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      <invstOrSec>
        <name>CPM Holdings Inc</name>
        <lei>549300FBUISJCXV8IB65</lei>
        <title>CPM Holdings Inc 2023 Term Loan</title>
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          <isin value="US12620BAR15"/>
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        <balance>24500000.01000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-09-28</maturityDt>
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      </invstOrSec>
      <invstOrSec>
        <name>Chinos Intermediate Holdings A Inc</name>
        <lei>54930061EIIAONXJMZ79</lei>
        <title>Chinos Intermediate Holdings A Inc 2024 Term Loan B</title>
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          <isin value="US16961YAB48"/>
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        <balance>15880000.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-09-26</maturityDt>
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      <invstOrSec>
        <name>Claros Mortgage Trust Inc</name>
        <lei>549300Z9LU2CZ3K30C16</lei>
        <title>Claros Mortgage Trust Inc 2021 Term Loan B</title>
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          <isin value="US18269PAC68"/>
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        <balance>7748243.17000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>LON</assetCat>
        <issuerConditional desc="REIT" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-08-09</maturityDt>
          <couponKind>Floating</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>State Street Bank &amp; Trust Co.</name>
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          <other otherDesc="Trade Identifier" value="25KNVBBZ5M0"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
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              <counterpartyName>State Street Bank &amp; Trust Co.</counterpartyName>
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        <securityLending>
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      <invstOrSec>
        <name>EyeCare Partners LLC</name>
        <lei>254900ZAACWK09RJ8W93</lei>
        <title>EyeCare Partners LLC 2024 Superpriority New Money 1st Out Term Loan A</title>
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          <isin value="US30233PAQ37"/>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-08-31</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>FULL HOUSE RESORTS INC</name>
        <lei>5493009DKIWW0H901Y82</lei>
        <title>Full House Resorts Inc</title>
        <cusip>359678AC3</cusip>
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          <isin value="US359678AC31"/>
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        <balance>25742000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GUITAR CENTER INC</name>
        <lei>N/A</lei>
        <title>Guitar Center Inc</title>
        <cusip>402040AS8</cusip>
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          <isin value="US402040AS81"/>
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        <balance>24746400.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HMN Acquirer Corp</name>
        <lei>254900QZT0J6LRLXFE61</lei>
        <title>HMN Acquirer Corp Delayed Draw Term Loan</title>
        <cusip>40445UAB8</cusip>
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          <isin value="US40445UAB89"/>
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        <balance>5787037.04000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <maturityDt>2031-11-05</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>HMN Acquirer Corp</name>
        <lei>254900QZT0J6LRLXFE61</lei>
        <title>HMN Acquirer Corp Revolver</title>
        <cusip>40445UAC6</cusip>
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          <isin value="US40445UAC62"/>
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        <balance>3472222.22000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>3</fairValLevel>
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          <maturityDt>2031-11-05</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>HMN Acquirer Corp</name>
        <lei>254900QZT0J6LRLXFE61</lei>
        <title>HMN Acquirer Corp Term Loan</title>
        <cusip>40445UAD4</cusip>
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          <isin value="US40445UAD46"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Harvest Oil &amp; Gas Corp</name>
        <lei>54930021ZVE2EXF2SS09</lei>
        <title>Harvest Oil &amp; Gas Corp</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>IXS Holdings Inc</name>
        <lei>254900I3GPHU9VH9Z454</lei>
        <title>IXS Holdings Inc 2025 Repriced Term Loan B</title>
        <cusip>45074HAC2</cusip>
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        <balance>34771844.77000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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        <name>LHS Borrower LLC</name>
        <lei>2549000R2CJY3YBDDU14</lei>
        <title>LHS Borrower LLC 2025 Term Loan</title>
        <cusip>50204EAE8</cusip>
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          <isin value="US50204EAE86"/>
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        <balance>33573625.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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        <name>LHS Borrower LLC</name>
        <lei>2549000R2CJY3YBDDU14</lei>
        <title>LHS Borrower LLC 2025 Revolver</title>
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          <isin value="US50204EAF51"/>
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        <fairValLevel>2</fairValLevel>
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        <name>LaserShip Inc</name>
        <lei>254900NGHREGOQUFUT53</lei>
        <title>LaserShip Inc 2024 New Money Term Loan A</title>
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          <isin value="US51809EAL92"/>
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        <fairValLevel>2</fairValLevel>
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        <name>M2S Group Holdings Inc</name>
        <lei>N/A</lei>
        <title>M2S Group Holdings Inc Term Loan B</title>
        <cusip>55287CAB7</cusip>
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          <isin value="US55287CAB72"/>
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        <fairValLevel>2</fairValLevel>
