329		0.06
Tamarack Intermediate, LLC	(4) (5)	S +	5.25%	10.64%	03/13/2028	5,445	5,355		5,197		0.94
Tamarack Intermediate, LLC	(4) (12)	S +	5.25%	10.64%	03/13/2028	149	134		108		0.02
Valcourt Holdings II, LLC	(4) (5) (6)	S +	5.25%	10.64%	01/07/2027	12,573	12,410		12,497		2.27
Valcourt Holdings II, LLC	(4) (6)	S +	5.25%	10.64%	01/07/2027	2,275	2,247		2,261		0.41
VRC Companies, LLC	(4) (5) (7)	S +	5.75%	10.72%	06/29/2027	26,702	26,409		26,296		4.78
VRC Companies, LLC	(4) (7) (12)	S +	5.75%	10.72%	06/29/2027	2,654	2,619		2,610		0.47
VRC Companies, LLC	(4) (7) (12)	S +	5.75%	10.72%	06/29/2027	—	(7)		(11)		—
							168,771		168,226		30.56
Construction & Engineering
KPSKY Acquisition, Inc.	(4) (5) (7)	S +	5.50%	10.65%	10/19/2028	14,587	14,352		14,128		2.57
KPSKY Acquisition, Inc.	(4) (5) (7) (12)	S +	5.50%	10.65%	10/19/2028	2,657	2,605		2,548		0.46
Superman Holdings, LLC	(4) (6)	S +	5.75%	10.99%	08/31/2027	404	394		394		0.07
Superman Holdings, LLC	(4) (6) (12)	S +	5.75%	10.99%	08/31/2027	—	(1)		(1)		—
							17,350		17,069		3.10
Containers & Packaging
BP Purchaser, LLC	(4) (5) (7)	S +	5.50%	11.00%	12/11/2028	23,369	22,983		22,268		4.05
FORTIS Solutions Group, LLC	(4) (5) (7)	S +	5.50%	10.84%	10/13/2028	8,189	8,058		8,070		1.47
FORTIS Solutions Group, LLC	(4) (5) (7) (12)	S +	5.50%	10.84%	10/13/2028	3,357	3,301		3,308		0.60
FORTIS Solutions Group, LLC	(4) (5) (7) (12)	S +	5.50%	10.84%	10/15/2028	6	—		(9)		—
FORTIS Solutions Group, LLC	(4) (7) (12)	S +	5.50%	10.84%	10/15/2027	154	138		137		0.02
							34,480		33,774		6.14
Distributors
48Forty Solutions, LLC	(4) (5) (6)	S +	5.75%	11.04%	11/30/2026	9,893	9,721		9,667		1.76
48Forty Solutions, LLC	(4) (6) (12)	S +	5.75%	11.04%	11/30/2026	302	279		267		0.05
Avalara, Inc.	(4) (7)	S +	7.25%	12.49%	10/19/2028	2,563	2,508		2,544		0.46

11

SL Investment Corp.

Consolidated Schedule of Investments (Unaudited)

June 30, 2023

(In thousands)

Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares	Cost(3)		Fair Value		Percentage of Net Assets
Avalara, Inc.	(4) (7) (12)	S +	7.25%	12.49%	10/19/2028	—	$	(5)	$	(2)	—	%
PT Intermediate Holdings III, LLC	(4) (5) (7)	S +	5.98%	11.37%	11/01/2028	15,065	14,942		14,208		2.58
PT Intermediate Holdings III, LLC	(4) (5) (7)	S +	5.98%	11.37%	11/01/2028	8,382	8,316		7,905		1.44
							35,761		34,589		6.28
Diversified Consumer Services
Apex Service Partners, LLC	(4) (5) (6)	S +	5.50%	10.74%	07/31/2025	3,127	2,971		2,959		0.54
Apex Service Partners, LLC	(4) (6)	S +	5.50%	10.74%	07/31/2025	3,127	2,966		2,959		0.54
Assembly Intermediate, LLC	(4) (5) (6)	S +	6.50%	11.84%	10/19/2027	8,889	8,752		8,588		1.56
Assembly Intermediate, LLC	(4) (6) (12)	S +	6.50%	11.84%	10/19/2027	1,244	1,218		1,169		0.21
Assembly Intermediate, LLC	(4) (6) (12)	S +	6.50%	11.84%	10/19/2027	—	(13)		(30)		(0.01)
FPG Intermediate Holdco, LLC	(4) (6)	S +	6.50%	11.91%	03/05/2027	712	700		689		0.13
FPG Intermediate Holdco, LLC	(4) (6) (12)	S +	6.50%	11.91%	03/05/2027	—	(40)		(83)		(0.02)
Groundworks, LLC	(4) (5) (6)	S +	6.50%	11.65%	03/14/2030	148	144		145		0.03
Groundworks, LLC	(4) (6) (12)	S +	6.50%	11.65%	03/14/2030	—	—		(1)		—
Groundworks, LLC	(4) (6) (12)	S +	6.50%	11.65%	03/14/2029	—	—		—		—
Heartland Home Services	(4) (7) (12)	S +	5.75%	10.96%	12/15/2026	1,955	1,939		1,923		0.35
Lightspeed Solution, LLC	(4) (5) (6)	S +	6.50%	11.56%	03/01/2028	3,865	3,802		3,751		0.68
Lightspeed Solution, LLC	(4) (6) (12)	S +	6.50%	11.56%	03/01/2028	123	113		87		0.02
LUV Car Wash Group, LLC	(4) (5) (6) (12)	S +	7.00%	12.04%	12/09/2026	717	710		707		0.13
Magnolia Wash Holdings	(4) (5) (6)	S +	6.50%	11.65%	07/14/2028	1,681	1,652		1,307		0.24
Magnolia Wash Holdings	(4) (6)	S +	6.50%	11.65%	07/14/2028	315	309		245		0.04
Magnolia Wash Holdings	(4) (6) (12)	S +	6.50%	11.65%	07/14/2028	39	38		23		—
Mammoth Holdings, LLC	(4) (5) (6)	S +	6.50%	11.65%	10/16/2024	18,761	18,698		18,600		3.38
Mammoth Holdings, LLC	(4) (6) (12)	S +	6.50%	11.65%	10/16/2024	—	(1)		(3)		—
Spotless Brands, LLC	(4) (5) (6)	S +	6.50%	11.72%	07/25/2028	1,428	1,403		1,391		0.25
Spotless Brands, LLC	(4) (6)	S +	6.50%	11.72%	07/25/2028	270	265		263		0.05
Spotless Brands, LLC	(4) (6) (12)	S +	6.50%	11.72%	07/25/2028	—	(1)		(1)		—
							45,625		44,688		8.12
Electronic Equipment, Instruments & Components
Abracon Group Holdings, LLC	(4) (5) (7)	S +	5.75%	10.89%	07/06/2028	1,743	1,712		1,693		0.31
Abracon Group Holdings, LLC	(4) (7) (12)	S +	5.75%	10.89%	07/06/2028	94	91		85		0.02
Abracon Group Holdings, LLC	(4) (7) (12)	S +	5.75%	10.89%	07/06/2028	—	(2)		(4)		—
Dwyer Instruments, Inc.	(4) (5) (7)	S +	5.75%	11.09%	07/21/2027	2,537	2,494		2,471		0.45
Dwyer Instruments, Inc.	(4) (7) (12)	S +	5.75%	11.09%	07/21/2027	—	(5)		(17)		—
Dwyer Instruments, Inc.	(4) (7) (12)	S +	5.75%	11.09%	07/21/2027	83	78		75		0.01
Infinite Bidco, LLC	(4) (8)	S +	6.25%	11.27%	03/02/2028	4,717	4,585		4,614		0.84
							8,953		8,917		1.62

12

SL Investment Corp.

Consolidated Schedule of Investments (Unaudited)

June 30, 2023

(In thousands)

Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares	Cost(3)		Fair Value		Percentage of Net Assets
Financial Services
Applitools, Inc.	(4) (7) (9)	S +	6.25% PIK	11.35% PIK	05/25/2029	1,560	$	1,539	$	1,494	0.27	%
Applitools, Inc.	(4) (7) (9) (12)	S +	6.25%	11.35%	05/25/2028	—	(3)		(9)		—
Cerity Partners, LLC	(4) (5) (7)	S +	6.75%	11.85%	12/29/2029	1,733	1,683		1,717		0.31
Cerity Partners, LLC	(4) (7) (12)	S +	6.75%	11.85%	12/29/2029	547	473		523		0.10
SitusAMC Holdings Corp.	(4) (5) (7)	S +	5.50%	10.84%	12/22/2027	7,110	7,054		6,945		1.26
Smarsh, Inc.	(4) (5) (7)	S +	6.50%	11.84%	02/16/2029	4,286	4,213		4,158		0.76
Smarsh, Inc.	(4) (7) (12)	S +	6.50%	11.84%	02/16/2029	536	522		504		0.09
Smarsh, Inc.	(4) (7) (12)	S +	6.50%	11.84%	02/16/2029	—	(4)		(8)		—
							15,477		15,324		2.78
Food Products
Teasdale Foods, Inc. (Teasdale Latin Foods)	(4) (5) (6)	S +	7.25% (incl. 1.00% PIK)	11.84%	12/18/2025	3,613	3,574		3,182		0.58
Health Care Equipment & Supplies
Performance Health & Wellness	(4) (5) (6)	S +	6.00%	10.97%	07/12/2027	4,028	3,969		3,917		0.71
PerkinElmer U.S., LLC	(4) (5) (6)	S +	6.75%	11.99%	03/13/2029	583	566		567		0.10
							4,535		4,484		0.81
Health Care Providers & Services
DCA Investment Holdings, LLC	(4) (7)	S +	6.41%	11.65%	04/03/2028	4,874	4,821		4,838		0.88
DCA Investment Holdings, LLC	(4) (5) (7) (12)	S +	6.41%	11.65%	04/03/2028	1,356	1,333		1,344		0.24
DCA Investment Holdings, LLC	(4) (7)	S +	6.50%	11.79%	04/03/2028	86	85		85		0.02
Gateway US Holdings, Inc.	(4) (5) (7) (9)	S +	6.50%	11.89%	09/22/2026	752	746		747		0.14
Gateway US Holdings, Inc.	(4) (7) (9) (12)	S +	6.50%	11.89%	09/22/2026	206	204		204		0.04
Gateway US Holdings, Inc.	(4) (7) (9) (12)	S +	6.50%	11.89%	09/22/2026	—	—		—
Heartland Veterinary Partners, LLC	(4) (5) (6)	S +	4.75%	9.95%	12/10/2026	3,856	3,828		3,819		0.69
Heartland Veterinary Partners, LLC	(4) (5) (6)	S +	4.75%	9.95%	12/10/2026	8,729	8,668		8,645		1.57
Heartland Veterinary Partners, LLC	(4) (6) (12)	S +	4.75%	9.95%	12/10/2026	—	(5)		(7)		—
iCIMS, Inc.	(4) (5) (7)	S +	7.25%	12.38%	08/18/2028	1,433	1,410		1,422		0.26
iCIMS, Inc.	(4) (5) (7)	S +	7.25%	12.38%	08/18/2028	187	186		186		0.03
iCIMS, Inc.	(4) (7) (12)	S +	7.25%	12.38%	08/18/2028	—	—		—		—
iCIMS, Inc.	(4) (7) (12)	S +	7.25%	12.38%	08/18/2028	3	3		3		—
Intelerad Medical Systems Incorporated	(4) (6) (9)	S +	6.50%	11.70%	08/21/2026	933	910		879		0.16
Intelerad Medical Systems Incorporated	(4) (6) (9) (12)	S +	6.50%	11.70%	05/31/2028	28	27		27		—
Pareto Health Intermediate Holdings, Inc.	(4) (7)	S +	6.50%	11.74%	05/01/2030	1,047	1,025		1,025		0.19
Pareto Health Intermediate Holdings, Inc.	(4) (7) (12)	S +	6.50%	11.74%	05/01/2029	—	(2)		(2)		—
PPV Intermediate Holdings, LLC	(4) (7)	S +	5.75%	10.89%	08/31/2029	994	955		955		0.17
Promptcare Infusion Buyer, Inc.	(4) (5) (6)	S +	6.00%	11.25%	09/01/2027	3,869	3,811		3,777		0.69

13

SL Investment Corp.

Consolidated Schedule of Investments (Unaudited)

June 30, 2023

(In thousands)

Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares	Cost(3)		Fair Value		Percentage of Net Assets
Promptcare Infusion Buyer, Inc.	(4) (6) (12)	S +	6.00%	11.25%	09/01/2027	603	$	588	$	569	0.10	%
Southern Veterinary Partners, LLC	(4) (5) (6)	S +	5.50%	10.68%	10/05/2027	283	278		274		0.05
Stepping Stones Healthcare Services, LLC	(4) (5) (7)	S +	5.75%	11.09%	01/02/2029	4,320	4,266		4,189		0.76
Stepping Stones Healthcare Services, LLC	(4) (7) (12)	S +	5.75%	11.09%	01/02/2029	745	733		707		0.13
Stepping Stones Healthcare Services, LLC	(4) (7) (12)	S +	5.75%	11.09%	12/30/2026	125	118		106		0.02
Suveto	(4) (5) (7) (12)	S +	4.25%	9.45%	09/09/2027	4,968	4,927		4,747		0.86
Suveto	(4) (7) (12)	S +	4.25%	9.45%	09/09/2027	143	136		125		0.02
Vardiman Black Holdings, LLC	(4) (5) (8)	S +	7.00%	12.26%	03/18/2027	2,263	2,245		2,127		0.39
Vardiman Black Holdings, LLC	(4) (8)	S +	7.00%	12.26%	03/18/2027	2,686	2,665		2,525		0.46
Vermont Aus Pty Ltd	(4) (5) (7) (9)	S +	5.50%	10.89%	03/23/2028	494	483		476		0.09
							44,444		43,792		7.96
Health Care Technology
Lightspeed Buyer, Inc.	(4) (5) (6)	S +	5.25%	10.50%	02/03/2026	4,201	4,137		4,166		0.76
Lightspeed Buyer, Inc.	(4) (5) (6)	S +	5.25%	10.50%	02/03/2026	3,321	3,265		3,293		0.60
							7,402		7,459		1.36
Industrial Conglomerates
Raptor Merger Sub Debt, LLC	(4) (5) (7)	S +	6.75%	11.99%	04/01/2029	13,884	13,501		13,628		2.48
Raptor Merger Sub Debt, LLC	(4) (7) (12)	S +	6.75%	11.99%	04/01/2028	209	182		190		0.03
							13,683		13,818		2.51
Insurance Services
Foundation Risk Partners Corp.	(4) (5) (7)	S +	6.25%	11.59%	10/29/2028	18,321	18,099		17,074		3.10
Foundation Risk Partners Corp.	(4) (5) (7)	S +	6.25%	11.59%	10/29/2028	3,985	3,939		3,713		0.67
Foundation Risk Partners Corp.	(4) (7) (12)	S +	6.25%	11.59%	10/29/2027	—	(21)		(133)		(0.02)
Galway Borrower, LLC	(4) (7)	S +	5.25%	10.65%	09/29/2028	15,936	15,678		15,381		2.79
Galway Borrower, LLC	(4) (7) (12)	S +	5.25%	10.65%	09/29/2028	75	38		(24)		—
Galway Borrower, LLC	(4) (7) (12)	S +	5.25%	10.65%	09/30/2027	—	(12)		(32)		(0.01)
Higginbotham Insurance Agency, Inc.	(4) (5) (7)	S +	5.25%	10.45%	11/25/2026	6,129	6,072		6,068		1.10
High Street Buyer, Inc.	(4) (5) (7)	S +	6.00%	11.39%	04/14/2028	4,261	4,197		4,232		0.77
High Street Buyer, Inc.	(4) (5) (7)	S +	6.00%	11.39%	04/14/2028	17,110	16,851		16,994		3.09
High Street Buyer, Inc.	(4) (7) (12)	S +	6.00%	11.39%	04/16/2027	—	(12)		(6)		—
Integrity Marketing Acquisition, LLC	(4) (5) (7)	S +	6.05%	11.41%	08/27/2025	394	386		386		0.07
Integrity Marketing Acquisition, LLC	(4) (5) (6) (12)	S +	6.05%	11.41%	08/27/2025	24,474	24,287		23,972		4.36
Integrity Marketing Acquisition, LLC	(4) (5) (7) (12)	S +	6.05%	11.41%	08/27/2025	7,373	7,315		7,219		1.31
Integrity Marketing Acquisition, LLC	(4) (7) (12)	S +	6.05%	11.41%	08/27/2025	—	(2)		(2)		—
Keystone Agency Investors	(4) (5) (6)	S +	5.75%	11.14%	05/03/2027	2,628	2,596		2,591		0.47
Keystone Agency Investors	(4) (5) (6)	S +	5.75%	11.14%	05/03/2027	3,184	3,147		3,140		0.57
Long Term Care Group, Inc.	(4) (5) (7)	S +	6.00%	11.29%	09/08/2027	1,975	1,943		1,579		0.29

14

SL Investment Corp.

Consolidated Schedule of Investments (Unaudited)

June 30, 2023

(In thousands)

Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares	Cost(3)		Fair Value		Percentage of Net Assets
Oakbridge Insurance Agency, LLC	(4) (5) (6)	S +	5.75%	10.95%	12/31/2026	1,075	$	1,060	$	1,056	0.19	%
Oakbridge Insurance Agency, LLC	(4) (6) (12)	S +	5.75%	10.95%	12/31/2026	121	117		113		0.02
Oakbridge Insurance Agency, LLC	(4) (6) (12)	S +	5.75%	10.95%	12/31/2026	24	23		23		—
Patriot Growth Insurance Services, LLC	(4) (7) (12)	S +	5.75%	11.06%	10/14/2028	356	349		342		0.06
Peter C. Foy & Associates Insurance Services, LLC	(4) (5) (7)	S +	6.00%	11.22%	11/01/2028	7,659	7,595		7,434		1.35
Peter C. Foy & Associates Insurance Services, LLC	(4) (5) (7)	S +	6.00%	11.22%	11/01/2028	2,757	2,731		2,676		0.49
Peter C. Foy & Associates Insurance Services, LLC	(4) (7) (12)	S +	6.00%	11.22%	11/01/2027	—	(2)		(10)		—
RSC Acquisition, Inc.	(4) (5) (7)	S +	5.50%	10.85%	10/30/2026	10,482	10,406		10,308		1.87
World Insurance Associates, LLC	(4) (5) (6)	S +	5.75%	10.96%	04/01/2026	14,828	14,590		13,912		2.53
World Insurance Associates, LLC	(4) (5) (6)	S +	6.75%	11.96%	04/01/2026	1,000	965		965		0.18
World Insurance Associates, LLC	(4) (5) (6)	S +	5.75%	10.96%	04/01/2026	11,594	11,436		10,877		1.98
World Insurance Associates, LLC	(4) (6) (12)	S +	5.75%	10.96%	04/01/2026	—	(11)		(60)		(0.01)
							153,760		149,788		27.21
Interactive Media & Services
FMG Suite Holdings, LLC	(4) (5) (6)	S +	5.50%	10.56%	10/30/2026	9,512	9,387		9,363		1.70
FMG Suite Holdings, LLC	(4) (5) (6)	S +	5.50%	10.56%	10/30/2026	2,228	2,201		2,192		0.40
FMG Suite Holdings, LLC	(4) (5) (6) (12)	S +	5.50%	10.56%	10/30/2026	124	110		106		0.02
Spectrio, LLC	(4) (5) (6)	S +	6.00%	11.26%	12/09/2026	11,262	11,141		10,817		1.97
Spectrio, LLC	(4) (5) (6)	S +	6.00%	11.26%	12/09/2026	4,519	4,503		4,341		0.79
Spectrio, LLC	(4) (6) (12)	S +	6.00%	11.26%	12/09/2026	1,072	1,057		1,020		0.19
Triple Lift, Inc.	(4) (5) (7)	S +	5.50%	10.62%	05/08/2028	11,760	11,584		11,051		2.01
Triple Lift, Inc.	(4) (7) (12)	S +	5.50%	10.62%	05/08/2028	657	633		554		0.10
							40,616		39,444		7.17
IT Services
Atlas Purchaser, Inc.	(5) (7)	L +	5.25%	10.39%	05/08/2028	3,804	3,747		2,510		0.46
Catalis Intermediate, Inc.	(4) (5) (7)	S +	5.50%	10.89%	08/04/2027	16,953	16,643		14,922		2.71
Catalis Intermediate, Inc.	(4) (5) (7) (12)	S +	5.50%	10.89%	08/04/2027	3,815	3,732		3,143		0.57
Catalis Intermediate, Inc.	(4) (7) (12)	S +	5.50%	10.89%	08/04/2027	1,634	1,603		1,417		0.26
Donuts, Inc.	(4) (5) (6)	S +	6.00%	11.27%	12/29/2027	9,445	9,357		9,355		1.70
Redwood Services Group, LLC	(4) (5) (7)	S +	6.00%	11.50%	06/15/2029	1,804	1,772		1,762		0.32
Redwood Services Group, LLC	(4) (7)	S +	6.00%	11.50%	06/15/2029	432	427		421		0.08
Syntax Systems Ltd	(4) (5) (7) (9)	L +	5.75%	10.94%	10/29/2028	15,117	14,995		14,576		2.65
Syntax Systems Ltd	(4) (7) (9) (12)	L +	5.75%	10.94%	10/29/2028	—	(31)		(144)		(0.03)
Syntax Systems Ltd	(4) (7) (9) (12)	L +	5.75%	10.94%	10/29/2026	1,069	1,059		1,012		0.18
Thrive Buyer, Inc. (Thrive Networks)	(4) (5) (6)	S +	6.00%	11.45%	01/22/2027	8,149	8,026		7,873		1.43
Thrive Buyer, Inc. (Thrive Networks)	(4) (5) (6)	S +	6.00%	11.45%	01/22/2027	6,411	6,324		6,190		1.12
Thrive Buyer, Inc. (Thrive Networks)	(4) (12)	P +	5.00%	13.25%	01/22/2027	227	218		203		0.04

15

SL Investment Corp.

Consolidated Schedule of Investments (Unaudited)

June 30, 2023

(In thousands)

Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares	Cost(3)		Fair Value		Percentage of Net Assets
UpStack, Inc.	(4) (5) (6)	S +	5.75%	11.08%	08/20/2027	4,152	$	4,075	$	4,048	0.74	%
UpStack, Inc.	(4) (5) (6) (12)	S +	5.50%	11.08%	08/20/2027	2,067	2,017		2,005		0.36
UpStack, Inc.	(4) (6) (12)	S +	5.50%	11.08%	08/20/2027	—	(7)		(9)		—
							73,957		69,284		12.59
Leisure Products
GSM Acquisition Corp. (GSM Outdoors)	(4) (5) (6)	S +	5.00%	10.50%	11/16/2026	19,583	19,437		18,806		3.42
GSM Acquisition Corp. (GSM Outdoors)	(4) (5) (6)	S +	5.00%	10.50%	11/16/2026	1,671	1,657		1,605		0.29
GSM Acquisition Corp. (GSM Outdoors)	(4) (6) (12)	S +	5.00%	10.50%	11/16/2026	—	(13)		(65)		(0.01)
							21,081		20,346		3.70
Machinery
Answer Acquisition, LLC	(4) (5) (6)	S +	5.75%	11.14%	12/30/2026	12,805	12,615		12,485		2.27
Answer Acquisition, LLC	(4) (6) (12)	S +	5.75%	11.14%	12/30/2026	250	236		225		0.04
MHE Intermediate Holdings, LLC	(4) (5) (6)	S +	6.00%	11.38%	07/21/2027	13,915	13,705		13,583		2.47
MHE Intermediate Holdings, LLC	(4) (5) (6)	S +	6.00%	11.38%	07/21/2027	1,582	1,559		1,543		0.28
MHE Intermediate Holdings, LLC	(4) (6) (12)	S +	6.00%	11.38%	07/21/2027	150	135		124		0.02
							28,250		27,960		5.08
Multi-Utilities
AWP Group Holdings, Inc.	(4) (5) (6)	S +	4.75%	9.84%	12/22/2027	10,693	10,535		10,016		1.82
AWP Group Holdings, Inc.	(4) (5) (6)	S +	4.75%	9.84%	12/22/2027	3,878	3,835		3,633		0.66
AWP Group Holdings, Inc.	(4) (6) (12)	S +	4.75%	9.84%	12/22/2026	332	315		212		0.04
Ground Penetrating Radar Systems, LLC	(4) (5) (6)	S +	4.75%	9.89%	06/26/2026	4,395	4,342		4,317		0.78
Ground Penetrating Radar Systems, LLC	(4) (6) (12)	S +	4.75%	9.89%	06/26/2025	422	415		410		0.07
Vessco Midco Holdings, LLC	(4) (5) (6)	L +	4.50%	9.68%	11/02/2026	5,388	5,355		5,348		0.97
Vessco Midco Holdings, LLC	(4) (5) (6)	L +	4.50%	9.68%	11/02/2026	3,511	3,491		3,485		0.63
Vessco Midco Holdings, LLC	(4) (6) (12)	L +	4.50%	9.68%	10/18/2026	258	254		252		0.05
							28,542		27,673		5.03
Pharmaceuticals
Caerus US 1, Inc.	(4) (7) (9)	S +	5.75%	10.99%	05/25/2029	1,837	1,803		1,822		0.33
Caerus US 1, Inc.	(4) (7) (9) (12)	S +	5.75%	10.99%	05/25/2029	—	(3)		(2)		—
Caerus US 1, Inc.	(4) (7) (9) (12)	S +	5.75%	10.99%	05/25/2029	116	113		114		0.02
							1,913		1,934		0.35
Professional Services
Abacus Data Holdings, Inc. (AbacusNext)	(4) (5) (6)	S +	6.25%	11.48%	03/10/2027	7,938	7,817		7,934		1.44
Abacus Data Holdings, Inc. (AbacusNext)	(4) (6)	S +	6.25%	11.48%	03/10/2027	832	826		831		0.15
Abacus Data Holdings, Inc. (AbacusNext)	(4) (6) (12)	S +	6.25%	11.48%	03/10/2027	390	381		390		0.07
Bridgepointe Technologies, LLC	(4) (6)	S +	6.50%	11.89%	12/31/2027	5,731	5,520		5,527		1.00
Bridgepointe Technologies, LLC	(4) (6) (12)	S +	6.50%	11.89%	12/31/2027	1,234	1,085		1,097		0.20

16

SL Investment Corp.

Consolidated Schedule of Investments (Unaudited)

June 30, 2023

(In thousands)

Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares	Cost(3)		Fair Value		Percentage of Net Assets
Bullhorn, Inc.	(4) (5) (6)	S +	5.75%	10.95%	09/30/2026	180	$	178	$	178	0.03	%
Bullhorn, Inc.	(4) (6)	S +	5.75%	10.95%	09/30/2026	10	10		10		—
Bullhorn, Inc.	(4) (6) (12)	S +	5.75%	10.95%	09/30/2026	—	—		—		—
Citrin Cooperman Advisors, LLC	(4) (5) (7)	S +	5.75%	10.72%	10/01/2027	8,539	8,410		8,342		1.52
Citrin Cooperman Advisors, LLC	(4) (5) (7) (12)	S +	5.75%	10.72%	10/01/2027	7,787	7,638		7,557		1.37
Citrin Cooperman Advisors, LLC	(4) (5) (7) (12)	S +	5.75%	10.72%	10/01/2027	3,660	3,611		3,575		0.65
KWOR Acquisition, Inc.	(4) (5) (6)	S +	5.25%	10.45%	12/22/2028	869	859		841		0.15
KWOR Acquisition, Inc.	(4) (6) (12)	P +	4.25%	12.50%	12/22/2027	67	66		63		0.01
							36,401		36,345		6.60
Real Estate Management & Development
Associations, Inc.	(4) (5) (6)	S +	6.50% (incl. 2.50% PIK)	11.68%	07/02/2027	7,098	7,050		6,907		1.25
Associations, Inc.	(4) (5) (6) (12)	S +	6.50% (incl. 2.50% PIK)	11.68%	07/02/2027	6,972	6,922		6,774		1.23
Associations, Inc.	(4) (6) (12)	S +	6.50% (incl. 2.50% PIK)	11.68%	07/02/2027	—	(5)		(21)		—
MRI Software, LLC	(4) (6)	S +	5.50%	10.84%	02/10/2026	2,591	2,583		2,571		0.47
MRI Software, LLC	(4) (6) (12)	S +	5.50%	10.84%	02/10/2026	—	(2)		(5)		—
MRI Software, LLC	(4) (6) (12)	S +	5.50%	10.84%	02/10/2026	—	—		—		—
Pritchard Industries, LLC	(4) (5) (7)	S +	5.50%	11.09%	10/13/2027	10,887	10,721		10,527		1.91
Pritchard Industries, LLC	(4) (7)	S +	5.50%	11.09%	10/13/2027	2,603	2,562		2,517		0.46
Zarya Intermediate, LLC	(4) (5) (6) (9)	S +	6.50%	11.76%	07/01/2027	9,533	9,533		9,533		1.73
Zarya Intermediate, LLC	(4) (6) (9) (12)	S +	6.50%	11.76%	07/01/2027	140	140		140		0.03
							39,504		38,943		7.08
Software
Alert Media, Inc.	(4) (5) (6)	S +	5.00%	10.02%	04/12/2027	16,250	16,060		15,791		2.87
Alert Media, Inc.	(4) (6)	S +	5.00%	10.02%	04/12/2027	10,000	9,872		9,717		1.77
Alert Media, Inc.	(4) (6) (12)	S +	5.00%	10.02%	04/12/2027	—	—		—		—
Alert Media, Inc.	(4) (6) (12)	S +	5.00%	10.02%	04/10/2026	—	(12)		(29)		(0.01)
Anaplan, Inc.	(4) (7)	S +	6.50%	11.60%	06/21/2029	4,125	4,054		4,094		0.74
Appfire Technologies, LLC	(4) (5) (6)	S +	5.50%	10.70%	03/09/2027	7,769	7,724		7,599		1.38
Appfire Technologies, LLC	(4) (6) (12)	S +	5.50%	10.70%	03/09/2027	—	(2)		(5)		—
Appfire Technologies, LLC	(4) (6) (12)	S +	5.50%	10.70%	03/09/2027	—	—		(1)		—
CLEO Communications Holding, LLC	(4) (5) (6)	S +	6.50%	11.75%	06/09/2027	17,142	17,020		16,693		3.03
CLEO Communications Holding, LLC	(4) (6) (12)	S +	6.50%	11.75%	06/09/2027	—	(35)		(140)		(0.03)
Coupa Holdings, LLC	(4) (7)	S +	7.50%	12.60%	02/27/2030	315	308		306		0.06
Coupa Holdings, LLC	(4) (7) (12)	S +	7.50%	12.60%	02/27/2030	—	(2)		(4)		—

17

SL Investment Corp.

Consolidated Schedule of Investments (Unaudited)

June 30, 2023

(In thousands)

Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares	Cost(3)		Fair Value		Percentage of Net Assets
Coupa Holdings, LLC	(4) (7) (12)	S +	7.50%	12.60%	02/27/2029	—	$	(3)	$	(3)	—	%
Cyara AcquisitionCo, LLC	(4) (6)	S +	6.75%	12.07%	06/28/2029	936	911		911		0.17
Cyara AcquisitionCo, LLC	(4) (6) (12)	S +	6.75%	12.07%	06/28/2029	—	(2)		(2)		—
GS AcquisitionCo, Inc.	(4) (5) (6)	S +	5.75%	11.14%	05/22/2026	28,155	28,002		27,944		5.08
GS AcquisitionCo, Inc.	(4) (6)	S +	5.75%	11.14%	05/22/2026	335	333		333		0.06
GS AcquisitionCo, Inc.	(4) (6) (12)	S +	5.75%	11.14%	05/22/2026	302	296		295		0.05
Gurobi Optimization, LLC	(4) (5) (6)	L +	5.00%	10.39%	12/19/2023	4,341	4,334		4,341		0.79
Gurobi Optimization, LLC	(4) (6) (12)	L +	5.00%	10.39%	12/19/2023	—	(1)		—		—
LegitScript, LLC	(4) (5) (7)	S +	5.25%	10.35%	06/24/2029	4,370	4,293		4,296		0.78
LegitScript, LLC	(4) (7) (12)	S +	5.25%	10.35%	06/24/2029	115	104		95		0.02
LegitScript, LLC	(4) (7) (12)	S +	5.25%	10.35%	06/24/2028	91	80		80		0.01
Montana Buyer, Inc.	(4) (5) (7)	S +	5.75%	10.83%	07/22/2029	1,299	1,276		1,264		0.23
Montana Buyer, Inc.	(4) (7) (12)	S +	5.75%	10.83%	07/22/2028	—	(2)		(4)		—
Netwrix Corporation And Concept Searching, Inc.	(4) (7)	S +	5.00%	10.30%	06/11/2029	722	716		698		0.13
Netwrix Corporation And Concept Searching, Inc.	(4) (7) (12)	S +	5.00%	10.30%	06/11/2029	7	6		—		—
Netwrix Corporation And Concept Searching, Inc.	(4) (7) (12)	S +	5.00%	10.30%	06/11/2029	14	14		12		—
Oak Purchaser, Inc.	(4) (5) (7)	S +	5.50%	10.37%	04/28/2028	931	923		899		0.16
Oak Purchaser, Inc.	(4) (7) (12)	S +	5.50%	10.37%	04/28/2028	249	244		228		0.04
Oak Purchaser, Inc.	(4) (7) (12)	S +	5.50%	10.37%	04/28/2028	—	(1)		(4)		—
Project Leopard Holdings, Inc.	(5) (8) (9)	S +	5.25%	10.45%	07/20/2029	1,035	970		943		0.17
Pound Bidco, Inc.	(4) (5) (6) (9)	L +	6.50%	11.66%	01/30/2026	2,132	2,108		2,128		0.39
Pound Bidco, Inc.	(4) (5) (8) (9) (12)	L +	6.50%	11.66%	01/30/2026	—	(4)		(1)		—
Pound Bidco, Inc.	(4) (5) (6) (9)	L +	6.50%	11.66%	01/30/2026	872	861		861		0.16
Pound Bidco, Inc.	(4) (6) (9) (12)	L +	6.50%	11.66%	01/30/2026	—	—		—		—
Revalize, Inc.	(4) (5) (6)	S +	5.75%	10.95%	04/15/2027	8,715	8,675		8,402		1.53
Revalize, Inc.	(4) (6) (12)	S +	5.75%	10.95%	04/15/2027	—	(1)		(3)		—
Riskonnect Parent, LLC	(4) (7)	S +	5.50%	10.89%	12/07/2028	165	162		162		0.03
Riskonnect Parent, LLC	(4) (7) (12)	S +	5.50%	10.89%	12/07/2028	—	(2)		(3)		—
Securonix, Inc.	(4) (5) (7)	S +	6.50%	11.42%	04/05/2028	9,004	8,872		8,657		1.57
Securonix, Inc.	(4) (6) (12)	S +	6.50%	11.42%	04/05/2028	—	(23)		(63)		(0.01)
Skykick, Inc.	(4) (5) (6)	S +	7.25%	12.53%	09/01/2027	2,700	2,649		2,516		0.46
Skykick, Inc.	(4) (6)	S +	7.25%	12.53%	09/01/2027	1,035	1,014		964		0.18
Trunk Acquisition, Inc.	(4) (5) (6)	S +	5.50%	11.14%	02/19/2027	4,503	4,469		4,388		0.80
Trunk Acquisition, Inc.	(4) (6) (12)	S +	5.50%	11.14%	02/19/2026	—	(3)		(11)		—
							126,257		124,344		22.59
Total First Lien Debt							$	1,113,883	$	1,092,424	198.47	%

18

SL Investment Corp.

Consolidated Schedule of Investments (Unaudited)

June 30, 2023

(In thousands)

Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares	Cost(3)		Fair Value		Percentage of Net Assets
Second Lien Debt
Air Freight & Logistics
Omni Intermediate Holdings, LLC	(4) (5) (6)	S +	9.00%	14.39%	12/30/2027	900	$	877	$	875	0.16	%
Electronic Equipment, Instruments & Components
Infinite Bidco, LLC	(4) (5) (8)	S +	7.00%	12.50%	03/02/2029	3,000	2,990		2,550		0.46
Infinite Bidco, LLC	(4) (8)	S +	7.00%	12.50%	03/02/2029	1,500	1,500		1,275		0.23
							4,490		3,825		0.69
Health Care Providers & Services
Heartland Veterinary Partners, LLC	(4) (5) (6)	S +	8.00%	13.20%	12/10/2027	360	354		346		0.06
Heartland Veterinary Partners, LLC	(4) (6)	S +	8.00%	13.20%	12/10/2027	140	138		135		0.02
							492		481		0.09
Industrial Conglomerates
Aptean, Inc.	(5) (7)	S +	7.00%	12.20%	04/23/2027	1,050	1,050		966		0.18
IT Services
Idera, Inc.	(4) (5) (7)	S +	6.75%	12.01%	03/02/2029	530	527		523		0.10
Red Dawn SEI Buyer, Inc.	(4) (5) (6)	S +	8.50%	13.84%	11/20/2026	1,000	983		981		0.18
							1,510		1,504		0.28
Software
Flexera Software, LLC	(4) (5) (6)	S +	7.00%	12.22%	03/03/2029	1,500	1,477		1,471		0.27
Total Second Lien Debt							$	9,896	$	9,122	1.66	%
Other Securities
Familia Intermediate Holdings I Corp. (Teasdale Latin Foods)	(4) (10)		16.25% PIK		06/18/2026	500	500		203		0.04
Fetch Insurance Services, LLC	(4)		12.75% (incl. 3.75% PIK)		10/31/2027	418	407		406		0.07
Total Other Debt							$	907	$	609	0.11	%

19

SL Investment Corp.

Consolidated Schedule of Investments (Unaudited)

June 30, 2023

(In thousands)

Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Acquisition Date	Par Amount/ Shares	Cost(3)		Fair Value		Percentage of Net Assets
Preferred Equity
FORTIS Solutions Group, LLC	(4) (11)		12.25%	06/24/2022	1,000,000	$	1,107	$	970	0.18	%
Integrity Marketing Acquisition, LLC	(4) (11)		10.50%	12/21/2021	750,000	865		863		0.16
Revalize, Inc.	(4) (6) (11)	S +	10.00%	12/14/2021	1,787	2,080		2,036		0.37
RSK Holdings, Inc. (Riskonnect)	(4) (7) (11)	S +	10.50%	07/07/2022	320,600	334		362		0.07
Skykick, Inc.	(4) (11)			08/31/2021	23,665	225		225		0.04
Total Preferred Equity						$	4,611	$	4,456	0.81	%
Common Equity
Abacus Data Holdings, Inc. (AbacusNext)	(4) (11)			7/12/2021	5,196	$	520	$	427	0.08	%
BP Purchaser, LLC	(4) (11)			12/10/2021	1,233,333	1,233		1,270		0.23
CSC Thrive Holdings, LP (Thrive Networks)	(4) (11)			3/1/2021	54,103	140		265		0.05
Encore Holdings, LLC	(4) (11)			11/23/2021	559	70		118		0.02
Frisbee Holdings, LP (Fetch)	(4) (11)			10/31/2022	4,745	60		61		0.01
GSM Equity Investors, LP (GSM Outdoors)	(4) (11)			11/16/2020	500	50		73		0.01
LUV Car Wash	(4) (11)			4/6/2022	123	123		90		0.02
PCX Holding Corp.	(4) (11)			4/22/2021	1,154	115		156		0.03
Pritchard Industries, Inc.	(4) (11)			10/13/2021	300,000	300		339		0.06
Procure Acquiom Financial, LLC (Procure Analytics)	(4) (11)			12/20/2021	500,000	500		615		0.11
Shelby Co-invest, LP. (Spectrum Automotive)	(4) (11)			6/29/2021	1,500	150		239		0.04
Surewerx Topco, LP	(4) (9) (11)			12/28/2022	195	195		209		0.04
Suveto Buyer, LLC	(4) (9) (11)			11/19/2021	3,000	300		458		0.08
Total Common Equity						$	3,756	$	4,320	0.78	%
Total Other Securities						$	9,274	$	9,385	1.71	%
Total Portfolio Investments						$	1,133,053	$	1,110,931	201.84	%

20

SL Investment Corp.

Consolidated Schedule of Investments (Unaudited)

June 30, 2023

(In thousands)

(1)	Unless otherwise indicated, issuers of debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”), the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of June 30, 2023, the Company does not “control” any of these portfolio companies. Under the 1940 Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of June 30, 2023, the Company is not an “affiliated person” of any of its portfolio companies.
(2)	Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either LIBOR (“L” or “LIBOR”) or an alternate base rate (commonly based on the Federal Funds Rate (“F”) or the U.S. Prime Rate (“P”)), each of which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of June 30, 2023. As of June 30, 2023, the reference rates for our variable rate loans were the 3-month E at 3.58%, 1-month L at 5.22%, 3-month L at 5.55%, the 6-month L at 5.76%, 1-month S at 5.14%, 3-month S at 5.27%, 6-month S at 5.39%, and the P at 8.25%.
(3)	The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.
(4)	These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by or under the direction of the Company’s Valuation Designee (the “Valuation Designee”) under the supervision of the Board of Directors (the “Board of Directors” or the “Board”) (see Note 2 and Note 5), pursuant to the Company’s valuation policy.
(5)	Assets or a portion thereof are pledged as collateral for the JPM Funding Facility. See Note 6 “Debt”.
(6)	Loan includes interest rate floor of 1.00%.
(7)	Loan includes interest rate floor of 0.75%.
(8)	Loan includes interest rate floor of 0.50%.
(9)	The investment is not a qualifying asset under Section 55(a) of the 1940 Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of June 30, 2023 non-qualifying assets represented 6.64% of total assets as calculated in accordance with regulatory requirements.
(10)	Investment was on non-accrual status as of June 30, 2023
(11)	Securities exempt from registration under the Securities Act of 1933 and may be deemed to be “restricted securities”. As of June 30, 2023, the aggregate fair value of these securities is $8,776 or 1.59% of the Company’s net assets. The initial acquisition dates have been included for such securities.

(12) Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may earn unused commitment fees. Negative cost and fair value, if any, results from unamortized fees, which are capitalized to the cost of the investment. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. See below for more information on the Company’s unfunded commitments as of June 30, 2023:

Investments-non-controlled/non-affiliated	Unused Fee Rate	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
First Lien Debt
365 Retail Markets, LLC	0.50%	Revolver	12/23/2026	$	1,200	$	(5)
48Forty Solutions, LLC	0.50%	Revolver	11/30/2026	1,206		(28)
ARI Network Services, Inc.	0.50%	Revolver	2/28/2025	545		(9)
AWP Group Holdings, Inc.	0.50%	Revolver	12/22/2026	1,563		(99)
Abacus Data Holdings, Inc. (AbacusNext)	0.50%	Revolver	3/10/2027	210		—
Abracon Group Holdings, LLC	1.00%	Delayed Draw Term Loan	7/6/2024	223		(6)
Abracon Group Holdings, LLC	0.50%	Revolver	7/6/2028	127		(4)
Alert Media, Inc.	0.50%	Revolver	4/10/2026	1,015		(29)
Answer Acquisition, LLC	0.50%	Revolver	12/30/2026	750		(19)
Appfire Technologies, LLC	0.50%	Delayed Draw Term Loan	6/13/2024	243		(5)
Appfire Technologies, LLC	0.50%	Revolver	3/9/2027	28		(1)
Applitools, Inc.	0.50%	Revolver	5/25/2028	200		(9)
Assembly Intermediate, LLC	1.00%	Delayed Draw Term Loan	10/19/2023	978		(33)
Assembly Intermediate, LLC	0.50%	Revolver	10/19/2027	889		(30)

21

SL Investment Corp.

Consolidated Schedule of Investments (Unaudited)

June 30, 2023

(In thousands)

Investments-non-controlled/non-affiliated	Unused Fee Rate	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
Associations, Inc.	1.00%	Delayed Draw Term Loan	6/10/2024	$	421	$	(11)
Associations, Inc.	0.50%	Revolver	7/2/2027	797		(21)
Atlas Us Finco, Inc.	0.50%	Revolver	12/9/2028	78		(2)
Avalara, Inc.	0.50%	Revolver	10/19/2028	256		(2)
Bridgepointe Technologies, LLC	0.50%	Delayed Draw Term Loan	12/19/2023	2,606		(93)
Bullhorn, Inc.	0.50%	Revolver	9/30/2026	8		—
CLEO Communications Holding, LLC	0.50%	Revolver	6/9/2027	5,358		(140)
Caerus US 1, Inc.	1.00%	Delayed Draw Term Loan	10/31/2024	266		(2)
Caerus US 1, Inc.	0.50%	Revolver	5/25/2029	78		(1)
Catalis Intermediate, Inc.	1.00%	Delayed Draw Term Loan	8/4/2023	1,794		(215)
Catalis Intermediate, Inc.	0.50%	Revolver	8/4/2027	182		(22)
Cerity Partners, LLC	1.00%	Delayed Draw Term Loan	12/29/2023	2,097		(19)
Citrin Cooperman Advisors, LLC	1.00%	Delayed Draw Term Loan	5/13/2024	2,152		(50)
Coupa Holdings, LLC	1.00%	Delayed Draw Term Loan	8/27/2024	151		(4)
Coupa Holdings, LLC	0.50%	Revolver	2/27/2029	116		(3)
Cyara AcquisitionCo, LLC	0.50%	Revolver	6/28/2029	64		(2)
DCA Investment Holdings, LLC	1.00%	Delayed Draw Term Loan	12/28/2023	160		(1)
Dwyer Instruments, Inc.	1.00%	Delayed Draw Term Loan	7/1/2024	641		(17)
Dwyer Instruments, Inc.	0.50%	Revolver	7/21/2027	238		(6)
Encore Holdings, LLC	0.75%	Delayed Draw Term Loan	11/23/2024	6,341		(44)
Encore Holdings, LLC	0.50%	Revolver	11/23/2027	2,695		(19)
Energy Labs Holdings Corp.	0.50%	Revolver	4/7/2028	53		(1)
FLS Holding, Inc.	0.50%	Revolver	12/17/2027	1,442		(17)
FMG Suite Holdings, LLC	0.50%	Revolver	10/30/2026	1,001		(16)
FORTIS Solutions Group, LLC	0.50%	Delayed Draw Term Loan	6/24/2024	994		(15)
FORTIS Solutions Group, LLC	0.50%	Revolver	10/15/2027	1,002		(15)
FPG Intermediate Holdco, LLC	0.50%	Delayed Draw Term Loan	8/5/2024	2,500		(84)
Foundation Risk Partners Corp.	0.38%	Revolver	10/29/2027	1,959		(133)
GS AcquisitionCo, Inc.	0.50%	Revolver	5/22/2026	604		(5)
GSM Acquisition Corp. (GSM Outdoors)	0.50%	Revolver	11/16/2026	1,634		(65)
Galway Borrower, LLC	1.00%	Delayed Draw Term Loan	9/30/2023	3,392		(96)
Galway Borrower, LLC	0.50%	Revolver	9/30/2027	880		(32)
Gateway US Holdings, Inc.	1.00%	Delayed Draw Term Loan	4/15/2024	6		—
Gateway US Holdings, Inc.	0.50%	Revolver	9/22/2026	30		—
GraphPad Software, LLC	0.50%	Revolver	4/27/2027	750		(13)
Ground Penetrating Radar Systems, LLC	0.50%	Revolver	6/26/2025	281		(5)
Groundworks, LLC	1.00%	Delayed Draw Term Loan	9/14/2024	27		(1)

22

SL Investment Corp.

Consolidated Schedule of Investments (Unaudited)

June 30, 2023

(In thousands)

Investments-non-controlled/non-affiliated	Unused Fee Rate	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
Groundworks, LLC	0.50%	Revolver	3/14/2029	$	9	$	—
Gurobi Optimization, LLC	0.50%	Revolver	12/19/2023	536		—
Heartland Home Services	0.75%	Delayed Draw Term Loan	8/10/2023	524		(7)
Heartland Veterinary Partners, LLC	0.50%	Revolver	12/10/2026	779		(7)
High Street Buyer, Inc.	0.50%	Revolver	4/16/2027	915		(6)
iCIMS, Inc.	—%	Delayed Draw Term Loan	8/18/2025	45		—
iCIMS, Inc.	0.50%	Revolver	8/18/2028	15		—
Integrity Marketing Acquisition, LLC	1.00%	Delayed Draw Term Loan	11/23/2024	262		(2)
Integrity Marketing Acquisition, LLC	2.00%	Revolver	8/27/2025	53		(2)
Intelerad Medical Systems Incorporated	0.50%	Revolver	5/31/2028	36		(1)
Jonathan Acquisition Company	0.50%	Revolver	12/22/2025	686		(13)
KPSKY Acquisition, Inc.	1.00%	Delayed Draw Term Loan	6/17/2024	810		(26)
KWOR Acquisition, Inc.	0.50%	Revolver	12/22/2027	55		(2)
LUV Car Wash Group, LLC	1.00%	Delayed Draw Term Loan	3/14/2024	274		(3)
LegitScript, LLC	1.00%	Delayed Draw Term Loan	6/24/2024	1,081		(18)
LegitScript, LLC	0.50%	Revolver	6/24/2028	560		(10)
Lightspeed Solution, LLC	0.50%	Delayed Draw Term Loan	3/1/2024	1,097		(32)
MHE Intermediate Holdings, LLC	0.50%	Revolver	7/21/2027	922		(23)
MRI Software, LLC	0.50%	Delayed Draw Term Loan	8/16/2023	625		(5)
MRI Software, LLC	0.50%	Revolver	2/10/2026	16		—
Magnolia Wash Holdings	0.50%	Revolver	7/14/2028	32		(7)
Mammoth Holdings, LLC	0.50%	Revolver	10/16/2024	408		(4)
Mantech International CP	0.50%	Delayed Draw Term Loan	9/16/2024	2,600		(20)
Mantech International CP	0.50%	Revolver	9/14/2028	1,600		(12)
Montana Buyer, Inc.	0.50%	Revolver	7/22/2028	147		(4)
Netwrix Corporation And Concept Searching, Inc.	0.50%	Delayed Draw Term Loan	6/10/2024	211		(7)
Netwrix Corporation And Concept Searching, Inc.	0.25%	Revolver	6/11/2029	43		(1)
Oak Purchaser, Inc.	0.50%	Delayed Draw Term Loan	4/28/2024	371		(12)
Oak Purchaser, Inc.	0.50%	Revolver	4/28/2028	124		(4)
Oakbridge Insurance Agency, LLC	1.00%	Delayed Draw Term Loan	3/23/2024	338		(6)
Oakbridge Insurance Agency, LLC	0.50%	Revolver	12/31/2026	31		(1)
Omni Intermediate Holdings, LLC	1.00%	Delayed Draw Term Loan	6/24/2024	28		(1)
Omni Intermediate Holdings, LLC	0.50%	Revolver	12/30/2025	1,318		(43)
PCX Holding Corp.	0.50%	Revolver	4/22/2027	555		(11)
PDFTron Systems, Inc.	0.50%	Revolver	7/15/2026	1,100		(30)
Pareto Health Intermediate Holdings, Inc.	0.50%	Revolver	5/1/2029	122		(2)
Patriot Growth Insurance Services, LLC	0.75%	Delayed Draw Term Loan	7/8/2024	323		(7)

23

SL Investment Corp.

Consolidated Schedule of Investments (Unaudited)

June 30, 2023

(In thousands)

Investments-non-controlled/non-affiliated	Unused Fee Rate	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
Peter C. Foy & Associates Insurance Services, LLC	0.50%	Revolver	11/1/2027	$	347	$	(10)
Pound Bidco, Inc.	0.50%	Revolver	1/30/2026	388		(1)
Procure Acquireco, Inc. (Procure Analytics)	1.00%	Delayed Draw Term Loan	12/20/2023	3,175		(138)
Procure Acquireco, Inc. (Procure Analytics)	0.50%	Revolver	12/1/2026	952		(41)
Promptcare Infusion Buyer, Inc.	1.00%	Delayed Draw Term Loan	9/1/2023	815		(19)
Pound Bidco, Inc.	—%	Delayed Draw Term Loan	12/31/2024	99		—
Randy's Holdings, Inc.	1.00%	Delayed Draw Term Loan	11/1/2024	836		(17)
Randy's Holdings, Inc.	0.50%	Revolver	11/1/2028	271		(5)
Raptor Merger Sub Debt, LLC	0.38%	Revolver	4/1/2028	837		(15)
Revalize, Inc.	0.50%	Revolver	4/15/2027	71		(2)
Riskonnect Parent, LLC	0.50%	Delayed Draw Term Loan	7/7/2024	177		(3)
RoadOne IntermodaLogistics	1.00%	Delayed Draw Term Loan	6/30/2024	112		(4)
RoadOne IntermodaLogistics	0.50%	Revolver	12/30/2028	117		(4)
Securonix, Inc.	0.50%	Revolver	4/5/2028	1,621		(62)
Sherlock Buyer Corp.	1.00%	Delayed Draw Term Loan	12/8/2023	5,392		(67)
Sherlock Buyer Corp.	0.50%	Revolver	12/8/2027	2,157		(27)
Smarsh, Inc.	1.00%	Delayed Draw Term Loan	2/18/2024	536		(16)
Smarsh, Inc.	0.50%	Revolver	2/16/2029	268		(8)
Sonny's Enterprises, LLC	1.00%	Delayed Draw Term Loan	8/7/2023	283		(7)
Sonny's Enterprises, LLC	0.50%	Revolver	8/5/2027	245		(6)
Spectrio, LLC	0.50%	Revolver	12/9/2026	244		(10)
Spectrum Automotive Holdings Corp.	1.00%	Delayed Draw Term Loan	6/29/2023	495		(20)
Spectrum Automotive Holdings Corp.	0.50%	Revolver	6/29/2027	378		(15)
Spotless Brands, LLC	0.50%	Revolver	7/25/2028	46		(1)
Stepping Stones Healthcare Services, LLC	1.00%	Delayed Draw Term Loan	12/30/2023	500		(15)
Stepping Stones Healthcare Services, LLC	0.50%	Revolver	12/30/2026	500		(15)
Summit Buyer, LLC	0.50%	Revolver	1/14/2026	1,037		(28)
Superman Holdings, LLC	0.50%	Delayed Draw Term Loan	5/1/2025	95		(1)
Surewerx Purchaser III, Inc.	1.00%	Delayed Draw Term Loan	6/28/2024	428		(4)
Surewerx Purchaser III, Inc.	0.50%	Revolver	12/28/2028	334		(3)
Suveto	1.00%	Delayed Draw Term Loan	9/9/2023	1,906		(61)
Suveto	0.50%	Revolver	9/9/2027	412		(13)
Sweep Purchaser, LLC	1.00%	Delayed Draw Term Loan	5/5/2024	91		(3)
Sweep Purchaser, LLC	0.50%	Revolver	11/30/2026	122		(5)
Syntax Systems Ltd	1.00%	Delayed Draw Term Loan	10/29/2023	4,010		(144)
Syntax Systems Ltd	0.50%	Revolver	10/29/2026	535		(19)
Tamarack Intermediate, LLC	0.50%	Revolver	3/13/2028	751		(34)

24

SL Investment Corp.

Consolidated Schedule of Investments (Unaudited)

June 30, 2023

(In thousands)

Investments-non-controlled/non-affiliated	Unused Fee Rate	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
Thrive Buyer, Inc. (Thrive Networks)	0.38%	Revolver	1/22/2027	$	453	$	(16)
Triple Lift, Inc.	0.25%	Revolver	5/8/2028	1,057		(64)
Trunk Acquisition, Inc.	0.50%	Revolver	2/19/2026	429		(10)
Two Six Labs, LLC	0.50%	Delayed Draw Term Loan	8/20/2023	915		(17)
Two Six Labs, LLC	0.50%	Revolver	8/20/2027	915		(17)
UpStack, Inc.	1.00%	Delayed Draw Term Loan	6/30/2025	786		(12)
UpStack, Inc.	0.50%	Revolver	8/20/2027	375		(9)
V Global Holdings, LLC	0.50%	Revolver	12/22/2025	158		(5)
VRC Companies, LLC	0.75%	Delayed Draw Term Loan	1/6/2024	227		(3)
VRC Companies, LLC	0.50%	Revolver	6/29/2027	708		(11)
Vessco Midco Holdings, LLC	0.50%	Revolver	10/18/2026	636		(5)
World Insurance Associates, LLC	0.50%	Revolver	4/1/2026	970		(60)
Zarya Intermediate, LLC	0.50%	Revolver	7/1/2027	842		—
Total First Lien Debt Unfunded Commitments				$	109,936	$	(2,850)
Total Unfunded Commitments				$	109,936	$	(2,850)

The accompanying notes are an integral part of these unaudited consolidated financial statements

25

SL Investment Corp.

Consolidated Schedule of Investments

December 31, 2022

(In thousands)

Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares	Cost(3)		Fair Value		Percentage of Net Assets
First Lien Debt
Aerospace and Defense
Jonathan Acquisition Company	(4) (5) (6)	L +	5.00%	9.73%	12/22/2026	12,110	$	11,896	$	11,796	2.29	%
Jonathan Acquisition Company	(4) (6) (12)	L +	5.00%	9.73%	12/22/2025	1,304	1,276		1,254		0.24
Mantech International CP	(4) (5) (7)	S +	5.75%	9.58%	09/14/2029	10,773	10,564		10,495		2.03
Mantech International CP	(4) (7) (12)	S +	5.75%	9.58%	09/14/2029	—	(25)		(67)		(0.01)
Mantech International CP	(4) (7) (12)	S +	5.75%	9.58%	09/14/2028	—	(30)		(41)		(0.01)
PCX Holding Corp.	(4) (5) (6)	L +	6.25%	10.98%	04/22/2027	7,814	7,754		7,558		1.46
PCX Holding Corp.	(4) (5) (6)	L +	6.25%	10.98%	04/22/2027	7,869	7,743		7,611		1.47
PCX Holding Corp.	(4) (6) (12)	L +	6.25%	10.98%	04/22/2027	238	232		212		0.04
Two Six Labs, LLC	(4) (5) (7)	S +	5.50%	10.08%	08/20/2027	4,697	4,621		4,583		0.89
Two Six Labs, LLC	(4) (7) (12)	S +	5.50%	10.08%	08/20/2027	908	886		864		0.17
Two Six Labs, LLC	(4) (7) (12)	S +	5.50%	10.08%	08/20/2027	—	(14)		(22)		—
							44,903		44,243		8.57
Air Freight & Logistics
AGI-CFI Holdings, Inc.	(4) (5) (7)	L +	5.75%	10.48%	06/11/2027	2,388	2,344		2,296		0.44
Omni Intermediate Holdings, LLC	(4) (5) (6)	S +	5.00%	9.73%	12/30/2026	14,571	14,451		13,954		2.70
Omni Intermediate Holdings, LLC	(4) (6) (12)	S +	5.00%	9.73%	12/30/2026	654	638		587		0.11
Omni Intermediate Holdings, LLC	(4) (6)	S +	5.00%	9.73%	12/30/2026	77	75		73		0.01
Omni Intermediate Holdings, LLC	(4) (6) (12)	S +	5.00%	9.73%	12/30/2025	—	(11)		(56)		(0.01)
RoadOne IntermodaLogistics	(4) (6)	S +	6.25%	10.81%	12/30/2028	635	616		616		0.12
RoadOne IntermodaLogistics	(4) (6) (12)	S +	6.25%	10.81%	12/30/2028	—	(2)		(2)		—
RoadOne IntermodaLogistics	(4) (6) (12)	S +	6.25%	10.81%	12/30/2028	28	25		25		—
							18,136		17,493		3.39
Automobile Components
Continental Battery Company	(4) (5) (6)	L +	6.75%	11.48%	01/20/2027	6,188	6,083		5,904		1.14
Randy's Holdings, Inc.	(4) (5) (6)	S +	6.50%	10.59%	11/01/2028	2,509	2,435		2,435		0.47
Randy's Holdings, Inc.	(4) (6) (12)	S +	6.50%	10.59%	11/01/2024	—	(12)		(12)		—
Randy's Holdings, Inc.	(4) (6) (12)	S +	6.50%	10.59%	11/01/2027	53	43		43		0.01
Sonny's Enterprises, LLC	(4) (5) (6)	S +	5.95%	10.19%	08/05/2026	5,004	4,929		4,792		0.93
Sonny's Enterprises, LLC	(4) (6)	S +	6.75%	10.19%	08/05/2026	9,120	8,981		8,733		1.69
Sonny's Enterprises, LLC	(4) (5) (6)	S +	6.75%	10.19%	08/05/2026	4,767	4,702		4,565		0.88
Spectrum Automotive Holdings Corp.	(4) (5) (7)	L +	5.75%	10.48%	06/29/2028	10,136	10,010		9,546		1.85
Spectrum Automotive Holdings Corp.	(4) (7) (12)	L +	5.75%	10.48%	06/29/2028	1,996	1,965		1,832		0.35
Spectrum Automotive Holdings Corp.	(4) (7) (12)	L +	5.75%	10.48%	06/29/2027	—	(4)		(22)		—
							39,132		37,816		7.33

26

SL Investment Corp.

Consolidated Schedule of Investments

December 31, 2022

(In thousands)

Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares	Cost(3)		Fair Value		Percentage of Net Assets
Automobiles
ARI Network Services, Inc.	(4) (5) (7)	S +	5.50%	9.92%	02/28/2025	8,887	$	8,777	$	8,634	1.67	%
ARI Network Services, Inc.	(4) (5) (7)	S +	5.50%	9.92%	02/28/2025	1,556	1,537		1,512		0.29
ARI Network Services, Inc.	(4) (7) (12)	S +	5.50%	9.92%	02/28/2025	390	374		353		0.07
Summit Buyer, LLC	(4) (5) (6)	L +	5.75%	10.13%	01/14/2026	9,480	9,341		9,061		1.76
Summit Buyer, LLC	(4) (6) (12)	L +	5.75%	10.13%	01/14/2026	12,427	12,233		11,815		2.29
Summit Buyer, LLC	(4) (6) (12)	L +	5.75%	10.13%	01/14/2026	—	(14)		(46)		(0.01)
Turbo Buyer, Inc.	(4) (5) (6)	L +	6.00%	11.15%	12/02/2025	16,260	16,036		15,675		3.04
Turbo Buyer, Inc.	(4) (5) (6)	L +	6.00%	11.15%	12/02/2025	1,488	1,465		1,435		0.28
							49,749		48,439		9.38
Biotechnology
GraphPad Software, LLC	(4) (5) (6)	L +	5.50%	10.39%	04/27/2027	6,410	6,361		6,199		1.20
GraphPad Software, LLC	(4) (6) (12)	L +	5.50%	10.39%	04/27/2027	—	(5)		(25)		—
							6,356		6,174		1.20
Chemicals
V Global Holdings, LLC	(4) (5) (7)	S +	5.75%	8.99%	12/22/2027	1,532	1,504		1,456		0.28
V Global Holdings, LLC	(4) (7) (12)	S +	5.75%	8.99%	12/22/2025	—	(3)		(11)		—
							1,501		1,445		0.28
Commercial Services & Supplies
365 Retail Markets, LLC	(4) (5) (6)	L +	4.75%	8.45%	12/23/2026	7,406	7,305		7,239		1.40
365 Retail Markets, LLC	(4) (5) (6)	L +	4.75%	8.45%	12/23/2026	2,376	2,350		2,322		0.45
365 Retail Markets, LLC	(4) (6) (12)	L +	4.75%	8.45%	12/23/2026	686	670		659		0.13
Atlas Us Finco, Inc.	(4) (5) (6) (9)	S +	7.25%	11.48%	12/09/2029	840	815		815		0.16
Atlas Us Finco, Inc.	(4) (6) (9) (12)	S +	7.25%	11.48%	12/09/2028	—	(2)		(2)		—
BPG Holdings IV Corp.	(4) (5) (7)	S +	6.00%	10.54%	07/29/2029	9,626	9,001		9,000		1.74
Encore Holdings, LLC	(4) (5) (7)	L +	4.50%	9.23%	11/23/2028	9,248	9,107		9,031		1.75
Encore Holdings, LLC	(4) (5) (7) (12)	L +	4.50%	9.23%	11/23/2028	10,570	10,350		10,149		1.97
Encore Holdings, LLC	(4) (7) (12)	L +	4.50%	9.23%	11/23/2027	—	(38)		(63)		(0.01)
FLS Holding, Inc.	(4) (5) (6) (9)	L +	5.25%	10.40%	12/15/2028	16,581	16,289		16,311		3.16
FLS Holding, Inc.	(4) (5) (6) (9)	L +	5.25%	10.40%	12/15/2028	3,605	3,539		3,546		0.69
FLS Holding, Inc.	(4) (6) (9) (12)	L +	5.25%	10.40%	12/17/2027	—	(24)		(24)		—
PDFTron Systems, Inc.	(4) (5) (6) (9)	S +	5.50%	9.82%	07/15/2027	13,035	12,856		12,601		2.44
PDFTron Systems, Inc.	(4) (5) (6) (9)	S +	5.50%	9.82%	07/15/2027	4,200	4,130		4,060		0.79
PDFTron Systems, Inc.	(4) (6) (9) (12)	S +	5.50%	9.82%	07/15/2026	1,650	1,603		1,540		0.30
Procure Acquireco, Inc. (Procure Analytics)	(4) (5) (7)	L +	5.00%	9.35%	12/20/2028	15,714	15,437		15,021		2.91
Procure Acquireco, Inc. (Procure Analytics)	(4) (7) (12)	L +	5.00%	9.35%	12/20/2028	—	(27)		(140)		(0.03)
Procure Acquireco, Inc. (Procure Analytics)	(4) (7) (12)	L +	5.00%	9.35%	12/20/2028	—	(15)		(42)		(0.01)

27

SL Investment Corp.

Consolidated Schedule of Investments

December 31, 2022

(In thousands)

Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares	Cost(3)		Fair Value		Percentage of Net Assets
QW Holding Corporation	(4) (5) (6)	L +	5.50%	9.44%	08/31/2026	3,299	$	3,256	$	3,176	0.62	%
QW Holding Corporation	(4) (6) (12)	L +	5.50%	9.44%	08/31/2026	686	676		655		0.13
QW Holding Corporation	(4) (6) (12)	L +	5.50%	9.44%	08/31/2026	—	(11)		(31)		(0.01)
Sherlock Buyer Corp.	(4) (5) (7)	L +	5.75%	10.48%	12/08/2028	18,554	18,227		18,144		3.51
Sherlock Buyer Corp.	(4) (7) (12)	L +	5.75%	10.48%	12/08/2028	—	(46)		(119)		(0.02)
Sherlock Buyer Corp.	(4) (7) (12)	L +	5.75%	10.48%	12/08/2027	—	(35)		(48)		(0.01)
Surewerx Purchaser III, Inc.	(4) (5) (7) (9)	S +	6.75%	11.30%	12/28/2029	6,656	6,456		6,456		1.25
Surewerx Purchaser III, Inc.	(4) (7) (9) (12)	S +	6.75%	11.30%	12/28/2029	—	(27)		(27)		(0.01)
Surewerx Purchaser III, Inc.	(4) (7) (9) (12)	S +	6.75%	11.30%	12/28/2028	91	69		69		0.01
Sweep Purchaser, LLC	(4) (5) (6)	L +	5.75%	10.47%	11/30/2026	2,901	2,861		2,746		0.53
Sweep Purchaser, LLC	(4) (5) (6) (12)	L +	5.75%	10.47%	11/30/2026	1,978	1,948		1,867		0.36
Sweep Purchaser, LLC	(4) (6) (12)	L +	5.75%	10.47%	11/30/2026	84	78		59		0.01
Tamarack Intermediate, LLC	(4) (5) (7)	S +	5.75%	9.23%	03/13/2028	5,473	5,375		5,232		1.01
Tamarack Intermediate, LLC	(4) (7) (12)	S +	5.75%	9.23%	03/13/2028	91	76		52		0.01
Valcourt Holdings II, LLC	(4) (5) (6)	S +	5.25%	9.98%	01/07/2027	12,637	12,455		12,488		2.42
Valcourt Holdings II, LLC	(4) (6) (12)	S +	5.25%	9.98%	01/07/2027	1,913	1,881		1,886		0.37
VRC Companies, LLC	(4) (5) (7)	S +	5.53%	10.43%	06/29/2027	23,317	23,036		22,501		4.36
VRC Companies, LLC	(4) (5) (7)	S +	5.75%	8.52%	06/29/2027	4,493	4,412		4,269		0.83
VRC Companies, LLC	(4) (7) (12)	P +	4.50%	12.25%	06/29/2027	—	(8)		(25)		—
							174,025		171,373		33.20
Construction & Engineering
KPSKY Acquisition, Inc.	(4) (5) (7)	L +	5.50%	9.89%	10/19/2028	14,662	14,409		14,000		2.71
KPSKY Acquisition, Inc.	(4) (5) (7) (12)	P +	4.50%	12.00%	10/19/2028	1,912	1,862		1,753		0.34
							16,271		15,753		3.05
Containers & Packaging
BP Purchaser, LLC	(4) (5) (7)	L +	5.50%	10.24%	12/11/2028	23,487	23,074		21,927		4.25
Fortis Solutions Group, LLC	(4) (5) (7)	L +	5.50%	9.67%	10/13/2028	8,222	8,081		7,955		1.54
Fortis Solutions Group, LLC	(4) (5) (7) (12)	L +	5.50%	9.67%	10/13/2028	3,373	3,314		3,263		0.63
Fortis Solutions Group, LLC	(4) (7) (12)	L +	5.50%	9.67%	10/15/2028	—	(7)		(33)		(0.01)
Fortis Solutions Group, LLC	(4) (7) (12)	L +	5.50%	9.67%	10/15/2027	154	135		117		0.02
							34,597		33,229		6.44
Distributors
48Forty Solutions, LLC	(4) (5) (6)	S +	5.55%	9.76%	11/30/2026	9,946	9,752		9,453		1.83
48Forty Solutions, LLC	(4) (6) (12)	S +	5.50%	9.76%	11/30/2026	—	(26)		(77)		(0.01)
Avalara, Inc.	(4) (5) (7)	S +	7.25%	11.83%	10/19/2028	2,336	2,279		2,279		0.44
Avalara, Inc.	(4) (7) (12)	S +	7.25%	11.83%	10/19/2028	—	(6)		(6)		—
PT Intermediate Holdings III, LLC	(4) (5) (7)	L +	5.50%	10.23%	11/01/2028	15,142	15,010		14,704		2.85

28

SL Investment Corp.

Consolidated Schedule of Investments

December 31, 2022

(In thousands)

Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares	Cost(3)		Fair Value		Percentage of Net Assets
PT Intermediate Holdings III, LLC	(4) (5) (7)	L +	5.50%	10.23%	11/01/2028	8,425	$	8,352	$	8,181	1.58	%
Radwell Parent, LLC	(4) (5) (7)	S +	6.75%	11.33%	04/01/2029	13,953	13,546		13,546		2.62
Radwell Parent, LLC	(4) (7) (12)	S +	6.75%	11.33%	04/01/2028	—	(30)		(30)		(0.01)
							48,877		48,050		9.31
Diversified Consumer Services
Assembly Intermediate, LLC	(4) (5) (6)	L +	6.50%	11.23%	10/19/2027	8,889	8,740		8,548		1.66
Assembly Intermediate, LLC	(4) (6) (12)	L +	6.50%	11.23%	10/19/2027	1,244	1,215		1,159		0.22
Assembly Intermediate, LLC	(4) (6) (12)	L +	6.50%	11.23%	10/19/2027	356	341		321		0.06
FPG Intermediate Holdco, LLC	(4) (6)	S +	6.50%	10.92%	03/05/2027	837	822		796		0.15
FPG Intermediate Holdco, LLC	(4) (6) (12)	S +	6.50%	10.92%	03/05/2027	—	(46)		(124)		(0.02)
Heartland Home Services	(4) (7) (12)	L +	5.75%	10.10%	12/15/2026	1,877	1,860		1,802		0.35
Lightspeed Solution, LLC	(4) (5) (7)	S +	6.50%	10.82%	03/01/2028	3,793	3,726		3,654		0.71
Lightspeed Solution, LLC	(4) (7) (12)	S +	6.50%	10.82%	03/01/2028	—	(11)		(45)		(0.01)
LUV Car Wash Group, LLC	(4) (6) (12)	L +	5.50%	9.24%	12/09/2026	372	367		359		0.07
LUV Car Wash Group, LLC	(4) (5) (6)	L +	5.50%	9.24%	12/09/2026	349	346		341		0.07
Magnolia Wash Holdings	(4) (5) (6)	S +	6.50%	10.32%	07/14/2028	1,690	1,658		1,619		0.31
Magnolia Wash Holdings	(4) (6)	S +	6.50%	10.32%	07/14/2028	317	311		303		0.06
Magnolia Wash Holdings	(4) (6) (12)	S +	6.50%	10.32%	07/14/2028	39	38		36		0.01
Mammoth Holdings, LLC	(4) (5) (6)	S +	6.00%	9.82%	10/16/2023	3,443	3,432		3,443		0.67
Mammoth Holdings, LLC	(4) (5) (6)	S +	6.00%	9.82%	10/16/2023	15,415	15,363		15,415		2.99
Mammoth Holdings, LLC	(4) (6) (12)	S +	6.00%	9.82%	10/16/2023	—	(1)		—
Spotless Brands, LLC	(4) (5) (6)	S +	6.50%	10.71%	07/25/2028	1,439	1,411		1,382		0.27
Spotless Brands, LLC	(4) (6)	S +	6.50%	10.71%	07/25/2028	272	267		261		0.05
Spotless Brands, LLC	(4) (6) (12)	S +	6.50%	10.71%	07/25/2028	—	(1)		(2)		—
							39,838		39,268		7.61
Financial Services
Applitools, Inc.	(4) (5) (7) (9)	S +	6.25%	10.57%	05/25/2029	1,477	1,450		1,451		0.28
Applitools, Inc.	(4) (7) (9) (12)	S +	6.25%	10.57%	05/25/2028	—	(4)		(3)		—
Cerity Partners, LLC	(4) (5) (7)	S +	6.75%	11.32%	12/29/2029	3,272	3,175		3,174		0.61
Cerity Partners, LLC	(4) (7) (12)	S +	6.75%	11.32%	12/29/2029	172	23		23		—
SitusAMC Holdings Corp.	(4) (5) (7)	L +	5.50%	10.23%	12/22/2027	7,146	7,085		6,835		1.32
Smarsh, Inc.	(4) (5) (7)	S +	6.50%	11.29%	02/16/2029	4,286	4,208		4,126		0.80
Smarsh, Inc.	(4) (7) (12)	S +	6.50%	11.29%	02/16/2029	536	521		496		0.10
Smarsh, Inc.	(4) (7) (12)	S +	6.50%	11.29%	02/16/2029	—	(5)		(10)		—
							16,453		16,092		3.12
Electronic Equipment, Instruments & Components
Abracon Group Holdings, LLC	(4) (5) (7)	S +	5.75%	10.48%	07/06/2028	1,751	1719		1,661		0.32

29

SL Investment Corp.

