# EDGAR Filing Document

**Accession Number:** 0001794041
**File Stem:** 0000894189-25-015610
**Filing Date:** 2025-11
**Character Count:** 146518
**Document Hash:** 6b24da3313d3d1057901516d20020707
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-015610.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0000894189-25-015610

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20251231

**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:** 251526272

**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**

**Schedule of Investments**

**September 30, 2025**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio Company (a)** | **Industry** | **Investment Coupon Rate/Maturity (b)** | **Principal/ Numbers of Shares** | **Fair Value** |
| **Collateralized Securities - 8.8%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CLO Debt - 8.8%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elmwood CLO 31, Ltd. 24-7A D2 (c)(d)(e) | Diversified Investment Vehicles | S+4.20% (8.52%), 7/17/2037 | $1500000 | $1500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elmwood CLO 32, Ltd. 24-8A D2 (c)(d)(e) | Diversified Investment Vehicles | S+4.20% (8.53%), 10/18/2037 | 800000 | 800000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Frontier Issuer, LLC 24-1 C (c)(e) | Diversified Investment Vehicles | 11.16%, 6/20/2054 | 1000000 | 1105000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generate CLO, Ltd. 23-11A D2RA (c)(d)(e) | Diversified Investment Vehicles | S+4.85% (9.18%), 10/20/2037 | 2000000 | 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golub Capital Partners Short Duration 22-1A DR (c)(d)(e) | Diversified Investment Vehicles | S+4.60% (8.92%), 7/25/2033 | 1500000 | 1500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HalseyPoint CLO II, Ltd. 20-2A D2R (c)(d)(e) | Diversified Investment Vehicles | S+5.00% (9.33%), 7/20/2037 | 1000000 | 996800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Navesink CLO, Ltd. (c)(d)(e) | Diversified Investment Vehicles | S+5.60% (9.92%), 7/25/2033 | 1250000 | 1250000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zayo Issuer, LLC 2025-3A C (c)(e) | Diversified Investment Vehicles | 8.44%, 10/20/2055 | 2500000 | 2500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total CLO Debt (Cost $11,539,810)** |  |  |  | $**11651800** |
| **Total Collateralized Securities (Cost $11,539,810)** |  |  |  | $**11651800** |
| **Senior Secured First Lien Debt - 98.5%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Bank Loans - 96.6%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188 West St. James Owner, LLC (d)(e)(f) | Real Estate | S+6.50% (10.66%), 11/9/2026 | $3492785 | $3477785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188 West St. James Owner, LLC (e)(f) | Real Estate | 14.00%, 11/9/2026 |  | (12377) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 Pressler Street Owner, LLC (d)(e)(f) | Real Estate | S+6.00% (10.16%), 4/9/2028 | 537967 | 493467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628 Summit Ave, LLC (d)(e)(f) | Real Estate | S+5.05% (9.21%), 10/9/2027 | 2184265 | 2154280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accel International Holdings, LLC (d)(e) | Industrials | S+4.50% (8.81%), 4/26/2032 | 1462000 | 1455129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accel International Holdings, LLC (d)(e)(f) | Industrials | S+4.50%, 4/26/2032 |  | (1180) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adelaide Borrower, LLC (d)(e) | Software/Services | S+6.76% (10.75%) 3.38% PIK, 5/8/2030 | 1843348 | 1843348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adelaide Borrower, LLC (d)(e)(f) | Software/Services | S+6.76%, 3.38% PIK, 5/8/2030 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adelaide Borrower, LLC (d)(e)(f) | Software/Services | S+6.76%, 3.38% PIK, 5/8/2030 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allied Benefit Systems Intermediate, LLC (d)(e) | Business Services | S+5.25% (9.44%), 10/31/2030 | 780125 | 780125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allied Benefit Systems Intermediate, LLC (d)(e) | Business Services | S+5.25% (9.41%), 10/31/2030 | 3121465 | 3121465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amylu Borrower Sub, LLC (d)(e) | Food & Beverage | S+5.00% (9.07%), 6/10/2031 | 2129000 | 2108796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amylu Borrower Sub, LLC (d)(e)(f) | Food & Beverage | S+5.00%, 6/10/2031 |  | (3464) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amylu Borrower Sub, LLC (d)(e)(f) | Food & Beverage | S+5.00% (9.07%), 6/10/2031 | 30429 | 26386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aramsco, Inc. (d)(e) | Business Services | S+4.75% (8.75%), 10/10/2030 | 1659220 | 1337332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arctic Holdco, LLC (d)(e) | Paper & Packaging | S+5.25% (9.25%), 1/31/2032 | 2356195 | 2356195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arctic Holdco, LLC (d)(e)(f) | Paper & Packaging | S+5.25% (9.56%), 1/31/2032 | 166563 | 166563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arctic Holdco, LLC (d)(e)(f) | Paper & Packaging | S+5.25% (9.25%), 1/31/2031 | 14400 | 14400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Armada Parent, Inc. (d)(e) | Industrials | S+5.25% (9.45%), 10/29/2030 | 2995945 | 2981864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Armada Parent, Inc. (d)(e)(f) | Industrials | S+5.25%, 10/29/2030 |  | (973) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Armada Parent, Inc. (d)(e)(f) | Industrials | S+5.25% (9.41%), 10/29/2030 | 59333 | 57660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Artifact Bidco, Inc. (d)(e) | Software/Services | S+4.25% (8.25%), 7/28/2031 | 792000 | 792000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Artifact Bidco, Inc. (d)(e)(f) | Software/Services | S+4.25%, 7/28/2031 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Artifact Bidco, Inc. (d)(e)(f) | Software/Services | S+4.25%, 7/26/2030 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AuditBoard, Inc. (d)(e) | Software/Services | S+4.50% (8.50%), 7/14/2031 | 1185000 | 1185000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AuditBoard, Inc. (d)(e)(f) | Software/Services | S+4.50%, 7/14/2031 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AuditBoard, Inc. (d)(e)(f) | Software/Services | S+4.50%, 7/14/2031 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axiom Global, Inc. (d)(e) | Business Services | S+4.50% (8.91%), 10/2/2028 | 1382500 | 1382500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Azurite Intermediate Holdings, Inc. (d)(e) | Software/Services | S+6.00% (10.16%), 3/19/2031 | 1171875 | 1171875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Azurite Intermediate Holdings, Inc. (d)(e) | Software/Services | S+6.00% (10.16%), 3/19/2031 | 515625 | 515625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Azurite Intermediate Holdings, Inc. (d)(e)(f) | Software/Services | S+6.00%, 3/19/2031 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Big Apple Advisory, LLC (d)(e) | Business Services | S+4.50% (8.57%), 11/18/2031 | 2419840 | 2419840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Big Apple Advisory, LLC (d)(e)(f) | Business Services | S+4.50%, 11/18/2031 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Big Apple Advisory, LLC (d)(e)(f) | Business Services | S+4.50%, 11/18/2031 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bingo Group Buyer, Inc. (d)(e) | Utilities | S+5.00% (9.00%), 7/10/2031 | 780120 | 780120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bingo Group Buyer, Inc. (d)(e)(f) | Utilities | S+5.00% (9.20%), 7/10/2031 | 201874 | 201874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bingo Group Buyer, Inc. (d)(e)(f) | Utilities | S+5.00% (9.00%), 7/10/2031 | 2858 | 2858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carr, Riggs & Ingram Capital, LLC (d)(e) | Business Services | S+4.25% (8.25%), 11/18/2031 | 643765 | 643765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carr, Riggs & Ingram Capital, LLC (d)(e)(f) | Business Services | S+4.25% (8.25%), 11/18/2031 | 69188 | 69188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carr, Riggs & Ingram Capital, LLC (d)(e)(f) | Business Services | S+4.25%, 11/18/2031 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CCI Buyer, Inc. (d)(e) | Telecom | S+5.00% (9.00%), 5/13/2032 | 2815000 | 2786850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CCI Buyer, Inc. (d)(e)(f) | Telecom | S+5.00%, 5/13/2032 |  | (1640) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cliffwater, LLC (d)(e) | Financials | S+5.00% (9.31%), 4/22/2032 | 1618865 | 1603648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cliffwater, LLC (d)(e)(f) | Financials | S+5.00%, 4/22/2032 |  | (1448) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coalesce Merlin Purchaser, LLC (d)(e) | Business Services | S+5.00% (9.16%), 9/10/2031 | 893250 | 887355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coalesce Merlin Purchaser, LLC (d)(e)(f) | Business Services | S+5.00%, 9/10/2031 |  | (3300) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coalesce Merlin Purchaser, LLC (d)(e)(f) | Business Services | S+5.00%, 9/10/2031 |  | (1650) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cold Spring Brewing, Co. (d)(e) | Food & Beverage | S+4.75% (8.90%), 12/10/2030 | 1118207 | 1118207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corfin Industries, LLC (d)(e) | Industrials | S+5.25% (9.51%), 12/27/2027 | 1116711 | 1116711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cornerstone Building Brands, Inc. (d) | Industrials | S+4.50% (8.65%), 5/15/2031 | 992487 | 900682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Demakes Borrower, LLC (d)(e) | Food & Beverage | S+6.00% (10.00%), 12/12/2029 | 987413 | 987413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Einstein Parent, Inc. (d)(e) | Software/Services | S+6.50% (10.83%), 1/22/2031 | 1142000 | 1130580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Einstein Parent, Inc. (d)(e)(f) | Software/Services | S+6.50%, 1/22/2031 |  | (1180) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electric Power Engineers, LLC (d)(e) | Business Services | S+4.50% (8.50%), 12/31/2031 | 1428000 | 1415291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electric Power Engineers, LLC (d)(e)(f) | Business Services | S+4.50%, 12/31/2031 |  | (6052) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electric Power Engineers, LLC (d)(e)(f) | Business Services | S+4.50%, 12/31/2031 |  | (2421) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electro-Methods, LP (d)(e) | Industrials | S+4.75% (8.97%), 2/23/2032 | 1765575 | 1765575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electro-Methods, LP (d)(e)(f) | Industrials | S+4.75%, 2/23/2032 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Engineering Research And Consulting, LLC (d)(e) | Software/Services | S+5.00% (9.29%), 8/29/2031 | 744375 | 744375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;eos Products, LLC (d)(e)(f) | Consumer | P+0.75% (8.00%), 3/15/2027 | 837140 | 837140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Faraday Buyer, LLC (d)(e) | Utilities | S+6.00% (10.00%), 10/11/2028 | 340809 | 340809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Faraday Buyer, LLC (d)(e) | Utilities | S+6.00% (10.00%), 10/11/2028 | 72520 | 72520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Faraday Buyer, LLC (d)(e)(f) | Utilities | S+6.00%, 10/11/2028 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FloWorks International, LLC (d)(e) | Industrials | S+4.75% (8.95%), 11/26/2031 | 2019850 | 2002075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FloWorks International, LLC (d)(e)(f) | Industrials | S+4.75%, 11/26/2031 |  | (2235) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNZ Group Entities, Ltd. (d) | Financials | S+5.00% (9.32%), 11/5/2031 | 1492500 | 1194000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GDC White Plains Fee, LLC (d)(e) | Real Estate | S+5.35% (9.51%), 12/9/2025 | 3000000 | 3000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Geon Performance Solutions, LLC (d) | Chemicals | S+4.25% (8.51%), 8/18/2028 | 498798 | 465878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hallandale Oasis 2019, LLC (d)(e)(f) | Real Estate | S+8.30% (12.46%), 8/9/2026 | 2275398 | 2255215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HelpSystems Holdings, Inc. (d) | Software/Services | S+3.75% (8.16%), 11/19/2026 | 1481710 | 1395222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Higginbotham Insurance Agency, Inc. (d)(e) | Financials | S+4.50% (8.67%), 11/24/2028 | 1543965 | 1543965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Higginbotham Insurance Agency, Inc. (d)(e)(f) | Financials | S+4.75% (8.91%), 11/24/2028 | 542751 | 542751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Highway 16A Apartments, LLC (d)(e)(f) | Real Estate | S+4.00% (8.16%), 2/9/2028 | 405671 | 378533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hometown Food, Co. (d)(e) | Food & Beverage | S+4.50% (8.76%), 12/3/2030 | 1097130 | 1086817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICAT Intermediate Holdings, LLC (d)(e)(f) | Transportation | S+6.25%, 3/1/2029 |  | (1094) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICAT Intermediate Holdings, LLC (d)(e)(f) | Transportation | S+6.25%, 3/1/2029 |  | (7239) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICAT Intermediate Holdings, LLC (d)(e) | Transportation | S+6.25% (10.42%), 3/1/2029 | 966000 | 951522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ideal Tridon Holdings, Inc. (d)(e) | Industrials | S+5.00% (9.00%), 6/30/2032 | 2282000 | 2260093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ideal Tridon Holdings, Inc. (d)(e)(f) | Industrials | S+5.00%, 6/30/2032 |  | (4022) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ideal Tridon Holdings, Inc. (d)(e)(f) | Industrials | S+5.00%, 6/30/2032 |  | (3350) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;InhabitIQ, Inc. (d)(e) | Software/Services | S+4.50% (8.66%), 1/12/2032 | 1334655 | 1328649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;InhabitIQ, Inc. (d)(e)(f) | Software/Services | S+4.50%, 1/12/2032 |  | (1674) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;InhabitIQ, Inc. (d)(e)(f) | Software/Services | S+4.50%, 1/12/2032 |  | (1044) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integrated Global Services, Inc. (d)(e) | Industrials | S+5.00% (9.13%), 3/6/2032 | 1671600 | 1648532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integrated Global Services, Inc. (d)(e)(f) | Industrials | S+5.00%, 3/6/2032 |  | (3864) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integrated Global Services, Inc. (d)(e)(f) | Industrials | P+4.00% (11.25%), 3/6/2031 | 35000 | 30653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IW Buyer, LLC (d)(e) | Industrials | S+5.00% (9.26%), 6/28/2029 | 150987 | 150987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IW Buyer, LLC (d)(e) | Industrials | S+5.00% (9.26%), 6/28/2029 | 1019057 | 1019057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IW Buyer, LLC (d)(e) | Industrials | S+6.75% (11.01%), 6/28/2029 | 878827 | 878827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IW Buyer, LLC (d)(e)(f) | Industrials | S+5.00% (9.26%), 6/28/2029 | 41448 | 41448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Knowledge Pro Buyer, Inc. (d)(e) | Business Services | S+5.00% (9.26%), 12/10/2027 | 44775 | 44775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Knowledge Pro Buyer, Inc. (d)(e)(f) | Business Services | S+5.00%, 12/10/2027 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Knowledge Pro Buyer, Inc. (d)(e)(f) | Business Services | S+5.00% (9.26%), 12/10/2027 | 265477 | 265477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LABL, Inc. (d) | Paper & Packaging | S+5.00% (9.26%), 10/30/2028 | 742298 | 606828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Last Dance Intermediate II, LLC (d)(e) | Telecom | S+5.00% (9.16%), 3/31/2031 | 1213000 | 1196382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Last Dance Intermediate II, LLC (d)(e) | Telecom | S+5.00% (9.16%), 3/31/2031 | 1197000 | 1185748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Last Dance Intermediate II, LLC (d)(e)(f) | Telecom | S+5.00% (9.16%), 3/31/2031 | 118290 | 107000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Last Dance Intermediate II, LLC (d)(e)(f) | Telecom | S+5.00% (9.16%), 3/31/2031 | 124000 | 121098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lighthouse Intelligence, Ltd. (d)(e) | Software/Services | S+5.00% (9.16%) 2.50% PIK, 4/10/2030 | 1154764 | 1139060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lighthouse Intelligence, Ltd. (d)(e)(f) | Software/Services | S+5.00%, 2.50% PIK, 4/10/2030 |  | (8364) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lighthouse Intelligence, Ltd. (d)(e)(f) | Software/Services | S+5.00%, 2.50% PIK, 4/10/2030 |  | (5970) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LSF12 Donnelly Bidco, LLC (d)(e) | Industrials | S+6.50% (10.66%), 10/2/2029 | 1102500 | 1102500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mandrake Bidco, Inc. (d)(e) | Industrials | S+4.50% (8.81%), 8/20/2031 | 3037140 | 3037140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mandrake Bidco, Inc. (d)(e)(f) | Industrials | S+4.50%, 8/20/2030 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mckissock Investment Holdings, LLC (d) | Education | S+5.00% (9.33%), 3/12/2029 | 1105313 | 1097718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Megavolt Borrower, LLC (d)(e) | Utilities | S+4.75% (8.75%), 2/13/2032 | 1897245 | 1897245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MRI Software, LLC (d)(e) | Software/Services | S+4.75% (8.75%), 2/10/2027 | 273853 | 273853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MRI Software, LLC (d)(e) | Software/Services | S+4.75% (8.75%), 2/10/2027 | 845674 | 841445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neptune Bidco US, Inc. (d) | Publishing | S+5.00% (9.43%), 4/11/2029 | 1235470 | 1174784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Fortress Energy, Inc. (d) | Utilities | S+5.50% (9.57%), 10/30/2028 | 3967522 | 1908020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PetVet Care Centers, LLC (d)(e) | Healthcare | S+6.00% (10.16%), 11/15/2030 | 1701690 | 1620009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PetVet Care Centers, LLC (d)(e)(f) | Healthcare | S+6.00%, 11/15/2030 |  | (10848) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PetVet Care Centers, LLC (d)(e)(f) | Healthcare | S+6.00%, 11/15/2029 |  | (10848) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PlayPower, Inc. (d)(e) | Industrials | S+5.25% (9.25%), 8/28/2030 | 163759 | 163759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PlayPower, Inc. (d)(e) | Industrials | S+5.25% (9.25%), 8/28/2030 | 967230 | 967230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PlayPower, Inc. (d)(e)(f) | Industrials | S+5.25%, 8/28/2030 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PREF Montabella PropCo, LLC & PREF Dominion PropCo, LLC (d)(e) | Real Estate | S+3.25% (7.41%), 2/9/2027 | 3000000 | 3000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reagent Chemical and Research, LLC (d)(e) | Chemicals | S+5.25% (9.41%), 4/30/2031 | 2384690 | 2384690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reagent Chemical and Research, LLC (d)(e)(f) | Chemicals | S+5.25%, 4/30/2030 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rialto Management Group, LLC (d)(e) | Financials | S+5.00% (9.16%), 12/5/2030 | 1032262 | 1032262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rialto Management Group, LLC (d)(e)(f) | Financials | S+5.00%, 12/5/2030 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Russell Investments US Institutional Holdco, Inc. (d) | Financials | S+6.50% (10.81%) 1.50% PIK, 5/28/2027 | 997538 | 953896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saturn Sound Bidco, Ltd. (d)(e) | Business Services | S+5.25% (9.52%), 12/3/2031 | 1270000 | 1258824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saturn Sound Bidco, Ltd. (d)(e)(f) | Business Services | S+5.25%, 12/3/2031 |  | (2033) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Serrano Parent, LLC (d)(e) | Software/Services | S+6.50% (10.71%), 5/12/2030 | 3135000 | 3069165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Serrano Parent, LLC (d)(e)(f) | Software/Services | S+6.50%, 5/12/2030 |  | (6783) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SitusAMC Holdings Corp. (d)(e) | Financials | S+5.50% (9.50%), 5/14/2031 | 2815000 | 2801770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Skywater Technology Foundry, Inc. (d)(e)(f) | Technology | S+4.25% (8.53%), 6/30/2030 | 1952098 | 1900964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TEI Intermediate, LLC (d)(e) | Business Services | S+4.75% (8.75%), 12/15/2031 | 1169000 | 1169000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TEI Intermediate, LLC (d)(e)(f) | Business Services | S+4.75% (8.82%), 12/15/2031 | 22440 | 22440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TEI Intermediate, LLC (d)(e)(f) | Business Services | S+4.75% (9.07%), 12/15/2031 | 3741 | 3741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truck Hero, Inc. (d) | Transportation | S+5.00% (9.28%), 1/31/2028 | 988722 | 918275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trystar, LLC (d)(e) | Utilities | S+4.25% (8.56%), 8/6/2031 | 531980 | 531980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trystar, LLC (d)(e) | Utilities | S+4.25% (8.56%), 8/6/2031 | 1259483 | 1259483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trystar, LLC (d)(e)(f) | Utilities | S+4.25% (8.29%), 8/6/2031 | 150124 | 150124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trystar, LLC (d)(e)(f) | Utilities | S+4.25%, 8/6/2031 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vaco Holdings, LLC (d) | Business Services | S+5.00% (9.15%), 1/22/2029 | 2472445 | 2120122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Varicent Intermediate Holdings Corp. (d)(e) | Software/Services | S+5.76% (9.75%) 3.13% PIK, 8/23/2031 | 1053307 | 1043932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Varicent Intermediate Holdings Corp. (d)(e)(f) | Software/Services | S+5.76%, 3.13% PIK, 8/23/2031 | 18812 | 17098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Varicent Intermediate Holdings Corp. (d)(e)(f) | Software/Services | S+5.76%, 3.13% PIK, 8/23/2031 |  | (1130) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Volunteer AcquisitionCo, LLC (d)(e) | Industrials | S+6.50% (10.70%), 9/1/2029 | 315810 | 303809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Volunteer AcquisitionCo, LLC (d)(e) | Industrials | S+6.50% (10.70%), 9/1/2029 | 4059311 | 3905057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Volunteer AcquisitionCo, LLC (d)(e)(f) | Industrials | S+6.50%, 9/1/2029 |  | (24244) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westwood Professional Services, Inc. (d)(e) | Business Services | S+4.50% (8.50%), 9/19/2031 | 2300760 | 2300760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westwood Professional Services, Inc. (d)(e)(f) | Business Services | S+4.50% (8.50%), 9/19/2031 | 227227 | 227227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westwood Professional Services, Inc. (d)(e)(f) | Business Services | S+4.50%, 9/19/2031 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHK Waterfront Urban Renewal, LLC (d)(e)(f) | Real Estate | S+5.50% (9.66%), 7/9/2027 | 286722 | 249522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WIN Holdings III Corp. (d)(e) | Consumer | S+5.00% (9.25%), 7/16/2028 | 1130000 | 1130000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X Corp. | Media/Entertainment | 9.50%, 10/26/2029 | 5993622 | 6007767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X.AI Corp. | Software/Services | 12.50%, 6/28/2030 | 1995000 | 2063748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zendesk, Inc. (d)(e) | Software/Services | S+5.00% (9.00%), 11/22/2028 | 542570 | 542570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zendesk, Inc. (d)(e)(f) | Software/Services | S+5.00% (9.00%), 11/22/2028 | 41458 | 41458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zendesk, Inc. (d)(e)(f) | Software/Services | S+5.00%, 11/22/2028 |  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Bank Loans (Cost $129,857,740)** |  |  |  | $**128450148** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Corporate Bonds - 1.9%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brightline East, LLC (c) | Transportation | 11.00%, 1/31/2030 | $6000000 | $2467500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Corporate Bonds (Cost $4,744,138)** |  |  |  | $**2467500** |
| **Total Senior Secured First Lien Debt (Cost $134,601,878)** |  |  |  | $**130917648** |
| **Senior Secured Second Lien Debt - 10.5%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Bank Loans - 8.3%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alera Group, Inc. (d) | Financials | S+5.50% (9.66%), 5/30/2033 | $1195000 | $1227122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altar Bidco, Inc. (d) | Technology | S+5.60% (9.28%), 2/1/2030 | 1750000 | 1656673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corelogic, Inc. (d) | Business Services | S+6.50% (10.78%), 6/4/2029 | 2250000 | 2232428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IDERA, Inc. (d)(e) | Technology | S+6.75% (11.20%), 3/2/2029 | 503049 | 452744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MH Sub I, LLC (d) | Business Services | S+6.25% (10.41%), 2/23/2029 | 1250000 | 1078713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peraton Corp. (d) | Business Services | S+7.75% (12.05%), 2/1/2029 | 4025000 | 2379780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Project Alpha Intermediate Holding, Inc. (d) | Software/Services | S+5.00% (9.00%), 5/9/2033 | 1000000 | 992500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S&S Holdings, LLC (d)(e) | Consumer | S+8.75% (13.02%), 3/11/2029 | 1000000 | 990200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Bank Loans (Cost $11,945,732)** |  |  |  | $**11010160** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Corporate Bonds - 2.2%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Graftech Global Enterprises, Inc. (c) | Industrials | 9.88%, 12/23/2029 | $3500000 | $2988057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Corporate Bonds (Cost $2,806,310)** |  |  |  | $**2988057** |
| **Total Senior Secured Second Lien Debt (Cost $14,752,042)** |  |  |  | $**13998217** |
| **Subordinated Debt - 15.1%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Bank Loans - 0.7%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 Pressler Street Member, LLC (d)(e)(f) | Real Estate | S+15.25% (19.41%), 4/9/2028 | $103833 | $95242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MG Martine-Main Westchester, LLC (e) | Real Estate | 16.00%, 12/9/2025 | 384783 | 384783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHK Waterfront Mezz, LLC (d)(e)(f) | Real Estate | S+11.90% (16.06%), 7/9/2027 | 431245 | 420251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Bank Loans (Cost $883,533)** |  |  |  | $**900276** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Convertible Bonds - 13.2%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Akamai Technologies, Inc. | Technology | 1.13%, 2/15/2029 | $750000 | $703445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding, Ltd. (c) | Business Services | 0.00% 9/15/2032 | 1000000 | 1140317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cable One, Inc. | Cable | 1.13%, 3/15/2028 | 1000000 | 855910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coinbase Global, Inc. | Financials | 0.25%, 4/1/2030 | 1750000 | 2191440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Core Scientific, Inc. (c) | Technology | 0.00%, 6/15/2031 | 1000000 | 1121000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JetBlue Airways Corp. | Transportation | 2.50%, 9/1/2029 | 3250000 | 3354663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lucid Group, Inc. (c) | Transportation | 5.00%, 4/1/2030 | 2000000 | 1967800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MicroStrategy, Inc. | Software/Services | 0.63%, 9/15/2028 | 540000 | 1017991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MicroStrategy, Inc. (c) | Software/Services | 0.00%, 3/1/2030 | 1000000 | 1040565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northern Oil & Gas, Inc. | Energy | 3.63%, 4/15/2029 | 500000 | 502500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northern Oil & Gas, Inc. (c) | Energy | 3.63%, 4/15/2029 | 250000 | 251250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Riot Platforms, Inc. (c) | Financials | 0.75%, 1/15/2030 | 750000 | 1143750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rubrik, Inc. (c) | Software/Services | 0.00%, 6/15/2030 | 750000 | 756869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shift4 Payments, Inc. | Technology | 0.50%, 8/1/2027 | 1000000 | 980858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uniti Group, Inc. | Telecom | 7.50%, 12/1/2027 | 500000 | 545073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Convertible Bonds (Cost $17,067,191)** |  |  |  | $**17573431** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Corporate Bonds - 1.2%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CoreWeave, Inc. (c) | Technology | 9.25%, 6/1/2030 | $750000 | $775427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CoreWeave, Inc. (c) | Technology | 9.00%, 2/1/2031 | 750000 | 768750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Corporate Bonds (Cost $1,500,000)** |  |  |  | $**1544177** |
| **Total Subordinated Debt (Cost $19,450,724)** |  |  |  | $**20017884** |
| **Equity/Other - 7.1%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Preferred Stock - Convertible - 6.1%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CCI Buyer, Inc. (c)(e) | Telecom | 12.00% PIK, 5/6/2050 | 1954 | $1915115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Higginbotham Insurance Agency, Inc. (c)(e) | Financials | 10.50%, 11/25/2028 | 522 | 514170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR & Co, Inc. (c) | Financials | 6.25%, 3/1/2028 | 15330 | 802526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG&E Corp. | Utilities | 6.00%, 12/1/2027 | 123705 | 4871503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Preferred Stock - Convertible (Cost $8,718,073)** |  |  |  | $**8103314** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Preferred Stock - 1.0%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae | Financials |  | 83240 | $1381784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Preferred Stock (Cost $574,783)** |  |  |  | $**1381784** |
| **Total Equity/Other (Cost $9,292,856)** |  |  |  | $**9485098** |
| **Total Investments - 140.0% (Cost $189,637,310)** |  |  |  | $**186070647** |
| **Liabilities in Excess of Other Assets - (40.0%)** |  |  |  | **(53141206)** |
| **Total Net Assets - 100.0%** |  |  |  | $**132929441** |

