|  |  |  |
|--|--|--|
|  |

|        |                                                                                        |  |  |  |  |
|--------|----------------------------------------------------------------------------------------|--|--|--|--|
| þ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE   SECURITIES EXCHANGE ACT OF 1934 |
|        | For the fiscal year ended December 31, 2021                                       |

|        |                                                                                                                                                                                                                   |  |  |  |  |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|--|--|
|  ̈ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934                                                                                                                          |
|        | For the transition period from                      to           |

|                                                             |        |                     |  |  |  |  |  |  |
|-------------------------------------------------------------|--------|---------------------|--|--|--|--|--|--|
| Maryland                                                    |   | 86-3780522          |
| (State or other jurisdiction of                             |   | (I.R.S. Employer    |
| incorporation or organization)                              |   | Identification No.) |
|                                                             |        |
| 300 South Tryon Street, Suite 2500Charlotte, North Carolina |   | 28202               |
| (Address of principal executive offices)                    |   | (Zip Code)          |

|                     |                |                                           |  |  |  |  |  |  |
|---------------------|----------------|-------------------------------------------|--|--|--|--|--|--|
| Title of Each Class | Trading Symbol | Name of Each Exchange on Which Registered |
| None                | None           | None                                      |

|                                                                                                                                                                                                                                                                         |  |                                          |  |                                              |  |                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|------------------------------------------|--|----------------------------------------------|--|-------------------------------------------------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Large accelerated filer  ̈                                                                                                                                                                                                                           |  | Accelerated filer   ̈ |  | Non-accelerated filer  þ |  | Smaller reporting company   ̈ |
|                                                                                                                                                                                                                                                                         |  |                                          |  | Emerging growth company  þ         |
| 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.   ̈ |

|  |  |  |
|--|--|--|
|  |

----

|               |                                                                                                                    |        |  |  |  |  |  |  |
|---------------|--------------------------------------------------------------------------------------------------------------------|--------|--|--|--|--|--|--|
|               |                                                                                                                    |        |
|          |                                                                                                               | Page   |
|               |                                                                                                                    |        |
|          | PART I                                                                                                             |   |
| Item 1.  | Business                                                                                                           | 4      |
| Item 1A. | Risk Factors                                                                                                       | 32     |
| Item 1B. | Unresolved Staff Comments                                                                                          | 59     |
| Item 2.  | Properties                                                                                                         | 60     |
| Item 3.  | Legal Proceedings                                                                                                  | 60     |
| Item 4.  | Mine Safety Disclosures                                                                                            | 60     |
|               |                                                                                                                    |        |
|               | PART II                                                                                                            |        |
| Item 5.  | Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities | 61     |
| Item 6.  | Reserved                                                                                                           | 63     |
| Item 7.  | Management’s Discussion and Analysis of Financial Condition and Results of Operations                        | 63     |
| Item 7A. | Quantitative and Qualitative Disclosures about Market Risk                                                         | 83     |
| Item 8.  | Financial Statements and Supplementary Data                                                                        | 83     |
| Item 9.  | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure                               | 83     |
| Item 9A. | Controls and Procedures                                                                                            | 83     |
| Item 9B. | Other Information                                                                                                  | 84     |
| Item 9C.      | Disclosure Regarding Foreign Jurisdictions that Prevent Inspections                                                | 84     |
|               |                                                                                                                    |        |
|               | PART III                                                                                                           |        |
| Item 10. | Directors, Executive Officers and Corporate Governance                                                             | 85     |
| Item 11. | Executive Compensation                                                                                             | 85     |
| Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related StockholderMatters                      | 85     |
| Item 13. | Certain Relationships and Related Transactions, and Director Independence                                          | 85     |
| Item 14. | Principal Accountant Fees and Services                                                                             | 85     |
|               |                                                                                                                    |        |
|               | PART IV                                                                                                            |        |
| Item 15. | Exhibits and Financial Statement Schedules                                                                         | 86     |
| Signatures    | 89                                                                                                                 |
| Exhibits      |                                                                                                                    |

----

----

----

----

----

----

----

----

----

----

----

----

----

----

----

----

----

----

----

----

----

----

----

----

----

----

----

----

----

----

----

----

----

----

----

----

----

----

----

|                                                                                                      |                                                  |   |        |   |           |   |            |   |            |   |  |  |  |  |  |  |  |
|------------------------------------------------------------------------------------------------------|--------------------------------------------------|---|--------|---|-----------|---|------------|---|------------|---|--|--|--|--|--|--|--|
|                                                                                                      | Assumed Return on our Portfolio(Net of Expenses) |
|                                                                                                      | (10.0)                                           | % | (5.0)  | % | 0.0  | % | 5.0   | % | 10.0  | % |
| Corresponding return to common stockholder assuming actual asset coverage as of December 31, 2021(1) | (20.7)                                           | % | (11.5) | % | (2.2)     | % | 7.1   | % | 16.4  | % |
| Corresponding return to common stockholder assuming 150% asset coverage as of December 31, 2021(2)   | (35.6)                                           | % | (20.4) | % | (5.2)     | % | 10.1  | % | 25.3  | % |

----

----

----

----

----

----

----

----

----

----

----

----

----

----

----

----

----

----

----

----

|                                     |  |                         |            |            |  |           |   |  |  |  |  |  |  |  |  |  |  |  |
|-------------------------------------|--|-------------------------|------------|------------|--|-----------|---|--|--|--|--|--|--|--|--|--|--|--|
|                                     |  | Year Ended December 31, |
|                                     |  | 2021                    |            |            |
|                                     |  | Amount                  |            | % of Total |  |           |   |  |
| Ordinary Income                     |  | $                       | 0.81  |            |  | 100  | % |  |  |  |  |
| Total reported on IRS Form 1099-DIV |  | $                       | 0.81  |            |  | 100  | % |  |  |  |  |

----

----

|                    |  |                                                                                   |  |                          |                   |                   |  |  |  |  |  |  |  |  |  |
|--------------------|--|-----------------------------------------------------------------------------------|--|--------------------------|-------------------|-------------------|--|--|--|--|--|--|--|--|--|
|                    |  | For the period from May 10, 2021(commencement of operations) to December 31, 2021 |  |
| Share Issue Date   |  | Shares Issued                                                                     |  | Aggregate Offering Price |                   |
| May 10, 2021       |  | 22,500,000                                                                   |  |                          | $                 | 450,000,000  |  |  |
| August 27, 2021    |  | 8,495,146                                                                    |  |                          | 175,000,000  |                   |  |
| September 27, 2021 |  | 3,698,225                                                                    |  |                          | 75,000,000   |                   |  |
| December 23, 2021  |  | 5,857,822                                                                    |  |                          | 119,441,000  |                   |  |
| Total              |  | 40,551,193                                                                   |  |                          | $                 | 819,441,000  |  |  |

----

----

----

|                                      |  |                   |                     |                                   |         |            |   |                                        |   |                     |  |  |           |   |  |  |  |  |  |  |  |  |  |  |  |  |
|--------------------------------------|--|-------------------|---------------------|-----------------------------------|---------|------------|---|----------------------------------------|---|---------------------|--|--|-----------|---|--|--|--|--|--|--|--|--|--|--|--|--|
|                                      |  | Cost              |                     | Percentage ofTotal Portfolio |         | Fair Value |   | Percentage ofTotal Portfolio |
| December 31, 2021:          |  |                   |                     |                                   |         |            |   |                                        |
| Senior debt and 1st lien notes       |  | $                 | 1,144,754,684  |                                   |         | 82    | % |                                        | $ | 1,141,252,232  |  |  | 82   | % |
| Subordinated debt and 2nd lien notes |  | 113,998,904  |                     |                                   | 8  |            |   | 114,779,348                            |   | 8              |  |
| Structured products                  |  | 19,260,697   |                     |                                   | 2  |            |   | 19,566,439                             |   | 2              |  |
| Equity shares                        |  | 72,534,151   |                     |                                   | 5  |            |   | 75,039,463                             |   | 5              |  |
|                                      |  |                   |                     |                                   |         |            |   |                                        |
| Investment in joint ventures         |  | 45,969,354   |                     |                                   | 3  |            |   | 47,011,312                             |   | 3              |  |
|                                      |  |                   |                     |                                   |         |            |   |                                        |
|                                      |  | $                 | 1,396,517,790  |                                   |         | 100   | % |                                        | $ | 1,397,648,794  |  |  | 100  | % |

----

|                                                                          |                              |                     |                                      |                   |                     |                   |                  |  |   |                  |                               |  |                       |                  |                  |  |  |                   |   |                  |                     |  |   |               |  |  |   |                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|--------------------------------------------------------------------------|------------------------------|---------------------|--------------------------------------|-------------------|---------------------|-------------------|------------------|--|---|------------------|-------------------------------|--|-----------------------|------------------|------------------|--|--|-------------------|---|------------------|---------------------|--|---|---------------|--|--|---|---------------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| From May 10, 2021 (commencement of operations) to December 31, 2021 | Senior Debtand 1st LienNotes |                     | Subordinated Debt and 2nd Lien Notes |                   | Structured Products |                   | Equity Shares    |  |   |                  | Investments in joint ventures |  | Short-termInvestments |                  | Total            |
| Fair value, beginning of period                                          | $                            | —        |                                      |                   | $                   | —      |                  |  | $ | —     |                               |  | $                     | —     |                  |  |  |                   | $ | —     |                     |  | $ | —  |  |  | $ | —        |  |
| New investments                                                          | 803,698,760             |                     |                                      | 59,148,685   |                     |                   | 19,259,624  |  |   | 72,534,152  |                               |  |                       |                  | 45,969,354  |  |  | 152,000,146  |   |                  | 1,152,610,721  |  |
| Investments purchased from MassMutual                                    | 495,738,250             |                     |                                      | 106,632,766  |                     |                   | —     |  |   | —     |                               |  |                       |                  | —     |  |  | —      |   |                  | 602,371,016    |  |
| Proceeds from sales of investments                                       | (432)                        |                     |                                      | —      |                     |                   | —     |  |   | —     |                               |  |                       |                  | —     |  |  | (152,000,146)     |   |                  | (152,000,578)       |  |
| Loan origination fees received                                           | (20,739,941)                 |                     |                                      | (1,680,650)       |                     |                   | —     |  |   | —     |                               |  |                       |                  | —     |  |  | —      |   |                  | (22,420,591)        |  |
| Principal repayments received                                            | (138,087,273)                |                     |                                      | (51,599,633)      |                     |                   | —     |  |   | —     |                               |  |                       |                  | —     |  |  | —      |   |                  | (189,686,906)       |  |
| Payment-in-kind interest                                                 | 262,314                 |                     |                                      | 4,816        |                     |                   | —     |  |   | —     |                               |  |                       |                  | —     |  |  | —      |   |                  | 267,130        |  |
| Accretion of loan premium/discount                                   | 555                     |                     |                                      | 3,498        |                     |                   | 1,073       |  |   | —     |                               |  |                       |                  | —     |  |  | —      |   |                  | 5,126          |  |
| Accretion of deferred loan origination revenue                           | 4,285,239               |                     |                                      | 1,558,715    |                     |                   | —     |  |   | —     |                               |  |                       |                  | —     |  |  | —      |   |                  | 5,843,954      |  |
| Realized loss                                                            | (402,789)                    |                     |                                      | (69,292)          |                     |                   | —     |  |   | —     |                               |  |                       |                  | —     |  |  | —      |   |                  | (472,081)           |  |
| Unrealized appreciation (depreciation)                                   | (3,502,451)                  |                     |                                      | 780,443      |                     |                   | 305,742     |  |   | 2,505,311   |                               |  |                       |                  | 1,041,958   |  |  | —      |   |                  | 1,131,003      |  |
| Fair value, end of period                                                | $                            | 1,141,252,232  |                                      |                   | $                   | 114,779,348  |                  |  | $ | 19,566,439  |                               |  | $                     | 75,039,463  |                  |  |  |                   | $ | 47,011,312  |                     |  | $ | —  |  |  | $ | 1,397,648,794  |  |

----

|                                                                                                 |                                                                  |                  |  |  |  |
|-------------------------------------------------------------------------------------------------|------------------------------------------------------------------|------------------|--|--|--|
|                                                                                            | For the period from May 10, 2021 (commencement of operations) to |
|                                                                                            | December 31, 2021                                                |
| Total investment income                                                                         | $                                                                | 46,777,360  |  |
| Total operating expenses                                                                        | 13,415,329                                                  |                  |
| Base management fee waived                                                                      | (1,489,028)                                                      |                  |
| Net operating expenses                                                                          | 11,926,301                                                  |                  |
|     Net investment income before taxes                                      | 34,851,059                                                  |                  |
| Income taxes, including excise tax expense                                                      | 470,680                                                     |                  |
|     Net investment income after taxes                                       | 34,380,379                                                  |                  |
| Net realized gains                                                                              | 4,361,947                                                   |                  |
| Net unrealized appreciation                                                                     | 2,902,233                                                   |                  |
|                                                                                                 |                                                                  |
|                                                                                                 |                                                                  |
| Net realized gains and unrealized appreciation on investments and foreign currency transactions | 7,264,180                                                   |                  |
|     Net increase in net assets resulting from operations                    | $                                                                | 41,644,559  |  |

|                                                 |                                                                  |                  |  |  |  |
|-------------------------------------------------|------------------------------------------------------------------|------------------|--|--|--|
|                                            | For the period from May 10, 2021 (commencement of operations) to |
|                                            | December 31, 2021                                                |
| Total interest income                           | $                                                                | 34,420,273  |  |
| Total dividend income                           | 5,057,674                                                   |                  |
| Total fee and other income                      | 6,890,085                                                   |                  |
|                                                 |                                                                  |
| Total payment-in-kind interest income           | 409,328                                                     |                  |
|                                                 |                                                                  |
|     Total investment income | $                                                                | 46,777,360  |  |

----

|                                                  |  |                                                                  |                  |  |  |  |  |  |
|--------------------------------------------------|--|------------------------------------------------------------------|------------------|--|--|--|--|--|
|                                             |  | For the period from May 10, 2021 (commencement of operations) to |
|                                             |  | December 31, 2021                                                |
| Interest and other financing fees                |  | $                                                                | 7,404,310   |  |
| Base management fee                              |  | 3,665,324                                                   |                  |
|                                                  |  |                                                                  |
|                                                  |  |                                                                  |
|                                                  |  |                                                                  |
|                                                  |  |                                                                  |
|                                                  |  |                                                                  |
|                                                  |  |                                                                  |
|                                                  |  |                                                                  |
| Other general and administrative expenses        |  | 2,345,695                                                   |                  |
|     Total operating expenses |  | $                                                                | 13,415,329  |  |
| Base management fee waived                       |  | (1,489,028)                                                      |                  |
|     Net operating expenses   |  | $                                                                | 11,926,301  |  |

----

|                                             |  |                                                                  |                 |  |  |  |  |  |
|---------------------------------------------|--|------------------------------------------------------------------|-----------------|--|--|--|--|--|
|                                        |  | For the period from May 10, 2021 (commencement of operations) to |
|                                        |  | December 31, 2021                                                |
| Non-Control / Non-Affiliate investments |  | $                                                                | (472,081)       |  |
|                                             |  |                                                                  |
|                                             |  |                                                                  |
| Net realized losses on investments          |  | (472,081)                                                        |                 |
| Foreign currency transactions               |  | 4,834,028                                                   |                 |
| Net realized gains                          |  | $                                                                | 4,361,947  |  |

|                                             |  |                                                                  |                 |  |  |  |  |  |
|---------------------------------------------|--|------------------------------------------------------------------|-----------------|--|--|--|--|--|
|                                        |  | For the period from May 10, 2021 (commencement of operations) to |
|                                        |  | December 31, 2021                                                |
| Non-Control / Non-Affiliate investments |  | $                                                                | (2,156,353)     |  |
| Affiliate investments                       |  | 3,287,356                                                   |                 |
|                                             |  |                                                                  |
| Net unrealized appreciation on investments  |  | 1,131,003                                                   |                 |
| Foreign currency transactions               |  | 1,771,230                                                   |                 |
| Net unrealized appreciation                 |  | $                                                                | 2,902,233  |  |

----

----

----

----

----

----

----

|                                                   |                                                                  |                 |  |  |  |  |
|---------------------------------------------------|------------------------------------------------------------------|-----------------|--|--|--|--|
|                                                   | For the period from May 10, 2021 (commencement of operations) to |                 |
|                                                   | December 31, 2021                                                |                 |
| Recurring Fee Income:                         |                                                                  |                 |
| Amortization of loan origination fees             | $                                                                | 2,686,546  |  |  |
| Management, valuation and other fees              | 340,722                                                     |                 |  |
| Total Recurring Fee Income                        | 3,027,268                                                   |                 |  |
| Non-Recurring Fee Income:                     |                                                                  |                 |
| Prepayment fees                                   | 246,804                                                     |                 |  |
| Acceleration of unamortized loan origination fees | 3,157,408                                                   |                 |  |
| Advisory, loan amendment and other fees           | 458,605                                                     |                 |  |
| Total Non-Recurring Fee Income                    | 3,862,817                                                   |                 |  |
| Total Fee Income                                  | $                                                                | 6,890,085  |  |  |

----

----

|                                   |                        |                   |               |  |  |  |  |  |
|-----------------------------------|------------------------|-------------------|---------------|--|--|--|--|--|
| Portfolio Company                 | Investment Type        | December 31, 2021 |
| Acclime Holdings HK Limited(1)    | Delayed Draw Term Loan | $                 | 147,567  |  |
| Acclime Holdings HK Limited(1)    | Delayed Draw Term Loan | 811,621      |               |
| Air Comm Corporation, LLC(1)(2)   | Delayed Draw Term Loan | 10,811       |               |
| Air Comm Corporation, LLC(1)(2)   | Delayed Draw Term Loan | 2,759,726    |               |
| Amtech LLC(1)(2)                  | Delayed Draw Term Loan | 1,818,182    |               |
| Amtech LLC(1)(2)                  | Revolver               | 454,545      |               |
| AnalytiChem Holding GmbH(1)(2)(3) | Delayed Draw Term Loan | 4,000,612    |               |
| Aquavista Watersides 2 LTD(1)(4)  | Bridge Revolver        | 233,431      |               |
| Aquavista Watersides 2 LTD(1)(4)  | Acquisition Facility   | 1,458,949    |               |
| Astra Bidco Limited(1)(4)         | Delayed Draw Term Loan | 1,192,217    |               |

----

|                                                          |                         |                   |  |  |  |  |  |  |
|----------------------------------------------------------|-------------------------|-------------------|--|--|--|--|--|--|
| Portfolio Company                                        | Investment Type         | December 31, 2021 |
| Avance Clinical Bidco Pty Ltd(1)(5)                      | Delayed Draw Term Loan  | 1,621,527    |  |
| AWP Group Holdings, Inc.(1)(2)                           | Delayed Draw Term Loan  | 233,462      |  |
| Azalea Buyer, Inc.(1)(2)                                 | Delayed Draw Term Loan  | 961,538      |  |
| Azalea Buyer, Inc.(1)(2)                                 | Revolver                | 480,769      |  |
| Bariacum S.A(1)(3)                                       | Acquisition Facility    | 1,023,480    |  |
| Bearcat Buyer, Inc.(1)                                   | Delayed Draw Term Loan  | 96,161       |  |
| Beyond Risk Management, Inc.(1)(2)                       | Delayed Draw Term Loan  | 2,573,333    |  |
| BigHand UK Bidco Limited(1)(2)(4)                        | Acquisition Facility    | 147,195      |  |
| Bounteous, Inc.(1)(2)                                    | Delayed Draw Term Loan  | 2,697,117    |  |
| Brightpay Limited(1)(2)(3)                               | Delayed Draw Term Loan  | 602,366      |  |
| Brightpay Limited(1)(2)(3)                               | Delayed Draw Term Loan  | 200,789      |  |
| BrightSign LLC(1)                                        | Revolver                | 1,108,629    |  |
| British Engineering Services Holdco Limited(1)(4)        | Bridge Revolver         | 46,133       |  |
| British Engineering Services Holdco Limited(1)(4)        | Acquisition Facility    | 1,729,284    |  |
| CAi Software, LLC(1)(2)                                  | Revolver                | 942,986      |  |
| Canadian Orthodontic Partners Corp.(1)(2)(6)             | Delayed Draw Term Loan  | 439,889      |  |
| Centralis Finco S.a.r.l.(1)(2)(3)                        | Acquisition Facility    | 72,968       |  |
| Ceres Pharma NV(1)(2)(3)                                 | Delayed Draw Term Loan  | 1,543,733    |  |
| Classic Collision (Summit Buyer, LLC)(1)                 | Delayed Draw Term Loan  | 788,108      |  |
| Coastal Marina Holdings, LLC(1)                          | PIK Tranche B Term Loan | 655,610      |  |
| Coastal Marina Holdings, LLC(1)                          | Tranche A Term Loan     | 1,787,946    |  |
| Command Alkon (Project Potter Buyer, LLC)(1)             | Delayed Draw Term Loan  | 13,153,137   |  |
| Coyo Uprising GmbH(1)(2)(3)                              | Delayed Draw Term Loan  | 1,076,265    |  |
| Crash Champions, LLC(1)(2)                               | Delayed Draw Term Loan  | 4,517,737    |  |
| Dart Buyer, Inc(1)(2)                                    | Delayed Draw Term Loan  | 441,020      |  |
| DecksDirect, LLC(1)(2)                                   | Revolver                | 218,182      |  |
| Direct Travel, Inc.(1)(2)                                | Delayed Draw Term Loan  | 225,054      |  |
| DreamStart BidCo SAS (d/b/a SmartTrade)(1)(2)(3) | Acquisition Facility    | 179,135      |  |
| Dune Group(1)(2)(3)                                      | Delayed Draw Term Loan  | 1,613,997    |  |
| Dwyer Instruments, Inc.(1)                               | Delayed Draw Term Loan  | 986,842      |  |
| Eclipse Business Capital, LLC(1)                         | Revolver                | 8,342,246    |  |
| EMI Porta Holdco LLC(1)(2)                               | Delayed Draw Term Loan  | 10,677,966   |  |
| EMI Porta Holdco LLC(1)(2)                               | Revolver                | 2,542,373    |  |
| EPS NASS Parent, Inc.(1)                                 | Delayed Draw Term Loan  | 208,715      |  |
| eShipping, LLC(1)(2)                                     | Delayed Draw Term Loan  | 1,274,066    |  |
| eShipping, LLC(1)(2)                                     | Revolver                | 615,798      |  |
| F24 (Stairway BidCo GmbH)(1)(2)(3)                       | Acquisition Term Loan   | 94,602       |  |
| FineLine Systems(1)                                      | Delayed Draw Term Loan  | 478,015      |  |
| FragilePak LLC(1)                                        | Delayed Draw Term Loan  | 4,648,506    |  |
| Glacis Acquisition S.A.R.L.(1)(3)                        | Delayed Draw Term Loan  | 10,750,905   |  |
| Graphpad Software, LLC(1)                                | Delayed Draw Term Loan  | 2,602,317    |  |
| Heartland Veterinary Partners, LLC(1)(2)                 | Delayed Draw Term Loan  | 363,977      |  |
| Heartland, LLC(1)(2)                                     | Delayed Draw Term Loan  | 892,201      |  |

----

|                                                            |                               |                   |  |  |  |  |  |  |
|------------------------------------------------------------|-------------------------------|-------------------|--|--|--|--|--|--|
| Portfolio Company                                          | Investment Type               | December 31, 2021 |
| Heavy Construction Systems Specialists, LLC(1)(2)          | Revolver                      | 2,192,982    |  |
| Heilbron (f/k/a Sucsez (Bolt Bidco B.V.))(1)(2)(3) | Committed Additional Facility | 1,206,159    |  |
| HW Holdco, LLC (Hanley Wood LLC)(1)(2)                     | Delayed Draw Term Loan        | 1,839,703    |  |
| IGL Holdings III Corp.(1)                                  | Delayed Draw Term Loan        | 336,515      |  |
| Innovad Group II BV(1)(2)(3)                               | Delayed Draw Term Loan        | 288,890      |  |
| INOS 19-090 GmbH(1)(2)(3)                                  | Acquisition Facility          | 154,642      |  |
| Isolstar Holding NV (IPCOM)(1)(2)(3)                       | Acquisition Facility          | 333,081      |  |
| ITI Intermodal, Inc.(1)(2)                                 | Delayed Draw Term Loan        | 103,058      |  |
| ITI Intermodal, Inc.(1)(2)                                 | Revolver                      | 124,006      |  |
| Jaguar Merger Sub Inc.(1)(2)                               | Delayed Draw Term Loan        | 1,960,784    |  |
| Jaguar Merger Sub Inc.(1)(2)                               | Revolver                      | 490,196      |  |
| Jeeves Information Systems AB(1)(2)(3)                     | Delayed Draw Term Loan        | 8,936,319    |  |
| Kano Laboratories LLC(1)(2)                                | Delayed Draw Term Loan        | 723,934      |  |
| Kano Laboratories LLC(1)(2)                                | Delayed Draw Term Loan        | 860,075      |  |
| LAF International(1)(2)(3)                                 | Acquisition Facility          | 113,720      |  |
| Lambir Bidco Limited(1)(3)                                 | Bridge Revolver               | 436,128      |  |
| Lambir Bidco Limited(1)(3)                                 | Delayed Draw Term Loan        | 872,255      |  |
| LivTech Purchaser, Inc.(1)                                 | Delayed Draw Term Loan        | 145,129      |  |
| Marmoutier Holding B.V.(1)(3)                              | Delayed Draw Term Loan        | 405,082      |  |
| Marmoutier Holding B.V.(1)(3)                              | Revolver                      | 162,033      |  |
| MC Group Ventures Corporation(1)                           | Delayed Draw Term Loan        | 1,290,794    |  |
| Mertus 522. GmbH(1)(2)(3)                                  | Acquisition Facility          | 6,564,383    |  |
| Modern Star Holdings Bidco Pty Limited(1)(2)(5)            | Capex term Loan               | 63,328       |  |
| Murphy Midco Limited(1)(2)(4)                              | Delayed Draw Term Loan        | 159,617      |  |
| Narda Acquisitionco., Inc.(1)(2)                           | Revolver                      | 1,059,465    |  |
| Navia Benefit Solutions, Inc.(1)                           | Delayed Draw Term Loan        | 2,140,689    |  |
| Nexus Underwriting Management Limited(1)(2)(4)             | Revolver                      | 82,154       |  |
| Nexus Underwriting Management Limited(1)(2)(4)             | Acquisition Facility          | 1,532,993    |  |
| OA Buyer, Inc.(1)(2)                                       | Revolver                      | 1,331,244    |  |
| OG III B.V.(1)(2)(3)                                       | Acquisition Capex Facility    | 1,355,015    |  |
| Omni Intermediate Holdings, LLC(1)                         | Delayed Draw Term Loan        | 929,072      |  |
| Omni Intermediate Holdings, LLC(1)                         | Delayed Draw Term Loan        | 4,955,051    |  |
| Options Technology Ltd.(1)(2)                              | Delayed Draw Term Loan        | 1,406,341    |  |
| OSP Hamilton Purchaser, LLC(1)(2)                          | Revolver                      | 186,567      |  |
| Pacific Health Supplies Bidco Pty Limited(1)(2)(5)         | CapEx Term Loan               | 78,226       |  |
| PDQ.Com Corporation(1)(2)                                  | Delayed Draw Term Loan        | 868,167      |  |
| PDQ.Com Corporation(1)(2)                                  | Delayed Draw Term Loan        | 4,320,165    |  |
| Polara Enterprises, L.L.C.(1)(2)                           | Revolver                      | 545,234      |  |
| Policy Services Company, LLC(1)(2)                         | Delayed Draw Term Loan        | 6,578,947    |  |
| Premium Invest(1)(2)(3)                                    | Acquisition Facility          | 568,600      |  |
| Protego Bidco B.V.(1)(2)(3)                                | Delayed Draw Term Loan        | 271,718      |  |
| QPE7 SPV1 BidCo Pty Ltd(1)(5)                              | Acquisition Term Loan         | 714,434      |  |
| Questel Unite(1)(3)                                        | Incremental Term Loan         | 2,877,878    |  |

----

|                                                              |                        |                   |                   |  |  |  |  |  |
|--------------------------------------------------------------|------------------------|-------------------|-------------------|--|--|--|--|--|
| Portfolio Company                                            | Investment Type        | December 31, 2021 |
| REP SEKO MERGER SUB LLC(1)(2)                                | Delayed Draw Term Loan | 1,043,086    |                   |
| Reward Gateway (UK) Ltd(1)(2)(4)                             | Acquisition Facility   | 1,354,434    |                   |
| Riedel Beheer B.V.(1)(3)                                     | Revolver               | 229,711      |                   |
| Riedel Beheer B.V.(1)(3)                                     | Delayed Draw Term Loan | 153,141      |                   |
| ROI Solutions LLC(1)                                         | Delayed Draw Term Loan | 710,678      |                   |
| Safety Products Holdings, LLC(1)(2)                          | Delayed Draw Term Loan | 2,889,173    |                   |
| Sanoptis S.A.R.L.(1)(3)                                      | Acquisition Facility   | 5,316,252    |                   |
| Scaled Agile, Inc.(1)(2)                                     | Delayed Draw Term Loan | 416,188      |                   |
| Scaled Agile, Inc.(1)(2)                                     | Revolver               | 335,821      |                   |
| Smartling, Inc.(1)(2)                                        | Delayed Draw Term Loan | 2,075,547    |                   |
| Smartling, Inc.(1)(2)                                        | Revolver               | 1,037,774    |                   |
| Springbrook Software (SBRK Intermediate, Inc.)(1)            | Delayed Draw Term Loan | 558,277      |                   |
| SSCP Pegasus Midco Limited(1)(2)(4)                          | Delayed Draw Term Loan | 507,475      |                   |
| Superjet Buyer, LLC(1)                                       | Revolver               | 1,825,293    |                   |
| Syntax Systems Ltd(1)(2)                                     | Revolver               | 520,857      |                   |
| Syntax Systems Ltd(1)(2)                                     | Delayed Draw Term Loan | 1,769,629    |                   |
| Techone B.V.(1)(3)                                           | Delayed Draw Term Loan | 751,522      |                   |
| Techone B.V.(1)(3)                                           | Revolver               | 200,406      |                   |
| Tencarva Machinery Company, LLC(1)(2)                        | Delayed Draw Term Loan | 885,903      |                   |
| Tencarva Machinery Company, LLC(1)(2)                        | Revolver               | 1,128,585    |                   |
| The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)(1)(2) | Delayed Draw Term Loan | 4,194,607    |                   |
| The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)(1)(2) | Revolver               | 1,233,410    |                   |
| The Hilb Group, LLC(1)                                       | Delayed Draw Term Loan | 5,953,604    |                   |
| Truck-Lite Co., LLC(1)(2)                                    | Delayed Draw Term Loan | 4,487,678    |                   |
| Turbo Buyer, Inc.(1)(2)                                      | Delayed Draw Term Loan | 2,314,336    |                   |
| W2O Holdings, Inc.(1)                                        | Delayed Draw Term Loan | 712,350      |                   |
| Waccamaw River(2)                                            | Joint Venture          | 11,280,000   |                   |
| Woodland Foods, LLC(1)(2)                                    | Revolver               | 1,498,867    |                   |
| Total unused commitments to extend financing                 |                        | $                 | 215,493,117  |  |

----

----

----

----

|                                                                                                                                        |      |  |  |  |  |
|----------------------------------------------------------------------------------------------------------------------------------------|------|--|--|--|--|
|                                                                                                                                   | Page |
| Report of Independent Registered Public Accounting Firm                                                                                | F-1  |
| Consolidated Balance Sheet as of December 31, 2021                                                                                | F-2  |
| Consolidated Statement of Operations for the period from May 10, 2021 (commencement of operations) toDecember 31, 2021            | F-3  |
| Consolidated Statement of Changes in Net Assets for the period from May 10, 2021 (commencement of operations) toDecember 31, 2021 | F-5  |
| Consolidated Statement of Cash Flows for the period from May 10, 2021 (commencement of operations) toDecember 31, 2021            | F-6  |
| Consolidated Schedule of Investments as of December 31, 2021                                                                      | F-7  |
| Notes to Consolidated Financial Statements                                                                                             | F-24 |

|        |                                                                                                                                                                                                                                                                                                                                                                                    |  |  |  |  |  |  |  |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|--|--|--|--|--|
| Number | Exhibit                                                                                                                                                                                                                                                                                                                                                                            |  |
| 2.1    | Purchase and Sale Agreement, dated as of May 12, 2021, by and among the Company, as buyer, and Massachusetts Mutual Life Insurance Company and C.M. Life Insurance Company, as sellers (Filed as Exhibit 2.1 to Amendment No. 1 to the Company's Registration Statement on Form 10 (File No. 000-56280) filed with the SEC on June 23, 2021 and incorporated herein by reference). |  |
| 3.1    | Articles of Incorporation (Filed as Exhibit 3.1 to Amendment No. 1 to the Company's Registration Statement on Form 10 (File No. 000-56280) filed with the SEC on June 23, 2021 and incorporated herein by reference).                                                                                                                                                              |  |
|        |                                                                                                                                                                                                                                                                                                                                                                                    |  |
| 3.2    | Bylaws of the Registrant (Filed as Exhibit 3.2 to Amendment No. 1 to the Company's Registration Statement on Form 10 (File No. 000-56280) filed with the SEC on June 23, 2021 and incorporated herein by reference).                                                                                                                                                               |  |
|        |                                                                                                                                                                                                                                                                                                                                                                                    |  |
| 4.1    | Description of Registrant’s securities registered pursuant to Section 12 of the Securities Exchange Act of 1934.*                                                                                                                                                                                                                                                            |  |
|        |                                                                                                                                                                                                                                                                                                                                                                                    |  |
| 10.1   | Amended and Restated Investment Advisory Agreement, dated November 10, 2021, between the Company and the Adviser (Filed as Exhibit 10.1 to the Company's Current Report on Form 8-K filed with the SEC on November 15, 2021 and incorporated herein by reference).                                                                                                                 |  |
|        |                                                                                                                                                                                                                                                                                                                                                                                    |  |
| 10.2   | Sub-Advisory Agreement between the Company, the Adviser and Sub-Adviser (Filed as Exhibit 10.2 to Amendment No. 1 to the Company's Registration Statement on Form 10 (File No. 000-56280) filed with the SEC on June 23, 2021 and incorporated herein by reference).                                                                                                               |  |
|        |                                                                                                                                                                                                                                                                                                                                                                                    |  |

