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Form NPORT-P Blackstone Senior Floati For: Mar 31

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StreetInsider.com Top Tickers, 4/25/2024

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2. CMG
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6. BA
7. HCP
8. SNAP
9. TMUS
10. MSFT


May 27, 2022 5:20 PM EDT 

  
    NPORT-P
    false
    
      
      
        
          0001486298
          XXXXXXXX
        
      
      
      
      
    
  
  
    
      BLACKSTONE SENIOR FLOATING RATE TERM FUND
      811-22393
      0001486298
      549300PXYPBYRHU59R03
      345 PARK AVENUE 31st FLOOR
      NEW YORK
      
      10154
      8778761121
      Blackstone Senior Floating Rate Term Fund
      549300PXYPBYRHU59R03
      2022-12-31
      2022-03-31
      N
    
    
      340537400.75
      125773146.35
      214764254.40
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      99500000.00000000
      0.00000000
      0.00000000
      0.00000000
      912889.53000000
      0.00000000
      0.00000000
      310029.42000000
      
        
          USD
          
          
        
      
      
      
      N
      
        
          
        
        
          
            
            
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
    
    
      
        New Residential Inv Corp
        549300WNTHGEO5LP2G31
        New Residential Investment Corp.
        64828TAA0
        
          
        
        110000.00000000
        PA
        USD
        105765.55000000
        0.049247278275
        Long
        DBT
        CORP
        US
        Y
        2
        
          2025-10-15
          Fixed
          6.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Deerfield Dakota Holding LLC
        549300FDREJLOIGXY104
        Deerfield Dakota Holding LLC
        24440EAG2
        
          
        
        304000.00000000
        PA
        USD
        304760.00000000
        0.141904434167
        Long
        LON
        CORP
        US
        N
        2
        
          2028-04-07
          Floating
          7.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        AG Group Holdings
        N/A
        AG Group Holdings, Inc. TL 1L
        N/A
        
          
        
        560583.94000000
        PA
        USD
        558834.92000000
        0.260208534963
        Long
        LON
        CORP
        US
        N
        2
        
          2028-12-29
          Floating
          4.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Precisely Software Incorporated.
        N/A
        Vision Solutions, Inc.
        70477BAE2
        
          
        
        2816661.66000000
        PA
        USD
        2792015.87000000
        1.300037512201
        Long
        LON
        CORP
        US
        N
        2
        
          2028-04-24
          Floating
          4.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        522 Funding Clo Ltd
        5493001LTHURD55KD110
        522 Funding CLO 2021-7, Ltd.
        33834UAA4
        
          
        
        500000.00000000
        PA
        USD
        471280.25000000
        0.219440731101
        Long
        ABS-CBDO
        CORP
        KY
        
        Y
        3
        
          2034-04-23
          Floating
          6.47886000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FCG Acquisitions, Inc.
        254900BHD5AK9H7EKF91
        FCG Acquisitions, Inc.
        30260UAC9
        
          
        
        587380.86000000
        PA
        USD
        578813.91000000
        0.269511288839
        Long
        LON
        CORP
        US
        N
        2
        
          2028-04-01
          Floating
          4.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Hyperion Materials & Technologies, Inc.
        N/A
        Hyperion Materials & Technologies, Inc.
        N/A
        
          
        
        753945.17000000
        PA
        USD
        749470.51000000
        0.348973581331
        Long
        LON
        CORP
        US
        N
        2
        
          2028-08-30
          Floating
          5.00786000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Rad Clo Ltd
        N/A
        Rad CLO 5, Ltd.
        48661MAA8
        
          
        
        500000.00000000
        PA
        USD
        492627.25000000
        0.229380467143
        Long
        ABS-CBDO
        CORP
        KY
        Y
        3
        
          2032-07-24
          Floating
          6.95886000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Sound Point Clo Ltd
        N/A
        Sound Point CLO XXXII, Ltd.
        83616FAA6
        
          
        
        1000000.00000000
        PA
        USD
        967646.20000000
        0.450562037292
        Long
        ABS-CBDO
        CORP
        KY
        Y
        3
        
          2034-10-25
          Floating
          6.81767000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TK Elevator Midco GmbH
        549300C2AFWPAYWS5574
        TK Elevator Midco GmbH
        D9000BAD4
        
          
        
        1630990.78000000
        PA
        USD
        1618766.50000000
        0.753741121641
        Long
        LON
        CORP
        US
        N
        2
        
          2027-07-30
          Floating
          4.01871000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Imperva, Inc.
        549300204GJIBLPF1S81
        Imperva, Inc.
        45321NAD8
        
          
          
        
        1568734.15000000
        PA
        USD
        1552458.53000000
        0.722866351449
        Long
        LON
        CORP
        US
        N
        2
        
          2026-01-12
          Floating
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Champ Acquisition Corp.
        N/A
        Champ Acquisition Corp.
        15807EAC6
        
          
          
        
        1457411.57000000
        PA
        USD
        1449760.16000000
        0.675047234489
        Long
        LON
        CORP
        US
        N
        2
        
          2025-12-19
          Floating
          6.23578000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        St. George's University Scholastic Services LLC
        N/A
        St. George's University Scholastic Services LLC
        N/A
        
          
        
        958470.81000000
        PA
        USD
        948167.25000000
        0.441492115458
        Long
        LON
        CORP
        US
        N
        2
        
          2029-02-10
          Floating
          3.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Yum! Brands Inc
        549300JE8XHZZ7OHN517
        Yum! Brands, Inc.
        988498AN1
        
          
        
        50000.00000000
        PA
        USD
        45671.88000000
        0.021266052922
        Long
        DBT
        CORP
        US
        N
        2
        
          2031-03-15
          Fixed
          3.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Inmar, Inc.
        549300N1ML5MXXFIDZ25
        Inmar, Inc.
        45763FAR9
        
          
          
        
        1002930.61000000
        PA
        USD
        997915.96000000
        0.464656449830
        Long
        LON
        CORP
        US
        N
        3
        
          2025-05-01
          Floating
          9.00600000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Vaco Holdings LLC
        N/A
        Vaco Holdings, LLC TL 1L
        N/A
        
          
        
        342857.14000000
        PA
        USD
        341357.14000000
        0.158945044627
        Long
        LON
        CORP
        US
        N
        2
        
          2029-01-21
          Floating
          5.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        KUEHG Corp
        549300YNT566T1NYJX62
        KUEHG Corp
        50118YAB5
        
          
          
        
        1444156.45620000
        PA
        USD
        1442957.81000000
        0.671879877790
        Long
        LON
        CORP
        US
        N
        2
        
          2025-08-22
          Floating
          9.25600000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Project Alpha Intermediate Holding, Inc.
        N/A
        Project Alpha Intermediate Holding, Inc.
        74339DAE8
        
          
        
        2458966.82000000
        PA
        USD
        2447188.37000000
        1.139476574831
        Long
        LON
        CORP
        US
        N
        2
        
          2024-04-26
          Floating
          4.30000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Project Leopard Holdings, Inc.
        N/A
        Project Leopard Holdings, Inc.
        74338UAD3
        
          
          
        
        314489.21000000
        PA
        USD
        313015.83000000
        0.145748570158
        Long
        LON
        CORP
        US
        N
        2
        
          2024-07-05
          Floating
          5.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TRC Companies Inc
        N/A
        TRC Companies
        N/A
        
          
        
        713846.15000000
        PA
        USD
        708492.30000000
        0.329893027114
        Long
        LON
        CORP
        US
        N
        3
        
          2029-12-07
          Floating
          7.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Sovos Compliance LLC
        N/A
        Sovos Compliance LLC
        N/A
        
          
        
        399875.24000000
        PA
        USD
        399877.24000000
        0.186193573561
        Long
        LON
        CORP
        US
        N
        2
        
          2028-08-11
          Floating
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Project Ruby Ultimate Parent Corp.
        549300UGGIEE7YT1C741
        Project Ruby Ultimate Parent Corp.
        74339UAS9
        
          
        
        745370.82000000
        PA
        USD
        739035.17000000
        0.344114606997
        Long
        LON
        CORP
        US
        N
        2
        
          2028-03-10
          Floating
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        American Airlines, Inc.
        IWUQB36BXD6OWD6X4T14
        American Airlines, Inc.
        02376CBB0
        
          
          
        
        790896.95000000
        PA
        USD
        746658.13000000
        0.347664061734
        Long
        LON
        CORP
        US
        N
        2
        
          2025-06-27
          Floating
          2.19714000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        LSCS Holdings, Inc
        N/A
        LSCS Holdings/Eversana
        N/A
        
          
        
        503937.01000000
        PA
        USD
        499530.08000000
        0.232594610027
        Long
        LON
        CORP
        US
        N
        2
        
          2028-12-16
          Floating
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Veritas US, Inc.
        549300RFUWCPWS8FQ104
        Veritas US, Inc.
        G9341JAN0
        
          
        
        1059789.27000000
        PA
        USD
        994612.23000000
        0.463118144487
        Long
        LON
        CORP
        US
        N
        2
        
          2025-09-01
          Floating
          6.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        AqGen Ascensus, Inc.
        N/A
        AqGen Island Holdings, Inc.
        N/A
        
          
        
        1865513.10000000
        PA
        USD
        1853853.64000000
        0.863204002537
        Long
        LON
        CORP
        US
        N
        2
        
          2029-08-02
          Floating
          7.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        GI Consilio Parent LLC
        N/A
        Skopima Merger Sub Inc.
        N/A
        
          
        
        847656.46000000
        PA
        USD
        839311.28000000
        0.390805854700
        Long
        LON
        CORP
        US
        N
        2
        
          2028-05-12
          Floating
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ARC FALCON I INC
        N/A
        Arc Falcon I, Inc.
        N/A
        
          
        
        488662.42000000
        PA
        USD
        477464.72000000
        0.222320386292
        Long
        LON
        CORP
        US
        N
        2
        
          2028-09-30
          Floating
          4.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Epicor Software Corp.
        JGNXVGGGXR4O1L5I7S73
        Epicor Software Corp.
        29426NAQ7
        
          
        
        822203.39000000
        PA
        USD
        841730.72000000
        0.391932410890
        Long
        LON
        CORP
        US
        N
        2
        
          2028-07-31
          Floating
          8.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Zacapa S.A R.L.
        N/A
        Zacapa S.a.r.l. TL 1L
        N/A
        
          
        
        1885560.38000000
        PA
        USD
        1877546.75000000
        0.874236150352
        Long
        LON
        CORP
        CA
        N
        2
        
          2029-02-10
          Floating
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Istar Inc
        QFFLKWYYS3UPWD86E794
        iStar, Inc.
        45031UCG4
        
          
        
        140000.00000000
        PA
        USD
        137967.90000000
        0.064241556578
        Long
        DBT
        CORP
        US
        N
        2
        
          2025-08-01
          Fixed
          4.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Ivanti Software, Inc.
        N/A
        Ivanti Software, Inc.
        46583DAF6
        
          
        
        252284.03000000
        PA
        USD
        248499.77000000
        0.115708161348
        Long
        LON
        CORP
        US
        N
        2
        
          2027-12-01
          Floating
          4.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Occidental Petroleum Cor
        IM7X0T3ECJW4C1T7ON55
        Occidental Petroleum Corp.
        674599DL6
        
          
        
        40000.00000000
        PA
        USD
        47084.60000000
        0.021923853264
        Long
        DBT
        CORP
        US
        N
        2
        
          2046-03-15
          Fixed
          6.60000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        N/A
        N/A
        Elmwood CLO 16, Ltd.
        29003DAA5
        
          
        
        500000.00000000
        PA
        USD
        494950.00000000
        0.230462001873
        Long
        ABS-CBDO
        CORP
        KY
        Y
        3
        
          2034-04-20
          Floating
          7.22000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United States Steel Corp
        JNLUVFYJT1OZSIQ24U47
        United States Steel Corp.
        912909AD0
        
          
        
        30000.00000000
        PA
        USD
        31098.00000000
        0.014480063307
        Long
        DBT
        CORP
        US
        N
        2
        
          2037-06-01
          Fixed
          6.65000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        AthenaHealth Group Inc
        N/A
        ATHENAHEALTH GROUP INC, TLB
        N/A
        
          
        
        1181995.17000000
        PA
        USD
        1171652.71000000
        0.545552942817
        Long
        LON
        CORP
        US
        N
        2
        
          2029-02-15
          Floating
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Octagon Investment Partners 43, Ltd.
        N/A
        Octagon Investment Partners 43, Ltd.
        67573MAA5
        
          
        
        500000.00000000
        PA
        USD
        488410.20000000
        0.227416895499
        Long
        ABS-CBDO
        CORP
        KY
        
        Y
        3
        
          2032-10-25
          Floating
          6.85771000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Tutor Perini Corp.
        N/A
        Tutor Perini Corp.
        90110FAM6
        
          
        
        1601676.82000000
        PA
        USD
        1576650.62000000
        0.734130837743
        Long
        LON
        CORP
        US
        N
        2
        
          2027-08-18
          Floating
          5.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SRS Distribution, Inc.
        N/A
        SRS Distribution Inc. TL
        N/A
        
          
        
        486956.52000000
        PA
        USD
        481782.61000000
        0.224330911745
        Long
        LON
        CORP
        US
        N
        2
        
          2028-06-02
          Floating
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Albertsons Cos/safeway
        549300YKWOC0AOR16R51
        Albertsons Cos. Inc / Safeway, Inc. / New Albertsons LP / Albertsons LLC
        013092AC5
        
          
        
        240000.00000000
        PA
        USD
        232425.60000000
        0.108223596449
        Long
        DBT
        CORP
        US
        Y
        2
        
          2027-01-15
          Fixed
          4.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Ss&c Technologies Inc
        549300KY09TR3J12JU49
        SS&C Technologies, Inc.
        78466CAC0
        
          
        
        270000.00000000
        PA
        USD
        272362.50000000
        0.126819288787
        Long
        DBT
        CORP
        US
        Y
        2
        
          2027-09-30
          Fixed
          5.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Precision Drilling Corp
        549300WF2OE8T5BP4B84
        Precision Drilling Corp.
        740212AM7
        
          
        
        150000.00000000
        PA
        USD
        152432.25000000
        0.070976546085
        Long
        DBT
        CORP
        CA
        Y
        2
        
          2029-01-15
          Fixed
          6.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Patterson-uti Energy Inc
        254900XGFBKIXD6G0697
        Patterson-UTI Energy, Inc.
        703481AC5
        
          
        
        170000.00000000
        PA
        USD
        166115.53000000
        0.077347848441
        Long
        DBT
        CORP
        US
        N
        2
        
          2029-11-15
          Fixed
          5.15000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Radian Group Inc
        54930005OUP720S5U385
        Radian Group, Inc.
        750236AW1
        
          
        
        110000.00000000
        PA
        USD
        110690.25000000
        0.051540350748
        Long
        DBT
        CORP
        US
        N
        2
        
          2027-03-15
          Fixed
          4.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Allison Transmission Inc
        MWKQ3I0U1GXP2YDSZW75
        Allison Transmission, Inc.
        019736AG2
        
          
        
        290000.00000000
        PA
        USD
        263508.50000000
        0.122696628792
        Long
        DBT
        CORP
        US
        Y
        2
        
          2031-01-30
          Fixed
          3.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Uniti Grp/uniti Hld/csl
        N/A
        Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC
        91327AAB8
        
          
        
        100000.00000000
        PA
        USD
        90204.00000000
        0.042001403004
        Long
        DBT
        CORP
        US
        Y
        2
        
          2030-01-15
          Fixed
          6.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Rocket Software, Inc.
        N/A
        Rocket Software, Inc.
        N/A
        
          
        
        628583.34000000
        PA
        USD
        621511.78000000
        0.289392562899
        Long
        LON
        CORP
        US
        N
        2
        
          2025-11-28
          Floating
          4.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Albertsons Cos/safeway
        549300YKWOC0AOR16R51
        Albertsons Cos. Inc / Safeway, Inc. / New Albertsons LP / Albertsons LLC
        013092AB7
        
          
        
        130000.00000000
        PA
        USD
        129798.50000000
        0.060437664714
        Long
        DBT
        CORP
        US
        Y
        2
        
          2028-02-15
          Fixed
          5.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Medical Solutions LLC
        N/A
        Medical Solutions LLC
        N/A
        
          
        
        1359686.75000000
        PA
        USD
        1350338.90000000
        0.628754027886
        Long
        LON
        CORP
        US
        N
        2
        
          2028-11-01
          Floating
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Virtusa Corp
        N/A
        Virtusa Corporation TL 1L
        N/A
        
          
        
        633502.54000000
        PA
        USD
        629147.21000000
        0.292947824002
        Long
        LON
        CORP
        CA
        N
        2
        
          2028-02-11
          Floating
          4.06258000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Cloudera, Inc.
        N/A
        Cloudera, Inc.
        N/A
        
          
        
        1305439.33000000
        PA
        USD
        1291569.04000000
        0.601389203994
        Long
        LON
        CORP
        US
        N
        2
        
          2028-10-08
          Floating
          4.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Zest Acquisition Corp.
        N/A
        Zest Acquisition Corp.
        98955CAB8
        
          
          
        
        1500000.00000000
        PA
        USD
        1492500.00000000
        0.694948050908
        Long
        LON
        CORP
        US
        N
        3
        
          2026-03-13
          Floating
          8.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        American Airlines, Inc.
        IWUQB36BXD6OWD6X4T14
        American Airlines, Inc.
        02376CAX3
        
          
          
        
        245440.00000000
        PA
        USD
        230406.80000000
        0.107283588995
        Long
        LON
        CORP
        US
        N
        2
        
          2027-01-29
          Floating
          2.19714000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Entegris Inc
        IYX6OWO7BT5DKO3BYG52
        Entegris, Inc.
        29362UAD6
        
          
        
        140000.00000000
        PA
        USD
        131167.40000000
        0.061075061288
        Long
        DBT
        CORP
        US
        Y
        2
        
          2029-05-01
          Fixed
          3.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Spin Holdco, Inc.
        549300QAS44U2GUXGK45
        Spin Holdco, Inc.
        84850XAK8
        
          
        
        1001249.46000000
        PA
        USD
        995337.08000000
        0.463455654098
        Long
        LON
        CORP
        US
        N
        2
        
          2028-03-04
          Floating
          4.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Sharp Midco LLC
        N/A
        Sharp MicCo, LLC
        N/A
        
          
        
        397419.35000000
        PA
        USD
        395929.03000000
        0.184355181036
        Long
        LON
        CORP
        US
        N
        3
        
          2028-12-31
          Floating
          5.00600000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Apttus Corp.
        N/A
        Apttus Corp.
        N/A
        
          
        
        584259.14000000
        PA
        USD
        584259.14000000
        0.272046734049
        Long
        LON
        CORP
        US
        N
        2
        
          2028-05-08
          Floating
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Padagis LLC
        N/A
        Padagis LLC
        N/A
        
          
        
        408184.14000000
        PA
        USD
        405890.15000000
        0.188993345812
        Long
        LON
        CORP
        US
        N
        2
        
          2028-07-06
          Floating
          5.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Cco Hldgs Llc/cap Corp
        N/A
        CCO Holdings LLC / CCO Holdings Capital Corp.
        1248EPCK7
        
          
        
        100000.00000000
        PA
        USD
        90879.50000000
        0.042315933931
        Long
        DBT
        CORP
        US
        Y
        2
        
          2031-02-01
          Fixed
          4.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MH Sub I LLC
        N/A
        MH SUB I LLC
        55303BAD5
        
          
        
        705037.78000000
        PA
        USD
        700190.65000000
        0.326027556101
        Long
        LON
        CORP
        US
        N
        2
        
          2029-02-23
          Floating
          6.70743000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Motion Finco LLC
        N/A
        Motion Finco LLC
        N/A
        
          
        
        161507.38000000
        PA
        USD
        159062.16000000
        0.074063610093
        Long
        LON
        CORP
        GB
        N
        2
        
          2026-11-12
          Floating
          4.25600000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Tenet Healthcare Corp
        0W9AIBT6U6ADJ2I8HK17
        Tenet Healthcare Corp.
        88033GDJ6
        
          
        
        370000.00000000
        PA
        USD
        376421.35000000
        0.175271881743
        Long
        DBT
        CORP
        US
        Y
        2
        
          2028-10-01
          Fixed
          6.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Austin Bidco Inc
        C77OMXDER63WLJCSKT03
        Virtusa Corp.
        92828KAK8
        
          
        
        629207.53000000
        PA
        USD
        624488.47000000
        0.290778589642
        Long
        LON
        CORP
        US
        N
        2
        
          2028-02-11
          Floating
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Iron Mountain Inc
        SQL3F6CKNNBM3SQGHX24
        Iron Mountain, Inc.
        46284VAL5
        
          
        
        200000.00000000
        PA
        USD
        197403.00000000
        0.091916134065
        Long
        DBT
        CORP
        US
        Y
        2
        
          2032-07-15
          Fixed
          5.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Ashland Llc
        6O4MRU8C1MS0K34UQF79
        Ashland LLC
        04433LAA0
        
          
        
        90000.00000000
        PA
        USD
        79613.10000000
        0.037069995759
        Long
        DBT
        CORP
        US
        Y
        2
        
          2031-09-01
          Fixed
          3.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        IBC Capital, Ltd.
        5493003ZYID1KN87T037
        IBC Capital, Ltd.
        G4700EAC1
        
          
          
        
        620109.89020000
        PA
        USD
        599695.87000000
        0.279234489778
        Long
        LON
        CORP
        KY
        
        N
        2
        
          2024-09-11
          Floating
          7.91643000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Howard Hughes Corp
        549300BVHY25JZC1KI49
        Howard Hughes Corp.
        44267DAE7
        
          
        
        30000.00000000
        PA
        USD
        28211.40000000
        0.013135984886
        Long
        DBT
        CORP
        US
        Y
        2
        
          2029-02-01
          Fixed
          4.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Penn Virginia Holding Ll
        6XOCUKRR0UU0LF5P1W14
        Penn Virginia Holdings LLC
        70789PAA2
        
          
        
        50000.00000000
        PA
        USD
        52802.50000000
        0.024586260943
        Long
        DBT
        CORP
        US
        Y
        2
        
          2026-08-15
          Fixed
          9.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Weld North Education Llc
        254900W855WLN58WNJ32
        Weld North Education LLC
        94935RAE3
        
          
        
        2130203.54000000
        PA
        USD
        2116357.22000000
        0.985432713610
        Long
        LON
        CORP
        US
        N
        2
        
          2027-12-17
          Floating
          4.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Loyalty Ventures INC
        N/A
        Loyalty Ventures, Inc.
        N/A
        
          
        
        600000.00000000
        PA
        USD
        587001.00000000
        0.273323417642
        Long
        LON
        CORP
        US
        N
        2
        
          2027-11-03
          Floating
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Parexel International Corp.
        N/A
        Parexel International Corporation
        N/A
        
          
        
        751173.71000000
        PA
        USD
        746614.09000000
        0.347643555528
        Long
        LON
        CORP
        US
        N
        2
        
          2028-11-15
          Floating
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        LBM Acquisition LLC
        549300FAEB3VWZL4NI86
        LBM Acquisition LLC
        50179JAB4
        
          
        
        2178875.94000000
        PA
        USD
        2129862.13000000
        0.991720962108
        Long
        LON
        CORP
        US
        N
        2
        
          2027-12-17
          Floating
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        W & T Offshore Inc
        549300Q7EOY2YIO3YK85
        W&T Offshore, Inc.
        92922PAL0
        
          
        
        100000.00000000
        PA
        USD
        99653.00000000
        0.046401110966
        Long
        DBT
        CORP
        US
        Y
        2
        
          2023-11-01
          Fixed
          9.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Cvr Energy Inc
        529900SOYZIXZBTXB558
        CVR Energy, Inc.
        12662PAB4
        
          
        
        200000.00000000
        PA
        USD
        194477.00000000
        0.090553709947
        Long
        DBT
        CORP
        US
        Y
        2
        
          2025-02-15
          Fixed
          5.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Foundation Building Materials, Inc.
        549300ZVE6MONHB01I28
        Foundation Building Materials, Inc.
        35039KAB2
        
          
        
        1809414.71000000
        PA
        USD
        1780464.07000000
        0.829031849352
        Long
        LON
        CORP
        US
        N
        2
        
          2028-01-31
          Floating
          3.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Anticimex International AB
        N/A
        Anticimex International AB
        N/A
        
          
        
        1268687.50000000
        PA
        USD
        1251636.34000000
        0.582795467288
        Long
        LON
        CORP
        SE
        N
        2
        
          2028-11-16
          Floating
          4.00786000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ConvergeOne Holdings, Corp.
        254900PRFQRQIU08WI18
        ConvergeOne Holdings, Corp.
        21249DAB4
        
          
        
        2134000.00000000
        PA
        USD
        2049536.28000000
        0.954319090821
        Long
        LON
        CORP
        US
        N
        2
        
          2026-01-04
          Floating
          5.45743000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Pediatric Associates Hol
        N/A
        PEDIATRIC ASSOCIATES HOLDING COMPANY, LLC 1L
        N/A
        
          
        
        31100.48000000
        PA
        USD
        30770.04000000
        0.014327356331
        Long
        LON
        CORP
        CA
        N
        2
        
          2028-12-29
          Floating
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Aegion Corp.
        N/A
        Aegion Corp.
        N/A
        
          
        
        593475.97000000
        PA
        USD
        591250.44000000
        0.275302070939
        Long
        LON
        CORP
        US
        N
        3
        
          2028-05-17
          Floating
          5.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Global Part/glp Finance
        549300PCHWTW9P4DU444
        Global Partners LP / GLP Finance Corp.
        37954FAG9
        
          
        
        110000.00000000
        PA
        USD
        110119.35000000
        0.051274524388
        Long
        DBT
        CORP
        US
        N
        2
        
          2027-08-01
          Fixed
          7.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BMC Software, Inc.
        N/A
        BMC Software, Inc.
        N/A
        
          
        
        326530.61000000
        PA
        USD
        324489.79000000
        0.151091153835
        Long
        LON
        CORP
        US
        N
        2
        
          2026-02-27
          Floating
          6.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Sunoco Lp/finance Corp
        54930001NJU8E40NQ561
        Sunoco LP / Sunoco Finance Corp.
        86765LAT4
        
          
        
        140000.00000000
        PA
        USD
        132258.00000000
        0.061582873914
        Long
        DBT
        CORP
        US
        N
        2
        
          2029-05-15
          Fixed
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        McAfee Corp
        N/A
        MCAFEE CORP. TLB 1L
        N/A
        
          
        
        1370412.84000000
        PA
        USD
        1362704.27000000
        0.634511675980
        Long
        LON
        CORP
        CA
        N
        2
        
          2029-02-02
          Floating
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Envision Healthcare Corp.
        549300OL60X0LPKY8N60
        Envision Healthcare Corp.
        29373UAC5
        
          
          
        
        1763599.39000000
        PA
        USD
        1178675.20000000
        0.548822802608
        Long
        LON
        CORP
        US
        N
        2
        
          2025-10-10
          Floating
          4.20743000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Genesis Care Finance Pty, Ltd.
        N/A
        Genesis Care Finance Pty, Ltd.
        N/A
        
          
        
        1985760.76000000
        PA
        USD
        1773115.57000000
        0.825610190556
        Long
        LON
        CORP
        US
        N
        2
        
          2027-05-14
          Floating
          6.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ConnectWise LLC
        N/A
        Connectwise, LLC
        N/A
        
          
        
        537755.86000000
        PA
        USD
        534932.64000000
        0.249078991983
        Long
        LON
        CORP
        US
        N
        2
        
          2028-09-29
          Floating
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Triton Solar US Acquisition Co.
        549300IPISZWWMVNER04
        Triton Solar US Acquisition Co.
        89679KAC2
        
          
          
        
        220862.59090000
        PA
        USD
        220172.40000000
        0.102518177717
        Long
        LON
        CORP
        US
        N
        2
        
          2024-10-29
          Floating
          7.49971000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Onex TSG Intermediate Corp.
        5493006IJC5WXT1WJK88
        Onex TSG Intermediate Corp.
        68276QAJ5
        
          
        
