10-Q

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Silver Capital Holdings LLC

Consolidated Statements of Financial Condition

(in thousands, except unit and per unit amounts)


	June 30, 2026 (Unaudited)			December 31, 2025
Assets
Investments, at fair value
Non-controlled/non-affiliated investments (cost of $299,706 and $346,011)	$	257,287		$	325,901
Non-controlled affiliated investments (cost of $3,354 and $3,354)		3,354			3,354
Total investments, at fair value (amortized cost of $303,060 and $349,365)	$	260,641		$	329,255
Investments in affiliated money market fund (cost of $34,316 and $139,844)		34,316			139,844
Cash		7,405			7,396
Interest and dividends receivable		2,298			3,620
Deferred financing costs		—			649
Other assets		73			543
Total assets	$	304,733		$	481,307
Liabilities
Debt	$	—		$	148,432
Interest and other debt expenses payable		30			2,548
Management fees payable		746			737
Incentive fees payable		2,956			7,317
Secured borrowings		1,470			2,095
Accrued expenses and other liabilities		1,404			775
Total liabilities	$	6,606		$	161,904
Commitments and contingencies (Note 7)
Members’ capital
Preferred units (0 units issued and outstanding)	$	—		$	—
Units (14,884,897 and 14,884,897 units issued and outstanding as of June 30, 2026 and December 31, 2025)		437,806			457,806
Distributable earnings (loss)		(139,679	)		(138,403	)
Total members’ capital	$	298,127		$	319,403
Total liabilities and members’ capital	$	304,733		$	481,307
Net asset value per unit	$	20.03		$	21.46

The accompanying notes are an integral part of these consolidated financial statements.

Silver Capital Holdings LLC

Consolidated Statements of Operations

(in thousands, except unit and per unit amounts)

(Unaudited)


	For the Three Months Ended						For the Six Months Ended
	June 30, 2026			June 30, 2025			June 30, 2026			June 30, 2025
Investment income:
From non-controlled/non-affiliated investments:
Interest income	$	4,499		$	12,186		$	10,513		$	27,692
Payment-in-kind income		318			823			996			3,144
Other income		25			61			54			254
From non-controlled affiliated investments:
Dividend income		715			1,128			2,013			1,204
Total investment income	$	5,557		$	14,198		$	13,576		$	32,294
Expenses:
Interest and other debt expenses	$	1,295		$	4,494		$	3,680		$	9,454
Management fees		746			798			1,492			1,680
Incentive fees		157			1,182			543			1,842
Professional fees		208			557			470			759
Administration and custodian fees		165			168			336			336
Directors’ fees		40			52			91			103
Other general and administrative expenses		44			73			199			189
Transaction costs		—			(413	)		—			(413	)
Total expenses	$	2,655		$	6,911		$	6,811		$	13,950
Net investment income	$	2,902		$	7,287		$	6,765		$	18,344
Net realized and unrealized gains (losses):
Net realized gain (loss) from:
Non-controlled/non-affiliated investments	$	20,049		$	(46,214	)	$	20,049		$	(60,506	)
Net change in unrealized appreciation (depreciation) from:
Non-controlled/non-affiliated investments		(21,234	)		49,563			(21,622	)		59,857
Net realized and unrealized gains (losses)	$	(1,185	)	$	3,349		$	(1,573	)	$	(649	)
(Provision) benefit for taxes on unrealized appreciation/depreciation on investments	$	(302	)	$	—		$	(302	)	$	—
Net increase (decrease) in members’ capital from operations	$	1,415		$	10,636		$	4,890		$	17,695
Weighted average units outstanding		14,884,897			14,884,897			14,884,897			14,884,897
Basic and diluted net investment income per unit	$	0.19		$	0.49		$	0.45		$	1.23
Basic and diluted earnings per unit	$	0.10		$	0.72		$	0.33		$	1.19

The accompanying notes are an integral part of these consolidated financial statements.

Silver Capital Holdings LLC

Consolidated Statements of Changes in Members’ Capital

(in thousands, except unit and per unit amounts)

(Unaudited)


	For the Three Months Ended						For the Six Months Ended
	June 30, 2026			June 30, 2025			June 30, 2026			June 30, 2025

Members’ capital at beginning of period	$	322,878		$	356,769		$	319,403		$	349,710
Increase (decrease) in members’ capital from operations:
Net investment income	$	2,902		$	7,287		$	6,765		$	18,344
Net realized gain (loss)		20,049			(46,214	)		20,049			(60,506	)
Net change in unrealized appreciation (depreciation)		(21,234	)		49,563			(21,622	)		59,857
(Provision) benefit for unrealized appreciation/depreciation on investments		(302	)		—			(302	)		—
Net increase (decrease) in members’ capital from operations	$	1,415		$	10,636		$	4,890		$	17,695
Distributions to unitholders from:
Return of capital	$	(20,000	)	$	(45,881	)	$	(20,000	)	$	(45,881	)
Distributable earnings		(6,166	)		(8,832	)		(6,166	)		(8,832	)
Total distributions to unitholders	$	(26,166	)	$	(54,713	)	$	(26,166	)	$	(54,713	)
Total increase (decrease) in members’ capital	$	(24,751	)	$	(44,077	)	$	(21,276	)	$	(37,018	)
Members’ capital at end of period	$	298,127		$	312,692		$	298,127		$	312,692
Distributions per unit	$	1.75		$	3.67		$	1.75		$	3.67

The accompanying notes are an integral part of these consolidated financial statements.

Silver Capital Holdings LLC

Consolidated Statements of Cash Flows

(in thousands, except unit and per unit amounts)

(Unaudited)


	For the Six Months Ended
	June 30, 2026			June 30, 2025

Cash flows from operating activities:
Net increase (decrease) in members’ capital from operations:	$	4,890		$	17,695
Adjustments to reconcile net increase (decrease) in members’ capital from operations to net cash provided by (used for) operating activities:
Purchases of investments		(2,313	)		(7,177	)
Payment-in-kind interest capitalized		(1,230	)		(3,600	)
Investments in affiliated money market fund, net		105,528			(13,331	)
Proceeds from sales of investments and principal repayments		70,948			152,199
Net realized (gain) loss on investments		(20,049	)		60,506
Net change in unrealized (appreciation) depreciation on investments		21,622			(59,857	)
Amortization of premium and accretion of discount, net		(989	)		(1,935	)
Amortization of deferred financing costs		670			165
Change in operating assets and liabilities:
(Increase) decrease in interest and dividends receivable		1,322			84
(Increase) decrease in other assets		470			(205	)
Increase (decrease) in interest and other debt expenses payable		(2,518	)		277
Increase (decrease) in management fees payable		9			(159	)
Increase (decrease) in incentive fees payable		(4,361	)		1,440
Increase (decrease) in accrued expenses and other liabilities		629			(2,490	)
Increase (decrease) in payable for units subscribed		—			(6,315	)
Net cash provided by operating activities	$	174,628		$	137,297
Cash flows from financing activities:
Distributions paid	$	(26,166	)	$	(60,072	)
Financing costs paid		(21	)		(426	)
Repayments of debt		(148,432	)		(113,200	)
Net cash provided by (used for) financing activities	$	(174,619	)	$	(173,698	)
Net (decrease) increase in cash		9			(36,401	)
Cash, beginning of period		7,396			79,248
Cash, end of period	$	7,405		$	42,847
Supplemental and non-cash activities
Interest expense paid	$	5,341		$	9,012
Exchange of investments	$	31,770		$	41,278

The accompanying notes are an integral part of these consolidated financial statements.

Silver Capital Holdings LLC

Consolidated Schedule of Investments as of June 30, 2026

(in thousands, except unit and per unit amounts)

(Unaudited)


Investment (1)	Industry (2)	Interest Rate (3)	Reference Rate and Spread (3)	Maturity	Par(4)		Cost			Fair Value			Footnotes
Debt Investments - 85.3%
United States - 85.3%
1st Lien/Senior Secured Debt - 45.6%
VRC Companies, LLC (dba Vital Records Control)	Commercial Services & Supplies	9.16%	S + 5.50%	06/29/27	$	14,754	$	14,709		$	14,717		(5) (6) (7)
VRC Companies, LLC (dba Vital Records Control)	Commercial Services & Supplies		S + 5.50%	06/29/27		443		(1	)		(1	)	(5) (7) (8)
Marquis Software Solutions Inc	Consumer Finance		S + 5.25%	11/29/26		9,050		8,921			6,100		(6) (7) (9)
Marquis Software Solutions Inc	Consumer Finance		S + 5.25%	11/29/26		1,076		890			553		(7) (8) (9)
Marquis Software Solutions Inc	Consumer Finance		S + 5.25%	11/29/26		373		368			252		(6) (7) (9)
Streamland Media Midco LLC	Entertainment	9.49%	S + 5.50% (Incl. 1.00% PIK)	04/02/29		11,719		11,571			10,898		(5) (7)
Streamland Media Midco LLC	Entertainment	9.47%	S + 5.50% (Incl. 1.00% PIK)	04/02/29		2,306		2,054			2,054		(5) (7) (8)
Streamland Media Midco LLC	Entertainment	9.49%	S + 5.50% (Incl. 1.00% PIK)	04/02/29		1,653		1,653			1,538		(5) (7)
Keystone Purchaser LLC (dba Bridgeway)	Ground Transportation	9.77%	S + 5.75%	05/07/27		19,104		19,029			18,913		(6) (7)
Keystone Purchaser LLC (dba Bridgeway)	Ground Transportation	9.74%	S + 5.75%	05/07/27		2,557		2,547			2,531		(6) (7)
Keystone Purchaser LLC (dba Bridgeway)	Ground Transportation	9.79%	S + 5.75%	05/07/27		2,342		2,297			2,282		(7) (8)
HAI Hospitality, Inc.	Hotels, Restaurants & Leisure	9.26%	S + 5.50%	12/06/28		9,270		9,212			9,177		(6) (7)
HAI Hospitality, Inc.	Hotels, Restaurants & Leisure		S + 5.50%	12/06/28		4,362		(26	)		(44	)	(7) (8)
HAI Hospitality, Inc.	Hotels, Restaurants & Leisure		S + 5.50%	12/06/28		1,636		(10	)		(16	)	(7) (8)
KBP BRANDS, LLC	Hotels, Restaurants & Leisure	9.24%	S + 5.25%	05/26/27		20,999		20,917			20,579		(6) (7)
KBP BRANDS, LLC	Hotels, Restaurants & Leisure	9.24%	S + 5.25%	05/26/27		10,200		10,160			9,996		(6) (7)
Khoros, LLC (fka Lithium Technologies, Inc.)	Interactive Media & Services	10.00%	10.00%	05/23/30		12,518		12,132			12,048		(5) (7)
SugarCRM Inc.	Software	8.74%	S + 5.00%	07/30/27		25,841		25,729			24,808		(6) (7)
SugarCRM Inc.	Software		S + 5.00%	07/30/27		2,128		(9	)		(85	)	(7) (8)
Total 1st Lien/Senior Secured Debt								142,143			136,300

The accompanying notes are an integral part of these consolidated financial statements.


Investment (1)	Industry (2)	Interest Rate (3)	Reference Rate and Spread (3)	Maturity	Par(4)		Cost		Fair Value		Footnotes
1st Lien/Last-Out Unitranche - 26.3%
Streamland Media Midco LLC	Entertainment		S + 6.50% (Incl. 5.50% PIK)	04/02/29	$	11,402	$	9,383	$	4,589	(5) (7) (9) (10)
Ej2 Communications, Inc. (dba Flashpoint)	IT Services		S + 7.72% (Incl. 3.53% PIK)	06/30/27		28,479		26,898		23,806	(6) (7) (9) (10)
Ej2 Communications, Inc. (dba Flashpoint)	IT Services		S + 7.72% (Incl. 3.53% PIK)	06/30/27		3,890		3,674		3,252	(6) (7) (9) (10)
K2 Towers II, LLC	Wireless Telecommunication Services	8.32%	S + 4.58%	05/02/29		20,469		19,221		19,260	(6) (7) (8) (10)
Octagon Towers LLC	Wireless Telecommunication Services	8.72%	S + 4.98%	09/04/28		16,913		16,735		16,736	(6) (7) (8) (10)
Peppertree Towers, LLC	Wireless Telecommunication Services	8.32%	S + 4.58%	05/15/29		11,745		10,619		10,634	(6) (7) (8) (10)
Total 1st Lien/Last-Out Unitranche								86,530		78,277
2nd Lien/Senior Secured Debt - 13.4%
Wine.com, LLC	Beverages		S + 12.00% PIK	04/01/28	$	9,052	$	9,085	$	4,815	(5) (7) (9)
Wine.com, LLC	Beverages		S + 12.00% PIK	04/01/28		2,507		1,997		2,985	(5) (7) (8) (9) (11)
Chase Industries, Inc. (dba Senneca Holdings)	Building Products	10.00%	10.00%	11/12/29		17,531		17,029		17,006	(5) (7)
Chase Industries, Inc. (dba Senneca Holdings)	Building Products		10.00% PIK	11/12/29		16,710		14,764		15,039	(5) (7) (9)
Total 2nd Lien/Senior Secured Debt								42,875		39,845
Unsecured Debt -0.0%
Wine.com, Inc.	Beverages		S + 15.00% PIK	04/01/28	$	28,458	$	—	$	—	(5) (7) (9) (11)
Wine.com, Inc.	Beverages		S + 15.00% PIK	04/01/28		16,414		4,042		—	(5) (7) (9) (11)
Wine.com, Inc.	Beverages		S + 15.00% PIK	04/01/28		9,982		9,489		—	(5) (7) (9)
Total Unsecured Debt								13,531		—
Total United States							$	285,079	$	254,422
Total Debt Investments							$	285,079	$	254,422

The accompanying notes are an integral part of these consolidated financial statements.


Investment (1)	Industry (2)	Initial Acquisition Date	Shares(4)		Cost		Fair Value		Footnotes
Equity Securities - 2.1%
United States - 2.1%
Common Stock - 1.1%
Elah Holdings, Inc.	Capital Markets	05/09/18		69,386	$	3,354	$	3,354	(5) (7) (12) (13) (14)
Streamland Media Holdings LLC	Entertainment	03/31/25		100,941		4,055		—	(5) (7) (12) (14)
Total Common Stock						7,409		3,354
Preferred Stock - 1.0%
Wine.com, LLC	Beverages	11/14/18		337,425	$	2,900	$	—	(5) (7) (12) (14)
Wine.com, LLC	Beverages	03/03/21		78,199		1,933		—	(5) (7) (12) (14)
Khoros, LLC (fka Lithium Technologies, Inc.)	Interactive Media & Services	05/23/25		133,523		5,739		2,865	(5) (7) (12) (14)
Total Preferred Stock						10,572		2,865
Total United States					$	17,981	$	6,219
Total Equity Securities					$	17,981	$	6,219
Total Investments - 87.4%					$	303,060	$	260,641
Investments in Affiliated Money Market Fund - 11.5%
United States - 11.5%
Goldman Sachs Financial Square Government Fund - Institutional Shares				34,316,276	$	34,316	$	34,316	(6) (15) (16)
Total United States					$	34,316	$	34,316
Total Investments in Affiliated Money Market Fund					$	34,316	$	34,316
Total Investments and Investments in Affiliated Money Market Fund - 98.9%					$	337,376	$	294,957

The accompanying notes are an integral part of these consolidated financial statements.

(1)

Percentages are based on net assets.

(2)

For Industry subtotal and percentage, see Note 4 "Investments".

(3)

Represents the actual interest rate for partially or fully funded debt in effect as of the reporting date. Certain investments are subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by the larger of the floor or the SOFR including SOFR adjustment, if any, ("S") at the borrower’s option, which reset periodically based on the terms of the credit agreement. S loans are typically indexed to 12 month, 6 month, 3 month or 1 month S rates. As of June 30, 2026, 1 month S was 3.65%, 3 month S was 3.73% and 6 month S was 3.85%. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at June 30, 2026.

(4)

Par amount is presented for debt investments, while the number of shares or units owned is presented for equity investments. Par amount is denominated in U.S. Dollars ("$" or "USD").

(5)

Represents co-investments made with the Company’s affiliates in accordance with the terms of the exemptive relief received from the U.S. Securities and Exchange Commission (the "SEC"). See Note 3 “Significant Agreements and Related Party Transactions”.

(6)

All, or a portion of, the assets are pledged as collateral for the term loan facility with JPMorgan Chase Bank, National Association (as amended, restated, supplemented or otherwise modified from time to time, the “JPM Term Loan Facility”). See Note 6 “Debt”.

(7)

The fair value of the investment was determined using significant unobservable inputs. See Note 5 “Fair Value Measurement”.

(8)

Position or portion thereof is an unfunded commitment, and no interest is being earned on the unfunded portion. The unfunded commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. The negative cost, if applicable, is the result of the capitalized discount being greater than the principal amount outstanding on a loan. The negative fair value, if applicable, is the result of the capitalized discount on a loan. See Note 7 "Commitments and Contingencies".

(9)

The investment is on non-accrual status. See Note 2 "Significant Accounting Policies".

(10)

In exchange for the greater risk of loss, the “last-out” portion of the Company’s unitranche loan investment generally earns a higher interest rate than the “first-out” portions. The “first-out” portion would generally receive priority with respect to payment of principal, interest and any other amounts due thereunder over the “last-out” portion.

(11)

The Company sold a participating interest of the portfolio company’s second lien senior secured loan and unsecured debt. As the transaction did not qualify for sale accounting in accordance with GAAP (as defined below), the Company recorded a corresponding $1,470 secured borrowing at fair value, which is included in “secured borrowings” in the accompanying Consolidated Statements of Financial Condition. As of June 30, 2026, the interest rate in effect for the secured borrowing was S + 12% PIK and S + 15% PIK for the second lien senior secured loan and unsecured debt, respectively. See Note 2 "Significant Accounting Policies".

(12)

Securities exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"), and may be deemed to be a “restricted security”. As of June 30, 2026, the aggregate fair value of such securities is $6,219 or 2.1% of the Company’s net assets. The initial acquisition date has been included for such securities.

