# EDGAR Filing Document

**Accession Number:** 0000831655
**File Stem:** 0001752724-23-044879
**Filing Date:** 2023-2
**Character Count:** 146372
**Document Hash:** 41bb2c1b4235a04641ff1fbb59937e03
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-044879.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001752724-23-044879

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**PERIOD START**: 20221231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BARINGS PARTICIPATION INVESTORS
- **CENTRAL INDEX KEY:** 0000831655
- **IRS NUMBER:** 043025730
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05531
- **FILM NUMBER:** 23680087

**BUSINESS ADDRESS:**
- **STREET 1:** C/O BARINGS LLC
- **STREET 2:** 300 SOUTH TRYON STREET, SUITE 2500
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28202
- **BUSINESS PHONE:** 704-805-7200

**MAIL ADDRESS:**
- **STREET 1:** C/O BARINGS LLC
- **STREET 2:** 300 SOUTH TRYON STREET, SUITE 2500
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BABSON CAPITAL PARTICIPATION INVESTORS
- **DATE OF NAME CHANGE:** 20111230

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MASSMUTUAL PARTICIPATION INVESTORS
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MASSMUTUAL CORPORATE INVESTORS II
- **DATE OF NAME CHANGE:** 19880417

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** BARINGS PARTICIPATION INVESTORS

- **b. Investment Company Act file number:** 811-05531

- **c. CIK number of Registrant:** 0000831655

- **d. LEI of Registrant:** 549300BL6L2WBLZ3L146

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

  - **Street Address 1:** 300 South Tryon Street

  - **City:** Charlotte

  - **State:** NC

  - **Foreign country:** US

  - **Zip / Postal Code:** 28202

  - **Telephone number:** 704-805-7200

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

- **a. Name of Series:** BARINGS PARTICIPATION INVESTORS

- **c. LEI of Series:** 549300BL6L2WBLZ3L146

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

- **a. Date of fiscal year-end:** 2022-12-31

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $185969054.20

**Total Liabilities:** $27045479.30

**Net Assets:** $158923574.90

**Cash Not Reported:** $4881925.32

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 130.99000000 | **1-Year:** 472.95000000 | **5-Year:** 22858.95000000 | **10-Year:** 12205.62000000 | **30-Year:** 740.80000000