----

|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |  |  |  |  |  |  |  |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|--|--|--|--|--|
| Number | Exhibit                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |  |
| 10.3   | Administration Agreement, dated May 13, 2021, between the Company and the Administrator (Filed as Exhibit 10.3 to Amendment No. 1 to the Company's Registration Statement on Form 10 (File No. 000-56280) filed with the SEC on June 23, 2021 and incorporated herein by reference).                                                                                                                                                                                                                                      |  |
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |  |
| 10.4   | Trademark License Agreement, dated May 13, 2021, between the Company and the Adviser (Filed as Exhibit 10.4 to Amendment No. 1 to the Company's Registration Statement on Form 10 (File No. 000-56280) filed with the SEC on June 23, 2021 and incorporated herein by reference).                                                                                                                                                                                                                                         |  |
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |  |
| 10.5   | Dividend Reinvestment Plan*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |  |
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |  |
| 10.6   | Form of Indemnification Agreement for Directors and Officers (Filed as Exhibit 10.6 to the Company's Registration Statement on Form 10 (File No. 000-56280) filed with the SEC on May 10, 2021 and incorporated herein by reference).                                                                                                                                                                                                                                                                                     |  |
| 10.7   | Master Custodian Agreement, dated August 2, 2018, by and between the Company and State Street Bank and Trust Company (Filed as Exhibit 10.7 to the Company's Registration Statement on Form 10 (File No. 000-56280) filed with the SEC on May 10, 2021 and incorporated herein by reference).                                                                                                                                                                                                                             |  |
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |  |
| 10.8   | Form of Subscription Agreement*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |  |
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |  |
| 10.9   | Expense Support and Conditional Reimbursement Agreement between the Company and the Adviser (Filed as Exhibit 10.9 to Amendment No. 1 to the Company's Registration Statement on Form 10 (File No. 000-56280) filed with the SEC on June 23, 2021 and incorporated herein by reference).                                                                                                                                                                                                                                  |  |
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |  |
| 10.10  | Revolving Credit and Security Agreement, dated as of May 11, 2021, among BPC Funding LLC as borrower, the lenders from time to time parties thereto, BNP Paribas as administrative agent, Barings Private Credit LLC as equityholder and as servicer, and State Street Bank and Trust Company as collateral agent (Filed as Exhibit 10.10 to Amendment No. 1 to the Company's Registration Statement on Form 10 (File No. 000-56280) filed with the SEC on June 23, 2021 and incorporated herein by reference).           |  |
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |  |
| 10.11  | First Amendment to Revolving Credit and Security Agreement, dated as of November 18, 2021, among BPC Funding LLC as borrower, the lenders parties thereto, BNP Paribas as administrative agent, Barings Private Credit Corporation as equityholder and as servicer, and State Street Bank and Trust Company as collateral agent.(Filed as Exhibit 10.2 to the Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on November 23, 2021 and incorporated herein by reference). |  |
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |  |
| 10.12  | Note Purchase Agreement by and between the Company and the purchasers party thereto, dated July 29, 2021 (Filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on August 3, 2021 and incorporated herein by reference).                                                                                                                                                                                                                                                             |  |
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |  |
| 21.1   | List of Subsidiaries*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |  |
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |  |
| 31.1   | Co-Chief Executive Officer Certification Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*                                                                                                                                                                                                                                                                                                                                           |  |
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |  |
| 31.2   | Co-Chief Executive Officer Certification Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*                                                                                                                                                                                                                                                                                                                                           |  |
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |  |
| 31.3   | Chief Financial Officer Certification Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*                                                                                                                                                                                                                                                                                                                                              |  |
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |  |
| 32.1   | Co-Chief Executive Officer Certification pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.**                                                                                                                                                                                                                                                                                                                                    |  |
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |  |
| 32.2   | Co-Chief Executive Officer Certification pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.**                                                                                                                                                                                                                                                                                                                                    |  |
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |  |
| 32.3   | Chief Financial Officer Certification pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.**                                                                                                                                                                                                                                                                                                                                       |  |
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |  |
| 99.1   | Form of Fund of Funds Agreement between Registrant (as Acquired Fund) and Certain Stockholder(s)*                                                                                                                                                                                                                                                                                                                                                                                                                         |  |
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |  |

----

|    |                     |  |  |  |  |
|----|---------------------|--|--|--|--|
| *  | Filed herewith.     |
| ** | Furnished herewith. |

----

|  |        |                                    |        |                                                  |  |  |  |  |  |  |  |  |  |  |
|--|--------|------------------------------------|--------|--------------------------------------------------|--|--|--|--|--|--|--|--|--|--|
|  |        | BARINGS PRIVATE CREDIT CORPORATION |
|  |        |
|  |   | By:                            |        | /s/    Ian Fowler    |
|  |   |                                    |   | Name:  Ian Fowler                            |
|  |   |                                    |   | Title:    Co-Chief Executive Officer         |
|  |        |                                    |        |                                                  |
|  |        | By:                            |        | /s/    Jonathan Bock |
|  |        |                                    |        | Name:  Jonathan Bock                         |
|  |        |                                    |        | Title:    Co-Chief Executive Officer         |

----

|                                                           |  |                                                                          |        |                   |  |  |  |  |  |  |  |  |  |  |
|-----------------------------------------------------------|--|--------------------------------------------------------------------------|--------|-------------------|--|--|--|--|--|--|--|--|--|--|
| Signature                                                 |  | Title                                                                    |   | Date              |
| /s/    Ian Fowler             |  | Co-Chief Executive Officer(Co-Principal Executive Officer)               |   | February 23, 2022 |
| Ian Fowler                                                |  |                                                                          |
|                                                           |  |                                                                          |        |                   |
| /s/    Jonathan Bock          |  | Co-Chief Executive Officer and President(Co-Principal Executive Officer) |   | February 23, 2022 |
| Jonathan Bock                                             |  |                                                                          |
|                                                           |  |                                                                          |        |                   |
| /s/    Jonathan A. Landsberg  |  | Chief Financial Officer (Principal Financial Officer)                    |        | February 23, 2022 |
| Jonathan A. Landsberg                                     |  |                                                                          |
|                                                           |  |                                                                          |        |
| /s/    Elizabeth A. Murray    |  | Controller (Principal Accounting Officer)                                |        | February 23, 2022 |
| Elizabeth A. Murray                                       |  |                                                                          |        |
|                                                           |  |                                                                          |        |                   |
| /s/    Eric Lloyd             |  | Chairman of the Board                                                    |   | February 23, 2022 |
| Eric Lloyd                                                |  |                                                                          |        |
|                                                           |  |                                                                          |        |
| /s/    Bernard A. Harris, Jr. |  | Director                                                                 |        | February 23, 2022 |
| Bernard A. Harris, Jr.                                    |  |                                                                          |        |                   |
|                                                           |  |                                                                          |        |                   |
| /s/    Mark F. Mulhern        |  | Director                                                                 |   | February 23, 2022 |
| Mark F. Mulhern                                           |  |                                                                          |        |
|                                                           |  |                                                                          |        |
| /s/    Thomas W. Okel         |  | Director                                                                 |   | February 23, 2022 |
| Thomas W. Okel                                            |  |                                                                          |        |
|                                                           |  |                                                                          |        |
| /s/    Jill Olmstead          |  | Director                                                                 |   | February 23, 2022 |
| Jill Olmstead                                             |  |                                                                          |        |
|                                                           |  |                                                                          |        |                   |

----

|                                                                                                                                        |  |        |      |  |  |  |  |  |  |  |  |
|----------------------------------------------------------------------------------------------------------------------------------------|--|--------|------|--|--|--|--|--|--|--|--|
|                                                                                                                                   |  |        | Page |
| Report of Independent Registered Public Accounting Firm                                                                                |  |   | F-1  |
| Consolidated Balance Sheet as of December 31, 2021                                                                                |  |   | F-2  |
| Consolidated Statement of Operations for the period from May 10, 2021 (commencement of operations) toDecember 31, 2021            |  |   | F-3  |
| Consolidated Statement of Changes in Net Assets for the period from May 10, 2021 (commencement of operations) toDecember 31, 2021 |  |   | F-5  |
| Consolidated Statement of Cash Flows for the period from May 10, 2021 (commencement of operations) toDecember 31, 2021            |  |   | F-6  |
| Consolidated Schedule of Investments as of December 31, 2021                                                                      |  |   | F-7  |
| Notes to Consolidated Financial Statements                                                                                             |  |   | F-24 |
|                                                                                                                                        |  |        |      |

----

----

|                                                                                                                                                 |  |                     |                     |  |  |  |  |  |  |  |
|-------------------------------------------------------------------------------------------------------------------------------------------------|--|---------------------|---------------------|--|--|--|--|--|--|--|
|                                                                                                                                            |  | December 31,   |                     |  |
|                                                                                                                                            |  | 2021                |                     |  |
| Assets:                                                                                                                                     |  |                     |                     |  |
| Investments at fair value:                                                                                                                  |  |                     |                     |  |
| Non-Control / Non-Affiliate investments (cost of $1,282,753,426 at December 31, 2021)                                                  |  | $                   | 1,280,597,074  |  |  |  |
| Affiliate investments (cost of $113,764,364 as of December 31, 2021)                                                                       |  | 117,051,720    |                     |  |  |
|                                                                                                                                                 |  |                     |                     |  |
|                                                                                                                                                 |  |                     |                     |  |
| Total investments at fair value                                                                                                                 |  | 1,397,648,794  |                     |  |  |
| Cash                                                                                                                                            |  | 117,249,889    |                     |  |  |
| Foreign currencies (cost of $6,197,835 as of December 31, 2021)                                                                            |  | 6,252,931      |                     |  |  |
| Interest and fees receivable                                                                                                                    |  | 17,570,648     |                     |  |  |
| Prepaid expenses and other assets                                                                                                               |  | 1,933,250      |                     |  |  |
| Deferred financing fees                                                                                                                         |  | 4,465,838      |                     |  |  |
| Receivable from unsettled transactions                                                                                                          |  | 3,908,419      |                     |  |  |
| Total assets                                                                                                                                    |  | $                   | 1,549,029,769  |  |  |  |
| Liabilities:                                                                                                                                |  |                     |                     |  |
| Accounts payable and accrued liabilities                                                                                                        |  | $                   | 1,039,059      |  |  |  |
| Interest payable                                                                                                                                |  | 3,779,492      |                     |  |  |
| Administrative fees payable                                                                                                                     |  | 300,000        |                     |  |  |
| Base management fees payable                                                                                                                    |  | 1,489,028      |                     |  |  |
|                                                                                                                                                 |  |                     |                     |  |
|                                                                                                                                                 |  |                     |                     |  |
| Derivative liability                                                                                                                            |  | 1,904,933      |                     |  |  |
| Payable from unsettled transactions                                                                                                             |  | 31,693,279     |                     |  |  |
| Borrowings under credit facility                                                                                                                |  | 524,825,052    |                     |  |  |
|                                                                                                                                                 |  |                     |                     |  |
| Notes payable (net of deferred financing fees)                                                                                                  |  | 149,593,681    |                     |  |  |
| Total liabilities                                                                                                                               |  | 714,624,524    |                     |  |  |
| Commitments and contingencies (Note 7)                                                                                                          |  |                     |                     |  |
| Net Assets:                                                                                                                                 |  |                     |                     |  |
| Common stock, $0.001 par value per share (499,950,000 shares authorized, 40,551,193 shares issued and outstanding as of December 31, 2021) |  | 40,551         |                     |  |  |
| Additional paid-in capital                                                                                                                      |  | 818,722,825    |                     |  |  |
| Total distributable earnings                                                                                                                    |  | 15,641,869     |                     |  |  |
| Total net assets                                                                                                                                |  | 834,405,245    |                     |  |  |
| Total liabilities and net assets                                                                                                                |  | $                   | 1,549,029,769  |  |  |  |
| Net asset value per share                                                                                                                       |  | $                   | 20.58          |  |  |  |

----

|                                                    |  |                                                                  |                  |  |  |  |  |  |  |  |  |  |
|----------------------------------------------------|--|------------------------------------------------------------------|------------------|--|--|--|--|--|--|--|--|--|
|                                               |  | For the period from May 10, 2021 (commencement of operations) to |                  |  |  |  |
|                                               |  | December 31, 2021                                                |                  |  |  |  |
| Investment income:                             |  |                                                                  |                  |  |  |  |
| Interest income:                               |  |                                                                  |                  |  |  |  |
| Non-Control / Non-Affiliate investments        |  | $                                                                | 34,287,443  |  |  |  |  |  |
| Affiliate investments                              |  | 131,873                                                     |                  |  |  |  |  |
|                                                    |  |                                                                  |                  |  |  |  |
| Short-term investments                             |  | 957                                                         |                  |  |  |  |  |
| Total interest income                              |  | 34,420,273                                                  |                  |  |  |  |  |
| Dividend income:                               |  |                                                                  |                  |  |  |  |
|                                                    |  |                                                                  |                  |  |  |  |
| Affiliate investments                              |  | 5,057,674                                                   |                  |  |  |  |  |
|                                                    |  |                                                                  |                  |  |  |  |
| Total dividend income                              |  | 5,057,674                                                   |                  |  |  |  |  |
| Fee and other income:                          |  |                                                                  |                  |  |  |  |
| Non-Control / Non-Affiliate investments        |  | 6,864,629                                                   |                  |  |  |  |  |
| Affiliate investments                              |  | 25,456                                                      |                  |  |  |  |  |
|                                                    |  |                                                                  |                  |  |  |  |
| Total fee and other income                         |  | 6,890,085                                                   |                  |  |  |  |  |
| Payment-in-kind interest income:               |  |                                                                  |                  |  |  |  |
| Non-Control / Non-Affiliate investments        |  | 409,328                                                     |                  |  |  |  |  |
|                                                    |  |                                                                  |                  |  |  |  |
|                                                    |  |                                                                  |                  |  |  |  |
| Total payment-in-kind interest income              |  | 409,328                                                     |                  |  |  |  |  |
|                                                    |  |                                                                  |                  |  |  |  |
| Total investment income                            |  | 46,777,360                                                  |                  |  |  |  |  |
| Operating expenses:                            |  |                                                                  |                  |  |  |  |
| Interest and other financing fees                  |  | 7,404,310                                                   |                  |  |  |  |  |
| Base management fee (Note 2)                       |  | 3,665,324                                                   |                  |  |  |  |  |
|                                                    |  |                                                                  |                  |  |  |  |
|                                                    |  |                                                                  |                  |  |  |  |
|                                                    |  |                                                                  |                  |  |  |  |
|                                                    |  |                                                                  |                  |  |  |  |
|                                                    |  |                                                                  |                  |  |  |  |
|                                                    |  |                                                                  |                  |  |  |  |
|                                                    |  |                                                                  |                  |  |  |  |
| Other general and administrative expenses (Note 2) |  | 2,345,695                                                   |                  |  |  |  |  |
| Total operating expenses                           |  | 13,415,329                                                  |                  |  |  |  |  |
| Base management fee waived (Note 2)                |  | (1,489,028)                                                      |                  |  |  |  |  |
| Net operating expenses                             |  | 11,926,301                                                  |                  |  |  |  |  |
| Net investment income before taxes                 |  | 34,851,059                                                  |                  |  |  |  |  |
| Income taxes, including excise tax expense         |  | 470,680                                                     |                  |  |  |  |  |
| Net investment income after taxes                  |  | 34,380,379                                                  |                  |  |  |  |  |

----

|                                                                                                  |  |                                                                  |                  |  |  |  |  |  |  |  |  |  |
|--------------------------------------------------------------------------------------------------|--|------------------------------------------------------------------|------------------|--|--|--|--|--|--|--|--|--|
| Barings Private Credit CorporationConsolidated Statements of Operations — (Continued)      |  |
|                                                                                                  |  | For the period from May 10, 2021 (commencement of operations) to |                  |  |  |  |
|                                                                                                  |  | December 31, 2021                                                |                  |  |  |  |
| Realized gains and unrealized appreciation on investments and foreign currency transactions: |  |                                                                  |                  |  |  |  |
| Net realized gains (losses):                                                                 |  |                                                                  |                  |  |  |  |
| Non-Control / Non-Affiliate investments                                                      |  | (472,081)                                                        |                  |  |  |  |  |
|                                                                                                  |  |                                                                  |                  |  |  |  |
|                                                                                                  |  |                                                                  |                  |  |  |  |
| Net realized losses on investments                                                               |  | (472,081)                                                        |                  |  |  |  |  |
| Foreign currency transactions                                                                    |  | 4,834,028                                                   |                  |  |  |  |  |
| Net realized gains                                                                               |  | 4,361,947                                                   |                  |  |  |  |  |
| Net unrealized appreciation (depreciation):                                                  |  |                                                                  |                  |  |  |  |
| Non-Control / Non-Affiliate investments                                                      |  | (2,156,353)                                                      |                  |  |  |  |  |
| Affiliate investments                                                                            |  | 3,287,356                                                   |                  |  |  |  |  |
|                                                                                                  |  |                                                                  |                  |  |  |  |
| Net unrealized appreciation on investments                                                       |  | 1,131,003                                                   |                  |  |  |  |  |
| Foreign currency transactions                                                                    |  | 1,771,230                                                   |                  |  |  |  |  |
| Net unrealized appreciation                                                                      |  | 2,902,233                                                   |                  |  |  |  |  |
| Net realized gains and unrealized appreciation on investments and foreign currency transactions  |  | 7,264,180                                                   |                  |  |  |  |  |
|                                                                                                  |  |                                                                  |                  |  |  |  |
|                                                                                                  |  |                                                                  |                  |  |  |  |
| Net increase in net assets resulting from operations                                             |  | $                                                                | 41,644,559  |  |  |  |  |  |
| Net investment income per share — basic and diluted                                        |  | $                                                                | 1.20        |  |  |  |  |  |
| Net increase in net assets resulting from operations per share — basic and diluted         |  | $                                                                | 1.45        |  |  |  |  |  |
| Dividends / distributions per share:                                                     |  |                                                                  |                  |  |  |  |
|                                                                                                  |  |                                                                  |                  |  |  |  |
|                                                                                                  |  |                                                                  |                  |  |  |  |
| Total dividends / distributions                                                              |  | $                                                                | 0.81        |  |  |  |  |  |
| Weighted average number of shares outstanding — basic and diluted                          |  | 28,722,806                                                  |                  |  |  |  |  |

----

|                                                                                         |  |                      |  |                          |               |                                     |  |                   |   |                   |                  |  |   |                   |  |  |   |                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-----------------------------------------------------------------------------------------|--|----------------------|--|--------------------------|---------------|-------------------------------------|--|-------------------|---|-------------------|------------------|--|---|-------------------|--|--|---|-------------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                                                                         |  | Common Stock         |  | AdditionalPaid-InCapital |               | Total Distributable Earnings (Loss) |  |                   |
| For the period from May 10, 2021 (commencement of operations) to December 31, 2021 |  | Numberof Shares |  | ParValue                 |               |                                     |  | TotalNet Assets   |
|                                                                                         |  |                      |  |                          |               |                                     |  |                   |   |                   |
|                                                                                         |  |                      |  |                          |               |                                     |  |                   |   |                   |
|                                                                                         |  |                      |  |                          |               |                                     |  |                   |   |                   |
|                                                                                         |  |                      |  |                          |               |                                     |  |                   |   |                   |
|                                                                                         |  |                      |  |                          |               |                                     |  |                   |   |                   |
|                                                                                         |  |                      |  |                          |               |                                     |  |                   |   |                   |
|                                                                                         |  |                      |  |                          |               |                                     |  |                   |   |                   |
|                                                                                         |  |                      |  |                          |               |                                     |  |                   |   |                   |
|                                                                                         |  |                      |  |                          |               |                                     |  |                   |   |                   |
|                                                                                         |  |                      |  |                          |               |                                     |  |                   |   |                   |
|                                                                                         |  |                      |  |                          |               |                                     |  |                   |   |                   |
|                                                                                         |  |                      |  |                          |               |                                     |  |                   |   |                   |
|                                                                                         |  |                      |  |                          |               |                                     |  |                   |   |                   |
|                                                                                         |  |                      |  |                          |               |                                     |  |                   |   |                   |
|                                                                                         |  |                      |  |                          |               |                                     |  |                   |   |                   |
|                                                                                         |  |                      |  |                          |               |                                     |  |                   |   |                   |
|                                                                                         |  |                      |  |                          |               |                                     |  |                   |   |                   |
|                                                                                         |  |                      |  |                          |               |                                     |  |                   |   |                   |
|                                                                                         |  |                      |  |                          |               |                                     |  |                   |   |                   |
|                                                                                         |  |                      |  |                          |               |                                     |  |                   |   |                   |
|                                                                                         |  |                      |  |                          |               |                                     |  |                   |   |                   |
|                                                                                         |  |                      |  |                          |               |                                     |  |                   |   |                   |
|                                                                                         |  |                      |  |                          |               |                                     |  |                   |   |                   |
|                                                                                         |  |                      |  |                          |               |                                     |  |                   |   |                   |
|                                                                                         |  |                      |  |                          |               |                                     |  |                   |   |                   |
| Balance, May 10, 2021(1)                                                                |  | 50              |  |                          | $             | —                        |  |                   | $ | 1,000        |                  |  | $ | (57,974)          |  |  | $ | (56,974)          |  |
| Net investment income                                                                   |  | —         |  |                          | —  |                                     |  | —      |   |                   | 34,380,379  |  |   | 34,380,379   |  |
| Net realized gain on investments / foreign currency transactions                    |  | —         |  |                          | —  |                                     |  | —      |   |                   | 4,361,947   |  |   | 4,361,947    |  |
| Net unrealized appreciation on investments / foreign currency transactions          |  | —         |  |                          | —  |                                     |  | —      |   |                   | 2,902,233   |  |   | 2,902,233    |  |
| Return of capital and other tax related adjustments                                     |  | —         |  |                          | —  |                                     |  | (677,624)         |   |                   | 677,624     |  |   | —      |  |
|                                                                                         |  |                      |  |                          |               |                                     |  |                   |   |                   |
| Issuance of common stock                                                                |  | 40,551,193      |  |                          | 40,551   |                                     |  | 819,400,449  |   |                   | —     |  |   | 819,441,000  |  |
| Distributions declared from earnings                                                    |  | —         |  |                          | —  |                                     |  | —      |   |                   | (26,622,340)     |  |   | (26,622,340)      |  |
| Repurchase of shares from Adviser                                                       |  | (50)                 |  |                          | —  |                                     |  | (1,000)           |   |                   | —     |  |   | (1,000)           |  |
| Balance, December 31, 2021                                                         |  | 40,551,193      |  |                          | $             | 40,551                         |  |                   | $ | 818,722,825  |                  |  | $ | 15,641,869   |  |  | $ | 834,405,245  |  |

----

|                                                                                                                             |  |                                                                  |                   |  |  |  |  |  |  |  |  |  |
|-----------------------------------------------------------------------------------------------------------------------------|--|------------------------------------------------------------------|-------------------|--|--|--|--|--|--|--|--|--|
|                                                                                                                        |  | For the period from May 10, 2021 (commencement of operations) to |                   |  |  |  |
|                                                                                                                        |  | December 31, 2021                                                |                   |  |  |  |
| Cash flows from operating activities:                                                                                   |  |                                                                  |                   |  |  |  |
| Net increase in net assets resulting from operations                                                                        |  | $                                                                | 41,644,559   |  |  |  |  |  |
| Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities: |  |                                                                  |                   |  |  |  |
| Purchases of portfolio investments                                                                                          |  | (968,917,295)                                                    |                   |  |  |  |  |
| Purchases of portfolio investments from MassMutual                                                                          |  | (602,371,017)                                                    |                   |  |  |  |  |
| Repayments received / sales of portfolio investments                                                                    |  | 185,797,165                                                 |                   |  |  |  |  |
|                                                                                                                             |  |                                                                  |                   |  |  |  |
| Purchases of short-term investments                                                                                         |  | (152,000,146)                                                    |                   |  |  |  |  |
| Sales of short-term investments                                                                                             |  | 152,000,146                                                 |                   |  |  |  |  |
| Loan origination and other fees received                                                                                    |  | 22,420,591                                                  |                   |  |  |  |  |
| Net realized loss on investments                                                                                            |  | 472,081                                                     |                   |  |  |  |  |
| Net realized gain on foreign currency transactions                                                                          |  | (4,834,028)                                                      |                   |  |  |  |  |
| Net unrealized appreciation on investments                                                                                  |  | (1,131,003)                                                      |                   |  |  |  |  |
| Net unrealized appreciation on foreign currency transactions                                                                |  | (1,771,230)                                                      |                   |  |  |  |  |
| Payment-in-kind interest                                                                                                    |  | 409,328                                                     |                   |  |  |  |  |
| Amortization of deferred financing fees                                                                                     |  | 546,525                                                     |                   |  |  |  |  |
|                                                                                                                             |  |                                                                  |                   |  |  |  |
| Amortization of offering costs                                                                                              |  | 176,944                                                     |                   |  |  |  |  |
| Accretion of loan origination and other fees                                                                                |  | (5,843,954)                                                      |                   |  |  |  |  |
| Amortization / accretion of purchased loan premium / discount                                                       |  | (5,126)                                                          |                   |  |  |  |  |
|                                                                                                                             |  |                                                                  |                   |  |  |  |
|                                                                                                                             |  |                                                                  |                   |  |  |  |
| Changes in operating assets and liabilities:                                                                            |  |                                                                  |                   |  |  |  |
| Interest and fees receivable                                                                                                |  | (18,579,062)                                                     |                   |  |  |  |  |
| Prepaid expenses and other assets                                                                                           |  | 1,389,311                                                   |                   |  |  |  |  |
| Accounts payable and accrued liabilities                                                                                    |  | 2,368,435                                                   |                   |  |  |  |  |
| Interest payable                                                                                                            |  | 3,780,111                                                   |                   |  |  |  |  |
|                                                                                                                             |  |                                                                  |                   |  |  |  |
| Net cash used in operating activities                                                                                       |  | (1,344,447,665)                                                  |                   |  |  |  |  |
|                                                                                                                             |  |                                                                  |                   |  |  |  |
|                                                                                                                             |  |                                                                  |                   |  |  |  |
|                                                                                                                             |  |                                                                  |                   |  |  |  |
|                                                                                                                             |  |                                                                  |                   |  |  |  |
| Cash flows from financing activities:                                                                                   |  |                                                                  |                   |  |  |  |
|                                                                                                                             |  |                                                                  |                   |  |  |  |
| Borrowings under credit facility                                                                                            |  | 586,614,454                                                 |                   |  |  |  |  |
| Repayments under credit facility                                                                                            |  | (56,063,947)                                                     |                   |  |  |  |  |
| Proceeds from notes payable                                                                                                 |  | 150,000,000                                                 |                   |  |  |  |  |
|                                                                                                                             |  |                                                                  |                   |  |  |  |
|                                                                                                                             |  |                                                                  |                   |  |  |  |
|                                                                                                                             |  |                                                                  |                   |  |  |  |
| Financing fees paid                                                                                                         |  | (5,418,682)                                                      |                   |  |  |  |  |
| Issuance of common stock                                                                                                    |  | 819,441,000                                                 |                   |  |  |  |  |
|                                                                                                                             |  |                                                                  |                   |  |  |  |
|                                                                                                                             |  |                                                                  |                   |  |  |  |
|                                                                                                                             |  |                                                                  |                   |  |  |  |
| Cash dividends / distributions paid                                                                                     |  | (26,622,340)                                                     |                   |  |  |  |  |
| Purchase of shares from Adviser                                                                                             |  | (1,000)                                                          |                   |  |  |  |  |
|                                                                                                                             |  |                                                                  |                   |  |  |  |
| Net cash provided by financing activities                                                                                   |  | 1,467,949,485                                               |                   |  |  |  |  |
| Net increase in cash and foreign currencies                                                                                 |  | 123,501,820                                                 |                   |  |  |  |  |
| Cash and foreign currencies, beginning of year                                                                              |  | 1,000                                                       |                   |  |  |  |  |
| Cash and foreign currencies, end of year                                                                                    |  | $                                                                | 123,502,820  |  |  |  |  |  |
| Supplemental disclosure of cash flow information:                                                                       |  |                                                                  |                   |  |  |  |
| Cash paid for interest                                                                                                      |  | $                                                                | 2,996,787    |  |  |  |  |  |
|                                                                                                                             |  |                                                                  |                   |  |  |  |
|                                                                                                                             |  |                                                                  |                   |  |  |  |

----

|                                                                                                |                                                                          |                                                                                                      |                 |                                                                                                              |         |                  |                  |         |                  |                  |                  |                  |  |   |                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------|-----------------|--------------------------------------------------------------------------------------------------------------|---------|------------------|------------------|---------|------------------|------------------|------------------|------------------|--|---|------------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Portfolio Company                                                                              |                                                                          | Industry                                                                                             |                 | Type of Investment(1)(2)                                                                                     |         | PrincipalAmount  |                  | Cost    |                  | FairValue        |
| Non–Control / Non–Affiliate Investments:                                   |                                                                          |                                                                                                      |                 |                                                                                                              |         |                  |
|                                                                                                |                                                                          |                                                                                                      |                 |                                                                                                              |         |                  |                  |         |                  |                  |
| 1WorldSync, Inc. (1.3%)*(5) (6) (7) (9)                                                        |                                                                          | IT Consulting & Other Services                                                                   |                 | First Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.3% Cash, Acquired 05/21, Due 07/25)            |         | $                | 11,008,135  |         |                  | $                | 10,927,183  |                  |  | $ | 11,008,135  |  |
|                                                                                                |                                                                          |                                                                                                      |                 | 11,008,135                                                                                              |         |                  | 10,927,183  |         |                  | 11,008,135  |                  |
|                                                                                                |                                                                          |                                                                                                      |                 |                                                                                                              |         |                  |                  |         |                  |                  |
| Acclime Holdings HK Limited(0.5%)*(3) (5) (6) (7) (9)                                          |                                                                          | Business Services                                                                                    |                 | First Lien Senior Secured Term Loan (LIBOR + 6.5%, 7.0% Cash, Acquired 08/21, Due 07/27)             |         | 4,205,672   |                  |         | 4,064,832   |                  |                  | 4,071,814   |  |
|                                                                                                |                                                                          |                                                                                                      |                 | 4,205,672                                                                                               |         |                  | 4,064,832   |         |                  | 4,071,814   |                  |
|                                                                                                |                                                                          |                                                                                                      |                 |                                                                                                              |         |                  |                  |         |                  |                  |
| Accomplish Group Midco Limited (0.2%)*(3) (5) (6) (7) (11)                                     |                                                                          | Health Care Services                                                                                 |                 | First Lien Senior Secured Term Loan (GBP LIBOR + 5.25%, 5.8% Cash, Acquired 05/21, Due 11/25)        |         | 1,408,792   |                  |         | 1,462,275   |                  |                  | 1,408,792   |  |
|                                                                                                |                                                                          |                                                                                                      |                 | 1,408,792                                                                                               |         |                  | 1,462,275   |         |                  | 1,408,792   |                  |
|                                                                                                |                                                                          |                                                                                                      |                 |                                                                                                              |         |                  |                  |         |                  |                  |
| Accurus Aerospace Corporation (0.7%)*(6) (7) (10)                                              |                                                                          | Aerospace & Defense                                                                              |                 | First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.5% Cash, 1.5% PIK, Acquired 05/21, Due 10/24)   |         | 6,462,490   |                  |         | 5,662,402   |                  |                  | 6,239,534   |  |
|                                                                                                |                                                                          |                                                                                                      |                 | 6,462,490                                                                                               |         |                  | 5,662,402   |         |                  | 6,239,534   |                  |
|                                                                                                |                                                                          |                                                                                                      |                 |                                                                                                              |         |                  |                  |         |                  |                  |
| Acogroup (0.2%)*(3) (5) (6) (7) (14)                                                           |                                                                          | Business Services                                                                                    |                 | First Lien Senior Secured Term Loan (EURIBOR + 5.0%, 5.0% Cash, 2.5% PIK, Acquired 05/21, Due 10/26) |         | 1,364,640   |                  |         | 1,445,865   |                  |                  | 1,364,640   |  |
|                                                                                                |                                                                          |                                                                                                      |                 | 1,364,640                                                                                               |         |                  | 1,445,865   |         |                  | 1,364,640   |                  |
|                                                                                                |                                                                          |                                                                                                      |                 |                                                                                                              |         |                  |                  |         |                  |                  |
| Aesthetics Australia Group Pty Ltd (Laser Clinics Australia Group) (0.1%)*(3) (5) (6) (7) (17) |                                                                          | Health Care Services                                                                                 |                 | First Lien Senior Secured Term Loan (BBSY + 5.0%, 6.0% Cash, Acquired 05/21, Due 09/23)              |         | 744,448     |                  |         | 792,197     |                  |                  | 744,448     |  |
|                                                                                                |                                                                          |                                                                                                      | 744,448    |                                                                                                              |         | 792,197     |                  |         | 744,448     |                  |
|                                                                                                |                                                                          |                                                                                                      |                 |                                                                                                              |         |                  |                  |         |                  |                  |
| Air Comm Corporation, LLC (2.6%)*(5) (6) (7) (9)                                               |                                                                          | Aerospace & Defense                                                                              |                 | First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.3% Cash, Acquired 06/21, Due 07/27)             |         | 22,226,490  |                  |         | 21,745,667  |                  |                  | 21,726,550  |  |
|                                                                                                |                                                                          |                                                                                                      |                 | 22,226,490                                                                                              |         |                  | 21,745,667  |         |                  | 21,726,550  |                  |
|                                                                                                |                                                                          |                                                                                                      |                 |                                                                                                              |         |                  |                  |         |                  |                  |
| AIT Worldwide Logistics Holdings, Inc. (0.9%)*(5) (6) (7) (9)                                  |                                                                          | Air Freight & Logistics                                                                          |                 | Second Lien Senior Secured Term Loan (LIBOR + 7.75%, 8.5% Cash, Acquired 05/21, Due 04/29)           |         | 7,219,673   |                  |         | 7,066,740   |                  |                  | 7,219,673   |  |
|                                                                                                |                                                                          |                                                                                                      |                 | 7,219,673                                                                                               |         |                  | 7,066,740   |         |                  | 7,219,673   |                  |
|                                                                                                |                                                                          |                                                                                                      |                 |                                                                                                              |         |                  |                  |         |                  |                  |
| Amtech LLC (0.3%)*(6) (7)                                                                      |                                                                          | Technology                                                                                           |                 | First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.3% Cash, Acquired 11/21, Due 11/27)(5) (8)      |         | 2,727,273   |                  |         | 2,638,595   |                  |                  | 2,636,364   |  |
|                                                                                                | Revolver (LIBOR + 5.5%, 6.3% Cash, Acquired 11/21, Due 11/27)(9) |                                                                                                      |                 |                                                                                                              | (8,846) |                  |                  | (9,091) |                  |
|                                                                                                |                                                                          |                                                                                                      | 2,727,273  |                                                                                                              |         | 2,629,749   |                  |         | 2,627,273   |                  |
|                                                                                                |                                                                          |                                                                                                      |                 |                                                                                                              |         |                  |                  |         |                  |                  |
| AnalytiChem Holding GmbH (0.6%)*(3) (5) (6) (7)                                                |                                                                          | Chemicals                                                                                            |                 | First Lien Senior Secured Term Loan (EURIBOR + 6.25%, 6.3% Cash, Acquired 11/21, Due 11/28)(13)      |         | 3,115,678   |                  |         | 2,978,858   |                  |                  | 2,937,771   |  |
|                                                                                                |                                                                          | First Lien Senior Secured Term Loan (BBSY + 6.25%, 6.3% Cash, Acquired 11/21, Due 11/28)(16) |                 | 1,452,469                                                                                               |         |                  | 1,423,701   |         |                  | 1,416,157   |                  |
|                                                                                                |                                                                          | First Lien Senior Secured Term Loan (LIBOR + 6.25%, 6.3% Cash, Acquired 11/21, Due 11/28)(9) |                 | 951,313                                                                                                 |         |                  | 951,313     |         |                  | 927,530     |                  |
|                                                                                                |                                                                          |                                                                                                      |                 | 5,519,460                                                                                               |         |                  | 5,353,872   |         |                  | 5,281,458   |                  |
|                                                                                                |                                                                          |                                                                                                      |                 |                                                                                                              |         |                  |                  |         |                  |                  |
| Anju Software, Inc. (0.2%)*(5) (6) (7) (8)                                                     |                                                                          | Application Software                                                                                 |                 | First Lien Senior Secured Term Loan (LIBOR + 6.25%, 6.3% Cash, Acquired 05/21, Due 02/25)            |         | 1,432,004   |                  |         | 1,427,163   |                  |                  | 1,406,228   |  |
|                                                                                                |                                                                          |                                                                                                      |                 | 1,432,004                                                                                               |         |                  | 1,427,163   |         |                  | 1,406,228   |                  |
|                                                                                                |                                                                          |                                                                                                      |                 |                                                                                                              |         |                  |                  |         |                  |                  |
| Apex Bidco Limited (0.1%)*(3) (5) (6) (7) (11)                                                 |                                                                          | Business Equipment & Services                                                                    |                 | First Lien Senior Secured Term Loan (GBP LIBOR + 6.25%, 6.8% Cash, Acquired 05/21, Due 1.27)             |         | 458,179     |                  |         | 469,028     |                  |                  | 457,263     |  |
|                                                                                                |                                                                          |                                                                                                      |                 | 458,179                                                                                                 |         |                  | 469,028     |         |                  | 457,263     |                  |
|                                                                                                |                                                                          |                                                                                                      |                 |                                                                                                              |         |                  |                  |         |                  |                  |
| Aptus 1829. GmbH (0.6%)*(3) (5) (6)                                                            |                                                                          | Chemicals, Plastics, & Rubber                                                                    |                 | First Lien Senior Secured Term Loan (EURIBOR + 6.5%, 6.5% Cash, Acquired 09/21, Due 09/27)(7) (13)   |         | 4,732,373   |                  |         | 4,794,058   |                  |                  | 4,627,101   |  |
|                                                                                                |                                                                          | Preferred Stock (14 shares, Acquired 09/21)                                                      |                 |                                                                                                              |         | 121,793     |                  |         | 119,946     |                  |
|                                                                                                |                                                                          | Common Stock (49 shares, Acquired 09/21)                                                         |                 |                                                                                                              |         | 12,179      |                  |         | 11,672      |                  |
|                                                                                                |                                                                          |                                                                                                      |                 | 4,732,373                                                                                               |         |                  | 4,928,030   |         |                  | 4,758,719   |                  |
|                                                                                                |                                                                          |                                                                                                      |                 |                                                                                                              |         |                  |                  |         |                  |                  |
| Apus Bidco Limited (0.2%)*(3) (5) (6) (7) (23)                                                 |                                                                          | Banking, Finance, Insurance & Real Estate                                                        |                 | First Lien Senior Secured Term Loan (SONIA + 5.5%, 5.5% Cash, Acquired 05/21, Due 03/28)             |         | 1,287,624   |                  |         | 1,306,094   |                  |                  | 1,261,525   |  |
|                                                                                                |                                                                          |                                                                                                      |                 | 1,287,624                                                                                               |         |                  | 1,306,094   |         |                  | 1,261,525   |                  |
|                                                                                                |                                                                          |                                                                                                      |                 |                                                                                                              |         |                  |                  |         |                  |                  |
| AQA Acquisition Holding, Inc. (0.9%)*(5) (6) (7) (9)                                           |                                                                          | High Tech Industries                                                                                 |                 | Second Lien Senior Secured Term Loan (LIBOR + 7.5%, 8.0% Cash, Acquired 05/21, Due 03/29)            |         | 7,460,329   |                  |         | 7,265,406   |                  |                  | 7,460,329   |  |
|                                                                                                |                                                                          |                                                                                                      |                 | 7,460,329                                                                                               |         |                  | 7,265,406   |         |                  | 7,460,329   |                  |
|                                                                                                |                                                                          |                                                                                                      |                 |                                                                                                              |         |                  |                  |         |                  |                  |