(13)

As defined in the Investment Company Act of 1940, as amended (the “Investment Company Act”), the investment is deemed to be an “affiliated person” of the Company because the Company owns, either directly or indirectly, 5% or more of the portfolio company’s outstanding voting securities. See Note 3 "Significant Agreements and Related Party Transactions".

(14)

Non-income producing security.

(15)

The investment is otherwise deemed to be an “affiliated person” of the Company. See Note 3 “Significant Agreements and Related Party Transactions”.

(16)

The annualized seven-day yield as of June 30, 2026 is 3.53%.

PIK – Payment-In-Kind

The accompanying notes are an integral part of these consolidated financial statements.


Investment (1)	Industry (2)	Interest Rate (3)	Reference Rate and Spread (3)	Maturity	Par(5)		Cost			Fair Value			Footnotes
Debt Investments - 100.2%
United States - 100.2%
1st Lien/Senior Secured Debt - 64.2%
VRC Companies, LLC (dba Vital Records Control)	Commercial Services & Supplies	9.34%	S + 5.25%	06/29/27	$	14,832	$	14,765		$	14,758		(6) (7) (8)
VRC Companies, LLC (dba Vital Records Control)	Commercial Services & Supplies		S + 5.25%	06/29/27		443		(2	)		(2	)	(6) (8) (9)
Marquis Software Solutions Inc	Consumer Finance	9.24%	S + 5.25%	11/29/26		9,099		8,921			8,644		(7) (8)
Marquis Software Solutions Inc	Consumer Finance	9.26%	S + 5.25%	11/29/26		1,076		883			850		(7) (8) (9)
Marquis Software Solutions Inc	Consumer Finance	9.24%	S + 5.25%	11/29/26		375		368			356		(7) (8)
CDM Fitness Holdings, LLC	Consumer Staples Distribution & Retail	10.07%	S + 6.25%	06/17/26		25,800		25,718			25,671		(7) (8)
CDM Fitness Holdings, LLC	Consumer Staples Distribution & Retail		S + 6.25%	06/17/26		1,083		(3	)		(5	)	(7) (8) (9)
CDM Fitness Holdings, LLC	Consumer Staples Distribution & Retail	10.07%	S + 6.25%	06/17/26		538		536			535		(7) (8)
Streamland Media Midco LLC	Entertainment	9.43%	S + 5.50% (Incl. 1.00% PIK)	04/02/29		11,236		11,066			10,675		(6) (8)
Streamland Media Midco LLC	Entertainment	8.70%	S + 5.50% (Incl. 1.00% PIK)	04/02/29		1,585		1,585			1,506		(6) (8)
Streamland Media Midco LLC	Entertainment	8.43%	S + 4.50%	04/02/29		1,233		830			830		(6) (8) (9)
Keystone Purchaser LLC (dba Bridgeway)	Ground Transportation	9.47%	S + 5.75%	05/07/27		19,202		19,085			19,010		(7) (8)
Keystone Purchaser LLC (dba Bridgeway)	Ground Transportation	9.68%	S + 5.75%	05/07/27		2,570		2,555			2,544		(7) (8)
Keystone Purchaser LLC (dba Bridgeway)	Ground Transportation	9.68%	S + 5.75%	05/07/27		2,342		1,783			1,773		(7) (8) (9)
HAI Hospitality, Inc.	Hotels, Restaurants & Leisure	9.44%	S + 5.50%	12/06/28		9,270		9,201			9,177		(7) (8)
HAI Hospitality, Inc.	Hotels, Restaurants & Leisure		S + 5.50%	12/06/28		4,362		(31	)		(44	)	(7) (8) (9)
HAI Hospitality, Inc.	Hotels, Restaurants & Leisure		S + 5.50%	12/06/28		1,636		(12	)		(16	)	(7) (8) (9)
KBP BRANDS, LLC	Hotels, Restaurants & Leisure	9.45%	S + 5.50%	05/26/27		20,301		20,179			19,945		(7) (8)
KBP BRANDS, LLC	Hotels, Restaurants & Leisure	9.45%	S + 5.50%	05/26/27		10,476		10,414			10,293		(7) (8)
KBP BRANDS, LLC	Hotels, Restaurants & Leisure	9.45%	S + 5.50%	05/26/27		1,273		1,266			1,251		(7) (8)
PF Atlantic Holdco 2, LLC	Hotels, Restaurants & Leisure	9.56%	S + 5.50%	11/12/27		11,172		11,098			11,061		(7) (8)
PF Atlantic Holdco 2, LLC	Hotels, Restaurants & Leisure	9.35%	S + 5.50%	11/12/27		8,862		8,803			8,774		(7) (8)
PF Atlantic Holdco 2, LLC	Hotels, Restaurants & Leisure		S + 5.50%	11/12/27		1,539		(10	)		(15	)	(7) (8) (9)
Khoros, LLC (fka Lithium Technologies, Inc.)	Interactive Media & Services	10.00%	10.00%	05/23/30		12,518		12,093			12,048		(6) (8)
SugarCRM Inc.	Software	8.82%	S + 5.00%	07/30/27		26,637		26,470			26,370		(7) (8)
SugarCRM Inc.	Software		S + 5.00%	07/30/27		2,128		(13	)		(21	)	(7) (8) (9)

The accompanying notes are an integral part of these consolidated financial statements.


Investment (1)	Industry (2)	Interest Rate (3)	Reference Rate and Spread (3)	Initial Acquisition Date	Maturity	Par(5)		Cost			Fair Value			Footnotes
Good Feet Worldwide LLC	Specialty Retail	8.99%	S + 5.00%		12/10/27	$	17,084	$	16,910		$	16,913		(7) (8)
Good Feet Worldwide LLC	Specialty Retail	8.99%	S + 5.00%		12/10/27		2,136		2,114			2,114		(7) (8)
Good Feet Worldwide LLC	Specialty Retail		S + 5.00%		12/10/27		1,112		(11	)		(11	)	(7) (8) (9)
Total 1st Lien/Senior Secured Debt									206,561			204,984
1st Lien/Last-Out Unitranche - 27.0%
Streamland Media Midco LLC	Entertainment		S + 6.50% (Incl. 5.50% PIK)		04/02/29	$	10,879	$	9,410		$	7,506		(6) (8) (10) (11)
Ej2 Communications, Inc. (dba Flashpoint)	IT Services	8.12%	S + 4.19%		06/30/27		28,356		28,188			28,073		(7) (8) (10)
Ej2 Communications, Inc. (dba Flashpoint)	IT Services	11.65%	S + 7.72% (Incl. 3.53% PIK)		06/30/27		3,873		3,851			3,835		(7) (8) (10)
K2 Towers II, LLC	Wireless Telecommunication Services	8.23%	S + 4.58%		05/02/29		20,469		19,367			19,428		(7) (8) (9) (10)
Octagon Towers LLC	Wireless Telecommunication Services	10.12%	S + 6.08%		09/04/28		16,913		16,718			16,820		(7) (9) (10)
Peppertree Towers LLC	Wireless Telecommunication Services	8.28%	S + 4.58%		05/15/29		11,745		10,608			10,692		(7) (9) (10)
Total 1st Lien/Last-Out Unitranche									88,142			86,354
2nd Lien/Senior Secured Debt - 9.0%
Wine.com, LLC	Beverages	16.15%	S + 12.00% PIK		04/03/27	$	8,364	$	8,513		$	8,824		(6) (8)
Wine.com, LLC	Beverages	16.15%	S + 12.00% PIK		04/03/27		2,353		1,873			4,238		(6) (8) (9) (12)
Chase Industries, Inc. (dba Senneca Holdings)	Building Products				11/11/27		16,405		—			—		(6) (8) (13)
Chase Industries, Inc. (dba Senneca Holdings)	Building Products		10.00% PIK		05/11/27		12,850		11,531			15,773		(6) (8) (11)
Total 2nd Lien/Senior Secured Debt									21,917			28,835
Unsecured Debt -0.0%
Wine.com, Inc.	Beverages		S + 15.00% PIK	11/03/23	04/03/27	$	25,917	$	—		$	—		(4) (6) (8) (11) (12)
Wine.com, Inc.	Beverages		S + 15.00% PIK	11/03/23	04/03/27		14,949		4,042			—		(4) (6) (8) (11) (12)
Wine.com, Inc.	Beverages		S + 15.00% PIK	11/03/23	04/03/27		9,091		9,488			—		(4) (6) (8) (11)
Total Unsecured Debt									13,530			—
Total United States								$	330,150		$	320,173
Total Debt Investments								$	330,150		$	320,173

The accompanying notes are an integral part of these consolidated financial statements.


Investment (1)	Industry (2)	Initial Acquisition Date	Shares(5)		Cost		Fair Value		Footnotes
Equity Securities - 2.9%
United States - 2.9%
Common Stock - 1.1%
Elah Holdings, Inc.	Capital Markets	05/09/18		69,386	$	3,354	$	3,354	(4) (6) (8) (13) (14)
Streamland Media Holdings LLC	Entertainment	03/31/25		100,941		4,055		—	(4) (6) (8) (13)
Total Common Stock						7,409		3,354
Preferred Stock - 1.8%
Wine.com, LLC	Beverages	11/14/18		337,425	$	2,900	$	—	(4) (6) (8) (13)
Wine.com, LLC	Beverages	03/03/21		78,199		1,933		—	(4) (6) (8) (13)
Khoros, LLC (fka Lithium Technologies, Inc.)	Interactive Media & Services	05/23/25		133,523		5,739		5,728	(4) (6) (8) (13)
Total Preferred Stock						10,572		5,728
Warrants - 0.0%
KDOR Holdings Inc. (dba Senneca Holdings)	Building Products	05/29/20		2,974	$	1,096	$	—	(4) (6) (8) (13)
KDOR Holdings Inc. (dba Senneca Holdings)	Building Products	05/29/20		311		115		—	(4) (6) (8) (13)
KDOR Holdings Inc. (dba Senneca Holdings)	Building Products	06/22/20		62		23		—	(4) (6) (8) (13)
Total Warrants						1,234		—
Total United States					$	19,215	$	9,082
Total Equity Securities					$	19,215	$	9,082
Total Investments - 103.1%					$	349,365	$	329,255
Investments in Affiliated Money Market Fund - 43.8%
United States - 43.8%
Goldman Sachs Financial Square Government Fund - Institutional Shares				139,844,206	$	139,844	$	139,844	(7) (15) (16)
Total United States					$	139,844	$	139,844
Total Investments in Affiliated Money Market Fund					$	139,844	$	139,844
Total Investments and Investments in Affiliated Money Market Fund - 146.9%					$	489,209	$	469,099

The accompanying notes are an integral part of these consolidated financial statements.

(1)

Percentages are based on net assets.

(2)

For Industry subtotal and percentage, see Note 4 "Investments".

(3)

Represents the actual interest rate for partially or fully funded debt in effect as of the reporting date. Certain investments are subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by the larger of the floor or the SOFR including SOFR adjustment, if any, ("S") at the borrower’s option, which reset periodically based on the terms of the credit agreement. S loans are typically indexed to 12 month, 6 month, 3 month or 1 month S rates. As of December 31, 2025, 1 month S was 3.69%, 3 month S was 3.65% and 6 month S was 3.57%. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at December 31, 2025.

(4)

Securities exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"), and may be deemed to be “restricted securities”. As of December 31, 2025, the aggregate fair value of these securities is $9,082 or 2.8% of the Company's net assets. The initial acquisition dates have been included for such securities.

(5)

Par amount is presented for debt investments, while the number of shares or units owned is presented for equity investments. Par amount is denominated in U.S. Dollars ("$" or "USD").

(6)

(7)

(8)

The fair value of the investment was determined using significant unobservable inputs. See Note 5 “Fair Value Measurement”.

(9)

(10)

(11)

The investment is on non-accrual status. See Note 2 "Significant Accounting Policies".

(12)

The Company sold a participating interest of the portfolio company’s second lien senior secured loan and unsecured debt. As the transaction did not qualify for sale accounting in accordance with GAAP (as defined below), the Company recorded a corresponding $2,095 secured borrowing at fair value, which is included in “secured borrowings” in the accompanying Consolidated Statements of Financial Condition. As of December 31, 2025, the interest rate in effect for the secured borrowing was 16.15% and S + 15% PIK for the second lien senior secured loan and unsecured debt, respectively. See Note 2 "Significant Accounting Policies".

(13)

Non-income producing security.

(14)

As defined in the Investment Company Act of 1940, as amended (the “Investment Company Act”), the investment is deemed to be an “affiliated person” of the Company because the Company owns, either directly or indirectly, 5% or more of the portfolio company’s outstanding voting securities. See Note 3 “Significant Agreements and Related Party Transactions”.

(15)

The investment is otherwise deemed to be an “affiliated person” of the Company. See Note 3 “Significant Agreements and Related Party Transactions”.

(16)

The annualized seven-day yield as of December 31, 2025 is 3.67%.

PIK – Payment-In-Kind

The accompanying notes are an integral part of these consolidated financial statements.

Silver Capital Holdings LLC

Notes to the Consolidated Financial Statements

(in thousands, except unit and per unit amounts)

(Unaudited)

1. ORGANIZATION

Silver Capital Holdings LLC (the “Company”, formerly known as Goldman Sachs Private Middle Market Credit LLC, which term refers to either Silver Capital Holdings LLC, together with its consolidated subsidiaries, or Goldman Sachs Private Middle Market Credit LLC, together with its consolidated subsidiaries, as the context may require), was initially established on December 23, 2015 as Private Middle Market Credit LP, a Delaware limited partnership, converted to a Delaware limited liability company on April 4, 2016 and commenced investment operations on July 1, 2016. The Company has elected to be regulated as a business development company (“BDC”) under the Investment Company Act. In addition, the Company has elected to be treated as a regulated investment company (“RIC”), and the Company expects to qualify annually for tax treatment as a RIC, under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), commencing with its taxable year ended December 31, 2016.

The Company’s investment objective is to generate current income and, to a lesser extent, capital appreciation primarily through direct originations of secured debt, including first lien debt, unitranche debt, including last-out portions of such loans, and second lien debt, and unsecured debt, including mezzanine debt, as well as through select equity investments.

Goldman Sachs Asset Management, L.P. (“GSAM”), a Delaware limited partnership and an affiliate of Goldman Sachs & Co. LLC (including its predecessors, “GS & Co.”), is the investment adviser (the “Investment Adviser”) of the Company. The term “Goldman Sachs” refers to The Goldman Sachs Group, Inc. (“GS Group Inc.”), together with GS & Co., GSAM and its other subsidiaries.

On May 6, 2016 (the “Initial Closing Date”), the Company began accepting subscription agreements (the “Subscription Agreements”) from investors acquiring common units of the Company’s limited liability company interests (the “Units”) in the Company’s private offering. Under the terms of the Subscription Agreements, investors are required to make capital contributions up to the undrawn amount of their capital commitment to purchase Units each time the Company delivers a drawdown notice. On November 1, 2016, the Company’s board of directors (the “Board of Directors” or the “Board”) approved an amended and restated limited liability company agreement and approved an extension of the final date on which the Company would accept Subscription Agreements to May 5, 2017.

The investment period commenced on the Initial Closing Date and continued through May 5, 2019. Following the end of the investment period, the Company has the right to issue drawdowns only (i) to pay, and/or establish reserves for, actual or anticipated Company expenses, liabilities, including the payment or repayment of indebtedness for borrowed money (including through the issuance of notes and other evidence of indebtedness), other indebtedness, financings or extensions of credit, or other obligations, contingent or otherwise, including the Management Fee (as defined below), whether incurred before or after the end of the investment period, (ii) to fulfill investment commitments made or approved by the Private Credit investment committee of Goldman Sachs Asset Management’s Private Credit Team (the “Private Credit Investment Committee”) prior to the expiration of the investment period, (iii) to engage in hedging transactions or (iv) to make additional investments in existing portfolio companies (including transactions to hedge interest rate or currency risks related to such additional investment).

On May 3, 2023, the Board of Directors approved and authorized an extension of the Company's term (“Term”) from May 5, 2024 (the "Initial Expiration Date") to May 5, 2025. In connection with the Company’s Fourth Amended and Restated Limited Liability Company Agreement (the “LLCA”), the Term of the Company was revised to run for a period of five years from the date of the amendment and restatement, or until December 17, 2029. Unless the Company is sooner dissolved in accordance with the Company’s LLCA, the Term of the Company will continue until the earlier of (x) the date on which all investments have either been repaid or sold and (y) December 17, 2029, unless the Term is extended upon the request of the Board and by approval of Pantheon Silver Holdings LLC as the holder of the majority of the interests of the Company.

The Company has formed certain wholly-owned subsidiaries, which are structured as Delaware limited liability companies, to hold certain investments, including equity or equity-like investments in portfolio companies and corporate debt of portfolio companies.

The Merger with Silver Merger Sub LLC

On December 17, 2024, the Company completed its previously announced acquisition by Pantheon Silver Holdings LLC, a Delaware limited liability company (“Buyer”), pursuant to the Agreement and Plan of Merger, dated as of October 31, 2024 (the “Merger Agreement”), by and among the Company, the Buyer, and Silver Merger Sub LLC, a wholly owned subsidiary of the Buyer (“Merger Sub”). Pursuant to the Merger Agreement, Merger Sub was merged with and into the Company, with the Company surviving as a wholly owned subsidiary of the Buyer (the “Merger”).

In accordance with the terms of the Merger Agreement, at the effective time of the Merger, each outstanding Unit, other than Units held by the Company or the Buyer or any of their respective consolidated subsidiaries, was automatically converted into the right to receive an amount in cash equal to $24.05 per Unit ("Cancellation of Units"). In addition, 6,365,622 Units were issued to the Buyer in the Merger, and 452 Units were issued to an additional investor, at a price of $22.12 per Unit.