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        <name>MAVERICK POWER LLC</name>
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        <title>Maverick Power LLC Term Loan</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>3</fairValLevel>
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          <couponKind>Floating</couponKind>
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        <name>New WPCC Parent LLC</name>
        <lei>N/A</lei>
        <title>New WPCC Parent LLC Term Loan</title>
        <cusip>64929VAB1</cusip>
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        <balance>5678968.57000000</balance>
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        <name>Pretium Packaging LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Recovery Solutions Parent LLC</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
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        <name>TKC Holdings Inc</name>
        <lei>N/A</lei>
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        <cusip>87256FAJ3</cusip>
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          <isin value="US87256FAJ30"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-05-15</maturityDt>
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      <invstOrSec>
        <name>Titan Purchaser Inc</name>
        <lei>N/A</lei>
        <title>Titan Purchaser Inc Term Loan B</title>
        <cusip>88831XAB3</cusip>
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          <isin value="US88831XAB38"/>
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        <balance>12475890.05000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Glatfelter Corp</name>
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          <isin value="US89458XAB38"/>
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        <fairValLevel>2</fairValLevel>
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        <name>RealTruck Group Inc</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-01-31</maturityDt>
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        <name>TruGreen Limited Partnership</name>
        <lei>549300QNRP2MNHR3QM19</lei>
        <title>TruGreen Limited Partnership 2020 Term Loan</title>
        <cusip>89787RAH5</cusip>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-11-02</maturityDt>
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        <name>MBS SERVICES CAPITAL, LLC</name>
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        <name>United Natural Foods Inc</name>
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        <name>WABASH NATIONAL CORP</name>
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        <name>Plainfield Renewable Energy Holdings LLC</name>
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        <name>Plainfield Renewable Energy Holdings LLC</name>
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        <name>Plainfield Renewable Energy Holdings LLC</name>
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        <name>NES Hercules Class B Member LLC</name>
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        <name>Tenrgys LLC</name>
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        <name>GLOBAL JET CAPITAL, INC</name>
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        <name>LEIA ACQUISITION LTD</name>
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      <invstOrSec>
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        <fairValLevel>3</fairValLevel>
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        <name>Onbe, Inc.</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>3</fairValLevel>
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        <name>RPC Topco Inc</name>
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        <fairValLevel>3</fairValLevel>
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        <name>RPC Topco Inc</name>
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          <other otherDesc="LoanX ID" value="LX244556"/>
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        <fairValLevel>3</fairValLevel>
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        <name>COP Village Green Acquisitions Inc</name>
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        <name>COP Village Green Acquisitions Inc</name>
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        <name>P.F. Chang's China Bistro Inc.</name>
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        <name>LR ORION BIDCO LIMITED</name>
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        <name>LR ORION BIDCO LIMITED</name>
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        <name>LR ORION BIDCO LIMITED</name>
        <lei>213800BI2B7HWIIM7J67</lei>
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        <name>Array Midco Corp</name>
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        <title>Array Midco Corp 2024 Term Loan</title>
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        <curCd>USD</curCd>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <name>CCS Acquisition Inc</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>CCS Acquisition, Inc.</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Project Granite Buyer Inc</name>
        <lei>N/A</lei>
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          <other otherDesc="LoanX ID" value="LX257382"/>
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        <curCd>USD</curCd>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Project Granite Buyer Inc</name>
        <lei>N/A</lei>
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          <other otherDesc="LoanX ID" value="LX257383"/>
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        <curCd>USD</curCd>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Project Granite Buyer Inc</name>
        <lei>N/A</lei>
        <title>Project Granite Buyer Inc Term Loan</title>
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          <other otherDesc="LoanX ID" value="LX257381"/>
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        <curCd>USD</curCd>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-12-31</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Accupac LLC</name>
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        <title>Accupac LLC 2024 Term Loan</title>
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          <other otherDesc="LoanX ID" value="LX260200"/>