----

|                                                                               |  |                                                                                                     |                 |                                                                                                          |  |                 |                 |      |                 |                 |                 |                 |  |   |                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-------------------------------------------------------------------------------|--|-----------------------------------------------------------------------------------------------------|-----------------|----------------------------------------------------------------------------------------------------------|--|-----------------|-----------------|------|-----------------|-----------------|-----------------|-----------------|--|---|-----------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Portfolio Company                                                             |  | Industry                                                                                            |                 | Type of Investment(1)(2)                                                                                 |  | PrincipalAmount |                 | Cost |                 | FairValue       |
| Aquavista Watersides 2 LTD (0.4%)*(3) (6) (7) (23)                            |  | Transportation Services                                                                             |                 | First Lien Senior Secured Term Loan (SONIA + 6.0%, 6.1% Cash, Acquired 12/21, Due 12/28)(5)      |  | $               | 2,801,182  |      |                 | $               | 2,641,046  |                 |  | $ | 2,673,378  |  |
|                                                                               |  | Second Lien Senior Secured Term Loan (SONIA + 10.5% PIK, Acquired 12/21, Due 12/28)         |                 |                                                                                                          |  | (1,971)         |                 |      | (2,334)         |                 |
|                                                                               |  | Revolver (SONIA + 6.00%, 6.1% Cash, Acquired 12/21, Due 12/22)                              |                 | 700,295                                                                                             |  |                 | 670,646    |      |                 | 679,287    |                 |
|                                                                               |  |                                                                                                     |                 | 3,501,477                                                                                           |  |                 | 3,309,721  |      |                 | 3,350,331  |                 |
|                                                                               |  |                                                                                                     |                 |                                                                                                          |  |                 |                 |      |                 |                 |
| Archimede (0.1%)*(3) (5) (6) (7) (13)                                         |  | Consumer Services                                                                                   |                 | First Lien Senior Secured Term Loan (EURIBOR + 6.0%, 6.0% Cash, Acquired 05/21, Due 10/27)       |  | 1,250,920  |                 |      | 1,302,203  |                 |                 | 1,227,088  |  |
|                                                                               |  |                                                                                                     |                 | 1,250,920                                                                                           |  |                 | 1,302,203  |      |                 | 1,227,088  |                 |
|                                                                               |  |                                                                                                     |                 |                                                                                                          |  |                 |                 |      |                 |                 |
| Argus Bidco Limited (0.1%)*(3) (5) (6) (7) (22)                               |  | High Tech Industries                                                                                |                 | First Lien Senior Secured Term Loan (SONIA + 5.5%, 5.8% Cash, Acquired 05/21, Due 12/27)         |  | 460,509    |                 |      | 467,413    |                 |                 | 460,509    |  |
|                                                                               |  |                                                                                                     | 460,509    |                                                                                                          |  | 467,413    |                 |      | 460,509    |                 |
|                                                                               |  |                                                                                                     |                 |                                                                                                          |  |                 |                 |      |                 |                 |
| Armstrong Transport Group (Pele Buyer, LLC) (0.5%)*(5) (6) (7) (9)            |  | Air Freight & Logistics                                                                         |                 | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 05/21, Due 06/24)        |  | 4,070,895  |                 |      | 3,998,049  |                 |                 | 3,989,477  |  |
|                                                                               |  |                                                                                                     |                 | 4,070,895                                                                                           |  |                 | 3,998,049  |      |                 | 3,989,477  |                 |
|                                                                               |  |                                                                                                     |                 |                                                                                                          |  |                 |                 |      |                 |                 |
| ASPEQ Heating Group LLC (0.2%)*(5) (6) (7) (8)                                |  | Building Products, Air & Heating                                                                |                 | First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 05/21, Due 11/25)        |  | 1,620,379  |                 |      | 1,609,046  |                 |                 | 1,620,379  |  |
|                                                                               |  |                                                                                                     | 1,620,379  |                                                                                                          |  | 1,609,046  |                 |      | 1,620,379  |                 |
|                                                                               |  |                                                                                                     |                 |                                                                                                          |  |                 |                 |      |                 |                 |
| Astra Bidco Limited (0.3%)*(3) (5) (6) (7) (22)                               |  | Healthcare                                                                                          |                 | First Lien Senior Secured Term Loan (SONIA + 5.75%, 5.8% Cash, Acquired 11/21, Due 11/28)        |  | 2,682,489  |                 |      | 2,540,077  |                 |                 | 2,566,248  |  |
|                                                                               |  |                                                                                                     |                 | 2,682,489                                                                                           |  |                 | 2,540,077  |      |                 | 2,566,248  |                 |
|                                                                               |  |                                                                                                     |                 |                                                                                                          |  |                 |                 |      |                 |                 |
| Athena Midco Limited (0.0%)*(3) (5) (6) (7) (16)                              |  | Banking, Finance, Insurance & Real Estate                                                       |                 | First Lien Senior Secured Term Loan (BBSY + 5.25%, 5.3% Cash, Acquired 05/21, Due 12/25)         |  | 408,423    |                 |      | 421,783    |                 |                 | 404,339    |  |
|                                                                               |  |                                                                                                     |                 | 408,423                                                                                             |  |                 | 421,783    |      |                 | 404,339    |                 |
|                                                                               |  |                                                                                                     |                 |                                                                                                          |  |                 |                 |      |                 |                 |
| Audio Precision, Inc. (0.9%)*(5) (6) (7)                                      |  | High Tech Industries                                                                                |                 | First Lien Senior Secured Term Loan (EURIBOR + 6.0%, 7.0% Cash, Acquired 05/21, Due 10/24)(13)   |  | 2,898,022  |                 |      | 3,045,170  |                 |                 | 2,898,022  |  |
|                                                                               |  | First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 05/21, Due 10/24)(9) |                 | 4,991,887                                                                                           |  |                 | 4,939,872  |      |                 | 4,991,887  |                 |
|                                                                               |  |                                                                                                     |                 | 7,889,909                                                                                           |  |                 | 7,985,042  |      |                 | 7,889,909  |                 |
|                                                                               |  |                                                                                                     |                 |                                                                                                          |  |                 |                 |      |                 |                 |
| Auxi International (0.0%)*(3) (5) (6) (7) (14)                                |  | Commercial Finance                                                                                  |                 | First Lien Senior Secured Term Loan (EURIBOR + 6.25%, 6.3% Cash, Acquired 05/21, Due 12/26)      |  | 341,160    |                 |      | 357,204    |                 |                 | 308,409    |  |
|                                                                               |  |                                                                                                     |                 | 341,160                                                                                             |  |                 | 357,204    |      |                 | 308,409    |                 |
|                                                                               |  |                                                                                                     |                 |                                                                                                          |  |                 |                 |      |                 |                 |
| Avalign Holdings, Inc. (0.2%)*(5) (6) (7) (9)                                 |  | Health Care Supplies                                                                                |                 | First Lien Senior Secured Term Loan (LIBOR + 4.5%, 4.6% Cash, Acquired 05/21, Due 12/25)         |  | 1,813,793  |                 |      | 1,809,990  |                 |                 | 1,802,910  |  |
|                                                                               |  |                                                                                                     |                 | 1,813,793                                                                                           |  |                 | 1,809,990  |      |                 | 1,802,910  |                 |
|                                                                               |  |                                                                                                     |                 |                                                                                                          |  |                 |                 |      |                 |                 |
| Avance Clinical Bidco Pty Ltd (0.3%)*(3) (5) (6) (7) (16)                     |  | Healthcare                                                                                          |                 | First Lien Senior Secured Term Loan (BBSY + 5.50%, 6.0% Cash, Acquired 11/21, Due 11/27)         |  | 2,993,589  |                 |      | 2,800,549  |                 |                 | 2,855,136  |  |
|                                                                               |  |                                                                                                     |                 | 2,993,589                                                                                           |  |                 | 2,800,549  |      |                 | 2,855,136  |                 |
|                                                                               |  |                                                                                                     |                 |                                                                                                          |  |                 |                 |      |                 |                 |
| AWP Group Holdings, Inc. (0.1%)*(5) (6) (7) (9)                               |  | Business Services                                                                                   |                 | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 05/21, Due 12/27)        |  | 1,251,242  |                 |      | 1,232,402  |                 |                 | 1,232,064  |  |
|                                                                               |  |                                                                                                     |                 | 1,251,242                                                                                           |  |                 | 1,232,402  |      |                 | 1,232,064  |                 |
|                                                                               |  |                                                                                                     |                 |                                                                                                          |  |                 |                 |      |                 |                 |
| Azalea Buyer, Inc. (0.7%)*(6)                                                 |  | Technology                                                                                          |                 | First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 11/21, Due 11/27)(5) (7) |  | 4,605,769  |                 |      | 4,495,830  |                 |                 | 4,494,423  |  |
|                                                                               |  | Common Stock (192,307.69 shares, Acquired 11/21)                                                |                 |                                                                                                          |  | 192,308    |                 |      | 192,308    |                 |
|                                                                               |  | Subordinated Term Loan (12.0% PIK, Acquired 11/21, Due 5/28)                                |                 | 1,259,615                                                                                           |  |                 | 1,234,657  |      |                 | 1,234,423  |                 |
|                                                                               |  | Revolver (LIBOR + 5.25%, 6.3% Cash, Acquired 11/21, Due 11/27)(7)                           |                 |                                                                                                          |  | (9,476)         |                 |      | (9,615)         |                 |
|                                                                               |  |                                                                                                     |                 | 5,865,384                                                                                           |  |                 | 5,913,319  |      |                 | 5,911,539  |                 |
|                                                                               |  |                                                                                                     |                 |                                                                                                          |  |                 |                 |      |                 |                 |
| Bariacum S.A (0.3%)*(3) (5) (6) (7) (13)                                      |  | Consumer Products                                                                                   |                 | First Lien Senior Secured Term Loan (EURIBOR + 5.50%, 5.5% Cash, Acquired 11/21, Due 11/28)      |  | 2,956,719  |                 |      | 2,843,506  |                 |                 | 2,847,264  |  |
|                                                                               |  |                                                                                                     |                 | 2,956,719                                                                                           |  |                 | 2,843,506  |      |                 | 2,847,264  |                 |
|                                                                               |  |                                                                                                     |                 |                                                                                                          |  |                 |                 |      |                 |                 |
| BDP International, Inc. (f/k/a BDP Buyer, LLC) (1.2%)*(5) (6) (7) (8) |  | Air Freight & Logistics                                                                         |                 | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 05/21, Due 12/24)        |  | 9,937,337  |                 |      | 9,778,699  |                 |                 | 9,788,276  |  |
|                                                                               |  |                                                                                                     |                 | 9,937,337                                                                                           |  |                 | 9,778,699  |      |                 | 9,788,276  |                 |
|                                                                               |  |                                                                                                     |                 |                                                                                                          |  |                 |                 |      |                 |                 |

----

|                                                                         |                 |                                                                                                  |  |                                                                                                              |  |                  |                  |      |                  |                  |                 |                  |  |   |                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-------------------------------------------------------------------------|-----------------|--------------------------------------------------------------------------------------------------|--|--------------------------------------------------------------------------------------------------------------|--|------------------|------------------|------|------------------|------------------|-----------------|------------------|--|---|-----------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Portfolio Company                                                       |                 | Industry                                                                                         |  | Type of Investment(1)(2)                                                                                     |  | PrincipalAmount  |                  | Cost |                  | FairValue        |
| Bearcat Buyer, Inc. (0.3%)*(5) (6) (7) (9)                              |                 | Healthcare & Pharmaceuticals                                                                 |  | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 05/21, Due 07/26)            |  | $                | 2,460,977   |      |                  | $                | 2,433,608  |                  |  | $ | 2,460,977  |  |
|                                                                         |                 |                                                                                                  |  | 2,460,977                                                                                               |  |                  | 2,433,608   |      |                  | 2,460,977   |                 |
|                                                                         |                 |                                                                                                  |  |                                                                                                              |  |                  |                  |      |                  |                  |
| Benify (Bennevis AB) (0.0%)*(3) (5) (6) (7) (18)                        |                 | High Tech Industries                                                                             |  | First Lien Senior Secured Term Loan (STIBOR + 5.25%, 5.3% Cash, Acquired 05/21, Due 07/26)           |  | 414,298     |                  |      | 445,991     |                  |                 | 414,298     |  |
|                                                                         |                 |                                                                                                  |  | 414,298                                                                                                 |  |                  | 445,991     |      |                  | 414,298     |                 |
|                                                                         |                 |                                                                                                  |  |                                                                                                              |  |                  |                  |      |                  |                  |
| Bestop, Inc. (0.4%)*(5) (6) (7) (8)                                     |                 | Auto Parts & Equipment                                                                       |  | First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 05/21, Due 01/25)            |  | 3,111,318   |                  |      | 3,110,387   |                  |                 | 3,080,205   |  |
|                                                                         | 3,111,318  |                                                                                                  |  | 3,110,387                                                                                               |  |                  | 3,080,205   |      |
|                                                                         |                 |                                                                                                  |  |                                                                                                              |  |                  |                  |      |                  |                  |
| Beyond Risk Management, Inc. (0.3%)*(5) (6) (7) (9)                     |                 | Other Financial                                                                                  |  | First Lien Senior Secured Term Loan (LIBOR + 4.50%, 5.3% Cash, Acquired 10/21, Due 09/27)            |  | 2,426,667   |                  |      | 2,335,532   |                  |                 | 2,326,667   |  |
|                                                                         | 2,426,667  |                                                                                                  |  | 2,335,532                                                                                               |  |                  | 2,326,667   |      |
|                                                                         |                 |                                                                                                  |  |                                                                                                              |  |                  |                  |      |                  |                  |
| Bidwax (0.6%)*(3) (5) (6) (7) (13)                                      |                 | Non-durable Consumer Goods                                                                       |  | First Lien Senior Secured Term Loan (EURIBOR + 6.5%, 6.5% Cash, Acquired 05/21, Due 02/28)           |  | 5,231,119   |                  |      | 5,304,577   |                  |                 | 5,087,263   |  |
|                                                                         |                 |                                                                                                  |  | 5,231,119                                                                                               |  |                  | 5,304,577   |      |                  | 5,087,263   |                 |
|                                                                         |                 |                                                                                                  |  |                                                                                                              |  |                  |                  |      |                  |                  |
| BigHand UK Bidco Limited(0.0%)*(3) (5) (6) (7) (12)                     |                 | High Tech Industries                                                                             |  | First Lien Senior Secured Term Loan (GBP LIBOR + 5.25%, 5.4% Cash, Acquired 05/21, Due 01/28)        |  | 423,185     |                  |      | 424,064     |                  |                 | 409,702     |  |
|                                                                         |                 |                                                                                                  |  | 423,185                                                                                                 |  |                  | 424,064     |      |                  | 409,702     |                 |
|                                                                         |                 |                                                                                                  |  |                                                                                                              |  |                  |                  |      |                  |                  |
| Bottom Line Systems, LLC (0.4%)*(5) (6) (7) (9)                         |                 | Health Care Services                                                                             |  | First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.3% Cash, Acquired 05/21, Due 02/23)             |  | 3,415,694   |                  |      | 3,413,264   |                  |                 | 3,415,694   |  |
|                                                                         |                 |                                                                                                  |  | 3,415,694                                                                                               |  |                  | 3,413,264   |      |                  | 3,415,694   |                 |
|                                                                         |                 |                                                                                                  |  |                                                                                                              |  |                  |                  |      |                  |                  |
| Bounteous, Inc. (1.0%)*(5) (6) (7) (9)                                  |                 | Technology                                                                                       |  | First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 08/21, Due 08/27)             |  | 8,452,501   |                  |      | 8,240,272   |                  |                 | 8,229,509   |  |
|                                                                         |                 |                                                                                                  |  | 8,452,501                                                                                               |  |                  | 8,240,272   |      |                  | 8,229,509   |                 |
|                                                                         |                 |                                                                                                  |  |                                                                                                              |  |                  |                  |      |                  |                  |
| Brightline Trains Florida LLC (1.0%)* (6)                               |                 | Transportation                                                                                   |  | First Lien Senior Secured Note (8.0% Cash, Acquired 08/21, Due 01/28)                                |  | 8,000,000   |                  |      | 8,000,000   |                  |                 | 8,008,000   |  |
|                                                                         |                 |                                                                                                  |  | 8,000,000                                                                                               |  |                  | 8,000,000   |      |                  | 8,008,000   |                 |
|                                                                         |                 |                                                                                                  |  |                                                                                                              |  |                  |                  |      |                  |                  |
| Brightpay Limited (0.3%)*(3) (5) (6) (7) (13)                           |                 | Technology                                                                                       |  | First Lien Senior Secured Term Loan (EURIBOR + 5.25%, 5.3% Cash, Acquired 10/21, Due 10/28)          |  | 2,677,182   |                  |      | 2,647,265   |                  |                 | 2,598,874   |  |
|                                                                         |                 |                                                                                                  |  | 2,677,182                                                                                               |  |                  | 2,647,265   |      |                  | 2,598,874   |                 |
|                                                                         |                 |                                                                                                  |  |                                                                                                              |  |                  |                  |      |                  |                  |
| BrightSign LLC (1.4%)*(6)                                               |                 | Media & Entertainment                                                                        |  | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 10/21, Due 10/27)(5) (7) (9) |  | 10,686,876  |                  |      | 10,582,995  |                  |                 | 10,580,007  |  |
|                                                                         |                 | Revolver (LIBOR + 5.75%, 6.8% Cash, Acquired 10/21, Due 10/27)(7) (9)                    |  |                                                                                                              |  | (10,717)         |                  |      | (11,086)         |                  |
|                                                                         |                 | LLC Units (923,857.7 units, Acquired 10/21)                                                  |  |                                                                                                              |  | 923,858     |                  |      | 946,954     |                  |
|                                                                         |                 |                                                                                                  |  | 10,686,876                                                                                              |  |                  | 11,496,136  |      |                  | 11,515,875  |                 |
|                                                                         |                 |                                                                                                  |  |                                                                                                              |  |                  |                  |      |                  |                  |
| British Engineering Services Holdco Limited (0.7%)*(3) (5) (6) (7) (23) |                 | Commercial Services & Supplies                                                               |  | First Lien Senior Secured Term Loan (SONIA + 6.75%, 7.0% Cash, Acquired 05/21, Due 12/27)            |  | 5,862,460   |                  |      | 5,640,867   |                  |                 | 5,741,656   |  |
|                                                                         |                 | Revolver (SONIA + 6.75%, 7.0% Cash, Acquired 05/21, Due 06/22)                           |  |                                                                                                              |  | (532)            |                  |      | (369)            |                  |
|                                                                         |                 |                                                                                                  |  | 5,862,460                                                                                               |  |                  | 5,640,335   |      |                  | 5,741,287   |                 |
|                                                                         |                 |                                                                                                  |  |                                                                                                              |  |                  |                  |      |                  |                  |
| Bucharest Midco Limited (0.1%)*(3) (6)                                  |                 | Hotel, Gaming & Leisure                                                                      |  | First Lien Senior Secured GBP Term Loan (7.0% PIK, Acquired 05/21, Due 7/26)                         |  | 838,075     |                  |      | 738,469     |                  |                 | 641,965     |  |
|                                                                         |                 | First Lien Senior Secured USD Term Loan (7.0% PIK, Acquired 05/21, Due 7/26)             |  | 163,493                                                                                                 |  |                  | 138,610     |      |                  | 125,235     |                 |
|                                                                         |                 |                                                                                                  |  | 1,001,568                                                                                               |  |                  | 877,079     |      |                  | 767,200     |                 |
|                                                                         |                 |                                                                                                  |  |                                                                                                              |  |                  |                  |      |                  |                  |
| C0003 Pty Ltd (Icon Cancer Care) (0.2%)*(3) (5) (6) (7) (16)            |                 | Health Care Facilities                                                                           |  | First Lien Senior Secured Term Loan (BBSY + 4.5%, 5.0% Cash, Acquired 05/21, Due 10/24)              |  | 1,030,953   |                  |      | 1,095,059   |                  |                 | 1,030,953   |  |
|                                                                         |                 | Second Lien Senior Secured Term Loan (BBSY + 8.0%, 8.5% Cash, Acquired 05/21, Due 04/25) |  | 349,777                                                                                                 |  |                  | 372,773     |      |                  | 349,777     |                 |
|                                                                         |                 |                                                                                                  |  | 1,380,730                                                                                               |  |                  | 1,467,832   |      |                  | 1,380,730   |                 |
|                                                                         |                 |                                                                                                  |  |                                                                                                              |  |                  |                  |      |                  |                  |
| CAi Software, LLC (1.1%)*(3) (6) (7) (9)                                |                 | Technology                                                                                       |  | First Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.3% Cash, Acquired 12/21, Due 12/28)(5)         |  | 9,057,014   |                  |      | 8,876,923   |                  |                 | 8,875,874   |  |
|                                                                         |                 | Revolver (LIBOR + 6.25%, 7.3% Cash, Acquired 12/21, Due 12/28)                           |  |                                                                                                              |  | (18,723)         |                  |      | (18,860)         |                  |
|                                                                         |                 |                                                                                                  |  | 9,057,014                                                                                               |  |                  | 8,858,200   |      |                  | 8,857,014   |                 |
|                                                                         |                 |                                                                                                  |  |                                                                                                              |  |                  |                  |      |                  |                  |

----

|                                                                  |  |                                                                                               |  |                                                                                                                |  |                  |                  |      |                  |                  |                 |                  |  |   |                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------------------------------------------------------|--|-----------------------------------------------------------------------------------------------|--|----------------------------------------------------------------------------------------------------------------|--|------------------|------------------|------|------------------|------------------|-----------------|------------------|--|---|-----------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Portfolio Company                                                |  | Industry                                                                                      |  | Type of Investment(1)(2)                                                                                       |  | PrincipalAmount  |                  | Cost |                  | FairValue        |
| Canadian Orthodontic Partners Corp.(0.5%)*(3) (5) (6) (7) (20)   |  | Healthcare                                                                                    |  | First Lien Senior Secured Term Loan (CDOR + 6.5%, 7.5% Cash, Acquired 06/21, Due 03/26)                |  | $                | 4,328,819   |      |                  | $                | 4,478,480  |                  |  | $ | 4,290,097  |  |
|                                                                  |  |                                                                                               |  | 4,328,819                                                                                                 |  |                  | 4,478,480   |      |                  | 4,290,097   |                 |
|                                                                  |  |                                                                                               |  |                                                                                                                |  |                  |                  |      |                  |                  |
| Cascade LP Holdings, LLC (0.2%)*(5) (6) (7) (9)                  |  | Environmental Industries                                                                      |  | First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, 0.5% PIK, Acquired 05/21, Due 12/22)     |  | 1,529,573   |                  |      | 1,501,011   |                  |                 | 1,511,218   |  |
|                                                                  |  | Subordinated Term Loan (LIBOR + 5.5%, 6.5% Cash, 0.5% PIK, Acquired 05/21, Due 12/22) |  | 27,336                                                                                                    |  |                  | 26,825      |      |                  | 27,008      |                 |
|                                                                  |  |                                                                                               |  | 1,556,909                                                                                                 |  |                  | 1,527,836   |      |                  | 1,538,226   |                 |
|                                                                  |  |                                                                                               |  |                                                                                                                |  |                  |                  |      |                  |                  |
| Centralis Finco S.a.r.l. (0.0%)*(3) (5) (6) (7) (13)             |  | Diversified Financial Services                                                                |  | First Lien Senior Secured Term Loan (EURIBOR + 5.25%, 5.3% Cash, Acquired 05/21, Due 05/27)            |  | 127,694     |                  |      | 135,599     |                  |                 | 127,694     |  |
|                                                                  |  |                                                                                               |  | 127,694                                                                                                   |  |                  | 135,599     |      |                  | 127,694     |                 |
|                                                                  |  |                                                                                               |  |                                                                                                                |  |                  |                  |      |                  |                  |
| Ceres Pharma NV (0.4%)*(3) (5) (6) (7) (14)                      |  | Pharmaceuticals                                                                               |  | First Lien Senior Secured Term Loan (EURIBOR + 5.50%, 5.5% Cash, Acquired 10/21, Due 10/28)            |  | 3,272,718   |                  |      | 3,192,303   |                  |                 | 3,128,224   |  |
|                                                                  |  |                                                                                               |  | 3,272,718                                                                                                 |  |                  | 3,192,303   |      |                  | 3,128,224   |                 |
|                                                                  |  |                                                                                               |  |                                                                                                                |  |                  |                  |      |                  |                  |
| Chambers Global Holdings Limited (0.2%)*(3) (5) (6) (7) (11)     |  | Data Processing & Outsourced Services                                                     |  | First Lien Senior Secured Term Loan (GBP LIBOR + 6.0%, 6.5% Cash, Acquired 05/21, Due 01/26)           |  | 1,295,213   |                  |      | 1,328,181   |                  |                 | 1,284,852   |  |
|                                                                  |  |                                                                                               |  | 1,295,213                                                                                                 |  |                  | 1,328,181   |      |                  | 1,284,852   |                 |
|                                                                  |  |                                                                                               |  |                                                                                                                |  |                  |                  |      |                  |                  |
| Claritas, LLC (0.2%)*(5) (6) (7) (9)                             |  | Application Software                                                                          |  | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 05/21, Due 12/23)              |  | 1,626,859   |                  |      | 1,619,332   |                  |                 | 1,626,859   |  |
|                                                                  |  |                                                                                               |  | 1,626,859                                                                                                 |  |                  | 1,619,332   |      |                  | 1,626,859   |                 |
|                                                                  |  |                                                                                               |  |                                                                                                                |  |                  |                  |      |                  |                  |
| Classic Collision (Summit Buyer, LLC) (2.3%)*(5) (6) (7) (9)     |  | Auto Collision Repair Centers                                                                 |  | First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 05/21, Due 01/26)               |  | 19,183,895  |                  |      | 18,821,710  |                  |                 | 18,966,501  |  |
|                                                                  |  |                                                                                               |  | 19,183,895                                                                                                |  |                  | 18,821,710  |      |                  | 18,966,501  |                 |
|                                                                  |  |                                                                                               |  |                                                                                                                |  |                  |                  |      |                  |                  |
| CM Acquisitions Holdings Inc. (1.3%)*(5) (6) (7) (9)             |  | Internet & Direct Marketing                                                               |  | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 05/21, Due 05/25)              |  | 10,924,600  |                  |      | 10,887,263  |                  |                 | 10,924,600  |  |
|                                                                  |  |                                                                                               |  | 10,924,600                                                                                                |  |                  | 10,887,263  |      |                  | 10,924,600  |                 |
|                                                                  |  |                                                                                               |  |                                                                                                                |  |                  |                  |      |                  |                  |
| Coastal Marina Holdings, LLC (1.0%)*(6)                          |  | Other Financial                                                                               |  | Subordinated Term Loan (10.0% PIK, Acquired 11/21, Due 11/31)                                          |  | 8,803,918   |                  |      | 7,982,529   |                  |                 | 7,982,853   |  |
|                                                                  |  | LLC Units (273,796 units, Acquired 11/21)                                                 |  |                                                                                                                |  | 821,387     |                  |      | 821,388     |                  |
|                                                                  |  |                                                                                               |  | 8,803,918                                                                                                 |  |                  | 8,803,916   |      |                  | 8,804,241   |                 |
|                                                                  |  |                                                                                               |  |                                                                                                                |  |                  |                  |      |                  |                  |
| Cobham Slip Rings SAS (0.4%)*(3) (5) (6) (7) (9)                 |  | Diversified Manufacturing                                                                     |  | First Lien Senior Secured Term Loan (LIBOR + 6.25%, 6.4% Cash, Acquired 11/21, Due 11/28)              |  | 3,091,435   |                  |      | 3,016,341   |                  |                 | 3,014,149   |  |
|                                                                  |  |                                                                                               |  | 3,091,435                                                                                                 |  |                  | 3,016,341   |      |                  | 3,014,149   |                 |
|                                                                  |  |                                                                                               |  |                                                                                                                |  |                  |                  |      |                  |                  |
| Command Alkon (Project Potter Buyer, LLC) (1.4%)*(5) (6) (7) (8) |  | Software                                                                                      |  | First Lien Senior Secured Term Loan (LIBOR + 8.25%, 9.3% Cash, Acquired 05/21, Due 04/27)              |  | 11,880,170  |                  |      | 11,397,669  |                  |                 | 11,617,107  |  |
|                                                                  |  |                                                                                               |  | 11,880,170                                                                                                |  |                  | 11,397,669  |      |                  | 11,617,107  |                 |
|                                                                  |  |                                                                                               |  |                                                                                                                |  |                  |                  |      |                  |                  |
| Contabo Finco S.À R.L (2.9%)*(3) (5) (6) (7) (22)           |  | Internet Software & Services                                                              |  | First Lien Senior Secured Term Loan (SONIA + 5.25%, 5.3% Cash, Acquired 05/21, Due 10/26)              |  | 24,508,615  |                  |      | 23,910,169  |                  |                 | 24,018,443  |  |
|                                                                  |  |                                                                                               |  | 24,508,615                                                                                                |  |                  | 23,910,169  |      |                  | 24,018,443  |                 |
|                                                                  |  |                                                                                               |  |                                                                                                                |  |                  |                  |      |                  |                  |
| Cosmelux International (0.1%)*(3) (5) (6) (7) (14)               |  | Commodity Chemicals                                                                           |  | First Lien Senior Secured Term Loan (EURIBOR + 5.75%, 5.8% Cash, Acquired 05/21, Due 07/24)            |  | 1,030,303   |                  |      | 1,081,536   |                  |                 | 1,023,091   |  |
|                                                                  |  |                                                                                               |  | 1,030,303                                                                                                 |  |                  | 1,081,536   |      |                  | 1,023,091   |                 |
|                                                                  |  |                                                                                               |  |                                                                                                                |  |                  |                  |      |                  |                  |
| Coyo Uprising GmbH (1.2%)*(3) (6)                                |  | Technology                                                                                    |  | First Lien Senior Secured Term Loan (EURIBOR + 6.5%, 6.5% Cash, Acquired 09/21, Due 09/28)(5) (7) (13) |  | 9,686,391   |                  |      | 9,704,825   |                  |                 | 9,417,551   |  |
|                                                                  |  | Class A Units (531.0 units, Acquired 09/21)                                               |  |                                                                                                                |  | 247,800     |                  |      | 708,045     |                  |
|                                                                  |  | Class B Units (231.0 units, Acquired 09/21)                                               |  |                                                                                                                |  | 538,100     |                  |      | 305,109     |                  |
|                                                                  |  |                                                                                               |  | 9,686,391                                                                                                 |  |                  | 10,490,725  |      |                  | 10,430,705  |                 |
|                                                                  |  |                                                                                               |  |                                                                                                                |  |                  |                  |      |                  |                  |
| Crash Champions (1.8%)*(5) (6) (7) (9)                           |  | Automotive                                                                                    |  | First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 05/21, Due 08/25)               |  | 15,469,579  |                  |      | 14,971,623  |                  |                 | 14,869,960  |  |
|                                                                  |  |                                                                                               |  | 15,469,579                                                                                                |  |                  | 14,971,623  |      |                  | 14,869,960  |                 |
|                                                                  |  |                                                                                               |  |                                                                                                                |  |                  |                  |      |                  |                  |