In-Kind Contribution

At the effective time of the Merger, the Buyer contributed its wholly-owned subsidiary, Pantheon Silver LLC, a Delaware limited liability company (“Pantheon Silver”), to the Company in exchange for 8,394,088 Units at a price of $24.05 per Unit (the “In-Kind Contribution”). In addition, on December 17, 2024, following the effective time of the Merger and after giving effect to the contribution, Pantheon Silver merged with and into Goldman Sachs Private Middle Market Credit SPV II LLC, a wholly-owned subsidiary of the Company (“SPV II”), with SPV II surviving as a wholly-owned subsidiary of the Company.

2. SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The Company’s functional currency is USD and these consolidated financial statements have been prepared in that currency. The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to Regulation S-X. This requires the Company to make certain estimates and assumptions that may affect the amounts reported in the consolidated financial statements and accompanying notes. These consolidated financial statements reflect normal and recurring adjustments that in the opinion of the Company are necessary for the fair statement of the results for the periods presented. Actual results may differ from the estimates and assumptions included in the consolidated financial statements.

Certain financial information that is included in annual consolidated financial statements, including certain financial statement disclosures, prepared in accordance with GAAP, is not required for interim reporting purposes and has been condensed or omitted herein. These consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes related thereto for the year ended December 31, 2025, included in the Company’s annual report on Form 10-K, which was filed with the U.S. Securities and Exchange Commission (the "SEC") on March 3, 2026. The results for the three and six months ended June 30, 2026 are not necessarily indicative of the results to be expected for the full fiscal year, any other interim period or any future year or period.

As an investment company, the Company applies the accounting and reporting guidance in Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies (“ASC 946”) issued by the Financial Accounting Standards Board (“FASB”).

Basis of Consolidation

As provided under ASC 946, the Company will not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the financial position and results of operations of its wholly-owned subsidiaries, PMMC Blocker I, LLC (formerly known as My-On PMMC Blocker, LLC), PMMC Blocker II, LLC, PMMC Blocker III, LLC, PMMC Wine I, LLC, Goldman Sachs Private Middle Market Credit SPV LLC (“SPV”) and SPV II. All significant intercompany transactions and balances have been eliminated in consolidation.

Revenue Recognition

The Company records its investment transactions on a trade date basis, which is the date when the Company assumes the risks for gains and losses related to that instrument. Realized gains and losses are based on the specific identification method.

Interest income, adjusted for amortization of premium and accretion of discount, is recorded on an accrual basis. Discounts and premiums to par value on investments purchased are accreted and amortized into interest income over the life of the respective investment using the effective interest method. Loan origination fees, original issue discount (“OID”) and market discounts or premiums are capitalized and amortized into interest income using the effective interest method or straight-line method, as applicable. Exit fees that are receivable upon repayment of a loan or debt security are amortized into interest income over the life of the respective investment. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income, for which the Company has earned the following:


	For the Three Months Ended				For the Six Months Ended
	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Prepayment premiums	$	—	$	83	$	—	$	253
Accelerated amortization of upfront loan origination fees and unamortized discounts	$	164	$	404	$	488	$	960

Fees received from portfolio companies (directors’ fees, consulting fees, administrative fees, tax advisory fees and other similar compensation) are paid to the Company, unless, to the extent required by applicable law or exemptive relief, if any, therefrom, the Company only receives its allocable portion of such fees when invested in the same portfolio company as another Account (as defined below) managed by the Investment Adviser.

Dividend income on preferred equity investments is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity investments is recorded on the record date for private portfolio companies and on the ex-dividend date for publicly traded portfolio companies. Interest and dividend income are presented net of withholding tax, if any.

Certain investments may have contractual payment-in-kind (“PIK”) interest or dividends. PIK represents accrued interest or accumulated dividends that are added to the principal amount or shares (if equity) of the investment on the respective interest or dividend payment dates rather than being paid in cash and generally becomes due at maturity or upon the investment being called by the issuer. PIK is recorded as interest or dividend income, as applicable. If at any point the Company believes PIK is not expected to be realized, the investment generating PIK will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest or dividends are generally reversed through interest or dividend income.

Certain structuring fees, amendment fees, syndication fees and commitment fees are recorded as other income when earned. Administrative agent fees received by the Company are recorded as other income when the services are rendered over time.

Non-Accrual Investments

Investments are placed on non-accrual status when it is probable that principal, interest or dividends will not be collected according to contractual terms. Accrued interest or dividends generally are reversed when an investment is placed on non-accrual status. Interest or dividend payments received on non-accrual investments may be recognized as income or applied to principal depending upon management’s judgment. Non-accrual investments are restored to accrual status when past due principal and interest or dividends are paid and, in management’s judgment, principal and interest or dividend payments are likely to remain current. The Company may make exceptions to this treatment if an investment has sufficient collateral value and is in the process of collection. As of June 30, 2026, the Company had certain investments held in five portfolio companies on non-accrual status, which represented 29.5% and 23.6% of total investments (excluding investments in money market funds, if any) at amortized cost and at fair value. As of December 31, 2025, the Company had certain investments held in three portfolio companies on non-accrual status, which represented 9.9% and 7.1% of total investments (excluding investments in money market funds, if any) at amortized cost and at fair value.

Investments

The Company carries its investments in accordance with ASC Topic 820, Fair Value Measurements and Disclosures (“ASC 820”), issued by the FASB, which defines fair value, establishes a framework for measuring fair value and requires disclosures about fair value measurements. Fair value is generally based on quoted market prices provided by independent price sources. In the absence of quoted market prices, investments are measured at fair value as determined by the Investment Adviser, as the valuation designee (the "Valuation Designee") designated by the Board of Directors, pursuant to Rule 2a-5 under the Investment Company Act.

Due to the inherent uncertainties of valuation, certain estimated fair values may differ significantly from the values that would have been realized had a ready market for these investments existed, and these differences could be material. See Note 5 “Fair Value Measurement”.

The Company generally invests in illiquid securities, including debt and equity investments, of middle-market companies. The Board of Directors has designated to the Investment Adviser day-to-day responsibilities for implementing and maintaining internal controls and procedures related to the valuation of the Company’s portfolio investments. Under valuation procedures approved by the Board of Directors and adopted by the Valuation Designee, market quotations are generally used to assess the value of the investments for which market quotations are readily available (as defined in Rule 2a-5). The Investment Adviser obtains these market quotations from independent pricing sources. If market quotations are not readily available, the Investment Adviser prices securities at the bid prices obtained from at least two brokers or dealers, if available; otherwise, the Investment Adviser obtains prices from a principal market maker or a primary market dealer. To assess the continuing appropriateness of pricing sources and methodologies, the Investment Adviser regularly performs price verification procedures and issues challenges as necessary to independent pricing sources or brokers, and any differences are reviewed in accordance with the valuation procedures. If the Valuation Designee believes any such market quotation does not reflect the fair value of an investment, it may independently value such investment in accordance with valuation procedures for investments for which market quotations are not readily available.

With respect to investments for which market quotations are not readily available, or for which market quotations are deemed not reflective of the fair value, the valuation procedures approved by the Board of Directors and adopted by the Valuation Designee, contemplate a multi-step valuation process conducted by the Investment Adviser each quarter and more frequently as needed. As the Valuation Designee, the Investment Adviser is primarily responsible for the valuation of the Company's assets, subject to the oversight of the Board of Directors, as described below:

(1)

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

(2)

The Valuation Designee also engages independent valuation firms (the “Independent Valuation Advisors”) to provide independent valuations of the investments for which market quotations are not readily available or are readily available but deemed not reflective of the fair value of an investment. The Independent Valuation Advisors independently value such investments using quantitative and qualitative information. The Independent Valuation Advisors also provide analyses to support their valuation methodology and calculations. The Independent Valuation Advisors provide an opinion on a final range of values on such investments to the Valuation Designee. The Independent Valuation Advisors define fair value in accordance with ASC 820 and utilize valuation approaches including the market approach, the income approach or both. A portion of the portfolio is reviewed on a quarterly basis, and all investments in the portfolio for which market quotations are not readily available, or are readily available, but deemed not reflective of the fair value of an investment, are reviewed at least annually by an Independent Valuation Advisor;

(3)

The Independent Valuation Advisors' preliminary valuations are reviewed by the Investment Adviser and the Valuation Oversight Group (the “VOG”), a team that is part of the controllers group of Goldman Sachs. The Independent Valuation Advisors' valuation ranges are compared to the Investment Adviser’s valuations to ensure the Investment Adviser’s valuations are reasonable. The VOG presents the valuations to the Asset Management Private Investment Valuation and Side Pocket Working Group of the Asset Management Valuation Committee (the “Asset Management Private Investment Valuation and Side Pocket Working Group”), which is comprised of a number of representatives from different functions and areas of expertise related to GSAM’s business and controls who are independent of the investment decision making process;

(4)

The Asset Management Private Investment Valuation and Side Pocket Working Group reviews and preliminarily approves the fair valuations and makes fair valuation recommendations to the Asset Management Valuation Committee;

(5)

The Asset Management Valuation Committee reviews the valuation information provided by the Asset Management Private Investment Valuation and Side Pocket Working Group, the VOG, the investment professionals of the Investment Adviser responsible for valuations, and the Independent Valuation Advisors. The Asset Management Valuation Committee then assesses such valuation recommendations; and

(6)

Through the Asset Management Valuation Committee, the Valuation Designee discusses the valuations, provides written reports to the Board of Directors on at least a quarterly basis, and, within the meaning of the Investment Company Act, determines the fair value of the investments in good faith, based on the inputs of the Asset Management Valuation Committee, the Asset Management Private Investment Valuation and Side Pocket Working Group, the VOG, the investment professionals of the Investment Adviser responsible for valuations, and the Independent Valuation Advisors.

Money Market Funds

Investments in money market funds are valued at net asset value (“NAV”) per share. See Note 3 “Significant Agreements and Related Party Transactions.”

Cash

Cash consists of deposits held at State Street Bank and Trust Company (in such capacity, the "Custodian"). As of June 30, 2026 and December 31, 2025, the Company held an aggregate cash balance of $7,405 and $7,396.

Foreign Currency Translation

Amounts denominated in foreign currencies are translated into USD on the following basis: (i) investments and other assets and liabilities denominated in foreign currencies are translated into USD based upon currency exchange rates effective on the last business day of the period; and (ii) purchases and sales of investments, borrowings and repayments of such borrowings, income, and expenses denominated in foreign currencies are translated into USD based upon currency exchange rates prevailing on the transaction dates.

The Company does not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included within the net realized and unrealized gains or losses on investments. Fluctuations arising from the translation of non-investment assets and liabilities, if any, are included with the net change in unrealized appreciation (depreciation) on foreign currency translations in the Consolidated Statements of Operations.

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

Income Taxes

The Company recognizes tax positions in its consolidated financial statements only when it is more likely than not that the position will be sustained upon examination by the relevant taxing authority based on the technical merits of the position. A position that meets this standard is measured at the largest amount of benefit that will more likely than not be realized upon settlement. The Company reports any interest expense related to income tax matters in income tax expense and any income tax penalties in expenses in the Consolidated Statements of Operations.

The Company’s tax positions have been reviewed based on applicable statutes of limitation for tax assessments, which may vary by jurisdiction, and based on such review, the Company has concluded that no additional provision for income tax is required in the consolidated financial statements. The Company is subject to potential examination by certain taxing authorities in various jurisdictions. The Company’s tax positions are subject to ongoing interpretation of laws and regulations by taxing authorities.

The Company has elected to be treated as a RIC commencing with its taxable year ended December 31, 2016. So long as the Company maintains its qualification for tax treatment as a RIC, it will generally not be required to pay corporate-level U.S. federal income tax on any ordinary income or capital gains that it distributes at least annually to its Unitholders as dividends. As a result, any U.S. federal income tax liability related to income earned and distributed by the Company represents obligations of the Company’s Unitholders and will not be reflected in the consolidated financial statements of the Company.

To maintain its tax treatment as a RIC, the Company must meet specified source-of-income and asset diversification requirements and timely distribute to its Unitholders for each taxable year at least 90% of its investment company taxable income (generally, its net ordinary income plus the excess of its realized net short-term capital gains over realized net long-term capital losses, determined without regard to the dividends paid deduction). In order for the Company not to be subject to U.S. federal excise taxes, it must distribute annually an amount at least equal to the sum of (i) 98% of its net ordinary income (taking into account certain deferrals and elections) for the calendar year, (ii) 98.2% of its capital gains in excess of capital losses for the one-year period ending on October 31 of the calendar year and (iii) any net ordinary income and capital gains in excess of capital losses for preceding years that were not distributed during such years. The Company, at its discretion, may carry forward taxable income in excess of calendar year dividends and pay a 4% nondeductible U.S. federal excise tax on this income. If the Company chooses to do so, this generally would increase expenses and reduce the amount available to be distributed to Unitholders without reducing the Company’s required distribution. The Company will accrue excise tax on estimated undistributed taxable income as required.

Certain of the Company’s consolidated subsidiaries are subject to U.S. federal and state corporate level income taxes. Income tax expense, if any, is included under the income category for which it applies in the Consolidated Statements of Operations.

Distributions

Distributions from net investment income and net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from those amounts determined in accordance with GAAP. The Company may pay distributions in excess of its taxable net investment income. This excess would be a tax-free return of capital in the period and reduce the Unitholder’s tax basis in its Units. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, they are charged or credited to Units or distributable earnings, as appropriate, in the period that the differences arise. Temporary and permanent differences are primarily attributable to differences in the tax treatment of certain loans and the tax characterization of income and non-deductible expenses. These differences are generally determined in conjunction with the preparation of the Company’s annual RIC tax return. Distributions to Unitholders are recorded on the record date. The amount to be paid out as a distribution is determined by the Board of Directors each quarter and is generally based upon the earnings estimated by the Investment Adviser. The Company may pay distributions to its Unitholders in a year in excess of its net ordinary income and capital gains for that year and, accordingly, a portion of such distributions may constitute a return of capital for U.S. federal income tax purposes. The Company intends to timely distribute to its Unitholders substantially all of its annual taxable income for each year, except that, depending upon the level of the Company’s taxable income earned in a year, the Company may choose to carry forward taxable income for distribution in the following year and pay any applicable tax. As described in Note 1 – “Organization,” the Company’s investment period ended on May 5, 2019. The Company has, and currently intends to continue to, make distributions of the net proceeds attributable to the repayment or disposition of investments (together with any interest, dividends and other net cash flow in respect of such investments) until the Company’s Term ends and the Company is dissolved. The specific tax characteristics of the Company’s distributions will be reported to Unitholders after the end of the calendar year. All distributions will be subject to available funds, and no assurance can be given that the Company will be able to declare such distributions in future periods.

Deferred Financing Costs

Deferred financing costs consist of fees and expenses paid in connection with the closing of, and amendments to, the JPM Term Loan Facility (as defined below). These costs are amortized using the straight-line method over the term of the JPM Term Loan Credit Facility. Deferred financing costs related to the JPM Term Loan Facility are presented separately as an asset on the Company’s Consolidated Statements of Financial Condition. The JPM Term Loan Facility was prepaid in full on April 29, 2026, and terminated effective May 31, 2026. For additional information see Note 6“Debt”.

Transaction Costs

Transaction Costs mean the aggregate amount, without duplication, of (i) unpaid fees or expenses in connection with the Merger and In-Kind Contributions, including investment banking, accounting, attorney or other professional fees, incurred, reimbursable or payable by any of Company or any of its consolidated subsidiaries, (ii) any amounts owed, reimbursable or payable to the Adviser as a result of the Merger and In-Kind Contribution, including any fees, expenses or other amounts payable pursuant to the Investment Advisory Agreement, including any incentive, management or other fees payable, (iii) one hundred percent (100%) of all antitrust filing fees, (iv) all fees, costs, amounts or expenses payable by or on behalf of Company or its consolidated subsidiaries and (v) fifty percent (50%) of the representations and warranties insurance policy premium, if any, which amount payable pursuant to this clause (v) shall not exceed $415.

Secured Borrowings

The Company may enter into sales agreements to participate all or a portion of its investments to third parties. Under Topic ASC 860, Transfers and Servicing, certain loan sales do not qualify for sale accounting because these sales do not meet the definition of a “participating interest” as defined in the guidance, in order for sale treatment to be allowed. Sales that do not meet the definition of a participating interest or are not eligible for sales accounting remain as an investment on the Consolidated Statements of Financial Condition as required under GAAP and the proceeds are recorded as secured borrowing. Secured borrowings are carried at fair value and have been categorized as Level 3 within the fair value hierarchy.

Segment Reporting

In accordance with ASC 280 – Segment reporting, the Company has determined that it operates through a single operating and reporting segment with the investment objectives to generate current income and, to a lesser extent, capital appreciation through direct origination of secured debt, unsecured debt and select equity investments. The chief operating decision maker (the “CODM”) is comprised of the Company’s chief executive officers, chief financial officer and chief operating officer. The CODM uses Net increase (decrease) in members' capital from operations in the Company’s Consolidated Statements of Operations to assess the Company’s performance and allocate resources. The evaluation and assessment of this metric is used in implementing investment policy decisions, managing the Company’s portfolio, evaluation of the Company’s distribution policy and assessing the performance of the portfolio. As the Company's operations comprise of a single reporting segment, the segment assets are reflected on the accompanying Consolidated Statements of Financial Condition as "Total assets" and the significant segment expenses are listed on the accompanying Consolidated Statements of Operations.

New Accounting Pronouncements

In November 2024, the FASB issued ASU No. 2024-03, “Disaggregation of Income Statement Expenses.” This ASU requires additional disaggregation of certain expenses within the footnotes to the consolidated financial statements. This ASU is effective for the annual periods beginning in January 2027, and interim periods beginning in January 2028 under a prospective approach. Early adoption and retrospective application are permitted. Since this ASU only requires additional disclosures, adoption of this ASU will not have an impact on the Company’s financial condition, results of operations or cash flows.

