# EDGAR Filing Document

**Accession Number:** 0001794041
**File Stem:** 0000894189-26-016678
**Filing Date:** 2026-5
**Character Count:** 145023
**Document Hash:** 91edf98c0707935a5951dd3ea1ff2141
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-016678.hdr.sgml**: 20260529

**ACCESSION NUMBER**: 0000894189-26-016678

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260529

**DATE AS OF CHANGE**: 20260529

**PERIOD START**: 20261231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Franklin BSP Private Credit Fund
- **CENTRAL INDEX KEY:** 0001794041

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23492
- **FILM NUMBER:** 261044788

**BUSINESS ADDRESS:**
- **STREET 1:** ONE MADISON AVENUE
- **STREET 2:** SUITE 1600
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10010
- **BUSINESS PHONE:** 212-588-6770

**MAIL ADDRESS:**
- **STREET 1:** ONE MADISON AVENUE
- **STREET 2:** SUITE 1600
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10010

## Nport-Ex

**FRANKLIN BSP PRIVATE CREDIT FUND**

**Consolidated Schedule of Investments** 

**March 31, 2026**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Portfolio Company (a)** | **Industry** | **Investment Coupon**<br> **Rate/Maturity (b)**  | **Principal/**<br> **Numbers of**<br> **Shares** | **Fair Value** |
| **Senior Secured First Lien Debt - 104.4%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Bank Loans - 103.0%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188 West St. James Owner, LLC (d)(e)(f) | &nbsp;&nbsp;Real Estate Development | &nbsp;&nbsp;S+6.50% (10.35%), 11/9/2026 | $4164453 | $4154453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188 West St. James Owner, LLC (e)(f) | &nbsp;&nbsp;Real Estate Development | &nbsp;&nbsp;14.00%, 11/9/2026 |  | (12377) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 Pressler Street Owner, LLC (d)(e)(f) | &nbsp;&nbsp;Real Estate Development | &nbsp;&nbsp;S+6.00% (10.00%), 4/9/2028 | 1190904 | 1152904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628 Summit Ave, LLC (d)(e)(f) | &nbsp;&nbsp;Real Estate Development | &nbsp;&nbsp;S+5.05% (10.05%), 10/9/2027 | 2860456 | 2857155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 East Avenue Owner, LLC (d)(e)(f) | &nbsp;&nbsp;Real Estate Development | &nbsp;&nbsp;S+5.76% (9.42%), 1/9/2027 | 2735848 | 2735848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 East Avenue Owner, LLC (d)(e)(f) | &nbsp;&nbsp;Real Estate Development | &nbsp;&nbsp;S+10.46% (14.12%), 1/9/2027 | 396500 | 396500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accel International Holdings, LLC (d)(e) | &nbsp;&nbsp;Electrical Components & Equipment | &nbsp;&nbsp;S+4.50% (8.17%), 4/26/2032 | 1462000 | 1462000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accel International Holdings, LLC (d)(e)(f) | &nbsp;&nbsp;Electrical Components & Equipment | &nbsp;&nbsp;S+4.50%, 4/26/2032 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adelaide Borrower, LLC (d)(e) | &nbsp;&nbsp;Application Software | &nbsp;&nbsp;S+6.25% (9.95%), 5/8/2030 | 1874935 | 1874935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adelaide Borrower, LLC (d)(e)(f) | &nbsp;&nbsp;Application Software | &nbsp;&nbsp;S+6.25%, 5/8/2030 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adelaide Borrower, LLC (d)(e)(f) | &nbsp;&nbsp;Application Software | &nbsp;&nbsp;S+6.25% (9.93%), 5/8/2030 | 30960 | 30960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allied Benefit Systems Intermediate, LLC (d)(e) | &nbsp;&nbsp;Managed Health Care | &nbsp;&nbsp;S+5.00% (8.70%), 10/31/2030 | 3882082 | 3882082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amylu Borrower Sub, LLC (d)(e) | &nbsp;&nbsp;Packaged Foods & Meats | &nbsp;&nbsp;S+5.00% (8.67%), 6/10/2031 | 2118355 | 2118355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amylu Borrower Sub, LLC (d)(e)(f) | &nbsp;&nbsp;Packaged Foods & Meats | &nbsp;&nbsp;S+5.00% (8.67%), 6/10/2031 | 61288 | 61288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amylu Borrower Sub, LLC (d)(e)(f) | &nbsp;&nbsp;Packaged Foods & Meats | &nbsp;&nbsp;S+5.00%, 6/10/2031 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arctic Holdco, LLC (d)(e) | &nbsp;&nbsp;Trading Companies & Distributors | &nbsp;&nbsp;S+5.25% (8.95%), 1/31/2032 | 2344325 | 2344324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arctic Holdco, LLC (d)(e)(f) | &nbsp;&nbsp;Trading Companies & Distributors | &nbsp;&nbsp;S+5.25% (8.92%), 1/31/2032 | 165726 | 165726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arctic Holdco, LLC (d)(e)(f) | &nbsp;&nbsp;Trading Companies & Distributors | &nbsp;&nbsp;S+5.25% (8.95%), 1/31/2031 | 59400 | 59400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Armada Parent, Inc. (d)(e) | &nbsp;&nbsp;Aerospace & Defense | &nbsp;&nbsp;S+5.25% (8.92%), 10/29/2030 | 2980890 | 2980890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Armada Parent, Inc. (d)(e) | &nbsp;&nbsp;Aerospace & Defense | &nbsp;&nbsp;S+5.25% (8.92%), 10/29/2030 | 205965 | 205965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Armada Parent, Inc. (d)(e)(f) | &nbsp;&nbsp;Aerospace & Defense | &nbsp;&nbsp;S+5.25%, 10/29/2030 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Artifact Bidco, Inc. (d)(e) | &nbsp;&nbsp;Application Software | &nbsp;&nbsp;S+4.15% (7.85%), 7/28/2031 | 792000 | 792000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Artifact Bidco, Inc. (d)(e)(f) | &nbsp;&nbsp;Application Software | &nbsp;&nbsp;S+4.15%, 7/28/2031 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Artifact Bidco, Inc. (d)(e)(f) | &nbsp;&nbsp;Application Software | &nbsp;&nbsp;S+4.15%, 7/26/2030 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AuditBoard, Inc. (d)(e) | &nbsp;&nbsp;Application Software | &nbsp;&nbsp;S+4.50% (8.20%), 7/14/2031 | 1185000 | 1167225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AuditBoard, Inc. (d)(e) | &nbsp;&nbsp;Application Software | &nbsp;&nbsp;S+4.50% (8.20%), 7/14/2031 | 564000 | 555540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AuditBoard, Inc. (d)(e)(f) | &nbsp;&nbsp;Application Software | &nbsp;&nbsp;S+4.50%, 7/14/2031 |  | (3390) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axiom Global, Inc. (d)(e) | &nbsp;&nbsp;Research & Consulting Services | &nbsp;&nbsp;S+4.50% (8.27%), 10/2/2028 | 1375500 | 1375500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Azurite Intermediate Holdings, Inc. (d)(e) | &nbsp;&nbsp;Systems Software | &nbsp;&nbsp;S+6.00% (9.67%), 3/19/2031 | 1171875 | 1142578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Azurite Intermediate Holdings, Inc. (d)(e) | &nbsp;&nbsp;Systems Software | &nbsp;&nbsp;S+6.00% (9.67%), 3/19/2031 | 515625 | 502734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Azurite Intermediate Holdings, Inc. (d)(e)(f) | &nbsp;&nbsp;Systems Software | &nbsp;&nbsp;S+6.00%, 3/19/2031 |  | (4687) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Big Apple Advisory, LLC (d)(e) | &nbsp;&nbsp;Diversified Financial Services | &nbsp;&nbsp;S+4.50% (8.17%), 11/18/2031 | 2407680 | 2407679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Big Apple Advisory, LLC (d)(e)(f) | &nbsp;&nbsp;Diversified Financial Services | &nbsp;&nbsp;S+4.50% (8.17%), 11/18/2031 | 312509 | 312509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Big Apple Advisory, LLC (d)(e)(f) | &nbsp;&nbsp;Diversified Financial Services | &nbsp;&nbsp;S+4.50%, 11/18/2031 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bingo Group Buyer, Inc. (d)(e) | &nbsp;&nbsp;Environmental & Facilities Services | &nbsp;&nbsp;S+4.75% (8.45%), 7/10/2031 | 776180 | 776180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bingo Group Buyer, Inc. (d)(e) | &nbsp;&nbsp;Environmental & Facilities Services | &nbsp;&nbsp;S+4.75% (8.45%), 7/10/2031 | 242803 | 242803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bingo Group Buyer, Inc. (d)(e) | &nbsp;&nbsp;Environmental & Facilities Services | &nbsp;&nbsp;S+4.75% (8.45%), 7/10/2031 | 222880 | 222880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bingo Group Buyer, Inc. (d)(e)(f) | &nbsp;&nbsp;Environmental & Facilities Services | &nbsp;&nbsp;S+4.75% (8.45%), 7/10/2031 | 2858 | 2858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bingo Group Buyer, Inc. (d)(e)(f) | &nbsp;&nbsp;Environmental & Facilities Services | &nbsp;&nbsp;S+4.75%, 7/10/2031 | (75429) | (75429) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carr, Riggs & Ingram Capital, LLC (d)(e) | &nbsp;&nbsp;Diversified Financial Services | &nbsp;&nbsp;S+4.25% (7.95%), 11/18/2031 | 640530 | 640530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carr, Riggs & Ingram Capital, LLC (d)(e)(f) | &nbsp;&nbsp;Diversified Financial Services | &nbsp;&nbsp;S+4.25% (7.95%), 11/18/2031 | 106129 | 106129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carr, Riggs & Ingram Capital, LLC (d)(e)(f) | &nbsp;&nbsp;Diversified Financial Services | &nbsp;&nbsp;S+4.25% (7.97%), 11/18/2031 | 99375 | 99375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CCI Buyer, Inc. (d)(e) | &nbsp;&nbsp;Wireless Telecommunication Services | &nbsp;&nbsp;S+5.00% (8.70%), 5/13/2032 | 2800925 | 2800925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CCI Buyer, Inc. (d)(e)(f) | &nbsp;&nbsp;Wireless Telecommunication Services | &nbsp;&nbsp;S+5.00%, 5/13/2032 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cliffwater, LLC (d)(e) | &nbsp;&nbsp;Asset Management & Custody Banks | &nbsp;&nbsp;S+4.75% (8.42%), 4/22/2032 | 1610730 | 1610730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cliffwater, LLC (d)(e)(f) | &nbsp;&nbsp;Asset Management & Custody Banks | &nbsp;&nbsp;S+4.75%, 4/22/2032 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coalesce Merlin Purchaser, LLC (d)(e) | &nbsp;&nbsp;Environmental & Facilities Services | &nbsp;&nbsp;S+5.00% (8.67%), 9/10/2031 | 888750 | 882884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coalesce Merlin Purchaser, LLC (d)(e)(f) | &nbsp;&nbsp;Environmental & Facilities Services | &nbsp;&nbsp;S+5.00% (8.67%), 9/10/2031 | 179800 | 176501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coalesce Merlin Purchaser, LLC (d)(e)(f) | &nbsp;&nbsp;Environmental & Facilities Services | &nbsp;&nbsp;S+5.00%, 9/10/2031 |  | (1650) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cold Spring Brewing, Co. (d)(e) | &nbsp;&nbsp;Soft Drinks & Non-alcoholic Beverages | &nbsp;&nbsp;S+4.75% (8.43%), 12/10/2030 | 1051844 | 1051844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corfin Industries, LLC (d)(e) | &nbsp;&nbsp;Aerospace & Defense | &nbsp;&nbsp;S+5.25% (9.02%), 12/27/2027 | 1113750 | 1113750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Demakes Borrower, LLC (d)(e) | &nbsp;&nbsp;Food Distributors | &nbsp;&nbsp;S+6.00% (9.70%), 12/12/2029 | 982388 | 982388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Einstein Parent, Inc. (d)(e) | &nbsp;&nbsp;Application Software | &nbsp;&nbsp;S+5.25% (8.92%), 1/22/2031 | 1142000 | 1107740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Einstein Parent, Inc. (d)(e)(f) | &nbsp;&nbsp;Application Software | &nbsp;&nbsp;S+5.25%, 1/22/2031 |  | (3540) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electric Power Engineers, LLC (d)(e) | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;S+4.50% (8.25%), 12/31/2031 | 1428000 | 1428000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electric Power Engineers, LLC (d)(e)(f) | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;S+4.50% (8.25%), 12/31/2031 | 326400 | 326400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electric Power Engineers, LLC (d)(e)(f) | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;S+4.50% (8.20%), 12/31/2031 | 108800 | 108800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electro-Methods, LP (d)(e) | &nbsp;&nbsp;Aerospace & Defense | &nbsp;&nbsp;S+4.75% (8.41%), 2/23/2032 | 1756725 | 1756725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electro-Methods, LP (d)(e)(f) | &nbsp;&nbsp;Aerospace & Defense | &nbsp;&nbsp;S+4.75%, 2/23/2032 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flow Traders Holding, LLC (d)(e) | &nbsp;&nbsp;Investment Banking & Brokerage | &nbsp;&nbsp;S+5.00% (8.70%), 10/29/2031 | 2668590 | 2631230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flow Traders Holding, LLC (d)(e)(f) | &nbsp;&nbsp;Investment Banking & Brokerage | &nbsp;&nbsp;S+5.00%, 10/29/2031 |  | (14070) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FloWorks International, LLC (d)(e) | &nbsp;&nbsp;Trading Companies & Distributors | &nbsp;&nbsp;S+4.75% (8.42%), 11/26/2031 | 2009700 | 2009700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FloWorks International, LLC (d)(e) | &nbsp;&nbsp;Trading Companies & Distributors | &nbsp;&nbsp;S+4.75% (8.42%), 11/26/2031 | 254000 | 254000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNZ Group Entities, Ltd. (d) | &nbsp;&nbsp;Diversified Financial Services | &nbsp;&nbsp;S+5.00% (8.66%), 11/5/2031 | 1485000 | 1168977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hallandale Oasis 2019, LLC (d)(e)(f) | &nbsp;&nbsp;Real Estate Development | &nbsp;&nbsp;S+8.30% (12.05%), 8/9/2026 | 3102960 | 3090936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Highway 16A Apartments, LLC (d)(e)(f) | &nbsp;&nbsp;Real Estate Development | &nbsp;&nbsp;S+4.00% (7.66%), 2/9/2028 | 2017563 | 2005932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hometown Food, Co. (d)(e) | &nbsp;&nbsp;Packaged Foods & Meats | &nbsp;&nbsp;S+4.50% (8.17%), 12/3/2030 | 1061118 | 1061118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICAT Intermediate Holdings, LLC (d)(e)(f) | &nbsp;&nbsp;Air Freight & Logistics | &nbsp;&nbsp;S+6.25% (9.92%), 3/1/2029 | 231538 | 225360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICAT Intermediate Holdings, LLC (d)(e) | &nbsp;&nbsp;Air Freight & Logistics | &nbsp;&nbsp;S+6.25% (9.92%), 3/1/2029 | 961170 | 948867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICAT Intermediate Holdings, LLC (d)(e)(f) | &nbsp;&nbsp;Air Freight & Logistics | &nbsp;&nbsp;S+6.25%, 3/1/2029 |  | (934) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ideal Tridon Holdings, Inc. (d)(e) | &nbsp;&nbsp;Industrial Machinery & Supplies & Components | &nbsp;&nbsp;S+5.00% (8.70%), 6/30/2032 | 2270590 | 2250382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ideal Tridon Holdings, Inc. (d)(e)(f) | &nbsp;&nbsp;Industrial Machinery & Supplies & Components | &nbsp;&nbsp;S+5.00%, 6/30/2032 |  | (3729) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ideal Tridon Holdings, Inc. (d)(e)(f) | &nbsp;&nbsp;Industrial Machinery & Supplies & Components | &nbsp;&nbsp;S+5.00% (8.67%), 6/30/2032 | 46533 | 43427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;InhabitIQ, Inc. (d)(e) | &nbsp;&nbsp;Application Software | &nbsp;&nbsp;S+4.50% (8.17%), 1/12/2032 | 1327965 | 1308046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;InhabitIQ, Inc. (d)(e)(f) | &nbsp;&nbsp;Application Software | &nbsp;&nbsp;S+4.50%, 1/12/2032 |  | (5580) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;InhabitIQ, Inc. (d)(e)(f) | &nbsp;&nbsp;Application Software | &nbsp;&nbsp;S+4.50%, 1/12/2032 |  | (3480) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integrated Global Services, Inc. (d)(e) | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;S+5.00% (8.67%), 3/6/2032 | 1663200 | 1642077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integrated Global Services, Inc. (d)(e)(f) | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;S+5.00%, 3/6/2032 |  | (3556) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integrated Global Services, Inc. (d)(e)(f) | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;P+4.00% (10.75%), 3/6/2031 | 213500 | 209500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IW Buyer, LLC (d)(e) | &nbsp;&nbsp;Electrical Components & Equipment | &nbsp;&nbsp;S+5.00% (8.77%), 6/28/2029 | 150987 | 150987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IW Buyer, LLC (d)(e) | &nbsp;&nbsp;Electrical Components & Equipment | &nbsp;&nbsp;S+5.00% (8.77%), 6/28/2029 | 1019057 | 1019057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IW Buyer, LLC (d)(e) | &nbsp;&nbsp;Electrical Components & Equipment | &nbsp;&nbsp;S+5.00% (8.77%), 6/28/2029 | 878827 | 878827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IW Buyer, LLC (d)(e)(f) | &nbsp;&nbsp;Electrical Components & Equipment | &nbsp;&nbsp;S+5.00%, 6/28/2029 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Knowledge Pro Buyer, Inc. (d)(e) | &nbsp;&nbsp;Data Processing & Outsourced Services | &nbsp;&nbsp;S+4.50% (8.35%), 12/10/2029 | 44356 | 44356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Knowledge Pro Buyer, Inc. (d)(e)(f) | &nbsp;&nbsp;Data Processing & Outsourced Services | &nbsp;&nbsp;S+4.50% (8.32%), 12/10/2029 | 702995 | 702995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Knowledge Pro Buyer, Inc. (d)(e)(f) | &nbsp;&nbsp;Data Processing & Outsourced Services | &nbsp;&nbsp;S+4.50% (8.35%), 12/10/2029 | 97714 | 97714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Last Dance Intermediate II, LLC (d)(e) | &nbsp;&nbsp;Integrated Telecommunication Services | &nbsp;&nbsp;S+5.00% (8.67%), 3/31/2031 | 1213000 | 1213000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Last Dance Intermediate II, LLC (d)(e) | &nbsp;&nbsp;Integrated Telecommunication Services | &nbsp;&nbsp;S+5.00% (8.67%), 3/31/2031 | 1197000 | 1197000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Last Dance Intermediate II, LLC (d)(e)(f) | &nbsp;&nbsp;Integrated Telecommunication Services | &nbsp;&nbsp;S+5.00% (8.67%), 3/31/2031 | 958774 | 958774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Last Dance Intermediate II, LLC (d)(e)(f) | &nbsp;&nbsp;Integrated Telecommunication Services | &nbsp;&nbsp;S+5.00%, 3/31/2031 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lighthouse