Muzinich & Co., Inc. Hedge Fund

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ARCC	ARES CAPITAL CORP	2,142,606 (+30.6%)	$43,345 (+29.5%)	13.6%	$15.15	+30.6%	COM	04010L103
BXSL	BLACKSTONE SECD LENDING FD	1,169,989 (+28.8%)	$30,806 (+30.1%)	9.7%	$24.81	+5.2%	COMMON STOCK	09261X102
HTGC	HERCULES CAPITAL INC	1,335,787 (+34.5%)	$25,140 (+33.9%)	7.9%	$17.11	+5.4%	COM	427096508
OBDC	BLUE OWL CAPITAL CORPORATION	2,457,058 (+25.9%)	$30,541 (+22.6%)	9.6%	$11.75	+5.1%	COM	69121K104
TSLX	SIXTH STREET SPECIALTY LENDI	992,898 (+32.9%)	$21,566 (+26.3%)	6.8%	$20.55	+6.1%	COM	83012A109
GBDC	GOLUB CAP BDC INC	1,959,272 (+20.5%)	$26,587 (+19.5%)	8.4%	$11.92	+13.6%	COM	38173M102
CSWC	CAPITAL SOUTHWEST CORP	425,322 (+55.6%)	$9,421 (+57.7%)	3.0%	$19.38	+5.5%	COM	140501107
MSDL	MORGAN STANLEY DIRECT LENDIN	766,451 (+31.1%)	$12,631 (+34.4%)	4.0%	$17.45	-5.9%	COM SHS	61774A103
MAIN	MAIN STR CAP CORP	440,012 (+19.8%)	$26,572 (+13.8%)	8.4%	$48.29	+22.1%	COM	56035L104
CGBD	CARLYLE SECURED LENDING INC	736,442 (+47.3%)	$9,198 (+47.2%)	2.9%	$10.92	+10.4%	COM	872280102
SLRC	SLR INVESTMENT CORP	534,336 (+37.4%)	$8,261 (+38.9%)	2.6%	$13.46	+11.0%	COM	83413U100
BBDC	BARINGS BDC INC	698,945 (+43.8%)	$6,416 (+50.7%)	2.0%	$7.89	+10.0%	COM	06759L103
FDUS	FIDUS INVT CORP	347,114 (+40.3%)	$6,699 (+33.6%)	2.1%	$16.79	+15.8%	COM	316500107
BCSF	BAIN CAP SPECIALTY FIN INC	784,147 (+21.1%)	$10,907 (+18.2%)	3.4%	$12.00	+11.4%	COM STK	05684B107
NMFC	NEW MTN FIN CORP	849,437 (+26.6%)	$7,823 (+20.9%)	2.5%	$8.23	+11.4%	COM	647551100
MFIC	MIDCAP FINANCIAL INVSTMNT CO	714,776 (+25.1%)	$8,177 (+19.3%)	2.6%	$10.40	+11.4%	COM NEW	03761U502
SCM	STELLUS CAP INVT CORP	253,534 (+22.5%)	$3,215 (+19.0%)	1.0%	$13.26	-7.5%	COM	858568108
GSBD	GOLDMAN SACHS BDC INC	799,498 (+4.3%)	$7,419 (-4.8%)	2.3%	$15.55	-36.9%	SHS	38147U107
CCAP	CRESCENT CAP BDC INC	152,822 (+11.7%)	$2,147 (+10.1%)	0.7%	$13.77	+0.3%	COM	225655109

Exited Positions (2)

UTZ UTZ BRANDS INC 0.1%

Value ($000) $425 Shares 35,000 Est. Cost — Unrealized —

COLD AMERICOLD REALTY TRUST INC 0.1%

Value ($000) $367 Shares 30,000 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
UTZ	UTZ BRANDS INC	35,000	$425	0.1%	—	—	CALL	918090101
COLD	AMERICOLD REALTY TRUST INC	30,000	$367	0.1%	—	—	CALL	03064D108

Decreased Positions (16)

FSK FS KKR CAP CORP 4.0%

Value ($000) $12,659 (-5.2%) Shares 854,742 (-4.4%) Est. Cost $11.98 Unrealized +22.7%

TCPC BLACKROCK TCP CAPITAL CORP 0.5%

Value ($000) $1,529 (-12.7%) Shares 279,505 (-1.1%) Est. Cost $11.75 Unrealized -51.0%

EQIX EQUINIX INC 0.0%

Value ($000) $107 (-64.2%) Shares 140 (-63.4%) Est. Cost $545.33 Unrealized +43.2%

DLR DIGITAL RLTY TR INC 0.0%

Value ($000) $83 (-67.9%) Shares 537 (-64.1%) Est. Cost $97.81 Unrealized +66.8%

PLD PROLOGIS INC. 0.0%

Value ($000) $85 (-60.0%) Shares 664 (-64.1%) Est. Cost $82.75 Unrealized +49.7%

AMT AMERICAN TOWER CORP NEW 0.0%

Value ($000) $44 (-70.6%) Shares 251 (-67.8%) Est. Cost $151.43 Unrealized +19.1%