3. SIGNIFICANT AGREEMENTS AND RELATED PARTY TRANSACTIONS

Overview

On April 11, 2016, the Company entered into an investment advisory and management agreement (the “Former Investment Advisory Agreement”) with the Investment Adviser. The Former Investment Advisory Agreement remained in effect until December 16, 2024. On December 17, 2024, the Company entered into an amended and restated investment advisory and management agreement (the “Investment Advisory Agreement”) with the Investment Adviser. The Investment Advisory Agreement will remain in full force and effect so long as such continuance is specifically approved at least annually by (a) the vote of a majority of the Independent Directors in accordance with the requirements of the Investment Company Act, and (b) a vote of a majority of the Board of Directors or a majority of the Company's outstanding voting securities, as defined in the Investment Company Act. The Investment Advisory Agreement may, on 60 days’ written notice to the other party, be terminated in its entirety at any time without the payment of any penalty, by the Board of Directors or by vote of a majority of the Company’s outstanding voting securities, on the one hand, or by the Investment Adviser, on the other hand. The Investment Advisory Agreement will also automatically terminate in the event of its assignment (as defined in the Investment Company Act).

Management Services

Pursuant to the terms of the Investment Advisory Agreement, the Investment Adviser, subject to the overall supervision of the Board of Directors, manages the Company’s day-to-day operations and provides investment advisory and management services to the Company.

Investment Advisory Agreement

The Company entered into an amended and restated investment advisory agreement effective as of December 17, 2024 (the “Investment Advisory Agreement”) with the Investment Adviser, pursuant to which the Investment Adviser manages the Company’s investment program and related activities.

Management Fee

The Company pays the Investment Adviser a management fee (the “Management Fee”), payable quarterly in arrears, equal to 0.25% (i.e., an annual rate of 1.00%) of the average of the NAV of the Company (including un-invested cash and cash equivalents) at the end of the then-current quarter and the prior calendar quarter (and, in the case of the Company’s first quarter, the Company's NAV as of such quarter-end). The Management Fee for any partial quarter will be appropriately prorated. The Investment Adviser waives a portion of its management fee payable by the Company in an amount equal to the management fees it earns as an investment adviser for any affiliated money market funds in which the Company invests.

For the three and six months ended June 30, 2026, Management Fees amounted to $746 and $1,492. As of June 30, 2026, $746 remained payable. For the three and six months ended June 30, 2025, Management fees amounted to $798 and $1,680.

Incentive Fee

The Incentive Fee shall be calculated as provided below and payable (i) in arrears at the end of each calendar year or (ii) in the event that this Agreement is terminated, as follows:

First, no Incentive Fee will be payable to the Investment Adviser with respect to any period in which the Company’s Cumulative Pre-Incentive Fee Net Return (as defined below) does not exceed the Hurdle Amount (as defined below) for such period.

Second, 100.0% of the Company’s Cumulative Pre-Incentive Fee Net Return with respect to that portion of such Cumulative Pre-Incentive Fee Net Return, if any, that exceeds the Hurdle Amount until amounts payable to the Investment Adviser equal 10.0% of the Company’s Cumulative Pre-Incentive Fee Net Return as if the Hurdle Amount did not apply (“Catch-up”).

Thereafter, the Investment Adviser will be entitled to receive 10.0% of the Cumulative Pre-Incentive Fee Net Return, if any, that exceeds the Catch-up for such period.

The amount of Incentive Fees payable in respect of such calendar year or upon termination, as applicable, shall equal the Incentive Fees calculated based on the methodology above, less the aggregate amount of any previously paid Incentive Fees, in each case determined on a cumulative basis from the Lookback Date (as defined below) through the end of such calendar year (or, if terminated, until the date of termination). For the avoidance of doubt the Incentive Fee payable in such calendar year shall be no less than zero.

“Contributed Capital” shall mean the aggregate amount of capital contributions that have been made by all Unitholders in respect of their Units to the Company. All distributions consisting of proceeds attributable to the repayment or disposition of any Investment to Unitholders (including for the avoidance of doubt, capital gains) will be considered a return of Contributed Capital. For the avoidance of doubt, unreturned Contributed Capital at any time shall equal aggregate Contributed Capital minus cumulative distributions (excluding, for the avoidance of doubt, any distributions of interest, dividends and fees) but shall never be less than zero.

“Cumulative Pre-Incentive Fee Net Return” for the relevant calendar year (or, if terminated, until the date of termination) shall mean (x) Pre-Incentive Fee Net Investment Income (as defined below) determined on a cumulative basis for the period from the Lookback Date through the end of such calendar year (or, if terminated, until the date of termination), plus (y) realized capital gains, computed net of all realized capital losses and unrealized capital depreciation determined on a cumulative basis for the period from the Lookback Date through the end of such calendar year (or, if terminated, until the date of termination). In no event will Cumulative Pre-Incentive Fee Net Return include unrealized capital appreciation. The Company will accrue for unrealized capital appreciation but will not pay any Incentive Fee with respect to unrealized capital appreciation. Capital appreciation would be includable in Cumulative Pre-Incentive Fee Net Return with respect to a given investment if the Company were to sell the investment and realize a capital gain. The Cumulative Pre-Incentive Fee Net Return considers the discount paid by the Buyer for the investments of the Company acquired in connection with the Merger, as well as the amount paid by the Buyer for the investments acquired prior to the Merger, and subsequently contributed into the Company.

“Hurdle Amount” shall mean an amount equal to 7.0%, per annum, compounded annually, on aggregate unreturned Contributed Capital, from the date each capital contribution is made through the date such capital has been returned.

“Lookback Date” shall mean December 17, 2024.

“Pre-Incentive Fee Net Investment Income” means, with respect to the relevant period, interest income, dividend income and any other income (including, without limitation, any accrued income that the Company has not yet received in cash and any other fees such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies) accrued during such period, minus the Company’s operating expenses accrued during such period (including, without limitation, the Management Fee, administration expenses and any interest expense and dividends paid on any issued and outstanding preferred Units in the Company, but excluding the Incentive Fee). For the avoidance of doubt, Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

Notwithstanding anything to the contrary herein, in no event will an amount be paid with respect to the Incentive Fee to the extent it would cause the aggregate amount of the Incentive Fee to be in excess of the amount permitted by the Advisers Act, including Section 205 thereof.

If the Investment Advisory Agreement is terminated prior to termination of the Company (other than the Investment Adviser voluntarily terminating the Investment Advisory Agreement), the Company will pay to the Investment Adviser a final Incentive Fee payment (the “Final Incentive Fee Payment”). The Final Incentive Fee Payment will be calculated as of the date the Agreement is so terminated and will equal the amount of Incentive Fee that would be payable to the Investment Adviser if (a) all investments were liquidated for their current value (but without taking into account any unrealized appreciation of any Investment), and any unamortized deferred investment-related fees would be deemed accelerated, (b) the proceeds from such liquidation were used to pay all the Company’s outstanding liabilities, and (c) the remainder were distributed to Unitholders and paid as an Incentive Fee in accordance with the provisions set forth in paragraph (1) above. The Company will make the Final Incentive Fee Payment.

For the three and six months ended June 30, 2026, the Company accrued unvested Incentive Fees of $157 and $543. As of June 30, 2026, $2,956 was payable in accordance with the terms of the Investment Advisory Agreement. For the three and six months ended June 30, 2025, the company accrued unvested Incentive Fees of $1,182 and $1,842.

Expense Limitation

Pursuant to the Investment Advisory Agreement, Company expenses borne by the Company in the ordinary course on an annual basis (excluding the Management Fee, the Incentive Fee, organizational and start-up expenses, and leverage-related expenses (including among other things, participation-related expenses)) shall not exceed an amount equal to $4,250, provided, however, that expenses incurred outside of the ordinary course, including litigation and similar expenses, are not subject to such cap.

For the three and six months ended June 30, 2026 and 2025, there were no reimbursements from the Investment Adviser pursuant to this provision.

Administration and Custodian Fees

The Company has entered into an administration agreement with State Street Bank and Trust Company (in such capacity, the “Administrator”) under which the Administrator provides various accounting and administrative services to the Company. The Company also reimburses the Administrator for all reasonable expenses. To the extent that the Administrator outsources any of its functions, the Administrator pays any compensation associated with such functions. The Administrator also serves as the Company’s Custodian. Administration and Custodian fees are included in the Consolidated Statements of Operations in Other general and administrative expenses.

For the three and six months ended June 30, 2026, the Company incurred expenses for services provided by the Administrator and the Custodian of $165 and $336. As of June 30, 2026, $301 remained payable. For the three and six months ended June 30, 2025, the Company incurred expenses for services provided by the Administrator and the Custodian of $168 and $336.

Transfer Agent Fees

State Street Bank and Trust Company serves as the Company’s transfer agent (in such capacity the “Transfer Agent”), registrar and disbursing agent. Transfer Agent fees are included in the Consolidated Statements of Operations in Other general and administrative expenses.

For the three and six months ended June 30, 2026, the Company incurred expenses for services provided by the Transfer Agent of $12 and $25. As of June 30, 2026, $8 remained payable. For the three and six months ended June 30, 2025, the Company incurred expenses for services provided by the Transfer Agent of $23 and $47.

Affiliates

The table below presents the Company’s affiliated investments (including investments in money market funds, if any):


	Beginning Fair Value Balance		Gross Additions(1)		Gross Reductions(2)			Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Ending Fair Value Balance		Dividend, Interest and Other Income
For the Six Months Ended June 30, 2026
Non-Controlled Affiliates
Goldman Sachs Financial Square Government Fund	$	139,844	$	156,473	$	(262,001	)	$	—	$	—	$	34,316	$	2,013
Elah Holdings, Inc.		3,354		—		—			—		—		3,354		—
Total Non-Controlled Affiliates	$	143,198	$	156,473	$	(262,001	)	$	—	$	—	$	37,670	$	2,013
For the Year Ended December 31, 2025
Non-Controlled Affiliates
Goldman Sachs Financial Square Government Fund	$	288	$	411,703	$	(272,147	)	$	—	$	—	$	139,844	$	2,893
Elah Holdings, Inc.		3,354		—		—			—		—		3,354		—
Total Non-Controlled Affiliates	$	3,642	$	411,703	$	(272,147	)	$	—	$	—	$	143,198	$	2,893

(1)

Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK, the accretion of discounts, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.

(2)

Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.

Due to Affiliates

The Investment Adviser pays certain general and administrative expenses, including legal expenses, on behalf of the Company in the ordinary course of business. As of June 30, 2026 and December 31, 2025, there were $261 and $260, respectively, included within Accrued expenses and other liabilities paid by the Investment Adviser and its affiliates on behalf of the Company.

Co-Investment Activity

In certain circumstances, the Company and certain other client accounts managed by the Investment Adviser (collectively with the Company, the “Accounts”, which may include proprietary accounts of Goldman Sachs) can make negotiated co-investments pursuant to an exemptive order from the SEC permitting it to do so. On May 21, 2025, the SEC granted the exemptive relief (the “Relief”) to the Investment Adviser, the BDCs advised by the Investment Adviser and certain other affiliated applicants, which superseded the prior co-investment exemptive relief received on November 16, 2022, as amended on June 25, 2024 (the “Prior Relief”). If the Investment Adviser forms other funds in the future, the Company may co-invest alongside such other affiliates, subject to compliance with the Relief, applicable regulations and regulatory guidance, as well as applicable allocation procedures. Any such co-investments are subject to the applicable conditions of the Relief. Under the Relief, expenses of a single Account will be covered by that Account alone if those expenses were incurred solely by that Account due to its unique circumstances, such as legal and compliance expenses. Under the terms of the Relief, a “required majority” (as defined in Section 57(o) of the Investment Company Act) of the Company’s independent directors must make certain conclusions in connection with certain co-investment transactions, including co-investment transactions in which an affiliate of the Company is an existing investor in the portfolio company, non-pro rata incremental investments and non-pro rata dispositions of investments, and the Board is required to maintain oversight of the Company’s participation in the co-investment program. Furthermore, the Relief requires that any transaction fee (as described in the Relief) received by the Investment Adviser and/or a participant in connection with a co-investment transaction will be distributed to the participants on a pro rata basis based on the amounts they invested or committed, as the case may be, in such co-investment transaction.

4. INVESTMENTS

The Company’s investments (excluding investments in money market funds, if any) consisted of the following:


	June 30, 2026				December 31, 2025
Investment Type	Cost		Fair Value		Cost		Fair Value
1st Lien/Senior Secured Debt	$	142,143	$	136,300	$	206,561	$	204,984
1st Lien/Last-Out Unitranche		86,530		78,277		88,142		86,354
2nd Lien/Senior Secured Debt		42,875		39,845		21,917		28,835
Unsecured Debt		13,531		—		13,530		—
Preferred Stock		10,572		2,865		10,572		5,728
Common Stock		7,409		3,354		7,409		3,354
Warrants		—		—		1,234		—
Total	$	303,060	$	260,641	$	349,365	$	329,255

The Company uses the Global Industry Classification Standard (“GICS”) for classifying the industry groupings of its investments. The industry composition of the Company’s investments as a percentage of fair value and net assets was as follows:


	June 30, 2026						December 31, 2025
Industry	Fair Value			Net Assets			Fair Value			Net Assets
Wireless Telecommunication Services		17.9	%		15.6	%		14.2	%		14.7	%
Hotels, Restaurants & Leisure		15.2			13.3			18.3			18.9
Building Products		12.3			10.7			4.8			4.9
IT Services		10.4			9.1			9.7			10.0
Software		9.5			8.3			8.0			8.2
Ground Transportation		9.1			8.0			7.1			7.3
Entertainment		7.3			6.4			6.2			6.4
Interactive Media & Services		5.7			5.0			5.4			5.6
Commercial Services & Supplies		5.6			5.0			4.5			4.6
Beverages		3.0			2.6			4.0			4.1
Consumer Finance		2.7			2.3			3.0			3.1
Capital Markets		1.3			1.1			1.0			1.1
Consumer Staples Distribution & Retail		—			—			8.0			8.2
Specialty Retail		—			—			5.8			6.0
Total		100.0	%		87.4	%		100.0	%		103.1	%

The geographic composition of the Company’s investments at fair value was as follows:


Geographic	June 30, 2026			December 31, 2025
United States		100.0	%		100.0	%
Total		100.0	%		100.0	%

5. FAIR VALUE MEASUREMENT

The fair value of a financial instrument is the amount that would be received to sell an asset or would be paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price).

The fair value hierarchy under ASC 820 prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these securities. The three levels of the fair value hierarchy are as follows:

Basis of Fair Value Measurement

Level 1 – Inputs to the valuation methodology are quoted prices available in active markets for identical instruments as of the reporting date. The types of financial instruments included in Level 1 include unrestricted securities, including equities and derivatives, listed in active markets.

Level 2 – Inputs to the valuation methodology are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date. The types of financial instruments in this category include less liquid and restricted securities listed in active markets, securities traded in other than active markets, government and agency securities and certain over-the-counter derivatives where the fair value is based on observable inputs.

Level 3 – Inputs to the valuation methodology are unobservable and significant to overall fair value measurement. The inputs into the determination of fair value require significant management judgment or estimation. Financial instruments that are included in this category include investments in privately held entities and certain over-the-counter derivatives where the fair value is based on unobservable inputs.

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Note 2 “Significant Accounting Policies” should be read in conjunction with the information outlined below.

The table below presents the valuation techniques and the nature of significant inputs generally used in determining the fair value of Level 2 and Level 3 Instruments.


Level 2 Instruments	Valuation Techniques and Significant Inputs
Equity and Fixed Income	The types of instruments that trade in markets that are not considered to be active but are valued based on quoted market prices, broker or dealer quotations or alternative pricing sources with reasonable levels of price transparency include commercial paper, most government agency obligations, most corporate debt securities, certain mortgage-backed securities, certain bank loans, less liquid publicly listed equities, certain state and municipal obligations, certain money market instruments and certain loan commitments. Valuations of Level 2 Equity and Fixed Income instruments can be verified to quoted prices, broker or dealer quotations or alternative pricing sources with reasonable levels of price transparency. Consideration is given to the nature of the quotations (e.g. indicative or firm) and the relationship of recent market activity to the prices provided from alternative pricing sources.
Derivative Contracts	Over-the-counter ("OTC") derivatives (both centrally cleared and bilateral) are valued using market transactions and other market evidence whenever possible, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources with reasonable levels of price transparency. Where models are used, the selection of a particular model to value an OTC derivative depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. The Company generally uses similar models to value similar instruments. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.


Level 3 Instruments	Valuation Techniques and Significant Inputs
Bank Loans, Corporate Debt, and Other Debt Obligations	Valuations are generally based on discounted cash flow techniques, for which the significant inputs are the amount and timing of expected future cash flows, market yields and recovery assumptions. The significant inputs are generally determined based on relative value analyses, which incorporate comparisons both to credit default swaps that reference the same underlying credit risk and to other debt instruments for the same issuer for which observable prices or broker quotes are available. Other valuation methodologies are used as appropriate including market comparables, transactions in similar instruments and recovery/liquidation analysis.
Equity	Recent third-party investments or pending transactions are considered to be the best evidence for any change in fair value. When these are not available, the following valuation methodologies are used, as appropriate and available: (i) Transactions in similar instruments; (ii) Discounted cash flow techniques; (iii) Third party appraisals; and (iv) Industry multiples and public comparables. Evidence includes recent or pending reorganizations (for example, merger proposals, tender offers and debt restructurings) and significant changes in financial metrics, including: (i) Current financial performance as compared to projected performance; (ii) Capitalization rates and multiples; and (iii) Market yields implied by transactions of similar or related assets.

The following is a summary of the Company’s assets categorized within the fair value hierarchy:


	June 30, 2026								December 31, 2025
Assets	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
1st Lien/Senior Secured Debt	$	—	$	—	$	136,300	$	136,300	$	—	$	—	$	204,984	$	204,984
1st Lien/Last-Out Unitranche		—		—		78,277		78,277		—		—		86,354		86,354
2nd Lien/Senior Secured Debt		—		—		39,845		39,845		—		—		28,835		28,835
Unsecured Debt		—		—		—		—		—		—		—		—
Preferred Stock		—		—		2,865		2,865		—		—		5,728		5,728
Common Stock		—		—		3,354		3,354		—		—		3,354		3,354
Warrants		—		—		—		—		—		—		—		—
Affiliated Money Market Fund		34,316		—		—		34,316		139,844		—		—		139,844
Total assets	$	34,316	$	—	$	260,641	$	294,957	$	139,844	$	—	$	329,255	$	469,099

The tables below present the ranges of significant unobservable inputs used to value the Company’s Level 3 assets as of June 30, 2026 and December 31, 2025. These ranges represent the significant unobservable inputs that were used in the valuation of each type of instrument, but they do not represent a range of values for any one instrument. For example, the lowest discount rate in First Lien/Senior Secured Debt is appropriate for valuing that specific debt investment, but may not be appropriate for valuing any other debt investments in this asset class. Accordingly, the ranges of inputs presented below do not represent uncertainty in, or possible ranges of, fair value measurements of the Company’s Level 3 assets.