Intelligence, Ltd. (d)(e)(f)(g) | &nbsp;&nbsp;Application Software | &nbsp;&nbsp;S+5.00%, 2.50% PIK, 4/10/2030 |  | (17650) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lighthouse Intelligence, Ltd. (d)(e)(f)(g) | &nbsp;&nbsp;Application Software | &nbsp;&nbsp;S+5.00%, 2.50% PIK, 4/10/2030 |  | (12599) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lighthouse Intelligence, Ltd. (d)(e)(g) | &nbsp;&nbsp;Application Software | &nbsp;&nbsp;S+5.00% (8.67%) 2.50% PIK, 4/10/2030 | 1163714 | 1130315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LSF12 Donnelly Bidco, LLC (d)(e) | &nbsp;&nbsp;Industrial Machinery & Supplies & Components | &nbsp;&nbsp;S+6.50% (10.17%), 10/2/2029 | 1096875 | 1096875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mandrake Bidco, Inc. (d)(e) | &nbsp;&nbsp;Industrial Machinery | &nbsp;&nbsp;S+4.50% (8.17%), 8/20/2031 | 2843280 | 2843280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mandrake Bidco, Inc. (d)(e)(f) | &nbsp;&nbsp;Industrial Machinery | &nbsp;&nbsp;S+4.50%, 8/20/2030 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Megavolt Borrower, LLC (d)(e) | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;S+4.75% (8.45%), 2/13/2032 | 1887735 | 1887735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MH Sub I, LLC (d) | &nbsp;&nbsp;IT Consulting & Other Services | &nbsp;&nbsp;S+4.25% (7.92%), 5/3/2028 | 1246795 | 1068678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MRI Software, LLC (d)(e) | &nbsp;&nbsp;Application Software | &nbsp;&nbsp;S+4.75% (8.45%), 2/10/2028 | 272405 | 269681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MRI Software, LLC (d)(e) | &nbsp;&nbsp;Application Software | &nbsp;&nbsp;S+4.75% (8.42%), 2/10/2028 | 841433 | 833018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Fortress Energy, Inc. (d) | &nbsp;&nbsp;Oil & Gas Storage & Transportation | &nbsp;&nbsp;S+5.50% (9.24%), 10/30/2028 | 3967522 | 2207251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PetVet Care Centers, LLC (d)(e) | &nbsp;&nbsp;Health Care Facilities | &nbsp;&nbsp;S+6.00% (9.67%), 11/15/2030 | 1693030 | 1523727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PetVet Care Centers, LLC (d)(e)(f) | &nbsp;&nbsp;Health Care Facilities | &nbsp;&nbsp;S+6.00% (9.68%), 11/15/2029 | 45200 | 22600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PREF Montabella PropCo, LLC & PREF Dominion PropCo, LLC (d)(e) | &nbsp;&nbsp;Real Estate Development | &nbsp;&nbsp;S+3.25% (7.01%), 2/9/2027 | 3000000 | 3000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reagent Chemical and Research, LLC (d)(e) | &nbsp;&nbsp;Specialty Chemicals | &nbsp;&nbsp;S+5.25% (8.92%), 4/30/2031 | 489858 | 489858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reagent Chemical and Research, LLC (d)(e) | &nbsp;&nbsp;Specialty Chemicals | &nbsp;&nbsp;S+5.25% (8.92%), 4/30/2031 | 2245325 | 2245325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reagent Chemical and Research, LLC (d)(e)(f) | &nbsp;&nbsp;Specialty Chemicals | &nbsp;&nbsp;S+5.25%, 4/30/2030 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rialto Management Group, LLC (d)(e) | &nbsp;&nbsp;Asset Management & Custody Banks | &nbsp;&nbsp;S+4.75% (8.42%), 12/5/2030 | 1032262 | 1032262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rialto Management Group, LLC (d)(e)(f) | &nbsp;&nbsp;Asset Management & Custody Banks | &nbsp;&nbsp;S+4.75%, 12/5/2030 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saturn Sound Bidco, Ltd. (d)(e)(f)(g) | &nbsp;&nbsp;Aerospace & Defense | &nbsp;&nbsp;S+5.25%, 12/3/2031 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saturn Sound Bidco, Ltd. (d)(e)(g) | &nbsp;&nbsp;Aerospace & Defense | &nbsp;&nbsp;S+5.25% (8.92%), 12/3/2031 | 1270000 | 1270000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Serrano Parent, LLC (d)(e) | &nbsp;&nbsp;Systems Software | &nbsp;&nbsp;S+6.50% (10.16%), 5/12/2030 | 3143645 | 2866061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Serrano Parent, LLC (d)(e)(f) | &nbsp;&nbsp;Systems Software | &nbsp;&nbsp;S+6.50%, 5/12/2030 |  | (28521) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SitusAMC Holdings Corp. (d)(e) | &nbsp;&nbsp;Specialized Finance | &nbsp;&nbsp;S+5.50% (9.20%), 5/14/2031 | 2800925 | 2800925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Skywater Technology Foundry, Inc. (d)(e)(f) | &nbsp;&nbsp;Semiconductors | &nbsp;&nbsp;S+4.25% (7.92%), 6/30/2030 | 2015302 | 1968370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TEI Intermediate, LLC (d)(e) | &nbsp;&nbsp;Environmental & Facilities Services | &nbsp;&nbsp;S+5.25% (8.85%) 2.88% PIK, 12/15/2031 | 1186053 | 1186053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TEI Intermediate, LLC (d)(e)(f) | &nbsp;&nbsp;Environmental & Facilities Services | &nbsp;&nbsp;S+4.75% (8.42%), 12/15/2031 | 244035 | 244035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TEI Intermediate, LLC (d)(e)(f) | &nbsp;&nbsp;Environmental & Facilities Services | &nbsp;&nbsp;S+4.75% (8.42%), 12/15/2031 | 43959 | 43959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trystar, LLC (d)(e) | &nbsp;&nbsp;Electrical Components & Equipment | &nbsp;&nbsp;S+4.25% (7.92%), 8/6/2031 | 529300 | 529300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trystar, LLC (d)(e) | &nbsp;&nbsp;Electrical Components & Equipment | &nbsp;&nbsp;S+4.25% (7.92%), 8/6/2031 | 1171710 | 1171710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trystar, LLC (d)(e) | &nbsp;&nbsp;Electrical Components & Equipment | &nbsp;&nbsp;S+4.25% (7.92%), 8/6/2031 | 643871 | 643871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trystar, LLC (d)(e)(f) | &nbsp;&nbsp;Electrical Components & Equipment | &nbsp;&nbsp;S+4.25%, 8/6/2031 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vaco Holdings, LLC (d) | &nbsp;&nbsp;Human Resource & Employment Services | &nbsp;&nbsp;S+5.00% (8.85%), 1/22/2029 | 2459602 | 1591559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Varicent Intermediate Holdings Corp. (d)(e) | &nbsp;&nbsp;Application Software | &nbsp;&nbsp;S+6.00% (9.70%) 3.25% PIK, 8/23/2031 | 862729 | 847631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Varicent Intermediate Holdings Corp. (d)(e) | &nbsp;&nbsp;Application Software | &nbsp;&nbsp;S+6.00% (9.70%) 3.25% PIK, 8/23/2031 | 1089320 | 1070257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Varicent Intermediate Holdings Corp. (d)(e)(f) | &nbsp;&nbsp;Application Software | &nbsp;&nbsp;S+6.00%, 3.25% PIK, 8/23/2031 |  | (3552) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Varicent Intermediate Holdings Corp. (d)(e)(f) | &nbsp;&nbsp;Application Software | &nbsp;&nbsp;S+6.00%, 3.25% PIK, 8/23/2031 | 23641 | 21016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Varicent Intermediate Holdings Corp. (d)(e)(f) | &nbsp;&nbsp;Application Software | &nbsp;&nbsp;S+6.00%, 3.25% PIK, 8/23/2031 |  | (3902) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Volunteer AcquisitionCo, LLC (d)(e) | &nbsp;&nbsp;Construction Materials | &nbsp;&nbsp;S+6.50% (10.17%), 9/1/2029 | 314215 | 302275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Volunteer AcquisitionCo, LLC (d)(e) | &nbsp;&nbsp;Construction Materials | &nbsp;&nbsp;S+6.50% (10.17%), 9/1/2029 | 4038625 | 3885157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Volunteer AcquisitionCo, LLC (d)(e)(f) | &nbsp;&nbsp;Construction Materials | &nbsp;&nbsp;S+6.50% (10.18%), 9/1/2029 | 127600 | 103356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westwood Professional Services, Inc. (d)(e) | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;S+4.50% (8.20%), 9/19/2031 | 2289140 | 2289140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westwood Professional Services, Inc. (d)(e)(f) | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;S+4.50% (8.20%), 9/19/2031 | 225965 | 225965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westwood Professional Services, Inc. (d)(e)(f) | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;S+4.50%, 9/19/2031 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHK Waterfront Urban Renewal, LLC (d)(e)(f) | &nbsp;&nbsp;Real Estate Development | &nbsp;&nbsp;S+5.50% (9.55%), 7/9/2027 | 309375 | 272575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WIN Holdings III Corp. (d)(e) | &nbsp;&nbsp;Specialized Consumer Services | &nbsp;&nbsp;S+5.75% (9.53%), 7/16/2028 | 160000 | 160000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WIN Holdings III Corp. (d)(e) | &nbsp;&nbsp;Specialized Consumer Services | &nbsp;&nbsp;S+5.00% (8.78%), 7/16/2028 | 1124350 | 1124350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zendesk, Inc. (d)(e) | &nbsp;&nbsp;Application Software | &nbsp;&nbsp;S+5.00% (8.71%), 11/22/2028 | 539900 | 531262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zendesk, Inc. (d)(e) | &nbsp;&nbsp;Application Software | &nbsp;&nbsp;S+5.00% (8.71%), 11/22/2028 | 86578 | 85192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zendesk, Inc. (d)(e) | &nbsp;&nbsp;Application Software | &nbsp;&nbsp;S+5.00% (8.69%), 11/22/2028 | 45437 | 44710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zendesk, Inc. (d)(e)(f) | &nbsp;&nbsp;Application Software | &nbsp;&nbsp;S+5.00%, 11/22/2028 |  | (880) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Bank Loans (Cost $121,938,720)** |  |  |  | $**120018062** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Corporate Bonds - 1.4%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brightline East, LLC (c) | &nbsp;&nbsp;Rail Transportation | &nbsp;&nbsp;11.00%, 1/31/2030 | $6000000 | $1680750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Corporate Bonds (Cost $4,830,503)** |  |  |  | $**1680750** |
| **Total Senior Secured First Lien Debt (Cost $126,769,223)** |  |  |  | $**121698812** |
| **Senior Secured Second Lien Debt - 3.1%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Bank Loans - 3.1%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resilience Parent, LLC (d)(e) | &nbsp;&nbsp;Electrical Components & Equipment | &nbsp;&nbsp;S+5.25% (8.88%), 2/27/2034 | $2054000 | $2033666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S&S Holdings, LLC (d)(e) | &nbsp;&nbsp;Apparel, Accessories & Luxury Goods | &nbsp;&nbsp;S+8.75% (12.53%), 3/11/2029 | 1000000 | 976100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victory Buyer, LLC (d)(e) | &nbsp;&nbsp;Industrial Machinery & Supplies & Components | &nbsp;&nbsp;S+6.00% (9.66%), 2/13/2034 | 652000 | 645610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Bank Loans (Cost $3,639,881)** |  |  |  | $**3655376** |
| **Total Senior Secured Second Lien Debt (Cost $3,639,881)** |  |  |  | $**3655376** |
| **Subordinated Debt - 28.7%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Bank Loans - 1.2%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 Pressler Street Member, LLC (d)(e)(f) | &nbsp;&nbsp;Real Estate Development | &nbsp;&nbsp;S+15.25% (19.25%), 4/9/2028 | $229871 | $222535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHK Waterfront Mezz, LLC (d)(e)(f) | &nbsp;&nbsp;Real Estate Development | &nbsp;&nbsp;S+11.90% (15.95%), 7/9/2027 | 1127812 | 1123842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Bank Loans (Cost $1,327,387)** |  |  |  | $**1346377** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Convertible Bonds - 27.5%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding, Ltd. (c)(g) | &nbsp;&nbsp;Broadline Retail | &nbsp;&nbsp;0.00%, 9/15/2032 | $1000000 | $964815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bloom Energy Corp. (c) | &nbsp;&nbsp;Heavy Electrical Equipment | &nbsp;&nbsp;0.00%, 11/15/2030 | 1500000 | 1596391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bwx Technologies Inc (c) | &nbsp;&nbsp;Aerospace & Defense | &nbsp;&nbsp;0.00%, 11/1/2030 | 750000 | 774755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coinbase Global, Inc. | &nbsp;&nbsp;Financial Exchanges & Data | &nbsp;&nbsp;0.25%, 4/1/2030 | 1750000 | 1629079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compass Incorp (c) | &nbsp;&nbsp;Real Estate Services | &nbsp;&nbsp;0.25%, 4/15/2031 | 750000 | 628501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coreweave Inc (c) | &nbsp;&nbsp;Internet Services & Infrastructure | &nbsp;&nbsp;1.75%, 12/1/2031 | 1170000 | 1176351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cloudflare Inc (c) | &nbsp;&nbsp;Systems Software | &nbsp;&nbsp;0.00%, 6/15/2030 | 750000 | 851303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Datadog Inc (c) | &nbsp;&nbsp;Application Software | &nbsp;&nbsp;0.00%, 12/1/2029 | 750000 | 726415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Doordash Inc (c) | &nbsp;&nbsp;Restaurants | &nbsp;&nbsp;0.00%, 5/15/2030 | 750000 | 685124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Echostar Corp. | &nbsp;&nbsp;Cable & Satellite | &nbsp;&nbsp;3.88% PIK, 11/30/2030 | 396000 | 1414907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Galaxy Digital Holdings, LP (c)(g) | &nbsp;&nbsp;Internet Services & Infrastructure | &nbsp;&nbsp;2.50%, 12/1/2029 | 500000 | 567886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Galaxy Digital Holdings, LP (c)(g) | &nbsp;&nbsp;Internet Services & Infrastructure | &nbsp;&nbsp;0.50%, 5/1/2031 | 2000000 | 1421430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IREN, Ltd. (c) | &nbsp;&nbsp;Internet Services & Infrastructure | &nbsp;&nbsp;0.00%, 7/1/2031 | 1750000 | 1253602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IREN, Ltd. (c) | &nbsp;&nbsp;Internet Services & Infrastructure | &nbsp;&nbsp;1.00%, 6/1/2033 | 1000000 | 873707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JetBlue Airways Corp. | &nbsp;&nbsp;Passenger Airlines | &nbsp;&nbsp;2.50%, 9/1/2029 | 3000000 | 2883869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lucid Group, Inc. (c) | &nbsp;&nbsp;Automobile Manufacturers | &nbsp;&nbsp;5.00%, 4/1/2030 | 3000000 | 1608079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lumentum Holdings Inc (c) | &nbsp;&nbsp;Electronic Manufacturing Services | &nbsp;&nbsp;0.38%, 3/15/2032 | 368000 | 1415285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MARA Holdings, Inc. (c) | &nbsp;&nbsp;Internet Services & Infrastructure | &nbsp;&nbsp;0.00%, 8/1/2032 | 1500000 | 1050087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MKS Instruments, Inc. | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;1.25%, 6/1/2030 | 500000 | 829270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MP Materials Corp. (c) | &nbsp;&nbsp;Diversified Metals & Mining | &nbsp;&nbsp;3.00%, 3/1/2030 | 847000 | 2030235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Riot Platforms, Inc. | &nbsp;&nbsp;Application Software | &nbsp;&nbsp;0.75%, 1/15/2030 | 1000000 | 1150247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rubrik, Inc. (c) | &nbsp;&nbsp;Systems Software | &nbsp;&nbsp;0.00%, 6/15/2030 | 1000000 | 860249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shift4 Payments, Inc. | &nbsp;&nbsp;Transaction & Payment Processing Services | &nbsp;&nbsp;0.50%, 8/1/2027 | 1250000 | 1172790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Snowflake Inc | &nbsp;&nbsp;Systems Software | &nbsp;&nbsp;0.00%, 10/1/2029 | 710000 | 866995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sofi Technologies Inc (c) | &nbsp;&nbsp;Diversified Financial Services | &nbsp;&nbsp;1.25%, 3/15/2029 | 350000 | 638349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strategy Inc. | &nbsp;&nbsp;Diversified Financial Services | &nbsp;&nbsp;0.00%, 3/1/2030 | 1000000 | 866346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strategy Inc. | &nbsp;&nbsp;Diversified Financial Services | &nbsp;&nbsp;0.63%, 9/15/2028 | 540000 | 594131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terawulf, Inc. (c) | &nbsp;&nbsp;Internet Services & Infrastructure | &nbsp;&nbsp;0.00%, 5/1/2032 | 1500000 | 1546196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Convertible Bonds (Cost $35,682,349)** |  |  |  | $**32076394** |
| **Total Subordinated Debt (Cost $37,009,736)** |  |  |  | $**33422771** |
| **Equity/Other - 8.8%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Common Stock - 0.8%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BSP Equipment Financing, LLC (c)(e)(h)(i) | &nbsp;&nbsp;Specialized Finance |  | 957241 | $957241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Common Stock (Cost $957,241)** |  |  |  | $**957241** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Preferred Stock - Convertible - 6.9%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CCI Buyer, Inc. (c)(e) | &nbsp;&nbsp;Wireless Telecommunication Services | &nbsp;&nbsp;12.00% PIK, 5/6/2050 | 2108 | $2065958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Higginbotham Insurance Agency, Inc. (c)(e) | &nbsp;&nbsp;Insurance Brokers | &nbsp;&nbsp;10.50%, 11/25/2028 | 522 | 514170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oracle Corp (c) | &nbsp;&nbsp;Systems Software | &nbsp;&nbsp;6.50%, 1/15/2029 | 20888 | 940169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG&E Corp. | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;6.00%, 12/1/2027 | 103710 | 4458494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Preferred Stock - Convertible (Cost $8,090,925)** |  |  |  | $**7978791** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Preferred Stock - 1.1%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae | &nbsp;&nbsp;Commercial & Residential Mortgage Finance |  | 110294 | $1312499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Preferred Stock (Cost $918,256)** |  |  |  | $**1312499** |
| **Total Equity/Other (Cost $9,966,422)** |  |  |  | $**10248531** |
| **Total Investments - 145% (Cost $177,385,262)** |  |  |  | $**169025490** |
| **Liabilities in Excess of Other Assets - (45%)** |  |  |  | **(52479523)** |
| **Total Net Assets - 100.0%** |  |  |  | $**116545967** |