Consolidated Schedule of Investments

December 31, 2022

(In thousands)

Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares	Cost(3)		Fair Value		Percentage of Net Assets
Abracon Group Holdings, LLC	(4) (7) (12)	S +	5.75%	10.48%	07/06/2028	—	$	(3)	$	(16)	—	%
Abracon Group Holdings, LLC	(4) (7) (12)	S +	5.75%	10.48%	07/06/2028	—	(2)		(7)		—
Dwyer Instruments, Inc.	(4) (5) (7)	L +	6.00%	10.73%	07/21/2027	2,549	2,503		2,434		0.47
Dwyer Instruments, Inc.	(4) (7) (12)	L +	6.00%	10.73%	07/21/2027	—	(6)		(29)		(0.01)
Dwyer Instruments, Inc.	(4) (7) (12)	L +	6.00%	10.73%	07/21/2027	50	44		36		0.01
							4,255		4,079		0.79
Food Products
Teasdale Foods, Inc. (Teasdale Latin Foods)	(4) (5) (6)	L +	7.25% (incl. 1.00% PIK)	12.29%	12/18/2025	3,604	3,558		3,006		0.58
Health Care Equipment & Supplies
Performance Health Holdings, Inc.	(4) (5) (6)	L +	6.00%	10.73%	07/12/2027	4,028	3,963		3,838		0.74
Health Care Providers & Services
DCA Investment Holdings, LLC	(4) (5) (7)	S +	6.00%	10.39%	04/03/2028	4,737	4,681		4,666		0.90
DCA Investment Holdings, LLC	(4) (5) (7) (12)	S +	6.00%	10.39%	04/03/2028	1,129	1,111		1,111		0.22
DCA Investment Holdings, LLC	(4) (7) (12)	S +	6.00%	10.39%	04/03/2028	—	(5)		(5)		—
Gateway US Holdings, Inc.	(4) (5) (7) (9)	S +	6.50%	11.23%	09/22/2026	750	744		736		0.14
Gateway US Holdings, Inc.	(4) (7) (9) (12)	S +	6.50%	11.23%	09/22/2026	206	204		202		0.04
Gateway US Holdings, Inc.	(4) (7) (9) (12)	S +	6.50%	11.23%	09/22/2026	17	16		16		—
Heartland Veterinary Partners, LLC	(4) (5) (6)	S +	4.75%	9.56%	12/10/2026	3,875	3,844		3,763		0.73
Heartland Veterinary Partners, LLC	(4) (5) (6) (12)	S +	4.75%	9.56%	12/10/2026	6,167	6,098		5,912		1.15
Heartland Veterinary Partners, LLC	(4) (6) (12)	S +	4.75%	9.56%	12/10/2026	—	(6)		(22)		—
iCIMS, Inc.	(4) (5) (7)	S +	7.25% (incl. 3.875% PIK)	11.52%	08/18/2028	1,433	1,408		1,408		0.27
Intelerad Medical Systems Incorporated	(4) (6) (9)	S +	6.50%	11.23%	08/21/2026	938	911		917		0.18
Promptcare Infusion Buyer, Inc.	(4) (5) (6)	L +	6.00%	10.22%	09/01/2027	3,888	3,825		3,753		0.73
Promptcare Infusion Buyer, Inc.	(4) (6) (12)	L +	6.00%	10.22%	09/01/2027	378	364		329		0.06
Southern Veterinary Partners, LLC	(4) (5) (6)	S +	5.50%	9.93%	10/05/2027	285	279		270		0.05
Stepping Stones Healthcare Services, LLC	(4) (5) (7)	L +	5.75%	10.48%	01/02/2029	4,342	4,284		4,111		0.80
Stepping Stones Healthcare Services, LLC	(4) (7) (12)	L +	5.75%	10.48%	01/02/2029	511	501		444		0.09
Stepping Stones Healthcare Services, LLC	(4) (7) (12)	P +	4.75%	12.25%	12/30/2026	450	442		417		0.08
Suveto	(4) (5) (7) (12)	L +	5.00%	9.38%	09/09/2027	4,731	4,686		4,483		0.87
Suveto	(4) (7) (12)	L +	5.00%	9.38%	09/09/2027	347	340		327		0.06
Vardiman Black Holdings, LLC	(4) (5) (8)	S +	7.00%	11.22%	03/18/2027	2,274	2,255		2,151		0.42
Vardiman Black Holdings, LLC	(4) (8) (12)	S +	7.00%	11.22%	03/18/2027	2,605	2,581		2,458		0.48
Vermont Aus Pty Ltd	(4) (5) (7) (9)	S +	5.65%	10.23%	03/23/2028	496	485		466		0.09
							39,048		37,913		7.34

30

SL Investment Corp.

Consolidated Schedule of Investments

December 31, 2022

(In thousands)

Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares	Cost(3)		Fair Value		Percentage of Net Assets
Health Care Technology
Lightspeed Buyer, Inc.	(4) (5) (6)	L +	5.50%	9.98%	02/03/2026	4,223	$	4,147	$	4,099	0.79	%
Lightspeed Buyer, Inc.	(4) (5) (6)	L +	5.50%	9.98%	02/03/2026	3,078	3,018		2,989		0.58
Lightspeed Buyer, Inc.	(4) (6) (12)	L +	5.50%	9.98%	02/03/2026	—	(9)		(39)		(0.01)
							7,156		7,049		1.37
Insurance Services
Foundation Risk Partners Corp.	(4) (5) (7)	S +	6.00%	10.68%	10/29/2028	18,414	18,175		18,094		3.51
Foundation Risk Partners Corp.	(4) (5) (7)	S +	6.00%	10.68%	10/29/2028	4,005	3,955		3,935		0.76
Foundation Risk Partners Corp.	(4) (7) (12)	S +	6.00%	10.68%	10/29/2027	807	783		773		0.15
Galway Borrower, LLC	(4) (5) (7)	L +	5.25%	9.98%	09/29/2028	12,119	11,920		11,597		2.25
Galway Borrower, LLC	(4) (7) (12)	L +	5.25%	9.98%	09/29/2028	1,428	1,390		1,348		0.26
Galway Borrower, LLC	(4) (7) (12)	L +	5.25%	9.98%	09/30/2027	290	276		252		0.05
Higginbotham Insurance Agency, Inc.	(4) (5) (7)	L +	5.25%	9.63%	11/25/2026	6,161	6,096		5,996		1.16
High Street Buyer, Inc.	(4) (5) (7)	L +	6.00%	10.73%	04/14/2028	4,282	4,214		4,158		0.81
High Street Buyer, Inc.	(4) (5) (7)	L +	6.00%	10.73%	04/14/2028	17,196	16,914		16,698		3.23
High Street Buyer, Inc.	(4) (7) (12)	L +	6.00%	10.73%	04/16/2027	—	(13)		(26)		(0.01)
Integrity Marketing Acquisition, LLC	(4) (5) (7)	L +	6.05%	10.81%	08/27/2025	24,599	24,373		23,900		4.63
Integrity Marketing Acquisition, LLC	(4) (5) (7)	L +	6.05%	10.81%	08/27/2025	7,410	7,342		7,200		1.39
Keystone Agency Investors	(4) (5) (6)	S +	6.25%	10.98%	05/03/2027	2,641	2,606		2,606		0.50
Keystone Agency Investors	(4) (5) (6)	S +	6.25%	10.98%	05/03/2027	3,200	3,158		3,158		0.61
Oakbridge Insurance Agency, LLC	(4) (5) (6)	S +	5.75%	10.17%	12/31/2026	1,078	1,062		1,062		0.21
Oakbridge Insurance Agency, LLC	(4) (6) (12)	S +	5.75%	10.17%	12/31/2026	60	56		56		0.01
Oakbridge Insurance Agency, LLC	(4) (6) (12)	S +	5.75%	10.17%	12/31/2026	19	18		18		—
Patriot Growth Insurance Services, LLC	(4) (7) (12)	L +	5.75%	10.47%	10/16/2028	49	43		17		—
Peter C. Foy & Associates Insurance Services, LLC	(4) (5) (7)	L +	6.00%	11.21%	11/01/2028	7,698	7,629		7,325		1.42
Peter C. Foy & Associates Insurance Services, LLC	(4) (5) (7) (12)	L +	6.00%	11.21%	11/01/2028	2,679	2,653		2,545		0.49
Peter C. Foy & Associates Insurance Services, LLC	(4) (7) (12)	L +	6.00%	11.21%	11/01/2027	—	(3)		(17)		—
RSC Acquisition, Inc.	(4) (5) (7)	S +	5.50%	10.11%	10/30/2026	5,374	5,331		5,206		1.01
RSC Acquisition, Inc.	(4) (5) (7)	S +	5.50%	10.11%	10/30/2026	5,176	5,136		5,014		0.97
World Insurance Associates, LLC	(4) (5) (6)	S +	5.75%	10.33%	04/01/2026	14,934	14,657		14,467		2.80
World Insurance Associates, LLC	(4) (5) (6)	S +	5.75%	10.33%	04/01/2026	11,653	11,470		11,288		2.19
World Insurance Associates, LLC	(4) (6) (12)	S +	5.75%	10.33%	04/01/2026	631	618		600		0.12
							149,859		147,270		28.53
Interactive Media & Services
FMG Suite Holdings, LLC	(4) (5) (6)	S +	5.50%	9.34%	10/30/2026	9,512	9,372		9,308		1.80
FMG Suite Holdings, LLC	(4) (5) (6)	S +	5.50%	9.34%	10/30/2026	2,239	2,208		2,191		0.42
FMG Suite Holdings, LLC	(4) (5) (6) (12)	S +	5.50%	9.34%	10/30/2026	236	221		212		0.04

31

SL Investment Corp.

Consolidated Schedule of Investments

December 31, 2022

(In thousands)

Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares	Cost(3)		Fair Value		Percentage of Net Assets
MSM Acquisitions, Inc.	(4) (5) (6)	L +	6.00%	10.75%	12/09/2026	11,319	$	11,183	$	11,049	2.14	%
MSM Acquisitions, Inc.	(4) (5) (6) (12)	L +	6.00%	10.75%	12/09/2026	4,536	4,442		4,187		0.81
MSM Acquisitions, Inc.	(4) (6) (12)	L +	6.00%	10.75%	12/09/2026	612	594		580		0.11
Triple Lift, Inc.	(4) (5) (7)	S +	5.50%	10.12%	05/08/2028	11,820	11,629		11,213		2.17
Triple Lift, Inc.	(4) (7) (12)	S +	5.25%	10.12%	05/08/2028	657	631		569		0.11
							40,280		39,309		7.61
IT Services
Atlas Purchaser, Inc.	(7)	L +	5.25%	9.81%	05/08/2028	3,824	3,762		2,668		0.52
Donuts, Inc.	(4) (5) (6)	S +	6.00%	10.43%	12/29/2027	6,125	6,036		5,970		1.16
Donuts, Inc.	(4) (5) (6)	S +	6.00%	10.43%	12/29/2027	3,368	3,368		3,282		0.64
Donuts, Inc.	(4) (6) (12)	S +	6.00%	10.43%	12/29/2027	—	—		(40)		(0.01)
Govbrands Intermediate, Inc.	(4) (5) (7)	L +	5.50%	10.23%	08/04/2027	17,040	16,698		16,261		3.15
Govbrands Intermediate, Inc.	(4) (5) (7) (12)	L +	5.50%	10.23%	08/04/2027	3,844	3,750		3,586		0.69
Govbrands Intermediate, Inc.	(4) (7) (12)	L +	5.50%	10.23%	08/04/2027	1,634	1,600		1,551		0.30
Long Term Care Group, Inc.	(4) (5) (7)	L +	6.00%	10.34%	09/08/2027	1,985	1,950		1,907		0.37
Redwood Services Group, LLC	(4) (5) (7)	S +	6.00%	10.68%	06/15/2029	1,813	1,779		1,734		0.34
Redwood Services Group, LLC	(4) (7) (12)	S +	6.00%	10.68%	06/15/2029	312	306		293		0.06
Syntax Systems Ltd	(4) (5) (7) (9)	L +	5.50%	10.13%	10/29/2028	15,194	15,062		14,366		2.78
Syntax Systems Ltd	(4) (7) (9) (12)	L +	5.50%	10.13%	10/29/2028	—	(33)		(219)		(0.04)
Syntax Systems Ltd	(4) (7) (9) (12)	L +	5.75%	10.13%	10/29/2026	1,069	1,057		982		0.19
Thrive Buyer, Inc. (Thrive Networks)	(4) (5) (6)	L +	6.00%	10.73%	01/22/2027	7,244	7,137		7,067		1.37
Thrive Buyer, Inc. (Thrive Networks)	(4) (5) (6)	L +	6.00%	10.73%	01/22/2027	6,447	6,347		6,290		1.22
Thrive Buyer, Inc. (Thrive Networks)	(4) (6) (12)	P +	5.00%	12.50%	01/22/2027	91	81		74		0.01
UpStack, Inc.	(4) (5) (6)	L +	5.75%	10.32%	08/20/2027	4,173	4,088		4,048		0.78
UpStack, Inc.	(4) (5) (6) (12)	L +	5.75%	10.32%	08/20/2027	1,411	1,374		1,355		0.26
UpStack, Inc.	(4) (6) (12)	L +	5.75%	10.32%	08/20/2027	—	(8)		(11)		—
							74,354		71,164		13.79
Leisure Products
GSM Acquisition Corp. (GSM Outdoors)	(4) (5) (6)	S +	5.00%	9.84%	11/16/2026	19,683	19,518		19,398		3.76
GSM Acquisition Corp. (GSM Outdoors)	(4) (5) (6)	S +	5.00%	9.84%	11/16/2026	1,680	1,664		1,656		0.32
GSM Acquisition Corp. (GSM Outdoors)	(4) (6) (12)	S +	5.00%	9.84%	11/16/2026	—	(14)		(24)		—
							21,168		21,030		4.07
Machinery
Answer Acquisition, LLC	(4) (5) (6)	L +	5.50%	10.23%	12/30/2026	12,870	12,657		12,326		2.39
Answer Acquisition, LLC	(4) (6) (12)	L +	5.50%	10.23%	12/30/2026	—	(16)		(42)		(0.01)
MHE Intermediate Holdings, LLC	(4) (5) (6)	S +	6.00%	9.74%	07/21/2027	12,307	12,110		11,943		2.31
MHE Intermediate Holdings, LLC	(4) (6)	S +	6.00%	9.74%	12/09/2025	1,678	1,644		1,644		0.32

32

SL Investment Corp.

Consolidated Schedule of Investments

December 31, 2022

(In thousands)

Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares	Cost(3)		Fair Value		Percentage of Net Assets
MHE Intermediate Holdings, LLC	(4) (5) (6)	S +	6.00%	9.74%	07/21/2027	1,590	$	1,564	$	1,544	0.30	%
MHE Intermediate Holdings, LLC	(4) (6) (12)	S +	6.00%	9.74%	07/21/2027	150	134		118		0.02
							28,093		27,533		5.33
Multi-Utilities
AWP Group Holdings, Inc.	(4) (5) (6)	L +	4.75%	9.38%	12/22/2027	12,254	12,111		11,893		2.30
AWP Group Holdings, Inc.	(4) (5) (6)	L +	4.50%	9.38%	12/22/2027	1,575	1,555		1,529		0.30
AWP Group Holdings, Inc.	(4) (6) (12)	L +	4.75%	9.38%	12/22/2026	647	629		592		0.11
Ground Penetrating Radar Systems, LLC	(4) (5) (6)	S +	4.75%	9.39%	06/26/2026	4,417	4,357		4,305		0.83
Ground Penetrating Radar Systems, LLC	(4) (6) (12)	S +	4.75%	9.39%	06/26/2025	197	189		179		0.03
Vessco Midco Holdings, LLC	(4) (5) (6)	L +	4.50%	8.88%	11/02/2026	5,429	5,393		5,358		1.04
Vessco Midco Holdings, LLC	(4) (5) (6)	L +	4.50%	8.88%	11/02/2026	3,537	3,514		3,491		0.68
Vessco Midco Holdings, LLC	(4) (6) (12)	P +	3.50%	11.00%	10/18/2026	358	352		346		0.07
							28,100		27,693		5.36
Oil, Gas & Consumable Fuels
Energy Labs Holdings Corp.	(4) (5) (6)	S +	5.25%	9.57%	04/07/2028	388	382		376		0.07
Energy Labs Holdings Corp.	(4) (6) (12)	S +	5.25%	9.57%	04/07/2028	—	—		(2)		—
Energy Labs Holdings Corp.	(4) (6) (12)	S +	5.25%	9.57%	04/07/2028	18	17		16		—
							399		390		0.08
Pharmaceuticals
Caerus US 1, Inc.	(4) (7) (9)	S +	5.75%	9.83%	05/25/2029	1,841	1,805		1,805		0.35
Caerus US 1, Inc.	(4) (7) (9) (12)	S +	5.75%	9.83%	05/25/2029	—	(3)		(3)		—
Caerus US 1, Inc.	(4) (7) (9) (12)	S +	5.75%	9.83%	05/25/2029	48	45		45		0.01
							1,847		1,847		0.36
Professional Services
Abacus Data Holdings, Inc. (AbacusNext)	(4) (5) (6)	L +	6.25%	9.99%	03/10/2027	7,979	7,844		7,920		1.53
Abacus Data Holdings, Inc. (AbacusNext)	(4) (6)	L +	6.25%	9.99%	03/10/2027	836	829		830		0.16
Abacus Data Holdings, Inc. (AbacusNext)	(4) (6) (12)	L +	6.25%	9.99%	03/10/2027	300	290		296		0.06
Bridgepointe Technologies, LLC	(4) (6)	S +	6.50%	11.23%	12/31/2027	5,760	5,531		5,531		1.07
Bridgepointe Technologies, LLC	(4) (6) (12)	S +	6.50%	11.23%	12/31/2027	—	(153)		(153)		(0.03)
Bullhorn, Inc.	(4) (5) (6)	L +	5.75%	10.48%	09/30/2026	171	170		166		0.03
Bullhorn, Inc.	(4) (6)	L +	5.75%	10.48%	09/30/2026	19	19		19		—
Bullhorn, Inc.	(4) (6) (12)	L +	5.75%	10.48%	09/30/2026	4	4		3		—
Citrin Cooperman Advisors, LLC	(4) (5) (7)	L +	5.00%	9.21%	10/01/2027	8,582	8,441		8,326		1.61
Citrin Cooperman Advisors, LLC	(4) (5) (7)	L +	5.00%	9.21%	10/01/2027	9,444	9,247		9,037		1.75
KWOR Acquisition, Inc.	(4) (5) (7)	L +	5.25%	9.63%	12/22/2028	876	864		830		0.16
KWOR Acquisition, Inc.	(4) (7) (12)	P +	4.25%	11.75%	12/22/2027	—	(1)		(6)		—
							33,085		32,799		6.35

33

SL Investment Corp.

Consolidated Schedule of Investments

December 31, 2022

(In thousands)

Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares	Cost(3)		Fair Value		Percentage of Net Assets
Real Estate Management & Development
Associations, Inc.	(4) (5) (6)	S +	6.50% (incl. 2.50% PIK)	10.36%	07/02/2027	6,968	$	6,915	$	6,652	1.29	%
Associations, Inc.	(4) (5) (6) (12)	S +	6.50% (incl. 2.50% PIK)	10.36%	07/02/2027	6,190	6,135		5,859		1.13
Associations, Inc.	(4) (6) (12)	S +	6.50% (incl. 2.50% PIK)	10.36%	07/02/2027	—	(6)		(36)		(0.01)
MRI Software, LLC	(4) (6)	L +	5.50%	10.23%	02/10/2026	957	952		937		0.18
MRI Software, LLC	(4) (6) (12)	L +	5.50%	10.23%	02/10/2026	461	457		420		0.08
Pritchard Industries, LLC	(4) (5) (7)	L +	5.50%	10.54%	10/13/2027	10,942	10,760		10,334		2.00
Pritchard Industries, LLC	(4) (7) (12)	L +	5.50%	10.54%	10/13/2027	2,320	2,278		2,174		0.42
Zarya Intermediate, LLC	(4) (5) (6) (9)	S +	6.50%	10.90%	07/01/2027	9,533	9,533		9,516		1.84
Zarya Intermediate, LLC	(4) (6) (9) (12)	S +	6.50%	10.90%	07/01/2027	—	—		(2)		—
							37,024		35,854		6.95
Software
Alert Media, Inc.	(4) (5) (6)	S +	5.00%	9.26%	04/12/2027	16,000	15,797		15,467		3.00
Alert Media, Inc.	(4) (6)	S +	5.00%	9.26%	04/12/2027	10,000	9,859		9,667		1.87
Alert Media, Inc.	(4) (6) (12)	S +	5.00%	9.26%	04/10/2026	—	(7)		(25)		—
Anaplan, Inc.	(4) (5) (7)	S +	6.50%	10.82%	06/21/2029	3,900	3,826		3,831		0.74
Appfire Technologies, LLC	(4) (5) (6)	S +	5.50%	9.92%	03/09/2027	6,255	6,225		6,018		1.17
Appfire Technologies, LLC	(4) (6) (12)	S +	5.50%	9.92%	03/09/2027	1,530	1,513		1,461		0.28
Appfire Technologies, LLC	(4) (6) (12)	S +	5.50%	9.92%	03/09/2027	2	1		1		—
CLEO Communications Holding, LLC	(4) (5) (6)	L +	6.50%	10.74%	06/09/2027	17,142	17,008		16,532		3.20
CLEO Communications Holding, LLC	(4) (6) (12)	L +	6.50%	10.74%	06/09/2027	—	(40)		(191)		(0.04)
GS AcquisitionCo, Inc.	(4) (5) (6)	L +	5.75%	9.92%	05/22/2026	28,301	28,125		27,628		5.35
GS AcquisitionCo, Inc.	(4) (6)	L +	5.75%	9.92%	05/22/2026	337	335		329		0.06
GS AcquisitionCo, Inc.	(4) (6) (12)	L +	5.75%	9.92%	05/22/2026	—	(7)		(21)		—
Gurobi Optimization, LLC	(4) (5) (6)	L +	5.00%	9.38%	12/19/2023	4,364	4,349		4,364		0.85
Gurobi Optimization, LLC	(4) (6) (12)	L +	5.00%	9.38%	12/19/2023	—	(2)		—
LegitScript	(4) (5) (7)	S +	5.25%	9.57%	06/24/2029	4,392	4,309		4,309		0.83
LegitScript	(4) (7) (12)	S +	5.25%	9.57%	06/24/2029	—	(11)		(11)		—
LegitScript	(4) (7) (12)	S +	5.25%	9.57%	06/24/2028	39	27		27		0.01
Montana Buyer, Inc.	(4) (5) (7)	S +	5.75%	8.70%	07/22/2029	1,306	1,281		1,262		0.24
Montana Buyer, Inc.	(4) (7) (12)	S +	5.75%	8.70%	07/22/2028	—	(3)		(5)		—
Netwrix Corporation And Concept Searching, Inc.	(4) (5) (7)	S +	5.00%	9.70%	06/11/2029	614	608		581		0.11
Netwrix Corporation And Concept Searching, Inc.	(4) (7) (12)	S +	5.00%	9.70%	06/11/2029	108	107		91		0.02
Netwrix Corporation And Concept Searching, Inc.	(4) (7) (12)	S +	5.00%	9.70%	06/11/2029	—	(1)		(3)		—
Oak Purchaser, Inc.	(4) (5) (7)	S +	5.50%	9.48%	04/28/2028	931	922		917		0.18

34

SL Investment Corp.

Consolidated Schedule of Investments

December 31, 2022

(In thousands)

Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares	Cost(3)		Fair Value		Percentage of Net Assets
Oak Purchaser, Inc.	(4) (7) (12)	S +	5.50%	9.48%	04/28/2028	208	$	203	$	200	0.04	%
Oak Purchaser, Inc.	(4) (7) (12)	S +	5.50%	9.48%	04/28/2028	—	(1)		(2)		—
Pound Bidco, Inc.	(4) (5) (6) (9)	L +	6.50%	10.67%	01/30/2026	3,004	2,963		2,990		0.58
Pound Bidco, Inc.	(4) (5) (6) (9) (12)	L +	6.50%	10.67%	01/30/2026	—	(5)		(2)		—
Project Leopard Holdings, Inc.	(5)(8)(9)	S +	5.25%	9.80%	07/20/2029	1,040	971		943		0.18
Revalize, Inc.	(4) (5) (6)	S +	5.75%	10.48%	04/15/2027	8,638	8,590		8,235		1.60
Revalize, Inc.	(4) (6)	S +	5.75%	10.48%	04/15/2027	121	121		116		0.02
Revalize, Inc.	(4) (6) (12)	S +	5.75%	10.48%	04/15/2027	—	(1)		(3)		—
Riskonnect Parent, LLC	(4) (5) (7)	S +	5.50%	10.08%	12/07/2028	141	138		135		0.03
Riskonnect Parent, LLC	(4) (7) (12)	S +	5.50%	10.08%	12/07/2028	25	23		17		—
Securonix, Inc.	(4) (5) (7)	S +	6.50%	10.10%	04/05/2028	9,004	8,862		8,678		1.68
Securonix, Inc.	(4) (7) (12)	S +	6.50%	10.10%	04/05/2028	—	(25)		(59)		(0.01)
Skykick, Inc.	(4) (5) (6)	L +	7.25%	11.00%	09/01/2027	2,700	2,645		2,633		0.51
Skykick, Inc.	(4) (6) (12)	L +	7.25%	11.00%	09/01/2027	630	612		602		0.12
Trunk Acquisition, Inc.	(4) (5) (6)	L +	5.50%	10.23%	02/19/2027	4,526	4,488		4,319		0.84
Trunk Acquisition, Inc.	(4) (6) (12)	L +	5.50%	10.23%	02/19/2026	—	(3)		(20)		—
							$	123,802	$	121,011	23.44	%
Total First Lien Debt							$	1,085,829	$	1,061,160	205.45	%
Second Lien Debt
Air Freight & Logistics
Omni Intermediate Holdings, LLC	(4) (5)(6)	S +	9.00%	13.69%	12/30/2027	900	$	875	$	864	0.17	%
Electronic Equipment, Instruments & Components
Infinite Bidco, LLC	(4) (5) (8)	L +	7.00%	11.73%	03/02/2029	3,000	2,989		2,905		0.56
Infinite Bidco, LLC	(4) (8) (12)	L +	7.00%	11.73%	03/02/2029	—	—		(47)		(0.01)
							2,989		2,858		0.55
Health Care Providers & Services
Heartland Veterinary Partners, LLC	(4) (5) (6)	S +	8.00%	12.81%	12/10/2027	360	354		330		0.06
Heartland Veterinary Partners, LLC	(4) (6) (12)	S +	8.00%	12.81%	12/10/2027	132	129		120		0.02
							483		450		0.09
Industrial Conglomerates
Aptean, Inc.		L +	7.00%	11.74%	04/23/2027	1,050	1,050		963		0.19
IT Services
Idera, Inc.	(4) (5) (7)	L +	6.75%	10.50%	03/02/2029	530	527		497		0.10

35

SL Investment Corp.

Consolidated Schedule of Investments

December 31, 2022

(In thousands)

Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares	Cost(3)		Fair Value		Percentage of Net Assets
Red Dawn SEI Buyer, Inc.	(4) (5) (6)	L +	8.50%	12.67%	11/20/2026	1,000	$	982	$	942	0.18	%
							1,509		1,439		0.28
Software
Flexera Software, LLC	(4) (5) (6)	L +	7.00%	11.39%	03/03/2029	1,500	1,475		1,398		0.27
Total Second Lien Debt							$	8,381	$	7,972	1.54	%
Other Securities
Familia Intermediate Holdings I Corp. (Teasdale Latin Foods)	(4) (10)			16.25% PIK	06/18/2026	500	$	500	$	124	0.02	%
Fetch Insurance Services, LLC	(4)			12.75% (incl. 3.75% PIK)	10/31/2027	411	398		398		0.08
Total Other Debt							$	898	$	522	0.10	%

36

SL Investment Corp.

Consolidated Schedule of Investments

December 31, 2022

(In thousands)

Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Acquisition Date	Par Amount/ Shares	Cost(3)		Fair Value		Percentage of Net Assets
Preferred Equity
FORTIS Solutions Group, LLC	(4) (11)		12.25%	06/24/2022	1,000,000	$	1,041	$	1,024	0.20	%
Integrity Marketing Acquisition, LLC	(4) (11)		10.50%	12/21/2021	750,000	820		730		0.14
Revalize, Inc.	(4) (6) (11)	S +	10.00%	12/14/2021	1,787	1,937		1,807		0.35
Riskonnect Parent, LLC	(4) (11)	S +	10.50%	07/07/2022	320,600	323		333		0.06
Skykick, Inc.	(4) (11)			08/31/2021	23,665	225		170		0.03
Total Preferred Equity						$	4,346	$	4,064	0.79	%
Common Equity
Abacus Data Holdings, Inc. (AbacusNext)	(4) (11)			7/12/2021	5,196	$	520	$	387	0.07	%
BP Purchaser, LLC	(4) (11)			12/10/2021	1,233,333	1,233		1,468		0.28
CSC Thrive Holdings, LP (Thrive Networks)	(4) (11)			3/1/2021	53,339	137		213		0.04
Encore Holdings, LLC	(4) (11)			11/23/2021	478	55		90		0.02
Frisbee Holdings, LP (Fetch)	(4) (11)			10/31/2022	4,745	60		60		0.01
GSM Equity Investors, LP (GSM Outdoors)	(4) (11)			11/16/2020	500	50		102		0.02
LUV Car Wash	(4) (11)			4/6/2022	116	116		116		0.02
PCX Holding Corp.	(4) (11)			4/22/2021	1,154	115		132		0.03
Pritchard Industries, Inc.	(4) (11)			10/13/2021	300,000	300		390		0.08
Procure Acquiom Financial, LLC (Procure Analytics)	(4) (11)			12/20/2021	500,000	500		690		0.13
Shelby Co-invest, LP. (Spectrum Automotive)	(4) (11)			6/29/2021	1,500	150		211		0.04
Surewerx Topco, LP	(4) (9) (11)			12/28/2022	195	195		194		0.04
Suveto Buyer, LLC	(4) (9) (11)			11/19/2021	3,000	300		346		0.07
Total Common Equity						$	3,731	$	4,399	0.85	%
Total Other Securities						$	8,975	$	8,985	1.74	%
Total Portfolio Investments						$	1,103,185	$	1,078,117	208.73	%

37

SL Investment Corp.

Consolidated Schedule of Investments

December 31, 2022

(In thousands)

(1)	Unless otherwise indicated, issuers of debt and equity investments held by the Company are denominated in dollars. All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. Under the 1940 Act, the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of December 31, 2022, the Company does not “control” any of these portfolio companies. Under the 1940 Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of December 31, 2022, the Company is not an “affiliated person” of any of its portfolio companies.
(2)	Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to London Interbank Offered Rate (“LIBOR” or “L”), Secured Overnight Financing Rate (“SOFR” or “S”) or an alternate base rate (commonly based on the Federal Funds Rate (“F”) or the U.S. Prime Rate (“P”)), each of which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2022. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at December 31, 2022. As of December 31, 2022, the reference rates for our LIBOR-based loans were the 3-month E at 2.13%, 1-month L at 4.39%, 3- month L at 4.77%, the 6-month L at 5.14%; the reference rates for our SOFR-based loans were the 1-month S at 4.36% , 3-month S at 4.59%, 6-month S at 4.78% and the P at 7.50%.
(3)	The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.
(4)	These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by or under the direction of the Company’s Valuation Designee, under the supervision of the Board of Directors (see Note 2 and Note 5), pursuant to the Company’s valuation policy.
(5)	Assets or a portion thereof are pledged as collateral for the JPM Funding Facility (as defined in Note 6). See Note 6 “Debt”.
(6)	Loan includes interest rate floor of 1.00%.
(7)	Loan includes interest rate floor of 0.75%.
(8)	Loan includes interest rate floor of 0.50%.
(9)	The investment is not a qualifying asset under Section 55(a) of the 1940 Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of December 31, 2022 non-qualifying assets represented 7.0% of total assets as calculated in accordance with regulatory requirements.
(10)	Investment was on non-accrual status as of December 31, 2022.
(11)	Securities exempt from registration under the Securities Act of 1933 as amended, and may be deemed to be “restricted securities”. As of December 31, 2022, the aggregate fair value of these securities is $8,463 or 1.6% of the Company’s net assets. The initial acquisition dates have been included for such securities.

(12) Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may earn unused commitment fees. Negative cost and fair value, if any, results from unamortized fees, which are capitalized to the cost of the investment. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. See below for more information on the Company’s unfunded commitments as of December 31, 2023:

Investments-non-controlled/non-affiliated	Unused Fee Rate	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
First Lien Debt
365 Retail Markets, LLC	0.50%	Revolver	12/23/2026	$	514	$	(12)
48Forty Solutions, LLC	0.50%	Revolver	11/30/2026	1,508		(77)
ARI Network Services, Inc.	0.50%	Revolver	02/28/2025	909		(26)
AWP Group Holdings, Inc.	0.50%	Revolver	12/22/2026	1,247		(37)
Abacus Data Holdings, Inc. (AbacusNext)	0.50%	Revolver	03/10/2027	300		(2)
Abracon Group Holdings, LLC	1.00%	Delayed Draw Term Loan	07/06/2024	317		(16)
Abracon Group Holdings, LLC	0.50%	Revolver	07/06/2028	127		(7)
Alert Media, Inc.	0.50%	Revolver	04/10/2026	750		(25)
Answer Acquisition, LLC	0.50%	Revolver	12/30/2026	1,000		(42)
Appfire Technologies, LLC	0.50%	Delayed Draw Term Loan	06/13/2024	277		(11)
Appfire Technologies, LLC	0.50%	Revolver	03/09/2027	26		(1)
Applitools, Inc.	0.50%	Revolver	05/25/2028	200		(3)
Assembly Intermediate, LLC	1.00%	Delayed Draw Term Loan	10/19/2023	978		(38)
Assembly Intermediate, LLC	0.50%	Revolver	10/19/2027	533		(20)

38

SL Investment Corp.

Consolidated Schedule of Investments

December 31, 2022

(In thousands)

Investments-non-controlled/non-affiliated	Unused Fee Rate	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
Associations, Inc.	1.00%	Delayed Draw Term Loan	06/10/2024	$	1,109	$	(50)
Associations, Inc.	0.50%	Revolver	07/02/2027	797		(36)
Atlas Us Finco, Inc.	0.50%	Revolver	12/09/2028	78		(2)
Avalara, Inc.	0.50%	Revolver	10/19/2028	234		(6)
Bridgepointe Technologies, LLC	0.50%	Delayed Draw Term Loan	09/23/2024	3,840		(153)
Bullhorn, Inc.	0.50%	Revolver	09/30/2026	4		—
CLEO Communications Holding, LLC	0.50%	Revolver	06/09/2027	5,358		(191)
Caerus US 1, Inc.	—%	Delayed Draw Term Loan	10/31/2024	266		(3)
Caerus US 1, Inc.	0.50%	Revolver	05/25/2029	145		(3)
Cerity Partners, LLC	1.00%	Delayed Draw Term Loan	12/30/2023	4,823		(145)
Citrin Cooperman Advisors, LLC	1.00%	Delayed Draw Term Loan	05/13/2024	4,206		(125)
DCA Investment Holdings, LLC	1.00%	Delayed Draw Term Loan	03/02/2023	389		(6)
Donuts, Inc.	0.25%	Delayed Draw Term Loan	08/14/2023	1,583		(40)
Dwyer Instruments, Inc.	1.00%	Delayed Draw Term Loan	07/01/2024	641		(29)
Dwyer Instruments, Inc.	0.50%	Revolver	07/21/2027	271		(12)
Encore Holdings, LLC	0.75%	Delayed Draw Term Loan	11/23/2024	7,347		(173)
Encore Holdings, LLC	0.50%	Revolver	11/23/2027	2,695		(63)
Energy Labs Holdings Corp.	1.00%	Delayed Draw Term Loan	04/13/2023	47		(1)
Energy Labs Holdings Corp.	0.50%	Revolver	04/07/2028	45		(1)
FLS Holding, Inc.	0.50%	Revolver	12/17/2027	1,442		(24)
FMG Suite Holdings, LLC	0.50%	Revolver	10/30/2026	889		(19)
FPG Intermediate Holdco, LLC	0.50%	Delayed Draw Term Loan	08/05/2024	2,500		(125)
Fortis Solutions Group, LLC	0.50%	Delayed Draw Term Loan	06/24/2024	1,000		(33)
Fortis Solutions Group, LLC	0.50%	Revolver	10/15/2027	1,002		(33)
Foundation Risk Partners Corp.	0.38%	Revolver	10/29/2027	1,152		(20)
GS AcquisitionCo, Inc.	0.50%	Revolver	05/22/2026	907		(22)
GSM Acquisition Corp. (GSM Outdoors)	0.50%	Revolver	11/16/2026	1,633		(24)
Galway Borrower, LLC	1.00%	Delayed Draw Term Loan	09/30/2023	418		(18)
Galway Borrower, LLC	0.50%	Revolver	09/30/2027	589		(25)
Gateway US Holdings, Inc.	1.00%	Delayed Draw Term Loan	04/15/2024	6		—
Gateway US Holdings, Inc.	0.50%	Revolver	09/22/2024	14		—
Govbrands Intermediate, Inc.	1.00%	Delayed Draw Term Loan	08/04/2023	1,794		(82)
Govbrands Intermediate, Inc.	0.50%	Revolver	08/04/2027	182		(8)
GraphPad Software, LLC	0.50%	Revolver	04/27/2027	750		(25)
Ground Penetrating Radar Systems, LLC	0.50%	Revolver	06/26/2025	506		(13)
Gurobi Optimization, LLC	0.50%	Revolver	12/19/2023	536		—
Heartland Home Services	0.75%	Delayed Draw Term Loan	08/10/2023	612		(18)

39

SL Investment Corp.

Consolidated Schedule of Investments

December 31, 2022

(In thousands)

Investments-non-controlled/non-affiliated	Unused Fee Rate	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
Heartland Veterinary Partners, LLC	1.00%	Delayed Draw Term Loan	11/17/2023	$	2,606	$	(76)
Heartland Veterinary Partners, LLC	0.50%	Revolver	12/10/2026	779		(23)
High Street Buyer, Inc.	0.50%	Revolver	04/16/2027	915		(27)
Jonathan Acquisition Company	0.50%	Revolver	12/22/2025	618		(16)
KPSKY Acquisition, Inc.	1.00%	Delayed Draw Term Loan	06/17/2024	1,575		(71)
KWOR Acquisition, Inc.	0.50%	Revolver	12/22/2027	122		(6)
LUV Car Wash Group, LLC	1.00%	Delayed Draw Term Loan	03/14/2024	257		(5)
LegitScript	1.00%	Delayed Draw Term Loan	06/24/2024	1,196		(11)
LegitScript	0.50%	Revolver	06/24/2028	612		(11)
Lightspeed Buyer, Inc.	1.00%	Delayed Draw Term Loan	02/28/2023	1,350		(39)
Lightspeed Solution, LLC	0.50%	Delayed Draw Term Loan	03/01/2024	1,220		(45)
MHE Intermediate Holdings, LLC	0.50%	Revolver	07/21/2027	921		(27)
MRI Software, LLC	0.50%	Delayed Draw Term Loan	08/16/2023	1,576		(32)
Magnolia Wash Holdings	0.50%	Revolver	07/14/2028	32		(1)
Mammoth Holdings, LLC	0.50%	Revolver	10/16/2023	408		—
Mantech International CP	0.50%	Delayed Draw Term Loan	09/14/2024	2,600		(67)
Mantech International CP	0.50%	Revolver	09/14/2028	1,600		(41)
Montana Buyer, Inc.	0.50%	Revolver	07/22/2028	147		(5)
Netwrix Corporation And Concept Searching, Inc.	0.50%	Delayed Draw Term Loan	06/09/2024	220		(12)
Netwrix Corporation And Concept Searching, Inc.	0.50%	Revolver	06/11/2029	57		(3)
Oak Purchaser, Inc.	0.50%	Delayed Draw Term Loan	04/28/2024	412		(6)
Oak Purchaser, Inc.	0.50%	Revolver	04/28/2028	124		(2)
Oakbridge Insurance Agency, LLC	1.00%	Delayed Draw Term Loan	03/31/2024	399		(4)
Oakbridge Insurance Agency, LLC	0.50%	Revolver	12/31/2026	36		—
Omni Intermediate Holdings, LLC	1.00%	Delayed Draw Term Loan	06/24/2024	941		(39)
Omni Intermediate Holdings, LLC	0.50%	Revolver	12/30/2025	1,318		(56)
PCX Holding Corp.	0.50%	Revolver	04/22/2027	555		(18)
PDFTron Systems, Inc.	0.50%	Revolver	07/15/2026	1,650		(55)
Patriot Growth Insurance Services, LLC	0.75%	Delayed Draw Term Loan	07/08/2024	632		(29)
Peter C. Foy & Associates Insurance Services, LLC	1.00%	Delayed Draw Term Loan	12/14/2023	91		(4)
Peter C. Foy & Associates Insurance Services, LLC	0.50%	Revolver	11/01/2027	347		(17)
Pound Bidco, Inc.	0.50%	Revolver	01/30/2026	388		(2)
Pritchard Industries, LLC	1.00%	Delayed Draw Term Loan	10/13/2023	296		(16)
Procure Acquireco, Inc. (Procure Analytics)	1.00%	Delayed Draw Term Loan	02/20/2023	3,175		(140)
Procure Acquireco, Inc. (Procure Analytics)	0.50%	Revolver	12/01/2026	952		(42)
Promptcare Infusion Buyer, Inc.	1.00%	Delayed Draw Term Loan	09/01/2023	1,042		(36)
QW Holding Corporation	1.00%	Delayed Draw Term Loan	08/31/2026	146		(5)

40

SL Investment Corp.

Consolidated Schedule of Investments

December 31, 2022

(In thousands)

Investments-non-controlled/non-affiliated	Unused Fee Rate	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
QW Holding Corporation	0.50%	Revolver	08/31/2026	$	833	$	(31)
Randy's Holdings, Inc.	1.00%	Delayed Draw Term Loan	11/01/2024	836		(12)
Randy's Holdings, Inc.	0.50%	Revolver	10/31/2027	282		(8)
Radwell Parent, LLC	0.38%	Revolver	04/01/2028	1,047		(30)
Redwood Services Group, LLC	1.00%	Delayed Draw Term Loan	12/22/2023	121		(5)
Revalize, Inc.	0.50%	Revolver	04/15/2027	71		(3)
Riskonnect Parent, LLC	0.50%	Delayed Draw Term Loan	07/07/2024	177		(7)
RoadOne IntermodaLogistics	1.00%	Delayed Draw Term Loan	06/30/2024	162		(2)
RoadOne IntermodaLogistics	0.50%	Revolver	12/30/2028	97		(3)
Securonix, Inc.	0.50%	Revolver	04/05/2028	1,621		(59)
Sherlock Buyer Corp.	1.00%	Delayed Draw Term Loan	02/08/2023	5,392		(119)
Sherlock Buyer Corp.	0.50%	Revolver	12/08/2027	2,157		(48)
Skykick, Inc.	1.00%	Delayed Draw Term Loan	03/01/2023	495		(12)
Smarsh, Inc.	1.00%	Delayed Draw Term Loan	02/18/2024	536		(20)
Smarsh, Inc.	0.50%	Revolver	02/16/2029	268		(10)
Spectrio, LLC	1.00%	Delayed Draw Term Loan	01/30/2023	10,045		(240)
Spectrio, LLC	0.50%	Revolver	12/09/2026	704		(17)
Spectrum Automotive Holdings Corp.	1.00%	Delayed Draw Term Loan	06/29/2023	821		(48)
Spectrum Automotive Holdings Corp.	0.50%	Revolver	06/29/2027	378		(22)
Spotless Brands, LLC	0.50%	Revolver	07/25/2028	46		(2)
Stepping Stones Healthcare Services, LLC	1.00%	Delayed Draw Term Loan	01/14/2024	738		(39)
Stepping Stones Healthcare Services, LLC	0.50%	Revolver	12/30/2026	175		(9)
Summit Buyer, LLC	1.00%	Delayed Draw Term Loan	06/23/2023	1,416		(63)
Summit Buyer, LLC	0.50%	Revolver	01/14/2026	1,037		(46)
Surewerx Purchaser III, Inc.	1.00%	Delayed Draw Term Loan	06/27/2024	1,368		(27)
Surewerx Purchaser III, Inc.	0.50%	Revolver	12/28/2028	638		(19)
Suveto	1.00%	Delayed Draw Term Loan	09/09/2023	2,178		(78)
Suveto	0.50%	Revolver	09/09/2027	208		(8)
Sweep Purchaser, LLC	1.00%	Delayed Draw Term Loan	05/05/2024	91		(5)
Sweep Purchaser, LLC	0.50%	Revolver	11/30/2026	384		(21)
Syntax Systems Ltd	1.00%	Delayed Draw Term Loan	10/29/2023	4,010		(219)
Syntax Systems Ltd	0.50%	Revolver	10/29/2026	535		(29)
Tamarack Intermediate, LLC	0.50%	Revolver	03/13/2028	809		(36)
Thrive Buyer, Inc. (Thrive Networks)	0.50%	Revolver	01/22/2027	589		(14)
Triple Lift, Inc.	0.25%	Revolver	05/08/2028	1,057		(54)
Trunk Acquisition, Inc.	0.50%	Revolver	02/19/2026	429		(20)
Two Six Labs, LLC	0.50%	Delayed Draw Term Loan	08/20/2023	915		(22)

41

SL Investment Corp.

Consolidated Schedule of Investments

December 31, 2022

(In thousands)

Investments-non-controlled/non-affiliated	Unused Fee Rate	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
Two Six Labs, LLC	1.00%	Revolver	08/20/2027	$	915	$	(22)
UpStack, Inc.	1.00%	Delayed Draw Term Loan	08/26/2023	450		(14)
UpStack, Inc.	0.50%	Revolver	08/20/2027	375		(11)
V Global Holdings, LLC	0.50%	Revolver	12/22/2025	210		(10)
VRC Companies, LLC	0.75%	Delayed Draw Term Loan	01/06/2024	1,917		(67)
VRC Companies, LLC	0.50%	Revolver	06/29/2027	708		(25)
Valcourt Holdings II, LLC	1.00%	Delayed Draw Term Loan	01/07/2023	374		(4)
Vardiman Black Holdings, LLC	1.25%	Delayed Draw Term Loan	03/18/2024	95		(5)
Vessco Midco Holdings, LLC	0.50%	Revolver	10/18/2026	537		(7)
World Insurance Associates, LLC	0.50%	Revolver	04/01/2026	340		(11)
Zarya Intermediate, LLC	0.50%	Revolver	07/01/2027	983		(2)
Total First Lien Debt Unfunded Commitments				$	139,381	$	(4,419)
Second Lien Debt
Heartland Veterinary Partners, LLC	0.50%	Delayed Draw Term Loan	11/17/2023	$	8	$	(1)
Infinite Bidco, LLC	1.00%	Delayed Draw Term Loan	03/14/2023	1,500		(47)
Total Second Lien Debt Unfunded Commitments				$	1,508	$	(48)
Total Unfunded Commitments				$	140,889	$	(4,467)

The accompanying notes are an integral part of these unaudited consolidated financial statements

42

SL Investment Corp.

Notes to Consolidated Financial Statements

June 30, 2023

(In thousands, except shares and per share amounts)

(1)     Organization

SL Investment Corp. (the “Company”) is a non-diversified externally managed specialty finance company focused on lending to middle-market companies. The Company has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, for U.S. federal income tax purposes, the Company has elected to be treated, and intends to comply with the requirements to qualify annually, as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The Company is not a subsidiary of or consolidated with Morgan Stanley.

The Company was formed as a Delaware corporation on August 24, 2020 and commenced investment operations in October 2020. The Company has delegated the right to manage the assets of the Company to MS Capital Partners Adviser Inc., as the investment adviser to the Company (the “Adviser” or “Investment Adviser”). The Investment Adviser is an indirect, wholly owned subsidiary of Morgan Stanley.

The Company’s investment objective is to achieve attractive risk-adjusted returns via current income and, to a lesser extent, capital appreciation by investing primarily in directly originated senior secured term loans issued by U.S. middle-market companies backed by private equity sponsors.

On September 24, 2020, the Company filed an amended and restated certificate of incorporation in the State of Delaware to, among other things, authorize additional shares of its common stock, par value $0.001 per share (the “Common Stock”), and to authorize shares of preferred stock having a par value of $0.001 per share (the “Series A Preferred Stock”) such that the Company has authorized stock consisting of 100,000,000 shares of Common Stock and 1,000,000 shares of Series A Preferred Stock.

On October 19, 2020, the Company sold 521 shares of its Series A Preferred Stock for $1,000 per share to a select group of individual investors who are “accredited investors” within the meaning of Rule 501(a) of Regulation D promulgated under the Securities Act.

On February 1, 2021, the Company filed its Second Amended and Restated Certificate of Incorporation, which amended and restated the Amended and Restated Certificate of Incorporation to clarify that the Company may be subject to provisions of the Employee Retirement Income Security Act of 1971, as amended (“ERISA”), during all periods when its assets are treated as “plan assets” for purposes of ERISA.

The Company has conducted and from time to time may conduct private offerings (the “Private Offerings”) of shares of Common Stock to investors in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended (“the “Securities Act”). At the closing of any Private Offering, each investor makes a capital commitment (a “Capital Commitment”) to purchase shares of Common Stock pursuant to a subscription agreement entered into with the Company (each, a “Subscription Agreement”). Investors are required to fund drawdowns to purchase shares of Common Stock up to the amount of their respective Capital Commitments each time the Company delivers a notice to the investors. In accordance with the terms of the Subscription Agreement, the Adviser extended the Investment Period (as defined in the Subscription Agreement) for an additional one-year period such that the Investment Period will expire on October 9, 2024.

The Company has formed wholly-owned subsidiaries for the purpose of holding certain investments in portfolio companies made by the Company. As of June 30, 2023, the Company's wholly-owned subsidiaries were formed as Delaware limited liability companies and included: SLIC Financing SPV LLC (“SLIC SPV”), SLIC CA SPV LLC (“SLIC CA”) and SLIC Equity Holdings LLC (“SLIC Equity Holdings,” and collectively with SLIC SPV and SLIC CA, the “subsidiaries”). The Company consolidates its wholly-owned subsidiaries in these consolidated financial statements from the date of the respective subsidiary's formation.

(2)Summary of Significant Accounting Policies

Basis of Presentation

The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). As an investment company, the Company applies the accounting and reporting guidance in Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies (“ASC 946”) issued by the Financial Accounting Standards Board (“FASB”).

The interim consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6 and 10 of Regulation S-X. Accordingly, certain disclosures accompanying the annual consolidated financial statements prepared in accordance with U.S. GAAP are omitted. In the opinion of management, all adjustments and reclassifications, consisting solely of normal recurring accruals considered necessary for the fair presentation of consolidated financial statements for the interim period presented, have been included. The current period’s results of operations will not necessarily be indicative of results that the Company may ultimately achieve for the year ending December 31, 2023.

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The Company reclassified certain industry groupings of its portfolio companies presented in the accompanying consolidated financial statements as of December 31, 2022 to align with the recently updated Global Industry Classification Standards (“GICS”), where applicable. These reclassifications had no impact on the Consolidated Statement of Assets and Liabilities as of December 31, 2022.

Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and expenses and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Such amounts could differ from those estimates and such differences could be material. Management’s estimates are based on historical experiences and other factors, including expectations of future events that management believes to be reasonable under the circumstances. Assumptions and estimates regarding the valuation of investments involve a higher degree of judgment and complexity and these assumptions and estimates may be significant to the consolidated financial statements.

Consolidation

As provided under ASC 946, the Company will not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the accounts of the Company’s wholly-owned subsidiaries in the consolidated financial statements. All intercompany balances and transactions have been eliminated in consolidation.

Cash

Cash is carried at cost, which approximates fair value. The Company deposits its cash with multiple financial institutions and, at times, may exceed the Federal Deposit Insurance Corporation insured limit.

Foreign Currency Translation

The functional currency of the Company is the U.S. Dollar. Investments denominated in foreign currencies are translated into U.S. Dollars based upon currency exchange rates effective on the last business day of the current reporting period. Net changes in fair value of investments due to foreign exchange rates fluctuation is recorded as change in unrealized appreciation (depreciation) from translation of assets and liabilities in foreign currencies on the Consolidated Statements of Operations. Investment and non-investment activities denominated in foreign currencies, including purchase and sales of investments, borrowings and repayments of debt, income and expenses, are translated into U.S. dollars based upon currency exchange rates prevailing on the transaction dates.

Investments

Investment transactions are recorded on the trade date. Receivables/payables from investments sold/purchased on the Consolidated Statements of Assets and Liabilities consist of amounts receivable to or payable by the Company for transactions that have not settled at the reporting date. Realized gains or losses are measured by the difference between the net proceeds received (excluding prepayment fees, if any) and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. The net change in unrealized gains or losses primarily reflects the change in investment values, including the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period.

The Board of Directors, with the assistance of the Company’s audit committee (the “Audit Committee”), determines the fair value of the Company’s investments in accordance with ASC Topic 820, Fair Value Measurements (“ASC 820”) issued by FASB. The Board of Directors has delegated to the Investment Adviser as the Valuation Designee the responsibility of determining the fair value of the Company’s investment portfolio, subject to oversight of the Board of Directors, pursuant to Rule 2a-5 under the 1940 Act. As such, the Valuation Designee is charged with determining the fair value of the Company’s investment portfolio, subject to oversight of the Board of Directors. ASC 820 defines fair value as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.” Fair value is a market-based measurement, not an entity-specific measurement. For some investments, observable market transactions or market information might be available. For other investments, observable market transactions and market information might not be available. However, the objective of a fair value measurement in both cases is the same—to estimate the price when an orderly transaction to sell the investment would take place between market participants at the measurement date under current market conditions (that is, an exit price at the measurement date from the perspective of a market participant). Refer to Note 5 for the Company’s framework for determining fair value, fair value hierarchies, and the composition of the Company’s portfolio.

Revenue Recognition

Interest Income

Interest income is recorded on an accrual basis and includes the accretion of discounts and amortizations of premiums. Discounts from and premiums to par value on debt investments purchased are accreted/amortized into interest income over the life of the respective investment using the effective interest method. The amortized cost of debt investments represents the original cost,

44

including loan origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion of discounts and amortization of premiums, if any. Upon prepayment of a loan or debt investment, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period.

PIK Income

The Company has debt investments in its portfolio that contain payment-in-kind (“PIK”) provisions. PIK represents interest that is accrued and recorded as interest income at the contractual rates, increases the loan principal on the respective capitalization dates, and is generally due at maturity. Such income is included in PIK income on the Consolidated Statements of Operations. If at any point the Company believes PIK is not expected to be realized, the investment generating PIK will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest is generally reversed through PIK income. This non-cash source of income is included when determining what must be paid out to stockholders in the form of distributions in order for the Company to maintain its status as a RIC, even though the Company has not yet collected cash.

Dividend Income

Dividend income on preferred equity investments is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity investments is recorded on the record date for private portfolio companies and on the ex-dividend date for publicly traded portfolio companies. Dividend income is presented net of withholding tax, if any.

Other Income

The Company may receive various fees in the ordinary course of business such as structuring, consent, waiver, amendment and syndication fees as well as fees for managerial assistance rendered by the Company to the portfolio companies. Such fees are recognized in income when earned or when the services are rendered and there is no uncertainty or contingency related to the amount to be received.

Non-Accrual Income

Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is generally reversed when a loan is placed on non-accrual status. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest are paid current and, in management’s judgment, are likely to remain current. Management may determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection.

Organization and Offering Costs

Costs associated with the organization of the Company are expensed as incurred, subject to the limitations discussed in Note 3. These costs consist primarily of legal fees and other costs of organizing the Company. Costs associated with the offering of Common Stock and Series A Preferred Stock are capitalized as “deferred offering costs” on the Consolidated Statements of Assets and Liabilities and amortized over a twelve-month period from the initial capital call and preferred stock issuance date, respectively, subject to the limitation described in Note 3 below. These costs consist primarily of legal fees and other costs incurred in connection with the Company’s continuous private offerings of its Common Stock, and issuance of its Series A Preferred Stock.

Expenses

The Company is responsible for investment expenses, professional fees and other general and administrative expenses related to the Company’s operations. The Company pays MS Private Credit Administrative Services LLC (the “Administrator”) the Company’s allocable portion of certain expenses incurred by the Administrator in performing its obligations under the administration agreement between the Company and the Administrator dated February 1, 2021 (the “Administration Agreement”). Such fees and expenses, including expenses incurred by the Adviser on behalf of the Company, are reimbursed by the Company.

The Company pays the Investment Adviser a base management fee (the “Base Management Fee”) under the Investment Advisory Agreement between the Company and the Investment Adviser (“the Investment Advisory Agreement”) as described in Note 3 below. The fee is recorded on the Consolidated Statements of Operations.

Deferred Financing Costs

The Company records upfront fees, legal and other direct costs incurred in connection with the Company’s issuance of the revolving debt facility as Deferred Financing Costs. These costs are deferred and amortized over the life of the related revolving credit facility using the straight-line method. Deferred financing costs related to the revolving credit facility are presented separately as an asset on the Company’s Consolidated Statements of Assets and Liabilities. The amortization of such Deferred Financing Costs are presented on the Company’s Consolidated Statements of Operations as interest expense and other financing expenses.

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Income Taxes

The Company has elected to be treated as a RIC under Subchapter M of the Code. So long as the Company maintains its status as a RIC, it generally will not pay corporate U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its stockholders as dividends.

In order to qualify as a RIC, the Company must meet certain minimum distribution, source-of-income and asset diversification requirements. If such requirements are met, then the Company is generally required to pay income taxes only on the portion of its taxable income and gains it does not distribute.

The minimum distribution requirements applicable to RICs require the Company to distribute to its stockholders at least 90% of its investment company taxable income (the “ICTI”), as defined by the Code, each year. Depending on the level of ICTI earned in a tax year, the Company may choose to carry forward ICTI in excess of current year distributions into the next tax year. Any such carryover ICTI must be distributed before the end of that next tax year through a dividend declared prior to filing the final tax return related to the year which generated such ICTI.    

In addition, based on the excise distribution requirements, the Company is subject to a 4% nondeductible federal excise tax on undistributed income unless the Company distributes in a timely manner an amount at least equal to the sum of (1) 98% of its ordinary income for each calendar year, (2) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (3) any income realized, but not distributed, in the preceding year. For this purpose, however, any ordinary income or capital gain net income retained by the Company that is subject to corporate income tax is considered to have been distributed. The Company currently intends to make sufficient distributions each taxable year to satisfy the excise distribution requirements.    

The Company evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are “more likely than not” to be sustained by the applicable tax authority. All penalties and interest associated with income taxes, if any, are included in income tax expense.

For the three and six months ended June 30, 2023, the Company accrued $0 and $23 of U.S. federal excise taxes. For the three and six months ended June 30, 2022, the Company did not accrue any U.S. federal excise taxes.

New Accounting Standards

The Company considers the applicability and impact of all accounting standard updates (“ASU”) issued by the FASB. The Company has assessed currently issued ASUs and has determined that they are not applicable or expected to have minimal impact on its consolidated financial statements.

(3)Related Party Transactions

Investment Advisory Agreement

On February 1, 2021, the Company entered into the Investment Advisory Agreement with the Adviser. The Investment Advisory Agreement had an initial term of two years and continues thereafter from year to year if approved annually by the Board of Directors, which most recently approved the renewal of the Investment Advisory Agreement in August 2023. The Company pays the Investment Adviser a Base Management Fee for its services under the Investment Advisory Agreement. The cost of the Base Management Fee is ultimately borne by holders of the Common Stock. As a part of the Investment Advisory Agreement, the Company agreed to reimburse the Investment Adviser for certain expenses it incurs on the Company’s behalf. The Investment Adviser is an indirect, wholly owned subsidiary, of Morgan Stanley.

The Company pays the Investment Adviser a Base Management Fee for its services under the Investment Advisory Agreement. The cost of the Base Management Fee is ultimately borne by holders of the Common Stock. As a part of the Investment Advisory Agreement, the Company agreed to reimburse the Investment Adviser for certain expenses it incurs on the Company’s behalf.

Base Management Fee

The Base Management Fee is calculated at an annual rate of 0.25% of the Company’s average Capital Under Management, at the end of the then-current quarter and the prior calendar quarter (and, in the case of the Company’s first quarter, Capital Under Management as of such quarter-end). “Capital Under Management” means cumulative capital called, less cumulative distributions categorized as returned capital. Capital Under Management does not include capital acquired through the use of leverage. The Base Management Fee is payable quarterly in arrears, and no management fee is charged on committed but undrawn capital commitments.

For the three and six months ended June 30, 2023, $347 and $684 respectively, of Base Management Fee was accrued to the Investment Adviser. For the three and six months ended June 30, 2022, $278 and $543 respectively, of Base Management Fee was

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accrued to the Investment Adviser. As of June 30, 2023 and December 31, 2022, $347 and $325, respectively, were payable to the Investment Adviser relating to Base Management Fees.

Administration Agreement

The Administrator is an indirect, wholly owned subsidiary of Morgan Stanley. Pursuant to the Administration Agreement, the Administrator provides services and receives reimbursements from the Company equal to an amount that reimburses the Administrator for certain expenses and the Company’s allocable portion of certain expenses incurred by the Administrator in performing its obligations under the applicable administration agreement. Reimbursement under the Administration Agreement occurs quarterly in arrears. The Administration Agreement had an initial term of two years and continues thereafter from year to year if approved annually by our Board of Directors, which most recently approved the renewal of the Administration Agreement in August 2023.

For the three and six months ended June 30, 2023, no expenses were incurred under the Administration Agreement. For the three and six months ended June 30, 2022, no expenses were incurred under the Administration Agreement. There were no amounts unpaid and included in payable to affiliates on the Consolidated Statements of Assets and Liabilities as of June 30, 2023 and December 31, 2022.

Expense Support and Waiver Agreement

On February 1, 2021, the Company entered into an expense support and waiver agreement (the “Expense Support and Waiver Agreement”) with the Investment Adviser. Under the terms of the Expense Support and Waiver Agreement, the Investment Adviser agreed to waive any reimbursement by the Company of offering and organizational expenses incurred by the Investment Adviser on behalf of the Company in excess of $1,000 or 0.10% of the aggregate Capital Commitments of the Company, whichever is greater. If actual organization and offering costs incurred exceed the greater of $1,000 or 0.10% of the Company’s total Capital Commitments, the Investment Adviser or its affiliate will bear the excess costs. The Company shall reimburse the Investment Adviser for payments of any excess costs borne by the Investment Adviser on the Company’s behalf within three years of October 9, 2020 (the “Initial Closing Date”).

For the three and six months ended June 30, 2023, the Company incurred no organization costs and amortization of offering costs. These costs did not exceed the Investment Adviser reimbursement threshold, and as a result, no excess organization and offering costs were waived. For the three and six months ended June 30, 2022, the Company incurred no organization costs and amortization of offering costs. These costs did not exceed the Investment Adviser reimbursement threshold, and as a result, no excess organization and offering costs were waived. As of June 30, 2023 and December 31, 2022, no organization and offering costs were included in payable to affiliates and accrued expenses and other liabilities on the Consolidated Statements of Assets and Liabilities.

Indemnification Agreements

The Company has entered into indemnification agreements with our directors and officers. The indemnification agreements are intended to provide our directors and officers the maximum indemnification permitted under Delaware law, and the 1940 Act and, if applicable, ERISA. Each indemnification agreement provides that the Company will indemnify the director or officer who is a party to the agreement (an “Indemnitee”), including the advancement of legal expenses, if, by reason of his or her corporate status, the Indemnitee is, or is threatened to be, made a party to or a witness in any threatened, pending, or completed proceeding, to the maximum extent permitted by Delaware law, and the 1940 Act, and, if applicable ERISA.

Adviser Investment

On September 10, 2020, the Investment Adviser purchased all 1,000 of the Company’s then issued and outstanding shares of Common Stock at a price per share of $20.00 for an aggregate purchase price of $20.

(4) Investments

The composition of the Company’s investment portfolio at cost and fair value was as follows:

	June 30, 2023						December 31, 2022
	Cost		Fair Value		% of Total Investments at Fair Value		Cost		Fair Value		% of Total Investments at Fair Value
First Lien Debt	$	1,113,883	$	1,092,424	98.4	%	$	1,085,829	$	1,061,160	98.5	%
Second Lien Debt	9,896		9,122		0.8		8,381		7,972		0.7
Other Securities	9,274		9,385		0.8		8,975		8,985		0.8
Total	$	1,133,053	$	1,110,931	100.0	%	$	1,103,185	$	1,078,117	100.0	%

The industry composition of investments at fair value was as follows:

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	June 30, 2023		December 31, 2022		(1)
Aerospace and Defense	4.0	%	4.1	%
Air Freight and Logistics	1.8		1.7
Automobile Components	3.6		3.5
Automobiles	4.6		4.5
Biotechnology	0.6		0.6
Chemicals	0.1		0.1
Commercial Services & Supplies	15.2		16.0
Construction and Engineering	1.5		1.5
Containers & Packaging	3.2		3.3
Distributors	3.1		4.5
Diversified Consumer Services	4.0		3.6
Electronic Equipment, Instruments & Components	1.1		0.6
Financial Services	1.4		1.5
Food Products	0.3		0.3
Health Care Equipment & Supplies	0.4		0.4
Health Care Providers & Services	4.0		3.6
Health Care Technology	0.7		0.6
Industrial Conglomerates	1.3		0.1
Insurance Services	13.7		13.8
Interactive Media & Services	3.6		3.6
IT Services	6.4		6.8
Leisure Products	1.8		2.0
Machinery	2.5		2.5
Multi-Utilities	2.5		2.6
Oil, Gas & Consumable Fuels	—		—		(2)
Pharmaceuticals	0.2		0.2
Professional Services	3.3		3.1
Real Estate Management & Development	3.5		3.3
Software	11.6		11.6
Total	100.0	%	100.0	%

(1)	The Company reclassified certain industry groupings of its portfolio companies presented in the consolidated financial statements as of December 31, 2022 to align with the recently updated GICS where applicable. These reclassifications had no impact on the Consolidated Statement of Assets and Liabilities as of December 31, 2022.
(2)	Amounts rounds to 0.0%

The geographic composition of investments at cost and fair value were as follows:

	June 30, 2023						December 31, 2022
	Cost		Fair Value		% of Total Investments at Fair Value		Cost		Fair Value		% of Total Investments at Fair Value
Australia	$	1,297	$	1,297	0.1	%	$	1,298	$	1,279	0.1	%
Canada	42,201		41,395		3.7		46,200		44,881		4.2
United Kingdom	1,913		1,934		0.2		1,847		1,847		0.2
United States	1,087,642		1,066,305		96.0		1,053,840		1,030,110		95.5
Total	$	1,133,053	$	1,110,931	100.0	%	$	1,103,185	$	1,078,117	100.0	%

(5) Fair Value Measurements

ASC 820 establishes a hierarchical disclosure framework which ranks the observability of inputs used in measuring financial instruments at fair value. The observability of inputs is impacted by a number of factors, including the type of financial instruments

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and their specific characteristics. Financial instruments with readily available quoted prices, or for which fair value can be measured from quoted prices in active markets, generally will have a higher degree of market price observability and a lesser degree of judgment applied in determining fair value.

The three-level hierarchy for fair value measurements is defined as follows:

Level 1—inputs to the valuation methodology are quoted prices available in active markets for identical financial instruments as of the measurement date. The types of financial instruments in this category include unrestricted securities, including equities and derivatives, listed in active markets. The Company will not adjust the quoted price for these instruments, even in situations where the Company holds a large position and a sale could reasonably impact the quoted price.

Level 2—inputs to the valuation methodology are quoted prices in markets that are not active or for which all significant inputs are either directly or indirectly observable as of the measurement date. The types of financial instruments in this category include less liquid and restricted securities listed in active markets, securities traded in markets that are not active, and certain over-the-counter derivatives where the fair value is based on observable inputs.

Level 3—inputs to the valuation methodology are unobservable and significant to the overall fair value measurement, and include situations where there is little, if any, market activity for the investment. The inputs into the determination of fair value require significant management judgment or estimation. The types of financial instruments in this category include investments in privately held entities, non-investment grade residual interests in securitizations and certain over-the-counter derivatives where the fair value is based on unobservable inputs.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the determination of which category within the fair value hierarchy is appropriate for any given financial instrument is based on the lowest level of input that is significant to the fair value measurement. Assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument.

Pursuant to the framework set forth above, the Company values securities traded in active markets on the measurement date by multiplying the exchange closing price of such traded securities/instruments by the quantity of shares or amount of the instrument held. The Company may also obtain quotes with respect to certain of the investments from pricing services, brokers or dealers’ quotes, or counterparty marks in order to value liquid assets that are not traded in active markets. Pricing services aggregate, evaluate and report pricing from a variety of sources including observed trades of identical or similar securities, broker or dealer quotes, model-based valuations and internal fundamental analysis and research. When doing so, the Company determines whether the quote obtained is sufficient according to U.S. GAAP to determine the fair value of the security. If determined adequate, the Company uses the quote obtained.

Securities that are illiquid or for which the pricing source does not provide a valuation or methodology or provides a valuation or methodology that, in the judgment of the Valuation Designee or the Board of Directors, does not represent fair value, each is valued as of the measurement date using all techniques appropriate under the circumstances and for which sufficient data is available. These valuation techniques may vary by investment but include comparable public market valuations, comparable precedent transaction valuations and discounted cash flow analyses. Non-controlled debt investments are generally fair valued using discounted cash flow technique. Expected cash flows are projected based on contractual terms and discounted back to the measurement date based on a discount rate. Discount rate is determined based upon an assessment of current and expected yields for similar investments and risk profiles. Non-controlled equity investments are generally fair valued using a market approach and/or an income approach. The market approach typically utilizes market value multiples of comparable publicly traded companies. The income approach typically utilizes a discounted cash flow analysis of the portfolio company. The Valuation Designee, under the supervision of the Board of Directors undertakes a multi-step valuation process each quarter, as described below:

(1)each portfolio company or investment is initially valued by using a standardized template designed to approximate fair market value based on observable market inputs and updated credit statistics and unobservable inputs;

(2)preliminary valuation conclusions are documented and reviewed by a valuation committee comprised of members of the Investment Adviser’s senior management;

(3)the Board of Directors or Valuation Designee engages independent third-party valuation firms to provide positive assurance on a portion of the Company’s illiquid investments each quarter (such that each illiquid investment will be reviewed by an independent valuation firm at least once on a rolling twelve month basis) including review of management’s preliminary valuation and conclusion of fair value;

(4)the Audit Committee reviews the assessments of the Valuation Designee and the independent third-party valuation firms and provides the Board of Directors with recommendations with respect to the fair value of each investment in the Company’s portfolio; and

(5)the Board of Directors discusses the valuation recommendations of the Audit Committee and determine the fair value of each investment in the Company’s portfolio in good faith based on the input of the Valuation Designee and, where applicable, the third-party valuation firms.