Level 3 Instruments		Fair Value(1)(2)		Valuation Techniques(3)	Significant Unobservable Inputs	Range(4) of Significant Unobservable Inputs	Weighted Average(5)
As of June 30, 2026
Bank Loans, Corporate Debt, and Other Debt Obligations
1st Lien/Senior Secured Debt	$		129,395	Discounted cash flows	Discount Rate	9.6% - 27.7%	13.0%
	$		6,905	Comparable multiples	EV/EBITDA(6)	—	8.9x
1st Lien/Last-Out Unitranche	$		46,630	Discounted cash flows	Discount Rate	8.6%-13.0%	9.8%
	$		4,589	Comparable multiples	EV/EBITDA(6)	—	8.8x
	$		27,058	Comparable multiples	EV/Revenue	—	3.1x
2nd Lien/Senior Secured Debt	$		33,696	Discounted cash flows	Discount Rate	9.3%-13.2%	11.9%
	$		6,149	Comparable multiples	EV/Revenue	—	0.3x
Equity
Preferred Stock	$		2,865	Discounted cash flows	Discount Rate	—	38.6%
Common Stock	$		3,354	Discounted cash flows	Discount Rate	—	27.4%


As of December 31, 2025
Bank Loans, Corporate Debt, and Other Debt Obligations
1st Lien/Senior Secured Debt	$	204,984	Discounted cash flows	Discount Rate	8.9% - 17.8%	10.4%
1st Lien/Last-Out Unitranche	$	51,336	Discounted cash flows	Discount Rate	8.2% - 11.9%	10.5%
	$	7,506	Comparable multiples	EV/EBITDA(6)	—	8.7x
2nd Lien/Senior Secured Debt	$	13,062	Discounted cash flows	Discount Rate	19.3% - 23.6%	22.2%
	$	15,773	Comparable multiples	EV/EBITDA(6)	—	8.5x
Equity
Preferred Stock	$	5,728	Discounted cash flows	Discount Rate	—	20.6%
Common Stock	$	3,354	Discounted cash flows	Discount Rate	—	28.5%

(1)

As of June 30, 2026, the income approach was used in the determination of fair value for $209,721 or 82.4% of Level 3 bank loans, corporate debt, and other debt obligations.

(2)

As of December 31, 2025, included within Level 3 assets of $329,255 is an amount of $27,512 for which the Investment Adviser did not develop the unobservable inputs (examples include single source broker quotations, third party pricing, and transaction prices). The income approach was used in the determination of fair value for $269,382 or 84.1% of Level 3 bank loans, corporate debt, and other debt obligations.

(3)

The fair value of any one instrument may be determined using multiple valuation techniques. For example, market comparable and discounted cash flows may be used together to determine fair value. Therefore, the Level 3 balance encompasses both of these techniques.

(4)

The range for an asset category consisting of a single investment, if any, is not meaningful and therefore has been excluded.

(5)

Weighted average for an asset category consisting of multiple investments is calculated by weighting the significant unobservable input by the relative fair value of the investment. Weighted average for an asset category consisting of a single investment represents the significant unobservable input used in the fair value of the investment.

(6)

Enterprise value of portfolio company as a multiple of earnings before interest, taxes, depreciation and amortization (“EBITDA”).

As noted above, the income and market approaches were used in the determination of fair value of certain Level 3 assets as of June 30, 2026 and December 31, 2025. The significant unobservable inputs used in the income approach are the discount rate or market yield used to discount the estimated future cash flows expected to be received from the underlying investment, which include both future principal and interest payments. An increase in the discount rate or market yield would result in a decrease in the fair value. Included in the consideration and selection of discount rates or market yields is risk of default, rating of the investment, call provisions and comparable company investments. The significant unobservable inputs used in the market approach are based on market comparable transactions and market multiples of publicly traded comparable companies. Increases in market comparable transactions or market multiples would result in an increase in the fair value.

The table below presents a summary of changes in fair value of Level 3 assets by investment type:


	Beginning Balance		Purchases(1)			Net Realized Gain (Loss)			Net Change in Unrealized Appreciation (Depreciation)			Sales and Settlements(1)			Net Amortization of Premium/ Discount			Transfers In(2)		Transfers Out(2)		Ending Balance		Net Change in Unrealized Appreciation (Depreciation) for assets still held
For the Six Months Ended June 30, 2026
1st Lien/Senior Secured Debt	$	204,984	$	4,276		$	—		$	(4,265	)	$	(69,471	)	$	776		$	—	$	—	$	136,300	$	(4,399	)
1st Lien/Last-Out Unitranche		86,354		(1,350	)		—			(6,465	)		(313	)		51			—		—		78,277		(6,465	)
2nd Lien/Senior Secured Debt		28,835		32,447			21,283			(9,948	)		(32,934	)		162			—		—		39,845		(5,706	)
Unsecured Debt		—		—			—			—			—			—			—		—		—		(1	)
Preferred Stock		5,728		—			—			(2,863	)		—			—			—		—		2,865		(2,863	)
Common Stock		3,354		—			—			—			—			—			—		—		3,354		—
Warrants		—		—			(1,234	)		1,234			—			—			—		—		—		—
Total assets	$	329,255	$	35,373		$	20,049		$	(22,307	)	$	(102,718	)	$	989		$	—	$	—	$	260,641	$	(19,434	)
For the Six Months Ended June 30, 2025
1st Lien/Senior Secured Debt	$	419,988	$	31,237		$	(59,274	)	$	53,989		$	(193,131	)	$	1,691		$	—	$	—	$	254,500	$	(802	)
1st Lien/Last-Out Unitranche		142,219		10,349			—			1,186			(346	)		294			—		—		153,702		1,186
2nd Lien/Senior Secured Debt		16,934		741			—			4,218			—			(50	)		—		—		21,843		4,218
Unsecured Debt		-		—			—			—			—			—			—		—		—		—
Preferred Stock		-		5,738			—			—			—			—			—		—		5,738		(1	)
Common Stock		3,354		4,055			(1,232	)		486			—			—			—		—		6,663		(746	)
Warrants		—		—			—			—			—			—			—		—		—		—
Total assets	$	582,495	$	52,120		$	(60,506	)	$	59,879		$	(193,477	)	$	1,935		$	—	$	—	$	442,446	$	3,855

(1)

Purchases may include PIK, capitalized fees, securities received in corporate actions and restructurings. Sales and Settlements may include securities delivered in corporate actions and restructuring of investments.

(2)

Transfers in (out) of Level 3 are due to a decrease (increase) in the quantity and reliability of broker quotes obtained by the Investment Adviser.

Debt Not Carried at Fair Value

The fair value of the Company’s debt, which would have been categorized as Level 3 within the fair value hierarchy as of June 30, 2026 and December 31, 2025, approximates its carrying value because the JPM Term Loan Facility has variable interest based on selected short-term rates.

6. DEBT

In accordance with the Investment Company Act, with certain exceptions, the Company is currently allowed to borrow amounts such that its asset coverage ratio, as defined in the Investment Company Act, is at least 200% after such borrowing (or 150% if certain requirements are met). As of June 30, 2026, $0 in principal amount was outstanding under the term loan facility agreement between the Company and JPMorgan Chase Bank National Association (as amended, restated, supplemented or otherwise modified from time to time (the "JPM Term Loan Facility"). As of June 30, 2026 and December 31, 2025, the Company’s asset coverage ratio based on the aggregate amount outstanding of senior securities was 0% and 315%.

The Company’s outstanding debt was as follows:


	June 30, 2026						December 31, 2025
	Aggregate Borrowing Amount Committed		Amount Available		Carrying Value		Aggregate Borrowing Amount Committed		Amount Available		Carrying Value
JPM Term Loan Facility	$	—	$	—	$	—	$	170,300	$	21,868	$	148,432

JPM Term Loan Facility

On December 17, 2024, the Company became party to and assumed all of the Buyer’s obligations under the JPM Term Loan Facility, as amended by Amendment No. 1 and Joinder to the Loan and Security Agreement, dated as of December 17, 2024 (the “JPM Term Loan Facility Amendment”), including borrowings of approximately $293,132 outstanding as of December 17, 2024 (after giving effect to the Merger Advance, as defined below). The JPM Term Loan Facility Amendment, among other things, (i) joined the Company, as the parent and portfolio manager (and released the Buyer as the parent and portfolio manager), (ii) replaced Pantheon Silver LLC with SPV II as borrower, and (iii) joined State Street Bank and Trust Company, as collateral agent, securities intermediary and collateral administrator.

In connection with the Merger, the lenders extended an aggregate principal amount of approximately $76,605 to finance a portion of the consideration payable to the Company’s members in the Merger (the “Merger Advance”).

On June 9, 2025 (the “Second Amendment Date”), SPV II entered into a second amendment to the JPM Term Loan Facility (“Amendment No. 2”). Amendment No. 2, among other things, provided an increase in the aggregate facility commitments to $290,000, provided a reinvestment period during which SPV II may make and prepay borrowings under the facility, in an amount not to exceed the difference of the aggregate facility commitments and the principal amount of advances drawn and unpaid as of the Second Amendment Date, to fund its obligations with respect to unfunded commitments under specified portfolio investments and added a commitment fee accruing at 0.50% per annum on the average daily unused amount of the facility commitments. Advances under the JPM Term Loan Facility are made in U.S. dollars. The interest charged on the JPM Term Loan Facility is based on 3-month Term SOFR (or, if Term SOFR is not available, a benchmark replacement or a “base rate” (which is the greater of a prime rate and the federal funds rate plus 0.50%), as applicable), plus an applicable margin of 2.40%. Any amounts outstanding under the JPM Term Loan Facility must be repaid by October 25, 2027.

Costs of $1,027 were incurred in connection with obtaining and amending the JPM Term Loan Facility, which have been amortized over the life of the JPM Term Loan Facility using the straight-line method. As of June 30, 2026 and December 31, 2025, outstanding deferred financing costs were $0 and $649.

On April 29, 2026, the Company prepaid in full the JPM Term Loan Facility in the amount of $149,144 (the “Loan Payoff Amount”) comprised of principal, accrued but unpaid interest and all fees, expenses and other obligations. The JPM Term Loan Facility was terminated effective May 31, 2026, and all related liens were released in accordance with its terms.

The table below presents summary information regarding the JPM Term Loan Facility:


	For the Three Months Ended						For the Six Months Ended
	June 30, 2026			June 30, 2025			June 30, 2026			June 30, 2025
Borrowing interest expense	$	704		$	4,359		$	2,954		$	9,237
Facility fees		9			52			56			52
Amortization of financing costs		582			83			670			165
Total	$	1,295		$	4,494		$	3,680		$	9,454
Weighted average interest rate		6.18	%		6.79	%		6.16	%		6.83	%
Average outstanding balance	$	45,671		$	257,470		$	96,768		$	272,716

7. COMMITMENTS AND CONTINGENCIES

Capital Commitments

The Company had aggregate capital commitments and undrawn capital commitments from investors as follows:


	June 30, 2026							December 31, 2025
	Capital Commitments		Unfunded Capital Commitments		% of Capital Commitments Funded			Capital Commitments		Unfunded Capital Commitments			% of Capital Commitments Funded
Units	$	162,882	$	43,473		73	%	$	162,882	$	43,473	(1)		73	%

(1) See Note 8 Members Capital - Special Distribution for further information.

Portfolio Company Commitments

The Company may enter into investment commitments through executed credit agreements or commitment letters. In many circumstances for executed commitment letters, borrower acceptance and final terms are subject to transaction-related contingencies.

As of June 30, 2026, the Company believed that it had adequate financial resources to satisfy its unfunded commitments.

The Company had the following unfunded commitments by investment types:


		Unfunded Commitment Balances
		June 30, 2026			December 31, 2025
1st Lien/Senior Secured Debt
HAI Hospitality, Inc.	$		5,998	$		5,998
Keystone Purchaser LLC (dba Bridgeway)			37			545
Marquis Software Solutions Inc			171			171
Streamland Media Midco LLC			252			404
SugarCRM Inc.			2,128			2,128
VRC Companies, LLC (dba Vital Records Control)			443			443
CDM Fitness Holdings, LLC			—			1,083
Good Feet Worldwide LLC			—			1,112
PF Atlantic Holdco 2, LLC			—			1,539
Total 1st Lien/Senior Secured Debt	$		9,029	$		13,423
1st Lien/Last-Out Unitranche
K2 Towers II, LLC	$		1,107	$		939
Octagon Towers LLC			92			92
Peppertree Towers, LLC			1,053			1,053
Total 1st Lien/Last-Out Unitranche	$		2,252	$		2,084
2nd Lien/Senior Secured Debt
Wine.com, LLC	$		480	$		480
Total 2nd Lien/Senior Secured Debt	$		480	$		480
Total	$		11,761	$		15,987

Contingencies

In the normal course of business, the Company enters into contracts that provide a variety of general indemnifications. Any exposure to the Company under these arrangements could involve future claims that may be made against the Company. Currently, no such claims exist or are expected to arise and, accordingly, the Company has not accrued any liability in connection with such indemnifications.

8. MEMBERS’ CAPITAL

Capital Drawdowns

The Company did not issue a capital drawdown for the six months ended June 30, 2026 and 2025.

Distributions

The table below reflects the distributions declared on the Company’s Units for the six months ended June 30, 2026 and 2025.


Date Declared	Record Date	Payment Date	Amount Per Unit
For the Six Months Ended June 30, 2026
February 25, 2026	April 2, 2026	April 30, 2026	$	1.75	(1)
May 6, 2026	July 2, 2026	July 29, 2026	$	0.67	(2)
For the Six Months Ended June 30, 2025
February 26, 2025	April 2, 2025	May 2, 2025	$	0.59
June 6, 2025	June 9, 2025	June 12, 2025	$	1.64	(3)
June 25, 2025	June 25, 2025	June 27, 2025	$	1.44	(4)
May 7, 2025	July 2, 2025	July 31, 2025	$	0.43	(4)

(1) $ 1.34 is considered a return of capital distribution.

(2) $ 0.43 is considered a return of capital distribution.

(3) $ 0.08 is considered a return of capital distribution.

(4) Return of capital distribution.

Special Distribution

On June 9, 2025, pursuant to a Special Distribution Agreement, dated as of June 9, 2025 (the “Special Distribution Agreement”) by and among the Company, SPV II, the Buyer, and Rakesh Jain (the “Individual Investor”), SPV II distributed to the Company an amount equal to $29,913, and the Company distributed to the Buyer and the Individual Investor $24,380 in cash, and in turn, the Buyer’s Unfunded Committed Amount (as defined in the LLCA) was increased by $24,380.

9. EARNINGS (LOSS) PER UNIT

The following information sets forth the computation of basic and diluted earnings (loss) per Unit:


	For the Three Months Ended				For the Six Months Ended
	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025

Net increase (decrease) in Members’ Capital from operations	$	1,415	$	10,636	$	4,890	$	17,695
Weighted average Units outstanding		14,884,897		14,884,897		14,884,897		14,884,897
Basic and diluted earnings (loss) per Unit	$	0.10	$	0.72	$	0.33	$	1.19

Diluted earnings (loss) per Unit equals basic earnings (loss) per Unit because there were no Unit equivalents outstanding during the period presented.

10. FINANCIAL HIGHLIGHTS

The table below presents the schedule of financial highlights of the Company:


	For the Six Months Ended
	June 30, 2026			June 30, 2025
Per Unit Data:(1)
NAV, beginning of period	$	21.46		$	23.49
Net investment income		0.45			1.23
Net realized and unrealized gains (losses)(2)		(0.11	)		(0.04	)
(Provision) benefit for taxes on realized and unrealized gains (losses) on investments		(0.02	)		—
Net increase (decrease) in Members' Capital from operations(2)		0.32			1.19
Distributions recorded:
From return of capital		(1.34	)		(3.08	)
From net investment income		(0.41	)		(0.59	)
Total distributions recorded		(1.75	)		(3.67	)
Total increase (decrease) in Members' Capital		(1.43	)		(2.48	)
NAV, end of period	$	20.03		$	21.01
Units outstanding, end of period		14,884,897			14,884,897
Weighted average units outstanding		14,884,897			14,884,897
Total return based on NAV(3)		1.49	%		5.07	%
Supplemental Data/Ratio(4):
Members’ Capital, end of period	$	298,127		$	312,692
Ratio of expenses (without incentive fees and interest and other debt expenses) to average Members’ Capital		1.65	%		1.56	%
Ratio of interest and other debt expenses to average Members’ Capital		2.35	%		5.55	%
Ratio of incentive fees to average Members’ Capital		0.17	%		0.54	%
Ratio of total expenses to average Members’ Capital		4.17	%		7.65	%
Ratio of net investment income to average Members’ Capital		4.50	%		11.30	%
Portfolio turnover		12	%		9	%

(1)

The per Unit data was derived by using the weighted average Units outstanding during the applicable period, except for distributions recorded, which reflects the actual amount of distributions recorded per Unit for the applicable period.

(2)

The amount shown may not correspond with the aggregate amount for the period as it includes the effect of the timing of the distribution.

(3)

Calculated as the change in NAV per Unit during the period plus dividends recorded per Unit, divided by the beginning NAV per Unit.

(4)

Annualized, except for, as applicable, unvested Incentive Fees.