----

|                                                                             |  |                                                                                                         |  |                                                                                                               |  |                  |                  |      |                  |                  |                 |                  |  |   |                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-----------------------------------------------------------------------------|--|---------------------------------------------------------------------------------------------------------|--|---------------------------------------------------------------------------------------------------------------|--|------------------|------------------|------|------------------|------------------|-----------------|------------------|--|---|-----------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Portfolio Company                                                           |  | Industry                                                                                                |  | Type of Investment(1)(2)                                                                                      |  | PrincipalAmount  |                  | Cost |                  | FairValue        |
| CVL 3 (0.9%)*(3) (5) (6) (7)                                                |  | Capital Equipment                                                                                       |  | First Lien Senior Secured Term Loan (EURIBOR + 5.50%, 5.5% Cash, Acquired 12/21, Due 12/28)(13)       |  | $                | 4,321,359   |      |                  | $                | 4,183,180  |                  |  | $ | 4,213,325  |  |
|                                                                             |  | 6- Month Bridge Term Loan (EURIBOR + 5.50%, 5.5% Cash, Acquired 12/21, Due 06/22)(13)           |  | 568,600                                                                                                  |  |                  | 551,219     |      |                  | 562,914     |                 |
|                                                                             |  | First Lien Senior Secured Term Loan (SOFR + 5.50%, 5.5% Cash, Acquired 12/21, Due 12/28)(24)    |  | 2,480,280                                                                                                |  |                  | 2,418,514   |      |                  | 2,418,273   |                 |
|                                                                             |  |                                                                                                         |  | 7,370,239                                                                                                |  |                  | 7,152,913   |      |                  | 7,194,512   |                 |
|                                                                             |  |                                                                                                         |  |                                                                                                               |  |                  |                  |      |                  |                  |
| CW Group Holdings, LLC (0.5%)*(5) (6) (7) (9)                               |  | High Tech Industries                                                                                    |  | First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 05/21, Due 01/27)              |  | 4,128,407   |                  |      | 4,044,214   |                  |                 | 4,064,074   |  |
|                                                                             |  |                                                                                                         |  | 4,128,407                                                                                                |  |                  | 4,044,214   |      |                  | 4,064,074   |                 |
|                                                                             |  |                                                                                                         |  |                                                                                                               |  |                  |                  |      |                  |                  |
| Dart Buyer, Inc. (0.3%)*(5) (6) (7) (9)                                     |  | Aerospace & Defense                                                                                 |  | First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 05/21, Due 04/25)             |  | 2,216,829   |                  |      | 2,201,686   |                  |                 | 2,129,120   |  |
|                                                                             |  |                                                                                                         |  | 2,216,829                                                                                                |  |                  | 2,201,686   |      |                  | 2,129,120   |                 |
|                                                                             |  |                                                                                                         |  |                                                                                                               |  |                  |                  |      |                  |                  |
| DecksDirect, LLC (0.1%)*(6)                                                 |  | Building Materials                                                                                      |  | First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 12/21, Due 12/26)(5) (7) (8)   |  | 727,273     |                  |      | 712,749     |                  |                 | 712,727     |  |
|                                                                             |  | Revolver (LIBOR + 6.00%, 7.0% Cash, Acquired 12/21, Due 12/26)(7) (9)                           |  |                                                                                                               |  | (4,357)          |                  |      | (4,364)          |                  |
|                                                                             |  | LLC Units (1,280.8 Units, Acquired 12/21)                                                           |  |                                                                                                               |  | 54,545      |                  |      | 54,549      |                  |
|                                                                             |  |                                                                                                         |  | 727,273                                                                                                  |  |                  | 762,937     |      |                  | 762,912     |                 |
|                                                                             |  |                                                                                                         |  |                                                                                                               |  |                  |                  |      |                  |                  |
| Direct Travel, Inc. (0.6%)*(6) (7) (9)                                      |  | Lodging & Casinos                                                                                   |  | First Lien Senior Secured Term Loan (LIBOR + 1.0%, 2.0% Cash, 7.5% PIK, Acquired 05/21, Due 10/23)    |  | 5,591,483   |                  |      | 4,528,121   |                  |                 | 4,417,272   |  |
|                                                                             |  | Super Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 05/21, Due 10/23)             |  | 374,099                                                                                                  |  |                  | 374,099     |      |                  | 374,099     |                 |
|                                                                             |  |                                                                                                         |  | 5,965,582                                                                                                |  |                  | 4,902,220   |      |                  | 4,791,371   |                 |
|                                                                             |  |                                                                                                         |  |                                                                                                               |  |                  |                  |      |                  |                  |
| Discovery Education, Inc. (1.0%)*(5) (6) (7) (9)                            |  | Publishing                                                                                              |  | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 05/21, Due 10/26)             |  | 8,632,718   |                  |      | 8,632,718   |                  |                 | 8,632,718   |  |
|                                                                             |  |                                                                                                         |  | 8,632,718                                                                                                |  |                  | 8,632,718   |      |                  | 8,632,718   |                 |
|                                                                             |  |                                                                                                         |  |                                                                                                               |  |                  |                  |      |                  |                  |
| Dragon Bidco (0.1%)*(3) (5) (6) (7) (14)                                    |  | High Tech Industries                                                                                    |  | First Lien Senior Secured Term Loan (EURIBOR + 6.75%, 6.8% Cash, Acquired 05/21, Due 04/28)           |  | 568,600     |                  |      | 589,778     |                  |                 | 557,596     |  |
|                                                                             |  |                                                                                                         |  | 568,600                                                                                                  |  |                  | 589,778     |      |                  | 557,596     |                 |
|                                                                             |  |                                                                                                         |  |                                                                                                               |  |                  |                  |      |                  |                  |
| DreamStart Bidco SAS (d/b/a SmartTrade) (0.1%)*(3) (5) (6) (7) (14) |  | Diversified Financial Services                                                                          |  | First Lien Senior Secured Term Loan (EURIBOR + 5.25%, 5.3% Cash, Acquired 05/21, Due 03/27)           |  | 909,403     |                  |      | 941,454     |                  |                 | 897,540     |  |
|                                                                             |  |                                                                                                         |  | 909,403                                                                                                  |  |                  | 941,454     |      |                  | 897,540     |                 |
|                                                                             |  |                                                                                                         |  |                                                                                                               |  |                  |                  |      |                  |                  |
| Dune Group (0.6%)*(3) (5) (6) (7)                                           |  | Diversified Financial Services                                                                          |  | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.0% Cash, Acquired 09/21, Due 09/28)(9)          |  | 4,824,716   |                  |      | 4,742,818   |                  |                 | 4,714,148   |  |
|                                                                             |  | First Lien Senior Secured Term Loan (EURIBOR + 5.75%, 5.8% Cash, Acquired 09/21, Due 09/28)(13) |  | 319,243                                                                                                  |  |                  | 268,442     |      |                  | 274,939     |                 |
|                                                                             |  |                                                                                                         |  | 5,143,959                                                                                                |  |                  | 5,011,260   |      |                  | 4,989,087   |                 |
|                                                                             |  |                                                                                                         |  |                                                                                                               |  |                  |                  |      |                  |                  |
| Dunn Paper, Inc. (0.3%)*(5) (6) (7) (8)                                     |  | Forest Products & Paper                                                                             |  | Second Lien Senior Secured Term Loan (LIBOR + 8.75%, 9.8% Cash, Acquired 05/21, Due 08/23)            |  | 2,481,025   |                  |      | 2,451,575   |                  |                 | 2,175,859   |  |
|                                                                             |  |                                                                                                         |  | 2,481,025                                                                                                |  |                  | 2,451,575   |      |                  | 2,175,859   |                 |
|                                                                             |  |                                                                                                         |  |                                                                                                               |  |                  |                  |      |                  |                  |
| Dwyer Instruments, Inc. (0.8%)*(5) (6) (7) (9)                              |  | Electric                                                                                                |  | First Lien Senior Secured Term Loan (LIBOR + 5.50%, 6.3% Cash, Acquired 07/21, Due 07/27)             |  | 6,513,158   |                  |      | 6,375,727   |                  |                 | 6,445,658   |  |
|                                                                             |  |                                                                                                         |  | 6,513,158                                                                                                |  |                  | 6,375,727   |      |                  | 6,445,658   |                 |
|                                                                             |  |                                                                                                         |  |                                                                                                               |  |                  |                  |      |                  |                  |
| Echo Global Logistics, Inc. (2.0%)*(6)                                      |  | Air Transportation                                                                                      |  | Second Lien Senior Secured Term Loan (LIBOR + 7.25%, 8.0% Cash, Acquired 11/21, Due 11/29)(5) (7) (9) |  | 16,433,066  |                  |      | 16,148,344  |                  |                 | 16,145,487  |  |
|                                                                             |  | Partnership Equity (448.2 units, Acquired 11/21)                                                    |  |                                                                                                               |  | 448,175     |                  |      | 448,170     |                  |
|                                                                             |  |                                                                                                         |  | 16,433,066                                                                                               |  |                  | 16,596,519  |      |                  | 16,593,657  |                 |
|                                                                             |  |                                                                                                         |  |                                                                                                               |  |                  |                  |      |                  |                  |
| Ellkay, LLC (0.7%)*(5) (6) (7) (9)                                          |  | Healthcare & Pharmaceuticals                                                                        |  | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 09/21, Due 09/27)             |  | 5,829,433   |                  |      | 5,717,257   |                  |                 | 5,724,393   |  |
|                                                                             |  |                                                                                                         |  | 5,829,433                                                                                                |  |                  | 5,717,257   |      |                  | 5,724,393   |                 |
|                                                                             |  |                                                                                                         |  |                                                                                                               |  |                  |                  |      |                  |                  |
| EMI Porta Holdco LLC (1.9%)*(6) (7) (9)                                     |  | Diversified Manufacturing                                                                               |  | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.5% Cash, Acquired 12/21, Due 12/27)(5)          |  | 16,779,661  |                  |      | 16,236,854  |                  |                 | 16,230,508  |  |
|                                                                             |  | Revolver (LIBOR + 5.75%, 6.5% Cash, Acquired 12/21, Due 12/27)                                  |  |                                                                                                               |  | (50,165)         |                  |      | (50,847)         |                  |
|                                                                             |  |                                                                                                         |  | 16,779,661                                                                                               |  |                  | 16,186,689  |      |                  | 16,179,661  |                 |
|                                                                             |  |                                                                                                         |  |                                                                                                               |  |                  |                  |      |                  |                  |

----

|                                                            |  |                                                                                                 |  |                                                                                                               |  |                  |                  |      |                  |                  |                 |                  |  |   |                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------------------------------------------------|--|-------------------------------------------------------------------------------------------------|--|---------------------------------------------------------------------------------------------------------------|--|------------------|------------------|------|------------------|------------------|-----------------|------------------|--|---|-----------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Portfolio Company                                          |  | Industry                                                                                        |  | Type of Investment(1)(2)                                                                                      |  | PrincipalAmount  |                  | Cost |                  | FairValue        |
| Entact Environmental Services, Inc. (0.2%)*(5) (6) (7) (9) |  | Environmental Industries                                                                        |  | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 05/21, Due 12/25)             |  | $                | 1,860,005   |      |                  | $                | 1,843,664  |                  |  | $ | 1,835,825  |  |
|                                                            |  |                                                                                                 |  | 1,860,005                                                                                                |  |                  | 1,843,664   |      |                  | 1,835,825   |                 |
|                                                            |  |                                                                                                 |  |                                                                                                               |  |                  |                  |      |                  |                  |
| EPS NASS Parent, Inc. (0.2%)*(5) (6) (7) (9)               |  | Electrical Components & Equipment                                                           |  | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 05/21, Due 04/28)             |  | 2,081,930   |                  |      | 2,039,556   |                  |                 | 2,046,808   |  |
|                                                            |  |                                                                                                 |  | 2,081,930                                                                                                |  |                  | 2,039,556   |      |                  | 2,046,808   |                 |
|                                                            |  |                                                                                                 |  |                                                                                                               |  |                  |                  |      |                  |                  |
| ERES Group (0.0%)*(3) (5) (6) (7) (13)                     |  | Banking, Finance, Insurance & Real Estate                                                   |  | First Lien Senior Secured Term Loan (EURIBOR + 5.0%, 5.0% Cash, Acquired 05/21, Due 07/26)            |  | 341,160     |                  |      | 362,280     |                  |                 | 341,160     |  |
|                                                            |  |                                                                                                 |  | 341,160                                                                                                  |  |                  | 362,280     |      |                  | 341,160     |                 |
|                                                            |  |                                                                                                 |  |                                                                                                               |  |                  |                  |      |                  |                  |
| eShipping, LLC (0.7%)*(6) (7)                              |  | Transportation Services                                                                         |  | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 11/21, Due 11/27)(5) (8)      |  | 5,482,729   |                  |      | 5,350,595   |                  |                 | 5,347,593   |  |
|                                                            |  | Revolver (LIBOR + 5.75%, 6.8% Cash, Acquired 11/21, Due 11/27)(9)                       |  | 127,407                                                                                                  |  |                  | 112,924     |      |                  | 112,542     |                 |
|                                                            |  |                                                                                                 |  | 5,610,136                                                                                                |  |                  | 5,463,519   |      |                  | 5,460,135   |                 |
|                                                            |  |                                                                                                 |  |                                                                                                               |  |                  |                  |      |                  |                  |
| F24 (Stairway BidCo Gmbh) (0.0%)*(3) (5) (6) (13)          |  | Software Services                                                                               |  | First Lien Senior Secured Term Loan (EURIBOR + 6.0%, 6.0% Cash, Acquired 05/21, Due 08/27)            |  | 378,408     |                  |      | 401,834     |                  |                 | 378,408     |  |
|                                                            |  |                                                                                                 |  | 378,408                                                                                                  |  |                  | 401,834     |      |                  | 378,408     |                 |
|                                                            |  |                                                                                                 |  |                                                                                                               |  |                  |                  |      |                  |                  |
| Findex Group Limited (0.1%)*(3) (5) (6)  (16)              |  | Banking, Finance, Insurance & Real Estate                                                   |  | First Lien Senior Secured Term Loan (BBSY + 5.25%, 5.5% Cash, Acquired 05/21, Due 05/24)              |  | 846,320     |                  |      | 899,032     |                  |                 | 846,320     |  |
|                                                            |  |                                                                                                 |  | 846,320                                                                                                  |  |                  | 899,032     |      |                  | 846,320     |                 |
|                                                            |  |                                                                                                 |  |                                                                                                               |  |                  |                  |      |                  |                  |
| Fineline Technologies, Inc. (0.4%)*(5) (6) (7) (9)         |  | Consumer Services                                                                               |  | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 05/21, Due 02/28)             |  | 3,487,920   |                  |      | 3,424,231   |                  |                 | 3,487,920   |  |
|                                                            |  |                                                                                                 |  | 3,487,920                                                                                                |  |                  | 3,424,231   |      |                  | 3,487,920   |                 |
|                                                            |  |                                                                                                 |  |                                                                                                               |  |                  |                  |      |                  |                  |
| FitzMark Buyer, LLC (0.5%)*(5) (6) (7) (9)                 |  | Cargo & Transportation                                                                      |  | First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.5% Cash, Acquired 05/21, Due 12/26)              |  | 4,313,680   |                  |      | 4,243,309   |                  |                 | 4,227,406   |  |
|                                                            |  |                                                                                                 |  | 4,313,680                                                                                                |  |                  | 4,243,309   |      |                  | 4,227,406   |                 |
|                                                            |  |                                                                                                 |  |                                                                                                               |  |                  |                  |      |                  |                  |
| Flavor Producers, LLC. (0.1%)*(5) (6) (7) (9)              |  | Packaged Foods & Meats                                                                      |  | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, 1.0% PIK, Acquired 05/21, Due 12/23)   |  | 891,626     |                  |      | 860,828     |                  |                 | 878,252     |  |
|                                                            |  |                                                                                                 |  | 891,626                                                                                                  |  |                  | 860,828     |      |                  | 878,252     |                 |
|                                                            |  |                                                                                                 |  |                                                                                                               |  |                  |                  |      |                  |                  |
| Flexential Issuer, LLC (1.2%)*                             |  | Information Technology                                                                          |  | Structured Secured Note - Class C (6.9% Cash, Acquired 11/21, Due 11/51)                              |  | 10,000,000  |                  |      | 9,260,697   |                  |                 | 9,755,469   |  |
|                                                            |  |                                                                                                 |  | 10,000,000                                                                                               |  |                  | 9,260,697   |      |                  | 9,755,469   |                 |
|                                                            |  |                                                                                                 |  |                                                                                                               |  |                  |                  |      |                  |                  |
| FragilePak LLC (1.2%)*(6)                                  |  | Transportation Services                                                                         |  | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 05/21, Due 05/27)(5) (7) (10) |  | 9,273,768   |                  |      | 8,923,831   |                  |                 | 8,966,420   |  |
|                                                            |  | Partnership Units (929.7 units, Acquired 05/21)                                             |  |                                                                                                               |  | 929,701     |                  |      | 918,191     |                  |
|                                                            |  |                                                                                                 |  | 9,273,768                                                                                                |  |                  | 9,853,532   |      |                  | 9,884,611   |                 |
|                                                            |  |                                                                                                 |  |                                                                                                               |  |                  |                  |      |                  |                  |
| Front Line Power Construction LLC (0.1%)*                  |  | Construction Machinery                                                                          |  | First Lien Senior Secured Term Loan (LIBOR + 12.5%, 13.5% Cash, Acquired 11/21, Due 11/28)(6) (7) (9) |  | 1,250,000   |                  |      | 1,209,878   |                  |                 | 1,212,500   |  |
|                                                            |  | Common Stock (15,890 shares, Acquired 11/21)                                                |  |                                                                                                               |  | 40,678      |                  |      | 34,799      |                  |
|                                                            |  |                                                                                                 |  | 1,250,000                                                                                                |  |                  | 1,250,556   |      |                  | 1,247,299   |                 |
|                                                            |  |                                                                                                 |  |                                                                                                               |  |                  |                  |      |                  |                  |
| FSS Buyer LLC (3.0%)*(6)                                   |  | Technology                                                                                      |  | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.5% Cash, Acquired 08/21, Due 08/28)(5) (7) (9)  |  | 24,781,260  |                  |      | 24,305,365  |                  |                 | 24,340,699  |  |
|                                                            |  | LP Interest (2,902.34 units, Acquired 08/21)                                                |  |                                                                                                               |  | 29,023      |                  |      | 74,994      |                  |
|                                                            |  | LP Units (12,760.8 units, Acquired 08/21)                                                   |  |                                                                                                               |  | 127,608     |                  |      | 329,729     |                  |
|                                                            |  |                                                                                                 |  | 24,781,260                                                                                               |  |                  | 24,461,996  |      |                  | 24,745,422  |                 |
|                                                            |  |                                                                                                 |  |                                                                                                               |  |                  |                  |      |                  |                  |
| Glacis Acquisition S.A.R.L. (0.2%)*(3) (5) (6) (7) (14)    |  | Transportation Services                                                                         |  | First Lien Senior Secured Term Loan (EURIBOR + 6.5%, 6.5% Cash, Acquired 05/21, Due 07/23)            |  | 1,295,701   |                  |      | 1,128,151   |                  |                 | 1,295,702   |  |
|                                                            |  |                                                                                                 |  | 1,295,701                                                                                                |  |                  | 1,128,151   |      |                  | 1,295,702   |                 |
|                                                            |  |                                                                                                 |  |                                                                                                               |  |                  |                  |      |                  |                  |
| Graphpad Software, LLC (3.2%)*(5) (6) (7) (9)              |  | Internet Software & Services                                                                |  | First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 11/21, Due 4/27)               |  | 16,248,003  |                  |      | 16,064,258  |                  |                 | 16,059,500  |  |
|                                                            |  | First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 05/21, Due 4/27) |  | 11,047,454                                                                                               |  |                  | 11,047,454  |      |                  | 11,102,691  |                 |
|                                                            |  |                                                                                                 |  | 27,295,457                                                                                               |  |                  | 27,111,712  |      |                  | 27,162,191  |                 |
|                                                            |  |                                                                                                 |  |                                                                                                               |  |                  |                  |      |                  |                  |

----

|                                                                               |  |                                                                        |  |                                                                                                               |  |                  |                  |      |                  |                  |                 |                  |  |   |                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-------------------------------------------------------------------------------|--|------------------------------------------------------------------------|--|---------------------------------------------------------------------------------------------------------------|--|------------------|------------------|------|------------------|------------------|-----------------|------------------|--|---|-----------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Portfolio Company                                                             |  | Industry                                                               |  | Type of Investment(1)(2)                                                                                      |  | PrincipalAmount  |                  | Cost |                  | FairValue        |
| Healthe Care Specialty Pty Ltd (0.1%)*(3) (5) (6) (7) (17)                    |  | Healthcare & Pharmaceuticals                                       |  | First Lien Senior Secured Term Loan (BBSY + 4.75%, 5.3% Cash, Acquired 05/21, Due 10/24)              |  | $                | 1,083,989   |      |                  | $                | 1,128,222  |                  |  | $ | 1,068,813  |  |
|                                                                               |  |                                                                        |  | 1,083,989                                                                                                |  |                  | 1,128,222   |      |                  | 1,068,813   |                 |
|                                                                               |  |                                                                        |  |                                                                                                               |  |                  |                  |      |                  |                  |
| Heartland Veterinary Partners, LLC (0.6%)*(6)                                 |  | Healthcare                                                             |  | Subordinated Term Loan (11.0% PIK, Acquired 11/21, Due 11/28)                                         |  | 5,174,809   |                  |      | 5,038,239   |                  |                 | 5,036,340   |  |
|                                                                               |  |                                                                        |  | 5,174,809                                                                                                |  |                  | 5,038,239   |      |                  | 5,036,340   |                 |
|                                                                               |  |                                                                        |  |                                                                                                               |  |                  |                  |      |                  |                  |
| Heartland, LLC (0.8%)*(5) (6) (7) (9)                                         |  | Commercial Services & Supplies                                     |  | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 05/21, Due 08/25)             |  | 6,607,735   |                  |      | 6,494,635   |                  |                 | 6,457,737   |  |
|                                                                               |  |                                                                        |  | 6,607,735                                                                                                |  |                  | 6,494,635   |      |                  | 6,457,737   |                 |
|                                                                               |  |                                                                        |  |                                                                                                               |  |                  |                  |      |                  |                  |
| Heavy Construction Systems Specialists, LLC (2.7%)*(6) (7) (9)                |  | Technology                                                             |  | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.5% Cash, Acquired 11/21, Due 11/27)(5)          |  | 22,807,018  |                  |      | 22,358,840  |                  |                 | 22,350,877  |  |
|                                                                               |  | Revolver (LIBOR + 5.75%, 6.5% Cash, Acquired 11/21, Due 11/27) |  |                                                                                                               |  | (42,952)         |                  |      | (43,860)         |                  |
|                                                                               |  |                                                                        |  | 22,807,018                                                                                               |  |                  | 22,315,888  |      |                  | 22,307,017  |                 |
|                                                                               |  |                                                                        |  |                                                                                                               |  |                  |                  |      |                  |                  |
| Heilbron (f/k/a Sucsez (Bolt Bidco B.V.)) (1.0%)*(3) (5) (6) (7) (14) |  | Insurance                                                              |  | First Lien Senior Secured Term Loan (EURIBOR + 5.0%, 5.0% Cash, Acquired 05/21, Due 09/26)            |  | 8,218,669   |                  |      | 8,510,419   |                  |                 | 8,028,646   |  |
|                                                                               |  |                                                                        |  | 8,218,669                                                                                                |  |                  | 8,510,419   |      |                  | 8,028,646   |                 |
|                                                                               |  |                                                                        |  |                                                                                                               |  |                  |                  |      |                  |                  |
| HemaSource, Inc. (1.0%)*(5) (6) (7) (8)                                       |  | Health Care Distributors                                               |  | First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 05/21, Due 07/23)              |  | 8,474,682   |                  |      | 8,413,546   |                  |                 | 8,474,682   |  |
|                                                                               |  |                                                                        |  | 8,474,682                                                                                                |  |                  | 8,413,546   |      |                  | 8,474,682   |                 |
|                                                                               |  |                                                                        |  |                                                                                                               |  |                  |                  |      |                  |                  |
| Home Care Assistance, LLC (0.2%)*(5) (6) (7) (9)                              |  | Healthcare & Pharmaceuticals                                       |  | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 05/21, Due 03/27)             |  | 1,562,472   |                  |      | 1,534,102   |                  |                 | 1,531,222   |  |
|                                                                               |  |                                                                        |  | 1,562,472                                                                                                |  |                  | 1,534,102   |      |                  | 1,531,222   |                 |
|                                                                               |  |                                                                        |  |                                                                                                               |  |                  |                  |      |                  |                  |
| HW Holdco, LLC (Hanley Wood LLC) (1.5%)*(5) (6) (7) (8)                       |  | Advertising                                                            |  | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 05/21, Due 12/24)             |  | 13,160,297  |                  |      | 12,964,432  |                  |                 | 12,860,297  |  |
|                                                                               |  |                                                                        |  | 13,160,297                                                                                               |  |                  | 12,964,432  |      |                  | 12,860,297  |                 |
|                                                                               |  |                                                                        |  |                                                                                                               |  |                  |                  |      |                  |                  |
| IGL Holdings III Corp. (1.1%)*(5) (6) (7) (9)                                 |  | Commercial Printing                                                    |  | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 05/21, Due 11/26)             |  | 9,171,523   |                  |      | 9,053,139   |                  |                 | 9,076,442   |  |
|                                                                               |  |                                                                        |  | 9,171,523                                                                                                |  |                  | 9,053,139   |      |                  | 9,076,442   |                 |
|                                                                               |  |                                                                        |  |                                                                                                               |  |                  |                  |      |                  |                  |
| IM Square (0.6%)*(3) (5) (6) (7) (14)                                         |  | Banking, Finance, Insurance & Real Estate                          |  | First Lien Senior Secured Term Loan (EURIBOR + 5.25%, 5.3% Cash, Acquired 05/21, Due 04/28)           |  | 4,776,239   |                  |      | 4,857,973   |                  |                 | 4,699,819   |  |
|                                                                               |  |                                                                        |  | 4,776,239                                                                                                |  |                  | 4,857,973   |      |                  | 4,699,819   |                 |
|                                                                               |  |                                                                        |  |                                                                                                               |  |                  |                  |      |                  |                  |
| Image International Intermediate Holdco II, LLC (2.9%)*(5) (6) (7) (8)        |  | Non-durable Consumer Goods                                             |  | First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 05/21, Due 07/24)              |  | 25,000,000  |                  |      | 24,715,460  |                  |                 | 24,625,000  |  |
|                                                                               |  |                                                                        |  | 25,000,000                                                                                               |  |                  | 24,715,460  |      |                  | 24,625,000  |                 |
|                                                                               |  |                                                                        |  |                                                                                                               |  |                  |                  |      |                  |                  |
| Infoniqa Holdings GmbH (0.5%)*(3) (5) (6) (7) (13)                            |  | Technology                                                             |  | First Lien Senior Secured Term Loan (EURIBOR + 5.25%, 5.3% Cash, Acquired 11/21, Due 11/28)           |  | 4,285,520   |                  |      | 4,148,217   |                  |                 | 4,167,668   |  |
|                                                                               |  |                                                                        |  | 4,285,520                                                                                                |  |                  | 4,148,217   |      |                  | 4,167,668   |                 |
|                                                                               |  |                                                                        |  |                                                                                                               |  |                  |                  |      |                  |                  |
| Innovad Group II BV (0.1%)*(3) (5) (6) (7) (13)                               |  | Beverage, Food & Tobacco                                           |  | First Lien Senior Secured Term Loan (EURIBOR + 5.75%, 5.8% Cash, Acquired 05/21, Due 04/28)           |  | 990,479     |                  |      | 1,020,445   |                  |                 | 930,349     |  |
|                                                                               |  |                                                                        |  | 990,479                                                                                                  |  |                  | 1,020,445   |      |                  | 930,349     |                 |
|                                                                               |  |                                                                        |  |                                                                                                               |  |                  |                  |      |                  |                  |
| INOS 19-090 GmbH (0.1%)*(3) (5) (6) (7) (13)                                  |  | Aerospace & Defense                                                |  | First Lien Senior Secured Term Loan (EURIBOR + 6.13%, 6.1% Cash, Acquired 05/21, Due 12/27)           |  | 695,890     |                  |      | 720,628     |                  |                 | 695,040     |  |
|                                                                               |  |                                                                        |  | 695,890                                                                                                  |  |                  | 720,628     |      |                  | 695,040     |                 |
|                                                                               |  |                                                                        |  |                                                                                                               |  |                  |                  |      |                  |                  |
| Ipsen International Holding GmbH (0.1%)*(3) (6) (7) (14)                      |  | Capital Equipment                                                      |  | First Lien Senior Secured Term Loan (EURIBOR + 6.75%, 6.8% Cash, 0.5% PIK, Acquired 05/21, Due 08/24) |  | 1,222,226   |                  |      | 1,156,110   |                  |                 | 1,095,114   |  |
|                                                                               |  |                                                                        |  | 1,222,226                                                                                                |  |                  | 1,156,110   |      |                  | 1,095,114   |                 |
|                                                                               |  |                                                                        |  |                                                                                                               |  |                  |                  |      |                  |                  |
| Iridium Bidco Limited (0.1%)*(3) (5) (6) (7) (12)                             |  | Radio & Television                                                 |  | First Lien Senior Secured Term Loan (GBP LIBOR + 5.25%, 5.8% Cash, Acquired 05/21, Due 09/23)         |  | 1,018,471   |                  |      | 1,045,045   |                  |                 | 1,018,471   |  |
|                                                                               |  |                                                                        |  | 1,018,471                                                                                                |  |                  | 1,045,045   |      |                  | 1,018,471   |                 |
|                                                                               |  |                                                                        |  |                                                                                                               |  |                  |                  |      |                  |                  |
| Isolstar Holding NV (IPCOM) (0.1%)*(3) (5) (6) (7) (13)                       |  | Trading Companies & Distributors                                   |  | First Lien Senior Secured Term Loan (EURIBOR + 5.0%, 5.0% Cash, Acquired 05/21, Due 06/25)            |  | 925,142     |                  |      | 973,586     |                  |                 | 925,142     |  |
|                                                                               |  |                                                                        |  | 925,142                                                                                                  |  |                  | 973,586     |      |                  | 925,142     |                 |
|                                                                               |  |                                                                        |  |                                                                                                               |  |                  |                  |      |                  |                  |