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        <balance>42748513.58000000</balance>
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        <curCd>USD</curCd>
        <valUSD>37404949.38000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-12-31</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Accupac LLC</name>
        <lei>N/A</lei>
        <title>Accupac LLC 2024 Revolver</title>
        <cusip>000000000</cusip>
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          <other otherDesc="LoanX ID" value="LX260201"/>
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        <balance>6267391.30000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5483967.39000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-12-31</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Array Midco Corp</name>
        <lei>2549006QJO7TR3GSGI51</lei>
        <title>Array Midco Corp 2024 Delayed Draw Term Loan</title>
        <cusip>000000000</cusip>
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          <other otherDesc="Internal Identifier" value="BA000DFS1"/>
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        <balance>7536698.42000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7367122.71000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-12-31</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>OLIBRE BORROWER LLC</name>
        <lei>N/A</lei>
        <title>Olibre Borrower LLC Term Loan</title>
        <cusip>000000000</cusip>
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          <other otherDesc="Internal Identifier" value="BA000DJ24"/>
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        <balance>39600000.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>STRYTEN ENERGY RESOURCES LLC</name>
        <lei>N/A</lei>
        <title>Stryten Energy Resources LLC Term Loan</title>
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          <other otherDesc="LoanX ID" value="LX257833"/>
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        <balance>32175000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>3</fairValLevel>
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          <maturityDt>2029-12-18</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>LSCS Holdings Inc</name>
        <lei>N/A</lei>
        <title>LSCS Holdings Inc 2025 Term Loan</title>
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          <other otherDesc="LoanX ID" value="LX259123"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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        <name>Loungers</name>
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        <title>Loungers GBP Term Loan B</title>
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          <other otherDesc="Internal Identifier" value="BA000GXF2"/>
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        <balance>18800000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Mannington Mills Inc</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-03-25</maturityDt>
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        <name>FUTURE PAK LLC</name>
        <lei>N/A</lei>
        <title>Future Pak LLC 2025 Term Loan</title>
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          <other otherDesc="Internal Identifier" value="BA000HCF3"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>APPLIED TECHNICAL SERVICES LLC</name>
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          <other otherDesc="LoanX ID" value="LX262053"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>APPLIED TECHNICAL SERVICES LLC</name>
        <lei>N/A</lei>
        <title>Applied Technical Services LLC 2025 Revolver</title>
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        <balance>2100048.47000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>3</fairValLevel>
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          <maturityDt>2031-04-08</maturityDt>
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      <invstOrSec>
        <name>APPLIED TECHNICAL SERVICES LLC</name>
        <lei>N/A</lei>
        <title>Applied Technical Services LLC 2025 Delayed Draw Term Loan B</title>
        <cusip>000000000</cusip>
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        <balance>1050024.24000000</balance>
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        <assetCat>LON</assetCat>
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        <fairValLevel>3</fairValLevel>
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      </invstOrSec>
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        <name>APPLIED TECHNICAL SERVICES LLC</name>
        <lei>N/A</lei>
        <title>Applied Technical Services LLC 2025 Term Loan</title>
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          <other otherDesc="LoanX ID" value="LX262051"/>
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        <balance>20695903.54000000</balance>
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        <curCd>USD</curCd>
        <valUSD>21003057.65000000</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <maturityDt>2031-04-08</maturityDt>
          <couponKind>Floating</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>24 Hour Fitness Worldwide Inc</name>
        <lei>N/A</lei>
        <title>24 Hour Fitness Worldwide Inc 2025 Term Loan</title>
        <cusip>000000000</cusip>
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          <other otherDesc="LoanX ID" value="LX263079"/>
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        <curCd>USD</curCd>
        <valUSD>31192125.05000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-30</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>24 Hour Fitness Worldwide Inc</name>
        <lei>N/A</lei>
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          <other otherDesc="Internal Identifier" value="BA000JQC1"/>
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        <balance>3442622.95000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3420030.74000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <couponKind>None</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>LTC CONSULTING SERVICES LLC</name>
        <lei>N/A</lei>
        <title>LTC Consulting Services LLC Term Loan</title>
        <cusip>000000000</cusip>
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          <other otherDesc="Internal Identifier" value="BA000JST2"/>