        1406041.66000000
        PA
        USD
        1397696.80000000
        0.650805136965
        Long
        LON
        CORP
        US
        N
        2
        
          2028-02-28
          Floating
          5.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Dynasty Acquisition Co., Inc.
        549300WM2IKMXZ5LGL49
        Dynasty Acquisition Co., Inc.
        26812CAF3
        
          
        
        306054.82000000
        PA
        USD
        301591.01000000
        0.140428867384
        Long
        LON
        CORP
        CA
        N
        2
        
          2026-04-06
          Floating
          4.50600000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        1011778 Bc / New Red Fin
        549300RHSHNRWI5LLA86
        1011778 BC ULC / New Red Finance, Inc.
        68245XAH2
        
          
        
        230000.00000000
        PA
        USD
        218357.40000000
        0.101673065012
        Long
        DBT
        CORP
        CA
        Y
        2
        
          2028-01-15
          Fixed
          3.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Gc Eos Buyer Inc
        254900PTY5ALGN8N1L56
        GC EOS Buyer, Inc.
        36165YAB6
        
          
        
        1350865.49000000
        PA
        USD
        1338802.26000000
        0.623382258719
        Long
        LON
        CORP
        US
        N
        2
        
          2025-08-01
          Floating
          4.95743000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        LTI Holdings, Inc.
        5493003GUY3WBOTOAP97
        LTI Holdings, Inc.
        50217UAS6
        
          
          
        
        1360822.34000000
        PA
        USD
        1332469.61000000
        0.620433606943
        Long
        LON
        CORP
        US
        N
        2
        
          2025-09-06
          Floating
          3.95743000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Ciena Corp
        W0CZ7N0GH8UIGXDM1H41
        Ciena Corp.
        171779AL5
        
          
        
        80000.00000000
        PA
        USD
        77116.40000000
        0.035907465241
        Long
        DBT
        CORP
        US
        Y
        2
        
          2030-01-31
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Transocean Inc
        DOL4HJ22ADYSIWES4H94
        Transocean, Inc.
        893830BF5
        
          
        
        90000.00000000
        PA
        USD
        78300.00000000
        0.036458581163
        Long
        DBT
        CORP
        KY
        
        Y
        2
        
          2026-01-15
          Fixed
          7.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Nationstar Mtg Hld Inc
        N/A
        Nationstar Mortgage Holdings, Inc.
        63861CAE9
        
          
        
        235000.00000000
        PA
        USD
        224538.95000000
        0.104551360573
        Long
        DBT
        CORP
        US
        Y
        2
        
          2031-11-15
          Fixed
          5.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Output Services Group, Inc.
        549300OOC9F004VOIB97
        Output Services Group, Inc.
        69012BAB2
        
          
          
        
        588477.42000000
        PA
        USD
        460301.15000000
        0.214328567519
        Long
        LON
        CORP
        US
        N
        2
        
          2024-03-27
          Floating
          5.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ECi Macola/MAX Holding LLC
        549300MZ2LKM75L5EI42
        ECI Macola/MAX Holding LLC
        26825UAK7
        
          
        
        2230060.69000000
        PA
        USD
        2207760.08000000
        1.027992338002
        Long
        LON
        CORP
        US
        N
        2
        
          2027-11-09
          Floating
          4.75600000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PECF USS Intermediate Holding III Corp
        N/A
        United Site Cov-Lite
        N/A
        
          
        
        1093150.68000000
        PA
        USD
        1084859.13000000
        0.505139522883
        Long
        LON
        CORP
        US
        N
        2
        
          2028-12-15
          Floating
          4.75786000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FBB Holdings III, Inc.
        N/A
        FBB Holdings III, Inc.
        30259PAE9
        
          
          
        
        74440.26000000
        PA
        USD
        57691.20000000
        0.026862570850
        Long
        LON
        CORP
        US
        N
        3
        
          2025-01-31
          Floating
          7.00000000
          N
          N
          Y
        
        
          N
          N
          N
        
      
      
        Air Canada
        4B4HI3CGXMBDC0G6BM51
        Air Canada
        008911BK4
        
          
        
        50000.00000000
        PA
        USD
        47249.75000000
        0.022000751536
        Long
        DBT
        CORP
        CA
        Y
        2
        
          2026-08-15
          Fixed
          3.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Park Place Technologies LLC
        549300SSM38QN4VYDD29
        Park Place Technologies LLC
        70070KAH6
        
          
        
        1663200.00000000
        PA
        USD
        1658351.77000000
        0.772173085615
        Long
        LON
        CORP
        US
        N
        2
        
          2027-11-10
          Floating
          6.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Hologic Inc
        549300DYP6F5ZJL0LB74
        Hologic, Inc.
        436440AP6
        
          
        
        140000.00000000
        PA
        USD
        130904.90000000
        0.060952834244
        Long
        DBT
        CORP
        US
        Y
        2
        
          2029-02-15
          Fixed
          3.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Kenan Advantage Group, Inc.,The
        549300GVUXCXDWYPIY65
        Kenan Advantage Group, Inc.,The
        48853UBE9
        
          
        
        1250359.67000000
        PA
        USD
        1235905.51000000
        0.575470770707
        Long
        LON
        CORP
        US
        N
        2
        
          2026-03-24
          Floating
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Antero Midstream Part/fi
        529900HFO1BDEIT4QU11
        Antero Midstream Partners LP / Antero Midstream Finance Corp.
        03690EAA6
        
          
        
        220000.00000000
        PA
        USD
        238420.60000000
        0.111015029324
        Long
        DBT
        CORP
        US
        Y
        2
        
          2026-05-15
          Fixed
          7.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Post Holdings Inc
        JM1I5YUAURL6DC8N1468
        Post Holdings, Inc.
        737446AN4
        
          
        
        295000.00000000
        PA
        USD
        290041.05000000
        0.135050896067
        Long
        DBT
        CORP
        US
        Y
        2
        
          2028-01-15
          Fixed
          5.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Genuine Financial Holdings LLC
        5493008VX60Q72RHI784
        Genuine Financial Holdings LLC
        37190DAF0
        
          
          
        
        2077396.59000000
        PA
        USD
        2057734.03000000
        0.958136183206
        Long
        LON
        CORP
        US
        N
        2
        
          2025-07-11
          Floating
          4.20743000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Occidental Petroleum Cor
        IM7X0T3ECJW4C1T7ON55
        Occidental Petroleum Corp.
        674599CF0
        
          
        
        160000.00000000
        PA
        USD
        155544.00000000
        0.072425460388
        Long
        DBT
        CORP
        US
        N
        2
        
          2045-06-15
          Fixed
          4.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Navient Corp
        54930067J0ZNOEBRW338
        Navient Corp.
        78442FAZ1
        
          
        
        160000.00000000
        PA
        USD
        135045.60000000
        0.062880855278
        Long
        DBT
        CORP
        US
        N
        2
        
          2033-08-01
          Fixed
          5.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        N/A
        N/A
        Hexion Holdings Corp. TL 1L
        N/A
        
          
        
        1033009.71000000
        PA
        USD
        1012349.52000000
        0.471377102687
        Long
        LON
        CORP
        US
        N
        2
        
          2029-03-02
          Floating
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Ivanti Software, Inc.
        N/A
        Ivanti Software, Inc.
        N/A
        
          
        
        537313.43000000
        PA
        USD
        531940.30000000
        0.247685678180
        Long
        LON
        CORP
        US
        N
        2
        
          2028-12-01
          Floating
          7.77300000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Scripps Escrow Ii Inc
        549300U1OW41QPKYW028
        Scripps Escrow II, Inc.
        81105DAB1
        
          
        
        40000.00000000
        PA
        USD
        38355.20000000
        0.017859210373
        Long
        DBT
        CORP
        US
        Y
        2
        
          2031-01-15
          Fixed
          5.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Rinchem Co Inc
        N/A
        RINCHEM COMPANY, INC.TL 1L
        N/A
        
          
        
        514883.35000000
        PA
        USD
        513596.14000000
        0.239144145023
        Long
        LON
        CORP
        CA
        N
        3
        
          2029-02-02
          Floating
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Matador Resources Co
        549300CI3Q2UUK5R4G79
        Matador Resources Co.
        576485AE6
        
          
        
        190000.00000000
        PA
        USD
        193733.50000000
        0.090207516395
        Long
        DBT
        CORP
        US
        N
        2
        
          2026-09-15
          Fixed
          5.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ProAmpac PG Borrower LLC
        549300ZI6LTXYFEY1578
        ProAmpac PG Borrower LLC
        74274NAG8
        
          
        
        2458028.99000000
        PA
        USD
        2409482.92000000
        1.121919905494
        Long
        LON
        CORP
        US
        N
        2
        
          2025-11-03
          Floating
          4.50376000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Drive Chassis Holdco LLC
        5493001IHQ11CHR06I87
        Drive Chassis Holdco LLC
        26208TAB7
        
          
        
        1410342.91900000
        PA
        USD
        1409461.45000000
        0.656283073706
        Long
        LON
        CORP
        US
        N
        2
        
          2026-04-10
          Floating
          6.98829000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Service Corp Intl
        549300RKVM2ME20JHZ15
        Service Corp. International
        817565CF9
        
          
        
        60000.00000000
        PA
        USD
        54176.40000000
        0.025225985651
        Long
        DBT
        CORP
        US
        N
        2
        
          2030-08-15
          Fixed
          3.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Quidditch Acquisition, Inc.
        N/A
        Quidditch Acquisition, Inc.
        74840UAC6
        
          
          
        
        1912915.63000000
        PA
        USD
        1865092.74000000
        0.868437229095
        Long
        LON
        CORP
        US
        N
        2
        
          2025-03-21
          Floating
          8.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Femur Buyer, Inc.
        2549000I18BON7XEKV12
        Femur Buyer, Inc.
        31446JAC9
        
          
        
        580556.20000000
        PA
        USD
        525403.36000000
        0.244641903499
        Long
        LON
        CORP
        US
        N
        2
        
          2026-03-05
          Floating
          5.50600000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Romark Clo Ltd
        549300HD9K8XL8QM2Z46
        Romark CLO IV, Ltd.
        77588MAA7
        
          
        
        1000000.00000000
        PA
        USD
        937849.60000000
        0.436687940746
        Long
        ABS-CBDO
        CORP
        KY
        Y
        3
        
          2034-07-10
          Floating
          7.18129000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Pro Mach Group, Inc.
        N/A
        PRO MACH Group, Inc. Delayed
        N/A
        
          
        
        111687.15000000
        PA
        USD
        111338.13000000
        0.051842021062
        Long
        LON
        CORP
        US
        N
        2
        
          2028-08-31
          Floating
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Schweitzer-mauduit Intl
        549300Z1FU4IDULG1R21
        Schweitzer-Mauduit International, Inc.
        808541AA4
        
          
        
        50000.00000000
        PA
        USD
        47310.00000000
        0.022028805553
        Long
        DBT
        CORP
        US
        Y
        2
        
          2026-10-01
          Fixed
          6.87500000
          N
          N
          N
          N
          Y
          
            
              N/A
              N/A
              N/A
              
                
              
            
          
          
            
          
          XXXX
        
        
          N
          N
          N
        
      
      
        Heartland Dental LLC
        5493008FRC0GRKBN1075
        Heartland Dental LLC
        42236WAQ0
        
          
        
        1104931.45000000
        PA
        USD
        1097235.60000000
        0.510902339435
        Long
        LON
        CORP
        US
        N
        2
        
          2025-04-30
          Floating
          4.44657000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Surgery Center Holdings, Inc.
        N/A
        Surgery Center Holdings, Inc.
        N/A
        
          
        
        2338458.99000000
        PA
        USD
        2324147.62000000
        1.082185499860
        Long
        LON
        CORP
        US
        N
        2
        
          2026-08-31
          Floating
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Laredo Petroleum Inc
        549300X0PTWU2QSLSL14
        Laredo Petroleum, Inc.
        516806AF3
        
          
        
        160000.00000000
        PA
        USD
        167088.00000000
        0.077800656569
        Long
        DBT
        CORP
        US
        N
        2
        
          2025-01-15
          Fixed
          9.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Access CIG LLC
        5493002EU9Z6IQMPAN35
        Access CIG LLC
        00435CAL2
        
          
          
        
        1074289.56000000
        PA
        USD
        1068246.68000000
        0.497404320371
        Long
        LON
        CORP
        US
        N
        2
        
          2026-02-27
          Floating
          7.85629000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        HUNTER DOUGLAS NV
        N/A
        HUNTER DOUGLAS INC. TLB 1L
        N/A
        
          
        
        1065217.39000000
        PA
        USD
        1045580.11000000
        0.486850157127
        Long
        LON
        CORP
        CA
        N
        2
        
          2029-02-09
          Floating
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TRC Companies Inc
        N/A
        TRC Companies
        N/A
        
          
        
        1130704.44000000
        PA
        USD
        1115439.93000000
        0.519378763992
        Long
        LON
        CORP
        US
        N
        2
        
          2028-12-08
          Floating
          4.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Peraton Corp.
        549300EQPCK07ZW63836
        Peraton Corp.
        71360HAB3
        
          
        
        2330251.84000000
        PA
        USD
        2318600.58000000
        1.079602649182
        Long
        LON
        CORP
        US
        N
        2
        
          2028-02-01
          Floating
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Encompass Health Corp
        549300FVRPM9DRQZRG64
        Encompass Health Corp.
        29261AAB6
        
          
        
        130000.00000000
        PA
        USD
        125016.45000000
        0.058211013908
        Long
        DBT
        CORP
        US
        N
        2
        
          2030-02-01
          Fixed
          4.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Dynasty Acquisition Co., Inc.
        549300L1RCRPOAUCB870
        Dynasty Acquisition Co., Inc.
        26812CAE6
        
          
        
        569261.96000000
        PA
        USD
        560959.27000000
        0.261197689330
        Long
        LON
        CORP
        US
        N
        2
        
          2026-04-06
          Floating
          4.50600000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Gray Escrow Ii Inc
        N/A
        Gray Escrow II, Inc.
        389286AA3
        
          
        
        120000.00000000
        PA
        USD
        114900.00000000
        0.053500523316
        Long
        DBT
        CORP
        US
        Y
        2
        
          2031-11-15
          Fixed
          5.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Eaton Vance Cdo Ltd
        5493001O5CL3BBUIEH94
        Eaton Vance CLO 2013-1, Ltd.
        27830CAJ1
        
          
        
        500000.00000000
        PA
        USD
        490251.35000000
        0.228274184346
        Long
        ABS-CBDO
        CORP
        KY
        Y
        3
        
          2034-01-15
          Floating
          7.04130000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Crown Finance US, Inc.
        N/A
        Crown Finance US, Inc.
        N/A
        
          
        
        227289.67000000
        PA
        USD
        172669.69000000
        0.080399641217
        Long
        LON
        CORP
        US
        N
        2
        
          2026-09-30
          Floating
          3.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Sealed Air Corp
        Q0M0CZB4YN6JZ65WXI09
        Sealed Air Corp.
        81211KAK6
        
          
        
        270000.00000000
        PA
        USD
        308380.50000000
        0.143590236122
        Long
        DBT
        CORP
        US
        Y
        2
        
          2033-07-15
          Fixed
          6.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Diebold Nixdorf Inc
        549300XZK6EWDBAZSY16
        Diebold Inc, Senior Unsecured Bond,
        253651AC7
        
          
        
        60000.00000000
        PA
        USD
        57597.00000000
        0.026818708802
        Long
        DBT
        CORP
        US
        N
        2
        
          2024-04-15
          Fixed
          8.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Cvr Partners/cvr Nitroge
        529900LE0OS06MYQRP11
        CVR Partners LP / CVR Nitrogen Finance Corp.
        12663QAC9
        
          
        
        80000.00000000
        PA
        USD
        80108.00000000
        0.037300434480
        Long
        DBT
        CORP
        US
        Y
        2
        
          2028-06-15
          Fixed
          6.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Vertex Aerospace Services Corp
        N/A
        Vertex Aerospace Corp.
        N/A
        
          
        
        615384.62000000
        PA
        USD
        614233.85000000
        0.286003763389
        Long
        LON
        CORP
        US
        N
        2
        
          2028-12-06
          Floating
          4.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        S2P Acquisition Borrower, Inc.
        2138009YGPT15LRTY307
        S2P Acquisition Borrower, Inc.
        78431EAB0
        
          
        
        1137499.97000000
        PA
        USD
        1132807.78000000
        0.527465701014
        Long
        LON
        CORP
        US
        N
        2
        
          2026-08-14
          Floating
          4.45743000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Vantage Specialty Chemicals, Inc.
        54930057U5S5AY44VU09
        Vantage Specialty Chemicals, Inc.
        92210XAC4
        
          
          
        
        1423427.39000000
        PA
        USD
        1373429.50000000
        0.639505630877
        Long
        LON
        CORP
        US
        N
        2
        
          2024-10-28
          Floating
          4.50310000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Charles River Laboratori
        549300BSQ0R4UZ5KX287
        Charles River Laboratories International, Inc.
        159864AE7
        
          
        
        220000.00000000
        PA
        USD
        215509.80000000
        0.100347146037
        Long
        DBT
        CORP
        US
        Y
        2
        
          2028-05-01
          Fixed
          4.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Calumet Specialty Prod
        529900QWK0FGLES9BA18
        Calumet Specialty Products Partners LP / Calumet Finance Corp.
        131477AV3
        
          
        
        190000.00000000
        PA
        USD
        176922.30000000
        0.082379770550
        Long
        DBT
        CORP
        US
        Y
        2
        
          2027-01-15
          Fixed
          8.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Team Health Holdings, Inc.
        549300PVTQ4UDTTMQT11
        Team Health Holdings, Inc.
        87817JAE8
        
          
          
        
        1295009.80000000
        PA
        USD
        1235575.33000000
        0.575317030039
        Long
        LON
        CORP
        US
        N
        2
        
          2024-02-06
          Floating
          3.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Murphy Oil Corp
        QBKYQD0ODE7DC7PDIN91
        Murphy Oil Corp.
        626717AN2
        
          
        
        136000.00000000
        PA
        USD
        141673.24000000
        0.065966862314
        Long
        DBT
        CORP
        US
        N
        2
        
          2028-07-15
          Fixed
          6.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Osmosis Buyer, Ltd.
        N/A
        Osmosis Buyer, Ltd.
        N/A
        
          
        
        1138957.81000000
        PA
        USD
        1129886.01000000
        0.526105246497
        Long
        LON
        CORP
        US
        N
        2
        
          2028-07-31
          Floating
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Galaxy Clo Ltd
        549300GJYHKO4BDEN716
        Galaxy XXVII CLO, Ltd.
        36320VAA6
        
          
        
        625000.00000000
        PA
        USD
        594720.56000000
        0.276917851930
        Long
        ABS-CBDO
        CORP
        KY
        
        Y
        3
        
          2031-05-16
          Floating
          6.23860000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Covenant Surgical Partners, Inc.
        N/A
        Covenant Surgical Partners, Inc.
        22284MAP7
        
          
        
        1316078.75000000
        PA
        USD
        1297982.67000000
        0.604375562230
        Long
        LON
        CORP
        US
        N
        2
        
          2026-07-01
          Floating
          4.45486000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Sm Energy Co
        84BUTVXV5ODI6BXNMH43
        SM Energy Co.
        78454LAN0
        
          
        
        190000.00000000
        PA
        USD
        195631.60000000
        0.091091322690
        Long
        DBT
        CORP
        US
        N
        2
        
          2026-09-15
          Fixed
          6.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        1011778 Bc / New Red Fin
        549300RHSHNRWI5LLA86
        1011778 BC ULC / New Red Finance, Inc.
        68245XAJ8
        
          
        
        130000.00000000
        PA
        USD
        125029.45000000
        0.058217067057
        Long
        DBT
        CORP
        CA
        Y
        2
        
          2028-01-15
          Fixed
          4.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Icahn Enterprises/fin
        549300T0G4GS0SINS786
        Icahn Enterprises LP / Icahn Enterprises Finance Corp.
        451102BZ9
        
          
        
        310000.00000000
        PA
        USD
        304761.00000000
        0.141904899794
        Long
        DBT
        CORP
        US
        N
        2
        
          2027-05-15
          Fixed
          5.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Ingram Micro, Inc.
        N/A
        Ingram Micro, Inc.
        N/A
        
          
        
        754300.00000000
        PA
        USD
        749019.90000000
        0.348763765223
        Long
        LON
        CORP
        US
        N
        2
        
          2028-06-30
          Floating
          4.50600000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Pbf Holding Co Llc
        549300TILVIIV9FLL461
        PBF Holding Co. LLC / PBF Finance Corp.
        69318FAJ7
        
          
        
        223000.00000000
        PA
        USD
        179629.85000000
        0.083640478487
        Long
        DBT
        CORP
        US
        N
        2
        
          2028-02-15
          Fixed
          6.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        World Acceptance Corp
        529900M7JQUDCH7Q9153
        World Acceptance Corp.
        981419AC8
        
          
        
        60000.00000000
        PA
        USD
        52884.00000000
        0.024624209530
        Long
        DBT
        CORP
        US
        Y
        2
        
          2026-11-01
          Fixed
          7.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Delek Log Part/finance
        549300UVYITDIU51P724
        Delek Logistics Partners LP / Delek Logistics Finance Corp.
        24665FAC6
        
          
        
        60000.00000000
        PA
        USD
        58924.80000000
        0.027436968114
        Long
        DBT
        CORP
        US
        Y
        2
        
          2028-06-01
          Fixed
          7.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Spring Education Group, Inc.
        N/A
        Spring Education Group, Inc.
        78482HAE5
        
          
          
        
        1336875.68120000
        PA
        USD
        1300111.60000000
        0.605366849167
        Long
        LON
        CORP
        US
        N
        2
        
          2025-07-30
          Floating
          5.25600000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Curia Global, Inc.
        CHZJRCSC4ACUSUD2MV11
        Curia Global, Inc.
        01242HAM0
        
          
        
        1890366.66000000
        PA
        USD
        1877030.12000000
        0.873995593560
        Long
        LON
        CORP
        US
        N
        2
        
          2026-08-30
          Floating
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        LifePoint Health, Inc.
        549300G8ZVHRTBBBSZ90
        LifePoint Health, Inc.
        75915TAD4
        
          
          
        
        1392207.13000000
        PA
        USD
        1386185.83000000
        0.645445320438
        Long
        LON
        CORP
        US
        N
        2
        
          2025-11-16
          Floating
          4.19714000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Pediatric Associates Hol
        N/A
        Pediatric Associates Holding Co. LLC
        70533DAF7
        
          
        
        205263.16000000
        PA
        USD
        203082.24000000
        0.094560540611
        Long
        LON
        CORP
        US
        N
        2
        
          2028-12-29
          Floating
          3.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Snacking Investments Bidco Pty Limited
        254900AD4L6DCZFKHI06
        Snacking Investments BidCo Pty, Ltd.
        Q8531PAE7
        
          
        
        1174982.74000000
        PA
        USD
        1161764.18000000
        0.540948577893
        Long
        LON
        CORP
        AU
        
        N
        2
        
          2026-12-18
          Floating
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        N/A
        N/A
        MCKISSOCK INVESTMENT HOLDINGS, LLC TL 1L
        N/A
        
          
        
        922947.37000000
        PA
        USD
        919486.32000000
        0.428137504804
        Long
        LON
        CORP
        CA
        N
        2
        
          2029-03-04
          Floating
          5.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Atlas CC Acquisition Corp.
        6HHLXIOGCDNZ4IRAIW26
        Atlas CC Acquisition Corp.
        04921TAC8
        
          
        
        205977.48000000
        PA
        USD
        205430.61000000
        0.095654004701
        Long
        LON
        CORP
        US
        N
        2
        
          2028-05-25
          Floating
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        VC GB Holdings I Corp
        N/A
        Illuminate Merger Sub Corp
        N/A
        
          
        
        438556.03000000
        PA
        USD
        425085.78000000
        0.197931346251
        Long
        LON
        CORP
        US
        N
        2
        
          2028-07-21
          Floating
          4.50600000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Thunder Finco Pty Ltd
        5493003SMRN7SBZN9N79
        Amplify Finco Pty, Ltd.
        Q9035EAB7
        
          
        
        1385448.31000000
        PA
        USD
        1349662.18000000
        0.628438928894
        Long
        LON
        CORP
        AU
        
        N
        2
        
          2026-11-26
          Floating
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Eldorado Gold Corp
        5493004PWQ01YDD1IH62
        Eldorado Gold Corp.
        284902AF0
        
          
        
        100000.00000000
        PA
        USD
        100762.50000000
        0.046917723939
        Long
        DBT
        CORP
        CA
        Y
        2
        
          2029-09-01
          Fixed
          6.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Ppm Clo 3 Ltd.
        549300UEAJV6RALDS969
        PPM CLO 3, Ltd.
        69355BAE1
        
          
        
        500000.00000000
        PA
        USD
        483553.05000000
        0.225155276119
        Long
        ABS-CBDO
        CORP
        KY
        Y
        3
        
          2034-04-17
          Floating
          6.85129000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Greeneden U.S. Holdings I LLC
        549300CVRD4OUCPHWQ42
        Greeneden U.S. Holdings I LLC
        39479UAQ6
        
          
        
        1357176.83000000
        PA
        USD
        1356756.11000000
        0.631742053066
        Long
        LON
        CORP
        US
        N
        2
        
          2027-12-01
          Floating
          4.90859000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        C.H.I. Overhead Doors, Inc.
        5493003N2DMC3SJF4H21
        C.H.I. Overhead Doors, Inc.
        16706EAF9
        
          
        
        1138.99000000
        PA
        USD
        1129.59000000
        0.000525967416
        Long
        LON
        CORP
        US
        N
        2
        
          2025-07-31
          Floating
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Endure Digital Inc
        549300UTQC2651SB0W88
        Endurance International Group Holdings, Inc.
        29279UAB2
        
          
        
        1582554.30000000
        PA
        USD
        1541012.25000000
        0.717536656323
        Long
        LON
        CORP
        US
        N
        2
        
          2028-02-10
          Floating
          4.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Methanex Corp
        549300TSJHRXT9QXRD13
        Methanex Corp.
        59151KAL2
        
          
        
        290000.00000000
        PA
        USD
        294899.55000000
        0.137313144044
        Long
        DBT
        CORP
        CA
        N
        2
        
          2029-12-15
          Fixed
          5.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Titan International Inc
        254900CXRGBE7C4B5A06
        Titan International, Inc.
        88830MAM4
        
          
        
        80000.00000000
        PA
        USD
        80340.80000000
        0.037408832407
        Long
        DBT
        CORP
        US
        N
        2
        
          2028-04-30
          Fixed
          7.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        LTI Holdings, Inc.
        5493003GUY3WBOTOAP97
        LTI Holdings, Inc.
        50217UBC0
        
          
        
        210526.32000000
        PA
        USD
        208947.37000000
        0.097291502528
        Long
        LON
        CORP
        US
        N
        2
        
          2026-07-24
          Floating
          4.85425000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BMC Acquisition, Inc.
        549300EHEAAXIQPGMH85
        BMC Acquisition, Inc.
        05559DAC9
        
          
          
        
        785027.17000000
        PA
        USD
        767364.06000000
        0.357305298381
        Long
        LON
        CORP
        US
        N
        2
        
          2024-12-28
          Floating
          6.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Divisions Holding Corp.
        N/A
        Divisions Holding Corp.
        N/A
        
          
        
        552831.33000000
        PA
        USD
        550067.17000000
        0.256126035283
        Long
        LON
        CORP
        US
        N
        2
        
          2028-05-27
          Floating
          5.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Builders Firstsource Inc
        549300W0SKP6L3H7DP63
        Builders FirstSource, Inc.
        12008RAP2
        
          
        
        60000.00000000
        PA
        USD
        55970.40000000
        0.026061320193
        Long
        DBT
        CORP
        US
        Y
        2
        
          2032-02-01
          Fixed
          4.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Acrisure LLC
        N/A
        Acrisure LLC
        N/A
        
          
        
        382602.74000000
        PA
        USD
        381648.15000000
        0.177705620083
        Long
        LON
        CORP
        US
        N
        2
        
          2027-02-15
          Floating
          4.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Royal Caribbean Cruises
        K2NEH8QNVW44JIWK7Z55
        Royal Caribbean Cruises, Ltd.
        780153BH4
        