IRM IRON MTN INC DEL 0.0%

Value ($000) $50 (-66.7%) Shares 603 (-59.0%) Est. Cost $82.42 Unrealized +12.6%

SPG SIMON PPTY GROUP INC NEW 0.0%

Value ($000) $55 (-59.7%) Shares 299 (-59.1%) Est. Cost $116.36 Unrealized +54.7%

HST HOST HOTELS & RESORTS INC 0.0%

Value ($000) $44 (-57.1%) Shares 2,493 (-58.8%) Est. Cost $14.63 Unrealized +15.8%

EQR EQUITY RESIDENTIAL 0.0%

Value ($000) $32 (-60.1%) Shares 515 (-59.0%) Est. Cost $59.75 Unrealized +1.5%

EXR EXTRA SPACE STORAGE INC 0.0%

Value ($000) $30 (-61.4%) Shares 229 (-58.2%) Est. Cost $139.23 Unrealized -3.0%

CCI CROWN CASTLE INC 0.0%

Value ($000) $29 (-62.3%) Shares 322 (-59.1%) Est. Cost $95.12 Unrealized -4.2%

AMH AMERICAN HOMES 4 RENT 0.0%

Value ($000) $24 (-60.4%) Shares 740 (-59.0%) Est. Cost $34.48 Unrealized —

AVB AVALONBAY CMNTYS INC 0.0%

Value ($000) $19 (-61.5%) Shares 103 (-59.0%) Est. Cost $150.19 Unrealized +19.7%

ESS ESSEX PPTY TR INC 0.0%

Value ($000) $13 (-57.9%) Shares 50 (-56.9%) Est. Cost $193.05 Unrealized +32.7%

BXP BXP INC 0.0%

Value ($000) $10 (-62.9%) Shares 149 (-59.2%) Est. Cost $69.22 Unrealized +1.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FSK	FS KKR CAP CORP	854,742 (-4.4%)	$12,659 (-5.2%)	4.0%	$11.98	+22.7%	COM	302635206
TCPC	BLACKROCK TCP CAPITAL CORP	279,505 (-1.1%)	$1,529 (-12.7%)	0.5%	$11.75	-51.0%	COM	09259E108
EQIX	EQUINIX INC	140 (-63.4%)	$107 (-64.2%)	0.0%	$545.33	+43.2%	COM	29444U700
DLR	DIGITAL RLTY TR INC	537 (-64.1%)	$83 (-67.9%)	0.0%	$97.81	+66.8%	COM	253868103
PLD	PROLOGIS INC.	664 (-64.1%)	$85 (-60.0%)	0.0%	$82.75	+49.7%	COM	74340W103
AMT	AMERICAN TOWER CORP NEW	251 (-67.8%)	$44 (-70.6%)	0.0%	$151.43	+19.1%	COM	03027X100
IRM	IRON MTN INC DEL	603 (-59.0%)	$50 (-66.7%)	0.0%	$82.42	+12.6%	COM	46284V101
SPG	SIMON PPTY GROUP INC NEW	299 (-59.1%)	$55 (-59.7%)	0.0%	$116.36	+54.7%	COM	828806109
HST	HOST HOTELS & RESORTS INC	2,493 (-58.8%)	$44 (-57.1%)	0.0%	$14.63	+15.8%	COM	44107P104
EQR	EQUITY RESIDENTIAL	515 (-59.0%)	$32 (-60.1%)	0.0%	$59.75	+1.5%	SH BEN INT	29476L107
EXR	EXTRA SPACE STORAGE INC	229 (-58.2%)	$30 (-61.4%)	0.0%	$139.23	-3.0%	COM	30225T102
CCI	CROWN CASTLE INC	322 (-59.1%)	$29 (-62.3%)	0.0%	$95.12	-4.2%	COM	22822V101
AMH	AMERICAN HOMES 4 RENT	740 (-59.0%)	$24 (-60.4%)	0.0%	$34.48	—	CL A	02665T306
AVB	AVALONBAY CMNTYS INC	103 (-59.0%)	$19 (-61.5%)	0.0%	$150.19	+19.7%	COM	053484101
ESS	ESSEX PPTY TR INC	50 (-56.9%)	$13 (-57.9%)	0.0%	$193.05	+32.7%	COM	297178105
BXP	BXP INC	149 (-59.2%)	$10 (-62.9%)	0.0%	$69.22	+1.7%	COM	101121101

Unchanged Positions (2)

OCSL OAKTREE SPECIALTY LENDING CO 1.3%

Value ($000) $4,237 Shares 332,569 Est. Cost $17.65 Unrealized -24.3%

PFLT PENNANTPARK FLOATING RATE CA 0.5%

Value ($000) $1,584 Shares 170,836 Est. Cost $8.14 Unrealized +7.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
OCSL	OAKTREE SPECIALTY LENDING CO	332,569	$4,237	1.3%	$17.65	-24.3%	COM	67401P405
PFLT	PENNANTPARK FLOATING RATE CA	170,836	$1,584	0.5%	$8.14	+7.3%	COM	70806A106