----

|                                                                              |  |                                                                                                                |  |                                                                                                                  |  |                  |                  |      |                  |                  |                 |                  |  |   |                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------------------------------------------------------------------|--|----------------------------------------------------------------------------------------------------------------|--|------------------------------------------------------------------------------------------------------------------|--|------------------|------------------|------|------------------|------------------|-----------------|------------------|--|---|-----------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Portfolio Company                                                            |  | Industry                                                                                                       |  | Type of Investment(1)(2)                                                                                         |  | PrincipalAmount  |                  | Cost |                  | FairValue        |
| ISS#2, LLC (d/b/a Industrial Services Solutions) (0.2%)*(6) (7) (10) |  | Commercial Services & Supplies                                                                             |  | First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 05/21, Due 02/26)                 |  | $                | 1,626,998   |      |                  | $                | 1,472,397  |                  |  | $ | 1,547,275  |  |
|                                                                              |  |                                                                                                                |  | 1,626,998                                                                                                   |  |                  | 1,472,397   |      |                  | 1,547,275   |                 |
|                                                                              |  |                                                                                                                |  |                                                                                                                  |  |                  |                  |      |                  |                  |
| ITI Intermodal, Inc.(0.1%)*(6) (7)                                           |  | Transportation Services                                                                                        |  | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 12/21, Due 12/27)(5) (8)         |  | 721,407     |                  |      | 704,989     |                  |                 | 704,918     |  |
|                                                                              |  | Revolver (LIBOR + 4.75%, 5.8% Cash, Acquired 12/21, Due 12/27)(9)                                      |  |                                                                                                                  |  | (2,468)          |                  |      | (2,480)          |                  |
|                                                                              |  |                                                                                                                |  | 721,407                                                                                                     |  |                  | 702,521     |      |                  | 702,438     |                 |
|                                                                              |  |                                                                                                                |  |                                                                                                                  |  |                  |                  |      |                  |                  |
| Jade Bidco Limited (Jane's) (0.2%)*(3) (5) (6) (7)                           |  | Aerospace & Defense                                                                                        |  | First Lien Senior Secured Term Loan (EURIBOR + 4.5%, 4.5% Cash, 2.0% PIK, Acquired 05/21, Due 12/26)(14) |  | 213,064     |                  |      | 224,124     |                  |                 | 213,064     |  |
|                                                                              |  | First Lien Senior Secured Term Loan (LIBOR + 4.5%, 4.5% Cash, 2.0% PIK, Acquired 05/21, Due 12/26)(10) |  | 1,174,450                                                                                                   |  |                  | 1,164,031   |      |                  | 1,174,450   |                 |
|                                                                              |  |                                                                                                                |  | 1,387,514                                                                                                   |  |                  | 1,388,155   |      |                  | 1,387,514   |                 |
|                                                                              |  |                                                                                                                |  |                                                                                                                  |  |                  |                  |      |                  |                  |
| Jaguar Merger Sub Inc. (0.3%)*(6) (7) (9)                                    |  | Other Financial                                                                                                |  | First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 12/21, Due 9/24)(5)              |  | 2,542,556   |                  |      | 2,486,904   |                  |                 | 2,486,264   |  |
|                                                                              |  | Revolver (LIBOR + 5.25%, 6.3% Cash, Acquired 12/21, Due 9/24)                                          |  |                                                                                                                  |  | (6,055)          |                  |      | (6,127)          |                  |
|                                                                              |  |                                                                                                                |  | 2,542,556                                                                                                   |  |                  | 2,480,849   |      |                  | 2,480,137   |                 |
|                                                                              |  |                                                                                                                |  |                                                                                                                  |  |                  |                  |      |                  |                  |
| Jeeves Information Systems AB (2.5%)*(3) (5) (6) (7)                         |  | High Tech Industries                                                                                           |  | First Lien Senior Secured Term Loan (STIBOR + 5.25%, 5.3% Cash, Acquired 05/21, Due 12/22)(19)           |  | 167,970     |                  |      | 180,819     |                  |                 | 166,290     |  |
|                                                                              |  | First Lien Senior Secured Term Loan (EURIBOR + 5.25%, 5.3% Cash, Acquired 05/21, Due 12/22)(14)        |  | 4,298,646                                                                                                   |  |                  | 4,345,488   |      |                  | 4,113,917   |                 |
|                                                                              |  | First Lien Senior Secured Term Loan (CHF LIBOR + 5.25%, 5.3% Cash, Acquired 05/21, Due 12/22)(21)      |  | 16,516,701                                                                                                  |  |                  | 16,133,251  |      |                  | 16,269,951  |                 |
|                                                                              |  |                                                                                                                |  | 20,983,317                                                                                                  |  |                  | 20,659,558  |      |                  | 20,550,158  |                 |
|                                                                              |  |                                                                                                                |  |                                                                                                                  |  |                  |                  |      |                  |                  |
| Kano Laboratories LLC (0.3%)*(5) (6) (7) (10)                                |  | Chemicals, Plastics & Rubber                                                                               |  | First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 05/21, Due 11/26)                 |  | 2,929,218   |                  |      | 2,885,563   |                  |                 | 2,838,954   |  |
|                                                                              |  |                                                                                                                |  | 2,929,218                                                                                                   |  |                  | 2,885,563   |      |                  | 2,838,954   |                 |
|                                                                              |  |                                                                                                                |  |                                                                                                                  |  |                  |                  |      |                  |                  |
| Kestrel Midco Limited (0.2%)*(3) (5) (6) (7) (11)                            |  | Health Care Distributors                                                                                       |  | First Lien Senior Secured Term Loan (GBP LIBOR + 5.5%, 6.0% Cash, Acquired 05/21, Due 12/24)             |  | 1,486,309   |                  |      | 1,546,937   |                  |                 | 1,486,309   |  |
|                                                                              |  |                                                                                                                |  | 1,486,309                                                                                                   |  |                  | 1,546,937   |      |                  | 1,486,309   |                 |
|                                                                              |  |                                                                                                                |  |                                                                                                                  |  |                  |                  |      |                  |                  |
| Kid Distro Holdings, LLC (2.9%)*(6)                                          |  | Media & Entertainment                                                                                      |  | First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 10/21, Due 10/27)(5) (7) (9)      |  | 23,936,170  |                  |      | 23,473,936  |                  |                 | 23,457,447  |  |
|                                                                              |  | Partnership Units (1,062,795.2 units, Acquired 10/21)                                                      |  |                                                                                                                  |  | 1,063,830   |                  |      | 1,062,795   |                  |
|                                                                              |  |                                                                                                                |  | 23,936,170                                                                                                  |  |                  | 24,537,766  |      |                  | 24,520,242  |                 |
|                                                                              |  |                                                                                                                |  |                                                                                                                  |  |                  |                  |      |                  |                  |
| Kona Buyer, LLC (1.3%)*(5) (6) (7) (9)                                       |  | High Tech Industries                                                                                           |  | First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.3% Cash, Acquired 05/21, Due 12/27)                 |  | 10,661,488  |                  |      | 10,488,812  |                  |                 | 10,661,488  |  |
|                                                                              |  |                                                                                                                |  | 10,661,488                                                                                                  |  |                  | 10,488,812  |      |                  | 10,661,488  |                 |
|                                                                              |  |                                                                                                                |  |                                                                                                                  |  |                  |                  |      |                  |                  |
| KSLB Holdings, LLC (0.7%)*(5) (6) (7) (8)                                    |  | Beverage, Food & Tobacco                                                                                   |  | First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.5% Cash, Acquired 05/21, Due 07/25)                 |  | 6,040,770   |                  |      | 5,726,830   |                  |                 | 5,563,549   |  |
|                                                                              |  |                                                                                                                |  | 6,040,770                                                                                                   |  |                  | 5,726,830   |      |                  | 5,563,549   |                 |
|                                                                              |  |                                                                                                                |  |                                                                                                                  |  |                  |                  |      |                  |                  |
| LAF International (0.1%)*(3) (5) (6) (7) (14)                                |  | Healthcare & Pharmaceuticals                                                                               |  | First Lien Senior Secured Term Loan (EURIBOR + 6.0%, 6.0% Cash, Acquired 05/21, Due 03/28)               |  | 568,600     |                  |      | 593,772     |                  |                 | 556,439     |  |
|                                                                              |  |                                                                                                                |  | 568,600                                                                                                     |  |                  | 593,772     |      |                  | 556,439     |                 |
|                                                                              |  |                                                                                                                |  |                                                                                                                  |  |                  |                  |      |                  |                  |
| Lambir Bidco Limited (0.4%)*(3) (6)                                          |  | Healthcare                                                                                                     |  | First Lien Senior Secured Term Loan (EURIBOR + 6.0%, 6.0% Cash, Acquired 12/21, Due 12/28)(5) (7) (13)   |  | 2,326,014   |                  |      | 2,211,715   |                  |                 | 2,230,066   |  |
|                                                                              |  | Second Lien Senior Secured Term Loan (12.0% PIK, Acquired 12/21, Due 06/29)                            |  | 657,099                                                                                                     |  |                  | 632,101     |      |                  | 637,386     |                 |
|                                                                              |  | Revolver (EURIBOR + 6.0%, 6.0% Cash, Acquired 12/21, Due 12/24)(7) (13)                                |  | 145,376                                                                                                     |  |                  | 135,554     |      |                  | 136,653     |                 |
|                                                                              |  |                                                                                                                |  | 3,128,489                                                                                                   |  |                  | 2,979,370   |      |                  | 3,004,105   |                 |
|                                                                              |  |                                                                                                                |  |                                                                                                                  |  |                  |                  |      |                  |                  |
| Life Extension Institute, Inc. (0.9%)*(5) (6) (7) (9)                        |  | Healthcare & Pharmaceuticals                                                                               |  | First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 05/21, Due 02/24)                 |  | 7,187,602   |                  |      | 7,187,602   |                  |                 | 7,187,602   |  |
|                                                                              |  |                                                                                                                |  | 7,187,602                                                                                                   |  |                  | 7,187,602   |      |                  | 7,187,602   |                 |
|                                                                              |  |                                                                                                                |  |                                                                                                                  |  |                  |                  |      |                  |                  |
| Listrac Bidco Limited (0.1%)*(3) (6) (7) (12)                                |  | Health Care                                                                                                    |  | First Lien Senior Secured Term Loan (GBP LIBOR + 5.25%, 5.3% Cash, Acquired 05/21, Due 11/22)            |  | 640,180     |                  |      | 618,331     |                  |                 | 631,857     |  |
|                                                                              |  |                                                                                                                |  | 640,180                                                                                                     |  |                  | 618,331     |      |                  | 631,857     |                 |

----

|                                                                    |  |                                                                               |  |                                                                                                              |  |                  |                  |      |                  |                  |                 |                  |  |   |                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|--------------------------------------------------------------------|--|-------------------------------------------------------------------------------|--|--------------------------------------------------------------------------------------------------------------|--|------------------|------------------|------|------------------|------------------|-----------------|------------------|--|---|-----------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Portfolio Company                                                  |  | Industry                                                                      |  | Type of Investment(1)(2)                                                                                     |  | PrincipalAmount  |                  | Cost |                  | FairValue        |
|                                                                    |  |                                                                               |  |                                                                                                              |  |                  |                  |      |                  |                  |
| LivTech Purchaser, Inc. (0.2%)*(5) (6) (7) (9)                     |  | Business Services                                                             |  | First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 05/21, Due 12/25)             |  | $                | 1,625,231   |      |                  | $                | 1,605,780  |                  |  | $ | 1,611,069  |  |
|                                                                    |  |                                                                               |  | 1,625,231                                                                                               |  |                  | 1,605,780   |      |                  | 1,611,069   |                 |
|                                                                    |  |                                                                               |  |                                                                                                              |  |                  |                  |      |                  |                  |
| Loftware, Inc. (2.5%)*(5) (6) (7) (9)                              |  | Application Software                                                          |  | First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 05/21, Due 12/25)            |  | 21,493,321  |                  |      | 21,313,668  |                  |                 | 21,117,188  |  |
|                                                                    |  |                                                                               |  | 21,493,321                                                                                              |  |                  | 21,313,668  |      |                  | 21,117,188  |                 |
|                                                                    |  |                                                                               |  |                                                                                                              |  |                  |                  |      |                  |                  |
| Marmoutier Holding B.V. (0.2%)*(3) (6) (7) (13)                    |  | Consumer Products                                                             |  | First Lien Senior Secured Term (EURIBOR + 5.75%, 5.8% Cash, Acquired 12/21, Due 12/28)(5)            |  | 1,944,392   |                  |      | 1,872,008   |                  |                 | 1,879,782   |  |
|                                                                    |  | Revolver (EURIBOR + 5.0%, 5.0% Cash, Acquired 12/21, Due 6/27)        |  |                                                                                                              |  | (4,417)          |                  |      | (4,456)          |                  |
|                                                                    |  |                                                                               |  | 1,944,392                                                                                               |  |                  | 1,867,591   |      |                  | 1,875,326   |                 |
|                                                                    |  |                                                                               |  |                                                                                                              |  |                  |                  |      |                  |                  |
| MC Group Ventures Corporation (0.8%)*(6)                           |  | Business Services                                                             |  | First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 07/21, Due 06/27)(5) (7) (9)  |  | 5,824,161   |                  |      | 5,683,535   |                  |                 | 5,774,356   |  |
|                                                                    |  | Partnership Units (560 units, Acquired 06/21)                             |  |                                                                                                              |  | 559,997     |                  |      | 570,844     |                  |
|                                                                    |  |                                                                               |  | 5,824,161                                                                                               |  |                  | 6,243,532   |      |                  | 6,345,200   |                 |
|                                                                    |  |                                                                               |  |                                                                                                              |  |                  |                  |      |                  |                  |
| Media Recovery, Inc. (SpotSee) (0.1%)*(5) (6) (7) (11)             |  | Containers, Packaging & Glass                                             |  | First Lien Senior Secured Term Loan (GBP LIBOR + 6.0%, 7.0% Cash, Acquired 05/21, Due 11/25)         |  | 947,198     |                  |      | 970,192     |                  |                 | 947,198     |  |
|                                                                    |  |                                                                               |  | 947,198                                                                                                 |  |                  | 970,192     |      |                  | 947,198     |                 |
|                                                                    |  |                                                                               |  |                                                                                                              |  |                  |                  |      |                  |                  |
| Medical Solutions Parent Holdings, Inc. (0.5%)*(5) (7) (9)         |  | Healthcare                                                                    |  | Second Lien Senior Secured Term Loan (LIBOR + 7.0%, 7.5% Cash, Acquired 11/21, Due 11/29)            |  | 4,421,053   |                  |      | 4,377,417   |                  |                 | 4,362,120   |  |
|                                                                    |  |                                                                               |  | 4,421,053                                                                                               |  |                  | 4,377,417   |      |                  | 4,362,120   |                 |
|                                                                    |  |                                                                               |  |                                                                                                              |  |                  |                  |      |                  |                  |
| Medplast Holdings, Inc. (1.1%)*(5) (7) (8)                         |  | Health Care                                                                   |  | Second Lien Senior Secured Term Loan (LIBOR + 7.75%, 7.8% Cash, Acquired 05/21, Due 07/26)           |  | 9,325,412   |                  |      | 8,579,896   |                  |                 | 8,854,479   |  |
|                                                                    |  |                                                                               |  | 9,325,412                                                                                               |  |                  | 8,579,896   |      |                  | 8,854,479   |                 |
|                                                                    |  |                                                                               |  |                                                                                                              |  |                  |                  |      |                  |                  |
| Mertus 522. GmbH (0.0%)*(3) (5) (6) (7) (14)                       |  | Health Care                                                                   |  | First Lien Senior Secured Term Loan (EURIBOR + 6.25%, 6.3% Cash, Acquired 05/21, Due 05/26)          |  | 438,078     |                  |      | 259,593     |                  |                 | 250,742     |  |
|                                                                    |  |                                                                               |  | 438,078                                                                                                 |  |                  | 259,593     |      |                  | 250,742     |                 |
|                                                                    |  |                                                                               |  |                                                                                                              |  |                  |                  |      |                  |                  |
| Metis BidCo Pty Limited (0.0%)*(3) (5) (6) (16)                    |  | Business Equipment & Services                                             |  | First Lien Senior Secured Term Loan (BBSY + 5.25%, 5.3% Cash, Acquired 05/21, Due 04/26)             |  | 414,387     |                  |      | 439,175     |                  |                 | 414,387     |  |
|                                                                    |  |                                                                               |  | 414,387                                                                                                 |  |                  | 439,175     |      |                  | 414,387     |                 |
|                                                                    |  |                                                                               |  |                                                                                                              |  |                  |                  |      |                  |                  |
| MNS Buyer, Inc. (0.1%)*(6)                                         |  | Construction & Building                                                   |  | First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 08/21, Due 08/27)(5) (7) (8)  |  | 920,769     |                  |      | 903,330     |                  |                 | 904,707     |  |
|                                                                    |  | LLC Units (76.92 Units, Acquired 08/21)                                   |  |                                                                                                              |  | 76,923      |                  |      | 78,462      |                  |
|                                                                    |  |                                                                               |  | 920,769                                                                                                 |  |                  | 980,253     |      |                  | 983,169     |                 |
|                                                                    |  |                                                                               |  |                                                                                                              |  |                  |                  |      |                  |                  |
| Modern Star Holdings Bidco Pty Limited (0.1%)*(3) (5) (6) (7) (15) |  | Non-durable Consumer Goods                                                    |  | First Lien Senior Secured Term Loan (BBSY + 6.25%, 6.8% Cash, Acquired 05/21, Due 12/26)             |  | 840,758     |                  |      | 854,649     |                  |                 | 836,543     |  |
|                                                                    |  |                                                                               |  | 840,758                                                                                                 |  |                  | 854,649     |      |                  | 836,543     |                 |
|                                                                    |  |                                                                               |  |                                                                                                              |  |                  |                  |      |                  |                  |
| Mold-Rite Plastics, LLC (0.6%)*(5) (6) (7) (9)                     |  | Containers, Packaging & Glass                                             |  | Second Lien Senior Secured Term Loan (LIBOR + 7.0%, 7.5% Cash, Acquired 09/21, Due 09/29)            |  | 5,000,000   |                  |      | 4,950,000   |                  |                 | 4,975,000   |  |
|                                                                    |  |                                                                               |  | 5,000,000                                                                                               |  |                  | 4,950,000   |      |                  | 4,975,000   |                 |
|                                                                    |  |                                                                               |  |                                                                                                              |  |                  |                  |      |                  |                  |
| Murphy Midco Limited (0.1%)*(3) (5) (6) (7) (12)                   |  | Media, Diversified & Production                                           |  | First Lien Senior Secured Term Loan (GBP LIBOR + 4.75%, 4.8% Cash, Acquired 05/21, Due 11/27)        |  | 638,470     |                  |      | 642,477     |                  |                 | 623,461     |  |
|                                                                    |  |                                                                               |  | 638,470                                                                                                 |  |                  | 642,477     |      |                  | 623,461     |                 |
|                                                                    |  |                                                                               |  |                                                                                                              |  |                  |                  |      |                  |                  |
| Music Reports, Inc. (0.3%)*(5) (6) (7) (9)                         |  | Media & Entertainment                                                     |  | First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 05/21, Due 08/26)             |  | 2,598,127   |                  |      | 2,559,059   |                  |                 | 2,546,165   |  |
|                                                                    |  |                                                                               |  | 2,598,127                                                                                               |  |                  | 2,559,059   |      |                  | 2,546,165   |                 |
|                                                                    |  |                                                                               |  |                                                                                                              |  |                  |                  |      |                  |                  |
| Narda Acquisitionco., Inc. (0.6%)*(6)                              |  | Aerospace & Defense                                                       |  | First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 12/21, Due 12/27)(5) (7) (9) |  | 4,591,013   |                  |      | 4,511,468   |                  |                 | 4,510,671   |  |
|                                                                    |  | Revolver (LIBOR + 5.25%, 6.3% Cash, Acquired 12/21, Due 12/27)(7) (9) |  |                                                                                                              |  | (18,324)         |                  |      | (18,541)         |                  |
|                                                                    |  | Class A Preferred Stock (3,708.1 units, Acquired 12/21)                   |  |                                                                                                              |  | 370,813     |                  |      | 370,812     |                  |
|                                                                    |  | Class B Common Stock (412.0 units, Acquired 12/21)                        |  |                                                                                                              |  | 41,201      |                  |      | 41,201      |                  |
|                                                                    |  |                                                                               |  | 4,591,013                                                                                               |  |                  | 4,905,158   |      |                  | 4,904,143   |                 |

----

|                                                               |  |                                                                                                         |  |                                                                                                                 |  |                  |                  |      |                  |                  |                 |                  |  |   |                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|---------------------------------------------------------------|--|---------------------------------------------------------------------------------------------------------|--|-----------------------------------------------------------------------------------------------------------------|--|------------------|------------------|------|------------------|------------------|-----------------|------------------|--|---|-----------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Portfolio Company                                             |  | Industry                                                                                                |  | Type of Investment(1)(2)                                                                                        |  | PrincipalAmount  |                  | Cost |                  | FairValue        |
| Navia Benefit Solutions, Inc. (0.5%)*(5) (6) (7) (9)          |  | Healthcare & Pharmaceuticals                                                                        |  | First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 05/21, Due 02/27)               |  | $                | 4,630,462   |      |                  | $                | 4,526,658  |                  |  | $ | 4,589,835  |  |
|                                                               |  |                                                                                                         |  | 4,630,462                                                                                                  |  |                  | 4,526,658   |      |                  | 4,589,835   |                 |
|                                                               |  |                                                                                                         |  |                                                                                                                 |  |                  |                  |      |                  |                  |
| NeoxCo (0.0%)*(3) (6)                                         |  | Internet Software & Services                                                                        |  | First Lien Senior Secured Term Loan (EURIBOR + 6.75%, 6.8% Cash, Acquired 05/21, Due 05/25)(5) (7) (14) |  | 249,595     |                  |      | 258,627     |                  |                 | 249,595     |  |
|                                                               |  | Second Lien Senior Secured Term Loan (12.5% PIK, Acquired 05/21, Due 08/25)                     |  | 39,637                                                                                                     |  |                  | 40,958      |      |                  | 39,637      |                 |
|                                                               |  |                                                                                                         |  | 289,232                                                                                                    |  |                  | 299,585     |      |                  | 289,232     |                 |
|                                                               |  |                                                                                                         |  |                                                                                                                 |  |                  |                  |      |                  |                  |
| Net Health Acquisition Corp. (1.3%)*(5) (6) (7) (9)           |  | Health Care Technology                                                                                  |  | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 05/21, Due 12/23)               |  | 938,323     |                  |      | 923,882     |                  |                 | 933,632     |  |
|                                                               |  | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 05/21, Due 12/25)       |  | 10,154,482                                                                                                 |  |                  | 9,997,287   |      |                  | 10,103,710  |                 |
|                                                               |  |                                                                                                         |  | 11,092,805                                                                                                 |  |                  | 10,921,169  |      |                  | 11,037,342  |                 |
|                                                               |  |                                                                                                         |  |                                                                                                                 |  |                  |                  |      |                  |                  |
| NEWCO AH (0.2%)*(3) (5) (6) (7) (13)                          |  | Pharmaceuticals                                                                                         |  | First Lien Senior Secured Term Loan (EURIBOR + 6.25%, 6.3% Cash, Acquired 05/21, Due 10/25)             |  | 1,279,350   |                  |      | 1,352,617   |                  |                 | 1,279,350   |  |
|                                                               |  |                                                                                                         |  | 1,279,350                                                                                                  |  |                  | 1,352,617   |      |                  | 1,279,350   |                 |
|                                                               |  |                                                                                                         |  |                                                                                                                 |  |                  |                  |      |                  |                  |
| Nexus Underwriting Management Limited (0.5%)*(3) (6) (7) (23) |  | Other Financial                                                                                         |  | First Lien Senior Secured Term Loan (SONIA + 5.25%, 5.3% Cash, Acquired 10/21, Due 10/28)(5)            |  | 4,217,784   |                  |      | 4,072,315   |                  |                 | 4,059,638   |  |
|                                                               |  | Revolver (SONIA + 5.25%, 5.3% Cash, Acquired 10/21, Due 04/22)                                  |  | 82,154                                                                                                     |  |                  | 81,143      |      |                  | 80,100      |                 |
|                                                               |  |                                                                                                         |  | 4,299,938                                                                                                  |  |                  | 4,153,458   |      |                  | 4,139,738   |                 |
|                                                               |  |                                                                                                         |  |                                                                                                                 |  |                  |                  |      |                  |                  |
| Northstar Recycling, LLC( 0.7%)*(5) (6) (7) (9)               |  | Environmental Industries                                                                                |  | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 10/21, Due 09/27)               |  | 6,189,975   |                  |      | 6,070,568   |                  |                 | 6,066,175   |  |
|                                                               |  |                                                                                                         |  | 6,189,975                                                                                                  |  |                  | 6,070,568   |      |                  | 6,066,175   |                 |
|                                                               |  |                                                                                                         |  |                                                                                                                 |  |                  |                  |      |                  |                  |
| Novotech Aus Bidco Pty Ltd (0.2%)*(3) (5) (6) (7) (15)        |  | Publishing                                                                                              |  | First Lien Senior Secured Term Loan (BBSY + 5.5%, 6.0% Cash, Acquired 05/21, Due 09/23)                 |  | 1,333,360   |                  |      | 1,415,653   |                  |                 | 1,328,027   |  |
|                                                               |  |                                                                                                         |  | 1,333,360                                                                                                  |  |                  | 1,415,653   |      |                  | 1,328,027   |                 |
|                                                               |  |                                                                                                         |  |                                                                                                                 |  |                  |                  |      |                  |                  |
| OA Buyer, Inc. (1.0%)*(3) (6)                                 |  | Healthcare                                                                                              |  | First Lien Senior Secured Term Loan (LIBOR + 6.0%, 6.8% Cash, Acquired 12/21, Due 12/28)(5) (7) (9)     |  | 8,500,512   |                  |      | 8,331,137   |                  |                 | 8,330,502   |  |
|                                                               |  | Revolver (LIBOR + 6.0%, 6.8% Cash, Acquired 12/21, Due 12/28)(7) (9)                            |  |                                                                                                                 |  | (26,502)         |                  |      | (26,625)         |                  |
|                                                               |  | Partnership Units (210,920.1 units, Acquired 12/21)                                                 |  |                                                                                                                 |  | 210,920     |                  |      | 210,920     |                  |
|                                                               |  |                                                                                                         |  | 8,500,512                                                                                                  |  |                  | 8,515,555   |      |                  | 8,514,797   |                 |
|                                                               |  |                                                                                                         |  |                                                                                                                 |  |                  |                  |      |                  |                  |
| OG III B.V. (1.5%)*(3)(5) (6) (7) (13)                        |  | Containers & Glass Products                                                                         |  | First Lien Senior Secured Term Loan (EURIBOR + 5.75%, 5.8% Cash, Acquired 06/21, Due 06/28)             |  | 12,861,945  |                  |      | 13,322,384  |                  |                 | 12,572,672  |  |
|                                                               |  |                                                                                                         |  | 12,861,945                                                                                                 |  |                  | 13,322,384  |      |                  | 12,572,672  |                 |
|                                                               |  |                                                                                                         |  |                                                                                                                 |  |                  |                  |      |                  |                  |
| Omni Intermediate Holdings, LLC (1.7%)*(5) (6) (7) (8)        |  | Transportation                                                                                          |  | First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 05/21, Due 12/26)                |  | 14,386,810  |                  |      | 13,971,934  |                  |                 | 13,981,392  |  |
|                                                               |  |                                                                                                         |  | 14,386,810                                                                                                 |  |                  | 13,971,934  |      |                  | 13,981,392  |                 |
|                                                               |  |                                                                                                         |  |                                                                                                                 |  |                  |                  |      |                  |                  |
| Options Technology Ltd. (1.0%)*(3) (5) (6) (7) (9)            |  | Computer Services                                                                                       |  | First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.5% Cash, Acquired 05/21, Due 12/25)                |  | 8,593,659   |                  |      | 8,427,616   |                  |                 | 8,393,659   |  |
|                                                               |  |                                                                                                         |  | 8,593,659                                                                                                  |  |                  | 8,427,616   |      |                  | 8,393,659   |                 |
|                                                               |  |                                                                                                         |  |                                                                                                                 |  |                  |                  |      |                  |                  |
| Oracle Vision Bidco Limited (0.2%)*(3) (5) (6) (7) (23)       |  | Healthcare                                                                                              |  | First Lien Senior Secured Term Loan (SONIA + 5.25%, 5.3% Cash, Acquired 06/21, Due 05/28)               |  | 1,502,311   |                  |      | 1,522,072   |                  |                 | 1,467,258   |  |
|                                                               |  |                                                                                                         |  | 1,502,311                                                                                                  |  |                  | 1,522,072   |      |                  | 1,467,258   |                 |
|                                                               |  |                                                                                                         |  |                                                                                                                 |  |                  |                  |      |                  |                  |
| Origin Bidco Limited (0.1%)*(3) (5) (6) (7)                   |  | Technology                                                                                              |  | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 06/21, Due 06/28)(9)            |  | 597,094     |                  |      | 581,740     |                  |                 | 583,730     |  |
|                                                               |  | First Lien Senior Secured Term Loan (EURIBOR + 5.75%, 5.8% Cash, Acquired 06/21, Due 06/28)(13) |  | 377,231                                                                                                    |  |                  | 393,798     |      |                  | 368,788     |                 |
|                                                               |  |                                                                                                         |  | 974,325                                                                                                    |  |                  | 975,538     |      |                  | 952,518     |                 |
|                                                               |  |                                                                                                         |  |                                                                                                                 |  |                  |                  |      |                  |                  |
| OSP Hamilton Purchaser, LLC (0.3%)*(6) (7)                    |  | Technology                                                                                              |  | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 12/21, Due 12/27)(5) (8)        |  | 2,280,849   |                  |      | 2,235,301   |                  |                 | 2,235,232   |  |
|                                                               |  | Revolver (LIBOR + 5.75%, 6.8% Cash, Acquired 12/21, Due 12/27)(9)                               |  |                                                                                                                 |  | (3,725)          |                  |      | (3,731)          |                  |
|                                                               |  |                                                                                                         |  | 2,280,849                                                                                                  |  |                  | 2,231,576   |      |                  | 2,231,501   |                 |
|                                                               |  |                                                                                                         |  |                                                                                                                 |  |                  |                  |      |                  |                  |

----

|                                                                             |  |                                                                                                         |  |                                                                                                                      |  |                  |                  |      |                  |                  |                 |                  |  |   |                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-----------------------------------------------------------------------------|--|---------------------------------------------------------------------------------------------------------|--|----------------------------------------------------------------------------------------------------------------------|--|------------------|------------------|------|------------------|------------------|-----------------|------------------|--|---|-----------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Portfolio Company                                                           |  | Industry                                                                                                |  | Type of Investment(1)(2)                                                                                             |  | PrincipalAmount  |                  | Cost |                  | FairValue        |
| Pacific Health Supplies Bidco Pty Limited (0.1%)*(3) (5) (6) (7) (16)       |  | Healthcare & Pharmaceuticals                                                                        |  | First Lien Senior Secured Term Loan (BBSY + 6.0%, 6.5% Cash, Acquired 05/21, Due 12/25)                      |  | $                | 1,072,508   |      |                  | $                | 1,113,961  |                  |  | $ | 1,043,963  |  |
|                                                                             |  |                                                                                                         |  | 1,072,508                                                                                                       |  |                  | 1,113,961   |      |                  | 1,043,963   |                 |
|                                                                             |  |                                                                                                         |  |                                                                                                                      |  |                  |                  |      |                  |                  |
| Panther Bidco Pty Ltd (Junior Adventures Group) (0.1%)*(3) (5) (6) (17)     |  | Consumer Services                                                                                       |  | First Lien Senior Secured Term Loan (BBSY + 5.5%, 6.5% Cash, Acquired 05/21, Due 06/23)                      |  | 702,499     |                  |      | 743,772     |                  |                 | 678,614     |  |
|                                                                             |  |                                                                                                         |  | 702,499                                                                                                         |  |                  | 743,772     |      |                  | 678,614     |                 |
|                                                                             |  |                                                                                                         |  |                                                                                                                      |  |                  |                  |      |                  |                  |
| Pare SAS (SAS Maurice MARLE) (0.1%)*(3) (5) (6) (7) (13)                    |  | Health Care Equipment                                                                                   |  | First Lien Senior Secured Term Loan (EURIBOR + 6.75%, 6.8% Cash, Acquired 05/21, Due 12/26)                  |  | 909,760     |                  |      | 957,345     |                  |                 | 909,760     |  |
|                                                                             |  |                                                                                                         |  | 909,760                                                                                                         |  |                  | 957,345     |      |                  | 909,760     |                 |
|                                                                             |  |                                                                                                         |  |                                                                                                                      |  |                  |                  |      |                  |                  |
| Patriot New Midco 1 Limited (Forensic Risk Alliance) (0.1%)*(3) (5) (6) (7) |  | Diversified Financial Services                                                                          |  | First Lien Senior Secured Term Loan (LIBOR + 6.75%, 7.8% Cash, Acquired 05/21, Due 02/27)(9)                 |  | 429,003     |                  |      | 450,341     |                  |                 | 409,268     |  |
|                                                                             |  | First Lien Senior Secured Term Loan (EURIBOR + 6.75%, 6.8% Cash, Acquired 05/21, Due 02/27)(13) |  | 502,126                                                                                                         |  |                  | 496,379     |      |                  | 479,028     |                 |
|                                                                             |  |                                                                                                         |  | 931,129                                                                                                         |  |                  | 946,720     |      |                  | 888,296     |                 |
|                                                                             |  |                                                                                                         |  |                                                                                                                      |  |                  |                  |      |                  |                  |
| PDQ.Com Corporation (1.9%)*(6)                                              |  | Business Equipment & Services                                                                       |  | First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 08/21, Due 08/27)(5) (7) (9)          |  | 15,776,458  |                  |      | 15,420,824  |                  |                 | 15,409,575  |  |
|                                                                             |  | Class A-2 Partnership Units (86.39 units, Acquired 08/21)                                           |  |                                                                                                                      |  | 86,384      |                  |      | 86,998      |                  |
|                                                                             |  |                                                                                                         |  | 15,776,458                                                                                                      |  |                  | 15,507,208  |      |                  | 15,496,573  |                 |
|                                                                             |  |                                                                                                         |  |                                                                                                                      |  |                  |                  |      |                  |                  |
| PEGASUS TRANSTECH HOLDING, LLC (1.0%)*(5) (6) (7) (8)                       |  | Trucking                                                                                                |  | First Lien Senior Secured Term Loan (LIBOR + 6.5%, 7.5% Cash, Acquired 05/21, Due 11/24)                     |  | 8,333,126   |                  |      | 8,333,126   |                  |                 | 8,333,126   |  |
|                                                                             |  |                                                                                                         |  | 8,333,126                                                                                                       |  |                  | 8,333,126   |      |                  | 8,333,126   |                 |
|                                                                             |  |                                                                                                         |  |                                                                                                                      |  |                  |                  |      |                  |                  |
| Perforce Software, Inc. (0.8%)*(5) (6) (7) (8)                              |  | Internet Software & Services                                                                        |  | Second Lien Senior Secured Term Loan (LIBOR + 8.0%, 8.1% Cash, Acquired 05/21, Due 07/27)                    |  | 6,497,376   |                  |      | 6,422,852   |                  |                 | 6,497,376   |  |
|                                                                             |  |                                                                                                         |  | 6,497,376                                                                                                       |  |                  | 6,422,852   |      |                  | 6,497,376   |                 |
|                                                                             |  |                                                                                                         |  |                                                                                                                      |  |                  |                  |      |                  |                  |
| Permaconn BidCo Pty Ltd (0.9%)*(3) (5) (6) (7) (15)                         |  | Tele-communications                                                                                     |  | First Lien Senior Secured Term Loan (BBSY + 6.5%, 6.5% Cash, Acquired 12/21, Due 12/27)                      |  | 8,114,477   |                  |      | 7,776,035   |                  |                 | 7,891,328   |  |
|                                                                             |  |                                                                                                         |  | 8,114,477                                                                                                       |  |                  | 7,776,035   |      |                  | 7,891,328   |                 |
|                                                                             |  |                                                                                                         |  |                                                                                                                      |  |                  |                  |      |                  |                  |
| Pilot Air Freight, LLC (1.7%)*(5) (6) (7) (9)                               |  | Transportation Services                                                                                 |  | First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 05/21, Due 07/24)                     |  | 14,190,990  |                  |      | 14,013,903  |                  |                 | 14,190,990  |  |
|                                                                             |  |                                                                                                         |  | 14,190,990                                                                                                      |  |                  | 14,013,903  |      |                  | 14,190,990  |                 |
|                                                                             |  |                                                                                                         |  |                                                                                                                      |  |                  |                  |      |                  |                  |
| Polara Enterprises, L.L.C. (0.5%)*(6)                                       |  | Capital Equipment                                                                                       |  | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 12/21, Due 12/27)(5) (7) (9)         |  | 4,242,634   |                  |      | 4,158,730   |                  |                 | 4,157,781   |  |
|                                                                             |  | Revolver (LIBOR + 4.75%, 5.8% Cash, Acquired 12/21, Due 12/27)(7) (9)                           |  |                                                                                                                      |  | (10,763)         |                  |      | (10,905)         |                  |
|                                                                             |  | Partnership Units (3,820.44 Units, Acquired 12/21)                                                  |  |                                                                                                                      |  | 382,044     |                  |      | 382,044     |                  |
|                                                                             |  |                                                                                                         |  | 4,242,634                                                                                                       |  |                  | 4,530,011   |      |                  | 4,528,920   |                 |
|                                                                             |  |                                                                                                         |  |                                                                                                                      |  |                  |                  |      |                  |                  |
| Policy Services Company, LLC (5.0%)*(6)                                     |  | Property & Casualty Insurance                                                                       |  | First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, 4.0% PIK, Acquired 12/21, Due 6/26)(5) (7) (9) |  | 43,421,053  |                  |      | 41,701,548  |                  |                 | 41,693,778  |  |
|                                                                             |  | Warrants - Class A (26,774 units, Acquired 12/21)                                                   |  |                                                                                                                      |  | —     |                  |      | —     |                  |
|                                                                             |  | Warrants - Class B (9,036 units, Acquired 12/21)                                                    |  |                                                                                                                      |  | —     |                  |      | —     |                  |
|                                                                             |  | Warrants - Class CC (929 units, Acquired 12/21)                                                     |  |                                                                                                                      |  | —     |                  |      | —     |                  |
|                                                                             |  | Warrants - Class D (2,387 units, Acquired 12/21)                                                    |  |                                                                                                                      |  | —     |                  |      | —     |                  |
|                                                                             |  |                                                                                                         |  | 43,421,053                                                                                                      |  |                  | 41,701,548  |      |                  | 41,693,778  |                 |
|                                                                             |  |                                                                                                         |  |                                                                                                                      |  |                  |                  |      |                  |                  |
| Premium Franchise Brands, LLC (2.9%)*(5) (6) (7) (9)                        |  | Research & Consulting Services                                                                      |  | First Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.3% Cash, Acquired 05/21, Due 12/26)                    |  | 24,972,024  |                  |      | 24,525,230  |                  |                 | 24,472,583  |  |
|                                                                             |  |                                                                                                         |  | 24,972,024                                                                                                      |  |                  | 24,525,230  |      |                  | 24,472,583  |                 |
|                                                                             |  |                                                                                                         |  |                                                                                                                      |  |                  |                  |      |                  |                  |
| Premium Invest (0.5%)*(3) (5) (6) (7) (13)                                  |  | Brokerage, Asset Managers & Exchanges                                                               |  | First Lien Senior Secured Term Loan (EURIBOR + 6.0%, 6.0% Cash, Acquired 06/21, Due 06/28)                   |  | 4,207,639   |                  |      | 4,335,456   |                  |                 | 4,140,772   |  |
|                                                                             |  |                                                                                                         |  | 4,207,639                                                                                                       |  |                  | 4,335,456   |      |                  | 4,140,772   |                 |
|                                                                             |  |                                                                                                         |  |                                                                                                                      |  |                  |                  |      |                  |                  |
| Preqin MC Limited (0.3%)*(3) (5) (6) (7) (25)                               |  | Banking, Finance, Insurance & Real Estate                                                           |  | First Lien Senior Secured Term Loan (SOFR + 5.5%, 5.5% Cash, Acquired 08/21, Due 07/28)                      |  | 2,500,000   |                  |      | 2,428,528   |                  |                 | 2,477,500   |  |
|                                                                             |  |                                                                                                         |  | 2,500,000                                                                                                       |  |                  | 2,428,528   |      |                  | 2,477,500   |                 |
|                                                                             |  |                                                                                                         |  |                                                                                                                      |  |                  |                  |      |                  |                  |