          
        
        280000.00000000
        PA
        USD
        260951.60000000
        0.121506067538
        Long
        DBT
        CORP
        LR
        
        Y
        2
        
          2026-07-01
          Fixed
          4.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Project Leopard Holdings, Inc.
        N/A
        Project Leopard Holdings, Inc.
        74338UAE1
        
          
          
        
        1296212.51260000
        PA
        USD
        1292323.88000000
        0.601740677754
        Long
        LON
        CORP
        US
        N
        2
        
          2024-07-05
          Floating
          5.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Pathway Vet Alliance LLC
        N/A
        Pathway Vet Alliance LLC
        70323KAE8
        
          
        
        1228654.64000000
        PA
        USD
        1218677.96000000
        0.567449161130
        Long
        LON
        CORP
        US
        N
        2
        
          2027-03-31
          Floating
          4.20743000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Magenta Buyer LLC
        N/A
        Magenta Buyer LLC
        N/A
        
          
        
        1715806.02000000
        PA
        USD
        1705511.18000000
        0.794131772424
        Long
        LON
        CORP
        US
        N
        2
        
          2028-07-27
          Floating
          5.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Auris Luxembourg III S.a r.l.
        213800VO63L2OE6QXG55
        Auris Luxembourg III SARL
        N/A
        
          
        
        2302532.56000000
        PA
        USD
        2248572.71000000
        1.046995793728
        Long
        LON
        CORP
        LU
        
        N
        2
        
          2026-02-27
          Floating
          4.20743000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Learning Care Group No. 2, Inc.
        5493000VMN44LK8QID23
        Learning Care Group No. 2, Inc.
        52201CAC5
        
          
          
        
        1434501.13000000
        PA
        USD
        1415522.68000000
        0.659105345046
        Long
        LON
        CORP
        US
        N
        2
        
          2025-03-13
          Floating
          4.25032000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Dish Dbs Corp
        N/A
        DISH DBS Corp.
        25470XBB0
        
          
        
        120000.00000000
        PA
        USD
        113835.00000000
        0.053004630737
        Long
        DBT
        CORP
        US
        N
        2
        
          2028-07-01
          Fixed
          7.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Foundational Education Group Inc
        N/A
        Foundational Education Group, Inc.
        N/A
        
          
        
        585142.86000000
        PA
        USD
        585145.79000000
        0.272459582082
        Long
        LON
        CORP
        US
        N
        2
        
          2028-08-31
          Floating
          4.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        LTI Holdings, Inc.
        5493003GUY3WBOTOAP97
        LTI Holdings, Inc.
        50217UAV9
        
          
          
        
        468085.11000000
        PA
        USD
        460127.66000000
        0.214247785920
        Long
        LON
        CORP
        US
        N
        2
        
          2026-09-06
          Floating
          7.20743000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Wellfleet Clo Ltd
        2549001JCRYETQY84B65
        Wellfleet CLO 2020-1, Ltd.
        94949HAC3
        
          
        
        500000.00000000
        PA
        USD
        490247.70000000
        0.228272484808
        Long
        ABS-CBDO
        CORP
        KY
        Y
        3
        
          2033-04-15
          Floating
          7.48129000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Merlin Buyer Inc.
        N/A
        Bettcher Industries, Inc.
        N/A
        
          
        
        844912.28000000
        PA
        USD
        832238.60000000
        0.387512625099
        Long
        LON
        CORP
        US
        N
        2
        
          2028-12-14
          Floating
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        S&S Holdings LLC
        N/A
        S&S Holdings LLC
        78524HAB1
        
          
        
        944453.12000000
        PA
        USD
        912577.83000000
        0.424920726472
        Long
        LON
        CORP
        US
        N
        2
        
          2028-03-11
          Floating
          5.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Resolute Forest Products
        N/A
        Resolute Forest Products, Inc.
        76117WAC3
        
          
        
        60000.00000000
        PA
        USD
        57810.60000000
        0.026918166694
        Long
        DBT
        CORP
        US
        
        Y
        2
        
          2026-03-01
          Fixed
          4.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Danaos Corp
        734IM3DNDNT36T7YTD24
        Danaos Corp.
        23585WAA2
        
          
        
        100000.00000000
        PA
        USD
        107123.00000000
        0.049879343422
        Long
        DBT
        CORP
        MH
        
        Y
        2
        
          2028-03-01
          Fixed
          8.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Apex Group Treasury, Ltd.
        N/A
        Apex Group Treasury, Ltd.
        N/A
        
          
        
        486147.64000000
        PA
        USD
        482807.81000000
        0.224808272377
        Long
        LON
        CORP
        US
        N
        2
        
          2028-07-27
          Floating
          4.75600000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Sirius Xm Radio Inc
        WP5O65E6BMU84LNO4227
        Sirius XM Radio, Inc.
        82967NBM9
        
          
        
        300000.00000000
        PA
        USD
        273502.50000000
        0.127350103379
        Long
        DBT
        CORP
        US
        Y
        2
        
          2031-09-01
          Fixed
          3.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Nationstar Mtg Hld Inc
        N/A
        Nationstar Mortgage Holdings, Inc.
        63861CAD1
        
          
        
        170000.00000000
        PA
        USD
        157566.20000000
        0.073367050974
        Long
        DBT
        CORP
        US
        Y
        2
        
          2030-12-15
          Fixed
          5.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Clear Channel Outdoor Holdings, Inc.
        N/A
        Clear Channel Outdoor Holdings, Inc.
        18453HAD8
        
          
        
        300000.00000000
        PA
        USD
        299709.00000000
        0.139552553024
        Long
        DBT
        CORP
        US
        Y
        2
        
          2029-06-01
          Fixed
          7.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Scientific Games Corp
        N/A
        SCIENTIFIC GAMES HOLDINGS LP TLB 1L
        N/A
        
          
        
        398750.00000000
        PA
        USD
        395687.60000000
        0.184242764749
        Long
        LON
        CORP
        CA
        N
        2
        
          2029-02-04
          Floating
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        LABL Inc
        N/A
        LABL, Inc.
        N/A
        
          
        
        570000.00000000
        PA
        USD
        564046.35000000
        0.262635116619
        Long
        LON
        CORP
        US
        N
        2
        
          2028-10-29
          Floating
          5.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CoreLogic, Inc.
        N/A
        CoreLogic, Inc.
        N/A
        
          
        
        1858889.47000000
        PA
        USD
        1841471.68000000
        0.857438629694
        Long
        LON
        CORP
        US
        N
        2
        
          2028-06-02
          Floating
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        EnergySolutions LLC
        549300X3SKIUYR2MFH75
        EnergySolutions LLC
        29276MAL1
        
          
          
        
        782577.61260000
        PA
        USD
        768882.50000000
        0.358012324792
        Long
        LON
        CORP
        US
        N
        2
        
          2025-05-09
          Floating
          4.75600000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Amentum Government Services Holdings LLC
        N/A
        Amentum Government Services Holdings LLC TLB 1L
        N/A
        
          
        
        976530.61000000
        PA
        USD
        970427.29000000
        0.451856987426
        Long
        LON
        CORP
        CA
        N
        2
        
          2029-02-15
          Floating
          4.77904000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Numericable U.S. LLC
        5493001ZMCICV4N02J21
        Numericable U.S. LLC
        F6628DAL8
        
          
        
        493556.70000000
        PA
        USD
        483764.54000000
        0.225253751538
        Long
        LON
        CORP
        FR
        
        N
        2
        
          2026-01-31
          Floating
          3.92664000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Cornerstone OnDemand, Inc.
        N/A
        Cornerstone OnDemand, Inc.
        N/A
        
          
        
        587704.92000000
        PA
        USD
        582929.82000000
        0.271427766985
        Long
        LON
        CORP
        US
        N
        2
        
          2028-10-16
          Floating
          4.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        VT Topco, Inc.
        5493007T812R37X02Y38
        VT Topco, Inc.
        91838LAC4
        
          
        
        121034.74000000
        PA
        USD
        119446.76000000
        0.055617616783
        Long
        LON
        CORP
        US
        N
        2
        
          2025-08-01
          Floating
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Crestwood Mid Partner Lp
        549300VJQPPSEJPBNA66
        Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp.
        226373AR9
        
          
        
        135000.00000000
        PA
        USD
        134774.55000000
        0.062754647125
        Long
        DBT
        CORP
        US
        Y
        2
        
          2029-02-01
          Fixed
          6.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Seaworld Parks & Enterta
        549300UZV72O3371JJ53
        SeaWorld Parks & Entertainment, Inc.
        81282UAG7
        
          
        
        90000.00000000
        PA
        USD
        86022.00000000
        0.040054151581
        Long
        DBT
        CORP
        US
        Y
        2
        
          2029-08-15
          Fixed
          5.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        KKR Apple Bidco LLC
        N/A
        KKR Apple Bidco LLC
        N/A
        
          
        
        173714.29000000
        PA
        USD
        173090.66000000
        0.080595656145
        Long
        LON
        CORP
        US
        N
        2
        
          2029-09-21
          Floating
          6.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Covenant Surgical Partners, Inc.
        N/A
        Covenant Surgical Partners, Inc.
        22284MAU6
        
          
        
        269360.09000000
        PA
        USD
        265656.39000000
        0.123696744014
        Long
        LON
        CORP
        US
        N
        2
        
          2026-07-01
          Floating
          4.45743000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Carnival Corp
        F1OF2ZSX47CR0BCWA982
        Carnival Corp.
        143658BL5
        
          
        
        335000.00000000
        PA
        USD
        337579.50000000
        0.157186074071
        Long
        DBT
        CORP
        PA
        
        Y
        2
        
          2026-03-01
          Fixed
          7.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Minotaur Acquisition, Inc.
        N/A
        Minotaur Acquisition, Inc.
        60441EAC4
        
          
        
        1329450.12460000
        PA
        USD
        1319652.08000000
        0.614465421020
        Long
        LON
        CORP
        US
        N
        2
        
          2026-03-27
          Floating
          5.20743000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Vistra Operations Co Llc
        549300ZH5GKBTJZ7NM23
        Vistra Operations Co. LLC
        92840VAH5
        
          
        
        230000.00000000
        PA
        USD
        217646.70000000
        0.101342144021
        Long
        DBT
        CORP
        US
        Y
        2
        
          2029-05-01
          Fixed
          4.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Firstenergy Corp
        549300SVYJS666PQJH88
        FirstEnergy Corp.
        337932AC1
        
          
        
        140000.00000000
        PA
        USD
        172928.00000000
        0.080519917284
        Long
        DBT
        CORP
        US
        N
        2
        
          2031-11-15
          Fixed
          7.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Vantage Specialty Chemicals, Inc.
        N/A
        Vantage Specialty Chemicals Inc
        N/A
        
          
        
        640000.00000000
        PA
        USD
        617520.00000000
        0.287533883012
        Long
        LON
        CORP
        US
        N
        2
        
          2024-10-28
          Floating
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Cleveland-cliffs Inc
        549300TM2WLI2BJMDD86
        Cleveland-Cliffs, Inc.
        185899AL5
        
          
        
        130000.00000000
        PA
        USD
        128815.70000000
        0.059980046660
        Long
        DBT
        CORP
        US
        Y
        2
        
          2031-03-01
          Fixed
          4.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Eastern Power LLC
        5493000R3E1L1VM1V279
        Eastern Power LLC
        87264NAB3
        
          
          
        
        281615.81000000
        PA
        USD
        201724.22000000
        0.093928210056
        Long
        LON
        CORP
        US
        N
        2
        
          2025-10-02
          Floating
          4.75600000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Park River Holdings, Inc.
        N/A
        Park River Holdings, Inc.
        N/A
        
          
        
        3066806.04000000
        PA
        USD
        3004105.19000000
        1.398791990963
        Long
        LON
        CORP
        US
        N
        2
        
          2027-12-28
          Floating
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        AMC Entertainment Holdings, Inc.
        549300ZO77UNR6NRBR11
        AMC Entertainment Holdings, Inc.
        00164DAQ6
        
          
          
        
        3136056.43000000
        PA
        USD
        2806895.95000000
        1.306966076753
        Long
        LON
        CORP
        US
        N
        2
        
          2026-04-22
          Floating
          3.35171000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Suncoke Energy Inc
        1KF1J2NXQE2PI0QOB943
        SunCoke Energy, Inc.
        86722AAD5
        
          
        
        80000.00000000
        PA
        USD
        75520.00000000
        0.035164138562
        Long
        DBT
        CORP
        US
        Y
        2
        
          2029-06-30
          Fixed
          4.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Mercer Intl Inc
        549300Z5IAG39VRTY874
        Mercer International, Inc.
        588056BB6
        
          
        
        210000.00000000
        PA
        USD
        202898.85000000
        0.094475149305
        Long
        DBT
        CORP
        US
        
        N
        2
        
          2029-02-01
          Fixed
          5.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Travel Leaders Group LLC
        549300ELYRGQJOXAK024
        Travel Leaders Group LLC
        89416FAQ0
        
          
          
        
        875147.21000000
        PA
        USD
        828930.69000000
        0.385972373436
        Long
        LON
        CORP
        US
        N
        2
        
          2024-01-25
          Floating
          4.45743000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        AAdvantage Loyality IP, Ltd.
        IWUQB36BXD6OWD6X4T14
        AAdvantage Loyality IP, Ltd.
        02376CBJ3
        
          
        
        1119015.96000000
        PA
        USD
        1135801.20000000
        0.528859517694
        Long
        LON
        CORP
        US
        N
        2
        
          2028-04-20
          Floating
          5.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Nordam Group LLC
        5493002LT07L4NHXC089
        Nordam Group LLC
        65557PAD6
        
          
        
        1707198.62000000
        PA
        USD
        1494865.79000000
        0.696049626217
        Long
        LON
        CORP
        US
        N
        2
        
          2026-04-09
          Floating
          6.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Strategic Materials Holding Corp.
        5493006R2OJBS2TRU760
        Strategic Materials Holding Corp.
        86274EAE7
        
          
          
        
        800000.00000000
        PA
        USD
        460000.00000000
        0.214188343998
        Long
        LON
        CORP
        US
        N
        3
        
          2025-10-31
          Floating
          8.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Holly Nrg Prtnr/fin Corp
        529900NVV7ODCT0QCG29
        Holly Energy Partners LP / Holly Energy Finance Corp.
        435765AH5
        
          
        
        70000.00000000
        PA
        USD
        66543.40000000
        0.030984392717
        Long
        DBT
        CORP
        US
        Y
        2
        
          2028-02-01
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Allied Universal Holdco LLC
        98450038B4549046D794
        Allied Universal Holdco LLC
        01957TAH0
        
          
        
        2079487.88000000
        PA
        USD
        2050333.46000000
        0.954690279221
        Long
        LON
        CORP
        US
        N
        2
        
          2028-05-12
          Floating
          4.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Epicor Software Corp.
        JGNXVGGGXR4O1L5I7S73
        Epicor Software Corp.
        29426NAN4
        
          
        
        882679.44000000
        PA
        USD
        876805.21000000
        0.408264034650
        Long
        LON
        CORP
        US
        N
        2
        
          2027-07-30
          Floating
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Brave Parent Holdings, Inc.
        549300ZU643BIOAXIB73
        Brave Parent Holdings, Inc.
        10566UAC2
        
          
          
        
        1363268.18000000
        PA
        USD
        1351053.30000000
        0.629086671697
        Long
        LON
        CORP
        US
        N
        2
        
          2025-04-18
          Floating
          4.45743000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United AirLines, Inc.
        N/A
        United AirLines, Inc.
        N/A
        
          
        
        1187183.82000000
        PA
        USD
        1175228.88000000
        0.547218103535
        Long
        LON
        CORP
        US
        N
        2
        
          2028-04-21
          Floating
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Hyland Software, Inc.
        N/A
        Hyland Software, Inc.
        44908XAV0
        
          
        
        765110.00000000
        PA
        USD
        758415.29000000
        0.353138510930
        Long
        LON
        CORP
        US
        N
        2
        
          2025-07-07
          Floating
          7.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Howard Hughes Corp
        549300BVHY25JZC1KI49
        Howard Hughes Corp.
        44267DAF4
        
          
        
        110000.00000000
        PA
        USD
        103552.90000000
        0.048217009059
        Long
        DBT
        CORP
        US
        Y
        2
        
          2031-02-01
          Fixed
          4.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Tecostar Holdings, Inc.
        549300IXCNJ4GPQ18L22
        Tecostar Holdings, Inc.
        87876HAC4
        
          
          
        
        2037946.45000000
        PA
        USD
        1915669.66000000
        0.891987200268
        Long
        LON
        CORP
        US
        N
        2
        
          2024-05-01
          Floating
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        HIG Finance 2, Ltd.
        213800R6D9EVRN5D3117
        HIG Finance 2, Ltd.
        G4712JAR3
        
          
        
        1080707.16000000
        PA
        USD
        1070127.04000000
        0.498279866446
        Long
        LON
        CORP
        GB
        
        N
        2
        
          2027-11-12
          Floating
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United States Steel Corp
        JNLUVFYJT1OZSIQ24U47
        United States Steel Corp.
        912909AU2
        
          
        
        190000.00000000
        PA
        USD
        197932.50000000
        0.092162683474
        Long
        DBT
        CORP
        US
        N
        2
        
          2029-03-01
          Fixed
          6.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        EG Group, Ltd.
        549300BY1CRYVPEG9R57
        EG Group, Ltd.
        N2820EAC2
        
          
          
        
        2029145.81000000
        PA
        USD
        2001600.16000000
        0.931998746994
        Long
        LON
        CORP
        US
        N
        2
        
          2025-02-07
          Floating
          4.99629000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Perforce Software, Inc.
        549300322GBMUSL1VG17
        Perforce Software, Inc.
        71376GAF8
        
          
        
        815373.74000000
        PA
        USD
        807346.39000000
        0.375922144146
        Long
        LON
        CORP
        US
        N
        2
        
          2026-07-01
          Floating
          4.20743000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Chemours Co
        549300M1BOLNXL8DOV14
        Chemours Co.
        163851AH1
        
          
        
        140000.00000000
        PA
        USD
        128489.20000000
        0.059828019499
        Long
        DBT
        CORP
        US
        Y
        2
        
          2029-11-15
          Fixed
          4.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        White Cap Buyer LLC
        N/A
        White Cap Buyer LLC
        96350TAC4
        
          
        
        1576814.50000000
        PA
        USD
        1562686.24000000
        0.727628647684
        Long
        LON
        CORP
        US
        N
        2
        
          2027-10-19
          Floating
          4.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Triton Water Holdings, Inc.
        5493005IYCEL7QJFZZ63
        Triton Water Holdings, Inc.
        89678QAB2
        
          
        
        2285244.81000000
        PA
        USD
        2233415.46000000
        1.039938171386
        Long
        LON
        CORP
        US
        N
        2
        
          2028-03-31
          Floating
          4.50600000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Quest Software US Holdings Inc.
        N/A
        Quest Borrower Limited TL 1L
        N/A
        
          
        
        1404878.05000000
        PA
        USD
        1385891.12000000
        0.645308095554
        Long
        LON
        CORP
        US
        N
        2
        
          2029-02-01
          Floating
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Stericycle Inc
        B8PTJH2P0AXSWSMP2136
        Stericycle, Inc.
        858912AG3
        
          
        
        147000.00000000
        PA
        USD
        136879.79000000
        0.063734903362
        Long
        DBT
        CORP
        US
        Y
        2
        
          2029-01-15
          Fixed
          3.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Pre Paid Legal Services Inc
        N/A
        Pre Paid Legal Services, Inc.
        N/A
        
          
        
        1487323.94000000
        PA
        USD
        1471364.95000000
        0.685107004473
        Long
        LON
        CORP
        US
        N
        2
        
          2028-12-15
          Floating
          4.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        DCG Acquisition Corp.
        549300C9SM8L6YLXAU70
        DCG Acquisition Corp.
        23308UAG9
        
          
        
        1514699.02000000
        PA
        USD
        1492925.22000000
        0.695146044750
        Long
        LON
        CORP
        US
        N
        2
        
          2026-09-30
          Floating
          4.95743000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Mitchell International, Inc.
        N/A
        Mitchell International, Inc.
        N/A
        
          
        
        2329002.32000000
        PA
        USD
        2294998.89000000
        1.068613068972
        Long
        LON
        CORP
        US
        N
        2
        
          2028-10-15
          Floating
          4.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MLN US HoldCo LLC
        549300QKU7NPW6O86862
        MLN US HoldCo LLC
        55292HAB9
        
          
          
        
        1195503.00000000
        PA
        USD
        1152913.21000000
        0.536827328747
        Long
        LON
        CORP
        US
        N
        2
        
          2025-11-30
          Floating
          4.74243000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Ensono Inc
        N/A
        Ensono LP
        N/A
        
          
        
        1029250.00000000
        PA
        USD
        1013384.11000000
        0.471858835554
        Long
        LON
        CORP
        US
        N
        2
        
          2028-05-26
          Floating
          4.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Valvoline Inc
        549300CMHPBEY6VPOT75
        Valvoline, Inc.
        92047WAD3
        
          
        
        220000.00000000
        PA
        USD
        201171.30000000
        0.093670755667
        Long
        DBT
        CORP
        US
        Y
        2
        
          2030-02-15
          Fixed
          4.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        VT Topco, Inc.
        5493007T812R37X02Y38
        VT Topco, Inc.
        91838LAB6
        
          
        
        1831798.11000000
        PA
        USD
        1807764.92000000
        0.841743857724
        Long
        LON
        CORP
        US
        N
        2
        
          2025-08-01
          Floating
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Eab Global Inc
        254900WJRUVZKYEF1M36
        EAB Global, Inc.
        26835CAC3
        
          
        
        701834.86000000
        PA
        USD
        695869.26000000
        0.324015400953
        Long
        LON
        CORP
        US
        N
        2
        
          2028-08-16
          Floating
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Realogy Group/co-issuer
        LF6PBYTYG3BDVEF4FI12
        Realogy Group LLC / Realogy Co.-Issuer Corp.
        75606DAL5
        
          
        
        40000.00000000
        PA
        USD
        37777.60000000
        0.017590264313
        Long
        DBT
        CORP
        US
        Y
        2
        
          2029-01-15
          Fixed
          5.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Churchill Downs Inc
        529900FODTBQC8MIS994
        Churchill Downs, Inc.
        171484AE8
        
          
        
        270000.00000000
        PA
        USD
        262407.60000000
        0.122184020210
        Long
        DBT
        CORP
        US
        Y
        2
        
          2028-01-15
          Fixed
          4.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        AqGen Ascensus, Inc.
        N/A
        AqGen Island Holdings, Inc.
        N/A
        
          
        
        1126764.32000000
        PA
        USD
        1119722.04000000
        0.521372629317
        Long
        LON
        CORP
        US
        N
        2
        
          2028-08-02
          Floating
          4.56250000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Seagate Hdd Cayman
        529900BD50TRWEG1SF63
        Seagate HDD Cayman
        81180WAN1
        
          
        
        220000.00000000
        PA
        USD
        225393.30000000
        0.104949168859
        Long
        DBT
        CORP
        KY
        
        N
        2
        
          2034-12-01
          Fixed
          5.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Edelman Financial Engines Center LLC
        549300Z31KZXNP05U733
        Edelman Financial Engines Center LLC
        27943UAK2
        
          
        
        2271279.43000000
        PA
        USD
        2249043.60000000
        1.047215052748
        Long
        LON
        CORP
        US
        N
        2
        
          2028-04-07
          Floating
          4.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Avis Budget Car/finance
        XN8R4HH1TVC1XOCL5P21
        Avis Budget Car Rental LLC / Avis Budget Finance, Inc.
        053773BC0
        
          
        
        100000.00000000
        PA
        USD
        100020.00000000
        0.046571996014
        Long
        DBT
        CORP
        US
        Y
        2
        
          2027-07-15
          Fixed
          5.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Pro Mach Group, Inc.
        N/A
        PRO MACH Group, Inc.
        N/A
        
          
        
        1626747.57000000
        PA
        USD
        1621663.98000000
        0.755090266082
        Long
        LON
        CORP
        US
        N
        2
        
          2028-08-31
          Floating
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        DCert Buyer, Inc.
        N/A
        DCert Buyer, Inc.
        24022KAJ8
        
          
        
        668274.77000000
        PA
        USD
        662287.03000000
        0.308378613494
        Long
        LON
        CORP
        US
        N
        2
        
          2029-02-19
          Floating
          7.45743000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Live Nation Entertainmen
        5493007B9BM9ZXJINO78
        Live Nation Entertainment, Inc.
        538034AR0
        
          
        
        370000.00000000
        PA
        USD
        361404.90000000
        0.168279819660
        Long
        DBT
        CORP
        US
        Y
        2
        
          2027-10-15
          Fixed
          4.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CCI Buyer, Inc.
        254900TMV7DAFRQALU04
        CCI Buyer, Inc.
        12510EAC1
        
          
        
        2137254.59000000
        PA
        USD
        2112323.52000000
        0.983554514647
        Long
        LON
        CORP
        US
        N
        2
        
          2027-12-17
          Floating
          4.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Howmet Aerospace Inc
        549300HO5WFZUT5N2T22
        Howmet Aerospace, Inc.
        013817AJ0
        
          
        
        360000.00000000
        PA
        USD
        386359.20000000
        0.179899211383
        Long
        DBT
        CORP
        US
        N
        2
        
          2027-02-01
          Fixed
          5.90000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Wheel Pros, Inc.
        N/A
        Wheel Pros, Inc.
        N/A
        
          
        
        961187.44000000
        PA
        USD
        918986.51000000
        0.427904779856
        Long
        LON
        CORP
        US
        N
        2
        
          2028-05-11
          Floating
          5.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Service Corp Intl
        549300RKVM2ME20JHZ15
        Service Corp. International
        817565CG7
        
          
        
        230000.00000000
        PA
        USD
        214489.95000000
        0.099872276510
        Long
        DBT
        CORP
        US
        N
        2
        
          2031-05-15
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Ring Container Technologies Group LLC
        N/A
        Ring Container Technologies Group, LLC
        N/A
        
          
        
        572556.05000000
        PA
        USD
        565401.96000000
        0.263266325012
        Long
        LON
        CORP
        US
        N
        2
        
          2028-08-12
          Floating
          4.26802000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Yum! Brands Inc
        549300JE8XHZZ7OHN517
        Yum! Brands, Inc.
        988498AP6
        
          
        
        80000.00000000
        PA
        USD
        77519.60000000
        0.036095205981
        Long
        DBT
        CORP
        US
        N
        2
        
          2032-01-31
          Fixed
          4.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Deerfield Dakota Holding LLC
        549300FDREJLOIGXY104
        Deerfield Dakota Holding LLC
        24440EAB3
        
          
        
        1115697.15000000
        PA
        USD
        1111630.43000000
        0.517604958565
        Long
        LON
        CORP
        US
        N
        2
        
          2027-04-09
          Floating
          4.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Bright Bidco B.V.
        549300IL6Q1JWU688H15
        Bright BidCo B.V.
        N1603LAD9
        
          
          
        
        2117655.55160000
        PA
        USD
        1282176.91000000
        0.597015976230
        Long
        LON
        CORP
        NL
        
        N
        2
        
          2024-06-30
          Floating
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Murphy Oil Usa Inc
        N32S6DTR2ZZ5222WHV58
        Murphy Oil USA, Inc.
        626738AF5
        
          
        
        60000.00000000
        PA
        USD
        54875.10000000
        0.025551319121
        Long
        DBT
        CORP
        US
        Y
        2
        
          2031-02-15
          Fixed
          3.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Idera, Inc.
        549300VQ6S3PWR8NUC48
        Idera, Inc.
        45168RAQ6
        
          
        
        2810033.46000000
        PA
        USD
        2765072.92000000
        1.287492151673
        Long
        LON
        CORP
        US
        N
        2
        
          2028-03-02
          Floating
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Internet Brands, Inc.,
        N/A
        Internet Brands, Inc.
        45567YAL9
        
          
        
        1795984.36000000
        PA
        USD
        1779308.65000000
        0.828493854794
        Long
        LON
        CORP
        US
        N
        2
        