11. SUBSEQUENT EVENTS

Subsequent events after the date of the Consolidated Statements of Financial Condition have been evaluated through the date the consolidated financial statements were issued. Other than the items discussed below, the Company has concluded that there is no impact requiring adjustment or disclosure in the consolidated financial statements.

Distribution

The Company will pay a distribution equal to an amount up to the Company’s taxable earnings per Unit, including net investment income (if positive) for the period beginning July 1, 2026 through September 30, 2026, which will be payable on or about October 29, 2026 to Unitholders of record as of October 2, 2026.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and other parts of this report contain forward-looking information that involves risks and uncertainties. References to “we,” “us,” “our,” and the “Company,” mean Silver Capital Holdings LLC or Silver Capital Holdings LLC, together with its consolidated subsidiaries, as the context may require. The terms “GSAM,” “Goldman Sachs Asset Management,” our “Adviser” or our “Investment Adviser” refer to Goldman Sachs Asset Management, L.P., a Delaware limited partnership. The term “GS Group Inc.” refers to The Goldman Sachs Group, Inc. “GS & Co.” refers to Goldman Sachs & Co. LLC and its predecessors. The term “Goldman Sachs” refers to GS Group Inc., together with GS & Co., GSAM and its other subsidiaries and affiliates. The discussion and analysis contained in this section refer to our financial condition, results of operations and cash flows. The information contained in this section should be read in conjunction with the consolidated financial statements and notes thereto appearing elsewhere in this report. Please see “Cautionary Statement Regarding Forward-Looking Statements” for a discussion of the uncertainties, risks and assumptions associated with this discussion and analysis. Our actual results could differ materially from those anticipated by such forward-looking information due to factors discussed under “Cautionary Statement Regarding Forward-Looking Statements” appearing elsewhere in this report.

OVERVIEW

We are a specialty finance company focused on lending to middle-market companies. We are a closed-end management investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the "Investment Company Act"). In addition, we have elected to be treated as a regulated investment company (“RIC”), and we expect to qualify annually for tax treatment as a RIC, under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), commencing with our taxable year ended December 31, 2016. From our commencement of investment operations on July 1, 2016 through June 30, 2026, we originated approximately $2.35 billion in aggregate principal amount of debt and equity investments prior to any subsequent exits and repayments. We seek to generate current income and, to a lesser extent, capital appreciation primarily through direct originations of secured debt, including first lien, unitranche debt, including last-out portions of such loans, and second lien debt, and unsecured debt, including mezzanine debt, as well as through select equity investments.

“Unitranche” loans are first lien loans that may extend deeper in a borrower’s capital structure than traditional first lien debt and may provide for a waterfall of cash flow priority between different lenders in such loan. In a number of instances, we may find another lender to provide the “first-out” portion of a unitranche loan while we retain the “last-out” portion of such loan, in which case, the “first-out” portion of the loan would generally receive priority with respect to the payment of principal, interest and any other amounts due thereunder as compared to the “last-out” portion that we would continue to hold. In exchange for taking greater risk of loss, the “last-out” portion generally earns a higher interest rate than the “first-out” portion of the loan. We use the term “mezzanine” to refer to debt that ranks senior in right of payment only to a borrower’s equity securities and ranks junior in right of payment to all of such borrower’s other indebtedness. We may make multiple investments in the same portfolio company.

During our investment period, we sought to invest, under normal circumstances, at least 80% of our net assets (plus any borrowings for investment purposes), directly or indirectly in private middle-market credit obligations and related instruments. We define “credit obligations and related instruments” for this purpose as any fixed-income instrument, including loans to, and bonds and preferred stock of, portfolio companies and other instruments that provide exposure to such fixed-income instruments. “Middle market” is used to refer to companies with between $5 million and $200 million of annual earnings before interest expense, income tax expense, depreciation and amortization (“EBITDA”), excluding certain one-time and non-recurring items that are outside the operations of these companies. While, as a result of fluctuations in the net asset value (“NAV”) of one asset relative to other assets, private middle-market credit obligations and related instruments may represent less than 80% of our net assets (plus any borrowings for investment purposes) at any time, we could not invest, under normal circumstances, more than 20% of our net assets (plus any borrowings for investment purposes) in securities and other instruments that were not private middle-market credit obligations and related instruments. To the extent we determined to invest indirectly in private middle-market credit obligations and related instruments, we would invest through certain synthetic instruments, including derivatives that had similar economic characteristics to private middle-market credit obligations. For purposes of determining compliance with our 80% policy, each applicable derivative instrument will be valued based upon its market value. We will notify our unitholders (the "Unitholders") at least 60 days prior to any change to the 80% investment policy described above.

We have also originated “covenant-lite” loans, which are loans with fewer financial maintenance covenants than other obligations, or no financial maintenance covenants. Such covenant-lite loans may not include terms that allow the lender to monitor the performance of the borrower or to declare a default if certain criteria are breached. These flexible covenants (or the absence of covenants) could permit borrowers to experience a significant downturn in their results of operations without triggering any default that would permit holders of their debt (such as us) to accelerate indebtedness or negotiate terms and pricing. In the event of default, covenant-lite loans may recover less value than traditional loans as the lender may not have an opportunity to negotiate with the borrower prior to such default.

We expect that at least 70% of our total assets will be invested, directly or indirectly, in middle-market companies domiciled in the United States. However, we may from time to time invest opportunistically in large U.S. companies, non-U.S. companies, stressed or distressed debt, structured products, private equity or other opportunities, subject to limits imposed by the Investment Company Act.

While our investment program has been focused primarily on debt investments, our investments may include equity features, such as a direct investment in the equity or convertible securities of a portfolio company or warrants or options to buy a minority interest in a portfolio company. Any warrants we may receive with debt securities will generally require only a nominal cost to exercise, so as a portfolio company appreciates in value, we may achieve additional investment return from these equity investments. We may structure the warrants to provide provisions protecting our rights as a minority-interest holder, as well as puts, or rights to sell such securities back to the portfolio company, upon the occurrence of specified events. In many cases, we may also obtain registration rights in connection with these equity investments, which may include demand and “piggyback” registration rights. In addition, from time to time, we may opportunistically dispose of certain assets as part of our overall investment strategy.

For a discussion of the competitive landscape we face, please see “Item 1A. Risk Factors—Risks Relating to Competition—We operate in a highly competitive market for investment opportunities” and “Item 1. Business—Competitive Advantages” in our annual report on Form 10-K for the year ended December 31, 2025.

The Merger with Silver Merger Sub LLC and In-Kind Contribution

On December 17, 2024, we completed our previously announced acquisition by Pantheon Silver Holdings LLC, a Delaware limited liability company (“Buyer”), pursuant to the Agreement and Plan of Merger, dated October 31, 2024 (the “Merger Agreement”), by and among us, the Buyer, and Silver Merger Sub LLC, a wholly owned subsidiary of the Buyer (“Merger Sub”). Pursuant to the Merger Agreement, Merger Sub was merged with us, with us surviving as a wholly owned subsidiary of the Buyer (the “Merger”).

In accordance with the terms of the Merger Agreement, at the effective time of the Merger, each outstanding common unit (a “Unit”), other than our Units held by us or the Buyer or any of their respective consolidated subsidiaries, was automatically converted into the right to receive an amount in cash equal to $24.05 per Unit. In addition, 6,365,622 Units were issued to the Buyer in the Merger, and 452 Units were issued to an additional investor, at a price of $22.12 per Unit.

In-Kind Contribution

At the effective time of the Merger, the Buyer contributed its wholly-owned subsidiary, Pantheon Silver LLC, a Delaware limited liability company (“Pantheon Silver”), to us in exchange for 8,394,088 Units at a price of $24.05 per Unit (the “In-Kind Contribution”). Also on December 17, 2024, following the effective time of the Merger and after giving effect to the In-Kind Contribution, Pantheon Silver merged with and into Goldman Sachs Private Middle Market Credit SPV II LLC, our wholly-owned subsidiary, with Goldman Sachs Private Middle Market Credit SPV II LLC surviving as our wholly-owned subsidiary.

KEY COMPONENTS OF OPERATIONS

Investments

Our level of investment activity can and does vary substantially from period to period depending on many factors, including the amount of debt and equity capital available to middle-market companies, the level of merger and acquisition activity for such companies, the general economic environment, the amount of capital we have available to us and the competitive environment for the type of investments we make.

As a BDC, we may not acquire any assets other than “qualifying assets” specified in the Investment Company Act, unless, at the time the acquisition is made, at least 70% of our total assets are qualifying assets (with certain limited exceptions). Qualifying assets include investments in “eligible portfolio companies.” Pursuant to rules adopted by the Securities and Exchange Commission (the “SEC”), “eligible portfolio companies” include certain companies that do not have any securities listed on a national securities exchange and public companies whose securities are listed on a national securities exchange but whose market capitalization is less than $250 million.

Revenues

We generate revenues in the form of interest income on debt investments and, to a lesser extent, capital gains and distributions, if any, on equity securities that we may acquire in portfolio companies. Some of our investments may provide for deferred interest payments or payment-in-kind (“PIK”) income. The principal amount of the debt investments and any accrued but unpaid interest generally becomes due at the maturity date.

We generate revenues primarily through receipt of interest income from the investments we hold. In addition, we may generate revenue in the form of commitment, origination, structuring, syndication, exit fees or diligence fees, fees for providing managerial assistance and consulting fees. Portfolio company fees (directors’ fees, consulting fees, administrative fees, tax advisory fees and other similar compensation) will be paid to us, unless, to the extent required by applicable law or exemptive relief, if any, therefrom, we receive our allocable portion of such fees when invested in the same portfolio company as other client accounts managed by our Investment Adviser (collectively with the Company, the “Accounts”), which other Accounts could receive their allocable portion of such fee. We do not expect to receive material fee income as it is not our principal investment strategy. We record contractual prepayment premiums on loans and debt securities as interest income.

Expenses

Our primary operating expenses include the payment of the management fee (the “Management Fee”) and the incentive fee (the “Incentive Fee”) to our Investment Adviser, legal and professional fees, interest and other debt expenses and other operating and overhead related expenses. The Management Fee and Incentive Fee compensate our Investment Adviser for its work in identifying, evaluating, negotiating, closing and monitoring our investments. Pursuant to an investment advisory agreement with the Investment Adviser (the “Investment Advisory Agreement”), Company expenses borne by us in the ordinary course on an annual basis (excluding Management Fees, Incentive Fees, organizational and start-up expenses and leverage-related expenses (including among other things, participation related expenses)) will not exceed an amount equal to $4,250,000 (formerly 0.5% of the aggregate amount of commitments), provided, however, that expenses incurred outside of the ordinary course, including litigation and similar expenses, are not subject to such cap. We bear all other expenses of our operations and transactions in accordance with our Investment Advisory Agreement and administration agreement (the “Administration Agreement”), including:

•

our operational and organizational expenses;

•

fees and expenses, including travel expenses, incurred by our Investment Adviser or payable to third parties related to our investments, including, among others, professional fees (including the fees and expenses of consultants and experts) and fees and expenses relating to, or associated with, evaluating, monitoring, researching and performing due diligence on investments and prospective investments;

•

interest, fees and other expenses payable on indebtedness for borrowed money (including through the issuance of notes and other evidence of indebtedness), other indebtedness, financings or extensions of credit, if any, incurred by us;

•

fees and expenses incurred by us in connection with membership in investment company organizations;

•

brokers’ commissions;

•

fees and expenses associated with calculating our NAV (including expenses of any independent valuation firm);

•

legal, auditing or accounting expenses;

•

taxes or governmental fees;

•

the fees and expenses of our Administrator (as defined below), transfer agent and/or sub-transfer agent;

•

the cost of preparing unit certificates or any other expenses, including clerical expenses of issue, redemption or repurchase of our Units;

•

the expenses of and fees for registering or qualifying our Units for sale and of maintaining our registration or qualifying and registering us as a broker or a dealer;

•

the fees and expenses of our directors who are not “interested persons” (as defined in Section 2(a)(19) of the Investment Company Act) affiliated with our Investment Adviser;

•

the fees or disbursements of custodians of our assets, including expenses incurred in the performance of any obligations enumerated by our limited liability company agreement or other organizational documents insofar as they govern agreements with any such custodian;

•

the cost of preparing and distributing reports, proxy statements and notices to our Unitholders, the SEC and other regulatory authorities;

•

insurance premiums;

•

costs of holding Unitholder meetings; and

•

costs incurred in connection with any claim, litigation, arbitration, mediation, government investigation or dispute in connection with our business and the amount of any judgment or settlement paid in connection therewith, or the enforcement of our rights against any person and indemnification or contribution expenses payable by us to any person and other extraordinary expenses not incurred in the ordinary course of our business.

Our Investment Adviser will not be required to pay expenses of activities which are primarily intended to result in sales of our Units, including, but not limited to, all costs and expenses associated with the preparation and distribution of an offering memorandum, a subscription agreement, if applicable, a registration statement or an equity holder application form or any other offering or disclosure document required by applicable law.

We expect our general and administrative expenses to be relatively stable or to decline as a percentage of total assets during periods of asset growth and to increase during periods of asset declines.

Leverage

We may borrow money and lever our investment portfolio, subject to the limitations of the Investment Company Act, with the objective of increasing our yield. This is known as “leverage” and could increase or decrease returns to our Unitholders. The use of leverage involves significant risks. As a BDC, with certain limited exceptions, we are only permitted to borrow amounts such that our asset coverage ratio, as defined in the Investment Company Act, equals at least 200% after such borrowing (or 150% if certain requirements are met). On April 29, 2026, the loan facility agreement between us and the JPMorgan Chase Bank National Association (as amended, restated, supplemented or otherwise modified from time to time, the "JPM Revolving Credit Facility") was repaid in full in the amount of $149.14 million (the "Loan Payoff Amount") comprised of principal, accrued but unpaid interest and all fees, expenses and other obligations. The JPM Term Loan Facility was terminated effective May 31, 2026 and all related liens were released in accordance with its terms. As of June 30, 2026 there was no outstanding amount under the JPM Term Loan Facility (as defined below). As of June 30, 2026 and December 31, 2025, our asset coverage ratio based on the aggregate amount outstanding of our senior securities was 0% and 315%. The Small Business Credit Availability Act modified the applicable provisions of the Investment Company Act to reduce the required asset coverage ratio applicable to BDCs to 150%, subject to certain approval and disclosure requirements and, in the case of BDCs without common equity listed on a national securities exchange, such as us, an offer to repurchase shares held by the BDC’s stockholders as of the date the requisite approval is obtained. As a result, BDCs are able to increase their leverage capacity if stockholders approve a proposal to do so. If a BDC receives stockholder approval, it would be allowed to increase its leverage capacity on the first day after such approval. Alternatively, the legislation allows the majority of the directors who are not “interested persons,” as defined in the Investment Company Act, of the BDC to approve an increase in its leverage capacity, and such approval would become effective after one year. Certain trading practices and investments, such as reverse repurchase agreements, may be considered borrowings or involve leverage and thus may be subject to Investment Company Act restrictions. Short-term credits necessary for the settlement of securities transactions and arrangements with respect to securities lending will not be considered borrowings for these purposes. Practices and investments that may involve leverage but are not considered borrowings are not subject to the Investment Company Act’s asset coverage requirement. The amount of leverage that we employ will depend on the assessment by our Investment Adviser and our board of directors (the "Board of Directors" or the "Board") of market conditions and other factors at the time of any proposed borrowing.

PORTFOLIO AND INVESTMENT ACTIVITY

Our portfolio (excluding investments in money market funds, if any) consisted of the following:


	As of
	June 30, 2026				December 31, 2025
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
	($ in millions)
First Lien/Senior Secured Debt	$	142.14	$	136.30	$	206.56	$	204.99
First Lien/Last-Out Unitranche		86.53		78.28		88.14		86.35
Second Lien/Senior Secured Debt		42.88		39.84		21.92		28.84
Unsecured Debt		13.53		—		13.53		—
Preferred Stock		10.57		2.87		10.57		5.73
Common Stock		7.41		3.35		7.41		3.35
Warrants		—		—		1.24		—
Total investments	$	303.06	$	260.64	$	349.37	$	329.26

The weighted average yield of our portfolio by asset type (excluding investments in money market funds, if any), at amortized cost and fair value, was as follows:


	As of
	June 30, 2026						December 31, 2025
	Amortized Cost			Fair Value			Amortized Cost			Fair Value
Weighted Average Yield(1)
First Lien/Senior Secured Debt(2)		9.1	%		10.8	%		10.0	%		10.6	%
First Lien/Last-Out Unitranche(2)(3)		5.3			5.9			7.8			8.5
Second Lien/Senior Secured Debt(2)		4.4			4.7			17.8			9.8
Unsecured Debt(2)		—			—			—			—
Preferred Stock(4)		—			—			—			—
Common Stock(4)		—			—			—			—
Warrants(4)		—			—			—			—
Total Portfolio		6.4	%		8.1	%		9.0	%		9.7	%

(1)

The weighted average yield of our portfolio does not represent the total return to our Unitholders.

(2)

Computed based on (a) the annual actual interest rate or yield earned plus amortization of fees and discounts on the performing debt and other income producing investments as of the reporting date, divided by (b) the total investments (including investments on non-accrual status and non-income producing investments) at amortized cost or fair value.

(3)

The calculation includes incremental yield earned on the “last-out” portion of the unitranche loan investments.

(4)

Computed based on (a) the stated coupon rate, if any, for each income-producing investment, divided by (b) the total investments (including investments on non-accrual status and non-income producing investments) at amortized cost or fair value.

The decrease in total portfolio yield at amortized cost and at fair value was primarily due to the additional positions being placed on non-accrual status as well as the exits of certain investments. Within First Lien/Last-Out Unitranche, the decrease in weighted average yield at amortized cost and fair value was primarily due to Ej2 Communications, Inc. (dba Flashpoint) being placed on non-accrual status. Within Second Lien/Senior Secured Debt, the decrease in weighted average yield at amortized cost and at fair value was primarily due to Wine.com, LLC being placed on non-accrual status and the restructure of Chase Industries, Inc. (dba Senneca Holdings).