----

|                                                               |  |                                                                                                        |  |                                                                                                               |  |                  |                  |      |                  |                  |                  |                  |  |   |                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|---------------------------------------------------------------|--|--------------------------------------------------------------------------------------------------------|--|---------------------------------------------------------------------------------------------------------------|--|------------------|------------------|------|------------------|------------------|------------------|------------------|--|---|------------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Portfolio Company                                             |  | Industry                                                                                               |  | Type of Investment(1)(2)                                                                                      |  | PrincipalAmount  |                  | Cost |                  | FairValue        |
| Professional Datasolutions, Inc. (PDI) (1.4%)*(5) (6) (7) (9) |  | Application Software                                                                                   |  | First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.5% Cash, Acquired 05/21, Due 10/24)              |  | $                | 11,849,944  |      |                  | $                | 11,794,012  |                  |  | $ | 11,672,195  |  |
|                                                               |  |                                                                                                        |  | 11,849,944                                                                                               |  |                  | 11,794,012  |      |                  | 11,672,195  |                  |
|                                                               |  |                                                                                                        |  |                                                                                                               |  |                  |                  |      |                  |                  |
| Protego Bidco B.V. (0.1%)*(3) (5) (6) (7) (13)                |  | Aerospace & Defense                                                                                |  | First Lien Senior Secured Term Loan (EURIBOR + 5.25%, 5.3% Cash, Acquired 05/21, Due 03/27)           |  | 135,859     |                  |      | 138,994     |                  |                  | 133,856     |  |
|                                                               |  | First Lien Senior Secured Term Loan (EURIBOR + 6.0%, 6.0% Cash, Acquired 05/21, Due 03/28)     |  | 498,149                                                                                                  |  |                  | 506,419     |      |                  | 481,127     |                  |
|                                                               |  |                                                                                                        |  | 634,008                                                                                                  |  |                  | 645,413     |      |                  | 614,983     |                  |
|                                                               |  |                                                                                                        |  |                                                                                                               |  |                  |                  |      |                  |                  |
| QPE7 SPV1 BidCo Pty Ltd (0.5%)*(3) (5) (6) (7) (16)           |  | Consumer Cyclical                                                                                      |  | First Lien Senior Secured Term Loan (BBSY + 5.5%, 6.0% Cash, Acquired 09/21, Due 09/26)               |  | 4,048,463   |                  |      | 3,902,224   |                  |                  | 3,984,959   |  |
|                                                               |  |                                                                                                        |  | 4,048,463                                                                                                |  |                  | 3,902,224   |      |                  | 3,984,959   |                  |
|                                                               |  |                                                                                                        |  |                                                                                                               |  |                  |                  |      |                  |                  |
| Questel Unite (0.4%)*(3) (5) (6) (7)                          |  | Business Services                                                                                      |  | First Lien Senior Secured Term Loan (EURIBOR + 6.25%, 6.3% Cash, Acquired 05/21, Due 12/27)(13)       |  | 2,010,710   |                  |      | 1,981,892   |                  |                  | 1,981,379   |  |
|                                                               |  | First Lien Senior Secured Term Loan (LIBOR + 6.25%, 6.8% Cash, Acquired 05/21, Due 12/27)(9)   |  | 1,000,000                                                                                                |  |                  | 986,637     |      |                  | 994,000     |                  |
|                                                               |  |                                                                                                        |  | 3,010,710                                                                                                |  |                  | 2,968,529   |      |                  | 2,975,379   |                  |
|                                                               |  |                                                                                                        |  |                                                                                                               |  |                  |                  |      |                  |                  |
| Recovery Point Systems, Inc. (0.3%)*(5) (6) (7) (9)           |  | Technology                                                                                             |  | First Lien Senior Secured Term Loan (LIBOR + 6.5%, 7.5% Cash, Acquired 05/21, Due 08/26)              |  | 2,454,207   |                  |      | 2,454,207   |                  |                  | 2,454,207   |  |
|                                                               |  |                                                                                                        |  | 2,454,207                                                                                                |  |                  | 2,454,207   |      |                  | 2,454,207   |                  |
|                                                               |  |                                                                                                        |  |                                                                                                               |  |                  |                  |      |                  |                  |
| Renaissance Holding Corp. (1.1%)*(5) (7) (8)                  |  | Application Software                                                                                   |  | Second Lien Senior Secured Term Loan (LIBOR + 7.0%, 7.1% Cash, Acquired 05/21, Due 05/26)             |  | 9,325,412   |                  |      | 9,301,291   |                  |                  | 9,338,561   |  |
|                                                               |  |                                                                                                        |  | 9,325,412                                                                                                |  |                  | 9,301,291   |      |                  | 9,338,561   |                  |
|                                                               |  |                                                                                                        |  |                                                                                                               |  |                  |                  |      |                  |                  |
| Renovation Parent Holdings, LLC (1.8%)*(6)                    |  | Home furnishings                                                                                       |  | First Lien Senior Secured Term Loan (LIBOR + 5.50%, 6.5% Cash, Acquired 11/21, Due 11/27)(5) (7) (10) |  | 14,563,107  |                  |      | 14,205,723  |                  |                  | 14,199,029  |  |
|                                                               |  | Partnership Equity (592,105.3 units, Acquired 11/21)                                               |  |                                                                                                               |  | 592,105     |                  |      | 609,868     |                  |
|                                                               |  |                                                                                                        |  | 14,563,107                                                                                               |  |                  | 14,797,828  |      |                  | 14,808,897  |                  |
|                                                               |  |                                                                                                        |  |                                                                                                               |  |                  |                  |      |                  |                  |
| REP SEKO MERGER SUB LLC (1.6%)*(5) (6) (7)                    |  | Air Freight & Logistics                                                                            |  | First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 05/21, Due 12/26)(9)           |  | 7,411,238   |                  |      | 7,390,917   |                  |                  | 7,284,424   |  |
|                                                               |  | First Lien Senior Secured Term Loan (EURIBOR + 5.0%, 6.0% Cash, Acquired 05/21, Due 12/26)(13) |  | 6,297,562                                                                                                |  |                  | 6,325,689   |      |                  | 6,203,098   |                  |
|                                                               |  |                                                                                                        |  | 13,708,800                                                                                               |  |                  | 13,716,606  |      |                  | 13,487,522  |                  |
|                                                               |  |                                                                                                        |  |                                                                                                               |  |                  |                  |      |                  |                  |
| Resonetics, LLC (1.2%)*(5) (6) (7) (10)                       |  | Health Care Equipment                                                                                  |  | Second Lien Senior Secured Term Loan (LIBOR + 7.0%, 7.8% Cash, Acquired 05/21, Due 04/29)             |  | 10,303,947  |                  |      | 10,105,688  |                  |                  | 10,097,868  |  |
|                                                               |  |                                                                                                        |  | 10,303,947                                                                                               |  |                  | 10,105,688  |      |                  | 10,097,868  |                  |
|                                                               |  |                                                                                                        |  |                                                                                                               |  |                  |                  |      |                  |                  |
| RevSpring, Inc. (0.3%)*(5) (6) (7) (9)                        |  | Business Services                                                                                      |  | Second Lien Senior Secured Term Loan (LIBOR + 8.25%, 8.4% Cash, Acquired 05/21, Due 10/26)            |  | 2,555,674   |                  |      | 2,507,158   |                  |                  | 2,555,674   |  |
|                                                               |  |                                                                                                        |  | 2,555,674                                                                                                |  |                  | 2,507,158   |      |                  | 2,555,674   |                  |
|                                                               |  |                                                                                                        |  |                                                                                                               |  |                  |                  |      |                  |                  |
| Reward Gateway (UK) Ltd (1.5%)*(3) (5) (6) (7) (23)           |  | Precious Metals & Minerals                                                                         |  | First Lien Senior Secured Term Loan (SONIA + 6.75%, 6.8% Cash, Acquired 08/21, Due 06/28)             |  | 13,113,386  |                  |      | 13,066,203  |                  |                  | 12,770,349  |  |
|                                                               |  |                                                                                                        |  | 13,113,386                                                                                               |  |                  | 13,066,203  |      |                  | 12,770,349  |                  |
|                                                               |  |                                                                                                        |  |                                                                                                               |  |                  |                  |      |                  |                  |
| Riedel Beheer B.V. (0.2%)*(3) (6) (7) (13)                    |  | Food & Beverage                                                                                    |  | First Lien Senior Secured Term Loan (EURIBOR + 5.5%, 5.5% Cash, Acquired 12/21, Due 12/28)(5)         |  | 1,898,944   |                  |      | 1,834,819   |                  |                  | 1,842,512   |  |
|                                                               |  | Super Senior Secured Term Loan (EURIBOR + 5.5%, 5.5% Cash, Acquired 12/21, Due 12/28)(5)       |  | 229,711                                                                                                  |  |                  | 222,459     |      |                  | 223,394     |                  |
|                                                               |  | Revolver (EURIBOR + 5.5%, 5.5% Cash, Acquired 12/21, Due 6/28)                                 |  |                                                                                                               |  | (4,558)          |                  |      | (4,594)          |                  |
|                                                               |  |                                                                                                        |  | 2,128,655                                                                                                |  |                  | 2,052,720   |      |                  | 2,061,312   |                  |
|                                                               |  |                                                                                                        |  |                                                                                                               |  |                  |                  |      |                  |                  |
| ROI Solutions LLC (1.0%)*(5) (6) (7) (9)                      |  | Business Services                                                                                      |  | First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 05/21, Due 08/24)              |  | 8,473,526   |                  |      | 8,473,526   |                  |                  | 8,473,526   |  |
|                                                               |  |                                                                                                        |  | 8,473,526                                                                                                |  |                  | 8,473,526   |      |                  | 8,473,526   |                  |
|                                                               |  |                                                                                                        |  |                                                                                                               |  |                  |                  |      |                  |                  |
| RPX Corporation (2.1%)*(5) (6) (7) (9)                        |  | Research & Consulting Services                                                                     |  | First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 05/21, Due 10/25)              |  | 17,801,767  |                  |      | 17,507,620  |                  |                  | 17,435,727  |  |
|                                                               |  |                                                                                                        |  | 17,801,767                                                                                               |  |                  | 17,507,620  |      |                  | 17,435,727  |                  |
|                                                               |  |                                                                                                        |  |                                                                                                               |  |                  |                  |      |                  |                  |
| Safety Products Holdings, LLC (0.6%)*(5) (6) (7) (8)          |  | Non-durable Consumer Goods                                                                             |  | First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 05/21, Due 12/26)              |  | 5,399,838   |                  |      | 5,244,607   |                  |                  | 5,213,335   |  |
|                                                               |  |                                                                                                        |  | 5,399,838                                                                                                |  |                  | 5,244,607   |      |                  | 5,213,335   |                  |
|                                                               |  |                                                                                                        |  |                                                                                                               |  |                  |                  |      |                  |                  |

----

|                                                                       |  |                                                                                                           |  |                                                                                                         |  |                  |                  |      |                  |                  |                 |                  |  |   |                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-----------------------------------------------------------------------|--|-----------------------------------------------------------------------------------------------------------|--|---------------------------------------------------------------------------------------------------------|--|------------------|------------------|------|------------------|------------------|-----------------|------------------|--|---|-----------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Portfolio Company                                                     |  | Industry                                                                                                  |  | Type of Investment(1)(2)                                                                                |  | PrincipalAmount  |                  | Cost |                  | FairValue        |
| Sandvine Corporation (1.0%)*(5) (6) (7) (8)                           |  | Communications Equipment                                                                                  |  | Second Lien Senior Secured Term Loan (LIBOR + 8.0%, 8.1% Cash, Acquired 05/21, Due 11/26)       |  | $                | 8,684,942   |      |                  | $                | 8,654,313  |                  |  | $ | 8,684,942  |  |
|                                                                       |  |                                                                                                           |  | 8,684,942                                                                                          |  |                  | 8,654,313   |      |                  | 8,684,942   |                 |
|                                                                       |  |                                                                                                           |  |                                                                                                         |  |                  |                  |      |                  |                  |
| Sanoptis SARL (2.3%)*(3) (5) (6) (7)                                  |  | Healthcare & Pharmaceuticals                                                                          |  | First Lien Senior Secured Term Loan (EURIBOR + 5.75%, 5.8% Cash, Acquired 05/21, Due 05/26)(14) |  | 1,137,104   |                  |      | 1,184,961   |                  |                 | 1,137,104   |  |
|                                                                       |  | First Lien Senior Secured Term Loan (EURIBOR + 6.0%, 6.0% Cash, Acquired 05/21, Due 05/26)(14)    |  | 14,895,402                                                                                         |  |                  | 14,636,586  |      |                  | 14,895,402  |                 |
|                                                                       |  | First Lien Senior Secured Term Loan (CHF LIBOR + 5.75%, 5.8% Cash, Acquired 05/21, Due 05/26)(21) |  | 390,143                                                                                            |  |                  | 383,845     |      |                  | 390,143     |                 |
|                                                                       |  | First Lien Senior Secured Term Loan (CHF LIBOR + 6.0%, 6.0% Cash, Acquired 05/21, Due 05/26)(21)  |  | 2,697,094                                                                                          |  |                  | 2,689,420   |      |                  | 2,697,094   |                 |
|                                                                       |  |                                                                                                           |  | 19,119,743                                                                                         |  |                  | 18,894,812  |      |                  | 19,119,743  |                 |
|                                                                       |  |                                                                                                           |  |                                                                                                         |  |                  |                  |      |                  |                  |
| Scaled Agile, Inc. (0.2%)*(6) (7) (9)                                 |  | Research & Consulting Services                                                                        |  | First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.3% Cash, Acquired 05/21, Due 12/28)(5)     |  | 1,747,991   |                  |      | 1,705,099   |                  |                 | 1,704,707   |  |
|                                                                       |  | Revolver (LIBOR + 5.5%, 6.3% Cash, Acquired 05/21, Due 12/28)                                     |  |                                                                                                         |  | (6,668)          |                  |      | (6,716)          |                  |
|                                                                       |  |                                                                                                           |  | 1,747,991                                                                                          |  |                  | 1,698,431   |      |                  | 1,697,991   |                 |
|                                                                       |  |                                                                                                           |  |                                                                                                         |  |                  |                  |      |                  |                  |
| Simulation Software Investment Company Pty Ltd (0.2%)*(3) (5) (6) (7) |  | Business Services                                                                                         |  | First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 05/21, Due 09/22)(9)     |  | 638,765     |                  |      | 637,371     |                  |                 | 638,765     |  |
|                                                                       |  | First Lien Senior Secured Term Loan (BBSY + 5.5%, 5.6% Cash, Acquired 05/21, Due 09/22)(16)       |  | 654,137                                                                                            |  |                  | 695,605     |      |                  | 654,137     |                 |
|                                                                       |  |                                                                                                           |  | 1,292,902                                                                                          |  |                  | 1,332,976   |      |                  | 1,292,902   |                 |
|                                                                       |  |                                                                                                           |  |                                                                                                         |  |                  |                  |      |                  |                  |
| SISU ACQUISITIONCO., INC. (0.3%)*(5) (6) (7) (9)                      |  | Aerospace & Defense                                                                                   |  | First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 05/21, Due 12/26)       |  | 2,544,550   |                  |      | 2,502,721   |                  |                 | 2,458,035   |  |
|                                                                       |  |                                                                                                           |  | 2,544,550                                                                                          |  |                  | 2,502,721   |      |                  | 2,458,035   |                 |
|                                                                       |  |                                                                                                           |  |                                                                                                         |  |                  |                  |      |                  |                  |
| Smartling, Inc. (1.7%)*(6) (7) (9)                                    |  | Technology                                                                                                |  | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 11/21, Due 11/27)(5)    |  | 14,528,829  |                  |      | 14,203,655  |                  |                 | 14,196,742  |  |
|                                                                       |  | Revolver (LIBOR + 5.75%, 6.8% Cash, Acquired 11/21, Due 11/27)                                    |  |                                                                                                         |  | (20,251)         |                  |      | (20,755)         |                  |
|                                                                       |  |                                                                                                           |  | 14,528,829                                                                                         |  |                  | 14,183,404  |      |                  | 14,175,987  |                 |
|                                                                       |  |                                                                                                           |  |                                                                                                         |  |                  |                  |      |                  |                  |
| SN BUYER, LLC (0.6%)*(5) (6) (7) (8)                                  |  | Health Care Services                                                                                      |  | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 05/21, Due 12/26)       |  | 5,184,912   |                  |      | 5,119,306   |                  |                 | 5,184,912   |  |
|                                                                       |  |                                                                                                           |  | 5,184,912                                                                                          |  |                  | 5,119,306   |      |                  | 5,184,912   |                 |
|                                                                       |  |                                                                                                           |  |                                                                                                         |  |                  |                  |      |                  |                  |
| Springbrook Software (SBRK Intermediate, Inc.) (0.3%)*(5) (6) (7) (9) |  | Enterprise Software & Services                                                                        |  | First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 05/21, Due 12/26)        |  | 2,434,414   |                  |      | 2,426,301   |                  |                 | 2,434,414   |  |
|                                                                       |  |                                                                                                           |  | 2,434,414                                                                                          |  |                  | 2,426,301   |      |                  | 2,434,414   |                 |
|                                                                       |  |                                                                                                           |  |                                                                                                         |  |                  |                  |      |                  |                  |
| SPT Acquico Limited (0.2%)*(3) (5) (6) (7) (9)                        |  | High Tech Industries                                                                                      |  | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 05/21, Due 12/27)       |  | 1,807,007   |                  |      | 1,765,436   |                  |                 | 1,807,007   |  |
|                                                                       |  |                                                                                                           |  | 1,807,007                                                                                          |  |                  | 1,765,436   |      |                  | 1,807,007   |                 |
|                                                                       |  |                                                                                                           |  |                                                                                                         |  |                  |                  |      |                  |                  |
| SSCP Pegasus Midco Limited (0.1%)*(3) (5) (6) (7) (11)                |  | Healthcare & Pharmaceuticals                                                                          |  | First Lien Senior Secured Term Loan (GBP LIBOR + 6.75%, 6.8% Cash, Acquired 05/21, Due 11/27)   |  | 762,650     |                  |      | 761,833     |                  |                 | 757,570     |  |
|                                                                       |  |                                                                                                           |  | 762,650                                                                                            |  |                  | 761,833     |      |                  | 757,570     |                 |
|                                                                       |  |                                                                                                           |  |                                                                                                         |  |                  |                  |      |                  |                  |
| SSCP Spring Bidco Limited (0.1%)*(3) (5) (6) (7) (12)                 |  | Health Care                                                                                               |  | First Lien Senior Secured Term Loan (GBP LIBOR + 6.25%, 6.8% Cash, Acquired 05/21, Due 07/25)   |  | 1,113,428   |                  |      | 1,147,965   |                  |                 | 1,108,351   |  |
|                                                                       |  |                                                                                                           |  | 1,113,428                                                                                          |  |                  | 1,147,965   |      |                  | 1,108,351   |                 |
|                                                                       |  |                                                                                                           |  |                                                                                                         |  |                  |                  |      |                  |                  |
| SSCP Thermal Bidco SAS (0.1%)*(3) (5) (6) (7)                         |  | Industrial Machinery                                                                                      |  | First Lien Senior Secured Term Loan (EURIBOR + 5.25%, 5.3% Cash, Acquired 05/21, Due 07/24)(14) |  | 756,868     |                  |      | 803,723     |                  |                 | 756,868     |  |
|                                                                       |  | First Lien Senior Secured Term Loan (LIBOR + 5.25%, 5.4% Cash, Acquired 05/21, Due 07/24)(10)     |  | 98,058                                                                                             |  |                  | 98,058      |      |                  | 98,058      |                 |
|                                                                       |  |                                                                                                           |  | 854,926                                                                                            |  |                  | 901,781     |      |                  | 854,926     |                 |
|                                                                       |  |                                                                                                           |  |                                                                                                         |  |                  |                  |      |                  |                  |
| Starnmeer B.V. (1.6%)*(3) (5) (6) (7) (9)                             |  | Technology                                                                                                |  | First Lien Senior Secured Term Loan (LIBOR + 6.4%, 6.9% Cash, Acquired 10/21, Due 04/27)        |  | 13,388,159  |                  |      | 13,192,963  |                  |                 | 13,187,337  |  |
|                                                                       |  |                                                                                                           |  | 13,388,159                                                                                         |  |                  | 13,192,963  |      |                  | 13,187,337  |                 |
|                                                                       |  |                                                                                                           |  |                                                                                                         |  |                  |                  |      |                  |                  |

----

|                                                                                                 |  |                                                                                                  |  |                                                                                                              |  |                  |                  |      |                  |                  |                  |                  |  |   |                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-------------------------------------------------------------------------------------------------|--|--------------------------------------------------------------------------------------------------|--|--------------------------------------------------------------------------------------------------------------|--|------------------|------------------|------|------------------|------------------|------------------|------------------|--|---|------------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Portfolio Company                                                                               |  | Industry                                                                                         |  | Type of Investment(1)(2)                                                                                     |  | PrincipalAmount  |                  | Cost |                  | FairValue        |
| Superjet Buyer, LLC (2.7%)*(6) (7) (9)                                                          |  | Technology                                                                                       |  | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.5% Cash, Acquired 12/21, Due 12/27)(5)         |  | $                | 23,174,707  |      |                  | $                | 22,711,213  |                  |  | $ | 22,711,213  |  |
|                                                                                                 |  | Revolver (LIBOR + 5.75%, 6.5% Cash, Acquired 12/21, Due 12/27)                           |  |                                                                                                              |  | (36,506)         |                  |      | (36,506)         |                  |
|                                                                                                 |  |                                                                                                  |  | 23,174,707                                                                                              |  |                  | 22,674,707  |      |                  | 22,674,707  |                  |
|                                                                                                 |  |                                                                                                  |  |                                                                                                              |  |                  |                  |      |                  |                  |
| Syntax Systems Ltd (0.8%)*(3) (6) (7) (8)                                                       |  | Technology                                                                                       |  | First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.3% Cash, Acquired 11/21, Due 10/28)(5)          |  | 6,459,145   |                  |      | 6,379,818   |                  |                  | 6,376,856   |  |
|                                                                                                 |  | Revolver (LIBOR + 5.5%, 6.3% Cash, Acquired 11/21, Due 10/26)                            |  | 404,837                                                                                                 |  |                  | 395,908     |      |                  | 395,580     |                  |
|                                                                                                 |  |                                                                                                  |  | 6,863,982                                                                                               |  |                  | 6,775,726   |      |                  | 6,772,436   |                  |
|                                                                                                 |  |                                                                                                  |  |                                                                                                              |  |                  |                  |      |                  |                  |
| TA SL Cayman Aggregator Corp.(0.1%)*(6)                                                         |  | Technology                                                                                       |  | Subordinated Term Loan (8.8% PIK, Acquired 07/21, Due 07/28)                                         |  | 966,636     |                  |      | 948,418     |                  |                  | 949,988     |  |
|                                                                                                 |  | Common Stock (770 shares, Acquired 07/21)                                                    |  |                                                                                                              |  | 24,166      |                  |      | 31,455      |                  |
|                                                                                                 |  |                                                                                                  |  | 966,636                                                                                                 |  |                  | 972,584     |      |                  | 981,443     |                  |
|                                                                                                 |  |                                                                                                  |  |                                                                                                              |  |                  |                  |      |                  |                  |
| Techone B.V. (0.5%)*(3) (6) (7) (13)                                                            |  | Technology                                                                                       |  | First Lien Senior Secured Term Loan (EURIBOR + 5.5%, 5.5% Cash, Acquired 11/21, Due 11/28)(5)        |  | 4,045,691   |                  |      | 3,907,419   |                  |                  | 3,913,767   |  |
|                                                                                                 |  | Revolver (EURIBOR + 5.5%, 5.5% Cash, Acquired 11/21, Due 05/28)                          |  | 50,101                                                                                                  |  |                  | 44,765      |      |                  | 45,091      |                  |
|                                                                                                 |  |                                                                                                  |  | 4,095,792                                                                                               |  |                  | 3,952,184   |      |                  | 3,958,858   |                  |
|                                                                                                 |  |                                                                                                  |  |                                                                                                              |  |                  |                  |      |                  |                  |
| Temple Midco Limited (0.1%)*(3) (5) (6) (7) (12)                                                |  | Industrial Machinery                                                                             |  | First Lien Senior Secured Term Loan (GBP LIBOR + 5.25%, 5.8% Cash, Acquired 05/21, Due 08/24)        |  | 989,653     |                  |      | 1,016,505   |                  |                  | 989,653     |  |
|                                                                                                 |  |                                                                                                  |  | 989,653                                                                                                 |  |                  | 1,016,505   |      |                  | 989,653     |                  |
|                                                                                                 |  |                                                                                                  |  |                                                                                                              |  |                  |                  |      |                  |                  |
| Tencarva Machinery Company, LLC (0.6%)*(3) (6) (7) (9)                                          |  | Capital Equipment                                                                                |  | First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 12/21, Due 12/27)(5)          |  | 5,485,512   |                  |      | 5,374,529   |                  |                  | 5,374,011   |  |
|                                                                                                 |  | Revolver (LIBOR + 5.5%, 6.5% Cash, Acquired 12/21, Due 12/27)                            |  |                                                                                                              |  | (19,644)         |                  |      | (19,750)         |                  |
|                                                                                                 |  |                                                                                                  |  | 5,485,512                                                                                               |  |                  | 5,354,885   |      |                  | 5,354,261   |                  |
|                                                                                                 |  |                                                                                                  |  |                                                                                                              |  |                  |                  |      |                  |                  |
| The Caprock Group, Inc. (aka TA/TCG Holdings, LLC) (0.7%)*(6)                               |  | Brokerage, Asset Managers & Exchanges                                                        |  | First Lien Senior Secured Term Loan (LIBOR + 4.25%, 5.3% Cash, Acquired 10/21, Due 12/27)(5) (7) (9) |  | 1,263,830   |                  |      | 1,158,289   |                  |                  | 1,157,821   |  |
|                                                                                                 |  | Revolver (LIBOR + 4.25%, 5.3% Cash, Acquired 10/21, Due 12/27)(7) (9)                    |  |                                                                                                              |  | (21,478)         |                  |      | (21,585)         |                  |
|                                                                                                 |  | Subordinated Term Loan (7.75% PIK, Acquired 10/21, Due 10/28)                            |  | 4,973,711                                                                                               |  |                  | 4,876,083   |      |                  | 4,874,237   |                  |
|                                                                                                 |  |                                                                                                  |  | 6,237,541                                                                                               |  |                  | 6,012,894   |      |                  | 6,010,473   |                  |
|                                                                                                 |  |                                                                                                  |  |                                                                                                              |  |                  |                  |      |                  |                  |
| The Hilb Group, LLC (0.4%)*(5) (6) (7) (9)                                                      |  | Insurance Brokerage                                                                              |  | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 05/21, Due 12/26)            |  | 3,634,799   |                  |      | 3,536,654   |                  |                  | 3,562,102   |  |
|                                                                                                 |  | First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.3% Cash, Acquired 05/21, Due 12/26) |  | 117,077                                                                                                 |  |                  | (4,336)          |      |                  | (4,336)          |                  |
|                                                                                                 |  |                                                                                                  |  | 3,751,876                                                                                               |  |                  | 3,532,318   |      |                  | 3,557,766   |                  |
|                                                                                                 |  |                                                                                                  |  |                                                                                                              |  |                  |                  |      |                  |                  |
| The Octave Music Group, Inc. (fka TouchTones Interactive Networks, Inc.) (0.3%)*(5) (6) (7) (8) |  | Entertainment                                                                                    |  | First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, 0.75% PIK, Acquired 05/21, Due 05/25) |  | 2,760,285   |                  |      | 2,712,843   |                  |                  | 2,757,524   |  |
|                                                                                                 |  |                                                                                                  |  | 2,760,285                                                                                               |  |                  | 2,712,843   |      |                  | 2,757,524   |                  |
|                                                                                                 |  |                                                                                                  |  |                                                                                                              |  |                  |                  |      |                  |                  |
| Total Safety U.S. Inc. (0.3%)*(7) (10)                                                          |  | Diversified Support Services                                                                     |  | First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 08/21, Due 08/25)             |  | 2,471,832   |                  |      | 2,446,351   |                  |                  | 2,433,988   |  |
|                                                                                                 |  |                                                                                                  |  | 2,471,832                                                                                               |  |                  | 2,446,351   |      |                  | 2,433,988   |                  |
|                                                                                                 |  |                                                                                                  |  |                                                                                                              |  |                  |                  |      |                  |                  |
| Trident Maritime Systems, Inc. (1.1%)*(5) (6) (7) (9)                                           |  | Aerospace & Defense                                                                          |  | First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 05/21, Due 02/27)             |  | 9,028,619   |                  |      | 8,889,068   |                  |                  | 9,028,617   |  |
|                                                                                                 |  |                                                                                                  |  | 9,028,619                                                                                               |  |                  | 8,889,068   |      |                  | 9,028,617   |                  |
|                                                                                                 |  |                                                                                                  |  |                                                                                                              |  |                  |                  |      |                  |                  |
| Truck-Lite Co., LLC (1.7%)*(5) (6) (7) (9)                                                      |  | Automotive Parts & Equipment                                                                 |  | First Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.3% Cash, Acquired 05/21, Due 12/26)            |  | 14,476,067  |                  |      | 14,228,289  |                  |                  | 14,096,792  |  |
|                                                                                                 |  |                                                                                                  |  | 14,476,067                                                                                              |  |                  | 14,228,289  |      |                  | 14,096,792  |                  |
|                                                                                                 |  |                                                                                                  |  |                                                                                                              |  |                  |                  |      |                  |                  |
| Turbo Buyer, Inc. (1.1%)*(5) (6) (7) (9)                                                        |  | Finance Companies                                                                                |  | First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 11/21, Due 12/25)             |  | 9,425,050   |                  |      | 9,197,178   |                  |                  | 9,190,261   |  |
|                                                                                                 |  |                                                                                                  |  | 9,425,050                                                                                               |  |                  | 9,197,178   |      |                  | 9,190,261   |                  |
|                                                                                                 |  |                                                                                                  |  |                                                                                                              |  |                  |                  |      |                  |                  |
| Turnberry Solutions, Inc. (0.3%)*(5) (6) (7) (9)                                                |  | Consumer Cyclical                                                                                |  | First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 07/21, Due 09/26)             |  | 2,500,000   |                  |      | 2,454,080   |                  |                  | 2,456,945   |  |
|                                                                                                 |  |                                                                                                  |  | 2,500,000                                                                                               |  |                  | 2,454,080   |      |                  | 2,456,945   |                  |
|                                                                                                 |  |                                                                                                  |  |                                                                                                              |  |                  |                  |      |                  |                  |

