0000950170-23-068909 | 10-K | XBRL Viewer | Pennantpark Investment Corp

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Transactions with Affiliated Companies - Additional Information (Details)	12 Months Ended
	Sep. 30, 2023
Minimum
Investments In And Advances To Affiliates [Line Items]
Ownership percentage of voting securities	5.00%
Controlled Affiliates \| Maximum
Investments In And Advances To Affiliates [Line Items]
Ownership percentage of voting securities	25.00%
Non-Controlled Affiliates \| Minimum
Investments In And Advances To Affiliates [Line Items]
Ownership percentage of voting securities	5.00%
Non-Controlled Affiliates \| Maximum
Investments In And Advances To Affiliates [Line Items]
Ownership percentage of voting securities	25.00%

Debt

12 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Debt

11. DEBT

The annualized weighted average cost of debt for the years ended September 30, 2023, 2022, and 2021, inclusive of the fee on the undrawn commitment and amendment costs on the Truist Credit Facility and amortized upfront fees on 2026 Notes-2, was 6.0%, 4.8%, and 3.5%, respectively. As of September 30, 2023, in accordance with the 1940 Act, with certain limited exceptions, we are only allowed to borrow amounts such that we are in compliance with the 150% asset coverage ratio requirement after such borrowing, excluding SBA debentures, pursuant to exemptive relief from the SEC received in June 2011.

On February 5, 2019, our stockholders approved the application of the modified asset coverage requirements set forth in Section 61(a)(2) of the 1940 Act, as amended by the Consolidated Appropriations Act of 2018 (which includes the Small Business Credit Availability Act, or SBCAA) as approved by our board of directors on November 13, 2018. As a result, the asset coverage requirement applicable to us for senior securities was reduced from 200% (i.e., $1 of debt outstanding for each $1 of equity) to 150% (i.e., $2 of debt outstanding for each $1 of equity), subject to compliance with certain disclosure requirements. As of September 30, 2023 and 2022, our asset coverage ratio, as computed in accordance with the 1940 Act, was 195% and 186%, respectively.

Truist Credit Facility

As of September 30, 2023, we had the multi-currency Truist Credit Facility for up to $475.0 million (decreased from $500.0 million in September 2023), which may be further increased up to $750.0 million in borrowings with certain lenders and Truist Bank (formerly SunTrust Bank), acting as administrative agent, Regions Bank, acting as an additional multicurrency lender, and JPMorgan Chase Bank, N.A., acting as syndication agent for the lenders. As of September 30, 2023 and 2022, we had $212.4 million and $385.9 million, respectively, in outstanding borrowings under the Truist Credit Facility. The Truist Credit Facility had a weighted average interest rate of 7.7% and 5.3%, respectively, exclusive of the fee on undrawn commitment, as of September 30, 2023 and 2022. The Truist Credit Facility is a revolving facility with a stated maturity date of July 29, 2027 for $475.0 million out of the total $500.0 million commitments (with the revolving period with respect to the remaining $25.0 million of commitments expiring on September 4, 2023 and the related obligations maturing on September 4, 2024) and pricing set at 235 basis points over SOFR. As of September 30, 2023 and 2022, we had $262.6 million and $114.1 million of unused borrowing capacity under the Truist Credit Facility, respectively, subject to leverage and borrowing base restrictions. The Truist Credit Facility is secured by substantially all of our assets excluding assets held by SBIC II. As of September 30, 2023, we were in compliance with the terms of the Truist Credit Facility.

SBA Debentures

SBIC II was historically able to borrow funds from the SBA against regulatory capital (which approximates equity capital) that is paid-in and is subject to customary regulatory requirements including an examination by the SBA. We previously funded SBIC II with $75.0 million of equity capital and it had SBA debentures outstanding of zero and $20.0 million as of September 30, 2023 and 2022, respectively. SBA debentures are non-recourse to us and may be prepaid at any time without penalty. The interest rate of SBA debentures is fixed at the time of issuance, often referred to as pooling, at a market-driven spread over 10-year U.S. Treasury Notes. Under current SBA regulations, a SBIC may individually borrow to a maximum of $175.0 million, which is up to twice its potential regulatory capital, and as part of a group of SBICs under common control may borrow a maximum of $350 million in the aggregate.

As of both September 30, 2023 and 2022, SBIC II had zero and $20.0 million in debt commitments, respectively, all of which was drawn as of September 30, 2022. We repaid the remaining $20.0 million SBA Debentures during the nine months ended June 30, 2023. As of September 30, 2023 and 2022, the unamortized fees on the SBA debentures were zero and $0.3 million, respectively. The SBA debentures’ upfront fees of 3.4% consist of a commitment fee of 1.0% and an issuance discount of 2.4%, which are being amortized.

Our fixed-rate SBA debentures were as follows ($in thousands):


Issuance Dates	Maturity	Fixed All-in Coupon Rate (1)			As of September 30, 2022 Principal Balance
September 20, 2017	September 1, 2027		2.9	%		20,000,000

(1)

Excluding 3.4% of upfront fees.

The SBIC program was designed to stimulate the flow of capital into eligible businesses. Under SBA regulations, SBIC II was subject to regulatory requirements, including making investments in SBA eligible businesses, investing at least 25% of regulatory capital in eligible smaller businesses, as defined under the 1958 Act, placing certain limitations on the financing terms of investments, prohibiting investment in certain industries and requiring capitalization thresholds that limit distributions to us, and were subject to periodic audits and examinations of its financial statements that are prepared on a basis of accounting other than GAAP (for example, fair value, as defined under ASC 820, is not required to be used for assets or liabilities for such compliance reporting).

2024 Notes

As of September 30, 2023 and 2022, we had zero in aggregate principal amount of 2024 Notes outstanding, respectively. The 2024 Notes were redeemed on November 13, 2021 at a redemption price of $25.00 per 2024 Note, plus accrued and unpaid interest to November 13, 2021, pursuant to the indenture governing the 2024 Notes. Interest on the 2024 Notes was paid quarterly at a rate of 5.5% per year.

2026 Notes

In April 2021, we issued $150.0 million in aggregate principal amount of our 2026 Notes at a public offering price per note of 99.4%. Interest on the 2026 Notes is paid semi-annually on May 1 and November 1 of each year, at a rate of 4.50% per year, commencing November 1, 2021. The 2026 Notes mature on May 1, 2026 and may be redeemed in whole or in part at our option subject to a make-whole premium if redeemed more than three months prior to maturity. The 2026 Notes are general, unsecured obligations and rank equal in right of payment with all of our existing and future senior unsecured indebtedness. The 2026 Notes are effectively subordinated to all of our existing and future secured indebtedness to the extent of the value of the assets securing such indebtedness and structurally subordinated to all existing and future indebtedness and other obligations of any of our subsidiaries, financing vehicles, or similar facilities. We do not intend to list the 2026 Notes on any securities exchange or automated dealer quotation system.

2026 Notes-2

In October 2021, we issued $165.0 million in aggregate principal amount of our 2026 Notes-2 at a public offering price per note of 99.4%. Interest on the 2026 Notes-2 is paid semi-annually on May 1 and November 1 of each year, at a rate of 4.00% per year, commencing May 1, 2022. The 2026 Notes-2 mature on November 1, 2026 and may be redeemed in whole or in part at our option subject to a make-whole premium if redeemed more than three months prior to maturity. The 2026 Notes-2 are general, unsecured obligations and rank equal in right of payment with all of our existing and future senior unsecured indebtedness. The 2026 Notes-2 are effectively subordinated to all of our existing and future secured indebtedness to the extent of the value of the assets securing such indebtedness and structurally subordinated to all existing and future indebtedness and other obligations of any of our subsidiaries, financing vehicles, or similar facilities. We do not intend to list the 2026 Notes-2 on any securities exchange or automated dealer quotation system.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Fair Value of Financial Instruments - Reconciliation of Liabilities Measured at Fair Value Using Significant Unobservable Inputs Level 3 (Parenthetical) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Long-Term Credit Facility
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Cost	$ 212,420	$ 385,920	$ 316,545

Taxes and Distributions - Summary of Reconciles Net (Decrease) Increase in Net Assets Resulting From Operations to Taxable Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Net Income (Loss)	$ (33,807)	$ (24,740)	$ 166,617
Net realized gain on investments	156,757	(34,756)	(30,021)
Net change in unrealized (appreciation) depreciation on investments and debt	(57,417)	103,439	(100,120)
Other book-to-tax differences	(6,006)	9,490	(5,333)
Other non-deductible expenses	5,766	3,691	2,647
Taxable income before dividends paid deduction	$ 65,293	$ 57,124	$ 33,790

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Agreements and Related Party Transactions	12 Months Ended
Sep. 30, 2023
Related Party Transactions [Abstract]
Agreements and Related Party Transactions	3. AGREEMENTS AND RELATED PARTY TRANSACTIONS (a) Investment Management Agreement The Investment Management Agreement with the Investment Adviser was reapproved by our board of directors, including a majority of our directors who are not interested persons of us or the Investment Adviser, in February 2023. Under the Investment Management Agreement, the Investment Adviser, subject to the overall supervision of our board of directors, manages the day-to-day operations of and provides investment advisory services to us. The Investment Adviser serves as the servicer to Funding I and has irrevocably directed that the management fee owed to it with respect to such services be paid to the Company so long as the Investment Adviser remains the servicer. SBIC II’s investment management agreement has no effect on the management or incentive fees that we pay to the Investment Adviser on a consolidated basis. For providing these services, the Investment Adviser receives a fee from us, consisting of two components— a base management fee and an incentive fee or, collectively, Management Fees. Base Management Fee The base management fee is calculated at an annual rate of 1.50% of our “average adjusted gross assets,” which equals our gross assets (exclusive of U.S. Treasury Bills, temporary draws under any credit facility, cash and cash equivalents, repurchase agreements or other balance sheet transactions undertaken at the end of a fiscal quarter for purposes of preserving investment flexibility for the next quarter and unfunded commitments, if any) and is payable quarterly in arrears. In addition, on November 13, 2018, in connection with our board of directors’ approval of the application of the modified asset coverage requirements under the 1940 Act to the Company, our board of directors also approved an amendment to the Investment Management Agreement reducing the Investment Adviser’s annual base management fee from 1.50% to 1.00% on gross assets that exceed 200% of the Company’s total net assets as of the immediately preceding quarter-end. This amendment became effective on February 5, 2019 with the amendment and restatement of the Investment Management Agreement on April 12, 2019. The base management fee is calculated based on the average adjusted gross assets at the end of the two most recently completed calendar quarters, and appropriately adjusted for any share issuances or repurchases during the current calendar quarter. For example, if we sold shares on the 45th day of a quarter and did not use the proceeds from the sale to repay outstanding indebtedness, our gross assets for such quarter would give effect to the net proceeds of the issuance for only 45 days of the quarter during which the additional shares were outstanding. For periods prior to January 1, 2018, the base management fee was calculated at an annual rate of 2.00% of our “average adjusted gross assets.” For the years ended September 30, 2023, 2022, and 2021, the Investment Adviser earned base management fees of $16.5 million, $19.8 million, and $17.3 million, respectively, from us. Incentive Fee The incentive fee has two parts, as follows: One part is calculated and payable quarterly in arrears based on our Pre-Incentive Fee Net Investment Income for the immediately preceding calendar quarter. For this purpose, Pre-Incentive Fee Net Investment Income means interest income, dividend income and any other income, including any other fees (other than fees for providing managerial assistance), such as amendment, commitment, origination, prepayment penalties, structuring, diligence and consulting fees or other fees received from portfolio companies, accrued during the calendar quarter, minus our operating expenses for the quarter (including the base management fee, any expenses payable under the Administration Agreement and any interest expense or amendment fees under any credit facility and distribution paid on any issued and outstanding preferred stock, but excluding the incentive fee). Pre-Incentive Fee Net Investment Income includes, in the case of investments with a deferred interest feature (such as OID, debt instruments with PIK interest and zero-coupon securities), accrued income not yet received in cash. Pre-Incentive Fee Net Investment Income does not include any realized capital gains, computed net of all realized capital losses or unrealized capital appreciation or depreciation. Pre-Incentive Fee Net Investment Income, expressed as a percentage of the value of our net assets at the end of the immediately preceding calendar quarter, is compared to the hurdle rate of 1.75% per quarter (7.00% annualized). We pay the Investment Adviser an incentive fee with respect to our Pre- Incentive Fee Net Investment Income in each calendar quarter as follows: (1) no incentive fee in any calendar quarter in which our Pre-Incentive Fee Net Investment Income does not exceed the hurdle rate of 1.75%, (2) 100% of our Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than 2.1212% in any calendar quarter (8.4848% annualized), and (3) 17.5% of the amount of our Pre-Incentive Fee Net Investment Income, if any, that exceeds 2.1212% in any calendar quarter. These calculations are pro-rated for any share issuances or repurchases during the relevant quarter, if applicable. For the years ended September 30, 2023, 2022, and 2021, the Investment Adviser earned $13.9 million, $2.7 million, and $0.6 million, respectively, in incentive fees on net investment income from us. The second part of the incentive fee is determined and payable in arrears as of the end of each calendar year (or upon termination of the Investment Management Agreement, as of the termination date) and, effective January 1, 2018, equals 17.5% of our realized capital gains, (20.0)% for periods prior to January 1, 2018), if any, on a cumulative basis from inception through the end of each calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gain incentive fees. For the years ended September 30, 2023, 2022, and 2021, the Investment Adviser did not accrue an incentive fee on capital gains as calculated under the Investment Management Agreement (as described above). Under GAAP, we are required to accrue a capital gains incentive fee based upon net realized capital gains and net unrealized capital appreciation and depreciation on investments held at the end of each period. In calculating the capital gains incentive fee accrual, we considered the cumulative aggregate unrealized capital appreciation in the calculation, as a capital gains incentive fee would be payable if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee actually payable under the Investment Management Agreement. This accrual is calculated using the aggregate cumulative realized capital gains and losses and cumulative unrealized capital appreciation or depreciation. If such amount is positive at the end of a period, then we record a capital gains incentive fee equal to 17.5% of such amount, less the aggregate amount of actual capital gains related to incentive fees paid in all prior years, if any. If such amount is negative, then there is no accrual for such year. There can be no assurance that such unrealized capital appreciation will be realized in the future. For the years ended September 30, 2023, 2022, and 2021, the Investment Adviser did not accrue an incentive fee on capital gains as calculated under GAAP. (b) Administration Agreement The Administration Agreement with the Administrator was reapproved by our board of directors, including a majority of our directors who are not interested persons of us, in February 2023. Under the Administration Agreement, the Administrator provides administrative services and office facilities to us. The Administrator has provided similar services to SBIC II under its administration agreement with PennantPark Investment. For providing these services, facilities and personnel, we have agreed to reimburse the Administrator for its allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations under the Administration Agreement, including rent and our allocable portion of the costs of compensation and related expenses of our Chief Compliance Officer, Chief Financial Officer, Corporate Counsel and their respective staffs. The Administrator also offers, on our behalf, significant managerial assistance to portfolio companies to which we are required to offer such assistance. Reimbursement for certain of these costs is included in administrative services expenses in the Consolidated Statements of Operations. For the years ended September 30, 2023, 2022, and 2021, we recorded $1.3 million, $0.5 million and $1.5 million, respectively, for services described above. On July 1, 2022, the Administration Agreement with the Administrator was amended to clarify that the Administrator may be reimbursed by the Company for certain (i) tax and general legal advice and/or services provided to the Company by in-house professionals of the Administrator related to ongoing operations of the Company; and (ii) transactional legal advice and/or services provided to the Company or portfolio companies by in-house professionals of the Administrator or its affiliates on matters related to potential or actual investments and transactions, including tax structuring and/or due diligence. (c) Other Related Party Transactions There were no transactions subject to Rule 17a-7 under the 1940 Act during each of the years ended September 30, 2023, 2022, and 2021. For the years ended September 30, 2023, 2022, and 2021, we sold $127.8 million, $395.3 million, and $123.4 million in investments to PSLF at fair value, respectively, and recognized $(0.2) million, $0.2 million and $0.5 million of net realized loss, respectively. For the years ended September 30, 2023 and 2022, we sold zero and $82.3 million in investments to PTSF II at fair value, respectively, and recognized zero and $0.2 million of net realized gains, respectively. As of September 30, 2023 and 2022, PNNT had a payable to PSLF and PTSF II of $4.1 million and $2.1 million, respectively, presented as a due to affiliates on the consolidated statement of assets and liabilities. These amounts are related to cash owed to PSLF and PTSF II from PNNT in connection with trades between the funds.

Agreements and Related Party Transactions

12 Months Ended

Sep. 30, 2023

Agreements and Related Party Transactions

3. AGREEMENTS AND RELATED PARTY TRANSACTIONS

(a) Investment Management Agreement

The Investment Management Agreement with the Investment Adviser was reapproved by our board of directors, including a majority of our directors who are not interested persons of us or the Investment Adviser, in February 2023. Under the Investment Management Agreement, the Investment Adviser, subject to the overall supervision of our board of directors, manages the day-to-day operations of and provides investment advisory services to us. The Investment Adviser serves as the servicer to Funding I and has irrevocably directed that the management fee owed to it with respect to such services be paid to the Company so long as the Investment Adviser remains the servicer. SBIC II’s investment management agreement has no effect on the management or incentive fees that we pay to the Investment Adviser on a consolidated basis. For providing these services, the Investment Adviser receives a fee from us, consisting of two components— a base management fee and an incentive fee or, collectively, Management Fees.

Base Management Fee

The base management fee is calculated at an annual rate of 1.50% of our “average adjusted gross assets,” which equals our gross assets (exclusive of U.S. Treasury Bills, temporary draws under any credit facility, cash and cash equivalents, repurchase agreements or other balance sheet transactions undertaken at the end of a fiscal quarter for purposes of preserving investment flexibility for the next quarter and unfunded commitments, if any) and is payable quarterly in arrears. In addition, on November 13, 2018, in connection with our board of directors’ approval of the application of the modified asset coverage requirements under the 1940 Act to the Company, our board of directors also approved an amendment to the Investment Management Agreement reducing the Investment Adviser’s annual base management fee from 1.50% to 1.00% on gross assets that exceed 200% of the Company’s total net assets as of the immediately preceding quarter-end. This amendment became effective on February 5, 2019 with the amendment and restatement of the Investment Management Agreement on April 12, 2019. The base management fee is calculated based on the average adjusted gross assets at the end of the two most recently completed calendar quarters, and appropriately adjusted for any share issuances or repurchases during the current calendar quarter. For example, if we sold shares on the 45th day of a quarter and did not use the proceeds from the sale to repay outstanding indebtedness, our gross assets for such quarter would give effect to the net proceeds of the issuance for only 45 days of the quarter during which the additional shares were outstanding. For periods prior to January 1, 2018, the base management fee was calculated at an annual rate of 2.00% of our “average adjusted gross assets.” For the years ended September 30, 2023, 2022, and 2021, the Investment Adviser earned base management fees of $16.5 million, $19.8 million, and $17.3 million, respectively, from us.

Incentive Fee

The incentive fee has two parts, as follows:

One part is calculated and payable quarterly in arrears based on our Pre-Incentive Fee Net Investment Income for the immediately preceding calendar quarter. For this purpose, Pre-Incentive Fee Net Investment Income means interest income, dividend income and any other income, including any other fees (other than fees for providing managerial assistance), such as amendment, commitment, origination, prepayment penalties, structuring, diligence and consulting fees or other fees received from portfolio companies, accrued during the calendar quarter, minus our operating expenses for the quarter (including the base management fee, any expenses payable under the Administration Agreement and any interest expense or amendment fees under any credit facility and distribution paid on any issued and outstanding preferred stock, but

excluding the incentive fee). Pre-Incentive Fee Net Investment Income includes, in the case of investments with a deferred interest feature (such as OID, debt instruments with PIK interest and zero-coupon securities), accrued income not yet received in cash. Pre-Incentive Fee Net Investment Income does not include any realized capital gains, computed net of all realized capital losses or unrealized capital appreciation or depreciation. Pre-Incentive Fee Net Investment Income, expressed as a percentage of the value of our net assets at the end of the immediately preceding calendar quarter, is compared to the hurdle rate of 1.75% per quarter (7.00% annualized). We pay the Investment Adviser an incentive fee with respect to our Pre- Incentive Fee Net Investment Income in each calendar quarter as follows: (1) no incentive fee in any calendar quarter in which our Pre-Incentive Fee Net Investment Income does not exceed the hurdle rate of 1.75%, (2) 100% of our Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than 2.1212% in any calendar quarter (8.4848% annualized), and (3) 17.5% of the amount of our Pre-Incentive Fee Net Investment Income, if any, that exceeds 2.1212% in any calendar quarter. These calculations are pro-rated for any share issuances or repurchases during the relevant quarter, if applicable.

For the years ended September 30, 2023, 2022, and 2021, the Investment Adviser earned $13.9 million, $2.7 million, and $0.6 million, respectively, in incentive fees on net investment income from us.

The second part of the incentive fee is determined and payable in arrears as of the end of each calendar year (or upon termination of the Investment Management Agreement, as of the termination date) and, effective January 1, 2018, equals 17.5% of our realized capital gains, (20.0)% for periods prior to January 1, 2018), if any, on a cumulative basis from inception through the end of each calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gain incentive fees. For the years ended September 30, 2023, 2022, and 2021, the Investment Adviser did not accrue an incentive fee on capital gains as calculated under the Investment Management Agreement (as described above).

Under GAAP, we are required to accrue a capital gains incentive fee based upon net realized capital gains and net unrealized capital appreciation and depreciation on investments held at the end of each period. In calculating the capital gains incentive fee accrual, we considered the cumulative aggregate unrealized capital appreciation in the calculation, as a capital gains incentive fee would be payable if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee actually payable under the Investment Management Agreement. This accrual is calculated using the aggregate cumulative realized capital gains and losses and cumulative unrealized capital appreciation or depreciation. If such amount is positive at the end of a period, then we record a capital gains incentive fee equal to 17.5% of such amount, less the aggregate amount of actual capital gains related to incentive fees paid in all prior years, if any. If such amount is negative, then there is no accrual for such year. There can be no assurance that such unrealized capital appreciation will be realized in the future. For the years ended September 30, 2023, 2022, and 2021, the Investment Adviser did not accrue an incentive fee on capital gains as calculated under GAAP.

(b) Administration Agreement

The Administration Agreement with the Administrator was reapproved by our board of directors, including a majority of our directors who are not interested persons of us, in February 2023. Under the Administration Agreement, the Administrator provides administrative services and office facilities to us. The Administrator has provided similar services to SBIC II under its administration agreement with PennantPark Investment. For providing these services, facilities and personnel, we have agreed to reimburse the Administrator for its allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations under the Administration Agreement, including rent and our allocable portion of the costs of compensation and related expenses of our Chief Compliance Officer, Chief Financial Officer, Corporate Counsel and their respective staffs. The Administrator also offers, on our behalf, significant managerial assistance to portfolio companies to which we are required to offer such assistance. Reimbursement for certain of these costs is included in administrative services expenses in the Consolidated Statements of Operations. For the years ended September 30, 2023, 2022, and 2021, we recorded $1.3 million, $0.5 million and $1.5 million, respectively, for services described above.

On July 1, 2022, the Administration Agreement with the Administrator was amended to clarify that the Administrator may be reimbursed by the Company for certain (i) tax and general legal advice and/or services provided to the Company by in-house professionals of the Administrator related to ongoing operations of the Company; and (ii) transactional legal advice and/or services provided to the Company or portfolio companies by in-house professionals of the Administrator or its affiliates on matters related to potential or actual investments and transactions, including tax structuring and/or due diligence.

There were no transactions subject to Rule 17a-7 under the 1940 Act during each of the years ended September 30, 2023, 2022, and 2021.

For the years ended September 30, 2023, 2022, and 2021, we sold $127.8 million, $395.3 million, and $123.4 million in investments to PSLF at fair value, respectively, and recognized $(0.2) million, $0.2 million and $0.5 million of net realized loss, respectively.

For the years ended September 30, 2023 and 2022, we sold zero and $82.3 million in investments to PTSF II at fair value, respectively, and recognized zero and $0.2 million of net realized gains, respectively.

As of September 30, 2023 and 2022, PNNT had a payable to PSLF and PTSF II of $4.1 million and $2.1 million, respectively, presented as a due to affiliates on the consolidated statement of assets and liabilities. These amounts are related to cash owed to PSLF and PTSF II from PNNT in connection with trades between the funds.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Agreements and Related Party Transactions - Additional Information (Details) - USD ($)				12 Months Ended			13 Months Ended
	Feb. 05, 2019	Jan. 01, 2018	Dec. 31, 2017	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021	Feb. 04, 2019
Related Party Transaction [Line Items]
Annual rate of base management fee	1.00%		2.00%	1.50%			1.50%
Base management fee percentage of total net assets				200.00%
Base management fee amendment description				on November 13, 2018, in connection with our board of directors’ approval of the application of the modified asset coverage requirements under the 1940 Act to the Company, our board of directors also approved an amendment to the Investment Management Agreement reducing the Investment Adviser’s annual base management fee from 1.50% to 1.00% on gross assets that exceed 200% of the Company’s total net assets as of the immediately preceding quarter-end. This amendment became effective on February 5, 2019 with the amendment and restatement of the Investment Management Agreement on April 12, 2019.
Base management fee calculation description				The base management fee is calculated based on the average adjusted gross assets at the end of the two most recently completed calendar quarters, and appropriately adjusted for any share issuances or repurchases during the current calendar quarter.
Base management fee				$ 16,500,000	$ 19,800,000	$ 17,300,000
Incentive fee quarter hurdle rate				1.75%
Incentive fee annual hurdle rate				(7.00%)
Incentive fees on net investment income				$ 13,900,000	2,700,000	600,000
Description of incentive fee on net investment income				We pay the Investment Adviser an incentive fee with respect to our Pre- Incentive Fee Net Investment Income in each calendar quarter as follows: (1) no incentive fee in any calendar quarter in which our Pre-Incentive Fee Net Investment Income does not exceed the hurdle rate of 1.75%, (2) 100% of our Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than 2.1212% in any calendar quarter (8.4848% annualized), and (3) 17.5% of the amount of our Pre-Incentive Fee Net Investment Income, if any, that exceeds 2.1212% in any calendar quarter.
Incentive fee on capital gains percentage		17.50%	(20.00%)	17.50%
Incentive fee on capital gains accrued				$ 0	0	0
Administrative services expenses (See Note 3)				3,837,000	2,892,000	2,324,000
Payable To Related Party				4,100,000	2,100,000
PSLF
Related Party Transaction [Line Items]
Administrative services expenses (See Note 3)				835,000	447,000
Net investment income				127,800,000	395,300,000	123,400,000
Net realized gain (loss) on sale of investment				(200,000)	200,000	500,000
PennantPark-TSO Senior Loan Fund II, LP
Related Party Transaction [Line Items]
Net investment income				0	82,300,000
Net realized gains on sale of investment					200,000
Investment Administrator
Related Party Transaction [Line Items]
Administrative services expenses (See Note 3)				1,300,000	$ 500,000	$ 1,500,000
Incentive Fee Payment Condition One
Related Party Transaction [Line Items]
Incentive fees on net investment income				$ 0
Incentive Fee Payment Condition One \| Maximum [Member]
Related Party Transaction [Line Items]
Incentive fee quarter hurdle rate				1.75%
Incentive Fee Payment Condition Two
Related Party Transaction [Line Items]
Pre-incentive fee net investment income percentage				100.00%
Incentive Fee Payment Condition Two \| Maximum [Member]
Related Party Transaction [Line Items]
Incentive fee quarter hurdle rate				2.1212%
Incentive fee annual hurdle rate				(8.4848%)
Incentive Fee Payment Condition Three
Related Party Transaction [Line Items]
Pre-incentive fee net investment income percentage				17.50%
Incentive Fee Payment Condition Three \| Minimum
Related Party Transaction [Line Items]
Incentive fee quarter hurdle rate				2.1212%

Change in Net Assets from Operations Per Common Share - Summary of Information Sets Forth for Computation of Basic and Diluted Per Share Net Increase in Net Assets Resulting from Operations (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share [Abstract]
Numerator for net increase (decrease) in net assets resulting from operations	$ (33,807)	$ (24,740)	$ 166,617
Denominator for basic weighted average shares	65,224,500	66,254,150	67,045,105
Denominator for diluted weighted average shares	65,224,500	66,254,150	67,045,105
Basic and diluted net increase (decrease) in net assets per share resulting from operations	$ (0.52)	$ (0.37)	$ 2.49

Financial Highlights - Summary of Financial Highlights (Details) (Parenthetical) $ in Thousands	12 Months Ended
	Sep. 30, 2020 shares	Sep. 30, 2019 $ / shares shares	Sep. 30, 2023 USD ($) $ / shares shares	Sep. 30, 2018 shares
Investment Company Financial Highlights [Line Items]
Ratio of operating expenses to average net assets before the waiver	4.65%	5.26%
Ratio of total expenses to average net assets before the waiver	9.12%	11.48%
Amount used to multiply asset coverage ratio to determine the asset coverage per unit \| $			$ 1,000
Capital outstanding \| shares	0	0	0	0
2025 Notes
Investment Company Financial Highlights [Line Items]
Increment in issued price per unit			25
2024 Notes
Investment Company Financial Highlights [Line Items]
Increment in issued price per unit		25

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480737/946-205-50-7

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 205
-Name Accounting Standards Codification
-Section 50
-Paragraph 27
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480737/946-205-50-27

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 205
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480737/946-205-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 205
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480737/946-205-50-3

+ Details

Significant Accounting Policies

12 Months Ended

Sep. 30, 2023

Accounting Policies [Abstract]

Significant Accounting Policies

2. SIGNIFICANT ACCOUNTING POLICIES

The preparation of our Consolidated Financial Statements in conformity with U.S. generally accepted accounting principles, or GAAP requires management to make estimates and assumptions that affect the reported amount of our assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of income and expenses during the reported periods. In the opinion of management, all adjustments, which are of a normal recurring nature, considered necessary for the fair presentation of financial statements have been included. Changes in the economic and regulatory environment, financial markets, the credit worthiness of our portfolio companies and any other parameters used in determining these estimates and assumptions could cause actual results to differ from such estimates and assumptions. We may reclassify certain prior period amounts to conform to the current period presentation. We have eliminated all intercompany balances and transactions in consolidation. References to the Financial Accounting Standards Board’s, or FASB’s, Accounting Standards Codification, as amended, or ASC, serve as a single source of accounting literature. Subsequent events are evaluated and disclosed as appropriate for events occurring through the date the Consolidated Financial Statements are issued.

Our Consolidated Financial Statements are prepared in accordance with GAAP, consistent with ASC Topic 946, Financial Services – Investment Companies, and pursuant to the requirements for reporting on Form 10-K/Q and Articles 6, 10 and 12 of Regulation S-X, as appropriate. In accordance with Article 6-09 of Regulation S-X, we have provided a Consolidated Statement of Changes in Net Assets in lieu of a Consolidated Statement of Changes in Stockholders’ Equity.

Restatement of Previously Issued Financial Statement

During the preparation of the financial statements as of and for the year ended September 30, 2023, Management identified an error in the classification and presentation of cash pertaining to the Company's affiliates - PSLF and PTSF II in the September 30, 2022 financial statements. The Company recorded cash activity and due to affiliates pertaining to their investments as a reduction of the cash account instead of presenting the related cash and cash equivalents as an asset and a due to affiliates as a liability. The impact of the error correction is reflected in a $2.1 million increase in cash and cash equivalents and offsetting increase in due to affiliates on the consolidated statements of assets and liabilities as of September 30, 2022 and an increase in due to affiliates within operating activities on the consolidated statement of cash flows totaling $2.1 million for the year ended September 30, 2022. There was no impact to the statements of cash flows for the year ended September 30, 2021. There was no impact from the error correction to total net assets and net asset value per share as reported on the consolidated statement of assets and liabilities as of September 30, 2022. In addition, there was no impact from the error correction on net investment income or net increase (decrease) in net assets resulting from operations for the years ended September 30, 2022 and 2021. The corrections were reported in the year ended September 30, 2023.

Our significant accounting policies consistently applied are as follows:

(a)

Investment Valuations

We expect that there may not be readily available market values for many of the investments, which are or will be in our portfolio, and we value such investments at fair value as determined in good faith by or under the direction of our board of directors using a documented valuation policy and a consistently applied valuation process, as described in this Report. With respect to investments for which there is no readily available market value, the factors that our board of directors may take into account in pricing our investments at fair value include, as relevant, the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings and discounted cash flow, the markets in which the portfolio company does business, comparison to publicly traded securities and other relevant factors. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, we consider the pricing indicated by the external event to corroborate or revise our valuation. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the price used in an actual transaction may be different than our valuation and the difference may be material. See Note 5.

Our portfolio generally consists of illiquid securities, including debt and equity investments. With respect to investments for which market quotations are not readily available, or for which market quotations are deemed not reflective of the fair value, our board of directors undertakes a multi-step valuation process each quarter, as described below:

(1)

Our quarterly valuation process begins with each portfolio company or investment being initially valued by the investment professionals of the Investment Adviser responsible for the portfolio investment;

(2)

Preliminary valuation conclusions are then documented and discussed with the management of the Investment Adviser;

(3)

Our board of directors also engages independent valuation firms to conduct independent appraisals of our investments for which market quotations are not readily available or are readily available but deemed not reflective of the fair value of the investment. The independent valuation firms review management's preliminary valuations in light of their own independent assessment and also in light of any market quotations obtained from an independent pricing service, broker, dealer or market maker;

(4)

The audit committee of our board of directors reviews the preliminary valuations of the Investment Adviser and those of the independent valuation firms on a quarterly basis, periodically assesses the valuation methodologies of the independent valuation firms, and responds to and supplements the valuation recommendations of the independent valuation firms to reflect any comments; and

(5)

Our board of directors discusses these valuations and determines the fair value of each investment in our portfolio in good faith, based on the input of our Investment Adviser, the respective independent valuation firms and the audit committee.

Our board of directors generally uses market quotations to assess the value of our investments for which market quotations are readily available. We obtain these market values from independent pricing services or at the bid prices obtained from at least two brokers or dealers, if available, or otherwise from a principal market maker or a primary market dealer. The Investment Adviser assesses the source and reliability of bids from brokers or dealers. If our board of directors has a bona fide reason to believe any such market quote does not reflect the fair value of an investment, it may independently value such investments by using the valuation procedure that it uses with respect to assets for which market quotations are not readily available.

(b)

Security Transactions, Revenue Recognition, and Realized/Unrealized Gains or Losses

Security transactions are recorded on a trade-date basis. We measure realized gains or losses by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment, using the specific identification method, without regard to unrealized appreciation or depreciation previously recognized, but considering prepayment penalties. Net change in unrealized appreciation or depreciation reflects, as applicable, the change in the fair values of our portfolio investments and the Truist Credit Facility during the reporting period, including the reversal of previously recorded unrealized appreciation or depreciation, when gains or losses are realized.

We record interest income on an accrual basis to the extent that we expect to collect such amounts. For loans and debt investments with contractual PIK interest, which represents interest accrued and added to the loan balance that generally becomes due at maturity, we will generally not accrue PIK interest when the portfolio company valuation indicates that such PIK interest is not collectable. We do not accrue as a receivable interest on loans and debt investments if we have reason to doubt our ability to collect such interest. Loan origination fees, original issue discount, or OID, market discount or premium and deferred financing costs on liabilities, which we do not fair value, are capitalized and then accreted or amortized using the effective interest method as interest income or, in the case of deferred financing costs, as interest expense. We record prepayment penalties earned on loans and debt investments as income. Dividend income, if any, is recognized on an accrual basis on the ex-dividend date to the extent that we expect to collect such amounts. From time to time, the Company receives certain fees from portfolio companies, which are non-recurring in nature. Such fees include loan prepayment penalties, structuring fees and amendment fees, and are recorded as other investment income when earned.

Loans are placed on non-accrual status when principal or interest payments are past due 30 days or more and/or if there is reasonable doubt that principal or interest will be collected. Accrued interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment. Non-accrual loans are restored to accrual status when past due principal and interest is paid and, in management’s judgment, are likely to remain current. As of September 30, 2023,we had one portfolio company on non-accrual, representing 1.2% and zero percent of our overall portfolio on a cost and fair value basis, respectively. As of September 30, 2022, we had one portfolio company on non-accrual representing 1.0% and zero percent of our overall portfolio on a cost and fair value basis, respectively.

(c)

Income Taxes

We have complied with the requirements of Subchapter M of the Code and have qualified to be treated as a RIC for federal income tax purposes. In this regard, we account for income taxes using the asset and liability method prescribed by ASC Topic 740, Income Taxes, or ASC 740. Under this method, income taxes are provided for amounts currently payable and for amounts deferred as tax assets and liabilities based on differences between the financial statement carrying amounts and the tax basis of existing assets and liabilities. Based upon our qualification and election to be treated as a RIC for U.S. federal income tax purposes, we typically do not incur any material federal income taxes. However, we may choose to retain a portion of our calendar year income, which may result in the imposition of an excise tax. Additionally, certain of the Company’s consolidated subsidiaries are subject to federal, state and local income taxes. For the years ended September 30, 2023, 2022, and 2021, we recorded a provision for taxes on net investment income of $4.3 million, $0.8 million and $0.6 million, respectively, which pertains to U.S. federal excise tax.

We recognize the effect of a tax position in our Consolidated Financial Statements in accordance with ASC 740 when it is more likely than not, based on the technical merits, that the position will be sustained upon examination by the applicable tax authority. Tax positions not considered to satisfy the “more-likely-than-not” threshold would be recorded as a tax expense or benefit. Penalties or interest, if applicable, that may be assessed relating to income taxes would be classified as other operating expenses in the financial statements. There were no tax accruals relating to uncertain tax positions and no amounts accrued for any related interest or penalties with respect to the periods presented herein. The Company’s determinations regarding ASC 740 may be subject to review and adjustment at a later date based upon factors including, but not limited to, an on-going analysis of tax laws, regulations and interpretations thereof. Although the Company files both federal and state income tax returns, the Company’s major tax jurisdiction is federal.

The Taxable Subsidiary (PNNT Investment Holdings, LLC, a wholly-owned subsidiary of the Company), is subject to U.S. federal, state and local corporate income taxes. The income tax expense and related tax liabilities of the Taxable Subsidiary are reflected in the Company’s consolidated financial statements.

For the years ended September 30, 2023, 2022 and 2021 the Company recognized a provision for taxes of $5.0 million, $6.2 million, and zero, respectively, on net realized gain on investments by the Taxable Subsidiary. For the years ended September 30, 2023, 2022 and 2021 the Company recognized a provision for taxes of $(1.6) million, $0.9 million, and zero, respectively, on net unrealized gain on investments by the Taxable Subsidiary. The provision for taxes on net realized and unrealized gains on investments is the result of netting (i) the expected tax liability on the gains from the sales of investments which were realized and unrealized during fiscal year ending September 30, 2023 and (ii) the expected tax benefit resulting from the use of loss carryforwards to offset such gains. For the year ended September 30, 2023, 2022 and 2021 the Company recognized a provision for taxes $3.4 million, $7.1 million and zero, respectively, on net realized and unrealized gains on investments by the Taxable Subsidiary.

During the year ended September 30, 2023, 2022 and 2021 the Company paid zero, $4.0 million, and zero respectively, in federal taxes on realized gains on the sale of investments held by the Taxable Subsidiary. The state and local tax liability of $3.3 million as of September 30, 2023 is included under accrued other expenses in the consolidated statement of assets and liabilities.

Because U.S. federal income tax regulations differ from GAAP, distributions characterized in accordance with tax regulations may differ from net investment income and net realized gains recognized for financial reporting purposes. Differences between tax regulations and GAAP may be permanent or temporary. Permanent differences are reclassified among capital accounts in the Consolidated Financial Statements to reflect their tax character. Temporary differences arise when certain items of income, expense, gain or loss are recognized at some time in the future.

(d)

Distributions and Capital Transactions

Distributions to common stockholders are recorded on the ex-dividend date. The amount to be paid, if any, as a distribution is determined by our board of directors each quarter and is generally based upon the earnings estimated by management. Net realized capital gains, if any, are distributed at least annually. The tax attributes for distributions will generally include ordinary income and capital gains but may also include certain tax-qualified dividends and/or a return of capital.

Capital transactions, in connection with our dividend reinvestment plan or through offerings of our common stock, are recorded when issued and offering costs are charged as a reduction of capital upon issuance of our common stock.

(e)

Foreign Currency Translation

Our books and records are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis:

1. Fair value of investment securities, other assets and liabilities – at the exchange rates prevailing at the end of the applicable period; and

2. Purchases and sales of investment securities, income and expenses – at the exchange rates prevailing on the respective dates of such transactions.

Although net assets and fair values are presented based on the applicable foreign exchange rates described above, we do not isolate that portion of the results of operations due to changes in foreign exchange rates on investments, other assets and debt from the fluctuations arising from changes in fair values of investments and liabilities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments and liabilities.

Foreign security and currency translations may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, currency fluctuations and revaluations and future adverse political, social and economic developments, which could cause investments in foreign markets to be less liquid and prices to be more volatile than those of comparable U.S. companies or U.S. government securities.

(f) Consolidation

As permitted under Regulation S-X and as explained by ASC paragraph 946-810-45-3, PennantPark Investment will generally not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to us. Accordingly, we have consolidated the results of our SBIC Funds and our Taxable Subsidiary in our Consolidated Financial Statements. We do not consolidate our non-controlling interests in PSLF or PTSF II. See further description of our investment in PSLF in Note 4.

(g) Asset Transfers and Servicing

Asset transfers that do not meet ASC Topic 860, Transfers and Servicing, requirements for sale accounting treatment are reflected in the Consolidated Statements of Assets and Liabilities and the Consolidated Schedules of Investments as investments.

(h) Recent Accounting Pronouncements

In March 2020, the FASB issued Accounting Standards Update No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” The guidance provides optional expedients and exceptions for applying GAAP to contract modifications, hedging relationships and other transactions, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued because of the reference rate reform. ASU 2020-04 is effective for all entities as of March 12, 2020 through September 30, 2023. The FASB approved an (optional) two year extension to December 31, 2024, for transitioning away from LIBOR. The Company utilized the optional expedients and exceptions provided by ASU 2020-04 during the year ended September 30, 2023, the effect of which was not material to the consolidated financial statements and the notes thereto.

In March 2022, the FASB issued ASU 2022-02, “Financial Instruments - Credit Losses (Topic 326)”, which is intended to address issues identified during the post-implementation review of ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”. The amendment, among other things, eliminates the accounting guidance for troubled debt restructurings by creditors in Subtopic 310-40, “Receivables - Troubled Debt Restructurings by Creditors”, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. The new guidance is effective for interim and annual periods beginning after December 15, 2022. The Company has adopted the new accounting standard implementing appropriate controls and procedures, the effect of which was not material to the consolidated financial statements and the notes thereto.

In June 2022, the FASB issued Accounting Standards Update No. 2022-03, or ASU, 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, or ASU 2022-03, which changed the fair value measurement disclosure requirements of ASC Topic 820, Fair Value Measurements and Disclosures, or ASC 820. The amendments clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. The new guidance is effective for fiscal years beginning after December 15, 2023, including interim periods therein. Early application is permitted. The Company is currently evaluating the impact the adoption of this new accounting standard will have on its consolidated financial statements, but the impact of the adoption is not expected to be material.

Taxes and Distributions - Summary of Components of Undistributed Taxable Income on Tax Basis and Reconciliation to Accumulated Deficit on Book basis (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Undistributed net investment income – tax basis	$ 62,710	$ 46,283	$ 23,560
Short-term realized loss carried forward	(1,699)	(2,065)	(1,578)
Long-term realized loss carried forward	(379,074)	(103,119)	(165,037)
Distributions payable and other book to tax differences	83,860	(37,103)	(15,368)
Net unrealized appreciation (depreciation) on investments and debt	(10,141)	(66,665)	31,507
Total accumulated deficit – book basis	$ (244,344)	$ (162,669)	$ (126,916)

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Consolidated Schedule of Investments
£ in Thousands, $ in Thousands

12 Months Ended

Sep. 30, 2023

GBP (£)

Sep. 30, 2022

GBP (£)

Sep. 30, 2023

USD ($)

Sep. 30, 2022

USD ($)

Schedule Of Investments [Line Items]

Cost

$ 1,117,927

$ 1,302,029

Investments at fair value

1,101,647

1,226,301

Investment, Identifier [Axis]: Cash and Cash Equivalents—7.7%

Schedule Of Investments [Line Items]

Cost

^[1],[2]

38,784

Investments at fair value

^[1],[2],[3]

38,775

Investment, Identifier [Axis]: Cash and Cash Equivalents—7.7% BlackRock Federal FD Institutional 30

Schedule Of Investments [Line Items]

Cost

^[1],[2]

24,683

Investments at fair value

^[1],[2],[3]

24,683

Investment, Identifier [Axis]: Cash and Cash Equivalents—7.7% Non-Money Market Cash

Schedule Of Investments [Line Items]

Cost

^[1],[2]

14,101

Investments at fair value

^[1],[2],[3]

14,092

Investment, Identifier [Axis]: Cash and Cash Equivalents—9.0%

Schedule Of Investments [Line Items]

Cost

^[4],[5]

54,953

Investments at fair value

^[4],[5],[6]

54,775

Investment, Identifier [Axis]: Cash and Cash Equivalents—9.0% BNY Mellon Cash Reserve and Cash

Schedule Of Investments [Line Items]

Cost

^[4],[5]

15,831

Investments at fair value

^[4],[5],[6]

15,653

Investment, Identifier [Axis]: Cash and Cash Equivalents—9.0% BlackRock Federal FD Institutional 30

Schedule Of Investments [Line Items]

Investments at fair value

^[4],[5],[6]

39,122

Investment, Identifier [Axis]: Cash and Cash Equivalents—9.4% BlackRock Federal FD Institutional 30

Schedule Of Investments [Line Items]

Cost

^[4],[5]

39,122

Investment, Identifier [Axis]: Investments and Cash Equivalents—227.1%

Schedule Of Investments [Line Items]

Cost

^[1],[2]

1,156,711

Investments at fair value

^[1],[2],[3]

1,140,422

Investment, Identifier [Axis]: Investments in Controlled, Affiliated Portfolio Companies—43.0%

Schedule Of Investments [Line Items]

Cost

^[1],[2]

245,386

Investments at fair value

^[1],[2],[3]

216,067

Investment, Identifier [Axis]: Investments in Controlled, Affiliated Portfolio Companies—43.0% Common Equity—12.8%

Schedule Of Investments [Line Items]

Cost

^[1],[2],[7]

75,290

Investments at fair value

^{[1],[2],[3],[7]}

64,467

Investment, Identifier [Axis]: Investments in Controlled, Affiliated Portfolio Companies—43.0% Common Equity—12.8% AKW Holdings Limited Healthcare, Education and Childcare

Schedule Of Investments [Line Items]

Industry

^{[1],[2],[7],[8],[9],[10]}

Healthcare, Education and Childcare

Par/Shares | £

^{[1],[2],[7],[8],[9],[10]}

£ 950

Cost | £

^{[1],[2],[7],[8],[9],[10]}

131

Investments at fair value | £

^{[1],[2],[3],[7],[8],[9],[10]}

£ 2,384

Investment, Identifier [Axis]: Investments in Controlled, Affiliated Portfolio Companies—43.0% Common Equity—12.8% MSpark, LLC Printing and Publishing

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Printing and Publishing

Par/Shares

^[1],[2],[7]

51,151

Cost

^[1],[2],[7]

16,516

Investment, Identifier [Axis]: Investments in Controlled, Affiliated Portfolio Companies—43.0% Common Equity—12.8% PennantPark Senior Loan Fund, LLC Financial Services

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Financial Services

Par/Shares

^[1],[2],[7]

58,580,060

Cost

^[1],[2],[7]

58,643

Investments at fair value

^{[1],[2],[3],[7]}

62,083

Investment, Identifier [Axis]: Investments in Controlled, Affiliated Portfolio Companies—43.0% First Lien Secured Debt—9.8%

Schedule Of Investments [Line Items]

Cost

^[1],[2]

55,388

Investments at fair value

^[1],[2],[3]

$ 49,275

Investment, Identifier [Axis]: Investments in Controlled, Affiliated Portfolio Companies—43.0% First Lien Secured Debt—9.8% AKW Holdings Limited Maturity 3/15/2027 Industry Healthcare, Education and Childcare Current Coupon 12.21% Basis Point Spread Above Index 3M L+700

Schedule Of Investments [Line Items]

Maturity / Expiration

^{[1],[2],[8],[9],[10]}

Mar. 15, 2027

Industry

^{[1],[2],[8],[9],[10]}

Healthcare, Education and Childcare

Current Coupon

^{[1],[2],[8],[9],[10]}

12.21%

Basis Point Spread Above Index

^{[1],[2],[8],[9],[10],[11]}

3M SONIA+700

Basis Point Spread Above Index

^{[1],[2],[8],[9],[10],[11]}

700.00%

Par/Shares | £

^{[1],[2],[8],[9],[10]}

£ 40,371

Cost | £

^{[1],[2],[8],[9],[10]}

55,388

Investments at fair value | £

^{[1],[2],[3],[8],[9],[10]}

£ 49,275

Investment, Identifier [Axis]: Investments in Controlled, Affiliated Portfolio Companies—43.0% Second Lien Secured Debt—0%

Schedule Of Investments [Line Items]

Cost

^[1],[2]

$ 12,383

Investment, Identifier [Axis]: Investments in Controlled, Affiliated Portfolio Companies—43.0% Second Lien Secured Debt—0% Mailsouth Inc Maturity 04/23/2025 Printing and Publishing

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2],[7]

Apr. 23, 2025

Industry

^[1],[2],[7]

Printing and Publishing

Par/Shares

^[1],[2],[7]

$ 14,896

Cost

^[1],[2],[7]

12,383

Investment, Identifier [Axis]: Investments in Controlled, Affiliated Portfolio Companies—43.0% Subordinated Debt—20.4%

Schedule Of Investments [Line Items]

Cost

^[1],[2]

102,325

Investments at fair value

^[1],[2],[3]

$ 102,325

Investment, Identifier [Axis]: Investments in Controlled, Affiliated Portfolio Companies—43.0% Subordinated Debt—20.4% PennantPark Senior Loan Fund, LLC Maturity 07/31/2027 Financial Services Current Coupon 13.37% Basis Point Spread Above Index 3M L+800

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2],[10]

Jul. 31, 2027

Industry

^[1],[2],[10]

Financial Services

Current Coupon

^[1],[2],[10]

13.37%

Basis Point Spread Above Index

^{[1],[2],[10],[11]}

3M SOFR+800

Basis Point Spread Above Index

^{[1],[2],[10],[11]}

800.00%

Par/Shares

^[1],[2],[10]

$ 102,325

Cost

^[1],[2],[10]

102,325

Investments at fair value

^{[1],[2],[3],[10]}

102,325

Investment, Identifier [Axis]: Investments in Controlled, Affiliated Portfolio Companies—44.3%

Schedule Of Investments [Line Items]

Cost

^[4],[5]

381,904

Investments at fair value

^[4],[5],[6]

259,386

Investment, Identifier [Axis]: Investments in Controlled, Affiliated Portfolio Companies—44.3% Common Equity—22.0%

Schedule Of Investments [Line Items]

Cost

^[4],[5],[12]

228,718

Investments at fair value

^{[4],[5],[6],[12]}

128,677

Investment, Identifier [Axis]: Investments in Controlled, Affiliated Portfolio Companies—44.3% Common Equity—22.0% AKW Holdings Limited Industry Healthcare, Education and Childcare

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[13],[14],[15]}

Healthcare, Education and Childcare

Par/Shares | £

^{[4],[5],[12],[13],[14],[15]}

£ 950

Cost | £

^{[4],[5],[12],[13],[14],[15]}

132

Investments at fair value | £

^{[4],[5],[6],[12],[13],[14],[15]}

£ 3,297

Investment, Identifier [Axis]: Investments in Controlled, Affiliated Portfolio Companies—44.3% Common Equity—22.0% MSpark, LLC Industry Printing and Publishing

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Printing and Publishing

Par/Shares

^[4],[5],[12]

51,151

Cost

^[4],[5],[12]

16,516

Investments at fair value

^{[4],[5],[6],[12]}

Investment, Identifier [Axis]: Investments in Controlled, Affiliated Portfolio Companies—44.3% Common Equity—22.0% PennantPark Senior Loan Fund, LLC Industry Financial Services

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Financial Services

Par/Shares

^[4],[5],[12]

49,298,789

Cost

^[4],[5],[12]

49,362

Investments at fair value

^{[4],[5],[6],[12]}

51,098

Investment, Identifier [Axis]: Investments in Controlled, Affiliated Portfolio Companies—44.3% Common Equity—22.0% RAM Energy Holdings LLC Industry Energy and Utilities

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[16]}

Energy and Utilities

Par/Shares

^{[4],[5],[12],[16]}

180,805

Cost

^{[4],[5],[12],[16]}

162,708

Investments at fair value

^{[4],[5],[6],[12],[16]}

74,282

Investment, Identifier [Axis]: Investments in Controlled, Affiliated Portfolio Companies—44.3% First Lien Secured Debt—7.3%

Schedule Of Investments [Line Items]

Cost

^[4],[5]

52,792

Investments at fair value

^[4],[5],[6]

$ 42,698

Investment, Identifier [Axis]: Investments in Controlled, Affiliated Portfolio Companies—44.3% First Lien Secured Debt—7.3% AKW Holdings Limited Maturity/Expiration 03/13/2024 Industry Healthcare, Education and Childcare Current Coupon 8.67% Basis Point Spread Above Index 3M L+700

Schedule Of Investments [Line Items]

Maturity / Expiration

^{[4],[5],[13],[14],[15]}

Mar. 13, 2024

Industry

^{[4],[5],[13],[14],[15]}

Healthcare, Education and Childcare

Current Coupon

^{[4],[5],[13],[14],[15]}

8.67%

Basis Point Spread Above Index

^{[4],[5],[13],[14],[15],[17]}

3M L+700

Basis Point Spread Above Index

^{[4],[5],[13],[14],[15],[17]}

700.00%

Par/Shares | £

^{[4],[5],[13],[14],[15]}

£ 38,250

Cost | £

^{[4],[5],[13],[14],[15]}

52,792

Investments at fair value | £

^{[4],[5],[6],[13],[14],[15]}

£ 42,698

Investment, Identifier [Axis]: Investments in Controlled, Affiliated Portfolio Companies—44.3% Second Lien Secured Debt—0%

Schedule Of Investments [Line Items]

Cost

^[4],[5]

$ 12,383

Investment, Identifier [Axis]: Investments in Controlled, Affiliated Portfolio Companies—44.3% Second Lien Secured Debt—0% Mailsouth Inc. Maturity/Expiration 04/23/2025 Industry Printing and Publishing

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Apr. 23, 2025

Industry

^[4],[5]

Printing and Publishing

Par/Shares

^[4],[5]

$ 12,846

Cost

^[4],[5]

12,383

Investment, Identifier [Axis]: Investments in Controlled, Affiliated Portfolio Companies—44.3% Subordinated Debt—15.0%

Schedule Of Investments [Line Items]

Cost

^[4],[5]

88,011

Investments at fair value

^[4],[5],[6]

$ 88,011

Investment, Identifier [Axis]: Investments in Controlled, Affiliated Portfolio Companies—44.3% Subordinated Debt—15.0% PennantPark Senior Loan Fund, LLC Maturity/Expiration 07/31/2027 Industry Financial Services Current Coupon 10.79% Basis Point Spread Above Index 3M L+800

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5],[15]

Jul. 31, 2027

Industry

^[4],[5],[15]

Financial Services

Current Coupon

^[4],[5],[15]

10.79%

Basis Point Spread Above Index

^{[4],[5],[15],[17]}

3M L+800

Basis Point Spread Above Index

^{[4],[5],[15],[17]}

800.00%

Par/Shares

^[4],[5],[15]

$ 88,011

Cost

^[4],[5],[15]

88,011

Investments at fair value

^{[4],[5],[6],[15]}

88,011

Investment, Identifier [Axis]: Investments in Non-Controlled, Affiliated Portfolio Companies—10.9%

Schedule Of Investments [Line Items]

Cost

^[1],[2]

55,787

Investments at fair value

^[1],[2],[3]

54,771

Investment, Identifier [Axis]: Investments in Non-Controlled, Affiliated Portfolio Companies—10.9% Common Equity/Partnership Interests/Warrants—2.4%

Schedule Of Investments [Line Items]

Cost

^[1],[2],[7]

11,703

Investments at fair value

^{[1],[2],[3],[7]}

12,290

Investment, Identifier [Axis]: Investments in Non-Controlled, Affiliated Portfolio Companies—10.9% Common Equity/Partnership Interests/Warrants—2.4% Cascade Environmental Holdings, LLC Environmental Services

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Environmental Services

Par/Shares

^[1],[2],[7]

7,444,347

Cost

^[1],[2],[7]

2,852

Investment, Identifier [Axis]: Investments in Non-Controlled, Affiliated Portfolio Companies—10.9% Common Equity/Partnership Interests/Warrants—2.4% JF Intermediate, LLC Distribution

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Distribution

Par/Shares

^[1],[2],[7]

19,687

Cost

^[1],[2],[7]

2,065

Investments at fair value

^{[1],[2],[3],[7]}

8,759

Investment, Identifier [Axis]: Investments in Non-Controlled, Affiliated Portfolio Companies—10.9% Common Equity/Partnership Interests/Warrants—2.4% Walker Edison Furniture Home and Office Furnishings

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Home and Office Furnishings

Par/Shares

^[1],[2],[7]

72,917

Cost

^[1],[2],[7]

6,786

Investments at fair value

^{[1],[2],[3],[7]}

3,531

Investment, Identifier [Axis]: Investments in Non-Controlled, Affiliated Portfolio Companies—10.9% First Lien Secured Debt—2.1%

Schedule Of Investments [Line Items]

Cost

^[1],[2]

10,375

Investments at fair value

^[1],[2],[3]

$ 10,376

Investment, Identifier [Axis]: Investments in Non-Controlled, Affiliated Portfolio Companies—10.9% First Lien Secured Debt—2.1% Walker Edison Furniture Company LLC - Junior Revolver Maturity 03/31/2027 Home and Office Furnishings Current Coupon 11.68% Basis Point Spread Above Index SOFR+685

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Mar. 31, 2027

Industry

^[1],[2]

Home and Office Furnishings

Current Coupon

^[1],[2]

11.68%

Basis Point Spread Above Index

^[1],[2]

1M SOFR+685

Basis Point Spread Above Index

^[1],[2]

685.00%

Par/Shares

^[1],[2]

$ 3,333

Cost

^[1],[2]

3,333

Investments at fair value

^[1],[2],[3]

$ 3,333

Investment, Identifier [Axis]: Investments in Non-Controlled, Affiliated Portfolio Companies—10.9% First Lien Secured Debt—2.1% Walker Edison Furniture Company LLC Maturity 03/31/2027 Home and Office Furnishings Current Coupon 12.18% Basis Point Spread Above Index SOFR+685

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Mar. 31, 2027

Industry

^[1],[2]

Home and Office Furnishings

Current Coupon

^[1],[2]

12.18%

Basis Point Spread Above Index

^[1],[2]

1M SOFR+685

Basis Point Spread Above Index

^[1],[2]

685.00%

Par/Shares

^[1],[2]

$ 7,042

Cost

^[1],[2]

7,042

Investments at fair value

^[1],[2],[3]

$ 7,043

Investment, Identifier [Axis]: Investments in Non-Controlled, Affiliated Portfolio Companies—10.9% First Lien Secured Debt—2.1% Walker Edison Furniture Company, LLC - Unfunded Term Loan Maturity 03/31/2027 Home and Office Furnishings

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Mar. 31, 2027

Industry

^[1],[2]

Home and Office Furnishings

Par/Shares

^[1],[2]

$ 667

Investment, Identifier [Axis]: Investments in Non-Controlled, Affiliated Portfolio Companies—10.9% Preferred Equity/Partnership Interests—6.4%

Schedule Of Investments [Line Items]

Cost

^[1],[2],[7]

33,709

Investments at fair value

^{[1],[2],[3],[7]}

32,105

Investment, Identifier [Axis]: Investments in Non-Controlled, Affiliated Portfolio Companies—10.9% Preferred Equity/Partnership Interests—6.4% Cascade Environmental Holdings, LLC - Series B Environmental Services

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Environmental Services

Par/Shares

^[1],[2],[7]

918

Cost

^[1],[2],[7]

918

Investments at fair value

^{[1],[2],[3],[7]}

1,073

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Environmental Services

Par/Shares

^[1],[2],[7]

5,887,236

Cost

^[1],[2],[7]

32,791

Investments at fair value

^{[1],[2],[3],[7]}

$ 31,032

Investment, Identifier [Axis]: Investments in Non-Controlled, Affiliated Portfolio Companies—5.9%

Schedule Of Investments [Line Items]

Cost

^[4],[5]

37,612

Investments at fair value

^[4],[5],[6]

34,760

Investment, Identifier [Axis]: Investments in Non-Controlled, Affiliated Portfolio Companies—5.9% Common Equity/Partnership Interests/Warrants—0.3%

Schedule Of Investments [Line Items]

Cost

^[4],[5],[12]

4,821

Investments at fair value

^{[4],[5],[6],[12]}

1,969

Investment, Identifier [Axis]: Investments in Non-Controlled, Affiliated Portfolio Companies—5.9% Common Equity/Partnership Interests/Warrants—0.3% Cascade Environmental Holdings, LLC Industry Environmental Services

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Environmental Services

Par/Shares

^[4],[5],[12]

7,444,347

Cost

^[4],[5],[12]

2,852

Investment, Identifier [Axis]: Investments in Non-Controlled, Affiliated Portfolio Companies—5.9% Common Equity/Partnership Interests/Warrants—0.3% JF Intermediate, LLC Industry Distribution

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Distribution

Par/Shares

^[4],[5],[12]

19,687

Cost

^[4],[5],[12]

1,969

Investments at fair value

^{[4],[5],[6],[12]}

1,969

Investment, Identifier [Axis]: Investments in Non-Controlled, Affiliated Portfolio Companies—5.9% Preferred Equity/Partnership Interests—5.6%

Schedule Of Investments [Line Items]

Cost

^[4],[5],[12]

32,791

Investments at fair value

^{[4],[5],[6],[12]}

32,791

Investment, Identifier [Axis]: Investments in Non-Controlled, Affiliated Portfolio Companies—5.9% Preferred Equity/Partnership Interests—5.6% Cascade Environmental Holdings, LLC Industry Environmental Services

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[16]}

Environmental Services

Par/Shares

^{[4],[5],[12],[16]}

5,887,236

Cost

^{[4],[5],[12],[16]}

32,791

Investments at fair value

^{[4],[5],[6],[12],[16]}

$ 32,791

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies-159.2% First Lien Secured Debt-100.5% Ad.net Acquisition, LLC (Revolver) Maturity 5/6/2026 Media

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5],[18]

May 06, 2026

Industry

^[4],[5],[18]

Media

Par/Shares

^[4],[5],[18]

$ 444

Investments at fair value

^{[4],[5],[6],[18]}

$ (3)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies-159.2% First Lien Secured Debt-100.5% Altamira Technologies, LLC (Revolver) Maturity 7/24/2025 Aerospace and Defense

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5],[18]

Jul. 24, 2025

Industry

^[4],[5],[18]

Aerospace and Defense

Par/Shares

^[4],[5],[18]

$ 138

Investments at fair value

^{[4],[5],[6],[18]}

(5)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—145.6% First Lien Secured Debt—93.2% Blackhawk Industrial Distribution, Inc. Maturity 09/17/2026 Distribution Current Coupon 11.79% Basis Point Spread Above Index 3M SOFR+640 One

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Sep. 17, 2026

Industry

^[1],[2]

Distribution

Current Coupon

^[1],[2]

11.79%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+640

Basis Point Spread Above Index

^[1],[2],[11]

640.00%

Par/Shares

^[1],[2],[19]

$ 343

Cost

^[1],[2]

343

Investments at fair value

^[1],[2],[3]

$ 338

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—145.6% First Lien Secured Debt—93.2% Integrity Marketing Acquisition, LLC(Revolver) Maturity 08/31/2025 Insurance

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2],[19]

Aug. 31, 2025

Industry

^[1],[2],[19]

Insurance

Par/Shares

^[1],[2],[19]

$ 160

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—145.6% First Lien Secured Debt—93.2% Inventus Power, Inc. Maturity 06/30/2025 Electronics Current Coupon 12.93% Basis Point Spread Above Index 1M SOFR+761

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Jun. 30, 2025

Industry

^[1],[2]

Electronics

Current Coupon

^[1],[2]

12.93%

Basis Point Spread Above Index

^[1],[2],[11]

1M SOFR+761

Basis Point Spread Above Index

^[1],[2],[11]

761.00%

Par/Shares

^[1],[2]

$ 13,234

Cost

^[1],[2]

12,998

Investments at fair value

^[1],[2],[3]

$ 12,969

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—145.6% First Lien Secured Debt—93.2% LAV Gear Holdings, Inc. Maturity 10/31/2024 Leisure, Amusement, Motion Pictures, Entertainment Current Coupon 11.79% (PIK 5.50%) Basis Point Spread Above Index 1M SOFR+625

Schedule Of Investments [Line Items]

Current Coupons, PIK

^[1],[2]

5.50%

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—145.6% First Lien Secured Debt—93.2% Ledge Lounger, Inc. (Revolver) Maturity 11/09/2026 Consumer Products

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2],[19]

Nov. 09, 2026

Industry

^[1],[2],[19]

Consumer Products

Par/Shares

^[1],[2],[19]

$ 1,933

Investments at fair value

^{[1],[2],[3],[19]}

$ (24)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—145.6% First Lien Secured Debt—93.2% Ox Two ,LLC (Revolver) Maturity 05/18/2026 Building Materials

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2],[8]

May 18, 2026

Industry

^[1],[2],[8]

Building Materials

Par/Shares

^[1],[2],[8]

$ 2,419

Investments at fair value

^{[1],[2],[3],[8]}

(42)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2%

Schedule Of Investments [Line Items]

Cost

^[4],[5]

882,513

Investments at fair value

^[4],[5],[6]

932,155

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Common Equity/Partnership Interests/Warrants—26.2%

Schedule Of Investments [Line Items]

Cost

^[4],[5],[12]

91,596

Investments at fair value

^{[4],[5],[6],[12]}

153,373

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Common Equity/Partnership Interests/Warrants—26.2% AG Investco LP Industry Business Services

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[16]}

Business Services

Par/Shares

^{[4],[5],[12],[16]}

805,164

Cost

^{[4],[5],[12],[16]}

805

Investments at fair value

^{[4],[5],[6],[12],[16]}

1,127

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[16],[18]}

Business Services

Par/Shares

^{[4],[5],[12],[16],[18]}

194,836

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Common Equity/Partnership Interests/Warrants—26.2% AMCSI Crash Co-Invest, LP Industry Auto Sector

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Auto Sector

Par/Shares

^[4],[5],[12]

2,419,200

Cost

^[4],[5],[12]

2,419

Investments at fair value

^{[4],[5],[6],[12]}

2,470

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[18]}

Auto Sector

Par/Shares

^{[4],[5],[12],[18]}

580,800

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Common Equity/Partnership Interests/Warrants—26.2% Ad.net Holdings, Inc. Industry Media

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[13]}

Media

Par/Shares

^{[4],[5],[12],[13]}

2,667

Cost

^{[4],[5],[12],[13]}

Investments at fair value

^{[4],[5],[6],[12],[13]}

$ 35

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Common Equity/Partnership Interests/Warrants—26.2% Affinion Group Holdings, Inc. (Warrants) Maturity 04/10/2024 Industry Consumer Products

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5],[12]

Apr. 10, 2024

Industry

^[4],[5],[12]

Consumer Products

Par/Shares

^[4],[5],[12]

$ 77,190

Cost

^[4],[5],[12]

2,126

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Common Equity/Partnership Interests/Warrants—26.2% Altamira Intermediate Company II, Inc. Industry Aerospace and Defense

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Aerospace and Defense

Par/Shares

^[4],[5],[12]

125,000

Cost

^[4],[5],[12]

125

Investments at fair value

^{[4],[5],[6],[12]}

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Common Equity/Partnership Interests/Warrants—26.2% Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) Industry Media

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[16]}

Media

Par/Shares

^{[4],[5],[12],[16]}

1,135

Investments at fair value

^{[4],[5],[6],[12],[16]}

270

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Common Equity/Partnership Interests/Warrants—26.2% Athletico Holdings, LLC Industry Healthcare, Education and Childcare

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Healthcare, Education and Childcare

Par/Shares

^[4],[5],[12]

9,357

Cost

^[4],[5],[12]

10,000

Investments at fair value

^{[4],[5],[6],[12]}

9,516

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Common Equity/Partnership Interests/Warrants—26.2% Atlas Investment Aggregator, LLC Industry Telecommunications

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[16]}

Telecommunications

Par/Shares

^{[4],[5],[12],[16]}

1,700,000

Cost

^{[4],[5],[12],[16]}

1,700

Investments at fair value

^{[4],[5],[6],[12],[16]}

1,219

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Common Equity/Partnership Interests/Warrants—26.2% Burgess Point Holdings, LP Industry Auto Sector

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Auto Sector

Par/Shares

^[4],[5],[12]

680

Cost

^[4],[5],[12]

680

Investments at fair value

^{[4],[5],[6],[12]}

690

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Common Equity/Partnership Interests/Warrants—26.2% CI (Allied) Investment Holdings, LLC (PRA Events, Inc) Industry Business Services

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[16]}

Business Services

Par/Shares

^{[4],[5],[12],[16]}

120,962

Cost

^{[4],[5],[12],[16]}

1,243

Investments at fair value

^{[4],[5],[6],[12],[16]}

1,651

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Common Equity/Partnership Interests/Warrants—26.2% Cartessa Aesthetics, LLC Industry Distribution

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Distribution

Par/Shares

^[4],[5],[12]

3,562,500

Cost

^[4],[5],[12]

3,563

Investments at fair value

^{[4],[5],[6],[12]}

3,716

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Common Equity/Partnership Interests/Warrants—26.2% Connatix Parent, LLC Industry Media

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Media

Par/Shares

^[4],[5],[12]

57,416

Cost

^[4],[5],[12]

632

Investments at fair value

^{[4],[5],[6],[12]}

689

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Common Equity/Partnership Interests/Warrants—26.2% Cowboy Parent LLC (Blackhawk Industrial Distribution, Inc.) Industry Distribution

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Distribution

Par/Shares

^[4],[5],[12]

26,360

Cost

^[4],[5],[12]

2,782

Investments at fair value

^{[4],[5],[6],[12]}

4,011

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Common Equity/Partnership Interests/Warrants—26.2% Crane 1 Acquisition Parent Holdings, L.P. Industry Personal, Food and Miscellaneous Services

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Personal, Food and Miscellaneous Services

Par/Shares

^[4],[5],[12]

113

Cost

^[4],[5],[12]

104

Investments at fair value

^{[4],[5],[6],[12]}

122

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Common Equity/Partnership Interests/Warrants—26.2% Delta InvestCo LP (Sigma Defense Systems, LLC) Industry Telecommunications

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[16]}

Telecommunications

Par/Shares

^{[4],[5],[12],[16]}

698,889

Cost

^{[4],[5],[12],[16]}

684

Investments at fair value

^{[4],[5],[6],[12],[16]}

1,425

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[16],[18]}

Telecommunications

Par/Shares

^{[4],[5],[12],[16],[18]}

442,155

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Common Equity/Partnership Interests/Warrants—26.2% ECM Investors, LLC Industry Electronics

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[16]}

Electronics

Par/Shares

^{[4],[5],[12],[16]}

167,537

Cost

^{[4],[5],[12],[16]}

Investments at fair value

^{[4],[5],[6],[12],[16]}

358

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Common Equity/Partnership Interests/Warrants—26.2% Exigo, LLC Industry Business Services

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[16]}

Business Services

Par/Shares

^{[4],[5],[12],[16]}

1,458,333

Cost

^{[4],[5],[12],[16]}

1,458

Investments at fair value

^{[4],[5],[6],[12],[16]}

1,288

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Common Equity/Partnership Interests/Warrants—26.2% Express Wash Topco, LLC Industry Auto Sector

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Auto Sector

Par/Shares

^[4],[5],[12]

658,000

Cost

^[4],[5],[12]

3,290

Investments at fair value

^{[4],[5],[6],[12]}

3,369

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Common Equity/Partnership Interests/Warrants—26.2% FedHC InvestCo LP Industry Aerospace and Defense

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[16]}

Aerospace and Defense

Par/Shares

^{[4],[5],[12],[16]}

14,186

Cost

^{[4],[5],[12],[16]}

478

Investments at fair value

^{[4],[5],[6],[12],[16]}

1,441

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[16],[18]}

Aerospace and Defense

Par/Shares

^{[4],[5],[12],[16],[18]}

6,384

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[16]}

Aerospace and Defense

Par/Shares

^{[4],[5],[12],[16]}

20,357

Cost

^{[4],[5],[12],[16]}

2,290

Investments at fair value

^{[4],[5],[6],[12],[16]}

2,253

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Common Equity/Partnership Interests/Warrants—26.2% GCOM InvestCo LP Industry Business Services

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[16]}

Business Services

Par/Shares

^{[4],[5],[12],[16]}

2,434

Cost

^{[4],[5],[12],[16]}

1,003

Investments at fair value

^{[4],[5],[6],[12],[16]}

587

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Common Equity/Partnership Interests/Warrants—26.2% Gauge Lash Coinvest LLC Industry Consumer Products

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Consumer Products

Par/Shares

^[4],[5],[12]

889,376

Cost

^[4],[5],[12]

137

Investments at fair value

^{[4],[5],[6],[12]}

4,208

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Common Equity/Partnership Interests/Warrants—26.2% Gauge Schlesinger Coinvest, LLC Industry Business Services

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Business Services

Par/Shares

^[4],[5],[12]

Cost

^[4],[5],[12]

Investments at fair value

^{[4],[5],[6],[12]}

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Common Equity/Partnership Interests/Warrants—26.2% Gauge TVC Coinvest, LLC (TVC Enterprises, LLC) Industry Transportation

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Transportation

Par/Shares

^[4],[5],[12]

810,645

Investments at fair value

^{[4],[5],[6],[12]}

3,229

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Common Equity/Partnership Interests/Warrants—26.2% Go Dawgs Capital III, LP (American Insulated Glass, LLC) Industry Building Materials

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[16]}

Building Materials

Par/Shares

^{[4],[5],[12],[16]}

675,325

Cost

^{[4],[5],[12],[16]}

675

Investments at fair value

^{[4],[5],[6],[12],[16]}

783

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Common Equity/Partnership Interests/Warrants—26.2% Green Veracity Holdings, LP - Class A (VT Topco, Inc.) Industry Business Services

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Business Services

Par/Shares

^[4],[5],[12]

15,000

Cost

^[4],[5],[12]

1,500

Investments at fair value

^{[4],[5],[6],[12]}

5,700

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Common Equity/Partnership Interests/Warrants—26.2% HV Watterson Holdings, LLC Industry Business Services

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Business Services

Par/Shares

^[4],[5],[12]

1,600,000

Cost

^[4],[5],[12]

1,600

Investments at fair value

^{[4],[5],[6],[12]}

1,387

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Common Equity/Partnership Interests/Warrants—26.2% Hancock Claims Consultants Investors, LLC Industry Insurance

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[16]}

Insurance

Par/Shares

^{[4],[5],[12],[16]}

450,000

Cost

^{[4],[5],[12],[16]}

450

Investments at fair value

^{[4],[5],[6],[12],[16]}

477

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Common Equity/Partnership Interests/Warrants—26.2% ITC Infusion Co-invest, LP Industry Healthcare, Education and Childcare

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Healthcare, Education and Childcare

Par/Shares

^[4],[5],[12]

113,839

Cost

^[4],[5],[12]

1,138

Investments at fair value

^{[4],[5],[6],[12]}

1,199

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Common Equity/Partnership Interests/Warrants—26.2% Icon Partners V C, L.P. Industry Business Services

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Business Services

Par/Shares

^[4],[5],[12]

1,111,111

Cost

^[4],[5],[12]

1,111

Investments at fair value

^{[4],[5],[6],[12]}

1,194

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[16],[18]}

Business Services

Par/Shares

^{[4],[5],[12],[16],[18]}

388,889

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Common Equity/Partnership Interests/Warrants—26.2% Imagine Topco, LP Industry Business Services

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Business Services

Par/Shares

^[4],[5],[12]

743,826

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Common Equity/Partnership Interests/Warrants—26.2% Infogroup Parent Holdings, Inc. (Data Axle, Inc.) Industry Other Media

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Other Media

Par/Shares

^[4],[5],[12]

181,495

Cost

^[4],[5],[12]

2,040

Investments at fair value

^{[4],[5],[6],[12]}

3,270

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Common Equity/Partnership Interests/Warrants—26.2% Ironclad Holdco, LLC (Applied Technical Services, LLC) Industry Environmental Services

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[16]}

Environmental Services

Par/Shares

^{[4],[5],[12],[16]}

4,566

Cost

^{[4],[5],[12],[16]}

450

Investments at fair value

^{[4],[5],[6],[12],[16]}

592

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Common Equity/Partnership Interests/Warrants—26.2% JWC-WE Holdings, L.P. (Walker Edison Furniture Company LLC) Industry Home and Office Furnishings

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[16]}

Home and Office Furnishings

Par/Shares

^{[4],[5],[12],[16]}

2,688

Cost

^{[4],[5],[12],[16]}

783

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Common Equity/Partnership Interests/Warrants—26.2% KL Stockton Co-Invest LP (Any Hour Services) Industry Personal, Food and Miscellaneous Services

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[16]}

Personal, Food and Miscellaneous Services

Par/Shares

^{[4],[5],[12],[16]}

382,353

Cost

^{[4],[5],[12],[16]}

382

Investments at fair value

^{[4],[5],[6],[12],[16]}

643

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Common Equity/Partnership Interests/Warrants—26.2% Kentucky Racing Holdco, LLC (Warrants) Industry Hotels, Motels, Inns and Gaming

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Hotels, Motels, Inns and Gaming

Par/Shares

^[4],[5],[12]

161,252

Investments at fair value

^{[4],[5],[6],[12]}

1,774

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Common Equity/Partnership Interests/Warrants—26.2% Kinetic Purchaser, LLC Industry Consumer Products

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Consumer Products

Par/Shares

^[4],[5],[12]

1,308,814

Cost

^[4],[5],[12]

1,309

Investments at fair value

^{[4],[5],[6],[12]}

1,854

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Common Equity/Partnership Interests/Warrants—26.2% Lariat ecoserv Co-Invest Holdings, LLC Industry Environmental Services

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[16]}

Environmental Services

Par/Shares

^{[4],[5],[12],[16]}

363,656

Cost

^{[4],[5],[12],[16]}

180

Investments at fair value

^{[4],[5],[6],[12],[16]}

1,376

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Common Equity/Partnership Interests/Warrants—26.2% Lightspeed Investment Holdco LLC Industry Healthcare, Education and Childcare

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Healthcare, Education and Childcare

Par/Shares

^[4],[5],[12]

273,143

Cost

^[4],[5],[12]

273

Investments at fair value

^{[4],[5],[6],[12]}

373

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Common Equity/Partnership Interests/Warrants—26.2% MDI Aggregator, LP Industry Chemicals, Plastics and Rubber

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Chemicals, Plastics and Rubber

Par/Shares

^[4],[5],[12]

1,925,990

Cost

^[4],[5],[12]

1,930

Investments at fair value

^{[4],[5],[6],[12]}

1,926

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Common Equity/Partnership Interests/Warrants—26.2% Mars Intermidiate Holdings II, Inc. Industry Media

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[16]}

Media

Par/Shares

^{[4],[5],[12],[16]}

414

Investments at fair value

^{[4],[5],[6],[12],[16]}

126

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Common Equity/Partnership Interests/Warrants—26.2% Meadowlark Title, LLC Industry Business Services

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[16]}

Business Services

Par/Shares

^{[4],[5],[12],[16]}

815,385

Cost

^{[4],[5],[12],[16]}

815

Investments at fair value

^{[4],[5],[6],[12],[16]}

897

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Common Equity/Partnership Interests/Warrants—26.2% Municipal Emergency Services, Inc. Industry Distribution

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Distribution

Par/Shares

^[4],[5],[12]

3,920,145

Cost

^[4],[5],[12]

3,984

Investments at fair value

^{[4],[5],[6],[12]}

2,990

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Common Equity/Partnership Interests/Warrants—26.2% NEPRT Parent Holdings, LLC (Recteq, LLC) Industry Consumer Products

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[16]}

Consumer Products

Par/Shares

^{[4],[5],[12],[16]}

1,299

Cost

^{[4],[5],[12],[16]}

1,261

Investments at fair value

^{[4],[5],[6],[12],[16]}

243

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Common Equity/Partnership Interests/Warrants—26.2% NXOF Holdings, Inc. (Tyto Athene, LLC) Industry Aerospace and Defense

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Aerospace and Defense

Par/Shares

^[4],[5],[12]

3,261

Cost

^[4],[5],[12]

Investments at fair value

^{[4],[5],[6],[12]}

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Common Equity/Partnership Interests/Warrants—26.2% North Haven Saints Equity Holdings, LP Industry Business Services

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Business Services

Par/Shares

^[4],[5],[12]

351,553

Cost

^[4],[5],[12]

352

Investments at fair value

^{[4],[5],[6],[12]}

373

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Common Equity/Partnership Interests/Warrants—26.2% OHCP V BC COI, L.P. Industry Distribution

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Distribution

Par/Shares

^[4],[5],[12]

446,250

Cost

^[4],[5],[12]

446

Investments at fair value

^{[4],[5],[6],[12]}

382

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[16],[17]}

Distribution

Par/Shares

^{[4],[5],[12],[16],[17]}

303,750

Investments at fair value

^{[4],[5],[6],[12],[16],[17]}

(44)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Common Equity/Partnership Interests/Warrants—26.2% ORL Holdco, Inc. Industry Business Services

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Business Services

Par/Shares

^[4],[5],[12]

638

Cost

^[4],[5],[12]

Investments at fair value

^{[4],[5],[6],[12]}

113

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Common Equity/Partnership Interests/Warrants—26.2% OceanSound Discovery Equity, LP (Holdco Sands Intermediate, LLC) Industry Aerospace and Defense

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[16]}

Aerospace and Defense

Par/Shares

^{[4],[5],[12],[16]}

98,286

Cost

^{[4],[5],[12],[16]}

979

Investments at fair value

^{[4],[5],[6],[12],[16]}

1,651

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Common Equity/Partnership Interests/Warrants—26.2% Oral Surgery (ITC) Holdings, LLC Industry Healthcare, Education and Childcare

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[16]}

Healthcare, Education and Childcare

Par/Shares

^{[4],[5],[12],[16]}

2,904

Cost

^{[4],[5],[12],[16]}

Investments at fair value

^{[4],[5],[6],[12],[16]}

173

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Common Equity/Partnership Interests/Warrants—26.2% PennantPark-TSO Senior Loan Fund II, LP Industry Financial Services

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Financial Services

Par/Shares

^[4],[5],[12]

15,038,871

Cost

^[4],[5],[12]

15,039

Investments at fair value

^{[4],[5],[6],[12]}

15,571

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Common Equity/Partnership Interests/Warrants—26.2% Pink Lily Holdco, LLC Industry Retail

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[16]}

Retail

Par/Shares

^{[4],[5],[12],[16]}

1,044

Cost

^{[4],[5],[12],[16]}

1,044

Investments at fair value

^{[4],[5],[6],[12],[16]}

550

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Common Equity/Partnership Interests/Warrants—26.2% Pragmatic Institute, LLC Industry Business Services

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Business Services

Par/Shares

^[4],[5],[12]

1,918,047

Cost

^[4],[5],[12]

1,918

Investments at fair value

^{[4],[5],[6],[12]}

1,918

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Common Equity/Partnership Interests/Warrants—26.2% QuantiTech InvestCo II LP Industry Aerospace and Defense

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[16]}

Aerospace and Defense

Par/Shares

^{[4],[5],[12],[16]}

Cost

^{[4],[5],[12],[16]}

Investments at fair value

^{[4],[5],[6],[12],[16]}

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[16]}

Aerospace and Defense

Par/Shares

^{[4],[5],[12],[16]}

712

Cost

^{[4],[5],[12],[16]}

Investments at fair value

^{[4],[5],[6],[12],[16]}

352

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[16],[18]}

Aerospace and Defense

Par/Shares

^{[4],[5],[12],[16],[18]}

955

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Common Equity/Partnership Interests/Warrants—26.2% RFMG Parent, LP (Rancho Health MSO, Inc.) Industry Healthcare, Education and Childcare

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Healthcare, Education and Childcare

Par/Shares

^[4],[5],[12]

1,050,000

Cost

^[4],[5],[12]

1,050

Investments at fair value

^{[4],[5],[6],[12]}

1,090

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Common Equity/Partnership Interests/Warrants—26.2% SBI Holdings Investments LLC (Sales Benchmark Index LLC) Industry Business Services

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Business Services

Par/Shares

^[4],[5],[12]

36,585

Cost

^[4],[5],[12]

366

Investments at fair value

^{[4],[5],[6],[12]}

359

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Common Equity/Partnership Interests/Warrants—26.2% SP L2 Holdings, LLC Industry Consumer Products

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Consumer Products

Par/Shares

^[4],[5],[12]

881,966

Cost

^[4],[5],[12]

882

Investments at fair value

^{[4],[5],[6],[12]}

913

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Common Equity/Partnership Interests/Warrants—26.2% SSC Dominion Holdings, LLC Class A (US Dominion, Inc.) Industry Electronics

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Electronics

Par/Shares

^[4],[5],[12]

1,500

Cost

^[4],[5],[12]

1,500

Investments at fair value

^{[4],[5],[6],[12]}

2,041

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Electronics

Par/Shares

^[4],[5],[12]

1,500

Investments at fair value

^{[4],[5],[6],[12]}

4,389

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Common Equity/Partnership Interests/Warrants—26.2% Seaway Topco, LP Industry Chemicals, Plastics and Rubber

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Chemicals, Plastics and Rubber

Par/Shares

^[4],[5],[12]

2,981

Cost

^[4],[5],[12]

2,981

Investments at fair value

^{[4],[5],[6],[12]}

2,981

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Common Equity/Partnership Interests/Warrants—26.2% Signature CR Intermediate Holdco, Inc. Industry Chemicals, Plastics and Rubber

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Chemicals, Plastics and Rubber

Par/Shares

^[4],[5],[12]

Cost

^[4],[5],[12]

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Common Equity/Partnership Interests/Warrants—26.2% StellPen Holdings, LLC (CF512, Inc.) Industry Media

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Media

Par/Shares

^[4],[5],[12]

153,846

Cost

^[4],[5],[12]

154

Investments at fair value

^{[4],[5],[6],[12]}

152

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Common Equity/Partnership Interests/Warrants—26.2% TAC LifePort Holdings, LLC Industry Aerospace and Defense

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[16]}

Aerospace and Defense

Par/Shares

^{[4],[5],[12],[16]}

232,558

Cost

^{[4],[5],[12],[16]}

233

Investments at fair value

^{[4],[5],[6],[12],[16]}

296

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Common Equity/Partnership Interests/Warrants—26.2% TPC Holding Company, LP Industry Food

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[13],[15]}

Food

Par/Shares

^{[4],[5],[12],[13],[15]}

11,527

Cost

^{[4],[5],[12],[13],[15]}

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Common Equity/Partnership Interests/Warrants—26.2% TWD Parent Holdings, LLC (The Vertex Companies, LLC) Industry Business Services

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Business Services

Par/Shares

^[4],[5],[12]

608

Cost

^[4],[5],[12]

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Common Equity/Partnership Interests/Warrants—26.2% Tower Arch Infolinks Media, LP Industry Media

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[16]}

Media

Par/Shares

^{[4],[5],[12],[16]}

531,293

Cost

^{[4],[5],[12],[16]}

511

Investments at fair value

^{[4],[5],[6],[12],[16]}

896

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[16],[18]}

Media

Par/Shares

^{[4],[5],[12],[16],[18]}

364,151

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Common Equity/Partnership Interests/Warrants—26.2% U.S. Well Services, Inc. - Class A Industry Oil and Gas

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[15],[20]}

Oil and Gas

Par/Shares

^{[4],[5],[12],[15],[20]}

60,057

Cost

^{[4],[5],[12],[15],[20]}

3,022

Investments at fair value

^{[4],[5],[6],[12],[15],[20]}

304

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Common Equity/Partnership Interests/Warrants—26.2% UniVista Insurance Industry Business Services

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[16]}

Business Services

Par/Shares

^{[4],[5],[12],[16]}

400

Cost

^{[4],[5],[12],[16]}

382

Investments at fair value

^{[4],[5],[6],[12],[16]}

454

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Common Equity/Partnership Interests/Warrants—26.2% WCP Ivyrehab QP CF Feeder, LP - Unfunded Industry Healthcare, Education and Childcare

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[17]}

Healthcare, Education and Childcare

Par/Shares

^{[4],[5],[12],[17]}

237,743

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Healthcare, Education and Childcare

Par/Shares

^[4],[5],[12]

3,762,257

Cost

^[4],[5],[12]

3,762

Investments at fair value

^{[4],[5],[6],[12]}

3,762

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Common Equity/Partnership Interests/Warrants—26.2% Wildcat Parent, LP (Wildcat Buyerco, Inc.) Industry Electronics

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Electronics

Par/Shares

^[4],[5],[12]

2,314

Cost

^[4],[5],[12]

231

Investments at fair value

^{[4],[5],[6],[12]}

616

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Common Equity/Partnership Interests/Warrants—26.2% eCommission Holding Corporation Industry Financial Services

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[15]}

Financial Services

Par/Shares

^{[4],[5],[12],[15]}

Cost

^{[4],[5],[12],[15]}

1,005

Investments at fair value

^{[4],[5],[6],[12],[15]}

$ 1,391

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Altamira Technologies, LLC (Revolver) Maturity 07/24/2025 Aerospace and Defense Current Coupon 11.67% Basis Point Spread Above Index 3M L+800

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Jul. 24, 2025

Industry

^[4],[5]

Aerospace and Defense

Current Coupon

^[4],[5]

11.67%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+800

Basis Point Spread Above Index

^[4],[5],[17]

800.00%

Par/Shares

^[4],[5]

$ 50

Cost

^[4],[5]

Investments at fair value

^[4],[5],[6]

$ 48

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% American Insulated Glass, LLC Maturity 12/21/2023 Building Materials Current Coupon 7.79% Basis Point Spread Above Index 3M L+550

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Dec. 21, 2023

Industry

^[4],[5]

Building Materials

Current Coupon

^[4],[5]

7.79%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+550

Basis Point Spread Above Index

^[4],[5],[17]

550.00%

Par/Shares

^[4],[5]

$ 3,329

Cost

^[4],[5]

3,310

Investments at fair value

^[4],[5],[6]

$ 3,329

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Anteriad, LLC (f/k/a MeritDirect, LLC) (Revolver) Maturity 5/23/2024 Media

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5],[18]

May 23, 2024

Industry

^[4],[5],[18]

Media

Par/Shares

^[4],[5],[18]

$ 1,612

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Any Hour Services (Revolver) Maturity 7/21/2027 Personal, Food and Miscellaneous Services

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5],[18]

Jul. 21, 2027

Industry

^[4],[5],[18]

Personal, Food and Miscellaneous Services

Par/Shares

^[4],[5],[18]

$ 1,147

Investments at fair value

^{[4],[5],[6],[18]}

$ (23)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Any Hour Services Maturity 7/21/2027 Personal, Food and Miscellaneous Services Current Coupon 8.15% Basis Point Spread Above Index 3M L+525

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Jul. 21, 2027

Industry

^[4],[5]

Personal, Food and Miscellaneous Services

Current Coupon

^[4],[5]

8.15%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+525

Basis Point Spread Above Index

^[4],[5],[17]

525.00%

Par/Shares

^[4],[5]

$ 4,120

Cost

^[4],[5]

4,086

Investments at fair value

^[4],[5],[6]

$ 4,038

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Apex Service Partners, LLC (Revolver) Maturity 7/31/2025 Personal, Food and Miscellaneous Services

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5],[18]

Jul. 31, 2025

Industry

^[4],[5],[18]

Personal, Food and Miscellaneous Services

Par/Shares

^[4],[5],[18]

$ 870

Investments at fair value

^{[4],[5],[6],[18]}

$ (4)

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Jul. 31, 2025

Industry

^[4],[5]

Personal, Food and Miscellaneous Services

Current Coupon

^[4],[5]

6.72%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+525

Basis Point Spread Above Index

^[4],[5],[17]

525.00%

Par/Shares

^[4],[5]

$ 62

Cost

^[4],[5]

Investments at fair value

^[4],[5],[6]

$ 62

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Apex Service Partners, LLC Maturity 7/31/2025 Personal, Food and Miscellaneous Services Current Coupon 7.6% Basis Point Spread Above Index 1M L+550

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Jul. 31, 2025

Industry

^[4],[5]

Personal, Food and Miscellaneous Services

Current Coupon

^[4],[5]

7.60%

Basis Point Spread Above Index

^[4],[5],[17]

1M L+550

Basis Point Spread Above Index

^[4],[5],[17]

550.00%

Par/Shares

^[4],[5]

$ 1,331

Cost

^[4],[5]

1,331

Investments at fair value

^[4],[5],[6]

$ 1,324

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Apex Service Partners, LLC Term Loan C Maturity 7/31/2025 Personal, Food and Miscellaneous Services Current Coupon 9.08% Basis Point Spread Above Index 1M L+550

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Jul. 31, 2025

Industry

^[4],[5]

Personal, Food and Miscellaneous Services

Current Coupon

^[4],[5]

9.08%

Basis Point Spread Above Index

^[4],[5],[17]

1M L+550

Basis Point Spread Above Index

^[4],[5],[17]

550.00%

Par/Shares

^[4],[5]

$ 1,893

Cost

^[4],[5]

1,873

Investments at fair value

^[4],[5],[6]

$ 1,883

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Applied Technical Services, LLC (Revolver) Maturity 12/29/2026 Environmental Services

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5],[18]

Dec. 29, 2026

Industry

^[4],[5],[18]

Environmental Services

Par/Shares

^[4],[5],[18]

$ 800

Investments at fair value

^{[4],[5],[6],[18]}

$ (20)

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Dec. 29, 2026

Industry

^[4],[5]

Environmental Services

Current Coupon

^[4],[5]

10.25%

Basis Point Spread Above Index

^[4],[5],[17]

3M P+475

Basis Point Spread Above Index

^[4],[5],[17]

475.00%

Par/Shares

^[4],[5]

$ 200

Cost

^[4],[5]

200

Investments at fair value

^[4],[5],[6]

$ 195

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Applied Technical Services, LLC Maturity 12/29/2026 Environmental Services Current Coupon 7.59% Basis Point Spread Above Index 3M L+575

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Dec. 29, 2026

Industry

^[4],[5]

Environmental Services

Current Coupon

^[4],[5]

7.59%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+575

Basis Point Spread Above Index

^[4],[5],[17]

575.00%

Par/Shares

^[4],[5]

$ 1,402

Cost

^[4],[5]

1,388

Investments at fair value

^[4],[5],[6]

$ 1,367

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5],[18]

Apr. 21, 2023

Industry

^[4],[5],[18]

Environmental Services

Par/Shares

^[4],[5],[18]

$ 1,595

Investments at fair value

^{[4],[5],[6],[18]}

$ (22)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Arcfield Acquisition Corp. (Revolver) Maturity 3/7/2028 Aerospace and Defense

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5],[18]

Mar. 07, 2028

Industry

^[4],[5],[18]

Aerospace and Defense

Par/Shares

^[4],[5],[18]

$ 2,263

Investments at fair value

^{[4],[5],[6],[18]}

$ (45)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Berwick Industrial Park Maturity 4/28/2023 Buildings and Real Estate

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Apr. 28, 2023

Industry

^[4],[5]

Buildings and Real Estate

Current Coupon

^[4],[5]

11.00%

Par/Shares

^[4],[5]

$ 4,000

Cost

^[4],[5]

3,953

Investments at fair value

^[4],[5],[6]

$ 3,934

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Beta Plus Technologies, Inc. Maturity 7/1/2029 Business Services Current Coupon 7.56% Basis Point Spread Above Index SOFR+525

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Jul. 01, 2029

Industry

^[4],[5]

Business Services

Current Coupon

^[4],[5]

7.56%

Basis Point Spread Above Index

^[4],[5],[17]

SOFR+525

Basis Point Spread Above Index

^[4],[5],[17]

525.00%

Par/Shares

^[4],[5]

$ 5,000

Cost

^[4],[5]

4,904

Investments at fair value

^[4],[5],[6]

$ 4,900

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Blackhawk Industrial Distribution, Inc. (Revolver) Maturity 9/17/2024 Distribution

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5],[18]

Sep. 17, 2024

Industry

^[4],[5],[18]

Distribution

Par/Shares

^[4],[5],[18]

$ 2,746

Investments at fair value

^{[4],[5],[6],[18]}

$ (77)

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Sep. 17, 2024

Industry

^[4],[5]

Distribution

Current Coupon

^[4],[5]

8.69%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+500

Basis Point Spread Above Index

^[4],[5],[17]

500.00%

Par/Shares

^[4],[5]

$ 686

Cost

^[4],[5]

686

Investments at fair value

^[4],[5],[6]

$ 667

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5],[18]

Sep. 17, 2024

Industry

^[4],[5],[18]

Distribution

Par/Shares

^[4],[5],[18]

$ 4,043

Investments at fair value

^{[4],[5],[6],[18]}

$ (51)

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Sep. 17, 2024

Industry

^[4],[5]

Distribution

Current Coupon

^[4],[5]

8.69%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+500

Basis Point Spread Above Index

^[4],[5],[17]

500.00%

Par/Shares

^[4],[5]

$ 1,175

Cost

^[4],[5]

1,160

Investments at fair value

^[4],[5],[6]

$ 1,149

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Broder Bros., Co. Maturity 12/2/2022 Consumer Products Current Coupon 7.39% Basis Point Spread Above Index 3M L+600

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Dec. 02, 2022

Industry

^[4],[5]

Consumer Products

Current Coupon

^[4],[5]

7.39%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+600

Basis Point Spread Above Index

^[4],[5],[17]

600.00%

Par/Shares

^[4],[5]

$ 10,096

Cost

^[4],[5]

10,096

Investments at fair value

^[4],[5],[6]

$ 10,096

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% CF512, Inc. Maturity 8/20/2026 Media Current Coupon 9.30% Basis Point Spread Above Index 3M L+600

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Aug. 20, 2026

Industry

^[4],[5]

Media

Current Coupon

^[4],[5]

9.30%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+600

Basis Point Spread Above Index

^[4],[5],[17]

600.00%

Par/Shares

^[4],[5]

$ 6,720

Cost

^[4],[5]

6,630

Investments at fair value

^[4],[5],[6]

$ 6,619

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% CF512, Inc.(Revolver) Maturity 8/20/2026 Media

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5],[18]

Aug. 20, 2026

Industry

^[4],[5],[18]

Media

Par/Shares

^[4],[5],[18]

$ 909

Investments at fair value

^{[4],[5],[6],[18]}

$ (14)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Cartessa Aesthetics, LLC - (Revolver) Maturity 5/13/2028 Distribution

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5],[18]

May 13, 2028

Industry

^[4],[5],[18]

Distribution

Par/Shares

^[4],[5],[18]

$ 2,297

Investments at fair value

^{[4],[5],[6],[18]}

$ (34)

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

May 13, 2028

Industry

^[4],[5]

Distribution

Current Coupon

^[4],[5]

9.55%

Basis Point Spread Above Index

^[4],[5],[17]

1M L+600

Basis Point Spread Above Index

^[4],[5],[17]

600.00%

Par/Shares

^[4],[5]

$ 1,265

Cost

^[4],[5]

1,265

Investments at fair value

^[4],[5],[6]

$ 1,246

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Cartessa Aesthetics, LLC Maturity 5/13/2028 Distribution Current Coupon 9.55% Basis Point Spread Above Index 1M L+600

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

May 13, 2028

Industry

^[4],[5]

Distribution

Current Coupon

^[4],[5]

9.55%

Basis Point Spread Above Index

^[4],[5],[17]

1M L+600

Par/Shares

^[4],[5]

$ 39,401

Cost

^[4],[5]

38,644

Investments at fair value

^[4],[5],[6]

$ 38,810

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Compex Legal Services, Inc. (Revolver) Maturity 2/7/2025 Business Services

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5],[18]

Feb. 07, 2025

Industry

^[4],[5],[18]

Business Services

Par/Shares

^[4],[5],[18]

$ 295

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Feb. 07, 2025

Industry

^[4],[5]

Business Services

Current Coupon

^[4],[5]

8.92%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+525

Basis Point Spread Above Index

^[4],[5],[17]

525.00%

Par/Shares

^[4],[5]

$ 361

Cost

^[4],[5]

361

Investments at fair value

^[4],[5],[6]

$ 361

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Compex Legal Services, Inc. Maturity 2/9/2026 Business Services Current Coupon 7.48% Basis Point Spread Above Index 3M L+525

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Feb. 09, 2026

Industry

^[4],[5]

Business Services

Current Coupon

^[4],[5]

7.48%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+525

Basis Point Spread Above Index

^[4],[5],[17]

525.00%

Par/Shares

^[4],[5]

$ 853

Cost

^[4],[5]

843

Investments at fair value

^[4],[5],[6]

$ 853

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Connatix Buyer, Inc. (Revolver) Maturity 7/13/2027 Media

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5],[18]

Jul. 13, 2027

Industry

^[4],[5],[18]

Media

Par/Shares

^[4],[5],[18]

$ 1,859

Investments at fair value

^{[4],[5],[6],[18]}

$ (46)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Connatix Buyer, Inc. Maturity 1/13/2023 Media

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5],[18]

Jan. 13, 2023

Industry

^[4],[5],[18]

Media

Par/Shares

^[4],[5],[18]

$ 3,158

Investments at fair value

^{[4],[5],[6],[18]}

$ (47)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Crane 1 Services, Inc. (Revolver) Maturity 8/16/2027 Personal, Food and Miscellaneous Services

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5],[18]

Aug. 16, 2027

Industry

^[4],[5],[18]

Personal, Food and Miscellaneous Services

Par/Shares

^[4],[5],[18]

$ 97

Investments at fair value

^{[4],[5],[6],[18]}

$ (1)

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Aug. 16, 2027

Industry

^[4],[5]

Personal, Food and Miscellaneous Services

Current Coupon

^[4],[5]

8.87%

Basis Point Spread Above Index

^[4],[5],[17]

1M L+575

Basis Point Spread Above Index

^[4],[5],[17]

575.00%

Par/Shares

^[4],[5]

$ 194

Cost

^[4],[5]

194

Investments at fair value

^[4],[5],[6]

$ 192

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Crane 1 Services, Inc. Maturity 8/16/2027 Personal, Food and Miscellaneous Services Current Coupon 8.40% Basis Point Spread Above Index 3M L+575

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Aug. 16, 2027

Industry

^[4],[5]

Personal, Food and Miscellaneous Services

Current Coupon

^[4],[5]

8.40%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+575

Basis Point Spread Above Index

^[4],[5],[17]

575.00%

Par/Shares

^[4],[5]

$ 2,606

Cost

^[4],[5]

2,577

Investments at fair value

^[4],[5],[6]

$ 2,580

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% DRS Holdings III, Inc. (Revolver) Maturity11/03/2025 Consumer Products

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5],[18]

Nov. 03, 2025

Industry

^[4],[5],[18]

Consumer Products

Par/Shares

^[4],[5],[18]

$ 1,783

Investments at fair value

^{[4],[5],[6],[18]}

$ (57)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% DermaRite Industries LLC Maturity 6/30/2023 Manufacturing / Basic Industries Current Coupon 10.67% Basis Point Spread Above Index 1M L+700

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Jun. 30, 2023

Industry

^[4],[5]

Manufacturing / Basic Industries

Current Coupon

^[4],[5]

10.67%

Basis Point Spread Above Index

^[4],[5],[17]

1M L+700

Basis Point Spread Above Index

^[4],[5],[17]

700.00%

Par/Shares

^[4],[5]

$ 8,755

Cost

^[4],[5]

8,734

Investments at fair value

^[4],[5],[6]

$ 7,030

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Dr. Squatch, LLC (Revolver) Maturity 8/31/2027 Personal and Non-Durable Consumer Products

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5],[18]

Aug. 31, 2027

Industry

^[4],[5],[18]

Personal and Non-Durable Consumer Products

Par/Shares

^[4],[5],[18]

$ 1,551

Investments at fair value

^{[4],[5],[6],[18]}

$ (23)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Dr. Squatch, LLC Maturity 8/27/2026 Personal and Non-Durable Consumer Products

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5],[18]

Aug. 27, 2026

Industry

^[4],[5],[18]

Personal and Non-Durable Consumer Products

Par/Shares

^[4],[5],[18]

$ 2,000

Investments at fair value

^{[4],[5],[6],[18]}

$ (10)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Dr. Squatch, LLC Maturity 8/31/2027 Personal and Non-Durable Consumer Products Current Coupon 9.17% Basis Point Spread Above Index 3M L+600

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Aug. 31, 2027

Industry

^[4],[5]

Personal and Non-Durable Consumer Products

Current Coupon

^[4],[5]

9.17%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+600

Basis Point Spread Above Index

^[4],[5],[17]

600.00%

Par/Shares

^[4],[5]

$ 12,930

Cost

^[4],[5]

12,742

Investments at fair value

^[4],[5],[6]

$ 12,736

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% ECL Entertainment, LLC Maturity 05/01/2028 Hotels, Motels, Inns and Gaming Current Coupon 10.62% Basis Point Spread Above Index 1M L+750

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

May 01, 2028

Industry

^[4],[5]

Hotels, Motels, Inns and Gaming

Current Coupon

^[4],[5]

10.62%

Basis Point Spread Above Index

^[4],[5],[17]

1M L+750

Basis Point Spread Above Index

^[4],[5],[17]

750.00%

Par/Shares

^[4],[5]

$ 19,156

Cost

^[4],[5]

19,019

Investments at fair value

^[4],[5],[6]

$ 18,869

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% ECM Industries, LLC (Revolver) Maturity 12/23/2025 Electronics

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5],[18]

Dec. 23, 2025

Industry

^[4],[5],[18]

Electronics

Par/Shares

^[4],[5],[18]

$ 226

Investments at fair value

^{[4],[5],[6],[18]}

$ (11)

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Dec. 23, 2025

Industry

^[4],[5]

Electronics

Current Coupon

^[4],[5]

7.93%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+475

Basis Point Spread Above Index

^[4],[5],[17]

475.00%

Par/Shares

^[4],[5]

$ 291

Cost

^[4],[5]

291

Investments at fair value

^[4],[5],[6]

$ 277

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Exigo Intermediate II, LLC (Revolver) Maturity 03/15/2027 Business Services

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5],[18]

Mar. 15, 2027

Industry

^[4],[5],[18]

Business Services

Par/Shares

^[4],[5],[18]

$ 1,485

Investments at fair value

^{[4],[5],[6],[18]}

$ (33)

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Mar. 15, 2027

Industry

^[4],[5]

Business Services

Current Coupon

^[4],[5]

8.87%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+575

Basis Point Spread Above Index

^[4],[5],[17]

575.00%

Par/Shares

^[4],[5]

$ 371

Cost

^[4],[5]

371

Investments at fair value

^[4],[5],[6]

$ 363

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Exigo Intermediate II, LLC Maturity 03/15/2024 Business Services

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5],[18]

Mar. 15, 2024

Industry

^[4],[5],[18]

Business Services

Par/Shares

^[4],[5],[18]

$ 7,424

Investments at fair value

^{[4],[5],[6],[18]}

$ (111)

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Mar. 15, 2027

Industry

^[4],[5]

Business Services

Current Coupon

^[4],[5]

8.87%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+575

Basis Point Spread Above Index

^[4],[5],[17]

575.00%

Par/Shares

^[4],[5]

$ 24,875

Cost

^[4],[5]

24,532

Investments at fair value

^[4],[5],[6]

$ 24,315

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Fairbanks Morse Defense Maturity 06/17/2028 Aerospace and Defense Coupon 7.00% Basis Point Spread Above Index 3M L+475

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Jun. 17, 2028

Industry

^[4],[5]

Aerospace and Defense

Current Coupon

^[4],[5]

7.00%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+475

Basis Point Spread Above Index

^[4],[5],[17]

475.00%

Par/Shares

^[4],[5]

$ 738

Cost

^[4],[5]

735

Investments at fair value

^[4],[5],[6]

$ 682

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Gantech Acquisition Corp. (Revolver) Maturity 05/14/2026 Business Services

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5],[18]

May 14, 2026

Industry

^[4],[5],[18]

Business Services

Par/Shares

^[4],[5],[18]

$ 1,858

Investments at fair value

^{[4],[5],[6],[18]}

$ (56)

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

May 14, 2026

Industry

^[4],[5]

Business Services

Current Coupon

^[4],[5]

9.37%

Basis Point Spread Above Index

^[4],[5],[17]

1M L+625

Basis Point Spread Above Index

^[4],[5],[17]

625.00%

Par/Shares

^[4],[5]

$ 132

Cost

^[4],[5]

133

Investments at fair value

^[4],[5],[6]

$ 129

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Gantech Acquisition Corp. Maturity 05/14/2026 Business Services Coupon 9.37% Basis Point Spread Above Index 1M L+625

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

May 14, 2026

Industry

^[4],[5]

Business Services

Current Coupon

^[4],[5]

9.37%

Basis Point Spread Above Index

^[4],[5],[17]

1M L+625

Basis Point Spread Above Index

^[4],[5],[17]

625.00%

Par/Shares

^[4],[5]

$ 16,809

Cost

^[4],[5]

16,548

Investments at fair value

^[4],[5],[6]

$ 16,305

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Graffiti Buyer, Inc. (Revolver) Maturity 08/10/2027 Distribution

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5],[18]

Aug. 10, 2027

Industry

^[4],[5],[18]

Distribution

Par/Shares

^[4],[5],[18]

$ 397

Investments at fair value

^{[4],[5],[6],[18]}

$ (16)

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Aug. 10, 2027

Industry

^[4],[5]

Distribution

Current Coupon

^[4],[5]

9.16%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+575

Basis Point Spread Above Index

^[4],[5],[17]

575.00%

Par/Shares

^[4],[5]

$ 372

Cost

^[4],[5]

372

Investments at fair value

^[4],[5],[6]

$ 357

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Graffiti Buyer, Inc. Maturity 08/10/2023 Distribution

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5],[18]

Aug. 10, 2023

Industry

^[4],[5],[18]

Distribution

Par/Shares

^[4],[5],[18]

$ 892

Investments at fair value

^{[4],[5],[6],[18]}

$ (20)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% HV Watterson Holdings, LLC - (Revolver) Maturity 12/17/2026 Business Services

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5],[18]

Dec. 17, 2026

Industry

^[4],[5],[18]

Business Services

Par/Shares

^[4],[5],[18]

$ 1,050

Investments at fair value

^{[4],[5],[6],[18]}

$ (37)

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Dec. 17, 2026

Industry

^[4],[5]

Business Services

Current Coupon

^[4],[5]

9.63%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+600

Basis Point Spread Above Index

^[4],[5],[17]

600.00%

Par/Shares

^[4],[5]

$ 200

Cost

^[4],[5]

200

Investments at fair value

^[4],[5],[6]

$ 193

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% HV Watterson Holdings, LLC Maturity 12/17/2026 Business Services

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5],[18]

Dec. 17, 2026

Industry

^[4],[5],[18]

Business Services

Par/Shares

^[4],[5],[18]

$ 2,219

Investments at fair value

^{[4],[5],[6],[18]}

$ (61)

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Dec. 17, 2026

Industry

^[4],[5]

Business Services

Current Coupon

^[4],[5]

9.67%

Basis Point Spread Above Index

^[4],[5],[17]

1M L+600

Basis Point Spread Above Index

^[4],[5],[17]

600.00%

Par/Shares

^[4],[5]

$ 281

Cost

^[4],[5]

279

Investments at fair value

^[4],[5],[6]

$ 271

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% HW Holdco, LLC (Revolver) Maturity 12/10/2024 Media

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5],[18]

Dec. 10, 2024

Industry

^[4],[5],[18]

Media

Par/Shares

^[4],[5],[18]

$ 3,387

Investments at fair value

^{[4],[5],[6],[18]}

$ (42)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% HW Holdco, LLC Maturity 12/10/2024 Media

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5],[18]

Dec. 10, 2024

Industry

^[4],[5],[18]

Media

Par/Shares

^[4],[5],[18]

$ 3,049

Investments at fair value

^{[4],[5],[6],[18]}

$ (8)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% HW Holdco, LLC Maturity 12/10/2024 Media Coupon 6.00% Basis Point Spread Above Index 3M L+500

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Dec. 10, 2024

Industry

^[4],[5]

Media

Current Coupon

^[4],[5]

6.00%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+500

Basis Point Spread Above Index

^[4],[5],[17]

500.00%

Par/Shares

^[4],[5]

$ 10,188

Cost

^[4],[5]

10,077

Investments at fair value

^[4],[5],[6]

$ 10,061

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Hancock Roofing and Construction L.L.C. (Revolver) Maturity 12/31/2026 Insurance

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5],[18]

Dec. 31, 2026

Industry

^[4],[5],[18]

Insurance

Par/Shares

^[4],[5],[18]

$ 480

Investments at fair value

^{[4],[5],[6],[18]}

$ (7)

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5],[18]

Dec. 31, 2022

Industry

^[4],[5],[18]

Insurance

Par/Shares

^[4],[5],[18]

$ 400

Investments at fair value

^{[4],[5],[6],[18]}

$ (6)

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Dec. 31, 2026

Industry

^[4],[5]

Insurance

Current Coupon

^[4],[5]

7.82%

Basis Point Spread Above Index

^[4],[5],[17]

1M L+500

Basis Point Spread Above Index

^[4],[5],[17]

500.00%

Par/Shares

^[4],[5]

$ 270

Cost

^[4],[5]

270

Investments at fair value

^[4],[5],[6]

$ 266

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Holdco Sands Intermediate, LLC (Revolver) Maturity 11/23/2027 Aerospace and Defense

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5],[18]

Nov. 23, 2027

Industry

^[4],[5],[18]

Aerospace and Defense

Par/Shares

^[4],[5],[18]

$ 3,941

Investments at fair value

^{[4],[5],[6],[18]}

$ (79)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Holdco Sands Intermediate, LLC Maturity 11/23/2028 Aerospace and Defense Coupon 10.17% Basis Point Spread Above Index 3M L+600

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Nov. 23, 2028

Industry

^[4],[5]

Aerospace and Defense

Current Coupon

^[4],[5]

10.17%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+600

Basis Point Spread Above Index

^[4],[5],[17]

600.00%

Par/Shares

^[4],[5]

$ 1,918

Cost

^[4],[5]

1,883

Investments at fair value

^[4],[5],[6]

$ 1,879

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% IDC IDC Infusion Services, Inc. (Revolver) Maturity 12/30/2026 Healthcare, Education and Childcare

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5],[18]

Dec. 30, 2026

Industry

^[4],[5],[18]

Healthcare, Education and Childcare

Par/Shares

^[4],[5],[18]

$ 4,167

Investments at fair value

^{[4],[5],[6],[18]}

$ (187)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% IDC Infusion Services, Inc. Maturity 12/30/2026 Healthcare, Education and Childcare Coupon 10.70% Basis Point Spread Above Index 3M L+600

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Dec. 30, 2026

Industry

^[4],[5]

Healthcare, Education and Childcare

Current Coupon

^[4],[5]

10.70%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+600

Basis Point Spread Above Index

^[4],[5],[17]

600.00%

Par/Shares

^[4],[5]

$ 3,685

Cost

^[4],[5]

3,576

Investments at fair value

^[4],[5],[6]

$ 3,574

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% IG Investments Holdings, LLC (Revolver) Maturity 09/22/2027 Business Services

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5],[18]

Sep. 22, 2027

Industry

^[4],[5],[18]

Business Services

Par/Shares

^[4],[5],[18]

$ 477

Investments at fair value

^{[4],[5],[6],[18]}

$ (5)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% ITI Holdings, Inc. (Revolver) Maturity 03/03/2028 Business Services

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5],[18]

Mar. 03, 2028

Industry

^[4],[5],[18]

Business Services

Par/Shares

^[4],[5],[18]

$ 1,192

Investments at fair value

^{[4],[5],[6],[18]}

$ (24)

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Mar. 03, 2028

Industry

^[4],[5]

Business Services

Current Coupon

^[4],[5]

8.25%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+550

Basis Point Spread Above Index

^[4],[5],[17]

550.00%

Par/Shares

^[4],[5]

$ 298

Cost

^[4],[5]

298

Investments at fair value

^[4],[5],[6]

$ 292

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% ITI Holdings, Inc. Maturity 03/03/2028 Business Services Coupon 8.67% Basis Point Spread Above Index 3M L+550

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Mar. 03, 2028

Industry

^[4],[5]

Business Services

Current Coupon

^[4],[5]

8.67%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+550

Basis Point Spread Above Index

^[4],[5],[17]

550.00%

Par/Shares

^[4],[5]

$ 8,927

Cost

^[4],[5]

8,784

Investments at fair value

^[4],[5],[6]

$ 8,749

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Icon Partners III, LP Maturity 05/11/2028 Auto Sector Coupon 7.55% Basis Point Spread Above Index 3M L+475

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

May 11, 2028

Industry

^[4],[5]

Auto Sector

Current Coupon

^[4],[5]

7.55%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+475

Basis Point Spread Above Index

^[4],[5],[17]

475.00%

Par/Shares

^[4],[5]

$ 995

Cost

^[4],[5]

834

Investments at fair value

^[4],[5],[6]

$ 727

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Imagine Acquisitionco, LLC (Revolver) Maturity 11/15/2027 Business Services

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5],[18]

Nov. 15, 2027

Industry

^[4],[5],[18]

Business Services

Par/Shares

^[4],[5],[18]

$ 1,685

Investments at fair value

^{[4],[5],[6],[18]}

$ (42)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Imagine Acquisitionco, LLC Maturity 11/15/2027 Business Services

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5],[18]

Nov. 15, 2027

Industry

^[4],[5],[18]

Business Services

Par/Shares

^[4],[5],[18]

$ 2,341

Investments at fair value

^{[4],[5],[6],[18]}

$ (35)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Inception Fertility Ventures, LLC Maturity 12/07/2023 Healthcare, Education and Childcare Coupon 10.18% Basis Point Spread Above Index 3M L+715

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Dec. 07, 2023

Industry

^[4],[5]

Healthcare, Education and Childcare

Current Coupon

^[4],[5]

10.18%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+715

Basis Point Spread Above Index

^[4],[5],[17]

715.00%

Par/Shares

^[4],[5]

$ 20,506

Cost

^[4],[5]

20,239

Investments at fair value

^[4],[5],[6]

$ 20,301

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Infolinks Media Buyco, LLC Maturity 11/01/2023 Media

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5],[18]

Nov. 01, 2023

Industry

^[4],[5],[18]

Media

Par/Shares

^[4],[5],[18]

$ 2,372

Investments at fair value

^{[4],[5],[6],[18]}

$ 24

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Integrity Marketing Acquisition, LLC Maturity 08/27/2025 Insurance Coupon 7.83% Basis Point Spread Above Index 3M L+550

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Aug. 27, 2025

Industry

^[4],[5]

Insurance

Current Coupon

^[4],[5]

7.83%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+550

Basis Point Spread Above Index

^[4],[5],[17]

550.00%

Par/Shares

^[4],[5]

$ 9,930

Cost

^[4],[5]

9,876

Investments at fair value

^[4],[5],[6]

$ 9,831

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% K2 Pure Solutions NoCal, L.P. (Revolver) Maturity 12/20/2023 Chemicals, Plastics and Rubber

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5],[18]

Dec. 20, 2023

Industry

^[4],[5],[18]

Chemicals, Plastics and Rubber

Par/Shares

^[4],[5],[18]

$ 1,938

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% K2 Pure Solutions NoCal, L.P. Maturity 12/20/2023 Chemicals, Plastics and Rubber Coupon 11.12% Basis Point Spread Above Index 1M L+800

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Dec. 20, 2023

Industry

^[4],[5]

Chemicals, Plastics and Rubber

Current Coupon

^[4],[5]

11.12%

Basis Point Spread Above Index

^[4],[5],[17]

1M L+800

Basis Point Spread Above Index

^[4],[5],[17]

800.00%

Par/Shares

^[4],[5]

$ 11,678

Cost

^[4],[5]

11,629

Investments at fair value

^[4],[5],[6]

$ 11,678

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Kinetic Purchaser, LLC (Revolver) Maturity 11/10/2026 Consumer Products Coupon 9.67% Basis Point Spread Above Index 3M L+600

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Nov. 10, 2026

Industry

^[4],[5]

Consumer Products

Current Coupon

^[4],[5]

9.67%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+600

Basis Point Spread Above Index

^[4],[5],[17]

600.00%

Par/Shares

^[4],[5]

$ 4,854

Cost

^[4],[5]

4,854

Investments at fair value

^[4],[5],[6]

$ 4,757

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Kinetic Purchaser, LLC Maturity 11/10/2027 Consumer Products Coupon 9.67% Basis Point Spread Above Index 3M L+600

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Nov. 10, 2027

Industry

^[4],[5]

Consumer Products

Current Coupon

^[4],[5]

9.67%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+600

Basis Point Spread Above Index

^[4],[5],[17]

600.00%

Par/Shares

^[4],[5]

$ 24,341

Cost

^[4],[5]

23,807

Investments at fair value

^[4],[5],[6]

$ 23,855

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% LAV Gear Holdings, Inc. Maturity 10/31/2024 Leisure, Amusement, Motion Pictures, Entertainment Coupon 9.95% Basis Point Spread Above Index 1M L+750

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Oct. 31, 2024

Industry

^[4],[5]

Leisure, Amusement, Motion Pictures, Entertainment

Current Coupon

^[4],[5]

9.95%

Current Coupons, PIK

^[4],[5]

5.50%

Basis Point Spread Above Index

^[4],[5]

1M L+750

Basis Point Spread Above Index

^[4],[5]

750.00%

Par/Shares

^[4],[5]

$ 2,061

Cost

^[4],[5]

2,036

Investments at fair value

^[4],[5],[6]

$ 2,013

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% LSF9 Atlantis Holdings, LLC Maturity 03/31/2029 Real Estate Coupon 9.37% Basis Point Spread Above Index SOFR+725

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Mar. 31, 2029

Industry

^[4],[5]

Retail

Current Coupon

^[4],[5]

9.37%

Basis Point Spread Above Index

^[4],[5]

SOFR+725

Basis Point Spread Above Index

^[4],[5]

725.00%

Par/Shares

^[4],[5]

$ 6,000

Cost

^[4],[5]

5,772

Investments at fair value

^[4],[5],[6]

$ 5,685

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Lash OpCo, LLC (Revolver) Maturity 08/16/2026 Consumer Products

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5],[18]

Aug. 16, 2026

Industry

^[4],[5]

Consumer Products

Par/Shares

^[4],[5]

$ 1,252

Investments at fair value

^[4],[5],[6]

$ (25)

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Aug. 16, 2026

Industry

^[4],[5]

Consumer Products

Current Coupon

^[4],[5]

9.38%

Basis Point Spread Above Index

^[4],[5],[17]

1M L+700

Basis Point Spread Above Index

^[4],[5],[17]

700.00%

Par/Shares

^[4],[5]

$ 568

Cost

^[4],[5]

568

Investments at fair value

^[4],[5],[6]

$ 556

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Lash OpCo, LLC Maturity 02/18/2027 Consumer Products Coupon 11.78% Basis Point Spread Above Index 1M L+700

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Feb. 18, 2027

Industry

^[4],[5]

Consumer Products

Current Coupon

^[4],[5]

11.78%

Basis Point Spread Above Index

^[4],[5],[17]

1M L+700

Basis Point Spread Above Index

^[4],[5],[17]

700.00%

Par/Shares

^[4],[5]

$ 2,828

Cost

^[4],[5]

2,774

Investments at fair value

^[4],[5],[6]

$ 2,771

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Ledge Lounger, Inc. (Revolver) Maturity 11/09/2026 Consumer Products

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5],[18]

Nov. 09, 2026

Industry

^[4],[5],[18]

Consumer Products

Par/Shares

^[4],[5],[18]

$ 1,933

Investments at fair value

^{[4],[5],[6],[18]}

$ (29)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Ledge Lounger, Inc. Maturity 11/09/2026 Consumer Products Coupon 9.92% Basis Point Spread Above Index 3M L+625

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Nov. 09, 2026

Industry

^[4],[5]

Consumer Products

Current Coupon

^[4],[5]

9.92%

Basis Point Spread Above Index

^[4],[5]

3M L+625

Basis Point Spread Above Index

^[4],[5]

625.00%

Par/Shares

^[4],[5]

$ 9,177

Cost

^[4],[5]

9,021

Investments at fair value

^[4],[5],[6]

$ 9,040

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Lightspeed Buyer Inc. (Revolver) Maturity 02/03/2026 Healthcare, Education and Childcare

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Feb. 03, 2026

Industry

^[4],[5]

Healthcare, Education and Childcare

Par/Shares

^[4],[5]

$ 661

Investments at fair value

^[4],[5],[6]

$ (21)

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Feb. 03, 2026

Industry

^[4],[5]

Healthcare, Education and Childcare

Current Coupon

^[4],[5]

8.87%

Basis Point Spread Above Index

^[4],[5]

1M L+575

Basis Point Spread Above Index

^[4],[5]

575.00%

Par/Shares

^[4],[5]

$ 505

Cost

^[4],[5]