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 2788.97000000 | **10-Year:** 2898.95000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.79%                | 0.66%                | 0.58%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $85853.83                | $232346.50                                 |
| Month 2  | $1502.72                 | $-55660.48                                 |
| Month 3  | $306951.59               | $-120952.37                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ALPINE US BIDCO LLC SECOND LIEN TERM LOAN          | ALPINE US BIDCO LLC SECOND LIEN TERM LOAN          | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    628215 | PA      | $577958.00    | 0.36%             | 2029-05-03      | Floating      | 13.29%                | No            |                  2 | On Loan: No      |
| HOP ENTERTAINMENT LLC UNIT CLASS H                 | HOP ENTERTAINMENT LLC UNIT CLASS H                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        47 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| SMARTLING, INC.-REVOLVER                           | SMARTLING, INC.-REVOLVER                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    101471 | PA      | $-2029.41     | -0.00%            | 2027-10-26      | Floating      | 0.50%                 | Yes           |                  3 | On Loan: No      |
| KANO LABORATORIES LLC TERM LOAN                    | KANO LABORATORIES LLC TERM LOAN                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    841385 | PA      | $830992.22    | 0.52%             | 2026-10-01      | Floating      | 10.12%                | Yes           |                  3 | On Loan: No      |
| MNS ENGINEERS INC TERM LOAN                        | MNS ENGINEERS INC TERM LOAN                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1185000 | PA      | $1085460.00   | 0.68%             | 2027-07-30      | Floating      | 9.88%                 | Yes           |                  3 | On Loan: No      |
| TRUCK-LITE CO LLC 2021 1ST LIEN TERM LOAN          | TRUCK-LITE CO LLC 2021 1ST LIEN TERM LOAN          | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    263080 | PA      | $255451.15    | 0.16%             | 2027-11-12      | Floating      | 10.98%                | Yes           |                  3 | On Loan: No      |
| ASC COMMUNICATIONS LLC (BECKERS HEALTHCARE) CLAS   | ASC COMMUNICATIONS LLC (BECKERS HEALTHCARE) CLAS   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       535 | NS      | $12900.30     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| DCCP PETERSON PARTY HOLDING LLC COMMON STOCK       | DCCP PETERSON PARTY HOLDING LLC COMMON STOCK       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     86861 | NS      | $74700.12     | 0.05%             |  |  |  | Yes           |                  3 | On Loan: No      |
| FORTIS PAYMENT SYSTEMS, LLC-DDTL                   | FORTIS PAYMENT SYSTEMS, LLC-DDTL                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    185000 | PA      | $-4625.00     | -0.00%            | 2024-09-09      | Floating      | 0.75%                 | Yes           |                  3 | On Loan: No      |
| POLICY SERVICES COMPANY, LLC-PIK TOGGLE DDTL       | POLICY SERVICES COMPANY, LLC-PIK TOGGLE DDTL       | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    468818 | PA      | $457987.84    | 0.29%             | 2026-06-21      | Floating      | 10.75%                | Yes           |                  3 | On Loan: No      |
| US ORAL SURGERY MANAGEMENT (USOSM)-2021 DELAYED DR | US ORAL SURGERY MANAGEMENT (USOSM)-2021 DELAYED DR | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |         0 | PA      | $0.00         | 0.00%             | 2024-07-01      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| ACCELERATE LEARNING INC. INCREMENTAL TERM LOAN     | ACCELERATE LEARNING INC. INCREMENTAL TERM LOAN     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    742744 | PA      | $734078.72    | 0.46%             | 2024-12-20      | Floating      | 8.91%                 | Yes           |                  3 | On Loan: No      |
| MAGNOLIA WASH HOLDINGS-REVOLVER                    | MAGNOLIA WASH HOLDINGS-REVOLVER                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     20546 | PA      | $10953.15     | 0.01%             | 2028-07-08      | Floating      | 10.32%                | Yes           |                  3 | On Loan: No      |
| DATASERV 1ST LIEN TERM LOAN                        | DATASERV 1ST LIEN TERM LOAN                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    191825 | PA      | $187508.94    | 0.12%             | 2028-09-30      | Floating      | 10.26%                | Yes           |                  3 | On Loan: No      |
| REVSPRING INC. 2ND LIEN TERM LOAN                  | REVSPRING INC. 2ND LIEN TERM LOAN                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1725000 | PA      | $1725000.00   | 1.09%             | 2026-10-11      | Floating      | 12.98%                | Yes           |                  3 | On Loan: No      |
| RWA HOLDING COMPANY (GB KING HOLDINGS LP)CLASS A   | RWA HOLDING COMPANY (GB KING HOLDINGS LP)CLASS A   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        54 | NS      | $5400.00      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| POLYTEX ENVIRONMENTAL INKS 13.9% 12/31/2024        | POLYTEX ENVIRONMENTAL INKS 13.9% 12/31/2024        | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1069985 | PA      | $367004.77    | 0.23%             | 2024-12-31      | Fixed         | 0.00%                 | Yes           |                  3 | On Loan: No      |
| WWEC HOLDINGS II CORP-DELAY DRAW TERM LOAN         | WWEC HOLDINGS II CORP-DELAY DRAW TERM LOAN         | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    155280 | PA      | $-3881.99     | -0.00%            | 2024-09-30      | Floating      | 1.00%                 | Yes           |                  3 | On Loan: No      |
| AMTECH SOFTWARE-REVOLVER                           | AMTECH SOFTWARE-REVOLVER                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     90909 | PA      | $17069.03     | 0.01%             | 2027-11-02      | Floating      | 9.62%                 | Yes           |                  3 | On Loan: No      |
| SUNVAIR NEW PREFERRED STOCK SERIES A               | SUNVAIR NEW PREFERRED STOCK SERIES A               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |        28 | NS      | $83101.52     | 0.05%             |  |  |  | Yes           |                  3 | On Loan: No      |
| HEARTLAND VETERINARY PARTNERS LLC-2021 DELAYED DRA | HEARTLAND VETERINARY PARTNERS LLC-2021 DELAYED DRA | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    251156 | PA      | $198625.70    | 0.12%             | 2026-12-10      | Floating      | 11.00%                | Yes           |                  3 | On Loan: No      |
| ELITE SPORTSWEAR HOLDING LLC                       | ELITE SPORTSWEAR HOLDING LLC                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1218266 | NS      | $219287.82    | 0.14%             |  |  |  | Yes           |                  3 | On Loan: No      |
| SBRK BUYER LLC 2022 INCREMENTAL TERM LOAN 1        | SBRK BUYER LLC 2022 INCREMENTAL TERM LOAN 1        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    406396 | PA      | $398267.60    | 0.25%             | 2026-12-23      | Floating      | 11.15%                | Yes           |                  3 | On Loan: No      |
| THE HILB GROUP LLC 2020 TERM LOAN                  | THE HILB GROUP LLC 2020 TERM LOAN                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     76850 | PA      | $75606.33     | 0.05%             | 2026-12-02      | Floating      | 10.13%                | Yes           |                  3 | On Loan: No      |
| ZB HOLDCO LLC TERM LOAN                            | ZB HOLDCO LLC TERM LOAN                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    549470 | PA      | $541757.07    | 0.34%             | 2028-02-09      | Floating      | 9.48%                 | Yes           |                  3 | On Loan: No      |
| CARRIAGE PURCHASER INC 7.875 10/15/29 144A         | CARRIAGE PURCHASER INC 7.875 10/15/29 144A         | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $355000.00    | 0.22%             | 2029-10-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| BRIGHTSIGN LLC-REVOLVER                            | Brightsign LLC-Revolver                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    134202 | PA      | $-1246.34     | -0.00%            | 2027-10-14      | None          | 0.50%                 | Yes           |                  3 | On Loan: No      |
| POLYTEX HOLDINGS LLC                               | POLYTEX HOLDINGS LLC                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    148096 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| MADISON IAQ HOLDINGS II LLC UNITS                  | MADISON IAQ HOLDINGS II LLC UNITS                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    726845 | NS      | $10590136.46  | 6.66%             |  |  |  | Yes           |                  3 | On Loan: No      |
| MANITOWOC COMPANY INC 9.0 04/01/26 144A            | MANITOWOC COMPANY INC 9.0 04/01/26 144A            | CUSIP: 000000000<br>LEI: 2RTSLGQ89VMY18RHX631 | Long             | DBT              | CORP              | US        |    500000 | PA      | $468846.55    | 0.30%             | 2026-04-01      | Floating      | 0.00%                 | Yes           |                  2 | On Loan: No      |
| GRANGE LLC UNIT PREFERRED CLASS A                  | GRANGE LLC UNIT PREFERRED CLASS A                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       114 | NS      | $195598.14    | 0.12%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CVR ENERGY INC 5.75 02/15/28 144A                  | CVR ENERGY INC 5.75 02/15/28 144A                  | CUSIP: 000000000<br>LEI: 529900SOYZIXZBTXB558 | Long             | DBT              | CORP              | US        |    500000 | PA      | $435250.00    | 0.27%             | 2028-02-15      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| ESHIPPING LLC-REVOLVER                             | EShipping LLC-Revolver                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    170937 | PA      | $-1025.62     | -0.00%            | 2027-11-05      | Floating      | 0.50%                 | Yes           |                  3 | On Loan: No      |
| NORTHSTAR RECYCLING SENIOR TERM LOAN               | NORTHSTAR RECYCLING SENIOR TERM LOAN               | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    741820 | PA      | $733154.72    | 0.46%             | 2027-10-01      | Floating      | 9.47%                 | Yes           |                  3 | On Loan: No      |
| GRAPHPAD SOFTWARE INC 2021 INCREMENTAL TERM LOAN   | GRAPHPAD SOFTWARE INC 2021 INCREMENTAL TERM LOAN   | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     83468 | PA      | $81381.74     | 0.05%             | 2027-04-27      | Floating      | 10.43%                | Yes           |                  3 | On Loan: No      |
| SPOTSEE HOLDINGS FIRST OUT TERM LOAN               | SPOTSEE HOLDINGS FIRST OUT TERM LOAN               | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    483638 | PA      | $483638.03    | 0.30%             | 2025-11-25      | Floating      | 10.34%                | Yes           |                  3 | On Loan: No      |
| REDSAIL TECHNOLOGIES TERM LOAN                     | REDSAIL TECHNOLOGIES TERM LOAN                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1586454 | PA      | $1560429.53   | 0.98%             | 2027-12-10      | Floating      | 9.48%                 | Yes           |                  3 | On Loan: No      |
| MNS ENGINEERS INC LLC UNITS - 12/31/3999           | MNS ENGINEERS INC LLC UNITS - 12/31/3999           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    100000 | NS      | $70500.00     | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| GLOPROFESSIONAL HOLDINGS, INC. COMMON STOCK        | GLOPROFESSIONAL HOLDINGS, INC. COMMON STOCK        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1181 | NS      | $14297.22     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| FOLLETT SCHOOL SOLUTIONS 2021 FIRST LIEN TERM LOA  | FOLLETT SCHOOL SOLUTIONS 2021 FIRST LIEN TERM LOA  | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1692765 | PA      | $1673956.53   | 1.05%             | 2028-08-31      | Floating      | 10.13%                | Yes           |                  3 | On Loan: No      |
| PANOS BRANDS LLC 12% 12/29/2023                    | PANOS BRANDS LLC 12% 12/29/2023                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1902180 | PA      | $1871744.72   | 1.18%             | 2023-12-29      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| V-SKY CO-INVEST AGGREGATOR LP                      | V-SKY CO-INVEST AGGREGATOR LP                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        75 | NS      | $78059.64     | 0.05%             |  |  |  | Yes           |                  3 | On Loan: No      |
| TOUCHSTONE HEALTH PARTNERSHIP COMMON STOCK         | TOUCHSTONE HEALTH PARTNERSHIP COMMON STOCK         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       292 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| SMARTLING, INC.-DELAYED DRAW TERM LOAN             | SMARTLING, INC.-DELAYED DRAW TERM LOAN             | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    202941 | PA      | $-4058.82     | -0.00%            | 2027-10-26      | None          | 1.00%                 | Yes           |                  3 | On Loan: No      |
| TERRIER MEDIA BUYER INC 8.875 12/15/27 144A        | TERRIER MEDIA BUYER INC 8.875 12/15/27 144A        | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    530000 | PA      | $398931.00    | 0.25%             | 2027-12-15      | Floating      | 0.00%                 | Yes           |                  2 | On Loan: No      |
| SUNVAIR INC. 12 1% PIK 06/30/2024                  | SUNVAIR INC. 12 1% PIK 06/30/2024                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1432782 | PA      | $1432782.05   | 0.90%             | 2024-06-30      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| WOODLAND FOODS INC. CASH EQUITY - COMMON A UNITS   | WOODLAND FOODS INC. CASH EQUITY - COMMON A UNITS   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       146 | NS      | $88744.64     | 0.06%             |  |  |  | Yes           |                  3 | On Loan: No      |
| COGENT COMMUNICATIONS GR 7.0 06/15/27 144A         | COGENT COMMUNICATIONS GR 7.0 06/15/27 144A         | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    750000 | PA      | $734946.07    | 0.46%             | 2027-06-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| SCP ESP LLC UNIT                                   | SCP ESP LLC UNIT                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       273 | NS      | $273983.05    | 0.17%             |  |  |  | Yes           |                  3 | On Loan: No      |
| SCIENTIFIC GAMES HOLDIN 6.625 03/01/30 144A        | SCIENTIFIC GAMES HOLDIN 6.625 03/01/30 144A        | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    480000 | PA      | $405456.00    | 0.26%             | 2030-03-01      | Floating      | 0.00%                 | Yes           |                  2 | On Loan: No      |
| ACCELERATE LEARNING INC. TERM LOAN                 | ACCELERATE LEARNING INC. TERM LOAN                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    974753 | PA      | $963381.31    | 0.61%             | 2024-12-20      | Floating      | 8.91%                 | Yes           |                  3 | On Loan: No      |