The fair value is generally determined based on the assessment of the following factors, as relevant:

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•     the nature and realizable value of any collateral;

•     call features, put features and other relevant terms of debt;

•     the portfolio company’s leverage and ability to make payments;

•     the portfolio company’s public or private letter credit ratings;

•     the portfolio company’s actual and expected earnings and discounted cash flow;

•     prevailing interest rates for like securities and expected volatility in future interest rates;

•     the markets in which the issuer does business and recent economic and/or market events; and

•     comparisons to publicly traded securities.

Investment performance data utilized will be the most recently available as of the measurement date which in many cases may reflect up to a one quarter lag in information.

The Board of Directors is ultimately responsible for the determination, in good faith, of the fair value of the Company’s portfolio investments.

Transfer of portfolio investments within the three-level hierarchy is recorded during the period of such reclassification occurrence at the fair value as of the beginning of the respective period. Generally, reclassifications are primarily due to increase/decrease of price transparency.

The following tables present the fair value hierarchy of investments as of June 30, 2023 and December 31, 2022:

	June 30, 2023								December 31, 2022
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
First Lien Debt	$	—	$	3,453	$	1,088,971	$	1,092,424	$	—	$	3,611	$	1,057,549	$	1,061,160
Second Lien Debt	—		966		8,156		9,122		—		963		7,009		7,972
Other Securities	—		—		9,385		9,385		—		—		8,985		8,985
Total	$	—	$	4,419	$	1,106,512	$	1,110,931	$	—	$	4,574	$	1,073,543	$	1,078,117

The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the three months ended June 30, 2023:

	First Lien Debt		Second Lien Debt		Other Securities		Total Investments
Fair value, beginning of period	$	1,074,502	$	8,636	$	9,201	$	1,092,339
Purchases of investments	24,915		8		11		24,934
Proceeds from principal repayments and sales of investments	(16,494)		—		—		(16,494)
Accretion of discount/amortization of premium	937		3		—		940
Payment-in-kind	253		—		204		457
Net change in unrealized appreciation (depreciation)	4,858		(491)		(31)		4,336
Net realized gains (losses)	—		—		—		—
Transfers into/(out) of Level 3	—		—		—		—
Fair value, end of period	$	1,088,971	$	8,156	$	9,385	$	1,106,512
Net change in unrealized appreciation (depreciation) from investments still held as of June 30, 2023	$	4,918	$	(491)	$	(31)	$	4,396

    

The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the six months ended June 30, 2023:

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	First Lien Debt		Second Lien Debt		Other Securities		Total Investments
Fair value, beginning of period	$	1,057,549	$	7,009	$	8,985	$	1,073,543
Purchases of investments	74,965		1,508		25		76,498
Proceeds from principal repayments and sales of investments	(49,258)		—		—		(49,258)
Accretion of discount/amortization of premium	1,897		7		—		1,904
Payment-in-kind	403		—		273		676
Net change in unrealized appreciation (depreciation)	3,351		(368)		102		3,085
Net realized gains (losses)	64		—		—		64
Transfers into/(out) of Level 3	—		—		—		—
Fair value, end of period	$	1,088,971	$	8,156	$	9,385	$	1,106,512
Net change in unrealized appreciation (depreciation) from investments still held as of June 30, 2023	$	3,229	$	(367)	$	101	$	2,963

The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the three months ended June 30, 2022:

	First Lien Debt		Second Lien Debt		Other Securities		Total Investments
Fair value, beginning of period	$	924,015	$	7,473	$	6,430	$	937,918
Purchases of investments	89,541		908		1,071		91,520
Proceeds from principal repayments and sales of investments	(51,804)		—		—		(51,804)
Accretion of discount/amortization of premium	1,204		2		—		1,206
Payment-in-kind	83		—		70		153
Net change in unrealized appreciation (depreciation)	(13,771)		(67)		115		(13,723)
Net realized gains (losses)	151		—		—		151
Transfers into/(out) of Level 3	—		—		—		—
Fair value, end of period	$	949,419	$	8,316	$	7,686	$	965,421
Net change in unrealized appreciation (depreciation) from investments still held as of June 30, 2022	$	(13,314)	$	(67)	$	115	$	(13,266)

    

The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the six months ended June 30, 2022:

	First Lien Debt		Second Lien Debt		Other Securities		Total Investments
Fair value, beginning of period	$	867,855	$	7,485	$	6,412	$	881,752
Purchases of investments	158,865		908		1,071		160,844
Proceeds from principal repayments and sales of investments	(65,065)		—		(8)		(65,073)
Accretion of discount/amortization of premium	1,915		8		—		1,923
Payment-in-kind	168		—		70		238
Net change in unrealized appreciation (depreciation)	(14,530)		(85)		133		(14,482)
Net realized gains (losses)	211		—		8		219
Transfers into/(out) of Level 3	—		—		—		—
Fair value, end of period	$	949,419	$	8,316	$	7,686	$	965,421
Net change in unrealized appreciation (depreciation) from investments still held as of June 30, 2022	$	(14,360)	$	(82)	$	133	$	(14,309)

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The following table presents quantitative information about the significant unobservable inputs of the Company’s Level 3 financial instruments. The table is not intended to be all-inclusive but instead captures the significant unobservable inputs relevant to the Company’s determination of fair value.

	June 30, 2023
	Fair Value		Valuation Technique	Unobservable Input	Range				Weighted Average
					Low		High
Investments in first lien debt	$	1,004,074	Yield Analysis	Discount Rate	9.03	%	18.95	%	11.37	%
	84,897		Recent Transaction	Recent Transaction	98.30	%	99.40	%	99.12	%
Total investments in first lien debt	1,088,971
Investments in second lien debt	4,331		Yield Analysis	Discount Rate	11.38	%	15.16	%	13.19	%
	3,825		Recent Transaction	Recent Transaction	85.00	%	85.00	%	85.00	%
Total investments in second lien debt	8,156
Investments in other securities:
Other debt	203		Market Approach	EBITDA Multiple	9.00x		9.00x		9.00x
Other debt	406		Income Approach	Discount Rate	14.50	%	14.50	%	14.50	%
Preferred equity	4,231		Income Approach	Discount Rate	12.20	%	14.90	%	14.05	%
Preferred equity	225		Market Approach	Revenue Multiple	7.50x		7.50x		7.50x
Common equity	4,320		Market Approach	EBITDA Multiple	8.10x		18.70x		14.09x
Total investments in other securities	9,385
Total investments	$	1,106,512

	December 31, 2022
	Fair Value		Valuation Technique	Unobservable Input	Range				Weighted Average
					Low		High
Investments in first lien debt	$	1,038,692	Yield Analysis	Discount Rate	9.20	%	20.44	%	11.07	%
Investments in first lien debt	18,857		Recent Transaction	Recent Transaction	100.00	%	100.00	%	100.00	%
Total investments in first lien debt	1,057,549
Investments in second lien debt	7,009		Yield Analysis	Discount Rate	12.14	%	15.30	%	13.36	%
Investments in other securities:
Other debt	124		Market Approach	EBITDA Multiple	9.00x		9.00x		9.00x
Other debt	399		Yield Analysis	Discount Rate	16.60	%	16.60	%	16.60	%
Preferred equity	3,894		Income Approach	Discount Rate	12.20	%	15.54	%	14.10	%
Preferred equity	170		Market Approach	Revenue Multiple	8.78x		8.78x		8.78x
Common equity	4,398		Market Approach	EBITDA Multiple	8.10x		18.70x		13.90x
Total investments in other securities	8,985
Total investments	$	1,073,543

The significant unobservable input used in yield analysis is discount rate based on comparable market yields. Significant increases in discount rates in isolation would result in a significantly lower fair value measurement. The significant unobservable input used in the market approach is the comparable company multiple. The multiple is used to estimate the enterprise value of the underlying investment. An increase/decrease in the multiple would result in an increase/decrease, respectively, in the fair value.

Financial instruments disclosed but not carried at fair value

The Company’s debt is presented at carrying cost on the Consolidated Statements of Assets and Liabilities. The fair value of the Company’s credit facility is estimated using Level 3 inputs by discounting remaining payments using the appropriate discount rates, if available. The carrying value and fair value of the Company’s debt were as follows:

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	June 30, 2023				December 31, 2022
	Carrying Value		Fair Value		Carrying Value		Fair Value
JPM Funding Facility	$	576,173	$	576,173	$	591,307	$	591,307
Total	$	576,173	$	576,173	$	591,307	$	591,307

The carrying amounts of the Company’s other assets and liabilities approximates their fair value. These financial instruments are categorized as Level 3 within the hierarchy.

(6)Debt

JPM Funding Facility

On June 3, 2021, SLIC SPV entered into an Amended and Restated Loan and Security Agreement, by and among SLIC SPV, as the borrower, the Company, as the parent and as the servicer, SL Investment Feeder Fund L.P. and SL Investment Feeder Fund GP Ltd., as pledgors, U.S. Bank National Association, as collateral agent, collateral administrator and securities intermediary, and JP Morgan Chase Bank, NA (“JPM”), as the administrative agent and arranger, the lenders party thereto, and the issuing banks party thereto (as amended, the “JPM Funding Facility”). Pursuant to the JPM Funding Facility, JPM has agreed to extend credit to SLIC SPV in an aggregate principal amount, as of June 30, 2023, of up to $900,000 at any one time outstanding, subject to the satisfaction of various conditions, including availability under the borrowing base, which is based on a combination of unfunded capital commitments and loan collateral.

The JPM Funding Facility is a revolving funding facility with a reinvestment period ending December 3, 2024 (or upon the occurrence of certain events as specified therein) and a final maturity date of December 3, 2026. Advances under the JPM Funding Facility are available in U.S. dollars and other permitted currencies. As of June 30, 2023, the interest charged on the JPM Funding Facility is based on SOFR, SONIA, EURIBOR or CDOR, as applicable (or, if SOFR is not available, a benchmark replacement or a “base rate” (which is the greater of a prime rate and the federal funds rate plus 0.50%), as applicable), plus a margin of 2.325% prior to the transition date, and 2.475% subsequent to the transition date, as set forth in the JPM Funding Facility.

The summary information of the JPM Funding Facility is as follows:

	For the Three Months Ended						For the Six Months Ended
	June 30, 2023			June 30, 2022			June 30, 2023			June 30, 2022
Borrowing interest expense	$	11,047		$	4,512		$	21,926		$	7,754
Facility unused commitment fees	950			668			2,224			1,134
Amortization of deferred financing costs	493			360			1,560			762
Total	$	12,490		$	5,540		$	25,710		$	9,650
Weighted average interest rate (excluding unused fees and financing costs)	7.38		%	3.32		%	7.21		%	2.97		%
Weighted average outstanding balance	$	591,382		$	537,521		$	605,096		$	519,455

For the three and six months ended June 30, 2023, the Company borrowed $2,000 and $47,000 and repaid $45,501 and $62,135, respectively, under the JPM Funding Facility. For the three and six months ended June 30, 2022 , the Company borrowed $88,000 and $125,000 and repaid $62,000 and $80,000, respectively, under the JPM Funding Facility.

The Company’s outstanding debt obligations were as follows:

	June 30, 2023						December 31, 2022
	Aggregate Principal Committed		Outstanding Principal		Unused Portion		Aggregate Principal Committed		Outstanding Principal		Unused Portion
JPM Funding Facility	$	900,000	$	576,173	$	323,827	$	1,000,000	$	591,307	$	408,693
Total	$	900,000	$	576,173	$	323,827	$	1,000,000	$	591,307	$	408,693

As of June 30, 2023 and December 31, 2022, the Company was in compliance with all covenants and other requirements of the JPM Funding Facility.

(7)Commitments and Contingencies

In the normal course of business, the Company may enter into contracts that provide a variety of general indemnifications. Any exposure to the Company under these arrangements could involve future claims that may be made against the Company. Currently, no

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such claims exist or are expected to arise and, accordingly, the Company has not accrued any liability in connection with such indemnifications.

As of June 30, 2023 and December 31, 2022, the Company had $109,936 and $140,889 of unfunded commitments to fund delayed draw and revolving senior secured loans.

As of June 30, 2023 and December 31, 2022, the Company had $668,800 and $668,800 in total capital commitments from common stockholders, of which $99,300 and $129,300 were unfunded, respectively.

(8)Net Assets

The following table shows the components of net distributable earnings (accumulated losses) as shown on the Consolidated Statements of Assets and Liabilities:

	As of
	June 30, 2023		December 31, 2022
Net distributable earnings (accumulated losses), beginning of period	$	(23,681)	$	4,807
Net investment income (loss) after taxes	36,268		52,004
Accumulated realized gain (loss)	64		202
Net unrealized appreciation (depreciation)	2,946		(28,306)
Dividends declared	(35,100)		(52,392)
Tax reclassifications to equity of holders of Common Stock	—		4
Net distributable earnings (accumulated losses), end of period	$	(19,503)	$	(23,681)

The following table summarizes the total shares issued and proceeds received from the Company’s capital drawdowns delivered pursuant to the Subscription Agreements for the six months ended June 30, 2023 (dollar amounts in thousands):    

Common Share Issuance Date	Common Shares Issued	Amount
May 12, 2023	1,473,477	$	30,000
Total	1,473,477	$	30,000

The following table summarizes the total shares issued and proceeds received from the Company’s capital drawdowns delivered pursuant to the Subscription Agreements for the six months ended June 30, 2022 (dollar amounts in thousands):    

Common Share Issuance Date	Common Shares Issued	Amount
May 16, 2022	1,865,672	$	40,000
Total	1,865,672	$	40,000

The following table summarizes the Company’s distributions declared and payable for the six months ended June 30, 2023 to the holders of Common Stock:

Date Declared	Record Date	Payment Date	Per Share Amount		Total Amount
March 28, 2023	March 28, 2023	April 20, 2023	$	0.64	$	16,517
June 27, 2023	June 27, 2023	July 20, 2023	0.68		18,551
Total Distributions			$	1.32	$	35,068

The following table summarizes the Company’s distributions declared and payable for the six months ended June 30, 2022 to the holders of Common Stock:

Date Declared	Record Date	Payment Date	Per Share Amount		Total Amount
March 25, 2022	March 25, 2022	April 22, 2022	$	0.62	$	12,551
June 24, 2022	June 24, 2022	July 25, 2022	0.55		12,160
Total Distributions			$	1.17	$	24,711

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During the three and six months ended June 30, 2023, the Company accrued $15 and $31 of dividends to holders of the Series A Preferred Stock, of which $0 was unpaid and included in dividends payable on the Consolidated Statements of Assets and Liabilities. During the three and six months ended June 30, 2022, the Company accrued $16 and $32 of dividends to holders of the Series A Preferred Stock of which $0 was unpaid and included in dividends payable on the Consolidated Statements of Assets and Liabilities.

(9)Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per common share:

	For the Three Months Ended				For the Six Months Ended
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Net increase/(decrease) in net assets resulting from operations attributable to holders of Common Stock	$	22,843	$	(2,562)	$	39,247	$	8,167
Weighted average shares outstanding	26,617,554		21,248,667		26,214,989		20,749,146
Basic and diluted earnings (loss) per common share	$	0.86	$	(0.12)	$	1.50	$	0.39

(10)Consolidated Financial Highlights

The following are the financial highlights (dollar amounts in thousands, except per share amounts):

	For the Six Months Ended
	June 30, 2023			June 30, 2022
Per Share Data:(1)
Net asset value, beginning of period	$	19.98		$	21.20
Net investment income (loss)	1.38			1.11
Net unrealized and realized gain (loss)(2)	0.12			(0.67)
Net increase (decrease) in net assets resulting from operations	1.50			0.44
Dividends declared	(1.32)			(1.17)
Issuance of common stock	—			—
Total increase (decrease) in net assets	0.18			(0.73)
Net asset value per common share, end of period	$	20.16		$	20.47
Common shares outstanding, end of period	27,281,428			22,109,747
Total return based on net asset value(3)	7.51		%	2.08		%
Ratio/Supplemental Data (all amounts in thousands except ratios and shares):
Net assets attributable to the holders of Common Stock, end of period	$	549,889		$	452,659
Weighted average common shares outstanding	26,214,989			20,749,146
Ratio of total expenses to average net assets(4)	10.33		%	5.09		%
Ratio of net investment income to average net assets(4)	13.70		%	10.43		%
Ratio of total contributed capital to total committed capital, end of period	85.15		%	71.21		%
Asset coverage ratio	195.35		%	182.46		%
Portfolio turnover rate	4.48		%	7.35		%

(1)	The per common share data was derived by using the weighted average common shares outstanding during the period, except otherwise noted.
(2)	The amount shown does not correspond with the aggregate amount for the period as it includes the effect of the timing of capital transactions.
(3)	Total return (not annualized) is calculated as the change in net asset value per common share plus dividends declared during the period divided by the beginning net asset value per common share.
(4)	Ratios are calculated using the average net assets of the Company attributable to the holders of Common Stock. Amounts are annualized except for organization and offering costs.

(11)Subsequent Events

Subsequent events have been evaluated through the date the consolidated financial statements were issued. There have been no subsequent events that require recognition or disclosure through the date the consolidated financial statements were issued.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (dollar amounts in thousands, except per share amounts, unless otherwise indicated)

In this Quarterly Report on Form 10-Q, or this “Report”, except where context suggests otherwise, the terms “Company,” “we,” “our” or “us” refers to SL Investment Corp. and its consolidated subsidiaries. This Report, including the documents we incorporate by reference into this Report, contains forward-looking statements that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and you should not place undue reliance on such statements. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about us, our current and prospective portfolio investments, our industry, our beliefs and opinions and our assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” “potential,” “predicts” and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including:

•our future operating results;

•our business prospects and the prospects of our portfolio companies;

•risk associated with possible disruptions in our operations or the economy generally, including disruptions from the impact of global health events, such as COVID-19, also referred to as the “Coronavirus” pandemic;

•uncertainty and changes in the general interest rate environment, including as a result of recent rate increases by the Federal Reserve System (“Federal Reserve”);

•general economic, political and industry trends and other external factors, including uncertainty surrounding the financial and political stability of the United States and other countries;

•the effect of an inflationary economic environment on our portfolio companies, our financial condition and our results of operations;

•the impact of interruptions in the supply chain on our portfolio companies

•our contractual arrangements and relationships with third parties;

•actual and potential conflicts of interest with MS Capital Partners Adviser Inc., our investment adviser (the “Adviser” or the “Investment Adviser”), and its affiliates;

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

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

•the use of borrowed money to finance a portion of our investments;

•the adequacy of our financing sources and working capital;

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

•the ability of our Adviser to locate suitable investments for us and to monitor and administer our investments;

•the ability of our Adviser and its affiliates to attract and retain highly talented professionals;

•our ability to maintain our qualification as a business development company (“BDC” and as a regulated investment company (a “RIC”), under the Internal Revenue Code of 1986, as amended (the “Code”);

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

•the effect of changes in tax laws and regulations and interpretations thereof; and

•the risks, uncertainties and other factors we identify under “Item 1A. Risk Factors,” in our most recent Annual Report on Form 10-K and elsewhere in this Report.

The information contained in this section should be read in conjunction with “Item 1. Consolidated Financial Statements.” Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of the assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this Report should not be regarded as a representation by us that our plans and objectives will be achieved. This discussion contains forward-looking statements, which relate to future events or our future performance or financial condition and involves numerous risks and uncertainties, including, but not limited to, those set forth in “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2022, or the Form 10-K, and Part II, Item 1A of and elsewhere in this Report. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this Report. Moreover, we assume no duty and do not undertake to update the forward-looking statements. You are advised to consult any additional disclosures that we make directly to you or through reports that we have filed or in the future file with the Securities and Exchange Commission (the “SEC”), including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and current Reports on Form 8-K.

You should understand that under Section 27A(b)(2)(B) of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E(b)(2)(B) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 do not apply to forward-looking statements made in periodic reports we file under the Exchange Act.

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OVERVIEW

We are a non-diversified, externally managed specialty finance company focused on lending to middle-market companies. We have elected to be regulated as a BDC under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, for U.S. federal income tax purposes, we have elected to be treated, and intend to comply with the requirements to qualify annually, as a RIC under Subchapter M of the Code. We are externally managed by our Adviser, an indirect, wholly owned subsidiary of Morgan Stanley. We are not a subsidiary of, or consolidated with, Morgan Stanley.

Our investment objective is to achieve attractive risk-adjusted returns via current income and, to a lesser extent, capital appreciation by investing primarily in directly originated senior secured term loans issued by U.S. middle-market companies backed by private equity sponsors. For the purposes of this Report, “middle-market companies” refers to companies that, in general, generate annual earnings before interest, tax, depreciation and amortization (“EBITDA”) in the range of approximately $15 million to $200 million, although not all of our portfolio companies will meet this criteria.

We invest primarily in directly originated senior secured term loans, including first lien senior secured term loans (including unitranche loans) and, to a lesser extent, second lien senior secured term loans, higher-yielding assets such as mezzanine debt, unsecured debt, equity investments and other opportunistic asset purchases. Under normal market circumstances, we expect that investments other than first lien senior secured term loans would not exceed 10% of our gross assets at the time of acquisition of any such investments. Typical middle-market senior loans may be issued by middle-market companies in the context of leveraged buyouts (“LBOs”), acquisitions, debt refinancings, recapitalizations, and other similar transactions. We generally expect our debt investments to have a stated term of five to eight years and typically bear interest at a floating rate usually determined on the basis of a benchmark (historically the London Interbank Offer Rate, or LIBOR, and currently the Secured Overnight Financing Rate, or SOFR).

We generate revenues primarily in the form of interest income from investments we hold. In addition, we generate income from dividends or distributions of income on any direct equity investments, capital gains on the sale of loans and equity investments and various other loan origination and other fees, including commitment, origination, amendment, structuring, syndication or due diligence fees, fees for providing managerial assistance and consulting fees.

Pursuant to the exemptive relief granted by the SEC to us and our Adviser (as amended, the “Order”), we are able to enter into certain negotiated co-investment transactions alongside certain Regulated Funds and Affiliated Funds (each as defined in the Order) in a manner consistent with our investment objective, positions, policies, strategies, and restrictions as well as regulatory requirements and other pertinent factors, subject to compliance with the Order. Pursuant to the Order, we are permitted to co-invest with our affiliates if a “required majority” (as defined in Section 57(o) of the 1940 Act) of our eligible directors make certain conclusions in connection with a co-investment transaction, including that (1) the terms of the transactions, including the consideration to be paid, are reasonable and fair to us and our stockholders and do not involve overreaching in respect of us or our stockholders on the part of any person concerned, and (2) the transaction is consistent with the interests of our stockholders and is consistent with our investment objective and strategies.

Recent Market Developments

The current inflationary environment and uncertainty as to the probability of, and length and depth of a global recession could affect our portfolio companies. Government spending, government policies, including recent increases in certain interest rates by the U.S. Federal Reserve and other global central banks, the failures of certain regional banks earlier this year and the potential for disruptions in the availability of credit in the United States and elsewhere, in conjunction with other factors, including those described elsewhere in this Report and in other filings we have made with the SEC, could affect our portfolio companies, our financial condition and our results of operations. We will continue to monitor the evolving market environment. In these circumstances, developments outside our control could require us to adjust our plan of operations and could impact our financial condition, results of operations or cash flows in the future. Despite these factors, we believe we and our portfolio are well positioned to manage the current environment.

KEY COMPONENTS OF OUR RESULTS OF OPERATIONS

Investments

Our level of investment activity can and does vary substantially from period to period depending on many factors, including the amount of debt available to middle-market companies, the general economic environment and the competitive environment for the type of investments we make.

Revenue

We generate revenue primarily in the form of interest income on debt investments we hold. In addition, we generate income from dividends or distributions of income on direct equity investments, capital gains on the sales of loans and equity securities and various loan origination and other fees. Our debt investments generally have a stated term of five to eight years and typically bear interest at a floating rate usually determined on the basis of a benchmark such as LIBOR or SOFR. Interest on these debt investments is generally paid quarterly. In some instances, we receive payments on our debt investments based on scheduled amortization of the outstanding

57

balances. In addition, we may receive repayments of some of our debt investments prior to their scheduled maturity date. The frequency or volume of these repayments fluctuates significantly from period to period. Our portfolio activity also reflects the proceeds of sales of securities. We may also generate revenue in the form of commitment, origination, amendment, structuring, syndication or due diligence fees, fees for providing managerial assistance and consulting fees.

Expenses

Our primary operating expenses include the payment of: (i) investment advisory fees, including base management fees, to our Investment Adviser pursuant to the Investment Advisory Agreement between us and our Investment Adviser (the “Investment Advisory Agreement”) ; (ii) costs and other expenses and our allocable portion of certain expenses incurred by our Administrator in performing its administrative obligations under the Administration Agreement (“the “Administration Agreement”) between us and MS Private Credit Administrative Services LLC (the “Administrator”); and (iii) other operating expenses as detailed below:

•initial organization costs and offering costs incurred prior to the filing of our election to be regulated as a BDC (subject to the expense waiver);

•costs associated with our initial private offering;

•costs of any other offerings of our Common Stock, Series A Preferred Stock and other securities, if any;

•calculating individual asset values and our net asset value (including the cost and expenses of any third-party valuation services);

•out of pocket expenses, including travel expenses, incurred by the Investment Adviser, or members of its investment team or payable to third parties, performing due diligence on prospective portfolio companies and monitoring actual portfolio companies and, if necessary, enforcing our rights;

•base management fees under the Investment Advisory Agreement;

•certain costs and expenses relating to distributions paid by us;

•administration fees payable under the Administration Agreement and any sub-administration agreements, including related expenses;

•debt service and other costs of borrowings or other financing arrangements;

•the allocated costs incurred by the Investment Adviser in providing managerial assistance to those portfolio companies that request it;

•amounts payable to third parties relating to, or associated with, making or holding investments;

•the costs associated with subscriptions to data service, research-related subscriptions and expenses and quotation equipment and services used in making or holding investments;

•transfer agent and custodial fees;

•costs of hedging;

•commissions and other compensation payable to brokers or dealers;

•any fees payable to rating agencies;

•federal and state registration fees;

•U.S. federal, state and local taxes, including any excise taxes;

•independent Director fees and expenses;

•costs of preparing consolidated financial statements and maintaining books and records, costs of preparing tax returns, costs of Sarbanes-Oxley Act compliance and attestation and costs of filing reports or other documents with the SEC (or other regulatory bodies), and other reporting and compliance costs, including registration fees, and the compensation of professionals responsible for the preparation or review of the foregoing;

•the costs of any reports, proxy statements or other notices to our stockholders (including printing and mailing costs), the costs of any stockholders’ meetings, and costs and expenses of preparation for the foregoing and related matters;

•the costs of specialty and custom software for monitoring risk, compliance and overall investments;

•any fidelity bond required by applicable law;

•any necessary insurance premiums;

•indemnification payments;

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•any extraordinary expenses (such as litigation or indemnification payments or amounts payable pursuant to any agreement to provide indemnification entered into by us), provided that we will not bear such expenses to the extent, but only to the extent, that the relevant conduct is not indemnifiable under applicable law, including, if applicable, ERISA);

•direct fees and expenses associated with independent audits, agency, consulting and legal costs;

•cost of winding up; and

•all other expenses incurred by either the Administrator or us in connection with administering our business.

We reimburse the Administrator or its affiliates for amounts paid or costs borne that properly constitute Company expenses as set forth in the Administration Agreement or otherwise. We expect our general and administrative expenses to be relatively stable or to decline as a percentage of total assets during periods of asset growth and to increase during periods of asset declines.

PORTFOLIO, INVESTMENT ACTIVITY AND RESULTS OF OPERATIONS

Portfolio as of June 30, 2023

As of June 30, 2023 we had investments in 134 portfolio companies across 28 industries. Based on fair value, approximately 99.9% of our debt portfolio was invested in debt bearing a floating interest rate, which primarily are subject to interest rate floors. The weighted average total yield of investments in debt securities at amortized cost was 11.5%. Weighted average yields include the effect of accretion of discounts and amortization of premiums and are based on interest rates as of June 30, 2023.

Portfolio as of December 31, 2022

As of December 31, 2022 we had investments in 126 portfolio companies across 29 industries. Based on fair value, approximately 100.0% of our debt portfolio was invested in debt bearing a floating interest rate, which primarily are subject to interest rate floors. The weighted average total yield of investments in debt securities at amortized cost was 10.7%. Weighted average yields include the

effect of accretion of discounts and amortization of premiums and are based on interest rates as of December 31, 2022.

Our portfolio as of June 30, 2023 and December 31, 2022 is presented below:

	As of
	June 30, 2023						December 31, 2022
	Cost		Fair Value		% of Total Investments at Fair Value		Cost		Fair Value		% of Total Investments at Fair Value
First Lien Debt	$	1,113,883	$	1,092,424	98.4	%	$	1,085,829	$	1,061,160	98.5	%
Second Lien Debt	9,896		9,122		0.8		8,381		7,972		0.7
Other Securities	9,274		9,385		0.8		8,975		8,985		0.8
Total	$	1,133,053	$	1,110,931	100.0	%	$	1,103,185	$	1,078,117	100.0	%

Our investment activities for the three months ended June 30, 2023 and June 30, 2022 are presented below (information presented herein is at amortized cost unless otherwise indicated):

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	As of and For the Three Months Ended
	June 30, 2023			June 30, 2022
New Investments Committed
Gross Principal Balance(1)	$	15,709		$	105,751
Less: Syndications	(170)			—
Net New Investments Committed	15,539			105,751
Investments, at Cost
Investments, beginning of period	1,123,224			939,210
New investments purchased	24,932			91,520
Net accretion of discount on investments	946			1,206
Payment-in-kind	457			153
Net realized gain (loss) on investments	1			151
Investments sold or repaid	(16,507)			(51,811)
Investments, end of period	1,133,053			980,429
Amount of investments funded, at principal
First lien debt investments	25,275			91,106
Second lien debt investments	8			936
Other securities(2)	11			—
Total	25,293			92,042
Amount of investments sold/fully repaid, at principal
First lien debt investments	3,571			45,711
Total	$	3,571		$	45,711
Weighted average yield on debt investments, at cost(3)	11.5		%	8.0		%
Weighted average yield on debt investments, at fair value(3)	11.8		%	8.1		%
Number of portfolio companies	134			107
Percentage of debt investments bearing a floating rate, at fair value	99.9		%	100.0		%
Percentage of debt investments bearing a fixed rate, at fair value	0.1		%	—		%

(1)	Includes new investment commitments, excluding sale/repayments and including new unfunded investment commitments.
(2)	Represents dollar amount of other securities funded.
(3)	Computed as (a) the annual stated spread, plus reference rate, as applicable, plus the annual accretion of discounts, as applicable, on accruing debt securities, divided by (b) total debt investments (at fair value or cost, as applicable) included in such securities. Actual yields earned over the life of each investment could differ materially from the yields presented herein.

As part of the monitoring process, our Investment Adviser has developed risk policies pursuant to which it regularly assesses the risk profile of each of our debt investments. Our Investment Adviser has developed a classification system to group investments into four categories. The investments are evaluated regularly and assigned a category based on certain credit metrics. Our Investment Adviser’s ratings do not constitute any rating of investments by a nationally recognized statistical rating organization or represent or reflect any third-party assessment of any of our investments. Please see below for a description of the four categories of the Investment Adviser’s Internal Risk Rating system:

Category 1 — In the opinion of our Investment Adviser, investments in Category 1 involve the least amount of risk relative to our initial cost basis at the time of origination or acquisition. Category 1 investments performance is above our initial underwriting expectations and the business trends and risk factors are generally favorable, which may include the performance of the portfolio company, or the likelihood of a potential exit.

Category 2 — In the opinion of our Investment Adviser, investments in Category 2 involve a level of risk relative to our initial cost basis at the time of origination or acquisition. Category 2 investments are generally performing in line with our initial underwriting expectations and risk factors to ultimately recoup the cost of our principal investment are neutral to favorable. All new originated or acquired investments are initially included in Category 2.

Category 3 — In the opinion of our Investment Adviser, investments in Category 3 indicate that the risk to our ability to recoup the initial cost basis at the time of origination or acquisition has increased materially since the origination or acquisition of the investment, such as declining financial performance and non-compliance with debt covenants; however, principal and interest payments are not more than 120 days past due.

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Category 4 — In the opinion of our Investment Adviser, investments in Category 4 involve a borrower performing substantially below expectations and indicate that the loan’s risk has increased substantially since origination or acquisition. Most or all of the debt covenants are out of compliance and payments are substantially delinquent. For Category 4 investments, it is anticipated that we will not recoup our initial cost basis and may realize a substantial loss of our initial cost basis at the time of origination or acquisition upon exit.

The distribution of our portfolio on the Investment Adviser’s Internal Risk Rating System as of June 30, 2023 and December 31, 2022 was as follows:

	June 30, 2023					December 31, 2022
	Fair Value		% of Portfolio		Number of Portfolio Companies	Fair Value		% of Portfolio		Number of Portfolio Companies
Risk rating 1	$	—	—	%	—	$	—	—	%	—
Risk rating 2	1,104,392		99.4		131	1,074,987		99.7		125
Risk rating 3	6,539		0.6		3	3,130		0.3		1
Risk rating 4	—		—		—	—		—		—
	$	1,110,931	100.0	%	134	$	1,078,117	100.0	%	126

CONSOLIDATED RESULTS OF OPERATIONS

The following table represents our operating results:

	For the Three Months Ended				For the Six Months Ended
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Total investment income	$	31,966	$	18,009	$	63,609	$	34,337
Less: Net expenses	13,343		6,410		27,318		11,258
Net investment income (loss)	18,623		11,599		36,291		23,079
Less: Excise tax expense	—		—		23		—
Net investment income (loss) after taxes	18,623		11,599		36,268		23,079
Net change in unrealized appreciation (depreciation)	4,234		(14,296)		2,946		(15,095)
Net realized gain (loss)	1		151		64		215
Net increase (decrease) in net assets resulting from operations	22,858		(2,546)		39,278		8,199
Preferred Stock dividend	(15)		(16)		(31)		(32)
Net increase (decrease) in net assets resulting from operations attributable to holders of Common Stock	$	22,843	$	(2,562)	$	39,247	$	8,167

Investment Income

Investment income was as follows:

	For the Three Months Ended				For the Six Months Ended
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Investment income:
Interest income	$	31,244	$	17,446	$	62,215	$	33,200
Payment-in-kind interest income	217		60		363		119
Dividend income	138		66		277		126
Other income	367		437		754		892
Total investment income	$	31,966	$	18,009	$	63,609	$	34,337

Total investment income increased from $18,009 for the three months ended June 30, 2022 to $31,966 for the three months ended June 30, 2023. Total investment income increased from $34,337 for the six months ended June 30, 2022 to $63,609 for the six months ended June 30, 2023. The increases were primarily driven by our deployment of capital and rising LIBOR and SOFR (as applicable) rates of our floating-rate debt investments. The size of our investment portfolio at fair value increased from $968,572 as of June 30, 2022 to $1,110,931 as of June 30, 2023. As of such dates, all of our senior secured debt investments were income-producing. The amortized cost of an unsecured debt investment on non-accrual status as of June 30, 2023 was $500.

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Interest income on our debt investments is dependent on the composition and credit quality of the portfolio. Generally, we expect the portfolio to generate predictable quarterly interest income based on the terms stated in each loan’s credit agreement. As of, and for the periods ended, June 30, 2023 and June 30, 2022, all of our first and second lien secured debt investments were performing and current on their interest payments.

Expenses

The Company is responsible for investment expenses, professional fees, and other general and administrative expenses related to the Company’s operations. Expenses were as follows:

	For the Three Months Ended				For the Six Months Ended
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Expenses:
Interest expense and other financing expenses	$	12,490	$	5,540	$	25,710	$	9,650
Management fees	347		278		684		543
Professional fees	380		238		693		516
Directors’ fees	52		52		103		103
General and other expenses	74		302		128		446
Total expenses	$	13,343	$	6,410	$	27,318	$	11,258
Excise tax expense	$	—	$	—	$	23	$	—

Interest Expense

Interest expense and other financing expenses increased from $5,540 for the three months ended June 30, 2022 to $12,490 for the three months ended June 30, 2023. The increase was primarily due to higher average borrowings outstanding over time and increased reference rates. The increase was primarily driven by approximately $591,382 of average borrowings at an average effective interest rate of 7.38% during the three months ended June 30, 2023 as compared to approximately $537,521 of average borrowings at an average effective interest rate, of 3.32% for the three months ended June 30, 2022.

Interest expense and other financing expenses increased from $9,650 for the six months ended June 30, 2022 to $25,710 for the six months ended June 30, 2023. The increase was primarily due to higher average borrowings outstanding over time and increased reference rates. The increase was primarily driven by approximately $605,096 of average borrowings at an average effective interest rate of 7.21% during the six months ended June 30, 2023 as compared to approximately $519,455 of average borrowings at an average effective interest rate, of 2.97% for the six months ended June 30, 2022.

Management Fees

Management fees, were $347 and $278 for the three months ended June 30, 2023 and June 30, 2022, respectively. The increase year-over-year was primarily due to an increase in capital called. Management fees, were $684 and $543 for the six months ended June 30, 2023 and June 30, 2022, respectively. The increase year-over-year was primarily due to an increase in capital called. For more information on base management fees, including terms thereof, see Note 3. Related Party Transactions in the Notes to Consolidated Financial Statements.

Professional Fees and Other Expenses

Professional fees include legal, audit, tax, valuation and other professional fees incurred related to the management of the Company. Other general and administrative expenses include insurance, filing, research, subscriptions and other administrative costs.

Income Taxes, Including Excise Taxes

We have elected to be treated as a RIC under Subchapter M of the Code, and we intend to operate in a manner so as to continue to qualify for the tax treatment applicable to RICs. To qualify for tax treatment as a RIC, we must, among other things, distribute to our stockholders in each taxable year generally at least 90% of the sum of our investment company taxable income, as defined by the Code (without regard to the deduction for dividends paid), and net tax-exempt income for that taxable year. To maintain our tax treatment as a RIC, we, among other things, intend to make the requisite distributions to our stockholders, which generally relieve us from corporate-level U.S. federal income taxes. We currently intend to make sufficient distributions each taxable year to satisfy the distribution requirements in order to avoid excise tax. For the three and six months ended June 30, 2023, the Company accrued $0 and $23, respectively, of U.S. federal excise taxes. For the three and six months ended June 30, 2022, the Company did not accrue U.S. federal excise taxes.

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Net Realized Gain (Loss) and Unrealized Gain (Loss) on Investments

	For the Three Months Ended				For the Six Months Ended
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Net realized and unrealized gains (losses) on investment transactions:
Net realized gain (loss):
Non-controlled/non-affiliated investments	$	1	$	151	$	64	$	215
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments	4,234		(14,296)		2,946		(15,095)
Net realized and unrealized gains (losses)	$	4,235	$	(14,145)	$	3,010	$	(14,880)

For the three and six months ended June 30, 2023, net realized gain on our investments was $1 and $64, respectively, driven by the sale of debt investments in our portfolio. For the three and six months ended June 30, 2022, net realized gain on our investments was $151 and $215, respectively, driven by the sale of debt investments in our portfolio.

We determine the fair value of our portfolio investments quarterly and any changes in fair value are recorded as unrealized appreciation or depreciation. For the three and six months ended June 30, 2023, net change in unrealized appreciation on our investments of $4,234 and $2,946, respectively, was primarily driven by the net increases of valuations of our debt and equity investments as a result of the changes in spreads in the primary and secondary markets. For the three and six months ended June 30, 2022, net change in unrealized depreciation on our investments of $14,296 and $15,095, respectively, was primarily driven by the net decreases of valuations of our debt and equity investments in a widening credit spread environment and volatile markets. See “Item 8. Consolidated Financial Statements and Supplementary Data—Notes to Consolidated Financial Statements—Note 5. Fair Value Measurements” for additional information.

FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES

We generate cash from the net proceeds of offerings of our Common Stock, net borrowings from our credit facility, and through cash flows from operations, including investment sales and repayments as well as income earned on investments and cash equivalents. As of June 30, 2023, we had one revolving credit facility outstanding, as described in “Debt” below. We may also from time to time enter into new credit facilities, increase the size of existing credit facilities or issue debt securities. Any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors.

As of June 30, 2023, we had approximately $32,387 of cash, which taken together with our approximately $323,827 of availability under the JPM Funding Facility (subject to borrowing base availability), and our approximately $99,300 of uncalled capital commitments to purchase shares of Common Stock, or capital commitments, we expect to be sufficient for our investing activities and sufficient to conduct our operations in the near term. As of June 30, 2023, we believed we had adequate financial resources to satisfy unfunded portfolio company commitments of $109,936.

Equity

As of June 30, 2023, we had received aggregate capital commitments of approximately $668,800. The total shares issued and proceeds received related to capital drawdowns delivered pursuant to the Subscription Agreements for the six months ended June 30, 2023, were as follows (dollar amounts in thousands):

Common Share Issuance Date	Common Shares Issued	Amount
May 12, 2023	1,473,477	$	30,000
Total	1,473,477	$	30,000

The total shares issued and proceeds received related to capital drawdowns delivered pursuant to the Subscription Agreements for the six months ended June 30, 2022, were as follows (dollar amounts in thousands):

Common Share Issuance Date	Common Shares Issued	Amount
May 16, 2022	1,865,672	$	40,000
Total	1,865,672	$	40,000

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In accordance with the terms of the Subscription Agreement, the Adviser extended the Investment Period for an additional one-year period such that the Investment Period will expire on October 9, 2024. In addition, the Adviser exercised its discretion to extend the Company's term, such that the term will expire on October 9, 2028.

Distributions

Common Stock

The following tables summarize our distributions declared and payable to holders of the Common Stock for the six months ended June 30, 2023 and June 30, 2022 (dollar amounts in thousands):

Date Declared	Record Date	Payment Date	Per Share Amount		Dividend Yield(1)		Total Amount
March 28, 2023	March 28, 2023	April 20, 2023	$	0.64	12.8	%	$	16,517
June 27, 2023	June 27, 2023	July 20, 2023	0.68		14.0	%	18,551
Total Distributions			$	1.32			$	35,068

Date Declared	Record Date	Payment Date	Per Share Amount		Dividend Yield(1)		Total Amount
March 25, 2022	March 25, 2022	April 22, 2022	$	0.62	11.5	%	$	12,551
June 24, 2022	June 24, 2022	July 25, 2022	0.55		10.8	%	12,160
Total Distributions			$	1.17			$	24,711

(1) Annualized dividend yield is calculated by dividing the declared dividend by the weighted average of the net asset value attributable to the holders of Common Stock at the beginning of the quarter and the capital called during the quarter and annualizing over four quarterly period.

Preferred Stock

For the six months ended June 30, 2023 and June 30, 2022, we accrued $31 and $32, respectively, of dividends to holders of the Series A Preferred Stock, respectively.

Debt

Our outstanding debt obligations were as follows:

	June 30, 2023						December 31, 2022
	Aggregate Principal Committed		Outstanding Principal		Unused Portion		Aggregate Principal Committed		Outstanding Principal		Unused Portion
JPM Funding Facility	$	900,000	$	576,173	$	323,827	$	1,000,000	$	591,307	$	408,693
Total	$	900,000	$	576,173	$	323,827	$	1,000,000	$	591,307	$	408,693

For additional information on our debt obligations, see “Item 1. Consolidated Financial Statements – Notes to Consolidated Financial Statements – Note 6. Debt.”

RECENT DEVELOPMENTS

Subsequent to June 30, 2023 through August 10, 2023, we have closed approximately $20.9 million of new/add-on investments. Of these new commitments, approximately $20.8 million were first lien senior secured loans and $0.1 million were in other securities. We remain highly focused on conducting extensive due diligence and leveraging the Morgan Stanley platform. We continue to seek to invest in companies that are led by strong management teams, generate substantial free cash flow, have leading market positions, benefit from sustainable business models, and are well positioned to perform well despite recent market volatility. We believe the current market environment offers opportunities to seek compelling risk adjusted returns. Our investment pace will depend on several factors including the market environment, deal flow, and the impact of inflation on valuations and the operations of potential portfolio companies.

CRITICAL ACCOUNTING ESTIMATES

The preparation of our consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses. Changes in the economic environment, financial markets, and any other parameters used in determining such estimates could cause actual results to differ. Our critical accounting estimates, including those relating to the valuation of our investment portfolio should be read in connection with the financial statements in Part I, Item 1 of this Report, “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Critical Accounting Policies” in Part II, Item 7 of our Form 10-K, and “Risk Factors” in Part I, Item 1A of our Form 10-K.

RELATED PARTY TRANSACTIONS

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We have entered into a number of business relationships with affiliated or related parties, including the following (which are defined in the notes to the accompanying unaudited financial statements if not defined herein):

•the Investment Advisory Agreement;

•the Administration Agreement; and

•the Expense Support and Waiver Agreement.

See “Item 1. Consolidated Financial Statements—Notes to Consolidated Financial Statements—Note 3. Related Party Transactions.”

Item 3. Quantitative and Qualitative Disclosures About Market Risk

We are subject to financial market risks, including valuation risk, market risk and interest rate risk.

Valuation Risk

We have invested, and plan to continue to invest, primarily in illiquid debt and equity securities of portfolio companies. During periods of market dislocation, we will seek to invest prudently in the secondary loan market to provide our investors better risk adjusted returns while adhering to our core investment tenants. See “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations-Recent Market Developments.” Most of our investments will not have a readily available market price. To ensure accurate valuations, our investments are valued at fair value in good faith by the Board, based on, among other things, the input of the Investment Adviser, including the Valuation Designee, our Audit Committee and independent third-party valuation firms engaged at the direction of our Board, or the Valuation Designee, and in accordance with our valuation policy. There is no single standard for determining fair value. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each investment while employing a consistently applied valuation process for the investments we hold. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we may realize amounts that are different from the amounts presented and such differences could be material.

Market Risk

The market value of a security may move up or down, sometimes rapidly and unpredictably. These fluctuations may cause a security to be worth less than the price originally paid for it, or less than it was worth at an earlier time. Market risk may affect a single issuer, industry, sector of the economy or the market as a whole. Global economies and financial markets are increasingly interconnected, which increases the probabilities that conditions in one country or region might adversely impact issuers in a different country or region. Conditions affecting the general economy, including political, social, or economic instability at the local, regional, or global level, may also affect the market value of a security. Health crises, such as pandemic and epidemic diseases, as well as other incidents that interrupt the expected course of events, such as natural disasters, war or civil disturbance, acts of terrorism, power outages and other unforeseeable and external events, and the public response to or fear of such diseases or events, have and may in the future have an adverse effect on a company’s investments and net asset value and can lead to increased market volatility. See “Part I. Item 1A. Risk Factors—We are operating in a period of capital markets disruption and economic uncertainty. The conditions have materially and adversely affected debt and equity capital markets in the United States, and any future volatility or instability in capital markets may have a negative impact on our business and operations.” and “—Terrorist attacks, acts of war, natural disasters, outbreaks or pandemics, such as the Coronavirus pandemic, may impact our portfolio companies and our Adviser and harm our business, operating results and financial condition” in the Form 10-K.

Interest Rate Risk

We are subject to financial market risks, most significantly changes in interest rates. Interest rate sensitivity refers to the change in our earnings that may result from changes in the level of interest rates. Because we expect to fund a portion of our investments with borrowings, our net investment income is expected to be affected by the difference between the rate at which we invest and the rate at which we borrow. As a result, we can offer no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income.

As of June 30, 2023, approximately 99.9% of our debt investments were at floating rates. Based on our Consolidated Statement of Assets and Liabilities as of June 30, 2023, the following table shows the annualized impact on net income of hypothetical reference rate changes in interest rates (considering interest rate floors and ceilings for floating rate debt instruments assuming no changes in our investments and borrowing structure as of June 30, 2023) (dollar amounts in thousands):

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		Interest		Interest		Net
Basis Point Change - Interest Rates		Income		Expense		Income
Up 300 basis points	$	34,223	$	(17,015)	$	17,208
Up 200 basis points	$	22,816	$	(11,343)	$	11,473
Up 100 basis points	$	11,408	$	(5,672)	$	5,736
Down 100 basis points	$	(11,408)	$	5,672	$	(5,736)
Down 200 basis points	$	(22,816)	$	11,343	$	(11,473)
Down 300 basis points	$	(34,223)	$	17,015	$	(17,208)

We may hedge against interest rate fluctuations by using standard hedging instruments such as futures, options and forward contracts or our credit facilities, subject to the requirements of the 1940 Act and applicable commodities laws. While hedging activities may insulate us against adverse changes in interest rates, they may also limit our ability to participate in benefits of lower interest rates or higher exchange rates with respect to our portfolio of investments with fixed interest rates or investments denominated in foreign currencies. During the periods covered by this Report, we did not engage in interest rate hedging activities.

Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

As of June 30, 2023 (the end of the period covered by this report), we carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer (Principal Executive Officer) and our Chief Financial Officer (Principal Financial Officer), of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15 of the Exchange Act). Based on that evaluation, our Chief Executive Officer and our Chief Financial Officer have concluded that our current disclosure controls and procedures are effective in timely alerting them of material information relating to the Company that is required to be disclosed by us in the reports we file or submit under the Exchange Act.

Changes in Internal Controls Over Financial Reporting

There have been no changes in our internal control over financial reporting that occurred for the three months ended June 30, 2023 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II

Other Information

Item 1. Legal Proceedings

The Company, the Adviser and the Administrator may become party to certain lawsuits in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. Each of the Company, the Adviser and the Administrator, is not currently subject to any material legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against the Company. See also “Note 1 to Consolidated Financial Statements in Part I, Item 1. Consolidated Financial Statements and Supplementary Data” of this Form 10-Q.

Item 1A. Risk Factors

In addition to the other information set forth in this Report, you should carefully consider the risk factors set forth below and the risk factors previously disclosed under Item 1A of the Form 10-K and under Item 1A in our quarterly report on Form 10-Q for the quarter ended March 31, 2023, which could materially affect our business, financial condition and/or operating results. The risks set forth below and disclosed in the Form 10-K and in our quarterly report on Form 10-Q for the quarter ended March 31, 2023 are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may also materially and adversely affect our business, financial condition and/or operating results.

The discontinuation of LIBOR and replacement or reform of other interest rate benchmarks may adversely affect our business and results of operations.

Many financial instruments have historically used a floating rate based on LIBOR, which was the offered rate for short-term Eurodollar deposits between major international banks. LIBOR was and other benchmark interest rates may, in the future, be the subject of national and international regulatory scrutiny.

Following their publication on June 30, 2023, no settings of LIBOR continue to be published on a representative basis and publication of many non-U.S. dollar LIBOR settings has been entirely discontinued.

On March 15, 2022, the U.S. enacted federal legislation that is intended to minimize legal and economic uncertainty following U.S. dollar LIBOR’s cessation by replacing LIBOR references in certain U.S. law-governed contracts under certain circumstances with a SOFR-based rate identified in a Federal Reserve rule plus a statutory spread adjustment. The legislation also creates a safe harbor that shields lenders from litigation if they choose to utilize a replacement rate recommended by the Board of Governors of the Federal Reserve. In addition, the U.K. Financial Conduct Authority (“FCA”), which regulates the publisher of LIBOR (ICE Benchmark Administration), has announced that it will require the continued publication of the one-, three- and six-month tenors of U.S. dollar LIBOR on a non-representative synthetic basis until the end of September 2024, which may result in certain non-U.S. law-governed contracts and U.S. law-governed contracts not covered by the federal legislation remaining on synthetic U.S. dollar LIBOR until the end of this period.

Although the transition process away from LIBOR has become increasingly well-defined (e.g. the LIBOR Act now provides a uniform benchmark replacement for certain LIBOR-based instruments in the United States), the transition process is complex. The market transition away from LIBOR and reform, modification, or adjustments of other reference rate benchmarks to alternative reference rates is complex and could have a range of adverse impacts on our business, financial condition and results of operations. In particular, any such transition or reform could:

•Adversely impact the pricing, liquidity, value of, return on and trading for a broad array of financial products, including any securities linked to the applicable benchmark rate, loans and derivatives that are included in our assets and liabilities;

•Require further extensive changes to documentation that governs or references products using the applicable benchmark rate, including, for example, pursuant to time-consuming renegotiations of existing documentation to modify the terms of outstanding transactions;

•Result in disputes, litigation or other actions with portfolio companies, or other counterparties, regarding the interpretation and enforceability of provisions in investments that utilize certain benchmark rates, the transition from one benchmark rate to other benchmark rates, including through fallback language, legislative requirements or other related provisions or in connection with any economic, legal, operational or other impact resulting from the fundamental differences of the various alternative reference rates;

•Require the transition and/or development of appropriate systems and analytics to effectively transition risk management processes to those based on one or more alternative reference rates in a timely manner, including by quantifying value and

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risk for various alternative reference rates, which may prove challenging given the limited history of an applicable alternative reference rate; and

•Cause us to incur additional costs in relation to any of the above factors.

In addition, the failure of any alternative benchmark rate to gain or maintain market acceptance could adversely affect the return on, value of and market for securities, variable rate debt and derivative financial instruments linked to such rates. Depending on several factors, including those set forth above, our business, financial condition and results of operations could be materially adversely impacted by the market transition or reform of certain reference rates and benchmarks. Other factors include the pace of the transition to replacement or reformed rates, timing mismatches between cash and derivative markets, the specific terms and parameters for and market acceptance of any alternative reference rate, market conventions for the use of any alternative reference rate in connection with a particular product (including the timing and market adoption of any conventions proposed or recommended by any industry or other group), prices of and the liquidity of trading markets for products based on alternative reference rates, and our ability to transition and develop appropriate systems and analytics for one or more alternative reference rates.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds and Issuer Purchases of Equity Securities.

Sales of Unregistered Securities

There were no issuances of our Common Stock during the six months ended June 30, 2023, as part of our Private Offering pursuant to Section 4(a)(2) of the Securities Act and Regulation D thereunder.

Refer to “Item 1. Financial Statements—Notes to Consolidated Financial Statements—Note 8. Net Assets” in this Report and our Current Reports on Form 8-K filed on May 16, 2023 for issuance of our Common Stock for the six months ended June 30, 2023. Such issuance was part of our Private Offering pursuant to Section 4(a)(2) of the Securities Act and Regulation D thereunder

Issuer Purchases of Equity Securities

None

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

Rule 10b5-1 Trading Plans

During the fiscal quarter ended June 30, 2023, none of our directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”

Item 6. Exhibits

(b) Exhibits

The following exhibits are filed as part of this report or hereby incorporated by reference to exhibits previously filed with the SEC:

Exhibit	Description
31.1*	Certification of Chief Executive Officer (Principal Executive Officer) Pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended.
31.2*	Certification of Chief Financial Officer (Principal Financial Officer) Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.
32.1*	Certification of Chief Executive Officer (Principal Executive Officer) Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2*	Certification of Chief Financial Officer (Principal Financial Officer) Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

* Filed herewith

68

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		SL Investment Corp.
August 10, 2023	By:	/s/ Jeffrey S. Levin
		Jeffrey S. Levin Director and Chief Executive Officer (principal executive officer)
August 10, 2023	By:	/s/ Venugopal Rathi
		Venugopal Rathi Chief Financial Officer (principal financial officer)

69

EX-31.1

Exhibit 31.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

CERTIFICATION

I, Jeffrey S. Levin, certify that:

1.I have reviewed this quarterly report on Form 10-Q of SL INVESTMENT CORP.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, if any, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

c.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: August 10, 2023

/s/ Jeffrey S. Levin

Jeffrey S. Levin

Chief Executive Officer

(Principal Executive Officer)

EX-31.2

Exhibit 31.2

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

CERTIFICATION

I, Venugopal Rathi, certify that:

1.I have reviewed this quarterly report on Form 10-Q of SL INVESTMENT CORP.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, if any, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

c.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: August 10, 2023

/s/ Venugopal Rathi

Venugopal Rathi

Chief Financial Officer

(Principal Financial Officer)

EX-32.1

Exhibit 32.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER, SECTION 906

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Jeffrey S. Levin, the Chief Executive Officer (Principal Executive Officer) of SL INVESTMENT CORP. (the “Company”), hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

•the Form 10-Q of the Company for the quarter ended June 30, 2023 as filed with the Securities and Exchange Commission on the date hereof (the “Form 10-Q”), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

•the information contained in the Form 10-Q of the Company for the quarter ended June 30, 2023 fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: August 10, 2023

/s/ Jeffrey S. Levin

Jeffrey S. Levin

Chief Executive Officer

(Principal Executive Officer)

*The foregoing certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report or as a separate disclosure document.

EX-32.2

Exhibit 32.2

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER, SECTION 906

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Venugopal Rathi, the Chief Financial Officer (Principal Financial Officer) of SL INVESTMENT CORP. (the “Company”), hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

•the Form 10-Q of the Company for the quarter ended June 30, 2023 as filed with the Securities and Exchange Commission on the date hereof (the “Form 10-Q”), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

•the information contained in the Form 10-Q of the Company for the quarter ended June 30, 2023 fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: August 10, 2023

/s/ Venugopal Rathi

Venugopal Rathi

Chief Financial Officer

(Principal Financial Officer)

*The foregoing certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report or as a separate disclosure document.

XML

Cover - shares	6 Months Ended
	Jun. 30, 2023	Aug. 10, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	814-01366
Entity Registrant Name	SL Investment Corp.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	85-3472615
Entity Address, Address Line One	1585 Broadway
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10036
City Area Code	212
Local Phone Number	761-4000
Title of 12(b) Security	None
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		27,281,428
Entity Central Index Key	0001825590
Amendment Flag	false
No Trading Symbol Flag	true
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023

XML

Consolidated Statements of Assets and Liabilities - USD ($) $ in Thousands	Jun. 30, 2023		Dec. 31, 2022
Assets
Non-controlled/non-affiliated investments, at fair value (amortized cost of $1,133,053 and $1,103,185 at June 30, 2023 and December 31, 2022, respectively)	$ 1,110,931	[1]	$ 1,078,117	[2]
Cash	32,387		25,116
Deferred financing costs	6,759		6,070
Subscription receivable	0		18,597
Interest and dividend receivable from non-controlled/non-affiliated investments	8,907		7,712
Receivable for investments sold/repaid	703		228
Prepaid expenses and other assets	60		17
Total assets	1,159,747		1,135,857
Liabilities
Debt	576,173		591,307
Payable for investments purchased	55		39
Financing costs payable	963		1,664
Dividends payable	18,551		14,285
Management fees payable	347		325
Interest payable	11,236		9,710
Accrued expenses and other liabilities	1,355		1,128
Total liabilities	609,337		619,625
Commitments and Contingencies (Note 7)
Net Assets
Series A Preferred stock, par value $0.001 (1,000,000 shares authorized and 521 and 521 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively)	1		1
Paid-in capital in excess of par value of Series A Preferred Stock	520		520
Common Stock, par value $0.001 per share (100,000,000 shares authorized and 27,281,428 and 25,807,951 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively)	27		26
Paid-in capital in excess of par value of Common Stock	569,365		539,366
Net distributable earnings (accumulated losses)	(19,503)		(23,681)
Total net assets	550,410		516,232
Total liabilities and net assets	$ 1,159,747		$ 1,135,857
Net asset value per share (in dollars per share)	$ 20.16		$ 19.98
Affiliated Entity
Liabilities
Payable to affiliates (Note 3)	$ 657		$ 1,167

[1] Unless otherwise indicated, issuers of debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”), the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of June 30, 2023, the Company does not “control” any of these portfolio companies. Under the 1940 Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of June 30, 2023, the Company is not an “affiliated person” of any of its portfolio companies.

[2] Unless otherwise indicated, issuers of debt and equity investments held by the Company are denominated in dollars. All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. Under the 1940 Act, the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of December 31, 2022, the Company does not “control” any of these portfolio companies. Under the 1940 Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of December 31, 2022, the Company is not an “affiliated person” of any of its portfolio companies.

XML

Consolidated Statements of Assets and Liabilities (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023		Dec. 31, 2022
Statement of Financial Position [Abstract]
Investments at amortized cost	$ 1,133,053	[1],[2]	$ 1,103,185	[3],[4]
Preferred stock, par value (in dollars per share)	$ 0.001		$ 0.001
Preferred stock, shares authorized (in shares)	1,000,000		1,000,000
Preferred stock, shares issued (in shares)	521		521
Preferred stock, shares outstanding (in shares)	521		521
Common stock, par value (in dollars per share)	$ 0.001		$ 0.001
Common stock, shares authorized (in shares)	100,000,000		100,000,000
Common stock, shares issued (in shares)	27,281,428		25,807,951
Common stock, shares outstanding (in shares)	27,281,428		25,807,951

[1] The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.

[2] Unless otherwise indicated, issuers of debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”), the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of June 30, 2023, the Company does not “control” any of these portfolio companies. Under the 1940 Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of June 30, 2023, the Company is not an “affiliated person” of any of its portfolio companies.

[3] The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.

[4] Unless otherwise indicated, issuers of debt and equity investments held by the Company are denominated in dollars. All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. Under the 1940 Act, the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of December 31, 2022, the Company does not “control” any of these portfolio companies. Under the 1940 Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of December 31, 2022, the Company is not an “affiliated person” of any of its portfolio companies.

XML

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Investment income:
Interest income	$ 31,244	$ 17,446	$ 62,215	$ 33,200
Payment-in-kind interest income	217	60	363	119
Dividend income	138	66	277	126
Other income	367	437	754	892
Total investment income	31,966	18,009	63,609	34,337
Expenses:
Interest expense and other financing expenses	12,490	5,540	25,710	9,650
Management fees	347	278	684	543
Professional fees	380	238	693	516
Directors’ fees	52	52	103	103
General and other expenses	74	302	128	446
Total expenses	13,343	6,410	27,318	11,258
Net investment income (loss) before taxes	18,623	11,599	36,291	23,079
Excise tax expense	0	0	23	0
Net investment income (loss) after taxes	18,623	11,599	36,268	23,079
Net realized and unrealized gains (losses) on investment transactions:
Net realized gain (loss) from non-controlled/non-affiliated investments	1	151	64	215
Net change in unrealized appreciation (depreciation) from non-controlled/non-affiliated investments	4,234	(14,296)	2,946	(15,095)
Net realized and unrealized gains (losses)	4,235	(14,145)	3,010	(14,880)
Net increase (decrease) in net assets resulting from operations	22,858	(2,546)	39,278	8,199
Preferred Stock dividend	(15)	(16)	(31)	(32)
Net increase (decrease) in net assets resulting from operations attributable to holders of Common Stock	$ 22,843	$ (2,562)	$ 39,247	$ 8,167
Per common share information—basic and diluted
Net investment income (loss) per common share (in dollars per share)	$ 0.70	$ 0.55	$ 1.38	$ 1.11
Earnings (loss) per share - basic (in dollars per share)	0.86	(0.12)	1.50	0.39
Earnings (loss) per share - diluted (in dollars per share)	$ 0.86	$ (0.12)	$ 1.50	$ 0.39
Weighted average shares outstanding - basic (Note 9) (in shares)	26,617,554	21,248,667	26,214,989	20,749,146
Weighted average shares outstanding - diluted (Note 9) (in shares)	26,617,554	21,248,667	26,214,989	20,749,146

XML

Consolidated Statements of Changes in Net Assets (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Investment Company, Net Assets [Roll Forward]
Net assets at beginning of period	$ 516,119	$ 427,902	$ 516,232	$ 429,724
Increase (decrease) in net assets resulting from operations:
Net investment income (loss)	18,623	11,599	36,268	23,079
Net realized gain (loss)	1	151	64	215
Net change in unrealized appreciation (depreciation)	4,234	(14,296)	2,946	(15,095)
Net increase (decrease) in net assets resulting from operations	22,858	(2,546)	39,278	8,199
Capital transactions:
Issuance of Common Stock	30,000	40,000	30,000	40,000
Dividends declared on Preferred Stock and Common Stock	(18,567)	(12,176)	(35,100)	(24,743)
Net increase (decrease) in net assets resulting from capital transactions	11,433	27,824	(5,100)	15,257
Total increase (decrease) in net assets	34,291	25,278	34,178	23,456
Net assets at end of period	$ 550,410	$ 453,180	$ 550,410	$ 453,180

XML

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$ 22,858	$ (2,546)	$ 39,278	$ 8,199
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Net unrealized (appreciation) depreciation on investments	(4,234)	14,296	(2,946)	15,095
Net realized (gain) loss on investments	(1)	(151)	(64)	(215)
Net accretion of discount and amortization of premium on investments			(1,913)	(1,929)
Payment-in-kind interest and dividend capitalized			(676)	(238)
Amortization of deferred financing costs			1,561	762
Purchases of investments and change in payable for investments purchased			(76,481)	(157,748)
Proceeds from sale of investments and principal repayments and change in receivable for investments sold.			48,808	68,409
Changes in operating assets and liabilities:
(Increase) decrease in interest and dividend receivable from non-controlled/non-affiliated investments			(1,195)	(1,716)
(Increase) decrease in prepaid expenses and other assets			(43)	36
(Decrease) increase in payable to affiliates			(510)	(614)
(Decrease) increase in management fee payable			22	64
(Decrease) increase in interest payable			1,526	2,223
(Decrease) increase in accrued expenses and other liabilities			227	(681)
Net cash provided by (used in) operating activities			7,594	(68,353)
Cash flows from financing activities:
Borrowings on debt			47,000	125,000
Repayments on debt			(62,135)	(80,000)
Proceeds from issuance of Common Stock and change in subscription receivable			48,597	73,190
Deferred financing costs paid			(2,951)	(1,153)
Dividends paid in cash			(30,834)	(23,856)
Net cash provided by (used in) financing activities			(323)	93,181
Net increase (decrease) in cash			7,271	24,828
Cash, beginning of period			25,116	20,232	$ 20,232
Cash, end of period	$ 32,387	$ 45,060	32,387	45,060	$ 25,116
Supplemental information and non-cash activities:
Excise Tax Paid			26	45
Interest expense paid			22,623	5,531
Accrued but unpaid dividends			18,551	12,160
Accrued but unpaid deferred financing costs			$ 0	$ 661