          2024-09-13
          Floating
          4.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Starwood Property Trust
        BUGSFQZERKRBFWIG5267
        Starwood Property Trust, Inc.
        85571BAY1
        
          
        
        390000.00000000
        PA
        USD
        378824.55000000
        0.176390876153
        Long
        DBT
        CORP
        US
        Y
        2
        
          2027-01-15
          Fixed
          4.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Sabre GLBL, Inc.
        N/A
        Sabre GLBL, Inc.
        N/A
        
          
        
        239776.59000000
        PA
        USD
        237528.68000000
        0.110599727437
        Long
        LON
        CORP
        US
        N
        2
        
          2027-12-17
          Floating
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CPI International, Inc.
        5493003UP57IOOYDIV65
        CPI International, Inc.
        12632BAK2
        
          
          
        
        313529.91000000
        PA
        USD
        297853.41000000
        0.138688540526
        Long
        LON
        CORP
        US
        N
        3
        
          2025-07-26
          Floating
          8.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Carpenter Technology
        DX6I6ZD3X5WNNCDJKP85
        Carpenter Technology Corp.
        144285AM5
        
          
        
        100000.00000000
        PA
        USD
        102520.50000000
        0.047736295914
        Long
        DBT
        CORP
        US
        N
        2
        
          2030-03-15
          Fixed
          7.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Access CIG LLC
        5493002EU9Z6IQMPAN35
        Access CIG LLC
        00435CAH1
        
          
          
        
        1467817.21000000
        PA
        USD
        1448353.95000000
        0.674392465378
        Long
        LON
        CORP
        US
        N
        2
        
          2025-02-27
          Floating
          3.84614000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Baldwin Risk Partners LLC
        N/A
        Baldwin Risk Partners, LLC
        N/A
        
          
        
        1961241.92000000
        PA
        USD
        1946532.61000000
        0.906357817988
        Long
        LON
        CORP
        US
        N
        2
        
          2027-10-14
          Floating
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Ncl Corporation Ltd
        UNZWILHE4KMRP9K2L524
        NCL Corp., Ltd.
        62886HBE0
        
          
        
        38000.00000000
        PA
        USD
        37478.45000000
        0.017450972045
        Long
        DBT
        CORP
        BM
        
        Y
        2
        
          2027-02-15
          Fixed
          5.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Xerox Holdings Corp
        5493000Y33XDVO2CXC18
        Xerox Holdings Corp.
        98421MAB2
        
          
        
        240000.00000000
        PA
        USD
        234307.20000000
        0.109099719901
        Long
        DBT
        CORP
        US
        Y
        2
        
          2028-08-15
          Fixed
          5.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Lsb Industries
        5493001H215A0HG0MI71
        LSB Industries, Inc.
        502160AN4
        
          
        
        60000.00000000
        PA
        USD
        60945.30000000
        0.028377767133
        Long
        DBT
        CORP
        US
        Y
        2
        
          2028-10-15
          Fixed
          6.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Nabors Industries Ltd
        N/A
        Nabors Industries, Ltd.
        629571AB6
        
          
        
        150000.00000000
        PA
        USD
        146557.50000000
        0.068241104838
        Long
        DBT
        CORP
        BM
        
        Y
        2
        
          2028-01-15
          Fixed
          7.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Petrofac Ltd
        2138004624W8CKCSJ177
        Petrofac, Ltd.
        716473AE3
        
          
        
        200000.00000000
        PA
        USD
        183261.00000000
        0.085331239368
        Long
        DBT
        CORP
        JE
        
        Y
        2
        
          2026-11-15
          Fixed
          9.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Recess Holdings, Inc.
        N/A
        Recess Holdings, Inc.
        72811HAC4
        
          
          
        
        1913848.62000000
        PA
        USD
        1885140.89000000
        0.877772185723
        Long
        LON
        CORP
        US
        N
        2
        
          2024-09-30
          Floating
          4.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Delta Topco, Inc.
        N/A
        Delta Topco, Inc.
        24780DAC1
        
          
        
        1714964.81000000
        PA
        USD
        1690775.23000000
        0.787270318668
        Long
        LON
        CORP
        US
        N
        2
        
          2027-12-01
          Floating
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Apex Group Treasury, Ltd.
        N/A
        Apex Group Treasury LLC
        G0472CAE5
        
          
        
        269879.52000000
        PA
        USD
        268025.45000000
        0.124799841923
        Long
        LON
        CORP
        US
        N
        2
        
          2028-07-27
          Floating
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Sovos Compliance LLC
        N/A
        Sovos Compliance LLC
        N/A
        
          
        
        69227.83000000
        PA
        USD
        69228.18000000
        0.032234498330
        Long
        LON
        CORP
        US
        N
        2
        
          2028-08-11
          Floating
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Apache Corp
        72ZZ1XRHOOU9P9X16K08
        Apache Corp.
        037411BG9
        
          
        
        155000.00000000
        PA
        USD
        149471.93000000
        0.069598141654
        Long
        DBT
        CORP
        US
        N
        2
        
          2049-07-01
          Fixed
          5.35000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Davita Inc
        M2XHYMU3TZNEZURC6H66
        DaVita, Inc.
        23918KAS7
        
          
        
        240000.00000000
        PA
        USD
        224448.00000000
        0.104509011812
        Long
        DBT
        CORP
        US
        Y
        2
        
          2030-06-01
          Fixed
          4.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Bombardier Inc
        W7L3VLU8EHQY34Z36697
        Bombardier, Inc.
        097751BT7
        
          
        
        390000.00000000
        PA
        USD
        382289.70000000
        0.178004342979
        Long
        DBT
        CORP
        CA
        Y
        2
        
          2027-04-15
          Fixed
          7.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Help/Systems Holdings, Inc.
        N/A
        Help/Systems Holdings, Inc.
        N/A
        
          
        
        2101204.44000000
        PA
        USD
        2080192.40000000
        0.968593402943
        Long
        LON
        CORP
        US
        N
        2
        
          2026-11-19
          Floating
          4.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Uniti Group/csl Capital
        N/A
        Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC
        91327BAA8
        
          
        
        110000.00000000
        PA
        USD
        102702.60000000
        0.047821086561
        Long
        DBT
        CORP
        US
        Y
        2
        
          2029-02-15
          Fixed
          6.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Travel + Leisure Co
        T4VNTWMFQ7JQB65L7T35
        Travel + Leisure Co.
        98310WAQ1
        
          
        
        120000.00000000
        PA
        USD
        111828.00000000
        0.052070117679
        Long
        DBT
        CORP
        US
        Y
        2
        
          2030-03-01
          Fixed
          4.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Lumen Technologies Inc
        8M3THTGWLTYZVE6BBY25
        Lumen Technologies, Inc.
        156700AT3
        
          
        
        75000.00000000
        PA
        USD
        72529.50000000
        0.033771681513
        Long
        DBT
        CORP
        US
        N
        2
        
          2042-03-15
          Fixed
          7.65000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        WWEX UNI TopCo Holdings LLC
        N/A
        WWEX UNI TopCo Holdings LLC
        N/A
        
          
        
        1321153.17000000
        PA
        USD
        1310214.02000000
        0.610070807016
        Long
        LON
        CORP
        US
        N
        2
        
          2028-07-26
          Floating
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Crown Finance US, Inc.
        N/A
        Crown Finance US, Inc.
        22834KAB7
        
          
          
        
        1444613.25000000
        PA
        USD
        1118730.17000000
        0.520910788029
        Long
        LON
        CORP
        US
        N
        2
        
          2025-02-28
          Floating
          3.99971000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Transocean Inc
        DOL4HJ22ADYSIWES4H94
        Transocean, Inc.
        893830BK4
        
          
        
        205000.00000000
        PA
        USD
        178577.55000000
        0.083150499369
        Long
        DBT
        CORP
        KY
        
        Y
        2
        
          2025-11-01
          Fixed
          7.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Sabre GLBL, Inc.
        N/A
        Sabre GLBL, Inc.
        N/A
        
          
        
        382218.11000000
        PA
        USD
        378634.82000000
        0.176302532773
        Long
        LON
        CORP
        US
        N
        2
        
          2027-12-17
          Floating
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Tri Pointe Homes Inc
        N/A
        Tri Pointe Homes, Inc.
        87265HAG4
        
          
        
        80000.00000000
        PA
        USD
        79960.00000000
        0.037231521708
        Long
        DBT
        CORP
        US
        N
        2
        
          2028-06-15
          Fixed
          5.70000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Deliver Buyer Inc
        5493008Z3RKKERNJ9L16
        Deliver Buyer, Inc.
        24701PAC0
        
          
        
        1591644.90000000
        PA
        USD
        1591644.90000000
        0.741112576879
        Long
        LON
        CORP
        US
        N
        2
        
          2024-05-01
          Floating
          6.00600000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Equiniti Group PLC
        N/A
        Equiniti Group PLC
        N/A
        
          
        
        349090.91000000
        PA
        USD
        349382.40000000
        0.162681821039
        Long
        LON
        CORP
        GB
        N
        2
        
          2028-12-11
          Floating
          5.20300000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Rocket Software, Inc.
        549300PVG26ISP5X1556
        Rocket Software, Inc.
        77313DAN1
        
          
          
        
        2006583.54000000
        PA
        USD
        1984641.55000000
        0.924102363097
        Long
        LON
        CORP
        US
        N
        2
        
          2025-11-28
          Floating
          4.70743000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Global Medical Response, Inc.
        549300ZFWD4ZFCEJCQ87
        Global Medical Response, Inc.
        00169QAD1
        
          
          
        
        2349214.24000000
        PA
        USD
        2338725.00000000
        1.088973119169
        Long
        LON
        CORP
        US
        N
        2
        
          2025-03-14
          Floating
          5.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Mitchell International, Inc.
        N/A
        Mitchell International, Inc.
        N/A
        
          
        
        412371.13000000
        PA
        USD
        409408.24000000
        0.190631462923
        Long
        LON
        CORP
        US
        N
        2
        
          2029-10-15
          Floating
          7.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Trinet Group Inc
        5299003FJVBETSFKE990
        TriNet Group, Inc.
        896288AA5
        
          
        
        70000.00000000
        PA
        USD
        64452.85000000
        0.030010976538
        Long
        DBT
        CORP
        US
        Y
        2
        
          2029-03-01
          Fixed
          3.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Transdigm Inc
        88Q84GB3X55CF5OC7582
        TransDigm, Inc.
        893647BQ9
        
          
        
        110000.00000000
        PA
        USD
        103323.00000000
        0.048109961449
        Long
        DBT
        CORP
        US
        N
        2
        
          2029-05-01
          Fixed
          4.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Lamb Weston Hld
        5493005SMYID1D2OY946
        Lamb Weston Holdings, Inc.
        513272AC8
        
          
        
        85000.00000000
        PA
        USD
        85174.25000000
        0.039659416432
        Long
        DBT
        CORP
        US
        Y
        2
        
          2028-05-15
          Fixed
          4.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Vantage Specialty Chemicals, Inc.
        54930057U5S5AY44VU09
        Vantage Specialty Chemicals, Inc.
        92211YAB3
        
          
          
        
        725111.13390000
        PA
        USD
        702813.97000000
        0.327249044289
        Long
        LON
        CORP
        US
        N
        2
        
          2025-10-27
          Floating
          9.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        NFP Corp.
        VO2L9FZNXDJNQNEYH039
        NFP Corp.
        62910PAF0
        
          
        
        780985.50000000
        PA
        USD
        768298.39000000
        0.357740347501
        Long
        LON
        CORP
        US
        N
        2
        
          2027-02-15
          Floating
          3.70743000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Transdigm Inc
        88Q84GB3X55CF5OC7582
        TransDigm, Inc.
        893647BP1
        
          
        
        300000.00000000
        PA
        USD
        280870.50000000
        0.130780841897
        Long
        DBT
        CORP
        US
        N
        2
        
          2029-01-15
          Fixed
          4.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Cambrex Corp.
        4Q9DLX2VIFGJMOYJ4Y35
        Cambrex Corp.
        13201FAU0
        
          
        
        1556616.15000000
        PA
        USD
        1545673.14000000
        0.719706891781
        Long
        LON
        CORP
        US
        N
        2
        
          2026-12-04
          Floating
          4.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Ascend Performance Materials Operations LLC
        549300NIMFUIRMMAGQ29
        Ascend Performance Materials Operations LLC
        04350TAC8
        
          
        
        2109937.51000000
        PA
        USD
        2106646.01000000
        0.980910913636
        Long
        LON
        CORP
        US
        N
        2
        
          2026-08-27
          Floating
          5.75600000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Phoenix Guarantor, Inc.
        N/A
        Phoenix Guarantor, Inc.
        71913BAH5
        
          
        
        1300820.79000000
        PA
        USD
        1288970.31000000
        0.600179165569
        Long
        LON
        CORP
        US
        N
        2
        
          2026-03-05
          Floating
          3.94657000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Black Knight Infoserv Ll
        549300H5PS5C68DAUX66
        Black Knight InfoServ LLC
        092174AA9
        
          
        
        180000.00000000
        PA
        USD
        170796.60000000
        0.079527480249
        Long
        DBT
        CORP
        US
        Y
        2
        
          2028-09-01
          Fixed
          3.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Viasat Inc
        UFC8NYMNFSYIHNSM2I38
        Viasat, Inc.
        92552VAN0
        
          
        
        281000.00000000
        PA
        USD
        270115.47000000
        0.125773011321
        Long
        DBT
        CORP
        US
        Y
        2
        
          2028-07-15
          Fixed
          6.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Engineered Machinery Hol
        5493008AR0NPSLW8EW07
        Engineered Machinery Holdings, Inc.
        26658NAP4
        
          
        
        597999.58000000
        PA
        USD
        590940.19000000
        0.275157610213
        Long
        LON
        CORP
        US
        N
        2
        
          2028-05-21
          Floating
          4.75600000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Motion Finco LLC
        N/A
        Motion Finco LLC
        N/A
        
          
        
        1228860.47000000
        PA
        USD
        1210255.52000000
        0.563527447051
        Long
        LON
        CORP
        GB
        N
        2
        
          2026-11-12
          Floating
          4.25600000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Full House Resorts Inc
        5493009DKIWW0H901Y82
        Full House Resorts, Inc.
        359678AC3
        
          
        
        60000.00000000
        PA
        USD
        61420.20000000
        0.028598893317
        Long
        DBT
        CORP
        US
        Y
        2
        
          2028-02-15
          Fixed
          8.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Meg Energy Corp
        5493002WXPTG5ZC1T326
        MEG Energy Corp.
        552704AF5
        
          
        
        145000.00000000
        PA
        USD
        147269.98000000
        0.068572854645
        Long
        DBT
        CORP
        CA
        Y
        2
        
          2029-02-01
          Fixed
          5.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Acadia Healthcare Co Inc
        5493005CW985Y9D0NC11
        Acadia Healthcare Co., Inc.
        00404AAN9
        
          
        
        70000.00000000
        PA
        USD
        70437.50000000
        0.032797590174
        Long
        DBT
        CORP
        US
        Y
        2
        
          2028-07-01
          Fixed
          5.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Ball Corp
        0BGI85ALH27ZJP15DY16
        Ball Corp.
        058498AX4
        
          
        
        150000.00000000
        PA
        USD
        134385.00000000
        0.062573262191
        Long
        DBT
        CORP
        US
        N
        2
        
          2031-09-15
          Fixed
          3.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Verscend Holding Corp.
        N/A
        Verscend Holding Corp.
        92531HAD9
        
          
        
        2134057.93000000
        PA
        USD
        2131390.36000000
        0.992432547005
        Long
        LON
        CORP
        US
        N
        2
        
          2025-08-27
          Floating
          4.45743000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Lamb Weston Hld
        5493005SMYID1D2OY946
        Lamb Weston Holdings, Inc.
        513272AD6
        
          
        
        120000.00000000
        PA
        USD
        112260.00000000
        0.052271268472
        Long
        DBT
        CORP
        US
        Y
        2
        
          2030-01-31
          Fixed
          4.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Garda World Security
        549300ZF1NDXLMCHNO20
        Garda World Security Corp.
        C4000KAE4
        
          
        
        218181.82000000
        PA
        USD
        216545.46000000
        0.100829377125
        Long
        LON
        CORP
        CA
        
        N
        2
        
          2029-02-17
          Floating
          4.56668000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        IBC Capital I, Ltd.
        5493003ZYID1KN87T037
        IBC Capital I, Ltd.
        44928QAE9
        
          
          
        
        251359.54000000
        PA
        USD
        246725.73000000
        0.114882120718
        Long
        LON
        CORP
        KY
        
        N
        2
        
          2023-09-11
          Floating
          4.66643000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Tekni-Plex, Inc.
        N/A
        Tekni-Plex, Inc.
        N/A
        
          
        
        43517.40000000
        PA
        USD
        43046.11000000
        0.020043423948
        Long
        LON
        CORP
        US
        N
        2
        
          2028-09-15
          Floating
          4.66354000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Cengage Learning Inc
        N/A
        Cengage Learning, Inc.
        N/A
        
          
        
        750128.01000000
        PA
        USD
        745068.40000000
        0.346923840786
        Long
        LON
        CORP
        US
        N
        2
        
          2026-07-14
          Floating
          5.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Commercial Metals Co
        549300OQS2LO07ZJ7N73
        Commercial Metals Co.
        201723AP8
        
          
        
        155000.00000000
        PA
        USD
        141122.08000000
        0.065710227427
        Long
        DBT
        CORP
        US
        N
        2
        
          2031-02-15
          Fixed
          3.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Cdi Escrow Issuer Inc
        529900FODTBQC8MIS994
        CDI Escrow Issuer, Inc.
        12511VAA6
        
          
        
        28000.00000000
        PA
        USD
        28315.00000000
        0.013184223826
        Long
        DBT
        CORP
        US
        Y
        2
        
          2030-04-01
          Fixed
          5.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fiserv Investment Solutions, Inc.
        N/A
        Fiserv Investment Solutions, Inc.
        33774UAC2
        
          
        
        914231.44000000
        PA
        USD
        910423.67000000
        0.423917691770
        Long
        LON
        CORP
        US
        N
        2
        
          2027-02-18
          Floating
          4.48814000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Northern Oil And Gas Inc
        OKFF0PIZDDMNH4UCYE51
        Northern Oil and Gas, Inc.
        665531AG4
        
          
        
        150000.00000000
        PA
        USD
        156511.50000000
        0.072875954351
        Long
        DBT
        CORP
        US
        Y
        2
        
          2028-03-01
          Fixed
          8.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ION Trading Finance, Ltd.
        N/A
        ION Trading Finance, Ltd.
        N/A
        
          
        
        1613308.72000000
        PA
        USD
        1603749.87000000
        0.746748975745
        Long
        LON
        CORP
        IE
        N
        2
        
          2028-04-01
          Floating
          5.20743000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ARC FALCON I INC
        N/A
        Arc Falcon I, Inc.
        N/A
        
          
        
        71516.37000000
        PA
        USD
        69877.57000000
        0.032536871741
        Long
        LON
        CORP
        US
        N
        2
        
          2028-09-30
          Floating
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Enlink Midstream Partner
        88CPW63VL7KHJWS0NY83
        EnLink Midstream Partners LP
        29336UAG2
        
          
        
        220000.00000000
        PA
        USD
        185794.40000000
        0.086510858391
        Long
        DBT
        CORP
        US
        N
        2
        
          2047-06-01
          Fixed
          5.45000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        1011778 Bc / New Red Fin
        549300RHSHNRWI5LLA86
        1011778 BC ULC / New Red Finance, Inc.
        68245XAP4
        
          
        
        50000.00000000
        PA
        USD
        46235.00000000
        0.021528256706
        Long
        DBT
        CORP
        CA
        Y
        2
        
          2029-02-15
          Fixed
          3.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        EG Group, Ltd.
        2138003OUK4UQHRJLT65
        EG Group, Ltd.
        N2820EAB4
        
          
          
        
        200520.88000000
        PA
        USD
        197798.81000000
        0.092100433823
        Long
        LON
        CORP
        GB
        
        N
        2
        
          2025-02-07
          Floating
          4.22375000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CoreLogic, Inc.
        N/A
        CoreLogic, Inc.
        N/A
        
          
        
        567441.86000000
        PA
        USD
        562476.74000000
        0.261904264083
        Long
        LON
        CORP
        US
        N
        2
        
          2029-06-04
          Floating
          7.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        LI Group Holdings, Inc.
        549300WTOOUDL4F82264
        LI Group Holdings, Inc.
        50201FAD0
        
          
        
        731808.00000000
        PA
        USD
        726780.48000000
        0.338408494481
        Long
        LON
        CORP
        US
        N
        2
        
          2028-03-11
          Floating
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Viant Medical Holdings, Inc.
        549300E68YOWU15QSF58
        Viant Medical Holdings, Inc.
        58506PAF8
        
          
          
        
        538704.32000000
        PA
        USD
        508017.03000000
        0.236546361692
        Long
        LON
        CORP
        US
        N
        2
        
          2025-07-02
          Floating
          4.20743000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Ritchie Bros Hldgs Inc
        N/A
        Ritchie Bros Holdings, Inc.
        76774LAA5
        
          
        
        50000.00000000
        PA
        USD
        48831.00000000
        0.022737023969
        Long
        DBT
        CORP
        US
        
        Y
        2
        
          2031-12-15
          Fixed
          4.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Mgic Investment Corp
        254900S8483WM4M98R28
        MGIC Investment Corp.
        552848AG8
        
          
        
        100000.00000000
        PA
        USD
        98899.00000000
        0.046050028332
        Long
        DBT
        CORP
        US
        N
        2
        
          2028-08-15
          Fixed
          5.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Recorded Books, Inc.
        549300YXME0U2XYD7K47
        Recorded Books, Inc.
        37610GAE8
        
          
        
        1346666.67000000
        PA
        USD
        1338815.60000000
        0.623388470181
        Long
        LON
        CORP
        US
        N
        2
        
          2025-08-29
          Floating
          4.38700000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Naked Juice LLC
        N/A
        Bengal Debt Merger Sub, LLC TL 1L
        N/A
        
          
        
        1470.64000000
        PA
        USD
        1449.63000000
        0.000674986628
        Long
        LON
        CORP
        US
        N
        2
        
          2029-01-24
          Floating
          4.00110000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Allegheny Technologies
        ZW1LRE7C3H17O2ZN9B45
        Allegheny Technologies, Inc.
        01741RAM4
        
          
        
        190000.00000000
        PA
        USD
        178506.90000000
        0.083117602833
        Long
        DBT
        CORP
        US
        N
        2
        
          2031-10-01
          Fixed
          5.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SRS Distribution, Inc.
        N/A
        SRS Distribution, Inc.
        N/A
        
          
        
        588248.55000000
        PA
        USD
        581877.82000000
        0.270937927554
        Long
        LON
        CORP
        US
        N
        2
        
          2028-06-02
          Floating
          4.01866000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Berlin Packaging LLC
        N/A
        Berlin Packaging L.L.C.
        N/A
        
          
        
        1016634.93000000
        PA
        USD
        1008756.01000000
        0.469703868000
        Long
        LON
        CORP
        US
        N
        2
        
          2028-03-11
          Floating
          4.28072000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Revspring, Inc.
        XX9565OVKA4TOKTD1R27
        Revspring, Inc.
        76155WAC6
        
          
          
        
        1280400.00000000
        PA
        USD
        1264798.33000000
        0.588924043031
        Long
        LON
        CORP
        US
        N
        2
        
          2025-10-11
          Floating
          5.25600000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Alterra Mountain Company
        549300C5O4FSVNUEI843
        Alterra Mountain Company
        46124CAJ6
        
          
        
        1417039.35000000
        PA
        USD
        1408182.85000000
        0.655687723235
        Long
        LON
        CORP
        US
        N
        2
        
          2028-08-17
          Floating
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Urban One Inc
        549300PLGIGPBRQUP240
        Urban One, Inc.
        91705JAC9
        
          
        
        85000.00000000
        PA
        USD
        85449.23000000
        0.039787454499
        Long
        DBT
        CORP
        US
        Y
        2
        
          2028-02-01
          Fixed
          7.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Hilton Domestic Operatin
        5493003EG7H0N1E4XV50
        Hilton Domestic Operating Co., Inc.
        432833AF8
        
          
        
        420000.00000000
        PA
        USD
        419874.00000000
        0.195504601626
        Long
        DBT
        CORP
        US
        N
        2
        
          2030-01-15
          Fixed
          4.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Acrisure LLC
        549300R0Z1Q47XRTGO22
        Acrisure LLC
        00488PAN5
        
          
        
        335157.89000000
        PA
        USD
        333274.30000000
        0.155181457422
        Long
        LON
        CORP
        US
        N
        2
        
          2027-02-15
          Floating
          4.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Encompass Health Corp
        549300FVRPM9DRQZRG64
        Encompass Health Corp.
        29261AAE0
        
          
        
        80000.00000000
        PA
        USD
        75020.40000000
        0.034931511395
        Long
        DBT
        CORP
        US
        N
        2
        
          2031-04-01
          Fixed
          4.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        KUEHG Corp
        549300YNT566T1NYJX62
        KUEHG Corp.
        48244EAJ3
        
          
          
        
        900432.97000000
        PA
        USD
        888475.22000000
        0.413697904468
        Long
        LON
        CORP
        US
        N
        2
        
          2025-02-21
          Floating
          4.75600000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Lereta LLC
        N/A
        Lereta, LLC
        N/A
        
          
        
        552777.78000000
        PA
        USD
        553814.24000000
        0.257870771626
        Long
        LON
        CORP
        US
        N
        2
        
          2028-07-30
          Floating
          6.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Garda World Security
        549300ZF1NDXLMCHNO20
        Garda World Security Corp.
        C4000KAD6
        
          
        
        2151355.74000000
        PA
        USD
        2130616.67000000
        0.992072296180
        Long
        LON
        CORP
        CA
        
        N
        2
        
          2026-10-30
          Floating
          4.71000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Trident TPI Holdings, Inc.
        549300TPLK304J3RNC85
        Tekni-Plex, Inc.
        00216EAE9
        
          
        
        306051.82000000
        PA
        USD
        302737.28000000
        0.140962601456
        Long
        LON
        CORP
        US
        N
        2
        
          2028-09-17
          Floating
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        EG Group, Ltd.
        549300BY1CRYVPEG9R57
        EG Group, Ltd.
        N2820EAD0
        
          
        
        222192.44000000
        PA
        USD
        219526.13000000
        0.102217257063
        Long
        LON
        CORP
        US
        N
        2
        
          2026-03-31
          Floating
          4.91808000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Baytex Energy Corp
        549300R5LTV2H7I1I079
        Baytex Energy Corp.
        07317QAH8
        
          
        
        60000.00000000
        PA
        USD
        64428.30000000
        0.029999545399
        Long
        DBT
        CORP
        CA
        Y
        2
        
          2027-04-01
          Fixed
          8.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        HIG Finance 2, Ltd.
        N/A
        Hyperion Ins/Howden 11/21 Incremental Cov-Lite
        N/A
        
          
        
        320040.01000000
        PA
        USD
        316889.22000000
        0.147552124484
        Long
        LON
        CORP
        US
        N
        2
        
          2027-11-12
          Floating
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Pra Group Inc
        549300Q5HW3JSSB86K27
        PRA Group, Inc.
        69354NAD8
        
          
        
        120000.00000000
        PA
        USD
        113953.80000000
        0.053059947205
        Long
        DBT
        CORP
        US
        Y
        2
        
          2029-10-01
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Medical Solutions LLC
        N/A
        Medical Solutions LLC
        N/A
        
          
        
        258987.95000000
        PA
        USD
        257207.41000000
        0.119762672200
        Long
        LON
        CORP
        US
        N
        2
        
          2028-11-01
          Floating
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Park Avenue Institutional Advisers Clo
        N/A
        Park Avenue Institutional Advisers CLO, Ltd. 2022-1
        70016DAA4
        
          
        
        1000000.00000000
        PA
        USD
        999958.60000000
        0.465607557828
        Long
        ABS-CBDO
        CORP
        KY
        Y
        3
        
          2035-04-20
          Floating
          7.91561000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Iron Mountain Inc
        SQL3F6CKNNBM3SQGHX24
        Iron Mountain, Inc.
        46284VAN1
        