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        <balance>23367424.24000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2031-05-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.73000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>LTC CONSULTING SERVICES LLC</name>
        <lei>N/A</lei>
        <title>LTC Consulting Services LLC Revolver</title>
        <cusip>000000000</cusip>
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          <other otherDesc="Internal Identifier" value="BA000JSV7"/>
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        <balance>1515151.52000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2031-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.50000000</annualizedRt>
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      <invstOrSec>
        <name>TRIMLIGHT INC</name>
        <lei>N/A</lei>
        <title>Trimlight Inc Term Loan</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="BA000JWW0"/>
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        <balance>26674342.11000000</balance>
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        <curCd>USD</curCd>
        <valUSD>26240884.05000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2030-05-06</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.74000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>TRIMLIGHT INC</name>
        <lei>N/A</lei>
        <title>Trimlight Inc Revolver</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="BA000JY65"/>
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        <balance>3157894.73000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3106578.94000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2030-05-06</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SkyZone</name>
        <lei>N/A</lei>
        <title>SkyZone Incremental Term Loan</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="BA000K1X9"/>
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        <balance>4975000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4975000.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-18</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>10.50000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SkyZone</name>
        <lei>N/A</lei>
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        <cusip>000000000</cusip>
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          <other otherDesc="Internal Identifier" value="BA000K1Y7"/>
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        <balance>5000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5000000.00000000</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-18</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>10.47000000</annualizedRt>
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      <invstOrSec>
        <name>MedPro</name>
        <lei>N/A</lei>
        <title>MedPro Term Loan</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="LoanX ID" value="LX263660"/>
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        <balance>26367500.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Mood Media Borrower,LLC,</name>
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        <title>Mood Media BorrowerLLC 2025 Term Loan</title>
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          <other otherDesc="Internal Identifier" value="BA000KRY9"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>3</fairValLevel>
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          <couponKind>Floating</couponKind>
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        <name>Mood Media Borrower,LLC,</name>
        <lei>549300XXPJSI7843ZB15</lei>
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          <other otherDesc="Internal Identifier" value="BA000KS36"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>3</fairValLevel>
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          <couponKind>Floating</couponKind>
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        <name>FIRST BRANDS GROUP LLC</name>
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          <other otherDesc="LoanX ID" value="LX264951"/>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <name>MASSIV BRANDS LLC</name>
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          <other otherDesc="Internal Identifier" value="BA000M4C8"/>
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        <fairValLevel>3</fairValLevel>
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        <name>SHEPHERD INTERMEDIATE LLC</name>
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          <other otherDesc="Internal Identifier" value="BA000MD20"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>3</fairValLevel>
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        <name>SHEPHERD INTERMEDIATE LLC</name>
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          <other otherDesc="Internal Identifier" value="BA000MD46"/>
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        <balance>5208333.33000000</balance>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>3</fairValLevel>
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          <maturityDt>2030-07-10</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>SHEPHERD INTERMEDIATE LLC</name>
        <lei>N/A</lei>
        <title>Shepherd Intermediate LLC Revolver</title>
        <cusip>000000000</cusip>
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          <other otherDesc="Internal Identifier" value="BA000MD53"/>
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        <balance>1041666.67000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1050781.25000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-10</maturityDt>
          <couponKind>Fixed</couponKind>
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      </invstOrSec>
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        <name>HMP Omnimedia LLC</name>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
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        <curCd>USD</curCd>
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        <assetCat>LON</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>HMP Omnimedia LLC</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>3</fairValLevel>
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        <name>Lance East Finance Pty Ltd</name>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Phoenix Rehabilitation And Health Services, Inc.</name>