XML

Consolidated Schedule of Investments (Unaudited) - USD ($) $ in Thousands		6 Months Ended		12 Months Ended
		Jun. 30, 2023		Dec. 31, 2022
Cost		$ 1,133,053	[1],[2]	$ 1,103,185	[3],[4]
Fair Value		$ 1,110,931	[2]	$ 1,078,117	[4]
Percentage of Net Assets		201.84%	[2]	208.73%	[4]
Euro Interbank Offered Rate (EURIBOR)
Variable interest rate		3.58%		2.13%
London Interbank Offered Rate (LIBOR) | 30-day Period
Variable interest rate		5.22%		4.39%
London Interbank Offered Rate (LIBOR) | 90-day Period
Variable interest rate		5.55%		4.77%
London Interbank Offered Rate (LIBOR) | 180-day Period
Variable interest rate		5.76%		5.14%
Secured Overnight Financing Rate (SOFR) | 30-day Period
Variable interest rate		5.14%		4.36%
Secured Overnight Financing Rate (SOFR) | 90-day Period
Variable interest rate		5.39%		4.59%
Secured Overnight Financing Rate (SOFR) | 180-day Period
Variable interest rate				4.78%
Prime Rate
Variable interest rate		8.25%		7.50%
First Lien Debt
Cost		$ 1,113,883	[1]	$ 1,085,829	[3]
Fair Value		$ 1,092,424		$ 1,061,160
Percentage of Net Assets		198.47%		205.45%
First Lien Debt | Aerospace Sector
Cost		$ 44,685	[1]	$ 44,903	[3]
Fair Value		$ 44,586		$ 44,243
Percentage of Net Assets		8.10%		8.57%
First Lien Debt | Air Freight And Logistics Sector
Cost		$ 19,035	[1]	$ 18,136	[3]
Fair Value		$ 18,575		$ 17,493
Percentage of Net Assets		3.37%		3.39%
First Lien Debt | Auto Components Sector
Cost		$ 40,571	[1]	$ 39,132	[3]
Fair Value		$ 39,311		$ 37,816
Percentage of Net Assets		7.14%		7.33%
First Lien Debt | Automobiles
Cost		$ 51,379	[1]	$ 49,749	[3]
Fair Value		$ 50,796		$ 48,439
Percentage of Net Assets		9.23%		9.38%
First Lien Debt | Biotechnology
Cost		$ 6,329	[1]	$ 6,356	[3]
Fair Value		$ 6,252		$ 6,174
Percentage of Net Assets		1.14%		1.20%
First Lien Debt | Chemicals
Cost		$ 1,548	[1]	$ 1,501	[3]
Fair Value		$ 1,521		$ 1,445
Percentage of Net Assets		0.28%		0.28%
First Lien Debt | Commercial Services & Supplies
Cost		$ 168,771	[1]	$ 174,025	[3]
Fair Value		$ 168,226		$ 171,373
Percentage of Net Assets		30.56%		33.20%
First Lien Debt | Construction & Engineering
Cost		$ 17,350	[1]	$ 16,271	[3]
Fair Value		$ 17,069		$ 15,753
Percentage of Net Assets		3.10%		3.05%
First Lien Debt | Containers & Packaging
Cost		$ 34,480	[1]	$ 34,597	[3]
Fair Value		$ 33,774		$ 33,229
Percentage of Net Assets		6.14%		6.44%
First Lien Debt | Distributors
Cost		$ 35,761	[1]	$ 48,877	[3]
Fair Value		$ 34,589		$ 48,050
Percentage of Net Assets		6.28%		9.31%
First Lien Debt | Diversified Consumer Services
Cost		$ 45,625	[1]	$ 39,838	[3]
Fair Value		$ 44,688		$ 39,268
Percentage of Net Assets		8.12%		7.61%
First Lien Debt | Financial Services
Cost		$ 15,477	[1]	$ 16,453	[3]
Fair Value		$ 15,324		$ 16,092
Percentage of Net Assets		2.78%		3.12%
First Lien Debt | Electronic Equipment, Instruments & Components
Cost		$ 8,953	[1]	$ 4,255	[3]
Fair Value		$ 8,917		$ 4,079
Percentage of Net Assets		1.62%		0.79%
First Lien Debt | Health Care Equipment & Supplies
Cost	[1]	$ 4,535
Fair Value		$ 4,484
Percentage of Net Assets		0.81%
First Lien Debt | Health Care Providers & Services
Cost		$ 44,444	[1]	$ 39,048	[3]
Fair Value		$ 43,792		$ 37,913
Percentage of Net Assets		7.96%		7.34%
First Lien Debt | Health Care Technology
Cost		$ 7,402	[1]	$ 7,156	[3]
Fair Value		$ 7,459		$ 7,049
Percentage of Net Assets		1.36%		1.37%
First Lien Debt | Industrial Conglomerates
Cost	[1]	$ 13,683
Fair Value		$ 13,818
Percentage of Net Assets		2.51%
First Lien Debt | Insurance Services
Cost		$ 153,760	[1]	$ 149,859	[3]
Fair Value		$ 149,788		$ 147,270
Percentage of Net Assets		27.21%		28.53%
First Lien Debt | Interactive Media & Services
Cost		$ 40,616	[1]	$ 40,280	[3]
Fair Value		$ 39,444		$ 39,309
Percentage of Net Assets		7.17%		7.61%
First Lien Debt | IT Services
Cost		$ 73,957	[1]	$ 74,354	[3]
Fair Value		$ 69,284		$ 71,164
Percentage of Net Assets		12.59%		13.79%
First Lien Debt | Leisure Products
Cost		$ 21,081	[1]	$ 21,168	[3]
Fair Value		$ 20,346		$ 21,030
Percentage of Net Assets		3.70%		4.07%
First Lien Debt | Machinery
Cost		$ 28,250	[1]	$ 28,093	[3]
Fair Value		$ 27,960		$ 27,533
Percentage of Net Assets		5.08%		5.33%
First Lien Debt | Multi-Utilities
Cost		$ 28,542	[1]	$ 28,100	[3]
Fair Value		$ 27,673		$ 27,693
Percentage of Net Assets		5.03%		5.36%
First Lien Debt | Oil, Gas & Consumable Fuels
Cost	[3]			$ 399
Fair Value				$ 390
Percentage of Net Assets				0.08%
First Lien Debt | Pharmaceuticals
Cost		$ 1,913	[1]	$ 1,847	[3]
Fair Value		$ 1,934		$ 1,847
Percentage of Net Assets		0.35%		0.36%
First Lien Debt | Professional Services
Cost		$ 36,401	[1]	$ 33,085	[3]
Fair Value		$ 36,345		$ 32,799
Percentage of Net Assets		6.60%		6.35%
First Lien Debt | Real Estate Management & Development
Cost		$ 39,504	[1]	$ 37,024	[3]
Fair Value		$ 38,943		$ 35,854
Percentage of Net Assets		7.08%		6.95%
First Lien Debt | Software
Cost		$ 126,257	[1]	$ 123,802	[3]
Fair Value		$ 124,344		$ 121,011
Percentage of Net Assets		22.59%		23.44%
Second Lien Debt
Cost		$ 9,896	[1]	$ 8,381	[3]
Fair Value		$ 9,122		$ 7,972
Percentage of Net Assets		1.66%		1.54%
Second Lien Debt | Electronic Equipment, Instruments & Components
Cost		$ 4,490	[1]	$ 2,989	[3]
Fair Value		$ 3,825		$ 2,858
Percentage of Net Assets		0.69%		0.55%
Second Lien Debt | Health Care Providers & Services
Cost		$ 492	[1]	$ 483	[3]
Fair Value		$ 481		$ 450
Percentage of Net Assets		0.09%		0.09%
Second Lien Debt | IT Services
Cost		$ 1,510	[1]	$ 1,509	[3]
Fair Value		$ 1,504		$ 1,439
Percentage of Net Assets		0.28%		0.28%
Other Securities
Cost		$ 9,274	[1]	$ 8,975	[3]
Fair Value		$ 9,385		$ 8,985
Percentage of Net Assets		1.71%		1.74%
Other debt
Cost		$ 907	[1]	$ 898	[3]
Fair Value		$ 609		$ 522
Percentage of Net Assets		0.11%		0.10%
Preferred equity
Cost		$ 4,611	[1]	$ 4,346	[3]
Fair Value		$ 4,456		$ 4,064
Percentage of Net Assets		0.81%		0.79%
Common equity
Cost		$ 3,756	[1]	$ 3,731	[3]
Fair Value		$ 4,320		$ 4,399
Percentage of Net Assets		0.78%		0.85%
Unfunded Debt Securities
Unfunded commitments		$ 109,936		$ 140,889
Fair Value		(2,850)		(4,467)
Unfunded Debt Securities, First Lien
Unfunded commitments		109,936		139,381
Fair Value		$ (2,850)		(4,419)
Unfunded Debt Securities, Second Lien
Unfunded commitments				1,508
Fair Value				$ (48)
Non Qualifying Assets | Assets, Total | Customer Concentration Risk
% of Total Investments at Fair Value		6.64%		7.00%
Restricted Securities
Fair Value		$ 8,776		$ 8,463
Percentage of Net Assets		1.59%		1.60%
Investment, Identifier [Axis]: 365 Retail Markets, LLC
Unused Fee Rate		0.50%		0.50%
Unfunded commitments		$ 1,200		$ 514
Fair Value		$ (5)		$ (12)
Investment, Identifier [Axis]: 365 Retail Markets, LLC 1
Variable interest rate		4.75%	[5],[6],[7]	4.75%	[8],[9],[10]
Interest Rate		9.93%	[5],[6],[7],[11]	8.45%	[8],[9],[10],[12]
Par Amount		$ 7,368	[5],[6],[7]	$ 7,406	[8],[9],[10]
Cost		7,278	[1],[5],[6],[7]	7,305	[3],[8],[9],[10]
Fair Value		$ 7,338	[5],[6],[7]	$ 7,239	[8],[9],[10]
Percentage of Net Assets		1.33%	[5],[6],[7]	1.40%	[8],[9],[10]
Investment, Identifier [Axis]: 365 Retail Markets, LLC 2
Variable interest rate		4.75%	[5],[6],[7]	4.75%	[8],[9],[10]
Interest Rate		9.93%	[5],[6],[7],[11]	8.45%	[8],[9],[10],[12]
Par Amount		$ 2,364	[5],[6],[7]	$ 2,376	[8],[9],[10]
Cost		2,341	[1],[5],[6],[7]	2,350	[3],[8],[9],[10]
Fair Value		$ 2,354	[5],[6],[7]	$ 2,322	[8],[9],[10]
Percentage of Net Assets		0.43%	[5],[6],[7]	0.45%	[8],[9],[10]
Investment, Identifier [Axis]: 365 Retail Markets, LLC 3
Variable interest rate		4.75%	[6],[7],[13]	4.75%	[9],[10],[14]
Interest Rate		9.93%	[6],[7],[11],[13]	8.45%	[9],[10],[12],[14]
Par Amount		$ 0	[6],[7],[13]	$ 686	[9],[10],[14]
Cost		(14)	[1],[6],[7],[13]	670	[3],[9],[10],[14]
Fair Value		$ (5)	[6],[7],[13]	$ 659	[9],[10],[14]
Percentage of Net Assets		0.00%	[6],[7],[13]	0.13%	[9],[10],[14]
Investment, Identifier [Axis]: 48Forty Solutions, LLC
Unused Fee Rate		0.50%		0.50%
Unfunded commitments		$ 1,206		$ 1,508
Fair Value		$ (28)		$ (77)
Investment, Identifier [Axis]: 48Forty Solutions, LLC 1
Variable interest rate		5.75%	[5],[6],[7]	5.55%	[8],[9],[10]
Interest Rate		11.04%	[5],[6],[7],[11]	9.76%	[8],[9],[10],[12]
Par Amount		$ 9,893	[5],[6],[7]	$ 9,946	[8],[9],[10]
Cost		9,721	[1],[5],[6],[7]	9,752	[3],[8],[9],[10]
Fair Value		$ 9,667	[5],[6],[7]	$ 9,453	[8],[9],[10]
Percentage of Net Assets		1.76%	[5],[6],[7]	1.83%	[8],[9],[10]
Investment, Identifier [Axis]: 48Forty Solutions, LLC 2
Variable interest rate		5.75%	[6],[7],[13]	5.50%	[9],[10],[14]
Interest Rate		11.04%	[6],[7],[11],[13]	9.76%	[9],[10],[12],[14]
Par Amount		$ 302	[6],[7],[13]	$ 0	[9],[10],[14]
Cost		279	[1],[6],[7],[13]	(26)	[3],[9],[10],[14]
Fair Value		$ 267	[6],[7],[13]	$ (77)	[9],[10],[14]
Percentage of Net Assets		0.05%	[6],[7],[13]	(0.01%)	[9],[10],[14]
Investment, Identifier [Axis]: AGI-CFI Holdings, Inc.
Variable interest rate		6.00%	[5],[7],[15]	5.75%	[8],[10],[16]
Interest Rate		11.24%	[5],[7],[11],[15]	10.48%	[8],[10],[12],[16]
Par Amount		$ 2,376	[5],[7],[15]	$ 2,388	[8],[10],[16]
Cost		2,336	[1],[5],[7],[15]	2,344	[3],[8],[10],[16]
Fair Value		$ 2,324	[5],[7],[15]	$ 2,296	[8],[10],[16]
Percentage of Net Assets		0.42%	[5],[7],[15]	0.44%	[8],[10],[16]
Investment, Identifier [Axis]: ARI Network Services, Inc.
Unused Fee Rate		0.50%		0.50%
Unfunded commitments		$ 545		$ 909
Fair Value		$ (9)		$ (26)
Investment, Identifier [Axis]: ARI Network Services, Inc. 1
Variable interest rate		5.25%	[5],[7],[15]	5.50%	[8],[10],[16]
Interest Rate		10.45%	[5],[7],[11],[15]	9.92%	[8],[10],[12],[16]
Par Amount		$ 8,842	[5],[7],[15]	$ 8,887	[8],[10],[16]
Cost		8,755	[1],[5],[7],[15]	8,777	[3],[8],[10],[16]
Fair Value		$ 8,699	[5],[7],[15]	$ 8,634	[8],[10],[16]
Percentage of Net Assets		1.58%	[5],[7],[15]	1.67%	[8],[10],[16]
Investment, Identifier [Axis]: ARI Network Services, Inc. 2
Variable interest rate		5.25%	[5],[7],[15]	5.50%	[8],[10],[16]
Interest Rate		10.45%	[5],[7],[11],[15]	9.92%	[8],[10],[12],[16]
Par Amount		$ 1,548	[5],[7],[15]	$ 1,556	[8],[10],[16]
Cost		1,533	[1],[5],[7],[15]	1,537	[3],[8],[10],[16]
Fair Value		$ 1,523	[5],[7],[15]	$ 1,512	[8],[10],[16]
Percentage of Net Assets		0.28%	[5],[7],[15]	0.29%	[8],[10],[16]
Investment, Identifier [Axis]: ARI Network Services, Inc. 3
Variable interest rate		5.25%	[7],[13],[15]	5.50%	[10],[14],[16]
Interest Rate		10.45%	[7],[11],[13],[15]	9.92%	[10],[12],[14],[16]
Par Amount		$ 753	[7],[13],[15]	$ 390	[10],[14],[16]
Cost		741	[1],[7],[13],[15]	374	[3],[10],[14],[16]
Fair Value		$ 732	[7],[13],[15]	$ 353	[10],[14],[16]
Percentage of Net Assets		0.13%	[7],[13],[15]	0.07%	[10],[14],[16]
Investment, Identifier [Axis]: AWP Group Holdings, Inc.
Unused Fee Rate		0.50%		0.50%
Unfunded commitments		$ 1,563		$ 1,247
Fair Value		$ (99)		$ (37)
Investment, Identifier [Axis]: AWP Group Holdings, Inc. 1
Variable interest rate		4.75%	[5],[6],[7]	4.75%	[8],[9],[10]
Interest Rate		9.84%	[5],[6],[7],[11]	9.38%	[8],[9],[10],[12]
Par Amount		$ 10,693	[5],[6],[7]	$ 12,254	[8],[9],[10]
Cost		10,535	[1],[5],[6],[7]	12,111	[3],[8],[9],[10]
Fair Value		$ 10,016	[5],[6],[7]	$ 11,893	[8],[9],[10]
Percentage of Net Assets		1.82%	[5],[6],[7]	2.30%	[8],[9],[10]
Investment, Identifier [Axis]: AWP Group Holdings, Inc. 2
Variable interest rate		4.75%	[5],[6],[7]	4.50%	[8],[9],[10]
Interest Rate		9.84%	[5],[6],[7],[11]	9.38%	[8],[9],[10],[12]
Par Amount		$ 3,878	[5],[6],[7]	$ 1,575	[8],[9],[10]
Cost		3,835	[1],[5],[6],[7]	1,555	[3],[8],[9],[10]
Fair Value		$ 3,633	[5],[6],[7]	$ 1,529	[8],[9],[10]
Percentage of Net Assets		0.66%	[5],[6],[7]	0.30%	[8],[9],[10]
Investment, Identifier [Axis]: AWP Group Holdings, Inc. 3
Variable interest rate		4.75%	[6],[7],[13]	4.75%	[9],[10],[14]
Interest Rate		9.84%	[6],[7],[11],[13]	9.38%	[9],[10],[12],[14]
Par Amount		$ 332	[6],[7],[13]	$ 647	[9],[10],[14]
Cost		315	[1],[6],[7],[13]	629	[3],[9],[10],[14]
Fair Value		$ 212	[6],[7],[13]	$ 592	[9],[10],[14]
Percentage of Net Assets		0.04%	[6],[7],[13]	0.11%	[9],[10],[14]
Investment, Identifier [Axis]: Abacus Data Holdings, Inc. (AbacusNext)
Par Amount, Shares (in shares)		5,196	[7],[17]	5,196	[10],[18]
Cost		$ 520	[1],[7],[17]	$ 520	[3],[10],[18]
Fair Value		$ 427	[7],[17]	$ 387	[10],[18]
Percentage of Net Assets		0.08%	[7],[17]	0.07%	[10],[18]
Unused Fee Rate		0.50%		0.50%
Unfunded commitments		$ 210		$ 300
Fair Value		$ 0		$ (2)
Investment, Identifier [Axis]: Abacus Data Holdings, Inc. (AbacusNext) 1
Variable interest rate		6.25%	[5],[6],[7]	6.25%	[8],[9],[10]
Interest Rate		11.48%	[5],[6],[7],[11]	9.99%	[8],[9],[10],[12]
Par Amount		$ 7,938	[5],[6],[7]	$ 7,979	[8],[9],[10]
Cost		7,817	[1],[5],[6],[7]	7,844	[3],[8],[9],[10]
Fair Value		$ 7,934	[5],[6],[7]	$ 7,920	[8],[9],[10]
Percentage of Net Assets		1.44%	[5],[6],[7]	1.53%	[8],[9],[10]
Investment, Identifier [Axis]: Abacus Data Holdings, Inc. (AbacusNext) 2
Variable interest rate		6.25%	[6],[7]	6.25%	[9],[10]
Interest Rate		11.48%	[6],[7],[11]	9.99%	[9],[10],[12]
Par Amount		$ 832	[6],[7]	$ 836	[9],[10]
Cost		826	[1],[6],[7]	829	[3],[9],[10]
Fair Value		$ 831	[6],[7]	$ 830	[9],[10]
Percentage of Net Assets		0.15%	[6],[7]	0.16%	[9],[10]
Investment, Identifier [Axis]: Abacus Data Holdings, Inc. (AbacusNext) 3
Variable interest rate		6.25%	[6],[7],[13]	6.25%	[9],[10],[14]
Interest Rate		11.48%	[6],[7],[11],[13]	9.99%	[9],[10],[12],[14]
Par Amount		$ 390	[6],[7],[13]	$ 300	[9],[10],[14]
Cost		381	[1],[6],[7],[13]	290	[3],[9],[10],[14]
Fair Value		$ 390	[6],[7],[13]	$ 296	[9],[10],[14]
Percentage of Net Assets		0.07%	[6],[7],[13]	0.06%	[9],[10],[14]
Investment, Identifier [Axis]: Abracon Group Holdings, LLC 1
Variable interest rate		5.75%	[5],[7],[15]	5.75%	[8],[10],[16]
Interest Rate		10.89%	[5],[7],[11],[15]	10.48%	[8],[10],[12],[16]
Par Amount		$ 1,743	[5],[7],[15]	$ 1,751	[8],[10],[16]
Cost		1,712	[1],[5],[7],[15]	1,719	[3],[8],[10],[16]
Fair Value		$ 1,693	[5],[7],[15]	$ 1,661	[8],[10],[16]
Percentage of Net Assets		0.31%	[5],[7],[15]	0.32%	[8],[10],[16]
Unused Fee Rate		1.00%		1.00%
Unfunded commitments		$ 223		$ 317
Fair Value		$ (6)		$ (16)
Investment, Identifier [Axis]: Abracon Group Holdings, LLC 2
Variable interest rate		5.75%	[7],[13],[15]	5.75%	[10],[14],[16]
Interest Rate		10.89%	[7],[11],[13],[15]	10.48%	[10],[12],[14],[16]
Par Amount		$ 94	[7],[13],[15]	$ 0	[10],[14],[16]
Cost		91	[1],[7],[13],[15]	(3)	[3],[10],[14],[16]
Fair Value		$ 85	[7],[13],[15]	$ (16)	[10],[14],[16]
Percentage of Net Assets		0.02%	[7],[13],[15]	0.00%	[10],[14],[16]
Unused Fee Rate		0.50%		0.50%
Unfunded commitments		$ 127		$ 127
Fair Value		$ (4)		$ (7)
Investment, Identifier [Axis]: Abracon Group Holdings, LLC 3
Variable interest rate		5.75%	[7],[13],[15]	5.75%	[10],[14],[16]
Interest Rate		10.89%	[7],[11],[13],[15]	10.48%	[10],[12],[14],[16]
Par Amount		$ 0	[7],[13],[15]	$ 0	[10],[14],[16]
Cost		(2)	[1],[7],[13],[15]	(2)	[3],[10],[14],[16]
Fair Value		$ (4)	[7],[13],[15]	$ (7)	[10],[14],[16]
Percentage of Net Assets		0.00%	[7],[13],[15]	0.00%	[10],[14],[16]
Investment, Identifier [Axis]: Alert Media, Inc.
Unused Fee Rate		0.50%		0.50%
Unfunded commitments		$ 1,015		$ 750
Fair Value		$ (29)		$ (25)
Investment, Identifier [Axis]: Alert Media, Inc. 1
Variable interest rate		5.00%	[5],[6],[7]	5.00%	[8],[9],[10]
Interest Rate		10.02%	[5],[6],[7],[11]	9.26%	[8],[9],[10],[12]
Par Amount		$ 16,250	[5],[6],[7]	$ 16,000	[8],[9],[10]
Cost		16,060	[1],[5],[6],[7]	15,797	[3],[8],[9],[10]
Fair Value		$ 15,791	[5],[6],[7]	$ 15,467	[8],[9],[10]
Percentage of Net Assets		2.87%	[5],[6],[7]	3.00%	[8],[9],[10]
Investment, Identifier [Axis]: Alert Media, Inc. 2
Variable interest rate		5.00%	[6],[7]	5.00%	[9],[10]
Interest Rate		10.02%	[6],[7],[11]	9.26%	[9],[10],[12]
Par Amount		$ 10,000	[6],[7]	$ 10,000	[9],[10]
Cost		9,872	[1],[6],[7]	9,859	[3],[9],[10]
Fair Value		$ 9,717	[6],[7]	$ 9,667	[9],[10]
Percentage of Net Assets		1.77%	[6],[7]	1.87%	[9],[10]
Investment, Identifier [Axis]: Alert Media, Inc. 3
Variable interest rate		5.00%	[6],[7],[13]	5.00%	[9],[10],[14]
Interest Rate		10.02%	[6],[7],[11],[13]	9.26%	[9],[10],[12],[14]
Par Amount		$ 0	[6],[7],[13]	$ 0	[9],[10],[14]
Cost		0	[1],[6],[7],[13]	(7)	[3],[9],[10],[14]
Fair Value		$ 0	[6],[7],[13]	$ (25)	[9],[10],[14]
Percentage of Net Assets		0.00%	[6],[7],[13]	0.00%	[9],[10],[14]
Investment, Identifier [Axis]: Alert Media, Inc. 4
Variable interest rate	[6],[7],[13]	5.00%
Interest Rate	[6],[7],[11],[13]	10.02%
Par Amount	[6],[7],[13]	$ 0
Cost	[1],[6],[7],[13]	(12)
Fair Value	[6],[7],[13]	$ (29)
Percentage of Net Assets	[6],[7],[13]	(0.01%)
Investment, Identifier [Axis]: Anaplan, Inc.
Variable interest rate		6.50%	[7],[15]	6.50%	[8],[10],[16]
Interest Rate		11.60%	[7],[11],[15]	10.82%	[8],[10],[12],[16]
Par Amount		$ 4,125	[7],[15]	$ 3,900	[8],[10],[16]
Cost		4,054	[1],[7],[15]	3,826	[3],[8],[10],[16]
Fair Value		$ 4,094	[7],[15]	$ 3,831	[8],[10],[16]
Percentage of Net Assets		0.74%	[7],[15]	0.74%	[8],[10],[16]
Investment, Identifier [Axis]: Answer Acquisition, LLC
Unused Fee Rate		0.50%		0.50%
Unfunded commitments		$ 750		$ 1,000
Fair Value		$ (19)		$ (42)
Investment, Identifier [Axis]: Answer Acquisition, LLC 1
Variable interest rate		5.75%	[5],[6],[7]	5.50%	[8],[9],[10]
Interest Rate		11.14%	[5],[6],[7],[11]	10.23%	[8],[9],[10],[12]
Par Amount		$ 12,805	[5],[6],[7]	$ 12,870	[8],[9],[10]
Cost		12,615	[1],[5],[6],[7]	12,657	[3],[8],[9],[10]
Fair Value		$ 12,485	[5],[6],[7]	$ 12,326	[8],[9],[10]
Percentage of Net Assets		2.27%	[5],[6],[7]	2.39%	[8],[9],[10]
Investment, Identifier [Axis]: Answer Acquisition, LLC 2
Variable interest rate		5.75%	[6],[7],[13]	5.50%	[9],[10],[14]
Interest Rate		11.14%	[6],[7],[11],[13]	10.23%	[9],[10],[12],[14]
Par Amount		$ 250	[6],[7],[13]	$ 0	[9],[10],[14]
Cost		236	[1],[6],[7],[13]	(16)	[3],[9],[10],[14]
Fair Value		$ 225	[6],[7],[13]	$ (42)	[9],[10],[14]
Percentage of Net Assets		0.04%	[6],[7],[13]	(0.01%)	[9],[10],[14]
Investment, Identifier [Axis]: Apex Service Partners, LLC 1
Variable interest rate	[5],[6],[7]	5.50%
Interest Rate	[5],[6],[7],[11]	10.74%
Par Amount	[5],[6],[7]	$ 3,127
Cost	[1],[5],[6],[7]	2,971
Fair Value	[5],[6],[7]	$ 2,959
Percentage of Net Assets	[5],[6],[7]	0.54%
Investment, Identifier [Axis]: Apex Service Partners, LLC 2
Variable interest rate	[6],[7]	5.50%
Interest Rate	[6],[7],[11]	10.74%
Par Amount	[6],[7]	$ 3,127
Cost	[1],[6],[7]	2,966
Fair Value	[6],[7]	$ 2,959
Percentage of Net Assets	[6],[7]	0.54%
Investment, Identifier [Axis]: Appfire Technologies, LLC 1
Variable interest rate		5.50%	[5],[6],[7]	5.50%	[8],[9],[10]
Interest Rate		10.70%	[5],[6],[7],[11]	9.92%	[8],[9],[10],[12]
Par Amount		$ 7,769	[5],[6],[7]	$ 6,255	[8],[9],[10]
Cost		7,724	[1],[5],[6],[7]	6,225	[3],[8],[9],[10]
Fair Value		$ 7,599	[5],[6],[7]	$ 6,018	[8],[9],[10]
Percentage of Net Assets		1.38%	[5],[6],[7]	1.17%	[8],[9],[10]
Unused Fee Rate		0.50%		0.50%
Unfunded commitments		$ 243		$ 277
Fair Value		$ (5)		$ (11)
Investment, Identifier [Axis]: Appfire Technologies, LLC 2
Variable interest rate		5.50%	[6],[7],[13]	5.50%	[9],[10],[14]
Interest Rate		10.70%	[6],[7],[11],[13]	9.92%	[9],[10],[12],[14]
Par Amount		$ 0	[6],[7],[13]	$ 1,530	[9],[10],[14]
Cost		(2)	[1],[6],[7],[13]	1,513	[3],[9],[10],[14]
Fair Value		$ (5)	[6],[7],[13]	$ 1,461	[9],[10],[14]
Percentage of Net Assets		0.00%	[6],[7],[13]	0.28%	[9],[10],[14]
Unused Fee Rate		0.50%		0.50%
Unfunded commitments		$ 28		$ 26
Fair Value		$ (1)		$ (1)
Investment, Identifier [Axis]: Appfire Technologies, LLC 3
Variable interest rate		5.50%	[6],[7],[13]	5.50%	[9],[10],[14]
Interest Rate		10.70%	[6],[7],[11],[13]	9.92%	[9],[10],[12],[14]
Par Amount		$ 0	[6],[7],[13]	$ 2	[9],[10],[14]
Cost		0	[1],[6],[7],[13]	1	[3],[9],[10],[14]
Fair Value		$ (1)	[6],[7],[13]	$ 1	[9],[10],[14]
Percentage of Net Assets		0.00%	[6],[7],[13]	0.00%	[9],[10],[14]
Investment, Identifier [Axis]: Applitools, Inc.
Unused Fee Rate		0.50%		0.50%
Unfunded commitments		$ 200		$ 200
Fair Value		$ (9)		$ (3)
Investment, Identifier [Axis]: Applitools, Inc. 1
Variable interest rate	[8],[10],[16],[19]			6.25%
Interest rate, PIK		6.25%
Interest Rate		11.35%		10.57%	[8],[10],[12],[16],[19]
Par Amount		$ 1,560	[7],[15],[20]	$ 1,477	[8],[10],[16],[19]
Cost		1,539	[1],[7],[15],[20]	1,450	[3],[8],[10],[16],[19]
Fair Value		$ 1,494	[7],[15],[20]	$ 1,451	[8],[10],[16],[19]
Percentage of Net Assets		0.27%	[7],[15],[20]	0.28%	[8],[10],[16],[19]
Investment, Identifier [Axis]: Applitools, Inc. 2
Variable interest rate		6.25%	[7],[13],[15],[20]	6.25%	[10],[14],[16],[19]
Interest Rate		11.35%	[7],[11],[13],[15],[20]	10.57%	[10],[12],[14],[16],[19]
Par Amount		$ 0	[7],[13],[15],[20]	$ 0	[10],[14],[16],[19]
Cost		(3)	[1],[7],[13],[15],[20]	(4)	[3],[10],[14],[16],[19]
Fair Value		$ (9)	[7],[13],[15],[20]	$ (3)	[10],[14],[16],[19]
Percentage of Net Assets		0.00%	[7],[13],[15],[20]	0.00%	[10],[14],[16],[19]
Investment, Identifier [Axis]: Aptean, Inc.
Variable interest rate		7.00%	[5],[15]	7.00%	[10]
Interest Rate		12.20%	[5],[11],[15]	11.74%	[10],[12]
Par Amount		$ 1,050	[5],[15]	$ 1,050	[10]
Cost		1,050	[1],[5],[15]	1,050	[3],[10]
Fair Value		$ 966	[5],[15]	$ 963	[10]
Percentage of Net Assets		0.18%	[5],[15]	0.19%	[10]
Investment, Identifier [Axis]: Assembly Intermediate, LLC 1
Variable interest rate		6.50%	[5],[6],[7]	6.50%	[8],[10]
Interest Rate		11.84%	[5],[6],[7],[11]	11.23%	[8],[10],[12]
Par Amount		$ 8,889	[5],[6],[7]	$ 8,889	[8],[10]
Cost		8,752	[1],[5],[6],[7]	8,740	[3],[8],[10]
Fair Value		$ 8,588	[5],[6],[7]	$ 8,548	[8],[10]
Percentage of Net Assets		1.56%	[5],[6],[7]	1.66%	[8],[10]
Unused Fee Rate		1.00%		1.00%
Unfunded commitments		$ 978		$ 978
Fair Value		$ (33)		$ (38)
Investment, Identifier [Axis]: Assembly Intermediate, LLC 2
Variable interest rate		6.50%	[6],[7],[13]	6.50%	[10],[14]
Interest Rate		11.84%	[6],[7],[11],[13]	11.23%	[10],[12],[14]
Par Amount		$ 1,244	[6],[7],[13]	$ 1,244	[10],[14]
Cost		1,218	[1],[6],[7],[13]	1,215	[3],[10],[14]
Fair Value		$ 1,169	[6],[7],[13]	$ 1,159	[10],[14]
Percentage of Net Assets		0.21%	[6],[7],[13]	0.22%	[10],[14]
Unused Fee Rate		0.50%		0.50%
Unfunded commitments		$ 889		$ 533
Fair Value		$ (30)		$ (20)
Investment, Identifier [Axis]: Assembly Intermediate, LLC 3
Variable interest rate		6.50%	[6],[7],[13]	6.50%	[10],[14]
Interest Rate		11.84%	[6],[7],[11],[13]	11.23%	[10],[12],[14]
Par Amount		$ 0	[6],[7],[13]	$ 356	[10],[14]
Cost		(13)	[1],[6],[7],[13]	341	[3],[10],[14]
Fair Value		$ (30)	[6],[7],[13]	$ 321	[10],[14]
Percentage of Net Assets		(0.01%)	[6],[7],[13]	0.06%	[10],[14]
Investment, Identifier [Axis]: Associations, Inc. 1
Variable interest rate		6.50%		6.50%
Interest rate, PIK		2.50%		2.50%
Interest Rate		11.68%	[5],[6],[7],[11]	10.36%	[8],[9],[10],[12]
Par Amount		$ 7,098	[5],[6],[7]	$ 6,968	[8],[9],[10]
Cost		7,050	[1],[5],[6],[7]	6,915	[3],[8],[9],[10]
Fair Value		$ 6,907	[5],[6],[7]	$ 6,652	[8],[9],[10]
Percentage of Net Assets		1.25%	[5],[6],[7]	1.29%	[8],[9],[10]
Unused Fee Rate		1.00%		1.00%
Unfunded commitments		$ 421		$ 1,109
Fair Value		$ (11)		$ (50)
Investment, Identifier [Axis]: Associations, Inc. 2
Variable interest rate		6.50%		6.50%
Interest rate, PIK		2.50%		2.50%
Interest Rate		11.68%	[5],[6],[7],[11],[13]	10.36%	[8],[9],[10],[12],[14]
Par Amount		$ 6,972	[5],[6],[7],[13]	$ 6,190	[8],[9],[10],[14]
Cost		6,922	[1],[5],[6],[7],[13]	6,135	[3],[8],[9],[10],[14]
Fair Value		$ 6,774	[5],[6],[7],[13]	$ 5,859	[8],[9],[10],[14]
Percentage of Net Assets		1.23%	[5],[6],[7],[13]	1.13%	[8],[9],[10],[14]
Unused Fee Rate		0.50%		0.50%
Unfunded commitments		$ 797		$ 797
Fair Value		$ (21)		$ (36)
Investment, Identifier [Axis]: Associations, Inc. 3
Variable interest rate		6.50%		6.50%
Interest rate, PIK		2.50%		2.50%
Interest Rate		11.68%	[6],[7],[11],[13]	10.36%	[9],[10],[12],[14]
Par Amount		$ 0	[6],[7],[13]	$ 0	[9],[10],[14]
Cost		(5)	[1],[6],[7],[13]	(6)	[3],[9],[10],[14]
Fair Value		$ (21)	[6],[7],[13]	$ (36)	[9],[10],[14]
Percentage of Net Assets		0.00%	[6],[7],[13]	(0.01%)	[9],[10],[14]
Investment, Identifier [Axis]: Atlas Purchaser, Inc.
Variable interest rate		5.25%	[5],[15]	5.25%	[10],[16]
Interest Rate		10.39%	[5],[11],[15]	9.81%	[10],[12],[16]
Par Amount		$ 3,804	[5],[15]	$ 3,824	[10],[16]
Cost		3,747	[1],[5],[15]	3,762	[3],[10],[16]
Fair Value		$ 2,510	[5],[15]	$ 2,668	[10],[16]
Percentage of Net Assets		0.46%	[5],[15]	0.52%	[10],[16]
Investment, Identifier [Axis]: Atlas Us Finco, Inc.
Unused Fee Rate		0.50%		0.50%
Unfunded commitments		$ 78		$ 78
Fair Value		$ (2)		$ (2)
Investment, Identifier [Axis]: Atlas Us Finco, Inc. 1
Variable interest rate		7.25%	[5],[6],[7],[20]	7.25%	[8],[9],[10],[19]
Interest Rate		12.40%	[5],[6],[7],[11],[20]	11.48%	[8],[9],[10],[12],[19]
Par Amount		$ 840	[5],[6],[7],[20]	$ 840	[8],[9],[10],[19]
Cost		816	[1],[5],[6],[7],[20]	815	[3],[8],[9],[10],[19]
Fair Value		$ 823	[5],[6],[7],[20]	$ 815	[8],[9],[10],[19]
Percentage of Net Assets		0.15%	[5],[6],[7],[20]	0.16%	[8],[9],[10],[19]
Investment, Identifier [Axis]: Atlas Us Finco, Inc. 2
Variable interest rate		7.25%	[6],[7],[13],[20]	7.25%	[9],[10],[14],[19]
Interest Rate		12.40%	[6],[7],[11],[13],[20]	11.48%	[9],[10],[12],[14],[19]
Par Amount		$ 0	[6],[7],[13],[20]	$ 0	[9],[10],[14],[19]
Cost		(2)	[1],[6],[7],[13],[20]	(2)	[3],[9],[10],[14],[19]
Fair Value		$ (2)	[6],[7],[13],[20]	$ (2)	[9],[10],[14],[19]
Percentage of Net Assets		0.00%	[6],[7],[13],[20]	0.00%	[9],[10],[14],[19]
Investment, Identifier [Axis]: Avalara, Inc.
Unused Fee Rate		0.50%		0.50%
Unfunded commitments		$ 256		$ 234
Fair Value		$ (2)		$ (6)
Investment, Identifier [Axis]: Avalara, Inc. 1
Variable interest rate		7.25%	[7],[15]	7.25%	[8],[10],[16]
Interest Rate		12.49%	[7],[11],[15]	11.83%	[8],[10],[12],[16]
Par Amount		$ 2,563	[7],[15]	$ 2,336	[8],[10],[16]
Cost		2,508	[1],[7],[15]	2,279	[3],[8],[10],[16]
Fair Value		$ 2,544	[7],[15]	$ 2,279	[8],[10],[16]
Percentage of Net Assets		0.46%	[7],[15]	0.44%	[8],[10],[16]
Investment, Identifier [Axis]: Avalara, Inc. 2
Variable interest rate		7.25%	[7],[13],[15]	7.25%	[10],[14],[16]
Interest Rate		12.49%	[7],[11],[13],[15]	11.83%	[10],[12],[14],[16]
Par Amount		$ 0	[7],[13],[15]	$ 0	[10],[14],[16]
Cost		(5)	[1],[7],[13],[15]	(6)	[3],[10],[14],[16]
Fair Value		$ (2)	[7],[13],[15]	$ (6)	[10],[14],[16]
Percentage of Net Assets		0.00%	[7],[13],[15]	0.00%	[10],[14],[16]
Investment, Identifier [Axis]: BP Purchaser, LLC
Variable interest rate	[5],[7],[15]	5.50%
Interest Rate	[5],[7],[11],[15]	11.00%
Par Amount	[5],[7],[15]	$ 23,369
Cost	[1],[5],[7],[15]	22,983
Fair Value	[5],[7],[15]	$ 22,268
Percentage of Net Assets	[5],[7],[15]	4.05%
Investment, Identifier [Axis]: BP Purchaser, LLC 1
Variable interest rate	[8],[10],[16]			5.50%
Interest Rate	[8],[10],[12],[16]			10.24%
Par Amount	[8],[10],[16]			$ 23,487
Cost	[3],[8],[10],[16]			23,074
Fair Value	[8],[10],[16]			$ 21,927
Percentage of Net Assets	[8],[10],[16]			4.25%
Investment, Identifier [Axis]: BP Purchaser, LLC 2
Par Amount, Shares (in shares)	[10],[18]			1,233,333
Cost	[3],[10],[18]			$ 1,233
Fair Value	[10],[18]			$ 1,468
Percentage of Net Assets	[10],[18]			0.28%
Investment, Identifier [Axis]: BP Purchaser, LLC, Common Equity
Par Amount, Shares (in shares)	[7],[17]	1,233,333
Cost	[1],[7],[17]	$ 1,233
Fair Value	[7],[17]	$ 1,270
Percentage of Net Assets	[7],[17]	0.23%
Investment, Identifier [Axis]: BPG Holdings IV Corp.
Variable interest rate		6.00%	[5],[7],[15]	6.00%	[8],[10],[16]
Interest Rate		11.24%	[5],[7],[11],[15]	10.54%	[8],[10],[12],[16]
Par Amount		$ 9,578	[5],[7],[15]	$ 9,626	[8],[10],[16]
Cost		8,988	[1],[5],[7],[15]	9,001	[3],[8],[10],[16]
Fair Value		$ 9,188	[5],[7],[15]	$ 9,000	[8],[10],[16]
Percentage of Net Assets		1.67%	[5],[7],[15]	1.74%	[8],[10],[16]
Investment, Identifier [Axis]: Bridgepointe Technologies, LLC
Unused Fee Rate		0.50%		0.50%
Unfunded commitments		$ 2,606		$ 3,840
Fair Value		$ (93)		$ (153)
Investment, Identifier [Axis]: Bridgepointe Technologies, LLC 1
Variable interest rate		6.50%	[6],[7]	6.50%	[9],[10]
Interest Rate		11.89%	[6],[7],[11]	11.23%	[9],[10],[12]
Par Amount		$ 5,731	[6],[7]	$ 5,760	[9],[10]
Cost		5,520	[1],[6],[7]	5,531	[3],[9],[10]
Fair Value		$ 5,527	[6],[7]	$ 5,531	[9],[10]
Percentage of Net Assets		1.00%	[6],[7]	1.07%	[9],[10]
Investment, Identifier [Axis]: Bridgepointe Technologies, LLC 2
Variable interest rate		6.50%	[6],[7],[13]	6.50%	[9],[10],[14]
Interest Rate		11.89%	[6],[7],[11],[13]	11.23%	[9],[10],[12],[14]
Par Amount		$ 1,234	[6],[7],[13]	$ 0	[9],[10],[14]
Cost		1,085	[1],[6],[7],[13]	(153)	[3],[9],[10],[14]
Fair Value		$ 1,097	[6],[7],[13]	$ (153)	[9],[10],[14]
Percentage of Net Assets		0.20%	[6],[7],[13]	(0.03%)	[9],[10],[14]
Investment, Identifier [Axis]: Bullhorn, Inc.
Unused Fee Rate		0.50%		0.50%
Unfunded commitments		$ 8		$ 4
Fair Value		$ 0		$ 0
Investment, Identifier [Axis]: Bullhorn, Inc. 1
Variable interest rate		5.75%	[5],[6],[7]	5.75%	[8],[9],[10]
Interest Rate		10.95%	[5],[6],[7],[11]	10.48%	[8],[9],[10],[12]
Par Amount		$ 180	[5],[6],[7]	$ 171	[8],[9],[10]
Cost		178	[1],[5],[6],[7]	170	[3],[8],[9],[10]
Fair Value		$ 178	[5],[6],[7]	$ 166	[8],[9],[10]
Percentage of Net Assets		0.03%	[5],[6],[7]	0.03%	[8],[9],[10]
Investment, Identifier [Axis]: Bullhorn, Inc. 2
Variable interest rate		5.75%	[6],[7]	5.75%	[9],[10]
Interest Rate		10.95%	[6],[7],[11]	10.48%	[9],[10],[12]
Par Amount		$ 10	[6],[7]	$ 19	[9],[10]
Cost		10	[1],[6],[7]	19	[3],[9],[10]
Fair Value		$ 10	[6],[7]	$ 19	[9],[10]
Percentage of Net Assets		0.00%	[6],[7]	0.00%	[9],[10]
Investment, Identifier [Axis]: Bullhorn, Inc. 3
Variable interest rate		5.75%	[6],[7],[13]	5.75%	[9],[10],[14]
Interest Rate		10.95%	[6],[7],[11],[13]	10.48%	[9],[10],[12],[14]
Par Amount		$ 0	[6],[7],[13]	$ 4	[9],[10],[14]
Cost		0	[1],[6],[7],[13]	4	[3],[9],[10],[14]
Fair Value		$ 0	[6],[7],[13]	$ 3	[9],[10],[14]
Percentage of Net Assets		0.00%	[6],[7],[13]	0.00%	[9],[10],[14]
Investment, Identifier [Axis]: CLEO Communications Holding, LLC
Unused Fee Rate		0.50%		0.50%
Unfunded commitments		$ 5,358		$ 5,358
Fair Value		$ (140)		$ (191)
Investment, Identifier [Axis]: CLEO Communications Holding, LLC 1
Variable interest rate		6.50%	[5],[6],[7]	6.50%	[8],[9],[10]
Interest Rate		11.75%	[5],[6],[7],[11]	10.74%	[8],[9],[10],[12]
Par Amount		$ 17,142	[5],[6],[7]	$ 17,142	[8],[9],[10]
Cost		17,020	[1],[5],[6],[7]	17,008	[3],[8],[9],[10]
Fair Value		$ 16,693	[5],[6],[7]	$ 16,532	[8],[9],[10]
Percentage of Net Assets		3.03%	[5],[6],[7]	3.20%	[8],[9],[10]
Investment, Identifier [Axis]: CLEO Communications Holding, LLC 2
Variable interest rate		6.50%	[6],[7],[13]	6.50%	[9],[10],[14]
Interest Rate		11.75%	[6],[7],[11],[13]	10.74%	[9],[10],[12],[14]
Par Amount		$ 0	[6],[7],[13]	$ 0	[9],[10],[14]
Cost		(35)	[1],[6],[7],[13]	(40)	[3],[9],[10],[14]
Fair Value		$ (140)	[6],[7],[13]	$ (191)	[9],[10],[14]
Percentage of Net Assets		(0.03%)	[6],[7],[13]	(0.04%)	[9],[10],[14]
Investment, Identifier [Axis]: CSC Thrive Holdings, LP (Thrive Networks)
Par Amount, Shares (in shares)		54,103	[7],[17]	53,339	[10],[18]
Cost		$ 140	[1],[7],[17]	$ 137	[3],[10],[18]
Fair Value		$ 265	[7],[17]	$ 213	[10],[18]
Percentage of Net Assets		0.05%	[7],[17]	0.04%	[10],[18]
Investment, Identifier [Axis]: Caerus US 1, Inc. 1
Variable interest rate		5.75%	[7],[15],[20]	5.75%	[10],[16],[19]
Interest Rate		10.99%	[7],[11],[15],[20]	9.83%	[10],[12],[16],[19]
Par Amount		$ 1,837	[7],[15],[20]	$ 1,841	[10],[16],[19]
Cost		1,803	[1],[7],[15],[20]	1,805	[3],[10],[16],[19]
Fair Value		$ 1,822	[7],[15],[20]	$ 1,805	[10],[16],[19]
Percentage of Net Assets		0.33%	[7],[15],[20]	0.35%	[10],[16],[19]
Unused Fee Rate		1.00%		0.00%
Unfunded commitments		$ 266		$ 266
Fair Value		$ (2)		$ (3)
Investment, Identifier [Axis]: Caerus US 1, Inc. 2
Variable interest rate		5.75%	[7],[13],[15],[20]	5.75%	[10],[14],[16],[19]
Interest Rate		10.99%	[7],[11],[13],[15],[20]	9.83%	[10],[12],[14],[16],[19]
Par Amount		$ 0	[7],[13],[15],[20]	$ 0	[10],[14],[16],[19]
Cost		(3)	[1],[7],[13],[15],[20]	(3)	[3],[10],[14],[16],[19]
Fair Value		$ (2)	[7],[13],[15],[20]	$ (3)	[10],[14],[16],[19]
Percentage of Net Assets		0.00%	[7],[13],[15],[20]	0.00%	[10],[14],[16],[19]
Unused Fee Rate		0.50%		0.50%
Unfunded commitments		$ 78		$ 145
Fair Value		$ (1)		$ (3)
Investment, Identifier [Axis]: Caerus US 1, Inc. 3
Variable interest rate		5.75%	[7],[13],[15],[20]	5.75%	[10],[14],[16],[19]
Interest Rate		10.99%	[7],[11],[13],[15],[20]	9.83%	[10],[12],[14],[16],[19]
Par Amount		$ 116	[7],[13],[15],[20]	$ 48	[10],[14],[16],[19]
Cost		113	[1],[7],[13],[15],[20]	45	[3],[10],[14],[16],[19]
Fair Value		$ 114	[7],[13],[15],[20]	$ 45	[10],[14],[16],[19]
Percentage of Net Assets		0.02%	[7],[13],[15],[20]	0.01%	[10],[14],[16],[19]
Investment, Identifier [Axis]: Catalis Intermediate, Inc. 1
Variable interest rate	[5],[7],[15]	5.50%
Interest Rate	[5],[7],[11],[15]	10.89%
Par Amount	[5],[7],[15]	$ 16,953
Cost	[1],[5],[7],[15]	16,643
Fair Value	[5],[7],[15]	$ 14,922
Percentage of Net Assets	[5],[7],[15]	2.71%
Unused Fee Rate		1.00%
Unfunded commitments		$ 1,794
Fair Value		$ (215)
Investment, Identifier [Axis]: Catalis Intermediate, Inc. 2
Variable interest rate	[5],[7],[13],[15]	5.50%
Interest Rate	[5],[7],[11],[13],[15]	10.89%
Par Amount	[5],[7],[13],[15]	$ 3,815
Cost	[1],[5],[7],[13],[15]	3,732
Fair Value	[5],[7],[13],[15]	$ 3,143
Percentage of Net Assets	[5],[7],[13],[15]	0.57%
Unused Fee Rate		0.50%
Unfunded commitments		$ 182
Fair Value		$ (22)
Investment, Identifier [Axis]: Catalis Intermediate, Inc. 3
Variable interest rate	[7],[13],[15]	5.50%
Interest Rate	[7],[11],[13],[15]	10.89%
Par Amount	[7],[13],[15]	$ 1,634
Cost	[1],[7],[13],[15]	1,603
Fair Value	[7],[13],[15]	$ 1,417
Percentage of Net Assets	[7],[13],[15]	0.26%
Investment, Identifier [Axis]: Cerity Partners, LLC
Unused Fee Rate		1.00%		1.00%
Unfunded commitments		$ 2,097		$ 4,823
Fair Value		$ (19)		$ (145)
Investment, Identifier [Axis]: Cerity Partners, LLC 1
Variable interest rate		6.75%	[5],[7],[15]	6.75%	[8],[10],[16]
Interest Rate		11.85%	[5],[7],[11],[15]	11.32%	[8],[10],[12],[16]
Par Amount		$ 1,733	[5],[7],[15]	$ 3,272	[8],[10],[16]
Cost		1,683	[1],[5],[7],[15]	3,175	[3],[8],[10],[16]
Fair Value		$ 1,717	[5],[7],[15]	$ 3,174	[8],[10],[16]
Percentage of Net Assets		0.31%	[5],[7],[15]	0.61%	[8],[10],[16]
Investment, Identifier [Axis]: Cerity Partners, LLC 2
Variable interest rate		6.75%	[7],[13],[15]	6.75%	[10],[14],[16]
Interest Rate		11.85%	[7],[11],[13],[15]	11.32%	[10],[12],[14],[16]
Par Amount		$ 547	[7],[13],[15]	$ 172	[10],[14],[16]
Cost		473	[1],[7],[13],[15]	23	[3],[10],[14],[16]
Fair Value		$ 523	[7],[13],[15]	$ 23	[10],[14],[16]
Percentage of Net Assets		0.10%	[7],[13],[15]	0.00%	[10],[14],[16]
Investment, Identifier [Axis]: Citrin Cooperman Advisors, LLC
Unused Fee Rate		1.00%		1.00%
Unfunded commitments		$ 2,152		$ 4,206
Fair Value		$ (50)		$ (125)
Investment, Identifier [Axis]: Citrin Cooperman Advisors, LLC 1
Variable interest rate		5.75%	[5],[7],[15]	5.00%	[8],[10],[16]
Interest Rate		10.72%	[5],[7],[11],[15]	9.21%	[8],[10],[12],[16]
Par Amount		$ 8,539	[5],[7],[15]	$ 8,582	[8],[10],[16]
Cost		8,410	[1],[5],[7],[15]	8,441	[3],[8],[10],[16]
Fair Value		$ 8,342	[5],[7],[15]	$ 8,326	[8],[10],[16]
Percentage of Net Assets		1.52%	[5],[7],[15]	1.61%	[8],[10],[16]
Investment, Identifier [Axis]: Citrin Cooperman Advisors, LLC 2
Variable interest rate		5.75%	[5],[7],[13],[15]	5.00%	[8],[10],[16]
Interest Rate		10.72%	[5],[7],[11],[13],[15]	9.21%	[8],[10],[12],[16]
Par Amount		$ 7,787	[5],[7],[13],[15]	$ 9,444	[8],[10],[16]
Cost		7,638	[1],[5],[7],[13],[15]	9,247	[3],[8],[10],[16]
Fair Value		$ 7,557	[5],[7],[13],[15]	$ 9,037	[8],[10],[16]
Percentage of Net Assets		1.37%	[5],[7],[13],[15]	1.75%	[8],[10],[16]
Investment, Identifier [Axis]: Citrin Cooperman Advisors, LLC 3
Variable interest rate	[5],[7],[13],[15]	5.75%
Interest Rate	[5],[7],[11],[13],[15]	10.72%
Par Amount	[5],[7],[13],[15]	$ 3,660
Cost	[1],[5],[7],[13],[15]	3,611
Fair Value	[5],[7],[13],[15]	$ 3,575
Percentage of Net Assets	[5],[7],[13],[15]	0.65%
Investment, Identifier [Axis]: Continental Battery Company
Variable interest rate		6.75%	[5],[6],[7]	6.75%	[8],[9],[10]
Interest Rate		11.89%	[5],[6],[7],[11]	11.48%	[8],[9],[10],[12]
Par Amount		$ 6,156	[5],[6],[7]	$ 6,188	[8],[9],[10]
Cost		6,063	[1],[5],[6],[7]	6,083	[3],[8],[9],[10]
Fair Value		$ 5,432	[5],[6],[7]	$ 5,904	[8],[9],[10]
Percentage of Net Assets		0.99%	[5],[6],[7]	1.14%	[8],[9],[10]
Investment, Identifier [Axis]: Coupa Holdings, LLC 1
Variable interest rate	[7],[15]	7.50%
Interest Rate	[7],[11],[15]	12.60%
Par Amount	[7],[15]	$ 315
Cost	[1],[7],[15]	308
Fair Value	[7],[15]	$ 306
Percentage of Net Assets	[7],[15]	0.06%
Unused Fee Rate		1.00%
Unfunded commitments		$ 151
Fair Value		$ (4)
Investment, Identifier [Axis]: Coupa Holdings, LLC 2
Variable interest rate	[7],[13],[15]	7.50%
Interest Rate	[7],[11],[13],[15]	12.60%
Par Amount	[7],[13],[15]	$ 0
Cost	[1],[7],[13],[15]	(2)
Fair Value	[7],[13],[15]	$ (4)
Percentage of Net Assets	[7],[13],[15]	0.00%
Unused Fee Rate		0.50%
Unfunded commitments		$ 116
Fair Value		$ (3)
Investment, Identifier [Axis]: Coupa Holdings, LLC 3
Variable interest rate	[7],[13],[15]	7.50%
Interest Rate	[7],[11],[13],[15]	12.60%
Par Amount	[7],[13],[15]	$ 0
Cost	[1],[7],[13],[15]	(3)
Fair Value	[7],[13],[15]	$ (3)
Percentage of Net Assets	[7],[13],[15]	0.00%
Investment, Identifier [Axis]: Cyara AcquisitionCo, LLC
Unused Fee Rate		0.50%
Unfunded commitments		$ 64
Fair Value		$ (2)
Investment, Identifier [Axis]: Cyara AcquisitionCo, LLC 1
Variable interest rate	[6],[7]	6.75%
Interest Rate	[6],[7],[11]	12.07%
Par Amount	[6],[7]	$ 936
Cost	[1],[6],[7]	911
Fair Value	[6],[7]	$ 911
Percentage of Net Assets	[6],[7]	0.17%
Investment, Identifier [Axis]: Cyara AcquisitionCo, LLC 2
Variable interest rate	[6],[7],[13]	6.75%
Interest Rate	[6],[7],[11],[13]	12.07%
Par Amount	[6],[7],[13]	$ 0
Cost	[1],[6],[7],[13]	(2)
Fair Value	[6],[7],[13]	$ (2)
Percentage of Net Assets	[6],[7],[13]	0.00%
Investment, Identifier [Axis]: DCA Investment Holdings, LLC
Unused Fee Rate		1.00%		1.00%
Unfunded commitments		$ 160		$ 389
Fair Value		$ (1)		$ (6)
Investment, Identifier [Axis]: DCA Investment Holdings, LLC 1
Variable interest rate		6.41%	[7],[15]	6.00%	[8],[10],[16]
Interest Rate		11.65%	[7],[11],[15]	10.39%	[8],[10],[12],[16]
Par Amount		$ 4,874	[7],[15]	$ 4,737	[8],[10],[16]
Cost		4,821	[1],[7],[15]	4,681	[3],[8],[10],[16]
Fair Value		$ 4,838	[7],[15]	$ 4,666	[8],[10],[16]
Percentage of Net Assets		0.88%	[7],[15]	0.90%	[8],[10],[16]
Investment, Identifier [Axis]: DCA Investment Holdings, LLC 2
Variable interest rate		6.41%	[5],[7],[13],[15]	6.00%	[8],[10],[14],[16]
Interest Rate		11.65%	[5],[7],[11],[13],[15]	10.39%	[8],[10],[12],[14],[16]
Par Amount		$ 1,356	[5],[7],[13],[15]	$ 1,129	[8],[10],[14],[16]
Cost		1,333	[1],[5],[7],[13],[15]	1,111	[3],[8],[10],[14],[16]
Fair Value		$ 1,344	[5],[7],[13],[15]	$ 1,111	[8],[10],[14],[16]
Percentage of Net Assets		0.24%	[5],[7],[13],[15]	0.22%	[8],[10],[14],[16]
Investment, Identifier [Axis]: DCA Investment Holdings, LLC 3
Variable interest rate		6.50%	[7],[15]	6.00%	[10],[14],[16]
Interest Rate		11.79%	[7],[11],[15]	10.39%	[10],[12],[14],[16]
Par Amount		$ 86	[7],[15]	$ 0	[10],[14],[16]
Cost		85	[1],[7],[15]	(5)	[3],[10],[14],[16]
Fair Value		$ 85	[7],[15]	$ (5)	[10],[14],[16]
Percentage of Net Assets		0.02%	[7],[15]	0.00%	[10],[14],[16]
Investment, Identifier [Axis]: Donuts, Inc.
Variable interest rate	[5],[6],[7]	6.00%
Interest Rate	[5],[6],[7],[11]	11.27%
Par Amount	[5],[6],[7]	$ 9,445
Cost	[1],[5],[6],[7]	9,357
Fair Value	[5],[6],[7]	$ 9,355
Percentage of Net Assets	[5],[6],[7]	1.70%
Unused Fee Rate				0.25%
Unfunded commitments				$ 1,583
Fair Value				$ (40)
Investment, Identifier [Axis]: Donuts, Inc. 1
Variable interest rate	[8],[9],[10]			6.00%
Interest Rate	[8],[9],[10],[12]			10.43%
Par Amount	[8],[9],[10]			$ 6,125
Cost	[3],[8],[9],[10]			6,036
Fair Value	[8],[9],[10]			$ 5,970
Percentage of Net Assets	[8],[9],[10]			1.16%
Investment, Identifier [Axis]: Donuts, Inc. 2
Variable interest rate	[8],[9],[10]			6.00%
Interest Rate	[8],[9],[10],[12]			10.43%
Par Amount	[8],[9],[10]			$ 3,368
Cost	[3],[8],[9],[10]			3,368
Fair Value	[8],[9],[10]			$ 3,282
Percentage of Net Assets	[8],[9],[10]			0.64%
Investment, Identifier [Axis]: Donuts, Inc. 3
Variable interest rate	[9],[10],[14]			6.00%
Interest Rate	[9],[10],[12],[14]			10.43%
Par Amount	[9],[10],[14]			$ 0
Cost	[3],[9],[10],[14]			0
Fair Value	[9],[10],[14]			$ (40)
Percentage of Net Assets	[9],[10],[14]			(0.01%)
Investment, Identifier [Axis]: Dwyer Instruments, Inc. 1
Variable interest rate		5.75%	[5],[7],[15]	6.00%	[8],[10],[16]
Interest Rate		11.09%	[5],[7],[11],[15]	10.73%	[8],[10],[12],[16]
Par Amount		$ 2,537	[5],[7],[15]	$ 2,549	[8],[10],[16]
Cost		2,494	[1],[5],[7],[15]	2,503	[3],[8],[10],[16]
Fair Value		$ 2,471	[5],[7],[15]	$ 2,434	[8],[10],[16]
Percentage of Net Assets		0.45%	[5],[7],[15]	0.47%	[8],[10],[16]
Unused Fee Rate		1.00%		1.00%
Unfunded commitments		$ 641		$ 641
Fair Value		$ (17)		$ (29)
Investment, Identifier [Axis]: Dwyer Instruments, Inc. 2
Variable interest rate		5.75%	[7],[13],[15]	6.00%	[10],[14],[16]
Interest Rate		11.09%	[7],[11],[13],[15]	10.73%	[10],[12],[14],[16]
Par Amount		$ 0	[7],[13],[15]	$ 0	[10],[14],[16]
Cost		(5)	[1],[7],[13],[15]	(6)	[3],[10],[14],[16]
Fair Value		$ (17)	[7],[13],[15]	$ (29)	[10],[14],[16]
Percentage of Net Assets		0.00%	[7],[13],[15]	(0.01%)	[10],[14],[16]
Unused Fee Rate		0.50%		0.50%
Unfunded commitments		$ 238		$ 271
Fair Value		$ (6)		$ (12)
Investment, Identifier [Axis]: Dwyer Instruments, Inc. 3
Variable interest rate		5.75%	[7],[13],[15]	6.00%	[10],[14],[16]
Interest Rate		11.09%	[7],[11],[13],[15]	10.73%	[10],[12],[14],[16]
Par Amount		$ 83	[7],[13],[15]	$ 50	[10],[14],[16]
Cost		78	[1],[7],[13],[15]	44	[3],[10],[14],[16]
Fair Value		$ 75	[7],[13],[15]	$ 36	[10],[14],[16]
Percentage of Net Assets		0.01%	[7],[13],[15]	0.01%	[10],[14],[16]
Investment, Identifier [Axis]: Encore Holdings, LLC
Par Amount, Shares (in shares)		559	[7],[17]	478	[10],[18]
Cost		$ 70	[1],[7],[17]	$ 55	[3],[10],[18]
Fair Value		$ 118	[7],[17]	$ 90	[10],[18]
Percentage of Net Assets		0.02%	[7],[17]	0.02%	[10],[18]
Investment, Identifier [Axis]: Encore Holdings, LLC 1
Variable interest rate		4.50%	[5],[7],[15]	4.50%	[8],[10],[16]
Interest Rate		10.04%	[5],[7],[11],[15]	9.23%	[8],[10],[12],[16]
Par Amount		$ 9,201	[5],[7],[15]	$ 9,248	[8],[10],[16]
Cost		9,070	[1],[5],[7],[15]	9,107	[3],[8],[10],[16]
Fair Value		$ 9,137	[5],[7],[15]	$ 9,031	[8],[10],[16]
Percentage of Net Assets		1.66%	[5],[7],[15]	1.75%	[8],[10],[16]
Unused Fee Rate		0.75%		0.75%
Unfunded commitments		$ 6,341		$ 7,347
Fair Value		$ (44)		$ (173)
Investment, Identifier [Axis]: Encore Holdings, LLC 2
Variable interest rate		4.50%	[5],[7],[13],[15]	4.50%	[8],[10],[14],[16]
Interest Rate		10.04%	[5],[7],[11],[13],[15]	9.23%	[8],[10],[12],[14],[16]
Par Amount		$ 11,520	[5],[7],[13],[15]	$ 10,570	[8],[10],[14],[16]
Cost		11,317	[1],[5],[7],[13],[15]	10,350	[3],[8],[10],[14],[16]
Fair Value		$ 11,395	[5],[7],[13],[15]	$ 10,149	[8],[10],[14],[16]
Percentage of Net Assets		2.07%	[5],[7],[13],[15]	1.97%	[8],[10],[14],[16]
Unused Fee Rate		0.50%		0.50%
Unfunded commitments		$ 2,695		$ 2,695
Fair Value		$ (19)		$ (63)
Investment, Identifier [Axis]: Encore Holdings, LLC 3
Variable interest rate		4.50%	[7],[13],[15]	4.50%	[10],[14],[16]
Interest Rate		10.04%	[7],[11],[13],[15]	9.23%	[10],[12],[14],[16]
Par Amount		$ 0	[7],[13],[15]	$ 0	[10],[14],[16]
Cost		(35)	[1],[7],[13],[15]	(38)	[3],[10],[14],[16]
Fair Value		$ (19)	[7],[13],[15]	$ (63)	[10],[14],[16]
Percentage of Net Assets		0.00%	[7],[13],[15]	(0.01%)	[10],[14],[16]
Investment, Identifier [Axis]: Energy Labs Holdings Corp.
Unused Fee Rate		0.50%
Unfunded commitments		$ 53
Fair Value		$ (1)
Investment, Identifier [Axis]: Energy Labs Holdings Corp. 1
Variable interest rate		5.25%	[5],[6],[7]	5.25%	[8],[9],[10]
Interest Rate		10.50%	[5],[6],[7],[11]	9.57%	[8],[9],[10],[12]
Par Amount		$ 386	[5],[6],[7]	$ 388	[8],[9],[10]
Cost		381	[1],[5],[6],[7]	382	[3],[8],[9],[10]
Fair Value		$ 377	[5],[6],[7]	$ 376	[8],[9],[10]
Percentage of Net Assets		0.07%	[5],[6],[7]	0.07%	[8],[9],[10]
Unused Fee Rate				1.00%
Unfunded commitments				$ 47
Fair Value				$ (1)
Investment, Identifier [Axis]: Energy Labs Holdings Corp. 2
Variable interest rate		5.25%	[6],[7]	5.25%	[9],[10],[14]
Interest Rate		10.50%	[6],[7],[11]	9.57%	[9],[10],[12],[14]
Par Amount		$ 37	[6],[7]	$ 0	[9],[10],[14]
Cost		36	[1],[6],[7]	0	[3],[9],[10],[14]
Fair Value		$ 36	[6],[7]	$ (2)	[9],[10],[14]
Percentage of Net Assets		0.01%	[6],[7]	0.00%	[9],[10],[14]
Unused Fee Rate				0.50%
Unfunded commitments				$ 45
Fair Value				$ (1)
Investment, Identifier [Axis]: Energy Labs Holdings Corp. 3
Variable interest rate		5.25%	[6],[7],[13]	5.25%	[9],[10],[14]
Interest Rate		10.50%	[6],[7],[11],[13]	9.57%	[9],[10],[12],[14]
Par Amount		$ 10	[6],[7],[13]	$ 18	[9],[10],[14]
Cost		9	[1],[6],[7],[13]	17	[3],[9],[10],[14]
Fair Value		$ 9	[6],[7],[13]	$ 16	[9],[10],[14]
Percentage of Net Assets		0.00%	[6],[7],[13]	0.00%	[9],[10],[14]
Investment, Identifier [Axis]: FLS Holding, Inc.
Unused Fee Rate		0.50%		0.50%
Unfunded commitments		$ 1,442		$ 1,442
Fair Value		$ (17)		$ (24)
Investment, Identifier [Axis]: FLS Holding, Inc. 1
Variable interest rate		5.25%	[5],[6],[7],[20]	5.25%	[8],[9],[10],[19]
Interest Rate		10.79%	[5],[6],[7],[11],[20]	10.40%	[8],[9],[10],[12],[19]
Par Amount		$ 16,498	[5],[6],[7],[20]	$ 16,581	[8],[9],[10],[19]
Cost		16,226	[1],[5],[6],[7],[20]	16,289	[3],[8],[9],[10],[19]
Fair Value		$ 16,301	[5],[6],[7],[20]	$ 16,311	[8],[9],[10],[19]
Percentage of Net Assets		2.96%	[5],[6],[7],[20]	3.16%	[8],[9],[10],[19]
Investment, Identifier [Axis]: FLS Holding, Inc. 2
Variable interest rate		5.25%	[5],[6],[7],[20]	5.25%	[8],[9],[10],[19]
Interest Rate		10.79%	[5],[6],[7],[11],[20]	10.40%	[8],[9],[10],[12],[19]
Par Amount		$ 3,587	[5],[6],[7],[20]	$ 3,605	[8],[9],[10],[19]
Cost		3,527	[1],[5],[6],[7],[20]	3,539	[3],[8],[9],[10],[19]
Fair Value		$ 3,544	[5],[6],[7],[20]	$ 3,546	[8],[9],[10],[19]
Percentage of Net Assets		0.64%	[5],[6],[7],[20]	0.69%	[8],[9],[10],[19]
Investment, Identifier [Axis]: FLS Holding, Inc. 3
Variable interest rate		5.25%	[6],[7],[13],[20]	5.25%	[9],[10],[14],[19]
Interest Rate		10.79%	[6],[7],[11],[13],[20]	10.40%	[9],[10],[12],[14],[19]
Par Amount		$ 0	[6],[7],[13],[20]	$ 0	[9],[10],[14],[19]
Cost		(21)	[1],[6],[7],[13],[20]	(24)	[3],[9],[10],[14],[19]
Fair Value		$ (17)	[6],[7],[13],[20]	$ (24)	[9],[10],[14],[19]
Percentage of Net Assets		0.00%	[6],[7],[13],[20]	0.00%	[9],[10],[14],[19]
Investment, Identifier [Axis]: FMG Suite Holdings, LLC
Unused Fee Rate		0.50%		0.50%
Unfunded commitments		$ 1,001		$ 889
Fair Value		$ (16)		$ (19)
Investment, Identifier [Axis]: FMG Suite Holdings, LLC 1
Variable interest rate		5.50%	[5],[6],[7]	5.50%	[8],[9],[10]
Interest Rate		10.56%	[5],[6],[7],[11]	9.34%	[8],[9],[10],[12]
Par Amount		$ 9,512	[5],[6],[7]	$ 9,512	[8],[9],[10]
Cost		9,387	[1],[5],[6],[7]	9,372	[3],[8],[9],[10]
Fair Value		$ 9,363	[5],[6],[7]	$ 9,308	[8],[9],[10]
Percentage of Net Assets		1.70%	[5],[6],[7]	1.80%	[8],[9],[10]
Investment, Identifier [Axis]: FMG Suite Holdings, LLC 2
Variable interest rate		5.50%	[5],[6],[7]	5.50%	[8],[9],[10]
Interest Rate		10.56%	[5],[6],[7],[11]	9.34%	[8],[9],[10],[12]
Par Amount		$ 2,228	[5],[6],[7]	$ 2,239	[8],[9],[10]
Cost		2,201	[1],[5],[6],[7]	2,208	[3],[8],[9],[10]
Fair Value		$ 2,192	[5],[6],[7]	$ 2,191	[8],[9],[10]
Percentage of Net Assets		0.40%	[5],[6],[7]	0.42%	[8],[9],[10]
Investment, Identifier [Axis]: FMG Suite Holdings, LLC 3
Variable interest rate		5.50%	[5],[6],[7],[13]	5.50%	[8],[9],[10],[14]
Interest Rate		10.56%	[5],[6],[7],[11],[13]	9.34%	[8],[9],[10],[12],[14]
Par Amount		$ 124	[5],[6],[7],[13]	$ 236	[8],[9],[10],[14]
Cost		110	[1],[5],[6],[7],[13]	221	[3],[8],[9],[10],[14]
Fair Value		$ 106	[5],[6],[7],[13]	$ 212	[8],[9],[10],[14]
Percentage of Net Assets		0.02%	[5],[6],[7],[13]	0.04%	[8],[9],[10],[14]
Investment, Identifier [Axis]: FORTIS Solutions Group, LLC
Variable interest rate	[7],[17]	12.25%
Par Amount, Shares (in shares)	[7],[17]	1,000,000
Cost	[1],[7],[17]	$ 1,107
Fair Value	[7],[17]	$ 970
Percentage of Net Assets	[7],[17]	0.18%
Investment, Identifier [Axis]: FORTIS Solutions Group, LLC 1
Variable interest rate	[5],[7],[15]	5.50%
Interest Rate	[5],[7],[11],[15]	10.84%
Par Amount	[5],[7],[15]	$ 8,189
Cost	[1],[5],[7],[15]	8,058
Fair Value	[5],[7],[15]	$ 8,070
Percentage of Net Assets	[5],[7],[15]	1.47%
Unused Fee Rate		0.50%
Unfunded commitments		$ 994
Fair Value		$ (15)
Investment, Identifier [Axis]: FORTIS Solutions Group, LLC 2
Variable interest rate	[5],[7],[13],[15]	5.50%
Interest Rate	[5],[7],[11],[13],[15]	10.84%
Par Amount	[5],[7],[13],[15]	$ 3,357
Cost	[1],[5],[7],[13],[15]	3,301
Fair Value	[5],[7],[13],[15]	$ 3,308
Percentage of Net Assets	[5],[7],[13],[15]	0.60%
Unused Fee Rate		0.50%
Unfunded commitments		$ 1,002
Fair Value		$ (15)
Investment, Identifier [Axis]: FORTIS Solutions Group, LLC 3
Variable interest rate	[5],[7],[13],[15]	5.50%
Interest Rate	[5],[7],[11],[13],[15]	10.84%
Par Amount	[5],[7],[13],[15]	$ 6
Cost	[1],[5],[7],[13],[15]	0
Fair Value	[5],[7],[13],[15]	$ (9)
Percentage of Net Assets	[5],[7],[13],[15]	0.00%
Investment, Identifier [Axis]: FORTIS Solutions Group, LLC 4
Variable interest rate	[7],[13],[15]	5.50%
Interest Rate	[7],[11],[13],[15]	10.84%
Par Amount	[7],[13],[15]	$ 154
Cost	[1],[7],[13],[15]	138
Fair Value	[7],[13],[15]	$ 137
Percentage of Net Assets	[7],[13],[15]	0.02%
Investment, Identifier [Axis]: FORTIS Solutions Group, LLC
Interest Rate	[10],[18]			12.25%
Par Amount, Shares (in shares)	[10],[18]			1,000,000
Cost	[3],[10],[18]			$ 1,041
Fair Value	[10],[18]			$ 1,024
Percentage of Net Assets	[10],[18]			0.20%
Investment, Identifier [Axis]: FPG Intermediate Holdco, LLC
Unused Fee Rate		0.50%		0.50%
Unfunded commitments		$ 2,500		$ 2,500
Fair Value		$ (84)		$ (125)
Investment, Identifier [Axis]: FPG Intermediate Holdco, LLC 1
Variable interest rate		6.50%	[6],[7]	6.50%	[10]
Interest Rate		11.91%	[6],[7],[11]	10.92%	[10],[12]
Par Amount		$ 712	[6],[7]	$ 837	[10]
Cost		700	[1],[6],[7]	822	[3],[10]
Fair Value		$ 689	[6],[7]	$ 796	[10]
Percentage of Net Assets		0.13%	[6],[7]	0.15%	[10]
Investment, Identifier [Axis]: FPG Intermediate Holdco, LLC 2
Variable interest rate		6.50%	[6],[7],[13]	6.50%	[10],[14]
Interest Rate		11.91%	[6],[7],[11],[13]	10.92%	[10],[12],[14]
Par Amount		$ 0	[6],[7],[13]	$ 0	[10],[14]
Cost		(40)	[1],[6],[7],[13]	(46)	[3],[10],[14]
Fair Value		$ (83)	[6],[7],[13]	$ (124)	[10],[14]
Percentage of Net Assets		(0.02%)	[6],[7],[13]	(0.02%)	[10],[14]
Investment, Identifier [Axis]: Familia Intermediate Holdings I Corp. (Teasdale Latin Foods)
Interest Rate		16.25%	[7],[21]	16.25%	[10],[12],[22]
Par Amount		$ 500	[7],[21]	$ 500	[10],[22]
Cost		500	[1],[7],[21]	500	[3],[10],[22]
Fair Value		$ 203	[7],[21]	$ 124	[10],[22]
Percentage of Net Assets		0.04%	[7],[21]	0.02%	[10],[22]
Investment, Identifier [Axis]: Fetch Insurance Services, LLC
Interest rate, PIK		3.75%	[7],[11]	3.75%	[10],[12]
Interest Rate		12.75%	[7],[11]	12.75%	[10],[12]
Par Amount		$ 418	[7]	$ 411	[10]
Cost		407	[1],[7]	398	[3],[10]
Fair Value		$ 406	[7]	$ 398	[10]
Percentage of Net Assets		0.07%	[7]	0.08%	[10]
Investment, Identifier [Axis]: Flexera Software, LLC
Variable interest rate		7.00%	[5],[6],[7]	7.00%	[8],[9],[10]
Interest Rate		12.22%	[5],[6],[7],[11]	11.39%	[8],[9],[10],[12]
Par Amount		$ 1,500	[5],[6],[7]	$ 1,500	[8],[9],[10]
Cost		1,477	[1],[5],[6],[7]	1,475	[3],[8],[9],[10]
Fair Value		$ 1,471	[5],[6],[7]	$ 1,398	[8],[9],[10]
Percentage of Net Assets		0.27%	[5],[6],[7]	0.27%	[8],[9],[10]
Investment, Identifier [Axis]: Fortis Solutions Group, LLC 1
Variable interest rate	[8],[10],[16]			5.50%
Interest Rate	[8],[10],[12],[16]			9.67%
Par Amount	[8],[10],[16]			$ 8,222
Cost	[3],[8],[10],[16]			8,081
Fair Value	[8],[10],[16]			$ 7,955
Percentage of Net Assets	[8],[10],[16]			1.54%
Unused Fee Rate				0.50%
Unfunded commitments				$ 1,000
Fair Value				$ (33)
Investment, Identifier [Axis]: Fortis Solutions Group, LLC 2
Variable interest rate	[8],[10],[14],[16]			5.50%
Interest Rate	[8],[10],[12],[14],[16]			9.67%
Par Amount	[8],[10],[14],[16]			$ 3,373
Cost	[3],[8],[10],[14],[16]			3,314
Fair Value	[8],[10],[14],[16]			$ 3,263
Percentage of Net Assets	[8],[10],[14],[16]			0.63%
Unused Fee Rate				0.50%
Unfunded commitments				$ 1,002
Fair Value				$ (33)
Investment, Identifier [Axis]: Fortis Solutions Group, LLC 3
Variable interest rate	[10],[14],[16]			5.50%
Interest Rate	[10],[12],[14],[16]			9.67%
Par Amount	[10],[14],[16]			$ 0
Cost	[3],[10],[14],[16]			(7)
Fair Value	[10],[14],[16]			$ (33)
Percentage of Net Assets	[10],[14],[16]			(0.01%)
Investment, Identifier [Axis]: Fortis Solutions Group, LLC 4
Variable interest rate	[10],[14],[16]			5.50%
Interest Rate	[10],[12],[14],[16]			9.67%
Par Amount	[10],[14],[16]			$ 154
Cost	[3],[10],[14],[16]			135
Fair Value	[10],[14],[16]			$ 117
Percentage of Net Assets	[10],[14],[16]			0.02%
Investment, Identifier [Axis]: Foundation Risk Partners Corp.
Unused Fee Rate		0.38%		0.38%
Unfunded commitments		$ 1,959		$ 1,152
Fair Value		$ (133)		$ (20)
Investment, Identifier [Axis]: Foundation Risk Partners Corp. 1
Variable interest rate		6.25%	[5],[7],[15]	6.00%	[8],[10],[16]
Interest Rate		11.59%	[5],[7],[11],[15]	10.68%	[8],[10],[12],[16]
Par Amount		$ 18,321	[5],[7],[15]	$ 18,414	[8],[10],[16]
Cost		18,099	[1],[5],[7],[15]	18,175	[3],[8],[10],[16]
Fair Value		$ 17,074	[5],[7],[15]	$ 18,094	[8],[10],[16]
Percentage of Net Assets		3.10%	[5],[7],[15]	3.51%	[8],[10],[16]
Investment, Identifier [Axis]: Foundation Risk Partners Corp. 2
Variable interest rate		6.25%	[5],[7],[15]	6.00%	[8],[10],[16]
Interest Rate		11.59%	[5],[7],[11],[15]	10.68%	[8],[10],[12],[16]
Par Amount		$ 3,985	[5],[7],[15]	$ 4,005	[8],[10],[16]
Cost		3,939	[1],[5],[7],[15]	3,955	[3],[8],[10],[16]
Fair Value		$ 3,713	[5],[7],[15]	$ 3,935	[8],[10],[16]
Percentage of Net Assets		0.67%	[5],[7],[15]	0.76%	[8],[10],[16]
Investment, Identifier [Axis]: Foundation Risk Partners Corp. 3
Variable interest rate		6.25%	[7],[13],[15]	6.00%	[10],[14],[16]
Interest Rate		11.59%	[7],[11],[13],[15]	10.68%	[10],[12],[14],[16]
Par Amount		$ 0	[7],[13],[15]	$ 807	[10],[14],[16]
Cost		(21)	[1],[7],[13],[15]	783	[3],[10],[14],[16]
Fair Value		$ (133)	[7],[13],[15]	$ 773	[10],[14],[16]