---

---

| | |
|:---|:---|
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |
| (a) | Unless otherwise indicated, all investments in the consolidated schedule of investments are non-affiliated, non-controlled investments. |
| (b) | The majority of the investments bear interest at a rate that may be determined by reference to Secured Overnight Financing Rate ("SOFR" or "S") or Prime ("P") and which reset daily, monthly, quarterly, or semiannually. For each, the Fund has provided the spread over the relevant reference rate and the current interest rate in effect at March 31, 2026. Certain investments are subject to reference rate floors. For fixed rate loans, a spread above a reference rate is not applicable. For funded floating rate securities, the all-in rate is disclosed within parentheses. |
| (c) | Security may be subject to legal restrictions on sales. The aggregate value of these securities at March 31, 2026 was $26,827,048 which represented 23.0% of net assets. |
| (d) | Variable rate security. Actual reference rates may vary based on the reset date of the security. |
| (e) | Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Fund's Adviser acting through its Valuation Committee. |
| (f) | Position or portion thereof includes an unfunded commitment, and no interest is being earned on the unfunded portion. The investment may be subject to an unused/letter of credit facility fee. The negative fair value, if applicable, is the result of the capitalized discount on the loan or the unfunded commitment being valued below par. The negative amortized cost, if applicable, is the result of the capitalized discount being greater than the principal amount outstanding on the loan. |
| (g) | Substantially all of our investments are domiciled in the United States. Certain investments also have international operations. |
| (h) | The provisions of the 1940 Act classify investments further based on the level of ownership that the Fund maintains in a particular portfolio company. As defined in the 1940 Act, a fund is generally deemed as "non-affiliated" when the Fund owns less than 5% of a portfolio company's outstanding voting securities and "affiliated" when the Fund owns 5% or more of a portfolio company's outstanding voting securities. The Fund classifies this investment as "affiliated." |
| (i) | The Fund's investment is held through the consolidated subsidiary, FBSPX Equipment Finance Holdings LLC. |
|  | The accompanying notes are an integral part of these consolidated financial statements. |