| WORLD 50 INC. 2019 TERM LOAN                       | WORLD 50 INC. 2019 TERM LOAN                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1194079 | PA      | $1181143.44   | 0.74%             | 2026-01-12      | Floating      | 9.14%                 | Yes           |                  3 | On Loan: No      |
| MAGENTA BUYER LLC 2021 USD 2ND LIEN TERM LOAN      | MAGENTA BUYER LLC 2021 USD 2ND LIEN TERM LOAN      | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    503333 | PA      | $394276.10    | 0.25%             | 2029-07-27      | Floating      | 12.67%                | No            |                  2 | On Loan: No      |
| LSF11 A5 HOLDCO LLC 6.625 10/15/29 144A            | LSF11 A5 HOLDCO LLC 6.625 10/15/29 144A            | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     70000 | PA      | $57827.79     | 0.04%             | 2029-10-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| BRIDGER AERO SERIES C PREF                         | BRIDGER AERO SERIES C PREF                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |       183 | NS      | $184409.10    | 0.12%             |  |  |  | Yes           |                  3 | On Loan: No      |
| MARSHALL EXCELSIOR-REVOLVER                        | MARSHALL EXCELSIOR-REVOLVER                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     79211 | PA      | $58314.87     | 0.04%             | 2028-02-18      | Floating      | 9.80%                 | Yes           |                  3 | On Loan: No      |
| CAI SOFTWARE-REVOLVER                              | CAI Software-Revolver                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    235746 | PA      | $-6129.41     | -0.00%            | 2028-12-10      | Floating      | 0.50%                 | Yes           |                  3 | On Loan: No      |
| SCALED AGILE, INC.-DELAYED DRAW TERM LOAN          | SCALED AGILE, INC.-DELAYED DRAW TERM LOAN          | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    287170 | PA      | $-2584.53     | -0.00%            | 2028-12-15      | Floating      | 1.00%                 | Yes           |                  3 | On Loan: No      |
| THE CAPROCK GROUP-DDTL                             | THE CAPROCK GROUP-DDTL                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    360424 | PA      | $-3964.66     | -0.00%            | 2027-12-15      | None          | 0.50%                 | Yes           |                  3 | On Loan: No      |
| SAFETY PRODUCTS HOLDINGS LLC/JUSTRITE-DELAYED DRAW | SAFETY PRODUCTS HOLDINGS LLC/JUSTRITE-DELAYED DRAW | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    440669 | PA      | $434884.94    | 0.27%             | 2026-12-15      | Floating      | 11.21%                | Yes           |                  3 | On Loan: No      |
| LYNX FRANCHISING LLC 2020 TERM LOAN                | LYNX FRANCHISING LLC 2020 TERM LOAN                | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1690500 | PA      | $1668460.88   | 1.05%             | 2026-12-18      | Floating      | 9.92%                 | Yes           |                  3 | On Loan: No      |
| CASH FLOW MANAGEMENT TERM LOAN                     | CASH FLOW MANAGEMENT TERM LOAN                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    905497 | PA      | $878332.25    | 0.55%             | 2027-12-27      | Floating      | 10.73%                | Yes           |                  3 | On Loan: No      |
| OFFICE ALLY (OA TOPCO LP)                          | OFFICE ALLY (OA TOPCO LP)                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21092 | NS      | $22568.45     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| MOBILE PRO SYSTEMS PIK FIXED 2ND LIEN TERM LOAN    | MOBILE PRO SYSTEMS PIK FIXED 2ND LIEN TERM LOAN    | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    606154 | PA      | $580695.73    | 0.37%             | 2027-06-23      | Fixed         | 0.00%                 | Yes           |                  3 | On Loan: No      |
| TS OPCO HOLDING LLC UNIT                           | TS OPCO HOLDING LLC UNIT                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        56 | NS      | $64724.99     | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| RWA HOLDING COMPANY FIRST LIEN TERM LOAN           | RWA HOLDING COMPANY FIRST LIEN TERM LOAN           | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    132374 | PA      | $128402.50    | 0.08%             | 2028-11-01      | Floating      | 10.59%                | Yes           |                  3 | On Loan: No      |
| BBB INDUSTRIES LLC - DBA (GC EOS BUYER INC) EQUIT  | BBB INDUSTRIES LLC - DBA (GC EOS BUYER INC) EQUIT  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        45 | NS      | $44075.25     | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| EDELMAN FINANCIAL GROUP 2018 2ND LIEN TERM LOAN    | EDELMAN FINANCIAL GROUP 2018 2ND LIEN TERM LOAN    | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    128178 | PA      | $114879.42    | 0.07%             | 2026-07-20      | Floating      | 11.13%                | No            |                  2 | On Loan: No      |
| TRUCK LITE CO.LLC TERM LOAN                        | TRUCK LITE CO.LLC TERM LOAN                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1458731 | PA      | $1416427.41   | 0.89%             | 2026-12-14      | Floating      | 11.14%                | Yes           |                  3 | On Loan: No      |
| TRUCK-LITE CC-2021 DDTL                            | Truck-Lite Cc-2021 DDTL                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    233378 | PA      | $226609.90    | 0.14%             | 2026-12-14      | Floating      | 11.14%                | Yes           |                  3 | On Loan: No      |
| STRATUS TECHNOLOGIES INC TERM LOAN                 | STRATUS TECHNOLOGIES INC TERM LOAN                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    577104 | PA      | $570986.82    | 0.36%             | 2027-06-30      | Floating      | 9.88%                 | Yes           |                  3 | On Loan: No      |
| HOOSIER HD HOLDINGS INC PREFERRED STOCK            | HOOSIER HD HOLDINGS INC PREFERRED STOCK            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |       210 | NS      | $209600.00    | 0.13%             |  |  |  | Yes           |                  3 | On Loan: No      |
| 1WS INTERMEDIATE, INC-DELAYED DRAW TERM LOAN       | 1WS INTERMEDIATE, INC-DELAYED DRAW TERM LOAN       | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     64190 | PA      | $64189.86     | 0.04%             | 2025-07-08      | Floating      | 9.39%                 | Yes           |                  3 | On Loan: No      |
| ADVANTAGE SOFTWARE CLASS B - 2 UNITS               | ADVANTAGE SOFTWARE CLASS B - 2 UNITS               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       197 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| 4201 LIEN ROAD LLC UNIT                            | 4201 LIEN ROAD LLC UNIT                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     19696 | NS      | $12329.70     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| GRAPHPAD SOFTWARE INC. UNITRANCHE TERM LOAN        | GRAPHPAD SOFTWARE INC. UNITRANCHE TERM LOAN        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2372138 | PA      | $2334184.18   | 1.47%             | 2023-12-21      | Floating      | 10.73%                | Yes           |                  3 | On Loan: No      |
| ASC INVESTORS LP LLC UNIT                          | ASC INVESTORS LP LLC UNIT                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    111100 | NS      | $9999.00      | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| DISTROKID CASH EQUITY                              | DISTROKID CASH EQUITY                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     73333 | NS      | $66366.25     | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ORBITAL ENERGY GROUP INC                           | ORBITAL ENERGY GROUP INC                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     50004 | NS      | $9850.79      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| FOLLETT SCHOOL SOLUTIONS - LP UNITS - 12/31/3999   | FOLLETT SCHOOL SOLUTIONS - LP UNITS - 12/31/3999   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       880 | NS      | $12903.73     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| NAVIA BENEFIT SOLUTIONS TERM LOAN                  | NAVIA BENEFIT SOLUTIONS TERM LOAN                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1016888 | PA      | $999866.40    | 0.63%             | 2027-02-11      | Floating      | 9.57%                 | Yes           |                  3 | On Loan: No      |
| STRAHMAN HOLDINGS INC. PREFERRED STOCK SERIES A-2  | STRAHMAN HOLDINGS INC. PREFERRED STOCK SERIES A-2  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     26543 | NS      | $46052.11     | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| HOP ENTERTAINMENT LLC UNIT CLASS I                 | HOP ENTERTAINMENT LLC UNIT CLASS I                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        47 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PROFITOPTICS TERM LOAN                             | PROFITOPTICS TERM LOAN                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    659194 | PA      | $649500.98    | 0.41%             | 2028-03-15      | Floating      | 10.52%                | Yes           |                  3 | On Loan: No      |
| EPS NASS PARENT, INC.-DELAYED DRAW TERM LOAN       | EPS NASS PARENT, INC.-DELAYED DRAW TERM LOAN       | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    113442 | PA      | $62334.07     | 0.04%             | 2028-04-19      | Floating      | 10.48%                | Yes           |                  3 | On Loan: No      |
| IM ANALYTICS HOLDINGS LLC TERM LOAN                | IM ANALYTICS HOLDINGS LLC TERM LOAN                | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    437655 | PA      | $418397.90    | 0.26%             | 2023-11-25      | Floating      | 12.48%                | Yes           |                  3 | On Loan: No      |
| SCALED AGILE, INC.-REVOLVER                        | SCALED AGILE, INC.-REVOLVER                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    231716 | PA      | $-2085.45     | -0.00%            | 2027-12-15      | Floating      | 0.50%                 | Yes           |                  3 | On Loan: No      |
| THEROX COMMON STOCK                                | THEROX COMMON STOCK                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         2 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| MAGNOLIA WASH HOLDINGS TERM LOAN                   | MAGNOLIA WASH HOLDINGS TERM LOAN                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    487783 | PA      | $479535.61    | 0.30%             | 2028-07-08      | Floating      | 10.32%                | Yes           |                  3 | On Loan: No      |
| US LEGAL SUPPORT-DELAYED DRAW TERM LOAN            | US LEGAL SUPPORT-DELAYED DRAW TERM LOAN            | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    391549 | PA      | $375495.95    | 0.24%             | 2024-12-02      | Floating      | 9.45%                 | Yes           |                  3 | On Loan: No      |
| JONES FISH EQUITY                                  | JONES FISH EQUITY                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       384 | NS      | $45488.93     | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| MAGNOLIA WASH HOLDINGS-DELAYED DRAW TERM LOAN      | MAGNOLIA WASH HOLDINGS-DELAYED DRAW TERM LOAN      | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     91373 | PA      | $89828.14     | 0.06%             | 2028-07-08      | Floating      | 10.32%                | Yes           |                  3 | On Loan: No      |
| SBRK BUYER LLC TERM LOAN                           | SBRK BUYER LLC TERM LOAN                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1121456 | PA      | $1099026.60   | 0.69%             | 2026-12-23      | Floating      | 10.14%                | Yes           |                  3 | On Loan: No      |
| ACCURUS AEROSPACE CORPORATION (ACCURUS AEROSPACE   | ACCURUS AEROSPACE CORPORATION (ACCURUS AEROSPACE   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8752 | NS      | $8708.71      | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| THE HILB GROUP LLC (THG ACQUISITION)-2019 DELAYED  | THE HILB GROUP LLC (THG ACQUISITION)-2019 DELAYED  | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    326777 | PA      | $321489.13    | 0.20%             | 2026-12-02      | Floating      | 10.13%                | Yes           |                  3 | On Loan: No      |
| OFFICE ALLY TERM LOAN                              | OFFICE ALLY TERM LOAN                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    843676 | PA      | $830583.26    | 0.52%             | 2028-12-10      | Floating      | 10.14%                | Yes           |                  3 | On Loan: No      |
| VITALSOURCE EQUITY                                 | VITALSOURCE EQUITY                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1891 | NS      | $33676.93     | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CLEAVER-BROOKS INC 2022 FIXED PIK TERM LOAN B HOLD | CLEAVER-BROOKS INC 2022 FIXED PIK TERM LOAN B HOLD | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    121186 | PA      | $118870.63    | 0.07%             | 2029-07-14      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| FragilePAK-Delayed Draw Term Loan                  | FragilePAK-Delayed Draw Term Loan                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    539062 | PA      | $0.00         | 0.00%             | 2027-05-24      | None          | 1.00%                 | Yes           |                  3 | On Loan: No      |
| COMPASS PRECISION PIK SENIOR SUB DEBT              | COMPASS PRECISION PIK SENIOR SUB DEBT              | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1302791 | PA      | $1272826.97   | 0.80%             | 2025-10-16      | Fixed         | 11.00%                | Yes           |                  3 | On Loan: No      |
| BEST LAWYERS TERM LOAN                             | BEST LAWYERS TERM LOAN                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1051382 | PA      | $1037947.63   | 0.65%             | 2027-11-19      | Floating      | 9.98%                 | Yes           |                  3 | On Loan: No      |
| LEADSONLINE WEATHERBY PARENT HOLDINGS LLC EQUITY   | LEADSONLINE WEATHERBY PARENT HOLDINGS LLC EQUITY   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4528 | NS      | $5614.17      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| UROGPO 2020 TERM LOAN                              | UROGPO 2020 TERM LOAN                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2283333 | PA      | $2246800.00   | 1.41%             | 2026-12-15      | Floating      | 10.03%                | Yes           |                  3 | On Loan: No      |
| MASTER CUTLERY LLC 13% 7/20/2023                   | MASTER CUTLERY LLC 13% 7/20/2023                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    868102 | PA      | $0.00         | 0.00%             | 2023-07-20      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| SANDVINE CORPORATION 2018 2ND LIEN TERM LOAN       | SANDVINE CORPORATION 2018 2ND LIEN TERM LOAN       | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1725000 | PA      | $1697400.00   | 1.07%             | 2026-11-02      | Floating      | 12.38%                | Yes           |                  3 | On Loan: No      |