---

Percentages are stated as a percent of net assets.

---

| | |
|:---|:---|
| (a) | Unless otherwise indicated, all investments in the 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 September 30, 2025. 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 September 30, 2025 was $29,304,896 which represented 22.0% 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 is an unfunded loan 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. |
|  | The accompanying notes are an integral part of these financial statements. |

---

As of September 30, 2025, 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 | $1507215 |
| 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 | 861418 |
| 300 Pressler Street Owner, LLC | Senior Secured First Lien Debt | Delayed Draw | 5000000 | 4462033 |
| 628 Summit Ave, LLC | Senior Secured First Lien Debt | Delayed Draw | 3000000 | 815735 |
| Accel International Holdings, LLC | Senior Secured First Lien Debt | Delayed Draw | 251000 | 251000 |
| Adelaide Borrower, LLC | Senior Secured First Lien Debt | Delayed Draw | 412000 | 412000 |
| Adelaide Borrower, LLC | Senior Secured First Lien Debt | Revolver | 258000 | 258000 |
| Amylu Borrower Sub, LLC | Senior Secured First Lien Debt | Delayed Draw | 365000 | 365000 |
| Amylu Borrower Sub, LLC | Senior Secured First Lien Debt | Revolver | 426000 | 395571 |
| Arctic Holdco, LLC | Senior Secured First Lien Debt | Revolver | 180000 | 165600 |
| Arctic Holdco, LLC | Senior Secured First Lien Debt | Delayed Draw | 269163 | 102600 |
| Armada Parent, Inc. | Senior Secured First Lien Debt | Delayed Draw | 207000 | 207000 |
| Armada Parent, Inc. | Senior Secured First Lien Debt | Revolver | 356000 | 296667 |
| 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 |
| AuditBoard, Inc. | Senior Secured First Lien Debt | Delayed Draw | 564000 | 564000 |
| 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 | 1169000 | 1169000 |
| Bingo Group Buyer, Inc. | Senior Secured First Lien Debt | Delayed Draw | 243917 | 42043 |
| Bingo Group Buyer, Inc. | Senior Secured First Lien Debt | Revolver | 94000 | 91142 |
| Carr, Riggs & Ingram Capital, LLC | Senior Secured First Lien Debt | Revolver | 150000 | 150000 |
| Carr, Riggs & Ingram Capital, LLC | Senior Secured First Lien Debt | Delayed Draw | 327652 | 258464 |
| 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 | 500000 | 500000 |
| 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 | 272000 |
| Electric Power Engineers, LLC | Senior Secured First Lien Debt | Delayed Draw | 680000 | 680000 |
| Electro-Methods, LP | Senior Secured First Lien Debt | Revolver | 425000 | 425000 |
| eos Products, LLC | Senior Secured First Lien Debt | Revolver | 1586000 | 745671 |
| Faraday Buyer, LLC | Senior Secured First Lien Debt | Delayed Draw | 47000 | 47000 |
| FloWorks International, LLC | Senior Secured First Lien Debt | Delayed Draw | 254000 | 254000 |
| Hallandale Oasis 2019, LLC | Senior Secured First Lien Debt | Delayed Draw | 4294118 | 2018720 |
| Higginbotham Insurance Agency, Inc. | Senior Secured First Lien Debt | Delayed Draw | 1044540 | 446526 |
| Highway 16A Apartments, LLC | Senior Secured First Lien Debt | Delayed Draw | 3230769 | 2825098 |
| ICAT Intermediate Holdings, LLC | Senior Secured First Lien Debt | Delayed Draw | 483000 | 483000 |
| 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 | 349000 |
| 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 | 280000 |
| IW Buyer, LLC | Senior Secured First Lien Debt | Revolver | 290135 | 248687 |
| Knowledge Pro Buyer, Inc. | Senior Secured First Lien Debt | Delayed Draw | 899329 | 634500 |
| Knowledge Pro Buyer, Inc. | Senior Secured First Lien Debt | Revolver | 180000 | 180000 |
| Last Dance Intermediate II, LLC | Senior Secured First Lien Debt | Delayed Draw | 965000 | 846710 |
| Last Dance Intermediate II, LLC | Senior Secured First Lien Debt | Revolver | 248000 | 124000 |
| 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 | Delayed Draw | 226000 | 226000 |
| PetVet Care Centers, LLC | Senior Secured First Lien Debt | Revolver | 226000 | 226000 |
| PlayPower, Inc. | Senior Secured First Lien Debt | Revolver | 148000 | 148000 |
| 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 | 2344902 |
| TEI Intermediate, LLC | Senior Secured First Lien Debt | Revolver | 159000 | 127200 |
| TEI Intermediate, LLC | Senior Secured First Lien Debt | Delayed Draw | 374000 | 351560 |
| Trystar, LLC | Senior Secured First Lien Debt | Delayed Draw | 644624 | 494500 |
| Trystar, LLC | Senior Secured First Lien Debt | Revolver | 322000 | 322000 |
| Varicent Intermediate Holdings Corp. | Senior Secured First Lien Debt | Revolver | 127000 | 127000 |
| Varicent Intermediate Holdings Corp. | Senior Secured First Lien Debt | Delayed Draw | 173858 | 173858 |
| Volunteer AcquisitionCo, LLC | Senior Secured First Lien Debt | Revolver | 638000 | 638000 |
| Westwood Professional Services, Inc. | Senior Secured First Lien Debt | Revolver | 349000 | 349000 |
| Westwood Professional Services, Inc. | Senior Secured First Lien Debt | Delayed Draw | 671913 | 444686 |
| WHK Waterfront Mezz, LLC | Subordinated Debt | Delayed Draw | 1527000 | 1095755 |
| WHK Waterfront Urban Renewal, LLC | Senior Secured First Lien Debt | Delayed Draw | 4000000 | 3713278 |
| Zendesk, Inc. | Senior Secured First Lien Debt | Delayed Draw | 132569 | 91111 |
| Zendesk, Inc. | Senior Secured First Lien Debt | Revolver | 55000 | 55000 |
|  |  |  | $56296086 | $41586498 |

---

**Notes to 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 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 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 the 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;

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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 also
 has 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.

High Yield 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 Securities' 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 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 securities at the last reported sale price, unless the Valuation Committee believes such price no longer represents the fair market value and elects to value the security at fair value 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 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 New York Stock Exchange ("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 September 30, 2025, according to the fair value hierarchy:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **DESCRIPTION<sup>1</sup>** | **(Level 1)** | **(Level 2)** | **(Level 3)** | **Total** |
| **<u>Franklin BSP Private Credit Fund</u>** | | | | |
| &nbsp;&nbsp;&nbsp;**Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Collateralized Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CLO Debt | $- | $- | $11651800 | $11651800 |
| &nbsp;&nbsp;&nbsp;Total Collateralized Securities |  |  | 11651800 | 11651800 |
| &nbsp;&nbsp;&nbsp;Senior Secured First Lien Debt |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank Loans |  | 20806940 | 107643208 | 128450148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds | - | 2467500 | - | 2467500 |
| &nbsp;&nbsp;&nbsp;Total Senior Secured First Lien Debt |  | 23274440 | 107643208 | 130917648 |
| &nbsp;&nbsp;&nbsp;Senior Secured Second Lien Debt |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank Loans |  | 9567216 | 1442944 | 11010160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds | - | 2988057 | - | 2988057 |
| &nbsp;&nbsp;&nbsp;Total Senior Secured Second Lien Debt |  | 12555273 | 1442944 | 13998217 |
| &nbsp;&nbsp;&nbsp;Subordinated Debt |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank Loans |  |  | 900276 | 900276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible Bonds |  | 17573431 |  | 17573431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds | - | 1544177 | - | 1544177 |
| &nbsp;&nbsp;&nbsp;Total Subordinated Debt |  | 19117608 | 900276 | 20017884 |
| &nbsp;&nbsp;&nbsp;Equity/Other |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred Stock - Convertible | 4871503 | 802526 | 2429285 | 8103314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred Stock | 1381784 | - | - | 1381784 |
| &nbsp;&nbsp;&nbsp;Total Equity/Other | 6253287 | 802526 | 2429285 | 9485098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | $**6253287** | $**55749847** | $**124067513** | $**186070647** |

---

<sup>(1)</sup> For further security characteristics, see the Fund's 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 September 30, 2025:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Franklin BSP Private Credit Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Collateralized Securities** | **Senior Secured<br> First Lien Debt**  | **Senior Secured<br> Second Lien Debt**  | **Subordinated Debt** | **Equity/Other** |
| Beginning Balance - January 1, 2025 | $10261316 | $60059711 | $483983 | $369513 | $514170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisitions | 3751929 | 54559024 | 1590 | 526671 | 1914195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dispositions | (2323130) | (10613976) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized gain (loss) | 87464 | 107399 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return of capital |  | (277792) |  | (8803) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) | (125779) | 344635 | (32829) | 12895 | 920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net transfers in/(out) of Level 3 | – | 3464207 | 990200 | – | – |
| Ending Balance - September 30, 2025 | $**11651800** | $**107643208** | $**1442944** | $**900276** | $**2429285** |

---

As of September 30, 2025, the change in unrealized appreciation (depreciation) on positions still held in the Fund was $(23,800) for Collateralized Securities, $243,338 for Senior Secured First Lien Debt, $5,923 for Senior Secured Second Lien Debt, $12,895 for Subordinated Debt, and $920 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 September 30, 2025. 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 Inputs**  | **Minimum** | **Maximum** | <br>**Weighted<br> Average <sup>(a)</sup>**  |
| Collateralized Securities | $8046800 | &nbsp;&nbsp;Yield Analysis | &nbsp;&nbsp;Discount Margin | 4.20% | 5.60% | 4.76% |
| Collateralized Securities <sup>(b)</sup> | 3605000 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | N/A | N/A | N/A |
| Senior Secured First Lien Debt | 12842145 | &nbsp;&nbsp;Yield Analysis | &nbsp;&nbsp;Discount Margin | 3.95% | 8.30% | 5.91% |
| Senior Secured First Lien Debt | 90866454 | &nbsp;&nbsp;Yield Analysis | &nbsp;&nbsp;Market Yield | 7.90% | 14.40% | 9.34% |
| Senior Secured First Lien Debt <sup>(b)</sup> | 3934609 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | N/A | N/A | N/A |
| Senior Secured Second Lien Debt | 1442944 | &nbsp;&nbsp;Yield Analysis | &nbsp;&nbsp;Market Yield | 13.70% | 14.60% | 13.98% |
| Subordinated Debt | 515493 | &nbsp;&nbsp;Yield Analysis | &nbsp;&nbsp;Discount Margin | 12.05% | 15.43% | 12.67% |
| Subordinated Debt <sup>(b)</sup> | 384783 | &nbsp;&nbsp;Yield Analysis | &nbsp;&nbsp;Discount Rate | 15.97% | 15.97% | 15.97% |
| Equity/Other | 2429285 | &nbsp;&nbsp;Yield Analysis | &nbsp;&nbsp;Market Yield | 11.57% | 13.35% | 12.97% |
|  | $**124067513** |  |  |  |  |  |

---

(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

There were no significant changes in valuation approach or technique as of September 30, 2025.