---

As of March 31, 2026, the Fund had the following funding commitments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio Company Name** | **Investment Type** | **Commitment Type** | **Total Commitment** | **Remaining Commitment** |
| 188 West St. James Owner, LLC | Senior Secured First Lien Debt | Delayed Draw | $5000000 | $835547 |
| 188 West St. James Owner, LLC | Senior Secured First Lien Debt | Delayed Draw | 1237748 | 1237748 |
| 300 Pressler Street Member, LLC | Subordinated Debt | Delayed Draw | 965251 | 735380 |
| 300 Pressler Street Owner, LLC | Senior Secured First Lien Debt | Delayed Draw | 5000000 | 3809096 |
| 628 Summit Ave, LLC | Senior Secured First Lien Debt | Delayed Draw | 3000000 | 139544 |
| 84 East Avenue Owner, LLC | Senior Secured First Lien Debt | Delayed Draw | 3000000 | 264152 |
| 84 East Avenue Owner, LLC | Senior Secured First Lien Debt | Delayed Draw | 434783 | 38283 |
| Accel International Holdings, LLC | Senior Secured First Lien Debt | Revolver | 251000 | 251000 |
| Adelaide Borrower, LLC | Senior Secured First Lien Debt | Delayed Draw | 412000 | 412000 |
| Adelaide Borrower, LLC | Senior Secured First Lien Debt | Revolver | 258000 | 227040 |
| Amylu Borrower Sub, LLC | Senior Secured First Lien Debt | Delayed Draw | 364846 | 303558 |
| Amylu Borrower Sub, LLC | Senior Secured First Lien Debt | Revolver | 426000 | 426000 |
| Arctic Holdco, LLC | Senior Secured First Lien Debt | Revolver | 180000 | 120600 |
| Arctic Holdco, LLC | Senior Secured First Lien Debt | Delayed Draw | 268326 | 102600 |
| Armada Parent, Inc. | Senior Secured First Lien Debt | Revolver | 356000 | 356000 |
| Artifact Bidco, Inc. | Senior Secured First Lien Debt | Delayed Draw | 194000 | 194000 |
| Artifact Bidco, Inc. | Senior Secured First Lien Debt | Revolver | 139000 | 139000 |
| AuditBoard, Inc. | Senior Secured First Lien Debt | Revolver | 226000 | 226000 |
| Azurite Intermediate Holdings, Inc. | Senior Secured First Lien Debt | Revolver | 187500 | 187500 |
| Big Apple Advisory, LLC | Senior Secured First Lien Debt | Revolver | 327000 | 327000 |
| Big Apple Advisory, LLC | Senior Secured First Lien Debt | Delayed Draw | 1168217 | 855708 |
| Bingo Group Buyer, Inc. | Senior Secured First Lien Debt | Revolver | 94000 | 91142 |
| Bingo Group Buyer, Inc. | Senior Secured First Lien Debt | Delayed Draw | 493000 | 493000 |
| BSP Equipment Financing, LLC | Equity/Other | Equity/Other | 1985000 | 1027759 |
| Carr, Riggs & Ingram Capital, LLC | Senior Secured First Lien Debt | Revolver | 150000 | 50625 |
| Carr, Riggs & Ingram Capital, LLC | Senior Secured First Lien Debt | Delayed Draw | 327164 | 221035 |
| CCI Buyer, Inc. | Senior Secured First Lien Debt | Revolver | 164000 | 164000 |
| Cliffwater, LLC | Senior Secured First Lien Debt | Revolver | 154000 | 154000 |
| Coalesce Merlin Purchaser, LLC | Senior Secured First Lien Debt | Delayed Draw | 499800 | 320000 |
| Coalesce Merlin Purchaser, LLC | Senior Secured First Lien Debt | Revolver | 250000 | 250000 |
| Einstein Parent, Inc. | Senior Secured First Lien Debt | Revolver | 118000 | 118000 |
| Electric Power Engineers, LLC | Senior Secured First Lien Debt | Revolver | 272000 | 163200 |
| Electric Power Engineers, LLC | Senior Secured First Lien Debt | Delayed Draw | 680000 | 353600 |
| Electro-Methods, LP | Senior Secured First Lien Debt | Revolver | 425000 | 425000 |
| Flow Traders Holding, LLC | Senior Secured First Lien Debt | Revolver | 1005000 | 1005000 |
| Hallandale Oasis 2019, LLC | Senior Secured First Lien Debt | Delayed Draw | 4294118 | 1191158 |
| Highway 16A Apartments, LLC | Senior Secured First Lien Debt | Delayed Draw | 3230769 | 1213206 |
| ICAT Intermediate Holdings, LLC | Senior Secured First Lien Debt | Delayed Draw | 482698 | 251160 |
| ICAT Intermediate Holdings, LLC | Senior Secured First Lien Debt | Revolver | 73000 | 73000 |
| Ideal Tridon Holdings, Inc. | Senior Secured First Lien Debt | Delayed Draw | 419000 | 419000 |
| Ideal Tridon Holdings, Inc. | Senior Secured First Lien Debt | Revolver | 349000 | 302467 |
| InhabitIQ, Inc. | Senior Secured First Lien Debt | Delayed Draw | 372000 | 372000 |
| InhabitIQ, Inc. | Senior Secured First Lien Debt | Revolver | 232000 | 232000 |
| Integrated Global Services, Inc. | Senior Secured First Lien Debt | Delayed Draw | 280000 | 280000 |
| Integrated Global Services, Inc. | Senior Secured First Lien Debt | Revolver | 315000 | 101500 |
| IW Buyer, LLC | Senior Secured First Lien Debt | Revolver | 290135 | 290135 |
| Knowledge Pro Buyer, Inc. | Senior Secured First Lien Debt | Delayed Draw | 895010 | 194175 |
| Knowledge Pro Buyer, Inc. | Senior Secured First Lien Debt | Revolver | 180000 | 82286 |
| Last Dance Intermediate II, LLC | Senior Secured First Lien Debt | Delayed Draw | 965000 | 6226 |
| Last Dance Intermediate II, LLC | Senior Secured First Lien Debt | Revolver | 248000 | 248000 |
| Lighthouse Intelligence, Ltd. | Senior Secured First Lien Debt | Delayed Draw | 615000 | 615000 |
| Lighthouse Intelligence, Ltd. | Senior Secured First Lien Debt | Revolver | 439000 | 439000 |
| Mandrake Bidco, Inc. | Senior Secured First Lien Debt | Revolver | 517000 | 517000 |
| PetVet Care Centers, LLC | Senior Secured First Lien Debt | Revolver | 226000 | 180800 |
| Reagent Chemical and Research, LLC | Senior Secured First Lien Debt | Revolver | 387000 | 387000 |
| Rialto Management Group, LLC | Senior Secured First Lien Debt | Revolver | 39000 | 39000 |
| Saturn Sound Bidco, Ltd. | Senior Secured First Lien Debt | Delayed Draw | 231000 | 231000 |
| Serrano Parent, LLC | Senior Secured First Lien Debt | Revolver | 323000 | 323000 |
| Skywater Technology Foundry, Inc. | Senior Secured First Lien Debt | Revolver | 4297000 | 2175039 |
| TEI Intermediate, LLC | Senior Secured First Lien Debt | Revolver | 159000 | 115041 |
| TEI Intermediate, LLC | Senior Secured First Lien Debt | Delayed Draw | 374000 | 129965 |
| Trystar, LLC | Senior Secured First Lien Debt | Revolver | 322000 | 322000 |
| Varicent Intermediate Holdings Corp. | Senior Secured First Lien Debt | Revolver | 223000 | 223000 |
| Varicent Intermediate Holdings Corp. | Senior Secured First Lien Debt | Delayed Draw | 126369 | 126369 |
| Varicent Intermediate Holdings Corp. | Senior Secured First Lien Debt | Delayed Draw | 203000 | 203000 |
| Volunteer AcquisitionCo, LLC | Senior Secured First Lien Debt | Revolver | 638000 | 510400 |
| Westwood Professional Services, Inc. | Senior Secured First Lien Debt | Revolver | 349000 | 349000 |
| Westwood Professional Services, Inc. | Senior Secured First Lien Debt | Delayed Draw | 670651 | 444686 |
| WHK Waterfront Mezz, LLC | Subordinated Debt | Delayed Draw | 1527000 | 399188 |
| WHK Waterfront Urban Renewal, LLC | Senior Secured First Lien Debt | Delayed Draw | 4000000 | 3690625 |
| Zendesk, Inc. | Senior Secured First Lien Debt | Revolver | 55000 | 55000 |
|  |  |  | $58359385 | $32755543 |

---

**Notes to consolidated financial statements**

1. Organization

Franklin BSP Private Credit Fund (the "Fund") is a Delaware statutory trust that is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a non-diversified, closed-end management investment company that continuously issues shares. The Fund is offering two classes of shares of the Fund: Advisor Class, with no sales load or distribution and shareholder servicing fee, and Class A shares, which may charge a sales load of up to 2.00% of the investor's subscription and may charge an annual distribution and shareholder servicing fee of up to 0.50% of Class A net assets per year. Investment income, realized and unrealized gains and losses, and certain fund-level expenses and expense reimbursements if any, are borne pro rata on the basis of relative net assets by the holders of all classes of shares, except that each class bears certain expenses unique to that class. The Fund's investment activities are managed by Benefit Street Partners L.L.C ("BSP", or the "Adviser") and supervised by the Fund's Board of Trustees ("Board" or "Board of Trustees"), a majority of whom are not interested persons (as defined in the 1940 Act) of the Adviser and its affiliates. The Fund consolidates FBSPX Equipment Finance Holdings LLC. All intercompany transactions and balances have been eliminated in consolidation.

The Fund is an "interval fund" pursuant to which, subject to applicable law, it will conduct quarterly repurchase offers for between 5% and 25% of the Fund's outstanding shares of beneficial interest ("Shares") at a price equal to net asset value ("NAV"). Under normal market conditions, the Fund will offer to repurchase 5% of its outstanding shares at NAV on a quarterly basis. It is also possible that a repurchase offer may be oversubscribed, with the result that Fund shareholders ("Shareholders") may only be able to have a portion of their Shares repurchased. The Fund does not currently intend to list its Shares for trading on any national securities exchange. The Shares are, therefore, not readily marketable. Even though the Fund will make quarterly repurchase offers to repurchase a portion of the Shares to try to provide liquidity to Shareholders, the Shares should be considered illiquid.

The Fund's investment objective is to generate attractive risk-adjusted returns with consistent current income. The Fund defines 'risk-adjusted returns' as the generation of realized and unrealized gains on a Shareholder's investment relative to the risk associated with the risk profile of the Fund's investments. The Fund seeks to achieve its investment objective by investing in private credit investments in middle market companies in the United States. The investment portfolio will primarily consist of private credit investments, which include privately offered secured debt (including senior secured, unitranche and second-lien debt) and unsecured debt (including senior unsecured and subordinated debt) across directly originated corporate loans, broadly syndicated corporate loans, and high yield corporate bonds.

2. Summary of significant accounting policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its Consolidated Schedule of Investments. The Fund is an investment company and accordingly applies specific accounting and financial reporting requirements under Financial Accounting Standards Codification ("ASC") Topic 946, *Financial Services-Investment Companies.*

<u>***Investment valuation and fair value measurement***</u>

The Board has delegated to the Adviser as valuation designee (the "Valuation Designee") the responsibility of determining the fair value of the Fund's investment portfolio, subject to oversight of the Board, pursuant to Rule 2a-5 under the 1940 Act. As such, the Valuation Designee is charged with determining the fair value of the Fund's investment portfolio, subject to oversight of the Board. The Board has delegated day-to-day responsibility for implementing the portfolio valuation process set forth in the Fund's valuation policy to Fund management, which is comprised of officers and employees of the Adviser, and has authorized the Adviser to utilize the independent third-party pricing services and independent third-party valuation services that have been approved by the Board. Securities for which market quotations are readily available on an exchange are valued at the reported closing price on the valuation date. The Fund may also obtain quotes with respect to certain of the Fund's investments from pricing services or brokers or dealers in order to value assets. When doing so, the Fund determines whether the quote obtained is readily available according to U.S. GAAP to determine the fair value of the security. If determined to be readily available, the Fund uses the quote obtained. Investments without a readily determined market value are primarily valued using a market approach, an income approach, or both approaches, as appropriate. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including a business). The income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. In following these approaches, the types of factors that Fund management may take into account in fair value pricing the Fund's investments include, as relevant: available current market data, including relevant and applicable market trading and transaction comparables, applicable market yields and multiples, security covenants, call protection provisions, information rights, the nature and realizable value of any collateral, the portfolio company's ability to make payments, its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons of financial ratios of peer companies that are public, M&A comparables, and enterprise values, among other factors. When available, broker quotations and/or quotations provided by pricing services are considered as an input in the valuation process. With respect to investments for which market quotations are not readily available, the Valuation Designee undertakes a multi-step valuation process, as described below:

&nbsp;&nbsp;&nbsp;&nbsp;• Each portfolio company or investment
will be valued by the Valuation Designee, with assistance from one or more independent valuation firms;

• The independent valuation firm(s)
conduct independent appraisals and make an independent assessment of the value of each investment; and

• The Valuation Designee, under
the supervision of the Board, determines the fair value of each investment, in good faith, based on the input of independent valuation
firms (to the extent applicable) and the Valuation Designee's own analysis. The Valuation Designee has also established a Valuation
Committee to assist the Valuation Designee in carrying out its designated responsibilities, subject to oversight of the Board.

Bank loans, including syndicated loans, are valued by using readily available market quotations or another commercially reasonable method selected by an independent, third-party pricing service that has been approved by the Board, or, if such independent, third-party valuations are not available, by using broker quotations. Corporate bonds, Convertible Bonds and certain other domestic debt securities are valued at the last reported bid prices supplied by an independent, third-party pricing service that has been approved by the Board. If the last reported bid price is not readily available or is otherwise deemed to be unreliable by the Valuation Committee, then such securities are valued at fair value pursuant to procedures adopted by the Board.

For investments in collateralized securities, the Valuation Designee models both the assets and liabilities of each Collateralized Security's capital structure. The model uses a waterfall engine to store the collateral data, generate cash flows from the assets, and distribute the cash flows to the liability structure based on the contractual priority of payments. The cash flows are discounted using rates that incorporate risk factors such as default risk, interest rate risk, downgrade risk, and credit spread risk, among others. In addition, the Valuation Designee considers broker quotations and/or comparable trade activity, which are considered as inputs to determining fair value when available. If they are traded on the valuation date, equity securities, including preferred securities, that are listed or traded on a national exchange will be valued at the last quoted sale price. If securities are listed on more than one exchange, and if the securities are traded on the valuation date, they will be valued at the last quoted sale price on the exchange on which the security is principally traded. If there is no sale of the security on the valuation date, or such price is not readily available, the Fund will value the security at the last reported sale price, unless the Valuation Committee believes such price no longer represents the fair market value, in which case the security is valued pursuant to procedures adopted by the Board. Market quotations may be deemed not to represent fair value in certain circumstances where the Adviser reasonably believes that facts and circumstances applicable to an issuer, seller, or purchaser or to the market for a particular security cause current market quotations not to reflect the fair value of the security. Examples of these events could include situations in which material events are announced after the close of the market on which a security is primarily traded, a security trades infrequently causing a quoted purchase or sale price to become stale, or a security's trading has been halted or suspended. Generally, trading in U.S. government securities and money market instruments is substantially completed each day at various times prior to the close of business on the New York Stock Exchange ("NYSE"). The values of such securities used in computing the NAV of the Fund's Shares are determined as of such times.