Percentage of Net Assets		(0.02%)	[7],[13],[15]	0.15%	[10],[14],[16]
Investment, Identifier [Axis]: Frisbee Holdings, LP (Fetch)
Par Amount, Shares (in shares)		4,745	[7],[17]	4,745	[10],[18]
Cost		$ 60	[1],[7],[17]	$ 60	[3],[10],[18]
Fair Value		$ 61	[7],[17]	$ 60	[10],[18]
Percentage of Net Assets		0.01%	[7],[17]	0.01%	[10],[18]
Investment, Identifier [Axis]: GS AcquisitionCo, Inc.
Unused Fee Rate		0.50%		0.50%
Unfunded commitments		$ 604		$ 907
Fair Value		$ (5)		$ (22)
Investment, Identifier [Axis]: GS AcquisitionCo, Inc. 1
Variable interest rate		5.75%	[5],[6],[7]	5.75%	[8],[9],[10]
Interest Rate		11.14%	[5],[6],[7],[11]	9.92%	[8],[9],[10],[12]
Par Amount		$ 28,155	[5],[6],[7]	$ 28,301	[8],[9],[10]
Cost		28,002	[1],[5],[6],[7]	28,125	[3],[8],[9],[10]
Fair Value		$ 27,944	[5],[6],[7]	$ 27,628	[8],[9],[10]
Percentage of Net Assets		5.08%	[5],[6],[7]	5.35%	[8],[9],[10]
Investment, Identifier [Axis]: GS AcquisitionCo, Inc. 2
Variable interest rate		5.75%	[6],[7]	5.75%	[9],[10]
Interest Rate		11.14%	[6],[7],[11]	9.92%	[9],[10],[12]
Par Amount		$ 335	[6],[7]	$ 337	[9],[10]
Cost		333	[1],[6],[7]	335	[3],[9],[10]
Fair Value		$ 333	[6],[7]	$ 329	[9],[10]
Percentage of Net Assets		0.06%	[6],[7]	0.06%	[9],[10]
Investment, Identifier [Axis]: GS AcquisitionCo, Inc. 3
Variable interest rate		5.75%	[6],[7],[13]	5.75%	[9],[10],[14]
Interest Rate		11.14%	[6],[7],[11],[13]	9.92%	[9],[10],[12],[14]
Par Amount		$ 302	[6],[7],[13]	$ 0	[9],[10],[14]
Cost		296	[1],[6],[7],[13]	(7)	[3],[9],[10],[14]
Fair Value		$ 295	[6],[7],[13]	$ (21)	[9],[10],[14]
Percentage of Net Assets		0.05%	[6],[7],[13]	0.00%	[9],[10],[14]
Investment, Identifier [Axis]: GSM Acquisition Corp. (GSM Outdoors)
Unused Fee Rate		0.50%		0.50%
Unfunded commitments		$ 1,634		$ 1,633
Fair Value		$ (65)		$ (24)
Investment, Identifier [Axis]: GSM Acquisition Corp. (GSM Outdoors) 1
Variable interest rate		5.00%	[5],[6],[7]	5.00%	[8],[9],[10]
Interest Rate		10.50%	[5],[6],[7],[11]	9.84%	[8],[9],[10],[12]
Par Amount		$ 19,583	[5],[6],[7]	$ 19,683	[8],[9],[10]
Cost		19,437	[1],[5],[6],[7]	19,518	[3],[8],[9],[10]
Fair Value		$ 18,806	[5],[6],[7]	$ 19,398	[8],[9],[10]
Percentage of Net Assets		3.42%	[5],[6],[7]	3.76%	[8],[9],[10]
Investment, Identifier [Axis]: GSM Acquisition Corp. (GSM Outdoors) 2
Variable interest rate		5.00%	[5],[6],[7]	5.00%	[8],[9],[10]
Interest Rate		10.50%	[5],[6],[7],[11]	9.84%	[8],[9],[10],[12]
Par Amount		$ 1,671	[5],[6],[7]	$ 1,680	[8],[9],[10]
Cost		1,657	[1],[5],[6],[7]	1,664	[3],[8],[9],[10]
Fair Value		$ 1,605	[5],[6],[7]	$ 1,656	[8],[9],[10]
Percentage of Net Assets		0.29%	[5],[6],[7]	0.32%	[8],[9],[10]
Investment, Identifier [Axis]: GSM Acquisition Corp. (GSM Outdoors) 3
Variable interest rate		5.00%	[6],[7],[13]	5.00%	[9],[10],[14]
Interest Rate		10.50%	[6],[7],[11],[13]	9.84%	[9],[10],[12],[14]
Par Amount		$ 0	[6],[7],[13]	$ 0	[9],[10],[14]
Cost		(13)	[1],[6],[7],[13]	(14)	[3],[9],[10],[14]
Fair Value		$ (65)	[6],[7],[13]	$ (24)	[9],[10],[14]
Percentage of Net Assets		(0.01%)	[6],[7],[13]	0.00%	[9],[10],[14]
Investment, Identifier [Axis]: GSM Equity Investors, LP (GSM Outdoors)
Par Amount, Shares (in shares)		500	[7],[17]	500	[10],[18]
Cost		$ 50	[1],[7],[17]	$ 50	[3],[10],[18]
Fair Value		$ 73	[7],[17]	$ 102	[10],[18]
Percentage of Net Assets		0.01%	[7],[17]	0.02%	[10],[18]
Investment, Identifier [Axis]: Galway Borrower, LLC 1
Variable interest rate		5.25%	[7],[15]	5.25%	[8],[10],[16]
Interest Rate		10.65%	[7],[11],[15]	9.98%	[8],[10],[12],[16]
Par Amount		$ 15,936	[7],[15]	$ 12,119	[8],[10],[16]
Cost		15,678	[1],[7],[15]	11,920	[3],[8],[10],[16]
Fair Value		$ 15,381	[7],[15]	$ 11,597	[8],[10],[16]
Percentage of Net Assets		2.79%	[7],[15]	2.25%	[8],[10],[16]
Unused Fee Rate		1.00%		1.00%
Unfunded commitments		$ 3,392		$ 418
Fair Value		$ (96)		$ (18)
Investment, Identifier [Axis]: Galway Borrower, LLC 2
Variable interest rate		5.25%	[7],[13],[15]	5.25%	[10],[14],[16]
Interest Rate		10.65%	[7],[11],[13],[15]	9.98%	[10],[12],[14],[16]
Par Amount		$ 75	[7],[13],[15]	$ 1,428	[10],[14],[16]
Cost		38	[1],[7],[13],[15]	1,390	[3],[10],[14],[16]
Fair Value		$ (24)	[7],[13],[15]	$ 1,348	[10],[14],[16]
Percentage of Net Assets		0.00%	[7],[13],[15]	0.26%	[10],[14],[16]
Unused Fee Rate		0.50%		0.50%
Unfunded commitments		$ 880		$ 589
Fair Value		$ (32)		$ (25)
Investment, Identifier [Axis]: Galway Borrower, LLC 3
Variable interest rate		5.25%	[7],[13],[15]	5.25%	[10],[14],[16]
Interest Rate		10.65%	[7],[11],[13],[15]	9.98%	[10],[12],[14],[16]
Par Amount		$ 0	[7],[13],[15]	$ 290	[10],[14],[16]
Cost		(12)	[1],[7],[13],[15]	276	[3],[10],[14],[16]
Fair Value		$ (32)	[7],[13],[15]	$ 252	[10],[14],[16]
Percentage of Net Assets		(0.01%)	[7],[13],[15]	0.05%	[10],[14],[16]
Investment, Identifier [Axis]: Gateway US Holdings, Inc. 1
Variable interest rate		6.50%	[5],[7],[15],[20]	6.50%	[8],[10],[16],[19]
Interest Rate		11.89%	[5],[7],[11],[15],[20]	11.23%	[8],[10],[12],[16],[19]
Par Amount		$ 752	[5],[7],[15],[20]	$ 750	[8],[10],[16],[19]
Cost		746	[1],[5],[7],[15],[20]	744	[3],[8],[10],[16],[19]
Fair Value		$ 747	[5],[7],[15],[20]	$ 736	[8],[10],[16],[19]
Percentage of Net Assets		0.14%	[5],[7],[15],[20]	0.14%	[8],[10],[16],[19]
Unused Fee Rate		1.00%		1.00%
Unfunded commitments		$ 6		$ 6
Fair Value		$ 0		$ 0
Investment, Identifier [Axis]: Gateway US Holdings, Inc. 2
Variable interest rate		6.50%	[7],[13],[15],[20]	6.50%	[10],[14],[16],[19]
Interest Rate		11.89%	[7],[11],[13],[15],[20]	11.23%	[10],[12],[14],[16],[19]
Par Amount		$ 206	[7],[13],[15],[20]	$ 206	[10],[14],[16],[19]
Cost		204	[1],[7],[13],[15],[20]	204	[3],[10],[14],[16],[19]
Fair Value		$ 204	[7],[13],[15],[20]	$ 202	[10],[14],[16],[19]
Percentage of Net Assets		0.04%	[7],[13],[15],[20]	0.04%	[10],[14],[16],[19]
Unused Fee Rate		0.50%		0.50%
Unfunded commitments		$ 30		$ 14
Fair Value		$ 0		$ 0
Investment, Identifier [Axis]: Gateway US Holdings, Inc. 3
Variable interest rate		6.50%	[7],[13],[15],[20]	6.50%	[10],[14],[16],[19]
Interest Rate		11.89%	[7],[11],[13],[15],[20]	11.23%	[10],[12],[14],[16],[19]
Par Amount		$ 0	[7],[13],[15],[20]	$ 17	[10],[14],[16],[19]
Cost		0	[1],[7],[13],[15],[20]	16	[3],[10],[14],[16],[19]
Fair Value		$ 0	[7],[13],[15],[20]	$ 16	[10],[14],[16],[19]
Percentage of Net Assets			[7],[13],[15],[20]	0.00%	[10],[14],[16],[19]
Investment, Identifier [Axis]: Govbrands Intermediate, Inc. 1
Variable interest rate	[8],[10],[16]			5.50%
Interest Rate	[8],[10],[12],[16]			10.23%
Par Amount	[8],[10],[16]			$ 17,040
Cost	[3],[8],[10],[16]			16,698
Fair Value	[8],[10],[16]			$ 16,261
Percentage of Net Assets	[8],[10],[16]			3.15%
Unused Fee Rate				1.00%
Unfunded commitments				$ 1,794
Fair Value				$ (82)
Investment, Identifier [Axis]: Govbrands Intermediate, Inc. 2
Variable interest rate	[8],[10],[14],[16]			5.50%
Interest Rate	[8],[10],[12],[14],[16]			10.23%
Par Amount	[8],[10],[14],[16]			$ 3,844
Cost	[3],[8],[10],[14],[16]			3,750
Fair Value	[8],[10],[14],[16]			$ 3,586
Percentage of Net Assets	[8],[10],[14],[16]			0.69%
Unused Fee Rate				0.50%
Unfunded commitments				$ 182
Fair Value				$ (8)
Investment, Identifier [Axis]: Govbrands Intermediate, Inc. 3
Variable interest rate	[10],[14],[16]			5.50%
Interest Rate	[10],[12],[14],[16]			10.23%
Par Amount	[10],[14],[16]			$ 1,634
Cost	[3],[10],[14],[16]			1,600
Fair Value	[10],[14],[16]			$ 1,551
Percentage of Net Assets	[10],[14],[16]			0.30%
Investment, Identifier [Axis]: GraphPad Software, LLC
Unused Fee Rate		0.50%		0.50%
Unfunded commitments		$ 750		$ 750
Fair Value		$ (13)		$ (25)
Investment, Identifier [Axis]: GraphPad Software, LLC 1
Variable interest rate		5.50%	[5],[6],[7]	5.50%	[8],[9],[10]
Interest Rate		10.71%	[5],[6],[7],[11]	10.39%	[8],[9],[10],[12]
Par Amount		$ 6,378	[5],[6],[7]	$ 6,410	[8],[9],[10]
Cost		6,334	[1],[5],[6],[7]	6,361	[3],[8],[9],[10]
Fair Value		$ 6,265	[5],[6],[7]	$ 6,199	[8],[9],[10]
Percentage of Net Assets		1.14%	[5],[6],[7]	1.20%	[8],[9],[10]
Investment, Identifier [Axis]: GraphPad Software, LLC 2
Variable interest rate		5.50%	[6],[7],[13]	5.50%	[9],[10],[14]
Interest Rate		10.71%	[6],[7],[11],[13]	10.39%	[9],[10],[12],[14]
Par Amount		$ 0	[6],[7],[13]	$ 0	[9],[10],[14]
Cost		(5)	[1],[6],[7],[13]	(5)	[3],[9],[10],[14]
Fair Value		$ (13)	[6],[7],[13]	$ (25)	[9],[10],[14]
Percentage of Net Assets		0.00%	[6],[7],[13]	0.00%	[9],[10],[14]
Investment, Identifier [Axis]: Ground Penetrating Radar Systems, LLC
Unused Fee Rate		0.50%		0.50%
Unfunded commitments		$ 281		$ 506
Fair Value		$ (5)		$ (13)
Investment, Identifier [Axis]: Ground Penetrating Radar Systems, LLC 1
Variable interest rate		4.75%	[5],[6],[7]	4.75%	[9],[10]
Interest Rate		9.89%	[5],[6],[7],[11]	9.39%	[9],[10],[12]
Par Amount		$ 4,395	[5],[6],[7]	$ 4,417	[9],[10]
Cost		4,342	[1],[5],[6],[7]	4,357	[3],[9],[10]
Fair Value		$ 4,317	[5],[6],[7]	$ 4,305	[9],[10]
Percentage of Net Assets		0.78%	[5],[6],[7]	0.83%	[9],[10]
Investment, Identifier [Axis]: Ground Penetrating Radar Systems, LLC 2
Variable interest rate		4.75%	[6],[7],[13]	4.75%	[9],[10],[14]
Interest Rate		9.89%	[6],[7],[11],[13]	9.39%	[9],[10],[12],[14]
Par Amount		$ 422	[6],[7],[13]	$ 197	[9],[10],[14]
Cost		415	[1],[6],[7],[13]	189	[3],[9],[10],[14]
Fair Value		$ 410	[6],[7],[13]	$ 179	[9],[10],[14]
Percentage of Net Assets		0.07%	[6],[7],[13]	0.03%	[9],[10],[14]
Investment, Identifier [Axis]: Groundworks, LLC 1
Variable interest rate	[5],[6],[7]	6.50%
Interest Rate	[5],[6],[7],[11]	11.65%
Par Amount	[5],[6],[7]	$ 148
Cost	[1],[5],[6],[7]	144
Fair Value	[5],[6],[7]	$ 145
Percentage of Net Assets	[5],[6],[7]	0.03%
Unused Fee Rate		1.00%
Unfunded commitments		$ 27
Fair Value		$ (1)
Investment, Identifier [Axis]: Groundworks, LLC 2
Variable interest rate	[6],[7],[13]	6.50%
Interest Rate	[6],[7],[11],[13]	11.65%
Par Amount	[6],[7],[13]	$ 0
Cost	[1],[6],[7],[13]	0
Fair Value	[6],[7],[13]	$ (1)
Percentage of Net Assets	[6],[7],[13]	0.00%
Unused Fee Rate		0.50%
Unfunded commitments		$ 9
Fair Value		$ 0
Investment, Identifier [Axis]: Groundworks, LLC 3
Variable interest rate	[6],[7],[13]	6.50%
Interest Rate	[6],[7],[11],[13]	11.65%
Par Amount	[6],[7],[13]	$ 0
Cost	[1],[6],[7],[13]	0
Fair Value	[6],[7],[13]	$ 0
Percentage of Net Assets	[6],[7],[13]	0.00%
Investment, Identifier [Axis]: Gurobi Optimization, LLC
Unused Fee Rate		0.50%		0.50%
Unfunded commitments		$ 536		$ 536
Fair Value		$ 0		$ 0
Investment, Identifier [Axis]: Gurobi Optimization, LLC 1
Variable interest rate		5.00%	[5],[6],[7]	5.00%	[8],[9],[10]
Interest Rate		10.39%	[5],[6],[7],[11]	9.38%	[8],[9],[10],[12]
Par Amount		$ 4,341	[5],[6],[7]	$ 4,364	[8],[9],[10]
Cost		4,334	[1],[5],[6],[7]	4,349	[3],[8],[9],[10]
Fair Value		$ 4,341	[5],[6],[7]	$ 4,364	[8],[9],[10]
Percentage of Net Assets		0.79%	[5],[6],[7]	0.85%	[8],[9],[10]
Investment, Identifier [Axis]: Gurobi Optimization, LLC 2
Variable interest rate		5.00%	[6],[7],[13]	5.00%	[9],[10],[14]
Interest Rate		10.39%	[6],[7],[11],[13]	9.38%	[9],[10],[12],[14]
Par Amount		$ 0	[6],[7],[13]	$ 0	[9],[10],[14]
Cost		(1)	[1],[6],[7],[13]	(2)	[3],[9],[10],[14]
Fair Value		$ 0	[6],[7],[13]	$ 0	[9],[10],[14]
Percentage of Net Assets		0.00%	[6],[7],[13]		[9],[10],[14]
Investment, Identifier [Axis]: Heartland Home Services
Variable interest rate		5.75%	[7],[13],[15]	5.75%	[10],[14],[16]
Interest Rate		10.96%	[7],[11],[13],[15]	10.10%	[10],[12],[14],[16]
Par Amount		$ 1,955	[7],[13],[15]	$ 1,877	[10],[14],[16]
Cost		1,939	[1],[7],[13],[15]	1,860	[3],[10],[14],[16]
Fair Value		$ 1,923	[7],[13],[15]	$ 1,802	[10],[14],[16]
Percentage of Net Assets		0.35%	[7],[13],[15]	0.35%	[10],[14],[16]
Unused Fee Rate		0.75%		0.75%
Unfunded commitments		$ 524		$ 612
Fair Value		$ (7)		$ (18)
Investment, Identifier [Axis]: Heartland Veterinary Partners, LLC
Unused Fee Rate		0.50%
Unfunded commitments		$ 779
Fair Value		$ (7)
Investment, Identifier [Axis]: Heartland Veterinary Partners, LLC 1
Variable interest rate		4.75%	[5],[6],[7]	4.75%	[8],[9],[10]
Interest Rate		9.95%	[5],[6],[7],[11]	9.56%	[8],[9],[10],[12]
Par Amount		$ 3,856	[5],[6],[7]	$ 3,875	[8],[9],[10]
Cost		3,828	[1],[5],[6],[7]	3,844	[3],[8],[9],[10]
Fair Value		$ 3,819	[5],[6],[7]	$ 3,763	[8],[9],[10]
Percentage of Net Assets		0.69%	[5],[6],[7]	0.73%	[8],[9],[10]
Unused Fee Rate				1.00%
Unfunded commitments				$ 2,606
Fair Value				$ (76)
Investment, Identifier [Axis]: Heartland Veterinary Partners, LLC 2
Variable interest rate		4.75%	[5],[6],[7]	4.75%	[8],[9],[10],[14]
Interest Rate		9.95%	[5],[6],[7],[11]	9.56%	[8],[9],[10],[12],[14]
Par Amount		$ 8,729	[5],[6],[7]	$ 6,167	[8],[9],[10],[14]
Cost		8,668	[1],[5],[6],[7]	6,098	[3],[8],[9],[10],[14]
Fair Value		$ 8,645	[5],[6],[7]	$ 5,912	[8],[9],[10],[14]
Percentage of Net Assets		1.57%	[5],[6],[7]	1.15%	[8],[9],[10],[14]
Unused Fee Rate				0.50%
Unfunded commitments				$ 779
Fair Value				$ (23)
Investment, Identifier [Axis]: Heartland Veterinary Partners, LLC 3
Variable interest rate		4.75%	[6],[7],[13]	4.75%	[9],[10],[14]
Interest Rate		9.95%	[6],[7],[11],[13]	9.56%	[9],[10],[12],[14]
Par Amount		$ 0	[6],[7],[13]	$ 0	[9],[10],[14]
Cost		(5)	[1],[6],[7],[13]	(6)	[3],[9],[10],[14]
Fair Value		$ (7)	[6],[7],[13]	$ (22)	[9],[10],[14]
Percentage of Net Assets		0.00%	[6],[7],[13]	0.00%	[9],[10],[14]
Unused Fee Rate				0.50%
Unfunded commitments				$ 8
Fair Value				$ (1)
Investment, Identifier [Axis]: Heartland Veterinary Partners, LLC 4
Variable interest rate		8.00%	[5],[6],[7]	8.00%	[8],[9],[10]
Interest Rate		13.20%	[5],[6],[7],[11]	12.81%	[8],[9],[10],[12]
Par Amount		$ 360	[5],[6],[7]	$ 360	[8],[9],[10]
Cost		354	[1],[5],[6],[7]	354	[3],[8],[9],[10]
Fair Value		$ 346	[5],[6],[7]	$ 330	[8],[9],[10]
Percentage of Net Assets		0.06%	[5],[6],[7]	0.06%	[8],[9],[10]
Investment, Identifier [Axis]: Heartland Veterinary Partners, LLC 5
Variable interest rate		8.00%	[6],[7]	8.00%	[9],[10],[14]
Interest Rate		13.20%	[6],[7],[11]	12.81%	[9],[10],[12],[14]
Par Amount		$ 140	[6],[7]	$ 132	[9],[10],[14]
Cost		138	[1],[6],[7]	129	[3],[9],[10],[14]
Fair Value		$ 135	[6],[7]	$ 120	[9],[10],[14]
Percentage of Net Assets		0.02%	[6],[7]	0.02%	[9],[10],[14]
Investment, Identifier [Axis]: Higginbotham Insurance Agency, Inc.
Variable interest rate		5.25%	[5],[7],[15]	5.25%	[8],[10],[16]
Interest Rate		10.45%	[5],[7],[11],[15]	9.63%	[8],[10],[12],[16]
Par Amount		$ 6,129	[5],[7],[15]	$ 6,161	[8],[10],[16]
Cost		6,072	[1],[5],[7],[15]	6,096	[3],[8],[10],[16]
Fair Value		$ 6,068	[5],[7],[15]	$ 5,996	[8],[10],[16]
Percentage of Net Assets		1.10%	[5],[7],[15]	1.16%	[8],[10],[16]
Investment, Identifier [Axis]: High Street Buyer, Inc.
Unused Fee Rate		0.50%		0.50%
Unfunded commitments		$ 915		$ 915
Fair Value		$ (6)		$ (27)
Investment, Identifier [Axis]: High Street Buyer, Inc. 1
Variable interest rate		6.00%	[5],[7],[15]	6.00%	[8],[10],[16]
Interest Rate		11.39%	[5],[7],[11],[15]	10.73%	[8],[10],[12],[16]
Par Amount		$ 4,261	[5],[7],[15]	$ 4,282	[8],[10],[16]
Cost		4,197	[1],[5],[7],[15]	4,214	[3],[8],[10],[16]
Fair Value		$ 4,232	[5],[7],[15]	$ 4,158	[8],[10],[16]
Percentage of Net Assets		0.77%	[5],[7],[15]	0.81%	[8],[10],[16]
Investment, Identifier [Axis]: High Street Buyer, Inc. 2
Variable interest rate		6.00%	[5],[7],[15]	6.00%	[8],[10],[16]
Interest Rate		11.39%	[5],[7],[11],[15]	10.73%	[8],[10],[12],[16]
Par Amount		$ 17,110	[5],[7],[15]	$ 17,196	[8],[10],[16]
Cost		16,851	[1],[5],[7],[15]	16,914	[3],[8],[10],[16]
Fair Value		$ 16,994	[5],[7],[15]	$ 16,698	[8],[10],[16]
Percentage of Net Assets		3.09%	[5],[7],[15]	3.23%	[8],[10],[16]
Investment, Identifier [Axis]: High Street Buyer, Inc. 3
Variable interest rate		6.00%	[7],[13],[15]	6.00%	[10],[14],[16]
Interest Rate		11.39%	[7],[11],[13],[15]	10.73%	[10],[12],[14],[16]
Par Amount		$ 0	[7],[13],[15]	$ 0	[10],[14],[16]
Cost		(12)	[1],[7],[13],[15]	(13)	[3],[10],[14],[16]
Fair Value		$ (6)	[7],[13],[15]	$ (26)	[10],[14],[16]
Percentage of Net Assets		0.00%	[7],[13],[15]	(0.01%)	[10],[14],[16]
Investment, Identifier [Axis]: Idera, Inc.
Variable interest rate		6.75%	[5],[7],[15]	6.75%	[8],[10],[16]
Interest Rate		12.01%	[5],[7],[11],[15]	10.50%	[8],[10],[12],[16]
Par Amount		$ 530	[5],[7],[15]	$ 530	[8],[10],[16]
Cost		527	[1],[5],[7],[15]	527	[3],[8],[10],[16]
Fair Value		$ 523	[5],[7],[15]	$ 497	[8],[10],[16]
Percentage of Net Assets		0.10%	[5],[7],[15]	0.10%	[8],[10],[16]
Investment, Identifier [Axis]: Infinite Bidco, LLC
Unused Fee Rate				1.00%
Unfunded commitments				$ 1,500
Fair Value				$ (47)
Investment, Identifier [Axis]: Infinite Bidco, LLC 1
Variable interest rate		6.25%	[7],[23]	7.00%	[8],[10],[24]
Interest Rate		11.27%	[7],[11],[23]	11.73%	[8],[10],[12],[24]
Par Amount		$ 4,717	[7],[23]	$ 3,000	[8],[10],[24]
Cost		4,585	[1],[7],[23]	2,989	[3],[8],[10],[24]
Fair Value		$ 4,614	[7],[23]	$ 2,905	[8],[10],[24]
Percentage of Net Assets		0.84%	[7],[23]	0.56%	[8],[10],[24]
Investment, Identifier [Axis]: Infinite Bidco, LLC 2
Variable interest rate		7.00%	[5],[7],[23]	7.00%	[10],[24]
Interest Rate		12.50%	[5],[7],[11],[23]	11.73%	[10],[12],[24]
Par Amount		$ 3,000	[5],[7],[23]	$ 0	[10],[24]
Cost		2,990	[1],[5],[7],[23]	0	[3],[10],[24]
Fair Value		$ 2,550	[5],[7],[23]	$ (47)	[10],[24]
Percentage of Net Assets		0.46%	[5],[7],[23]	(0.01%)	[10],[24]
Investment, Identifier [Axis]: Infinite Bidco, LLC 3
Variable interest rate	[7],[23]	7.00%
Interest Rate	[7],[11],[23]	12.50%
Par Amount	[7],[23]	$ 1,500
Cost	[1],[7],[23]	1,500
Fair Value	[7],[23]	$ 1,275
Percentage of Net Assets	[7],[23]	0.23%
Investment, Identifier [Axis]: Integrity Marketing Acquisition, LLC
Variable interest rate	[7],[17]	10.50%
Interest Rate	[10],[18]			10.50%
Par Amount, Shares (in shares)		750,000	[7],[17]	750,000	[10],[18]
Cost		$ 865	[1],[7],[17]	$ 820	[3],[10],[18]
Fair Value		$ 863	[7],[17]	$ 730	[10],[18]
Percentage of Net Assets		0.16%	[7],[17]	0.14%	[10],[18]
Investment, Identifier [Axis]: Integrity Marketing Acquisition, LLC 1
Variable interest rate		6.05%	[5],[7],[15]	6.05%	[8],[10],[16]
Interest Rate		11.41%	[5],[7],[11],[15]	10.81%	[8],[10],[12],[16]
Par Amount		$ 394	[5],[7],[15]	$ 24,599	[8],[10],[16]
Cost		386	[1],[5],[7],[15]	24,373	[3],[8],[10],[16]
Fair Value		$ 386	[5],[7],[15]	$ 23,900	[8],[10],[16]
Percentage of Net Assets		0.07%	[5],[7],[15]	4.63%	[8],[10],[16]
Unused Fee Rate		1.00%
Unfunded commitments		$ 262
Fair Value		$ (2)
Investment, Identifier [Axis]: Integrity Marketing Acquisition, LLC 2
Variable interest rate		6.05%	[5],[6],[7],[13]	6.05%	[8],[10],[16]
Interest Rate		11.41%	[5],[6],[7],[11],[13]	10.81%	[8],[10],[12],[16]
Par Amount		$ 24,474	[5],[6],[7],[13]	$ 7,410	[8],[10],[16]
Cost		24,287	[1],[5],[6],[7],[13]	7,342	[3],[8],[10],[16]
Fair Value		$ 23,972	[5],[6],[7],[13]	$ 7,200	[8],[10],[16]
Percentage of Net Assets		4.36%	[5],[6],[7],[13]	1.39%	[8],[10],[16]
Unused Fee Rate		2.00%
Unfunded commitments		$ 53
Fair Value		$ (2)
Investment, Identifier [Axis]: Integrity Marketing Acquisition, LLC 3
Variable interest rate	[5],[7],[13],[15]	6.05%
Interest Rate	[5],[7],[11],[13],[15]	11.41%
Par Amount	[5],[7],[13],[15]	$ 7,373
Cost	[1],[5],[7],[13],[15]	7,315
Fair Value	[5],[7],[13],[15]	$ 7,219
Percentage of Net Assets	[5],[7],[13],[15]	1.31%
Investment, Identifier [Axis]: Integrity Marketing Acquisition, LLC 4
Variable interest rate	[7],[13],[15]	6.05%
Interest Rate	[7],[11],[13],[15]	11.41%
Par Amount	[7],[13],[15]	$ 0
Cost	[1],[7],[13],[15]	(2)
Fair Value	[7],[13],[15]	$ (2)
Percentage of Net Assets	[7],[13],[15]	0.00%
Investment, Identifier [Axis]: Intelerad Medical Systems Incorporated
Variable interest rate	[9],[10],[19]			6.50%
Interest Rate	[9],[10],[12],[19]			11.23%
Par Amount	[9],[10],[19]			$ 938
Cost	[3],[9],[10],[19]			911
Fair Value	[9],[10],[19]			$ 917
Percentage of Net Assets	[9],[10],[19]			0.18%
Unused Fee Rate		0.50%
Unfunded commitments		$ 36
Fair Value		$ (1)
Investment, Identifier [Axis]: Intelerad Medical Systems Incorporated 1
Variable interest rate	[6],[7],[20]	6.50%
Interest Rate	[6],[7],[11],[20]	11.70%
Par Amount	[6],[7],[20]	$ 933
Cost	[1],[6],[7],[20]	910
Fair Value	[6],[7],[20]	$ 879
Percentage of Net Assets	[6],[7],[20]	0.16%
Investment, Identifier [Axis]: Intelerad Medical Systems Incorporated 2
Variable interest rate	[6],[7],[13],[20]	6.50%
Interest Rate	[6],[7],[11],[13],[20]	11.70%
Par Amount	[6],[7],[13],[20]	$ 28
Cost	[1],[6],[7],[13],[20]	27
Fair Value	[6],[7],[13],[20]	$ 27
Percentage of Net Assets	[6],[7],[13],[20]	0.00%
Investment, Identifier [Axis]: Investment One
Interest rate floor		1.00%		1.00%
Investment, Identifier [Axis]: Investment Three
Interest rate floor		0.50%		0.50%
Investment, Identifier [Axis]: Investment Two
Interest rate floor		0.75%		0.75%
Investment, Identifier [Axis]: Jonathan Acquisition Company
Unused Fee Rate		0.50%		0.50%
Unfunded commitments		$ 686		$ 618
Fair Value		$ (13)		$ (16)
Investment, Identifier [Axis]: Jonathan Acquisition Company 1
Variable interest rate		5.00%	[5],[6],[7]	5.00%	[8],[9],[10]
Interest Rate		10.34%	[5],[6],[7],[11]	9.73%	[8],[9],[10],[12]
Par Amount		$ 12,048	[5],[6],[7]	$ 12,110	[8],[9],[10]
Cost		11,858	[1],[5],[6],[7]	11,896	[3],[8],[9],[10]
Fair Value		$ 11,814	[5],[6],[7]	$ 11,796	[8],[9],[10]
Percentage of Net Assets		2.15%	[5],[6],[7]	2.29%	[8],[9],[10]
Investment, Identifier [Axis]: Jonathan Acquisition Company 2
Variable interest rate		5.00%	[6],[7],[13]	5.00%	[9],[10],[14]
Interest Rate		10.34%	[6],[7],[11],[13]	9.73%	[9],[10],[12],[14]
Par Amount		$ 1,236	[6],[7],[13]	$ 1,304	[9],[10],[14]
Cost		1,212	[1],[6],[7],[13]	1,276	[3],[9],[10],[14]
Fair Value		$ 1,198	[6],[7],[13]	$ 1,254	[9],[10],[14]
Percentage of Net Assets		0.22%	[6],[7],[13]	0.24%	[9],[10],[14]
Investment, Identifier [Axis]: KPSKY Acquisition, Inc.
Unused Fee Rate		1.00%		1.00%
Unfunded commitments		$ 810		$ 1,575
Fair Value		$ (26)		$ (71)
Investment, Identifier [Axis]: KPSKY Acquisition, Inc. 1
Variable interest rate		5.50%	[5],[7],[15]	5.50%	[8],[10],[16]
Interest Rate		10.65%	[5],[7],[11],[15]	9.89%	[8],[10],[12],[16]
Par Amount		$ 14,587	[5],[7],[15]	$ 14,662	[8],[10],[16]
Cost		14,352	[1],[5],[7],[15]	14,409	[3],[8],[10],[16]
Fair Value		$ 14,128	[5],[7],[15]	$ 14,000	[8],[10],[16]
Percentage of Net Assets		2.57%	[5],[7],[15]	2.71%	[8],[10],[16]
Investment, Identifier [Axis]: KPSKY Acquisition, Inc. 2
Variable interest rate		5.50%	[5],[7],[13],[15]	4.50%	[8],[10],[14],[16]
Interest Rate		10.65%	[5],[7],[11],[13],[15]	12.00%	[8],[10],[12],[14],[16]
Par Amount		$ 2,657	[5],[7],[13],[15]	$ 1,912	[8],[10],[14],[16]
Cost		2,605	[1],[5],[7],[13],[15]	1,862	[3],[8],[10],[14],[16]
Fair Value		$ 2,548	[5],[7],[13],[15]	$ 1,753	[8],[10],[14],[16]
Percentage of Net Assets		0.46%	[5],[7],[13],[15]	0.34%	[8],[10],[14],[16]
Investment, Identifier [Axis]: KWOR Acquisition, Inc.
Unused Fee Rate		0.50%		0.50%
Unfunded commitments		$ 55		$ 122
Fair Value		$ (2)		$ (6)
Investment, Identifier [Axis]: KWOR Acquisition, Inc. 1
Variable interest rate		5.25%	[5],[6],[7]	5.25%	[8],[10],[16]
Interest Rate		10.45%	[5],[6],[7],[11]	9.63%	[8],[10],[12],[16]
Par Amount		$ 869	[5],[6],[7]	$ 876	[8],[10],[16]
Cost		859	[1],[5],[6],[7]	864	[3],[8],[10],[16]
Fair Value		$ 841	[5],[6],[7]	$ 830	[8],[10],[16]
Percentage of Net Assets		0.15%	[5],[6],[7]	0.16%	[8],[10],[16]
Investment, Identifier [Axis]: KWOR Acquisition, Inc. 2
Variable interest rate		4.25%	[6],[7],[13]	4.25%	[10],[14],[16]
Interest Rate		12.50%	[6],[7],[11],[13]	11.75%	[10],[12],[14],[16]
Par Amount		$ 67	[6],[7],[13]	$ 0	[10],[14],[16]
Cost		66	[1],[6],[7],[13]	(1)	[3],[10],[14],[16]
Fair Value		$ 63	[6],[7],[13]	$ (6)	[10],[14],[16]
Percentage of Net Assets		0.01%	[6],[7],[13]	0.00%	[10],[14],[16]
Investment, Identifier [Axis]: Keystone Agency Investors 1
Variable interest rate		5.75%	[5],[6],[7]	6.25%	[8],[9],[10]
Interest Rate		11.14%	[5],[6],[7],[11]	10.98%	[8],[9],[10],[12]
Par Amount		$ 2,628	[5],[6],[7]	$ 2,641	[8],[9],[10]
Cost		2,596	[1],[5],[6],[7]	2,606	[3],[8],[9],[10]
Fair Value		$ 2,591	[5],[6],[7]	$ 2,606	[8],[9],[10]
Percentage of Net Assets		0.47%	[5],[6],[7]	0.50%	[8],[9],[10]
Investment, Identifier [Axis]: Keystone Agency Investors 2
Variable interest rate		5.75%	[5],[6],[7]	6.25%	[8],[9],[10]
Interest Rate		11.14%	[5],[6],[7],[11]	10.98%	[8],[9],[10],[12]
Par Amount		$ 3,184	[5],[6],[7]	$ 3,200	[8],[9],[10]
Cost		3,147	[1],[5],[6],[7]	3,158	[3],[8],[9],[10]
Fair Value		$ 3,140	[5],[6],[7]	$ 3,158	[8],[9],[10]
Percentage of Net Assets		0.57%	[5],[6],[7]	0.61%	[8],[9],[10]
Investment, Identifier [Axis]: LUV Car Wash
Par Amount, Shares (in shares)		123	[7],[17]	116	[10],[18]
Cost		$ 123	[1],[7],[17]	$ 116	[3],[10],[18]
Fair Value		$ 90	[7],[17]	$ 116	[10],[18]
Percentage of Net Assets		0.02%	[7],[17]	0.02%	[10],[18]
Investment, Identifier [Axis]: LUV Car Wash Group, LLC
Variable interest rate	[5],[6],[7],[13]	7.00%
Interest Rate	[5],[6],[7],[11],[13]	12.04%
Par Amount	[5],[6],[7],[13]	$ 717
Cost	[1],[5],[6],[7],[13]	710
Fair Value	[5],[6],[7],[13]	$ 707
Percentage of Net Assets	[5],[6],[7],[13]	0.13%
Unused Fee Rate		1.00%		1.00%
Unfunded commitments		$ 274		$ 257
Fair Value		$ (3)		$ (5)
Investment, Identifier [Axis]: LUV Car Wash Group, LLC 1
Variable interest rate	[10],[14]			5.50%
Interest Rate	[10],[12],[14]			9.24%
Par Amount	[10],[14]			$ 372
Cost	[3],[10],[14]			367
Fair Value	[10],[14]			$ 359
Percentage of Net Assets	[10],[14]			0.07%
Investment, Identifier [Axis]: LUV Car Wash Group, LLC 2
Variable interest rate	[8],[10]			5.50%
Interest Rate	[8],[10],[12]			9.24%
Par Amount	[8],[10]			$ 349
Cost	[3],[8],[10]			346
Fair Value	[8],[10]			$ 341
Percentage of Net Assets	[8],[10]			0.07%
Investment, Identifier [Axis]: LegitScript 1
Variable interest rate	[8],[10],[16]			5.25%
Interest Rate	[8],[10],[12],[16]			9.57%
Par Amount	[8],[10],[16]			$ 4,392
Cost	[3],[8],[10],[16]			4,309
Fair Value	[8],[10],[16]			$ 4,309
Percentage of Net Assets	[8],[10],[16]			0.83%
Unused Fee Rate				1.00%
Unfunded commitments				$ 1,196
Fair Value				$ (11)
Investment, Identifier [Axis]: LegitScript 2
Variable interest rate	[10],[14],[16]			5.25%
Interest Rate	[10],[12],[14],[16]			9.57%
Par Amount	[10],[14],[16]			$ 0
Cost	[3],[10],[14],[16]			(11)
Fair Value	[10],[14],[16]			$ (11)
Percentage of Net Assets	[10],[14],[16]			0.00%
Unused Fee Rate				0.50%
Unfunded commitments				$ 612
Fair Value				$ (11)
Investment, Identifier [Axis]: LegitScript 3
Variable interest rate	[10],[14],[16]			5.25%
Interest Rate	[10],[12],[14],[16]			9.57%
Par Amount	[10],[14],[16]			$ 39
Cost	[3],[10],[14],[16]			27
Fair Value	[10],[14],[16]			$ 27
Percentage of Net Assets	[10],[14],[16]			0.01%
Investment, Identifier [Axis]: LegitScript, LLC 1
Variable interest rate	[5],[7],[15]	5.25%
Interest Rate	[5],[7],[11],[15]	10.35%
Par Amount	[5],[7],[15]	$ 4,370
Cost	[1],[5],[7],[15]	4,293
Fair Value	[5],[7],[15]	$ 4,296
Percentage of Net Assets	[5],[7],[15]	0.78%
Unused Fee Rate		1.00%
Unfunded commitments		$ 1,081
Fair Value		$ (18)
Investment, Identifier [Axis]: LegitScript, LLC 2
Variable interest rate	[7],[13],[15]	5.25%
Interest Rate	[7],[11],[13],[15]	10.35%
Par Amount	[7],[13],[15]	$ 115
Cost	[1],[7],[13],[15]	104
Fair Value	[7],[13],[15]	$ 95
Percentage of Net Assets	[7],[13],[15]	0.02%
Unused Fee Rate		0.50%
Unfunded commitments		$ 560
Fair Value		$ (10)
Investment, Identifier [Axis]: LegitScript, LLC 3
Variable interest rate	[7],[13],[15]	5.25%
Interest Rate	[7],[11],[13],[15]	10.35%
Par Amount	[7],[13],[15]	$ 91
Cost	[1],[7],[13],[15]	80
Fair Value	[7],[13],[15]	$ 80
Percentage of Net Assets	[7],[13],[15]	0.01%
Investment, Identifier [Axis]: Lightspeed Buyer, Inc.
Unused Fee Rate				1.00%
Unfunded commitments				$ 1,350
Fair Value				$ (39)
Investment, Identifier [Axis]: Lightspeed Buyer, Inc. 1
Variable interest rate		5.25%	[5],[6],[7]	5.50%	[8],[9],[10]
Interest Rate		10.50%	[5],[6],[7],[11]	9.98%	[8],[9],[10],[12]
Par Amount		$ 4,201	[5],[6],[7]	$ 4,223	[8],[9],[10]
Cost		4,137	[1],[5],[6],[7]	4,147	[3],[8],[9],[10]
Fair Value		$ 4,166	[5],[6],[7]	$ 4,099	[8],[9],[10]
Percentage of Net Assets		0.76%	[5],[6],[7]	0.79%	[8],[9],[10]
Investment, Identifier [Axis]: Lightspeed Buyer, Inc. 2
Variable interest rate		5.25%	[5],[6],[7]	5.50%	[8],[9],[10]
Interest Rate		10.50%	[5],[6],[7],[11]	9.98%	[8],[9],[10],[12]
Par Amount		$ 3,321	[5],[6],[7]	$ 3,078	[8],[9],[10]
Cost		3,265	[1],[5],[6],[7]	3,018	[3],[8],[9],[10]
Fair Value		$ 3,293	[5],[6],[7]	$ 2,989	[8],[9],[10]
Percentage of Net Assets		0.60%	[5],[6],[7]	0.58%	[8],[9],[10]
Investment, Identifier [Axis]: Lightspeed Buyer, Inc. 3
Variable interest rate	[9],[10],[14]			5.50%
Interest Rate	[9],[10],[12],[14]			9.98%
Par Amount	[9],[10],[14]			$ 0
Cost	[3],[9],[10],[14]			(9)
Fair Value	[9],[10],[14]			$ (39)
Percentage of Net Assets	[9],[10],[14]			(0.01%)
Investment, Identifier [Axis]: Lightspeed Solution, LLC
Unused Fee Rate		0.50%		0.50%
Unfunded commitments		$ 1,097		$ 1,220
Fair Value		$ (32)		$ (45)
Investment, Identifier [Axis]: Lightspeed Solution, LLC 1
Variable interest rate		6.50%	[5],[7]	6.50%	[8],[10],[16]
Interest Rate		11.56%	[5],[7],[11]	10.82%	[8],[10],[12],[16]
Par Amount		$ 3,865	[5],[7]	$ 3,793	[8],[10],[16]
Cost		3,802	[1],[5],[7]	3,726	[3],[8],[10],[16]
Fair Value		$ 3,751	[5],[7]	$ 3,654	[8],[10],[16]
Percentage of Net Assets		0.68%	[5],[7]	0.71%	[8],[10],[16]
Investment, Identifier [Axis]: Lightspeed Solution, LLC 2
Variable interest rate		6.50%	[7],[13]	6.50%	[10],[14],[16]
Interest Rate		11.56%	[7],[11],[13]	10.82%	[10],[12],[14],[16]
Par Amount		$ 123	[7],[13]	$ 0	[10],[14],[16]
Cost		113	[1],[7],[13]	(11)	[3],[10],[14],[16]
Fair Value		$ 87	[7],[13]	$ (45)	[10],[14],[16]
Percentage of Net Assets		0.02%	[7],[13]	(0.01%)	[10],[14],[16]
Investment, Identifier [Axis]: Long Term Care Group, Inc.
Variable interest rate		6.00%	[5],[7],[15]	6.00%	[8],[10],[16]
Interest Rate		11.29%	[5],[7],[11],[15]	10.34%	[8],[10],[12],[16]
Par Amount		$ 1,975	[5],[7],[15]	$ 1,985	[8],[10],[16]
Cost		1,943	[1],[5],[7],[15]	1,950	[3],[8],[10],[16]
Fair Value		$ 1,579	[5],[7],[15]	$ 1,907	[8],[10],[16]
Percentage of Net Assets		0.29%	[5],[7],[15]	0.37%	[8],[10],[16]
Investment, Identifier [Axis]: MHE Intermediate Holdings, LLC
Unused Fee Rate		0.50%		0.50%
Unfunded commitments		$ 922		$ 921
Fair Value		$ (23)		$ (27)
Investment, Identifier [Axis]: MHE Intermediate Holdings, LLC 1
Variable interest rate		6.00%	[5],[6],[7]	6.00%	[8],[9],[10]
Interest Rate		11.38%	[5],[6],[7],[11]	9.74%	[8],[9],[10],[12]
Par Amount		$ 13,915	[5],[6],[7]	$ 12,307	[8],[9],[10]
Cost		13,705	[1],[5],[6],[7]	12,110	[3],[8],[9],[10]
Fair Value		$ 13,583	[5],[6],[7]	$ 11,943	[8],[9],[10]
Percentage of Net Assets		2.47%	[5],[6],[7]	2.31%	[8],[9],[10]
Investment, Identifier [Axis]: MHE Intermediate Holdings, LLC 2
Variable interest rate		6.00%	[5],[6],[7]	6.00%	[9],[10]
Interest Rate		11.38%	[5],[6],[7],[11]	9.74%	[9],[10],[12]
Par Amount		$ 1,582	[5],[6],[7]	$ 1,678	[9],[10]
Cost		1,559	[1],[5],[6],[7]	1,644	[3],[9],[10]
Fair Value		$ 1,543	[5],[6],[7]	$ 1,644	[9],[10]
Percentage of Net Assets		0.28%	[5],[6],[7]	0.32%	[9],[10]
Investment, Identifier [Axis]: MHE Intermediate Holdings, LLC 3
Variable interest rate		6.00%	[6],[7],[13]	6.00%	[8],[9],[10]
Interest Rate		11.38%	[6],[7],[11],[13]	9.74%	[8],[9],[10],[12]
Par Amount		$ 150	[6],[7],[13]	$ 1,590	[8],[9],[10]
Cost		135	[1],[6],[7],[13]	1,564	[3],[8],[9],[10]
Fair Value		$ 124	[6],[7],[13]	$ 1,544	[8],[9],[10]
Percentage of Net Assets		0.02%	[6],[7],[13]	0.30%	[8],[9],[10]
Investment, Identifier [Axis]: MHE Intermediate Holdings, LLC 4
Variable interest rate	[9],[10],[14]			6.00%
Interest Rate	[9],[10],[12],[14]			9.74%
Par Amount	[9],[10],[14]			$ 150
Cost	[3],[9],[10],[14]			134
Fair Value	[9],[10],[14]			$ 118
Percentage of Net Assets	[9],[10],[14]			0.02%
Investment, Identifier [Axis]: MRI Software, LLC
Unused Fee Rate				0.50%
Unfunded commitments				$ 1,576
Fair Value				$ (32)
Investment, Identifier [Axis]: MRI Software, LLC 1
Variable interest rate		550.00%	[6],[7]	5.50%	[9],[10]
Interest Rate		10.84%	[6],[7],[11]	10.23%	[9],[10],[12]
Par Amount		$ 2,591	[6],[7]	$ 957	[9],[10]
Cost		2,583	[1],[6],[7]	952	[3],[9],[10]
Fair Value		$ 2,571	[6],[7]	$ 937	[9],[10]
Percentage of Net Assets		0.47%	[6],[7]	0.18%	[9],[10]
Unused Fee Rate		0.50%
Unfunded commitments		$ 625
Fair Value		$ (5)
Investment, Identifier [Axis]: MRI Software, LLC 2
Variable interest rate		5.50%	[6],[7],[13]	5.50%	[9],[10],[14]
Interest Rate		10.84%	[6],[7],[11],[13]	10.23%	[9],[10],[12],[14]
Par Amount		$ 0	[6],[7],[13]	$ 461	[9],[10],[14]
Cost		(2)	[1],[6],[7],[13]	457	[3],[9],[10],[14]
Fair Value		$ (5)	[6],[7],[13]	$ 420	[9],[10],[14]
Percentage of Net Assets		0.00%	[6],[7],[13]	0.08%	[9],[10],[14]
Unused Fee Rate		0.50%
Unfunded commitments		$ 16
Fair Value		$ 0
Investment, Identifier [Axis]: MRI Software, LLC 3
Variable interest rate	[6],[7],[13]	5.50%
Interest Rate	[6],[7],[11],[13]	10.84%
Par Amount	[6],[7],[13]	$ 0
Cost	[1],[6],[7],[13]	0
Fair Value	[6],[7],[13]	$ 0
Percentage of Net Assets	[6],[7],[13]	0.00%
Investment, Identifier [Axis]: MSM Acquisitions, Inc. 1
Variable interest rate	[8],[9],[10]			6.00%
Interest Rate	[8],[9],[10],[12]			10.75%
Par Amount	[8],[9],[10]			$ 11,319
Cost	[3],[8],[9],[10]			11,183
Fair Value	[8],[9],[10]			$ 11,049
Percentage of Net Assets	[8],[9],[10]			2.14%
Investment, Identifier [Axis]: MSM Acquisitions, Inc. 2
Variable interest rate	[8],[9],[10],[14]			6.00%
Interest Rate	[8],[9],[10],[12],[14]			10.75%
Par Amount	[8],[9],[10],[14]			$ 4,536
Cost	[3],[8],[9],[10],[14]			4,442
Fair Value	[8],[9],[10],[14]			$ 4,187
Percentage of Net Assets	[8],[9],[10],[14]			0.81%
Investment, Identifier [Axis]: MSM Acquisitions, Inc. 3
Variable interest rate	[9],[10],[14]			6.00%
Interest Rate	[9],[10],[12],[14]			10.75%
Par Amount	[9],[10],[14]			$ 612
Cost	[3],[9],[10],[14]			594
Fair Value	[9],[10],[14]			$ 580
Percentage of Net Assets	[9],[10],[14]			0.11%
Investment, Identifier [Axis]: Magnolia Wash Holdings
Unused Fee Rate		0.50%		0.50%
Unfunded commitments		$ 32		$ 32
Fair Value		$ (7)		$ (1)
Investment, Identifier [Axis]: Magnolia Wash Holdings 1
Variable interest rate		6.50%	[5],[6],[7]	6.50%	[8],[10]
Interest Rate		11.65%	[5],[6],[7],[11]	10.32%	[8],[10],[12]
Par Amount		$ 1,681	[5],[6],[7]	$ 1,690	[8],[10]
Cost		1,652	[1],[5],[6],[7]	1,658	[3],[8],[10]
Fair Value		$ 1,307	[5],[6],[7]	$ 1,619	[8],[10]
Percentage of Net Assets		0.24%	[5],[6],[7]	0.31%	[8],[10]
Investment, Identifier [Axis]: Magnolia Wash Holdings 2
Variable interest rate		6.50%	[6],[7]	6.50%	[10]
Interest Rate		11.65%	[6],[7],[11]	10.32%	[10],[12]
Par Amount		$ 315	[6],[7]	$ 317	[10]
Cost		309	[1],[6],[7]	311	[3],[10]
Fair Value		$ 245	[6],[7]	$ 303	[10]
Percentage of Net Assets		0.04%	[6],[7]	0.06%	[10]
Investment, Identifier [Axis]: Magnolia Wash Holdings 3
Variable interest rate		6.50%	[6],[7],[13]	6.50%	[10],[14]
Interest Rate		11.65%	[6],[7],[11],[13]	10.32%	[10],[12],[14]
Par Amount		$ 39	[6],[7],[13]	$ 39	[10],[14]
Cost		38	[1],[6],[7],[13]	38	[3],[10],[14]
Fair Value		$ 23	[6],[7],[13]	$ 36	[10],[14]
Percentage of Net Assets		0.00%	[6],[7],[13]	0.01%	[10],[14]
Investment, Identifier [Axis]: Mammoth Holdings, LLC
Unused Fee Rate		0.50%		0.50%
Unfunded commitments		$ 408		$ 408
Fair Value		$ (4)		$ 0
Investment, Identifier [Axis]: Mammoth Holdings, LLC 1
Variable interest rate		6.50%	[5],[6],[7]	6.00%	[8],[10]
Interest Rate		11.65%	[5],[6],[7],[11]	9.82%	[8],[10],[12]
Par Amount		$ 18,761	[5],[6],[7]	$ 3,443	[8],[10]
Cost		18,698	[1],[5],[6],[7]	3,432	[3],[8],[10]
Fair Value		$ 18,600	[5],[6],[7]	$ 3,443	[8],[10]
Percentage of Net Assets		3.38%	[5],[6],[7]	0.67%	[8],[10]
Investment, Identifier [Axis]: Mammoth Holdings, LLC 2
Variable interest rate		6.50%	[6],[7],[13]	6.00%	[8],[10]
Interest Rate		11.65%	[6],[7],[11],[13]	9.82%	[8],[10],[12]
Par Amount		$ 0	[6],[7],[13]	$ 15,415	[8],[10]
Cost		(1)	[1],[6],[7],[13]	15,363	[3],[8],[10]
Fair Value		$ (3)	[6],[7],[13]	$ 15,415	[8],[10]
Percentage of Net Assets		0.00%	[6],[7],[13]	2.99%	[8],[10]
Investment, Identifier [Axis]: Mammoth Holdings, LLC 3
Variable interest rate	[10],[14]			6.00%
Interest Rate	[10],[12],[14]			9.82%
Par Amount	[10],[14]			$ 0
Cost	[3],[10],[14]			(1)
Fair Value	[10],[14]			$ 0
Percentage of Net Assets	[10],[14]
Investment, Identifier [Axis]: Mantech International CP 1
Variable interest rate		5.75%	[5],[7],[15]	5.75%	[8],[10],[16]
Interest Rate		10.80%	[5],[7],[11],[15]	9.58%	[8],[10],[12],[16]
Par Amount		$ 10,719	[5],[7],[15]	$ 10,773	[8],[10],[16]
Cost		10,522	[1],[5],[7],[15]	10,564	[3],[8],[10],[16]
Fair Value		$ 10,637	[5],[7],[15]	$ 10,495	[8],[10],[16]
Percentage of Net Assets		1.93%	[5],[7],[15]	2.03%	[8],[10],[16]
Unused Fee Rate		0.50%		0.50%
Unfunded commitments		$ 2,600		$ 2,600
Fair Value		$ (20)		$ (67)
Investment, Identifier [Axis]: Mantech International CP 2
Variable interest rate		5.75%	[7],[13],[15]	5.75%	[10],[14],[16]
Interest Rate		10.80%	[7],[11],[13],[15]	9.58%	[10],[12],[14],[16]
Par Amount		$ 0	[7],[13],[15]	$ 0	[10],[14],[16]
Cost		(23)	[1],[7],[13],[15]	(25)	[3],[10],[14],[16]
Fair Value		$ (20)	[7],[13],[15]	$ (67)	[10],[14],[16]
Percentage of Net Assets		0.00%	[7],[13],[15]	(0.01%)	[10],[14],[16]
Unused Fee Rate		0.50%		0.50%
Unfunded commitments		$ 1,600		$ 1,600
Fair Value		$ (12)		$ (41)
Investment, Identifier [Axis]: Mantech International CP 3
Variable interest rate		5.75%	[7],[13],[15]	5.75%	[10],[14],[16]
Interest Rate		10.80%	[7],[11],[13],[15]	9.58%	[10],[12],[14],[16]
Par Amount		$ 0	[7],[13],[15]	$ 0	[10],[14],[16]
Cost		(28)	[1],[7],[13],[15]	(30)	[3],[10],[14],[16]
Fair Value		$ (12)	[7],[13],[15]	$ (41)	[10],[14],[16]
Percentage of Net Assets		0.00%	[7],[13],[15]	(0.01%)	[10],[14],[16]
Investment, Identifier [Axis]: Montana Buyer, Inc.
Unused Fee Rate		0.50%		0.50%
Unfunded commitments		$ 147		$ 147
Fair Value		$ (4)		$ (5)
Investment, Identifier [Axis]: Montana Buyer, Inc. 1
Variable interest rate		5.75%	[5],[7],[15]	5.75%	[8],[10],[16]
Interest Rate		10.83%	[5],[7],[11],[15]	8.70%	[8],[10],[12],[16]
Par Amount		$ 1,299	[5],[7],[15]	$ 1,306	[8],[10],[16]
Cost		1,276	[1],[5],[7],[15]	1,281	[3],[8],[10],[16]
Fair Value		$ 1,264	[5],[7],[15]	$ 1,262	[8],[10],[16]
Percentage of Net Assets		0.23%	[5],[7],[15]	0.24%	[8],[10],[16]
Investment, Identifier [Axis]: Montana Buyer, Inc. 2
Variable interest rate		5.75%	[7],[13],[15]	5.75%	[10],[14],[16]
Interest Rate		10.83%	[7],[11],[13],[15]	8.70%	[10],[12],[14],[16]
Par Amount		$ 0	[7],[13],[15]	$ 0	[10],[14],[16]
Cost		(2)	[1],[7],[13],[15]	(3)	[3],[10],[14],[16]
Fair Value		$ (4)	[7],[13],[15]	$ (5)	[10],[14],[16]
Percentage of Net Assets		0.00%	[7],[13],[15]	0.00%	[10],[14],[16]
Investment, Identifier [Axis]: Netwrix Corporation And Concept Searching, Inc. 1
Variable interest rate		5.00%	[7],[15]	5.00%	[8],[10],[16]
Interest Rate		10.30%	[7],[11],[15]	9.70%	[8],[10],[12],[16]
Par Amount		$ 722	[7],[15]	$ 614	[8],[10],[16]
Cost		716	[1],[7],[15]	608	[3],[8],[10],[16]
Fair Value		$ 698	[7],[15]	$ 581	[8],[10],[16]
Percentage of Net Assets		0.13%	[7],[15]	0.11%	[8],[10],[16]
Unused Fee Rate		0.50%		0.50%
Unfunded commitments		$ 211		$ 220
Fair Value		$ (7)		$ (12)
Investment, Identifier [Axis]: Netwrix Corporation And Concept Searching, Inc. 2
Variable interest rate		5.00%	[7],[13],[15]	5.00%	[10],[14],[16]
Interest Rate		10.30%	[7],[11],[13],[15]	9.70%	[10],[12],[14],[16]
Par Amount		$ 7	[7],[13],[15]	$ 108	[10],[14],[16]
Cost		6	[1],[7],[13],[15]	107	[3],[10],[14],[16]
Fair Value		$ 0	[7],[13],[15]	$ 91	[10],[14],[16]
Percentage of Net Assets		0.00%	[7],[13],[15]	0.02%	[10],[14],[16]
Unused Fee Rate		0.25%		0.50%
Unfunded commitments		$ 43		$ 57
Fair Value		$ (1)		$ (3)
Investment, Identifier [Axis]: Netwrix Corporation And Concept Searching, Inc. 3
Variable interest rate		5.00%	[7],[13],[15]	5.00%	[10],[14],[16]
Interest Rate		10.30%	[7],[11],[13],[15]	9.70%	[10],[12],[14],[16]
Par Amount		$ 14	[7],[13],[15]	$ 0	[10],[14],[16]
Cost		14	[1],[7],[13],[15]	(1)	[3],[10],[14],[16]
Fair Value		$ 12	[7],[13],[15]	$ (3)	[10],[14],[16]
Percentage of Net Assets		0.00%	[7],[13],[15]	0.00%	[10],[14],[16]
Investment, Identifier [Axis]: Oak Purchaser, Inc. 1
Variable interest rate		5.50%	[5],[7],[15]	5.50%	[8],[10],[16]
Interest Rate		10.37%	[5],[7],[11],[15]	9.48%	[8],[10],[12],[16]
Par Amount		$ 931	[5],[7],[15]	$ 931	[8],[10],[16]
Cost		923	[1],[5],[7],[15]	922	[3],[8],[10],[16]
Fair Value		$ 899	[5],[7],[15]	$ 917	[8],[10],[16]
Percentage of Net Assets		0.16%	[5],[7],[15]	0.18%	[8],[10],[16]
Unused Fee Rate		0.50%		0.50%
Unfunded commitments		$ 371		$ 412
Fair Value		$ (12)		$ (6)
Investment, Identifier [Axis]: Oak Purchaser, Inc. 2
Variable interest rate		5.50%	[7],[13],[15]	5.50%	[10],[14],[16]
Interest Rate		10.37%	[7],[11],[13],[15]	9.48%	[10],[12],[14],[16]
Par Amount		$ 249	[7],[13],[15]	$ 208	[10],[14],[16]
Cost		244	[1],[7],[13],[15]	203	[3],[10],[14],[16]
Fair Value		$ 228	[7],[13],[15]	$ 200	[10],[14],[16]
Percentage of Net Assets		0.04%	[7],[13],[15]	0.04%	[10],[14],[16]
Unused Fee Rate		0.50%		0.50%
Unfunded commitments		$ 124		$ 124
Fair Value		$ (4)		$ (2)
Investment, Identifier [Axis]: Oak Purchaser, Inc. 3
Variable interest rate		5.50%	[7],[13],[15]	5.50%	[10],[14],[16]
Interest Rate		10.37%	[7],[11],[13],[15]	9.48%	[10],[12],[14],[16]
Par Amount		$ 0	[7],[13],[15]	$ 0	[10],[14],[16]
Cost		(1)	[1],[7],[13],[15]	(1)	[3],[10],[14],[16]
Fair Value		$ (4)	[7],[13],[15]	$ (2)	[10],[14],[16]
Percentage of Net Assets		0.00%	[7],[13],[15]	0.00%	[10],[14],[16]
Investment, Identifier [Axis]: Oakbridge Insurance Agency, LLC 1
Variable interest rate		5.75%	[5],[6],[7]	5.75%	[8],[9],[10]
Interest Rate		10.95%	[5],[6],[7],[11]	10.17%	[8],[9],[10],[12]
Par Amount		$ 1,075	[5],[6],[7]	$ 1,078	[8],[9],[10]
Cost		1,060	[1],[5],[6],[7]	1,062	[3],[8],[9],[10]
Fair Value		$ 1,056	[5],[6],[7]	$ 1,062	[8],[9],[10]
Percentage of Net Assets		0.19%	[5],[6],[7]	0.21%	[8],[9],[10]
Unused Fee Rate		1.00%		1.00%
Unfunded commitments		$ 338		$ 399
Fair Value		$ (6)		$ (4)
Investment, Identifier [Axis]: Oakbridge Insurance Agency, LLC 2
Variable interest rate		5.75%	[6],[7],[13]	5.75%	[9],[10],[14]
Interest Rate		10.95%	[6],[7],[11],[13]	10.17%	[9],[10],[12],[14]
Par Amount		$ 121	[6],[7],[13]	$ 60	[9],[10],[14]
Cost		117	[1],[6],[7],[13]	56	[3],[9],[10],[14]
Fair Value		$ 113	[6],[7],[13]	$ 56	[9],[10],[14]
Percentage of Net Assets		0.02%	[6],[7],[13]	0.01%	[9],[10],[14]
Unused Fee Rate		0.50%		0.50%
Unfunded commitments		$ 31		$ 36
Fair Value		$ (1)		$ 0
Investment, Identifier [Axis]: Oakbridge Insurance Agency, LLC 3
Variable interest rate		5.75%	[6],[7],[13]	5.75%	[9],[10],[14]
Interest Rate		10.95%	[6],[7],[11],[13]	10.17%	[9],[10],[12],[14]
Par Amount		$ 24	[6],[7],[13]	$ 19	[9],[10],[14]
Cost		23	[1],[6],[7],[13]	18	[3],[9],[10],[14]
Fair Value		$ 23	[6],[7],[13]	$ 18	[9],[10],[14]
Percentage of Net Assets		0.00%	[6],[7],[13]	0.00%	[9],[10],[14]
Investment, Identifier [Axis]: Omni Intermediate Holdings, LLC 1
Variable interest rate		5.00%	[5],[6],[7]	5.00%	[8],[9],[10]
Interest Rate		10.39%	[5],[6],[7],[11]	9.73%	[8],[9],[10],[12]
Par Amount		$ 14,616	[5],[6],[7]	$ 14,571	[8],[9],[10]
Cost		14,509	[1],[5],[6],[7]	14,451	[3],[8],[9],[10]
Fair Value		$ 14,136	[5],[6],[7]	$ 13,954	[8],[9],[10]
Percentage of Net Assets		2.57%	[5],[6],[7]	2.70%	[8],[9],[10]
Unused Fee Rate		1.00%		1.00%
Unfunded commitments		$ 28		$ 941
Fair Value		$ (1)		$ (39)
Investment, Identifier [Axis]: Omni Intermediate Holdings, LLC 2
Variable interest rate		5.00%	[6],[7],[13]	5.00%	[9],[10],[14]
Interest Rate		10.39%	[6],[7],[11],[13]	9.73%	[9],[10],[12],[14]
Par Amount		$ 1,553	[6],[7],[13]	$ 654	[9],[10],[14]
Cost		1,535	[1],[6],[7],[13]	638	[3],[9],[10],[14]
Fair Value		$ 1,501	[6],[7],[13]	$ 587	[9],[10],[14]
Percentage of Net Assets		0.27%	[6],[7],[13]	0.11%	[9],[10],[14]
Unused Fee Rate		0.50%		0.50%
Unfunded commitments		$ 1,318		$ 1,318
Fair Value		$ (43)		$ (56)
Investment, Identifier [Axis]: Omni Intermediate Holdings, LLC 3
Variable interest rate		5.00%	[6],[7],[13]	5.00%	[9],[10]
Interest Rate		10.39%	[6],[7],[11],[13]	9.73%	[9],[10],[12]
Par Amount		$ 0	[6],[7],[13]	$ 77	[9],[10]
Cost		(9)	[1],[6],[7],[13]	75	[3],[9],[10]
Fair Value		$ (43)	[6],[7],[13]	$ 73	[9],[10]
Percentage of Net Assets		(0.01%)	[6],[7],[13]	0.01%	[9],[10]
Investment, Identifier [Axis]: Omni Intermediate Holdings, LLC 4
Variable interest rate		9.00%	[5],[6],[7]	5.00%	[9],[10],[14]
Interest Rate		14.39%	[5],[6],[7],[11]	9.73%	[9],[10],[12],[14]
Par Amount		$ 900	[5],[6],[7]	$ 0	[9],[10],[14]
Cost		877	[1],[5],[6],[7]	(11)	[3],[9],[10],[14]
Fair Value		$ 875	[5],[6],[7]	$ (56)	[9],[10],[14]
Percentage of Net Assets		0.16%	[5],[6],[7]	(0.01%)	[9],[10],[14]
Investment, Identifier [Axis]: Omni Intermediate Holdings, LLC 5
Variable interest rate	[8],[9],[10]			9.00%
Interest Rate	[8],[9],[10],[12]			13.69%
Par Amount	[8],[9],[10]			$ 900
Cost	[3],[8],[9],[10]			875
Fair Value	[8],[9],[10]			$ 864
Percentage of Net Assets	[8],[9],[10]			0.17%
Investment, Identifier [Axis]: PCX Holding Corp.
Par Amount, Shares (in shares)		1,154	[7],[17]	1,154	[10],[18]
Cost		$ 115	[1],[7],[17]	$ 115	[3],[10],[18]
Fair Value		$ 156	[7],[17]	$ 132	[10],[18]
Percentage of Net Assets		0.03%	[7],[17]	0.03%	[10],[18]
Unused Fee Rate		0.50%		0.50%
Unfunded commitments		$ 555		$ 555
Fair Value		$ (11)		$ (18)
Investment, Identifier [Axis]: PCX Holding Corp. 1
Variable interest rate		6.25%	[5],[6],[7]	6.25%	[8],[9],[10]
Interest Rate		11.64%	[5],[6],[7],[11]	10.98%	[8],[9],[10],[12]
Par Amount		$ 7,774	[5],[6],[7]	$ 7,814	[8],[9],[10]
Cost		7,720	[1],[5],[6],[7]	7,754	[3],[8],[9],[10]
Fair Value		$ 7,626	[5],[6],[7]	$ 7,558	[8],[9],[10]
Percentage of Net Assets		1.39%	[5],[6],[7]	1.46%	[8],[9],[10]
Investment, Identifier [Axis]: PCX Holding Corp. 2
Variable interest rate		6.25%	[5],[6],[7]	6.25%	[8],[9],[10]
Interest Rate		11.64%	[5],[6],[7],[11]	10.98%	[8],[9],[10],[12]
Par Amount		$ 7,829	[5],[6],[7]	$ 7,869	[8],[9],[10]
Cost		7,716	[1],[5],[6],[7]	7,743	[3],[8],[9],[10]
Fair Value		$ 7,679	[5],[6],[7]	$ 7,611	[8],[9],[10]
Percentage of Net Assets		1.40%	[5],[6],[7]	1.47%	[8],[9],[10]
Investment, Identifier [Axis]: PCX Holding Corp. 3
Variable interest rate		6.25%	[6],[7],[13]	6.25%	[9],[10],[14]
Interest Rate		11.64%	[6],[7],[11],[13]	10.98%	[9],[10],[12],[14]
Par Amount		$ 238	[6],[7],[13]	$ 238	[9],[10],[14]
Cost		233	[1],[6],[7],[13]	232	[3],[9],[10],[14]
Fair Value		$ 223	[6],[7],[13]	$ 212	[9],[10],[14]
Percentage of Net Assets		0.04%	[6],[7],[13]	0.04%	[9],[10],[14]
Investment, Identifier [Axis]: PDFTron Systems, Inc.
Unused Fee Rate		0.50%		0.50%
Unfunded commitments		$ 1,100		$ 1,650
Fair Value		$ (30)		$ (55)
Investment, Identifier [Axis]: PDFTron Systems, Inc. 1
Variable interest rate		5.50%	[5],[6],[7],[20]	5.50%	[8],[9],[10],[19]
Interest Rate		10.60%	[5],[6],[7],[11],[20]	9.82%	[8],[9],[10],[12],[19]
Par Amount		$ 12,936	[5],[6],[7],[20]	$ 13,035	[8],[9],[10],[19]
Cost		12,774	[1],[5],[6],[7],[20]	12,856	[3],[8],[9],[10],[19]
Fair Value		$ 12,587	[5],[6],[7],[20]	$ 12,601	[8],[9],[10],[19]
Percentage of Net Assets		2.29%	[5],[6],[7],[20]	2.44%	[8],[9],[10],[19]
Investment, Identifier [Axis]: PDFTron Systems, Inc. 2
Variable interest rate		5.50%	[5],[6],[7],[20]	5.50%	[8],[9],[10],[19]
Interest Rate		10.60%	[5],[6],[7],[11],[20]	9.82%	[8],[9],[10],[12],[19]
Par Amount		$ 4,190	[5],[6],[7],[20]	$ 4,200	[8],[9],[10],[19]
Cost		4,126	[1],[5],[6],[7],[20]	4,130	[3],[8],[9],[10],[19]
Fair Value		$ 4,076	[5],[6],[7],[20]	$ 4,060	[8],[9],[10],[19]
Percentage of Net Assets		0.74%	[5],[6],[7],[20]	0.79%	[8],[9],[10],[19]
Investment, Identifier [Axis]: PDFTron Systems, Inc. 3
Variable interest rate		5.50%	[6],[7],[13],[20]	5.50%	[9],[10],[14],[19]
Interest Rate		10.60%	[6],[7],[11],[13],[20]	9.82%	[9],[10],[12],[14],[19]
Par Amount		$ 2,200	[6],[7],[13],[20]	$ 1,650	[9],[10],[14],[19]
Cost		2,160	[1],[6],[7],[13],[20]	1,603	[3],[9],[10],[14],[19]
Fair Value		$ 2,111	[6],[7],[13],[20]	$ 1,540	[9],[10],[14],[19]
Percentage of Net Assets		0.38%	[6],[7],[13],[20]	0.30%	[9],[10],[14],[19]
Investment, Identifier [Axis]: PPV Intermediate Holdings, LLC
Variable interest rate	[7],[15]	5.75%
Interest Rate	[7],[11],[15]	10.89%
Par Amount	[7],[15]	$ 994
Cost	[1],[7],[15]	955
Fair Value	[7],[15]	$ 955
Percentage of Net Assets	[7],[15]	0.17%
Investment, Identifier [Axis]: PT Intermediate Holdings III, LLC 1
Variable interest rate		5.98%	[5],[7],[15]	5.50%	[8],[10],[16]
Interest Rate		11.37%	[5],[7],[11],[15]	10.23%	[8],[10],[12],[16]
Par Amount		$ 15,065	[5],[7],[15]	$ 15,142	[8],[10],[16]
Cost		14,942	[1],[5],[7],[15]	15,010	[3],[8],[10],[16]
Fair Value		$ 14,208	[5],[7],[15]	$ 14,704	[8],[10],[16]
Percentage of Net Assets		2.58%	[5],[7],[15]	2.85%	[8],[10],[16]
Investment, Identifier [Axis]: PT Intermediate Holdings III, LLC 2
Variable interest rate		5.98%	[5],[7],[15]	5.50%	[8],[10],[16]
Interest Rate		11.37%	[5],[7],[11],[15]	10.23%	[8],[10],[12],[16]
Par Amount		$ 8,382	[5],[7],[15]	$ 8,425	[8],[10],[16]
Cost		8,316	[1],[5],[7],[15]	8,352	[3],[8],[10],[16]
Fair Value		$ 7,905	[5],[7],[15]	$ 8,181	[8],[10],[16]
Percentage of Net Assets		1.44%	[5],[7],[15]	1.58%	[8],[10],[16]
Investment, Identifier [Axis]: Pareto Health Intermediate Holdings, Inc.
Unused Fee Rate		0.50%
Unfunded commitments		$ 122
Fair Value		$ (2)
Investment, Identifier [Axis]: Pareto Health Intermediate Holdings, Inc. 1
Variable interest rate	[7],[15]	6.50%
Interest Rate	[7],[11],[15]	11.74%
Par Amount	[7],[15]	$ 1,047
Cost	[1],[7],[15]	1,025
Fair Value	[7],[15]	$ 1,025
Percentage of Net Assets	[7],[15]	0.19%
Investment, Identifier [Axis]: Pareto Health Intermediate Holdings, Inc. 2
Variable interest rate	[7],[13],[15]	6.50%
Interest Rate	[7],[11],[13],[15]	11.74%
Par Amount	[7],[13],[15]	$ 0
Cost	[1],[7],[13],[15]	(2)
Fair Value	[7],[13],[15]	$ (2)
Percentage of Net Assets	[7],[13],[15]	0.00%
Investment, Identifier [Axis]: Patriot Growth Insurance Services, LLC
Variable interest rate		5.75%	[7],[13],[15]	5.75%	[10],[14],[16]
Interest Rate		11.06%	[7],[11],[13],[15]	10.47%	[10],[12],[14],[16]
Par Amount		$ 356	[7],[13],[15]	$ 49	[10],[14],[16]
Cost		349	[1],[7],[13],[15]	43	[3],[10],[14],[16]
Fair Value		$ 342	[7],[13],[15]	$ 17	[10],[14],[16]
Percentage of Net Assets		0.06%	[7],[13],[15]	0.00%	[10],[14],[16]
Unused Fee Rate		0.75%		0.75%
Unfunded commitments		$ 323		$ 632
Fair Value		$ (7)		$ (29)
Investment, Identifier [Axis]: Performance Health & Wellness
Variable interest rate	[5],[6],[7]	6.00%
Interest Rate	[5],[6],[7],[11]	10.97%
Par Amount	[5],[6],[7]	$ 4,028
Cost	[1],[5],[6],[7]	3,969
Fair Value	[5],[6],[7]	$ 3,917
Percentage of Net Assets	[5],[6],[7]	0.71%
Investment, Identifier [Axis]: Performance Health Holdings, Inc.
Variable interest rate	[8],[9],[10]			6.00%
Interest Rate	[8],[9],[10],[12]			10.73%
Par Amount	[8],[9],[10]			$ 4,028
Cost	[3],[8],[9],[10]			3,963
Fair Value	[8],[9],[10]			$ 3,838
Percentage of Net Assets	[8],[9],[10]			0.74%
Investment, Identifier [Axis]: PerkinElmer U.S., LLC
Variable interest rate	[5],[6],[7]	6.75%
Interest Rate	[5],[6],[7],[11]	11.99%
Par Amount	[5],[6],[7]	$ 583
Cost	[1],[5],[6],[7]	566
Fair Value	[5],[6],[7]	$ 567
Percentage of Net Assets	[5],[6],[7]	0.10%
Investment, Identifier [Axis]: Peter C. Foy & Associates Insurance Services, LLC
Unused Fee Rate		0.50%
Unfunded commitments		$ 347
Fair Value		$ (10)
Investment, Identifier [Axis]: Peter C. Foy & Associates Insurance Services, LLC 1
Variable interest rate		6.00%	[5],[7],[15]	6.00%	[8],[10],[16]
Interest Rate		11.22%	[5],[7],[11],[15]	11.21%	[8],[10],[12],[16]
Par Amount		$ 7,659	[5],[7],[15]	$ 7,698	[8],[10],[16]
Cost		7,595	[1],[5],[7],[15]	7,629	[3],[8],[10],[16]
Fair Value		$ 7,434	[5],[7],[15]	$ 7,325	[8],[10],[16]
Percentage of Net Assets		1.35%	[5],[7],[15]	1.42%	[8],[10],[16]
Unused Fee Rate				1.00%
Unfunded commitments				$ 91
Fair Value				$ (4)
Investment, Identifier [Axis]: Peter C. Foy & Associates Insurance Services, LLC 2
Variable interest rate		6.00%	[5],[7],[15]	6.00%	[8],[10],[14],[16]
Interest Rate		11.22%	[5],[7],[11],[15]	11.21%	[8],[10],[12],[14],[16]
Par Amount		$ 2,757	[5],[7],[15]	$ 2,679	[8],[10],[14],[16]
Cost		2,731	[1],[5],[7],[15]	2,653	[3],[8],[10],[14],[16]
Fair Value		$ 2,676	[5],[7],[15]	$ 2,545	[8],[10],[14],[16]
Percentage of Net Assets		0.49%	[5],[7],[15]	0.49%	[8],[10],[14],[16]
Unused Fee Rate				0.50%
Unfunded commitments				$ 347
Fair Value				$ (17)
Investment, Identifier [Axis]: Peter C. Foy & Associates Insurance Services, LLC 3
Variable interest rate		6.00%	[7],[13],[15]	6.00%	[10],[14],[16]
Interest Rate		11.22%	[7],[11],[13],[15]	11.21%	[10],[12],[14],[16]
Par Amount		$ 0	[7],[13],[15]	$ 0	[10],[14],[16]
Cost		(2)	[1],[7],[13],[15]	(3)	[3],[10],[14],[16]
Fair Value		$ (10)	[7],[13],[15]	$ (17)	[10],[14],[16]
Percentage of Net Assets		0.00%	[7],[13],[15]	0.00%	[10],[14],[16]
Investment, Identifier [Axis]: Pound Bidco, Inc.
Unused Fee Rate				0.50%
Unfunded commitments				$ 388
Fair Value				$ (2)
Investment, Identifier [Axis]: Pound Bidco, Inc. 1
Variable interest rate	[8],[9],[10],[19]			6.50%
Interest Rate	[8],[9],[10],[12],[19]			10.67%
Par Amount	[8],[9],[10],[19]			$ 3,004
Cost	[3],[8],[9],[10],[19]			2,963
Fair Value	[8],[9],[10],[19]			$ 2,990
Percentage of Net Assets	[8],[9],[10],[19]			0.58%
Unused Fee Rate		0.50%
Unfunded commitments		$ 388
Fair Value		$ (1)
Investment, Identifier [Axis]: Pound Bidco, Inc. 2
Variable interest rate	[8],[9],[10],[14],[19]			6.50%
Interest Rate	[8],[9],[10],[12],[14],[19]			10.67%
Par Amount	[8],[9],[10],[14],[19]			$ 0
Cost	[3],[8],[9],[10],[14],[19]			(5)
Fair Value	[8],[9],[10],[14],[19]			$ (2)
Percentage of Net Assets	[8],[9],[10],[14],[19]			0.00%
Unused Fee Rate		0.00%
Unfunded commitments		$ 99
Fair Value		$ 0
Investment, Identifier [Axis]: Pritchard Industries, Inc.
Par Amount, Shares (in shares)		300,000	[7],[17]	300,000	[10],[18]
Cost		$ 300	[1],[7],[17]	$ 300	[3],[10],[18]
Fair Value		$ 339	[7],[17]	$ 390	[10],[18]
Percentage of Net Assets		0.06%	[7],[17]	0.08%	[10],[18]
Investment, Identifier [Axis]: Pritchard Industries, LLC
Unused Fee Rate				1.00%
Unfunded commitments				$ 296
Fair Value				$ (16)
Investment, Identifier [Axis]: Pritchard Industries, LLC 1
Variable interest rate		5.50%	[5],[7],[15]	5.50%	[8],[10],[16]
Interest Rate		11.09%	[5],[7],[11],[15]	10.54%	[8],[10],[12],[16]
Par Amount		$ 10,887	[5],[7],[15]	$ 10,942	[8],[10],[16]
Cost		10,721	[1],[5],[7],[15]	10,760	[3],[8],[10],[16]
Fair Value		$ 10,527	[5],[7],[15]	$ 10,334	[8],[10],[16]