          
        
        40000.00000000
        PA
        USD
        36992.00000000
        0.017224467872
        Long
        DBT
        CORP
        US
        Y
        2
        
          2031-02-15
          Fixed
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        National Intergovernmental Purchasing Alliance Company
        549300SMECQREC3K2B56
        National Intergovernmental Purchasing Alliance Company
        63653YAE3
        
          
          
        
        1519316.50000000
        PA
        USD
        1496526.75000000
        0.696823013764
        Long
        LON
        CORP
        US
        N
        3
        
          2026-05-22
          Floating
          7.64725000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        DG Investment Intermediate Holdings 2, Inc.
        N/A
        DG Investment Intermediate Holdings 2, Inc.
        N/A
        
          
        
        601071.43000000
        PA
        USD
        602574.11000000
        0.280574675559
        Long
        LON
        CORP
        US
        N
        2
        
          2029-03-30
          Floating
          7.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Unified Womens Healthcare LP
        254900BT45103S6LX125
        Unified Womens Healthcare LP
        90470RAC6
        
          
        
        1651002.98000000
        PA
        USD
        1638414.08000000
        0.762889562128
        Long
        LON
        CORP
        US
        N
        2
        
          2027-12-20
          Floating
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Nufarm Australia/america
        254900Z2JJWSZ7WQM263
        Nufarm Australia, Ltd. / Nufarm Americas, Inc.
        67052NAB1
        
          
        
        50000.00000000
        PA
        USD
        49361.50000000
        0.022984039004
        Long
        DBT
        CORP
        AU
        Y
        2
        
          2030-01-27
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Charter Next Generation, Inc.
        N/A
        Charter Next Generation, Inc.
        N/A
        
          
        
        810217.25000000
        PA
        USD
        806798.13000000
        0.375666859577
        Long
        LON
        CORP
        US
        N
        2
        
          2027-12-01
          Floating
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Osmosis Buyer, Ltd.
        N/A
        Osmosis Buyer Limited Delayed TL 1L
        N/A
        
          
        
        148148.15000000
        PA
        USD
        146805.93000000
        0.068356780512
        Long
        LON
        CORP
        CA
        N
        2
        
          2028-07-31
          Floating
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Madison IAQ LLC
        N/A
        Madison IAQ LLC
        N/A
        
          
        
        934528.48000000
        PA
        USD
        922459.04000000
        0.429521683008
        Long
        LON
        CORP
        US
        N
        2
        
          2028-06-21
          Floating
          4.52443000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        YI LLC
        5493004XT61QHUMM6250
        YI LLC
        98584JAC0
        
          
          
        
        1359292.77090000
        PA
        USD
        1343151.17000000
        0.625407227917
        Long
        LON
        CORP
        US
        N
        2
        
          2024-11-07
          Floating
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Shutterfly LLC
        549300I1C8WJQ5FZE154
        Shutterfly LLC
        82568QAN4
        
          
        
        1387277.02000000
        PA
        USD
        1279069.41000000
        0.595569040841
        Long
        LON
        CORP
        US
        N
        2
        
          2026-09-25
          Floating
          5.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Sedgwick Claims Management Services, Inc.
        549300BIN4DWJG5VWF64
        Sedgwick Claims Management Services, Inc.
        81527CAN7
        
          
        
        305550.00000000
        PA
        USD
        304327.80000000
        0.141703190249
        Long
        LON
        CORP
        US
        N
        2
        
          2026-09-03
          Floating
          5.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Geon Performance Solutio
        N/A
        Geon Performance Solutions LLC
        37254YAB6
        
          
        
        393086.43000000
        PA
        USD
        393088.40000000
        0.183032507480
        Long
        LON
        CORP
        US
        N
        2
        
          2028-08-18
          Floating
          5.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Bed Bath & Beyond Inc
        529900ZBUWWUV7BKGX39
        Bed Bath & Beyond, Inc.
        075896AC4
        
          
        
        70000.00000000
        PA
        USD
        49841.05000000
        0.023207330353
        Long
        DBT
        CORP
        US
        N
        2
        
          2044-08-01
          Fixed
          5.16500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fertitta Entertainment
        N/A
        Fertitta Entertainment, LLC TLB 1L
        N/A
        
          
        
        1812330.10000000
        PA
        USD
        1805651.66000000
        0.840759867159
        Long
        LON
        CORP
        US
        N
        2
        
          2029-01-27
          Floating
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Napa Management Services
        549300C5SN85QZ48R870
        NAPA Management Services Corp.
        63035HAC3
        
          
        
        1216000.00000000
        PA
        USD
        1203080.00000000
        0.560186332386
        Long
        LON
        CORP
        US
        N
        2
        
          2029-02-18
          Floating
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PetVet Care Centers LLC
        549300V0HK8MSXZNOM91
        PetVet Care Centers LLC
        70476XAF2
        
          
          
        
        1120000.00000000
        PA
        USD
        1116505.60000000
        0.519874968541
        Long
        LON
        CORP
        US
        N
        2
        
          2026-02-13
          Floating
          6.70743000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        N/A
        N/A
        REDWOOD STAR MERGER SUB, INC.
        N/A
        
          
        
        1280000.00000000
        PA
        USD
        1248531.20000000
        0.581349630779
        Long
        LON
        CORP
        CA
        N
        2
        
          2029-03-16
          Floating
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Rad Clo Ltd
        N/A
        Rad CLO 2, Ltd.
        48661VAG5
        
          
        
        750000.00000000
        PA
        USD
        738555.23000000
        0.343891134054
        Long
        ABS-CBDO
        CORP
        KY
        
        Y
        3
        
          2031-10-15
          Floating
          6.24129000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Loire UK Midco 3, Ltd.
        N/A
        Loire UK Midco 3, Ltd.
        N/A
        
          
        
        944295.21000000
        PA
        USD
        934460.38000000
        0.435109828966
        Long
        LON
        CORP
        LU
        N
        2
        
          2027-04-21
          Floating
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Ivanti Software, Inc.
        N/A
        Ivanti Software, Inc.
        N/A
        
          
        
        2089500.00000000
        PA
        USD
        2064687.19000000
        0.961373761088
        Long
        LON
        CORP
        US
        N
        2
        
          2027-12-01
          Floating
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Naked Juice LLC
        N/A
        Bengal Debt Merger Sub, LLC Delayed TL 1L
        N/A
        
          
        
        84.84000000
        PA
        USD
        83.63000000
        0.000038940372
        Long
        LON
        CORP
        US
        N
        2
        
          2029-01-24
          Floating
          3.45424000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CHG Healthcare Services, Inc.
        N/A
        CHG Healthcare Services, Inc.
        N/A
        
          
        
        700741.32000000
        PA
        USD
        695485.76000000
        0.323836833062
        Long
        LON
        CORP
        US
        N
        2
        
          2028-09-29
          Floating
          4.99847000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        DG Investment Intermediate Holdings 2, Inc.
        N/A
        DG Investment Intermediate Holdings 2, Inc.
        N/A
        
          
        
        719460.43000000
        PA
        USD
        713255.08000000
        0.332110705290
        Long
        LON
        CORP
        US
        N
        2
        
          2028-03-31
          Floating
          4.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Open Text Corp
        549300HP7ONDQODZJV16
        Open Text Corp.
        683715AC0
        
          
        
        400000.00000000
        PA
        USD
        384204.00000000
        0.178895692429
        Long
        DBT
        CORP
        CA
        Y
        2
        
          2028-02-15
          Fixed
          3.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        McGraw-Hill Education, Inc.
        N/A
        McGraw-Hill Education, Inc.
        N/A
        
          
        
        1069530.39000000
        PA
        USD
        1060006.22000000
        0.493567341064
        Long
        LON
        CORP
        US
        N
        2
        
          2028-07-28
          Floating
          5.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Resonetics LLC
        N/A
        Resonetics LLC
        N/A
        
          
        
        560437.77000000
        PA
        USD
        555884.21000000
        0.258834605206
        Long
        LON
        CORP
        US
        N
        2
        
          2028-04-28
          Floating
          4.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fair Isaac Corp
        RI6HET5SJUEY30V1PS26
        Fair Isaac Corp.
        303250AF1
        
          
        
        250000.00000000
        PA
        USD
        242480.00000000
        0.112905194897
        Long
        DBT
        CORP
        US
        Y
        2
        
          2028-06-15
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Advisor Group Holdings, Inc.
        N/A
        Advisor Group Holdings, Inc.
        00775KAE8
        
          
        
        1876437.32000000
        PA
        USD
        1870873.68000000
        0.871128989890
        Long
        LON
        CORP
        US
        N
        2
        
          2026-07-31
          Floating
          4.95743000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Safety Products/JHC Acquisition Corp.
        N/A
        Justrite Safety Group
        78649EAD4
        
          
        
        75559.16000000
        PA
        USD
        71970.10000000
        0.033511209861
        Long
        LON
        CORP
        US
        N
        2
        
          2026-06-28
          Floating
          4.70857000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Ttm Technologies Inc
        549300SC4BDOIS008048
        TTM Technologies, Inc.
        87305RAK5
        
          
        
        80000.00000000
        PA
        USD
        74165.20000000
        0.034533307326
        Long
        DBT
        CORP
        US
        Y
        2
        
          2029-03-01
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Clear Channel Outdoor Holdings, Inc.
        N/A
        Clear Channel Outdoor Holdings, Inc.
        18452RAD7
        
          
        
        1586349.07000000
        PA
        USD
        1562062.07000000
        0.727338017382
        Long
        LON
        CORP
        US
        N
        2
        
          2026-08-21
          Floating
          3.79900000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Momentive Inc
        549300ZHYZVBTZKNCN97
        Momentive, Inc.
        86901UAD4
        
          
          
        
        1638491.13000000
        PA
        USD
        1632346.79000000
        0.760064469089
        Long
        LON
        CORP
        US
        N
        2
        
          2025-10-10
          Floating
          4.21000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Firstcash Inc
        549300V2X3UU7K0DG350
        FirstCash, Inc.
        33767DAB1
        
          
        
        165000.00000000
        PA
        USD
        153728.85000000
        0.071580277839
        Long
        DBT
        CORP
        US
        Y
        2
        
          2028-09-01
          Fixed
          4.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Waystar Technologies, Inc.
        549300BIRBTAWWHCSZ09
        Navicure, Inc.
        63939WAG8
        
          
        
        1151466.91000000
        PA
        USD
        1150027.58000000
        0.535483701984
        Long
        LON
        CORP
        US
        N
        2
        
          2026-10-22
          Floating
          4.45743000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fogo de Chao, Inc.
        549300MOPGNZTXUHVM05
        Fogo de Chao, Inc.
        74166RAD7
        
          
          
        
        1944296.10000000
        PA
        USD
        1903582.54000000
        0.886359112841
        Long
        LON
        CORP
        US
        N
        2
        
          2025-04-07
          Floating
          5.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        LTI Holdings, Inc.
        5493003GUY3WBOTOAP97
        LTI Holdings, Inc.
        50217UBB2
        
          
        
        210000.00000000
        PA
        USD
        208425.00000000
        0.097048273038
        Long
        LON
        CORP
        US
        N
        2
        
          2026-07-24
          Floating
          5.20743000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Magnetite Clo Ltd
        549300QUG3I8PF6T6C52
        Magnetite XXXII, Ltd.
        55953XAA6
        
          
        
        1000000.00000000
        PA
        USD
        1000000.00000000
        0.465626834779
        Long
        ABS-CBDO
        CORP
        KY
        Y
        3
        
          2035-04-15
          Floating
          6.90000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Cnx Resources Corp
        549300JK3KH8PWM3B226
        CNX Resources Corp.
        12653CAJ7
        
          
        
        160000.00000000
        PA
        USD
        161808.80000000
        0.075342519383
        Long
        DBT
        CORP
        US
        Y
        2
        
          2029-01-15
          Fixed
          6.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Tacala Investment Corp.
        549300XTM341KBSTDI88
        Tacala Investment Corp.
        873412AA8
        
          
        
        718210.66000000
        PA
        USD
        709771.68000000
        0.330488740774
        Long
        LON
        CORP
        US
        N
        2
        
          2027-02-05
          Floating
          4.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Gartner Inc
        PP55B5R38BFB8O8HH686
        Gartner, Inc.
        366651AG2
        
          
        
        50000.00000000
        PA
        USD
        46944.50000000
        0.021858618945
        Long
        DBT
        CORP
        US
        Y
        2
        
          2029-06-15
          Fixed
          3.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Safety Products/JHC Acquisition Corp.
        N/A
        Justrite Safety Group
        78649EAB8
        
          
        
        1397780.79000000
        PA
        USD
        1331386.20000000
        0.619929142174
        Long
        LON
        CORP
        US
        N
        2
        
          2026-06-28
          Floating
          4.70857000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        U.S. Anesthesia Partners Inc
        N/A
        U.S. Anesthesia Partners, Inc.
        N/A
        
          
        
        1146419.76000000
        PA
        USD
        1140475.57000000
        0.531036029802
        Long
        LON
        CORP
        US
        N
        2
        
          2028-10-01
          Floating
          4.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CPC Acquisition Corp.
        254900UFA4AMH3PZZW32
        CPC Acquisition Corp.
        12656UAB1
        
          
        
        422425.02000000
        PA
        USD
        411864.39000000
        0.191775112273
        Long
        LON
        CORP
        US
        N
        2
        
          2027-12-29
          Floating
          4.75600000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Carestream Health, Inc.
        5493008C1W5RQW9E4I05
        Carestream Health, Inc.
        14173VAM5
        
          
        
        2794136.57000000
        PA
        USD
        2584576.33000000
        1.203448095783
        Long
        LON
        CORP
        US
        N
        3
        
          2023-08-08
          Floating
          13.50000000
          N
          N
          Y
        
        
          N
          N
          N
        
      
      
        Allegro Clo Ltd
        254900E0ZQX4DLP7HF87
        Allegro CLO XII, Ltd.
        01750UAA1
        
          
        
        1000000.00000000
        PA
        USD
        970821.50000000
        0.452040542180
        Long
        ABS-CBDO
        CORP
        KY
        Y
        3
        
          2032-01-21
          Floating
          7.35514000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Pluto Acquisition I Inc
        254900MOXD90LKQ6AY47
        Pluto Acquisition I, Inc.
        72941DAF9
        
          
        
        307703.66000000
        PA
        USD
        303857.36000000
        0.141484140761
        Long
        LON
        CORP
        US
        N
        2
        
          2026-06-20
          Floating
          4.50786000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Outcomes Group Holdings, Inc.
        5493005V7ZG5K84MO728
        Outcomes Group Holdings, Inc.
        21652EAE6
        
          
          
        
        162721.89000000
        PA
        USD
        160281.06000000
        0.074631162642
        Long
        LON
        CORP
        US
        N
        2
        
          2026-10-26
          Floating
          7.85438000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Polaris Newco LLC
        549300177GK4LMS8T214
        Polaris Newco LLC
        N/A
        
          
        
        844946.92000000
        PA
        USD
        839982.86000000
        0.391118560370
        Long
        LON
        CORP
        US
        N
        2
        
          2028-06-02
          Floating
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Carestream Health, Inc.
        5493008C1W5RQW9E4I05
        Carestream Health, Inc.
        14173VAN3
        
          
        
        158142.70000000
        PA
        USD
        156561.27000000
        0.072899128599
        Long
        LON
        CORP
        US
        N
        2
        
          2023-05-08
          Floating
          7.75600000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PetVet Care Centers LLC
        549300V0HK8MSXZNOM91
        PetVet Care Centers LLC
        70476XAK1
        
          
        
        1614693.26000000
        PA
        USD
        1609146.79000000
        0.749261926522
        Long
        LON
        CORP
        US
        N
        2
        
          2025-02-14
          Floating
          4.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Flynn Restaurant Group LP
        N/A
        Flynn Restaurant
        N/A
        
          
        
        535843.28000000
        PA
        USD
        530262.47000000
        0.246904435508
        Long
        LON
        CORP
        US
        N
        2
        
          2028-12-01
          Floating
          4.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        AssuredPartners, Inc.
        549300HNDSDQWQ3L2P80
        AssuredPartners, Inc.
        04621HAS2
        
          
        
        1173150.32000000
        PA
        USD
        1161424.68000000
        0.540790497582
        Long
        LON
        CORP
        US
        N
        2
        
          2027-02-13
          Floating
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Asbury Automotive Group
        549300JH4DTA7U42GL91
        Asbury Automotive Group, Inc.
        043436AX2
        
          
        
        230000.00000000
        PA
        USD
        214111.60000000
        0.099696106597
        Long
        DBT
        CORP
        US
        Y
        2
        
          2032-02-15
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Iron Mountain Inc
        SQL3F6CKNNBM3SQGHX24
        Iron Mountain, Inc.
        46284VAF8
        
          
        
        160000.00000000
        PA
        USD
        152573.60000000
        0.071042362438
        Long
        DBT
        CORP
        US
        Y
        2
        
          2029-09-15
          Fixed
          4.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Icahn Enterprises/fin
        549300T0G4GS0SINS786
        Icahn Enterprises LP / Icahn Enterprises Finance Corp.
        451102BW6
        
          
        
        120000.00000000
        PA
        USD
        120698.40000000
        0.056200413954
        Long
        DBT
        CORP
        US
        N
        2
        
          2024-09-15
          Fixed
          4.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Cco Hldgs Llc/cap Corp
        N/A
        CCO Holdings LLC / CCO Holdings Capital Corp.
        1248EPBX0
        
          
        
        230000.00000000
        PA
        USD
        228024.30000000
        0.106174233061
        Long
        DBT
        CORP
        US
        Y
        2
        
          2028-02-01
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freeport LNG Investments LLLP
        N/A
        Freeport LNG
        N/A
        
          
        
        1384893.05000000
        PA
        USD
        1376736.03000000
        0.641045239975
        Long
        LON
        CORP
        US
        N
        2
        
          2028-12-21
          Floating
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Carpenter Technology
        DX6I6ZD3X5WNNCDJKP85
        Carpenter Technology Corp.
        144285AL7
        
          
        
        50000.00000000
        PA
        USD
        50264.50000000
        0.023404500036
        Long
        DBT
        CORP
        US
        N
        2
        
          2028-07-15
          Fixed
          6.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Ncr Corp
        549300YKTY8JX1DV2R67
        NCR Corp.
        62886EAZ1
        
          
        
        110000.00000000
        PA
        USD
        104464.80000000
        0.048641614169
        Long
        DBT
        CORP
        US
        Y
        2
        
          2030-10-01
          Fixed
          5.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Carestream Health, Inc.
        N/A
        Carestream Health
        N/A
        
          
        
        52.15900000
        NC
        USD
        0.00000000
        0.000000
        N/A
        DE
        CORP
        US
        N
        3
        
          
            
              Bank Of New York Mellon
              N/A
            
            Call
            Purchased
            
              
                Carestream Health
                Carestream Health
                
                  
                
              
            
            1.00000000
            0.01000000
            USD
            2049-12-31
            XXXX
            0.00000000
          
        
        
          N
          N
          N
        
      
      
        Ensign Drilling Inc
        549300MJ7RLJKQNMN618
        Ensign Drilling, Inc.
        29359NAA3
        
          
        
        60000.00000000
        PA
        USD
        59337.00000000
        0.027628899495
        Long
        DBT
        CORP
        CA
        Y
        2
        
          2024-04-15
          Fixed
          9.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        AthenaHealth Group Inc
        N/A
        ATHENAHEALTH GROUP INC. Delayed TL
        N/A
        
          
        
        200338.16000000
        PA
        USD
        198585.20000000
        0.092466598110
        Long
        LON
        CORP
        US
        N
        2
        
          2029-02-15
          Floating
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Tailwind Smith Cooper Intermediate Corp.
        5493009Z35W85MD6BT92
        Tailwind Smith Cooper Intermediate Corp.
        87403UAB9
        
          
          
        
        1493079.47000000
        PA
        USD
        1467697.12000000
        0.683399164400
        Long
        LON
        CORP
        US
        N
        2
        
          2026-05-28
          Floating
          5.46000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Apex Tool Group Llc
        549300LWC59TPOM4ZR02
        Apex Tool Group LLC
        03759DAK4
        
          
        
        949152.54000000
        PA
        USD
        926781.01000000
        0.431534108219
        Long
        LON
        CORP
        US
        N
        2
        
          2029-02-08
          Floating
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Radian Group Inc
        54930005OUP720S5U385
        Radian Group, Inc.
        750236AU5
        
          
        
        100000.00000000
        PA
        USD
        100626.50000000
        0.046854398689
        Long
        DBT
        CORP
        US
        N
        2
        
          2024-10-01
          Fixed
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Boxer Parent Company, Inc.
        5493006T045HLTF7YX04
        Boxer Parent Company, Inc.
        05988HAE7
        
          
        
        1883171.94000000
        PA
        USD
        1874547.01000000
        0.872839390911
        Long
        LON
        CORP
        US
        N
        2
        
          2025-10-02
          Floating
          4.75600000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Spirit Aerosystems Inc
        ZD2NBKV6GCC3UMGBM518
        Spirit AeroSystems, Inc.
        85205TAK6
        
          
        
        40000.00000000
        PA
        USD
        37631.20000000
        0.017522096544
        Long
        DBT
        CORP
        US
        N
        2
        
          2028-06-15
          Fixed
          4.60000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        N/A
        N/A
        CLYDESDALE ACQUISITION HOLDINGS, INC.
        18972FAC6
        
          
        
        1916708.57000000
        PA
        USD
        1887957.94000000
        0.879083879798
        Long
        LON
        CORP
        US
        N
        2
        
          2029-03-30
          Floating
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Hps Loan Management 6-2015, Ltd.
        549300OYG05TXUTUVD98
        HPS Loan Management CLO 6-2015, Ltd.
        40437BAA2
        
          
        
        834000.00000000
        PA
        USD
        772498.17000000
        0.359695877769
        Long
        ABS-CBDO
        CORP
        KY
        
        Y
        3
        
          2031-02-05
          Floating
          5.41500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Clubessential LLC
        N/A
        CE Intermediate I, LLC
        12523EAB8
        
          
        
        871111.11000000
        PA
        USD
        862400.00000000
        0.401556582313
        Long
        LON
        CORP
        US
        N
        3
        
          2028-11-10
          Floating
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Osmosis Buyer, Ltd.
        N/A
        Osomosis Buyer Limited TLB 1L
        N/A
        
          
        
        651851.85000000
        PA
        USD
        645946.07000000
        0.300769824012
        Long
        LON
        CORP
        CA
        N
        2
        
          2028-07-31
          Floating
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Seren BidCo AB
        N/A
        Seren BidCo
        N/A
        
          
        
        552000.00000000
        PA
        USD
        548550.00000000
        0.255419600218
        Long
        LON
        CORP
        SE
        N
        3
        
          2028-11-16
          Floating
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Atlas CC Acquisition Corp.
        6HHLXIOGCDNZ4IRAIW26
        Atlas CC Acquisition Corp.
        04921TAB0
        
          
        
        1011690.30000000
        PA
        USD
        1009004.26000000
        0.469819459862
        Long
        LON
        CORP
        US
        N
        2
        
          2028-05-25
          Floating
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Bausch Health Cos Inc
        B3BS7ACMDUWISF18KY76
        Bausch Health Cos., Inc.
        071734AF4
        
          
        
        100000.00000000
        PA
        USD
        85480.00000000
        0.039801781836
        Long
        DBT
        CORP
        CA
        
        Y
        2
        
          2029-05-30
          Fixed
          7.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Yum! Brands Inc
        549300JE8XHZZ7OHN517
        Yum! Brands, Inc.
        988498AL5
        
          
        
        300000.00000000
        PA
        USD
        294750.00000000
        0.137243509551
        Long
        DBT
        CORP
        US
        Y
        2
        
          2030-01-15
          Fixed
          4.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Galaxy Clo Ltd
        549300QQ6WEN7DIBD138
        Galaxy 30 Clo, Ltd.
        36321TAA0
        
          
        
        1000000.00000000
        PA
        USD
        990000.00000000
        0.460970566431
        Long
        ABS-CBDO
        CORP
        KY
        
        Y
        3
        
          2035-04-15
          Floating
          7.64160000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Neuberger Berman Clo Ltd
        549300XVEYZNG956Y145
        Neuberger Berman CLO XVII, Ltd.
        64129VAN3
        
          
        
        500000.00000000
        PA
        USD
        480382.20000000
        0.223678843270
        Long
        ABS-CBDO
        CORP
        KY
        Y
        3
        
          2029-04-22
          Floating
          7.45890000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Science Applications Int
        549300LZPNZIXQGZPZ48
        Science Applications International Corp.
        808625AA5
        
          
        
        50000.00000000
        PA
        USD
        49369.50000000
        0.022987764019
        Long
        DBT
        CORP
        US
        Y
        2
        
          2028-04-01
          Fixed
          4.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        eResearchTechnology, Inc.
        2549003SUFVGC903CK03
        eResearchTechnology, Inc.
        29481PAH4
        
          
        
        770203.29000000
        PA
        USD
        768520.40000000
        0.357843721315
        Long
        LON
        CORP
        US
        N
        2
        
          2027-02-04
          Floating
          5.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
    
    
      2022-04-30
      BLACKSTONE SENIOR FLOATING RATE TERM FUND
      Gregory Roppa
      Gregory Roppa
      Treasurer and Chief Financial Officer
    
  
  XXXX

 

Blackstone Senior Floating Rate Term Fund

 

Portfolio of Investments

March 31, 2022 (Unaudited)  

  

Principal

Amount

   Value 
FLOATING RATE LOAN INTERESTS(a) - 129.13%
Aerospace & Defense - 3.48%          
Amentum Government Services Holdings LLC, First Lien Term Loan,  6M US L + 4.00%, 02/15/2029  $976,531   $970,427 
Atlas CC Acquisition Corp., First Lien B Term Loan,  3M US L + 4.25%, 0.75% Floor, 05/25/2028   1,011,690    1,009,004 
Atlas CC Acquisition Corp., First Lien C Term Loan,  3M US L + 4.25%, 0.75% Floor, 05/25/2028   205,977    205,431 
Dynasty Acquisition Co., Inc., First Lien 2020 B-1 Term Loan,  3M US L + 3.50%, 04/06/2026   569,262    560,959 
Dynasty Acquisition Co., Inc., First Lien 2020 B-2 Term Loan,  3M US L + 3.50%, 04/06/2026   306,055    301,591 
Nordam Group LLC, First Lien Initial Term Loan,  1M US L + 5.50%, 04/09/2026   1,707,199    1,494,866 
Peraton Corp., First Lien B Term Loan,  1M US L + 3.75%, 0.75% Floor, 02/01/2028   2,330,252    2,318,601 
Vertex Aerospace Corp., First Lien Term Loan,  1M US L + 4.00%, 12/06/2028   615,385    614,234 
         7,475,113 
           
Air Transport - 2.70%          
AAdvantage Loyality IP, Ltd., First Lien Initial Term Loan,  3M US L + 4.75%, 0.75% Floor, 04/20/2028   1,119,016    1,135,801 
American Airlines, Inc., First Lien 2018 Replacement Term Loan,  1M US L + 1.75%, 06/27/2025   790,897    746,658 
American Airlines, Inc., First Lien 2020 Term Loan,  1M US L + 1.75%, 01/29/2027   245,440    230,407 
Global Medical Response, Inc., First Lien 2018 New Term Loan,  3M US L + 4.25%, 1.00% Floor, 03/14/2025   2,349,214    2,338,725 
KKR Apple Bidco LLC, Second Lien Initial Term Loan,  1M US L + 5.75%, 0.50% Floor, 09/21/2029   173,714    173,091 
United AirLines, Inc., First Lien Class B Term Loan,  3M US L + 3.75%, 0.75% Floor, 04/21/2028   1,187,184    1,175,229 
         5,799,911 
           
Automotive - 1.65%          
Bright BidCo B.V., First Lien 2018 Refinancing B Term Loan,  3M US L + 3.50%, 1.00% Floor, 06/30/2024   2,117,656    1,282,177 
GC EOS Buyer, Inc., First Lien Initial Term Loan,  1M US L + 4.50%, 08/01/2025   1,350,865    1,338,802 
Wheel Pros, Inc., First Lien Initial Term Loan,  1M US L + 4.50%, 0.75% Floor, 05/11/2028   961,187    918,987 
         3,539,966 
           