NAV per Share will be determined daily by the Adviser on each day the NYSE is open for trading or at such other times as the Board may determine. NAV per Share is determined on a class-specific basis, by dividing the total value of the Fund's net assets attributable to the applicable class by the total number of Shares of such class outstanding. The Fund's net assets are determined by subtracting any liabilities (including borrowings for investment purposes) from the total value of its portfolio investments and other assets. The Fund's fair value measurements are classified into a fair value hierarchy in accordance with ASC Topic 820, Fair Value Measurement, based on the markets in which the assets and liabilities are traded, and the reliability of the assumptions used to determine fair value. Market price observability is affected by a number of factors, including the type of investment and the characteristics specific to the investment. Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. The Fund determines fair value based on quoted prices when available or through the use of alternative approaches, such as discounting the expected cash flows using market interest rates commensurate with the credit quality and duration of the investment. This alternative approach also reflects the contractual terms of the derivatives, if any, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The guidance defines three levels of inputs that may be used to measure fair value:

&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 Inputs: Quoted prices in active markets for identical assets and liabilities that the Fund has
the ability to access at the measurement date.

&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 Inputs: Inputs other than quoted prices included in Level 1 that are observable for the asset
and liability or can be corroborated with observable market data for substantially the entire contractual term of the asset or liability.

&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 Inputs: Unobservable inputs that reflect the entity's own assumptions about the assumptions
the market participants would use in the pricing of the asset or liability and are consequently not based on market activity, but rather
through particular valuation techniques.

Inputs are used in applying the various valuation techniques and broadly refer to the assumptions that market participants use to make valuation decisions, including assumptions about risk. A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes "observable" requires significant judgment by the Adviser. The Adviser considers observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. The categorization of a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and does not necessarily correspond to the Adviser's perceived risk of that instrument.

The following table presents fair value measurements of investments, by major class, as of March 31, 2026, according to the fair value hierarchy:

**<u>Franklin BSP Private Credit Fund</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **DESCRIPTION<sup>1</sup>** | **(Level 1)** | **(Level 2)** | **(Level 3)** | **Total** |
| **Investments** |  |  |  |  |
| Senior Secured First Lien Debt |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bank Loans | $- | $6036465 | $113981597 | $120018062 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds | - | 1680750 | - | 1680750 |
| Total Senior Secured First Lien Debt |  | 7717215 | 113981597 | 121698812 |
| Senior Secured Second Lien Debt |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bank Loans | - | - | 3655376 | 3655376 |
| Total Senior Secured Second Lien Debt |  |  | 3655376 | 3655376 |
| Subordinated Debt |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bank Loans |  |  | 1346377 | 1346377 |
| &nbsp;&nbsp;&nbsp;Convertible Bonds | - | 32076394 | - | 32076394 |
| Total Subordinated Debt |  | 32076394 | 1346377 | 33422771 |
| Equity/Other |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stock |  |  | 957241 | 957241 |
| &nbsp;&nbsp;&nbsp;Preferred Stock - Convertible | 4458494 | 940169 | 2580128 | 7978791 |
| &nbsp;&nbsp;&nbsp;Preferred Stock | 1312499 | - | - | 1312499 |
| Total Equity/Other | 5770993 | 940169 | 3537369 | 10248531 |
| **Total Investments** | $**5770993** | $**40733778** | $**122520719** | $**169025490** |

---

<sup>(1)</sup> For further security characteristics, see the Fund's Consolidated Schedule of Investments.

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs during the period ended March 31, 2026:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Franklin BSP Private Credit Fund** | **Franklin BSP Private Credit Fund** | **Franklin BSP Private Credit Fund** | **Franklin BSP Private Credit Fund** | **Franklin BSP Private Credit Fund** |
|  | **Collateralized Securities** | **Senior Secured First Lien Debt** | **Senior Secured Second Lien Debt** | **Subordinated Debt** | **Equity/Other** |
| Beginning Balance - January 1, 2026 | $5746800 | $110149824 | $2660061 | $2869014 | $3370630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisitions |  | 7679902 | 2693624 | 473935 | 166733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dispositions | (5615020) | (3246680) | (1595503) | (2000000) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized gain (loss) | (124980) | 12218 | 20651 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return of capital |  | (279822) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) | (6800) | (333845) | (123457) | 3428 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net transfers in/(out) of Level 3 | - | - | - | - | - |
| Ending Balance - March 31, 2026 | $**-** | $**113981597** | $**3655376** | $**1346377** | $**3537369** |

---

As of March 31, 2026, the change in unrealized appreciation (depreciation) on positions still held in the Fund was $0 for Collateralized Securities, $(326,280) for Senior Secured First Lien Debt, $(26,055) for Senior Secured Second Lien Debt, $3,262 for Subordinated Debt, and $6 for Equity/Other.

<u>***Significant unobservable inputs***</u>

The following table summarizes the significant unobservable inputs used to value the Level 3 investments as of March 31, 2026. The table is not intended to be all-inclusive, but instead identifies the significant unobservable inputs relevant to the determination of fair values.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Range** | **Range** | |
| <br>**Asset Category** |<br>**Fair Value** | <br>**Primary Valuation<br> Technique**  | <br>**Unobservable<br> Inputs**  | **Minimum** | **Maximum** | <br>**Weighted<br> Average <sup>(a)</sup>**  |
| Senior Secured First Lien Debt | $19666303 | Yield Analysis | Discount Margin | 3.10% | 10.46% | 6.23% |
| Senior Secured First Lien Debt<sup>(c)</sup> | (12377) | Yield Analysis | Discount Rate | 13.50% | 13.50% | 13.50% |
| Senior Secured First Lien Debt | 94327671 | Yield Analysis | Market Yield | 7.90% | 13.80% | 9.45% |
| Senior Secured Second Lien Debt | 976100 | Yield Analysis | Market Yield | 14.86% | 14.86% | 14.86% |
| Senior Secured Second Lien Debt | 2679276 | N/A | N/A | N/A | N/A | N/A |
| Subordinated Debt<sup>(b)</sup> | 1346377 | Yield Analysis | Discount Margin | 14.55% | 15.43% | 14.70% |
| Equity/Other | 2580128 | Yield Analysis | Market Yield | 11.62% | 13.38% | 13.03% |
| Equity/Other<sup>(b)</sup> | 957241 | N/A | N/A | N/A | N/A | N/A |
|  | $122520719 |  |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Weighted averages are
 calculated based on fair value of investments.

(b) Investment(s) valued based on recent
 or pending transactions expected to close after the valuation date

(c) Includes the fair value of any unfunded delayed draw term loan commitment (DDTL)
 and unfunded revolver term loan commitment. Unfunded commitments are recorded at fair value; as of the valuation date this results
 in a negative amount.

There were no significant changes in valuation approach or technique as of March 31, 2026.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Franklin BSP Private Credit Fund