| WOODLAND FOODS, INC-REVOLVER                       | WOODLAND FOODS, INC-REVOLVER                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    196537 | PA      | $136358.37    | 0.09%             | 2027-11-30      | Floating      | 10.51%                | Yes           |                  3 | On Loan: No      |
| REP SEKO MERGER SUB LLC TERM LOAN                  | REP SEKO MERGER SUB LLC TERM LOAN                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1444609 | PA      | $1426611.65   | 0.90%             | 2026-12-30      | Floating      | 9.13%                 | Yes           |                  3 | On Loan: No      |
| STANDARD ELEVATOR SYSTEMS-REVOLVER                 | STANDARD ELEVATOR SYSTEMS-REVOLVER                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    146186 | PA      | $69438.55     | 0.04%             | 2027-12-02      | Floating      | 10.04%                | Yes           |                  3 | On Loan: No      |
| DECKS DIRECT LLC CASH EQUITY                       | DECKS DIRECT LLC CASH EQUITY                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2209 | NS      | $83658.17     | 0.05%             |  |  |  | Yes           |                  3 | On Loan: No      |
| POLARA TERM LOAN                                   | POLARA TERM LOAN                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    834023 | PA      | $820400.19    | 0.52%             | 2027-12-03      | Floating      | 9.58%                 | Yes           |                  3 | On Loan: No      |
| STS OPERATING INC. 2018 2ND LIEN TERM LOAN         | STS OPERATING INC. 2018 2ND LIEN TERM LOAN         | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    500000 | PA      | $476250.00    | 0.30%             | 2026-04-30      | Floating      | 12.38%                | No            |                  2 | On Loan: No      |
| TRYSTAR INC. TERM LOAN                             | TRYSTAR INC. TERM LOAN                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2249521 | PA      | $2224776.11   | 1.40%             | 2023-10-01      | Floating      | 9.93%                 | Yes           |                  3 | On Loan: No      |
| HTI TECHNOLOGY & INDUSTRIES 2022 TERM LOAN         | HTI TECHNOLOGY & INDUSTRIES 2022 TERM LOAN         | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    476080 | PA      | $469956.64    | 0.30%             | 2025-07-07      | Fixed         | 11.66%                | Yes           |                  3 | On Loan: No      |
| SBRK Buyer LLC-Delayed Draw Term Loan              | SBRK Buyer LLC-Delayed Draw Term Loan              | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    193766 | PA      | $189890.26    | 0.12%             | 2026-12-23      | Floating      | 10.47%                | Yes           |                  3 | On Loan: No      |
| CASH FLOW MANAGEMENT-REVOLVER                      | CASH FLOW MANAGEMENT-REVOLVER                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     74627 | PA      | $-2238.81     | -0.00%            | 2027-12-28      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| HOME CARE ASSISTANCE LLC TERM LOAN                 | HOME CARE ASSISTANCE LLC TERM LOAN                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    582950 | PA      | $556717.53    | 0.35%             | 2027-03-30      | Floating      | 9.38%                 | Yes           |                  3 | On Loan: No      |
| MUSIC REPORTS INC 2021 INCREMENTAL TERM LOAN       | MUSIC REPORTS INC 2021 INCREMENTAL TERM LOAN       | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    783584 | PA      | $771540.02    | 0.49%             | 2026-08-21      | Floating      | 9.79%                 | Yes           |                  3 | On Loan: No      |
| VAN POOL TRANSPORTATION LLC 1ST LIEN TERM LOAN     | VAN POOL TRANSPORTATION LLC 1ST LIEN TERM LOAN     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1509312 | PA      | $1480522.88   | 0.93%             | 2024-05-22      | Floating      | 9.99%                 | Yes           |                  3 | On Loan: No      |
| POLARA-REVOLVER                                    | POLARA-REVOLVER                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    108266 | PA      | $-1768.34     | -0.00%            | 2027-12-03      | Floating      | 0.50%                 | Yes           |                  3 | On Loan: No      |
| ZB HOLDCO LLC-REVOLVER                             | ZB HOLDCO LLC-REVOLVER                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    173007 | PA      | $-2428.51     | -0.00%            | 2028-02-09      | Floating      | 4.75%                 | Yes           |                  3 | On Loan: No      |
| RECOVERY POINT SYSTEMS INC. TERM LOAN              | RECOVERY POINT SYSTEMS INC. TERM LOAN              | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1325992 | PA      | $1310080.48   | 0.82%             | 2026-08-12      | Floating      | 10.26%                | Yes           |                  3 | On Loan: No      |
| PROFITOPTICS EQUITY                                | PROFITOPTICS EQUITY                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     96774 | NS      | $68709.68     | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| OMEGA HOLDINGS SENIOR TERM LOAN                    | OMEGA HOLDINGS SENIOR TERM LOAN                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    467601 | PA      | $460586.71    | 0.29%             | 2029-03-31      | Floating      | 9.30%                 | Yes           |                  3 | On Loan: No      |
| NATIONAL AUTO CARE TERM LOAN                       | NATIONAL AUTO CARE TERM LOAN                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    503340 | PA      | $500823.52    | 0.32%             | 2024-09-28      | Floating      | 9.45%                 | Yes           |                  3 | On Loan: No      |
| RPS GROUP HOLDINGS LLC COMMON UNITS                | RPS GROUP HOLDINGS LLC COMMON UNITS                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21532 | NS      | $14318.78     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| STRAHMAN HOLDINGS, INC. PREFERRED STOCK SERIES A   | STRAHMAN HOLDINGS, INC. PREFERRED STOCK SERIES A   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    158967 | NS      | $275807.75    | 0.17%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ACCURUS AEROSPACE CORPORATION 2022 A-1 TERM LOAN   | ACCURUS AEROSPACE CORPORATION 2022 A-1 TERM LOAN   | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    429286 | PA      | $422417.12    | 0.27%             | 2028-03-31      | Floating      | 10.77%                | Yes           |                  3 | On Loan: No      |
| ROCK-IT CARGO 2018 TERM LOAN                       | ROCK-IT CARGO 2018 TERM LOAN                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2451385 | PA      | $2372940.49   | 1.49%             | 2024-07-31      | Floating      | 9.13%                 | Yes           |                  3 | On Loan: No      |
| POLICY SERVICES COMPANY LLC WARRANTS - CLASS B     | POLICY SERVICES COMPANY LLC WARRANTS - CLASS B     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       312 | NS      | $5341.44      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| MANHATTAN BEACHWEAR HLDG CO 12.5% 5/30/2022        | MANHATTAN BEACHWEAR HLDG CO 12.5% 5/30/2022        | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    419971 | PA      | $0.00         | 0.00%             | 2024-12-31      | Floating      | 12.50%                | Yes           |                  3 | On Loan: No      |
| HOME CARE ASSISTANCE, LLC-DELAYED DRAW TERM LOAN   | HOME CARE ASSISTANCE, LLC-DELAYED DRAW TERM LOAN   | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    261502 | PA      | $249734.12    | 0.16%             | 2027-03-30      | Floating      | 9.38%                 | Yes           |                  3 | On Loan: No      |
| NARDA-MITEQ TERM LOAN                              | NARDA-MITEQ TERM LOAN                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    551586 | PA      | $498633.81    | 0.31%             | 2027-11-30      | Floating      | 10.23%                | Yes           |                  3 | On Loan: No      |
| STANDARD ELEVATOR SYSTEMS-DELAYED DRAW TERM LOAN   | STANDARD ELEVATOR SYSTEMS-DELAYED DRAW TERM LOAN   | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    723535 | PA      | $245573.85    | 0.15%             | 2027-12-02      | Floating      | 10.49%                | Yes           |                  3 | On Loan: No      |
| EC GROUP HOLDINGS LLC 11.5% 12/31/2023             | EC GROUP HOLDINGS LLC 11.5% 12/31/2023             | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1364289 | PA      | $1364288.98   | 0.86%             | 2023-12-31      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| ECHO GLOBAL LOGISTICS INC 2ND LIEN TERM LOAN       | ECHO GLOBAL LOGISTICS INC 2ND LIEN TERM LOAN       | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1679204 | PA      | $1613714.60   | 1.02%             | 2029-11-05      | Floating      | 11.41%                | Yes           |                  3 | On Loan: No      |
| DEL REAL LLC 11% 04/06/2023                        | DEL REAL LLC 11% 04/06/2023                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1420588 | PA      | $1400699.77   | 0.88%             | 2023-04-06      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| PROJECT POTTER BUYER LLC 1ST LIEN INCREMENTAL TER  | PROJECT POTTER BUYER LLC 1ST LIEN INCREMENTAL TER  | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    161217 | PA      | $156703.05    | 0.10%             | 2027-04-23      | Floating      | 12.07%                | Yes           |                  3 | On Loan: No      |
| NARDA-MITEQ (JFL-NARDA PARTNERS LLC) CLASS B COMM  | NARDA-MITEQ (JFL-NARDA PARTNERS LLC) CLASS B COMM  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        88 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| MANHATTAN BEACHWEAR HLDG CO COMMON STOCK           | MANHATTAN BEACHWEAR HLDG CO COMMON STOCK           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        35 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| POLICY SERVICES COMPANY LLC WARRANTS - CLASS A     | POLICY SERVICES COMPANY LLC WARRANTS - CLASS A     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       924 | NS      | $15818.88     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| TENCARVA MACHINERY COMPANY-SENIOR REVOLVER         | TENCARVA MACHINERY COMPANY-SENIOR REVOLVER         | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    297534 | PA      | $-3418.20     | -0.00%            | 2027-12-20      | Floating      | 0.50%                 | Yes           |                  3 | On Loan: No      |
| MES PARTNERS. INC. SERIES C PREFERRED STOCK        | MES PARTNERS. INC. SERIES C PREFERRED STOCK        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      1275 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| JF ACQUISITION LLC INCREMENTAL TERM LOAN           | JF ACQUISITION LLC INCREMENTAL TERM LOAN           | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    676292 | PA      | $631656.39    | 0.40%             | 2026-05-04      | Floating      | 9.88%                 | Yes           |                  3 | On Loan: No      |
| THE CAPROCK GROUP-REVOLVER                         | THE CAPROCK GROUP-REVOLVER                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    105981 | PA      | $-1165.79     | -0.00%            | 2027-12-15      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| STRATUS TECHNOLOGIES (MC GROUP VENTURES CORPORATIO | STRATUS TECHNOLOGIES (MC GROUP VENTURES CORPORATIO | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    363482 | PA      | $297378.23    | 0.19%             | 2027-06-30      | Floating      | 9.88%                 | Yes           |                  3 | On Loan: No      |
| STANDARD ELEVATOR SYSTEMS TERM LOAN                | STANDARD ELEVATOR SYSTEMS TERM LOAN                | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    845192 | PA      | $820680.98    | 0.52%             | 2027-12-02      | Floating      | 10.48%                | Yes           |                  3 | On Loan: No      |
| FILTRATION GROUP EQUITY LLC UNIT CLASS B-1         | FILTRATION GROUP EQUITY LLC UNIT CLASS B-1         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     49342 | NS      | $669567.55    | 0.42%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PROJECT POTTER BUYER LLC INCREMENTAL TERM LOAN     | PROJECT POTTER BUYER LLC INCREMENTAL TERM LOAN     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    157669 | PA      | $153254.21    | 0.10%             | 2027-04-23      | Floating      | 12.07%                | Yes           |                  3 | On Loan: No      |
| SYNTAX SYSTEMS LTD-DELAY DRAW TERM LOAN            | SYNTAX SYSTEMS LTD-DELAY DRAW TERM LOAN            | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    193308 | PA      | $-10052.00    | -0.01%            | 2028-10-29      | Floating      | 1.00%                 | Yes           |                  3 | On Loan: No      |
| SARA LEE FROZEN BAKERY 2018 1ST LIEN TERM LOAN     | SARA LEE FROZEN BAKERY 2018 1ST LIEN TERM LOAN     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1475790 | PA      | $1344444.42   | 0.85%             | 2025-07-30      | Floating      | 9.23%                 | Yes           |                  3 | On Loan: No      |
| KINGS III-DELAY DRAW TERM LOAN                     | KINGS III-DELAY DRAW TERM LOAN                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     73624 | PA      | $-1308.87     | -0.00%            | 2028-07-07      | Floating      | 1.00%                 | Yes           |                  3 | On Loan: No      |
| NAVIA BENEFIT SOLUTIONS INC. 2022 INCREMENTAL TERM | NAVIA BENEFIT SOLUTIONS INC. 2022 INCREMENTAL TERM | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    516206 | PA      | $503301.09    | 0.32%             | 2027-02-01      | Floating      | 9.79%                 | Yes           |                  3 | On Loan: No      |
| WESTMINSTER FOODS II LLC UNIT                      | WESTMINSTER FOODS II LLC UNIT                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    370241 | NS      | $90709.05     | 0.06%             |  |  |  | Yes           |                  3 | On Loan: No      |
| DATASERV PREFERRED UNITS                           | DATASERV PREFERRED UNITS                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9615 | NS      | $9615.38      | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| SUNVAIR AEROSPACE GROUP INC. COMMON STOCK          | SUNVAIR AEROSPACE GROUP INC. COMMON STOCK          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        68 | NS      | $280842.30    | 0.18%             |  |  |  | Yes           |                  3 | On Loan: No      |
| BBB INDUSTRIES LLC 2022 2ND LIEN TERM LOAN         | BBB INDUSTRIES LLC 2022 2ND LIEN TERM LOAN         | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    454545 | PA      | $438989.90    | 0.28%             | 2030-07-25      | Floating      | 13.30%                | Yes           |                  3 | On Loan: No      |
| PB HOLDINGS, LLC-DELAYED DRAW TERM LOAN            | PB HOLDINGS, LLC-DELAYED DRAW TERM LOAN            | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     42933 | PA      | $38596.49     | 0.02%             | 2025-03-06      | Floating      | 10.38%                | Yes           |                  3 | On Loan: No      |
| NEPTUNE ENERGY BONDCO 6.625 05/15/25 144A          | NEPTUNE ENERGY BONDCO 6.625 05/15/25 144A          | CUSIP: 000000000<br>LEI: 549300CPMT8I2QBRYF88 | Long             | DBT              | CORP              | GB        |    500000 | PA      | $485503.92    | 0.31%             | 2025-05-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| POLICY SERVICES COMPANY LLC 1ST LIEN PIK TOGGLE T  | POLICY SERVICES COMPANY LLC 1ST LIEN PIK TOGGLE T  | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1323390 | PA      | $1292819.46   | 0.81%             | 2026-06-21      | Floating      | 4.00%                 | Yes           |                  3 | On Loan: No      |