----

|                                                                                      |  |                                                                                                      |  |                                                                                                              |                     |                  |                  |                     |                  |                  |                  |                  |  |   |                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|--------------------------------------------------------------------------------------|--|------------------------------------------------------------------------------------------------------|--|--------------------------------------------------------------------------------------------------------------|---------------------|------------------|------------------|---------------------|------------------|------------------|------------------|------------------|--|---|-----------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Portfolio Company                                                                    |  | Industry                                                                                             |  | Type of Investment(1)(2)                                                                                     |                     | PrincipalAmount  |                  | Cost                |                  | FairValue        |
| UKFast Leaders Limited (0.6%)*(3) (5) (6) (7) (22)                                   |  | Technology                                                                                           |  | First Lien Senior Secured Term Loan (SONIA + 7.0%, 7.1% Cash, Acquired 05/21, Due 9/27)              |                     | $                | 4,782,662   |                     |                  | $                | 4,870,162   |                  |  | $ | 4,696,574  |  |
|                                                                                      |  |                                                                                                      |  | 4,782,662                                                                                               |                     |                  | 4,870,162   |                     |                  | 4,696,574   |                  |
|                                                                                      |  |                                                                                                      |  |                                                                                                              |                     |                  |                  |                     |                  |                  |
| USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.) (0.3%)*(5) (6) (7) (9) |  | Legal Services                                                                                       |  | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 05/21, Due 11/24)            |                     | 2,371,984   |                  |                     | 2,262,294   |                  |                  | 2,371,984   |  |
|                                                                                      |  |                                                                                                      |  | 2,371,984                                                                                               |                     |                  | 2,262,294   |                     |                  | 2,371,984   |                  |
|                                                                                      |  |                                                                                                      |  |                                                                                                              |                     |                  |                  |                     |                  |                  |
| Utac Ceram (0.1%)*(3) (5) (6) (7)                                                    |  | Business Services                                                                                    |  | First Lien Senior Secured Term Loan (EURIBOR + 5.25%, 5.3% Cash, Acquired 05/21, Due 09/27)(13)      |                     | 909,760     |                  |                     | 941,686     |                  |                  | 892,385     |  |
|                                                                                      |  | First Lien Senior Secured Term Loan (LIBOR + 5.25%, 5.5% Cash, Acquired 05/21, Due 09/27)(9) |  | 242,600                                                                                                 |                     |                  | 236,492     |                     |                  | 237,967     |                  |
|                                                                                      |  |                                                                                                      |  | 1,152,360                                                                                               |                     |                  | 1,178,178   |                     |                  | 1,130,352   |                  |
|                                                                                      |  |                                                                                                      |  |                                                                                                              |                     |                  |                  |                     |                  |                  |
| Validity, Inc. (0.1%)*(5) (6) (7) (8)                                                |  | IT Consulting & Other Services                                                                   |  | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 4.8% Cash, Acquired 05/21, Due 05/25)            |                     | 939,397     |                  |                     | 899,898     |                  |                  | 935,639     |  |
|                                                                                      |  |                                                                                                      |  | 939,397                                                                                                 |                     |                  | 899,898     |                     |                  | 935,639     |                  |
|                                                                                      |  |                                                                                                      |  |                                                                                                              |                     |                  |                  |                     |                  |                  |
| VistaJet Pass Through Trust 2021-1B (1.2%)*                                          |  | Airlines                                                                                             |  | Structured Secured Note - Class B (6.3% Cash, Acquired 11/21, Due 02/29)                             |                     | 10,000,000  |                  |                     | 10,000,000  |                  |                  | 9,810,969   |  |
|                                                                                      |  |                                                                                                      |  | 10,000,000                                                                                              |                     |                  | 10,000,000  |                     |                  | 9,810,969   |                  |
|                                                                                      |  |                                                                                                      |  |                                                                                                              |                     |                  |                  |                     |                  |                  |
| Vital Buyer, LLC (0.1%)*(6)                                                          |  | Technology                                                                                           |  | First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.3% Cash, Acquired 06/21, Due 06/28)(5) (7) (9)  |                     | 982,143     |                  |                     | 963,802     |                  |                  | 966,320     |  |
|                                                                                      |  | Partnership Units (1,096.2 units, Acquired 06/21)                                                |  |                                                                                                              |                     | 10,962      |                  |                     | 11,395      |                  |
|                                                                                      |  |                                                                                                      |  | 982,143                                                                                                 |                     |                  | 974,764     |                     |                  | 977,715     |                  |
|                                                                                      |  |                                                                                                      |  |                                                                                                              |                     |                  |                  |                     |                  |                  |
| Vitalyst, LLC (0.2%)*(5) (6) (7) (9)                                                 |  | IT Consulting & Other Services                                                                   |  | First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 05/21, Due 08/22)             |                     | 1,942,360   |                  |                     | 1,942,360   |                  |                  | 1,942,360   |  |
|                                                                                      |  |                                                                                                      |  | 1,942,360                                                                                               |                     |                  | 1,942,360   |                     |                  | 1,942,360   |                  |
|                                                                                      |  |                                                                                                      |  |                                                                                                              |                     |                  |                  |                     |                  |                  |
| VP Holding Company (0.8%)*(5) (6) (7) (9)                                            |  | Transportation Services                                                                              |  | First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 05/21, Due 05/24)             |                     | 7,148,850   |                  |                     | 7,045,359   |                  |                  | 7,033,682   |  |
|                                                                                      |  |                                                                                                      |  | 7,148,850                                                                                               |                     |                  | 7,045,359   |                     |                  | 7,033,682   |                  |
|                                                                                      |  |                                                                                                      |  |                                                                                                              |                     |                  |                  |                     |                  |                  |
| W2O Holdings, Inc. (0.0%)*(6) (7) (9)                                                |  | Healthcare Technology                                                                                |  | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 05/21, Due 06/25)            |                     | 400,148     |                  |                     | 400,148     |                  |                  | 400,148     |  |
|                                                                                      |  |                                                                                                      |  | 400,148                                                                                                 |                     |                  | 400,148     |                     |                  | 400,148     |                  |
|                                                                                      |  |                                                                                                      |  |                                                                                                              |                     |                  |                  |                     |                  |                  |
| Woodland Foods, LLC (1.1%)*(6)                                                       |  | Food & Beverage                                                                                  |  | First Lien Senior Secured Term Loan (LIBOR + 5.50%, 6.5% Cash, Acquired 12/21, Due 12/27)(5) (7) (9) |                     | 8,336,430   |                  |                     | 8,171,591   |                  |                  | 8,169,702   |  |
|                                                                                      |  | Revolver (LIBOR + 5.50%, 6.5% Cash, Acquired 12/21, Due 12/27)(7) (9)                        |  | 124,698                                                                                                 |                     |                  | 92,607      |                     |                  | 92,227      |                  |
|                                                                                      |  | Common Stock (1,204,461.64 shares, Acquired 12/21)                                               |  |                                                                                                              |                     | 1,204,462   |                  |                     | 1,204,462   |                  |
|                                                                                      |  |                                                                                                      |  | 8,461,128                                                                                               |                     |                  | 9,468,660   |                     |                  | 9,466,391   |                  |
|                                                                                      |  |                                                                                                      |  |                                                                                                              |                     |                  |                  |                     |                  |                  |
| World 50, Inc. (1.9%)*(5) (6) (7) (8)                                                |  | Professional Services                                                                                |  | First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.5% Cash, Acquired 05/21, Due 01/26)             |                     | 15,572,936  |                  |                     | 15,287,411  |                  |                  | 15,339,341  |  |
|                                                                                      |  | First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 05/21, Due 01/26)    |  | 691,064                                                                                                 |                     |                  | 691,064     |                     |                  | 691,064     |                  |
|                                                                                      |  |                                                                                                      |  | 16,264,000                                                                                              |                     |                  | 15,978,475  |                     |                  | 16,030,405  |                  |
|                                                                                      |  |                                                                                                      |  |                                                                                                              |                     |                  |                  |                     |                  |                  |
| Subtotal Non–Control / Non–Affiliate Investments (153.5%)            |  | 1,297,731,074                                                                                   |  |                                                                                                              | 1,282,753,426  |                  |                  | 1,280,597,074  |                  |
|                                                                                      |  |                                                                                                      |  |                                                                                                              |                     |                  |                  |                     |                  |                  |
| Affiliate Investments: (4)                                                       |  |                                                                                                      |  |                                                                                                              |                     |                  |                  |                     |                  |                  |
|                                                                                      |  |                                                                                                      |  |                                                                                                              |                     |                  |                  |                     |                  |                  |
| Eclipse Business Capital, LLC (8.4%)*(6)                                             |  | Banking, Finance, Insurance, & Real Estate                                                       |  | Second Lien Senior Secured Term Loan (7.5% Cash, Acquired 07/21, Due 07/28)                          |                     | 3,208,556   |                  |                     | 3,178,177   |                  |                  | 3,344,632   |  |
|                                                                                      |  | Revolver (LIBOR + 7.25%, Acquired 07/21. Due 07/28)(9)                                       |  | 1,283,422                                                                                               |                     |                  | 1,193,644   |                     |                  | 1,283,422   |                  |
|                                                                                      |  | LLC Units (63,139,338 units, Acquired 07/21)                                                     |  |                                                                                                              |                     | 63,423,189  |                  |                     | 65,412,355  |                  |
|                                                                                      |  |                                                                                                      |  | 4,491,978                                                                                               |                     |                  | 67,795,010  |                     |                  | 70,040,409  |                  |
|                                                                                      |  |                                                                                                      |  |                                                                                                              |                     |                  |                  |                     |                  |                  |
| Thompson Rivers LLC (4.0%)*(3)                                                       |  | Investment Funds & Vehicles                                                                      |  | 6.4% Member Interest, Acquired 08/21                                                                     |                     |                  |                  | 32,249,354     |                  |                  | 33,510,625  |                  |
|                                                                                      |  |                                                                                                      |  |                                                                                                              |                     | 32,249,354  |                  |                     | 33,510,625  |                  |
|                                                                                      |  |                                                                                                      |  |                                                                                                              |                     |                  |                  |                     |                  |                  |
|                                                                                      |  |                                                                                                      |  |                                                                                                              |                     |                  |                  |                     |                  |                  |
|                                                                                      |  |                                                                                                      |  |                                                                                                              |                     |                  |                  |                     |                  |                  |

----

|                                                     |  |                                 |                 |                                         |                     |                   |  |      |                     |           |  |   |                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-----------------------------------------------------|--|---------------------------------|-----------------|-----------------------------------------|---------------------|-------------------|--|------|---------------------|-----------|--|---|---------------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Portfolio Company                                   |  | Industry                        |                 | Type of Investment(1)(2)                |                     | PrincipalAmount   |  | Cost |                     | FairValue |
| Waccamaw River LLC (1.6%)*(3)                       |  | Investment Funds & Vehicles |                 | 20% Member Interest, Acquired 08/21 |                     |                   |  | $    | 13,720,000     |           |  | $ | 13,500,686     |  |
|                                                     |  |                                 |                 |                                         |                     | 13,720,000   |  |      | 13,500,686     |           |
|                                                     |  |                                 |                 |                                         |                     |                   |  |      |                     |           |
| Subtotal Affiliate Investments (14.0%)              |  | $                               | 4,491,978  |                                         |                     | 113,764,364  |  |      | 117,051,720    |           |
|                                                     |  |                                 |                 |                                         |                     |                   |  |      |                     |           |
|                                                     |  |                                 |                 |                                         |                     |                   |  |      |                     |           |
|                                                     |  |                                 |                 |                                         |                     |                   |  |      |                     |           |
|                                                     |  |                                 |                 |                                         |                     |                   |  |      |                     |           |
|                                                     |  |                                 |                 |                                         |                     |                   |  |      |
|                                                     |  |                                 |                 |                                         |                     |                   |  |      |                     |           |
|                                                     |  |                                 |                 |                                         |                     |                   |  |      |                     |           |
|                                                     |  |                                 |                 |                                         |                     |                   |  |      |
|                                                     |  |                                 |                 |                                         |                     |                   |  |      |                     |           |
|                                                     |  |                                 |                 |                                         |                     |                   |  |      |                     |           |
|                                                     |  |                                 |                 |                                         |                     |                   |  |      |
|                                                     |  |                                 |                 |                                         |                     |                   |  |      |                     |           |
|                                                     |  |                                 |                 |                                         |                     |                   |
|                                                     |  |                                 |                 |                                         |                     |                   |  |      |
| Total Investments, December 31, 2021 (167.5%)* |  |                                 |                 | $                                       | 1,302,223,052  |                   |  | $    | 1,396,517,790  |           |  | $ | 1,397,648,794  |  |

|                                                                  |  |                                 |  |                            |  |                |  |                  |           |                                        |               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------------------------------------------------------|--|---------------------------------|--|----------------------------|--|----------------|--|------------------|-----------|----------------------------------------|---------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Foreign Currency Forward Contracts:                          |  |                                 |  |                            |  |                |  |                  |           |                                        |
| Description                                                      |  | Notional Amount to be Purchased |  | Notional Amount to be Sold |  | Counterparty   |  | Settlement Date  |           | Unrealized Appreciation (Depreciation) |
| Foreign currency forward contract (AUD)                          |  | A$20,975,487                    |  | $15,076,473                |  | BNP Paribas SA |  | 01/06/22 |           | $                                      | 170,651  |  |
| Foreign currency forward contract (AUD)                          |  | $15,105,536                     |  | A$20,975,487               |  | BNP Paribas SA |  | 01/06/22 |           | (141,587)                              |               |
| Foreign currency forward contract (AUD)                          |  | $15,068,223                     |  | A$20,961,379               |  | BNP Paribas SA |  | 04/08/22 |           | (172,452)                              |               |
|                                                                  |  |                                 |  |                            |  |                |  |                  |           |                                        |
| Foreign currency forward contract (CAD)                          |  | C$748,687                       |  | $586,457                   |  | BNP Paribas SA |  | 01/06/22 |           | 5,109                             |               |
| Foreign currency forward contract (CAD)                          |  | $587,455                        |  | C$748,687                  |  | BNP Paribas SA |  | 01/06/22 |           | (4,111)                                |               |
| Foreign currency forward contract (CAD)                          |  | $632,965                        |  | C$808,342                  |  | BNP Paribas SA |  | 04/08/22 |           | (5,538)                                |               |
|                                                                  |  |                                 |  |                            |  |                |  |                  |           |                                        |
| Foreign currency forward contract (DKK)                          |  | 2,140,728kr.                    |  | $326,251                   |  | BNP Paribas SA |  | 01/06/22 |           | 1,304                             |               |
| Foreign currency forward contract (DKK)                          |  | $334,695                        |  | 2,140,728kr.               |  | BNP Paribas SA |  | 01/06/22 |           | 7,140                             |               |
| Foreign currency forward contract (DKK)                          |  | $322,566                        |  | 2,113,910kr.               |  | BNP Paribas SA |  | 04/08/22 |           | (1,544)                                |               |
|                                                                  |  |                                 |  |                            |  |                |  |                  |           |                                        |
| Foreign currency forward contract (EUR)                          |  | €47,857,325               |  | $54,213,400                |  | BNP Paribas SA |  | 01/06/22 |           | 243,219                           |               |
| Foreign currency forward contract (EUR)                          |  | $55,239,489                     |  | €47,857,325          |  | BNP Paribas SA |  | 01/06/22 |           | 782,871                           |               |
| Foreign currency forward contract (EUR)                          |  | $111,330,088                    |  | €98,200,754          |  | BNP Paribas SA |  | 04/08/22 |           | (633,962)                              |               |
|                                                                  |  |                                 |  |                            |  |                |  |                  |           |                                        |
| Foreign currency forward contract (GBP)                          |  | £8,816,562                 |  | $11,744,291                |  | BNP Paribas SA |  | 01/06/22 |           | 196,391                           |               |
| Foreign currency forward contract (GBP)                          |  | £2,000,000                 |  | $2,664,139                 |  | BNP Paribas SA |  | 01/07/22 |           | 44,550                            |               |
| Foreign currency forward contract (GBP)                          |  | $11,828,271                     |  | £8,816,562            |  | BNP Paribas SA |  | 01/06/22 |           | (112,412)                              |               |
| Foreign currency forward contract (GBP)                          |  | $2,716,947                      |  | £2,000,000            |  | BNP Paribas SA |  | 01/07/22 |           | 8,258                             |               |
| Foreign currency forward contract (GBP)                          |  | $13,906,654                     |  | £10,445,895           |  | BNP Paribas SA |  | 04/08/22 |           | (234,463)                              |               |
|                                                                  |  |                                 |  |                            |  |                |  |                  |           |                                        |
| Foreign currency forward contract (NZD)                          |  | NZ$610,086                      |  | $414,744                   |  | BNP Paribas SA |  | 01/06/22 |           | 3,043                             |               |
| Foreign currency forward contract (NZD)                          |  | $419,055                        |  | NZ$610,086                 |  | BNP Paribas SA |  | 01/06/22 |           | 1,268                             |               |
| Foreign currency forward contract (NZD)                          |  | $416,471                        |  | NZ$613,901                 |  | BNP Paribas SA |  | 04/08/22 |           | (3,254)                                |               |
|                                                                  |  |                                 |  |                            |  |                |  |                  |           |                                        |
| Foreign currency forward contract (SEK)                          |  | 5,421,350kr                     |  | $599,874                   |  | BNP Paribas SA |  | 01/07/22 |           | (39)                                   |               |
| Foreign currency forward contract (SEK)                          |  | $616,581                        |  | 5,421,350kr                |  | BNP Paribas SA |  | 01/07/22 |           | 16,746                            |               |
| Foreign currency forward contract (SEK)                          |  | $607,076                        |  | 5,483,111kr                |  | BNP Paribas SA |  | 04/08/22 |           | (92)                                   |               |
|                                                                  |  |                                 |  |                            |  |                |  |                  |           |                                        |
| Foreign currency forward contract (CHF)                          |  | Fr.17,956,939                   |  | $19,529,886                |  | BNP Paribas SA |  | 01/06/22 |           | 161,819                           |               |
| Foreign currency forward contract (CHF)                          |  | Fr.103,044                      |  | $112,799                   |  | BNP Paribas SA |  | 01/07/22 |           | 202                               |               |
| Foreign currency forward contract (CHF)                          |  | $19,264,138                     |  | Fr.17,956,939              |  | BNP Paribas SA |  | 01/06/22 |           | (427,567)                              |               |
| Foreign currency forward contract (CHF)                          |  | $113,082                        |  | Fr.103,044                 |  | BNP Paribas SA |  | 01/07/22 |           | 81                                |               |
| Foreign currency forward contract (CHF)                          |  | $19,853,070                     |  | Fr.18,211,896              |  | BNP Paribas SA |  | 04/08/22 |           | (167,912)                              |               |
| Total Foreign Currency Forward Contracts, December 31, 2021 |  |                                 |  |                            |  |                |  | $                | (262,281) |                                        |

----

|                                   |                                                  |                    |                      |                                |                                  |                              |                                                       |               |                 |                  |                  |                  |                 |                 |               |   |                   |                 |   |                 |               |  |  |  |  |  |
|-----------------------------------|--------------------------------------------------|--------------------|----------------------|--------------------------------|----------------------------------|------------------------------|-------------------------------------------------------|---------------|-----------------|------------------|------------------|------------------|-----------------|-----------------|---------------|---|-------------------|-----------------|---|-----------------|---------------|--|--|--|--|--|
|                                   | May 10, 2021 Value                               | Gross Additions(b) | Gross Reductions (c) | Amount of Realized Gain (Loss) | Amount of Unrealized Gain (Loss) | December 31, 2021 Value | Amount of Interest or Dividends Credited to Income(d) |
| Portfolio Company                 | Type of Investment(a)                            |
| Eclipse Business Capital, LLC (e) | Second Lien Senior Secured Term Loan (7.5% Cash) | $                  | —         |                                | $                                | 3,178,177               |                                                       | $             | —    |                  | $                | —     |                 | $               | 166,455  |   | $                 | 3,344,632  |   | $               | 119,929  |  |
| Revolver (LIBOR + 7.25%)          | —                                     |                    | 1,193,644       |                                | —                     |                              | —                                          |               | 89,778     |                  | 1,283,422   |                  | 37,400     |                 |
| LLC units (63,139,338 units)      | —                                     |                    | 63,423,189      |                                | —                     |                              | —                                          |               | 1,989,166  |                  | 65,412,355  |                  | 2,528,320  |                 |
|                                   | —                                     |                    | 67,795,010      |                                | —                     |                              | —                                          |               | 2,245,399  |                  | 70,040,409  |                  | 2,685,649  |                 |
|                                   |                                                  |                    |                      |                                |                                  |                              |                                                       |               |
| Thompson Rivers LLC               | 6.4% Member Interest                             | —       |                      | 32,249,354                |                                  | —                 |                                                       | —  |                 | 1,261,271   |                  | 33,510,625  |                 | 2,249,354  |               |
|                                   | —                                     |                    | 32,249,354      |                                | —                     |                              | —                                          |               | 1,261,271  |                  | 33,510,625  |                  | 2,249,354  |                 |
|                                   |                                                  |                    |                      |                                |                                  |                              |                                                       |               |
| Waccamaw River LLC                | 20% Member Interest                              | —       |                      | 13,720,000                |                                  |                              | —                                          |               | (219,314)       |                  | 13,500,686  |                  | 280,000    |                 |
| —                      |                                                  | 13,720,000    |                      | —                   |                                  | —                 |                                                       | (219,314)     |                 | 13,500,686  |                  | 280,000     |                 |
|                                   |                                                  |                    |                      |                                |                                  |                              |                                                       |               |
| Total Affiliate Investments       | $                                                | —       |                      | $                              | 113,764,364                 |                              | $                                                     | —  |                 | $                | —     |                  | $               | 3,287,356  |               | $ | 117,051,720  |                 | $ | 5,215,003  |               |

----

----

----

----

----

|                                         |                  |                   |                    |                    |                   |                          |                     |                     |                    |         |                                               |          |          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-----------------------------------------|------------------|-------------------|--------------------|--------------------|-------------------|--------------------------|---------------------|---------------------|--------------------|---------|-----------------------------------------------|----------|----------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| December 31, 2021:                  | Fair Value       |                   | ValuationModel     |                    | Level 3Input      |                          | Range ofInputs      |                     | Weighted Average   |         | Impact to Valuation from an Increase in Input |
| Senior debt and 1st lien notes          | $                | 636,184,481  |                    |                    | Yield Analysis    |                          | Market Yield        |                     | 5.1% – 26.5% |         | 7.5%                                          |          | Decrease |
| 502,633,762                        |                  |                   | Recent Transaction |                    | Transaction Price |                          | 97.0% – 99.0% |                     | 97.9%              |         | Increase                                      |
| Subordinated debt and 2nd lien notes(1) | 58,642,030  |                   |                    | Yield Analysis     |                   | Market Yield             |                     | 5.3% – 20.5%  |                    | 9.6%    |                                               | Decrease |
|                                         | 28,607,160  |                   |                    | Recent Transaction |                   | Transaction Price        |                     | 97.0% – 98.3% |                    | 98.0%   |                                               | Increase |
| Equity shares                           | 71,037,403  |                   |                    | Market Approach    |                   | Adjusted EBITDA Multiple |                     | 6.5x – 54.0x  |                    | 15.3x   |                                               | Decrease |
|                                         | 3,967,261   |                   |                    | Recent Transaction |                   | Transaction Price        |                     | $1.0 – $1,000 |                    | $134.24 |                                               | Increase |
|                                         |                  |                   |                    |                    |                   |                          |                     |                     |                    |         |                                               |
|                                         |                  |                   |                    |                    |                   |                          |                     |                     |                    |         |                                               |

----

----

|                                                   |                                                                  |                 |  |  |  |  |  |  |  |
|---------------------------------------------------|------------------------------------------------------------------|-----------------|--|--|--|--|--|--|--|
|                                                   | For the period from May 10, 2021 (commencement of operations) to |                 |  |  |  |
|                                                   | December 31, 2021                                                |                 |  |  |  |
| Recurring Fee Income:                         |                                                                  |                 |  |  |  |
| Amortization of loan origination fees             | $                                                                | 2,686,546  |  |  |  |  |  |
| Management, valuation and other fees              | 340,722                                                     |                 |  |  |  |  |
| Total Recurring Fee Income                        | 3,027,268                                                   |                 |  |  |  |  |
| Non-Recurring Fee Income:                     |                                                                  |                 |  |  |  |
| Prepayment fees                                   | 246,804                                                     |                 |  |  |  |  |
| Acceleration of unamortized loan origination fees | 3,157,408                                                   |                 |  |  |  |  |
| Advisory, loan amendment and other fees           | 458,605                                                     |                 |  |  |  |  |
| Total Non-Recurring Fee Income                    | 3,862,817                                                   |                 |  |  |  |  |
| Total Fee Income                                  | $                                                                | 6,890,085  |  |  |  |  |  |

----

----

----

----

----

----

----

----

|                                      |  |                   |                     |                               |         |            |   |                                |   |                                 |         |  |           |          |  |           |   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|--------------------------------------|--|-------------------|---------------------|-------------------------------|---------|------------|---|--------------------------------|---|---------------------------------|---------|--|-----------|----------|--|-----------|---|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                      |  | Cost              |                     | Percent ofTotalPortfolio |         | Fair Value |   | Percent ofTotal Portfolio |   | Percent ofTotal Net Assets |
| December 31, 2021:          |  |                   |                     |                               |         |            |   |                                |   |                                 |
| Senior debt and 1st lien notes       |  | $                 | 1,144,754,684  |                               |         | 82    | % |                                | $ | 1,141,252,232              |         |  | 82   | %        |  | 137  | % |
| Subordinated debt and 2nd lien notes |  | 113,998,904  |                     |                               | 8  |            |   | 114,779,348               |   |                                 | 8  |  |           | 14  |  |
| Structured products                  |  | 19,260,697   |                     |                               | 2  |            |   | 19,566,439                |   |                                 | 2  |  |           | 2   |  |
| Equity shares                        |  | 72,534,151   |                     |                               | 5  |            |   | 75,039,463                |   |                                 | 5  |  |           | 9   |  |
|                                      |  |                   |                     |                               |         |            |   |                                |   |                                 |
| Investment in joint ventures         |  | 45,969,354   |                     |                               | 3  |            |   | 47,011,312                |   |                                 | 3  |  |           | 6   |  |
|                                      |  |                   |                     |                               |         |            |   |                                |   |                                 |
|                                      |  | $                 | 1,396,517,790  |                               |         | 100   | % |                                | $ | 1,397,648,794              |         |  | 100  | %        |  | 168  | % |
|                                      |  |                   |                     |                               |         |            |   |                                |   |                                 |
|                                      |  |                   |                     |                               |         |            |   |                                |   |                                 |
|                                      |  |                   |                     |                               |         |            |   |                                |   |                                 |
|                                      |  |                   |                     |                               |         |            |   |                                |   |                                 |
|                                      |  |                   |                     |                               |         |            |   |                                |   |                                 |
|                                      |  |                   |                     |                               |         |            |   |                                |   |                                 |
|                                      |  |                   |                     |                               |         |            |   |                                |   |                                 |

----

|                                                 |                   |                      |            |             |   |  |  |  |  |  |  |
|-------------------------------------------------|-------------------|----------------------|------------|-------------|---|--|--|--|--|--|--|
|                                                 | December 31, 2021 | Percent of Portfolio |            |             |   |
| Aerospace and Defense                           | $                 | 49,183,537      |            | 3.5    | % |  |  |  |
| Automotive                                      | 51,013,458   |                      | 3.7   |             |   |  |  |
| Banking, Finance, Insurance and Real Estate     | 153,346,588  |                      | 11.0  |             |   |  |  |
| Beverage, Food and Tobacco                      | 18,899,852   |                      | 1.3   |             |   |  |  |
| Capital Equipment                               | 23,589,158   |                      | 1.7   |             |   |  |  |
| Chemicals, Plastics, and Rubber                 | 12,879,130   |                      | 0.9   |             |   |  |  |
| Construction and Building                       | 18,783,208   |                      | 1.3   |             |   |  |  |
| Consumer goods: Durable                     | 16,561,464   |                      | 1.2   |             |   |  |  |
| Consumer goods: Non-durable                 | 35,762,141   |                      | 2.6   |             |   |  |  |
| Containers, Packaging and Glass                 | 19,517,961   |                      | 1.4   |             |   |  |  |
|                                                 |                   |                      |            |             |   |
|                                                 |                   |                      |            |             |   |
| Environmental Industries                        | 9,440,226    |                      | 0.7   |             |   |  |  |
| Forest Products and Paper                       | 2,175,859    |                      | 0.2   |             |   |  |  |
| Healthcare and Pharmaceuticals                  | 133,274,658  |                      | 9.5   |             |   |  |  |
| High Tech Industries                            | 253,273,214  |                      | 18.1  |             |   |  |  |
| Hotel, Gaming and Leisure                       | 9,571,441    |                      | 0.7   |             |   |  |  |
| Investment Funds and Vehicles                   | 47,011,312   |                      | 3.4   |             |   |  |  |
| Media: Advertising, Printing and Publishing | 21,493,015   |                      | 1.5   |             |   |  |  |
| Media: Broadcasting and Subscription        | 5,303,689    |                      | 0.4   |             |   |  |  |
| Media: Diversified and Production           | 24,082,407   |                      | 1.7   |             |   |  |  |
|                                                 |                   |                      |            |             |   |
|                                                 |                   |                      |            |             |   |
| Services: Business                          | 277,455,442  |                      | 19.9  |             |   |  |  |
| Services: Consumer                          | 63,838,444   |                      | 4.6   |             |   |  |  |
| Structured Products                             | 9,810,970    |                      | 0.7   |             |   |  |  |
| Telecommunications                              | 12,587,903   |                      | 0.9   |             |   |  |  |
| Transportation: Cargo                       | 109,154,406  |                      | 7.8   |             |   |  |  |
| Transportation: Consumer                    | 18,392,012   |                      | 1.3   |             |   |  |  |
| Utilities: Electric                         | 1,247,299    |                      | 0.1   |             |   |  |  |
|                                                 |                   |                      |            |             |   |
|                                                 |                   |                      |            |             |   |
| Total                                           | $                 | 1,397,648,794   |            | 100.0  | % |  |  |  |

|                                      |                                      |               |              |                  |         |                  |                  |                     |   |                     |  |  |   |                     |  |  |  |  |  |  |  |  |  |
|--------------------------------------|--------------------------------------|---------------|--------------|------------------|---------|------------------|------------------|---------------------|---|---------------------|--|--|---|---------------------|--|--|--|--|--|--|--|--|--|
|                                      | Fair Value at December 31, 2021 |
|                                      | Level 1                              |               | Level 2 |                  | Level 3 |                  | Total            |
| Senior debt and 1st lien notes       | $                                    | —  |              |                  | $       | 2,433,989   |                  |                     | $ | 1,138,818,243  |  |  | $ | 1,141,252,232  |  |
| Subordinated debt and 2nd lien notes | —                         |               |              | 22,555,158  |         |                  | 92,224,190  |                     |   | 114,779,348    |  |
| Structured products                  | —                         |               |              | 19,566,439  |         |                  | —     |                     |   | 19,566,439     |  |
| Equity shares                        | 34,799                          |               |              | —     |         |                  | 75,004,664  |                     |   | 75,039,463     |  |
|                                      |                                      |               |              |                  |         |                  |                  |
|                                      |                                      |               |              |                  |         |                  |                  |
|                                      |                                      |               |              |                  |         |                  |                  |
|                                      | $                                    | 34,799   |              |                  | $       | 44,555,586  |                  |                     | $ | 1,306,047,097  |  |  | $ | 1,350,637,482  |  |
| Investments in joint ventures(1)     |                                      |               |              |                  |         |                  | $                | 47,011,312     |   |
|                                      |                                      |               |              |                  |         |                  | $                | 1,397,648,794  |   |
|                                      |                                      |               |              |                  |         |                  |                  |
|                                      |                                      |               |              |                  |         |                  |                  |
|                                      |                                      |               |              |                  |         |                  |                  |
|                                      |                                      |
|                                      |                                      |               |              |                  |         |                  |                  |
|                                      |                                      |               |              |                  |         |                  |                  |
|                                      |                                      |               |              |                  |         |                  |                  |
|                                      |                                      |               |              |                  |         |                  |                  |
|                                      |                                      |               |              |                  |         |                  |                  |
|                                      |                                      |               |              |                  |         |                  |                  |
|                                      |                                      |               |              |                  |         |                  |                  |
|                                      |                                      |               |              |                  |         |                  |                  |