- **b. Investment Company Act file number:** 811-23492

- **c. CIK number of Registrant:** 0001794041

- **d. LEI of Registrant:** 549300EZ3TEPDZJ0NK72

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 1 Madison Avenue

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10010

  - **Telephone number:** 212-588-6770

**Item A.2. Information about the Series.**

- **a. Name of Series:** Franklin BSP Private Credit Fund

- **c. LEI of Series:** 549300EZ3TEPDZJ0NK72

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $214616020.66

**Total Liabilities:** $98110397.13

**Net Assets:** $116505623.53

**Delayed Delivery Securities:** $0.02

**Cash Not Reported:** $4316928.03

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 0.000000000000 | **1-Year:** 0.000000000000 | **5-Year:** 182.300222000000 | **10-Year:** 75.281623000000 | **30-Year:** 0.000000000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 3174.822625000000 | **1-Year:** 1178.102096000000 | **5-Year:** 4228.391060000000 | **10-Year:** 435.593739000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 2.05%                | 1.02%                | -1.77%               |
| Class ID N/A | 2.09%                | 1.06%                | -1.72%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-4132938.16             | $2089254.28                                |
| Month 2  | $147129.88               | $490478.30                                 |
| Month 3  | $2357.74                 | $-2726605.07                               |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                               | Title                                                                     | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| VOLUNTEER ACQUISITIONCO DELAYED DRAW T/L           | VOLUNTEER ACQUISITIONCO DELAYED DRAW T/L                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    314215 | PA      | $302274.83    | 0.26%             | 2029-09-01      | Floating      | 10.32%                | No            |                  3 | On Loan: No      |
| VOLUNTEER ACQUISITIONCO R/C                        | VOLUNTEER ACQUISITIONCO R/C                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    638000 | PA      | $613756.00    | 0.53%             | 2029-09-01      | Floating      | 10.17%                | No            |                  3 | On Loan: No      |
| DEMAKES BORROWER T/L                               | DEMAKES BORROWER T/L                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    984900 | PA      | $984900.00    | 0.85%             | 2029-12-12      | Floating      | 9.67%                 | No            |                  3 | On Loan: No      |
| Bingo Group Buyer T/L (7/24)                       | Bingo Group Buyer T/L (7/24)                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    778150 | PA      | $778150.00    | 0.67%             | 2031-07-10      | Floating      | 8.42%                 | No            |                  3 | On Loan: No      |
| Bingo Group Buyer R/C (7/24)                       | Bingo Group Buyer R/C (7/24)                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     94000 | PA      | $94000.00     | 0.08%             | 2031-07-10      | Floating      | 9.30%                 | No            |                  3 | On Loan: No      |
| Carr Riggs & Ingram Capital R/C                    | Carr Riggs & Ingram Capital R/C                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    150000 | PA      | $150000.00    | 0.13%             | 2031-11-18      | Floating      | 9.07%                 | No            |                  3 | On Loan: No      |
| Varicent Intermediate Amd No. 1 Delayed Draw T/L ( | Varicent Intermediate Amd No. 1 Delayed Draw T/L (                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    203000 | PA      | $199447.50    | 0.17%             | 2031-08-23      | Floating      | 9.65%                 | No            |                  3 | On Loan: No      |
| Zendesk 3rd Amend 2025 Delayed Draw T/L (11/25)    | Zendesk 3rd Amend 2025 Delayed Draw T/L (11/25)                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     45551 | PA      | $44821.79     | 0.04%             | 2028-11-22      | Floating      | 9.00%                 | No            |                  3 | On Loan: No      |
| WIN Holdings III 2026 Amendment No. 4 T/L          | WIN Holdings III 2026 Amendment No. 4 T/L                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    160000 | PA      | $160000.00    | 0.14%             | 2028-07-16      | Floating      | 9.51%                 | No            |                  3 | On Loan: No      |
| COINBASE GLOBAL INC                                | Coinbase Global Inc                                                       | CUSIP: 19260QAF4<br>LEI: 5493004G3J2SC154DU06 | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1629079.21   | 1.40%             | 2030-04-01      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| JETBLUE AIRWAYS CORP                               | JetBlue Airways Corp                                                      | CUSIP: 477143AR2<br>LEI: 54930070J9H97ZO93T57 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2883868.65   | 2.48%             | 2029-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| MH SUB I LLC                                       | MH Sub I LLC                                                              | CUSIP: 45567YAN5<br>LEI: 2549005VFKP807SR8N49 | Long             | LON              | CORP              | US        |   1250000 | PA      | $1071425.00   | 0.92%             | 2028-05-03      | Floating      | 7.92%                 | No            |                  2 | On Loan: No      |
| Cliffwater T/L                                     | Cliffwater T/L                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1610730 | PA      | $1610730.00   | 1.38%             | 2032-04-22      | Floating      | 8.42%                 | No            |                  3 | On Loan: No      |
| Cliffwater R/C                                     | Cliffwater R/C                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    154000 | PA      | $154000.00    | 0.13%             | 2032-04-09      | Floating      | 9.31%                 | No            |                  3 | On Loan: No      |
| Azurite Intermediate Holdings R/C (03/24)          | Azurite Intermediate Holdings R/C (03/24)                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    187500 | PA      | $182812.50    | 0.16%             | 2031-03-19      | Floating      | 11.83%                | No            |                  3 | On Loan: No      |
| Artifact Bidco T/L                                 | Artifact Bidco T/L                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    792000 | PA      | $792000.00    | 0.68%             | 2031-05-22      | Floating      | 7.82%                 | No            |                  3 | On Loan: No      |
| IW Buyer Amend No. 2 T/L (8/24)                    | IW Buyer Amend No. 2 T/L (8/24)                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    150987 | PA      | $150987.35    | 0.13%             | 2029-06-28      | Floating      | 8.77%                 | No            |                  3 | On Loan: No      |
| Mandrake BidCo T/L                                 | Mandrake BidCo T/L                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2843280 | PA      | $2843280.00   | 2.44%             | 2031-08-20      | Floating      | 8.17%                 | No            |                  3 | On Loan: No      |
| Mandrake BidCo R/C                                 | Mandrake BidCo R/C                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    517000 | PA      | $517000.00    | 0.44%             | 2031-07-24      | Floating      | 10.10%                | No            |                  3 | On Loan: No      |
| Coalesce Merlin Purchaser Delayed Draw T/L 2       | Coalesce Merlin Purchaser Delayed Draw T/L 2                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    499900 | PA      | $496600.66    | 0.43%             | 2030-09-10      | Floating      | 8.67%                 | No            |                  3 | On Loan: No      |
| CCI Buyer (Consumer Cellular) T/L                  | CCI Buyer (Consumer Cellular) T/L                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2807962 | PA      | $2807962.50   | 2.41%             | 2032-05-13      | Floating      | 8.67%                 | No            |                  3 | On Loan: No      |
| Ideal Components Acquisition T/L                   | Ideal Components Acquisition T/L                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2276295 | PA      | $2256035.97   | 1.94%             | 2032-06-28      | Floating      | 8.67%                 | No            |                  3 | On Loan: No      |
| ICAT Intermediate Holdings Delayed Draw T/L (9/25) | ICAT Intermediate Holdings Delayed Draw T/L (9/25)                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    483000 | PA      | $476817.60    | 0.41%             | 2032-09-29      | Floating      | 9.97%                 | No            |                  3 | On Loan: No      |
| Bingo Group Buyer First Amend Incremental T/L (10/ | Bingo Group Buyer First Amend Incremental T/L (10/                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    223440 | PA      | $223440.00    | 0.19%             | 2031-07-10      | Floating      | 8.40%                 | No            |                  3 | On Loan: No      |
| MARA HOLDINGS INC                                  | MARA Holdings Inc                                                         | CUSIP: 565788AJ5<br>LEI: 549300M8ISKPTX2W7F94 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1050086.90   | 0.90%             | 2032-08-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                        | Oracle Corp                                                               | CUSIP: 68389X204<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EP               | CORP              | US        |     20888 | NS      | $940168.88    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| RUBRIK INC                                         | Rubrik Inc                                                                | CUSIP: 781154AC3<br>LEI: 254900TRGK2WTBYMYU27 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $860249.17    | 0.74%             | 2030-06-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| S&S HOLDINGS LLC                                   | S&S Holdings LLC                                                          | CUSIP: 78524JAD3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1000000 | PA      | $976100.00    | 0.84%             | 2029-03-12      | Floating      | 12.52%                | No            |                  3 | On Loan: No      |
| VACO HOLDINGS LLC                                  | Vaco Holdings LLC                                                         | CUSIP: 91865FAJ8<br>LEI: 54930076HTNXBP03T379 | Long             | LON              | CORP              | US        |   2466024 | PA      | $1595714.49   | 1.37%             | 2029-01-22      | Floating      | 8.82%                 | No            |                  2 | On Loan: No      |
| Zendesk Amd No. 1 Delayed Draw T/L                 | Zendesk Amd No. 1 Delayed Draw T/L                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     86796 | PA      | $85407.05     | 0.07%             | 2028-11-22      | Floating      | 8.71%                 | No            |                  3 | On Loan: No      |
| Westwood Professional Services Delayed Draw T/L    | Westwood Professional Services Delayed Draw T/L                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    671282 | PA      | $671281.86    | 0.58%             | 2031-09-19      | Floating      | 8.17%                 | No            |                  3 | On Loan: No      |
| Rialto Managment Group T/L (12/24)                 | Rialto Managment Group T/L (12/24)                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1032262 | PA      | $1032262.05   | 0.89%             | 2030-12-05      | Floating      | 8.42%                 | No            |                  3 | On Loan: No      |
| Rialto Managment Group R/C (12/24)                 | Rialto Managment Group R/C (12/24)                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     39000 | PA      | $39000.00     | 0.03%             | 2030-12-05      | Floating      | 9.53%                 | No            |                  3 | On Loan: No      |
| TEI Intermediate R/C                               | TEI Intermediate R/C                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    159000 | PA      | $159000.00    | 0.14%             | 2031-12-13      | Floating      | 8.63%                 | No            |                  3 | On Loan: No      |
| Lighthouse Intelligence Delayed Draw T/L           | Lighthouse Intelligence Delayed Draw T/L                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    615000 | PA      | $597349.50    | 0.51%             | 2030-04-10      | Floating      | 9.58%                 | No            |                  3 | On Loan: No      |
| Varicent Intermediate Amd No.1 T/L (10/25)         | Varicent Intermediate Amd No.1 T/L (10/25)                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    855774 | PA      | $840798.11    | 0.72%             | 2031-08-23      | Floating      | 6.42%                 | No            |                  3 | On Loan: No      |
| RESILIENCE PARENT LLC                              | Resilience Parent LLC                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2054000 | PA      | $2033665.40   | 1.75%             | 2034-02-27      | Floating      | 8.92%                 | No            |                  3 | On Loan: No      |
| Summit Tower                                       | Summit Tower                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   3000000 | PA      | $2996700.00   | 2.57%             | 2027-10-09      | Floating      | 8.72%                 | No            |                  3 | On Loan: No      |
| PG&E CORP                                          | PG&E Corp                                                                 | CUSIP: 69331C306<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | EP               | CORP              | US        |    103710 | NS      | $4458492.90   | 3.83%             |  |  |  | No            |                  1 | On Loan: No      |
| SHIFT4 PAYMENTS INC                                | Shift4 Payments Inc                                                       | CUSIP: 82452JAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1172789.89   | 1.01%             | 2027-08-01      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| BWX TECHNOLOGIES INC                               | BWX Technologies Inc                                                      | CUSIP: 05605HAD2<br>LEI: 549300NP85N265KWMS58 | Long             | DBT              | CORP              | US        |    750000 | PA      | $774754.99    | 0.66%             | 2030-11-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| BRIGHTLINE EAST LLC                                | Brightline East LLC                                                       | CUSIP: 093536AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6000000 | PA      | $1680750.00   | 1.44%             | 2030-01-31      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| GALAXY DIGITAL HOLDIN LP                           | Galaxy Digital Holdings LP                                                | CUSIP: 36317GAC0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1421429.85   | 1.22%             | 2031-05-01      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| BLOOM ENERGY CORP                                  | Bloom Energy Corp                                                         | CUSIP: 093712AN7<br>LEI: 549300XB5J9BFW5JXV97 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1596391.49   | 1.37%             | 2030-11-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Axiom Global Refinancing T/L                       | Axiom Global Inc., Senior Secured First Lien Term Loan                    | CUSIP: 05464KAD5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1379000 | PA      | $1379000.00   | 1.18%             | 2028-10-02      | Floating      | 8.27%                 | No            |                  3 | On Loan: No      |
| Coalesce Merlin Purchaser T/L                      | Coalesce Merlin Purchaser T/L                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    891000 | PA      | $885119.40    | 0.76%             | 2030-09-10      | Floating      | 8.67%                 | No            |                  3 | On Loan: No      |
| Coalesce Merlin Purchaser R/C                      | Coalesce Merlin Purchaser R/C                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    250000 | PA      | $248350.00    | 0.21%             | 2030-09-10      | Floating      | 9.11%                 | No            |                  3 | On Loan: No      |
| FNZ USA FINCO                                      | FNZ USA FinCo LLC                                                         | CUSIP: 30339HAD3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1488750 | PA      | $1171929.11   | 1.01%             | 2031-11-05      | Floating      | 8.66%                 | No            |                  2 | On Loan: No      |
| Big Apple Advisory Delayed Draw T/L (PKF O'Connor  | Big Apple Advisory Delayed Draw T/L (PKF O'Connor                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1169000 | PA      | $1169000.00   | 1.00%             | 2031-11-18      | Floating      | 9.36%                 | No            |                  3 | On Loan: No      |
| Carr Riggs & ingram Capital Delayed Draw T/L       | Carr Riggs & ingram Capital Delayed Draw T/L                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    327431 | PA      | $327431.15    | 0.28%             | 2031-11-07      | Floating      | 8.07%                 | No            |                  3 | On Loan: No      |
| Arctic Holdco (Novvia Project Scarecrow) T/L B (1/ | Arctic Holdco (Novvia Project Scarecrow) T/L B (1/                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2350260 | PA      | $2350260.00   | 2.02%             | 2032-01-31      | Floating      | 8.92%                 | No            |                  3 | On Loan: No      |
| ASP Integrity Acquisition Delayed Draw T/L (3/25)  | ASP Integrity Acquisition Delayed Draw T/L (3/25)                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    280000 | PA      | $276444.00    | 0.24%             | 2032-03-05      | Floating      | 9.31%                 | No            |                  3 | On Loan: No      |
| CCI Buyer (Consumer Cellular) R/C                  | CCI Buyer (Consumer Cellular) R/C                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    164000 | PA      | $164000.00    | 0.14%             | 2032-05-13      | Floating      | 9.33%                 | No            |                  3 | On Loan: No      |
| Bingo Group Buyer 2025 Incremental Delayed Draw T/ | Bingo Group Buyer 2025 Incremental Delayed Draw T/                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    493000 | PA      | $493000.00    | 0.42%             | 2031-07-10      | Floating      | 8.68%                 | No            |                  3 | On Loan: No      |
| Dominion and Montabella                            | Dominion and Montabella                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   3000000 | PA      | $3000000.00   | 2.57%             | 2028-02-09      | Floating      | 7.66%                 | No            |                  3 | On Loan: No      |
| Belvedere Bridge Onboarding - Senior               | Belvedere Bridge Onboarding - Senior                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   5000000 | PA      | $4962000.00   | 4.26%             | 2028-04-09      | Floating      | 9.66%                 | No            |                  3 | On Loan: No      |
| Consumer Cellular                                  | Consumer Cellular                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |      2108 | PA      | $2065958.41   | 1.77%             | 2050-05-06      | Fixed         | 12.00%                | No            |                  3 | On Loan: No      |
| BSP EQUIPMENT FINANCING LLC                        | BSP EQUIPMENT FINANCING LLC                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    957241 | NS      | $957241.42    | 0.82%             |  |  |  | No            |                  3 | On Loan: No      |