505

Investments at fair value

^[4],[5],[6]

$ 489

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Lightspeed Buyer Inc. Maturity 02/03/2026 Healthcare, Education and Childcare Coupon 8.87% Basis Point Spread Above Index 1M L+575

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Feb. 03, 2026

Industry

^[4],[5]

Healthcare, Education and Childcare

Current Coupon

^[4],[5]

8.87%

Basis Point Spread Above Index

^[4],[5]

1M L+575

Basis Point Spread Above Index

^[4],[5]

575.00%

Par/Shares

^[4],[5]

$ 2,220

Cost

^[4],[5]

2,205

Investments at fair value

^[4],[5],[6]

$ 2,148

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Limerick Town Cener, LLC Maturity 09/27/2023 Real Estate Coupon 12.50%

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Sep. 27, 2023

Industry

^[4],[5]

Real Estate

Current Coupon

^[4],[5]

12.50%

Par/Shares

^[4],[5]

$ 3,000

Cost

^[4],[5]

2,970

Investments at fair value

^[4],[5],[6]

$ 2,970

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% MBS Holdings, Inc. (Revolver) Maturity 04/16/2027 Telecommunications

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5],[18]

Apr. 16, 2027

Industry

^[4],[5],[18]

Telecommunications

Par/Shares

^[4],[5],[18]

$ 694

Investments at fair value

^{[4],[5],[6],[18]}

$ (7)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% MDI Buyer, Inc. (Revolver) Maturity 07/25/2028 Chemicals, Plastics and Rubber

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5],[18]

Jul. 25, 2028

Industry

^[4],[5],[18]

Chemicals, Plastics and Rubber

Par/Shares

^[4],[5],[18]

$ 2,227

Investments at fair value

^{[4],[5],[6],[18]}

$ (22)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% MDI Buyer, Inc. Maturity 07/25/2028 Chemicals, Plastics and Rubber Coupon 8.98% Basis Point Spread Above Index 3M L+600

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Jul. 25, 2028

Industry

^[4],[5]

Chemicals, Plastics and Rubber

Current Coupon

^[4],[5]

8.98%

Basis Point Spread Above Index

^[4],[5]

3M L+600

Basis Point Spread Above Index

^[4],[5]

600.00%

Par/Shares

^[4],[5]

$ 14,400

Cost

^[4],[5]

14,117

Investments at fair value

^[4],[5],[6]

$ 14,112

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% MDI Buyer, Inc. Term Loan Maturity 07/25/2028 Chemicals, Plastics and Rubber

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5],[18]

Jul. 25, 2028

Industry

^[4],[5],[18]

Chemicals, Plastics and Rubber

Par/Shares

^[4],[5],[18]

$ 5,196

Investments at fair value

^{[4],[5],[6],[18]}

$ (52)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Mars Acquisition Holdings Corp. (Revolver) Maturity 05/14/2026 Media

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5],[18]

May 14, 2026

Industry

^[4],[5],[18]

Media

Par/Shares

^[4],[5],[18]

$ 806

Investments at fair value

^{[4],[5],[6],[18]}

$ (4)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Meadowlark Acquirer, LLC (Revolver) Maturity 12/10/2027 Business Services Coupon Basis Point Spread Above Index

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5],[18]

Dec. 10, 2027

Industry

^[4],[5],[18]

Business Services

Par/Shares

^[4],[5],[18]

$ 1,685

Investments at fair value

^{[4],[5],[6],[18]}

$ (17)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Meadowlark Acquirer, LLC Maturity 12/10/2027 Business Services Coupon 9.17% Basis Point Spread Above Index 3M L+550

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Dec. 10, 2027

Industry

^[4],[5]

Business Services

Current Coupon

^[4],[5]

9.17%

Basis Point Spread Above Index

^[4],[5]

3M L+550

Basis Point Spread Above Index

^[4],[5]

550.00%

Par/Shares

^[4],[5]

$ 1,320

Cost

^[4],[5]

1,307

Investments at fair value

^[4],[5],[6]

$ 1,307

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Meadowlark Acquirer, LLC Term Loan I, Maturity 12/10/2027 Business Services Coupon Basis Point Spread Above Index

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5],[18]

Dec. 10, 2027

Industry

^[4],[5],[18]

Business Services

Par/Shares

^[4],[5],[18]

$ 1,676

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Meadowlark Acquirer, LLC Term Loan II, Maturity 12/10/2027 Business Services Coupon Basis Point Spread Above Index

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5],[18]

Dec. 10, 2027

Industry

^[4],[5],[18]

Business Services

Par/Shares

^[4],[5],[18]

$ 8,922

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Municipal Emergency Services, Inc Maturity 09/28/2027 Distribution Coupon Basis Point Spread Above Index

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5],[18]

Sep. 28, 2027

Industry

^[4],[5],[18]

Distribution

Par/Shares

^[4],[5],[18]

$ 1,175

Investments at fair value

^{[4],[5],[6],[18]}

$ (56)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Municipal Emergency Services, Inc. (Revolver) Maturity 09/28/2027 Distribution Coupon 7.25 Basis Point Spread Above Index 3M L+500

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Sep. 28, 2027

Industry

^[4],[5]

Distribution

Current Coupon

^[4],[5]

7.25%

Basis Point Spread Above Index

^[4],[5]

3M L+500

Basis Point Spread Above Index

^[4],[5]

500.00%

Par/Shares

^[4],[5]

$ 282

Cost

^[4],[5]

282

Investments at fair value

^[4],[5],[6]

$ 266

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Municipal Emergency Services, Inc. (Revolver) Maturity 09/28/2027 Distribution Coupon Basis Point Spread Above Index

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5],[18]

Sep. 28, 2027

Industry

^[4],[5],[18]

Distribution

Par/Shares

^[4],[5],[18]

$ 1,598

Investments at fair value

^{[4],[5],[6],[18]}

$ (93)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Municipal Emergency Services, Inc. Maturity 09/28/2027 Distribution Coupon 8.67 Basis Point Spread Above Index 3M L+500

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Sep. 28, 2027

Industry

^[4],[5]

Distribution

Current Coupon

^[4],[5]

8.67%

Basis Point Spread Above Index

^[4],[5]

3M L+500

Basis Point Spread Above Index

^[4],[5]

500.00%

Par/Shares

^[4],[5]

$ 703

Cost

^[4],[5]

697

Investments at fair value

^[4],[5],[6]

$ 663

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% NBH Group LLC (Revolver) Maturity 08/19/2026 Healthcare, Education and Childcare Coupon Basis Point Spread Above Index

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5],[18]

Aug. 19, 2026

Industry

^[4],[5],[18]

Healthcare, Education and Childcare

Par/Shares

^[4],[5],[18]

$ 1,163

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Neptune Flood Incorporated Maturity 10/14/2026 Financial Services Coupon 7.10 Basis Point Spread Above Index 1M L+525

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5],[18]

Oct. 14, 2026

Industry

^[4],[5],[18]

Financial Services

Current Coupon

^[4],[5],[18]

7.10%

Basis Point Spread Above Index

^[4],[5],[18]

1M L+525

Basis Point Spread Above Index

^[4],[5],[18]

525.00%

Par/Shares

^[4],[5],[18]

$ 4,379

Cost

^[4],[5],[18]

4,352

Investments at fair value

^{[4],[5],[6],[18]}

$ 4,423

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% OIS Management Services, LLC (Revolver) Maturity 07/09/2026 Healthcare, Education and Childcare Coupon Basis Point Spread Above Index

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5],[18]

Jul. 09, 2026

Industry

^[4],[5],[18]

Healthcare, Education and Childcare

Par/Shares

^[4],[5],[18]

$ 333

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% ORL Acquisition, Inc. (Revolver) Maturity 09/03/2027 Business Services Coupon Basis Point Spread Above Index

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Sep. 03, 2027

Industry

^[4],[5]

Business Services

Par/Shares

^[4],[5]

$ 597

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% ORL Acquisition, Inc. Maturity 09/03/2027 Business Services Coupon 8.92 Basis Point Spread Above Index 3M L+525

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Sep. 03, 2027

Industry

^[4],[5]

Business Services

Current Coupon

^[4],[5]

8.92%

Basis Point Spread Above Index

^[4],[5]

3M L+525

Basis Point Spread Above Index

^[4],[5]

525.00%

Par/Shares

^[4],[5]

$ 4,454

Cost

^[4],[5]

4,378

Investments at fair value

^[4],[5],[6]

$ 4,454

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% One Stop Mailing, LLC Maturity 05/07/2027 Cargo Transport Coupon 8.77 Basis Point Spread Above Index 3M L+625

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

May 07, 2027

Industry

^[4],[5]

Cargo Transport

Current Coupon

^[4],[5]

8.77%

Basis Point Spread Above Index

^[4],[5]

3M L+625

Basis Point Spread Above Index

^[4],[5]

625.00%

Par/Shares

^[4],[5]

$ 7,008

Cost

^[4],[5]

6,889

Investments at fair value

^[4],[5],[6]

$ 6,798

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Ox Two, LLC (Revolver) Maturity 05/18/2026 Building Materials

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5],[18]

May 18, 2026

Industry

^[4],[5],[18]

Building Materials

Par/Shares

^[4],[5],[18]

$ 645

Investments at fair value

^{[4],[5],[6],[18]}

$ (13)

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

May 18, 2026

Industry

^[4],[5]

Building Materials

Current Coupon

^[4],[5]

9.81%

Basis Point Spread Above Index

^[4],[5]

3M L+700

Basis Point Spread Above Index

^[4],[5]

700.00%

Par/Shares

^[4],[5]

$ 1,774

Cost

^[4],[5]

1,774

Investments at fair value

^[4],[5],[6]

$ 1,739

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Ox Two, LLC Maturity 05/18/2026 Building Materials Coupon 9.81 Basis Point Spread Above Index 1M L+700

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

May 18, 2026

Industry

^[4],[5]

Building Materials

Current Coupon

^[4],[5]

9.81%

Basis Point Spread Above Index

^[4],[5]

1M L+700

Basis Point Spread Above Index

^[4],[5]

700.00%

Par/Shares

^[4],[5]

$ 15,391

Cost

^[4],[5]

15,189

Investments at fair value

^[4],[5],[6]

$ 15,083

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% PL Acquisitionco, LLC (Revolver) Maturity 11/09/2027 Retail Coupon Basis Point Spread Above Index

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5],[18]

Nov. 09, 2027

Industry

^[4],[5],[18]

Retail

Par/Shares

^[4],[5],[18]

$ 3,236

Investments at fair value

^{[4],[5],[6],[18]}

$ (81)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% PRA Events, Inc. (Revolver) Maturity 08/07/2025 Business Services Coupon Basis Point Spread Above Index 3M L+1,050

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Aug. 07, 2025

Industry

^[4],[5]

Business Services

Basis Point Spread Above Index

^[4],[5],[17]

3M L+1,050

Basis Point Spread Above Index

^[4],[5],[17]

1050.00%

Par/Shares

^[4],[5]

$ 2,000

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% PRA Events, Inc. Maturity 08/07/2025 Business Services Coupon 14.17 Basis Point Spread Above Index 3M L+1,050

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Aug. 07, 2025

Industry

^[4],[5]

Business Services

Current Coupon

^[4],[5]

14.17%

Current Coupons, PIK

^[4],[5]

10.50%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+1,050

Basis Point Spread Above Index

^[4],[5],[17]

1050.00%

Par/Shares

^[4],[5]

$ 24,907

Cost

^[4],[5]

21,694

Investments at fair value

^[4],[5],[6]

$ 24,907

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Pragmatic Institute, LL (Revolver) Maturity 07/06/2028 Business Services Coupon 9.30 Basis Point Spread Above Index 3M L+575

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Jul. 06, 2028

Industry

^[4],[5]

Business Services

Current Coupon

^[4],[5]

9.30%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+575

Basis Point Spread Above Index

^[4],[5],[17]

575.00%

Par/Shares

^[4],[5]

$ 959

Cost

^[4],[5]

959

Investments at fair value

^[4],[5],[6]

$ 949

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Jul. 06, 2028

Industry

^[4],[5]

Business Services

Par/Shares

^[4],[5]

$ 3,836

Investments at fair value

^[4],[5],[6]

$ (38)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Pragmatic Institute, LLC Maturity 07/06/2028 Business Services Coupon 9.30 Basis Point Spread Above Index 3M L+575

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Jul. 06, 2028

Industry

^[4],[5]

Business Services

Current Coupon

^[4],[5]

9.30%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+575

Basis Point Spread Above Index

^[4],[5],[17]

575.00%

Par/Shares

^[4],[5]

$ 35,340

Cost

^[4],[5]

34,826

Investments at fair value

^[4],[5],[6]

$ 34,987

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Pragmatic Institute, LLC Term Loan Maturity 07/06/2028 Business Services Coupon Basis Point Spread Above Index

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Jul. 06, 2028

Industry

^[4],[5]

Business Services

Par/Shares

^[4],[5]

$ 7,193

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Quantic Electronics, LLC (Revolver) Maturity 11/19/2026 Aerospace and Defense Coupon 9.51 Basis Point Spread Above Index 3M L+600

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Nov. 19, 2026

Industry

^[4],[5]

Aerospace and Defense

Current Coupon

^[4],[5]

9.51%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+600

Basis Point Spread Above Index

^[4],[5],[17]

600.00%

Par/Shares

^[4],[5]

$ 211

Cost

^[4],[5]

211

Investments at fair value

^[4],[5],[6]

$ 207

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Nov. 19, 2026

Industry

^[4],[5]

Aerospace and Defense

Par/Shares

^[4],[5]

$ 317

Investments at fair value

^[4],[5],[6]

$ (6)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Quantic Electronics, LLC Maturity 11/19/2026 Aerospace and Defense Coupon 8.00 Basis Point Spread Above Index 1M L+625

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Nov. 19, 2026

Industry

^[4],[5]

Aerospace and Defense

Current Coupon

^[4],[5]

8.00%

Basis Point Spread Above Index

^[4],[5],[17]

1M L+625

Basis Point Spread Above Index

^[4],[5],[17]

625.00%

Par/Shares

^[4],[5]

$ 679

Cost

^[4],[5]

673

Investments at fair value

^[4],[5],[6]

$ 666

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Questex, LLC (Revolver) Maturity 09/09/2024 Media Coupon Basis Point Spread Above Index

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Sep. 09, 2024

Industry

^[4],[5]

Media

Par/Shares

^[4],[5]

$ 3,590

Investments at fair value

^[4],[5],[6]

$ (72)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Questex, LLC Maturity 09/09/2024 Media Coupon 7.45 Basis Point Spread Above Index 3M L+500

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Sep. 09, 2024

Industry

^[4],[5]

Media

Current Coupon

^[4],[5]

7.45%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+500

Basis Point Spread Above Index

^[4],[5],[17]

500.00%

Par/Shares

^[4],[5]

$ 21,600

Cost

^[4],[5]

21,436

Investments at fair value

^[4],[5],[6]

$ 21,168

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Radius Aerospace, Inc. (Revolver) Maturity 03/31/2025 Aerospace and Defense Coupon 8.28 Basis Point Spread Above Index 3M L+575

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Mar. 31, 2025

Industry

^[4],[5]

Aerospace and Defense

Current Coupon

^[4],[5]

8.28%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+575

Basis Point Spread Above Index

^[4],[5],[17]

575.00%

Par/Shares

^[4],[5]

$ 891

Cost

^[4],[5]

891

Investments at fair value

^[4],[5],[6]

$ 877

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Mar. 31, 2025

Industry

^[4],[5]

Aerospace and Defense

Par/Shares

^[4],[5]

$ 1,336

Investments at fair value

^[4],[5],[6]

$ (20)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Rancho Health MSO, Inc Maturity 12/18/2025 Healthcare, Education and Childcare Coupon Basis Point Spread Above Index

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Dec. 18, 2025

Industry

^[4],[5]

Healthcare, Education and Childcare

Par/Shares

^[4],[5]

$ 1,050

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Rancho Health MSO, Inc. (Revolver) Maturity 12/18/2025 Healthcare, Education and Childcare Coupon Basis Point Spread Above Index

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Dec. 18, 2025

Industry

^[4],[5]

Healthcare, Education and Childcare

Par/Shares

^[4],[5]

$ 525

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Reception Purchaser, LLC Maturity 02/28/2028 Transportation Coupon 9.13 Basis Point Spread Above Index SOFR+600

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Feb. 28, 2028

Industry

^[4],[5]

Transportation

Current Coupon

^[4],[5]

9.13%

Basis Point Spread Above Index

^[4],[5],[17]

SOFR+600

Basis Point Spread Above Index

^[4],[5],[17]

600.00%

Par/Shares

^[4],[5]

$ 5,970

Cost

^[4],[5]

5,885

Investments at fair value

^[4],[5],[6]

$ 5,701

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Recteq, LLC (Revolver) Maturity 01/29/2026 Consumer Products Coupon 9.92 Basis Point Spread Above Index 1M L+600

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Jan. 29, 2026

Industry

^[4],[5]

Consumer Products

Current Coupon

^[4],[5]

9.92%

Basis Point Spread Above Index

^[4],[5],[17]

1M L+600

Basis Point Spread Above Index

^[4],[5],[17]

600.00%

Par/Shares

^[4],[5]

$ 313

Cost

^[4],[5]

313

Investments at fair value

^[4],[5],[6]

$ 302

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Jan. 29, 2026

Industry

^[4],[5]

Consumer Products

Par/Shares

^[4],[5]

$ 814

Investments at fair value

^[4],[5],[6]

$ (28)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Research Now Group, Inc. and Dynata, LLC Maturity 12/20/2024 Business Services Coupon 8.84 Basis Point Spread Above Index 3M L+550

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Dec. 20, 2024

Industry

^[4],[5]

Business Services

Current Coupon

^[4],[5]

8.84%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+550

Basis Point Spread Above Index

^[4],[5],[17]

550.00%

Par/Shares

^[4],[5]

$ 126

Cost

^[4],[5]

126

Investments at fair value

^[4],[5],[6]

$ 113

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Riverpoint Medical, LLC (Revolver) Maturity 06/20/2025 Healthcare, Education and Childcare Coupon Basis Point Spread Above Index

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5],[18]

Jun. 20, 2025

Industry

^[4],[5],[18]

Healthcare, Education and Childcare

Par/Shares

^[4],[5],[18]

$ 364

Investments at fair value

^{[4],[5],[6],[18]}

$ (9)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Riverside Assessments, LLC Maturity 03/10/2025 Education Coupon 8.97 Basis Point Spread Above Index 3M L+625

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Mar. 10, 2025

Industry

^[4],[5]

Education

Current Coupon

^[4],[5]

8.97%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+625

Basis Point Spread Above Index

^[4],[5],[17]

625.00%

Par/Shares

^[4],[5]

$ 12,906

Cost

^[4],[5]

12,705

Investments at fair value

^[4],[5],[6]

$ 12,648

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Sales Benchmark Index LLC (Revolver) Maturity 01/03/2025 Business Services Coupon Basis Point Spread Above Index

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5],[18]

Jan. 03, 2025

Industry

^[4],[5],[18]

Business Services

Par/Shares

^[4],[5],[18]

$ 732

Investments at fair value

^{[4],[5],[6],[18]}

$ (7)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Sargent & Greenleaf Inc. (Revolver) Maturity 12/20/2024 Electronics Coupon 8.28 Basis Point Spread Above Index 3M L+550

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Dec. 20, 2024

Industry

^[4],[5]

Electronics

Current Coupon

^[4],[5]

8.28%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+550

Basis Point Spread Above Index

^[4],[5],[17]

550.00%

Par/Shares

^[4],[5]

$ 593

Cost

^[4],[5]

593

Investments at fair value

^[4],[5],[6]

$ 587

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5],[18]

Dec. 20, 2024

Industry

^[4],[5],[18]

Electronics

Par/Shares

^[4],[5],[18]

$ 5

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Schlesinger Global, Inc. (Revolver) Maturity 07/14/2025 Business Services Coupon 9.09 Basis Point Spread Above Index 3M L+600

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Jul. 14, 2025

Industry

^[4],[5]

Business Services

Current Coupon

^[4],[5]

9.09%

Current Coupons, PIK

^[4],[5]

0.50%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+600

Basis Point Spread Above Index

^[4],[5],[17]

600.00%

Par/Shares

^[4],[5]

$ 30

Cost

^[4],[5]

Investments at fair value

^[4],[5],[6]

$ 30

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5],[18]

Jul. 14, 2025

Industry

^[4],[5],[18]

Business Services

Par/Shares

^[4],[5],[18]

$ 8

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Schlesinger Global, Inc. Maturity 07/14/2025 Business Services Coupon 11.11 Basis Point Spread Above Index 3M L+700

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Jul. 14, 2025

Industry

^[4],[5]

Business Services

Current Coupon

^[4],[5]

11.11%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+700

Basis Point Spread Above Index

^[4],[5],[17]

700.00%

Par/Shares

^[4],[5]

$ 4,689

Cost

^[4],[5]

4,636

Investments at fair value

^[4],[5],[6]

$ 4,571

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Seaway Buyer, LLC (Revolver) Maturity 06/21/2017 Chemicals, Plastics and Rubber Coupon Basis Point Spread Above Index

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5],[18]

Jun. 13, 2029

Industry

^[4],[5],[18]

Chemicals, Plastics and Rubber

Par/Shares

^[4],[5],[18]

$ 3,126

Investments at fair value

^{[4],[5],[6],[18]}

$ (47)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Seaway Buyer, LLC Maturity 06/13/2029 Chemicals, Plastics and Rubber Coupon 9.70 Basis Point Spread Above Index 1M L+575

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Jun. 13, 2029

Industry

^[4],[5]

Chemicals, Plastics and Rubber

Current Coupon

^[4],[5]

9.70%

Basis Point Spread Above Index

^[4],[5],[17]

1M L+575

Basis Point Spread Above Index

^[4],[5],[17]

575.00%

Par/Shares

^[4],[5]

$ 4,800

Cost

^[4],[5]

4,730

Investments at fair value

^[4],[5],[6]

$ 4,728

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Shiftkey, LLC Maturity 06/21/2027 Business Services Coupon 9.56 Basis Point Spread Above Index 1M L+575

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Jun. 21, 2027

Industry

^[4],[5]

Business Services

Current Coupon

^[4],[5]

9.56%

Basis Point Spread Above Index

^[4],[5],[17]

1M L+575

Basis Point Spread Above Index

^[4],[5],[17]

575.00%

Par/Shares

^[4],[5]

$ 17,955

Cost

^[4],[5]

17,784

Investments at fair value

^[4],[5],[6]

$ 17,722

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Sigma Defense Systems, LLC (Revolver) Maturity 12/18/2025 Telecommunications Coupon 12.17 Basis Point Spread Above Index 1M L+850

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Dec. 18, 2025

Industry

^[4],[5]

Telecommunications

Current Coupon

^[4],[5]

12.17%

Basis Point Spread Above Index

^[4],[5],[17]

1M L+850

Basis Point Spread Above Index

^[4],[5],[17]

850.00%

Par/Shares

^[4],[5]

$ 1,131

Cost

^[4],[5]

1,131

Investments at fair value

^[4],[5],[6]

$ 1,108

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Sigma Defense Systems, LLC Maturity 12/18/2025 Telecommunications

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5],[18]

Dec. 18, 2025

Industry

^[4],[5],[18]

Telecommunications

Par/Shares

^[4],[5],[18]

$ 1,845

Investments at fair value

^{[4],[5],[6],[18]}

$ (37)

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Dec. 18, 2025

Industry

^[4],[5]

Telecommunications

Current Coupon

^[4],[5]

12.17%

Basis Point Spread Above Index

^[4],[5],[17]

1M L+850

Basis Point Spread Above Index

^[4],[5],[17]

850.00%

Par/Shares

^[4],[5]

$ 31,680

Cost

^[4],[5]

31,004

Investments at fair value

^[4],[5],[6]

$ 31,047

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Signature Systems Holding Company (Revolver) Maturity 05/03/2024 Chemicals, Plastics and Rubber

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5],[18]

May 03, 2024

Industry

^[4],[5],[18]

Chemicals, Plastics and Rubber

Par/Shares

^[4],[5],[18]

$ 2,016

Investments at fair value

^{[4],[5],[6],[18]}

$ (15)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Solutionreach, Inc. (Revolver) Maturity 01/17/2024 Communications

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5],[18]

Jan. 17, 2024

Industry

^[4],[5],[18]

Communications

Par/Shares

^[4],[5],[18]

$ 1,665

Investments at fair value

^{[4],[5],[6],[18]}

$ (40)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Spear Education, LLC Maturity 02/26/2025 Education Coupon 9.42 Basis Point Spread Above Index 3M L+575

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Feb. 26, 2025

Industry

^[4],[5]

Education

Current Coupon

^[4],[5]

9.42%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+575

Basis Point Spread Above Index

^[4],[5],[17]

575.00%

Par/Shares

^[4],[5]

$ 12,018

Cost

^[4],[5]

11,947

Investments at fair value

^[4],[5],[6]

$ 12,018

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Spendmend Holdings LLC - Funded Revolver Maturity 03/01/2028 Business Services Coupon 8.63 Basis Point Spread Above Index 1M L+575

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Mar. 01, 2028

Industry

^[4],[5]

Business Services

Current Coupon

^[4],[5]

8.63%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+575

Basis Point Spread Above Index

^[4],[5],[17]

575.00%

Par/Shares

^[4],[5]

$ 187

Cost

^[4],[5]

187

Investments at fair value

^[4],[5],[6]

$ 182

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Spendmend Holdings LLC - Unfunded Revolver Maturity 03/01/2028 Business Services Type Date Item Type

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5],[18]

Mar. 01, 2028

Industry

^[4],[5],[18]

Business Services

Par/Shares

^[4],[5],[18]

$ 1,215

Investments at fair value

^{[4],[5],[6],[18]}

$ (34)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Spendmend Holdings LLC Maturity 03/01/2023 Business Services

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5],[18]

Mar. 01, 2023

Industry

^[4],[5],[18]

Business Services

Par/Shares

^[4],[5],[18]

$ 2,784

Investments at fair value

^{[4],[5],[6],[18]}

$ (57)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Spendmend Holdings LLC Maturity 03/01/2028 Business Services Coupon 8.63 Basis Point Spread Above Index 1M L+575

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Mar. 01, 2028

Industry

^[4],[5]

Business Services

Current Coupon

^[4],[5]

8.63%

Basis Point Spread Above Index

^[4],[5],[17]

1M L+575

Basis Point Spread Above Index

^[4],[5],[17]

575.00%

Par/Shares

^[4],[5]

$ 9,705

Cost

^[4],[5]

9,581

Investments at fair value

^[4],[5],[6]

$ 9,433

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% System Planning and Analysis, Inc. - (Revolver) Maturity 08/16/2027 Aerospace and Defense

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Aug. 16, 2027

Industry

^[4],[5]

Aerospace and Defense

Par/Shares

^[4],[5],[17]

$ 2,925

Investments at fair value

^[4],[5],[6]

$ (47)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% TVC Enterprises, LLC (Revolver) Maturity 03/26/2026 Transportation

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Mar. 26, 2026

Industry

^[4],[5]

Transportation

Par/Shares

^[4],[5],[17]

$ 1,370

Investments at fair value

^[4],[5],[6]

$ (34)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% TVC Enterprises, LLC Maturity 03/26/2026 Transportation Coupon 8.87 Basis Point Spread Above Index 1M L+600

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Mar. 26, 2026

Industry

^[4],[5]

Transportation

Current Coupon

^[4],[5]

8.87%

Basis Point Spread Above Index

^[4],[5],[17]

1M L+600

Basis Point Spread Above Index

^[4],[5],[17]

600.00%

Par/Shares

^[4],[5],[17]

$ 12,864

Cost

^[4],[5]

12,626

Investments at fair value

^[4],[5],[6]

$ 12,543

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% TWS Acquisition Corporation (Revolver) Maturity 06/16/2025 Education

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5],[18]

Jun. 16, 2025

Industry

^[4],[5],[18]

Education

Par/Shares

^{[4],[5],[17],[18]}

$ 1,644

Investments at fair value

^{[4],[5],[6],[18]}

$ (8)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% TWS Acquisition Corporation Maturity 06/16/2025 Education Coupon 8.76 Basis Point Spread Above Index 1M L+625

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Jun. 16, 2025

Industry

^[4],[5]

Education

Current Coupon

^[4],[5]

8.76%

Basis Point Spread Above Index

^[4],[5],[17]

1M L+625

Basis Point Spread Above Index

^[4],[5],[17]

625.00%

Par/Shares

^[4],[5],[17]

$ 1,143

Cost

^[4],[5]

1,143

Investments at fair value

^[4],[5],[6]

$ 1,137

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% The Bluebird Group LLC (Revolver) Maturity 07/27/2026 Business Services

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5],[18]

Jul. 27, 2026

Industry

^[4],[5],[18]

Business Services

Par/Shares

^{[4],[5],[17],[18]}

$ 734

Investments at fair value

^{[4],[5],[6],[18]}

$ 7

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% The Bluebird Group LLC Maturity 07/27/2026 Business Services Coupon 10.67 Basis Point Spread Above Index 3M L+700

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Jul. 27, 2026

Industry

^[4],[5]

Business Services

Current Coupon

^[4],[5]

10.67%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+700

Basis Point Spread Above Index

^[4],[5],[17]

700.00%

Par/Shares

^[4],[5],[17]

$ 4,884

Cost

^[4],[5]

4,796

Investments at fair value

^[4],[5],[6]

$ 4,933

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% The Vertex Companies, LLC (Revolver) Maturity 08/30/2027 Business Services

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5],[18]

Aug. 30, 2027

Industry

^[4],[5],[18]

Business Services

Par/Shares

^{[4],[5],[17],[18]}

$ 592

Investments at fair value

^{[4],[5],[6],[18]}

$ (3)

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Aug. 30, 2027

Industry

^[4],[5]

Business Services

Current Coupon

^[4],[5]

8.26%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+550

Basis Point Spread Above Index

^[4],[5],[17]

550.00%

Par/Shares

^[4],[5],[17]

$ 148

Cost

^[4],[5]

148

Investments at fair value

^[4],[5],[6]

$ 147

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% The Vertex Companies, LLC Maturity 08/30/2027 Business Services

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5],[18]

Aug. 30, 2027

Industry

^[4],[5],[18]

Business Services

Par/Shares

^{[4],[5],[17],[18]}

$ 466

Investments at fair value

^{[4],[5],[6],[18]}

$ 2

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Aug. 30, 2027

Industry

^[4],[5]

Business Services

Current Coupon

^[4],[5]

8.18%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+550

Basis Point Spread Above Index

^[4],[5],[17]

550.00%

Par/Shares

^[4],[5],[17]

$ 1,754

Cost

^[4],[5]

1,737

Investments at fair value

^[4],[5],[6]

1,745

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Total First Lien Secured Debt

Schedule Of Investments [Line Items]

Cost

^[4],[5]

599,263

Investments at fair value

^[4],[5],[6]

$ 588,267

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Tyto Athene, LLC (Revolver) Maturity 04/01/2026 Aerospace and Defense

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5],[18]

Apr. 01, 2026

Industry

^[4],[5],[18]

Aerospace and Defense

Par/Shares

^{[4],[5],[17],[18]}

$ 364

Investments at fair value

^{[4],[5],[6],[18]}

$ (26)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Unique Indoor Comfort, LLC (Revolver) Maturity 05/24/2027 Home and Office Furnishings

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5],[18]

May 24, 2027

Industry

^[4],[5],[18]

Home and Office Furnishings

Par/Shares

^{[4],[5],[17],[18]}

$ 3,000

Investments at fair value

^{[4],[5],[6],[18]}

$ (66)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Unique Indoor Comfort, LLC Maturity 05/24/2027 Home and Office Furnishings

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5],[18]

May 24, 2027

Industry

^[4],[5],[18]

Home and Office Furnishings

Par/Shares

^{[4],[5],[17],[18]}

$ 16,140

Investments at fair value

^{[4],[5],[6],[18]}

$ (194)

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

May 24, 2027

Industry

^[4],[5]

Home and Office Furnishings

Current Coupon

^[4],[5]

8.95%

Basis Point Spread Above Index

^[4],[5],[17]

1M L+525

Basis Point Spread Above Index

^[4],[5],[17]

525.00%

Par/Shares

^[4],[5],[17]

$ 27,233

Cost

^[4],[5]

26,904

Investments at fair value

^[4],[5],[6]

$ 26,634

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Walker Edison Furniture Company LLC Maturity 03/31/2027 Home and Office Furnishings Coupon 12.42 Basis Point Spread Above Index 3M L+875

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Mar. 31, 2027

Industry

^[4],[5]

Home and Office Furnishings

Current Coupon

^[4],[5]

12.42%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+875

Basis Point Spread Above Index

^[4],[5],[17]

875.00%

Par/Shares

^[4],[5],[17]

$ 25,368

Cost

^[4],[5]

24,881

Investments at fair value

^[4],[5],[6]

$ 16,946

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Wildcat Buyerco, Inc. (Revolver) Maturity 02/27/2026 Electronics

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5],[18]

Feb. 27, 2026

Industry

^[4],[5],[18]

Electronics

Par/Shares

^{[4],[5],[17],[18]}

$ 574

Investments at fair value

^{[4],[5],[6],[18]}

$ (41)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Wildcat Buyerco, Inc. Maturity 02/27/2026 Electronics Coupon 9.09 Basis Point Spread Above Index 3M L+575

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Feb. 27, 2026

Industry

^[4],[5]

Electronics

Current Coupon

^[4],[5]

9.09%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+575

Basis Point Spread Above Index

^[4],[5],[17]

575.00%

Par/Shares

^[4],[5],[17]

$ 3,831

Cost

^[4],[5]

3,771

Investments at fair value

^[4],[5],[6]

$ 3,716

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Zips Car Wash, LLC Maturity 03/01/2024 Auto Sector Coupon 10.13 Basis Point Spread Above Index 3M L+725

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Mar. 01, 2024

Industry

^[4],[5]

Auto Sector

Current Coupon

^[4],[5]

10.13%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+725

Basis Point Spread Above Index

^[4],[5],[17]

725.00%

Par/Shares

^[4],[5],[17]

$ 2,627

Cost

^[4],[5]

2,608

Investments at fair value

^[4],[5],[6]

$ 2,562

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Preferred Equity/Partnership Interests—1.3% AH Newco Equityholdings, LLC Healthcare, Education and Childcare Coupon 6.00

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Healthcare, Education and Childcare

Current Coupon

^[4],[5],[12]

6.00%

Par/Shares

^[4],[5],[12]

$ 211

Cost

^[4],[5],[12]

500

Investments at fair value

^{[4],[5],[6],[12]}

2,127

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Preferred Equity/Partnership Interests—1.3% Ad.net Holdings, Inc. Media

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[16]}

Media

Par/Shares

^{[4],[5],[12],[16]}

2,400

Cost

^{[4],[5],[12],[16]}

240

Investments at fair value

^{[4],[5],[6],[12],[16]}

267

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Preferred Equity/Partnership Interests—1.3% Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) Media

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[16]}

Media

Par/Shares

^{[4],[5],[12],[16]}

1,135

Cost

^{[4],[5],[12],[16]}

1,135

Investments at fair value

^{[4],[5],[6],[12],[16]}

$ 1,427

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Preferred Equity/Partnership Interests—1.3% Imagine Topco, LP Healthcare, Business Services Coupon 8.00

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Business Services

Current Coupon

^[4],[5],[12]

8.00%

Par/Shares

^[4],[5],[12]

$ 743,826

Cost

^[4],[5],[12]

744

Investments at fair value

^{[4],[5],[6],[12]}

704

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Preferred Equity/Partnership Interests—1.3% Mars Intermediate Holdings II, Inc Media

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[16]}

Media

Par/Shares

^{[4],[5],[12],[16]}

414

Cost

^{[4],[5],[12],[16]}

414

Investments at fair value

^{[4],[5],[6],[12],[16]}

484

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Preferred Equity/Partnership Interests—1.3% NXOF Holdings, Inc. (Tyto Athene, LLC) Aerospace and Defense

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Aerospace and Defense

Par/Shares

^[4],[5],[12]

160

Cost

^[4],[5],[12]

160

Investments at fair value

^{[4],[5],[6],[12]}

227

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Preferred Equity/Partnership Interests—1.3% ORL Holdco, Inc. Business Services

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Business Services

Par/Shares

^[4],[5],[12]

575

Cost

^[4],[5],[12]

Investments at fair value

^{[4],[5],[6],[12]}

$ 62

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Preferred Equity/Partnership Interests—1.3% Signature CR Intermediate Holdco, Inc. Chemicals, Plastics and Rubber Coupon 12.00

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Chemicals, Plastics and Rubber

Current Coupon

^[4],[5],[12]

12.00%

Par/Shares

^[4],[5],[12]

$ 1,527

Cost

^[4],[5],[12]

1,527

Investments at fair value

^{[4],[5],[6],[12]}

1,932

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Preferred Equity/Partnership Interests—1.3% TPC Holding Company, LP Food

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[13],[15]}

Food

Par/Shares

^{[4],[5],[12],[13],[15]}

219

Cost

^{[4],[5],[12],[13],[15]}

219

Investments at fair value

^{[4],[5],[6],[12],[13],[15]}

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Preferred Equity/Partnership Interests—1.3% TWD Parent Holdings, LLC Business Services

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Business Services

Par/Shares

^[4],[5],[12]

Cost

^[4],[5],[12]

Investments at fair value

^{[4],[5],[6],[12]}

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Preferred Equity/Partnership Interests—1.3% Total Preferred Equity/Partnership Interests

Schedule Of Investments [Line Items]

Cost

^[4],[5],[12]

5,026

Investments at fair value

^{[4],[5],[6],[12]}

$ 7,325

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Second Lien Secured Debt—22.2% Atlas Purchaser, Inc Maturity 05/07/2029 Telecommunications Coupon 11.19 Basis Point Spread Above Index 3M L+900

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

May 07, 2029

Industry

^[4],[5]

Telecommunications

Current Coupon

^[4],[5]

11.19%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+900

Basis Point Spread Above Index

^[4],[5],[17]

900.00%

Par/Shares

^[4],[5]

$ 17,000

Cost

^[4],[5]

16,551

Investments at fair value

^[4],[5],[6]

$ 14,909

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Second Lien Secured Debt—22.2% Best Practice Associates LLC Maturity 06/29/2027 Aerospace and Defense Coupon 12.67 Basis Point Spread Above Index 3M L+900

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Jun. 29, 2027

Industry

^[4],[5]

Aerospace and Defense

Current Coupon

^[4],[5]

12.67%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+900

Basis Point Spread Above Index

^[4],[5],[17]

900.00%

Par/Shares

^[4],[5]

$ 17,825

Cost

^[4],[5]

17,506

Investments at fair value

^[4],[5],[6]

$ 17,290

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Second Lien Secured Debt—22.2% Burgess Point Purchaser Corporation Maturity 07/28/2030 Auto Sector Coupon 12.16 Basis Point Spread Above Index 3M L+900

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Jul. 28, 2030

Industry

^[4],[5]

Auto Sector

Current Coupon

^[4],[5]

12.16%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+900

Basis Point Spread Above Index

^[4],[5],[17]

900.00%

Par/Shares

^[4],[5]

$ 8,000

Cost

^[4],[5]

7,752

Investments at fair value

^[4],[5],[6]

$ 7,680

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Second Lien Secured Debt—22.2% Data Axle, Inc. Maturity 04/03/2024 Other Media Coupon 12.92 Basis Point Spread Above Index 3M L+925

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Apr. 03, 2024

Industry

^[4],[5]

Other Media

Current Coupon

^[4],[5]

12.92%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+925

Basis Point Spread Above Index

^[4],[5],[17]

925.00%

Par/Shares

^[4],[5]

$ 20,400

Cost

^[4],[5]

20,288

Investments at fair value

^[4],[5],[6]

$ 20,196

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Second Lien Secured Debt—22.2% ENC Parent Corporation Maturity 08/19/2029 Business Services Coupon 11.17 Basis Point Spread Above Index 3M L+750

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Aug. 19, 2029

Industry

^[4],[5]

Business Services

Current Coupon

^[4],[5]

11.17%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+750

Basis Point Spread Above Index

^[4],[5],[17]

750.00%

Par/Shares

^[4],[5]

$ 7,500

Cost

^[4],[5]

7,432

Investments at fair value

^[4],[5],[6]

$ 7,125

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Second Lien Secured Debt—22.2% Halo Buyer, Inc. Maturity 07/06/2026 Consumer Products Coupon 11.37 Basis Point Spread Above Index 1M L+825

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Jul. 06, 2026

Industry

^[4],[5]

Consumer Products

Current Coupon

^[4],[5]

11.37%

Basis Point Spread Above Index

^[4],[5],[17]

1M L+825

Basis Point Spread Above Index

^[4],[5],[17]

825.00%

Par/Shares

^[4],[5]

$ 32,500

Cost

^[4],[5]

32,164

Investments at fair value

^[4],[5],[6]

$ 31,769

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Second Lien Secured Debt—22.2% Inventus Power, Inc. Maturity 09/29/2024 Electronics Coupon 12.17 Basis Point Spread Above Index 3M L+850

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Sep. 29, 2024

Industry

^[4],[5]

Electronics

Current Coupon

^[4],[5]

12.17%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+850

Basis Point Spread Above Index

^[4],[5],[17]

850.00%

Par/Shares

^[4],[5]

$ 16,593

Cost

^[4],[5]

16,387

Investments at fair value

^[4],[5],[6]

$ 16,344

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Second Lien Secured Debt—22.2% QuantiTech LLC Maturity 02/04/2027 Aerospace and Defense Coupon 12.68 Basis Point Spread Above Index 3M L+1,000

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Feb. 04, 2027

Industry

^[4],[5]

Aerospace and Defense

Current Coupon

^[4],[5]

12.68%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+1,000

Basis Point Spread Above Index

^[4],[5],[17]

1000.00%

Par/Shares

^[4],[5]

$ 150

Cost

^[4],[5]

148

Investments at fair value

^[4],[5],[6]

148

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Second Lien Secured Debt—22.2% Total Second Lien Secured Debt

Schedule Of Investments [Line Items]

Cost

^[4],[5]

133,160

Investments at fair value

^[4],[5],[6]

$ 129,936

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Second Lien Secured Debt—22.2% VT Topco, Inc. Maturity 08/17/2026 Business Services Coupon 9.87 Basis Point Spread Above Index 3M L+675

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Aug. 17, 2026

Industry

^[4],[5]

Business Services

Current Coupon

^[4],[5]

9.87%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+675

Basis Point Spread Above Index

^[4],[5],[17]

675.00%

Par/Shares

^[4],[5]

$ 15,000

Cost

^[4],[5]

14,932

Investments at fair value

^[4],[5],[6]

$ 14,475

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Subordinated Debt/Corporate Notes—9.1% Express Wash Acquisition Company, LLC Maturity 01/15/2029 Auto Sector Coupon 15.31 Basis Point Spread Above Index 3M L+1,150

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Jan. 15, 2029

Industry

^[4],[5]

Auto Sector

Current Coupon

^[4],[5]

15.31%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+1,150

Basis Point Spread Above Index

^[4],[5],[17]

1150.00%

Par/Shares

^[4],[5]

$ 21,000

Cost

^[4],[5]

20,278

Investments at fair value

^[4],[5],[6]

$ 20,359

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Subordinated Debt/Corporate Notes—9.1% Flock Financial, LLC Maturity 05/26/2027 Financial Services Coupon 12.50

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

May 26, 2027

Industry

^[4],[5]

Financial Services

Current Coupon

^[4],[5]

12.50%

Par/Shares

^[4],[5]

$ 34,000

Cost

^[4],[5]

33,190

Investments at fair value

^[4],[5],[6]

32,895

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Subordinated Debt/Corporate Notes—9.1% Total Subordinated Debt/Corporate Notes

Schedule Of Investments [Line Items]

Cost

^[4],[5]

53,468

Investments at fair value

^[4],[5],[6]

$ 53,254

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4%

Schedule Of Investments [Line Items]

Cost

^[1],[2]

816,754

Investments at fair value

^[1],[2],[3]

830,809

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0%

Schedule Of Investments [Line Items]

Cost

^[1],[2],[7]

95,037

Investments at fair value

^{[1],[2],[3],[7]}

115,478

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% A1 Garage Equity, LLC Personal, Food and Miscellaneous Services

Schedule Of Investments [Line Items]

Industry

^{[1],[2],[7],[21]}

Personal, Food and Miscellaneous Services

Par/Shares

^{[1],[2],[7],[21]}

2,193,038

Cost

^{[1],[2],[7],[21]}

2,193

Investments at fair value

^{[1],[2],[3],[7],[21]}

2,340

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% AG Investco LP Business Services

Schedule Of Investments [Line Items]

Industry

^{[1],[2],[7],[21]}

Business Services

Par/Shares

^{[1],[2],[7],[21]}

805,164

Cost

^{[1],[2],[7],[21]}

805

Investments at fair value

^{[1],[2],[3],[7],[21]}

1,074

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% AG Investco LP Business Services One

Schedule Of Investments [Line Items]

Industry

^{[1],[2],[7],[19],[21]}

Business Services

Par/Shares

^{[1],[2],[7],[19],[21]}

194,836

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% AMCSI Crash Co-Invest, LP Auto Sector

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Auto Sector

Par/Shares

^[1],[2],[7]

2,489,777

Cost

^[1],[2],[7]

2,490

Investments at fair value

^{[1],[2],[3],[7]}

3,318

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% AMCSI Crash Co-Invest, LP Auto Sector One

Schedule Of Investments [Line Items]

Industry

^{[1],[2],[7],[19]}

Auto Sector

Par/Shares

^{[1],[2],[7],[19]}

510,223

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Ad.net Holdings, Inc. Media

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Media

Par/Shares

^[1],[2],[7]

2,667

Cost

^[1],[2],[7]

$ 27

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Affinion Group Holdings, Inc. (Warrants) Maturity 04/10/2024 Consumer Products

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2],[7]

Apr. 10, 2024

Industry

^[1],[2],[7]

Consumer Products

Par/Shares

^[1],[2],[7]

$ 77,190

Cost

^[1],[2],[7]

2,126

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Altamira Intermediate Company II, Inc. Aerospace and Defense

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Aerospace and Defense

Par/Shares

^[1],[2],[7]

125,000

Cost

^[1],[2],[7]

125

Investments at fair value

^{[1],[2],[3],[7]}

127

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) Media

Schedule Of Investments [Line Items]

Industry

^{[1],[2],[7],[21]}

Media

Par/Shares

^{[1],[2],[7],[21]}

1,135

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Athletico Holdings, LLC Healthcare, Education and Childcare

Schedule Of Investments [Line Items]

Industry

^{[1],[2],[7],[21]}

Healthcare, Education and Childcare

Par/Shares

^{[1],[2],[7],[21]}

9,357

Cost

^{[1],[2],[7],[21]}

10,000

Investments at fair value

^{[1],[2],[3],[7],[21]}

9,032

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Atlas Investment Aggregator, LLC Telecommunications

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Telecommunications

Par/Shares

^[1],[2],[7]

1,700,000

Cost

^[1],[2],[7]

1,613

Investments at fair value

^{[1],[2],[3],[7]}

293

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% BioDerm, Inc. Healthcare, Education and Childcare

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Healthcare, Education and Childcare

Par/Shares

^[1],[2],[7]

1,312

Cost

^[1],[2],[7]

1,312

Investments at fair value

^{[1],[2],[3],[7]}

1,513

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Burgess Point Holdings, LP Auto Sector

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Auto Sector

Par/Shares

^[1],[2],[7]

680

Cost

^[1],[2],[7]

680

Investments at fair value

^{[1],[2],[3],[7]}

740

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Connatix Parent, LLC Media

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Media

Par/Shares

^[1],[2],[7]

57,416

Cost

^[1],[2],[7]

632

Investments at fair value

^{[1],[2],[3],[7]}

333

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Cowboy Parent LLC (Blackhawk Industrial Distribution, Inc.) Distribution

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Distribution

Par/Shares

^[1],[2],[7]

27,778

Cost

^[1],[2],[7]

3,015

Investments at fair value

^{[1],[2],[3],[7]}

5,451

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Crane 1 Acquisition Parent Holdings, L.P. Personal, Food and Miscellaneous Services

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Personal, Food and Miscellaneous Services

Par/Shares

^[1],[2],[7]

113

Cost

^[1],[2],[7]

104

Investments at fair value

^{[1],[2],[3],[7]}

173

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Delta InvestCo LP (Sigma Defense Systems, LLC) Telecommunications

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Telecommunications

Par/Shares

^[1],[2],[7]

863,299

Cost

^[1],[2],[7]

848

Investments at fair value

^{[1],[2],[3],[7]}

1,542

Schedule Of Investments [Line Items]

Industry

^{[1],[2],[7],[19]}

Telecommunications

Par/Shares

^{[1],[2],[7],[19]}

277,745

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% EDS Topco, LP Aerospace and Defense

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Aerospace and Defense

Par/Shares

^[1],[2],[7]

937,500

Cost

^[1],[2],[7]

938

Investments at fair value

^{[1],[2],[3],[7]}

885

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Exigo, LLC Business Services

Schedule Of Investments [Line Items]

Industry

^{[1],[2],[7],[21]}

Business Services

Par/Shares

^{[1],[2],[7],[21]}

1,458,333

Cost

^{[1],[2],[7],[21]}

1,458

Investments at fair value

^{[1],[2],[3],[7],[21]}

1,648

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% FedHC InvestCo II LP Aerospace and Defense

Schedule Of Investments [Line Items]

Industry

^{[1],[2],[7],[21]}

Aerospace and Defense

Par/Shares

^{[1],[2],[7],[21]}

20,882

Cost

^{[1],[2],[7],[21]}

2,175

Investments at fair value

^{[1],[2],[3],[7],[21]}

2,951

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% FedHC InvestCo LP Aerospace and Defense

Schedule Of Investments [Line Items]

Industry

^{[1],[2],[7],[21]}

Aerospace and Defense

Par/Shares

^{[1],[2],[7],[21]}

14,578

Cost

^{[1],[2],[7],[21]}

489

Investments at fair value

^{[1],[2],[3],[7],[21]}

2,060

Schedule Of Investments [Line Items]

Industry

^{[1],[2],[7],[19],[21]}

Aerospace and Defense

Par/Shares

^{[1],[2],[7],[19],[21]}

5,150

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Five Star Parent Holdings, LLC Leisure, Amusement, Motion Pictures, Entertainment

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Leisure, Amusement, Motion Pictures, Entertainment

Par/Shares

^[1],[2],[7]

655,714

Cost

^[1],[2],[7]

656

Investments at fair value

^{[1],[2],[3],[7]}

800

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% GCOM InvestCo LP Business Services

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Business Services

Par/Shares

^[1],[2],[7]

2,434

Cost

^[1],[2],[7]

1,003

Investments at fair value

^{[1],[2],[3],[7]}

401

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Gauge ETE Blocker, LLC - Common Equity Personal, Food and Miscellaneous Services

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Personal, Food and Miscellaneous Services

Par/Shares

^[1],[2],[7]

374,444

Cost

^[1],[2],[7]

374

Investments at fair value

^{[1],[2],[3],[7]}

371

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Gauge Lash Coinvest LLC Consumer Products

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Consumer Products

Par/Shares

^[1],[2],[7]

889,376

Cost

^[1],[2],[7]

136

Investments at fair value

^{[1],[2],[3],[7]}

4,076

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Gauge Loving Tan, LP - Common Equity Consumer Products

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Consumer Products

Par/Shares

^[1],[2],[7]

462,827

Cost

^[1],[2],[7]

463

Investments at fair value

^{[1],[2],[3],[7]}

389

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Gauge Schlesinger Coinvest, LLC Business Services

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Business Services

Par/Shares

^[1],[2],[7]

Cost

^[1],[2],[7]

Investments at fair value

^{[1],[2],[3],[7]}

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Gauge TVC Coinvest, LLC (TVC Enterprises, LLC) Transportation

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Transportation

Par/Shares

^[1],[2],[7]

810,645

Investments at fair value

^{[1],[2],[3],[7]}

2,390

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Go Dawgs Capital III, LP (American Insulated Glass, LLC) Building Materials

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Building Materials

Par/Shares

^[1],[2],[7]

675,325

Cost

^[1],[2],[7]

675

Investments at fair value

^{[1],[2],[3],[7]}

1,479

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% HPA SPQ Aggregator LP- Common Equity Business Services

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Business Services

Par/Shares

^[1],[2],[7]

750,399

Cost

^[1],[2],[7]

750

Investments at fair value

^{[1],[2],[3],[7]}

751

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% HV Watterson Holdings, LLC Business Services

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Business Services

Par/Shares

^[1],[2],[7]

1,600,000

Cost

^[1],[2],[7]

1,600

Investments at fair value

^{[1],[2],[3],[7]}

1,778

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Hancock Claims Consultants Investors, LLC Insurance

Schedule Of Investments [Line Items]

Industry

^{[1],[2],[7],[21]}

Insurance

Par/Shares

^{[1],[2],[7],[21]}

450,000

Cost

^{[1],[2],[7],[21]}

450

Investments at fair value

^{[1],[2],[3],[7],[21]}

338

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% IHS Parent Holdngs, L.P. Personal, Food and Miscellaneous Services

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Personal, Food and Miscellaneous Services

Par/Shares

^[1],[2],[7]

1,218,045

Cost

^[1],[2],[7]

1,218

Investments at fair value

^{[1],[2],[3],[7]}

1,642

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% ITC Infusion Co-invest, LP Healthcare, Education and Childcare

Schedule Of Investments [Line Items]

Industry

^{[1],[2],[7],[21]}

Healthcare, Education and Childcare

Par/Shares

^{[1],[2],[7],[21]}

162,445

Cost

^{[1],[2],[7],[21]}

1,624

Investments at fair value

^{[1],[2],[3],[7],[21]}

1,775

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% ITC Rumba, LLC (Cano Health, LLC) Healthcare, Education and Childcare

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Healthcare, Education and Childcare

Par/Shares

^[1],[2],[7]

375,675

Cost

^[1],[2],[7]

Investments at fair value

^{[1],[2],[3],[7]}

1,158

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Icon Partners V C, L.P. Business Services

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Business Services

Par/Shares

^[1],[2],[7]

1,118,318

Cost

^[1],[2],[7]

1,118

Investments at fair value

^{[1],[2],[3],[7]}

1,002

Schedule Of Investments [Line Items]

Industry

^{[1],[2],[7],[19],[21]}

Business Services

Par/Shares

^{[1],[2],[7],[19],[21]}

381,682

Investments at fair value

^{[1],[2],[3],[7],[19],[21]}

(40)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Imagine Topco, LP Business Services

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Business Services

Par/Shares

^[1],[2],[7]

743,826

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Infogroup Parent Holdings, Inc. (Data Axle, Inc.) Other Media

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Other Media

Par/Shares

^[1],[2],[7]

181,495

Cost

^[1],[2],[7]

2,040

Investments at fair value

^{[1],[2],[3],[7]}

2,327

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Ironclad Holdco, LLC (Applied Technical Services, LLC) Environmental Services

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Environmental Services

Par/Shares

^[1],[2],[7]

4,566

Cost

^[1],[2],[7]

450

Investments at fair value

^{[1],[2],[3],[7]}

663

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% KL Stockton Co-Invest LP (Any Hour Services) Personal, Food and Miscellaneous Services

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Personal, Food and Miscellaneous Services

Par/Shares

^[1],[2],[7]

382,353

Cost

^[1],[2],[7]

382

Investments at fair value

^{[1],[2],[3],[7]}

775

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Kentucky Racing Holdco, LLC (Warrants) Hotels, Motels, Inns and Gaming

Schedule Of Investments [Line Items]

Industry

^{[1],[2],[7],[21]}

Hotels, Motels, Inns and Gaming

Par/Shares

^{[1],[2],[7],[21]}

161,252

Investments at fair value

^{[1],[2],[3],[7],[21]}

1,630

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Kinetic Purchaser, LLC Consumer Products

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Consumer Products

Par/Shares

^[1],[2],[7]

1,308,814

Cost

^[1],[2],[7]

1,309

Investments at fair value

^{[1],[2],[3],[7]}

1,892

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% LEP Pequod Holdings, LP Financial Services

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Financial Services

Par/Shares

^[1],[2],[7]

350

Cost

^[1],[2],[7]

865

Investments at fair value

^{[1],[2],[3],[7]}

1,006

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% LJ Avalon, LP Environmental Services

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Environmental Services

Par/Shares

^[1],[2],[7]

851,087

Cost

^[1],[2],[7]

851

Investments at fair value

^{[1],[2],[3],[7]}

902

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Lariat ecoserv Co-Invest Holdings, LLC Environmental Services

Schedule Of Investments [Line Items]

Industry

^{[1],[2],[7],[21]}

Environmental Services

Par/Shares

^{[1],[2],[7],[21]}

363,656

Investments at fair value

^{[1],[2],[3],[7],[21]}

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Lightspeed Investment Holdco LLC Healthcare, Education and Childcare

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Healthcare, Education and Childcare

Par/Shares

^[1],[2],[7]

273,143

Cost

^[1],[2],[7]

273

Investments at fair value

^{[1],[2],[3],[7]}

741

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Lorient Peregrine Investments, LP Business Services

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Business Services

Par/Shares

^[1],[2],[7]

335,590

Cost

^[1],[2],[7]

4,530

Investments at fair value

^{[1],[2],[3],[7]}

4,452

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% MDI Aggregator, LP Chemicals, Plastics and Rubber

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Chemicals, Plastics and Rubber

Par/Shares

^[1],[2],[7]

30,993

Cost

^[1],[2],[7]

3,103

Investments at fair value

^{[1],[2],[3],[7]}

3,326

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Magnolia Topco LP - Class A Common Equity Auto Sector

Schedule Of Investments [Line Items]

Industry

^{[1],[2],[7],[21]}

Auto Sector

Par/Shares

^{[1],[2],[7],[21]}

169,230

Schedule Of Investments [Line Items]

Industry

^{[1],[2],[7],[21]}

Auto Sector

Par/Shares

^{[1],[2],[7],[21]}

929,200

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Mars Intermediate Holdings II, Inc. Media

Schedule Of Investments [Line Items]

Industry

^{[1],[2],[7],[21]}

Media

Par/Shares

^{[1],[2],[7],[21]}

414

Investments at fair value

^{[1],[2],[3],[7],[21]}

232

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Meadowlark Title, LLC Business Services

Schedule Of Investments [Line Items]

Industry

^{[1],[2],[7],[21]}

Business Services

Par/Shares

^{[1],[2],[7],[21]}

815,385

Cost

^{[1],[2],[7],[21]}

802

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Municipal Emergency Services, Inc. Distribution

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Distribution

Par/Shares

^[1],[2],[7]

3,920,145

Cost

^[1],[2],[7]

3,984

Investments at fair value

^{[1],[2],[3],[7]}

4,430

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% NEPRT Parent Holdings, LLC (Recteq, LLC) Consumer Products

Schedule Of Investments [Line Items]

Industry

^{[1],[2],[7],[21]}

Consumer Products

Par/Shares

^{[1],[2],[7],[21]}

1,299

Cost

^{[1],[2],[7],[21]}

1,259

Investments at fair value

^{[1],[2],[3],[7],[21]}

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% NORA Parent Holdings, LLC Healthcare, Education and Childcare

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Healthcare, Education and Childcare

Par/Shares

^[1],[2],[7]

1,257

Cost

^[1],[2],[7]

1,257

Investments at fair value

^{[1],[2],[3],[7]}

1,257

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% NXOF Holdings, Inc. (Tyto Athene, LLC) Aerospace and Defense

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Aerospace and Defense

Par/Shares

^[1],[2],[7]

3,261

Cost

^[1],[2],[7]

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% North Haven Saints Equity Holdings, LP Business Services

Schedule Of Investments [Line Items]

Industry

^{[1],[2],[7],[21]}

Business Services

Par/Shares

^{[1],[2],[7],[21]}

351,553

Cost

^{[1],[2],[7],[21]}

352

Investments at fair value

^{[1],[2],[3],[7],[21]}

351

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% OHCP V BC COI, L.P. Distribution

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Distribution

Par/Shares

^[1],[2],[7]

446,250

Cost

^[1],[2],[7]

446

Investments at fair value

^{[1],[2],[3],[7]}

390

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% OHCP V BC COI, L.P. Distribution One

Schedule Of Investments [Line Items]

Industry

^{[1],[2],[7],[19],[21]}

Distribution

Par/Shares

^{[1],[2],[7],[19],[21]}

303,750

Investments at fair value

^{[1],[2],[3],[7],[19],[21]}

(38)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% ORL Holdco, Inc. Business Services

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Business Services

Par/Shares

^[1],[2],[7]

638

Cost

^[1],[2],[7]

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Ocean Sound Discovery Equity, LP (Holdco Sands Intermediate, LLC) Aerospace and Defense

Schedule Of Investments [Line Items]

Industry

^{[1],[2],[7],[21]}

Aerospace and Defense

Par/Shares

^{[1],[2],[7],[21]}

98,286

Cost

^{[1],[2],[7],[21]}

913

Investments at fair value

^{[1],[2],[3],[7],[21]}

2,133

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% PennantPark-TSO Senior Loan Fund II, LP Financial Services

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Financial Services

Par/Shares

^[1],[2],[7]

12,269,640

Cost

^[1],[2],[7]

12,270

Investments at fair value

^{[1],[2],[3],[7]}

12,485

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Pink Lily Holdco, LLC Retail

Schedule Of Investments [Line Items]

Industry

^{[1],[2],[7],[21]}

Retail

Par/Shares

^{[1],[2],[7],[21]}

1,044

Cost

^{[1],[2],[7],[21]}

1,044

Investments at fair value

^{[1],[2],[3],[7],[21]}

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Pragmatic Institute, LLC Business Services

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Business Services

Par/Shares

^[1],[2],[7]

1,918,047

Cost

^[1],[2],[7]

1,918

Investments at fair value

^{[1],[2],[3],[7]}

747

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Quad (U.S.) Co-Invest, L.P. Business Services

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Business Services

Par/Shares

^[1],[2],[7]

2,958,706

Cost

^[1],[2],[7]

2,959

Investments at fair value

^{[1],[2],[3],[7]}

3,461

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% QuantiTech InvestCo II LP Aerospace and Defense

Schedule Of Investments [Line Items]

Industry

^{[1],[2],[7],[21]}

Aerospace and Defense

Par/Shares

^{[1],[2],[7],[21]}

Cost

^{[1],[2],[7],[21]}

Investments at fair value

^{[1],[2],[3],[7],[21]}

Schedule Of Investments [Line Items]

Industry

^{[1],[2],[7],[21]}

Aerospace and Defense

Par/Shares

^{[1],[2],[7],[21]}

712

Cost

^{[1],[2],[7],[21]}

Investments at fair value

^{[1],[2],[3],[7],[21]}

446

Schedule Of Investments [Line Items]

Industry

^{[1],[2],[7],[19],[21]}

Aerospace and Defense

Par/Shares

^{[1],[2],[7],[19],[21]}

955

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% RFMG Parent, LP (Rancho Health MSO, Inc.) Healthcare, Education and Childcare

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Healthcare, Education and Childcare

Par/Shares

^[1],[2],[7]

1,050,000

Cost

^[1],[2],[7]

1,050

Investments at fair value

^{[1],[2],[3],[7]}

1,052

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% SBI Holdings Investments LLC (Sales Benchmark Index LLC) Business Services

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Business Services

Par/Shares

^[1],[2],[7]

36,585

Cost

^[1],[2],[7]

366

Investments at fair value

^{[1],[2],[3],[7]}

291

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% SP L2 Holdings, LLC Consumer Products

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Consumer Products

Par/Shares

^[1],[2],[7]

881,966

Cost

^[1],[2],[7]

882

Investments at fair value

^{[1],[2],[3],[7]}

604

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% SSC Dominion Holdings, LLC Class B (US Dominion, Inc.) Electronics

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Electronics

Par/Shares

^[1],[2],[7]

Cost

^[1],[2],[7]

Investments at fair value

^{[1],[2],[3],[7]}

3,295

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Seaway Topco, LP Chemicals, Plastics and Rubber

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Chemicals, Plastics and Rubber

Par/Shares

^[1],[2],[7]

2,981

Cost

^[1],[2],[7]

2,981

Investments at fair value

^{[1],[2],[3],[7]}

2,372

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Signature CR Intermediate Holdco, Inc. Chemicals, Plastics and Rubber

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Chemicals, Plastics and Rubber

Par/Shares

^[1],[2],[7]

Cost

^[1],[2],[7]

Investments at fair value

^{[1],[2],[3],[7]}

2,059

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% StellPen Holdings, LLC (CF512, Inc.) Media

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Media

Par/Shares

^[1],[2],[7]

153,846

Cost

^[1],[2],[7]

154

Investments at fair value

^{[1],[2],[3],[7]}

169

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% TAC LifePort Holdings, LLC Aerospace and Defense

Schedule Of Investments [Line Items]

Industry

^{[1],[2],[7],[21]}

Aerospace and Defense

Par/Shares

^{[1],[2],[7],[21]}

254,206

Cost

^{[1],[2],[7],[21]}

250

Investments at fair value

^{[1],[2],[3],[7],[21]}

405

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% TPC Holding Company, LP Food

Schedule Of Investments [Line Items]

Industry

^{[1],[2],[7],[8],[10]}

Food

Par/Shares

^{[1],[2],[7],[8],[10]}

11,527

Cost

^{[1],[2],[7],[8],[10]}

Investments at fair value

^{[1],[2],[3],[7],[8],[10]}

113

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% TWD Parent Holdings, LLC (The Vertex Companies, LLC) Business Services

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Business Services

Par/Shares

^[1],[2],[7]

608

Cost

^[1],[2],[7]

Investments at fair value

^{[1],[2],[3],[7]}

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Tower Arch Infolinks Media, LP Media

Schedule Of Investments [Line Items]

Industry

^{[1],[2],[7],[21]}

Media

Par/Shares

^{[1],[2],[7],[21]}

536,514

Cost

^{[1],[2],[7],[21]}

504

Investments at fair value

^{[1],[2],[3],[7],[21]}

951

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Tower Arch Infolinks Media, LP Media One

Schedule Of Investments [Line Items]

Industry

^{[1],[2],[7],[19],[21]}

Media

Par/Shares

^{[1],[2],[7],[19],[21]}

358,931

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% UniVista Insurance Business Services

Schedule Of Investments [Line Items]

Industry

^{[1],[2],[7],[21]}

Business Services

Par/Shares

^{[1],[2],[7],[21]}

400

Cost

^{[1],[2],[7],[21]}

362

Investments at fair value

^{[1],[2],[3],[7],[21]}

555

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Urology Partners Co., L.P. Healthcare, Education and Childcare

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Healthcare, Education and Childcare

Par/Shares

^[1],[2],[7]

1,111,111

Cost

^[1],[2],[7]

1,111

Investments at fair value

^{[1],[2],[3],[7]}

1,044

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% WCP Ivyrehab QP CF Feeder, LP - Unfunded Healthcare, Education and Childcare

Schedule Of Investments [Line Items]

Industry

^{[1],[2],[7],[19]}

Healthcare, Education and Childcare

Par/Shares

^{[1],[2],[7],[19]}

284,988

Schedule Of Investments [Line Items]

Industry

^{[1],[2],[7],[21]}

Healthcare, Education and Childcare

Par/Shares

^{[1],[2],[7],[21]}

3,715,012

Cost

^{[1],[2],[7],[21]}

3,754

Investments at fair value

^{[1],[2],[3],[7],[21]}

4,319

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Wildcat Parent, LP (Wildcat Buyerco, Inc.) Electronics

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Electronics

Par/Shares

^[1],[2],[7]

2,314

Cost

^[1],[2],[7]

231

Investments at fair value

^{[1],[2],[3],[7]}

820

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% eCommission Holding Corporation Financial Services

Schedule Of Investments [Line Items]

Industry

^{[1],[2],[7],[10]}

Financial Services

Par/Shares

^{[1],[2],[7],[10]}

Cost

^{[1],[2],[7],[10]}

1,005

Investments at fair value

^{[1],[2],[3],[7],[10]}

1,854

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2%

Schedule Of Investments [Line Items]

Par/Shares

^[1],[2]

472,975

Investments at fair value

^[1],[2],[3]

$ 468,007

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% A1 Garage Merger Sub, LLC (Revolver) Maturity 12/22/2028 Personal, Food and Miscellaneous Services

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2],[19]

Dec. 22, 2028

Industry

^[1],[2],[19]

Personal, Food and Miscellaneous Services

Par/Shares

^[1],[2],[19]

$ 2,532

Investments at fair value

^{[1],[2],[3],[19]}

$ (13)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% A1 Garage Merger Sub, LLC - Unfunded Term Loan Maturity 12/21/2024 Personal, Food and Miscellaneous Services

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Dec. 21, 2024

Industry

^[1],[2]

Personal, Food and Miscellaneous Services

Par/Shares

^[1],[2]

$ 1,788

Investments at fair value

^[1],[2],[3]

$ 18

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% A1 Garage Merger Sub, LLC Maturity 12/22/2028 Personal, Food and Miscellaneous Services Current Coupon 11.99% Basis Point Spread Above Index 3M SOFR+660

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Dec. 22, 2028

Industry

^[1],[2]

Personal, Food and Miscellaneous Services

Current Coupon

^[1],[2]

11.99%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+660

Basis Point Spread Above Index

^[1],[2],[11]

660.00%

Par/Shares

^[1],[2]

$ 5,144

Cost

^[1],[2]

5,073

Investments at fair value

^[1],[2],[3]

$ 5,119

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Ad.net Acquisition, LLC (Revolver) Maturity 05/07/2026 Media

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2],[19]

May 07, 2026

Industry

^[1],[2],[19]

Media

Par/Shares

^[1],[2],[19]

$ 222

Investments at fair value

^{[1],[2],[3],[19]}

$ (1)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Ad.net Acquisition, LLC (Revolver) Maturity 05/07/2026 Media Current Coupon 11.65% Basis Point Spread Above Index 3M SOFR+626

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

May 07, 2026

Industry

^[1],[2]

Media

Current Coupon

^[1],[2]

11.65%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+626

Basis Point Spread Above Index

^[1],[2],[11]

626.00%

Par/Shares

^[1],[2]

$ 222

Cost

^[1],[2]

222

Investments at fair value

^[1],[2],[3]

$ 221

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Anteriad, LLC (f/k/a MeritDirect, LLC) (Revolver) Maturity 05/23/2024 Media

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2],[19]

May 23, 2024

Industry

^[1],[2],[19]

Media

Par/Shares

^[1],[2],[19]

$ 1,612

Investments at fair value

^{[1],[2],[3],[19]}

$ (28)

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

May 23, 2024

Industry

^[1],[2]

Media

Current Coupon

^[1],[2]

12.04%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+665

Basis Point Spread Above Index

^[1],[2],[11]

665.00%

Par/Shares

^[1],[2]

$ 1,237

Cost

^[1],[2]

1,223

Investments at fair value

^[1],[2],[3]

$ 1,221

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Any Hour Services (Revolver) Maturity 07/21/2027 Personal, Food and Miscellaneous Services

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2],[19]

Jul. 21, 2027

Industry

^[1],[2],[19]

Personal, Food and Miscellaneous Services

Par/Shares

^[1],[2],[19]

$ 1,147

Investments at fair value

^{[1],[2],[3],[19]}

$ (23)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Any Hour Services Maturity 07/21/2027 Personal, Food and Miscellaneous Services Current Coupon 11.22% Basis Point Spread Above Index 3M SOFR+585

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Jul. 21, 2027

Industry

^[1],[2]

Personal, Food and Miscellaneous Services

Current Coupon

^[1],[2]

11.22%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+585

Basis Point Spread Above Index

^[1],[2],[11]

585.00%

Par/Shares

^[1],[2]

$ 3,023

Cost

^[1],[2]

3,014

Investments at fair value

^[1],[2],[3]

$ 2,962

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Apex Service Partners, LLC (Revolver) Maturity 07/31/2025 Personal, Food and Miscellaneous Services

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2],[19]

Jul. 31, 2025

Industry

^[1],[2],[19]

Personal, Food and Miscellaneous Services

Par/Shares

^[1],[2],[19]

$ 350

Investments at fair value

^{[1],[2],[3],[19]}

$ (1)

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Jul. 31, 2025

Industry

^[1],[2]

Personal, Food and Miscellaneous Services

Current Coupon

^[1],[2]

10.79%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+525

Basis Point Spread Above Index

^[1],[2],[11]

525.00%

Par/Shares

^[1],[2]

$ 582

Cost

^[1],[2]

583

Investments at fair value

^[1],[2],[3]

$ 581

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Apex Service Partners, LLC Maturity 07/31/2025 Personal, Food and Miscellaneous Services Current Coupon 10.77% Basis Point Spread Above Index 3M SOFR+525

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Jul. 31, 2025

Industry

^[1],[2]

Personal, Food and Miscellaneous Services

Current Coupon

^[1],[2]

10.77%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+525

Basis Point Spread Above Index

^[1],[2],[11]

525.00%

Par/Shares

^[1],[2]

$ 1,330

Cost

^[1],[2]

1,330

Investments at fair value

^[1],[2],[3]

$ 1,327

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Apex Service Partners, LLC Term Loan C Maturity 07/31/2025 Personal, Food and Miscellaneous Services Current Coupon 10.79% Basis Point Spread Above Index 3M SOFR+525

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Jul. 31, 2025

Industry

^[1],[2]

Personal, Food and Miscellaneous Services

Current Coupon

^[1],[2]

10.79%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+525

Basis Point Spread Above Index

^[1],[2],[11]

525.00%

Par/Shares

^[1],[2]

$ 1,863

Cost

^[1],[2]

1,850

Investments at fair value

^[1],[2],[3]

$ 1,859

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Applied Technical Services, LLC (Revolver) Maturity 12/29/2026 Environmental Services

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2],[19]

Dec. 29, 2026

Industry

^[1],[2],[19]

Environmental Services

Par/Shares

^[1],[2],[19]

$ 600

Investments at fair value

^{[1],[2],[3],[19]}

$ (12)

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Dec. 29, 2026

Industry

^[1],[2]

Environmental Services

Current Coupon

^[1],[2]

13.25%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+475

Basis Point Spread Above Index

^[1],[2],[11]

475.00%

Par/Shares

^[1],[2]

$ 400

Cost

^[1],[2]

400

Investments at fair value

^[1],[2],[3]

$ 392

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Applied Technical Services, LLC Maturity 12/29/2026 Environmental Services Current Coupon 11.54% Basis Point Spread Above Index 3M SOFR+615

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Dec. 29, 2026

Industry

^[1],[2]

Environmental Services

Current Coupon

^[1],[2]

11.54%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+615

Basis Point Spread Above Index

^[1],[2],[11]

615.00%

Par/Shares

^[1],[2]

$ 824

Cost

^[1],[2]

818

Investments at fair value

^[1],[2],[3]

$ 808

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Arcfield Acquisition Corp. (Revolver) Maturity 08/03/2029 Aerospace and Defense Current Coupon 11.62% Basis Point Spread Above Index 1M SOFR+615

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Aug. 03, 2029

Industry

^[1],[2],[19]

Aerospace and Defense

Current Coupon

^[1],[2]

11.62%

Basis Point Spread Above Index

^[1],[2],[11]

1M SOFR+615

Basis Point Spread Above Index

^[1],[2],[11]

615.00%

Par/Shares

^[1],[2]

$ 8,090

Cost

^[1],[2]

7,970

Investments at fair value

^[1],[2],[3]

$ 8,009

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2],[19]

Aug. 04, 2028

Industry

^[1],[2],[19]

Aerospace and Defense

Par/Shares

^[1],[2],[19]

$ 3,521

Investments at fair value

^{[1],[2],[3],[19]}

$ (35)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Berwick Industrial Park Maturity 11/02/2023 Buildings and Real Estate Current Coupon 11.50%

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Nov. 02, 2023

Industry

^[1],[2]

Buildings and Real Estate

Current Coupon

^[1],[2]

11.50%

Par/Shares

^[1],[2]

$ 4,000

Cost

^[1],[2]

4,030

Investments at fair value

^[1],[2],[3]

$ 3,924

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Beta Plus Technologies, Inc. Maturity 07/01/2029 Business Services Current Coupon 11.14% Basis Point Spread Above Index 3M SOFR+575

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Jul. 01, 2029

Industry

^[1],[2]

Business Services

Current Coupon

^[1],[2]

11.14%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+575

Basis Point Spread Above Index

^[1],[2],[11]

575.00%

Par/Shares

^[1],[2]

$ 4,950

Cost

^[1],[2]

4,869

Investments at fair value

^[1],[2],[3]

$ 4,604

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% BioDerm, Inc. (Revolver) Maturity 01/31/2028 Healthcare, Education and Childcare

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2],[19]

Jan. 31, 2028

Industry

^[1],[2],[19]

Healthcare, Education and Childcare

Par/Shares

^[1],[2],[19]

$ 964

Investments at fair value

^{[1],[2],[3],[19]}

$ (5)

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Jan. 31, 2028

Industry

^[1],[2],[19]

Healthcare, Education and Childcare

Current Coupon

^[1],[2]

11.81%

Basis Point Spread Above Index

^[1],[2],[11]

1M SOFR+650

Basis Point Spread Above Index

^[1],[2],[11]

650.00%

Par/Shares

^[1],[2]

$ 107

Cost

^[1],[2]

107

Investments at fair value

^[1],[2],[3]

$ 107

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Blackhawk Industrial Distribution, Inc. (Revolver) Maturity 09/17/2026 Distribution

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2],[19]

Sep. 17, 2026

Industry

^[1],[2],[19]

Distribution

Par/Shares

^[1],[2],[19]

$ 3,089

Investments at fair value

^[1],[2],[3]

$ (46)

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2],[19]

Sep. 17, 2026

Industry

^[1],[2],[19]

Distribution

Par/Shares

^[1],[2],[19]

$ 3,354

Investments at fair value

^{[1],[2],[3],[19]}

$ (34)

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Sep. 17, 2026

Industry

^[1],[2]

Distribution

Current Coupon

^[1],[2]

11.79%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+640

Basis Point Spread Above Index

^[1],[2],[11]

640.00%

Par/Shares

^[1],[2]

$ 1,851

Cost

^[1],[2]

1,833

Investments at fair value

^[1],[2],[3]

$ 1,823

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Broder Bros., Co. Maturity 12/04/2025 Consumer Products Current Coupon 11.65% Basis Point Spread Above Index 3M SOFR+626

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Dec. 04, 2025

Industry

^[1],[2]

Consumer Products

Current Coupon

^[1],[2]

11.65%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+626

Basis Point Spread Above Index

^[1],[2],[11]

626.00%

Par/Shares

^[1],[2]

$ 9,838

Cost

^[1],[2]

9,838

Investments at fair value

^[1],[2],[3]

$ 9,838

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% CF512, Inc. (Revolver) Maturity 08/20/2026 Media

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2],[19]

Aug. 20, 2026

Industry

^[1],[2],[19]

Media

Par/Shares

^[1],[2],[19]

$ 909

Investments at fair value

^{[1],[2],[3],[19]}

$ (18)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% CF512, Inc. Maturity 08/20/2026 Media Current Coupon 11.59% Basis Point Spread Above Index 3M SOFR+600

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Aug. 20, 2026

Industry

^[1],[2]

Media

Current Coupon

^[1],[2]

11.59%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+600

Basis Point Spread Above Index

^[1],[2],[11]

600.00%

Par/Shares

^[1],[2]

$ 6,592

Cost

^[1],[2]

6,524

Investments at fair value

^[1],[2],[3]

$ 6,460

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Cartessa Aesthetics, LLC - (Revolver) Maturity 06/14/2028 Distribution Current Coupon 11.39% Basis Point Spread Above Index 3M SOFR+600

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Jun. 14, 2028

Industry

^[1],[2]

Distribution

Current Coupon

^[1],[2]

11.39%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+600

Basis Point Spread Above Index

^[1],[2],[11]

600.00%

Par/Shares

^[1],[2]

$ 1,265

Cost

^[1],[2]

1,265

Investments at fair value

^[1],[2],[3]

$ 1,265

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2],[19]

Jun. 14, 2028

Industry

^[1],[2],[19]

Distribution

Par/Shares

^[1],[2],[19]

$ 2,297

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Cartessa Aesthetics, LLC Maturity 06/14/2028 Distribution Current Coupon 11.39% Basis Point Spread Above Index 3M SOFR+600

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Jun. 14, 2028

Industry

^[1],[2]

Distribution

Current Coupon

^[1],[2]

11.39%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+600

Basis Point Spread Above Index

^[1],[2],[11]

600.00%

Par/Shares

^[1],[2]

$ 34,056

Cost

^[1],[2]

33,496

Investments at fair value

^[1],[2],[3]

$ 34,056

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Compex Legal Services, Inc. (Revolver) Maturity 02/07/2025 Business Services

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2],[19]

Feb. 07, 2025

Industry

^[1],[2],[19]

Business Services

Par/Shares

^[1],[2],[19]

$ 590

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Feb. 07, 2025

Industry

^[1],[2]

Business Services

Current Coupon

^[1],[2]

10.94%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+555

Basis Point Spread Above Index

^[1],[2],[11]

555.00%

Par/Shares

^[1],[2]

$ 66

Cost

^[1],[2]

Investments at fair value

^[1],[2],[3]

$ 66

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Compex Legal Services, Inc. Maturity 02/09/2026 Business Services Current Coupon 10.94% Basis Point Spread Above Index 3M SOFR+555

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Feb. 09, 2026

Industry

^[1],[2]

Business Services

Current Coupon

^[1],[2]

10.94%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+555

Basis Point Spread Above Index

^[1],[2],[11]

555.00%

Par/Shares

^[1],[2]

$ 949

Cost

^[1],[2]

939

Investments at fair value

^[1],[2],[3]

$ 949

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Confluent Health, LLC Maturity 11/30/2028 Healthcare, Education and Childcare Current Coupon 12.82% Basis Point Spread Above Index 3M SOFR+750

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Nov. 30, 2028

Industry

^[1],[2]

Healthcare, Education and Childcare

Current Coupon

^[1],[2]

12.82%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+750

Basis Point Spread Above Index

^[1],[2],[11]

750.00%

Par/Shares

^[1],[2]

$ 1,990

Cost

^[1],[2]

1,855

Investments at fair value

^[1],[2],[3]

$ 2,000

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Connatix Buyer, Inc. (Revolver) Maturity 07/13/2027 Media

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2],[19]

Jul. 13, 2027

Industry

^[1],[2],[19]

Media

Par/Shares

^[1],[2],[19]

$ 1,875

Investments at fair value

^{[1],[2],[3],[19]}

$ (66)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Crane 1 Services, Inc. (Revolver) Maturity 08/16/2027 Personal, Food and Miscellaneous Services

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2],[19]

Aug. 16, 2027

Industry

^[1],[2],[19]

Personal, Food and Miscellaneous Services

Par/Shares

^[1],[2],[19]

$ 175

Investments at fair value

^{[1],[2],[3],[19]}

$ (1)

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Aug. 16, 2027

Industry

^[1],[2]

Personal, Food and Miscellaneous Services

Current Coupon

^[1],[2]

10.90%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+551

Basis Point Spread Above Index

^[1],[2],[11]

551.00%

Par/Shares

^[1],[2]

$ 117

Cost

^[1],[2]

117

Investments at fair value

^[1],[2],[3]

$ 116

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% DRS Holdings III, Inc. (Revolver) Maturity 11/03/2025 Consumer Products

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2],[19]

Nov. 03, 2025

Industry

^[1],[2],[19]

Consumer Products

Par/Shares

^[1],[2],[19]

$ 1,783

Investments at fair value

^{[1],[2],[3],[19]}

$ (21)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% DRS Holdings III, Inc. Maturity 11/03/2025 Consumer Products Current Coupon 11.79% Basis Point Spread Above Index 3M SOFR+640

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Nov. 03, 2025

Industry

^[1],[2]

Consumer Products

Current Coupon

^[1],[2]

11.79%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+640

Basis Point Spread Above Index

^[1],[2],[11]

640.00%

Par/Shares

^[1],[2]

$ 7

Cost

^[1],[2]

Investments at fair value

^[1],[2],[3]

$ 7

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Dr. Squatch, LLC (Revolver) Maturity 08/31/2027 Personal and Non-Durable Consumer Products

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2],[19]

Aug. 31, 2027

Industry

^[1],[2],[19]

Personal and Non-Durable Consumer Products

Par/Shares

^[1],[2],[19]

$ 2,326

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Dr. Squatch, LLC Maturity 08/27/2026 Personal and Non-Durable Consumer Products

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2],[19]

Aug. 27, 2026

Industry

^[1],[2],[19]

Personal and Non-Durable Consumer Products

Par/Shares

^[1],[2],[19]

$ 2,000

Investments at fair value

^{[1],[2],[3],[19]}

$ 20

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Dr. Squatch, LLC Maturity 08/31/2027 Personal and Non-Durable Consumer Products Current Coupon 11.23% Basis Point Spread Above Index 3M SOFR+585

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Aug. 31, 2027

Industry

^[1],[2]

Personal and Non-Durable Consumer Products

Current Coupon

^[1],[2]

11.23%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+585

Basis Point Spread Above Index

^[1],[2],[11]

585.00%

Par/Shares

^[1],[2]

$ 8,276

Cost

^[1],[2]

8,190

Investments at fair value

^[1],[2],[3]

$ 8,276

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% EDS Buyer, LLC - (Revolver) Maturity 12/22/2028 Aerospace and Defense

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2],[19]

Dec. 22, 2028

Industry

^[1],[2],[19]

Aerospace and Defense

Par/Shares

^[1],[2],[19]

$ 1,688

Investments at fair value

^{[1],[2],[3],[19]}

$ (25)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% EDS Buyer, LLC - Unfunded Term Loan Maturity 12/22/2028 Aerospace and Defense

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Dec. 22, 2028

Industry

^[1],[2]

Aerospace and Defense

Par/Shares

^[1],[2]

$ 5,625

Investments at fair value

^[1],[2],[3]

$ (14)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% EDS Buyer, LLC Maturity 12/22/2028 Aerospace and Defense Current Coupon 11.64% Basis Point Spread Above Index 3M SOFR+625

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Dec. 22, 2028

Industry

^[1],[2]

Aerospace and Defense

Current Coupon

^[1],[2]

11.64%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+625

Basis Point Spread Above Index

^[1],[2],[11]

625.00%

Par/Shares

^[1],[2]

$ 6,219

Cost

^[1],[2]

6,133

Investments at fair value

^[1],[2],[3]

$ 6,125

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% ETE Intermediate II, LLC (Revolver) Maturity 5/25/2029 Personal, Food and Miscellaneous Services

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2],[19]

May 25, 2029

Industry

^[1],[2],[19]

Personal, Food and Miscellaneous Services

Par/Shares

^[1],[2],[19]

$ 1,656

Investments at fair value

^{[1],[2],[3],[19]}

$ (28)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Exigo Intermediate II, LLC (Revolver) Maturity 03/15/2027 Business Services

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2],[19]

Mar. 15, 2027

Industry

^[1],[2],[19]

Business Services

Par/Shares

^[1],[2],[19]

$ 1,856

Investments at fair value

^{[1],[2],[3],[19]}

$ (37)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Exigo Intermediate II, LLC Maturity 03/15/2027 Business Services Current Coupon 11.17% Basis Point Spread Above Index 3M SOFR+585

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Mar. 15, 2027

Industry

^[1],[2]

Business Services

Current Coupon

^[1],[2]

11.17%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+585

Basis Point Spread Above Index

^[1],[2],[11]

585.00%

Par/Shares

^[1],[2]

$ 24,375

Cost

^[1],[2]

24,097

Investments at fair value

^[1],[2],[3]

$ 23,888

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Five Star Buyer, Inc. - Unfunded Revolver Maturity 02/23/2028 Leisure, Amusement, Motion Pictures, Entertainment

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Feb. 23, 2028

Industry

^[1],[2]

Leisure, Amusement, Motion Pictures, Entertainment

Par/Shares

^[1],[2]

$ 741

Investments at fair value

^[1],[2],[3]

$ (11)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Five Star Buyer, Inc. - Unfunded Term Loan Maturity 02/23/2028 Leisure, Amusement, Motion Pictures, Entertainment

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Feb. 23, 2028

Industry

^[1],[2]

Leisure, Amusement, Motion Pictures, Entertainment

Par/Shares

^[1],[2]

$ 837

Investments at fair value

^[1],[2],[3]

$ (13)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Five Star Buyer, Inc. Maturity 02/23/2028 Leisure, Amusement, Motion Pictures, Entertainment Current Coupon 12.42% Basis Point Spread Above Index 3M SOFR+710

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Feb. 23, 2028

Industry

^[1],[2]

Leisure, Amusement, Motion Pictures, Entertainment

Current Coupon

^[1],[2]

12.42%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+710

Basis Point Spread Above Index

^[1],[2],[11]

710.00%

Par/Shares

^[1],[2]

$ 196

Cost

^[1],[2]

196

Investments at fair value

^[1],[2],[3]

$ 193

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Gauge ETE Blocker, LLC - Promissory Note Maturity 05/19/2029 Personal, Food and Miscellaneous Services Current Coupon 12.56%

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

May 19, 2029

Industry

^[1],[2]

Personal, Food and Miscellaneous Services

Current Coupon

^[1],[2]

12.56%

Par/Shares

^[1],[2]

$ 215

Cost

^[1],[2]

215

Investments at fair value

^[1],[2],[3]

$ 215

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Graffiti Buyer, Inc. (Revolver) Maturity 08/10/2027 Distribution

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2],[19]

Aug. 10, 2027

Industry

^[1],[2],[19]

Distribution

Par/Shares

^[1],[2],[19]

$ 529

Investments at fair value

^{[1],[2],[3],[19]}

$ (5)

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Aug. 10, 2027

Industry

^[1],[2]

Distribution

Current Coupon

^[1],[2]

11.77%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+560

Basis Point Spread Above Index

^[1],[2],[11]

560.00%

Par/Shares

^[1],[2]

$ 239

Cost

^[1],[2]

239

Investments at fair value

^[1],[2],[3]

$ 237

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Graffiti Buyer, Inc. Maturity 08/10/2023 Distribution

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2],[19]

Dec. 08, 2023

Industry

^[1],[2],[19]

Distribution

Par/Shares

^[1],[2],[19]

$ 276

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Graffiti Buyer, Inc. Maturity 08/10/2023 Distribution Current Coupon 10.98% Basis Point Spread Above Index 3M SOFR+560

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2],[19]

Aug. 10, 2027

Industry

^[1],[2]

Distribution

Current Coupon

^[1],[2]

10.98%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+560

Basis Point Spread Above Index

^[1],[2],[11]

560.00%

Par/Shares

^[1],[2]

$ 613

Cost

^[1],[2]

608

Investments at fair value

^[1],[2],[3]

$ 607

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% HV Watterson Holdings, LLC - (Revolver) Maturity 12/17/2026 Business Services

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2],[19]

Dec. 17, 2026

Industry

^[1],[2],[19]

Business Services

Par/Shares

^[1],[2],[19]

$ 50

Investments at fair value

^{[1],[2],[3],[19]}

$ 0

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Dec. 17, 2026

Industry

^[1],[2]

Business Services

Current Coupon

^[1],[2]

11.79%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+625

Basis Point Spread Above Index

^[1],[2],[11]

625.00%

Par/Shares

^[1],[2]

$ 1,200

Cost

^[1],[2]

1,200

Investments at fair value

^[1],[2],[3]

$ 1,198

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% HV Watterson Holdings, LLC Maturity 12/17/2026 Business Services

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2],[19]

Dec. 17, 2026

Industry

^[1],[2],[19]

Business Services

Par/Shares

^[1],[2],[19]

$ 2,219

Investments at fair value

^{[1],[2],[3],[19]}

$ 12

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Dec. 17, 2026

Industry

^[1],[2]

Business Services

Current Coupon

^[1],[2]

11.79%

Basis Point Spread Above Index

^[1],[2],[11]

1M SOFR+625

Basis Point Spread Above Index

^[1],[2],[11]

625.00%

Par/Shares

^[1],[2]

$ 279

Cost

^[1],[2]

278

Investments at fair value

^[1],[2],[3]

$ 279

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% HW Holdco, LLC Maturity 12/10/2024 Media Current Coupon 11.28% Basis Point Spread Above Index 3M L+640

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Dec. 10, 2024

Industry

^[1],[2]

Media

Current Coupon

^[1],[2]

11.28%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+640

Basis Point Spread Above Index

^[1],[2],[11]

640.00%

Par/Shares

^[1],[2]

$ 11,237

Cost

^[1],[2]

11,167

Investments at fair value

^[1],[2],[3]

$ 11,069

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% HW Holdco, LLC(Revolver) Maturity 12/10/2024 Media

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2],[19]

Dec. 10, 2024

Industry

^[1],[2],[19]

Media

Par/Shares

^[1],[2],[19]

$ 3,116

Investments at fair value

^{[1],[2],[3],[19]}

$ (47)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% HW Holdco, LLC(Revolver) Maturity 12/10/2024 Media Current Coupon 11.28% Basis Point Spread Above Index 3M L+640

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Dec. 10, 2024

Industry

^[1],[2]

Media

Current Coupon

^[1],[2]

11.82%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+640

Basis Point Spread Above Index

^[1],[2],[11]

640.00%

Par/Shares

^[1],[2]

$ 271

Cost

^[1],[2]

271

Investments at fair value

^[1],[2],[3]

$ 267

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Hancock Roofing and Construction L.L.C. Maturity 12/31/2026 Insurance Coupon 10.70% Basis Point Spread Above Index 1M L+550

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Dec. 31, 2026

Industry

^[1],[2]

Insurance

Current Coupon

^[1],[2]

10.92%

Basis Point Spread Above Index

^[1],[2],[11]

1M SOFR+560

Basis Point Spread Above Index

^[1],[2],[11]

560.00%

Par/Shares

^[1],[2]

$ 335

Cost

^[1],[2]

335

Investments at fair value

^[1],[2],[3]

$ 327

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2],[19]

Dec. 31, 2026

Industry

^[1],[2],[19]

Insurance

Par/Shares

^[1],[2],[19]

$ 415

Investments at fair value

^{[1],[2],[3],[19]}

$ (10)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Holdco Sands Intermediate, LLC Maturity 11/23/2028 Aerospace and Defense Coupon 11.21% Basis Point Spread Above Index 6M L+585

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Nov. 23, 2028

Industry

^[1],[2]

Aerospace and Defense

Current Coupon

^[1],[2]

11.32%

Basis Point Spread Above Index

^[1],[2],[11]

6M SOFR+585

Basis Point Spread Above Index

^[1],[2],[11]

585.00%

Par/Shares

^[1],[2]

$ 1,898

Cost

^[1],[2]

1,868

Investments at fair value

^[1],[2],[3]

$ 1,898

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Holdco Sands Intermediate, LLC(Revolver) Maturity 11/23/2027 Aerospace and Defense

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2],[19]

Nov. 23, 2027

Industry

^[1],[2],[19]

Aerospace and Defense

Par/Shares

^[1],[2],[19]

$ 3,941

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% IG Investments Holdings, LLC (Revolver) Maturity 09/22/2027 Business Services

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2],[19]

Sep. 22, 2027

Industry

^[1],[2],[19]

Business Services

Par/Shares

^[1],[2],[19]

$ 477

Investments at fair value

^{[1],[2],[3],[19]}

$ (7)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% ITI Holdings, Inc. (Revolver) Maturity 03/03/2028 Business Services

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2],[19]

Mar. 03, 2028

Industry

^[1],[2],[19]

Business Services

Par/Shares

^[1],[2],[19]

$ 370

Investments at fair value

^{[1],[2],[3],[19]}

$ (7)

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Mar. 03, 2028

Industry

^[1],[2]

Business Services

Current Coupon

^[1],[2]

10.70%

Basis Point Spread Above Index

^[1],[2],[11]

1M SOFR+560

Basis Point Spread Above Index

^[1],[2],[11]

560.00%

Par/Shares

^[1],[2]

$ 1,121

Cost

^[1],[2]

1,121

Investments at fair value

^[1],[2],[3]

$ 1,098

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% ITI Holdings, Inc. Maturity 03/03/2028 Business Services Current Coupon 11.06% Basis Point Spread Above Index 3M SOFR+615

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Mar. 03, 2028

Industry

^[1],[2]

Business Services

Current Coupon

^[1],[2]

11.06%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+615

Basis Point Spread Above Index

^[1],[2],[11]

615.00%

Par/Shares

^[1],[2]

$ 8,838

Cost

^[1],[2]

8,718

Investments at fair value

^[1],[2],[3]

$ 8,661

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Imagine Acquisitionco, LLC (Revolver) Maturity 11/15/2027 Business Services

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2],[19]

Nov. 15, 2027

Industry

^[1],[2],[19]

Business Services

Par/Shares

^[1],[2],[19]

$ 1,685

Investments at fair value

^{[1],[2],[3],[19]}

$ (25)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Imagine Acquisitionco, LLC Maturity 11/15/2027 Business Services

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2],[19]

Nov. 15, 2027

Industry

^[1],[2],[19]

Business Services

Par/Shares

^[1],[2],[19]

$ 2,341

Investments at fair value

^{[1],[2],[3],[19]}

$ (12)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Inception Fertility Ventures, LLC Maturity 12/07/2023 Healthcare, Education and Childcare Coupon 12.49% Basis Point Spread Above Index 3M L+715

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Dec. 07, 2023

Industry

^[1],[2]

Healthcare, Education and Childcare

Current Coupon

^[1],[2]

12.49%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+715

Basis Point Spread Above Index

^[1],[2],[11]

715.00%

Par/Shares

^[1],[2]

$ 20,300

Cost

^[1],[2]

20,100

Investments at fair value

^[1],[2],[3]

$ 20,300

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Infinity Home Services Holdco, Inc. Maturity 12/28/2028 Personal, Food and Miscellaneous Services Current Coupon 12.24% Basis Point Spread Above Index 3M SOFR+685

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Dec. 28, 2028

Industry

^[1],[2]

Personal, Food and Miscellaneous Services

Current Coupon

^[1],[2]

12.24%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+685

Basis Point Spread Above Index

^[1],[2],[11]

685.00%

Par/Shares

^[1],[2]

$ 2,089

Cost

^[1],[2]

2,089

Investments at fair value

^[1],[2],[3]

$ 2,089

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Infinity Home Services Holdco, Inc.(Revolver) Maturity 12/28/2028 Personal, Food and Miscellaneous Services

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2],[19]

Dec. 28, 2028

Industry

^[1],[2],[19]

Personal, Food and Miscellaneous Services

Par/Shares

^[1],[2],[19]

$ 1,292

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Infinity Home Services Holdco, Inc.-Unfunded Term Loan Maturity 12/28/2023 Personal, Food and Miscellaneous Services

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Dec. 28, 2023

Industry

^[1],[2]

Personal, Food and Miscellaneous Services

Par/Shares

^[1],[2]

$ 1,135

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Infolinks Media Buyco, LLC Maturity 11/01/2023 Media

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2],[19]

Nov. 01, 2023

Industry

^[1],[2],[19]

Media

Par/Shares

^[1],[2],[19]

$ 949

Investments at fair value

^{[1],[2],[3],[19]}

$ 10

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Infolinks Media Buyco, LLC Maturity 11/01/2026 Media Current Coupon 11.17% Basis Point Spread Above Index 1M SOFR+585

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Nov. 01, 2026

Industry

^[1],[2]

Media

Current Coupon

^[1],[2]

11.17%

Basis Point Spread Above Index

^[1],[2],[11]

1M SOFR+585

Basis Point Spread Above Index

^[1],[2],[11]

585.00%

Par/Shares

^[1],[2]

$ 1,420

Cost

^[1],[2]

1,416

Investments at fair value

^[1],[2],[3]

$ 1,420

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Integrated Data Services - Term Loan Maturity 08/01/2029 Business Services Current Coupon 11.87% Basis Point Spread Above Index 3M SOFR+650

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2],[19]

Aug. 01, 2029

Industry

^[1],[2],[19]

Business Services

Current Coupon

^[1],[2]

11.87%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+650

Basis Point Spread Above Index

^[1],[2],[11]

650.00%

Par/Shares

^[1],[2],[19]

$ 15,467

Cost

^[1],[2]

15,161

Investments at fair value

^{[1],[2],[3],[19]}

$ 15,106

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Integrated Data Services - Unfunded Revolver Maturity 08/01/2029 Business Services

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2],[19]

Aug. 01, 2029

Industry

^[1],[2],[19]

Business Services

Par/Shares

^[1],[2],[19]

$ 2,533

Investments at fair value

^{[1],[2],[3],[19]}

$ (59)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Integrity Marketing Acquisition, LLC Maturity 08/27/2026 Insurance Current Coupon 11.41% Basis Point Spread Above Index 3M SOFR+615

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Aug. 27, 2026

Industry

^[1],[2]

Insurance

Current Coupon

^[1],[2]

11.41%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+615

Basis Point Spread Above Index

^[1],[2],[11]

615.00%

Par/Shares

^[1],[2]

$ 9,880

Cost

^[1],[2]

9,839

Investments at fair value

^[1],[2],[3]

$ 9,781

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Aug. 31, 2025

Industry

^[1],[2]

Insurance

Par/Shares

^[1],[2]

$ 2,500

Investments at fair value

^[1],[2],[3]

$ (13)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Inventus Power, Inc. (Revolver) Maturity 06/30/2025 Electronics

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2],[19]

Jun. 30, 2025

Industry

^[1],[2],[19]

Electronics

Par/Shares

^[1],[2],[19]

$ 1,729

Investments at fair value

^{[1],[2],[3],[19]}

$ 35

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% K2 Pure Solutions NoCal, L.P. (Revolver) Maturity 12/20/2023 Chemicals, Plastics and Rubber

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2],[19]

Dec. 20, 2023

Industry

^[1],[2],[19]

Chemicals, Plastics and Rubber

Par/Shares

^[1],[2],[19]

$ 1,938

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% K2 Pure Solutions NoCal, L.P. Maturity 12/20/2023 Chemicals, Plastics and Rubber Current Coupon 13.42% Basis Point Spread Above Index 1M SOFR+810

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Dec. 20, 2023

Industry

^[1],[2]

Chemicals, Plastics and Rubber

Current Coupon

^[1],[2]

13.42%

Basis Point Spread Above Index

^[1],[2],[11]

1M SOFR+810

Basis Point Spread Above Index

^[1],[2],[11]

810.00%

Par/Shares

^[1],[2]

$ 9,409

Cost

^[1],[2]

9,402

Investments at fair value

^[1],[2],[3]

$ 9,409

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Kinetic Purchaser, LLC (Revolver) Maturity 11/10/2026 Consumer Products

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2],[19]

Nov. 10, 2026

Industry

^[1],[2],[19]

Consumer Products

Par/Shares

^[1],[2],[19]

$ 4,854

Investments at fair value

^{[1],[2],[3],[19]}

$ (73)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Kinetic Purchaser, LLC Maturity 11/10/2027 Consumer Products Current Coupon 11.54% Basis Point Spread Above Index 3M SOFR+615

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Nov. 10, 2027

Industry

^[1],[2]

Consumer Products

Current Coupon

^[1],[2]

11.54%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+615

Basis Point Spread Above Index

^[1],[2],[11]

615.00%

Par/Shares

^[1],[2]

$ 9,173

Cost

^[1],[2]

8,957

Investments at fair value

^[1],[2],[3]

$ 9,035

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% LAV Gear Holdings, Inc. Maturity 10/31/2024 Leisure, Amusement, Motion Pictures, Entertainment Current Coupon 11.79% (PIK 5.50%) Basis Point Spread Above Index 1M SOFR+625

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Oct. 31, 2024

Industry

^[1],[2]

Leisure, Amusement, Motion Pictures, Entertainment

Current Coupon

^[1],[2]

11.79%

Basis Point Spread Above Index

^[1],[2],[11]

1M SOFR+640

Basis Point Spread Above Index

^[1],[2],[11]

640.00%

Par/Shares

^[1],[2]

$ 51

Cost

^[1],[2]

Investments at fair value

^[1],[2],[3]

$ 51

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% LJ Avalon Holdings, LLC (Revolver) Maturity 01/31/2030 Environmental Services

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2],[19]

Jan. 31, 2030

Industry

^[1],[2],[19]

Environmental Services

Par/Shares

^[1],[2],[19]

$ 587

Investments at fair value

^{[1],[2],[3],[19]}

$ (12)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% LJ Avalon Holdings, LLC - Unfunded Term Loan Maturity 07/31/2024 Environmental Services

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Jul. 31, 2024

Industry

^[1],[2]

Environmental Services

Par/Shares

^[1],[2]

$ 1,260

Investments at fair value

^[1],[2],[3]

$ (6)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% LJ Avalon Holdings, LLC Maturity 07/31/2024 Environmental Services Current Coupon 11.79% Basis Point Spread Above Index 3M SOFR+640

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2],[19]

Jul. 31, 2024

Industry

^[1],[2],[19]

Environmental Services

Current Coupon

^[1],[2]

11.79%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+640

Basis Point Spread Above Index

^[1],[2],[11]

640.00%

Par/Shares

^[1],[2],[19]

$ 208

Cost

^[1],[2]

205

Investments at fair value

^[3]

$ 204

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% LSF9 Atlantis Holdings, LLC Maturity 03/31/2029 Retail Current Coupon 12.64% Basis Point Spread Above Index 3M SOFR+725

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Mar. 31, 2029

Industry

^[1],[2]

Retail

Current Coupon

^[1],[2]

12.64%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+725

Basis Point Spread Above Index

^[1],[2],[11]

725.00%

Par/Shares

^[1],[2]

$ 5,625

Cost

^[1],[2]

5,436

Investments at fair value

^[1],[2],[3]

$ 5,381

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Lash OpCo, LLC (Revolver) Maturity 08/16/2026 Consumer Products

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2],[19]

Aug. 16, 2026

Industry

^[1],[2],[19]

Consumer Products

Par/Shares

^[1],[2],[19]

$ 935

Investments at fair value

^{[1],[2],[3],[19]}

$ (9)

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Aug. 16, 2026

Industry

^[1],[2]

Consumer Products

Current Coupon

^[1],[2]

12.15%

Basis Point Spread Above Index

^[1],[2],[11]

1M SOFR+700

Basis Point Spread Above Index

^[1],[2],[11]

700.00%

Par/Shares

^[1],[2]

$ 1,977

Cost

^[1],[2]

1,977

Investments at fair value

^[1],[2],[3]

$ 1,957

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Lash OpCo, LLC Maturity 02/18/2027 Consumer Products Current Coupon 11.88% Basis Point Spread Above Index 1M SOFR+700

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Feb. 18, 2027

Industry

^[1],[2]

Consumer Products

Current Coupon

^[1],[2]

11.88%

Basis Point Spread Above Index

^[1],[2],[11]

1M SOFR+700

Basis Point Spread Above Index

^[1],[2],[11]

700.00%

Par/Shares

^[1],[2]

$ 2,807

Cost

^[1],[2]

2,764

Investments at fair value

^[1],[2],[3]

$ 2,779

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Ledge Lounger, Inc. Maturity 11/09/2026 Consumer Products Current Coupon 11.79% Basis Point Spread Above Index 3M SOFR+625

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Nov. 09, 2026

Industry

^[1],[2]

Consumer Products

Current Coupon

^[1],[2]

11.79%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+625

Basis Point Spread Above Index

^[1],[2],[11]

625.00%

Par/Shares

^[1],[2]

$ 9,085

Cost

^[1],[2]

8,964

Investments at fair value

^[1],[2],[3]

$ 8,971

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Lightspeed Buyer Inc. (Revolver) Maturity 02/03/2026 Healthcare, Education and Childcare

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2],[19]

Feb. 03, 2026

Industry

^[1],[2],[19]

Healthcare, Education and Childcare

Par/Shares

^[1],[2],[19]

$ 1,166

Investments at fair value

^{[1],[2],[3],[19]}

$ (12)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Lightspeed Buyer Inc. Maturity 02/03/2026 Healthcare, Education and Childcare Current Coupon 10.67% Basis Point Spread Above Index 1M SOFR+535

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Feb. 03, 2026

Industry

^[1],[2]

Healthcare, Education and Childcare

Current Coupon

^[1],[2]

10.67%

Basis Point Spread Above Index

^[1],[2],[11]

1M SOFR+535

Basis Point Spread Above Index

^[1],[2],[11]

535.00%

Par/Shares

^[1],[2]

$ 2,198

Cost

^[1],[2]

2,187

Investments at fair value

^[1],[2],[3]

$ 2,176

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Loving Tan Intermediate II, Inc. (Revolver) Maturity 05/31/2028 Consumer Products

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2],[19]

May 31, 2028

Industry

^[1],[2],[19]

Consumer Products

Par/Shares

^[1],[2],[19]

$ 284

Investments at fair value

^{[1],[2],[3],[19]}

$ (4)

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

May 31, 2028

Industry

^[1],[2]

Consumer Products

Current Coupon

^[1],[2]

12.39%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+700

Basis Point Spread Above Index

^[1],[2],[11]

700.00%

Par/Shares

^[1],[2]

$ 347

Cost

^[1],[2]

347

Investments at fair value

^[3]

$ 342

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Loving Tan Intermediate II, Inc. Maturity 05/31/2028 Consumer Products Current Coupon 12.39% Basis Point Spread Above Index 3M SOFR+700

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

May 31, 2028

Industry

^[1],[2]

Consumer Products

Current Coupon

^[1],[2]

12.39%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+700

Basis Point Spread Above Index

^[1],[2],[11]

700.00%

Par/Shares

^[1],[2]

$ 4,988

Cost

^[1],[2]

4,892

Investments at fair value

^[1],[2],[3]

$ 4,913

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% MBS Holdings, Inc. (Revolver) Maturity 04/16/2027 Telecommunications

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2],[19]

Apr. 16, 2027

Industry

^[1],[2],[19]

Telecommunications

Par/Shares

^[1],[2],[19]

$ 583

Investments at fair value

^{[1],[2],[3],[19]}

$ (9)

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Apr. 16, 2027

Industry

^[1],[2]

Telecommunications

Current Coupon

^[1],[2]

11.17%

Basis Point Spread Above Index

^[1],[2],[11]

1M SOFR+585

Basis Point Spread Above Index

^[1],[2],[11]

585.00%

Par/Shares

^[1],[2]

$ 111

Cost

^[1],[2]

111

Investments at fair value

^[1],[2],[3]

$ 109

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% MDI Buyer, Inc. (Revolver) Maturity 07/25/2028 Chemicals, Plastics and Rubber

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2],[19]

Jul. 25, 2028

Industry

^[1],[2],[19]

Chemicals, Plastics and Rubber

Par/Shares

^[1],[2],[19]

$ 1,188

Investments at fair value

^{[1],[2],[3],[19]}

$ (15)

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Jul. 25, 2028

Industry

^[1],[2]

Chemicals, Plastics and Rubber

Current Coupon

^[1],[2]

10.92%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+600

Basis Point Spread Above Index

^[1],[2],[11]

600.00%

Par/Shares

^[1],[2]

$ 1,039

Cost

^[1],[2]

1,039

Investments at fair value

^[1],[2],[3]

$ 1,016

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% MDI Buyer, Inc. Maturity 07/25/2028 Chemicals, Plastics and Rubber Current Coupon 11.27% Basis Point Spread Above Index 3M SOFR+600

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Jul. 25, 2028

Industry

^[1],[2]

Chemicals, Plastics and Rubber

Current Coupon

^[1],[2]

11.27%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+600

Basis Point Spread Above Index

^[1],[2],[11]

600.00%

Par/Shares

^[1],[2]

$ 20,135

Cost

^[1],[2]

19,835

Investments at fair value

^[1],[2],[3]

$ 19,685

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Mars Acquisition Holdings Corp. (Revolver) Maturity 05/14/2026 Media

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2],[19]

May 14, 2026

Industry

^[1],[2],[19]

Media

Par/Shares

^[1],[2],[19]

$ 1,209

Investments at fair value

^{[1],[2],[3],[19]}

$ (12)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Mars Acquisition Holdings Corp. Maturity 05/14/2026 Media Current Coupon 11.04% Basis Point Spread Above Index 3M SOFR+565

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

May 14, 2026

Industry

^[1],[2]

Media

Current Coupon

^[1],[2]

11.04%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+565

Basis Point Spread Above Index

^[1],[2],[11]

565.00%

Par/Shares

^[1],[2]

$ 1,835

Cost

^[1],[2]

1,807

Investments at fair value

^[1],[2],[3]

$ 1,817

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Meadowlark Acquirer, LLC (Revolver) Maturity 12/10/2027 Business Services

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2],[19]

Dec. 10, 2027

Industry

^[1],[2],[19]

Business Services

Par/Shares

^[1],[2],[19]

$ 1,685

Investments at fair value

^{[1],[2],[3],[19]}

$ (43)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Meadowlark Acquirer, LLC Maturity 12/10/2027 Business Services Current Coupon 10.66% Basis Point Spread Above Index 3M SOFR+550

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Dec. 10, 2027

Industry

^[1],[2]

Business Services

Current Coupon

^[1],[2]

10.66%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+550

Basis Point Spread Above Index

^[1],[2],[11]

550.00%

Par/Shares

^[1],[2]

$ 1,937

Cost

^[1],[2]

1,919

Investments at fair value

^[1],[2],[3]

$ 1,888

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Meadowlark Acquirer, LLC Term Loan I Maturity 12/10/2027 Business Services

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Dec. 10, 2027

Industry

^[1],[2]

Business Services

Par/Shares

^[1],[2]

$ 1,038

Investments at fair value

^[1],[2],[3]

$ (16)

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Dec. 10, 2027

Industry

^[1],[2]

Business Services

Par/Shares

^[1],[2]

$ 8,922

Investments at fair value

^[1],[2],[3]

$ (134)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Municipal Emergency Services, Inc (Revolver) Maturity 09/28/2027 Distribution

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2],[8]

Sep. 28, 2027

Industry

^[1],[2],[8]

Distribution

Par/Shares

^[1],[2],[8]

$ 1,128

Investments at fair value

^{[1],[2],[3],[8]}

$ (25)

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Sep. 28, 2027

Industry

^[1],[2]

Distribution

Current Coupon

^[1],[2]

11.04%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+565

Basis Point Spread Above Index

^[1],[2],[11]

0.00%

Par/Shares

^[1],[2]

$ 752

Cost

^[1],[2]

752

Investments at fair value

^[1],[2],[3]

$ 736

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Jun. 16, 2023

Industry

^[1],[2]

Distribution

Par/Shares

^[1],[2]

$ 769

Investments at fair value

^[1],[2],[3]

$ (17)

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Dec. 16, 2024

Industry

^[1],[2]

Distribution

Par/Shares

^[1],[2]

$ 2,510

Investments at fair value

^[1],[2],[3]

$ (55)

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Sep. 28, 2027

Industry

^[1],[2]

Distribution

Current Coupon

^[1],[2]

11.05%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+565

Basis Point Spread Above Index

^[1],[2],[11]

565.00%

Par/Shares

^[1],[2]

$ 484

Cost

^[1],[2]

484

Investments at fair value

^[1],[2],[3]

$ 474

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% NBH Group LLC (Revolver) Maturity 08/19/2026 Education and Childcare

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2],[8]

Aug. 19, 2026

Industry

^[1],[2],[8]

Healthcare, Education and Childcare

Par/Shares

^[1],[2],[8]

$ 1,163

Investments at fair value

^{[1],[2],[3],[8]}

$ (23)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% NORA Acquisition, LLC (Revolver) Maturity 08/31/2029 Healthcare, Education and Childcare

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2],[8]

Aug. 31, 2029

Industry

^[1],[2],[8]

Healthcare, Education and Childcare

Par/Shares

^[1],[2],[8]

$ 2,707

Investments at fair value

^{[1],[2],[3],[8]}

$ (54)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% NORA Acquisition, LLC Maturity 08/31/2029 Healthcare, Education and Childcare Current Coupon 11.74% Basis Point Spread Above Index 3M SOFR+635

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Aug. 31, 2029

Industry

^[1],[2]

Healthcare, Education and Childcare

Current Coupon

^[1],[2]

11.74%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+635

Basis Point Spread Above Index

^[1],[2],[11]

635.00%

Par/Shares

^[1],[2]

$ 20,500

Cost

^[1],[2]

20,092

Investments at fair value

^[1],[2],[3]

$ 20,090

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Neptune Flood Incorporated (Revolver) Maturity 05/09/2029 Insurance

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2],[8]

May 09, 2029

Industry

^[1],[2],[8]

Insurance

Par/Shares

^[1],[2],[8]

$ 541

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% ORL Acquisition, Inc. Maturity 09/3/2027 Business Services Current Coupon 12.84% Basis Point Spread Above Index 3M SOFR+725

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Sep. 03, 2027

Industry

^[1],[2]

Business Services

Current Coupon

^[1],[2]

12.84%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+725

Basis Point Spread Above Index

^[1],[2],[11]

725.00%

Par/Shares

^[1],[2]

$ 4,409

Cost

^[1],[2]

4,347

Investments at fair value

^[1],[2],[3]

$ 4,012

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% ORL Acquisition, Inc.(Revolver) Maturity 09/3/2027 Business Services

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2],[8]

Sep. 03, 2027

Industry

^[1],[2],[8]

Business Services

Par/Shares

^[1],[2],[8]

$ 597

Investments at fair value

^{[1],[2],[3],[8]}

$ (54)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Ox Two ,LLC. Maturity 05/18/2026 Building Materials Current Coupon 12.90% Basis Point Spread Above Index 1M SOFR+725

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

May 18, 2026

Industry

^[1],[2]

Building Materials

Current Coupon

^[1],[2]

12.90%

Basis Point Spread Above Index

^[1],[2],[11]

1M SOFR+725

Basis Point Spread Above Index

^[1],[2],[11]

725.00%

Par/Shares

^[1],[2]

$ 13,578

Cost

^[1],[2]

13,445

Investments at fair value

^[1],[2],[3]

$ 13,340

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% PL Acquisitionco, LLC (Revolver) Maturity 11/09/2027 Retail

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2],[8]

Nov. 09, 2027

Industry

^[1],[2],[8]

Retail

Par/Shares

^[1],[2],[8]

$ 3,236

Investments at fair value

^{[1],[2],[3],[8]}

$ (324)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Pequod Merger Sub, Inc. (Revolver) Maturity 12/02/2026 Financial Services

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2],[8]

Dec. 02, 2026

Industry

^[1],[2],[8]

Financial Services

Par/Shares

^[1],[2],[8]

$ 757

Investments at fair value

^{[1],[2],[3],[8]}

$ (15)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Pequod Merger Sub, Inc. - Unfunded Term Loan Maturity 12/02/2026 Financial Services

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Dec. 02, 2026

Industry

^[1],[2]

Financial Services

Par/Shares

^[1],[2]

$ 2,847

Investments at fair value

^[1],[2],[3]

$ (57)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Pragmatic Institute, LL (Revolver) Maturity 07/06/2028 Business Services Current Coupon 11.17% Basis Point Spread Above Index 3 M SOFR+575

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Jul. 06, 2028

Industry

^[1],[2]

Business Services

Current Coupon

^[1],[2]

11.17%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+575

Basis Point Spread Above Index

^[1],[2],[11]

575.00%

Par/Shares

^[1],[2]

$ 4,795

Cost

^[1],[2]

4,795

Investments at fair value

^[1],[2],[3]

$ 4,579

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Pragmatic Institute, LLC Maturity 07/06/2028 Business Services Current Coupon 11.17% Basis Point Spread Above Index 3 M SOFR+575

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Jul. 06, 2028

Industry

^[1],[2]

Business Services

Current Coupon

^[1],[2]

11.17%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+575

Basis Point Spread Above Index

^[1],[2],[11]

575.00%

Par/Shares

^[1],[2]

$ 34,987

Cost

^[1],[2]

34,547

Investments at fair value

^[1],[2],[3]

$ 33,412

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Pragmatic Institute, LLC Unfunded Term LoanMaturity 07/06/2028 Business Services

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Jul. 06, 2028

Industry

^[1],[2]

Business Services

Par/Shares

^[1],[2]

$ 7,193

Investments at fair value

^[1],[2],[3]

$ (252)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Quantic Electronics, LLC (Revolver) Maturity 11/19/2026 Aerospace and Defense Current Coupon 11.74% Basis Point Spread Above Index 3 M SOFR+635

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Nov. 19, 2026

Industry

^[1],[2]

Aerospace and Defense

Current Coupon

^[1],[2]

11.74%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+635

Basis Point Spread Above Index

^[1],[2],[11]

63.00%

Par/Shares

^[1],[2]

$ 528

Cost

^[1],[2]

528

Investments at fair value

^[1],[2],[3]

$ 521

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Quantic Electronics, LLC Maturity 11/19/2026 Aerospace and Defense Current Coupon 11.74% Basis Point Spread Above Index 3 M SOFR+635

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Nov. 19, 2026

Industry

^[1],[2]

Aerospace and Defense

Current Coupon

^[1],[2]

11.74%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+635

Basis Point Spread Above Index

^[1],[2],[11]

635.00%

Par/Shares

^[1],[2]

$ 1,484

Cost

^[1],[2]

1,474

Investments at fair value

^[1],[2],[3]

$ 1,461

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Questex , LLC (Revolver) Maturity 09/9/2024 Media

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2],[8]

Sep. 09, 2024

Industry

^[1],[2],[8]

Media

Par/Shares

^[1],[2],[8]

$ 3,590

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Questex , LLC Maturity 09/9/2024 Media Current Coupon 19.81% Basis Point Spread Above Index 3 M SOFR+425

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Sep. 09, 2024

Industry

^[1],[2]

Media

Current Coupon

^[1],[2]

9.81%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+425

Basis Point Spread Above Index

^[1],[2],[11]

425.00%

Par/Shares

^[1],[2]

$ 20,193

Cost

^[1],[2]

20,115

Investments at fair value

^[1],[2],[3]

$ 20,193

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Radius Aerospace, Inc. (Revolver) Maturity 03/31/2025 Aerospace and Defense

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2],[8]

Mar. 31, 2025

Industry

^[1],[2],[8]

Aerospace and Defense

Par/Shares

^[1],[2],[8]

$ 1,559

Investments at fair value

^{[1],[2],[3],[8]}

$ (16)

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Mar. 31, 2025

Industry

^[1],[2]

Aerospace and Defense

Current Coupon

^[1],[2]

11.29%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+575

Basis Point Spread Above Index

^[1],[2],[11]

57.00%

Par/Shares

^[1],[2]

$ 668

Cost

^[1],[2]

668

Investments at fair value

^[1],[2],[3]

$ 661

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Rancho Health MSO, Inc. - Unfunded Term Loan Maturity 12/18/2025 Healthcare, Education and Childcare

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Dec. 18, 2025

Industry

^[1],[2]

Healthcare, Education and Childcare

Par/Shares

^[1],[2]

$ 494

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Rancho Health MSO, Inc. Maturity 12/18/2025 Healthcare, Education and Childcare Current Coupon 11.22% Basis Point Spread Above Index 3M SOFR+575

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2],[8]

Dec. 18, 2025

Industry

^[1],[2],[8]

Healthcare, Education and Childcare

Current Coupon

^[1],[2],[8]

11.22%

Basis Point Spread Above Index

^{[1],[2],[8],[11]}

3M SOFR+575

Basis Point Spread Above Index

^{[1],[2],[8],[11]}

575.00%

Par/Shares

^[1],[2],[8]

$ 79

Cost

Investments at fair value

^{[1],[2],[3],[8]}

$ 79

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Rancho Health MSO, Inc.(Revolver) Maturity 12/18/2025 Healthcare, Education and Childcare

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2],[8]

Dec. 18, 2025

Industry

^[1],[2],[8]

Healthcare, Education and Childcare

Par/Shares

^[1],[2],[8]

$ 315

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Dec. 18, 2025

Industry

^[1],[2]

Healthcare, Education and Childcare

Current Coupon

^[1],[2]

11.24%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+575

Basis Point Spread Above Index

^[1],[2],[11]

575.00%

Par/Shares

^[1],[2]

$ 210

Cost

^[1],[2]

210

Investments at fair value

^[1],[2],[3]

$ 210

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Reception Purchaser, LLC Maturity 02/28/2028 Transportation Current Coupon 11.54% Basis Point Spread Above Index 3M SOFR+615

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Feb. 28, 2028

Industry

^[1],[2]

Transportation

Current Coupon

^[1],[2]

11.54%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+615

Basis Point Spread Above Index

^[1],[2],[11]

615.00%

Par/Shares

^[1],[2]

$ 5,863

Cost

^[1],[2]

5,791

Investments at fair value

^[1],[2],[3]

$ 5,628

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Recteq, LLC (Revolver) Maturity 01/29/2026 Consumer Products

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2],[8]

Jan. 29, 2026

Industry

^[1],[2],[8]

Consumer Products

Par/Shares

^[1],[2],[8]

$ 1,127

Investments at fair value

^{[1],[2],[3],[8]}

$ (34)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Research Now Group, Inc. and Dynata, LLC Maturity 12/20/2024 Business Services Current Coupon 11.13% Basis Point Spread Above Index 3M SOFR+576

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Dec. 20, 2024

Industry

^[1],[2]

Business Services

Current Coupon

^[1],[2]

11.13%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+576

Basis Point Spread Above Index

^[1],[2],[11]

576.00%

Par/Shares

^[1],[2]

$ 124

Cost

^[1],[2]

124

Investments at fair value

^[1],[2],[3]

$ 108

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Riverpoint Medical, LLC (Revolver) Maturity 06/20/2025 Healthcare , Education and Childcare

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2],[8]

Jun. 20, 2025

Industry

^[1],[2],[8]

Healthcare, Education and Childcare

Par/Shares

^[1],[2],[8]

$ 318

Investments at fair value

^{[1],[2],[3],[8]}

$ (4)

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Jun. 20, 2025

Industry

^[1],[2]

Healthcare, Education and Childcare

Current Coupon

^[1],[2]