The table below presents certain selected information regarding our investment portfolio (excluding investments in money market funds, if any):


	As of
	June 30, 2026				December 31, 2025
Number of portfolio companies			16				18
Percentage of performing debt bearing a floating rate(1)			84.9	%			95.9	%
Percentage of performing debt bearing a fixed rate(1)(2)			15.1	%			4.1	%
Weighted average leverage (net debt/EBITDA)(3)		5.8x				5.0x
Weighted average interest coverage(3)		2.2x				2.3x
Median EBITDA(3)	$	34.15 million			$	39.15 million

(1)

Measured on a fair value basis. Excludes investments, if any, placed on non-accrual status.

(2)

Includes income producing preferred stock investments, if applicable.

(3)

For a particular portfolio company, we calculate the level of contractual indebtedness net of cash (“net debt”) owed by the portfolio company and compare that amount to measures of cash flow available to service the net debt. To calculate net debt, we include debt that is both senior and pari passu to the tranche of debt owned by us but exclude debt that is legally and contractually subordinated in ranking to the debt owned by us. We believe this calculation method assists in describing the risk of our portfolio investments, as it takes into consideration contractual rights of repayment of the tranche of debt owned by us relative to other senior and junior creditors of a portfolio company. We typically calculate cash flow available for debt service at a portfolio company by taking EBITDA for the trailing twelve-month period. Weighted average net debt to EBITDA is weighted based on the fair value of our debt investments, excluding investments where net debt to EBITDA may not be the appropriate measure of credit risk, such as cash collateralized loans and investments that are underwritten and covenanted based on recurring revenue.

For a particular portfolio company, we also calculate the level of contractual interest expense owed by the portfolio company and compare that amount to EBITDA. We believe this calculation method assists in describing the risk of our portfolio investments, as it takes into consideration contractual interest obligations of the portfolio company. Weighted average interest coverage is weighted based on the fair value of our performing debt investments, excluding investments where interest coverage may not be the appropriate measure of credit risk, such as cash collateralized loans and investments that are underwritten and covenanted based on recurring revenue.

Median EBITDA is based on our debt investments, excluding investments where net debt to EBITDA may not be the appropriate measure of credit risk, such as cash collateralized loans and investments that are underwritten and covenanted based on recurring revenue.

Portfolio company statistics are derived from the most recently available financial statements of each portfolio company as of the reported end date. Statistics of the portfolio companies have not been independently verified by us and may reflect a normalized or adjusted amount. As of June 30, 2026 and December 31, 2025, investments where net debt to EBITDA may not be the appropriate measure of credit risk represented 28.9% and 24.6% of total debt investments at fair value.

Our Investment Adviser monitors on an ongoing basis the financial trends of each portfolio company to determine if it is meeting its respective business plan and to assess the appropriate course of action for each portfolio company. Our Investment Adviser has several methods of evaluating and monitoring the performance and fair value of our investments, which may include the following: (i) assessment of success in adhering to the portfolio company’s business plan and compliance with covenants; (ii) periodic or regular contact with portfolio company management and, if appropriate, the financial or strategic sponsor to discuss financial position, requirements and accomplishments; (iii) comparisons to our other portfolio companies in the industry, if any; (iv) attendance at and participation in Board meetings or presentations by portfolio companies; and (v) review of monthly and quarterly financial statements and financial projections of portfolio companies.

As part of the monitoring process, our Investment Adviser also employs an investment rating system to categorize our investments. In addition to various risk management and monitoring tools, our Investment Adviser grades the credit risk of all investments on a scale of 1 to 4 no less frequently than quarterly. This system is intended primarily to reflect the underlying risk of a portfolio investment relative to our initial cost basis in respect of such portfolio investment (i.e., at the time of origination or acquisition), although it may also take into account in certain circumstances the performance of the portfolio company’s business, the collateral coverage of the investment and other relevant factors. The grading system for our investments is as follows:

•

Grade 1 investments involve the least amount of risk to our initial cost basis. The trends and risk factors for this investment since origination or acquisition are generally favorable, which may include the performance of the portfolio company or a potential exit;

•

Grade 2 investments involve a level of risk to our initial cost basis that is similar to the risk to our initial cost basis at the time of origination or acquisition. This portfolio company is generally performing as expected and the risk factors to our ability to ultimately recoup the cost of our investment are neutral to favorable. All investments or acquired investments in new portfolio companies are initially assessed a grade of 2;

•

Grade 3 investments indicate that the risk to our ability to recoup the initial cost basis of such investment has increased materially since origination or acquisition, including as a result of factors such as declining performance and non-compliance with debt covenants; however, payments are generally not more than 120 days past due; and

•

Grade 4 investments indicate that the risk to our ability to recoup the initial cost basis of such investment has substantially increased since origination or acquisition, and the portfolio company likely has materially declining performance. For debt investments with an investment grade of 4, in most cases, most or all of the debt covenants are out of compliance and payments are substantially delinquent. For investments graded 4, it is anticipated that we will not recoup our initial cost basis and may realize a substantial loss of our initial cost basis upon exit.

Our Investment Adviser grades the investments in our portfolio at least each quarter and it is possible that the grade of a portfolio investment may be reduced or increased over time. For investments with a grade of 3 or 4, our Investment Adviser enhances its level of scrutiny over the monitoring of such portfolio company. The table below shows the composition of our portfolio (excluding investments in money market funds, if any) on the 1 to 4 grading scale:


	As of
	June 30, 2026					December 31, 2025
Investment Performance Rating	Fair Value		Percentage of Total			Fair Value		Percentage of Total
	(in millions)					(in millions)
Grade 1	$	—		0.0	%	$	—		—	%
Grade 2		184.33		70.7			275.14		83.6
Grade 3		27.09		10.4			25.11		7.6
Grade 4		49.22		18.9			29.01		8.8
Total Investments	$	260.64		100.0	%	$	329.26		100.0	%

The decrease in investments with a Grade 2 investment performance rating was primarily driven by the exit of investments with an aggregate fair value of $66.29 million, in addition to the downgrade of investments with an aggregate fair value of $41.76 million to Grade 4 investment performance ratings due to financial underperformance. The increase in investments with a Grade 4 investment performance rating was primarily driven by the movement of investments with an aggregate fair value of $41.76 million from a Grade 2 investment performance rating due to financial underperformance.

The table below shows the amortized cost of our performing and non-accrual investments (excluding investments in money market funds, if any):


	As of
	June 30, 2026					December 31, 2025
	Amortized Cost		Percentage of Total			Amortized Cost		Percentage of Total
	(in millions)					(in millions)
Performing	$	213.55		70.5	%	$	314.90		90.1	%
Non-accrual		89.51		29.5			34.47		9.9
Total Investments	$	303.06		100.0	%	$	349.37		100.0	%

Investments are placed on non-accrual status when it is probable that principal, interest or dividends will not be collected according to the contractual terms. Accrued interest or dividends generally are reversed when an investment is placed on non-accrual status. Interest or dividend payments received on non-accrual investments may be recognized as income or applied to principal depending upon management’s judgment. We may make exceptions to this treatment if the loan has sufficient collateral value and is in the process of collection. Non-accrual investments are restored to accrual status when past due principal and interest or dividends are paid and, in management’s judgment, principal and interest or dividend payments are likely to remain current.

The table below shows our investment activity by investment type(1):


	For the Three Months Ended
	June 30, 2026			June 30, 2025
	($ in millions)
Proceeds from investments sold or repaid:
First Lien/Senior Secured Debt	$	27.31		$	76.40
First Lien/Last-Out Unitranche		0.07			0.24
Second Lien/Senior Secured Debt		1.16			—
Total	$	28.54		$	(76.64	)
Net increase (decrease) in portfolio	$	(28.54	)	$	(76.64	)
Weighted average remaining term for new investment commitments (in years)(2)		—			—
Percentage of new debt investment commitments at cost for floating interest rates		—	%		—	%
Percentage of new debt investment commitments at cost for fixed interest rates		—	%		—	%
Weighted average yield on new debt and income producing investment commitments(3)		—	%		—	%
Weighted average yield on new investment commitments(4)		—	%		—	%
Weighted average yield on debt and income producing investments sold or repaid(5)		10.0	%		9.3	%
Weighted average yield on investments sold or repaid(6)		9.6	%		9.3	%

(1)

New investment commitments are shown net of capitalized fees, expenses and original issue discount (“OID”) that occurred at the initial closing. Figures for new investment commitments may also include positions originated during the period but not held at the reporting date. Figures for investments sold or repaid, excludes unfunded commitments that may have expired or otherwise been terminated without receipt of cash proceeds or other consideration.

(2)

Calculated as of the end of the relevant period and the maturity date of the individual investments.

(3)

Computed based on (a) the annual actual interest rate on new debt and income producing investment commitments, divided by (b) the total new debt and income producing investment commitments. The calculation includes incremental yield earned on the “last-out” portion of the unitranche loan investments and excludes investments that are on non-accrual status. The annual actual interest rate used is as of the respective quarter end date when the investment activity occurred.

(4)

Computed based on (a) the annual actual interest rate on new investment commitments, divided by (b) the total new investment commitments (including investments on non-accrual status and non-income producing investments). The calculation includes incremental yield earned on the “last-out” portion of the unitranche loan investments. The annual actual interest rate used is as of the respective quarter end date when the investment activity occurred.

(5)

Computed based on (a) the annual actual interest rate on debt and income producing investments sold or paid down, divided by (b) the total debt and income producing investments sold or paid down. The calculation includes incremental yield earned on the “last-out” portion of the unitranche loan investments and excludes prepayment premiums earned on exited investments and investments that are on non-accrual status.

(6)

Computed based on (a) the annual actual interest rate on investments sold or paid down, divided by (b) the total investments sold or paid down (including investments on non-accrual status and non-income producing investments). The calculation includes incremental yield earned on the “last-out” portion of the unitranche loan investments and excludes prepayment premiums earned on exited investments.

RESULTS OF OPERATIONS

Our operating results were as follows:


	For the Three Months Ended						For the Six Months Ended
	June 30, 2026			June 30, 2025			June 30, 2026			June 30, 2025
	($ in millions)
Total investment income	$	5.56		$	14.20		$	13.57		$	32.30
Total expenses		2.66			6.91			6.81			13.95
Net investment income		2.90			7.29			6.76			18.35
Net realized gain (loss) on investments		20.05			(46.21	)		20.05			(60.50	)
Net unrealized appreciation (depreciation) on investments		(21.23	)		49.56			(21.62	)		59.85
Income tax (provision) benefit, realized and unrealized gain/loss		(0.30	)		—			(0.30	)		—
Net increase (decrease) in Members’ Capital from operations	$	1.42		$	10.64		$	4.89		$	17.70

Net increase (decrease) in members’ capital from operations can vary from period to period as a result of various factors, including acquisitions, the level of new investment commitments, the recognition of realized gains and losses and changes in unrealized appreciation and depreciation in the investment portfolio.

Investment Income

Our investment income was as follows:


	For the Three Months Ended				For the Six Months Ended
	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
	($ in millions)
Interest income	$	4.50	$	12.19	$	10.51	$	27.70
Payment-in-kind income		0.32		0.82		1.00		3.14
Dividend income		0.71		1.13		2.01		1.21
Other income		0.03		0.06		0.05		0.25
Total investment income	$	5.56	$	14.20	$	13.57	$	32.30

In the table above:

•

Interest income from investments, which includes prepayment premiums and accelerated accretion of upfront loan origination fees, decreased from $12.19 million and $27.70 for the three and six months ended June 30, 2025 to $4.50 million and $10.51 million for the three and six months ended June 30, 2026, primarily due to a decline in base interest rates in addition to the decrease in the size of our portfolio. The amortized cost of the portfolio decreased from $463.73 million as of June 30, 2025 to $303.06 million as of June 30, 2026.

•

Payment-in-kind income decreased from $0.82 million and $3.14 million for the three and six months ended June 30, 2025 to $0.32 million and $1.00 million for the three and six months ended June 30, 2026. The decrease was primarily due to the exits of investments accruing payment-in-kind income.

Expenses

Our expenses were as follows:


	For the Three Months Ended					For the Six Months Ended
	June 30, 2026		June 30, 2025			June 30, 2026		June 30, 2025
	($ in millions)
Interest and other debt expenses	$	1.30	$	4.49		$	3.68	$	9.45
Management fees		0.75		0.80			1.49		1.68
Incentive fees		0.15		1.18			0.54		1.84
Professional fees		0.21		0.56			0.47		0.76
Administration and custodian fees		0.17		0.17			0.34		0.34
Directors’ fees		0.04		0.05			0.09		0.10
Other general and administrative expenses		0.04		0.07			0.20		0.19
Transaction Costs		—		(0.41	)		—		(0.41	)
Total expenses	$	2.66	$	6.91		$	6.81	$	13.95

In the table above:

•

Interest and other debt expenses decreased from $4.49 million and $9.45 million for the three and six months ended June 30, 2025 to $1.30 million and $3.68 million for the three and six months ended June 30, 2026. The decrease was primarily driven by the decrease in weighted average daily borrowings from $257.47 million and $272.72 million for the three and six months ended June 30, 2025 to $45.67 million and $96.77 million for the three and six months ended June 30, 2026.

•

Incentive Fees decreased from $1.18 million and $1.84 million for the three and six months ended June 30, 2025 to $0.15 million and $0.54 million for the three and six months ended June 30, 2026. The decrease was primarily driven by the decrease in the pre-incentive fee total return from $11.82 million and $19.54 million for the three and six months ended June 30, 2025 to $1.57 million and $5.43 million for the three and six months ended June 30, 2026.

Net Realized Gains (Losses) and Net Change in Unrealized Appreciation (Depreciation) on Investments

The realized gains and losses on fully exited and partially exited investments in portfolio companies consisted of the following:


	For the Three Months Ended						For the Six Months Ended
	June 30, 2026			June 30, 2025			June 30, 2026			June 30, 2025
	(in millions)
Chase Industries, Inc. (dba Senneca Holdings)	$	21.28		$	—		$	21.28		$	—
Other, net		—			—			—			(1.23	)
KDOR Holdings Inc. (dba Senneca Holdings)		(1.23	)		—			(1.23	)		—
Streamland Media Midco LLC		—			—			—			(13.06	)
Khoros, LLC (fka Lithium Technologies, Inc.)		—			(46.21	)		—			(46.21	)
Net realized gain (loss)	$	20.05		$	(46.21	)	$	20.05		$	(60.50	)

For the three and six months ended June 30, 2026, net realized gains were primarily driven by the restructuring of our second lien debt investment in Chase Industries, Inc. (dba Senneca Holdings).

For the six months ended June 30, 2025, net realized losses were primarily driven by the restructuring of our first lien debt investment in Khoros, LLC (fka Lithium Technologies, Inc.) and Streamland Media Midco LLC, which resulted in realized loss of $46.21 million and $13.06 million.

Any changes in fair value are recorded as a change in unrealized appreciation (depreciation) on investments. For further details on the valuation process, refer to Note 2 “Significant Accounting Policies—Investments” in our consolidated financial statements. Net change in unrealized appreciation (depreciation) on investments consisted of the following:


	For the Three Months Ended						For the Six Months Ended
	June 30, 2026			June 30, 2025			June 30, 2026			June 30, 2025
	($ in millions)
Unrealized appreciation	$	1.55		$	50.74		$	1.36		$	61.71
Unrealized depreciation		(22.78	)		(1.18	)		(22.98	)		(1.86	)
Net change in unrealized appreciation (depreciation) on investments	$	(21.23	)	$	49.56		$	(21.62	)	$	59.85

The net change in unrealized appreciation (depreciation) on investments consisted of the following:


	For the Three Months Ended June 30, 2026			For the Six Months Ended June 30, 2026
	($ in millions)
Portfolio Company:
KDOR Holdings Inc. (dba Senneca Holdings)	$	1.23		$	1.23
Ej2 Communications, Inc. (dba Flashpoint)		0.22			(3.38	)
CDM Fitness Holdings, LLC		0.10			0.05
Other, net(1)		(0.08	)		(0.32	)
Khoros, LLC (fka Lithium Technologies, Inc.)		(0.02	)		(2.90	)
VRC Companies, LLC (dba Vital Records Control)		(0.50	)		(0.48	)
Wine.com, LLC		(0.82	)		(2.62	)
SugarCRM Inc.		(0.86	)		(0.89	)
Streamland Media Midco LLC		(1.31	)		(3.21	)
Marquis Software Solutions Inc		(2.11	)		(2.95	)
Wine.com, Inc.		(2.16	)		(2.16	)
Chase Industries, Inc. (dba Senneca Holdings)		(14.92	)		(3.99	)
Total	$	(21.23	)	$	(21.62	)

(1)

For the three and six months ended June 30, 2026, Other, net includes gross unrealized appreciation of $0.00 million and $0.07 million, and gross unrealized depreciation of $(0.08) million and $(0.39) million.

Net change in unrealized appreciation (depreciation) in our investments for the three months ended June 30, 2026 was primarily driven by the reversal of unrealized appreciation of the aforementioned restructuring of Chase Industries, Inc. (dba Senneca Holdings).

Net change in unrealized appreciation (depreciation) in our investments for the six months ended June 30, 2026 was primarily driven by the reversal of unrealized appreciation in connection with the aforementioned restructuring of our second lien debt investment in Chase Industries, Inc (dba Senneca Holdings), and the financial underperformance of Ej2 Communications, Inc. (dba Flashpoint), and Streamland Media Midco LLC.


	For the Three Months Ended June 30, 2025			For The Six Months Ended June 30, 2025
	($ in millions)
Portfolio Company:
Khoros, LLC (fka Lithium Technologies, Inc.)	$	46.20		$	41.38
Chase Industries, Inc. (dba Senneca Holdings)		2.70			4.40
Doxim, Inc.		0.71			1.09
CorePower Yoga LLC		0.37			0.62
Acuity Specialty Products, Inc. (dba Zep Inc.)		0.34			0.34
SPay, Inc. (dba Stack Sports)		—			2.12
Country Fresh Holding Company Inc.		—			1.23
KBP BRANDS, LLC		(0.03	)		(0.38	)
Other, net(1)		0.26			(0.03	)
Streamland Media Midco LLC (2)		(0.03	)		10.23
ITS Buyer Inc (dba ITS Logistics)		(0.05	)		(0.10	)
Marquis Software Solutions Inc		(0.05	)		(0.10	)
Wine.com, LLC		(0.11	)		(0.20	)
Streamland Media Holdings LLC		(0.75	)		(0.75	)
Total	$	49.56		$	59.85

(1)

For the three and six months ended June 30, 2025, Other, net includes gross unrealized appreciation of $0.42 million and $0.30 million, and gross unrealized depreciation of $(0.16) million and $(0.33) million.