## 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:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**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:** $240822153.90

**Total Liabilities:** $107915963.46

**Net Assets:** $132906190.44

**Delayed Delivery Securities:** $2500000.00

**Cash Not Reported:** $4458353.94

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 543.477061000000 | **1-Year:** 3284.826965000000 | **5-Year:** 266.355225000000 | **10-Year:** 92.397929000000 | **30-Year:** 0.000000000000

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

- **3-Month:** 8244.657985000000 | **1-Year:** 3773.149254000000 | **5-Year:** 3241.156842000000 | **10-Year:** 228.787737000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.23%                | 0.23%                | 0.28%                |
| Class ID N/A | 0.27%                | 0.27%                | 0.32%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $276557.98               | $-664651.66                                |
| Month 2  | $211651.63               | $-829045.38                                |
| Month 3  | $565562.80               | $-870860.44                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AKAMAI TECHNOLOGIES INC                            | Akamai Technologies Inc                                                   | CUSIP: 00971TAN1<br>LEI: OC1LZNN2LF5WTJ5RIL89 | Long             | DBT              | CORP              | US        |    750000 | PA      | $703445.25    | 0.53%             | 2029-02-15      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| Frontier Issuer LLC                                | Frontier Issuer LLC                                                       | CUSIP: 35910EAP9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1105000.00   | 0.83%             | 2054-06-20      | Fixed         | 11.16%                | No            |                  3 | On Loan: No      |
| PG&E CORP                                          | PG&E Corp                                                                 | CUSIP: 69331C306<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | EP               | CORP              | US        |    123705 | NS      | $4871502.90   | 3.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Hallandale_DDTL_S                                  | Hallandale_DDTL_S                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   4294118 | PA      | $4273935.30   | 3.22%             | 2029-07-30      | Floating      | 12.61%                | 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        |    274578 | PA      | $274577.55    | 0.21%             | 2026-02-10      | Floating      | 9.05%                 | No            |                  3 | On Loan: No      |
| ALLIED BENEFITS SYSTEMS INTERMEDIATE DELAYED DRAW  | ALLIED BENEFITS SYSTEMS INTERMEDIATE DELAYED DRAW                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    782100 | PA      | $782100.00    | 0.59%             | 2030-10-31      | Floating      | 9.56%                 | No            |                  3 | On Loan: No      |
| Faraday Buyer T/L (1/24)                           | Faraday Buyer T/L (1/24)                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    341679 | PA      | $341678.57    | 0.26%             | 2028-10-11      | Floating      | 10.30%                | No            |                  3 | On Loan: No      |
| Higginbotham Insurance Agency 4th Amen Delayed Dra | Higginbotham Insurance Agency 4th Amen Delayed Dra                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1046049 | PA      | $1046048.70   | 0.79%             | 2028-11-25      | Floating      | 9.07%                 | 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    | 0.29%             | 2030-04-01      | Floating      | 10.57%                | No            |                  3 | On Loan: No      |
| PlayPower R/C                                      | PlayPower R/C                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    148000 | PA      | $148000.00    | 0.11%             | 2030-08-26      | Floating      | 10.50%                | No            |                  3 | On Loan: No      |
| Trystar T/L                                        | Trystar T/L                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1262655 | PA      | $1262655.00   | 0.95%             | 2031-08-06      | Floating      | 8.78%                 | 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    | 0.24%             | 2031-08-06      | Floating      | 9.73%                 | 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        |    192670 | PA      | $190955.51    | 0.14%             | 2031-08-23      | Floating      | 7.85%                 | 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        |   2306570 | PA      | $2306570.00   | 1.74%             | 2030-09-19      | Floating      | 8.80%                 | 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      | $228967.20    | 0.17%             | 2031-12-03      | Floating      | 9.78%                 | 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    | 0.28%             | 2031-12-13      | Floating      | 9.15%                 | 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      | $269579.20    | 0.20%             | 2031-12-31      | Floating      | 8.83%                 | No            |                  3 | On Loan: No      |
| PlayPower Incremental T/L (02/25)                  | PlayPower Incremental T/L (02/25)                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    164173 | PA      | $164172.93    | 0.12%             | 2030-08-26      | Floating      | 9.55%                 | 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        |   1097130 | PA      | $1086816.60   | 0.82%             | 2030-10-31      | Floating      | 8.85%                 | 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      | $414977.60    | 0.31%             | 2032-06-28      | Floating      | 9.30%                 | No            |                  3 | On Loan: No      |
| COREWEAVE INC                                      | CoreWeave Inc                                                             | CUSIP: 21873SAB4<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |    750000 | PA      | $775427.25    | 0.58%             | 2030-06-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Highway 16A Apartments                             | Highway 16A Apartments                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   3230769 | PA      | $3203630.77   | 2.41%             | 2030-02-09      | Floating      | 8.42%                 | No            |                  3 | On Loan: No      |
| NEPTUNE BIDCO US INC                               | Neptune Bidco US Inc                                                      | CUSIP: 64069JAC6<br>LEI: 549300VG15T3VCYZ4531 | Long             | LON              | CORP              | US        |   1235470 | PA      | $1174783.89   | 0.88%             | 2029-04-11      | Floating      | 9.43%                 | No            |                  2 | 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    | 0.66%             | 2029-06-16      | Floating      | 9.46%                 | 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    | 0.39%             | 2031-07-24      | Floating      | 10.10%                | No            |                  3 | On Loan: No      |
| NORTHERN OIL & GAS INC                             | Northern Oil & Gas Inc                                                    | CUSIP: 665531AJ8<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | DBT              | CORP              | US        |    500000 | PA      | $502500.20    | 0.38%             | 2029-04-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| NORTHERN OIL & GAS INC                             | Northern Oil & Gas Inc                                                    | CUSIP: 665531AK5<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | DBT              | CORP              | US        |    250000 | PA      | $251250.10    | 0.19%             | 2029-04-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| City Square White Plains Mezz Delayed Draw T/L     | City Square White Plains Mezz Delayed Draw T/L                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    384783 | PA      | $384783.00    | 0.29%             | 2031-12-04      | Floating      | 16.00%                | No            |                  3 | On Loan: No      |
| ALLIED BENEFITS SYSTEMS INTERMEDIATE T/L           | ALLIED BENEFITS SYSTEMS INTERMEDIATE T/L                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   3129388 | PA      | $3129387.50   | 2.35%             | 2030-10-31      | Floating      | 9.61%                 | 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      | $1185000.00   | 0.89%             | 2031-07-10      | Floating      | 8.80%                 | 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      | $564000.00    | 0.42%             | 2031-07-12      | Floating      | 5.30%                 | 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     | 0.07%             | 2031-07-10      | Floating      | 9.30%                 | No            |                  3 | 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        |   1386000 | PA      | $1386000.00   | 1.04%             | 2028-10-02      | Floating      | 8.91%                 | 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        |    645382 | PA      | $645382.50    | 0.49%             | 2031-11-18      | Floating      | 8.55%                 | 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      |
| 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      | $1455128.60   | 1.09%             | 2032-04-26      | Floating      | 8.78%                 | 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      | $4985000.00   | 3.75%             | 2032-03-20      | Floating      | 10.84%                | No            |                  3 | On Loan: No      |
| LUCID GROUP INC                                    | Lucid Group Inc                                                           | CUSIP: 549498AC7<br>LEI: 529900MRL9Z13ZCRVD74 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1967800.00   | 1.48%             | 2030-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Navesink CLO, Limited                              | Navesink CLO 1 Ltd                                                        | CUSIP: 98886CBC9<br>LEI: 549300Z3UTJMSTE02P68 | Long             | ABS-CBDO         | CORP              | KY        |   1250000 | PA      | $1250000.00   | 0.94%             | 2033-07-25      | Floating      | 9.92%                 | No            |                  3 | On Loan: No      |
| COREWEAVE INC                                      | CoreWeave Inc                                                             | CUSIP: 21873SAC2<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |    750000 | PA      | $768750.00    | 0.58%             | 2031-02-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| GRAFTECH GLOBAL ENTERPRI                           | GrafTech Global Enterprises Inc                                           | CUSIP: 38431AAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3500000 | PA      | $2988057.45   | 2.25%             | 2029-12-23      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| STRATEGY INC                                       | Strategy Inc                                                              | CUSIP: 594972AT8<br>LEI: 549300WQTWEJUEHXQX21 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1040565.10   | 0.78%             | 2030-03-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| UNITI GROUP INC                                    | Uniti Group Inc                                                           | CUSIP: 91325VAB4<br>LEI: 549300V3NU625PJUVA84 | Long             | DBT              | CORP              | US        |    500000 | PA      | $545073.45    | 0.41%             | 2027-12-01      | Fixed         | 7.50%                 | 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      | $3962800.00   | 2.98%             | 2029-07-09      | Floating      | 10.62%                | 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      | $249820.30    | 0.19%             | 2032-04-26      | Floating      | 8.78%                 | 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        |   2129000 | PA      | $2108795.79   | 1.59%             | 2031-06-10      | Floating      | 9.07%                 | 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      | $421957.26    | 0.32%             | 2031-06-10      | Floating      | 9.31%                 | No            |                  3 | On Loan: No      |