10.42%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+510

Basis Point Spread Above Index

^[1],[2],[11]

510.00%

Par/Shares

^[1],[2]

$ 45

Cost

^[1],[2]

Investments at fair value

^[1],[2],[3]

$ 45

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Riverside Assessments, LLC) Maturity 03/10/2025 Education Current Coupon 11.24% Basis Point Spread Above Index 3M SOFR+575

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Mar. 10, 2025

Industry

^[1],[2]

Education

Current Coupon

^[1],[2]

11.24%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+575

Basis Point Spread Above Index

^[1],[2],[11]

575.00%

Par/Shares

^[1],[2]

$ 11,699

Cost

^[1],[2]

11,588

Investments at fair value

^[1],[2],[3]

$ 11,582

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Rural Sourcing Holdings, Inc. (Revolver) Maturity 06/15/2029 Business Services

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2],[8]

Jun. 15, 2029

Industry

^[1],[2],[8]

Business Services

Par/Shares

^[1],[2],[8]

$ 861

Investments at fair value

^{[1],[2],[3],[8]}

$ (13)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Rural Sourcing Holdings, Inc. - Unfunded Term Loan Maturity 06/15/2029 Business Services

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Jun. 15, 2029

Industry

^[1],[2]

Business Services

Par/Shares

^[1],[2]

$ 1,146

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Sales Benchmark Index LLC (Revolver) Maturity 01/03/2025 Business Services

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2],[8]

Jan. 03, 2025

Industry

^[1],[2],[8]

Business Services

Par/Shares

^[1],[2],[8]

$ 732

Investments at fair value

^{[1],[2],[3],[8]}

$ (4)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Sargent & Greenleaf Inc. (Revolver) Maturity 12/20/2024 Electronics

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2],[8]

Dec. 20, 2024

Industry

^[1],[2],[8]

Electronics

Par/Shares

^[1],[2],[8]

$ 453

Investments at fair value

^{[1],[2],[3],[8]}

$ (5)

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Dec. 20, 2024

Industry

^[1],[2]

Electronics

Current Coupon

^[1],[2]

12.92%

Basis Point Spread Above Index

^[1],[2],[11]

1M SOFR+650

Basis Point Spread Above Index

^[1],[2],[11]

650.00%

Par/Shares

^[1],[2]

$ 158

Cost

^[1],[2]

158

Investments at fair value

^[1],[2],[3]

$ 157

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Schlesinger Global, Inc. (Revolver) Maturity 07/14/2025 Business Services

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2],[8]

Jul. 14, 2025

Industry

^[1],[2],[8]

Business Services

Par/Shares

^[1],[2],[8]

$ 8

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Jul. 14, 2025

Industry

^[1],[2]

Business Services

Current Coupon

^[1],[2]

12.52%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+775

Basis Point Spread Above Index

^[1],[2],[11]

775.00%

Par/Shares

^[1],[2]

$ 30

Cost

^[1],[2]

Investments at fair value

^[1],[2],[3]

$ 29

Schedule Of Investments [Line Items]

Current Coupons, PIK

^[1],[2]

0.50%

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Schlesinger Global, Inc.Maturity 07/14/2025 Business Services Current Coupon 13.15% Basis Point Spread Above Index 3M SOFR +775

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Jul. 14, 2025

Industry

^[1],[2]

Business Services

Current Coupon

^[1],[2]

13.15%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+775

Basis Point Spread Above Index

^[1],[2],[11]

775.00%

Par/Shares

^[1],[2]

$ 4,647

Cost

^[1],[2]

4,611

Investments at fair value

^[1],[2],[3]

$ 4,496

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Seaway Buyer, LLC (Revolver) Maturity 06/13/2019 Chemical ,Plastic and Rubber

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2],[8]

Jun. 13, 2029

Industry

^[1],[2],[8]

Chemicals, Plastics and Rubber

Par/Shares

^[1],[2],[8]

$ 2,397

Investments at fair value

^{[1],[2],[3],[8]}

$ (72)

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Jun. 13, 2029

Industry

^[1],[2]

Chemicals, Plastics and Rubber

Current Coupon

^[1],[2]

11.54%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+605

Basis Point Spread Above Index

^[1],[2],[11]

605.00%

Par/Shares

^[1],[2]

$ 729

Cost

^[1],[2]

729

Investments at fair value

^[1],[2],[3]

$ 708

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Seaway Buyer, LLC Maturity 06/13/2019 Chemical ,Plastic and Rubber Current Coupon 11.54% Basis Point Spread Above Index 3M SOFR +605

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Jun. 13, 2029

Industry

^[1],[2]

Chemicals, Plastics and Rubber

Current Coupon

^[1],[2]

11.54%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+605

Basis Point Spread Above Index

^[1],[2],[11]

605.00%

Par/Shares

^[1],[2]

$ 4,752

Cost

^[1],[2]

4,691

Investments at fair value

^[1],[2],[3]

$ 4,609

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Shiftkey, LLC Maturity 06/21/2027 Business Services Current Coupon 11.40% Basis Point Spread Above Index 3M SOFR +601

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Jun. 21, 2027

Industry

^[1],[2]

Business Services

Current Coupon

^[1],[2]

11.40%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+601

Basis Point Spread Above Index

^[1],[2],[11]

601.00%

Par/Shares

^[1],[2]

$ 17,775

Cost

^[1],[2]

17,636

Investments at fair value

^[1],[2],[3]

$ 17,331

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Sigma Defense Systems, LLC (Revolver) Maturity 12/18/2025 Telecommunications

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2],[8]

Dec. 18, 2025

Industry

^[1],[2],[8]

Telecommunications

Par/Shares

^[1],[2],[8]

$ 893

Investments at fair value

^{[1],[2],[3],[8]}

$ (13)

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Dec. 18, 2025

Industry

^[1],[2]

Telecommunications

Current Coupon

^[1],[2]

14.04%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+865

Basis Point Spread Above Index

^[1],[2],[11]

865.00%

Par/Shares

^[1],[2]

$ 2,083

Cost

^[1],[2]

2,083

Investments at fair value

^[1],[2],[3]

$ 2,052

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Sigma Defense Systems, LLC Maturity 12/18/2025 Telecommunications Current Coupon 14.04% Basis Point Spread Above Index 3M SOFR +865

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Dec. 18, 2025

Industry

^[1],[2]

Telecommunications

Current Coupon

^[1],[2]

14.04%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+865

Basis Point Spread Above Index

^[1],[2],[11]

865.00%

Par/Shares

^[1],[2]

$ 29,681

Cost

^[1],[2]

29,190

Investments at fair value

^[1],[2],[3]

$ 29,236

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Signature Systems Holding Company (Revolver) Maturity 05/03/2024 Chemicals ,Plastic and Rubber

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2],[8]

May 03, 2024

Industry

^[1],[2],[8]

Chemicals, Plastics and Rubber

Par/Shares

^[1],[2],[8]

$ 2,016

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Solutionreach, Inc. (Revolver) Maturity 07/17/2025 Communications

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2],[8]

Jul. 17, 2025

Industry

^[1],[2],[8]

Communications

Par/Shares

^[1],[2],[8]

$ 1,665

Investments at fair value

^{[1],[2],[3],[8]}

$ (7)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Spendmend Holdings LLC - Funded Revolver Maturity 03/01/2028 Business Services Current Coupon 11.20% Basis Point Spread Above Index 1M SOFR +565

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Mar. 01, 2028

Industry

^[1],[2]

Business Services

Current Coupon

^[1],[2]

11.20%

Basis Point Spread Above Index

^[1],[2],[11]

1M SOFR+565

Basis Point Spread Above Index

^[1],[2],[11]

565.00%

Par/Shares

^[1],[2]

$ 561

Cost

^[1],[2]

561

Investments at fair value

^[1],[2],[3]

$ 548

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Spendmend Holdings LLC - Unfunded Revolver Maturity 03/01/2028 Business Services

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2],[8]

Mar. 01, 2028

Industry

^[1],[2],[8]

Business Services

Par/Shares

^[1],[2],[8]

$ 841

Investments at fair value

^{[1],[2],[3],[8]}

$ (18)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Spendmend Holdings LLC Maturity 03/01/2028 Business Services

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Mar. 01, 2028

Industry

^[1],[2]

Business Services

Par/Shares

^[1],[2]

$ 2,684

Investments at fair value

^[1],[2],[3]

$ (39)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Spendmend Holdings LLC Maturity 03/01/2028 Business Services Current Coupon 11.04% Basis Point Spread Above Index 1M SOFR +565

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2],[8]

Mar. 01, 2028

Industry

^[1],[2],[8]

Business Services

Current Coupon

^[1],[2],[8]

11.04%

Basis Point Spread Above Index

^{[1],[2],[8],[11]}

1M SOFR+565

Basis Point Spread Above Index

^{[1],[2],[8],[11]}

565.00%

Par/Shares

^[1],[2],[8]

$ 99

Cost

^[1],[2],[8]

Investments at fair value

^{[1],[2],[3],[8]}

$ 97

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% System Planning and Analysis, Inc. - (Revolver) (f/k/a Management Consulting & Research, LLC) Maturity 08/16/2027 Aerospace and Defense

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2],[8]

Aug. 16, 2027

Industry

^[1],[2],[8]

Aerospace and Defense

Par/Shares

^[1],[2],[8]

$ 2,925

Investments at fair value

^{[1],[2],[3],[8]}

$ (32)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% TWS Acquisition Corporation (Revolver) Maturity 06/16/2025 Education

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2],[8]

Jun. 16, 2025

Industry

^[1],[2],[8]

Education

Par/Shares

^[1],[2],[8]

$ 1,644

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% The Aegis Technologies Group, LLC Maturity 10/31/2025 Aerospace and Defense Current Coupon 11.66% Basis Point Spread Above Index 3 M SOFR +665

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Oct. 31, 2025

Industry

^[1],[2]

Aerospace and Defense

Current Coupon

^[1],[2]

11.66%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+665

Basis Point Spread Above Index

^[1],[2],[11]

665.00%

Par/Shares

^[1],[2]

$ 1,121

Cost

^[1],[2]

1,097

Investments at fair value

^[1],[2],[3]

$ 1,104

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% The Bluebird Group LLC (Revolver) Maturity 7/27/2026 Business Services

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2],[8]

Jul. 27, 2026

Industry

^[1],[2],[8]

Business Services

Par/Shares

^[1],[2],[8]

$ 734

Investments at fair value

^{[1],[2],[3],[8]}

$ (3)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% The Bluebird Group LLC Maturity 7/27/2026 Business Services Current Coupon 12.79% Basis Point Spread Above Index 3 M SOFR +740

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Jul. 27, 2026

Industry

^[1],[2]

Business Services

Current Coupon

^[1],[2]

12.79%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+740

Basis Point Spread Above Index

^[1],[2],[11]

740.00%

Par/Shares

^[1],[2]

$ 2,271

Cost

^[1],[2]

2,239

Investments at fair value

^[1],[2],[3]

$ 2,262

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% The Vertex Companies, LLC (Revolver) Maturity 08/30/2027 Business Services

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2],[8]

Aug. 30, 2027

Industry

^[1],[2],[8]

Business Services

Par/Shares

^[1],[2],[8]

$ 492

Investments at fair value

^{[1],[2],[3],[8]}

$ (4)

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Aug. 30, 2027

Industry

^[1],[2]

Business Services

Current Coupon

^[1],[2]

11.67%

Basis Point Spread Above Index

^[1],[2],[11]

1M SOFR+635

Basis Point Spread Above Index

^[1],[2],[11]

635.00%

Par/Shares

^[1],[2]

$ 248

Cost

^[1],[2]

248

Investments at fair value

^[1],[2],[3]

$ 246

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% The Vertex Companies, LLC Maturity 08/30/2027 Business Services Current Coupon 11.93% Basis Point Spread Above Index 1M SOFR +635

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Aug. 30, 2027

Industry

^[1],[2]

Business Services

Current Coupon

^[1],[2]

11.93%

Basis Point Spread Above Index

^[1],[2],[11]

1M SOFR+635

Basis Point Spread Above Index

^[1],[2],[11]

635.00%

Par/Shares

^[1],[2]

$ 186

Cost

^[1],[2]

182

Investments at fair value

^[1],[2],[3]

$ 185

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Tyto Athene, LLC (Revolver) Maturity 04/01/2026 Aerospace and Defense

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2],[8]

Apr. 01, 2026

Industry

^[1],[2],[8]

Aerospace and Defense

Par/Shares

^[1],[2],[8]

$ 364

Investments at fair value

^{[1],[2],[3],[8]}

$ (32)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Urology Management Holdings, Inc. - Unfunded Term Loan Maturity 02/01/2024 Healthcare , Education and Childcare

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Feb. 01, 2024

Industry

^[1],[2]

Healthcare, Education and Childcare

Par/Shares

^[1],[2]

$ 7,222

Investments at fair value

^[1],[2],[3]

$ (150)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Wildcat Buyerco, Inc (Revolver) Maturity 02/27/2026 Electronics

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2],[8]

Feb. 27, 2026

Industry

^[1],[2],[8]

Electronics

Par/Shares

^[1],[2],[8]

$ 486

Investments at fair value

^{[1],[2],[3],[8]}

$ (5)

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Feb. 27, 2026

Industry

^[1],[2]

Electronics

Current Coupon

^[1],[2]

10.17%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+585

Basis Point Spread Above Index

^[1],[2],[11]

585.00%

Par/Shares

^[1],[2]

$ 88

Cost

^[1],[2]

Investments at fair value

^[1],[2],[3]

$ 87

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Wildcat Buyerco, Inc Maturity 2/27/2026 Electronics Current Coupon 10.57% Basis Point Spread Above Index 3M SOFR +515

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Feb. 27, 2026

Industry

^[1],[2]

Electronics

Current Coupon

^[1],[2]

10.57%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+515

Basis Point Spread Above Index

^[1],[2],[11]

515.00%

Par/Shares

^[1],[2]

$ 3,805

Cost

^[1],[2]

3,762

Investments at fair value

^[1],[2],[3]

$ 3,767

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Zips Car Wash, LLC Maturity 03/01/2024 Auto Sector Current Coupon 12.67% Basis Point Spread Above Index 1M SOFR +735

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Mar. 01, 2024

Industry

^[1],[2]

Auto Sector

Current Coupon

^[1],[2]

12.67%

Basis Point Spread Above Index

^[1],[2],[11]

1M SOFR+735

Basis Point Spread Above Index

^[1],[2],[11]

735.00%

Par/Shares

^[1],[2]

$ 2,589

Cost

^[1],[2]

2,583

Investments at fair value

^[1],[2],[3]

2,504

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Preferred Equity/Partnership Interests—2.6%

Schedule Of Investments [Line Items]

Cost

^[1],[2],[7]

9,701

Investments at fair value

^{[1],[2],[3],[7]}

$ 13,280

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Preferred Equity/Partnership Interests—2.6% AH Newco Equity holdings, LLC Healthcare, Education and Childcare Current Coupon 6.00%

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Healthcare, Education and Childcare

Current Coupon

^[1],[2],[7]

6.00%

Par/Shares

^[1],[2],[7]

$ 211

Cost

^[1],[2],[7]

500

Investments at fair value

^{[1],[2],[3],[7]}

1,066

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Preferred Equity/Partnership Interests—2.6% Ad.net Holdings, Inc. Media

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Media

Par/Shares

^[1],[2],[7]

2,400

Cost

^[1],[2],[7]

240

Investments at fair value

^{[1],[2],[3],[7]}

271

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Preferred Equity/Partnership Interests—2.6% Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) Media

Schedule Of Investments [Line Items]

Industry

^{[1],[2],[7],[21]}

Media

Par/Shares

^{[1],[2],[7],[21]}

1,135

Cost

^{[1],[2],[7],[21]}

1,135

Investments at fair value

^{[1],[2],[3],[7],[21]}

918

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Preferred Equity/Partnership Interests—2.6% Cartessa Aesthetics, LLC Distribution

Schedule Of Investments [Line Items]

Industry

^{[1],[2],[7],[21]}

Distribution

Par/Shares

^{[1],[2],[7],[21]}

3,562,500

Cost

^{[1],[2],[7],[21]}

3,563

Investments at fair value

^{[1],[2],[3],[7],[21]}

4,975

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Preferred Equity/Partnership Interests—2.6% Gauge Lash Coinvest, LLC - Preferred Equity Consumer Products

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Consumer Products

Par/Shares

^[1],[2],[7]

64,967

Cost

^[1],[2],[7]

351

Investments at fair value

^{[1],[2],[3],[7]}

789

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Preferred Equity/Partnership Interests—2.6% Gauge Schlesinger Coinvest, LLC - Class A-2 Preferred Equity Business Services

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Business Services

Par/Shares

^[1],[2],[7]

Cost

^[1],[2],[7]

Investments at fair value

^{[1],[2],[3],[7]}

$ 1

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Preferred Equity/Partnership Interests—2.6% Imagine Topco, LP Business Services Current Coupon 8.00%

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Business Services

Current Coupon

^[1],[2],[7]

8.00%

Par/Shares

^[1],[2],[7]

$ 743,826

Cost

^[1],[2],[7]

744

Investments at fair value

^{[1],[2],[3],[7]}

750

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Preferred Equity/Partnership Interests—2.6% Magnolia Topco LP - Class A Preferred Equity Auto Sector

Schedule Of Investments [Line Items]

Industry

^{[1],[2],[7],[9],[21]}

Auto Sector

Par/Shares

^{[1],[2],[7],[9],[21]}

169

Cost

^{[1],[2],[7],[9],[21]}

169

Investments at fair value

^{[1],[2],[3],[7],[9],[21]}

172

Schedule Of Investments [Line Items]

Industry

^{[1],[2],[7],[9],[21]}

Auto Sector

Par/Shares

^{[1],[2],[7],[9],[21]}

929

Cost

^{[1],[2],[7],[9],[21]}

554

Investments at fair value

^{[1],[2],[3],[7],[9],[21]}

794

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Preferred Equity/Partnership Interests—2.6% Mars Intermediate Holdings II, Inc Media

Schedule Of Investments [Line Items]

Industry

^{[1],[2],[7],[21]}

Media

Par/Shares

^{[1],[2],[7],[21]}

414

Cost

^{[1],[2],[7],[21]}

414

Investments at fair value

^{[1],[2],[3],[7],[21]}

551

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Preferred Equity/Partnership Interests—2.6% NXOF Holdings, Inc. (Tyto Athene, LLC) Aerospace and Defense

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Aerospace and Defense

Par/Shares

^[1],[2],[7]

160

Cost

^[1],[2],[7]

160

Investments at fair value

^{[1],[2],[3],[7]}

107

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Preferred Equity/Partnership Interests—2.6% ORL Holdco, Inc. Business Services

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Business Services

Par/Shares

^[1],[2],[7]

575

Cost

^[1],[2],[7]

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Preferred Equity/Partnership Interests—2.6% PL Acquisition co, LLC - Preferred Equity Business Services Retail

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Retail

Par/Shares

^[1],[2],[7]

Cost

^[1],[2],[7]

Investments at fair value

^{[1],[2],[3],[7]}

$ 39

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Preferred Equity/Partnership Interests—2.6% Signature CR Intermediate Holdco, Inc. Chemicals, Plastics and Rubber Current Coupon 12.00%

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Chemicals, Plastics and Rubber

Current Coupon

^[1],[2],[7]

12.00%

Par/Shares

^[1],[2],[7]

$ 1,527

Cost

^[1],[2],[7]

1,527

Investments at fair value

^{[1],[2],[3],[7]}

2,490

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Preferred Equity/Partnership Interests—2.6% TPC Holding Company, LP Food

Schedule Of Investments [Line Items]

Industry

^{[1],[2],[7],[8],[10]}

Food

Par/Shares

^{[1],[2],[7],[8],[10]}

219

Cost

^{[1],[2],[7],[8],[10]}

219

Investments at fair value

^{[1],[2],[3],[7],[8],[10]}

320

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Preferred Equity/Partnership Interests—2.6% TWD Parent Holdings, LLC Business Services

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Business Services

Par/Shares

^[1],[2],[7]

Cost

^[1],[2],[7]

Investments at fair value

^{[1],[2],[3],[7]}

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Second Lien Secured Debt—16.0%

Schedule Of Investments [Line Items]

Cost

^[1],[2]

84,376

Investments at fair value

^[1],[2],[3]

$ 80,396

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Second Lien Secured Debt—16.0% Ascensus Holdings, Inc. Maturity 08/02/2028 Financial Services Current Coupon 12.03% Basis Point Spread Above Index 3M SOFR+676

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Aug. 02, 2028

Industry

^[1],[2]

Financial Services

Current Coupon

^[1],[2]

12.03%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+676

Basis Point Spread Above Index

^[1],[2],[11]

676.00%

Par/Shares

^[1],[2]

$ 3,000

Cost

^[1],[2]

2,717

Investments at fair value

^[1],[2],[3]

$ 2,837

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Second Lien Secured Debt—16.0% Atlas Purchaser, Inc Maturity 05/07/2029 Telecommunications Current Coupon 14.66% Basis Point Spread Above Index 3M SOFR+900

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

May 07, 2029

Industry

^[1],[2]

Telecommunications

Current Coupon

^[1],[2]

14.66%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+900

Basis Point Spread Above Index

^[1],[2],[11]

900.00%

Par/Shares

^[1],[2]

$ 17,000

Cost

^[1],[2]

16,600

Investments at fair value

^[1],[2],[3]

$ 13,821

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Second Lien Secured Debt—16.0% Best Practice Associates LLC Maturity 06/29/2027 Aerospace and Defense Current Coupon 14.54% Basis Point Spread Above Index 3M SOFR+915

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Jun. 29, 2027

Industry

^[1],[2]

Aerospace and Defense

Current Coupon

^[1],[2]

14.54%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+915

Basis Point Spread Above Index

^[1],[2],[11]

915.00%

Par/Shares

^[1],[2]

$ 17,825

Cost

^[1],[2]

17,559

Investments at fair value

^[1],[2],[3]

$ 17,469

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Second Lien Secured Debt—16.0% Burgess Point Purchaser Corporation Maturity 07/28/2030 Auto Sector Current Coupon 14.42% Basis Point Spread Above Index 3M SOFR+915

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Jul. 28, 2030

Industry

^[1],[2]

Auto Sector

Current Coupon

^[1],[2]

14.42%

Basis Point Spread Above Index

^[1],[2],[11]

1M SOFR+910

Basis Point Spread Above Index

^[1],[2],[11]

910.00%

Par/Shares

^[1],[2]

$ 8,000

Cost

^[1],[2]

7,680

Investments at fair value

^[1],[2],[3]

$ 7,920

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Second Lien Secured Debt—16.0% ENC Parent Corporation Maturity 08/19/2029 Business Services Current Coupon 13.15% Basis Point Spread Above Index 3M SOFR+776

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Aug. 19, 2029

Industry

^[1],[2]

Business Services

Current Coupon

^[1],[2]

13.15%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+776

Basis Point Spread Above Index

^[1],[2],[11]

776.00%

Par/Shares

^[1],[2]

$ 7,500

Cost

^[1],[2]

7,440

Investments at fair value

^[1],[2],[3]

$ 6,675

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Second Lien Secured Debt—16.0% Halo Buyer, Inc. Maturity 07/06/2026 Consumer Products Current Coupon 13.67% Basis Point Spread Above Index 1M SOFR+835

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Jul. 06, 2026

Industry

^[1],[2]

Consumer Products

Current Coupon

^[1],[2]

13.67%

Basis Point Spread Above Index

^[1],[2],[11]

1M SOFR+835

Basis Point Spread Above Index

^[1],[2],[11]

835.00%

Par/Shares

^[1],[2]

$ 32,500

Cost

^[1],[2]

32,232

Investments at fair value

^[1],[2],[3]

$ 31,525

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Second Lien Secured Debt—16.0% QuantiTech LLC Maturity 02/04/2027 Aerospace and Defense Current Coupon 11.74% Basis Point Spread Above Index 3M SOFR+635

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Feb. 04, 2027

Industry

^[1],[2]

Aerospace and Defense

Current Coupon

^[1],[2]

11.74%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+635

Basis Point Spread Above Index

^[1],[2],[11]

635.00%

Par/Shares

^[1],[2]

$ 150

Cost

^[1],[2]

148

Investments at fair value

^[1],[2],[3]

149

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Subordinated Debt/Corporate Notes—10.7%

Schedule Of Investments [Line Items]

Cost

^[1],[2]

54,897

Investments at fair value

^[1],[2],[3]

$ 53,897

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Subordinated Debt/Corporate Notes—10.7% Express Wash Acquisition Company, LLC Maturity 01/15/2029 Auto Sector Current Coupon 15.15% Basis Point Spread Above Index 3M SOFR+976

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Jan. 15, 2029

Industry

^[1],[2]

Auto Sector

Current Coupon

^[1],[2]

15.15%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+976

Basis Point Spread Above Index

^[1],[2],[11]

976.00%

Par/Shares

^[1],[2]

$ 22,219

Cost

^[1],[2]

21,568

Investments at fair value

^[1],[2],[3]

$ 21,597

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Subordinated Debt/Corporate Notes—10.7% Flock Financial, LLC Maturity 05/26/2027 Financial Services Current Coupon 14.50%

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

May 26, 2027

Industry

^[1],[2]

Financial Services

Current Coupon

^[1],[2]

14.50%

Par/Shares

^[1],[2]

$ 34,000

Cost

^[1],[2]

33,329

Investments at fair value

^[1],[2],[3]

32,300

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Total U.S. Government Securities

Schedule Of Investments [Line Items]

Cost

^[1]

99,768

Investments at fair value

^[1],[3]

$ 99,751

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% U.S. Treasury Bill Maturity 10/19/2023 Short-Term U.S. Government Securities Current Coupon 5.31%

Schedule Of Investments [Line Items]

Maturity / Expiration

^[1],[2]

Oct. 19, 2023

Industry

^[1],[2]

Short-Term U.S. Government Securities

Current Coupon

^[1],[2]

5.31%

Par/Shares

^[1],[2]

$ 100,000

Cost

^[1],[2]

99,768

Investments at fair value

^[1],[2],[3]

99,751

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—184.7% First Lien Secured Debt—122.1% Dr. Squatch, LLC (Revolver) Maturity 08/31/2027 Personal and Non-Durable Consumer Products Current Coupon 8.95% Basis Point Spread Above Index 1M L+600

Schedule Of Investments [Line Items]

Maturity / Expiration

^[4],[5]

Aug. 31, 2027

Industry

^[4],[5]

Personal and Non-Durable Consumer Products

Current Coupon

^[4],[5]

8.95%

Basis Point Spread Above Index

^[4],[5],[17]

1M L+600

Basis Point Spread Above Index

^[4],[5],[17]

600.00%

Par/Shares

^[4],[5]

$ 775

Cost

^[4],[5]

775

Investments at fair value

^[4],[5],[6]

764

Investment, Identifier [Axis]: Investments—209.4% of Net Assets

Schedule Of Investments [Line Items]

Cost

^[4],[5]

1,302,029

Investments at fair value

^[4],[5],[6]

1,226,301

Investment, Identifier [Axis]: Investments—219.4%

Schedule Of Investments [Line Items]

Cost

^[1],[2]

1,117,927

Investments at fair value

^[1],[2],[3]

1,101,647

Investment, Identifier [Axis]: Liabilities in Excess of Other Assets — (118.8%) of Net Assets

Schedule Of Investments [Line Items]

Investments at fair value

^[4],[5],[6]

(695,511)

Investment, Identifier [Axis]: Liabilities in Excess of Other Assets—(126.3%)

Schedule Of Investments [Line Items]

Investments at fair value

^[1],[2],[3]

(638,235)

Investment, Identifier [Axis]: Net Assets—100.0%

Schedule Of Investments [Line Items]

Investments at fair value

502,187

^[1],[2],[3]

585,565

^[4],[5],[6]

Investment, Identifier [Axis]: Related Party PSLF Cash and Cash Equivalents - 50.9%

Schedule Of Investments [Line Items]

Cost

40,945

Investments at fair value

^[22],[23]

40,945

Investment, Identifier [Axis]: Related Party PSLF Cash and Cash Equivalents - 50.9% Issuer Name BlackRock Federal FD Institutional 30

Schedule Of Investments [Line Items]

Cost

40,945

Investments at fair value

^[22],[23]

40,945

Investment, Identifier [Axis]: Related Party PSLF Cash and Cash Equivalents - 57.6% Issuer Name BlackRock Federal FD Institutional 30

Schedule Of Investments [Line Items]

Cost

59,096

Investments at fair value

^[23]

59,096

Investment, Identifier [Axis]: Related Party PSLF Cash and Cash Equivalents - 60.8%

Schedule Of Investments [Line Items]

Cost

59,096

Investments at fair value

^[23]

$ 59,096

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt

Schedule Of Investments [Line Items]

Cost

738,219

Investments at fair value

^[22],[23]

$ 730,108

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name A1 Garage Merger Sub, LLC Maturity 12/22/2028 Industry Personal, Food and Miscellaneous Services Current Coupon 11.84% Basis Point Spread Above Index SOFR+650

Schedule Of Investments [Line Items]

Maturity / Expiration

Dec. 22, 2028

Industry

Personal, Food and Miscellaneous Services

Current Coupon

11.84%

Basis Point Spread Above Index

^[24]

SOFR+650

Basis Point Spread Above Index

^[24]

650.00%

Par/Shares

^[22]

$ 14,925

Cost

14,668

Investments at fair value

^[22]

$ 14,850

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Ad.net Acquisition, LLC Maturity 5/7/2026 Industry Media Current Coupon 11.65% Basis Point Spread Above Index SOFR+600

Schedule Of Investments [Line Items]

Maturity / Expiration

May 07, 2026

Industry

Media

Current Coupon

11.65%

Basis Point Spread Above Index

^[24]

SOFR+600

Basis Point Spread Above Index

^[24]

600.00%

Par/Shares

^[22]

$ 4,888

Cost

4,888

Investments at fair value

^[22]

$ 4,863

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Alpine Acquisition Corp II Maturity 11/30/2026 Industry Containers, Packaging and Glass Current Coupon 11.26% Basis Point Spread Above Index SOFR+600

Schedule Of Investments [Line Items]

Maturity / Expiration

Nov. 30, 2026

Industry

Containers, Packaging and Glass

Current Coupon

11.26%

Basis Point Spread Above Index

^[24]

SOFR+600

Basis Point Spread Above Index

^[24]

600.00%

Par/Shares

^[22]

$ 14,837

Cost

14,528

Investments at fair value

^[22]

$ 14,244

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Amsive Holding Corporation (f/k/a Vision Purchaser Corporation) Maturity 6/10/2025 Industry Media Current Coupon 11.79% Basis Point Spread Above Index SOFR+675

Schedule Of Investments [Line Items]

Maturity / Expiration

Jun. 10, 2025

Industry

Media

Current Coupon

11.79%

Basis Point Spread Above Index

^[24]

SOFR+675

Basis Point Spread Above Index

^[24]

675.00%

Par/Shares

^[22]

$ 13,958

Cost

13,869

Investments at fair value

^[22]

$ 13,749

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Anteriad, LLC (f/k/a MeritDirect, LLC) Maturity 5/23/2024 Industry Media Current Coupon 12.04% Basis Point Spread Above Index SOFR+650

Schedule Of Investments [Line Items]

Maturity / Expiration

May 23, 2024

Industry

Media

Current Coupon

12.04%

Basis Point Spread Above Index

^[24]

SOFR+650

Basis Point Spread Above Index

^[24]

650.00%

Par/Shares

^[22]

$ 14,354

Cost

14,319

Investments at fair value

^[22]

$ 14,103

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Any Hour Services Maturity 7/21/2027 Industry Personal, Food and Miscellaneous Services Current Coupon 11.22% Basis Point Spread Above Index SOFR+575

Schedule Of Investments [Line Items]

Maturity / Expiration

Jul. 21, 2027

Industry

Personal, Food and Miscellaneous Services

Current Coupon

11.22%

Basis Point Spread Above Index

^[24]

SOFR+575

Basis Point Spread Above Index

^[24]

575.00%

Par/Shares

^[22]

$ 10,882

Cost

10,847

Investments at fair value

^[22]

$ 10,665

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Apex Service Partners, LLC Maturity 7/31/2025 Industry Personal, Food and Miscellaneous Services Current Coupon 10.52% Basis Point Spread Above Index SOFR+525

Schedule Of Investments [Line Items]

Maturity / Expiration

Jul. 31, 2025

Industry

Personal, Food and Miscellaneous Services

Current Coupon

10.52%

Basis Point Spread Above Index

^[24]

SOFR+525

Basis Point Spread Above Index

^[24]

525.00%

Par/Shares

^[22]

$ 6,424

Cost

6,380

Investments at fair value

^[22]

$ 6,408

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Apex Service Partners, LLC Term Loan B Maturity 7/31/2025 Industry Personal, Food and Miscellaneous Services Current Coupon 11.11% Basis Point Spread Above Index SOFR+550

Schedule Of Investments [Line Items]

Maturity / Expiration

Jul. 31, 2025

Industry

Personal, Food and Miscellaneous Services

Current Coupon

11.11%

Basis Point Spread Above Index

^[24]

SOFR+550

Basis Point Spread Above Index

^[24]

550.00%

Par/Shares

^[22]

$ 3,316

Cost

3,299

Investments at fair value

^[22]

$ 3,308

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Apex Service Partners, LLC Term Loan C Maturity 7/31/2025 Industry Personal, Food and Miscellaneous Services Current Coupon 10.76% Basis Point Spread Above Index SFR+525

Schedule Of Investments [Line Items]

Maturity / Expiration

Jul. 31, 2025

Industry

Personal, Food and Miscellaneous Services

Current Coupon

10.76%

Basis Point Spread Above Index

^[24]

SOFR+525

Basis Point Spread Above Index

^[24]

525.00%

Par/Shares

^[22]

$ 7,531

Cost

7,531

Investments at fair value

^[22]

$ 7,512

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Applied Technical Services, LLC - Unfunded Term Loan Maturity 12/29/2026 Industry Environmental Services

Schedule Of Investments [Line Items]

Maturity / Expiration

^[25]

Dec. 29, 2026

Industry

^[25]

Environmental Services

Par/Shares

^[22],[25]

$ 513

Investments at fair value

^[22],[25]

$ 5

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Applied Technical Services, LLC Maturity 12/29/2026 Industry Environmental Services Current Coupon 11.51% Basis Point Spread Above Index SOFR+575

Schedule Of Investments [Line Items]

Maturity / Expiration

Dec. 29, 2026

Industry

Environmental Services

Current Coupon

11.51%

Basis Point Spread Above Index

^[24]

SOFR+575

Basis Point Spread Above Index

^[24]

575.00%

Par/Shares

^[22]

$ 11,394

Cost

11,271

Investments at fair value

^[22]

$ 11,166

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Arcfield Acquisition Corp. Maturity 08/03/2029 Industry Aerospace and Defense Current Coupon 11.62% Basis Point Spread Above Index SOFR+625

Schedule Of Investments [Line Items]

Maturity / Expiration

Aug. 03, 2029

Industry

Aerospace and Defense

Current Coupon

11.62%

Basis Point Spread Above Index

^[24]

SOFR+625

Basis Point Spread Above Index

^[24]

625.00%

Par/Shares

^[22]

$ 11,820

Cost

11,642

Investments at fair value

^[22]

$ 11,702

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Beta Plus Technologies, Inc. Maturity 7/1/2029 Industry Business Services Current Coupon 11.14% Basis Point Spread Above Index SOFR+575

Schedule Of Investments [Line Items]

Maturity / Expiration

Jul. 01, 2029

Industry

Business Services

Current Coupon

11.14%

Basis Point Spread Above Index

^[24]

SOFR+575

Basis Point Spread Above Index

^[24]

575.00%

Par/Shares

^[22]

$ 14,850

Cost

14,604

Investments at fair value

^[22]

$ 13,811

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Bioderm, Inc. Maturity 1/31/2028 Industry Healthcare, Education and Childcare Current Coupon 11.83% Basis Point Spread Above Index SOFR+650

Schedule Of Investments [Line Items]

Maturity / Expiration

Jan. 31, 2028

Industry

Healthcare, Education and Childcare

Current Coupon

11.83%

Basis Point Spread Above Index

^[24]

SOFR+650

Basis Point Spread Above Index

^[24]

650.00%

Par/Shares

^[22]

$ 8,978

Cost

8,874

Investments at fair value

^[22]

$ 8,933

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Blackhawk Industrial Distribution, Inc. Maturity 9/17/2024 Industry Distribution Current Coupon 11.79% Basis Point Spread Above Index SOFR+625

Schedule Of Investments [Line Items]

Maturity / Expiration

Sep. 17, 2024

Industry

Distribution

Current Coupon

11.79%

Basis Point Spread Above Index

^[24]

SOFR+625

Basis Point Spread Above Index

^[24]

625.00%

Par/Shares

^[22]

$ 17,823

Cost

17,588

Investments at fair value

^[22]

$ 17,556

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Broder Bros., Co. Maturity 12/4/2025 Industry Personal and Non-Durable Consumer Products Current Coupon 11.50% Basis Point Spread Above Index SOFR+600

Schedule Of Investments [Line Items]

Maturity / Expiration

Dec. 04, 2025

Industry

Personal and Non-Durable Consumer Products

Current Coupon

11.50%

Basis Point Spread Above Index

^[24]

SOFR+600

Basis Point Spread Above Index

^[24]

600.00%

Par/Shares

^[22]

$ 9,683

Cost

9,683

Investments at fair value

^[22]

$ 9,683

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Burgess Point Purchaser Corporation Maturity 9/26/2029 Industry Auto Sector Current Coupon 10.67% Basis Point Spread Above Index SOFR+525

Schedule Of Investments [Line Items]

Maturity / Expiration

Sep. 26, 2029

Industry

Auto Sector

Current Coupon

10.67%

Basis Point Spread Above Index

^[24]

SOFR+525

Basis Point Spread Above Index

^[24]

525.00%

Par/Shares

^[22]

$ 893

Cost

836

Investments at fair value

^[22]

$ 841

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name CF512, Inc. Maturity 8/20/2026 Industry Media Current Coupon 11.60% Basis Point Spread Above Index SOFR+600

Schedule Of Investments [Line Items]

Maturity / Expiration

Aug. 20, 2026

Industry

Media

Current Coupon

11.60%

Basis Point Spread Above Index

^[24]

SOFR+600

Basis Point Spread Above Index

^[24]

600.00%

Par/Shares

^[22]

$ 2,921

Cost

2,901

Investments at fair value

^[22]

$ 2,862

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Cartessa Aesthetics, LLC Maturity 6/14/2028 Industry Distribution Current Coupon 11.39% Basis Point Spread Above Index SOFR+600

Schedule Of Investments [Line Items]

Maturity / Expiration

Jun. 14, 2028

Industry

Distribution

Current Coupon

11.39%

Basis Point Spread Above Index

^[24]

SOFR+600

Basis Point Spread Above Index

^[24]

600.00%

Par/Shares

^[22]

$ 17,281

Cost

17,013

Investments at fair value

^[22]

$ 17,281

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Connatix Buyer, Inc. Maturity 7/13/2027 Industry Media Current Coupon 11.16% Basis Point Spread Above Index SOFR+550

Schedule Of Investments [Line Items]

Maturity / Expiration

Jul. 13, 2027

Industry

Media

Current Coupon

11.16%

Basis Point Spread Above Index

^[24]

SOFR+550

Basis Point Spread Above Index

^[24]

550.00%

Par/Shares

^[22]

$ 8,808

Cost

8,792

Investments at fair value

^[22]

$ 8,500

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Crane 1 Services, Inc. Maturity 8/16/2027 Industry Personal, Food and Miscellaneous Services Current Coupon 10.90% Basis Point Spread Above Index SOFR+575

Schedule Of Investments [Line Items]

Maturity / Expiration

Aug. 16, 2027

Industry

Personal, Food and Miscellaneous Services

Current Coupon

10.90%

Basis Point Spread Above Index

^[24]

SOFR+575

Basis Point Spread Above Index

^[24]

575.00%

Par/Shares

^[22]

$ 2,575

Cost

2,550

Investments at fair value

^[22]

$ 2,562

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name DRI Holding Inc. Maturity 12/21/2028 Industry Media Current Coupon 10.67% Basis Point Spread Above Index SOFR+525

Schedule Of Investments [Line Items]

Maturity / Expiration

Dec. 21, 2028

Industry

Media

Current Coupon

10.67%

Basis Point Spread Above Index

^[24]

SOFR+525

Basis Point Spread Above Index

^[24]

525.00%

Par/Shares

^[22]

$ 4,382

Cost

3,959

Investments at fair value

^[22]

$ 3,993

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name DRS Holdings III, Inc. Maturity 11/3/2025 Industry Consumer Products Current Coupon 11.77% Basis Point Spread Above Index SOFR+640

Schedule Of Investments [Line Items]

Maturity / Expiration

Nov. 03, 2025

Industry

Consumer Products

Current Coupon

11.77%

Basis Point Spread Above Index

^[24]

SOFR+640

Basis Point Spread Above Index

^[24]

640.00%

Par/Shares

^[22]

$ 14,395

Cost

14,345

Investments at fair value

^[22]

$ 14,222

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Dr. Squatch, LLC Maturity 8/31/2027 Industry Personal and Non-Durable Consumer Product Current Coupon 11.24% Basis Point Spread Above Index SOFR+575

Schedule Of Investments [Line Items]

Maturity / Expiration

Aug. 31, 2027

Industry

Personal and Non-Durable Consumer Products

Current Coupon

11.24%

Basis Point Spread Above Index

^[24]

SOFR+575

Basis Point Spread Above Index

^[24]

575.00%

Par/Shares

^[22]

$ 10,882

Cost

10,834

Investments at fair value

^[22]

$ 10,882

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Duraco Specialty Tapes LLC Maturity 6/30/2024 Industry Manufacturing / Basic Industries Current Coupon 11.93% Basis Point Spread Above Index SOFR+650

Schedule Of Investments [Line Items]

Maturity / Expiration

Jun. 30, 2024

Industry

Manufacturing / Basic Industries

Current Coupon

11.93%

Basis Point Spread Above Index

^[24]

SOFR+650

Basis Point Spread Above Index

^[24]

650.00%

Par/Shares

^[22]

$ 8,635

Cost

8,561

Investments at fair value

^[22]

$ 8,505

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name EDS Buyer, LLC Maturity 1/10/2029 Industry Aerospace and Defense Current Coupon 11.64% Basis Point Spread Above Index SOFR+625

Schedule Of Investments [Line Items]

Maturity / Expiration

Jan. 10, 2029

Industry

Aerospace and Defense

Current Coupon

11.64%

Basis Point Spread Above Index

^[24]

SOFR+625

Basis Point Spread Above Index

^[24]

625.00%

Par/Shares

^[22]

$ 6,219

Cost

6,148

Investments at fair value

^[22]

$ 6,125

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name ETE Intermediate II, LLC Maturity 5/29/2029 Industry Personal, Food and Miscellaneous Services Current Coupon 11.89% Basis Point Spread Above Index SOFR+650

Schedule Of Investments [Line Items]

Maturity / Expiration

May 29, 2029

Industry

Personal, Food and Miscellaneous Services

Current Coupon

11.89%

Basis Point Spread Above Index

^[24]

SOFR+650

Basis Point Spread Above Index

^[24]

650.00%

Par/Shares

^[22]

$ 12,404

Cost

12,171

Investments at fair value

^[22]

$ 12,193

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Electro Rent Corporation Maturity 1/17/2024 Industry Electronics Current Coupon 10.93% Basis Point Spread Above Index SOFR+550

Schedule Of Investments [Line Items]

Maturity / Expiration

Jan. 17, 2024

Industry

Electronics

Current Coupon

10.93%

Basis Point Spread Above Index

^[24]

SOFR+550

Basis Point Spread Above Index

^[24]

550.00%

Par/Shares

^[22]

$ 3,712

Cost

3,665

Investments at fair value

^[22]

$ 3,632

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Exigo Intermediate II, LLC Maturity 3/15/2027 Industry Business Services Current Coupon 11.17% Basis Point Spread Above Index SOFR+575

Schedule Of Investments [Line Items]

Maturity / Expiration

Mar. 15, 2027

Industry

Business Services

Current Coupon

11.17%

Basis Point Spread Above Index

^[24]

SOFR+575

Basis Point Spread Above Index

^[24]

575.00%

Par/Shares

^[22]

$ 9,750

Cost

9,637

Investments at fair value

^[22]

$ 9,555

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Fairbanks Morse Defense Maturity 6/17/2028 Industry Aerospace and Defense Current Coupon 10.40% Basis Point Spread Above Index SOFR+475

Schedule Of Investments [Line Items]

Maturity / Expiration

Jun. 17, 2028

Industry

Aerospace and Defense

Current Coupon

10.40%

Basis Point Spread Above Index

^[24]

SOFR+475

Basis Point Spread Above Index

^[24]

475.00%

Par/Shares

^[22]

$ 1,518

Cost

1,470

Investments at fair value

^[22]

$ 1,506

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Five Star Buyer, Inc. Maturity 2/23/2028 Industry Hotels, Motels, Inns and Gaming Current Coupon 12.43% Basis Point Spread Above Index SOFR+700

Schedule Of Investments [Line Items]

Maturity / Expiration

Feb. 23, 2028

Industry

Hotels, Motels, Inns and Gaming

Current Coupon

12.43%

Basis Point Spread Above Index

^[24]

SOFR+700

Basis Point Spread Above Index

^[24]

700.00%

Par/Shares

^[22]

$ 4,373

Cost

4,291

Investments at fair value

^[22]

$ 4,307

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Global Holdings InterCo LLC Maturity 3/16/2026 Industry Banking, Finance, Insurance & Real Estate Current Coupon 11.96% Basis Point Spread Above Index SOFR+650

Schedule Of Investments [Line Items]

Maturity / Expiration

Mar. 16, 2026

Industry

Banking, Finance, Insurance & Real Estate

Current Coupon

11.96%

Basis Point Spread Above Index

^[24]

SOFR+650

Basis Point Spread Above Index

^[24]

650.00%

Par/Shares

^[22]

$ 7,027

Cost

7,008

Investments at fair value

^[22]

$ 6,676

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Graffiti Buyer, Inc. Maturity 8/10/2027 Industry Distribution Current Coupon 10.99% Basis Point Spread Above Index SOFR+575

Schedule Of Investments [Line Items]

Maturity / Expiration

Aug. 10, 2027

Industry

Distribution

Current Coupon

10.99%

Basis Point Spread Above Index

^[24]

SOFR+575

Basis Point Spread Above Index

^[24]

575.00%

Par/Shares

^[22]

$ 1,954

Cost

1,925

Investments at fair value

^[22]

$ 1,935

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name HV Watterson Holdings, LLC Maturity 12/17/2026 Industry Business Services Current Coupon 11.79% Basis Point Spread Above Index SOFR+600

Schedule Of Investments [Line Items]

Maturity / Expiration

Dec. 17, 2026

Industry

Business Services

Current Coupon

11.79%

Basis Point Spread Above Index

^[24]

SOFR+600

Basis Point Spread Above Index

^[24]

600.00%

Par/Shares

^[22]

$ 15,140

Cost

14,974

Investments at fair value

^[22]

$ 15,110

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name HW Holdco, LLC Maturity 12/10/2024 Industry Media Current Coupon 11.70% Basis Point Spread Above Index SOFR+625

Schedule Of Investments [Line Items]

Maturity / Expiration

Dec. 10, 2024

Industry

Media

Current Coupon

11.70%

Basis Point Spread Above Index

^[24]

SOFR+625

Basis Point Spread Above Index

^[24]

625.00%

Par/Shares

^[22]

$ 14,250

Cost

14,171

Investments at fair value

^[22]

$ 14,036

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Hancock Roofing and Construction L.L.C. Maturity 12/31/2026 Industry Insurance Current Coupon 10.93% Basis Point Spread Above Index SOFR+550

Schedule Of Investments [Line Items]

Maturity / Expiration

Dec. 31, 2026

Industry

Insurance

Current Coupon

10.93%

Basis Point Spread Above Index

^[24]

SOFR+550

Basis Point Spread Above Index

^[24]

550.00%

Par/Shares

^[22]

$ 6,423

Cost

6,423

Investments at fair value

^[22]

$ 6,262

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Holdco Sands Intermediate, LLC Maturity 11/23/2028 Industry Aerospace and Defense Current Coupon 11.32% Basis Point Spread Above Index SOFR+600

Schedule Of Investments [Line Items]

Maturity / Expiration

Nov. 23, 2028

Industry

Aerospace and Defense

Current Coupon

11.32%

Basis Point Spread Above Index

^[24]

SOFR+600

Basis Point Spread Above Index

^[24]

600.00%

Par/Shares

^[22]

$ 19,717

Cost

19,388

Investments at fair value

^[22]

$ 19,717

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name IG Investments Holdings, LLC Maturity 9/22/2028 Industry Business Services Current Coupon 11.45% Basis Point Spread Above Index SOFR+600

Schedule Of Investments [Line Items]

Maturity / Expiration

Sep. 22, 2028

Industry

Business Services

Current Coupon

11.45%

Basis Point Spread Above Index

^[24]

SOFR+600

Basis Point Spread Above Index

^[24]

600.00%

Par/Shares

^[22]

$ 4,428

Cost

4,355

Investments at fair value

^[22]

$ 4,362

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Imagine Acquisitionco, LLC Maturity 11/15/2027 Industry Business Services Current Coupon 10.72% Basis Point Spread Above Index SOFR+550

Schedule Of Investments [Line Items]

Maturity / Expiration

Nov. 15, 2027

Industry

Business Services

Current Coupon

10.72%

Basis Point Spread Above Index

^[24]

SOFR+550

Basis Point Spread Above Index

^[24]

550.00%

Par/Shares

^[22]

$ 5,565

Cost

5,481

Investments at fair value

^[22]

$ 5,482

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Inception Fertility Ventures, LLC Maturity 12/31/2024 Industry Healthcare, Education and Childcare Current Coupon 12.50% Basis Point Spread Above Index SOFR+715

Schedule Of Investments [Line Items]

Maturity / Expiration

Dec. 31, 2024

Industry

Healthcare, Education and Childcare

Current Coupon

12.50%

Basis Point Spread Above Index

^[24]

SOFR+715

Basis Point Spread Above Index

^[24]

715.00%

Par/Shares

^[22]

$ 19,737

Cost

19,410

Investments at fair value

^[22]

$ 19,737

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Infinity Home Services Holdco, Inc. Maturity 12/28/2028 Industry Personal, Food and Miscellaneous Services Current Coupon 12.24% Basis Point Spread Above Index SOFR+685

Schedule Of Investments [Line Items]

Maturity / Expiration

Dec. 28, 2028

Industry

Personal, Food and Miscellaneous Services

Current Coupon

12.24%

Basis Point Spread Above Index

^[24]

SOFR+685

Basis Point Spread Above Index

^[24]

685.00%

Par/Shares

^[22]

$ 11,053

Cost

10,867

Investments at fair value

^[22]

$ 11,053

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Infolinks Media Buyco, LLC Maturity 11/1/2026 Industry Media Current Coupon 11.17% Basis Point Spread Above Index SOFR+575

Schedule Of Investments [Line Items]

Maturity / Expiration

Nov. 01, 2026

Industry

Media

Current Coupon

11.17%

Basis Point Spread Above Index

^[24]

SOFR+575

Basis Point Spread Above Index

^[24]

575.00%

Par/Shares

^[22]

$ 6,364

Cost

6,364

Investments at fair value

^[22]

$ 6,364

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Integrity Marketing Acquisition, LLC Maturity 8/27/2026 Industry Insurance Current Coupon 11.57% Basis Point Spread Above Index SOFR+575

Schedule Of Investments [Line Items]

Maturity / Expiration

Aug. 27, 2026

Industry

Insurance

Current Coupon

11.57%

Basis Point Spread Above Index

^[24]

SOFR+575

Basis Point Spread Above Index

^[24]

575.00%

Par/Shares

^[22]

$ 19,701

Cost

19,639

Investments at fair value

^[22]

$ 19,504

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name K2 Pure Solutions NoCal, L.P. Maturity 12/20/2023 Industry Chemicals, Plastics and Rubber Current Coupon 13.42% Basis Point Spread Above Index SOFR+800

Schedule Of Investments [Line Items]

Maturity / Expiration

Dec. 20, 2023

Industry

Chemicals, Plastics and Rubber

Current Coupon

13.42%

Basis Point Spread Above Index

^[24]

SOFR+800

Basis Point Spread Above Index

^[24]

800.00%

Par/Shares

^[22]

$ 12,061

Cost

12,040

Investments at fair value

^[22]

$ 12,061

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Kinetic Purchaser, LLC Maturity 11/10/2027 Industry Consumer Products, Current Coupon 11.54% Basis Point Spread Above Index SOFR+615

Schedule Of Investments [Line Items]

Maturity / Expiration

Nov. 10, 2027

Industry

Consumer Products

Current Coupon

11.54%

Basis Point Spread Above Index

^[24]

SOFR+615

Basis Point Spread Above Index

^[24]

615.00%

Par/Shares

^[22]

$ 16,920

Cost

16,641

Investments at fair value

^[22]

$ 16,666

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name LAV Gear Holdings, Inc. Maturity 10/31/2024 Industry Leisure, Amusement, Motion Pictures, Entertainment Current Coupon 11.46% Basis Point Spread Above Index SOFR+565

Schedule Of Investments [Line Items]

Maturity / Expiration

Oct. 31, 2024

Industry

Leisure, Amusement, Motion Pictures, Entertainment

Current Coupon

11.46%

Basis Point Spread Above Index

^[24]

SOFR+565

Basis Point Spread Above Index

^[24]

565.00%

Par/Shares

^[22]

$ 4,658

Cost

4,631

Investments at fair value

^[22]

$ 4,603

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name LJ Avalon Holdings, LLC Maturity 1/31/2030 Industry Environmental Services Current Coupon 11.77% Basis Point Spread Above Index SOFR+665

Schedule Of Investments [Line Items]

Maturity / Expiration

Jan. 31, 2030

Industry

Environmental Services

Current Coupon

11.77%

Basis Point Spread Above Index

^[24]

SOFR+665

Basis Point Spread Above Index

^[24]

665.00%

Par/Shares

^[22]

$ 6,318

Cost

6,206

Investments at fair value

^[22]

$ 6,192

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Lash OpCo, LLC Maturity 2/18/2027 Industry Consumer Products Current Coupon 12.13% Basis Point Spread Above Index SOFR+700

Schedule Of Investments [Line Items]

Maturity / Expiration

Feb. 18, 2027

Industry

Consumer Products

Current Coupon

12.13%

Basis Point Spread Above Index

^[24]

SOFR+700

Basis Point Spread Above Index

^[24]

700.00%

Par/Shares

^[22]

$ 19,723

Cost

19,565

Investments at fair value

^[22]

$ 19,526

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Lightspeed Buyer Inc. Maturity 2/3/2026 Industry Healthcare, Education and Childcare Current Coupon 10.67% Basis Point Spread Above Index SOFR+575

Schedule Of Investments [Line Items]

Maturity / Expiration

Feb. 03, 2026

Industry

Healthcare, Education and Childcare

Current Coupon

10.67%

Basis Point Spread Above Index

^[24]

SOFR+575

Basis Point Spread Above Index

^[24]

575.00%

Par/Shares

^[22]

$ 12,218

Cost

12,056

Investments at fair value

^[22]

$ 12,096

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name MAG DS Corp. Maturity 4/1/2027 Industry Aerospace and Defense Current Coupon 10.99% Basis Point Spread Above Index SOFR+550

Schedule Of Investments [Line Items]

Maturity / Expiration

Apr. 01, 2027

Industry

Aerospace and Defense

Current Coupon

10.99%

Basis Point Spread Above Index

^[24]

SOFR+550

Basis Point Spread Above Index

^[24]

550.00%

Par/Shares

^[22]

$ 7,601

Cost

7,153

Investments at fair value

^[22]

$ 7,202

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name MBS Holdings, Inc. Maturity 4/16/2027 Industry Telecommunications Current Coupon 11.22% Basis Point Spread Above Index SOFR+575

Schedule Of Investments [Line Items]

Maturity / Expiration

Apr. 16, 2027

Industry

Telecommunications

Current Coupon

11.22%

Basis Point Spread Above Index

^[24]

SOFR+575

Basis Point Spread Above Index

^[24]

575.00%

Par/Shares

^[22]

$ 7,859

Cost

7,780

Investments at fair value

^[22]

$ 7,749

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Magenta Buyer, LLC Maturity 7/31/2028 Industry Software Current Coupon 10.63% Basis Point Spread Above Index SOFR+500

Schedule Of Investments [Line Items]

Maturity / Expiration

Jul. 31, 2028

Industry

Software

Current Coupon

10.63%

Basis Point Spread Above Index

^[24]

SOFR+500

Basis Point Spread Above Index

^[24]

500.00%

Par/Shares

^[22]

$ 3,785

Cost

3,550

Investments at fair value

^[22]

$ 2,805

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Mars Acquisition Holdings Corp. Maturity 5/14/2026 Industry Media Current Coupon 11.04% Basis Point Spread Above Index SOFR+550

Schedule Of Investments [Line Items]

Maturity / Expiration

May 14, 2026

Industry

Media

Current Coupon

11.04%

Basis Point Spread Above Index

^[24]

SOFR+550

Basis Point Spread Above Index

^[24]

550.00%

Par/Shares

^[22]

$ 10,885

Cost

10,811

Investments at fair value

^[22]

$ 10,776

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Meadowlark Acquirer, LLC Maturity 12/10/2027 Industry Business Services Current Coupon 10.58% Basis Point Spread Above Index SOFR+550

Schedule Of Investments [Line Items]

Maturity / Expiration

Dec. 10, 2027

Industry

Business Services

Current Coupon

10.58%

Basis Point Spread Above Index

^[24]

SOFR+550

Basis Point Spread Above Index

^[24]

550.00%

Par/Shares

^[22]

$ 2,958

Cost

2,911

Investments at fair value

^[22]

$ 2,884

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Municipal Emergency Services, Inc. Maturity 10/01/2027 Industry Distribution Current Coupon 11.04% Basis Point Spread Above Index SOFR+550

Schedule Of Investments [Line Items]

Maturity / Expiration

Oct. 01, 2027

Industry

Distribution

Current Coupon

11.04%

Basis Point Spread Above Index

^[24]

SOFR+550

Basis Point Spread Above Index

^[24]

550.00%

Par/Shares

^[22]

$ 5,975

Cost

5,860

Investments at fair value

^[22]

$ 5,843

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name NBH Group LLC Maturity 8/19/2026 Industry Healthcare, Education and Childcare Current Coupon 10.93% Basis Point Spread Above Index SOFR+525

Schedule Of Investments [Line Items]

Maturity / Expiration

Aug. 19, 2026

Industry

Healthcare, Education and Childcare

Current Coupon

10.93%

Basis Point Spread Above Index

^[24]

SOFR+525

Basis Point Spread Above Index

^[24]

525.00%

Par/Shares

^[22]

$ 7,429

Cost

7,369

Investments at fair value

^[22]

$ 7,280

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Neptune Flood Incorporated Maturity 05/09/2029 Industry Financial Services, Current Coupon 11.97% Basis Point Spread Above Index SOFR+660

Schedule Of Investments [Line Items]

Maturity / Expiration

May 09, 2029

Industry

Financial Services

Current Coupon

11.97%

Basis Point Spread Above Index

^[24]

SOFR+660

Basis Point Spread Above Index

^[24]

660.00%

Par/Shares

^[22]

$ 8,020

Cost

7,910

Investments at fair value

^[22]

$ 8,020

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name One Stop Mailing, LLC Maturity 5/7/2027 Industry Transportation Current Coupon 11.68% Basis Point Spread Above Index SOFR+625

Schedule Of Investments [Line Items]

Maturity / Expiration

May 07, 2027

Industry

Transportation

Current Coupon

11.68%

Basis Point Spread Above Index

^[24]

SOFR+625

Basis Point Spread Above Index

^[24]

625.00%

Par/Shares

^[22]

$ 8,470

Cost

8,311

Investments at fair value

^[22]

$ 8,470

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Owl Acquisition, LLC Maturity 2/4/2028 Industry Education Current Coupon 10.80% Basis Point Spread Above Index SOFR+575

Schedule Of Investments [Line Items]

Maturity / Expiration

Feb. 04, 2028

Industry

Education

Current Coupon

10.80%

Basis Point Spread Above Index

^[24]

SOFR+575

Basis Point Spread Above Index

^[24]

575.00%

Par/Shares

^[22]

$ 3,893

Cost

3,794

Investments at fair value

^[22]

$ 3,834

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Ox Two, LLC (New Issue) Maturity 5/18/2026 Industry Distribution Current Coupon 12.90% Basis Point Spread Above Index SOFR+725

Schedule Of Investments [Line Items]

Maturity / Expiration

May 18, 2026

Industry

Distribution

Current Coupon

12.90%

Basis Point Spread Above Index

^[24]

SOFR+725

Basis Point Spread Above Index

^[24]

725.00%

Par/Shares

^[22]

$ 4,378

Cost

4,343

Investments at fair value

^[22]

$ 4,301

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name PL Acquisitionco, LLC Maturity 11/9/2027 Industry Retail Current Coupon 12.42% Basis Point Spread Above Index SOFR+700

Schedule Of Investments [Line Items]

Maturity / Expiration

Nov. 09, 2027

Industry

Retail

Current Coupon

12.42%

Basis Point Spread Above Index

^[24]

SOFR+700

Basis Point Spread Above Index

^[24]

700.00%

Par/Shares

^[22]

$ 7,930

Cost

7,818

Investments at fair value

^[22]

$ 7,137

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Pequod Merger Sub, Inc. Maturity 12/2/2026 Industry Banking, Finance, Insurance & Real Estate Current Coupon 11.79% Basis Point Spread Above Index SOFR+640

Schedule Of Investments [Line Items]

Maturity / Expiration

Dec. 02, 2026

Industry

Banking, Finance, Insurance & Real Estate

Current Coupon

11.79%

Basis Point Spread Above Index

^[24]

SOFR+640

Basis Point Spread Above Index

^[24]

640.00%

Par/Shares

^[22]

$ 11,474

Cost

11,267

Investments at fair value

^[22]

$ 11,244

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name PlayPower, Inc. Maturity 5/8/2026 Industry Consumer Products Current Coupon 10.92% Basis Point Spread Above Index SOFR+565

Schedule Of Investments [Line Items]

Maturity / Expiration

May 08, 2026

Industry

Consumer Products

Current Coupon

10.92%

Basis Point Spread Above Index

^[24]

SOFR+565

Basis Point Spread Above Index

^[24]

565.00%

Par/Shares

^[22]

$ 2,551

Cost

2,481

Investments at fair value

^[22]

$ 2,436

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Quantic Electronics, LLC Maturity 11/19/2026 Industry Aerospace and Defense Current Coupon 11.74% Basis Point Spread Above Index SOFR+625

Schedule Of Investments [Line Items]

Maturity / Expiration

Nov. 19, 2026

Industry

Aerospace and Defense

Current Coupon

11.74%

Basis Point Spread Above Index

^[24]

SOFR+625

Basis Point Spread Above Index

^[24]

625.00%

Par/Shares

^[22]

$ 3,314

Cost

3,267

Investments at fair value

^[22]

$ 3,264

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Radius Aerospace, Inc. Maturity 3/31/2025 Industry Aerospace and Defense Current Coupon 11.29% Basis Point Spread Above Index SOFR+575

Schedule Of Investments [Line Items]

Maturity / Expiration

Mar. 31, 2025

Industry

Aerospace and Defense

Current Coupon

11.29%

Basis Point Spread Above Index

^[24]

SOFR+575

Basis Point Spread Above Index

^[24]

575.00%

Par/Shares

^[22]

$ 12,703

Cost

12,641

Investments at fair value

^[22]

$ 12,576

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Rancho Health MSO, Inc. Maturity 12/18/2025 Industry Healthcare, Education and Childcare Current Coupon 11.22% Basis Point Spread Above Index SOFR+550

Schedule Of Investments [Line Items]

Maturity / Expiration

Dec. 18, 2025

Industry

Healthcare, Education and Childcare

Current Coupon

11.22%

Basis Point Spread Above Index

^[24]

SOFR+550

Basis Point Spread Above Index

^[24]

550.00%

Par/Shares

^[22]

$ 5,603

Cost

5,603

Investments at fair value

^[22]

$ 5,603

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Reception Purchaser, LLC Maturity 4/28/2028 Industry Transportation Current Coupon 11.54% Basis Point Spread Above Index SOFR+600

Schedule Of Investments [Line Items]

Maturity / Expiration

Apr. 28, 2028

Industry

Transportation

Current Coupon

11.54%

Basis Point Spread Above Index

^[24]

SOFR+600

Basis Point Spread Above Index

^[24]

600.00%

Par/Shares

$ 5,000

Cost

4,937

Investments at fair value

^[22]

$ 4,800

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Recteq, LLC Maturity 1/29/2026 Industry Consumer Products Current Coupon 12.54% Basis Point Spread Above Index SOFR+700

Schedule Of Investments [Line Items]

Maturity / Expiration

Jan. 29, 2026

Industry

Consumer Products

Current Coupon

12.54%

Basis Point Spread Above Index

^[24]

SOFR+700

Basis Point Spread Above Index

^[24]

700.00%

Par/Shares

$ 9,750

Cost

9,655

Investments at fair value

^[22]

$ 9,458

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Research Now Group, LLC and Dynata, LLC Maturity 12/20/2024 Industry Business Services Current Coupon 11.13% Basis Point Spread Above Index SOFR+550

Schedule Of Investments [Line Items]

Maturity / Expiration

Dec. 20, 2024

Industry

Business Services

Current Coupon

11.13%

Basis Point Spread Above Index

^[24]

SOFR+550

Basis Point Spread Above Index

^[24]

550.00%

Par/Shares

$ 14,389

Cost

14,332

Investments at fair value

^[22]

$ 12,591

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Riverpoint Medical, LLC Maturity 6/20/2025 Industry Healthcare, Education and Childcare Current Coupon 10.54% Basis Point Spread Above Index SOFR+575

Schedule Of Investments [Line Items]

Maturity / Expiration

Jun. 20, 2025

Industry

Healthcare, Education and Childcare

Current Coupon

10.54%

Basis Point Spread Above Index

^[24]

SOFR+575

Basis Point Spread Above Index

^[24]

575.00%

Par/Shares

$ 3,176

Cost

3,162

Investments at fair value

^[22]

$ 3,131

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Riverside Assessments, LLC Maturity 3/10/2025 Industry Education Current Coupon 11.29% Basis Point Spread Above Index SOFR+625

Schedule Of Investments [Line Items]

Maturity / Expiration

Mar. 10, 2025

Industry

Education

Current Coupon

11.29%

Basis Point Spread Above Index

^[24]

SOFR+625

Basis Point Spread Above Index

^[24]

625.00%

Par/Shares

$ 10,895

Cost

10,834

Investments at fair value

^[23]

$ 10,786

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) Maturity 6/16/2029 Industry Professional Services Current Coupon 11.52% Basis Point Spread Above Index SOFR+625

Schedule Of Investments [Line Items]

Maturity / Expiration

Jun. 16, 2029

Industry

Professional Services

Current Coupon

11.52%

Basis Point Spread Above Index

^[24]

SOFR+625

Basis Point Spread Above Index

^[24]

625.00%

Par/Shares

$ 3,749

Cost

3,678

Investments at fair value

^[23]

$ 3,692

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name STV Group Incorporated Maturity 12/11/2026 Industry Transportation Current Coupon 10.67% Basis Point Spread Above Index SOFR+525

Schedule Of Investments [Line Items]

Maturity / Expiration

Dec. 11, 2026

Industry

Transportation

Current Coupon

10.67%

Basis Point Spread Above Index

^[24]

SOFR+525

Basis Point Spread Above Index

^[24]

525.00%

Par/Shares

$ 12,099

Cost

12,045

Investments at fair value

^[23]

$ 11,857

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Sales Benchmark Index LLC Maturity 1/3/2025 Industry Business Services Current Coupon 11.59% Basis Point Spread Above Index SOFR+600

Schedule Of Investments [Line Items]

Maturity / Expiration

Jan. 03, 2025

Industry

Business Services

Current Coupon

11.59%

Basis Point Spread Above Index

^[24]

SOFR+600

Basis Point Spread Above Index

^[24]

600.00%

Par/Shares

$ 6,859

Cost

6,815

Investments at fair value

^[23]

$ 6,825

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Sargent & Greenleaf Inc. Maturity 12/20/2024 Industry Electronics Current Coupon 12.92% Basis Point Spread Above Index SOFR+750

Schedule Of Investments [Line Items]

Maturity / Expiration

Dec. 20, 2024

Industry

Electronics

Current Coupon

12.92%

Basis Point Spread Above Index

^[24]

SOFR+750

Basis Point Spread Above Index

^[24]

750.00%

Par/Shares

$ 4,872

Cost

4,872

Investments at fair value

^[23]

$ 4,823

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Seaway Buyer, LLC Maturity 6/13/2029 Industry Chemicals, Plastics and Rubber Current Coupon 11.54% Basis Point Spread Above Index SOFR+605

Schedule Of Investments [Line Items]

Maturity / Expiration

Jun. 13, 2029

Industry

Chemicals, Plastics and Rubber

Current Coupon

11.54%

Basis Point Spread Above Index

^[24]

SOFR+605

Basis Point Spread Above Index

^[24]

605.00%

Par/Shares

$ 14,850

Cost

14,633

Investments at fair value

^[23]

$ 14,405

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Signature Systems Holding Company Maturity 5/3/2024 Industry Chemicals, Plastics and Rubber Current Coupon 12.04% Basis Point Spread Above Index SOFR+650

Schedule Of Investments [Line Items]

Maturity / Expiration

May 03, 2024

Industry

Chemicals, Plastics and Rubber

Current Coupon

12.04%

Basis Point Spread Above Index

^[24]

SOFR+650

Basis Point Spread Above Index

^[24]

650.00%

Par/Shares

$ 11,201

Cost

11,173

Investments at fair value

^[23]

$ 11,201

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Skopima Consilio Parent, LLC Maturity 5/17/2028 Industry Business Services Current Coupon 9.93% Basis Point Spread Above Index SOFR+450

Schedule Of Investments [Line Items]

Maturity / Expiration

May 17, 2028

Industry

Business Services

Current Coupon

9.93%

Basis Point Spread Above Index

^[24]

SOFR+450

Basis Point Spread Above Index

^[24]

450.00%

Par/Shares

$ 1,300

Cost

1,274

Investments at fair value

^[23]

$ 1,272

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Solutionreach, Inc. Maturity 7/17/2025 Industry Communication Current Coupon 12.37% Basis Point Spread Above Index SOFR+700

Schedule Of Investments [Line Items]

Maturity / Expiration

Jul. 17, 2025

Industry

Communications

Current Coupon

12.37%

Basis Point Spread Above Index

^[24]

SOFR+700

Basis Point Spread Above Index

^[24]

700.00%

Par/Shares

$ 9,239

Cost

9,206

Investments at fair value

^[23]

$ 9,202

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name SpendMend Holdings. LLC Maturity 3/1/2028 Industry Business Services Current Coupon 11.04% Basis Point Spread Above Index SOFR+575

Schedule Of Investments [Line Items]

Maturity / Expiration

Mar. 01, 2028

Industry

Business Services

Current Coupon

11.04%

Basis Point Spread Above Index

^[24]

SOFR+575

Basis Point Spread Above Index

^[24]

575.00%

Par/Shares

$ 9,607

Cost

9,352

Investments at fair value

^[23]

$ 9,396

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Summit Behavioral Healthcare, LLC Maturity 11/24/2028 Industry Healthcare, Education and Childcare Current Coupon 10.43% Basis Point Spread Above Index SOFR+475

Schedule Of Investments [Line Items]

Maturity / Expiration

Nov. 24, 2028

Industry

Healthcare, Education and Childcare

Current Coupon

10.43%

Basis Point Spread Above Index

^[24]

SOFR+475

Basis Point Spread Above Index

^[24]

475.00%

Par/Shares

$ 3,572

Cost

3,389

Investments at fair value

^[23]

$ 3,559

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC) Maturity 8/16/2027 Aerospace and Defense Current Coupon 11.49% Basis Point Spread Above Index SOFR+600

Schedule Of Investments [Line Items]

Maturity / Expiration

Aug. 16, 2027

Industry

Aerospace and Defense

Current Coupon

11.49%

Basis Point Spread Above Index

^[24]

SOFR+600

Basis Point Spread Above Index

^[24]

600.00%

Par/Shares

$ 15,966

Cost

15,695

Investments at fair value

^[23]

$ 15,790

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name TPC Canada Parent, Inc. and TPC US Parent, LLC Maturity 11/24/2025 Industry Food Current Coupon 10.68% Basis Point Spread Above Index SOFR+550

Schedule Of Investments [Line Items]

Maturity / Expiration

Nov. 24, 2025

Industry

Food

Current Coupon

10.68%

Basis Point Spread Above Index

^[24]

SOFR+550

Basis Point Spread Above Index

^[24]

550.00%

Par/Shares

$ 5,479

Cost

5,378

Investments at fair value

^[23]

$ 5,479

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name TWS Acquisition Corporation Maturity 6/06/2025 Industry Education Current Coupon 11.80% Basis Point Spread Above Index SOFR+625

Schedule Of Investments [Line Items]

Maturity / Expiration

Jun. 06, 2025

Industry

Education

Current Coupon

11.80%

Basis Point Spread Above Index

^[24]

SOFR+625

Basis Point Spread Above Index

^[24]

625.00%

Par/Shares

$ 7,177

Cost

7,161

Investments at fair value

^[23]

$ 7,177

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Team Services Group, LLC Maturity 11/24/2028 Healthcare, Education and Childcare Current Coupon 10.75% Basis Point Spread Above Index SOFR+515

Schedule Of Investments [Line Items]

Maturity / Expiration

Nov. 24, 2028

Industry

Healthcare, Education and Childcare

Current Coupon

10.75%

Basis Point Spread Above Index

^[24]

SOFR+515

Basis Point Spread Above Index

^[24]

515.00%

Par/Shares

$ 2,688

Cost

2,584

Investments at fair value

^[23]

$ 2,627

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Teneo Holdings LLC Maturity 7/18/2025 Industry Financial Services Current Coupon 10.67% Basis Point Spread Above Index SOFR+525

Schedule Of Investments [Line Items]

Maturity / Expiration

Jul. 18, 2025

Industry

Financial Services

Current Coupon

10.67%

Basis Point Spread Above Index

^[24]

SOFR+525

Basis Point Spread Above Index

^[24]

525.00%

Par/Shares

$ 2,936

Cost

2,927

Investments at fair value

^[23]

$ 2,931

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name The Aegis Technologies Group, LLC Maturity 10/31/2025 Industry Aerospace and Defense Current Coupon 12.04% Basis Point Spread Above Index SOFR+650

Schedule Of Investments [Line Items]

Maturity / Expiration

Oct. 31, 2025

Industry

Aerospace and Defense

Current Coupon

12.04%

Basis Point Spread Above Index

^[24]

SOFR+650

Basis Point Spread Above Index

^[24]

650.00%

Par/Shares

$ 11,095

Cost

11,008

Investments at fair value

^[23]

$ 10,929

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name The Bluebird Group LLC Maturity 7/27/2026 Industry Business Services Current Coupon 12.79% Basis Point Spread Above Index SOFR+725

Schedule Of Investments [Line Items]

Maturity / Expiration

Jul. 27, 2026

Industry

Business Services

Current Coupon

12.79%

Basis Point Spread Above Index

^[24]

SOFR+725

Basis Point Spread Above Index

^[24]

725.00%

Par/Shares

$ 7,855

Cost

7,872

Investments at fair value

^[23]

$ 7,823

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name The Vertex Companies, LLC Maturity 8/31/2027 Industry Business Services Current Coupon 11.70% Basis Point Spread Above Index SOFR+635

Schedule Of Investments [Line Items]

Maturity / Expiration

Aug. 31, 2027

Industry

Business Services

Current Coupon

11.70%

Basis Point Spread Above Index

^[24]

SOFR+635

Basis Point Spread Above Index

^[24]

635.00%

Par/Shares

$ 7,690

Cost

7,596

Investments at fair value

^[23]

$ 7,628

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Tyto Athene, LLC Maturity 4/3/2028 Industry Aerospace and Defense Current Coupon 10.90% Basis Point Spread Above Index SOFR+550

Schedule Of Investments [Line Items]

Maturity / Expiration

Apr. 03, 2028

Industry

Aerospace and Defense

Current Coupon

10.90%

Basis Point Spread Above Index

^[24]

SOFR+550

Basis Point Spread Above Index

^[24]

550.00%

Par/Shares

$ 11,393

Cost

11,285

Investments at fair value

^[23]

$ 10,391

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Urology Management Holdings. Inc. Maturity 6/15/2026 Industry Healthcare, Education and Childcare Current Coupon 11.79% Basis Point Spread Above Index SOFR+625

Schedule Of Investments [Line Items]

Maturity / Expiration

Jun. 15, 2026

Industry

Healthcare, Education and Childcare

Current Coupon

11.79%

Basis Point Spread Above Index

^[24]

SOFR+625

Basis Point Spread Above Index

^[24]

625.00%

Par/Shares

$ 3,860

Cost

3,792

Investments at fair value

^[23]

$ 3,780

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Wildcat Buyerco, Inc. Maturity 2/27/2026 Industry Electronics Current Coupon 10.54% Basis Point Spread Above Index SOFR+515

Schedule Of Investments [Line Items]

Maturity / Expiration

Feb. 27, 2026

Industry

Electronics

Current Coupon

10.54%

Basis Point Spread Above Index

^[24]

SOFR+515

Basis Point Spread Above Index

^[24]

515.00%

Par/Shares

$ 11,386

Cost

11,323

Investments at fair value

^[23]

$ 11,272

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Zips Car Wash, LLC Maturity 3/1/2024 Industry Business Services Current Coupon 12.67% Basis Point Spread Above Index SOFR+725

Schedule Of Investments [Line Items]

Maturity / Expiration

Mar. 01, 2024

Industry

Business Services

Current Coupon

12.67%

Basis Point Spread Above Index

^[24]

SOFR+725

Basis Point Spread Above Index

^[24]

725.00%

Par/Shares

$ 19,682

Cost

19,582

Investments at fair value

^[23]

19,042

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% PennantPark Senior Loan Fund, LLC

Schedule Of Investments [Line Items]

Cost

810,737

Investments at fair value

^[23]

804,187

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 864.4% Issuer Name Ad.net Acquisition, LLC Maturity 05/06/26 Media Current Coupon 9.67 % Basis Point Spread Above Index 3M L+600

Schedule Of Investments [Line Items]

Maturity / Expiration

May 06, 2026

Industry

Media

Current Coupon

9.67%

Basis Point Spread Above Index

^[26]

3M L+600

Basis Point Spread Above Index

^[26]

600.00%

Par/Shares

$ 4,938

Cost

4,938

Investments at fair value

^[23]

$ 4,900

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 864.4% Issuer Name Alpine Acquisition Corp II Maturity 11/30/26 Containers, Packaging and Glass Current Coupon 8.69 % Basis Point Spread Above Index 3M L+800

Schedule Of Investments [Line Items]

Maturity / Expiration

Nov. 30, 2026

Industry

Containers, Packaging and Glass

Current Coupon

8.69%

Basis Point Spread Above Index

^[26]

3M L+800

Basis Point Spread Above Index

^[26]

800.00%

Par/Shares

$ 9,975

Cost

9,785

Investments at fair value

^[23]

$ 9,576

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 864.4% Issuer Name Altamira Technologies, LLC Maturity 07/24/25 Aerospace and Defense Current Coupon 10.81 % Basis Point Spread Above Index 3M L+550

Schedule Of Investments [Line Items]

Maturity / Expiration

Jul. 24, 2025

Industry

Aerospace and Defense

Current Coupon

10.81%

Basis Point Spread Above Index

^[26]

3M L+550

Basis Point Spread Above Index

^[26]

550.00%

Par/Shares

$ 871

Cost

864

Investments at fair value

^[23]

$ 841

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 864.4% Issuer Name American Insulated Glass, LLC Maturity12/21/23 Building Materials Current Coupon 7.79 % Basis Point Spread Above Index 3M L+575

Schedule Of Investments [Line Items]

Maturity / Expiration

Dec. 21, 2023

Industry

Building Materials

Current Coupon

7.79%

Basis Point Spread Above Index

^[26]

3M L+575

Basis Point Spread Above Index

^[26]

575.00%

Par/Shares

$ 19,906

Cost

19,868

Investments at fair value

^[23]

$ 19,906

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 864.4% Issuer Name Amsive Holding Corporation (f/k/a Vision Purchaser Corporation) Maturity 06/10/25 Media Current Coupon 9.95 % Basis Point Spread Above Index 3M L+550

Schedule Of Investments [Line Items]

Maturity / Expiration

Jun. 10, 2025

Industry

Media

Current Coupon

9.95%

Basis Point Spread Above Index

^[26]

1M L+550

Basis Point Spread Above Index

^[26]

550.00%

Par/Shares

$ 14,104

Cost

13,968

Investments at fair value

^[23]

$ 13,892

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 864.4% Issuer Name Anteriad, LLC (f/k/a MeritDirect, LLC) Maturity 05/23/24 Media Current Coupon 9.17 % Basis Point Spread Above Index 3M L+550

Schedule Of Investments [Line Items]

Maturity / Expiration

May 23, 2024

Industry

Media

Current Coupon

9.17%

Basis Point Spread Above Index

^[26]

3M L+550

Basis Point Spread Above Index

^[26]

550.00%

Par/Shares

$ 15,168

Cost

15,084

Investments at fair value

^[23]

$ 15,168

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 864.4% Issuer Name Any Hour Services Maturity 07/21/27 Personal, Food and Miscellaneous Services Current Coupon 7.98 % Basis Point Spread Above Index 3M L+575

Schedule Of Investments [Line Items]

Maturity / Expiration

Jul. 21, 2027

Industry

Personal, Food and Miscellaneous Services

Current Coupon

7.98%

Basis Point Spread Above Index

^[26]

3M L+575

Basis Point Spread Above Index

^[26]

575.00%

Par/Shares

$ 9,942

Cost

9,934

Investments at fair value

^[23]

$ 9,743

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 864.4% Issuer Name Apex Service Partners, LLC - Term Loan C Maturity 07/31/25 Personal, Food and Miscellaneous Services Current Coupon 6.50 % Basis Point Spread Above Index 3M L+600

Schedule Of Investments [Line Items]

Maturity / Expiration

Jul. 31, 2025

Industry

Personal, Food and Miscellaneous Services

Current Coupon

6.50%

Basis Point Spread Above Index

^[26]

3M L+600

Basis Point Spread Above Index

^[26]

600.00%

Par/Shares

$ 7,607

Cost

7,608

Investments at fair value

^[23]

$ 7,569

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 864.4% Issuer Name Apex Service Partners, LLC Maturity 07/31/25 Personal, Food and Miscellaneous Services Current Coupon 6.25 % Basis Point Spread Above Index 3M L+575

Schedule Of Investments [Line Items]

Maturity / Expiration

Jul. 31, 2025

Industry

Personal, Food and Miscellaneous Services

Current Coupon

6.25%

Basis Point Spread Above Index

^[26]

3M L+575

Basis Point Spread Above Index

^[26]

575.00%

Par/Shares

$ 6,569

Cost

6,502

Investments at fair value

^[23]

$ 6,536

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 864.4% Issuer Name Apex Service Partners, LLC Term Loan B Maturity 07/31/25 Personal, Food and Miscellaneous Services Current Coupon 6.55 % Basis Point Spread Above Index 3M L+550

Schedule Of Investments [Line Items]

Maturity / Expiration

Jul. 31, 2025

Industry

Personal, Food and Miscellaneous Services

Current Coupon

6.55%

Basis Point Spread Above Index

^[26]

3M L+550

Basis Point Spread Above Index

^[26]

550.00%

Par/Shares

$ 3,323

Cost

3,298

Investments at fair value

^[23]

$ 3,307

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 864.4% Issuer Name Applied Technical Services, LLC Maturity 12/29/26 Environmental Services Current Coupon 9.42 % Basis Point Spread Above Index 3M L+500

Schedule Of Investments [Line Items]

Maturity / Expiration

Dec. 29, 2026

Industry

Environmental Services

Current Coupon

9.42%

Basis Point Spread Above Index

^[26]

3M L+500

Basis Point Spread Above Index

^[26]

500.00%

Par/Shares

$ 8,822

Cost

8,725

Investments at fair value

^[23]

$ 8,602

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 864.4% Issuer Name Arcfield Acquisition Corp. Maturity 03/07/28 Aerospace and Defense Current Coupon 8.99 % Basis Point Spread Above Index 3M L+575

Schedule Of Investments [Line Items]

Basis Point Spread Above Index

^[26]

575.00%

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 864.4% Issuer Name Beta Plus Technologies, Inc. Maturity 07/01/29 Business Services Current Coupon 7.56 % Basis Point Spread Above Index 3M L+525

Schedule Of Investments [Line Items]

Maturity / Expiration

Jul. 01, 2029

Industry

Business Services

Current Coupon

7.56%

Basis Point Spread Above Index

^[26]

1M L+525

Basis Point Spread Above Index

^[26]

525.00%

Par/Shares

$ 15,000

Cost

14,700

Investments at fair value

^[23]

$ 14,700

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 864.4% Issuer Name Blackhawk Industrial Distribution, Inc. Maturity 09/17/24 Distribution Current Coupon 8.57 % Basis Point Spread Above Index 3M L+600

Schedule Of Investments [Line Items]

Maturity / Expiration

Sep. 17, 2024

Industry

Distribution

Current Coupon

8.57%

Basis Point Spread Above Index

^[26]

3M L+600

Basis Point Spread Above Index

^[26]

600.00%

Par/Shares

$ 17,993

Cost

17,772

Investments at fair value

^[23]

$ 17,596

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 864.4% Issuer Name Broder Bros., Co. Maturity 12/02/22Personal, Food and Miscellaneous Services Current Coupon 7.39 % Basis Point Spread Above Index 3M L+600

Schedule Of Investments [Line Items]

Maturity / Expiration

Dec. 02, 2022

Industry

Personal, Food and Miscellaneous Services

Current Coupon

7.39%

Basis Point Spread Above Index

^[26]

3M L+600

Basis Point Spread Above Index

^[26]

600.00%

Par/Shares

$ 9,937

Cost

9,937

Investments at fair value

^[23]

$ 9,937

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 864.4% Issuer Name CF512, Inc. Maturity 08/20/26 Media Current Coupon 9.08 % Basis Point Spread Above Index 3M L+575

Schedule Of Investments [Line Items]

Maturity / Expiration

Aug. 20, 2026

Industry

Media

Current Coupon

9.08%

Basis Point Spread Above Index

^[26]

3M L+575

Basis Point Spread Above Index

^[26]

575.00%

Par/Shares

$ 2,985

Cost

2,958

Investments at fair value

^[23]

$ 2,940

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 864.4% Issuer Name Cartessa Aesthetics, LLC Maturity 05/13/28 Distribution Current Coupon 9.55 % Basis Point Spread Above Index 3M L+600

Schedule Of Investments [Line Items]

Maturity / Expiration

May 13, 2028

Industry

Distribution

Current Coupon

9.55%

Basis Point Spread Above Index

^[26]

3M L+600

Basis Point Spread Above Index

^[26]

600.00%

Par/Shares

$ 17,456

Cost

17,131

Investments at fair value

^[23]

$ 17,194

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 864.4% Issuer Name Connatix Buyer, Inc. Maturity 07/13/27 Media Current Coupon 8.42 % Basis Point Spread Above Index 3M L+550

Schedule Of Investments [Line Items]

Maturity / Expiration

Jul. 13, 2027

Industry

Media

Current Coupon

8.42%

Basis Point Spread Above Index

^[26]

1M L+550

Basis Point Spread Above Index

^[26]

550.00%

Par/Shares

$ 9,045

Cost

9,029

Investments at fair value

^[23]

$ 8,819

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 864.4% Issuer Name DRI Holding Inc. Maturity 12/21/28 Media Current Coupon 8.37 % Basis Point Spread Above Index 3M L+575

Schedule Of Investments [Line Items]

Maturity / Expiration

Dec. 21, 2028

Industry

Media

Current Coupon

8.37%

Basis Point Spread Above Index

^[26]

3M L+575

Basis Point Spread Above Index

^[26]

575.00%

Par/Shares

$ 2,776

Cost

2,526

Investments at fair value

^[23]

$ 2,489

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 864.4% Issuer Name DRS Holdings III, Inc. Maturity 11/03/25 Consumer Products Current Coupon 8.87 % Basis Point Spread Above Index 3M L+600

Schedule Of Investments [Line Items]

Maturity / Expiration

Nov. 03, 2025

Industry

Consumer Products

Current Coupon

8.87%

Basis Point Spread Above Index

^[26]

3M L+600

Basis Point Spread Above Index

^[26]

600.00%

Par/Shares

$ 15,142

Cost

15,063

Investments at fair value

^[23]

$ 14,658

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 864.4% Issuer Name Dr. Squatch, LLC Maturity 08/31/27 Personal and Non-Durable Consumer Products Current Coupon 9.42 % Basis Point Spread Above Index 3M L+475

Schedule Of Investments [Line Items]

Maturity / Expiration

Aug. 31, 2027

Industry

Personal and Non-Durable Consumer Products

Current Coupon

9.42%

Basis Point Spread Above Index

^[26]

3M L+475

Basis Point Spread Above Index

^[26]

475.00%

Par/Shares

$ 6,435

Cost

6,427

Investments at fair value

^[23]

$ 6,339

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 864.4% Issuer Name Duraco Specialty Tapes LLC Maturity 06/30/24 Manufacturing / Basic Industries Current Coupon 8.62 % Basis Point Spread Above Index 3M L+575

Schedule Of Investments [Line Items]

Maturity / Expiration

Jun. 30, 2024

Industry

Manufacturing / Basic Industries

Current Coupon

8.62%

Basis Point Spread Above Index

^[26]

3M L+575

Basis Point Spread Above Index

^[26]

575.00%

Par/Shares

$ 8,139

Cost

8,008

Investments at fair value

^[23]

$ 7,944

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 864.4% Issuer Name ECL Entertainment, LLC Maturity 05/01/28 Hotels, Motels, Inns and Gaming Current Coupon 10.62 % Basis Point Spread Above Index 3M L+500

Schedule Of Investments [Line Items]

Maturity / Expiration

May 01, 2028

Industry

Hotels, Motels, Inns and Gaming

Current Coupon

10.62%

Basis Point Spread Above Index

^[26]

3M L+500

Basis Point Spread Above Index

^[26]

500.00%

Par/Shares

$ 4,558

Cost

4,558

Investments at fair value

^[23]

$ 4,489

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 864.4% Issuer Name ECM Industries, LLC Maturity 12/23/25 Electronics Current Coupon 6.32 % Basis Point Spread Above Index 3M L+600

Schedule Of Investments [Line Items]

Maturity / Expiration

Dec. 23, 2025

Industry

Electronics

Current Coupon

6.32%

Basis Point Spread Above Index

^[26]

3M L+600

Basis Point Spread Above Index

^[26]

600.00%

Par/Shares

$ 2,823

Cost

2,761

Investments at fair value

^[23]

$ 2,689

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 864.4% Issuer Name Exigo Intermediate II, LLC Maturity 03/15/27 Business Services Current Coupon 8.87 % Basis Point Spread Above Index 3M L+575

Schedule Of Investments [Line Items]

Maturity / Expiration

Mar. 15, 2027

Industry

Business Services

Current Coupon

8.87%

Basis Point Spread Above Index

^[26]

1M L+575

Basis Point Spread Above Index

^[26]

575.00%

Par/Shares

$ 9,950

Cost

9,817

Investments at fair value

^[23]

$ 9,726

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 864.4% Issuer Name Fairbanks Morse Defense Maturity 06/17/28 Aerospace and Defense Current Coupon 7.63 % Basis Point Spread Above Index 3M L+475

Schedule Of Investments [Line Items]

Maturity / Expiration

Jun. 17, 2028

Industry

Aerospace and Defense

Current Coupon

7.63%

Basis Point Spread Above Index

^[26]

6M L+475

Basis Point Spread Above Index

^[26]

475.00%

Par/Shares

$ 800

Cost

754

Investments at fair value

^[23]

$ 740

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 864.4% Issuer Name Global Holdings InterCo LLC Maturity 03/16/26Banking, Finance, Insurance & Real Estate Current Coupon 8.74 % Basis Point Spread Above Index 3M L+600

Schedule Of Investments [Line Items]

Maturity / Expiration

Mar. 16, 2026

Industry

Banking, Finance, Insurance & Real Estate

Current Coupon

8.74%

Basis Point Spread Above Index

^[26]

3M L+600

Basis Point Spread Above Index

^[26]

600.00%

Par/Shares

$ 7,343

Cost

7,313

Investments at fair value

^[23]

$ 7,013

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 864.4% Issuer Name Graffiti Buyer, Inc. Maturity 08/10/27 Distribution Current Coupon 8.00 % Basis Point Spread Above Index 3M L+550

Schedule Of Investments [Line Items]

Maturity / Expiration

Aug. 10, 2027

Industry

Distribution

Current Coupon

8.00%

Basis Point Spread Above Index

^[26]

3M L+550

Basis Point Spread Above Index

^[26]

550.00%

Par/Shares

$ 1,974

Cost

1,939

Investments at fair value

^[23]

$ 1,895

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 864.4% Issuer Name HV Watterson Holdings, LLC Maturity 12/17/26 Business Services Current Coupon 9.67 % Basis Point Spread Above Index 3M L+600

Schedule Of Investments [Line Items]

Maturity / Expiration

Dec. 17, 2026

Industry

Business Services

Current Coupon

9.67%

Basis Point Spread Above Index

^[26]

3M L+600

Basis Point Spread Above Index

^[26]

600.00%

Par/Shares

$ 15,255

Cost

15,045

Investments at fair value

^[23]

$ 14,721

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 864.4% Issuer Name HW Holdco, LLC Maturity 12/10/24 Media Current Coupon 6.00 % Basis Point Spread Above Index 3M L+700

Schedule Of Investments [Line Items]

Maturity / Expiration

Dec. 10, 2024

Industry

Media

Current Coupon

6.00%

Basis Point Spread Above Index

^[26]

3M L+700

Basis Point Spread Above Index

^[26]

700.00%

Par/Shares

$ 14,438

Cost

14,303

Investments at fair value

^[23]

$ 14,257

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 864.4% Issuer Name Hancock Roofing and Construction L.L.C. Maturity 12/31/26 Insurance Current Coupon 8.67 % Basis Point Spread Above Index 3M L+575

Schedule Of Investments [Line Items]

Maturity / Expiration

Dec. 31, 2026

Industry

Insurance

Current Coupon

8.67%

Basis Point Spread Above Index

^[26]

1M L+575

Basis Point Spread Above Index

^[26]

575.00%

Par/Shares

$ 6,835

Cost

6,835

Investments at fair value

^[23]

$ 6,733

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 864.4% Issuer Name Holdco Sands Intermediate, LLC Maturity 11/23/28 Aerospace and Defense Current Coupon 10.17 % Basis Point Spread Above Index 3M L+800

Schedule Of Investments [Line Items]

Maturity / Expiration

Nov. 23, 2028

Industry

Aerospace and Defense

Current Coupon

10.17%

Basis Point Spread Above Index

^[26]

1M L+800

Basis Point Spread Above Index

^[26]

800.00%

Par/Shares

$ 19,915

Cost

19,535

Investments at fair value

^[23]

$ 19,516

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 864.4% Issuer Name IDC Infusion Services, Inc. Maturity 12/30/26 Healthcare, Education and Childcare Current Coupon 10.20 % Basis Point Spread Above Index 3M L+750

Schedule Of Investments [Line Items]

Maturity / Expiration

Dec. 30, 2026

Industry

Healthcare, Education and Childcare

Current Coupon

10.20%

Basis Point Spread Above Index

^[26]

3M L+750

Basis Point Spread Above Index

^[26]

750.00%

Par/Shares

$ 17,400

Cost

17,154

Investments at fair value

^[23]

$ 16,617

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 864.4% Issuer Name IG Investments Holdings, LLC Maturity 09/22/28 Business Services Current Coupon 9.45 % Basis Point Spread Above Index 3M L+575

Schedule Of Investments [Line Items]

Maturity / Expiration

Sep. 22, 2028

Industry

Business Services

Current Coupon

9.45%

Basis Point Spread Above Index

^[26]

1M L+575

Basis Point Spread Above Index

^[26]

575.00%

Par/Shares

$ 4,473

Cost

4,388

Investments at fair value

^[23]

$ 4,428

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 864.4% Issuer Name Icon Partners III, LP Maturity 05/11/28 Auto Sector Current Coupon 6.87 % Basis Point Spread Above Index 3M L+475

Schedule Of Investments [Line Items]

Maturity / Expiration

May 11, 2028

Industry

Auto Sector

Current Coupon

6.87%

Basis Point Spread Above Index

^[26]

3M L+475

Basis Point Spread Above Index

^[26]

475.00%

Par/Shares

$ 2,333

Cost

2,001

Investments at fair value

^[23]

$ 1,705

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 864.4% Issuer Name Imagine Acquisitionco, LLC Maturity 11/15/27 Business Services Current Coupon 6.91 % Basis Point Spread Above Index 3M L+625

Schedule Of Investments [Line Items]

Maturity / Expiration

Nov. 15, 2027

Industry

Business Services

Current Coupon

6.91%

Basis Point Spread Above Index

^[26]

3M L+625

Basis Point Spread Above Index

^[26]

625.00%

Par/Shares

$ 5,636

Cost

5,534

Investments at fair value

^[23]

$ 5,495

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 864.4% Issuer Name Inception Fertility Ventures, LLC Maturity 12/07/23 Healthcare, Education and Childcare Current Coupon 9.96 % Basis Point Spread Above Index 3M L+550

Schedule Of Investments [Line Items]

Maturity / Expiration

Dec. 07, 2023

Industry

Healthcare, Education and Childcare

Current Coupon

9.96%

Basis Point Spread Above Index

^[26]

3M L+550

Basis Point Spread Above Index

^[26]

550.00%

Par/Shares

$ 20,000

Cost

19,545

Investments at fair value

^[23]

$ 19,800

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 864.4% Issuer Name Infolinks Media Buyco, LLC Maturity 11/01/26 Media Current Coupon 9.42 % Basis Point Spread Above Index 3M L+550

Schedule Of Investments [Line Items]

Maturity / Expiration

Nov. 01, 2026

Industry

Media

Current Coupon

9.42%

Basis Point Spread Above Index

^[26]

1M L+550

Basis Point Spread Above Index

^[26]

550.00%

Par/Shares

$ 6,428

Cost

6,428

Investments at fair value

^[23]

$ 6,428

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 864.4% Issuer Name Integrity Marketing Acquisition, LLC Maturity 08/27/25 Insurance Current Coupon 9.21 % Basis Point Spread Above Index 3M L+575

Schedule Of Investments [Line Items]

Maturity / Expiration

Aug. 27, 2025

Industry

Insurance

Current Coupon

9.21%

Basis Point Spread Above Index

^[26]

3M L+575

Basis Point Spread Above Index

^[26]

575.00%

Par/Shares

$ 19,954

Cost

19,866

Investments at fair value

^[23]

$ 19,754

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 864.4% Issuer Name K2 Pure Solutions NoCal, L.P. Maturity 12/20/23 Chemicals, Plastics and Rubber Current Coupon 11.12 % Basis Point Spread Above Index 3M L+550

Schedule Of Investments [Line Items]

Maturity / Expiration

Dec. 20, 2023

Industry

Chemicals, Plastics and Rubber

Current Coupon

11.12%

Basis Point Spread Above Index

^[26]

3M L+550

Basis Point Spread Above Index

^[26]

550.00%

Par/Shares

$ 14,438

Cost

14,316

Investments at fair value

^[23]

$ 14,438

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 864.4% Issuer Name LAV Gear Holdings, Inc. Maturity 10/31/24 Leisure, Amusement, Motion Pictures, Entertainment Current Coupon 9.95 % Basis Point Spread Above Index 3M L+550

Schedule Of Investments [Line Items]

Maturity / Expiration

Oct. 31, 2024

Industry

Leisure, Amusement, Motion Pictures, Entertainment

Current Coupon

9.95%

Basis Point Spread Above Index

^[26]

3M L+500

Basis Point Spread Above Index

^[26]

500.00%

Par/Shares

$ 2,137

Cost

2,129

Investments at fair value

^[23]

$ 2,088

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 864.4% Issuer Name Lash OpCo, LLC Maturity 02/18/27 Consumer Products Current Coupon 11.17 % Basis Point Spread Above Index 3M L+650

Schedule Of Investments [Line Items]

Maturity / Expiration

Feb. 18, 2027

Industry

Consumer Products

Current Coupon

11.17%

Basis Point Spread Above Index

^[26]

1M L+650

Basis Point Spread Above Index

^[26]

650.00%

Par/Shares

$ 19,925

Cost

19,708

Investments at fair value

^[23]

$ 19,526

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 864.4% Issuer Name Lightspeed Buyer Inc. Maturity 02/03/26 Industry Healthcare, Education and Childcare Current Coupon 8.87 % Basis Point Spread Above Index 3M L+475

Schedule Of Investments [Line Items]

Maturity / Expiration

Feb. 03, 2026

Industry

Healthcare, Education and Childcare

Current Coupon

8.87%

Basis Point Spread Above Index

^[26]

3M L+475

Basis Point Spread Above Index

^[26]

475.00%

Par/Shares

$ 12,345

Cost

12,119

Investments at fair value

^[23]

$ 11,944

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 864.4% Issuer Name MAG DS Corp. Maturity 04/01/27 Industry Aerospace and Defense Current Coupon 9.17 % Basis Point Spread Above Index 3M L+550

Schedule Of Investments [Line Items]

Maturity / Expiration

Apr. 01, 2027

Industry

Aerospace and Defense

Current Coupon

9.17%

Basis Point Spread Above Index

^[26]

3M L+550

Basis Point Spread Above Index

^[26]

550.00%

Par/Shares

$ 5,570

Cost

5,128

Investments at fair value

^[23]

$ 5,069

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 864.4% Issuer Name MBS Holdings, Inc. Maturity 04/16/27 Industry Telecommunications Current Coupon 8.56 % Basis Point Spread Above Index 3M L+575

Schedule Of Investments [Line Items]

Maturity / Expiration

Apr. 16, 2027

Industry

Telecommunications

Current Coupon

8.56%

Basis Point Spread Above Index

^[26]

3M L+575

Basis Point Spread Above Index

^[26]

575.00%

Par/Shares

$ 7,406

Cost

7,326

Investments at fair value

^[23]

$ 7,332

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 864.4% Issuer Name Magenta Buyer, LLC Maturity 07/31/28 Industry Software Current Coupon 7.87 % Basis Point Spread Above Index 3M L+500

Schedule Of Investments [Line Items]

Maturity / Expiration

Jul. 31, 2028

Industry

Software

Current Coupon

7.87%

Basis Point Spread Above Index

^[26]

3M L+500

Basis Point Spread Above Index

^[26]

500.00%

Par/Shares

$ 3,140

Cost

2,946

Investments at fair value

^[23]

$ 2,826

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 864.4% Issuer Name Mars Acquisition Holdings Corp. Maturity 05/14/26 Industry Media Current Coupon 8.62 % Basis Point Spread Above Index 1M L+625

Schedule Of Investments [Line Items]

Maturity / Expiration

May 14, 2026

Industry

Media

Current Coupon

8.62%

Basis Point Spread Above Index

^[26]

1M L+625

Basis Point Spread Above Index

^[26]

625.00%

Par/Shares

$ 7,920

Cost

7,861

Investments at fair value

^[23]

$ 7,880

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 864.4% Issuer Name Meadowlark Acquirer, LLC Maturity 12/10/27 Industry Business Services Current Coupon 9.17 % Basis Point Spread Above Index 3M L+575

Schedule Of Investments [Line Items]

Maturity / Expiration

Dec. 10, 2027

Industry

Business Services

Current Coupon

9.17%

Basis Point Spread Above Index

^[26]

3M L+575

Basis Point Spread Above Index

^[26]

575.00%

Par/Shares

$ 2,983

Cost

2,926

Investments at fair value

^[23]

$ 2,953

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 864.4% Issuer Name Municipal Emergency Services, Inc. Maturity 09/28/27 Industry Distribution Current Coupon 7.25 % Basis Point Spread Above Index 3M L+550

Schedule Of Investments [Line Items]

Maturity / Expiration

Sep. 28, 2027

Industry

Distribution

Current Coupon

7.25%

Basis Point Spread Above Index

^[26]

3M L+550

Basis Point Spread Above Index

^[26]

550.00%

Par/Shares

$ 4,164

Cost

4,102

Investments at fair value

^[23]

$ 3,923

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 864.4% Issuer Name NBH Group LLC Maturity 08/19/26 Industry Healthcare, Education and Childcare Current Coupon 7.80 % Basis Point Spread Above Index 3M L+575

Schedule Of Investments [Line Items]

Maturity / Expiration

Aug. 19, 2026

Industry

Healthcare, Education and Childcare

Current Coupon

7.80%

Basis Point Spread Above Index

^[26]

3M L+575

Basis Point Spread Above Index

^[26]

575.00%

Par/Shares

$ 7,505

Cost

7,426

Investments at fair value

^[23]

$ 7,505

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 864.4% Issuer Name OIS Management Services, LLC Maturity 07/09/26 Industry Healthcare, Education and Childcare Current Coupon 9.45 % Basis Point Spread Above Index 3M L+600

Schedule Of Investments [Line Items]

Maturity / Expiration

Jul. 09, 2026

Industry

Healthcare, Education and Childcare

Current Coupon

9.45%

Basis Point Spread Above Index

^[26]

3M L+600

Basis Point Spread Above Index

^[26]

600.00%

Par/Shares

$ 5,257

Cost

5,210

Investments at fair value

^[23]

$ 5,257

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 864.4% Issuer Name Owl Acquisition, LLC Maturity 02/04/28 Industry Education Current Coupon 8.41 % Basis Point Spread Above Index 3M L+550

Schedule Of Investments [Line Items]

Maturity / Expiration

Feb. 04, 2028

Industry

Education

Current Coupon

8.41%

Basis Point Spread Above Index

^[26]

3M L+550

Basis Point Spread Above Index

^[26]

550.00%

Par/Shares

$ 3,990

Cost

3,874

Investments at fair value

^[23]

$ 3,890

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 864.4% Issuer Name Ox Two, LLC (New Issue) Maturity 05/18/26 Industry Distribution Current Coupon 8.32 % Basis Point Spread Above Index 1M L+650

Schedule Of Investments [Line Items]

Maturity / Expiration

May 18, 2026

Industry

Distribution

Current Coupon

8.32%

Basis Point Spread Above Index

^[26]

1M L+650

Basis Point Spread Above Index

^[26]

650.00%

Par/Shares

$ 4,962

Cost

4,911

Investments at fair value

^[23]

$ 4,863

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 864.4% Issuer Name PL Acquisitionco, LLC Maturity 11/09/27 Industry Retail Current Coupon 9.62 % Basis Point Spread Above Index 1M L+575

Schedule Of Investments [Line Items]

Maturity / Expiration

Nov. 09, 2027

Industry

Retail

Current Coupon

9.62%

Basis Point Spread Above Index

^[26]

1M L+575

Basis Point Spread Above Index

^[26]

575.00%

Par/Shares

$ 8,634

Cost

8,489

Investments at fair value

^[23]

$ 8,419

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 864.4% Issuer Name PlayPower, Inc. Maturity 05/08/26 Industry Consumer Products Current Coupon 9.17 % Basis Point Spread Above Index 1M L+525

Schedule Of Investments [Line Items]

Maturity / Expiration

May 08, 2026

Industry

Consumer Products

Current Coupon

9.17%

Basis Point Spread Above Index

^[26]

1M L+525

Basis Point Spread Above Index

^[26]

525.00%

Par/Shares

$ 2,580

Cost

2,487

Investments at fair value

^[23]

$ 2,309

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 864.4% Issuer Name Quantic Electronics, LLC - Unfunded Term Loan Maturity 11/19/26 Industry Aerospace and Defense Current Coupon 0.00 % Basis Point Spread Above Index 3M L+625

Schedule Of Investments [Line Items]

Maturity / Expiration

^[27]

Nov. 19, 2026

Industry

^[27]

Aerospace and Defense

Par/Shares

^[27]

$ 143

Cost

^[27]

Investments at fair value

^[23],[27]

$ 0

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 864.4% Issuer Name Quantic Electronics, LLC Maturity 11/19/26 Industry Aerospace and Defense Current Coupon 0.00 % Basis Point Spread Above Index 1M L+600

Schedule Of Investments [Line Items]

Maturity / Expiration

Nov. 19, 2026

Industry

Aerospace and Defense

Current Coupon

9.92%

Basis Point Spread Above Index

^[26]

1M L+600

Basis Point Spread Above Index

^[26]

600.00%

Par/Shares

$ 3,403

Cost

3,342

Investments at fair value

^[23]

$ 3,335

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 864.4% Issuer Name Radius Aerospace, Inc. Maturity 03/31/25 Industry Aerospace and Defense Current Coupon 9.46 % Basis Point Spread Above Index 3M L+600

Schedule Of Investments [Line Items]

Maturity / Expiration

Mar. 31, 2025

Industry

Aerospace and Defense

Current Coupon

9.46%

Basis Point Spread Above Index

^[26]

3M L+600

Basis Point Spread Above Index

^[26]

600.00%

Par/Shares

$ 12,757

Cost

12,657

Investments at fair value

^[23]

$ 12,566

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 864.4% Issuer Name Rancho Health MSO, Inc. Maturity 12/18/25 Industry Healthcare, Education and Childcare Current Coupon 7.75 % Basis Point Spread Above Index 1M L+450

Schedule Of Investments [Line Items]

Maturity / Expiration

Dec. 18, 2025

Industry

Healthcare, Education and Childcare

Current Coupon

7.75%

Basis Point Spread Above Index

^[26]

1M L+450

Basis Point Spread Above Index

^[26]

450.00%

Par/Shares

$ 5,180

Cost

5,180

Investments at fair value

^[23]

$ 5,180

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 864.4% Issuer Name Reception Purchaser, LLC Maturity 02/28/28 Industry Transportation Current Coupon 9.13 % Basis Point Spread Above Index SOFR+600

Schedule Of Investments [Line Items]

Maturity / Expiration

Feb. 28, 2028

Industry

Transportation

Current Coupon

9.13%

Basis Point Spread Above Index

^[26]

SOFR+600

Basis Point Spread Above Index

^[26]

600.00%

Par/Shares

$ 4,975

Cost

4,904

Investments at fair value

^[23]

$ 4,751

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 864.4% Issuer Name Recteq, LLC Maturity 01/29/26 Industry Consumer Products Current Coupon 9.12 % Basis Point Spread Above Index 3M L+700

Schedule Of Investments [Line Items]

Maturity / Expiration

Jan. 29, 2026

Industry

Consumer Products

Current Coupon

9.92%

Basis Point Spread Above Index

^[26]

3M L+700

Basis Point Spread Above Index

^[26]

700.00%

Par/Shares

$ 9,850

Cost

9,718

Investments at fair value

^[23]

$ 9,505

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 864.4% Issuer Name Research Now Group, LLC and Dynata, LLC Maturity 12/20/24 Industry Business Services Current Coupon 8.84 % Basis Point Spread Above Index 1M L+550

Schedule Of Investments [Line Items]

Maturity / Expiration

Dec. 20, 2024

Industry

Business Services

Current Coupon

8.84%

Basis Point Spread Above Index

^[26]

1M L+550

Basis Point Spread Above Index

^[26]

550.00%

Par/Shares

$ 14,542

Cost

14,440

Investments at fair value

^[23]

$ 13,070

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 864.4% Issuer Name Riverpoint Medical, LLC Maturity 06/20/25 Industry Healthcare, Education and Childcare Current Coupon 7.74 % Basis Point Spread Above Index 3M L+525

Schedule Of Investments [Line Items]

Maturity / Expiration

Jun. 20, 2025

Industry

Healthcare, Education and Childcare

Current Coupon

7.74%

Basis Point Spread Above Index

^[26]

3M L+525

Basis Point Spread Above Index

^[26]

525.00%

Par/Shares

$ 3,192

Cost

3,172

Investments at fair value

^[23]

$ 3,112

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 864.4% Issuer Name Riverside Assessments, LLC Maturity 03/10/25 Industry Education Current Coupon 9.95 % Basis Point Spread Above Index 1M L+575

Schedule Of Investments [Line Items]

Maturity / Expiration

Mar. 10, 2025

Industry

Education

Current Coupon

9.95%

Basis Point Spread Above Index

^[26]

1M L+575

Basis Point Spread Above Index

^[26]

575.00%

Par/Shares

$ 9,949

Cost

9,872

Investments at fair value

^[23]

$ 9,750

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 864.4% Issuer Name STV Group Incorporated Maturity 12/11/26 Industry Transportation Current Coupon 8.37 % Basis Point Spread Above Index 3M L+575

Schedule Of Investments [Line Items]

Maturity / Expiration

Dec. 11, 2026

Industry

Transportation

Current Coupon

8.37%

Basis Point Spread Above Index

^[26]

3M L+575

Basis Point Spread Above Index

^[26]

575.00%

Par/Shares

$ 12,099

Cost

12,031

Investments at fair value

^[23]

$ 11,978

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 864.4% Issuer Name Sales Benchmark Index LLC Maturity 01/03/25 Industry Business Services Current Coupon 9.67 % Basis Point Spread Above Index 3M L+625

Schedule Of Investments [Line Items]

Maturity / Expiration

Jan. 03, 2025

Industry

Business Services

Current Coupon

9.67%

Basis Point Spread Above Index

^[26]

3M L+625

Basis Point Spread Above Index

^[26]

625.00%

Par/Shares

$ 6,859

Cost

6,779

Investments at fair value

^[23]

$ 6,791

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 864.4% Issuer Name Sargent & Greenleaf Inc. Maturity 12/20/24 Industry Electronics Current Coupon 7.15 % Basis Point Spread Above Index 3M L+550

Schedule Of Investments [Line Items]

Maturity / Expiration

Dec. 20, 2024

Industry

Electronics

Current Coupon

7.15%

Basis Point Spread Above Index

^[26]

3M L+550

Basis Point Spread Above Index

^[26]

550.00%

Par/Shares

$ 5,082

Cost

5,082

Investments at fair value

^[23]

$ 5,031

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 864.4% Issuer Name Seaway Buyer, LLC Maturity 06/13/29 Industry Chemicals, Plastics and Rubber Current Coupon 7.90 % Basis Point Spread Above Index 3M L+575

Schedule Of Investments [Line Items]

Maturity / Expiration

Jun. 13, 2029

Industry

Chemicals, Plastics and Rubber

Current Coupon

7.90%

Basis Point Spread Above Index

^[26]

3M L+575

Basis Point Spread Above Index

^[26]

575.00%

Par/Shares

$ 15,000

Cost

14,794

Investments at fair value

^[23]

$ 14,775

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 864.4% Issuer Name Signature Systems Holding Company Maturity 05/03/24 Industry Chemicals, Plastics and Rubber Current Coupon 10.17 % Basis Point Spread Above Index 1M L+450

Schedule Of Investments [Line Items]

Maturity / Expiration

May 03, 2024

Industry

Chemicals, Plastics and Rubber

Current Coupon

10.17%

Basis Point Spread Above Index

^[26]

1M L+450

Basis Point Spread Above Index

^[26]

450.00%

Par/Shares

$ 11,951

Cost

11,879

Investments at fair value

^[23]

$ 11,861

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 864.4% Issuer Name Solutionreach, Inc. Maturity 01/17/24 Industry Communications Current Coupon 8.87 % Basis Point Spread Above Index 6M L+675

Schedule Of Investments [Line Items]

Maturity / Expiration

Jan. 17, 2024

Industry

Communications

Current Coupon

8.87%

Basis Point Spread Above Index

^[26]

6M L+675

Basis Point Spread Above Index

^[26]

675.00%

Par/Shares

$ 11,386

Cost

11,352

Investments at fair value

^[23]

$ 11,113

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 864.4% Issuer Name System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC) Maturity 8/16/2027 Industry Aerospace and Defense Current Coupon 8.73% Basis Point Spread Above Index SOFR+600

Schedule Of Investments [Line Items]

Maturity / Expiration

Aug. 16, 2027

Industry

Aerospace and Defense

Current Coupon

8.73%

Basis Point Spread Above Index

^[26]

SOFR+600

Basis Point Spread Above Index

^[26]

600.00%

Par/Shares

$ 16,128

Cost

15,785

Investments at fair value

^[23]

$ 15,870

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 864.4% Issuer Name TPC Canada Parent, Inc. and TPC US Parent, LLC Maturity 11/24/2025 Industry Food Current Coupon 7.78% Basis Point Spread Above Index 3M L+525

Schedule Of Investments [Line Items]

Maturity / Expiration

Nov. 24, 2025

Industry

Food

Current Coupon

7.78%

Basis Point Spread Above Index

^[26]

3M L+525

Basis Point Spread Above Index

^[26]

525.00%

Par/Shares

$ 5,536

Cost

5,392

Investments at fair value

^[23]

$ 5,370

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 864.4% Issuer Name TVC Enterprises, LLC Maturity 3/26/2026 Industry Transportation Current Coupon 8.87% Basis Point Spread Above Index 3M L+600

Schedule Of Investments [Line Items]

Maturity / Expiration

Mar. 26, 2026

Industry

Transportation

Current Coupon

8.87%

Basis Point Spread Above Index

^[26]

3M L+600

Basis Point Spread Above Index

^[26]

600.00%

Par/Shares

$ 17,381

Cost

17,244

Investments at fair value

^[23]

$ 16,946

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 864.4% Issuer Name TWS Acquisition Corporation Maturity 6/16/2025 Industry Education Current Coupon 8.76% Basis Point Spread Above Index 3M L+625

Schedule Of Investments [Line Items]

Maturity / Expiration

Jun. 16, 2025

Industry

Education

Current Coupon

8.76%

Basis Point Spread Above Index

^[26]

3M L+625

Basis Point Spread Above Index

^[26]

625.00%

Par/Shares

$ 7,949

Cost

7,917

Investments at fair value

^[23]

$ 7,910

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 864.4% Issuer Name Teneo Holdings LLC Maturity 7/18/2025 Industry Financial Services Current Coupon 7.73% Basis Point Spread Above Index 3M L+525

Schedule Of Investments [Line Items]

Maturity / Expiration

Jul. 18, 2025

Industry

Financial Services

Current Coupon

7.73%

Basis Point Spread Above Index

^[26]

3M L+525

Basis Point Spread Above Index

^[26]

525.00%

Par/Shares

$ 3,474

Cost

3,435

Investments at fair value

^[23]

$ 3,271

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 864.4% Issuer Name The Aegis Technologies Group, LLC Maturity 10/31/2025 Industry Aerospace and Defense Current Coupon 9.67% Basis Point Spread Above Index 3M L+600

Schedule Of Investments [Line Items]

Maturity / Expiration

Oct. 31, 2025

Industry

Aerospace and Defense

Current Coupon

9.67%

Basis Point Spread Above Index

^[26]

3M L+600

Basis Point Spread Above Index

^[26]

600.00%

Par/Shares

$ 11,208

Cost

11,102

Investments at fair value

^[23]

$ 11,096

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 864.4% Issuer Name The Bluebird Group LLC Maturity 7/27/2026 Industry Business Services Current Coupon 10.67% Basis Point Spread Above Index 3M L+650

Schedule Of Investments [Line Items]

Maturity / Expiration

Jul. 27, 2026

Industry

Business Services

Current Coupon

10.67%

Basis Point Spread Above Index

^[26]

3M L+650

Basis Point Spread Above Index

^[26]

650.00%

Par/Shares

$ 5,502

Cost

5,549

Investments at fair value

^[23]

$ 5,557

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 864.4% Issuer Name The Vertex Companies, LLC Maturity 8/30/2027 Industry Business Services Current Coupon 8.62% Basis Point Spread Above Index 3M L+550

Schedule Of Investments [Line Items]

Maturity / Expiration

Aug. 30, 2027

Industry

Business Services

Current Coupon

8.62%

Basis Point Spread Above Index

^[26]

3M L+550

Basis Point Spread Above Index

^[26]

550.00%

Par/Shares

$ 4,531

Cost

4,485

Investments at fair value

^[23]

$ 4,509

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 864.4% Issuer Name Tyto Athene, LLC Maturity 4/3/2028 Industry Aerospace and Defense Current Coupon 7.76% Basis Point Spread Above Index 3M L+550

Schedule Of Investments [Line Items]

Maturity / Expiration

Apr. 03, 2028

Industry

Aerospace and Defense

Current Coupon

7.76%

Basis Point Spread Above Index

^[26]

3M L+550

Basis Point Spread Above Index

^[26]

550.00%

Par/Shares

$ 12,064

Cost

11,938

Investments at fair value

^[23]

$ 11,208

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 864.4% Issuer Name UBEO, LLC Maturity 4/3/2024 Industry Printing and Publishing Current Coupon 8.17% Basis Point Spread Above Index 3M L+450

Schedule Of Investments [Line Items]

Maturity / Expiration

Apr. 03, 2024

Industry

Printing and Publishing

Current Coupon

8.17%

Basis Point Spread Above Index

^[26]

3M L+450

Basis Point Spread Above Index

^[26]

450.00%

Par/Shares

$ 4,674

Cost

4,657

Investments at fair value

^[23]

4,604

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 864.4% Issuer Name Unique Indoor Comfort, LLC Maturity 05/24/2027 Industry Home and Office Furnishings, Housewares Current Coupon 8.95% Basis Point Spread Above Index 3M L+525

Schedule Of Investments [Line Items]

Cost

9,840

Investments at fair value

^[23]

$ 9,755

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 864.4% Issuer Name Unique Indoor Comfort, LLC Maturity 5/24/2027 Industry Home and Office Furnishings, Housewares Current Coupon 8.95% Basis Point Spread Above Index 3M L+525

Schedule Of Investments [Line Items]

Maturity / Expiration

May 24, 2027

Industry

Home and Office Furnishings, Housewares

Current Coupon

8.95%

Basis Point Spread Above Index

^[26]

3M L+525

Basis Point Spread Above Index

^[26]

525.00%

Par/Shares

$ 9,975

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 864.4% Issuer Name Wildcat Buyerco, Inc Maturity 02/27/2026 Industry Electronics Current Coupon 9.45% Basis Point Spread Above Index SOFR+575

Schedule Of Investments [Line Items]

Cost

11,420

Investments at fair value

^[23]

$ 11,110

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 864.4% Issuer Name Wildcat Buyerco, Inc. Maturity 2/27/2026 Industry Electronics Current Coupon 9.45% Basis Point Spread Above Index SOFR+575

Schedule Of Investments [Line Items]

Maturity / Expiration

Feb. 27, 2026

Industry

Electronics

Current Coupon

9.45%

Basis Point Spread Above Index

^[26]

SOFR+575

Basis Point Spread Above Index

^[26]

575.00%

Par/Shares

$ 11,506

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 864.4% Issuer Name Zips Car Wash, LLC Maturity 03/01/2024 Industry Business Services Current Coupon 10.24% Basis Point Spread Above Index 3M L+725

Schedule Of Investments [Line Items]

Maturity / Expiration

Mar. 01, 2024

Industry

Business Services

Current Coupon

10.24%

Cost

$ 19,673

Investments at fair value

^[23]

$ 19,499

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 864.4% Issuer Name Zips Car Wash, LLC Maturity 3/1/2024 Industry Business Services Current Coupon 10.24% Basis Point Spread Above Index 3M L+725

Schedule Of Investments [Line Items]

Basis Point Spread Above Index

^[26]

3M L+725

Basis Point Spread Above Index

^[26]

725.00%

Par/Shares

$ 19,998

Investment, Identifier [Axis]: Related Party PSLF Investments and Cash Equivalents - 841.3%

Schedule Of Investments [Line Items]

Cost

869,833

Investments at fair value

^[23]

$ 863,283

Investment, Identifier [Axis]: Related Party PSLF Investments and Cash Equivalents —915.3%

Schedule Of Investments [Line Items]

Cost

779,164

Investments at fair value

^[22],[23]

771,053

Investment, Identifier [Axis]: Total Investments and Cash Equivalents —218.8% of Net Assets

Schedule Of Investments [Line Items]

Cost

^[4],[5]

1,356,982

Investments at fair value

^[4],[5],[6]

1,281,076

Investment, Identifier [Axis]: nvestments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Common Equity/Partnership Interests/Warrants—26.2% ITC Rumba, LLC (Cano Health, LLC) Industry Healthcare, Education and Childcare

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[16]}

Healthcare, Education and Childcare

Par/Shares

^{[4],[5],[12],[16]}

375,675

Cost

^{[4],[5],[12],[16]}

Investments at fair value

^{[4],[5],[6],[12],[16]}

$ 42,031

Investment, Identifier [Axis]: ured Debt - 864.4% Issuer Name Arcfield Acquisition Corp. Maturity 03/07/28 Aerospace and Defense Current Coupon 8.99 % Basis Point Spread Above Index 3M L+575

Schedule Of Investments [Line Items]

Maturity / Expiration

Mar. 07, 2028

Industry

Aerospace and Defense

Current Coupon

8.99%

Basis Point Spread Above Index

^[26]

3M L+575

Par/Shares

$ 11,940

Cost

11,721

Investments at fair value

^[23]

$ 11,701

[1]	The provisions of the 1940 Act classify investments based on the level of control that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally presumed to be “non-controlled” when we own 25% or less of the portfolio company’s voting securities and “controlled” when we own more than 25% of the portfolio company’s voting securities.
[2]	The provisions of the 1940 Act classify investments further based on the level of ownership that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally deemed as “non-affiliated” when we own less than 5% of a portfolio company’s voting securities and “affiliated” when we own 5% or more of a portfolio company’s voting securities (See Note 6).
[3]	Valued based on our accounting policy (See Note 2).
[4]	The provisions of the 1940 Act classify investments based on the level of control that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally presumed to be “non-controlled” when we own 25% or less of the portfolio company’s voting securities and “controlled” when we own more than 25% of the portfolio company’s voting securities.
[5]	The provisions of the 1940 Act classify investments further based on the level of ownership that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally deemed as “non-affiliated” when we own less than 5% of a portfolio company’s voting securities and “affiliated” when we own 5% or more of a portfolio company’s voting securities (See Note 6).
[6]	Valued based on our accounting policy (See Note 2).
[7]	Non-income producing securities.
[8]	Non-U.S. company or principal place of business outside the United States.
[9]	Par / Shares amount is denominated in British Pounds (£) as denoted.
[10]	The investment is treated as a non-qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of our total assets. As of September 30, 2023, qualifying assets represent 93% of the Company’s total assets and non-qualifying assets represent 7% of the Company’s total assets.
[11]	Represents floating rate instruments that accrue interest at a predetermined spread relative to an index, typically the applicable Secured Overnight Financing Rate, or “SOFR”, or Prime rate, or “P, or Sterling Overnight Index Average, or “SONIA.” The spread may change based on the type of rate used. The terms in the Schedule of Investments disclose the actual interest rate in effect as of the reporting period. SOFR loans are typically indexed to a 30-day, 90-day or 180-day SOFR rates (1M S, 3M S, or 6M S, respectively) at the borrower’s option. SONIA loans are typically indexed daily for GBP loans with a quarterly frequency payment. All securities are subject to a SOFR or Prime rate floor where a spread is provided, unless noted. The spread provided includes PIK interest and other fee rates, if any.
[12]	Non-income producing securities.
[13]	Non-U.S. company or principal place of business outside the United States.
[14]	Par / Shares amount is denominated in British Pounds (£) as denoted.
[15]	The investment is treated as a non-qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of our total assets. As of September 30, 2022, qualifying assets represent 88% of the Company’s total assets and non-qualifying assets represent 12% of the Company’s total assets.
[16]	Investment is held through our Taxable Subsidiary (See Note 1).
[17]	Represents floating rate instruments that accrue interest at a predetermined spread relative to an index, typically the applicable London Interbank Offered Rate, or LIBOR or “L,” the Euro Interbank Offered Rate, or EURIBOR or “E,” or Prime rate, or “P.” The spread may change based on the type of rate used. The terms in the Schedule of Investments disclose the actual interest rate in effect as of the reporting period. LIBOR loans are typically indexed to a 30-day, 90-day or 180-day LIBOR rate (1M L, 3M L, or 6M L, respectively), and EURIBOR loans are typically indexed to a 90-day EURIBOR rate (3M E), at the borrower’s option. All securities are subject to a LIBOR or Prime rate floor where a spread is provided, unless noted. The spread provided includes PIK interest and other fee rates, if any.
[18]	Represents the purchase of a security with delayed settlement or a revolving line of credit that is currently an unfunded investment. This security does not earn a basis point spread above an index while it is unfunded.
[19]	Represents the purchase of a security with delayed settlement or a revolving line of credit that is currently an unfunded investment. This security does not earn a basis point spread above an index while it is unfunded.
[20]	The security was not valued using significant unobservable inputs. The value of all other securities was determined using significant unobservable inputs (See Note 5)
[21]	Investment is held through our Taxable Subsidiary (See Note 1).
[22]	Valued based on PSLF’s accounting policy.
[23]	Valued based on PSLF’s accounting policy.
[24]	Represents floating rate instruments that accrue interest at a predetermined spread relative to an index, typically the applicable Secured Overnight Financing Rate, or “SOFR” or Prime rate or “P”. The spread may change based on the type of rate used. The terms in the Schedule of Investments disclose the actual interest rate in effect as of the reporting period.SOFR loans are typically indexed to a 30-day, 60-day, 90-day or 180-day SOFR rate (1M S, 2M S, 3M S, or 6M S, respectively), at the borrower’s option. All securities are subject to a SOFR or Prime rate floor where a spread is provided, unless noted. The spread provided includes PIK interest and other fee rates, if any
[25]	Represents the purchase of a security with delayed settlement or a revolving line of credit that is currently an unfunded investment. This security does not earn a basis point spread above an index while it is unfunded
[26]	Represents floating rate instruments that accrue interest at a predetermined spread relative to an index, typically the applicable LIBOR or “L” or Prime rate or “P”. The spread may change based on the type of rate used. The terms in the Schedule of Investments disclose the actual interest rate in effect as of the reporting period. LIBOR loans are typically indexed to a 30-day, 60-day, 90-day or 180-day LIBOR rate (1M L, 2M L, 3M L, or 6M L, respectively), at the borrower’s option. All securities are subject to a LIBOR or Prime rate floor where a spread is provided, unless noted. The spread provided includes PIK interest and other fee rates, if any.
[27]	Represents the purchase of a security with delay settlement or a revolving line of credit that is currently an unfunded investment. This security does not earn a basis point spread above an index while it is unfunded.