Beverage & Tobacco - 1.04%          
Bengal Debt Merger Sub, LLC Delayed, First Lien Term Loan,  3M US L + 3.25%, 01/24/2029   85    84 
Bengal Debt Merger Sub, LLC, First Lien Term Loan, L + 3.750%, 01/24/2029   1,471    1,450 
Triton Water Holdings, Inc., First Lien Initial Term Loan,  3M US L + 3.50%, 0.50% Floor, 03/31/2028   2,285,245    2,233,415 
         2,234,949 
           
Brokers, Dealers & Investment Houses - 2.58%          
Advisor Group Holdings, Inc., First Lien B-1 Term Loan,  1M US L + 4.50%, 07/31/2026   1,876,437    1,870,874 
Deerfield Dakota Holding LLC, First Lien Initial Dollar Term Loan,  1M US L + 3.75%, 1.00% Floor, 04/09/2027   1,115,697    1,111,630 
Deerfield Dakota Holding LLC, Second Lien 2021 Replacement Term Loan,  1M US L + 6.75%, 0.75% Floor, 04/07/2028   304,000    304,760 
Edelman Financial Engines Center LLC, First Lien Initial (2021) Term Loan,  1M US L + 3.50%, 0.75% Floor, 04/07/2028   2,271,279    2,249,044 
         5,536,308 
           
Building & Development - 6.10%          
Arc Falcon I, Inc., First Lien Term Loan,  3M US L + 3.75%, 09/30/2028   488,662    477,465 
C.H.I. Overhead Doors, Inc., First Lien Third Amendment Initial Term Loan,  1M US L + 3.50%, 1.00% Floor, 07/31/2025   1,139    1,129 
Foundation Building Materials, Inc., First Lien Initial Term Loan,  3M US L + 3.25%, 0.50% Floor, 01/31/2028   1,809,415    1,780,464 

 

 

   Principal
Amount		   Value 
Building & Development (continued)          
Illuminate Merger Sub Corp, First Lien Initial Term Loan,  3M US L + 3.50%, 0.50% Floor, 07/21/2028  $438,556   $425,086 
LBM Acquisition LLC, First Lien Initial Term Loan,  3M US L + 3.75%, 0.75% Floor, 12/17/2027   2,178,876    2,129,862 
Park River Holdings, Inc., First Lien Initial Term Loan,  3M US L + 3.25%, 0.75% Floor, 12/28/2027   3,066,806    3,004,105 
SRS Distribution, Inc., First Lien 2021 Refinancing Term Loan,  6M US L + 3.50%, 0.50% Floor, 06/02/2028   588,249    581,878 
SRS Distribution, Inc., First Lien Term Loan,  6M US L + 3.50%, 06/02/2028   486,957    481,783 
Tutor Perini Corp., First Lien B Term Loan,  3M US L + 4.75%, 1.00% Floor, 08/18/2027   1,601,677    1,576,651 
United Site Cov-Lite, First Lien Term Loan,  3M US L + 4.25%, 12/15/2028   1,093,151    1,084,859 
White Cap Buyer LLC, First Lien Initial Closing Date Term Loan,  1M US L + 3.75%, 0.50% Floor, 10/19/2027   1,576,815    1,562,686 
         13,105,968 
           
Business Equipment & Services - 20.55%          
Access CIG LLC, First Lien B Term Loan,  3M US L + 3.75%, 02/27/2025   1,467,817    1,448,354 
Access CIG LLC, Second Lien Initial Term Loan,  3M US L + 7.75%, 02/27/2026   1,074,290    1,068,247 
Aegion Corp., First Lien Initial Term Loan,  3M US L + 4.75%, 0.75% Floor, 05/17/2028   593,476    591,250 
AG Group Holdings, Inc., First Lien Term Loan,  1M US L + 4.25%, 12/29/2028   560,584    558,835 
Allied Universal Holdco LLC, First Lien Initial U.S. Dollar Term Loan,  1M US L + 3.75%, 0.50% Floor, 05/12/2028   2,079,488    2,050,334 
Anticimex International AB, First Lien Term Loan,  3M US L + 3.50%, 0.50% Floor, 11/16/2028   1,268,688    1,251,636 
AqGen Island Holdings, Inc., First Lien Term Loan:          
3M US L + 3.50%, 08/02/2028   1,126,764    1,119,722 
3M US L + 6.50%, 08/02/2029   1,865,513    1,853,854 
BMC Acquisition, Inc., First Lien Initial Term Loan,  3M US L + 5.25%, 1.00% Floor, 12/28/2024   785,027    767,364 
Connectwise, LLC, First Lien Term Loan,  1M US L + 3.50%, 0.50% Floor, 09/29/2028   537,756    534,933 
DG Investment Intermediate Holdings 2, Inc., First Lien Closing Date Initial Term Loan,  1M US L + 3.50%, 0.75% Floor, 03/31/2028   719,460    713,255 
DG Investment Intermediate Holdings 2, Inc., Second Lien Initial Term Loan,  1M US L + 6.75%, 0.75% Floor, 03/30/2029   601,071    602,574 
Divisions Holding Corp., First Lien B Term Loan,  3M US L + 4.75%, 0.75% Floor, 05/27/2028   552,831    550,067 
EAB Global, Inc., First Lien Term Loan,  3M US L + 3.50%, 0.50% Floor, 08/16/2028   701,835    695,869 
Epicor Software Corp., First Lien C Term Loan,  1M US L + 3.25%, 0.75% Floor, 07/30/2027   882,679    876,805 
Epicor Software Corp., Second Lien Initial Term Loan,  1M US L + 7.75%, 1.00% Floor, 07/31/2028   822,203    841,731 
Equiniti Group PLC, First Lien Term Loan,  3M US L + 4.50%, 12/11/2028   349,091    349,382 
eResearchTechnology, Inc., First Lien Initial Term Loan,  1M US L + 4.50%, 1.00% Floor, 02/04/2027   770,203    768,520 
Foundational Education Group, Inc., First Lien Term Loan,  4M US L + 4.25%, 08/31/2028   585,143    585,146 
Garda World Security Corp., First Lien B-2 Term Loan,  1M US L + 4.25%, 10/30/2026   2,151,356    2,130,617 
Garda World Security Corp., First Lien Term Loan,  1M US L + 4.25%, 02/01/2029   218,182    216,546 
Inmar, Inc., Second Lien Initial Term Loan,  3M US L + 8.00%, 1.00% Floor, 05/01/2025(b)   1,002,931    997,916 
KUEHG Corp, Second Lien Tranche B Term Loan,  3M US L + 8.25%, 1.00% Floor, 08/22/2025   1,444,156    1,442,958 
KUEHG Corp., First Lien B-3 Term Loan,  3M US L + 3.75%, 1.00% Floor, 02/21/2025   900,433    888,475 
Learning Care Group No. 2, Inc., First Lien Initial Term Loan,  3M US L + 3.25%, 1.00% Floor, 03/13/2025   1,434,501    1,415,523 
Loyalty Ventures, Inc., First Lien Term Loan,  1M US L + 4.50%, 11/03/2027   600,000    587,001 
Madison IAQ LLC, First Lien Initial Term Loan,  3M US L + 3.25%, 0.50% Floor, 06/21/2028   934,528    922,459 
McKissock Investment Holdings, LLC, First Lien Term Loan, L + 5.750%, 03/12/2029   922,947    919,486 
Minotaur Acquisition, Inc., First Lien B Term Loan,  1M US L + 4.75%, 03/27/2026   1,329,450    1,319,652 
Mitchell International, Inc., First Lien Term Loan,  3M US L + 3.75%, 10/15/2028   2,329,002    2,294,999 
Mitchell International, Inc., Second Lien Term Loan,  3M US L + 6.50%, 10/15/2029   412,371    409,408 
Momentive, Inc., First Lien Term Loan,  1M US L + 3.75%, 10/10/2025   1,638,491    1,632,347 
National Intergovernmental Purchasing Alliance Company, Second Lien Initial Term Loan,  3M US L + 7.50%, 05/22/2026(b)   1,519,317    1,496,527 
Revspring, Inc., First Lien Initial Term Loan,  3M US L + 4.25%, 10/11/2025   1,280,400    1,264,798 
Rinchem Company, Inc., First Lien Term Loan,  3M US L + 0.00%, 03/02/2029(b)   514,883    513,596 
Sabre GLBL, Inc., First Lien 2021 Other B-1 Term Loan,  1M US L + 3.50%, 0.50% Floor, 12/17/2027   239,777    237,529 
Sabre GLBL, Inc., First Lien 2021 Other B-2 Term Loan,  1M US L + 3.50%, 0.50% Floor, 12/17/2027   382,218    378,635 

 

 

   Principal
Amount		   Value 
Business Equipment & Services (continued)          
Sedgwick Claims Management Services, Inc., First Lien 2020 Term Loan,  1M US L + 4.25%, 1.00% Floor, 09/03/2026  $305,550   $304,328 
Seren BidCo, First Lien Term Loan,  3M US L + 0.00%, 11/16/2028(b)   552,000    548,550 
Skopima Merger Sub Inc., First Lien Initial Term Loan,  1M US L + 4.00%, 05/12/2028   847,656    839,311 
St. George's University Scholastic Services LLC, First Lien Term Loan B Term Loan,  3M US L + 3.25%, 0.50% Floor, 02/10/2029   958,471    948,167 
TRC Companies, First Lien Term Loan,  1M US L + 3.75%, 12/08/2028   1,130,704    1,115,440 
TRC Companies, Second Lien Term Loan,  1M US L + 6.75%, 12/07/2029(b)   713,846    708,492 
Virtusa Corp., First Lien Term Loan:          
1M US L + 3.75%, 0.75% Floor, 02/11/2028   629,208    624,489 
1M US L + 3.75%, 02/15/2029   633,503    629,147 
Weld North Education LLC, First Lien Term Loan,  1M US L + 3.75%, 0.50% Floor, 12/21/2027   2,130,204    2,116,357 
         44,130,631 
           
Cable & Satellite Television - 0.23%          
Numericable U.S. LLC, First Lien USD TLB-[12] Term Loan,  3M US L + 3.6875%, 01/31/2026   493,557    483,765 
           
Chemical & Plastics - 4.13%          
Ascend Performance Materials Operations LLC, First Lien 2021 Refinancing Term Loan,  3M US L + 4.75%, 0.75% Floor, 08/27/2026   2,109,938    2,106,646 
CPC Acquisition Corp., First Lien Initial Term Loan,  3M US L + 3.75%, 0.75% Floor, 12/29/2027   422,425    411,864 
DCG Acquisition Corp., First Lien B Term Loan,  1M US L + 4.50%, 09/30/2026   1,514,699    1,492,925 
Geon Performance Solutions LLC, First Lien Term Loan,  1M US L + 4.75%, 0.75% Floor, 08/18/2028   393,086    393,088 
Hexion Holdings Corp., First Lien Term Loan, L + 5.000%, 03/15/2029   1,033,010    1,012,350 
Hyperion Materials & Technologies, Inc., First Lien Initial Term Loan,  3M US L + 4.50%, 0.50% Floor, 08/30/2028   753,945    749,471 
Vantage Specialty Chemicals, Inc., First Lien Closing Date Term Loan,  3M US L + 3.50%, 1.00% Floor, 10/28/2024   1,423,427    1,373,429 
Vantage Specialty Chemicals, Inc., First Lien Term Loan,  3M US L + 0.00%, 10/28/2024   640,000    617,520 
Vantage Specialty Chemicals, Inc., Second Lien Initial Term Loan,  3M US L + 8.25%, 1.00% Floor, 10/27/2025   725,111    702,814 
         8,860,107 
           
Clothing & Textiles - 0.42%          
S&S Holdings LLC, First Lien Initial Term Loan,  3M US L + 5.00%, 0.50% Floor, 03/11/2028   944,453    912,578 
           
Conglomerates - 3.27%          
Genuine Financial Holdings LLC, First Lien Initial Term Loan,  1M US L + 3.75%, 07/11/2025   2,077,397    2,057,734 
Hunter Douglas Inc., First Lien Term Loan, L + 4.000%, 02/26/2029   1,065,217    1,045,580 
Output Services Group, Inc., First Lien B Term Loan,  3M US L + 4.50%, 1.00% Floor, 03/27/2024   588,477    460,301 
Spring Education Group, Inc., First Lien Initial Term Loan,  3M US L + 4.25%, 07/30/2025   1,336,876    1,300,112 
Vaco Holdings, LLC, First Lien Term Loan,  3M US L + 5.00%, 01/21/2029   342,857    341,357 
VT Topco, Inc., First Lien 2021 Term Loan,  3M US L + 3.75%, 0.75% Floor, 08/01/2025   1,831,798    1,807,765 
         7,012,849 
           
Containers & Glass Products - 4.13%          
Berlin Packaging L.L.C., First Lien Term Loan,  1M US L + 3.75%, 03/11/2028   1,016,635    1,008,756 
Charter Next Generation, Inc., First Lien Initial (2021) Term Loan,  1M US L + 3.75%, 0.75% Floor, 12/01/2027   810,217    806,798 
Clydesdale Acquisition Holdings, Inc., First Lien Term Loan, L + 4.780%, 03/30/2029   1,916,709    1,887,958 
IBC Capital I, Ltd., First Lien Tranche B-1 Term Loan,  3M US L + 3.75%, 09/11/2023   251,360    246,726 
IBC Capital, Ltd., Second Lien Tranche B-1 Term Loan,  3M US L + 7.00%, 09/11/2024   620,110    599,696 
LABL, Inc., First Lien Term Loan,  1M US L + 5.00%, 10/29/2028   570,000    564,046 
ProAmpac PG Borrower LLC, First Lien 2020-1 Term Loan,  3M US L + 3.75%, 0.75% Floor, 11/03/2025   2,458,029    2,409,483 
Ring Container Technologies Group, LLC, First Lien Initial Term Loan,  6M US L + 3.75%, 0.50% Floor, 08/12/2028   572,556    565,402 
Strategic Materials Holding Corp., Second Lien Initial Term Loan,  3M US L + 7.75%, 1.00% Floor, 10/31/2025(b)   800,000    460,000 
Tekni-Plex, Inc., First Lien Delayed Draw Tem Term Loan,  1M US L + 4.00%, 0.50% Floor, 09/15/2028(c)   27,287    26,992 

 

 

   Principal
Amount		   Value 
Containers & Glass Products (continued)          
Tekni-Plex, Inc., First Lien Tranche B-3 Initial Term Loan,  1M US L + 4.00%, 0.50% Floor, 09/15/2028  $306,052   $302,737 
         8,878,594 
           
Diversified Insurance - 0.69%          
Acrisure LLC, First Lien 2021-1 Additional Term Loan,  1M US L + 3.75%, 02/15/2027   335,158    333,274 
Acrisure LLC, First Lien Term Loan,  1M US L + 4.25%, 02/15/2027   382,603    381,648 
NFP Corp., First Lien Closing Date Term Loan,  1M US L + 3.25%, 02/15/2027   780,986    768,299 
         1,483,221 
           
Drugs - 2.20%          
Cambrex Corp., First Lien Tranche B-2 Dollar Term Loan,  1M US L + 3.50%, 0.75% Floor, 12/04/2026   1,556,616    1,545,673 
Curia Global, Inc., First Lien 2021 Term Loan,  3M US L + 3.75%, 0.75% Floor, 08/30/2026   1,890,367    1,877,030 
LSCS Holdings/Eversana, First Lien Term Loan,  1M US L + 4.50%, 12/16/2028   503,937    499,530 
Padagis LLC, First Lien Initial Term Loan,  3M US L + 4.75%, 0.50% Floor, 07/06/2028   408,184    405,890 
Sharp MicCo, LLC, First Lien Term Loan,  3M US L + 4.00%, 12/31/2028(b)   397,419    395,929 
         4,724,052 
           
Ecological Services & Equipment - 0.36%          
EnergySolutions LLC, First Lien Initial Term Loan,  3M US L + 3.75%, 1.00% Floor, 05/09/2025   782,578    768,882 
           
Electronics/Electric - 24.92%          
Apttus Corp., First Lien Initial Term Loan,  3M US L + 4.25%, 0.75% Floor, 05/08/2028   584,259    584,259 
BMC Software, Inc., Second Lien 2nd Lien Term Loan,  1M US L + 5.50%, 0.50% Floor, 02/27/2026   326,531    324,490 
Boxer Parent Company, Inc., First Lien 2021 Replacement Dollar Term Loan,  3M US L + 3.75%, 0.50% Floor, 10/02/2025   1,883,172    1,874,547 
Brave Parent Holdings, Inc., First Lien Initial Term Loan,  1M US L + 4.00%, 04/18/2025   1,363,268    1,351,053 
Cloudera, Inc., First Lien Term Loan,  1M US L + 3.75%, 0.50% Floor, 10/08/2028   1,305,439    1,291,569 
ConvergeOne Holdings, Corp., First Lien Initial Term Loan,  1M US L + 5.00%, 01/04/2026   2,134,000    2,049,536 
CoreLogic, Inc., First Lien Initial Term Loan,  1M US L + 3.50%, 0.50% Floor, 06/02/2028   1,858,889    1,841,472 
CoreLogic, Inc., Second Lien Initial Term Loan,  1M US L + 6.50%, 0.50% Floor, 06/04/2029   567,442    562,477 
Cornerstone OnDemand, Inc., First Lien Initial Term Loan,  1M US L + 3.75%, 0.50% Floor, 10/16/2028   587,705    582,930 
CPI International, Inc., Second Lien Initial Term Loan,  3M US L + 7.25%, 1.00% Floor, 07/26/2025(b)   313,530    297,853 
DCert Buyer, Inc., Second Lien First Amendment Refinancing Term Loan,  1M US L + 7.00%, 02/19/2029   668,275    662,287 
Deliver Buyer, Inc., First Lien Term Loan,  3M US L + 5.00%, 05/01/2024   1,591,645    1,591,645 
Delta Topco, Inc., First Lien Initial Term Loan,  3M US L + 3.75%, 0.75% Floor, 12/01/2027   1,714,965    1,690,775 
ECI Macola/MAX Holding LLC, First Lien Initial Term Loan,  3M US L + 3.75%, 0.75% Floor, 11/09/2027   2,230,061    2,207,760 
Endurance International Group Holdings, Inc., First Lien Initial Term Loan,  3M US L + 3.50%, 0.75% Floor, 02/10/2028   1,582,554    1,541,012 
Fiserv Investment Solutions, Inc., First Lien Initial Term Loan,  3M US L + 4.00%, 02/18/2027   914,231    910,424 
Help/Systems Holdings, Inc., First Lien Seventh Amendment Refinancing Term Loan,  1M US L + 4.00%, 0.75% Floor, 11/19/2026   2,101,204    2,080,192 
Hyland Software, Inc., Second Lien 2021 Refinancing Term Loan,  1M US L + 6.25%, 0.75% Floor, 07/07/2025   765,110    758,415 
Idera, Inc., First Lien B-1 Term Loan,  4M US L + 3.75%, 0.75% Floor, 03/02/2028   2,810,033    2,765,073 
Imperva, Inc., First Lien Term Loan,  3M US L + 4.00%, 1.00% Floor, 01/12/2026   1,568,734    1,552,459 
Ingram Micro, Inc., First Lien Initial Term Loan,  3M US L + 3.50%, 0.50% Floor, 06/30/2028   754,300    749,020 
Internet Brands, Inc., First Lien 2020 June New Term Loan,  1M US L + 3.75%, 1.00% Floor, 09/13/2024   1,795,984    1,779,309 
Ivanti Software, Inc., First Lien First Amendment Term Loan,  3M US L + 4.00%, 0.75% Floor, 12/01/2027   252,284    248,500 
Ivanti Software, Inc., First Lien Term Loan,  3M US L + 4.25%, 12/01/2027   2,089,500    2,064,687 
Ivanti Software, Inc., Second Lien Term Loan,  3M US L + 7.25%, 12/01/2028   537,313    531,940 
LI Group Holdings, Inc., First Lien 2021 Term Loan,  3M US L + 3.75%, 0.75% Floor, 03/11/2028   731,808    726,781 
Magenta Buyer LLC, First Lien Initial Term Loan,  3M US L + 5.00%, 0.75% Floor, 07/27/2028   1,715,806    1,705,511 
McAfee Corp., First Lien Term Loan,  3M US L + 4.00%, 03/01/2029   1,370,413    1,362,704 
MH SUB I LLC, Second Lien 2021 Replacement Term Loan,  1M US L + 6.25%, 02/23/2029   705,038    700,191 

 

 

   Principal
Amount		   Value 
Electronics/Electric (continued)          
MLN US HoldCo LLC, First Lien B Term Loan,  1M US L + 4.50%, 11/30/2025  $1,195,503   $1,152,913 
Park Place Technologies LLC, First Lien Closing Date Term Loan,  1M US L + 5.00%, 1.00% Floor, 11/10/2027   1,663,200    1,658,352 
Perforce Software, Inc., First Lien New Term Loan,  1M US L + 3.75%, 07/01/2026   815,374    807,346 
Project Alpha Intermediate Holding, Inc., First Lien 2021 Refinancing Term Loan,  3M US L + 4.00%, 04/26/2024   2,458,967    2,447,188 
Project Leopard Holdings, Inc., First Lien 2018 Repricing Term Loan,  3M US L + 4.75%, 1.00% Floor, 07/05/2024   314,489    313,016 
Project Leopard Holdings, Inc., First Lien 2019 Incremental Term Loan,  3M US L + 4.75%, 1.00% Floor, 07/05/2024   1,296,213    1,292,324 
Quest Borrower Ltd., First Lien Term Loan,  3M US L + 0.00%, 02/01/2029   1,404,878    1,385,891 
Rocket Software, Inc., First Lien Initial Term Loan,  1M US L + 4.25%, 11/28/2025   2,006,584    1,984,642 
Rocket Software, Inc., First Lien USD Term Loan,  1M US L + 4.25%, 11/28/2025   628,583    621,512 
S2P Acquisition Borrower, Inc., First Lien Initial Term Loan,  1M US L + 4.00%, 08/14/2026   1,137,500    1,132,808 
Sovos Compliance LLC, First Lien Initial Term Loan,  1M US L + 4.50%, 0.50% Floor, 08/11/2028   399,875    399,877 
Triton Solar US Acquisition Co., First Lien Initial Term Loan,  3M US L + 6.00%, 10/29/2024   220,863    220,172 
Veritas US, Inc., First Lien Dollar B-2021 Term Loan,  3M US L + 5.00%, 1.00% Floor, 09/01/2025   982,964    922,511 
Vision Solutions, Inc., First Lien Term Loan,  3M US L + 4.00%, 04/24/2028   2,816,662    2,792,016 
         53,519,439 
           
Equipment Leasing - 0.46%          
Spin Holdco, Inc., First Lien Initial Term Loan,  3M US L + 4.00%, 0.75% Floor, 03/04/2028   1,001,249    995,337 
           
Financial Intermediaries - 2.04%          
Apex Group Treasury LLC, First Lien Term Loan,  3M US L + 0.00%, 0.50% Floor, 07/27/2028   269,880    268,025 
Apex Group Treasury, Ltd., First Lien USD Term Loan,  3M US L + 3.75%, 0.50% Floor, 07/27/2028   486,148    482,808 
ION Trading Finance, Ltd., First Lien Initial Dollar (2021) Term Loan,  1M US L + 4.75%, 04/01/2028   1,613,309    1,603,750 
Lereta, LLC, First Lien Term Loan,  1M US L + 5.25%, 07/30/2028   552,778    553,814 
Pre Paid Legal Services, Inc., First Lien Term Loan,  1M US L + 3.75%, 12/15/2028   1,487,324    1,471,365 
         4,379,762 
           
Food Products - 0.54%          
Snacking Investments BidCo Pty, Ltd., First Lien Initial US Term Loan,  3M US L + 5.00%, 1.00% Floor, 12/18/2026   1,174,983    1,161,764 
           
Food Service - 3.17%          
Fertitta Entertainment, LLC, First Lien Term Loan,  1M US L + 4.00%, 01/27/2029   1,812,330    1,805,652 
Flynn Restaurant, First Lien Term Loan,  1M US L + 4.25%, 12/01/2028   535,843    530,262 
Fogo de Chao, Inc., First Lien 2018 Refinancing Term Loan,  1M US L + 4.25%, 1.00% Floor, 04/07/2025   1,944,296    1,903,582 
Quidditch Acquisition, Inc., First Lien B Term Loan,  1M US L + 7.00%, 1.00% Floor, 03/21/2025   1,912,916    1,865,093 
Tacala Investment Corp., First Lien Initial Term Loan,  3M US L + 3.50%, 0.75% Floor, 02/05/2027   718,211    709,772 
         6,814,361 
           
Food/Drug Retailers - 1.13%          
EG Group, Ltd., First Lien Additional Facility Term Loan:          
3M US L + 4.00%, 02/07/2025   2,029,146    2,001,600 
3M US L + 4.25%, 0.50% Floor, 03/31/2026   222,192    219,526 
EG Group, Ltd., First Lien Facility B Term Loan,  3M US L + 4.00%, 02/07/2025   200,521    197,799 
         2,418,925 
           
Healthcare - 19.44%          
AthenaHealth Group, Inc., First Lien Term Loan,  1M US L + 3.50%, 02/15/2029   1,181,995    1,171,653 
Auris Luxembourg III SARL, First Lien Facility B2 Term Loan,  1M US L + 3.75%, 02/27/2026   2,302,533    2,248,573 
Carestream Health, Inc., First Lien 2023 Extended Term Loan,  3M US L + 6.75%, 1.00% Floor, 05/08/2023   158,143    156,561 
Carestream Health, Inc., Second Lien 2023 Extended Term Loan,  3M US L + 4.50, 8.00% PIK, 1.00% Floor, 08/08/2023(d)   2,794,137    2,584,576 

 

 