| DCCP PETERSON PARTY HOLDING LLC UNIT               | DCCP PETERSON PARTY HOLDING LLC UNIT               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3450 | NS      | $2967.00      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ASC COMMUNICATIONS, LLC-2022 REVOLVER              | ASC COMMUNICATIONS, LLC-2022 REVOLVER              | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     22664 | PA      | $-335.66      | -0.00%            | 2027-07-15      | Floating      | 0.50%                 | Yes           |                  3 | On Loan: No      |
| BLUE WAVE PRODUCTS, INC. COMMON STOCK              | BLUE WAVE PRODUCTS, INC. COMMON STOCK              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     51064 | NS      | $8680.88      | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| HTI TECHNOLOGY & INDUSTRIES-2022 REVOLVER          | HTI TECHNOLOGY & INDUSTRIES-2022 REVOLVER          | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     68182 | PA      | $-876.89      | -0.00%            | 2025-07-07      | None          | 0.50%                 | Yes           |                  3 | On Loan: No      |
| FIRST QUANTUM MINERALS L 7.5 04/01/25 144A         | FIRST QUANTUM MINERALS L 7.5 04/01/25 144A         | CUSIP: 000000000<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |    500000 | PA      | $486670.11    | 0.31%             | 2025-04-01      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| ADVANTAGE SOFTWARE CLASS A - 2 UNITS               | ADVANTAGE SOFTWARE CLASS A - 2 UNITS               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       197 | NS      | $15193.56     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CADENT LLC 2022 TERM LOAN                          | CADENT LLC 2022 TERM LOAN                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    379516 | PA      | $369901.43    | 0.23%             | 2025-09-11      | Floating      | 11.23%                | Yes           |                  3 | On Loan: No      |
| ZB HOLDCO LLC-DDTL                                 | ZB HOLDCO LLC-DDTL                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    276811 | PA      | $-3885.61     | -0.00%            | 2028-02-09      | Floating      | 1.00%                 | Yes           |                  3 | On Loan: No      |
| PEGASUS TRANSTECH CORPORATION TERM LOAN            | PEGASUS TRANSTECH CORPORATION TERM LOAN            | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1882891 | PA      | $1815107.04   | 1.14%             | 2024-11-18      | Floating      | 11.13%                | Yes           |                  3 | On Loan: No      |
| TERRYBEAR MEZZANINE LOAN                           | TERRYBEAR MEZZANINE LOAN                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    908613 | PA      | $894074.85    | 0.56%             | 2028-04-27      | Fixed         | 10.00%                | Yes           |                  3 | On Loan: No      |
| ESHIPPING LLC TE                                   | ESHIPPING LLC TE                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1075749 | PA      | $1069294.49   | 0.67%             | 2027-11-05      | Floating      | 9.38%                 | Yes           |                  3 | On Loan: No      |
| PEGASUS TRANSTECH CORPORATION 2020 MICRODEA TERM L | PEGASUS TRANSTECH CORPORATION 2020 MICRODEA TERM L | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    379889 | PA      | $366213.11    | 0.23%             | 2026-08-31      | Floating      | 11.13%                | Yes           |                  3 | On Loan: No      |
| SMARTLING INC TERM LOAN                            | SMARTLING INC TERM LOAN                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1406382 | PA      | $1378254.71   | 0.87%             | 2027-10-26      | Floating      | 10.13%                | Yes           |                  3 | On Loan: No      |
| LYNX FRANCHISING LLC 2021-09 INCREMENTAL TERM LOA  | LYNX FRANCHISING LLC 2021-09 INCREMENTAL TERM LOA  | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    773830 | PA      | $763741.25    | 0.48%             | 2026-12-23      | Floating      | 9.92%                 | Yes           |                  3 | On Loan: No      |
| SAFETY PRODUCTS HOLDINGS LLC TERM LOAN             | SAFETY PRODUCTS HOLDINGS LLC TERM LOAN             | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1224501 | PA      | $1208429.69   | 0.76%             | 2026-12-15      | Floating      | 11.21%                | Yes           |                  3 | On Loan: No      |
| PROFITOPTICS SENIOR SUB DEBT                       | PROFITOPTICS SENIOR SUB DEBT                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     32258 | PA      | $29612.91     | 0.02%             | 2029-02-15      | Fixed         | 8.00%                 | Yes           |                  3 | On Loan: No      |
| ENTACT ENVIRONMENTAL SERVICES INC. TERM LOAN       | ENTACT ENVIRONMENTAL SERVICES INC. TERM LOAN       | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    993493 | PA      | $990328.27    | 0.62%             | 2025-12-15      | Floating      | 14.15%                | Yes           |                  3 | On Loan: No      |
| KINGS III-REVOLVER                                 | KINGS III-REVOLVER                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     58257 | PA      | $12557.69     | 0.01%             | 2028-07-07      | Floating      | 10.40%                | Yes           |                  3 | On Loan: No      |
| TANK HOLDING CORP 2022 TERM LOAN                   | TANK HOLDING CORP 2022 TERM LOAN                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    476986 | PA      | $467446.64    | 0.29%             | 2028-03-31      | Floating      | 12.25%                | Yes           |                  3 | On Loan: No      |
| LEADSONLINE TERM LOAN                              | LEADSONLINE TERM LOAN                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1489262 | PA      | $1471018.99   | 0.93%             | 2027-12-23      | Floating      | 9.48%                 | Yes           |                  3 | On Loan: No      |
| FRONT LINE POWER CONSTRUCTION LLC TERM LOAN        | FRONT LINE POWER CONSTRUCTION LLC TERM LOAN        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    273155 | PA      | $304404.34    | 0.19%             | 2028-11-17      | Floating      | 17.15%                | No            |                  3 | On Loan: No      |
| ROADONE INTERMODALOGISTICS TERM LOAN               | ROADONE INTERMODALOGISTICS TERM LOAN               | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    515198 | PA      | $498041.76    | 0.31%             | 2028-12-30      | None          | 10.81%                | Yes           |                  3 | On Loan: No      |
| COMPLY365 TERM LOAN                                | COMPLY365 TERM LOAN                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    654408 | PA      | $644422.14    | 0.41%             | 2028-04-19      | Floating      | 10.57%                | Yes           |                  3 | On Loan: No      |
| COGENCY GLOBAL TERM LOAN                           | COGENCY GLOBAL TERM LOAN                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    883124 | PA      | $856630.26    | 0.54%             | 2027-12-28      | Floating      | 8.82%                 | Yes           |                  3 | On Loan: No      |
| RESONETICS LLC 2021 2ND LIEN TERM LOAN             | RESONETICS LLC 2021 2ND LIEN TERM LOAN             | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1725000 | PA      | $1688775.00   | 1.06%             | 2029-04-28      | Floating      | 11.73%                | Yes           |                  3 | On Loan: No      |
| PRIME SECURITY SERVICES 6.25 01/15/28 144A         | PRIME SECURITY SERVICES 6.25 01/15/28 144A         | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    885000 | PA      | $805491.60    | 0.51%             | 2028-01-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| HQ ACQUISITION HOLDINGS, LLC UNIT COMMON           | HQ ACQUISITION HOLDINGS, LLC UNIT COMMON           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3594 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| SAFETY PRODUCTS HOLDINGS INC. COMMON STOCK         | SAFETY PRODUCTS HOLDINGS INC. COMMON STOCK         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        29 | NS      | $36182.62     | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| THE CAPROCK GROUP HOLDCO PIK NOTE                  | THE CAPROCK GROUP HOLDCO PIK NOTE                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1181415 | PA      | $1166056.69   | 0.73%             | 2028-10-21      | Floating      | 12.68%                | Yes           |                  3 | On Loan: No      |
| NATIONAL AUTO CARE-REVOLVER                        | NATIONAL AUTO CARE-REVOLVER                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     98039 | PA      | $-392.16      | -0.00%            | 2024-09-28      | Floating      | 5.25%                 | Yes           |                  3 | On Loan: No      |
| MES PARTNERS, INC. COMMON STOCK CLASS B            | MES PARTNERS, INC. COMMON STOCK CLASS B            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    259252 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ADVANTAGE SOFTWARE CLASS A - 1 UNITS               | ADVANTAGE SOFTWARE CLASS A - 1 UNITS               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       766 | NS      | $58907.55     | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| THE CAPROCK GROUP TERM LOAN                        | THE CAPROCK GROUP TERM LOAN                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    107509 | PA      | $106326.58    | 0.07%             | 2027-12-15      | Floating      | 8.64%                 | Yes           |                  3 | On Loan: No      |
| STACKLINE - TA SL CAYMAN AGGREGATOR CORP           | STACKLINE - TA SL CAYMAN AGGREGATOR CORP           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1340 | NS      | $50457.70     | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| IM ANALYTICS HOLDING LLC WARRANT EXP 11/25/26      | IM ANALYTICS HOLDING LLC WARRANT EXP 11/25/26      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8885 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| RPX CORPORATION 2021 INCREMENTAL TERM LOAN         | RPX CORPORATION 2021 INCREMENTAL TERM LOAN         | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    857574 | PA      | $840422.36    | 0.53%             | 2025-10-23      | Floating      | 9.89%                 | Yes           |                  3 | On Loan: No      |
| PANOS HOLDINGS INC COMMON STOCK CLASS B            | PANOS HOLDINGS INC COMMON STOCK CLASS B            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    380545 | NS      | $323463.25    | 0.20%             |  |  |  | Yes           |                  3 | On Loan: No      |
| REP SEKO MERGER SUB, LLC-DELAYED DRAW TERM LOAN    | REP SEKO MERGER SUB, LLC-DELAYED DRAW TERM LOAN    | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    250456 | PA      | $122295.91    | 0.08%             | 2026-12-30      | Floating      | 8.53%                 | Yes           |                  3 | On Loan: No      |
| BEST LAWYERS HOLDCO PIK NOTE                       | BEST LAWYERS HOLDCO PIK NOTE                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    329196 | PA      | $322611.60    | 0.20%             | 2028-05-19      | Fixed         | 0.00%                 | Yes           |                  3 | On Loan: No      |
| COGENCY GLOBAL INCREMENTAL TERM LOAN               | COGENCY GLOBAL INCREMENTAL TERM LOAN               | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    106672 | PA      | $103471.42    | 0.07%             | 2028-02-14      | Floating      | 9.29%                 | Yes           |                  3 | On Loan: No      |
| RENOVATION BRANDS EQUITY CO-INVEST                 | RENOVATION BRANDS EQUITY CO-INVEST                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     39474 | NS      | $30394.74     | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| FIVE STAR INTERMEDIATE HOLDING LLC 2ND LIEN TERM   | FIVE STAR INTERMEDIATE HOLDING LLC 2ND LIEN TERM   | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    476190 | PA      | $462380.96    | 0.29%             | 2030-04-27      | Floating      | 12.05%                | Yes           |                  3 | On Loan: No      |
| EPS NASS PARENT INC TERM LOAN                      | EPS NASS PARENT INC TERM LOAN                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1124969 | PA      | $1115219.13   | 0.70%             | 2028-04-19      | Floating      | 10.48%                | Yes           |                  3 | On Loan: No      |
| DWYER INSTRUMENTS, INC-2022 UPSIZE DELAYED DRAW TE | DWYER INSTRUMENTS, INC-2022 UPSIZE DELAYED DRAW TE | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    145755 | PA      | $-2429.25     | -0.00%            | 2027-07-21      | Floating      | 1.00%                 | Yes           |                  3 | On Loan: No      |
| OPTIONS TECHNOLOGY LTD-DELAYED DRAW TERM LOAN      | OPTIONS TECHNOLOGY LTD-DELAYED DRAW TERM LOAN      | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    330587 | PA      | $324967.14    | 0.20%             | 2025-12-24      | Floating      | 8.96%                 | Yes           |                  3 | On Loan: No      |
| ASPEQ HOLDINGS TERM LOAN                           | ASPEQ HOLDINGS TERM LOAN                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1121968 | PA      | $1121968.47   | 0.71%             | 2025-11-08      | Floating      | 8.98%                 | Yes           |                  3 | On Loan: No      |
| MASTER CUTLERY INVESTMENT COMPANY LLC UNIT         | MASTER CUTLERY INVESTMENT COMPANY LLC UNIT         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         5 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| TGI 7.75 08/15/25 CORP                             | TGI 7.75 08/15/25 CORP                             | CUSIP: 000000000<br>LEI: 5493007L6S47Q14SL582 | Long             | DBT              | CORP              | US        |    500000 | PA      | $425295.00    | 0.27%             | 2025-08-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| FORTIS PAYMENT SYSTEMS LLC 2022 TERM LOAN          | FORTIS PAYMENT SYSTEMS LLC 2022 TERM LOAN          | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    315000 | PA      | $307125.00    | 0.19%             | 2026-05-31      | Floating      | 9.93%                 | Yes           |                  3 | On Loan: No      |
| BEST LAWYERS (AZALEA INVESTMENT HOLDINGS LLC) CAS  | BEST LAWYERS (AZALEA INVESTMENT HOLDINGS LLC) CAS  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     44231 | NS      | $42019.23     | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| TRYSTAR INC. 2021 INCREMENTAL TERM LOAN            | TRYSTAR INC. 2021 INCREMENTAL TERM LOAN            | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    213781 | PA      | $211429.83    | 0.13%             | 2023-09-28      | Floating      | 9.65%                 | Yes           |                  3 | On Loan: No      |
| TENCARVA MACHINERY COMPANY SENIOR TERM LOAN        | TENCARVA MACHINERY COMPANY SENIOR TERM LOAN        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1431709 | PA      | $1415261.27   | 0.89%             | 2027-12-20      | Floating      | 9.72%                 | Yes           |                  3 | On Loan: No      |