Transactions with Affiliated Companies

12 Months Ended

Sep. 30, 2023

Investments in and Advances to Affiliates [Abstract]

Transactions with Affiliated Companies

6. TRANSACTIONS WITH AFFILIATED COMPANIES

An affiliated portfolio company is a company in which we have ownership of 5% or more of its voting securities. A portfolio company is generally presumed to be a non-controlled affiliate when we own at least 5% but 25% or less of its voting securities and a controlled affiliate when we own more than 25% of its voting securities. Transactions related to our funded investments with both controlled and non-controlled affiliates for the year ended September 30, 2023 were as follows ($ in thousands):


Name of Investment	Fair Value at September 30, 2022		Gross Additions(1)		Gross Reductions			Net Change in Appreciation / (Depreciation)			Fair Value at September 30, 2023		Interest Income		PIK Income		Dividend Income		Net Realized Gains (Losses)
Controlled Affiliates
AKW Holdings Limited	$	45,995	$	2,596	$	—		$	3,069		$	51,660	$	2,806	$	2,596	$	—	$	—
Mailsouth Inc.		—		—		—			—			—		—		—		—		—
PennantPark Senior Loan Fund, LLC (3)		139,109		23,595		—			1,704			164,408		12,619		—		15,730		—
RAM Energy LLC		74,282		—		(162,708	)		88,426			—		—		—		—		(133,098	)
Total Controlled Affiliates	$	259,386	$	26,191	$	(162,708	)	$	93,199		$	216,068	$	15,425	$	2,596	$	15,730	$	(133,098	)
Non-Controlled Affiliates
Cascade Environmental Holdings, LLC	$	32,791	$	918	$	—		$	(1,604	)	$	32,105	$	—	$	—	$	—	$	—
JF Intermediate, LLC		1,969		96		—			6,694			8,759		—		—		—		—
Walker Edison Furniture Company LLC (2)		—		17,162		—			(3,255	)		13,907		73		625		—		—
Total Non-Controlled Affiliates	$	34,760	$	18,176	$	-		$	1,835		$	54,771	$	73	$	625	$	—	$	—
Total Controlled and Non-Controlled Affiliates	$	294,146	$	44,367	$	(162,708	)	$	95,034		$	270,839	$	15,498	$	3,221	$	15,730	$	(133,098	)

(1)

Includes PIK.

(2)

Walker Edison Furniture Company LLC became a non-controlled affiliate during the quarter ended March 31, 2023

(3)

We and Pantheon are the members of PSLF, a joint venture formed as a Delaware limited liability company that is not consolidated by us for financial reporting purposes. The members of PSLF make investments in the PSLF in the form of subordinated debt and equity interests, and all portfolio and other material decision regarding PSLF must be submitted to PSFL’s board of directors or investment committee, both of which are comprised of two members appointed by each of us and Pantheon. Because management of PSLF is shared equally between us and Pantheon, we do not believe we control PSLF for purposes of the 1940 Act or otherwise.

Financial Highlights (Tables)

12 Months Ended

Sep. 30, 2023

Investment Company, Financial Highlights [Abstract]

Summary of Financial Highlights

Below are the financial highlights for each of the years ended September 30, ($in thousands, except per share data):


	2023			2022			2021			2020			2019
Per Share Data:
Net asset value, beginning of year	$	8.98		$	9.85		$	7.84		$	8.68		$	9.11
Net investment income (1)		1.00			0.66			0.54			0.58			0.66
Net realized and unrealized (loss) gain (1)		(1.52	)		(1.03	)		1.94			(0.82	)		(0.42	)
Net (decrease) increase in net assets resulting from operations (1)		(0.52	)		(0.37	)		2.48			(0.24	)		0.24
Distributions to stockholders (1), (2)
Distribution of net investment income		(0.76	)		(0.56	)		(0.48	)		(0.60	)		(0.72	)
Distribution of realized gains		—			—			—			—			—
Total distributions to stockholders		(0.76	)		(0.56	)		(0.48	)		(0.60	)		(0.72	)
Repurchase of common stock (1)		—			0.06			—			—			0.05
Net asset value, end of year	$	7.70		$	8.98		$	9.85		$	7.84		$	8.68
Per share market value, end of year	$	6.58		$	5.46		$	6.49		$	3.19		$	6.27
Total return (3)		13.64	%		(8.42	)%		120.98	%		(39.62	)%		(6.28	)%
Shares outstanding at end of year		65,224,500			65,224,500			67,045,105			67,045,105			67,045,105
Ratios / Supplemental Data:
Ratio of operating expenses to average net assets (4), (6)		7.75	%		4.17	%		3.74	%		4.91	%		4.83	%
Ratio of interest and expenses on debt to average net assets (5)		7.55	%		5.19	%		3.73	%		6.22	%		6.29	%
Ratio of total expenses to average net assets (5), (6)		15.30	%		9.36	%		7.47	%		11.13	%		11.12	%
Ratio of net investment income to average net assets (5)		12.56	%		6.74	%		6.04	%		7.01	%		7.35	%
Net assets at end of year	$	502,187		$	585,565		$	660,144		$	525,709		$	581,906
Weighted average debt outstanding (7)	$	656,776		$	695,267		$	649,666		$	794,641		$	638,424
Weighted average debt per share (1), (7)	$	10.07		$	10.49		$	9.69		$	11.85		$	9.43
Asset coverage per unit (8)	$	1,952		$	1,855		$	2,208		$	2,078		$	2,066
Average market value per unit (9), (10)	$	—		$	—		$	25.13		$	23.47		$	24.87
Portfolio turnover ratio		32.58	%		70.41	%		37.74	%		12.74	%		35.44	%

* The expense and investment income ratios do not reflect the Company's proportionate share of income and expenses of PSLF and PTSF II.

(1)

Based on the weighted average shares outstanding for the respective periods.

(2)

The tax status of distributions is calculated in accordance with income tax regulations, which may differ from amounts determined under GAAP, and reported on Form 1099-DIV each calendar year.

(3)

Based on the change in market price per share during the period and assumes distributions, if any, are reinvested.

(4)

Excludes debt related costs.

(5)

Includes interest and expenses on debt (annualized) as well as Truist Credit Facility amendment and debt issuance costs, if any (not annualized).

(6)

For the years ended September 30, 2020, and 2019, the ratio of operating expenses to average net assets before the waiver of certain Management Fees to average net assets was 4.65%, and 5.26%, respectively, and the ratio of total expenses to average net assets before the waiver of certain Management Fees to average net assets was 9.12%, and 11.48%, respectively.

(7)

Includes SBA debentures outstanding.

(8)

The asset coverage ratio for a class of senior securities representing indebtedness is calculated as our consolidated total assets, less all liabilities and indebtedness not represented by senior securities, divided by the senior securities representing indebtedness at par (changed from fair value). This asset coverage ratio is multiplied by $1,000 to determine the asset coverage per unit. These amounts exclude SBA debentures from our asset coverage per unit computation pursuant to exemptive relief received from the SEC in June 2011.

(9)

The average market value per unit is derived based on the monthly average closing price of the 2025 Notes trading on NYSE under the symbol “PNTA,” which were issued in increments of $25 per unit. On June 29, 2017, the 2025 Notes were redeemed in full and no amounts were outstanding as of September 30, 2020, or 2019.

(10)

The average market value per unit is derived based on the daily closing price of the 2024 Notes trading on The Nasdaq Global Select Market under the symbol “PNNTG,” which were issued in increments of $25 per unit and commenced trading on September 30, 2019. The 2024 Notes were redeemed in full on November 13, 2021 and no amounts were outstanding as of September 30, 2023, or 2022.

N-2 - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

12 Months Ended

Sep. 30, 2023

Jun. 30, 2023

Mar. 31, 2023

Dec. 31, 2022

Sep. 30, 2022

Jun. 30, 2022

Mar. 31, 2022

Dec. 31, 2021

Sep. 30, 2023

Sep. 30, 2021

Sep. 30, 2020

Sep. 30, 2019

Sep. 30, 2018

Cover [Abstract]

Entity Central Index Key

0001383414

Amendment Flag

false

Securities Act File Number

814-00736

Document Type

10-K

Entity Registrant Name

PENNANTPARK INVESTMENT CORPORATION

Entity Address, Address Line One

1691 Michigan Avenue

Entity Address, City or Town

Miami Beach

Entity Address, State or Province

Entity Address, Postal Zip Code

33319

City Area Code

786

Local Phone Number

297-9500

Entity Well-known Seasoned Issuer

Entity Emerging Growth Company

false

Fee Table [Abstract]

Sales Load [Percent]

^[1]

0.00%

Other Transaction Expenses [Abstract]

Other Transaction Expense 1 [Percent]

^[2]

0.00%

Other Transaction Expenses [Percent]

^[3]

0.00%

Management Fees [Percent]

^[4],[5]

3.17%

Interest Expenses on Borrowings [Percent]

^[4],[6]

7.54%

Incentive Fees [Percent]

^[4],[7]

2.66%

Acquired Fund Fees and Expenses [Percent]

^[4],[8]

8.12%

Other Annual Expenses [Abstract]

Other Annual Expenses [Percent]

^[4],[9]

1.91%

Total Annual Expenses [Percent]

^[4],[10]

0.00%

Expense Example [Table Text Block]

Example

The following example illustrates the projected dollar amount of total cumulative expenses that you would pay on a $1,000 hypothetical investment in common shares, assuming (1) a 3.00% sales load (underwriting discounts and commissions) and offering expenses totaling 0.51%, (2) total net annual expenses of 11.40% of average net assets attributable to common shares as set forth in the table above (other than performance-based incentive fees) and (3) a 5% annual return.


You would pay the following expenses on a $1,000 common stock investment	1 Years		3 Years		5 Years		10 Years
Assuming a 5% annual return (assumes no return from net realized capital gains or net
unrealized capital appreciation)	$	219	$	506	$	709	$	995
Assuming a 5% annual return (assumes return only from realized capital gains and thus
subject to the capital gains incentive fee)	$	227	$	521	$	724	$	999

This example and the expenses in the table above should not be considered a representation of our future expenses. Actual expenses may be greater or less than those assumed. The table above is provided to assist you in understanding the various costs and expenses that an investor in our common stock will bear directly or indirectly. While the example assumes, as required by the SEC, a 5% annual return, our performance will vary and may result in a return greater or less than 5%. If we were to earn an annual return equal to or less than 5% from net investment income, the incentive fee under our Investment Management Agreement would not be earned or payable. If returns on our investments, including realized capital gains, result in an incentive fee, our expenses, and returns to investors, would be higher. The example assumes that all distributions are reinvested at NAV. Reinvestment of distributions under our dividend reinvestment plan may occur at a price per share that differs from NAV. See “Distributions” for more information.

Expense Example, Year 01

$ 219

Expense Example, Years 1 to 3

506

Expense Example, Years 1 to 5

709

Expense Example, Years 1 to 10

$ 995

Purpose of Fee Table , Note [Text Block]

The following table is being provided to update, as of September 30, 2023, certain information in our registration statement on Form N-2 (File No. 333-263564), most recently declared effective by the SEC on April 28, 2022. The following table will assist you in understanding the various costs and expenses that an investor in shares of our common stock will bear directly or indirectly. However, we caution you that some of the percentages indicated in the table below are estimates and may vary from actual results. The following table should not be considered a representation of our future expenses. Actual expenses may be greater or less than shown. Except where the context suggests otherwise, whenever reference is made to fees or expenses paid by “you” or “us” or that “we” will pay, stockholders will indirectly bear such fees or expenses as investors in us.


Stockholder transaction expenses
Sales load (as a percentage of offering price)	—	%	(1)
Offering expenses (as a percentage of offering price)	—		(2)
Dividend reinvestment plan expenses	—		(3)
Total stockholder expenses (as a percentage of offering price)	—
Estimated annual expenses (as a percentage of average net assets attributable to common shares)(4)
Management fees	3.17		(5)
Incentive fees	2.66		(6)
Interest on borrowed funds	7.54		(7)
Acquired fund fees and expenses	8.12		(8)
Other expenses	1.91		(9)
Total estimated annual expenses	23.40	%	(10)

Other Expenses, Note [Text Block]

Other expenses” includes our general and administrative expenses, professional fees, directors’ fees, insurance costs, taxes, expenses of our dividend reinvestment plan and the expenses of the Investment Adviser reimbursable under our Investment Management Agreement and of the Administrator reimbursable under our Administration Agreement.

Management Fee not based on Net Assets, Note [Text Block]

(5)

The contractual management fee is calculated at an annual rate of 1.50% of our average adjusted gross assets up to 200% of the Company’s total net assets as of the immediately preceding quarter-end and 1.00% for amounts that exceed such amount on September 30, 2023. See “Business—Investment Management Agreement” and “Business—Management Fees” for more information.

Acquired Fund Fees Estimated, Note [Text Block]

(8)

Our stockholders indirectly bear 60.5% of the expenses of our investment in PSLF. No management fee is charged by PennantPark Investment Advisers in connection with PSLF. PSLF pays the Administrator an annual fee of 0.25% of average gross assets under management. For this chart, PSLF fees and operating expenses are based on our share of the actual fees and operating expenses of PSLF for the fiscal year ended September 30, 2023. Expenses for PSLF may fluctuate over time and may be substantially higher or lower in the future.

Acquired Fund Incentive Allocation, Note [Text Block]

The portion of incentive fees paid with respect to net investment income and capital gains, if any, is based on actual amounts incurred during the fiscal year ended September 30, 2023 . Such incentive fees are based on performance, vary from period to period and are not paid unless our performance exceeds specified thresholds. Incentive fees in respect of net investment income do not include incentive fees in respect of net capital gains. The portion of our incentive fee paid in respect of net capital gains is determined and payable in arrears as of the end of each calendar year (or upon termination of the Investment Management Agreement, as of the termination date) and equals 17.5% of our realized capital gains, if any, on a cumulative basis from inception through the end of each calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gain incentive fees. For purposes of this chart and our Consolidated Financial Statements, our incentive fees on capital gains are calculated in accordance with GAAP. As we cannot predict our future net investment income or capital gains, the incentive fee paid in future periods, if any, may be substantially different than the fee earned during the fiscal year ended September 30, 2023. For more detailed information about the incentive fee, please see “Business—Investment Management Agreement” and “Business—Management Fees” for more information.

Acquired Fund Total Annual Expenses, Note [Text Block]

(10)

“Total estimated annual expenses” as a percentage of average net assets attributable to common shares, to the extent we borrow money to make investments, are higher than the total estimated annual expenses percentage would be for a company that is not leveraged. We may borrow money to leverage our net assets and increase our total assets. The SEC requires that the “total estimated annual expenses” percentage be calculated as a percentage of net assets (defined as total assets less indebtedness) rather than total assets, which include assets that have been funded with borrowed money. If the “Total estimated annual expenses” percentage were calculated instead as a percentage of total assets, our “Total estimated annual expenses” would be 10.2% of average total assets.

Financial Highlights [Abstract]

Senior Securities [Table Text Block]

The report of RSM US LLP, an independent registered public accounting firm, on the Senior Securities table as of September 30, 2023, is attached as an exhibit to this Report.


Class and Year	Total Amount Outstanding (1)		Asset Coverage Per Unit (2), (3)		Average Market Value Per Unit
Truist Credit Facility
Fiscal 2023	$	212,420	$	1,952	N/A
Fiscal 2022		385,920		1,855	N/A
Fiscal 2021		316,545		2,208	N/A
Fiscal 2020		388,252		2,078	N/A
Fiscal 2019		301,636		2,066	N/A
Fiscal 2018		80,520		2,919	N/A
Fiscal 2017		79,393		2,998	N/A
Fiscal 2016		50,340		2,794	N/A
Fiscal 2015		136,864		2,586	N/A
Fiscal 2014		55,226		3,215	N/A
BNP Credit Facility
Fiscal 2019		171,000		2,066	N/A
2019 Notes
Fiscal 2018		250,000		2,919	N/A
Fiscal 2017		250,000		2,998	N/A
Fiscal 2016		250,000		2,794	N/A
Fiscal 2015		250,000		2,586	N/A
Fiscal 2014		250,000		3,215	N/A
2024 Notes
Fiscal 2021		86,250		2,208	$	25.14	(4)
Fiscal 2020		86,250		2,078	23.47		(4)
Fiscal 2019		75,000		2,066	24.87		(4)
2025 Notes
Fiscal 2016		71,250		2,794	24.68		(5)
Fiscal 2015		71,250		2,586	25.13		(5)
Fiscal 2014		71,250		3,215	24.51		(5)
Fiscal 2013		71,250		4,205	24.79		(5)
2026 Notes
Fiscal 2023		150,000		1,952	N/A
Fiscal 2022		150,000		1,855	N/A
Fiscal 2021		150,000		2,208	N/A
2026-2 Notes
Fiscal 2023		165,000		1,952	N/A
Fiscal 2022		165,000		1,855	N/A

(1)

Total cost of each class of senior securities outstanding at the end of the period presented in thousands (000s).

(2)

(3)

These amounts exclude SBA debentures from our total amount outstanding and asset coverage per unit computation pursuant to an exemptive relief letter provided by the SEC in June 2011.

(4)

The average market value per unit is derived based on the daily closing price of the 2024 Notes trading on The Nasdaq Global Select Market under the symbol “PNNTG.” The 2024 Notes were issued in increments of $25 per unit and commenced trading on September 30, 2019.

(5)

The average market value per unit is derived based on the monthly average closing price of the 2025 Notes, which were traded on the New York Stock Exchange, or NYSE, under the symbol “PNTA” since issuance. The 2025 Notes were issued in increments of $25 per unit. On June 29, 2017, the 2025 Notes were redeemed in full.

Senior Securities, Note [Text Block]

Senior Securities

Information about our senior securities is shown in the following table as of September 30, 2023, 2022, 2021, 2020, 2019, 2018, 2017, 2016, 2015, and 2014. The report of RSM US LLP, an independent registered public accounting firm, on the Senior Securities table as of September 30, 2023, is attached as an exhibit to this Report.


Class and Year	Total Amount Outstanding (1)		Asset Coverage Per Unit (2), (3)		Average Market Value Per Unit
Truist Credit Facility
Fiscal 2023	$	212,420	$	1,952	N/A
Fiscal 2022		385,920		1,855	N/A
Fiscal 2021		316,545		2,208	N/A
Fiscal 2020		388,252		2,078	N/A
Fiscal 2019		301,636		2,066	N/A
Fiscal 2018		80,520		2,919	N/A
Fiscal 2017		79,393		2,998	N/A
Fiscal 2016		50,340		2,794	N/A
Fiscal 2015		136,864		2,586	N/A
Fiscal 2014		55,226		3,215	N/A
BNP Credit Facility
Fiscal 2019		171,000		2,066	N/A
2019 Notes
Fiscal 2018		250,000		2,919	N/A
Fiscal 2017		250,000		2,998	N/A
Fiscal 2016		250,000		2,794	N/A
Fiscal 2015		250,000		2,586	N/A
Fiscal 2014		250,000		3,215	N/A
2024 Notes
Fiscal 2021		86,250		2,208	$	25.14	(4)
Fiscal 2020		86,250		2,078	23.47		(4)
Fiscal 2019		75,000		2,066	24.87		(4)
2025 Notes
Fiscal 2016		71,250		2,794	24.68		(5)
Fiscal 2015		71,250		2,586	25.13		(5)
Fiscal 2014		71,250		3,215	24.51		(5)
Fiscal 2013		71,250		4,205	24.79		(5)
2026 Notes
Fiscal 2023		150,000		1,952	N/A
Fiscal 2022		150,000		1,855	N/A
Fiscal 2021		150,000		2,208	N/A
2026-2 Notes
Fiscal 2023		165,000		1,952	N/A
Fiscal 2022		165,000		1,855	N/A

(1)

Total cost of each class of senior securities outstanding at the end of the period presented in thousands (000s).

(2)

(3)

These amounts exclude SBA debentures from our total amount outstanding and asset coverage per unit computation pursuant to an exemptive relief letter provided by the SEC in June 2011.

(4)

(5)

General Description of Registrant [Abstract]

Investment Objectives and Practices [Text Block]

PennantPark Investment Corporation is a BDC whose objectives are to generate both current income and capital appreciation while seeking to preserve capital through debt and equity investments primarily made to U.S. middle-market companies in the form of first lien secured debt, second lien secured debt, subordinated debt and equity investments.

We believe middle-market companies offer attractive risk-reward to investors due to a limited amount of capital available for such companies. We seek to create a diversified portfolio that includes first lien secured debt, second lien secured debt, subordinated debt and equity investments by investing approximately $10 million to $50 million of capital, on average, in the securities of middle-market companies. We expect this investment size to vary proportionately with the size of our capital base. We use the term “middle-market” to refer to companies with annual revenues between $50 million and $1 billion. The companies in which we invest are typically highly leveraged, and, in most cases, are not rated by national rating agencies. If such companies were rated, we believe that they would typically receive a rating below investment grade (between BB and CCC under the Standard & Poor’s system) from the national rating agencies. Securities rated below investment grade are often referred to as “leveraged loans” or “high yield” securities or “junk bonds” and are often higher risk compared to debt instruments that are rated above investment grade and have speculative

characteristics. Our debt investments may generally range in maturity from three to ten years and are made to U.S. and, to a limited extent, non-U.S. corporations, partnerships and other business entities which operate in various industries and geographical regions.

Our investment activity depends on many factors, including the amount of debt and equity capital available to middle-market companies, the level of merger and acquisition activity for such companies, the general economic environment and the competitive environment for the types of investments we make. We have used, and expect to continue to use, our debt capital, proceeds from the rotation of our portfolio and proceeds from public and private offerings of securities to finance our investment objectives.

Risk Factors [Table Text Block]

Item 1A. Risk Factors

Before you invest in our securities, you should be aware of various risks, including those described below. You should carefully consider these risk factors, together with all of the other information included in this Report, before you decide whether to make an investment in our securities. The risks set out below are not the only risks we face. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may have a material adverse effect on our business, financial condition and/or operating results. If any of the following events occur, our business, financial condition and results of operations could be materially adversely affected. In such case, our NAV, the trading price of our common stock, our 2026 Notes, our 2026 Notes-2 or any securities we may issue, may decline, and you may lose all or part of your investment.

RISKS RELATING TO OUR BUSINESS AND STRUCTURE

We are subject to various covenants under our Truist Credit Facility which, if not complied with, could result in reduced availability and/or mandatory prepayments under our Truist Credit Facility.

In addition to the asset coverage ratio requirements, our Truist Credit Facility contains various covenants which, if not complied with, could accelerate repayment under the Truist Credit Facility. This could have a material adverse effect on our business, financial condition and results of operations. Our borrowings under our Truist Credit Facility are collateralized by the assets in our investment portfolio, excluding those portfolio investments held by SBIC II. The agreements governing the Truist Credit Facility require us to comply with certain financial and operational covenants. These covenants include:

•

A requirement to retain our status as a RIC;

•

A requirement to maintain a minimum amount of stockholders’ equity; and

•

A requirement that our outstanding borrowings under the Truist Credit Facility not exceed a certain percentage of the value of our portfolio.

Our continued compliance with these covenants depends on many factors, some of which are beyond our control. A material decrease in our NAV in connection with additional borrowings could result in an inability to comply with our obligation to restrict the level of indebtedness that we are able to incur in relation to the value of our assets or to maintain a minimum level of stockholders’ equity. This could have a material adverse effect on our operations, as it would reduce availability under the Truist Credit Facility and could trigger mandatory prepayment obligations under the terms of the Truist Credit Facility.

We operate in a highly competitive market for investment opportunities.

A number of entities compete with us to make the types of investments that we make in middle-market companies. We compete with public and private funds, including other BDCs, commercial and investment banks, commercial financing companies, CLO funds and, to the extent they provide an alternative form of financing, private equity funds. Additionally, alternative investment vehicles, such as hedge funds, also invest in middle-market companies. As a result, competition for investment opportunities at middle-market companies can be intense. Many of our potential competitors are substantially larger and have considerably greater financial, technical and marketing resources than we do. For example, we believe some competitors have a lower cost of funds and access to funding sources that are not available to us. In addition, some of our competitors have higher risk tolerances or different risk assessments, which could allow them to consider a wider variety of investments and establish more relationships than us. Furthermore, many of our competitors are not subject to the regulatory restrictions that the 1940 Act imposes on us as a BDC. We cannot assure you that the competitive pressures we face will not have a material adverse effect on our business, financial condition and results of operations. Also, as a result of this competition, we may not be able to take advantage of attractive investment opportunities from time to time, and we can offer no assurance that we will be able to identify and make investments that are consistent with our investment objectives.

Participants in our industry compete on several factors, including price, flexibility in transaction structuring, customer service, reputation, market knowledge and speed in decision-making. We do not seek to compete primarily based on the interest rates we offer, and we believe that some of our competitors may make loans with interest rates that are lower than the rates we offer. We may lose investment opportunities if we do not match our competitors’ pricing, terms and structure. However, if we match our competitors’ pricing, terms and structure, we may experience decreased net interest income and increased risk of credit loss.

Our borrowers may default on their payments, which may have a materially negative effect on our financial performance.

Our primary business exposes us to credit risk, and the quality of our portfolio has a significant impact on our earnings. Credit risk is a component of our fair valuation of our portfolio companies. Negative credit events will lead to a decrease in the fair value of our portfolio companies.

In addition, market conditions have affected consumer confidence levels, which may harm the business of our portfolio companies and result in adverse changes in payment patterns. Increased delinquencies and default rates would negatively impact our results of operations. Deterioration in the credit quality of our portfolio could have a material adverse effect on our business, financial condition and results of operations. If interest rates rise, some of our portfolio companies may not be able to pay the escalating interest on our loans and may default.

We make long-term loans and debt investments, which may involve a high degree of repayment risk. Our investments with a deferred interest feature, such as OID income and PIK interest, could represent a higher credit risk than investments that must pay interest in full in cash on a regular basis. We invest in companies that may have limited financial resources, typically are highly leveraged and may be unable to obtain financing from traditional sources. Accordingly, a general economic downturn or severe tightening in the credit markets could materially impact the ability of our borrowers to repay their loans, which could significantly damage our business. Numerous other factors may affect a borrower’s ability to repay its loan, including the failure to meet its business plan or a downturn in its industry. A portfolio company’s failure to satisfy financial or operating covenants imposed by us or other lenders could lead to defaults and, potentially, termination of its loans or foreclosure on the secured assets. This could trigger cross-defaults under other agreements and jeopardize our portfolio company’s ability to meet its obligations under the loans or debt securities that we hold. In addition, our portfolio companies may have, or may be permitted to incur, other debt that ranks senior to or equally with our securities. This means that payments on such senior-ranking securities may have to be made before we receive any payments on our subordinated loans or debt securities. Deterioration in a borrower’s financial condition and prospects may be accompanied by deterioration in any related collateral and may adversely affect our financial condition and results of operations.

Any unrealized losses we experience on our investment portfolio may be an indication of future realized losses, which could reduce our income available for distribution.

As a BDC, we are required to carry our investments at fair value, which is derived from a market value or, if no market value is ascertainable or if market value does not reflect the fair value of such investment in the bona fide determination of our board of directors, then we would carry our investments at fair value, as determined in good faith by or under the direction of our board of directors. Decreases in the market values or fair values of our investments are recorded as unrealized depreciation or loss. Unrealized losses of any given portfolio company could be an indication of such company’s inability in the future to meet its repayment obligations to us.

If the fair value of our portfolio companies reflects unrealized losses that are subsequently realized, we could experience reductions of our income available for distribution in future periods that could materially harm our results of operations and cause a material decline in the value of our publicly traded common stock.

We are dependent upon our Investment Adviser’s key personnel for our future success, and if our Investment Adviser is unable to hire and retain qualified personnel or if our Investment Adviser loses any member of its management team, our ability to achieve our investment objectives could be significantly harmed.

We depend on the diligence, skill and network of business contacts of the senior investment professionals of our Investment Adviser for our future success. We also depend, to a significant extent, on PennantPark Investment Advisers’ access to the investment information and deal flow generated by these senior investment professionals and any others that may be hired by PennantPark Investment Advisers. Subject to the overall supervision of our board of directors, the managers of our Investment Adviser evaluate, negotiate, structure, close and monitor our investments. Our future success depends on the continued service of management personnel of our Investment Adviser. The departure of managers of PennantPark Investment Advisers could have a material adverse effect on our ability to achieve our investment objectives. In addition, we can offer no assurance that PennantPark Investment Advisers will remain our Investment Adviser. The Investment Adviser has the right, under the Investment Management Agreement, to resign at any time upon 60 days’ written notice, whether we have found a replacement or not.

If our Investment Management Agreement is terminated, our costs under new agreements that we enter into may increase. In addition, we will likely incur significant time and expense in locating alternative parties to provide the services we expect to receive under our Investment Management Agreement. Any new investment management agreement would also be subject to approval by our stockholders.

We are exposed to risks associated with changes in interest rates that may affect our cost of capital and net investment income.

Since we borrow money to make investments, our net investment income depends, in part, upon the difference between the rate at which we borrow funds and the rate at which we invest those funds. As a result, we can offer no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income. In periods of rising interest rates, our cost of funds will increase and the interest rate on investments with an interest rate floor will not increase until interest rates exceed the applicable floor, which will reduce our net investment income. We may use interest rate risk management techniques, such as total return swaps and interest rate swaps, in an effort to limit our exposure to interest rate fluctuations. These techniques may include various interest rate hedging activities to the extent permitted by the 1940 Act and applicable commodities laws. These activities may limit our ability to participate in the benefits of lower interest rates with respect to the hedged portfolio. Adverse developments resulting from changes in interest rates or hedging transactions could have a material adverse effect on our business, financial condition and results of operations. Also, we have limited experience in entering into hedging transactions and we will initially have to purchase or develop such expertise, which may diminish the actual benefits of any hedging strategy we employ. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Quantitative and Qualitative Disclosures about Market Risk” for more information.

A rise in the general level of interest rates can be expected to lead to higher interest rates applicable to our debt investments once the interest rate exceeds the applicable floor. Accordingly, an increase in interest rates would make it easier for us to meet or exceed the incentive fee hurdle and may result in a substantial increase of the amount of incentive fees payable to our Investment Adviser with respect to Pre-Incentive Fee Net Investment Income.

General interest rate fluctuations may have a substantial negative impact on our investments, the value of our common stock and our rate of return on invested capital. A reduction in interest rates may result in both lower interest rates on new investments and higher repayments on current investments with higher interest rates, which may have an adverse impact on our net investment income. An increase in interest rates could decrease the value of any investments we hold which earn fixed interest rates or are subject to interest rate floors and also could increase our interest expense on our Truist Credit Facility, thereby decreasing our net investment income. Also, an increase in interest rates available to investors could make an investment in our common stock less attractive if we are not able to increase our dividend rate, which could reduce the value of our common stock.

If general interest rates continue to rise, there is a risk that the portfolio companies in which we hold floating rate securities will be unable to pay escalating interest amounts, which could result in a default under their loan documents with us. Rising interest rates could also cause portfolio companies to shift cash from other productive uses to the payment of interest, which may have a material adverse effect on their business and operations and could, over time, lead to increased defaults. In addition, continued rising interest rates may increase pressure on us to provide fixed rate loans to our portfolio companies, which could adversely affect our net investment income, as any increases in our cost of borrowed funds would not be accompanied by increased interest income from such fixed-rate investments.

The discontinuation and replacement of LIBOR may adversely affect the value of floating-rate debt securities in our portfolio or issued by us.

As of June 30, 2023, no settings of LIBOR continue to be published on a representative basis and publication of many non-U.S. dollar LIBOR settings have been entirely discontinued. On July 29, 2021, the U.S. Federal Reserve, in conjunction with the Alternative Reference Rates Committee, a steering committee comprised of large U.S. financial institutions, recommended replacing U.S. dollar LIBOR with alternative reference rates based on the Secured Overnight Financing Rate (“SOFR”). SOFR significantly differs from LIBOR, both in the actual rate and how it is calculated. Further, on March 15, 2022, the Consolidated Appropriations Act of 2022, which includes the Adjustable Interest Rate (LIBOR) Act ("LIBOR Act"), was signed into law in the United States. This legislation established a uniform benchmark replacement process for certain financial contracts that mature after June 30, 2023 that do not contain clearly defined or practicable LIBOR fallback provisions. The legislation also created a safe harbor that shields lenders from litigation if they choose to utilize a replacement rate recommended by the Board of Governors of the U.S. Federal Reserve. In addition, the U.K. Financial Conduct Authority, which regulates the publisher of LIBOR(ICR Benchmark Administration) has announced that it will required the continued publication of one, three and six month tenors of U.S. dollar LIBOR on a non-representative synthetic basis until the end of September 2024, which may result in certain non-U.S. law-governed contracts and U.S. law-governed contracts not being covered by the federal legislation remaining on synthetic U.S. dollar LIBOR until the end of this period. The transition from LIBOR as a result of certain statutory regimes (e.g., N.Y. Gen. Oblig. Law § 18-401 or the Adjustable Interest Rate (LIBOR) Act) or the use of synthetic LIBOR in floating-rate debt securities in our portfolio or issued by us and could have a material and adverse impact on the value or liquidity of those instruments.

Given the inherent difference between LIBOR and SOFR, or any other alternative benchmark rate established, there are many uncertainties regarding a tranistion from LIBOR, including, but not limited to, the need to amend contracts which continue to reference LIBOR and how the transition from LIBOR will impact the cost of variable rate debt and certain derivative financial instruments. In addition, SOFR or other replacement rates may fail to gain market acceptance. Any failure of SOFR or alternative references rates to gain market acceptance could adversely affect the return on, value of the market for securities linked to such rates. The elimination of LIBOR, the replacement of LIBOR with any alternative reference rate, such as SOFR (or an alternative reference rate based on SOFR) or any other changes or reforms to floating rate benchmarks could have an adverse impact on the market value of and/or transfer ability of any floating-rate debt securities in our portfolio or issued by us.

The IRS has issued regulations regarding the tax consequences of the transition from LIBOR or another interbank offered rate (“IBOR”) to a new reference rate in debt instruments and non-debt contracts. Under the regulations, alteration or modification of the terms of a debt instrument to replace an operative rate that uses a discontinued IBOR with a qualified rate (as defined in the regulations) including true up payments equalizing the fair market value of contracts before and after such IBOR transition, to add a qualified rate as a fallback rate to a contract whose operative rate uses a discontinued IBOR or to replace a fallback rate that uses a discontinued IBOR with a qualified rate would not be taxable. The IRS may provide additional guidance, with potential retroactive effect.

Our financial condition and results of operation depend on our ability to manage future growth effectively.

Our ability to achieve our investment objectives depends on our ability to grow, which depends, in turn, on our Investment Adviser’s ability to identify, invest in and monitor companies that meet our investment selection criteria. Accomplishing this result on a cost-effective basis is largely a function of our Investment Adviser’s structuring of the investment process, its ability to provide competent, attentive and efficient services to us and our access to financing on acceptable terms. The management team of PennantPark Investment Advisers has substantial responsibilities under our Investment Management Agreement. In order for us to grow, our Investment Adviser will need to hire, train, supervise and manage new employees. However, we can offer no assurance that any current or future employees will contribute effectively to the work of, or remain associated with, the Investment Adviser. We caution you that the principals of our Investment Adviser or Administrator may also be called upon to provide and currently do provide significant managerial assistance to portfolio companies and other investment vehicles, including other BDCs, which are managed by the Investment Adviser. Such demands on their time may distract them or slow our rate of investment. Any failure to manage our future growth effectively could have a material adverse effect on our business, financial condition and results of operations.

We are highly dependent on information systems and systems failures could have a material adverse effect on our business, financial condition and results of operations.

Our business depends on the communications and information systems, including financial and accounting systems, of the Investment Adviser, the Administrator and our external service providers. Any failure or interruption of such systems could cause delays or other problems in our activities. This, in turn, could have a material adverse effect on our business, financial condition and results of operations.

If we fail to maintain an effective system of internal control over financial reporting, we may not be able to accurately report our financial results or prevent fraud. As a result, stockholders could lose confidence in our financial and other public reporting, which would harm our business and the trading price of our common stock.

Effective internal controls over financial reporting are necessary for us to provide reliable financial reports and, together with adequate disclosure controls and procedures, are designed to prevent fraud. Any failure to implement required new or improved controls, or difficulties encountered in their implementation could cause us to fail to meet our reporting obligations. In addition, any testing by us conducted in connection with Section 404 of the Sarbanes-Oxley Act of 2002, or the subsequent testing by our independent registered public accounting firm (when undertaken, as noted below), may reveal deficiencies in our internal controls over financial reporting that are deemed to be significant deficiencies, material weaknesses or that may require prospective or retroactive changes to our consolidated financial statements or identify other areas for further attention or improvement. Inferior internal controls could also cause investors and lenders to lose confidence in our reported financial information, which could have a negative effect on the trading price of our common stock.

We have identified material weaknesses in our internal control over financial reporting. If we fail to remediate these material weaknesses, our ability to report our financial condition and result of operations accurately and on a timely basis could be adversely affect.

We have identified material weaknesses in our internal controls over financial reporting, and management has determined that, as of September 30, 2023, we do not maintain effective internal control over financial reporting. These material weaknesses and our remediation efforts are described in Management’s Report on Internal Control Over Financial Reporting, which appears on page 61 of this Form 10-K. We cannot assure you that we will adequately remediate the material weaknesses or that additional material weaknesses in our internal controls will not be identified in the future. Any failure to maintain or implement required new or improved controls, or any difficulties we encounter in their implementation, could result in additional material weaknesses, or could result in material misstatements in our financial statements. These misstatements could result in restatements of our financial statements, cause us to fail to meet our reporting obligations or cause investors to lose confidence in our reported financial information.

We are in the process of remediating the identified material weaknesses in our internal controls, but we are unable at this time to estimate when the remediation effort will be completed. If we fail to remediate these material weaknesses, there will continue to be an increased risk that our future financial statements could contain errors that will be undetected. Further and continued determinations that there are material weaknesses in the effectiveness of our internal controls could impact the operations of our business including our ability to obtain financing, the cost of any financing we obtain or require additional expenditures of resources to comply with applicable requirements.

We may not replicate the historical performance of other investment companies and funds with which our senior and other investment professionals have been or are affiliated.

The 1940 Act imposes numerous constraints on the investment activities of BDCs. For example, BDCs are required to invest at least 70% of their total assets primarily in securities of U.S. private companies or thinly traded public companies (i.e., public companies with a market capitalization of less than $250 million), cash, cash equivalents, U.S. government securities and high-quality debt investments that mature in one year or less. These constraints may hinder the Investment Adviser’s ability to take advantage of attractive investment opportunities and to achieve our investment objectives. In addition, the investment philosophy and techniques used by the Investment Adviser may differ from those used by other investment companies and funds advised by the Investment Adviser. Accordingly, we can offer no assurance that we will replicate the historical performance of other investment companies and funds with which our senior and other investment professionals have been affiliated, and we caution that our investment returns could be substantially lower than the returns achieved by such other companies.

Any failure on our part to maintain our status as a BDC would reduce our operating flexibility.

If we do not remain a BDC, we might be regulated as a closed-end investment company under the 1940 Act, which would subject us to substantially more regulatory restrictions under the 1940 Act and correspondingly decrease our operating flexibility, which could have a material adverse effect on our business, financial condition and results of operations.

Loss of RIC tax status would substantially reduce our net assets and income available for debt service and distributions.

We have operated and continue to operate so as to maintain our election to be treated as a RIC under Subchapter M of the Code. If we meet the 90% Income Test, the Diversification Tests, and the Annual Distribution Requirement, we generally will not be subject to corporate-level income taxation on income we timely distribute, or are deemed to distribute, as dividends for U.S. federal income tax purposes to our stockholders. We would cease to qualify for such tax treatment if we were unable to comply with these requirements. In addition, we may have difficulty meeting our Annual Distribution Requirement to our stockholders because, in certain cases, we may recognize income before or without receiving cash representing such income. If we fail to qualify as a RIC, we will have to pay corporate-level taxes on all of our income whether or not we distribute it, which would substantially reduce the amount of income available for debt service as well as reduce and/or affect the character and amount of our

distributions to our stockholders. Even if we qualify as a RIC, we generally will be subject to a 4% nondeductible excise tax if we do not distribute to our stockholders in respect of each calendar year an amount at least equal to the Excise Tax Avoidance Requirement.

We may have difficulty paying our Annual Distribution Requirement if we recognize income before or without receiving cash representing such income.

For federal income tax purposes, we include in income certain amounts that we have not yet received in cash, such as OID and PIK interest, which represents interest added to the loan balance and due at the end of the loan term. OID, which could be significant relative to our overall investment assets, and increases in loan balances as a result of PIK interest will be included in income before we receive any corresponding cash payments. We also may be required to include in income certain other amounts that we will not receive in cash, such as amounts attributable to foreign currency transactions. Our investments with a deferred interest feature, such as PIK interest, may represent a higher credit risk than loans for which interest must be paid in full in cash on a regular basis. For example, even if the accounting conditions for income accrual are met, the borrower could still default when our actual collection is scheduled to occur upon maturity of the obligation.

The part of the incentive fee payable by us that relates to our net investment income is computed and paid on income that may include interest that has been accrued but not yet received in cash. If a portfolio company defaults on a loan that is structured to provide PIK or OID interest, it is possible that accrued interest previously used in the calculation of the incentive fee will become uncollectible.

We have historically depended in part on SBIC II for cash distributions to enable us to meet the distribution requirements to be subject to tax as a RIC. In this regard, SBIC II has been limited by the SBA regulations governing SBICs from making certain distributions to us that may be necessary to satisfy the requirements to be subject to tax as a RIC. In such a case, we would need to request a waiver of the SBA’s restrictions for SBIC II to make certain distributions to enable us to be subject to tax as a RIC. We cannot assure you that the SBA will grant such waiver, which may cause us to incur a corporate-level income tax.

If we are unable to satisfy the Annual Distribution Requirement, we may have to sell some of our investments at times or prices we would not consider advantageous, or raise additional debt or equity capital or reduce new investment originations to meet these distribution requirements, which could have a material adverse effect on our business, financial condition and results of operations. If we are not able to obtain cash from other sources, we may lose our ability to be subject to tax as a RIC and thus be subject to corporate-level income tax.

Legislation enacted in 2018 allows us to incur additional leverage.

A BDC has historically been able to issue “senior securities,” including borrowing money from banks or other financial institutions, only in amounts such that its asset coverage, as defined in Section 61(a)(2) of the 1940 Act, equals at least 200% after such incurrence or issuance. In March 2018, the Consolidated Appropriations Act of 2018 (which includes the SBCAA) was enacted which amended the 1940 Act to decrease this percentage from 200% (i.e., $1 of debt outstanding for each $1 of equity) to 150% (i.e., $2 of debt outstanding for each $1 of equity) for a BDC that has received either stockholder approval or approval of a “required majority” (as defined in Section 57(o) of the 1940 Act) of its board of directors of the application of such lower asset coverage ratio to the BDC. On February 5, 2019, our stockholders approved such reduction, as approved by our board of directors on November 13, 2018. As such, we are able to incur additional indebtedness so long as we comply with the applicable disclosure requirements, which may increase the risk of investing in us. Under the 200% minimum asset coverage ratio, we were permitted to borrow up to one dollar for investment purposes for every one dollar of investor equity and, under the 150% minimum asset coverage ratio, we are permitted to borrow up to two dollars for investment purposes for every one dollar of investor equity. In other words, Section 61(a)(2) of the 1940 Act permits BDCs to potentially increase their debt-to-equity ratio from a maximum of 1-to-1 to a maximum of 2-to-1. In addition, since our base management fee is determined and payable based upon our average adjusted gross assets, which includes any borrowings for investment purposes, our base management fee expense may increase if we incur additional leverage. Effective February 5, 2019, base management fees were reduced from 1.50% to 1.00% on gross assets that exceed 200% of our total net assets as of the immediately preceding quarter-end.

Because we intend to distribute substantially all of our income to our stockholders to maintain our ability to be subject to tax as a RIC, we may need to raise additional capital to finance our growth. If funds are not available to us, we may need to curtail new investments, and our common stock value could decline.

In connection with satisfying the requirements to be subject to tax as a RIC, we intend to distribute to our stockholders substantially all of our investment company taxable income and net capital gains each taxable year. However, we may retain all or a portion of our net capital gains and incur applicable income taxes with respect thereto and elect to treat such retained net capital gains as deemed dividend distributions to our stockholders.

As noted above, on November 13, 2018 and February 5, 2019, our board of directors, including a “required majority” (as such term is defined in Section 57(o) of the 1940 Act), and our stockholders, respectively, approved a reduction of our asset coverage ratio from 200% to 150%. The asset coverage requirement applicable to us for senior securities was reduced from 200% (i.e., $1 of debt outstanding for each $1 of equity) to 150% (i.e., $2 of debt outstanding for each $1 of equity). If we incur additional indebtedness under this provision, the risk of investing in us will increase. If the value of our assets declines, we may be unable to satisfy this asset coverage test. If that happens, we may be required to sell a portion of our investments or sell additional common stock and, depending on the nature of our leverage, to repay a portion of our indebtedness at a time when such sales and repayments may be disadvantageous. In addition, the issuance of additional securities could dilute the percentage ownership of our current stockholders in us.

Regulations governing our operation as a BDC will affect our ability to, and the way in which we raise additional capital.

Our business requires a substantial amount of capital. We may acquire additional capital from the issuance of additional senior securities or other indebtedness, the issuance of additional shares of our common stock, the issuance of warrants or subscription rights to purchase certain of our securities, or from securitization transactions or through SBA debentures. However, we may not be able to raise additional capital in the future on favorable terms or at all. We may issue debt securities or preferred securities, which we refer to collectively as “senior securities,” and we may borrow money from banks, through the SBA debenture program or other financial institutions, up to the maximum amount permitted by the 1940 Act. Under the 1940 Act, the asset coverage ratio requirements permit us to issue senior securities or incur indebtedness subject to certain limitations, exclusive of the SBA debentures pursuant to our SEC exemptive relief. Our ability to pay distributions or issue additional senior securities would be restricted if our asset coverage ratio was not met. If the value of our assets declines, we may be unable to satisfy the asset coverage ratio. If that happens, we may be required to liquidate a portion of our investments and repay a portion of our indebtedness at a time when such sales may be disadvantageous, which could materially harm our business, financial condition and results of operations.

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Senior Securities. As a result of issuing senior securities, we are exposed to typical risks associated with leverage, including an increased risk of loss. If we issue preferred securities, they would rank “senior” to common stock in our capital structure. Preferred stockholders would have separate voting rights and may have rights, preferences or privileges more favorable than those of holders of our common stock. Furthermore, the issuance of preferred securities could have the adverse effect of delaying, deferring or preventing a transaction or a change of control that might involve a premium price for our common stockholders or otherwise be in your best interest. Our senior securities may include conversion features that cause them to bear risks more closely associated with an investment in our common stock.

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Additional Common Stock. Our board of directors may decide to issue common stock to finance our operations rather than issuing debt or other senior securities. As a BDC, we are generally not able to issue our common stock at a price below NAV per share without first obtaining certain approvals from our stockholders and our board of directors. Also, subject to the requirements of the 1940 Act, we may issue rights to acquire our common stock at a price below the current NAV per share of the common stock if our board of directors determines that such sale is in our best interests and the best interests of our common

stockholders. In any such case, the price at which our securities are to be issued and sold may not be less than a price that, in the determination of our board of directors, closely approximates the market value of such securities. However, when required to be undertaken, the procedures used by the board of directors to determine the NAV per share of our common stock within 48 hours of each offering of our common stock may differ materially from and will necessarily be more abbreviated than the procedures used by the board of directors to determine the NAV per share of our common stock at the end of each quarter because there is a an extensive process each quarter to determine the NAV per share of our common stock which cannot be completed in 48 hours. The quarterly process includes preliminary valuation conclusions, engagement of independent valuation firms and review by those firms of preliminary valuation conclusions. By contrast, the procedures in connection with an offering may yield a NAV that is less precise than the NAV determined at the end of each quarter. We will not offer transferable subscription rights to our stockholders at a price equivalent to less than the then current NAV per share of common stock, excluding underwriting commissions, unless we first file a post-effective amendment that is declared effective by the SEC with respect to such issuance and the common stock to be purchased in connection with such rights represents no more than one-third of our outstanding common stock at the time such rights are issued. In addition, for us to file a post-effective amendment to a registration statement on Form N-2, we must then be qualified to register our securities under the requirements of Form S-3. We may actually issue shares above or below a future NAV. If we raise additional funds by issuing more common stock or warrants or senior securities convertible into, or exchangeable for, our common stock, the percentage ownership of our common stockholders at that time would decrease, and our common stockholders would experience voting dilution.

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Securitization. In addition to issuing securities to raise capital as described above, we anticipate that in the future, as market conditions and the rules and regulations of the SEC permit, we may securitize our loans to generate cash for funding new investments. To securitize loans, we may create a wholly-owned subsidiary, contribute a pool of loans to the subsidiary and have the subsidiary issue primarily investment grade debt securities to purchasers who we would expect to be willing to accept a substantially lower interest rate than the loans earn. Even though we expect the pool of loans that we contribute to any such securitization vehicle to be rated below investment grade, because the securitization vehicle’s portfolio of loans would secure all of the debt issued by such vehicle, a portion of such debt may be rated investment grade, subject in each case to market conditions that may require such portion of the debt to be over collateralized and various other restrictions. If applicable accounting pronouncements or SEC staff guidance require us to consolidate the securitization vehicle’s financial statements with our financial statements, any debt issued by it would be generally treated as if it were issued by us for purposes of the asset coverage ratio applicable to us. In such case, we would expect to retain all or a portion of the equity and/or subordinated notes in the securitization vehicle. Our retained equity would be exposed to any losses on the portfolio of loans before any of the debt securities would be exposed to such losses. Accordingly, if the pool of loans experienced a low level of losses due to defaults, we would earn an incremental amount of income on our retained equity but we would be exposed, up to the amount of equity we retained, to that proportion of any losses we would have experienced if we had continued to hold the loans in our portfolio. We may hold subordinated debentures in any such securitization vehicle and, if so, we would not consider such securities to be senior securities. An inability to successfully securitize our loan portfolio could limit our ability to grow our business and fully execute our business strategy and adversely affect our earnings, if any. Moreover, the successful securitization of a portion of our loan portfolio might expose us to losses as the residual loans in which we do not sell interests will tend to be those that are riskier and less liquid.

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SBA Debentures. In addition to issuing securities and using securitizations to raise capital as described above, we have historically issued and may in the future issue, as permitted under SBA regulations and through our wholly-owned subsidiary, SBIC II, and any future SBIC subsidiary, SBA debentures to generate cash for funding new investments. To issue SBA debentures, we may request commitments for debt capital from the SBA. SBIC II is, and any future SBIC subsidiary has historically been exposed to any losses on its portfolio of loans;, however, such debentures are non-recourse to us.

SBIC II may be unable to make distributions to us that will enable us to meet or maintain RIC tax status.

In order for us to continue to qualify for RIC tax treatment and to minimize corporate-level income taxes, we will be required to distribute substantially all of our consolidated investment company taxable income and capital gains net income, including income from SBIC II, each taxable year as dividends to our stockholders. As noted above, we have historically been dependent in part on SBIC II for cash distributions to enable us to meet the RIC distribution requirements. SBIC II was limited by SBA regulations governing SBICs from making certain distributions to us if it does not have sufficient capital in accordance with SBA regulations, that which may be necessary to maintain our tax status as a RIC. We may have to request a waiver of the SBA’s restrictions limitations for SBIC II to make certain distributions to maintain our tax status. We cannot assure you that the SBA will grant such waiver and, if SBIC II is unable to obtain a waiver, compliance with the SBA regulations may result in not being able to meet the distribution requirements to maintain our RIC tax treatment corporate level income tax on us.

SBIC II was licensed by the SBA.

SBIC II, our wholly-owned subsidiary, received a license to operate as a SBIC under the 1958 Act and is that made it subject to regulation and oversight by the SBA. The SBA places certain limitations on the financing terms of investments by SBICs in portfolio companies and regulates the types of financings and prohibits investing in certain industries.

SBA regulations require that a licensed SBIC be periodically examined and audited by the SBA to determine its compliance with the relevant regulations. If SBIC II failed to comply with applicable regulations, the SBA could, depending on the severity of the violation, limit or prohibit its use of debentures, and/or limit it from making new investments. These actions by the SBA could, in turn, negatively affect us because SBIC II is our wholly-owned subsidiary or could impact our ability to participate in SBA-regulated programs in the future.

We currently use borrowed funds to make investments and are exposed to the typical risks associated with leverage.

Because we borrow funds to make investments, we are exposed to increased risk of loss due to our use of debt to make investments. A decrease in the value of our investments will have a greater negative impact on the NAV attributable to our common stock than it would if we did not use debt. Our ability to pay distributions may be restricted when our asset coverage ratio is not met, exclusive of the SBA debentures pursuant to SEC exemptive relief, and any cash that we use to service our indebtedness is not available for distribution to our common stockholders.

Our current debt is governed by the terms of our Facilities, 2026 Notes, and 2026 Notes-2 and future debt may be governed by an indenture or other instrument containing covenants restricting our operating flexibility. We, and indirectly our stockholders, bear the cost of issuing and servicing debt. Any convertible or exchangeable securities that we issue in the future may have rights, preferences and privileges more favorable than those of our common stock and may also carry leverage related risks. Leverage magnifies the potential risks for loss and the risks of investing in us, both as detailed below.

Additionally, we may in the future, through one or more of our subsidiaries, receive funds from the SBA through its debenture program. In connection with the filing of its initial SBA license application, PennantPark Investment received exemptive relief, in 2011, from the SEC to permit us to exclude the debt of our SBICs from our consolidated asset coverage ratio. Our ratio of total assets on a consolidated basis to outstanding indebtedness may be less than the applicable asset coverage ratio, which while providing increased investment flexibility, would also increase our exposure to risks associated with leverage.

If we incur additional debt, it could increase the risk of investing in our shares.

We have indebtedness outstanding pursuant to our Truist Credit Facility, 2026 Notes, and 2026 Notes-2 and expect in the future to borrow additional amounts under our Truist Credit Facility or otherwise, subject to market availability, and, may increase the size of our Truist Credit Facility. We cannot assure you that our leverage will

remain at current levels. The amount of leverage that we employ will depend upon our assessment of the market and other factors at the time of any proposed borrowing. Lenders have fixed dollar claims on our assets that are superior to the claims of our common stockholders or preferred stockholders, if any, and we have granted a security interest in our assets, excluding those of SBIC II, in connection with borrowings under our Truist Credit Facility. In the case of a liquidation event, those lenders would receive proceeds before our stockholders. Any future debt issuance will increase our leverage and may be subordinate to our Truist Credit Facility and SBA debentures. In addition, borrowings or debt issuances and SBA debentures, also known as leverage, magnify the potential for loss or gain on amounts invested and, therefore, increase the risks associated with investing in our securities. Leverage is generally considered a speculative investment technique. If the value of our assets decreases, then the use of leverage would cause the NAV attributable to our common stock to decline more than it otherwise would have had we not utilized leverage. Similarly, any decrease in our revenue would cause our net income to decline more than it would have had we not borrowed funds and could negatively affect our ability to make distributions on our common or preferred stock. Our ability to service any debt that we incur depends largely on our financial performance and is subject to prevailing economic conditions and competitive pressures.

As of September 30, 2023 and 2022, our asset coverage ratio, as computed in accordance with the 1940 Act, was 195% and 186%, respectively. Since our leverage, including SBA debentures outstanding, was 105% and 119% of our net assets as of September 30, 2023 and 2022, respectively, we would have to receive an annual return of at least 2.5% and 2.6%, respectively, to cover annual interest payments.

As of September 30, 2023, we had outstanding borrowings of $212.4 million under our Truist Credit Facility, $150.0 million of 2026 Notes and $165.0 million of 2026 Notes-2. Our consolidated debt outstanding was $527.4 million and had a weighted average annual interest rate at the time of 6.0%, exclusive of the fee on undrawn commitment on our Truist Credit Facility. This example is for illustrative purposes only, and actual interest rates on our Truist Credit Facility or any future borrowings are likely to fluctuate. The costs associated with our borrowings, including any increase in the management fee or incentive fee payable to our Investment Adviser, are and will be borne by our common stockholders.

The following table is designed to illustrate the effect on the return to a holder of our common stock of the leverage created by our use of borrowing as of September 30, 2023 of 45% of total assets (including such borrowed funds), at the current interest rate at the time of 6.0%, and assumes hypothetical annual returns on our portfolio of minus 10 to plus 10 percent. The table also assumes that we will maintain a constant level of leverage and weighted average interest rate. The amount of leverage and cost of borrowing that we use will vary from time to time. As can be seen, leverage generally increases the return to stockholders when the portfolio return is positive and decreases return when the portfolio return is negative. Actual returns may be greater or less than those appearing in the table.


Assumed return on portfolio (net of expenses) (1)	(10.0	)%	(5.0	)%	0	%	5.0	%	10.0	%
Corresponding return to common stockholders (2)	(22.2	)%	(13.4	)%	(4.5	)%	13.1	%	4.3	%

(1)

The assumed portfolio return is required by regulation of the SEC and is not a prediction of, and does not represent, our projected or actual performance.

(2)

In order to compute the “corresponding return to common stockholders,” the “assumed return on portfolio” is multiplied by the total value of our assets at the beginning of the period to obtain an assumed return to us. From this amount, all interest expense expected to be accrued during the period is subtracted to determine the return available to stockholders. The return available to stockholders is then divided by the total value of our net assets as of the beginning of the period to determine the “corresponding return to common stockholders.”

We may in the future determine to fund a portion of our investments with preferred stock, which is another form of leverage and would magnify the potential for loss and the risks of investing in us.

Preferred stock, which is another form of leverage, has the same risks to our common stockholders as borrowings because the distributions on any preferred stock we issue must be cumulative. If we issue preferred securities they would rank “senior” to common stock in our capital structure. Payment of distributions on, and repayment of the liquidation preference of, such preferred stock would typically take preference over any distributions or other payments to our common stockholders. Also, preferred stockholders are not typically subject to any of our expenses or losses and are not entitled to participate in any income or appreciation in excess of their stated preference. Furthermore, preferred stockholders would have separate voting rights and may have rights, preferences or privileges more favorable than those of our common stockholders. Also, the issuance of preferred securities could have the adverse effect of delaying, deferring or preventing a transaction or a change of control that might involve a premium price for our common stockholders or otherwise be in the best interest of stockholders.

We may in the future determine to fund a portion of our investments with debt securities, which would magnify the potential for loss and the risks of investing in us.

As a result of the issuance of our SBA debentures, borrowings under our Truist Credit Facility, and issuance of our 2026 Notes and 2026 Notes-2, we are exposed to typical risks associated with leverage, including an increased risk of loss and an increase in expenses, which are ultimately borne by our common stockholders. Payment of interest on such debt securities must take preference over any other distributions or other payments to our common stockholders. If we issue additional debt securities in the future, it is likely that such securities will be governed by an indenture or other instrument containing covenants restricting our operating flexibility. In addition, such securities may be rated by rating agencies, and in obtaining a rating for such securities, we may be required to abide by operating and investment guidelines that could further restrict our operating flexibility. Furthermore, any cash that we use to service our indebtedness would not be available for the payment of distributions to our common stockholders.

Our credit ratings may not reflect all risks of an investment in our debt securities.

Our credit ratings, if any, are an assessment of our ability to pay our obligations. Consequently, real or anticipated changes in our credit ratings will generally affect the market value of any publicly issued debt securities. Our credit ratings may not reflect the potential impact of risks related to market conditions or other factors discussed above on the market value of, or trading market for, any publicly issued debt securities. Rating agencies have reviewed, and may continue to review, our credit ratings and those of other business development companies in light of the SBCAA as well as any corresponding changes to asset coverage ratios and, in certain cases, downgrade such ratings. Such a downgrade in our credit ratings may adversely affect our securities.

A downgrade, suspension or withdrawal of the credit rating assigned by a rating agency to us, our 2026 Notes or our 2026 Notes-2, if any, or change in the debt markets could cause the liquidity or market value of our 2026 Notes or our 2026 Notes-2 to decline significantly.

Our credit ratings are an assessment by rating agencies of our ability to pay our debts when due. Consequently, real or anticipated changes in our credit ratings will generally affect the market value of our 2026 Notes or our 2026 Notes-2. Our credit ratings may not reflect the potential impact of risks relating to the structure or marketing of our 2026 Notes or our 2026 Notes-2. Credit ratings are not a recommendation to buy, sell or hold any security, and may be revised or withdrawn at any time by the issuing organization in its sole discretion. Neither we nor any underwriter undertakes any obligation to maintain our credit ratings or to advise holders of our 2026 Notes or our 2026 Notes-2 of any changes in our credit ratings. There can be no assurance that our credit ratings will remain for any given period of time or that such credit ratings will not be lowered or withdrawn entirely by any of the rating agencies if in their respective judgments future circumstances relating to the basis of the credit rating, such as

adverse changes in our Company, so warrant. The conditions of the financial markets and prevailing interest rates have fluctuated in the past and are likely to fluctuate in the future.

Market conditions may make it difficult to extend the maturity of or refinance our existing indebtedness and any failure to do so could have a material adverse effect on our business.

Our Truist Credit Facility matures in July 2027, our 2026 Notes mature in November 2026 and our 2026 Notes-2 mature in May 2026. Additionally, our SBA debentures mature between March 2026 and March 2028. We utilize proceeds from the Truist Credit Facility, our 2026 Notes, our 2026 Notes-2 and our SBA debentures to make investments in our portfolio companies. The duration of many of our investments exceeds the duration of our indebtedness under our Truist Credit Facility, our 2026 Notes, our 2026 Notes-2 and certain of our SBA debentures. This means that we will have to extend the maturity of our Truist Credit Facility or refinance our indebtedness in order to avoid selling investments at maturity of any of our debt investments, at which time such sales may be at prices that are disadvantageous to us, which could materially damage our business. In addition, future market conditions may affect our ability to renew or refinance our Truist Credit Facility, our 2026 Notes, our 2026 Notes-2 and our SBA debentures on terms as favorable as those in our existing indebtedness. If we fail to extend or refinance the indebtedness by the time it becomes due and payable, holders of the debt and/or the administrative agent may elect to exercise various remedies, including the sale of all or a portion of the collateral securing such indebtedness, subject to certain restrictions, any of which could have a material adverse effect on our business, financial condition and results of operations. The illiquidity of our investments may make it difficult for us to sell such investments. If we are required to sell our investments on short-term notice, we may not receive the value that we have recorded for such investments, and this could materially affect our results of operations.

There are significant potential conflicts of interest which could impact our investment returns.

The professionals of the Investment Adviser and Administrator may serve as officers, directors or principals of entities that operate in the same or a related line of business as we do or of investment funds managed by affiliates of us that currently exist or may be formed in the future. The Investment Adviser and Administrator may be engaged by such funds at any time and without the prior approval of our stockholders or our board of directors. Our board of directors monitors any potential conflict that may arise upon such a development. Accordingly, if this occurs, they may have obligations to investors in those entities, the fulfillment of which might not be in the best interests of us or our stockholders. Currently, the executive officers and directors, as well as the current senior investment professionals of the Investment Adviser, may serve as officers and directors of our controlled affiliates and affiliated funds. In addition, we note that any affiliated investment vehicles currently formed or formed in the future and managed by the Investment Adviser or its affiliates may have overlapping investment objectives with our own and, accordingly, may invest in asset classes similar to those targeted by us. As a result, the Investment Adviser may face conflicts in allocating investment opportunities between us and such other entities. Although the Investment Adviser will endeavor to allocate investment opportunities in a fair and equitable manner, it is possible that, in the future, we may not be given the opportunity to participate in investments made by investment funds managed by the Investment Adviser or an investment manager affiliated with the Investment Adviser. In any such case, when the Investment Adviser identifies an investment, it is forced to choose which investment fund should make the investment. We may co-invest on a concurrent basis with any other affiliates that the Investment Adviser currently has or forms in the future, subject to compliance with applicable regulations and regulatory guidance, our exemptive relief and our allocation procedures.

In the ordinary course of our investing activities, we pay investment advisory and incentive fees to the Investment Adviser, and reimburse the Investment Adviser for certain expenses it incurs. As a result, investors in our common stock invest on a “gross” basis and receive distributions on a “net” basis after expenses, resulting in a lower rate of return than an investor might achieve through direct investments. Accordingly, there may be times when the management team of the Investment Adviser has interests that differ from those of our stockholders, giving rise to a conflict. For example, the Investment Adviser may seek to invest in more speculative investments in order to increase its incentive fee, which practice could result in higher investment losses, particularly during economic downturns.

We have entered into the License Agreement with PennantPark Investment Advisers, pursuant to which the Investment Adviser has agreed to grant us a royalty-free non-exclusive license to use the name “PennantPark.” The License Agreement will expire (i) upon expiration or termination of the Investment Management Agreement, (ii) if the Investment Adviser ceases to serve as our investment adviser, (iii) by either party upon 60 days’ written notice or (iv) by the Investment Adviser at any time in the event we assign or attempt to assign or sublicense the License Agreement or any of our rights or duties thereunder without the prior written consent of the Investment Adviser. Other than with respect to this limited license, we have no legal right to the “PennantPark” name.

In addition, we pay PennantPark Investment Administration, an affiliate of the Investment Adviser, our allocable portion of overhead and other expenses incurred by PennantPark Investment Administration in performing its obligations under the Administration Agreement, including rent and our allocable portion of the cost of our Chief Financial Officer and Chief Compliance Officer and their respective staffs. These arrangements may create conflicts of interest that our board of directors must monitor.

We are subject to risks associated with cybersecurity and cyber incidents.

Our business relies on secure information technology systems. These systems are subject to potential attacks, including through adverse events that threaten the confidentiality, integrity or availability of our information resources (i.e., cyber incidents). These attacks could involve gaining unauthorized access to our information systems for purposes of misappropriating assets, stealing confidential information, corrupting data or causing operational disruption and result in disrupted operations, misstated or unreliable financial data, liability for stolen assets or information, increased cybersecurity protection and insurance costs, litigation and damage to our business relationships, any of which could have a material adverse effect on our business, financial condition and results of operations. As our reliance on technology has increased, so have the risks posed to our information systems, both internal and those provided by the Investment Adviser and third-party service providers. We, along with our Investment Adviser, have implemented processes, procedures and internal controls to help mitigate cybersecurity risks and cyber intrusions, but these measures, as well as our increased awareness of the nature and extent of the risk of a cyber incident, may be ineffective and do not guarantee that a cyber incident will not occur or that our financial results, operations or confidential information will not be negatively impacted by such an incident. In addition, the costs related to cyber or other security threats or disruptions may not be fully insured or indemnified by other means. Furthermore, cybersecurity continues to be a key priority for regulators around the world, and some jurisdictions have enacted laws requiring companies to notify individuals of data security breaches involving certain types of personal data. If we fail to comply with the relevant laws and regulations, we could suffer financial losses, a disruption of our businesses, liability to investors, regulatory intervention or reputational damage.

We may experience fluctuations in our quarterly results.

We could experience fluctuations in our quarterly operating results due to a number of factors, including the interest rate payable on the debt securities we acquire, the default rate on such securities, the level of our expenses, variations in, and the timing of the recognition of, realized and unrealized gains or losses, the degree to which we encounter competition in our markets and general economic conditions. However, as a result of our irrevocable election to apply the fair value option to our Truist Credit Facility, future decreases of fair value of our debt is expected to have a corresponding increase to our NAV. Similarly, future increases in the fair value of our debt may have a corresponding decrease to our NAV. Any future indebtedness that we elect the fair value option for may have similar effects on our NAV as our Truist Credit Facility. This is expected to mitigate volatility in our earnings and NAV. As a result, results for any period should not be relied upon as being indicative of future performance.

Holders of any preferred stock that we may issue will have the right to elect members of the board of directors and have class voting rights on certain matters.

The 1940 Act requires that holders of shares of preferred stock must be entitled as a class to elect two directors at all times and to elect a majority of the directors if distributions on such preferred stock are in arrears by two years or more, until such arrearage is eliminated. In addition, certain matters under the 1940 Act require the separate vote of the holders of any issued and outstanding preferred stock, including conversion to open-end status and, accordingly, preferred stockholders could veto any such changes in addition to any ability of common and preferred stockholders, voting together as a single class, to veto such matters. Restrictions imposed on the

declarations and payment of distributions to the holders of our common stock and preferred stock, both by the 1940 Act and by requirements imposed by rating agencies, might impair our ability to maintain our qualification as a RIC for U.S. federal income tax purposes, which could have a material adverse effect on our business, financial condition and results of operations.

If we issue preferred stock, debt securities or convertible debt securities, the NAV and market value of our common stock may become more volatile.

We cannot assure you that the issuance of preferred stock and/or debt securities would result in a higher yield or return to the holders of our common stock. The issuance of preferred stock, debt securities and/or convertible debt would likely cause the NAV and market value of our common stock to become more volatile. If the dividend rate on the preferred stock, or the interest rate on the debt securities, were to approach the net rate of return on our investment portfolio, the benefit of leverage to the holders of our common stock would be reduced or entirely eliminated. If the dividend rate on the preferred stock, or the interest rate on the debt securities, were to exceed the net rate of return on our portfolio, the use of leverage would result in a lower rate of return to the holders of common stock than if we had not issued the preferred stock or debt securities. Any decline in the NAV of our investment would be borne entirely by the holders of our common stock. Therefore, if the market value of our portfolio were to decline, the leverage would result in a greater decrease in NAV to the holders of our common stock than if we were not leveraged through the issuance of preferred stock, debt securities or convertible debt. This decline in NAV would also tend to cause a greater decline in the market price for our common stock.

There is also a risk that, in the event of a sharp decline in the value of our net assets, we would be in danger of failing to maintain required asset coverage ratios or other covenants which may be required by the preferred stock, debt securities and/or convertible debt or risk a downgrade in the ratings of the preferred stock, debt securities and/or convertible debt or our current investment income might not be sufficient to meet the dividend requirements on the preferred stock or the interest payments on the debt securities. In order to counteract such an event, we might need to liquidate investments in order to fund redemption of some or all of the preferred stock, debt securities or convertible debt. In addition, we would pay (and the holders of our common stock would bear) all costs and expenses relating to the issuance and ongoing maintenance of the preferred stock, debt securities, convertible debt or any combination of these securities. Holders of preferred stock, debt securities, convertible debt or any combination of these securities may have different interests than holders of common stock and may at times have disproportionate influence over our business.

The trading market or market value of any publicly issued debt or convertible debt securities may be volatile.

If we publicly issue debt or convertible debt securities, they initially will not have an established trading market. We cannot assure investors that a trading market for our publicly issued debt or convertible debt securities would develop or be maintained if developed. In addition to our creditworthiness, many factors may have a material adverse effect on the trading market for, and market value of, our publicly issued debt or convertible debt securities.

These factors include the following:

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the time remaining to the maturity of these debt securities;

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the outstanding principal amount of debt securities with terms identical or similar to these debt securities;

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the supply of debt securities trading in the secondary market, if any;

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the redemption, repayment or convertible features, if any, of these debt securities;

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the level, direction and volatility of market interest rates; and

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market rates of interest higher or lower than rates borne by the debt securities.

There also may be a limited number of buyers for our debt securities. This too may have a material adverse effect on the market value of the debt securities or the trading market for the debt securities. Our debt securities may include convertible features that cause them to more closely bear risks associated with an investment in our common stock.

Terms relating to debt redemption may have a material adverse effect on the return on any debt securities.

If we issue debt securities that are redeemable at our option, we may choose to redeem the debt securities at times when prevailing interest rates are lower than the interest rate paid on the debt securities. In addition, if the debt securities are subject to mandatory redemption, we may be required to redeem the debt securities at times when prevailing interest rates are lower than the interest rate paid on the debt securities. In this circumstance, a holder of our debt securities may not be able to reinvest the redemption proceeds in a comparable security at an effective interest rate as high as the debt securities being redeemed.

If we issue subscription rights or warrants for our common stock, your interest in us may be diluted as a result of such rights or warrants offering.

Stockholders who do not fully exercise rights or warrants issued to them in an offering of subscription rights or warrants to purchase our common stock should expect that they will, at the completion of an offering, own a smaller proportional interest in us than would otherwise be the case if they fully exercised their rights or warrants. We cannot state precisely the amount of any such dilution in share ownership because we do not know what proportion of the common stock would be purchased as a result of any such offering.

In addition, if the subscription price or warrant exercise price is less than our NAV per share of common stock at the time of an offering, then our stockholders would experience an immediate dilution of the aggregate NAV of their shares as a result of the offering. The amount of any such decrease in NAV is not predictable because it is not known at this time what the subscription price, warrant exercise price or NAV per share will be on the expiration date of such rights offering or what proportion of our common stock will be purchased as a result of any such offering.

Changes in laws or regulations governing our operations or those of our portfolio companies may adversely affect our business.

We and our portfolio companies are subject to laws and regulations at the U.S. federal, state and local levels and in some cases, foreign levels. These laws and regulations, as well as their interpretation, may change from time to time, and new laws, regulations and interpretations may come into effect. Accordingly, any change in law and regulations, changes in administration or control U.S. Congress, changes in interpretations, or newly enacted laws or regulations could have a material adverse effect on our business or the business of our portfolio companies. See "Business—Regulation" for more information.

Over the past several years, there also has been increasing regulatory attention to the extension of credit outside of the traditional banking sector, raising the possibility that some portion of the non-bank financial sector may be subject to new regulation. While it cannot be known at this time whether any regulation will be implemented or what form it will take, increased regulation of non-bank lending could be materially adverse to our business, financial conditions and result of operations. We may experience fluctuations in our quarterly results.

The United States may also potentially withdraw from or renegotiate various trade agreements and take other actions that would change current trade policies of the United States. We cannot predict which, if any, of these actions will be taken or, if taken, their effect on the financial stability of the United States. Such actions could have a material adverse effect on our business, financial condition and results of operations.

Our board of directors may change our investment objectives, operating policies and strategies without prior notice or stockholder approval.

Our board of directors has the authority to modify or waive certain of our operating policies and strategies without prior notice and without stockholder approval (except as required by the 1940 Act). However, absent stockholder approval, under the 1940 Act, we may not change the nature of our business so as to cease to be, or withdraw our election as, a BDC. We cannot predict the effect any changes to our current operating policies and strategies would have on our business, operating results and value of our common stock. Nevertheless, the effects may adversely affect our business and impact our ability to make distributions.

Our business and operations could be negatively affected if we become subject to stockholder activism, which could cause us to incur significant expense, hinder the execution of our investment strategy or impact our stock price.

Stockholder activism, which could take many forms, including making public demands that we consider certain strategic alternatives, engaging in public campaigns to attempt to influence our corporate governance and/or our management, and commencing proxy contests to attempt to elect the activists’ representatives or others to our board of directors, or arise in a variety of situations, has impacted the BDC space. While we are currently not subject to any stockholder activism, due to the potential volatility of our stock price and for a variety of other reasons, we may in the future become the target of stockholder activism. Stockholder activism could result in substantial costs and divert management’s and our board of directors’ attention and resources from our business. Additionally, such stockholder activism could give rise to perceived uncertainties as to our future and adversely affect our relationships with service providers and our portfolio companies. Also, we may be required to incur significant legal and other expenses related to any activist stockholder matters. Further, our stock price could be subject to significant fluctuation or otherwise be adversely affected by the events, risks and uncertainties of any stockholder activism.

RISKS RELATING TO THE ILLIQUID NATURE OF OUR PORTFOLIO ASSETS

We invest in illiquid assets, and our valuation procedures with respect to such assets may result in recording values that are materially different than the values we ultimately receive upon disposition of such assets.

All of our investments are recorded using broker or dealer quotes, if available, or at fair value as determined in good faith by our board of directors. We expect that most, if not all, of our investments (other than cash and cash equivalents) and the fair value of the Truist Credit Facility will be classified as Level 3 under the Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or ASC, Topic 820, Fair Value Measurements and Disclosures, or ASC 820. This means that the portfolio valuations will be based on unobservable inputs and our own assumptions about how market participants would price the asset or liability. We expect that inputs into the determination of fair values of our portfolio investments and borrowings under our Truist Credit Facility will require significant management judgment or estimation. Even if observable market data are available, such information may be the result of consensus pricing information or broker quotes, which include a disclaimer that the broker would not be held to such a price in an actual transaction. The non-binding nature of consensus pricing and/or quotes accompanied by such a disclaimer materially reduces the reliability of such information. As a result, there will be uncertainty as to the value of our portfolio investments.

Determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make. In determining fair value in good faith, we generally obtain financial and other information from portfolio companies, which may represent unaudited, projected or pro forma financial information. Unlike banks, we are not permitted to provide a general reserve for anticipated loan losses; we are instead required by the 1940 Act to specifically fair value each individual investment on a quarterly basis. We record unrealized appreciation if we believe that our investment has appreciated in value. Likewise, we record unrealized depreciation if we believe that our investment has depreciated in value. We adjust quarterly the valuation of our portfolio to reflect our board of directors’ determination of the fair value of each investment in our portfolio. Any changes in fair value are recorded on our Consolidated Statements of Operations as net change in unrealized appreciation or depreciation.

All of our investments are recorded at fair value as determined in good faith by our board of directors. Our board of directors uses the services of nationally recognized independent valuation firms to aid it in determining the fair value of our investments. The factors that may be considered in fair value pricing of our investments include the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings and cash flows, the markets in which the portfolio company does business, comparison to publicly traded companies and other relevant factors. Because valuations may fluctuate over short periods of time and may be based on estimates, our determinations of fair value may differ materially from the value received in an actual transaction. Additionally, valuations of private securities and private companies are inherently uncertain. Our NAV could be adversely affected if our determinations regarding the fair value of our investments were materially lower than the values that we ultimately realize upon the disposal of such investments.

The lack of liquidity in our investments may adversely affect our business.

We may acquire our investments directly from the issuer in privately negotiated transactions. Substantially all of these securities are subject to legal and other restrictions on resale or are otherwise less liquid than publicly traded securities. We typically exit our investments when the portfolio company has a liquidity event such as a sale, refinancing, or initial public offering of the company, but we are generally not required to do so.

The illiquidity of our investments may make it difficult or impossible for us to sell such investments if the need arises, particularly at times when the market for illiquid securities is substantially diminished. In addition, if we are required to liquidate all or a portion of our portfolio quickly, we may realize significantly less than the value at which we have previously recorded our investments, which could have a material adverse effect on our business, financial condition and results of operations. In addition, we may face other restrictions on our ability to liquidate an investment in a portfolio company to the extent that we have material non-public information regarding such portfolio company.

Investments purchased by us that are liquid at the time of purchase may subsequently become illiquid due to events relating to the issuer of the investments, market events, economic conditions or investor perceptions. Domestic and foreign markets are complex and interrelated, so that events in one sector of the world markets or economy, or in one geographical region, can reverberate and have materially negative consequences for other market, economic or regional sectors in a manner that may not be foreseen and which may materially harm our business.

A general disruption in the credit markets could materially damage our business.

We are susceptible to the risk of significant loss if we are forced to discount the value of our investments in order to provide liquidity to meet our debt maturities. Our borrowings under our Truist Credit Facility are collateralized by the assets in our investment portfolio (excluding assets held by SBIC II). A general disruption in the credit markets could result in diminished demand for our securities. In addition, with respect to over-the-counter traded securities, the continued viability of any over-the-counter secondary market depends on the continued willingness of dealers and other participants to purchase the securities.

If the fair value of our assets declines substantially, we may fail to maintain the asset coverage ratio stipulated by the 1940 Act, which could, in turn, cause us to lose our status as a BDC and materially impair our business operations. Our liquidity could be impaired further by an inability to access the capital markets or to draw down our Truist Credit Facility. These situations may arise due to circumstances that we may be unable to control, such as a general disruption in the credit markets, a severe decline in the value of the U.S. dollar, an economic downturn or recession or an operational problem that affects our counterparties or us, and could materially damage our business.

We may invest in over-the-counter securities, which have and may continue to face liquidity constraints, to provide us with liquidity.

The market for over-the-counter traded securities has and may continue to experience limited liquidity and other weakness as the viability of any over-the-counter secondary market depends on the continued willingness of dealers and other participants to purchase the securities.

RISKS RELATING TO OUR INVESTMENTS

Our investments in prospective portfolio companies may be risky, and you could lose all or part of your investment.

We intend to invest primarily in first lien secured debt, second lien secured debt, subordinated debt and selected equity investments issued by U.S. and foreign middle-market companies.

First Lien Secured Debt: When we extend first lien secured debt, we will generally take a security interest in the available assets of these portfolio companies, including the equity interests of their subsidiaries, although this may not always be the case. We expect this security interest, if any, to help mitigate the risk that we will not be repaid. However, there is a risk that the collateral securing our loans may decrease in value over time, may be difficult to sell in a timely manner, may be difficult to appraise and may fluctuate in value based upon the success of the business and market conditions, including as a result of the inability of the portfolio company to raise additional capital. Also, in some circumstances, our lien could be subordinated to claims of other creditors. In addition, deterioration in a portfolio company’s financial condition and prospects, including its inability to raise additional capital, may be accompanied by deterioration in the value of the collateral for the loan. Consequently, the fact that a first lien secured debt investment is secured does not guarantee that we will receive principal and interest payments according to the loan’s terms, or at all, or that we will be able to collect on the loan should we be forced to enforce our remedies.

Second Lien Secured Debt: Our second lien secured debt usually ranks junior in priority of payment to first lien secured debt. Second lien secured debt holds a second priority with regard to right of payment in the event of insolvency. Second lien secured debt ranks senior to subordinated debt and common and preferred equity in borrowers’ capital structures. This may result in an above average amount of risk and volatility or a loss of principal. These investments may involve additional risks that could adversely affect our investment returns. To the extent interest payments associated with such debt are deferred, such debt may be subject to greater fluctuations in valuations, and such debt could subject us and our stockholders to non-cash income. Since we may not receive cash interest or principal prior to the maturity of some of our second lien secured debt investments, such investments may be of greater risk than cash paying loans.

Subordinated Debt: Our subordinated debt usually ranks junior in priority of payment to first lien secured debt and second lien secured debt, and are often unsecured. As such, other creditors may rank senior to us in the event of insolvency. Subordinated debt ranks senior to common and preferred equity in borrowers’ capital structures. This may result in an above average amount of risk and volatility or a loss of principal. These investments may involve additional risks that could adversely affect our investment returns. To the extent interest payments associated with such debt are deferred, such debt may be subject to greater fluctuations in valuations, and such debt could subject us and our stockholders to non-cash income. Since we may not receive cash interest or principal prior to the maturity of some of our subordinated debt investments, such investments may be of greater risk than cash paying loans.

Equity Investments: We have made and expect to continue to make select equity investments, all of which are subordinated to debt investments. In addition, when we invest in first lien secured debt, second lien secured debt or subordinated debt, we may acquire warrants to purchase equity investments from time to time. Our goal is ultimately to dispose of these equity investments and realize gains upon our disposition of such interests. However, the equity investments we receive may not appreciate in value and, in fact, may decline in value. Accordingly, we may not be able to realize gains from our equity investments, and any gains that we do realize on the disposition of any equity investments may not be sufficient to offset any other losses we experience. In addition, many of the equity securities in which we invest may not pay dividends on a regular basis, if at all. Furthermore, we may hold equity investments in partnerships through a taxable subsidiary for federal income tax purposes. Upon sale or exit of such investment, we may pay taxes at regular corporate tax rates, which will reduce the amount of gains or dividends available for distributions to our stockholders.

In addition, investing in middle-market companies involves a number of significant risks, including:

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companies may be highly leveraged, have limited financial resources and may be unable to meet their obligations under their debt securities that we hold, which may be accompanied by a deterioration in the value of any collateral and a reduction in the likelihood of us realizing any guarantees we may have obtained in connection with our investment;

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they typically have shorter operating histories, more limited publicly available information, narrower product lines, more concentration of revenues from customers and smaller market shares than larger businesses, which tend to render them more vulnerable to competitors’ actions and changing market conditions, as well as general economic downturns;

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they are more likely to depend on the management talents and efforts of a small group of persons; therefore, the death, disability, resignation or termination of one or more of these persons could have a material adverse impact on our portfolio company and, in turn, on us;

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they generally have less predictable operating results, may from time to time be parties to litigation, may be engaged in rapidly changing businesses with products subject to a substantial risk of obsolescence, and may require substantial additional capital to support their operations, finance expansion or maintain their competitive position. In addition, our executive officers, directors and our Investment Adviser may be named as defendants in litigation arising from our investments in the portfolio companies; and

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they may have difficulty accessing the capital markets to meet future capital needs, which may limit their ability to grow or to refinance their outstanding indebtedness upon maturity.

Under the 1940 Act, we may invest up to 30% of our assets in investments that are not qualifying assets for BDCs. If we do not invest a sufficient portion of our assets in qualifying assets, we could be precluded from investing in assets that we deem to be attractive.

As a BDC, we may not acquire any asset other than qualifying assets, as defined under the 1940 Act, unless at the time the acquisition is made such qualifying assets represent at least 70% of the value of our total assets. Qualifying assets include investments in U.S. operating companies whose securities are not listed on a national securities exchange and companies listed on a national securities exchange subject to a maximum market capitalization of $250 million. Qualifying assets also include cash, cash equivalents, government securities and high quality debt securities maturing in one year or less from the time of investment.

We believe that most of our debt and equity investments do and will constitute qualifying assets. However, we may be precluded from investing in what we believe are attractive investments if such investments are not qualifying assets for purposes of the 1940 Act. If we have not invested a sufficient portion of our assets in qualifying

assets at the time of a proposed investment, we will be prohibited from making any additional investment that is not a qualifying asset and could be forced to forgo attractive investment opportunities. Similarly, these rules could prevent us from making follow-on investments in existing portfolio companies (which could result in the dilution of our position) or could require us to dispose of investments at inappropriate times in order to comply with the 1940 Act. If we need to dispose of such investments quickly, it would be difficult to dispose of such investments on favorable terms. For example, we may have difficulty in finding a buyer and, even if we do find a buyer, we may have to sell the investments at a substantial loss.

Our investment in PSLF, our unconsolidated joint venture with Pantheon, is not a qualifying asset under Section 55(a) of the 1940 Act. From time to time prior to making additional investments into PSLF, PTSF II or any future joint venture, we may increase our holdings of U.S. treasury securities, cash or cash equivalents (through borrowing or otherwise) so that such investments do not result in less than 70% of our assets being invested in qualifying assets.

We are a non-diversified investment company within the meaning of the 1940 Act, and therefore we generally are not limited with respect to the proportion of our assets that may be invested in securities of a single issuer.

We are classified as a non-diversified investment company within the meaning of the 1940 Act, which means that we are not limited by the 1940 Act with respect to the proportion of our assets that we may invest in securities of a single issuer, excluding limitations on investments in other investment companies and compliance with the RIC tax regulations. To the extent that we assume large positions in the securities of a small number of issuers, our NAV may fluctuate to a greater extent than that of a diversified investment company as a result of changes in the financial condition or the market’s assessment of the issuer. We may also be more susceptible to any single economic or regulatory occurrence than a diversified investment company. Beyond the Diversification Requirements, we do not have fixed guidelines for portfolio diversification, and our investments could be concentrated in relatively few portfolio companies or industries. Although we are classified as a non-diversified investment company within the meaning of the 1940 Act, we maintain the flexibility to operate as a diversified investment company and have done so for an extended period of time. To the extent that we operate as a non-diversified investment company in the future, we may be subject to greater risk.

Economic recessions or downturns could impair our portfolio companies and harm our operating results.

Many of our portfolio companies are susceptible to economic or industry centric slowdowns or recessions and may be unable to repay debt from us during these periods. Therefore, our non-performing assets are likely to increase, and the value of our portfolio is likely to decrease during these periods. Adverse economic conditions also may decrease the value of collateral securing some of our debt investments and the value of our equity investments. Economic slowdowns or recessions could lead to financial losses in our portfolio and a material decrease in revenues, net income and assets. Unfavorable economic conditions also could increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us. These events could prevent us from increasing investments and materially harm our operating results.

A portfolio company’s failure to satisfy financial or operating covenants imposed by us or other lenders could lead to defaults and potential termination of its debt and foreclosure on its secured assets, which could trigger cross-defaults under other agreements and jeopardize our portfolio company’s ability to meet its obligations under the debt securities that we hold. We may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting portfolio company, and any restructuring could further cause adverse effects on our business. Depending on the facts and circumstances of our investments and the extent of our involvement in the management of a portfolio company, upon the bankruptcy of a portfolio company, a bankruptcy court may recharacterize our debt investments as equity investments and subordinate all or a portion of our claim to that of other creditors. This could occur regardless of how we may have structured our investment. In addition, we cannot assure you that a bankruptcy court would not take actions contrary to our interests.

If we fail to make follow-on investments in our portfolio companies, this could materially impair the value of our portfolio.

Following an initial investment in a portfolio company, we may make additional investments in that portfolio company as “follow-on” investments, in order to:

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increase or maintain in whole or in part our equity ownership percentage;

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exercise warrants, options or convertible securities that were acquired in the original or subsequent financing; or

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attempt to preserve or enhance the value of our investment.

We have the discretion to make any follow-on investments, subject to the availability of capital resources and regulatory considerations. We may elect not to make follow-on investments or otherwise lack sufficient funds to make those investments. Any failure to make follow-on investments may, in some circumstances, jeopardize the continued viability of a portfolio company and our initial investment, or may result in a missed opportunity for us to increase our participation in a successful transaction or business. Even if we have sufficient capital to make a desired follow-on investment, we may elect not to make a follow-on investment because we may not want to increase our concentration of risk, either because we prefer other opportunities, or because we are inhibited by compliance with BDC requirements or the desire to maintain our RIC tax status.

Because we generally do not hold controlling equity interests in our portfolio companies, we are not in a position to exercise control over our portfolio companies or to prevent decisions by management of our portfolio companies that could decrease the value of our investments.

Because we generally do not hold controlling equity positions in our portfolio companies, we are subject to the risk that a portfolio company may make business decisions with which we disagree, and the stockholders and management of a portfolio company may take risks or otherwise act in ways that are adverse to our interests. Due to the lack of liquidity for the debt and equity investments that we typically hold in our portfolio companies, we may not be able to dispose of our investments in the event we disagree with the actions of a portfolio company, and may therefore suffer a decrease in the market value of our investments.

An investment strategy focused primarily on privately held companies, including controlling equity interests, presents certain challenges, including the lack of available or comparable information about these companies, a dependence on the talents and efforts of only a few key portfolio company personnel and a greater vulnerability to economic downturns.

We have invested and intend to continue to invest primarily in privately held companies. Generally, little public information exists about these companies, and we rely on the ability of our Investment Adviser’s investment professionals to obtain adequate information to evaluate the potential returns from investing in these companies. If they are unable to uncover all material information about these companies, we may not make a fully informed investment decision, and we may lose value on our investments. Also, privately held companies frequently have less diverse product lines and smaller market presence than larger competitors. These factors could have a material adverse impact on our investment returns as compared to companies investing primarily in the securities of public companies.

Our portfolio companies may incur debt that ranks equally with, or senior to, our investments in such companies and our portfolio companies may be highly leveraged.

We invest primarily in first lien secured debt, second lien secured debt, subordinated debt and equity investments issued by our portfolio companies. The portfolio companies usually will have, or may be permitted to incur, other debt that ranks equally with, or senior to, our investments, and they may be highly leveraged. By their terms, such debt instruments may provide that the holders are entitled to receive payment of interest or principal on or before the dates on which we are entitled to receive payments with respect to our debt investments. Also, in the event of insolvency, liquidation, dissolution, reorganization or bankruptcy of a portfolio company, holders of debt instruments ranking senior to our investment in that portfolio company would typically be entitled to receive payment in full before we receive any distribution in respect of our investment. After repaying such senior creditors, the portfolio company may not have any remaining assets to use for repaying its obligation to us. In the case of debt ranking equally with debt securities in which we invest, we would have to share on an equal basis any distributions with other creditors holding such debt in the event of an insolvency, liquidation, dissolution, reorganization or bankruptcy of the relevant portfolio company.

Our incentive fee may induce the Investment Adviser to make speculative investments.

The incentive fee payable by us to PennantPark Investment Advisers may create an incentive for PennantPark Investment Advisers to make investments on our behalf that are risky or more speculative than would be the case in the absence of such compensation arrangement. The incentive fee payable to our Investment Adviser is calculated based on a percentage of our NAV. This may encourage our Investment Adviser to use leverage to increase the return on our investments. Under certain circumstances, the use of leverage may increase the likelihood of default, which would disfavor the holders of our common stock. In addition, our Investment Adviser will receive the incentive fee based, in part, upon net capital gains realized on our investments. Unlike that portion of the incentive fee based on income, there is no hurdle applicable to the portion of the incentive fee based on net capital gains. As a result, the Investment Adviser may have a tendency to invest more capital in investments that are likely to result in capital gains as compared to income producing securities. Such a practice could result in our investing in more speculative securities than would otherwise be the case, which could result in higher investment losses, particularly during economic downturns.

The part of our incentive fee payable by us to PennantPark Investment Advisers that relates to net investment income is computed and paid on income that has been accrued but that has not been received in cash. PennantPark Investment Advisers is not obligated to reimburse us for any such incentive fees even if we subsequently incur losses or never receive in cash the deferred income that was previously accrued. As a result, there is a risk that we will pay incentive fees with respect to income that we never receive in cash.

Any investments in distressed debt may not produce income and may require us to bear large expenses in order to protect and recover our investment.

Distressed debt investments may not produce income and may require us to bear certain additional expenses in order to protect and recover our investment. Therefore, to the extent we invest in distressed debt, our ability to achieve current income for our stockholders may be diminished. We also will be subject to significant uncertainty as to when, in what manner and for what value the distressed debt in which we invest will eventually be satisfied (e.g., through liquidation of the obligor’s assets, an exchange offer or plan of reorganization involving the distressed debt securities or a payment of some amount in satisfaction of the obligation). In addition, even if an exchange offer is made or plan of reorganization is adopted with respect to distressed debt we hold, there can be no assurance that the securities or other assets received by us in connection with such exchange offer or plan of reorganization will not have a lower value or income potential than may have been anticipated when the investment was made. Moreover, any securities received by us upon completion of an exchange offer or plan of reorganization may be restricted as to resale. If we participate in negotiations with respect to any exchange offer or plan of reorganization with respect to an issuer of distressed debt, we may be restricted from disposing of such securities.

Our investments in foreign securities may involve significant risks in addition to the risks inherent in U.S. investments.

Our investment strategy contemplates potential investments in securities of companies located outside of the United States. Investments in securities of companies located outside of the United States would not be qualifying assets under Section 55(a) of the 1940 Act. Investing in companies located outside of the United States may expose us to additional risks not typically associated with investing in U.S. companies. These risks include changes in exchange control regulations, political, economic and social instability, expropriation, imposition of foreign taxes, less liquid markets and less available information than is generally the case in the United States, higher transaction costs, less government supervision of exchanges, brokers and issuers, less developed bankruptcy laws, difficulty in enforcing contractual obligations, lack of uniform accounting and auditing standards and greater price volatility.

Although most of our investments will be U.S. dollar-denominated, any investments denominated in a foreign currency will be subject to the risk that the value of a particular currency will change in relation to one or more other currencies. Among the factors that may affect currency values are trade balances, the level of interest rates, differences in relative values of similar assets in different currencies, long-term opportunities for investment and capital appreciation, and economic and political developments. We may employ hedging techniques such as using our Truist Credit Facility’ multicurrency capability to minimize these risks, but we can offer no assurance that we will, in fact, hedge currency risk or, that if we do, such strategies will be effective.

We may make investments that cause our stockholders to bear investment advisory fees and other expenses on such investments in addition to our management fees and expenses.

We may invest, to the extent permitted by law, in the securities and instruments of other investment companies and companies that would be investment companies but are excluded from the definition of an investment company provided in Section 3(c) of the 1940 Act. To the extent we so invest, we will bear our ratable share of any such investment company’s expenses, including management and performance fees. We will also remain obligated to pay investment advisory fees, consisting of a base management fee and an incentive fee, to PennantPark Investment Advisers with respect to investments in the securities and instruments of other investment companies under our Investment Management Agreement. With respect to any such investments, each of our stockholders will bear his or her share of the investment advisory fees of PennantPark Investment Advisers as well as indirectly bearing the investment advisory fees and other expenses of any investment companies in which we invest.

We may be obligated to pay our Investment Adviser incentive compensation even if we incur a loss.

Our Investment Adviser is entitled to incentive compensation for each fiscal quarter in an amount equal to a percentage of the excess of our investment income for that quarter (before deducting incentive compensation, net operating losses and certain other items) above a threshold return for that quarter. Our Pre-Incentive Fee Net Investment Income for incentive compensation purposes excludes realized and unrealized capital losses that we may incur in the fiscal quarter, even if such capital losses result in a net loss on our Consolidated Statements of Operations for that quarter. Thus, we may be required to pay the Investment Adviser incentive compensation for a fiscal quarter even if there is a decline in the value of our portfolio, NAV or we incur a net loss for that quarter. In addition, increases in interest rates may increase the amount of incentive fees we pay to the Investment Adviser even though our performance relative to the market has not increased.

We may invest in derivatives or other assets that expose us to certain risks, including market risk, liquidity risk, counterparty risk, operational and legal risk and other risks similar to those associated with the use of leverage.

The Company may invest in derivatives and other assets that are subject to many of the same types of risks related to the use of leverage. Derivative transactions, if any, will generally create leverage for the Company and involve significant risks. The primary risks related to derivative transactions include counterparty, correlation, liquidity, leverage, volatility, over-the-counter trading, operational and legal risks. In addition, a small investment in derivatives could have a large potential impact on our

performance, effecting a form of investment leverage on our portfolio. In certain types of derivative transactions, the Company could lose the entire amount of its investment; in other types of derivative transactions the potential loss is theoretically unlimited.

Under SEC Rule 18f-4 under the 1940 Act ("Rule 18f-4"), related to use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies, the Company is permitted to enter into derivatives and other transactions that create future payment or delivery obligations, including short sales, notwithstanding the senior security provision of the 1940 Act if its complies with certain value-at-risk leverage limits and derivatives risk management program and board oversight and reporting requirements or comply with a "limited derivatives users" exception. Rule 18f-4 also permits the Company to enter into reverse repurchase agreements or similar financing transactions notwithstanding the senior security provision of the 1940 Act if the Company aggregates the amount of indebtedness associated with our reverse repurchase agreements or similar financing transactions with the aggregate amount of any other senior securities representing indebtedness when calculating the asset coverage ratios as discussed herein. In addition, the Company is permitted to invest in a security on a when-issued or forward-settling basis, or with a non-standard settlement cycle, and the transaction will be deemed not to involve a senior security under the 1940 Act, provided that (i) the Company intends to physically settle the transaction and (ii) the transaction will settle within 35 days of its trade date (the "Delayed-Settlement Securities Provision"). The Company may otherwise engage in such transaction as a "derivatives transaction" for purposes of compliance with the rule. Furthermore, the Company is permitted to enter into an unfunded commitment agreement, and such unfunded commitment agreement will not be subject to the asset coverage requirements under the 1940 Act, if the Company reasonably believes, at the time it enters into such agreement, that it will have sufficient cash and cash equivalents to meet its obligations with respect to all such agreements as they come due. The Company cannot predict the effects of these requirements

The Company has adopted updated policies and procedures in compliance with Rule 18f-4. The Company expects to qualify as a “limited derivatives user.” Future legislation or rules may modify how the Company treats derivatives and other financial arrangements for purposes of the Company’s compliance with the leverage limitations of the 1940 Act. Future legislation or rules, may modify how leverage is calculated under the 1940 Act and, therefore, may increase or decrease the amount of leverage currently available to the Company under the 1940 Act, which may be materially adverse to the Company and the Company’s Investors.

RISKS RELATING TO AN INVESTMENT IN OUR COMMON STOCK

We may obtain the approval of our stockholders to issue shares of our common stock at prices below the then current NAV per share of our common stock. If we receive such approval from stockholders in the future, we may issue shares of our common stock at a price below the then current NAV per share of common stock. Any such issuance could materially dilute your interest in our common stock and reduce our NAV per share.

We may seek to obtain from our stockholders and they may approve a proposal that authorizes us to issue shares of our common stock at prices below the then current NAV per share of our common stock in one or more offerings for a 12-month period. Such approval would allow us to access the capital markets in a way that we were previously unable to do as a result of restrictions that, absent stockholder approval, apply to BDCs under the 1940 Act.

Any sale or other issuance of shares of our common stock at a price below NAV per share will result in an immediate dilution to your interest in our common stock and a reduction of our NAV per share. This dilution would occur as a result of a proportionately greater decrease in a stockholder’s interest in our earnings and assets and voting interest in us than the increase in our assets resulting from such issuance. Because the number of future shares of common stock that may be issued below our NAV per share and the price and timing of such issuances are not currently known, we cannot predict the actual dilutive effect of any such issuance. We also cannot determine the resulting reduction in our NAV per share of any such issuance at this time. We caution you that such effects may be material, and we undertake to describe all the material risks and dilutive effects of any offerings we make at a price below our then current NAV in the future in a prospectus supplement issued in connection with any such offering.

The determination of NAV in connection with an offering of shares of common stock will involve the determination by our board of directors or a committee thereof that we are not selling shares of our common stock at a price below the then current NAV of our common stock at the time at which the sale is made or otherwise in violation of the 1940 Act, unless we have previously received the consent of the majority of our common stockholders to do so and the board of directors decides such an offering is in the best interests of our common stockholders. Whenever we do not have current stockholder approval to issue shares of our common stock at a price per share below our then current NAV per share, the offering price per share (after any distributing commission or discount) will equal or exceed our then current NAV per share, based on the value of our portfolio securities and other assets determined in good faith by our board of directors as of a time within 48 hours (excluding Sundays and holidays) of the sale.

There is a risk that our stockholders may not receive distributions or that our distributions may not grow over time.

We intend to make distributions on a quarterly basis to our stockholders out of assets legally available for distribution. We cannot assure you that we will achieve investment results that will allow us to make a specified level of cash distributions or year-to-year increases in cash distributions. In addition, due to the asset coverage ratio requirements applicable to us as a BDC, we may be limited in our ability to make distributions. Further, if more stockholders opt to receive cash distributions rather than participate in our dividend reinvestment plan, we may be forced to liquidate some of our investments and raise cash in order to make distribution payments, which could materially harm our business. Finally, to the extent we make distributions to stockholders which include a return of capital, that portion of the distribution essentially constitutes a return of the stockholders’ investment. Although such return of capital may not be taxable, such distributions may increase an investor’s tax liability for capital gains upon the future sale of our common stock.

Investing in our shares may involve an above average degree of risk.

The investments we make in accordance with our investment objectives may result in a higher amount of risk and volatility than alternative investment options or loss of principal. Our investments in portfolio companies may be highly speculative and aggressive and, therefore, an investment in our shares may not be suitable for someone with lower risk tolerance.

Sales of substantial amounts of our securities may have an adverse effect on the market price of our securities.

Sales of substantial amounts of our securities, or the availability of such securities for sale, could adversely affect the prevailing market prices for our securities. If this occurs and continues it could impair our ability to raise additional capital through the sale of securities should we desire to do so.

We may allocate the net proceeds from any offering of our securities in ways with which you may not agree.

We have significant flexibility in investing the net proceeds of any offering of our securities and may use the net proceeds from an offering in ways with which you may not agree or for purposes other than those contemplated at the time of the offering.

Our shares may trade at discounts from NAV or at premiums that are unsustainable over the long term.

Shares of BDCs may trade at a market price that is less than the NAV that is attributable to those shares. Our shares have traded above and below our NAV. Our shares closed on The New York Stock Exchange at $6.58 and $5.46 on September 30, 2023 and 2022, respectively. Our NAV per share was $7.70 and $8.98, respectively, as of the same dates. The possibility that our shares of common stock will trade at a discount from NAV or at a premium that is unsustainable over the long term is separate and distinct from the risk that our NAV will decrease. It is not possible to predict whether our shares will trade at, above or below NAV in the future.

The market price of our common stock may fluctuate significantly.

The market price and liquidity of the market for shares of our common stock may be significantly affected by numerous factors, some of which are beyond our control and may not be directly related to our operating performance. These factors include:

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significant volatility in the market price and trading volume of securities of BDCs or other companies in our sector, which are not necessarily related to the operating performance of these companies;

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changes in regulatory policies or tax guidelines, particularly with respect to RICs, BDCs or SBICs;

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any loss of our BDC or RIC status;

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changes in earnings or variations in operating results;

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changes in prevailing interest rates;

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changes in the value of our portfolio of investments;

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any shortfall in revenue or net income or any increase in losses from levels expected by investors or securities analysts;

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the inability of our Investment Adviser to employ additional experienced investment professionals or the departure of any of the Investment Adviser’s key personnel;

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operating performance of companies comparable to us;

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general national and international economic trends and other external factors;

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general price and volume fluctuations in the stock markets, including as a result of short sales;

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conversion features of subscription rights, warrants or convertible debt; and

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loss of a major funding source.

Since our initial listing on The Nasdaq Global Select Market to our voluntarily withdrawal of the principal listing of common shares from the Nasdaq Stock Market LLC effective at market close on April 13, 2022 and subsequent listing and trading of the Company's common stock on the New York Stock Exchange, which commenced April 14, 2022, our shares of common stock have traded at a wide range of prices. We can offer no assurance that our shares of common stock will not display similar volatility in future periods.

We may be unable to invest the net proceeds raised from offerings on acceptable terms, which would harm our financial condition and operating results.

Until we identify new investment opportunities, we intend to either invest the net proceeds of future offerings in cash equivalents, U.S. government securities and other high-quality debt investments that mature in one year or less or use the net proceeds from such offerings to reduce then-outstanding obligations under our Truist Credit Facility or any future credit facility. We cannot assure you that we will be able to find enough appropriate investments that meet our investment selection criteria or that any investment we complete using the proceeds from an offering will produce a sufficient return.

You may have current tax liabilities on distributions you reinvest in our common stock.

Under the dividend reinvestment plan, if you own shares of our common stock registered in your own name, you will have all cash distributions automatically reinvested in additional shares of our common stock unless you opt out of the dividend reinvestment plan by delivering a written notice to the plan administrator prior to the record date of the next dividend or distribution. If you have not “opted out” of the dividend reinvestment plan, you will be deemed to have received, and for federal income tax purposes will be taxed on, the amount reinvested in our common stock to the extent the amount reinvested was not a tax-free return of capital. As a result, you may have to use funds from other sources to pay your income tax liabilities on the value of the common stock received. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Distributions” for more information.

There is a risk that our common stockholders may receive our stock as distributions in which case they may be required to pay taxes in excess of the cash they receive.

We may distribute our common stock as a dividend of our taxable income and a stockholder could receive a portion of the dividends declared and distributed by us in shares of our common stock with the remaining amount in cash. Revenue Procedures issued by the IRS allow a publicly offered regulated investment company (including a BDC) to distribute its own stock as a dividend for the purpose of fulfilling its distribution requirements, if certain conditions are satisfied. As long as a portion of such dividend is paid in cash (which portion may be as low as 20% of such dividend) and certain requirements are met, the entire distribution will be treated as a dividend for U.S. federal income tax purposes. As a result, a stockholder will be considered to have recognized dividend income generally equal to the fair market value of the stock paid by us plus cash received with respect to such dividend. The total dividend declared would be taxable income to a stockholder even though he or she may only receive a relatively small portion of the dividend in cash to pay any taxes due on the dividend. We have not elected to distribute stock as a dividend but reserve the right to do so.

Provisions of the Maryland General Corporation Law and of our charter and bylaws could deter takeover attempts and have an adverse impact on the price of our common stock.

The Maryland General Corporation Law, our charter and our bylaws contain provisions that may discourage, delay or make more difficult a change in control of us or the removal of our directors. We are subject to the Maryland Business Combination Act, or the Business Combination Act, the application of which is subject to any applicable requirements of the 1940 Act. Our board of directors has adopted a resolution exempting from the Business Combination Act any business combination between us and any other person, subject to prior approval of such business combination by our board, including approval by a majority of our disinterested directors. If the resolution exempting business combinations is repealed or our board does not approve a business combination, the Business Combination Act may discourage third parties from trying to acquire control of us and increase the difficulty of consummating such an offer.

In addition, our bylaws exempt from the Maryland Control Share Acquisition Act acquisitions of our common stock by any person. If we amend our bylaws to repeal the exemption from such act, it may make it more difficult for a third party to obtain control of us and increase the difficulty of consummating such an offer. Our bylaws require us to consult with the SEC staff before we repeal such exemption. Also, our charter provides for classifying our board of directors in three classes serving staggered three-year terms, and provisions of our charter authorize our board of directors to classify or reclassify shares of our stock in one or more classes or series, to cause the

issuance of additional shares of our stock, and to amend our charter, without stockholder approval, to increase or decrease the number of shares of stock that we have authority to issue.

These anti-takeover provisions may inhibit a change of control in circumstances that could give our stockholders the opportunity to realize a premium over the market price for our common stock.

RISKS RELATING TO AN INVESTMENT IN OUR DEBT SECURITIES

The 2026 Notes and the 2026 Notes-2 are unsecured and therefore are effectively subordinated to any secured indebtedness we have currently incurred or may incur in the future.

The 2026 Notes and the 2026-2 Notes are not secured by any of our assets or any of the assets of our subsidiaries. As a result, the 2026 Notes and the 2026-2 Notes are effectively subordinated to any secured indebtedness we or our subsidiaries have currently incurred and may incur in the future (or any indebtedness that is initially unsecured to which we subsequently grant security) to the extent of the value of the assets securing such indebtedness. In any liquidation, dissolution, bankruptcy or other similar proceeding, the holders of any of our existing or future secured indebtedness and the secured indebtedness of our subsidiaries may assert rights against the assets pledged to secure that indebtedness in order to receive full payment of their indebtedness before the assets may be used to pay other creditors, including the holders of the 2026 Notes and the 2026-2 Notes. As of September 30, 2023, we had $212.4 million in outstanding borrowings under the Truist Credit Facility. The Truist Credit Facility is secured by substantially all of our assets excluding assets held by SBIC II. The indebtedness under the Truist Credit Facility is therefore effectively senior in right of payment to our 2026 Notes and our 2026-2 Notes to the extent of the value of such assets.

The 2026 Notes and the 2026-2 Notes are structurally subordinated to the indebtedness and other liabilities of our subsidiaries.

The 2026 Notes and the 2026-2 Notes are obligations exclusively of PennantPark Investment Corporation and not of any of our subsidiaries. None of our subsidiaries is or acts as a guarantor of the 2026 Notes or the 2026-2 Notes and the 2026 Notes and the 2026-2 Notes are not required to be guaranteed by any subsidiaries we may acquire or create in the future. The assets of any such subsidiaries are not directly available to satisfy the claims of our creditors, including holders of our 2026 Notes and our 2026-2 Notes.

Except to the extent we are a creditor with recognized claims against our subsidiaries, all claims of creditors (including holders of preferred stock, if any, of our subsidiaries) will have priority over our equity interests in such subsidiaries (and therefore the claims of our creditors, including holders of the 2026 Notes and the 2026 Notes-2) with respect to the assets of such subsidiaries. Even if we are recognized as a creditor of one or more of our subsidiaries, our claims would still be effectively subordinated to any security interests in the assets of any such subsidiary and to any indebtedness or other liabilities of any such subsidiary senior to our claims. Consequently, the 2026 Notes and the 2026 Notes-2 are structurally subordinated to all indebtedness and other liabilities (including trade payables) of our subsidiaries and any subsidiaries that we may in the future acquire or establish as financing vehicles or otherwise. All of such indebtedness is structurally senior to the 2026 Notes and the 2026 Notes-2. In addition, our subsidiaries may incur substantial additional indebtedness in the future, all of which would be structurally senior to the 2026 Notes and the 2026 Notes-2.

The indenture under which each of the 2026 Notes and the 2026-2 Notes were issued contains limited protection for their respective holders.

The indenture under which each of the 2026 Notes and the 2026 Notes-2 were issued offers limited protection to holders. The terms of the indenture and each of the 2026 Notes and the 2026 Notes-2 do not restrict our or any of our subsidiaries’ ability to engage in, or otherwise be a party to, a variety of corporate transactions, circumstances or events that could have an adverse impact on each holder’s investment in the 2026 Notes and the 2026 Notes-2. In particular, the terms of the indenture and each of the 2026 Notes and the 2026 Notes-2 will not place any restrictions on our or our subsidiaries’ ability to:

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issue securities or otherwise incur additional indebtedness or other obligations, including (1) any indebtedness or other obligations that would be equal in right of payment to each of the 2026 Notes and the 2026 Notes-2, (2) any indebtedness or other obligations that would be secured and therefore rank effectively senior in right of payment to each of the 2026 Notes and the 2026 Notes-2 to the extent of the values of the assets securing such debt, (3) indebtedness of ours that is guaranteed by one or more of our subsidiaries and which therefore would rank structurally senior to each of the 2026 Notes and the 2026 Notes-2 and (4) securities, indebtedness or other obligations issued or incurred by our subsidiaries that would be senior in right of payment to our equity interests in our subsidiaries and therefore would rank structurally senior in right of payment to each of the 2026 Notes and the 2026 Notes-2 with respect to the assets of our subsidiaries, in each case other than an incurrence of indebtedness or other obligation that would cause a violation of Section 18(a)(1)(A) of the 1940 Act as modified by Section 61(a)(1) and (2) of the 1940 Act or any successor provisions, as such obligations may be amended or superseded, giving effect to any exemptive relief granted to us by the SEC;

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pay dividends on, or purchase or redeem or make any payments in respect of, capital stock or other securities ranking junior in right of payment to the 2026 Notes and the 2026 Notes-2;

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sell assets (other than certain limited restrictions on our ability to consolidate, merge or sell all or substantially all of our assets);

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enter into transactions with affiliates;

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create liens (including liens on the shares of our subsidiaries) or enter into sale and leaseback transactions;

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make investments; or

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create restrictions on the payment of dividends or other amounts to us from our subsidiaries.

In addition, the indenture will not require us to offer to purchase the Notes in connection with a change of control or any other event.

Furthermore, the terms of the indenture and each of the 2026 Notes and the 2026 Notes-2 do not protect their respective holders in the event that we experience changes (including significant adverse changes) in our financial condition, results of operations or credit ratings, as they do not require that we or our subsidiaries adhere to any financial tests or ratios or specified levels of net worth, revenues, income, cash flow or liquidity, except as required under the 1940 Act.

Our ability to recapitalize, incur additional debt and take a number of other actions that are not limited by the terms of the 2026 Notes and the 2026 Notes-2 may have important consequences for their holders, including making it more difficult for us to satisfy our obligations with respect to the 2026 Notes and the 2026 Notes-2 or negatively affecting their trading value.

Certain of our current debt instruments include more protections for their respective holders than the indenture and each of the 2026 Notes and the 2026 Notes-2. In addition, other debt we issue or incur in the future could contain more protections for its holders than the indenture and each of the 2026 Notes, including additional covenants and events of default. The issuance or incurrence of any such debt with incremental protections could affect the market for and trading levels and prices of the 2026 Notes and the 2026 Notes-2, if any.

The optional redemption provision may materially adversely affect your return on the 2026 Notes and the 2026 Notes-2.

The 2026 Notes and the 2026 Notes-2 may be redeemable in whole or in part upon certain conditions at any time, or from time to time, at our option on or after October 15, 2026 or February 1, 2026, respectively. We may choose to redeem the 2026 Notes or the 2026 Notes-2 at times when prevailing interest rates are lower than the interest rate paid on the Notes. In this circumstance, you may not be able to reinvest the redemption proceeds in a comparable security at an effective interest rate as high as the 2026 Notes or the 2026 Notes-2 being redeemed.

There is no active trading market for the Notes. If an active trading market does not develop for the Notes, you may not be able to sell them.

The Notes are a new issue of debt securities for which currently there is no trading market. We do not intend to list the Notes on any securities exchange or for quotation of the Notes on any automated dealer quotation system. If the Notes are traded after their initial issuance, they may trade at a discount from their initial offering price depending on prevailing interest rates, the market for similar securities, our credit ratings, general economic conditions, our financial condition, performance and prospects and other factors. The underwriters have advised us that they intend to make a market in the Notes, but they are not obligated to do so. The underwriters may discontinue any market-making in the Notes at any time at their sole discretion. Accordingly, we cannot assure you that a liquid trading market will develop for the Notes, that you will be able to sell your Notes at a particular time or that the price you receive when you sell will be favorable. To the extent an active trading market does not develop, the liquidity and trading price for the Notes may be harmed. Accordingly, you may be required to bear the financial risk of an investment in the Notes for an indefinite period of time.

If we default on our obligations to pay our other indebtedness, we may not be able to make payments on the 2026 Notes or the 2026 Notes-2.

Any default under the agreements governing our indebtedness, including a default under our Truist Credit Facility or under other indebtedness to which we may be a party that is not waived by the required lenders or holders, and the remedies sought by the holders of such indebtedness could make us unable to pay principal, premium, if any, and interest on the 2026 Notes or the 2026 Notes-2 and substantially decrease the market value of such notes. If we are unable to generate sufficient cash flow and are otherwise unable to obtain funds necessary to meet required payments of principal, premium, if any, and interest on our indebtedness, or if we otherwise fail to comply with the various covenants, including financial and operating covenants, in the instruments governing our indebtedness, we could be in default under the terms of the agreements governing such indebtedness. In the event of such default, the holders of such indebtedness could elect to declare all the funds borrowed thereunder to be due and payable, together with accrued and unpaid interest, the lenders under our Truist Credit Facility or other debt we may incur in the future could elect to terminate their commitments, cease making further loans and institute foreclosure proceedings against our assets, and we could be forced into bankruptcy or liquidation. If our operating performance declines, we may in the future need to seek to obtain waivers from the required lenders under the agreements relating to our Truist Credit Facility or other debt that we may incur in the future to avoid being in default. If we breach our covenants under our Truist Credit Facility or other debt and seek a waiver, we may not be able to obtain a waiver from the required lenders or holders. If this occurs, we would be in default and our lenders or debt holders could exercise their rights as described above, and we could be forced into bankruptcy or liquidation. If we are unable to repay debt, lenders having secured obligations, including the lenders under our Truist Credit Facility, could proceed against the collateral securing the debt. Because our Truist Credit Facility have, and any future debt will likely have, customary cross-default provisions, if the indebtedness thereunder or under any future credit facility is accelerated, we may be unable to repay or finance the amounts due.

FATCA withholding may apply to payments to certain foreign entities.

Payments made under the 2026 Notes or the 2026 Notes-2 to a foreign financial institution or non-financial foreign entity (including such an institution or entity acting as an intermediary) may be subject to a U.S. withholding tax of 30% under the Foreign Account Tax Compliance Act (commonly known as “FATCA”) provisions of the Code. This U.S. withholding tax may apply to certain payments of interest on the 2026 Notes or the 2026 Notes-2 as well as scheduled payments of principal, early redemption, or sale of the 2026 Notes or the 2026 Notes-2, unless the foreign financial institution or non-financial foreign entity complies with certain information reporting, withholding, identification, certification and related requirements imposed by FATCA. Depending upon the status of a holder and the status of an intermediary through which any notes are held, the holder could be subject to this 30% U.S. withholding tax in respect of any interest paid on the notes as well as any proceeds from the sale or other disposition of the notes. Proposed Treasury Regulations, if finalized in their present form, would eliminate the application of this 30% U.S. withholding tax in respect of payments of certain gross proceeds. Pursuant to these proposed Treasury Regulations, we and any other applicable withholding agent may (but are not required to) rely on this proposed change to FATCA withholding until final regulations are issued or until such proposed Treasury Regulations are rescinded. Holders of the 2026 Notes and the 2026 Notes-2 should consult their own tax advisors regarding FATCA and how it may affect their investment in the notes.

GENERAL RISK FACTORS

The ongoing invasion of Ukraine by Russia and related sanctions have increased global political and economic uncertainty, which may have a material impact on the Company's portfolio and the value of an investment in the Company.

The ongoing invasion of Ukraine by Russia and related sanctions have increased global political and economic uncertainty. In February 2022, Russia invaded Ukraine and, in response, the United States and many other countries placed economic sanctions on certain Russian entities and individuals. Because Russia is a major exporter of oil and natural gas, the invasion and related sanctions have reduced the supply, and increased the price, of energy, which is accelerating inflation and may exacerbate ongoing supply chain issues. There is also the risk of retaliatory actions by Russia against countries which have enacted sanctions, including cyberattacks against financial and governmental institutions, which could result in business disruptions and further economic turbulence. Although the Company has no direct exposure to Russia or Ukraine, the broader consequences of the invasion may have a material adverse impact on the Company's portfolio and the value of an investment in the Company. Because this is an uncertain and evolving situation, its full impact is unknown at this time.