   Principal
Amount		   Value 
Healthcare (continued)          
CHG Healthcare Services, Inc., First Lien Initial Term Loan,  3M US L + 3.50%, 0.50% Floor, 09/29/2028  $700,741   $695,486 
Covenant Surgical Partners, Inc., First Lien Delayed Draw Term Loan,  1M US L + 4.00%, 07/01/2026   269,360    265,656 
Covenant Surgical Partners, Inc., First Lien Initial Term Loan,  1M US L + 4.00%, 07/01/2026   1,316,079    1,297,983 
Envision Healthcare Corp., First Lien Initial Term Loan,  1M US L + 3.75%, 10/10/2025   1,763,599    1,178,675 
Femur Buyer, Inc., First Lien Initial Term Loan,  3M US L + 4.50%, 03/05/2026   580,556    525,403 
Genesis Care Finance Pty, Ltd., First Lien Facility B5 Term Loan,  3M US L + 5.00%, 1.00% Floor, 05/14/2027   1,985,761    1,773,115 
Heartland Dental LLC, First Lien 2021 Incremental Term Loan,  1M US L + 4.00%, 04/30/2025   1,104,931    1,097,236 
LifePoint Health, Inc., First Lien B Term Loan,  1M US L + 3.75%, 11/16/2025   1,392,207    1,386,186 
Loire UK Midco 3, Ltd., First Lien Facility B2 Term Loan,  1M US L + 3.75%, 0.75% Floor, 04/21/2027   944,295    934,460 
Medical Solutions LLC, First Lien Term Loan:          
3M US L + 0.00%, 11/01/2028(c)   136,000    135,065 
3M US L + 3.50%, 11/01/2028   1,359,687    1,350,339 
NAPA Management Services Corp., First Lien Term Loan,  3M US L + 0.00%, 0.75% Floor, 02/23/2029   1,216,000    1,203,080 
Navicure, Inc., First Lien Initial Term Loan,  1M US L + 4.00%, 10/22/2026   1,151,467    1,150,028 
Onex TSG Intermediate Corp., First Lien Initial Term Loan,  1M US L + 4.75%, 0.75% Floor, 02/28/2028   1,406,042    1,397,697 
Parexel International Corporation, First Lien Term Loan,  3M US L + 3.50%, 0.50% Floor, 11/15/2028   751,174    746,614 
Pathway Vet Alliance LLC, First Lien 2021 Replacement Term Loan,  1M US L + 3.75%, 03/31/2027   1,228,655    1,218,678 
Pediatric Associates Holding Co. LLC, First Lien Term Loan,  1M US L + 3.25%, 0.50% Floor, 12/29/2028   205,263    203,082 
PetVet Care Centers LLC, First Lien 2021 Replacement Term Loan,  1M US L + 3.50%, 0.75% Floor, 02/14/2025   1,614,693    1,609,147 
PetVet Care Centers LLC, Second Lien Initial Term Loan,  1M US L + 6.25%, 02/13/2026   1,120,000    1,116,506 
Phoenix Guarantor, Inc., First Lien Tranche B-3 Term Loan,  1M US L + 3.50%, 03/05/2026   1,300,821    1,288,970 
Project Ruby Ultimate Parent Corp., First Lien Closing Date Term Loan,  1M US L + 3.25%, 0.75% Floor, 03/10/2028   745,371    739,035 
Resonetics LLC, First Lien Initial Term Loan,  3M US L + 4.00%, 0.75% Floor, 04/28/2028   560,438    555,884 
Surgery Center Holdings, Inc., First Lien 2021 New Term Loan,  1M US L + 3.75%, 0.75% Floor, 08/31/2026   2,338,459    2,324,148 
Team Health Holdings, Inc., First Lien Initial Term Loan,  1M US L + 2.75%, 1.00% Floor, 02/06/2024   1,295,010    1,235,575 
Tecostar Holdings, Inc., First Lien 2017 Term Loan,  3M US L + 3.50%, 1.00% Floor, 05/01/2024   2,037,946    1,915,670 
U.S. Anesthesia Partners, Inc., First Lien Term Loan,  3M US L + 4.25%, 10/01/2028   1,146,420    1,140,476 
Unified Women’s Healthcare LP, First Lien Initial Term Loan,  1M US L + 4.25%, 0.75% Floor, 12/20/2027   1,651,003    1,638,414 
Verscend Holding Corp., First Lien B-1 Term Loan,  1M US L + 4.00%, 08/27/2025   2,134,058    2,131,390 
Viant Medical Holdings, Inc., First Lien Initial Term Loan,  1M US L + 3.75%, 07/02/2025   538,704    508,017 
YI LLC, First Lien Initial Term Loan,  1M US L + 4.00%, 1.00% Floor, 11/07/2024   1,359,293    1,343,151 
Zest Acquisition Corp., Second Lien Initial Term Loan,  1M US L + 7.00%, 1.00% Floor, 03/13/2026(b)   1,500,000    1,492,500 
         41,759,029 
           
Home Furnishings - 0.90%          
Osmosis Buyer Limited Delayed, First Lien Term Loan,  3M US L + 0.00%, 07/31/2028   148,148    146,806 
Osmosis Buyer Limited, First Lien Initial B Term Loan,  1M US L + 4.00%, 0.50% Floor, 07/31/2028   1,138,958    1,129,886 
Osmosis Buyer Limited, First Lien Term Loan,  3M US L + 0.00%, 07/31/2028   651,852    645,946 
         1,922,638 
           
Industrial Equipment - 5.74%          
Apex Tool Group LLC, First Lien Term Loan,  3M US L + 0.00%, 0.50% Floor, 02/08/2029   949,153    926,781 
Bettcher Industries, Inc., First Lien Term Loan,  3M US L + 0.00%, 12/14/2028   844,912    832,239 
Engineered Machinery Holdings, Inc., First Lien Term Loan,  3M US L + 3.75%, 0.75% Floor, 05/19/2028   598,000    590,940 
FCG Acquisitions, Inc., First Lien Initial Term Loan,  3M US L + 3.75%, 0.50% Floor, 03/31/2028   587,381    578,814 

 

 

   Principal
Amount		   Value 
Industrial Equipment (continued)          
Justrite Safety Group, First Lien Delayed Draw Term Loan,  3M US L + 4.50%, 06/28/2026  $75,559   $71,970 
Justrite Safety Group, First Lien Initial Term Loan,  3M US L + 4.50%, 06/28/2026   1,397,781    1,331,386 
LTI Holdings, Inc., First Lien Initial Term Loan,  1M US L + 3.50%, 09/06/2025   1,360,822    1,332,470 
LTI Holdings, Inc., First Lien Term Loan,  1M US L + 4.75%, 07/24/2026   210,000    208,425 
LTI Holdings, Inc., Second Lien Initial Term Loan,  1M US L + 6.75%, 09/06/2026   468,085    460,128 
PRO MACH Group, Inc. Delayed, First Lien Delayed Draw Term Loan,  3M US L + 0.00%, 1.00% Floor, 08/31/2028(c)   41,760    41,629 
PRO MACH Group, Inc., First Lien Closing Date Initial Term Loan,  3M US L + 4.00%, 1.00% Floor, 08/31/2028   1,626,748    1,621,664 
Redwood Star Merger Sub, Inc., First Lien Term Loan, L + 5.000%, 03/16/2029   1,280,000    1,248,531 
Tailwind Smith Cooper Intermediate Corp., First Lien Initial Term Loan,  1M US L + 5.00%, 05/28/2026   1,493,079    1,467,697 
TK Elevator Midco GmbH, First Lien Facility B1 Term Loan,  3M US L + 3.50%, 0.50% Floor, 07/30/2027   1,630,991    1,618,766 
         12,331,440 
           
Insurance - 1.63%          
Baldwin Risk Partners, LLC, First Lien Initial Term Loan,  1M US L + 3.50%, 10/14/2027   1,961,242    1,946,533 
HIG Finance 2, Ltd., First Lien 2021 Dollar Refinancing Term Loan,  1M US L + 3.25%, 0.75% Floor, 11/12/2027   1,080,707    1,070,127 
Hyperion Ins/Howden 11/21 Incremental Cov-Lite, First Lien Term Loan,  3M US L + 0.00%, 11/12/2027   320,040    316,889 
Outcomes Group Holdings, Inc., Second Lien Initial Term Loan,  3M US L + 7.50%, 10/26/2026   162,722    160,281 
         3,493,830 
           
Leisure Goods/Activities/Movies - 5.50%          
Alterra Mountain Company, First Lien Series B-2 Term Loan,  1M US L + 3.50%, 0.50% Floor, 08/17/2028   1,417,039    1,408,183 
AMC Entertainment Holdings, Inc., First Lien B-1 Term Loan,  1M US L + 3.00%, 04/22/2026   3,136,056    2,806,896 
Amplify Finco Pty, Ltd., First Lien U.S. Dollar Term Loan,  3M US L + 4.25%, 0.75% Floor, 11/26/2026   1,385,448    1,349,662 
CE Intermediate I, LLC, First Lien Term Loan,  3M US L + 4.00%, 11/10/2028(b)   871,111    862,400 
Crown Finance US, Inc., First Lien Initial Dollar Tranche Term Loan,  3M US L + 2.50%, 1.00% Floor, 02/28/2025   1,444,613    1,118,730 
Crown Finance US, Inc., First Lien Second Amendment Dollar Tranche Term Loan,  3M US L + 2.75%, 09/30/2026   227,290    172,670 
Motion Finco LLC, First Lien Facility B1 (USD) Loan Term Loan,  3M US L + 3.25%, 11/12/2026   1,228,860    1,210,255 
Motion Finco LLC, First Lien Facility B2 (USD) Loan Term Loan,  3M US L + 3.25%, 11/12/2026   161,507    159,062 
Recess Holdings, Inc., First Lien Initial Term Loan,  3M US L + 3.75%, 1.00% Floor, 09/30/2024   1,913,849    1,885,141 
Travel Leaders Group LLC, First Lien 2018 Refinancing Term Loan,  1M US L + 4.00%, 01/25/2024   875,147    828,931 
         11,801,930 
           
Lodging & Casinos - 0.18%          
Scientific Games Holdings LP, First Lien Term Loan, L + 4.470%, 02/04/2029   398,750    395,688 
           
Oil & Gas - 0.64%          
Freeport LNG, First Lien Term Loan,  3M US L + 0.00%, 12/21/2028   1,384,893    1,376,736 
           
Property & Casualty Insurance - 0.93%          
AssuredPartners, Inc., First Lien Term Loan,  1M US L + 3.50%, 0.50% Floor, 02/12/2027   1,173,150    1,161,425 
Polaris Newco LLC, First Lien Dollar Term Loan,  1M US L + 4.00%, 0.50% Floor, 06/02/2028   844,947    839,983 
         2,001,408 
           
Publishing - 3.46%          
Cengage Learning, Inc., First Lien Term Loan B Term Loan,  3M US L + 4.75%, 07/14/2026   750,128    745,068 
Champ Acquisition Corp., First Lien Initial Term Loan,  6M US L + 5.50%, 12/19/2025   1,457,412    1,449,760 
Clear Channel Outdoor Holdings, Inc., First Lien B Term Loan,  3M US L + 3.50%, 08/21/2026   1,586,349    1,562,062 
McGraw-Hill Education, Inc., First Lien Initial Term Loan,  3M US L + 4.75%, 0.50% Floor, 07/28/2028   1,069,530    1,060,006 
Recorded Books, Inc., First Lien 2021 Replacement Term Loan,  1M US L + 4.00%, 08/29/2025   1,346,667    1,338,816 

 

 

   Principal
Amount		   Value 
Publishing (continued)          
Shutterfly LLC, First Lien 2021 Refinancing B Term Loan,  4M US L + 5.00%, 0.75% Floor, 09/25/2026  $1,387,277   $1,279,070 
         7,434,782 
           
Retailers (except food & drug) - 0.03%          
FBB Holdings III, Inc., Second Lien Initial Term Loan,  3M US L + 7.00%, 01/31/2025(b)(d)   74,440    57,691 
           
Surface Transport - 1.84%          
Drive Chassis Holdco LLC, Second Lien 2021 Refinancing B Term Loan,  3M US L + 6.75%, 04/10/2026   1,410,343    1,409,461 
Kenan Advantage Group, Inc.,The, First Lien U.S. B-1 Term Loan,  3M US L + 3.75%, 0.75% Floor, 03/24/2026   1,250,360    1,235,906 
WWEX UNI TopCo Holdings LLC, First Lien Initial Term Loan,  3M US L + 4.25%, 0.75% Floor, 07/26/2028   1,321,153    1,310,214 
         3,955,581 
           
Telecommunications - 2.96%          
CCI Buyer, Inc., First Lien Initial Term Loan,  3M US L + 4.00%, 0.75% Floor, 12/17/2027   2,137,255    2,112,323 
Ensono LP, First Lien Initial Term Loan,  6M US L + 4.00%, 05/26/2028   1,029,250    1,013,384 
Greeneden U.S. Holdings I LLC, First Lien Initial Dollar (2020) Term Loan,  1M US L + 4.00%, 0.75% Floor, 12/01/2027   1,357,177    1,356,756 
Zacapa S.A.R.L., First Lien Term Loan,  3M US L + 0.00%, 03/22/2029   1,885,560    1,877,547 
         6,360,010 
           
Utilities - 0.09%          
Eastern Power LLC, First Lien Term Loan,  3M US L + 3.75%, 1.00% Floor, 10/02/2025   281,616    201,724 
           
TOTAL FLOATING RATE LOAN INTERESTS          
(Cost $280,493,367)        277,328,969 
           
COLLATERALIZED LOAN OBLIGATION SECURITIES(a) - 5.52%          
Structured Finance Obligations - 5.52%          
522 Funding CLO 2021-7, Ltd.,  3M US L + 6.22%, 04/23/2034(b)(e)   500,000    471,280 
Allegro CLO XII, Ltd.,  3M US L + 7.10%, 01/21/2032(b)(e)   1,000,000    970,822 
Eaton Vance CLO 2013-1, Ltd.,  3M US L + 6.80%, 01/15/2034(b)(e)   500,000    490,251 
Elmwood CLO 16, Ltd.,  3M US SOFR + 7.22%, 04/20/2034(b)(e)   500,000    494,950 
Galaxy 30 Clo, Ltd.,  3M US SOFR + 6.95%, 04/15/2035(b)(e)   1,000,000    990,000 
Galaxy XXVII CLO, Ltd.,  3M US L + 5.78%, 05/16/2031(b)(e)   625,000    594,721 
HPS Loan Management CLO 6-2015, Ltd.,  3M US L + 5.10%, 02/05/2031(b)(e)   834,000    772,498 
Magnetite XXXII, Ltd.,  3M US SOFR + 6.90%, 04/15/2035(b)(e)   1,000,000    1,000,000 
Neuberger Berman CLO XVII, Ltd.,  3M US L + 7.20%, 04/22/2029(b)(e)   500,000    480,382 
Octagon Investment Partners 43, Ltd.,  3M US L + 6.60%, 10/25/2032(b)(e)   500,000    488,410 
Park Avenue Institutional Advisers CLO, Ltd. 2022-1,  3M US SOFR + 7.29%, 04/20/2035(b)(e)   1,000,000    999,959 
PPM CLO 3, Ltd.,  3M US L + 6.61%, 04/17/2034(b)(e)   500,000    483,553 
Rad CLO 2, Ltd.,  3M US L + 6.00%, 10/15/2031(b)(e)   750,000    738,555 
Rad CLO 5, Ltd.,  3M US L + 6.70%, 07/24/2032(b)(e)   500,000    492,627 
Romark CLO IV, Ltd.,  3M US L + 6.95%, 07/10/2034(b)(e)   1,000,000    937,850 
Sound Point CLO XXXII, Ltd.,  3M US L + 6.70%, 10/25/2034(b)(e)   1,000,000    967,646 
Wellfleet CLO 2020-1, Ltd.,  3M US L + 7.24%, 04/15/2033(b)(e)   500,000    490,248 
         11,863,752 
           
TOTAL COLLATERALIZED LOAN OBLIGATION SECURITIES          
(Cost $12,105,839)        11,863,752 
           
CORPORATE BONDS - 10.02%          
Aerospace & Defense - 0.58%          
Bombardier, Inc.,  7.875%, 04/15/2027(e)   390,000    382,290 
Howmet Aerospace, Inc.,  5.900%, 02/01/2027   360,000    386,359 
Science Applications International Corp.,  4.875%, 04/01/2028(e)   50,000    49,369 
Spirit AeroSystems, Inc.,  4.600%, 06/15/2028   40,000    37,631 

 

 

   Principal
Amount		   Value 
Aerospace & Defense (continued)          
TransDigm, Inc.:          
4.625%, 01/15/2029  $300,000   $280,871 
4.875%, 05/01/2029   110,000    103,323 
         1,239,843 
           
Air Transport - 0.02%          
Air Canada,  3.875%, 08/15/2026(e)   50,000    47,250 
           
Automotive - 0.16%          
Allison Transmission, Inc.,  3.750%, 01/30/2031(e)   290,000    263,508 
Titan International, Inc.,  7.000%, 04/30/2028   80,000    80,341 
         343,849 
           
Brokers, Dealers & Investment Houses - 0.35%          
CVR Energy, Inc.,  5.250%, 02/15/2025(e)   200,000    194,477 
Icahn Enterprises LP / Icahn Enterprises Finance Corp.:          
4.750%, 09/15/2024   120,000    120,698 
5.250%, 05/15/2027   310,000    304,761 
Navient Corp.,  5.625%, 08/01/2033   160,000    135,046 
         754,982 
           
Building & Development - 0.14%          
Builders FirstSource, Inc.,  4.250%, 02/01/2032(e)   60,000    55,970 
Howard Hughes Corp.:          
4.125%, 02/01/2029(e)   30,000    28,211 
4.375%, 02/01/2031(e)   110,000    103,553 
Realogy Group LLC / Realogy Co.-Issuer Corp.,  5.750%, 01/15/2029(e)   40,000    37,778 
Tri Pointe Homes, Inc.,  5.700%, 06/15/2028   80,000    79,960 
         305,472 
           
Business Equipment & Services - 0.61%          
Black Knight InfoServ LLC,  3.625%, 09/01/2028(e)   180,000    170,796 
Diebold Inc, Senior Unsecured Bond,  8.500%, 04/15/2024   60,000    57,597 
Iron Mountain, Inc.:          
4.875%, 09/15/2029(e)   160,000    152,574 
4.500%, 02/15/2031(e)   40,000    36,992 
5.625%, 07/15/2032(e)   200,000    197,403 
Open Text Corp.,  3.875%, 02/15/2028(e)   400,000    384,204 
TriNet Group, Inc.,  3.500%, 03/01/2029(e)   70,000    64,453 
Xerox Holdings Corp.,  5.500%, 08/15/2028(e)   240,000    234,307 
         1,298,326 
           
Cable & Satellite Television - 0.33%          
CCO Holdings LLC / CCO Holdings Capital Corp.:          
5.000%, 02/01/2028(e)   230,000    228,024 
4.250%, 02/01/2031(e)   100,000    90,880 
DISH DBS Corp.,  7.375%, 07/01/2028   120,000    113,835 
Viasat, Inc.,  6.500%, 07/15/2028(e)   281,000    270,115 
         702,854 
           
Chemical & Plastics - 0.39%          
Ashland LLC,  3.375%, 09/01/2031(e)   90,000    79,613 
Chemours Co.,  4.625%, 11/15/2029(e)   140,000    128,489 
CVR Partners LP / CVR Nitrogen Finance Corp.,  6.125%, 06/15/2028(e)   80,000    80,108 
Methanex Corp.,  5.250%, 12/15/2029   290,000    294,900 
Nufarm Australia, Ltd. / Nufarm Americas, Inc.,  5.000%, 01/27/2030(e)   50,000    49,362 
Valvoline, Inc.,  4.250%, 02/15/2030(e)   220,000    201,171 
         833,643 
           
Conglomerates - 0.25%          
Eldorado Gold Corp.,  6.250%, 09/01/2029(e)   100,000    100,763 
LSB Industries, Inc.,  6.250%, 10/15/2028(e)   60,000    60,945 
NCR Corp.,  5.250%, 10/01/2030(e)   110,000    104,465 

 

 

   Principal
Amount		   Value 
Conglomerates (continued)          
Service Corp. International:          
3.375%, 08/15/2030  $60,000   $54,176 
4.000%, 05/15/2031   230,000    214,490 
         534,839 
           
Containers & Glass Products - 0.21%          
Ball Corp.,  3.125%, 09/15/2031   150,000    134,385 
Sealed Air Corp.,  6.875%, 07/15/2033(e)   270,000    308,381 
         442,766 
           
Drugs - 0.04%          
Bausch Health Cos., Inc.,  7.250%, 05/30/2029(e)   100,000    85,480 
           
Ecological Services & Equipment - 0.06%          
Stericycle, Inc.,  3.875%, 01/15/2029(e)   147,000    136,880 
           
Electronics/Electric - 0.35%          
Ciena Corp.,  4.000%, 01/31/2030(e)   80,000    77,117 
Entegris, Inc.,  3.625%, 05/01/2029(e)   140,000    131,167 
Fair Isaac Corp.,  4.000%, 06/15/2028(e)   250,000    242,480 
Seagate HDD Cayman,  5.750%, 12/01/2034   220,000    225,393 
TTM Technologies, Inc.,  4.000%, 03/01/2029(e)   80,000    74,165 
         750,322 
           
Equipment Leasing - 0.05%          
Avis Budget Car Rental LLC / Avis Budget Finance, Inc.,  5.750%, 07/15/2027(e)   100,000    100,020 
           
Financial Intermediaries - 0.38%          
Nationstar Mortgage Holdings, Inc.:          
5.125%, 12/15/2030(e)   170,000    157,566 
5.750%, 11/15/2031(e)   235,000    224,539 
PRA Group, Inc.,  5.000%, 10/01/2029(e)   120,000    113,954 
SS&C Technologies, Inc.,  5.500%, 09/30/2027(e)   270,000    272,362 
World Acceptance Corp.,  7.000%, 11/01/2026(e)   60,000    52,884 
         821,305 
           
Food Products - 0.23%          
Lamb Weston Holdings, Inc.:          
4.875%, 05/15/2028(e)   85,000    85,174 
4.125%, 01/31/2030(e)   120,000    112,260 
Post Holdings, Inc.,  5.625%, 01/15/2028(e)   295,000    290,041 
         487,475 
           
Food Service - 0.38%          
1011778 BC ULC / New Red Finance, Inc.:          
3.875%, 01/15/2028(e)   230,000    218,357 
4.375%, 01/15/2028(e)   130,000    125,030 
3.500%, 02/15/2029(e)   50,000    46,235 
Yum! Brands, Inc.:          
4.750%, 01/15/2030(e)   300,000    294,750 
3.625%, 03/15/2031   50,000    45,672 
4.625%, 01/31/2032   80,000    77,519 
         807,563 
           
Food/Drug Retailers - 0.17%          
Albertsons Cos. Inc / Safeway, Inc. / New Albertsons LP / Albertsons LLC:          
4.625%, 01/15/2027(e)   240,000    232,426 
5.875%, 02/15/2028(e)   130,000    129,798 
         362,224 
           
Forest Products - 0.14%          
Mercer International, Inc.,  5.125%, 02/01/2029   210,000    202,899 
Resolute Forest Products, Inc.,  4.875%, 03/01/2026(e)   60,000    57,810 

 

 

   Principal
Amount		   Value 
Forest Products (continued)          
Schweitzer-Mauduit International, Inc.,  6.875%, 10/01/2026(e)  $50,000   $47,310 
         308,019 
           
Healthcare - 0.57%          
Acadia Healthcare Co., Inc.,  5.500%, 07/01/2028(e)   70,000    70,437 
Charles River Laboratories International, Inc.,  4.250%, 05/01/2028(e)   220,000    215,510 
DaVita, Inc.,  4.625%, 06/01/2030(e)   240,000    224,448 
Encompass Health Corp.:          
4.750%, 02/01/2030   130,000    125,017 
4.625%, 04/01/2031   80,000    75,020 
Hologic, Inc.,  3.250%, 02/15/2029(e)   140,000    130,905 
Tenet Healthcare Corp.,  6.125%, 10/01/2028(e)   370,000    376,421 
         1,217,758 
           
Industrial Equipment - 0.02%          
Ritchie Bros Holdings, Inc.,  4.750%, 12/15/2031(e)   50,000    48,831 
           
Insurance - 0.14%          
MGIC Investment Corp.,  5.250%, 08/15/2028   100,000    98,899 
Radian Group, Inc.:          
4.500%, 10/01/2024   100,000    100,627 
4.875%, 03/15/2027   110,000    110,690 
         310,216 
           
Leisure Goods/Activities/Movies - 0.50%          
Carnival Corp.,  7.625%, 03/01/2026(e)   335,000    337,580 
Live Nation Entertainment, Inc.,  4.750%, 10/15/2027(e)   370,000    361,405 
NCL Corp., Ltd.,  5.875%, 02/15/2027(e)   38,000    37,478 
Royal Caribbean Cruises, Ltd.,  4.250%, 07/01/2026(e)   280,000    260,952 
SeaWorld Parks & Entertainment, Inc.,  5.250%, 08/15/2029(e)   90,000    86,022 
         1,083,437 
           
Lodging & Casinos - 0.41%          
CDI Escrow Issuer, Inc.,  5.750%, 04/01/2030(e)   28,000    28,315 
Churchill Downs, Inc.,  4.750%, 01/15/2028(e)   270,000    262,408 
Full House Resorts, Inc.,  8.250%, 02/15/2028(e)   60,000    61,420 
Hilton Domestic Operating Co., Inc.,  4.875%, 01/15/2030   420,000    419,874 
Travel + Leisure Co.,  4.625%, 03/01/2030(e)   120,000    111,828 
         883,845 
           
Nonferrous Metals/Minerals - 0.10%          
Commercial Metals Co.,  3.875%, 02/15/2031   155,000    141,122 
SunCoke Energy, Inc.,  4.875%, 06/30/2029(e)   80,000    75,520 
         216,642 
           
Oil & Gas - 1.82%          
Antero Midstream Partners LP / Antero Midstream Finance Corp.,  7.875%, 05/15/2026(e)   220,000    238,421 
Apache Corp.,  5.350%, 07/01/2049   155,000    149,472 
Baytex Energy Corp.,  8.750%, 04/01/2027(e)   60,000    64,428 
Calumet Specialty Products Partners LP / Calumet Finance Corp.,  8.125%, 01/15/2027(e)   190,000    176,922 
CNX Resources Corp.,  6.000%, 01/15/2029(e)   160,000    161,809 
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp.,  6.000%, 02/01/2029(e)   135,000    134,775 
EnLink Midstream Partners LP,  5.450%, 06/01/2047   220,000    185,794 
Ensign Drilling, Inc.,  9.250%, 04/15/2024(e)   60,000    59,337 
Global Partners LP / GLP Finance Corp.,  7.000%, 08/01/2027   110,000    110,119 
Laredo Petroleum, Inc.,  9.500%, 01/15/2025   160,000    167,088 
Matador Resources Co.,  5.875%, 09/15/2026   190,000    193,733 
MEG Energy Corp.,  5.875%, 02/01/2029(e)   145,000    147,270 
Murphy Oil Corp.,  6.375%, 07/15/2028   136,000    141,673 
Murphy Oil USA, Inc.,  3.750%, 02/15/2031(e)   60,000    54,875 
Nabors Industries, Ltd.,  7.500%, 01/15/2028(e)   150,000    146,557 
Northern Oil and Gas, Inc.,  8.125%, 03/01/2028(e)   150,000    156,511 

 

 

   Principal
Amount		   Value 
Oil & Gas (continued)          
Occidental Petroleum Corp.:          
4.625%, 06/15/2045  $160,000   $155,544 
6.600%, 03/15/2046   40,000    47,085 
Patterson-UTI Energy, Inc.,  5.150%, 11/15/2029   170,000    166,116 
PBF Holding Co. LLC / PBF Finance Corp.,  6.000%, 02/15/2028   223,000    179,630 
Penn Virginia Holdings LLC,  9.250%, 08/15/2026(e)   50,000    52,803 
Petrofac, Ltd.,  9.750%, 11/15/2026(e)   200,000    183,261 
Precision Drilling Corp.,  6.875%, 01/15/2029(e)   150,000    152,432 
SM Energy Co.,  6.750%, 09/15/2026   190,000    195,632 
Sunoco LP / Sunoco Finance Corp.,  4.500%, 05/15/2029   140,000    132,258 
Transocean, Inc.:          
7.250%, 11/01/2025(e)   205,000    178,578 
7.500%, 01/15/2026(e)   90,000    78,300 
W&T Offshore, Inc.,  9.750%, 11/01/2023(e)   100,000    99,653 
         3,910,076 
           
Publishing - 0.16%          
Clear Channel Outdoor Holdings, Inc.,  7.500%, 06/01/2029(e)   300,000    299,709 
Gartner, Inc.,  3.625%, 06/15/2029(e)   50,000    46,945 
         346,654 
           
Radio & Television - 0.24%          
Gray Escrow II, Inc.,  5.375%, 11/15/2031(e)   120,000    114,900 
Scripps Escrow II, Inc.,  5.375%, 01/15/2031(e)   40,000    38,355 
Sirius XM Radio, Inc.,  3.875%, 09/01/2031(e)   300,000    273,503 
Urban One, Inc.,  7.375%, 02/01/2028(e)   85,000    85,449 
         512,207 
           
Real Estate Investment Trust and Real Estate Operating Companies - 0.29%          
iStar, Inc.,  4.250%, 08/01/2025   140,000    137,968 
New Residential Investment Corp.,  6.250%, 10/15/2025(e)   110,000    105,765 
Starwood Property Trust, Inc.,  4.375%, 01/15/2027(e)   390,000    378,825 
         622,558 
           
Retailers (except food & drug) - 0.20%          
Asbury Automotive Group, Inc.,  5.000%, 02/15/2032(e)   230,000    214,112 
Bed Bath & Beyond, Inc.,  5.165%, 08/01/2044   70,000    49,841 
FirstCash, Inc.,  4.625%, 09/01/2028(e)   165,000    153,729 
         417,682 
           
Steel - 0.32%          
Allegheny Technologies, Inc.,  5.125%, 10/01/2031   190,000    178,507 
Carpenter Technology Corp.:          
6.375%, 07/15/2028   50,000    50,264 
7.625%, 03/15/2030   100,000    102,521 
Cleveland-Cliffs, Inc.,  4.875%, 03/01/2031(e)   130,000    128,816 
United States Steel Corp.:          
6.875%, 03/01/2029   190,000    197,932 
6.650%, 06/01/2037   30,000    31,098 
         689,138 
           
Surface Transport - 0.11%          
Danaos Corp.,  8.500%, 03/01/2028(e)   100,000    107,123 
Delek Logistics Partners LP / Delek Logistics Finance Corp.,  7.125%, 06/01/2028(e)   60,000    58,925 
Holly Energy Partners LP / Holly Energy Finance Corp.,  5.000%, 02/01/2028(e)   70,000    66,543 
         232,591 
           
Telecommunications - 0.12%          
Lumen Technologies, Inc.,  7.650%, 03/15/2042   75,000    72,529 
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC,  6.000%, 01/15/2030(e)   100,000    90,204 
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC,  6.500%, 02/15/2029(e)   110,000    102,703 
         265,436 

 

 

   Principal     
   Amount   Value 
Utilities - 0.18%
FirstEnergy Corp.,  7.375%, 11/15/2031  $140,000   $172,928 
Vistra Operations Co. LLC,  4.375%, 05/01/2029(e)   230,000    217,647 
         390,575 
           
TOTAL CORPORATE BONDS          
(Cost $21,783,132)        21,510,758 

 

   Shares   Value 
WARRANTS - 0.00%          
Healthcare - 0.00%          
Carestream Health expires 12/31/2049 at $0.01(b)   52    – 
           
TOTAL WARRANTS          
(Cost $0)        – 
           
Total Investments- 144.67%          
(Cost $314,382,338)        310,703,479 
           
Other Assets in Excess of Liabilities - 1.66%        3,560,218 
           
Leverage Facility - (46.33)%        (99,500,000)
           
Net Assets - 100.00%       $214,763,697 
           
Amounts above are shown as a percentage of net assets as of March 31, 2022.          