Net change in unrealized appreciation (depreciation) in our investments for the six months ended June 30, 2025 was primarily driven by the reversal of unrealized depreciation in connection with the aforementioned restructuring of our first lien debt investments in Khoros, LLC (fka Lithium Technologies, Inc.) and Streamland Media Midco LLC.

FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES

The primary use of existing funds and any funds raised in the future is expected to be for our investments in portfolio companies, cash distributions to our Unitholders or for other general corporate purposes, including paying for operating expenses or debt service to the extent we borrow or issue senior securities.

We expect to generate cash primarily from the net proceeds of any future offerings of securities, drawdowns of capital commitments, future borrowings and cash flows from operations. To the extent we determine that additional capital would allow us to take advantage of additional investment opportunities, if the market for debt financing presents attractively priced debt financing opportunities, or if our Board of Directors otherwise determines that leveraging our portfolio would be in our best interest and the best interests of our Unitholders, we may enter into credit facilities or issue other senior securities. We would expect that any such credit facilities may be secured by certain of our assets and may contain advance rates based upon pledged collateral. The pricing and other terms of any such facilities would depend upon market conditions when we enter into any such facilities as well as the performance of our business, among other factors. As a BDC, with certain limited exceptions, we are only permitted to borrow amounts such that our asset coverage ratio, as defined in the Investment Company Act, is at least 200% after such borrowing (or 150% if certain requirements are met). See “—Key Components of Operations—Leverage.” As of June 30, 2026 and December 31, 2025, our asset coverage ratio based on the aggregate amount outstanding of our senior securities was 0% and 315%. We may also refinance or repay any of our indebtedness at any time based on our financial condition and market conditions.

We may enter into investment commitments through signed commitment letters that may ultimately become investment transactions in the future. We regularly evaluate and carefully consider our unfunded commitments using GSAM’s proprietary risk management framework for the purpose of planning our capital resources and ongoing liquidity, including our financial leverage.

We had aggregate capital commitments and undrawn capital commitments from investors as follows:


	June 30, 2026							December 31, 2025
	Capital Commitments ($ in millions)		Unfunded Capital Commitments ($ in millions)		% of Capital Commitments Funded			Capital Commitments ($ in millions)		Unfunded Capital Commitments ($ in millions)		% of Capital Commitments Funded
Units	$	162.88	$	43.47		73	%	$	162.88	$	43.47		73	%

We did not issue a capital drawdown for the six months ended June 30, 2026 and 2025.

Contractual Obligations

We have entered into certain contracts under which we have future commitments. Payments under the Investment Advisory Agreement, pursuant to which GSAM has agreed to serve as our Investment Adviser, are equal to (1) a percentage of our average NAV and (2) an Incentive Fee based on investment performance. Under the Administration Agreement, pursuant to which State Street Bank and Trust Company (in such capacity, the “Administrator”) has agreed to furnish us with the administrative services necessary to conduct our day-to-day operations, we pay our Administrator such fees as may be agreed between us and our Administrator that we determine are commercially reasonable in our sole discretion. Generally, either party may terminate the Investment Advisory Agreement without penalty on at least 60 days’ written notice to the other party. Either party may terminate the Administration Agreement without penalty upon at least 30 days’ written notice to the other party. The table below shows our contractual obligations as of June 30, 2026:

      
     Payments Due by Periods ($ in millions)

      
     Total

     Less Than
1 Year

     1 – 3
Years

     3 – 5
Years

     More Than
5 Years

JPM Term Loan Facility

—

—

—

—

—

JPM Term Loan Facility

On April 29, 2026, we prepaid in full $149.14 million under our JPM Term Loan Facility comprised of principal, accrued but unpaid interest and all fees, expenses and other obligations. The JPM Term Loan Facility was terminated effective May 31, 2026 and all related liens were released in accordance with its terms.

For further details, see Note 6 “Debt—JPM Term Loan Facility” to our consolidated financial statements included in this report.

Off-Balance Sheet Arrangements

We may become a party to investment commitments and to financial instruments with off-balance sheet risk in the normal course of our business to fund investments and to meet the financial needs of our portfolio companies. These instruments may include commitments to extend credit and involve, to varying degrees, elements of liquidity and credit risk in excess of the amount recognized in the balance sheet. As of June 30, 2026, we believed that we had adequate financial resources to satisfy our unfunded commitments. Our unfunded commitments to provide funds to portfolio companies were as follows:


	As of
	June 30, 2026		December 31, 2025
	(in millions)
Unfunded Commitments
First Lien/Senior Secured Debt	$	9.03	$	13.42
First Lien/Last-Out Unitranche		2.25		2.09
Second Lien/Senior Secured Debt		0.48		0.48
Total	$	11.76	$	15.99

HEDGING

Subject to applicable provisions of the Investment Company Act and applicable Commodity Futures Trading Commission (“CFTC”) regulations, we may enter into hedging transactions in a manner consistent with SEC guidance. To the extent that any of our loans are denominated in a currency other than U.S. dollars, we may enter into currency hedging contracts to reduce our exposure to fluctuations in currency exchange rates. We may also enter into interest rate hedging agreements. Such hedging activities, which will be subject to compliance with applicable legal requirements, may include the use of futures, options, swaps and forward contracts. Costs incurred in entering into such contracts or in settling them, if any, will be borne by us. Our Investment Adviser has claimed relief from CFTC registration and regulation as a commodity pool operator pursuant to CFTC Rule 4.5 with respect to our operations, with the result that we will be limited in our ability to use futures contracts or options on futures contracts or engage in swap transactions. Specifically, CFTC Rule 4.5 imposes strict limitations on using such derivatives other than for hedging purposes, whereby the use of derivatives not used solely for hedging purposes is generally limited to situations where (i) the aggregate initial margin and premiums required to establish such positions does not exceed five percent of the liquidation value of our portfolio, after taking into account unrealized profits and unrealized losses on any such contracts it has entered into; or (ii) the aggregate net notional value of such derivatives does not exceed 100% of the liquidation value of our portfolio. Moreover, we anticipate entering into transactions involving such derivatives to a very limited extent solely for hedging purposes or otherwise within the limitations of CFTC Rule 4.5.

Rule 18f-4 under the Investment Company Act includes limitations on the ability of a BDC (or a registered investment company) to use derivatives and other transactions that create future payment or delivery obligations (including reverse repurchase agreements and similar financing transactions). Under the rule, BDCs that make significant use of derivatives are subject to a value-at-risk leverage limit, a derivatives risk management program, testing requirements and requirements related to board reporting. These requirements apply unless the BDC qualifies as a “limited derivatives user,” as defined in Rule 18f-4. Under the rule, a BDC may enter into an unfunded commitment agreement that is not a derivatives transaction, such as an agreement to provide financing to a portfolio company, if the BDC has, among other things, a reasonable belief, at the time it enters into such an agreement, that it will have sufficient cash and cash equivalents to meet its obligations with respect to all of its unfunded commitment agreements, in each case as it becomes due. Under Rule 18f-4, when we trade reverse repurchase agreements or similar financing transactions, including certain tender option bonds, we need to aggregate the amount of any other senior securities representing indebtedness (e.g., bank borrowings, if applicable) when calculating our asset coverage ratio. We currently operate as a “limited derivatives user” and these requirements may limit our ability to use derivatives and/or enter into certain other financial contracts.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

Our discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of these consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Changes in the economic environment, financial markets and any other parameters used in determining such estimates could cause actual results to differ materially.

For a description of our critical accounting policies, see Note 2 “Significant Accounting Policies” to our consolidated financial statements included in this report. We consider the most significant accounting policies to be those related to our Investments, Revenue Recognition, Non-Accrual Investments, Distributions, and Income Taxes. We consider the most significant critical estimate to be the fair value measurement of investments. The critical accounting policies and estimates should be read in connection with our risk factors listed under “Risk Factors” in our annual report on Form 10-K for the year ended December 31, 2025.

Fair Value Measurement of Investments

Consistent with GAAP and the Investment Company Act, we conduct a valuation of our investments, pursuant to which our NAV is determined. Our investments are valued on a quarterly basis, or more frequently if required under the Investment Company Act. The determination of fair value involves subjective judgments and estimates. The majority of investments are not quoted or traded in an active market and as such their fair values are determined using valuation techniques, primarily discounted cash flows, market multiples, and recent comparable transactions. The most significant inputs in applying the discounted cash flow approach and the market multiples approach are the selected discount rates and multiples, respectively. The selection of these inputs is based on a combination of factors that are specific to the underlying portfolio companies such as financial performance and certain factors that are observable in the market such as current interest rates and comparable public company trading multiples. Accordingly, the notes to our consolidated financial statements express the uncertainty with respect to the possible effect of these valuations and any change in these valuations on the consolidated financial statements. For further details of our investments and fair value measurement accounting policy, see Note 2 “Significant Accounting Policies—Investments” and Note 5 “Fair Value Measurement.”

RECENT DEVELOPMENTS

Resignation and Appointment of officers

On August 3, 2026, David Miller notified us of his intention to resign as our Co-Chief Executive Officer and Co-Principal Executive Officer. Effective December 31, 2026, Mr. Miller will cease serving as our Co-Chief Executive Officer and Co-Principal Executive Officer. Mr. Miller’s resignation is not the result of any disagreement with us. To assist in an orderly transition, Mr. Miller will continue to serve in his current role during the transition period. Mr. Miller will also become the chairman of the GSAM Private Credit Direct Lending Team in the Americas effective August 6, 2026 and become an advisory director to Goldman Sachs effective December 31,2026. Mr. Miller currently serves, and following the effective date of his resignation will continue to serve, as a member of the Private Credit Investment Committee.

Vivek Bantwal, our other Co-Chief Executive Officer and Co-Principal Executive Officer, will, as of December 31, 2026, become our sole Chief Executive Officer and sole Principal Executive Officer.

In addition, we have appointed Justin Betzen as Co-President and Co-Chief Operating Officer, effective August 3, 2026. Tucker Greene, who currently serves as our President and Chief Operating Officer, will, effective upon Mr. Betzen’s appointment as Co-President and Co-Chief Operating Officer, serve as our Co-President and Co-Chief Operating Officer.

Mr. Betzen has also been appointed as co-President and co-Chief Operating Officer of Goldman Sachs BDC, Inc., Goldman Sachs Private Middle Market Credit II LLC, Phillip Street BDC LLC, Goldman Sachs Private Credit Corp. and West Bay BDC LLC.

Mr. Betzen has held several positions with Goldman Sachs Asset Management, L.P., and he is currently a managing director and senior underwriter in GSAM Private Credit in the Americas. Mr. Betzen initially joined Goldman Sachs in 2006 as an associate and rejoined Goldman Sachs as a vice president in 2013. He was named managing director in 2019. Prior to rejoining Goldman Sachs, Mr. Betzen worked at Newstone Capital Partners and was focused on second lien, mezzanine and minority equity investing. Prior to initially joining Goldman Sachs, he worked at JPMorgan Chase in the Technology Corporate Banking Group and was focused on software, services and payments companies.

Mr. Betzen has no family relationships with any current director, executive officer, or person nominated to become a director or executive officer, of ours, and there are no transactions or proposed transactions, to which we are a party, or intended to be a party, in which Mr.Betzen has, or will have, a material interest subject to disclosure under Item 404(a) of Regulation S-K.

Distributions

We will pay a distribution equal to an amount up to our taxable earnings per Unit, including net investment income (if positive) for the period beginning July 1, 2026 through September 30, 2026, which will be payable on or about October 29, 2026 to Unitholders of record as of October 2, 2026.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We are subject to financial market risks, most significantly changes in interest rates. Interest rate sensitivity refers to the change in our earnings that may result from changes in the level of interest rates. Because we expect to fund a portion of our investments with borrowings, our net investment income is expected to be affected by the difference between the rate at which we invest and the rate at which we borrow. As a result, we can offer no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income.

As of June 30, 2026 and December 31, 2025, on a fair value basis, approximately 15.1% and 4.1%, of our performing debt investments bore interest at a fixed rate (including income producing preferred stock investments), and approximately 84.9% and 95.9%, of our performing debt investments bore interest at a floating rate. Our borrowings under the JPM Term Loan Facility, which bore interest at a floating rate, were prepaid in full on April 29, 2026, and the JPM Term Loan Facility was terminated effective May 31, 2026 and all related liens were released in accordance with its terms.

We regularly measure our exposure to interest rate risk. We assess interest rate risk and manage our interest rate exposure on an ongoing basis by comparing our interest rate sensitive assets to our interest rate sensitive liabilities.

Based on our June 30, 2026 Consolidated Statements of Financial Condition, the table below shows the annual impact on net income of base rate changes in interest rates (considering interest rate floors for variable rate instruments) assuming no changes in our investment and borrowing structure:


As of June 30, 2026 Basis Point Change	Interest Income			Interest Expense		Net Income
($ in millions)
Up 300 basis points	$	4.05		$	—	$	4.05
Up 200 basis points		2.70			—		2.70
Up 100 basis points		1.35			—		1.35
Up 75 basis points		1.01			—		1.01
Up 50 basis points		0.67			—		0.67
Up 25 basis points		0.34			—		0.34
Down 25 basis points		(0.34	)		—		(0.34	)
Down 50 basis points		(0.67	)		—		(0.67	)
Down 75 basis points		(1.01	)		—		(1.01	)
Down 100 basis points		(1.35	)		—		(1.35	)
Down 200 basis points		(2.70	)		—		(2.70	)
Down 300 basis points		(3.86	)		—		(3.86	)

We may, in the future, hedge against interest rate fluctuations by using standard hedging instruments such as futures, options, swaps and forward contracts subject to the requirements of the Investment Company Act, applicable CFTC regulations and in a manner consistent with SEC guidance. While hedging activities may insulate us against adverse changes in interest rates, they may also limit our ability to participate in benefits of lower interest rates with respect to our portfolio of investments with fixed interest rates.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures. As of the end of the period covered by this report, our management carried out an evaluation, under the supervision and with the participation of our Co-Chief Executive Officers and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act). Based on that evaluation, our Co-Chief Executive Officers and Chief Financial Officer have concluded that our disclosure controls and procedures were effective as of June 30, 2026. In designing and evaluating our disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives, and management necessarily applies its judgment in evaluating the benefits of possible controls and procedures relative to their costs.

Changes in Internal Control over Financial Reporting. There have been no changes in our internal control over financial reporting that occurred during our most recently completed fiscal quarter ended June 30, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.


Delaware	81-3233378
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification No.)

200 West Street, New York, New York	10282
(Address of Principal Executive Offices)	(Zip Code)


Large accelerated filer:	☐	Accelerated filer:	☐	Non-accelerated filer:	☒	Smaller reporting company:	☐
Emerging growth company:	☒


EXHIBIT NO.		EXHIBIT

3.1		Certificate of Formation (incorporated by reference to Exhibit 3.1 to the Company’s Registration Statement on Form 10 (File No. 000-55660), filed on July 13, 2016).

3.2		Amendment to Certificate of Formation (incorporated by reference to Exhibit 3.2 to the Company’s Annual Report on Form 10-K (File No. 814-01215), filed on March 4, 2025).

3.3		Fourth Amended and Restated Limited Liability Company Agreement, dated December 17, 2024 (incorporated by reference to Exhibit 3.3 to the Company’s Annual Report on Form 10-K (File No. 814-01215), filed on March 4, 2025).

3.4		First Amendment to Fourth Amended and Restated Limited Liability Company Agreement, dated January 21, 2025 (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K (File No. 814- 01215), filed on January 24, 2025).


31.1*		Certification of Co-Chief Executive Officer pursuant to Securities Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2*		Certification of Co-Chief Executive Officer pursuant to Securities Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.3*		Certification of Chief Financial Officer pursuant to Securities Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1*		Certification of Co-Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2*		Certification of Co-Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.3*		Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS*		Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document

101.SCH*		Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents

104*		Cover Page Interactive Data File (embedded within the Inline XBRL document)


						SILVER CAPITAL HOLDINGS LLC

Date: August 11, 2026						/s/ Vivek Bantwal
						Name: Vivek Bantwal
						Title: Co-Chief Executive Officer (Co-Principal Executive Officer)

Date: August 11, 2026						/s/ David Miller
						Name: David Miller
						Title: Co-Chief Executive Officer (Co-Principal Executive Officer)

Date: August 11, 2026						/s/ Stanley Matuszewski
						Name: Stanley Matuszewski
						Title: Chief Financial Officer and Treasurer (Principal Financial Officer)


	INDEX	PAGE
	Cautionary Statement Regarding Forward-Looking Statements	3
PART I.	FINANCIAL INFORMATION	4
ITEM 1.	Financial Statements (Unaudited)	4
	Consolidated Statements of Financial Condition	4
	Consolidated Statements of Operations	5
	Consolidated Statements of Changes in Members' Capital	6
	Consolidated Statements of Cash Flows	7
	Consolidated Schedules of Investments	8
	Notes to the Consolidated Financial Statements	16
ITEM 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	34
ITEM 3.	Quantitative and Qualitative Disclosures About Market Risk	46
ITEM 4.	Controls and Procedures	47

PART II.	OTHER INFORMATION	48
ITEM 1.	Legal Proceedings	48
ITEM 1A.	Risk Factors	48
ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds	48
ITEM 3.	Defaults Upon Senior Securities	48
ITEM 4.	Mine Safety Disclosures	48
ITEM 5.	Other Information	48
ITEM 6.	Exhibits	48

SIGNATURES		50