We and our portfolio companies may maintain cash balances at financial institutions and exceed federally insured limits and may otherwise be materially affected by adverse developments affecting the financial services industry, such as actual events or concerns involving liquidity, defaults or non-performance by financial institutions or transactional counterparties.

Our cash is held in accounts at U.S. banking institutions that we believe are of high quality. Cash held by us and by our portfolio companies in non-interest-bearing and interest-bearing operating accounts may exceed the Federal Deposit Insurance Corporation (“FDIC”) insurance limits. If such banking institutions were to fail, we or our portfolio companies could lose all or a portion of those amounts held in excess of such insurance limitations. In addition, actual events involving limited liquidity, defaults, non-performance or other adverse developments that affect financial institutions, transactional counterparties or other companies in the financial services industry or the financial services industry generally, or concerns or rumors about any events of these kinds or other similar risks, have in the past and may in the future lead to market-wide liquidity problems, which could adversely affect our and our portfolio companies’ business, financial condition, results of operations, or prospects.

Although we assess our portfolio companies’ banking relationships as we believe necessary or appropriate, our and our portfolio companies’ access to funding sources and other credit arrangements in amounts adequate to finance or capitalize our respective current and projected future business operations could be significantly impaired by factors that affect us or our portfolio companies, the financial institutions with which we or our portfolio companies have arrangements directly, or the financial services industry or economy in general. These factors could include, among others, events such as liquidity constraints or failures, the ability to perform obligations under various types of financial, credit or liquidity agreements or arrangements, disruptions or instability in the financial services industry or financial markets, or concerns or negative expectations about the prospects for companies in the financial services industry. These factors could involve financial institutions or financial services industry companies with which we or our portfolio companies have financial or business relationships, but could also include factors involving financial markets or the financial services industry generally.

In addition, investor concerns regarding the U.S. or international financial systems could result in less favorable commercial financing terms, including higher interest rates or costs and tighter financial and operating covenants, or systemic limitations on access to credit and liquidity sources, thereby making it more difficult for us or our portfolio companies to acquire financing on acceptable terms or at all.

Inflation may adversely affect the business, results of operations and financial condition of our portfolio companies.

Certain of our portfolio companies are in industries that may be impacted by inflation. If such portfolio companies are unable to pass any increases in their costs of operations along to their customers, it could adversely affect their operating results and impact their ability to pay interest and principal on our loans, particularly if interest rates rise in response to inflation. In addition, any projected future decreases in our portfolio companies’ operating results due to inflation could adversely impact the fair value of those investments. Any decreases in the fair value of our investments could result in future realized or unrealized losses and therefore reduce our net assets resulting from operations.

Global capital markets could enter a period of severe disruption and instability due to future recessions, disease pandemics and other serious health events, political instability, geopolitical turmoil and foreign hostilities. These market conditions have historically had and could again have a materially adverse effect on debt and equity capital markets in the United States, which could have a materially negative impact on our business, financial condition and results of operations.

The U.S. and global capital markets have, from time to time, experienced periods of disruption characterized by the freezing of available credit, a lack of liquidity in the debt capital markets, significant losses in the principal value of investments, the re-pricing of credit risk in the broadly syndicated credit market, the failure of major financial institutions and general volatility in the financial markets. During these periods of disruption, general economic conditions deteriorated with material and adverse consequences for the broader financial and credit markets, and the availability of debt and equity capital for the market as a whole, and financial services firms in particular, was reduced significantly. These conditions may reoccur for a prolonged period of time or materially worsen in the future. In addition, uncertainty between the United States and other countries with respect to trade policies, treaties and tariffs, among other factors, have caused disruptions in the global markets, including markets in which we participate, and we cannot assure you that these market conditions will not continue or worsen in the future. We may in the future have difficulty accessing debt and equity capital markets, and a severe disruption in the global financial markets, deterioration in credit and financing conditions or uncertainty regarding U.S. government spending and deficit levels or other global economic and political conditions, including future recessions, political instability, geopolitical turmoil and foreign hostilities, and disease, pandemics and other serious health events, could have a material adverse effect on our business, financial condition and results of operations.

Volatility or a prolonged disruption in the credit markets could materially damage our business.

We are required to record our assets at fair value, as determined in good faith by our board of directors, in accordance with our valuation policy. As a result, volatility in the capital markets may have a material adverse effect on our valuations and our NAV, even if we hold investments to maturity. Volatility or dislocation in the capital markets may depress our stock price below our NAV per share and create a challenging environment in which to raise equity and debt capital. As a BDC, we are generally not able to issue additional shares of our common stock at a price less than our NAV without first obtaining approval for such issuance from our stockholders and our independent directors. Additionally, our ability to incur indebtedness is limited by the asset coverage ratio requirements for a BDC, as defined under the 1940 Act, exclusive of the SBA debentures pursuant to our SEC exemptive relief. Declining portfolio values negatively impact our ability to borrow additional funds under our Truist Credit Facility because our NAV is reduced for purposes of the asset coverage ratio. If the fair value of our assets declines substantially, we may fail to maintain the asset coverage ratio stipulated by the 1940 Act, which could, in turn, cause us to lose our status as a BDC and materially impair our business operations. A lengthy disruption in the credit markets could also materially decrease demand for our investments and could materially damage our business, financial condition and results of operations.

The significant disruptions in the capital markets experienced in the past has had, and may in the future have, a negative effect on the valuations of our investments and on the potential for liquidity events involving our investments. The debt capital that may be available to us in the future may be at a higher cost and have less favorable terms and conditions than those currently in effect. If our financing costs increase and we have no increase in interest income, then our net investment income will decrease. A prolonged inability to raise capital may require us to reduce the volume of investments we originate and could have a material adverse impact on our business, financial condition and results of operations. This may also increase the probability that other structural risks negatively impact us. These situations may arise due to circumstances that we may be unable to control, such as a lengthy disruption in the credit markets, a severe decline in the value of the U.S. dollar, a sharp economic downturn or recession or an operational problem that affects third parties or us, and could materially damage our business, financial condition and results of operations.

Any public health emergency, any outbreak of existing or new diseases, and the resulting financial and economic market uncertainty could have a significant adverse impact on us.

The extent of the impact of any public health emergency, on our and our portfolio companies’ operational and financial performance will depend on many factors, including the duration and scope of such public health emergency, the actions taken by governmental authorities to contain its financial and economic impact, the extent of any related travel advisories and restrictions implemented, the impact of such public health emergency on overall supply and demand, investor liquidity and levels of economic activity and the extent of its disruption to important global, regional and local supply chains and economic markets, all of which are highly uncertain and cannot be predicted. In addition, our and our portfolio companies’ operations may be significantly impacted, or halted, as a result of government quarantine measures, restrictions on travel and other factors related to a public health emergency, including its potential adverse impact on the health of any of our or our portfolio companies’ personnel. This could create widespread business continuity issues for us and our portfolio companies. These factors may also cause the valuation of our investments to differ materially from the values that we may ultimately realize. Any public health emergency any outbreak of existing or new epidemic diseases, or the threat thereof, and the resulting financial and economic market uncertainty could have a significant adverse impact on us and the fair value of our investments and our portfolio companies.

Economic sanction laws in the United States and other jurisdictions may prohibit us and our affiliates from transacting with certain countries, individuals and companies.

Economic sanction laws in the United States and other jurisdictions may prohibit us or our affiliates from transacting with certain countries, individuals and companies. In the United States, the U.S. Department of the Treasury’s Office of Foreign Assets Control administers and enforces laws, executive orders and regulations establishing U.S. economic and trade sanctions, which prohibit, among other things, transactions with, and the provision of services to, certain non-U.S. countries, territories, entities and individuals. These types of sanctions may significantly restrict or completely prohibit investment activities in certain jurisdictions, and if we, our portfolio companies or other issuers in which we invest were to violate any such laws or regulations, we may face significant legal and monetary penalties.

The Foreign Corrupt Practices Act, or FCPA, and other anti-corruption laws and regulations, as well as anti-boycott regulations, may also apply to and restrict our activities, our portfolio companies and other issuers of our investments. If an issuer or we were to violate any such laws or regulations, such issuer or we may face significant legal and monetary penalties. The U.S. government has indicated that it is particularly focused on FCPA enforcement, which may increase the risk that an issuer or us becomes the subject of such actual or threatened enforcement. In addition, certain commentators have suggested that private investment firms and the funds that they manage may face increased scrutiny and/or liability with respect to the activities of their underlying portfolio companies. As such, a violation of the FCPA or other applicable regulations by us or an issuer of our portfolio investments could have a material adverse effect on us. We are committed to complying with the FCPA and other anti-corruption laws and regulations, as well as anti-boycott regulations, to which it is subject. As a result, we may be adversely affected because of our unwillingness to enter into transactions that violate any such laws or regulations.

We may be the target of litigation.

We may be the target of securities litigation in the future, particularly if the trading price of our common stock, our 2026 Notes or our 2026-2 Notes fluctuates significantly. We could also generally be subject to litigation, including derivative actions by our stockholders. Any litigation could result in substantial costs and divert management’s attention and resources from our business and cause a material adverse effect on our business, financial condition and results of operations.

The effect of global climate change may impact the operations of our portfolio companies.

There may be evidence of global climate change. Climate change creates physical and financial risk and some of our portfolio companies may be adversely affected by climate change. For example, the needs of customers of energy companies vary with weather conditions, primarily temperature and humidity. To the extent weather conditions are affected by climate change, energy use could increase or decrease depending on the duration and magnitude of any changes. Increases in the cost of energy could adversely affect the cost of operations of our portfolio companies if the use of energy products or services is material to their business. A decrease in energy use due to weather changes may affect some of our portfolio companies’ financial condition through, for example, decreased revenues. Extreme weather conditions in general require more system backup, adding to costs, and can contribute to increased system stresses, including service interruptions.

Legislative or regulatory tax changes could adversely affect investors.

At any time, the federal income tax laws governing RICs or the administrative interpretations of those laws or regulations may be amended. The Biden Administration has enacted significant changes to the existing U.S. tax rules that include, among others, a minimum tax on book income and profits of certain multinational corporations, and there are a number of proposals in the U.S. Congress that would similarly modify the existing U.S. tax rules. The likelihood of any new legislation being enacted is uncertain. Any new laws, regulations or interpretations may take effect retroactively and could adversely affect the taxation of us or our shareholders. Therefore, changes in tax laws, regulations or administrative interpretations or any amendments thereto could diminish the value of an investment in our shares or the value or the resale potential of our investments.

Effects of Leverage [Table Text Block]


Assumed return on portfolio (net of expenses) (1)	(10.0	)%	(5.0	)%	0	%	5.0	%	10.0	%
Corresponding return to common stockholders (2)	(22.2	)%	(13.4	)%	(4.5	)%	13.1	%	4.3	%

(1)

The assumed portfolio return is required by regulation of the SEC and is not a prediction of, and does not represent, our projected or actual performance.

(2)

Return at Minus Ten [Percent]

^[11]

(22.20%)

Return at Minus Five [Percent]

^[11]

(13.40%)

Return at Zero [Percent]

^[11]

(4.50%)

Return at Plus Five [Percent]

^[11]

13.10%

Return at Plus Ten [Percent]

^[11]

4.30%

Share Price [Table Text Block]

PRICE RANGE OF COMMON STOCK

On April 4, 2007, we closed our initial public offering. On April 14, 2022, listing and trading of the Company’s common stock commenced on the New York Stock Exchange after the Company voluntarily withdrew the principal listing of its common stock from the Nasdaq Stock Market effective at market close on April 13, 2022. Our common stock trades on the New York Stock Exchange under the symbol “PNNT”. The following table lists the high and low closing sale prices for our common stock, the closing sale prices as a premium or (discount) to our NAV per share and distributions per share for each full quarterly period within the fiscal years ended September 30, 2023 and 2022.


			Closing Sale Prices				Premium / (Discount) of High Sale			Premium / (Discount) of Low Sale			Distributions
Period	NAV (1)		High		Low		Price to NAV (2)			Price to NAV (2)			Declared
Year Ended September 30, 2023
Fourth quarter	$	7.70	$	6.92	$	5.95		(10	)%		(23	)%	$	0.21
Third quarter	$	7.72	$	6.00	$	4.76		(22	)%		(38	)%	$	0.20
Second quarter	$	7.60	$	6.25	$	4.99		(18	)%		(34	)%	$	0.19
First quarter	$	7.71	$	6.30	$	5.45		(18	)%		(29	)%	$	0.17
Year Ended September 30, 2022
Fourth quarter	$	8.98	$	6.67	$	5.46		(26	)%		(39	)%	$	0.15
Third quarter	$	9.65	$	7.98	$	6.00		(17	)%		(38	)%	$	0.15
Second quarter	$	10.05	$	7.85	$	6.66		(22	)%		(34	)%	$	0.14
First quarter	$	10.11	$	7.18	$	6.49		(29	)%		(36	)%	$	0.12

(1)

NAV per share is determined as of the last day in the relevant quarter and therefore may not reflect the NAV per share on the date of the high and low sales prices. The NAVs shown are based on outstanding shares at the end of each period.

(2)

Calculated as the respective high or low closing sales price less NAV per share, divided by the quarter-end NAV per share.

Shares of BDCs may trade at a market price both above and below the NAV that is attributable to those shares. During the periods covered in the above table, our shares have traded below our NAV. Our shares closed on the New York Stock Exchange at $6.58 and $5.46 as of September 30, 2023 and 2022, respectively. Our NAV per share was $7.70 and $8.98 as of September 30, 2023 and 2022, respectively. The possibility that our shares of common stock will trade at a discount from NAV or at a premium that is unsustainable over the long term is separate and distinct from the risk that our NAV will decrease. It is not possible to predict whether our shares will trade at, above or below our NAV in the future. As of September 30, 2023, we had seven stockholders of record.

Lowest Price or Bid

$ 5.95

$ 4.76

$ 4.99

$ 5.45

$ 5.46

$ 6

$ 6.66

$ 6.49

Highest Price or Bid

$ 6.92

$ 6

$ 6.25

$ 6.3

$ 6.67

$ 7.98

$ 7.85

$ 7.18

Highest Price or Bid, Premium (Discount) to NAV [Percent]

^[12]

(10.00%)

(22.00%)

(18.00%)

(26.00%)

(17.00%)

(22.00%)

(29.00%)

Lowest Price or Bid, Premium (Discount) to NAV [Percent]

^[12]

(23.00%)

(38.00%)

(34.00%)

(29.00%)

(39.00%)

(38.00%)

(34.00%)

(36.00%)

Share Price

$ 6.58

$ 5.46

$ 6.58

NAV Per Share

$ 7.7

^[13]

$ 7.72

^[13]

$ 7.6

^[13]

$ 7.71

^[13]

$ 8.98

^[13]

$ 9.65

^[13]

$ 10.05

^[13]

$ 10.11

^[13]

$ 7.7

^[13]

$ 9.85

$ 7.84

$ 8.68

$ 9.11

Capital Stock, Long-Term Debt, and Other Securities [Abstract]

Long Term Debt [Table Text Block]

As of September 30, 2023, we had $150.0 million in aggregate principal amount of 2026 Notes outstanding. Interest on the 2026 Notes is paid semi-annually on May 1 and November 1, at a rate of 4.50% per year, commencing November 1, 2021. The 2026 Notes mature on May 1, 2026, and may be redeemed in whole or in part at our option subject to a make-whole premium if redeemed more than three months prior to maturity. The 2026 Notes are direct unsecured obligations and rank pari passu in right of payment with future unsecured unsubordinated indebtedness. The 2026 Notes are structurally subordinated to all existing and future indebtedness and other obligations of any of our subsidiaries, financing vehicles, or similar facilities.

As of September 30, 2023, we had $165.0 million in aggregate principal amount of 2026 Notes-2 outstanding. Interest on the 2026 Notes is paid semi-annually on May 1 and November 1, at a rate of 4.0% per year, commencing May 1, 2022. The 2026 Notes-2 mature on November 1, 2026,and may be redeemed in whole or in part at our option subject to a make-whole premium if redeemed more than three months prior to maturity. The 2026 Notes-2 are direct unsecured obligations and rank pari passu in right of payment with future unsecured unsubordinated indebtedness. The 2026 Notes-2 are structurally subordinated to all existing and future indebtedness and other obligations of any of our subsidiaries, financing vehicles, or similar facilities.

Truist Credit Facility

General Description of Registrant [Abstract]

Risk [Text Block]

We are subject to various covenants under our Truist Credit Facility which, if not complied with, could result in reduced availability and/or mandatory prepayments under our Truist Credit Facility.

•

A requirement to retain our status as a RIC;

•

A requirement to maintain a minimum amount of stockholders’ equity; and

•

A requirement that our outstanding borrowings under the Truist Credit Facility not exceed a certain percentage of the value of our portfolio.

Capital Stock, Long-Term Debt, and Other Securities [Abstract]

Long Term Debt, Principal

$ 212,400

Investment Opportunities [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

We operate in a highly competitive market for investment opportunities.

Negative Credit Event [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Our borrowers may default on their payments, which may have a materially negative effect on our financial performance.

Unrealized Losses [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Any unrealized losses we experience on our investment portfolio may be an indication of future realized losses, which could reduce our income available for distribution.

Hire and Retain Qualified Investors [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Changes in Interest Rates [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

We are exposed to risks associated with changes in interest rates that may affect our cost of capital and net investment income.

Replacement of LIBOR [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

The discontinuation and replacement of LIBOR may adversely affect the value of floating-rate debt securities in our portfolio or issued by us.

Effective Management of Future Growth [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Our financial condition and results of operation depend on our ability to manage future growth effectively.

Systems Failures [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

We are highly dependent on information systems and systems failures could have a material adverse effect on our business, financial condition and results of operations.

Not Replicate Historical Performance of Other Investment Companies and Funds [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

We may not replicate the historical performance of other investment companies and funds with which our senior and other investment professionals have been or are affiliated.

Failure to Maintain Status as BDC [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Any failure on our part to maintain our status as a BDC would reduce our operating flexibility.

Loss of RIC Tax Status [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Loss of RIC tax status would substantially reduce our net assets and income available for debt service and distributions.

Difficulty in Paying Annual Distribution Requirement [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

We may have difficulty paying our Annual Distribution Requirement if we recognize income before or without receiving cash representing such income.

Legislation Risk [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Legislation enacted in 2018 allows us to incur additional leverage.

Income Distribution to Stockholder's Risk [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Regulations Risk [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Regulations governing our operation as a BDC will affect our ability to, and the way in which we raise additional capital.

•

Meet Or Maintain R I C Tax Status [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

SBIC II may be unable to make distributions to us that will enable us to meet or maintain RIC tax status.

S B A Regulations Risks [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

SBIC II was licensed by the SBA.

Leverage Risks [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

We currently use borrowed funds to make investments and are exposed to the typical risks associated with leverage.

Investing In Shares Risk [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

If we incur additional debt, it could increase the risk of investing in our shares.


Assumed return on portfolio (net of expenses) (1)	(10.0	)%	(5.0	)%	0	%	5.0	%	10.0	%
Corresponding return to common stockholders (2)	(22.2	)%	(13.4	)%	(4.5	)%	13.1	%	4.3	%

(1)

The assumed portfolio return is required by regulation of the SEC and is not a prediction of, and does not represent, our projected or actual performance.

(2)

Investments with Preferred Stock Risk [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

We may in the future determine to fund a portion of our investments with preferred stock, which is another form of leverage and would magnify the potential for loss and the risks of investing in us.

Investments With Debt Securities Risk [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

We may in the future determine to fund a portion of our investments with debt securities, which would magnify the potential for loss and the risks of investing in us.

Non Reflection Of Credit Ratings In Debt Securities [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Our credit ratings may not reflect all risks of an investment in our debt securities.

Downgrade Suspension Or Withdrawal Of The Credit Rating Risk [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

adverse changes in our Company, so warrant. The conditions of the financial markets and prevailing interest rates have fluctuated in the past and are likely to fluctuate in the future.

Market Conditions Risk [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Market conditions may make it difficult to extend the maturity of or refinance our existing indebtedness and any failure to do so could have a material adverse effect on our business.

Conflicts of Interest Risk [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

There are significant potential conflicts of interest which could impact our investment returns.

Risks Associated With Cybersecurity And Cyber Incidents [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

We are subject to risks associated with cybersecurity and cyber incidents.

Fluctuations in Quarterly Results [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

We may experience fluctuations in our quarterly results.

Voting Rights of Preferred Stockholders [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Holders of any preferred stock that we may issue will have the right to elect members of the board of directors and have class voting rights on certain matters.

Fluctuations In NAV and Market Value of Common Stock While Issuance of Preferred Stock Debt Securities or Convertible Debt Securities [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

If we issue preferred stock, debt securities or convertible debt securities, the NAV and market value of our common stock may become more volatile.

Fluctuations in Trading Market or Market Value of Publicly Issued Debt or Convertible Debt Securities [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

The trading market or market value of any publicly issued debt or convertible debt securities may be volatile.

These factors include the following:

•

the time remaining to the maturity of these debt securities;

•

the outstanding principal amount of debt securities with terms identical or similar to these debt securities;

•

the supply of debt securities trading in the secondary market, if any;

•

the redemption, repayment or convertible features, if any, of these debt securities;

•

the level, direction and volatility of market interest rates; and

•

market rates of interest higher or lower than rates borne by the debt securities.

Terms Relating to Debt Redemption Adversely Effect on Return on Debt Securities [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Terms relating to debt redemption may have a material adverse effect on the return on any debt securities.

Risk in Issuing Subscription Rights of Warrants for Common Stock [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

If we issue subscription rights or warrants for our common stock, your interest in us may be diluted as a result of such rights or warrants offering.

Risk in Impact of Recent Financial Reform Legislation [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Risk in Changing Investment Objectives Operating Policies and Strategies Without Prior Notice or Stockholder Approval [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Our board of directors may change our investment objectives, operating policies and strategies without prior notice or stockholder approval.

Risk in Subject to Stockholder Activism [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Risk in Investing Illiquid Assets [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

General Description of Registrant [Abstract]

Risk [Text Block]

The lack of liquidity in our investments may adversely affect our business.

General Description of Registrant [Abstract]

Risk [Text Block]

A general disruption in the credit markets could materially damage our business.

General Description of Registrant [Abstract]

Risk [Text Block]

We may invest in over-the-counter securities, which have and may continue to face liquidity constraints, to provide us with liquidity.

General Description of Registrant [Abstract]

Risk [Text Block]

Our investments in prospective portfolio companies may be risky, and you could lose all or part of your investment.

We intend to invest primarily in first lien secured debt, second lien secured debt, subordinated debt and selected equity investments issued by U.S. and foreign middle-market companies.

In addition, investing in middle-market companies involves a number of significant risks, including:

•

they may have difficulty accessing the capital markets to meet future capital needs, which may limit their ability to grow or to refinance their outstanding indebtedness upon maturity.

General Description of Registrant [Abstract]

Risk [Text Block]

Risk Occurring Due to Non Diversified Investment Company [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

General Description of Registrant [Abstract]

Risk [Text Block]

Economic recessions or downturns could impair our portfolio companies and harm our operating results.

Follow-on Investments in Portfolio [member]

General Description of Registrant [Abstract]

Risk [Text Block]

If we fail to make follow-on investments in our portfolio companies, this could materially impair the value of our portfolio.

Following an initial investment in a portfolio company, we may make additional investments in that portfolio company as “follow-on” investments, in order to:

•

increase or maintain in whole or in part our equity ownership percentage;

•

exercise warrants, options or convertible securities that were acquired in the original or subsequent financing; or

•

attempt to preserve or enhance the value of our investment.

Controlling Equity Interests in Portfolio [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Investment Strategy on Privately Held Including Controlling Equity Interests [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Risks Relating to Debt Investments [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Our portfolio companies may incur debt that ranks equally with, or senior to, our investments in such companies and our portfolio companies may be highly leveraged.

Risks Relating to Incentive Fee Payable Induce to Investment Adviser [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Our incentive fee may induce the Investment Adviser to make speculative investments.

Risks Relating to Distressed Debt Investments [member]

General Description of Registrant [Abstract]

Risk [Text Block]

Any investments in distressed debt may not produce income and may require us to bear large expenses in order to protect and recover our investment.

Risks Relating to Investments in Foreign Securities [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Our investments in foreign securities may involve significant risks in addition to the risks inherent in U.S. investments.

Risks Relating to Investments [member]

General Description of Registrant [Abstract]

Risk [Text Block]

We may make investments that cause our stockholders to bear investment advisory fees and other expenses on such investments in addition to our management fees and expenses.

Risks Relating to Obligation to Pay Investment Adviser Incentive Compensation [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

We may be obligated to pay our Investment Adviser incentive compensation even if we incur a loss.

General Description of Registrant [Abstract]

Risk [Text Block]

Issuance of Shares of Common Stock at Price Below Current NAV Per Share

General Description of Registrant [Abstract]

Risk [Text Block]

Distributions

General Description of Registrant [Abstract]

Risk [Text Block]

There is a risk that our stockholders may not receive distributions or that our distributions may not grow over time.

Investment in Shares

General Description of Registrant [Abstract]

Risk [Text Block]

Investing in our shares may involve an above average degree of risk.

Sale of Securities

General Description of Registrant [Abstract]

Risk [Text Block]

Sales of substantial amounts of our securities may have an adverse effect on the market price of our securities.

Net Proceeds from Offering of Securities

General Description of Registrant [Abstract]

Risk [Text Block]

We may allocate the net proceeds from any offering of our securities in ways with which you may not agree.

Trading of Shares at Discount from Nav or Premium Unsustainable Over Long Term

General Description of Registrant [Abstract]

Risk [Text Block]

Our shares may trade at discounts from NAV or at premiums that are unsustainable over the long term.

Fluctation in Common Stock Market Price

General Description of Registrant [Abstract]

Risk [Text Block]

The market price of our common stock may fluctuate significantly.

•

changes in regulatory policies or tax guidelines, particularly with respect to RICs, BDCs or SBICs;

•

any loss of our BDC or RIC status;

•

changes in earnings or variations in operating results;

•

changes in prevailing interest rates;

•

changes in the value of our portfolio of investments;

•

any shortfall in revenue or net income or any increase in losses from levels expected by investors or securities analysts;

•

the inability of our Investment Adviser to employ additional experienced investment professionals or the departure of any of the Investment Adviser’s key personnel;

•

operating performance of companies comparable to us;

•

general national and international economic trends and other external factors;

•

general price and volume fluctuations in the stock markets, including as a result of short sales;

•

conversion features of subscription rights, warrants or convertible debt; and

•

loss of a major funding source.

Investing Net Proceeds Raised from Offerings

General Description of Registrant [Abstract]

Risk [Text Block]

We may be unable to invest the net proceeds raised from offerings on acceptable terms, which would harm our financial condition and operating results.

Current Tax Liabilities on Distributions

General Description of Registrant [Abstract]

Risk [Text Block]

You may have current tax liabilities on distributions you reinvest in our common stock.

Payment of Taxes in Excess of Cash Received as Distributions

General Description of Registrant [Abstract]

Risk [Text Block]

There is a risk that our common stockholders may receive our stock as distributions in which case they may be required to pay taxes in excess of the cash they receive.

Provisions of Maryland General Corporation Law Charter and Bylaws

General Description of Registrant [Abstract]

Risk [Text Block]

Provisions of the Maryland General Corporation Law and of our charter and bylaws could deter takeover attempts and have an adverse impact on the price of our common stock.

issuance of additional shares of our stock, and to amend our charter, without stockholder approval, to increase or decrease the number of shares of stock that we have authority to issue.

These anti-takeover provisions may inhibit a change of control in circumstances that could give our stockholders the opportunity to realize a premium over the market price for our common stock.

2026 Notes and 2026 Notes-2

General Description of Registrant [Abstract]

Risk [Text Block]

The 2026 Notes and the 2026 Notes-2 are unsecured and therefore are effectively subordinated to any secured indebtedness we have currently incurred or may incur in the future.

The 2026 Notes and the 2026-2 Notes are structurally subordinated to the indebtedness and other liabilities of our subsidiaries.

The indenture under which each of the 2026 Notes and the 2026-2 Notes were issued contains limited protection for their respective holders.

•

pay dividends on, or purchase or redeem or make any payments in respect of, capital stock or other securities ranking junior in right of payment to the 2026 Notes and the 2026 Notes-2;

•

sell assets (other than certain limited restrictions on our ability to consolidate, merge or sell all or substantially all of our assets);

•

enter into transactions with affiliates;

•

create liens (including liens on the shares of our subsidiaries) or enter into sale and leaseback transactions;

•

make investments; or

•

create restrictions on the payment of dividends or other amounts to us from our subsidiaries.

In addition, the indenture will not require us to offer to purchase the Notes in connection with a change of control or any other event.

The optional redemption provision may materially adversely affect your return on the 2026 Notes and the 2026 Notes-2.

There is no active trading market for the Notes. If an active trading market does not develop for the Notes, you may not be able to sell them.

If we default on our obligations to pay our other indebtedness, we may not be able to make payments on the 2026 Notes or the 2026 Notes-2.

FATCA withholding may apply to payments to certain foreign entities.

Impact on Portfolio and Value of Investment Due to Global Political and Economic Uncertainty

General Description of Registrant [Abstract]

Risk [Text Block]

Maintain Cash Balances At Financial Institutions And Exceed Federally Insured Limits [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Inflation

General Description of Registrant [Abstract]

Risk [Text Block]

Inflation may adversely affect the business, results of operations and financial condition of our portfolio companies.

Impact of Global Capital Market Conditions

General Description of Registrant [Abstract]

Risk [Text Block]

Volatility or Prolonged Disruption in Credit Markets

General Description of Registrant [Abstract]

Risk [Text Block]

Volatility or a prolonged disruption in the credit markets could materially damage our business.

Financial and Economic Market Uncertainty Due to Public Health Emergency

General Description of Registrant [Abstract]

Risk [Text Block]

Any public health emergency, any outbreak of existing or new diseases, and the resulting financial and economic market uncertainty could have a significant adverse impact on us.

Economic Sanction Laws from Transacting

General Description of Registrant [Abstract]

Risk [Text Block]

Economic sanction laws in the United States and other jurisdictions may prohibit us and our affiliates from transacting with certain countries, individuals and companies.

Litigation

General Description of Registrant [Abstract]

Risk [Text Block]

We may be the target of litigation.

Effect of Global Climate Change

General Description of Registrant [Abstract]

Risk [Text Block]

The effect of global climate change may impact the operations of our portfolio companies.

Legislative or Regulatory Tax Changes

General Description of Registrant [Abstract]

Risk [Text Block]

Legislative or regulatory tax changes could adversely affect investors.

2026 Notes and the 2026 Notes-2

Capital Stock, Long-Term Debt, and Other Securities [Abstract]

Long Term Debt, Title [Text Block]

2026 Notes and the 2026-2 Notes

Long Term Debt, Structuring [Text Block]

The 2026 Notes and the 2026-2 Notes are structurally subordinated to the indebtedness and other liabilities of our subsidiaries.

Two Thousand And Twenty Six Notes Payable [Member]

Capital Stock, Long-Term Debt, and Other Securities [Abstract]

Long Term Debt, Title [Text Block]

2026 Notes

Long Term Debt, Principal

$ 150,000

Long Term Debt, Structuring [Text Block]

Interest on the 2026 Notes is paid semi-annually on May 1 and November 1, at a rate of 4.50% per year, commencing November 1, 2021. The 2026 Notes mature on May 1, 2026, and may be redeemed in whole or in part at our option subject to a make-whole premium if redeemed more than three months prior to maturity.

Long Term Debt, Rights Limited by Other Securities [Text Block]

The 2026 Notes are direct unsecured obligations and rank pari passu in right of payment with future unsecured unsubordinated indebtedness. The 2026 Notes are structurally subordinated to all existing and future indebtedness and other obligations of any of our subsidiaries, financing vehicles, or similar facilities.

2026 Notes-2

Capital Stock, Long-Term Debt, and Other Securities [Abstract]

Long Term Debt, Title [Text Block]

2026 Notes-2

Long Term Debt, Principal

$ 165,000

Long Term Debt, Structuring [Text Block]

Interest on the 2026 Notes is paid semi-annually on May 1 and November 1, at a rate of 4.0% per year, commencing May 1, 2022. The 2026 Notes-2 mature on November 1, 2026,and may be redeemed in whole or in part at our option subject to a make-whole premium if redeemed more than three months prior to maturity.

Long Term Debt, Rights Limited by Other Securities [Text Block]

The 2026 Notes-2 are direct unsecured obligations and rank pari passu in right of payment with future unsecured unsubordinated indebtedness. The 2026 Notes-2 are structurally subordinated to all existing and future indebtedness and other obligations of any of our subsidiaries, financing vehicles, or similar facilities.

2024 Notes

Capital Stock, Long-Term Debt, and Other Securities [Abstract]

Long Term Debt, Title [Text Block]

2024 Notes

Long Term Debt, Principal

$ 0

Long Term Debt, Structuring [Text Block]

Interest on the 2024 Notes was paid quarterly at a rate of 5.5% per year.

Credit Facility Fiscal 2023

Financial Highlights [Abstract]

Senior Securities Amount

^[14]

$ 212,420

Senior Securities Coverage per Unit

^[15],[16]

$ 1,952

Credit Facility Fiscal 2022

Financial Highlights [Abstract]

Senior Securities Amount

^[14]

$ 385,920

Senior Securities Coverage per Unit

^[15],[16]

$ 1,855

Credit Facility Fiscal 2021

Financial Highlights [Abstract]

Senior Securities Amount

^[14]

$ 316,545

Senior Securities Coverage per Unit

^[15],[16]

$ 2,208

Credit Facility Fiscal 2020

Financial Highlights [Abstract]

Senior Securities Amount

^[14]

$ 388,252

Senior Securities Coverage per Unit

^[15],[16]

$ 2,078

Credit Facility Fiscal 2019

Financial Highlights [Abstract]

Senior Securities Amount

^[14]

$ 301,636

Senior Securities Coverage per Unit

^[15],[16]

$ 2,066

Credit Facility Fiscal 2018

Financial Highlights [Abstract]

Senior Securities Amount

^[14]

$ 80,520

Senior Securities Coverage per Unit

^[15],[16]

$ 2,919

Credit Facility Fiscal 2017

Financial Highlights [Abstract]

Senior Securities Amount

^[14]

$ 79,393

Senior Securities Coverage per Unit

^[15],[16]

$ 2,998

Credit Facility Fiscal 2016

Financial Highlights [Abstract]

Senior Securities Amount

^[14]

$ 50,340

Senior Securities Coverage per Unit

^[15],[16]

$ 2,794

Credit Facility Fiscal 2015

Financial Highlights [Abstract]

Senior Securities Amount

^[14]

$ 136,864

Senior Securities Coverage per Unit

^[15],[16]

$ 2,586

Credit Facility Fiscal 2014

Financial Highlights [Abstract]

Senior Securities Amount

^[14]

$ 55,226

Senior Securities Coverage per Unit

^[15],[16]

$ 3,215

BPN Credit Facility Fiscal 2019

Financial Highlights [Abstract]

Senior Securities Amount

^[14]

$ 171,000

Senior Securities Coverage per Unit

^[15],[16]

$ 2,066

2019 Notes, Fiscal 2018

Financial Highlights [Abstract]

Senior Securities Amount

^[14]

$ 250,000

Senior Securities Coverage per Unit

^[15],[16]

$ 2,919

2019 Notes, Fiscal 2017

Financial Highlights [Abstract]

Senior Securities Amount

^[14]

$ 250,000

Senior Securities Coverage per Unit

^[15],[16]

$ 2,998

2019 Notes, Fiscal 2016

Financial Highlights [Abstract]

Senior Securities Amount

^[14]

$ 250,000

Senior Securities Coverage per Unit

^[15],[16]

$ 2,794

2019 Notes, Fiscal 2015

Financial Highlights [Abstract]

Senior Securities Amount

^[14]

$ 250,000

Senior Securities Coverage per Unit

^[15],[16]

$ 2,586

2019 Notes, Fiscal 2014

Financial Highlights [Abstract]

Senior Securities Amount

^[14]

$ 250,000

Senior Securities Coverage per Unit

^[15],[16]

$ 3,215

2024 Notes, Fiscal 2021

Financial Highlights [Abstract]

Senior Securities Amount

^[14]

$ 86,250

Senior Securities Coverage per Unit

^[15],[16]

$ 2,208

Senior Securities Average Market Value per Unit

^[17]

$ 25.14

2024 Notes, Fiscal 2020

Financial Highlights [Abstract]

Senior Securities Amount

^[14]

$ 86,250

Senior Securities Coverage per Unit

^[15],[16]

$ 2,078

Senior Securities Average Market Value per Unit

^[17]

$ 23.47

2024 Notes, Fiscal 2019

Financial Highlights [Abstract]

Senior Securities Amount

^[14]

$ 75,000

Senior Securities Coverage per Unit

^[15],[16]

$ 2,066

Senior Securities Average Market Value per Unit

^[17]

$ 24.87

2025 Notes, Fiscal 2016

Financial Highlights [Abstract]

Senior Securities Amount

^[14]

$ 71,250

Senior Securities Coverage per Unit

^[15],[16]

$ 2,794

Senior Securities Average Market Value per Unit

^[18]

$ 24.68

2025 Notes, Fiscal 2015

Financial Highlights [Abstract]

Senior Securities Amount

^[14]

$ 71,250

Senior Securities Coverage per Unit

^[15],[16]

$ 2,586

Senior Securities Average Market Value per Unit

^[18]

$ 25.13

2025 Notes, Fiscal 2014

Financial Highlights [Abstract]

Senior Securities Amount

^[14]

$ 71,250

Senior Securities Coverage per Unit

^[15],[16]

$ 3,215

Senior Securities Average Market Value per Unit

^[18]

$ 24.51

2025 Notes, Fiscal 2013

Financial Highlights [Abstract]

Senior Securities Amount

^[14]

$ 71,250

Senior Securities Coverage per Unit

^[15],[16]

$ 4,205

Senior Securities Average Market Value per Unit

^[18]

$ 24.79

2026 Notes, Fiscal 2023

Financial Highlights [Abstract]

Senior Securities Amount

^[14]

$ 150,000

Senior Securities Coverage per Unit

^[15],[16]

$ 1,952

2026 Notes, Fiscal 2022

Financial Highlights [Abstract]

Senior Securities Amount

^[14]

$ 150,000

Senior Securities Coverage per Unit

^[15],[16]

$ 1,855

2026 Notes, Fiscal 2021

Financial Highlights [Abstract]

Senior Securities Amount

^[14]

$ 150,000

Senior Securities Coverage per Unit

^[15],[16]

$ 2,208

2026 -2,Notes, Fiscal 2023

Financial Highlights [Abstract]

Senior Securities Amount

^[14]

$ 165,000

Senior Securities Coverage per Unit

^[15],[16]

$ 1,952

2026 -2,Notes, Fiscal 2022

Financial Highlights [Abstract]

Senior Securities Amount

^[14]

$ 165,000

Senior Securities Coverage per Unit

^[15],[16]

$ 1,855

[1]	In the event that the securities to which any applicable prospectus relates are sold to or through underwriters or agents, a corresponding prospectus supplement will disclose the applicable sales load.
[2]	In the event that we conduct an offering of our securities, a corresponding prospectus supplement will disclose the estimated amount of offering expenses, the offering price and the offering expenses borne by us as a percentage of the offering price.
[3]	The expenses of the dividend reinvestment plan are included in “Other expenses.”
[4]	Net assets attributable to common shares equals average net assets as of September 30, 2023
[5]	The contractual management fee is calculated at an annual rate of 1.50% of our average adjusted gross assets up to 200% of the Company’s total net assets as of the immediately preceding quarter-end and 1.00% for amounts that exceed such amount on September 30, 2023. See “Business—Investment Management Agreement” and “Business—Management Fees” for more information.
[6]	As of September 30, 2023, we had $262.6 million of unused borrowing capacity, subject to maintenance of the applicable total assets to debt ratio, under the 1940 Act. As of such date, we had $212.4 million in borrowings outstanding under our $475.0 million Truist Credit Facility, $150.0 million in aggregate principal of 2026 Notes and $165.0 million in aggregate principal of 2026-2 Notes. As of September 30, 2023, we repaid the remaining $20.0 million SBA debentures that are non-recourse to us and may be prepaid at any time without penalty. We may use proceeds of any offering of securities under any applicable registration statement to repay outstanding obligations under our Truist Credit Facility. After completing any such offering, we may continue to borrow under our Truist Credit Facility to finance our investment objectives. Annual interest expense on borrowed funds represents actual interest expense incurred for the fiscal year ended September 30, 2023 and amendment costs and make-whole premiums, if any, and we caution you that our actual interest expense will depend on prevailing interest rates and our rate of borrowing, which may be substantially higher than the estimate provided in this table.
[7]	The portion of incentive fees paid with respect to net investment income and capital gains, if any, is based on actual amounts incurred during the fiscal year ended September 30, 2023 . Such incentive fees are based on performance, vary from period to period and are not paid unless our performance exceeds specified thresholds. Incentive fees in respect of net investment income do not include incentive fees in respect of net capital gains. The portion of our incentive fee paid in respect of net capital gains is determined and payable in arrears as of the end of each calendar year (or upon termination of the Investment Management Agreement, as of the termination date) and equals 17.5% of our realized capital gains, if any, on a cumulative basis from inception through the end of each calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gain incentive fees. For purposes of this chart and our Consolidated Financial Statements, our incentive fees on capital gains are calculated in accordance with GAAP. As we cannot predict our future net investment income or capital gains, the incentive fee paid in future periods, if any, may be substantially different than the fee earned during the fiscal year ended September 30, 2023. For more detailed information about the incentive fee, please see “Business—Investment Management Agreement” and “Business—Management Fees” for more information
[8]	Our stockholders indirectly bear 60.5% of the expenses of our investment in PSLF. No management fee is charged by PennantPark Investment Advisers in connection with PSLF. PSLF pays the Administrator an annual fee of 0.25% of average gross assets under management. For this chart, PSLF fees and operating expenses are based on our share of the actual fees and operating expenses of PSLF for the fiscal year ended September 30, 2023. Expenses for PSLF may fluctuate over time and may be substantially higher or lower in the future. Our stockholders indirectly bear 23.1% of the expenses of our investment in PTSF II. A management fee equal to 0.50% per annum of the gross assets of PTSF II and its subsidiaries is charged by PennantPark Investment Advisers in connection with PTSF II. For this chart, PTSF II fees and operating expenses are based on our share of the actual fees and operating expenses of PTSF II for the fiscal year ended September 30, 2023. Expenses for PTSF II may fluctuate over time and may be substantially higher or lower in the future.
[9]	“Other expenses” includes our general and administrative expenses, professional fees, directors’ fees, insurance costs, taxes, expenses of our dividend reinvestment plan and the expenses of the Investment Adviser reimbursable under our Investment Management Agreement and of the Administrator reimbursable under our Administration Agreement.
[10]	“Total estimated annual expenses” as a percentage of average net assets attributable to common shares, to the extent we borrow money to make investments, are higher than the total estimated annual expenses percentage would be for a company that is not leveraged. We may borrow money to leverage our net assets and increase our total assets. The SEC requires that the “total estimated annual expenses” percentage be calculated as a percentage of net assets (defined as total assets less indebtedness) rather than total assets, which include assets that have been funded with borrowed money. If the “Total estimated annual expenses” percentage were calculated instead as a percentage of total assets, our “Total estimated annual expenses” would be 10.2% of average total assets.
[11]	In order to compute the “corresponding return to common stockholders,” the “assumed return on portfolio” is multiplied by the total value of our assets at the beginning of the period to obtain an assumed return to us. From this amount, all interest expense expected to be accrued during the period is subtracted to determine the return available to stockholders. The return available to stockholders is then divided by the total value of our net assets as of the beginning of the period to determine the “corresponding return to common stockholders.”
[12]	Calculated as the respective high or low closing sales price less NAV per share, divided by the quarter-end NAV per share.
[13]	NAV per share is determined as of the last day in the relevant quarter and therefore may not reflect the NAV per share on the date of the high and low sales prices. The NAVs shown are based on outstanding shares at the end of each period.
[14]	Total cost of each class of senior securities outstanding at the end of the period presented in thousands (000s).
[15]	The asset coverage ratio for a class of senior securities representing indebtedness is calculated as our consolidated total assets, less all liabilities and indebtedness not represented by senior securities, divided by senior securities representing indebtedness at par. This asset coverage ratio is multiplied by $1,000 to determine the Asset Coverage Per Unit.
[16]	These amounts exclude SBA debentures from our total amount outstanding and asset coverage per unit computation pursuant to an exemptive relief letter provided by the SEC in June 2011.
[17]	The average market value per unit is derived based on the daily closing price of the 2024 Notes trading on The Nasdaq Global Select Market under the symbol “PNNTG.” The 2024 Notes were issued in increments of $25 per unit and commenced trading on September 30, 2019.
[18]	The average market value per unit is derived based on the monthly average closing price of the 2025 Notes, which were traded on the New York Stock Exchange, or NYSE, under the symbol “PNTA” since issuance. The 2025 Notes were issued in increments of $25 per unit. On June 29, 2017, the 2025 Notes were redeemed in full.

Cash and Cash Equivalents - Additional Information (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022
Cash And Cash Equivalents [Line Items]
Cash and cash equivalents	$ 38,775	$ 54,775
Money Market Funds
Cash And Cash Equivalents [Line Items]
Cash and cash equivalents	$ 38,800	$ 54,800

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$ (33,807)	$ (24,740)	$ 166,617
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Net change in net unrealized (appreciation) depreciation on investments	(59,594)	110,044	(117,937)
Net change in unrealized depreciation on debt	3,753	(7,501)	17,818
Net realized (gain) loss on investments	151,516	(43,861)	(30,021)
Debt extinguishment realized loss	289	2,922	0
Net accretion of discount and amortization of premium	(6,792)	(5,505)	(3,525)
Purchases of investments	(375,176)	(933,780)	(441,365)
Payment-in-kind income	(4,458)	(9,218)	(15,210)
Proceeds from dispositions of investments	418,627	911,643	434,473
Amortization of deferred financing costs	1,780	1,965	2,452
(Increase) or Decrease in:
Interest receivable	(3,227)	1,365	47
Receivables from investments sold	29,494	(16,701)	(12,793)
Distribution receivable	(2,659)	(726)	(300)
Prepaid expenses and other assets	(306)	(4,394)	376
Increase or (Decrease) in:
Due to affiliates	1,990	2,109	0
Payable for investments purchased	99,949	(8,407)	2,946
Interest payable on debt	(33)	1,321	2,920
Base management fee payable	(934)	269	211
Incentive fee payable	3,310	(575)	575
Deferred tax liability	(896)	896	0
Accounts payable and accrued expenses	115	5,581	624
Net cash provided by (used in) operating activities	222,941	(17,293)	7,908
Cash flows from financing activities:
Repurchase of common stock	0	(13,249)	0
Distributions paid to stockholders	(45,658)	(34,852)	(32,182)
Repayments of SBA debentures	(20,000)	(43,500)	(55,000)
Net cash provided by (used in) financing activities	(239,158)	52,043	(13,424)
Net increase (decrease) in cash and cash equivalents	(16,217)	34,750	(5,516)
Effect of exchange rate changes on cash	217	(332)	67
Cash and cash equivalents, beginning of year	54,775	20,357	25,806
Cash and cash equivalents, end of year	38,775	54,775	20,357
Supplemental disclosures:
Interest paid	37,661	25,473	17,135
Taxes paid	5,707	5,455	984
Non-cash exchanges and conversions	18,467	(99,833)	16,516
Truist Credit Facility
Cash flows from financing activities:
Borrowings under Credit Facility	152,500	860,841	310,312
Repayments under Credit Facility	(326,000)	(791,466)	(382,019)
2024 Notes
Cash flows from financing activities:
Net repayments of the 2024 Notes	0	(86,250)	0
2026 Notes
Cash flows from financing activities:
Proceeds from Notes issuance	0	0	145,465
2026-2 Notes
Cash flows from financing activities:
Proceeds from Notes issuance	$ 0	$ 160,519	$ 0

Unconsolidated Significant Subsidiaries

12 Months Ended

Sep. 30, 2023

Investments in and Advances to Affiliates [Abstract]

Unconsolidated Significant Subsidiaries

13. UNCONSOLIDATED SIGNIFICANT SUBSIDIARIES

We must determine which, if any, of our unconsolidated controlled portfolio companies is a "significant subsidiary" within the meaning of Regulation S-X. We have determined that, as of September 30, 2023, PennantPark Senior Loan Fund, LLC triggered at least one of the significance tests. As a result and on accordance with Rule 3-09 of Regulation S-X separate audited financial statements of PSLF, LLC for the years ended. September 30, 2023, 2022, and 2021 are being filed as Exhibit 99.3 and Exhibit 99.4. Our investment in RAM Energy Holdings LLC was realized on February 08, 2023.

On February 08, 2023, the Company sold its investment in RAM Energy Holdings LLC. Below is certain selected key financial data from RAM Energy Holdings LLC Balance Sheet at September 30, 2023 and 2022, and the twelve months ended December 31, 2022, 2021 and 2020 Income Statement for the periods in which our investment in RAM Energy Holdings LLC exceeded the threshold in at least one of the tests under Rule 3-09 of Regulation S-X (amounts in thousands).

RAM Energy Holdings LLC:


Balance Sheet	September 30, 2023		September 30, 2022
Current assets	$	—	$	21,051
Noncurrent assets		—		71,411
Current liabilities		—		24,721
Noncurrent liabilities	$	—	$	40,921


	Years Ended September 30,
Income Statement	2023		2022			2021
Total revenue	$	—	$	52,051		$	57,931
Total expenses		—		(47,589	)		(39,511	)
Net loss	$	—	$	4,462		$	18,420

Investments - Consolidated Statements of Operations for PSLF (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Expenses:
Interest expense on notes to members	$ 39,408	$ 28,760	$ 22,507
General and administrative expenses	3,837	2,892	2,324
Net expenses	79,833	61,023	45,112
Net investment income	65,533	43,943	36,476
Realized and unrealized gain (loss) on investments and debt:
Net realized gain (loss) on investments	(156,757)	34,756	$ 30,021
PSLF
Investment income:
Interest	88,280	37,905
Other income	1,410	246
Total investment income	89,690	38,151
Expenses:
Interest expense on credit facility and asset-backed debt	37,977	11,023
Interest expense on notes to members	20,858	11,692
Administrative services expenses	2,282	1,171
General and administrative expenses	835	447
Net expenses	61,952	24,333
Net investment income	27,738	13,818
Realized and unrealized gain (loss) on investments and debt:
Net realized gain (loss) on investments	(498)	376
Net change in unrealized appreciation (depreciation) on Investments	1,575	(8,334)
Net realized and unrealized gain (loss) on investments	1,077	(7,958)
Net increase (decrease) in members' equity resulting from operations	$ 28,815	$ 5,860

Consolidated Schedule of Investments (Parenthetical)

Sep. 30, 2023

Sep. 30, 2022

Schedule Of Investments [Line Items]

Investment owned, percent of net assets

^[1],[2]

0.00%

Investment, Identifier [Axis]: Affiliated Investments

Schedule Of Investments [Line Items]

Percentage of voting securities owned

5.00%

Investment, Identifier [Axis]: Cash and Cash Equivalents—7.7% of Net Assets

Schedule Of Investments [Line Items]

Investment owned, percent of net assets

^[1],[2]

7.70%

Investment, Identifier [Axis]: Cash and Cash Equivalents—9.4% of Net Assets

Schedule Of Investments [Line Items]

Investment owned, percent of net assets

^[3],[4]

9.40%

Investment, Identifier [Axis]: Controlled Affiliated Investments

Schedule Of Investments [Line Items]

Percentage of voting securities owned

25.00%

Investment, Identifier [Axis]: Investments and Cash Equivalents —218.8% of Net Assets

Schedule Of Investments [Line Items]

Investment owned, percent of net assets

^[3],[4]

218.80%

Investment, Identifier [Axis]: Investments in Controlled, Affiliated Portfolio Companies—43.0% First Lien Secured Debt—9.8% of Net Assets

Schedule Of Investments [Line Items]

Investment owned, percent of net assets

^[1],[2]

9.80%

Investment, Identifier [Axis]: Investments in Controlled, Affiliated Portfolio Companies—43.0% of Net Assets

Schedule Of Investments [Line Items]

Investment owned, percent of net assets

^[1],[2]

43.00%

Investment, Identifier [Axis]: Investments in Controlled, Affiliated Portfolio Companies—44.3% Common Equity—22.0% of Net Assets

Schedule Of Investments [Line Items]

Investment owned, percent of net assets

^[3],[4],[5]

22.00%

Investment, Identifier [Axis]: Investments in Controlled, Affiliated Portfolio Companies—44.3% First Lien Secured Debt—7.3% of Net Assets

Schedule Of Investments [Line Items]

Investment owned, percent of net assets

^[3],[4]

7.30%

Investment, Identifier [Axis]: Investments in Controlled, Affiliated Portfolio Companies—44.3% Second Lien Secured Debt—0% of Net Assets

Schedule Of Investments [Line Items]

Investment owned, percent of net assets

^[3],[4]

0.00%

Investment, Identifier [Axis]: Investments in Controlled, Affiliated Portfolio Companies—44.3% Subordinated Debt—15.0% of Net Assets

Schedule Of Investments [Line Items]

Investment owned, percent of net assets

^[3],[4]

15.00%

Investment, Identifier [Axis]: Investments in Controlled, Affiliated Portfolio Companies—44.3% of Net Assets

Schedule Of Investments [Line Items]

Investment owned, percent of net assets

^[3],[4]

44.30%

Investment, Identifier [Axis]: Investments in Non-Controlled, Affiliated Portfolio Companies—10.9% Common Equity/Partnership Interests/Warrants—2.4% of Net Assets

Schedule Of Investments [Line Items]

Investment owned, percent of net assets

^[1],[2],[6]

2.40%

Investment, Identifier [Axis]: Investments in Non-Controlled, Affiliated Portfolio Companies—10.9% First Lien Secured Debt—2.1% of Net Assets

Schedule Of Investments [Line Items]

Investment owned, percent of net assets

^[1],[2]

2.10%

Investment, Identifier [Axis]: Investments in Non-Controlled, Affiliated Portfolio Companies—10.9% Preferred Equity/Partnership Interests—6.4% of Net Assets

Schedule Of Investments [Line Items]

Investment owned, percent of net assets

^[1],[2],[6]

6.40%

Investment, Identifier [Axis]: Investments in Non-Controlled, Affiliated Portfolio Companies—10.9% of Net Assets

Schedule Of Investments [Line Items]

Investment owned, percent of net assets

^[1],[2]

10.90%

Investment, Identifier [Axis]: Investments in Non-Controlled, Affiliated Portfolio Companies—5.9% Common Equity/Partnership Interests/Warrants—0.3% of Net Assets

Schedule Of Investments [Line Items]

Investment owned, percent of net assets

^[3],[4],[5]

0.30%

Investment, Identifier [Axis]: Investments in Non-Controlled, Affiliated Portfolio Companies—5.9% Preferred Equity/Partnership Interests—5.6% of Net Assets

Schedule Of Investments [Line Items]

Investment owned, percent of net assets

^[3],[4],[5]

5.60%

Investment, Identifier [Axis]: Investments in Non-Controlled, Affiliated Portfolio Companies—5.9% of Net Assets

Schedule Of Investments [Line Items]

Investment owned, percent of net assets

^[3],[4]

5.90%

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2%

Schedule Of Investments [Line Items]

Investment owned, percent of net assets

^[3],[4]

159.20%

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Common Equity/Partnership Interests/Warrants—26.2%

Schedule Of Investments [Line Items]

Investment owned, percent of net assets

^[3],[4],[5]

26.20%

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5%

Schedule Of Investments [Line Items]

Investment owned, percent of net assets

^[3],[4]

100.50%

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Preferred Equity/Partnership Interests—1.3%

Schedule Of Investments [Line Items]

Effective interest

^[3],[4],[5]

1.30%

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Second Lien Secured Debt—22.2%

Schedule Of Investments [Line Items]

Investment owned, percent of net assets

^[3],[4]

22.20%

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Subordinated Debt/Corporate Notes—9.1%

Schedule Of Investments [Line Items]

Effective interest

^[3],[4]

9.10%

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% of Net Assets

Schedule Of Investments [Line Items]

Investment owned, percent of net assets

^[1],[2],[6]

23.00%

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% of Net Assets

Schedule Of Investments [Line Items]

Investment owned, percent of net assets

^[1],[2]

93.20%

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Preferred Equity/Partnership Interests—2.6% of Net Assets

Schedule Of Investments [Line Items]

Investment owned, percent of net assets

^[1],[2],[6]

2.60%

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Second Lien Secured Debt—16.0% of Net Assets

Schedule Of Investments [Line Items]

Investment owned, percent of net assets

16.00%

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Subordinated Debt/Corporate Notes—10.7% of Net Assets

Schedule Of Investments [Line Items]

Investment owned, percent of net assets

^[1],[2]

10.70%

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% U.S. Government Securities—19.9% of Net Assets

Schedule Of Investments [Line Items]

Investment owned, percent of net assets

^[1]

19.90%

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% of Net Assets

Schedule Of Investments [Line Items]

Investment owned, percent of net assets

^[1],[2]

165.40%

Investment, Identifier [Axis]: Investments—209.4% of Net Assets

Schedule Of Investments [Line Items]

Investment owned, percent of net assets

^[3],[4]

209.40%

Investment, Identifier [Axis]: Investments—219.4% of Net Assets

Schedule Of Investments [Line Items]

Investment owned, percent of net assets

^[1],[2]

219.40%

Investment, Identifier [Axis]: Liabilities in Excess of Other Assets —(118.8%) of Net Assets

Schedule Of Investments [Line Items]

Investment owned, percent of net assets

^[3],[4]

(118.80%)

Investment, Identifier [Axis]: Liabilities in Excess of Other Assets—(127.1%) of Net Assets

Schedule Of Investments [Line Items]

Investment owned, percent of net assets

^[1],[2]

127.10%

Investment, Identifier [Axis]: Minimum Qualifying Assets

Schedule Of Investments [Line Items]

Percentage of qualifying assets to total assets

70.00%

Investment, Identifier [Axis]: Net Assets—100.0%

Schedule Of Investments [Line Items]

Investment owned, percent of net assets

100.00%

^[1],[2]

100.00%

^[3],[4]

Investment, Identifier [Axis]: Non-Affiliated Investments

Schedule Of Investments [Line Items]

Percentage of voting securities owned

5.00%

Investment, Identifier [Axis]: Non-Qualifying Assets

Schedule Of Investments [Line Items]

Percentage of non qualifying assets to total assets

7.00%

12.00%

Investment, Identifier [Axis]: Non-controlled Investments

Schedule Of Investments [Line Items]

Percentage of voting securities owned

25.00%

Investment, Identifier [Axis]: Qualifying Assets

Schedule Of Investments [Line Items]

Percentage of qualifying assets to total assets

93.00%

88.00%

Investment, Identifier [Axis]: Related Party PSLF Cash and Cash Equivalents - 57.6%

Schedule Of Investments [Line Items]

Investment owned, percent of net assets

57.60%

Investment, Identifier [Axis]: Related Party PSLF Cash and Cash Equivalents—50.9%

Schedule Of Investments [Line Items]

Investment owned, percent of net assets

48.50%

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7%

Schedule Of Investments [Line Items]

Investment owned, percent of net assets

783.70%

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 864.4%

Schedule Of Investments [Line Items]

Investment owned, percent of net assets

864.40%

Investment, Identifier [Axis]: Related Party PSLF Investments—864.4%

Schedule Of Investments [Line Items]

Investment owned, percent of net assets

864.40%

Investment, Identifier [Axis]: Related Party PSLF Total Investments 783.7%

Schedule Of Investments [Line Items]

Investment owned, percent of net assets

783.70%

Investment, Identifier [Axis]: Related Party PSLF Total Investments and Cash Equivalents - 841.3%

Schedule Of Investments [Line Items]

Investment owned, percent of net assets

841.30%

Investment, Identifier [Axis]: Related Party PSLF Total Investments and Cash Equivalents—912.9%

Schedule Of Investments [Line Items]

Investment owned, percent of net assets

912.90%

Investment, Identifier [Axis]: Total Investments and Cash Equivalents—227.1% of Net Assets

Schedule Of Investments [Line Items]

Investment owned, percent of net assets

^[1],[2]

227.10%

Investment, Identifier [Axis]: estments in Controlled, Affiliated Portfolio Companies—43.0% Subordinated Debt—20.4% of Net Assets

Schedule Of Investments [Line Items]

Investment owned, percent of net assets

^[1],[2]

20.40%

Investment, Identifier [Axis]: vestments in Controlled, Affiliated Portfolio Companies—43.0% Common Equity—12.8% of Net Assets

Schedule Of Investments [Line Items]

Investment owned, percent of net assets

^[1],[2],[6]

12.80%

[1]	The provisions of the 1940 Act classify investments based on the level of control that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally presumed to be “non-controlled” when we own 25% or less of the portfolio company’s voting securities and “controlled” when we own more than 25% of the portfolio company’s voting securities.
[2]	The provisions of the 1940 Act classify investments further based on the level of ownership that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally deemed as “non-affiliated” when we own less than 5% of a portfolio company’s voting securities and “affiliated” when we own 5% or more of a portfolio company’s voting securities (See Note 6).
[3]	The provisions of the 1940 Act classify investments based on the level of control that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally presumed to be “non-controlled” when we own 25% or less of the portfolio company’s voting securities and “controlled” when we own more than 25% of the portfolio company’s voting securities.
[4]	The provisions of the 1940 Act classify investments further based on the level of ownership that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally deemed as “non-affiliated” when we own less than 5% of a portfolio company’s voting securities and “affiliated” when we own 5% or more of a portfolio company’s voting securities (See Note 6).
[5]	Non-income producing securities.
[6]	Non-income producing securities.

Significant Accounting Policies - Additional Information (Details) $ in Thousands	12 Months Ended
	Sep. 30, 2023 USD ($) Portfolio	Sep. 30, 2022 USD ($) Portfolio	Sep. 30, 2021 USD ($)
Significant Accounting Policies [Line Items]
Increase decrease in due to affiliates	$ 1,990	$ 2,109	$ 0
Provision for taxes on net investment income	4,295	800	600
Provision for taxes on net realized gain on investments	5,000	6,200	0
Provision for taxes on net unrealized gain on investments	(1,600)	900	0
Provision for taxes on net realized and unrealized gains on investments	3,400	7,100	0
Net realized gain (loss) on investments	(151,516)	43,861	30,021
State and local tax liability	3,300	3,300	3,300
Federal Taxes
Significant Accounting Policies [Line Items]
Net realized gain (loss) on investments	$ 0	4,000
Error Correction [Member]
Significant Accounting Policies [Line Items]
Increase decrease in due to affiliates		2,100
Increase in cash and off setting due to affiliates		2,100
Net assets and net asset value per share		0
Net investment income or net increase (decrease) in net assets		$ 0	$ 0
Past Due 30 Days or More
Significant Accounting Policies [Line Items]
Financing receivable, nonaccrual, percent past due on cost basis	1.20%	1.00%
Financing receivable, nonaccrual, percent past due on fair value basis	0.00%	0.00%
Number of portfolio on nonaccrual \| Portfolio	1	1

Investments - Schedule of Investments by Industry Classification and Enumerates Percentage, by Fair Value, of Total Portfolio Assets Excluding Cash and Cash Equivalents (Details)

Sep. 30, 2023

Sep. 30, 2022

Schedule Of Investment Income Reported Amounts By Category [Line Items]

Fair value investments of portfolio assets excluding cash and cash equivalents percentage

^[1]

100.00%

Business Services

Schedule Of Investment Income Reported Amounts By Category [Line Items]

Fair value investments of portfolio assets excluding cash and cash equivalents percentage

^[1]

16.00%

18.00%

Healthcare, Education and Childcare

Schedule Of Investment Income Reported Amounts By Category [Line Items]

Fair value investments of portfolio assets excluding cash and cash equivalents percentage

^[1]

13.00%

12.00%

Short-Term U.S. Government Securities

Schedule Of Investment Income Reported Amounts By Category [Line Items]

Fair value investments of portfolio assets excluding cash and cash equivalents percentage

^[1]

11.00%

0.00%

Consumer Products

Schedule Of Investment Income Reported Amounts By Category [Line Items]

Fair value investments of portfolio assets excluding cash and cash equivalents percentage

^[1]

8.00%

Distribution

Schedule Of Investment Income Reported Amounts By Category [Line Items]

Fair value investments of portfolio assets excluding cash and cash equivalents percentage

^[1]

7.00%

5.00%

Financial Services

Schedule Of Investment Income Reported Amounts By Category [Line Items]

Fair value investments of portfolio assets excluding cash and cash equivalents percentage

^[1]

5.00%

Telecommunications

Schedule Of Investment Income Reported Amounts By Category [Line Items]

Fair value investments of portfolio assets excluding cash and cash equivalents percentage

^[1]

5.00%

Home and Office Furnishings

Schedule Of Investment Income Reported Amounts By Category [Line Items]

Fair value investments of portfolio assets excluding cash and cash equivalents percentage

^[1]

1.00%

4.00%

Media

Schedule Of Investment Income Reported Amounts By Category [Line Items]

Fair value investments of portfolio assets excluding cash and cash equivalents percentage

^[1]

5.00%

4.00%

Aerospace and Defense

Schedule Of Investment Income Reported Amounts By Category [Line Items]

Fair value investments of portfolio assets excluding cash and cash equivalents percentage

^[1]

5.00%

3.00%

Auto Sector

Schedule Of Investment Income Reported Amounts By Category [Line Items]

Fair value investments of portfolio assets excluding cash and cash equivalents percentage

^[1]

4.00%

3.00%

Chemicals, Plastics and Rubber

Schedule Of Investment Income Reported Amounts By Category [Line Items]

Fair value investments of portfolio assets excluding cash and cash equivalents percentage

^[1]

5.00%

3.00%

Electronics

Schedule Of Investment Income Reported Amounts By Category [Line Items]

Fair value investments of portfolio assets excluding cash and cash equivalents percentage

^[1]

2.00%

3.00%

Environmental Services

Schedule Of Investment Income Reported Amounts By Category [Line Items]

Fair value investments of portfolio assets excluding cash and cash equivalents percentage

^[1]

4.00%

3.00%

Building Materials

Schedule Of Investment Income Reported Amounts By Category [Line Items]

Fair value investments of portfolio assets excluding cash and cash equivalents percentage

^[1]

1.00%

2.00%

Education

Schedule Of Investment Income Reported Amounts By Category [Line Items]

Fair value investments of portfolio assets excluding cash and cash equivalents percentage

^[1]

1.00%

2.00%

Transportation

Schedule Of Investment Income Reported Amounts By Category [Line Items]

Fair value investments of portfolio assets excluding cash and cash equivalents percentage

^[1]

1.00%

2.00%

Insurance

Schedule Of Investment Income Reported Amounts By Category [Line Items]

Fair value investments of portfolio assets excluding cash and cash equivalents percentage

^[1]

1.00%

Personal and Non-Durable Consumer Products

Schedule Of Investment Income Reported Amounts By Category [Line Items]

Fair value investments of portfolio assets excluding cash and cash equivalents percentage

^[1]

1.00%

Personal, Food and Miscellaneous Services

Schedule Of Investment Income Reported Amounts By Category [Line Items]

Fair value investments of portfolio assets excluding cash and cash equivalents percentage

^[1]

2.00%

1.00%

Retail

Schedule Of Investment Income Reported Amounts By Category [Line Items]

Fair value investments of portfolio assets excluding cash and cash equivalents percentage

^[1]

1.00%

Other

Schedule Of Investment Income Reported Amounts By Category [Line Items]

Fair value investments of portfolio assets excluding cash and cash equivalents percentage

^[1]

1.00%

14.00%

[1]	Excludes investments in PSLF.

Fair value of Financial Instruments

12 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

5. FAIR VALUE OF FINANCIAL INSTRUMENTS

Fair value, as defined under ASC 820, is the price that we would receive upon selling an investment or pay to transfer a liability in an orderly transaction to a market participant in the principal or most advantageous market for the investment or liability. ASC 820 emphasizes that valuation techniques maximize the use of observable market inputs and minimize the use of unobservable inputs. Inputs refer broadly to the assumptions that market participants would use in pricing an asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing an asset or liability based on market data obtained from sources independent of us. Unobservable inputs reflect the assumptions market participants would use in pricing an asset or liability based on the best information available to us on the reporting period date.

ASC 820 classifies the inputs used to measure these fair values into the following hierarchies:

Level 1: Inputs that are quoted prices (unadjusted) in active markets for identical assets or liabilities, accessible by us at the measurement date.

Level 2: Inputs that are quoted prices for similar assets or liabilities in active markets, or that are quoted prices for identical or similar assets or liabilities in markets that are not active and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term, if applicable, of the financial instrument.

Level 3: Inputs that are unobservable for an asset or liability because they are based on our own assumptions about how market participants would price the asset or liability.

A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Generally, most of our investments, our Truist Credit Facility and our SBA debentures are classified as Level 3. Our 2026 Notes and 2026 Notes-2 are classified as Level 2, as they are financial instruments with readily observable market inputs. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the price used in an actual transaction may be different than our valuation and those differences may be material.

The inputs into the determination of fair value may require significant management judgment or estimation. Even if observable market data is available, such information may be the result of consensus pricing information, disorderly transactions or broker quotes which include a disclaimer that the broker would not be held to such a price in an actual transaction. The non-binding nature of consensus pricing and/or quotes accompanied by disclaimer would result in classification as Level 3 information, assuming no additional corroborating evidence were available. Corroborating evidence that would result in classifying these non-binding broker/dealer bids as a Level 2 asset includes observable orderly market-based transactions for the same or similar assets or other relevant observable market-based inputs that may be used in pricing an asset.

Our investments are generally structured as debt and equity investments in the form of first lien secured debt, second lien secured debt, subordinated debt and equity investments. The transaction price, excluding transaction costs, is typically the best estimate of fair value at inception. Ongoing reviews by our Investment Adviser and independent valuation firms are based on an assessment of each underlying investment, incorporating valuations that consider the evaluation of financing and sale transactions with third parties, expected cash flows and market-based information including comparable transactions, performance multiples and yields, among other factors. These non-public investments valued using unobservable inputs are included in Level 3 of the fair value hierarchy.

A review of fair value hierarchy classifications is conducted on a quarterly basis. Changes in our ability to observe valuation inputs may result in a reclassification for certain financial assets or liabilities.

In addition to using the above inputs to value cash equivalents, investments, our SBA debentures, our 2026 Notes, our 2026-2 Notes and our Truist Credit Facility, we employ the valuation policy approved by our board of directors that is consistent with ASC 820. Consistent with our valuation policy, we evaluate the source of inputs, including any markets in which our investments are trading, in determining fair value. See Note 2.

As outlined in the table below, some of our Level 3 investments using a market approach valuation technique are valued using the average of the bids from brokers or dealers. The bids include a disclaimer, may not have corroborating evidence, may be the result of a disorderly transaction and may be the result of consensus pricing. The Investment Adviser assesses the source and reliability of bids from brokers or dealers. If the board of directors has a bona fide reason to believe any such bids do not reflect the fair value of an investment, it may independently value such investment by using the valuation procedure that it uses with respect to assets for which market quotations are not readily available. In accordance with ASC 820, we do not categorize any investments for which fair value is measured using the net asset value per share within the fair value hierarchy.

The remainder of our investment portfolio and our long-term Truist Credit Facility are valued using a market comparable or an enterprise market value technique. With respect to investments for which there is no readily available market value, the factors that our board of directors may take into account in pricing our investments at fair value include, as relevant, the nature and realizable value of any collateral, the portfolio company’s ability to make payments, its earnings and discounted cash flow, the markets in which the portfolio company does business, comparison to publicly traded securities and other relevant factors. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, the pricing indicated by the external event, excluding transaction costs, is used to corroborate the valuation. When using earnings multiples to value a portfolio company, the multiple used requires the use of judgment and estimates in determining how a market participant would price such an asset. These non-public investments using unobservable inputs are included in Level 3 of the fair value hierarchy. Generally, the sensitivity of unobservable inputs or combination of inputs such as industry comparable companies, market outlook, consistency, discount rates and reliability of earnings and prospects for growth, or lack thereof, affects the multiple used in pricing an investment. As a result, any change in any one of those factors may have a significant impact on the valuation of an investment. Generally, an increase in a market yield will result in a decrease in the valuation of a debt investment, while a decrease in a market yield will have the opposite effect. Generally, an increase in an earnings before interest, taxes, depreciation and amortization, or EBITDA, multiple will result in an increase in the valuation of an investment, while a decrease in an EBITDA multiple will have the opposite effect.

Our Level 3 valuation techniques, unobservable inputs and ranges were categorized as follows for ASC 820 purposes ($ in thousands):


Asset Category ($ in thousands)	Fair value at September 30, 2023		Valuation Technique	Unobservable Input	Range of Input (Weighted Average) (1)
First lien	$	15,090	Market Comparable	Broker/Dealer bids or quotes	N/A
First lien		512,567	Market Comparable	Market yield	7.0% - 25.0% (11.4%)
Second lien		9,512	Market Comparable	Broker/Dealer bids or quotes	N/A
Second lien		70,884	Market Comparable	Market yield	14.2% - 20.8% (15.9%)
Subordinated debt / corporate notes		156,222	Market Comparable	Market yield	13.4% - 18.8% (14.3%)
Equity		161,895	Enterprise Market Value	EBITDA multiple	0.5x - 17.7x (10.9x)
Equity		1,158	Enterprise Market Value	DLOM (2)	27.9x
Total Level 3 investments	$	927,328
Debt Category ($ in thousands)
Truist Credit Facility	$	206,940	Market Comparable	Market yield	2.4%

(1)

The weighted averages disclosed in the table above were weighted by their relative fair value.

(2)

DLOM is defined as discount for lack of marketability


Asset Category ($ in thousands)	Fair value at September 30, 2022		Valuation Technique	Unobservable Input	Range of Input (Weighted Average) (1)
First lien	$	44,530	Market Comparable	Broker/Dealer bids or quotes	N/A
First lien		569,488	Market Comparable	Market yield	7.0% – 20.2% (10.8%)
First lien		16,946	Market Comparable	EBITDA multiple	14.0x
Second lien		21,600	Market Comparable	Broker/Dealer bids or quotes	N/A
Second lien		108,336	Market Comparable	Market yield	13.3% – 17.0% (14.4%)
Second lien		—	Enterprise Market Value	EBITDA multiple	6.0x
Subordinated debt / corporate notes		141,265	Market Comparable	Market yield	10.8x – 17.2x (12.3x)
Equity		215,131	Enterprise Market Value	EBITDA multiple	3.3x – 21.4x (9.1x)
Equity		42,031	Enterprise Market Value	DLOM(2)	11.8%
Total Level 3 investments	$	1,159,327
Debt Category ($ in thousands)
Truist Credit Facility	$	376,687	Market Comparable	Market yield	2.4%

(1)

The weighted averages disclosed in the table above were weighted by their relative fair value.

(2)

DLOM is defined as discount for lack of marketability

Our investments, cash and cash equivalents, Credit Facility, SBA debentures, 2026 Notes and 2026 Notes-2 were categorized as follows in the fair value hierarchy ($ in thousands):


	Fair value at September 30, 2023
Description ($ in thousands)	Fair Value		Level 1		Level 2		Level 3		Measured at Net Asset Value (1)
Debt investments	$	764,275	$	—	$	—	$	764,275	$	—
U.S. Government Securities(3)		99,751		—		99,751		—		—
Equity investments		237,621		—		—		163,053		74,568
Total investments		1,101,647		—		99,751		927,328		74,568
Cash and cash equivalents		38,775		38,775		—		—		—
Total investments and cash and cash equivalents	$	1,140,422	$	38,775	$	99,751	$	927,328	$	74,568
Truist Credit Facility	$	206,940	$	—	$	—	$	206,940	$	—
2026 Notes(2)		147,669		—		147,669		—		—
2026 Notes-2(2)		162,226		—		162,226		—		—
Total debt	$	516,835	$	—	$	309,895	$	206,940	$	—

(1)

In accordance with ASC Subtopic 820-10, Fair Value Measurements and Disclosures, or ASC 820-10, our equity investment in PSLF and PTSF II is measured using the net asset value per share (or its equivalent) as a practical expedient for fair value in accordance with the specialized accounting guidance for investment companies, and thus has not been classified in the fair value hierarchy.

(2)

We elected not to apply ASC 825-10 to the 2026 Notes, and the 2026 Notes-2 and thus the balance reported in the Consolidated Statement of Assets and Liabilities represents the carrying value.

(3)

Our U.S. Treasury Bills are classified as Level 2, as they were valued by the pricing service who utilize broker-supplied prices.


	Fair Value at September 30, 2022
Description ($ in thousands)	Fair Value		Level 1		Level 2		Level 3		Measured at Net Asset Value (1)
Debt investments	$	902,165	$	—	$	—	$	902,165	$	—
Equity investments		324,136		304		—		257,162		66,670
Total investments		1,226,301		304		—		1,159,327		66,670
Cash and cash equivalents		54,775		54,775		—		—		—
Total investments and cash and cash equivalents	$	1,281,076	$	55,079	$	—	$	1,159,327	$	66,670
Truist Credit Facility	$	376,687	$	—	$	—	$	376,687		—
SBA Debentures (2)		19,686		—		—		19,686		—
2026 Notes (2)		146,767		—		146,767		—		—
2026-2 Notes (2)		161,373		—		161,373		—		—
Total debt	$	704,513	$	—	$	308,140	$	396,373	$	—

(1)

(2)

We elected not to apply ASC 825-10 to the SBA debentures , the 2026 Notes, and the 2026 Notes-2 and thus the balance reported in the Consolidated Statement of Assets and Liabilities represents the carrying value. As of September 30, 2022, the carrying value of the SBA debentures approximates the fair value.

The tables below show a reconciliation of the beginning and ending balances for investments measured at fair value using significant unobservable inputs (Level 3) ($ in thousands):


	Year Ended September 30, 2023
Description ($ in thousands)	Debt investments			Equity investments			Totals
Beginning Balance	$	902,165		$	257,162		$	1,159,327
Net realized gain (loss)		(17,070	)		(128,078	)		(145,148	)
Net change in unrealized appreciation (depreciation)		8,446			46,893			55,339
Purchases, PIK interest, net discount accretion and non-cash exchanges		253,353			24,045			277,398
Sales, repayments and non-cash exchanges		(382,619	)		(36,969	)		(419,588	)
Transfers in/out of Level 3		—			—			—
Ending Balance	$	764,275		$	163,053		$	927,328
Net change in unrealized appreciation reported within the net change in unrealized appreciation on investments in our Consolidated Statements of Operations attributable to our Level 3 assets still held at the reporting date	$	(488	)	$	(37,015	)	$	(37,503	)


	Year Ended September 30, 2022
Description ($ in thousands)	Debt investments			Equity investments			Totals
Beginning Balance	$	850,593		$	360,427		$	1,211,020
Net realized gain (loss)		(10,262	)		54,065			43,803
Net change in unrealized appreciation (depreciation)		(38,617	)		(65,743	)		(104,360	)
Purchases, PIK interest, net discount accretion and non-cash exchanges		870,284			86,821			957,105
Sales, repayments and non-cash exchanges		(769,833	)		(178,408	)		(948,241	)
Transfers in/out of Level 3		—			—			—
Ending Balance	$	902,165		$	257,162		$	1,159,327
Net change in unrealized appreciation reported within the net change in unrealized appreciation on investments in our Consolidated Statements of Operations attributable to our Level 3 assets still held at the reporting date	$	(33,393	)	$	(66,254	)	$	(99,647	)

The table below shows a reconciliation of the beginning and ending balances for liabilities measured at fair value using significant unobservable inputs (Level 3) ($ in thousands):


	Year Ended September 30,
Long-Term Credit Facility	2023			2022
Beginning Balance (cost – $385,920 and $316,545, respectively)	$	376,687		$	314,813
Net change in unrealized (depreciation) appreciation included in earnings		3,753			(7,501	)
Borrowings (1)		152,500			860,841
Repayments (1)		(326,000	)		(791,466	)
Transfers in and/or out of Level 3		—			—
Ending Balance (cost – $212,420 and $385,920 respectively)	$	206,940		$	376,687
Temporary draws outstanding, at cost		—			—
Ending Balance (cost – $212,420 and 385,920 respectively)	$	206,940		$	376,687

(1)

Excludes temporary draws.

As of September 30, 2023, we had outstanding non-U.S. dollar borrowings on our Truist Credit Facility. Net change in fair value on foreign currency translation on outstanding borrowings is listed below (£ and $ in thousands):


Foreign Currency	Amount Borrowed		Borrowing Cost		Current Value		Reset Date	Change in Fair Value
British Pound	£	36,000	$	49,420	$	43,940	December 28, 2023	$	(5,480	)

As of September 30, 2022, we had outstanding non-U.S. dollar borrowings on our Truist Credit Facility. Net change in fair value on foreign currency translation on outstanding borrowings is listed below (£ and $ in thousands):


Foreign Currency	Amount Borrowed		Borrowing Cost		Current Value		Reset Date	Change in Fair Value
British Pound	£	36,000	$	49,420	$	40,187	December 31, 2022	$	(9,233	)

Generally, the carrying value of our consolidated financial liabilities approximates fair value. We have adopted the principles under ASC Subtopic 825-10, Financial Instruments, or ASC 825-10, which provides companies with an option to report selected financial assets and liabilities at fair value, and made an irrevocable election to apply ASC 825-10 to our Truist Credit Facility. We elected to use the fair value option for the Truist Credit Facility to align the measurement attributes of both our assets and liabilities while mitigating volatility in earnings from using different measurement attributes. Due to that election and in accordance with GAAP, we incurred expenses of zero, $5.1 million and zero relating to amendment costs on the Truist Credit Facility during the years ended September 30, 2023, 2022, and 2021, respectively. ASC 825-10 establishes presentation and disclosure requirements designed to facilitate comparisons between companies that choose different measurement attributes for similar types of assets and liabilities and to more easily understand the effect on earnings of a company’s choice to use fair value. ASC 825-10 also requires entities to display the fair value of the selected assets and liabilities on the face of the Consolidated Statements of Assets and Liabilities and changes in fair value of the Truist Credit Facility are reported in our Consolidated Statements of Operations. We did not elect to apply ASC 825-10 to any other financial assets or liabilities, including the 2024 Notes, the 2026 Notes, the 2026 Notes-2 and the SBA debentures.

For the year ended September 30, 2023, 2022, and 2021 the Credit Facility had a net change in unrealized (appreciation) depreciation of $(3.8) million, $7.5 million and $(17.8) million, respectively. As of September 30, 2023, 2022, and 2021, the net unrealized (appreciation) depreciation on Truist Credit Facility totaled $5.5 million, $9.2 million, and $1.7 million, respectively. We use an independent valuation service to measure the fair value of our Truist Credit Facility in a manner consistent with the valuation process that our board of directors uses to value our investments.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Fair Value of Financial Instruments - Net Change in Fair Value on Foreign Currency Translation on Outstanding Borrowings (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Net Change In Fair Value On Foreign Currency Translation On Outstanding Borrowings [Line Items]
Amount Borrowed	$ 206,940	$ 376,687
Borrowing Cost	212,420	385,920
Truist Credit Facility
Net Change In Fair Value On Foreign Currency Translation On Outstanding Borrowings [Line Items]
Amount Borrowed	36,000	36,000
Borrowing Cost	49,420	49,420
Current Value	$ 43,940	$ 40,187
Reset Date	Dec. 28, 2023	Dec. 31, 2022
Change in Fair Value	$ 5,480	$ 9,233

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Investments - Consolidated Statements of Assets and Liabilities for PSLF (Parenthetical) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022
Cost	$ 1,117,927	$ 1,302,029
Cash and cash equivalents, cost	38,784	54,953
PSLF
Cost	810,737	738,219
Unfunded commitments to fund investments	500	500
Cash and cash equivalents, cost	59,096	$ 40,945
2035 Asset-backed debt, net par	246,000
2034 Asset-backed debt, net par	$ 246,000

- Definition

Cost of the investment.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 55
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480493/946-210-55-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-12

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(d))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column C)(Footnote 8)(a)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column C)(Footnote 11)(a)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column F)(Footnote 5)(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 19
-Subparagraph (3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-19

+ Details

Fair value of Financial Instruments (Tables)

12 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Summary of Unobservable Inputs and Ranges

Our Level 3 valuation techniques, unobservable inputs and ranges were categorized as follows for ASC 820 purposes ($ in thousands):


Asset Category ($ in thousands)	Fair value at September 30, 2023		Valuation Technique	Unobservable Input	Range of Input (Weighted Average) (1)
First lien	$	15,090	Market Comparable	Broker/Dealer bids or quotes	N/A
First lien		512,567	Market Comparable	Market yield	7.0% - 25.0% (11.4%)
Second lien		9,512	Market Comparable	Broker/Dealer bids or quotes	N/A
Second lien		70,884	Market Comparable	Market yield	14.2% - 20.8% (15.9%)
Subordinated debt / corporate notes		156,222	Market Comparable	Market yield	13.4% - 18.8% (14.3%)
Equity		161,895	Enterprise Market Value	EBITDA multiple	0.5x - 17.7x (10.9x)
Equity		1,158	Enterprise Market Value	DLOM (2)	27.9x
Total Level 3 investments	$	927,328
Debt Category ($ in thousands)
Truist Credit Facility	$	206,940	Market Comparable	Market yield	2.4%

(1)

The weighted averages disclosed in the table above were weighted by their relative fair value.

(2)

DLOM is defined as discount for lack of marketability


Asset Category ($ in thousands)	Fair value at September 30, 2022		Valuation Technique	Unobservable Input	Range of Input (Weighted Average) (1)
First lien	$	44,530	Market Comparable	Broker/Dealer bids or quotes	N/A
First lien		569,488	Market Comparable	Market yield	7.0% – 20.2% (10.8%)
First lien		16,946	Market Comparable	EBITDA multiple	14.0x
Second lien		21,600	Market Comparable	Broker/Dealer bids or quotes	N/A
Second lien		108,336	Market Comparable	Market yield	13.3% – 17.0% (14.4%)
Second lien		—	Enterprise Market Value	EBITDA multiple	6.0x
Subordinated debt / corporate notes		141,265	Market Comparable	Market yield	10.8x – 17.2x (12.3x)
Equity		215,131	Enterprise Market Value	EBITDA multiple	3.3x – 21.4x (9.1x)
Equity		42,031	Enterprise Market Value	DLOM(2)	11.8%
Total Level 3 investments	$	1,159,327
Debt Category ($ in thousands)
Truist Credit Facility	$	376,687	Market Comparable	Market yield	2.4%

(1)

The weighted averages disclosed in the table above were weighted by their relative fair value.

(2)

DLOM is defined as discount for lack of marketability

Summary of Investments, Cash and Cash Equivalents, Credit Facility, SBA Debentures and Notes

Our investments, cash and cash equivalents, Credit Facility, SBA debentures, 2026 Notes and 2026 Notes-2 were categorized as follows in the fair value hierarchy ($ in thousands):


	Fair value at September 30, 2023
Description ($ in thousands)	Fair Value		Level 1		Level 2		Level 3		Measured at Net Asset Value (1)
Debt investments	$	764,275	$	—	$	—	$	764,275	$	—
U.S. Government Securities(3)		99,751		—		99,751		—		—
Equity investments		237,621		—		—		163,053		74,568
Total investments		1,101,647		—		99,751		927,328		74,568
Cash and cash equivalents		38,775		38,775		—		—		—
Total investments and cash and cash equivalents	$	1,140,422	$	38,775	$	99,751	$	927,328	$	74,568
Truist Credit Facility	$	206,940	$	—	$	—	$	206,940	$	—
2026 Notes(2)		147,669		—		147,669		—		—
2026 Notes-2(2)		162,226		—		162,226		—		—
Total debt	$	516,835	$	—	$	309,895	$	206,940	$	—

(1)

(2)

We elected not to apply ASC 825-10 to the 2026 Notes, and the 2026 Notes-2 and thus the balance reported in the Consolidated Statement of Assets and Liabilities represents the carrying value.

(3)

Our U.S. Treasury Bills are classified as Level 2, as they were valued by the pricing service who utilize broker-supplied prices.


	Fair Value at September 30, 2022
Description ($ in thousands)	Fair Value		Level 1		Level 2		Level 3		Measured at Net Asset Value (1)
Debt investments	$	902,165	$	—	$	—	$	902,165	$	—
Equity investments		324,136		304		—		257,162		66,670
Total investments		1,226,301		304		—		1,159,327		66,670
Cash and cash equivalents		54,775		54,775		—		—		—
Total investments and cash and cash equivalents	$	1,281,076	$	55,079	$	—	$	1,159,327	$	66,670
Truist Credit Facility	$	376,687	$	—	$	—	$	376,687		—
SBA Debentures (2)		19,686		—		—		19,686		—
2026 Notes (2)		146,767		—		146,767		—		—
2026-2 Notes (2)		161,373		—		161,373		—		—
Total debt	$	704,513	$	—	$	308,140	$	396,373	$	—

(1)

(2)

Reconciliation of Investments Measured at Fair Value Using Significant Unobservable Inputs Level 3

The tables below show a reconciliation of the beginning and ending balances for investments measured at fair value using significant unobservable inputs (Level 3) ($ in thousands):


	Year Ended September 30, 2023
Description ($ in thousands)	Debt investments			Equity investments			Totals
Beginning Balance	$	902,165		$	257,162		$	1,159,327
Net realized gain (loss)		(17,070	)		(128,078	)		(145,148	)
Net change in unrealized appreciation (depreciation)		8,446			46,893			55,339
Purchases, PIK interest, net discount accretion and non-cash exchanges		253,353			24,045			277,398
Sales, repayments and non-cash exchanges		(382,619	)		(36,969	)		(419,588	)
Transfers in/out of Level 3		—			—			—
Ending Balance	$	764,275		$	163,053		$	927,328
Net change in unrealized appreciation reported within the net change in unrealized appreciation on investments in our Consolidated Statements of Operations attributable to our Level 3 assets still held at the reporting date	$	(488	)	$	(37,015	)	$	(37,503	)


	Year Ended September 30, 2022
Description ($ in thousands)	Debt investments			Equity investments			Totals
Beginning Balance	$	850,593		$	360,427		$	1,211,020
Net realized gain (loss)		(10,262	)		54,065			43,803
Net change in unrealized appreciation (depreciation)		(38,617	)		(65,743	)		(104,360	)
Purchases, PIK interest, net discount accretion and non-cash exchanges		870,284			86,821			957,105
Sales, repayments and non-cash exchanges		(769,833	)		(178,408	)		(948,241	)
Transfers in/out of Level 3		—			—			—
Ending Balance	$	902,165		$	257,162		$	1,159,327
Net change in unrealized appreciation reported within the net change in unrealized appreciation on investments in our Consolidated Statements of Operations attributable to our Level 3 assets still held at the reporting date	$	(33,393	)	$	(66,254	)	$	(99,647	)

Reconciliation of Liabilities Measured at Fair Value Using Significant Unobservable Inputs Level 3

The table below shows a reconciliation of the beginning and ending balances for liabilities measured at fair value using significant unobservable inputs (Level 3) ($ in thousands):


	Year Ended September 30,
Long-Term Credit Facility	2023			2022
Beginning Balance (cost – $385,920 and $316,545, respectively)	$	376,687		$	314,813
Net change in unrealized (depreciation) appreciation included in earnings		3,753			(7,501	)
Borrowings (1)		152,500			860,841
Repayments (1)		(326,000	)		(791,466	)
Transfers in and/or out of Level 3		—			—
Ending Balance (cost – $212,420 and $385,920 respectively)	$	206,940		$	376,687
Temporary draws outstanding, at cost		—			—
Ending Balance (cost – $212,420 and 385,920 respectively)	$	206,940		$	376,687

(1)

Excludes temporary draws.

Net Change in Fair Value on Foreign Currency Translation on Outstanding Borrowings


Foreign Currency	Amount Borrowed		Borrowing Cost		Current Value		Reset Date	Change in Fair Value
British Pound	£	36,000	$	49,420	$	43,940	December 28, 2023	$	(5,480	)


Foreign Currency	Amount Borrowed		Borrowing Cost		Current Value		Reset Date	Change in Fair Value
British Pound	£	36,000	$	49,420	$	40,187	December 31, 2022	$	(9,233	)

Consolidated Statements of Changes in Net Assets - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Statement of Stockholders' Equity [Abstract]
Net investment income	$ 65,533	$ 43,943	$ 36,476
Net realized gain (loss) on investments and debt	(151,805)	40,939	30,021
Net change in unrealized appreciation (depreciation) on investments	59,594	(110,044)	117,938
Net change in provision for taxes on realized gain (loss) on investments	(4,952)	(6,183)	0
Net change in provision for taxes on change in unrealized appreciation (depreciation) on investments	1,576	(896)	0
Net change in unrealized (appreciation) depreciation on debt	(3,753)	7,501	(17,818)
Net increase (decrease) in net assets resulting from operations	(33,807)	(24,740)	166,617
Distributions to stockholders:
Distribution to stockholders	(49,571)	(36,590)	(32,182)
Total distributions to stockholders	(49,571)	(36,590)	(32,182)
Capital transactions:
Repurchase of common stock(See Note 14)	0	(13,249)	0
Net increase (decrease) in net assets	(83,378)	(74,579)	134,435
Net assets:
Beginning of year	585,565	660,144	525,709
End of year	$ 502,187	$ 585,565	$ 660,144
Capital share activity:
Shares of common stock repurchased	0	1,820,605	0

Fair Value of Financial Instruments - Summary of Investments, Cash and Cash Equivalents, Credit Facility, SBA Debentures and Notes (Details) - USD ($)
$ in Thousands

Sep. 30, 2023

Sep. 30, 2022

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Total investments

$ 1,101,647

$ 1,226,301

Cash and cash equivalents

38,775

54,775

Total investments and cash and cash equivalents

1,140,422

1,281,076

Credit Facility, Fair Value

206,940

376,687

Total debt

516,835

704,513

SBA Debentures

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Total debt

^[1]

19,686

2026 Notes

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Total debt

^[1]

147,669

^[2]

146,767

2026 Notes-2

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Total debt

^[1]

162,226

^[2]

161,373

Debt Investments

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Total investments

764,275

902,165

U.S. Government Securities

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Total investments

^[3]

99,751

Equity Investments

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Total investments

237,621

324,136

Level 1

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Total investments

304

Cash and cash equivalents

38,775

54,775

Total investments and cash and cash equivalents

38,775

55,079

Credit Facility, Fair Value

Total debt

Level 1 | 2026 Notes

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Total debt

^[2]

Level 1 | 2026 Notes-2

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Total debt

^[2]

Level 1 | Debt Investments

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Total investments

Level 1 | U.S. Government Securities

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Total investments

^[3]

Level 1 | Equity Investments

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Total investments

304

Level 2

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Total investments

99,751

Cash and cash equivalents

Total investments and cash and cash equivalents

99,751

Credit Facility, Fair Value

Total debt

309,895

308,140

Level 2 | 2026 Notes

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Total debt

147,669

^[2]

146,767

^[1]

Level 2 | 2026 Notes-2

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Total debt

162,226

^[2]

161,373

^[1]

Level 2 | Debt Investments

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Total investments

Level 2 | U.S. Government Securities

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Total investments

^[3]

99,751

Level 2 | Equity Investments

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Total investments

Level 3

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Total investments

927,328

1,159,327

Total investments and cash and cash equivalents

927,328

1,159,327

Credit Facility, Fair Value

206,940

376,687

Total debt

206,940

396,373

Level 3 | SBA Debentures

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Total debt

19,686

Level 3 | Debt Investments

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Total investments

764,275

902,165

Level 3 | U.S. Government Securities

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Total investments

^[3]

Level 3 | Equity Investments

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Total investments

163,053

257,162

Measured at Net Asset Value

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Total investments

74,568

^[4]

66,670

^[5]

Cash and cash equivalents

^[4]

Total investments and cash and cash equivalents

74,568

^[4]

66,670

^[5]

Credit Facility, Fair Value

^[4]

Total debt

^[4]

Measured at Net Asset Value | 2026 Notes

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Total debt

^[2],[4]

Measured at Net Asset Value | 2026 Notes-2

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Total debt

^[2],[4]

Measured at Net Asset Value | Debt Investments

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Total investments

^[4]

Measured at Net Asset Value | U.S. Government Securities

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Total investments

^[3],[4]

Measured at Net Asset Value | Equity Investments

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Total investments

$ 74,568

^[4]

$ 66,670

^[5]

[1]	We elected not to apply ASC 825-10 to the SBA debentures , the 2026 Notes, and the 2026 Notes-2 and thus the balance reported in the Consolidated Statement of Assets and Liabilities represents the carrying value. As of September 30, 2022, the carrying value of the SBA debentures approximates the fair value.
[2]	We elected not to apply ASC 825-10 to the 2026 Notes, and the 2026 Notes-2 and thus the balance reported in the Consolidated Statement of Assets and Liabilities represents the carrying value.
[3]	Our U.S. Treasury Bills are classified as Level 2, as they were valued by the pricing service who utilize broker-supplied prices.
[4]	In accordance with ASC Subtopic 820-10, Fair Value Measurements and Disclosures, or ASC 820-10, our equity investment in PSLF and PTSF II is measured using the net asset value per share (or its equivalent) as a practical expedient for fair value in accordance with the specialized accounting guidance for investment companies, and thus has not been classified in the fair value hierarchy.
[5]	In accordance with ASC Subtopic 820-10, Fair Value Measurements and Disclosures, or ASC 820-10, our equity investment in PSLF and PTSF II is measured using the net asset value per share (or its equivalent) as a practical expedient for fair value in accordance with the specialized accounting guidance for investment companies, and thus has not been classified in the fair value hierarchy.

Consolidated Statements of Assets and Liabilities - USD ($)
$ in Thousands

Sep. 30, 2023

Sep. 30, 2022

Investments at fair value

Investments at fair value

$ 1,101,647

$ 1,226,301

Cash and cash equivalents (cost- $38,784 and $54,953, respectively)

38,775

54,775

Interest receivable

6,820

3,593

Receivable for investments sold

29,494

Distribution receivable

5,079

2,420

Prepaid expenses and other assets

4,656

4,036

Total assets

1,156,977

1,320,619

Liabilities

Due to affiliate

4,099

2,109

Payable for investment purchased

99,949

Distributions payable

13,697

9,784

Truist Credit Facility payable, at fair value (cost-$212,420 and $385,920, respectively) (See Notes 5 and 11)

206,940

376,687

SBA debentures payable, net (par zero and $20,000, respectively) (See Notes 5 and 11)

19,686

Base management fee payable (See Note 3)

3,915

4,849

Incentive fee payable (See Note 3)

3,310

Interest payable on debt

6,231

6,264

Accounts payable and accrued expenses

6,754

6,639

Deferred tax liability

896

Total liabilities

654,790

735,054

Commitments and contingencies (See Note 12)

Net assets

Common stock, 65,224,500 shares issued and outstanding Par value $0.001 per share and 100,000,000 shares authorized

Paid-in capital in excess of par value

746,466

748,169

Accumulated deficit

(244,344)

(162,669)

Total net assets

502,187

585,565

Total liabilities and net assets

$ 1,156,977

$ 1,320,619

Net asset value per share

^[1]

$ 7.7

$ 8.98

2026 Notes Payable

Liabilities

Notes payable, net

$ 147,669

$ 146,767

2026-2 Notes Payable

Liabilities

Notes payable, net

162,226

161,373

Non-controlled, Non-affiliated Investments

Investments at fair value

Investments at fair value

830,808

932,155

Non-controlled, Affiliated Investments

Investments at fair value

Investments at fair value

54,771

34,760

Controlled, Affiliated Investments

Investments at fair value

Investments at fair value

$ 216,068

$ 259,386

[1]	NAV per share is determined as of the last day in the relevant quarter and therefore may not reflect the NAV per share on the date of the high and low sales prices. The NAVs shown are based on outstanding shares at the end of each period.

Unconsolidated Significant Subsidiaries (Tables)

12 Months Ended

Sep. 30, 2023

PT Networks, LLC and RAM Energy Holdings LLC

Schedule of Equity Method Investments [Line Items]

Summary of Selected Key Financial Data of Unconsolidated Significant Subsidiaries

Below is certain selected key financial data from RAM Energy Holdings LLC Balance Sheet at September 30, 2023 and 2022, and the twelve months ended December 31, 2022, 2021 and 2020 Income Statement for the periods in which our investment in RAM Energy Holdings LLC exceeded the threshold in at least one of the tests under Rule 3-09 of Regulation S-X (amounts in thousands).

RAM Energy Holdings LLC:


Balance Sheet	September 30, 2023		September 30, 2022
Current assets	$	—	$	21,051
Noncurrent assets		—		71,411
Current liabilities		—		24,721
Noncurrent liabilities	$	—	$	40,921


	Years Ended September 30,
Income Statement	2023		2022			2021
Total revenue	$	—	$	52,051		$	57,931
Total expenses		—		(47,589	)		(39,511	)
Net loss	$	—	$	4,462		$	18,420

Fair Value of Financial Instruments - Additional Information (Details) - Truist Credit Facility - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Line of credit facility amendment costs	$ 0	$ 5,100	$ 0
Net change in unrealized depreciation on debt	3,800	7,500	17,800
Net unrealized depreciation on debt	$ 5,500	$ 9,200	$ 1,700

Taxes and Distributions - Summary of Amounts Reclassified for Tax Purposes (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Decrease in paid-in capital	$ (1,703)	$ (25,577)	$ (632)
Increase (Decrease) in accumulated net realized gain	(1,494)	18,347	(1,773)
Increase in undistributed net investment income	$ 3,197	$ 7,230	$ 2,406

Debt - Additional Information (Details)				1 Months Ended		9 Months Ended	12 Months Ended
Debt - Additional Information (Details)	Nov. 13, 2021 USD ($)	Feb. 06, 2019	Feb. 05, 2019	Oct. 31, 2021 USD ($)	Apr. 30, 2021 USD ($)	Jun. 30, 2023 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Jul. 31, 2022 USD ($)	Sep. 30, 2021
Debt Instrument [Line Items]
Asset coverage ratio requirement							150.00%
Truist Credit Facility payable, at fair value (cost-$212,420 and $385,920, respectively) (See Notes 5 and 11)							$ 206,940,000	$ 376,687,000
Senior Securities
Debt Instrument [Line Items]
Asset coverage ratio requirement		150.00%	200.00%				195.00%	186.00%
Truist Credit Facility
Debt Instrument [Line Items]
Annualized weighted average cost of debt							7.70%	5.30%
Truist Credit Facility payable, at fair value (cost-$212,420 and $385,920, respectively) (See Notes 5 and 11)							$ 500,000,000		$ 475,000,000
Outstanding borrowings							$ 212,400,000	$ 385,900,000
Maturity date							Sep. 04, 2023
Credit facility, remaining amount							$ 25,000,000
Unused borrowing capacity							$ 262,600,000	114,100,000
Truist Credit Facility \| SOFR
Debt Instrument [Line Items]
Basis points							235
Truist Credit Facility \| Maximum
Debt Instrument [Line Items]
Truist credit facility							$ 750,000,000
Revolver
Debt Instrument [Line Items]
Truist Credit Facility payable, at fair value (cost-$212,420 and $385,920, respectively) (See Notes 5 and 11)							$ 475,000,000
Maturity date							Jul. 29, 2027
2024 Notes
Debt Instrument [Line Items]
Aggregate principal amount of notes issued							$ 0	$ 0
Redemption price per note	25
Debt instrument, periodic payment							quarterly
Debt instrument, interest rate							5.50%
2026 Notes
Debt Instrument [Line Items]
Annualized weighted average cost of debt							6.00%	4.80%		3.50%
Aggregate principal amount of notes issued					$ 150,000,000
Debt instrument, interest rate					4.50%
Percentage of public offering price per notes issued					99.40%
Debt instrument, periodic payment					semi-annually
Debt instrument, maturity date					May 01, 2026
2026 Notes-2
Debt Instrument [Line Items]
Aggregate principal amount of notes issued				$ 165,000,000
Debt instrument, interest rate				4.00%
Percentage of public offering price per notes issued				99.40%
Debt instrument, periodic payment							semi-annually
Debt instrument, maturity date							Nov. 01, 2026
SBA Debentures
Debt Instrument [Line Items]
Debentures outstanding							$ 0	$ 20,000,000
Market driven spread period							10 years
Debentures repaid							$ 0	20,000,000
Repayments for loans						$ 20,000,000
Unamortized fees							$ 0	$ 300,000
Upfront fees Percentage							3.40%
Commitment fee Percentage							1.00%
Percentage of issuance discount amortized							2.40%
SBA Debentures \| SBIC
Debt Instrument [Line Items]
Maximum Borrowing Capacity							$ 175,000,000
SBA Debentures \| Group of SBICs
Debt Instrument [Line Items]
Maximum Borrowing Capacity							350,000,000
SBA Debentures \| SBIC II
Debt Instrument [Line Items]
Equity capital							$ 75,000,000
SBA Debentures \| Minimum
Debt Instrument [Line Items]
Percentage of required regulatory capital in eligible smaller businesses.							25.00%

Fair Value of Financial Instruments - Summary of Unobservable Inputs and Ranges (Details) - Level 3
$ in Thousands

Sep. 30, 2023

USD ($)

Sep. 30, 2022

USD ($)

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]

Fair value

$ 927,328

$ 1,159,327

Truist Credit Facility | Market Comparable | Market Yield

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]

Fair value

$ 206,940

$ 376,687

Range of Input

^[1]

0.024

Equity | Enterprise Market Value | EBITDA Multiple

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]

Fair value

$ 161,895

$ 215,131

Range of Input

^[1]

0.109

0.091

Equity | Enterprise Market Value | Discount for Lack of Marketability

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]

Fair value

$ 1,158

$ 42,031

Range of Input

^[1],[2]

0.279

0.118

Minimum | Equity | Enterprise Market Value | EBITDA Multiple

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]

Range of Input

^[1]

0.005

0.033

Maximum | Equity | Enterprise Market Value | EBITDA Multiple

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]

Range of Input

^[1]

0.177

0.214

First Lien | Market Comparable | Broker/Dealer Bids or Quotes

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]

Fair value

$ 15,090

$ 44,530

First Lien | Market Comparable | Market Yield

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]

Fair value

$ 512,567

$ 569,488

Range of Input

^[1]

0.114

0.108

First Lien | Market Comparable | EBITDA Multiple

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]

Fair value

$ 16,946

Range of Input

^[1]

0.14

First Lien | Minimum | Market Comparable | Market Yield

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]

Range of Input

^[1]

0.07

First Lien | Maximum | Market Comparable | Market Yield

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]

Range of Input

^[1]

0.25

0.202

Second Lien | Market Comparable | Broker/Dealer Bids or Quotes

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]

Fair value

$ 9,512

$ 21,600

Second Lien | Market Comparable | Market Yield

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]

Fair value

$ 70,884

$ 108,336

Range of Input

^[1]

0.159

0.144

Second Lien | Enterprise Market Value | EBITDA Multiple

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]

Fair value

Range of Input

^[1]

0.06

Second Lien | Minimum | Market Comparable | Market Yield

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]

Range of Input

^[1]

0.142

0.133

Second Lien | Maximum | Market Comparable | Market Yield

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]

Range of Input

^[1]

0.208

0.17

Subordinated Debt / Corporate Notes | Market Comparable | Market Yield

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]

Fair value

$ 156,222

$ 141,265

Range of Input

^[1]

0.143

0.023

Subordinated Debt / Corporate Notes | Minimum | Market Comparable | Market Yield

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]

Range of Input

^[1]

0.134

0.108

Subordinated Debt / Corporate Notes | Maximum | Market Comparable | Market Yield

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]

Range of Input

^[1]

0.188

0.172

[1]	The weighted averages disclosed in the table above were weighted by their relative fair value
[2]	DLOM is defined as discount for lack of marketability

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Pay vs Performance Disclosure
Net Income (Loss)	$ (33,807)	$ (24,740)	$ 166,617

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Fair Value of Financial Instruments - Reconciliation of Investments Measured at Fair Value Using Significant Unobservable Inputs Level 3 (Details) - Level 3 - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning Balance	$ 1,159,327	$ 1,211,020
Net realized gain (loss)	145,148	43,803
Net change in unrealized appreciation (depreciation)	(55,339)	(104,360)
Purchases, PIK interest, net discount accretion and non-cash exchanges	277,398	957,105
Sales, repayments and non-cash exchanges	(419,588)	(948,241)
Ending Balance	927,328	1,159,327
Net change in unrealized depreciation reported within the net change in unrealized depreciation on investments in our Consolidated Statements of Operations attributable to our Level 3 assets still held at the reporting date.	37,503	99,647
Debt Investments
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning Balance	902,165	850,593
Net realized gain (loss)	(17,070)	(10,262)
Net change in unrealized appreciation (depreciation)	(8,446)	(38,617)
Purchases, PIK interest, net discount accretion and non-cash exchanges	253,353	870,284
Sales, repayments and non-cash exchanges	(382,619)	(769,833)
Ending Balance	764,275	902,165
Net change in unrealized depreciation reported within the net change in unrealized depreciation on investments in our Consolidated Statements of Operations attributable to our Level 3 assets still held at the reporting date.	488	33,393
Equity Investments
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning Balance	257,162	360,427
Net realized gain (loss)	128,078	54,065
Net change in unrealized appreciation (depreciation)	(46,893)	(65,743)
Purchases, PIK interest, net discount accretion and non-cash exchanges	24,045	86,821
Sales, repayments and non-cash exchanges	(36,969)	(178,408)
Ending Balance	163,053	257,162
Net change in unrealized depreciation reported within the net change in unrealized depreciation on investments in our Consolidated Statements of Operations attributable to our Level 3 assets still held at the reporting date.	$ 37,015	$ 66,254

Organization

12 Months Ended

Sep. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization

1. ORGANIZATION

PennantPark Investment Corporation was organized as a Maryland corporation in January 2007. We are a closed-end, externally managed, non-diversified investment company that has elected to be treated as a BDC under the 1940 Act. Our investment objective is to generate both current income and capital appreciation while seeking to preserve capital through debt and equity investments. We invest primarily in U.S. middle-market companies in the form of first lien secured debt, second lien secured debt, subordinated debt and, to a lesser extent, equity investments. On April 24, 2007, we closed our initial public offering. On April 14, 2022, listing and trading of the Company's common stock commenced on the New York Stock Exchange after the Company voluntarily withdrew the principal listing of its common stock from the Nasdaq Stock Market LLC effective at market close on April 13, 2022. Our common stock trades on the New York Stock Exchange under the symbol “PNNT.”

We have entered into an investment management agreement, or the Investment Management Agreement with the Investment Adviser, an external adviser that manages our day-to-day operations. PennantPark Investment, through the Investment Adviser, manages the day-to-day operations of and had provided investment advisory services to SBIC II under a separate investment management agreement. We have also entered into an administration agreement, or the Administration Agreement with the Administrator, which provides the administrative services necessary for us to operate. PennantPark Investment, through the Administrator, has also provided similar services to SBIC II under a separate administration agreement. See Note 3.

SBIC II, our wholly-owned subsidiary, was organized in Delaware as a limited partnership in July 2012. SBIC II received a license from the SBA to operate as a SBIC under Section 301(c) of the 1958 Act in 2013. SBIC II’s objectives were to generate both current income and capital appreciation through debt and equity investments generally by investing in SBA-eligible businesses that meet the investment selection criteria used by PennantPark Investment. We repaid all outstanding debentures in connection with SBIC II, surrendered our SBA license and filed a certificate of termination.

On July 31, 2020, we and certain entities and managed accounts of the private credit investment manager of Pantheon Ventures (UK) LLP (“Pantheon”) entered into a limited liability company agreement to co-manage PSLF, a newly-formed unconsolidated joint venture. In connection with this transaction, we contributed in-kind our formerly wholly-owned subsidiary, Funding I. As a result of this transaction, Funding I became a wholly-owned subsidiary of PSLF and has been deconsolidated from our financial statements. PSLF invests primarily in middle-market and other corporate debt securities consistent with our strategy. PSLF was formed as a Delaware limited liability company. See Note 4.

In April 2021, we issued $150.0 million in aggregate principal amount of our 2026 Notes at a public offering price per note of 99.4%. Interest on the 2026 Notes is

paid semi-annually on May 1 and November 1 of each year, at a rate of 4.50% per year, commencing November 1, 2021. The 2026 Notes mature on May 1, 2026 and may be redeemed in whole or in part at our option subject to a make-whole premium if redeemed more than three months prior to maturity. The 2026 Notes are general, unsecured obligations and rank equal in right of payment with all of our existing and future senior unsecured indebtedness. The 2026 Notes are effectively subordinated to all of our existing and future secured indebtedness to the extent of the value of the assets securing such indebtedness and structurally subordinated to all existing and future indebtedness and other obligations of any of our subsidiaries, financing vehicles, or similar facilities. We do not intend to list the 2026 Notes on any securities exchange or automated dealer quotation system.

In October 2021, we issued $165.0 million in aggregate principal amount of our 2026 Notes-2 at a public offering price per note of 99.436%. Interest on the 2026 Notes is paid semi-annually on May 1 and November 1 of each year, at a rate of 4.00% per year, commencing May 1, 2022. The 2026 Notes-2 mature on November 1, 2026 and may be redeemed in whole or in part at our option subject to a make-whole premium if redeemed more than three months prior to maturity. The 2026 Notes-2 are general, unsecured obligations and rank equal in right of payment with all of our existing and future senior unsecured indebtedness. The 2026 Notes-2 are effectively subordinated to all of our existing and future secured indebtedness to the extent of the value of the assets securing such indebtedness and structurally subordinated to all existing and future indebtedness and other obligations of any of our subsidiaries, financing vehicles, or similar facilities. We do not intend to list the 2026 Notes-2 on any securities exchange or automated dealer quotation system.

We have formed the Taxable Subsidiary, which is subject to tax as a corporation. The Taxable Subsidiary allows us to hold equity securities of certain portfolio companies treated as pass-through entities for federal income tax purposes while facilitating our ability to qualify as a RIC under the Code.

In January 2022, we funded PennantPark-TSO Senior Loan Fund II LP, ("PTSF II"), an unconsolidated limited partnership, organized as a Delaware limited liability partnership. We sold $82.3 million in investments to a wholly-owned subsidiary of PTSF II in exchange for cash in the amount of $75.7 million and an $6.6 million equity interest in PTSF II representing 23.1% of the total outstanding Class A Units of PTSF II. We recognized $0.2 million of realized gain upon the formation of PTSF II. As of September 30, 2023, our capital commitment of $15.0 million is 100% funded and we hold 23.1% of the total outstanding Class A Units of PTSF II and a 4.99% voting interest in the general partner which manages PTSF II.

We are operated by a person who has claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act and the Investment Adviser intends to continue to affirm the exclusion on an annual basis, and therefore, is not subject to registration or regulation as a commodity pool operator under the Commodity Exchange Act.