----

|                                                                                              |                              |                     |                                      |                  |   |                  |               |  |                  |  |   |                   |  |  |   |                     |  |  |  |  |  |  |  |  |  |
|----------------------------------------------------------------------------------------------|------------------------------|---------------------|--------------------------------------|------------------|---|------------------|---------------|--|------------------|--|---|-------------------|--|--|---|---------------------|--|--|--|--|--|--|--|--|--|
| For the period from May 10, 2021 (commencement of operations) to December 31, 2021: | Senior Debtand 1st LienNotes |                     | Subordinated Debt and 2nd Lien Notes |                  |   |                  | Equity Shares |  | Total            |
| Fair value, beginning of period                                                              | $                            | —        |                                      |                  | $ | —     |               |  |                  |  | $ | —      |  |  | $ | —        |  |
| New investments                                                                              | 801,252,411             |                     |                                      | 54,771,843  |   |                  |               |  | 72,493,473  |  |   | 928,517,727  |  |
|                                                                                              |                              |                     |                                      |                  |   |                  |               |  |                  |
|                                                                                              |                              |                     |                                      |                  |   |                  |               |  |                  |
| Investments purchased from MassMutual                                                        | 495,738,250             |                     |                                      | 88,836,151  |   |                  |               |  | —     |  |   | 584,574,401  |  |
| Proceeds from sales of investments                                                           | (432)                        |                     |                                      | —     |   |                  |               |  | —     |  |   | (432)             |  |
| Loan origination fees received                                                               | (20,739,941)                 |                     |                                      | (1,680,650)      |   |                  |               |  | —     |  |   | (22,420,591)      |  |
| Principal repayments received                                                                | (138,087,273)                |                     |                                      | (51,599,633)     |   |                  |               |  | —     |  |   | (189,686,906)     |  |
| Payment in kind interest                                                                     | 262,314                 |                     |                                      | 4,816       |   |                  |               |  | —     |  |   | 267,130      |  |
|                                                                                              |                              |                     |                                      |                  |   |                  |               |  |                  |
| Accretion of loan premium/discount                                                       | 2,748                   |                     |                                      | —     |   |                  |               |  | —     |  |   | 2,748        |  |
| Accretion of deferred loan origination revenue                                               | 4,283,046               |                     |                                      | 1,477,068   |   |                  |               |  | —     |  |   | 5,760,114    |  |
| Realized loss                                                                                | (402,790)                    |                     |                                      | (69,292)         |   |                  |               |  | —     |  |   | (472,082)         |  |
| Unrealized appreciation (depreciation)                                                       | (3,490,090)                  |                     |                                      | 483,887     |   |                  |               |  | 2,511,191   |  |   | (495,012)         |  |
| Fair value, end of period                                                                    | $                            | 1,138,818,243  |                                      |                  | $ | 92,224,190  |               |  |                  |  | $ | 75,004,664   |  |  | $ | 1,306,047,097  |  |

----

|                                                          |                   |                     |                              |         |            |   |                                        |   |                     |         |  |           |   |  |  |  |  |  |  |  |  |  |  |
|----------------------------------------------------------|-------------------|---------------------|------------------------------|---------|------------|---|----------------------------------------|---|---------------------|---------|--|-----------|---|--|--|--|--|--|--|--|--|--|--|
|                                                          | Cost              |                     | Percentage ofTotal Portfolio |         | Fair Value |   | Percentage ofTotal Portfolio |
| December 31, 2021:                                   |                   |                     |                              |         |            |   |                                        |
| Federal Housing Administration (“FHA”) loans | $                 | 2,799,868,603  |                              |         | 93    | % |                                        | $ | 2,839,495,339  |         |  | 93   | % |
| Veterans Affairs (“VA”) loans                | 224,659,875  |                     |                              | 7  |            |   | 223,540,415                       |   |                     | 7  |  |
|                                                          |                   |                     |                              |         |            |   |                                        |
|                                                          | $                 | 3,024,528,478  |                              |         | 100   | % |                                        | $ | 3,063,035,754  |         |  | 100  | % |
|                                                          |                   |                     |                              |         |            |   |                                        |
|                                                          |                   |                     |                              |         |            |   |                                        |
|                                                          |                   |                     |                              |         |            |   |                                        |
|                                                          |                   |                     |                              |         |            |   |                                        |
|                                                          |                   |                     |                              |         |            |   |                                        |

|                                                                  |                             |                   |  |     |  |  |  |  |  |  |
|------------------------------------------------------------------|-----------------------------|-------------------|--|-----|--|--|--|--|--|--|
|                                                                  | As ofDecember 31, 2021 |                   |  |     |
| Total contributed capital by Barings Private Credit Corporation  | $                           | 32,249,354   |  | (1) |  |  |  |
| Total contributed capital by all members                         | $                           | 482,120,173  |  | (2) |  |  |  |
|                                                                  |                             |                   |  |     |
| Total unfunded commitments by Barings Private Credit Corporation | $                           | —      |  |     |  |  |
| Total unfunded commitments by all members                        | $                           | —      |  |     |  |  |

----

|                                                                            |                                    |                  |  |     |  |  |  |  |  |  |
|----------------------------------------------------------------------------|------------------------------------|------------------|--|-----|--|--|--|--|--|--|
|                                                                            | As of December 31, 2021  |                  |  |     |
| Total contributed capital by Barings Private Credit Corporation            | $                                  | 13,720,000  |  |     |  |  |
| Total contributed capital by all members                                   | $                                  | 82,620,000  |  | (1) |  |  |  |
|                                                                            |                                    |                  |  |     |
| Total return of capital (recallable) by Barings Private Credit Corporation | $                                  | —     |  |     |  |  |
| Total return of capital (recallable) by all members                        | $                                  | (14,020,000)     |  | (2) |  |  |  |
|                                                                            |                                    |                  |  |     |
| Total unfunded commitments by Barings Private Credit Corporation           | $                                  | 11,280,000  |  |     |  |  |
| Total unfunded commitments by all members                                  | $                                  | 56,400,000  |  | (3) |  |  |  |

----

|                                     |               |  |                                                 |  |                   |                   |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-------------------------------------|---------------|--|-------------------------------------------------|--|-------------------|-------------------|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Issuance Date                       | Maturity Date |  | Interest Rate as of December 31, 2021 |  | December 31, 2021 |                   |  |
| Credit Facility:                |               |  |                                                 |  |                   |                   |  |
| May 11, 2021                        | May 11, 2026  |  | 2.318%                                          |  | $                 | 524,825,052  |  |  |  |
| Total Credit Facility               |               |  |                                                 |  | $                 | 524,825,052  |  |  |  |
| Notes:                          |               |  |                                                 |  |                   |                   |  |
| July 29, 2021 - Series A Notes      | July 29, 2026 |  | 3.500%                                          |  | $                 | 75,000,000   |  |  |  |
| September 15, 2021 - Series B Notes | July 29, 2026 |  | 3.500%                                          |  | 38,000,000   |                   |  |  |
| October 28, 2021 - Series C Notes   | July 29, 2026 |  | 3.500%                                          |  | 37,000,000   |                   |  |  |
| (Less: Deferred financing fees) |               |  |                                                 |  | (406,319)         |                   |  |  |
| Total Notes                         |               |  |                                                 |  | $                 | 149,593,681  |  |  |  |

----

----

----

|                              |  |                                                                  |               |  |  |  |  |  |  |  |  |  |
|------------------------------|--|------------------------------------------------------------------|---------------|--|--|--|--|--|--|--|--|--|
|                         |  | For the period from May 10, 2021 (commencement of operations) to |               |  |  |  |
|                         |  | December 31, 2021                                                |               |  |  |  |
| Additional paid-in capital   |  | $                                                                | (677,624)     |  |  |  |  |  |
| Total distributable earnings |  | $                                                                | 677,624  |  |  |  |  |  |

|                              |  |                              |                  |  |  |  |  |  |  |  |  |  |
|------------------------------|--|------------------------------|------------------|--|--|--|--|--|--|--|--|--|
|                              |  | Year Ended December 31, 2021 |
|                              |  |                              |                  |  |
|                              |  | Amount                       |                  |  |  |  |
| Ordinary Income              |  | $                            | 26,622,340  |  |  |  |  |  |
| Distributions on a tax basis |  | $                            | 26,622,340  |  |  |  |  |  |

|                                                  |  |                                                                  |                  |  |  |  |  |  |  |  |  |  |
|--------------------------------------------------|--|------------------------------------------------------------------|------------------|--|--|--|--|--|--|--|--|--|
|                                             |  | For the period from May 10, 2021 (commencement of operations) to |                  |  |  |  |
|                                             |  | December 31, 2021                                                |                  |  |  |  |
| Undistributed net investment income              |  | $                                                                | 12,497,105  |  |  |  |  |  |
|                                                  |  |                                                                  |                  |  |  |  |
|                                                  |  |                                                                  |                  |  |  |  |
| Other temporary differences                      |  | (26,651)                                                         |                  |  |  |  |  |
| Unrealized appreciation                          |  | 3,171,415                                                   |                  |  |  |  |  |
| Components of distributable earnings at year end |  | $                                                                | 15,641,869  |  |  |  |  |  |

----

----

|                                         |  |                                 |  |                            |  |                  |           |                                                 |               |  |  |                                       |                                  |                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-----------------------------------------|--|---------------------------------|--|----------------------------|--|------------------|-----------|-------------------------------------------------|---------------|--|--|---------------------------------------|----------------------------------|----------------------------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| As of December 31, 2021Description |  | Notional Amount to be Purchased |  | Notional Amount to be Sold |  | Maturity Date    |           | Gross Amount of Recognized Assets (Liabilities) |               |  |  | Balance Sheet Location of Net Amounts |
| Foreign currency forward contract (AUD) |  | A$20,975,487                    |  | $15,076,473                |  | 01/06/22 |           | $                                               | 170,651  |  |  |                                       |                                  | Prepaid expense and other assets |
| Foreign currency forward contract (AUD) |  | $15,105,536                     |  | A$20,975,487               |  | 01/06/22 |           | (141,587)                                       |               |  |  |                                       | Derivative liability             |
| Foreign currency forward contract (AUD) |  | $15,068,223                     |  | A$20,961,379               |  | 04/08/22 |           | (172,452)                                       |               |  |  |                                       | Derivative liability             |
|                                         |  |                                 |  |                            |  |                  |           |                                                 |               |  |  |                                       |
| Foreign currency forward contract (CAD) |  | C$748,687                       |  | $586,457                   |  | 01/06/22 |           | 5,109                                      |               |  |  |                                       | Prepaid expense and other assets |
| Foreign currency forward contract (CAD) |  | $587,455                        |  | C$748,687                  |  | 01/06/22 |           | (4,111)                                         |               |  |  |                                       | Derivative liability             |
| Foreign currency forward contract (CAD) |  | $632,965                        |  | C$808,342                  |  | 04/08/22 |           | (5,538)                                         |               |  |  |                                       | Derivative liability             |
|                                         |  |                                 |  |                            |  |                  |           |                                                 |               |  |  |                                       |
| Foreign currency forward contract (DKK) |  | 2,140,728kr.                    |  | $326,251                   |  | 01/06/22 |           | 1,304                                      |               |  |  |                                       | Prepaid expense and other assets |
| Foreign currency forward contract (DKK) |  | $334,695                        |  | 2,140,728kr.               |  | 01/06/22 |           | 7,140                                      |               |  |  |                                       | Prepaid expense and other assets |
| Foreign currency forward contract (DKK) |  | $322,566                        |  | 2,113,910kr.               |  | 04/08/22 |           | (1,544)                                         |               |  |  |                                       | Derivative liability             |
|                                         |  |                                 |  |                            |  |                  |           |                                                 |               |  |  |                                       |
| Foreign currency forward contract (EUR) |  | €47,857,325               |  | $54,213,400                |  | 01/06/22 |           | 243,219                                    |               |  |  |                                       | Prepaid expense and other assets |
| Foreign currency forward contract (EUR) |  | $55,239,489                     |  | €47,857,325          |  | 01/06/22 |           | 782,871                                    |               |  |  |                                       | Prepaid expense and other assets |
| Foreign currency forward contract (EUR) |  | $111,330,088                    |  | €98,200,754          |  | 04/08/22 |           | (633,962)                                       |               |  |  |                                       | Derivative liability             |
|                                         |  |                                 |  |                            |  |                  |           |                                                 |               |  |  |                                       |
| Foreign currency forward contract (GBP) |  | £8,816,562                 |  | $11,744,291                |  | 01/06/22 |           | 196,391                                    |               |  |  |                                       | Prepaid expense and other assets |
| Foreign currency forward contract (GBP) |  | £2,000,000                 |  | $2,664,139                 |  | 01/07/22 |           | 44,550                                     |               |  |  |                                       | Prepaid expense and other assets |
| Foreign currency forward contract (GBP) |  | $11,828,271                     |  | £8,816,562            |  | 01/06/22 |           | (112,412)                                       |               |  |  |                                       | Derivative liability             |
| Foreign currency forward contract (GBP) |  | $2,716,947                      |  | £2,000,000            |  | 01/07/22 |           | 8,258                                      |               |  |  |                                       | Prepaid expense and other assets |
| Foreign currency forward contract (GBP) |  | $13,906,654                     |  | £10,445,895           |  | 04/08/22 |           | (234,463)                                       |               |  |  |                                       | Derivative liability             |
|                                         |  |                                 |  |                            |  |                  |           |                                                 |               |  |  |                                       |
| Foreign currency forward contract (NZD) |  | NZ$610,086                      |  | $414,744                   |  | 01/06/22 |           | 3,043                                      |               |  |  |                                       | Prepaid expense and other assets |
| Foreign currency forward contract (NZD) |  | $419,055                        |  | NZ$610,086                 |  | 01/06/22 |           | 1,268                                      |               |  |  |                                       | Prepaid expense and other assets |
| Foreign currency forward contract (NZD) |  | $416,471                        |  | NZ$613,901                 |  | 04/08/22 |           | (3,254)                                         |               |  |  |                                       | Derivative liability             |
|                                         |  |                                 |  |                            |  |                  |           |                                                 |               |  |  |                                       |
| Foreign currency forward contract (SEK) |  | 5,421,350kr                     |  | $599,874                   |  | 01/07/22 |           | (39)                                            |               |  |  |                                       | Derivative liability             |
| Foreign currency forward contract (SEK) |  | $616,581                        |  | 5,421,350kr                |  | 01/07/22 |           | 16,746                                     |               |  |  |                                       | Prepaid expense and other assets |
| Foreign currency forward contract (SEK) |  | $607,076                        |  | 5,483,111kr                |  | 04/08/22 |           | (92)                                            |               |  |  |                                       | Derivative liability             |
|                                         |  |                                 |  |                            |  |                  |           |                                                 |               |  |  |                                       |
| Foreign currency forward contract (CHF) |  | Fr.17,956,939                   |  | $19,529,886                |  | 01/06/22 |           | 161,819                                    |               |  |  |                                       | Prepaid expense and other assets |
| Foreign currency forward contract (CHF) |  | Fr.103,044                      |  | $112,799                   |  | 01/07/22 |           | 202                                        |               |  |  |                                       | Prepaid expense and other assets |
| Foreign currency forward contract (CHF) |  | $19,264,138                     |  | Fr.17,956,939              |  | 01/06/22 |           | (427,567)                                       |               |  |  |                                       | Derivative liability             |
| Foreign currency forward contract (CHF) |  | $113,082                        |  | Fr.103,044                 |  | 01/07/22 |           | 81                                         |               |  |  |                                       | Prepaid expense and other assets |
| Foreign currency forward contract (CHF) |  | $19,853,070                     |  | Fr.18,211,896              |  | 04/08/22 |           | (167,912)                                       |               |  |  |                                       | Derivative liability             |
| Total                                   |  |                                 |  |                            |  | $                | (262,281) |                                                 |               |  |  |                                       |

----

|                                                   |                         |                   |               |  |  |  |  |  |
|---------------------------------------------------|-------------------------|-------------------|---------------|--|--|--|--|--|
| Portfolio Company                                 | Investment Type         | December 31, 2021 |
| Acclime Holdings HK Limited(1)                    | Delayed Draw Term Loan  | $                 | 147,567  |  |
| Acclime Holdings HK Limited(1)                    | Delayed Draw Term Loan  | 811,621      |               |
| Air Comm Corporation, LLC(1)(2)                   | Delayed Draw Term Loan  | 10,811       |               |
| Air Comm Corporation, LLC(1)(2)                   | Delayed Draw Term Loan  | 2,759,726    |               |
| Amtech LLC(1)(2)                                  | Delayed Draw Term Loan  | 1,818,182    |               |
| Amtech LLC(1)(2)                                  | Revolver                | 454,545      |               |
| AnalytiChem Holding GmbH(1)(2)(3)                 | Delayed Draw Term Loan  | 4,000,612    |               |
| Aquavista Watersides 2 LTD(1)(4)                  | Bridge Revolver         | 233,431      |               |
| Aquavista Watersides 2 LTD(1)(4)                  | Acquisition Facility    | 1,458,949    |               |
| Astra Bidco Limited(1)(4)                         | Delayed Draw Term Loan  | 1,192,217    |               |
| Avance Clinical Bidco Pty Ltd(1)(5)               | Delayed Draw Term Loan  | 1,621,527    |               |
| AWP Group Holdings, Inc.(1)(2)                    | Delayed Draw Term Loan  | 233,462      |               |
| Azalea Buyer, Inc.(1)(2)                          | Delayed Draw Term Loan  | 961,538      |               |
| Azalea Buyer, Inc.(1)(2)                          | Revolver                | 480,769      |               |
| Bariacum S.A(1)(3)                                | Acquisition Facility    | 1,023,480    |               |
| Bearcat Buyer, Inc.(1)                            | Delayed Draw Term Loan  | 96,161       |               |
| Beyond Risk Management, Inc.(1)(2)                | Delayed Draw Term Loan  | 2,573,333    |               |
| BigHand UK Bidco Limited(1)(2)(4)                 | Acquisition Facility    | 147,195      |               |
| Bounteous, Inc.(1)(2)                             | Delayed Draw Term Loan  | 2,697,117    |               |
| Brightpay Limited(1)(2)(3)                        | Delayed Draw Term Loan  | 602,366      |               |
| Brightpay Limited(1)(2)(3)                        | Delayed Draw Term Loan  | 200,789      |               |
| BrightSign LLC(1)                                 | Revolver                | 1,108,629    |               |
| British Engineering Services Holdco Limited(1)(4) | Bridge Revolver         | 46,133       |               |
| British Engineering Services Holdco Limited(1)(4) | Acquisition Facility    | 1,729,284    |               |
| CAi Software, LLC(1)(2)                           | Revolver                | 942,986      |               |
| Canadian Orthodontic Partners Corp.(1)(2)(6)      | Delayed Draw Term Loan  | 439,889      |               |
| Centralis Finco S.a.r.l.(1)(2)(3)                 | Acquisition Facility    | 72,968       |               |
| Ceres Pharma NV(1)(2)(3)                          | Delayed Draw Term Loan  | 1,543,733    |               |
| Classic Collision (Summit Buyer, LLC)(1)          | Delayed Draw Term Loan  | 788,108      |               |
| Coastal Marina Holdings, LLC(1)                   | PIK Tranche B Term Loan | 655,610      |               |
| Coastal Marina Holdings, LLC(1)                   | Tranche A Term Loan     | 1,787,946    |               |
| Command Alkon (Project Potter Buyer, LLC)(1)      | Delayed Draw Term Loan  | 13,153,137   |               |
| Coyo Uprising GmbH(1)(2)(3)                       | Delayed Draw Term Loan  | 1,076,265    |               |
| Crash Champions, LLC(1)(2)                        | Delayed Draw Term Loan  | 4,517,737    |               |
| Dart Buyer, Inc(1)(2)                             | Delayed Draw Term Loan  | 441,020      |               |
| DecksDirect, LLC(1)(2)                            | Revolver                | 218,182      |               |

----

|                                                            |                               |                   |  |  |  |  |  |  |
|------------------------------------------------------------|-------------------------------|-------------------|--|--|--|--|--|--|
| Portfolio Company                                          | Investment Type               | December 31, 2021 |
| Direct Travel, Inc.(1)(2)                                  | Delayed Draw Term Loan        | 225,054      |  |
| DreamStart BidCo SAS (d/b/a SmartTrade)(1)(2)(3)   | Acquisition Facility          | 179,135      |  |
| Dune Group(1)(2)(3)                                        | Delayed Draw Term Loan        | 1,613,997    |  |
| Dwyer Instruments, Inc.(1)                                 | Delayed Draw Term Loan        | 986,842      |  |
| Eclipse Business Capital, LLC(1)                           | Revolver                      | 8,342,246    |  |
| EMI Porta Holdco LLC(1)(2)                                 | Delayed Draw Term Loan        | 10,677,966   |  |
| EMI Porta Holdco LLC(1)(2)                                 | Revolver                      | 2,542,373    |  |
| EPS NASS Parent, Inc.(1)                                   | Delayed Draw Term Loan        | 208,715      |  |
| eShipping, LLC(1)(2)                                       | Delayed Draw Term Loan        | 1,274,066    |  |
| eShipping, LLC(1)(2)                                       | Revolver                      | 615,798      |  |
| F24 (Stairway BidCo GmbH)(1)(2)(3)                         | Acquisition Term Loan         | 94,602       |  |
| FineLine Systems(1)                                        | Delayed Draw Term Loan        | 478,015      |  |
| FragilePak LLC(1)                                          | Delayed Draw Term Loan        | 4,648,506    |  |
| Glacis Acquisition S.A.R.L.(1)(3)                          | Delayed Draw Term Loan        | 10,750,905   |  |
| Graphpad Software, LLC(1)                                  | Delayed Draw Term Loan        | 2,602,317    |  |
| Heartland Veterinary Partners, LLC(1)(2)                   | Delayed Draw Term Loan        | 363,977      |  |
| Heartland, LLC(1)(2)                                       | Delayed Draw Term Loan        | 892,201      |  |
| Heavy Construction Systems Specialists, LLC(1)(2)          | Revolver                      | 2,192,982    |  |
| Heilbron (f/k/a Sucsez (Bolt Bidco B.V.))(1)(2)(3) | Committed Additional Facility | 1,206,159    |  |
| HW Holdco, LLC (Hanley Wood LLC)(1)(2)                     | Delayed Draw Term Loan        | 1,839,703    |  |
| IGL Holdings III Corp.(1)                                  | Delayed Draw Term Loan        | 336,515      |  |
| Innovad Group II BV(1)(2)(3)                               | Delayed Draw Term Loan        | 288,890      |  |
| INOS 19-090 GmbH(1)(2)(3)                                  | Acquisition Facility          | 154,642      |  |
| Isolstar Holding NV (IPCOM)(1)(2)(3)                       | Acquisition Facility          | 333,081      |  |
| ITI Intermodal, Inc.(1)(2)                                 | Delayed Draw Term Loan        | 103,058      |  |
| ITI Intermodal, Inc.(1)(2)                                 | Revolver                      | 124,006      |  |
| Jaguar Merger Sub Inc.(1)(2)                               | Delayed Draw Term Loan        | 1,960,784    |  |
| Jaguar Merger Sub Inc.(1)(2)                               | Revolver                      | 490,196      |  |
| Jeeves Information Systems AB(1)(2)(3)                     | Delayed Draw Term Loan        | 8,936,319    |  |
| Kano Laboratories LLC(1)(2)                                | Delayed Draw Term Loan        | 723,934      |  |
| Kano Laboratories LLC(1)(2)                                | Delayed Draw Term Loan        | 860,075      |  |
| LAF International(1)(2)(3)                                 | Acquisition Facility          | 113,720      |  |
| Lambir Bidco Limited(1)(3)                                 | Bridge Revolver               | 436,128      |  |
| Lambir Bidco Limited(1)(3)                                 | Delayed Draw Term Loan        | 872,255      |  |
| LivTech Purchaser, Inc.(1)                                 | Delayed Draw Term Loan        | 145,129      |  |
| Marmoutier Holding B.V.(1)(3)                              | Delayed Draw Term Loan        | 405,082      |  |
| Marmoutier Holding B.V.(1)(3)                              | Revolver                      | 162,033      |  |
| MC Group Ventures Corporation(1)                           | Delayed Draw Term Loan        | 1,290,794    |  |
| Mertus 522. GmbH(1)(2)(3)                                  | Acquisition Facility          | 6,564,383    |  |
| Modern Star Holdings Bidco Pty Limited(1)(2)(5)            | Capex term Loan               | 63,328       |  |
| Murphy Midco Limited(1)(2)(4)                              | Delayed Draw Term Loan        | 159,617      |  |
| Narda Acquisitionco., Inc.(1)(2)                           | Revolver                      | 1,059,465    |  |
| Navia Benefit Solutions, Inc.(1)                           | Delayed Draw Term Loan        | 2,140,689    |  |

----

|                                                              |                            |                   |  |  |  |  |  |  |
|--------------------------------------------------------------|----------------------------|-------------------|--|--|--|--|--|--|
| Portfolio Company                                            | Investment Type            | December 31, 2021 |
| Nexus Underwriting Management Limited(1)(2)(4)               | Revolver                   | 82,154       |  |
| Nexus Underwriting Management Limited(1)(2)(4)               | Acquisition Facility       | 1,532,993    |  |
| OA Buyer, Inc.(1)(2)                                         | Revolver                   | 1,331,244    |  |
| OG III B.V.(1)(2)(3)                                         | Acquisition Capex Facility | 1,355,015    |  |
| Omni Intermediate Holdings, LLC(1)                           | Delayed Draw Term Loan     | 929,072      |  |
| Omni Intermediate Holdings, LLC(1)                           | Delayed Draw Term Loan     | 4,955,051    |  |
| Options Technology Ltd.(1)(2)                                | Delayed Draw Term Loan     | 1,406,341    |  |
| OSP Hamilton Purchaser, LLC(1)(2)                            | Revolver                   | 186,567      |  |
| Pacific Health Supplies Bidco Pty Limited(1)(2)(5)           | CapEx Term Loan            | 78,226       |  |
| PDQ.Com Corporation(1)(2)                                    | Delayed Draw Term Loan     | 868,167      |  |
| PDQ.Com Corporation(1)(2)                                    | Delayed Draw Term Loan     | 4,320,165    |  |
| Polara Enterprises, L.L.C.(1)(2)                             | Revolver                   | 545,234      |  |
| Policy Services Company, LLC(1)(2)                           | Delayed Draw Term Loan     | 6,578,947    |  |
| Premium Invest(1)(2)(3)                                      | Acquisition Facility       | 568,600      |  |
| Protego Bidco B.V.(1)(2)(3)                                  | Delayed Draw Term Loan     | 271,718      |  |
| QPE7 SPV1 BidCo Pty Ltd(1)(5)                                | Acquisition Term Loan      | 714,434      |  |
| Questel Unite(1)(3)                                          | Incremental Term Loan      | 2,877,878    |  |
| REP SEKO MERGER SUB LLC(1)(2)                                | Delayed Draw Term Loan     | 1,043,086    |  |
| Reward Gateway (UK) Ltd(1)(2)(4)                             | Acquisition Facility       | 1,354,434    |  |
| Riedel Beheer B.V.(1)(3)                                     | Revolver                   | 229,711      |  |
| Riedel Beheer B.V.(1)(3)                                     | Delayed Draw Term Loan     | 153,141      |  |
| ROI Solutions LLC(1)                                         | Delayed Draw Term Loan     | 710,678      |  |
| Safety Products Holdings, LLC(1)(2)                          | Delayed Draw Term Loan     | 2,889,173    |  |
| Sanoptis S.A.R.L.(1)(3)                                      | Acquisition Facility       | 5,316,252    |  |
| Scaled Agile, Inc.(1)(2)                                     | Delayed Draw Term Loan     | 416,188      |  |
| Scaled Agile, Inc.(1)(2)                                     | Revolver                   | 335,821      |  |
| Smartling, Inc.(1)(2)                                        | Delayed Draw Term Loan     | 2,075,547    |  |
| Smartling, Inc.(1)(2)                                        | Revolver                   | 1,037,774    |  |
| Springbrook Software (SBRK Intermediate, Inc.)(1)            | Delayed Draw Term Loan     | 558,277      |  |
| SSCP Pegasus Midco Limited(1)(2)(4)                          | Delayed Draw Term Loan     | 507,475      |  |
| Superjet Buyer, LLC(1)                                       | Revolver                   | 1,825,293    |  |
| Syntax Systems Ltd(1)(2)                                     | Revolver                   | 520,857      |  |
| Syntax Systems Ltd(1)(2)                                     | Delayed Draw Term Loan     | 1,769,629    |  |
| Techone B.V.(1)(3)                                           | Delayed Draw Term Loan     | 751,522      |  |
| Techone B.V.(1)(3)                                           | Revolver                   | 200,406      |  |
| Tencarva Machinery Company, LLC(1)(2)                        | Delayed Draw Term Loan     | 885,903      |  |
| Tencarva Machinery Company, LLC(1)(2)                        | Revolver                   | 1,128,585    |  |
| The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)(1)(2) | Delayed Draw Term Loan     | 4,194,607    |  |
| The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)(1)(2) | Revolver                   | 1,233,410    |  |
| The Hilb Group, LLC(1)                                       | Delayed Draw Term Loan     | 5,953,604    |  |
| Truck-Lite Co., LLC(1)(2)                                    | Delayed Draw Term Loan     | 4,487,678    |  |
| Turbo Buyer, Inc.(1)(2)                                      | Delayed Draw Term Loan     | 2,314,336    |  |
| W2O Holdings, Inc.(1)                                        | Delayed Draw Term Loan     | 712,350      |  |
| Waccamaw River(2)                                            | Joint Venture              | 11,280,000   |  |

----

|                                              |                 |                   |                   |  |  |  |  |  |
|----------------------------------------------|-----------------|-------------------|-------------------|--|--|--|--|--|
| Portfolio Company                            | Investment Type | December 31, 2021 |
| Woodland Foods, LLC(1)(2)                    | Revolver        | 1,498,867    |                   |
| Total unused commitments to extend financing |                 | $                 | 215,493,117  |  |

----

|                                                                                                           |  |                                                                  |                   |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-----------------------------------------------------------------------------------------------------------|--|------------------------------------------------------------------|-------------------|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                                                                                      |  | For the period from May 10, 2021 (commencement of operations) to |
|                                                                                                      |  | December 31, 2021                                                |                   |  |  |  |  |  |  |  |
| Per share data:                                                                                       |  |                                                                  |                   |  |  |  |  |  |  |  |
| Net asset value at beginning of period                                                                    |  | $                                                                | —      |  |  |  |  |  |  |  |  |  |
| Net investment income(1)                                                                                  |  | 1.20                                                        |                   |  |  |  |  |  |  |  |  |
| Net realized gain on investments / foreign currency transactions(1)                                   |  | 0.15                                                        |                   |  |  |  |  |  |  |  |  |
| Net unrealized appreciation on investments / foreign currency transactions(1)                         |  | 0.10                                                        |                   |  |  |  |  |  |  |  |  |
| Total increase from investment operations(1)                                                              |  | 1.45                                                        |                   |  |  |  |  |  |  |  |  |
| Dividends declared from net investment income                                                             |  | (0.81)                                                           |                   |  |  |  |  |  |  |  |  |
|                                                                                                           |  |                                                                  |                   |  |  |  |  |  |  |  |
|                                                                                                           |  |                                                                  |                   |  |  |  |  |  |  |  |
| Total dividends declared                                                                                  |  | (0.81)                                                           |                   |  |  |  |  |  |  |  |  |
|                                                                                                           |  |                                                                  |                   |  |  |  |  |  |  |  |
| Issuance of common stock                                                                                  |  | 20.00                                                       |                   |  |  |  |  |  |  |  |  |
|                                                                                                           |  |                                                                  |                   |  |  |  |  |  |  |  |
|                                                                                                           |  |                                                                  |                   |  |  |  |  |  |  |  |
|                                                                                                           |  |                                                                  |                   |  |  |  |  |  |  |  |
|                                                                                                           |  |                                                                  |                   |  |  |  |  |  |  |  |
|                                                                                                           |  |                                                                  |                   |  |  |  |  |  |  |  |
|                                                                                                           |  |                                                                  |                   |  |  |  |  |  |  |  |
| Other(2)                                                                                                  |  | (0.06)                                                           |                   |  |  |  |  |  |  |  |  |
| Net asset value at end of period                                                                          |  | $                                                                | 20.58        |  |  |  |  |  |  |  |  |  |
|                                                                                                           |  |                                                                  |                   |  |  |  |  |  |  |  |
| Shares outstanding at end of period                                                                       |  | 40,551,193                                                  |                   |  |  |  |  |  |  |  |  |
| Net assets at end of period                                                                               |  | $                                                                | 834,405,245  |  |  |  |  |  |  |  |  |  |
| Average net assets                                                                                        |  | $                                                                | 580,567,953  |  |  |  |  |  |  |  |  |  |
| Ratio of total expenses, prior to waiver of base management fee, to average net assets (annualized)(3)(4) |  | 3.65                                                        | %                 |  |  |  |  |  |  |  |  |
| Ratio of total expenses, net of base management fee waived, to average net assets (annualized)(3)(4)      |  | 3.25                                                        | %                 |  |  |  |  |  |  |  |  |
| Ratio of net investment income to average net assets (annualized)(2)(3)(4)                                |  | 9.26                                                        | %                 |  |  |  |  |  |  |  |  |
| Portfolio turnover ratio (annualized)                                                                     |  | 20.69                                                       | %                 |  |  |  |  |  |  |  |  |
| Total return(5)                                                                                           |  | 7.03                                                        | %                 |  |  |  |  |  |  |  |  |
|                                                                                                           |  |                                                                  |                   |  |  |  |  |  |  |  |
|                                                                                                           |  |                                                                  |                   |  |  |  |  |  |  |  |

----

|                                                      |  |  |  |  |  |                                                                               |                 |                    |                  |                   |                  |                  |  |   |                  |  |  |  |  |  |  |  |  |  |
|------------------------------------------------------|--|--|--|--|--|-------------------------------------------------------------------------------|-----------------|--------------------|------------------|-------------------|------------------|------------------|--|---|------------------|--|--|--|--|--|--|--|--|--|
|                                                 |  |  |  |  |  | Quarter Ended                                                                 |
|                                                 |  |  |  |  |  | For the period from May 10, 2021 (commencement of operations) toJune 30, 2021 |                 | September 30, 2021 |                  | December 31, 2021 |
| Total investment income                              |  |  |  |  |  | $                                                                             | 6,812,681  |                    |                  | $                 | 16,967,276  |                  |  | $ | 22,997,403  |  |
| Net investment income                                |  |  |  |  |  | 4,706,440                                                                |                 |                    | 13,631,142  |                   |                  | 16,042,797  |  |
| Net increase in net assets resulting from operations |  |  |  |  |  | 7,801,716                                                                |                 |                    | 13,545,109  |                   |                  | 20,297,734  |  |
| Net investment income per share                      |  |  |  |  |  | $                                                                             | 0.21       |                    |                  | $                 | 0.53        |                  |  | $ | 0.46        |  |
|                                                      |  |  |  |  |  |                                                                               |
|                                                      |  |  |  |  |  |                                                                               |                 |                    |                  |                   |
|                                                      |  |  |  |  |  |                                                                               |                 |                    |                  |                   |
|                                                      |  |  |  |  |  |                                                                               |                 |                    |                  |                   |
|                                                      |  |  |  |  |  |                                                                               |                 |                    |                  |                   |
|                                                      |  |  |  |  |  |                                                                               |                 |                    |                  |                   |