Percentage of Net Assets		1.91%	[5],[7],[15]	2.00%	[8],[10],[16]
Investment, Identifier [Axis]: Pritchard Industries, LLC 2
Variable interest rate		5.50%	[7],[15]	5.50%	[10],[14],[16]
Interest Rate		11.09%	[7],[11],[15]	10.54%	[10],[12],[14],[16]
Par Amount		$ 2,603	[7],[15]	$ 2,320	[10],[14],[16]
Cost		2,562	[1],[7],[15]	2,278	[3],[10],[14],[16]
Fair Value		$ 2,517	[7],[15]	$ 2,174	[10],[14],[16]
Percentage of Net Assets		0.46%	[7],[15]	0.42%	[10],[14],[16]
Investment, Identifier [Axis]: Procure Acquiom Financial, LLC (Procure Analytics)
Par Amount, Shares (in shares)		500,000	[7],[17]	500,000	[10],[18]
Cost		$ 500	[1],[7],[17]	$ 500	[3],[10],[18]
Fair Value		$ 615	[7],[17]	$ 690	[10],[18]
Percentage of Net Assets		0.11%	[7],[17]	0.13%	[10],[18]
Investment, Identifier [Axis]: Procure Acquireco, Inc. (Procure Analytics) 1
Variable interest rate		5.00%	[5],[7],[15]	5.00%	[8],[10],[16]
Interest Rate		10.17%	[5],[7],[11],[15]	9.35%	[8],[10],[12],[16]
Par Amount		$ 15,635	[5],[7],[15]	$ 15,714	[8],[10],[16]
Cost		15,377	[1],[5],[7],[15]	15,437	[3],[8],[10],[16]
Fair Value		$ 14,956	[5],[7],[15]	$ 15,021	[8],[10],[16]
Percentage of Net Assets		2.72%	[5],[7],[15]	2.91%	[8],[10],[16]
Unused Fee Rate		1.00%		1.00%
Unfunded commitments		$ 3,175		$ 3,175
Fair Value		$ (138)		$ (140)
Investment, Identifier [Axis]: Procure Acquireco, Inc. (Procure Analytics) 2
Variable interest rate		5.00%	[7],[13],[15]	5.00%	[10],[14],[16]
Interest Rate		10.17%	[7],[11],[13],[15]	9.35%	[10],[12],[14],[16]
Par Amount		$ 0	[7],[13],[15]	$ 0	[10],[14],[16]
Cost		(25)	[1],[7],[13],[15]	(27)	[3],[10],[14],[16]
Fair Value		$ (138)	[7],[13],[15]	$ (140)	[10],[14],[16]
Percentage of Net Assets		(0.03%)	[7],[13],[15]	(0.03%)	[10],[14],[16]
Unused Fee Rate		0.50%		0.50%
Unfunded commitments		$ 952		$ 952
Fair Value		$ (41)		$ (42)
Investment, Identifier [Axis]: Procure Acquireco, Inc. (Procure Analytics) 3
Variable interest rate		5.00%	[7],[13],[15]	5.00%	[10],[14],[16]
Interest Rate		10.17%	[7],[11],[13],[15]	9.35%	[10],[12],[14],[16]
Par Amount		$ 0	[7],[13],[15]	$ 0	[10],[14],[16]
Cost		(13)	[1],[7],[13],[15]	(15)	[3],[10],[14],[16]
Fair Value		$ (41)	[7],[13],[15]	$ (42)	[10],[14],[16]
Percentage of Net Assets		(0.01%)	[7],[13],[15]	(0.01%)	[10],[14],[16]
Investment, Identifier [Axis]: Project Leopard Holdings, Inc.
Variable interest rate		5.25%	[7],[20],[23]	5.25%	[8],[10],[19],[24]
Interest Rate		10.45%	[7],[11],[20],[23]	9.80%	[8],[10],[12],[19],[24]
Par Amount		$ 1,035	[7],[20],[23]	$ 1,040	[8],[10],[19],[24]
Cost		970	[1],[7],[20],[23]	971	[3],[8],[10],[19],[24]
Fair Value		$ 943	[7],[20],[23]	$ 943	[8],[10],[19],[24]
Percentage of Net Assets		0.17%	[7],[20],[23]	0.18%	[8],[10],[19],[24]
Investment, Identifier [Axis]: Promptcare Infusion Buyer, Inc.
Unused Fee Rate		1.00%		1.00%
Unfunded commitments		$ 815		$ 1,042
Fair Value		$ (19)		$ (36)
Investment, Identifier [Axis]: Promptcare Infusion Buyer, Inc. 1
Variable interest rate		6.00%	[5],[6],[7]	6.00%	[8],[9],[10]
Interest Rate		11.25%	[5],[6],[7],[11]	10.22%	[8],[9],[10],[12]
Par Amount		$ 3,869	[5],[6],[7]	$ 3,888	[8],[9],[10]
Cost		3,811	[1],[5],[6],[7]	3,825	[3],[8],[9],[10]
Fair Value		$ 3,777	[5],[6],[7]	$ 3,753	[8],[9],[10]
Percentage of Net Assets		0.69%	[5],[6],[7]	0.73%	[8],[9],[10]
Investment, Identifier [Axis]: Promptcare Infusion Buyer, Inc. 2
Variable interest rate		6.00%	[6],[7],[13]	6.00%	[9],[10],[14]
Interest Rate		11.25%	[6],[7],[11],[13]	10.22%	[9],[10],[12],[14]
Par Amount		$ 603	[6],[7],[13]	$ 378	[9],[10],[14]
Cost		588	[1],[6],[7],[13]	364	[3],[9],[10],[14]
Fair Value		$ 569	[6],[7],[13]	$ 329	[9],[10],[14]
Percentage of Net Assets		0.10%	[6],[7],[13]	0.06%	[9],[10],[14]
Investment, Identifier [Axis]: Prophix Software, Inc. 1
Variable interest rate	[5],[6],[7],[20]	6.50%
Interest Rate	[5],[6],[7],[11],[20]	11.66%
Par Amount	[5],[6],[7],[20]	$ 2,132
Cost	[1],[5],[6],[7],[20]	2,108
Fair Value	[5],[6],[7],[20]	$ 2,128
Percentage of Net Assets	[5],[6],[7],[20]	0.39%
Investment, Identifier [Axis]: Prophix Software, Inc. 2
Variable interest rate	[5],[7],[20],[23]	6.50%
Interest Rate	[5],[7],[11],[20],[23]	11.66%
Par Amount	[5],[7],[20],[23]	$ 0
Cost	[1],[5],[7],[20],[23]	(4)
Fair Value	[5],[7],[20],[23]	$ (1)
Percentage of Net Assets	[5],[7],[20],[23]	0.00%
Investment, Identifier [Axis]: Prophix Software, Inc. 3
Variable interest rate	[5],[6],[7],[20]	6.50%
Interest Rate	[5],[6],[7],[11],[20]	11.66%
Par Amount	[5],[6],[7],[20]	$ 872
Cost	[1],[5],[6],[7],[20]	861
Fair Value	[5],[6],[7],[20]	$ 861
Percentage of Net Assets	[5],[6],[7],[20]	0.16%
Investment, Identifier [Axis]: Prophix Software, Inc. 4
Variable interest rate	[6],[7],[13],[20]	6.50%
Interest Rate	[6],[7],[11],[13],[20]	11.66%
Par Amount	[6],[7],[13],[20]	$ 0
Cost	[1],[6],[7],[13],[20]	0
Fair Value	[6],[7],[13],[20]	$ 0
Percentage of Net Assets	[6],[7],[13],[20]	0.00%
Investment, Identifier [Axis]: QW Holding Corporation 1
Variable interest rate	[8],[9],[10]			5.50%
Interest Rate	[8],[9],[10],[12]			9.44%
Par Amount	[8],[9],[10]			$ 3,299
Cost	[3],[8],[9],[10]			3,256
Fair Value	[8],[9],[10]			$ 3,176
Percentage of Net Assets	[8],[9],[10]			0.62%
Unused Fee Rate				1.00%
Unfunded commitments				$ 146
Fair Value				$ (5)
Investment, Identifier [Axis]: QW Holding Corporation 2
Variable interest rate	[9],[10],[14]			5.50%
Interest Rate	[9],[10],[12],[14]			9.44%
Par Amount	[9],[10],[14]			$ 686
Cost	[3],[9],[10],[14]			676
Fair Value	[9],[10],[14]			$ 655
Percentage of Net Assets	[9],[10],[14]			0.13%
Unused Fee Rate				0.50%
Unfunded commitments				$ 833
Fair Value				$ (31)
Investment, Identifier [Axis]: QW Holding Corporation 3
Variable interest rate	[9],[10],[14]			5.50%
Interest Rate	[9],[10],[12],[14]			9.44%
Par Amount	[9],[10],[14]			$ 0
Cost	[3],[9],[10],[14]			(11)
Fair Value	[9],[10],[14]			$ (31)
Percentage of Net Assets	[9],[10],[14]			(0.01%)
Investment, Identifier [Axis]: RSC Acquisition, Inc.
Variable interest rate	[5],[7],[15]	5.50%
Interest Rate	[5],[7],[11],[15]	10.85%
Par Amount	[5],[7],[15]	$ 10,482
Cost	[1],[5],[7],[15]	10,406
Fair Value	[5],[7],[15]	$ 10,308
Percentage of Net Assets	[5],[7],[15]	1.87%
Investment, Identifier [Axis]: RSC Acquisition, Inc. 1
Variable interest rate	[8],[10],[16]			5.50%
Interest Rate	[8],[10],[12],[16]			10.11%
Par Amount	[8],[10],[16]			$ 5,374
Cost	[3],[8],[10],[16]			5,331
Fair Value	[8],[10],[16]			$ 5,206
Percentage of Net Assets	[8],[10],[16]			1.01%
Investment, Identifier [Axis]: RSC Acquisition, Inc. 2
Variable interest rate	[8],[10],[16]			5.50%
Interest Rate	[8],[10],[12],[16]			10.11%
Par Amount	[8],[10],[16]			$ 5,176
Cost	[3],[8],[10],[16]			5,136
Fair Value	[8],[10],[16]			$ 5,014
Percentage of Net Assets	[8],[10],[16]			0.97%
Investment, Identifier [Axis]: RSK Holdings, Inc. (Riskonnect)
Variable interest rate	[7],[15],[17]	10.50%
Par Amount, Shares (in shares)	[7],[15],[17]	320,600
Cost	[1],[7],[15],[17]	$ 334
Fair Value	[7],[15],[17]	$ 362
Percentage of Net Assets	[7],[15],[17]	0.07%
Investment, Identifier [Axis]: Radwell Parent, LLC
Unused Fee Rate				0.38%
Unfunded commitments				$ 1,047
Fair Value				$ (30)
Investment, Identifier [Axis]: Radwell Parent, LLC 1
Variable interest rate	[8],[10],[16]			6.75%
Interest Rate	[8],[10],[12],[16]			11.33%
Par Amount	[8],[10],[16]			$ 13,953
Cost	[3],[8],[10],[16]			13,546
Fair Value	[8],[10],[16]			$ 13,546
Percentage of Net Assets	[8],[10],[16]			2.62%
Investment, Identifier [Axis]: Radwell Parent, LLC 2
Variable interest rate	[10],[14],[16]			6.75%
Interest Rate	[10],[12],[14],[16]			11.33%
Par Amount	[10],[14],[16]			$ 0
Cost	[3],[10],[14],[16]			(30)
Fair Value	[10],[14],[16]			$ (30)
Percentage of Net Assets	[10],[14],[16]			(0.01%)
Investment, Identifier [Axis]: Randy's Holdings, Inc. 1
Variable interest rate		6.50%	[5],[6],[7]	6.50%	[8],[9],[10]
Interest Rate		11.53%	[5],[6],[7],[11]	10.59%	[8],[9],[10],[12]
Par Amount		$ 2,500	[5],[6],[7]	$ 2,509	[8],[9],[10]
Cost		2,431	[1],[5],[6],[7]	2,435	[3],[8],[9],[10]
Fair Value		$ 2,449	[5],[6],[7]	$ 2,435	[8],[9],[10]
Percentage of Net Assets		0.44%	[5],[6],[7]	0.47%	[8],[9],[10]
Unused Fee Rate		1.00%		1.00%
Unfunded commitments		$ 836		$ 836
Fair Value		$ (17)		$ (12)
Investment, Identifier [Axis]: Randy's Holdings, Inc. 2
Variable interest rate		6.50%	[6],[7],[13]	6.50%	[9],[10],[14]
Interest Rate		11.53%	[6],[7],[11],[13]	10.59%	[9],[10],[12],[14]
Par Amount		$ 0	[6],[7],[13]	$ 0	[9],[10],[14]
Cost		(11)	[1],[6],[7],[13]	(12)	[3],[9],[10],[14]
Fair Value		$ (17)	[6],[7],[13]	$ (12)	[9],[10],[14]
Percentage of Net Assets		0.00%	[6],[7],[13]	0.00%	[9],[10],[14]
Unused Fee Rate		0.50%		0.50%
Unfunded commitments		$ 271		$ 282
Fair Value		$ (5)		$ (8)
Investment, Identifier [Axis]: Randy's Holdings, Inc. 3
Variable interest rate		6.50%	[6],[7],[13]	6.50%	[9],[10],[14]
Interest Rate		11.53%	[6],[7],[11],[13]	10.59%	[9],[10],[12],[14]
Par Amount		$ 63	[6],[7],[13]	$ 53	[9],[10],[14]
Cost		54	[1],[6],[7],[13]	43	[3],[9],[10],[14]
Fair Value		$ 56	[6],[7],[13]	$ 43	[9],[10],[14]
Percentage of Net Assets		0.01%	[6],[7],[13]	0.01%	[9],[10],[14]
Investment, Identifier [Axis]: Raptor Merger Sub Debt, LLC
Unused Fee Rate		0.38%
Unfunded commitments		$ 837
Fair Value		$ (15)
Investment, Identifier [Axis]: Raptor Merger Sub Debt, LLC 1
Variable interest rate	[5],[7],[15]	6.75%
Interest Rate	[5],[7],[11],[15]	11.99%
Par Amount	[5],[7],[15]	$ 13,884
Cost	[1],[5],[7],[15]	13,501
Fair Value	[5],[7],[15]	$ 13,628
Percentage of Net Assets	[5],[7],[15]	2.48%
Investment, Identifier [Axis]: Raptor Merger Sub Debt, LLC 2
Variable interest rate	[7],[13],[15]	6.75%
Interest Rate	[7],[11],[13],[15]	11.99%
Par Amount	[7],[13],[15]	$ 209
Cost	[1],[7],[13],[15]	182
Fair Value	[7],[13],[15]	$ 190
Percentage of Net Assets	[7],[13],[15]	0.03%
Investment, Identifier [Axis]: Red Dawn SEI Buyer, Inc.
Variable interest rate		8.50%	[5],[6],[7]	8.50%	[8],[9],[10]
Interest Rate		13.84%	[5],[6],[7],[11]	12.67%	[8],[9],[10],[12]
Par Amount		$ 1,000	[5],[6],[7]	$ 1,000	[8],[9],[10]
Cost		983	[1],[5],[6],[7]	982	[3],[8],[9],[10]
Fair Value		$ 981	[5],[6],[7]	$ 942	[8],[9],[10]
Percentage of Net Assets		0.18%	[5],[6],[7]	0.18%	[8],[9],[10]
Investment, Identifier [Axis]: Redwood Services Group, LLC
Unused Fee Rate				1.00%
Unfunded commitments				$ 121
Fair Value				$ (5)
Investment, Identifier [Axis]: Redwood Services Group, LLC 1
Variable interest rate		6.00%	[5],[7],[15]	6.00%	[8],[10],[16]
Interest Rate		11.50%	[5],[7],[11],[15]	10.68%	[8],[10],[12],[16]
Par Amount		$ 1,804	[5],[7],[15]	$ 1,813	[8],[10],[16]
Cost		1,772	[1],[5],[7],[15]	1,779	[3],[8],[10],[16]
Fair Value		$ 1,762	[5],[7],[15]	$ 1,734	[8],[10],[16]
Percentage of Net Assets		0.32%	[5],[7],[15]	0.34%	[8],[10],[16]
Investment, Identifier [Axis]: Redwood Services Group, LLC 2
Variable interest rate		6.00%	[7],[15]	6.00%	[10],[14],[16]
Interest Rate		11.50%	[7],[11],[15]	10.68%	[10],[12],[14],[16]
Par Amount		$ 432	[7],[15]	$ 312	[10],[14],[16]
Cost		427	[1],[7],[15]	306	[3],[10],[14],[16]
Fair Value		$ 421	[7],[15]	$ 293	[10],[14],[16]
Percentage of Net Assets		0.08%	[7],[15]	0.06%	[10],[14],[16]
Investment, Identifier [Axis]: Revalize, Inc.
Variable interest rate	[6],[7],[17]	10.00%
Interest Rate	[9],[10],[18]			10.00%
Par Amount, Shares (in shares)		1,787	[6],[7],[17]	1,787	[9],[10],[18]
Cost		$ 2,080	[1],[6],[7],[17]	$ 1,937	[3],[9],[10],[18]
Fair Value		$ 2,036	[6],[7],[17]	$ 1,807	[9],[10],[18]
Percentage of Net Assets		0.37%	[6],[7],[17]	0.35%	[9],[10],[18]
Unused Fee Rate		0.50%		0.50%
Unfunded commitments		$ 71		$ 71
Fair Value		$ (2)		$ (3)
Investment, Identifier [Axis]: Revalize, Inc. 1
Variable interest rate		5.75%	[5],[6],[7]	5.75%	[8],[9],[10]
Interest Rate		10.95%	[5],[6],[7],[11]	10.48%	[8],[9],[10],[12]
Par Amount		$ 8,715	[5],[6],[7]	$ 8,638	[8],[9],[10]
Cost		8,675	[1],[5],[6],[7]	8,590	[3],[8],[9],[10]
Fair Value		$ 8,402	[5],[6],[7]	$ 8,235	[8],[9],[10]
Percentage of Net Assets		1.53%	[5],[6],[7]	1.60%	[8],[9],[10]
Investment, Identifier [Axis]: Revalize, Inc. 2
Variable interest rate		5.75%	[6],[7],[13]	5.75%	[9],[10]
Interest Rate		10.95%	[6],[7],[11],[13]	10.48%	[9],[10],[12]
Par Amount		$ 0	[6],[7],[13]	$ 121	[9],[10]
Cost		(1)	[1],[6],[7],[13]	121	[3],[9],[10]
Fair Value		$ (3)	[6],[7],[13]	$ 116	[9],[10]
Percentage of Net Assets		0.00%	[6],[7],[13]	0.02%	[9],[10]
Investment, Identifier [Axis]: Revalize, Inc. 3
Variable interest rate	[9],[10],[14]			5.75%
Interest Rate	[9],[10],[12],[14]			10.48%
Par Amount	[9],[10],[14]			$ 0
Cost	[3],[9],[10],[14]			(1)
Fair Value	[9],[10],[14]			$ (3)
Percentage of Net Assets	[9],[10],[14]			0.00%
Investment, Identifier [Axis]: Riskonnect Parent, LLC
Interest Rate	[10],[18]			10.50%
Par Amount, Shares (in shares)	[10],[18]			320,600
Cost	[3],[10],[18]			$ 323
Fair Value	[10],[18]			$ 333
Percentage of Net Assets	[10],[18]			0.06%
Unused Fee Rate		0.50%		0.50%
Unfunded commitments		$ 177		$ 177
Fair Value		$ (3)		$ (7)
Investment, Identifier [Axis]: Riskonnect Parent, LLC 1
Variable interest rate		5.50%	[7],[15]	5.50%	[8],[10],[16]
Interest Rate		10.89%	[7],[11],[15]	10.08%	[8],[10],[12],[16]
Par Amount		$ 165	[7],[15]	$ 141	[8],[10],[16]
Cost		162	[1],[7],[15]	138	[3],[8],[10],[16]
Fair Value		$ 162	[7],[15]	$ 135	[8],[10],[16]
Percentage of Net Assets		0.03%	[7],[15]	0.03%	[8],[10],[16]
Investment, Identifier [Axis]: Riskonnect Parent, LLC 2
Variable interest rate		5.50%	[7],[13],[15]	5.50%	[10],[14],[16]
Interest Rate		10.89%	[7],[11],[13],[15]	10.08%	[10],[12],[14],[16]
Par Amount		$ 0	[7],[13],[15]	$ 25	[10],[14],[16]
Cost		(2)	[1],[7],[13],[15]	23	[3],[10],[14],[16]
Fair Value		$ (3)	[7],[13],[15]	$ 17	[10],[14],[16]
Percentage of Net Assets		0.00%	[7],[13],[15]	0.00%	[10],[14],[16]
Investment, Identifier [Axis]: RoadOne IntermodaLogistics 1
Variable interest rate		6.25%	[6],[7]	6.25%	[9],[10]
Interest Rate		11.12%	[6],[7],[11]	10.81%	[9],[10],[12]
Par Amount		$ 632	[6],[7]	$ 635	[9],[10]
Cost		614	[1],[6],[7]	616	[3],[9],[10]
Fair Value		$ 610	[6],[7]	$ 616	[9],[10]
Percentage of Net Assets		0.11%	[6],[7]	0.12%	[9],[10]
Unused Fee Rate		1.00%		1.00%
Unfunded commitments		$ 112		$ 162
Fair Value		$ (4)		$ (2)
Investment, Identifier [Axis]: RoadOne IntermodaLogistics 2
Variable interest rate		6.25%	[6],[7],[13]	6.25%	[9],[10],[14]
Interest Rate		11.12%	[6],[7],[11],[13]	10.81%	[9],[10],[12],[14]
Par Amount		$ 49	[6],[7],[13]	$ 0	[9],[10],[14]
Cost		46	[1],[6],[7],[13]	(2)	[3],[9],[10],[14]
Fair Value		$ 44	[6],[7],[13]	$ (2)	[9],[10],[14]
Percentage of Net Assets		0.01%	[6],[7],[13]	0.00%	[9],[10],[14]
Unused Fee Rate		0.50%		0.50%
Unfunded commitments		$ 117		$ 97
Fair Value		$ (4)		$ (3)
Investment, Identifier [Axis]: RoadOne IntermodaLogistics 3
Variable interest rate		6.25%	[6],[7],[13]	6.25%	[9],[10],[14]
Interest Rate		11.12%	[6],[7],[11],[13]	10.81%	[9],[10],[12],[14]
Par Amount		$ 8	[6],[7],[13]	$ 28	[9],[10],[14]
Cost		4	[1],[6],[7],[13]	25	[3],[9],[10],[14]
Fair Value		$ 3	[6],[7],[13]	$ 25	[9],[10],[14]
Percentage of Net Assets		0.00%	[6],[7],[13]	0.00%	[9],[10],[14]
Investment, Identifier [Axis]: Securonix, Inc.
Unused Fee Rate		0.50%		0.50%
Unfunded commitments		$ 1,621		$ 1,621
Fair Value		$ (62)		$ (59)
Investment, Identifier [Axis]: Securonix, Inc. 1
Variable interest rate		6.50%	[5],[7],[15]	6.50%	[8],[10]
Interest Rate		11.42%	[5],[7],[11],[15]	10.10%	[8],[10],[12]
Par Amount		$ 9,004	[5],[7],[15]	$ 9,004	[8],[10]
Cost		8,872	[1],[5],[7],[15]	8,862	[3],[8],[10]
Fair Value		$ 8,657	[5],[7],[15]	$ 8,678	[8],[10]
Percentage of Net Assets		1.57%	[5],[7],[15]	1.68%	[8],[10]
Investment, Identifier [Axis]: Securonix, Inc. 2
Variable interest rate		6.50%	[6],[7],[13]	6.50%	[10],[14],[16]
Interest Rate		11.42%	[6],[7],[11],[13]	10.10%	[10],[12],[14],[16]
Par Amount		$ 0	[6],[7],[13]	$ 0	[10],[14],[16]
Cost		(23)	[1],[6],[7],[13]	(25)	[3],[10],[14],[16]
Fair Value		$ (63)	[6],[7],[13]	$ (59)	[10],[14],[16]
Percentage of Net Assets		(0.01%)	[6],[7],[13]	(0.01%)	[10],[14],[16]
Investment, Identifier [Axis]: Shelby Co-invest, LP. (Spectrum Automotive)
Par Amount, Shares (in shares)		1,500	[7],[17]	1,500	[10],[18]
Cost		$ 150	[1],[7],[17]	$ 150	[3],[10],[18]
Fair Value		$ 239	[7],[17]	$ 211	[10],[18]
Percentage of Net Assets		0.04%	[7],[17]	0.04%	[10],[18]
Investment, Identifier [Axis]: Sherlock Buyer Corp. 1
Variable interest rate		5.75%	[5],[7],[15]	5.75%	[8],[10],[16]
Interest Rate		11.09%	[5],[7],[11],[15]	10.48%	[8],[10],[12],[16]
Par Amount		$ 18,460	[5],[7],[15]	$ 18,554	[8],[10],[16]
Cost		18,156	[1],[5],[7],[15]	18,227	[3],[8],[10],[16]
Fair Value		$ 18,231	[5],[7],[15]	$ 18,144	[8],[10],[16]
Percentage of Net Assets		3.31%	[5],[7],[15]	3.51%	[8],[10],[16]
Unused Fee Rate		1.00%		1.00%
Unfunded commitments		$ 5,392		$ 5,392
Fair Value		$ (67)		$ (119)
Investment, Identifier [Axis]: Sherlock Buyer Corp. 2
Variable interest rate		5.75%	[7],[13],[15]	5.75%	[10],[14],[16]
Interest Rate		11.09%	[7],[11],[13],[15]	10.48%	[10],[12],[14],[16]
Par Amount		$ 0	[7],[13],[15]	$ 0	[10],[14],[16]
Cost		(42)	[1],[7],[13],[15]	(46)	[3],[10],[14],[16]
Fair Value		$ (67)	[7],[13],[15]	$ (119)	[10],[14],[16]
Percentage of Net Assets		(0.01%)	[7],[13],[15]	(0.02%)	[10],[14],[16]
Unused Fee Rate		0.50%		0.50%
Unfunded commitments		$ 2,157		$ 2,157
Fair Value		$ (27)		$ (48)
Investment, Identifier [Axis]: Sherlock Buyer Corp. 3
Variable interest rate		5.75%	[7],[13],[15]	5.75%	[10],[14],[16]
Interest Rate		11.09%	[7],[11],[13],[15]	10.48%	[10],[12],[14],[16]
Par Amount		$ 0	[7],[13],[15]	$ 0	[10],[14],[16]
Cost		(32)	[1],[7],[13],[15]	(35)	[3],[10],[14],[16]
Fair Value		$ (27)	[7],[13],[15]	$ (48)	[10],[14],[16]
Percentage of Net Assets		0.00%	[7],[13],[15]	(0.01%)	[10],[14],[16]
Investment, Identifier [Axis]: SitusAMC Holdings Corp.
Variable interest rate		5.50%	[5],[7],[15]	5.50%	[8],[10],[16]
Interest Rate		10.84%	[5],[7],[11],[15]	10.23%	[8],[10],[12],[16]
Par Amount		$ 7,110	[5],[7],[15]	$ 7,146	[8],[10],[16]
Cost		7,054	[1],[5],[7],[15]	7,085	[3],[8],[10],[16]
Fair Value		$ 6,945	[5],[7],[15]	$ 6,835	[8],[10],[16]
Percentage of Net Assets		1.26%	[5],[7],[15]	1.32%	[8],[10],[16]
Investment, Identifier [Axis]: Skykick, Inc.
Par Amount, Shares (in shares)		23,665	[7],[17]	23,665	[10],[18]
Cost		$ 225	[1],[7],[17]	$ 225	[3],[10],[18]
Fair Value		$ 225	[7],[17]	$ 170	[10],[18]
Percentage of Net Assets		0.04%	[7],[17]	0.03%	[10],[18]
Unused Fee Rate				1.00%
Unfunded commitments				$ 495
Fair Value				$ (12)
Investment, Identifier [Axis]: Skykick, Inc. 1
Variable interest rate		7.25%	[5],[6],[7]	7.25%	[8],[9],[10]
Interest Rate		12.53%	[5],[6],[7],[11]	11.00%	[8],[9],[10],[12]
Par Amount		$ 2,700	[5],[6],[7]	$ 2,700	[8],[9],[10]
Cost		2,649	[1],[5],[6],[7]	2,645	[3],[8],[9],[10]
Fair Value		$ 2,516	[5],[6],[7]	$ 2,633	[8],[9],[10]
Percentage of Net Assets		0.46%	[5],[6],[7]	0.51%	[8],[9],[10]
Investment, Identifier [Axis]: Skykick, Inc. 2
Variable interest rate		7.25%	[6],[7]	7.25%	[9],[10],[14]
Interest Rate		12.53%	[6],[7],[11]	11.00%	[9],[10],[12],[14]
Par Amount		$ 1,035	[6],[7]	$ 630	[9],[10],[14]
Cost		1,014	[1],[6],[7]	612	[3],[9],[10],[14]
Fair Value		$ 964	[6],[7]	$ 602	[9],[10],[14]
Percentage of Net Assets		0.18%	[6],[7]	0.12%	[9],[10],[14]
Investment, Identifier [Axis]: Smarsh, Inc. 1
Variable interest rate		6.50%	[5],[7],[15]	6.50%	[8],[10],[16]
Interest Rate		11.84%	[5],[7],[11],[15]	11.29%	[8],[10],[12],[16]
Par Amount		$ 4,286	[5],[7],[15]	$ 4,286	[8],[10],[16]
Cost		4,213	[1],[5],[7],[15]	4,208	[3],[8],[10],[16]
Fair Value		$ 4,158	[5],[7],[15]	$ 4,126	[8],[10],[16]
Percentage of Net Assets		0.76%	[5],[7],[15]	0.80%	[8],[10],[16]
Unused Fee Rate		1.00%		1.00%
Unfunded commitments		$ 536		$ 536
Fair Value		$ (16)		$ (20)
Investment, Identifier [Axis]: Smarsh, Inc. 2
Variable interest rate		6.50%	[7],[13],[15]	6.50%	[10],[14],[16]
Interest Rate		11.84%	[7],[11],[13],[15]	11.29%	[10],[12],[14],[16]
Par Amount		$ 536	[7],[13],[15]	$ 536	[10],[14],[16]
Cost		522	[1],[7],[13],[15]	521	[3],[10],[14],[16]
Fair Value		$ 504	[7],[13],[15]	$ 496	[10],[14],[16]
Percentage of Net Assets		0.09%	[7],[13],[15]	0.10%	[10],[14],[16]
Unused Fee Rate		0.50%		0.50%
Unfunded commitments		$ 268		$ 268
Fair Value		$ (8)		$ (10)
Investment, Identifier [Axis]: Smarsh, Inc. 3
Variable interest rate		6.50%	[7],[13],[15]	6.50%	[10],[14],[16]
Interest Rate		11.84%	[7],[11],[13],[15]	11.29%	[10],[12],[14],[16]
Par Amount		$ 0	[7],[13],[15]	$ 0	[10],[14],[16]
Cost		(4)	[1],[7],[13],[15]	(5)	[3],[10],[14],[16]
Fair Value		$ (8)	[7],[13],[15]	$ (10)	[10],[14],[16]
Percentage of Net Assets		0.00%	[7],[13],[15]	0.00%	[10],[14],[16]
Investment, Identifier [Axis]: Sonny's Enterprises, LLC 1
Variable interest rate		6.75%	[6],[7]	5.95%	[8],[9],[10]
Interest Rate		11.96%	[6],[7],[11]	10.19%	[8],[9],[10],[12]
Par Amount		$ 20,080	[6],[7]	$ 5,004	[8],[9],[10]
Cost		19,800	[1],[6],[7]	4,929	[3],[8],[9],[10]
Fair Value		$ 19,538	[6],[7]	$ 4,792	[8],[9],[10]
Percentage of Net Assets		3.55%	[6],[7]	0.93%	[8],[9],[10]
Unused Fee Rate		1.00%
Unfunded commitments		$ 283
Fair Value		$ (7)
Investment, Identifier [Axis]: Sonny's Enterprises, LLC 2
Variable interest rate		6.75%	[6],[7],[13]	6.75%	[9],[10]
Interest Rate		11.96%	[6],[7],[11],[13]	10.19%	[9],[10],[12]
Par Amount		$ 0	[6],[7],[13]	$ 9,120	[9],[10]
Cost		(7)	[1],[6],[7],[13]	8,981	[3],[9],[10]
Fair Value		$ (7)	[6],[7],[13]	$ 8,733	[9],[10]
Percentage of Net Assets		0.00%	[6],[7],[13]	1.69%	[9],[10]
Unused Fee Rate		0.50%
Unfunded commitments		$ 245
Fair Value		$ (6)
Investment, Identifier [Axis]: Sonny's Enterprises, LLC 3
Variable interest rate		6.75%	[6],[7],[13]	6.75%	[8],[10]
Interest Rate		11.96%	[6],[7],[11],[13]	10.19%	[8],[10],[12]
Par Amount		$ 0	[6],[7],[13]	$ 4,767	[8],[10]
Cost		(6)	[1],[6],[7],[13]	4,702	[3],[8],[10]
Fair Value		$ (6)	[6],[7],[13]	$ 4,565	[8],[10]
Percentage of Net Assets		0.00%	[6],[7],[13]	0.88%	[8],[10]
Investment, Identifier [Axis]: Southern Veterinary Partners, LLC
Variable interest rate		5.50%	[5],[6],[7]	5.50%	[8],[9],[10]
Interest Rate		10.68%	[5],[6],[7],[11]	9.93%	[8],[9],[10],[12]
Par Amount		$ 283	[5],[6],[7]	$ 285	[8],[9],[10]
Cost		278	[1],[5],[6],[7]	279	[3],[8],[9],[10]
Fair Value		$ 274	[5],[6],[7]	$ 270	[8],[9],[10]
Percentage of Net Assets		0.05%	[5],[6],[7]	0.05%	[8],[9],[10]
Investment, Identifier [Axis]: Spectrio, LLC
Unused Fee Rate		0.50%
Unfunded commitments		$ 244
Fair Value		$ (10)
Investment, Identifier [Axis]: Spectrio, LLC 1
Variable interest rate	[5],[6],[7]	6.00%
Interest Rate	[5],[6],[7],[11]	11.26%
Par Amount	[5],[6],[7]	$ 11,262
Cost	[1],[5],[6],[7]	11,141
Fair Value	[5],[6],[7]	$ 10,817
Percentage of Net Assets	[5],[6],[7]	1.97%
Unused Fee Rate				1.00%
Unfunded commitments				$ 10,045
Fair Value				$ (240)
Investment, Identifier [Axis]: Spectrio, LLC 2
Variable interest rate	[5],[6],[7]	6.00%
Interest Rate	[5],[6],[7],[11]	11.26%
Par Amount	[5],[6],[7]	$ 4,519
Cost	[1],[5],[6],[7]	4,503
Fair Value	[5],[6],[7]	$ 4,341
Percentage of Net Assets	[5],[6],[7]	0.79%
Unused Fee Rate				0.50%
Unfunded commitments				$ 704
Fair Value				$ (17)
Investment, Identifier [Axis]: Spectrio, LLC 3
Variable interest rate	[6],[7],[13]	6.00%
Interest Rate	[6],[7],[11],[13]	11.26%
Par Amount	[6],[7],[13]	$ 1,072
Cost	[1],[6],[7],[13]	1,057
Fair Value	[6],[7],[13]	$ 1,020
Percentage of Net Assets	[6],[7],[13]	0.19%
Investment, Identifier [Axis]: Spectrum Automotive Holdings Corp. 1
Variable interest rate		5.75%	[5],[7],[15]	5.75%	[8],[10],[16]
Interest Rate		11.25%	[5],[7],[11],[15]	10.48%	[8],[10],[12],[16]
Par Amount		$ 10,084	[5],[7],[15]	$ 10,136	[8],[10],[16]
Cost		9,968	[1],[5],[7],[15]	10,010	[3],[8],[10],[16]
Fair Value		$ 9,682	[5],[7],[15]	$ 9,546	[8],[10],[16]
Percentage of Net Assets		1.76%	[5],[7],[15]	1.85%	[8],[10],[16]
Unused Fee Rate		1.00%		1.00%
Unfunded commitments		$ 495		$ 821
Fair Value		$ (20)		$ (48)
Investment, Identifier [Axis]: Spectrum Automotive Holdings Corp. 2
Variable interest rate		5.75%	[7],[13],[15]	5.75%	[10],[14],[16]
Interest Rate		11.25%	[7],[11],[13],[15]	10.48%	[10],[12],[14],[16]
Par Amount		$ 2,311	[7],[13],[15]	$ 1,996	[10],[14],[16]
Cost		2,283	[1],[7],[13],[15]	1,965	[3],[10],[14],[16]
Fair Value		$ 2,199	[7],[13],[15]	$ 1,832	[10],[14],[16]
Percentage of Net Assets		0.40%	[7],[13],[15]	0.35%	[10],[14],[16]
Unused Fee Rate		0.50%		0.50%
Unfunded commitments		$ 378		$ 378
Fair Value		$ (15)		$ (22)
Investment, Identifier [Axis]: Spectrum Automotive Holdings Corp. 3
Variable interest rate		5.75%	[7],[13],[15]	5.75%	[10],[14],[16]
Interest Rate		11.25%	[7],[11],[13],[15]	10.48%	[10],[12],[14],[16]
Par Amount		$ 0	[7],[13],[15]	$ 0	[10],[14],[16]
Cost		(4)	[1],[7],[13],[15]	(4)	[3],[10],[14],[16]
Fair Value		$ (15)	[7],[13],[15]	$ (22)	[10],[14],[16]
Percentage of Net Assets		0.00%	[7],[13],[15]	0.00%	[10],[14],[16]
Investment, Identifier [Axis]: Spotless Brands, LLC
Unused Fee Rate		0.50%		0.50%
Unfunded commitments		$ 46		$ 46
Fair Value		$ (1)		$ (2)
Investment, Identifier [Axis]: Spotless Brands, LLC 1
Variable interest rate		6.50%	[5],[6],[7]	6.50%	[8],[10]
Interest Rate		11.72%	[5],[6],[7],[11]	10.71%	[8],[10],[12]
Par Amount		$ 1,428	[5],[6],[7]	$ 1,439	[8],[10]
Cost		1,403	[1],[5],[6],[7]	1,411	[3],[8],[10]
Fair Value		$ 1,391	[5],[6],[7]	$ 1,382	[8],[10]
Percentage of Net Assets		0.25%	[5],[6],[7]	0.27%	[8],[10]
Investment, Identifier [Axis]: Spotless Brands, LLC 2
Variable interest rate		6.50%	[6],[7]	6.50%	[10]
Interest Rate		11.72%	[6],[7],[11]	10.71%	[10],[12]
Par Amount		$ 270	[6],[7]	$ 272	[10]
Cost		265	[1],[6],[7]	267	[3],[10]
Fair Value		$ 263	[6],[7]	$ 261	[10]
Percentage of Net Assets		0.05%	[6],[7]	0.05%	[10]
Investment, Identifier [Axis]: Spotless Brands, LLC 3
Variable interest rate		6.50%	[6],[7],[13]	6.50%	[10],[14]
Interest Rate		11.72%	[6],[7],[11],[13]	10.71%	[10],[12],[14]
Par Amount		$ 0	[6],[7],[13]	$ 0	[10],[14]
Cost		(1)	[1],[6],[7],[13]	(1)	[3],[10],[14]
Fair Value		$ (1)	[6],[7],[13]	$ (2)	[10],[14]
Percentage of Net Assets		0.00%	[6],[7],[13]	0.00%	[10],[14]
Investment, Identifier [Axis]: Stepping Stones Healthcare Services, LLC 1
Variable interest rate		5.75%	[7],[15]	5.75%	[8],[10],[16]
Interest Rate		11.09%	[7],[11],[15]	10.48%	[8],[10],[12],[16]
Par Amount		$ 4,320	[7],[15]	$ 4,342	[8],[10],[16]
Cost		4,266	[1],[7],[15]	4,284	[3],[8],[10],[16]
Fair Value		$ 4,189	[7],[15]	$ 4,111	[8],[10],[16]
Percentage of Net Assets		0.76%	[7],[15]	0.80%	[8],[10],[16]
Unused Fee Rate		1.00%		1.00%
Unfunded commitments		$ 500		$ 738
Fair Value		$ (15)		$ (39)
Investment, Identifier [Axis]: Stepping Stones Healthcare Services, LLC 2
Variable interest rate		5.75%	[7],[13],[15]	5.75%	[10],[14],[16]
Interest Rate		11.09%	[7],[11],[13],[15]	10.48%	[10],[12],[14],[16]
Par Amount		$ 745	[7],[13],[15]	$ 511	[10],[14],[16]
Cost		733	[1],[7],[13],[15]	501	[3],[10],[14],[16]
Fair Value		$ 707	[7],[13],[15]	$ 444	[10],[14],[16]
Percentage of Net Assets		0.13%	[7],[13],[15]	0.09%	[10],[14],[16]
Unused Fee Rate		0.50%		0.50%
Unfunded commitments		$ 500		$ 175
Fair Value		$ (15)		$ (9)
Investment, Identifier [Axis]: Stepping Stones Healthcare Services, LLC 3
Variable interest rate		5.75%	[7],[13],[15]	4.75%	[10],[14],[16]
Interest Rate		11.09%	[7],[11],[13],[15]	12.25%	[10],[12],[14],[16]
Par Amount		$ 125	[7],[13],[15]	$ 450	[10],[14],[16]
Cost		118	[1],[7],[13],[15]	442	[3],[10],[14],[16]
Fair Value		$ 106	[7],[13],[15]	$ 417	[10],[14],[16]
Percentage of Net Assets		0.02%	[7],[13],[15]	0.08%	[10],[14],[16]
Investment, Identifier [Axis]: Summit Buyer, LLC
Unused Fee Rate		0.50%
Unfunded commitments		$ 1,037
Fair Value		$ (28)
Investment, Identifier [Axis]: Summit Buyer, LLC 1
Variable interest rate		5.25%	[5],[6],[7]	5.75%	[8],[9],[10]
Interest Rate		10.45%	[5],[6],[7],[11]	10.13%	[8],[9],[10],[12]
Par Amount		$ 9,432	[5],[6],[7]	$ 9,480	[8],[9],[10]
Cost		9,314	[1],[5],[6],[7]	9,341	[3],[8],[9],[10]
Fair Value		$ 9,174	[5],[6],[7]	$ 9,061	[8],[9],[10]
Percentage of Net Assets		1.67%	[5],[6],[7]	1.76%	[8],[9],[10]
Unused Fee Rate				1.00%
Unfunded commitments				$ 1,416
Fair Value				$ (63)
Investment, Identifier [Axis]: Summit Buyer, LLC 2
Variable interest rate		5.25%	[6],[7]	5.75%	[9],[10],[14]
Interest Rate		10.45%	[6],[7],[11]	10.13%	[9],[10],[12],[14]
Par Amount		$ 13,776	[6],[7]	$ 12,427	[9],[10],[14]
Cost		13,598	[1],[6],[7]	12,233	[3],[9],[10],[14]
Fair Value		$ 13,400	[6],[7]	$ 11,815	[9],[10],[14]
Percentage of Net Assets		2.43%	[6],[7]	2.29%	[9],[10],[14]
Unused Fee Rate				0.50%
Unfunded commitments				$ 1,037
Fair Value				$ (46)
Investment, Identifier [Axis]: Summit Buyer, LLC 3
Variable interest rate		5.25%	[6],[7],[13]	5.75%	[9],[10],[14]
Interest Rate		10.45%	[6],[7],[11],[13]	10.13%	[9],[10],[12],[14]
Par Amount		$ 0	[6],[7],[13]	$ 0	[9],[10],[14]
Cost		(12)	[1],[6],[7],[13]	(14)	[3],[9],[10],[14]
Fair Value		$ (28)	[6],[7],[13]	$ (46)	[9],[10],[14]
Percentage of Net Assets		(0.01%)	[6],[7],[13]	(0.01%)	[9],[10],[14]
Investment, Identifier [Axis]: Superman Holdings, LLC
Unused Fee Rate		0.50%
Unfunded commitments		$ 95
Fair Value		$ (1)
Investment, Identifier [Axis]: Superman Holdings, LLC 1
Variable interest rate	[6],[7]	5.75%
Interest Rate	[6],[7],[11]	10.99%
Par Amount	[6],[7]	$ 404
Cost	[1],[6],[7]	394
Fair Value	[6],[7]	$ 394
Percentage of Net Assets	[6],[7]	0.07%
Investment, Identifier [Axis]: Superman Holdings, LLC 2
Variable interest rate	[6],[7],[13]	5.75%
Interest Rate	[6],[7],[11],[13]	10.99%
Par Amount	[6],[7],[13]	$ 0
Cost	[1],[6],[7],[13]	(1)
Fair Value	[6],[7],[13]	$ (1)
Percentage of Net Assets	[6],[7],[13]	0.00%
Investment, Identifier [Axis]: Surewerx Purchaser III, Inc. 1
Variable interest rate		6.75%	[5],[7],[15],[20]	6.75%	[8],[10],[16],[19]
Interest Rate		11.99%	[5],[7],[11],[15],[20]	11.30%	[8],[10],[12],[16],[19]
Par Amount		$ 2,079	[5],[7],[15],[20]	$ 6,656	[8],[10],[16],[19]
Cost		2,019	[1],[5],[7],[15],[20]	6,456	[3],[8],[10],[16],[19]
Fair Value		$ 2,060	[5],[7],[15],[20]	$ 6,456	[8],[10],[16],[19]
Percentage of Net Assets		0.37%	[5],[7],[15],[20]	1.25%	[8],[10],[16],[19]
Unused Fee Rate		1.00%		1.00%
Unfunded commitments		$ 428		$ 1,368
Fair Value		$ (4)		$ (27)
Investment, Identifier [Axis]: Surewerx Purchaser III, Inc. 2
Variable interest rate		6.75%	[7],[13],[15],[20]	6.75%	[10],[14],[16],[19]
Interest Rate		11.99%	[7],[11],[13],[15],[20]	11.30%	[10],[12],[14],[16],[19]
Par Amount		$ 0	[7],[13],[15],[20]	$ 0	[10],[14],[16],[19]
Cost		(8)	[1],[7],[13],[15],[20]	(27)	[3],[10],[14],[16],[19]
Fair Value		$ (4)	[7],[13],[15],[20]	$ (27)	[10],[14],[16],[19]
Percentage of Net Assets		0.00%	[7],[13],[15],[20]	(0.01%)	[10],[14],[16],[19]
Unused Fee Rate		0.50%		0.50%
Unfunded commitments		$ 334		$ 638
Fair Value		$ (3)		$ (19)
Investment, Identifier [Axis]: Surewerx Purchaser III, Inc. 3
Variable interest rate		6.75%	[7],[13],[15],[20]	6.75%	[10],[14],[16],[19]
Interest Rate		11.99%	[7],[11],[13],[15],[20]	11.30%	[10],[12],[14],[16],[19]
Par Amount		$ 71	[7],[13],[15],[20]	$ 91	[10],[14],[16],[19]
Cost		60	[1],[7],[13],[15],[20]	69	[3],[10],[14],[16],[19]
Fair Value		$ 67	[7],[13],[15],[20]	$ 69	[10],[14],[16],[19]
Percentage of Net Assets		0.01%	[7],[13],[15],[20]	0.01%	[10],[14],[16],[19]
Investment, Identifier [Axis]: Surewerx Topco, LP
Par Amount, Shares (in shares)		195	[7],[17],[20]	195	[10],[18],[19]
Cost		$ 195	[1],[7],[17],[20]	$ 195	[3],[10],[18],[19]
Fair Value		$ 209	[7],[17],[20]	$ 194	[10],[18],[19]
Percentage of Net Assets		0.04%	[7],[17],[20]	0.04%	[10],[18],[19]
Investment, Identifier [Axis]: Suveto 1
Variable interest rate		4.25%	[5],[7],[13],[15]	5.00%	[8],[10],[14],[16]
Interest Rate		9.45%	[5],[7],[11],[13],[15]	9.38%	[8],[10],[12],[14],[16]
Par Amount		$ 4,968	[5],[7],[13],[15]	$ 4,731	[8],[10],[14],[16]
Cost		4,927	[1],[5],[7],[13],[15]	4,686	[3],[8],[10],[14],[16]
Fair Value		$ 4,747	[5],[7],[13],[15]	$ 4,483	[8],[10],[14],[16]
Percentage of Net Assets		0.86%	[5],[7],[13],[15]	0.87%	[8],[10],[14],[16]
Unused Fee Rate		1.00%		1.00%
Unfunded commitments		$ 1,906		$ 2,178
Fair Value		$ (61)		$ (78)
Investment, Identifier [Axis]: Suveto 2
Variable interest rate		4.25%	[7],[13],[15]	5.00%	[10],[14],[16]
Interest Rate		9.45%	[7],[11],[13],[15]	9.38%	[10],[12],[14],[16]
Par Amount		$ 143	[7],[13],[15]	$ 347	[10],[14],[16]
Cost		136	[1],[7],[13],[15]	340	[3],[10],[14],[16]
Fair Value		$ 125	[7],[13],[15]	$ 327	[10],[14],[16]
Percentage of Net Assets		0.02%	[7],[13],[15]	0.06%	[10],[14],[16]
Unused Fee Rate		0.50%		0.50%
Unfunded commitments		$ 412		$ 208
Fair Value		$ (13)		$ (8)
Investment, Identifier [Axis]: Suveto Buyer, LLC
Par Amount, Shares (in shares)		3,000	[7],[17],[20]	3,000	[10],[18],[19]
Cost		$ 300	[1],[7],[17],[20]	$ 300	[3],[10],[18],[19]
Fair Value		$ 458	[7],[17],[20]	$ 346	[10],[18],[19]
Percentage of Net Assets		0.08%	[7],[17],[20]	0.07%	[10],[18],[19]
Investment, Identifier [Axis]: Sweep Purchaser, LLC 1
Variable interest rate		5.75%	[5],[6],[7]	5.75%	[8],[9],[10]
Interest Rate		11.09%	[5],[6],[7],[11]	10.47%	[8],[9],[10],[12]
Par Amount		$ 2,887	[5],[6],[7]	$ 2,901	[8],[9],[10]
Cost		2,851	[1],[5],[6],[7]	2,861	[3],[8],[9],[10]
Fair Value		$ 2,779	[5],[6],[7]	$ 2,746	[8],[9],[10]
Percentage of Net Assets		0.50%	[5],[6],[7]	0.53%	[8],[9],[10]
Unused Fee Rate		1.00%		1.00%
Unfunded commitments		$ 91		$ 91
Fair Value		$ (3)		$ (5)
Investment, Identifier [Axis]: Sweep Purchaser, LLC 2
Variable interest rate		5.75%	[5],[6],[7],[13]	5.75%	[8],[9],[10],[14]
Interest Rate		11.09%	[5],[6],[7],[11],[13]	10.47%	[8],[9],[10],[12],[14]
Par Amount		$ 1,968	[5],[6],[7],[13]	$ 1,978	[8],[9],[10],[14]
Cost		1,942	[1],[5],[6],[7],[13]	1,948	[3],[8],[9],[10],[14]
Fair Value		$ 1,890	[5],[6],[7],[13]	$ 1,867	[8],[9],[10],[14]
Percentage of Net Assets		0.34%	[5],[6],[7],[13]	0.36%	[8],[9],[10],[14]
Unused Fee Rate		0.50%		0.50%
Unfunded commitments		$ 122		$ 384
Fair Value		$ (5)		$ (21)
Investment, Identifier [Axis]: Sweep Purchaser, LLC 3
Variable interest rate		5.75%	[6],[7],[13]	5.75%	[9],[10],[14]
Interest Rate		11.09%	[6],[7],[11],[13]	10.47%	[9],[10],[12],[14]
Par Amount		$ 347	[6],[7],[13]	$ 84	[9],[10],[14]
Cost		342	[1],[6],[7],[13]	78	[3],[9],[10],[14]
Fair Value		$ 329	[6],[7],[13]	$ 59	[9],[10],[14]
Percentage of Net Assets		0.06%	[6],[7],[13]	0.01%	[9],[10],[14]
Investment, Identifier [Axis]: Syntax Systems Ltd 1
Variable interest rate		5.75%	[5],[7],[15],[20]	5.50%	[8],[10],[16],[19]
Interest Rate		10.94%	[5],[7],[11],[15],[20]	10.13%	[8],[10],[12],[16],[19]
Par Amount		$ 15,117	[5],[7],[15],[20]	$ 15,194	[8],[10],[16],[19]
Cost		14,995	[1],[5],[7],[15],[20]	15,062	[3],[8],[10],[16],[19]
Fair Value		$ 14,576	[5],[7],[15],[20]	$ 14,366	[8],[10],[16],[19]
Percentage of Net Assets		2.65%	[5],[7],[15],[20]	2.78%	[8],[10],[16],[19]
Unused Fee Rate		1.00%		1.00%
Unfunded commitments		$ 4,010		$ 4,010
Fair Value		$ (144)		$ (219)
Investment, Identifier [Axis]: Syntax Systems Ltd 2
Variable interest rate		5.75%	[7],[13],[15],[20]	5.50%	[10],[14],[16],[19]
Interest Rate		10.94%	[7],[11],[13],[15],[20]	10.13%	[10],[12],[14],[16],[19]
Par Amount		$ 0	[7],[13],[15],[20]	$ 0	[10],[14],[16],[19]
Cost		(31)	[1],[7],[13],[15],[20]	(33)	[3],[10],[14],[16],[19]
Fair Value		$ (144)	[7],[13],[15],[20]	$ (219)	[10],[14],[16],[19]
Percentage of Net Assets		(0.03%)	[7],[13],[15],[20]	(0.04%)	[10],[14],[16],[19]
Unused Fee Rate		0.50%		0.50%
Unfunded commitments		$ 535		$ 535
Fair Value		$ (19)		$ (29)
Investment, Identifier [Axis]: Syntax Systems Ltd 3
Variable interest rate		5.75%	[7],[13],[15],[20]	5.75%	[10],[14],[16],[19]
Interest Rate		10.94%	[7],[11],[13],[15],[20]	10.13%	[10],[12],[14],[16],[19]
Par Amount		$ 1,069	[7],[13],[15],[20]	$ 1,069	[10],[14],[16],[19]
Cost		1,059	[1],[7],[13],[15],[20]	1,057	[3],[10],[14],[16],[19]
Fair Value		$ 1,012	[7],[13],[15],[20]	$ 982	[10],[14],[16],[19]
Percentage of Net Assets		0.18%	[7],[13],[15],[20]	0.19%	[10],[14],[16],[19]
Investment, Identifier [Axis]: Tamarack Intermediate, LLC
Unused Fee Rate		0.50%		0.50%
Unfunded commitments		$ 751		$ 809
Fair Value		$ (34)		$ (36)
Investment, Identifier [Axis]: Tamarack Intermediate, LLC 1
Variable interest rate		5.25%	[5],[7]	5.75%	[8],[10],[16]
Interest Rate		10.64%	[5],[7],[11]	9.23%	[8],[10],[12],[16]
Par Amount		$ 5,445	[5],[7]	$ 5,473	[8],[10],[16]
Cost		5,355	[1],[5],[7]	5,375	[3],[8],[10],[16]
Fair Value		$ 5,197	[5],[7]	$ 5,232	[8],[10],[16]
Percentage of Net Assets		0.94%	[5],[7]	1.01%	[8],[10],[16]
Investment, Identifier [Axis]: Tamarack Intermediate, LLC 2
Variable interest rate		5.25%	[7],[13]	5.75%	[10],[14],[16]
Interest Rate		10.64%	[7],[11],[13]	9.23%	[10],[12],[14],[16]
Par Amount		$ 149	[7],[13]	$ 91	[10],[14],[16]
Cost		134	[1],[7],[13]	76	[3],[10],[14],[16]
Fair Value		$ 108	[7],[13]	$ 52	[10],[14],[16]
Percentage of Net Assets		0.02%	[7],[13]	0.01%	[10],[14],[16]
Investment, Identifier [Axis]: Teasdale Foods, Inc. (Teasdale Latin Foods)
Variable interest rate		7.25%	[5],[6],[7]	7.25%	[8],[9],[10]
Interest rate, PIK		1.00%	[5],[6],[7]	1.00%	[8],[9],[10]
Interest Rate		11.84%	[5],[6],[7],[11]	12.29%	[8],[9],[10],[12]
Par Amount		$ 3,613	[5],[6],[7]	$ 3,604	[8],[9],[10]
Cost		3,574	[1],[5],[6],[7]	3,558	[3],[8],[9],[10]
Fair Value		$ 3,182	[5],[6],[7]	$ 3,006	[8],[9],[10]
Percentage of Net Assets		0.58%	[5],[6],[7]	0.58%	[8],[9],[10]
Investment, Identifier [Axis]: Thrive Buyer, Inc. (Thrive Networks)
Unused Fee Rate		0.38%		0.50%
Unfunded commitments		$ 453		$ 589
Fair Value		$ (16)		$ (14)
Investment, Identifier [Axis]: Thrive Buyer, Inc. (Thrive Networks) 1
Variable interest rate		6.00%	[5],[7]	6.00%	[8],[9],[10]
Interest Rate		11.45%	[5],[7],[11]	10.73%	[8],[9],[10],[12]
Par Amount		$ 8,149	[5],[7]	$ 7,244	[8],[9],[10]
Cost		8,026	[1],[5],[7]	7,137	[3],[8],[9],[10]
Fair Value		$ 7,873	[5],[7]	$ 7,067	[8],[9],[10]
Percentage of Net Assets		1.43%	[5],[7]	1.37%	[8],[9],[10]
Investment, Identifier [Axis]: Thrive Buyer, Inc. (Thrive Networks) 2
Variable interest rate		6.00%	[5],[7]	6.00%	[8],[9],[10]
Interest Rate		11.45%	[5],[7],[11]	10.73%	[8],[9],[10],[12]
Par Amount		$ 6,411	[5],[7]	$ 6,447	[8],[9],[10]
Cost		6,324	[1],[5],[7]	6,347	[3],[8],[9],[10]
Fair Value		$ 6,190	[5],[7]	$ 6,290	[8],[9],[10]
Percentage of Net Assets		1.12%	[5],[7]	1.22%	[8],[9],[10]
Investment, Identifier [Axis]: Thrive Buyer, Inc. (Thrive Networks) 3
Variable interest rate		5.00%	[7],[13]	5.00%	[9],[10],[14]
Interest Rate		13.25%	[7],[11],[13]	12.50%	[9],[10],[12],[14]
Par Amount		$ 227	[7],[13]	$ 91	[9],[10],[14]
Cost		218	[1],[7],[13]	81	[3],[9],[10],[14]
Fair Value		$ 203	[7],[13]	$ 74	[9],[10],[14]
Percentage of Net Assets		0.04%	[7],[13]	0.01%	[9],[10],[14]
Investment, Identifier [Axis]: Triple Lift, Inc.
Unused Fee Rate		0.25%		0.25%
Unfunded commitments		$ 1,057		$ 1,057
Fair Value		$ (64)		$ (54)
Investment, Identifier [Axis]: Triple Lift, Inc. 1
Variable interest rate		5.50%	[5],[7],[15]	5.50%	[8],[10],[16]
Interest Rate		10.62%	[5],[7],[11],[15]	10.12%	[8],[10],[12],[16]
Par Amount		$ 11,760	[5],[7],[15]	$ 11,820	[8],[10],[16]
Cost		11,584	[1],[5],[7],[15]	11,629	[3],[8],[10],[16]
Fair Value		$ 11,051	[5],[7],[15]	$ 11,213	[8],[10],[16]
Percentage of Net Assets		2.01%	[5],[7],[15]	2.17%	[8],[10],[16]
Investment, Identifier [Axis]: Triple Lift, Inc. 2
Variable interest rate		5.50%	[7],[13],[15]	5.25%	[10],[14],[16]
Interest Rate		10.62%	[7],[11],[13],[15]	10.12%	[10],[12],[14],[16]
Par Amount		$ 657	[7],[13],[15]	$ 657	[10],[14],[16]
Cost		633	[1],[7],[13],[15]	631	[3],[10],[14],[16]
Fair Value		$ 554	[7],[13],[15]	$ 569	[10],[14],[16]
Percentage of Net Assets		0.10%	[7],[13],[15]	0.11%	[10],[14],[16]
Investment, Identifier [Axis]: Trunk Acquisition, Inc.
Unused Fee Rate		0.50%		0.50%
Unfunded commitments		$ 429		$ 429
Fair Value		$ (10)		$ (20)
Investment, Identifier [Axis]: Trunk Acquisition, Inc. 1
Variable interest rate		5.50%	[5],[6],[7]	5.50%	[8],[9],[10]
Interest Rate		11.14%	[5],[6],[7],[11]	10.23%	[8],[9],[10],[12]
Par Amount		$ 4,503	[5],[6],[7]	$ 4,526	[8],[9],[10]
Cost		4,469	[1],[5],[6],[7]	4,488	[3],[8],[9],[10]
Fair Value		$ 4,388	[5],[6],[7]	$ 4,319	[8],[9],[10]
Percentage of Net Assets		0.80%	[5],[6],[7]	0.84%	[8],[9],[10]
Investment, Identifier [Axis]: Trunk Acquisition, Inc. 2
Variable interest rate		5.50%	[6],[7],[13]	5.50%	[9],[10],[14]
Interest Rate		11.14%	[6],[7],[11],[13]	10.23%	[9],[10],[12],[14]
Par Amount		$ 0	[6],[7],[13]	$ 0	[9],[10],[14]
Cost		(3)	[1],[6],[7],[13]	(3)	[3],[9],[10],[14]
Fair Value		$ (11)	[6],[7],[13]	$ (20)	[9],[10],[14]
Percentage of Net Assets		0.00%	[6],[7],[13]	0.00%	[9],[10],[14]
Investment, Identifier [Axis]: Turbo Buyer, Inc. 1
Variable interest rate		6.00%	[5],[6],[7]	6.00%	[8],[9],[10]
Interest Rate		11.59%	[5],[6],[7],[11]	11.15%	[8],[9],[10],[12]
Par Amount		$ 16,178	[5],[6],[7]	$ 16,260	[8],[9],[10]
Cost		15,988	[1],[5],[6],[7]	16,036	[3],[8],[9],[10]
Fair Value		$ 15,846	[5],[6],[7]	$ 15,675	[8],[9],[10]
Percentage of Net Assets		2.88%	[5],[6],[7]	3.04%	[8],[9],[10]
Investment, Identifier [Axis]: Turbo Buyer, Inc. 2
Variable interest rate		6.00%	[5],[6],[7]	6.00%	[8],[9],[10]
Interest Rate		11.59%	[5],[6],[7],[11]	11.15%	[8],[9],[10],[12]
Par Amount		$ 1,481	[5],[6],[7]	$ 1,488	[8],[9],[10]
Cost		1,462	[1],[5],[6],[7]	1,465	[3],[8],[9],[10]
Fair Value		$ 1,450	[5],[6],[7]	$ 1,435	[8],[9],[10]
Percentage of Net Assets		0.26%	[5],[6],[7]	0.28%	[8],[9],[10]
Investment, Identifier [Axis]: Two Six Labs, LLC 1
Variable interest rate		5.50%	[5],[7],[15]	5.50%	[8],[10],[16]
Interest Rate		10.74%	[5],[7],[11],[15]	10.08%	[8],[10],[12],[16]
Par Amount		$ 4,673	[5],[7],[15]	$ 4,697	[8],[10],[16]
Cost		4,604	[1],[5],[7],[15]	4,621	[3],[8],[10],[16]
Fair Value		$ 4,588	[5],[7],[15]	$ 4,583	[8],[10],[16]
Percentage of Net Assets		0.83%	[5],[7],[15]	0.89%	[8],[10],[16]
Unused Fee Rate		0.50%		0.50%
Unfunded commitments		$ 915		$ 915
Fair Value		$ (17)		$ (22)
Investment, Identifier [Axis]: Two Six Labs, LLC 2
Variable interest rate		5.50%	[7],[13],[15]	5.50%	[10],[14],[16]
Interest Rate		10.74%	[7],[11],[13],[15]	10.08%	[10],[12],[14],[16]
Par Amount		$ 903	[7],[13],[15]	$ 908	[10],[14],[16]
Cost		883	[1],[7],[13],[15]	886	[3],[10],[14],[16]
Fair Value		$ 870	[7],[13],[15]	$ 864	[10],[14],[16]
Percentage of Net Assets		0.16%	[7],[13],[15]	0.17%	[10],[14],[16]
Unused Fee Rate		0.50%		1.00%
Unfunded commitments		$ 915		$ 915
Fair Value		$ (17)		$ (22)
Investment, Identifier [Axis]: Two Six Labs, LLC 3
Variable interest rate		5.50%	[7],[13],[15]	5.50%	[10],[14],[16]
Interest Rate		10.74%	[7],[11],[13],[15]	10.08%	[10],[12],[14],[16]
Par Amount		$ 0	[7],[13],[15]	$ 0	[10],[14],[16]
Cost		(12)	[1],[7],[13],[15]	(14)	[3],[10],[14],[16]
Fair Value		$ (17)	[7],[13],[15]	$ (22)	[10],[14],[16]
Percentage of Net Assets		0.00%	[7],[13],[15]	0.00%	[10],[14],[16]
Investment, Identifier [Axis]: UpStack, Inc. 1
Variable interest rate		5.75%	[5],[6],[7]	5.75%	[8],[9],[10]
Interest Rate		11.08%	[5],[6],[7],[11]	10.32%	[8],[9],[10],[12]
Par Amount		$ 4,152	[5],[6],[7]	$ 4,173	[8],[9],[10]
Cost		4,075	[1],[5],[6],[7]	4,088	[3],[8],[9],[10]
Fair Value		$ 4,048	[5],[6],[7]	$ 4,048	[8],[9],[10]
Percentage of Net Assets		0.74%	[5],[6],[7]	0.78%	[8],[9],[10]
Unused Fee Rate		1.00%		1.00%
Unfunded commitments		$ 786		$ 450
Fair Value		$ (12)		$ (14)
Investment, Identifier [Axis]: UpStack, Inc. 2
Variable interest rate		5.50%	[5],[6],[7],[13]	5.75%	[8],[9],[10],[14]
Interest Rate		11.08%	[5],[6],[7],[11],[13]	10.32%	[8],[9],[10],[12],[14]
Par Amount		$ 2,067	[5],[6],[7],[13]	$ 1,411	[8],[9],[10],[14]
Cost		2,017	[1],[5],[6],[7],[13]	1,374	[3],[8],[9],[10],[14]
Fair Value		$ 2,005	[5],[6],[7],[13]	$ 1,355	[8],[9],[10],[14]
Percentage of Net Assets		0.36%	[5],[6],[7],[13]	0.26%	[8],[9],[10],[14]
Unused Fee Rate		0.50%		0.50%
Unfunded commitments		$ 375		$ 375
Fair Value		$ (9)		$ (11)
Investment, Identifier [Axis]: UpStack, Inc. 3
Variable interest rate		5.50%	[6],[7],[13]	5.75%	[9],[10],[14]
Interest Rate		11.08%	[6],[7],[11],[13]	10.32%	[9],[10],[12],[14]
Par Amount		$ 0	[6],[7],[13]	$ 0	[9],[10],[14]
Cost		(7)	[1],[6],[7],[13]	(8)	[3],[9],[10],[14]
Fair Value		$ (9)	[6],[7],[13]	$ (11)	[9],[10],[14]
Percentage of Net Assets		0.00%	[6],[7],[13]	0.00%	[9],[10],[14]
Investment, Identifier [Axis]: V Global Holdings, LLC
Unused Fee Rate		0.50%		0.50%
Unfunded commitments		$ 158		$ 210
Fair Value		$ (5)		$ (10)
Investment, Identifier [Axis]: V Global Holdings, LLC 1
Variable interest rate		5.75%	[5],[7],[15]	5.75%	[8],[10],[16]
Interest Rate		10.84%	[5],[7],[11],[15]	8.99%	[8],[10],[12],[16]
Par Amount		$ 1,525	[5],[7],[15]	$ 1,532	[8],[10],[16]
Cost		1,499	[1],[5],[7],[15]	1,504	[3],[8],[10],[16]
Fair Value		$ 1,476	[5],[7],[15]	$ 1,456	[8],[10],[16]
Percentage of Net Assets		0.27%	[5],[7],[15]	0.28%	[8],[10],[16]
Investment, Identifier [Axis]: V Global Holdings, LLC 2
Variable interest rate		5.75%	[7],[13],[15]	5.75%	[10],[14],[16]
Interest Rate		10.84%	[7],[11],[13],[15]	8.99%	[10],[12],[14],[16]
Par Amount		$ 52	[7],[13],[15]	$ 0	[10],[14],[16]
Cost		49	[1],[7],[13],[15]	(3)	[3],[10],[14],[16]
Fair Value		$ 45	[7],[13],[15]	$ (11)	[10],[14],[16]
Percentage of Net Assets		0.01%	[7],[13],[15]	0.00%	[10],[14],[16]
Investment, Identifier [Axis]: VRC Companies, LLC 1
Variable interest rate		5.75%	[5],[7],[15]	5.53%	[8],[10],[16]
Interest Rate		10.72%	[5],[7],[11],[15]	10.43%	[8],[10],[12],[16]
Par Amount		$ 26,702	[5],[7],[15]	$ 23,317	[8],[10],[16]
Cost		26,409	[1],[5],[7],[15]	23,036	[3],[8],[10],[16]
Fair Value		$ 26,296	[5],[7],[15]	$ 22,501	[8],[10],[16]
Percentage of Net Assets		4.78%	[5],[7],[15]	4.36%	[8],[10],[16]
Unused Fee Rate		0.75%		0.75%
Unfunded commitments		$ 227		$ 1,917
Fair Value		$ (3)		$ (67)
Investment, Identifier [Axis]: VRC Companies, LLC 2
Variable interest rate		5.75%	[7],[13],[15]	5.75%	[8],[10],[16]
Interest Rate		10.72%	[7],[11],[13],[15]	8.52%	[8],[10],[12],[16]
Par Amount		$ 2,654	[7],[13],[15]	$ 4,493	[8],[10],[16]
Cost		2,619	[1],[7],[13],[15]	4,412	[3],[8],[10],[16]
Fair Value		$ 2,610	[7],[13],[15]	$ 4,269	[8],[10],[16]
Percentage of Net Assets		0.47%	[7],[13],[15]	0.83%	[8],[10],[16]
Unused Fee Rate		0.50%		0.50%
Unfunded commitments		$ 708		$ 708
Fair Value		$ (11)		$ (25)
Investment, Identifier [Axis]: VRC Companies, LLC 3
Variable interest rate		5.75%	[7],[13],[15]	4.50%	[10],[14],[16]
Interest Rate		10.72%	[7],[11],[13],[15]	12.25%	[10],[12],[14],[16]
Par Amount		$ 0	[7],[13],[15]	$ 0	[10],[14],[16]
Cost		(7)	[1],[7],[13],[15]	(8)	[3],[10],[14],[16]
Fair Value		$ (11)	[7],[13],[15]	$ (25)	[10],[14],[16]
Percentage of Net Assets		0.00%	[7],[13],[15]	0.00%	[10],[14],[16]
Investment, Identifier [Axis]: Valcourt Holdings II, LLC
Unused Fee Rate				1.00%
Unfunded commitments				$ 374
Fair Value				$ (4)
Investment, Identifier [Axis]: Valcourt Holdings II, LLC 1
Variable interest rate		5.25%	[5],[6],[7]	5.25%	[8],[9],[10]
Interest Rate		10.64%	[5],[6],[7],[11]	9.98%	[8],[9],[10],[12]
Par Amount		$ 12,573	[5],[6],[7]	$ 12,637	[8],[9],[10]
Cost		12,410	[1],[5],[6],[7]	12,455	[3],[8],[9],[10]
Fair Value		$ 12,497	[5],[6],[7]	$ 12,488	[8],[9],[10]
Percentage of Net Assets		2.27%	[5],[6],[7]	2.42%	[8],[9],[10]
Investment, Identifier [Axis]: Valcourt Holdings II, LLC 2
Variable interest rate		5.25%	[6],[7]	5.25%	[9],[10],[14]
Interest Rate		10.64%	[6],[7],[11]	9.98%	[9],[10],[12],[14]
Par Amount		$ 2,275	[6],[7]	$ 1,913	[9],[10],[14]
Cost		2,247	[1],[6],[7]	1,881	[3],[9],[10],[14]
Fair Value		$ 2,261	[6],[7]	$ 1,886	[9],[10],[14]
Percentage of Net Assets		0.41%	[6],[7]	0.37%	[9],[10],[14]
Investment, Identifier [Axis]: Vardiman Black Holdings, LLC
Unused Fee Rate				1.25%
Unfunded commitments				$ 95
Fair Value				$ (5)
Investment, Identifier [Axis]: Vardiman Black Holdings, LLC 1
Variable interest rate		7.00%	[5],[7],[23]	7.00%	[8],[10],[24]
Interest Rate		12.26%	[5],[7],[11],[23]	11.22%	[8],[10],[12],[24]
Par Amount		$ 2,263	[5],[7],[23]	$ 2,274	[8],[10],[24]
Cost		2,245	[1],[5],[7],[23]	2,255	[3],[8],[10],[24]
Fair Value		$ 2,127	[5],[7],[23]	$ 2,151	[8],[10],[24]
Percentage of Net Assets		0.39%	[5],[7],[23]	0.42%	[8],[10],[24]
Investment, Identifier [Axis]: Vardiman Black Holdings, LLC 2
Variable interest rate		7.00%	[7],[23]	7.00%	[10],[14]
Interest Rate		12.26%	[7],[11],[23]	11.22%	[10],[12],[14]
Par Amount		$ 2,686	[7],[23]	$ 2,605	[10],[14]
Cost		2,665	[1],[7],[23]	2,581	[3],[10],[14]
Fair Value		$ 2,525	[7],[23]	$ 2,458	[10],[14]
Percentage of Net Assets		0.46%	[7],[23]	0.48%	[10],[14]
Investment, Identifier [Axis]: Vermont Aus Pty Ltd
Variable interest rate		5.50%	[5],[7],[15],[20]	5.65%	[8],[10],[16],[19]
Interest Rate		10.89%	[5],[7],[11],[15],[20]	10.23%	[8],[10],[12],[16],[19]
Par Amount		$ 494	[5],[7],[15],[20]	$ 496	[8],[10],[16],[19]
Cost		483	[1],[5],[7],[15],[20]	485	[3],[8],[10],[16],[19]
Fair Value		$ 476	[5],[7],[15],[20]	$ 466	[8],[10],[16],[19]
Percentage of Net Assets		0.09%	[5],[7],[15],[20]	0.09%	[8],[10],[16],[19]
Investment, Identifier [Axis]: Vessco Midco Holdings, LLC
Unused Fee Rate		0.50%		0.50%
Unfunded commitments		$ 636		$ 537
Fair Value		$ (5)		$ (7)
Investment, Identifier [Axis]: Vessco Midco Holdings, LLC 1
Variable interest rate		4.50%	[5],[6],[7]	4.50%	[8],[9],[10]
Interest Rate		9.68%	[5],[6],[7],[11]	8.88%	[8],[9],[10],[12]
Par Amount		$ 5,388	[5],[6],[7]	$ 5,429	[8],[9],[10]
Cost		5,355	[1],[5],[6],[7]	5,393	[3],[8],[9],[10]
Fair Value		$ 5,348	[5],[6],[7]	$ 5,358	[8],[9],[10]
Percentage of Net Assets		0.97%	[5],[6],[7]	1.04%	[8],[9],[10]
Investment, Identifier [Axis]: Vessco Midco Holdings, LLC 2
Variable interest rate		4.50%	[5],[6],[7]	4.50%	[8],[9],[10]
Interest Rate		9.68%	[5],[6],[7],[11]	8.88%	[8],[9],[10],[12]
Par Amount		$ 3,511	[5],[6],[7]	$ 3,537	[8],[9],[10]
Cost		3,491	[1],[5],[6],[7]	3,514	[3],[8],[9],[10]
Fair Value		$ 3,485	[5],[6],[7]	$ 3,491	[8],[9],[10]
Percentage of Net Assets		0.63%	[5],[6],[7]	0.68%	[8],[9],[10]
Investment, Identifier [Axis]: Vessco Midco Holdings, LLC 3
Variable interest rate		4.50%	[7],[13]	3.50%	[9],[10],[14]
Interest Rate		9.68%	[7],[11],[13]	11.00%	[9],[10],[12],[14]
Par Amount		$ 258	[7],[13]	$ 358	[9],[10],[14]
Cost		254	[1],[7],[13]	352	[3],[9],[10],[14]
Fair Value		$ 252	[7],[13]	$ 346	[9],[10],[14]
Percentage of Net Assets		0.05%	[7],[13]	0.07%	[9],[10],[14]
Investment, Identifier [Axis]: World Insurance Associates, LLC
Unused Fee Rate		0.50%		0.50%
Unfunded commitments		$ 970		$ 340
Fair Value		$ (60)		$ (11)
Investment, Identifier [Axis]: World Insurance Associates, LLC 1
Variable interest rate		5.75%	[5],[6],[7]	5.75%	[8],[9],[10]
Interest Rate		10.96%	[5],[6],[7],[11]	10.33%	[8],[9],[10],[12]
Par Amount		$ 14,828	[5],[6],[7]	$ 14,934	[8],[9],[10]
Cost		14,590	[1],[5],[6],[7]	14,657	[3],[8],[9],[10]
Fair Value		$ 13,912	[5],[6],[7]	$ 14,467	[8],[9],[10]
Percentage of Net Assets		2.53%	[5],[6],[7]	2.80%	[8],[9],[10]
Investment, Identifier [Axis]: World Insurance Associates, LLC 2
Variable interest rate		6.75%	[5],[6],[7]	5.75%	[8],[9],[10]
Interest Rate		11.96%	[5],[6],[7],[11]	10.33%	[8],[9],[10],[12]
Par Amount		$ 1,000	[5],[6],[7]	$ 11,653	[8],[9],[10]
Cost		965	[1],[5],[6],[7]	11,470	[3],[8],[9],[10]
Fair Value		$ 965	[5],[6],[7]	$ 11,288	[8],[9],[10]
Percentage of Net Assets		0.18%	[5],[6],[7]	2.19%	[8],[9],[10]
Investment, Identifier [Axis]: World Insurance Associates, LLC 3
Variable interest rate		5.75%	[5],[6],[7]	5.75%	[9],[10],[14]
Interest Rate		10.96%	[5],[6],[7],[11]	10.33%	[9],[10],[12],[14]
Par Amount		$ 11,594	[5],[6],[7]	$ 631	[9],[10],[14]
Cost		11,436	[1],[5],[6],[7]	618	[3],[9],[10],[14]
Fair Value		$ 10,877	[5],[6],[7]	$ 600	[9],[10],[14]
Percentage of Net Assets		1.98%	[5],[6],[7]	0.12%	[9],[10],[14]
Investment, Identifier [Axis]: World Insurance Associates, LLC 4
Variable interest rate	[6],[7],[13]	5.75%
Interest Rate	[6],[7],[11],[13]	10.96%
Par Amount	[6],[7],[13]	$ 0
Cost	[1],[6],[7],[13]	(11)
Fair Value	[6],[7],[13]	$ (60)
Percentage of Net Assets	[6],[7],[13]	(0.01%)
Investment, Identifier [Axis]: Zarya Intermediate, LLC
Unused Fee Rate		0.50%		0.50%
Unfunded commitments		$ 842		$ 983
Fair Value		$ 0		$ (2)
Investment, Identifier [Axis]: Zarya Intermediate, LLC 1
Variable interest rate		6.50%	[5],[6],[7],[20]	6.50%	[8],[9],[10],[19]
Interest Rate		11.76%	[5],[6],[7],[11],[20]	10.90%	[8],[9],[10],[12],[19]
Par Amount		$ 9,533	[5],[6],[7],[20]	$ 9,533	[8],[9],[10],[19]
Cost		9,533	[1],[5],[6],[7],[20]	9,533	[3],[8],[9],[10],[19]
Fair Value		$ 9,533	[5],[6],[7],[20]	$ 9,516	[8],[9],[10],[19]
Percentage of Net Assets		1.73%	[5],[6],[7],[20]	1.84%	[8],[9],[10],[19]
Investment, Identifier [Axis]: Zarya Intermediate, LLC 2
Variable interest rate		6.50%	[6],[7],[13],[20]	6.50%	[9],[10],[14],[19]
Interest Rate		11.76%	[6],[7],[11],[13],[20]	10.90%	[9],[10],[12],[14],[19]
Par Amount		$ 140	[6],[7],[13],[20]	$ 0	[9],[10],[14],[19]
Cost		140	[1],[6],[7],[13],[20]	0	[3],[9],[10],[14],[19]
Fair Value		$ 140	[6],[7],[13],[20]	$ (2)	[9],[10],[14],[19]
Percentage of Net Assets		0.03%	[6],[7],[13],[20]	0.00%	[9],[10],[14],[19]
Investment, Identifier [Axis]: iCIMS, Inc.
Variable interest rate	[8],[10],[16]			7.25%
Interest rate, PIK	[8],[10],[16]			3.875%
Interest Rate	[8],[10],[12],[16]			11.52%
Par Amount	[8],[10],[16]			$ 1,433
Cost	[3],[8],[10],[16]			1,408
Fair Value	[8],[10],[16]			$ 1,408
Percentage of Net Assets	[8],[10],[16]			0.27%
Investment, Identifier [Axis]: iCIMS, Inc. 1
Variable interest rate	[7],[13],[15]	725.00%
Interest Rate	[5],[7],[11],[15]	12.38%
Par Amount	[5],[7],[15]	$ 1,433
Cost	[1],[5],[7],[15]	1,410
Fair Value	[5],[7],[15]	$ 1,422
Percentage of Net Assets	[5],[7],[15]	0.26%
Unused Fee Rate		0.00%
Unfunded commitments		$ 45
Fair Value		$ 0
Investment, Identifier [Axis]: iCIMS, Inc. 2
Variable interest rate	[5],[7],[15],[20]	725.00%
Interest Rate	[5],[7],[11],[15]	12.38%
Par Amount	[5],[7],[15]	$ 187
Cost	[1],[5],[7],[15]	186
Fair Value	[5],[7],[15]	$ 186
Percentage of Net Assets	[5],[7],[15]	0.03%
Unused Fee Rate		0.50%
Unfunded commitments		$ 15
Fair Value		$ 0
Investment, Identifier [Axis]: iCIMS, Inc. 3
Variable interest rate	[7],[13],[15],[20]	725.00%
Interest Rate	[7],[11],[13],[15]	12.38%
Par Amount	[7],[13],[15]	$ 0
Cost	[1],[7],[13],[15]	0
Fair Value	[7],[13],[15]	$ 0
Percentage of Net Assets	[7],[13],[15]	0.00%
Investment, Identifier [Axis]: iCIMS, Inc. 4
Variable interest rate	[7],[13],[15],[20]	725.00%
Interest Rate	[7],[11],[13],[15]	12.38%
Par Amount	[7],[13],[15]	$ 3
Cost	[1],[7],[13],[15]	3
Fair Value	[7],[13],[15]	$ 3
Percentage of Net Assets	[7],[13],[15]	0.00%