Change in Net Assets from Operations Per Common Share (Tables)

12 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Summary of Information Sets Forth for Computation of Basic and Diluted Per Share Net Increase in Net Assets Resulting from Operations

The following information sets forth the computation of basic and diluted per share net increase in net assets resulting from operations ($ in thousands, except per share data):


	Years Ended September 30,
	2023			2022			2021
Numerator for net increase (decrease) in net assets resulting from operations	$	(33,807	)	$	(24,740	)	$	166,617
Denominator for basic and diluted weighted average shares		65,224,500			66,254,150			67,045,105
Basic and diluted net increase (decrease) in net assets per share resulting from operations	$	(0.52	)	$	(0.37	)	$	2.49

Investments - Summary of Listing of PSLFs Individual Investments (Details)
£ in Thousands, $ in Thousands

12 Months Ended

Sep. 30, 2023

GBP (£)

Sep. 30, 2022

GBP (£)

Sep. 30, 2023

USD ($)

Sep. 30, 2022

USD ($)

Schedule Of Investments [Line Items]

Cost

$ 1,117,927

$ 1,302,029

Investments at fair value

1,101,647

1,226,301

Investment, Identifier [Axis]: Cash and Cash Equivalents—7.7%

Schedule Of Investments [Line Items]

Cost

^[1],[2]

38,784

Investments at fair value

^[1],[2],[3]

38,775

Investment, Identifier [Axis]: Cash and Cash Equivalents—7.7% BlackRock Federal FD Institutional 30

Schedule Of Investments [Line Items]

Cost

^[1],[2]

24,683

Investments at fair value

^[1],[2],[3]

24,683

Investment, Identifier [Axis]: Cash and Cash Equivalents—7.7% Non-Money Market Cash

Schedule Of Investments [Line Items]

Cost

^[1],[2]

14,101

Investments at fair value

^[1],[2],[3]

14,092

Investment, Identifier [Axis]: Cash and Cash Equivalents—9.0%

Schedule Of Investments [Line Items]

Cost

^[4],[5]

54,953

Investments at fair value

^[4],[5],[6]

54,775

Investment, Identifier [Axis]: Cash and Cash Equivalents—9.0% BNY Mellon Cash Reserve and Cash

Schedule Of Investments [Line Items]

Cost

^[4],[5]

15,831

Investments at fair value

^[4],[5],[6]

15,653

Investment, Identifier [Axis]: Cash and Cash Equivalents—9.0% BlackRock Federal FD Institutional 30

Schedule Of Investments [Line Items]

Investments at fair value

^[4],[5],[6]

39,122

Investment, Identifier [Axis]: Cash and Cash Equivalents—9.4% BlackRock Federal FD Institutional 30

Schedule Of Investments [Line Items]

Cost

^[4],[5]

39,122

Investment, Identifier [Axis]: Investments and Cash Equivalents—227.1%

Schedule Of Investments [Line Items]

Cost

^[1],[2]

1,156,711

Investments at fair value

^[1],[2],[3]

1,140,422

Investment, Identifier [Axis]: Investments in Controlled, Affiliated Portfolio Companies—43.0%

Schedule Of Investments [Line Items]

Cost

^[1],[2]

245,386

Investments at fair value

^[1],[2],[3]

216,067

Investment, Identifier [Axis]: Investments in Controlled, Affiliated Portfolio Companies—43.0% Common Equity—12.8%

Schedule Of Investments [Line Items]

Cost

^[1],[2],[7]

75,290

Investments at fair value

^{[1],[2],[3],[7]}

64,467

Investment, Identifier [Axis]: Investments in Controlled, Affiliated Portfolio Companies—43.0% Common Equity—12.8% AKW Holdings Limited Healthcare, Education and Childcare

Schedule Of Investments [Line Items]

Industry

^{[1],[2],[7],[8],[9],[10]}

Healthcare, Education and Childcare

Par/Shares | £

^{[1],[2],[7],[8],[9],[10]}

£ 950

Cost | £

^{[1],[2],[7],[8],[9],[10]}

131

Investments at fair value | £

^{[1],[2],[3],[7],[8],[9],[10]}

£ 2,384

Investment, Identifier [Axis]: Investments in Controlled, Affiliated Portfolio Companies—43.0% Common Equity—12.8% MSpark, LLC Printing and Publishing

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Printing and Publishing

Par/Shares

^[1],[2],[7]

51,151

Cost

^[1],[2],[7]

16,516

Investment, Identifier [Axis]: Investments in Controlled, Affiliated Portfolio Companies—43.0% Common Equity—12.8% PennantPark Senior Loan Fund, LLC Financial Services

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Financial Services

Par/Shares

^[1],[2],[7]

58,580,060

Cost

^[1],[2],[7]

58,643

Investments at fair value

^{[1],[2],[3],[7]}

62,083

Investment, Identifier [Axis]: Investments in Controlled, Affiliated Portfolio Companies—43.0% First Lien Secured Debt—9.8%

Schedule Of Investments [Line Items]

Cost

^[1],[2]

55,388

Investments at fair value

^[1],[2],[3]

$ 49,275

Schedule Of Investments [Line Items]

Maturity

^{[1],[2],[8],[9],[10]}

Mar. 15, 2027

Industry

^{[1],[2],[8],[9],[10]}

Healthcare, Education and Childcare

Current Coupon

^{[1],[2],[8],[9],[10]}

12.21%

Basis Point Spread Above Index

^{[1],[2],[8],[9],[10],[11]}

3M SONIA+700

Basis Point Spread Above Index

^{[1],[2],[8],[9],[10],[11]}

700.00%

Par/Shares | £

^{[1],[2],[8],[9],[10]}

£ 40,371

Cost | £

^{[1],[2],[8],[9],[10]}

55,388

Investments at fair value | £

^{[1],[2],[3],[8],[9],[10]}

£ 49,275

Investment, Identifier [Axis]: Investments in Controlled, Affiliated Portfolio Companies—43.0% Second Lien Secured Debt—0%

Schedule Of Investments [Line Items]

Cost

^[1],[2]

$ 12,383

Investment, Identifier [Axis]: Investments in Controlled, Affiliated Portfolio Companies—43.0% Second Lien Secured Debt—0% Mailsouth Inc Maturity 04/23/2025 Printing and Publishing

Schedule Of Investments [Line Items]

Maturity

^[1],[2],[7]

Apr. 23, 2025

Industry

^[1],[2],[7]

Printing and Publishing

Par/Shares

^[1],[2],[7]

$ 14,896

Cost

^[1],[2],[7]

12,383

Investment, Identifier [Axis]: Investments in Controlled, Affiliated Portfolio Companies—43.0% Subordinated Debt—20.4%

Schedule Of Investments [Line Items]

Cost

^[1],[2]

102,325

Investments at fair value

^[1],[2],[3]

$ 102,325

Schedule Of Investments [Line Items]

Maturity

^[1],[2],[10]

Jul. 31, 2027

Industry

^[1],[2],[10]

Financial Services

Current Coupon

^[1],[2],[10]

13.37%

Basis Point Spread Above Index

^{[1],[2],[10],[11]}

3M SOFR+800

Basis Point Spread Above Index

^{[1],[2],[10],[11]}

800.00%

Par/Shares

^[1],[2],[10]

$ 102,325

Cost

^[1],[2],[10]

102,325

Investments at fair value

^{[1],[2],[3],[10]}

102,325

Investment, Identifier [Axis]: Investments in Controlled, Affiliated Portfolio Companies—44.3%

Schedule Of Investments [Line Items]

Cost

^[4],[5]

381,904

Investments at fair value

^[4],[5],[6]

259,386

Investment, Identifier [Axis]: Investments in Controlled, Affiliated Portfolio Companies—44.3% Common Equity—22.0%

Schedule Of Investments [Line Items]

Cost

^[4],[5],[12]

228,718

Investments at fair value

^{[4],[5],[6],[12]}

128,677

Investment, Identifier [Axis]: Investments in Controlled, Affiliated Portfolio Companies—44.3% Common Equity—22.0% AKW Holdings Limited Industry Healthcare, Education and Childcare

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[13],[14],[15]}

Healthcare, Education and Childcare

Par/Shares | £

^{[4],[5],[12],[13],[14],[15]}

£ 950

Cost | £

^{[4],[5],[12],[13],[14],[15]}

132

Investments at fair value | £

^{[4],[5],[6],[12],[13],[14],[15]}

£ 3,297

Investment, Identifier [Axis]: Investments in Controlled, Affiliated Portfolio Companies—44.3% Common Equity—22.0% MSpark, LLC Industry Printing and Publishing

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Printing and Publishing

Par/Shares

^[4],[5],[12]

51,151

Cost

^[4],[5],[12]

16,516

Investments at fair value

^{[4],[5],[6],[12]}

Investment, Identifier [Axis]: Investments in Controlled, Affiliated Portfolio Companies—44.3% Common Equity—22.0% PennantPark Senior Loan Fund, LLC Industry Financial Services

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Financial Services

Par/Shares

^[4],[5],[12]

49,298,789

Cost

^[4],[5],[12]

49,362

Investments at fair value

^{[4],[5],[6],[12]}

51,098

Investment, Identifier [Axis]: Investments in Controlled, Affiliated Portfolio Companies—44.3% Common Equity—22.0% RAM Energy Holdings LLC Industry Energy and Utilities

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[16]}

Energy and Utilities

Par/Shares

^{[4],[5],[12],[16]}

180,805

Cost

^{[4],[5],[12],[16]}

162,708

Investments at fair value

^{[4],[5],[6],[12],[16]}

74,282

Investment, Identifier [Axis]: Investments in Controlled, Affiliated Portfolio Companies—44.3% First Lien Secured Debt—7.3%

Schedule Of Investments [Line Items]

Cost

^[4],[5]

52,792

Investments at fair value

^[4],[5],[6]

$ 42,698

Schedule Of Investments [Line Items]

Maturity

^{[4],[5],[13],[14],[15]}

Mar. 13, 2024

Industry

^{[4],[5],[13],[14],[15]}

Healthcare, Education and Childcare

Current Coupon

^{[4],[5],[13],[14],[15]}

8.67%

Basis Point Spread Above Index

^{[4],[5],[13],[14],[15],[17]}

3M L+700

Basis Point Spread Above Index

^{[4],[5],[13],[14],[15],[17]}

700.00%

Par/Shares | £

^{[4],[5],[13],[14],[15]}

£ 38,250

Cost | £

^{[4],[5],[13],[14],[15]}

52,792

Investments at fair value | £

^{[4],[5],[6],[13],[14],[15]}

£ 42,698

Investment, Identifier [Axis]: Investments in Controlled, Affiliated Portfolio Companies—44.3% Second Lien Secured Debt—0%

Schedule Of Investments [Line Items]

Cost

^[4],[5]

$ 12,383

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Apr. 23, 2025

Industry

^[4],[5]

Printing and Publishing

Par/Shares

^[4],[5]

$ 12,846

Cost

^[4],[5]

12,383

Investment, Identifier [Axis]: Investments in Controlled, Affiliated Portfolio Companies—44.3% Subordinated Debt—15.0%

Schedule Of Investments [Line Items]

Cost

^[4],[5]

88,011

Investments at fair value

^[4],[5],[6]

$ 88,011

Schedule Of Investments [Line Items]

Maturity

^[4],[5],[15]

Jul. 31, 2027

Industry

^[4],[5],[15]

Financial Services

Current Coupon

^[4],[5],[15]

10.79%

Basis Point Spread Above Index

^{[4],[5],[15],[17]}

3M L+800

Basis Point Spread Above Index

^{[4],[5],[15],[17]}

800.00%

Par/Shares

^[4],[5],[15]

$ 88,011

Cost

^[4],[5],[15]

88,011

Investments at fair value

^{[4],[5],[6],[15]}

88,011

Investment, Identifier [Axis]: Investments in Non-Controlled, Affiliated Portfolio Companies—10.9%

Schedule Of Investments [Line Items]

Cost

^[1],[2]

55,787

Investments at fair value

^[1],[2],[3]

54,771

Investment, Identifier [Axis]: Investments in Non-Controlled, Affiliated Portfolio Companies—10.9% Common Equity/Partnership Interests/Warrants—2.4%

Schedule Of Investments [Line Items]

Cost

^[1],[2],[7]

11,703

Investments at fair value

^{[1],[2],[3],[7]}

12,290

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Environmental Services

Par/Shares

^[1],[2],[7]

7,444,347

Cost

^[1],[2],[7]

2,852

Investment, Identifier [Axis]: Investments in Non-Controlled, Affiliated Portfolio Companies—10.9% Common Equity/Partnership Interests/Warrants—2.4% JF Intermediate, LLC Distribution

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Distribution

Par/Shares

^[1],[2],[7]

19,687

Cost

^[1],[2],[7]

2,065

Investments at fair value

^{[1],[2],[3],[7]}

8,759

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Home and Office Furnishings

Par/Shares

^[1],[2],[7]

72,917

Cost

^[1],[2],[7]

6,786

Investments at fair value

^{[1],[2],[3],[7]}

3,531

Investment, Identifier [Axis]: Investments in Non-Controlled, Affiliated Portfolio Companies—10.9% First Lien Secured Debt—2.1%

Schedule Of Investments [Line Items]

Cost

^[1],[2]

10,375

Investments at fair value

^[1],[2],[3]

$ 10,376

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Mar. 31, 2027

Industry

^[1],[2]

Home and Office Furnishings

Current Coupon

^[1],[2]

11.68%

Basis Point Spread Above Index

^[1],[2]

1M SOFR+685

Basis Point Spread Above Index

^[1],[2]

685.00%

Par/Shares

^[1],[2]

$ 3,333

Cost

^[1],[2]

3,333

Investments at fair value

^[1],[2],[3]

$ 3,333

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Mar. 31, 2027

Industry

^[1],[2]

Home and Office Furnishings

Current Coupon

^[1],[2]

12.18%

Basis Point Spread Above Index

^[1],[2]

1M SOFR+685

Basis Point Spread Above Index

^[1],[2]

685.00%

Par/Shares

^[1],[2]

$ 7,042

Cost

^[1],[2]

7,042

Investments at fair value

^[1],[2],[3]

$ 7,043

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Mar. 31, 2027

Industry

^[1],[2]

Home and Office Furnishings

Par/Shares

^[1],[2]

$ 667

Investment, Identifier [Axis]: Investments in Non-Controlled, Affiliated Portfolio Companies—10.9% Preferred Equity/Partnership Interests—6.4%

Schedule Of Investments [Line Items]

Cost

^[1],[2],[7]

33,709

Investments at fair value

^{[1],[2],[3],[7]}

32,105

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Environmental Services

Par/Shares

^[1],[2],[7]

918

Cost

^[1],[2],[7]

918

Investments at fair value

^{[1],[2],[3],[7]}

1,073

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Environmental Services

Par/Shares

^[1],[2],[7]

5,887,236

Cost

^[1],[2],[7]

32,791

Investments at fair value

^{[1],[2],[3],[7]}

$ 31,032

Investment, Identifier [Axis]: Investments in Non-Controlled, Affiliated Portfolio Companies—5.9%

Schedule Of Investments [Line Items]

Cost

^[4],[5]

37,612

Investments at fair value

^[4],[5],[6]

34,760

Investment, Identifier [Axis]: Investments in Non-Controlled, Affiliated Portfolio Companies—5.9% Common Equity/Partnership Interests/Warrants—0.3%

Schedule Of Investments [Line Items]

Cost

^[4],[5],[12]

4,821

Investments at fair value

^{[4],[5],[6],[12]}

1,969

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Environmental Services

Par/Shares

^[4],[5],[12]

7,444,347

Cost

^[4],[5],[12]

2,852

Investment, Identifier [Axis]: Investments in Non-Controlled, Affiliated Portfolio Companies—5.9% Common Equity/Partnership Interests/Warrants—0.3% JF Intermediate, LLC Industry Distribution

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Distribution

Par/Shares

^[4],[5],[12]

19,687

Cost

^[4],[5],[12]

1,969

Investments at fair value

^{[4],[5],[6],[12]}

1,969

Investment, Identifier [Axis]: Investments in Non-Controlled, Affiliated Portfolio Companies—5.9% Preferred Equity/Partnership Interests—5.6%

Schedule Of Investments [Line Items]

Cost

^[4],[5],[12]

32,791

Investments at fair value

^{[4],[5],[6],[12]}

32,791

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[16]}

Environmental Services

Par/Shares

^{[4],[5],[12],[16]}

5,887,236

Cost

^{[4],[5],[12],[16]}

32,791

Investments at fair value

^{[4],[5],[6],[12],[16]}

$ 32,791

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies-159.2% First Lien Secured Debt-100.5% Ad.net Acquisition, LLC (Revolver) Maturity 5/6/2026 Media

Schedule Of Investments [Line Items]

Maturity

^[4],[5],[18]

May 06, 2026

Industry

^[4],[5],[18]

Media

Par/Shares

^[4],[5],[18]

$ 444

Investments at fair value

^{[4],[5],[6],[18]}

$ (3)

Schedule Of Investments [Line Items]

Maturity

^[4],[5],[18]

Jul. 24, 2025

Industry

^[4],[5],[18]

Aerospace and Defense

Par/Shares

^[4],[5],[18]

$ 138

Investments at fair value

^{[4],[5],[6],[18]}

(5)

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Sep. 17, 2026

Industry

^[1],[2]

Distribution

Current Coupon

^[1],[2]

11.79%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+640

Basis Point Spread Above Index

^[1],[2],[11]

640.00%

Par/Shares

^[1],[2],[19]

$ 343

Cost

^[1],[2]

343

Investments at fair value

^[1],[2],[3]

$ 338

Schedule Of Investments [Line Items]

Maturity

^[1],[2],[19]

Aug. 31, 2025

Industry

^[1],[2],[19]

Insurance

Par/Shares

^[1],[2],[19]

$ 160

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Jun. 30, 2025

Industry

^[1],[2]

Electronics

Current Coupon

^[1],[2]

12.93%

Basis Point Spread Above Index

^[1],[2],[11]

1M SOFR+761

Basis Point Spread Above Index

^[1],[2],[11]

761.00%

Par/Shares

^[1],[2]

$ 13,234

Cost

^[1],[2]

12,998

Investments at fair value

^[1],[2],[3]

$ 12,969

Schedule Of Investments [Line Items]

Maturity

^[1],[2],[19]

Nov. 09, 2026

Industry

^[1],[2],[19]

Consumer Products

Par/Shares

^[1],[2],[19]

$ 1,933

Investments at fair value

^{[1],[2],[3],[19]}

$ (24)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—145.6% First Lien Secured Debt—93.2% Ox Two ,LLC (Revolver) Maturity 05/18/2026 Building Materials

Schedule Of Investments [Line Items]

Maturity

^[1],[2],[8]

May 18, 2026

Industry

^[1],[2],[8]

Building Materials

Par/Shares

^[1],[2],[8]

$ 2,419

Investments at fair value

^{[1],[2],[3],[8]}

(42)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2%

Schedule Of Investments [Line Items]

Cost

^[4],[5]

882,513

Investments at fair value

^[4],[5],[6]

932,155

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Common Equity/Partnership Interests/Warrants—26.2%

Schedule Of Investments [Line Items]

Cost

^[4],[5],[12]

91,596

Investments at fair value

^{[4],[5],[6],[12]}

153,373

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[16]}

Business Services

Par/Shares

^{[4],[5],[12],[16]}

805,164

Cost

^{[4],[5],[12],[16]}

805

Investments at fair value

^{[4],[5],[6],[12],[16]}

1,127

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[16],[18]}

Business Services

Par/Shares

^{[4],[5],[12],[16],[18]}

194,836

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Auto Sector

Par/Shares

^[4],[5],[12]

2,419,200

Cost

^[4],[5],[12]

2,419

Investments at fair value

^{[4],[5],[6],[12]}

2,470

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[18]}

Auto Sector

Par/Shares

^{[4],[5],[12],[18]}

580,800

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Common Equity/Partnership Interests/Warrants—26.2% Ad.net Holdings, Inc. Industry Media

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[13]}

Media

Par/Shares

^{[4],[5],[12],[13]}

2,667

Cost

^{[4],[5],[12],[13]}

Investments at fair value

^{[4],[5],[6],[12],[13]}

$ 35

Schedule Of Investments [Line Items]

Maturity

^[4],[5],[12]

Apr. 10, 2024

Industry

^[4],[5],[12]

Consumer Products

Par/Shares

^[4],[5],[12]

$ 77,190

Cost

^[4],[5],[12]

2,126

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Aerospace and Defense

Par/Shares

^[4],[5],[12]

125,000

Cost

^[4],[5],[12]

125

Investments at fair value

^{[4],[5],[6],[12]}

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[16]}

Media

Par/Shares

^{[4],[5],[12],[16]}

1,135

Investments at fair value

^{[4],[5],[6],[12],[16]}

270

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Healthcare, Education and Childcare

Par/Shares

^[4],[5],[12]

9,357

Cost

^[4],[5],[12]

10,000

Investments at fair value

^{[4],[5],[6],[12]}

9,516

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[16]}

Telecommunications

Par/Shares

^{[4],[5],[12],[16]}

1,700,000

Cost

^{[4],[5],[12],[16]}

1,700

Investments at fair value

^{[4],[5],[6],[12],[16]}

1,219

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Auto Sector

Par/Shares

^[4],[5],[12]

680

Cost

^[4],[5],[12]

680

Investments at fair value

^{[4],[5],[6],[12]}

690

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[16]}

Business Services

Par/Shares

^{[4],[5],[12],[16]}

120,962

Cost

^{[4],[5],[12],[16]}

1,243

Investments at fair value

^{[4],[5],[6],[12],[16]}

1,651

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Distribution

Par/Shares

^[4],[5],[12]

3,562,500

Cost

^[4],[5],[12]

3,563

Investments at fair value

^{[4],[5],[6],[12]}

3,716

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Common Equity/Partnership Interests/Warrants—26.2% Connatix Parent, LLC Industry Media

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Media

Par/Shares

^[4],[5],[12]

57,416

Cost

^[4],[5],[12]

632

Investments at fair value

^{[4],[5],[6],[12]}

689

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Distribution

Par/Shares

^[4],[5],[12]

26,360

Cost

^[4],[5],[12]

2,782

Investments at fair value

^{[4],[5],[6],[12]}

4,011

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Personal, Food and Miscellaneous Services

Par/Shares

^[4],[5],[12]

113

Cost

^[4],[5],[12]

104

Investments at fair value

^{[4],[5],[6],[12]}

122

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[16]}

Telecommunications

Par/Shares

^{[4],[5],[12],[16]}

698,889

Cost

^{[4],[5],[12],[16]}

684

Investments at fair value

^{[4],[5],[6],[12],[16]}

1,425

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[16],[18]}

Telecommunications

Par/Shares

^{[4],[5],[12],[16],[18]}

442,155

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Common Equity/Partnership Interests/Warrants—26.2% ECM Investors, LLC Industry Electronics

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[16]}

Electronics

Par/Shares

^{[4],[5],[12],[16]}

167,537

Cost

^{[4],[5],[12],[16]}

Investments at fair value

^{[4],[5],[6],[12],[16]}

358

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Common Equity/Partnership Interests/Warrants—26.2% Exigo, LLC Industry Business Services

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[16]}

Business Services

Par/Shares

^{[4],[5],[12],[16]}

1,458,333

Cost

^{[4],[5],[12],[16]}

1,458

Investments at fair value

^{[4],[5],[6],[12],[16]}

1,288

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Auto Sector

Par/Shares

^[4],[5],[12]

658,000

Cost

^[4],[5],[12]

3,290

Investments at fair value

^{[4],[5],[6],[12]}

3,369

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[16]}

Aerospace and Defense

Par/Shares

^{[4],[5],[12],[16]}

14,186

Cost

^{[4],[5],[12],[16]}

478

Investments at fair value

^{[4],[5],[6],[12],[16]}

1,441

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[16],[18]}

Aerospace and Defense

Par/Shares

^{[4],[5],[12],[16],[18]}

6,384

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[16]}

Aerospace and Defense

Par/Shares

^{[4],[5],[12],[16]}

20,357

Cost

^{[4],[5],[12],[16]}

2,290

Investments at fair value

^{[4],[5],[6],[12],[16]}

2,253

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[16]}

Business Services

Par/Shares

^{[4],[5],[12],[16]}

2,434

Cost

^{[4],[5],[12],[16]}

1,003

Investments at fair value

^{[4],[5],[6],[12],[16]}

587

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Consumer Products

Par/Shares

^[4],[5],[12]

889,376

Cost

^[4],[5],[12]

137

Investments at fair value

^{[4],[5],[6],[12]}

4,208

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Business Services

Par/Shares

^[4],[5],[12]

Cost

^[4],[5],[12]

Investments at fair value

^{[4],[5],[6],[12]}

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Transportation

Par/Shares

^[4],[5],[12]

810,645

Investments at fair value

^{[4],[5],[6],[12]}

3,229

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[16]}

Building Materials

Par/Shares

^{[4],[5],[12],[16]}

675,325

Cost

^{[4],[5],[12],[16]}

675

Investments at fair value

^{[4],[5],[6],[12],[16]}

783

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Business Services

Par/Shares

^[4],[5],[12]

15,000

Cost

^[4],[5],[12]

1,500

Investments at fair value

^{[4],[5],[6],[12]}

5,700

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Business Services

Par/Shares

^[4],[5],[12]

1,600,000

Cost

^[4],[5],[12]

1,600

Investments at fair value

^{[4],[5],[6],[12]}

1,387

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[16]}

Insurance

Par/Shares

^{[4],[5],[12],[16]}

450,000

Cost

^{[4],[5],[12],[16]}

450

Investments at fair value

^{[4],[5],[6],[12],[16]}

477

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Healthcare, Education and Childcare

Par/Shares

^[4],[5],[12]

113,839

Cost

^[4],[5],[12]

1,138

Investments at fair value

^{[4],[5],[6],[12]}

1,199

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Business Services

Par/Shares

^[4],[5],[12]

1,111,111

Cost

^[4],[5],[12]

1,111

Investments at fair value

^{[4],[5],[6],[12]}

1,194

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[16],[18]}

Business Services

Par/Shares

^{[4],[5],[12],[16],[18]}

388,889

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Business Services

Par/Shares

^[4],[5],[12]

743,826

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Other Media

Par/Shares

^[4],[5],[12]

181,495

Cost

^[4],[5],[12]

2,040

Investments at fair value

^{[4],[5],[6],[12]}

3,270

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[16]}

Environmental Services

Par/Shares

^{[4],[5],[12],[16]}

4,566

Cost

^{[4],[5],[12],[16]}

450

Investments at fair value

^{[4],[5],[6],[12],[16]}

592

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[16]}

Home and Office Furnishings

Par/Shares

^{[4],[5],[12],[16]}

2,688

Cost

^{[4],[5],[12],[16]}

783

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[16]}

Personal, Food and Miscellaneous Services

Par/Shares

^{[4],[5],[12],[16]}

382,353

Cost

^{[4],[5],[12],[16]}

382

Investments at fair value

^{[4],[5],[6],[12],[16]}

643

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Hotels, Motels, Inns and Gaming

Par/Shares

^[4],[5],[12]

161,252

Investments at fair value

^{[4],[5],[6],[12]}

1,774

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Consumer Products

Par/Shares

^[4],[5],[12]

1,308,814

Cost

^[4],[5],[12]

1,309

Investments at fair value

^{[4],[5],[6],[12]}

1,854

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[16]}

Environmental Services

Par/Shares

^{[4],[5],[12],[16]}

363,656

Cost

^{[4],[5],[12],[16]}

180

Investments at fair value

^{[4],[5],[6],[12],[16]}

1,376

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Healthcare, Education and Childcare

Par/Shares

^[4],[5],[12]

273,143

Cost

^[4],[5],[12]

273

Investments at fair value

^{[4],[5],[6],[12]}

373

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Chemicals, Plastics and Rubber

Par/Shares

^[4],[5],[12]

1,925,990

Cost

^[4],[5],[12]

1,930

Investments at fair value

^{[4],[5],[6],[12]}

1,926

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[16]}

Media

Par/Shares

^{[4],[5],[12],[16]}

414

Investments at fair value

^{[4],[5],[6],[12],[16]}

126

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[16]}

Business Services

Par/Shares

^{[4],[5],[12],[16]}

815,385

Cost

^{[4],[5],[12],[16]}

815

Investments at fair value

^{[4],[5],[6],[12],[16]}

897

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Distribution

Par/Shares

^[4],[5],[12]

3,920,145

Cost

^[4],[5],[12]

3,984

Investments at fair value

^{[4],[5],[6],[12]}

2,990

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[16]}

Consumer Products

Par/Shares

^{[4],[5],[12],[16]}

1,299

Cost

^{[4],[5],[12],[16]}

1,261

Investments at fair value

^{[4],[5],[6],[12],[16]}

243

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Aerospace and Defense

Par/Shares

^[4],[5],[12]

3,261

Cost

^[4],[5],[12]

Investments at fair value

^{[4],[5],[6],[12]}

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Business Services

Par/Shares

^[4],[5],[12]

351,553

Cost

^[4],[5],[12]

352

Investments at fair value

^{[4],[5],[6],[12]}

373

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Distribution

Par/Shares

^[4],[5],[12]

446,250

Cost

^[4],[5],[12]

446

Investments at fair value

^{[4],[5],[6],[12]}

382

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[16],[17]}

Distribution

Par/Shares

^{[4],[5],[12],[16],[17]}

303,750

Investments at fair value

^{[4],[5],[6],[12],[16],[17]}

(44)

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Business Services

Par/Shares

^[4],[5],[12]

638

Cost

^[4],[5],[12]

Investments at fair value

^{[4],[5],[6],[12]}

113

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[16]}

Aerospace and Defense

Par/Shares

^{[4],[5],[12],[16]}

98,286

Cost

^{[4],[5],[12],[16]}

979

Investments at fair value

^{[4],[5],[6],[12],[16]}

1,651

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[16]}

Healthcare, Education and Childcare

Par/Shares

^{[4],[5],[12],[16]}

2,904

Cost

^{[4],[5],[12],[16]}

Investments at fair value

^{[4],[5],[6],[12],[16]}

173

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Financial Services

Par/Shares

^[4],[5],[12]

15,038,871

Cost

^[4],[5],[12]

15,039

Investments at fair value

^{[4],[5],[6],[12]}

15,571

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Common Equity/Partnership Interests/Warrants—26.2% Pink Lily Holdco, LLC Industry Retail

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[16]}

Retail

Par/Shares

^{[4],[5],[12],[16]}

1,044

Cost

^{[4],[5],[12],[16]}

1,044

Investments at fair value

^{[4],[5],[6],[12],[16]}

550

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Business Services

Par/Shares

^[4],[5],[12]

1,918,047

Cost

^[4],[5],[12]

1,918

Investments at fair value

^{[4],[5],[6],[12]}

1,918

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[16]}

Aerospace and Defense

Par/Shares

^{[4],[5],[12],[16]}

Cost

^{[4],[5],[12],[16]}

Investments at fair value

^{[4],[5],[6],[12],[16]}

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[16]}

Aerospace and Defense

Par/Shares

^{[4],[5],[12],[16]}

712

Cost

^{[4],[5],[12],[16]}

Investments at fair value

^{[4],[5],[6],[12],[16]}

352

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[16],[18]}

Aerospace and Defense

Par/Shares

^{[4],[5],[12],[16],[18]}

955

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Healthcare, Education and Childcare

Par/Shares

^[4],[5],[12]

1,050,000

Cost

^[4],[5],[12]

1,050

Investments at fair value

^{[4],[5],[6],[12]}

1,090

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Business Services

Par/Shares

^[4],[5],[12]

36,585

Cost

^[4],[5],[12]

366

Investments at fair value

^{[4],[5],[6],[12]}

359

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Consumer Products

Par/Shares

^[4],[5],[12]

881,966

Cost

^[4],[5],[12]

882

Investments at fair value

^{[4],[5],[6],[12]}

913

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Electronics

Par/Shares

^[4],[5],[12]

1,500

Cost

^[4],[5],[12]

1,500

Investments at fair value

^{[4],[5],[6],[12]}

2,041

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Electronics

Par/Shares

^[4],[5],[12]

1,500

Investments at fair value

^{[4],[5],[6],[12]}

4,389

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Chemicals, Plastics and Rubber

Par/Shares

^[4],[5],[12]

2,981

Cost

^[4],[5],[12]

2,981

Investments at fair value

^{[4],[5],[6],[12]}

2,981

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Chemicals, Plastics and Rubber

Par/Shares

^[4],[5],[12]

Cost

^[4],[5],[12]

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Media

Par/Shares

^[4],[5],[12]

153,846

Cost

^[4],[5],[12]

154

Investments at fair value

^{[4],[5],[6],[12]}

152

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[16]}

Aerospace and Defense

Par/Shares

^{[4],[5],[12],[16]}

232,558

Cost

^{[4],[5],[12],[16]}

233

Investments at fair value

^{[4],[5],[6],[12],[16]}

296

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Common Equity/Partnership Interests/Warrants—26.2% TPC Holding Company, LP Industry Food

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[13],[15]}

Food

Par/Shares

^{[4],[5],[12],[13],[15]}

11,527

Cost

^{[4],[5],[12],[13],[15]}

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Business Services

Par/Shares

^[4],[5],[12]

608

Cost

^[4],[5],[12]

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[16]}

Media

Par/Shares

^{[4],[5],[12],[16]}

531,293

Cost

^{[4],[5],[12],[16]}

511

Investments at fair value

^{[4],[5],[6],[12],[16]}

896

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[16],[18]}

Media

Par/Shares

^{[4],[5],[12],[16],[18]}

364,151

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[15],[20]}

Oil and Gas

Par/Shares

^{[4],[5],[12],[15],[20]}

60,057

Cost

^{[4],[5],[12],[15],[20]}

3,022

Investments at fair value

^{[4],[5],[6],[12],[15],[20]}

304

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[16]}

Business Services

Par/Shares

^{[4],[5],[12],[16]}

400

Cost

^{[4],[5],[12],[16]}

382

Investments at fair value

^{[4],[5],[6],[12],[16]}

454

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[17]}

Healthcare, Education and Childcare

Par/Shares

^{[4],[5],[12],[17]}

237,743

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Healthcare, Education and Childcare

Par/Shares

^[4],[5],[12]

3,762,257

Cost

^[4],[5],[12]

3,762

Investments at fair value

^{[4],[5],[6],[12]}

3,762

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Electronics

Par/Shares

^[4],[5],[12]

2,314

Cost

^[4],[5],[12]

231

Investments at fair value

^{[4],[5],[6],[12]}

616

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[15]}

Financial Services

Par/Shares

^{[4],[5],[12],[15]}

Cost

^{[4],[5],[12],[15]}

1,005

Investments at fair value

^{[4],[5],[6],[12],[15]}

$ 1,391

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Jul. 24, 2025

Industry

^[4],[5]

Aerospace and Defense

Current Coupon

^[4],[5]

11.67%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+800

Basis Point Spread Above Index

^[4],[5],[17]

800.00%

Par/Shares

^[4],[5]

$ 50

Cost

^[4],[5]

Investments at fair value

^[4],[5],[6]

$ 48

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Dec. 21, 2023

Industry

^[4],[5]

Building Materials

Current Coupon

^[4],[5]

7.79%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+550

Basis Point Spread Above Index

^[4],[5],[17]

550.00%

Par/Shares

^[4],[5]

$ 3,329

Cost

^[4],[5]

3,310

Investments at fair value

^[4],[5],[6]

$ 3,329

Schedule Of Investments [Line Items]

Maturity

^[4],[5],[18]

May 23, 2024

Industry

^[4],[5],[18]

Media

Par/Shares

^[4],[5],[18]

$ 1,612

Schedule Of Investments [Line Items]

Maturity

^[4],[5],[18]

Jul. 21, 2027

Industry

^[4],[5],[18]

Personal, Food and Miscellaneous Services

Par/Shares

^[4],[5],[18]

$ 1,147

Investments at fair value

^{[4],[5],[6],[18]}

$ (23)

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Jul. 21, 2027

Industry

^[4],[5]

Personal, Food and Miscellaneous Services

Current Coupon

^[4],[5]

8.15%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+525

Basis Point Spread Above Index

^[4],[5],[17]

525.00%

Par/Shares

^[4],[5]

$ 4,120

Cost

^[4],[5]

4,086

Investments at fair value

^[4],[5],[6]

$ 4,038

Schedule Of Investments [Line Items]

Maturity

^[4],[5],[18]

Jul. 31, 2025

Industry

^[4],[5],[18]

Personal, Food and Miscellaneous Services

Par/Shares

^[4],[5],[18]

$ 870

Investments at fair value

^{[4],[5],[6],[18]}

$ (4)

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Jul. 31, 2025

Industry

^[4],[5]

Personal, Food and Miscellaneous Services

Current Coupon

^[4],[5]

6.72%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+525

Basis Point Spread Above Index

^[4],[5],[17]

525.00%

Par/Shares

^[4],[5]

$ 62

Cost

^[4],[5]

Investments at fair value

^[4],[5],[6]

$ 62

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Jul. 31, 2025

Industry

^[4],[5]

Personal, Food and Miscellaneous Services

Current Coupon

^[4],[5]

7.60%

Basis Point Spread Above Index

^[4],[5],[17]

1M L+550

Basis Point Spread Above Index

^[4],[5],[17]

550.00%

Par/Shares

^[4],[5]

$ 1,331

Cost

^[4],[5]

1,331

Investments at fair value

^[4],[5],[6]

$ 1,324

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Jul. 31, 2025

Industry

^[4],[5]

Personal, Food and Miscellaneous Services

Current Coupon

^[4],[5]

9.08%

Basis Point Spread Above Index

^[4],[5],[17]

1M L+550

Basis Point Spread Above Index

^[4],[5],[17]

550.00%

Par/Shares

^[4],[5]

$ 1,893

Cost

^[4],[5]

1,873

Investments at fair value

^[4],[5],[6]

$ 1,883

Schedule Of Investments [Line Items]

Maturity

^[4],[5],[18]

Dec. 29, 2026

Industry

^[4],[5],[18]

Environmental Services

Par/Shares

^[4],[5],[18]

$ 800

Investments at fair value

^{[4],[5],[6],[18]}

$ (20)

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Dec. 29, 2026

Industry

^[4],[5]

Environmental Services

Current Coupon

^[4],[5]

10.25%

Basis Point Spread Above Index

^[4],[5],[17]

3M P+475

Basis Point Spread Above Index

^[4],[5],[17]

475.00%

Par/Shares

^[4],[5]

$ 200

Cost

^[4],[5]

200

Investments at fair value

^[4],[5],[6]

$ 195

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Applied Technical Services, LLC Maturity 12/29/2026 Environmental Services Current Coupon 7.59% Basis Point Spread Above Index 3M L+575

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Dec. 29, 2026

Industry

^[4],[5]

Environmental Services

Current Coupon

^[4],[5]

7.59%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+575

Basis Point Spread Above Index

^[4],[5],[17]

575.00%

Par/Shares

^[4],[5]

$ 1,402

Cost

^[4],[5]

1,388

Investments at fair value

^[4],[5],[6]

$ 1,367

Schedule Of Investments [Line Items]

Maturity

^[4],[5],[18]

Apr. 21, 2023

Industry

^[4],[5],[18]

Environmental Services

Par/Shares

^[4],[5],[18]

$ 1,595

Investments at fair value

^{[4],[5],[6],[18]}

$ (22)

Schedule Of Investments [Line Items]

Maturity

^[4],[5],[18]

Mar. 07, 2028

Industry

^[4],[5],[18]

Aerospace and Defense

Par/Shares

^[4],[5],[18]

$ 2,263

Investments at fair value

^{[4],[5],[6],[18]}

$ (45)

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Apr. 28, 2023

Industry

^[4],[5]

Buildings and Real Estate

Current Coupon

^[4],[5]

11.00%

Par/Shares

^[4],[5]

$ 4,000

Cost

^[4],[5]

3,953

Investments at fair value

^[4],[5],[6]

$ 3,934

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Jul. 01, 2029

Industry

^[4],[5]

Business Services

Current Coupon

^[4],[5]

7.56%

Basis Point Spread Above Index

^[4],[5],[17]

SOFR+525

Basis Point Spread Above Index

^[4],[5],[17]

525.00%

Par/Shares

^[4],[5]

$ 5,000

Cost

^[4],[5]

4,904

Investments at fair value

^[4],[5],[6]

$ 4,900

Schedule Of Investments [Line Items]

Maturity

^[4],[5],[18]

Sep. 17, 2024

Industry

^[4],[5],[18]

Distribution

Par/Shares

^[4],[5],[18]

$ 2,746

Investments at fair value

^{[4],[5],[6],[18]}

$ (77)

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Sep. 17, 2024

Industry

^[4],[5]

Distribution

Current Coupon

^[4],[5]

8.69%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+500

Basis Point Spread Above Index

^[4],[5],[17]

500.00%

Par/Shares

^[4],[5]

$ 686

Cost

^[4],[5]

686

Investments at fair value

^[4],[5],[6]

$ 667

Schedule Of Investments [Line Items]

Maturity

^[4],[5],[18]

Sep. 17, 2024

Industry

^[4],[5],[18]

Distribution

Par/Shares

^[4],[5],[18]

$ 4,043

Investments at fair value

^{[4],[5],[6],[18]}

$ (51)

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Sep. 17, 2024

Industry

^[4],[5]

Distribution

Current Coupon

^[4],[5]

8.69%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+500

Basis Point Spread Above Index

^[4],[5],[17]

500.00%

Par/Shares

^[4],[5]

$ 1,175

Cost

^[4],[5]

1,160

Investments at fair value

^[4],[5],[6]

$ 1,149

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Dec. 02, 2022

Industry

^[4],[5]

Consumer Products

Current Coupon

^[4],[5]

7.39%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+600

Basis Point Spread Above Index

^[4],[5],[17]

600.00%

Par/Shares

^[4],[5]

$ 10,096

Cost

^[4],[5]

10,096

Investments at fair value

^[4],[5],[6]

$ 10,096

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Aug. 20, 2026

Industry

^[4],[5]

Media

Current Coupon

^[4],[5]

9.30%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+600

Basis Point Spread Above Index

^[4],[5],[17]

600.00%

Par/Shares

^[4],[5]

$ 6,720

Cost

^[4],[5]

6,630

Investments at fair value

^[4],[5],[6]

$ 6,619

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% CF512, Inc.(Revolver) Maturity 8/20/2026 Media

Schedule Of Investments [Line Items]

Maturity

^[4],[5],[18]

Aug. 20, 2026

Industry

^[4],[5],[18]

Media

Par/Shares

^[4],[5],[18]

$ 909

Investments at fair value

^{[4],[5],[6],[18]}

$ (14)

Schedule Of Investments [Line Items]

Maturity

^[4],[5],[18]

May 13, 2028

Industry

^[4],[5],[18]

Distribution

Par/Shares

^[4],[5],[18]

$ 2,297

Investments at fair value

^{[4],[5],[6],[18]}

$ (34)

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

May 13, 2028

Industry

^[4],[5]

Distribution

Current Coupon

^[4],[5]

9.55%

Basis Point Spread Above Index

^[4],[5],[17]

1M L+600

Basis Point Spread Above Index

^[4],[5],[17]

600.00%

Par/Shares

^[4],[5]

$ 1,265

Cost

^[4],[5]

1,265

Investments at fair value

^[4],[5],[6]

$ 1,246

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

May 13, 2028

Industry

^[4],[5]

Distribution

Current Coupon

^[4],[5]

9.55%

Basis Point Spread Above Index

^[4],[5],[17]

1M L+600

Par/Shares

^[4],[5]

$ 39,401

Cost

^[4],[5]

38,644

Investments at fair value

^[4],[5],[6]

$ 38,810

Schedule Of Investments [Line Items]

Maturity

^[4],[5],[18]

Feb. 07, 2025

Industry

^[4],[5],[18]

Business Services

Par/Shares

^[4],[5],[18]

$ 295

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Feb. 07, 2025

Industry

^[4],[5]

Business Services

Current Coupon

^[4],[5]

8.92%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+525

Basis Point Spread Above Index

^[4],[5],[17]

525.00%

Par/Shares

^[4],[5]

$ 361

Cost

^[4],[5]

361

Investments at fair value

^[4],[5],[6]

$ 361

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Feb. 09, 2026

Industry

^[4],[5]

Business Services

Current Coupon

^[4],[5]

7.48%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+525

Basis Point Spread Above Index

^[4],[5],[17]

525.00%

Par/Shares

^[4],[5]

$ 853

Cost

^[4],[5]

843

Investments at fair value

^[4],[5],[6]

$ 853

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Connatix Buyer, Inc. (Revolver) Maturity 7/13/2027 Media

Schedule Of Investments [Line Items]

Maturity

^[4],[5],[18]

Jul. 13, 2027

Industry

^[4],[5],[18]

Media

Par/Shares

^[4],[5],[18]

$ 1,859

Investments at fair value

^{[4],[5],[6],[18]}

$ (46)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Connatix Buyer, Inc. Maturity 1/13/2023 Media

Schedule Of Investments [Line Items]

Maturity

^[4],[5],[18]

Jan. 13, 2023

Industry

^[4],[5],[18]

Media

Par/Shares

^[4],[5],[18]

$ 3,158

Investments at fair value

^{[4],[5],[6],[18]}

$ (47)

Schedule Of Investments [Line Items]

Maturity

^[4],[5],[18]

Aug. 16, 2027

Industry

^[4],[5],[18]

Personal, Food and Miscellaneous Services

Par/Shares

^[4],[5],[18]

$ 97

Investments at fair value

^{[4],[5],[6],[18]}

$ (1)

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Aug. 16, 2027

Industry

^[4],[5]

Personal, Food and Miscellaneous Services

Current Coupon

^[4],[5]

8.87%

Basis Point Spread Above Index

^[4],[5],[17]

1M L+575

Basis Point Spread Above Index

^[4],[5],[17]

575.00%

Par/Shares

^[4],[5]

$ 194

Cost

^[4],[5]

194

Investments at fair value

^[4],[5],[6]

$ 192

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Aug. 16, 2027

Industry

^[4],[5]

Personal, Food and Miscellaneous Services

Current Coupon

^[4],[5]

8.40%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+575

Basis Point Spread Above Index

^[4],[5],[17]

575.00%

Par/Shares

^[4],[5]

$ 2,606

Cost

^[4],[5]

2,577

Investments at fair value

^[4],[5],[6]

$ 2,580

Schedule Of Investments [Line Items]

Maturity

^[4],[5],[18]

Nov. 03, 2025

Industry

^[4],[5],[18]

Consumer Products

Par/Shares

^[4],[5],[18]

$ 1,783

Investments at fair value

^{[4],[5],[6],[18]}

$ (57)

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Jun. 30, 2023

Industry

^[4],[5]

Manufacturing / Basic Industries

Current Coupon

^[4],[5]

10.67%

Basis Point Spread Above Index

^[4],[5],[17]

1M L+700

Basis Point Spread Above Index

^[4],[5],[17]

700.00%

Par/Shares

^[4],[5]

$ 8,755

Cost

^[4],[5]

8,734

Investments at fair value

^[4],[5],[6]

$ 7,030

Schedule Of Investments [Line Items]

Maturity

^[4],[5],[18]

Aug. 31, 2027

Industry

^[4],[5],[18]

Personal and Non-Durable Consumer Products

Par/Shares

^[4],[5],[18]

$ 1,551

Investments at fair value

^{[4],[5],[6],[18]}

$ (23)

Schedule Of Investments [Line Items]

Maturity

^[4],[5],[18]

Aug. 27, 2026

Industry

^[4],[5],[18]

Personal and Non-Durable Consumer Products

Par/Shares

^[4],[5],[18]

$ 2,000

Investments at fair value

^{[4],[5],[6],[18]}

$ (10)

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Aug. 31, 2027

Industry

^[4],[5]

Personal and Non-Durable Consumer Products

Current Coupon

^[4],[5]

9.17%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+600

Basis Point Spread Above Index

^[4],[5],[17]

600.00%

Par/Shares

^[4],[5]

$ 12,930

Cost

^[4],[5]

12,742

Investments at fair value

^[4],[5],[6]

$ 12,736

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

May 01, 2028

Industry

^[4],[5]

Hotels, Motels, Inns and Gaming

Current Coupon

^[4],[5]

10.62%

Basis Point Spread Above Index

^[4],[5],[17]

1M L+750

Basis Point Spread Above Index

^[4],[5],[17]

750.00%

Par/Shares

^[4],[5]

$ 19,156

Cost

^[4],[5]

19,019

Investments at fair value

^[4],[5],[6]

$ 18,869

Schedule Of Investments [Line Items]

Maturity

^[4],[5],[18]

Dec. 23, 2025

Industry

^[4],[5],[18]

Electronics

Par/Shares

^[4],[5],[18]

$ 226

Investments at fair value

^{[4],[5],[6],[18]}

$ (11)

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Dec. 23, 2025

Industry

^[4],[5]

Electronics

Current Coupon

^[4],[5]

7.93%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+475

Basis Point Spread Above Index

^[4],[5],[17]

475.00%

Par/Shares

^[4],[5]

$ 291

Cost

^[4],[5]

291

Investments at fair value

^[4],[5],[6]

$ 277

Schedule Of Investments [Line Items]

Maturity

^[4],[5],[18]

Mar. 15, 2027

Industry

^[4],[5],[18]

Business Services

Par/Shares

^[4],[5],[18]

$ 1,485

Investments at fair value

^{[4],[5],[6],[18]}

$ (33)

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Mar. 15, 2027

Industry

^[4],[5]

Business Services

Current Coupon

^[4],[5]

8.87%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+575

Basis Point Spread Above Index

^[4],[5],[17]

575.00%

Par/Shares

^[4],[5]

$ 371

Cost

^[4],[5]

371

Investments at fair value

^[4],[5],[6]

$ 363

Schedule Of Investments [Line Items]

Maturity

^[4],[5],[18]

Mar. 15, 2024

Industry

^[4],[5],[18]

Business Services

Par/Shares

^[4],[5],[18]

$ 7,424

Investments at fair value

^{[4],[5],[6],[18]}

$ (111)

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Mar. 15, 2027

Industry

^[4],[5]

Business Services

Current Coupon

^[4],[5]

8.87%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+575

Basis Point Spread Above Index

^[4],[5],[17]

575.00%

Par/Shares

^[4],[5]

$ 24,875

Cost

^[4],[5]

24,532

Investments at fair value

^[4],[5],[6]

$ 24,315

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Jun. 17, 2028

Industry

^[4],[5]

Aerospace and Defense

Current Coupon

^[4],[5]

7.00%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+475

Basis Point Spread Above Index

^[4],[5],[17]

475.00%

Par/Shares

^[4],[5]

$ 738

Cost

^[4],[5]

735

Investments at fair value

^[4],[5],[6]

$ 682

Schedule Of Investments [Line Items]

Maturity

^[4],[5],[18]

May 14, 2026

Industry

^[4],[5],[18]

Business Services

Par/Shares

^[4],[5],[18]

$ 1,858

Investments at fair value

^{[4],[5],[6],[18]}

$ (56)

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

May 14, 2026

Industry

^[4],[5]

Business Services

Current Coupon

^[4],[5]

9.37%

Basis Point Spread Above Index

^[4],[5],[17]

1M L+625

Basis Point Spread Above Index

^[4],[5],[17]

625.00%

Par/Shares

^[4],[5]

$ 132

Cost

^[4],[5]

133

Investments at fair value

^[4],[5],[6]

$ 129

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

May 14, 2026

Industry

^[4],[5]

Business Services

Current Coupon

^[4],[5]

9.37%

Basis Point Spread Above Index

^[4],[5],[17]

1M L+625

Basis Point Spread Above Index

^[4],[5],[17]

625.00%

Par/Shares

^[4],[5]

$ 16,809

Cost

^[4],[5]

16,548

Investments at fair value

^[4],[5],[6]

$ 16,305

Schedule Of Investments [Line Items]

Maturity

^[4],[5],[18]

Aug. 10, 2027

Industry

^[4],[5],[18]

Distribution

Par/Shares

^[4],[5],[18]

$ 397

Investments at fair value

^{[4],[5],[6],[18]}

$ (16)

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Aug. 10, 2027

Industry

^[4],[5]

Distribution

Current Coupon

^[4],[5]

9.16%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+575

Basis Point Spread Above Index

^[4],[5],[17]

575.00%

Par/Shares

^[4],[5]

$ 372

Cost

^[4],[5]

372

Investments at fair value

^[4],[5],[6]

$ 357

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Graffiti Buyer, Inc. Maturity 08/10/2023 Distribution

Schedule Of Investments [Line Items]

Maturity

^[4],[5],[18]

Aug. 10, 2023

Industry

^[4],[5],[18]

Distribution

Par/Shares

^[4],[5],[18]

$ 892

Investments at fair value

^{[4],[5],[6],[18]}

$ (20)

Schedule Of Investments [Line Items]

Maturity

^[4],[5],[18]

Dec. 17, 2026

Industry

^[4],[5],[18]

Business Services

Par/Shares

^[4],[5],[18]

$ 1,050

Investments at fair value

^{[4],[5],[6],[18]}

$ (37)

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Dec. 17, 2026

Industry

^[4],[5]

Business Services

Current Coupon

^[4],[5]

9.63%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+600

Basis Point Spread Above Index

^[4],[5],[17]

600.00%

Par/Shares

^[4],[5]

$ 200

Cost

^[4],[5]

200

Investments at fair value

^[4],[5],[6]

$ 193

Schedule Of Investments [Line Items]

Maturity

^[4],[5],[18]

Dec. 17, 2026

Industry

^[4],[5],[18]

Business Services

Par/Shares

^[4],[5],[18]

$ 2,219

Investments at fair value

^{[4],[5],[6],[18]}

$ (61)

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Dec. 17, 2026

Industry

^[4],[5]

Business Services

Current Coupon

^[4],[5]

9.67%

Basis Point Spread Above Index

^[4],[5],[17]

1M L+600

Basis Point Spread Above Index

^[4],[5],[17]

600.00%

Par/Shares

^[4],[5]

$ 281

Cost

^[4],[5]

279

Investments at fair value

^[4],[5],[6]

$ 271

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% HW Holdco, LLC (Revolver) Maturity 12/10/2024 Media

Schedule Of Investments [Line Items]

Maturity

^[4],[5],[18]

Dec. 10, 2024

Industry

^[4],[5],[18]

Media

Par/Shares

^[4],[5],[18]

$ 3,387

Investments at fair value

^{[4],[5],[6],[18]}

$ (42)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% HW Holdco, LLC Maturity 12/10/2024 Media

Schedule Of Investments [Line Items]

Maturity

^[4],[5],[18]

Dec. 10, 2024

Industry

^[4],[5],[18]

Media

Par/Shares

^[4],[5],[18]

$ 3,049

Investments at fair value

^{[4],[5],[6],[18]}

$ (8)

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Dec. 10, 2024

Industry

^[4],[5]

Media

Current Coupon

^[4],[5]

6.00%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+500

Basis Point Spread Above Index

^[4],[5],[17]

500.00%

Par/Shares

^[4],[5]

$ 10,188

Cost

^[4],[5]

10,077

Investments at fair value

^[4],[5],[6]

$ 10,061

Schedule Of Investments [Line Items]

Maturity

^[4],[5],[18]

Dec. 31, 2026

Industry

^[4],[5],[18]

Insurance

Par/Shares

^[4],[5],[18]

$ 480

Investments at fair value

^{[4],[5],[6],[18]}

$ (7)

Schedule Of Investments [Line Items]

Maturity

^[4],[5],[18]

Dec. 31, 2022

Industry

^[4],[5],[18]

Insurance

Par/Shares

^[4],[5],[18]

$ 400

Investments at fair value

^{[4],[5],[6],[18]}

$ (6)

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Dec. 31, 2026

Industry

^[4],[5]

Insurance

Current Coupon

^[4],[5]

7.82%

Basis Point Spread Above Index

^[4],[5],[17]

1M L+500

Basis Point Spread Above Index

^[4],[5],[17]

500.00%

Par/Shares

^[4],[5]

$ 270

Cost

^[4],[5]

270

Investments at fair value

^[4],[5],[6]

$ 266

Schedule Of Investments [Line Items]

Maturity

^[4],[5],[18]

Nov. 23, 2027

Industry

^[4],[5],[18]

Aerospace and Defense

Par/Shares

^[4],[5],[18]

$ 3,941

Investments at fair value

^{[4],[5],[6],[18]}

$ (79)

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Nov. 23, 2028

Industry

^[4],[5]

Aerospace and Defense

Current Coupon

^[4],[5]

10.17%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+600

Basis Point Spread Above Index

^[4],[5],[17]

600.00%

Par/Shares

^[4],[5]

$ 1,918

Cost

^[4],[5]

1,883

Investments at fair value

^[4],[5],[6]

$ 1,879

Schedule Of Investments [Line Items]

Maturity

^[4],[5],[18]

Dec. 30, 2026

Industry

^[4],[5],[18]

Healthcare, Education and Childcare

Par/Shares

^[4],[5],[18]

$ 4,167

Investments at fair value

^{[4],[5],[6],[18]}

$ (187)

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Dec. 30, 2026

Industry

^[4],[5]

Healthcare, Education and Childcare

Current Coupon

^[4],[5]

10.70%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+600

Basis Point Spread Above Index

^[4],[5],[17]

600.00%

Par/Shares

^[4],[5]

$ 3,685

Cost

^[4],[5]

3,576

Investments at fair value

^[4],[5],[6]

$ 3,574

Schedule Of Investments [Line Items]

Maturity

^[4],[5],[18]

Sep. 22, 2027

Industry

^[4],[5],[18]

Business Services

Par/Shares

^[4],[5],[18]

$ 477

Investments at fair value

^{[4],[5],[6],[18]}

$ (5)

Schedule Of Investments [Line Items]

Maturity

^[4],[5],[18]

Mar. 03, 2028

Industry

^[4],[5],[18]

Business Services

Par/Shares

^[4],[5],[18]

$ 1,192

Investments at fair value

^{[4],[5],[6],[18]}

$ (24)

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Mar. 03, 2028

Industry

^[4],[5]

Business Services

Current Coupon

^[4],[5]

8.25%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+550

Basis Point Spread Above Index

^[4],[5],[17]

550.00%

Par/Shares

^[4],[5]

$ 298

Cost

^[4],[5]

298

Investments at fair value

^[4],[5],[6]

$ 292

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Mar. 03, 2028

Industry

^[4],[5]

Business Services

Current Coupon

^[4],[5]

8.67%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+550

Basis Point Spread Above Index

^[4],[5],[17]

550.00%

Par/Shares

^[4],[5]

$ 8,927

Cost

^[4],[5]

8,784

Investments at fair value

^[4],[5],[6]

$ 8,749

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

May 11, 2028

Industry

^[4],[5]

Auto Sector

Current Coupon

^[4],[5]

7.55%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+475

Basis Point Spread Above Index

^[4],[5],[17]

475.00%

Par/Shares

^[4],[5]

$ 995

Cost

^[4],[5]

834

Investments at fair value

^[4],[5],[6]

$ 727

Schedule Of Investments [Line Items]

Maturity

^[4],[5],[18]

Nov. 15, 2027

Industry

^[4],[5],[18]

Business Services

Par/Shares

^[4],[5],[18]

$ 1,685

Investments at fair value

^{[4],[5],[6],[18]}

$ (42)

Schedule Of Investments [Line Items]

Maturity

^[4],[5],[18]

Nov. 15, 2027

Industry

^[4],[5],[18]

Business Services

Par/Shares

^[4],[5],[18]

$ 2,341

Investments at fair value

^{[4],[5],[6],[18]}

$ (35)

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Dec. 07, 2023

Industry

^[4],[5]

Healthcare, Education and Childcare

Current Coupon

^[4],[5]

10.18%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+715

Basis Point Spread Above Index

^[4],[5],[17]

715.00%

Par/Shares

^[4],[5]

$ 20,506

Cost

^[4],[5]

20,239

Investments at fair value

^[4],[5],[6]

$ 20,301

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Infolinks Media Buyco, LLC Maturity 11/01/2023 Media

Schedule Of Investments [Line Items]

Maturity

^[4],[5],[18]

Nov. 01, 2023

Industry

^[4],[5],[18]

Media

Par/Shares

^[4],[5],[18]

$ 2,372

Investments at fair value

^{[4],[5],[6],[18]}

$ 24

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Aug. 27, 2025

Industry

^[4],[5]

Insurance

Current Coupon

^[4],[5]

7.83%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+550

Basis Point Spread Above Index

^[4],[5],[17]

550.00%

Par/Shares

^[4],[5]

$ 9,930

Cost

^[4],[5]

9,876

Investments at fair value

^[4],[5],[6]

$ 9,831

Schedule Of Investments [Line Items]

Maturity

^[4],[5],[18]

Dec. 20, 2023

Industry

^[4],[5],[18]

Chemicals, Plastics and Rubber

Par/Shares

^[4],[5],[18]

$ 1,938

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Dec. 20, 2023

Industry

^[4],[5]

Chemicals, Plastics and Rubber

Current Coupon

^[4],[5]

11.12%

Basis Point Spread Above Index

^[4],[5],[17]

1M L+800

Basis Point Spread Above Index

^[4],[5],[17]

800.00%

Par/Shares

^[4],[5]

$ 11,678

Cost

^[4],[5]

11,629

Investments at fair value

^[4],[5],[6]

$ 11,678

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Nov. 10, 2026

Industry

^[4],[5]

Consumer Products

Current Coupon

^[4],[5]

9.67%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+600

Basis Point Spread Above Index

^[4],[5],[17]

600.00%

Par/Shares

^[4],[5]

$ 4,854

Cost

^[4],[5]

4,854

Investments at fair value

^[4],[5],[6]

$ 4,757

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Nov. 10, 2027

Industry

^[4],[5]

Consumer Products

Current Coupon

^[4],[5]

9.67%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+600

Basis Point Spread Above Index

^[4],[5],[17]

600.00%

Par/Shares

^[4],[5]

$ 24,341

Cost

^[4],[5]

23,807

Investments at fair value

^[4],[5],[6]

$ 23,855

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Oct. 31, 2024

Industry

^[4],[5]

Leisure, Amusement, Motion Pictures, Entertainment

Current Coupon

^[4],[5]

9.95%

Basis Point Spread Above Index

^[4],[5]

1M L+750

Basis Point Spread Above Index

^[4],[5]

750.00%

Par/Shares

^[4],[5]

$ 2,061

Cost

^[4],[5]

2,036

Investments at fair value

^[4],[5],[6]

$ 2,013

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Mar. 31, 2029

Industry

^[4],[5]

Retail

Current Coupon

^[4],[5]

9.37%

Basis Point Spread Above Index

^[4],[5]

SOFR+725

Basis Point Spread Above Index

^[4],[5]

725.00%

Par/Shares

^[4],[5]

$ 6,000

Cost

^[4],[5]

5,772

Investments at fair value

^[4],[5],[6]

$ 5,685

Schedule Of Investments [Line Items]

Maturity

^[4],[5],[18]

Aug. 16, 2026

Industry

^[4],[5]

Consumer Products

Par/Shares

^[4],[5]

$ 1,252

Investments at fair value

^[4],[5],[6]

$ (25)

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Aug. 16, 2026

Industry

^[4],[5]

Consumer Products

Current Coupon

^[4],[5]

9.38%

Basis Point Spread Above Index

^[4],[5],[17]

1M L+700

Basis Point Spread Above Index

^[4],[5],[17]

700.00%

Par/Shares

^[4],[5]

$ 568

Cost

^[4],[5]

568

Investments at fair value

^[4],[5],[6]

$ 556

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Feb. 18, 2027

Industry

^[4],[5]

Consumer Products

Current Coupon

^[4],[5]

11.78%

Basis Point Spread Above Index

^[4],[5],[17]

1M L+700

Basis Point Spread Above Index

^[4],[5],[17]

700.00%

Par/Shares

^[4],[5]

$ 2,828

Cost

^[4],[5]

2,774

Investments at fair value

^[4],[5],[6]

$ 2,771

Schedule Of Investments [Line Items]

Maturity

^[4],[5],[18]

Nov. 09, 2026

Industry

^[4],[5],[18]

Consumer Products

Par/Shares

^[4],[5],[18]

$ 1,933

Investments at fair value

^{[4],[5],[6],[18]}

$ (29)

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Nov. 09, 2026

Industry

^[4],[5]

Consumer Products

Current Coupon

^[4],[5]

9.92%

Basis Point Spread Above Index

^[4],[5]

3M L+625

Basis Point Spread Above Index

^[4],[5]

625.00%

Par/Shares

^[4],[5]

$ 9,177

Cost

^[4],[5]

9,021

Investments at fair value

^[4],[5],[6]

$ 9,040

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Feb. 03, 2026

Industry

^[4],[5]

Healthcare, Education and Childcare

Par/Shares

^[4],[5]

$ 661

Investments at fair value

^[4],[5],[6]

$ (21)

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Feb. 03, 2026

Industry

^[4],[5]

Healthcare, Education and Childcare

Current Coupon

^[4],[5]

8.87%

Basis Point Spread Above Index

^[4],[5]

1M L+575

Basis Point Spread Above Index

^[4],[5]

575.00%

Par/Shares

^[4],[5]

$ 505

Cost

^[4],[5]

505

Investments at fair value

^[4],[5],[6]

$ 489

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Feb. 03, 2026

Industry

^[4],[5]

Healthcare, Education and Childcare

Current Coupon

^[4],[5]

8.87%

Basis Point Spread Above Index

^[4],[5]

1M L+575

Basis Point Spread Above Index

^[4],[5]

575.00%

Par/Shares

^[4],[5]

$ 2,220

Cost

^[4],[5]

2,205

Investments at fair value

^[4],[5],[6]

$ 2,148

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Sep. 27, 2023

Industry

^[4],[5]

Real Estate

Current Coupon

^[4],[5]

12.50%

Par/Shares

^[4],[5]

$ 3,000

Cost

^[4],[5]

2,970

Investments at fair value

^[4],[5],[6]

$ 2,970

Schedule Of Investments [Line Items]

Maturity

^[4],[5],[18]

Apr. 16, 2027

Industry

^[4],[5],[18]

Telecommunications

Par/Shares

^[4],[5],[18]

$ 694

Investments at fair value

^{[4],[5],[6],[18]}

$ (7)

Schedule Of Investments [Line Items]

Maturity

^[4],[5],[18]

Jul. 25, 2028

Industry

^[4],[5],[18]

Chemicals, Plastics and Rubber

Par/Shares

^[4],[5],[18]

$ 2,227

Investments at fair value

^{[4],[5],[6],[18]}

$ (22)

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Jul. 25, 2028

Industry

^[4],[5]

Chemicals, Plastics and Rubber

Current Coupon

^[4],[5]

8.98%

Basis Point Spread Above Index

^[4],[5]

3M L+600

Basis Point Spread Above Index

^[4],[5]

600.00%

Par/Shares

^[4],[5]

$ 14,400

Cost

^[4],[5]

14,117

Investments at fair value

^[4],[5],[6]

$ 14,112

Schedule Of Investments [Line Items]

Maturity

^[4],[5],[18]

Jul. 25, 2028

Industry

^[4],[5],[18]

Chemicals, Plastics and Rubber

Par/Shares

^[4],[5],[18]

$ 5,196

Investments at fair value

^{[4],[5],[6],[18]}

$ (52)

Schedule Of Investments [Line Items]

Maturity

^[4],[5],[18]

May 14, 2026

Industry

^[4],[5],[18]

Media

Par/Shares

^[4],[5],[18]

$ 806

Investments at fair value

^{[4],[5],[6],[18]}

$ (4)

Schedule Of Investments [Line Items]

Maturity

^[4],[5],[18]

Dec. 10, 2027

Industry

^[4],[5],[18]

Business Services

Par/Shares

^[4],[5],[18]

$ 1,685

Investments at fair value

^{[4],[5],[6],[18]}

$ (17)

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Dec. 10, 2027

Industry

^[4],[5]

Business Services

Current Coupon

^[4],[5]

9.17%

Basis Point Spread Above Index

^[4],[5]

3M L+550

Basis Point Spread Above Index

^[4],[5]

550.00%

Par/Shares

^[4],[5]

$ 1,320

Cost

^[4],[5]

1,307

Investments at fair value

^[4],[5],[6]

$ 1,307

Schedule Of Investments [Line Items]

Maturity

^[4],[5],[18]

Dec. 10, 2027

Industry

^[4],[5],[18]

Business Services

Par/Shares

^[4],[5],[18]

$ 1,676

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Meadowlark Acquirer, LLC Term Loan II, Maturity 12/10/2027 Business Services Coupon Basis Point Spread Above Index

Schedule Of Investments [Line Items]

Maturity

^[4],[5],[18]

Dec. 10, 2027

Industry

^[4],[5],[18]

Business Services

Par/Shares

^[4],[5],[18]

$ 8,922

Schedule Of Investments [Line Items]

Maturity

^[4],[5],[18]

Sep. 28, 2027

Industry

^[4],[5],[18]

Distribution

Par/Shares

^[4],[5],[18]

$ 1,175

Investments at fair value

^{[4],[5],[6],[18]}

$ (56)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Municipal Emergency Services, Inc. (Revolver) Maturity 09/28/2027 Distribution Coupon 7.25 Basis Point Spread Above Index 3M L+500

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Sep. 28, 2027

Industry

^[4],[5]

Distribution

Current Coupon

^[4],[5]

7.25%

Basis Point Spread Above Index

^[4],[5]

3M L+500

Basis Point Spread Above Index

^[4],[5]

500.00%

Par/Shares

^[4],[5]

$ 282

Cost

^[4],[5]

282

Investments at fair value

^[4],[5],[6]

$ 266

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Municipal Emergency Services, Inc. (Revolver) Maturity 09/28/2027 Distribution Coupon Basis Point Spread Above Index

Schedule Of Investments [Line Items]

Maturity

^[4],[5],[18]

Sep. 28, 2027

Industry

^[4],[5],[18]

Distribution

Par/Shares

^[4],[5],[18]

$ 1,598

Investments at fair value

^{[4],[5],[6],[18]}

$ (93)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Municipal Emergency Services, Inc. Maturity 09/28/2027 Distribution Coupon 8.67 Basis Point Spread Above Index 3M L+500

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Sep. 28, 2027

Industry

^[4],[5]

Distribution

Current Coupon

^[4],[5]

8.67%

Basis Point Spread Above Index

^[4],[5]

3M L+500

Basis Point Spread Above Index

^[4],[5]

500.00%

Par/Shares

^[4],[5]

$ 703

Cost

^[4],[5]

697

Investments at fair value

^[4],[5],[6]

$ 663

Schedule Of Investments [Line Items]

Maturity

^[4],[5],[18]

Aug. 19, 2026

Industry

^[4],[5],[18]

Healthcare, Education and Childcare

Par/Shares

^[4],[5],[18]

$ 1,163

Schedule Of Investments [Line Items]

Maturity

^[4],[5],[18]

Oct. 14, 2026

Industry

^[4],[5],[18]

Financial Services

Current Coupon

^[4],[5],[18]

7.10%

Basis Point Spread Above Index

^[4],[5],[18]

1M L+525

Basis Point Spread Above Index

^[4],[5],[18]

525.00%

Par/Shares

^[4],[5],[18]

$ 4,379

Cost

^[4],[5],[18]

4,352

Investments at fair value

^{[4],[5],[6],[18]}

$ 4,423

Schedule Of Investments [Line Items]

Maturity

^[4],[5],[18]

Jul. 09, 2026

Industry

^[4],[5],[18]

Healthcare, Education and Childcare

Par/Shares

^[4],[5],[18]

$ 333

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Sep. 03, 2027

Industry

^[4],[5]

Business Services

Par/Shares

^[4],[5]

$ 597

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Sep. 03, 2027

Industry

^[4],[5]

Business Services

Current Coupon

^[4],[5]

8.92%

Basis Point Spread Above Index

^[4],[5]

3M L+525

Basis Point Spread Above Index

^[4],[5]

525.00%

Par/Shares

^[4],[5]

$ 4,454

Cost

^[4],[5]

4,378

Investments at fair value

^[4],[5],[6]

$ 4,454

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

May 07, 2027

Industry

^[4],[5]

Cargo Transport

Current Coupon

^[4],[5]

8.77%

Basis Point Spread Above Index

^[4],[5]

3M L+625

Basis Point Spread Above Index

^[4],[5]

625.00%

Par/Shares

^[4],[5]

$ 7,008

Cost

^[4],[5]

6,889

Investments at fair value

^[4],[5],[6]

$ 6,798

Schedule Of Investments [Line Items]

Maturity

^[4],[5],[18]

May 18, 2026

Industry

^[4],[5],[18]

Building Materials

Par/Shares

^[4],[5],[18]

$ 645

Investments at fair value

^{[4],[5],[6],[18]}

$ (13)

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

May 18, 2026

Industry

^[4],[5]

Building Materials

Current Coupon

^[4],[5]

9.81%

Basis Point Spread Above Index

^[4],[5]

3M L+700

Basis Point Spread Above Index

^[4],[5]

700.00%

Par/Shares

^[4],[5]

$ 1,774

Cost

^[4],[5]

1,774

Investments at fair value

^[4],[5],[6]

$ 1,739

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

May 18, 2026

Industry

^[4],[5]

Building Materials

Current Coupon

^[4],[5]

9.81%

Basis Point Spread Above Index

^[4],[5]

1M L+700

Basis Point Spread Above Index

^[4],[5]

700.00%

Par/Shares

^[4],[5]

$ 15,391

Cost

^[4],[5]

15,189

Investments at fair value

^[4],[5],[6]

$ 15,083

Schedule Of Investments [Line Items]

Maturity

^[4],[5],[18]

Nov. 09, 2027

Industry

^[4],[5],[18]

Retail

Par/Shares

^[4],[5],[18]

$ 3,236

Investments at fair value

^{[4],[5],[6],[18]}

$ (81)

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Aug. 07, 2025

Industry

^[4],[5]

Business Services

Basis Point Spread Above Index

^[4],[5],[17]

3M L+1,050

Basis Point Spread Above Index

^[4],[5],[17]

1050.00%

Par/Shares

^[4],[5]

$ 2,000

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Aug. 07, 2025

Industry

^[4],[5]

Business Services

Current Coupon

^[4],[5]

14.17%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+1,050

Basis Point Spread Above Index

^[4],[5],[17]

1050.00%

Par/Shares

^[4],[5]

$ 24,907

Cost

^[4],[5]

21,694

Investments at fair value

^[4],[5],[6]

$ 24,907

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Jul. 06, 2028

Industry

^[4],[5]

Business Services

Current Coupon

^[4],[5]

9.30%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+575

Basis Point Spread Above Index

^[4],[5],[17]

575.00%

Par/Shares

^[4],[5]

$ 959

Cost

^[4],[5]

959

Investments at fair value

^[4],[5],[6]

$ 949

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Jul. 06, 2028

Industry

^[4],[5]

Business Services

Par/Shares

^[4],[5]

$ 3,836

Investments at fair value

^[4],[5],[6]

$ (38)

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Jul. 06, 2028

Industry

^[4],[5]

Business Services

Current Coupon

^[4],[5]

9.30%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+575

Basis Point Spread Above Index

^[4],[5],[17]

575.00%

Par/Shares

^[4],[5]

$ 35,340

Cost

^[4],[5]

34,826

Investments at fair value

^[4],[5],[6]

$ 34,987

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Jul. 06, 2028

Industry

^[4],[5]

Business Services

Par/Shares

^[4],[5]

$ 7,193

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Nov. 19, 2026

Industry

^[4],[5]

Aerospace and Defense

Current Coupon

^[4],[5]

9.51%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+600

Basis Point Spread Above Index

^[4],[5],[17]

600.00%

Par/Shares

^[4],[5]

$ 211

Cost

^[4],[5]

211

Investments at fair value

^[4],[5],[6]

$ 207

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Nov. 19, 2026

Industry

^[4],[5]

Aerospace and Defense

Par/Shares

^[4],[5]

$ 317

Investments at fair value

^[4],[5],[6]

$ (6)

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Nov. 19, 2026

Industry

^[4],[5]

Aerospace and Defense

Current Coupon

^[4],[5]

8.00%

Basis Point Spread Above Index

^[4],[5],[17]

1M L+625

Basis Point Spread Above Index

^[4],[5],[17]

625.00%

Par/Shares

^[4],[5]

$ 679

Cost

^[4],[5]

673

Investments at fair value

^[4],[5],[6]

$ 666

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Sep. 09, 2024

Industry

^[4],[5]

Media

Par/Shares

^[4],[5]

$ 3,590

Investments at fair value

^[4],[5],[6]

$ (72)

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Sep. 09, 2024

Industry

^[4],[5]

Media

Current Coupon

^[4],[5]

7.45%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+500

Basis Point Spread Above Index

^[4],[5],[17]

500.00%

Par/Shares

^[4],[5]

$ 21,600

Cost

^[4],[5]

21,436

Investments at fair value

^[4],[5],[6]

$ 21,168

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Mar. 31, 2025

Industry

^[4],[5]

Aerospace and Defense

Current Coupon

^[4],[5]

8.28%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+575

Basis Point Spread Above Index

^[4],[5],[17]

575.00%

Par/Shares

^[4],[5]

$ 891

Cost

^[4],[5]

891

Investments at fair value

^[4],[5],[6]

$ 877

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Mar. 31, 2025

Industry

^[4],[5]

Aerospace and Defense

Par/Shares

^[4],[5]

$ 1,336

Investments at fair value

^[4],[5],[6]

$ (20)

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Dec. 18, 2025

Industry

^[4],[5]

Healthcare, Education and Childcare

Par/Shares

^[4],[5]

$ 1,050

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Dec. 18, 2025

Industry

^[4],[5]

Healthcare, Education and Childcare

Par/Shares

^[4],[5]

$ 525

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Feb. 28, 2028

Industry

^[4],[5]

Transportation

Current Coupon

^[4],[5]

9.13%

Basis Point Spread Above Index

^[4],[5],[17]

SOFR+600

Basis Point Spread Above Index

^[4],[5],[17]

600.00%

Par/Shares

^[4],[5]

$ 5,970

Cost

^[4],[5]

5,885

Investments at fair value

^[4],[5],[6]

$ 5,701

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Jan. 29, 2026

Industry

^[4],[5]

Consumer Products

Current Coupon

^[4],[5]

9.92%

Basis Point Spread Above Index

^[4],[5],[17]

1M L+600

Basis Point Spread Above Index

^[4],[5],[17]

600.00%

Par/Shares

^[4],[5]

$ 313

Cost

^[4],[5]

313

Investments at fair value

^[4],[5],[6]

$ 302

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Jan. 29, 2026

Industry

^[4],[5]

Consumer Products

Par/Shares

^[4],[5]

$ 814

Investments at fair value

^[4],[5],[6]

$ (28)

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Dec. 20, 2024

Industry

^[4],[5]

Business Services

Current Coupon

^[4],[5]

8.84%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+550

Basis Point Spread Above Index

^[4],[5],[17]

550.00%

Par/Shares

^[4],[5]

$ 126

Cost

^[4],[5]

126

Investments at fair value

^[4],[5],[6]

$ 113

Schedule Of Investments [Line Items]

Maturity

^[4],[5],[18]

Jun. 20, 2025

Industry

^[4],[5],[18]

Healthcare, Education and Childcare

Par/Shares

^[4],[5],[18]

$ 364

Investments at fair value

^{[4],[5],[6],[18]}

$ (9)

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Mar. 10, 2025

Industry

^[4],[5]

Education

Current Coupon

^[4],[5]

8.97%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+625

Basis Point Spread Above Index

^[4],[5],[17]

625.00%

Par/Shares

^[4],[5]

$ 12,906

Cost

^[4],[5]

12,705

Investments at fair value

^[4],[5],[6]

$ 12,648

Schedule Of Investments [Line Items]

Maturity

^[4],[5],[18]

Jan. 03, 2025

Industry

^[4],[5],[18]

Business Services

Par/Shares

^[4],[5],[18]

$ 732

Investments at fair value

^{[4],[5],[6],[18]}

$ (7)

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Dec. 20, 2024

Industry

^[4],[5]

Electronics

Current Coupon

^[4],[5]

8.28%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+550

Basis Point Spread Above Index

^[4],[5],[17]

550.00%

Par/Shares

^[4],[5]

$ 593

Cost

^[4],[5]

593

Investments at fair value

^[4],[5],[6]

$ 587

Schedule Of Investments [Line Items]

Maturity

^[4],[5],[18]

Dec. 20, 2024

Industry

^[4],[5],[18]

Electronics

Par/Shares

^[4],[5],[18]

$ 5

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Jul. 14, 2025

Industry

^[4],[5]

Business Services

Current Coupon

^[4],[5]

9.09%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+600

Basis Point Spread Above Index

^[4],[5],[17]

600.00%

Par/Shares

^[4],[5]

$ 30

Cost

^[4],[5]

Investments at fair value

^[4],[5],[6]

$ 30

Schedule Of Investments [Line Items]

Maturity

^[4],[5],[18]

Jul. 14, 2025

Industry

^[4],[5],[18]

Business Services

Par/Shares

^[4],[5],[18]

$ 8

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Jul. 14, 2025

Industry

^[4],[5]

Business Services

Current Coupon

^[4],[5]

11.11%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+700

Basis Point Spread Above Index

^[4],[5],[17]

700.00%

Par/Shares

^[4],[5]

$ 4,689

Cost

^[4],[5]

4,636

Investments at fair value

^[4],[5],[6]

$ 4,571

Schedule Of Investments [Line Items]

Maturity

^[4],[5],[18]

Jun. 13, 2029

Industry

^[4],[5],[18]

Chemicals, Plastics and Rubber

Par/Shares

^[4],[5],[18]

$ 3,126

Investments at fair value

^{[4],[5],[6],[18]}

$ (47)

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Jun. 13, 2029

Industry

^[4],[5]

Chemicals, Plastics and Rubber

Current Coupon

^[4],[5]

9.70%

Basis Point Spread Above Index

^[4],[5],[17]

1M L+575

Basis Point Spread Above Index

^[4],[5],[17]

575.00%

Par/Shares

^[4],[5]

$ 4,800

Cost

^[4],[5]

4,730

Investments at fair value

^[4],[5],[6]

$ 4,728

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Jun. 21, 2027

Industry

^[4],[5]

Business Services

Current Coupon

^[4],[5]

9.56%

Basis Point Spread Above Index

^[4],[5],[17]

1M L+575

Basis Point Spread Above Index

^[4],[5],[17]

575.00%

Par/Shares

^[4],[5]

$ 17,955

Cost

^[4],[5]

17,784

Investments at fair value

^[4],[5],[6]

$ 17,722

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Dec. 18, 2025

Industry

^[4],[5]

Telecommunications

Current Coupon

^[4],[5]

12.17%

Basis Point Spread Above Index

^[4],[5],[17]

1M L+850

Basis Point Spread Above Index

^[4],[5],[17]

850.00%

Par/Shares

^[4],[5]

$ 1,131

Cost

^[4],[5]

1,131

Investments at fair value

^[4],[5],[6]

$ 1,108

Schedule Of Investments [Line Items]

Maturity

^[4],[5],[18]

Dec. 18, 2025

Industry

^[4],[5],[18]

Telecommunications

Par/Shares

^[4],[5],[18]

$ 1,845

Investments at fair value

^{[4],[5],[6],[18]}

$ (37)

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Dec. 18, 2025

Industry

^[4],[5]

Telecommunications

Current Coupon

^[4],[5]

12.17%

Basis Point Spread Above Index

^[4],[5],[17]

1M L+850

Basis Point Spread Above Index

^[4],[5],[17]

850.00%

Par/Shares

^[4],[5]

$ 31,680

Cost

^[4],[5]

31,004

Investments at fair value

^[4],[5],[6]

$ 31,047

Schedule Of Investments [Line Items]

Maturity

^[4],[5],[18]

May 03, 2024

Industry

^[4],[5],[18]

Chemicals, Plastics and Rubber

Par/Shares

^[4],[5],[18]

$ 2,016

Investments at fair value

^{[4],[5],[6],[18]}

$ (15)

Schedule Of Investments [Line Items]

Maturity

^[4],[5],[18]

Jan. 17, 2024

Industry

^[4],[5],[18]

Communications

Par/Shares

^[4],[5],[18]

$ 1,665

Investments at fair value

^{[4],[5],[6],[18]}

$ (40)

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Feb. 26, 2025

Industry

^[4],[5]

Education

Current Coupon

^[4],[5]

9.42%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+575

Basis Point Spread Above Index

^[4],[5],[17]

575.00%

Par/Shares

^[4],[5]

$ 12,018

Cost

^[4],[5]

11,947

Investments at fair value

^[4],[5],[6]

$ 12,018

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Mar. 01, 2028

Industry

^[4],[5]

Business Services

Current Coupon

^[4],[5]

8.63%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+575

Basis Point Spread Above Index

^[4],[5],[17]

575.00%

Par/Shares

^[4],[5]

$ 187

Cost

^[4],[5]

187

Investments at fair value

^[4],[5],[6]

$ 182

Schedule Of Investments [Line Items]

Maturity

^[4],[5],[18]

Mar. 01, 2028

Industry

^[4],[5],[18]

Business Services

Par/Shares

^[4],[5],[18]

$ 1,215

Investments at fair value

^{[4],[5],[6],[18]}

$ (34)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Spendmend Holdings LLC Maturity 03/01/2023 Business Services

Schedule Of Investments [Line Items]

Maturity

^[4],[5],[18]

Mar. 01, 2023

Industry

^[4],[5],[18]

Business Services

Par/Shares

^[4],[5],[18]

$ 2,784

Investments at fair value

^{[4],[5],[6],[18]}

$ (57)

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Mar. 01, 2028

Industry

^[4],[5]

Business Services

Current Coupon

^[4],[5]

8.63%

Basis Point Spread Above Index

^[4],[5],[17]

1M L+575

Basis Point Spread Above Index

^[4],[5],[17]

575.00%

Par/Shares

^[4],[5]

$ 9,705

Cost

^[4],[5]

9,581

Investments at fair value

^[4],[5],[6]

$ 9,433

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Aug. 16, 2027

Industry

^[4],[5]

Aerospace and Defense

Par/Shares

^[4],[5],[17]

$ 2,925

Investments at fair value

^[4],[5],[6]

$ (47)

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Mar. 26, 2026

Industry

^[4],[5]

Transportation

Par/Shares

^[4],[5],[17]

$ 1,370

Investments at fair value

^[4],[5],[6]

$ (34)

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Mar. 26, 2026

Industry

^[4],[5]

Transportation

Current Coupon

^[4],[5]

8.87%

Basis Point Spread Above Index

^[4],[5],[17]

1M L+600

Basis Point Spread Above Index

^[4],[5],[17]

600.00%

Par/Shares

^[4],[5],[17]

$ 12,864

Cost

^[4],[5]

12,626

Investments at fair value

^[4],[5],[6]

$ 12,543

Schedule Of Investments [Line Items]

Maturity

^[4],[5],[18]

Jun. 16, 2025

Industry

^[4],[5],[18]

Education

Par/Shares

^{[4],[5],[17],[18]}

$ 1,644

Investments at fair value

^{[4],[5],[6],[18]}

$ (8)

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Jun. 16, 2025

Industry

^[4],[5]

Education

Current Coupon

^[4],[5]

8.76%

Basis Point Spread Above Index

^[4],[5],[17]

1M L+625

Basis Point Spread Above Index

^[4],[5],[17]

625.00%

Par/Shares

^[4],[5],[17]

$ 1,143

Cost

^[4],[5]

1,143

Investments at fair value

^[4],[5],[6]

$ 1,137

Schedule Of Investments [Line Items]

Maturity

^[4],[5],[18]

Jul. 27, 2026

Industry

^[4],[5],[18]

Business Services

Par/Shares

^{[4],[5],[17],[18]}

$ 734

Investments at fair value

^{[4],[5],[6],[18]}

$ 7

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Jul. 27, 2026

Industry

^[4],[5]

Business Services

Current Coupon

^[4],[5]

10.67%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+700

Basis Point Spread Above Index

^[4],[5],[17]

700.00%

Par/Shares

^[4],[5],[17]

$ 4,884

Cost

^[4],[5]

4,796

Investments at fair value

^[4],[5],[6]

$ 4,933

Schedule Of Investments [Line Items]

Maturity

^[4],[5],[18]

Aug. 30, 2027

Industry

^[4],[5],[18]

Business Services

Par/Shares

^{[4],[5],[17],[18]}

$ 592

Investments at fair value

^{[4],[5],[6],[18]}

$ (3)

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Aug. 30, 2027

Industry

^[4],[5]

Business Services

Current Coupon

^[4],[5]

8.26%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+550

Basis Point Spread Above Index

^[4],[5],[17]

550.00%

Par/Shares

^[4],[5],[17]

$ 148

Cost

^[4],[5]

148

Investments at fair value

^[4],[5],[6]

$ 147

Schedule Of Investments [Line Items]

Maturity

^[4],[5],[18]

Aug. 30, 2027

Industry

^[4],[5],[18]

Business Services

Par/Shares

^{[4],[5],[17],[18]}

$ 466

Investments at fair value

^{[4],[5],[6],[18]}

$ 2

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Aug. 30, 2027

Industry

^[4],[5]

Business Services

Current Coupon

^[4],[5]

8.18%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+550

Basis Point Spread Above Index

^[4],[5],[17]

550.00%

Par/Shares

^[4],[5],[17]

$ 1,754

Cost

^[4],[5]

1,737

Investments at fair value

^[4],[5],[6]

1,745

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5% Total First Lien Secured Debt

Schedule Of Investments [Line Items]

Cost

^[4],[5]

599,263

Investments at fair value

^[4],[5],[6]

$ 588,267

Schedule Of Investments [Line Items]

Maturity

^[4],[5],[18]

Apr. 01, 2026

Industry

^[4],[5],[18]

Aerospace and Defense

Par/Shares

^{[4],[5],[17],[18]}

$ 364

Investments at fair value

^{[4],[5],[6],[18]}

$ (26)

Schedule Of Investments [Line Items]

Maturity

^[4],[5],[18]

May 24, 2027

Industry

^[4],[5],[18]

Home and Office Furnishings

Par/Shares

^{[4],[5],[17],[18]}

$ 3,000

Investments at fair value

^{[4],[5],[6],[18]}

$ (66)

Schedule Of Investments [Line Items]

Maturity

^[4],[5],[18]

May 24, 2027

Industry

^[4],[5],[18]

Home and Office Furnishings

Par/Shares

^{[4],[5],[17],[18]}

$ 16,140

Investments at fair value

^{[4],[5],[6],[18]}

$ (194)

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

May 24, 2027

Industry

^[4],[5]

Home and Office Furnishings

Current Coupon

^[4],[5]

8.95%

Basis Point Spread Above Index

^[4],[5],[17]

1M L+525

Basis Point Spread Above Index

^[4],[5],[17]

525.00%

Par/Shares

^[4],[5],[17]

$ 27,233

Cost

^[4],[5]

26,904

Investments at fair value

^[4],[5],[6]

$ 26,634

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Mar. 31, 2027

Industry

^[4],[5]

Home and Office Furnishings

Current Coupon

^[4],[5]

12.42%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+875

Basis Point Spread Above Index

^[4],[5],[17]

875.00%

Par/Shares

^[4],[5],[17]

$ 25,368

Cost

^[4],[5]

24,881

Investments at fair value

^[4],[5],[6]

$ 16,946

Schedule Of Investments [Line Items]

Maturity

^[4],[5],[18]

Feb. 27, 2026

Industry

^[4],[5],[18]

Electronics

Par/Shares

^{[4],[5],[17],[18]}

$ 574

Investments at fair value

^{[4],[5],[6],[18]}

$ (41)

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Feb. 27, 2026

Industry

^[4],[5]

Electronics

Current Coupon

^[4],[5]

9.09%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+575

Basis Point Spread Above Index

^[4],[5],[17]

575.00%

Par/Shares

^[4],[5],[17]

$ 3,831

Cost

^[4],[5]

3,771

Investments at fair value

^[4],[5],[6]

$ 3,716

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Mar. 01, 2024

Industry

^[4],[5]

Auto Sector

Current Coupon

^[4],[5]

10.13%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+725

Basis Point Spread Above Index

^[4],[5],[17]

725.00%

Par/Shares

^[4],[5],[17]

$ 2,627

Cost

^[4],[5]

2,608

Investments at fair value

^[4],[5],[6]

$ 2,562

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Healthcare, Education and Childcare

Current Coupon

^[4],[5],[12]

6.00%

Par/Shares

^[4],[5],[12]

$ 211

Cost

^[4],[5],[12]

500

Investments at fair value

^{[4],[5],[6],[12]}

2,127

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Preferred Equity/Partnership Interests—1.3% Ad.net Holdings, Inc. Media

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[16]}

Media

Par/Shares

^{[4],[5],[12],[16]}

2,400

Cost

^{[4],[5],[12],[16]}

240

Investments at fair value

^{[4],[5],[6],[12],[16]}

267

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[16]}

Media

Par/Shares

^{[4],[5],[12],[16]}

1,135

Cost

^{[4],[5],[12],[16]}

1,135

Investments at fair value

^{[4],[5],[6],[12],[16]}

$ 1,427

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Business Services

Current Coupon

^[4],[5],[12]

8.00%

Par/Shares

^[4],[5],[12]

$ 743,826

Cost

^[4],[5],[12]

744

Investments at fair value

^{[4],[5],[6],[12]}

704

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Preferred Equity/Partnership Interests—1.3% Mars Intermediate Holdings II, Inc Media

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[16]}

Media

Par/Shares

^{[4],[5],[12],[16]}

414

Cost

^{[4],[5],[12],[16]}

414

Investments at fair value

^{[4],[5],[6],[12],[16]}

484

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Aerospace and Defense

Par/Shares

^[4],[5],[12]

160

Cost

^[4],[5],[12]

160

Investments at fair value

^{[4],[5],[6],[12]}

227

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Preferred Equity/Partnership Interests—1.3% ORL Holdco, Inc. Business Services

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Business Services

Par/Shares

^[4],[5],[12]

575

Cost

^[4],[5],[12]

Investments at fair value

^{[4],[5],[6],[12]}

$ 62

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Chemicals, Plastics and Rubber

Current Coupon

^[4],[5],[12]

12.00%

Par/Shares

^[4],[5],[12]

$ 1,527

Cost

^[4],[5],[12]

1,527

Investments at fair value

^{[4],[5],[6],[12]}

1,932

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Preferred Equity/Partnership Interests—1.3% TPC Holding Company, LP Food

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[13],[15]}

Food

Par/Shares

^{[4],[5],[12],[13],[15]}

219

Cost

^{[4],[5],[12],[13],[15]}

219

Investments at fair value

^{[4],[5],[6],[12],[13],[15]}

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Preferred Equity/Partnership Interests—1.3% TWD Parent Holdings, LLC Business Services

Schedule Of Investments [Line Items]

Industry

^[4],[5],[12]

Business Services

Par/Shares

^[4],[5],[12]

Cost

^[4],[5],[12]

Investments at fair value

^{[4],[5],[6],[12]}

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Preferred Equity/Partnership Interests—1.3% Total Preferred Equity/Partnership Interests

Schedule Of Investments [Line Items]

Cost

^[4],[5],[12]

5,026

Investments at fair value

^{[4],[5],[6],[12]}

$ 7,325

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

May 07, 2029

Industry

^[4],[5]

Telecommunications

Current Coupon

^[4],[5]

11.19%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+900

Basis Point Spread Above Index

^[4],[5],[17]

900.00%

Par/Shares

^[4],[5]

$ 17,000

Cost

^[4],[5]

16,551

Investments at fair value

^[4],[5],[6]

$ 14,909

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Jun. 29, 2027

Industry

^[4],[5]

Aerospace and Defense

Current Coupon

^[4],[5]

12.67%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+900

Basis Point Spread Above Index

^[4],[5],[17]

900.00%

Par/Shares

^[4],[5]

$ 17,825

Cost

^[4],[5]

17,506

Investments at fair value

^[4],[5],[6]

$ 17,290

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Jul. 28, 2030

Industry

^[4],[5]

Auto Sector

Current Coupon

^[4],[5]

12.16%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+900

Basis Point Spread Above Index

^[4],[5],[17]

900.00%

Par/Shares

^[4],[5]

$ 8,000

Cost

^[4],[5]

7,752

Investments at fair value

^[4],[5],[6]

$ 7,680

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Apr. 03, 2024

Industry

^[4],[5]

Other Media

Current Coupon

^[4],[5]

12.92%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+925

Basis Point Spread Above Index

^[4],[5],[17]

925.00%

Par/Shares

^[4],[5]

$ 20,400

Cost

^[4],[5]

20,288

Investments at fair value

^[4],[5],[6]

$ 20,196

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Aug. 19, 2029

Industry

^[4],[5]

Business Services

Current Coupon

^[4],[5]

11.17%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+750

Basis Point Spread Above Index

^[4],[5],[17]

750.00%

Par/Shares

^[4],[5]

$ 7,500

Cost

^[4],[5]

7,432

Investments at fair value

^[4],[5],[6]

$ 7,125

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Jul. 06, 2026

Industry

^[4],[5]

Consumer Products

Current Coupon

^[4],[5]

11.37%

Basis Point Spread Above Index

^[4],[5],[17]

1M L+825

Basis Point Spread Above Index

^[4],[5],[17]

825.00%

Par/Shares

^[4],[5]

$ 32,500

Cost

^[4],[5]

32,164

Investments at fair value

^[4],[5],[6]

$ 31,769

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Sep. 29, 2024

Industry

^[4],[5]

Electronics

Current Coupon

^[4],[5]

12.17%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+850

Basis Point Spread Above Index

^[4],[5],[17]

850.00%

Par/Shares

^[4],[5]

$ 16,593

Cost

^[4],[5]

16,387

Investments at fair value

^[4],[5],[6]

$ 16,344

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Feb. 04, 2027

Industry

^[4],[5]

Aerospace and Defense

Current Coupon

^[4],[5]

12.68%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+1,000

Basis Point Spread Above Index

^[4],[5],[17]

1000.00%

Par/Shares

^[4],[5]

$ 150

Cost

^[4],[5]

148

Investments at fair value

^[4],[5],[6]

148

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Second Lien Secured Debt—22.2% Total Second Lien Secured Debt

Schedule Of Investments [Line Items]

Cost

^[4],[5]

133,160

Investments at fair value

^[4],[5],[6]

$ 129,936

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Aug. 17, 2026

Industry

^[4],[5]

Business Services

Current Coupon

^[4],[5]

9.87%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+675

Basis Point Spread Above Index

^[4],[5],[17]

675.00%

Par/Shares

^[4],[5]

$ 15,000

Cost

^[4],[5]

14,932

Investments at fair value

^[4],[5],[6]

$ 14,475

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Jan. 15, 2029

Industry

^[4],[5]

Auto Sector

Current Coupon

^[4],[5]

15.31%

Basis Point Spread Above Index

^[4],[5],[17]

3M L+1,150

Basis Point Spread Above Index

^[4],[5],[17]

1150.00%

Par/Shares

^[4],[5]

$ 21,000

Cost

^[4],[5]

20,278

Investments at fair value

^[4],[5],[6]

$ 20,359

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

May 26, 2027

Industry

^[4],[5]

Financial Services

Current Coupon

^[4],[5]

12.50%

Par/Shares

^[4],[5]

$ 34,000

Cost

^[4],[5]

33,190

Investments at fair value

^[4],[5],[6]

32,895

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Subordinated Debt/Corporate Notes—9.1% Total Subordinated Debt/Corporate Notes

Schedule Of Investments [Line Items]

Cost

^[4],[5]

53,468

Investments at fair value

^[4],[5],[6]

$ 53,254

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4%

Schedule Of Investments [Line Items]

Cost

^[1],[2]

816,754

Investments at fair value

^[1],[2],[3]

830,809

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0%

Schedule Of Investments [Line Items]

Cost

^[1],[2],[7]

95,037

Investments at fair value

^{[1],[2],[3],[7]}

115,478

Schedule Of Investments [Line Items]

Industry

^{[1],[2],[7],[21]}

Personal, Food and Miscellaneous Services

Par/Shares

^{[1],[2],[7],[21]}

2,193,038

Cost

^{[1],[2],[7],[21]}

2,193

Investments at fair value

^{[1],[2],[3],[7],[21]}

2,340

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% AG Investco LP Business Services

Schedule Of Investments [Line Items]

Industry

^{[1],[2],[7],[21]}

Business Services

Par/Shares

^{[1],[2],[7],[21]}

805,164

Cost

^{[1],[2],[7],[21]}

805

Investments at fair value

^{[1],[2],[3],[7],[21]}

1,074

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% AG Investco LP Business Services One

Schedule Of Investments [Line Items]

Industry

^{[1],[2],[7],[19],[21]}

Business Services

Par/Shares

^{[1],[2],[7],[19],[21]}

194,836

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% AMCSI Crash Co-Invest, LP Auto Sector

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Auto Sector

Par/Shares

^[1],[2],[7]

2,489,777

Cost

^[1],[2],[7]

2,490

Investments at fair value

^{[1],[2],[3],[7]}

3,318

Schedule Of Investments [Line Items]

Industry

^{[1],[2],[7],[19]}

Auto Sector

Par/Shares

^{[1],[2],[7],[19]}

510,223

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Ad.net Holdings, Inc. Media

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Media

Par/Shares

^[1],[2],[7]

2,667

Cost

^[1],[2],[7]

$ 27

Schedule Of Investments [Line Items]

Maturity

^[1],[2],[7]

Apr. 10, 2024

Industry

^[1],[2],[7]

Consumer Products

Par/Shares

^[1],[2],[7]

$ 77,190

Cost

^[1],[2],[7]

2,126

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Aerospace and Defense

Par/Shares

^[1],[2],[7]

125,000

Cost

^[1],[2],[7]

125

Investments at fair value

^{[1],[2],[3],[7]}

127

Schedule Of Investments [Line Items]

Industry

^{[1],[2],[7],[21]}

Media

Par/Shares

^{[1],[2],[7],[21]}

1,135

Schedule Of Investments [Line Items]

Industry

^{[1],[2],[7],[21]}

Healthcare, Education and Childcare

Par/Shares

^{[1],[2],[7],[21]}

9,357

Cost

^{[1],[2],[7],[21]}

10,000

Investments at fair value

^{[1],[2],[3],[7],[21]}

9,032

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Telecommunications

Par/Shares

^[1],[2],[7]

1,700,000

Cost

^[1],[2],[7]

1,613

Investments at fair value

^{[1],[2],[3],[7]}

293

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Healthcare, Education and Childcare

Par/Shares

^[1],[2],[7]

1,312

Cost

^[1],[2],[7]

1,312

Investments at fair value

^{[1],[2],[3],[7]}

1,513

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Burgess Point Holdings, LP Auto Sector

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Auto Sector

Par/Shares

^[1],[2],[7]

680

Cost

^[1],[2],[7]

680

Investments at fair value

^{[1],[2],[3],[7]}

740

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Connatix Parent, LLC Media

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Media

Par/Shares

^[1],[2],[7]

57,416

Cost

^[1],[2],[7]

632

Investments at fair value

^{[1],[2],[3],[7]}

333

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Distribution

Par/Shares

^[1],[2],[7]

27,778

Cost

^[1],[2],[7]

3,015

Investments at fair value

^{[1],[2],[3],[7]}

5,451

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Personal, Food and Miscellaneous Services

Par/Shares

^[1],[2],[7]

113

Cost

^[1],[2],[7]

104

Investments at fair value

^{[1],[2],[3],[7]}

173

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Telecommunications

Par/Shares

^[1],[2],[7]

863,299

Cost

^[1],[2],[7]

848

Investments at fair value

^{[1],[2],[3],[7]}

1,542

Schedule Of Investments [Line Items]

Industry

^{[1],[2],[7],[19]}

Telecommunications

Par/Shares

^{[1],[2],[7],[19]}

277,745

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% EDS Topco, LP Aerospace and Defense

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Aerospace and Defense

Par/Shares

^[1],[2],[7]

937,500

Cost

^[1],[2],[7]

938

Investments at fair value

^{[1],[2],[3],[7]}

885

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Exigo, LLC Business Services

Schedule Of Investments [Line Items]

Industry

^{[1],[2],[7],[21]}

Business Services

Par/Shares

^{[1],[2],[7],[21]}

1,458,333

Cost

^{[1],[2],[7],[21]}

1,458

Investments at fair value

^{[1],[2],[3],[7],[21]}

1,648

Schedule Of Investments [Line Items]

Industry

^{[1],[2],[7],[21]}

Aerospace and Defense

Par/Shares

^{[1],[2],[7],[21]}

20,882

Cost

^{[1],[2],[7],[21]}

2,175

Investments at fair value

^{[1],[2],[3],[7],[21]}

2,951

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% FedHC InvestCo LP Aerospace and Defense

Schedule Of Investments [Line Items]

Industry

^{[1],[2],[7],[21]}

Aerospace and Defense

Par/Shares

^{[1],[2],[7],[21]}

14,578

Cost

^{[1],[2],[7],[21]}

489

Investments at fair value

^{[1],[2],[3],[7],[21]}

2,060

Schedule Of Investments [Line Items]

Industry

^{[1],[2],[7],[19],[21]}

Aerospace and Defense

Par/Shares

^{[1],[2],[7],[19],[21]}

5,150

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Leisure, Amusement, Motion Pictures, Entertainment

Par/Shares

^[1],[2],[7]

655,714

Cost

^[1],[2],[7]

656

Investments at fair value

^{[1],[2],[3],[7]}

800

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% GCOM InvestCo LP Business Services

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Business Services

Par/Shares

^[1],[2],[7]

2,434

Cost

^[1],[2],[7]

1,003

Investments at fair value

^{[1],[2],[3],[7]}

401

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Personal, Food and Miscellaneous Services

Par/Shares

^[1],[2],[7]

374,444

Cost

^[1],[2],[7]

374

Investments at fair value

^{[1],[2],[3],[7]}

371

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Consumer Products

Par/Shares

^[1],[2],[7]

889,376

Cost

^[1],[2],[7]

136

Investments at fair value

^{[1],[2],[3],[7]}

4,076

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Consumer Products

Par/Shares

^[1],[2],[7]

462,827

Cost

^[1],[2],[7]

463

Investments at fair value

^{[1],[2],[3],[7]}

389

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Business Services

Par/Shares

^[1],[2],[7]

Cost

^[1],[2],[7]

Investments at fair value

^{[1],[2],[3],[7]}

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Transportation

Par/Shares

^[1],[2],[7]

810,645

Investments at fair value

^{[1],[2],[3],[7]}

2,390

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Building Materials

Par/Shares

^[1],[2],[7]

675,325

Cost

^[1],[2],[7]

675

Investments at fair value

^{[1],[2],[3],[7]}

1,479

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Business Services

Par/Shares

^[1],[2],[7]

750,399

Cost

^[1],[2],[7]

750

Investments at fair value

^{[1],[2],[3],[7]}

751

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Business Services

Par/Shares

^[1],[2],[7]

1,600,000

Cost

^[1],[2],[7]

1,600

Investments at fair value

^{[1],[2],[3],[7]}

1,778

Schedule Of Investments [Line Items]

Industry

^{[1],[2],[7],[21]}

Insurance

Par/Shares

^{[1],[2],[7],[21]}

450,000

Cost

^{[1],[2],[7],[21]}

450

Investments at fair value

^{[1],[2],[3],[7],[21]}

338

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Personal, Food and Miscellaneous Services

Par/Shares

^[1],[2],[7]

1,218,045

Cost

^[1],[2],[7]

1,218

Investments at fair value

^{[1],[2],[3],[7]}

1,642

Schedule Of Investments [Line Items]

Industry

^{[1],[2],[7],[21]}

Healthcare, Education and Childcare

Par/Shares

^{[1],[2],[7],[21]}

162,445

Cost

^{[1],[2],[7],[21]}

1,624

Investments at fair value

^{[1],[2],[3],[7],[21]}

1,775

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Healthcare, Education and Childcare

Par/Shares

^[1],[2],[7]

375,675

Cost

^[1],[2],[7]

Investments at fair value

^{[1],[2],[3],[7]}

1,158

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Business Services

Par/Shares

^[1],[2],[7]

1,118,318

Cost

^[1],[2],[7]

1,118

Investments at fair value

^{[1],[2],[3],[7]}

1,002

Schedule Of Investments [Line Items]

Industry

^{[1],[2],[7],[19],[21]}

Business Services

Par/Shares

^{[1],[2],[7],[19],[21]}

381,682

Investments at fair value

^{[1],[2],[3],[7],[19],[21]}

(40)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Imagine Topco, LP Business Services

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Business Services

Par/Shares

^[1],[2],[7]

743,826

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Other Media

Par/Shares

^[1],[2],[7]

181,495

Cost

^[1],[2],[7]

2,040

Investments at fair value

^{[1],[2],[3],[7]}

2,327

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Environmental Services

Par/Shares

^[1],[2],[7]

4,566

Cost

^[1],[2],[7]

450

Investments at fair value

^{[1],[2],[3],[7]}

663

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Personal, Food and Miscellaneous Services

Par/Shares

^[1],[2],[7]

382,353

Cost

^[1],[2],[7]

382

Investments at fair value

^{[1],[2],[3],[7]}

775

Schedule Of Investments [Line Items]

Industry

^{[1],[2],[7],[21]}

Hotels, Motels, Inns and Gaming

Par/Shares

^{[1],[2],[7],[21]}

161,252

Investments at fair value

^{[1],[2],[3],[7],[21]}

1,630

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Kinetic Purchaser, LLC Consumer Products

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Consumer Products

Par/Shares

^[1],[2],[7]

1,308,814

Cost

^[1],[2],[7]

1,309

Investments at fair value

^{[1],[2],[3],[7]}

1,892

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Financial Services

Par/Shares

^[1],[2],[7]

350

Cost

^[1],[2],[7]

865

Investments at fair value

^{[1],[2],[3],[7]}

1,006

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% LJ Avalon, LP Environmental Services

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Environmental Services

Par/Shares

^[1],[2],[7]

851,087

Cost

^[1],[2],[7]

851

Investments at fair value

^{[1],[2],[3],[7]}

902

Schedule Of Investments [Line Items]

Industry

^{[1],[2],[7],[21]}

Environmental Services

Par/Shares

^{[1],[2],[7],[21]}

363,656

Investments at fair value

^{[1],[2],[3],[7],[21]}

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Healthcare, Education and Childcare

Par/Shares

^[1],[2],[7]

273,143

Cost

^[1],[2],[7]

273

Investments at fair value

^{[1],[2],[3],[7]}

741

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Business Services

Par/Shares

^[1],[2],[7]

335,590

Cost

^[1],[2],[7]

4,530

Investments at fair value

^{[1],[2],[3],[7]}

4,452

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Chemicals, Plastics and Rubber

Par/Shares

^[1],[2],[7]

30,993

Cost

^[1],[2],[7]

3,103

Investments at fair value

^{[1],[2],[3],[7]}

3,326

Schedule Of Investments [Line Items]

Industry

^{[1],[2],[7],[21]}

Auto Sector

Par/Shares

^{[1],[2],[7],[21]}

169,230

Schedule Of Investments [Line Items]

Industry

^{[1],[2],[7],[21]}

Auto Sector

Par/Shares

^{[1],[2],[7],[21]}

929,200

Schedule Of Investments [Line Items]

Industry

^{[1],[2],[7],[21]}

Media

Par/Shares

^{[1],[2],[7],[21]}

414

Investments at fair value

^{[1],[2],[3],[7],[21]}

232

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Meadowlark Title, LLC Business Services

Schedule Of Investments [Line Items]

Industry

^{[1],[2],[7],[21]}

Business Services

Par/Shares

^{[1],[2],[7],[21]}

815,385

Cost

^{[1],[2],[7],[21]}

802

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Distribution

Par/Shares

^[1],[2],[7]

3,920,145

Cost

^[1],[2],[7]

3,984

Investments at fair value

^{[1],[2],[3],[7]}

4,430

Schedule Of Investments [Line Items]

Industry

^{[1],[2],[7],[21]}

Consumer Products

Par/Shares

^{[1],[2],[7],[21]}

1,299

Cost

^{[1],[2],[7],[21]}

1,259

Investments at fair value

^{[1],[2],[3],[7],[21]}

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Healthcare, Education and Childcare

Par/Shares

^[1],[2],[7]

1,257

Cost

^[1],[2],[7]

1,257

Investments at fair value

^{[1],[2],[3],[7]}

1,257

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Aerospace and Defense

Par/Shares

^[1],[2],[7]

3,261

Cost

^[1],[2],[7]

Schedule Of Investments [Line Items]

Industry

^{[1],[2],[7],[21]}

Business Services

Par/Shares

^{[1],[2],[7],[21]}

351,553

Cost

^{[1],[2],[7],[21]}

352

Investments at fair value

^{[1],[2],[3],[7],[21]}

351

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% OHCP V BC COI, L.P. Distribution

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Distribution

Par/Shares

^[1],[2],[7]

446,250

Cost

^[1],[2],[7]

446

Investments at fair value

^{[1],[2],[3],[7]}

390

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% OHCP V BC COI, L.P. Distribution One

Schedule Of Investments [Line Items]

Industry

^{[1],[2],[7],[19],[21]}

Distribution

Par/Shares

^{[1],[2],[7],[19],[21]}

303,750

Investments at fair value

^{[1],[2],[3],[7],[19],[21]}

(38)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% ORL Holdco, Inc. Business Services

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Business Services

Par/Shares

^[1],[2],[7]

638

Cost

^[1],[2],[7]

Schedule Of Investments [Line Items]

Industry

^{[1],[2],[7],[21]}

Aerospace and Defense

Par/Shares

^{[1],[2],[7],[21]}

98,286

Cost

^{[1],[2],[7],[21]}

913

Investments at fair value

^{[1],[2],[3],[7],[21]}

2,133

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Financial Services

Par/Shares

^[1],[2],[7]

12,269,640

Cost

^[1],[2],[7]

12,270

Investments at fair value

^{[1],[2],[3],[7]}

12,485

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Pink Lily Holdco, LLC Retail

Schedule Of Investments [Line Items]

Industry

^{[1],[2],[7],[21]}

Retail

Par/Shares

^{[1],[2],[7],[21]}

1,044

Cost

^{[1],[2],[7],[21]}

1,044

Investments at fair value

^{[1],[2],[3],[7],[21]}

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Business Services

Par/Shares

^[1],[2],[7]

1,918,047

Cost

^[1],[2],[7]

1,918

Investments at fair value

^{[1],[2],[3],[7]}

747

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Business Services

Par/Shares

^[1],[2],[7]

2,958,706

Cost

^[1],[2],[7]

2,959

Investments at fair value

^{[1],[2],[3],[7]}

3,461

Schedule Of Investments [Line Items]

Industry

^{[1],[2],[7],[21]}

Aerospace and Defense

Par/Shares

^{[1],[2],[7],[21]}

Cost

^{[1],[2],[7],[21]}

Investments at fair value

^{[1],[2],[3],[7],[21]}

Schedule Of Investments [Line Items]

Industry

^{[1],[2],[7],[21]}

Aerospace and Defense

Par/Shares

^{[1],[2],[7],[21]}

712

Cost

^{[1],[2],[7],[21]}

Investments at fair value

^{[1],[2],[3],[7],[21]}

446

Schedule Of Investments [Line Items]

Industry

^{[1],[2],[7],[19],[21]}

Aerospace and Defense

Par/Shares

^{[1],[2],[7],[19],[21]}

955

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Healthcare, Education and Childcare

Par/Shares

^[1],[2],[7]

1,050,000

Cost

^[1],[2],[7]

1,050

Investments at fair value

^{[1],[2],[3],[7]}

1,052

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Business Services

Par/Shares

^[1],[2],[7]

36,585

Cost

^[1],[2],[7]

366

Investments at fair value

^{[1],[2],[3],[7]}

291

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% SP L2 Holdings, LLC Consumer Products

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Consumer Products

Par/Shares

^[1],[2],[7]

881,966

Cost

^[1],[2],[7]

882

Investments at fair value

^{[1],[2],[3],[7]}

604

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Electronics

Par/Shares

^[1],[2],[7]

Cost

^[1],[2],[7]

Investments at fair value

^{[1],[2],[3],[7]}

3,295

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Chemicals, Plastics and Rubber

Par/Shares

^[1],[2],[7]

2,981

Cost

^[1],[2],[7]

2,981

Investments at fair value

^{[1],[2],[3],[7]}

2,372

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Chemicals, Plastics and Rubber

Par/Shares

^[1],[2],[7]

Cost

^[1],[2],[7]

Investments at fair value

^{[1],[2],[3],[7]}

2,059

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Media

Par/Shares

^[1],[2],[7]

153,846

Cost

^[1],[2],[7]

154

Investments at fair value

^{[1],[2],[3],[7]}

169

Schedule Of Investments [Line Items]

Industry

^{[1],[2],[7],[21]}

Aerospace and Defense

Par/Shares

^{[1],[2],[7],[21]}

254,206

Cost

^{[1],[2],[7],[21]}

250

Investments at fair value

^{[1],[2],[3],[7],[21]}

405

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% TPC Holding Company, LP Food

Schedule Of Investments [Line Items]

Industry

^{[1],[2],[7],[8],[10]}

Food

Par/Shares

^{[1],[2],[7],[8],[10]}

11,527

Cost

^{[1],[2],[7],[8],[10]}

Investments at fair value

^{[1],[2],[3],[7],[8],[10]}

113

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Business Services

Par/Shares

^[1],[2],[7]

608

Cost

^[1],[2],[7]

Investments at fair value

^{[1],[2],[3],[7]}

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Tower Arch Infolinks Media, LP Media

Schedule Of Investments [Line Items]

Industry

^{[1],[2],[7],[21]}

Media

Par/Shares

^{[1],[2],[7],[21]}

536,514

Cost

^{[1],[2],[7],[21]}

504

Investments at fair value

^{[1],[2],[3],[7],[21]}

951

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% Tower Arch Infolinks Media, LP Media One

Schedule Of Investments [Line Items]

Industry

^{[1],[2],[7],[19],[21]}

Media

Par/Shares

^{[1],[2],[7],[19],[21]}

358,931

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% UniVista Insurance Business Services

Schedule Of Investments [Line Items]

Industry

^{[1],[2],[7],[21]}

Business Services

Par/Shares

^{[1],[2],[7],[21]}

400

Cost

^{[1],[2],[7],[21]}

362

Investments at fair value

^{[1],[2],[3],[7],[21]}

555

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Healthcare, Education and Childcare

Par/Shares

^[1],[2],[7]

1,111,111

Cost

^[1],[2],[7]

1,111

Investments at fair value

^{[1],[2],[3],[7]}

1,044

Schedule Of Investments [Line Items]

Industry

^{[1],[2],[7],[19]}

Healthcare, Education and Childcare

Par/Shares

^{[1],[2],[7],[19]}

284,988

Schedule Of Investments [Line Items]

Industry

^{[1],[2],[7],[21]}

Healthcare, Education and Childcare

Par/Shares

^{[1],[2],[7],[21]}

3,715,012

Cost

^{[1],[2],[7],[21]}

3,754

Investments at fair value

^{[1],[2],[3],[7],[21]}

4,319

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Electronics

Par/Shares

^[1],[2],[7]

2,314

Cost

^[1],[2],[7]

231

Investments at fair value

^{[1],[2],[3],[7]}

820

Schedule Of Investments [Line Items]

Industry

^{[1],[2],[7],[10]}

Financial Services

Par/Shares

^{[1],[2],[7],[10]}

Cost

^{[1],[2],[7],[10]}

1,005

Investments at fair value

^{[1],[2],[3],[7],[10]}

1,854

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2%

Schedule Of Investments [Line Items]

Par/Shares

^[1],[2]

472,975

Investments at fair value

^[1],[2],[3]

$ 468,007

Schedule Of Investments [Line Items]

Maturity

^[1],[2],[19]

Dec. 22, 2028

Industry

^[1],[2],[19]

Personal, Food and Miscellaneous Services

Par/Shares

^[1],[2],[19]

$ 2,532

Investments at fair value

^{[1],[2],[3],[19]}

$ (13)

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Dec. 21, 2024

Industry

^[1],[2]

Personal, Food and Miscellaneous Services

Par/Shares

^[1],[2]

$ 1,788

Investments at fair value

^[1],[2],[3]

$ 18

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Dec. 22, 2028

Industry

^[1],[2]

Personal, Food and Miscellaneous Services

Current Coupon

^[1],[2]

11.99%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+660

Basis Point Spread Above Index

^[1],[2],[11]

660.00%

Par/Shares

^[1],[2]

$ 5,144

Cost

^[1],[2]

5,073

Investments at fair value

^[1],[2],[3]

$ 5,119

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Ad.net Acquisition, LLC (Revolver) Maturity 05/07/2026 Media

Schedule Of Investments [Line Items]

Maturity

^[1],[2],[19]

May 07, 2026

Industry

^[1],[2],[19]

Media

Par/Shares

^[1],[2],[19]

$ 222

Investments at fair value

^{[1],[2],[3],[19]}

$ (1)

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

May 07, 2026

Industry

^[1],[2]

Media

Current Coupon

^[1],[2]

11.65%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+626

Basis Point Spread Above Index

^[1],[2],[11]

626.00%

Par/Shares

^[1],[2]

$ 222

Cost

^[1],[2]

222

Investments at fair value

^[1],[2],[3]

$ 221

Schedule Of Investments [Line Items]

Maturity

^[1],[2],[19]

May 23, 2024

Industry

^[1],[2],[19]

Media

Par/Shares

^[1],[2],[19]

$ 1,612

Investments at fair value

^{[1],[2],[3],[19]}

$ (28)

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

May 23, 2024

Industry

^[1],[2]

Media

Current Coupon

^[1],[2]

12.04%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+665

Basis Point Spread Above Index

^[1],[2],[11]

665.00%

Par/Shares

^[1],[2]

$ 1,237

Cost

^[1],[2]

1,223

Investments at fair value

^[1],[2],[3]

$ 1,221

Schedule Of Investments [Line Items]

Maturity

^[1],[2],[19]

Jul. 21, 2027

Industry

^[1],[2],[19]

Personal, Food and Miscellaneous Services

Par/Shares

^[1],[2],[19]

$ 1,147

Investments at fair value

^{[1],[2],[3],[19]}

$ (23)

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Jul. 21, 2027

Industry

^[1],[2]

Personal, Food and Miscellaneous Services

Current Coupon

^[1],[2]

11.22%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+585

Basis Point Spread Above Index

^[1],[2],[11]

585.00%

Par/Shares

^[1],[2]

$ 3,023

Cost

^[1],[2]

3,014

Investments at fair value

^[1],[2],[3]

$ 2,962

Schedule Of Investments [Line Items]

Maturity

^[1],[2],[19]

Jul. 31, 2025

Industry

^[1],[2],[19]

Personal, Food and Miscellaneous Services

Par/Shares

^[1],[2],[19]

$ 350

Investments at fair value

^{[1],[2],[3],[19]}

$ (1)

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Jul. 31, 2025

Industry

^[1],[2]

Personal, Food and Miscellaneous Services

Current Coupon

^[1],[2]

10.79%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+525

Basis Point Spread Above Index

^[1],[2],[11]

525.00%

Par/Shares

^[1],[2]

$ 582

Cost

^[1],[2]

583

Investments at fair value

^[1],[2],[3]

$ 581

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Jul. 31, 2025

Industry

^[1],[2]

Personal, Food and Miscellaneous Services

Current Coupon

^[1],[2]

10.77%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+525

Basis Point Spread Above Index

^[1],[2],[11]

525.00%

Par/Shares

^[1],[2]

$ 1,330

Cost

^[1],[2]

1,330

Investments at fair value

^[1],[2],[3]

$ 1,327

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Jul. 31, 2025

Industry

^[1],[2]

Personal, Food and Miscellaneous Services

Current Coupon

^[1],[2]

10.79%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+525

Basis Point Spread Above Index

^[1],[2],[11]

525.00%

Par/Shares

^[1],[2]

$ 1,863

Cost

^[1],[2]

1,850

Investments at fair value

^[1],[2],[3]

$ 1,859

Schedule Of Investments [Line Items]

Maturity

^[1],[2],[19]

Dec. 29, 2026

Industry

^[1],[2],[19]

Environmental Services

Par/Shares

^[1],[2],[19]

$ 600

Investments at fair value

^{[1],[2],[3],[19]}

$ (12)

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Dec. 29, 2026

Industry

^[1],[2]

Environmental Services

Current Coupon

^[1],[2]

13.25%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+475

Basis Point Spread Above Index

^[1],[2],[11]

475.00%

Par/Shares

^[1],[2]

$ 400

Cost

^[1],[2]

400

Investments at fair value

^[1],[2],[3]

$ 392

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Dec. 29, 2026

Industry

^[1],[2]

Environmental Services

Current Coupon

^[1],[2]

11.54%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+615

Basis Point Spread Above Index

^[1],[2],[11]

615.00%

Par/Shares

^[1],[2]

$ 824

Cost

^[1],[2]

818

Investments at fair value

^[1],[2],[3]

$ 808

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Aug. 03, 2029

Industry

^[1],[2],[19]

Aerospace and Defense

Current Coupon

^[1],[2]

11.62%

Basis Point Spread Above Index

^[1],[2],[11]

1M SOFR+615

Basis Point Spread Above Index

^[1],[2],[11]

615.00%

Par/Shares

^[1],[2]

$ 8,090

Cost

^[1],[2]

7,970

Investments at fair value

^[1],[2],[3]

$ 8,009

Schedule Of Investments [Line Items]

Maturity

^[1],[2],[19]

Aug. 04, 2028

Industry

^[1],[2],[19]

Aerospace and Defense

Par/Shares

^[1],[2],[19]

$ 3,521

Investments at fair value

^{[1],[2],[3],[19]}

$ (35)

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Nov. 02, 2023

Industry

^[1],[2]

Buildings and Real Estate

Current Coupon

^[1],[2]

11.50%

Par/Shares

^[1],[2]

$ 4,000

Cost

^[1],[2]

4,030

Investments at fair value

^[1],[2],[3]

$ 3,924

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Jul. 01, 2029

Industry

^[1],[2]

Business Services

Current Coupon

^[1],[2]

11.14%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+575

Basis Point Spread Above Index

^[1],[2],[11]

575.00%

Par/Shares

^[1],[2]

$ 4,950

Cost

^[1],[2]

4,869

Investments at fair value

^[1],[2],[3]

$ 4,604

Schedule Of Investments [Line Items]

Maturity

^[1],[2],[19]

Jan. 31, 2028

Industry

^[1],[2],[19]

Healthcare, Education and Childcare

Par/Shares

^[1],[2],[19]

$ 964

Investments at fair value

^{[1],[2],[3],[19]}

$ (5)

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Jan. 31, 2028

Industry

^[1],[2],[19]

Healthcare, Education and Childcare

Current Coupon

^[1],[2]

11.81%

Basis Point Spread Above Index

^[1],[2],[11]

1M SOFR+650

Basis Point Spread Above Index

^[1],[2],[11]

650.00%

Par/Shares

^[1],[2]

$ 107

Cost

^[1],[2]

107

Investments at fair value

^[1],[2],[3]

$ 107

Schedule Of Investments [Line Items]

Maturity

^[1],[2],[19]

Sep. 17, 2026

Industry

^[1],[2],[19]

Distribution

Par/Shares

^[1],[2],[19]

$ 3,089

Investments at fair value

^[1],[2],[3]

$ (46)

Schedule Of Investments [Line Items]

Maturity

^[1],[2],[19]

Sep. 17, 2026

Industry

^[1],[2],[19]

Distribution

Par/Shares

^[1],[2],[19]

$ 3,354

Investments at fair value

^{[1],[2],[3],[19]}

$ (34)

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Sep. 17, 2026

Industry

^[1],[2]

Distribution

Current Coupon

^[1],[2]

11.79%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+640

Basis Point Spread Above Index

^[1],[2],[11]

640.00%

Par/Shares

^[1],[2]

$ 1,851

Cost

^[1],[2]

1,833

Investments at fair value

^[1],[2],[3]

$ 1,823

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Dec. 04, 2025

Industry

^[1],[2]

Consumer Products

Current Coupon

^[1],[2]

11.65%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+626

Basis Point Spread Above Index

^[1],[2],[11]

626.00%

Par/Shares

^[1],[2]

$ 9,838

Cost

^[1],[2]

9,838

Investments at fair value

^[1],[2],[3]

$ 9,838

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% CF512, Inc. (Revolver) Maturity 08/20/2026 Media

Schedule Of Investments [Line Items]

Maturity

^[1],[2],[19]

Aug. 20, 2026

Industry

^[1],[2],[19]

Media

Par/Shares

^[1],[2],[19]

$ 909

Investments at fair value

^{[1],[2],[3],[19]}

$ (18)

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Aug. 20, 2026

Industry

^[1],[2]

Media

Current Coupon

^[1],[2]

11.59%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+600

Basis Point Spread Above Index

^[1],[2],[11]

600.00%

Par/Shares

^[1],[2]

$ 6,592

Cost

^[1],[2]

6,524

Investments at fair value

^[1],[2],[3]

$ 6,460

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Jun. 14, 2028

Industry

^[1],[2]

Distribution

Current Coupon

^[1],[2]

11.39%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+600

Basis Point Spread Above Index

^[1],[2],[11]

600.00%

Par/Shares

^[1],[2]

$ 1,265

Cost

^[1],[2]

1,265

Investments at fair value

^[1],[2],[3]

$ 1,265

Schedule Of Investments [Line Items]

Maturity

^[1],[2],[19]

Jun. 14, 2028

Industry

^[1],[2],[19]

Distribution

Par/Shares

^[1],[2],[19]

$ 2,297

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Jun. 14, 2028

Industry

^[1],[2]

Distribution

Current Coupon

^[1],[2]

11.39%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+600

Basis Point Spread Above Index

^[1],[2],[11]

600.00%

Par/Shares

^[1],[2]

$ 34,056

Cost

^[1],[2]

33,496

Investments at fair value

^[1],[2],[3]

$ 34,056

Schedule Of Investments [Line Items]

Maturity

^[1],[2],[19]

Feb. 07, 2025

Industry

^[1],[2],[19]

Business Services

Par/Shares

^[1],[2],[19]

$ 590

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Feb. 07, 2025

Industry

^[1],[2]

Business Services

Current Coupon

^[1],[2]

10.94%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+555

Basis Point Spread Above Index

^[1],[2],[11]

555.00%

Par/Shares

^[1],[2]

$ 66

Cost

^[1],[2]

Investments at fair value

^[1],[2],[3]

$ 66

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Feb. 09, 2026

Industry

^[1],[2]

Business Services

Current Coupon

^[1],[2]

10.94%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+555

Basis Point Spread Above Index

^[1],[2],[11]

555.00%

Par/Shares

^[1],[2]

$ 949

Cost

^[1],[2]

939

Investments at fair value

^[1],[2],[3]

$ 949

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Nov. 30, 2028

Industry

^[1],[2]

Healthcare, Education and Childcare

Current Coupon

^[1],[2]

12.82%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+750

Basis Point Spread Above Index

^[1],[2],[11]

750.00%

Par/Shares

^[1],[2]

$ 1,990

Cost

^[1],[2]

1,855

Investments at fair value

^[1],[2],[3]

$ 2,000

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Connatix Buyer, Inc. (Revolver) Maturity 07/13/2027 Media

Schedule Of Investments [Line Items]

Maturity

^[1],[2],[19]

Jul. 13, 2027

Industry

^[1],[2],[19]

Media

Par/Shares

^[1],[2],[19]

$ 1,875

Investments at fair value

^{[1],[2],[3],[19]}

$ (66)

Schedule Of Investments [Line Items]

Maturity

^[1],[2],[19]

Aug. 16, 2027

Industry

^[1],[2],[19]

Personal, Food and Miscellaneous Services

Par/Shares

^[1],[2],[19]

$ 175

Investments at fair value

^{[1],[2],[3],[19]}

$ (1)

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Aug. 16, 2027

Industry

^[1],[2]

Personal, Food and Miscellaneous Services

Current Coupon

^[1],[2]

10.90%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+551

Basis Point Spread Above Index

^[1],[2],[11]

551.00%

Par/Shares

^[1],[2]

$ 117

Cost

^[1],[2]

117

Investments at fair value

^[1],[2],[3]

$ 116

Schedule Of Investments [Line Items]

Maturity

^[1],[2],[19]

Nov. 03, 2025

Industry

^[1],[2],[19]

Consumer Products

Par/Shares

^[1],[2],[19]

$ 1,783

Investments at fair value

^{[1],[2],[3],[19]}

$ (21)

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Nov. 03, 2025

Industry

^[1],[2]

Consumer Products

Current Coupon

^[1],[2]

11.79%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+640

Basis Point Spread Above Index

^[1],[2],[11]

640.00%

Par/Shares

^[1],[2]

$ 7

Cost

^[1],[2]

Investments at fair value

^[1],[2],[3]

$ 7

Schedule Of Investments [Line Items]

Maturity

^[1],[2],[19]

Aug. 31, 2027

Industry

^[1],[2],[19]

Personal and Non-Durable Consumer Products

Par/Shares

^[1],[2],[19]

$ 2,326

Schedule Of Investments [Line Items]

Maturity

^[1],[2],[19]

Aug. 27, 2026

Industry

^[1],[2],[19]

Personal and Non-Durable Consumer Products

Par/Shares

^[1],[2],[19]

$ 2,000

Investments at fair value

^{[1],[2],[3],[19]}

$ 20

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Aug. 31, 2027

Industry

^[1],[2]

Personal and Non-Durable Consumer Products

Current Coupon

^[1],[2]

11.23%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+585

Basis Point Spread Above Index

^[1],[2],[11]

585.00%

Par/Shares

^[1],[2]

$ 8,276

Cost

^[1],[2]

8,190

Investments at fair value

^[1],[2],[3]

$ 8,276

Schedule Of Investments [Line Items]

Maturity

^[1],[2],[19]

Dec. 22, 2028

Industry

^[1],[2],[19]

Aerospace and Defense

Par/Shares

^[1],[2],[19]

$ 1,688

Investments at fair value

^{[1],[2],[3],[19]}

$ (25)

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Dec. 22, 2028

Industry

^[1],[2]

Aerospace and Defense

Par/Shares

^[1],[2]

$ 5,625

Investments at fair value

^[1],[2],[3]

$ (14)

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Dec. 22, 2028

Industry

^[1],[2]

Aerospace and Defense

Current Coupon

^[1],[2]

11.64%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+625

Basis Point Spread Above Index

^[1],[2],[11]

625.00%

Par/Shares

^[1],[2]

$ 6,219

Cost

^[1],[2]

6,133

Investments at fair value

^[1],[2],[3]

$ 6,125

Schedule Of Investments [Line Items]

Maturity

^[1],[2],[19]

May 25, 2029

Industry

^[1],[2],[19]

Personal, Food and Miscellaneous Services

Par/Shares

^[1],[2],[19]

$ 1,656

Investments at fair value

^{[1],[2],[3],[19]}

$ (28)

Schedule Of Investments [Line Items]

Maturity

^[1],[2],[19]

Mar. 15, 2027

Industry

^[1],[2],[19]

Business Services

Par/Shares

^[1],[2],[19]

$ 1,856

Investments at fair value

^{[1],[2],[3],[19]}

$ (37)

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Mar. 15, 2027

Industry

^[1],[2]

Business Services

Current Coupon

^[1],[2]

11.17%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+585

Basis Point Spread Above Index

^[1],[2],[11]

585.00%

Par/Shares

^[1],[2]

$ 24,375

Cost

^[1],[2]

24,097

Investments at fair value

^[1],[2],[3]

$ 23,888

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Feb. 23, 2028

Industry

^[1],[2]

Leisure, Amusement, Motion Pictures, Entertainment

Par/Shares

^[1],[2]

$ 741

Investments at fair value

^[1],[2],[3]

$ (11)

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Feb. 23, 2028

Industry

^[1],[2]

Leisure, Amusement, Motion Pictures, Entertainment

Par/Shares

^[1],[2]

$ 837

Investments at fair value

^[1],[2],[3]

$ (13)

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Feb. 23, 2028

Industry

^[1],[2]

Leisure, Amusement, Motion Pictures, Entertainment

Current Coupon

^[1],[2]

12.42%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+710

Basis Point Spread Above Index

^[1],[2],[11]

710.00%

Par/Shares

^[1],[2]

$ 196

Cost

^[1],[2]

196

Investments at fair value

^[1],[2],[3]

$ 193

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

May 19, 2029

Industry

^[1],[2]

Personal, Food and Miscellaneous Services

Current Coupon

^[1],[2]

12.56%

Par/Shares

^[1],[2]

$ 215

Cost

^[1],[2]

215

Investments at fair value

^[1],[2],[3]

$ 215

Schedule Of Investments [Line Items]

Maturity

^[1],[2],[19]

Aug. 10, 2027

Industry

^[1],[2],[19]

Distribution

Par/Shares

^[1],[2],[19]

$ 529

Investments at fair value

^{[1],[2],[3],[19]}

$ (5)