| Cold Spring Brewing T/L B1 (12/24)                 | Cold Spring Brewing T/L B1 (12/24)                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1051844 | PA      | $1051844.34   | 0.90%             | 2029-12-10      | Floating      | 8.43%                 | No            |                  3 | On Loan: No      |
| MRI Software LLC                                   | MRI Software LLC, Senior Secured First Lien Term Loan                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    273129 | PA      | $270397.96    | 0.23%             | 2028-02-10      | Floating      | 8.42%                 | No            |                  3 | On Loan: No      |
| IW BUYER R/C                                       | IW BUYER R/C                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    290135 | PA      | $290134.83    | 0.25%             | 2029-06-16      | Floating      | 8.67%                 | No            |                  3 | On Loan: No      |
| Reagent Chemical & Research R/C                    | Reagent Chemical & Research R/C                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    387000 | PA      | $387000.00    | 0.33%             | 2030-04-01      | Floating      | 10.57%                | No            |                  3 | On Loan: No      |
| Adelaide Borrower T/L                              | Adelaide Borrower T/L                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1859247 | PA      | $1859247.31   | 1.60%             | 2031-05-08      | Floating      | 9.92%                 | No            |                  3 | On Loan: No      |
| Adelaide Borrower R/C                              | Adelaide Borrower R/C                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    258000 | PA      | $258000.00    | 0.22%             | 2031-05-08      | Floating      | 9.92%                 | No            |                  3 | On Loan: No      |
| Zendesk R/C (07/24)                                | Zendesk R/C (07/24)                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     55000 | PA      | $54120.00     | 0.05%             | 2028-11-22      | Floating      | 9.33%                 | No            |                  3 | On Loan: No      |
| Trystar Delayed Draw T/L                           | Trystar Delayed Draw T/L                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    644248 | PA      | $644247.50    | 0.55%             | 2031-08-06      | Floating      | 7.94%                 | No            |                  3 | On Loan: No      |
| Big Apple Advisory R/C (PKF O'Connor Davies Adviso | Big Apple Advisory R/C (PKF O'Connor Davies Adviso                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    327000 | PA      | $327000.00    | 0.28%             | 2030-11-18      | Floating      | 11.25%                | No            |                  3 | On Loan: No      |
| IW Buyer Amend No.3 T/L (7/25)                     | IW Buyer Amend No.3 T/L (7/25)                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1019057 | PA      | $1019056.64   | 0.87%             | 2029-06-28      | Floating      | 8.67%                 | No            |                  3 | On Loan: No      |
| Bingo Group Buyer Delayed Draw T/L (7/24)          | Bingo Group Buyer Delayed Draw T/L (7/24)                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    243413 | PA      | $243412.53    | 0.21%             | 2031-07-10      | Floating      | 8.68%                 | No            |                  3 | On Loan: No      |
| InhabitIQ T/L (1/25)                               | InhabitIQ T/L (1/25)                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1331310 | PA      | $1311340.35   | 1.13%             | 2032-01-09      | Floating      | 8.17%                 | No            |                  3 | On Loan: No      |
| EPE Merger Sub (Electric Power Engineer) T/L B (12 | EPE Merger Sub (Electric Power Engineer) T/L B (12                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1428000 | PA      | $1428000.00   | 1.23%             | 2031-12-31      | Floating      | 8.17%                 | No            |                  3 | On Loan: No      |
| ASP Integrity Acquisition R/C (3/25)               | ASP Integrity Acquisition R/C (3/25)                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    315000 | PA      | $310999.50    | 0.27%             | 2031-03-05      | Floating      | 10.75%                | No            |                  3 | On Loan: No      |
| Flow Traders Holding T/L (10/25)                   | Flow Traders Holding T/L (10/25)                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2675295 | PA      | $2637840.87   | 2.26%             | 2031-10-29      | Floating      | 8.67%                 | No            |                  3 | On Loan: No      |
| Flow Traders Holding R/C (10/25)                   | Flow Traders Holding R/C (10/25)                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1005000 | PA      | $990930.00    | 0.85%             | 2031-10-29      | Floating      | 8.97%                 | No            |                  3 | On Loan: No      |
| IREN LTD                                           | IREN Ltd                                                                  | CUSIP: 46270CAE9<br>LEI: 254900FZF02RB3NNGB71 | Long             | DBT              | CORP              | AU        |   1750000 | PA      | $1253601.76   | 1.08%             | 2031-07-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| CLOUDFLARE INC                                     | Cloudflare Inc                                                            | CUSIP: 18915MAE7<br>LEI: 5493007DY18BGNLDWU14 | Long             | DBT              | CORP              | US        |    750000 | PA      | $851302.89    | 0.73%             | 2030-06-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| COMPASS INCORP                                     | Compass Inc                                                               | CUSIP: 20464UAA8<br>LEI: 254900DMGQSTC3I2IM78 | Long             | DBT              | CORP              | US        |    750000 | PA      | $628501.02    | 0.54%             | 2031-04-15      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| COREWEAVE INC                                      | CoreWeave Inc                                                             | CUSIP: 21873SAD0<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |   1170000 | PA      | $1176351.19   | 1.01%             | 2031-12-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| DATADOG INC                                        | Datadog Inc                                                               | CUSIP: 23804LAD5<br>LEI: 549300F6JNO0KRPO1K63 | Long             | DBT              | CORP              | US        |    750000 | PA      | $726415.16    | 0.62%             | 2029-12-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| ECHOSTAR CORP                                      | EchoStar Corp                                                             | CUSIP: 278768AB2<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |    396000 | PA      | $1414907.29   | 1.21%             | 2030-11-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE                                         | Federal National Mortgage Association                                     | CUSIP: 313586752<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | EP               | USGSE             | US        |    110294 | NS      | $1312498.60   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| LUCID GROUP INC                                    | Lucid Group Inc                                                           | CUSIP: 549498AC7<br>LEI: 529900MRL9Z13ZCRVD74 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $1608079.25   | 1.38%             | 2030-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LSF12 DONNELLY BIDCO T/L                           | LSF12 DONNELLY BIDCO T/L                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1099688 | PA      | $1099687.50   | 0.94%             | 2030-09-30      | Floating      | 10.17%                | No            |                  3 | On Loan: No      |
| TERAWULF INC                                       | Terawulf Inc                                                              | CUSIP: 88080TAE4<br>LEI: 254900CVMW1SX2T78A64 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1546196.49   | 1.33%             | 2032-05-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Zendesk 2024 T/L - target                          | Zendesk 2024 T/L - target                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    541235 | PA      | $532575.55    | 0.46%             | 2028-11-22      | Floating      | 8.71%                 | No            |                  3 | On Loan: No      |
| Reagent Chemical & Research T/L                    | Reagent Chemical & Research T/L                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2245325 | PA      | $2245325.00   | 1.93%             | 2030-04-01      | Floating      | 8.92%                 | No            |                  3 | On Loan: No      |
| Adelaide Borrower Delayed Draw T/L                 | Adelaide Borrower Delayed Draw T/L                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    412000 | PA      | $412000.00    | 0.35%             | 2026-05-08      | Floating      | 8.70%                 | No            |                  3 | On Loan: No      |
| Belvedere Bridge Onboarding - Mezz                 | Belvedere Bridge Onboarding - Mezz                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    965251 | PA      | $957915.09    | 0.82%             | 2028-04-09      | Floating      | 18.91%                | No            |                  3 | On Loan: No      |
| Trystar First Amend T/L (09/24)                    | Trystar First Amend T/L (09/24)                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    530640 | PA      | $530640.00    | 0.46%             | 2031-08-06      | Floating      | 7.92%                 | No            |                  3 | On Loan: No      |
| TEI Intermediate T/L                               | TEI Intermediate T/L                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1177589 | PA      | $1177588.90   | 1.01%             | 2031-12-13      | Floating      | 5.97%                 | No            |                  3 | On Loan: No      |
| Azurite Intermediate Holdings Delayed Draw T/L (03 | Azurite Intermediate Holdings Delayed Draw T/L (03                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1171875 | PA      | $1142578.13   | 0.98%             | 2031-03-19      | Floating      | 9.67%                 | No            |                  3 | On Loan: No      |
| Artifact Bidco R/C                                 | Artifact Bidco R/C                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    139000 | PA      | $139000.00    | 0.12%             | 2030-05-22      | Floating      | 9.78%                 | No            |                  3 | On Loan: No      |
| Aurora Merger Sub Delayed Draw T/L                 | Aurora Merger Sub Delayed Draw T/L                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    564000 | PA      | $555540.00    | 0.48%             | 2031-07-12      | Floating      | 8.24%                 | No            |                  3 | On Loan: No      |
| 188 West St. James Senior Delayed Draw T/L         | 188 West St. James Senior Delayed Draw T/L                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   5000000 | PA      | $4990000.00   | 4.28%             | 2032-03-20      | Floating      | 10.84%                | No            |                  3 | On Loan: No      |
| 1800 Avenue at Port Imperial - Mezz                | 1800 Avenue at Port Imperial - Mezz                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1527000 | PA      | $1523029.80   | 1.31%             | 2029-07-09      | Floating      | 16.23%                | No            |                  3 | On Loan: No      |
| GALAXY DIGITAL HOLDIN LP                           | Galaxy Digital Holdings LP                                                | CUSIP: 36317GAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $567885.53    | 0.49%             | 2029-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| IREN LTD                                           | IREN Ltd                                                                  | CUSIP: 46270CAJ8<br>LEI: 254900FZF02RB3NNGB71 | Long             | DBT              | CORP              | AU        |   1000000 | PA      | $873706.82    | 0.75%             | 2033-06-01      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| 1800 Avenue at Port Imperial                       | 1800 Avenue at Port Imperial                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   4000000 | PA      | $3963200.00   | 3.40%             | 2029-07-09      | Floating      | 9.16%                 | No            |                  3 | On Loan: No      |
| MRI Software Tranche 6 Delayed Draw T/L (08/24)    | MRI Software LLC, Senior Secured First Lien Delayed Draw Loan             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    843553 | PA      | $835117.59    | 0.72%             | 2027-02-10      | Floating      | 8.42%                 | No            |                  3 | On Loan: No      |
| LUMENTUM HOLDINGS INC                              | Lumentum Holdings Inc                                                     | CUSIP: 55024UAJ8<br>LEI: 549300JLWRRC38DWEF52 | Long             | DBT              | CORP              | US        |    368000 | PA      | $1415284.72   | 1.21%             | 2032-03-15      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| MKS INC                                            | MKS Inc                                                                   | CUSIP: 55306NAB0<br>LEI: 549300KEQATBHAGVF505 | Long             | DBT              | CORP              | US        |    500000 | PA      | $829269.75    | 0.71%             | 2030-06-01      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Last Dance Intermediate II Initial T/L (Socket Hol | Last Dance Intermediate II Initial T/L (Socket Hol                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1213000 | PA      | $1213000.00   | 1.04%             | 2031-03-31      | Floating      | 8.67%                 | No            |                  3 | On Loan: No      |
| Socket Holdings Add-on T/L (03/25)                 | Socket Holdings Add-on T/L (03/25)                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1197000 | PA      | $1197000.00   | 1.03%             | 2031-03-31      | Floating      | 8.67%                 | No            |                  3 | On Loan: No      |
| STRATEGY INC                                       | Strategy Inc                                                              | CUSIP: 594972AQ4<br>LEI: 549300WQTWEJUEHXQX21 | Long             | DBT              | CORP              | US        |    540000 | PA      | $594130.65    | 0.51%             | 2028-09-15      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| BSP EQUIPMENT FINANCING LLC                        | BSP EQUIPMENT FINANCING LLC                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |   1027759 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| NEW FORTRESS ENERGY INC                            | New Fortress Energy Inc                                                   | CUSIP: 64439HAC3<br>LEI: 254900EICTYTCHA5X705 | Long             | LON              | CORP              | US        |   3967522 | PA      | $2207251.46   | 1.89%             | 2028-10-30      | Floating      | 9.57%                 | No            |                  2 | On Loan: No      |
| 188 West St. James Mezz Delayed Draw T/L           | 188 West St. James Mezz Delayed Draw T/L                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1237748 | PA      | $1225370.52   | 1.05%             | 2032-03-20      | Floating      | 14.00%                | No            |                  3 | On Loan: No      |
| InhabitIQ (1/25) Delayed Draw T/L                  | InhabitIQ (1/25) Delayed Draw T/L                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    372000 | PA      | $366420.00    | 0.31%             | 2032-01-09      | Floating      | 8.80%                 | No            |                  3 | On Loan: No      |
| Accel International Holdings T/L (04/25)           | Accel International Holdings T/L (04/25)                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1462000 | PA      | $1462000.00   | 1.25%             | 2032-04-26      | Floating      | 8.17%                 | No            |                  3 | On Loan: No      |
| Last Dance Intermediate II Delayed Draw T/L (Socke | Last Dance Intermediate II Delayed Draw T/L (Socke                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    965000 | PA      | $965000.00    | 0.83%             | 2031-03-31      | Floating      | 9.02%                 | No            |                  3 | On Loan: No      |
| WIN Holdings III 2025 Amendment T/L                | WIN Holdings III 2025 Amendment T/L                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1127175 | PA      | $1127175.00   | 0.97%             | 2028-07-16      | Floating      | 8.76%                 | No            |                  3 | On Loan: No      |
| Accel International Holdings R/C (04/25)           | Accel International Holdings R/C (04/25)                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    251000 | PA      | $251000.00    | 0.22%             | 2032-04-26      | Floating      | 8.78%                 | No            |                  3 | On Loan: No      |
| Amylu Holdco R/C (6/25)                            | Amylu Holdco R/C (6/25)                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    426000 | PA      | $426000.00    | 0.37%             | 2031-06-10      | Floating      | 9.31%                 | No            |                  3 | On Loan: No      |
| Vantage Elevator/Victory Buyer T/L                 | Vantage Elevator/Victory Buyer T/L                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    652000 | PA      | $645610.40    | 0.55%             | 2034-02-13      | Floating      | 9.66%                 | No            |                  3 | On Loan: No      |
| The Vesper Mezz. Delayed Draw T/L                  | The Vesper Mezz. Delayed Draw T/L                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    434783 | PA      | $434783.00    | 0.37%             | 2027-01-09      | Floating      | 14.20%                | No            |                  3 | On Loan: No      |
| FloWorks International Delayed Draw T/L (11/24)    | FloWorks International Delayed Draw T/L (11/24)                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    254000 | PA      | $254000.00    | 0.22%             | 2031-11-26      | Floating      | 8.57%                 | No            |                  3 | On Loan: No      |
| Electro-Methods T/L (02/25)                        | Electro-Methods T/L (02/25)                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1761150 | PA      | $1761150.00   | 1.51%             | 2032-02-23      | Floating      | 8.41%                 | No            |                  3 | On Loan: No      |
| Hometown Food T/L B (4/25)                         | Hometown Food T/L B (4/25)                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1061118 | PA      | $1061118.39   | 0.91%             | 2030-10-31      | Floating      | 8.17%                 | No            |                  3 | On Loan: No      |
| Ideal Components Acquisition Delayed Draw T/L      | Ideal Components Acquisition Delayed Draw T/L                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    419000 | PA      | $415270.90    | 0.36%             | 2032-06-28      | Floating      | 9.30%                 | No            |                  3 | On Loan: No      |
| ALIBABA GROUP HOLDING                              | Alibaba Group Holding Ltd                                                 | CUSIP: YK0592740<br>LEI: 5493001NTNQJDH60PM02 | Long             | DBT              | CORP              | KY        |   1000000 | PA      | $964815.16    | 0.83%             | 2032-09-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Hallandale_DDTL_S                                  | Hallandale_DDTL_S                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   4294118 | PA      | $4282094.12   | 3.68%             | 2029-07-30      | Floating      | 11.96%                | No            |                  3 | On Loan: No      |