[1] The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.

[2] Unless otherwise indicated, issuers of debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”), the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of June 30, 2023, the Company does not “control” any of these portfolio companies. Under the 1940 Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of June 30, 2023, the Company is not an “affiliated person” of any of its portfolio companies.

[3] The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.

[4] Unless otherwise indicated, issuers of debt and equity investments held by the Company are denominated in dollars. All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. Under the 1940 Act, the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of December 31, 2022, the Company does not “control” any of these portfolio companies. Under the 1940 Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of December 31, 2022, the Company is not an “affiliated person” of any of its portfolio companies.

[5] Assets or a portion thereof are pledged as collateral for the JPM Funding Facility. See Note 6 “Debt”.

[6] Loan includes interest rate floor of 1.00%.

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

[8] Assets or a portion thereof are pledged as collateral for the JPM Funding Facility (as defined in Note 6). See Note 6 “Debt”.

[9] Loan includes interest rate floor of 1.00%.

[10] These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by or under the direction of the Company’s Valuation Designee, under the supervision of the Board of Directors (see Note 2 and Note 5), pursuant to the Company’s valuation policy.

[11] Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either LIBOR (“L” or “LIBOR”) or an alternate base rate (commonly based on the Federal Funds Rate (“F”) or the U.S. Prime Rate (“P”)), each of which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of June 30, 2023. As of June 30, 2023, the reference rates for our variable rate loans were the 3-month E at 3.58%, 1-month L at 5.22%, 3-month L at 5.55%, the 6-month L at 5.76%, 1-month S at 5.14%, 3-month S at 5.27%, 6-month S at 5.39%, and the P at 8.25%.

[12] Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to London Interbank Offered Rate (“LIBOR” or “L”), Secured Overnight Financing Rate (“SOFR” or “S”) or an alternate base rate (commonly based on the Federal Funds Rate (“F”) or the U.S. Prime Rate (“P”)), each of which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2022. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at December 31, 2022. As of December 31, 2022, the reference rates for our LIBOR-based loans were the 3-month E at 2.13%, 1-month L at 4.39%, 3- month L at 4.77%, the 6-month L at 5.14%; the reference rates for our SOFR-based loans were the 1-month S at 4.36% , 3-month S at 4.59%, 6-month S at 4.78% and the P at 7.50%.

[13] Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may earn unused commitment fees. Negative cost and fair value, if any, results from unamortized fees, which are capitalized to the cost of the investment. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. See below for more information on the Company’s unfunded commitments as of June 30, 2023: Investments-non-controlled/non-affiliatedUnused Fee RateCommitment TypeCommitment Expiration DateUnfunded CommitmentFair ValueFirst Lien Debt365 Retail Markets, LLC0.50%Revolver12/23/2026$1,200 $(5)48Forty Solutions, LLC0.50%Revolver11/30/20261,206 (28)ARI Network Services, Inc.0.50%Revolver2/28/2025545 (9)AWP Group Holdings, Inc.0.50%Revolver12/22/20261,563 (99)Abacus Data Holdings, Inc. (AbacusNext)0.50%Revolver3/10/2027210 — Abracon Group Holdings, LLC1.00%Delayed Draw Term Loan7/6/2024223 (6)Abracon Group Holdings, LLC0.50%Revolver7/6/2028127 (4)Alert Media, Inc.0.50%Revolver4/10/20261,015 (29)Answer Acquisition, LLC0.50%Revolver12/30/2026750 (19)Appfire Technologies, LLC0.50%Delayed Draw Term Loan6/13/2024243 (5)Appfire Technologies, LLC0.50%Revolver3/9/202728 (1)Applitools, Inc.0.50%Revolver5/25/2028200 (9)Assembly Intermediate, LLC1.00%Delayed Draw Term Loan10/19/2023978 (33)Assembly Intermediate, LLC0.50%Revolver10/19/2027889 (30) Investments-non-controlled/non-affiliatedUnused Fee RateCommitment TypeCommitment Expiration DateUnfunded CommitmentFair ValueAssociations, Inc.1.00%Delayed Draw Term Loan6/10/2024$421 $(11)Associations, Inc.0.50%Revolver7/2/2027797 (21)Atlas Us Finco, Inc.0.50%Revolver12/9/202878 (2)Avalara, Inc.0.50%Revolver10/19/2028256 (2)Bridgepointe Technologies, LLC0.50%Delayed Draw Term Loan12/19/20232,606 (93)Bullhorn, Inc.0.50%Revolver9/30/20268 — CLEO Communications Holding, LLC0.50%Revolver6/9/20275,358 (140)Caerus US 1, Inc.1.00%Delayed Draw Term Loan10/31/2024266 (2)Caerus US 1, Inc.0.50%Revolver5/25/202978 (1)Catalis Intermediate, Inc.1.00%Delayed Draw Term Loan8/4/20231,794 (215)Catalis Intermediate, Inc.0.50%Revolver8/4/2027182 (22)Cerity Partners, LLC1.00%Delayed Draw Term Loan12/29/20232,097 (19)Citrin Cooperman Advisors, LLC1.00%Delayed Draw Term Loan5/13/20242,152 (50)Coupa Holdings, LLC1.00%Delayed Draw Term Loan8/27/2024151 (4)Coupa Holdings, LLC0.50%Revolver2/27/2029116 (3)Cyara AcquisitionCo, LLC0.50%Revolver6/28/202964 (2)DCA Investment Holdings, LLC1.00%Delayed Draw Term Loan12/28/2023160 (1)Dwyer Instruments, Inc.1.00%Delayed Draw Term Loan7/1/2024641 (17)Dwyer Instruments, Inc.0.50%Revolver7/21/2027238 (6)Encore Holdings, LLC0.75%Delayed Draw Term Loan11/23/20246,341 (44)Encore Holdings, LLC0.50%Revolver11/23/20272,695 (19)Energy Labs Holdings Corp.0.50%Revolver4/7/202853 (1)FLS Holding, Inc.0.50%Revolver12/17/20271,442 (17)FMG Suite Holdings, LLC0.50%Revolver10/30/20261,001 (16)FORTIS Solutions Group, LLC0.50%Delayed Draw Term Loan6/24/2024994 (15)FORTIS Solutions Group, LLC0.50%Revolver10/15/20271,002 (15)FPG Intermediate Holdco, LLC0.50%Delayed Draw Term Loan8/5/20242,500 (84)Foundation Risk Partners Corp.0.38%Revolver10/29/20271,959 (133)GS AcquisitionCo, Inc.0.50%Revolver5/22/2026604 (5)GSM Acquisition Corp. (GSM Outdoors)0.50%Revolver11/16/20261,634 (65)Galway Borrower, LLC1.00%Delayed Draw Term Loan9/30/20233,392 (96)Galway Borrower, LLC0.50%Revolver9/30/2027880 (32)Gateway US Holdings, Inc.1.00%Delayed Draw Term Loan4/15/20246 — Gateway US Holdings, Inc.0.50%Revolver9/22/202630 — GraphPad Software, LLC0.50%Revolver4/27/2027750 (13)Ground Penetrating Radar Systems, LLC0.50%Revolver6/26/2025281 (5)Groundworks, LLC1.00%Delayed Draw Term Loan9/14/202427 (1) Investments-non-controlled/non-affiliatedUnused Fee RateCommitment TypeCommitment Expiration DateUnfunded CommitmentFair ValueGroundworks, LLC0.50%Revolver3/14/2029$9 $— Gurobi Optimization, LLC0.50%Revolver12/19/2023536 — Heartland Home Services0.75%Delayed Draw Term Loan8/10/2023524 (7)Heartland Veterinary Partners, LLC0.50%Revolver12/10/2026779 (7)High Street Buyer, Inc.0.50%Revolver4/16/2027915 (6)iCIMS, Inc.—%Delayed Draw Term Loan8/18/202545 — iCIMS, Inc.0.50%Revolver8/18/202815 — Integrity Marketing Acquisition, LLC1.00%Delayed Draw Term Loan11/23/2024262 (2)Integrity Marketing Acquisition, LLC2.00%Revolver8/27/202553 (2)Intelerad Medical Systems Incorporated0.50%Revolver5/31/202836 (1)Jonathan Acquisition Company0.50%Revolver12/22/2025686 (13)KPSKY Acquisition, Inc.1.00%Delayed Draw Term Loan6/17/2024810 (26)KWOR Acquisition, Inc.0.50%Revolver12/22/202755 (2)LUV Car Wash Group, LLC1.00%Delayed Draw Term Loan3/14/2024274 (3)LegitScript, LLC1.00%Delayed Draw Term Loan6/24/20241,081 (18)LegitScript, LLC0.50%Revolver6/24/2028560 (10)Lightspeed Solution, LLC0.50%Delayed Draw Term Loan3/1/20241,097 (32)MHE Intermediate Holdings, LLC0.50%Revolver7/21/2027922 (23)MRI Software, LLC0.50%Delayed Draw Term Loan8/16/2023625 (5)MRI Software, LLC0.50%Revolver2/10/202616 — Magnolia Wash Holdings0.50%Revolver7/14/202832 (7)Mammoth Holdings, LLC0.50%Revolver10/16/2024408 (4)Mantech International CP0.50%Delayed Draw Term Loan9/16/20242,600 (20)Mantech International CP0.50%Revolver9/14/20281,600 (12)Montana Buyer, Inc.0.50%Revolver7/22/2028147 (4)Netwrix Corporation And Concept Searching, Inc.0.50%Delayed Draw Term Loan6/10/2024211 (7)Netwrix Corporation And Concept Searching, Inc.0.25%Revolver6/11/202943 (1)Oak Purchaser, Inc.0.50%Delayed Draw Term Loan4/28/2024371 (12)Oak Purchaser, Inc.0.50%Revolver4/28/2028124 (4)Oakbridge Insurance Agency, LLC1.00%Delayed Draw Term Loan3/23/2024338 (6)Oakbridge Insurance Agency, LLC0.50%Revolver12/31/202631 (1)Omni Intermediate Holdings, LLC1.00%Delayed Draw Term Loan6/24/202428 (1)Omni Intermediate Holdings, LLC0.50%Revolver12/30/20251,318 (43)PCX Holding Corp.0.50%Revolver4/22/2027555 (11)PDFTron Systems, Inc.0.50%Revolver7/15/20261,100 (30)Pareto Health Intermediate Holdings, Inc.0.50%Revolver5/1/2029122 (2)Patriot Growth Insurance Services, LLC0.75%Delayed Draw Term Loan7/8/2024323 (7) Investments-non-controlled/non-affiliatedUnused Fee RateCommitment TypeCommitment Expiration DateUnfunded CommitmentFair ValuePeter C. Foy & Associates Insurance Services, LLC0.50%Revolver11/1/2027$347 $(10)Pound Bidco, Inc.0.50%Revolver1/30/2026388 (1)Procure Acquireco, Inc. (Procure Analytics)1.00%Delayed Draw Term Loan12/20/20233,175 (138)Procure Acquireco, Inc. (Procure Analytics)0.50%Revolver12/1/2026952 (41)Promptcare Infusion Buyer, Inc.1.00%Delayed Draw Term Loan9/1/2023815 (19)Pound Bidco, Inc.—%Delayed Draw Term Loan12/31/202499 — Randy's Holdings, Inc.1.00%Delayed Draw Term Loan11/1/2024836 (17)Randy's Holdings, Inc.0.50%Revolver11/1/2028271 (5)Raptor Merger Sub Debt, LLC0.38%Revolver4/1/2028837 (15)Revalize, Inc.0.50%Revolver4/15/202771 (2)Riskonnect Parent, LLC0.50%Delayed Draw Term Loan7/7/2024177 (3)RoadOne IntermodaLogistics1.00%Delayed Draw Term Loan6/30/2024112 (4)RoadOne IntermodaLogistics0.50%Revolver12/30/2028117 (4)Securonix, Inc.0.50%Revolver4/5/20281,621 (62)Sherlock Buyer Corp.1.00%Delayed Draw Term Loan12/8/20235,392 (67)Sherlock Buyer Corp.0.50%Revolver12/8/20272,157 (27)Smarsh, Inc.1.00%Delayed Draw Term Loan2/18/2024536 (16)Smarsh, Inc.0.50%Revolver2/16/2029268 (8)Sonny's Enterprises, LLC1.00%Delayed Draw Term Loan8/7/2023283 (7)Sonny's Enterprises, LLC0.50%Revolver8/5/2027245 (6)Spectrio, LLC0.50%Revolver12/9/2026244 (10)Spectrum Automotive Holdings Corp.1.00%Delayed Draw Term Loan6/29/2023495 (20)Spectrum Automotive Holdings Corp.0.50%Revolver6/29/2027378 (15)Spotless Brands, LLC0.50%Revolver7/25/202846 (1)Stepping Stones Healthcare Services, LLC1.00%Delayed Draw Term Loan12/30/2023500 (15)Stepping Stones Healthcare Services, LLC0.50%Revolver12/30/2026500 (15)Summit Buyer, LLC0.50%Revolver1/14/20261,037 (28)Superman Holdings, LLC0.50%Delayed Draw Term Loan5/1/202595 (1)Surewerx Purchaser III, Inc.1.00%Delayed Draw Term Loan6/28/2024428 (4)Surewerx Purchaser III, Inc.0.50%Revolver12/28/2028334 (3)Suveto1.00%Delayed Draw Term Loan9/9/20231,906 (61)Suveto0.50%Revolver9/9/2027412 (13)Sweep Purchaser, LLC1.00%Delayed Draw Term Loan5/5/202491 (3)Sweep Purchaser, LLC0.50%Revolver11/30/2026122 (5)Syntax Systems Ltd1.00%Delayed Draw Term Loan10/29/20234,010 (144)Syntax Systems Ltd0.50%Revolver10/29/2026535 (19)Tamarack Intermediate, LLC0.50%Revolver3/13/2028751 (34) Investments-non-controlled/non-affiliatedUnused Fee RateCommitment TypeCommitment Expiration DateUnfunded CommitmentFair ValueThrive Buyer, Inc. (Thrive Networks)0.38%Revolver1/22/2027$453 $(16)Triple Lift, Inc.0.25%Revolver5/8/20281,057 (64)Trunk Acquisition, Inc.0.50%Revolver2/19/2026429 (10)Two Six Labs, LLC0.50%Delayed Draw Term Loan8/20/2023915 (17)Two Six Labs, LLC0.50%Revolver8/20/2027915 (17)UpStack, Inc.1.00%Delayed Draw Term Loan6/30/2025786 (12)UpStack, Inc.0.50%Revolver8/20/2027375 (9)V Global Holdings, LLC0.50%Revolver12/22/2025158 (5)VRC Companies, LLC0.75%Delayed Draw Term Loan1/6/2024227 (3)VRC Companies, LLC0.50%Revolver6/29/2027708 (11)Vessco Midco Holdings, LLC0.50%Revolver10/18/2026636 (5)World Insurance Associates, LLC0.50%Revolver4/1/2026970 (60)Zarya Intermediate, LLC0.50%Revolver7/1/2027842 — Total First Lien Debt Unfunded Commitments$109,936 $(2,850)Total Unfunded Commitments$109,936 $(2,850)

[14] Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may earn unused commitment fees. Negative cost and fair value, if any, results from unamortized fees, which are capitalized to the cost of the investment. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. See below for more information on the Company’s unfunded commitments as of December 31, 2023: Investments-non-controlled/non-affiliatedUnused Fee RateCommitment TypeCommitment Expiration DateUnfunded CommitmentFair ValueFirst Lien Debt365 Retail Markets, LLC0.50%Revolver12/23/2026$514 $(12)48Forty Solutions, LLC0.50%Revolver11/30/20261,508 (77)ARI Network Services, Inc.0.50%Revolver02/28/2025909 (26)AWP Group Holdings, Inc.0.50%Revolver12/22/20261,247 (37)Abacus Data Holdings, Inc. (AbacusNext)0.50%Revolver03/10/2027300 (2)Abracon Group Holdings, LLC1.00%Delayed Draw Term Loan07/06/2024317 (16)Abracon Group Holdings, LLC0.50%Revolver07/06/2028127 (7)Alert Media, Inc.0.50%Revolver04/10/2026750 (25)Answer Acquisition, LLC0.50%Revolver12/30/20261,000 (42)Appfire Technologies, LLC0.50%Delayed Draw Term Loan06/13/2024277 (11)Appfire Technologies, LLC0.50%Revolver03/09/202726 (1)Applitools, Inc.0.50%Revolver05/25/2028200 (3)Assembly Intermediate, LLC1.00%Delayed Draw Term Loan10/19/2023978 (38)Assembly Intermediate, LLC0.50%Revolver10/19/2027533 (20) Investments-non-controlled/non-affiliatedUnused Fee RateCommitment TypeCommitment Expiration DateUnfunded CommitmentFair ValueAssociations, Inc.1.00%Delayed Draw Term Loan06/10/2024$1,109 $(50)Associations, Inc.0.50%Revolver07/02/2027797 (36)Atlas Us Finco, Inc.0.50%Revolver12/09/202878 (2)Avalara, Inc.0.50%Revolver10/19/2028234 (6)Bridgepointe Technologies, LLC0.50%Delayed Draw Term Loan09/23/20243,840 (153)Bullhorn, Inc.0.50%Revolver09/30/20264 — CLEO Communications Holding, LLC0.50%Revolver06/09/20275,358 (191)Caerus US 1, Inc.—%Delayed Draw Term Loan10/31/2024266 (3)Caerus US 1, Inc.0.50%Revolver05/25/2029145 (3)Cerity Partners, LLC1.00%Delayed Draw Term Loan12/30/20234,823 (145)Citrin Cooperman Advisors, LLC1.00%Delayed Draw Term Loan05/13/20244,206 (125)DCA Investment Holdings, LLC1.00%Delayed Draw Term Loan03/02/2023389 (6)Donuts, Inc.0.25%Delayed Draw Term Loan08/14/20231,583 (40)Dwyer Instruments, Inc.1.00%Delayed Draw Term Loan07/01/2024641 (29)Dwyer Instruments, Inc.0.50%Revolver07/21/2027271 (12)Encore Holdings, LLC0.75%Delayed Draw Term Loan11/23/20247,347 (173)Encore Holdings, LLC0.50%Revolver11/23/20272,695 (63)Energy Labs Holdings Corp.1.00%Delayed Draw Term Loan04/13/202347 (1)Energy Labs Holdings Corp.0.50%Revolver04/07/202845 (1)FLS Holding, Inc.0.50%Revolver12/17/20271,442 (24)FMG Suite Holdings, LLC0.50%Revolver10/30/2026889 (19)FPG Intermediate Holdco, LLC0.50%Delayed Draw Term Loan08/05/20242,500 (125)Fortis Solutions Group, LLC0.50%Delayed Draw Term Loan06/24/20241,000 (33)Fortis Solutions Group, LLC0.50%Revolver10/15/20271,002 (33)Foundation Risk Partners Corp.0.38%Revolver10/29/20271,152 (20)GS AcquisitionCo, Inc.0.50%Revolver05/22/2026907 (22)GSM Acquisition Corp. (GSM Outdoors)0.50%Revolver11/16/20261,633 (24)Galway Borrower, LLC1.00%Delayed Draw Term Loan09/30/2023418 (18)Galway Borrower, LLC0.50%Revolver09/30/2027589 (25)Gateway US Holdings, Inc.1.00%Delayed Draw Term Loan04/15/20246 — Gateway US Holdings, Inc.0.50%Revolver09/22/202414 — Govbrands Intermediate, Inc.1.00%Delayed Draw Term Loan08/04/20231,794 (82)Govbrands Intermediate, Inc.0.50%Revolver08/04/2027182 (8)GraphPad Software, LLC0.50%Revolver04/27/2027750 (25)Ground Penetrating Radar Systems, LLC0.50%Revolver06/26/2025506 (13)Gurobi Optimization, LLC0.50%Revolver12/19/2023536 — Heartland Home Services0.75%Delayed Draw Term Loan08/10/2023612 (18) Investments-non-controlled/non-affiliatedUnused Fee RateCommitment TypeCommitment Expiration DateUnfunded CommitmentFair ValueHeartland Veterinary Partners, LLC1.00%Delayed Draw Term Loan11/17/2023$2,606 $(76)Heartland Veterinary Partners, LLC0.50%Revolver12/10/2026779 (23)High Street Buyer, Inc.0.50%Revolver04/16/2027915 (27)Jonathan Acquisition Company0.50%Revolver12/22/2025618 (16)KPSKY Acquisition, Inc.1.00%Delayed Draw Term Loan06/17/20241,575 (71)KWOR Acquisition, Inc.0.50%Revolver12/22/2027122 (6)LUV Car Wash Group, LLC1.00%Delayed Draw Term Loan03/14/2024257 (5)LegitScript1.00%Delayed Draw Term Loan06/24/20241,196 (11)LegitScript0.50%Revolver06/24/2028612 (11)Lightspeed Buyer, Inc.1.00%Delayed Draw Term Loan02/28/20231,350 (39)Lightspeed Solution, LLC0.50%Delayed Draw Term Loan03/01/20241,220 (45)MHE Intermediate Holdings, LLC0.50%Revolver07/21/2027921 (27)MRI Software, LLC0.50%Delayed Draw Term Loan08/16/20231,576 (32)Magnolia Wash Holdings0.50%Revolver07/14/202832 (1)Mammoth Holdings, LLC0.50%Revolver10/16/2023408 — Mantech International CP0.50%Delayed Draw Term Loan09/14/20242,600 (67)Mantech International CP0.50%Revolver09/14/20281,600 (41)Montana Buyer, Inc.0.50%Revolver07/22/2028147 (5)Netwrix Corporation And Concept Searching, Inc.0.50%Delayed Draw Term Loan06/09/2024220 (12)Netwrix Corporation And Concept Searching, Inc.0.50%Revolver06/11/202957 (3)Oak Purchaser, Inc.0.50%Delayed Draw Term Loan04/28/2024412 (6)Oak Purchaser, Inc.0.50%Revolver04/28/2028124 (2)Oakbridge Insurance Agency, LLC1.00%Delayed Draw Term Loan03/31/2024399 (4)Oakbridge Insurance Agency, LLC0.50%Revolver12/31/202636 — Omni Intermediate Holdings, LLC1.00%Delayed Draw Term Loan06/24/2024941 (39)Omni Intermediate Holdings, LLC0.50%Revolver12/30/20251,318 (56)PCX Holding Corp.0.50%Revolver04/22/2027555 (18)PDFTron Systems, Inc.0.50%Revolver07/15/20261,650 (55)Patriot Growth Insurance Services, LLC0.75%Delayed Draw Term Loan07/08/2024632 (29)Peter C. Foy & Associates Insurance Services, LLC1.00%Delayed Draw Term Loan12/14/202391 (4)Peter C. Foy & Associates Insurance Services, LLC0.50%Revolver11/01/2027347 (17)Pound Bidco, Inc.0.50%Revolver01/30/2026388 (2)Pritchard Industries, LLC1.00%Delayed Draw Term Loan10/13/2023296 (16)Procure Acquireco, Inc. (Procure Analytics)1.00%Delayed Draw Term Loan02/20/20233,175 (140)Procure Acquireco, Inc. (Procure Analytics)0.50%Revolver12/01/2026952 (42)Promptcare Infusion Buyer, Inc.1.00%Delayed Draw Term Loan09/01/20231,042 (36)QW Holding Corporation1.00%Delayed Draw Term Loan08/31/2026146 (5) Investments-non-controlled/non-affiliatedUnused Fee RateCommitment TypeCommitment Expiration DateUnfunded CommitmentFair ValueQW Holding Corporation0.50%Revolver08/31/2026$833 $(31)Randy's Holdings, Inc.1.00%Delayed Draw Term Loan11/01/2024836 (12)Randy's Holdings, Inc.0.50%Revolver10/31/2027282 (8)Radwell Parent, LLC0.38%Revolver04/01/20281,047 (30)Redwood Services Group, LLC1.00%Delayed Draw Term Loan12/22/2023121 (5)Revalize, Inc.0.50%Revolver04/15/202771 (3)Riskonnect Parent, LLC0.50%Delayed Draw Term Loan07/07/2024177 (7)RoadOne IntermodaLogistics1.00%Delayed Draw Term Loan06/30/2024162 (2)RoadOne IntermodaLogistics0.50%Revolver12/30/202897 (3)Securonix, Inc.0.50%Revolver04/05/20281,621 (59)Sherlock Buyer Corp.1.00%Delayed Draw Term Loan02/08/20235,392 (119)Sherlock Buyer Corp.0.50%Revolver12/08/20272,157 (48)Skykick, Inc.1.00%Delayed Draw Term Loan03/01/2023495 (12)Smarsh, Inc.1.00%Delayed Draw Term Loan02/18/2024536 (20)Smarsh, Inc.0.50%Revolver02/16/2029268 (10)Spectrio, LLC1.00%Delayed Draw Term Loan01/30/202310,045 (240)Spectrio, LLC0.50%Revolver12/09/2026704 (17)Spectrum Automotive Holdings Corp.1.00%Delayed Draw Term Loan06/29/2023821 (48)Spectrum Automotive Holdings Corp.0.50%Revolver06/29/2027378 (22)Spotless Brands, LLC0.50%Revolver07/25/202846 (2)Stepping Stones Healthcare Services, LLC1.00%Delayed Draw Term Loan01/14/2024738 (39)Stepping Stones Healthcare Services, LLC0.50%Revolver12/30/2026175 (9)Summit Buyer, LLC1.00%Delayed Draw Term Loan06/23/20231,416 (63)Summit Buyer, LLC0.50%Revolver01/14/20261,037 (46)Surewerx Purchaser III, Inc.1.00%Delayed Draw Term Loan06/27/20241,368 (27)Surewerx Purchaser III, Inc.0.50%Revolver12/28/2028638 (19)Suveto1.00%Delayed Draw Term Loan09/09/20232,178 (78)Suveto0.50%Revolver09/09/2027208 (8)Sweep Purchaser, LLC1.00%Delayed Draw Term Loan05/05/202491 (5)Sweep Purchaser, LLC0.50%Revolver11/30/2026384 (21)Syntax Systems Ltd1.00%Delayed Draw Term Loan10/29/20234,010 (219)Syntax Systems Ltd0.50%Revolver10/29/2026535 (29)Tamarack Intermediate, LLC0.50%Revolver03/13/2028809 (36)Thrive Buyer, Inc. (Thrive Networks)0.50%Revolver01/22/2027589 (14)Triple Lift, Inc.0.25%Revolver05/08/20281,057 (54)Trunk Acquisition, Inc.0.50%Revolver02/19/2026429 (20)Two Six Labs, LLC0.50%Delayed Draw Term Loan08/20/2023915 (22) Investments-non-controlled/non-affiliatedUnused Fee RateCommitment TypeCommitment Expiration DateUnfunded CommitmentFair ValueTwo Six Labs, LLC1.00%Revolver08/20/2027$915 $(22)UpStack, Inc.1.00%Delayed Draw Term Loan08/26/2023450 (14)UpStack, Inc.0.50%Revolver08/20/2027375 (11)V Global Holdings, LLC0.50%Revolver12/22/2025210 (10)VRC Companies, LLC0.75%Delayed Draw Term Loan01/06/20241,917 (67)VRC Companies, LLC0.50%Revolver06/29/2027708 (25)Valcourt Holdings II, LLC1.00%Delayed Draw Term Loan01/07/2023374 (4)Vardiman Black Holdings, LLC1.25%Delayed Draw Term Loan03/18/202495 (5)Vessco Midco Holdings, LLC0.50%Revolver10/18/2026537 (7)World Insurance Associates, LLC0.50%Revolver04/01/2026340 (11)Zarya Intermediate, LLC0.50%Revolver07/01/2027983 (2)Total First Lien Debt Unfunded Commitments$139,381 $(4,419)Second Lien DebtHeartland Veterinary Partners, LLC0.50%Delayed Draw Term Loan11/17/2023$8 $(1)Infinite Bidco, LLC1.00%Delayed Draw Term Loan03/14/20231,500 (47)Total Second Lien Debt Unfunded Commitments$1,508 $(48)Total Unfunded Commitments$140,889 $(4,467)

[15] Loan includes interest rate floor of 0.75%.

[16] Loan includes interest rate floor of 0.75%.

[17] Securities exempt from registration under the Securities Act of 1933 and may be deemed to be “restricted securities”. As of June 30, 2023, the aggregate fair value of these securities is $8,776 or 1.59% of the Company’s net assets. The initial acquisition dates have been included for such securities.

[18] Securities exempt from registration under the Securities Act of 1933 as amended, and may be deemed to be “restricted securities”. As of December 31, 2022, the aggregate fair value of these securities is $8,463 or 1.6% of the Company’s net assets. The initial acquisition dates have been included for such securities.

[19] The investment is not a qualifying asset under Section 55(a) of the 1940 Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of December 31, 2022 non-qualifying assets represented 7.0% of total assets as calculated in accordance with regulatory requirements.

[20] The investment is not a qualifying asset under Section 55(a) of the 1940 Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of June 30, 2023 non-qualifying assets represented 6.64% of total assets as calculated in accordance with regulatory requirements.

[21] Investment was on non-accrual status as of June 30, 2023

[22] Investment was on non-accrual status as of December 31, 2022.

[23] Loan includes interest rate floor of 0.50%.

[24] Loan includes interest rate floor of 0.50%.

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Organization

6 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization

Organization

SL Investment Corp. (the “Company”) is a non-diversified externally managed specialty finance company focused on lending to middle-market companies. The Company has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, for U.S. federal income tax purposes, the Company has elected to be treated, and intends to comply with the requirements to qualify annually, as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The Company is not a subsidiary of or consolidated with Morgan Stanley.

The Company was formed as a Delaware corporation on August 24, 2020 and commenced investment operations in October 2020. The Company has delegated the right to manage the assets of the Company to MS Capital Partners Adviser Inc., as the investment adviser to the Company (the “Adviser” or “Investment Adviser”). The Investment Adviser is an indirect, wholly owned subsidiary of Morgan Stanley.

The Company’s investment objective is to achieve attractive risk-adjusted returns via current income and, to a lesser extent, capital appreciation by investing primarily in directly originated senior secured term loans issued by U.S. middle-market companies backed by private equity sponsors.

On September 24, 2020, the Company filed an amended and restated certificate of incorporation in the State of Delaware to, among other things, authorize additional shares of its common stock, par value $0.001 per share (the “Common Stock”), and to authorize shares of preferred stock having a par value of $0.001 per share (the “Series A Preferred Stock”) such that the Company has authorized stock consisting of 100,000,000 shares of Common Stock and 1,000,000 shares of Series A Preferred Stock.

On October 19, 2020, the Company sold 521 shares of its Series A Preferred Stock for $1,000 per share to a select group of individual investors who are “accredited investors” within the meaning of Rule 501(a) of Regulation D promulgated under the Securities Act.

On February 1, 2021, the Company filed its Second Amended and Restated Certificate of Incorporation, which amended and restated the Amended and Restated Certificate of Incorporation to clarify that the Company may be subject to provisions of the Employee Retirement Income Security Act of 1971, as amended (“ERISA”), during all periods when its assets are treated as “plan assets” for purposes of ERISA.

The Company has conducted and from time to time may conduct private offerings (the “Private Offerings”) of shares of Common Stock to investors in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended (“the “Securities Act”). At the closing of any Private Offering, each investor makes a capital commitment (a “Capital Commitment”) to purchase shares of Common Stock pursuant to a subscription agreement entered into with the Company (each, a “Subscription Agreement”). Investors are required to fund drawdowns to purchase shares of Common Stock up to the amount of their respective Capital Commitments each time the Company delivers a notice to the investors. In accordance with the terms of the Subscription Agreement, the Adviser extended the Investment Period (as defined in the Subscription Agreement) for an additional one-year period such that the Investment Period will expire on October 9, 2024.

The Company has formed wholly-owned subsidiaries for the purpose of holding certain investments in portfolio companies made by the Company. As of June 30, 2023, the Company's wholly-owned subsidiaries were formed as Delaware limited liability companies and included: SLIC Financing SPV LLC (“SLIC SPV”), SLIC CA SPV LLC (“SLIC CA”) and SLIC Equity Holdings LLC (“SLIC Equity Holdings,” and collectively with SLIC SPV and SLIC CA, the “subsidiaries”). The Company consolidates its wholly-owned subsidiaries in these consolidated financial statements from the date of the respective subsidiary's formation.

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Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

Basis of Presentation

The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). As an investment company, the Company applies the accounting and reporting guidance in Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies (“ASC 946”) issued by the Financial Accounting Standards Board (“FASB”).

The interim consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6 and 10 of Regulation S-X. Accordingly, certain disclosures accompanying the annual consolidated financial statements prepared in accordance with U.S. GAAP are omitted. In the opinion of management, all adjustments and reclassifications, consisting solely of normal recurring accruals considered necessary for the fair presentation of consolidated financial statements for the interim period presented, have been included. The current period’s results of operations will not necessarily be indicative of results that the Company may ultimately achieve for the year ending December 31, 2023.

The Company reclassified certain industry groupings of its portfolio companies presented in the accompanying consolidated financial statements as of December 31, 2022 to align with the recently updated Global Industry Classification Standards (“GICS”), where applicable. These reclassifications had no impact on the Consolidated Statement of Assets and Liabilities as of December 31, 2022.

Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and expenses and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Such amounts could differ from those estimates and such differences could be material. Management’s estimates are based on historical experiences and other factors, including expectations of future events that management believes to be reasonable under the circumstances. Assumptions and estimates regarding the valuation of investments involve a higher degree of judgment and complexity and these assumptions and estimates may be significant to the consolidated financial statements.

Consolidation

As provided under ASC 946, the Company will not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the accounts of the Company’s wholly-owned subsidiaries in the consolidated financial statements. All intercompany balances and transactions have been eliminated in consolidation.

Cash

Cash is carried at cost, which approximates fair value. The Company deposits its cash with multiple financial institutions and, at times, may exceed the Federal Deposit Insurance Corporation insured limit.

Foreign Currency Translation

The functional currency of the Company is the U.S. Dollar. Investments denominated in foreign currencies are translated into U.S. Dollars based upon currency exchange rates effective on the last business day of the current reporting period. Net changes in fair value of investments due to foreign exchange rates fluctuation is recorded as change in unrealized appreciation (depreciation) from translation of assets and liabilities in foreign currencies on the Consolidated Statements of Operations. Investment and non-investment activities denominated in foreign currencies, including purchase and sales of investments, borrowings and repayments of debt, income and expenses, are translated into U.S. dollars based upon currency exchange rates prevailing on the transaction dates.

Investments

Investment transactions are recorded on the trade date. Receivables/payables from investments sold/purchased on the Consolidated Statements of Assets and Liabilities consist of amounts receivable to or payable by the Company for transactions that have not settled at the reporting date. Realized gains or losses are measured by the difference between the net proceeds received (excluding prepayment fees, if any) and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. The net change in unrealized gains or losses primarily reflects the change in investment values, including the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period.

The Board of Directors, with the assistance of the Company’s audit committee (the “Audit Committee”), determines the fair value of the Company’s investments in accordance with ASC Topic 820, Fair Value Measurements (“ASC 820”) issued by FASB. The Board of Directors has delegated to the Investment Adviser as the Valuation Designee the responsibility of determining the fair value of the Company’s investment portfolio, subject to oversight of the Board of Directors, pursuant to Rule 2a-5 under the 1940 Act. As such, the Valuation Designee is charged with determining the fair value of the Company’s investment portfolio, subject to oversight of the Board of Directors. ASC 820 defines fair value as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.” Fair value is a market-based measurement, not an entity-specific measurement. For some investments, observable market transactions or market information might be available. For other investments, observable market transactions and market information might not be available. However, the objective of a fair value measurement in both cases is the same—to estimate the price when an orderly transaction to sell the investment would take place between market participants at the measurement date under current market conditions (that is, an exit price at the measurement date from the perspective of a market participant). Refer to Note 5 for the Company’s framework for determining fair value, fair value hierarchies, and the composition of the Company’s portfolio.

Revenue Recognition

Interest Income

Interest income is recorded on an accrual basis and includes the accretion of discounts and amortizations of premiums. Discounts from and premiums to par value on debt investments purchased are accreted/amortized into interest income over the life of the respective investment using the effective interest method. The amortized cost of debt investments represents the original cost,

including loan origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion of discounts and amortization of premiums, if any. Upon prepayment of a loan or debt investment, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period.

PIK Income

The Company has debt investments in its portfolio that contain payment-in-kind (“PIK”) provisions. PIK represents interest that is accrued and recorded as interest income at the contractual rates, increases the loan principal on the respective capitalization dates, and is generally due at maturity. Such income is included in PIK income on the Consolidated Statements of Operations. If at any point the Company believes PIK is not expected to be realized, the investment generating PIK will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest is generally reversed through PIK income. This non-cash source of income is included when determining what must be paid out to stockholders in the form of distributions in order for the Company to maintain its status as a RIC, even though the Company has not yet collected cash.

Dividend Income

Dividend income on preferred equity investments is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity investments is recorded on the record date for private portfolio companies and on the ex-dividend date for publicly traded portfolio companies. Dividend income is presented net of withholding tax, if any.

Other Income

The Company may receive various fees in the ordinary course of business such as structuring, consent, waiver, amendment and syndication fees as well as fees for managerial assistance rendered by the Company to the portfolio companies. Such fees are recognized in income when earned or when the services are rendered and there is no uncertainty or contingency related to the amount to be received.

Non-Accrual Income

Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is generally reversed when a loan is placed on non-accrual status. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest are paid current and, in management’s judgment, are likely to remain current. Management may determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection.

Organization and Offering Costs

Costs associated with the organization of the Company are expensed as incurred, subject to the limitations discussed in Note 3. These costs consist primarily of legal fees and other costs of organizing the Company. Costs associated with the offering of Common Stock and Series A Preferred Stock are capitalized as “deferred offering costs” on the Consolidated Statements of Assets and Liabilities and amortized over a twelve-month period from the initial capital call and preferred stock issuance date, respectively, subject to the limitation described in Note 3 below. These costs consist primarily of legal fees and other costs incurred in connection with the Company’s continuous private offerings of its Common Stock, and issuance of its Series A Preferred Stock.

Expenses

The Company is responsible for investment expenses, professional fees and other general and administrative expenses related to the Company’s operations. The Company pays MS Private Credit Administrative Services LLC (the “Administrator”) the Company’s allocable portion of certain expenses incurred by the Administrator in performing its obligations under the administration agreement between the Company and the Administrator dated February 1, 2021 (the “Administration Agreement”). Such fees and expenses, including expenses incurred by the Adviser on behalf of the Company, are reimbursed by the Company.

The Company pays the Investment Adviser a base management fee (the “Base Management Fee”) under the Investment Advisory Agreement between the Company and the Investment Adviser (“the Investment Advisory Agreement”) as described in Note 3 below. The fee is recorded on the Consolidated Statements of Operations.

Deferred Financing Costs

The Company records upfront fees, legal and other direct costs incurred in connection with the Company’s issuance of the revolving debt facility as Deferred Financing Costs. These costs are deferred and amortized over the life of the related revolving credit facility using the straight-line method. Deferred financing costs related to the revolving credit facility are presented separately as an asset on the Company’s Consolidated Statements of Assets and Liabilities. The amortization of such Deferred Financing Costs are presented on the Company’s Consolidated Statements of Operations as interest expense and other financing expenses.

Income Taxes

The Company has elected to be treated as a RIC under Subchapter M of the Code. So long as the Company maintains its status as a RIC, it generally will not pay corporate U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its stockholders as dividends.

In order to qualify as a RIC, the Company must meet certain minimum distribution, source-of-income and asset diversification requirements. If such requirements are met, then the Company is generally required to pay income taxes only on the portion of its taxable income and gains it does not distribute.

The minimum distribution requirements applicable to RICs require the Company to distribute to its stockholders at least 90% of its investment company taxable income (the “ICTI”), as defined by the Code, each year. Depending on the level of ICTI earned in a tax year, the Company may choose to carry forward ICTI in excess of current year distributions into the next tax year. Any such carryover ICTI must be distributed before the end of that next tax year through a dividend declared prior to filing the final tax return related to the year which generated such ICTI.    

In addition, based on the excise distribution requirements, the Company is subject to a 4% nondeductible federal excise tax on undistributed income unless the Company distributes in a timely manner an amount at least equal to the sum of (1) 98% of its ordinary income for each calendar year, (2) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (3) any income realized, but not distributed, in the preceding year. For this purpose, however, any ordinary income or capital gain net income retained by the Company that is subject to corporate income tax is considered to have been distributed. The Company currently intends to make sufficient distributions each taxable year to satisfy the excise distribution requirements.    

The Company evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are “more likely than not” to be sustained by the applicable tax authority. All penalties and interest associated with income taxes, if any, are included in income tax expense.

For the three and six months ended June 30, 2023, the Company accrued $0 and $23 of U.S. federal excise taxes. For the three and six months ended June 30, 2022, the Company did not accrue any U.S. federal excise taxes.

New Accounting Standards

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Related Party Transactions

6 Months Ended

Jun. 30, 2023

Related Party Transactions [Abstract]

Related Party Transactions

Related Party Transactions

Investment Advisory Agreement

On February 1, 2021, the Company entered into the Investment Advisory Agreement with the Adviser. The Investment Advisory Agreement had an initial term of two years and continues thereafter from year to year if approved annually by the Board of Directors, which most recently approved the renewal of the Investment Advisory Agreement in August 2023. The Company pays the Investment Adviser a Base Management Fee for its services under the Investment Advisory Agreement. The cost of the Base Management Fee is ultimately borne by holders of the Common Stock. As a part of the Investment Advisory Agreement, the Company agreed to reimburse the Investment Adviser for certain expenses it incurs on the Company’s behalf. The Investment Adviser is an indirect, wholly owned subsidiary, of Morgan Stanley.

The Company pays the Investment Adviser a Base Management Fee for its services under the Investment Advisory Agreement. The cost of the Base Management Fee is ultimately borne by holders of the Common Stock. As a part of the Investment Advisory Agreement, the Company agreed to reimburse the Investment Adviser for certain expenses it incurs on the Company’s behalf.

Base Management Fee

The Base Management Fee is calculated at an annual rate of 0.25% of the Company’s average Capital Under Management, at the end of the then-current quarter and the prior calendar quarter (and, in the case of the Company’s first quarter, Capital Under Management as of such quarter-end). “Capital Under Management” means cumulative capital called, less cumulative distributions categorized as returned capital. Capital Under Management does not include capital acquired through the use of leverage. The Base Management Fee is payable quarterly in arrears, and no management fee is charged on committed but undrawn capital commitments.

For the three and six months ended June 30, 2023, $347 and $684 respectively, of Base Management Fee was accrued to the Investment Adviser. For the three and six months ended June 30, 2022, $278 and $543 respectively, of Base Management Fee was

accrued to the Investment Adviser. As of June 30, 2023 and December 31, 2022, $347 and $325, respectively, were payable to the Investment Adviser relating to Base Management Fees.

Administration Agreement

The Administrator is an indirect, wholly owned subsidiary of Morgan Stanley. Pursuant to the Administration Agreement, the Administrator provides services and receives reimbursements from the Company equal to an amount that reimburses the Administrator for certain expenses and the Company’s allocable portion of certain expenses incurred by the Administrator in performing its obligations under the applicable administration agreement. Reimbursement under the Administration Agreement occurs quarterly in arrears. The Administration Agreement had an initial term of two years and continues thereafter from year to year if approved annually by our Board of Directors, which most recently approved the renewal of the Administration Agreement in August 2023.

For the three and six months ended June 30, 2023, no expenses were incurred under the Administration Agreement. For the three and six months ended June 30, 2022, no expenses were incurred under the Administration Agreement. There were no amounts unpaid and included in payable to affiliates on the Consolidated Statements of Assets and Liabilities as of June 30, 2023 and December 31, 2022.

Expense Support and Waiver Agreement

On February 1, 2021, the Company entered into an expense support and waiver agreement (the “Expense Support and Waiver Agreement”) with the Investment Adviser. Under the terms of the Expense Support and Waiver Agreement, the Investment Adviser agreed to waive any reimbursement by the Company of offering and organizational expenses incurred by the Investment Adviser on behalf of the Company in excess of $1,000 or 0.10% of the aggregate Capital Commitments of the Company, whichever is greater. If actual organization and offering costs incurred exceed the greater of $1,000 or 0.10% of the Company’s total Capital Commitments, the Investment Adviser or its affiliate will bear the excess costs. The Company shall reimburse the Investment Adviser for payments of any excess costs borne by the Investment Adviser on the Company’s behalf within three years of October 9, 2020 (the “Initial Closing Date”).

For the three and six months ended June 30, 2023, the Company incurred no organization costs and amortization of offering costs. These costs did not exceed the Investment Adviser reimbursement threshold, and as a result, no excess organization and offering costs were waived. For the three and six months ended June 30, 2022, the Company incurred no organization costs and amortization of offering costs. These costs did not exceed the Investment Adviser reimbursement threshold, and as a result, no excess organization and offering costs were waived. As of June 30, 2023 and December 31, 2022, no organization and offering costs were included in payable to affiliates and accrued expenses and other liabilities on the Consolidated Statements of Assets and Liabilities.

Indemnification Agreements

The Company has entered into indemnification agreements with our directors and officers. The indemnification agreements are intended to provide our directors and officers the maximum indemnification permitted under Delaware law, and the 1940 Act and, if applicable, ERISA. Each indemnification agreement provides that the Company will indemnify the director or officer who is a party to the agreement (an “Indemnitee”), including the advancement of legal expenses, if, by reason of his or her corporate status, the Indemnitee is, or is threatened to be, made a party to or a witness in any threatened, pending, or completed proceeding, to the maximum extent permitted by Delaware law, and the 1940 Act, and, if applicable ERISA.

Adviser Investment

On September 10, 2020, the Investment Adviser purchased all 1,000 of the Company’s then issued and outstanding shares of Common Stock at a price per share of $20.00 for an aggregate purchase price of $20.

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Investments

6 Months Ended

Jun. 30, 2023

Schedule of Investments [Abstract]

Investments

Investments

The composition of the Company’s investment portfolio at cost and fair value was as follows:

	June 30, 2023						December 31, 2022
	Cost		Fair Value		% of Total Investments at Fair Value		Cost		Fair Value		% of Total Investments at Fair Value
First Lien Debt	$	1,113,883	$	1,092,424	98.4	%	$	1,085,829	$	1,061,160	98.5	%
Second Lien Debt	9,896		9,122		0.8		8,381		7,972		0.7
Other Securities	9,274		9,385		0.8		8,975		8,985		0.8
Total	$	1,133,053	$	1,110,931	100.0	%	$	1,103,185	$	1,078,117	100.0	%

The industry composition of investments at fair value was as follows:

	June 30, 2023		December 31, 2022		(1)
Aerospace and Defense	4.0	%	4.1	%
Air Freight and Logistics	1.8		1.7
Automobile Components	3.6		3.5
Automobiles	4.6		4.5
Biotechnology	0.6		0.6
Chemicals	0.1		0.1
Commercial Services & Supplies	15.2		16.0
Construction and Engineering	1.5		1.5
Containers & Packaging	3.2		3.3
Distributors	3.1		4.5
Diversified Consumer Services	4.0		3.6
Electronic Equipment, Instruments & Components	1.1		0.6
Financial Services	1.4		1.5
Food Products	0.3		0.3
Health Care Equipment & Supplies	0.4		0.4
Health Care Providers & Services	4.0		3.6
Health Care Technology	0.7		0.6
Industrial Conglomerates	1.3		0.1
Insurance Services	13.7		13.8
Interactive Media & Services	3.6		3.6
IT Services	6.4		6.8
Leisure Products	1.8		2.0
Machinery	2.5		2.5
Multi-Utilities	2.5		2.6
Oil, Gas & Consumable Fuels	—		—		(2)
Pharmaceuticals	0.2		0.2
Professional Services	3.3		3.1
Real Estate Management & Development	3.5		3.3
Software	11.6		11.6
Total	100.0	%	100.0	%

(1)	The Company reclassified certain industry groupings of its portfolio companies presented in the consolidated financial statements as of December 31, 2022 to align with the recently updated GICS where applicable. These reclassifications had no impact on the Consolidated Statement of Assets and Liabilities as of December 31, 2022.
(2)	Amounts rounds to 0.0%

The geographic composition of investments at cost and fair value were as follows:

	June 30, 2023						December 31, 2022
	Cost		Fair Value		% of Total Investments at Fair Value		Cost		Fair Value		% of Total Investments at Fair Value
Australia	$	1,297	$	1,297	0.1	%	$	1,298	$	1,279	0.1	%
Canada	42,201		41,395		3.7		46,200		44,881		4.2
United Kingdom	1,913		1,934		0.2		1,847		1,847		0.2
United States	1,087,642		1,066,305		96.0		1,053,840		1,030,110		95.5
Total	$	1,133,053	$	1,110,931	100.0	%	$	1,103,185	$	1,078,117	100.0	%

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Fair Value Measurements

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value MeasurementsASC 820 establishes a hierarchical disclosure framework which ranks the observability of inputs used in measuring financial instruments at fair value. The observability of inputs is impacted by a number of factors, including the type of financial instruments

and their specific characteristics. Financial instruments with readily available quoted prices, or for which fair value can be measured from quoted prices in active markets, generally will have a higher degree of market price observability and a lesser degree of judgment applied in determining fair value.

The three-level hierarchy for fair value measurements is defined as follows:

Level 1—inputs to the valuation methodology are quoted prices available in active markets for identical financial instruments as of the measurement date. The types of financial instruments in this category include unrestricted securities, including equities and derivatives, listed in active markets. The Company will not adjust the quoted price for these instruments, even in situations where the Company holds a large position and a sale could reasonably impact the quoted price.

Level 2—inputs to the valuation methodology are quoted prices in markets that are not active or for which all significant inputs are either directly or indirectly observable as of the measurement date. The types of financial instruments in this category include less liquid and restricted securities listed in active markets, securities traded in markets that are not active, and certain over-the-counter derivatives where the fair value is based on observable inputs.