| PB HOLDINGS LLC TERM LOAN A                        | PB HOLDINGS LLC TERM LOAN A                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    692527 | PA      | $622581.78    | 0.39%             | 2025-03-06      | Floating      | 10.29%                | Yes           |                  3 | On Loan: No      |
| ESHIPPING LLC-DELAYED DRAW TERM LOAN               | ESHIPPING LLC-DELAYED DRAW TERM LOAN               | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    293035 | PA      | $-1758.21     | -0.00%            | 2027-11-05      | None          | 1.00%                 | Yes           |                  3 | On Loan: No      |
| PROJECT POTTER BUYER, LLC-DELAYED TL LIEN1         | PROJECT POTTER BUYER, LLC-DELAYED TL LIEN1         | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     54680 | PA      | $53643.89     | 0.03%             | 2027-04-23      | Floating      | 12.07%                | Yes           |                  3 | On Loan: No      |
| FRAGILEPAK CASH EQUITY                             | FRAGILEPAK CASH EQUITY                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       108 | NS      | $135603.96    | 0.09%             |  |  |  | Yes           |                  3 | On Loan: No      |
| COMPASS PRECISION EQUITY                           | COMPASS PRECISION EQUITY                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    158995 | NS      | $547738.88    | 0.34%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ROADONE INTERMODALOGISTICS-REVOLVER                | ROADONE INTERMODALOGISTICS-REVOLVER                | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    103653 | PA      | $20129.35     | 0.01%             | 2028-12-30      | Floating      | 10.81%                | Yes           |                  3 | On Loan: No      |
| FSS CONTENT TOPCO LP - LP INTEREST - 12/31/3999    | FSS CONTENT TOPCO LP - LP INTEREST - 12/31/3999    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       200 | NS      | $2934.81      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CSC HOLDINGS LLC 5.0 11/15/31 144A                 | CSC HOLDINGS LLC 5.0 11/15/31 144A                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    625000 | PA      | $349187.50    | 0.22%             | 2031-11-15      | Floating      | 0.00%                 | Yes           |                  2 | On Loan: No      |
| KANO LABORATORIES LLC 2021 TERM LOAN               | KANO LABORATORIES LLC 2021 TERM LOAN               | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    267969 | PA      | $264659.19    | 0.17%             | 2027-10-31      | Floating      | 10.12%                | Yes           |                  3 | On Loan: No      |
| GD DENTAL SERVICES LLC UNIT PREFERRED              | GD DENTAL SERVICES LLC UNIT PREFERRED              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        76 | NS      | $118963.22    | 0.07%             |  |  |  | Yes           |                  3 | On Loan: No      |
| TOUCHTUNES INTERACTIVE NETWORKS INC 2022 2ND LIEN  | TOUCHTUNES INTERACTIVE NETWORKS INC 2022 2ND LIEN  | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    474359 | PA      | $466769.23    | 0.29%             | 2030-03-31      | Floating      | 11.44%                | Yes           |                  3 | On Loan: No      |
| SCALED AGILE INC. 2021 UNITRANCHE TERM LOAN        | SCALED AGILE INC. 2021 UNITRANCHE TERM LOAN        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1197068 | PA      | $1186294.21   | 0.75%             | 2028-12-15      | Floating      | 10.18%                | Yes           |                  3 | On Loan: No      |
| COGENCY GLOBAL PREFERRED                           | COGENCY GLOBAL PREFERRED                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |        28 | NS      | $51373.45     | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Omega Holdings-Revolver                            | Omega Holdings-Revolver                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    176932 | PA      | $95922.28     | 0.06%             | 2028-03-31      | Floating      | 9.70%                 | Yes           |                  3 | On Loan: No      |
| VITALSOURCE TERM LOAN                              | VITALSOURCE TERM LOAN                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1659970 | PA      | $1659970.22   | 1.04%             | 2028-06-01      | Floating      | 10.23%                | Yes           |                  3 | On Loan: No      |
| TRANSIT TECHNOLOGIES LLC TERM LOAN B               | TRANSIT TECHNOLOGIES LLC TERM LOAN B               | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    780310 | PA      | $759241.63    | 0.48%             | 2025-02-10      | Floating      | 7.92%                 | Yes           |                  3 | On Loan: No      |
| HQ ACQUISITION HOLDINGS, LLC UNIT PREFERRED        | HQ ACQUISITION HOLDINGS, LLC UNIT PREFERRED        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       372 | NS      | $141397.96    | 0.09%             |  |  |  | Yes           |                  3 | On Loan: No      |
| GLOPROFESSIONAL HOLDINGS INC PREFERRED STOCK       | GLOPROFESSIONAL HOLDINGS INC PREFERRED STOCK       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |       650 | NS      | $839687.21    | 0.53%             |  |  |  | Yes           |                  3 | On Loan: No      |
| AMTECH SOFTWARE-DELAYED DRAW TERM LOAN             | Amtech Software-Delayed Draw Term Loan             | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    363636 | PA      | $-4451.18     | -0.00%            | 2027-11-02      | None          | 0.50%                 | Yes           |                  3 | On Loan: No      |
| SYNCSORT INCORPORATED 2021 2ND LIEN TERM LOAN      | SYNCSORT INCORPORATED 2021 2ND LIEN TERM LOAN      | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    222222 | PA      | $163102.22    | 0.10%             | 2029-04-23      | Floating      | 11.61%                | No            |                  2 | On Loan: No      |
| CW MERGER SUB LLC INITIAL TERM LOAN                | CW MERGER SUB LLC INITIAL TERM LOAN                | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1640141 | PA      | $1626883.31   | 1.02%             | 2027-01-04      | Floating      | 10.39%                | Yes           |                  3 | On Loan: No      |
| BEST LAWYERS-REVOLVER                              | BEST LAWYERS-REVOLVER                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    110577 | PA      | $-1412.93     | -0.00%            | 2027-11-19      | None          | 0.50%                 | Yes           |                  3 | On Loan: No      |
| CLEAVER-BROOKS INC-2022 REVOLVER                   | CLEAVER-BROOKS INC-2022 REVOLVER                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     69197 | PA      | $7474.57      | 0.00%             | 2028-07-14      | Floating      | 12.25%                | Yes           |                  3 | On Loan: No      |
| PETROPLEX INV HOLDINGS LLC UNIT                    | PETROPLEX INV HOLDINGS LLC UNIT                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    156250 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| RPX CORP TERM LOAN                                 | RPX CORP TERM LOAN                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1541719 | PA      | $1510884.38   | 0.95%             | 2025-10-23      | Floating      | 9.86%                 | Yes           |                  3 | On Loan: No      |
| ILLUMIFIN 2022 INCREMENTAL TERM LOAN               | ILLUMIFIN 2022 INCREMENTAL TERM LOAN               | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    385397 | PA      | $374606.10    | 0.24%             | 2028-02-04      | Floating      | 10.34%                | Yes           |                  3 | On Loan: No      |
| APPLIED AEROSPACE STRUCTURES CORP.-REVOLVER        | APPLIED AEROSPACE STRUCTURES CORP.-REVOLVER        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     25806 | PA      | $-774.19      | -0.00%            | 2028-11-22      | None          | 0.50%                 | Yes           |                  3 | On Loan: No      |
| DCCP PETERSON PARTY HOLDING LLC UNIT SERIES A-1    | DCCP PETERSON PARTY HOLDING LLC UNIT SERIES A-1    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       339 | NS      | $291.84       | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| BRIGHTSIGN EQUITY                                  | BRIGHTSIGN EQUITY                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    111835 | NS      | $116308.82    | 0.07%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CASH FLOW MANAGEMENT (OSP HAMILTON PURCHASER LLC)  | CASH FLOW MANAGEMENT (OSP HAMILTON PURCHASER LLC)  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     24016 | NS      | $25937.28     | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| GD DENTAL SERVICES LLC UNIT COMMON                 | GD DENTAL SERVICES LLC UNIT COMMON                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       767 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| LEADSONLINE-REVOLVER                               | LEADSONLINE-REVOLVER                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    224512 | PA      | $-2750.27     | -0.00%            | 2028-02-07      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| PORTFOLIO GROUP AGENCY 1ST LIEN TERM LOAN          | PORTFOLIO GROUP AGENCY 1ST LIEN TERM LOAN          | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    683100 | PA      | $663973.20    | 0.42%             | 2025-12-02      | Floating      | 10.72%                | Yes           |                  3 | On Loan: No      |
| DWYER INSTRUMENTS INC TERM LOAN                    | DWYER INSTRUMENTS INC TERM LOAN                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1443855 | PA      | $1419791.09   | 0.89%             | 2027-07-21      | Floating      | 10.23%                | Yes           |                  3 | On Loan: No      |
| ProfitOptics-Revolver                              | ProfitOptics-Revolver                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    193548 | PA      | $-2845.88     | -0.00%            | 2028-02-15      | None          | 0.50%                 | Yes           |                  3 | On Loan: No      |
| RWA HOLDING COMPANY-REVOLVER                       | RWA HOLDING COMPANY-REVOLVER                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     18648 | PA      | $2377.62      | 0.00%             | 2028-11-01      | Floating      | 10.59%                | Yes           |                  3 | On Loan: No      |
| NARDA-MITEQ-REVOLVER                               | NARDA-MITEQ-REVOLVER                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    207682 | PA      | $830.73       | 0.00%             | 2027-12-06      | Floating      | 9.94%                 | Yes           |                  3 | On Loan: No      |
| AMERICAN AIRLINES INC 11.75 07/15/25 144A          | AMERICAN AIRLINES INC 11.75 07/15/25 144A          | CUSIP: 000000000<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | DBT              | CORP              | US        |    500000 | PA      | $536299.63    | 0.34%             | 2025-07-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| KANO LABORATORIES LLC EQUITY CO-INVEST             | KANO LABORATORIES LLC EQUITY CO-INVEST             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        20 | NS      | $18601.97     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CONCEPT MACHINE TOOL SALES LLC TERM LOAN           | CONCEPT MACHINE TOOL SALES LLC TERM LOAN           | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    581117 | PA      | $554966.73    | 0.35%             | 2025-01-31      | Floating      | 9.24%                 | Yes           |                  3 | On Loan: No      |
| MARSHALL EXCELSIOR TERM LOAN                       | MARSHALL EXCELSIOR TERM LOAN                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    524592 | PA      | $517349.70    | 0.33%             | 2028-02-18      | Floating      | 9.80%                 | Yes           |                  3 | On Loan: No      |
| MES PARTNERS INC PREFERRED STOCK SERIES A          | MES PARTNERS INC PREFERRED STOCK SERIES A          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     30926 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| COGENCY GLOBAL-REVOLVER                            | COGENCY GLOBAL-REVOLVER                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     82652 | PA      | $-2479.56     | -0.00%            | 2027-12-28      | Floating      | 0.50%                 | Yes           |                  3 | On Loan: No      |
| GRAPHPAD SOFTWARE INC. PREFERRED UNITS             | GRAPHPAD SOFTWARE INC. PREFERRED UNITS             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3737 | NS      | $95317.54     | 0.06%             |  |  |  | Yes           |                  3 | On Loan: No      |
| HTI TECHNOLOGY & INDUSTRIES-2022 DELAYED DRAW TERM | HTI TECHNOLOGY & INDUSTRIES-2022 DELAYED DRAW TERM | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    102273 | PA      | $100957.38    | 0.06%             | 2025-07-07      | None          | 15.00%                | Yes           |                  3 | On Loan: No      |
| HOP ENTERTAINMENT LLC UNIT CLASS F                 | HOP ENTERTAINMENT LLC UNIT CLASS F                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        47 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| NATIONAL AUTO CARE-DELAYED DRAW TERM LOAN          | NATIONAL AUTO CARE-DELAYED DRAW TERM LOAN          | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    390553 | PA      | $388990.82    | 0.24%             | 2024-09-28      | Floating      | 9.45%                 | Yes           |                  3 | On Loan: No      |
| SYSTEC CORP 13% 12/31/2024                         | SYSTEC CORP 13% 12/31/2024                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    869614 | PA      | $762651.66    | 0.48%             | 2024-12-31      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| AIT WORLDWIDE LOGISTICS INC 2ND LIEN TERM LOAN     | AIT WORLDWIDE LOGISTICS INC 2ND LIEN TERM LOAN     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1669355 | PA      | $1605919.36   | 1.01%             | 2029-04-06      | Floating      | 12.23%                | Yes           |                  3 | On Loan: No      |
| FRONTIER COMMUNICATIONS 8.75 05/15/30 144A         | FRONTIER COMMUNICATIONS 8.75 05/15/30 144A         | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    194000 | PA      | $197249.41    | 0.12%             | 2030-05-15      | Floating      | 0.00%                 | Yes           |                  2 | On Loan: No      |
| WWEC HOLDINGS II CORP-REVOLVER                     | WWEC HOLDINGS II CORP-REVOLVER                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    124224 | PA      | $52795.03     | 0.03%             | 2027-10-03      | Floating      | 10.18%                | Yes           |                  3 | On Loan: No      |
| SYNTAX SYSTEMS LTD-SENIOR REVOLVER                 | Syntax Systems Ltd-Senior Revolver                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    101119 | PA      | $62154.70     | 0.04%             | 2026-10-29      | Floating      | 5.75%                 | Yes           |                  3 | On Loan: No      |
| BRIGHTSIGN TERM LOAN                               | BRIGHTSIGN TERM LOAN                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1280738 | PA      | $1268843.44   | 0.80%             | 2027-10-14      | Floating      | 10.48%                | Yes           |                  3 | On Loan: No      |