| City Square White Plains senior Delayed Draw T/L   | City Square White Plains senior Delayed Draw T/L                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   3000000 | PA      | $3000000.00   | 2.26%             | 2031-12-04      | Floating      | 9.66%                 | No            |                  3 | On Loan: No      |
| VOLUNTEER ACQUISITIONCO T/L                        | VOLUNTEER ACQUISITIONCO T/L                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   4069654 | PA      | $3915007.21   | 2.95%             | 2029-09-01      | Floating      | 10.70%                | No            |                  3 | On Loan: No      |
| ARAMSCO INC                                        | Aramsco Inc                                                               | CUSIP: 03853CAG0<br>LEI: 549300YLYMLCCLQAZU59 | Long             | LON              | CORP              | US        |   1663432 | PA      | $1340725.91   | 1.01%             | 2030-10-11      | Floating      | 9.05%                 | No            |                  3 | On Loan: No      |
| VOLUNTEER ACQUISITIONCO DELAYED DRAW T/L           | VOLUNTEER ACQUISITIONCO DELAYED DRAW T/L                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    316608 | PA      | $304576.42    | 0.23%             | 2029-09-01      | Floating      | 10.83%                | No            |                  3 | On Loan: No      |
| REALTRUCK GROUP INC                                | Realtruck Group Inc                                                       | CUSIP: 89778PAH0<br>LEI: 54930007KT5CX7XNSD31 | Long             | LON              | CORP              | US        |    991231 | PA      | $920605.88    | 0.69%             | 2028-01-31      | Floating      | 9.47%                 | No            |                  2 | On Loan: No      |
| ALIBABA GROUP HOLDING                              | Alibaba Group Holding Ltd                                                 | CUSIP: YK0592740<br>LEI: 5493001NTNQJDH60PM02 | Long             | DBT              | CORP              | KY        |   1000000 | PA      | $1140317.00   | 0.86%             | 2032-09-15      | Fixed         | 0.00%                 | No            |                  2 | 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      | $71905.88     | 0.05%             | 2032-09-29      | Floating      | 10.38%                | No            |                  3 | On Loan: No      |
| S&S HOLDINGS LLC                                   | S&S Holdings LLC                                                          | CUSIP: 78524JAD3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1000000 | PA      | $990200.00    | 0.75%             | 2029-03-12      | Floating      | 13.20%                | No            |                  3 | On Loan: No      |
| HS PURCHASER LLC                                   | HS Purchaser LLC                                                          | CUSIP: 42351EAB2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1485629 | PA      | $1398913.23   | 1.05%             | 2026-11-30      | Floating      | 8.38%                 | No            |                  2 | On Loan: No      |
| RUSSELL INVESTMENTS US                             | Russell Investments US Institutional Holdco Inc                           | CUSIP: 78249LAE0<br>LEI: 5493008YG7V0FQCJQI74 | Long             | LON              | CORP              | US        |   1003801 | PA      | $959884.56    | 0.72%             | 2027-05-28      | Floating      | 9.28%                 | No            |                  2 | On Loan: No      |
| Artifact Bidco R/C                                 | Artifact Bidco, Inc., Senior Secured First Lien Revolving Credit Loan     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    139000 | PA      | $139000.00    | 0.10%             | 2030-05-22      | Floating      | 9.78%                 | 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        |   3003472 | PA      | $2989356.18   | 2.25%             | 2030-10-29      | Floating      | 9.45%                 | No            |                  3 | On Loan: No      |
| CABLE ONE INC                                      | Cable One Inc                                                             | CUSIP: 12685JAG0<br>LEI: 549300648QS85T0XSH18 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $855909.50    | 0.64%             | 2028-03-15      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| Zayo Issuer LLC                                    | Zayo Issuer LLC                                                           | CUSIP: 98919WAS2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2500000 | PA      | $2500000.00   | 1.88%             | 2055-10-20      | Fixed         | 8.44%                 | 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   | 2.26%             | 2028-02-09      | Floating      | 8.42%                 | No            |                  3 | On Loan: No      |
| VACO HOLDINGS LLC                                  | Vaco Holdings LLC                                                         | CUSIP: 91865FAJ8<br>LEI: 54930076HTNXBP03T379 | Long             | LON              | CORP              | US        |   2478867 | PA      | $2125628.79   | 1.60%             | 2029-01-22      | Floating      | 9.45%                 | No            |                  2 | On Loan: No      |
| SERRANO PARENT R/C                                 | SERRANO PARENT R/C                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    323000 | PA      | $316217.00    | 0.24%             | 2029-05-12      | Floating      | 11.83%                | 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    | 0.19%             | 2030-09-10      | Floating      | 9.11%                 | 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        |    269582 | PA      | $269581.50    | 0.20%             | 2032-02-02      | Floating      | 9.55%                 | No            |                  3 | On Loan: No      |
| DEMAKES BORROWER T/L                               | DEMAKES BORROWER T/L                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    989925 | PA      | $989925.00    | 0.74%             | 2029-12-12      | Floating      | 10.30%                | 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    | 0.19%             | 2031-05-08      | Floating      | 8.70%                 | 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      | $1185748.20   | 0.89%             | 2031-03-31      | Floating      | 9.32%                 | No            |                  3 | On Loan: No      |
| LSF12 DONNELLY BIDCO T/L                           | LSF12 DONNELLY BIDCO T/L                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1105312 | PA      | $1105312.50   | 0.83%             | 2030-09-30      | Floating      | 10.82%                | 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        |    782090 | PA      | $782090.00    | 0.59%             | 2031-07-10      | Floating      | 9.30%                 | No            |                  3 | On Loan: No      |
| Higginbotham Insurance Agency No.5 T/L             | Higginbotham Insurance Agency No.5 T/L                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1547874 | PA      | $1547874.21   | 1.16%             | 2028-11-25      | Floating      | 8.82%                 | 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        |    672543 | PA      | $672543.43    | 0.51%             | 2031-09-19      | Floating      | 8.82%                 | 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      | $116820.00    | 0.09%             | 2030-10-31      | Floating      | 10.80%                | No            |                  3 | On Loan: No      |
| ENGINEERING RESEARCH AND                           | Engineering Research And Consulting LLC                                   | CUSIP: 29288KAE7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    746250 | PA      | $746250.00    | 0.56%             | 2031-08-29      | Floating      | 9.29%                 | 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        |    847395 | PA      | $843158.03    | 0.63%             | 2027-02-10      | Floating      | 9.05%                 | No            |                  2 | On Loan: No      |
| Coalesce Merlin Purchaser T/L                      | Coalesce Merlin Purchaser T/L                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    895500 | PA      | $889589.70    | 0.67%             | 2030-09-10      | Floating      | 9.05%                 | 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      | $1130580.00   | 0.85%             | 2031-01-22      | Floating      | 10.77%                | No            |                  3 | On Loan: No      |
| Megavolt Borrower T/L                              | Megavolt Borrower T/L                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1902000 | PA      | $1902000.00   | 1.43%             | 2032-02-13      | Floating      | 9.05%                 | 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        |   1675800 | PA      | $1652673.96   | 1.24%             | 2032-03-08      | Floating      | 9.13%                 | 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      | $276136.00    | 0.21%             | 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      | $162360.00    | 0.12%             | 2032-05-13      | Floating      | 9.33%                 | No            |                  3 | 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   | 0.92%             | 2032-03-20      | Floating      | 14.00%                | No            |                  3 | On Loan: No      |
| CORE SCIENTIFIC INC                                | Core Scientific Inc                                                       | CUSIP: 21874AAE6<br>LEI: 5299003RGB2LAZ65RK73 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1121000.00   | 0.84%             | 2031-06-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Belvedere Bridge Onboarding - Senior               | Belvedere Bridge Onboarding - Senior                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   5000000 | PA      | $4955500.00   | 3.73%             | 2028-04-09      | Floating      | 10.47%                | No            |                  3 | On Loan: No      |
| ALTAR BIDCO INC                                    | Altar Bidco Inc                                                           | CUSIP: 02090CAB6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1750000 | PA      | $1656672.50   | 1.25%             | 2030-02-01      | Floating      | 9.58%                 | No            |                  2 | On Loan: No      |
| Artifact Bidco T/L                                 | Artifact Bidco, Inc., Senior Secured First Lien Term Loan                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    792000 | PA      | $792000.00    | 0.60%             | 2031-05-22      | Floating      | 8.55%                 | 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      | $354326.80    | 0.27%             | 2027-10-29      | Floating      | 9.57%                 | No            |                  3 | On Loan: No      |
| BRIGHTLINE EAST LLC                                | Brightline East LLC                                                       | CUSIP: 093536AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5500000 | PA      | $2261875.00   | 1.70%             | 2030-01-31      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| COINBASE GLOBAL INC                                | Coinbase Global Inc                                                       | CUSIP: 19260QAF4<br>LEI: 5493004G3J2SC154DU06 | Long             | DBT              | CORP              | US        |   1750000 | PA      | $2191439.78   | 1.65%             | 2030-04-01      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO 32 Ltd                                 | Elmwood CLO 32 Ltd                                                        | CUSIP: 29003TAL6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    800000 | PA      | $800000.00    | 0.60%             | 2037-10-18      | Floating      | 8.53%                 | No            |                  3 | On Loan: No      |
| Generate CLO Ltd.                                  | Generate Clo 11 Ltd                                                       | CUSIP: 37149HAU0<br>LEI: 549300LO5FP76OLGQK93 | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $2000000.00   | 1.50%             | 2037-10-20      | Floating      | 9.18%                 | No            |                  3 | On Loan: No      |