Level 3—inputs to the valuation methodology are unobservable and significant to the overall fair value measurement, and include situations where there is little, if any, market activity for the investment. The inputs into the determination of fair value require significant management judgment or estimation. The types of financial instruments in this category include investments in privately held entities, non-investment grade residual interests in securitizations and certain over-the-counter derivatives where the fair value is based on unobservable inputs.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the determination of which category within the fair value hierarchy is appropriate for any given financial instrument is based on the lowest level of input that is significant to the fair value measurement. Assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument.

Pursuant to the framework set forth above, the Company values securities traded in active markets on the measurement date by multiplying the exchange closing price of such traded securities/instruments by the quantity of shares or amount of the instrument held. The Company may also obtain quotes with respect to certain of the investments from pricing services, brokers or dealers’ quotes, or counterparty marks in order to value liquid assets that are not traded in active markets. Pricing services aggregate, evaluate and report pricing from a variety of sources including observed trades of identical or similar securities, broker or dealer quotes, model-based valuations and internal fundamental analysis and research. When doing so, the Company determines whether the quote obtained is sufficient according to U.S. GAAP to determine the fair value of the security. If determined adequate, the Company uses the quote obtained.

Securities that are illiquid or for which the pricing source does not provide a valuation or methodology or provides a valuation or methodology that, in the judgment of the Valuation Designee or the Board of Directors, does not represent fair value, each is valued as of the measurement date using all techniques appropriate under the circumstances and for which sufficient data is available. These valuation techniques may vary by investment but include comparable public market valuations, comparable precedent transaction valuations and discounted cash flow analyses. Non-controlled debt investments are generally fair valued using discounted cash flow technique. Expected cash flows are projected based on contractual terms and discounted back to the measurement date based on a discount rate. Discount rate is determined based upon an assessment of current and expected yields for similar investments and risk profiles. Non-controlled equity investments are generally fair valued using a market approach and/or an income approach. The market approach typically utilizes market value multiples of comparable publicly traded companies. The income approach typically utilizes a discounted cash flow analysis of the portfolio company. The Valuation Designee, under the supervision of the Board of Directors undertakes a multi-step valuation process each quarter, as described below:

(1)each portfolio company or investment is initially valued by using a standardized template designed to approximate fair market value based on observable market inputs and updated credit statistics and unobservable inputs;

(2)preliminary valuation conclusions are documented and reviewed by a valuation committee comprised of members of the Investment Adviser’s senior management;

(3)the Board of Directors or Valuation Designee engages independent third-party valuation firms to provide positive assurance on a portion of the Company’s illiquid investments each quarter (such that each illiquid investment will be reviewed by an independent valuation firm at least once on a rolling twelve month basis) including review of management’s preliminary valuation and conclusion of fair value;

(4)the Audit Committee reviews the assessments of the Valuation Designee and the independent third-party valuation firms and provides the Board of Directors with recommendations with respect to the fair value of each investment in the Company’s portfolio; and

(5)the Board of Directors discusses the valuation recommendations of the Audit Committee and determine the fair value of each investment in the Company’s portfolio in good faith based on the input of the Valuation Designee and, where applicable, the third-party valuation firms.

The fair value is generally determined based on the assessment of the following factors, as relevant:

•     the nature and realizable value of any collateral;

•     call features, put features and other relevant terms of debt;

•     the portfolio company’s leverage and ability to make payments;

•     the portfolio company’s public or private letter credit ratings;

•     the portfolio company’s actual and expected earnings and discounted cash flow;

•     prevailing interest rates for like securities and expected volatility in future interest rates;

•     the markets in which the issuer does business and recent economic and/or market events; and

•     comparisons to publicly traded securities.

Investment performance data utilized will be the most recently available as of the measurement date which in many cases may reflect up to a one quarter lag in information.

The Board of Directors is ultimately responsible for the determination, in good faith, of the fair value of the Company’s portfolio investments.

Transfer of portfolio investments within the three-level hierarchy is recorded during the period of such reclassification occurrence at the fair value as of the beginning of the respective period. Generally, reclassifications are primarily due to increase/decrease of price transparency.

The following tables present the fair value hierarchy of investments as of June 30, 2023 and December 31, 2022:

	June 30, 2023								December 31, 2022
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
First Lien Debt	$	—	$	3,453	$	1,088,971	$	1,092,424	$	—	$	3,611	$	1,057,549	$	1,061,160
Second Lien Debt	—		966		8,156		9,122		—		963		7,009		7,972
Other Securities	—		—		9,385		9,385		—		—		8,985		8,985
Total	$	—	$	4,419	$	1,106,512	$	1,110,931	$	—	$	4,574	$	1,073,543	$	1,078,117

The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the three months ended June 30, 2023:

	First Lien Debt		Second Lien Debt		Other Securities		Total Investments
Fair value, beginning of period	$	1,074,502	$	8,636	$	9,201	$	1,092,339
Purchases of investments	24,915		8		11		24,934
Proceeds from principal repayments and sales of investments	(16,494)		—		—		(16,494)
Accretion of discount/amortization of premium	937		3		—		940
Payment-in-kind	253		—		204		457
Net change in unrealized appreciation (depreciation)	4,858		(491)		(31)		4,336
Net realized gains (losses)	—		—		—		—
Transfers into/(out) of Level 3	—		—		—		—
Fair value, end of period	$	1,088,971	$	8,156	$	9,385	$	1,106,512
Net change in unrealized appreciation (depreciation) from investments still held as of June 30, 2023	$	4,918	$	(491)	$	(31)	$	4,396

    

The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the six months ended June 30, 2023:

	First Lien Debt		Second Lien Debt		Other Securities		Total Investments
Fair value, beginning of period	$	1,057,549	$	7,009	$	8,985	$	1,073,543
Purchases of investments	74,965		1,508		25		76,498
Proceeds from principal repayments and sales of investments	(49,258)		—		—		(49,258)
Accretion of discount/amortization of premium	1,897		7		—		1,904
Payment-in-kind	403		—		273		676
Net change in unrealized appreciation (depreciation)	3,351		(368)		102		3,085
Net realized gains (losses)	64		—		—		64
Transfers into/(out) of Level 3	—		—		—		—
Fair value, end of period	$	1,088,971	$	8,156	$	9,385	$	1,106,512
Net change in unrealized appreciation (depreciation) from investments still held as of June 30, 2023	$	3,229	$	(367)	$	101	$	2,963

The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the three months ended June 30, 2022:

	First Lien Debt		Second Lien Debt		Other Securities		Total Investments
Fair value, beginning of period	$	924,015	$	7,473	$	6,430	$	937,918
Purchases of investments	89,541		908		1,071		91,520
Proceeds from principal repayments and sales of investments	(51,804)		—		—		(51,804)
Accretion of discount/amortization of premium	1,204		2		—		1,206
Payment-in-kind	83		—		70		153
Net change in unrealized appreciation (depreciation)	(13,771)		(67)		115		(13,723)
Net realized gains (losses)	151		—		—		151
Transfers into/(out) of Level 3	—		—		—		—
Fair value, end of period	$	949,419	$	8,316	$	7,686	$	965,421
Net change in unrealized appreciation (depreciation) from investments still held as of June 30, 2022	$	(13,314)	$	(67)	$	115	$	(13,266)

    

The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the six months ended June 30, 2022:

	First Lien Debt		Second Lien Debt		Other Securities		Total Investments
Fair value, beginning of period	$	867,855	$	7,485	$	6,412	$	881,752
Purchases of investments	158,865		908		1,071		160,844
Proceeds from principal repayments and sales of investments	(65,065)		—		(8)		(65,073)
Accretion of discount/amortization of premium	1,915		8		—		1,923
Payment-in-kind	168		—		70		238
Net change in unrealized appreciation (depreciation)	(14,530)		(85)		133		(14,482)
Net realized gains (losses)	211		—		8		219
Transfers into/(out) of Level 3	—		—		—		—
Fair value, end of period	$	949,419	$	8,316	$	7,686	$	965,421
Net change in unrealized appreciation (depreciation) from investments still held as of June 30, 2022	$	(14,360)	$	(82)	$	133	$	(14,309)

The following table presents quantitative information about the significant unobservable inputs of the Company’s Level 3 financial instruments. The table is not intended to be all-inclusive but instead captures the significant unobservable inputs relevant to the Company’s determination of fair value.

	June 30, 2023
	Fair Value		Valuation Technique	Unobservable Input	Range				Weighted Average
					Low		High
Investments in first lien debt	$	1,004,074	Yield Analysis	Discount Rate	9.03	%	18.95	%	11.37	%
	84,897		Recent Transaction	Recent Transaction	98.30	%	99.40	%	99.12	%
Total investments in first lien debt	1,088,971
Investments in second lien debt	4,331		Yield Analysis	Discount Rate	11.38	%	15.16	%	13.19	%
	3,825		Recent Transaction	Recent Transaction	85.00	%	85.00	%	85.00	%
Total investments in second lien debt	8,156
Investments in other securities:
Other debt	203		Market Approach	EBITDA Multiple	9.00x		9.00x		9.00x
Other debt	406		Income Approach	Discount Rate	14.50	%	14.50	%	14.50	%
Preferred equity	4,231		Income Approach	Discount Rate	12.20	%	14.90	%	14.05	%
Preferred equity	225		Market Approach	Revenue Multiple	7.50x		7.50x		7.50x
Common equity	4,320		Market Approach	EBITDA Multiple	8.10x		18.70x		14.09x
Total investments in other securities	9,385
Total investments	$	1,106,512

	December 31, 2022
	Fair Value		Valuation Technique	Unobservable Input	Range				Weighted Average
					Low		High
Investments in first lien debt	$	1,038,692	Yield Analysis	Discount Rate	9.20	%	20.44	%	11.07	%
Investments in first lien debt	18,857		Recent Transaction	Recent Transaction	100.00	%	100.00	%	100.00	%
Total investments in first lien debt	1,057,549
Investments in second lien debt	7,009		Yield Analysis	Discount Rate	12.14	%	15.30	%	13.36	%
Investments in other securities:
Other debt	124		Market Approach	EBITDA Multiple	9.00x		9.00x		9.00x
Other debt	399		Yield Analysis	Discount Rate	16.60	%	16.60	%	16.60	%
Preferred equity	3,894		Income Approach	Discount Rate	12.20	%	15.54	%	14.10	%
Preferred equity	170		Market Approach	Revenue Multiple	8.78x		8.78x		8.78x
Common equity	4,398		Market Approach	EBITDA Multiple	8.10x		18.70x		13.90x
Total investments in other securities	8,985
Total investments	$	1,073,543

The significant unobservable input used in yield analysis is discount rate based on comparable market yields. Significant increases in discount rates in isolation would result in a significantly lower fair value measurement. The significant unobservable input used in the market approach is the comparable company multiple. The multiple is used to estimate the enterprise value of the underlying investment. An increase/decrease in the multiple would result in an increase/decrease, respectively, in the fair value.

Financial instruments disclosed but not carried at fair value

The Company’s debt is presented at carrying cost on the Consolidated Statements of Assets and Liabilities. The fair value of the Company’s credit facility is estimated using Level 3 inputs by discounting remaining payments using the appropriate discount rates, if available. The carrying value and fair value of the Company’s debt were as follows:

	June 30, 2023				December 31, 2022
	Carrying Value		Fair Value		Carrying Value		Fair Value
JPM Funding Facility	$	576,173	$	576,173	$	591,307	$	591,307
Total	$	576,173	$	576,173	$	591,307	$	591,307

The carrying amounts of the Company’s other assets and liabilities approximates their fair value. These financial instruments are categorized as Level 3 within the hierarchy.

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Debt

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Debt

Debt

JPM Funding Facility

On June 3, 2021, SLIC SPV entered into an Amended and Restated Loan and Security Agreement, by and among SLIC SPV, as the borrower, the Company, as the parent and as the servicer, SL Investment Feeder Fund L.P. and SL Investment Feeder Fund GP Ltd., as pledgors, U.S. Bank National Association, as collateral agent, collateral administrator and securities intermediary, and JP Morgan Chase Bank, NA (“JPM”), as the administrative agent and arranger, the lenders party thereto, and the issuing banks party thereto (as amended, the “JPM Funding Facility”). Pursuant to the JPM Funding Facility, JPM has agreed to extend credit to SLIC SPV in an aggregate principal amount, as of June 30, 2023, of up to $900,000 at any one time outstanding, subject to the satisfaction of various conditions, including availability under the borrowing base, which is based on a combination of unfunded capital commitments and loan collateral.

The JPM Funding Facility is a revolving funding facility with a reinvestment period ending December 3, 2024 (or upon the occurrence of certain events as specified therein) and a final maturity date of December 3, 2026. Advances under the JPM Funding Facility are available in U.S. dollars and other permitted currencies. As of June 30, 2023, the interest charged on the JPM Funding Facility is based on SOFR, SONIA, EURIBOR or CDOR, as applicable (or, if SOFR is not available, a benchmark replacement or a “base rate” (which is the greater of a prime rate and the federal funds rate plus 0.50%), as applicable), plus a margin of 2.325% prior to the transition date, and 2.475% subsequent to the transition date, as set forth in the JPM Funding Facility.

The summary information of the JPM Funding Facility is as follows:

	For the Three Months Ended						For the Six Months Ended
	June 30, 2023			June 30, 2022			June 30, 2023			June 30, 2022
Borrowing interest expense	$	11,047		$	4,512		$	21,926		$	7,754
Facility unused commitment fees	950			668			2,224			1,134
Amortization of deferred financing costs	493			360			1,560			762
Total	$	12,490		$	5,540		$	25,710		$	9,650
Weighted average interest rate (excluding unused fees and financing costs)	7.38		%	3.32		%	7.21		%	2.97		%
Weighted average outstanding balance	$	591,382		$	537,521		$	605,096		$	519,455

For the three and six months ended June 30, 2023, the Company borrowed $2,000 and $47,000 and repaid $45,501 and $62,135, respectively, under the JPM Funding Facility. For the three and six months ended June 30, 2022 , the Company borrowed $88,000 and $125,000 and repaid $62,000 and $80,000, respectively, under the JPM Funding Facility.

The Company’s outstanding debt obligations were as follows:

	June 30, 2023						December 31, 2022
	Aggregate Principal Committed		Outstanding Principal		Unused Portion		Aggregate Principal Committed		Outstanding Principal		Unused Portion
JPM Funding Facility	$	900,000	$	576,173	$	323,827	$	1,000,000	$	591,307	$	408,693
Total	$	900,000	$	576,173	$	323,827	$	1,000,000	$	591,307	$	408,693

As of June 30, 2023 and December 31, 2022, the Company was in compliance with all covenants and other requirements of the JPM Funding Facility

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Commitment and Contingencies

6 Months Ended

Jun. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies In the normal course of business, the Company may enter into contracts that provide a variety of general indemnifications. Any exposure to the Company under these arrangements could involve future claims that may be made against the Company. Currently, no

such claims exist or are expected to arise and, accordingly, the Company has not accrued any liability in connection with such indemnifications.

As of June 30, 2023 and December 31, 2022, the Company had $109,936 and $140,889 of unfunded commitments to fund delayed draw and revolving senior secured loans.

As of June 30, 2023 and December 31, 2022, the Company had $668,800 and $668,800 in total capital commitments from common stockholders, of which $99,300 and $129,300 were unfunded, respectively.

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Net Assets

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

Net Assets

Net Assets

The following table shows the components of net distributable earnings (accumulated losses) as shown on the Consolidated Statements of Assets and Liabilities:

	As of
	June 30, 2023		December 31, 2022
Net distributable earnings (accumulated losses), beginning of period	$	(23,681)	$	4,807
Net investment income (loss) after taxes	36,268		52,004
Accumulated realized gain (loss)	64		202
Net unrealized appreciation (depreciation)	2,946		(28,306)
Dividends declared	(35,100)		(52,392)
Tax reclassifications to equity of holders of Common Stock	—		4
Net distributable earnings (accumulated losses), end of period	$	(19,503)	$	(23,681)

The following table summarizes the total shares issued and proceeds received from the Company’s capital drawdowns delivered pursuant to the Subscription Agreements for the six months ended June 30, 2023 (dollar amounts in thousands):    

Common Share Issuance Date	Common Shares Issued	Amount
May 12, 2023	1,473,477	$	30,000
Total	1,473,477	$	30,000

The following table summarizes the total shares issued and proceeds received from the Company’s capital drawdowns delivered pursuant to the Subscription Agreements for the six months ended June 30, 2022 (dollar amounts in thousands):    

Common Share Issuance Date	Common Shares Issued	Amount
May 16, 2022	1,865,672	$	40,000
Total	1,865,672	$	40,000

The following table summarizes the Company’s distributions declared and payable for the six months ended June 30, 2023 to the holders of Common Stock:

Date Declared	Record Date	Payment Date	Per Share Amount		Total Amount
March 28, 2023	March 28, 2023	April 20, 2023	$	0.64	$	16,517
June 27, 2023	June 27, 2023	July 20, 2023	0.68		18,551
Total Distributions			$	1.32	$	35,068

The following table summarizes the Company’s distributions declared and payable for the six months ended June 30, 2022 to the holders of Common Stock:

Date Declared	Record Date	Payment Date	Per Share Amount		Total Amount
March 25, 2022	March 25, 2022	April 22, 2022	$	0.62	$	12,551
June 24, 2022	June 24, 2022	July 25, 2022	0.55		12,160
Total Distributions			$	1.17	$	24,711

During the three and six months ended June 30, 2023, the Company accrued $15 and $31 of dividends to holders of the Series A Preferred Stock, of which $0 was unpaid and included in dividends payable on the Consolidated Statements of Assets and Liabilities. During the three and six months ended June 30, 2022, the Company accrued $16 and $32 of dividends to holders of the Series A Preferred Stock of which $0 was unpaid and included in dividends payable on the Consolidated Statements of Assets and Liabilities.

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Earnings Per Share

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per common share:

	For the Three Months Ended				For the Six Months Ended
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Net increase/(decrease) in net assets resulting from operations attributable to holders of Common Stock	$	22,843	$	(2,562)	$	39,247	$	8,167
Weighted average shares outstanding	26,617,554		21,248,667		26,214,989		20,749,146
Basic and diluted earnings (loss) per common share	$	0.86	$	(0.12)	$	1.50	$	0.39

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Consolidated Financial Highlights

6 Months Ended

Jun. 30, 2023

Investment Company [Abstract]

Consolidated Financial Highlights

Consolidated Financial Highlights

The following are the financial highlights (dollar amounts in thousands, except per share amounts):

	For the Six Months Ended
	June 30, 2023			June 30, 2022
Per Share Data:(1)
Net asset value, beginning of period	$	19.98		$	21.20
Net investment income (loss)	1.38			1.11
Net unrealized and realized gain (loss)(2)	0.12			(0.67)
Net increase (decrease) in net assets resulting from operations	1.50			0.44
Dividends declared	(1.32)			(1.17)
Issuance of common stock	—			—
Total increase (decrease) in net assets	0.18			(0.73)
Net asset value per common share, end of period	$	20.16		$	20.47
Common shares outstanding, end of period	27,281,428			22,109,747
Total return based on net asset value(3)	7.51		%	2.08		%
Ratio/Supplemental Data (all amounts in thousands except ratios and shares):
Net assets attributable to the holders of Common Stock, end of period	$	549,889		$	452,659
Weighted average common shares outstanding	26,214,989			20,749,146
Ratio of total expenses to average net assets(4)	10.33		%	5.09		%
Ratio of net investment income to average net assets(4)	13.70		%	10.43		%
Ratio of total contributed capital to total committed capital, end of period	85.15		%	71.21		%
Asset coverage ratio	195.35		%	182.46		%
Portfolio turnover rate	4.48		%	7.35		%

(1)	The per common share data was derived by using the weighted average common shares outstanding during the period, except otherwise noted.
(2)	The amount shown does not correspond with the aggregate amount for the period as it includes the effect of the timing of capital transactions.
(3)	Total return (not annualized) is calculated as the change in net asset value per common share plus dividends declared during the period divided by the beginning net asset value per common share.
(4)	Ratios are calculated using the average net assets of the Company attributable to the holders of Common Stock. Amounts are annualized except for organization and offering costs.

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Subsequent Events	6 Months Ended
	Jun. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Subsequent events have been evaluated through the date the consolidated financial statements were issued. There have been no subsequent events that require recognition or disclosure through the date the consolidated financial statements were issued.

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Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net increase (decrease) in net assets resulting from operations	$ 22,858	$ (2,546)	$ 39,278	$ 8,199

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Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

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Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). As an investment company, the Company applies the accounting and reporting guidance in Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies (“ASC 946”) issued by the Financial Accounting Standards Board (“FASB”).

The interim consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6 and 10 of Regulation S-X. Accordingly, certain disclosures accompanying the annual consolidated financial statements prepared in accordance with U.S. GAAP are omitted. In the opinion of management, all adjustments and reclassifications, consisting solely of normal recurring accruals considered necessary for the fair presentation of consolidated financial statements for the interim period presented, have been included. The current period’s results of operations will not necessarily be indicative of results that the Company may ultimately achieve for the year ending December 31, 2023.

The Company reclassified certain industry groupings of its portfolio companies presented in the accompanying consolidated financial statements as of December 31, 2022 to align with the recently updated Global Industry Classification Standards (“GICS”), where applicable. These reclassifications had no impact on the Consolidated Statement of Assets and Liabilities as of December 31, 2022.

Use of Estimates

Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and expenses and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Such amounts could differ from those estimates and such differences could be material. Management’s estimates are based on historical experiences and other factors, including expectations of future events that management believes to be reasonable under the circumstances. Assumptions and estimates regarding the valuation of investments involve a higher degree of judgment and complexity and these assumptions and estimates may be significant to the consolidated financial statements.

Consolidation

Consolidation

As provided under ASC 946, the Company will not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the accounts of the Company’s wholly-owned subsidiaries in the consolidated financial statements. All intercompany balances and transactions have been eliminated in consolidation.

Cash

Cash

Cash is carried at cost, which approximates fair value. The Company deposits its cash with multiple financial institutions and, at times, may exceed the Federal Deposit Insurance Corporation insured limit.

Foreign Currency Translation

Foreign Currency TranslationThe functional currency of the Company is the U.S. Dollar. Investments denominated in foreign currencies are translated into U.S. Dollars based upon currency exchange rates effective on the last business day of the current reporting period. Net changes in fair value of investments due to foreign exchange rates fluctuation is recorded as change in unrealized appreciation (depreciation) from translation of assets and liabilities in foreign currencies on the Consolidated Statements of Operations. Investment and non-investment activities denominated in foreign currencies, including purchase and sales of investments, borrowings and repayments of debt, income and expenses, are translated into U.S. dollars based upon currency exchange rates prevailing on the transaction dates.

Investments

Investments

Investment transactions are recorded on the trade date. Receivables/payables from investments sold/purchased on the Consolidated Statements of Assets and Liabilities consist of amounts receivable to or payable by the Company for transactions that have not settled at the reporting date. Realized gains or losses are measured by the difference between the net proceeds received (excluding prepayment fees, if any) and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. The net change in unrealized gains or losses primarily reflects the change in investment values, including the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period.

The Board of Directors, with the assistance of the Company’s audit committee (the “Audit Committee”), determines the fair value of the Company’s investments in accordance with ASC Topic 820, Fair Value Measurements (“ASC 820”) issued by FASB. The Board of Directors has delegated to the Investment Adviser as the Valuation Designee the responsibility of determining the fair value of the Company’s investment portfolio, subject to oversight of the Board of Directors, pursuant to Rule 2a-5 under the 1940 Act. As such, the Valuation Designee is charged with determining the fair value of the Company’s investment portfolio, subject to oversight of the Board of Directors. ASC 820 defines fair value as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.” Fair value is a market-based measurement, not an entity-specific measurement. For some investments, observable market transactions or market information might be available. For other investments, observable market transactions and market information might not be available. However, the objective of a fair value measurement in both cases is the same—to estimate the price when an orderly transaction to sell the investment would take place between market participants at the measurement date under current market conditions (that is, an exit price at the measurement date from the perspective of a market participant). Refer to Note 5 for the Company’s framework for determining fair value, fair value hierarchies, and the composition of the Company’s portfolio.

Interest and PIK Income

Interest Income

Interest income is recorded on an accrual basis and includes the accretion of discounts and amortizations of premiums. Discounts from and premiums to par value on debt investments purchased are accreted/amortized into interest income over the life of the respective investment using the effective interest method. The amortized cost of debt investments represents the original cost,

including loan origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion of discounts and amortization of premiums, if any. Upon prepayment of a loan or debt investment, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period.

PIK Income

The Company has debt investments in its portfolio that contain payment-in-kind (“PIK”) provisions. PIK represents interest that is accrued and recorded as interest income at the contractual rates, increases the loan principal on the respective capitalization dates, and is generally due at maturity. Such income is included in PIK income on the Consolidated Statements of Operations. If at any point the Company believes PIK is not expected to be realized, the investment generating PIK will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest is generally reversed through PIK income. This non-cash source of income is included when determining what must be paid out to stockholders in the form of distributions in order for the Company to maintain its status as a RIC, even though the Company has not yet collected cash.

Dividend income

Dividend Income

Dividend income on preferred equity investments is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity investments is recorded on the record date for private portfolio companies and on the ex-dividend date for publicly traded portfolio companies. Dividend income is presented net of withholding tax, if any.

Other Income

Other IncomeThe Company may receive various fees in the ordinary course of business such as structuring, consent, waiver, amendment and syndication fees as well as fees for managerial assistance rendered by the Company to the portfolio companies. Such fees are recognized in income when earned or when the services are rendered and there is no uncertainty or contingency related to the amount to be received.

Non-Accrual

Non-Accrual Income

Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is generally reversed when a loan is placed on non-accrual status. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest are paid current and, in management’s judgment, are likely to remain current. Management may determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection.

Organization and Offering Costs

Organization and Offering Costs

Costs associated with the organization of the Company are expensed as incurred, subject to the limitations discussed in Note 3. These costs consist primarily of legal fees and other costs of organizing the Company. Costs associated with the offering of Common Stock and Series A Preferred Stock are capitalized as “deferred offering costs” on the Consolidated Statements of Assets and Liabilities and amortized over a twelve-month period from the initial capital call and preferred stock issuance date, respectively, subject to the limitation described in Note 3 below. These costs consist primarily of legal fees and other costs incurred in connection with the Company’s continuous private offerings of its Common Stock, and issuance of its Series A Preferred Stock.

Expenses

Expenses

The Company is responsible for investment expenses, professional fees and other general and administrative expenses related to the Company’s operations. The Company pays MS Private Credit Administrative Services LLC (the “Administrator”) the Company’s allocable portion of certain expenses incurred by the Administrator in performing its obligations under the administration agreement between the Company and the Administrator dated February 1, 2021 (the “Administration Agreement”). Such fees and expenses, including expenses incurred by the Adviser on behalf of the Company, are reimbursed by the Company.

The Company pays the Investment Adviser a base management fee (the “Base Management Fee”) under the Investment Advisory Agreement between the Company and the Investment Adviser (“the Investment Advisory Agreement”) as described in Note 3 below. The fee is recorded on the Consolidated Statements of Operations.

Deferred Financing Costs

Deferred Financing Costs

The Company records upfront fees, legal and other direct costs incurred in connection with the Company’s issuance of the revolving debt facility as Deferred Financing Costs. These costs are deferred and amortized over the life of the related revolving credit facility using the straight-line method. Deferred financing costs related to the revolving credit facility are presented separately as an asset on the Company’s Consolidated Statements of Assets and Liabilities. The amortization of such Deferred Financing Costs are presented on the Company’s Consolidated Statements of Operations as interest expense and other financing expenses.

Income Taxes

Income Taxes

The Company has elected to be treated as a RIC under Subchapter M of the Code. So long as the Company maintains its status as a RIC, it generally will not pay corporate U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its stockholders as dividends.

In order to qualify as a RIC, the Company must meet certain minimum distribution, source-of-income and asset diversification requirements. If such requirements are met, then the Company is generally required to pay income taxes only on the portion of its taxable income and gains it does not distribute.

The minimum distribution requirements applicable to RICs require the Company to distribute to its stockholders at least 90% of its investment company taxable income (the “ICTI”), as defined by the Code, each year. Depending on the level of ICTI earned in a tax year, the Company may choose to carry forward ICTI in excess of current year distributions into the next tax year. Any such carryover ICTI must be distributed before the end of that next tax year through a dividend declared prior to filing the final tax return related to the year which generated such ICTI.    

In addition, based on the excise distribution requirements, the Company is subject to a 4% nondeductible federal excise tax on undistributed income unless the Company distributes in a timely manner an amount at least equal to the sum of (1) 98% of its ordinary income for each calendar year, (2) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (3) any income realized, but not distributed, in the preceding year. For this purpose, however, any ordinary income or capital gain net income retained by the Company that is subject to corporate income tax is considered to have been distributed. The Company currently intends to make sufficient distributions each taxable year to satisfy the excise distribution requirements.    

The Company evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are “more likely than not” to be sustained by the applicable tax authority. All penalties and interest associated with income taxes, if any, are included in income tax expense.

New Accounting Standards

New Accounting Standards

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Investments (Tables)

6 Months Ended

Jun. 30, 2023

Schedule of Investments [Abstract]

Schedule of Investments

The composition of the Company’s investment portfolio at cost and fair value was as follows:

	June 30, 2023						December 31, 2022
	Cost		Fair Value		% of Total Investments at Fair Value		Cost		Fair Value		% of Total Investments at Fair Value
First Lien Debt	$	1,113,883	$	1,092,424	98.4	%	$	1,085,829	$	1,061,160	98.5	%
Second Lien Debt	9,896		9,122		0.8		8,381		7,972		0.7
Other Securities	9,274		9,385		0.8		8,975		8,985		0.8
Total	$	1,133,053	$	1,110,931	100.0	%	$	1,103,185	$	1,078,117	100.0	%

The industry composition of investments at fair value was as follows:

	June 30, 2023		December 31, 2022		(1)
Aerospace and Defense	4.0	%	4.1	%
Air Freight and Logistics	1.8		1.7
Automobile Components	3.6		3.5
Automobiles	4.6		4.5
Biotechnology	0.6		0.6
Chemicals	0.1		0.1
Commercial Services & Supplies	15.2		16.0
Construction and Engineering	1.5		1.5
Containers & Packaging	3.2		3.3
Distributors	3.1		4.5
Diversified Consumer Services	4.0		3.6
Electronic Equipment, Instruments & Components	1.1		0.6
Financial Services	1.4		1.5
Food Products	0.3		0.3
Health Care Equipment & Supplies	0.4		0.4
Health Care Providers & Services	4.0		3.6
Health Care Technology	0.7		0.6
Industrial Conglomerates	1.3		0.1
Insurance Services	13.7		13.8
Interactive Media & Services	3.6		3.6
IT Services	6.4		6.8
Leisure Products	1.8		2.0
Machinery	2.5		2.5
Multi-Utilities	2.5		2.6
Oil, Gas & Consumable Fuels	—		—		(2)
Pharmaceuticals	0.2		0.2
Professional Services	3.3		3.1
Real Estate Management & Development	3.5		3.3
Software	11.6		11.6
Total	100.0	%	100.0	%

(1)	The Company reclassified certain industry groupings of its portfolio companies presented in the consolidated financial statements as of December 31, 2022 to align with the recently updated GICS where applicable. These reclassifications had no impact on the Consolidated Statement of Assets and Liabilities as of December 31, 2022.
(2)	Amounts rounds to 0.0%

The geographic composition of investments at cost and fair value were as follows:

	June 30, 2023						December 31, 2022
	Cost		Fair Value		% of Total Investments at Fair Value		Cost		Fair Value		% of Total Investments at Fair Value
Australia	$	1,297	$	1,297	0.1	%	$	1,298	$	1,279	0.1	%
Canada	42,201		41,395		3.7		46,200		44,881		4.2
United Kingdom	1,913		1,934		0.2		1,847		1,847		0.2
United States	1,087,642		1,066,305		96.0		1,053,840		1,030,110		95.5
Total	$	1,133,053	$	1,110,931	100.0	%	$	1,103,185	$	1,078,117	100.0	%

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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of Portfolio Investments by Level in the Fair Value Hierarchy

The following tables present the fair value hierarchy of investments as of June 30, 2023 and December 31, 2022:

	June 30, 2023								December 31, 2022
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
First Lien Debt	$	—	$	3,453	$	1,088,971	$	1,092,424	$	—	$	3,611	$	1,057,549	$	1,061,160
Second Lien Debt	—		966		8,156		9,122		—		963		7,009		7,972
Other Securities	—		—		9,385		9,385		—		—		8,985		8,985
Total	$	—	$	4,419	$	1,106,512	$	1,110,931	$	—	$	4,574	$	1,073,543	$	1,078,117

Changes in Level III Portfolio Investments

The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the three months ended June 30, 2023:

	First Lien Debt		Second Lien Debt		Other Securities		Total Investments
Fair value, beginning of period	$	1,074,502	$	8,636	$	9,201	$	1,092,339
Purchases of investments	24,915		8		11		24,934
Proceeds from principal repayments and sales of investments	(16,494)		—		—		(16,494)
Accretion of discount/amortization of premium	937		3		—		940
Payment-in-kind	253		—		204		457
Net change in unrealized appreciation (depreciation)	4,858		(491)		(31)		4,336
Net realized gains (losses)	—		—		—		—
Transfers into/(out) of Level 3	—		—		—		—
Fair value, end of period	$	1,088,971	$	8,156	$	9,385	$	1,106,512
Net change in unrealized appreciation (depreciation) from investments still held as of June 30, 2023	$	4,918	$	(491)	$	(31)	$	4,396

    

The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the six months ended June 30, 2023:

	First Lien Debt		Second Lien Debt		Other Securities		Total Investments
Fair value, beginning of period	$	1,057,549	$	7,009	$	8,985	$	1,073,543
Purchases of investments	74,965		1,508		25		76,498
Proceeds from principal repayments and sales of investments	(49,258)		—		—		(49,258)
Accretion of discount/amortization of premium	1,897		7		—		1,904
Payment-in-kind	403		—		273		676
Net change in unrealized appreciation (depreciation)	3,351		(368)		102		3,085
Net realized gains (losses)	64		—		—		64
Transfers into/(out) of Level 3	—		—		—		—
Fair value, end of period	$	1,088,971	$	8,156	$	9,385	$	1,106,512
Net change in unrealized appreciation (depreciation) from investments still held as of June 30, 2023	$	3,229	$	(367)	$	101	$	2,963

The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the three months ended June 30, 2022:

	First Lien Debt		Second Lien Debt		Other Securities		Total Investments
Fair value, beginning of period	$	924,015	$	7,473	$	6,430	$	937,918
Purchases of investments	89,541		908		1,071		91,520
Proceeds from principal repayments and sales of investments	(51,804)		—		—		(51,804)
Accretion of discount/amortization of premium	1,204		2		—		1,206
Payment-in-kind	83		—		70		153
Net change in unrealized appreciation (depreciation)	(13,771)		(67)		115		(13,723)
Net realized gains (losses)	151		—		—		151
Transfers into/(out) of Level 3	—		—		—		—
Fair value, end of period	$	949,419	$	8,316	$	7,686	$	965,421
Net change in unrealized appreciation (depreciation) from investments still held as of June 30, 2022	$	(13,314)	$	(67)	$	115	$	(13,266)

    

The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the six months ended June 30, 2022:

	First Lien Debt		Second Lien Debt		Other Securities		Total Investments
Fair value, beginning of period	$	867,855	$	7,485	$	6,412	$	881,752
Purchases of investments	158,865		908		1,071		160,844
Proceeds from principal repayments and sales of investments	(65,065)		—		(8)		(65,073)
Accretion of discount/amortization of premium	1,915		8		—		1,923
Payment-in-kind	168		—		70		238
Net change in unrealized appreciation (depreciation)	(14,530)		(85)		133		(14,482)
Net realized gains (losses)	211		—		8		219
Transfers into/(out) of Level 3	—		—		—		—
Fair value, end of period	$	949,419	$	8,316	$	7,686	$	965,421
Net change in unrealized appreciation (depreciation) from investments still held as of June 30, 2022	$	(14,360)	$	(82)	$	133	$	(14,309)

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The following table presents quantitative information about the significant unobservable inputs of the Company’s Level 3 financial instruments. The table is not intended to be all-inclusive but instead captures the significant unobservable inputs relevant to the Company’s determination of fair value.

	June 30, 2023
	Fair Value		Valuation Technique	Unobservable Input	Range				Weighted Average
					Low		High
Investments in first lien debt	$	1,004,074	Yield Analysis	Discount Rate	9.03	%	18.95	%	11.37	%
	84,897		Recent Transaction	Recent Transaction	98.30	%	99.40	%	99.12	%
Total investments in first lien debt	1,088,971
Investments in second lien debt	4,331		Yield Analysis	Discount Rate	11.38	%	15.16	%	13.19	%
	3,825		Recent Transaction	Recent Transaction	85.00	%	85.00	%	85.00	%
Total investments in second lien debt	8,156
Investments in other securities:
Other debt	203		Market Approach	EBITDA Multiple	9.00x		9.00x		9.00x
Other debt	406		Income Approach	Discount Rate	14.50	%	14.50	%	14.50	%
Preferred equity	4,231		Income Approach	Discount Rate	12.20	%	14.90	%	14.05	%
Preferred equity	225		Market Approach	Revenue Multiple	7.50x		7.50x		7.50x
Common equity	4,320		Market Approach	EBITDA Multiple	8.10x		18.70x		14.09x
Total investments in other securities	9,385
Total investments	$	1,106,512

	December 31, 2022
	Fair Value		Valuation Technique	Unobservable Input	Range				Weighted Average
					Low		High
Investments in first lien debt	$	1,038,692	Yield Analysis	Discount Rate	9.20	%	20.44	%	11.07	%
Investments in first lien debt	18,857		Recent Transaction	Recent Transaction	100.00	%	100.00	%	100.00	%
Total investments in first lien debt	1,057,549
Investments in second lien debt	7,009		Yield Analysis	Discount Rate	12.14	%	15.30	%	13.36	%
Investments in other securities:
Other debt	124		Market Approach	EBITDA Multiple	9.00x		9.00x		9.00x
Other debt	399		Yield Analysis	Discount Rate	16.60	%	16.60	%	16.60	%
Preferred equity	3,894		Income Approach	Discount Rate	12.20	%	15.54	%	14.10	%
Preferred equity	170		Market Approach	Revenue Multiple	8.78x		8.78x		8.78x
Common equity	4,398		Market Approach	EBITDA Multiple	8.10x		18.70x		13.90x
Total investments in other securities	8,985
Total investments	$	1,073,543

Schedule of Carrying Values and Fair Values of Debt

The carrying value and fair value of the Company’s debt were as follows:

	June 30, 2023				December 31, 2022
	Carrying Value		Fair Value		Carrying Value		Fair Value
JPM Funding Facility	$	576,173	$	576,173	$	591,307	$	591,307
Total	$	576,173	$	576,173	$	591,307	$	591,307

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Debt (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Schedule of Long-Term Debt Instruments

The summary information of the JPM Funding Facility is as follows:

	For the Three Months Ended						For the Six Months Ended
	June 30, 2023			June 30, 2022			June 30, 2023			June 30, 2022
Borrowing interest expense	$	11,047		$	4,512		$	21,926		$	7,754
Facility unused commitment fees	950			668			2,224			1,134
Amortization of deferred financing costs	493			360			1,560			762
Total	$	12,490		$	5,540		$	25,710		$	9,650
Weighted average interest rate (excluding unused fees and financing costs)	7.38		%	3.32		%	7.21		%	2.97		%
Weighted average outstanding balance	$	591,382		$	537,521		$	605,096		$	519,455

The Company’s outstanding debt obligations were as follows:

	June 30, 2023						December 31, 2022
	Aggregate Principal Committed		Outstanding Principal		Unused Portion		Aggregate Principal Committed		Outstanding Principal		Unused Portion
JPM Funding Facility	$	900,000	$	576,173	$	323,827	$	1,000,000	$	591,307	$	408,693
Total	$	900,000	$	576,173	$	323,827	$	1,000,000	$	591,307	$	408,693

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Net Assets (Tables)

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

Schedule of Distributable Earnings

The following table shows the components of net distributable earnings (accumulated losses) as shown on the Consolidated Statements of Assets and Liabilities:

	As of
	June 30, 2023		December 31, 2022
Net distributable earnings (accumulated losses), beginning of period	$	(23,681)	$	4,807
Net investment income (loss) after taxes	36,268		52,004
Accumulated realized gain (loss)	64		202
Net unrealized appreciation (depreciation)	2,946		(28,306)
Dividends declared	(35,100)		(52,392)
Tax reclassifications to equity of holders of Common Stock	—		4
Net distributable earnings (accumulated losses), end of period	$	(19,503)	$	(23,681)

Schedule of Shares Issued

The following table summarizes the total shares issued and proceeds received from the Company’s capital drawdowns delivered pursuant to the Subscription Agreements for the six months ended June 30, 2023 (dollar amounts in thousands):    

Common Share Issuance Date	Common Shares Issued	Amount
May 12, 2023	1,473,477	$	30,000
Total	1,473,477	$	30,000

The following table summarizes the total shares issued and proceeds received from the Company’s capital drawdowns delivered pursuant to the Subscription Agreements for the six months ended June 30, 2022 (dollar amounts in thousands):    

Common Share Issuance Date	Common Shares Issued	Amount
May 16, 2022	1,865,672	$	40,000
Total	1,865,672	$	40,000

The following table summarizes the Company’s distributions declared and payable for the six months ended June 30, 2022 to the holders of Common Stock:

Date Declared	Record Date	Payment Date	Per Share Amount		Total Amount
March 25, 2022	March 25, 2022	April 22, 2022	$	0.62	$	12,551
June 24, 2022	June 24, 2022	July 25, 2022	0.55		12,160
Total Distributions			$	1.17	$	24,711

Schedule of Dividends Declared and Payable

The following table summarizes the Company’s distributions declared and payable for the six months ended June 30, 2023 to the holders of Common Stock:

Date Declared	Record Date	Payment Date	Per Share Amount		Total Amount
March 28, 2023	March 28, 2023	April 20, 2023	$	0.64	$	16,517
June 27, 2023	June 27, 2023	July 20, 2023	0.68		18,551
Total Distributions			$	1.32	$	35,068

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Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table sets forth the computation of basic and diluted earnings per common share:

	For the Three Months Ended				For the Six Months Ended
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Net increase/(decrease) in net assets resulting from operations attributable to holders of Common Stock	$	22,843	$	(2,562)	$	39,247	$	8,167
Weighted average shares outstanding	26,617,554		21,248,667		26,214,989		20,749,146
Basic and diluted earnings (loss) per common share	$	0.86	$	(0.12)	$	1.50	$	0.39

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Consolidated Financial Highlights (Tables)

6 Months Ended

Jun. 30, 2023

Investment Company [Abstract]

Schedule of Financial Highlights

The following are the financial highlights (dollar amounts in thousands, except per share amounts):

	For the Six Months Ended
	June 30, 2023			June 30, 2022
Per Share Data:(1)
Net asset value, beginning of period	$	19.98		$	21.20
Net investment income (loss)	1.38			1.11
Net unrealized and realized gain (loss)(2)	0.12			(0.67)
Net increase (decrease) in net assets resulting from operations	1.50			0.44
Dividends declared	(1.32)			(1.17)
Issuance of common stock	—			—
Total increase (decrease) in net assets	0.18			(0.73)
Net asset value per common share, end of period	$	20.16		$	20.47
Common shares outstanding, end of period	27,281,428			22,109,747
Total return based on net asset value(3)	7.51		%	2.08		%
Ratio/Supplemental Data (all amounts in thousands except ratios and shares):
Net assets attributable to the holders of Common Stock, end of period	$	549,889		$	452,659
Weighted average common shares outstanding	26,214,989			20,749,146
Ratio of total expenses to average net assets(4)	10.33		%	5.09		%
Ratio of net investment income to average net assets(4)	13.70		%	10.43		%
Ratio of total contributed capital to total committed capital, end of period	85.15		%	71.21		%
Asset coverage ratio	195.35		%	182.46		%
Portfolio turnover rate	4.48		%	7.35		%

(1)	The per common share data was derived by using the weighted average common shares outstanding during the period, except otherwise noted.
(2)	The amount shown does not correspond with the aggregate amount for the period as it includes the effect of the timing of capital transactions.
(3)	Total return (not annualized) is calculated as the change in net asset value per common share plus dividends declared during the period divided by the beginning net asset value per common share.
(4)	Ratios are calculated using the average net assets of the Company attributable to the holders of Common Stock. Amounts are annualized except for organization and offering costs.

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Organization (Details) - $ / shares	Oct. 19, 2020	Sep. 10, 2020	Jun. 30, 2023	Dec. 31, 2022	Sep. 24, 2020
Class of Stock [Line Items]
Common stock, par value (in dollars per share)			$ 0.001	$ 0.001	$ 0.001
Preferred stock, par value (in dollars per share)			$ 0.001	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)			100,000,000	100,000,000	100,000,000
Preferred stock, shares authorized (in shares)			1,000,000	1,000,000	1,000,000
Sale of stock (in shares)		1,000
Price per share (in dollars per share)		$ 20.00
Series A Preferred Stock
Class of Stock [Line Items]
Sale of stock (in shares)	521
Price per share (in dollars per share)	$ 1,000

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Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Accounting Policies [Abstract]
Excise tax expense	$ 0	$ 0	$ 23	$ 0

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Related Party Transactions (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended		6 Months Ended
	Feb. 01, 2021	Sep. 10, 2020	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Related Party Transaction [Line Items]
Management fees, net of waiver			$ 347	$ 278	$ 684	$ 543
Management fees payable			347		347		$ 325
Administrative service fees			0	$ 0	$ 0	$ 0
Threshold for waiver amount	$ 1
Threshold for waiver percentage	0.10%
Sale of stock (in shares)		1,000
Price per share (in dollars per share)		$ 20.00
Aggregate purchase price		$ 20
Affiliated Entity
Related Party Transaction [Line Items]
Base management fee rate					0.25%
Payable for administration fees			657		$ 657		1,167
Investment Advisory Agreement | Related Party
Related Party Transaction [Line Items]
Initial term	2 years
Administration Agreement | Affiliated Entity
Related Party Transaction [Line Items]
Initial term					2 years
Administration Agreement | Related Party
Related Party Transaction [Line Items]
Payable for administration fees			$ 0		$ 0		$ 0

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Investments (Details) - USD ($) $ in Thousands		6 Months Ended		12 Months Ended
		Jun. 30, 2023		Dec. 31, 2022
Schedule of Investments [Line Items]
Cost		$ 1,133,053	[1],[2]	$ 1,103,185	[3],[4]
Fair Value		$ 1,110,931	[2]	$ 1,078,117	[4]
Investment Owned at Fair Value | Investment Type Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments at Fair Value		100.00%		100.00%
Australia
Schedule of Investments [Line Items]
Cost		$ 1,297		$ 1,298
Fair Value		$ 1,297		$ 1,279
Australia | Investment Owned at Fair Value | Investment Type Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments at Fair Value		0.10%		0.10%
Canada
Schedule of Investments [Line Items]
Cost		$ 42,201		$ 46,200
Fair Value		$ 41,395		$ 44,881
Canada | Investment Owned at Fair Value | Investment Type Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments at Fair Value		3.70%		4.20%
United Kingdom
Schedule of Investments [Line Items]
Cost		$ 1,913		$ 1,847
Fair Value		$ 1,934		$ 1,847
United Kingdom | Investment Owned at Fair Value | Investment Type Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments at Fair Value		0.20%		0.20%
United States
Schedule of Investments [Line Items]
Cost		$ 1,087,642		$ 1,053,840
Fair Value		$ 1,066,305		$ 1,030,110
United States | Investment Owned at Fair Value | Investment Type Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments at Fair Value		96.00%		95.50%
Aerospace Sector | Investment Owned at Fair Value | Investment Type Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments at Fair Value		4.00%		4.10%
Air Freight And Logistics Sector | Investment Owned at Fair Value | Investment Type Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments at Fair Value		1.80%		1.70%
Auto Components Sector | Investment Owned at Fair Value | Investment Type Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments at Fair Value		3.60%		3.50%
Automobiles | Investment Owned at Fair Value | Investment Type Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments at Fair Value		4.60%		4.50%
Biotechnology | Investment Owned at Fair Value | Investment Type Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments at Fair Value		0.60%		0.60%
Chemicals | Investment Owned at Fair Value | Investment Type Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments at Fair Value		0.10%		0.10%
Commercial Services & Supplies | Investment Owned at Fair Value | Investment Type Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments at Fair Value		15.20%		16.00%
Construction & Engineering | Investment Owned at Fair Value | Investment Type Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments at Fair Value		1.50%		1.50%
Containers & Packaging | Investment Owned at Fair Value | Investment Type Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments at Fair Value		3.20%		3.30%
Distributors | Investment Owned at Fair Value | Investment Type Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments at Fair Value		3.10%		4.50%
Diversified Consumer Services | Investment Owned at Fair Value | Investment Type Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments at Fair Value		4.00%		3.60%
Electronic Equipment, Instruments & Components | Investment Owned at Fair Value | Investment Type Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments at Fair Value		1.40%		0.60%
Financial Services | Investment Owned at Fair Value | Investment Type Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments at Fair Value		1.10%		1.50%
Food Products | Investment Owned at Fair Value | Investment Type Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments at Fair Value		0.30%		0.30%
Health Care Equipment & Supplies | Investment Owned at Fair Value | Investment Type Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments at Fair Value		0.40%		0.40%
Health Care Providers & Services | Investment Owned at Fair Value | Investment Type Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments at Fair Value		4.00%		3.60%
Health Care Technology | Investment Owned at Fair Value | Investment Type Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments at Fair Value		0.70%		0.60%
Industrial Conglomerates | Investment Owned at Fair Value | Investment Type Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments at Fair Value		1.30%		0.10%
Insurance Services | Investment Owned at Fair Value | Investment Type Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments at Fair Value		13.70%		13.80%
Interactive Media & Services | Investment Owned at Fair Value | Investment Type Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments at Fair Value		3.60%		3.60%
IT Services | Investment Owned at Fair Value | Investment Type Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments at Fair Value		6.40%		6.80%
Leisure Products | Investment Owned at Fair Value | Investment Type Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments at Fair Value		1.80%		2.00%
Machinery | Investment Owned at Fair Value | Investment Type Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments at Fair Value		2.50%		2.50%
Multi-Utilities | Investment Owned at Fair Value | Investment Type Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments at Fair Value		2.50%		2.60%
Oil, Gas & Consumable Fuels | Investment Owned at Fair Value | Investment Type Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments at Fair Value		0.00%		0.00%
Pharmaceuticals | Investment Owned at Fair Value | Investment Type Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments at Fair Value		0.20%		0.20%
Professional Services | Investment Owned at Fair Value | Investment Type Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments at Fair Value		3.30%		3.10%
Real Estate Management & Development | Investment Owned at Fair Value | Investment Type Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments at Fair Value		3.50%		3.30%
Software | Investment Owned at Fair Value | Investment Type Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments at Fair Value		11.60%		11.60%
First Lien Debt
Schedule of Investments [Line Items]
Cost		$ 1,113,883	[1]	$ 1,085,829	[3]
Fair Value		$ 1,092,424		$ 1,061,160
First Lien Debt | Investment Owned at Fair Value | Investment Type Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments at Fair Value		98.40%		98.50%
First Lien Debt | Aerospace Sector
Schedule of Investments [Line Items]
Cost		$ 44,685	[1]	$ 44,903	[3]
Fair Value		44,586		44,243
First Lien Debt | Air Freight And Logistics Sector
Schedule of Investments [Line Items]
Cost		19,035	[1]	18,136	[3]
Fair Value		18,575		17,493
First Lien Debt | Auto Components Sector
Schedule of Investments [Line Items]
Cost		40,571	[1]	39,132	[3]
Fair Value		39,311		37,816
First Lien Debt | Automobiles
Schedule of Investments [Line Items]
Cost		51,379	[1]	49,749	[3]
Fair Value		50,796		48,439
First Lien Debt | Biotechnology
Schedule of Investments [Line Items]
Cost		6,329	[1]	6,356	[3]
Fair Value		6,252		6,174
First Lien Debt | Chemicals
Schedule of Investments [Line Items]
Cost		1,548	[1]	1,501	[3]
Fair Value		1,521		1,445
First Lien Debt | Commercial Services & Supplies
Schedule of Investments [Line Items]
Cost		168,771	[1]	174,025	[3]
Fair Value		168,226		171,373
First Lien Debt | Construction & Engineering
Schedule of Investments [Line Items]
Cost		17,350	[1]	16,271	[3]
Fair Value		17,069		15,753
First Lien Debt | Containers & Packaging
Schedule of Investments [Line Items]
Cost		34,480	[1]	34,597	[3]
Fair Value		33,774		33,229
First Lien Debt | Distributors
Schedule of Investments [Line Items]
Cost		35,761	[1]	48,877	[3]
Fair Value		34,589		48,050
First Lien Debt | Diversified Consumer Services
Schedule of Investments [Line Items]
Cost		45,625	[1]	39,838	[3]
Fair Value		44,688		39,268
First Lien Debt | Electronic Equipment, Instruments & Components
Schedule of Investments [Line Items]
Cost		8,953	[1]	4,255	[3]
Fair Value		8,917		4,079
First Lien Debt | Financial Services
Schedule of Investments [Line Items]
Cost		15,477	[1]	16,453	[3]
Fair Value		15,324		16,092
First Lien Debt | Health Care Equipment & Supplies
Schedule of Investments [Line Items]
Cost	[1]	4,535
Fair Value		4,484
First Lien Debt | Health Care Providers & Services
Schedule of Investments [Line Items]
Cost		44,444	[1]	39,048	[3]
Fair Value		43,792		37,913
First Lien Debt | Health Care Technology
Schedule of Investments [Line Items]
Cost		7,402	[1]	7,156	[3]
Fair Value		7,459		7,049
First Lien Debt | Industrial Conglomerates
Schedule of Investments [Line Items]
Cost	[1]	13,683
Fair Value		13,818
First Lien Debt | Insurance Services
Schedule of Investments [Line Items]
Cost		153,760	[1]	149,859	[3]
Fair Value		149,788		147,270
First Lien Debt | Interactive Media & Services
Schedule of Investments [Line Items]
Cost		40,616	[1]	40,280	[3]
Fair Value		39,444		39,309
First Lien Debt | IT Services
Schedule of Investments [Line Items]
Cost		73,957	[1]	74,354	[3]
Fair Value		69,284		71,164
First Lien Debt | Leisure Products
Schedule of Investments [Line Items]
Cost		21,081	[1]	21,168	[3]
Fair Value		20,346		21,030
First Lien Debt | Machinery
Schedule of Investments [Line Items]
Cost		28,250	[1]	28,093	[3]
Fair Value		27,960		27,533
First Lien Debt | Multi-Utilities
Schedule of Investments [Line Items]
Cost		28,542	[1]	28,100	[3]
Fair Value		27,673		27,693
First Lien Debt | Oil, Gas & Consumable Fuels
Schedule of Investments [Line Items]
Cost	[3]			399
Fair Value				390
First Lien Debt | Pharmaceuticals
Schedule of Investments [Line Items]
Cost		1,913	[1]	1,847	[3]
Fair Value		1,934		1,847
First Lien Debt | Professional Services
Schedule of Investments [Line Items]
Cost		36,401	[1]	33,085	[3]
Fair Value		36,345		32,799
First Lien Debt | Real Estate Management & Development
Schedule of Investments [Line Items]
Cost		39,504	[1]	37,024	[3]
Fair Value		38,943		35,854
First Lien Debt | Software
Schedule of Investments [Line Items]
Cost		126,257	[1]	123,802	[3]
Fair Value		124,344		121,011
Second Lien Debt
Schedule of Investments [Line Items]
Cost		9,896	[1]	8,381	[3]
Fair Value		$ 9,122		$ 7,972
Second Lien Debt | Investment Owned at Fair Value | Investment Type Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments at Fair Value		0.80%		0.70%
Second Lien Debt | Electronic Equipment, Instruments & Components
Schedule of Investments [Line Items]
Cost		$ 4,490	[1]	$ 2,989	[3]
Fair Value		3,825		2,858
Second Lien Debt | Health Care Providers & Services
Schedule of Investments [Line Items]
Cost		492	[1]	483	[3]
Fair Value		481		450
Second Lien Debt | IT Services
Schedule of Investments [Line Items]
Cost		1,510	[1]	1,509	[3]
Fair Value		1,504		1,439
Other Securities
Schedule of Investments [Line Items]
Cost		9,274	[1]	8,975	[3]
Fair Value		$ 9,385		$ 8,985
Other Securities | Investment Owned at Fair Value | Investment Type Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments at Fair Value		0.80%		0.80%

[1] The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.

[2] Unless otherwise indicated, issuers of debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”), the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of June 30, 2023, the Company does not “control” any of these portfolio companies. Under the 1940 Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of June 30, 2023, the Company is not an “affiliated person” of any of its portfolio companies.

[3] The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.

[4] Unless otherwise indicated, issuers of debt and equity investments held by the Company are denominated in dollars. All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. Under the 1940 Act, the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of December 31, 2022, the Company does not “control” any of these portfolio companies. Under the 1940 Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of December 31, 2022, the Company is not an “affiliated person” of any of its portfolio companies.

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Fair Value Measurements - Fair Value Levels (Details) - USD ($) $ in Thousands	Jun. 30, 2023		Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 1,110,931	[1]	$ 1,078,117	[2]
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0		0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	4,419		4,574
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	1,106,512		1,073,543
Total
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	1,110,931		1,078,117
First Lien Debt | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0		0
First Lien Debt | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	3,453		3,611
First Lien Debt | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	1,088,971		1,057,549
First Lien Debt | Total
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	1,092,424		1,061,160
Second Lien Debt | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0		0
Second Lien Debt | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	966		963
Second Lien Debt | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	8,156		7,009
Second Lien Debt | Total
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	9,122		7,972
Other Securities | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0		0
Other Securities | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0		0
Other Securities | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	9,385		8,985
Other Securities | Total
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 9,385		$ 8,985

[1] Unless otherwise indicated, issuers of debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”), the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of June 30, 2023, the Company does not “control” any of these portfolio companies. Under the 1940 Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of June 30, 2023, the Company is not an “affiliated person” of any of its portfolio companies.

[2] Unless otherwise indicated, issuers of debt and equity investments held by the Company are denominated in dollars. All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. Under the 1940 Act, the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of December 31, 2022, the Company does not “control” any of these portfolio companies. Under the 1940 Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of December 31, 2022, the Company is not an “affiliated person” of any of its portfolio companies.

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Fair Value Measurements - Level III Rollforward (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning of period	$ 1,092,339	$ 937,918	$ 1,073,543	$ 881,752
Purchases of investments	24,934	91,520	76,498	160,844
Proceeds from principal repayments and sales of investments	(16,494)	(51,804)	(49,258)	(65,073)
Accretion of discount/amortization of premium	940	1,206	1,904	1,923
Payment-in-kind	457	153	676	238
Transfers into/(out) of Level 3	0	0	0	0
Fair value, end of period	1,106,512	965,421	1,106,512	965,421
Net change in unrealized appreciation (depreciation) from investments still held	4,396	(13,266)	2,963	(14,309)
Net change in unrealized appreciation (depreciation)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total gains or losses included in earnings	4,336	(13,723)	3,085	(14,482)
Net realized gains (losses)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total gains or losses included in earnings	0	151	64	219
First Lien Debt
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning of period	1,074,502	924,015	1,057,549	867,855
Purchases of investments	24,915	89,541	74,965	158,865
Proceeds from principal repayments and sales of investments	(16,494)	(51,804)	(49,258)	(65,065)
Accretion of discount/amortization of premium	937	1,204	1,897	1,915
Payment-in-kind	253	83	403	168
Transfers into/(out) of Level 3	0	0	0	0
Fair value, end of period	1,088,971	949,419	1,088,971	949,419
Net change in unrealized appreciation (depreciation) from investments still held	4,918	(13,314)	3,229	(14,360)
First Lien Debt | Net change in unrealized appreciation (depreciation)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total gains or losses included in earnings	4,858	(13,771)	3,351	(14,530)
First Lien Debt | Net realized gains (losses)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total gains or losses included in earnings	0	151	64	211
Second Lien Debt
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning of period	8,636	7,473	7,009	7,485
Purchases of investments	8	908	1,508	908
Proceeds from principal repayments and sales of investments	0	0	0	0
Accretion of discount/amortization of premium	3	2	7	8
Payment-in-kind	0	0	0	0
Transfers into/(out) of Level 3	0	0	0	0
Fair value, end of period	8,156	8,316	8,156	8,316
Net change in unrealized appreciation (depreciation) from investments still held	(491)	(67)	(367)	(82)
Second Lien Debt | Net change in unrealized appreciation (depreciation)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total gains or losses included in earnings	(491)	(67)	(368)	(85)
Second Lien Debt | Net realized gains (losses)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total gains or losses included in earnings	0	0	0	0
Other Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning of period	9,201	6,430	8,985	6,412
Purchases of investments	11	1,071	25	1,071
Proceeds from principal repayments and sales of investments	0	0	0	(8)
Accretion of discount/amortization of premium	0	0	0	0
Payment-in-kind	204	70	273	70
Transfers into/(out) of Level 3	0	0	0	0
Fair value, end of period	9,385	7,686	9,385	7,686
Net change in unrealized appreciation (depreciation) from investments still held	(31)	115	101	133
Other Securities | Net change in unrealized appreciation (depreciation)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total gains or losses included in earnings	(31)	115	102	133
Other Securities | Net realized gains (losses)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total gains or losses included in earnings	$ 0	$ 0	$ 0	$ 8

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Fair Value Measurements - Unobservable Inputs (Details) $ in Thousands	Jun. 30, 2023 USD ($)		Dec. 31, 2022 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 1,110,931	[1]	$ 1,078,117	[2]
Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	1,106,512		1,073,543
Level 3 | First Lien Debt
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	1,088,971		1,057,549
Level 3 | First Lien Debt | Yield Analysis | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 1,004,074		$ 1,038,692
Level 3 | First Lien Debt | Yield Analysis | Low | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0903		0.0920
Level 3 | First Lien Debt | Yield Analysis | High | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.1895		0.2044
Level 3 | First Lien Debt | Yield Analysis | Weighted Average | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.1137		0.1107
Level 3 | First Lien Debt | Recent Transaction | Recent Transaction
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 84,897		$ 18,857
Level 3 | First Lien Debt | Recent Transaction | Low | Recent Transaction
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.9830		1.0000
Level 3 | First Lien Debt | Recent Transaction | High | Recent Transaction
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.9940		1.0000
Level 3 | First Lien Debt | Recent Transaction | Weighted Average | Recent Transaction
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.9912		1.0000
Level 3 | Second Lien Debt
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 8,156		$ 7,009
Level 3 | Second Lien Debt | Yield Analysis | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 4,331		$ 7,009
Level 3 | Second Lien Debt | Yield Analysis | Low | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.1138		0.1214
Level 3 | Second Lien Debt | Yield Analysis | High | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.1516		0.1530
Level 3 | Second Lien Debt | Yield Analysis | Weighted Average | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.1319		0.1336
Level 3 | Second Lien Debt | Recent Transaction | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 3,825
Level 3 | Second Lien Debt | Recent Transaction | Low | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.8500
Level 3 | Second Lien Debt | Recent Transaction | High | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.8500
Level 3 | Second Lien Debt | Recent Transaction | Weighted Average | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.8500
Level 3 | Other debt | Income Approach | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 406		$ 399
Level 3 | Other debt | Income Approach | Low | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.1450		0.1660
Level 3 | Other debt | Income Approach | High | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.1450		0.1660
Level 3 | Other debt | Income Approach | Weighted Average | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.1450		0.1660
Level 3 | Other debt | Market Approach | EBITDA Multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 203		$ 124
Level 3 | Other debt | Market Approach | Low | EBITDA Multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.09		9
Level 3 | Other debt | Market Approach | High | EBITDA Multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.09		9
Level 3 | Other debt | Market Approach | Weighted Average | EBITDA Multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.09		9
Level 3 | Preferred equity | Income Approach | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 4,231		$ 3,894
Level 3 | Preferred equity | Income Approach | Low | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.1220		0.1220
Level 3 | Preferred equity | Income Approach | High | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.1490		0.1554
Level 3 | Preferred equity | Income Approach | Weighted Average | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.1405		0.1410
Level 3 | Preferred equity | Market Approach | Revenue Multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 225		$ 170
Level 3 | Preferred equity | Market Approach | Low | Revenue Multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	7.5		8.78
Level 3 | Preferred equity | Market Approach | High | Revenue Multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	7.5		8.78
Level 3 | Preferred equity | Market Approach | Weighted Average | Revenue Multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	7.5		8.78
Level 3 | Common equity | Market Approach | EBITDA Multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 4,320		$ 4,398
Level 3 | Common equity | Market Approach | Low | EBITDA Multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	8.1		8.1
Level 3 | Common equity | Market Approach | High | EBITDA Multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	18.7		18.7
Level 3 | Common equity | Market Approach | Weighted Average | EBITDA Multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	14.09		13.9
Level 3 | Other Securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 9,385		$ 8,985

[1] Unless otherwise indicated, issuers of debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”), the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of June 30, 2023, the Company does not “control” any of these portfolio companies. Under the 1940 Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of June 30, 2023, the Company is not an “affiliated person” of any of its portfolio companies.

[2] Unless otherwise indicated, issuers of debt and equity investments held by the Company are denominated in dollars. All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. Under the 1940 Act, the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of December 31, 2022, the Company does not “control” any of these portfolio companies. Under the 1940 Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of December 31, 2022, the Company is not an “affiliated person” of any of its portfolio companies.

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Fair Value Measurements - Carrying Value and Fair Value of Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	$ 576,173	$ 591,307
Carrying Value | JPM Funding Facility | Line of Credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	576,173	591,307
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	576,173	591,307
Fair Value | JPM Funding Facility | Line of Credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	$ 576,173	$ 591,307

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Debt - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Debt Instrument [Line Items]
Aggregate principal amount	$ 900,000		$ 900,000		$ 1,000,000
JPM Funding Facility | Line of Credit
Debt Instrument [Line Items]
Aggregate principal amount	900,000		900,000		$ 1,000,000
Borrowings from lines of credit	2,000	$ 88,000	47,000	$ 125,000
Repayments for borrowings from lines of credit	$ 45,501	$ 62,000	$ 62,135	$ 80,000
JPM Funding Facility | Base Rate
Debt Instrument [Line Items]
Interest rate			0.50%
JPM Funding Facility | SOFR, SONIA, EURIBOR, Or CDOR | Variable Rate Component One
Debt Instrument [Line Items]
Interest rate			2.325%
JPM Funding Facility | SOFR, SONIA, EURIBOR, Or CDOR | Variable Rate Component Two
Debt Instrument [Line Items]
Interest rate			2.475%

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Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Debt Instrument [Line Items]
Amortization of deferred financing costs			$ 1,561	$ 762
Total	$ 12,490	$ 5,540	25,710	9,650
JPM Funding Facility | Line of Credit
Debt Instrument [Line Items]
Borrowing interest expense	11,047	4,512	21,926	7,754
Facility unused commitment fees	950	668	2,224	1,134
Amortization of deferred financing costs	493	360	1,560	762
Total	$ 12,490	$ 5,540	$ 25,710	$ 9,650
Weighted average interest rate (excluding unused fees and financing costs)	7.38%	3.32%	7.21%	2.97%
Weighted average outstanding balance	$ 591,382	$ 537,521	$ 605,096	$ 519,455

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Debt - Schedule of Debt Obligations (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Aggregate Principal Committed	$ 900,000	$ 1,000,000
Outstanding Principal	576,173	591,307
Unused Portion	323,827	408,693
JPM Funding Facility | Line of Credit
Debt Instrument [Line Items]
Aggregate Principal Committed	900,000	1,000,000
Outstanding Principal	576,173	591,307
Unused Portion	$ 323,827	$ 408,693

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Commitment and Contingencies (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Unfunded Debt Securities
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	$ 109,936	$ 140,889
Financial Support, Capital Contributions
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	99,300	129,300
Capital commitments	$ 668,800	$ 668,800

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Net Assets - Schedule of Distributable Earnings (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Investment Company, Net Assets [Roll Forward]
Net distributable earnings (accumulated losses), beginning of period			$ (23,681)
Net investment income (loss) after taxes	$ 18,623	$ 11,599	36,268	$ 23,079
Accumulated net realized gain (loss)	1	151	64	215
Net change in unrealized appreciation (depreciation)	4,234	(14,296)	2,946	(15,095)
Dividends declared on Preferred Stock and Common Stock	(18,567)	$ (12,176)	(35,100)	(24,743)
Net distributable earnings (accumulated losses), end of period	(19,503)		(19,503)		$ (23,681)
Net distributable earnings (accumulated losses)
Investment Company, Net Assets [Roll Forward]
Net distributable earnings (accumulated losses), beginning of period			(23,681)	$ 4,807	4,807
Net investment income (loss) after taxes			36,268		52,004
Accumulated net realized gain (loss)			64		202
Net change in unrealized appreciation (depreciation)			2,946		(28,306)
Dividends declared on Preferred Stock and Common Stock			(35,100)		(52,392)
Tax reclassification of stockholders’ equity			0		4
Net distributable earnings (accumulated losses), end of period	$ (19,503)		$ (19,503)		$ (23,681)

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Net Assets - Shares Issued From Capital Drawdowns (Details) - USD ($) $ in Thousands			3 Months Ended		6 Months Ended
	May 12, 2023	May 16, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Equity [Abstract]
Common Shares Issued (in shares)	1,473,477	1,865,672			1,473,477	1,865,672
Amount	$ 30,000	$ 40,000	$ 30,000	$ 40,000	$ 30,000	$ 40,000

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Net Assets - Distributions Declared and Payable (Details) - USD ($) $ / shares in Units, $ in Thousands					6 Months Ended
	Jun. 27, 2023	Mar. 28, 2023	Jun. 24, 2022	Mar. 25, 2022	Jun. 30, 2023	Jun. 30, 2022
Equity [Abstract]
Per Share Amount (in dollars per share)	$ 0.68	$ 0.64	$ 0.55	$ 0.62	$ 1.32	$ 1.17
Total Amount	$ 18,551	$ 16,517	$ 12,160	$ 12,551	$ 35,068	$ 24,711

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Net Assets - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Investment Company, Changes in Net Assets [Line Items]
Dividends payable	$ 18,551		$ 18,551		$ 14,285
Preferred Stock dividend	(15)	$ (16)	(31)	$ (32)
Preferred Class A
Investment Company, Changes in Net Assets [Line Items]
Dividends payable	$ 0		$ 0		$ 0

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Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Net increase/(decrease) in net assets resulting from operations attributable to holders of Common Stock	$ 22,843	$ (2,562)	$ 39,247	$ 8,167
Weighted average shares outstanding - basic (in shares)	26,617,554	21,248,667	26,214,989	20,749,146
Weighted average shares outstanding - diluted (in shares)	26,617,554	21,248,667	26,214,989	20,749,146
Basic earnings (loss) per common share (in dollars per share)	$ 0.86	$ (0.12)	$ 1.50	$ 0.39
Diluted earnings (loss) per common share (in dollars per share)	$ 0.86	$ (0.12)	$ 1.50	$ 0.39

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Consolidated Financial Highlights (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Investment Company, Financial Highlights [Roll Forward]
Net asset value, beginning of period (in dollars per share)			$ 19.98	$ 21.20
Net investment income (loss) per share (in dollars per share)	$ 0.70	$ 0.55	1.38	1.11
Net unrealized and realized gain (loss) (in dollars per share)			0.12	(0.67)
Net increase (decrease) in net assets resulting from operations (in dollars per share)			1.50	0.44
Dividends declared (in dollars per share)			(1.32)	(1.17)
Issuance of common stock (in dollars per share)			0	0
Total increase (decrease) in net assets (in dollars per share)			0.18	(0.73)
Net asset value, end of period (in dollars per share)	$ 20.16	$ 20.47	$ 20.16	$ 20.47
Shares outstanding, end of period (in shares)	27,281,428	22,109,747	27,281,428	22,109,747	25,807,951
Total return based on net asset value (in percent)			7.51%	2.08%
Ratio/Supplemental Data (all amounts in thousands except ratios and shares):
Net assets, end of period (in shares)	$ 549,889	$ 452,659	$ 549,889	$ 452,659
Weighted average shares outstanding - basic (in shares)	26,617,554	21,248,667	26,214,989	20,749,146
Ratio of net expenses to average net assets			10.33%	5.09%
Ratio of net investment income to average net assets			13.70%	10.43%
Ratio of total contributed capital to total committed capital, end of period			85.15%	71.21%
Asset coverage ratio	195.35%	182.46%	195.35%	182.46%
Portfolio turnover rate			4.48%	7.35%