| NARDA-MITEQ (JFL-NARDA PARTNERS LLC) CLASS A PREF  | NARDA-MITEQ (JFL-NARDA PARTNERS LLC) CLASS A PREF  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       790 | NS      | $51670.41     | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| POLARA (VSC POLARA LLC) EQUITY CO-INVEST           | POLARA (VSC POLARA LLC) EQUITY CO-INVEST           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1471 | NS      | $163483.34    | 0.10%             |  |  |  | Yes           |                  3 | On Loan: No      |
| THE OCTAVE MUSIC GROUP INC (FKA TOUCHTUNES)        | THE OCTAVE MUSIC GROUP INC (FKA TOUCHTUNES)        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     25641 | NS      | $38589.75     | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ZIYAD EQUITY                                       | ZIYAD EQUITY                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        31 | NS      | $38743.49     | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| HOOSIER HD HOLDINGS INC COMMON STOCK               | HOOSIER HD HOLDINGS INC COMMON STOCK               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       210 | NS      | $315194.38    | 0.20%             |  |  |  | Yes           |                  3 | On Loan: No      |
| HOP ENTERTAINMENT LLC UNIT CLASS G                 | HOP ENTERTAINMENT LLC UNIT CLASS G                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       114 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PROJECT POTTER BUYER LLC TERM LOAN                 | PROJECT POTTER BUYER LLC TERM LOAN                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1664319 | PA      | $1632789.35   | 1.03%             | 2027-04-23      | Floating      | 12.07%                | Yes           |                  3 | On Loan: No      |
| WWEC HOLDINGS II CORP TERM LOAN                    | WWEC HOLDINGS II CORP TERM LOAN                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    718696 | PA      | $700728.26    | 0.44%             | 2029-10-03      | Floating      | 10.58%                | Yes           |                  3 | On Loan: No      |
| POLICY SERVICES COMPANY LLC WARRANTS - CLASS CC    | POLICY SERVICES COMPANY LLC WARRANTS - CLASS CC    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        32 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| KINGS III 1ST LIEN TERM LOAN                       | KINGS III 1ST LIEN TERM LOAN                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    368119 | PA      | $361574.54    | 0.23%             | 2028-07-07      | Floating      | 10.40%                | Yes           |                  3 | On Loan: No      |
| CMT OPCO HOLDING LLC                               | CMT OPCO HOLDING LLC                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1237 | NS      | $23255.60     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| TRIDENT MARITIME SYSTEMS INC. 2021 TERM LOAN       | TRIDENT MARITIME SYSTEMS INC. 2021 TERM LOAN       | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1698541 | PA      | $1675504.87   | 1.05%             | 2027-02-26      | Floating      | 9.48%                 | Yes           |                  3 | On Loan: No      |
| PORTFOLIO GROUP-DDTL 1ST LIEN                      | PORTFOLIO GROUP-DDTL 1ST LIEN                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    258716 | PA      | $96221.47     | 0.06%             | 2025-12-02      | Floating      | 10.73%                | Yes           |                  3 | On Loan: No      |
| WOODLAND FOODS INC TERM LOAN                       | WOODLAND FOODS INC TERM LOAN                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    999055 | PA      | $896152.64    | 0.56%             | 2027-11-30      | Floating      | 10.51%                | Yes           |                  3 | On Loan: No      |
| TRIDENT TPI HOLDINGS INC 9.25 08/01/24 144A        | TRIDENT TPI HOLDINGS INC 9.25 08/01/24 144A        | CUSIP: 000000000<br>LEI: 549300TPLK304J3RNC85 | Long             | DBT              | CORP              | US        |    500000 | PA      | $475193.20    | 0.30%             | 2024-08-01      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| TERRYBEAR CASH EQUITY                              | TERRYBEAR CASH EQUITY                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     84038 | NS      | $881143.36    | 0.55%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ENGLISH COLOR HOLDINGS LLC UNIT                    | ENGLISH COLOR HOLDINGS LLC UNIT                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    397695 | NS      | $948502.58    | 0.60%             |  |  |  | Yes           |                  3 | On Loan: No      |
| THE HILB GROUP LLC (THG ACQUISITION)-DELAYED TL LI | THE HILB GROUP LLC (THG ACQUISITION)-DELAYED TL LI | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    129196 | PA      | $127105.82    | 0.08%             | 2026-12-02      | Floating      | 10.13%                | Yes           |                  3 | On Loan: No      |
| VAN POOL TRANSPORTATION LLC (VP HOLDING COMPANY)-D | VAN POOL TRANSPORTATION LLC (VP HOLDING COMPANY)-D | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    842997 | PA      | $826917.18    | 0.52%             | 2024-05-22      | Floating      | 9.99%                 | Yes           |                  3 | On Loan: No      |
| NEW ENTERPRISE STONE & L 9.75 07/15/28 144A        | NEW ENTERPRISE STONE & L 9.75 07/15/28 144A        | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    505000 | PA      | $466589.52    | 0.29%             | 2028-07-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| OPTIONS TECHNOLOGY LTD TERM LOAN                   | OPTIONS TECHNOLOGY LTD TERM LOAN                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1240289 | PA      | $1219203.62   | 0.77%             | 2025-12-26      | Floating      | 8.92%                 | Yes           |                  3 | On Loan: No      |
| APPLIED AEROSPACE STRUCTURES CORP. (AASC LP) COMMO | APPLIED AEROSPACE STRUCTURES CORP. (AASC LP) COMMO | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         8 | NS      | $8000.00      | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ALMONDE INC. 2ND LIEN TERM LOAN                    | ALMONDE INC. 2ND LIEN TERM LOAN                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    500000 | PA      | $370180.00    | 0.23%             | 2025-06-13      | Floating      | 10.62%                | No            |                  2 | On Loan: No      |
| CLEAVER-BROOKS INC 2022 TERM LOAN                  | CLEAVER-BROOKS INC 2022 TERM LOAN                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    558712 | PA      | $549224.22    | 0.35%             | 2028-07-14      | Floating      | 10.07%                | Yes           |                  3 | On Loan: No      |
| FIVE STAR HOLDING LLC COMMON EQUITY                | FIVE STAR HOLDING LLC COMMON EQUITY                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        34 | NS      | $33454.45     | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Accurus Aerospace Corporation-2022 Revolver        | Accurus Aerospace Corporation-2022 Revolver        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     60981 | PA      | $29514.97     | 0.02%             | 2028-04-05      | Floating      | 9.92%                 | Yes           |                  3 | On Loan: No      |
| ASC COMMUNICATIONS LLC 2022 TERM LOAN              | ASC COMMUNICATIONS LLC 2022 TERM LOAN              | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    442123 | PA      | $435574.61    | 0.27%             | 2027-07-15      | Floating      | 9.32%                 | Yes           |                  3 | On Loan: No      |
| FRAGILEPAK TERM LOAN                               | FRAGILEPAK TERM LOAN                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1061953 | PA      | $1061953.14   | 0.67%             | 2027-05-24      | Floating      | 10.48%                | Yes           |                  3 | On Loan: No      |
| TOURMALINE OIL CORP                                | TOURMALINE OIL CORP                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     42397 | NS      | $31290.45     | 0.02%             |  |  |  | No            |                  3 | On Loan: No      |
| RWA HOLDING COMPANY-DDTL                           | RWA HOLDING COMPANY-DDTL                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     44125 | PA      | $-1323.74     | -0.00%            | 2028-11-01      | None          | 1.00%                 | Yes           |                  3 | On Loan: No      |
| MES PARTNERS. INC. CLASS B WARRANTS 12/31/2030     | MES PARTNERS. INC. CLASS B WARRANTS 12/31/2030     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    351890 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| AMTECH SOFTWARE TERM                               | AMTECH SOFTWARE TERM                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    540000 | PA      | $533389.99    | 0.34%             | 2027-11-02      | Floating      | 9.62%                 | Yes           |                  3 | On Loan: No      |
| KANO LABORATORIES LLC-2021 DDTL                    | KANO LABORATORIES LLC-2021 DDTL                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    174463 | PA      | $-2154.94     | -0.00%            | 2027-10-31      | None          | 1.00%                 | Yes           |                  3 | On Loan: No      |
| DATASERV-REVOLVER                                  | DATASERV-REVOLVER                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     48077 | PA      | $-1081.73     | -0.00%            | 2027-09-30      | None          | 0.50%                 | Yes           |                  3 | On Loan: No      |
| CADENCE INC 2018 1ST LIEN TERM LOAN                | CADENCE INC 2018 1ST LIEN TERM LOAN                | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    870342 | PA      | $826824.82    | 0.52%             | 2025-05-21      | Floating      | 9.38%                 | Yes           |                  3 | On Loan: No      |
| GALLATIN CO-REV-TXBL 11.5 09/01/27                 | GALLATIN CO-REV-TXBL 11.5 09/01/27                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    340000 | PA      | $353750.96    | 0.22%             | 2027-09-01      | Floating      | 11.50%                | No            |                  2 | On Loan: No      |
| EFI PRODUCTIVITY SOFTWARE TERM LOAN                | EFI PRODUCTIVITY SOFTWARE TERM LOAN                | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    917718 | PA      | $904870.33    | 0.57%             | 2027-12-30      | Floating      | 10.47%                | Yes           |                  3 | On Loan: No      |
| BEST LAWYERS-DELAYED DRAW TERM LOAN                | Best Lawyers-Delayed Draw Term Loan                | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    221154 | PA      | $-2825.86     | -0.00%            | 2027-11-19      | None          | 1.00%                 | Yes           |                  3 | On Loan: No      |
| AQA ACQUISITION HOLDING INC 2020 2ND LIEN TERM LO  | AQA ACQUISITION HOLDING INC 2020 2ND LIEN TERM LO  | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1725000 | PA      | $1650825.00   | 1.04%             | 2029-03-02      | Floating      | 12.23%                | Yes           |                  3 | On Loan: No      |
| MANHATTAN BEACHWEAR HOLDING CO 5/30/2023           | MANHATTAN BEACHWEAR HOLDING CO 5/30/2023           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       104 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| SUNVAIR INC. 12.5% 8/01/2024                       | SUNVAIR INC. 12.5% 8/01/2024                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    596708 | PA      | $590740.67    | 0.37%             | 2024-08-01      | Fixed         | 0.00%                 | Yes           |                  3 | On Loan: No      |
| OFFICE ALLY-REVOLVER                               | OFFICE ALLY-REVOLVER                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    133124 | PA      | $-2065.89     | -0.00%            | 2028-12-10      | None          | 0.50%                 | Yes           |                  3 | On Loan: No      |
| MUSIC REPORTS INC TERM LOAN                        | MUSIC REPORTS INC TERM LOAN                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    548682 | PA      | $540248.54    | 0.34%             | 2026-08-25      | Floating      | 9.79%                 | Yes           |                  3 | On Loan: No      |
| TRUCK-LITE CC-2021 DDTL 2                          | TRUCK-LITE CC-2021 DDTL 2                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    300034 | PA      | $291333.25    | 0.18%             | 2026-12-14      | Floating      | 11.14%                | Yes           |                  3 | On Loan: No      |
| TANK HOLDING CORP.-REVOLVER                        | TANK HOLDING CORP.-REVOLVER                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     21818 | PA      | $3927.27      | 0.00%             | 2028-03-31      | Floating      | 12.25%                | Yes           |                  3 | On Loan: No      |
| OFFICE ALLY 2022 INCREMENTAL TERM LOAN             | OFFICE ALLY 2022 INCREMENTAL TERM LOAN             | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    113087 | PA      | $111331.94    | 0.07%             | 2028-12-20      | Floating      | 10.14%                | Yes           |                  3 | On Loan: No      |
| MANHATTAN BEACHWEAR HLDG CO 15% (2.5% PIK) 5/30/22 | MANHATTAN BEACHWEAR HLDG CO 15% (2.5% PIK) 5/30/22 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    115253 | PA      | $0.00         | 0.00%             | 2024-12-31      | Floating      | 15.00%                | Yes           |                  3 | On Loan: No      |
| OMNI INTERMEDIATE HOLDINGS LLC TERM LOAN           | OMNI INTERMEDIATE HOLDINGS LLC TERM LOAN           | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1723837 | PA      | $1695330.31   | 1.07%             | 2026-12-30      | Floating      | 9.54%                 | Yes           |                  3 | On Loan: No      |
| DECKSDIRECT, LLC-REVOLVER                          | DECKSDIRECT, LLC-REVOLVER                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    376364 | PA      | $-5269.09     | -0.00%            | 2026-12-28      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| RUFFALO NOEL LEVITZ LLC TERM LOAN                  | RUFFALO NOEL LEVITZ LLC TERM LOAN                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1216573 | PA      | $1189808.87   | 0.75%             | 2024-05-29      | Floating      | 10.73%                | Yes           |                  3 | On Loan: No      |
| WG SMC HOLDINGS INC COMMON STOCK                   | WG SMC HOLDINGS INC COMMON STOCK                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       157 | NS      | $268973.74    | 0.17%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ECHO LOGISTICS EQUITY                              | ECHO LOGISTICS EQUITY                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        46 | NS      | $80437.40     | 0.05%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ROI Solutions-2018 Delayed Draw Term Loan          | ROI Solutions-2018 Delayed Draw Term Loan          | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    421596 | PA      | $421596.42    | 0.27%             | 2024-08-01      | Floating      | 9.72%                 | Yes           |                  3 | On Loan: No      |
| AUDIO PRECISION 2018 TERM LOAN                     | AUDIO PRECISION 2018 TERM LOAN                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1732500 | PA      | $1723837.50   | 1.08%             | 2024-10-31      | Floating      | 10.73%                | Yes           |                  3 | On Loan: No      |