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        <title>Phoenix Rehabilitation And Health Services Inc Term Loan A</title>
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          <other otherDesc="Internal Identifier" value="BA000QBB3"/>
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        <balance>19882352.94000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <name>Phoenix Rehabilitation And Health Services, Inc.</name>
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        <balance>5150357.85000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Phoenix Rehabilitation And Health Services, Inc.</name>
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          <other otherDesc="Internal Identifier" value="BA000QBD9"/>
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        <balance>3823529.41000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Phoenix Rehabilitation And Health Services, Inc.</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Archer AcquisitionLLC</name>
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          <other otherDesc="LoanX ID" value="LX270316"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Lawn &amp; Garden, LLC</name>
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        <fairValLevel>3</fairValLevel>
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        <fairValLevel>3</fairValLevel>
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        <name>JONATHAN ACQUISITION COMPANY</name>
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        <fairValLevel>3</fairValLevel>
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        <name>Harrel-Fish, LLC</name>
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        <fairValLevel>3</fairValLevel>
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        <name>Harrel-Fish, LLC</name>
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        <name>Harrel-Fish, LLC</name>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>SPINRITE INC</name>
        <lei>549300CNRTKL60LXDC43</lei>
        <title>SPINRITE INC TERM LOAN</title>
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        <curCd>USD</curCd>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>SPINRITE INC</name>
        <lei>549300CNRTKL60LXDC43</lei>
        <title>SPINRITE INC REVOLVER</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="BA000SWG5"/>
        </identifiers>
        <balance>4983552.63000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4883881.58000000</valUSD>
        <pctVal>0.353029853504</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2030-12-05</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TIKEHAU SONIC SARL</name>
        <lei>98450057FADY0B973908</lei>
        <title>TIKEHAU SONIC SARL EUR TERM LOAN</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="BA000TVT6"/>
        </identifiers>
        <balance>4512195.12000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85222400"/>
        <valUSD>5241665.54000000</valUSD>
        <pctVal>0.378892155224</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-10-31</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.11000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TIKEHAU SONIC SARL</name>
        <lei>98450057FADY0B973908</lei>
        <title>TIKEHAU SONIC SARL EUR DELAYED DRAW TERM LOAN</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="BA000TVW9"/>
        </identifiers>
        <balance>243902.44000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85222400"/>
        <valUSD>283333.28000000</valUSD>
        <pctVal>0.020480657586</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-10-31</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TIKEHAU SONIC SARL</name>
        <lei>98450057FADY0B973908</lei>
        <title>TIKEHAU SONIC SARL EUR REVOLVER</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="BA000TVX7"/>
        </identifiers>
        <balance>243902.44000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85222400"/>
        <valUSD>283333.28000000</valUSD>
        <pctVal>0.020480657586</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-04-30</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EXEMPLIS LLC</name>
        <lei>549300YCTX65T9LN3062</lei>
        <title>EXEMPLIS LLC 2025 TERM LOAN</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="LoanX ID" value="LX279742"/>
        </identifiers>
        <balance>18214285.71000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>18077678.57000000</valUSD>
        <pctVal>1.306739345073</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-12-22</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.94000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EXEMPLIS LLC</name>
        <lei>549300YCTX65T9LN3062</lei>
        <title>EXEMPLIS LLC 2025 REVOLVER</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="LoanX ID" value="LX279741"/>
        </identifiers>
        <balance>4285714.29000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4253571.43000000</valUSD>
        <pctVal>0.307468081321</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-12-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Delivery Hero SE</name>
        <lei>529900KR9IO53KSCSQ67</lei>
        <title>Delivery Hero SE 2024 USD Term Loan B</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XAD2007ZAE79"/>
        </identifiers>
        <balance>24562500.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24695628.75000000</valUSD>
        <pctVal>1.785115805328</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-12-12</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.84000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Digicel International Finance Limited</name>
        <lei>5493007V023VOEW4FK27</lei>
        <title>Digicel International Finance Limited 2025 Term Loan B</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XAG2761UAC53"/>
        </identifiers>
        <balance>10700000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10707650.50000000</valUSD>
        <pctVal>0.773999169609</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-08-06</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.02000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-01-30</ncom:dateSigned>
      <ncom:nameOfApplicant>FS Specialty Lending Fund</ncom:nameOfApplicant>
      <ncom:signature>William Goebel</ncom:signature>
      <ncom:signerName>William Goebel</ncom:signerName>
      <ncom:title>Chief Financial Officer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