| JETBLUE AIRWAYS CORP                               | JetBlue Airways Corp                                                      | CUSIP: 477143AR2<br>LEI: 54930070J9H97ZO93T57 | Long             | DBT              | CORP              | US        |   3250000 | PA      | $3354663.00   | 2.52%             | 2029-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| RIOT PLATFORMS INC                                 | Riot Platforms Inc                                                        | CUSIP: 767292AA3<br>LEI: 5299005LKZAJQDQZDF73 | Long             | DBT              | CORP              | US        |    750000 | PA      | $1143750.00   | 0.86%             | 2030-01-15      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| Consumer Cellular                                  | Consumer Cellular                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |      1954 | PA      | $1915115.40   | 1.44%             | 2050-05-06      | Fixed         | 12.00%                | 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    | 0.22%             | 2029-06-16      | Floating      | 12.17%                | No            |                  3 | On Loan: No      |
| Cliffwater R/C                                     | Cliffwater R/C                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    154000 | PA      | $152552.40    | 0.11%             | 2032-04-09      | Floating      | 9.31%                 | No            |                  3 | On Loan: No      |
| FARADAY BUYER LLC                                  | Faraday Buyer LLC                                                         | CUSIP: N/A<br>LEI: 254900WW5EKK07LASU64       | Long             | LON              | CORP              | US        |     47000 | PA      | $47000.00     | 0.04%             | 2028-10-11      | Floating      | 12.33%                | No            |                  3 | On Loan: No      |
| CORNERSTONE BUILDING                               | Cornerstone Building Brands Inc                                           | CUSIP: 72431HAE0<br>LEI: 549300IW41QEWQ6T0H29 | Long             | LON              | CORP              | US        |    992487 | PA      | $900682.35    | 0.68%             | 2031-05-15      | Floating      | 8.86%                 | No            |                  2 | On Loan: No      |
| PlayPower T/L (08/24)                              | PlayPower T/L (08/24)                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    969672 | PA      | $969672.50    | 0.73%             | 2030-08-26      | Floating      | 9.55%                 | 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    | 0.11%             | 2031-11-18      | Floating      | 9.07%                 | 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      | $1258824.00   | 0.95%             | 2031-12-03      | Floating      | 9.52%                 | 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    | 0.12%             | 2031-12-13      | Floating      | 9.03%                 | No            |                  3 | On Loan: No      |
| Zendesk 2024 T/L - target                          | Zendesk 2024 T/L - target                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    543905 | PA      | $543905.32    | 0.41%             | 2028-11-22      | Floating      | 9.00%                 | 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      | $55000.00     | 0.04%             | 2028-11-22      | Floating      | 9.33%                 | No            |                  3 | On Loan: No      |
| Elmwood CLO 31 Ltd                                 | Elmwood CLO 31 Ltd                                                        | CUSIP: 29003HAL2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1500000.00   | 1.13%             | 2037-07-17      | Floating      | 8.52%                 | No            |                  3 | On Loan: No      |
| KKR & CO INC                                       | KKR & Co Inc                                                              | CUSIP: 48251W500<br>LEI: 54930013V5I303TF9571 | Long             | EP               | CORP              | US        |     15330 | NS      | $802525.50    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| LABL INC                                           | LABL Inc                                                                  | CUSIP: 50168EAN2<br>LEI: 5493004FUZN8R6Y3VB98 | Long             | LON              | CORP              | US        |    744226 | PA      | $608404.59    | 0.46%             | 2028-10-30      | Floating      | 9.46%                 | No            |                  2 | On Loan: No      |
| PETVET CARE CENTERS LLC                            | PetVet Care Centers LLC                                                   | CUSIP: N/A<br>LEI: 549300V0HK8MSXZNOM91       | Long             | LON              | CORP              | US        |   1706020 | PA      | $1624131.03   | 1.22%             | 2030-10-24      | Floating      | 10.32%                | No            |                  3 | On Loan: No      |
| PETVET CARE CENTERS DELAYED DRAW T/L (10/23)       | PetVet Care Centers, LLC, Senior Secured First Lien Delayed Draw Loan     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    226000 | PA      | $215152.00    | 0.16%             | 2030-11-15      | Floating      | 11.32%                | No            |                  3 | 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      | $215152.00    | 0.16%             | 2029-11-15      | Floating      | 11.32%                | No            |                  3 | 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        |    132674 | PA      | $132673.61    | 0.10%             | 2028-11-22      | Floating      | 9.00%                 | 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        |    645000 | PA      | $645000.00    | 0.49%             | 2031-08-06      | Floating      | 9.73%                 | No            |                  3 | On Loan: No      |
| Project Alpha Intermediate Holding 2nd Lien T/L (1 | Project Alpha Intermediate Holding 2nd Lien T/L (1                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1000000 | PA      | $992500.00    | 0.75%             | 2032-11-22      | Floating      | 9.30%                 | No            |                  2 | 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   | 0.78%             | 2030-12-05      | Floating      | 9.32%                 | 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        |   2024925 | PA      | $2007105.66   | 1.51%             | 2031-11-26      | Floating      | 8.95%                 | No            |                  3 | On Loan: No      |
| TEI Intermediate T/L                               | TEI Intermediate T/L                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1169000 | PA      | $1169000.00   | 0.88%             | 2031-12-13      | Floating      | 9.05%                 | 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        |   1118207 | PA      | $1118206.74   | 0.84%             | 2029-12-10      | Floating      | 9.12%                 | No            |                  3 | On Loan: No      |
| X CORP                                             | X Corp                                                                    | CUSIP: 90184NAK4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   5993622 | PA      | $6007767.40   | 4.52%             | 2029-10-29      | Fixed         | 9.50%                 | No            |                  2 | 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      | $953709.50    | 0.72%             | 2031-03-31      | Floating      | 9.57%                 | 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      | $245098.40    | 0.18%             | 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      | $433029.60    | 0.33%             | 2030-04-10      | Floating      | 9.58%                 | 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        |   2815000 | PA      | $2801769.50   | 2.11%             | 2031-05-14      | Floating      | 9.80%                 | 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   | 0.77%             | 2029-06-28      | Floating      | 9.32%                 | 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      | $673948.00    | 0.51%             | 2031-12-31      | Floating      | 8.83%                 | 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    | 0.32%             | 2032-02-23      | Floating      | 9.08%                 | No            |                  3 | On Loan: No      |
| EOS Products 6th Amd R/C                           | EOS Products 6th Amd R/C                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1586000 | PA      | $1586000.00   | 1.19%             | 2027-03-14      | Floating      | 9.00%                 | 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      | $1516005.60   | 1.14%             | 2029-07-09      | Floating      | 17.25%                | No            |                  3 | On Loan: No      |
| HalseyPoint CLO II, Ltd.                           | Halseypoint CLO II Ltd                                                    | CUSIP: 40638TAU6<br>LEI: 549300PIQILNPH8UJT31 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $996800.00    | 0.75%             | 2037-07-20      | Floating      | 9.33%                 | 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        |    966000 | PA      | $951521.59    | 0.72%             | 2032-09-29      | Floating      | 10.38%                | 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        |    900000 | PA      | $900000.00    | 0.68%             | 2027-12-10      | Floating      | 9.41%                 | 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    | 0.14%             | 2027-12-10      | Floating      | 9.41%                 | 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    | 0.46%             | 2029-09-01      | Floating      | 11.91%                | 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    | 0.31%             | 2026-05-08      | Floating      | 8.70%                 | No            |                  3 | On Loan: No      |
| Varicent Intermediate R/C                          | Varicent Intermediate R/C                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    127000 | PA      | $125869.70    | 0.09%             | 2031-08-23      | Floating      | 5.50%                 | 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    | 0.26%             | 2031-09-19      | Floating      | 9.57%                 | 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      | $370326.00    | 0.28%             | 2032-01-09      | Floating      | 8.80%                 | No            |                  3 | On Loan: No      |
| Micross (Corfin) T/L                               | Micross (Corfin) T/L                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1116711 | PA      | $1116711.03   | 0.84%             | 2032-01-13      | Floating      | 9.67%                 | No            |                  3 | 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      | $1196381.90   | 0.90%             | 2031-03-31      | Floating      | 9.32%                 | 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      | $606636.00    | 0.46%             | 2030-04-10      | Floating      | 9.58%                 | No            |                  3 | On Loan: No      |
| ALERA GROUP INC                                    | Alera Group Inc                                                           | CUSIP: 01451PAD8<br>LEI: 2549003D76KZAKICNX26 | Long             | LON              | CORP              | US        |   1195000 | PA      | $1227121.60   | 0.92%             | 2033-05-31      | Floating      | 9.82%                 | No            |                  2 | 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      | $361536.15    | 0.27%             | 2031-06-10      | Floating      | 9.31%                 | 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        |   2282000 | PA      | $2260092.80   | 1.70%             | 2032-06-28      | Floating      | 9.30%                 | 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      | $345649.60    | 0.26%             | 2032-06-28      | Floating      | 9.30%                 | No            |                  3 | 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        |     44888 | PA      | $44887.50     | 0.03%             | 2027-12-10      | Floating      | 9.42%                 | No            |                  3 | On Loan: No      |