| Higgin_Pref                                        | Higgin_Pref                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |       522 | PA      | $514170.00    | 0.44%             | 2028-11-25      | Variable      | 10500.00%             | No            |                  3 | On Loan: No      |
| Highway 16A Apartments                             | Highway 16A Apartments                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   3230769 | PA      | $3219138.46   | 2.76%             | 2030-02-09      | Floating      | 7.66%                 | No            |                  3 | On Loan: No      |
| Knowledge Pro Buyer Delayed Draw T/L               | Knowledge Pro Buyer Delayed Draw T/L                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    897170 | PA      | $897169.75    | 0.77%             | 2027-12-10      | Floating      | 8.52%                 | No            |                  3 | On Loan: No      |
| Knowledge Pro Buyer R/C                            | Knowledge Pro Buyer R/C                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    180000 | PA      | $180000.00    | 0.15%             | 2027-12-10      | Floating      | 10.75%                | No            |                  3 | On Loan: No      |
| IW BUYER T/L                                       | IW BUYER T/L                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    878827 | PA      | $878827.16    | 0.75%             | 2029-06-16      | Floating      | 8.77%                 | No            |                  3 | On Loan: No      |
| VOLUNTEER ACQUISITIONCO T/L                        | VOLUNTEER ACQUISITIONCO T/L                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   4038625 | PA      | $3885157.68   | 3.33%             | 2029-09-01      | Floating      | 10.17%                | No            |                  3 | On Loan: No      |
| DOORDASH INC                                       | DoorDash Inc                                                              | CUSIP: 25809KAA3<br>LEI: 549300NUQ43FGGSK5051 | Long             | DBT              | CORP              | US        |    750000 | PA      | $685124.36    | 0.59%             | 2030-05-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| PETVET CARE CENTERS R/C (10/23)                    | PetVet Care Centers, LLC, Senior Secured First Lien Revolving Credit Loan | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    226000 | PA      | $203400.00    | 0.17%             | 2029-11-15      | Floating      | 9.66%                 | No            |                  3 | On Loan: No      |
| ICAT Intermediate Holdings R/C (9/25)              | ICAT Intermediate Holdings R/C (9/25)                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     73000 | PA      | $72065.60     | 0.06%             | 2032-09-29      | Floating      | 10.38%                | No            |                  3 | On Loan: No      |
| MP MATERIALS CORP                                  | MP Materials Corp                                                         | CUSIP: 553368AC5<br>LEI: 89450063PHPS61USMT84 | Long             | DBT              | CORP              | US        |    847000 | PA      | $2030235.32   | 1.74%             | 2030-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| STRATEGY INC                                       | Strategy Inc                                                              | CUSIP: 594972AU5<br>LEI: 549300WQTWEJUEHXQX21 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $866345.63    | 0.74%             | 2030-03-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| SNOWFLAKE INC                                      | Snowflake Inc                                                             | CUSIP: 833445AD1<br>LEI: 254900CJNSY1K7T53Z16 | Long             | DBT              | CORP              | US        |    710000 | PA      | $866995.36    | 0.74%             | 2029-10-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| SOFI TECHNOLOGIES INC                              | SoFi Technologies Inc                                                     | CUSIP: 83406FAC6<br>LEI: 549300SW81JCMVZDDY09 | Long             | DBT              | CORP              | US        |    350000 | PA      | $638348.68    | 0.55%             | 2029-03-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| SERRANO PARENT T/L                                 | SERRANO PARENT T/L                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   3143645 | PA      | $2866061.15   | 2.46%             | 2030-05-12      | Floating      | 10.16%                | No            |                  3 | On Loan: No      |
| SERRANO PARENT R/C                                 | SERRANO PARENT R/C                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    323000 | PA      | $294479.10    | 0.25%             | 2029-05-12      | Floating      | 11.83%                | No            |                  3 | On Loan: No      |
| Varicent Intermediate T/L                          | Varicent Intermediate T/L                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1080543 | PA      | $1061633.60   | 0.91%             | 2031-08-23      | Floating      | 6.42%                 | No            |                  3 | On Loan: No      |
| Varicent Intermediate R/C                          | Varicent Intermediate R/C                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    223000 | PA      | $219097.50    | 0.19%             | 2031-08-23      | Floating      | 5.50%                 | No            |                  3 | On Loan: No      |
| Azurite Intermediate Holdings T/L (3/24)           | Azurite Intermediate Holdings T/L (3/24)                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    515625 | PA      | $502734.38    | 0.43%             | 2031-03-19      | Floating      | 9.67%                 | No            |                  3 | On Loan: No      |
| Artifact Bidco Delayed Draw T/L                    | Artifact Bidco Delayed Draw T/L                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    194000 | PA      | $194000.00    | 0.17%             | 2031-05-22      | Floating      | 9.78%                 | No            |                  3 | On Loan: No      |
| Saturn Sound Bidco T/L (12/24)                     | Saturn Sound Bidco T/L (12/24)                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1270000 | PA      | $1270000.00   | 1.09%             | 2031-12-03      | Floating      | 8.92%                 | No            |                  3 | On Loan: No      |
| Reagent Chemical & Research T/L                    | Reagent Chemical & Research T/L                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    489858 | PA      | $489857.50    | 0.42%             | 2031-04-30      | Floating      | 8.92%                 | No            |                  3 | On Loan: No      |
| Aurora Merger Sub T/L                              | Aurora Merger Sub T/L                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1185000 | PA      | $1167225.00   | 1.00%             | 2031-07-10      | Floating      | 8.17%                 | No            |                  3 | On Loan: No      |
| Aurora Merger Sub R/C                              | Aurora Merger Sub R/C                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    226000 | PA      | $222610.00    | 0.19%             | 2031-07-12      | Floating      | 5.30%                 | No            |                  3 | On Loan: No      |
| Trystar T/L                                        | Trystar T/L                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1171710 | PA      | $1171710.00   | 1.01%             | 2031-08-06      | Floating      | 7.92%                 | No            |                  3 | On Loan: No      |
| Trystar R/C                                        | Trystar R/C                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    322000 | PA      | $322000.00    | 0.28%             | 2031-08-06      | Floating      | 9.73%                 | No            |                  3 | On Loan: No      |
| Westwood Professional Services T/L                 | Westwood Professional Services T/L                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2294950 | PA      | $2294950.00   | 1.97%             | 2030-09-19      | Floating      | 8.17%                 | No            |                  3 | On Loan: No      |
| Westwood Professional Services R/C                 | Westwood Professional Services R/C                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    349000 | PA      | $349000.00    | 0.30%             | 2031-09-19      | Floating      | 9.57%                 | No            |                  3 | On Loan: No      |
| Big Apple Advisory T/L (PKF O'Connor Davies Adviso | Big Apple Advisory T/L (PKF O'Connor Davies Adviso                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2413760 | PA      | $2413760.00   | 2.07%             | 2031-11-18      | Floating      | 8.17%                 | No            |                  3 | On Loan: No      |
| Carr Riggs & ingram Capital T/L                    | Carr Riggs & ingram Capital T/L                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    642148 | PA      | $642147.50    | 0.55%             | 2031-11-18      | Floating      | 7.92%                 | No            |                  3 | On Loan: No      |
| Saturn Sound Bidco Delayed Draw T/L (12/24)        | Saturn Sound Bidco Delayed Draw T/L (12/24)                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    231000 | PA      | $231000.00    | 0.20%             | 2031-12-03      | Floating      | 9.78%                 | No            |                  3 | On Loan: No      |
| FloWorks International T/L (11/24)                 | FloWorks International T/L (11/24)                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2014775 | PA      | $2014775.00   | 1.73%             | 2031-11-26      | Floating      | 8.42%                 | No            |                  3 | On Loan: No      |
| InhabitIQ (1/25) R/C                               | InhabitIQ (1/25) R/C                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    232000 | PA      | $228520.00    | 0.20%             | 2032-01-09      | Floating      | 8.80%                 | No            |                  3 | On Loan: No      |
| EPE Merger Sub (Electric Power Engineer) R/C (12/2 | EPE Merger Sub (Electric Power Engineer) R/C (12/2                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    272000 | PA      | $272000.00    | 0.23%             | 2031-12-31      | Floating      | 8.83%                 | No            |                  3 | On Loan: No      |
| EPE Merger Sub (Electric Power Engineer) Delayed D | EPE Merger Sub (Electric Power Engineer) Delayed D                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    680000 | PA      | $680000.00    | 0.58%             | 2031-12-31      | Floating      | 8.17%                 | No            |                  3 | On Loan: No      |
| Einstein Parent T/L (01/25) (Smartsheet)           | Einstein Parent T/L (01/25) (Smartsheet)                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1142000 | PA      | $1107740.00   | 0.95%             | 2031-01-22      | Floating      | 8.92%                 | No            |                  3 | On Loan: No      |
| Einstein Parent R/C (01/25) (Smartsheet)           | Einstein Parent R/C (01/25) (Smartsheet)                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    118000 | PA      | $114460.00    | 0.10%             | 2030-10-31      | Floating      | 10.80%                | No            |                  3 | On Loan: No      |
| Arctic Holdco (Novvia Project Scarecrow) Delayed D | Arctic Holdco (Novvia Project Scarecrow) Delayed D                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    268744 | PA      | $268744.50    | 0.23%             | 2032-02-02      | Floating      | 9.09%                 | No            |                  3 | On Loan: No      |
| Arctic Holdco (Novvia Project Scarecrow) R/C (1/25 | Arctic Holdco (Novvia Project Scarecrow) R/C (1/25                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    180000 | PA      | $180000.00    | 0.15%             | 2031-01-31      | Floating      | 9.25%                 | No            |                  3 | On Loan: No      |
| Micross (Corfin) T/L                               | Micross (Corfin) T/L                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1116562 | PA      | $1116562.50   | 0.96%             | 2032-01-13      | Floating      | 9.02%                 | No            |                  3 | On Loan: No      |
| Megavolt Borrower T/L                              | Megavolt Borrower T/L                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1892490 | PA      | $1892490.00   | 1.62%             | 2032-02-13      | Floating      | 8.42%                 | No            |                  3 | On Loan: No      |
| Electro-Methods R/C (02/25)                        | Electro-Methods R/C (02/25)                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    425000 | PA      | $425000.00    | 0.36%             | 2032-02-23      | Floating      | 9.08%                 | No            |                  3 | On Loan: No      |
| ASP Integrity Acquisition T/L (3/25)               | ASP Integrity Acquisition T/L (3/25)                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1667400 | PA      | $1646224.02   | 1.41%             | 2032-03-08      | Floating      | 8.74%                 | No            |                  3 | On Loan: No      |
| Last Dance Intermediate II R/C (Socket Holdings Co | Last Dance Intermediate II R/C (Socket Holdings Co                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    248000 | PA      | $248000.00    | 0.21%             | 2031-03-31      | Floating      | 9.57%                 | No            |                  3 | On Loan: No      |
| Lighthouse Intelligence R/C                        | Lighthouse Intelligence R/C                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    439000 | PA      | $426400.70    | 0.37%             | 2030-04-10      | Floating      | 9.58%                 | No            |                  3 | On Loan: No      |
| Lighthouse Intelligence T/L                        | Lighthouse Intelligence T/L                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1163979 | PA      | $1130573.23   | 0.97%             | 2030-04-10      | Floating      | 6.17%                 | No            |                  3 | On Loan: No      |
| SitusAMC Holdings T/L (05/25)                      | SitusAMC Holdings T/L (05/25)                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2807962 | PA      | $2807962.50   | 2.41%             | 2031-05-14      | Floating      | 9.17%                 | No            |                  3 | On Loan: No      |
| Amylu Holdco T/L (6/25)                            | Amylu Holdco T/L (6/25)                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2123678 | PA      | $2123677.50   | 1.82%             | 2031-06-10      | Floating      | 8.67%                 | No            |                  3 | On Loan: No      |
| Amylu Holdco Delayed Draw T/L (6/25)               | Amylu Holdco Delayed Draw T/L (6/25)                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    365000 | PA      | $365000.00    | 0.31%             | 2031-06-10      | Floating      | 9.31%                 | No            |                  3 | On Loan: No      |
| Armada Parent 3th Amend 2025 T/L                   | Armada Parent 3th Amend 2025 T/L                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2988418 | PA      | $2988417.50   | 2.57%             | 2030-10-29      | Floating      | 8.92%                 | No            |                  3 | On Loan: No      |
| Armada Parent 3th Amend 2025 Delayed Draw T/L      | Armada Parent 3th Amend 2025 Delayed Draw T/L                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    206482 | PA      | $206482.50    | 0.18%             | 2030-10-29      | Floating      | 8.91%                 | No            |                  3 | On Loan: No      |
| Ideal Components Acquisition R/C                   | Ideal Components Acquisition R/C                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    349000 | PA      | $345893.90    | 0.30%             | 2032-06-28      | Floating      | 8.67%                 | No            |                  3 | On Loan: No      |
| RIOT PLATFORMS INC                                 | Riot Platforms Inc                                                        | CUSIP: 767292AB1<br>LEI: 5299005LKZAJQDQZDF73 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1150247.39   | 0.99%             | 2030-01-15      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| Knowledge Pro Buyer Amendment No. 5 Incremental T/ | Knowledge Pro Buyer Amendment No. 5 Incremental T/                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     44566 | PA      | $44565.62     | 0.04%             | 2027-12-10      | Floating      | 8.32%                 | No            |                  3 | On Loan: No      |
| Armada Parent R/C                                  | Armada Parent R/C                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    356000 | PA      | $356000.00    | 0.31%             | 2027-10-29      | Floating      | 9.57%                 | No            |                  3 | On Loan: No      |
| ICAT Intermediate Holdings T/L (9/25)              | ICAT Intermediate Holdings T/L (9/25)                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    963585 | PA      | $951251.11    | 0.82%             | 2032-09-29      | Floating      | 9.92%                 | No            |                  3 | On Loan: No      |
| Higginbotham Insurance (HIG Operations) 6th Amd De | Higginbotham Insurance (HIG Operations) 6th Amd De                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    280737 | PA      | $280736.83    | 0.24%             | 2026-09-30      | Floating      | 8.26%                 | No            |                  3 | On Loan: No      |
| PETVET CARE CENTERS LLC                            | PetVet Care Centers LLC                                                   | CUSIP: N/A<br>LEI: 549300V0HK8MSXZNOM91       | Long             | LON              | CORP              | US        |   1697360 | PA      | $1527623.99   | 1.31%             | 2030-10-24      | Floating      | 9.67%                 | No            |                  3 | On Loan: No      |
| Varicent Intermediate Delayed Draw T/L             | Varicent Intermediate Delayed Draw T/L                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    150010 | PA      | $147384.90    | 0.13%             | 2031-08-23      | Floating      | 7.85%                 | No            |                  3 | On Loan: No      |
| TEI Intermediate Delayed Draw T/L                  | TEI Intermediate Delayed Draw T/L                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    374000 | PA      | $374000.00    | 0.32%             | 2031-12-13      | Floating      | 8.49%                 | No            |                  3 | On Loan: No      |
| The Vesper Senior Loan Delayed Draw T/L            | The Vesper Senior Loan Delayed Draw T/L                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   3000000 | PA      | $3000000.00   | 2.57%             | 2027-01-09      | Floating      | 9.50%                 | No            |                  3 | On Loan: No      |
| Allied Benefit Systems Inter - Amend No.2 T/L Pro  | Allied Benefit Systems Inter - Amend No.2 T/L Pro                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   3891836 | PA      | $3891836.02   | 3.34%             | 2030-10-31      | Floating      | 8.73%                 | No            |                  3 | On Loan: No      |
| SkyWater Technology (6/25) R/C                     | SkyWater Technology (6/25) R/C                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   4297000 | PA      | $4248873.60   | 3.65%             | 2030-06-30      | Floating      | 7.92%                 | No            |                  3 | On Loan: No      |

### Signature

**Date Signed:** 2026-05-29

**Name of Applicant:** Franklin BSP Private Credit Fund

**Signature:** Nina Baryski

**Name of Signer:** Nina Baryski

**Title:** Managing Director