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Aug. 10, 2027

Industry

^[1],[2]

Distribution

Current Coupon

^[1],[2]

11.77%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+560

Basis Point Spread Above Index

^[1],[2],[11]

560.00%

Par/Shares

^[1],[2]

$ 239

Cost

^[1],[2]

239

Investments at fair value

^[1],[2],[3]

$ 237

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Graffiti Buyer, Inc. Maturity 08/10/2023 Distribution

Schedule Of Investments [Line Items]

Maturity

^[1],[2],[19]

Dec. 08, 2023

Industry

^[1],[2],[19]

Distribution

Par/Shares

^[1],[2],[19]

$ 276

Schedule Of Investments [Line Items]

Maturity

^[1],[2],[19]

Aug. 10, 2027

Industry

^[1],[2]

Distribution

Current Coupon

^[1],[2]

10.98%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+560

Basis Point Spread Above Index

^[1],[2],[11]

560.00%

Par/Shares

^[1],[2]

$ 613

Cost

^[1],[2]

608

Investments at fair value

^[1],[2],[3]

$ 607

Schedule Of Investments [Line Items]

Maturity

^[1],[2],[19]

Dec. 17, 2026

Industry

^[1],[2],[19]

Business Services

Par/Shares

^[1],[2],[19]

$ 50

Investments at fair value

^{[1],[2],[3],[19]}

$ 0

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Dec. 17, 2026

Industry

^[1],[2]

Business Services

Current Coupon

^[1],[2]

11.79%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+625

Basis Point Spread Above Index

^[1],[2],[11]

625.00%

Par/Shares

^[1],[2]

$ 1,200

Cost

^[1],[2]

1,200

Investments at fair value

^[1],[2],[3]

$ 1,198

Schedule Of Investments [Line Items]

Maturity

^[1],[2],[19]

Dec. 17, 2026

Industry

^[1],[2],[19]

Business Services

Par/Shares

^[1],[2],[19]

$ 2,219

Investments at fair value

^{[1],[2],[3],[19]}

$ 12

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Dec. 17, 2026

Industry

^[1],[2]

Business Services

Current Coupon

^[1],[2]

11.79%

Basis Point Spread Above Index

^[1],[2],[11]

1M SOFR+625

Basis Point Spread Above Index

^[1],[2],[11]

625.00%

Par/Shares

^[1],[2]

$ 279

Cost

^[1],[2]

278

Investments at fair value

^[1],[2],[3]

$ 279

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Dec. 10, 2024

Industry

^[1],[2]

Media

Current Coupon

^[1],[2]

11.28%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+640

Basis Point Spread Above Index

^[1],[2],[11]

640.00%

Par/Shares

^[1],[2]

$ 11,237

Cost

^[1],[2]

11,167

Investments at fair value

^[1],[2],[3]

$ 11,069

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% HW Holdco, LLC(Revolver) Maturity 12/10/2024 Media

Schedule Of Investments [Line Items]

Maturity

^[1],[2],[19]

Dec. 10, 2024

Industry

^[1],[2],[19]

Media

Par/Shares

^[1],[2],[19]

$ 3,116

Investments at fair value

^{[1],[2],[3],[19]}

$ (47)

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Dec. 10, 2024

Industry

^[1],[2]

Media

Current Coupon

^[1],[2]

11.82%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+640

Basis Point Spread Above Index

^[1],[2],[11]

640.00%

Par/Shares

^[1],[2]

$ 271

Cost

^[1],[2]

271

Investments at fair value

^[1],[2],[3]

$ 267

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Dec. 31, 2026

Industry

^[1],[2]

Insurance

Current Coupon

^[1],[2]

10.92%

Basis Point Spread Above Index

^[1],[2],[11]

1M SOFR+560

Basis Point Spread Above Index

^[1],[2],[11]

560.00%

Par/Shares

^[1],[2]

$ 335

Cost

^[1],[2]

335

Investments at fair value

^[1],[2],[3]

$ 327

Schedule Of Investments [Line Items]

Maturity

^[1],[2],[19]

Dec. 31, 2026

Industry

^[1],[2],[19]

Insurance

Par/Shares

^[1],[2],[19]

$ 415

Investments at fair value

^{[1],[2],[3],[19]}

$ (10)

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Nov. 23, 2028

Industry

^[1],[2]

Aerospace and Defense

Current Coupon

^[1],[2]

11.32%

Basis Point Spread Above Index

^[1],[2],[11]

6M SOFR+585

Basis Point Spread Above Index

^[1],[2],[11]

585.00%

Par/Shares

^[1],[2]

$ 1,898

Cost

^[1],[2]

1,868

Investments at fair value

^[1],[2],[3]

$ 1,898

Schedule Of Investments [Line Items]

Maturity

^[1],[2],[19]

Nov. 23, 2027

Industry

^[1],[2],[19]

Aerospace and Defense

Par/Shares

^[1],[2],[19]

$ 3,941

Schedule Of Investments [Line Items]

Maturity

^[1],[2],[19]

Sep. 22, 2027

Industry

^[1],[2],[19]

Business Services

Par/Shares

^[1],[2],[19]

$ 477

Investments at fair value

^{[1],[2],[3],[19]}

$ (7)

Schedule Of Investments [Line Items]

Maturity

^[1],[2],[19]

Mar. 03, 2028

Industry

^[1],[2],[19]

Business Services

Par/Shares

^[1],[2],[19]

$ 370

Investments at fair value

^{[1],[2],[3],[19]}

$ (7)

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Mar. 03, 2028

Industry

^[1],[2]

Business Services

Current Coupon

^[1],[2]

10.70%

Basis Point Spread Above Index

^[1],[2],[11]

1M SOFR+560

Basis Point Spread Above Index

^[1],[2],[11]

560.00%

Par/Shares

^[1],[2]

$ 1,121

Cost

^[1],[2]

1,121

Investments at fair value

^[1],[2],[3]

$ 1,098

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Mar. 03, 2028

Industry

^[1],[2]

Business Services

Current Coupon

^[1],[2]

11.06%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+615

Basis Point Spread Above Index

^[1],[2],[11]

615.00%

Par/Shares

^[1],[2]

$ 8,838

Cost

^[1],[2]

8,718

Investments at fair value

^[1],[2],[3]

$ 8,661

Schedule Of Investments [Line Items]

Maturity

^[1],[2],[19]

Nov. 15, 2027

Industry

^[1],[2],[19]

Business Services

Par/Shares

^[1],[2],[19]

$ 1,685

Investments at fair value

^{[1],[2],[3],[19]}

$ (25)

Schedule Of Investments [Line Items]

Maturity

^[1],[2],[19]

Nov. 15, 2027

Industry

^[1],[2],[19]

Business Services

Par/Shares

^[1],[2],[19]

$ 2,341

Investments at fair value

^{[1],[2],[3],[19]}

$ (12)

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Dec. 07, 2023

Industry

^[1],[2]

Healthcare, Education and Childcare

Current Coupon

^[1],[2]

12.49%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+715

Basis Point Spread Above Index

^[1],[2],[11]

715.00%

Par/Shares

^[1],[2]

$ 20,300

Cost

^[1],[2]

20,100

Investments at fair value

^[1],[2],[3]

$ 20,300

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Dec. 28, 2028

Industry

^[1],[2]

Personal, Food and Miscellaneous Services

Current Coupon

^[1],[2]

12.24%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+685

Basis Point Spread Above Index

^[1],[2],[11]

685.00%

Par/Shares

^[1],[2]

$ 2,089

Cost

^[1],[2]

2,089

Investments at fair value

^[1],[2],[3]

$ 2,089

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Infinity Home Services Holdco, Inc.(Revolver) Maturity 12/28/2028 Personal, Food and Miscellaneous Services

Schedule Of Investments [Line Items]

Maturity

^[1],[2],[19]

Dec. 28, 2028

Industry

^[1],[2],[19]

Personal, Food and Miscellaneous Services

Par/Shares

^[1],[2],[19]

$ 1,292

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Infinity Home Services Holdco, Inc.-Unfunded Term Loan Maturity 12/28/2023 Personal, Food and Miscellaneous Services

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Dec. 28, 2023

Industry

^[1],[2]

Personal, Food and Miscellaneous Services

Par/Shares

^[1],[2]

$ 1,135

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Infolinks Media Buyco, LLC Maturity 11/01/2023 Media

Schedule Of Investments [Line Items]

Maturity

^[1],[2],[19]

Nov. 01, 2023

Industry

^[1],[2],[19]

Media

Par/Shares

^[1],[2],[19]

$ 949

Investments at fair value

^{[1],[2],[3],[19]}

$ 10

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Nov. 01, 2026

Industry

^[1],[2]

Media

Current Coupon

^[1],[2]

11.17%

Basis Point Spread Above Index

^[1],[2],[11]

1M SOFR+585

Basis Point Spread Above Index

^[1],[2],[11]

585.00%

Par/Shares

^[1],[2]

$ 1,420

Cost

^[1],[2]

1,416

Investments at fair value

^[1],[2],[3]

$ 1,420

Schedule Of Investments [Line Items]

Maturity

^[1],[2],[19]

Aug. 01, 2029

Industry

^[1],[2],[19]

Business Services

Current Coupon

^[1],[2]

11.87%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+650

Basis Point Spread Above Index

^[1],[2],[11]

650.00%

Par/Shares

^[1],[2],[19]

$ 15,467

Cost

^[1],[2]

15,161

Investments at fair value

^{[1],[2],[3],[19]}

$ 15,106

Schedule Of Investments [Line Items]

Maturity

^[1],[2],[19]

Aug. 01, 2029

Industry

^[1],[2],[19]

Business Services

Par/Shares

^[1],[2],[19]

$ 2,533

Investments at fair value

^{[1],[2],[3],[19]}

$ (59)

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Aug. 27, 2026

Industry

^[1],[2]

Insurance

Current Coupon

^[1],[2]

11.41%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+615

Basis Point Spread Above Index

^[1],[2],[11]

615.00%

Par/Shares

^[1],[2]

$ 9,880

Cost

^[1],[2]

9,839

Investments at fair value

^[1],[2],[3]

$ 9,781

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Aug. 31, 2025

Industry

^[1],[2]

Insurance

Par/Shares

^[1],[2]

$ 2,500

Investments at fair value

^[1],[2],[3]

$ (13)

Schedule Of Investments [Line Items]

Maturity

^[1],[2],[19]

Jun. 30, 2025

Industry

^[1],[2],[19]

Electronics

Par/Shares

^[1],[2],[19]

$ 1,729

Investments at fair value

^{[1],[2],[3],[19]}

$ 35

Schedule Of Investments [Line Items]

Maturity

^[1],[2],[19]

Dec. 20, 2023

Industry

^[1],[2],[19]

Chemicals, Plastics and Rubber

Par/Shares

^[1],[2],[19]

$ 1,938

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Dec. 20, 2023

Industry

^[1],[2]

Chemicals, Plastics and Rubber

Current Coupon

^[1],[2]

13.42%

Basis Point Spread Above Index

^[1],[2],[11]

1M SOFR+810

Basis Point Spread Above Index

^[1],[2],[11]

810.00%

Par/Shares

^[1],[2]

$ 9,409

Cost

^[1],[2]

9,402

Investments at fair value

^[1],[2],[3]

$ 9,409

Schedule Of Investments [Line Items]

Maturity

^[1],[2],[19]

Nov. 10, 2026

Industry

^[1],[2],[19]

Consumer Products

Par/Shares

^[1],[2],[19]

$ 4,854

Investments at fair value

^{[1],[2],[3],[19]}

$ (73)

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Nov. 10, 2027

Industry

^[1],[2]

Consumer Products

Current Coupon

^[1],[2]

11.54%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+615

Basis Point Spread Above Index

^[1],[2],[11]

615.00%

Par/Shares

^[1],[2]

$ 9,173

Cost

^[1],[2]

8,957

Investments at fair value

^[1],[2],[3]

$ 9,035

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Oct. 31, 2024

Industry

^[1],[2]

Leisure, Amusement, Motion Pictures, Entertainment

Current Coupon

^[1],[2]

11.79%

Basis Point Spread Above Index

^[1],[2],[11]

1M SOFR+640

Basis Point Spread Above Index

^[1],[2],[11]

640.00%

Par/Shares

^[1],[2]

$ 51

Cost

^[1],[2]

Investments at fair value

^[1],[2],[3]

$ 51

Schedule Of Investments [Line Items]

Maturity

^[1],[2],[19]

Jan. 31, 2030

Industry

^[1],[2],[19]

Environmental Services

Par/Shares

^[1],[2],[19]

$ 587

Investments at fair value

^{[1],[2],[3],[19]}

$ (12)

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Jul. 31, 2024

Industry

^[1],[2]

Environmental Services

Par/Shares

^[1],[2]

$ 1,260

Investments at fair value

^[1],[2],[3]

$ (6)

Schedule Of Investments [Line Items]

Maturity

^[1],[2],[19]

Jul. 31, 2024

Industry

^[1],[2],[19]

Environmental Services

Current Coupon

^[1],[2]

11.79%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+640

Basis Point Spread Above Index

^[1],[2],[11]

640.00%

Par/Shares

^[1],[2],[19]

$ 208

Cost

^[1],[2]

205

Investments at fair value

^[3]

$ 204

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Mar. 31, 2029

Industry

^[1],[2]

Retail

Current Coupon

^[1],[2]

12.64%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+725

Basis Point Spread Above Index

^[1],[2],[11]

725.00%

Par/Shares

^[1],[2]

$ 5,625

Cost

^[1],[2]

5,436

Investments at fair value

^[1],[2],[3]

$ 5,381

Schedule Of Investments [Line Items]

Maturity

^[1],[2],[19]

Aug. 16, 2026

Industry

^[1],[2],[19]

Consumer Products

Par/Shares

^[1],[2],[19]

$ 935

Investments at fair value

^{[1],[2],[3],[19]}

$ (9)

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Aug. 16, 2026

Industry

^[1],[2]

Consumer Products

Current Coupon

^[1],[2]

12.15%

Basis Point Spread Above Index

^[1],[2],[11]

1M SOFR+700

Basis Point Spread Above Index

^[1],[2],[11]

700.00%

Par/Shares

^[1],[2]

$ 1,977

Cost

^[1],[2]

1,977

Investments at fair value

^[1],[2],[3]

$ 1,957

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Feb. 18, 2027

Industry

^[1],[2]

Consumer Products

Current Coupon

^[1],[2]

11.88%

Basis Point Spread Above Index

^[1],[2],[11]

1M SOFR+700

Basis Point Spread Above Index

^[1],[2],[11]

700.00%

Par/Shares

^[1],[2]

$ 2,807

Cost

^[1],[2]

2,764

Investments at fair value

^[1],[2],[3]

$ 2,779

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Nov. 09, 2026

Industry

^[1],[2]

Consumer Products

Current Coupon

^[1],[2]

11.79%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+625

Basis Point Spread Above Index

^[1],[2],[11]

625.00%

Par/Shares

^[1],[2]

$ 9,085

Cost

^[1],[2]

8,964

Investments at fair value

^[1],[2],[3]

$ 8,971

Schedule Of Investments [Line Items]

Maturity

^[1],[2],[19]

Feb. 03, 2026

Industry

^[1],[2],[19]

Healthcare, Education and Childcare

Par/Shares

^[1],[2],[19]

$ 1,166

Investments at fair value

^{[1],[2],[3],[19]}

$ (12)

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Feb. 03, 2026

Industry

^[1],[2]

Healthcare, Education and Childcare

Current Coupon

^[1],[2]

10.67%

Basis Point Spread Above Index

^[1],[2],[11]

1M SOFR+535

Basis Point Spread Above Index

^[1],[2],[11]

535.00%

Par/Shares

^[1],[2]

$ 2,198

Cost

^[1],[2]

2,187

Investments at fair value

^[1],[2],[3]

$ 2,176

Schedule Of Investments [Line Items]

Maturity

^[1],[2],[19]

May 31, 2028

Industry

^[1],[2],[19]

Consumer Products

Par/Shares

^[1],[2],[19]

$ 284

Investments at fair value

^{[1],[2],[3],[19]}

$ (4)

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

May 31, 2028

Industry

^[1],[2]

Consumer Products

Current Coupon

^[1],[2]

12.39%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+700

Basis Point Spread Above Index

^[1],[2],[11]

700.00%

Par/Shares

^[1],[2]

$ 347

Cost

^[1],[2]

347

Investments at fair value

^[3]

$ 342

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

May 31, 2028

Industry

^[1],[2]

Consumer Products

Current Coupon

^[1],[2]

12.39%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+700

Basis Point Spread Above Index

^[1],[2],[11]

700.00%

Par/Shares

^[1],[2]

$ 4,988

Cost

^[1],[2]

4,892

Investments at fair value

^[1],[2],[3]

$ 4,913

Schedule Of Investments [Line Items]

Maturity

^[1],[2],[19]

Apr. 16, 2027

Industry

^[1],[2],[19]

Telecommunications

Par/Shares

^[1],[2],[19]

$ 583

Investments at fair value

^{[1],[2],[3],[19]}

$ (9)

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Apr. 16, 2027

Industry

^[1],[2]

Telecommunications

Current Coupon

^[1],[2]

11.17%

Basis Point Spread Above Index

^[1],[2],[11]

1M SOFR+585

Basis Point Spread Above Index

^[1],[2],[11]

585.00%

Par/Shares

^[1],[2]

$ 111

Cost

^[1],[2]

111

Investments at fair value

^[1],[2],[3]

$ 109

Schedule Of Investments [Line Items]

Maturity

^[1],[2],[19]

Jul. 25, 2028

Industry

^[1],[2],[19]

Chemicals, Plastics and Rubber

Par/Shares

^[1],[2],[19]

$ 1,188

Investments at fair value

^{[1],[2],[3],[19]}

$ (15)

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Jul. 25, 2028

Industry

^[1],[2]

Chemicals, Plastics and Rubber

Current Coupon

^[1],[2]

10.92%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+600

Basis Point Spread Above Index

^[1],[2],[11]

600.00%

Par/Shares

^[1],[2]

$ 1,039

Cost

^[1],[2]

1,039

Investments at fair value

^[1],[2],[3]

$ 1,016

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Jul. 25, 2028

Industry

^[1],[2]

Chemicals, Plastics and Rubber

Current Coupon

^[1],[2]

11.27%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+600

Basis Point Spread Above Index

^[1],[2],[11]

600.00%

Par/Shares

^[1],[2]

$ 20,135

Cost

^[1],[2]

19,835

Investments at fair value

^[1],[2],[3]

$ 19,685

Schedule Of Investments [Line Items]

Maturity

^[1],[2],[19]

May 14, 2026

Industry

^[1],[2],[19]

Media

Par/Shares

^[1],[2],[19]

$ 1,209

Investments at fair value

^{[1],[2],[3],[19]}

$ (12)

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

May 14, 2026

Industry

^[1],[2]

Media

Current Coupon

^[1],[2]

11.04%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+565

Basis Point Spread Above Index

^[1],[2],[11]

565.00%

Par/Shares

^[1],[2]

$ 1,835

Cost

^[1],[2]

1,807

Investments at fair value

^[1],[2],[3]

$ 1,817

Schedule Of Investments [Line Items]

Maturity

^[1],[2],[19]

Dec. 10, 2027

Industry

^[1],[2],[19]

Business Services

Par/Shares

^[1],[2],[19]

$ 1,685

Investments at fair value

^{[1],[2],[3],[19]}

$ (43)

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Dec. 10, 2027

Industry

^[1],[2]

Business Services

Current Coupon

^[1],[2]

10.66%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+550

Basis Point Spread Above Index

^[1],[2],[11]

550.00%

Par/Shares

^[1],[2]

$ 1,937

Cost

^[1],[2]

1,919

Investments at fair value

^[1],[2],[3]

$ 1,888

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Dec. 10, 2027

Industry

^[1],[2]

Business Services

Par/Shares

^[1],[2]

$ 1,038

Investments at fair value

^[1],[2],[3]

$ (16)

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Dec. 10, 2027

Industry

^[1],[2]

Business Services

Par/Shares

^[1],[2]

$ 8,922

Investments at fair value

^[1],[2],[3]

$ (134)

Schedule Of Investments [Line Items]

Maturity

^[1],[2],[8]

Sep. 28, 2027

Industry

^[1],[2],[8]

Distribution

Par/Shares

^[1],[2],[8]

$ 1,128

Investments at fair value

^{[1],[2],[3],[8]}

$ (25)

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Sep. 28, 2027

Industry

^[1],[2]

Distribution

Current Coupon

^[1],[2]

11.04%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+565

Basis Point Spread Above Index

^[1],[2],[11]

0.00%

Par/Shares

^[1],[2]

$ 752

Cost

^[1],[2]

752

Investments at fair value

^[1],[2],[3]

$ 736

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Jun. 16, 2023

Industry

^[1],[2]

Distribution

Par/Shares

^[1],[2]

$ 769

Investments at fair value

^[1],[2],[3]

$ (17)

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Dec. 16, 2024

Industry

^[1],[2]

Distribution

Par/Shares

^[1],[2]

$ 2,510

Investments at fair value

^[1],[2],[3]

$ (55)

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Sep. 28, 2027

Industry

^[1],[2]

Distribution

Current Coupon

^[1],[2]

11.05%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+565

Basis Point Spread Above Index

^[1],[2],[11]

565.00%

Par/Shares

^[1],[2]

$ 484

Cost

^[1],[2]

484

Investments at fair value

^[1],[2],[3]

$ 474

Schedule Of Investments [Line Items]

Maturity

^[1],[2],[8]

Aug. 19, 2026

Industry

^[1],[2],[8]

Healthcare, Education and Childcare

Par/Shares

^[1],[2],[8]

$ 1,163

Investments at fair value

^{[1],[2],[3],[8]}

$ (23)

Schedule Of Investments [Line Items]

Maturity

^[1],[2],[8]

Aug. 31, 2029

Industry

^[1],[2],[8]

Healthcare, Education and Childcare

Par/Shares

^[1],[2],[8]

$ 2,707

Investments at fair value

^{[1],[2],[3],[8]}

$ (54)

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Aug. 31, 2029

Industry

^[1],[2]

Healthcare, Education and Childcare

Current Coupon

^[1],[2]

11.74%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+635

Basis Point Spread Above Index

^[1],[2],[11]

635.00%

Par/Shares

^[1],[2]

$ 20,500

Cost

^[1],[2]

20,092

Investments at fair value

^[1],[2],[3]

$ 20,090

Schedule Of Investments [Line Items]

Maturity

^[1],[2],[8]

May 09, 2029

Industry

^[1],[2],[8]

Insurance

Par/Shares

^[1],[2],[8]

$ 541

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Sep. 03, 2027

Industry

^[1],[2]

Business Services

Current Coupon

^[1],[2]

12.84%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+725

Basis Point Spread Above Index

^[1],[2],[11]

725.00%

Par/Shares

^[1],[2]

$ 4,409

Cost

^[1],[2]

4,347

Investments at fair value

^[1],[2],[3]

$ 4,012

Schedule Of Investments [Line Items]

Maturity

^[1],[2],[8]

Sep. 03, 2027

Industry

^[1],[2],[8]

Business Services

Par/Shares

^[1],[2],[8]

$ 597

Investments at fair value

^{[1],[2],[3],[8]}

$ (54)

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

May 18, 2026

Industry

^[1],[2]

Building Materials

Current Coupon

^[1],[2]

12.90%

Basis Point Spread Above Index

^[1],[2],[11]

1M SOFR+725

Basis Point Spread Above Index

^[1],[2],[11]

725.00%

Par/Shares

^[1],[2]

$ 13,578

Cost

^[1],[2]

13,445

Investments at fair value

^[1],[2],[3]

$ 13,340

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% PL Acquisitionco, LLC (Revolver) Maturity 11/09/2027 Retail

Schedule Of Investments [Line Items]

Maturity

^[1],[2],[8]

Nov. 09, 2027

Industry

^[1],[2],[8]

Retail

Par/Shares

^[1],[2],[8]

$ 3,236

Investments at fair value

^{[1],[2],[3],[8]}

$ (324)

Schedule Of Investments [Line Items]

Maturity

^[1],[2],[8]

Dec. 02, 2026

Industry

^[1],[2],[8]

Financial Services

Par/Shares

^[1],[2],[8]

$ 757

Investments at fair value

^{[1],[2],[3],[8]}

$ (15)

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Dec. 02, 2026

Industry

^[1],[2]

Financial Services

Par/Shares

^[1],[2]

$ 2,847

Investments at fair value

^[1],[2],[3]

$ (57)

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Jul. 06, 2028

Industry

^[1],[2]

Business Services

Current Coupon

^[1],[2]

11.17%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+575

Basis Point Spread Above Index

^[1],[2],[11]

575.00%

Par/Shares

^[1],[2]

$ 4,795

Cost

^[1],[2]

4,795

Investments at fair value

^[1],[2],[3]

$ 4,579

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Jul. 06, 2028

Industry

^[1],[2]

Business Services

Current Coupon

^[1],[2]

11.17%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+575

Basis Point Spread Above Index

^[1],[2],[11]

575.00%

Par/Shares

^[1],[2]

$ 34,987

Cost

^[1],[2]

34,547

Investments at fair value

^[1],[2],[3]

$ 33,412

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Jul. 06, 2028

Industry

^[1],[2]

Business Services

Par/Shares

^[1],[2]

$ 7,193

Investments at fair value

^[1],[2],[3]

$ (252)

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Nov. 19, 2026

Industry

^[1],[2]

Aerospace and Defense

Current Coupon

^[1],[2]

11.74%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+635

Basis Point Spread Above Index

^[1],[2],[11]

63.00%

Par/Shares

^[1],[2]

$ 528

Cost

^[1],[2]

528

Investments at fair value

^[1],[2],[3]

$ 521

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Nov. 19, 2026

Industry

^[1],[2]

Aerospace and Defense

Current Coupon

^[1],[2]

11.74%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+635

Basis Point Spread Above Index

^[1],[2],[11]

635.00%

Par/Shares

^[1],[2]

$ 1,484

Cost

^[1],[2]

1,474

Investments at fair value

^[1],[2],[3]

$ 1,461

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Questex , LLC (Revolver) Maturity 09/9/2024 Media

Schedule Of Investments [Line Items]

Maturity

^[1],[2],[8]

Sep. 09, 2024

Industry

^[1],[2],[8]

Media

Par/Shares

^[1],[2],[8]

$ 3,590

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Sep. 09, 2024

Industry

^[1],[2]

Media

Current Coupon

^[1],[2]

9.81%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+425

Basis Point Spread Above Index

^[1],[2],[11]

425.00%

Par/Shares

^[1],[2]

$ 20,193

Cost

^[1],[2]

20,115

Investments at fair value

^[1],[2],[3]

$ 20,193

Schedule Of Investments [Line Items]

Maturity

^[1],[2],[8]

Mar. 31, 2025

Industry

^[1],[2],[8]

Aerospace and Defense

Par/Shares

^[1],[2],[8]

$ 1,559

Investments at fair value

^{[1],[2],[3],[8]}

$ (16)

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Mar. 31, 2025

Industry

^[1],[2]

Aerospace and Defense

Current Coupon

^[1],[2]

11.29%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+575

Basis Point Spread Above Index

^[1],[2],[11]

57.00%

Par/Shares

^[1],[2]

$ 668

Cost

^[1],[2]

668

Investments at fair value

^[1],[2],[3]

$ 661

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Dec. 18, 2025

Industry

^[1],[2]

Healthcare, Education and Childcare

Par/Shares

^[1],[2]

$ 494

Schedule Of Investments [Line Items]

Maturity

^[1],[2],[8]

Dec. 18, 2025

Industry

^[1],[2],[8]

Healthcare, Education and Childcare

Current Coupon

^[1],[2],[8]

11.22%

Basis Point Spread Above Index

^{[1],[2],[8],[11]}

3M SOFR+575

Basis Point Spread Above Index

^{[1],[2],[8],[11]}

575.00%

Par/Shares

^[1],[2],[8]

$ 79

Cost

Investments at fair value

^{[1],[2],[3],[8]}

$ 79

Schedule Of Investments [Line Items]

Maturity

^[1],[2],[8]

Dec. 18, 2025

Industry

^[1],[2],[8]

Healthcare, Education and Childcare

Par/Shares

^[1],[2],[8]

$ 315

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Dec. 18, 2025

Industry

^[1],[2]

Healthcare, Education and Childcare

Current Coupon

^[1],[2]

11.24%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+575

Basis Point Spread Above Index

^[1],[2],[11]

575.00%

Par/Shares

^[1],[2]

$ 210

Cost

^[1],[2]

210

Investments at fair value

^[1],[2],[3]

$ 210

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Feb. 28, 2028

Industry

^[1],[2]

Transportation

Current Coupon

^[1],[2]

11.54%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+615

Basis Point Spread Above Index

^[1],[2],[11]

615.00%

Par/Shares

^[1],[2]

$ 5,863

Cost

^[1],[2]

5,791

Investments at fair value

^[1],[2],[3]

$ 5,628

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Recteq, LLC (Revolver) Maturity 01/29/2026 Consumer Products

Schedule Of Investments [Line Items]

Maturity

^[1],[2],[8]

Jan. 29, 2026

Industry

^[1],[2],[8]

Consumer Products

Par/Shares

^[1],[2],[8]

$ 1,127

Investments at fair value

^{[1],[2],[3],[8]}

$ (34)

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Dec. 20, 2024

Industry

^[1],[2]

Business Services

Current Coupon

^[1],[2]

11.13%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+576

Basis Point Spread Above Index

^[1],[2],[11]

576.00%

Par/Shares

^[1],[2]

$ 124

Cost

^[1],[2]

124

Investments at fair value

^[1],[2],[3]

$ 108

Schedule Of Investments [Line Items]

Maturity

^[1],[2],[8]

Jun. 20, 2025

Industry

^[1],[2],[8]

Healthcare, Education and Childcare

Par/Shares

^[1],[2],[8]

$ 318

Investments at fair value

^{[1],[2],[3],[8]}

$ (4)

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Jun. 20, 2025

Industry

^[1],[2]

Healthcare, Education and Childcare

Current Coupon

^[1],[2]

10.42%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+510

Basis Point Spread Above Index

^[1],[2],[11]

510.00%

Par/Shares

^[1],[2]

$ 45

Cost

^[1],[2]

Investments at fair value

^[1],[2],[3]

$ 45

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Mar. 10, 2025

Industry

^[1],[2]

Education

Current Coupon

^[1],[2]

11.24%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+575

Basis Point Spread Above Index

^[1],[2],[11]

575.00%

Par/Shares

^[1],[2]

$ 11,699

Cost

^[1],[2]

11,588

Investments at fair value

^[1],[2],[3]

$ 11,582

Schedule Of Investments [Line Items]

Maturity

^[1],[2],[8]

Jun. 15, 2029

Industry

^[1],[2],[8]

Business Services

Par/Shares

^[1],[2],[8]

$ 861

Investments at fair value

^{[1],[2],[3],[8]}

$ (13)

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Jun. 15, 2029

Industry

^[1],[2]

Business Services

Par/Shares

^[1],[2]

$ 1,146

Schedule Of Investments [Line Items]

Maturity

^[1],[2],[8]

Jan. 03, 2025

Industry

^[1],[2],[8]

Business Services

Par/Shares

^[1],[2],[8]

$ 732

Investments at fair value

^{[1],[2],[3],[8]}

$ (4)

Schedule Of Investments [Line Items]

Maturity

^[1],[2],[8]

Dec. 20, 2024

Industry

^[1],[2],[8]

Electronics

Par/Shares

^[1],[2],[8]

$ 453

Investments at fair value

^{[1],[2],[3],[8]}

$ (5)

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Dec. 20, 2024

Industry

^[1],[2]

Electronics

Current Coupon

^[1],[2]

12.92%

Basis Point Spread Above Index

^[1],[2],[11]

1M SOFR+650

Basis Point Spread Above Index

^[1],[2],[11]

650.00%

Par/Shares

^[1],[2]

$ 158

Cost

^[1],[2]

158

Investments at fair value

^[1],[2],[3]

$ 157

Schedule Of Investments [Line Items]

Maturity

^[1],[2],[8]

Jul. 14, 2025

Industry

^[1],[2],[8]

Business Services

Par/Shares

^[1],[2],[8]

$ 8

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Jul. 14, 2025

Industry

^[1],[2]

Business Services

Current Coupon

^[1],[2]

12.52%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+775

Basis Point Spread Above Index

^[1],[2],[11]

775.00%

Par/Shares

^[1],[2]

$ 30

Cost

^[1],[2]

Investments at fair value

^[1],[2],[3]

$ 29

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Jul. 14, 2025

Industry

^[1],[2]

Business Services

Current Coupon

^[1],[2]

13.15%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+775

Basis Point Spread Above Index

^[1],[2],[11]

775.00%

Par/Shares

^[1],[2]

$ 4,647

Cost

^[1],[2]

4,611

Investments at fair value

^[1],[2],[3]

$ 4,496

Schedule Of Investments [Line Items]

Maturity

^[1],[2],[8]

Jun. 13, 2029

Industry

^[1],[2],[8]

Chemicals, Plastics and Rubber

Par/Shares

^[1],[2],[8]

$ 2,397

Investments at fair value

^{[1],[2],[3],[8]}

$ (72)

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Jun. 13, 2029

Industry

^[1],[2]

Chemicals, Plastics and Rubber

Current Coupon

^[1],[2]

11.54%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+605

Basis Point Spread Above Index

^[1],[2],[11]

605.00%

Par/Shares

^[1],[2]

$ 729

Cost

^[1],[2]

729

Investments at fair value

^[1],[2],[3]

$ 708

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Jun. 13, 2029

Industry

^[1],[2]

Chemicals, Plastics and Rubber

Current Coupon

^[1],[2]

11.54%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+605

Basis Point Spread Above Index

^[1],[2],[11]

605.00%

Par/Shares

^[1],[2]

$ 4,752

Cost

^[1],[2]

4,691

Investments at fair value

^[1],[2],[3]

$ 4,609

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Jun. 21, 2027

Industry

^[1],[2]

Business Services

Current Coupon

^[1],[2]

11.40%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+601

Basis Point Spread Above Index

^[1],[2],[11]

601.00%

Par/Shares

^[1],[2]

$ 17,775

Cost

^[1],[2]

17,636

Investments at fair value

^[1],[2],[3]

$ 17,331

Schedule Of Investments [Line Items]

Maturity

^[1],[2],[8]

Dec. 18, 2025

Industry

^[1],[2],[8]

Telecommunications

Par/Shares

^[1],[2],[8]

$ 893

Investments at fair value

^{[1],[2],[3],[8]}

$ (13)

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Dec. 18, 2025

Industry

^[1],[2]

Telecommunications

Current Coupon

^[1],[2]

14.04%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+865

Basis Point Spread Above Index

^[1],[2],[11]

865.00%

Par/Shares

^[1],[2]

$ 2,083

Cost

^[1],[2]

2,083

Investments at fair value

^[1],[2],[3]

$ 2,052

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Dec. 18, 2025

Industry

^[1],[2]

Telecommunications

Current Coupon

^[1],[2]

14.04%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+865

Basis Point Spread Above Index

^[1],[2],[11]

865.00%

Par/Shares

^[1],[2]

$ 29,681

Cost

^[1],[2]

29,190

Investments at fair value

^[1],[2],[3]

$ 29,236

Schedule Of Investments [Line Items]

Maturity

^[1],[2],[8]

May 03, 2024

Industry

^[1],[2],[8]

Chemicals, Plastics and Rubber

Par/Shares

^[1],[2],[8]

$ 2,016

Schedule Of Investments [Line Items]

Maturity

^[1],[2],[8]

Jul. 17, 2025

Industry

^[1],[2],[8]

Communications

Par/Shares

^[1],[2],[8]

$ 1,665

Investments at fair value

^{[1],[2],[3],[8]}

$ (7)

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Mar. 01, 2028

Industry

^[1],[2]

Business Services

Current Coupon

^[1],[2]

11.20%

Basis Point Spread Above Index

^[1],[2],[11]

1M SOFR+565

Basis Point Spread Above Index

^[1],[2],[11]

565.00%

Par/Shares

^[1],[2]

$ 561

Cost

^[1],[2]

561

Investments at fair value

^[1],[2],[3]

$ 548

Schedule Of Investments [Line Items]

Maturity

^[1],[2],[8]

Mar. 01, 2028

Industry

^[1],[2],[8]

Business Services

Par/Shares

^[1],[2],[8]

$ 841

Investments at fair value

^{[1],[2],[3],[8]}

$ (18)

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% Spendmend Holdings LLC Maturity 03/01/2028 Business Services

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Mar. 01, 2028

Industry

^[1],[2]

Business Services

Par/Shares

^[1],[2]

$ 2,684

Investments at fair value

^[1],[2],[3]

$ (39)

Schedule Of Investments [Line Items]

Maturity

^[1],[2],[8]

Mar. 01, 2028

Industry

^[1],[2],[8]

Business Services

Current Coupon

^[1],[2],[8]

11.04%

Basis Point Spread Above Index

^{[1],[2],[8],[11]}

1M SOFR+565

Basis Point Spread Above Index

^{[1],[2],[8],[11]}

565.00%

Par/Shares

^[1],[2],[8]

$ 99

Cost

^[1],[2],[8]

Investments at fair value

^{[1],[2],[3],[8]}

$ 97

Schedule Of Investments [Line Items]

Maturity

^[1],[2],[8]

Aug. 16, 2027

Industry

^[1],[2],[8]

Aerospace and Defense

Par/Shares

^[1],[2],[8]

$ 2,925

Investments at fair value

^{[1],[2],[3],[8]}

$ (32)

Schedule Of Investments [Line Items]

Maturity

^[1],[2],[8]

Jun. 16, 2025

Industry

^[1],[2],[8]

Education

Par/Shares

^[1],[2],[8]

$ 1,644

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Oct. 31, 2025

Industry

^[1],[2]

Aerospace and Defense

Current Coupon

^[1],[2]

11.66%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+665

Basis Point Spread Above Index

^[1],[2],[11]

665.00%

Par/Shares

^[1],[2]

$ 1,121

Cost

^[1],[2]

1,097

Investments at fair value

^[1],[2],[3]

$ 1,104

Schedule Of Investments [Line Items]

Maturity

^[1],[2],[8]

Jul. 27, 2026

Industry

^[1],[2],[8]

Business Services

Par/Shares

^[1],[2],[8]

$ 734

Investments at fair value

^{[1],[2],[3],[8]}

$ (3)

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Jul. 27, 2026

Industry

^[1],[2]

Business Services

Current Coupon

^[1],[2]

12.79%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+740

Basis Point Spread Above Index

^[1],[2],[11]

740.00%

Par/Shares

^[1],[2]

$ 2,271

Cost

^[1],[2]

2,239

Investments at fair value

^[1],[2],[3]

$ 2,262

Schedule Of Investments [Line Items]

Maturity

^[1],[2],[8]

Aug. 30, 2027

Industry

^[1],[2],[8]

Business Services

Par/Shares

^[1],[2],[8]

$ 492

Investments at fair value

^{[1],[2],[3],[8]}

$ (4)

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Aug. 30, 2027

Industry

^[1],[2]

Business Services

Current Coupon

^[1],[2]

11.67%

Basis Point Spread Above Index

^[1],[2],[11]

1M SOFR+635

Basis Point Spread Above Index

^[1],[2],[11]

635.00%

Par/Shares

^[1],[2]

$ 248

Cost

^[1],[2]

248

Investments at fair value

^[1],[2],[3]

$ 246

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Aug. 30, 2027

Industry

^[1],[2]

Business Services

Current Coupon

^[1],[2]

11.93%

Basis Point Spread Above Index

^[1],[2],[11]

1M SOFR+635

Basis Point Spread Above Index

^[1],[2],[11]

635.00%

Par/Shares

^[1],[2]

$ 186

Cost

^[1],[2]

182

Investments at fair value

^[1],[2],[3]

$ 185

Schedule Of Investments [Line Items]

Maturity

^[1],[2],[8]

Apr. 01, 2026

Industry

^[1],[2],[8]

Aerospace and Defense

Par/Shares

^[1],[2],[8]

$ 364

Investments at fair value

^{[1],[2],[3],[8]}

$ (32)

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Feb. 01, 2024

Industry

^[1],[2]

Healthcare, Education and Childcare

Par/Shares

^[1],[2]

$ 7,222

Investments at fair value

^[1],[2],[3]

$ (150)

Schedule Of Investments [Line Items]

Maturity

^[1],[2],[8]

Feb. 27, 2026

Industry

^[1],[2],[8]

Electronics

Par/Shares

^[1],[2],[8]

$ 486

Investments at fair value

^{[1],[2],[3],[8]}

$ (5)

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Feb. 27, 2026

Industry

^[1],[2]

Electronics

Current Coupon

^[1],[2]

10.17%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+585

Basis Point Spread Above Index

^[1],[2],[11]

585.00%

Par/Shares

^[1],[2]

$ 88

Cost

^[1],[2]

Investments at fair value

^[1],[2],[3]

$ 87

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Feb. 27, 2026

Industry

^[1],[2]

Electronics

Current Coupon

^[1],[2]

10.57%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+515

Basis Point Spread Above Index

^[1],[2],[11]

515.00%

Par/Shares

^[1],[2]

$ 3,805

Cost

^[1],[2]

3,762

Investments at fair value

^[1],[2],[3]

$ 3,767

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Mar. 01, 2024

Industry

^[1],[2]

Auto Sector

Current Coupon

^[1],[2]

12.67%

Basis Point Spread Above Index

^[1],[2],[11]

1M SOFR+735

Basis Point Spread Above Index

^[1],[2],[11]

735.00%

Par/Shares

^[1],[2]

$ 2,589

Cost

^[1],[2]

2,583

Investments at fair value

^[1],[2],[3]

2,504

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Preferred Equity/Partnership Interests—2.6%

Schedule Of Investments [Line Items]

Cost

^[1],[2],[7]

9,701

Investments at fair value

^{[1],[2],[3],[7]}

$ 13,280

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Healthcare, Education and Childcare

Current Coupon

^[1],[2],[7]

6.00%

Par/Shares

^[1],[2],[7]

$ 211

Cost

^[1],[2],[7]

500

Investments at fair value

^{[1],[2],[3],[7]}

1,066

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Preferred Equity/Partnership Interests—2.6% Ad.net Holdings, Inc. Media

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Media

Par/Shares

^[1],[2],[7]

2,400

Cost

^[1],[2],[7]

240

Investments at fair value

^{[1],[2],[3],[7]}

271

Schedule Of Investments [Line Items]

Industry

^{[1],[2],[7],[21]}

Media

Par/Shares

^{[1],[2],[7],[21]}

1,135

Cost

^{[1],[2],[7],[21]}

1,135

Investments at fair value

^{[1],[2],[3],[7],[21]}

918

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Preferred Equity/Partnership Interests—2.6% Cartessa Aesthetics, LLC Distribution

Schedule Of Investments [Line Items]

Industry

^{[1],[2],[7],[21]}

Distribution

Par/Shares

^{[1],[2],[7],[21]}

3,562,500

Cost

^{[1],[2],[7],[21]}

3,563

Investments at fair value

^{[1],[2],[3],[7],[21]}

4,975

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Consumer Products

Par/Shares

^[1],[2],[7]

64,967

Cost

^[1],[2],[7]

351

Investments at fair value

^{[1],[2],[3],[7]}

789

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Business Services

Par/Shares

^[1],[2],[7]

Cost

^[1],[2],[7]

Investments at fair value

^{[1],[2],[3],[7]}

$ 1

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Business Services

Current Coupon

^[1],[2],[7]

8.00%

Par/Shares

^[1],[2],[7]

$ 743,826

Cost

^[1],[2],[7]

744

Investments at fair value

^{[1],[2],[3],[7]}

750

Schedule Of Investments [Line Items]

Industry

^{[1],[2],[7],[9],[21]}

Auto Sector

Par/Shares

^{[1],[2],[7],[9],[21]}

169

Cost

^{[1],[2],[7],[9],[21]}

169

Investments at fair value

^{[1],[2],[3],[7],[9],[21]}

172

Schedule Of Investments [Line Items]

Industry

^{[1],[2],[7],[9],[21]}

Auto Sector

Par/Shares

^{[1],[2],[7],[9],[21]}

929

Cost

^{[1],[2],[7],[9],[21]}

554

Investments at fair value

^{[1],[2],[3],[7],[9],[21]}

794

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Preferred Equity/Partnership Interests—2.6% Mars Intermediate Holdings II, Inc Media

Schedule Of Investments [Line Items]

Industry

^{[1],[2],[7],[21]}

Media

Par/Shares

^{[1],[2],[7],[21]}

414

Cost

^{[1],[2],[7],[21]}

414

Investments at fair value

^{[1],[2],[3],[7],[21]}

551

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Aerospace and Defense

Par/Shares

^[1],[2],[7]

160

Cost

^[1],[2],[7]

160

Investments at fair value

^{[1],[2],[3],[7]}

107

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Preferred Equity/Partnership Interests—2.6% ORL Holdco, Inc. Business Services

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Business Services

Par/Shares

^[1],[2],[7]

575

Cost

^[1],[2],[7]

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Retail

Par/Shares

^[1],[2],[7]

Cost

^[1],[2],[7]

Investments at fair value

^{[1],[2],[3],[7]}

$ 39

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Chemicals, Plastics and Rubber

Current Coupon

^[1],[2],[7]

12.00%

Par/Shares

^[1],[2],[7]

$ 1,527

Cost

^[1],[2],[7]

1,527

Investments at fair value

^{[1],[2],[3],[7]}

2,490

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Preferred Equity/Partnership Interests—2.6% TPC Holding Company, LP Food

Schedule Of Investments [Line Items]

Industry

^{[1],[2],[7],[8],[10]}

Food

Par/Shares

^{[1],[2],[7],[8],[10]}

219

Cost

^{[1],[2],[7],[8],[10]}

219

Investments at fair value

^{[1],[2],[3],[7],[8],[10]}

320

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Preferred Equity/Partnership Interests—2.6% TWD Parent Holdings, LLC Business Services

Schedule Of Investments [Line Items]

Industry

^[1],[2],[7]

Business Services

Par/Shares

^[1],[2],[7]

Cost

^[1],[2],[7]

Investments at fair value

^{[1],[2],[3],[7]}

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Second Lien Secured Debt—16.0%

Schedule Of Investments [Line Items]

Cost

^[1],[2]

84,376

Investments at fair value

^[1],[2],[3]

$ 80,396

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Aug. 02, 2028

Industry

^[1],[2]

Financial Services

Current Coupon

^[1],[2]

12.03%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+676

Basis Point Spread Above Index

^[1],[2],[11]

676.00%

Par/Shares

^[1],[2]

$ 3,000

Cost

^[1],[2]

2,717

Investments at fair value

^[1],[2],[3]

$ 2,837

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

May 07, 2029

Industry

^[1],[2]

Telecommunications

Current Coupon

^[1],[2]

14.66%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+900

Basis Point Spread Above Index

^[1],[2],[11]

900.00%

Par/Shares

^[1],[2]

$ 17,000

Cost

^[1],[2]

16,600

Investments at fair value

^[1],[2],[3]

$ 13,821

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Jun. 29, 2027

Industry

^[1],[2]

Aerospace and Defense

Current Coupon

^[1],[2]

14.54%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+915

Basis Point Spread Above Index

^[1],[2],[11]

915.00%

Par/Shares

^[1],[2]

$ 17,825

Cost

^[1],[2]

17,559

Investments at fair value

^[1],[2],[3]

$ 17,469

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Jul. 28, 2030

Industry

^[1],[2]

Auto Sector

Current Coupon

^[1],[2]

14.42%

Basis Point Spread Above Index

^[1],[2],[11]

1M SOFR+910

Basis Point Spread Above Index

^[1],[2],[11]

910.00%

Par/Shares

^[1],[2]

$ 8,000

Cost

^[1],[2]

7,680

Investments at fair value

^[1],[2],[3]

$ 7,920

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Aug. 19, 2029

Industry

^[1],[2]

Business Services

Current Coupon

^[1],[2]

13.15%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+776

Basis Point Spread Above Index

^[1],[2],[11]

776.00%

Par/Shares

^[1],[2]

$ 7,500

Cost

^[1],[2]

7,440

Investments at fair value

^[1],[2],[3]

$ 6,675

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Jul. 06, 2026

Industry

^[1],[2]

Consumer Products

Current Coupon

^[1],[2]

13.67%

Basis Point Spread Above Index

^[1],[2],[11]

1M SOFR+835

Basis Point Spread Above Index

^[1],[2],[11]

835.00%

Par/Shares

^[1],[2]

$ 32,500

Cost

^[1],[2]

32,232

Investments at fair value

^[1],[2],[3]

$ 31,525

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Feb. 04, 2027

Industry

^[1],[2]

Aerospace and Defense

Current Coupon

^[1],[2]

11.74%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+635

Basis Point Spread Above Index

^[1],[2],[11]

635.00%

Par/Shares

^[1],[2]

$ 150

Cost

^[1],[2]

148

Investments at fair value

^[1],[2],[3]

149

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Subordinated Debt/Corporate Notes—10.7%

Schedule Of Investments [Line Items]

Cost

^[1],[2]

54,897

Investments at fair value

^[1],[2],[3]

$ 53,897

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Jan. 15, 2029

Industry

^[1],[2]

Auto Sector

Current Coupon

^[1],[2]

15.15%

Basis Point Spread Above Index

^[1],[2],[11]

3M SOFR+976

Basis Point Spread Above Index

^[1],[2],[11]

976.00%

Par/Shares

^[1],[2]

$ 22,219

Cost

^[1],[2]

21,568

Investments at fair value

^[1],[2],[3]

$ 21,597

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

May 26, 2027

Industry

^[1],[2]

Financial Services

Current Coupon

^[1],[2]

14.50%

Par/Shares

^[1],[2]

$ 34,000

Cost

^[1],[2]

33,329

Investments at fair value

^[1],[2],[3]

32,300

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Total U.S. Government Securities

Schedule Of Investments [Line Items]

Cost

^[1]

99,768

Investments at fair value

^[1],[3]

$ 99,751

Schedule Of Investments [Line Items]

Maturity

^[1],[2]

Oct. 19, 2023

Industry

^[1],[2]

Short-Term U.S. Government Securities

Current Coupon

^[1],[2]

5.31%

Par/Shares

^[1],[2]

$ 100,000

Cost

^[1],[2]

99,768

Investments at fair value

^[1],[2],[3]

99,751

Schedule Of Investments [Line Items]

Maturity

^[4],[5]

Aug. 31, 2027

Industry

^[4],[5]

Personal and Non-Durable Consumer Products

Current Coupon

^[4],[5]

8.95%

Basis Point Spread Above Index

^[4],[5],[17]

1M L+600

Basis Point Spread Above Index

^[4],[5],[17]

600.00%

Par/Shares

^[4],[5]

$ 775

Cost

^[4],[5]

775

Investments at fair value

^[4],[5],[6]

764

Investment, Identifier [Axis]: Investments—209.4% of Net Assets

Schedule Of Investments [Line Items]

Cost

^[4],[5]

1,302,029

Investments at fair value

^[4],[5],[6]

1,226,301

Investment, Identifier [Axis]: Investments—219.4%

Schedule Of Investments [Line Items]

Cost

^[1],[2]

1,117,927

Investments at fair value

^[1],[2],[3]

1,101,647

Investment, Identifier [Axis]: Liabilities in Excess of Other Assets — (118.8%) of Net Assets

Schedule Of Investments [Line Items]

Investments at fair value

^[4],[5],[6]

(695,511)

Investment, Identifier [Axis]: Liabilities in Excess of Other Assets—(126.3%)

Schedule Of Investments [Line Items]

Investments at fair value

^[1],[2],[3]

(638,235)

Investment, Identifier [Axis]: Net Assets—100.0%

Schedule Of Investments [Line Items]

Investments at fair value

502,187

^[1],[2],[3]

585,565

^[4],[5],[6]

Investment, Identifier [Axis]: Related Party PSLF Cash and Cash Equivalents - 50.9%

Schedule Of Investments [Line Items]

Cost

40,945

Investments at fair value

^[22],[23]

40,945

Investment, Identifier [Axis]: Related Party PSLF Cash and Cash Equivalents - 50.9% Issuer Name BlackRock Federal FD Institutional 30

Schedule Of Investments [Line Items]

Cost

40,945

Investments at fair value

^[22],[23]

40,945

Investment, Identifier [Axis]: Related Party PSLF Cash and Cash Equivalents - 57.6% Issuer Name BlackRock Federal FD Institutional 30

Schedule Of Investments [Line Items]

Cost

59,096

Investments at fair value

^[23]

59,096

Investment, Identifier [Axis]: Related Party PSLF Cash and Cash Equivalents - 60.8%

Schedule Of Investments [Line Items]

Cost

59,096

Investments at fair value

^[23]

$ 59,096

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt

Schedule Of Investments [Line Items]

Cost

738,219

Investments at fair value

^[22],[23]

$ 730,108

Schedule Of Investments [Line Items]

Maturity

Dec. 22, 2028

Industry

Personal, Food and Miscellaneous Services

Current Coupon

11.84%

Basis Point Spread Above Index

^[24]

SOFR+650

Basis Point Spread Above Index

^[24]

650.00%

Par/Shares

^[22]

$ 14,925

Cost

14,668

Investments at fair value

^[22]

$ 14,850

Schedule Of Investments [Line Items]

Maturity

May 07, 2026

Industry

Media

Current Coupon

11.65%

Basis Point Spread Above Index

^[24]

SOFR+600

Basis Point Spread Above Index

^[24]

600.00%

Par/Shares

^[22]

$ 4,888

Cost

4,888

Investments at fair value

^[22]

$ 4,863

Schedule Of Investments [Line Items]

Maturity

Nov. 30, 2026

Industry

Containers, Packaging and Glass

Current Coupon

11.26%

Basis Point Spread Above Index

^[24]

SOFR+600

Basis Point Spread Above Index

^[24]

600.00%

Par/Shares

^[22]

$ 14,837

Cost

14,528

Investments at fair value

^[22]

$ 14,244

Schedule Of Investments [Line Items]

Maturity

Jun. 10, 2025

Industry

Media

Current Coupon

11.79%

Basis Point Spread Above Index

^[24]

SOFR+675

Basis Point Spread Above Index

^[24]

675.00%

Par/Shares

^[22]

$ 13,958

Cost

13,869

Investments at fair value

^[22]

$ 13,749

Schedule Of Investments [Line Items]

Maturity

May 23, 2024

Industry

Media

Current Coupon

12.04%

Basis Point Spread Above Index

^[24]

SOFR+650

Basis Point Spread Above Index

^[24]

650.00%

Par/Shares

^[22]

$ 14,354

Cost

14,319

Investments at fair value

^[22]

$ 14,103

Schedule Of Investments [Line Items]

Maturity

Jul. 21, 2027

Industry

Personal, Food and Miscellaneous Services

Current Coupon

11.22%

Basis Point Spread Above Index

^[24]

SOFR+575

Basis Point Spread Above Index

^[24]

575.00%

Par/Shares

^[22]

$ 10,882

Cost

10,847

Investments at fair value

^[22]

$ 10,665

Schedule Of Investments [Line Items]

Maturity

Jul. 31, 2025

Industry

Personal, Food and Miscellaneous Services

Current Coupon

10.52%

Basis Point Spread Above Index

^[24]

SOFR+525

Basis Point Spread Above Index

^[24]

525.00%

Par/Shares

^[22]

$ 6,424

Cost

6,380

Investments at fair value

^[22]

$ 6,408

Schedule Of Investments [Line Items]

Maturity

Jul. 31, 2025

Industry

Personal, Food and Miscellaneous Services

Current Coupon

11.11%

Basis Point Spread Above Index

^[24]

SOFR+550

Basis Point Spread Above Index

^[24]

550.00%

Par/Shares

^[22]

$ 3,316

Cost

3,299

Investments at fair value

^[22]

$ 3,308

Schedule Of Investments [Line Items]

Maturity

Jul. 31, 2025

Industry

Personal, Food and Miscellaneous Services

Current Coupon

10.76%

Basis Point Spread Above Index

^[24]

SOFR+525

Basis Point Spread Above Index

^[24]

525.00%

Par/Shares

^[22]

$ 7,531

Cost

7,531

Investments at fair value

^[22]

$ 7,512

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% Issuer Name Applied Technical Services, LLC - Unfunded Term Loan Maturity 12/29/2026 Industry Environmental Services

Schedule Of Investments [Line Items]

Maturity

^[25]

Dec. 29, 2026

Industry

^[25]

Environmental Services

Par/Shares

^[22],[25]

$ 513

Investments at fair value

^[22],[25]

$ 5

Schedule Of Investments [Line Items]

Maturity

Dec. 29, 2026

Industry

Environmental Services

Current Coupon

11.51%

Basis Point Spread Above Index

^[24]

SOFR+575

Basis Point Spread Above Index

^[24]

575.00%

Par/Shares

^[22]

$ 11,394

Cost

11,271

Investments at fair value

^[22]

$ 11,166

Schedule Of Investments [Line Items]

Maturity

Aug. 03, 2029

Industry

Aerospace and Defense

Current Coupon

11.62%

Basis Point Spread Above Index

^[24]

SOFR+625

Basis Point Spread Above Index

^[24]

625.00%

Par/Shares

^[22]

$ 11,820

Cost

11,642

Investments at fair value

^[22]

$ 11,702

Schedule Of Investments [Line Items]

Maturity

Jul. 01, 2029

Industry

Business Services

Current Coupon

11.14%

Basis Point Spread Above Index

^[24]

SOFR+575

Basis Point Spread Above Index

^[24]

575.00%

Par/Shares

^[22]

$ 14,850

Cost

14,604

Investments at fair value

^[22]

$ 13,811

Schedule Of Investments [Line Items]

Maturity

Jan. 31, 2028

Industry

Healthcare, Education and Childcare

Current Coupon

11.83%

Basis Point Spread Above Index

^[24]

SOFR+650

Basis Point Spread Above Index

^[24]

650.00%

Par/Shares

^[22]

$ 8,978

Cost

8,874

Investments at fair value

^[22]

$ 8,933

Schedule Of Investments [Line Items]

Maturity

Sep. 17, 2024

Industry

Distribution

Current Coupon

11.79%

Basis Point Spread Above Index

^[24]

SOFR+625

Basis Point Spread Above Index

^[24]

625.00%

Par/Shares

^[22]

$ 17,823

Cost

17,588

Investments at fair value

^[22]

$ 17,556

Schedule Of Investments [Line Items]

Maturity

Dec. 04, 2025

Industry

Personal and Non-Durable Consumer Products

Current Coupon

11.50%

Basis Point Spread Above Index

^[24]

SOFR+600

Basis Point Spread Above Index

^[24]

600.00%

Par/Shares

^[22]

$ 9,683

Cost

9,683

Investments at fair value

^[22]

$ 9,683

Schedule Of Investments [Line Items]

Maturity

Sep. 26, 2029

Industry

Auto Sector

Current Coupon

10.67%

Basis Point Spread Above Index

^[24]

SOFR+525

Basis Point Spread Above Index

^[24]

525.00%

Par/Shares

^[22]

$ 893

Cost

836

Investments at fair value

^[22]

$ 841

Schedule Of Investments [Line Items]

Maturity

Aug. 20, 2026

Industry

Media

Current Coupon

11.60%

Basis Point Spread Above Index

^[24]

SOFR+600

Basis Point Spread Above Index

^[24]

600.00%

Par/Shares

^[22]

$ 2,921

Cost

2,901

Investments at fair value

^[22]

$ 2,862

Schedule Of Investments [Line Items]

Maturity

Jun. 14, 2028

Industry

Distribution

Current Coupon

11.39%

Basis Point Spread Above Index

^[24]

SOFR+600

Basis Point Spread Above Index

^[24]

600.00%

Par/Shares

^[22]

$ 17,281

Cost

17,013

Investments at fair value

^[22]

$ 17,281

Schedule Of Investments [Line Items]

Maturity

Jul. 13, 2027

Industry

Media

Current Coupon

11.16%

Basis Point Spread Above Index

^[24]

SOFR+550

Basis Point Spread Above Index

^[24]

550.00%

Par/Shares

^[22]

$ 8,808

Cost

8,792

Investments at fair value

^[22]

$ 8,500

Schedule Of Investments [Line Items]

Maturity

Aug. 16, 2027

Industry

Personal, Food and Miscellaneous Services

Current Coupon

10.90%

Basis Point Spread Above Index

^[24]

SOFR+575

Basis Point Spread Above Index

^[24]

575.00%

Par/Shares

^[22]

$ 2,575

Cost

2,550

Investments at fair value

^[22]

$ 2,562

Schedule Of Investments [Line Items]

Maturity

Dec. 21, 2028

Industry

Media

Current Coupon

10.67%

Basis Point Spread Above Index

^[24]

SOFR+525

Basis Point Spread Above Index

^[24]

525.00%

Par/Shares

^[22]

$ 4,382

Cost

3,959

Investments at fair value

^[22]

$ 3,993

Schedule Of Investments [Line Items]

Maturity

Nov. 03, 2025

Industry

Consumer Products

Current Coupon

11.77%

Basis Point Spread Above Index

^[24]

SOFR+640

Basis Point Spread Above Index

^[24]

640.00%

Par/Shares

^[22]

$ 14,395

Cost

14,345

Investments at fair value

^[22]

$ 14,222

Schedule Of Investments [Line Items]

Maturity

Aug. 31, 2027

Industry

Personal and Non-Durable Consumer Products

Current Coupon

11.24%

Basis Point Spread Above Index

^[24]

SOFR+575

Basis Point Spread Above Index

^[24]

575.00%

Par/Shares

^[22]

$ 10,882

Cost

10,834

Investments at fair value

^[22]

$ 10,882

Schedule Of Investments [Line Items]

Maturity

Jun. 30, 2024

Industry

Manufacturing / Basic Industries

Current Coupon

11.93%

Basis Point Spread Above Index

^[24]

SOFR+650

Basis Point Spread Above Index

^[24]

650.00%

Par/Shares

^[22]

$ 8,635

Cost

8,561

Investments at fair value

^[22]

$ 8,505

Schedule Of Investments [Line Items]

Maturity

Jan. 10, 2029

Industry

Aerospace and Defense

Current Coupon

11.64%

Basis Point Spread Above Index

^[24]

SOFR+625

Basis Point Spread Above Index

^[24]

625.00%

Par/Shares

^[22]

$ 6,219

Cost

6,148

Investments at fair value

^[22]

$ 6,125

Schedule Of Investments [Line Items]

Maturity

May 29, 2029

Industry

Personal, Food and Miscellaneous Services

Current Coupon

11.89%

Basis Point Spread Above Index

^[24]

SOFR+650

Basis Point Spread Above Index

^[24]

650.00%

Par/Shares

^[22]

$ 12,404

Cost

12,171

Investments at fair value

^[22]

$ 12,193

Schedule Of Investments [Line Items]

Maturity

Jan. 17, 2024

Industry

Electronics

Current Coupon

10.93%

Basis Point Spread Above Index

^[24]

SOFR+550

Basis Point Spread Above Index

^[24]

550.00%

Par/Shares

^[22]

$ 3,712

Cost

3,665

Investments at fair value

^[22]

$ 3,632

Schedule Of Investments [Line Items]

Maturity

Mar. 15, 2027

Industry

Business Services

Current Coupon

11.17%

Basis Point Spread Above Index

^[24]

SOFR+575

Basis Point Spread Above Index

^[24]

575.00%

Par/Shares

^[22]

$ 9,750

Cost

9,637

Investments at fair value

^[22]

$ 9,555

Schedule Of Investments [Line Items]

Maturity

Jun. 17, 2028

Industry

Aerospace and Defense

Current Coupon

10.40%

Basis Point Spread Above Index

^[24]

SOFR+475

Basis Point Spread Above Index

^[24]

475.00%

Par/Shares

^[22]

$ 1,518

Cost

1,470

Investments at fair value

^[22]

$ 1,506

Schedule Of Investments [Line Items]

Maturity

Feb. 23, 2028

Industry

Hotels, Motels, Inns and Gaming

Current Coupon

12.43%

Basis Point Spread Above Index

^[24]

SOFR+700

Basis Point Spread Above Index

^[24]

700.00%

Par/Shares

^[22]

$ 4,373

Cost

4,291

Investments at fair value

^[22]

$ 4,307

Schedule Of Investments [Line Items]

Maturity

Mar. 16, 2026

Industry

Banking, Finance, Insurance & Real Estate

Current Coupon

11.96%

Basis Point Spread Above Index

^[24]

SOFR+650

Basis Point Spread Above Index

^[24]

650.00%

Par/Shares

^[22]

$ 7,027

Cost

7,008

Investments at fair value

^[22]

$ 6,676

Schedule Of Investments [Line Items]

Maturity

Aug. 10, 2027

Industry

Distribution

Current Coupon

10.99%

Basis Point Spread Above Index

^[24]

SOFR+575

Basis Point Spread Above Index

^[24]

575.00%

Par/Shares

^[22]

$ 1,954

Cost

1,925

Investments at fair value

^[22]

$ 1,935

Schedule Of Investments [Line Items]

Maturity

Dec. 17, 2026

Industry

Business Services

Current Coupon

11.79%

Basis Point Spread Above Index

^[24]

SOFR+600

Basis Point Spread Above Index

^[24]

600.00%

Par/Shares

^[22]

$ 15,140

Cost

14,974

Investments at fair value

^[22]

$ 15,110

Schedule Of Investments [Line Items]

Maturity

Dec. 10, 2024

Industry

Media

Current Coupon

11.70%

Basis Point Spread Above Index

^[24]

SOFR+625

Basis Point Spread Above Index

^[24]

625.00%

Par/Shares

^[22]

$ 14,250

Cost

14,171

Investments at fair value

^[22]

$ 14,036

Schedule Of Investments [Line Items]

Maturity

Dec. 31, 2026

Industry

Insurance

Current Coupon

10.93%

Basis Point Spread Above Index

^[24]

SOFR+550

Basis Point Spread Above Index

^[24]

550.00%

Par/Shares

^[22]

$ 6,423

Cost

6,423

Investments at fair value

^[22]

$ 6,262

Schedule Of Investments [Line Items]

Maturity

Nov. 23, 2028

Industry

Aerospace and Defense

Current Coupon

11.32%

Basis Point Spread Above Index

^[24]

SOFR+600

Basis Point Spread Above Index

^[24]

600.00%

Par/Shares

^[22]

$ 19,717

Cost

19,388

Investments at fair value

^[22]

$ 19,717

Schedule Of Investments [Line Items]

Maturity

Sep. 22, 2028

Industry

Business Services

Current Coupon

11.45%

Basis Point Spread Above Index

^[24]

SOFR+600

Basis Point Spread Above Index

^[24]

600.00%

Par/Shares

^[22]

$ 4,428

Cost

4,355

Investments at fair value

^[22]

$ 4,362

Schedule Of Investments [Line Items]

Maturity

Nov. 15, 2027

Industry

Business Services

Current Coupon

10.72%

Basis Point Spread Above Index

^[24]

SOFR+550

Basis Point Spread Above Index

^[24]

550.00%

Par/Shares

^[22]

$ 5,565

Cost

5,481

Investments at fair value

^[22]

$ 5,482

Schedule Of Investments [Line Items]

Maturity

Dec. 31, 2024

Industry

Healthcare, Education and Childcare

Current Coupon

12.50%

Basis Point Spread Above Index

^[24]

SOFR+715

Basis Point Spread Above Index

^[24]

715.00%

Par/Shares

^[22]

$ 19,737

Cost

19,410

Investments at fair value

^[22]

$ 19,737

Schedule Of Investments [Line Items]

Maturity

Dec. 28, 2028

Industry

Personal, Food and Miscellaneous Services

Current Coupon

12.24%

Basis Point Spread Above Index

^[24]

SOFR+685

Basis Point Spread Above Index

^[24]

685.00%

Par/Shares

^[22]

$ 11,053

Cost

10,867

Investments at fair value

^[22]

$ 11,053

Schedule Of Investments [Line Items]

Maturity

Nov. 01, 2026

Industry

Media

Current Coupon

11.17%

Basis Point Spread Above Index

^[24]

SOFR+575

Basis Point Spread Above Index

^[24]

575.00%

Par/Shares

^[22]

$ 6,364

Cost

6,364

Investments at fair value

^[22]

$ 6,364

Schedule Of Investments [Line Items]

Maturity

Aug. 27, 2026

Industry

Insurance

Current Coupon

11.57%

Basis Point Spread Above Index

^[24]

SOFR+575

Basis Point Spread Above Index

^[24]

575.00%

Par/Shares

^[22]

$ 19,701

Cost

19,639

Investments at fair value

^[22]

$ 19,504

Schedule Of Investments [Line Items]

Maturity

Dec. 20, 2023

Industry

Chemicals, Plastics and Rubber

Current Coupon

13.42%

Basis Point Spread Above Index

^[24]

SOFR+800

Basis Point Spread Above Index

^[24]

800.00%

Par/Shares

^[22]

$ 12,061

Cost

12,040

Investments at fair value

^[22]

$ 12,061

Schedule Of Investments [Line Items]

Maturity

Nov. 10, 2027

Industry

Consumer Products

Current Coupon

11.54%

Basis Point Spread Above Index

^[24]

SOFR+615

Basis Point Spread Above Index

^[24]

615.00%

Par/Shares

^[22]

$ 16,920

Cost

16,641

Investments at fair value

^[22]

$ 16,666

Schedule Of Investments [Line Items]

Maturity

Oct. 31, 2024

Industry

Leisure, Amusement, Motion Pictures, Entertainment

Current Coupon

11.46%

Basis Point Spread Above Index

^[24]

SOFR+565

Basis Point Spread Above Index

^[24]

565.00%

Par/Shares

^[22]

$ 4,658

Cost

4,631

Investments at fair value

^[22]

$ 4,603

Schedule Of Investments [Line Items]

Maturity

Jan. 31, 2030

Industry

Environmental Services

Current Coupon

11.77%

Basis Point Spread Above Index

^[24]

SOFR+665

Basis Point Spread Above Index

^[24]

665.00%

Par/Shares

^[22]

$ 6,318

Cost

6,206

Investments at fair value

^[22]

$ 6,192

Schedule Of Investments [Line Items]

Maturity

Feb. 18, 2027

Industry

Consumer Products

Current Coupon

12.13%

Basis Point Spread Above Index

^[24]

SOFR+700

Basis Point Spread Above Index

^[24]

700.00%

Par/Shares

^[22]

$ 19,723

Cost

19,565

Investments at fair value

^[22]

$ 19,526

Schedule Of Investments [Line Items]

Maturity

Feb. 03, 2026

Industry

Healthcare, Education and Childcare

Current Coupon

10.67%

Basis Point Spread Above Index

^[24]

SOFR+575

Basis Point Spread Above Index

^[24]

575.00%

Par/Shares

^[22]

$ 12,218

Cost

12,056

Investments at fair value

^[22]

$ 12,096

Schedule Of Investments [Line Items]

Maturity

Apr. 01, 2027

Industry

Aerospace and Defense

Current Coupon

10.99%

Basis Point Spread Above Index

^[24]

SOFR+550

Basis Point Spread Above Index

^[24]

550.00%

Par/Shares

^[22]

$ 7,601

Cost

7,153

Investments at fair value

^[22]

$ 7,202

Schedule Of Investments [Line Items]

Maturity

Apr. 16, 2027

Industry

Telecommunications

Current Coupon

11.22%

Basis Point Spread Above Index

^[24]

SOFR+575

Basis Point Spread Above Index

^[24]

575.00%

Par/Shares

^[22]

$ 7,859

Cost

7,780

Investments at fair value

^[22]

$ 7,749

Schedule Of Investments [Line Items]

Maturity

Jul. 31, 2028

Industry

Software

Current Coupon

10.63%

Basis Point Spread Above Index

^[24]

SOFR+500

Basis Point Spread Above Index

^[24]

500.00%

Par/Shares

^[22]

$ 3,785

Cost

3,550

Investments at fair value

^[22]

$ 2,805

Schedule Of Investments [Line Items]

Maturity

May 14, 2026

Industry

Media

Current Coupon

11.04%

Basis Point Spread Above Index

^[24]

SOFR+550

Basis Point Spread Above Index

^[24]

550.00%

Par/Shares

^[22]

$ 10,885

Cost

10,811

Investments at fair value

^[22]

$ 10,776

Schedule Of Investments [Line Items]

Maturity

Dec. 10, 2027

Industry

Business Services

Current Coupon

10.58%

Basis Point Spread Above Index

^[24]

SOFR+550

Basis Point Spread Above Index

^[24]

550.00%

Par/Shares

^[22]

$ 2,958

Cost

2,911

Investments at fair value

^[22]

$ 2,884

Schedule Of Investments [Line Items]

Maturity

Oct. 01, 2027

Industry

Distribution

Current Coupon

11.04%

Basis Point Spread Above Index

^[24]

SOFR+550

Basis Point Spread Above Index

^[24]

550.00%

Par/Shares

^[22]

$ 5,975

Cost

5,860

Investments at fair value

^[22]

$ 5,843

Schedule Of Investments [Line Items]

Maturity

Aug. 19, 2026

Industry

Healthcare, Education and Childcare

Current Coupon

10.93%

Basis Point Spread Above Index

^[24]

SOFR+525

Basis Point Spread Above Index

^[24]

525.00%

Par/Shares

^[22]

$ 7,429

Cost

7,369

Investments at fair value

^[22]

$ 7,280

Schedule Of Investments [Line Items]

Maturity

May 09, 2029

Industry

Financial Services

Current Coupon

11.97%

Basis Point Spread Above Index

^[24]

SOFR+660

Basis Point Spread Above Index

^[24]

660.00%

Par/Shares

^[22]

$ 8,020

Cost

7,910

Investments at fair value

^[22]

$ 8,020

Schedule Of Investments [Line Items]

Maturity

May 07, 2027

Industry

Transportation

Current Coupon

11.68%

Basis Point Spread Above Index

^[24]

SOFR+625

Basis Point Spread Above Index

^[24]

625.00%

Par/Shares

^[22]

$ 8,470

Cost

8,311

Investments at fair value

^[22]

$ 8,470

Schedule Of Investments [Line Items]

Maturity

Feb. 04, 2028

Industry

Education

Current Coupon

10.80%

Basis Point Spread Above Index

^[24]

SOFR+575

Basis Point Spread Above Index

^[24]

575.00%

Par/Shares

^[22]

$ 3,893

Cost

3,794

Investments at fair value

^[22]

$ 3,834

Schedule Of Investments [Line Items]

Maturity

May 18, 2026

Industry

Distribution

Current Coupon

12.90%

Basis Point Spread Above Index

^[24]

SOFR+725

Basis Point Spread Above Index

^[24]

725.00%

Par/Shares

^[22]

$ 4,378

Cost

4,343

Investments at fair value

^[22]

$ 4,301

Schedule Of Investments [Line Items]

Maturity

Nov. 09, 2027

Industry

Retail

Current Coupon

12.42%

Basis Point Spread Above Index

^[24]

SOFR+700

Basis Point Spread Above Index

^[24]

700.00%

Par/Shares

^[22]

$ 7,930

Cost

7,818

Investments at fair value

^[22]

$ 7,137

Schedule Of Investments [Line Items]

Maturity

Dec. 02, 2026

Industry

Banking, Finance, Insurance & Real Estate

Current Coupon

11.79%

Basis Point Spread Above Index

^[24]

SOFR+640

Basis Point Spread Above Index

^[24]

640.00%

Par/Shares

^[22]

$ 11,474

Cost

11,267

Investments at fair value

^[22]

$ 11,244

Schedule Of Investments [Line Items]

Maturity

May 08, 2026

Industry

Consumer Products

Current Coupon

10.92%

Basis Point Spread Above Index

^[24]

SOFR+565

Basis Point Spread Above Index

^[24]

565.00%

Par/Shares

^[22]

$ 2,551

Cost

2,481

Investments at fair value

^[22]

$ 2,436

Schedule Of Investments [Line Items]

Maturity

Nov. 19, 2026

Industry

Aerospace and Defense

Current Coupon

11.74%

Basis Point Spread Above Index

^[24]

SOFR+625

Basis Point Spread Above Index

^[24]

625.00%

Par/Shares

^[22]

$ 3,314

Cost

3,267

Investments at fair value

^[22]

$ 3,264

Schedule Of Investments [Line Items]

Maturity

Mar. 31, 2025

Industry

Aerospace and Defense

Current Coupon

11.29%

Basis Point Spread Above Index

^[24]

SOFR+575

Basis Point Spread Above Index

^[24]

575.00%

Par/Shares

^[22]

$ 12,703

Cost

12,641

Investments at fair value

^[22]

$ 12,576

Schedule Of Investments [Line Items]

Maturity

Dec. 18, 2025

Industry

Healthcare, Education and Childcare

Current Coupon

11.22%

Basis Point Spread Above Index

^[24]

SOFR+550

Basis Point Spread Above Index

^[24]

550.00%

Par/Shares

^[22]

$ 5,603

Cost

5,603

Investments at fair value

^[22]

$ 5,603

Schedule Of Investments [Line Items]

Maturity

Apr. 28, 2028

Industry

Transportation

Current Coupon

11.54%

Basis Point Spread Above Index

^[24]

SOFR+600

Basis Point Spread Above Index

^[24]

600.00%

Par/Shares

$ 5,000

Cost

4,937

Investments at fair value

^[22]

$ 4,800

Schedule Of Investments [Line Items]

Maturity

Jan. 29, 2026

Industry

Consumer Products

Current Coupon

12.54%

Basis Point Spread Above Index

^[24]

SOFR+700

Basis Point Spread Above Index

^[24]

700.00%

Par/Shares

$ 9,750

Cost

9,655

Investments at fair value

^[22]

$ 9,458

Schedule Of Investments [Line Items]

Maturity

Dec. 20, 2024

Industry

Business Services

Current Coupon

11.13%

Basis Point Spread Above Index

^[24]

SOFR+550

Basis Point Spread Above Index

^[24]

550.00%

Par/Shares

$ 14,389

Cost

14,332

Investments at fair value

^[22]

$ 12,591

Schedule Of Investments [Line Items]

Maturity

Jun. 20, 2025

Industry

Healthcare, Education and Childcare

Current Coupon

10.54%

Basis Point Spread Above Index

^[24]

SOFR+575

Basis Point Spread Above Index

^[24]

575.00%

Par/Shares

$ 3,176

Cost

3,162

Investments at fair value

^[22]

$ 3,131

Schedule Of Investments [Line Items]

Maturity

Mar. 10, 2025

Industry

Education

Current Coupon

11.29%

Basis Point Spread Above Index

^[24]

SOFR+625

Basis Point Spread Above Index

^[24]

625.00%

Par/Shares

$ 10,895

Cost

10,834

Investments at fair value

^[23]

$ 10,786

Schedule Of Investments [Line Items]

Maturity

Jun. 16, 2029

Industry

Professional Services

Current Coupon

11.52%

Basis Point Spread Above Index

^[24]

SOFR+625

Basis Point Spread Above Index

^[24]

625.00%

Par/Shares

$ 3,749

Cost

3,678

Investments at fair value

^[23]

$ 3,692

Schedule Of Investments [Line Items]

Maturity

Dec. 11, 2026

Industry

Transportation

Current Coupon

10.67%

Basis Point Spread Above Index

^[24]

SOFR+525

Basis Point Spread Above Index

^[24]

525.00%

Par/Shares

$ 12,099

Cost

12,045

Investments at fair value

^[23]

$ 11,857

Schedule Of Investments [Line Items]

Maturity

Jan. 03, 2025

Industry

Business Services

Current Coupon

11.59%

Basis Point Spread Above Index

^[24]

SOFR+600

Basis Point Spread Above Index

^[24]

600.00%

Par/Shares

$ 6,859

Cost

6,815

Investments at fair value

^[23]

$ 6,825

Schedule Of Investments [Line Items]

Maturity

Dec. 20, 2024

Industry

Electronics

Current Coupon

12.92%

Basis Point Spread Above Index

^[24]

SOFR+750

Basis Point Spread Above Index

^[24]

750.00%

Par/Shares

$ 4,872

Cost

4,872

Investments at fair value

^[23]

$ 4,823

Schedule Of Investments [Line Items]

Maturity

Jun. 13, 2029

Industry

Chemicals, Plastics and Rubber

Current Coupon

11.54%

Basis Point Spread Above Index

^[24]

SOFR+605

Basis Point Spread Above Index

^[24]

605.00%

Par/Shares

$ 14,850

Cost

14,633

Investments at fair value

^[23]

$ 14,405

Schedule Of Investments [Line Items]

Maturity

May 03, 2024

Industry

Chemicals, Plastics and Rubber

Current Coupon

12.04%

Basis Point Spread Above Index

^[24]

SOFR+650

Basis Point Spread Above Index

^[24]

650.00%

Par/Shares

$ 11,201

Cost

11,173

Investments at fair value

^[23]

$ 11,201

Schedule Of Investments [Line Items]

Maturity

May 17, 2028

Industry

Business Services

Current Coupon

9.93%

Basis Point Spread Above Index

^[24]

SOFR+450

Basis Point Spread Above Index

^[24]

450.00%

Par/Shares

$ 1,300

Cost

1,274

Investments at fair value

^[23]

$ 1,272

Schedule Of Investments [Line Items]

Maturity

Jul. 17, 2025

Industry

Communications

Current Coupon

12.37%

Basis Point Spread Above Index

^[24]

SOFR+700

Basis Point Spread Above Index

^[24]

700.00%

Par/Shares

$ 9,239

Cost

9,206

Investments at fair value

^[23]

$ 9,202

Schedule Of Investments [Line Items]

Maturity

Mar. 01, 2028

Industry

Business Services

Current Coupon

11.04%

Basis Point Spread Above Index

^[24]

SOFR+575

Basis Point Spread Above Index

^[24]

575.00%

Par/Shares

$ 9,607

Cost

9,352

Investments at fair value

^[23]

$ 9,396

Schedule Of Investments [Line Items]

Maturity

Nov. 24, 2028

Industry

Healthcare, Education and Childcare

Current Coupon

10.43%

Basis Point Spread Above Index

^[24]

SOFR+475

Basis Point Spread Above Index

^[24]

475.00%

Par/Shares

$ 3,572

Cost

3,389

Investments at fair value

^[23]

$ 3,559

Schedule Of Investments [Line Items]

Maturity

Aug. 16, 2027

Industry

Aerospace and Defense

Current Coupon

11.49%

Basis Point Spread Above Index

^[24]

SOFR+600

Basis Point Spread Above Index

^[24]

600.00%

Par/Shares

$ 15,966

Cost

15,695

Investments at fair value

^[23]

$ 15,790

Schedule Of Investments [Line Items]

Maturity

Nov. 24, 2025

Industry

Food

Current Coupon

10.68%

Basis Point Spread Above Index

^[24]

SOFR+550

Basis Point Spread Above Index

^[24]

550.00%

Par/Shares

$ 5,479

Cost

5,378

Investments at fair value

^[23]

$ 5,479

Schedule Of Investments [Line Items]

Maturity

Jun. 06, 2025

Industry

Education

Current Coupon

11.80%

Basis Point Spread Above Index

^[24]

SOFR+625

Basis Point Spread Above Index

^[24]

625.00%

Par/Shares

$ 7,177

Cost

7,161

Investments at fair value

^[23]

$ 7,177

Schedule Of Investments [Line Items]

Maturity

Nov. 24, 2028

Industry

Healthcare, Education and Childcare

Current Coupon

10.75%

Basis Point Spread Above Index

^[24]

SOFR+515

Basis Point Spread Above Index

^[24]

515.00%

Par/Shares

$ 2,688

Cost

2,584

Investments at fair value

^[23]

$ 2,627

Schedule Of Investments [Line Items]

Maturity

Jul. 18, 2025

Industry

Financial Services

Current Coupon

10.67%

Basis Point Spread Above Index

^[24]

SOFR+525

Basis Point Spread Above Index

^[24]

525.00%

Par/Shares

$ 2,936

Cost

2,927

Investments at fair value

^[23]

$ 2,931

Schedule Of Investments [Line Items]

Maturity

Oct. 31, 2025

Industry

Aerospace and Defense

Current Coupon

12.04%

Basis Point Spread Above Index

^[24]

SOFR+650

Basis Point Spread Above Index

^[24]

650.00%

Par/Shares

$ 11,095

Cost

11,008

Investments at fair value

^[23]

$ 10,929

Schedule Of Investments [Line Items]

Maturity

Jul. 27, 2026

Industry

Business Services

Current Coupon

12.79%

Basis Point Spread Above Index

^[24]

SOFR+725

Basis Point Spread Above Index

^[24]

725.00%

Par/Shares

$ 7,855

Cost

7,872

Investments at fair value

^[23]

$ 7,823

Schedule Of Investments [Line Items]

Maturity

Aug. 31, 2027

Industry

Business Services

Current Coupon

11.70%

Basis Point Spread Above Index

^[24]

SOFR+635

Basis Point Spread Above Index

^[24]

635.00%

Par/Shares

$ 7,690

Cost

7,596

Investments at fair value

^[23]

$ 7,628

Schedule Of Investments [Line Items]

Maturity

Apr. 03, 2028

Industry

Aerospace and Defense

Current Coupon

10.90%

Basis Point Spread Above Index

^[24]

SOFR+550

Basis Point Spread Above Index

^[24]

550.00%

Par/Shares

$ 11,393

Cost

11,285

Investments at fair value

^[23]

$ 10,391

Schedule Of Investments [Line Items]

Maturity

Jun. 15, 2026

Industry

Healthcare, Education and Childcare

Current Coupon

11.79%

Basis Point Spread Above Index

^[24]

SOFR+625

Basis Point Spread Above Index

^[24]

625.00%

Par/Shares

$ 3,860

Cost

3,792

Investments at fair value

^[23]

$ 3,780

Schedule Of Investments [Line Items]

Maturity

Feb. 27, 2026

Industry

Electronics

Current Coupon

10.54%

Basis Point Spread Above Index

^[24]

SOFR+515

Basis Point Spread Above Index

^[24]

515.00%

Par/Shares

$ 11,386

Cost

11,323

Investments at fair value

^[23]

$ 11,272

Schedule Of Investments [Line Items]

Maturity

Mar. 01, 2024

Industry

Business Services

Current Coupon

12.67%

Basis Point Spread Above Index

^[24]

SOFR+725

Basis Point Spread Above Index

^[24]

725.00%

Par/Shares

$ 19,682

Cost

19,582

Investments at fair value

^[23]

19,042

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7% PennantPark Senior Loan Fund, LLC

Schedule Of Investments [Line Items]

Cost

810,737

Investments at fair value

^[23]

804,187

Schedule Of Investments [Line Items]

Maturity

May 06, 2026

Industry

Media

Current Coupon

9.67%

Basis Point Spread Above Index

^[26]

3M L+600

Basis Point Spread Above Index

^[26]

600.00%

Par/Shares

$ 4,938

Cost

4,938

Investments at fair value

^[23]

$ 4,900

Schedule Of Investments [Line Items]

Maturity

Nov. 30, 2026

Industry

Containers, Packaging and Glass

Current Coupon

8.69%

Basis Point Spread Above Index

^[26]

3M L+800

Basis Point Spread Above Index

^[26]

800.00%

Par/Shares

$ 9,975

Cost

9,785

Investments at fair value

^[23]

$ 9,576

Schedule Of Investments [Line Items]

Maturity

Jul. 24, 2025

Industry

Aerospace and Defense

Current Coupon

10.81%

Basis Point Spread Above Index

^[26]

3M L+550

Basis Point Spread Above Index

^[26]

550.00%

Par/Shares

$ 871

Cost

864

Investments at fair value

^[23]

$ 841

Schedule Of Investments [Line Items]

Maturity

Dec. 21, 2023

Industry

Building Materials

Current Coupon

7.79%

Basis Point Spread Above Index

^[26]

3M L+575

Basis Point Spread Above Index

^[26]

575.00%

Par/Shares

$ 19,906

Cost

19,868

Investments at fair value

^[23]

$ 19,906

Schedule Of Investments [Line Items]

Maturity

Jun. 10, 2025

Industry

Media

Current Coupon

9.95%

Basis Point Spread Above Index

^[26]

1M L+550

Basis Point Spread Above Index

^[26]

550.00%

Par/Shares

$ 14,104

Cost

13,968

Investments at fair value

^[23]

$ 13,892

Schedule Of Investments [Line Items]

Maturity

May 23, 2024

Industry

Media

Current Coupon

9.17%

Basis Point Spread Above Index

^[26]

3M L+550

Basis Point Spread Above Index

^[26]

550.00%

Par/Shares

$ 15,168

Cost

15,084

Investments at fair value

^[23]

$ 15,168

Schedule Of Investments [Line Items]

Maturity

Jul. 21, 2027

Industry

Personal, Food and Miscellaneous Services

Current Coupon

7.98%

Basis Point Spread Above Index

^[26]

3M L+575

Basis Point Spread Above Index

^[26]

575.00%

Par/Shares

$ 9,942

Cost

9,934

Investments at fair value

^[23]

$ 9,743

Schedule Of Investments [Line Items]

Maturity

Jul. 31, 2025

Industry

Personal, Food and Miscellaneous Services

Current Coupon

6.50%

Basis Point Spread Above Index

^[26]

3M L+600

Basis Point Spread Above Index

^[26]

600.00%

Par/Shares

$ 7,607

Cost

7,608

Investments at fair value

^[23]

$ 7,569

Schedule Of Investments [Line Items]

Maturity

Jul. 31, 2025

Industry

Personal, Food and Miscellaneous Services

Current Coupon

6.25%

Basis Point Spread Above Index

^[26]

3M L+575

Basis Point Spread Above Index

^[26]

575.00%

Par/Shares

$ 6,569

Cost

6,502

Investments at fair value

^[23]

$ 6,536

Schedule Of Investments [Line Items]

Maturity

Jul. 31, 2025

Industry

Personal, Food and Miscellaneous Services

Current Coupon

6.55%

Basis Point Spread Above Index

^[26]

3M L+550

Basis Point Spread Above Index

^[26]

550.00%

Par/Shares

$ 3,323

Cost

3,298

Investments at fair value

^[23]

$ 3,307

Schedule Of Investments [Line Items]

Maturity

Dec. 29, 2026

Industry

Environmental Services

Current Coupon

9.42%

Basis Point Spread Above Index

^[26]

3M L+500

Basis Point Spread Above Index

^[26]

500.00%

Par/Shares

$ 8,822

Cost

8,725

Investments at fair value

^[23]

$ 8,602

Schedule Of Investments [Line Items]

Basis Point Spread Above Index

^[26]

575.00%

Schedule Of Investments [Line Items]

Maturity

Jul. 01, 2029

Industry

Business Services

Current Coupon

7.56%

Basis Point Spread Above Index

^[26]

1M L+525

Basis Point Spread Above Index

^[26]

525.00%

Par/Shares

$ 15,000

Cost

14,700

Investments at fair value

^[23]

$ 14,700

Schedule Of Investments [Line Items]

Maturity

Sep. 17, 2024

Industry

Distribution

Current Coupon

8.57%

Basis Point Spread Above Index

^[26]

3M L+600

Basis Point Spread Above Index

^[26]

600.00%

Par/Shares

$ 17,993

Cost

17,772

Investments at fair value

^[23]

$ 17,596

Schedule Of Investments [Line Items]

Maturity

Dec. 02, 2022

Industry

Personal, Food and Miscellaneous Services

Current Coupon

7.39%

Basis Point Spread Above Index

^[26]

3M L+600

Basis Point Spread Above Index

^[26]

600.00%

Par/Shares

$ 9,937

Cost

9,937

Investments at fair value

^[23]

$ 9,937

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 864.4% Issuer Name CF512, Inc. Maturity 08/20/26 Media Current Coupon 9.08 % Basis Point Spread Above Index 3M L+575

Schedule Of Investments [Line Items]

Maturity

Aug. 20, 2026

Industry

Media

Current Coupon

9.08%

Basis Point Spread Above Index

^[26]

3M L+575

Basis Point Spread Above Index

^[26]

575.00%

Par/Shares

$ 2,985

Cost

2,958

Investments at fair value

^[23]

$ 2,940

Schedule Of Investments [Line Items]

Maturity

May 13, 2028

Industry

Distribution

Current Coupon

9.55%

Basis Point Spread Above Index

^[26]

3M L+600

Basis Point Spread Above Index

^[26]

600.00%

Par/Shares

$ 17,456

Cost

17,131

Investments at fair value

^[23]

$ 17,194

Schedule Of Investments [Line Items]

Maturity

Jul. 13, 2027

Industry

Media

Current Coupon

8.42%

Basis Point Spread Above Index

^[26]

1M L+550

Basis Point Spread Above Index

^[26]

550.00%

Par/Shares

$ 9,045

Cost

9,029

Investments at fair value

^[23]

$ 8,819

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 864.4% Issuer Name DRI Holding Inc. Maturity 12/21/28 Media Current Coupon 8.37 % Basis Point Spread Above Index 3M L+575

Schedule Of Investments [Line Items]

Maturity

Dec. 21, 2028

Industry

Media

Current Coupon

8.37%

Basis Point Spread Above Index

^[26]

3M L+575

Basis Point Spread Above Index

^[26]

575.00%

Par/Shares

$ 2,776

Cost

2,526

Investments at fair value

^[23]

$ 2,489

Schedule Of Investments [Line Items]

Maturity

Nov. 03, 2025

Industry

Consumer Products

Current Coupon

8.87%

Basis Point Spread Above Index

^[26]

3M L+600

Basis Point Spread Above Index

^[26]

600.00%

Par/Shares

$ 15,142

Cost

15,063

Investments at fair value

^[23]

$ 14,658

Schedule Of Investments [Line Items]

Maturity

Aug. 31, 2027

Industry

Personal and Non-Durable Consumer Products

Current Coupon

9.42%

Basis Point Spread Above Index

^[26]

3M L+475

Basis Point Spread Above Index

^[26]

475.00%

Par/Shares

$ 6,435

Cost

6,427

Investments at fair value

^[23]

$ 6,339

Schedule Of Investments [Line Items]

Maturity

Jun. 30, 2024

Industry

Manufacturing / Basic Industries

Current Coupon

8.62%

Basis Point Spread Above Index

^[26]

3M L+575

Basis Point Spread Above Index

^[26]

575.00%

Par/Shares

$ 8,139

Cost

8,008

Investments at fair value

^[23]

$ 7,944

Schedule Of Investments [Line Items]

Maturity

May 01, 2028

Industry

Hotels, Motels, Inns and Gaming

Current Coupon

10.62%

Basis Point Spread Above Index

^[26]

3M L+500

Basis Point Spread Above Index

^[26]

500.00%

Par/Shares

$ 4,558

Cost

4,558

Investments at fair value

^[23]

$ 4,489

Schedule Of Investments [Line Items]

Maturity

Dec. 23, 2025

Industry

Electronics

Current Coupon

6.32%

Basis Point Spread Above Index

^[26]

3M L+600

Basis Point Spread Above Index

^[26]

600.00%

Par/Shares

$ 2,823

Cost

2,761

Investments at fair value

^[23]

$ 2,689

Schedule Of Investments [Line Items]

Maturity

Mar. 15, 2027

Industry

Business Services

Current Coupon

8.87%

Basis Point Spread Above Index

^[26]

1M L+575

Basis Point Spread Above Index

^[26]

575.00%

Par/Shares

$ 9,950

Cost

9,817

Investments at fair value

^[23]

$ 9,726

Schedule Of Investments [Line Items]

Maturity

Jun. 17, 2028

Industry

Aerospace and Defense

Current Coupon

7.63%

Basis Point Spread Above Index

^[26]

6M L+475

Basis Point Spread Above Index

^[26]

475.00%

Par/Shares

$ 800

Cost

754

Investments at fair value

^[23]

$ 740

Schedule Of Investments [Line Items]

Maturity

Mar. 16, 2026

Industry

Banking, Finance, Insurance & Real Estate

Current Coupon

8.74%

Basis Point Spread Above Index

^[26]

3M L+600

Basis Point Spread Above Index

^[26]

600.00%

Par/Shares

$ 7,343

Cost

7,313

Investments at fair value

^[23]

$ 7,013

Schedule Of Investments [Line Items]

Maturity

Aug. 10, 2027

Industry

Distribution

Current Coupon

8.00%

Basis Point Spread Above Index

^[26]

3M L+550

Basis Point Spread Above Index

^[26]

550.00%

Par/Shares

$ 1,974

Cost

1,939

Investments at fair value

^[23]

$ 1,895

Schedule Of Investments [Line Items]

Maturity

Dec. 17, 2026

Industry

Business Services

Current Coupon

9.67%

Basis Point Spread Above Index

^[26]

3M L+600

Basis Point Spread Above Index

^[26]

600.00%

Par/Shares

$ 15,255

Cost

15,045

Investments at fair value

^[23]

$ 14,721

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 864.4% Issuer Name HW Holdco, LLC Maturity 12/10/24 Media Current Coupon 6.00 % Basis Point Spread Above Index 3M L+700

Schedule Of Investments [Line Items]

Maturity

Dec. 10, 2024

Industry

Media

Current Coupon

6.00%

Basis Point Spread Above Index

^[26]

3M L+700

Basis Point Spread Above Index

^[26]

700.00%

Par/Shares

$ 14,438

Cost

14,303

Investments at fair value

^[23]

$ 14,257

Schedule Of Investments [Line Items]

Maturity

Dec. 31, 2026

Industry

Insurance

Current Coupon

8.67%

Basis Point Spread Above Index

^[26]

1M L+575

Basis Point Spread Above Index

^[26]

575.00%

Par/Shares

$ 6,835

Cost

6,835

Investments at fair value

^[23]

$ 6,733

Schedule Of Investments [Line Items]

Maturity

Nov. 23, 2028

Industry

Aerospace and Defense

Current Coupon

10.17%

Basis Point Spread Above Index

^[26]

1M L+800

Basis Point Spread Above Index

^[26]

800.00%

Par/Shares

$ 19,915

Cost

19,535

Investments at fair value

^[23]

$ 19,516

Schedule Of Investments [Line Items]

Maturity

Dec. 30, 2026

Industry

Healthcare, Education and Childcare

Current Coupon

10.20%

Basis Point Spread Above Index

^[26]

3M L+750

Basis Point Spread Above Index

^[26]

750.00%

Par/Shares

$ 17,400

Cost

17,154

Investments at fair value

^[23]

$ 16,617

Schedule Of Investments [Line Items]

Maturity

Sep. 22, 2028

Industry

Business Services

Current Coupon

9.45%

Basis Point Spread Above Index

^[26]

1M L+575

Basis Point Spread Above Index

^[26]

575.00%

Par/Shares

$ 4,473

Cost

4,388

Investments at fair value

^[23]

$ 4,428

Schedule Of Investments [Line Items]

Maturity

May 11, 2028

Industry

Auto Sector

Current Coupon

6.87%

Basis Point Spread Above Index

^[26]

3M L+475

Basis Point Spread Above Index

^[26]

475.00%

Par/Shares

$ 2,333

Cost

2,001

Investments at fair value

^[23]

$ 1,705

Schedule Of Investments [Line Items]

Maturity

Nov. 15, 2027

Industry

Business Services

Current Coupon

6.91%

Basis Point Spread Above Index

^[26]

3M L+625

Basis Point Spread Above Index

^[26]

625.00%

Par/Shares

$ 5,636

Cost

5,534

Investments at fair value

^[23]

$ 5,495

Schedule Of Investments [Line Items]

Maturity

Dec. 07, 2023

Industry

Healthcare, Education and Childcare

Current Coupon

9.96%

Basis Point Spread Above Index

^[26]

3M L+550

Basis Point Spread Above Index

^[26]

550.00%

Par/Shares

$ 20,000

Cost

19,545

Investments at fair value

^[23]

$ 19,800

Schedule Of Investments [Line Items]

Maturity

Nov. 01, 2026

Industry

Media

Current Coupon

9.42%

Basis Point Spread Above Index

^[26]

1M L+550

Basis Point Spread Above Index

^[26]

550.00%

Par/Shares

$ 6,428

Cost

6,428

Investments at fair value

^[23]

$ 6,428

Schedule Of Investments [Line Items]

Maturity

Aug. 27, 2025

Industry

Insurance

Current Coupon

9.21%

Basis Point Spread Above Index

^[26]

3M L+575

Basis Point Spread Above Index

^[26]

575.00%

Par/Shares

$ 19,954

Cost

19,866

Investments at fair value

^[23]

$ 19,754

Schedule Of Investments [Line Items]

Maturity

Dec. 20, 2023

Industry

Chemicals, Plastics and Rubber

Current Coupon

11.12%

Basis Point Spread Above Index

^[26]

3M L+550

Basis Point Spread Above Index

^[26]

550.00%

Par/Shares

$ 14,438

Cost

14,316

Investments at fair value

^[23]

$ 14,438

Schedule Of Investments [Line Items]

Maturity

Oct. 31, 2024

Industry

Leisure, Amusement, Motion Pictures, Entertainment

Current Coupon

9.95%

Basis Point Spread Above Index

^[26]

3M L+500

Basis Point Spread Above Index

^[26]

500.00%

Par/Shares

$ 2,137

Cost

2,129

Investments at fair value

^[23]

$ 2,088

Schedule Of Investments [Line Items]

Maturity

Feb. 18, 2027

Industry

Consumer Products

Current Coupon

11.17%

Basis Point Spread Above Index

^[26]

1M L+650

Basis Point Spread Above Index

^[26]

650.00%

Par/Shares

$ 19,925

Cost

19,708

Investments at fair value

^[23]

$ 19,526

Schedule Of Investments [Line Items]

Maturity

Feb. 03, 2026

Industry

Healthcare, Education and Childcare

Current Coupon

8.87%

Basis Point Spread Above Index

^[26]

3M L+475

Basis Point Spread Above Index

^[26]

475.00%

Par/Shares

$ 12,345

Cost

12,119

Investments at fair value

^[23]

$ 11,944

Schedule Of Investments [Line Items]

Maturity

Apr. 01, 2027

Industry

Aerospace and Defense

Current Coupon

9.17%

Basis Point Spread Above Index

^[26]

3M L+550

Basis Point Spread Above Index

^[26]

550.00%

Par/Shares

$ 5,570

Cost

5,128

Investments at fair value

^[23]

$ 5,069

Schedule Of Investments [Line Items]

Maturity

Apr. 16, 2027

Industry

Telecommunications

Current Coupon

8.56%

Basis Point Spread Above Index

^[26]

3M L+575

Basis Point Spread Above Index

^[26]

575.00%

Par/Shares

$ 7,406

Cost

7,326

Investments at fair value

^[23]

$ 7,332

Schedule Of Investments [Line Items]

Maturity

Jul. 31, 2028

Industry

Software

Current Coupon

7.87%

Basis Point Spread Above Index

^[26]

3M L+500

Basis Point Spread Above Index

^[26]

500.00%

Par/Shares

$ 3,140

Cost

2,946

Investments at fair value

^[23]

$ 2,826

Schedule Of Investments [Line Items]

Maturity

May 14, 2026

Industry

Media

Current Coupon

8.62%

Basis Point Spread Above Index

^[26]

1M L+625

Basis Point Spread Above Index

^[26]

625.00%

Par/Shares

$ 7,920

Cost

7,861

Investments at fair value

^[23]

$ 7,880

Schedule Of Investments [Line Items]

Maturity

Dec. 10, 2027

Industry

Business Services

Current Coupon

9.17%

Basis Point Spread Above Index

^[26]

3M L+575

Basis Point Spread Above Index

^[26]

575.00%

Par/Shares

$ 2,983

Cost

2,926

Investments at fair value

^[23]

$ 2,953

Schedule Of Investments [Line Items]

Maturity

Sep. 28, 2027

Industry

Distribution

Current Coupon

7.25%

Basis Point Spread Above Index

^[26]

3M L+550

Basis Point Spread Above Index

^[26]

550.00%

Par/Shares

$ 4,164

Cost

4,102

Investments at fair value

^[23]

$ 3,923

Schedule Of Investments [Line Items]

Maturity

Aug. 19, 2026

Industry

Healthcare, Education and Childcare

Current Coupon

7.80%

Basis Point Spread Above Index

^[26]

3M L+575

Basis Point Spread Above Index

^[26]

575.00%

Par/Shares

$ 7,505

Cost

7,426

Investments at fair value

^[23]

$ 7,505

Schedule Of Investments [Line Items]

Maturity

Jul. 09, 2026

Industry

Healthcare, Education and Childcare

Current Coupon

9.45%

Basis Point Spread Above Index

^[26]

3M L+600

Basis Point Spread Above Index

^[26]

600.00%

Par/Shares

$ 5,257

Cost

5,210

Investments at fair value

^[23]

$ 5,257

Schedule Of Investments [Line Items]

Maturity

Feb. 04, 2028

Industry

Education

Current Coupon

8.41%

Basis Point Spread Above Index

^[26]

3M L+550

Basis Point Spread Above Index

^[26]

550.00%

Par/Shares

$ 3,990

Cost

3,874

Investments at fair value

^[23]

$ 3,890

Schedule Of Investments [Line Items]

Maturity

May 18, 2026

Industry

Distribution

Current Coupon

8.32%

Basis Point Spread Above Index

^[26]

1M L+650

Basis Point Spread Above Index

^[26]

650.00%

Par/Shares

$ 4,962

Cost

4,911

Investments at fair value

^[23]

$ 4,863

Schedule Of Investments [Line Items]

Maturity

Nov. 09, 2027

Industry

Retail

Current Coupon

9.62%

Basis Point Spread Above Index

^[26]

1M L+575

Basis Point Spread Above Index

^[26]

575.00%

Par/Shares

$ 8,634

Cost

8,489

Investments at fair value

^[23]

$ 8,419

Schedule Of Investments [Line Items]

Maturity

May 08, 2026

Industry

Consumer Products

Current Coupon

9.17%

Basis Point Spread Above Index

^[26]

1M L+525

Basis Point Spread Above Index

^[26]

525.00%

Par/Shares

$ 2,580

Cost

2,487

Investments at fair value

^[23]

$ 2,309

Schedule Of Investments [Line Items]

Maturity

^[27]

Nov. 19, 2026

Industry

^[27]

Aerospace and Defense

Par/Shares

^[27]

$ 143

Cost

^[27]

Investments at fair value

^[23],[27]

$ 0

Schedule Of Investments [Line Items]

Maturity

Nov. 19, 2026

Industry

Aerospace and Defense

Current Coupon

9.92%

Basis Point Spread Above Index

^[26]

1M L+600

Basis Point Spread Above Index

^[26]

600.00%

Par/Shares

$ 3,403

Cost

3,342

Investments at fair value

^[23]

$ 3,335

Schedule Of Investments [Line Items]

Maturity

Mar. 31, 2025

Industry

Aerospace and Defense

Current Coupon

9.46%

Basis Point Spread Above Index

^[26]

3M L+600

Basis Point Spread Above Index

^[26]

600.00%

Par/Shares

$ 12,757

Cost

12,657

Investments at fair value

^[23]

$ 12,566

Schedule Of Investments [Line Items]

Maturity

Dec. 18, 2025

Industry

Healthcare, Education and Childcare

Current Coupon

7.75%

Basis Point Spread Above Index

^[26]

1M L+450

Basis Point Spread Above Index

^[26]

450.00%

Par/Shares

$ 5,180

Cost

5,180

Investments at fair value

^[23]

$ 5,180

Schedule Of Investments [Line Items]

Maturity

Feb. 28, 2028

Industry

Transportation

Current Coupon

9.13%

Basis Point Spread Above Index

^[26]

SOFR+600

Basis Point Spread Above Index

^[26]

600.00%

Par/Shares

$ 4,975

Cost

4,904

Investments at fair value

^[23]

$ 4,751

Schedule Of Investments [Line Items]

Maturity

Jan. 29, 2026

Industry

Consumer Products

Current Coupon

9.92%

Basis Point Spread Above Index

^[26]

3M L+700

Basis Point Spread Above Index

^[26]

700.00%

Par/Shares

$ 9,850

Cost

9,718

Investments at fair value

^[23]

$ 9,505

Schedule Of Investments [Line Items]

Maturity

Dec. 20, 2024

Industry

Business Services

Current Coupon

8.84%

Basis Point Spread Above Index

^[26]

1M L+550

Basis Point Spread Above Index

^[26]

550.00%

Par/Shares

$ 14,542

Cost

14,440

Investments at fair value

^[23]

$ 13,070

Schedule Of Investments [Line Items]

Maturity

Jun. 20, 2025

Industry

Healthcare, Education and Childcare

Current Coupon

7.74%

Basis Point Spread Above Index

^[26]

3M L+525

Basis Point Spread Above Index

^[26]

525.00%

Par/Shares

$ 3,192

Cost

3,172

Investments at fair value

^[23]

$ 3,112

Schedule Of Investments [Line Items]

Maturity

Mar. 10, 2025

Industry

Education

Current Coupon

9.95%

Basis Point Spread Above Index

^[26]

1M L+575

Basis Point Spread Above Index

^[26]

575.00%

Par/Shares

$ 9,949

Cost

9,872

Investments at fair value

^[23]

$ 9,750

Schedule Of Investments [Line Items]

Maturity

Dec. 11, 2026

Industry

Transportation

Current Coupon

8.37%

Basis Point Spread Above Index

^[26]

3M L+575

Basis Point Spread Above Index

^[26]

575.00%

Par/Shares

$ 12,099

Cost

12,031

Investments at fair value

^[23]

$ 11,978

Schedule Of Investments [Line Items]

Maturity

Jan. 03, 2025

Industry

Business Services

Current Coupon

9.67%

Basis Point Spread Above Index

^[26]

3M L+625

Basis Point Spread Above Index

^[26]

625.00%

Par/Shares

$ 6,859

Cost

6,779

Investments at fair value

^[23]

$ 6,791

Schedule Of Investments [Line Items]

Maturity

Dec. 20, 2024

Industry

Electronics

Current Coupon

7.15%

Basis Point Spread Above Index

^[26]

3M L+550

Basis Point Spread Above Index

^[26]

550.00%

Par/Shares

$ 5,082

Cost

5,082

Investments at fair value

^[23]

$ 5,031

Schedule Of Investments [Line Items]

Maturity

Jun. 13, 2029

Industry

Chemicals, Plastics and Rubber

Current Coupon

7.90%

Basis Point Spread Above Index

^[26]

3M L+575

Basis Point Spread Above Index

^[26]

575.00%

Par/Shares

$ 15,000

Cost

14,794

Investments at fair value

^[23]

$ 14,775

Schedule Of Investments [Line Items]

Maturity

May 03, 2024

Industry

Chemicals, Plastics and Rubber

Current Coupon

10.17%

Basis Point Spread Above Index

^[26]

1M L+450

Basis Point Spread Above Index

^[26]

450.00%

Par/Shares

$ 11,951

Cost

11,879

Investments at fair value

^[23]

$ 11,861

Schedule Of Investments [Line Items]

Maturity

Jan. 17, 2024

Industry

Communications

Current Coupon

8.87%

Basis Point Spread Above Index

^[26]

6M L+675

Basis Point Spread Above Index

^[26]

675.00%

Par/Shares

$ 11,386

Cost

11,352

Investments at fair value

^[23]

$ 11,113

Schedule Of Investments [Line Items]

Maturity

Aug. 16, 2027

Industry

Aerospace and Defense

Current Coupon

8.73%

Basis Point Spread Above Index

^[26]

SOFR+600

Basis Point Spread Above Index

^[26]

600.00%

Par/Shares

$ 16,128

Cost

15,785

Investments at fair value

^[23]

$ 15,870

Schedule Of Investments [Line Items]

Maturity

Nov. 24, 2025

Industry

Food

Current Coupon

7.78%

Basis Point Spread Above Index

^[26]

3M L+525

Basis Point Spread Above Index

^[26]

525.00%

Par/Shares

$ 5,536

Cost

5,392

Investments at fair value

^[23]

$ 5,370

Schedule Of Investments [Line Items]

Maturity

Mar. 26, 2026

Industry

Transportation

Current Coupon

8.87%

Basis Point Spread Above Index

^[26]

3M L+600

Basis Point Spread Above Index

^[26]

600.00%

Par/Shares

$ 17,381

Cost

17,244

Investments at fair value

^[23]

$ 16,946

Schedule Of Investments [Line Items]

Maturity

Jun. 16, 2025

Industry

Education

Current Coupon

8.76%

Basis Point Spread Above Index

^[26]

3M L+625

Basis Point Spread Above Index

^[26]

625.00%

Par/Shares

$ 7,949

Cost

7,917

Investments at fair value

^[23]

$ 7,910

Schedule Of Investments [Line Items]

Maturity

Jul. 18, 2025

Industry

Financial Services

Current Coupon

7.73%

Basis Point Spread Above Index

^[26]

3M L+525

Basis Point Spread Above Index

^[26]

525.00%

Par/Shares

$ 3,474

Cost

3,435

Investments at fair value

^[23]

$ 3,271

Schedule Of Investments [Line Items]

Maturity

Oct. 31, 2025

Industry

Aerospace and Defense

Current Coupon

9.67%

Basis Point Spread Above Index

^[26]

3M L+600

Basis Point Spread Above Index

^[26]

600.00%

Par/Shares

$ 11,208

Cost

11,102

Investments at fair value

^[23]

$ 11,096

Schedule Of Investments [Line Items]

Maturity

Jul. 27, 2026

Industry

Business Services

Current Coupon

10.67%

Basis Point Spread Above Index

^[26]

3M L+650

Basis Point Spread Above Index

^[26]

650.00%

Par/Shares

$ 5,502

Cost

5,549

Investments at fair value

^[23]

$ 5,557

Schedule Of Investments [Line Items]

Maturity

Aug. 30, 2027

Industry

Business Services

Current Coupon

8.62%

Basis Point Spread Above Index

^[26]

3M L+550

Basis Point Spread Above Index

^[26]

550.00%

Par/Shares

$ 4,531

Cost

4,485

Investments at fair value

^[23]

$ 4,509

Schedule Of Investments [Line Items]

Maturity

Apr. 03, 2028

Industry

Aerospace and Defense

Current Coupon

7.76%

Basis Point Spread Above Index

^[26]

3M L+550

Basis Point Spread Above Index

^[26]

550.00%

Par/Shares

$ 12,064

Cost

11,938

Investments at fair value

^[23]

$ 11,208

Schedule Of Investments [Line Items]

Maturity

Apr. 03, 2024

Industry

Printing and Publishing

Current Coupon

8.17%

Basis Point Spread Above Index

^[26]

3M L+450

Basis Point Spread Above Index

^[26]

450.00%

Par/Shares

$ 4,674

Cost

4,657

Investments at fair value

^[23]

4,604

Schedule Of Investments [Line Items]

Cost

9,840

Investments at fair value

^[23]

$ 9,755

Schedule Of Investments [Line Items]

Maturity

May 24, 2027

Industry

Home and Office Furnishings, Housewares

Current Coupon

8.95%

Basis Point Spread Above Index

^[26]

3M L+525

Basis Point Spread Above Index

^[26]

525.00%

Par/Shares

$ 9,975

Schedule Of Investments [Line Items]

Cost

11,420

Investments at fair value

^[23]

$ 11,110

Schedule Of Investments [Line Items]

Maturity

Feb. 27, 2026

Industry

Electronics

Current Coupon

9.45%

Basis Point Spread Above Index

^[26]

SOFR+575

Basis Point Spread Above Index

^[26]

575.00%

Par/Shares

$ 11,506

Schedule Of Investments [Line Items]

Mar. 01, 2024

Business Services

10.24%

$ 19,673

Investments at fair value

^[23]

$ 19,499

Schedule Of Investments [Line Items]

Basis Point Spread Above Index

^[26]

3M L+725

Basis Point Spread Above Index

^[26]

725.00%

Par/Shares

$ 19,998

Investment, Identifier [Axis]: Related Party PSLF Investments and Cash Equivalents - 841.3%

Schedule Of Investments [Line Items]

Cost

869,833

Investments at fair value

^[23]

863,283

Investment, Identifier [Axis]: Related Party PSLF Investments and Cash Equivalents —915.3%

Schedule Of Investments [Line Items]

Cost

779,164

Investments at fair value

^[22],[23]

771,053

Investment, Identifier [Axis]: Related Party PSLF Liabilities in Excess of Other Assets — (741.3)%

Schedule Of Investments [Line Items]

Liabilities in excess of other assets

^[23]

(760,665)

Investment, Identifier [Axis]: Related Party PSLF Liabilities in Excess of Other Assets — (815.3)%

Schedule Of Investments [Line Items]

Liabilities in excess of other assets

^[22],[23]

(686,591)

Investment, Identifier [Axis]: Related Party PSLF Members Equity - 100%

Schedule Of Investments [Line Items]

Members' Equity—100.0%

^[23]

102,618

84,462

^[22]

Investment, Identifier [Axis]: Total Investments and Cash Equivalents —218.8% of Net Assets

Schedule Of Investments [Line Items]

Cost

^[4],[5]

1,356,982

Investments at fair value

^[4],[5],[6]

1,281,076

Schedule Of Investments [Line Items]

Industry

^{[4],[5],[12],[16]}

Healthcare, Education and Childcare

Par/Shares

^{[4],[5],[12],[16]}

375,675

Cost

^{[4],[5],[12],[16]}

Investments at fair value

^{[4],[5],[6],[12],[16]}

$ 42,031

Investment, Identifier [Axis]: ured Debt - 864.4% Issuer Name Arcfield Acquisition Corp. Maturity 03/07/28 Aerospace and Defense Current Coupon 8.99 % Basis Point Spread Above Index 3M L+575

Schedule Of Investments [Line Items]

Maturity

Mar. 07, 2028

Industry

Aerospace and Defense

Current Coupon

8.99%

Basis Point Spread Above Index

^[26]

3M L+575

Par/Shares

$ 11,940

Cost

11,721

Investments at fair value

^[23]

11,701

PSLF

Schedule Of Investments [Line Items]

Cost

810,737

738,219

Investments at fair value

804,187

730,108

Members' Equity—100.0%

$ 102,618

$ 84,462

[1]	The provisions of the 1940 Act classify investments based on the level of control that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally presumed to be “non-controlled” when we own 25% or less of the portfolio company’s voting securities and “controlled” when we own more than 25% of the portfolio company’s voting securities.
[2]	The provisions of the 1940 Act classify investments further based on the level of ownership that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally deemed as “non-affiliated” when we own less than 5% of a portfolio company’s voting securities and “affiliated” when we own 5% or more of a portfolio company’s voting securities (See Note 6).
[3]	Valued based on our accounting policy (See Note 2).
[4]	The provisions of the 1940 Act classify investments based on the level of control that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally presumed to be “non-controlled” when we own 25% or less of the portfolio company’s voting securities and “controlled” when we own more than 25% of the portfolio company’s voting securities.
[5]	The provisions of the 1940 Act classify investments further based on the level of ownership that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally deemed as “non-affiliated” when we own less than 5% of a portfolio company’s voting securities and “affiliated” when we own 5% or more of a portfolio company’s voting securities (See Note 6).
[6]	Valued based on our accounting policy (See Note 2).
[7]	Non-income producing securities.
[8]	Non-U.S. company or principal place of business outside the United States.
[9]	Par / Shares amount is denominated in British Pounds (£) as denoted.
[10]	The investment is treated as a non-qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of our total assets. As of September 30, 2023, qualifying assets represent 93% of the Company’s total assets and non-qualifying assets represent 7% of the Company’s total assets.
[11]	Represents floating rate instruments that accrue interest at a predetermined spread relative to an index, typically the applicable Secured Overnight Financing Rate, or “SOFR”, or Prime rate, or “P, or Sterling Overnight Index Average, or “SONIA.” The spread may change based on the type of rate used. The terms in the Schedule of Investments disclose the actual interest rate in effect as of the reporting period. SOFR loans are typically indexed to a 30-day, 90-day or 180-day SOFR rates (1M S, 3M S, or 6M S, respectively) at the borrower’s option. SONIA loans are typically indexed daily for GBP loans with a quarterly frequency payment. All securities are subject to a SOFR or Prime rate floor where a spread is provided, unless noted. The spread provided includes PIK interest and other fee rates, if any.
[12]	Non-income producing securities.
[13]	Non-U.S. company or principal place of business outside the United States.
[14]	Par / Shares amount is denominated in British Pounds (£) as denoted.
[15]	The investment is treated as a non-qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of our total assets. As of September 30, 2022, qualifying assets represent 88% of the Company’s total assets and non-qualifying assets represent 12% of the Company’s total assets.
[16]	Investment is held through our Taxable Subsidiary (See Note 1).
[17]	Represents floating rate instruments that accrue interest at a predetermined spread relative to an index, typically the applicable London Interbank Offered Rate, or LIBOR or “L,” the Euro Interbank Offered Rate, or EURIBOR or “E,” or Prime rate, or “P.” The spread may change based on the type of rate used. The terms in the Schedule of Investments disclose the actual interest rate in effect as of the reporting period. LIBOR loans are typically indexed to a 30-day, 90-day or 180-day LIBOR rate (1M L, 3M L, or 6M L, respectively), and EURIBOR loans are typically indexed to a 90-day EURIBOR rate (3M E), at the borrower’s option. All securities are subject to a LIBOR or Prime rate floor where a spread is provided, unless noted. The spread provided includes PIK interest and other fee rates, if any.
[18]	Represents the purchase of a security with delayed settlement or a revolving line of credit that is currently an unfunded investment. This security does not earn a basis point spread above an index while it is unfunded.
[19]	Represents the purchase of a security with delayed settlement or a revolving line of credit that is currently an unfunded investment. This security does not earn a basis point spread above an index while it is unfunded.
[20]	The security was not valued using significant unobservable inputs. The value of all other securities was determined using significant unobservable inputs (See Note 5)
[21]	Investment is held through our Taxable Subsidiary (See Note 1).
[22]	Valued based on PSLF’s accounting policy.
[23]	Valued based on PSLF’s accounting policy.
[24]	Represents floating rate instruments that accrue interest at a predetermined spread relative to an index, typically the applicable Secured Overnight Financing Rate, or “SOFR” or Prime rate or “P”. The spread may change based on the type of rate used. The terms in the Schedule of Investments disclose the actual interest rate in effect as of the reporting period.SOFR loans are typically indexed to a 30-day, 60-day, 90-day or 180-day SOFR rate (1M S, 2M S, 3M S, or 6M S, respectively), at the borrower’s option. All securities are subject to a SOFR or Prime rate floor where a spread is provided, unless noted. The spread provided includes PIK interest and other fee rates, if any
[25]	Represents the purchase of a security with delayed settlement or a revolving line of credit that is currently an unfunded investment. This security does not earn a basis point spread above an index while it is unfunded
[26]	Represents floating rate instruments that accrue interest at a predetermined spread relative to an index, typically the applicable LIBOR or “L” or Prime rate or “P”. The spread may change based on the type of rate used. The terms in the Schedule of Investments disclose the actual interest rate in effect as of the reporting period. LIBOR loans are typically indexed to a 30-day, 60-day, 90-day or 180-day LIBOR rate (1M L, 2M L, 3M L, or 6M L, respectively), at the borrower’s option. All securities are subject to a LIBOR or Prime rate floor where a spread is provided, unless noted. The spread provided includes PIK interest and other fee rates, if any.
[27]	Represents the purchase of a security with delay settlement or a revolving line of credit that is currently an unfunded investment. This security does not earn a basis point spread above an index while it is unfunded.

Change in Net Assets from Operations Per Common Share

12 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Change in Net Assets from Operations Per Common Share

7. CHANGE IN NET ASSETS FROM OPERATIONS PER COMMON SHARE

The following information sets forth the computation of basic and diluted per share net increase in net assets resulting from operations ($ in thousands, except per share data):


	Years Ended September 30,
	2023			2022			2021
Numerator for net increase (decrease) in net assets resulting from operations	$	(33,807	)	$	(24,740	)	$	166,617
Denominator for basic and diluted weighted average shares		65,224,500			66,254,150			67,045,105
Basic and diluted net increase (decrease) in net assets per share resulting from operations	$	(0.52	)	$	(0.37	)	$	2.49

Taxes and Distributions (Tables)

12 Months Ended

Sep. 30, 2023

Income Tax Disclosure [Abstract]

Summary of Amounts Reclassified for Tax Purposes

The following amounts were reclassified for tax purposes ($ in thousands):


	Years Ended September 30,
	2023			2022			2021
Decrease in paid-in capital	$	(1,703	)	$	(25,577	)	$	(632	)
Increase (Decrease) in accumulated net realized gain		(1,494	)		18,347			(1,773	)
Increase in undistributed net investment income		3,197			7,230			2,406

Summary of Reconciles Net (Decrease) Increase in Net Assets Resulting From Operations to Taxable Income

The following reconciles net (decrease) increase in net assets resulting from operations to taxable income ($ in thousands):


	Years Ended September 30,
	2023			2022			2021
Net increase (decrease) in net assets resulting from operations	$	(33,807	)	$	(24,740	)	$	166,617
Net realized (gain) loss on investments		156,757			(34,756	)		(30,021	)
Net change in unrealized (appreciation) depreciation on investments and debt		(57,417	)		103,439			(100,120	)
Other book-to-tax differences		(6,006	)		9,490			(5,333	)
Other non-deductible expenses		5,766			3,691			2,647
Taxable income before dividends paid deduction	$	65,293		$	57,124		$	33,790

Summary of undistributed taxable income on a tax basis and reconciliation to accumulated deficit on a book basis

The components of undistributed taxable income on a tax basis and reconciliation to accumulated deficit on a book basis are as follows:


	Years Ended September 30,
	2023			2022			2021
Undistributed net investment income – tax basis	$	62,710		$	46,283		$	23,560
Short-term realized loss carried forward		(1,699	)		(2,065	)		(1,578	)
Long-term realized loss carried forward		(379,074	)	$	(103,119	)	$	(165,037	)
Distributions payable and other book to tax differences		83,860			(37,103	)		(15,368	)
Net unrealized appreciation (depreciation) on investments and debt		(10,141	)		(66,665	)		31,507
Total accumulated deficit – book basis	$	(244,344	)	$	(162,669	)	$	(126,916	)

Summary of Tax Characteristics of Distributions Declared

The tax characteristics of distributions declared are as follows:


	Years Ended September 30,
	2023		2022		2021
Ordinary income (including short-term gains, if any)	$	49,571	$	36,590	$	32,182
Long-term capital gain		—		—		—
Total distributions	$	49,571	$	36,590	$	32,182
Total distributions declared per share	$	0.76	$	0.56	$	0.48

Investments (Tables)

12 Months Ended

Sep. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Schedule of Investments and Cash and Cash Equivalents

Investments and cash and cash equivalents consisted of the following ($ in thousands):


	September 30, 2023				September 30, 2022
Investment Classification ($ in thousands)	Cost		Fair Value		Cost		Fair Value
First lien	$	538,737	$	527,657	$	652,055	$	630,965
U.S. Government Securities		99,768		99,751		—		—
Second lien		96,759		80,396		145,542		129,936
Subordinated debt / corporate notes		54,897		53,897		53,468		53,255
Subordinated notes in PSLF		102,325		102,325		88,011		88,011
Equity		166,798		175,538		313,591		273,036
Equity in PSLF		58,643		62,083		49,362		51,098
Total investments		1,117,927		1,101,647		1,302,029		1,226,301
Cash and cash equivalents		38,784		38,775		54,953		54,775
Total investments and cash and cash equivalents	$	1,156,711	$	1,140,422	$	1,356,982	$	1,281,076

Schedule of Investments by Industry Classification and Enumerates Percentage, by Fair Value, of Total Portfolio Assets Excluding Cash and Cash Equivalents

The table below describes investments by industry classification and enumerates the percentage, by fair value, of the total portfolio assets (excluding cash and cash equivalents) in such industries as of:


Industry Classification	September 30, 2023 (1)			September 30, 2022 (1)
Business Services		16	%		18	%
Healthcare, Education and Childcare		13			12
Short-Term U.S. Government Securities		11			—
Consumer Products		8			8
Distribution		7			5
Financial Services		5			5
Telecommunications		5			5
Aerospace and Defense		5			3
Media		5			4
Chemicals, Plastics and Rubber		5			3
Auto Sector		4			3
Environmental Services		4			3
Electronics		2			3
Personal, Food and Miscellaneous Services		2			1
Building Materials		1			2
Home and Office Furnishings		1			4
Education		1			2
Insurance		1			1
Personal and Non-Durable Consumer Products		1			1
Transportation		1			2
Retail		1			1
Other		1			14
Total		100	%		100	%

(1)

Excludes investments in PSLF.