| JONES FISH-REVOLVER                                | JONES FISH-REVOLVER                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    164557 | PA      | $-2373.89     | -0.00%            | 2027-12-20      | None          | 0.50%                 | Yes           |                  3 | On Loan: No      |
| ROI SOLUTIONS 2018 SENIOR TERM LOAN                | ROI SOLUTIONS 2018 SENIOR TERM LOAN                | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    631357 | PA      | $631357.11    | 0.40%             | 2024-08-01      | Floating      | 9.73%                 | Yes           |                  3 | On Loan: No      |
| DWYER INSTRUMENTS, INC-DELAYED DRAW TERM LOAN      | DWYER INSTRUMENTS, INC-DELAYED DRAW TERM LOAN      | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    131250 | PA      | $129062.50    | 0.08%             | 2027-07-21      | Floating      | 10.73%                | Yes           |                  3 | On Loan: No      |
| CORONADO FINANCE PTY LTD 10.75 05/15/26 144A       | CORONADO FINANCE PTY LTD 10.75 05/15/26 144A       | CUSIP: 000000000<br>LEI: 549300NS5FS0W548RE27 | Long             | DBT              | CORP              | AU        |    219000 | PA      | $223927.50    | 0.14%             | 2026-05-15      | Floating      | 0.00%                 | Yes           |                  2 | On Loan: No      |
| ADVANTAGE SOFTWARE CLASS B - 1 UNITS               | ADVANTAGE SOFTWARE CLASS B - 1 UNITS               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       766 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| POLICY SERVICES COMPANY LLC WARRANTS - CLASS D     | POLICY SERVICES COMPANY LLC WARRANTS - CLASS D     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        89 | NS      | $1523.68      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PETERSON PARTY CENTER COMMON STOCK                 | PETERSON PARTY CENTER COMMON STOCK                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     84067 | NS      | $72297.33     | 0.05%             |  |  |  | Yes           |                  3 | On Loan: No      |
| APPLIED AEROSPACE STRUCTURES CORP. TERM LOAN       | APPLIED AEROSPACE STRUCTURES CORP. TERM LOAN       | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    167742 | PA      | $162709.68    | 0.10%             | 2028-11-22      | Floating      | 10.54%                | Yes           |                  3 | On Loan: No      |
| VERSCEND HOLDING CORP 9.75 08/15/26 144A           | VERSCEND HOLDING CORP 9.75 08/15/26 144A           | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    482000 | PA      | $472220.22    | 0.30%             | 2026-08-15      | Floating      | 0.00%                 | Yes           |                  2 | On Loan: No      |
| HTI TECHNOLOGY & INDUSTRIES-2022 DELAYED DRAW TERM | HTI TECHNOLOGY & INDUSTRIES-2022 DELAYED DRAW TERM | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    102273 | PA      | $-1315.34     | -0.00%            | 2025-07-07      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| DECKSDIRECT LLC                                    | DECKSDIRECT LLC                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1207500 | PA      | $1190594.99   | 0.75%             | 2026-12-28      | Floating      | 10.38%                | Yes           |                  3 | On Loan: No      |
| NAVIA BENEFIT SOLUTIONS-DELAYED DRAW TERM LOAN     | NAVIA BENEFIT SOLUTIONS-DELAYED DRAW TERM LOAN     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    144817 | PA      | $142393.19    | 0.09%             | 2027-02-11      | Floating      | 9.64%                 | Yes           |                  3 | On Loan: No      |
| ROADONE INTERMODALOGISTICS-DDTL                    | ROADONE INTERMODALOGISTICS-DDTL                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    131149 | PA      | $-4367.28     | -0.00%            | 2028-12-30      | None          | 1.00%                 | Yes           |                  3 | On Loan: No      |
| DEL REAL HOLDCO LLC UNIT                           | DEL REAL HOLDCO LLC UNIT                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    368799 | NS      | $175179.54    | 0.11%             |  |  |  | Yes           |                  3 | On Loan: No      |
| NARDA-MITEQ INCREMENTAL TERM LOAN                  | NARDA-MITEQ INCREMENTAL TERM LOAN                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    869369 | PA      | $785909.46    | 0.49%             | 2027-12-06      | Floating      | 10.23%                | Yes           |                  3 | On Loan: No      |
| MOBILE PRO SYSTEMS EQUITY                          | MOBILE PRO SYSTEMS EQUITY                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4118 | NS      | $273350.20    | 0.17%             |  |  |  | Yes           |                  3 | On Loan: No      |
| THE HILB GROUPLLC 2019 TERM LOAN                   | THE HILB GROUPLLC 2019 TERM LOAN                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1155416 | PA      | $1136721.15   | 0.72%             | 2026-12-02      | Floating      | 10.13%                | Yes           |                  3 | On Loan: No      |
| DCCP PETERSON PARTY HOLDING LLC PREFERRED P-1      | DCCP PETERSON PARTY HOLDING LLC PREFERRED P-1      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |        71 | NS      | $90550.50     | 0.06%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ELLKAY TERM LOAN                                   | ELLKAY TERM LOAN                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    700251 | PA      | $692301.56    | 0.44%             | 2027-09-14      | Floating      | 11.00%                | Yes           |                  3 | On Loan: No      |
| CADENT LLC - 2018 TERM LOAN                        | CADENT LLC - 2018 TERM LOAN                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    869533 | PA      | $847504.82    | 0.53%             | 2025-09-11      | Floating      | 11.23%                | Yes           |                  3 | On Loan: No      |
| ADVANCED MFG ENT LLC UNIT                          | ADVANCED MFG ENT LLC UNIT                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1945 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| POLYTEX HOLDINGS LLC UNIT CLASS F                  | POLYTEX HOLDINGS LLC UNIT CLASS F                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     36976 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| WORLD 50 INC 2020 INCREMENTAL TERM LOAN            | WORLD 50 INC 2020 INCREMENTAL TERM LOAN            | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    283851 | PA      | $279238.23    | 0.18%             | 2026-01-10      | Floating      | 9.64%                 | Yes           |                  3 | On Loan: No      |
| PORTFOLIO GROUP-DELAYED DRAW TERM LOAN             | Portfolio Group-Delayed Draw Term Loan             | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    513515 | PA      | $499136.82    | 0.31%             | 2025-12-02      | Floating      | 10.72%                | Yes           |                  3 | On Loan: No      |
| AIT WORLDWIDE LOGISTICS INC LP UNITS               | AIT WORLDWIDE LOGISTICS INC LP UNITS               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        56 | NS      | $127318.02    | 0.08%             |  |  |  | Yes           |                  3 | On Loan: No      |
| SISU ACQUISITIONCO INC. TERM LOAN                  | SISU ACQUISITIONCO INC. TERM LOAN                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1374839 | PA      | $1263477.11   | 0.80%             | 2026-12-22      | Floating      | 10.23%                | Yes           |                  3 | On Loan: No      |
| MC-HHI HOLDING, LLC.                               | MC-HHI HOLDING, LLC.                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       102 | NS      | $297604.38    | 0.19%             |  |  |  | Yes           |                  3 | On Loan: No      |
| TRISTAR GLOBAL ENERGY SOLUTIONS 12.5% 6/30/2024    | TRISTAR GLOBAL ENERGY SOLUTIONS 12.5% 6/30/2024    | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1204904 | PA      | $1204903.92   | 0.76%             | 2024-06-30      | None          | 12.50%                | Yes           |                  3 | On Loan: No      |
| BLUE WAVE PRODUCTS INC. WARRANT - EXP 03/31/24     | BLUE WAVE PRODUCTS INC. WARRANT - EXP 03/31/24     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20216 | NS      | $3234.56      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| REELCRAFT HOLDINGS LLC UNITS CLASS B               | REELCRAFT HOLDINGS LLC UNITS CLASS B               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    293617 | NS      | $786893.56    | 0.50%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Comply365-Revolver                                 | Comply365-Revolver                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     52748 | PA      | $7107.34      | 0.00%             | 2028-04-19      | Floating      | 10.17%                | Yes           |                  3 | On Loan: No      |
| SYNTAX SYSTEMS LTD SENIOR TERM LOAN                | SYNTAX SYSTEMS LTD SENIOR TERM LOAN                | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    696753 | PA      | $660522.15    | 0.42%             | 2028-10-29      | Floating      | 10.13%                | Yes           |                  3 | On Loan: No      |
| TURNBERRY SOLUTIONS INC TERM LOAN                  | TURNBERRY SOLUTIONS INC TERM LOAN                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1608618 | PA      | $1584489.06   | 1.00%             | 2026-07-30      | Floating      | 9.19%                 | Yes           |                  3 | On Loan: No      |
| STACKLINE HOLDCO NOTES                             | STACKLINE HOLDCO NOTES                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1835111 | PA      | $1780057.85   | 1.12%             | 2028-07-30      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| DISTROKID SENIOR TERM LOAN                         | DISTROKID SENIOR TERM LOAN                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1630951 | PA      | $1611923.03   | 1.01%             | 2027-09-30      | Floating      | 10.48%                | Yes           |                  3 | On Loan: No      |
| MANHATTAN BEACHWEAR HLDG CO COMMON STOCK           | MANHATTAN BEACHWEAR HLDG CO COMMON STOCK           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       118 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| KENAN ADVANTAGE GROUP INC 2021 2ND LIEN TERM LOAN  | KENAN ADVANTAGE GROUP INC 2021 2ND LIEN TERM LOAN  | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    564317 | PA      | $517761.01    | 0.33%             | 2027-09-01      | Floating      | 11.63%                | No            |                  2 | On Loan: No      |
| CW INTERMEDIATE HOLDINGS LLC                       | CW INTERMEDIATE HOLDINGS LLC                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     55645 | NS      | $70391.13     | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| 1WORLDSYNC INC. TERM LOAN                          | 1WORLDSYNC INC. TERM LOAN                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2351074 | PA      | $2351074.34   | 1.48%             | 2025-07-08      | Floating      | 7.94%                 | Yes           |                  3 | On Loan: No      |
| PROJECT POTTER BUYER LLC CLASS B PARTNERSHIP UNIT  | PROJECT POTTER BUYER LLC CLASS B PARTNERSHIP UNIT  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6629 | NS      | $39009.43     | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| BROWN MACHINE GROUP HOLDINGS LLC TERM LOAN A       | BROWN MACHINE GROUP HOLDINGS LLC TERM LOAN A       | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    808993 | PA      | $808992.96    | 0.51%             | 2024-10-04      | Floating      | 9.98%                 | Yes           |                  3 | On Loan: No      |
| HEARTLAND VETERINARY PARTNERS LLC 2021 OPCO PIK NO | HEARTLAND VETERINARY PARTNERS LLC 2021 OPCO PIK NO | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1626376 | PA      | $1584089.93   | 1.00%             | 2028-11-09      | Fixed         | 0.00%                 | Yes           |                  3 | On Loan: No      |
| KANO LABORATORIES LLC-DELAYED DRAW TERM LOAN       | KANO LABORATORIES LLC-DELAYED DRAW TERM LOAN       | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    395138 | PA      | $-4880.69     | -0.00%            | 2026-10-01      | Floating      | 1.00%                 | Yes           |                  3 | On Loan: No      |
| Truck-Lite Cc-Delayed Draw                         | Truck-Lite Cc-Delayed Draw                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    216178 | PA      | $209908.84    | 0.13%             | 2026-12-14      | Floating      | 11.14%                | Yes           |                  3 | On Loan: No      |
| U.S. LEGAL SUPPORT INC TERM LOAN                   | U.S. LEGAL SUPPORT INC TERM LOAN                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1670978 | PA      | $1602468.23   | 1.01%             | 2024-12-02      | Floating      | 9.45%                 | Yes           |                  3 | On Loan: No      |
| CAI SOFTWARE TERM LOAN                             | CAI SOFTWARE TERM LOAN                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2247272 | PA      | $2188842.66   | 1.38%             | 2028-12-10      | Floating      | 10.98%                | Yes           |                  3 | On Loan: No      |
| TENCARVA MACHINERY COMPANY-DELAYED DRAW TERM LOAN  | TENCARVA MACHINERY COMPANY-DELAYED DRAW TERM LOAN  | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    232387 | PA      | $229717.22    | 0.14%             | 2027-12-20      | Floating      | 9.65%                 | Yes           |                  3 | On Loan: No      |
| RENOVATION BRANDS TERM LOAN                        | RENOVATION BRANDS TERM LOAN                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    961165 | PA      | $911184.50    | 0.57%             | 2027-08-16      | Floating      | 10.14%                | Yes           |                  3 | On Loan: No      |
| GENESIS ENERGY LP/FIN 6.5 10/01/25                 | GENESIS ENERGY LP/FIN 6.5 10/01/25                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    337000 | PA      | $322074.27    | 0.20%             | 2025-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| RESONETICS LLC 2021 2ND LIEN INCREMENTAL TERM LOA  | RESONETICS LLC 2021 2ND LIEN INCREMENTAL TERM LOA  | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    552000 | PA      | $540408.00    | 0.34%             | 2029-04-28      | Floating      | 11.73%                | Yes           |                  3 | On Loan: No      |
| JONES FISH TERM LOAN                               | JONES FISH TERM LOAN                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1097046 | PA      | $1081220.50   | 0.68%             | 2027-12-20      | Floating      | 10.16%                | Yes           |                  3 | On Loan: No      |
| EFI PRODUCTIVITY SOFTWARE-REVOLVER                 | EFI PRODUCTIVITY SOFTWARE-REVOLVER                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     73012 | PA      | $-1022.16     | -0.00%            | 2027-12-30      | Floating      | 0.50%                 | Yes           |                  3 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-01

**Name of Applicant:** BARINGS PARTICIPATION INVESTORS

**Signature:** Christopher Hanscom

**Name of Signer:** Christopher Hanscom

**Title:** Chief Financial Officer for the Trusts