| RUBRIK INC                                         | Rubrik Inc                                                                | CUSIP: 781154AC3<br>LEI: 254900TRGK2WTBYMYU27 | Long             | DBT              | CORP              | US        |    750000 | PA      | $756869.25    | 0.57%             | 2030-06-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| SHIFT4 PAYMENTS INC                                | Shift4 Payments Inc                                                       | CUSIP: 82452JAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $980857.70    | 0.74%             | 2027-08-01      | Fixed         | 0.50%                 | No            |                  2 | 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      | $475760.80    | 0.36%             | 2032-09-29      | Floating      | 10.38%                | No            |                  3 | On Loan: No      |
| MH SUB I LLC                                       | MH Sub I LLC                                                              | CUSIP: 55303BAD5<br>LEI: 2549005VFKP807SR8N49 | Long             | LON              | CORP              | US        |   1250000 | PA      | $1078712.50   | 0.81%             | 2029-02-23      | Floating      | 10.57%                | No            |                  2 | On Loan: No      |
| MCKISSOCK INVESTMENT HOL                           | Mckissock Investment Holdings LLC                                         | CUSIP: 58175BAG7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1108125 | PA      | $1100512.18   | 0.83%             | 2029-03-12      | Floating      | 9.27%                 | No            |                  2 | 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        |    244000 | PA      | $244000.00    | 0.18%             | 2031-07-10      | Floating      | 9.30%                 | No            |                  3 | On Loan: No      |
| Varicent Intermediate T/L                          | Varicent Intermediate T/L                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1044962 | PA      | $1035661.42   | 0.78%             | 2031-08-23      | Floating      | 6.92%                 | No            |                  3 | On Loan: No      |
| Mandrake BidCo T/L                                 | Mandrake BidCo T/L                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   3037140 | PA      | $3037140.00   | 2.29%             | 2031-08-20      | Floating      | 8.81%                 | No            |                  3 | On Loan: No      |
| FNZ USA FINCO                                      | FNZ USA FinCo LLC                                                         | CUSIP: 30339HAD3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1496250 | PA      | $1197000.00   | 0.90%             | 2031-11-05      | Floating      | 9.32%                 | No            |                  2 | 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    | 0.25%             | 2030-11-18      | Floating      | 11.25%                | 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      | $251764.80    | 0.19%             | 2031-11-26      | Floating      | 9.27%                 | No            |                  3 | On Loan: No      |
| NEW FORTRESS ENERGY INC                            | New Fortress Energy Inc                                                   | CUSIP: 64439HAC3<br>LEI: 254900EICTYTCHA5X705 | Long             | LON              | CORP              | US        |   3977491 | PA      | $1912814.99   | 1.44%             | 2028-10-30      | Floating      | 9.57%                 | No            |                  2 | On Loan: No      |
| Lighthouse Intelligence T/L                        | Lighthouse Intelligence T/L                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1152204 | PA      | $1136534.05   | 0.86%             | 2030-04-10      | Floating      | 6.82%                 | No            |                  3 | On Loan: No      |
| CORELOGIC INC                                      | CoreLogic Inc                                                             | CUSIP: N/A<br>LEI: 54930086CD8K2UIL0516       | Long             | LON              | CORP              | US        |   2250000 | PA      | $2232427.50   | 1.68%             | 2029-06-04      | Floating      | 10.93%                | No            |                  2 | 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      | $515625.00    | 0.39%             | 2031-03-19      | Floating      | 10.32%                | No            |                  3 | On Loan: No      |
| Artifact Bidco Delayed Draw T/L                    | Artifact Bidco, Inc., Senior Secured First Lien Delayed Draw Loan         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    194000 | PA      | $194000.00    | 0.15%             | 2031-05-22      | Floating      | 9.78%                 | 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        |    500000 | PA      | $496700.00    | 0.37%             | 2030-09-10      | Floating      | 9.11%                 | 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        |   2425920 | PA      | $2425920.00   | 1.83%             | 2031-11-18      | Floating      | 8.81%                 | 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        |   2362130 | PA      | $2362130.00   | 1.78%             | 2032-01-31      | Floating      | 9.55%                 | 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    | 0.14%             | 2031-01-31      | Floating      | 9.53%                 | 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        |   1770000 | PA      | $1770000.00   | 1.33%             | 2032-02-23      | Floating      | 8.96%                 | 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        |   2815000 | PA      | $2786850.00   | 2.10%             | 2032-05-13      | Floating      | 9.30%                 | 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      | $1171875.00   | 0.88%             | 2031-03-19      | Floating      | 10.32%                | 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      | $187500.00    | 0.14%             | 2031-03-19      | Floating      | 11.83%                | 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      | $226000.00    | 0.17%             | 2031-07-12      | Floating      | 5.30%                 | No            |                  3 | 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   | 0.88%             | 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        |    327826 | PA      | $327826.16    | 0.25%             | 2031-11-07      | Floating      | 8.55%                 | No            |                  3 | On Loan: No      |
| FANNIE MAE                                         | Federal National Mortgage Association                                     | CUSIP: 313586752<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | EP               | USGSE             | US        |     83240 | NS      | $1381784.00   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Golub Capital Partners Short D                     | Golub Capital Partners Short Duration 2022-1                              | CUSIP: 38179FAY7<br>LEI: 2549003BCD47A99URJ88 | Long             | ABS-CBDO         | CORP              | US        |   1500000 | PA      | $1500000.00   | 1.13%             | 2033-07-25      | Floating      | 8.92%                 | No            |                  3 | On Loan: No      |
| STRATEGY INC                                       | Strategy Inc                                                              | CUSIP: 594972AQ4<br>LEI: 549300WQTWEJUEHXQX21 | Long             | DBT              | CORP              | US        |    540000 | PA      | $1017990.61   | 0.77%             | 2028-09-15      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| Belvedere Bridge Onboarding - Mezz                 | Belvedere Bridge Onboarding - Mezz                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    965251 | PA      | $956660.27    | 0.72%             | 2028-04-09      | Floating      | 19.85%                | No            |                  3 | On Loan: No      |
| Higgin_Pref                                        | Higgin_Pref                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |       522 | PA      | $514170.00    | 0.39%             | 2028-11-25      | Variable      | 10500.00%             | No            |                  3 | On Loan: No      |
| FLASH CHARM INC                                    | Flash Charm Inc                                                           | CUSIP: 45168RAS2<br>LEI: 549300VQ6S3PWR8NUC48 | Long             | LON              | CORP              | US        |    503049 | PA      | $452743.90    | 0.34%             | 2029-03-02      | Floating      | 11.18%                | No            |                  3 | On Loan: No      |
| PERATON CORP                                       | Peraton Corp                                                              | CUSIP: 71360HAG2<br>LEI: 549300EQPCK07ZW63836 | Long             | LON              | CORP              | US        |   4025000 | PA      | $2379781.25   | 1.79%             | 2029-02-01      | Floating      | 12.05%                | No            |                  2 | On Loan: No      |
| GEON PERFORMANCE SOLUTIO                           | Geon Performance Solutions LLC                                            | CUSIP: 37254YAB6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    500000 | PA      | $467000.00    | 0.35%             | 2028-08-18      | Floating      | 8.81%                 | No            |                  2 | On Loan: No      |
| SERRANO PARENT T/L                                 | SERRANO PARENT T/L                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   3135000 | PA      | $3069165.00   | 2.31%             | 2030-05-12      | Floating      | 10.71%                | No            |                  3 | On Loan: No      |
| Cliffwater T/L                                     | Cliffwater T/L                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1622932 | PA      | $1607676.93   | 1.21%             | 2032-04-22      | Floating      | 9.28%                 | No            |                  3 | On Loan: No      |
| FARADAY BUYER T/L (11/23)                          | FARADAY BUYER T/L (11/23)                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     72705 | PA      | $72705.00     | 0.05%             | 2028-10-11      | Floating      | 10.30%                | 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        |   2384690 | PA      | $2384690.00   | 1.79%             | 2030-04-01      | Floating      | 9.61%                 | No            |                  3 | On Loan: No      |
| Adelaide Borrower T/L                              | Adelaide Borrower T/L                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1827586 | PA      | $1827585.50   | 1.38%             | 2031-05-08      | Floating      | 7.67%                 | 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    | 0.11%             | 2029-06-28      | Floating      | 9.36%                 | 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        |    533320 | PA      | $533320.00    | 0.40%             | 2031-08-06      | Floating      | 8.78%                 | 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        |   1338000 | PA      | $1331979.00   | 1.00%             | 2032-01-09      | Floating      | 8.86%                 | 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      | $230956.00    | 0.17%             | 2032-01-09      | Floating      | 8.80%                 | 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      | $310653.00    | 0.23%             | 2031-03-05      | Floating      | 9.31%                 | No            |                  3 | On Loan: No      |
| X.AI LLC                                           | X.AI LLC                                                                  | CUSIP: 98402XAB1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2000000 | PA      | $2068920.00   | 1.56%             | 2030-06-28      | Fixed         | 12.50%                | No            |                  2 | 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        |    207000 | PA      | $206027.10    | 0.16%             | 2030-10-29      | Floating      | 9.56%                 | 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        |   1130000 | PA      | $1130000.00   | 0.85%             | 2028-07-16      | Floating      | 9.15%                 | 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      | $4245865.70   | 3.19%             | 2030-06-30      | Floating      | 9.29%                 | 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      | $1415290.80   | 1.06%             | 2031-12-31      | Floating      | 8.80%                 | No            |                  3 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-26

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

**Signature:** Nina Baryski

**Name of Signer:** Nina Baryski

**Title:** Managing Director