Summary of PSLF's Portfolio at Fair Value

Below is a summary of PSLF’s portfolio at fair value ($ in thousands):


($ in thousands)	September 30, 2023			September 30, 2022
Total investments	$	804,187		$	730,108
Weighted average cost yield on income producing investments		12.1	%		9.4	%
Number of portfolio companies in PSLF		90			80
Largest portfolio company investment at fair value	$	19,737		$	19,906
Total of five largest portfolio company investments at fair value	$	97,526		$	98,502

Summary of Listing of PSLFs Individual Investments

Below is a listing of PSLF’s individual investments as of September 30, 2023 ($ in thousands):


Issuer Name	Maturity	Industry	Current Coupon			Basis Point Spread Above Index (1)	Par		Cost		Fair Value (2)
First Lien Secured Debt - 783.7%
A1 Garage Merger Sub, LLC	12/22/28	Personal, Food and Miscellaneous Services		11.84	%	SOFR+650		14,925	$	14,668	$	14,850
Ad.net Acquisition, LLC	05/07/26	Media		11.65	%	SOFR+600		4,888		4,888		4,863
Alpine Acquisition Corp II	11/30/26	Containers, Packaging and Glass		11.26	%	SOFR+600		14,837		14,528		14,244
Amsive Holding Corporation (f/k/a Vision Purchaser Corporation)	06/10/25	Media		11.79	%	SOFR+675		13,958		13,869		13,749
Anteriad, LLC (f/k/a MeritDirect, LLC)	05/23/24	Media		12.04	%	SOFR+650		14,354		14,319		14,103
Any Hour Services	07/21/27	Personal, Food and Miscellaneous Services		11.22	%	SOFR+575		10,882		10,847		10,665
Apex Service Partners, LLC	07/31/25	Personal, Food and Miscellaneous Services		10.52	%	SOFR+525		6,424		6,380		6,408
Apex Service Partners, LLC Term Loan B	07/31/25	Personal, Food and Miscellaneous Services		11.11	%	SOFR+550		3,316		3,299		3,308
Apex Service Partners, LLC - Term Loan C	07/31/25	Personal, Food and Miscellaneous Services		10.76	%	SOFR+525		7,531		7,531		7,512
Applied Technical Services, LLC	12/29/26	Environmental Services		11.51	%	SOFR+575		11,394		11,271		11,166
Applied Technical Services, LLC - Unfunded Term Loan (3)	12/29/26	Environmental Services						513		-		(5	)
Arcfield Acquisition Corp.	08/03/29	Aerospace and Defense		11.62	%	SOFR+625		11,820		11,642		11,702
Beta Plus Technologies, Inc.	07/01/29	Business Services		11.14	%	SOFR+575		14,850		14,604		13,811
Bioderm, Inc.	01/31/28	Healthcare, Education and Childcare		11.83	%	SOFR+650		8,978		8,874		8,933
Blackhawk Industrial Distribution, Inc.	09/17/24	Distribution		11.79	%	SOFR+625		17,823		17,588		17,556
Broder Bros., Co.	12/04/25	Personal and Non-Durable Consumer Products		11.50	%	SOFR+600		9,683		9,683		9,683
Burgess Point Purchaser Corporation	09/26/29	Auto Sector		10.67	%	SOFR+525		893		836		841
Cartessa Aesthetics, LLC	06/14/28	Distribution		11.39	%	SOFR+600		17,281		17,013		17,281
CF512, Inc.	08/20/26	Media		11.60	%	SOFR+600		2,921		2,901		2,862
Connatix Buyer, Inc.	07/13/27	Media		11.16	%	SOFR+550		8,808		8,792		8,500
Crane 1 Services, Inc.	08/16/27	Personal, Food and Miscellaneous Services		10.90	%	SOFR+575		2,575		2,550		2,562
Dr. Squatch, LLC	08/31/27	Personal and Non-Durable Consumer Products		11.24	%	SOFR+575		10,882		10,834		10,882
DRI Holding Inc.	12/21/28	Media		10.67	%	SOFR+525		4,382		3,959		3,993
DRS Holdings III, Inc.	11/03/25	Consumer Products		11.77	%	SOFR+640		14,395		14,345		14,222
Duraco Specialty Tapes LLC	06/30/24	Manufacturing / Basic Industries		11.93	%	SOFR+650		8,635		8,561		8,505
EDS Buyer, LLC	01/10/29	Aerospace and Defense		11.64	%	SOFR+625		6,219		6,148		6,125
Electro Rent Corporation	01/17/24	Electronics		10.93	%	SOFR+550		3,712		3,665		3,632
ETE Intermediate II, LLC	05/29/29	Personal, Food and Miscellaneous Services		11.89	%	SOFR+650		12,404		12,171		12,193
Exigo Intermediate II, LLC	03/15/27	Business Services		11.17	%	SOFR+575		9,750		9,637		9,555
Fairbanks Morse Defense	06/17/28	Aerospace and Defense		10.40	%	SOFR+475		1,518		1,470		1,506
Five Star Buyer, Inc.	02/23/28	Hotels, Motels, Inns and Gaming		12.43	%	SOFR+700		4,373		4,291		4,307
Global Holdings InterCo LLC	03/16/26	Banking, Finance, Insurance & Real Estate		11.96	%	SOFR+650		7,027		7,008		6,676
Graffiti Buyer, Inc.	08/10/27	Distribution		10.99	%	SOFR+575		1,954		1,925		1,935
Hancock Roofing and Construction L.L.C.	12/31/26	Insurance		10.93	%	SOFR+550		6,423		6,423		6,262
Holdco Sands Intermediate, LLC	11/23/28	Aerospace and Defense		11.32	%	SOFR+600		19,717		19,388		19,717
HV Watterson Holdings, LLC	12/17/26	Business Services		11.79	%	SOFR+600		15,140		14,974		15,110
HW Holdco, LLC	12/10/24	Media		11.70	%	SOFR+625		14,250		14,171		14,036
IG Investments Holdings, LLC	09/22/28	Business Services		11.45	%	SOFR+600		4,428		4,355		4,362
Imagine Acquisitionco, LLC	11/15/27	Business Services		10.72	%	SOFR+550		5,565		5,481		5,482
Inception Fertility Ventures, LLC	12/31/24	Healthcare, Education and Childcare		12.50	%	SOFR+715		19,737		19,410		19,737
Infinity Home Services Holdco, Inc.	12/28/28	Personal, Food and Miscellaneous Services		12.24	%	SOFR+685		11,053		10,867		11,053
Infolinks Media Buyco, LLC	11/01/26	Media		11.17	%	SOFR+575		6,364		6,364		6,364
Integrity Marketing Acquisition, LLC	08/27/26	Insurance		11.57	%	SOFR+575		19,701		19,639		19,504
K2 Pure Solutions NoCal, L.P.	12/20/23	Chemicals, Plastics and Rubber		13.42	%	SOFR+800		12,061		12,040		12,061
Kinetic Purchaser, LLC	11/10/27	Consumer Products		11.54	%	SOFR+615		16,920		16,641		16,666
LAV Gear Holdings, Inc.	10/31/24	Leisure, Amusement, Motion Pictures, Entertainment		11.46	%	SOFR+565		4,658		4,631		4,603
Lash OpCo, LLC	02/18/27	Consumer Products		12.13	%	SOFR+700		19,723		19,565		19,526
Lightspeed Buyer Inc.	02/03/26	Healthcare, Education and Childcare		10.67	%	SOFR+575		12,218		12,056		12,096
LJ Avalon Holdings, LLC	01/31/30	Environmental Services		11.77	%	SOFR+665		6,318		6,206		6,192
MAG DS Corp.	04/01/27	Aerospace and Defense		10.99	%	SOFR+550		7,601		7,153		7,202
Magenta Buyer, LLC	07/31/28	Software		10.63	%	SOFR+500		3,785		3,550		2,805
Mars Acquisition Holdings Corp.	05/14/26	Media		11.04	%	SOFR+550		10,885		10,811		10,776
MBS Holdings, Inc.	04/16/27	Telecommunications		11.22	%	SOFR+575		7,859		7,780		7,749
Meadowlark Acquirer, LLC	12/10/27	Business Services		10.58	%	SOFR+550		2,958		2,911		2,884
Municipal Emergency Services, Inc.	10/01/27	Distribution		11.04	%	SOFR+550		5,975		5,860		5,843
NBH Group LLC	08/19/26	Healthcare, Education and Childcare		10.93	%	SOFR+525		7,429		7,369		7,280
Neptune Flood Incorporated	05/09/29	Financial Services		11.97	%	SOFR+660		8,020		7,910		8,020
One Stop Mailing, LLC	05/07/27	Transportation		11.68	%	SOFR+625		8,470		8,311		8,470
Owl Acquisition, LLC	02/04/28	Education		10.80	%	SOFR+575		3,893		3,794		3,834
Ox Two, LLC (New Issue)	05/18/26	Distribution		12.90	%	SOFR+725		4,378		4,343		4,301
Pequod Merger Sub, Inc.	12/02/26	Banking, Finance, Insurance & Real Estate		11.79	%	SOFR+640		11,474		11,267		11,244
PL Acquisitionco, LLC	11/09/27	Retail		12.42	%	SOFR+700		7,930		7,818		7,137
PlayPower, Inc.	05/08/26	Consumer Products		10.92	%	SOFR+565		2,551		2,481		2,436
Quantic Electronics, LLC	11/19/26	Aerospace and Defense		11.74	%	SOFR+625		3,314		3,267		3,264
Radius Aerospace, Inc.	03/31/25	Aerospace and Defense		11.29	%	SOFR+575		12,703		12,641		12,576
Rancho Health MSO, Inc.	12/18/25	Healthcare, Education and Childcare		11.22	%	SOFR+550		5,603		5,603		5,603


Issuer Name	Maturity	Industry	Current Coupon			Basis Point Spread Above Index (1)	Par		Cost		Fair Value (2)
Reception Purchaser, LLC	04/28/28	Transportation		11.54	%	SOFR+600		5,000	$	4,937	$	4,800
Recteq, LLC	01/29/26	Consumer Products		12.54	%	SOFR+700		9,750		9,655		9,458
Research Now Group, LLC and Dynata, LLC	12/20/24	Business Services		11.13	%	SOFR+550		14,389		14,332		12,591
Riverpoint Medical, LLC	06/20/25	Healthcare, Education and Childcare		10.54	%	SOFR+575		3,176		3,162		3,131
Riverside Assessments, LLC	03/10/25	Education		11.29	%	SOFR+625		10,895		10,834		10,786
Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.)	06/16/29	Professional Services		11.52	%	SOFR+625		3,749		3,678		3,692
Sales Benchmark Index LLC	01/03/25	Business Services		11.59	%	SOFR+600		6,859		6,815		6,825
Sargent & Greenleaf Inc.	12/20/24	Electronics		12.92	%	SOFR+750		4,872		4,872		4,823
Seaway Buyer, LLC	06/13/29	Chemicals, Plastics and Rubber		11.54	%	SOFR+605		14,850		14,633		14,405
Signature Systems Holding Company	05/03/24	Chemicals, Plastics and Rubber		12.04	%	SOFR+650		11,201		11,173		11,201
Skopima Consilio Parent, LLC	05/17/28	Business Services		9.93	%	SOFR+450		1,300		1,274		1,272
Solutionreach, Inc.	07/17/25	Communications		12.37	%	SOFR+700		9,239		9,206		9,202
SpendMend Holdings, LLC	03/01/28	Business Services		11.04	%	SOFR+575		9,607		9,352		9,396
STV Group Incorporated	12/11/26	Transportation		10.67	%	SOFR+525		12,099		12,045		11,857
Summit Behavioral Healthcare, LLC	11/24/28	Healthcare, Education and Childcare		10.43	%	SOFR+475		3,572		3,389		3,559
System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC)	08/16/27	Aerospace and Defense		11.49	%	SOFR+600		15,966		15,695		15,790
Team Services Group, LLC	11/24/28	Healthcare, Education and Childcare		10.75	%	SOFR+515		2,688		2,584		2,627
Teneo Holdings LLC	07/18/25	Financial Services		10.67	%	SOFR+525		2,936		2,927		2,931
The Aegis Technologies Group, LLC	10/31/25	Aerospace and Defense		12.04	%	SOFR+650		11,095		11,008		10,929
The Bluebird Group LLC	07/27/26	Business Services		12.79	%	SOFR+725		7,855		7,872		7,823
The Vertex Companies, LLC	08/31/27	Business Services		11.70	%	SOFR+635		7,690		7,596		7,628
TPC Canada Parent, Inc. and TPC US Parent, LLC	11/24/25	Food		10.68	%	SOFR+550		5,479		5,378		5,479
TWS Acquisition Corporation	06/06/25	Education		11.80	%	SOFR+625		7,177		7,161		7,177
Tyto Athene, LLC	04/03/28	Aerospace and Defense		10.90	%	SOFR+550		11,393		11,285		10,391
Urology Management Holdings, Inc.	06/15/26	Healthcare, Education and Childcare		11.79	%	SOFR+625		3,860		3,792		3,780
Wildcat Buyerco, Inc.	02/27/26	Electronics		10.54	%	SOFR+515		11,386		11,323		11,272
Zips Car Wash, LLC	03/01/24	Business Services		12.67	%	SOFR+725		19,682		19,582		19,042

Total First Lien Secured Debt										810,737		804,187
Total Investments - 783.7%
Cash and Cash Equivalents - 57.6%
BlackRock Federal FD Institutional 30										59,096		59,096
Total Cash and Cash Equivalents										59,096		59,096
Total Investments and Cash Equivalents - 841.3%									$	869,833	$	863,283
Liabilities in Excess of Other Assets — (741.3)%												(760,665	)
Members' Equity—100.0%											$	102,618

(1)

Represents floating rate instruments that accrue interest at a predetermined spread relative to an index, typically the applicable Secured Overnight Financing Rate, or “SOFR” or Prime rate or “P”. The spread may change based on the type of rate used. The terms in the Schedule of Investments disclose the actual interest rate in effect as of the reporting period.SOFR loans are typically indexed to a 30-day, 60-day, 90-day or 180-day SOFR rate (1M S, 2M S, 3M S, or 6M S, respectively), at the borrower’s option. All securities are subject to a SOFR or Prime rate floor where a spread is provided, unless noted. The spread provided includes PIK interest and other fee rates, if any.

(2)

Valued based on PSLF’s accounting policy.

(3)

Represents the purchase of a security with delayed settlement or a revolving line of credit that is currently an unfunded investment. This security does not earn a basis point spread above an index while it is unfunded.

Below is a listing of PSLF’s individual investments as of September 30, 2022 ($ in thousands):


Issuer Name	Maturity	Industry	Current Coupon			Basis Point Spread Above Index (1)	Par		Cost		Fair Value (2)
First Lien Secured Debt - 864.4%
Ad.net Acquisition, LLC	05/06/26	Media		9.67	%	3M L+600		4,938	$	4,938	$	4,900
Alpine Acquisition Corp II	11/30/26	Containers, Packaging and Glass		8.69	%	3M L+800		9,975		9,785		9,576
Altamira Technologies, LLC	07/24/25	Aerospace and Defense		10.81	%	3M L+550		871		864		841
American Insulated Glass, LLC	12/21/23	Building Materials		7.79	%	3M L+575		19,906		19,868		19,906
Amsive Holding Corporation (f/k/a Vision Purchaser Corporation)	06/10/25	Media		9.95	%	1M L+550		14,104		13,968		13,892
Anteriad, LLC (f/k/a MeritDirect, LLC)	05/23/24	Media		9.17	%	3M L+550		15,168		15,084		15,168
Any Hour Services	07/21/27	Personal, Food and Miscellaneous Services		7.98	%	3M L+575		9,942		9,934		9,743
Apex Service Partners, LLC	07/31/25	Personal, Food and Miscellaneous Services		6.25	%	3M L+575		6,569		6,502		6,536
Apex Service Partners, LLC Term Loan B	07/31/25	Personal, Food and Miscellaneous Services		6.55	%	3M L+550		3,323		3,298		3,307
Apex Service Partners, LLC - Term Loan C	07/31/25	Personal, Food and Miscellaneous Services		6.50	%	3M L+600		7,607		7,608		7,569
Applied Technical Services, LLC	12/29/26	Environmental Services		9.42	%	3M L+500		8,822		8,725		8,602
Arcfield Acquisition Corp.	03/07/28	Aerospace and Defense		8.99	%	3M L+575		11,940		11,721		11,701
Beta Plus Technologies, Inc.	07/01/29	Business Services		7.56	%	1M L+525		15,000		14,700		14,700
Blackhawk Industrial Distribution, Inc.	09/17/24	Distribution		8.57	%	3M L+600		17,993		17,772		17,596
Broder Bros., Co.	12/02/22	Personal, Food and Miscellaneous Services		7.39	%	3M L+600		9,937		9,937		9,937
Cartessa Aesthetics, LLC	05/13/28	Distribution		9.55	%	3M L+600		17,456		17,131		17,194
CF512, Inc.	08/20/26	Media		9.08	%	3M L+575		2,985		2,958		2,940
Connatix Buyer, Inc.	07/13/27	Media		8.42	%	1M L+550		9,045		9,029		8,819
Dr. Squatch, LLC	08/31/27	Personal and Non-Durable Consumer Products		9.42	%	3M L+475		6,435		6,427		6,339
DRI Holding Inc.	12/21/28	Media		8.37	%	3M L+575		2,776		2,526		2,489
DRS Holdings III, Inc.	11/03/25	Consumer Products		8.87	%	3M L+600		15,142		15,063		14,658
Duraco Specialty Tapes LLC	06/30/24	Manufacturing / Basic Industries		8.62	%	3M L+575		8,139		8,008		7,944
ECL Entertainment, LLC	05/01/28	Hotels, Motels, Inns and Gaming		10.62	%	3M L+500		4,558		4,558		4,489
ECM Industries, LLC	12/23/25	Electronics		6.32	%	3M L+600		2,823		2,761		2,689
Exigo Intermediate II, LLC	03/15/27	Business Services		8.87	%	1M L+575		9,950		9,817		9,726
Fairbanks Morse Defense	06/17/28	Aerospace and Defense		7.63	%	6M L+475		800		754		740
Global Holdings InterCo LLC	03/16/26	Banking, Finance, Insurance & Real Estate		8.74	%	3M L+600		7,343		7,313		7,013
Graffiti Buyer, Inc.	08/10/27	Distribution		8.00	%	3M L+550		1,974		1,939		1,895
Hancock Roofing and Construction L.L.C.	12/31/26	Insurance		8.67	%	1M L+575		6,835		6,835		6,733
Holdco Sands Intermediate, LLC	11/23/28	Aerospace and Defense		10.17	%	1M L+800		19,915		19,535		19,516
HV Watterson Holdings, LLC	12/17/26	Business Services		9.67	%	3M L+600		15,255		15,045		14,721
HW Holdco, LLC	12/10/24	Media		6.00	%	3M L+700		14,438		14,303		14,257
Icon Partners III, LP	05/11/28	Auto Sector		6.87	%	3M L+475		2,333		2,001		1,705
IDC Infusion Services, Inc.	12/30/26	Healthcare, Education and Childcare		10.20	%	3M L+750		17,400		17,154		16,617
IG Investments Holdings, LLC	09/22/28	Business Services		9.45	%	1M L+575		4,473		4,388		4,428
Imagine Acquisitionco, LLC	11/15/27	Business Services		6.91	%	3M L+625		5,636		5,534		5,495
Inception Fertility Ventures, LLC	12/07/23	Healthcare, Education and Childcare		9.96	%	3M L+550		20,000		19,545		19,800
Infolinks Media Buyco, LLC	11/01/26	Media		9.42	%	1M L+550		6,428		6,428		6,428
Integrity Marketing Acquisition, LLC	08/27/25	Insurance		9.21	%	3M L+575		19,954		19,866		19,754
K2 Pure Solutions NoCal, L.P.	12/20/23	Chemicals, Plastics and Rubber		11.12	%	3M L+550		14,438		14,316		14,438
LAV Gear Holdings, Inc.	10/31/24	Leisure, Amusement, Motion Pictures, Entertainment		9.95	%	3M L+500		2,137		2,129		2,088
Lash OpCo, LLC	02/18/27	Consumer Products		11.17	%	1M L+650		19,925		19,708		19,526
Lightspeed Buyer Inc.	02/03/26	Healthcare, Education and Childcare		8.87	%	3M L+475		12,345		12,119		11,944
MAG DS Corp.	04/01/27	Aerospace and Defense		9.17	%	3M L+550		5,570		5,128		5,069
Magenta Buyer, LLC	07/31/28	Software		7.87	%	3M L+500		3,140		2,946		2,826
Mars Acquisition Holdings Corp.	05/14/26	Media		8.62	%	1M L+625		7,920		7,861		7,880
MBS Holdings, Inc.	04/16/27	Telecommunications		8.56	%	3M L+575		7,406		7,326		7,332
Meadowlark Acquirer, LLC	12/10/27	Business Services		9.17	%	3M L+575		2,983		2,926		2,953
Municipal Emergency Services, Inc.	09/28/27	Distribution		7.25	%	3M L+550		4,164		4,102		3,923
NBH Group LLC	08/19/26	Healthcare, Education and Childcare		7.80	%	3M L+575		7,505		7,426		7,505
OIS Management Services, LLC	07/09/26	Healthcare, Education and Childcare		9.45	%	3M L+600		5,257		5,210		5,257
Owl Acquisition, LLC	02/04/28	Education		8.41	%	3M L+550		3,990		3,874		3,890
Ox Two, LLC (New Issue)	05/18/26	Distribution		8.32	%	1M L+650		4,962		4,911		4,863
PL Acquisitionco, LLC	11/09/27	Retail		9.62	%	1M L+575		8,634		8,489		8,419
PlayPower, Inc.	05/08/26	Consumer Products		9.17	%	1M L+525		2,580		2,487		2,309
Quantic Electronics, LLC	11/19/26	Aerospace and Defense		9.92	%	1M L+600		3,403		3,342		3,335
Quantic Electronics, LLC - Unfunded Term Loan (3)	11/19/26	Aerospace and Defense						143		—		—
Radius Aerospace, Inc.	03/31/25	Aerospace and Defense		9.46	%	3M L+600		12,757		12,657		12,566
Rancho Health MSO, Inc.	12/18/25	Healthcare, Education and Childcare		7.75	%	1M L+450		5,180		5,180		5,180
Reception Purchaser, LLC	02/28/28	Transportation		9.13	%	SOFR+600		4,975		4,904		4,751
Recteq, LLC	01/29/26	Consumer Products		9.92	%	3M L+700		9,850		9,718		9,505
Research Now Group, LLC and Dynata, LLC	12/20/24	Business Services		8.84	%	1M L+550		14,542		14,440		13,070
Riverpoint Medical, LLC	06/20/25	Healthcare, Education and Childcare		7.74	%	3M L+525		3,192		3,172		3,112
Riverside Assessments, LLC	03/10/25	Education		9.95	%	1M L+575		9,949		9,872		9,750
Sales Benchmark Index LLC	01/03/25	Business Services		9.67	%	3M L+625		6,859		6,779		6,791
Sargent & Greenleaf Inc.	12/20/24	Electronics		7.15	%	3M L+550		5,082		5,082		5,031
Seaway Buyer, LLC	06/13/29	Chemicals, Plastics and Rubber		7.90	%	3M L+575		15,000		14,794		14,775
Signature Systems Holding Company	05/03/24	Chemicals, Plastics and Rubber		10.17	%	1M L+450		11,951		11,879		11,861
Solutionreach, Inc.	01/17/24	Communications		8.87	%	6M L+675		11,386		11,352		11,113
STV Group Incorporated	12/11/26	Transportation		8.37	%	3M L+575		12,099		12,031		11,978


Issuer Name	Maturity	Industry	Current Coupon			Basis Point Spread Above Index (1)	Par		Cost		Fair Value (2)
System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC)	8/16/2027	Aerospace and Defense		8.73	%	SOFR+600		16,128	$	15,785	$	15,870
Teneo Holdings LLC	7/18/2025	Financial Services		7.73	%	3M L+525		3,474		3,435		3,271
The Aegis Technologies Group, LLC	10/31/2025	Aerospace and Defense		9.67	%	3M L+600		11,208		11,102		11,096
The Bluebird Group LLC	7/27/2026	Business Services		10.67	%	3M L+650		5,502		5,549		5,557
The Vertex Companies, LLC	8/30/2027	Business Services		8.62	%	3M L+550		4,531		4,485		4,509
TPC Canada Parent, Inc. and TPC US Parent, LLC	11/24/2025	Food		7.78	%	3M L+525		5,536		5,392		5,370
TVC Enterprises, LLC	3/26/2026	Transportation		8.87	%	3M L+600		17,381		17,244		16,946
TWS Acquisition Corporation	6/16/2025	Education		8.76	%	3M L+625		7,949		7,917		7,910
Tyto Athene, LLC	4/3/2028	Aerospace and Defense		7.76	%	3M L+550		12,064		11,938		11,208
UBEO, LLC	4/3/2024	Printing and Publishing		8.17	%	3M L+450		4,674		4,657		4,604
Unique Indoor Comfort, LLC	5/24/2027	Home and Office Furnishings, Housewares		8.95	%	3M L+525		9,975		9,840		9,755
Wildcat Buyerco, Inc.	2/27/2026	Electronics		9.45	%	SOFR+575		11,506		11,420		11,110
Zips Car Wash, LLC	3/1/2024	Business Services		10.24	%	3M L+725		19,998		19,673		19,499

Total First Lien Secured Debt										738,219		730,108
Total Investments - 864.4%
Cash and Cash Equivalents - 48.5%
BlackRock Federal FD Institutional 30										40,945		40,945
Total Cash and Cash Equivalents										40,945		40,945
Total Investments and Cash Equivalents - 912.9%									$	779,164	$	771,053
Liabilities in Excess of Other Assets — (812.9)%												(686,591	)
Members' Equity—100.0%											$	84,462

(1)

Represents floating rate instruments that accrue interest at a predetermined spread relative to an index, typically the applicable LIBOR or “L” or Prime rate or “P”. The spread may change based on the type of rate used. The terms in the Schedule of Investments disclose the actual interest rate in effect as of the reporting period. LIBOR loans are typically indexed to a 30-day, 60-day, 90-day or 180-day LIBOR rate (1M L, 2M L, 3M L, or 6M L, respectively), at the borrower’s option. All securities are subject to a LIBOR or Prime rate floor where a spread is provided, unless noted. The spread provided includes PIK interest and other fee rates, if any.

(2)

Valued based on PSLF’s accounting policy.

(3)

Represents the purchase of a security with delay settlement or a revolving line of credit that is currently an unfunded investment. This security does not earn a basis point spread above an index while it is unfunded.

Consolidated Statements of Assets and Liabilities for PSLF

Below is the consolidated statements of assets and liabilities for PSLF ($ in thousands):


	September 30, 2023		September 30, 2022
Assets
Investments at fair value (amortized cost—$810,737 and $738,219, respectively)	$	804,187	$	730,108
Cash and cash equivalents (cost—$59,096 and $40,945, respectively)		59,096		40,945
Interest receivable		5,248		2,970
Due from affiliate		3,296		2,021
Prepaid expenses and other assets		936		1,373
Receivable for investments sold		—		3,870
Total assets		872,763		781,287
Liabilities
2034 Asset-backed debt, net (par—$246,000)		244,284		243,896
2035 Asset-backed debt, net (par—$246,000)		243,727		—
Notes payable to members		169,131		145,472
Credit facility payable		88,600		257,600
Interest payable on credit facility and asset backed debt		10,421		4,676
Distribution payable to members		7,250		4,000
Interest payable on notes to members		3,895		2,703
Payable for investments purchased		2,002		37,658
Accounts payable and accrued expenses		835		820
Total liabilities		770,145		696,825
Commitments and contingencies
Members' equity		102,618		84,462
Total liabilities and members' equity	$	872,763	$	781,287

*For the years ended of September 30, 2023 and 2022, PSLF had $0.5 million and zero, respectively, of unfunded commitments to fund investments.

Consolidated Statements of Operations for PSLF

Below are the consolidated statements of operations for PSLF ($ in thousands):


	Year Ended September 30,
	2023			2022
Investment income:
Interest	$	88,280		$	37,905
Other income		1,410			246
Total investment income		89,690			38,151
Expenses:
Interest expense on credit facility and asset-backed debt		37,977			11,023
Interest expense on notes to members		20,858			11,692
Administration fees		2,282			1,171
General and administrative expenses		835			447
Total expenses		61,952			24,333
Net investment income		27,738			13,818
Realized and unrealized gain (loss) on investments:
Net realized gain (loss) on investments		(498	)		376
Net change in unrealized appreciation (depreciation) on investments		1,575			(8,334	)
Net realized and unrealized gain (loss) on investments		1,077			(7,958	)
Net increase (decrease) in members' equity resulting from operations	$	28,815		$	5,860

* No management or incentive fees are payable by PSLF

Debt (Tables)

12 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Schedule of Fixed Rate SBA Debentures

Our fixed-rate SBA debentures were as follows ($in thousands):


Issuance Dates	Maturity	Fixed All-in Coupon Rate (1)			As of September 30, 2022 Principal Balance
September 20, 2017	September 1, 2027		2.9	%		20,000,000

(1)

Excluding 3.4% of upfront fees.

Consolidated Statements of Assets and Liabilities (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022
Investments at cost	$ 1,117,927	$ 1,302,029
Cash and cash equivalents, cost	38,784	54,953
Truist Credit Facility payable, cost	212,420	385,920
SBA debentures payable, par	$ 0	$ 20,000
Common stock, shares, issued	65,224,500	65,224,500
Common stock, shares, outstanding	65,224,500	65,224,500
Common stock par value	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
2026 Notes Payable
Notes payable, par	$ 150,000	$ 150,000
2026-2 Notes Payable
Notes payable, par	165,000	165,000
Non-controlled, Non-affiliated Investments
Investments at cost	816,754	882,513
Non-controlled, Affiliated Investments
Investments at cost	55,787	37,612
Controlled, Affiliated Investments
Investments at cost	$ 245,386	$ 381,904

Stock Repurchase Program

12 Months Ended

Sep. 30, 2023

Stockholders' Equity Note [Abstract]

Stock Repurchase Program

14. STOCK REPURCHASE PROGRAM

On February 9, 2022, we announced a share repurchase program which allows us to repurchase up to $25 million of our outstanding common stock in the open market at prices below our net asset value as reported in our then most recently published consolidated financial statements. The program expired on March 31, 2023. During the year ended September 30, 2023, we did not make any repurchase of our common shares. During the year ended September 30, 2022, we repurchased 1,820,605 shares of common stock in open market transactions for an aggregate cost (including transaction costs) of $13.2 million. During the year ended September 30, 2023, we did not make any repurchases of shares of our common stock.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
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+ Details

Debt - Schedule of Fixed Rate SBA Debentures (Parenthetical) (Details)	12 Months Ended
	Sep. 30, 2023
SBA Debentures
Debt Instrument [Line Items]
Upfront fees Percentage	3.40%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Organization - Additional Information (Details) - USD ($) $ in Thousands			1 Months Ended			12 Months Ended
	May 01, 2022	Nov. 01, 2021	Jan. 31, 2022	Oct. 31, 2021	Apr. 30, 2021	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Debt Instrument [Line Items]
Net realized gain (loss) on investments						$ (151,516)	$ 43,861	$ 30,021
PennantPark-TSO Senior Loan Fund II, LP
Debt Instrument [Line Items]
Sale of investments to wholly owned subsidiary			$ 82,300
Sale of investments to wholly owned subsidiary in cash			75,700
Sale of investments to wholly owned subsidiary in equity interest			$ 6,600
Percentage of outstanding class A units			23.10%			23.10%
Net realized gain (loss) on investments			$ 200
Capital commitment						$ 15,000
Funded percentage						100.00%
Voting interest in general partnership						4.99%
2026 Notes
Debt Instrument [Line Items]
Aggregate principal amount of notes issued					$ 150,000
Percentage of public offering price per notes issued					99.40%
Debt instrument, maturity date					May 01, 2026
Debt instrument, periodic payment					semi-annually
Debt instrument, interest rate		4.50%
2026 Notes-2
Debt Instrument [Line Items]
Aggregate principal amount of notes issued				$ 165,000
Percentage of public offering price per notes issued				99.436%
Debt instrument, maturity date				Nov. 01, 2026
Debt instrument, periodic payment				semi-annually
Debt instrument, interest rate	4.00%

Financial Highlights

12 Months Ended

Sep. 30, 2023

Investment Company, Financial Highlights [Abstract]

Financial Highlights

10. FINANCIAL HIGHLIGHTS

Below are the financial highlights for each of the years ended September 30, ($in thousands, except per share data):


	2023			2022			2021			2020			2019
Per Share Data:
Net asset value, beginning of year	$	8.98		$	9.85		$	7.84		$	8.68		$	9.11
Net investment income (1)		1.00			0.66			0.54			0.58			0.66
Net realized and unrealized (loss) gain (1)		(1.52	)		(1.03	)		1.94			(0.82	)		(0.42	)
Net (decrease) increase in net assets resulting from operations (1)		(0.52	)		(0.37	)		2.48			(0.24	)		0.24
Distributions to stockholders (1), (2)
Distribution of net investment income		(0.76	)		(0.56	)		(0.48	)		(0.60	)		(0.72	)
Distribution of realized gains		—			—			—			—			—
Total distributions to stockholders		(0.76	)		(0.56	)		(0.48	)		(0.60	)		(0.72	)
Repurchase of common stock (1)		—			0.06			—			—			0.05
Net asset value, end of year	$	7.70		$	8.98		$	9.85		$	7.84		$	8.68
Per share market value, end of year	$	6.58		$	5.46		$	6.49		$	3.19		$	6.27
Total return (3)		13.64	%		(8.42	)%		120.98	%		(39.62	)%		(6.28	)%
Shares outstanding at end of year		65,224,500			65,224,500			67,045,105			67,045,105			67,045,105
Ratios / Supplemental Data:
Ratio of operating expenses to average net assets (4), (6)		7.75	%		4.17	%		3.74	%		4.91	%		4.83	%
Ratio of interest and expenses on debt to average net assets (5)		7.55	%		5.19	%		3.73	%		6.22	%		6.29	%
Ratio of total expenses to average net assets (5), (6)		15.30	%		9.36	%		7.47	%		11.13	%		11.12	%
Ratio of net investment income to average net assets (5)		12.56	%		6.74	%		6.04	%		7.01	%		7.35	%
Net assets at end of year	$	502,187		$	585,565		$	660,144		$	525,709		$	581,906
Weighted average debt outstanding (7)	$	656,776		$	695,267		$	649,666		$	794,641		$	638,424
Weighted average debt per share (1), (7)	$	10.07		$	10.49		$	9.69		$	11.85		$	9.43
Asset coverage per unit (8)	$	1,952		$	1,855		$	2,208		$	2,078		$	2,066
Average market value per unit (9), (10)	$	—		$	—		$	25.13		$	23.47		$	24.87
Portfolio turnover ratio		32.58	%		70.41	%		37.74	%		12.74	%		35.44	%

* The expense and investment income ratios do not reflect the Company's proportionate share of income and expenses of PSLF and PTSF II.

(1)

Based on the weighted average shares outstanding for the respective periods.

(2)

The tax status of distributions is calculated in accordance with income tax regulations, which may differ from amounts determined under GAAP, and reported on Form 1099-DIV each calendar year.

(3)

Based on the change in market price per share during the period and assumes distributions, if any, are reinvested.

(4)

Excludes debt related costs.

(5)

Includes interest and expenses on debt (annualized) as well as Truist Credit Facility amendment and debt issuance costs, if any (not annualized).

(6)

(7)

Includes SBA debentures outstanding.

(8)

(9)

(10)

Investments - Summary of Listing of PSLFs Individual Investments (Parenthetical) (Details)

12 Months Ended

Sep. 30, 2023

Sep. 30, 2022

Schedule Of Investments [Line Items]

Investment owned, percent of net assets

^[1],[2]

0.00%

Investment, Identifier [Axis]: Cash and Cash Equivalents—7.7% of Net Assets

Schedule Of Investments [Line Items]

Investment owned, percent of net assets

^[1],[2]

7.70%

Investment, Identifier [Axis]: Cash and Cash Equivalents—9.4% of Net Assets

Schedule Of Investments [Line Items]

Investment owned, percent of net assets

^[3],[4]

9.40%

Investment, Identifier [Axis]: Investments and Cash Equivalents —218.8% of Net Assets

Schedule Of Investments [Line Items]

Investment owned, percent of net assets

^[3],[4]

218.80%

Investment, Identifier [Axis]: Investments in Controlled, Affiliated Portfolio Companies—43.0% First Lien Secured Debt—9.8% of Net Assets

Schedule Of Investments [Line Items]

Investment owned, percent of net assets

^[1],[2]

9.80%

Investment, Identifier [Axis]: Investments in Controlled, Affiliated Portfolio Companies—43.0% of Net Assets

Schedule Of Investments [Line Items]

Investment owned, percent of net assets

^[1],[2]

43.00%

Investment, Identifier [Axis]: Investments in Controlled, Affiliated Portfolio Companies—44.3% Common Equity—22.0% of Net Assets

Schedule Of Investments [Line Items]

Investment owned, percent of net assets

^[3],[4],[5]

22.00%

Investment, Identifier [Axis]: Investments in Controlled, Affiliated Portfolio Companies—44.3% First Lien Secured Debt—7.3% of Net Assets

Schedule Of Investments [Line Items]

Investment owned, percent of net assets

^[3],[4]

7.30%

Investment, Identifier [Axis]: Investments in Controlled, Affiliated Portfolio Companies—44.3% Second Lien Secured Debt—0% of Net Assets

Schedule Of Investments [Line Items]

Investment owned, percent of net assets

^[3],[4]

0.00%

Investment, Identifier [Axis]: Investments in Controlled, Affiliated Portfolio Companies—44.3% Subordinated Debt—15.0% of Net Assets

Schedule Of Investments [Line Items]

Investment owned, percent of net assets

^[3],[4]

15.00%

Investment, Identifier [Axis]: Investments in Controlled, Affiliated Portfolio Companies—44.3% of Net Assets

Schedule Of Investments [Line Items]

Investment owned, percent of net assets

^[3],[4]

44.30%

Investment, Identifier [Axis]: Investments in Non-Controlled, Affiliated Portfolio Companies—10.9% Common Equity/Partnership Interests/Warrants—2.4% of Net Assets

Schedule Of Investments [Line Items]

Investment owned, percent of net assets

^[1],[2],[6]

2.40%

Investment, Identifier [Axis]: Investments in Non-Controlled, Affiliated Portfolio Companies—10.9% First Lien Secured Debt—2.1% of Net Assets

Schedule Of Investments [Line Items]

Investment owned, percent of net assets

^[1],[2]

2.10%

Investment, Identifier [Axis]: Investments in Non-Controlled, Affiliated Portfolio Companies—10.9% Preferred Equity/Partnership Interests—6.4% of Net Assets

Schedule Of Investments [Line Items]

Investment owned, percent of net assets

^[1],[2],[6]

6.40%

Investment, Identifier [Axis]: Investments in Non-Controlled, Affiliated Portfolio Companies—10.9% of Net Assets

Schedule Of Investments [Line Items]

Investment owned, percent of net assets

^[1],[2]

10.90%

Investment, Identifier [Axis]: Investments in Non-Controlled, Affiliated Portfolio Companies—5.9% Common Equity/Partnership Interests/Warrants—0.3% of Net Assets

Schedule Of Investments [Line Items]

Investment owned, percent of net assets

^[3],[4],[5]

0.30%

Investment, Identifier [Axis]: Investments in Non-Controlled, Affiliated Portfolio Companies—5.9% Preferred Equity/Partnership Interests—5.6% of Net Assets

Schedule Of Investments [Line Items]

Investment owned, percent of net assets

^[3],[4],[5]

5.60%

Investment, Identifier [Axis]: Investments in Non-Controlled, Affiliated Portfolio Companies—5.9% of Net Assets

Schedule Of Investments [Line Items]

Investment owned, percent of net assets

^[3],[4]

5.90%

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2%

Schedule Of Investments [Line Items]

Investment owned, percent of net assets

^[3],[4]

159.20%

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Common Equity/Partnership Interests/Warrants—26.2%

Schedule Of Investments [Line Items]

Investment owned, percent of net assets

^[3],[4],[5]

26.20%

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% First Lien Secured Debt—100.5%

Schedule Of Investments [Line Items]

Investment owned, percent of net assets

^[3],[4]

100.50%

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% Second Lien Secured Debt—22.2%

Schedule Of Investments [Line Items]

Investment owned, percent of net assets

^[3],[4]

22.20%

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Common Equity/Partnership Interests/Warrants—23.0% of Net Assets

Schedule Of Investments [Line Items]

Investment owned, percent of net assets

^[1],[2],[6]

23.00%

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% First Lien Secured Debt—93.2% of Net Assets

Schedule Of Investments [Line Items]

Investment owned, percent of net assets

^[1],[2]

93.20%

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Preferred Equity/Partnership Interests—2.6% of Net Assets

Schedule Of Investments [Line Items]

Investment owned, percent of net assets

^[1],[2],[6]

2.60%

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Second Lien Secured Debt—16.0% of Net Assets

Schedule Of Investments [Line Items]

Investment owned, percent of net assets

16.00%

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% Subordinated Debt/Corporate Notes—10.7% of Net Assets

Schedule Of Investments [Line Items]

Investment owned, percent of net assets

^[1],[2]

10.70%

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% U.S. Government Securities—19.9% of Net Assets

Schedule Of Investments [Line Items]

Investment owned, percent of net assets

^[1]

19.90%

Investment, Identifier [Axis]: Investments in Non-Controlled, Non-Affiliated Portfolio Companies—165.4% of Net Assets

Schedule Of Investments [Line Items]

Investment owned, percent of net assets

^[1],[2]

165.40%

Investment, Identifier [Axis]: Investments—209.4% of Net Assets

Schedule Of Investments [Line Items]

Investment owned, percent of net assets

^[3],[4]

209.40%

Investment, Identifier [Axis]: Investments—219.4% of Net Assets

Schedule Of Investments [Line Items]

Investment owned, percent of net assets

^[1],[2]

219.40%

Investment, Identifier [Axis]: Liabilities in Excess of Other Assets —(118.8%) of Net Assets

Schedule Of Investments [Line Items]

Investment owned, percent of net assets

^[3],[4]

(118.80%)

Investment, Identifier [Axis]: Liabilities in Excess of Other Assets—(127.1%) of Net Assets

Schedule Of Investments [Line Items]

Investment owned, percent of net assets

^[1],[2]

127.10%

Investment, Identifier [Axis]: Net Assets—100.0%

Schedule Of Investments [Line Items]

Investment owned, percent of net assets

100.00%

^[1],[2]

100.00%

^[3],[4]

Investment, Identifier [Axis]: Related Party PSLF Cash and Cash Equivalents - 57.6%

Schedule Of Investments [Line Items]

Investment owned, percent of net assets

57.60%

Investment, Identifier [Axis]: Related Party PSLF Cash and Cash Equivalents—50.9%

Schedule Of Investments [Line Items]

Investment owned, percent of net assets

48.50%

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 783.7%

Schedule Of Investments [Line Items]

Investment owned, percent of net assets

783.70%

Investment, Identifier [Axis]: Related Party PSLF First Lien Secured Debt - 864.4%

Schedule Of Investments [Line Items]

Investment owned, percent of net assets

864.40%

Investment, Identifier [Axis]: Related Party PSLF Investments—864.4%

Schedule Of Investments [Line Items]

Investment owned, percent of net assets

864.40%

Investment, Identifier [Axis]: Related Party PSLF Liabilities in Excess of Other Assets — (741.3)%

Schedule Of Investments [Line Items]

Investment owned, percent of liabilities in excess of other assets

(741.30%)

Investment, Identifier [Axis]: Related Party PSLF Liabilities in Excess of Other Assets—(812.9%)

Schedule Of Investments [Line Items]

Investment owned, percent of liabilities in excess of other assets

812.90%

Investment, Identifier [Axis]: Related Party PSLF Members Equity - 100%

Schedule Of Investments [Line Items]

Investment owned, percent of members' equity

100.00%

Investment, Identifier [Axis]: Related Party PSLF Total Investments 783.7%

Schedule Of Investments [Line Items]

Investment owned, percent of net assets

783.70%

Investment, Identifier [Axis]: Related Party PSLF Total Investments and Cash Equivalents - 841.3%

Schedule Of Investments [Line Items]

Investment owned, percent of net assets

841.30%

Investment, Identifier [Axis]: Related Party PSLF Total Investments and Cash Equivalents—912.9%

Schedule Of Investments [Line Items]

Investment owned, percent of net assets

912.90%

Investment, Identifier [Axis]: Total Investments and Cash Equivalents—227.1% of Net Assets

Schedule Of Investments [Line Items]

Investment owned, percent of net assets

^[1],[2]

227.10%

Investment, Identifier [Axis]: estments in Controlled, Affiliated Portfolio Companies—43.0% Subordinated Debt—20.4% of Net Assets

Schedule Of Investments [Line Items]

Investment owned, percent of net assets

^[1],[2]

20.40%

Investment, Identifier [Axis]: vestments in Controlled, Affiliated Portfolio Companies—43.0% Common Equity—12.8% of Net Assets

Schedule Of Investments [Line Items]

Investment owned, percent of net assets

^[1],[2],[6]

12.80%

[1]	The provisions of the 1940 Act classify investments based on the level of control that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally presumed to be “non-controlled” when we own 25% or less of the portfolio company’s voting securities and “controlled” when we own more than 25% of the portfolio company’s voting securities.
[2]	The provisions of the 1940 Act classify investments further based on the level of ownership that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally deemed as “non-affiliated” when we own less than 5% of a portfolio company’s voting securities and “affiliated” when we own 5% or more of a portfolio company’s voting securities (See Note 6).
[3]	The provisions of the 1940 Act classify investments based on the level of control that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally presumed to be “non-controlled” when we own 25% or less of the portfolio company’s voting securities and “controlled” when we own more than 25% of the portfolio company’s voting securities.
[4]	The provisions of the 1940 Act classify investments further based on the level of ownership that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally deemed as “non-affiliated” when we own less than 5% of a portfolio company’s voting securities and “affiliated” when we own 5% or more of a portfolio company’s voting securities (See Note 6).
[5]	Non-income producing securities.
[6]	Non-income producing securities.

Significant Accounting Policies (Policies)	12 Months Ended
Significant Accounting Policies (Policies)	Sep. 30, 2023
Accounting Policies [Abstract]
Investment Valuations	(a) Investment Valuations We expect that there may not be readily available market values for many of the investments, which are or will be in our portfolio, and we value such investments at fair value as determined in good faith by or under the direction of our board of directors using a documented valuation policy and a consistently applied valuation process, as described in this Report. With respect to investments for which there is no readily available market value, the factors that our board of directors may take into account in pricing our investments at fair value include, as relevant, the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings and discounted cash flow, the markets in which the portfolio company does business, comparison to publicly traded securities and other relevant factors. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, we consider the pricing indicated by the external event to corroborate or revise our valuation. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the price used in an actual transaction may be different than our valuation and the difference may be material. See Note 5. Our portfolio generally consists of illiquid securities, including debt and equity investments. With respect to investments for which market quotations are not readily available, or for which market quotations are deemed not reflective of the fair value, our board of directors undertakes a multi-step valuation process each quarter, as described below: (1) Our quarterly valuation process begins with each portfolio company or investment being initially valued by the investment professionals of the Investment Adviser responsible for the portfolio investment; (2) Preliminary valuation conclusions are then documented and discussed with the management of the Investment Adviser; (3) Our board of directors also engages independent valuation firms to conduct independent appraisals of our investments for which market quotations are not readily available or are readily available but deemed not reflective of the fair value of the investment. The independent valuation firms review management's preliminary valuations in light of their own independent assessment and also in light of any market quotations obtained from an independent pricing service, broker, dealer or market maker; (4) The audit committee of our board of directors reviews the preliminary valuations of the Investment Adviser and those of the independent valuation firms on a quarterly basis, periodically assesses the valuation methodologies of the independent valuation firms, and responds to and supplements the valuation recommendations of the independent valuation firms to reflect any comments; and (5) Our board of directors discusses these valuations and determines the fair value of each investment in our portfolio in good faith, based on the input of our Investment Adviser, the respective independent valuation firms and the audit committee. Our board of directors generally uses market quotations to assess the value of our investments for which market quotations are readily available. We obtain these market values from independent pricing services or at the bid prices obtained from at least two brokers or dealers, if available, or otherwise from a principal market maker or a primary market dealer. The Investment Adviser assesses the source and reliability of bids from brokers or dealers. If our board of directors has a bona fide reason to believe any such market quote does not reflect the fair value of an investment, it may independently value such investments by using the valuation procedure that it uses with respect to assets for which market quotations are not readily available.
Security Transactions, Revenue Recognition, and Realized/Unrealized Gains or Losses	(b) Security Transactions, Revenue Recognition, and Realized/Unrealized Gains or Losses Security transactions are recorded on a trade-date basis. We measure realized gains or losses by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment, using the specific identification method, without regard to unrealized appreciation or depreciation previously recognized, but considering prepayment penalties. Net change in unrealized appreciation or depreciation reflects, as applicable, the change in the fair values of our portfolio investments and the Truist Credit Facility during the reporting period, including the reversal of previously recorded unrealized appreciation or depreciation, when gains or losses are realized. We record interest income on an accrual basis to the extent that we expect to collect such amounts. For loans and debt investments with contractual PIK interest, which represents interest accrued and added to the loan balance that generally becomes due at maturity, we will generally not accrue PIK interest when the portfolio company valuation indicates that such PIK interest is not collectable. We do not accrue as a receivable interest on loans and debt investments if we have reason to doubt our ability to collect such interest. Loan origination fees, original issue discount, or OID, market discount or premium and deferred financing costs on liabilities, which we do not fair value, are capitalized and then accreted or amortized using the effective interest method as interest income or, in the case of deferred financing costs, as interest expense. We record prepayment penalties earned on loans and debt investments as income. Dividend income, if any, is recognized on an accrual basis on the ex-dividend date to the extent that we expect to collect such amounts. From time to time, the Company receives certain fees from portfolio companies, which are non-recurring in nature. Such fees include loan prepayment penalties, structuring fees and amendment fees, and are recorded as other investment income when earned. Loans are placed on non-accrual status when principal or interest payments are past due 30 days or more and/or if there is reasonable doubt that principal or interest will be collected. Accrued interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment. Non-accrual loans are restored to accrual status when past due principal and interest is paid and, in management’s judgment, are likely to remain current. As of September 30, 2023,we had one portfolio company on non-accrual, representing 1.2% and zero percent of our overall portfolio on a cost and fair value basis, respectively. As of September 30, 2022, we had one portfolio company on non-accrual representing 1.0% and zero percent of our overall portfolio on a cost and fair value basis, respectively.
Income Taxes	(c) Income Taxes We have complied with the requirements of Subchapter M of the Code and have qualified to be treated as a RIC for federal income tax purposes. In this regard, we account for income taxes using the asset and liability method prescribed by ASC Topic 740, Income Taxes, or ASC 740. Under this method, income taxes are provided for amounts currently payable and for amounts deferred as tax assets and liabilities based on differences between the financial statement carrying amounts and the tax basis of existing assets and liabilities. Based upon our qualification and election to be treated as a RIC for U.S. federal income tax purposes, we typically do not incur any material federal income taxes. However, we may choose to retain a portion of our calendar year income, which may result in the imposition of an excise tax. Additionally, certain of the Company’s consolidated subsidiaries are subject to federal, state and local income taxes. For the years ended September 30, 2023, 2022, and 2021, we recorded a provision for taxes on net investment income of $4.3 million, $0.8 million and $0.6 million, respectively, which pertains to U.S. federal excise tax. We recognize the effect of a tax position in our Consolidated Financial Statements in accordance with ASC 740 when it is more likely than not, based on the technical merits, that the position will be sustained upon examination by the applicable tax authority. Tax positions not considered to satisfy the “more-likely-than-not” threshold would be recorded as a tax expense or benefit. Penalties or interest, if applicable, that may be assessed relating to income taxes would be classified as other operating expenses in the financial statements. There were no tax accruals relating to uncertain tax positions and no amounts accrued for any related interest or penalties with respect to the periods presented herein. The Company’s determinations regarding ASC 740 may be subject to review and adjustment at a later date based upon factors including, but not limited to, an on-going analysis of tax laws, regulations and interpretations thereof. Although the Company files both federal and state income tax returns, the Company’s major tax jurisdiction is federal. The Taxable Subsidiary (PNNT Investment Holdings, LLC, a wholly-owned subsidiary of the Company), is subject to U.S. federal, state and local corporate income taxes. The income tax expense and related tax liabilities of the Taxable Subsidiary are reflected in the Company’s consolidated financial statements. For the years ended September 30, 2023, 2022 and 2021 the Company recognized a provision for taxes of $5.0 million, $6.2 million, and zero, respectively, on net realized gain on investments by the Taxable Subsidiary. For the years ended September 30, 2023, 2022 and 2021 the Company recognized a provision for taxes of $(1.6) million, $0.9 million, and zero, respectively, on net unrealized gain on investments by the Taxable Subsidiary. The provision for taxes on net realized and unrealized gains on investments is the result of netting (i) the expected tax liability on the gains from the sales of investments which were realized and unrealized during fiscal year ending September 30, 2023 and (ii) the expected tax benefit resulting from the use of loss carryforwards to offset such gains. For the year ended September 30, 2023, 2022 and 2021 the Company recognized a provision for taxes $3.4 million, $7.1 million and zero, respectively, on net realized and unrealized gains on investments by the Taxable Subsidiary. During the year ended September 30, 2023, 2022 and 2021 the Company paid zero, $4.0 million, and zero respectively, in federal taxes on realized gains on the sale of investments held by the Taxable Subsidiary. The state and local tax liability of $3.3 million as of September 30, 2023 is included under accrued other expenses in the consolidated statement of assets and liabilities. Because U.S. federal income tax regulations differ from GAAP, distributions characterized in accordance with tax regulations may differ from net investment income and net realized gains recognized for financial reporting purposes. Differences between tax regulations and GAAP may be permanent or temporary. Permanent differences are reclassified among capital accounts in the Consolidated Financial Statements to reflect their tax character. Temporary differences arise when certain items of income, expense, gain or loss are recognized at some time in the future.
Distributions and Capital Transactions	(d) Distributions and Capital Transactions Distributions to common stockholders are recorded on the ex-dividend date. The amount to be paid, if any, as a distribution is determined by our board of directors each quarter and is generally based upon the earnings estimated by management. Net realized capital gains, if any, are distributed at least annually. The tax attributes for distributions will generally include ordinary income and capital gains but may also include certain tax-qualified dividends and/or a return of capital. Capital transactions, in connection with our dividend reinvestment plan or through offerings of our common stock, are recorded when issued and offering costs are charged as a reduction of capital upon issuance of our common stock.
Foreign Currency Translation	(e) Foreign Currency Translation Our books and records are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis: 1. Fair value of investment securities, other assets and liabilities – at the exchange rates prevailing at the end of the applicable period; and 2. Purchases and sales of investment securities, income and expenses – at the exchange rates prevailing on the respective dates of such transactions. Although net assets and fair values are presented based on the applicable foreign exchange rates described above, we do not isolate that portion of the results of operations due to changes in foreign exchange rates on investments, other assets and debt from the fluctuations arising from changes in fair values of investments and liabilities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments and liabilities. Foreign security and currency translations may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, currency fluctuations and revaluations and future adverse political, social and economic developments, which could cause investments in foreign markets to be less liquid and prices to be more volatile than those of comparable U.S. companies or U.S. government securities.
Consolidation	(f) Consolidation As permitted under Regulation S-X and as explained by ASC paragraph 946-810-45-3, PennantPark Investment will generally not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to us. Accordingly, we have consolidated the results of our SBIC Funds and our Taxable Subsidiary in our Consolidated Financial Statements. We do not consolidate our non-controlling interests in PSLF or PTSF II. See further description of our investment in PSLF in Note 4.
Asset Transfers and Servicing	(g) Asset Transfers and Servicing Asset transfers that do not meet ASC Topic 860, Transfers and Servicing, requirements for sale accounting treatment are reflected in the Consolidated Statements of Assets and Liabilities and the Consolidated Schedules of Investments as investments.
Recent Accounting Pronouncements	(h) Recent Accounting Pronouncements In March 2020, the FASB issued Accounting Standards Update No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” The guidance provides optional expedients and exceptions for applying GAAP to contract modifications, hedging relationships and other transactions, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued because of the reference rate reform. ASU 2020-04 is effective for all entities as of March 12, 2020 through September 30, 2023. The FASB approved an (optional) two year extension to December 31, 2024, for transitioning away from LIBOR. The Company utilized the optional expedients and exceptions provided by ASU 2020-04 during the year ended September 30, 2023, the effect of which was not material to the consolidated financial statements and the notes thereto. In March 2022, the FASB issued ASU 2022-02, “Financial Instruments - Credit Losses (Topic 326)”, which is intended to address issues identified during the post-implementation review of ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”. The amendment, among other things, eliminates the accounting guidance for troubled debt restructurings by creditors in Subtopic 310-40, “Receivables - Troubled Debt Restructurings by Creditors”, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. The new guidance is effective for interim and annual periods beginning after December 15, 2022. The Company has adopted the new accounting standard implementing appropriate controls and procedures, the effect of which was not material to the consolidated financial statements and the notes thereto. In June 2022, the FASB issued Accounting Standards Update No. 2022-03, or ASU, 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, or ASU 2022-03, which changed the fair value measurement disclosure requirements of ASC Topic 820, Fair Value Measurements and Disclosures, or ASC 820. The amendments clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. The new guidance is effective for fiscal years beginning after December 15, 2023, including interim periods therein. Early application is permitted. The Company is currently evaluating the impact the adoption of this new accounting standard will have on its consolidated financial statements, but the impact of the adoption is not expected to be material.

- Definition

Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.

+ References + Details

- Definition

Disclosure of accounting policy for investment in financial asset.

+ References + Details

- Definition

Disclosure of accounting policy for transfers and servicing financial assets, including securitization transactions as well as repurchase and resale agreements. This disclosure may include how the entity (1) determines whether a transaction is accounted for as a sale; (2) accounts for a sale transaction, including the initial and subsequent accounting for any interests that the entity obtains or continues to hold in the transaction, how such interests are valued, and the significant assumptions used in the valuation; (3) accounts for a transaction that does not qualify for sale treatment (that is, a financing); and (4) accounts for its servicing assets and liabilities ("servicing"), including how such servicing is measured initially and subsequently, and the methodology and significant assumptions used to value such servicing.

+ References + Details

Unconsolidated Significant Subsidiaries - Summary of Selected Key Financial Data from Balance Sheet of Unconsolidated Significant Subsidiaries (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Schedule of Equity Method Investments [Line Items]
Total expenses	$ 79,833	$ 61,023	$ 45,112
Net increase (decrease) in net assets resulting from operations	$ (33,807)	(24,740)	166,617
RAM Energy Holdings LLC
Schedule of Equity Method Investments [Line Items]
Current assets		21,051
Noncurrent assets		71,411
Current liabilities		24,721
Noncurrent liabilities		40,921
Total revenue		52,051	57,931
Total expenses		(47,589)	(39,511)
Net increase (decrease) in net assets resulting from operations		$ 4,462	$ 18,420

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold or consumed after one year or beyond the normal operating cycle, if longer.

+ References

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Investments

12 Months Ended

Sep. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Investments

4. INVESTMENTS

Purchases of investments, including PIK interest, for the years ended September 30, 2023, 2022, and 2021 totaled $379.6 million, $943.0 million, and $456.5 million, respectively. Sales and repayments of investments for the same periods totaled $418.6 million, $911.6 million, and $434.5 million, respectively.

Investments and cash and cash equivalents consisted of the following ($ in thousands):


	September 30, 2023				September 30, 2022
Investment Classification ($ in thousands)	Cost		Fair Value		Cost		Fair Value
First lien	$	538,737	$	527,657	$	652,055	$	630,965
U.S. Government Securities		99,768		99,751		—		—
Second lien		96,759		80,396		145,542		129,936
Subordinated debt / corporate notes		54,897		53,897		53,468		53,255
Subordinated notes in PSLF		102,325		102,325		88,011		88,011
Equity		166,798		175,538		313,591		273,036
Equity in PSLF		58,643		62,083		49,362		51,098
Total investments		1,117,927		1,101,647		1,302,029		1,226,301
Cash and cash equivalents		38,784		38,775		54,953		54,775
Total investments and cash and cash equivalents	$	1,156,711	$	1,140,422	$	1,356,982	$	1,281,076


Industry Classification	September 30, 2023 (1)			September 30, 2022 (1)
Business Services		16	%		18	%
Healthcare, Education and Childcare		13			12
Short-Term U.S. Government Securities		11			—
Consumer Products		8			8
Distribution		7			5
Financial Services		5			5
Telecommunications		5			5
Aerospace and Defense		5			3
Media		5			4
Chemicals, Plastics and Rubber		5			3
Auto Sector		4			3
Environmental Services		4			3
Electronics		2			3
Personal, Food and Miscellaneous Services		2			1
Building Materials		1			2
Home and Office Furnishings		1			4
Education		1			2
Insurance		1			1
Personal and Non-Durable Consumer Products		1			1
Transportation		1			2
Retail		1			1
Other		1			14
Total		100	%		100	%

(1)

Excludes investments in PSLF.

PennantPark Senior Loan Fund, LLC

In July 2020, we and Pantheon formed PSLF, an unconsolidated joint venture. PSLF invests primarily in middle-market and other corporate debt securities consistent with our strategy. PSLF was formed as a Delaware limited liability company. As of September 30, 2023 and 2022 PSLF had total assets of $872.8 million and $781.3 million, respectively. PSLF’s portfolio consisted of debt investments in 90 and 80 portfolio companies as of September 30, 2023 and 2022, respectively. As of the same dates, we and Pantheon had remaining commitments to fund first lien secured debt of $22.4 million and $46.1 million, respectively, and equity interests of $14.5 million and $29.9 million, respectively, in PSLF. As of September 30, 2023, at fair value, the largest investment in a single portfolio company in PSLF was $19.7 million and the five largest investments totaled $97.5 million. As of September 30, 2022 at fair value, the largest investment in a single portfolio company in PSLF was $19.9 million and the five largest investments totaled $98.5 million. PSLF invests in portfolio companies in the same industries in which we may directly invest.

We provide capital to PSLF in the form of subordinated notes and equity interests. As of September 30, 2023 and 2022, we and Pantheon owned 60.5% and 39.5%, respectively, of each of the outstanding subordinated notes and equity interests of PSLF. As of September 30, 2023 and 2022, our investment in PSLF consisted of subordinated notes of $102.3 million and $88.0 million, respectively, and equity interests of $58.6 million and $49.4 million, respectively.

We and Pantheon each appointed two members to PSLF’s four-person Member Designees’ Committee, or the Member Designees’ Committee. All material decisions with respect to PSLF, including those involving its investment portfolio, require unanimous approval of quorum of the Member Designees’ Committee. Quorum is defined as (i) the presence of two members of the Member Designees’ Committee; provided that at least one individual is present that was elected, designated or appointed by each of us and Pantheon; (ii) the presence of three members of the Member Designees’ Committee, provided that the individual that was elected, designated or appointed by each of us or Pantheon, as the case may be, with only one individual present shall be entitled to cast two votes on each matter; and (iii) the presence of four members of the Member Designees’ Committee shall constitute a quorum, provided that two individuals are present that were elected, designated or appointed by each of us and Pantheon.

Additionally, PSLF, through its wholly-owned subsidiary, or PSLF Subsidiary, has entered into a $325 million (increased from $225.0 million on September 2, 2022) senior secured revolving credit facility, or the PSLF Credit Facility, with BNP Paribas, which bears interest at SOFR (or an alternative risk-free interest rate index) plus 260 basis points during the investment period, subject to leverage and borrowing base restrictions.

In March 2022, PSLF completed a $304.0 million debt securitization in the form of a collateralized loan obligation, or the “2034 Asset-Backed Debt”. The 2034 Asset-Backed Debt is secured by a diversified portfolio of PennantPark CLO IV, LLC., a wholly-owned and consolidated subsidiary of PSLF, consisting primarily of middle market loans and participation interests in middle market loans. The 2034 Asset-Backed Debt is scheduled to mature in April 2034. On the closing date of the transaction, in consideration of PSLF’s transfer to PennantPark CLO IV, LLC. of the initial closing date loan portfolio, which included loans distributed to PSLF by certain of its wholly owned subsidiaries and us, PennantPark CLO IV, LLC. transferred to PSLF 100% of the Preferred Shares of PennantPark CLO IV, LLC. and 100% of the Subordinated Notes issued by PennantPark CLO IV, LLC.

On July 26, 2023, CLO VII completed a $300 million debt securitization in the form of a collateralized loan obligation (the "2035 Debt Securitization" or "2035 Asset-Backed Debt"). The 2035 Asset-Backed Debt is secured by a diversified portfolio consisting primarily of middle market loans. The 2035 Debt Securitization was executed through a private placement of: (i) $151.0 million Class A-1a Notes maturing 2035, which bear interest at the three-month SOFR plus 2.7%, (ii) $20.0 million Class A-1b Loans 2035, which bear interest at 6.5%, (iii) $12.0 million Class A-2 Senior Secured Floating Rate Notes due 2035, which bear interest at the three-month SOFR plus 3.2%, (iv) $21.0 million Class B Senior Secured Floating Rate Notes due 2035, which bear interest at the three-month SOFR plus 4.1%, (v) $24.0 million Class C Secured Deferrable Floating Rate Notes due 2035, which bear interest at the three-month SOFR plus 4.7%, (vi) $18.0 million Class D Secured Deferrable Floating Rate Notes due 2035, which bear interest at the three-month SOFR plus 7.0%. As of September 30, 2023 there was $246.0 million of external 2035 Asset-Backed Debt and there was $2.3 million of un-amortized financing costs. As of September 30, 2023 the weighted average interest rate was 8.6%.

Below is a summary of PSLF’s portfolio at fair value ($ in thousands):


($ in thousands)	September 30, 2023			September 30, 2022
Total investments	$	804,187		$	730,108
Weighted average cost yield on income producing investments		12.1	%		9.4	%
Number of portfolio companies in PSLF		90			80
Largest portfolio company investment at fair value	$	19,737		$	19,906
Total of five largest portfolio company investments at fair value	$	97,526		$	98,502

Below is a listing of PSLF’s individual investments as of September 30, 2023 ($ in thousands):


Issuer Name	Maturity	Industry	Current Coupon			Basis Point Spread Above Index (1)	Par		Cost		Fair Value (2)
First Lien Secured Debt - 783.7%
A1 Garage Merger Sub, LLC	12/22/28	Personal, Food and Miscellaneous Services		11.84	%	SOFR+650		14,925	$	14,668	$	14,850
Ad.net Acquisition, LLC	05/07/26	Media		11.65	%	SOFR+600		4,888		4,888		4,863
Alpine Acquisition Corp II	11/30/26	Containers, Packaging and Glass		11.26	%	SOFR+600		14,837		14,528		14,244
Amsive Holding Corporation (f/k/a Vision Purchaser Corporation)	06/10/25	Media		11.79	%	SOFR+675		13,958		13,869		13,749
Anteriad, LLC (f/k/a MeritDirect, LLC)	05/23/24	Media		12.04	%	SOFR+650		14,354		14,319		14,103
Any Hour Services	07/21/27	Personal, Food and Miscellaneous Services		11.22	%	SOFR+575		10,882		10,847		10,665
Apex Service Partners, LLC	07/31/25	Personal, Food and Miscellaneous Services		10.52	%	SOFR+525		6,424		6,380		6,408
Apex Service Partners, LLC Term Loan B	07/31/25	Personal, Food and Miscellaneous Services		11.11	%	SOFR+550		3,316		3,299		3,308
Apex Service Partners, LLC - Term Loan C	07/31/25	Personal, Food and Miscellaneous Services		10.76	%	SOFR+525		7,531		7,531		7,512
Applied Technical Services, LLC	12/29/26	Environmental Services		11.51	%	SOFR+575		11,394		11,271		11,166
Applied Technical Services, LLC - Unfunded Term Loan (3)	12/29/26	Environmental Services						513		-		(5	)
Arcfield Acquisition Corp.	08/03/29	Aerospace and Defense		11.62	%	SOFR+625		11,820		11,642		11,702
Beta Plus Technologies, Inc.	07/01/29	Business Services		11.14	%	SOFR+575		14,850		14,604		13,811
Bioderm, Inc.	01/31/28	Healthcare, Education and Childcare		11.83	%	SOFR+650		8,978		8,874		8,933
Blackhawk Industrial Distribution, Inc.	09/17/24	Distribution		11.79	%	SOFR+625		17,823		17,588		17,556
Broder Bros., Co.	12/04/25	Personal and Non-Durable Consumer Products		11.50	%	SOFR+600		9,683		9,683		9,683
Burgess Point Purchaser Corporation	09/26/29	Auto Sector		10.67	%	SOFR+525		893		836		841
Cartessa Aesthetics, LLC	06/14/28	Distribution		11.39	%	SOFR+600		17,281		17,013		17,281
CF512, Inc.	08/20/26	Media		11.60	%	SOFR+600		2,921		2,901		2,862
Connatix Buyer, Inc.	07/13/27	Media		11.16	%	SOFR+550		8,808		8,792		8,500
Crane 1 Services, Inc.	08/16/27	Personal, Food and Miscellaneous Services		10.90	%	SOFR+575		2,575		2,550		2,562
Dr. Squatch, LLC	08/31/27	Personal and Non-Durable Consumer Products		11.24	%	SOFR+575		10,882		10,834		10,882
DRI Holding Inc.	12/21/28	Media		10.67	%	SOFR+525		4,382		3,959		3,993
DRS Holdings III, Inc.	11/03/25	Consumer Products		11.77	%	SOFR+640		14,395		14,345		14,222
Duraco Specialty Tapes LLC	06/30/24	Manufacturing / Basic Industries		11.93	%	SOFR+650		8,635		8,561		8,505
EDS Buyer, LLC	01/10/29	Aerospace and Defense		11.64	%	SOFR+625		6,219		6,148		6,125
Electro Rent Corporation	01/17/24	Electronics		10.93	%	SOFR+550		3,712		3,665		3,632
ETE Intermediate II, LLC	05/29/29	Personal, Food and Miscellaneous Services		11.89	%	SOFR+650		12,404		12,171		12,193
Exigo Intermediate II, LLC	03/15/27	Business Services		11.17	%	SOFR+575		9,750		9,637		9,555
Fairbanks Morse Defense	06/17/28	Aerospace and Defense		10.40	%	SOFR+475		1,518		1,470		1,506
Five Star Buyer, Inc.	02/23/28	Hotels, Motels, Inns and Gaming		12.43	%	SOFR+700		4,373		4,291		4,307
Global Holdings InterCo LLC	03/16/26	Banking, Finance, Insurance & Real Estate		11.96	%	SOFR+650		7,027		7,008		6,676
Graffiti Buyer, Inc.	08/10/27	Distribution		10.99	%	SOFR+575		1,954		1,925		1,935
Hancock Roofing and Construction L.L.C.	12/31/26	Insurance		10.93	%	SOFR+550		6,423		6,423		6,262
Holdco Sands Intermediate, LLC	11/23/28	Aerospace and Defense		11.32	%	SOFR+600		19,717		19,388		19,717
HV Watterson Holdings, LLC	12/17/26	Business Services		11.79	%	SOFR+600		15,140		14,974		15,110
HW Holdco, LLC	12/10/24	Media		11.70	%	SOFR+625		14,250		14,171		14,036
IG Investments Holdings, LLC	09/22/28	Business Services		11.45	%	SOFR+600		4,428		4,355		4,362
Imagine Acquisitionco, LLC	11/15/27	Business Services		10.72	%	SOFR+550		5,565		5,481		5,482
Inception Fertility Ventures, LLC	12/31/24	Healthcare, Education and Childcare		12.50	%	SOFR+715		19,737		19,410		19,737
Infinity Home Services Holdco, Inc.	12/28/28	Personal, Food and Miscellaneous Services		12.24	%	SOFR+685		11,053		10,867		11,053
Infolinks Media Buyco, LLC	11/01/26	Media		11.17	%	SOFR+575		6,364		6,364		6,364
Integrity Marketing Acquisition, LLC	08/27/26	Insurance		11.57	%	SOFR+575		19,701		19,639		19,504
K2 Pure Solutions NoCal, L.P.	12/20/23	Chemicals, Plastics and Rubber		13.42	%	SOFR+800		12,061		12,040		12,061
Kinetic Purchaser, LLC	11/10/27	Consumer Products		11.54	%	SOFR+615		16,920		16,641		16,666
LAV Gear Holdings, Inc.	10/31/24	Leisure, Amusement, Motion Pictures, Entertainment		11.46	%	SOFR+565		4,658		4,631		4,603
Lash OpCo, LLC	02/18/27	Consumer Products		12.13	%	SOFR+700		19,723		19,565		19,526
Lightspeed Buyer Inc.	02/03/26	Healthcare, Education and Childcare		10.67	%	SOFR+575		12,218		12,056		12,096
LJ Avalon Holdings, LLC	01/31/30	Environmental Services		11.77	%	SOFR+665		6,318		6,206		6,192
MAG DS Corp.	04/01/27	Aerospace and Defense		10.99	%	SOFR+550		7,601		7,153		7,202
Magenta Buyer, LLC	07/31/28	Software		10.63	%	SOFR+500		3,785		3,550		2,805
Mars Acquisition Holdings Corp.	05/14/26	Media		11.04	%	SOFR+550		10,885		10,811		10,776
MBS Holdings, Inc.	04/16/27	Telecommunications		11.22	%	SOFR+575		7,859		7,780		7,749
Meadowlark Acquirer, LLC	12/10/27	Business Services		10.58	%	SOFR+550		2,958		2,911		2,884
Municipal Emergency Services, Inc.	10/01/27	Distribution		11.04	%	SOFR+550		5,975		5,860		5,843
NBH Group LLC	08/19/26	Healthcare, Education and Childcare		10.93	%	SOFR+525		7,429		7,369		7,280
Neptune Flood Incorporated	05/09/29	Financial Services		11.97	%	SOFR+660		8,020		7,910		8,020
One Stop Mailing, LLC	05/07/27	Transportation		11.68	%	SOFR+625		8,470		8,311		8,470
Owl Acquisition, LLC	02/04/28	Education		10.80	%	SOFR+575		3,893		3,794		3,834
Ox Two, LLC (New Issue)	05/18/26	Distribution		12.90	%	SOFR+725		4,378		4,343		4,301
Pequod Merger Sub, Inc.	12/02/26	Banking, Finance, Insurance & Real Estate		11.79	%	SOFR+640		11,474		11,267		11,244
PL Acquisitionco, LLC	11/09/27	Retail		12.42	%	SOFR+700		7,930		7,818		7,137
PlayPower, Inc.	05/08/26	Consumer Products		10.92	%	SOFR+565		2,551		2,481		2,436
Quantic Electronics, LLC	11/19/26	Aerospace and Defense		11.74	%	SOFR+625		3,314		3,267		3,264
Radius Aerospace, Inc.	03/31/25	Aerospace and Defense		11.29	%	SOFR+575		12,703		12,641		12,576
Rancho Health MSO, Inc.	12/18/25	Healthcare, Education and Childcare		11.22	%	SOFR+550		5,603		5,603		5,603


Issuer Name	Maturity	Industry	Current Coupon			Basis Point Spread Above Index (1)	Par		Cost		Fair Value (2)
Reception Purchaser, LLC	04/28/28	Transportation		11.54	%	SOFR+600		5,000	$	4,937	$	4,800
Recteq, LLC	01/29/26	Consumer Products		12.54	%	SOFR+700		9,750		9,655		9,458
Research Now Group, LLC and Dynata, LLC	12/20/24	Business Services		11.13	%	SOFR+550		14,389		14,332		12,591
Riverpoint Medical, LLC	06/20/25	Healthcare, Education and Childcare		10.54	%	SOFR+575		3,176		3,162		3,131
Riverside Assessments, LLC	03/10/25	Education		11.29	%	SOFR+625		10,895		10,834		10,786
Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.)	06/16/29	Professional Services		11.52	%	SOFR+625		3,749		3,678		3,692
Sales Benchmark Index LLC	01/03/25	Business Services		11.59	%	SOFR+600		6,859		6,815		6,825
Sargent & Greenleaf Inc.	12/20/24	Electronics		12.92	%	SOFR+750		4,872		4,872		4,823
Seaway Buyer, LLC	06/13/29	Chemicals, Plastics and Rubber		11.54	%	SOFR+605		14,850		14,633		14,405
Signature Systems Holding Company	05/03/24	Chemicals, Plastics and Rubber		12.04	%	SOFR+650		11,201		11,173		11,201
Skopima Consilio Parent, LLC	05/17/28	Business Services		9.93	%	SOFR+450		1,300		1,274		1,272
Solutionreach, Inc.	07/17/25	Communications		12.37	%	SOFR+700		9,239		9,206		9,202
SpendMend Holdings, LLC	03/01/28	Business Services		11.04	%	SOFR+575		9,607		9,352		9,396
STV Group Incorporated	12/11/26	Transportation		10.67	%	SOFR+525		12,099		12,045		11,857
Summit Behavioral Healthcare, LLC	11/24/28	Healthcare, Education and Childcare		10.43	%	SOFR+475		3,572		3,389		3,559
System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC)	08/16/27	Aerospace and Defense		11.49	%	SOFR+600		15,966		15,695		15,790
Team Services Group, LLC	11/24/28	Healthcare, Education and Childcare		10.75	%	SOFR+515		2,688		2,584		2,627
Teneo Holdings LLC	07/18/25	Financial Services		10.67	%	SOFR+525		2,936		2,927		2,931
The Aegis Technologies Group, LLC	10/31/25	Aerospace and Defense		12.04	%	SOFR+650		11,095		11,008		10,929
The Bluebird Group LLC	07/27/26	Business Services		12.79	%	SOFR+725		7,855		7,872		7,823
The Vertex Companies, LLC	08/31/27	Business Services		11.70	%	SOFR+635		7,690		7,596		7,628
TPC Canada Parent, Inc. and TPC US Parent, LLC	11/24/25	Food		10.68	%	SOFR+550		5,479		5,378		5,479
TWS Acquisition Corporation	06/06/25	Education		11.80	%	SOFR+625		7,177		7,161		7,177
Tyto Athene, LLC	04/03/28	Aerospace and Defense		10.90	%	SOFR+550		11,393		11,285		10,391
Urology Management Holdings, Inc.	06/15/26	Healthcare, Education and Childcare		11.79	%	SOFR+625		3,860		3,792		3,780
Wildcat Buyerco, Inc.	02/27/26	Electronics		10.54	%	SOFR+515		11,386		11,323		11,272
Zips Car Wash, LLC	03/01/24	Business Services		12.67	%	SOFR+725		19,682		19,582		19,042

Total First Lien Secured Debt										810,737		804,187
Total Investments - 783.7%
Cash and Cash Equivalents - 57.6%
BlackRock Federal FD Institutional 30										59,096		59,096
Total Cash and Cash Equivalents										59,096		59,096
Total Investments and Cash Equivalents - 841.3%									$	869,833	$	863,283
Liabilities in Excess of Other Assets — (741.3)%												(760,665	)
Members' Equity—100.0%											$	102,618

(1)

(2)

Valued based on PSLF’s accounting policy.

(3)

Below is a listing of PSLF’s individual investments as of September 30, 2022 ($ in thousands):


Issuer Name	Maturity	Industry	Current Coupon			Basis Point Spread Above Index (1)	Par		Cost		Fair Value (2)
First Lien Secured Debt - 864.4%
Ad.net Acquisition, LLC	05/06/26	Media		9.67	%	3M L+600		4,938	$	4,938	$	4,900
Alpine Acquisition Corp II	11/30/26	Containers, Packaging and Glass		8.69	%	3M L+800		9,975		9,785		9,576
Altamira Technologies, LLC	07/24/25	Aerospace and Defense		10.81	%	3M L+550		871		864		841
American Insulated Glass, LLC	12/21/23	Building Materials		7.79	%	3M L+575		19,906		19,868		19,906
Amsive Holding Corporation (f/k/a Vision Purchaser Corporation)	06/10/25	Media		9.95	%	1M L+550		14,104		13,968		13,892
Anteriad, LLC (f/k/a MeritDirect, LLC)	05/23/24	Media		9.17	%	3M L+550		15,168		15,084		15,168
Any Hour Services	07/21/27	Personal, Food and Miscellaneous Services		7.98	%	3M L+575		9,942		9,934		9,743
Apex Service Partners, LLC	07/31/25	Personal, Food and Miscellaneous Services		6.25	%	3M L+575		6,569		6,502		6,536
Apex Service Partners, LLC Term Loan B	07/31/25	Personal, Food and Miscellaneous Services		6.55	%	3M L+550		3,323		3,298		3,307
Apex Service Partners, LLC - Term Loan C	07/31/25	Personal, Food and Miscellaneous Services		6.50	%	3M L+600		7,607		7,608		7,569
Applied Technical Services, LLC	12/29/26	Environmental Services		9.42	%	3M L+500		8,822		8,725		8,602
Arcfield Acquisition Corp.	03/07/28	Aerospace and Defense		8.99	%	3M L+575		11,940		11,721		11,701
Beta Plus Technologies, Inc.	07/01/29	Business Services		7.56	%	1M L+525		15,000		14,700		14,700
Blackhawk Industrial Distribution, Inc.	09/17/24	Distribution		8.57	%	3M L+600		17,993		17,772		17,596
Broder Bros., Co.	12/02/22	Personal, Food and Miscellaneous Services		7.39	%	3M L+600		9,937		9,937		9,937
Cartessa Aesthetics, LLC	05/13/28	Distribution		9.55	%	3M L+600		17,456		17,131		17,194
CF512, Inc.	08/20/26	Media		9.08	%	3M L+575		2,985		2,958		2,940
Connatix Buyer, Inc.	07/13/27	Media		8.42	%	1M L+550		9,045		9,029		8,819
Dr. Squatch, LLC	08/31/27	Personal and Non-Durable Consumer Products		9.42	%	3M L+475		6,435		6,427		6,339
DRI Holding Inc.	12/21/28	Media		8.37	%	3M L+575		2,776		2,526		2,489
DRS Holdings III, Inc.	11/03/25	Consumer Products		8.87	%	3M L+600		15,142		15,063		14,658
Duraco Specialty Tapes LLC	06/30/24	Manufacturing / Basic Industries		8.62	%	3M L+575		8,139		8,008		7,944
ECL Entertainment, LLC	05/01/28	Hotels, Motels, Inns and Gaming		10.62	%	3M L+500		4,558		4,558		4,489
ECM Industries, LLC	12/23/25	Electronics		6.32	%	3M L+600		2,823		2,761		2,689
Exigo Intermediate II, LLC	03/15/27	Business Services		8.87	%	1M L+575		9,950		9,817		9,726
Fairbanks Morse Defense	06/17/28	Aerospace and Defense		7.63	%	6M L+475		800		754		740
Global Holdings InterCo LLC	03/16/26	Banking, Finance, Insurance & Real Estate		8.74	%	3M L+600		7,343		7,313		7,013
Graffiti Buyer, Inc.	08/10/27	Distribution		8.00	%	3M L+550		1,974		1,939		1,895
Hancock Roofing and Construction L.L.C.	12/31/26	Insurance		8.67	%	1M L+575		6,835		6,835		6,733
Holdco Sands Intermediate, LLC	11/23/28	Aerospace and Defense		10.17	%	1M L+800		19,915		19,535		19,516
HV Watterson Holdings, LLC	12/17/26	Business Services		9.67	%	3M L+600		15,255		15,045		14,721
HW Holdco, LLC	12/10/24	Media		6.00	%	3M L+700		14,438		14,303		14,257
Icon Partners III, LP	05/11/28	Auto Sector		6.87	%	3M L+475		2,333		2,001		1,705
IDC Infusion Services, Inc.	12/30/26	Healthcare, Education and Childcare		10.20	%	3M L+750		17,400		17,154		16,617
IG Investments Holdings, LLC	09/22/28	Business Services		9.45	%	1M L+575		4,473		4,388		4,428
Imagine Acquisitionco, LLC	11/15/27	Business Services		6.91	%	3M L+625		5,636		5,534		5,495
Inception Fertility Ventures, LLC	12/07/23	Healthcare, Education and Childcare		9.96	%	3M L+550		20,000		19,545		19,800
Infolinks Media Buyco, LLC	11/01/26	Media		9.42	%	1M L+550		6,428		6,428		6,428
Integrity Marketing Acquisition, LLC	08/27/25	Insurance		9.21	%	3M L+575		19,954		19,866		19,754
K2 Pure Solutions NoCal, L.P.	12/20/23	Chemicals, Plastics and Rubber		11.12	%	3M L+550		14,438		14,316		14,438
LAV Gear Holdings, Inc.	10/31/24	Leisure, Amusement, Motion Pictures, Entertainment		9.95	%	3M L+500		2,137		2,129		2,088
Lash OpCo, LLC	02/18/27	Consumer Products		11.17	%	1M L+650		19,925		19,708		19,526
Lightspeed Buyer Inc.	02/03/26	Healthcare, Education and Childcare		8.87	%	3M L+475		12,345		12,119		11,944
MAG DS Corp.	04/01/27	Aerospace and Defense		9.17	%	3M L+550		5,570		5,128		5,069
Magenta Buyer, LLC	07/31/28	Software		7.87	%	3M L+500		3,140		2,946		2,826
Mars Acquisition Holdings Corp.	05/14/26	Media		8.62	%	1M L+625		7,920		7,861		7,880
MBS Holdings, Inc.	04/16/27	Telecommunications		8.56	%	3M L+575		7,406		7,326		7,332
Meadowlark Acquirer, LLC	12/10/27	Business Services		9.17	%	3M L+575		2,983		2,926		2,953
Municipal Emergency Services, Inc.	09/28/27	Distribution		7.25	%	3M L+550		4,164		4,102		3,923
NBH Group LLC	08/19/26	Healthcare, Education and Childcare		7.80	%	3M L+575		7,505		7,426		7,505
OIS Management Services, LLC	07/09/26	Healthcare, Education and Childcare		9.45	%	3M L+600		5,257		5,210		5,257
Owl Acquisition, LLC	02/04/28	Education		8.41	%	3M L+550		3,990		3,874		3,890
Ox Two, LLC (New Issue)	05/18/26	Distribution		8.32	%	1M L+650		4,962		4,911		4,863
PL Acquisitionco, LLC	11/09/27	Retail		9.62	%	1M L+575		8,634		8,489		8,419
PlayPower, Inc.	05/08/26	Consumer Products		9.17	%	1M L+525		2,580		2,487		2,309
Quantic Electronics, LLC	11/19/26	Aerospace and Defense		9.92	%	1M L+600		3,403		3,342		3,335
Quantic Electronics, LLC - Unfunded Term Loan (3)	11/19/26	Aerospace and Defense						143		—		—
Radius Aerospace, Inc.	03/31/25	Aerospace and Defense		9.46	%	3M L+600		12,757		12,657		12,566
Rancho Health MSO, Inc.	12/18/25	Healthcare, Education and Childcare		7.75	%	1M L+450		5,180		5,180		5,180
Reception Purchaser, LLC	02/28/28	Transportation		9.13	%	SOFR+600		4,975		4,904		4,751
Recteq, LLC	01/29/26	Consumer Products		9.92	%	3M L+700		9,850		9,718		9,505
Research Now Group, LLC and Dynata, LLC	12/20/24	Business Services		8.84	%	1M L+550		14,542		14,440		13,070
Riverpoint Medical, LLC	06/20/25	Healthcare, Education and Childcare		7.74	%	3M L+525		3,192		3,172		3,112
Riverside Assessments, LLC	03/10/25	Education		9.95	%	1M L+575		9,949		9,872		9,750
Sales Benchmark Index LLC	01/03/25	Business Services		9.67	%	3M L+625		6,859		6,779		6,791
Sargent & Greenleaf Inc.	12/20/24	Electronics		7.15	%	3M L+550		5,082		5,082		5,031
Seaway Buyer, LLC	06/13/29	Chemicals, Plastics and Rubber		7.90	%	3M L+575		15,000		14,794		14,775
Signature Systems Holding Company	05/03/24	Chemicals, Plastics and Rubber		10.17	%	1M L+450		11,951		11,879		11,861
Solutionreach, Inc.	01/17/24	Communications		8.87	%	6M L+675		11,386		11,352		11,113
STV Group Incorporated	12/11/26	Transportation		8.37	%	3M L+575		12,099		12,031		11,978


Issuer Name	Maturity	Industry	Current Coupon			Basis Point Spread Above Index (1)	Par		Cost		Fair Value (2)
System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC)	8/16/2027	Aerospace and Defense		8.73	%	SOFR+600		16,128	$	15,785	$	15,870
Teneo Holdings LLC	7/18/2025	Financial Services		7.73	%	3M L+525		3,474		3,435		3,271
The Aegis Technologies Group, LLC	10/31/2025	Aerospace and Defense		9.67	%	3M L+600		11,208		11,102		11,096
The Bluebird Group LLC	7/27/2026	Business Services		10.67	%	3M L+650		5,502		5,549		5,557
The Vertex Companies, LLC	8/30/2027	Business Services		8.62	%	3M L+550		4,531		4,485		4,509
TPC Canada Parent, Inc. and TPC US Parent, LLC	11/24/2025	Food		7.78	%	3M L+525		5,536		5,392		5,370
TVC Enterprises, LLC	3/26/2026	Transportation		8.87	%	3M L+600		17,381		17,244		16,946
TWS Acquisition Corporation	6/16/2025	Education		8.76	%	3M L+625		7,949		7,917		7,910
Tyto Athene, LLC	4/3/2028	Aerospace and Defense		7.76	%	3M L+550		12,064		11,938		11,208
UBEO, LLC	4/3/2024	Printing and Publishing		8.17	%	3M L+450		4,674		4,657		4,604
Unique Indoor Comfort, LLC	5/24/2027	Home and Office Furnishings, Housewares		8.95	%	3M L+525		9,975		9,840		9,755
Wildcat Buyerco, Inc.	2/27/2026	Electronics		9.45	%	SOFR+575		11,506		11,420		11,110
Zips Car Wash, LLC	3/1/2024	Business Services		10.24	%	3M L+725		19,998		19,673		19,499

Total First Lien Secured Debt										738,219		730,108
Total Investments - 864.4%
Cash and Cash Equivalents - 48.5%
BlackRock Federal FD Institutional 30										40,945		40,945
Total Cash and Cash Equivalents										40,945		40,945
Total Investments and Cash Equivalents - 912.9%									$	779,164	$	771,053
Liabilities in Excess of Other Assets — (812.9)%												(686,591	)
Members' Equity—100.0%											$	84,462

(1)

(2)

Valued based on PSLF’s accounting policy.

(3)

Below is the consolidated statements of assets and liabilities for PSLF ($ in thousands):


	September 30, 2023		September 30, 2022
Assets
Investments at fair value (amortized cost—$810,737 and $738,219, respectively)	$	804,187	$	730,108
Cash and cash equivalents (cost—$59,096 and $40,945, respectively)		59,096		40,945
Interest receivable		5,248		2,970
Due from affiliate		3,296		2,021
Prepaid expenses and other assets		936		1,373
Receivable for investments sold		—		3,870
Total assets		872,763		781,287
Liabilities
2034 Asset-backed debt, net (par—$246,000)		244,284		243,896
2035 Asset-backed debt, net (par—$246,000)		243,727		—
Notes payable to members		169,131		145,472
Credit facility payable		88,600		257,600
Interest payable on credit facility and asset backed debt		10,421		4,676
Distribution payable to members		7,250		4,000
Interest payable on notes to members		3,895		2,703
Payable for investments purchased		2,002		37,658
Accounts payable and accrued expenses		835		820
Total liabilities		770,145		696,825
Commitments and contingencies
Members' equity		102,618		84,462
Total liabilities and members' equity	$	872,763	$	781,287

*For the years ended of September 30, 2023 and 2022, PSLF had $0.5 million and zero, respectively, of unfunded commitments to fund investments.

Below are the consolidated statements of operations for PSLF ($ in thousands):


	Year Ended September 30,
	2023			2022
Investment income:
Interest	$	88,280		$	37,905
Other income		1,410			246
Total investment income		89,690			38,151
Expenses:
Interest expense on credit facility and asset-backed debt		37,977			11,023
Interest expense on notes to members		20,858			11,692
Administration fees		2,282			1,171
General and administrative expenses		835			447
Total expenses		61,952			24,333
Net investment income		27,738			13,818
Realized and unrealized gain (loss) on investments:
Net realized gain (loss) on investments		(498	)		376
Net change in unrealized appreciation (depreciation) on investments		1,575			(8,334	)
Net realized and unrealized gain (loss) on investments		1,077			(7,958	)
Net increase (decrease) in members' equity resulting from operations	$	28,815		$	5,860

* No management or incentive fees are payable by PSLF

Cash and Cash Equivalents

12 Months Ended

Sep. 30, 2023

Cash and Cash Equivalents [Abstract]

Cash and Cash Equivalents

9. CASH AND CASH EQUIVALENTS

Cash equivalents represent cash in money market funds pending investment in longer-term portfolio holdings. Our portfolio may consist of temporary investments in U.S. Treasury Bills (of varying maturities), repurchase agreements, money market funds or repurchase agreement-like treasury securities. These temporary investments with original maturities of 90 days or less are deemed cash equivalents and are included in the Consolidated Schedule of Investments. At the end of each fiscal quarter, we may take proactive steps to preserve investment flexibility for the next quarter by investing in cash equivalents, which is dependent upon the composition of our total assets at quarter-end. We may accomplish this in several ways, including purchasing U.S. Treasury Bills and closing out positions on a net cash basis after quarter-end, temporarily drawing down on the Truist Credit Facility, or utilizing repurchase agreements or other balance sheet transactions as are deemed appropriate for this purpose. These amounts are excluded from average adjusted gross assets for purposes of computing the Investment Adviser’s management fee. U.S. Treasury Bills with maturities greater than 60 days from the time of purchase are valued consistent with our valuation policy. As of September 30, 2023 and 2022, cash and cash equivalents consisted of money market funds, and non-money market in the amounts of $38.8 million and $54.8 million at fair value, respectively.

Taxes and Distributions - Summary of Tax Characteristics of Distributions Declared (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Ordinary income (including short-term gains, if any)	$ 49,571	$ 36,590	$ 32,182
Distribution of net investment income	$ 49,571	$ 36,590	$ 32,182
Total distributions declared per share	$ 0.76	$ 0.56	$ 0.48	$ 0.6	$ 0.72

Investments - Consolidated Statements of Assets and Liabilities for PSLF (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022
Assets
Investments at fair value (amortized cost-$810,737 and $738,219, respectively)	$ 1,101,647	$ 1,226,301
Cash and cash equivalents (cost- $38,784 and $54,953, respectively)	38,775	54,775
Receivable for investments sold	0	29,494
Interest receivable	6,820	3,593
Due to affiliate	4,099	2,109
Prepaid expenses and other assets	4,656	4,036
Total assets	1,156,977	1,320,619
Liabilities
Credit facility payable	206,940	376,687
Distributions payable	13,697	9,784
Interest payable on notes to members	6,231	6,264
Total liabilities	654,790	735,054
Commitments and contingencies
Total liabilities and net assets	1,156,977	1,320,619
PSLF
Assets
Investments at fair value (amortized cost-$810,737 and $738,219, respectively)	804,187	730,108
Cash and cash equivalents (cost- $38,784 and $54,953, respectively)	59,096	40,945
Receivable for investments sold	0	3,870
Interest receivable	5,248	2,970
Due to affiliate	3,296	2,021
Prepaid expenses and other assets	936	1,373
Total assets	872,763	781,287
Liabilities
Credit facility payable	88,600	257,600
2034 Asset-backed debt, net (par-$246,000)	244,284	243,896
2035 Asset-backed debt, net (par-$246,000)	243,727	0
Notes payable to members	169,131	145,472
Payable for investments purchased	2,002	37,658
Interest payable on credit facility and asset backed debt	10,421	4,676
Distribution payable to Members	7,250	4,000
Interest payable on notes to members	3,895	2,703
Accrued expenses	835	820
Total liabilities	770,145	696,825
Commitments and contingencies
Members' equity	102,618	84,462
Total liabilities and net assets	$ 872,763	$ 781,287

Insider Trading Arrangements	12 Months Ended
Insider Trading Arrangements	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Investments - Additional Information (Details)		12 Months Ended
Investments - Additional Information (Details)	Jul. 26, 2023 USD ($)	Sep. 30, 2023 USD ($) Portfolio	Sep. 30, 2022 USD ($) Portfolio	Sep. 30, 2021 USD ($)	Mar. 31, 2022 USD ($)	Feb. 09, 2022 USD ($)
Schedule Of Investments [Line Items]
Purchases of investments, including PIK interest		$ 379,600,000	$ 943,000,000	$ 456,500,000
Sales and repayments of investments		418,600,000	911,600,000	$ 434,500,000
Total assets		$ 1,156,977,000	$ 1,320,619,000
Percentage of capital ownership in each of outstanding subordinated notes and equity interests		60.50%	39.50%
Credit facility payable		$ 206,940,000	$ 376,687,000
Subordinated Notes
Schedule Of Investments [Line Items]
Investments		102,300,000	88,000,000
Equity Interests in PSLF
Schedule Of Investments [Line Items]
Remaining commitments to fund		14,500,000	29,900,000
Investments		58,600,000	49,400,000
PSLF
Schedule Of Investments [Line Items]
Total assets		$ 872,763,000	$ 781,287,000
Number of portfolio companies consisted of debt investments \| Portfolio		90	80
Remaining commitments to fund		$ 22,400,000	$ 46,100,000
Fair value of largest investment in a single portfolio company		19,700,000	19,900,000
Fair value of investment in five largest portfolio company		97,500,000	98,500,000
Credit facility payable		88,600,000	257,600,000
Debt securitization		244,284,000	$ 243,896,000
Asset backed debt		246,000,000
PSLF \| PSLF Subsidiary
Schedule Of Investments [Line Items]
Asset backed debt					$ 304,000,000
Asset backed debt, transfer of assets, description			On the closing date of the transaction, in consideration of PSLF’s transfer to PennantPark CLO IV, LLC. of the initial closing date loan portfolio, which included loans distributed to PSLF by certain of its wholly owned subsidiaries and us, PennantPark CLO IV, LLC. transferred to PSLF 100% of the Preferred Shares of PennantPark CLO IV, LLC. and 100% of the Subordinated Notes issued by PennantPark CLO IV, LLC.
PSLF \| PSLF Subsidiary \| Senior Secured Revolving Credit Facility
Schedule Of Investments [Line Items]
Credit facility payable		$ 325,000,000				$ 225,000,000
Credit facility interest rate description		interest at SOFR (or an alternative risk-free interest rate index) plus 260 basis points during the investment period, subject to leverage and borrowing base restrictions.
Interest rate at basis points		260.00%
CLO VII
Schedule Of Investments [Line Items]
Weighted average interest rate		8.60%
Debt un-amortized financing costs		$ 2,300,000
Asset backed debt		$ 246,000,000
CLO VII \| PSLF Subsidiary
Schedule Of Investments [Line Items]
Asset backed debt	$ 300,000,000
Class A-1a [Member] \| Private Placement [Member] \| CLO VII
Schedule Of Investments [Line Items]
Debt securitization	$ 151,000,000
Class A1b [Member] \| Private Placement [Member] \| CLO VII
Schedule Of Investments [Line Items]
Interest rate at basis points	6.50%
Debt securitization	$ 20,000,000
Class A-2 [Member] \| Private Placement [Member] \| CLO VII
Schedule Of Investments [Line Items]
Debt securitization	12,000,000
Class B [Member] \| Private Placement [Member] \| CLO VII
Schedule Of Investments [Line Items]
Debt securitization	21,000,000
Class C [Member] \| Private Placement [Member] \| CLO VII
Schedule Of Investments [Line Items]
Debt securitization	24,000,000
Class D [Member] \| Private Placement [Member] \| CLO VII
Schedule Of Investments [Line Items]
Debt securitization	$ 18,000,000
SOFR \| Class A-1a [Member] \| Private Placement [Member] \| CLO VII
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	2.70%
SOFR \| Class A-2 [Member] \| Private Placement [Member] \| CLO VII
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	3.20%
SOFR \| Class B [Member] \| Private Placement [Member] \| CLO VII
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	4.10%
SOFR \| Class C [Member] \| Private Placement [Member] \| CLO VII
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	4.70%
SOFR \| Class D [Member] \| Private Placement [Member] \| CLO VII
Schedule Of Investments [Line Items]
Debt securitization	$ 7,000

Transactions with Affiliated Companies - Summary of Transactions with Affiliated Companies (Details) - USD ($)
$ in Thousands

12 Months Ended

Sep. 30, 2023

Sep. 30, 2022

Sep. 30, 2021

Investments In And Advances To Affiliates [Line Items]

Investments at fair value

$ 1,101,647

$ 1,226,301

Net Realized Gains (Losses)

(151,516)

43,861

$ 30,021

Controlled Affiliates

Investments In And Advances To Affiliates [Line Items]

Investments at fair value

216,068

259,386

Gross Additions

^[1]

26,191

Gross Reductions

(162,708)

Net Change in Appreciation / (Depreciation)

93,199

Interest Income

15,425

Payment-in-kind

2,596

Dividend Income

15,730

9,075

$ 6,361

Net Realized Gains (Losses)

(133,098)

Controlled Affiliates | AKW Holdings Limited

Investments In And Advances To Affiliates [Line Items]

Investments at fair value

51,660

45,995

Gross Additions

^[1]

2,596

Net Change in Appreciation / (Depreciation)

3,069

Interest Income

2,806

Payment-in-kind

2,596

Controlled Affiliates | PennantPark Senior Loan Fund, LLC

Investments In And Advances To Affiliates [Line Items]

Investments at fair value

^[2]

164,408

139,109

Gross Additions

^[1],[2]

23,595

Net Change in Appreciation / (Depreciation)

^[2]

1,704

Interest Income

^[2]

12,619

Dividend Income

^[2]

15,730

Controlled Affiliates | RAM Energy LLC

Investments In And Advances To Affiliates [Line Items]

Investments at fair value

74,282

Gross Reductions

(162,708)

Net Change in Appreciation / (Depreciation)

88,426

Net Realized Gains (Losses)

(133,098)

Non-Controlled Affiliates

Investments In And Advances To Affiliates [Line Items]

Investments at fair value

54,771

34,760

Gross Additions

^[1]

18,176

Net Change in Appreciation / (Depreciation)

1,835

Interest Income

Payment-in-kind

625

Non-Controlled Affiliates | Walker Edison Furniture Company LLC

Investments In And Advances To Affiliates [Line Items]

Investments at fair value

^[3]

13,907

Gross Additions

^[1],[3]

17,162

Net Change in Appreciation / (Depreciation)

^[3]

(3,255)

Interest Income

^[3]

Payment-in-kind

^[3]

625

Non-Controlled Affiliates | Cascade Environmental Holdings, LLC

Investments In And Advances To Affiliates [Line Items]

Investments at fair value

32,105

32,791

Gross Additions

^[1]

918

Net Change in Appreciation / (Depreciation)

(1,604)

Non-Controlled Affiliates | JF Intermediate, LLC

Investments In And Advances To Affiliates [Line Items]

Investments at fair value

8,759

1,969

Gross Additions

^[1]

Net Change in Appreciation / (Depreciation)

6,694

Controlled and Non-Controlled Affiliates

Investments In And Advances To Affiliates [Line Items]

Investments at fair value

270,839

$ 294,146

Gross Additions

^[1]

44,367

Gross Reductions

(162,708)

Net Change in Appreciation / (Depreciation)

95,034

Interest Income

15,498

Payment-in-kind

3,221

Dividend Income

15,730

Net Realized Gains (Losses)

$ (133,098)

[1]	Includes PIK
[2]	We and Pantheon are the members of PSLF, a joint venture formed as a Delaware limited liability company that is not consolidated by us for financial reporting purposes. The members of PSLF make investments in the PSLF in the form of subordinated debt and equity interests, and all portfolio and other material decision regarding PSLF must be submitted to PSFL’s board of directors or investment committee, both of which are comprised of two members appointed by each of us and Pantheon. Because management of PSLF is shared equally between us and Pantheon, we do not believe we control PSLF for purposes of the 1940 Act or otherwise.
[3]	Walker Edison Furniture Company LLC became a non-controlled affiliate during the quarter ended March 31, 2023

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Sep. 30, 2023	Dec. 07, 2023	Mar. 31, 2023
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Sep. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Registrant Name	PENNANTPARK INVESTMENT CORPORATION
Entity Central Index Key	0001383414
Current Fiscal Year End Date	--09-30
Document Annual Report	true
Document Transition Report	false
Entity File Number	814-00736
Entity Tax Identification Number	20-8250744
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
ICFR Auditor Attestation Flag	true
Entity Incorporation, State or Country Code	MD
Entity Address, Address Line One	1691 Michigan Avenue
Entity Address, City or Town	Miami Beach
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33319
City Area Code	786
Local Phone Number	297-9500
Title of 12(b) Security	Common Stock, par value $0.001 per share
Document Financial Statement Error Correction [Flag]	true
Document Financial Statement Restatement Recovery Analysis [Flag]	true
Trading Symbol	PNNT
Security Exchange Name	NYSE
Entity Public Float			$ 332.2
Entity Common Stock, Shares Outstanding		65,224,500
Auditor Name	RSM US LLP
Auditor Firm ID	49
Auditor Location	New York, New York
Documents Incorporated by Reference	Documents Incorporated by Reference: Portions of the Registrant’s Proxy Statement relating to the Registrant’s 2024 Annual Meeting of Stockholders to be filed not later than 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K are incorporated by reference into Part III of this Report.

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Other Commitments [Line Items]
Commitments to fund investments	$ 160.8	$ 169.2
PSLF
Other Commitments [Line Items]
Unfunded Commitments	$ 22.4	$ 45.9

Transactions with Affiliated Companies (Tables)

12 Months Ended

Sep. 30, 2023

Investments in and Advances to Affiliates [Abstract]

Summary of Transactions with Affiliated Companies

Transactions related to our funded investments with both controlled and non-controlled affiliates for the year ended September 30, 2023 were as follows ($ in thousands):


Name of Investment	Fair Value at September 30, 2022		Gross Additions(1)		Gross Reductions			Net Change in Appreciation / (Depreciation)			Fair Value at September 30, 2023		Interest Income		PIK Income		Dividend Income		Net Realized Gains (Losses)
Controlled Affiliates
AKW Holdings Limited	$	45,995	$	2,596	$	—		$	3,069		$	51,660	$	2,806	$	2,596	$	—	$	—
Mailsouth Inc.		—		—		—			—			—		—		—		—		—
PennantPark Senior Loan Fund, LLC (3)		139,109		23,595		—			1,704			164,408		12,619		—		15,730		—
RAM Energy LLC		74,282		—		(162,708	)		88,426			—		—		—		—		(133,098	)
Total Controlled Affiliates	$	259,386	$	26,191	$	(162,708	)	$	93,199		$	216,068	$	15,425	$	2,596	$	15,730	$	(133,098	)
Non-Controlled Affiliates
Cascade Environmental Holdings, LLC	$	32,791	$	918	$	—		$	(1,604	)	$	32,105	$	—	$	—	$	—	$	—
JF Intermediate, LLC		1,969		96		—			6,694			8,759		—		—		—		—
Walker Edison Furniture Company LLC (2)		—		17,162		—			(3,255	)		13,907		73		625		—		—
Total Non-Controlled Affiliates	$	34,760	$	18,176	$	-		$	1,835		$	54,771	$	73	$	625	$	—	$	—
Total Controlled and Non-Controlled Affiliates	$	294,146	$	44,367	$	(162,708	)	$	95,034		$	270,839	$	15,498	$	3,221	$	15,730	$	(133,098	)

(1)

Includes PIK.

(2)

Walker Edison Furniture Company LLC became a non-controlled affiliate during the quarter ended March 31, 2023

(3)

Investments - Schedule of Investments and Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Cash and cash equivalents	$ 38,775	$ 54,775
Cost
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Total investments	1,117,927	1,302,029
Cash and cash equivalents	38,784	54,953
Total investments and cash and cash equivalents	1,156,711	1,356,982
Fair Value
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Total investments	1,101,647	1,226,301
Cash and cash equivalents	38,775	54,775
Total investments and cash and cash equivalents	1,140,422	1,281,076
First Lien \| Cost
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Total investments	538,737	652,055
First Lien \| Fair Value
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Total investments	527,657	630,965
U.S. Government Securities \| Cost
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Total investments	99,768	0
U.S. Government Securities \| Fair Value
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Total investments	99,751	0
Second Lien \| Cost
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Total investments	96,759	145,542
Second Lien \| Fair Value
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Total investments	80,396	129,936
Subordinated Debt / Corporate Notes \| Cost
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Total investments	54,897	53,468
Subordinated Debt / Corporate Notes \| Fair Value
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Total investments	53,897	53,255
Subordinated Notes in PSLF \| Cost
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Total investments	102,325	88,011
Subordinated Notes in PSLF \| Fair Value
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Total investments	102,325	88,011
Equity \| Cost
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Total investments	166,798	313,591
Equity \| Fair Value
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Total investments	175,538	273,036
Equity in PSLF \| Cost
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Total investments	58,643	49,362
Equity in PSLF \| Fair Value
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Total investments	$ 62,083	$ 51,098

Taxes and Distributions

12 Months Ended

Sep. 30, 2023

Income Tax Disclosure [Abstract]

Taxes and Distributions

8. TAXES AND DISTRIBUTIONS

Distributions from net investment income and net realized capital gains are determined in accordance with U.S. federal tax regulations, which may materially differ from amounts determined in accordance with GAAP. These book-to-tax differences are either temporary or permanent in nature. To the extent these differences are permanent, they are reclassified to undistributed net investment income, accumulated net realized gain or paid-in-capital, as appropriate. Distributions from net realized capital gains, if any, are normally declared and paid annually, but the Company may make distributions on a more frequent basis to comply with the distribution requirements for RICs under the Code.

As of September 30, 2023 and 2022, the cost of investments for federal income tax purposes approximates the amortized cost reported in the Consolidated Schedule of Investments.

The following amounts were reclassified for tax purposes ($ in thousands):


	Years Ended September 30,
	2023			2022			2021
Decrease in paid-in capital	$	(1,703	)	$	(25,577	)	$	(632	)
Increase (Decrease) in accumulated net realized gain		(1,494	)		18,347			(1,773	)
Increase in undistributed net investment income		3,197			7,230			2,406

The following reconciles net (decrease) increase in net assets resulting from operations to taxable income ($ in thousands):


	Years Ended September 30,
	2023			2022			2021
Net increase (decrease) in net assets resulting from operations	$	(33,807	)	$	(24,740	)	$	166,617
Net realized (gain) loss on investments		156,757			(34,756	)		(30,021	)
Net change in unrealized (appreciation) depreciation on investments and debt		(57,417	)		103,439			(100,120	)
Other book-to-tax differences		(6,006	)		9,490			(5,333	)
Other non-deductible expenses		5,766			3,691			2,647
Taxable income before dividends paid deduction	$	65,293		$	57,124		$	33,790

The components of undistributed taxable income on a tax basis and reconciliation to accumulated deficit on a book basis are as follows:


	Years Ended September 30,
	2023			2022			2021
Undistributed net investment income – tax basis	$	62,710		$	46,283		$	23,560
Short-term realized loss carried forward		(1,699	)		(2,065	)		(1,578	)
Long-term realized loss carried forward		(379,074	)	$	(103,119	)	$	(165,037	)
Distributions payable and other book to tax differences		83,860			(37,103	)		(15,368	)
Net unrealized appreciation (depreciation) on investments and debt		(10,141	)		(66,665	)		31,507
Total accumulated deficit – book basis	$	(244,344	)	$	(162,669	)	$	(126,916	)

The tax characteristics of distributions declared are as follows:


	Years Ended September 30,
	2023		2022		2021
Ordinary income (including short-term gains, if any)	$	49,571	$	36,590	$	32,182
Long-term capital gain		—		—		—
Total distributions	$	49,571	$	36,590	$	32,182
Total distributions declared per share	$	0.76	$	0.56	$	0.48

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

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+ Details

Stock Repurchase Program - Additional Information (Details) - USD ($)	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021	Feb. 09, 2022
Equity Class Of Treasury Stock [Line Items]
Aggregate transaction cost for repurchase of common stock in open market transactions	$ 0	$ 13,249,000	$ 0
Common Stock
Equity Class Of Treasury Stock [Line Items]
Stock repurchase program, repurchase of common stock, shares	0	1,820,605
Aggregate transaction cost for repurchase of common stock in open market transactions		$ 13,200,000
Stock repurchase program expiration date	Mar. 31, 2023
Common Stock \| Maximum
Equity Class Of Treasury Stock [Line Items]
Stock repurchase program, repurchase of common stock				$ 25,000,000

Commitments and Contingencies

12 Months Ended

Sep. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

12. COMMITMENTS AND CONTINGENCIES

From time to time, we, the Investment Adviser or the Administrator may be a party to legal proceedings, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. While the outcome of these legal proceedings cannot be predicted with certainty, we do not expect that these proceedings will have a material effect upon our financial condition or results of operations.

Unfunded debt and equity investments, if any, are disclosed in the Consolidated Schedules of Investments. Under these arrangements, we may be required to supply a letter of credit to a third party if the portfolio company were to request a letter of credit. As of September 30, 2023 and 2022, we had $160.8 million and $169.2 million, respectively, in commitments to fund investments. Additionally, the Company had unfunded commitments of up to $22.4 million and $45.9 million to PSLF as of September 30, 2023 and 2022, respectively, that may be contributed primarily for the purpose of funding new investments approved by PSLF board of directors or investment committee.

Investments - Summary of PSLF's Portfolio at Fair Value (Details) $ in Thousands	12 Months Ended
	Sep. 30, 2023 USD ($) Portfolio	Sep. 30, 2022 USD ($) Portfolio
Schedule Of Investments [Line Items]
Investments at fair value (amortized cost-$810,737 and $738,219, respectively)	$ 1,101,647	$ 1,226,301
PSLF
Schedule Of Investments [Line Items]
Investments at fair value (amortized cost-$810,737 and $738,219, respectively)	$ 804,187	$ 730,108
Weighted average yield on debt investments	12.10%	9.40%
Number of portfolio companies in PSLF \| Portfolio	90	80
Largest portfolio company investment	$ 19,737	$ 19,906
Total of five largest portfolio company investments	$ 97,526	$ 98,502

- Definition

Fair value of investment in security owned.

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+ Details

Fair Value of Financial Instruments - Reconciliation of Liabilities Measured at Fair Value Using Significant Unobservable Inputs Level 3 (Details) - Level 3 - Long-Term Credit Facility - USD ($)
$ in Thousands

12 Months Ended

Sep. 30, 2023

Sep. 30, 2022

Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]

Beginning Balance

$ 376,687

$ 314,813

Net change in unrealized (depreciation) appreciation included in earnings

(3,753)

(7,501)

Borrowings

^[1]

152,500

860,841

Repayments

^[1]

326,000

(791,466)

Ending Balance

$ 206,940

$ 376,687

[1]	Excludes temporary draws.

Financial Highlights - Summary of Financial Highlights (Details) - USD ($)
$ / shares in Units, $ in Thousands

12 Months Ended

Sep. 30, 2023

Sep. 30, 2022

Sep. 30, 2021

Sep. 30, 2020

Sep. 30, 2019

Investment Company, Financial Highlights [Abstract]

Net Asset Value Per Share, Beginning Balance

$ 8.98

^[1]

$ 9.85

$ 7.84

$ 8.68

$ 9.11

Net investment income

^[2]

0.66

0.54

0.58

0.66

Net realized and unrealized (loss) gain

^[2]

(1.52)

(1.03)

1.94

(0.82)

(0.42)

Net (decrease) increase in net assets resulting from operations

^[2]

(0.52)

(0.37)

2.48

(0.24)

0.24

Distribution of net investment income

^[2],[3]

(0.76)

(0.56)

(0.48)

(0.6)

(0.72)

Distribution of realized gains

^[2],[3]

Total distributions to stockholders

(0.76)

(0.56)

(0.48)

(0.6)

(0.72)

Repurchase of common stock

^[2]

0.06

0.05

Net Asset Value Per Share, Ending Balance

7.7

^[1]

8.98

^[1]

9.85

7.84

8.68

Per share market value, end of year

$ 6.58

$ 5.46

$ 6.49

$ 3.19

$ 6.27

Total return

^[4]

13.64%

(8.42%)

120.98%

(39.62%)

(6.28%)

Common stock, shares, outstanding

65,224,500

67,045,105

Ratios / Supplemental Data:

Ratio of operating expenses to average net assets

^[5],[6]

7.75%

4.17%

3.74%

4.91%

4.83%

Ratio of interest and expenses on debt to average net assets

^[7]

7.55%

5.19%

3.73%

6.22%

6.29%

Ratio of total expenses to average net assets

^[6],[7]

15.30%

9.36%

7.47%

11.13%

11.12%

Ratio of net investment income to average net assets

^[7]

12.56%

6.74%

6.04%

7.01%

7.35%

Net Assets at end of year

$ 502,187

$ 585,565

$ 660,144

$ 525,709

$ 581,906

Weighted average debt outstanding

^[8]

$ 656,776

$ 695,267

$ 649,666

$ 794,641

$ 638,424

Weighted average debt per share

^[2],[8]

$ 10.07

$ 10.49

$ 9.69

$ 11.85

$ 9.43

Asset coverage per unit

^[9]

$ 1,952

$ 1,855

$ 2,208

$ 2,078

$ 2,066

Average market value per unit

^[10],[11]

$ 0

$ 25.13

$ 23.47

$ 24.87

Portfolio turnover ratio

32.58%

70.41%

37.74%

12.74%

35.44%

[1]	NAV per share is determined as of the last day in the relevant quarter and therefore may not reflect the NAV per share on the date of the high and low sales prices. The NAVs shown are based on outstanding shares at the end of each period.
[2]	Based on the weighted average shares outstanding for the respective periods.
[3]	The tax status of distributions is calculated in accordance with income tax regulations, which may differ from amounts determined under GAAP, and reported on Form 1099-DIV each calendar year
[4]	Based on the change in market price per share during the period and assumes distributions, if any, are reinvested.
[5]	Excludes debt related costs.
[6]	For the years ended September 30, 2020, and 2019, the ratio of operating expenses to average net assets before the waiver of certain Management Fees to average net assets was 4.65%, and 5.26%, respectively, and the ratio of total expenses to average net assets before the waiver of certain Management Fees to average net assets was 9.12%, and 11.48%, respectively.
[7]	Includes interest and expenses on debt (annualized) as well as Truist Credit Facility amendment and debt issuance costs, if any (not annualized).
[8]	Includes SBA debentures outstanding.
[9]	The asset coverage ratio for a class of senior securities representing indebtedness is calculated as our consolidated total assets, less all liabilities and indebtedness not represented by senior securities, divided by the senior securities representing indebtedness at par (changed from fair value). This asset coverage ratio is multiplied by $1,000 to determine the asset coverage per unit. These amounts exclude SBA debentures from our asset coverage per unit computation pursuant to exemptive relief received from the SEC in June 2011.
[10]	The average market value per unit is derived based on the daily closing price of the 2024 Notes trading on The Nasdaq Global Select Market under the symbol “PNNTG,” which were issued in increments of $25 per unit and commenced trading on September 30, 2019. The 2024 Notes were redeemed in full on November 13, 2021 and no amounts were outstanding as of September 30, 2023, or 2022.
[11]	The average market value per unit is derived based on the monthly average closing price of the 2025 Notes trading on NYSE under the symbol “PNTA,” which were issued in increments of $25 per unit. On June 29, 2017, the 2025 Notes were redeemed in full and no amounts were outstanding as of September 30, 2020, or 2019.

Consolidated Statements of Operations - USD ($)
$ in Thousands

12 Months Ended

Sep. 30, 2023

Sep. 30, 2022

Sep. 30, 2021

Investment income:

Total investment income

$ 145,366

$ 104,966

$ 81,588

Expenses:

Base management fee (See Note 3)

16,549

19,827

17,335

Incentive fee (See Note 3)

13,901

2,657

575

Interest and expenses on debt (See Note 11)

39,408

28,760

22,507

Administrative services expenses (See Note 3)

1,843

1,000

1,771

General and administrative expenses

3,837

2,892

2,324

Expenses before provision for taxes and financing costs

75,538

55,136

44,512

Provision for taxes on net investment income

4,295

800

600

Credit facility amendment and debt issuance costs (See Notes 5 and 11)

5,087

Net expenses

79,833

61,023

45,112

Net investment income

65,533

43,943

36,476

Net realized gain (loss) on investments and debt:

Debt extinguishment

(289)

(2,922)

Provision for taxes on realized gain on investments

(4,952)

(6,183)

Net realized gain on investments

(156,757)

34,756

30,021

Net change in unrealized appreciation (depreciation) on:

Provision for taxes on unrealized appreciation (depreciation) on investments

1,576

(896)

Debt appreciation (depreciation) (See Notes 5 and 11)

(3,753)

7,501

(17,818)

Net change in unrealized appreciation (depreciation) on investments and debt

57,417

(103,439)

100,120

Net realized and unrealized gain (loss) from investments and debt

(99,340)

(68,683)

130,141

Net increase (decrease) in net assets resulting from operations

$ (33,807)

$ (24,740)

$ 166,617

Net increase (decrease) in net assets resulting from operations per common share (See Note 7)

$ (0.52)

$ (0.37)

$ 2.49

Net investment income per common share

^[1]

$ 1

$ 0.66

$ 0.54

Non-controlled, Non-affiliated Investments

Investment income:

Interest

$ 93,420

$ 66,995

$ 46,018

Payment-in-kind

1,236

4,505

8,567

Other income

2,316

8,461

4,137

Dividend income

13,945

Net realized gain (loss) on investments and debt:

Net realized gain (loss) on investments and debt

(18,418)

(31,382)

49,729

Net change in unrealized appreciation (depreciation) on:

Net change in unrealized appreciation (depreciation) on investments and debts

(35,440)

(182,863)

50,130

Non-controlled, Affiliated Investments

Investment income:

Interest

1,361

457

Payment-in-kind

625

Net realized gain (loss) on investments and debt:

Net realized gain (loss) on investments and debt

(133,098)

75,243

(19,708)

Net change in unrealized appreciation (depreciation) on:

Net change in unrealized appreciation (depreciation) on investments and debts

95,034

72,819

67,808

Controlled, Affiliated Investments

Investment income:

Interest

15,425

10,586

9,825

Payment-in-kind

2,596

3,983

6,223

Dividend income

$ 15,730

$ 9,075

$ 6,361

[1]	Based on the weighted average shares outstanding for the respective periods.

Debt - Schedule of Fixed Rate SBA Debentures (Details) - SBA Debentures - USD ($)
$ in Thousands

12 Months Ended

Sep. 30, 2023

Sep. 30, 2022

Debt Instrument [Line Items]

Principal Balance

$ 0

$ 20,000

Issued Dates, September 20, 2017

Debt Instrument [Line Items]

Issuance Dates

Sep. 20, 2017

Maturity

Sep. 01, 2027

Fixed All-in Coupon Rate

^[1]

2.90%

Principal Balance

$ 20,000,000

[1]	Excluding 3.4% of upfront fees.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details