 

Investment Abbreviations:
LIBOR - London Interbank Offered Rate
PIK - Payment in-kind
SOFR - Secured Overnight Financing Rate
 
Reference Rates:
1M US L - 1 Month LIBOR as of March 31, 2022 was 0.45%
3M US L - 3 Month LIBOR as of March 31, 2022 was 0.96%
6M US L - 6 Month LIBOR as of March 31, 2022 was 1.47%
3M US SOFR - 3 Month SOFR as of March 31, 2022 was 0.29%

 

(a) Floating or variable rate security.  The reference rate is described above.  The rate in effect as of March 31, 2022 is based on the reference rate plus the displayed spread as of the security's last reset date.  Where applicable, the reference rate is subject to a floor rate.
(b) Level 3 assets valued using significant unobservable inputs as a result of unavailable quoted prices from an active market or the unavailability of other significant observable inputs.
(c) A portion of this position was not funded as of March 31, 2022. The Portfolio of Investments records only the funded portion of each position. As of March 31, 2022, the Fund has unfunded delayed draw loans in the amount of $912,888. Fair value of these unfunded delayed draws was $904,761.
(d) Represents a payment-in-kind (“PIK”) security which may pay interest/dividend in additional par/shares.
(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. Total market value of Rule 144A securities amounts to $26,535,672, which represented approximately 12.36% of net assets as of March 31, 2022. Such securities may normally be sold to qualified institutional buyers in transactions exempt from registration.

 

 

NOTE 1. ORGANIZATION

 

Blackstone Senior Floating Rate Term Fund (formerly known as Blackstone / GSO Senior Floating Rate Term Fund) (“BSL” or the “Fund”), is a diversified, closed-end management investment company. BSL was organized as a Delaware statutory trust on March 4, 2010. BSL was registered under the Investment Company Act of 1940, as amended (the “1940 Act”), on March 5, 2010. BSL commenced operations on May 26, 2010. Prior to that date, BSL had no operations other than matters relating to its organization and the sale and issuance of 5,236 common shares of beneficial interest in BSL to Blackstone Liquid Credit Strategies LLC (formerly known as GSO / Blackstone Debt Funds Management LLC) (the “Adviser”) at a price of $19.10 per share. The Adviser serves as BSL’s investment adviser. BSL’s common shares are listed on the New York Stock Exchange (the “Exchange”) and trade under the ticker symbol “BSL.”

 

Absent shareholder approval to extend the term of BSL, BSL was initially scheduled to dissolve on or about May 31, 2020. Upon dissolution, BSL will distribute substantially all of its net assets to shareholders, after making appropriate provision for any liabilities. Pursuant to BSL’s Amended and Restated Agreement and Declaration of Trust, prior to the date of dissolution a majority of BSL’s Board of Trustees (the “BSL Board”), with the approval of a majority of the shareholders entitled to vote (as defined in the 1940 Act), may extend the life of BSL by a period of two years or such shorter time as may be determined. The dissolution date of BSL may be extended an unlimited number of times. On March 31, 2017, BSL announced an extension of BSL’s reinvestment period. The extension allows BSL to continue to reinvest proceeds generated by maturities, prepayments and sales of investments until one year prior to BSL’s scheduled dissolution date. On November 17, 2017, BSL’s shareholders approved extending the term of BSL by two years by changing BSL’s scheduled dissolution date from May 31, 2020 to May 31, 2022. On November 18, 2019, the BSL Board approved a proposal to amend BSL's charter to allow an extension of up to five years in length (the “Charter Amendment”). The BSL Board also approved a proposal to extend the term of BSL by five years by changing BSL's scheduled dissolution date from May 31, 2022 to May 31, 2027 (the “Term Extension”). The Charter Amendment and the Term Extension were subject to shareholder approval, which was obtained at a special shareholder meeting held on February 19, 2020.

 

Investment Objectives: BSL’s primary investment objective is to seek high current income, with a secondary objective to seek preservation of capital, consistent with its primary goal of high current income. Under normal market conditions, at least 80% of BSL’s Managed Assets (defined below) will be invested in senior secured, floating rate loans (“Senior Loans”).

 

NOTE 2. SIGNIFICANT ACCOUNTING POLICIES

 

Basis of Presentation: The Fund’s financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and are stated in U.S. dollars. The Fund is considered an Investment Company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board Accounting Standards Codification Topic 946.

 

The preparation of financial statements requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statement. Actual results could differ from these estimates.

 

Portfolio Valuation: BSL’s net asset value (“NAV”) is determined daily on each day that the Exchange is open for business, as of the close of the regular trading session on the Exchange. The Fund calculates NAV per share by subtracting liabilities (including accrued expenses or dividends) from the total assets of the Fund (the value of the securities plus cash or other assets, including interest accrued but not yet received) and dividing the result by the total number of outstanding common shares of the Fund.

 

Loans are primarily valued by using a composite loan price from a nationally recognized loan pricing service. The methodology used by the Fund’s nationally recognized loan pricing provider for composite loan prices is to value loans at the mean of the bid and ask prices from one or more brokers or dealers. Collateralized Loan Obligation securities (“CLOs”) are valued at the price provided by a nationally recognized pricing service. The prices provided by the nationally recognized pricing service are typically based on the evaluated mid-price of each of the CLOs. Corporate bonds and convertible bonds, other than short-term investments, are valued at the price provided by a nationally recognized pricing service. The prices provided by the nationally recognized pricing service are typically based on the mean of bid and ask prices for each corporate bond security. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrices, market transactions in comparable investments, various relationships observed in the market between investments and calculated yield measures based on valuation technology commonly employed in the market for such investments. Equity securities for which market quotations are available are generally valued at the last sale price or official closing price on the primary market or exchange on which they trade. Futures contracts are ordinarily valued at the last sales price on the securities or commodities exchange on which they are traded. Written and purchased options are ordinarily valued at the closing price on the securities or commodities exchange on which they are traded. Short-term debt investments, if any, having a remaining maturity of 60 days or less when purchased would be valued at cost adjusted for amortization of premiums and accretion of discounts. Any investments and other assets for which such current market quotations are not readily available are valued at fair value (“Fair Valued Assets”) as determined in good faith by a committee of the Adviser (“Fair Valued Asset Committee”) under procedures established by, and under the general supervision and responsibility of, the Fund’s Board of Trustees (collectively, the “Board”). Such methods may include, but are not limited to, the use of a market comparable and/or income approach methodologies. A Fair Valued Asset Committee meeting may be called at any time by any member of the Fair Valued Asset Committee. The pricing of all Fair Valued Assets and determinations thereof shall be reported by the Fair Valued Asset Committee to the Board at each regularly scheduled quarterly meeting. The Fund has procedures to identify and investigate potentially stale or missing prices for investments which are valued using a nationally recognized pricing service, exchange price or broker-dealer quotations. After performing such procedures, any prices which are deemed to be stale are reviewed by the Fair Valued Asset Committee and an alternative pricing source is determined.

 

 

Various inputs are used to determine the value of BSL’s investments. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below.

 

Level 1 — Unadjusted quoted prices in active markets for identical investments at the measurement date.

 

Level 2 — Significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).

 

Level 3 — Significant unobservable inputs (including the Fund’s own assumption in determining the fair value of investments).

 

The categorization of a value determined for investments and other financial instruments is based on the pricing transparency of the investment and other financial instrument and does not necessarily correspond to the Fund’s perceived risk of investing in those securities. Investments measured and reported at fair value are classified and disclosed in one of the following levels within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement.

 

 

The following table summarizes the valuation of BSL’s investments under the fair value hierarchy levels as of March 31, 2022:

 

Blackstone Senior Floating Rate Term Fund
Investments in Securities at Value* 

Level 1 -

Quoted Prices

  

Level 2 -

Significant

Observable

Inputs

  

Level 3 -

Significant

Unobservable

Inputs

   Total 
Floating Rate Loan Interests                    
Business Equipment & Services  $–   $39,865,550   $4,265,081   $44,130,631 
Containers & Glass Products   –    8,418,594    460,000    8,878,594 
Drugs   –    4,328,123    395,929    4,724,052 
Electronics/Electric   –    53,221,586    297,853    53,519,439 
Healthcare   –    40,266,529    1,492,500    41,759,029 
Leisure Goods/Activities/Movies   –    10,939,530    862,400    11,801,930 
Retailers (except food & drug)   –    –    57,691    57,691 
Other   –    112,457,603    –    112,457,603 
Collateralized Loan Obligation Securities                    
Structured Finance Obligations   –    –    11,863,752    11,863,752 
Corporate Bonds   –    21,510,758    –    21,510,758 
Warrants                    
Healthcare   –    –    –    – 
Total  $–   $291,008,273   $19,695,206   $310,703,479 
                     
Other Financial Instruments                    
Assets
Net Unrealized Appreciation on Unfunded Loan Commitments  $–   $6,965   $–   $6,965 
Total  $–   $6,965   $–   $6,965 

 

*Refer to the Fund's Portfolio of Investments for a listing of securities by type.

 

The changes of the fair value of investments for which BSL has used Level 3 inputs to determine the fair value are as follows:

 

Blackstone Senior Floating Rate Term Fund 

Floating Rate

Loan Interests

 

Collateralized

Loan Obligation

Securities

  Warrants 

Unfunded Loan

Commitments

  Total
Balance as of December 31, 2021  $6,737,603   $6,265,917   $144,751   $(1,298)  $13,146,973 
Accrued discount/ premium   2,776    827    -    -    3,603 
Realized Gain/(Loss)   20    -    -    -    20 
Change in Unrealized Appreciation/(Depreciation)    (63,501)   (179,421)   (144,751)   1,298    (386,375)
Purchases   987,839    6,427,500    -    -    7,415,339 
Sales Proceeds   (3,025)   3    -    -    (3,022)
Transfer into Level 3   3,198,908    -    -    -    3,198,908 
Transfer out of Level 3   (3,029,166)   (651,074)   -    -    (3,680,240)
 Balance as of March 31, 2022  $7,831,454   $$11,863,752  $-   $-   $19,695,206 
Net change in unrealized appreciation/(depreciation) attributable to Level 3 investments held at March 31, 2022  $(60,490)  $(179,421)  $(144,751)  $-   $(384,662)

 

 

Information about Level 3 fair value measurements as of March 31, 2022:

 

Blackstone Senior Floating Rate Term Fund  Fair Value  Valuation Technique(s)  Unobservable Input(s) 

Value/Range

(Weighted Average)

Assets               
Floating Rate Loan Interests  $7,831,454   Third-party vendor pricing service  Broker quotes  N/A 
Collateralized Loan Obligation Securities   11,863,752   Third-party vendor pricing service  Broker quotes  N/A 
Warrants   -   Performance multiple methodology  EBITDA multiple(a)  4.25x

 

(a)As of March 31, 2022, a change to the unobservable input may result in a significant change to the value of the investment as follows:

 

Unobservable Input

 Impact to Value if Input Increases Impact to Value if Input Decreases
EBITDA Multiple Increase Decrease

 

Securities were transferred from Level 2 to Level 3 because of a lack of observable market data due to decrease in market activity and information for these securities. Other securities were transferred from Level 3 to Level 2 as observable inputs were available for purposes of valuing those assets.

 

Securities Transactions and Investment Income: Securities transactions are recorded on trade date for financial reporting purposes and amounts payable or receivable for trades not settled at the time of period end are reflected as liabilities and assets, respectively. Interest Income is recognized on an accrual basis from the date of settlement. Accretion of discount and amortization of premium, which are included in interest income, are accreted or amortized daily using the accrual basis interest method. Dividend income is recorded on the ex-dividend date. Realized gains and losses from securities transactions and foreign currency transactions, if any, are recorded on the basis of identified cost.

 

COVID-19 and Global Economic and Market Conditions: The impact of the novel coronavirus (“COVID-19”) pandemic has rapidly evolved around the globe, causing disruption in the U.S. and global economies. Although the global economy began reopening in 2021 and robust economic activity has supported a continued recovery, the emergence of new variants has contributed to setbacks to the recovery in the U.S. and abroad. The estimates and assumptions underlying the Fund’s financial statements are based on the information available as of March 31, 2022. The estimates and assumptions include judgments about financial market and economic conditions which have changed, and may continue to change, over time.

 

NOTE 3. SENIOR AND SECURED FLOATING RATE LOANS

 

BSL defines “Senior Loans” as first lien senior secured, floating rate loans that are made to U.S. and, to a limited extent, non-U.S. corporations, partnerships and other business entities (“Borrowers”), which operate in various industries and geographical regions. Under normal market conditions, at least 80% of BSL’s Managed Assets (defined below) will be invested in Senior Loans. BSL defines "Managed Assets" as total assets (including any assets attributable to any leverage used) minus the sum of BSL's accrued liabilities (other than liabilities related to the principal amount of leverage). At March 31, 2022, 81.59% of BSL’s Managed Assets were held in Senior Loans.

 

Senior secured loans hold a senior position in the capital structure of a business entity, are secured with specific collateral and have a claim on the assets and/or stock of the Borrower that is senior to that held by unsecured creditors, subordinated debt holders and stockholders of the Borrower.

 

Loans often require prepayments from Borrowers’ excess cash flows or permit the Borrowers to repay at their election. The degree to which Borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, floating rate loans typically have an expected average life of two to four years. Floating rate loans typically have rates of interest which are re-determined periodically, either daily, monthly, quarterly or semi-annually by reference to a floating base lending rate, primarily the London Interbank Offered Rate (“LIBOR”), plus a premium or credit spread.

 

 

The United Kingdom’s Financial Conduct Authority announced a phase out of the LIBOR. Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. On July 29, 2021, the U.S. Federal Reserve System (“FRS”), in conjunction with the Alternative Reference Rates Committee (“ARRC”), a steering committee comprised of large U.S. financial institutions, formally recommended replacing U.S.-dollar LIBOR with the Secured Overnight Financing Rate (“SOFR”), a new index calculated by short-term repurchase agreements, backed by Treasury securities. Given the inherent differences between LIBOR and SOFR, or any other alternative benchmark rate that may be established, there remains uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate. In many cases, the nominated replacements, as well as other potential replacements, are not complete or ready to implement and require margin adjustments. There is currently no final consensus as to which benchmark rate(s) (along with any adjustment and/or permutation thereof) will replace all or any LIBOR tenors after the discontinuation thereof and there can be no assurance that any such replacement benchmark rate(s) will attain market acceptance. Before LIBOR ceases to exist, we and our portfolio companies may need to amend or restructure our existing LIBOR- based debt instruments and any related hedging arrangements that extend beyond June 30, 2023, depending on the applicable LIBOR tenor. Such amendments and restructurings may be difficult, costly and time consuming. In addition, from time to time we invest in floating rate loans and investment securities whose interest rates are indexed to LIBOR. Uncertainty as to the nature of alternative reference rates and as to potential changes or other reforms to LIBOR, or any changes announced with respect to such reforms, may result in a sudden or prolonged increase or decrease in the reported LIBOR rates and the value of LIBOR-based loans and securities, including those of other issuers we or our funds currently own or may in the future own. It remains uncertain how such changes would be implemented and the effects such changes would have on us, issuers of instruments in which we invest and financial markets generally.

 

The expected discontinuation of LIBOR could have a significant impact on our business. There could be significant operational challenges for the transition away from LIBOR including, but not limited to, amending loan agreements with borrowers on investments that may have not been modified with fallback language and adding effective fallback language to new agreements in the event that LIBOR is discontinued before maturity. Beyond these challenges, we anticipate there may be additional risks to our current processes and information systems that will need to be identified and evaluated by us. Due to the uncertainty of the replacement for LIBOR, the potential effect of any such event on our cost of capital and net investment income cannot yet be determined. In addition, the cessation of LIBOR could:

 

●Adversely impact the pricing, liquidity, value of, return on and trading for a broad array of financial products, including any LIBOR-linked securities, loans and derivatives that may be included in our assets and liabilities;
●Require extensive changes to documentation that governs or references LIBOR or LIBOR-based products, including, for example, pursuant to time-consuming renegotiations of documentation to modify the terms of investments;
●Result in inquiries or other actions from regulators in respect of our preparation and readiness for the replacement of LIBOR with one or more alternative reference rates;
●Result in disputes, litigation or other actions with portfolio companies, or other counterparties, regarding the interpretation and enforceability of provisions in our LIBOR-based investments, such as fallback language or other related provisions, including, in the case of fallbacks to the alternative reference rates, any economic, legal, operational or other impact resulting from the fundamental differences between LIBOR and the various alternative reference rates;
●Require the transition and/or development of appropriate systems and analytics to effectively transition our risk management processes from LIBOR-based products to those based on one or more alternative reference rates, which may prove challenging given the limited history of the proposed alternative reference rates; and
●Cause us to incur additional costs in relation to any of the above factors.

 

There is no guarantee that a transition from LIBOR to an alternative will not result in financial market disruptions, significant increases in benchmark rates, or borrowing costs to borrowers, any of which could have a material adverse effect on our business, result of operations, financial condition, and unit price. In addition, the transition to a successor rate could potentially cause (i) increased volatility or illiquidity in markets for instruments that currently rely on LIBOR, (ii) a reduction in the value of certain instruments held by the Fund, or (iii) reduced effectiveness of related Fund transactions, such as hedging. It remains uncertain how such changes would be implemented and the effects such changes would have on the Fund, issuers of instruments in which the Fund invests and financial markets generally.

 

Loans are subject to the risk of payment defaults of scheduled interest or principal. Such non-payment could result in a reduction of income, a reduction in the value of the investment and a potential decrease in the NAV of any of the Fund. Risk of loss of income is generally higher for subordinated unsecured loans or debt, which are not backed by a security interest in any specific collateral. There can be no assurance that the liquidation of any collateral securing a Loan would satisfy the Borrower’s obligation to the Fund in the event of non-payment of scheduled interest or principal payments, or that such collateral could be readily liquidated.

 

 

Second lien loans generally are subject to similar risks as those associated with investments in first lien loans except that such loans are subordinated in payment and/or lower in lien priority to first lien holders. In the event of default on a second lien loan, the first priority lien holder has first claim to the underlying collateral of the loan. Second lien loans are subject to the additional risk that the cash flow of the Borrower and property securing the loan or debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior obligations of the Borrower. At March 31, 2022, BSL had invested $20,927,010 in second lien secured loans. Second lien secured loans are not considered Senior Loans for BSL.

 

Loans can be rated below investment grade or may also be unrated. As a result, the risks associated with Loans may be similar to the risks of other below investment grade securities, although they are senior and secured in contrast to other below investment grade securities, which are often subordinated or unsecured. The Fund typically invests in Loans rated below investment grade, which are considered speculative because of the credit risk of the Borrowers. Such companies are more likely than investment grade issuers to default on their payments of interest and principal owed to the Fund, and such defaults could reduce NAV and income distributions. The amount of public information available with respect to below investment grade loans will generally be less extensive than that available for registered or exchange-listed securities. In evaluating the creditworthiness of Borrowers, the Adviser will consider, and may rely in part on, analyses performed by others. The Adviser’s established best execution procedures and guidelines require trades to be placed for execution only with broker-dealer counterparties approved by the Counterparty Committee of the Adviser. The factors considered by the Counterparty Committee when selecting and approving brokers and dealers include, but are not limited to: (i) quality, accuracy, and timeliness of execution, (ii) review of the reputation, financial strength and stability of the financial institution, (iii) willingness and ability of the counterparty to commit capital, (iv) ongoing reliability and (v) access to underwritten offerings and secondary markets. The Counterparty Committee regularly reviews each broker-dealer counterparty based on the foregoing factors.

 

BSL may acquire Loans through assignments or participations. BSL typically acquires these Loans through assignment, and if BSL acquires a Loan through participation, it will seek to elevate a participation interest into an assignment as soon as practicably possible. The purchaser of an assignment typically succeeds to all the rights and obligations of the assigning institution and becomes a lender under the credit agreement with respect to the debt obligation. A participation typically results in a contractual relationship only with the institution participating out the interest, not with the Borrower. Sellers of participations typically include banks, broker-dealers, other financial institutions and lending institutions. The Adviser has adopted best execution procedures and guidelines which seek to mitigate credit and counterparty risk in the atypical situation when BSL must acquire a Loan through a participation.

 

BSL has invested in CLO securities. A CLO is a financing company (generally called a Special Purpose Vehicle (“SPV”)), created to reapportion the risk and return characteristics of a pool of assets. While the assets underlying a CLO are typically Secured Loans, the assets may also include (i) unsecured loans, (ii) debt securities that are rated below investment grade, and (iii) equity securities incidental to investments in Secured Loans. When investing in CLOs, each fund will not invest in equity tranches, which are the lowest tranche. However, the Fund may invest in lower tranches of CLO debt securities, which typically experience a lower recovery, greater risk of loss or deferral or non-payment of interest than more senior debt tranches of the CLO. In addition, the Fund intends to invest in CLOs consisting primarily of individual Secured Loans of Borrowers and not repackaged CLO obligations from other high risk pools. The underlying Secured Loans purchased by CLOs are generally performing at the time of purchase but may become non-performing, distressed or defaulted. CLOs with underlying assets of non-performing, distressed or defaulted loans are not contemplated to comprise a significant portion of each fund’s investments in CLOs. The key feature of the CLO structure is the prioritization of the cash flows from a pool of debt securities among the several classes of the CLO. The SPV is a company founded solely for the purpose of securitizing payment claims arising out of this diversified asset pool. On this basis, marketable securities are issued by the SPV which, due to the diversification of the underlying risk, generally represent a lower level of risk than the original assets. The redemption of the securities issued by the SPV typically takes place on a date earlier than legal maturity from refinancing of the senior debt tranches.

 

 

NOTE 4. GENERAL COMMITMENTS AND CONTINGENCIES

 

As of March 31, 2022, BSL had unfunded loan commitments outstanding, which could be extended at the option of the borrower, as detailed below:

 

Borrower  Par Value  Fair Value
Arc Falcon I, Inc. Delayed Draw Term Loan  $71,516   $69,878 
AthenaHealth Group Inc. Delayed Draw Term Loan   200,338    198,585 
Boyd Delayed Draw Term Loan   210,526    208,947 
Medical Solutions LLC, First Lien Delayed Draw Term Loan   122,988    122,142 
Pediatric Associates Holding Company, LLC Delayed Draw Term Loan   31,100    30,770 
PRO MACH Group, Inc., First Lien Delayed Draw Term Loan   69,927    69,709 
Sovos Compliance, LLC., First Lien Delayed Draw Term Loan   69,228    69,228 
Tekni-Plex, Inc. First Lien Delayed Draw Term Loan   16,230    16,055 
VT Topco, Inc., First Lien Delayed Draw Term Loan   121,035    119,447 
Total  $912,888   $904,761 

 

Unfunded loan commitments are marked to market on the relevant day of the valuation in accordance with BSL’s valuation policies. For the period ended March 31, 2022, BSL recorded a net increase in unrealized appreciation on unfunded loan commitments totaling $9,160.

 

NOTE 5. LEVERAGE

 

The Fund has entered into a Credit Agreement (the “Agreement”) with a bank to borrow money pursuant to a two-year revolving line of credit (“Leverage Facility”) for BSL. BSL entered into an agreement dated October 8, 2014, as amended on October 7, 2015, October 5, 2016, and October 4, 2017, and as further amended and restated on June 20, 2018 and as further amended and restated on October 4, 2019 and as amended on October 2, 2020, October 1, 2021 and November 29, 2021, to borrow up to a limit of $142 million, with $48 million for tranche A loans ("BSL Tranche A Loans") and $94 million for tranche B loans ("BSL Tranche B Loans"). Borrowings under the Agreement are secured by the assets of the Fund.

 

Interest is charged at a rate of 0.85% above LIBOR for Tranche A Loans, 1.15% above LIBOR for one (1) month interest period Tranche B Loans and 1.00% above LIBOR for three (3), six (6) and nine (9) months interest periods Tranche B Loans, with LIBOR measured for the period commencing on the date of the making of such LIBOR Loan (or the last date upon which any other Loan was converted to, or continued as, such LIBOR Loan) and ending on the numerically corresponding day in the calendar month that is one (1), three (3), six (6) or nine (9) months thereafter, as the Fund may elect, or such other periods as the lender may agree in its sole and absolute discretion.

 

Under the terms of the Agreement, the Fund must pay a commitment fee on any undrawn amounts. The commitment fee payable for each of Tranche A Loans and Tranche B Loans is 0.15% on the undrawn amounts when drawn amounts exceed 75% of the relevant borrowing limit and 0.25% on the undrawn amounts at any other time. Interest and fees are generally payable quarterly. The Fund may elect to extend the Agreement for a further period with the consent of the lending bank. At March 31, 2022, BSL had borrowings outstanding under its Leverage Facility of $99,500,000, at an interest rate of 1.27%. Due to the short term nature of the Agreement, face value approximates fair value at March 31, 2022. This fair value is based on Level 2 inputs under the three-tier fair valuation hierarchy (see Note 2). For the period ended March 31, 2022, the average borrowings under BSL’s Leverage Facility and the average interest rate were $103,266,667 and 1.19%, respectively.

 

Under the Agreement, the Fund has agreed to certain covenants and additional investment limitations while the leverage is outstanding. The Fund agreed to maintain asset coverage of three times over borrowings. Compliance with the investment restrictions and calculations are performed by the Fund’s custodian, The Bank of New York Mellon. As of March 31, 2022, the Fund was in compliance with all required investment limitations and asset coverage requirements related to its leverage.

 

 

The use of borrowings to leverage the common shares of the Fund can create risks. Changes in the value of the Fund’s portfolio, including securities bought with the proceeds of leverage, are borne entirely by the holders of common shares of the Fund. All costs and expenses related to any form of leverage used by the Fund are borne entirely by common shareholders. If there is a net decrease or increase in the value of the Fund’s investment portfolio, the leverage may decrease or increase, as the case may be, the NAV per common share to a greater extent than if the Fund did not utilize leverage. During periods when the Fund is using leverage, the fees paid to the Adviser for advisory services and to ALPS for administrative services are higher than if the Fund did not use leverage because the fees paid are calculated on the basis of the Fund’s Managed Assets, which include the assets purchased through leverage. As of March 31, 2022, BSL’s leverage represented 31.66% of the Fund’s Managed Assets.


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